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Employee Benefit Plans
 6 Months Ended
Jul. 01, 2023
Employee Benefit Plans [Abstract]  
EMPLOYEE BENEFIT PLANS

NOTE 7 - EMPLOYEE BENEFIT PLANS

 

The Company sponsors a 401(k) plan that covers substantially all employees. The Company matches a certain portion of employee contributions using the safe harbor guidelines contained in the Internal Revenue Code. Expenses related to these matching contributions totaled $1.0 million and $2.7 million for the three and six months ended July 1, 2023, respectively, and $0.9 million and $2.3 million for the three and six months ended July 2, 2022, respectively. The Company plans to contribute approximately $2.0 million to the plan in matching employee contributions during the remainder of 2023.

 

In addition, the Company provided supplemental discretionary contributions to the 401(k) plan totaling $1.6 million and $3.7 million for the three and six months ended July 1, 2023, respectively, and $1.5 million and $3.9 million for the three and six months ended July 2, 2022, respectively. The Company plans to contribute approximately $3.0 million in supplemental contributions to the plan during the remainder of 2023.