Defined Benefit Pension Plans (Tables)
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12 Months Ended |
Jan. 01, 2022 |
Text Block [Abstract] |
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Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Loss |
The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) of the Company’s noncontributory defined benefit pension plans were as follows: | | | | | | | | | | | | | | | | | | | Years Ended | | January 1, 2022 | | January 2, 2021 | | December 28, 2019 | Service cost | $ | 1,488 | | | $ | 1,406 | | | $ | 1,555 | | Interest cost | 23,812 | | | 33,552 | | | 43,153 | | Expected return on assets | (45,923) | | | (42,278) | | | (44,639) | | Settlement cost | 861 | | | 121 | | | 9 | | Amortization of: | | | | | | Prior service cost | (6) | | | (6) | | | (6) | | Net actuarial loss | 24,440 | | | 22,277 | | | 20,014 | | Net periodic benefit cost | $ | 4,672 | | | $ | 15,072 | | | $ | 20,086 | | | | | | | | Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | | | | | | Net (gain) loss | $ | (96,334) | | | $ | 38,484 | | | $ | 33,436 | | Prior service credit | 6 | | | 6 | | | 6 | | Total (gain) loss recognized in other comprehensive income (loss) | (96,328) | | | 38,490 | | | 33,442 | | Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | (91,656) | | | $ | 53,562 | | | $ | 53,528 | |
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Funded Status of Company's Defined Benefit Pension Plans |
The funded status of the Company’s defined benefit pension plans at the respective year ends was as follows: | | | | | | | | | | | | | January 1, 2022 | | January 2, 2021 | Benefit obligation: | | | | Beginning of year | $ | 1,299,943 | | | $ | 1,218,127 | | Service cost | 1,488 | | | 1,406 | | Interest cost | 23,812 | | | 33,552 | | Benefits paid | (62,525) | | | (58,482) | | Settlements | (2,072) | | | (1,445) | | Impact of exchange rate change | (1,128) | | | 1,926 | | Actuarial (gain) loss | (43,325) | | | 104,870 | | Other | (32) | | | (11) | | End of year | 1,216,161 | | | 1,299,943 | | | | | | Fair value of plan assets: | | | | Beginning of year | 920,316 | | | 864,172 | | Actual return on plan assets | 73,567 | | | 86,569 | | Employer contributions | 44,658 | | | 28,194 | | Benefits paid | (62,525) | | | (58,482) | | Settlements | (2,072) | | | (1,445) | | Impact of exchange rate change | (314) | | | 1,319 | | Other | (32) | | | (11) | | End of year | 973,598 | | | 920,316 | | Funded status | $ | (242,563) | | | $ | (379,627) | |
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Accumulated Benefit Obligation and Fair Value of Plan Assets with Accumulated Benefit Obligations in Excess of Plan Assets |
The total benefit obligation and the benefit obligation and fair value of plan assets for the Company’s pension plans with benefit obligations in excess of plan assets are as follows: | | | | | | | | | | | | | January 1, 2022 | | January 2, 2021 | Benefit obligation | $ | 1,216,161 | | | $ | 1,299,943 | | Plans with benefit obligation in excess of plan assets: | | | | Benefit obligation | 1,188,558 | | | 1,268,350 | | Fair value of plan assets | 942,733 | | | 888,739 | |
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Amounts Recognized in Company's Consolidated Balance Sheets |
Amounts recognized in the Company’s Consolidated Balance Sheets consist of: | | | | | | | | | | | | | January 1, 2022 | | January 2, 2021 | Other noncurrent assets | $ | 3,262 | | | $ | 116 | | Accrued liabilities and other: Payroll and employee benefits | (2,225) | | | (3,837) | | Pension and postretirement benefits | (243,600) | | | (375,906) | | Accumulated other comprehensive loss | (570,523) | | | (666,851) | |
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Amounts Recognized in Accumulated Other Comprehensive Loss |
Amounts recognized in accumulated other comprehensive loss consist of: | | | | | | | | | | | | | January 1, 2022 | | January 2, 2021 | Prior service cost | $ | (139) | | | $ | (145) | | Actuarial loss | 570,662 | | | 666,996 | | Accumulated other comprehensive loss | $ | 570,523 | | | $ | 666,851 | |
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Weighted Average Actuarial Assumptions Used in Measuring Net Periodic Benefit Cost and Plan Obligation |
The weighted average actuarial assumptions used in measuring the net periodic benefit cost and plan obligations for the periods presented were as follows: | | | | | | | | | | | | | | | | | | | January 1, 2022 | | January 2, 2021 | | December 28, 2019 | Net periodic benefit cost: | | | | | | Discount rate | 2.55 | % | | 3.25 | % | | 4.37 | % | Long-term rate of return on plan assets | 4.95 | | | 4.97 | | | 5.79 | | Rate of compensation increase(1) | 3.10 | | | 3.07 | | | 4.90 | | Interest crediting rate | 5.50 | | | 5.50 | | | 5.50 | | | | | | | | Plan obligations: | | | | | | Discount rate | 2.88 | % | | 2.55 | % | | 3.25 | % | Rate of compensation increase(1) | 3.09 | | | 3.10 | | | 3.07 | | Interest crediting rate | 5.50 | | | 5.50 | | | 5.50 | |
(1)For January 1, 2022 and January 2, 2021, the compensation assumption only applies to certain international plans as the nonqualified retirement plan benefits are now all frozen. For December 28, 2019, the compensation increase assumption applies to certain international plans and portions of the nonqualified retirement plans, as benefits under these plans were not frozen at December 28, 2019.
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Allocation of Pension Plan Assets |
The allocation of pension plan assets as of the respective period end measurement dates is as follows: | | | | | | | | | | | | | January 1, 2022 | | January 2, 2021 | Asset category: | | | | Hedge fund of funds | 37 | % | | 41 | % | Foreign equity securities | 22 | | | 16 | | U.S. equity securities | 21 | | | 18 | | Debt securities | 11 | | | 17 | | Real estate | 6 | | | 5 | | Commodities | 3 | | | 2 | | Cash and other | 0 | | | 1 | |
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