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Employee Benefit Plans (Tables)
 12 Months Ended
Jan. 02, 2022
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The tables presented below set forth the funded status of the Company’s significant foreign defined benefit plans and required disclosures in accordance with applicable accounting standards:
 
 Fiscal Year
 20212020
 (in thousands)
Change in benefit obligation:  
Benefit obligation, beginning of year$364,443 $314,841 
Service cost1,087 1,070 
Interest cost2,687 4,038 
Benefits and expenses paid(11,339)(12,041)
Actuarial loss (gain)(19,723)31,618 
Currency translation adjustment(12,747)24,917 
Benefit obligation, end of year$324,408 $364,443 
 
Change in plan assets:  
Plan assets, beginning of year$303,531 $266,450 
Actual return on assets(2,817)25,239 
Company contributions5,393 4,451 
Benefits paid(11,339)(12,041)
Currency translation adjustment(9,168)19,432 
Plan assets, end of year$285,600 $303,531 
 
Funded status $(38,808)$(60,912)
 
Amounts recognized in consolidated balance sheets:
   Other assets $10,975 $— 
   Current liabilities(1,049)(1,089)
   Other long-term liabilities, net of current portion(48,734)(59,823)
Under funded status at end of fiscal year$(38,808)$(60,912)
Amounts recognized in accumulated other comprehensive loss, after tax:  
Unrecognized actuarial loss$45,209 $58,257 
Unamortized prior service credits— — 
Total amount recognized$45,209 $58,257 
 
Accumulated benefit obligation$324,408 $364,443 
The following table summarizes this information as of January 2, 2022 and January 3, 2021. 
 End of Fiscal Year
 20212020
 (in thousands)
UK Plan  
Projected benefit obligation$181,997 $198,215 
Accumulated benefit obligation181,997 198,215 
Plan assets192,971 193,991 
 
Dutch Plan
  
Projected benefit obligation$97,108 $116,379 
Accumulated benefit obligation97,108 116,379 
Plan assets92,629 109,540 
 
nora Plan  
Projected benefit obligation$45,303 $49,849 
Accumulated benefit obligation45,303 49,849 
Plan assets— — 
The tables presented below set forth the required disclosures in accordance with applicable accounting standards, and amounts recognized in the consolidated financial statements related to the domestic SCP. There is no service cost component of the change in benefit obligation in 2021 and 2020 as there are no longer any participants accruing benefits in the plan.
 
 Fiscal Year
 20212020
 (in thousands)
Change in benefit obligation:  
Benefit obligation, beginning of year$33,834 $31,740 
Interest cost706 938 
Benefits paid(1,965)(2,030)
Actuarial loss (gain)(2,522)3,186 
Benefit obligation, end of year$30,053 $33,834 
Schedule of Net Periodic Benefit Cost
 Fiscal Year
 202120202019
 (in thousands)
Components of net periodic benefit cost:   
Service cost$1,087 $1,070 $1,589 
Interest cost2,687 4,038 5,676 
Expected return on plan assets(3,312)(4,256)(5,561)
Amortization of prior service cost114 106 63 
Amortization of net actuarial (gains) losses1,968 1,549 991 
Curtailment gain— — (453)
Net periodic benefit cost$2,544 $2,507 $2,305 
Schedule of Assumptions Used to Determine Net Periodic Benefit Cost
 Fiscal Year
 202120202019
Weighted average assumptions used to determine net periodic benefit cost:   
Discount rate0.9 %1.0 %1.9 %
Expected return on plan assets1.5 %1.2 %2.1 %
Rate of compensation— %— %1.75 %
Weighted average assumptions used to determine benefit obligations:   
Discount rate1.6 %1.0 %1.7 %
Rate of compensation— %— %1.75 %
The accumulated benefit obligation related to the SCP was $30.1 million and $33.8 million as of January 2, 2022 and January 3, 2021, respectively. The SCP is currently unfunded; as such, the benefit obligations disclosed are also the benefit obligations in excess of the plan assets. The Company uses insurance instruments to help limit its exposure under the SCP.

Fiscal Year
 202120202019
 (in thousands, except for assumptions)
Assumptions used to determine net periodic benefit cost:   
Discount rate2.15 %3.05 %4.10 %
 
Assumptions used to determine benefit obligations:   
Discount rate2.65 %2.15 %3.05 %
 
Components of net periodic benefit cost:   
Interest cost$706 $938 $1,154 
Amortizations743 558 375 
Net periodic benefit cost$1,449 $1,496 $1,529 
Schedule of Allocation of Plan Assets
The Company’s actual weighted average asset allocations for 2021 and 2020, and the targeted asset allocation for 2022, of the foreign defined benefit plans by asset category, are as follows:
 
 Fiscal Year
 202220212020
Asset CategoryTarget AllocationPercentage of Plan Assets at Year End
Equity securities—%—3%—%3%
Debt and debt securities50%—60%63%60%
Short-term investments1%—2%4%—%
Other investments35%—40%33%37%
 100%100%100%
As noted above, the Dutch Plan assets as represented by the insurance contract are classified as a level 3 asset and included in the “Other” asset category.
 Pension Plan Assets by Category as of January 2, 2022
 Dutch PlanUK PlanTotal
 (in thousands)
Level 1$— $57,338 $57,338 
Level 2— 107,136 107,136 
Level 392,629 28,497 121,126 
Total$92,629 $192,971 $285,600 
 
 Pension Plan Assets by Category as of January 3, 2021
 Dutch PlanUK PlanTotal
 (in thousands)
Level 1$— $70,904 $70,904 
Level 2— 95,004 95,004 
Level 3109,540 28,083 137,623 
Total$109,540 $193,991 $303,531 

The tables below detail the foreign defined benefit plans’ assets by asset allocation and fair value hierarchy:
 
 End of Fiscal Year 2021
Asset CategoryLevel 1Level 2Level 3
 (in thousands) 
Equity securities$— $— $— 
Debt and debt securities45,516 107,136 27,176 
Short-term investments (1)
11,822 — — 
Other investments (2)
— — 93,950 
 $57,338 $107,136 $121,126 
 
 End of Fiscal Year 2020
Asset CategoryLevel 1Level 2Level 3
 (in thousands)
Equity securities$9,113 $— $— 
Debt and debt securities60,699 95,004 25,927 
Short-term investments (1)
1,092 — — 
Other investments (2)
— — 111,696 
 $70,904 $95,004 $137,623 
 
(1) Short-term investments are generally invested in interest-bearing accounts.
(2) Other investments are comprised of insurance contracts.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The table below indicates the change in value related to these level 3 assets during 2021 and 2020:

Fiscal Year
 20212020
 (in thousands)
Balance of level 3 assets, beginning of year$137,623 $115,252 
Actual return on plan assets (1)
(10,189)6,767 
Purchases, sales and settlements, net440 437 
Assets transferred into level 3732 3,934 
Translation adjustment(7,480)11,233 
Balance of level 3 assets, end of year$121,126 $137,623 

(1) Includes $(6.6) million and $10.1 million for 2021 and 2020, respectively, of unrealized (losses) and gains recognized during the period in other comprehensive income (loss) for assets held at year end.
Schedule of Expected Future Benefit Payments
During 2022, the Company expects to contribute $4.1 million to the plans. It is anticipated that future benefit payments for the foreign defined benefit plans will be as follows:
 
Fiscal YearExpected Payments
 (in thousands)
2022$10,880 
202311,090 
202411,321 
202511,485 
202611,632 
2027-203160,632 
During 2021, the Company contributed $2.0 million in the form of direct benefit payments for its domestic SCP. It is anticipated that future benefit payments for the SCP will be as follows:
 
Fiscal YearExpected Payments
 (in thousands)
2022$1,873 
20231,873 
20241,873 
20251,873 
20261,873 
2027-20318,886 
Schedule of Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Loss
The amounts recognized in the consolidated balance sheets are as follows:
 
End of Fiscal Year
 20212020
 (in thousands)
Current liabilities$1,873 $2,030 
Non-current liabilities28,180 31,804 
Total benefit obligation$30,053 $33,834 
The components of the amounts in accumulated other comprehensive loss, after tax, are as follows:
 
Fiscal Year
 20212020
 (in thousands)
Unrecognized actuarial loss$8,679 $11,031