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Employee Benefit Plans | 12 Months Ended
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Dec. 28, 2022
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans We maintain defined contribution plans and defined benefit plans which cover a substantial number of employees. Defined Contribution Plans Eligible employees can elect to contribute up to 25% of their compensation to our 401(k) plan. Effective January 1, 2016, the plan was amended and restated to incorporate Safe Harbor Plan design features which included changes to participant eligibility, company contribution amounts and vesting. As a result, we match up to a maximum of 4% of compensation deferred by the participant. In addition, a non-qualified deferred compensation plan is offered to certain employees. This plan allows participants to defer up to 50% of annual salary and up to 75% of bonuses and incentive compensation awards, on a pre-tax basis. There are no matching contributions made under this plan. We made total contributions of $1.7 million, $1.5 million and $1.5 million for 2022, 2021 and 2020, respectively, under these plans. Defined Benefit Plans Benefits under our defined benefit plans are based upon each employee’s years of service and average salary. The following table provides a reconciliation of the changes in the benefit obligations, plan assets, and funded status of our defined benefit plans:
| December 28, 2022 |  | December 29, 2021
| (In thousands)
Change in Benefit Obligation: |  |  |
Benefit obligation at beginning of year | $ | 2,219 |  |  | $ | 2,298 |
Interest cost | 36 |  |  | 26 |
Actuarial (gain) loss | (261) |  |  | 46 |
Benefits paid | (151) |  |  | (151) |
Settlements | (237) |  |  | — |
Benefit obligation at end of year | $ | 1,606 |  |  | $ | 2,219 |
Accumulated benefit obligation | $ | 1,606 |  |  | $ | 2,219 |
Change in Plan Assets: |  |  |
Fair value of plan assets at beginning of year | $ | — |  |  | $ | — |
Employer contributions | 388 |  |  | 151 |
Benefits paid | (151) |  |  | (151) |
Settlements | (237) |  |  | — |
Fair value of plan assets at end of year | $ | — |  |  | $ | — |
Unfunded status at end of year | $ | (1,606) |  |  | $ | (2,219) |
Amounts recognized on the balance sheet: |  |  |
Other current liabilities | $ | (972) |  |  | $ | (944) |
Other noncurrent liabilities | (634) |  |  | (1,275) |
Net amount recognized | $ | (1,606) |  |  | $ | (2,219) |
Amounts in accumulated other comprehensive loss not yet reflected in net period benefit cost: |  |  |
Unamortized actuarial losses, net | $ | (516) |  |  | $ | (974) |
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive loss, net: |  |  |
Benefit obligation actuarial gain (loss) | $ | 261 |  |  | $ | (46) |
Amortization of net loss | 123 |  |  | 159 |
Settlement loss recognized | 74 |  |  | — |
Other comprehensive income | $ | 458 |  |  | $ | 113 |
The components of net periodic benefit cost, which are included in general and administrative expenses in our Consolidated Statements of Operations, were as follows:
| Fiscal Year Ended
| December 28, 2022 |  | December 29, 2021 |  | December 30, 2020
| (In thousands)
Interest cost | $ | 36 |  |  | $ | 26 |  |  | $ | 41 |
Amortization of net loss | 123 |  |  | 159 |  |  | 89 |
Settlement loss recognized | 74 |  |  | — |  |  | 95 |
Net periodic benefit cost | $ | 233 |  |  | $ | 185 |  |  | $ | 225 |
Assumptions The discount rates used to determine the benefit obligations as of December 28, 2022 and December 29, 2021 were 5.26% and 1.99%, respectively. The discount rates used to determine net period pension costs for 2022, 2021 and 2020 were 1.99%, 1.34% and 2.56%, respectively. In determining the discount rates, we have considered long-term bond indices of bonds having similar timing and amounts of cash flows as our estimated defined benefit payments. We use a yield curve based on high quality, long-term corporate bonds to calculate the single equivalent discount rate that results in the same present value as the sum of each of the plan’s estimated benefit payments discounted at their respective spot rates. Contributions and Expected Future Benefit Payments We made contributions of $0.4 million and $0.2 million to our defined benefit plans during the years ended December 28, 2022 and December 29, 2021, respectively. We expect to contribute $1.0 million to our defined benefit plans during 2023. Benefits expected to be paid for each of the next five years and in the aggregate for the five fiscal years from 2028 through 2032 are as follows:
| Defined Benefit Plans
| (In thousands)
2023 | $ | 972 |
2024 | 144 |
2025 | 121 |
2026 | 119 |
2027 | 91 |
2028 through 2032 | 314 |

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