Annual report pursuant to Section 13 and 15(d)

RETIREMENT AND SAVINGS BENEFIT PLANS (Tables)

v3.22.0.1
RETIREMENT AND SAVINGS BENEFIT PLANS (Tables)
 12 Months Ended
Jan. 01, 2022
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:
(In thousands) Year Ended December 2019
Service cost $ 726 
Non-service components (3,166)
Net pension benefit $ (2,440)
The following tables present key components of pension costs, amounts recorded in the balance sheets and related key assumptions specific to the international plans:
Year Ended December
(In thousands)
2021
2020
2019
Amounts included in the statements of operations:
Net pension costs $ 866  $ 1,027  $ 680 
Actuarial assumptions used to determine pension expense:
Discount rate in effect for determining service cost 0.64  % 0.68  % 1.28  %
Rate of inflation 1.70  % 1.80  % 1.80  %
Expected long-term return on plan assets 3.00  % 3.00  % 3.00  %
Rate of compensation increase 2.90  % 3.00  % 3.00  %
(In thousands)
December 2021
December 2020
Amounts included in the balance sheets:
Projected benefit obligations $ 22,935  $ 22,764 
Fair value of plan assets 9,250  8,708 
Funded status - recorded in other liabilities (Note 11) $ 13,685  $ 14,056 
Accumulated other comprehensive loss, pretax - net deferred amounts (2,904) (2,519)
Actuarial assumptions used to determine pension obligations:
Discount rate 0.64  % 0.64  %
Rate of compensation increase 2.90  % 2.90  %
Accumulated benefit obligations $ 13,514  $ 13,342