EMPLOYEE BENEFIT PLANS

3 Months Ended

Apr. 03, 2021

Retirement Benefits [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 $1.3 million for the three months ended April 3, 2021, and $0.9 million for the three months ended March 28, 2020. The Company plans to contribute approximately $2.7 million to the plan in matching employee contributions during the remainder of 2021.

In addition, the Company provided supplemental discretionary contributions to the 401(k) plan totaling $2.4 million for the three months ended April 3, 2021, and $1.5 million for the three months ended March 28, 2020. The Company plans to contribute approximately $4.0 million in supplemental contributions to the plan during the remainder of 2021.