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Benefit Plans (Tables) | 12 Months Ended
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Dec. 26, 2020
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 2020 and 2019, and a statement of the plans’ aggregate funded status:
|  | Pension Benefits |  | Other Benefits
(In thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Change in benefit obligation: |  |  |  |  |  |  |  |
Obligation at beginning of year |  | $ | 182,164 |  |  | $ | 166,739 |  |  | $ | 12,653 |  |  | $ | 14,382 |
Service cost |  | — |  |  | — |  |  | 212 |  |  | 260 |
Interest cost |  | 3,260 |  |  | 5,972 |  |  | 430 |  |  | 609 |
Actuarial loss (gain) |  | 10,790 |  |  | 17,061 |  |  | 422 |  |  | (1,860) |
Plan amendments |  | — |  |  | — |  |  | (26) |  |  | — |
Benefit payments |  | (9,214) |  |  | (9,883) |  |  | (716) |  |  | (832) |
Curtailment |  | — |  |  | — |  |  | (183) |  |  | — |
Settlement (1) |  | (99,585) |  |  | — |  |  | — |  |  | (198) |
Foreign currency translation adjustment |  | 3,394 |  |  | 2,275 |  |  | (10) |  |  | 292 |
Obligation at end of year |  | 90,809 |  |  | 182,164 |  |  | 12,782 |  |  | 12,653 |
Change in fair value of plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | 183,486 |  |  | 164,603 |  |  | — |  |  | — |
Actual return on plan assets |  | 13,313 |  |  | 26,734 |  |  | — |  |  | — |
Employer contributions |  | — |  |  | — |  |  | 716 |  |  | 832 |
Benefit payments |  | (9,214) |  |  | (9,883) |  |  | (716) |  |  | (832) |
Settlement (1) |  | (99,585) |  |  | — |  |  | — |  |  | — |
Surplus assets (1) |  | (12,386) |  |  | — |  |  | — |  |  | — |
Foreign currency translation adjustment |  | 2,866 |  |  | 2,032 |  |  | — |  |  | — |
Fair value of plan assets at end of year |  | 78,480 |  |  | 183,486 |  |  | — |  |  | — |
Funded (underfunded) status at end of year |  | $ | (12,329) |  |  | $ | 1,322 |  |  | $ | (12,782) |  |  | $ | (12,653) |
(1)In November 2019, the Company’s Board of Directors approved the termination of the U.S. defined benefit pension plan. There were no impacts to consolidated results for 2019. 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 Benefits |  | Other Benefits
(In thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Unrecognized net actuarial loss (gain) |  | $ | 26,476 |  |  | $ | 36,195 |  |  | $ | (1,187) |  |  | $ | (1,609) |
Unrecognized prior service credit |  | — |  |  | — |  |  | (2,401) |  |  | (5,485) |
Funded status of the plans recognized | As of December 26, 2020 and December 28, 2019, the total funded status of the plans recognized in the Consolidated Balance Sheets was as follows:
|  | Pension Benefits |  | Other Benefits
(In thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Long-term asset |  | $ | — |  |  | $ | 8,592 |  |  | $ | — |  |  | $ | — |
Current liability |  | — |  |  | — |  |  | (948) |  |  | (1,013) |
Long-term liability |  | (12,329) |  |  | (7,270) |  |  | (11,834) |  |  | (11,640) |
Total (underfunded) funded status |  | $ | (12,329) |  |  | $ | 1,322 |  |  | $ | (12,782) |  |  | $ | (12,653) |
Components of net periodic benefit costs | The components of net periodic benefit cost (income) are as follows:
(In thousands) |  | 2020 |  | 2019 |  | 2018
Pension benefits: |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | 88 |
Interest cost |  | 3,260 |  |  | 5,972 |  |  | 5,745 |
Expected return on plan assets |  | (5,704) |  |  | (8,103) |  |  | (9,522) |
Amortization of net loss |  | 2,305 |  |  | 1,950 |  |  | 1,151 |
Settlement charge |  | 11,642 |  |  | — |  |  | — |
Net periodic benefit cost (income) |  | $ | 11,503 |  |  | $ | (181) |  |  | $ | (2,538) |
Other benefits: |  |  |  |  |  |
Service cost |  | $ | 212 |  |  | $ | 260 |  |  | $ | 235 |
Interest cost |  | 430 |  |  | 609 |  |  | 447 |
Amortization of prior service credit |  | (519) |  |  | (902) |  |  | (902) |
Amortization of net (gain) loss |  | (193) |  |  | (88) |  |  | 92 |
Curtailment gain |  | (2,591) |  |  | — |  |  | — |
Settlement charge |  | — |  |  | (2) |  |  | 38 |
Net periodic benefit income |  | $ | (2,661) |  |  | $ | (123) |  |  | $ | (90) |
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
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Discount rate |  | 1.40 | % |  | 1.93 | % |  | 2.92 | % |  | 3.70 | %
Expected long-term return on plan assets |  | 4.69 | % |  | 3.84 | % |  | N/A |  | N/A
Rate of compensation increases |  | N/A |  | N/A |  | 5.00 | % |  | 5.00 | %
Rate of inflation |  | 3.20 | % |  | 3.20 | % |  | 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
|  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Discount rate |  | 1.93 | % |  | 3.72 | % |  | 3.22 | % |  | 3.70 | % |  | 4.56 | % |  | 3.89 | %
Expected long-term return on plan assets |  | 3.84 | % |  | 5.05 | % |  | 5.27 | % |  | 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 |  | 3.20 | % |  | 3.40 | % |  | 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 |  | 2020 |  | 2019
Fixed income securities (includes fixed income mutual funds) |  | — | % |  | 55 | %
Equity securities (includes equity mutual funds) |  | 66 |  |  | 25 |
Multi-asset securities |  | 24 |  |  | 9 |
Cash and equivalents (includes money market funds) |  | 1 |  |  | 7 |
Alternative investments |  | 9 |  |  | 4 |
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 26, 2020
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and money market funds |  | $ | 492 |  |  | $ | — |  |  | $ | — |  |  | $ | 492 |
Mutual funds (1) |  | — |  |  | 71,084 |  |  | — |  |  | 71,084 |
Limited partnerships |  | — |  |  | — |  |  | 6,904 |  |  | 6,904 |
Total |  | $ | 492 |  |  | $ | 71,084 |  |  | $ | 6,904 |  |  | $ | 78,480 |
|  | 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 (2) |  | — |  |  | 163,253 |  |  | — |  |  | 163,253 |
Limited partnerships |  | — |  |  | — |  |  | 7,915 |  |  | 7,915 |
Total |  | $ | 12,318 |  |  | $ | 163,253 |  |  | $ | 7,915 |  |  | $ | 183,486 |
(1)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. (2)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, 62 percent in 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 26, 2020:
(In thousands) |  | Limited Partnerships
Balance, December 28, 2019 |  | $ | 7,915 |
Surplus assets |  | (1,104) |
Net appreciation in fair value |  | 93 |
Balance, December 26, 2020 |  | $ | 6,904 |
Future benefit plans payments | The Company expects future benefits to be paid from the plans as follows:
(In thousands) |  | Pension Benefits |  | Other Benefits
2021 |  | $ | 3,428 |  |  | $ | 947 |
2022 |  | 2,945 |  |  | 942 |
2023 |  | 3,050 |  |  | 1,016 |
2024 |  | 3,160 |  |  | 977 |
2025 |  | 3,273 |  |  | 974 |
2026-2030 |  | 18,210 |  |  | 4,700 |
Total |  | $ | 34,066 |  |  | $ | 9,556 |

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