Employee Retirement Plans (Tables)

12 Months Ended

Jan. 03, 2026

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):


	2025				2024
	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-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 loss	51		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 obligations	1,321		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 contributions	1,186		(168)		1,244		(72)
Investment gain	2,368		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


	2025						2024
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-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 rate	5.2		%	5.6		%	5.4		%	5.5		%
Expected return on assets	6.0		%	5.9		%	6.0		%	5.9		%

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):


	Target Allocation		Percentage of Plan Assets
			2025		2024
U.S. Plans:
Equity	48.0	%	52.5	%	51.0	%
Fixed income	40.0		32.7		38.8
Money market	4.0		5.8		2.2
Other (real estate investment trusts & commodities contracts)	8.0		9.0		8.0
Total	100.0	%	100.0	%	100.0	%

Non-U.S. Plans:
Equity	16.8	%	13.2	%	7.3	%
Fixed income	75.6		86.6		94.6
Alternatives/Other	5.6		(14.7)		(17.8)
Real Estate	2.0		8.9		9.9
Cash and cash equivalents	—		6.0		6.0
Total	100.0	%	100.0	%	100.0	%

Pension Plans Fair Value Of Investments

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


	2025						2024
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Net Asset Value		Total		Quoted 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 Cap	3,733		3,733		—		3,805		3,805		—
Mid Cap	345		345		—		402		402		—
Small Cap	473		473		—		393		393		—
International	4,783		4,783		—		3,622		3,622		—

Fixed Income:
Government/Corporate	4,666		4,666		—		4,528		4,528		—
High Yield	670		670		—		1,143		1,143		—
Other	465		465		—		484		484		—

Alternative:
Global Real Estate Investment Trust	858		858		—		926		926		—
Commodities Contracts	752		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
	Total		Quoted 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:
UK	461		—		—		461
International:
Developed	122,872		120,448		—		2,424
Emerging	11,869		11,495		—		374
Unquoted/Private Equity	1,899		—		—		1,899
Fixed Income:
Government/Corporate:
UK	347,970		844		343,826		3,300
International	271,944		91,036		163,642		17,266
Index Linked	249,717		1,615		248,062		40
Other	526		—		—		526

Real Estate:
Direct	86,237		—		86,237		—
Indirect	2,119		—		—		2,119







Leveraged Loans	31,984		—		—		31,984
Alternative/Other	(188,216)		18,472		(207,389)		701
Total	$	1,000,218	$	296,381	$	634,378	$	69,459


	2024
	Total		Quoted 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:
UK	2,535		—		—		2,535
International:
Developed	55,623		—		—		55,623
Emerging	13,187		—		—		13,187
Unquoted/Private Equity	2,304		—		—		2,304
Fixed Income:
Government/Corporate:
UK	517,581		805		9,388		507,388
International	93,888		—		63,482		30,406
Index Linked	300,098		1,480		—		298,618
Other	315		—		—		315

Real Estate:
Direct	92,388		—		92,388		—
Indirect	3,150		—		—		3,150







Leveraged Loans	28,292		—		—		28,292
Alternative/Other	(227,273)		—		613		(227,886)
Total	$	946,168	$	9,547	$	211,605	$	725,016

Schedule of Expected Benefit Payments

Estimated future benefit payments under the plans are as follows (in thousands):


	U.S. Plans		Non-U.S. Plans
2026	$	1,946	$	63,420
2027	1,952		63,956
2028	1,961		64,270
2029	1,975		63,900
2030 through 2035	11,229		379,391