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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 29, 2018

Retirement Benefits [Abstract]

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 29, 2018				December 30, 2017
	(in thousands)
Change in projected benefit obligations:
Benefit obligation at beginning of year	$	392,964			$	379,942
Service cost	2,612				3,110
Interest cost	10,850				11,642
Other	1,499				—
Benefit payments	(8,886		)		(9,665		)
Plan amendments	104				(1		)
Actuarial gain	(21,168		)		(15,724		)
Administrative expenses paid	(195		)		(698		)
Effect of foreign exchange	(14,975		)		24,358
Benefit obligation at end of year	$	362,805			$	392,964
Change in fair value of plan assets:
Fair value of plan assets at beginning of year	$	304,325			$	256,903
Actual return on plan assets	(7,419		)		33,558
Employer contributions	31,174				5,165
Benefit payments	(8,886		)		(9,665		)
Administrative expenses paid	(195		)		(698		)
Effect of foreign exchange	(13,290		)		19,062
Fair value of plan assets at end of year	$	305,709			$	304,325
Net balance sheet liability	$	57,096			$	88,639
Amounts recognized in balance sheet:
Noncurrent assets	$	3,280			$	1,169
Current liabilities	1,095				1,228
Noncurrent liabilities	59,281				88,580

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
	2018				2017
	(in thousands)
Net actuarial loss	$	93,483			$	94,705
Net prior service cost (credit)	(2,585		)		(3,203		)
Net amount recognized	$	90,898			$	91,502

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 29, 2018				December 30, 2017
	(in thousands)
Accumulated benefit obligation	$	254,138			$	359,965
Fair value of plan assets	207,538				285,609

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 29, 2018				December 30, 2017
	(in thousands)
Projected benefit obligation	$	273,625			$	381,960
Fair value of plan assets	213,249				292,152

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 29, 2018
	(in thousands)
Amortization of net actuarial loss	$	1,954
Amortization of net prior service credit	(486		)

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
	2018				2017				2016
	(in thousands)
Service cost	$	2,612			$	3,110			$	2,453
Interest cost	10,850				11,642				12,046
Expected return on plan assets	(15,516		)		(14,249		)		(14,164		)
Amortization of prior service cost (credit)	(514		)		(496		)		(292		)
Amortization of net loss (gain)	2,990				3,845				2,003
Curtailment	—				—				(279		)
Settlements	—				—				788
Other	910				—				—
Net periodic cost (benefit)	$	1,332			$	3,852			$	2,555

Weighted-average Assumptions

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

	December 29, 2018			December 30, 2017
Discount rate	3.21	%		2.82	%
Rate of compensation increase	3.23	%		3.16	%

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

	December 29, 2018			December 30, 2017			December 31, 2016
Discount rate	2.82	%		3.01	%		3.89	%
Expected long-term return on plan assets	5.18	%		5.41	%		5.83	%
Rate of compensation increase	3.16	%		3.25	%		3.17	%

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 29, 2018																December 30, 2017
	Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
	(in thousands)
Cash	$	7,317			$	—			$	—			$	7,317			$	564			$	—			$	—			$	564
Equity securities (1)	72,237				—				—				72,237				88,854				—				—				88,854
Debt securities (2)	17,147				4,100				—				21,247				18,485				4,117				—				22,602
Mutual funds (3)	86,282				59,984				—				146,266				74,708				66,656				—				141,364
Other (4)	718				56,283				1,641				58,642				472				48,713				1,756				50,941
Total	$	183,701			$	120,367			$	1,641			$	305,709			$	183,083			$	119,486			$	1,756			$	304,325
(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)
2019		$	9,311
2020		9,754
2021		10,374
2022		11,076
2023		35,599
Thereafter		73,903

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