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PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) | 9 Months Ended
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Sep. 29, 2024
Retirement Benefits [Abstract] |
Schedule of Defined Benefit Plan Obligations and Assets | The change in benefit obligation, change in fair value of plan assets, funded status and amounts recognized in the Condensed Consolidated Balance Sheets for the defined benefit plans were as follows:
| Nine Months Ended
| September 29, 2024 |  | September 24, 2023
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
| (In thousands)
Change in projected benefit obligation |  |  |  |  |  |  |
Projected benefit obligation, beginning of period | $ | 237,508 |  |  | $ | 1,160 |  |  | $ | 236,147 |  |  | $ | 1,169 |
Interest cost | 8,089 |  |  | 35 |  |  | 7,918 |  |  | 36 |
Actuarial loss (gain) | (8,762) |  |  | 9 |  |  | (11,882) |  |  | (24) |
Benefits paid | (10,037) |  |  | (124) |  |  | (11,987) |  |  | (118) |
Curtailments and settlements | (46,250) |  |  | — |  |  | — |  |  | — |
Currency translation loss | 3,601 |  |  | — |  |  | 5,201 |  |  | — |
Projected benefit obligation, end of period | $ | 184,149 |  |  | $ | 1,080 |  |  | $ | 225,397 |  |  | $ | 1,063 |
| Nine Months Ended
| September 29, 2024 |  | September 24, 2023
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
| (In thousands)
Change in plan assets |  |  |  |  |  |  |
Fair value of plan assets, beginning of period | $ | 225,451 |  |  | $ | — |  |  | $ | 210,133 |  |  | $ | — |
Actual return on plan assets | 8,724 |  |  | — |  |  | 5,048 |  |  | — |
Contributions by employer | 4,965 |  |  | 124 |  |  | 6,423 |  |  | 118 |
Benefits paid | (10,037) |  |  | (124) |  |  | (11,987) |  |  | (118) |
Curtailments and settlements | (46,250) |  |  | — |  |  | — |  |  | — |
Expenses paid from assets | (304) |  |  | — |  |  | (200) |  |  | — |
Currency translation gain | 3,739 |  |  | — |  |  | 4,834 |  |  | — |
Fair value of plan assets, end of period | $ | 186,288 |  |  | $ | — |  |  | $ | 214,251 |  |  | $ | — |
| September 29, 2024 |  | December 31, 2023
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
| (In thousands)
Funded status |  |  |  |  |  |  |
Overfunded (underfunded) benefit obligation, end of period | $ | 2,139 |  |  | $ | (1,080) |  |  | $ | (12,057) |  |  | $ | (1,160) |
| September 29, 2024 |  | December 31, 2023
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
| (In thousands)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period |  |  |  |  |  |  |
Noncurrent asset | $ | 2,362 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current liability | (237) |  |  | (187) |  |  | (7,717) |  |  | (187) |
Long-term liability | 14 |  |  | (893) |  |  | (4,340) |  |  | (973) |
Net financial position | $ | 2,139 |  |  | $ | (1,080) |  |  | $ | (12,057) |  |  | $ | (1,160) |
| September 29, 2024 |  | December 31, 2023
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
| (In thousands)
Amounts recognized in accumulated other comprehensive loss at end of period |  |  |  |  |  |  |
Net actuarial loss (gain) | $ | 19,565 |  |  | $ | (78) |  |  | $ | 40,487 |  |  | $ | (87) |
Schedule of Net Defined Benefit Pension and Other Postretirement Costs | Net defined benefit pension and other postretirement costs included the following components:
|  | Three Months Ended |  | Nine Months Ended |  |
|  | September 29, 2024 |  | September 24, 2023 |  | September 29, 2024 |  | September 24, 2023 |  |  |  |
|  | Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits |  |  |  |  |  |  |  |
|  | (In thousands) |  |
Interest cost |  | $ | 3,140 |  |  | $ | 13 |  |  | $ | 2,821 |  |  | $ | 14 |  |  | $ | 8,089 |  |  | $ | 35 |  |  | $ | 7,918 |  |  | $ | 36 |  |  |  |  |  |  |  |  |
Estimated return on plan assets |  | (3,127) |  |  | — |  |  | (2,596) |  |  | — |  |  | (8,330) |  |  | — |  |  | (7,349) |  |  | — |  |  |  |  |  |  |  |  |
Settlement loss |  | 10,774 |  |  | — |  |  | — |  |  | — |  |  | 10,774 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Expenses paid from assets |  | 112 |  |  | — |  |  | 54 |  |  | — |  |  | 304 |  |  | — |  |  | 200 |  |  | — |  |  |  |  |  |  |  |  |
Amortization of net loss |  | 259 |  |  | — |  |  | 261 |  |  | — |  |  | 594 |  |  | — |  |  | 701 |  |  | — |  |  |  |  |  |  |  |  |
Amortization of past service cost |  | 4 |  |  | — |  |  | 5 |  |  | — |  |  | 13 |  |  | — |  |  | 13 |  |  | — |  |  |  |  |  |  |  |  |
Net costs(a) |  | $ | 11,162 |  |  | $ | 13 |  |  | $ | 545 |  |  | $ | 14 |  |  | $ | 11,444 |  |  | $ | 35 |  |  | $ | 1,483 |  |  | $ | 36 |  |  |  |  |  |  |  |  |
(a) Net costs are included in the line item Miscellaneous, net on the Condensed Consolidated Statements of Income.
Schedule of Economic Assumptions and Impact of Change in Discount Rate on Benefit Obligation | The weighted average assumptions used in determining pension and other postretirement plan information were as follows:
| September 29, 2024 |  | December 31, 2023
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Assumptions used to measure benefit obligation at end of period |  |  |  |  |  |  |
Discount rate | 4.96 | % |  | 4.88 | % |  | 4.81 | % |  | 5.06 | %
| Nine Months Ended
| September 29, 2024 |  | September 24, 2023
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Assumptions used to measure net pension and other postretirement cost |  |  |  |  |  |  |
Discount rate | 4.79 | % |  | 5.06 | % |  | 5.09 | % |  | 5.16 | %
Expected return on plan assets | 5.42 | % |  | N/A |  | 4.98 | % |  | N/A
Schedule of Unrecognized Benefit Amounts | The amounts in accumulated other comprehensive loss that were not recognized as components of net periodic benefits cost and the changes in those amounts are as follows:
| Nine Months Ended
| September 29, 2024 |  | September 24, 2023
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
| (In thousands)
Net actuarial loss (gain), beginning of period | $ | 40,487 |  |  | $ | (87) |  |  | $ | 48,121 |  |  | $ | (66) |
Amortization | (607) |  |  | — |  |  | (714) |  |  | — |
Realized loss on settlement | (10,774) |  |  | — |  |  | — |  |  | — |
Actuarial loss (gain) | (8,762) |  |  | 9 |  |  | (11,882) |  |  | (24) |
Asset loss (gain) | (394) |  |  | — |  |  | 2,301 |  |  | — |
Currency translation loss (gain) | (385) |  |  | — |  |  | 364 |  |  | — |
Net actuarial loss (gain), end of period | $ | 19,565 |  |  | $ | (78) |  |  | $ | 38,190 |  |  | $ | (90) |

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