v3.25.4
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 28, 2025
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 Consolidated Balance Sheets for these plans were as follows:
 Pension BenefitsOther Benefits
 2025202420252024
Change in projected benefit obligation(In thousands)
Projected benefit obligation, beginning of year$113,730 $237,508 $1,144 $1,160 
Interest cost6,263 10,764 53 53 
Actuarial (gains) losses(2,808)(20,783)4 (39)
Benefits paid(7,838)(12,671)(38)(30)
Curtailments and settlements1,611 (99,635)— — 
Currency translation (gain) loss8,187 (1,453)— — 
Projected benefit obligation, end of year$119,145 $113,730 $1,163 $1,144 
 Pension BenefitsOther Benefits
 2025202420252024
Change in plan assets(In thousands)
Fair value of plan assets, beginning of year$123,926 $225,451 $— $— 
Actual return on plan assets5,256 5,842 — — 
Contributions by employer(405)6,831 38 30 
Benefits paid(7,838)(12,671)(38)(30)
Curtailments and settlements1,611 (99,635)— — 
Expenses paid from assets (413)(320)— — 
Currency translation gain (loss)8,900 (1,572)— — 
Fair value of plan assets, end of year$131,037 $123,926 $— $— 

 Pension BenefitsOther Benefits
 2025202420252024
Funded status(In thousands)
Overfunded (unfunded) benefit obligation, end of year$11,892 $10,196 $(1,163)$(1,144)
 Pension BenefitsOther Benefits
2025202420252024
Amounts recognized in the Consolidated Balance Sheets as of end of year(In thousands)
Long-term assets
$13,531 $11,829 $— $— 
Total assets$13,531 $11,829 $— $— 
Current liabilities$(218)$(205)$(215)$(201)
Long-term liabilities(1,421)(1,428)(948)(943)
Total liabilities$(1,639)$(1,633)$(1,163)$(1,144)
Pension BenefitsOther Benefits
2025202420252024
Amounts recognized in accumulated other comprehensive loss at end of year(In thousands)
Net actuarial loss (gain)$3,834 $2,063 $(102)$(126)
Schedule of Net Periodic Benefit Costs
Net benefit costs include the following components:
 Pension BenefitsOther Benefits
 202520242023202520242023
 (In thousands)
Interest cost$6,263 $10,764 $11,322 $53 $53 $54 
Estimated return on plan assets(8,040)(11,106)(10,393)— — — 
Settlement loss (gain)(1,611)21,714 — — — — 
Expenses paid from assets412 320 327 — — — 
Amortization of net loss (gain)(97)798 1,048 (2)— — 
Amortization of past service cost18 18 17 — — — 
Net cost (income)$(3,055)$22,508 $2,321 $51 $53 $54 
Schedule of Economic Assumptions, and Impact of Change in Discount Rate on Benefit Obligation
The weighted average assumptions used in determining pension and other postretirement plan information were as follows:
 Pension BenefitsOther Benefits
 202520242023202520242023
Benefit obligation
Discount rate5.49 %4.68 %4.81 %4.67 %5.30 %5.06 %
Net pension and other postretirement cost
Discount rate5.50 %4.56 %4.93 %5.30 %5.06 %5.16 %
Expected return on plan assets6.06 %6.17 %4.95 %NANANA
The sensitivity of the projected benefit obligation for pension benefits to changes in the discount rate is set out below. The impact of a change in the discount rate of 0.25% on the projected benefit obligation for other benefits is immaterial. This sensitivity analysis is based on changing one assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to variations in significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as that for calculating the liability recognized in the Consolidated Balance Sheets.
Increase in Discount Rate of 0.25%Decrease in Discount Rate of 0.25%
(In thousands)
Impact on projected benefit obligation for pension benefits$(3,189)$3,358 
Schedule of Plan Asset Allocations
The following table reflects the pension plans’ actual asset allocations:
20252024
Cash and cash equivalents7 %21 %
Pooled separate accounts and common collective trust funds for the GK Pension Plan(a):
Fixed income securities— %3 %
Pooled separate accounts for the U.K. Plans(a):
Equity securities23 %30 %
Fixed income funds31 %24 %
Liability driven investments30 %10 %
Real estate9 %12 %
Total assets100 %100 %
(a)Pooled separate accounts (“PSAs”) and common collective trust funds (“CCTs”) are two of the most common types of alternative vehicles in which benefit plans invest. These investments are pooled funds that look like mutual funds, but they are not registered with the SEC. Often times, they will be invested in mutual funds or other marketable securities, but the unit price generally will be different from the value of the underlying securities because the fund may also hold cash for liquidity purposes, and the fees imposed by the fund are deducted from the fund value rather than charged separately to investors. Some PSAs and CCTs have no restrictions as to their investment strategy and can invest in riskier investments, such as derivatives, hedge funds, private equity funds, or similar investments.
Schedule of Fair Value Assumptions of Plan Assets
The fair value measurements of plan assets fell into the following levels of the fair value hierarchy as of December 28, 2025 and December 29, 2024:
20252024
Level 1(a)
Level 2(b)
Level 3(c)
Total
Level 1(a)
Level 2(b)
Level 3(c)
Total
 (In thousands)
Cash and cash equivalents$9,448 $— $— $9,448 $26,479 $— $— $26,479 
PSAs for the Union Plan:
Fixed income funds(f)
— — — — — 70 — 70 
PSAs and CCTs for the GK Pension Plan:
Fixed income funds(f)
— — — — — 3,152 — 3,152 
PSAs for the Europe Plans:
Large U.S. equity funds(d)
— 13,279 — 13,279 — 11,761 — 11,761 
International equity funds(e)
— 17,157 — 17,157 — 25,575 — 25,575 
Fixed income funds(f)
— 40,562 — 40,562 — 29,715 — 29,715 
Real estate(g)
— 11,464 — 11,464 — 15,442 — 15,442 
Liability driven investments(h)
— 39,127 — 39,127 — 11,732 — 11,732 
Total assets$9,448 $121,589 $— $131,037 $26,479 $97,447 $— $123,926 
(a)Unadjusted quoted prices in active markets for identical assets are used to determine fair value.
(b)Quoted prices in active markets for similar assets and inputs that are observable for the asset are used to determine fair value.
(c)Unobservable inputs, such as discounted cash flow models or valuations, are used to determine fair value.
(d)This category is comprised of investment options that invest in stocks, or shares of ownership, in large, well-established U.S. companies. These investment options typically carry more risk than fixed income options but have the potential for higher returns over longer time periods.
(e)This category is comprised of investment options that invest in stocks, or shares of ownership, in companies with their principal place of business or office outside of the U.S.
(f)This category is comprised of investment options that invest in bonds, or debt of a company or government entity (including U.S. and non-U.S. entities). These investment options typically carry more risk than short-term fixed income investment options, but less overall risk than equities.
(g)This category is comprised of investment options that invest in real estate investment trusts or private equity pools that own real estate. These long-term investments are primarily in office buildings, industrial parks, apartments or retail complexes. These investment options typically carry more risk, including liquidity risk, than fixed income investment options.
(h)This category is comprised of investments that seek to ensure availability of funds to cover current and future liabilities. These investments are typically focused on both the assets and liabilities of the plan.
Schedule of Benefit Payments
The following table reflects the benefits as of December 28, 2025 expected to be paid through 2035 from the Company’s pension and other postretirement plans. The Company’s pension plans are primarily funded plans. Therefore, anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. The Company’s other postretirement plans are unfunded. Therefore, anticipated benefits with respect to these plans will come from the Company’s own assets.
Pension BenefitsOther
Benefits
 (In thousands)
2026$8,000 $215 
20278,162 191 
20288,407 169 
20298,509 148 
20308,542 128 
2031-203543,412 403 
Total$85,032 $1,254 
Schedule of Unrecognized Benefit Amounts in Accumulated Other Comprehensive Loss
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:
 Pension BenefitsOther Benefits
 202520242023202520242023
 (In thousands)
Net actuarial loss, beginning of year$2,063 $40,487 $48,121 $(126)$(87)$(66)
Amortization79 (816)(1,065)2 — — 
Realized loss (gain) on settlement1,611 (21,714)— — — — 
Actuarial loss (gain)(2,809)(20,782)238 4 (39)(21)
Asset loss (gain)2,714 5,264 (7,317)18 — — 
Currency translation loss (gain)176 (376)510 — — — 
Net actuarial loss (gain), end of year$3,834 $2,063 $40,487 $(102)$(126)$(87)