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Benefit Plans (Tables)
 12 Months Ended
Dec. 29, 2018
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures
Benefit plan related information is as follows for the years 2018 and 2017:
 
(in thousands)
2018
 
2017
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
$
67,268

 
$
55,606

Service cost
2,266

 
2,037

Interest cost
3,104

 
1,887

Net actuarial gain
(7,321
)
 
(433
)
Benefits paid from the trust
(2,479
)
 
(1,405
)
Benefits paid directly by the Company
(1,802
)
 
(1,098
)
Settlements
(1,291
)
 
(31
)
Acquisitions
48,358

 
—

Effect of exchange rate movements
(6,918
)
 
5,477

Other
1,648

 
5,228

Benefit obligation at end of year
$
102,833


$
67,268

 
 
 
 
Change in plan assets at fair value:
 
 
 
Fair value of plan assets at beginning of year
$
48,123

 
$
42,208

Actual return on plan assets
(2,847
)
 
2,962

Employer contributions
2,341

 
264

Benefits paid
(2,479
)
 
(1,405
)
Settlements
(1,291
)
 
—

Acquisitions
31,954

 
—

Effect of exchange rate movements
(5,125
)
 
4,094

Fair value of plan assets at end of year
70,676


48,123

Net amount recognized/(unfunded status)
$
(32,157
)

$
(19,145
)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the Consolidated Balance Sheets as of December 29, 2018 and December 30, 2017 consist of the following:
 
(in thousands)
2018
 
2017
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
Noncurrent assets
$
811

 
$
78

Current benefit liability
(1,094
)
 
(481
)
Noncurrent benefit liability
(31,874
)
 
(18,742
)
Net liability recognized
$
(32,157
)

$
(19,145
)

 




The amounts included in accumulated other comprehensive loss in the Consolidated Balance Sheets, excluding tax effects, that have not yet been recognized as components of net period cost as of December 29, 2018 and December 30, 2017 were as following:

(in thousands)
2018
 
2017
Net actuarial loss
$
9,777

 
$
12,261

Prior service cost
1,607

 
—

Total
$
11,384


$
12,261
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The pre-tax amounts recognized in other comprehensive income loss in 2018 as components of net periodic benefit costs were as follows:

 
 
(in thousands)
2018
Amortization of:
 
Prior service cost
$
291

Amount arising during the period:
 
Net actuarial loss
(396
)
Settlement loss
238

Foreign currency adjustments
744

Total
$
877
Schedule of Net Benefit Costs
The components of pension expense for the fiscal years 2018, 2017, and 2016 are as follows: 
 
 
 
 
 
 
 
(in thousands)
2018
 
2017
 
2016
Components of net periodic benefit cost:
 
 
 
 
 
Service cost
$
2,266

 
$
2,037

 
$
1,509

Interest cost
3,104

 
1,887

 
1,662

Expected return on plan assets
(3,222
)
 
(1,990
)
 
(1,935
)
Amortization of prior service
291

 
337

 
306

Net periodic benefit cost
2,439


2,271


1,542

Settlement loss / curtailment (gain)
238

 
(25
)
 
(36
)
Total expense for the year
$
2,677


$
2,246


$
1,506
Schedule of Assumptions Used
Weighted average assumptions used to determine net periodic benefit cost for the fiscal years 2018, 2017, and 2016 are as follows:
 
 
 
 
 
 
 
 
2018
 
2017
 
2016
Discount rate
2.8
%
 
3.0
%
 
3.7
%
Expected return on plan assets
4.2
%
 
4.5
%
 
4.9
%
Compensation increase rate
5.0
%
 
4.5
%
 
5.3
%
Weighted average assumptions used to determine benefit obligations as of December 29, 2018, December 30, 2017 and December 31, 2016 are as follows:
 
 
2018
 
2017
 
2016
Discount rate
3.1
%
 
3.1
%
 
2.6
%
Compensation increase rate
4.6
%
 
5.0
%
 
4.5
%
Schedule of Net Funded Status
The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit obligations in excess of plan assets as of December 29, 2018 and December 30, 2017:
 
(in thousands)
2018
 
2017
Projected benefit obligation
$
70,579

 
$
28,515

Fair value of plan assets
37,611

 
9,292
Schedule of Expected Benefit Payments
Expected benefit payments to be paid to participants for the fiscal year ending are as follows:
(in thousands)
Expected Benefit Payments
2019
$
4,210

2020
4,243

2021
4,691

2022
4,547

2023
4,884

2024-2028
27,047

The following table provides a summary of under-funded or unfunded pension benefit plans with accumulated benefit obligations in excess of plan assets as of December 29, 2018 and December 30, 2017:
 
(in thousands)
2018
 
2017
Accumulated benefit obligation
$
66,049

 
$
18,990

Fair value of plan assets
36,003

 
6,003
Schedule of Allocation of Plan Assets
Pension plan assets were invested as follows, and were not materially different from the target asset allocation:
 
 
Asset Allocation
 
2018
 
2017
Equity securities
30
%
 
35
%
Debt securities
66
%
 
64
%
Cash and cash equivalents, and other
4
%
 
1
%
 
100
%

100
%
Pension Plan Assets Measured at Fair Value
The following table presents the Company’s pension plan assets measured at fair value by classification within the fair value hierarchy as of December 29, 2018:
 
 
Fair Value Measurements Using
 
 
 
 
(in thousands)
Level 1
 
Level 2
 
Level 3
 
NAV
 
Total
Equities
$
1,361

 
$
—

 
$
—

 
$
19,528

 
$
20,889

Fixed income
3,336

 
—

 
—

 
43,134

 
46,470

Insurance contracts and other
—

 
—

 
632

 
1,161

 
1,793

Cash and cash equivalents
702

 
—

 
—

 
823

 
1,525

Total pension plan assets
$
5,399


$
—


$
632


$
64,645


$
70,676


 
The following table presents the Company’s pension plan assets measured at fair value by classification within the fair value hierarchy as of December 30, 2017:
 
 
Fair Value Measurements Using
 
 
 
 
(in thousands)
Level 1
 
Level 2
 
Level 3
 
NAV
 
Total
Equities
$
1,031

 
$
—

 
$
—

 
$
16,032

 
$
17,063

Fixed income
8,088

 
—

 
—

 
22,568

 
30,656

Cash and cash equivalents
173

 
—

 
—

 
231

 
404

Total pension plan assets
$
9,292


$
—


$
—


$
38,831


$
48,123