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Employee Benefits | 6 Months Ended
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Jul. 01, 2023
Postemployment Benefits [Abstract] |
Employee Benefits | 21. Employee Benefits Defined Contribution Plans In the U.S. the Company sponsors one qualified defined contribution plan or 401(k) plan, the Masimo Retirement Savings Plan (MRSP), covering the Company’s full-time U.S. employees who meet certain eligibility requirements. On April 11, 2022, participation in the MRSP was amended to allow for participation by eligible employees in connection with a prior acquisition. The MRSP matches 100% of a participant’s salary deferral, up to 3% of each participant’s compensation for the pay period, subject to a maximum amount. The Company may also contribute to the MRSP on a discretionary basis. The Company contributed $1.3 million and $1.0 million to the MRSP for the three months ended July 1, 2023 and July 2, 2022, respectively, all in the form of matching contributions. The Company contributed $2.7 million and $2.1 million to the MRSP for the six months ended July 1, 2023 and July 2, 2022, respectively, all in the form of matching contributions. In addition, some of the Company’s international subsidiaries also have defined contribution plans to which both the employees and the employers are eligible to make contributions. The Company contributed $1.4 million and $2.8 million to these plans for the three months and six months ended July 1, 2023. The Company made no contributions to any of these plans for the three and six months ended July 2, 2022. Defined Benefit Plans The Company sponsors several international noncontributory defined benefit plans. In connection with a prior acquisition, the Company assumed sponsorship of several international defined benefit plans and post-retirement benefit plans. All defined benefit plans and post-retirement benefit plans assumed by the Company due to a prior acquisition were closed to new participants prior to the acquisition. The service cost component for the defined benefit plans are recorded in operating expenses in the condensed consolidated statement of operations. All other cost components are recorded in other income (expense), net in the condensed consolidated statement of operations. The Company’s net periodic defined benefit costs for each of the three and six months ended July 1, 2023, and July 2, 2022 were immaterial.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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