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Benefit Plans (Tables) | 12 Months Ended
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Dec. 30, 2023
Retirement Benefits [Abstract] |
Schedule of defined benefit plans disclosures | Benefit plan related information is as follows for the years 2023 and 2022:
(in thousands) | 2023 |  | 2022
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 64,526 |  |  | $ | 86,570 |
Service cost | 2,774 |  |  | 3,072 |
Interest cost | 3,795 |  |  | 2,529 |
Net actuarial loss (gain) | 4,312 |  |  | (19,327) |
Benefits paid from the plan assets | (1,933) |  |  | (1,474) |
Benefits paid directly by the Company | (2,035) |  |  | (1,853) |
Settlements | (1,687) |  |  | (1,565) |
Acquisitions | — |  |  | 3,812 |
Effect of exchange rate movements | 3,769 |  |  | (5,839) |
Plan amendment and other | — |  |  | (1,399) |
Benefit obligation at end of year | $ | 73,521 |  |  | $ | 64,526 |
Change in plan assets at fair value: |  |  |
Fair value of plan assets at beginning of year | $ | 35,433 |  |  | $ | 48,325 |
Actual gain (loss) on plan assets | 1,358 |  |  | (9,217) |
Employer contributions | 1,821 |  |  | 2,288 |
Benefits paid from the plan assets | (1,933) |  |  | (1,474) |
Settlements | (463) |  |  | — |
Acquisitions | — |  |  | — |
Effect of exchange rate movements | 1,480 |  |  | (4,489) |
Fair value of plan assets at end of year | 37,696 |  |  | 35,433 |
Net amount unfunded status | $ | (35,825) |  |  | $ | (29,093) |
Schedule of amounts recognized in balance sheet | Amounts recognized in the Consolidated Balance Sheets as of December 30, 2023 and December 31, 2022 consist of the following:
(in thousands) | 2023 |  | 2022
Amounts recognized in the Consolidated Balance Sheets consist of: |  |  |
Noncurrent assets | $ | 79 |  |  | $ | 262 |
Current benefit liability | (1,482) |  |  | (1,318) |
Noncurrent benefit liability | (34,422) |  |  | (28,037) |
Net liability recognized | $ | (35,825) |  |  | $ | (29,093) |
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 December 30, 2023 and December 31, 2022 were as follows:
(in thousands) | 2023 |  | 2022
Net actuarial loss (gain) | $ | 4,182 |  |  | $ | (631) |
Prior service cost | 1,440 |  |  | 1,496 |
Total | $ | 5,622 |  |  | $ | 865 |
Schedule of defined benefit plan amounts recognized in other comprehensive (loss) income | The pre-tax amounts recognized in other comprehensive (loss) income in 2023 and 2022 were as follows:
| 2023 |  | 2022
(in thousands) |  |  |
Amortization of: |  |  |
Prior service cost | $ | 94 |  |  | $ | 150 |
Net actuarial (gain) loss | (49) |  |  | 228 |
Amount arising during the period: |  |  |
Prior service cost | — |  |  | 1,399 |
Net actuarial (loss) gain | (4,202) |  |  | 9,899 |
Net curtailment and settlement gain | (266) |  |  | (820) |
Foreign currency adjustments | (334) |  |  | 840 |
Total | $ | (4,757) |  |  | $ | 11,696 |
Schedule of net benefit costs | The components of net periodic benefit costs for the fiscal years 2023, 2022, and 2021 are as follows:
(in thousands) | 2023 |  | 2022 |  | 2021
Components of net periodic benefit cost: |  |  |  |  |
Service cost | $ | 2,774 |  |  | $ | 3,072 |  |  | $ | 2,785 |
Interest cost | 3,795 |  |  | 2,529 |  |  | 1,761 |
Expected return on plan assets | (1,879) |  |  | (1,507) |  |  | (1,458) |
Amortization of prior service and net actuarial loss | 45 |  |  | 378 |  |  | 1,315 |
Net periodic benefit cost | 4,735 |  |  | 4,472 |  |  | 4,403 |
Net settlement (gain) loss | (266) |  |  | (820) |  |  | 19,855 |
Total expense for the year | $ | 4,469 |  |  | $ | 3,652 |  |  | $ | 24,258 |
Schedule of assumptions used | Weighted average assumptions used to determine net periodic benefit cost for the fiscal years 2023, 2022, and 2021 are as follows:
| 2023 |  | 2022 |  | 2021
Discount rate | 5.8 | % |  | 3.1 | % |  | 1.2 | %
Expected return on plan assets | 5.2 | % |  | 3.3 | % |  | 1.4 | %
Compensation increase rate | 4.7 | % |  | 4.8 | % |  | 4.9 | %
Weighted average assumptions used to determine benefit obligations as of December 30, 2023, December 31, 2022 and January 1, 2022 are as follows:
| 2023 |  | 2022 |  | 2021
Discount rate | 5.6 | % |  | 5.8 | % |  | 3.1 | %
Compensation increase rate | 4.8 | % |  | 4.7 | % |  | 4.8 | %
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 December 30, 2023 and December 31, 2022:
(in thousands) | 2023 |  | 2022
Projected benefit obligation | $ | 73,029 |  |  | $ | 42,676 |
Fair value of plan assets | 37,124 |  |  | 13,650 |
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 December 30, 2023 and December 31, 2022:
(in thousands) | 2023 |  | 2022
Accumulated benefit obligation | $ | 53,400 |  |  | $ | 26,540 |
Fair value of plan assets | 28,032 |  |  | 4,948 |
Expected benefit payments to be paid to participants for the fiscal year ending are as follows:
(in thousands) | Expected Benefit Payments
2024 | $ | 3,678 |
2025 | 4,359 |
2026 | 4,303 |
2027 | 4,399 |
2028 | 5,291 |
2029-2032 and thereafter | 34,525 |
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
| 2023 |  | 2022
Cash and cash equivalents, and other | 3 | % |  | 13 | %
Equity securities | 7 | % |  | 14 | %
Fixed income securities | 90 | % |  | 73 | %
| 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 December 30, 2023:
| Fair Value Measurements Using |  |  |  |
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Insurance contracts and other | $ | — |  |  | $ | — |  |  | $ | 133 |  |  | $ | — |  |  | $ | 133 |
Cash and cash equivalents | 310 |  |  | 933 |  |  | — |  |  | — |  |  | 1,243 |
Equities | 2,609 |  |  | — |  |  | — |  |  | — |  |  | 2,609 |
Fixed income | 6,425 |  |  | 21,909 |  |  | — |  |  | 5,377 |  |  | 33,711 |
Total pension plan assets | $ | 9,344 |  |  | $ | 22,842 |  |  | $ | 133 |  |  | $ | 5,377 |  |  | $ | 37,696 |
The following table presents the Company’s pension plan assets measured at fair value by classification within the fair value hierarchy as of December 31, 2022:
| Fair Value Measurements Using |  |  |  |
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Insurance contracts and other | $ | — |  |  | $ | 1,153 |  |  | $ | 328 |  |  | $ | — |  |  | $ | 1,481 |
Cash and cash equivalents | 594 |  |  | 2,475 |  |  | — |  |  | — |  |  | 3,069 |
Equities | 2,425 |  |  | 2,435 |  |  | — |  |  | — |  |  | 4,860 |
Fixed income | 5,930 |  |  | 14,940 |  |  | — |  |  | 5,153 |  |  | 26,023 |
Total pension plan assets | $ | 8,949 |  |  | $ | 21,003 |  |  | $ | 328 |  |  | $ | 5,153 |  |  | $ | 35,433 |
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 2023 and 2022 due to the following:
(in thousands) | Level 3
Balance at January 1, 2022 | $ | 343 |
Level 3 assets transferred in from Level 1 and 2 assets valued at NAV: |
Settlements | 2 |
Actual loss on plan assets | 3 |
Foreign currency adjustments | (20) |
Balance at December 31, 2022 | $ | 328 |
Level 3 assets transferred in from Level 1 and 2 assets valued at NAV: |
Employer contribution | 2 |
Actual return on assets | 15 |
Benefits paid from the plan assets | (221) |
Foreign currency adjustments | 9 |
Balance at December 30, 2023 | $ | 133 |

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