v3.25.4
Pension Benefits (Tables)
12 Months Ended
Jan. 03, 2026
Pension Benefits  
Schedule of defined benefit pension plans' benefit obligation, fair value of plans 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.
Schedule of weighted-average assumptions

  ​ ​ ​

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

%

Schedule of components of net periodic pension (benefit) costs

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

Schedule of changes in amount recorded in accumulated other comprehensive income (loss)

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

Schedule of target asset allocation and plan assets at year end

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

%

Schedule of fair values of pension plan assets utilizing the fair value hierarchy

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

$

Schedule of Pension Plan Benefit Payments

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