XML 62 R45.htm IDEA: XBRL DOCUMENT v3.22.0.1
Defined Benefit Pension Plans (Tables)
12 Months Ended
Jan. 01, 2022
Text Block [Abstract]  
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 cost23,812 33,552 43,153 
Expected return on assets(45,923)(42,278)(44,639)
Settlement cost861 121 
Amortization of:
Prior service cost(6)(6)(6)
Net actuarial loss24,440 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 $33,436 
Prior service credit
Total (gain) loss recognized in other comprehensive income (loss)(96,328)38,490 33,442 
Total recognized in net periodic benefit cost and other comprehensive income (loss)$(91,656)$53,562 $53,528 
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 $1,218,127 
Service cost1,488 1,406 
Interest cost23,812 33,552 
Benefits paid(62,525)(58,482)
Settlements(2,072)(1,445)
Impact of exchange rate change(1,128)1,926 
Actuarial (gain) loss(43,325)104,870 
Other(32)(11)
End of year1,216,161 1,299,943 
Fair value of plan assets:
Beginning of year920,316 864,172 
Actual return on plan assets73,567 86,569 
Employer contributions44,658 28,194 
Benefits paid(62,525)(58,482)
Settlements(2,072)(1,445)
Impact of exchange rate change(314)1,319 
Other(32)(11)
End of year973,598 920,316 
Funded status$(242,563)$(379,627)
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 obligation1,188,558 1,268,350 
Fair value of plan assets942,733 888,739 
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)
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 loss570,662 666,996 
Accumulated other comprehensive loss$570,523 $666,851 
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 rate2.55 %3.25 %4.37 %
Long-term rate of return on plan assets4.95 4.97 5.79 
Rate of compensation increase(1)
3.10 3.07 4.90 
Interest crediting rate5.50 5.50 5.50 
Plan obligations:
Discount rate2.88 %2.55 %3.25 %
Rate of compensation increase(1)
3.09 3.10 3.07 
Interest crediting rate5.50 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.
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 funds37 %41 %
Foreign equity securities22 16 
U.S. equity securities21 18 
Debt securities11 17 
Real estate
Commodities
Cash and other