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Employee Benefit Plans (Tables) - Pension Plans, Defined Benefit
12 Months Ended
Jan. 02, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Components of Net Periodic Benefit Cost (Credit) Net periodic pension cost for U.S. and non-U.S. plans included the following components for fiscal years ended:
 
January 2,
2022
January 3,
2021
December 29,
2019
(In thousands)
Service and administrative costs$5,174 $7,414 $6,598 
Interest cost9,440 12,876 16,546 
Expected return on plan assets(24,417)(21,786)(24,561)
Actuarial (gain) loss(19,514)20,291 27,134 
Curtailment gain— — (1,547)
Amortization of prior service credit— — (152)
Net periodic pension (credit) cost$(29,317)$18,795 $24,018 
Schedule of Net Funded Status
The following table sets forth the changes in the funded status of the principal U.S. pension plan and the principal non-U.S. pension plans and the amounts recognized in the Company’s consolidated balance sheets as of January 2, 2022 and January 3, 2021.
 
 January 2, 2022January 3, 2021
Non-U.S.U.S.Non-U.S.U.S.
(In thousands)
Actuarial present value of benefit obligations:
Accumulated benefit obligations$337,454 $299,826 $392,948 $317,679 
Change in benefit obligations:
Projected benefit obligations at beginning of year$395,339 $317,679 $341,455 $304,710 
Service and administrative costs4,924 250 5,314 2,100 
Interest cost2,632 6,808 3,991 8,885 
Benefits paid and plan expenses(15,299)(18,693)(15,823)(20,510)
Participants’ contributions— — 37 — 
Business acquisitions— — (120)— 
Actuarial (gains) losses(30,705)(6,218)35,910 22,494 
Effect of exchange rate changes(17,501)— 24,575 — 
Projected benefit obligations at end of year$339,390 $299,826 $395,339 $317,679 
Change in plan assets:
Fair value of plan assets at beginning of year$204,744 $268,686 $179,860 $254,450 
Actual return on plan assets(13,115)20,123 25,153 34,746 
Benefits paid and plan expenses(15,299)(18,693)(15,823)(20,510)
Employer’s contributions6,851 20,000 7,506 — 
Participants’ contributions— — 37 — 
Effect of exchange rate changes(1,992)— 8,011 — 
Fair value of plan assets at end of year$181,189 $290,116 $204,744 $268,686 
Net liabilities recognized in the consolidated balance sheets$(158,201)$(9,710)$(190,595)$(48,993)
Net amounts recognized in the consolidated balance sheets consist of:
Other assets$33,084 $— $36,295 $— 
Current liabilities(6,966)— (7,597)— 
Long-term liabilities(184,319)(9,710)(219,293)(48,993)
Net liabilities recognized in the consolidated balance sheets$(158,201)$(9,710)$(190,595)$(48,993)
Actuarial assumptions as of the year-end measurement date:
Discount rate1.41 %2.44 %0.92 %2.21 %
Rate of compensation increase2.78 %None2.78 %None
Actuarial assumptions used to determine net periodic pension cost during the year were as follows:
January 2, 2022January 3, 2021December 29, 2019
Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.
Discount rate0.92 %2.21 %1.34 %3.01 %2.07 %4.05 %
Rate of compensation increase2.78 %None3.36 %None3.48 %None
Expected rate of return on assets2.10 %7.25 %2.20 %7.25 %5.30 %7.25 %
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]
The following table provides a breakdown of the non-U.S. benefit obligations and fair value of assets for pension plans that have benefit obligations in excess of plan assets:
January 2,
2022
January 3,
2021
(In thousands)
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
Projected benefit obligations$191,285 $226,890 
Fair value of plan assets— — 
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Accumulated benefit obligations$189,349 $224,499 
Fair value of plan assets— — 
Schedule of Allocation of Plan Assets Assets of the defined benefit pension plans are primarily equity and debt securities. Asset allocations as of January 2, 2022 and January 3, 2021, and target asset allocations for fiscal year 2022 are as follows:
 Target AllocationPercentage of Plan Assets at
January 1, 2023January 2, 2022January 3, 2021
Asset CategoryNon-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.
Equity securities0-5%40-60%— %46 %— %45 %
Debt securities0-5%40-60%— %54 %88 %55 %
Other95-100%0-10%100 %— %12 %— %
Total100 %100 %100 %100 %100 %100 %
Schedule of Changes in Fair Value of Plan Assets
The fair value of the Company’s pension plan assets as of January 2, 2022 and January 3, 2021 by asset category, classified in the three levels of inputs described in Note 20 to the consolidated financial statements are as follows:
 
 Fair Value Measurements at January 2, 2022 Using:
Total Carrying
Value at
January 2, 2022
Quoted Prices in
Active Markets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable 
Inputs
(Level 3)
(In thousands)
Cash$22,241 $22,241 $— $— 
Equity securities:
U.S. large-cap91,601 91,601 — — 
International large-cap value29,803 29,803 — — 
Emerging markets growth12,603 12,603 — — 
Foreign real estate funds— — — — 
Fixed income securities:
Corporate and U.S. debt instruments133,727 41,725 92,002 — 
Short-term corporate bonds15,650 — 15,650 — 
Other types of investments:
Foreign liability driven instrument165,680 — — 165,680 
Total assets measured at fair value$471,305 $197,973 $107,652 $165,680 
 Fair Value Measurements at January 3, 2021 Using:
Total Carrying
Value at
January 3, 2021
Quoted Prices in
Active Markets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable 
Inputs
(Level 3)
(In thousands)
Cash$6,363 $6,363 $— $— 
Equity Securities:
U.S. large-cap78,234 78,234 — — 
International large-cap value28,315 28,315 — — 
Emerging markets growth13,594 13,594 — — 
Foreign real estate funds23,259 — — 23,259 
Fixed income securities:
Non-U.S. Treasury Securities106,315 — 106,315 — 
Corporate and U.S. debt instruments140,349 43,500 96,849 — 
Corporate bonds35,816 — 35,816 — 
High yield bond funds2,954 2,954 — — 
Other types of investments:
Non-U.S. government index linked bonds38,231 — 38,231 — 
Total assets measured at fair value$473,430 $172,960 $277,211 $23,259 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
A reconciliation of the beginning and ending Level 3 assets for fiscal years 2021, 2020 and 2019 is as follows:
 
 Fair Value Measurements Using
Significant Unobservable Inputs
(Level 3):
Foreign liability driven investmentForeign
Real Estate
Funds
Multi-strategy
Hedge
Funds
Total
(In thousands)
Balance at December 30, 2018$— $22,196 $16,934 $39,130 
Sales— — (15,586)(15,586)
Realized gains— — 4,175 4,175 
Unrealized gains (losses)— 492 (3,802)(3,310)
Balance at December 29, 2019— 22,688 1,721 24,409 
Sales— — (1,721)(1,721)
Unrealized gains— 571 — 571 
Balance at January 3, 2021— 23,259 — 23,259 
Sales— (23,115)— (23,115)
Realized losses— (226)— (226)
Realized gains— 82 — 82 
Purchases165,680 — — 165,680 
Balance at January 2, 2022$165,680 $— $— $165,680 
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows:
 
Non-U.S.U.S.
(In thousands)
2022$12,538 $19,419 
202312,791 19,459 
202413,461 19,427 
202513,504 19,368 
202613,898 19,184 
2027-203168,663 90,272