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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 26, 2020
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 26, 2020 |  | December 28, 2019
| (in thousands)
Change in projected benefit obligations: |  |  |
Benefit obligation at beginning of year | $ | 447,409 |  |  | $ | 362,805 |
Service cost | 3,609 |  |  | 2,833 |
Interest cost | 8,849 |  |  | 11,583 |
Other | 429 |  |  | 850 |
Benefit payments | (8,913) |  |  | (11,062) |
Settlements | (101,979) |  |  | (74) |
Special/Contractual Termination Benefits | — |  |  | 166 |
Transfer in from acquisition | — |  |  | 6,818 |
Actuarial loss | 9,816 |  |  | 66,432 |
Administrative expenses paid | (808) |  |  | (470) |
Effect of foreign exchange | 9,056 |  |  | 7,528 |
Benefit obligation at end of year | $ | 367,468 |  |  | $ | 447,409 |
Change in fair value of plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | 357,181 |  |  | $ | 305,709 |
Actual return on plan assets | 36,551 |  |  | 53,741 |
Employer contributions | 34,092 |  |  | 2,105 |
Settlements | (101,979) |  |  | (74) |
Transfer in from acquisition | — |  |  | 119 |
Benefit payments | (8,913) |  |  | (11,062) |
Administrative expenses paid | (808) |  |  | (470) |
Effect of foreign exchange | 8,628 |  |  | 7,113 |
Fair value of plan assets at end of year | $ | 324,752 |  |  | $ | 357,181 |
Net balance sheet liability | $ | 42,716 |  |  | $ | 90,228 |
Amounts recognized in balance sheet: |  |  |
Noncurrent assets | $ | 31,916 |  |  | $ | 1,742 |
Current liabilities | 1,713 |  |  | 12,788 |
Noncurrent liabilities | 72,919 |  |  | 79,182 |
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
| 2020 |  | 2019
| (in thousands)
Net actuarial loss | $ | 82,914 |  |  | $ | 116,930 |
Net prior service cost (credit) | (1,593) |  |  | (2,096) |
Net amount recognized | $ | 81,321 |  |  | $ | 114,834 |
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 26, 2020 |  | December 28, 2019
| (in thousands)
Accumulated benefit obligation | $ | 72,940 |  |  | $ | 410,243 |
Fair value of plan assets | 11,543 |  |  | 337,344 |
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 26, 2020 |  | December 28, 2019
| (in thousands)
Projected benefit obligation | $ | 93,192 |  |  | $ | 435,638 |
Fair value of plan assets | 18,560 |  |  | 343,688 |
Components of Net Periodic Benefit Costs for the Company's Pension Plans | Components of total benefit cost for the Company’s pension, DCP and ESLIRP plans are as follows:
| Fiscal Year
| 2020 |  | 2019 |  | 2018
| (in thousands)
Service cost | $ | 3,609 |  |  | $ | 2,833 |  |  | $ | 2,612 |
Interest cost | 8,849 |  |  | 11,583 |  |  | 10,850 |
Expected return on plan assets | (11,348) |  |  | (13,005) |  |  | (15,516) |
Amortization of prior service credit | (489) |  |  | (489) |  |  | (514) |
Amortization of net loss | 6,239 |  |  | 2,250 |  |  | 2,990 |
Other | 417 |  |  | 850 |  |  | 910 |
Net periodic benefit cost | $ | 7,277 |  |  | $ | 4,022 |  |  | $ | 1,332 |
Settlement | 12,385 |  |  | — |  |  | — |
Total benefit cost | $ | 19,662 |  |  | $ | 4,022 |  |  | $ | 1,332 |
Weighted-average Assumptions | Weighted-average assumptions used to determine projected benefit obligations are as follows:
| December 26, 2020 |  | December 28, 2019
Discount rate | 1.48 | % |  | 2.14 | %
Rate of compensation increase | 2.98 | % |  | 2.99 | %
The discount rate reflects the rate the Company would have to pay to purchase high-quality investments that would provide cash sufficient to settle its current pension obligations. Specifically for the termination of the U.S. Pension Plan in fiscal 2020, estimated costs of lump sum payments and annuity purchases were reflected in the discount rate for fiscal 2019. A 25-basis point change across all discount rates changes the projected benefit obligation by approximately $17 million for all Company plans. Weighted-average assumptions used to determine net periodic benefit cost are as follows:
| December 26, 2020 |  | December 28, 2019 |  | December 29, 2018
Discount rate | 2.14 | % |  | 3.21 | % |  | 2.82 | %
Expected long-term return on plan assets | 3.35 | % |  | 4.28 | % |  | 5.18 | %
Rate of compensation increase | 2.99 | % |  | 3.23 | % |  | 3.16 | %
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 26, 2020 |  | December 28, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Cash and cash equivalents | $ | 20,163 |  |  | $ | 1,466 |  |  | $ | — |  |  | $ | 21,629 |  |  | $ | 2,388 |  |  | $ | 1,022 |  |  | $ | — |  |  | $ | 3,410 |
Equity securities (1) | 8,633 |  |  | 54,832 |  |  | — |  |  | 63,465 |  |  | 7,621 |  |  | 84,377 |  |  | — |  |  | 91,998 |
Debt securities (2) | — |  |  | 99,188 |  |  | — |  |  | 99,188 |  |  | 40,281 |  |  | 89,684 |  |  | — |  |  | 129,965 |
Mutual funds (3) | 7,018 |  |  | 65,189 |  |  | — |  |  | 72,207 |  |  | 6,324 |  |  | 68,632 |  |  | — |  |  | 74,956 |
Other (4) | 508 |  |  | 66,439 |  |  | 1,316 |  |  | 68,263 |  |  | 551 |  |  | 54,787 |  |  | 1,514 |  |  | 56,852 |
Total | $ | 36,322 |  |  | $ | 287,114 |  |  | $ | 1,316 |  |  | $ | 324,752 |  |  | $ | 57,165 |  |  | $ | 298,502 |  |  | $ | 1,514 |  |  | $ | 357,181 |
(1) This category comprises equity investments and 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 investments and 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. Holdings primarily include investment-grade corporate bonds and treasuries at various durations.
(3) This category comprises mutual funds valued at the net asset value of shares held by non-U.S. pension plans at year end and translated into U.S. dollars using a foreign currency exchange rate at year end.
(4) This category mainly comprises fixed income securities tied to various U.K. 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 |
Fiscal Year |  | Pension Plans
|  | (in thousands)
2021 |  | $ | 6,457 |
2022 |  | 6,890 |
2023 |  | 41,395 |
2024 |  | 7,595 |
2025 |  | 7,847 |
2026-2030 |  | 42,617 |

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