Employee Benefits

12 Months Ended

Jan. 01, 2023

Retirement Benefits [Abstract]

Employee Benefits

(8)Employee Benefits

The Company has a retirement savings plan which qualifies under Internal Revenue Code Section 401(k). All employees of the Company who have completed 1,000 hours of service and are at least 18 years of age are eligible to participate in the plan. The plan requires the Company to match 100% of the first 5% of each employee’s elective deferrals. The Company’s matching contributions are made in the form of cash and vested immediately. The expenses incurred for Company contributions to the plan were $12.4 million, $12.9 million and $12.0 million in 2022, 2021 and 2020, respectively.

The Company has established a non-qualified deferred compensation plan available for certain key employees. Under this self-funding plan, the participants may defer up to 40% of their base salary and up to 80% of their bonus compensation. The participants direct the investment of their deferred compensation within several investment funds. The Company is not required to contribute and did not contribute to this plan during 2022, 2021 and 2020.

The Company has an employee stock payroll deduction plan (the “ESPDP”). Under the ESPDP, eligible employees may deduct up to 15% of their eligible wages to purchase common stock at 85% of the market price of the stock at the purchase date. The ESPDP requires employees to hold their purchased common stock for at least one year. The Company purchases common stock on the open market for the ESPDP at the current market price. There were 17,378 shares, 16,382 shares and 16,017 shares of common stock in 2022, 2021 and 2020, respectively, purchased on the open market for participating employees at a weighted-average price of $391.23 in 2022, $424.90 in 2021 and $357.54 in 2020. The expenses incurred under the ESPDP were $1.0 million in each of 2022, 2021 and 2020, respectively.