Employee Benefit Plans

12 Months Ended

Dec. 27, 2020

Postemployment Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

401(k) Plan

The Company maintains a defined contribution 401(k) plan that covers substantially all U.S. employees. Participants are generally allowed to make non-forfeitable contributions up to the annual IRS limits. The Company matches 100 percent of the amounts contributed by each individual participant up to 4 percent of the participant's compensation. Participants are 100 percent vested immediately in the Company's contributions. The Company's defined contribution 401(k) plan has been effective since June 2019. Prior to that, the eligible employees of the Company participated in KAR's 401(k) plan which also matched 100 percent of the amounts contributed by each individual participant up to 4 percent of the participant's compensation. For the years ended December 27, 2020, December 29, 2019, and December 30, 2018, amounts contributed to the 401(k) plan were $4.8 million, $4.5 million and $4.3 million, respectively.