Retirement Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits Disclosure

Retirement Benefit Plans

401(k) Plan

The Company has a 401(k) defined contribution plan (the “401(k) Plan”) for employees who meet certain minimum requirements and elect to participate. The 401(k) Plan permits employees to contribute up to 75% of their compensation, subject to certain limitations, and provides for matching employee contributions up to 4% of compensation and for discretionary profit sharing contributions. In connection with the matching contributions, the Company recognized compensation expense of $5,947, $5,929 and $4,583 in 2023, 2022 and 2021, respectively.

Deferred Compensation Plan

The Company has a non-qualified, unfunded deferred compensation plan for management and highly compensated employees, whereby participants may defer all or a portion of their base compensation and certain incentive awards on a pre-tax basis. The Company credits the amounts deferred with earnings based on the investment options selected by the participants. The Company may also make discretionary contributions to the plan. The total of participant deferrals was $1,959 and $1,435 at December 31, 2023 and January 1, 2023, respectively, which are included in “Other liabilities.”