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Benefit Plans (Tables) | 12 Months Ended
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Dec. 28, 2019
Retirement Benefits [Abstract] |
Schedule of Defined Benefit Plans Disclosures | Benefit plan related information is as follows for the years 2019 and 2018:
(in thousands) | 2019 |  | 2018
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 102,833 |  |  | $ | 67,268 |
Service cost | 2,040 |  |  | 2,266 |
Interest cost | 3,169 |  |  | 3,104 |
Net actuarial gain/(loss) | 11,286 |  |  | (7,321 | )
Benefits paid from the trust | (3,323 | ) |  | (2,479 | )
Benefits paid directly by the Company | (1,540 | ) |  | (1,802 | )
Settlements | (1,924 | ) |  | (1,291 | )
Acquisitions | — |  |  | 48,358 |
Effect of exchange rate movements | 1,735 |  |  | (6,918 | )
Plan amendment and other | 2,645 |  |  | 1,648 |
Benefit obligation at end of year | $ | 116,921 |  |  | $ | 102,833 |
Change in plan assets at fair value: |  |  |
Fair value of plan assets at beginning of year | $ | 70,676 |  |  | $ | 48,123 |
Actual return on plan assets | 8,222 |  |  | (2,847 | )
Employer contributions | 2,233 |  |  | 2,341 |
Benefits paid | (3,323 | ) |  | (2,479 | )
Settlements | (1,072 | ) |  | (1,291 | )
Acquisitions | — |  |  | 31,954 |
Effect of exchange rate movements | 1,766 |  |  | (5,125 | )
Fair value of plan assets at end of year | 78,502 |  |  | 70,676 |
Net amount unfunded status | $ | (38,419 | ) |  | $ | (32,157 | )
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the Consolidated Balance Sheets as of December 28, 2019 and December 29, 2018 consist of the following:
(in thousands) | 2019 |  | 2018
Amounts recognized in the Consolidated Balance Sheets consist of: |  |  |
Noncurrent assets | $ | 885 |  |  | $ | 811 |
Current benefit liability | (1,106 | ) |  | (1,094 | )
Noncurrent benefit liability | (38,198 | ) |  | (31,874 | )
Net liability recognized | $ | (38,419 | ) |  | $ | (32,157 | )
The amounts included in accumulated other comprehensive loss in the Consolidated Balance Sheets, excluding tax effects, that have not yet been recognized as components of net periodic benefit costs as of December 28, 2019 and December 29, 2018 were as following:
(in thousands) | 2019 |  | 2018
Net actuarial loss | $ | 15,635 |  |  | $ | 9,777 |
Prior service cost | 4,273 |  |  | 1,607 |
Total | $ | 19,908 |  |  | $ | 11,384 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The pre-tax amounts recognized in other comprehensive income (loss) in 2019 as components of net periodic benefit costs were as follows:
(in thousands) | 2019
Amortization of: |
Prior service cost | $ | 80 |
Net actuarial loss | 163 |
Amount arising during the period: |
Prior service cost | (2,645 | )
Net actuarial loss | (6,251 | )
Settlement loss | 260 |
Foreign currency adjustments | (131 | )
Total | $ | (8,524 | )
Schedule of Net Benefit Costs | The components of net periodic benefits costs for the fiscal years 2019, 2018, and 2017 are as follows:
(in thousands) | 2019 |  | 2018 |  | 2017
Components of net periodic benefit cost: |  |  |  |  |
Service cost | $ | 2,040 |  |  | $ | 2,266 |  |  | $ | 2,037 |
Interest cost | 3,169 |  |  | 3,104 |  |  | 1,887 |
Expected return on plan assets | (3,187 | ) |  | (3,222 | ) |  | (1,990 | )
Amortization of prior service and net actuarial loss | 243 |  |  | 291 |  |  | 337 |
Net periodic benefit cost | 2,265 |  |  | 2,439 |  |  | 2,271 |
Settlement loss / curtailment (gain) | 260 |  |  | 238 |  |  | (25 | )
Total expense for the year | $ | 2,525 |  |  | $ | 2,677 |  |  | $ | 2,246 |
Schedule of Assumptions Used | Weighted average assumptions used to determine benefit obligations as of December 28, 2019, December 29, 2018 and December 30, 2017 are as follows:
| 2019 |  | 2018 |  | 2017
Discount rate | 2.3 | % |  | 3.1 | % |  | 3.1 | %
Compensation increase rate | 4.7 | % |  | 4.6 | % |  | 5.0 | %
Weighted average assumptions used to determine net periodic benefit cost for the fiscal years 2019, 2018, and 2017 are as follows:
| 2019 |  | 2018 |  | 2017
Discount rate | 3.1 | % |  | 2.8 | % |  | 3.0 | %
Expected return on plan assets | 4.5 | % |  | 4.2 | % |  | 4.5 | %
Compensation increase rate | 4.6 | % |  | 5.0 | % |  | 4.5 | %
Schedule of Net Funded Status | The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit obligations in excess of plan assets as of December 28, 2019 and December 29, 2018:
(in thousands) | 2019 |  | 2018
Projected benefit obligation | $ | 81,362 |  |  | $ | 70,579 |
Fair value of plan assets | 42,058 |  |  | 37,611 |
Schedule of Expected Benefit Payments | The following table provides a summary of under-funded or unfunded pension benefit plans with accumulated benefit obligations in excess of plan assets as of December 28, 2019 and December 29, 2018:
(in thousands) | 2019 |  | 2018
Accumulated benefit obligation | $ | 75,744 |  |  | $ | 66,049 |
Fair value of plan assets | 42,058 |  |  | 36,003 |
Expected benefit payments to be paid to participants for the fiscal year ending are as follows:
(in thousands) | Expected Benefit Payments
2020 | $ | 4,511 |
2021 | 4,726 |
2022 | 4,624 |
2023 | 4,900 |
2024 | 4,910 |
2025-2029 and thereafter | 29,364 |
Schedule of Allocation of Plan Assets | Pension plan assets were invested as follows, and were not materially different from the target asset allocation:
| Asset Allocation
| 2019 |  | 2018
Equity securities | 27 | % |  | 30 | %
Debt securities | 72 | % |  | 66 | %
Cash and cash equivalents, and other | 1 | % |  | 4 | %
| 100 | % |  | 100 | %
Pension Plan Assets Measured at Fair Value | The following table presents the Company’s pension plan assets measured at fair value by classification within the fair value hierarchy as of December 28, 2019:
| Fair Value Measurements Using |  |  |  |
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Equities | $ | 1,796 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,139 |  |  | $ | 20,935 |
Fixed income | 4,535 |  |  | — |  |  | — |  |  | 51,711 |  |  | 56,246 |
Insurance contracts and other | — |  |  | — |  |  | 609 |  |  | 147 |  |  | 756 |
Cash and cash equivalents | 387 |  |  | — |  |  | — |  |  | 178 |  |  | 565 |
Total pension plan assets | $ | 6,718 |  |  | $ | — |  |  | $ | 609 |  |  | $ | 71,175 |  |  | $ | 78,502 |
The following table presents the Company’s pension plan assets measured at fair value by classification within the fair value hierarchy as of December 29, 2018:
| Fair Value Measurements Using |  |  |  |
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Equities | $ | 1,361 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,527 |  |  | $ | 20,888 |
Fixed income | 3,336 |  |  | — |  |  | — |  |  | 43,134 |  |  | 46,470 |
Insurance contracts and other | — |  |  | — |  |  | 632 |  |  | 1,161 |  |  | 1,793 |
Cash and cash equivalents | 702 |  |  | — |  |  | — |  |  | 823 |  |  | 1,525 |
Total pension plan assets | $ | 5,399 |  |  | $ | — |  |  | $ | 632 |  |  | $ | 64,645 |  |  | $ | 70,676 |

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