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Defined Benefit Plans (Tables)
12 Months Ended
Dec. 30, 2023
Retirement Benefits [Abstract]  
Obligations and Funded Status

(In millions)

 

 

Pension Benefits

 

 

 

Postretirement Benefits

 

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Change in the Projected Benefit Obligation (PBO):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

 

$

543.6

 

 

 

$

712.0

 

 

 

$

9.0

 

 

 

$

9.8

 

Service cost

 

 

 

0.1

 

 

 

 

0.2

 

 

 

 

0.4

 

 

 

 

0.4

 

Interest cost

 

 

 

27.2

 

 

 

 

20.4

 

 

 

 

0.5

 

 

 

 

0.4

 

Actuarial (gain) loss

 

 

 

(0.5

)

 

 

 

(155.9

)

 

 

 

(1.3

)

 

 

 

(1.2

)

Benefits paid

 

 

 

(60.7

)

 

 

 

(33.1

)

 

 

 

(0.6

)

 

 

 

(0.4

)

Projected benefit obligation at end of year

 

 

$

509.7

 

 

 

$

543.6

 

 

 

$

8.0

 

 

 

$

9.0

 

Accumulated benefit obligation at end of year
   (excludes the impact of future compensation increases)

 

 

$

509.7

 

 

 

$

543.6

 

 

 

$

 

 

 

$

 

Change in Plan Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

 

$

482.5

 

 

 

$

649.8

 

 

 

$

 

 

 

$

 

Actual return on plan assets

 

 

 

40.5

 

 

 

 

(144.8

)

 

 

 

 

 

 

 

 

Employer contributions

 

 

 

5.7

 

 

 

 

10.6

 

 

 

 

0.6

 

 

 

 

0.4

 

Benefits paid

 

 

 

(60.7

)

 

 

 

(33.1

)

 

 

 

(0.6

)

 

 

 

(0.4

)

Fair value of plan assets at end of year

 

 

$

468.0

 

 

 

$

482.5

 

 

 

$

 

 

 

$

 

Funded status (Fair value of plan assets less PBO)

 

 

$

(41.7

)

 

 

$

(61.1

)

 

 

$

(8.0

)

 

 

$

(9.0

)

 

Amounts Recognized in Consolidated Balance Sheets Amounts recognized in the consolidated balance sheets consist of:

 

 

 

Pension Benefits

 

 

 

Postretirement Benefits

 

(In millions)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Current benefit payment liability

 

$

(1.3

)

 

 

$

(1.5

)

 

 

$

(1.1

)

 

 

$

(1.2

)

Accrued benefit liability

 

 

(40.4

)

 

 

 

(59.6

)

 

 

 

(6.9

)

 

 

 

(7.8

)

Net amount recognized

 

$

(41.7

)

 

 

$

(61.1

)

 

 

$

(8.0

)

 

 

$

(9.0

)

Amounts in Accumulated Other Comprehensive Loss that have not yet been Recognized as Components of Net Periodic Benefit Cost

The amounts in accumulated other comprehensive loss on the consolidated balance sheets that have not yet been recognized as components of net periodic benefit cost were as follows:

 

(In millions)

 

Pension Benefits

 

 

 

Postretirement Benefits

 

Net unrecognized actuarial loss (gain) at December 31, 2021

 

$

32.4

 

 

 

$

(0.4

)

Recognition of actuarial gain

 

 

0.3

 

 

 

 

1.0

 

Current year actuarial loss (gain)

 

 

17.0

 

 

 

 

(1.1

)

Net unrecognized actuarial loss (gain) at December 31, 2022

 

$

49.7

 

 

 

$

(0.5

)

Recognition of actuarial gain

 

 

 

 

 

 

2.6

 

Current year actuarial (gain)

 

 

(12.5

)

 

 

 

(1.5

)

Net actuarial (loss) due to settlement

 

 

(2.0

)

 

 

 

 

Net unrecognized actuarial loss at December 30, 2023

 

$

35.2

 

 

 

$

0.6

 

Components of Net Periodic Benefit Cost for Pension and Postretirement Benefits

Components of net periodic benefit cost were as follows:

 

 

Pension Benefits

 

 

 

Postretirement Benefits

 

(In millions)

 

2023

 

 

 

2022

 

 

2021

 

 

 

2023

 

 

 

2022

 

 

2021

 

Service cost

 

$

0.1

 

 

 

$

0.2

 

 

$

0.4

 

 

 

$

0.4

 

 

 

$

0.4

 

 

$

0.2

 

Interest cost

 

 

27.2

 

 

 

 

20.4

 

 

 

19.3

 

 

 

 

0.5

 

 

 

 

0.4

 

 

 

0.2

 

Expected return on plan assets

 

 

(28.6

)

 

 

 

(28.1

)

 

 

(27.4

)

 

 

 

 

 

 

 

 

 

 

 

Recognition of actuarial losses (gains)

 

 

 

 

 

 

(0.3

)

 

 

1.1

 

 

 

 

(2.6

)

 

 

 

(1.0

)

 

 

(0.5

)

Settlement loss

 

 

2.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net periodic benefit (income) cost

 

$

0.7

 

 

 

$

(7.8

)

 

$

(6.6

)

 

 

$

(1.7

)

 

 

$

(0.2

)

 

$

(0.1

)

Schedule of Assumptions Used

 

 

Pension Benefits

 

 

 

Postretirement Benefits

 

 

 

2023

 

 

 

2022

 

 

2021

 

 

 

2023

 

 

 

2022

 

 

2021

 

Weighted-Average Assumptions Used to
   Determine Benefit Obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

5.0

%

 

 

 

5.2

%

 

 

2.9

%

 

 

 

6.0

%

 

 

 

5.8

%

 

 

3.9

%

Weighted-Average Assumptions Used to
   Determine Net Cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

5.2

%

 

 

 

2.9

%

 

 

2.6

%

 

 

 

5.8

%

 

 

 

3.9

%

 

 

5.9

%

Expected long-term rate of return on plan assets

 

 

6.1

%

 

 

 

4.4

%

 

 

4.4

%

 

 

 

 

 

 

 

 

 

 

 

Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations and Net Cost

 

 

Postretirement Benefits

 

 

2023

 

 

 

2022

 

 

Assumed Health Care Cost Trend Rates Used to Determine
   Benefit Obligations:

 

 

 

 

 

 

 

 

Health care cost trend rate assumed for next year

 

7.3/6.9

%

(a)

 

5.8/6.3

%

(a)

Rate that the cost trend rate is assumed to decline
   (the ultimate trend rate)

 

4.5

%

 

 

4.5

%

 

Year that the rate reaches the ultimate trend rate

 

2033

 

 

 

2028

 

 

Assumed Health Care Cost Trend Rates Used to Determine
  Net Cost:

 

 

 

 

 

 

 

 

Health care cost trend rate assumed for next year

 

5.8/6.3

%

(a)

 

6.0/6.5

%

(a)

Rate that the cost trend rate is assumed to decline
   (the ultimate trend rate)

 

4.5

%

 

 

4.5

%

 

Year that the rate reaches the ultimate trend rate

 

2028

 

 

 

2028

 

 

 

 

(a)
The pre-65 initial health care cost trend rate is shown first / followed by the post-65 rate.
Fair Value of Pension Assets by Major Category of Plan Assets

The fair value of the pension assets by major category of plan assets as of December 30, 2023 and December 31, 2022 were as follows:

 

(In millions)

 

 

 

 

 

2023

 

 

2022

 

Group annuity/insurance contracts (level 3)

 

$

26.8

 

 

$

26.0

 

Collective trusts:

 

 

 

 

 

 

Cash and cash equivalents

 

 

17.5

 

 

 

6.3

 

Equity

 

 

121.2

 

 

 

113.8

 

Fixed income

 

 

267.2

 

 

 

291.6

 

Multi-strategy hedge funds

 

 

16.3

 

 

 

21.3

 

Real estate

 

 

19.0

 

 

 

23.5

 

Total

 

$

468.0

 

 

$

482.5

 

Reconciliation of Level Three Measurements

A reconciliation of Level 3 measurements was as follows:

 

 

Group annuity/
insurance contracts

 

(In millions)

 

2023

 

 

 

2022

 

Beginning of year

 

$

26.0

 

 

 

$

25.5

 

Actual return on assets related to assets still held

 

 

0.8

 

 

 

 

0.5

 

End of year

 

$

26.8

 

 

 

$

26.0

 

Schedule of Expected Benefit Payments

The following retirement benefit payments are expected to be paid:

(In millions)

 

Pension
Benefits

 

 

 

Postretirement
Benefits

 

2024

 

$

35.4

 

 

 

$

1.3

 

2025

 

 

36.1

 

 

 

 

1.2

 

2026

 

 

36.6

 

 

 

 

1.1

 

2027

 

 

36.7

 

 

 

 

1.1

 

2028

 

 

36.6

 

 

 

 

1.0

 

Years 2029-2033

 

 

181.1

 

 

 

 

5.0