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Employee Benefit Plans

12 Months Ended

Dec. 26, 2024

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Employee Benefit Plans

9. Employee Benefit Plans

The Company has a qualified profit-sharing retirement savings plan (401(k) plan) covering eligible employees. The 401(k) plan provides a matching contribution equal to 100% of the first 3% of compensation and 50% of the next 2% of compensation deposited by an employee into the 401(k) plan. During fiscal 2023 and fiscal 2022, the first 2% of the matching contribution was made with the Company’s common stock. Retirement savings plan expense was $2,326, $2,179 and $2,233 for fiscal 2024, fiscal 2023 and fiscal 2022, respectively.

The Company also sponsors unfunded, nonqualified, defined-benefit and deferred compensation plans. The Company’s unfunded, nonqualified retirement plan includes two components. The first component is a defined-benefit plan that applies to certain participants. The second component applies to all other participants and provides an account-based supplemental retirement benefit.

The Company recognizes actuarial losses and prior service costs related to its defined benefit plan in the consolidated balance sheets and recognizes changes in these amounts in the year in which changes occur through comprehensive income.

The status of the Company’s unfunded nonqualified, defined-benefit and account-based retirement plan based on the respective December 26, 2024 and December 28, 2023 measurement dates is as follows:

			December 26, 2024						December 28, 2023
Change in benefit obligation:
Benefit obligation at beginning of period			$	36,349					$	36,324
Service cost			248						487
Interest cost			1,778						1,811
Actuarial gain			(1,627)						(656)
Benefits paid			(1,765)						(1,617)
Benefit obligation at end of year			$	34,983					$	36,349
Amounts recognized in the statement of financial position consist of:
Current accrued benefit liability (included in Other accrued liabilities)			$	(2,315)					$	(2,060)
Noncurrent accrued benefit liability (included in Other long-term obligations)			(32,668)						(34,289)
Total			$	(34,983)					$	(36,349)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss			$	377					$	2,004
Prior service credit			(132)						(196)
Total			$	245					$	1,808

			Year Ended
			December 26, 2024						December 28, 2023						December 29, 2022
Net periodic pension cost:
Service cost			$	248					$	487					$	1,055
Interest cost			1,778						1,811						1,341
Net amortization of prior service cost and actuarial loss			(64)						(64)						1,028
			$	1,962					$	2,234					$	3,424

The $181 loss, net of tax, included in accumulated other comprehensive loss at December 26, 2024, consists of the $279 net actuarial loss, net of tax, and the $98 unrecognized prior service credit, net of tax, which have not yet been recognized in the net periodic benefit cost. The $1,336 loss, net of tax, included in accumulated other comprehensive loss at December 28, 2023, consists of the $1,481 net actuarial loss, net of tax, and the $145 unrecognized prior service credit, net of tax, which have not yet been recognized in the net periodic benefit cost.

The accumulated benefit obligation was $34,480 and $34,788 as of December 26, 2024 and December 28, 2023, respectively.

The pre-tax change in the benefit obligation recognized in other comprehensive loss was as follows:

			Year Ended
			December 26, 2024						December 28, 2023
Net actuarial gain			$	(1,627)					(656)
Amortization of the prior year service credit			64						64
Total			$	(1,563)					(592)

The weighted-average assumptions used to determine the benefit obligations as of the measurement dates were as follows:

			December 26, 2024						December 28, 2023
Discount rate			5.45%						5.00%
Rate of compensation increase			4.00%						4.00%

The weighted-average assumptions used to determine net periodic benefit cost were as follows:

			Year Ended
			December 26, 2024						December 28, 2023						December 29, 2022
Discount rate			5.00%						5.05%						2.85%
Rate of compensation increase			4.00%						4.00%						4.00%

Benefit payments expected to be paid subsequent to December 26, 2024, are as follows:

Fiscal Year
2025						$	2,377
2026						2,384
2027						2,371
2028						2,621
2029						3,273
Years 2030 – 2034						15,560

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- Definition

The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 710
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/710/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 712
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/712/tableOfContent

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/718/tableOfContent

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No definition available.

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