EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 30, 2017

Reconciliation of Benefit Obligations and Plans Assets of the Company's Pension Plans

The following table provides a reconciliation of benefit obligations and plan assets of the Company’s pension, DCP and ESLIRP plans:



	December 30, 2017			December 31, 2016
	(in thousands)
Change in projected benefit obligations:
Benefit obligation at beginning of year	$	379,942		$	345,220
Service cost	3,110			2,453
Interest cost	11,642			12,046
Benefit payments	(9,665		)	(13,383		)
Curtailment	—			(279		)
Settlements	—			(5,499		)
Plan amendments	(1		)	188
Transfer in from acquisition	—			5,271
Actuarial loss (gain)	(15,724		)	71,006
Administrative expenses paid	(698		)	(605		)
Effect of foreign exchange	24,358			(36,476		)
Benefit obligation at end of year	$	392,964		$	379,942
Change in fair value of plan assets:
Fair value of plan assets at beginning of year	$	256,903		$	275,480
Actual return on plan assets	33,558			23,388
Employer contributions	5,165			10,551
Settlements	—			(5,499		)
Transfer in from acquisition	—			508
Benefit payments	(9,665		)	(13,383		)
Administrative expenses paid	(698		)	(605		)
Effect of foreign exchange	19,062			(33,537		)
Fair value of plan assets at end of year	$	304,325		$	256,903

Net balance sheet liability	$	88,639		$	123,039

Amounts recognized in balance sheet:
Noncurrent assets	$	1,169		$	—
Current liabilities	1,228			1,120
Noncurrent liabilities	88,580			121,919

Amounts Recognized in Accumulated Other Comprehensive Loss Related to the Company's Pensions Plans

Amounts recognized in accumulated other comprehensive loss related to the Company’s pension, DCP and ESLIRP plans are as follows:



	Fiscal Year
	2017			2016
	(in thousands)
Net actuarial loss	$	94,705		$	123,743
Net prior service cost (credit)	(3,203		)	(3,300		)
Net amount recognized	$	91,502		$	120,443

Accumulated Benefit Obligation and Fair of Plan Assets

The accumulated benefit obligation and fair value of plan assets for the Company’s pension, DCP and ESLIRP plans with accumulated benefit obligations in excess of plan assets are as follows:



	December 30, 2017		December 31, 2016
	(in thousands)
Accumulated benefit obligation	$	359,965	$	346,122
Fair value of plan assets	285,609		242,172

Projected Benefit Obligation and Fair Value of Plan Assets

The projected benefit obligation and fair value of plan assets for the Company’s pension, DCP and ESLIRP plans with projected benefit obligations in excess of plan assets are as follows:



	December 30, 2017		December 31, 2016
	(in thousands)
Projected benefit obligation	$	381,960	$	379,942
Fair value of plan assets	292,152		256,903

Amounts in Accumulated Other Comprehensive Income Expected to Be Recognized as Components of Net Periodic Benefit Cost Over the Next Fiscal Year

The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year are as follows:



	December 30, 2017
	(in thousands)
Amortization of net actuarial loss	$	3,007
Amortization of net prior service credit	(521		)

Components of Net Periodic Benefit Costs for the Company's Pension Plans

Components of net periodic benefit cost for the Company’s pension, DCP and ESLIRP plans are as follows:



	Fiscal Year
	2017			2016			2015
	(in thousands)
Service cost	$	3,110		$	2,453		$	4,293
Interest cost	11,642			12,046			12,974
Expected return on plan assets	(14,249		)	(14,164		)	(16,987		)
Amortization of prior service cost (credit)	(496		)	(292		)	(581		)
Amortization of net loss (gain)	3,845			2,003			3,198
Curtailment	—			(279		)	—
Settlements	—			788			—
Net periodic cost (benefit)	$	3,852		$	2,555		$	2,897

Weighted-average Assumptions

Weighted-average assumptions used to determine projected benefit obligations are as follows:



	December 30, 2017		December 31, 2016
Discount rate	2.82	%	3.01	%
Rate of compensation increase	3.16	%	3.25	%

Weighted-average assumptions used to determine net periodic benefit cost are as follows:



	December 30, 2017		December 31, 2016		December 26, 2015
Discount rate	3.01	%	3.89	%	3.75	%
Expected long-term return on plan assets	5.41	%	5.83	%	6.24	%
Rate of compensation increase	3.25	%	3.17	%	3.18	%

Fair Value of the Company's Pension Plan Assets by Asset Category

The fair value of the Company’s pension plan assets by asset category are as follows:



	December 30, 2017								December 31, 2016
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in thousands)
Cash	$	564	$	—	$	—	$	564	$	108	$	—	$	—	$	108
Equity securities⁽¹⁾	88,854		—		—		88,854		63,348		6,252		—		69,600
Debt securities⁽²⁾	18,485		4,117		—		22,602		59,294		3,269		—		62,563
Mutual funds⁽³⁾	74,708		66,656		—		141,364		64,698		56,596		—		121,294
Other ⁽⁴⁾	472		48,713		1,756		50,941		1,318		586		1,434		3,338
Total	$	183,083	$	119,486	$	1,756	$	304,325	$	188,766	$	66,703	$	1,434	$	256,903
⁽¹⁾ This category comprises equity securities held by non-U.S. pension plans valued at the quoted closing price, and translated into U.S. dollars using a foreign currency exchange rate at year end.
⁽²⁾ This category comprises debt securities held by non-U.S. pension plans valued at the quoted closing price, and translated into U.S. dollars using a foreign currency exchange rate at year end.
⁽³⁾ This category comprises mutual funds valued at the net asset value of shares held at year end.
⁽⁴⁾ This category mainly comprises fixed income securities tied to various UK government bond yields held by non-US pension plans valued at the net asset value of shares held at year-end, and translated into U.S. dollars using a foreign currency exchange rate at year end.

Estimated Future Benefit Payments Over the Next Five Years

Estimated future benefit payments during the next five years and in the aggregate for fiscal years thereafter, are as follows:



Fiscal Year	Pension Plans
	(in thousands)
2018	$	8,905
2019	9,181
2020	9,623
2021	33,623
2022	10,243
Thereafter	68,838