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Employee Benefit Plans
 12 Months Ended
Dec. 30, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Employee Benefit Plans
10. Employee Benefit Plans
The Company has a qualified profit-sharing retirement savings plan (401(k) plan) covering eligible employees. The 401(k) plan provides a matching contribution equal to 100% of the first 3% of compensation and 50% of the next 2% of compensation deposited by an employee into the 401(k) plan. During fiscal 2021, fiscal 2020 and fiscal 2019, the first 2% of the matching contribution was made with the Company’s common stock. Retirement savings plan expense was $1,696, $1,718 and $2,311 for fiscal 2021, fiscal 2020 and fiscal 2019, respectively.
The Company also sponsors unfunded, nonqualified, defined-benefit and deferred compensation plans. The Company’s unfunded, nonqualified retirement plan includes two components. The first component is a defined-benefit plan that applies to certain participants. The second component applies to all other participants and provides an account-based supplemental retirement benefit.
The Company recognizes actuarial losses and prior service costs related to its defined benefit plan in the consolidated balance sheets and recognizes changes in these amounts in the year in which changes occur through comprehensive income.
The status of the Company’s unfunded nonqualified, defined-benefit and account-based retirement plan based on the respective December 30, 2021 and December 31, 2020 measurement dates is as follows:
December 30,
2021		December 31,
2020
Change in benefit obligation:  
Benefit obligation at beginning of period$48,604 $43,824 
Service cost1,122 1,095 
Interest cost1,201 1,371 
Actuarial (gain) loss(2,630)3,806 
Benefits paid(1,470)(1,492)
Benefit obligation at end of year$46,827 $48,604 
Amounts recognized in the statement of financial position consist of:
Current accrued benefit liability (included in Other accrued liabilities)$(1,674)$(1,401)
Noncurrent accrued benefit liability (included in Other long-term obligations)(45,153)(47,203)
Total$(46,827)$(48,604)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss$15,120 $19,125 
Prior service credit(323)(387)
Total$14,797 $18,738 
Year Ended
December 30, 2021December 31, 2020December 26, 2019
Net periodic pension cost:   
Service cost$1,122 $1,095 $833 
Interest cost1,201 1,371 1,485 
Net amortization of prior service cost and actuarial loss1,311 990 436 
$3,634 $3,456 $2,754 
The $10,935 loss, net of tax, included in accumulated other comprehensive loss at December 30, 2021, consists of the $11,174 net actuarial loss, net of tax, and the $239 unrecognized prior service credit, net of tax, which have not yet been recognized in the net periodic benefit cost. The $13,847 loss, net of tax, included in accumulated other comprehensive loss at December 31, 2020, consists of the $14,133 net actuarial loss, net of tax, and the $286 unrecognized prior service credit, net of tax, which have not yet been recognized in the net periodic benefit cost.
The accumulated benefit obligation was $42,853 and $43,548 as of December 30, 2021 and December 31, 2020, respectively.
The pre-tax change in the benefit obligation recognized in other comprehensive loss was as follows:
Year Ended
December 30, 2021December 31, 2020
(in thousands)
Net actuarial (gain) loss$(2,630)3,806
Amortization of the net actuarial loss(1,375)(1,055)
Amortization of the prior year service credit6464
Total$(3,941)2,815
The weighted-average assumptions used to determine the benefit obligations as of the measurement dates were as follows:
December 30, 2021December 31, 2020
Discount rate
2.85%
2.45%
Rate of compensation increase
4.00%
4.00%
The weighted-average assumptions used to determine net periodic benefit cost were as follows:
Year Ended
December 30, 2021December 31, 2020December 26, 2019
Discount rate
2.45%
3.10%
4.15%
Rate of compensation increase
4.00%
4.00%
4.00%
Benefit payments expected to be paid subsequent to December 30, 2021, are as follows:
Fiscal Year
2022$1,697 
20231,759 
20241,975 
20252,204 
20262,357 
Years 2026 – 203015,043