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Benefit Plans (Tables) | 12 Months Ended
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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 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
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