Employee Benefit Plans (Tables)

12 Months Ended

Dec. 30, 2023

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, 2023 and December 31, 2022) (in thousands):

    

	December 30, 2023		December 31, 2022
Change in projected benefit obligation:
Projected benefit obligation at beginning of period	$	167,546	$	225,808
Service cost	2,714		3,149
Interest cost	7,836		5,231
Employee contributions	340		353
Actuarial (gain)/loss	3,662		(52,490)
Benefits paid	(9,962)		(9,919)
Effect of settlement	(1,138)		(476)
Special termination benefit recognized	—		38
Other	1,356		(4,148)
Projected benefit obligation at end of period	172,354		167,546
Change in plan assets:
Fair value of plan assets at beginning of period	147,766		188,718
Actual return on plan assets	13,312		(33,841)
Employer contributions	4,254		5,570
Employee contributions	340		353
Benefits paid	(9,962)		(9,919)
Effect of settlement	(1,138)		(476)
Other	840		(2,639)
Fair value of plan assets at end of period	155,412		147,766
Funded status	(16,942)		(19,780)
Net amount recognized	$	(16,942)	$	(19,780)
Amounts recognized in the consolidated balance    sheets consist of:
Noncurrent assets	$	4,928	$	3,910
Current liability	(1,149)		(1,152)
Noncurrent liability	(20,721)		(22,538)
Net amount recognized	$	(16,942)	$	(19,780)
Amounts recognized in accumulated other    comprehensive loss consist of:
Net actuarial loss	$	19,432	$	22,176
Prior service cost	(501)		101
Net amount recognized  (a)	$	18,931	$	22,277

(a) Amounts do not include deferred taxes of $4.5 million and $5.6 million at December 30, 2023 and December 31, 2022, 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):

	December 30, 2023		December 31, 2022
Projected benefit obligation	$	110,719	$	110,039
Accumulated benefit obligation	108,262		107,807
Fair value of plan assets	88,939		86,441

Schedule of Defined Benefit Plans Disclosures

Net pension cost includes the following components (in thousands):

	December 30, 2023		December 31, 2022		January 1, 2022
Service cost	$	2,714	$	3,149	$	3,127
Interest cost	7,836		5,231		4,816
Expected return on plan assets	(7,958)		(8,604)		(9,287)
Net amortization and deferral	1,724		2,257		4,253
Settlement	(58)		(22)		210
Special termination benefit recognized	—		38		—
Net pension cost	$	4,258	$	2,049	$	3,119

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:

	December 30, 2023	December 31, 2022	January 1, 2022
Discount rate	4.62%	4.82%	2.40%
Rate of compensation increase	0.61%	0.55%	0.50%

Weighted average assumptions used to determine net periodic benefit cost for the employee benefit pension plans were:

	December 30, 2023	December 31, 2022	January 1, 2022
Discount rate	4.26%	0.68%	1.32%
Rate of increase in future compensation levels	0.57%	0.51%	0.52%
Expected long-term rate of return on assets	5.72%	4.75%	5.40%

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):

	Total		Quoted 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 December 31, 2022
Fixed Income:
Long Term	$	23,028	$	23,028	$	—	$	—
Short Term	4,539		4,539		—		—
Equity Securities:
Domestic equities	33,369		33,369		—		—
International equities	23,465		23,465		—		—
Insurance contracts	16,713		—		14,970		1,743
Total categorized in fair value hierarchy	101,114		84,401		14,970		1,743
Other investments measured at NAV	46,652
Totals	$	147,766	$	84,401	$	14,970	$	1,743
Balances as of December 30, 2023
Fixed Income:
Long Term	$	91,921	$	91,921	$	—	$	—
Short Term	3,374		3,374		—		—
Equity Securities:
Domestic equities	22,429		22,429		—		—
International equities	19,011		19,011		—		—
Insurance contracts	18,677		—		16,659		2,018
Total categorized in fair value hierarchy	155,412		136,735		16,659		2,018
Other investments measured at NAV	—
Totals	$	155,412	$	136,735	$	16,659	$	2,018

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands): 

Year Ending	Pension Benefits
2024	$	11,896
2025	11,312
2026	11,512
2027	13,274
2028	13,459
Years 2029 – 2033	64,076

Multiemployer plans

The following table provides more detail on these significant multiemployer plans (contributions in thousands):

											Expiration
Pension	EIN Pension	Pension Protection Act Zone Status		FIP/RP Status Pending/	Contributions						Date of Collective Bargaining
Fund	Plan Number	2023	2022	Implemented	2023		2022		2021		Agreement
Western Conference of Teamsters Pension Plan	91-6145047 / 001	Green	Green	No	$	1,443	$	1,516	$	1,294	January 2026 (b)
Central States, Southeast and Southwest Areas Pension Plan (a)	36-6044243 / 001	Green	Red	Yes	714		899		811		April 2026 (c)
All other multiemployer plans					1,476		1,035		1,107
		Total Company Contributions			$	3,633	$	3,450	$	3,212

(a)     As of its most recent public filing, the Central States, Southeast and Southwest Areas Pension Plan (Central States) was in the critical or red zone. In January 2023, however, the Pension Benefit Guaranty Corporation provided $35.8 billion in Special Financial Assistance (SFA) funds to Central States under the American Rescue Plan Act of 2021. Due to this SFA funding, Central States is projected to now have zone status of green.

(b)     The Company has several processing 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 January 1, 2026.

(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 negotiated with others having expiration dates through April 2, 2026.

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 January 1, 2022	$	2,982
Unrealized gains (losses) relating to instruments still held in the reporting period.	(1,055)
Purchases, sales, and settlements	—
Exchange rate changes	(184)
Balance as of December 31, 2022	1,743
Unrealized gains (losses) relating to instruments still held in the reporting period.	209
Purchases, sales, and settlements	—
Exchange rate changes	66
Balance as of December 30, 2023	$	2,018