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Pension Benefits | 12 Months Ended
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Jan. 03, 2026
Pension Benefits |
Pension Benefits |
(12) | Pension Benefits
Company-Sponsored Defined Benefit Pension Plans. As of January 3, 2026, we had four company-sponsored defined benefit pension plans covering approximately 21.4% of our employees. Three of these defined benefit pension plans are for the benefit of certain of our union employees and one is for the benefit of salaried and certain hourly employees. The benefits in the salaried and hourly plan are based on each employee’s years of service and compensation, as defined. Since January 1, 2020, newly hired employees are no longer eligible to participate in any of our four company-sponsored defined benefit pension plans. The following table sets forth our defined benefit pension plans’ benefit obligation, fair value of plan assets and funded status recognized in the consolidated balance sheets. We used January 3, 2026 and December 28, 2024 measurement dates for fiscal 2025 and 2024, respectively, to calculate end of year benefit obligations, fair value of plan assets and annual net periodic benefit cost (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | January 3, | ​ ​ ​ | December 28,
​ | ​ | 2026 | ​ | 2024
Change in projected benefit obligation: | ​ | ​ | ​ | ​ | ​ | ​
Projected benefit obligation at beginning of year | ​ | $ | 153,884 | ​ | $ | 161,334
Actuarial loss (gain)(1) | ​ |  | 214 | ​ |  | (14,182)
Service cost | ​ |  | 4,302 | ​ |  | 5,094
Interest cost | ​ |  | 8,209 | ​ |  | 7,599
Benefits paid | ​ |  | (6,810) | ​ |  | (5,961)
Projected benefit obligation at end of year | ​ |  | 159,799 | ​ |  | 153,884
Change in plan assets: | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets at beginning of year | ​ |  | 176,291 | ​ |  | 164,783
Actual return on plan assets | ​ |  | 22,297 | ​ |  | 14,969
Employer contributions | ​ |  | — | ​ |  | 2,500
Benefits paid | ​ |  | (6,810) | ​ |  | (5,961)
Fair value of plan assets at end of year | ​ |  | 191,778 | ​ |  | 176,291
Net amount recognized: | ​ | ​ | ​ | ​ | ​ | ​
Other assets | ​ | ​ | 31,979 | ​ | ​ | 22,407
Other long-term liabilities | ​ | ​ | — | ​ | ​ | —
Funded status at the end of the year | ​ | ​ | 31,979 | ​ | ​ | 22,407
Amount recognized in accumulated other comprehensive income consists of: | ​ | ​ | ​ | ​ | ​ | ​
Actuarial gain | ​ |  | 28,532 | ​ |  | 19,408
Deferred taxes | ​ |  | (4,379) | ​ |  | (2,098)
Accumulated other comprehensive income | ​ | $ | 24,153 | ​ | $ | 17,310
(1) | Actuarial loss (gain) primarily reflects changes in discount rates.
The accumulated benefit obligations of these plans were $150.9 million and $144.9 million at January 3, 2026 and December 28, 2024, respectively. As of January 3, 2026 and December 28, 2024, there were no pension plans with an accumulated benefit obligation or a projected benefit obligation in excess of plan assets. The assumptions used in the measurement of our benefit obligation as of January 3, 2026 and December 28, 2024 are shown in the following table: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | January 3, | ​ | December 28,
​ | ​ | 2026 | ​ | 2024
Discount rate |  | 5.25 - 5.49 | % | ​ | 5.41 - 5.50 | %
Rate of compensation increase |  | 3.50 | % | ​ | 3.50 | %
Expected long-term rate of return |  | 7.00 | % | ​ | 7.25 | %
​ The discount rate used to determine year-end fiscal 2025 and fiscal 2024 pension benefit obligations was derived by matching the plans’ expected future cash flows to the corresponding yields from the FTSE Pension Discount Curve (formerly known as the Citigroup Pension Discount Curve). This yield curve has been constructed to represent the available yields on high-quality fixed-income investments across a broad range of future maturities. The overall expected long-term rate of return on plan assets assumption is based upon a building-block method, whereby the expected rate of return on each asset class is broken down into the following components: (1) inflation; (2) the real risk-free rate of return (i.e., the long-term estimate of future returns on default-free U.S. government securities); and (3) the risk premium for each asset class (i.e., the expected return in excess of the risk-free rate). All three components are based primarily on historical data, with modest adjustments to take into account additional relevant information that is currently available. For the inflation and risk-free return components, the most significant additional information is that provided by the market for nominal and inflation-indexed U.S. Treasury securities. That market provides implied forecasts of both the inflation rate and risk-free rate for the period over which currently available securities mature. The historical data on risk premiums for each asset class is adjusted to reflect any systemic changes that have occurred in the relevant markets; e.g., the higher current valuations for equities, as a multiple of earnings, relative to the longer-term average for such valuations. Net periodic pension (benefit) cost includes the following components (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Fiscal 2025 | ​ ​ ​ | Fiscal 2024 | ​ ​ ​ | Fiscal 2023
Service cost—benefits earned during the period | ​ | $ | 4,302 | ​ | $ | 5,094 | ​ | $ | 5,204
Interest cost on projected benefit obligation | ​ |  | 8,209 | ​ |  | 7,599 | ​ |  | 7,436
Expected return on plan assets | ​ |  | (12,539) | ​ |  | (11,759) | ​ |  | (11,181)
Amortization of unrecognized gain | ​ |  | (421) | ​ |  | (55) | ​ |  | (35)
Net periodic pension (benefit) cost | ​ | $ | (449) | ​ | $ | 879 | ​ | $ | 1,424
​ The following table sets forth the changes in amounts recorded in accumulated other comprehensive income (loss) for fiscal 2025, 2024 and 2023, respectively (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Fiscal 2025 | ​ ​ ​ | Fiscal 2024 | ​ ​ ​ | Fiscal 2023
Net (loss) gain | ​ | $ | (8,702) | ​ | $ | (17,281) | ​ | $ | 2,515
Amortization of unrecognized gain | ​ |  | (421) | ​ |  | (55) | ​ |  | (35)
Total recorded in other comprehensive (loss) income | ​ | $ | (9,123) | ​ | $ | (17,336) | ​ | $ | 2,480
​ Our pension plan assets are managed by outside investment managers; assets are rebalanced at the end of each quarter. Our investment strategy with respect to pension assets is to maximize return while protecting principal. The investment manager has the flexibility to adjust the asset allocation and move funds to the asset class that offers the most opportunity for investment returns. The asset allocation for our pension plans at January 3, 2026 and December 28, 2024, and the target allocation for fiscal 2025, by asset category, follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Percentage of Plan
​ | ​ | ​ | ​ | ​ | Assets at Year End
​ | ​ ​ ​ | Target | ​ | January 3, | ​ | December 28,
Asset Category | ​ | Allocation | ​ | 2026 | ​ | 2024
Equity securities |  | 70 | % | ​ | 57 | % | ​ | 55 | %
Fixed income securities |  | 30 | % | ​ | 38 | % | ​ | 39 | %
Other |  | — | % | ​ | 5 | % | ​ | 6 | %
Total | ​ | 100 | % | ​ | 100 | % | ​ | 100 | %
​ The general investment objective of each of the pension plans is to grow the plan assets in relation to the plan liabilities while prudently managing the risk of a decrease in the plan’s assets relative to those liabilities. To meet this objective, our management has adopted the above target allocations that it reconsiders from time to time as circumstances change. The actual plan asset allocations may be within a range around these targets. The actual asset allocations are reviewed and rebalanced on a periodic basis. The fair values of our pension plan assets at January 3, 2026 and December 28, 2024, utilizing the fair value hierarchy discussed in Note 8, “Fair Value Measurements” follow (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | January 3, 2026 | ​ | December 28, 2024
​ | ​ ​ ​ | Level 1 | ​ ​ ​ | Levels 2 & 3 | ​ ​ ​ | Level 1 | ​ ​ ​ | Levels 2 & 3
Asset Category | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | $ | 9,982 | ​ | $ | — | ​ | $ | 10,230 | ​ | $ | —
Equity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. mutual funds | ​ |  | 18,126 | ​ |  | — | ​ |  | 16,856 | ​ |  | —
Foreign mutual funds | ​ |  | 14,524 | ​ |  | — | ​ |  | 11,814 | ​ |  | —
U.S. common stocks | ​ |  | 62,849 | ​ |  | — | ​ |  | 57,367 | ​ |  | —
Foreign common stocks | ​ |  | 12,804 | ​ |  | — | ​ |  | 11,669 | ​ |  | —
Fixed income securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. mutual funds | ​ |  | 73,493 | ​ |  | — | ​ |  | 68,355 | ​ |  | —
Total fair value of pension plan assets | ​ | $ | 191,778 | ​ | $ | — | ​ | $ | 176,291 | ​ | $ | —
​ The investment portfolio contains a diversified blend of common stocks, bonds, cash equivalents and other investments, which may reflect varying rates of return. The investments are further diversified within each asset classification. The portfolio diversification provides protection against a single security or class of securities having a disproportionate impact on aggregate performance. Of the $62.8 million of U.S. common stocks in the investment portfolio at January 3, 2026, $1.7 million was invested in B&G Foods’ common stock. Of the $57.4 million of U.S. common stocks in the investment portfolio at December 28, 2024, $2.8 million was invested in B&G Foods’ common stock. As of January 3, 2026, pension plan benefit payments were expected to be as follows (in thousands):
​ | ​ | ​ | ​
​ | ​ | Pension Plan Benefit Payments
Fiscal year: | ​ | ​ | ​
2026 | ​ | $ | 7,303
2027 | ​ |  | 7,909
2028 | ​ |  | 8,509
2029 | ​ |  | 9,167
2030 | ​ |  | 9,755
2031 to 2035 | ​ | $ | 56,371
​ We did not make any contributions to our company-sponsored defined benefit pension plans during fiscal 2025. We made total contributions to our company-sponsored defined benefit pension plans of $2.5 million during each of fiscal 2024 and fiscal 2023. We expect to make $2.5 million of contributions to our company-sponsored defined benefit pension plans during fiscal 2026. We also sponsor defined contribution plans covering substantially all of our employees. Employees may contribute to these plans and these contributions are matched by us at varying amounts. Contributions for the matching component of these plans amounted to $5.7 million, $5.7 million and $4.6 million for fiscal 2025, 2024 and 2023, respectively. Multi-Employer Defined Benefit Pension Plan. In connection with the closure and sale of our Portland, Maine manufacturing facility, we withdrew from participation in a multi-employer defined benefit pension plan during the fourth quarter of 2021. As a result, we are required to make monthly withdrawal liability payments to the plan over 20 years. These payments amount to approximately $0.9 million on an annual basis beginning March 1, 2022. As of January 3, 2026, the present value of the remaining payments amounting to $11.8 million is reflected as a liability on our consolidated balance sheet.

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