Annual report pursuant to Section 13 and 15(d)

RETIREMENT AND SAVINGS BENEFIT PLANS (Tables)

v3.20.4
RETIREMENT AND SAVINGS BENEFIT PLANS (Tables)
 12 Months Ended
Jan. 02, 2021
Retirement Benefits [Abstract]  
Components of Pension Cost
The following table presents net pension costs recognized by the Company related to the Shared Plans through the Separation date:
Year Ended December
(In thousands) 2019 2018
Service cost $ 726  $ 6,629 
Non-service components (3,166) (5,059)
Curtailment losses —  3,502 
Settlement losses —  1,188 
Net pension (benefit) costs $ (2,440) $ 6,260 
The following table presents key components of pension costs, amounts recorded in the balance sheets and related key assumptions related to the international plans:
(In thousands) Year Ended December 2020 Year Ended December 2019
Amount included in the statements of operations:
Net pension costs $ 1,027  $ 680 
Actuarial assumptions used to determine pension expense:
Discount rate in effect for determining service cost 0.68  % 1.28  %
Rate of inflation 1.80  % 1.80  %
Expected long-term return on plan assets 3.00  % 3.00  %
Rate of compensation increase 3.00  % 3.00  %
(In thousands) December 2020 December 2019
Amount included in the balance sheets:
Projected benefit obligations $ 22,764  $ 20,651 
Fair value of plan assets 8,708  7,427 
Funded status - recorded in other liabilities (Note 11) $ 14,056  $ 13,224 
Accumulated other comprehensive loss, pretax - net deferred amounts (2,519) (3,068)
Actuarial assumptions used to determine pension obligation:
Discount rate 0.64  % 0.68  %
Rate of compensation increase 2.90  % 3.00  %
Accumulated benefit obligations $ 13,342  $ 11,636