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Employee Retirement Plans | 12 Months Ended
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Jan. 03, 2025
Retirement Benefits [Abstract] |
Employee Retirement Plans | Note 11. Employee Retirement Plans Defined Contribution Profit Sharing Plan The Company sponsors a defined contribution profit sharing plan covering substantially all non-union persons employed by the Company, whereby employees may contribute a percentage of compensation, limited to maximum allowed amounts under the Internal Revenue Code. The Company made matching contributions of $2 million for each of the fiscal years ended January 3, 2025 and December 29, 2023. Multiemployer Pension Plans The Company participates in construction-industry multiemployer pension plans. Generally, the plans provide defined benefits to substantially all employees covered by collective bargaining agreements. Under the Employee Retirement Income Security Act, a contributor to a multiemployer plan is liable, upon termination or withdrawal from a plan, for its proportionate share of a plan’s unfunded vested liability. The Company’s aggregate contributions to these multiemployer plans were $11 million and $15 million for the fiscal years ended January 3, 2025 and December 29, 2023, respectively. Our participation in significant plans for the fiscal years ended January 3, 2025 and December 29, 2023 is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three digit plan number. The zone status is based on the latest information that the Company received from the plan and is certified by the plan’s actuary. Plans in the red zone are generally less than 65% funded, plans in the yellow zone are generally less than 80% funded, and plans in the green zone are generally at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that require a payment of a surcharge in excess of regular contributions.
|  |  |  | Pension Protection Act Zone Status |  |  |  | Company Contributions Fiscal Year Ended (in thousands) |  |  |
Pension Fund |  | EIN/Pension Plan Number |  | January 3, 2025 |  | December 29, 2023 |  | FIP/RP Status Pending or Implemented |  | January 3, 2025 |  |  | December 29, 2023 |  |  | Surcharge Imposed
Pension Trust Fund for the Operating Engineers |  | 94-6090764 |  | Green |  | Green |  | NA |  | $ | 1,154 |  |  | $ | 1,852 |  |  | No
Tri-State Carpenters & Joiners Pension Trust Fund |  | 62-0976048 |  | Yellow |  | Yellow |  | NA |  |  | 1,074 |  |  |  | 1,722 |  |  | No
Carpenters Pension Trust Fund for Northern CA |  | 94-6050970 |  | Red |  | Red |  | Implemented |  |  | 1,049 |  |  |  | 1,454 |  |  | No
Laborers Pension Trust Fund for Northern CA |  | 94-6277608 |  | Green |  | Green |  | NA |  |  | 802 |  |  |  | 1,366 |  |  | No
California Ironworkers Field Pension Fund |  | 95-6042866 |  | Green |  | Green |  | NA |  |  | 735 |  |  |  | 1,112 |  |  | No
Operating Engineers Trust Fund |  | 95-6032478 |  | Green |  | Green |  | NA |  |  | 730 |  |  |  | 823 |  |  | No
Ironworkers District Council of TN Valley & Vicinity Welfare Pension and Annuity Plans |  | 62-6098036 |  | Described below(1) |  | Described below(1) |  | NA |  |  | 649 |  |  |  | 882 |  |  | No
Central Pension Fund of the IUOE & Participating Employers |  | 36-6052390 |  | Described below(1) |  | Described below(1) |  | NA |  |  | 614 |  |  |  | 1,006 |  |  | No
Construction Laborers Pension Trust for Southern California |  | 43-6159056 |  | Green |  | Green |  | NA |  |  | 602 |  |  |  | 566 |  |  | No
Southwest Carpenters Pension Fund |  | 95-6042875 |  | Green |  | Green |  | NA |  |  | 588 |  |  |  | 619 |  |  | No
San Diego County Construction Laborers Pension Trust Fund |  | 95-6090541 |  | Green |  | Green |  | NA |  |  | 469 |  |  |  | 580 |  |  | No
San Diego Electrical Pension Plan |  | 95-6101801 |  | Yellow |  | Yellow |  | NA |  |  | 423 |  |  |  | 268 |  |  | No
Southern California IBEW-NECA Pension Trust Fund |  | 95-6392774 |  | Yellow |  | Yellow |  | NA |  |  | 384 |  |  |  | 497 |  |  | No
San Diego County Cement Masons Pension Plan |  | 95-6267660 |  | Yellow |  | Yellow |  | NA |  |  | 201 |  |  |  | 209 |  |  | No
IBEW Local 595 Pension Plan |  | 94-6279541 |  | Green |  | Green |  | NA |  |  | 47 |  |  |  | 297 |  |  | No
|  |  |  | Contributions to other multiemployer plans |  |  | 1,129 |  |  |  | 1,401 |  |  |
|  |  |  |  |  | Total contributions made |  | $ | 10,650 |  |  | $ | 14,654 |  |  |
(1) For the plans noted above, we have not received a funding notification that covers the fiscal year presented during the preparation of the consolidated financial statements. Under Federal pension law, if a multiemployer pension plan is determined to be in critical or endangered status, the plan must provide notice of this status to participants, beneficiaries, the bargaining parties, the Pension Benefit Guaranty Corporation, and the Department of Labor. The Company has also observed that these plans have not submitted any Critical or Endangered Status Notices to the Department of Labor for calendar years that the Company has not received notification. The Critical or Endangered Status Notices can be accessed at https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/public-disclosure/critical-status-notices The Company is not aware of any significant future obligations or funding requirements related to these plans other than the ongoing contributions that are paid as hours are worked by plan participants.

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