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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2022
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 31, 2022December 25, 2021
(in thousands)
Change in projected benefit obligations:  
Benefit obligation at beginning of year$372,599 $367,468 
Service cost3,213 3,455 
Interest cost6,140 5,492 
Benefit payments(6,469)(7,564)
Curtailment(2,477)— 
Settlements(11,939)(82)
Transfer out due to divestiture— (11,956)
Actuarial (gain) loss(134,923)18,107 
Effect of foreign exchange(20,593)(2,321)
Benefit obligation at end of year$205,551 $372,599 
Change in fair value of plan assets:
Fair value of plan assets at beginning of year$335,631 $324,752 
Actual return on plan assets(105,749)24,151 
Employer contributions4,558 11,221 
Settlements(11,939)(82)
Transfer out due to divestiture— (15,918)
Benefit payments(6,469)(7,564)
Administrative expenses paid— — 
Effect of foreign exchange(23,492)(929)
Fair value of plan assets at end of year$192,540 $335,631 
Net balance sheet liability$13,011 $36,968 
Amounts recognized in balance sheet:
Noncurrent assets$39,185 $39,621 
Current liabilities1,151 1,876 
Noncurrent liabilities51,045 74,713 
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
 20222021
(in thousands)
Net actuarial loss$54,509 $82,746 
Net prior service cost (credit)(585)(1,091)
Net amount recognized$53,924 $81,655 
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 31, 2022December 25, 2021
(in thousands)
Accumulated benefit obligation$48,414 $75,133 
Fair value of plan assets2,258 12,663 
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 31, 2022December 25, 2021
(in thousands)
Projected benefit obligation$55,304 $96,089 
Fair value of plan assets3,108 19,500 
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
 202220212020
(in thousands)
Service cost$3,213 $3,455 $3,609 
Interest cost6,140 5,492 8,849 
Expected return on plan assets(7,322)(8,058)(11,348)
Amortization of prior service credit(506)(531)(489)
Amortization of net loss2,869 4,528 6,239 
Other — — 417 
Net periodic benefit cost4,394 4,886 7,277 
Settlement981 (2,320)12,385 
Total benefit cost$5,375 $2,566 $19,662 
Weighted-average Assumptions
Weighted-average assumptions used to determine projected benefit obligations are as follows:
 December 31, 2022December 25, 2021
Discount rate4.8 %1.8 %
Rate of compensation increase3.2 %3.7 %
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 $7 million for all Company plans.
Weighted-average assumptions used to determine net periodic benefit cost are as follows:
 December 31, 2022December 25, 2021December 26, 2020
Discount rate1.8 %1.5 %2.1 %
Expected long-term return on plan assets2.4 %2.5 %3.4 %
Rate of compensation increase3.7 %3.0 %3.0 %
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 31, 2022December 25, 2021
Level 1 Level 2Level 3Total Level 1 Level 2Level 3Total
(in thousands)
Cash and cash equivalents$362 $5,153 $— $5,515 $8,142 $4,549 $— $12,691 
Equity securities (1)
— 9,308 — 9,308 — 60,872 — 60,872 
Debt securities (2)
— 123,638 — 123,638 — 140,082 — 140,082 
Mutual funds (3)
8,380 9,372 — 17,752 7,071 69,269 — 76,340 
Other (4)
— 36,268 59 36,327 — 44,568 1,078 45,646 
Total$8,742 $183,739 $59 $192,540 $15,213 $319,340 $1,078 $335,631 
(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 Estimated future benefit payments during the next five years and in the aggregate for fiscal years 2028 through 2032, are as follows.
Fiscal YearPension Plans
(in thousands)
2023$5,607 
20246,714 
20256,734 
202644,308 
20277,769 
2028-203248,718