Employee Benefit Plans

12 Months Ended

Dec. 25, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

We maintain defined contribution plans and defined benefit plans which cover a substantial number of employees.

Defined Contribution Plans

Eligible employees can elect to contribute up to 25% of their compensation to our 401(k) plan. Effective January 1, 2016, the plan was amended and restated to incorporate Safe Harbor Plan design features which included changes to participant eligibility, company contribution amounts and vesting. As a result, we match up to a maximum of 4% of compensation deferred by the participant.

In addition, a non-qualified deferred compensation plan is offered to certain employees. This plan allows participants to defer up to 50% of annual salary and up to 75% of bonuses and incentive compensation awards, on a pre-tax basis. There are no matching contributions made under this plan. 

We made total contributions of $2.0 million, $1.8 million and $1.7 million for 2024, 2023 and 2022, respectively, under these plans.

Defined Benefit Plans

Benefits under our defined benefit plans are based upon each employee’s years of service and average salary. The following table provides a reconciliation of the changes in the benefit obligations, plan assets, and funded status of our defined benefit plans:

	December 25, 2024		December 27, 2023
	(In thousands)
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	1,078	$	1,606
Interest cost	31		53
Actuarial gain	(83)		(29)
Benefits paid	(106)		(131)
Settlements	(430)		(421)
Benefit obligation at end of year	$	490	$	1,078
Accumulated benefit obligation	$	490	$	1,078
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	—	$	—
Employer contributions	536		552
Benefits paid	(106)		(131)
Settlements	(430)		(421)
Fair value of plan assets at end of year	$	—	$	—
Unfunded status at end of year	$	(490)	$	(1,078)
Amounts recognized on the balance sheet:
Other current liabilities	$	(105)	$	(582)
Other noncurrent liabilities	(385)		(496)
Net amount recognized	$	(490)	$	(1,078)
Amounts in accumulated other comprehensive loss not yet reflected in net period benefit cost:
Unamortized actuarial losses, net	$	(277)	$	(449)
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive loss, net:
Benefit obligation actuarial gain (loss)	$	83	$	(98)
Amortization of net loss	63		56
Settlement loss recognized	26		35
Plan closure loss	—		74
Other comprehensive income	$	172	$	67

The components of net periodic benefit cost, which are included in general and administrative expenses in our Consolidated Statements of Income, were as follows:

	Fiscal Year Ended
	December 25, 2024		December 27, 2023		December 28, 2022
	(In thousands)
Interest cost	$	31	$	53	$	36
Amortization of net loss	63		56		123
Settlement loss recognized	26		35		74
Plan experience gain	—		(53)		—
Net periodic benefit cost	$	120	$	91	$	233

Assumptions

The discount rates used to determine the benefit obligations as of December 25, 2024 and December 27, 2023 were 5.08% and 4.93%, respectively. The discount rates used to determine net period pension costs for 2024, 2023 and 2022 were 4.93%, 5.26% and 1.99%, respectively.

In determining the discount rates, we have considered long-term bond indices of bonds having similar timing and amounts of cash flows as our estimated defined benefit payments. We use a yield curve based on high quality, long-term corporate bonds to calculate the single equivalent discount rate that results in the same present value as the sum of each of the plan’s estimated benefit payments discounted at their respective spot rates.

Contributions and Expected Future Benefit Payments

We made contributions of $0.5 million and $0.6 million to our defined benefit plans during the years ended December 25, 2024 and December 27, 2023, respectively. We expect to contribute $0.1 million to our defined benefit plans during 2025.

Benefits expected to be paid for each of the next five years and in the aggregate for the five fiscal years from 2030 through 2034 are as follows:

	Defined Benefit Plans
	(In thousands)
2025	$	105
2026	107
2027	78
2028	67
2029	117
2030 though 2034	116