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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 30, 2023
Retirement Benefits [Abstract] |
Schedule of 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 30, 2023 |  | December 31, 2022
| (in thousands)
Change in projected benefit obligations: |  |  |
Benefit obligation at beginning of year | $ | 205,551 |  |  | $ | 372,599 |
Service cost | 2,474 |  |  | 3,213 |
Interest cost | 9,941 |  |  | 6,140 |
Benefit payments | (6,239) |  |  | (6,469) |
Curtailment | — |  |  | (2,477) |
Settlements | — |  |  | (11,939) |
Transfer in due to acquisition | 1,106 |  |  | — |
Actuarial (gain) loss | 3,600 |  |  | (134,923) |
Effect of foreign exchange | 8,442 |  |  | (20,593) |
Benefit obligation at end of year | $ | 224,875 |  |  | $ | 205,551 |
Change in fair value of plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | 192,540 |  |  | $ | 335,631 |
Actual return on plan assets | 5,578 |  |  | (105,749) |
Employer contributions | 1,744 |  |  | 4,558 |
Settlements | — |  |  | (11,939) |
Transfer in due to acquisition | 181 |  |  | — |
Benefit payments | (6,239) |  |  | (6,469) |
Effect of foreign exchange | 9,853 |  |  | (23,492) |
Fair value of plan assets at end of year | $ | 203,657 |  |  | $ | 192,540 |
Net balance sheet liability | $ | 21,218 |  |  | $ | 13,011 |
Amounts recognized in balance sheet: |  |  |
Noncurrent assets | $ | 36,957 |  |  | $ | 39,185 |
Current liabilities | 1,164 |  |  | 1,151 |
Noncurrent liabilities | 57,011 |  |  | 51,045 |
Schedule of 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
| 2023 |  | 2022
| (in thousands)
Net actuarial loss | $ | 58,855 |  |  | $ | 54,509 |
Net prior service cost (credit) | (121) |  |  | (585) |
Net amount recognized | $ | 58,734 |  |  | $ | 53,924 |
Schedule of 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 30, 2023 |  | December 31, 2022
| (in thousands)
Accumulated benefit obligation | $ | 54,310 |  |  | $ | 48,414 |
Fair value of plan assets | 2,824 |  |  | 2,258 |
Schedule of 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 30, 2023 |  | December 31, 2022
| (in thousands)
Projected benefit obligation | $ | 61,671 |  |  | $ | 55,304 |
Fair value of plan assets | 3,496 |  |  | 3,108 |
Schedule of 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
| 2023 |  | 2022 |  | 2021
| (in thousands)
Service cost | $ | 2,474 |  |  | $ | 3,213 |  |  | $ | 3,455 |
Interest cost | 9,941 |  |  | 6,140 |  |  | 5,492 |
Expected return on plan assets | (7,556) |  |  | (7,322) |  |  | (8,058) |
Amortization of prior service credit | (464) |  |  | (506) |  |  | (531) |
Amortization of net loss | 1,231 |  |  | 2,869 |  |  | 4,528 |
Net periodic benefit cost | 5,626 |  |  | 4,394 |  |  | 4,886 |
Settlement | — |  |  | 981 |  |  | (2,320) |
Total benefit cost | $ | 5,626 |  |  | $ | 5,375 |  |  | $ | 2,566 |
Schedule of Weighted-average Assumptions | Weighted-average assumptions used to determine projected benefit obligations are as follows:
| December 30, 2023 |  | December 31, 2022
Discount rate | 4.7 | % |  | 4.8 | %
Rate of compensation increase | 3.2 | % |  | 3.2 | %
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. Weighted-average assumptions used to determine net periodic benefit cost are as follows:
| December 30, 2023 |  | December 31, 2022 |  | December 25, 2021
Discount rate | 4.8 | % |  | 1.8 | % |  | 1.5 | %
Expected long-term return on plan assets | 3.9 | % |  | 2.4 | % |  | 2.5 | %
Rate of compensation increase | 3.2 | % |  | 3.7 | % |  | 3.0 | %
Schedule of 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 30, 2023 |  | December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Cash and cash equivalents | $ | 446 |  |  | $ | 798 |  |  | $ | — |  |  | $ | 1,244 |  |  | $ | 362 |  |  | $ | 5,153 |  |  | $ | — |  |  | $ | 5,515 |
Equity securities (1) | — |  |  | 10,701 |  |  | — |  |  | 10,701 |  |  | — |  |  | 9,308 |  |  | — |  |  | 9,308 |
Debt securities (2) | — |  |  | 144,822 |  |  | — |  |  | 144,822 |  |  | — |  |  | 123,638 |  |  | — |  |  | 123,638 |
Mutual funds (3) | 9,207 |  |  | 10,368 |  |  | — |  |  | 19,575 |  |  | 8,380 |  |  | 9,372 |  |  | — |  |  | 17,752 |
Other (4) | — |  |  | 27,254 |  |  | 61 |  |  | 27,315 |  |  | — |  |  | 36,268 |  |  | 59 |  |  | 36,327 |
Total | $ | 9,653 |  |  | $ | 193,943 |  |  | $ | 61 |  |  | $ | 203,657 |  |  | $ | 8,742 |  |  | $ | 183,739 |  |  | $ | 59 |  |  | $ | 192,540 |
(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.
Schedule of 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 2029 through 2033, are as follows.
Fiscal Year |  | Pension Plans
|  | (in thousands)
2024 |  | $ | 6,558 |
2025 |  | 6,703 |
2026 |  | 46,898 |
2027 |  | 7,633 |
2028 |  | 8,843 |
2029-2033 |  | 55,416 |

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