XML 65 R47.htm IDEA: XBRL DOCUMENT v3.25.0.1
Benefit Plans (Tables)
12 Months Ended
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 BenefitsOther Benefits
(In thousands)2024202320242023
Change in benefit obligation:    
Obligation at beginning of year$54,435 $50,761 $9,557 $9,240 
Service cost— — 202 183 
Interest cost2,337 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 year47,777 54,435 8,317 9,557 
Change in fair value of plan assets:    
Fair value of plan assets at beginning of year62,871 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 year51,040 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 BenefitsOther Benefits
(In thousands)2024202320242023
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 BenefitsOther Benefits
(In thousands)2024202320242023
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)202420232022
Pension benefits:   
Interest cost$2,337 $2,454 $1,272 
Expected return on plan assets(2,357)(3,260)(3,568)
Amortization of net loss132 — 897 
Net periodic benefit cost (income)$112 $(806)$(1,399)
Other benefits:   
Service cost$202 $183 $291 
Interest cost497 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 BenefitsOther Benefits
 2024202320242023
Discount rate5.30 %4.40 %6.51 %5.96 %
Expected long-term return on plan assets5.30 %4.30 %N/AN/A
Rate of compensation increasesN/AN/A5.00 %5.00 %
Rate of inflation3.30 %3.20 %N/AN/A

The weighted average assumptions used in the measurement of the Company’s net periodic benefit cost are as follows:

 Pension BenefitsOther Benefits
 202420232022202420232022
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/AN/AN/A
Rate of compensation increases
N/AN/AN/A5.00 %5.00 %5.00 %
Rate of inflation
3.20 %3.30 %3.70 %N/AN/AN/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 category20242023
Pooled liability investments%99 %
Buy-in contract94 — 
Cash and equivalents (includes money market funds)
Total100 %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 1Level 2Level 3Total
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 1Level 2Level 3Total
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$— 
Purchases47,777 
  
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 BenefitsOther Benefits
2025$3,612 $926 
20263,742 951 
20273,875 772 
20284,015 833 
20294,159 760 
2030-203423,135 3,876 
Total$42,538 $8,118