Employee Retirement Plans (Tables)

12 Months Ended

Dec. 29, 2018

Schedule of Defined Benefit Plans Disclosures

A summary of the plans’ net periodic pension cost, benefit obligations, funded status, and net balance sheet position is as follows (dollars in thousands)



	Fiscal 2018						Fiscal 2017
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Net Periodic Pension Cost (Benefit):
Service cost	$	365		$	3,754		$	402		$	4,013
Interest cost	1,082			32,173			1,240			32,748
Expected return on assets	(967		)	(75,017		)	(821		)	(70,630		)
Amortization of net (gain) loss	(129		)	4,056			(330		)	3,073
Amortization of prior service cost	—			437			—			—
Curtailment loss	—			906			—			3,305
Pension settlement gain	—			(655		)	—			(313		)
	$	351		$	(34,346	)	$	491		$	(27,804	)

Change in Benefit Obligation:
Benefit obligation – beginning of year	$	31,908		$	1,615,244		$	31,949		$	1,478,493
Service cost	365			3,754			402			4,013
Prior service cost	—			53,586			—			—
Interest on benefit obligations	1,082			32,173			1,240			32,748
Member contributions	—			290			—			345
Actuarial (gain) loss	(850		)	(163,746		)	(760		)	21,058
Pension settlement gain	—			(873		)	—			(4,017		)
Net benefit payments	(946		)	(72,095		)	(923		)	(65,160		)
Curtailment loss	—			906			—			3,305
Exchange effect	—			(91,664		)	—			144,459
Benefit obligation – end of year	$	31,559		$	1,377,575		$	31,908		$	1,615,244

Change in Plan Assets:
Plan assets at fair value – beginning of year	$	16,102		$	1,296,539		$	13,589		$	1,173,865
Company contributions	877			4,889			1,476			3,062
Investment (loss) gain	(1,399		)	(12,600		)	1,960			72,342
Member contributions	—			290			—			345
Pension settlement loss	—			(161		)	—			(3,254		)
Benefit payments and plan expenses	(946		)	(72,095		)	(923		)	(65,160		)
Exchange effect	—			(75,481		)	—			115,339
Plan assets at fair value – end of year	$	14,634		$	1,141,381		$	16,102		$	1,296,539

Funded Status:
Unfunded benefit obligation	$	(16,925	)	$	(236,194	)	$	(15,806	)	$	(318,705	)

Amounts recognized in balance sheet at year end:
Accrued pension benefits	$	(16,925	)	$	(236,194	)	$	(15,806	)	$	(318,705	)



	Fiscal 2018						Fiscal 2017
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Pre-tax components in accumulated other comprehensive income at period end:
Net actuarial loss	$	4,985		$	202,672		$	3,340		$	243,315

Pre-tax components recognized in other comprehensive income for the period:
Current year actuarial (gain) loss	$	1,516		$	(88,992	)	$	(1,898	)	$	44,316
Actuarial gain (loss) recognized	129			(4,741		)	330			(7,041		)
Prior service cost	—			53,586			—			—
Prior service cost recognized	—			(437		)	—			—
Pension settlement gain	—			(713		)	—			(763		)
Pension settlement gain recognized	—			654			—			313
Total amount recognized	$	1,645		$	(40,643	)	$	(1,568	)	$	36,825

Accumulated Benefit Obligation	$	31,559		$	1,377,532		$	31,908		$	1,615,157

Salary growth rate	n/a			0.8		%	n/a			0.6		%
Assumed discount rate	4.1		%	2.7		%	3.5		%	2.3		%
Expected return on assets	6.0		%	6.2		%	6.0		%	6.2		%

Schedule of Allocation of Plan Assets

The assets of the plans were invested in the following classes of securities (none of which were securities of the company):

U.S. Plans:



	Target Allocation		Percentage of Plan Assets
			2018		2017
Equity	48	%	42	%	55	%
Fixed income	40		49		35
Money market	4		1		3
Other (real estate investment trusts & commodities contracts)	8		8		7
	100	%	100	%	100	%

Non-U.S. Plans:



	Target Allocation		Percentage of Plan Assets
			2018		2017
Equity	17	%	23	%	26	%
Fixed income	38		52		48
Alternatives/Other	32		9		12
Real Estate	13		14		11
Cash and cash equivalents	—		2		3
	100	%	100	%	100	%

Pension Plans Fair Value Of Investments

The following tables summarize the basis used to measure the pension plans’ assets at fair value as of December 29, 2018 and December 30, 2017 (in thousands):

U.S. Plans:



	Fiscal 2018						Fiscal 2017
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Net Asset Value		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Net Asset Value

Short Term Investment Fund (a)	$	175	$	—	$	175	$	486	$	—	$	486

Equity Securities:
Large Cap	2,615		2,615		—		3,485		3,485		—
Mid Cap	329		329		—		474		474		—
Small Cap	326		326		—		475		475		—
International	2,937		2,937		—		4,507		4,507		—

Fixed Income:
Government/Corporate	5,994		5,994		—		4,744		4,744		—
High Yield	1,102		1,102		—		809		809		—

Alternative:
Global Real Estate Investment Trust	591		591		—		469		469		—
Commodities Contracts	565		565		—		653		653		—

Total	$	14,634	$	14,459	$	175	$	16,102	$	15,616	$	486


(a)	Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.

Non-U.S. Plans:



	Fiscal 2018
Asset Category	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value

Cash and cash equivalents	$	28,434		$	4,325	$	2,656	$	—	$	21,453

Equity Securities:
UK	155,687			78,938		—		—		76,749
International:
Developed	99,872			14,497		—		—		85,375
Emerging	7,488			591		—		—		6,897
Unquoted/Private Equity	1,752			—		—		—		1,752

Fixed Income:
Government/Corporate:
UK	468,608			11,860		6,779		—		449,969
International	75,980			—		—		—		75,980
Index Linked	47,873			3,614		—		—		44,259
Other	650			—		—		—		650
Convertible Bonds	188			—		—		—		188

Real Estate:
Direct	148,551			—		148,551		—		—
Indirect	10,812			188		9,298		—		1,326

Hedge Fund Strategy:
Equity Long/Short	73,783			—		—		—		73,783
Arbitrage & Event	73,261			—		—		—		73,261
Directional Trading & Fixed Income	44,091			—		—		—		44,091
Cash & Other	21,719			—		—		—		21,719
Direct Sourcing	2,289			—		—		—		2,289

Leveraged Loans	18,295			—		—		—		18,295

Alternative/Other	(137,952		)	5		—		86		(138,043		)

Total	$	1,141,381		$	114,018	$	167,284	$	86	$	859,993



	Fiscal 2017
Asset Category	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value

Cash and cash equivalents	$	42,857		$	8,135		$	15,851	$	—	$	18,871

Equity Securities:
UK	178,093			98,408			—		—		79,685
International:
Developed	145,295			16,627			—		—		128,668
Emerging	7,261			385			—		—		6,876
Unquoted/Private Equity	3,687			—			—		—		3,687

Fixed Income:
Government/Corporate:
UK	347,840			12,247			14,417		—		321,176
International	46,065			—			—		—		46,065
Index Linked	228,699			4,055			—		—		224,644
Other	3,750			—			—		—		3,750
Convertible Bonds	187			—			—		—		187

Real Estate:
Direct	135,238			—			135,238		—		—
Indirect	11,128			191			—		—		10,937

Hedge Fund Strategy:
Equity Long/Short	79,035			—			—		—		79,035
Arbitrage & Event	83,814			—			—		—		83,814
Directional Trading & Fixed Income	34,107			—			—		—		34,107
Cash & Other	48,440			—			—		—		48,440
Direct Sourcing	1,675			—			—		—		1,675

Leveraged Loans	30,755			—			—		—		30,755

Alternative/Other	(131,387		)	(4		)	—		101		(131,484		)

Total	$	1,296,539		$	140,044		$	165,506	$	101	$	990,888

Schedule of Expected Benefit Payments

Estimated future benefit payments under the plans are as follows (dollars in thousands):



	U.S. Plans		Non-U.S. Plans
2019	$	1,686	$	59,200
2020	1,704		61,498
2021	1,741		62,360
2022	1,755		64,772
2023 through 2028	11,055		393,112