XML 32 R17.htm IDEA: XBRL DOCUMENT v3.25.4
Employee Retirement Plans
 12 Months Ended
Jan. 03, 2026
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 a defined benefit plan in the United Kingdom related to the Aga Rangemaster Group (the Aga Rangemaster Group Pension Scheme). Membership in the plan on a defined benefit basis was closed to new entrants in 2001.
The plan became open to new entrants on a defined contribution basis in 2002 but closed to new entrants during 2014. In December 2020, it was agreed that the Group Pension Scheme will be closed to future pension accruals effective April 5, 2021.
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 Sheets.
A summary of the plans’ net periodic pension cost, benefit obligations, funded status, and net balance sheet position is as follows (dollars in thousands):
20252024
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
Net Periodic Pension Cost/(Benefit):    
Interest cost$1,321 $47,206 $1,267 $43,330 
Expected return on assets(942)(56,794)(926)(61,613)
Amortization of net loss51 149 281 152 
Amortization of prior service cost— 2,715 — 2,637 
Total net periodic pension cost/(benefit)$430 $(6,724)$622 $(15,494)
Change in Benefit Obligation:    
Benefit obligation – beginning of year$25,581 $855,777 $27,659 $976,187 
Interest on benefit obligations1,321 47,206 1,267 43,330 
Actuarial (gain)/loss 289 (6,615)(1,598)(92,821)
Net benefit payments(1,793)(62,512)(1,747)(60,720)
Exchange effect— 59,918 — (10,199)
Benefit obligation – end of year$25,398 $893,774 $25,581 $855,777 
Change in Plan Assets:    
Plan assets at fair value – beginning of year$16,008 $946,168 $15,751 $1,013,914 
Company contributions1,186 (168)1,244 (72)
Investment gain2,368 50,235 760 4,660 
Benefit payments and plan expenses(1,793)(62,512)(1,747)(60,720)
Exchange effect— 66,495 — (11,614)
Plan assets at fair value – end of year$17,769 $1,000,218 $16,008 $946,168 
Funded Status$(7,629)$106,444 $(9,573)$90,391 
Amounts recognized in balance sheet at year end:    
Pension benefit assets/(accrued pension benefits)$(7,629)$106,444 $(9,573)$90,391 
20252024
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
Pre-tax components in accumulated other comprehensive loss at period end:    
Net actuarial (gain)/loss$(891)$62,335 $297 $61,082 
Pre-tax components recognized in other comprehensive income/(loss) for the period:
Current year actuarial (gain)/loss$(1,136)$688 $(1,432)$(36,035)
Actuarial (loss)/gain recognized(51)788 (281)(153)
Prior service cost recognized— (223)— (3,078)
Total amount recognized$(1,187)$1,253 $(1,713)$(39,266)
Accumulated Benefit Obligation$25,398 $893,774 $25,581 $855,777 
Assumed discount rate5.2 %5.6 %5.4 %5.5 %
Expected return on assets6.0 %5.9 %6.0 %5.9 %
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):
 Target AllocationPercentage of Plan Assets
 20252024
U.S. Plans:
Equity48.0 %52.5 %51.0 %
Fixed income40.0 32.7 38.8 
Money market4.0 5.8 2.2 
Other (real estate investment trusts & commodities contracts)8.0 9.0 8.0 
Total100.0 %100.0 %100.0 %
Non-U.S. Plans:
Equity16.8 %13.2 %7.3 %
Fixed income75.6 86.6 94.6 
Alternatives/Other5.6 (14.7)(17.8)
Real Estate2.0 8.9 9.9 
Cash and cash equivalents— 6.0 6.0 
Total100.0 %100.0 %100.0 %
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, by asset category, as of January 3, 2026 and December 28, 2024 (in thousands):    
U.S. Plans
20252024
TotalQuoted 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(1)
$1,024 $— $1,024 $414 $— $414 
Equity Securities:
Large Cap3,733 3,733 — 3,805 3,805 — 
Mid Cap345 345 — 402 402 — 
Small Cap473 473 — 393 393 — 
International4,783 4,783 — 3,622 3,622 — 
Fixed Income:  
Government/Corporate4,666 4,666 — 4,528 4,528 — 
High Yield670 670 — 1,143 1,143 — 
Other465 465 — 484 484 — 
Alternative:  
Global Real Estate Investment Trust858 858 — 926 926 — 
Commodities Contracts752 752 — 291 291 — 
Total$17,769 $16,745 $1,024 $16,008 $15,594 $414 
(1)Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.
Non-U.S. Plans
2025
TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Observable Inputs
(Level 2)		Net Asset Value
Cash and cash equivalents$60,836 $52,471 $— $8,365 
Equity Securities:
UK461 — — 461 
International:
Developed122,872 120,448 — 2,424 
Emerging11,869 11,495 — 374 
Unquoted/Private Equity1,899 — — 1,899 
Fixed Income:
Government/Corporate:
UK 347,970 844 343,826 3,300 
International271,944 91,036 163,642 17,266 
Index Linked249,717 1,615 248,062 40 
Other526 — — 526 
Real Estate:
Direct86,237 — 86,237 — 
Indirect2,119 — — 2,119 
Leveraged Loans31,984 — — 31,984 
Alternative/Other(188,216)18,472 (207,389)701 
Total$1,000,218 $296,381 $634,378 $69,459 
 
2024
TotalQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Observable Inputs
(Level 2)		Net Asset Value
Cash and cash equivalents$64,080 $7,262 $45,734 $11,084 
Equity Securities:
UK2,535 — — 2,535 
International:
Developed55,623 — — 55,623 
Emerging13,187 — — 13,187 
Unquoted/Private Equity2,304 — — 2,304 
Fixed Income:
Government/Corporate:
UK 517,581 805 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 — 
Indirect3,150 — — 3,150 
Leveraged Loans28,292 — — 28,292 
Alternative/Other(227,273)— 613 (227,886)
Total$946,168 $9,547 $211,605 $725,016 
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 (in thousands):
 U.S.
Plans		Non-U.S.
Plans
2026$1,946 $63,420 
20271,952 63,956 
20281,961 64,270 
20291,975 63,900 
2030 through 203511,229 379,391 
The contributions expected to be made in 2026 are $0.5 million for the U.S. Plans and nil for the Non-U.S. Plans.
(b)Defined Contribution Plans
As of January 3, 2026, 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.