Employee Benefit Plans

12 Months Ended

Dec. 29, 2021

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

We maintain defined contribution plans and defined benefit plans which cover a substantial number of employees.

Defined Contribution Plans

Eligible employees can elect to contribute up to 25% of their compensation to our 401(k) plan. Effective January 1, 2016, the plan was amended and restated to incorporate Safe Harbor Plan design features which included changes to participant eligibility, company contribution amounts and vesting. As a result, we match up to a maximum of 4% of compensation deferred by the participant.

In addition, a non-qualified deferred compensation plan is offered to certain employees. This plan allows participants to defer up to 50% of annual salary and up to 75% of bonuses and incentive compensation awards, on a pre-tax basis. There are no matching contributions made under this plan. 

We made total contributions of $1.5 million, $1.5 million and $1.9 million for 2021, 2020 and 2019, respectively, under these plans.

Defined Benefit Plans

Benefits under our defined benefit plans are based upon each employee’s years of service and average salary. The following table provides a reconciliation of the changes in the benefit obligations, plan assets, and funded status of our defined benefit plans:

	December 29, 2021		December 30, 2020
	(In thousands)
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	2,298	$	2,337
Interest cost	26		41
Actuarial losses	46		448
Benefits paid	(151)		(151)
Settlements	—		(377)
Benefit obligation at end of year	$	2,219	$	2,298
Accumulated benefit obligation	$	2,219	$	2,298
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	—	$	—
Employer contributions	151		528
Benefits paid	(151)		(151)
Settlements	—		(377)
Fair value of plan assets at end of year	$	—	$	—
Unfunded status at end of year	$	(2,219)	$	(2,298)
Amounts recognized on the balance sheet:
Other current liabilities	$	(944)	$	(717)
Other noncurrent liabilities	(1,275)		(1,581)
Net amount recognized	$	(2,219)	$	(2,298)
Amounts in accumulated other comprehensive loss not yet reflected in net period benefit cost:
Unamortized actuarial losses, net	$	(974)	$	(1,087)
Other changes in plan assets and benefit obligations recognized in accumulated other comprehensive loss:
Benefit obligation actuarial loss	$	(46)	$	(448)
Amortization of net loss	159		89
Settlement loss recognized	—		95
Other comprehensive income (loss)	$	113	$	(264)

The components of net periodic benefit cost were as follows:

	Fiscal Year Ended
	December 29, 2021		December 30, 2020		December 25, 2019
	(In thousands)
Interest cost	$	26	$	41	$	81
Amortization of net loss	159		89		86
Settlement loss recognized	—		95		—
Net periodic benefit cost	$	185	$	225	$	167

Assumptions

The discount rates used to determine the benefit obligations as of December 29, 2021 and December 30, 2020 were 1.99% and 1.34%, respectively. The discount rates used to determine net period pension costs for 2021, 2020 and 2019 were 1.34%, 2.56% and 3.83%, respectively.

In determining the discount rate, we have considered long-term bond indices of bonds having similar timing and amounts of cash flows as our estimated defined benefit payments. We use a yield curve based on high quality, long-term corporate bonds to calculate the single equivalent discount rate that results in the same present value as the sum of each of the plan’s estimated benefit payments discounted at their respective spot rates.

Contributions and Expected Future Benefit Payments

We made contributions of $0.2 million and $0.5 million to our defined benefit plans during the years ended December 29, 2021 and December 30, 2020, respectively. We expect to contribute $0.9 million to our defined benefit plans during 2022.

Benefits expected to be paid for each of the next five years and in the aggregate for the five fiscal years from 2027 through 2031 are as follows:

	Defined Benefit Plans
	(In thousands)
2022	$	944
2023	600
2024	133
2025	110
2026	115
2027 through 2031	374