Pension, Postretirement and Postemployment Benefits (Tables)

12 Months Ended

Dec. 26, 2021

Summary of Changes in Projected Benefit Obligation, Plan Assets and Funded Status

Reconciliations of the beginning and ending balances for the projected benefit obligation, the fair value of plan assets and the funded status are included below for the years ended December 26, 2021 and December 27, 2020.


	Pension				Postretirement
(In millions)	2021		2020		2021	2020
Change in Projected Benefit Obligation
Projected benefit obligation — beginning	$	46.0	30.9		29.9	27.4

Interest cost	1.1		1.5		0.8	0.9
Transfer in	—		14.8		—	—
Actuarial (gain) loss	(1.1)		3.4		0.4	3.4
Benefits paid	(3.1)		(4.6)		(1.8)	(1.8)
Plan amendments	—		—		(1.2)	—

Settlements paid	(1.3)		—		—	—
Projected benefit obligation — ending	$	41.6	46.0		28.1	29.9
Accumulated benefit obligation — ending	$	41.6	46.0		28.1	29.9
Change in Plan Assets
Fair value of plan assets — beginning	$	—	$	—	—	—






Fair value of plan assets — ending	$	—	—		—	—
Reconciliation of Funded Status
Projected benefit obligation	$	(41.6)	(46.0)		(28.1)	(29.9)
Fair value of plan assets	—		—		—	—
Funded status	(41.6)		(46.0)		(28.1)	(29.9)
Unrecognized prior service cost (credit)	—		—		(1.2)	—
Unrecognized net loss	13.2		15.8		3.9	3.6
Net amount	$	(28.4)	(30.2)		(25.4)	(26.3)
Accrued liabilities	$	(3.2)	(3.2)		(1.6)	(1.7)
Other liabilities	(38.4)		(42.8)		(26.5)	(28.2)
Accumulated other comprehensive (earnings) loss	13.2		15.8		2.7	3.6
Net amount	$	(28.4)	(30.2)		(25.4)	(26.3)

Assumptions used to determine year-end pension and postretirement benefit obligations

Assumptions used to determine the year-end pension and postretirement benefit obligations are as follows:


	2021		2020
Pension
Weighted average discount rate	2.91	%	2.51	%
Mortality table	Pri-2020/Scale MP - 2021		Pri-2012/Scale MP - 2020
Postretirement
Discount rate	3.03	%	2.72	%
Health care cost trend rate assumed for next year	6.00	%	6.25	%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)	5.00	%	5.00	%
Year that the rate reaches the ultimate trend	2025		2024

Components of Net Periodic Benefit Cost

The following presents detail of the components of the net periodic benefit cost for the three years ended December 26, 2021.


(In millions)	2021		2020	2019
Components of Net Periodic Cost
Pension
Service cost	$	—	—	1.2
Interest cost	1.1		1.5	6.6
Expected return on assets	—		—	(6.2)

Amortization of actuarial loss	1.0		0.7	7.6
Curtailment/Settlement losses	0.5		—	111.0
Net periodic benefit cost	$	2.6	2.2	120.2
Postretirement
Service cost	$	—	—	0.9
Interest cost	0.8		0.9	1.3

Net periodic benefit cost	$	0.8	0.9	2.2

Assumptions Used to Determine Net Periodic Benefit Cost of Pension Plan and Postretirement Plan

Assumptions used to determine net periodic benefit cost of the pension plan and postretirement plan for each fiscal year follow:


	2021		2020		2019
Pension
Weighted average discount rate	2.51	%	3.33	%	3.72	%
Long-term rate of return on plan assets	N/A		N/A		4.20	%
Postretirement
Discount rate	2.72	%	3.46	%	4.33	%
Health care cost trend rate assumed for next year	6.25	%	6.25	%	6.25	%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2025		2024		2024

Schedule of Expected Benefit Payments

Expected benefit payments under the defined benefit pension plans (which reflects the 2019 Plan termination) and the postretirement benefit plan for the next five years subsequent to 2021 and in the aggregate for the following five years are as follows:


(In millions)	Pension		Postretirement
2022	$	3.2	$	1.7
2023	3.3		1.6
2024	3.2		1.6
2025	3.3		1.6
2026	3.1		1.5
2027-2031	14.0		7.2