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Benefit Plans (Tables) | 12 Months Ended
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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 Benefits |  | Other Benefits
(In thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Change in benefit obligation: |  |  |  |  |  |  |  |
Obligation at beginning of year |  | $ | 84,283 |  |  | $ | 90,809 |  |  | $ | 11,825 |  |  | $ | 12,782 |
Service cost |  | — |  |  | — |  |  | 291 |  |  | 258 |
Interest cost |  | 1,450 |  |  | 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 year |  | 50,761 |  |  | 84,283 |  |  | 9,240 |  |  | 11,825 |
Change in fair value of plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | 79,478 |  |  | 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 year |  | 62,298 |  |  | 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 Benefits |  | Other Benefits
(In thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
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 Benefits |  | Other Benefits
(In thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
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) |  | 2022 |  | 2021 |  | 2020
Pension benefits: |  |  |  |  |  |
Interest cost |  | $ | 1,450 |  |  | $ | 1,272 |  |  | $ | 3,260 |
Expected return on plan assets |  | (3,568) |  |  | (3,671) |  |  | (5,704) |
Amortization of net loss |  | 897 |  |  | 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 cost |  | 346 |  |  | 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 Benefits |  | Other Benefits
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Discount rate |  | 4.80 | % |  | 1.90 | % |  | 6.08 | % |  | 3.73 | %
Expected long-term return on plan assets |  | 5.51 | % |  | 4.96 | % |  | N/A |  | N/A
Rate of compensation increases |  | N/A |  | N/A |  | 5.00 | % |  | 5.00 | %
Rate of inflation |  | 3.30 | % |  | 3.70 | % |  | 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
|  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
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/A |  | N/A |  | N/A
Rate of compensation increases |  | N/A |  | N/A |  | N/A |  | 5.00 | % |  | 5.00 | % |  | 5.00 | %
Rate of inflation |  | 3.70 | % |  | 3.20 | % |  | 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 |  | 2022 |  | 2021
Equity securities (includes equity mutual funds) |  | 67 | % |  | 66 | %
Multi-asset securities |  | 22 |  |  | 24 |
Cash and equivalents (includes money market funds) |  | 1 |  |  | — |
Alternative investments |  | 10 |  |  | 10 |
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 31, 2022
(In thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
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 1 |  | Level 2 |  | Level 3 |  | Total
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 Benefits |  | Other Benefits
2023 |  | $ | 2,525 |  |  | $ | 1,067 |
2024 |  | 2,616 |  |  | 862 |
2025 |  | 2,710 |  |  | 1,001 |
2026 |  | 2,807 |  |  | 1,014 |
2027 |  | 2,908 |  |  | 834 |
2028-2032 |  | 16,180 |  |  | 4,097 |
Total |  | $ | 29,746 |  |  | $ | 8,875 |

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