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Retirement Plans (Tables)
 12 Months Ended
Jan. 01, 2022
Retirement Benefits [Abstract]  
Changes in Company's Assets and Related Obligations for its Pension Plans
The following summarizes the status of and changes in the Company’s assets and related obligations for its pension plans (which include the Company’s defined benefit pension plans and the SERP) for the fiscal years 2021 and 2020:
Fiscal Year
(In millions)20212020
Change in projected benefit obligations:
Projected benefit obligations at beginning of the year
$455.8 $401.0 
Service cost pertaining to benefits earned during the year
6.9 6.4 
Interest cost on projected benefit obligations
12.8 14.2 
Actuarial loss (gain)(26.6)48.1 
Benefits paid to plan participants
(14.6)(13.9)
Projected benefit obligations at end of the year
$434.3 $455.8 
Change in fair value of pension assets:
Fair value of pension assets at beginning of the year
$305.0 $287.6 
Actual return on plan assets30.1 28.8 
Company contributions - SERP
2.5 2.5 
Benefits paid to plan participants
(14.6)(13.9)
Fair value of pension assets at end of the year
$323.0 $305.0 
Funded status
$(111.3)$(150.8)
Amounts recognized in the consolidated balance sheets:
Current liabilities
$(3.9)$(3.8)
Accrued pension liabilities(107.4)(147.0)
Net amount recognized
$(111.3)$(150.8)
Funded status of pension plans and SERP (supplemental):
Funded status of qualified defined benefit plans and SERP
$(111.3)$(150.8)
Nonqualified trust assets (cash surrender value of life insurance) recorded in other assets and intended to satisfy the projected benefit obligation of unfunded SERP obligations38.0 36.6 
Net funded status of pension plans and SERP (supplemental)
$(73.3)$(114.2)
Summary of Net Pension and Serp Expense Recognized
The following is a summary of net pension and SERP expense recognized by the Company:
Fiscal Year
(In millions)202120202019
Service cost pertaining to benefits earned during the year$6.9 $6.4 $5.5 
Interest cost on projected benefit obligations12.8 14.2 15.2 
Expected return on pension assets(19.5)(18.7)(17.7)
Net amortization loss13.8 6.6 2.6 
Net pension expense$14.0 $8.5 $5.6 
Less: SERP expense5.7 5.2 5.4 
Qualified defined benefit pension plans expense$8.3 $3.3 $0.2 
Weighted-Average Assumptions used to Determine Benefit Obligations and Net Periodic Benefit Cost
The weighted-average actuarial assumptions used to determine the benefit obligation amounts and the net periodic benefit cost for the Company’s pension and post-retirement plans are as follows:
Fiscal Year
20212020
Weighted-average assumptions used to determine benefit obligations at fiscal year-end:
Discount rate
3.09%2.85%
Rate of compensation increase - pension
4.18%4.18%
Rate of compensation increase - SERP
7.00%7.00%
Weighted average assumptions used to determine net periodic benefit cost for the years ended:
Discount rate
2.85%3.60%
Expected long-term rate of return on plan assets
6.75%6.75%
Rate of compensation increase - pension
4.18%4.23%
Rate of compensation increase - SERP
7.00%7.00%
Pension Plan Assets The Company’s asset allocations by asset category and fair value measurement are as follows:
January 1, 2022January 2, 2021
(In millions)Total% of TotalTotal% of Total
Equity securities$181.3 
1
56.1 %$173.3 
1
56.8 %
Fixed income securities118.9 
1
36.8 %112.7 
1
37.0 %
Real estate investments19.9 
1
6.2 %16.7 
1
5.5 %
Other2.9 
2
0.9 %2.3 
2
0.7 %
Fair value of plan assets$323.0 100.0 %$305.0 100.0 %
1In accordance with ASC 820, Fair Value Measurement (“ASC 820”), certain investments are measured at fair value using the net asset value per share as a practical expedient. These assets have not been classified in the fair value hierarchy.
2In accordance with ASC 820, investments have been measured using valuation techniques in which one or more significant inputs are unobservable (Level 3). See Note 1 for additional information.
Expected Benefit Payments
Expected benefit payments for the fiscal years subsequent to January 1, 2022 are as follows:
(In millions)202220232024202520262027-2031
Expected benefit payments$17.4 $18.0 $18.8 $19.5 $20.0 $106.7