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Benefit Plans (Tables) | 12 Months Ended
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Jan. 01, 2022
Retirement Benefits [Abstract] |
Schedule of defined benefit plans disclosures | Benefit plan related information is as follows for the years 2021 and 2020:
(in thousands) | 2021 |  | 2020
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 148,992 |  |  | $ | 116,921 |
Service cost | 2,785 |  |  | 2,462 |
Interest cost | 1,761 |  |  | 2,173 |
Net actuarial (gain) loss | (11,016) |  |  | 25,306 |
Benefits paid from the plan assets | (3,121) |  |  | (2,808) |
Benefits paid directly by the Company | (2,692) |  |  | (2,302) |
(Settlements) and Curtailments | (48,927) |  |  | 102 |
Acquisitions | 1,797 |  |  | — |
Effect of exchange rate movements | (3,218) |  |  | 7,462 |
Plan amendment and other | 209 |  |  | (324) |
Benefit obligation at end of year | $ | 86,570 |  |  | $ | 148,992 |
Change in plan assets at fair value: |  |  |
Fair value of plan assets at beginning of year | $ | 100,478 |  |  | $ | 78,502 |
Actual (loss) return on plan assets | (2,824) |  |  | 7,053 |
Employer contributions | 2,150 |  |  | 12,918 |
Benefits paid from the plan assets | (3,121) |  |  | (2,808) |
Settlements | (47,111) |  |  | — |
Effect of exchange rate movements | (1,247) |  |  | 4,813 |
Fair value of plan assets at end of year | 48,325 |  |  | 100,478 |
Net amount unfunded status | $ | (38,245) |  |  | $ | (48,514) |
Schedule of amounts recognized in balance sheet | Amounts recognized in the Consolidated Balance Sheets as of January 1, 2022 and December 26, 2020 consist of the following:
(in thousands) | 2021 |  | 2020
Amounts recognized in the Consolidated Balance Sheets consist of: |  |  |
Noncurrent assets | $ | 40 |  |  | $ | 39 |
Current benefit liability | (1,248) |  |  | (2,751) |
Noncurrent benefit liability | (37,037) |  |  | (45,802) |
Net liability recognized | $ | (38,245) |  |  | $ | (48,514) |
The amounts included in accumulated other comprehensive loss in the Consolidated Balance Sheets, excluding tax effects, that have not yet been recognized as components of net periodic benefit costs as of January 1, 2022 and December 26, 2020 were as following:
(in thousands) | 2021 |  | 2020
Net actuarial loss | $ | 9,221 |  |  | $ | 37,285 |
Prior service cost | 3,340 |  |  | 3,937 |
Total | $ | 12,561 |  |  | $ | 41,222 |
Schedule of defined benefit plan amounts recognized in other comprehensive income (loss) | The pre-tax amounts recognized in other comprehensive income (loss) in 2021 were as follows:
(in thousands) | 2021
Amortization of: |
Prior service cost | $ | 179 |
Net actuarial loss | 1,136 |
Amount arising during the period: |
Prior service cost | (209) |
Net actuarial loss | 6,734 |
Net settlement loss and accelerated prior service costs | 19,855 |
Foreign currency adjustments | 966 |
Total | $ | 28,661 |
Schedule of net benefit costs | The components of net periodic benefits costs for the fiscal years 2021, 2020, and 2019 are as follows:
(in thousands) | 2021 |  | 2020 |  | 2019
Components of net periodic benefit cost: |  |  |  |  |
Service cost | $ | 2,785 |  |  | $ | 2,462 |  |  | $ | 2,040 |
Interest cost | 1,761 |  |  | 2,173 |  |  | 3,169 |
Expected return on plan assets | (1,458) |  |  | (1,972) |  |  | (3,187) |
Amortization of prior service and net actuarial loss | 1,315 |  |  | 963 |  |  | 243 |
Net periodic benefit cost | 4,403 |  |  | 3,626 |  |  | 2,265 |
Net settlement loss | 19,855 |  |  | 236 |  |  | 260 |
Total expense for the year | $ | 24,258 |  |  | $ | 3,862 |  |  | $ | 2,525 |
Schedule of assumptions used | Weighted average assumptions used to determine net periodic benefit cost for the fiscal years 2021, 2020, and 2019 are as follows:
| 2021 |  | 2020 |  | 2019
Discount rate | 1.2 | % |  | 2.3 | % |  | 3.1 | %
Expected return on plan assets | 1.4 | % |  | 3.7 | % |  | 4.5 | %
Compensation increase rate | 4.9 | % |  | 4.7 | % |  | 4.6 | %
Weighted average assumptions used to determine benefit obligations as of January 1, 2022, December 26, 2020 and December 28, 2019 are as follows:
| 2021 |  | 2020 |  | 2019
Discount rate | 3.1 | % |  | 1.2 | % |  | 2.3 | %
Compensation increase rate | 4.8 | % |  | 4.9 | % |  | 4.7 | %
Schedule of net funded status | The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit obligations in excess of plan assets as of January 1, 2022 and December 26, 2020:
(in thousands) | 2021 |  | 2020
Projected benefit obligation | $ | 86,228 |  |  | $ | 148,992 |
Fair value of plan assets | 47,942 |  |  | 100,439 |
Schedule of expected benefit payments | The following table provides a summary of under-funded or unfunded pension benefit plans with accumulated benefit obligations in excess of plan assets as of January 1, 2022 and December 26, 2020:
(in thousands) | 2021 |  | 2020
Accumulated benefit obligation | $ | 68,643 |  |  | $ | 130,453 |
Fair value of plan assets | 39,060 |  |  | 92,248 |
Expected benefit payments to be paid to participants for the fiscal year ending are as follows:
(in thousands) | Expected Benefit Payments
2022 | $ | 3,514 |
2023 | 3,652 |
2024 | 3,561 |
2025 | 4,068 |
2026 | 4,320 |
2027-2031 and thereafter | 26,449 |
Schedule of allocation of plan assets | Pension plan assets were invested as follows, and were not materially different from the target asset allocation:
| Asset Allocation
| 2021 |  | 2020
Cash and cash equivalents, and other | 15 | % |  | 7 | %
Equity securities | 19 | % |  | 9 | %
Fixed income securities | 66 | % |  | 31 | %
Bulk annuity contract | — | % |  | 53 | %
| 100 | % |  | 100 | %
Schedule of pension plan assets measured at fair value | The following table presents the Company’s pension plan assets measured at fair value by classification within the fair value hierarchy as of January 1, 2022:
| Fair Value Measurements Using |  |  |  |
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Insurance contracts and other | $ | — |  |  | $ | 1,917 |  |  | $ | 343 |  |  | $ | — |  |  | $ | 2,260 |
Cash and cash equivalents | 384 |  |  | 4,632 |  |  | — |  |  | — |  |  | 5,016 |
Equities | 2,559 |  |  | 6,604 |  |  | — |  |  | — |  |  | 9,163 |
Fixed income | 5,999 |  |  | 20,280 |  |  | — |  |  | 5,607 |  |  | 31,886 |
Total pension plan assets | $ | 8,942 |  |  | $ | 33,433 |  |  | $ | 343 |  |  | $ | 5,607 |  |  | $ | 48,325 |
The following table presents the Company’s pension plan assets measured at fair value by classification within the fair value hierarchy as of December 26, 2020:
| Fair Value Measurements Using |  |  |  |
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Insurance contracts and other | $ | — |  |  | $ | 1,880 |  |  | $ | 685 |  |  | $ | — |  |  | $ | 2,565 |
Cash and cash equivalents | 654 |  |  | 3,868 |  |  | — |  |  | — |  |  | 4,522 |
Equities | 1,719 |  |  | 6,904 |  |  | — |  |  | — |  |  | 8,623 |
Fixed income | 6,164 |  |  | 19,433 |  |  | — |  |  | 6,078 |  |  | 31,675 |
Bulk annuity contract |  |  |  |  | 53,093 |  |  |  |  | 53,093 |
Total pension plan assets | $ | 8,537 |  |  | $ | 32,085 |  |  | $ | 53,778 |  |  | $ | 6,078 |  |  | $ | 100,478 |
Schedule of effect of significant unobservable inputs, changes in plan assets | The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2021 due to the following:
(in thousands) | Level 3
Balance at December 26, 2020 | $ | 53,778 |
Level 3 assets transferred in from Level 1 and 2 assets valued at NAV: |
Settlements | (47,111) |
Actual loss on plan assets | (4,943) |
Benefits paid from the plan assets | (1,238) |
Foreign currency adjustments | (143) |
Balance at January 1, 2022 | $ | 343 |

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