XML 59 R40.htm IDEA: XBRL DOCUMENT v3.20.4
Benefit Plans (Tables)
 12 Months Ended
Dec. 26, 2020
Retirement Benefits [Abstract]  
Schedule of defined benefit plans disclosures
Benefit plan related information is as follows for the years 2020 and 2019:
 
(in thousands)
20202019
Change in benefit obligation:  
Benefit obligation at beginning of year$116,921 $102,833 
Service cost2,462 2,040 
Interest cost2,173 3,169 
Net actuarial loss25,306 11,286 
Benefits paid from the plan assets(2,808)(3,323)
Benefits paid directly by the Company(2,302)(1,540)
Curtailments and Settlements102 (1,924)
Effect of exchange rate movements7,462 1,735 
Plan amendment and other(324)2,645 
Benefit obligation at end of year$148,992 $116,921 
Change in plan assets at fair value:
Fair value of plan assets at beginning of year$78,502 $70,676 
Actual return on plan assets7,053 8,222 
Employer contributions12,918 2,233 
Benefits paid from the plan assets(2,808)(3,323)
Settlements— (1,072)
Effect of exchange rate movements4,813 1,766 
Fair value of plan assets at end of year100,478 78,502 
Net amount unfunded status$(48,514)$(38,419)
Schedule of amounts recognized in balance sheet
Amounts recognized in the Consolidated Balance Sheets as of December 26, 2020 and December 28, 2019 consist of the following:
 
(in thousands)
20202019
Amounts recognized in the Consolidated Balance Sheets consist of:  
Noncurrent assets$39 $885 
Current benefit liability(2,751)(1,106)
Noncurrent benefit liability(45,802)(38,198)
Net liability recognized$(48,514)$(38,419)

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 periodic benefit costs as of December 26, 2020 and December 28, 2019 were as following:

(in thousands)
20202019
Net actuarial loss$37,285 $15,635 
Prior service cost3,937 4,273 
Total$41,222 $19,908 
Schedule of defined benefit plan amounts recognized in other comprehensive income (loss)
The pre-tax amounts recognized in other comprehensive income (loss) in 2020 as components of net periodic benefit costs were as follows:

  
(in thousands)
2020
Amortization of: 
Prior service cost$181 
Net actuarial loss782 
Amount arising during the period:
Prior service cost324 
Net actuarial loss(19,861)
Net settlement loss236 
Foreign currency adjustments(1,298)
Total$(19,636)
Schedule of net benefit costs
The components of net periodic benefits costs for the fiscal years 2020, 2019, and 2018 are as follows: 
 
   
(in thousands)
202020192018
Components of net periodic benefit cost:   
Service cost$2,462 $2,040 $2,266 
Interest cost2,173 3,169 3,104 
Expected return on plan assets(1,972)(3,187)(3,222)
Amortization of prior service and net actuarial loss963 243 291 
Net periodic benefit cost3,626 2,265 2,439 
Net settlement loss236 260 238 
Total expense for the year$3,862 $2,525 $2,677 
Schedule of assumptions used
Weighted average assumptions used to determine net periodic benefit cost for the fiscal years 2020, 2019, and 2018 are as follows:
   
 202020192018
Discount rate2.3 %3.1 %2.8 %
Expected return on plan assets3.7 %4.5 %4.2 %
Compensation increase rate4.7 %4.6 %5.0 %
Weighted average assumptions used to determine benefit obligations as of December 26, 2020, December 28, 2019 and December 29, 2018 are as follows:
 
 202020192018
Discount rate1.2 %2.3 %3.1 %
Compensation increase rate4.9 %4.7 %4.6 %
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 26, 2020 and December 28, 2019:
 
(in thousands)
20202019
Projected benefit obligation$148,992 $81,362 
Fair value of plan assets100,439 42,058 
Schedule of expected benefit payments
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 26, 2020 and December 28, 2019:
 
(in thousands)
20202019
Accumulated benefit obligation$130,453 $75,744 
Fair value of plan assets92,248 42,058 
Expected benefit payments to be paid to participants for the fiscal year ending are as follows:
(in thousands)Expected Benefit Payments
2021$6,562 
20224,718 
20234,902 
20244,742 
20255,357 
2026-2030 and thereafter31,164 
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
 20202019
Cash and cash equivalents, and other7 %1 %
Equity securities9 %27 %
Fixed income securities31 %72 %
Bulk annuity contract53 %— %
 100 %100 %
Schedule of 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 26, 2020:

 Fair Value Measurements Using  
(in thousands)
Level 1Level 2Level 3NAVTotal
Insurance contracts and other$— $1,880 $685 $— $2,565 
Cash and cash equivalents654 3,868 — — 4,522 
Equities1,719 6,904 — — 8,623 
Fixed income6,164 19,433 — 6,078 31,675 
Bulk annuity contract— — 53,093 — 53,093 
Total pension plan assets$8,537 $32,085 $53,778 $6,078 $100,478 
 
The following table presents the Company’s pension plan assets measured at fair value by classification within the fair value hierarchy as of December 28, 2019:
 
 Fair Value Measurements Using  
(in thousands)
Level 1Level 2Level 3NAVTotal
Equities$1,796 $— $— $19,139 $20,935 
Fixed income4,535 — — 51,711 56,246 
Insurance contracts and other— — 609 147 756 
Cash and cash equivalents387 — — 178 565 
Total pension plan assets$6,718 $— $609 $71,175 $78,502 
Schedule of effect of significant unobservable inputs, changes in plan assets
The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2020 due to the following:

(in thousands)
Level 3
Balance at December 28, 2019$609 
Level 3 assets transferred in from Level 1 and 2 assets valued at NAV:
Bulk annuity contract added during the year53,093 
Actual return on plan assets76 
Balance at December 26, 2020$53,778