Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2022

Changes in Company's Assets and Related Obligations for its Pension Plans

The following summarizes the status of and changes in the Company’s assets and related obligations for its pension plans (which include the Company’s defined benefit pension plans and the SERP) for the fiscal years 2022 and 2021:


	Fiscal Year
(In millions)	2022		2021
Change in projected benefit obligations:
Projected benefit obligations at beginning of the year	$	434.3	$	455.8
Service cost pertaining to benefits earned during the year	5.3		6.9
Interest cost on projected benefit obligations	13.2		12.8
Actuarial gains	(107.8)		(26.6)
Benefits paid to plan participants	(16.8)		(14.6)


Projected benefit obligations at end of the year	$	328.2	$	434.3
Change in fair value of pension assets:
Fair value of pension assets at beginning of the year	$	323.0	$	305.0
Actual return (loss) on plan assets	(58.7)		30.1

Company contributions - SERP	3.8		2.5
Benefits paid to plan participants	(16.7)		(14.6)

Fair value of pension assets at end of the year	$	251.4	$	323.0
Funded status	$	(76.8)	$	(111.3)
Amounts recognized in the consolidated balance sheets:

Current liabilities	$	(3.9)	$	(3.9)
Accrued pension liabilities	(72.9)		(107.4)
Net amount recognized	$	(76.8)	$	(111.3)
Funded status of pension plans and SERP (supplemental):
Funded status of qualified defined benefit plans and SERP	$	(76.8)	$	(111.3)
Nonqualified trust assets (cash surrender value of life insurance) recorded in other assets and intended to satisfy the projected benefit obligation of unfunded SERP obligations	38.8		38.0
Net funded status of pension plans and SERP (supplemental)	$	(38.0)	$	(73.3)

Summary of Net Pension and Serp Expense Recognized

The following is a summary of net pension and SERP expense recognized by the Company:


	Fiscal Year
(In millions)	2022		2021		2020
Service cost pertaining to benefits earned during the year	$	5.3	$	6.9	$	6.4
Interest cost on projected benefit obligations	13.2		12.8		14.2
Expected return on pension assets	(20.5)		(19.5)		(18.7)
Net amortization loss	11.3		13.8		6.6

Net pension expense	$	9.3	$	14.0	$	8.5
Less: SERP expense	3.8		5.7		5.2
Qualified defined benefit pension plans expense	$	5.5	$	8.3	$	3.3

Weighted-Average Assumptions used to Determine Benefit Obligations and Net Periodic Benefit Cost

The weighted-average actuarial assumptions used to determine the benefit obligation amounts and the net periodic benefit cost for the Company’s pension and post-retirement plans are as follows:


	Fiscal Year
	2022	2021
Weighted-average assumptions used to determine benefit obligations at fiscal year-end:
Discount rate	5.56%	3.09%
Rate of compensation increase - pension	4.13%	4.18%
Rate of compensation increase - SERP	7.00%	7.00%
Weighted average assumptions used to determine net periodic benefit cost for the years ended:
Discount rate	3.09%	2.85%
Expected long-term rate of return on plan assets	6.87%	6.75%
Rate of compensation increase - pension	4.18%	4.18%
Rate of compensation increase - SERP	7.00%	7.00%

Pension Plan Assets

The Company’s asset allocations by asset category and fair value measurement are as follows:


	December 31, 2022					January 1, 2022
(In millions)	Total			% of Total		Total			% of Total
Equity securities	$	112.2	1	44.7	%	$	181.3	1	56.1	%
Fixed income securities	90.0		1	35.8	%	118.9		1	36.8	%
Real Estate	—		1	—	%	19.9		1	6.2	%
Cash	46.6			18.5	%	—			—	%
Other	2.6		2	1.0	%	2.9		2	0.9	%
Fair value of plan assets	$	251.4		100.0	%	$	323.0		100.0	%

1In accordance with ASC 820, Fair Value Measurement (“ASC 820”), certain investments are measured at fair value using the net asset value per share as a practical expedient. These assets have not been classified in the fair value hierarchy.

2In accordance with ASC 820, investments have been measured using valuation techniques in which one or more significant inputs are unobservable (Level 3). See Note 1 for additional information.

Expected Benefit Payments

Expected benefit payments for the fiscal years subsequent to December 31, 2022 are as follows:


(In millions)	2023		2024		2025		2026		2027		2028-2032
Expected benefit payments	$	18.3	$	19.0	$	19.6	$	20.3	$	20.9	$	112.2