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Benefit Plans (Tables) | 12 Months Ended
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Dec. 28, 2024
Retirement Benefits [Abstract] |
Schedule of Reconciliation of the Changes in the Plans' Benefit Obligations and the Fair Value of the Plans Assets | The following tables provide a reconciliation of the changes in the most significant plans’ benefit obligations and the fair value of the plans’ assets for 2024 and 2023, and a statement of the plans’ aggregate funded status:
|  | Pension Benefits |  | Other Benefits
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Change in benefit obligation: |  |  |  |  |  |  |  |
Obligation at beginning of year |  | $ | 54,435 |  |  | $ | 50,761 |  |  | $ | 9,557 |  |  | $ | 9,240 |
Service cost |  | — |  |  | — |  |  | 202 |  |  | 183 |
Interest cost |  | 2,337 |  |  | 2,454 |  |  | 497 |  |  | 439 |
Actuarial (gain) loss |  | (5,245) |  |  | 1,508 |  |  | (604) |  |  | (105) |
Plan amendments/transference |  | — |  |  | — |  |  | — |  |  | 101 |
Benefit payments |  | (3,263) |  |  | (3,582) |  |  | (664) |  |  | (686) |
Foreign currency translation adjustment |  | (487) |  |  | 3,294 |  |  | (671) |  |  | 385 |
Obligation at end of year |  | 47,777 |  |  | 54,435 |  |  | 8,317 |  |  | 9,557 |
Change in fair value of plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | 62,871 |  |  | 62,298 |  |  | — |  |  | — |
Actual return on plan assets |  | (7,788) |  |  | 410 |  |  | — |  |  | — |
Employer contributions |  | — |  |  | — |  |  | 664 |  |  | 686 |
Benefit payments |  | (3,263) |  |  | (3,582) |  |  | (664) |  |  | (686) |
Foreign currency translation adjustment |  | (780) |  |  | 3,745 |  |  | — |  |  | — |
Fair value of plan assets at end of year |  | 51,040 |  |  | 62,871 |  |  | — |  |  | — |
Funded (underfunded) status at end of year |  | $ | 3,263 |  |  | $ | 8,436 |  |  | $ | (8,317) |  |  | $ | (9,557) |
Schedule of Amounts Recognized in Accumulated OCI (Before the Effect of Income Taxes) | The following represents amounts recognized in AOCI (before the effect of income taxes):
|  | Pension Benefits |  | Other Benefits
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Unrecognized net actuarial loss (gain) |  | $ | 12,617 |  |  | $ | 7,728 |  |  | $ | (3,863) |  |  | $ | (3,863) |
Unrecognized prior service credit |  | — |  |  | — |  |  | (6) |  |  | (5) |
Schedule of Funded Status of the Plans Recognized | As of December 28, 2024 and December 30, 2023, the total funded status of the plans recognized in the Consolidated Balance Sheets was as follows:
|  | Pension Benefits |  | Other Benefits
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Long-term asset |  | $ | 3,263 |  |  | $ | 8,436 |  |  | $ | — |  |  | $ | — |
Current liability |  | $ | — |  |  | $ | — |  |  | $ | (926) |  |  | $ | (1,041) |
Long-term liability |  | — |  |  | — |  |  | (7,391) |  |  | (8,516) |
Total funded (underfunded) status |  | $ | 3,263 |  |  | $ | 8,436 |  |  | $ | (8,317) |  |  | $ | (9,557) |
Schedule of Components of Net Periodic Benefit Costs | The components of net periodic benefit cost (income) are as follows:
(In thousands) |  | 2024 |  | 2023 |  | 2022
Pension benefits: |  |  |  |  |  |
Interest cost |  | $ | 2,337 |  |  | $ | 2,454 |  |  | $ | 1,272 |
Expected return on plan assets |  | (2,357) |  |  | (3,260) |  |  | (3,568) |
Amortization of net loss |  | 132 |  |  | — |  |  | 897 |
Net periodic benefit cost (income) |  | $ | 112 |  |  | $ | (806) |  |  | $ | (1,399) |
Other benefits: |  |  |  |  |  |
Service cost |  | $ | 202 |  |  | $ | 183 |  |  | $ | 291 |
Interest cost |  | 497 |  |  | 439 |  |  | 346 |
Amortization of prior service credit |  | (1) |  |  | (2) |  |  | (198) |
Amortization of net gain |  | (391) |  |  | (449) |  |  | (220) |
Curtailment gain |  | — |  |  | — |  |  | (1,756) |
Net periodic benefit cost (income) |  | $ | 307 |  |  | $ | 171 |  |  | $ | (1,537) |
Schedule of Weighted Average Assumptions Used in the Measurement of the Company's Benefit Obligation and Net Periodic Benefit Cost are as Follows | The weighted average assumptions used in the measurement of the Company’s benefit obligations are as follows:
|  | Pension Benefits |  | Other Benefits
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate |  | 5.30 | % |  | 4.40 | % |  | 6.51 | % |  | 5.96 | %
Expected long-term return on plan assets |  | 5.30 | % |  | 4.30 | % |  | N/A |  | N/A
Rate of compensation increases |  | N/A |  | N/A |  | 5.00 | % |  | 5.00 | %
Rate of inflation |  | 3.30 | % |  | 3.20 | % |  | N/A |  | N/A
The weighted average assumptions used in the measurement of the Company’s net periodic benefit cost are as follows:
|  | Pension Benefits |  | Other Benefits
|  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Discount rate |  | 4.40 | % |  | 4.80 | % |  | 1.90 | % |  | 5.96 | % |  | 6.08 | % |  | 3.73 | %
Expected long-term return on plan assets |  | 4.30 | % |  | 5.51 | % |  | 4.96 | % |  | N/A |  | N/A |  | N/A
Rate of compensation increases |  | N/A |  | N/A |  | N/A |  | 5.00 | % |  | 5.00 | % |  | 5.00 | %
Rate of inflation |  | 3.20 | % |  | 3.30 | % |  | 3.70 | % |  | N/A |  | N/A |  | N/A
Schedule of Weighted Average Asset Allocation of the Company’s Pension Fund Assets are as Follows | The weighted average asset allocation of the Company’s pension fund assets are as follows:
|  | Pension Plan Assets
Asset category |  | 2024 |  | 2023
Pooled liability investments |  | 5 | % |  | 99 | %
Buy-in contract |  | 94 |  |  | — |
Cash and equivalents (includes money market funds) |  | 1 |  |  | 1 |
Total |  | 100 | % |  | 100 | %
Schedule of Plan Assets at Fair Value Within the Fair Value Hierarchy, by Level | The following table sets forth by level, within the fair value hierarchy, the assets of the plans at fair value:
|  | Fair Value Measurements at December 28, 2024
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and money market funds |  | $ | 682 |  |  | $ | — |  |  | $ | — |  |  | $ | 682 |
Pooled liability investments |  | — |  |  | 2,581 |  |  | — |  |  | 2,581 |
Buy-in contract |  | — |  |  | — |  |  | 47,777 |  |  | 47,777 |
Total |  | $ | 682 |  |  | $ | 2,581 |  |  | $ | 47,777 |  |  | $ | 51,040 |
|  | Fair Value Measurements at December 30, 2023
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and money market funds |  | $ | 502 |  |  | $ | — |  |  | $ | — |  |  | $ | 502 |
Pooled liability investments |  | — |  |  | 62,369 |  |  | — |  |  | 62,369 |
Total |  | $ | 502 |  |  | $ | 62,369 |  |  | $ | — |  |  | $ | 62,871 |
Schedule of Plan Assets Measured at Fair Value Using Significant Unobservable Inputs | The table below reflects the changes in the assets of the plan measured at fair value on a recurring basis using significant unobservable inputs (level 3 of fair value hierarchy) during the year ended December 28, 2024:
(In thousands) |  | Buy-In Contract
Balance, December 30, 2023 |  | $ | — |
Purchases |  | 47,777 |
Balance, December 28, 2024 |  | $ | 47,777 |
Schedule of Future Benefit Plans Payments | The Company expects future benefits to be paid from the plans as follows:
(In thousands) |  | Pension Benefits |  | Other Benefits
2025 |  | $ | 3,612 |  |  | $ | 926 |
2026 |  | 3,742 |  |  | 951 |
2027 |  | 3,875 |  |  | 772 |
2028 |  | 4,015 |  |  | 833 |
2029 |  | 4,159 |  |  | 760 |
2030-2034 |  | 23,135 |  |  | 3,876 |
Total |  | $ | 42,538 |  |  | $ | 8,118 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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