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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 28, 2024
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 28, 2024December 30, 2023
(in thousands)
Change in projected benefit obligations:  
Benefit obligation at beginning of year$224,875 $205,551 
Service cost2,807 2,474 
Interest cost10,417 9,941 
Benefit payments(8,034)(6,239)
Curtailment(7)— 
Settlements(74)— 
Transfer in due to acquisition— 1,106 
Actuarial (gain) loss(10,667)3,600 
Effect of foreign exchange(3,358)8,442 
Benefit obligation at end of year$215,959 $224,875 
Change in fair value of plan assets:
Fair value of plan assets at beginning of year$203,657 $192,540 
Actual return on plan assets(15,713)5,578 
Employer contributions5,496 1,744 
Settlements(74)— 
Transfer in due to acquisition— 181 
Benefit payments(8,034)(6,239)
Effect of foreign exchange(2,685)9,853 
Fair value of plan assets at end of year$182,647 $203,657 
Net balance sheet liability$33,312 $21,218 
Amounts recognized in balance sheet:
Noncurrent assets$31,628 $36,957 
Current liabilities873 1,164 
Noncurrent liabilities64,067 57,011 
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
 202420232022
(in thousands)
Net actuarial loss$69,340 $58,855 $54,509 
Net prior service cost (credit)(125)(121)(585)
Net amount recognized$69,215 $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 28, 2024December 30, 2023
(in thousands)
Accumulated benefit obligation$59,920 $54,310 
Fair value of plan assets2,901 2,824 
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 28, 2024December 30, 2023
(in thousands)
Projected benefit obligation$68,487 $61,671 
Fair value of plan assets3,548 3,496 
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
 202420232022
(in thousands)
Service cost$2,807 $2,474 $3,213 
Interest cost10,417 9,941 6,140 
Expected return on plan assets(7,077)(7,556)(7,322)
Amortization of prior service credit4 (464)(506)
Amortization of net loss1,632 1,231 2,869 
Net periodic benefit cost7,783 5,626 4,394 
Settlement— — 981 
Total benefit cost$7,783 $5,626 $5,375 
Schedule of Weighted-average Assumptions
Weighted-average assumptions used to determine projected benefit obligations are as follows:
 December 28, 2024December 30, 2023
Discount rate5.2 %4.7 %
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 28, 2024December 30, 2023December 31, 2022
Discount rate4.7 %4.8 %1.8 %
Expected long-term return on plan assets3.5 %3.9 %2.4 %
Rate of compensation increase3.1 %3.2 %3.7 %
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 28, 2024December 30, 2023
Level 1 Level 2Level 3Total Level 1 Level 2Level 3Total
(in thousands)
Cash and cash equivalents$2,406 $25 $— $2,431 $446 $798 $— $1,244 
Equity securities (1)
— 11,962 — 11,962 — 10,701 — 10,701 
Debt securities (2)
— 126,965 — 126,965 — 144,822 — 144,822 
Mutual funds (3)
8,507 11,080 — 19,587 9,207 10,368 — 19,575 
Other (4)
— 21,645 57 21,702 — 27,254 61 27,315 
Total$10,913 $171,677 $57 $182,647 $9,653 $193,943 $61 $203,657 
(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 treasury securities and investment-grade corporate bonds 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 2030 through 2034, are as follows.
Fiscal YearPension Plans
(in thousands)
2025$6,706 
202649,809 
20277,503 
20288,251 
20299,371 
2030-203457,076