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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 25, 2021
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 25, 2021December 26, 2020
(in thousands)
Change in projected benefit obligations:  
Benefit obligation at beginning of year$367,468 $447,409 
Service cost3,455 3,609 
Interest cost5,492 8,849 
Other— 429 
Benefit payments(7,564)(8,913)
Settlements(82)(101,979)
Transfer out due to divestiture(11,956)— 
Actuarial loss18,107 9,816 
Administrative expenses paid— (808)
Effect of foreign exchange(2,321)9,056 
Benefit obligation at end of year$372,599 $367,468 
Change in fair value of plan assets:
Fair value of plan assets at beginning of year$324,752 $357,181 
Actual return on plan assets24,151 36,551 
Employer contributions11,221 34,092 
Settlements(82)(101,979)
Transfer out due to divestiture(15,918)— 
Benefit payments(7,564)(8,913)
Administrative expenses paid— (808)
Effect of foreign exchange(929)8,628 
Fair value of plan assets at end of year$335,631 $324,752 
Net balance sheet liability$36,968 $42,716 
Amounts recognized in balance sheet:
Noncurrent assets$39,621 $31,916 
Current liabilities1,876 1,713 
Noncurrent liabilities74,713 72,919 
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
 20212020
(in thousands)
Net actuarial loss$82,746 $82,914 
Net prior service cost (credit)(1,091)(1,593)
Net amount recognized$81,655 $81,321 
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 25, 2021December 26, 2020
(in thousands)
Accumulated benefit obligation$75,133 $72,940 
Fair value of plan assets12,663 11,543 
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 25, 2021December 26, 2020
(in thousands)
Projected benefit obligation$96,089 $93,192 
Fair value of plan assets19,500 18,560 
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
 202120202019
(in thousands)
Service cost$3,455 $3,609 $2,833 
Interest cost5,492 8,849 11,583 
Expected return on plan assets(8,058)(11,348)(13,005)
Amortization of prior service credit(531)(489)(489)
Amortization of net loss4,528 6,239 2,250 
Other — 417 850 
Net periodic benefit cost4,886 7,277 4,022 
Settlement(2,320)12,385 — 
Total benefit cost$2,566 $19,662 $4,022 
Weighted-average Assumptions
Weighted-average assumptions used to determine projected benefit obligations are as follows:
 December 25, 2021December 26, 2020
Discount rate1.8 %1.5 %
Rate of compensation increase3.7 %3.0 %
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. 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 25, 2021December 26, 2020December 28, 2019
Discount rate1.5 %2.1 %3.2 %
Expected long-term return on plan assets2.5 %3.4 %4.3 %
Rate of compensation increase3.0 %3.0 %3.2 %
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 25, 2021December 26, 2020
Level 1 Level 2Level 3Total Level 1 Level 2Level 3Total
(in thousands)
Cash and cash equivalents$8,142 $4,549 $— $12,691 $20,163 $1,466 $— $21,629 
Equity securities (1)
— 60,872 — 60,872 8,633 54,832 — 63,465 
Debt securities (2)
— 140,082 — 140,082 — 99,188 — 99,188 
Mutual funds (3)
7,071 69,269 — 76,340 7,018 65,189 — 72,207 
Other (4)
— 44,568 1,078 45,646 508 66,439 1,316 68,263 
Total$15,213 $319,340 $1,078 $335,631 $36,322 $287,114 $1,316 $324,752 
(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)
2022$7,317 
20236,865 
20247,475 
20257,870 
202653,330 
2027-203145,604