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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
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, 2023December 31, 2022
(in thousands)
Change in projected benefit obligations:  
Benefit obligation at beginning of year$205,551 $372,599 
Service cost2,474 3,213 
Interest cost9,941 6,140 
Benefit payments(6,239)(6,469)
Curtailment— (2,477)
Settlements— (11,939)
Transfer in due to acquisition1,106 — 
Actuarial (gain) loss3,600 (134,923)
Effect of foreign exchange8,442 (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 assets5,578 (105,749)
Employer contributions1,744 4,558 
Settlements— (11,939)
Transfer in due to acquisition181 — 
Benefit payments(6,239)(6,469)
Effect of foreign exchange9,853 (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 liabilities1,164 1,151 
Noncurrent liabilities57,011 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
 20232022
(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, 2023December 31, 2022
(in thousands)
Accumulated benefit obligation$54,310 $48,414 
Fair value of plan assets2,824 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, 2023December 31, 2022
(in thousands)
Projected benefit obligation$61,671 $55,304 
Fair value of plan assets3,496 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
 202320222021
(in thousands)
Service cost$2,474 $3,213 $3,455 
Interest cost9,941 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 loss1,231 2,869 4,528 
Net periodic benefit cost5,626 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, 2023December 31, 2022
Discount rate4.7 %4.8 %
Rate of compensation increase3.2 %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, 2023December 31, 2022December 25, 2021
Discount rate4.8 %1.8 %1.5 %
Expected long-term return on plan assets3.9 %2.4 %2.5 %
Rate of compensation increase3.2 %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, 2023December 31, 2022
Level 1 Level 2Level 3Total Level 1 Level 2Level 3Total
(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 YearPension Plans
(in thousands)
2024$6,558 
20256,703 
202646,898 
20277,633 
20288,843 
2029-203355,416