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Employee Retirement Plans (Tables) | 12 Months Ended
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Dec. 30, 2023
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 2023 |  | Fiscal 2022
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans
Net Periodic Pension Cost (Benefit): |  |  |  |  |  |  |
Interest cost | 1,315 |  |  | 46,046 |  |  | 923 |  |  | 25,032 |
Expected return on assets | (873) |  |  | (58,766) |  |  | (1,073) |  |  | (74,581) |
Amortization of net loss | 420 |  |  | 186 |  |  | 758 |  |  | 3,671 |
Amortization of prior service cost | — |  |  | 2,601 |  |  | — |  |  | 2,589 |
| $ | 862 |  |  | $ | (9,933) |  |  | $ | 608 |  |  | $ | (43,289) |
Change in Benefit Obligation: |  |  |  |  |  |  |
Benefit obligation – beginning of year | $ | 27,550 |  |  | $ | 946,153 |  |  | $ | 36,423 |  |  | $ | 1,544,147 |
Interest on benefit obligations | 1,315 |  |  | 46,046 |  |  | 923 |  |  | 25,032 |
Actuarial loss (gain) | 539 |  |  | 1,970 |  |  | (8,060) |  |  | (409,462) |
Net benefit payments | (1,745) |  |  | (59,018) |  |  | (1,736) |  |  | (59,682) |
Exchange effect | — |  |  | 53,955 |  |  | — |  |  | (153,882) |
Benefit obligation – end of year | $ | 27,659 |  |  | $ | 989,106 |  |  | $ | 27,550 |  |  | $ | 946,153 |
Change in Plan Assets: |  |  |  |  |  |  |
Plan assets at fair value – beginning of year | $ | 14,998 |  |  | $ | 943,757 |  |  | $ | 18,289 |  |  | $ | 1,342,601 |
Company contributions | 1,114 |  |  | 6,012 |  |  | 1,173 |  |  | 5,442 |
Investment gain (loss) | 1,384 |  |  | 81,945 |  |  | (2,728) |  |  | (207,270) |
Benefit payments and plan expenses | (1,745) |  |  | (59,018) |  |  | (1,736) |  |  | (59,682) |
Exchange effect | — |  |  | 54,725 |  |  | — |  |  | (137,334) |
Plan assets at fair value – end of year | $ | 15,751 |  |  | $ | 1,027,421 |  |  | $ | 14,998 |  |  | $ | 943,757 |
Funded Status: |  |  |  |  |  |  |
Unfunded benefit obligation | $ | (11,908) |  |  | $ | 38,315 |  |  | $ | (12,552) |  |  | $ | (2,396) |
Amounts recognized in balance sheet at year end: |  |  |  |  |  |  |
Accrued pension benefits | $ | (11,908) |  |  | $ | 38,315 |  |  | $ | (12,552) |  |  | $ | (2,396) |
| Fiscal 2023 |  | Fiscal 2022
| 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 | $ | 2,011 |  |  | $ | 103,705 |  |  | $ | 2,402 |  |  | $ | 121,292 |
Pre-tax components recognized in other comprehensive income for the period: |  |  |  |  |  |  |
Current year actuarial gain | $ | 28 |  |  | $ | (17,079) |  |  | $ | (4,259) |  |  | $ | (148,515) |
Actuarial loss recognized | (420) |  |  | (150) |  |  | (758) |  |  | (4,272) |
Prior service cost recognized | — |  |  | (360) |  |  | — |  |  | (7,666) |
Total amount recognized | $ | (392) |  |  | $ | (17,589) |  |  | $ | (5,017) |  |  | $ | (160,453) |
Accumulated Benefit Obligation | $ | 27,659 |  |  | $ | 989,081 |  |  | $ | 27,550 |  |  | $ | 946,136 |
Salary growth rate | n/a |  | 0.8 | % |  | n/a |  | 0.8 | %
Assumed discount rate | 4.8 | % |  | 4.6 | % |  | 4.9 | % |  | 4.8 | %
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
|  |  | 2023 |  | 2022
Equity | 48 | % |  | 43 | % |  | 45 | %
Fixed income | 40 |  |  | 42 |  |  | 40 |
Money market | 4 |  |  | 6 |  |  | 5 |
Other (real estate investment trusts & commodities contracts) | 8 |  |  | 9 |  |  | 10 |
| 100 | % |  | 100 | % |  | 100 | %
Non-U.S. Plans:
| Target Allocation |  | Percentage of Plan Assets
|  |  | 2023 |  | 2022
Equity | 17 | % |  | 11 | % |  | 10 | %
Fixed income | 38 |  |  | 69 |  |  | 55 |
Alternatives/Other | 32 |  |  | 5 |  |  | 19 |
Real Estate | 13 |  |  | 9 |  |  | 10 |
Cash and cash equivalents | — |  |  | 6 |  |  | 6 |
| 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 30, 2023 and December 31, 2022 (in thousands): U.S. Plans:
|  | Fiscal 2023 |  | Fiscal 2022
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) |  | $ | 920 |  |  | $ | — |  |  | $ | 920 |  |  | $ | 771 |  |  | $ | — |  |  | $ | 771 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |
Large Cap |  | 2,862 |  |  | 2,862 |  |  | — |  |  | 2,818 |  |  | 2,818 |  |  | — |
Mid Cap |  | 373 |  |  | 373 |  |  | — |  |  | 555 |  |  | 555 |  |  | — |
Small Cap |  | 388 |  |  | 388 |  |  | — |  |  | 329 |  |  | 329 |  |  | — |
International |  | 3,218 |  |  | 3,218 |  |  | — |  |  | 3,002 |  |  | 3,002 |  |  | — |
Fixed Income: |  |  |  |  |  |  |  |  |  |  |  |
Government/Corporate |  | 4,776 |  |  | 4,776 |  |  | — |  |  | 4,973 |  |  | 4,973 |  |  | — |
High Yield |  | 1,063 |  |  | 1,063 |  |  | — |  |  | 1,041 |  |  | 1,041 |  |  | — |
Other |  | 705 |  |  | 705 |  |  | — |  |  | — |  |  | — |  |  | — |
Alternative: |  |  |  |  |  |  |  |  |  |  |  |
Global Real Estate Investment Trust |  | 663 |  |  | 663 |  |  | — |  |  | 602 |  |  | 602 |  |  | — |
Commodities Contracts |  | 783 |  |  | 783 |  |  | — |  |  | 907 |  |  | 907 |  |  | — |
Total |  | $ | 15,751 |  |  | $ | 14,831 |  |  | $ | 920 |  |  | $ | 14,998 |  |  | $ | 14,227 |  |  | $ | 771 |
(a)Represents collective short term investment fund, composed of high-grade money market instruments with short maturities. Non-U.S. Plans:
|  | Fiscal 2023
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 |  | $ | 64,285 |  |  | $ | 10,175 |  |  | $ | 25,777 |  |  | $ | — |  |  | $ | 28,333 |
Equity Securities: |  |  |  |  |  |  |  |  |  |
UK |  | 3,665 |  |  | 45 |  |  | — |  |  | — |  |  | 3,620 |
International: |  |  |  |  |  |  |  |  |  |
Developed |  | 89,498 |  |  | 1,738 |  |  | — |  |  | — |  |  | 87,760 |
Emerging |  | 20,698 |  |  | 168 |  |  | — |  |  | — |  |  | 20,530 |
Unquoted/Private Equity |  | 282 |  |  | — |  |  | — |  |  | — |  |  | 282 |
Fixed Income: |  |  |  |  |  |  |  |  |  |
Government/Corporate: |  |  |  |  |  |  |  |  |  |
UK |  | 247,618 |  |  | 11,049 |  |  | — |  |  | — |  |  | 236,569 |
International |  | 133,279 |  |  | — |  |  | — |  |  | — |  |  | 133,279 |
Index Linked |  | 322,408 |  |  | 2,088 |  |  | — |  |  | — |  |  | 320,320 |
Other |  | 3,222 |  |  | — |  |  | — |  |  | — |  |  | 3,222 |
Real Estate: |  |  |  |  |  |  |  |  |  |
Direct |  | 91,993 |  |  | — |  |  | 91,993 |  |  | — |  |  | — |
Indirect |  | 1,768 |  |  | 37 |  |  | — |  |  | — |  |  | 1,731 |
Hedge Fund Strategy: |  |  |  |  |  |  |  |  |  |
Equity Long/Short |  | 8,361 |  |  | — |  |  | — |  |  | — |  |  | 8,361 |
Arbitrage & Event |  | 10,731 |  |  | — |  |  | — |  |  | — |  |  | 10,731 |
Directional Trading & Fixed Income |  | 315 |  |  | — |  |  | — |  |  | — |  |  | 315 |
Cash & Other |  | 162,812 |  |  | — |  |  | — |  |  | — |  |  | 162,812 |
Direct Sourcing |  | 913 |  |  | — |  |  | — |  |  | — |  |  | 913 |
Leveraged Loans |  | 14,475 |  |  | — |  |  | — |  |  | — |  |  | 14,475 |
Alternative/Other |  | (148,902) |  |  | 1,060 |  |  | — |  |  | — |  |  | (149,962) |
Total |  | $ | 1,027,421 |  |  | $ | 26,360 |  |  | $ | 117,770 |  |  | $ | — |  |  | $ | 883,291 |
|  | Fiscal 2022
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 |  | $ | 52,041 |  |  | $ | 5,372 |  |  | $ | 7,372 |  |  | $ | — |  |  | $ | 39,297 |
Equity Securities: |  |  |  |  |  |  |  |  |  |
UK |  | 3,677 |  |  | 68 |  |  | — |  |  | — |  |  | 3,609 |
International: |  |  |  |  |  |  |  |  |  |
Developed |  | 70,611 |  |  | 2,634 |  |  | — |  |  | — |  |  | 67,977 |
Emerging |  | 18,642 |  |  | 298 |  |  | — |  |  | — |  |  | 18,344 |
Unquoted/Private Equity |  | 2,083 |  |  | — |  |  | — |  |  | — |  |  | 2,083 |
Fixed Income: |  |  |  |  |  |  |  |  |  |
Government/Corporate: |  |  |  |  |  |  |  |  |  |
UK |  | 191,868 |  |  | 8,933 |  |  | — |  |  | — |  |  | 182,935 |
International |  | 127,485 |  |  | — |  |  | — |  |  | — |  |  | 127,485 |
Index Linked |  | 199,220 |  |  | 1,433 |  |  | — |  |  | — |  |  | 197,787 |
Other |  | 1,806 |  |  | — |  |  | — |  |  | — |  |  | 1,806 |
Real Estate: |  |  |  |  |  |  |  |  |  |
Direct |  | 83,280 |  |  | — |  |  | 83,280 |  |  | — |  |  | — |
Indirect |  | 5,073 |  |  | 58 |  |  | — |  |  | — |  |  | 5,015 |
Hedge Fund Strategy: |  |  |  |  |  |  |  |  |  |
Equity Long/Short |  | 30,266 |  |  | — |  |  | — |  |  | — |  |  | 30,266 |
Arbitrage & Event |  | 22,398 |  |  | — |  |  | — |  |  | — |  |  | 22,398 |
Directional Trading & Fixed Income |  | 6,099 |  |  | — |  |  | — |  |  | — |  |  | 6,099 |
Cash & Other |  | 169,504 |  |  | — |  |  | — |  |  | — |  |  | 169,504 |
Direct Sourcing |  | 4,014 |  |  | — |  |  | — |  |  | — |  |  | 4,014 |
Leveraged Loans |  | 8,539 |  |  | — |  |  | — |  |  | — |  |  | 8,539 |
Alternative/Other |  | (52,849) |  |  | 1,583 |  |  | — |  |  | — |  |  | (54,432) |
Total |  | $ | 943,757 |  |  | $ | 20,379 |  |  | $ | 90,652 |  |  | $ | — |  |  | $ | 832,726 |
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
2024 | $ | 1,849 |  |  | $ | 58,680 |
2025 | 1,867 |  |  | 59,708 |
2026 | 1,906 |  |  | 59,409 |
2027 | 1,944 |  |  | 59,459 |
2028 through 2033 | 11,534 |  |  | 356,302 |

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