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Employee Benefit Plans
 12 Months Ended
Dec. 29, 2022
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 2022, fiscal 2021 and fiscal 2020, the first 2% of the matching contribution was made with the Company’s common stock. Retirement savings plan expense was $2,233, $1,696 and $1,718 for fiscal 2022, fiscal 2021 and fiscal 2020, 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 29, 2022 and December 30, 2021 measurement dates is as follows:
December 29,
2022		December 30,
2021
Change in benefit obligation:  
Benefit obligation at beginning of period$46,827 $48,604 
Service cost1,055 1,122 
Interest cost1,341 1,201 
Actuarial gain(11,368)(2,630)
Benefits paid(1,531)(1,470)
Benefit obligation at end of year$36,324 $46,827 
Amounts recognized in the statement of financial position consist of:
Current accrued benefit liability (included in Other accrued liabilities)$(1,890)$(1,674)
Noncurrent accrued benefit liability (included in Other long-term obligations)(34,434)(45,153)
Total$(36,324)$(46,827)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss$2,660 $15,120 
Prior service credit(260)(323)
Total$2,400 $14,797 
Year Ended
December 29, 2022December 30, 2021December 31, 2020
Net periodic pension cost:   
Service cost$1,055 $1,122 $1,095 
Interest cost1,341 1,201 1,371 
Net amortization of prior service cost and actuarial loss1,028 1,311 990 
$3,424 $3,634 $3,456 
The $1,774 loss, net of tax, included in accumulated other comprehensive loss at December 29, 2022, consists of the $1,966 net actuarial loss, net of tax, and the $192 unrecognized prior service credit, net of tax, which have not yet been recognized in the net periodic benefit cost. 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 accumulated benefit obligation was $33,719 and $42,835 as of December 29, 2022 and December 30, 2021, respectively.
The pre-tax change in the benefit obligation recognized in other comprehensive loss was as follows:
Year Ended
December 29, 2022December 30, 2021
(in thousands)
Net actuarial (gain) loss$(11,368)(2,630)
Amortization of the net actuarial loss(1,092)(1,375)
Amortization of the prior year service credit6364
Total$(12,397)(3,941)
The weighted-average assumptions used to determine the benefit obligations as of the measurement dates were as follows:
December 29, 2022December 30, 2021
Discount rate
5.05%
2.85%
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 29, 2022December 30, 2021December 31, 2020
Discount rate
2.85%
2.45%
3.10%
Rate of compensation increase
4.00%
4.00%
4.00%
Benefit payments expected to be paid subsequent to December 29, 2022, are as follows:
Fiscal Year
2023$1,938 
20242,002 
20252,219 
20262,358 
20272,348 
Years 2028 – 203215,409