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DEFINED BENEFIT RETIREMENT PLAN (Tables) | 12 Months Ended
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Dec. 25, 2021
Retirement Benefits [Abstract] |
Schedule of Changes in PBO and Fair Value of Plan Assets for Pension Plan | Changes in the PBO and fair value of plan assets for the pension plan for the period from December 28, 2019 to December 26, 2020 were as follows:
|  | Projected Benefit Obligation |  | Plan Assets |  | Funded status
Fair Value at December 28, 2019 | $ | 744,403 |  |  | $ | 604,396 |  |  | $ | (140,007) |
Employer contributions | — |  |  | 35,399 |  |  |
Interest cost | 12,954 |  |  | — |  |  |
Prior service costs - GMP equalization | 949 |  |  | — |  |  |
Actual return on plan assets | — |  |  | 89,988 |  |  |
Benefits paid | (18,212) |  |  | (18,212) |  |  |
Actuarial (gain) loss | 87,855 |  |  | — |  |  |
Currency translation | 32,224 |  |  | 30,079 |  |  |
Fair Value at December 26, 2020 | $ | 860,173 |  |  | $ | 741,650 |  |  | $ | (118,523) |
Changes in the PBO and fair value of plan assets for the pension plan for the period from December 26, 2020 to December 25, 2021 were as follows:
|  | Projected Benefit Obligation |  | Plan Assets |  | Funded status
Fair Value at December 26, 2020 | $ | 860,173 |  |  | $ | 741,650 |  |  | $ | (118,523) |
Employer contributions | — |  |  | 1,924 |  |  |
Interest cost | 9,896 |  |  | — |  |  |
Actual return on plan assets | — |  |  | 48,637 |  |  |
Benefits paid | (22,952) |  |  | (22,952) |  |  |
Actuarial (gain) | (77,379) |  |  | — |  |  |
Currency translation | (8,032) |  |  | (8,089) |  |  |
Fair Value at December 25, 2021 | $ | 761,706 |  |  | $ | 761,170 |  |  | $ | (536) |
Schedule of Pre-Tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Pre-tax amounts recognized in accumulated other comprehensive income (loss) as of December 25, 2021 and December 26, 2020 consisted of actuarial gains (losses):
Balance December 28, 2019 | $ | (143,726) |
Actuarial gain (loss) | (16,731) |
Prior service costs - GMP equalization | (814) |
Currency translation gain (loss) | (3,987) |
Balance December 26, 2020 | (165,258) |
Actuarial gain | 102,529 |
Prior service costs amortization | 550 |
Currency translation gain | 1,239 |
Balance December 25, 2021 | $ | (60,940) |
Schedule of Weighted-Average Actuarial Assumptions Used to Determine the Benefit Obligation | The weighted-average actuarial assumptions used to determine the benefit obligation at December 25, 2021 and December 26, 2020 were as follows:
Percentages | 2021 |  | 2020
Discount rate | 1.90 | % |  | 1.40 | %
Salary increase | N/A |  | N/A
CPI inflation | 2.70 | % |  | 2.00 | %
RPI inflation | 3.30 | % |  | 2.90 | %
Schedule of Components of the Net Periodic Pension (Benefit) Expense | The components of the net periodic pension expense for the fiscal years ended December 25, 2021 and December 26, 2020 were as follows:
Net Periodic Benefit Cost: |  | 2021 |  | 2020
Interest cost | $ | 9,896 |  |  | $ | 12,954 |
Expected return on plan assets | (27,763) |  |  | (23,215) |
Amortization of prior service cost | 550 |  |  | 513 |
Amortization of actuarial loss | 2,750 |  |  | 2,437 |
Net periodic benefit expense (benefit) | $ | (14,567) |  |  | $ | (7,311) |
Schedule of Weighted-Average Actuarial Assumptions Used to Determine Expense | The weighted-average actuarial assumptions used to determine expense are as follows for fiscal 2021 and 2020:
Percentages |  | 2021 |  | 2020
Discount rate | 1.15 | % |  | 2.05 | %
Expected return on plan assets | 3.96 | % |  | 4.18 | %
CPI Inflation | 2.00 | % |  | 2.15 | %
RPI Inflation | 2.90 | % |  | 3.05 | %
Schedule of Expected Pension Benefit Payments | The following table details expected pension benefit payments for the years 2022 through 2031:
2022 | $ | 23,045 |
2023 | 23,850 |
2024 | 24,650 |
2025 | 25,455 |
2026 | 26,260 |
Years 2027 - 2031 | 144,400 |
Schedule of Pension Plan Assets Measured at Fair Value on a Recurring Basis | At December 25, 2021 and December 26, 2020, the pension plan assets measured at fair value on a recurring basis were as follows:
December 31, 2021 | Quoted Prices in Active Markets for Identical Inputs (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Plan assets at fair value: |  |  |  |  |  |  |
Temporary cash investments | $ | 14,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,000 |
Total plan net assets at fair value | $ | 14,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,000 |
Plan assets at NAV: |  |  |  |  |  |  |
Leveraged inflation-linked gilt funds |  |  |  |  |  |  | 283,288 |
Corporate bonds |  |  |  |  |  |  | 107,945 |
Corporate stock |  |  |  |  |  |  | 212,730 |
Secured income asset funds |  |  |  |  |  |  | 143,207 |
Total plan assets at NAV |  |  |  |  |  |  | 747,170 |
Total plan assets |  |  |  |  |  |  | $ | 761,170 |
December 31, 2020 | Quoted Prices in Active Markets for Identical Inputs (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Plan assets at fair value: |  |  |  |  |  |  |
Temporary cash investments | $ | 31,935 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,935 |
Total plan net assets at fair value | $ | 31,935 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,935 |
Plan assets at NAV: |  |  |  |  |  |  |
Leveraged inflation-linked gilt funds |  |  |  |  |  |  | 171,013 |
Corporate bonds |  |  |  |  |  |  | 115,577 |
Corporate stock |  |  |  |  |  |  | 309,987 |
Secured income asset funds |  |  |  |  |  |  | 113,138 |
Total plan assets at NAV |  |  |  |  |  |  | 709,715 |
Total plan assets |  |  |  |  |  |  | $ | 741,650 |

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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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