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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of defined benefit plans disclosures
Benefit plan related information is as follows for the years 2022 and 2021:
 
(in thousands)
20222021
Change in benefit obligation:  
Benefit obligation at beginning of year$86,570 $148,992 
Service cost3,072 2,785 
Interest cost2,529 1,761 
Net actuarial gain(19,327)(11,016)
Benefits paid from the plan assets(1,474)(3,121)
Benefits paid directly by the Company(1,853)(2,692)
Settlements(1,565)(48,927)
Acquisitions3,812 1,797 
Effect of exchange rate movements(5,839)(3,218)
Plan amendment and other(1,399)209 
Benefit obligation at end of year$64,526 $86,570 
Change in plan assets at fair value:
Fair value of plan assets at beginning of year$48,325 $100,478 
Actual loss on plan assets(9,217)(2,824)
Employer contributions2,288 2,150 
Benefits paid from the plan assets(1,474)(3,121)
Settlements— (47,111)
Effect of exchange rate movements(4,489)(1,247)
Fair value of plan assets at end of year35,433 48,325 
Net amount unfunded status$(29,093)$(38,245)
Schedule of amounts recognized in balance sheet
Amounts recognized in the Consolidated Balance Sheets as of December 31, 2022 and January 1, 2022 consist of the following:
 
(in thousands)
20222021
Amounts recognized in the Consolidated Balance Sheets consist of:  
Noncurrent assets$262 $40 
Current benefit liability(1,318)(1,248)
Noncurrent benefit liability(28,037)(37,037)
Net liability recognized$(29,093)$(38,245)

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 December 31, 2022 and January 1, 2022 were as follows:
(in thousands)
20222021
Net actuarial (gain) loss$(631)$9,221 
Prior service cost1,496 3,340 
Total$865 $12,561 
Schedule of defined benefit plan amounts recognized in other comprehensive income (loss)
The pre-tax amounts recognized in other comprehensive income (loss) in 2022 and 2021 were as follows:
 20222021
(in thousands)
Amortization of: 
Prior service cost$150 $179 
Net actuarial loss228 1,136 
Amount arising during the period:
Prior service cost (credit)1,399 (209)
Net actuarial gain9,899 6,734 
Net settlement (gain) loss(820)19,855 
Foreign currency adjustments840 966 
Total$11,696 $28,661 
Schedule of net benefit costs
The components of net periodic benefit costs for the fiscal years 2022, 2021, and 2020 are as follows: 
 
   
(in thousands)
202220212020
Components of net periodic benefit cost:   
Service cost$3,072 $2,785 $2,462 
Interest cost2,529 1,761 2,173 
Expected return on plan assets(1,507)(1,458)(1,972)
Amortization of prior service and net actuarial loss378 1,315 963 
Net periodic benefit cost4,472 4,403 3,626 
Net settlement (gain) loss(820)19,855 236 
Total expense for the year$3,652 $24,258 $3,862 
Schedule of assumptions used
Weighted average assumptions used to determine net periodic benefit cost for the fiscal years 2022, 2021, and 2020 are as follows:

 202220212020
Discount rate3.1 %1.2 %2.3 %
Expected return on plan assets3.3 %1.4 %3.7 %
Compensation increase rate4.8 %4.9 %4.7 %
Weighted average assumptions used to determine benefit obligations as of December 31, 2022, January 1, 2022 and December 26, 2020 are as follows:
 
 202220212020
Discount rate5.8 %3.1 %1.2 %
Compensation increase rate4.7 %4.8 %4.9 %
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 December 31, 2022 and January 1, 2022:
 
(in thousands)
20222021
Projected benefit obligation$42,676 $86,228 
Fair value of plan assets13,650 47,942 
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 December 31, 2022 and January 1, 2022:
 
(in thousands)
20222021
Accumulated benefit obligation$26,540 $68,643 
Fair value of plan assets4,948 39,060 
Expected benefit payments to be paid to participants for the fiscal year ending are as follows:
(in thousands)Expected Benefit Payments
2023$4,155 
20243,334 
20253,869 
20264,053 
20274,286 
2028-2032 and thereafter30,645 
Schedule of allocation of plan assets Pension plan assets were invested as follows, and were not materially different from the target asset allocation: 
 Asset Allocation
 20222021
Cash and cash equivalents, and other13 %15 %
Equity securities14 %19 %
Fixed income securities73 %66 %
 100 %100 %
Schedule of pension plan assets measured at fair value
The following table presents the Company’s pension plan assets measured at fair value by classification within the fair value hierarchy as of December 31, 2022:
 Fair Value Measurements Using  
(in thousands)
Level 1Level 2Level 3NAVTotal
Insurance contracts and other$— $1,153 $328 $— $1,481 
Cash and cash equivalents594 2,475 — — 3,069 
Equities2,425 2,435 — — 4,860 
Fixed income5,930 14,940 — 5,153 26,023 
Total pension plan assets$8,949 $21,003 $328 $5,153 $35,433 
 
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 
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 2022 and 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 
Level 3 assets transferred in from Level 1 and 2 assets valued at NAV:
Employer contribution2 
Actual return on assets3 
Foreign currency adjustments(20)
Balance at December 31, 2022$328