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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

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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