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Employee Retirement Plans (Tables) | 12 Months Ended
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Dec. 28, 2019
Retirement Benefits [Abstract] |
Schedule of Defined Benefit Plans Disclosures | A summary of the plans’ net periodic pension cost, benefit obligations, funded status, and net balance sheet position is as follows (dollars in thousands)
| Fiscal 2019 |  | Fiscal 2018
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans
Net Periodic Pension Cost (Benefit): |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | 2,457 |  |  | $ | 365 |  |  | $ | 3,754 |
Interest cost | 1,253 |  |  | 33,490 |  |  | 1,082 |  |  | 32,173 |
Expected return on assets | (868 | ) |  | (67,542 | ) |  | (967 | ) |  | (75,017 | )
Amortization of net loss (gain) | 664 |  |  | 721 |  |  | (129 | ) |  | 4,056 |
Amortization of prior service cost | — |  |  | 2,560 |  |  | — |  |  | 437 |
Curtailment loss | — |  |  | 865 |  |  | — |  |  | 906 |
Pension settlement gain | — |  |  | — |  |  | — |  |  | (655 | )
| $ | 1,049 |  |  | $ | (27,449 | ) |  | $ | 351 |  |  | $ | (34,346 | )
Change in Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation – beginning of year | $ | 31,559 |  |  | $ | 1,377,575 |  |  | $ | 31,908 |  |  | $ | 1,615,244 |
Service cost | — |  |  | 2,457 |  |  | 365 |  |  | 3,754 |
Prior service cost | — |  |  | — |  |  | — |  |  | 53,586 |
Interest on benefit obligations | 1,253 |  |  | 33,490 |  |  | 1,082 |  |  | 32,173 |
Member contributions | — |  |  | 313 |  |  | — |  |  | 290 |
Actuarial loss (gain) | 4,173 |  |  | 102,377 |  |  | (850 | ) |  | (163,746 | )
Pension settlement gain | — |  |  | — |  |  | — |  |  | (873 | )
Net benefit payments | (1,590 | ) |  | (62,355 | ) |  | (946 | ) |  | (72,095 | )
Curtailment loss | — |  |  | 865 |  |  | — |  |  | 906 |
Exchange effect | — |  |  | 46,894 |  |  | — |  |  | (91,664 | )
Benefit obligation – end of year | $ | 35,395 |  |  | $ | 1,501,616 |  |  | $ | 31,559 |  |  | $ | 1,377,575 |
Change in Plan Assets: |  |  |  |  |  |  |  |  |  |  |
Plan assets at fair value – beginning of year | $ | 14,634 |  |  | $ | 1,141,381 |  |  | $ | 16,102 |  |  | $ | 1,296,539 |
Company contributions | 1,191 |  |  | 5,934 |  |  | 877 |  |  | 4,889 |
Investment gain (loss) | 2,509 |  |  | 107,368 |  |  | (1,399 | ) |  | (12,600 | )
Member contributions | — |  |  | 313 |  |  | — |  |  | 290 |
Pension settlement loss | — |  |  | — |  |  | — |  |  | (161 | )
Benefit payments and plan expenses | (1,590 | ) |  | (62,355 | ) |  | (946 | ) |  | (72,095 | )
Exchange effect | — |  |  | 38,540 |  |  | — |  |  | (75,481 | )
Plan assets at fair value – end of year | $ | 16,744 |  |  | $ | 1,231,181 |  |  | $ | 14,634 |  |  | $ | 1,141,381 |
Funded Status: |  |  |  |  |  |  |  |  |  |  |
Unfunded benefit obligation | $ | (18,651 | ) |  | $ | (270,435 | ) |  | $ | (16,925 | ) |  | $ | (236,194 | )
Amounts recognized in balance sheet at year end: |  |  |  |  |  |  |  |  |  |  |
Accrued pension benefits | $ | (18,651 | ) |  | $ | (270,435 | ) |  | $ | (16,925 | ) |  | $ | (236,194 | )
| Fiscal 2019 |  | Fiscal 2018
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans
Pre-tax components in accumulated other comprehensive income at period end: |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss | $ | 6,853 |  |  | $ | 270,116 |  |  | $ | 4,985 |  |  | $ | 202,672 |
Pre-tax components recognized in other comprehensive income for the period: |  |  |  |  |  |  |
Current year actuarial (gain) loss | $ | 2,532 |  |  | $ | 69,228 |  |  | $ | 1,516 |  |  | $ | (88,992 | )
Actuarial gain (loss) recognized | (664 | ) |  | (798 | ) |  | 129 |  |  | (4,741 | )
Prior service cost | — |  |  | — |  |  | — |  |  | 53,586 |
Prior service cost recognized | — |  |  | (986 | ) |  | — |  |  | (437 | )
Pension settlement gain | — |  |  | — |  |  | — |  |  | (713 | )
Pension settlement gain recognized | — |  |  | — |  |  | — |  |  | 654 |
Total amount recognized | $ | 1,868 |  |  | $ | 67,444 |  |  | $ | 1,645 |  |  | $ | (40,643 | )
Accumulated Benefit Obligation | $ | 35,395 |  |  | $ | 1,501,616 |  |  | $ | 31,559 |  |  | $ | 1,377,532 |
Salary growth rate | n/a |  |  | 0.8 | % |  | n/a |  |  | 0.8 | %
Assumed discount rate | 3.0 | % |  | 2.0 | % |  | 4.1 | % |  | 2.7 | %
Expected return on assets | 6.0 | % |  | 6.2 | % |  | 6.0 | % |  | 6.2 | %
Schedule of Allocation of Plan Assets | The assets of the plans were invested in the following classes of securities (none of which were securities of the company): U.S. Plans:
| Target Allocation |  | Percentage of Plan Assets
|  |  | 2019 |  | 2018
Equity | 48 | % |  | 51 | % |  | 42 | %
Fixed income | 40 |  |  | 37 |  |  | 49 |
Money market | 4 |  |  | 2 |  |  | 1 |
Other (real estate investment trusts & commodities contracts) | 8 |  |  | 10 |  |  | 8 |
| 100 | % |  | 100 | % |  | 100 | %
Non-U.S. Plans:
| Target Allocation |  | Percentage of Plan Assets
|  |  | 2019 |  | 2018
Equity | 17 | % |  | 22 | % |  | 23 | %
Fixed income | 38 |  |  | 39 |  |  | 52 |
Alternatives/Other | 32 |  |  | 22 |  |  | 9 |
Real Estate | 13 |  |  | 13 |  |  | 14 |
Cash and cash equivalents | — |  |  | 4 |  |  | 2 |
| 100 | % |  | 100 | % |  | 100 | %
Pension Plans Fair Value Of Investments | The following tables summarize the basis used to measure the pension plans’ assets at fair value as of December 28, 2019 and December 29, 2018 (in thousands): U.S. Plans:
|  | Fiscal 2019 |  | Fiscal 2018
Asset Category |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Net Asset Value |  |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Net Asset Value |
Short Term Investment Fund (a) |  | $ | 347 |  |  | $ | — |  |  | $ | 347 |  |  | $ | 175 |  |  | $ | — |  |  | $ | 175 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large Cap |  | 3,957 |  |  | 3,957 |  |  | — |  |  | 2,615 |  |  | 2,615 |  |  | — |
Mid Cap |  | 417 |  |  | 417 |  |  | — |  |  | 329 |  |  | 329 |  |  | — |
Small Cap |  | 418 |  |  | 418 |  |  | — |  |  | 326 |  |  | 326 |  |  | — |
International |  | 3,657 |  |  | 3,657 |  |  | — |  |  | 2,937 |  |  | 2,937 |  |  | — |
Fixed Income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government/Corporate |  | 4,992 |  |  | 4,992 |  |  | — |  |  | 5,994 |  |  | 5,994 |  |  | — |
High Yield |  | 1,260 |  |  | 1,260 |  |  | — |  |  | 1,102 |  |  | 1,102 |  |  | — |
Alternative: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Global Real Estate Investment Trust |  | 1,358 |  |  | 1,358 |  |  | — |  |  | 591 |  |  | 591 |  |  | — |
Commodities Contracts |  | 338 |  |  | 338 |  |  | — |  |  | 565 |  |  | 565 |  |  | — |
Total |  | $ | 16,744 |  |  | $ | 16,397 |  |  | $ | 347 |  |  | $ | 14,634 |  |  | $ | 14,459 |  |  | $ | 175 |
(a) | Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.
Non-U.S. Plans:
|  | Fiscal 2019
Asset Category |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Net Asset Value |
Cash and cash equivalents |  | $ | 44,748 |  |  | $ | 18,142 |  |  | $ | 2,874 |  |  | $ | — |  |  | $ | 23,732 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
UK |  | 101,922 |  |  | 88,830 |  |  | — |  |  | — |  |  | 13,092 |
International: |  |  |  |  |  |  |  |  |  |
Developed |  | 165,709 |  |  | 13,170 |  |  | — |  |  | — |  |  | 152,539 |
Emerging |  | 11,653 |  |  | 650 |  |  | — |  |  | — |  |  | 11,003 |
Unquoted/Private Equity |  | 123 |  |  | — |  |  | — |  |  | — |  |  | 123 |
Fixed Income: |  |  |  |  |  |  |  |  |  |
Government/Corporate: |  |  |  |  |  |  |  |  |  |
UK |  | 189,513 |  |  | 14,245 |  |  | 2,867 |  |  | — |  |  | 172,401 |
International |  | 86,208 |  |  | — |  |  | — |  |  | — |  |  | 86,208 |
Index Linked |  | 189,463 |  |  | 2,085 |  |  | — |  |  | — |  |  | 187,378 |
Other |  | 6,367 |  |  | — |  |  | — |  |  | — |  |  | 6,367 |
Convertible Bonds |  | 177 |  |  | — |  |  | — |  |  | — |  |  | 177 |
Real Estate: |  |  |  |  |  |  |  |  |  |
Direct |  | 154,494 |  |  | — |  |  | 154,494 |  |  | — |  |  | — |
Indirect |  | 8,155 |  |  | 137 |  |  | 7,603 |  |  | — |  |  | 415 |
Hedge Fund Strategy: |  |  |  |  |  |  |  |  |  |
Equity Long/Short |  | 21,683 |  |  | — |  |  | — |  |  | — |  |  | 21,683 |
Arbitrage & Event |  | 29,284 |  |  | — |  |  | — |  |  | — |  |  | 29,284 |
Directional Trading & Fixed Income |  | 9,361 |  |  | — |  |  | — |  |  | — |  |  | 9,361 |
Cash & Other |  | 163,058 |  |  | — |  |  | — |  |  | — |  |  | 163,058 |
Direct Sourcing |  | 2,269 |  |  | — |  |  | — |  |  | — |  |  | 2,269 |
Leveraged Loans |  | 21,635 |  |  | — |  |  | — |  |  | — |  |  | 21,635 |
Alternative/Other |  | 25,359 |  |  | 1 |  |  | — |  |  | — |  |  | 25,358 |
Total |  | $ | 1,231,181 |  |  | $ | 137,260 |  |  | $ | 167,838 |  |  | $ | — |  |  | $ | 926,083 |
|  | Fiscal 2018
Asset Category |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Net Asset Value |
Cash and cash equivalents |  | $ | 28,434 |  |  | $ | 4,325 |  |  | $ | 2,656 |  |  | $ | — |  |  | $ | 21,453 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
UK |  | 155,687 |  |  | 78,938 |  |  | — |  |  | — |  |  | 76,749 |
International: |  |  |  |  |  |  |  |  |  |
Developed |  | 99,872 |  |  | 14,497 |  |  | — |  |  | — |  |  | 85,375 |
Emerging |  | 7,488 |  |  | 591 |  |  | — |  |  | — |  |  | 6,897 |
Unquoted/Private Equity |  | 1,752 |  |  | — |  |  | — |  |  | — |  |  | 1,752 |
Fixed Income: |  |  |  |  |  |  |  |  |  |
Government/Corporate: |  |  |  |  |  |  |  |  |  |
UK |  | 468,608 |  |  | 11,860 |  |  | 6,779 |  |  | — |  |  | 449,969 |
International |  | 75,980 |  |  | — |  |  | — |  |  | — |  |  | 75,980 |
Index Linked |  | 47,873 |  |  | 3,614 |  |  | — |  |  | — |  |  | 44,259 |
Other |  | 650 |  |  | — |  |  | — |  |  | — |  |  | 650 |
Convertible Bonds |  | 188 |  |  | — |  |  | — |  |  | — |  |  | 188 |
Real Estate: |  |  |  |  |  |  |  |  |  |
Direct |  | 148,551 |  |  | — |  |  | 148,551 |  |  | — |  |  | — |
Indirect |  | 10,812 |  |  | 188 |  |  | 9,298 |  |  | — |  |  | 1,326 |
Hedge Fund Strategy: |  |  |  |  |  |  |  |  |  |
Equity Long/Short |  | 73,783 |  |  | — |  |  | — |  |  | — |  |  | 73,783 |
Arbitrage & Event |  | 73,261 |  |  | — |  |  | — |  |  | — |  |  | 73,261 |
Directional Trading & Fixed Income |  | 44,091 |  |  | — |  |  | — |  |  | — |  |  | 44,091 |
Cash & Other |  | 21,719 |  |  | — |  |  | — |  |  | — |  |  | 21,719 |
Direct Sourcing |  | 2,289 |  |  | — |  |  | — |  |  | — |  |  | 2,289 |
Leveraged Loans |  | 18,295 |  |  | — |  |  | — |  |  | — |  |  | 18,295 |
Alternative/Other |  | (137,952 | ) |  | 5 |  |  | — |  |  | 86 |  |  | (138,043 | )
Total |  | $ | 1,141,381 |  |  | $ | 114,018 |  |  | $ | 167,284 |  |  | $ | 86 |  |  | $ | 859,993 |
Schedule of Expected Benefit Payments | Estimated future benefit payments under the plans are as follows (dollars in thousands):
| U.S. Plans |  | Non-U.S. Plans
2020 | $ | 1,738 |  |  | $ | 63,856 |
2021 | 1,763 |  |  | 65,110 |
2022 | 1,776 |  |  | 66,177 |
2023 | 1,784 |  |  | 66,332 |
2024 through 2029 | 11,267 |  |  | 405,088 |

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