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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 28, 2019
Employee Benefit Plans [Abstract] |
Schedule of Net Funded Status | The following table sets forth the plans’ funded status for the Company's domestic and foreign defined benefit plans and amounts recognized in the Company's Consolidated Balance Sheets based on the measurement date (December 31, 2019 and December 31, 2018) (in thousands):
| December 28, 2019 |  | December 29, 2018
Change in projected benefit obligation: |  |  |
Projected benefit obligation at beginning of period | $ | 190,666 |  |  | $ | 204,728 |
Service cost | 2,696 |  |  | 3,064 |
Interest cost | 6,828 |  |  | 6,443 |
Employee contributions | 368 |  |  | 410 |
Actuarial loss/(gain) | 20,927 |  |  | (12,235 | )
Benefits paid | (8,120 | ) |  | (7,799 | )
Effect of curtailment | (43 | ) |  | (474 | )
Effect of settlement | (903 | ) |  | (280 | )
Other | (154 | ) |  | (3,191 | )
Projected benefit obligation at end of period | 212,265 |  |  | 190,666 |
Change in plan assets: |  |  |  |  |
Fair value of plan assets at beginning of period | 133,861 |  |  | 150,517 |
Actual return on plan assets | 26,014 |  |  | (11,922 | )
Employer contributions | 4,343 |  |  | 4,538 |
Employee contributions | 368 |  |  | 410 |
Benefits paid | (8,120 | ) |  | (7,799 | )
Effect of settlement | (903 | ) |  | (331 | )
Other | 139 |  |  | (1,552 | )
Fair value of plan assets at end of period | 155,702 |  |  | 133,861 |
Funded status | (56,563 | ) |  | (56,805 | )
Net amount recognized | $ | (56,563 | ) |  | $ | (56,805 | )
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |
Current liability | $ | (1,072 | ) |  | $ | (1,173 | )
Noncurrent liability | (55,491 | ) |  | (55,632 | )
Net amount recognized | $ | (56,563 | ) |  | $ | (56,805 | )
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |  |
Net actuarial loss | $ | 45,062 |  |  | $ | 47,501 |
Prior service cost | 295 |  |  | 351 |
Net amount recognized (a) | $ | 45,357 |  |  | $ | 47,852 |
(a) Amounts do not include deferred taxes of $11.4 million and $12.3 million at December 28, 2019 and December 29, 2018, respectively.
Schedule of Accumulated and Projected Benefit Obligations |
| December 28, 2019 |  | December 29, 2018
Projected benefit obligation | $ | 212,265 |  |  | $ | 190,666 |
Accumulated benefit obligation | 201,708 |  |  | 181,642 |
Fair value of plan assets | 155,702 |  |  | 133,861 |
Schedule of Defined Benefit Plans Disclosures | Net pension cost includes the following components (in thousands):
| December 28, 2019 |  | December 29, 2018 |  | December 30, 2017
Service cost | $ | 2,696 |  |  | $ | 3,064 |  |  | $ | 3,043 |
Interest cost | 6,828 |  |  | 6,443 |  |  | 6,711 |
Expected return on plan assets | (7,270 | ) |  | (8,226 | ) |  | (7,181 | )
Net amortization and deferral | 4,605 |  |  | 3,578 |  |  | 4,821 |
Curtailment | (33 | ) |  | (263 | ) |  | — |
Settlement | 66 |  |  | 47 |  |  | 42 |
Net pension cost | $ | 6,892 |  |  | $ | 4,643 |  |  | $ | 7,436 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income (loss) for the year ended (in thousands):
| 2019 |  | 2018
Actuarial (loss)/gain recognized: |  |  |
Reclassification adjustments | $ | 3,428 |  |  | $ | 2,633 |
Actuarial (loss)/gain recognized during the period | (1,991 | ) |  | (5,886 | )
Amortization of settlement | 50 |  |  | (2 | )
Amortization of curtailment | — |  |  | 498 |
Prior service (cost) credit recognized: |  |  |  |  |
Reclassification adjustments | 25 |  |  | 26 |
Prior service cost arising during the period | 7 |  |  | (8 | )
Other | 16 |  |  | 9 |
| $ | 1,535 |  |  | $ | (2,730 | )
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic pension cost in fiscal 2020 is as follows (in thousands):
| 2020
Net actuarial loss | $ | 3,417 |
Prior service cost | 33 |
| $ | 3,450 |
Schedule of Assumptions Used | Weighted average assumptions used to determine benefit obligations were:
| December 28, 2019 |  | December 29, 2018 |  | December 30, 2017
Discount rate | 2.77% |  | 3.68% |  | 3.40%
Rate of compensation increase | 0.40% |  | 0.42% |  | 0.38%
Weighted average assumptions used to determine net periodic benefit cost for the employee benefit pension plans were:
| December 28, 2019 |  | December 29, 2018 |  | December 30, 2017
Discount rate | 3.33% |  | 2.30% |  | 3.49%
Rate of increase in future compensation levels | 0.42% |  | 0.36% |  | 0.43%
Expected long-term rate of return on assets | 6.13% |  | 6.13% |  | 6.17%
Schedule of Target Allocation of Plan Assets |
Fixed Income | 35% - 80%
Equities | 20% - 65%
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table presents fair value measurements for the Company's defined benefit plans’ assets as categorized using the fair value hierarchy under FASB authoritative guidance (in thousands):
| Total |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
(In thousands of dollars) | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Balances as December 29, 2018 |  |  |  |  |  |  |
Fixed Income: |  |  |  |  |  |  |
Long Term | $ | 21,670 |  |  | $ | 21,670 |  |  | $ | — |  |  | $ | — |
Short Term | 2,032 |  |  | 2,032 |  |  | — |  |  | — |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |
Domestic equities | 37,223 |  |  | 37,223 |  |  | — |  |  | — |
International equities | 24,714 |  |  | 24,714 |  |  | — |  |  | — |
Insurance contracts | 9,636 |  |  | — |  |  | 6,299 |  |  | 3,337 |
Total categorized in fair value hierarchy | 95,275 |  |  | 85,639 |  |  | 6,299 |  |  | 3,337 |
Other investments measured at NAV | 38,586 |  |  |  |  |  |  |
Totals | $ | 133,861 |  |  | $ | 85,639 |  |  | $ | 6,299 |  |  | $ | 3,337 |
Balances as December 28, 2019 |  |  |  |  |  |  |  |  |  |  |
Fixed Income: |  |  |  |  |  |  |  |  |  |  |
Long Term | $ | 16,154 |  |  | $ | 16,154 |  |  | $ | — |  |  | $ | — |
Short Term | 3,448 |  |  | 3,448 |  |  | — |  |  | — |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |
Domestic equities | 52,420 |  |  | 52,420 |  |  | — |  |  | — |
International equities | 32,167 |  |  | 32,167 |  |  | — |  |  | — |
Insurance contracts | 10,266 |  |  | — |  |  | 5,792 |  |  | 4,474 |
Total categorized in fair value hierarchy | 114,455 |  |  | 104,189 |  |  | 5,792 |  |  | 4,474 |
Other investments measured at NAV | 41,247 |  |  |  |  |  |  |
Totals | $ | 155,702 |  |  | $ | 104,189 |  |  | $ | 5,792 |  |  | $ | 4,474 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):
Year Ending | Pension Benefits
2020 | $ | 10,546 |
2021 | 10,498 |
2022 | 10,754 |
2023 | 10,675 |
2024 | 11,892 |
Years 2025 – 2029 | 64,147 |
Multiemployer plans | The following table provides more detail on these significant multiemployer plans (contributions in thousands):
|  |  |  |  |  |  |  | Expiration
Pension | EIN Pension | Pension Protection Act Zone Status | FIP/RP Status Pending/ | Contributions | Date of Collective Bargaining
Fund | Plan Number | 2019 | 2018 | Implemented | 2019 | 2018 | 2017 | Agreement
Western Conference of Teamsters Pension Plan | 91-6145047 / 001 | Green | Green | No | $ | 1,514 |  | $ | 1,505 |  | $ | 1,524 |  | December 2023 (b)
Central States, Southeast and Southwest Areas Pension Plan (a) | 36-6044243 / 001 | Red | Red | Yes | 916 |  | 978 |  | 968 |  | August 2022 (c)
All other multiemployer plans |  |  |  |  | 1,196 |  | 1,064 |  | 980 |  |
|  | Total Company Contributions | $ | 3,626 |  | $ | 3,547 |  | $ | 3,472 |  |
(a) | In July 2005 this plan received a 10 year extension from the IRS for amortizing unfunded liabilities. In April 2016 the IRS approved a modification of the amortization extension.
(b) | The Company has several plants that participate in the Western Conference of Teamsters Pension Plan under collective bargaining agreements that require minimum funding contributions. The agreements have expiration dates through December 31, 2023.
(c) The Company has several processing plants that participate in the Central States, Southeast and Southwest Areas Pension Plan under collective bargaining agreements that require minimum funding contributions. Certain of these agreements have expired and are being renegotiated with others having expiration dates through August 2, 2022.
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 due to the following:
|  | Insurance
(in thousands of dollars) |  | Contracts
Balance as of December 30, 2017 |  | $ | 3,375 |
Unrealized gains relating to instruments still held in the reporting period. |  | 114 |
Purchases, sales, and settlements |  | — |
Exchange rate changes |  | (152 | )
Balance as of December 29, 2018 |  | 3,337 |
Unrealized gains relating to instruments still held in the reporting period. |  | 1,168 |
Purchases, sales, and settlements |  | — |
Exchange rate changes |  | (31 | )
Balance as of December 28, 2019 |  | $ | 4,474 |

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