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Covid-19 Pandemic
3 Months Ended
Apr. 01, 2022
Covid-19 Pandemic [Abstract]  
COVID-19 PANDEMIC

NOTE 13 – COVID-19 PANDEMIC

 

As a result of the COVID-19 outbreak, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020 (the “CARES Act”).

 

In connection with the CARES Act, we have opted to defer the deposit and payment of the employer’s share of Social Security taxes. Under the CARES Act, deferrals are currently allowed from March 27, 2020 through December 31, 2020. The Company has not received any other assistance under the CARES Act, nor does the Company expect to realize any other tax benefits from the program. As of April 1, 2022 and December 31, 2021, the Company has deferred payment of $4.0 and $8.1 million, respectively, relating to its share of Social Security taxes. For December 31, 2021, $4.0 million of this liability was recorded within other long-term liabilities and the remainder was recorded as accrued liabilities within its Consolidated Balance Sheet The balance at April 2, 2022 is recorded within accrued liabilities within the Consolidated Balance Sheet. The Company has not deferred any additional tax payments after December 31, 2020.