Pension Benefits (Tables)
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12 Months Ended |
Jan. 03, 2026 |
| Pension Benefits |
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| 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. |
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| 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 | % |
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| 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 |
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| 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 |
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| 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 | % |
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| 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 | | $ | — |
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| 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 |
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