Employee Benefit Plans (Tables)

12 Months Ended

Dec. 26, 2019

Employee Benefit Plans

Schedule of Changes in Projected Benefit Obligations

The status of the Company’s unfunded nonqualified, defined-benefit and account-based retirement plan based on the respective December 26, 2019 and December 27, 2018 measurement dates is as follows:

	December 26,		December 27,
	2019		2018
	(in thousands)
Change in benefit obligation:
Benefit obligation at beginning of period	$	35,640	$	37,639
Service cost		833		926
Interest cost		1,485		1,364
Actuarial (gain) loss		7,317		(2,633)
Benefits paid		(1,451)		(1,656)
Benefit obligation at end of year	$	43,824	$	35,640
Amounts recognized in the statement of financial position consist of:
Current accrued benefit liability (included in Other accrued liabilities)	$	(1,400)	$	(1,378)
Noncurrent accrued benefit liability (included in Deferred compensation and other)		(42,424)		(34,262)
Total	$	(43,824)	$	(35,640)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	$	16,373	$	9,556
Prior service credit		(451)		(515)
Total	$	15,922	$	9,041

Schedule of Net Periodic Pension Cost

	Year Ended
	December 26,		December 27,		December 28,
	2019		2018		2017
	(in thousands)
Net periodic pension cost:
Service cost	$	833	$	926	$	765
Interest cost		1,485		1,364		1,356
Net amortization of prior service cost and actuarial loss		436		621		356
	$	2,754	$	2,911	$	2,477

Schedule of pre-tax change in the benefit obligation

The pre-tax change in the benefit obligation recognized in other comprehensive loss was as follows:

	Year Ended
	December 26, 2019		December 27, 2018
	(in thousands)
Net actuarial loss (gain)	$	7,317	(2,633)
Amortization of the net actuarial loss		(499)	(685)
Amortization of the prior year service credit		63	64
Total	$	6,881	(3,254)

Schedule of Assumptions Used

The weighted-average assumptions used to determine the benefit obligations as of the measurement dates were as follows:

	December 26, 2019		December 27, 2018
Discount rate	3.10	%	4.15	%
Rate of compensation increase	4.00	%	4.00	%

The weighted-average assumptions used to determine net periodic benefit cost were as follows:

	Year Ended
	December 26,		December 27,		December 28,
	2019		2018		2017
Discount rate	4.15	%	3.60	%	4.15	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%

Schedule of Expected Benefit Payments

Benefit payments expected to be paid subsequent to December 26, 2019, are:

Fiscal Year	(in thousands)
2020	$	1,400
2021		1,709
2022		1,538
2023		1,532
2024		1,791
Years 2025 – 2029		12,402