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Employee Retirement Plans (Tables)
12 Months Ended
Jan. 01, 2022
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures
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 2021Fiscal 2020
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
Net Periodic Pension Cost (Benefit):    
Service cost$— $773 $— $2,581 
Interest cost841 17,340 1,043 25,966 
Expected return on assets(1,029)(78,956)(999)(72,795)
Amortization of net loss1,118 12,741 763 3,449 
Amortization of prior service cost— 2,879 — 2,577 
Curtailment loss— — — 14,682 
 $930 $(45,223)$807 $(23,540)
Change in Benefit Obligation:    
Benefit obligation – beginning of year$38,897 $1,744,574 $35,395 $1,501,616 
Service cost— 773 — 2,581 
Prior service cost— — — 2,309 
Interest on benefit obligations841 17,340 1,043 25,966 
Member contributions— 81 — 312 
Actuarial (gain) loss(1,617)(135,475)4,146 186,945 
Net benefit payments(1,698)(65,138)(1,687)(62,878)
Curtailment loss— — — 14,682 
Exchange effect— (18,008)— 73,041 
Benefit obligation – end of year$36,423 $1,544,147 $38,897 $1,744,574 
Change in Plan Assets:    
Plan assets at fair value – beginning of year$17,455 $1,296,516 $16,744 $1,231,181 
Company contributions1,233 4,890 1,587 5,745 
Investment gain1,299 123,708 811 69,824 
Member contributions— 81 — 312 
Benefit payments and plan expenses(1,698)(65,138)(1,687)(62,878)
Exchange effect— (17,456)— 52,332 
Plan assets at fair value – end of year$18,289 $1,342,601 $17,455 $1,296,516 
Funded Status:    
Unfunded benefit obligation$(18,134)$(201,546)$(21,442)$(448,058)
Amounts recognized in balance sheet at year end:    
Accrued pension benefits$(18,134)$(201,546)$(21,442)$(448,058)
Fiscal 2021Fiscal 2020
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$7,419 $281,745 $10,424 $479,554 
Pre-tax components recognized in other comprehensive income for the period:
Current year actuarial (gain) loss$(1,887)$(181,518)$4,334 $211,494 
Actuarial loss recognized(1,118)(12,832)(763)(3,841)
Prior service cost— — — 3,335 
Prior service cost recognized— (3,457)— (1,550)
Total amount recognized$(3,005)$(197,807)$3,571 $209,438 
Accumulated Benefit Obligation$36,423 $1,544,117 $38,897 $1,744,536 
Salary growth raten/a0.8 %n/a0.8 %
Assumed discount rate2.6 %1.9 %2.2 %1.2 %
Expected return on assets6.0 %6.2 %6.0 %6.2 %
Schedule of Allocation of Plan Assets
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
  20212020
Equity48 %53 %48 %
Fixed income40 36 39 
Money market
Other (real estate investment trusts & commodities contracts)10 10 
 100 %100 %100 %

Non-U.S. Plans:
 Target AllocationPercentage of Plan Assets
  20212020
Equity17 %11 %12 %
Fixed income38 56 57 
Alternatives/Other32 15 15 
Real Estate13 15 13 
Cash and cash equivalents— 
 100 %100 %100 %
Pension Plans Fair Value Of Investments The following tables summarize the basis used to measure the pension plans’ assets at fair value as of January 1, 2022 and January 2, 2021 (in thousands):
     
U.S. Plans:
Fiscal 2021Fiscal 2020
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)$274 $— $274 $533 $— $533 
Equity Securities:  
Large Cap3,928 3,928 — 3,443 3,443 — 
Mid Cap413 413 — 407 407 — 
Small Cap424 424 — 489 489 — 
International4,918 4,918 — 4,198 4,198 — 
Fixed Income:  
Government/Corporate5,137 5,137 — 5,517 5,517 — 
High Yield1,383 1,383 — 1,211 1,211 — 
Alternative:  
Global Real Estate Investment Trust758 758 — 1,063 1,063 — 
Commodities Contracts1,054 1,054 — 594 594 — 
Total$18,289 $18,015 $274 $17,455 $16,922 $533 

(a)Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.
Non-U.S. Plans:
Fiscal 2021
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$51,780 $6,566 $5,092 $— $40,122 
Equity Securities:    
UK6,470 1,878 — — 4,592 
International:
Developed117,751 3,034 — — 114,717 
Emerging31,392 435 — — 30,957 
Unquoted/Private Equity2,195 — — 2,194 
Fixed Income:
Government/Corporate:
UK 259,833 15,471 — — 244,362 
International114,973 — — — 114,973 
Index Linked364,666 2,138 — — 362,528 
Other7,811 — — — 7,811 
Convertible Bonds185 — — — 185 
Real Estate:
Direct183,045 — 183,045 — — 
Indirect8,030 80 3,038 — 4,912 
Hedge Fund Strategy:
Equity Long/Short29,345 — — — 29,345 
Arbitrage & Event25,788 — — — 25,788 
Directional Trading & Fixed Income3,266 — — — 3,266 
Cash & Other196,930 — — — 196,930 
Direct Sourcing1,156 — — — 1,156 
Leveraged Loans30,224 — — — 30,224 
Alternative/Other(92,239)453 — — (92,692)
Total$1,342,601 $30,056 $191,175 $— $1,121,370 
 
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 — — 1,791 
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)— — (104,523)
Total$1,296,516 $34,227 $161,905 $— $1,100,384 
Schedule of Expected Benefit Payments
Estimated future benefit payments under the plans are as follows (dollars in thousands):
 
 U.S.
Plans
Non-U.S.
Plans
2022$1,798 $62,209 
20231,802 63,462 
20241,810 63,739 
20251,831 64,817 
2026 through 203111,597 388,203