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Employee Retirement Plans
 12 Months Ended
Dec. 28, 2024
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.

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 2024Fiscal 2023
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
Net Periodic Pension Cost (Benefit):    
Interest cost1,267 43,892 1,315 46,046 
Expected return on assets(926)(62,289)(873)(58,766)
Amortization of net loss281 204 420 186 
Amortization of prior service cost— 2,674 — 2,601 
 $622 $(15,519)$862 $(9,933)
Change in Benefit Obligation:    
Benefit obligation – beginning of year$27,659 $989,106 $27,550 $946,153 
Interest on benefit obligations1,267 43,892 1,315 46,046 
Actuarial (gain) loss (1,598)(94,002)539 1,970 
Net benefit payments(1,747)(61,506)(1,745)(59,018)
Exchange effect— (10,348)— 53,955 
Benefit obligation – end of year$25,581 $867,142 $27,659 $989,106 
Change in Plan Assets:    
Plan assets at fair value – beginning of year$15,751 $1,027,421 $14,998 $943,757 
Company contributions1,244 103 1,114 6,012 
Investment gain760 4,086 1,384 81,945 
Benefit payments and plan expenses(1,747)(61,506)(1,745)(59,018)
Exchange effect— (11,755)— 54,725 
Plan assets at fair value – end of year$16,008 $958,349 $15,751 $1,027,421 
Funded Status:    
Unfunded benefit obligation$(9,573)$91,207 $(11,908)$38,315 
Amounts recognized in balance sheet at year end:    
Accrued pension benefits$(9,573)$91,207 $(11,908)$38,315 
Fiscal 2024Fiscal 2023
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$297 $64,371 $2,011 $103,705 
Pre-tax components recognized in other comprehensive income for the period:
Current year actuarial (gain) loss$(1,432)$(36,008)$28 $(17,079)
Actuarial loss recognized(281)(205)(420)(150)
Prior service cost recognized— (3,121)— (360)
Total amount recognized$(1,713)$(39,334)$(392)$(17,589)
Accumulated Benefit Obligation$25,581 $867,119 $27,659 $989,081 
Salary growth raten/a0.8 %n/a0.8 %
Assumed discount rate5.4 %5.5 %4.8 %4.6 %
Expected return on assets6.0 %5.9 %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
  20242023
Equity48 %51 %43 %
Fixed income40 39 42 
Money market4 2 6 
Other (real estate investment trusts & commodities contracts)8 8 9 
 100 %100 %100 %

Non-U.S. Plans:
 Target AllocationPercentage of Plan Assets
  20242023
Equity17 %7 %11 %
Fixed income75 94 69 
Alternatives/Other6 (18)5 
Real Estate2 10 9 
Cash and cash equivalents— 7 6 
 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 December 28, 2024 and December 30, 2023 (in thousands):
     
U.S. Plans:
Fiscal 2024Fiscal 2023
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)$414 $— $414 $920 $— $920 
Equity Securities:
Large Cap3,805 3,805 — 2,862 2,862 — 
Mid Cap402 402 — 373 373 — 
Small Cap393 393 — 388 388 — 
International3,622 3,622 — 3,218 3,218 — 
Fixed Income:  
Government/Corporate4,528 4,528 — 4,776 4,776 — 
High Yield1,143 1,143 — 1,063 1,063 — 
Other484 484 — 705 705 — 
Alternative:  
Global Real Estate Investment Trust926 926 — 663 663 — 
Commodities Contracts291 291 — 783 783 — 
Total$16,008 $15,594 $414 $15,751 $14,831 $920 

(a)Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.
Non-U.S. Plans:
Fiscal 2024
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$64,699 $7,881 $45,734 $— $11,084 
Equity Securities:
UK3,511 976 — — 2,535 
International:
Developed57,153 1,531 — — 55,622 
Emerging13,390 203 — — 13,187 
Unquoted/Private Equity2,304 — — — 2,304 
Fixed Income:
Government/Corporate:
UK 526,394 9,618 9,388 — 507,388 
International93,888 — 63,482 — 30,406 
Index Linked300,098 1,480 — — 298,618 
Other315 — — — 315 
Real Estate:
Direct92,388 — 92,388 — — 
Indirect3,184 33 — — 3,151 
Leveraged Loans28,292 — — — 28,292 
Alternative/Other(227,267)— 613 — (227,880)
Total$958,349 $21,722 $211,605 $— $725,022 
 
Fiscal 2023
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$64,285 $10,175 $25,777 $— $28,333 
Equity Securities:
UK3,665 45 — — 3,620 
International:
Developed89,498 1,738 — — 87,760 
Emerging20,698 168 — — 20,530 
Unquoted/Private Equity282 — — — 282 
Fixed Income:
Government/Corporate:
UK 247,618 11,049 — — 236,569 
International133,279 — — — 133,279 
Index Linked322,408 2,088 — — 320,320 
Other3,222 — — — 3,222 
Convertible Bonds
Real Estate:
Direct91,993 — 91,993 — — 
Indirect1,768 37 — — 1,731 
Hedge Fund Strategy:
Equity Long/Short8,361 — — — 8,361 
Arbitrage & Event10,731 — — — 10,731 
Directional Trading & Fixed Income315 — — — 315 
Cash & Other162,812 — — — 162,812 
Direct Sourcing913 — — — 913 
Leveraged Loans14,475 — — — 14,475 
Alternative/Other(148,902)1,060 — — (149,962)
Total$1,027,421 $26,360 $117,770 $— $883,291 

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
2025$1,909 $60,123 
20261,929 60,248 
20271,941 60,734 
20281,952 61,009 
2029 through 203411,412 362,589 
 
The expected contributions to the U.S. Plans to be made in 2025 is $0.6 million. For the Non-U.S. Plans, the expected contribution is nil in 2025.
 
(b)Defined Contribution Plans

As of December 28, 2024, 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.