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Defined Benefit Pension Plans (Tables)

12 Months Ended

Dec. 31, 2022

Text Block [Abstract]

Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss

The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) of the Company’s noncontributory defined benefit pension plans were as follows:

			Years Ended
			December 31, 2022						January 1, 2022						January 2, 2021
Service cost			$	1,345					$	1,488					$	1,406
Interest cost			27,669						23,812						33,552
Expected return on assets			(49,189)						(45,923)						(42,278)
Settlement cost			(6)						861						121
Amortization of:
Prior service cost			(6)						(6)						(6)
Net actuarial loss			20,972						24,440						22,277
Net periodic benefit cost			$	785					$	4,672					$	15,072
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)
Net (gain) loss			$	(130,000)					$	(96,334)					$	38,484
Prior service credit			6						6						6
Total (gain) loss recognized in other comprehensive income (loss)			(129,994)						(96,328)						38,490
Total recognized in net periodic benefit cost and other comprehensive income (loss)			$	(129,209)					$	(91,656)					$	53,562

Funded Status of Company's Defined Benefit Pension Plans

The funded status of the Company’s defined benefit pension plans at the respective year ends was as follows:

			December 31, 2022						January 1, 2022
Benefit obligation:
Beginning of year			$	1,216,161					$	1,299,943
Service cost			1,345						1,488
Interest cost			27,669						23,812
Benefits paid			(64,786)						(62,525)
Settlements			(125)						(2,072)
Impact of exchange rate change			(2,603)						(1,128)
Actuarial gain			(251,426)						(43,325)
Other			(36)						(32)
End of year			926,199						1,216,161
Fair value of plan assets:
Beginning of year			973,598						920,316
Actual return on plan assets			(93,497)						73,567
Employer contributions			2,831						44,658
Benefits paid			(64,786)						(62,525)
Settlements			(125)						(2,072)
Impact of exchange rate change			(1,741)						(314)
Other			(36)						(32)
End of year			816,244						973,598
Funded status			$	(109,955)					$	(242,563)

Accumulated Benefit Obligation and Fair Value of Plan Assets with Accumulated Benefit Obligations in Excess of Plan Assets

As most of the Company’s pension plans are frozen, the accumulated benefit obligation (“ABO”) approximates the benefit obligation. The total benefit obligation and the benefit obligation and fair value of plan assets for the Company’s pension plans with benefit obligations in excess of plan assets are as follows:

			December 31, 2022						January 1, 2022
Benefit obligation			$	926,199					$	1,216,161
Plans with benefit obligation in excess of plan assets:
Benefit obligation			905,749						1,188,558
Fair value of plan assets			790,641						942,733

Amounts Recognized in Company's Consolidated Balance Sheets

Amounts recognized in the Company’s Consolidated Balance Sheets consist of:

			December 31, 2022						January 1, 2022
Other noncurrent assets			$	5,153					$	3,262
Accrued liabilities and other: Payroll and employee benefits			(2,388)						(2,225)
Pension and postretirement benefits			(112,720)						(243,600)
Accumulated other comprehensive loss			(440,529)						(570,523)

Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss consist of:

			December 31, 2022						January 1, 2022
Prior service cost			$	(133)					$	(139)
Actuarial loss			440,662						570,662
Accumulated other comprehensive loss			$	440,529					$	570,523

Weighted Average Actuarial Assumptions Used in Measuring Net Periodic Benefit Cost and Plan Obligation

The weighted average actuarial assumptions used in measuring the net periodic benefit cost and plan obligations for the periods presented were as follows:

			December 31, 2022						January 1, 2022						January 2, 2021
Net periodic benefit cost:
Discount rate			2.88		%				2.55		%				3.25		%
Long-term rate of return on plan assets			5.24						4.95						4.97
Rate of compensation increase(1)			3.09						3.10						3.07
Interest crediting rate			5.50						5.50						5.50
Plan obligations:
Discount rate			5.15		%				2.88		%				2.55		%
Rate of compensation increase(1)			3.08						3.09						3.10
Interest crediting rate			5.50						5.50						5.50

(1)For December 31, 2022, January 1, 2022 and January 2, 2021, the compensation assumption only applies to certain international plans as the benefits of the U.S. pension plans are now all frozen.

Allocation of Pension Plan Assets

The allocation of pension plan assets as of the respective period end measurement dates is as follows:

			December 31, 2022						January 1, 2022
Asset category:
Hedge fund of funds			39		%				37		%
Foreign equity securities			21						22
U.S. equity securities			19						21
Debt securities			10						11
Real estate			8						6
Commodities			2						3
Cash and other			1						0

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Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets.

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