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Benefit Plans (Tables)
 12 Months Ended
Jan. 01, 2022
Retirement Benefits [Abstract]  
Schedule of defined benefit plans disclosures
Benefit plan related information is as follows for the years 2021 and 2020:
 
(in thousands)
20212020
Change in benefit obligation:  
Benefit obligation at beginning of year$148,992 $116,921 
Service cost2,785 2,462 
Interest cost1,761 2,173 
Net actuarial (gain) loss(11,016)25,306 
Benefits paid from the plan assets(3,121)(2,808)
Benefits paid directly by the Company(2,692)(2,302)
(Settlements) and Curtailments(48,927)102 
Acquisitions1,797 — 
Effect of exchange rate movements(3,218)7,462 
Plan amendment and other209 (324)
Benefit obligation at end of year$86,570 $148,992 
Change in plan assets at fair value:
Fair value of plan assets at beginning of year$100,478 $78,502 
Actual (loss) return on plan assets(2,824)7,053 
Employer contributions2,150 12,918 
Benefits paid from the plan assets(3,121)(2,808)
Settlements(47,111)— 
Effect of exchange rate movements(1,247)4,813 
Fair value of plan assets at end of year48,325 100,478 
Net amount unfunded status$(38,245)$(48,514)
Schedule of amounts recognized in balance sheet
Amounts recognized in the Consolidated Balance Sheets as of January 1, 2022 and December 26, 2020 consist of the following:
 
(in thousands)
20212020
Amounts recognized in the Consolidated Balance Sheets consist of:  
Noncurrent assets$40 $39 
Current benefit liability(1,248)(2,751)
Noncurrent benefit liability(37,037)(45,802)
Net liability recognized$(38,245)$(48,514)

The amounts included in accumulated other comprehensive loss in the Consolidated Balance Sheets, excluding tax effects, that have not yet been recognized as components of net periodic benefit costs as of January 1, 2022 and December 26, 2020 were as following:
(in thousands)
20212020
Net actuarial loss$9,221 $37,285 
Prior service cost3,340 3,937 
Total$12,561 $41,222 
Schedule of defined benefit plan amounts recognized in other comprehensive income (loss)
The pre-tax amounts recognized in other comprehensive income (loss) in 2021 were as follows:
  
(in thousands)
2021
Amortization of: 
Prior service cost$179 
Net actuarial loss1,136 
Amount arising during the period:
Prior service cost(209)
Net actuarial loss6,734 
Net settlement loss and accelerated prior service costs19,855 
Foreign currency adjustments966 
Total$28,661 
Schedule of net benefit costs
The components of net periodic benefits costs for the fiscal years 2021, 2020, and 2019 are as follows: 
 
   
(in thousands)
202120202019
Components of net periodic benefit cost:   
Service cost$2,785 $2,462 $2,040 
Interest cost1,761 2,173 3,169 
Expected return on plan assets(1,458)(1,972)(3,187)
Amortization of prior service and net actuarial loss1,315 963 243 
Net periodic benefit cost4,403 3,626 2,265 
Net settlement loss19,855 236 260 
Total expense for the year$24,258 $3,862 $2,525 
Schedule of assumptions used
Weighted average assumptions used to determine net periodic benefit cost for the fiscal years 2021, 2020, and 2019 are as follows:

 202120202019
Discount rate1.2 %2.3 %3.1 %
Expected return on plan assets1.4 %3.7 %4.5 %
Compensation increase rate4.9 %4.7 %4.6 %
Weighted average assumptions used to determine benefit obligations as of January 1, 2022, December 26, 2020 and December 28, 2019 are as follows:
 
 202120202019
Discount rate3.1 %1.2 %2.3 %
Compensation increase rate4.8 %4.9 %4.7 %
Schedule of net funded status
The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit obligations in excess of plan assets as of January 1, 2022 and December 26, 2020:
 
(in thousands)
20212020
Projected benefit obligation$86,228 $148,992 
Fair value of plan assets47,942 100,439 
Schedule of expected benefit payments
The following table provides a summary of under-funded or unfunded pension benefit plans with accumulated benefit obligations in excess of plan assets as of January 1, 2022 and December 26, 2020:
 
(in thousands)
20212020
Accumulated benefit obligation$68,643 $130,453 
Fair value of plan assets39,060 92,248 
Expected benefit payments to be paid to participants for the fiscal year ending are as follows:
(in thousands)Expected Benefit Payments
2022$3,514 
20233,652 
20243,561 
20254,068 
20264,320 
2027-2031 and thereafter26,449 
Schedule of allocation of plan assets Pension plan assets were invested as follows, and were not materially different from the target asset allocation: 
 Asset Allocation
 20212020
Cash and cash equivalents, and other15 %7 %
Equity securities19 %9 %
Fixed income securities66 %31 %
Bulk annuity contract— %53 %
 100 %100 %
Schedule of pension plan assets measured at fair value
The following table presents the Company’s pension plan assets measured at fair value by classification within the fair value hierarchy as of January 1, 2022:
 Fair Value Measurements Using  
(in thousands)
Level 1Level 2Level 3NAVTotal
Insurance contracts and other$— $1,917 $343 $— $2,260 
Cash and cash equivalents384 4,632 — — 5,016 
Equities2,559 6,604 — — 9,163 
Fixed income5,999 20,280 — 5,607 31,886 
Total pension plan assets$8,942 $33,433 $343 $5,607 $48,325 
 
The following table presents the Company’s pension plan assets measured at fair value by classification within the fair value hierarchy as of December 26, 2020:
 
 Fair Value Measurements Using  
(in thousands)
Level 1Level 2Level 3NAVTotal
Insurance contracts and other$— $1,880 $685 $— $2,565 
Cash and cash equivalents654 3,868 — — 4,522 
Equities1,719 6,904 — — 8,623 
Fixed income6,164 19,433 — 6,078 31,675 
Bulk annuity contract53,093 53,093 
Total pension plan assets$8,537 $32,085 $53,778 $6,078 $100,478 
Schedule of effect of significant unobservable inputs, changes in plan assets
The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2021 due to the following:
(in thousands)
Level 3
Balance at December 26, 2020$53,778 
Level 3 assets transferred in from Level 1 and 2 assets valued at NAV:
Settlements(47,111)
Actual loss on plan assets(4,943)
Benefits paid from the plan assets(1,238)
Foreign currency adjustments(143)
Balance at January 1, 2022$343