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Retirement Plans (Tables)

12 Months Ended

Jan. 02, 2021

Retirement Benefits [Abstract]

Changes in Company's Assets and Related Obligations for its Pension Plans

The following summarizes the status of and changes in the Company’s assets and related obligations for its pension plans (which include the Company’s defined benefit pension plans and the SERP) for the fiscal years 2020 and 2019:

			Fiscal Year
(In millions)			2020						2019
Change in projected benefit obligations:
Projected benefit obligations at beginning of the year			$	401.0					$	348.8
Service cost pertaining to benefits earned during the year			6.4						5.5
Interest cost on projected benefit obligations			14.2						15.2
Actuarial losses			48.1						45.4
Benefits paid to plan participants			(13.9)						(13.9)
Projected benefit obligations at end of the year			$	455.8					$	401.0
Change in fair value of pension assets:
Fair value of pension assets at beginning of the year			$	287.6					$	254.4
Actual return on plan assets			28.8						44.7
Company contributions - SERP			2.5						2.4
Benefits paid to plan participants			(13.9)						(13.9)
Fair value of pension assets at end of the year			$	305.0					$	287.6
Funded status			$	(150.8)					$	(113.4)
Amounts recognized in the consolidated balance sheets:
Current liabilities			$	(3.8)					$	(3.7)
Noncurrent liabilities			(147.0)						(109.7)
Net amount recognized			$	(150.8)					$	(113.4)
Funded status of pension plans and SERP (supplemental):
Funded status of qualified defined benefit plans and SERP			$	(150.8)					$	(113.4)
Nonqualified trust assets (cash surrender value of life insurance) recorded in other assets and intended to satisfy the projected benefit obligation of unfunded SERP obligations			36.6						59.6
Net funded status of pension plans and SERP (supplemental)			$	(114.2)					$	(53.8)

Summary of Net Pension and Serp Expense Recognized

The following is a summary of net pension and SERP expense recognized by the Company:

			Fiscal Year
(In millions)			2020						2019						2018
Service cost pertaining to benefits earned during the year			$	6.4					$	5.5					$	6.3
Interest cost on projected benefit obligations			14.2						15.2						16.5
Expected return on pension assets			(18.7)						(17.7)						(21.5)
Net amortization loss			6.6						2.6						3.3
Settlement loss			—						—						7.2
Net pension expense			$	8.5					$	5.6					$	11.8
Less: SERP expense			5.2						5.4						5.5
Qualified defined benefit pension plans expense			$	3.3					$	0.2					$	6.3

Weighted-Average Assumptions used to Determine Benefit Obligations and Net Periodic Benefit Cost

The weighted-average actuarial assumptions used to determine the benefit obligation amounts and the net periodic benefit cost for the Company’s pension and post-retirement plans are as follows:

			Fiscal Year
			2020						2019
Weighted-average assumptions used to determine benefit obligations at fiscal year-end:
Discount rate			2.85%						3.60%
Rate of compensation increase - pension			4.18%						4.23%
Rate of compensation increase - SERP			7.00%						7.00%
Weighted average assumptions used to determine net periodic benefit cost for the years ended:
Discount rate			3.60%						4.46%
Expected long-term rate of return on plan assets			6.75%						6.75%
Rate of compensation increase - pension			4.23%						3.82%
Rate of compensation increase - SERP			7.00%						7.00%

Pension Plan Assets

The Company’s asset

allocations by asset category and fair value measurement are as follows:

			January 2, 2021												December 28, 2019
(In millions)			Total						% of Total						Total						% of Total
Equity securities			$	173.3		1			56.8		%				$	162.2		1			56.4		%
Fixed income securities			112.7			1			37.0		%				106.2			1			36.9		%
Real estate investments			16.7			1			5.5		%				16.9			1			5.9		%
Other			2.3			2			0.7		%				2.3			2			0.8		%
Fair value of plan assets			$	305.0					100.0		%				$	287.6					100.0		%

1In accordance with ASC 820, Fair Value Measurement (“ASC 820”), certain investments are measured at fair value using the net asset value per share as a practical expedient. These assets have not been classified in the fair value hierarchy.

2In accordance with ASC 820, investments have been measured using valuation techniques in which one or more significant inputs are unobservable (Level 3). See Note 16 for additional information.

Expected Benefit Payments

Expected benefit payments for the fiscal years subsequent to January 2, 2021 are as follows:

(In millions)			2021						2022						2023						2024						2025						2026-2030
Expected benefit payments			$	16.4					$	17.1					$	17.8					$	18.6					$	19.3					$	105.7

X

- Definition

Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1
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Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

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-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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