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Employee Retirement Plans
 12 Months Ended
Jan. 02, 2021
Retirement Benefits [Abstract]  
Employee Retirement Plans EMPLOYEE RETIREMENT PLANS
(a)Pension Plans
    
U.S. Plans:

The company maintains a non-contributory defined benefit plan for its union employees at the Elgin, Illinois facility. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2002, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2002 upon reaching retirement age.
 
The company maintains a non-contributory defined benefit plan for its employees at the Smithville, Tennessee facility. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 1, 2008, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 1, 2008 upon reaching retirement age.
 
The company also maintains a retirement benefit agreement with its former Chairman ("Chairman Plan"). The retirement benefits are based upon a percentage of the former Chairman’s final base salary.

Non-U.S. Plans:

The company maintains a defined benefit plan for its employees at the Wrexham, the United Kingdom facility. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2010 and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2010 upon reaching retirement age.

The company maintains several pension plans related to AGA and its subsidiaries (collectively, the "AGA Group"), the most significant being the Aga Rangemaster Group Pension Scheme in the United Kingdom.  Membership in the plan on a defined benefit basis of pension provision was closed to new entrants in 2001.  The plan became open to new entrants on a defined contribution basis of pension provision in 2002, but was generally closed to new entrants on this basis during 2014. In December 2020, it was agreed that the Group Pension Scheme will be closed to future pension accruals effective April 5, 2021 and as a result, a curtailment loss has been recognized in fiscal 2020.

The other, much smaller, defined benefit pension plans operating within the AGA Group cover employees in France and the United Kingdom.  All pension plan assets are held in separate trust funds although the net defined benefit pension obligations are included in the company's consolidated balance sheet.
A summary of the plans’ net periodic pension cost, benefit obligations, funded status, and net balance sheet position is as follows (dollars in thousands)
Fiscal 2020Fiscal 2019
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
Net Periodic Pension Cost (Benefit):    
Service cost$— $2,581 $— $2,457 
Interest cost1,043 25,966 1,253 33,490 
Expected return on assets(999)(72,795)(868)(67,542)
Amortization of net loss763 3,449 664 721 
Amortization of prior service cost— 2,577 — 2,560 
Curtailment loss— 14,682 — 865 
 $807 $(23,540)$1,049 $(27,449)
Change in Benefit Obligation:    
Benefit obligation – beginning of year$35,395 $1,501,616 $31,559 $1,377,575 
Service cost— 2,581 — 2,457 
Prior service cost— 2,309 — — 
Interest on benefit obligations1,043 25,966 1,253 33,490 
Member contributions— 312 — 313 
Actuarial loss4,146 186,945 4,173 102,377 
Net benefit payments(1,687)(62,878)(1,590)(62,355)
Curtailment loss— 14,682 — 865 
Exchange effect— 73,041 — 46,894 
Benefit obligation – end of year$38,897 $1,744,574 $35,395 $1,501,616 
Change in Plan Assets:    
Plan assets at fair value – beginning of year$16,744 $1,231,181 $14,634 $1,141,381 
Company contributions1,587 5,745 1,191 5,934 
Investment gain811 69,824 2,509 107,368 
Member contributions— 312 — 313 
Benefit payments and plan expenses(1,687)(62,878)(1,590)(62,355)
Exchange effect— 52,332 — 38,540 
Plan assets at fair value – end of year$17,455 $1,296,516 $16,744 $1,231,181 
Funded Status:    
Unfunded benefit obligation$(21,442)$(448,058)$(18,651)$(270,435)
Amounts recognized in balance sheet at year end:    
Accrued pension benefits$(21,442)$(448,058)$(18,651)$(270,435)
Fiscal 2020Fiscal 2019
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
Pre-tax components in accumulated other comprehensive income at period end:    
Net actuarial loss$10,424 $479,554 $6,853 $270,116 
Pre-tax components recognized in other comprehensive income for the period:
Current year actuarial loss$4,334 $211,494 $2,532 $69,228 
Actuarial loss recognized(763)(3,841)(664)(798)
Prior service cost— 3,335 — — 
Prior service cost recognized— (1,550)— (986)
Total amount recognized$3,571 $209,438 $1,868 $67,444 
Accumulated Benefit Obligation$38,897 $1,744,536 $35,395 $1,501,589 
Salary growth raten/a0.8 %n/a0.8 %
Assumed discount rate2.2 %1.2 %3.0 %2.0 %
Expected return on assets6.0 %6.2 %6.0 %6.2 %


The company has engaged non-affiliated third party professional investment advisors to assist the company in developing its investment policy and establishing asset allocations. The company's overall investment objective is to provide a return, that along with company contributions, is expected to meet future benefit payments. Investment policy is established in consideration of anticipated future timing of benefit payments under the plans. The anticipated duration of the investment and the potential for investment losses during that period are carefully weighed against the potential for appreciation when making investment decisions. The company routinely monitors the performance of investments made under the plans and reviews investment policy in consideration of changes made to the plans or expected changes in the timing of future benefit payments.
 
The assets of the plans were invested in the following classes of securities (none of which were securities of the company):
 
U.S. Plans:
 Target AllocationPercentage of Plan Assets
  20202019
Equity48 %48 %51 %
Fixed income40 39 37 
Money market4 3 2 
Other (real estate investment trusts & commodities contracts)8 10 10 
 100 %100 %100 %

Non-U.S. Plans:
 Target AllocationPercentage of Plan Assets
  20202019
Equity17 %12 %22 %
Fixed income38 57 39 
Alternatives/Other32 15 22 
Real Estate13 13 13 
Cash and cash equivalents— 3 4 
 100 %100 %100 %
 
In accordance with ASC 820 Fair Value Measurements and Disclosures, the company has measured its defined benefit pension plans at fair value. In accordance with ASU 2015-04, "Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets", the company has elected to measure the pension plan assets and obligations as of the calendar month end closest to the fiscal year end. The following tables summarize the basis used to measure the pension plans’ assets at fair value as of January 2, 2021and December 28, 2019 (in thousands):
     
U.S. Plans:
Fiscal 2020Fiscal 2019
Asset CategoryTotalQuoted Prices in Active Markets for Identical Assets (Level 1)Net Asset ValueTotalQuoted Prices in Active Markets for Identical Assets (Level 1)Net Asset Value
Short Term Investment Fund (a)$533 $— $533 $347 $— $347 
Equity Securities:  
Large Cap3,443 3,443 — 3,957 3,957 — 
Mid Cap407 407 — 417 417 — 
Small Cap489 489 — 418 418 — 
International4,198 4,198 — 3,657 3,657 — 
Fixed Income:  
Government/Corporate5,517 5,517 — 4,992 4,992 — 
High Yield1,211 1,211 — 1,260 1,260 — 
Alternative:  
Global Real Estate Investment Trust1,063 1,063 — 1,358 1,358 — 
Commodities Contracts594 594 — 338 338 — 
Total$17,455 $16,922 $533 $16,744 $16,397 $347 

(a)Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.
Non-U.S. Plans:
Fiscal 2020
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Net Asset Value
Cash and cash equivalents$36,537 $9,653 $832 $— $26,052 
Equity Securities:    
UK8,615 1,747 — — 6,868 
International:
Developed110,718 3,076 — — 107,642 
Emerging34,417 418 — — 33,999 
Unquoted/Private Equity1,792 1 — — 1,791 
Fixed Income:
Government/Corporate:
UK 264,703 16,330 — — 248,373 
International141,030 — — — 141,030 
Index Linked330,360 2,945 — — 327,415 
Other8,296 — — — 8,296 
Convertible Bonds214 — — — 214 
Real Estate:
Direct156,588 — 156,588 — — 
Indirect9,283 52 4,485 — 4,746 
Hedge Fund Strategy:
Equity Long/Short44,097 — — — 44,097 
Arbitrage & Event16,594 — — — 16,594 
Directional Trading & Fixed Income9,721 — — — 9,721 
Cash & Other196,952 — — — 196,952 
Direct Sourcing2,397 — — — 2,397 
Leveraged Loans28,720 — — — 28,720 
Alternative/Other(104,518)5 — — (104,523)
Total$1,296,516 $34,227 $161,905 $— $1,100,384 
 
Fiscal 2019
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Net Asset Value
Cash and cash equivalents$44,748 $18,142 $2,874 $— $23,732 
Equity Securities:    
UK101,922 88,830 — — 13,092 
International:
Developed165,709 13,170 — — 152,539 
Emerging11,653 650 — — 11,003 
Unquoted/Private Equity123 — — — 123 
Fixed Income:
Government/Corporate:
UK 189,513 14,245 2,867 — 172,401 
International86,208 — — — 86,208 
Index Linked189,463 2,085 — — 187,378 
Other6,367 — — — 6,367 
Convertible Bonds177 — — — 177 
Real Estate:
Direct154,494 — 154,494 — — 
Indirect8,155 137 7,603 — 415 
Hedge Fund Strategy:
Equity Long/Short21,683 — — — 21,683 
Arbitrage & Event29,284 — — — 29,284 
Directional Trading & Fixed Income9,361 — — — 9,361 
Cash & Other163,058 — — — 163,058 
Direct Sourcing2,269 — — — 2,269 
Leveraged Loans21,635 — — — 21,635 
Alternative/Other25,359 1 — — 25,358 
Total$1,231,181 $137,260 $167,838 $— $926,083 

The fair value of the Level 1 assets is based on observable, quoted market prices of the identical underlying security in an active market. The fair value of the Level 2 assets is primarily based on market observable inputs to quoted market prices, benchmark yields and broker/dealer quotes. Level 3 inputs, as applicable, represent unobservable inputs that reflect assumptions developed by management to measure assets at fair value.
 
The expected return on assets is developed in consideration of the anticipated duration of investment period for assets held by the plan, the allocation of assets in the plan, and the historical returns for plan assets.
 
Estimated future benefit payments under the plans are as follows (dollars in thousands):
 
 U.S.
Plans		Non-U.S.
Plans
2021$1,794 $64,476 
20221,789 64,905 
20231,792 65,805 
20241,807 65,551 
2025 through 203011,446 402,537 
 
Expected contributions to the U.S. Plans and Non-U.S. Plans to be made in 2021 are $0.6 million and $4.7 million, respectively.
 
(b)Defined Contribution Plans

As of January 2, 2021, the company maintained two separate defined contribution 401(k) savings plans covering all employees in the United States. These two plans separately cover the union employees at the Elgin, Illinois facility and all other remaining union and non-union employees in the United States. The company also maintained defined contribution plans for its UK based employees.