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Postretirement Plans | 6 Months Ended
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Jul. 13, 2024
Retirement Benefits [Abstract] |
Postretirement Plans | 18. POSTRETIREMENT PLANS The following summarizes the company’s Condensed Consolidated Balance Sheets related pension and other postretirement benefit plan accounts at July 13, 2024 compared to accounts at December 30, 2023 (amounts in thousands):
|  | July 13, 2024 |  |  | December 30, 2023 |
Noncurrent benefit asset |  | $ | 6,379 |  |  | $ | 6,494 |
Current benefit liability |  | $ | 699 |  |  | $ | 699 |
Noncurrent benefit liability |  | $ | 5,567 |  |  | $ | 5,798 |
AOCI, net of tax |  | $ | (469 | ) |  | $ | (342 | )
Defined Benefit Plans and Nonqualified Plan The company sponsors two pension plans, the Flowers Foods, Inc. Retirement Plan No. 2, and the Tasty Baking Company Supplemental Executive Retirement Plan (“Tasty SERP”). The Tasty SERP is frozen and has only retirees and beneficiaries remaining in the plan. The company used a measurement date of December 31, 2023 for the defined benefit and postretirement benefit plans described below. There were no contributions made by the company to any plan during the twenty-eight weeks ended July 13, 2024 and July 15, 2023. The net periodic pension cost for the company’s plans include the following components (amounts in thousands):
|  | For the Twelve Weeks Ended |  |  | For the Twenty-Eight Weeks Ended |
|  | July 13, 2024 |  |  | July 15, 2023 |  |  | July 13, 2024 |  |  | July 15, 2023 |
Service cost |  | $ | 168 |  |  | $ | 157 |  |  | $ | 392 |  |  | $ | 367 |
Interest cost |  |  | 272 |  |  |  | 301 |  |  |  | 634 |  |  |  | 702 |
Expected return on plan assets |  |  | (370 | ) |  |  | (360 | ) |  |  | (864 | ) |  |  | (840 | )
Amortization of prior service cost |  |  | 13 |  |  |  | 13 |  |  |  | 31 |  |  |  | 31 |
Amortization of net loss |  |  | 10 |  |  |  | 40 |  |  |  | 23 |  |  |  | 93 |
Total net periodic pension cost |  | $ | 93 |  |  | $ | 151 |  |  | $ | 216 |  |  | $ | 353 |
The components of total net periodic benefit cost other than the service cost are included in the other components of net periodic pension and postretirement benefit plans credit line item on our Condensed Consolidated Statements of Income. Postretirement Benefit Plan The company provides certain health care and life insurance benefits for eligible retired employees covered under the active medical plans. The plan incorporates an up-front deductible, coinsurance payments and retiree contributions at various premium levels. Eligibility and maximum period of coverage is based on age and length of service. The net periodic postretirement expense for the company includes the following components (amounts in thousands):
|  | For the Twelve Weeks Ended |  |  | For the Twenty-Eight Weeks Ended |
|  | July 13, 2024 |  |  | July 15, 2023 |  |  | July 13, 2024 |  |  | July 15, 2023 |
Service cost |  | $ | 42 |  |  | $ | 41 |  |  | $ | 98 |  |  | $ | 96 |
Interest cost |  |  | 53 |  |  |  | 55 |  |  |  | 123 |  |  |  | 128 |
Amortization of prior service credit |  |  | (54 | ) |  |  | (54 | ) |  |  | (126 | ) |  |  | (126 | )
Amortization of net gain |  |  | (42 | ) |  |  | (57 | ) |  |  | (97 | ) |  |  | (133 | )
Total net periodic postretirement credit |  | $ | (1 | ) |  | $ | (15 | ) |  | $ | (2 | ) |  | $ | (35 | )
The components of total net periodic postretirement benefits credit other than the service cost are included in the other components of net periodic pension and postretirement benefit plans credit line item on our Condensed Consolidated Statements of Income. 401(k) Retirement Savings Plan The Flowers Foods, Inc. 401(k) Retirement Savings Plan covers substantially all the company’s employees who have completed certain service requirements. The total cost and employer contributions were as follows (amounts in thousands):
|  | For the Twelve Weeks Ended |  |  | For the Twenty-Eight Weeks Ended |
|  | July 13, 2024 |  |  | July 15, 2023 |  |  | July 13, 2024 |  |  | July 15, 2023 |
Total cost and employer contributions |  | $ | 7,597 |  |  | $ | 7,094 |  |  | $ | 18,117 |  |  | $ | 17,069 |
Multi-employer Pension Plan On July 19, 2022, the company announced the closure of the Holsum Bakery in Phoenix, Arizona. The bakery produced bread and bun products and ceased production on October 31, 2022. As a result, the union participants of the IAM National Pension Fund (the “IAM Fund”) at the Phoenix bakery will withdraw from the IAM Fund. During the third quarter of Fiscal 2022, the company recorded a liability of $1.3 million for the withdrawal from the IAM Fund. During the first quarter of Fiscal 2024, the company paid $1.4 million for the withdrawal and recorded additional expense of $0.1 million which is included in the selling, distribution and administrative expenses line item of our Condensed Consolidated Statements of Income. While this is our best estimate of the ultimate cost of the withdrawal from this plan, additional withdrawal liability may be incurred in the event of a mass withdrawal, as defined by statute, occurring anytime within the next three years following our complete withdrawal.

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