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Benefit Plans (Tables)
12 Months Ended
Dec. 25, 2021
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 most significant plans’ benefit obligations and the fair value of the plans’ assets for 2021 and 2020, and a statement of the plans’ aggregate funded status:
 Pension BenefitsOther Benefits
(In thousands)2021202020212020
Change in benefit obligation:    
Obligation at beginning of year$90,809 $182,164 $12,782 $12,653 
Service cost— — 258 212 
Interest cost1,272 3,260 281 430 
Actuarial (gain) loss(4,062)10,790 (812)422 
Plan amendments— — — (26)
Benefit payments(2,832)(9,214)(634)(716)
Curtailment— — — (183)
Settlement (1)
— (99,585)— — 
Foreign currency translation adjustment(904)3,394 (50)(10)
Obligation at end of year84,283 90,809 11,825 12,782 
Change in fair value of plan assets:    
Fair value of plan assets at beginning of year78,480 183,486 — — 
Actual return on plan assets4,791 13,313 — — 
Employer contributions— — 634 716 
Benefit payments(2,832)(9,214)(634)(716)
Settlement (1)
— (99,585)— — 
Surplus assets (1)
— (12,386)— — 
Foreign currency translation adjustment(961)2,866 — — 
Fair value of plan assets at end of year79,478 78,480 — — 
Funded (underfunded) status at end of year$(4,805)$(12,329)$(11,825)$(12,782)
(1)In November 2019, the Company’s Board of Directors approved the termination of the U.S. defined benefit pension plan. Settlement accounting criteria was met in Q4 2020, therefore, all resulting settlement charges occurred in 2020. The plan termination resulted in incremental benefit payments of approximately $100.0 million and termination costs of $17.8 million, which consisted of an $11.6 million non-cash settlement charge and $6.2 million in federal excise tax on surplus assets returned to the Company of approximately $12.4 million, as of December 26, 2020.
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 BenefitsOther Benefits
(In thousands)2021202020212020
Unrecognized net actuarial loss (gain)$19,629 $26,476 $(1,893)$(1,187)
Unrecognized prior service credit— — (1,930)(2,401)
Funded Status of the Plans Recognized
As of December 25, 2021 and December 26, 2020, the total funded status of the plans recognized in the Consolidated Balance Sheets was as follows:

 Pension BenefitsOther Benefits
  (In thousands)
2021202020212020
Current liability$— $— $(962)$(948)
Long-term liability(4,805)(12,329)(10,863)(11,834)
Total (underfunded) funded status$(4,805)$(12,329)$(11,825)$(12,782)
Components of Net Periodic Benefit Costs
The components of net periodic benefit cost (income) are as follows:

(In thousands)202120202019
Pension benefits:   
Interest cost$1,272 $3,260 $5,972 
Expected return on plan assets(3,671)(5,704)(8,103)
Amortization of net loss1,536 2,305 1,950 
Settlement charge— 11,642 — 
Net periodic benefit (income) cost$(863)$11,503 $(181)
Other benefits:   
Service cost$258 $212 $260 
Interest cost281 430 609 
Amortization of prior service credit(470)(519)(902)
Amortization of net gain(103)(193)(88)
Curtailment gain— (2,591)— 
Settlement charge— — (2)
Net periodic benefit income$(34)$(2,661)$(123)
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 BenefitsOther Benefits
 2021202020212020
Discount rate1.90 %1.40 %3.73 %2.92 %
Expected long-term return on plan assets4.96 %4.69 %N/AN/A
Rate of compensation increasesN/AN/A5.00 %5.00 %
Rate of inflation3.70 %3.20 %N/AN/A

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

 Pension BenefitsOther Benefits
 202120202019202120202019
Discount rate
1.40 %1.93 %3.72 %2.92 %3.70 %4.56 %
Expected long-term return on plan assets
4.69 %3.84 %5.05 %N/AN/AN/A
Rate of compensation increases
N/AN/AN/A5.00 %5.00 %5.00 %
Rate of inflation
3.20 %3.20 %3.40 %N/AN/AN/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 category20212020
Equity securities (includes equity mutual funds)66 %66 %
Multi-asset securities24 24 
Cash and equivalents (includes money market funds)— 
Alternative investments10 
Total100 %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 25, 2021
  (In thousands)
Level 1Level 2Level 3Total
Cash and money market funds$292 $— $— $292 
Mutual funds (1)
— 71,465 — 71,465 
Limited partnerships— — 7,721 7,721 
Total$292 $71,465 $7,721 $79,478 
 
 Fair Value Measurements at December 26, 2020
  (In thousands)
Level 1Level 2Level 3Total
Cash and money market funds$492 $— $— $492 
Mutual funds (2)
— 71,084 — 71,084 
Limited partnerships— — 6,904 6,904 
Total$492 $71,084 $6,904 $78,480 
(1)Approximately 78 percent of mutual funds are actively managed funds and approximately 22 percent of mutual funds are index funds.  Additionally, 27 percent of the mutual funds’ assets are invested in non-U.S. multi-asset securities and 73 percent in non-U.S. equities.

(2)Approximately 76 percent of mutual funds are actively managed funds and approximately 24 percent of mutual funds are index funds.  Additionally, 27 percent of the mutual funds’ assets are invested in non-U.S. multi-asset securities and 73 percent in non-U.S. equities.
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 25, 2021:

  (In thousands)
Limited Partnerships
  
Balance, December 26, 2020$6,904 
Net appreciation in fair value817 
  
Balance, December 25, 2021$7,721 
Future Benefit Plans Payments The Company expects future benefits to be paid from the plans as follows:
(In thousands)Pension BenefitsOther Benefits
2022$2,861 $962 
20232,970 1,029 
20243,082 1,029 
20253,199 1,011 
20263,320 1,016 
2027-203118,586 4,511 
Total$34,018 $9,558