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Employee Retirement Plans
 12 Months Ended
Dec. 30, 2023
Retirement Benefits [Abstract]  
Employee Retirement Plans EMPLOYEE RETIREMENT PLANS
(a)Pension Plans
    
U.S. Plans:

The company maintains a non-contributory defined benefit plan for its union employees at the Elgin, Illinois facility. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2002, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2002 upon reaching retirement age.
 
The company maintains a non-contributory defined benefit plan for its employees at the Smithville, Tennessee facility. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 1, 2008, and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 1, 2008 upon reaching retirement age.
 
The company also maintains a retirement benefit agreement with its former Chairman ("Chairman Plan"). The retirement benefits are based upon a percentage of the former Chairman’s final base salary.

Non-U.S. Plans:

The company maintains a defined benefit plan for its employees at the Wrexham, the United Kingdom facility. Benefits are determined based upon retirement age and years of service with the company. This defined benefit plan was frozen on April 30, 2010 and no further benefits accrue to the participants beyond this date. Plan participants will receive or continue to receive payments for benefits earned on or prior to April 30, 2010 upon reaching retirement age.

The company maintains several pension plans related to AGA and its subsidiaries (collectively, the "AGA Group"), the most significant being the Aga Rangemaster Group Pension Scheme in the United Kingdom. Membership in the plan on a defined benefit basis of pension provision was closed to new entrants in 2001. The plan became open to new entrants on a defined contribution basis of pension provision in 2002 but was generally closed to new entrants on this basis during 2014. In December 2020, it was agreed that the Group Pension Scheme will be closed to future pension accruals effective April 5, 2021.

The other, much smaller, defined benefit pension plans operating within the AGA Group cover employees in France and the United Kingdom. All pension plan assets are held in separate trust funds although the net defined benefit pension obligations are included in the company's consolidated balance sheet.
A summary of the plans’ net periodic pension cost, benefit obligations, funded status, and net balance sheet position is as follows (dollars in thousands)
Fiscal 2023Fiscal 2022
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
Net Periodic Pension Cost (Benefit):    
Interest cost1,315 46,046 923 25,032 
Expected return on assets(873)(58,766)(1,073)(74,581)
Amortization of net loss420 186 758 3,671 
Amortization of prior service cost— 2,601 — 2,589 
 $862 $(9,933)$608 $(43,289)
Change in Benefit Obligation:    
Benefit obligation – beginning of year$27,550 $946,153 $36,423 $1,544,147 
Interest on benefit obligations1,315 46,046 923 25,032 
Actuarial loss (gain)539 1,970 (8,060)(409,462)
Net benefit payments(1,745)(59,018)(1,736)(59,682)
Exchange effect— 53,955 — (153,882)
Benefit obligation – end of year$27,659 $989,106 $27,550 $946,153 
Change in Plan Assets:    
Plan assets at fair value – beginning of year$14,998 $943,757 $18,289 $1,342,601 
Company contributions1,114 6,012 1,173 5,442 
Investment gain (loss) 1,384 81,945 (2,728)(207,270)
Benefit payments and plan expenses(1,745)(59,018)(1,736)(59,682)
Exchange effect— 54,725 — (137,334)
Plan assets at fair value – end of year$15,751 $1,027,421 $14,998 $943,757 
Funded Status:    
Unfunded benefit obligation$(11,908)$38,315 $(12,552)$(2,396)
Amounts recognized in balance sheet at year end:    
Accrued pension benefits$(11,908)$38,315 $(12,552)$(2,396)
Fiscal 2023Fiscal 2022
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
Pre-tax components in accumulated other comprehensive income at period end:    
Net actuarial loss$2,011 $103,705 $2,402 $121,292 
Pre-tax components recognized in other comprehensive income for the period:
Current year actuarial gain$28 $(17,079)$(4,259)$(148,515)
Actuarial loss recognized(420)(150)(758)(4,272)
Prior service cost recognized— (360)— (7,666)
Total amount recognized$(392)$(17,589)$(5,017)$(160,453)
Accumulated Benefit Obligation$27,659 $989,081 $27,550 $946,136 
Salary growth raten/a0.8 %n/a0.8 %
Assumed discount rate4.8 %4.6 %4.9 %4.8 %
Expected return on assets6.0 %6.2 %6.0 %6.2 %

The company has engaged non-affiliated third-party professional investment advisors to assist the company in developing its investment policy and establishing asset allocations. The company's overall investment objective is to provide a return, that along with company contributions, is expected to meet future benefit payments. Investment policy is established in consideration of anticipated future timing of benefit payments under the plans. The anticipated duration of the investment and the potential for investment losses during that period are carefully weighed against the potential for appreciation when making investment decisions. The company routinely monitors the performance of investments made under the plans and reviews investment policy in consideration of changes made to the plans or expected changes in the timing of future benefit payments.
 
The assets of the plans were invested in the following classes of securities (none of which were securities of the company):
 
U.S. Plans:
 Target AllocationPercentage of Plan Assets
  20232022
Equity48 %43 %45 %
Fixed income40 42 40 
Money market4 6 5 
Other (real estate investment trusts & commodities contracts)8 9 10 
 100 %100 %100 %

Non-U.S. Plans:
 Target AllocationPercentage of Plan Assets
  20232022
Equity17 %11 %10 %
Fixed income38 69 55 
Alternatives/Other32 5 19 
Real Estate13 9 10 
Cash and cash equivalents— 6 6 
 100 %100 %100 %
 
In accordance with ASC 820 Fair Value Measurements and Disclosures, the company has measured its defined benefit pension plans at fair value. In accordance with ASU 2015-04, "Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets", the company has elected to measure the pension plan assets and obligations as of the calendar month end closest to the fiscal year end. The following tables summarize the basis used to measure the pension plans’ assets at fair value as of December 30, 2023 and December 31, 2022 (in thousands):
     
U.S. Plans:
Fiscal 2023Fiscal 2022
Asset CategoryTotalQuoted Prices in Active Markets for Identical Assets (Level 1)Net Asset ValueTotalQuoted Prices in Active Markets for Identical Assets (Level 1)Net Asset Value
Short Term Investment Fund (a)$920 $— $920 $771 $— $771 
Equity Securities:  
Large Cap2,862 2,862 — 2,818 2,818 — 
Mid Cap373 373 — 555 555 — 
Small Cap388 388 — 329 329 — 
International3,218 3,218 — 3,002 3,002 — 
Fixed Income:  
Government/Corporate4,776 4,776 — 4,973 4,973 — 
High Yield1,063 1,063 — 1,041 1,041 — 
Other705 705 — — — — 
Alternative:  
Global Real Estate Investment Trust663 663 — 602 602 — 
Commodities Contracts783 783 — 907 907 — 
Total$15,751 $14,831 $920 $14,998 $14,227 $771 

(a)Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.
Non-U.S. Plans:
Fiscal 2023
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Net Asset Value
Cash and cash equivalents$64,285 $10,175 $25,777 $— $28,333 
Equity Securities:    
UK3,665 45 — — 3,620 
International:
Developed89,498 1,738 — — 87,760 
Emerging20,698 168 — — 20,530 
Unquoted/Private Equity282 — — — 282 
Fixed Income:
Government/Corporate:
UK 247,618 11,049 — — 236,569 
International133,279 — — — 133,279 
Index Linked322,408 2,088 — — 320,320 
Other3,222 — — — 3,222 
Real Estate:
Direct91,993 — 91,993 — — 
Indirect1,768 37 — — 1,731 
Hedge Fund Strategy:
Equity Long/Short8,361 — — — 8,361 
Arbitrage & Event10,731 — — — 10,731 
Directional Trading & Fixed Income315 — — — 315 
Cash & Other162,812 — — — 162,812 
Direct Sourcing913 — — — 913 
Leveraged Loans14,475 — — — 14,475 
Alternative/Other(148,902)1,060 — — (149,962)
Total$1,027,421 $26,360 $117,770 $— $883,291 
 
Fiscal 2022
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Net Asset Value
Cash and cash equivalents$52,041 $5,372 $7,372 $— $39,297 
Equity Securities:    
UK3,677 68 — — 3,609 
International:
Developed70,611 2,634 — — 67,977 
Emerging18,642 298 — — 18,344 
Unquoted/Private Equity2,083 — — — 2,083 
Fixed Income:
Government/Corporate:
UK 191,868 8,933 — — 182,935 
International127,485 — — — 127,485 
Index Linked199,220 1,433 — — 197,787 
Other1,806 — — — 1,806 
Real Estate:
Direct83,280 — 83,280 — — 
Indirect5,073 58 — — 5,015 
Hedge Fund Strategy:
Equity Long/Short30,266 — — — 30,266 
Arbitrage & Event22,398 — — — 22,398 
Directional Trading & Fixed Income6,099 — — — 6,099 
Cash & Other169,504 — — — 169,504 
Direct Sourcing4,014 — — — 4,014 
Leveraged Loans8,539 — — — 8,539 
Alternative/Other(52,849)1,583 — — (54,432)
Total$943,757 $20,379 $90,652 $— $832,726 

The fair value of the Level 1 assets is based on observable, quoted market prices of the identical underlying security in an active market. The fair value of the Level 2 assets is primarily based on market observable inputs to quoted market prices, benchmark yields and broker/dealer quotes. Level 3 inputs, as applicable, represent unobservable inputs that reflect assumptions developed by management to measure assets at fair value.
 
The expected return on assets is developed in consideration of the anticipated duration of investment period for assets held by the plan, the allocation of assets in the plan, and the historical returns for plan assets.
 
Estimated future benefit payments under the plans are as follows (dollars in thousands):
 
 U.S.
Plans		Non-U.S.
Plans
2024$1,849 $58,680 
20251,867 59,708 
20261,906 59,409 
20271,944 59,459 
2028 through 203311,534 356,302 
 
Expected contributions to the U.S. Plans and Non-U.S. Plans to be made in 2024 are $0.6 million and $5.8 million, respectively.
 
(b)Defined Contribution Plans

As of December 30, 2023, the company maintained two separate defined contribution 401(k) savings plans covering all employees in the United States. These two plans separately cover the union employees at the Elgin, Illinois facility and all other remaining union and non-union employees in the United States. The company also maintained defined contribution plans for its UK based employees.