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Benefit Plans (Tables)
 12 Months Ended
Dec. 28, 2024
Retirement Benefits [Abstract]  
Schedule of defined benefit plans disclosures
Benefit plan related information is as follows for the years 2024 and 2023:
 
(in thousands)
20242023
Change in benefit obligation:  
Benefit obligation at beginning of year$73,521 $64,526 
Service cost3,060 2,774 
Interest cost3,873 3,795 
Net actuarial loss501 4,312 
Benefits paid from the plan assets(2,037)(1,933)
Benefits paid directly by the Company(2,042)(2,035)
Settlements(1,248)(1,687)
Effect of exchange rate movements(4,946)3,769 
Benefit obligation at end of year$70,682 $73,521 
Change in plan assets at fair value:
Fair value of plan assets at beginning of year$37,696 $35,433 
Actual (loss) gain on plan assets(529)1,358 
Employer contributions5,376 1,821 
Benefits paid from the plan assets(2,037)(1,933)
Settlements— (463)
Effect of exchange rate movements(1,168)1,480 
Fair value of plan assets at end of year39,338 37,696 
Net amount unfunded status$(31,344)$(35,825)
Schedule of amounts recognized in balance sheet
Amounts recognized in the Consolidated Balance Sheets as of December 28, 2024 and December 30, 2023 consist of the following:
 
(in thousands)
20242023
Amounts recognized in the Consolidated Balance Sheets consist of:  
Non-current assets$6 $79 
Current benefit liability(1,514)(1,482)
Non-current benefit liability(29,836)(34,422)
Net liability recognized$(31,344)$(35,825)

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 28, 2024 and December 30, 2023 were as follows:

(in thousands)
20242023
Net actuarial loss$6,679 $4,182 
Prior service cost1,304 1,440 
Total$7,983 $5,622 
Schedule of defined benefit plan amounts recognized in other comprehensive (loss) income
The pre-tax amounts recognized in other comprehensive (loss) income in 2024 and 2023 were as follows:
 20242023
(in thousands)
Amortization of: 
Prior service cost$93 $94 
Net actuarial loss (gain)81 (49)
Amount arising during the period:
Net actuarial loss(3,099)(4,202)
Net curtailment and settlement loss (gain)299 (266)
Foreign currency adjustments265 (334)
Total$(2,361)$(4,757)
Schedule of net benefit costs
The components of net periodic benefit costs for the fiscal years 2024, 2023, and 2022 are as follows: 
 
   
(in thousands)
202420232022
Components of net periodic benefit cost:   
Service cost$3,060 $2,774 $3,072 
Interest cost3,873 3,795 2,529 
Expected return on plan assets(2,069)(1,879)(1,507)
Amortization of prior service and net actuarial loss174 45 378 
Net periodic benefit cost5,038 4,735 4,472 
Net settlement loss (gain)299 (266)(820)
Total expense for the year$5,337 $4,469 $3,652 
Schedule of assumptions used
Weighted average assumptions used to determine net periodic benefit cost for the fiscal years 2024, 2023, and 2022 are as follows:

 202420232022
Discount rate5.6 %5.8 %3.1 %
Expected return on plan assets5.5 %5.2 %3.3 %
Compensation increase rate4.8 %4.7 %4.8 %
Weighted average assumptions used to determine benefit obligations as of December 28, 2024, December 30, 2023 and December 31, 2022 are as follows:
 
 202420232022
Discount rate5.6 %5.6 %5.8 %
Compensation increase rate4.8 %4.8 %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 December 28, 2024 and December 30, 2023:
 
(in thousands)
20242023
Projected benefit obligation$47,016 $73,029 
Fair value of plan assets15,666 37,124 
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 28, 2024 and December 30, 2023:
 
(in thousands)
20242023
Accumulated benefit obligation$28,028 $53,400 
Fair value of plan assets5,419 28,032 
Expected benefit payments to be paid to participants for the fiscal year ending are as follows:
(in thousands)Expected Benefit Payments
2025$4,149 
20264,054 
20274,037 
20284,791 
20295,368 
2030-2034 and thereafter34,181 
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
 20242023
Cash and cash equivalents, and other1 %3 %
Equity securities7 %7 %
Fixed income securities32 %90 %
Bulk annuity contract60 %— %
 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 28, 2024:
 Fair Value Measurements Using
(in thousands)
Level 1Level 2Level 3NAVTotal
Insurance contracts and other$— $— $131 $— $131 
Cash and cash equivalents422 — — — 422 
Equities2,921 — — — 2,921 
Fixed income7,224 — — 5,198 12,422 
Bulk annuity contract— — 23,442 — 23,442 
Total pension plan assets$10,567 $— $23,573 $5,198 $39,338 
 
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 
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 2024 and 2023 due to the following:
(in thousands)
Level 3
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 
Level 3 assets transferred in from Level 1 and 2 assets valued at NAV:
Bulk annuity contract added during the year23,442 
Employer contribution2 
Actual return on assets4 
Foreign currency adjustments(8)
Balance at December 28, 2024$23,573