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Employee Benefit Plans (Tables)
12 Months Ended
Jan. 01, 2022
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, 2021 and December 31, 2020) (in thousands):
    
 January 1,
2022
January 2,
2021
Change in projected benefit obligation:  
Projected benefit obligation at beginning of period$235,977 $212,265 
Service cost3,127 3,060 
Interest cost4,816 5,721 
Employee contributions335 360 
Plan combinations5,783 5,362 
Plan amendments40 — 
Actuarial (gain) loss(9,031)16,427 
Benefits paid(9,801)(8,274)
Effect of curtailment— (747)
Effect of settlement(1,572)(2,208)
Other(3,866)4,011 
Projected benefit obligation at end of period225,808 235,977 
Change in plan assets:  
Fair value of plan assets at beginning of period178,978 155,702 
Actual return on plan assets13,139 16,029 
Employer contributions3,878 11,460 
Employee contributions335 360 
Plan combinations5,510 4,537 
Benefits paid(9,801)(8,274)
Effect of settlement(1,572)(2,208)
Other(1,749)1,372 
Fair value of plan assets at end of period188,718 178,978 
Funded status(37,090)(56,999)
Net amount recognized$(37,090)$(56,999)
Amounts recognized in the consolidated balance
   sheets consist of:
  
Noncurrent assets$114 $— 
Current liability(936)(1,242)
Noncurrent liability(36,268)(55,757)
Net amount recognized$(37,090)$(56,999)
Amounts recognized in accumulated other
   comprehensive loss consist of:
  
Net actuarial loss$34,304 $51,145 
Prior service cost176 194 
Net amount recognized  (a)$34,480 $51,339 

(a)    Amounts do not include deferred taxes of $8.8 million and $13.0 million at January 1, 2022 and January 2, 2021, respectively.
Schedule of Accumulated and Projected Benefit Obligations
Information for pension plans with accumulated benefit obligations in excess of plan assets is as follows (in thousands):
    
 January 1,
2022
January 2,
2021
Projected benefit obligation$182,644 $235,977 
Accumulated benefit obligation180,303 221,238 
Fair value of plan assets147,663 178,978 
Schedule of Defined Benefit Plans Disclosures
Net pension cost includes the following components (in thousands):
    
 January 1,
2022
January 2,
2021
December 28,
2019
Service cost$3,127 $3,060 $2,696 
Interest cost4,816 5,721 6,828 
Expected return on plan assets(9,287)(8,161)(7,270)
Net amortization and deferral4,253 3,438 4,605 
Curtailment— (678)(33)
Settlement210 (22)66 
Net pension cost$3,119 $3,358 $6,892 
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 1,
2022
January 2,
2021
December 28,
2019
Discount rate2.40%2.10%2.77%
Rate of compensation increase0.50%0.45%0.40%

Weighted average assumptions used to determine net periodic benefit cost for the employee benefit pension plans were:
        
 January 1,
2022
January 2,
2021
December 28,
2019
Discount rate1.32%2.13%3.33%
Rate of increase in future compensation levels0.52%0.41%0.42%
Expected long-term rate of return on assets5.40%5.92%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 of 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 hierarchy128,480 114,143 11,088 3,249 
Other investments measured at NAV50,498 
Totals$178,978 $114,143 $11,088 $3,249 
Balances as of January 1, 2022    
Fixed Income:    
Long Term$29,180 $29,180 $— $— 
Short Term3,951 3,951 — — 
Equity Securities:    
Domestic equities45,783 45,783 — — 
International equities31,549 31,549 — — 
Insurance contracts17,919 — 14,937 2,982 
Total categorized in fair value hierarchy
128,382 110,463 14,937 2,982 
Other investments measured at NAV60,336 
Totals$188,718 $110,463 $14,937 $2,982 
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
2022$11,219 
202310,715 
202411,797 
202512,948 
202612,634 
Years 2027 – 203166,930 
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 Number20212020Implemented202120202019Agreement
Western Conference of Teamsters Pension Plan91-6145047 / 001GreenGreenNo$1,294 $1,429 $1,514 April 2025 (b)
Central States, Southeast and Southwest Areas Pension Plan (a)36-6044243 / 001RedRedYes811 886 916 May 2023 (c)
All other multiemployer plans1,107 914 1,196 
Total Company Contributions$3,212 $3,229 $3,626 

(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. The agreements have 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. Certain of these agreements have expired and are being renegotiated with others having 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 28, 2019$4,474 
Unrealized gains (losses) relating to instruments still held in the reporting period.400 
Purchases, sales, and settlements(1,956)
Exchange rate changes331 
Balance as of January 2, 20213,249 
Unrealized gains (losses) relating to instruments still held in the reporting period.(16)
Purchases, sales, and settlements— 
Exchange rate changes(251)
Balance as of January 1, 2022$2,982