XML 116 R42.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Benefit Plans (Tables)
 12 Months Ended
Dec. 28, 2019
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 2019 and 2018, and a statement of the plans’ aggregate funded status:

 
 
Pension Benefits
 
Other Benefits
(In thousands)
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Change in benefit obligation:
 
 
 
 
 
 
 
 
Obligation at beginning of year
 
$
166,739

 
$
186,766

 
$
14,382

 
$
16,407

Service cost
 
—

 
88

 
260

 
235

Interest cost
 
5,972

 
5,745

 
609

 
447

Actuarial loss (gain)
 
17,061

 
(10,637
)
 
(1,860
)
 
(1,185
)
Benefit payments
 
(9,883
)
 
(10,368
)
 
(832
)
 
(892
)
Settlement charge
 
—

 
—

 
(198
)
 
(171
)
Foreign currency translation adjustment
 
2,275

 
(4,855
)
 
292

 
(459
)
 
 
 
 
 
 
 
 
 
Obligation at end of year
 
182,164

 
166,739

 
12,653

 
14,382

 
 
 
 
 
 
 
 
 
Change in fair value of plan assets:
 
 

 
 

 
 

 
 

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

 
186,336

 
—

 
—

Actual return on plan assets
 
26,734

 
(8,282
)
 
—

 
—

Employer contributions
 
—

 
999

 
832

 
892

Benefit payments
 
(9,883
)
 
(10,368
)
 
(832
)
 
(892
)
Foreign currency translation adjustment
 
2,032

 
(4,082
)
 
—

 
—

 
 
 
 
 
 
 
 
 
Fair value of plan assets at end of year
 
183,486

 
164,603

 
—

 
—

 
 
 
 
 
 
 
 
 
Funded (underfunded) status at end of year
 
$
1,322

 
$
(2,136
)
 
$
(12,653
)
 
$
(14,382
)
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)
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Unrecognized net actuarial loss
 
$
36,195

 
$
39,101

 
$
(1,609
)
 
$
170

Unrecognized prior service credit
 
—

 
—

 
(5,485
)
 
(6,387
)
Funded status of the plans recognized
As of December 28, 2019 and December 29, 2018, the total funded status of the plans recognized in the Consolidated Balance Sheets was as follows:

 
 
Pension Benefits
 
Other Benefits
  (In thousands)
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Long-term asset
 
$
8,592

 
$
10,580

 
$
—

 
$
—

Current liability
 
—

 
—

 
(1,013
)
 
(1,080
)
Long-term liability
 
(7,270
)
 
(12,716
)
 
(11,640
)
 
(13,302
)
 
 
 
 
 
 
 
 
 
Total funded (underfunded) status
 
$
1,322

 
$
(2,136
)
 
$
(12,653
)
 
$
(14,382
)
Components of net periodic benefit costs
The components of net periodic benefit cost (income) are as follows:

(In thousands)
 
2019
 
2018
 
2017
Pension benefits:
 
 
 
 
 
 
Service cost
 
$
—

 
$
88

 
$
128

Interest cost
 
5,972

 
5,745

 
6,344

Expected return on plan assets
 
(8,103
)
 
(9,522
)
 
(9,374
)
Amortization of net loss
 
1,950

 
1,151

 
2,206

 
 
 
 
 
 
 
Net periodic benefit income
 
$
(181
)
 
$
(2,538
)
 
$
(696
)
 
 
 
 
 
 
 
Other benefits:
 
 

 
 

 
 

Service cost
 
$
260

 
$
235

 
$
235

Interest cost
 
609

 
447

 
599

Amortization of prior service credit
 
(902
)
 
(902
)
 
(901
)
Amortization of net (gain) loss
 
(88
)
 
92

 
(42
)
Settlement charge
 
(2
)
 
38

 
17

 
 
 
 
 
 
 
Net periodic benefit income
 
$
(123
)
 
$
(90
)
 
$
(92
)
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
 
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Discount rate
 
1.93
%
 
3.72
%
 
3.70
%
 
4.56
%
Expected long-term return on plan assets
 
3.84
%
 
5.05
%
 
N/A

 
N/A

Rate of compensation increases
 
N/A

 
N/A

 
5.00
%
 
5.00
%
Rate of inflation
 
3.20
%
 
3.40
%
 
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
 
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
3.72
%
 
3.22
%
 
3.61
%
 
4.56
%
 
3.89
%
 
4.21
%
Expected long-term return on plan assets
 
5.05
%
 
5.27
%
 
5.56
%
 
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
 
3.40
%
 
3.30
%
 
3.30
%
 
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
 
2019
 
2018
 
 
 
 
 
Fixed income securities (includes fixed income mutual funds)
 
55
%
 
54
%
Equity securities (includes equity mutual funds)
 
25

 
35

Multi-asset securities
 
9

 
—

Cash and equivalents (includes money market funds)
 
7

 
8

Alternative investments
 
4

 
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 28, 2019
  (In thousands)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
 
 
 
 
 
 
 
Cash and money market funds
 
$
12,318

 
$
—

 
$
—

 
$
12,318

Mutual funds (1)
 
—

 
163,253

 
—

 
163,253

Limited partnerships
 
—

 
—

 
7,915

 
7,915

 
 
 
 
 
 
 
 
 
Total
 
$
12,318

 
$
163,253

 
$
7,915

 
$
183,486

 
 
 
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 (2)
 
—

 
146,591

 
—

 
146,591

Limited partnerships
 
—

 
—

 
5,028

 
5,028

 
 
 
 
 
 
 
 
 
Total
 
$
12,984

 
$
146,591

 
$
5,028

 
$
164,603


(1) 
Approximately 80 percent of mutual funds are actively managed funds and approximately 20 percent of mutual funds are index funds.  Additionally, 10 percent of the mutual funds’ assets are invested in non-U.S. multi-asset securities, 28 percent in non-U.S. equities, and 62 percent in U.S. fixed income securities.

(2) 
Approximately 61 percent of mutual funds are actively managed funds and approximately 39 percent of mutual funds are index funds.  Additionally, 5 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 1 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 28, 2019:

  (In thousands)
 
Limited Partnerships
 
 
 
Balance, December 29, 2018
 
$
5,028

Redemptions
 
(3,825
)
Subscriptions
 
6,846

Net appreciation in fair value
 
(134
)
 
 
 

Balance, December 28, 2019
 
$
7,915
Future benefit plans payments The Company expects future benefits to be paid from the plans as follows:

(In thousands)
 
Pension Benefits
 
Other Benefits
 
 
 
 
 
2020
 
$
107,864

 
$
1,014

2021
 
2,815

 
959

2022
 
2,905

 
953

2023
 
2,998

 
1,053

2024
 
3,094

 
1,062

2025-2029
 
17,020

 
4,944

 
 
 
 
 
Total
 
$
136,696

 
$
9,985