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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Jan. 01, 2022
Retirement Benefits [Abstract] |
Reconciliation of changes in the projected pension benefit obligation and plan assets | A reconciliation of changes in the projected pension benefit obligation and plan assets is as follows:
| For the fiscal year ended
(dollars in thousands) | January 1, 2022 |  | January 2, 2021
Change in projected benefit obligation: |  |  |
Projected benefit obligation at beginning of year | $ | 74,128 |  |  | $ | 68,331 |
Interest cost | 1,818 |  |  | 2,171 |
Actuarial (gain) loss | (2,405) |  |  | 6,666 |
Benefits paid | (2,666) |  |  | (3,040) |
Projected benefit obligation at end of year | $ | 70,875 |  |  | $ | 74,128 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | 65,417 |  |  | $ | 61,961 |
Actual return on plan assets | 5,938 |  |  | 6,496 |
Benefits paid | (2,666) |  |  | (3,040) |
Fair value of plan assets at end of year | $ | 68,689 |  |  | $ | 65,417 |
Unfunded status | $ | 2,186 |  |  | $ | 8,711 |
Components of post retirement benefit expense and pension expense | The components of net periodic pension cost recognized in the statement of operations and changes recognized in other comprehensive income were as follows:
| For the fiscal year ended
(dollars in thousands) | January 1, 2022 |  | January 2, 2021 |  | December 28, 2019
Recognized in the statement of operations: |  |  |  |  |
Interest cost | $ | 1,818 |  |  | $ | 2,171 |  |  | $ | 2,432 |
Expected return on plan assets | (3,577) |  |  | (3,217) |  |  | (2,613) |
Amortization of net loss(*) | 428 |  |  | 510 |  |  | 795 |
Net periodic pension (benefit) cost | $ | (1,331) |  |  | $ | (536) |  |  | $ | 614 |
Changes recognized in other comprehensive income:
Net (gain) loss arising during the fiscal year | $ | (4,765) |  |  | $ | 3,387 |  |  | $ | (182) |
Amortization of net loss(*) | (428) |  |  | (510) |  |  | (795) |
Total changes recognized in other comprehensive income | $ | (5,193) |  |  | $ | 2,877 |  |  | $ | (977) |
Total net periodic cost and changes recognized in other comprehensive income | $ | (6,524) |  |  | $ | 2,341 |  |  | $ | (363) |
(*)Represents pre-tax amounts reclassified from accumulated other comprehensive loss. For fiscal 2022, approximately $0.2 million is expected to be reclassified from accumulated other comprehensive loss to a component of net periodic pension cost. The components of net periodic post-retirement benefit cost recognized in the statement of operations and changes recognized in other comprehensive income were as follows:
|  |  |  | For the fiscal year ended
(dollars in thousands) |  |  |  |  |  | January 1, 2022 |  | January 2, 2021 |  | December 28, 2019
Recognized in the statement of operations: |  |  |  |  |  |  |  |  |  |
Service cost |  |  |  |  |  | $ | 15 |  |  | $ | 25 |  |  | $ | 21 |
Interest cost |  |  |  |  |  | 57 |  |  | 94 |  |  | 123 |
Amortization of net gain(*) |  |  |  |  |  | (295) |  |  | (345) |  |  | (396) |
Net periodic post-retirement benefit (income) cost |  |  |  |  |  | $ | (223) |  |  | $ | (226) |  |  | $ | (252) |
Changes recognized in other comprehensive income:
Net (gain) loss arising during the fiscal year |  |  |  |  |  | $ | (140) |  |  | $ | (162) |  |  | $ | 238 |
Amortization of net gain(*) |  |  |  |  |  | 295 |  |  | 345 |  |  | 396 |
Total changes recognized in other comprehensive income |  |  |  |  |  | $ | 155 |  |  | $ | 183 |  |  | $ | 634 |
Total net periodic post-retirement benefit (income) cost and changes recognized in other comprehensive income |  |  |  |  |  | $ | (68) |  |  | $ | (43) |  |  | $ | 382 |
(*)Represents pre-tax amounts reclassified from accumulated other comprehensive loss. For fiscal 2022, approximately $0.3 million is expected to be reclassified from accumulated other comprehensive loss to a component of net periodic post-retirement benefit cost.
Schedule of assumptions used in actuarial computations | The actuarial assumptions used in determining the benefit obligation and net periodic pension cost for our pension plan is presented in the following table:
Benefit obligation | 2021 |  | 2020 |  |
Discount rate | 2.75% |  | 2.50% |  |
Net periodic pension cost | 2021 |  | 2020 |  | 2019
Discount rate | 2.50% |  | 3.25% |  | 4.00%
Expected long-term rate of return on plan assets | 6.00% |  | 6.00% |  | 5.50%
The actuarial computations utilized the following assumptions, using year-end measurement dates:
Post-retirement benefit obligation | 2021 |  | 2020 |  |
Discount rate | 2.50% |  | 2.00% |  |
Net periodic post-retirement benefit cost | 2021 |  | 2020 |  | 2019
Discount rate | 2.00% |  | 3.00% |  | 4.00%
Expected benefit payments for defined benefit pension plans for the next ten fiscal years | The Company currently expects benefit payments for its defined benefit pension plans as follows for the next ten fiscal years:
(dollars in thousands) |
2022 | $ | 2,900 |
2023 | $ | 2,980 |
2024 | $ | 3,170 |
2025 | $ | 3,350 |
2026 | $ | 3,610 |
2027-2031 | $ | 19,050 |
Fair value of the Company's pension plan assets by category | The fair value of the Company’s pension plan assets at January 1, 2022 and January 2, 2021, by asset category, were as follows:
(dollars in thousands) |  | January 1, 2022 |  |  | January 2, 2021
Asset category |  | Total |  | Level 1 |  | Level 2 |  |  | Total |  | Level 1 |  | Level 2
Cash and cash equivalents |  | $ | 1,370 |  |  | $ | 1,370 |  |  | $ | — |  |  |  | $ | 644 |  |  | $ | 644 |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Large-Cap blend(1) |  | 7,508 |  |  | 7,508 |  |  | — |  |  |  | 9,006 |  |  | 9,006 |  |  | — |
U.S. Large-Cap growth |  | 3,390 |  |  | 3,390 |  |  | — |  |  |  | 4,105 |  |  | 4,105 |  |  | — |
U.S. Mid-Cap growth |  | 3,426 |  |  | 3,426 |  |  | — |  |  |  | 3,913 |  |  | 3,913 |  |  | — |
U.S. Small-Cap blend |  | 2,054 |  |  | 2,054 |  |  | — |  |  |  | 2,608 |  |  | 2,608 |  |  | — |
International blend |  | 8,200 |  |  | 8,200 |  |  | — |  |  |  | 9,882 |  |  | 9,882 |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds(2) |  | 39,970 |  |  | 39,746 |  |  | 224 |  |  |  | 31,995 |  |  | 31,751 |  |  | 244 |
Real estate(3) |  | 2,771 |  |  | 2,771 |  |  | — |  |  |  | 3,264 |  |  | 3,264 |  |  | — |
|  | $ | 68,689 |  |  | $ | 68,465 |  |  | $ | 224 |  |  |  | $ | 65,417 |  |  | $ | 65,173 |  |  | $ | 244 |
(1)This category comprises low-cost equity index funds not actively managed that track the Standard & Poor’s 500 Index. (2)This category invests in both U.S. Treasuries and mid-term corporate debt from U.S. issuers from diverse industries. (3)This category represents an investment in a mutual fund that invests primarily in real estate securities, including common stocks, preferred stock and other equity securities issued by real estate companies.
Reconciliation of accumulated post retirement benefit obligation | The following is a reconciliation of the accumulated post-retirement benefit obligation (“APBO”) under this plan:
| For the fiscal years ended
(dollars in thousands) | January 1, 2022 |  | January 2, 2021
APBO at beginning of fiscal year | $ | 2,998 |  |  | $ | 3,311 |
Service cost | 15 |  |  | 25 |
Interest cost | 57 |  |  | 94 |
Actuarial (gain) loss | (140) |  |  | (162) |
Plan participants’ contribution | 20 |  |  | 9 |
Benefits paid | (288) |  |  | (279) |
APBO at end of fiscal year | $ | 2,662 |  |  | $ | 2,998 |

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