Employee Benefit Plans, Deferred Compensation Plan and Retirement Benefit Plan (Tables)

12 Months Ended

Jan. 03, 2022

Compensation And Retirement Disclosure [Abstract]

Changes in Benefit Obligation and Plan Assets in Defined Benefit Plan

The following tables set forth the changes in benefit obligation and the plan assets in the defined benefit plan described above for the years ended January 3, 2022, December 28, 2020 and December 30, 2019:

	For the Year Ended
Change in Benefit Obligations	January 3, 2022			December 28, 2020			December 30, 2019
	(In thousands)
Benefit obligation at beginning of year	$	(33,470	)	$	(30,600	)	$	(27,661	)
Service cost		—			—			(397	)
Interest cost		(722	)		(907	)		(1,109	)
Amendments/curtailments/special termination		—			—			1,636
Actuarial gain (loss)		1,304			(3,146	)		(4,174	)
Benefits paid		1,334			1,183			1,105
Benefit obligation at end of year	$	(31,554	)	$	(33,470	)	$	(30,600	)
Accumulated benefit obligation at end of year	$	31,554		$	33,470		$	30,600

	For the Year Ended
Change in Plan Assets	January 3, 2022			December 28, 2020			December 30, 2019
	(In thousands)
Fair value of plan assets at beginning of year	$	23,484		$	21,287		$	18,251
Actual return on plan assets		3,526			2,704			3,346
Employer contributions		602			676			795
Benefits paid		(1,334	)		(1,183	)		(1,105	)
Fair value of plan assets at end of year	$	26,278		$	23,484		$	21,287
Unfunded status	$	(5,276	)	$	(9,986	)	$	(9,313	)
Net amount recognized	$	(5,276	)	$	(9,986	)	$	(9,313	)

Schedule of Amounts Before Income Tax Effect Recognized in Consolidated Balance Sheets

Amounts before income tax effect recognized in the consolidated balance sheets consists of the following:

	As of			As of
	January 3, 2022			December 28, 2020
	(In thousands)
Other long-term liabilities	$	(5,276	)	$	(9,986	)
Net amount recognized	$	(5,276	)	$	(9,986	)

Schedule of Amounts Before Income Tax Effect Included in Accumulated Other Comprehensive Loss

Amounts before income tax effect included in accumulated other comprehensive loss as of January 3, 2022 and
December 28, 2020 are as follows:

	January 3, 2022			December 28, 2020
	(In thousands)
Net actuarial loss	$	(238	)	$	(3,811	)
Accumulated other comprehensive loss	$	(238	)	$	(3,811	)

Schedule of Components Included in Net Periodic Benefit Cost and Increase in Minimum Liability Included in Other Comprehensive Loss

The components included in the net periodic benefit cost and the increase in minimum liability included in other comprehensive loss for the years ended January 3, 2022, December 28, 2020 and December 30, 2019 are as follows:

	January 3, 2022			December 28, 2020			December 30, 2019
	(In thousands)
Service cost	$	—		$	—		$	397
Interest cost		722			907			1,109
Expected return on plan assets		(1,279	)		(1,272	)		(1,228	)
Amortization of net actuarial loss		23			—			—
Net periodic benefit cost	$	(534	)	$	(365	)	$	278

Schedule of Weighted-Average Assumptions

The weighted-average assumptions used to determine benefit obligations for this plan as of January 3, 2022, December 28, 2020 and December 30, 2019 are as follows:

	January 3, 2022			December 28, 2020			December 30, 2019
Discount rate		2.60	%		2.20	%		3.02	%
Rate of compensation increase		—			—			3.20
Expected return on plan assets		5.50			5.50			6.00

The weighted-average assumptions used to determine net periodic benefit cost for the years ended January 3, 2022, December 28, 2020 and December 30, 2019 are as follows:

	For the Year Ended
	January 3, 2022			December 28, 2020			December 30, 2019
Discount rate		2.20	%		3.02	%		4.09	%
Rate of compensation increase		—			—			3.20
Expected return on plan assets		5.50			6.00			6.75

Schedule of Plan Target Allocation and Asset Allocation

The target allocation for 2022 and the plan asset allocation at the end of 2021 and 2020, in percentages, by asset category are as follows:

	Target Allocation 2022			January 3, 2022			December 28, 2020
Equity securities (1)		65	%		67	%		68	%
Debt securities (2)		34			32			30
Cash and cash equivalents (3)		1			1			2
Total		100	%		100	%		100	%

Summarizes Plan Assets Measured at Fair Value

The following table summarizes plan assets measured at fair value as of January 3, 2022 and December 28, 2020:

	As of
	January 3, 2022
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Equity securities (1)	$	17,661	$	17,661	$	—	$	—
Debt securities (2)		8,290		8,290		—		—
Cash and cash equivalents (3)		327		327		—		—
Total	$	26,278	$	26,278	$	—	$	—
	As of
	December 28, 2020
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Equity securities (1)	$	15,922	$	15,922	$	—	$	—
Debt securities (2)		7,015		7,015		—		—
Cash and cash equivalents (3)		547		547		—		—
Total	$	23,484	$	23,484	$	—	$	—

(1) Equity securities include U.S. and foreign exchange traded common and preferred stocks and mutual funds. Common and preferred shares issued by U.S. and non-U.S. corporations are traded actively on exchanges and price quotes for these shares are readily available. Holdings of corporate stock are categorized as Level 1 investments.

(2) Debt securities include the debt of the U.S. Treasury and U.S. and foreign corporate issuers. U.S. Treasury notes and bonds are actively traded and price quotes for these securities are readily available. Holdings of U.S. Treasury notes and bonds are categorized as Level 1 investments.

(3) Cash and cash equivalents include short-term U.S. government investment notes, short-term money market mutual funds, accrued income and cash held on account. Cash held on account and short- term U.S. government investment notes (including accrued income thereon) for which there is an active market and daily pricing for the security are categorized as Level 1 investments.

Schedule of Expected Future Service Benefits Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: 

	(In thousands)
2022	$	1,369
2023		1,451
2024		1,535
2025		1,600
2026		1,652
Years 2027 through 2031		8,709