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Benefit Plans (Tables)
 12 Months Ended
Dec. 30, 2023
Retirement Benefits [Abstract]  
Schedule of defined benefit plans disclosures
Benefit plan related information is as follows for the years 2023 and 2022:
 
(in thousands)
20232022
Change in benefit obligation:  
Benefit obligation at beginning of year$64,526 $86,570 
Service cost2,774 3,072 
Interest cost3,795 2,529 
Net actuarial loss (gain)4,312 (19,327)
Benefits paid from the plan assets(1,933)(1,474)
Benefits paid directly by the Company(2,035)(1,853)
Settlements(1,687)(1,565)
Acquisitions— 3,812 
Effect of exchange rate movements3,769 (5,839)
Plan amendment and other— (1,399)
Benefit obligation at end of year$73,521 $64,526 
Change in plan assets at fair value:
Fair value of plan assets at beginning of year$35,433 $48,325 
Actual gain (loss) on plan assets1,358 (9,217)
Employer contributions1,821 2,288 
Benefits paid from the plan assets(1,933)(1,474)
Settlements(463)— 
Acquisitions— — 
Effect of exchange rate movements1,480 (4,489)
Fair value of plan assets at end of year37,696 35,433 
Net amount unfunded status$(35,825)$(29,093)
Schedule of amounts recognized in balance sheet
Amounts recognized in the Consolidated Balance Sheets as of December 30, 2023 and December 31, 2022 consist of the following:
 
(in thousands)
20232022
Amounts recognized in the Consolidated Balance Sheets consist of:  
Noncurrent assets$79 $262 
Current benefit liability(1,482)(1,318)
Noncurrent benefit liability(34,422)(28,037)
Net liability recognized$(35,825)$(29,093)

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 30, 2023 and December 31, 2022 were as follows:

(in thousands)
20232022
Net actuarial loss (gain)$4,182 $(631)
Prior service cost1,440 1,496 
Total$5,622 $865 
Schedule of defined benefit plan amounts recognized in other comprehensive (loss) income
The pre-tax amounts recognized in other comprehensive (loss) income in 2023 and 2022 were as follows:
 20232022
(in thousands)
Amortization of: 
Prior service cost$94 $150 
Net actuarial (gain) loss(49)228 
Amount arising during the period:
Prior service cost— 1,399 
Net actuarial (loss) gain(4,202)9,899 
Net curtailment and settlement gain(266)(820)
Foreign currency adjustments(334)840 
Total$(4,757)$11,696 
Schedule of net benefit costs
The components of net periodic benefit costs for the fiscal years 2023, 2022, and 2021 are as follows: 
 
   
(in thousands)
202320222021
Components of net periodic benefit cost:   
Service cost$2,774 $3,072 $2,785 
Interest cost3,795 2,529 1,761 
Expected return on plan assets(1,879)(1,507)(1,458)
Amortization of prior service and net actuarial loss45 378 1,315 
Net periodic benefit cost4,735 4,472 4,403 
Net settlement (gain) loss(266)(820)19,855 
Total expense for the year$4,469 $3,652 $24,258 
Schedule of assumptions used
Weighted average assumptions used to determine net periodic benefit cost for the fiscal years 2023, 2022, and 2021 are as follows:

 202320222021
Discount rate5.8 %3.1 %1.2 %
Expected return on plan assets5.2 %3.3 %1.4 %
Compensation increase rate4.7 %4.8 %4.9 %
Weighted average assumptions used to determine benefit obligations as of December 30, 2023, December 31, 2022 and January 1, 2022 are as follows:
 
 202320222021
Discount rate5.6 %5.8 %3.1 %
Compensation increase rate4.8 %4.7 %4.8 %
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 30, 2023 and December 31, 2022:
 
(in thousands)
20232022
Projected benefit obligation$73,029 $42,676 
Fair value of plan assets37,124 13,650 
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 30, 2023 and December 31, 2022:
 
(in thousands)
20232022
Accumulated benefit obligation$53,400 $26,540 
Fair value of plan assets28,032 4,948 
Expected benefit payments to be paid to participants for the fiscal year ending are as follows:
(in thousands)Expected Benefit Payments
2024$3,678 
20254,359 
20264,303 
20274,399 
20285,291 
2029-2032 and thereafter34,525 
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
 20232022
Cash and cash equivalents, and other3 %13 %
Equity securities7 %14 %
Fixed income securities90 %73 %
 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 30, 2023:
 Fair Value Measurements Using  
(in thousands)
Level 1Level 2Level 3NAVTotal
Insurance contracts and other$— $— $133 $— $133 
Cash and cash equivalents310 933 — — 1,243 
Equities2,609 — — — 2,609 
Fixed income6,425 21,909 — 5,377 33,711 
Total pension plan assets$9,344 $22,842 $133 $5,377 $37,696 
 
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 
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 2023 and 2022 due to the following:
(in thousands)
Level 3
Balance at January 1, 2022$343 
Level 3 assets transferred in from Level 1 and 2 assets valued at NAV:
Settlements2 
Actual loss on plan assets3 
Foreign currency adjustments(20)
Balance at December 31, 2022$328 
Level 3 assets transferred in from Level 1 and 2 assets valued at NAV:
Employer contribution2 
Actual return on assets15 
Benefits paid from the plan assets(221)
Foreign currency adjustments9 
Balance at December 30, 2023$133