EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 28, 2019

Reconciliation of Benefit Obligations and Plans Assets of the Company's Pension Plans

The following table provides a reconciliation of benefit obligations and plan assets of the Company’s pension, DCP and ESLIRP plans:



	December 28, 2019			December 29, 2018
	(in thousands)
Change in projected benefit obligations:
Benefit obligation at beginning of year	$	362,805		$	392,964
Service cost	2,833			2,612
Interest cost	11,583			10,850
Other	850			1,499
Benefit payments	(11,062		)	(8,886		)
Settlements	(74		)	—
Special/Contractual Termination Benefits	166			—
Plan amendments	—			104
Transfer in from acquisition	6,818			—
Actuarial loss (gain)	66,432			(21,168		)
Administrative expenses paid	(470		)	(195		)
Effect of foreign exchange	7,528			(14,975		)
Benefit obligation at end of year	$	447,409		$	362,805
Change in fair value of plan assets:
Fair value of plan assets at beginning of year	$	305,709		$	304,325
Actual return on plan assets	53,741			(7,419		)
Employer contributions	2,105			31,174
Settlements	(74		)	—
Transfer in from acquisition	119			—
Benefit payments	(11,062		)	(8,886		)
Administrative expenses paid	(470		)	(195		)
Effect of foreign exchange	7,113			(13,290		)
Fair value of plan assets at end of year	$	357,181		$	305,709

Net balance sheet liability	$	90,228		$	57,096

Amounts recognized in balance sheet:
Noncurrent assets	$	1,742		$	3,280
Current liabilities	12,788			1,095
Noncurrent liabilities	79,182			59,281

Amounts Recognized in Accumulated Other Comprehensive Loss Related to the Company's Pensions Plans

Amounts recognized in accumulated other comprehensive loss related to the Company’s pension, DCP and ESLIRP plans are as follows:



	Fiscal Year
	2019			2018
	(in thousands)
Net actuarial loss	$	116,930		$	93,483
Net prior service cost (credit)	(2,096		)	(2,585		)
Net amount recognized	$	114,834		$	90,898

Accumulated Benefit Obligation and Fair of Plan Assets

The accumulated benefit obligation and fair value of plan assets for the Company’s pension, DCP and ESLIRP plans with accumulated benefit obligations in excess of plan assets are as follows:



	December 28, 2019		December 29, 2018
	(in thousands)
Accumulated benefit obligation	$	410,243	$	254,138
Fair value of plan assets	337,344		207,538

Projected Benefit Obligation and Fair Value of Plan Assets

The projected benefit obligation and fair value of plan assets for the Company’s pension, DCP and ESLIRP plans with projected benefit obligations in excess of plan assets are as follows:



	December 28, 2019		December 29, 2018
	(in thousands)
Projected benefit obligation	$	435,638	$	273,625
Fair value of plan assets	343,688		213,249

Amounts in Accumulated Other Comprehensive Income Expected to Be Recognized as Components of Net Periodic Benefit Cost Over the Next Fiscal Year

The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year are as follows:



	December 28, 2019
	(in thousands)
Amortization of net actuarial loss	$	6,344
Amortization of net prior service credit	(501		)

Components of Net Periodic Benefit Costs for the Company's Pension Plans

Components of net periodic benefit cost for the Company’s pension, DCP and ESLIRP plans are as follows:



	Fiscal Year
	2019			2018			2017
	(in thousands)
Service cost	$	2,833		$	2,612		$	3,110
Interest cost	11,583			10,850			11,642
Expected return on plan assets	(13,005		)	(15,516		)	(14,249		)
Amortization of prior service credit	(489		)	(514		)	(496		)
Amortization of net loss	2,250			2,990			3,845
Other	850			910			—
Net periodic cost (benefit)	$	4,022		$	1,332		$	3,852

Weighted-average Assumptions

Weighted-average assumptions used to determine projected benefit obligations are as follows:



	December 28, 2019		December 29, 2018
Discount rate	2.14	%	3.21	%
Rate of compensation increase	2.99	%	3.23	%

The discount rate reflects the rate the Company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. Specifically for the expected termination of the U.S. Pension Plan, estimated costs of lump sum payments and annuity purchases are reflected in the discount rate. A 25 basis point change across all discount rates changes the projected benefit obligation by approximately $20 million for all Company plans.

Weighted-average assumptions used to determine net periodic benefit cost are as follows:



	December 28, 2019		December 29, 2018		December 30, 2017
Discount rate	3.21	%	2.82	%	3.01	%
Expected long-term return on plan assets	4.28	%	5.18	%	5.41	%
Rate of compensation increase	3.23	%	3.16	%	3.25	%

Fair Value of the Company's Pension Plan Assets by Asset Category

The fair value of the Company’s pension plan assets by asset category are as follows:



	December 28, 2019								December 29, 2018
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in thousands)
Cash and cash equivalents	$	2,388	$	1,022	$	—	$	3,410	$	7,317	$	—	$	—	$	7,317
Equity securities ⁽¹⁾	7,621		84,377		—		91,998		72,237		—		—		72,237
Debt securities ⁽²⁾	40,281		89,684		—		129,965		17,147		4,100		—		21,247
Mutual funds ⁽³⁾	6,324		68,632		—		74,956		86,282		59,984		—		146,266
Other ⁽⁴⁾	551		54,787		1,514		56,852		718		56,283		1,641		58,642
Total	$	57,165	$	298,502	$	1,514	$	357,181	$	183,701	$	120,367	$	1,641	$	305,709
⁽¹⁾ This category comprises equity investments and securities held by non-U.S. pension plans valued at the quoted closing price, and translated into U.S. dollars using a foreign currency exchange rate at year end.
⁽²⁾ This category comprises debt investments and securities held by U.S. and non-U.S. pension plans valued at the quoted closing price. For non-U.S. pension plans, the quoted closing price is translated into U.S. dollars using a foreign currency exchange rate at year end. Holdings primarily include investment-grade corporate bonds and U.S. treasuries at various durations.
⁽³⁾ This category comprises non-U.S. mutual funds valued at the net asset value of shares held at year end and translated into U.S. dollars using a foreign currency exchange rate at year end.
⁽⁴⁾ This category mainly comprises fixed income securities tied to various U.K. government bond yields held by non-US pension plans valued at the net asset value of shares held at year-end, and translated into U.S. dollars using a foreign currency exchange rate at year end.

Estimated Future Benefit Payments Over the Next Five Years

to participants in connection with the U.S. Pension Plan termination and $8 million to an executive officer expected to retire:



Fiscal Year	Pension Plans
	(in thousands)
2020	$	111,848
2021	9,420
2022	10,344
2023	40,911
2024	10,814
2025-2029	59,646