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Retirement Plans (Tables) | 12 Months Ended
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Dec. 28, 2024
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 2024 and 2023:
| Fiscal Year
(In millions) | 2024 |  | 2023
Change in projected benefit obligations: |  |  |
Projected benefit obligations at beginning of the year | $ | 345.2 |  |  | $ | 328.2 |
Service cost pertaining to benefits earned during the year | 2.8 |  |  | 3.1 |
Interest cost on projected benefit obligations | 17.8 |  |  | 17.8 |
Actuarial loss (gain) | (22.3) |  |  | 15.7 |
Benefits paid to plan participants | (31.0) |  |  | (17.5) |
Curtailment | — |  |  | (2.1) |
Settlement | (9.1) |  |  | — |
Projected benefit obligations at end of the year | $ | 303.4 |  |  | $ | 345.2 |
Change in fair value of pension assets: |  |  |
Fair value of pension assets at beginning of the year | $ | 262.7 |  |  | $ | 251.4 |
Actual return on plan assets | 1.2 |  |  | 24.7 |
Company contributions - SERP | 4.1 |  |  | 3.9 |
Benefits paid to plan participants | (31.0) |  |  | (17.3) |
Settlement | (9.1) |  |  | — |
Fair value of pension assets at end of the year | $ | 227.9 |  |  | $ | 262.7 |
Funded status | $ | (75.5) |  |  | $ | (82.5) |
Amounts recognized in the consolidated balance sheets: |  |  |
Current liabilities | $ | (4.1) |  |  | $ | (4.1) |
Accrued pension liabilities | (71.4) |  |  | (78.4) |
Funded status of qualified defined benefit plans and SERP | $ | (75.5) |  |  | $ | (82.5) |
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) | 2024 |  | 2023 |  | 2022
Service cost pertaining to benefits earned during the year | $ | 2.8 |  |  | $ | 3.1 |  |  | $ | 5.3 |
Interest cost on projected benefit obligations | 17.8 |  |  | 17.8 |  |  | 13.2 |
Expected return on pension assets | (19.6) |  |  | (18.5) |  |  | (20.5) |
Net amortization loss (gain) | (1.7) |  |  | (0.7) |  |  | 11.3 |
Curtailment | — |  |  | (1.0) |  |  | — |
Settlement | 0.9 |  | — |  |  | — |
Net pension expense | $ | 0.2 |  |  | $ | 0.7 |  |  | $ | 9.3 |
Less: SERP expense | 4.1 |  |  | 3.9 |  |  | 3.8 |
Qualified defined benefit pension plans expense (income) | $ | (3.9) |  |  | $ | (3.2) |  |  | $ | 5.5 |
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
| 2024 |  | 2023
Weighted-average assumptions used to determine benefit obligations at fiscal year-end: |  |  |
Discount rate | 5.75% |  | 5.30%
Rate of compensation increase - pension | 4.31% |  | 4.09%
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 | 5.30% |  | 5.56%
Expected long-term rate of return on plan assets | 6.96% |  | 6.88%
Rate of compensation increase - pension | 4.09% |  | 4.13%
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:
| December 28, 2024 |  | December 30, 2023
(In millions) | Total |  | % of Total |  | Total |  | % of Total
Equity securities | $ | 104.8 |  | 1 | 46.0 | % |  | $ | 122.7 |  | 1 | 46.7 | %
Fixed income securities | 79.6 |  | 1 | 34.9 | % |  | 85.8 |  | 1 | 32.7 | %
Cash | 41.9 |  |  | 18.4 | % |  | 52.4 |  |  | 19.9 | %
Other | 1.6 |  | 2 | 0.7 | % |  | 1.8 |  | 2 | 0.7 | %
Fair value of plan assets | $ | 227.9 |  |  | 100.0 | % |  | $ | 262.7 |  |  | 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 December 28, 2024 are as follows:
(In millions) | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030-2034
Expected benefit payments | $ | 19.7 |  |  | $ | 20.2 |  |  | $ | 20.6 |  |  | $ | 20.9 |  |  | $ | 21.1 |  |  | $ | 108.6 |

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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 -Name Accounting Standards Codification -Section 50 -Subparagraph (a)(b)(c) -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + 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 -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + 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 -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + 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 -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + 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 -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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