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Benefit Plans (Tables)
 12 Months Ended
Dec. 29, 2018
Retirement Benefits [Abstract]  
Reconciliation of the changes in the plans' benefit obligations and the fair value of the plans assets
The following tables provide a reconciliation of the changes in the plans’ benefit obligations and the fair value of the plans’ assets for 2018 and 2017, and a statement of the plans’ aggregate funded status:

 
 
Pension Benefits
 
Other Benefits
(In thousands)
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
 
Change in benefit obligation:
 
 
 
 
 
 
 
 
Obligation at beginning of year
 
$
186,766

 
$
178,736

 
$
16,407

 
$
15,274

Service cost
 
88

 
128

 
235

 
235

Interest cost
 
5,745

 
6,344

 
447

 
599

Actuarial (gain) loss
 
(10,637
)
 
4,688

 
(1,185
)
 
923

Benefit payments
 
(10,368
)
 
(10,171
)
 
(892
)
 
(883
)
Settlement charge
 
—

 
—

 
(171
)
 
(209
)
Foreign currency translation adjustment
 
(4,855
)
 
7,041

 
(459
)
 
468

 
 
 
 
 
 
 
 
 
Obligation at end of year
 
166,739

 
186,766

 
14,382

 
16,407

 
 
 
 
 
 
 
 
 
Change in fair value of plan assets:
 
 

 
 

 
 

 
 

Fair value of plan assets at beginning of year
 
186,336

 
169,140

 
—

 
—

Actual return on plan assets
 
(8,282
)
 
19,175

 
—

 
—

Employer contributions
 
999

 
2,271

 
892

 
883

Benefit payments
 
(10,368
)
 
(10,171
)
 
(892
)
 
(883
)
Foreign currency translation adjustment
 
(4,082
)
 
5,921

 
—

 
—

 
 
 
 
 
 
 
 
 
Fair value of plan assets at end of year
 
164,603

 
186,336

 
—

 
—

 
 
 
 
 
 
 
 
 
Underfunded status at end of year
 
$
(2,136
)
 
$
(430
)
 
$
(14,382
)
 
$
(16,407
)
Amounts recognized in accumulated OCI (before the effect of income taxes)
The following represents amounts recognized in AOCI (before the effect of income taxes):

 
 
Pension Benefits
 
Other Benefits
(In thousands)
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
 
Unrecognized net actuarial loss
 
$
39,101

 
$
34,627

 
$
170

 
$
1,540

Unrecognized prior service credit
 
—

 
—

 
(6,387
)
 
(7,289
)
Funded status of the plans recognized
As of December 29, 2018 and December 30, 2017, the total funded status of the plans recognized in the Consolidated Balance Sheets was as follows:

 
 
Pension Benefits
 
Other Benefits
  (In thousands)
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
 
Long-term asset
 
$
10,580

 
$
9,894

 
$
—

 
$
—

Current liability
 
—

 
—

 
(1,080
)
 
(1,070
)
Long-term liability
 
(12,716
)
 
(10,324
)
 
(13,302
)
 
(15,337
)
 
 
 
 
 
 
 
 
 
Total underfunded status
 
$
(2,136
)
 
$
(430
)
 
$
(14,382
)
 
$
(16,407
)
Components of net periodic benefit costs
The components of net periodic benefit cost (income) are as follows:

(In thousands)
 
2018
 
2017
 
2016
Pension benefits:
 
 
 
 
 
 
Service cost
 
$
88

 
$
128

 
$
532

Interest cost
 
5,745

 
6,344

 
7,553

Expected return on plan assets
 
(9,522
)
 
(9,374
)
 
(9,615
)
Amortization of net loss
 
1,151

 
2,206

 
2,898

Settlement charge
 
—

 
—

 
1,214

 
 
 
 
 
 
 
Net periodic benefit (income) cost
 
$
(2,538
)
 
$
(696
)
 
$
2,582

 
 
 
 
 
 
 
Other benefits:
 
 

 
 

 
 

Service cost
 
$
235

 
$
235

 
$
232

Interest cost
 
447

 
599

 
594

Amortization of prior service credit
 
(902
)
 
(901
)
 
(896
)
Amortization of net loss (gain)
 
92

 
(42
)
 
(60
)
Settlement charge
 
38

 
17

 
—

 
 
 
 
 
 
 
Net periodic benefit income
 
$
(90
)
 
$
(92
)
 
$
(130
)
Weighted average assumptions used in the measurement of the Company's benefit obligation and net periodic benefit cost are as follows
The weighted average assumptions used in the measurement of the Company’s benefit obligations are as follows:

 
 
Pension Benefits
 
Other Benefits
 
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
 
Discount rate
 
3.72
%
 
3.22
%
 
4.56
%
 
3.89
%
Expected long-term return on plan assets
 
5.05
%
 
5.27
%
 
N/A

 
N/A

Rate of compensation increases
 
N/A

 
N/A

 
5.00
%
 
5.00
%
Rate of inflation
 
3.40
%
 
3.30
%
 
N/A

 
N/A


The weighted average assumptions used in the measurement of the Company’s net periodic benefit cost are as follows:

 
 
Pension Benefits
 
Other Benefits
 
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
3.22
%
 
3.61
%
 
4.02
%
 
3.89
%
 
4.21
%
 
4.25
%
Expected long-term return on plan assets
 
5.27
%
 
5.56
%
 
5.59
%
 
N/A

 
N/A

 
N/A

Rate of compensation increases
 
N/A

 
N/A

 
N/A

 
5.00
%
 
5.00
%
 
5.00
%
Rate of inflation
 
3.30
%
 
3.30
%
 
3.20
%
 
N/A

 
N/A

 
N/A
Weighted average asset allocation of the Company’s pension fund assets are as follows
The weighted average asset allocation of the Company’s pension fund assets are as follows:

 
 
Pension Plan Assets
Asset category
 
2018
 
2017
 
 
 
 
 
Fixed income securities (includes fixed income mutual funds)
 
54
%
 
48
%
Equity securities (includes equity mutual funds)
 
35

 
46

Cash and equivalents (includes money market funds)
 
8

 
3

Alternative investments
 
3

 
3

 
 
 
 
 
Total
 
100
%
 
100
%
Plan assets at fair value within the fair value hierarchy, by level
The following table sets forth by level, within the fair value hierarchy, the assets of the plans at fair value:

 
 
Fair Value Measurements at December 29, 2018
  (In thousands)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
 
 
 
 
 
 
 
Cash and money market funds
 
$
12,984

 
$
—

 
$
—

 
$
12,984

Mutual funds (1)
 
—

 
146,591

 
—

 
146,591

Limited partnerships
 
—

 
—

 
5,028

 
5,028

 
 
 
 
 
 
 
 
 
Total
 
$
12,984

 
$
146,591

 
$
5,028

 
$
164,603

 
 
 
Fair Value Measurements at December 30, 2017
  (In thousands)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
 
 
 
 
 
 
 
Cash and money market funds
 
$
5,364

 
$
—

 
$
—

 
$
5,364

Common stock (2)
 
11,113

 
—

 
—

 
11,113

Mutual funds (3)
 
8,412

 
156,442

 
—

 
164,854

Limited partnerships
 
—

 
—

 
5,005

 
5,005

 
 
 
 
 
 
 
 
 
Total
 
$
24,889

 
$
156,442

 
$
5,005

 
$
186,336


(1) 
Approximately 61 percent of mutual funds are actively managed funds and approximately 39 percent of mutual funds are index funds.  Additionally, five percent of the mutual funds’ assets are invested in U.S. equities, 35 percent in non-U.S. equities, 59 percent in U.S. fixed income securities, and one percent in non-U.S. fixed income securities.

(2) 
Approximately 91 percent of common stock represents investments in U.S. companies primarily in the health care, utilities, financials, consumer staples, industrials, and information technology sectors.  All investments in common stock are listed on U.S. stock exchanges.

(3) 
Approximately 66 percent of mutual funds are actively managed funds and approximately 34 percent of mutual funds are index funds.  Additionally, five percent of the mutual funds’ assets are invested in U.S. equities, 41 percent in non-U.S. equities, 52 percent in U.S. fixed income securities, and two percent in non-U.S. fixed income securities.
Plan assets measured at fair value using significant unobservable inputs
The table below reflects the changes in the assets of the plan measured at fair value on a recurring basis using significant unobservable inputs (level 3 of fair value hierarchy) during the year ended December 29, 2018:

  (In thousands)
 
Limited Partnerships
 
 
 
Balance, December 30, 2017
 
$
5,005

Redemptions
 
(108
)
Subscriptions
 
108

Net appreciation in fair value
 
23

 
 
 

Balance, December 29, 2018
 
$
5,028
Future benefit plans payments
The Company expects future benefits to be paid from the plans as follows:

(In thousands)
 
Pension Benefits
 
Other Benefits
 
 
 
 
 
2019
 
$
10,416

 
$
1,102

2020
 
10,342

 
1,244

2021
 
10,283

 
1,061

2022
 
10,241

 
1,112

2023
 
10,196

 
1,226

2024-2028
 
49,820

 
5,821

 
 
 
 
 
Total
 
$
101,298

 
$
11,566