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Employee Benefit Plans (Tables)
 12 Months Ended
Jan. 01, 2023
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The tables presented below set forth the funded status of the Company’s significant foreign defined benefit plans and required disclosures in accordance with applicable accounting standards:
 
 Fiscal Year
 20222021
 (in thousands)
Change in benefit obligation:  
Benefit obligation, beginning of year$324,408 $364,443 
Service cost840 1,087 
Interest cost3,793 2,687 
Benefits and expenses paid(9,890)(11,339)
Actuarial gain(96,556)(19,723)
Currency translation adjustment(27,155)(12,747)
Benefit obligation, end of year$195,440 $324,408 
 
Change in plan assets:  
Plan assets, beginning of year$285,600 $303,531 
Actual return on assets(66,759)(2,817)
Company contributions4,001 5,393 
Benefits paid(9,890)(11,339)
Currency translation adjustment(25,467)(9,168)
Plan assets, end of year$187,485 $285,600 
 
Funded status $(7,955)$(38,808)
 
Amounts recognized in consolidated balance sheets:
   Other assets $26,586 $10,975 
   Current liabilities(1,032)(1,049)
   Other long-term liabilities, net of current portion(33,509)(48,734)
Under-funded status at end of fiscal year$(7,955)$(38,808)
Amounts recognized in accumulated other comprehensive loss, after tax:  
Unrecognized actuarial loss$23,737 $45,209 
Unamortized prior service credits— — 
Total amount recognized$23,737 $45,209 
 
Accumulated benefit obligation$195,440 $324,408 
The following table summarizes this information as of January 1, 2023 and January 2, 2022.
 
 End of Fiscal Year
 20222021
 (in thousands)
UK Plan  
Projected benefit obligation$98,730 $181,997 
Accumulated benefit obligation98,730 181,997 
Plan assets125,315 192,971 
 
Dutch Plan
  
Projected benefit obligation$67,689 $97,108 
Accumulated benefit obligation67,689 97,108 
Plan assets62,170 92,629 
 
nora Plan  
Projected benefit obligation$29,021 $45,303 
Accumulated benefit obligation29,021 45,303 
Plan assets— — 
The tables presented below set forth the required disclosures in accordance with applicable accounting standards, and amounts recognized in the consolidated financial statements related to the domestic SCP. There is no service cost component of the change in benefit obligation in 2022 and 2021 as there are no longer any participants accruing benefits in the plan.
 
 Fiscal Year
 20222021
 (in thousands)
Change in benefit obligation:  
Benefit obligation, beginning of year$30,053 $33,834 
Interest cost771 706 
Benefits paid(1,873)(1,965)
Actuarial gain(6,220)(2,522)
Benefit obligation, end of year$22,731 $30,053 
Schedule of Net Periodic Benefit Cost
 Fiscal Year
 202220212020
 (in thousands)
Components of net periodic benefit cost:   
Service cost$840 $1,087 $1,070 
Interest cost3,793 2,687 4,038 
Expected return on plan assets(3,957)(3,312)(4,256)
Amortization of prior service cost117 114 106 
Amortization of net actuarial losses1,201 1,968 1,549 
Net periodic benefit cost$1,994 $2,544 $2,507 
Schedule of Assumptions Used to Determine Net Periodic Benefit Cost
 Fiscal Year
 202220212020
Weighted average assumptions used to determine net periodic benefit cost:   
Discount rate1.4 %0.9 %1.0 %
Expected return on plan assets3.0 %1.5 %1.2 %
Weighted average assumptions used to determine benefit obligations:   
Discount rate4.4 %1.6 %1.0 %
The accumulated benefit obligation related to the SCP was $22.7 million and $30.1 million as of January 1, 2023 and January 2, 2022, respectively. The SCP is currently unfunded; as such, the benefit obligations disclosed are also the benefit obligations in excess of the plan assets. The Company uses insurance instruments to help limit its exposure under the SCP.
Fiscal Year
 202220212020
 (in thousands, except for assumptions)
Assumptions used to determine net periodic benefit cost:   
Discount rate2.65 %2.15 %3.05 %
 
Assumptions used to determine benefit obligations:   
Discount rate5.20 %2.65 %2.15 %
 
Components of net periodic benefit cost:   
Interest cost$771 $706 $938 
Amortizations557 743 558 
Net periodic benefit cost$1,328 $1,449 $1,496 
Schedule of Allocation of Plan Assets
The Company’s actual weighted average asset allocations for 2022 and 2021, and the targeted asset allocation for 2023, of the foreign defined benefit plans by asset category, are as follows:
 
 Fiscal Year
 202320222021
Asset CategoryTarget AllocationPercentage of Plan Assets at Year End
Equity securities—%——%—%—%
Debt and debt securities65%—70%53%63%
Short-term investments—%—2%13%4%
Other investments30%—35%34%33%
 100%100%100%
As noted above, the Dutch Plan assets as represented by the insurance contract are classified as a level 3 asset and included in the “Other” asset category.
 Pension Plan Assets by Category as of January 1, 2023
 Dutch PlanUK PlanTotal
 (in thousands)
Level 1$— $44,335 $44,335 
Level 2— 53,286 53,286 
Level 362,170 27,694 89,864 
Total$62,170 $125,315 $187,485 
 
 Pension Plan Assets by Category as of January 2, 2022
 Dutch PlanUK PlanTotal
 (in thousands)
Level 1$— $57,338 $57,338 
Level 2— 107,136 107,136 
Level 392,629 28,497 121,126 
Total$92,629 $192,971 $285,600 

The tables below detail the foreign defined benefit plans’ assets by asset allocation and fair value hierarchy:
 
 End of Fiscal Year 2022
Asset CategoryLevel 1Level 2Level 3
 (in thousands) 
Debt and debt securities$19,614 $53,286 $26,778 
Short-term investments (1)
24,721 — — 
Other investments (2)
— — 63,086 
 $44,335 $53,286 $89,864 
 
 End of Fiscal Year 2021
Asset CategoryLevel 1Level 2Level 3
 (in thousands)
Debt and debt securities$45,516 $107,136 $27,176 
Short-term investments (1)
11,822 — — 
Other investments (2)
— — 93,950 
 $57,338 $107,136 $121,126 
 
(1) Short-term investments are generally invested in interest-bearing accounts.
(2) Other investments are comprised of insurance contracts.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The table below indicates the change in value related to these level 3 assets during 2022 and 2021:

Fiscal Year
 20222021
 (in thousands)
Balance of level 3 assets, beginning of year$121,126 $137,623 
Actual return on plan assets (1)
(21,968)(10,189)
Purchases, sales and settlements, net389 440 
Assets transferred to (from) level 3(710)732 
Translation adjustment(8,973)(7,480)
Balance of level 3 assets, end of year$89,864 $121,126 

(1) Includes $22.2 million and $6.6 million for 2022 and 2021, respectively, of unrealized losses recognized during the period in other comprehensive income (loss) for assets held at year end.
Schedule of Expected Future Benefit Payments
During 2023, the Company expects to contribute $2.5 million to the plans. It is anticipated that future benefit payments for the foreign defined benefit plans will be as follows:
 
Fiscal YearExpected Payments
 (in thousands)
2023$10,283 
202410,316 
202510,384 
202610,495 
202710,787 
2028-203254,345 
During 2022, the Company contributed $1.9 million in the form of direct benefit payments for its domestic SCP. It is anticipated that future benefit payments for the SCP will be as follows:
 
Fiscal YearExpected Payments
 (in thousands)
2023$1,873 
20241,873 
20251,873 
20261,873 
20271,868 
2028-20328,761 
Schedule of Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Loss
The amounts recognized in the consolidated balance sheets are as follows:
 
End of Fiscal Year
 20222021
 (in thousands)
Current liabilities$1,873 $1,873 
Non-current liabilities20,858 28,180 
Total benefit obligation$22,731 $30,053 
The components of the amounts in accumulated other comprehensive loss, after tax, are as follows:
 
Fiscal Year
 20222021
 (in thousands)
Unrecognized actuarial loss$3,811 $8,679