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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 30, 2023
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, 2023 and December 31, 2022) (in thousands):
| December 30, 2023 |  | December 31, 2022
Change in projected benefit obligation: |  |  |
Projected benefit obligation at beginning of period | $ | 167,546 |  |  | $ | 225,808 |
Service cost | 2,714 |  |  | 3,149 |
Interest cost | 7,836 |  |  | 5,231 |
Employee contributions | 340 |  |  | 353 |
Actuarial (gain)/loss | 3,662 |  |  | (52,490) |
Benefits paid | (9,962) |  |  | (9,919) |
Effect of settlement | (1,138) |  |  | (476) |
Special termination benefit recognized | — |  |  | 38 |
Other | 1,356 |  |  | (4,148) |
Projected benefit obligation at end of period | 172,354 |  |  | 167,546 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of period | 147,766 |  |  | 188,718 |
Actual return on plan assets | 13,312 |  |  | (33,841) |
Employer contributions | 4,254 |  |  | 5,570 |
Employee contributions | 340 |  |  | 353 |
Benefits paid | (9,962) |  |  | (9,919) |
Effect of settlement | (1,138) |  |  | (476) |
Other | 840 |  |  | (2,639) |
Fair value of plan assets at end of period | 155,412 |  |  | 147,766 |
Funded status | (16,942) |  |  | (19,780) |
Net amount recognized | $ | (16,942) |  |  | $ | (19,780) |
Amounts recognized in the consolidated balance sheets consist of: |  |  |
Noncurrent assets | $ | 4,928 |  |  | $ | 3,910 |
Current liability | (1,149) |  |  | (1,152) |
Noncurrent liability | (20,721) |  |  | (22,538) |
Net amount recognized | $ | (16,942) |  |  | $ | (19,780) |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |
Net actuarial loss | $ | 19,432 |  |  | $ | 22,176 |
Prior service cost | (501) |  |  | 101 |
Net amount recognized (a) | $ | 18,931 |  |  | $ | 22,277 |
(a) Amounts do not include deferred taxes of $4.5 million and $5.6 million at December 30, 2023 and December 31, 2022, respectively.
Schedule of Accumulated and Projected Benefit Obligations | Information for pension plans with accumulated benefit obligations in excess of plan assets is as follows (in thousands):
| December 30, 2023 |  | December 31, 2022
Projected benefit obligation | $ | 110,719 |  |  | $ | 110,039 |
Accumulated benefit obligation | 108,262 |  |  | 107,807 |
Fair value of plan assets | 88,939 |  |  | 86,441 |
Schedule of Defined Benefit Plans Disclosures | Net pension cost includes the following components (in thousands):
| December 30, 2023 |  | December 31, 2022 |  | January 1, 2022
Service cost | $ | 2,714 |  |  | $ | 3,149 |  |  | $ | 3,127 |
Interest cost | 7,836 |  |  | 5,231 |  |  | 4,816 |
Expected return on plan assets | (7,958) |  |  | (8,604) |  |  | (9,287) |
Net amortization and deferral | 1,724 |  |  | 2,257 |  |  | 4,253 |
Settlement | (58) |  |  | (22) |  |  | 210 |
Special termination benefit recognized | — |  |  | 38 |  |  | — |
Net pension cost | $ | 4,258 |  |  | $ | 2,049 |  |  | $ | 3,119 |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year |
Schedule of Assumptions Used | Weighted average assumptions used to determine benefit obligations were:
| December 30, 2023 |  | December 31, 2022 |  | January 1, 2022
Discount rate | 4.62% |  | 4.82% |  | 2.40%
Rate of compensation increase | 0.61% |  | 0.55% |  | 0.50%
Weighted average assumptions used to determine net periodic benefit cost for the employee benefit pension plans were:
| December 30, 2023 |  | December 31, 2022 |  | January 1, 2022
Discount rate | 4.26% |  | 0.68% |  | 1.32%
Rate of increase in future compensation levels | 0.57% |  | 0.51% |  | 0.52%
Expected long-term rate of return on assets | 5.72% |  | 4.75% |  | 5.40%
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 of December 31, 2022 |  |  |  |  |  |  |
Fixed Income: |  |  |  |  |  |  |
Long Term | $ | 23,028 |  |  | $ | 23,028 |  |  | $ | — |  |  | $ | — |
Short Term | 4,539 |  |  | 4,539 |  |  | — |  |  | — |
Equity Securities: |  |  |  |  |  |  |
Domestic equities | 33,369 |  |  | 33,369 |  |  | — |  |  | — |
International equities | 23,465 |  |  | 23,465 |  |  | — |  |  | — |
Insurance contracts | 16,713 |  |  | — |  |  | 14,970 |  |  | 1,743 |
Total categorized in fair value hierarchy | 101,114 |  |  | 84,401 |  |  | 14,970 |  |  | 1,743 |
Other investments measured at NAV | 46,652 |  |  |  |  |  |  |
Totals | $ | 147,766 |  |  | $ | 84,401 |  |  | $ | 14,970 |  |  | $ | 1,743 |
Balances as of December 30, 2023 |  |  |  |  |  |  |
Fixed Income: |  |  |  |  |  |  |
Long Term | $ | 91,921 |  |  | $ | 91,921 |  |  | $ | — |  |  | $ | — |
Short Term | 3,374 |  |  | 3,374 |  |  | — |  |  | — |
Equity Securities: |  |  |  |  |  |  |
Domestic equities | 22,429 |  |  | 22,429 |  |  | — |  |  | — |
International equities | 19,011 |  |  | 19,011 |  |  | — |  |  | — |
Insurance contracts | 18,677 |  |  | — |  |  | 16,659 |  |  | 2,018 |
Total categorized in fair value hierarchy | 155,412 |  |  | 136,735 |  |  | 16,659 |  |  | 2,018 |
Other investments measured at NAV | — |  |  |  |  |  |  |
Totals | $ | 155,412 |  |  | $ | 136,735 |  |  | $ | 16,659 |  |  | $ | 2,018 |
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
2024 | $ | 11,896 |
2025 | 11,312 |
2026 | 11,512 |
2027 | 13,274 |
2028 | 13,459 |
Years 2029 – 2033 | 64,076 |
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 | 2023 | 2022 | Implemented | 2023 | 2022 | 2021 | Agreement
Western Conference of Teamsters Pension Plan | 91-6145047 / 001 | Green | Green | No | $ | 1,443 |  | $ | 1,516 |  | $ | 1,294 |  | January 2026 (b)
Central States, Southeast and Southwest Areas Pension Plan (a) | 36-6044243 / 001 | Green | Red | Yes | 714 |  | 899 |  | 811 |  | April 2026 (c)
All other multiemployer plans |  |  |  |  | 1,476 |  | 1,035 |  | 1,107 |  |
|  | Total Company Contributions | $ | 3,633 |  | $ | 3,450 |  | $ | 3,212 |  |
(a) As of its most recent public filing, the Central States, Southeast and Southwest Areas Pension Plan (Central States) was in the critical or red zone. In January 2023, however, the Pension Benefit Guaranty Corporation provided $35.8 billion in Special Financial Assistance (SFA) funds to Central States under the American Rescue Plan Act of 2021. Due to this SFA funding, Central States is projected to now have zone status of green. (b) The Company has several processing 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 January 1, 2026. (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 negotiated with others having expiration dates through April 2, 2026.
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 January 1, 2022 |  | $ | 2,982 |
Unrealized gains (losses) relating to instruments still held in the reporting period. |  | (1,055) |
Purchases, sales, and settlements |  | — |
Exchange rate changes |  | (184) |
Balance as of December 31, 2022 |  | 1,743 |
Unrealized gains (losses) relating to instruments still held in the reporting period. |  | 209 |
Purchases, sales, and settlements |  | — |
Exchange rate changes |  | 66 |
Balance as of December 30, 2023 |  | $ | 2,018 |

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- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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