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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
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, 2020December 28, 2019
(in thousands)
Change in projected benefit obligations:  
Benefit obligation at beginning of year$447,409 $362,805 
Service cost3,609 2,833 
Interest cost8,849 11,583 
Other429 850 
Benefit payments(8,913)(11,062)
Settlements(101,979)(74)
Special/Contractual Termination Benefits— 166 
Transfer in from acquisition— 6,818 
Actuarial loss9,816 66,432 
Administrative expenses paid(808)(470)
Effect of foreign exchange9,056 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 assets36,551 53,741 
Employer contributions34,092 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 exchange8,628 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 liabilities1,713 12,788 
Noncurrent liabilities72,919 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
 20202019
(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, 2020December 28, 2019
(in thousands)
Accumulated benefit obligation$72,940 $410,243 
Fair value of plan assets11,543 337,344 
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, 2020December 28, 2019
(in thousands)
Projected benefit obligation$93,192 $435,638 
Fair value of plan assets18,560 343,688 
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
 202020192018
(in thousands)
Service cost$3,609 $2,833 $2,612 
Interest cost8,849 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 loss6,239 2,250 2,990 
Other 417 850 910 
Net periodic benefit cost$7,277 $4,022 $1,332 
Settlement12,385 — — 
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, 2020December 28, 2019
Discount rate1.48 %2.14 %
Rate of compensation increase2.98 %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, 2020December 28, 2019December 29, 2018
Discount rate2.14 %3.21 %2.82 %
Expected long-term return on plan assets3.35 %4.28 %5.18 %
Rate of compensation increase2.99 %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, 2020December 28, 2019
Level 1 Level 2Level 3Total Level 1 Level 2Level 3Total
(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 YearPension Plans
(in thousands)
2021$6,457 
20226,890 
202341,395 
20247,595 
20257,847 
2026-203042,617