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Retirement Plans (Tables) | 12 Months Ended
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Jan. 01, 2022
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 2021 and 2020:
| Fiscal Year
(In millions) | 2021 |  | 2020
Change in projected benefit obligations: |  |  |
Projected benefit obligations at beginning of the year | $ | 455.8 |  |  | $ | 401.0 |
Service cost pertaining to benefits earned during the year | 6.9 |  |  | 6.4 |
Interest cost on projected benefit obligations | 12.8 |  |  | 14.2 |
Actuarial loss (gain) | (26.6) |  |  | 48.1 |
Benefits paid to plan participants | (14.6) |  |  | (13.9) |
Projected benefit obligations at end of the year | $ | 434.3 |  |  | $ | 455.8 |
Change in fair value of pension assets: |  |  |
Fair value of pension assets at beginning of the year | $ | 305.0 |  |  | $ | 287.6 |
Actual return on plan assets | 30.1 |  |  | 28.8 |
Company contributions - SERP | 2.5 |  |  | 2.5 |
Benefits paid to plan participants | (14.6) |  |  | (13.9) |
Fair value of pension assets at end of the year | $ | 323.0 |  |  | $ | 305.0 |
Funded status | $ | (111.3) |  |  | $ | (150.8) |
Amounts recognized in the consolidated balance sheets: |  |  |
Current liabilities | $ | (3.9) |  |  | $ | (3.8) |
Accrued pension liabilities | (107.4) |  |  | (147.0) |
Net amount recognized | $ | (111.3) |  |  | $ | (150.8) |
Funded status of pension plans and SERP (supplemental): |  |  |
Funded status of qualified defined benefit plans and SERP | $ | (111.3) |  |  | $ | (150.8) |
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 | 38.0 |  |  | 36.6 |
Net funded status of pension plans and SERP (supplemental) | $ | (73.3) |  |  | $ | (114.2) |
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) | 2021 |  | 2020 |  | 2019
Service cost pertaining to benefits earned during the year | $ | 6.9 |  |  | $ | 6.4 |  |  | $ | 5.5 |
Interest cost on projected benefit obligations | 12.8 |  |  | 14.2 |  |  | 15.2 |
Expected return on pension assets | (19.5) |  |  | (18.7) |  |  | (17.7) |
Net amortization loss | 13.8 |  |  | 6.6 |  |  | 2.6 |
Net pension expense | $ | 14.0 |  |  | $ | 8.5 |  |  | $ | 5.6 |
Less: SERP expense | 5.7 |  |  | 5.2 |  |  | 5.4 |
Qualified defined benefit pension plans expense | $ | 8.3 |  |  | $ | 3.3 |  |  | $ | 0.2 |
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
| 2021 |  | 2020
Weighted-average assumptions used to determine benefit obligations at fiscal year-end: |  |  |
Discount rate | 3.09% |  | 2.85%
Rate of compensation increase - pension | 4.18% |  | 4.18%
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 | 2.85% |  | 3.60%
Expected long-term rate of return on plan assets | 6.75% |  | 6.75%
Rate of compensation increase - pension | 4.18% |  | 4.23%
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 1, 2022 |  | January 2, 2021
(In millions) | Total |  | % of Total |  | Total |  | % of Total
Equity securities | $ | 181.3 |  | 1 | 56.1 | % |  | $ | 173.3 |  | 1 | 56.8 | %
Fixed income securities | 118.9 |  | 1 | 36.8 | % |  | 112.7 |  | 1 | 37.0 | %
Real estate investments | 19.9 |  | 1 | 6.2 | % |  | 16.7 |  | 1 | 5.5 | %
Other | 2.9 |  | 2 | 0.9 | % |  | 2.3 |  | 2 | 0.7 | %
Fair value of plan assets | $ | 323.0 |  |  | 100.0 | % |  | $ | 305.0 |  |  | 100.0 | %
1 In 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. 2 In accordance with ASC 820, investments have been measured using valuation techniques in which one or more significant inputs are unobservable (Level 3). See Note 1 for additional information.
Expected Benefit Payments | Expected benefit payments for the fiscal years subsequent to January 1, 2022 are as follows:
(In millions) | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027-2031
Expected benefit payments | $ | 17.4 |  |  | $ | 18.0 |  |  | $ | 18.8 |  |  | $ | 19.5 |  |  | $ | 20.0 |  |  | $ | 106.7 |

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(b)(c) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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