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Postretirement Plans (Tables) | 12 Months Ended
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Dec. 28, 2024
Summary of Company's Balance Sheet Related Pension and Other Postretirement Benefit Plan | The following summarizes the company’s balance sheet related pension and other postretirement benefit plan accounts at December 28, 2024 and December 30, 2023 (amounts in thousands):
|  | December 28, 2024 |  |  | December 30, 2023 |
Noncurrent benefit asset |  | $ | 6,869 |  |  | $ | 6,494 |
Current benefit liability |  | $ | 703 |  |  | $ | 699 |
Noncurrent benefit liability |  | $ | 5,511 |  |  | $ | 5,798 |
AOCI, net of tax |  | $ | (257 | ) |  | $ | (342 | )
No
Fair Value of Plan Assets by Asset Class | The fair values of all of the company pension plan assets at December 31, 2024 and December 31, 2023, by asset class are as follows (amounts in thousands):
|  | Fair value of Pension Plan Assets as of December 31, 2024 |
Asset Class |  | Quoted prices in active markets for identical assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
Short term investments and cash |  | $ | 214 |  |  | $ | — |  |  | $ | — |  |  | $ | 214 |
Common stocks: |  |  |  |  |  |  |  |  |  |  |  |
International common stocks |  |  | 2,022 |  |  |  | — |  |  |  | — |  |  |  | 2,022 |
U.S. common stocks |  |  | 4,190 |  |  |  | — |  |  |  | — |  |  |  | 4,190 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government bonds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
U.S. government agency bonds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
U.S. corporate bonds |  |  | — |  |  |  | 21,430 |  |  |  | — |  |  |  | 21,430 |
Pending transactions(*) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Accrued (expenses) income(*) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 6,426 |  |  | $ | 21,430 |  |  | $ | — |  |  | $ | 27,856 |
|  | Fair value of Pension Plan Assets as of December 31, 2023 |
Asset Class |  | Quoted prices in active markets for identical assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
Short term investments and cash |  | $ | 501 |  |  | $ | — |  |  | $ | — |  |  | $ | 501 |
Common stocks: |  |  |  |  |  |  |  |  |  |  |  |
International common stocks |  |  | 2,401 |  |  |  | — |  |  |  | — |  |  |  | 2,401 |
U.S. common stocks |  |  | 4,425 |  |  |  | — |  |  |  | — |  |  |  | 4,425 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government bonds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
U.S. government agency bonds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
U.S. corporate bonds |  |  | 22,077 |  |  |  | — |  |  |  | — |  |  |  | 22,077 |
Pending transactions(*) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Accrued (expenses) income(*) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 29,404 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,404 |
(*) This class includes accrued interest, dividends, and amounts receivable from asset sales and amounts payable for asset purchases.
Plan Asset and Target Allocation | The plan asset allocation as of the measurement dates December 31, 2024 and December 31, 2023, and target asset allocations for Fiscal 2025 are as follows for Plan No. 2:
|  | Target Allocation |  | Percentage of Plan Assets at the Measurement Date (As percent) |
Asset Category |  | 2025 |  | 2024 |  |  | 2023 |
Equity securities |  | 23% |  |  | 22 |  |  |  | 23 |
Fixed income securities |  | 75% |  |  | 77 |  |  |  | 75 |
Short term investments and cash |  | 2% |  |  | 1 |  |  |  | 2 |
Total |  |  |  |  | 100.0 |  |  |  | 100.0 |
Summary of Total Cost and Employer Contributions | During Fiscal 2024, 2023, and 2022, the total cost and employer contributions were as follows (amounts in thousands):
Contributions by fiscal year |  | Defined contribution plans expense |
Fiscal 2024 |  | $ | 33,312 |
Fiscal 2023 |  | $ | 31,378 |
Fiscal 2022 |  | $ | 29,425 |
Pension plans |
Components of Net Periodic Benefit / (Income) Cost | The net periodic pension cost (income) for the company’s pension plans includes the following components for Fiscal 2024, 2023, and 2022 (amounts in thousands):
|  | Fiscal 2024 |  |  | Fiscal 2023 |  |  | Fiscal 2022 |
Service cost |  | $ | 728 |  |  | $ | 682 |  |  | $ | 1,188 |
Interest cost |  |  | 1,178 |  |  |  | 1,304 |  |  |  | 884 |
Expected return on plan assets |  |  | (1,604 | ) |  |  | (1,561 | ) |  |  | (1,874 | )
Settlement loss |  |  | 241 |  |  |  | — |  |  |  | — |
Amortization: |  |  |  |  |  |  |  |  |
Prior service cost |  |  | 57 |  |  |  | 57 |  |  |  | 57 |
Actuarial loss |  |  | 42 |  |  |  | 173 |  |  |  | 461 |
Net periodic pension cost |  |  | 642 |  |  |  | 655 |  |  |  | 716 |
Other changes in plan assets and benefit obligations recognized in OCI: |  |  |  |  |  |  |  |  |
Current year actuarial gain |  |  | (720 | ) |  |  | (815 | ) |  |  | (3,049 | )
Settlement loss |  |  | (241 | ) |  |  | — |  |  |  | — |
Amortization of prior service cost |  |  | (57 | ) |  |  | (57 | ) |  |  | (57 | )
Amortization of actuarial loss |  |  | (42 | ) |  |  | (173 | ) |  |  | (461 | )
Total recognized in OCI |  |  | (1,060 | ) |  |  | (1,045 | ) |  |  | (3,567 | )
Total recognized in net periodic benefit and OCI |  | $ | (418 | ) |  | $ | (390 | ) |  | $ | (2,851 | )
Funded Status and Amounts Recognized in Consolidated Balance Sheets | The funded status and the amounts recognized in the Consolidated Balance Sheets for the company’s pension plans are as follows (amounts in thousands):
|  | December 28, 2024 |  |  | December 30, 2023 |
Change in benefit obligation: |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 24,826 |  |  | $ | 25,169 |
Service cost |  |  | 728 |  |  |  | 682 |
Interest cost |  |  | 1,178 |  |  |  | 1,304 |
Actuarial (gain) loss |  |  | (562 | ) |  |  | 953 |
Benefits paid |  |  | (1,514 | ) |  |  | (3,282 | )
Settlements |  |  | (2,046 | ) |  |  | — |
Benefit obligation at end of year |  | $ | 22,610 |  |  | $ | 24,826 |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 29,404 |  |  | $ | 28,090 |
Actual return on plan assets |  |  | 1,763 |  |  |  | 3,328 |
Employer contribution |  |  | 249 |  |  |  | 1,268 |
Benefits paid |  |  | (1,514 | ) |  |  | (3,282 | )
Settlements |  |  | (2,046 | ) |  |  | — |
Fair value of plan assets at end of year |  | $ | 27,856 |  |  | $ | 29,404 |
Funded status, end of year: |  |  |  |  |  |
Fair value of plan assets |  | $ | 27,856 |  |  | $ | 29,404 |
Benefit obligations |  |  | (22,610 | ) |  |  | (24,826 | )
Funded status and amount recognized at end of year |  | $ | 5,246 |  |  | $ | 4,578 |
Amounts recognized in the balance sheet: |  |  |  |  |  |
Noncurrent asset |  | $ | 6,869 |  |  | $ | 6,494 |
Current liability |  |  | (224 | ) |  |  | (248 | )
Noncurrent liability |  |  | (1,399 | ) |  |  | (1,668 | )
Amount recognized at end of year |  | $ | 5,246 |  |  | $ | 4,578 |
Amounts recognized in AOCI: |  |  |  |  |  |
Net actuarial loss before taxes |  | $ | 2,412 |  |  | $ | 3,415 |
Prior service cost before taxes |  |  | 27 |  |  |  | 84 |
Amount recognized at end of year |  | $ | 2,439 |  |  | $ | 3,499 |
Accumulated benefit obligation at end of year |  | $ | 21,682 |  |  | $ | 23,764 |
Schedule of Actuarial Gain/(Loss) on Defined Benefit Obligations | The actuarial gain/(loss) on defined benefit obligations of the employer due to experience, including any assumption changes, different from assumed, and the reasons for such (gain)/loss, can be found in the table below for Fiscal 2024, 2023 and 2022 (amounts in thousands).
|  | Amount of (Gain)/Loss on Defined Benefit Obligation |  |  | Reasons for (Gain)/Loss
Fiscal 2024 |  | $ | (562 | ) |  | Gain from increase in general level of interest rates used to measure defined benefit plan obligations (approximately 50 basis points).
Fiscal 2023 |  | $ | 953 |  |  | Loss from decrease in general level of interest rates used to measure defined benefit plan obligations (approximately 33 basis points).
Fiscal 2022 |  | $ | (9,253 | ) |  | Gain from increase in general level of interest rates used to measure defined benefit plan obligations (approximately 260 basis points).
Weighted Average Assumptions Used | Assumptions used in accounting for the company’s pension plans at each of the respective fiscal years ending are as follows:
|  | Fiscal 2024 |  |  | Fiscal 2023 |  |  | Fiscal 2022 |
Weighted average assumptions used to determine benefit obligations: |  |  |  |  |  |  |  |  |
Measurement date |  | 12/31/2024 |  |  | 12/31/2023 |  |  | 12/31/2022 |
Discount rate |  |  | 5.81 | % |  |  | 5.32 | % |  |  | 5.65 | %
Rate of compensation increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Weighted average assumptions used to determine net periodic benefit cost/(income): |  |  |  |  |  |  |  |  |
Measurement date |  | 1/1/2024 |  |  | 1/1/2023 |  |  | 1/1/2022 |
Discount rate |  |  | 5.32 | % |  |  | 5.65 | % |  |  | 3.06 | %
Expected return on plan assets |  |  | 5.90 | % |  |  | 5.90 | % |  |  | 5.90 | %
Rate of compensation increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Company Contributions | Company contributions to qualified and nonqualified plans are as follows (amounts in thousands):
Year |  | Required |  |  | Discretionary |  |  | Total |
2024 |  | $ | 249 |  |  | $ | — |  |  | $ | 249 |
2023 |  | $ | 268 |  |  | $ | 1,000 |  |  | $ | 1,268 |
2022 |  | $ | 271 |  |  | $ | 1,000 |  |  | $ | 1,271 |
Benefits Expected to be Paid from Plans Assets | The following are benefits paid under the plans (including settlements) during Fiscal 2024, 2023, and 2022 and expected to be paid from Fiscal 2025 through Fiscal 2034. Estimated future payments include qualified pension benefits that will be paid from the plans’ assets and nonqualified pension benefits that will be paid from corporate assets (amounts in thousands):
Year |  | Pension Benefits |  |
2022 |  | $ | 2,440 |  | *
2023 |  | $ | 3,282 |  | ^
2024 |  | $ | 3,560 |  | +
Estimated Future Payments: |  |  |  |
2025 |  | $ | 3,911 |  |
2026 |  | $ | 1,985 |  |
2027 |  | $ | 1,986 |  |
2028 |  | $ | 1,792 |  |
2029 |  | $ | 1,718 |  |
2030-2034 |  | $ | 7,586 |  |
* Includes $0.9 million from Plan No. 2 paid as lump sums. ^ Includes $1.7 million from Plan No. 2 paid as lump sums. + Includes $2.0 million from Plan No. 2 paid as lump sums.

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