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Retirement Benefits (Tables)

12 Months Ended

Dec. 29, 2023

Retirement Benefits [Abstract]

Plan assets by category and fair value measurement level

Assets of all plans by category and fair value measurement level were as follows (in thousands):

			Level						December 29, 2023						December 30, 2022
Cash and cash equivalents			1						$	1,425					$	351
Insurance contract			3						36,151						32,163
Investments categorized in fair value hierarchy									37,576						32,514
Equity
U.S. Large Cap			N/A						40,726						74,838
U.S. Small/Mid Cap			N/A						—						5,191
International			N/A						17,554						37,862
Total equity									58,280						117,891
Fixed income			N/A						49,595						93,262
Real estate and other			N/A						15,400						37,508
Investments measured at net asset value									123,275						248,661
Total									$	160,851					$	281,175

Level 3 plan assets activity

The following table is a reconciliation of pension assets measured at fair value using level 3 inputs (in thousands):

			2023						2022
Balance, beginning of year			$	32,163					$	30,926
Purchases			2,593						2,431
Redemptions			(2,833)						(669)
Unrealized gains (losses)			4,228						(525)
Balance, end of year			$	36,151					$	32,163

Funded status of plans

The following provides a reconciliation of the changes in the plans’ benefit obligations and fair value of assets over the periods ending December 29, 2023, and December 30, 2022, and a statement of the funded status as of the same dates (in thousands):

			Pension Benefits												Postretirement Medical Benefits
			2023						2022						2023						2022
Change in benefit obligation
Obligation, beginning of year			$	315,807					$	418,051					$	22,930					$	32,122
Service cost			5,729						8,242						348						516
Interest cost			16,535						10,996						1,165						839
Actuarial (gain) loss			32,763						(110,467)						(237)						(9,044)
Benefit payments			(12,103)						(9,122)						(1,552)						(1,503)
Plan amendments			(250)						(267)						—
Settlements			(149,212)						—						—						—
Exchange rate changes			4,306						(1,626)						—						—
Obligation, end of year			$	213,575					$	315,807					$	22,654					$	22,930
Change in plan assets
Fair value, beginning of year			$	281,175					$	347,900					$	—					$	—
Actual return on assets			14,504						(80,078)						—						—
Employer contributions			23,066						22,756						1,552						1,503
Benefit payments			(12,103)						(9,122)						(1,552)						(1,503)
Settlements			(149,212)						—						—						—
Exchange rate changes			3,421						(281)						—						—
Fair value, end of year			$	160,851					$	281,175					$	—					$	—
Unfunded status			$	(52,724)					$	(34,632)					$	(22,654)					$	(22,930)

Amounts recognized in balance sheets

Amounts recognized in consolidated balance sheets
Non-current assets			$	215					$	5,398					$	—					$	—
Current liabilities			1,749						1,860						1,745						1,763
Non-current liabilities			51,190						38,170						20,909						21,167
Net			$	52,724					$	34,632					$	22,654					$	22,930

Accumulated benefit obligation in excess of plan assets

Information for plans with an accumulated benefit obligation in excess of plan assets follows (in thousands):

			2023						2022
Projected benefit obligation			$	89,206					$	72,190
Accumulated benefit obligation			81,701						69,395
Fair value of plan assets			36,150						32,164

Components of net periodic benefit cost

The components of net periodic benefit cost for the plans for 2023, 2022 and 2021 were as follows (in thousands):

			Pension Benefits																		Postretirement Medical Benefits
			2023						2022						2021						2023						2022						2021
Service cost-benefits earned during the period			$	5,729					$	8,242					$	9,355					$	348					$	516					$	670
Interest cost on projected benefit obligation			16,535						10,996						11,409						1,165						839						832
Expected return on assets			(19,141)						(19,754)						(20,767)						—						—						—
Amortization of prior service cost			36						84						246						—						—						—
Amortization of net loss			5,999						4,701						9,248						(133)						345						1,002
Settlement loss			42,169						—						12,285						—						—						—
Cost of pension plans which are not significant and have not adopted ASC 715			368						284						368						N/A						N/A						N/A
Net periodic benefit cost			$	51,695					$	4,553					$	22,144					$	1,380					$	1,700					$	2,504

Amounts recognized in other comprehensive (income) loss

Amounts recognized in other comprehensive income (loss) in 2023 and 2022 were as follows (in thousands):

			Pension Benefits												Postretirement Medical Benefits
			2023						2022						2023						2022
Net (loss) gain arising during the period			$	(37,132)					$	11,189					$	237					$	9,044
Amortization of net loss (gain)			5,999						4,701						(133)						345
Prior service credit (cost) arising during the period			250						267						—						—
Settlement loss			42,169						—						—						—
Amortization of prior service (credit) cost			36						84						—						—
Total			$	11,322					$	16,241					$	104					$	9,389

Amounts included in accumulated other comprehensive (income) loss

Amounts included in accumulated other comprehensive income (loss) as of December 29, 2023 and December 30, 2022, that had not yet been recognized as components of net periodic benefit cost, were as follows (in thousands):

			Pension Benefits												Postretirement Medical Benefits
			2023						2022						2023						2022
Prior service cost			$	2,163					$	1,668					$	—					$	—
Net gain (loss)			(44,195)						(55,084)						1,995						1,891
Net gain (loss) before income taxes			(42,032)						(53,416)						1,995						1,891
Income taxes			9,464						12,207						(439)						(416)
Net			$	(32,568)					$	(41,209)					$	1,556					$	1,475

Assumptions used to determine obligations and cost

Assumptions used to determine the Company’s benefit obligations are shown below:

						Pension Benefits												Postretirement Medical Benefits
Weighted average assumptions						2023						2022						2023						2022
U.S. Plans
Discount rate						5.3		%				5.6		%				5.3		%				5.6		%
Rate of compensation increase						2.7		%				2.7		%				N/A						N/A
Non-U.S. Plans
Discount rate						2.1		%				2.4		%				N/A						N/A
Rate of compensation increase						1.7		%				1.8		%				N/A						N/A

Assumptions used to determine the Company’s net periodic benefit cost are shown below:

						Pension Benefits																		Postretirement Medical Benefits
Weighted average assumptions						2023						2022						2021						2023						2022						2021
U.S. Plans
Discount rate						5.6		%				3.0		%				2.6		%				5.6		%				2.9		%				2.6		%
Rate of compensation increase						2.7		%				2.7		%				2.7		%				N/A						N/A						N/A
Expected return on assets						7.6		%				6.3		%				6.3		%				N/A						N/A						N/A
Non-U.S. Plans
Discount rate						0.4		%				0.4		%				0.4		%				N/A						N/A						N/A
Rate of compensation increase						1.3		%				1.3		%				1.3		%				N/A						N/A						N/A
Expected return on assets						1.6		%				1.0		%				1.0		%				N/A						N/A						N/A

Estimated future benefit payments

Estimated future benefit payments are as follows (in thousands):

			Pension Benefits						Postretirement Medical Benefits
2024			$	7,165					$	1,745
2025			6,455						1,717
2026			9,455						1,689
2027			11,380						1,697
2028			11,270						1,670
Years 2029-2033			67,316						7,974

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