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Retirement Plans (Tables)
 12 Months Ended
Dec. 28, 2024
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 2024 and 2023:
Fiscal Year
(In millions)20242023
Change in projected benefit obligations:
Projected benefit obligations at beginning of the year
$345.2 $328.2 
Service cost pertaining to benefits earned during the year
2.8 3.1 
Interest cost on projected benefit obligations
17.8 17.8 
Actuarial loss (gain)(22.3)15.7 
Benefits paid to plan participants
(31.0)(17.5)
Curtailment
— (2.1)
Settlement
(9.1)— 
Projected benefit obligations at end of the year
$303.4 $345.2 
Change in fair value of pension assets:
Fair value of pension assets at beginning of the year
$262.7 $251.4 
Actual return on plan assets1.2 24.7 
Company contributions - SERP
4.1 3.9 
Benefits paid to plan participants
(31.0)(17.3)
Settlement
(9.1)— 
Fair value of pension assets at end of the year
$227.9 $262.7 
Funded status
$(75.5)$(82.5)
Amounts recognized in the consolidated balance sheets:
Current liabilities
$(4.1)$(4.1)
Accrued pension liabilities(71.4)(78.4)
Funded status of qualified defined benefit plans and SERP$(75.5)$(82.5)
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)202420232022
Service cost pertaining to benefits earned during the year$2.8 $3.1 $5.3 
Interest cost on projected benefit obligations17.8 17.8 13.2 
Expected return on pension assets(19.6)(18.5)(20.5)
Net amortization loss (gain)(1.7)(0.7)11.3 
Curtailment— (1.0)— 
Settlement0.9— — 
Net pension expense$0.2 $0.7 $9.3 
Less: SERP expense4.1 3.9 3.8 
Qualified defined benefit pension plans expense (income)$(3.9)$(3.2)$5.5 
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
20242023
Weighted-average assumptions used to determine benefit obligations at fiscal year-end:
Discount rate
5.75%5.30%
Rate of compensation increase - pension
4.31%4.09%
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
5.30%5.56%
Expected long-term rate of return on plan assets
6.96%6.88%
Rate of compensation increase - pension
4.09%4.13%
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:
December 28, 2024December 30, 2023
(In millions)Total% of TotalTotal% of Total
Equity securities$104.8 
1
46.0 %$122.7 
1
46.7 %
Fixed income securities79.6 
1
34.9 %85.8 
1
32.7 %
Cash41.9 18.4 %52.4 19.9 %
Other1.6 
2
0.7 %1.8 
2
0.7 %
Fair value of plan assets$227.9 100.0 %$262.7 100.0 %
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 December 28, 2024 are as follows:
(In millions)202520262027202820292030-2034
Expected benefit payments$19.7 $20.2 $20.6 $20.9 $21.1 $108.6