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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
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 2022 and 2021, and a statement of the plans’ aggregate funded status:
 Pension BenefitsOther Benefits
(In thousands)2022202120222021
Change in benefit obligation:    
Obligation at beginning of year$84,283 $90,809 $11,825 $12,782 
Service cost— — 291 258 
Interest cost1,450 1,272 346 281 
Actuarial gain(24,154)(4,062)(2,604)(812)
Benefit payments(2,512)(2,832)(547)(634)
Foreign currency translation adjustment(8,306)(904)(71)(50)
Obligation at end of year50,761 84,283 9,240 11,825 
Change in fair value of plan assets:    
Fair value of plan assets at beginning of year79,478 78,480 — — 
Actual return on plan assets(6,371)4,791 — — 
Employer contributions— — 547 634 
Benefit payments(2,512)(2,832)(547)(634)
Foreign currency translation adjustment(8,297)(961)— — 
Fair value of plan assets at end of year62,298 79,478 — — 
Funded (underfunded) status at end of year$11,537 $(4,805)$(9,240)$(11,825)
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)2022202120222021
Unrecognized net actuarial loss (gain)$2,870 $19,629 $(4,149)$(1,893)
Unrecognized prior service credit— — (19)(1,930)
Funded Status of the Plans Recognized As of December 31, 2022 and December 25, 2021, the total funded status of the plans recognized in the Consolidated Balance Sheets was as follows:
 Pension BenefitsOther Benefits
(In thousands)2022202120222021
Long-term asset$11,537 $— $— $— 
Current liability$— $— $(1,068)$(962)
Long-term liability— (4,805)(8,172)(10,863)
Total (underfunded) funded status$11,537 $(4,805)$(9,240)$(11,825)
Components of Net Periodic Benefit Costs
The components of net periodic benefit cost (income) are as follows:

(In thousands)202220212020
Pension benefits:   
Interest cost$1,450 $1,272 $3,260 
Expected return on plan assets(3,568)(3,671)(5,704)
Amortization of net loss897 1,536 2,305 
Settlement charge— — 11,642 
Net periodic benefit (income) cost$(1,221)$(863)$11,503 
Other benefits:   
Service cost$291 $258 $212 
Interest cost346 281 430 
Amortization of prior service credit(198)(470)(519)
Amortization of net gain(220)(103)(193)
Curtailment gain(1,756)— (2,591)
Net periodic benefit income$(1,537)$(34)$(2,661)
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
 2022202120222021
Discount rate4.80 %1.90 %6.08 %3.73 %
Expected long-term return on plan assets5.51 %4.96 %N/AN/A
Rate of compensation increasesN/AN/A5.00 %5.00 %
Rate of inflation3.30 %3.70 %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
 202220212020202220212020
Discount rate
1.90 %1.40 %1.93 %3.73 %2.92 %3.70 %
Expected long-term return on plan assets
4.96 %4.69 %3.84 %N/AN/AN/A
Rate of compensation increases
N/AN/AN/A5.00 %5.00 %5.00 %
Rate of inflation
3.70 %3.20 %3.20 %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 category20222021
Equity securities (includes equity mutual funds)67 %66 %
Multi-asset securities22 24 
Cash and equivalents (includes money market funds)— 
Alternative investments10 10 
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 31, 2022
(In thousands)Level 1Level 2Level 3Total
Cash and money market funds$829 $— $— $829 
Mutual funds (1)
— 55,441 — 55,441 
Limited partnerships— — 6,028 6,028 
Total$829 $55,441 $6,028 $62,298 
 
 Fair Value Measurements at December 25, 2021
(In thousands)Level 1Level 2Level 3Total
Cash and money market funds$292 $— $— $292 
Mutual funds (2)
— 71,465 — 71,465 
Limited partnerships— — 7,721 7,721 
Total$292 $71,465 $7,721 $79,478 
(1)Approximately 78 percent of mutual funds are actively managed funds and approximately 22 percent of mutual funds are index funds.  Additionally, 24 percent of the mutual funds’ assets are invested in non-U.S. multi-asset securities and 76 percent in non-U.S. equities.

(2)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.
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 31, 2022:

(In thousands)Limited Partnerships
  
Balance, December 25, 2021$7,721 
Net depreciation in fair value(1,693)
  
Balance, December 31, 2022$6,028 
Future Benefit Plans Payments The Company expects future benefits to be paid from the plans as follows:
(In thousands)Pension BenefitsOther Benefits
2023$2,525 $1,067 
20242,616 862 
20252,710 1,001 
20262,807 1,014 
20272,908 834 
2028-203216,180 4,097 
Total$29,746 $8,875