Fair Value of Plan Assets by Asset Class

The fair values of all of the company pension plan assets at December 31, 2022 and December 31, 2021, by asset class are as follows (amounts in thousands):


	Fair value of Pension Plan Assets as of December 31, 2022
Asset Class	Quoted prices in active markets for identical assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Short term investments and cash	$	622	$	—	$	—	$	622
Common stocks:
International common stocks		2,788		—		—		2,788
U.S. common stocks		4,956		—		—		4,956
Fixed income securities:
U.S. government bonds		14,975		—		—		14,975
U.S. government agency bonds		—		—		—		—
U.S. corporate bonds		4,749		—		—		4,749
Pending transactions(*)		—		—		—		—
Accrued (expenses) income(*)		—		—		—		—
Total	$	28,090	$	—	$	—	$	28,090


	Fair value of Pension Plan Assets as of December 31, 2021
Asset Class	Quoted prices in active markets for identical assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Short term investments and cash	$	453	$	—	$	—	$	453
Common stocks:
International common stocks		4,708		—		—		4,708
U.S. common stocks		8,177		—		—		8,177
Fixed income securities:
U.S. government bonds		13,514		—		—		13,514
U.S. government agency bonds		—		—		—		—
U.S. corporate bonds		6,737		—		—		6,737
International corporate bonds		—		—		—		—
Pending transactions(*)		—		—		—		—
Other assets and (liabilities)(*)		—		—		—		—
Accrued (expenses) income(*)		—		—		—		—
Total	$	33,589	$	—	$	—	$	33,589

(*) This class includes accrued interest, dividends, and amounts receivable from asset sales and amounts payable for asset purchases.

Multi Employer Plans


				Pension Protection Act				Contributions (Amounts in
				Zone Status				thousands)							Expiration Date of
		Pension					FIP/RP Status	2022		2021		2020		Surcharge	Collective Bargaining
Pension Fund	EIN	Plan No.		2022		2021	Pending/Implemented	($)		($)		($)		Imposed	Agreement
IAM National Pension Fund	51-6031295		002	Red		Red	Yes		125		136		153	No	^
Retail, Wholesale and Department Store International Union and Industry Pension Fund	63-0708442		001		—	Red	Yes		—		211		157	No	*
Western Conference of Teamsters Pension Trust	91-6145047		001	Green		Green	No		258		266		349	No	2/7/2027

^ The union employees withdrew from the fund effective November 1, 2022.

* The union employees withdrew from the fund effective December 1, 2021.

Funded Status and Amounts Recognized in Consolidated Balance Sheets

The funded status and the amounts recognized in the Consolidated Balance Sheets for the company’s pension plans are as follows (amounts in thousands):


	December 31, 2022			January 1, 2022
Change in benefit obligation:
Benefit obligation at beginning of year	$	34,790		$	37,650
Service cost		1,188			971
Interest cost		884			758
Actuarial gain		(9,253	)		(1,228	)
Benefits paid		(2,440	)		(1,662	)
Settlements		—			(1,699	)
Benefit obligation at end of year	$	25,169		$	34,790
Change in plan assets:
Fair value of plan assets at beginning of year	$	33,589		$	34,750
Actual (loss) return on plan assets		(4,330	)		1,929
Employer contribution		1,271			271
Benefits paid		(2,440	)		(1,662	)
Transfer payments		—			—
Settlements		—			(1,699	)
Fair value of plan assets at end of year	$	28,090		$	33,589
Funded status, end of year:
Fair value of plan assets	$	28,090		$	33,589
Benefit obligations		(25,169	)		(34,790	)
Funded (unfunded) status and amount recognized at end of year	$	2,921		$	(1,201	)
Amounts recognized in the balance sheet:
Noncurrent asset	$	4,902		$	1,281
Current liability		(250	)		(258	)
Noncurrent liability		(1,731	)		(2,224	)
Amount recognized at end of year	$	2,921		$	(1,201	)
Amounts recognized in AOCI:
Net actuarial loss before taxes	$	4,403		$	7,913
Prior service cost before taxes		141			198
Amount recognized at end of year	$	4,544		$	8,111

Accumulated benefit obligation at end of year	$	24,192		$	32,950

Weighted Average Assumptions Used

Assumptions used in accounting for the company’s pension plans at each of the respective fiscal years ending are as follows:


	Fiscal 2022			Fiscal 2021			Fiscal 2020
Weighted average assumptions used to determine benefit obligations:
Measurement date	12/31/2022			12/31/2021			12/31/2020
Discount rate		5.65	%		3.06	%		2.78	%
Rate of compensation increase		3.00	%		3.00	%		3.00	%
Weighted average assumptions used to determine net periodic benefit cost/(income):
Measurement date	1/1/2022			1/1/2021			1/1/2020
Discount rate		3.06	%		2.78	%		2.54	%
Expected return on plan assets		5.90	%		5.70	%		4.97	%
Rate of compensation increase		3.00	%		3.00	%		3.00	%

Benefits Expected to be Paid from Plans Assets

The following are benefits paid under the plans (including settlements) during Fiscal 2022, 2021, and 2020 and expected to be paid from Fiscal 2023 through Fiscal 2032. Estimated future payments include qualified pension benefits that will be paid from the plans’ assets and nonqualified pension benefits that will be paid from corporate assets (amounts in thousands):


Year	Pension Benefits
2020	$	348,561	*
2021	$	3,361	^
2022	$	2,440	+
Estimated Future Payments:
2023	$	3,541
2024	$	2,547
2025	$	2,239
2026	$	2,011
2027	$	2,018
2028 – 2032	$	8,519

* Includes $104.5 million and $0.4 million from Plan No. 1 and Plan No. 2, respectively, paid as lump sums.

^ Includes $1.7 million from Plan No. 2 paid as lump sums.

+ Includes $0.9 million from Plan No. 2 paid as lump sums.

Components of Net Periodic Benefit / (Income) Cost

The net periodic benefit (income) cost for the company’s postretirement benefit plans includes the following components for Fiscal 2022, 2021, and 2020 (amounts in thousands):


	Fiscal 2022			Fiscal 2021			Fiscal 2020
Service cost	$	214		$	337		$	285
Interest cost		112			119			194
Amortization:
Prior service credit		(237	)		(3	)		(4	)
Actuarial gain		(176	)		(211	)		(300	)
Total net periodic benefit (income) cost		(87	)		242			175
Other changes in plan assets and benefit obligations recognized in OCI:
Current year actuarial (gain) loss		(620	)		238			643
Current year prior service credit		—			(2,214	)		—
Amortization of actuarial gain		176			211			300
Amortization of prior service credit		237			3			4
Total recognized in OCI		(207	)		(1,762	)		947
Total recognized in net periodic (benefit) cost and OCI	$	(294	)	$	(1,520	)	$	1,122

Company Contributions

Company contributions to postretirement plans are as follows (amounts in thousands):


Year	Employer Net Contribution
2020	$	575
2021	$	931
2022	$	736
2023 (Expected)	$	471

Changes in Projected Benefit Obligations

The unfunded status and the amounts recognized in the Consolidated Balance Sheets for the company’s postretirement benefit plans are as follows (amounts in thousands):


	December 31, 2022			January 1, 2022
Change in benefit obligation:
Benefit obligation at beginning of year	$	5,572		$	8,023
Service cost		214			337
Interest cost		112			119
Participant contributions		392			453
Actuarial (gain) loss		(620	)		238
Plan amendments		—			(2,214	)
Benefits paid		(1,128	)		(1,384	)
Benefit obligation at end of year	$	4,542		$	5,572
Change in plan assets:
Fair value of plan assets at beginning of year	$	—		$	—
Employer contributions		736			931
Participant contributions		392			453
Benefits paid		(1,128	)		(1,384	)
Fair value of plan assets at end of year	$	—		$	—
Funded status, end of year:
Fair value of plan assets	$	—		$	—
Benefit obligations		(4,542	)		(5,572	)
Unfunded status and amount recognized at end of year	$	(4,542	)	$	(5,572	)
Amounts recognized in the balance sheet:
Current liability	$	(459	)	$	(547	)
Noncurrent liability		(4,083	)		(5,025	)
Amount recognized at end of year	$	(4,542	)	$	(5,572	)
Amounts recognized in AOCI:
Net actuarial gain before taxes	$	(1,730	)	$	(1,286	)
Prior service credit before taxes		(1,979	)		(2,216	)
Amounts recognized in AOCI	$	(3,709	)	$	(3,502	)