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Pension, Postretirement and Postemployment Benefits (Tables) | 12 Months Ended
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Dec. 26, 2021
Retirement Benefits [Abstract] |
Summary of Changes in Projected Benefit Obligation, Plan Assets and Funded Status | Reconciliations of the beginning and ending balances for the projected benefit obligation, the fair value of plan assets and the funded status are included below for the years ended December 26, 2021 and December 27, 2020.
| Pension |  | Postretirement
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Change in Projected Benefit Obligation |  |  |  |  |  |  |
Projected benefit obligation — beginning | $ | 46.0 |  |  | 30.9 |  |  | 29.9 |  |  | 27.4 |
Interest cost | 1.1 |  |  | 1.5 |  |  | 0.8 |  |  | 0.9 |
Transfer in | — |  |  | 14.8 |  |  | — |  |  | — |
Actuarial (gain) loss | (1.1) |  |  | 3.4 |  |  | 0.4 |  |  | 3.4 |
Benefits paid | (3.1) |  |  | (4.6) |  |  | (1.8) |  |  | (1.8) |
Plan amendments | — |  |  | — |  |  | (1.2) |  |  | — |
Settlements paid | (1.3) |  |  | — |  |  | — |  |  | — |
Projected benefit obligation — ending | $ | 41.6 |  |  | 46.0 |  |  | 28.1 |  |  | 29.9 |
Accumulated benefit obligation — ending | $ | 41.6 |  |  | 46.0 |  |  | 28.1 |  |  | 29.9 |
Change in Plan Assets |  |  |  |  |  |  |
Fair value of plan assets — beginning | $ | — |  |  | $ | — |  |  | — |  |  | — |
Fair value of plan assets — ending | $ | — |  |  | — |  |  | — |  |  | — |
Reconciliation of Funded Status |  |  |  |  |  |  |
Projected benefit obligation | $ | (41.6) |  |  | (46.0) |  |  | (28.1) |  |  | (29.9) |
Fair value of plan assets | — |  |  | — |  |  | — |  |  | — |
Funded status | (41.6) |  |  | (46.0) |  |  | (28.1) |  |  | (29.9) |
Unrecognized prior service cost (credit) | — |  |  | — |  |  | (1.2) |  |  | — |
Unrecognized net loss | 13.2 |  |  | 15.8 |  |  | 3.9 |  |  | 3.6 |
Net amount | $ | (28.4) |  |  | (30.2) |  |  | (25.4) |  |  | (26.3) |
Accrued liabilities | $ | (3.2) |  |  | (3.2) |  |  | (1.6) |  |  | (1.7) |
Other liabilities | (38.4) |  |  | (42.8) |  |  | (26.5) |  |  | (28.2) |
Accumulated other comprehensive (earnings) loss | 13.2 |  |  | 15.8 |  |  | 2.7 |  |  | 3.6 |
Net amount | $ | (28.4) |  |  | (30.2) |  |  | (25.4) |  |  | (26.3) |
Assumptions used to determine year-end pension and postretirement benefit obligations | Assumptions used to determine the year-end pension and postretirement benefit obligations are as follows:
| 2021 |  | 2020
Pension |  |  |
Weighted average discount rate | 2.91 | % |  | 2.51 | %
Mortality table | Pri-2020/Scale MP - 2021 |  | Pri-2012/Scale MP - 2020
Postretirement |  |  |
Discount rate | 3.03 | % |  | 2.72 | %
Health care cost trend rate assumed for next year | 6.00 | % |  | 6.25 | %
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00 | % |  | 5.00 | %
Year that the rate reaches the ultimate trend | 2025 |  | 2024
Components of Net Periodic Benefit Cost | The following presents detail of the components of the net periodic benefit cost for the three years ended December 26, 2021.
(In millions) | 2021 |  | 2020 |  | 2019
Components of Net Periodic Cost |  |  |  |  |
Pension |  |  |  |  |
Service cost | $ | — |  |  | — |  |  | 1.2 |
Interest cost | 1.1 |  |  | 1.5 |  |  | 6.6 |
Expected return on assets | — |  |  | — |  |  | (6.2) |
Amortization of actuarial loss | 1.0 |  |  | 0.7 |  |  | 7.6 |
Curtailment/Settlement losses | 0.5 |  |  | — |  |  | 111.0 |
Net periodic benefit cost | $ | 2.6 |  |  | 2.2 |  |  | 120.2 |
Postretirement |  |  |  |  |
Service cost | $ | — |  |  | — |  |  | 0.9 |
Interest cost | 0.8 |  |  | 0.9 |  |  | 1.3 |
Net periodic benefit cost | $ | 0.8 |  |  | 0.9 |  |  | 2.2 |
Assumptions Used to Determine Net Periodic Benefit Cost of Pension Plan and Postretirement Plan | Assumptions used to determine net periodic benefit cost of the pension plan and postretirement plan for each fiscal year follow:
| 2021 |  | 2020 |  | 2019
Pension |  |  |  |  |
Weighted average discount rate | 2.51 | % |  | 3.33 | % |  | 3.72 | %
Long-term rate of return on plan assets | N/A |  | N/A |  | 4.20 | %
Postretirement |  |  |  |  |
Discount rate | 2.72 | % |  | 3.46 | % |  | 4.33 | %
Health care cost trend rate assumed for next year | 6.25 | % |  | 6.25 | % |  | 6.25 | %
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00 | % |  | 5.00 | % |  | 5.00 | %
Year that the rate reaches the ultimate trend rate | 2025 |  | 2024 |  | 2024
Schedule of Expected Benefit Payments | Expected benefit payments under the defined benefit pension plans (which reflects the 2019 Plan termination) and the postretirement benefit plan for the next five years subsequent to 2021 and in the aggregate for the following five years are as follows:
(In millions) | Pension |  | Postretirement
2022 | $ | 3.2 |  |  | $ | 1.7 |
2023 | 3.3 |  |  | 1.6 |
2024 | 3.2 |  |  | 1.6 |
2025 | 3.3 |  |  | 1.6 |
2026 | 3.1 |  |  | 1.5 |
2027-2031 | 14.0 |  |  | 7.2 |

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- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, expected long-term rates of return on plan assets, and health care cost trend rates. + References No definition available. + Details
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