XML 64 R48.htm IDEA: XBRL DOCUMENT v3.20.4
Employee Benefit Plans (Tables)
 12 Months Ended
Jan. 02, 2021
Employee Benefit Plans [Abstract]  
Schedule of Net Funded Status The following table sets forth the plans’ funded status for the Company's domestic and foreign defined benefit plans and amounts recognized in the Company's Consolidated Balance Sheets based on the measurement date (December 31, 2020 and December 31, 2019) (in thousands):
    
 January 2,
2021		December 28,
2019
Change in projected benefit obligation:  
Projected benefit obligation at beginning of period$212,265 $190,666 
Service cost3,060 2,696 
Interest cost5,721 6,828 
Employee contributions360 368 
Plan combinations5,362 — 
Actuarial loss16,427 20,927 
Benefits paid(8,274)(8,120)
Effect of curtailment(747)(43)
Effect of settlement(2,208)(903)
Other4,011 (154)
Projected benefit obligation at end of period235,977 212,265 
Change in plan assets:  
Fair value of plan assets at beginning of period155,702 133,861 
Actual return on plan assets16,029 26,014 
Employer contributions11,460 4,343 
Employee contributions360 368 
Plan combinations4,537 — 
Benefits paid(8,274)(8,120)
Effect of settlement(2,208)(903)
Other1,372 139 
Fair value of plan assets at end of period178,978 155,702 
Funded status(56,999)(56,563)
Net amount recognized$(56,999)$(56,563)
Amounts recognized in the consolidated balance
   sheets consist of:		  
Current liability$(1,242)$(1,072)
Noncurrent liability(55,757)(55,491)
Net amount recognized$(56,999)$(56,563)
Amounts recognized in accumulated other
   comprehensive loss consist of:		  
Net actuarial loss$51,145 $45,062 
Prior service cost194 295 
Net amount recognized  (a)$51,339 $45,357 

(a)    Amounts do not include deferred taxes of $13.0 million and $11.4 million at January 2, 2021 and December 28, 2019, respectively.
Schedule of Accumulated and Projected Benefit Obligations
 January 2,
2021		December 28,
2019
Projected benefit obligation$235,977 $212,265 
Accumulated benefit obligation221,238 201,708 
Fair value of plan assets178,978 155,702 
Schedule of Defined Benefit Plans Disclosures
Net pension cost includes the following components (in thousands):
    
 January 2,
2021		December 28,
2019		December 29,
2018
Service cost$3,060 $2,696 $3,064 
Interest cost5,721 6,828 6,443 
Expected return on plan assets(8,161)(7,270)(8,226)
Net amortization and deferral3,438 4,605 3,578 
Curtailment(678)(33)(263)
Settlement(22)66 47 
Net pension cost$3,358 $6,892 $4,643 
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
Schedule of Assumptions Used
Weighted average assumptions used to determine benefit obligations were:
    
 January 2,
2021		December 28,
2019		December 29,
2018
Discount rate2.10%2.77%3.68%
Rate of compensation increase0.45%0.40%0.42%

Weighted average assumptions used to determine net periodic benefit cost for the employee benefit pension plans were:
        
 January 2,
2021		December 28,
2019		December 29,
2018
Discount rate2.13%3.33%2.30%
Rate of increase in future compensation levels0.41%0.42%0.36%
Expected long-term rate of return on assets5.92%6.13%6.13%
Schedule of Target Allocation of Plan Assets
Fixed Income
35% - 80%
Equities
20% - 65%
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets The following table presents fair value measurements for the Company's defined benefit plans’ assets as categorized using the fair value hierarchy under FASB authoritative guidance (in thousands):
TotalQuoted Prices in
Active Markets for
Identical Assets		Significant Other
Observable
Inputs		Significant
Unobservable
Inputs
(In thousands of dollars)Fair Value(Level 1)(Level 2)(Level 3)
Balances as  December 28, 2019    
Fixed Income:    
Long Term$16,154 $16,154 $— $— 
Short Term3,448 3,448 — — 
Equity Securities:    
Domestic equities52,420 52,420 — — 
International equities32,167 32,167 — — 
Insurance contracts10,266 — 5,792 4,474 
Total categorized in fair value hierarchy114,455 104,189 5,792 4,474 
Other investments measured at NAV41,247 
Totals$155,702 $104,189 $5,792 $4,474 
Balances as January 2, 2021    
Fixed Income:    
Long Term$20,082 $20,082 $— $— 
Short Term3,585 3,585 — — 
Equity Securities:    
Domestic equities55,454 55,454 — — 
International equities35,022 35,022 — — 
Insurance contracts14,337 — 11,088 3,249 
Total categorized in fair value hierarchy
128,480 114,143 11,088 3,249 
Other investments measured at NAV50,498 
Totals$178,978 $114,143 $11,088 $3,249 
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands): 

Year EndingPension Benefits
2021$11,947 
202210,528 
202310,953 
202412,035 
202512,938 
Years 2026 – 203066,317 
Multiemployer plans The following table provides more detail on these significant multiemployer plans (contributions in thousands):
Expiration
PensionEIN PensionPension Protection Act Zone StatusFIP/RP Status Pending/ContributionsDate of Collective Bargaining
FundPlan Number20202019Implemented202020192018Agreement
Western Conference of Teamsters Pension Plan91-6145047 / 001GreenGreenNo$1,429 $1,514 $1,505 April 2025 (b)
Central States, Southeast and Southwest Areas Pension Plan (a)36-6044243 / 001RedRedYes886 916 978 May 2023 (c)
All other multiemployer plans914 1,196 1,064 
Total Company Contributions$3,229 $3,626 $3,547 

(a)     In July 2005 this plan received a 10 year extension from the IRS for amortizing unfunded liabilities. In April 2016 the IRS approved a modification of the amortization extension.

(b)     The Company has several plants that participate in the Western Conference of Teamsters Pension Plan under collective bargaining agreements that require minimum funding contributions. Certain of these agreements have expired and are being renegotiated with others having expiration dates through April 1, 2025.

(c)     The Company has several processing plants that participate in the Central States, Southeast and Southwest Areas Pension Plan under collective bargaining agreements that require minimum funding contributions. The agreements have expiration dates through May 1, 2023.
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 due to the following:
Insurance
(in thousands of dollars)Contracts
Balance as of December 29, 2018$3,337 
Unrealized gains relating to instruments still held in the reporting period.
1,168 
Purchases, sales, and settlements— 
Exchange rate changes(31)
Balance as of December 28, 20194,474 
Unrealized gains relating to instruments still held in the reporting period.
400 
Purchases, sales, and settlements(1,956)
Exchange rate changes331 
Balance as of January 2, 2021$3,249