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Associate Retirement Plans (Tables) | 12 Months Ended
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Jan. 02, 2021
Compensation And Retirement Disclosure [Abstract] |
Schedule of Benefit Obligations, Pension & Other Long-Term Liabilities | The following tables set forth the actuarial present value of benefit obligations, funded status, changes in benefit obligations and plan assets, weighted average assumptions used in actuarial calculations and components of net periodic benefit costs for the Company’s significant pension and postretirement benefit plans, excluding multi-employer plans. The prepaid, current accrued, and noncurrent accrued benefit costs associated with pension and postretirement benefits are reported in “Prepaid expenses and other current assets,” “Other assets, net,” “Accrued payroll and benefits,” and “Other long-term liabilities,” respectively, in the consolidated balance sheets.
|  |  |  |  |  |  | Pension Plan |  |  | Retiree Medical Plan |
|  |  |  |  |  |  | January 2, |  |  | December 28, |  |  | January 2, |  |  | December 28, |
(In thousands, except percentages) |  |  |  |  |  |  | 2021 |  |  | 2019 |  |  | 2021 |  |  | 2019 |
Funded Status |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected/Accumulated benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year |  |  |  |  |  |  | $ |  | — |  |  | $ |  | 73,275 |  |  | $ |  | 10,783 |  |  | $ |  | 9,443 |
Service cost |  |  |  |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 182 |  |  |  |  | 171 |
Interest cost |  |  |  |  |  |  |  |  | — |  |  |  |  | 1,134 |  |  |  |  | 303 |  |  |  |  | 375 |
Actuarial loss |  |  |  |  |  |  |  |  | — |  |  |  |  | 618 |  |  |  |  | 1,027 |  |  |  |  | 1,181 |
Benefits paid |  |  |  |  |  |  |  |  | — |  |  |  |  | (75,027 | ) |  |  |  | (386 | ) |  |  |  | (387 | )
Balance at end of year |  |  |  |  |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 11,909 |  |  | $ |  | 10,783 |
Fair value of plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year |  |  |  |  |  |  | $ |  | 1,496 |  |  | $ |  | 74,241 |  |  | $ |  | — |  |  | $ |  | — |
Actual return on plan assets |  |  |  |  |  |  |  |  | — |  |  |  |  | 2,282 |  |  |  |  | — |  |  |  |  | — |
Refund from annuity provider |  |  |  |  |  |  |  |  | 1,193 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Company contributions |  |  |  |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 386 |  |  |  |  | 387 |
Benefits paid |  |  |  |  |  |  |  |  | — |  |  |  |  | (75,027 | ) |  |  |  | (386 | ) |  |  |  | (387 | )
Balance at end of year |  |  |  |  |  |  | $ |  | 2,689 |  |  | $ |  | 1,496 |  |  | $ |  | — |  |  | $ |  | — |
Funded (unfunded) status |  |  |  |  |  |  | $ |  | 2,689 |  |  | $ |  | 1,496 |  |  | $ |  | (11,909 | ) |  | $ |  | (10,783 | )
Components of net amount recognized in consolidated balance sheets: |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  | $ |  | 2,689 |  |  | $ |  | 1,496 |  |  | $ |  | — |  |  | $ |  | — |
Current liabilities |  |  |  |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (471 | ) |  |  |  | (466 | )
Noncurrent liabilities |  |  |  |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (11,438 | ) |  |  |  | (10,317 | )
Net asset (liability) |  |  |  |  |  |  | $ |  | 2,689 |  |  | $ |  | 1,496 |  |  | $ |  | (11,909 | ) |  | $ |  | (10,783 | )
Amounts recognized in AOCI: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  |  |  |  |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 2,732 |  |  | $ |  | 1,809 |
Accumulated other comprehensive loss |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 2,732 |  |  | $ |  | 1,809 |
Weighted average assumptions at measurement date: |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  |  |  |  |  | N/A |  |  | N/A |  |  | 2.57% |  |  | 3.26% |
Ultimate health care cost trend rate |  |  |  |  |  |  | N/A |  |  | N/A |  |  | 4.50% |  |  | 4.50% |
Components of Net Periodic Pension and Postretirement Benefit Cost (Income) |
| Pension Plan |  |  | Retiree Medical Plan |
(In thousands, except percentages) | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Components of net periodic benefit (income) cost: |
Service cost | $ |  | — |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 182 |  |  | $ |  | 171 |  |  | $ |  | 195 |
Interest cost |  |  | — |  |  |  |  | 1,134 |  |  |  |  | 2,283 |  |  |  |  | 303 |  |  |  |  | 375 |  |  |  |  | 339 |
Amortization of prior service cost |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (92 | ) |  |  |  | (158 | )
Expected return on plan assets |  |  | — |  |  |  |  | (714 | ) |  |  |  | (3,631 | ) |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Gain on reconciliation with annuity provider |  |  | (1,193 | ) |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Recognized actuarial net loss |  |  | — |  |  |  |  | 691 |  |  |  |  | 417 |  |  |  |  | 104 |  |  |  |  | — |  |  |  |  | 88 |
Net periodic benefit (income) expense | $ |  | (1,193 | ) |  | $ |  | 1,111 |  |  | $ |  | (931 | ) |  | $ |  | 589 |  |  | $ |  | 454 |  |  | $ |  | 464 |
Settlement expense |  |  | — |  |  |  |  | 18,244 |  |  |  |  | 785 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Total net periodic benefit (income) cost | $ |  | (1,193 | ) |  | $ |  | 19,355 |  |  | $ |  | (146 | ) |  | $ |  | 589 |  |  | $ |  | 454 |  |  | $ |  | 464 |
Weighted average assumptions used to determine net periodic benefit (income) cost: |
Discount rate | N/A |  |  | 3.48% |  |  | 3.45% |  |  | 3.26% |  |  | 4.41% |  |  | 3.72% |
Expected return on plan assets | N/A |  |  | 2.80% |  |  | 4.84% |  |  | N/A |  |  | N/A |  |  | N/A |
Assumed Current Healthcare Cost Trend Rates Used to Determine Net Periodic Benefit Cost (Income) | Assumed healthcare cost trend rates have a significant effect on the amounts reported for the Retiree Medical Plan. Assumed current healthcare cost trend rates used to determine net periodic benefit cost were as follows:
|  |  |  |  |  |  |  |  |  | 2020 |  | 2019 |  | 2018
Post-65 |  |  |  |  |  |  |  |  |  | 7.50% |  | 7.50% |  | 8.00%
Estimated Benefit Payments Expected to be Paid | The following estimated benefit payments are expected to be paid in the following fiscal years:
(In thousands) | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 to 2030 |
Post-retirement medical benefits | $ |  | 471 |  |  | $ |  | 510 |  |  | $ |  | 548 |  |  | $ |  | 579 |  |  | $ |  | 607 |  |  | $ |  | 3,346 |

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