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Retirement Benefits (Tables) | 12 Months Ended
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Dec. 29, 2023
Retirement Benefits [Abstract] |
Plan assets by category and fair value measurement level | Assets of all plans by category and fair value measurement level were as follows (in thousands):
| Level |  | December 29, 2023 |  | December 30, 2022
Cash and cash equivalents | 1 |  | $ | 1,425 |  |  | $ | 351 |
Insurance contract | 3 |  | 36,151 |  |  | 32,163 |
Investments categorized in fair value hierarchy |  |  | 37,576 |  |  | 32,514 |
Equity |  |  |  |  |
U.S. Large Cap | N/A |  | 40,726 |  |  | 74,838 |
U.S. Small/Mid Cap | N/A |  | — |  |  | 5,191 |
International | N/A |  | 17,554 |  |  | 37,862 |
Total equity |  |  | 58,280 |  |  | 117,891 |
Fixed income | N/A |  | 49,595 |  |  | 93,262 |
Real estate and other | N/A |  | 15,400 |  |  | 37,508 |
Investments measured at net asset value |  |  | 123,275 |  |  | 248,661 |
Total |  |  | $ | 160,851 |  |  | $ | 281,175 |
Level 3 plan assets activity | The following table is a reconciliation of pension assets measured at fair value using level 3 inputs (in thousands):
| 2023 |  | 2022
Balance, beginning of year | $ | 32,163 |  |  | $ | 30,926 |
Purchases | 2,593 |  |  | 2,431 |
Redemptions | (2,833) |  |  | (669) |
Unrealized gains (losses) | 4,228 |  |  | (525) |
Balance, end of year | $ | 36,151 |  |  | $ | 32,163 |
Funded status of plans | The following provides a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the periods ending December 29, 2023, and December 30, 2022, and a statement of the funded status as of the same dates (in thousands):
| Pension Benefits |  | Postretirement Medical Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Change in benefit obligation |  |  |  |  |  |  |
Obligation, beginning of year | $ | 315,807 |  |  | $ | 418,051 |  |  | $ | 22,930 |  |  | $ | 32,122 |
Service cost | 5,729 |  |  | 8,242 |  |  | 348 |  |  | 516 |
Interest cost | 16,535 |  |  | 10,996 |  |  | 1,165 |  |  | 839 |
Actuarial (gain) loss | 32,763 |  |  | (110,467) |  |  | (237) |  |  | (9,044) |
Benefit payments | (12,103) |  |  | (9,122) |  |  | (1,552) |  |  | (1,503) |
Plan amendments | (250) |  |  | (267) |  |  | — |  |  |
Settlements | (149,212) |  |  | — |  |  | — |  |  | — |
Exchange rate changes | 4,306 |  |  | (1,626) |  |  | — |  |  | — |
Obligation, end of year | $ | 213,575 |  |  | $ | 315,807 |  |  | $ | 22,654 |  |  | $ | 22,930 |
Change in plan assets |  |  |  |  |  |  |
Fair value, beginning of year | $ | 281,175 |  |  | $ | 347,900 |  |  | $ | — |  |  | $ | — |
Actual return on assets | 14,504 |  |  | (80,078) |  |  | — |  |  | — |
Employer contributions | 23,066 |  |  | 22,756 |  |  | 1,552 |  |  | 1,503 |
Benefit payments | (12,103) |  |  | (9,122) |  |  | (1,552) |  |  | (1,503) |
Settlements | (149,212) |  |  | — |  |  | — |  |  | — |
Exchange rate changes | 3,421 |  |  | (281) |  |  | — |  |  | — |
Fair value, end of year | $ | 160,851 |  |  | $ | 281,175 |  |  | $ | — |  |  | $ | — |
Unfunded status | $ | (52,724) |  |  | $ | (34,632) |  |  | $ | (22,654) |  |  | $ | (22,930) |
Amounts recognized in balance sheets |
Amounts recognized in consolidated balance sheets |  |  |  |  |  |  |
Non-current assets | $ | 215 |  |  | $ | 5,398 |  |  | $ | — |  |  | $ | — |
Current liabilities | 1,749 |  |  | 1,860 |  |  | 1,745 |  |  | 1,763 |
Non-current liabilities | 51,190 |  |  | 38,170 |  |  | 20,909 |  |  | 21,167 |
Net | $ | 52,724 |  |  | $ | 34,632 |  |  | $ | 22,654 |  |  | $ | 22,930 |
Accumulated benefit obligation in excess of plan assets | Information for plans with an accumulated benefit obligation in excess of plan assets follows (in thousands):
| 2023 |  | 2022
Projected benefit obligation | $ | 89,206 |  |  | $ | 72,190 |
Accumulated benefit obligation | 81,701 |  |  | 69,395 |
Fair value of plan assets | 36,150 |  |  | 32,164 |
Components of net periodic benefit cost | The components of net periodic benefit cost for the plans for 2023, 2022 and 2021 were as follows (in thousands):
| Pension Benefits |  | Postretirement Medical Benefits
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost-benefits earned during the period | $ | 5,729 |  |  | $ | 8,242 |  |  | $ | 9,355 |  |  | $ | 348 |  |  | $ | 516 |  |  | $ | 670 |
Interest cost on projected benefit obligation | 16,535 |  |  | 10,996 |  |  | 11,409 |  |  | 1,165 |  |  | 839 |  |  | 832 |
Expected return on assets | (19,141) |  |  | (19,754) |  |  | (20,767) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost | 36 |  |  | 84 |  |  | 246 |  |  | — |  |  | — |  |  | — |
Amortization of net loss | 5,999 |  |  | 4,701 |  |  | 9,248 |  |  | (133) |  |  | 345 |  |  | 1,002 |
Settlement loss | 42,169 |  |  | — |  |  | 12,285 |  |  | — |  |  | — |  |  | — |
Cost of pension plans which are not significant and have not adopted ASC 715 | 368 |  |  | 284 |  |  | 368 |  |  | N/A |  | N/A |  | N/A
Net periodic benefit cost | $ | 51,695 |  |  | $ | 4,553 |  |  | $ | 22,144 |  |  | $ | 1,380 |  |  | $ | 1,700 |  |  | $ | 2,504 |
Amounts recognized in other comprehensive (income) loss | Amounts recognized in other comprehensive income (loss) in 2023 and 2022 were as follows (in thousands):
| Pension Benefits |  | Postretirement Medical Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Net (loss) gain arising during the period | $ | (37,132) |  |  | $ | 11,189 |  |  | $ | 237 |  |  | $ | 9,044 |
Amortization of net loss (gain) | 5,999 |  |  | 4,701 |  |  | (133) |  |  | 345 |
Prior service credit (cost) arising during the period | 250 |  |  | 267 |  |  | — |  |  | — |
Settlement loss | 42,169 |  |  | — |  |  | — |  |  | — |
Amortization of prior service (credit) cost | 36 |  |  | 84 |  |  | — |  |  | — |
Total | $ | 11,322 |  |  | $ | 16,241 |  |  | $ | 104 |  |  | $ | 9,389 |
Amounts included in accumulated other comprehensive (income) loss | Amounts included in accumulated other comprehensive income (loss) as of December 29, 2023 and December 30, 2022, that had not yet been recognized as components of net periodic benefit cost, were as follows (in thousands):
| Pension Benefits |  | Postretirement Medical Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Prior service cost | $ | 2,163 |  |  | $ | 1,668 |  |  | $ | — |  |  | $ | — |
Net gain (loss) | (44,195) |  |  | (55,084) |  |  | 1,995 |  |  | 1,891 |
Net gain (loss) before income taxes | (42,032) |  |  | (53,416) |  |  | 1,995 |  |  | 1,891 |
Income taxes | 9,464 |  |  | 12,207 |  |  | (439) |  |  | (416) |
Net | $ | (32,568) |  |  | $ | (41,209) |  |  | $ | 1,556 |  |  | $ | 1,475 |
Assumptions used to determine obligations and cost | Assumptions used to determine the Company’s benefit obligations are shown below:
|  | Pension Benefits |  | Postretirement Medical Benefits
Weighted average assumptions |  | 2023 |  | 2022 |  | 2023 |  | 2022
U.S. Plans |  |  |  |  |  |  |  |
Discount rate |  | 5.3 | % |  | 5.6 | % |  | 5.3 | % |  | 5.6 | %
Rate of compensation increase |  | 2.7 | % |  | 2.7 | % |  | N/A |  | N/A
Non-U.S. Plans |  |  |  |  |  |  |  |
Discount rate |  | 2.1 | % |  | 2.4 | % |  | N/A |  | N/A
Rate of compensation increase |  | 1.7 | % |  | 1.8 | % |  | N/A |  | N/A
Assumptions used to determine the Company’s net periodic benefit cost are shown below:
|  | Pension Benefits |  | Postretirement Medical Benefits
Weighted average assumptions |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
U.S. Plans |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.6 | % |  | 3.0 | % |  | 2.6 | % |  | 5.6 | % |  | 2.9 | % |  | 2.6 | %
Rate of compensation increase |  | 2.7 | % |  | 2.7 | % |  | 2.7 | % |  | N/A |  | N/A |  | N/A
Expected return on assets |  | 7.6 | % |  | 6.3 | % |  | 6.3 | % |  | N/A |  | N/A |  | N/A
Non-U.S. Plans |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 0.4 | % |  | 0.4 | % |  | 0.4 | % |  | N/A |  | N/A |  | N/A
Rate of compensation increase |  | 1.3 | % |  | 1.3 | % |  | 1.3 | % |  | N/A |  | N/A |  | N/A
Expected return on assets |  | 1.6 | % |  | 1.0 | % |  | 1.0 | % |  | N/A |  | N/A |  | N/A
Estimated future benefit payments | Estimated future benefit payments are as follows (in thousands):
| Pension Benefits |  | Postretirement Medical Benefits
2024 | $ | 7,165 |  |  | $ | 1,745 |
2025 | 6,455 |  |  | 1,717 |
2026 | 9,455 |  |  | 1,689 |
2027 | 11,380 |  |  | 1,697 |
2028 | 11,270 |  |  | 1,670 |
Years 2029-2033 | 67,316 |  |  | 7,974 |

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