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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 28, 2024

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:

			Fiscal year ended
(dollars in thousands)			December 28, 2024						December 30, 2023
Change in projected benefit obligation:
Projected benefit obligation at beginning of year			$	54,785					$	53,847
Interest cost			2,401						2,617
Actuarial (gain) loss			(4,202)						1,376
Benefits paid			(3,021)						(3,055)
Effect of settlement			(6,886)						—
Projected benefit obligation at end of year			$	43,077					$	54,785
Change in plan assets:
Fair value of plan assets at beginning of year			$	55,959					$	55,245
Actual return on plan assets			(503)						3,769
Benefits paid			(3,021)						(3,055)
Effect of settlement			(6,886)						—
Fair value of plan assets at end of year			$	45,549					$	55,959
Funded status			$	2,472					$	1,174

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:

			Fiscal year ended
(dollars in thousands)			December 28, 2024						December 30, 2023						December 31, 2022
Recognized in the statement of operations:
Interest cost			$	2,401					$	2,617					$	1,909
Expected return on plan assets			(2,176)						(2,372)						(3,432)
Amortization of net loss(*)			148						189						217
Partial pension plan settlement charge(*)			949						—						—
Net periodic pension cost (benefit)			$	1,322					$	434					$	(1,306)
Changes recognized in other comprehensive income:
Net gain arising during the fiscal year			$	(1,523)					$	(21)					$	(2,062)
Amortization of net loss(*)			(148)						(189)						(217)
Partial pension plan settlement charge(*)			(949)						—						—
Total changes recognized in other comprehensive income			$	(2,620)					$	(210)					$	(2,279)
Total net periodic pension cost (benefit) and changes recognized in other comprehensive income			$	(1,298)					$	224					$	(3,585)

(*)Represents pre-tax amounts reclassified from accumulated other comprehensive loss.

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:

												Fiscal year ended
(dollars in thousands)																		December 28, 2024						December 30, 2023						December 31, 2022
Recognized in the statement of operations:
Service cost																		$	7					$	6					$	14
Interest cost																		73						78						63
Amortization of net gain(*)																		(405)						(428)						(320)
Net periodic post-retirement benefit (income) cost																		$	(325)					$	(344)					$	(243)
Changes recognized in other comprehensive income:
Net (gain) loss arising during the fiscal year																		$	(51)					$	3					$	(763)
Amortization of net gain(*)																		405						428						320
Total changes recognized in other comprehensive income																		$	354					$	431					$	(443)
Total net periodic post-retirement benefit cost (income) and changes recognized in other comprehensive income																		$	29					$	87					$	(686)

(*)Represents pre-tax amounts reclassified from accumulated other comprehensive loss.

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			2024						2023
Discount rate			5.50%						4.75%
Net periodic pension cost			2024						2023						2022
Discount rate			4.75%						5.00%						2.75%
Expected long-term rate of return on plan assets			4.75%						5.00%						5.50%

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

Post-retirement benefit obligation			2024						2023
Discount rate			5.25%						4.75%
Net periodic post-retirement benefit cost			2024						2023						2022
Discount rate			4.75%						4.75%						2.50%

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)
2025			$	3,300
2026			$	3,300
2027			$	3,460
2028			$	3,420
2029			$	3,420
2030-2034			$	17,120

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

The fair value of the Company’s pension plan assets at December 28, 2024 and December 30, 2023, by asset category, were as follows:

(dollars in thousands)						December 28, 2024																					December 30, 2023
Asset category						Total						Level 1						Level 2									Total						Level 1						Level 2
Fixed income securities:
Corporate bonds(*)						$	45,549					$	45,549					$	—								$	55,959					$	55,959					$	—

(*)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:

			Fiscal year ended
(dollars in thousands)			December 28, 2024						December 30, 2023
APBO at beginning of fiscal year			$	1,637					$	1,745
Service cost			7						6
Interest cost			73						78
Actuarial (gain) loss			(51)						3
Benefits paid			(172)						(195)
APBO at end of fiscal year			$	1,494					$	1,637

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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.

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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.

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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.

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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.

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