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Employee Benefits (Tables) | 12 Months Ended
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Jan. 01, 2022
Retirement Benefits [Abstract] |
Schedule of Changes in Projected Benefit Obligations and Change in Plan Assets | The following tables set forth the change in projected benefit obligation and the change in plan assets for the pension plan:
| January 1, 2022 |  | January 2, 2021
| (In thousands)
Change in projected benefit obligation: |  |  |
Projected benefit obligation at beginning of period | $ | 113,827 |  |  | $ | 107,026 |
Interest cost | 2,019 |  |  | 2,892 |
Actuarial (gain) loss | (4,106) |  |  | 9,813 |
Benefits paid | (5,866) |  |  | (5,904) |
Projected benefit obligation at end of period | $ | 105,874 |  |  | $ | 113,827 |
Change in plan assets: |  |  |
Fair value of assets at beginning of period | $ | 91,143 |  |  | $ | 83,606 |
Actual return on plan assets | 7,892 |  |  | 11,948 |
Employer contributions | 1,100 |  |  | 1,493 |
Benefits paid | (5,866) |  |  | (5,904) |
Fair value of assets at end of period | 94,269 |  |  | 91,143 |
Net unfunded status of plan | $ | (11,605) |  |  | $ | (22,684) |
Schedule of Amounts Recognized on Consolidated Balance Sheets | The unfunded status recorded as Pension Benefit Obligation on our Consolidated Balance Sheets for the pension plan is set forth in the following table, along with the unrecognized actuarial loss, which is presented as part of Accumulated Other Comprehensive Loss:
| January 1, 2022 |  | January 2, 2021
| (In thousands)
Unfunded status | $ | (11,605) |  |  | $ | (22,684) |
Unrecognized actuarial loss | 24,200 |  |  | 32,921 |
Net amount recognized | $ | 12,595 |  |  | $ | 10,237 |
Amounts recognized on the balance sheet consist of: |  |  |
Accrued pension liability | $ | (11,605) |  |  | $ | (22,684) |
Accumulated other comprehensive loss (pre-tax) | 24,200 |  |  | 32,921 |
Net amount recognized | $ | 12,595 |  |  | $ | 10,237 |
Schedule of Net Periodic Pension Cost for Pension Plans | The net periodic pension credit for the pension plan included the following:
| Fiscal Year Ended January 1, 2022 |  | Fiscal Year Ended January 2, 2021
| (In thousands)
Service cost | $ | — |  |  | $ | — |
Interest cost on projected benefit obligation | 2,019 |  |  | 2,892 |
Expected return on plan assets | (4,560) |  |  | (4,840) |
Amortization of unrecognized loss | 1,283 |  |  | 1,052 |
Net periodic pension credit for the pension plan | $ | (1,258) |  |  | $ | (896) |
Schedule of Assumptions Used to Determine the Projected Benefit Obligation | The following assumptions were used to determine the projected benefit obligation at the measurement date and the net periodic pension cost:
| January 1, 2022 |  | January 2, 2021
Projected benefit obligation: |  |  |
Discount rate | 2.90 | % |  | 2.51 | %
Average rate of increase in future compensation levels | N/A |  | N/A
Net periodic pension: |  |  |
Discount rate | 1.84 | % |  | 2.79 | %
Average rate of increase in future compensation levels | N/A |  | N/A
Expected long-term rate of return on plan assets | 5.20 | % |  | 6.00 | %
Schedule of Fair Value of Plan Assets by Asset Category | The current targets, adjusted to exclude non-GAAP BlueLinx real-estate holdings, and actual investment allocation, by asset category as of January 1, 2022, consisted of the following:
Type |  | Current Target Allocation |  | Actual Allocation, January 1, 2022
Global equity |  | 44.4 | % |  | 47.2 | %
Diversified credit |  | 16.7 | % |  | 16.5 | %
Real assets |  | 8.9 | % |  | 10.0 | %
Liability-hedging |  | 27.8 | % |  | 23.8 | %
Cash |  | 2.2 | % |  | 2.5 | %
Total |  | 100 | % |  | 100 | %
The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair values as of January 2, 2021:
Type |  | Quoted prices in active markets of identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant other unobservable inputs (Level 3) |  | Assets measured at net asset value (NAV)(3) |  | Total
|  | (In thousands)
Return-seeking securities |  |  |  |  |  |  |  |  |  |
Investments in trusts and funds(1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 64,870 |  |  | $ | 64,870 |
Liabilities-matching securities: |  |  |  |  |  |  |  |  |  |
Investments in trusts and funds(2) |  | — |  |  | — |  |  | — |  |  | 23,905 |  |  | 23,905 |
Cash and cash equivalents |  | 2,371 |  |  | — |  |  | — |  |  | — |  |  | 2,371 |
Total: |  | $ | 2,371 |  |  | $ | — |  |  | $ | — |  |  | $ | 88,775 |  |  | $ | 91,146 |
(1) This category is comprised of a collective investment trust of equity funds that track the MCSI World Index, a collective investment trust that holds publicly traded listed infrastructure securities, and a pooled investment fund. (2) This category consists of a collective investment trust investing in Treasury STRIPS, in addition to a collective investment fund that tracks to U.S. government bond indexes, and a pooled investment fund. (3) Investments that are measured at net asset value (“NAV”) (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. In our fiscal 2020 10-K, we presented investments measured at net asset value (NAV) as Level 2 investments in the fair value hierarchy. The presentation has been adjusted to show those investments measured at NAV in the table above.
Schedule of Percentage of Fair Value of Total Assets by Asset Category | The following table sets forth by level, within the fair value hierarchy (as defined in Note 7, Fair Value Measurements), pension plan assets at their fair values as of January 1, 2022:
Type |  | Quoted prices in active markets of identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant other unobservable inputs (Level 3) |  | Assets measured at net asset value (NAV)(3) |  | Total
|  | (In thousands)
Return-seeking securities |  |  |  |  |  |  |  |  |  |
Investments in trusts and funds(1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 69,397 |  |  | $ | 69,397 |
Liabilities-matching securities: |  |  |  |  |  |  |  |  |  |
Investments in trusts and funds(2) |  | — |  |  | — |  |  | — |  |  | 22,473 |  |  | 22,473 |
Cash and cash equivalents |  | 2,399 |  |  | — |  |  | — |  |  | — |  |  | 2,399 |
Total |  | $ | 2,399 |  |  | $ | — |  |  | $ | — |  |  | $ | 91,870 |  |  | $ | 94,269 |
(1) This category is comprised of a collective investment trust of equity funds that track the MCSI World Index, a collective investment trust that holds publicly traded listed infrastructure securities, and a pooled investment fund. (2) This category consists of a collective investment trust investing in Treasury STRIPS, in addition to a collective investment fund that tracks to U.S. government bond indexes, and a pooled investment fund. (3) Investments that are measured at net asset value (“NAV”) (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair values as of January 2, 2021:
Type |  | Quoted prices in active markets of identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant other unobservable inputs (Level 3) |  | Assets measured at net asset value (NAV)(3) |  | Total
|  | (In thousands)
Return-seeking securities |  |  |  |  |  |  |  |  |  |
Investments in trusts and funds(1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 64,870 |  |  | $ | 64,870 |
Liabilities-matching securities: |  |  |  |  |  |  |  |  |  |
Investments in trusts and funds(2) |  | — |  |  | — |  |  | — |  |  | 23,905 |  |  | 23,905 |
Cash and cash equivalents |  | 2,371 |  |  | — |  |  | — |  |  | — |  |  | 2,371 |
Total: |  | $ | 2,371 |  |  | $ | — |  |  | $ | — |  |  | $ | 88,775 |  |  | $ | 91,146 |
(1) This category is comprised of a collective investment trust of equity funds that track the MCSI World Index, a collective investment trust that holds publicly traded listed infrastructure securities, and a pooled investment fund. (2) This category consists of a collective investment trust investing in Treasury STRIPS, in addition to a collective investment fund that tracks to U.S. government bond indexes, and a pooled investment fund. (3) Investments that are measured at net asset value (“NAV”) (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. In our fiscal 2020 10-K, we presented investments measured at net asset value (NAV) as Level 2 investments in the fair value hierarchy. The presentation has been adjusted to show those investments measured at NAV in the table above.
Schedule of Estimated Future Benefit Payments | Our estimated normal future benefit payments to pension plan participants are as follows:
Fiscal Year Ended | (In thousands)
2022 | $ | 6,943 |
2023 | 6,602 |
2024 | 6,644 |
2025 | 6,671 |
2026 | 6,647 |
Thereafter | 31,723 |
Schedule of Multiemployer Plans | The following table lists our participation in our multiemployer plans which we deem significant. “Contributions” represent the amounts contributed to the plan during the fiscal years presented:
|  |  |  |  |  | Contributions (In millions)
Pension Fund: | EIN/Pension Plan Number | Pension Act Zone Status | FIP/RP Status | Surcharge |  | 2021 |  | 2020
Central States, Southeast and Southwest Areas Pension Fund | 366044243 | Critical and Declining (January 1, 2020) | RP | No |  | $ | 0.6 |  |  | $ | 0.3 |
Total |  |  |  |  |  | $ | 0.6 |  |  | $ | 0.3 |

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