XML 111 R45.htm IDEA: XBRL DOCUMENT v3.24.0.1

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 30, 2023

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)			December 30, 2023						December 31, 2022
Change in projected benefit obligation:
Projected benefit obligation at beginning of year			$	53,847					$	70,875
Interest cost			2,617						1,909
Actuarial loss (gain)			1,376						(16,021)
Benefits paid			(3,055)						(2,916)
Projected benefit obligation at end of year			$	54,785					$	53,847
Change in plan assets:
Fair value of plan assets at beginning of year			$	55,245					$	68,689
Actual return on plan assets			3,769						(10,528)
Benefits paid			(3,055)						(2,916)
Fair value of plan assets at end of year			$	55,959					$	55,245
Funded status			$	1,174					$	1,398

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)			December 30, 2023						December 31, 2022						January 1, 2022
Recognized in the statement of operations:
Interest cost			$	2,617					$	1,909					$	1,818
Expected return on plan assets			(2,372)						(3,432)						(3,577)
Amortization of net loss(*)			189						217						428
Net periodic pension cost (benefit)			$	434					$	(1,306)					$	(1,331)
Changes recognized in other comprehensive income:
Net gain arising during the fiscal year			$	(21)					$	(2,062)					$	(4,765)
Amortization of net loss(*)			(189)						(217)						(428)
Total changes recognized in other comprehensive income			$	(210)					$	(2,279)					$	(5,193)
Total net periodic pension cost (benefit) and changes recognized in other comprehensive income			$	224					$	(3,585)					$	(6,524)

(*)Represents pre-tax amounts reclassified from accumulated other comprehensive loss. For fiscal 2024, 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)																		December 30, 2023						December 31, 2022						January 1, 2022
Recognized in the statement of operations:
Service cost																		$	6					$	14					$	15
Interest cost																		78						63						57
Amortization of net gain(*)																		(428)						(320)						(295)
Net periodic post-retirement benefit (income) cost																		$	(344)					$	(243)					$	(223)
Changes recognized in other comprehensive income:
Net loss (gain) arising during the fiscal year																		$	3					$	(763)					$	(140)
Amortization of net gain(*)																		428						320						295
Total changes recognized in other comprehensive income																		$	431					$	(443)					$	155
Total net periodic post-retirement benefit (income) cost and changes recognized in other comprehensive income																		$	87					$	(686)					$	(68)

(*)Represents pre-tax amounts reclassified from accumulated other comprehensive loss. For fiscal 2024, approximately $0.4 million is expected to be reclassified from accumulated other comprehensive loss to a component of net periodic post-retirement benefit (income) 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			2023						2022
Discount rate			4.75%						5.00%
Net periodic pension cost			2023						2022						2021
Discount rate			5.00%						2.75%						2.50%
Expected long-term rate of return on plan assets			5.00%						5.50%						6.00%

The actuarial computations utilized the following assumptions, using year-end measurement dates:

Post-retirement benefit obligation			2023						2022
Discount rate			4.75%						4.75%
Net periodic post-retirement benefit cost			2023						2022						2021
Discount rate			4.75%						2.50%						2.00%

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 plan as follows for the next ten fiscal years:

(dollars in thousands)
2024			$	3,210
2025			$	3,220
2026			$	3,340
2027			$	3,610
2028			$	3,710
2029-2033			$	20,030

Fair value of the Company's pension plan assets by category

The fair value of the Company’s pension plan assets at December 30, 2023 and December 31, 2022, by asset category, were as follows:

(dollars in thousands)						December 30, 2023																					December 31, 2022
Asset category						Total						Level 1						Level 2									Total						Level 1						Level 2
Cash and cash equivalents						$	—					$	—					$	—								$	2,204					$	2,204					$	—
Fixed income securities:
Corporate bonds(*)						55,959						55,959						—									53,041						52,805						236
						$	55,959					$	55,959					$	—								$	55,245					$	55,009					$	236

(*)This category invests in both U.S. Treasuries and corporate debt from U.S. issuers from diverse industries.

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)			December 30, 2023						December 31, 2022
APBO at beginning of fiscal year			$	1,745					$	2,662
Service cost			6						14
Interest cost			78						63
Actuarial loss (gain)			3						(763)
Plan participants’ contribution			—						15
Benefits paid			(195)						(246)
APBO at end of fiscal year			$	1,637					$	1,745

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (a)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfChangesInAccumulatedPostemploymentBenefitObligationsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (a)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration