XML 46 R33.htm IDEA: XBRL DOCUMENT v3.24.0.1
Employee Retirement Plans (Tables)
12 Months Ended
Dec. 30, 2023
Retirement Benefits [Abstract]  
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 2023Fiscal 2022
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
Net Periodic Pension Cost (Benefit):    
Interest cost1,315 46,046 923 25,032 
Expected return on assets(873)(58,766)(1,073)(74,581)
Amortization of net loss420 186 758 3,671 
Amortization of prior service cost— 2,601 — 2,589 
 $862 $(9,933)$608 $(43,289)
Change in Benefit Obligation:    
Benefit obligation – beginning of year$27,550 $946,153 $36,423 $1,544,147 
Interest on benefit obligations1,315 46,046 923 25,032 
Actuarial loss (gain)539 1,970 (8,060)(409,462)
Net benefit payments(1,745)(59,018)(1,736)(59,682)
Exchange effect— 53,955 — (153,882)
Benefit obligation – end of year$27,659 $989,106 $27,550 $946,153 
Change in Plan Assets:    
Plan assets at fair value – beginning of year$14,998 $943,757 $18,289 $1,342,601 
Company contributions1,114 6,012 1,173 5,442 
Investment gain (loss) 1,384 81,945 (2,728)(207,270)
Benefit payments and plan expenses(1,745)(59,018)(1,736)(59,682)
Exchange effect— 54,725 — (137,334)
Plan assets at fair value – end of year$15,751 $1,027,421 $14,998 $943,757 
Funded Status:    
Unfunded benefit obligation$(11,908)$38,315 $(12,552)$(2,396)
Amounts recognized in balance sheet at year end:    
Accrued pension benefits$(11,908)$38,315 $(12,552)$(2,396)
Fiscal 2023Fiscal 2022
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
Pre-tax components in accumulated other comprehensive income at period end:    
Net actuarial loss$2,011 $103,705 $2,402 $121,292 
Pre-tax components recognized in other comprehensive income for the period:
Current year actuarial gain$28 $(17,079)$(4,259)$(148,515)
Actuarial loss recognized(420)(150)(758)(4,272)
Prior service cost recognized— (360)— (7,666)
Total amount recognized$(392)$(17,589)$(5,017)$(160,453)
Accumulated Benefit Obligation$27,659 $989,081 $27,550 $946,136 
Salary growth raten/a0.8 %n/a0.8 %
Assumed discount rate4.8 %4.6 %4.9 %4.8 %
Expected return on assets6.0 %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 AllocationPercentage of Plan Assets
  20232022
Equity48 %43 %45 %
Fixed income40 42 40 
Money market
Other (real estate investment trusts & commodities contracts)10 
 100 %100 %100 %

Non-U.S. Plans:
 Target AllocationPercentage of Plan Assets
  20232022
Equity17 %11 %10 %
Fixed income38 69 55 
Alternatives/Other32 19 
Real Estate13 10 
Cash and cash equivalents— 
 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 30, 2023 and December 31, 2022 (in thousands):
     
U.S. Plans:
Fiscal 2023Fiscal 2022
Asset CategoryTotalQuoted Prices in Active Markets for Identical Assets (Level 1)Net Asset ValueTotalQuoted Prices in Active Markets for Identical Assets (Level 1)Net Asset Value
Short Term Investment Fund (a)$920 $— $920 $771 $— $771 
Equity Securities:  
Large Cap2,862 2,862 — 2,818 2,818 — 
Mid Cap373 373 — 555 555 — 
Small Cap388 388 — 329 329 — 
International3,218 3,218 — 3,002 3,002 — 
Fixed Income:  
Government/Corporate4,776 4,776 — 4,973 4,973 — 
High Yield1,063 1,063 — 1,041 1,041 — 
Other705 705 — — — — 
Alternative:  
Global Real Estate Investment Trust663 663 — 602 602 — 
Commodities Contracts783 783 — 907 907 — 
Total$15,751 $14,831 $920 $14,998 $14,227 $771 

(a)Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.
Non-U.S. Plans:
Fiscal 2023
Asset CategoryTotalQuoted 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$64,285 $10,175 $25,777 $— $28,333 
Equity Securities:    
UK3,665 45 — — 3,620 
International:
Developed89,498 1,738 — — 87,760 
Emerging20,698 168 — — 20,530 
Unquoted/Private Equity282 — — — 282 
Fixed Income:
Government/Corporate:
UK 247,618 11,049 — — 236,569 
International133,279 — — — 133,279 
Index Linked322,408 2,088 — — 320,320 
Other3,222 — — — 3,222 
Real Estate:
Direct91,993 — 91,993 — — 
Indirect1,768 37 — — 1,731 
Hedge Fund Strategy:
Equity Long/Short8,361 — — — 8,361 
Arbitrage & Event10,731 — — — 10,731 
Directional Trading & Fixed Income315 — — — 315 
Cash & Other162,812 — — — 162,812 
Direct Sourcing913 — — — 913 
Leveraged Loans14,475 — — — 14,475 
Alternative/Other(148,902)1,060 — — (149,962)
Total$1,027,421 $26,360 $117,770 $— $883,291 
 
Fiscal 2022
Asset CategoryTotalQuoted 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$52,041 $5,372 $7,372 $— $39,297 
Equity Securities:    
UK3,677 68 — — 3,609 
International:
Developed70,611 2,634 — — 67,977 
Emerging18,642 298 — — 18,344 
Unquoted/Private Equity2,083 — — — 2,083 
Fixed Income:
Government/Corporate:
UK 191,868 8,933 — — 182,935 
International127,485 — — — 127,485 
Index Linked199,220 1,433 — — 197,787 
Other1,806 — — — 1,806 
Real Estate:
Direct83,280 — 83,280 — — 
Indirect5,073 58 — — 5,015 
Hedge Fund Strategy:
Equity Long/Short30,266 — — — 30,266 
Arbitrage & Event22,398 — — — 22,398 
Directional Trading & Fixed Income6,099 — — — 6,099 
Cash & Other169,504 — — — 169,504 
Direct Sourcing4,014 — — — 4,014 
Leveraged Loans8,539 — — — 8,539 
Alternative/Other(52,849)1,583 — — (54,432)
Total$943,757 $20,379 $90,652 $— $832,726 
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
2024$1,849 $58,680 
20251,867 59,708 
20261,906 59,409 
20271,944 59,459 
2028 through 203311,534 356,302