Post-Employment Benefit Plans

9 Months Ended

Sep. 27, 2024

Retirement Benefits [Abstract]

Post-Employment Benefit Plans

POST-EMPLOYMENT BENEFIT PLANS

Deferred Employee Compensation

The Company sponsors two non-qualified deferred compensation plans. Under these plans, participants are eligible to defer a portion of their compensation on a tax deferred basis. Plan investments and obligations were recorded in other non-current assets and other non-current liabilities, respectively, in the Condensed Consolidated Balance Sheets, representing the fair value related to the deferred compensation plans. Adjustments to the fair value of the plan investments and obligations are recorded in selling, general, and administrative expenses. The plans assets and liabilities were $5.0 million and $3.2 million as of September 27, 2024 and December 31, 2023, respectively.

Multi-Employer Pension Plans

Certain Company employees who perform work on contracts within the continental United States participate in multi-employer pension plans of which the Company is not the sponsor. Company expenses related to these plans were $3.6 million and $13.0 million for the three and nine months ended September 27, 2024, respectively, and $2.9 million and $11.1 million for the three and nine months ended September 29, 2023, respectively.