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Employee Benefits
9 Months Ended
Sep. 30, 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 the Sound United 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 $1.1 million and $1.8 million to the MRSP for the three months ended September 30, 2023 and October 1, 2022, respectively, all in the form of matching contributions. The Company contributed $3.8 million and $4.5 million to the MRSP for the nine months ended September 30, 2023 and October 1, 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 $1.3 million and $4.1 million to these plans for the three months and nine months ended September 30, 2023. The Company made no contributions to any of these plans for the three and nine months ended October 1, 2022.
Defined Benefit Plans
The Company sponsors several international noncontributory defined benefit plans. In connection with the Sound United 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 were closed to new participants prior to the Sound United 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 nine months ended September 30, 2023, and October 1, 2022 were immaterial.