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Defined Benefit Plans (Tables)
12 Months Ended
Dec. 27, 2025
Retirement Benefits [Abstract]  
Obligations and Funded Status

(In millions)

 

 

Pension Benefits

 

 

 

Postretirement Benefits

 

 

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

Change in the Projected Benefit Obligation (PBO):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

 

$

206.5

 

 

 

$

509.7

 

 

 

$

5.6

 

 

 

$

8.0

 

Service cost

 

 

 

 

 

 

 

 

 

 

 

0.1

 

 

 

 

0.4

 

Interest cost

 

 

 

11.4

 

 

 

 

22.2

 

 

 

 

0.3

 

 

 

 

0.5

 

Actuarial loss (gain)

 

 

 

8.8

 

 

 

 

(23.9

)

 

 

 

(0.3

)

 

 

 

(0.4

)

Benefits paid

 

 

 

(10.6

)

 

 

 

(34.9

)

 

 

 

(0.2

)

 

 

 

(2.8

)

Plan amendments

 

 

 

 

 

 

 

 

 

 

 

0.1

 

 

 

 

 

Settlements

 

 

 

 

 

 

 

(266.6

)

 

 

 

 

 

 

 

(0.1

)

Projected benefit obligation at end of year

 

 

$

216.1

 

 

 

$

206.5

 

 

 

$

5.6

 

 

 

$

5.6

 

Accumulated benefit obligation at end of year
   (excludes the impact of future compensation increases)

 

 

$

216.1

 

 

 

$

206.5

 

 

 

$

 

 

 

$

 

Change in Plan Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

 

$

177.1

 

 

 

$

468.0

 

 

 

$

 

 

 

$

 

Actual return on plan assets

 

 

 

20.2

 

 

 

 

9.1

 

 

 

 

 

 

 

 

 

Employer contributions

 

 

 

1.6

 

 

 

 

1.5

 

 

 

 

1.0

 

 

 

 

1.2

 

Benefits paid

 

 

 

(10.6

)

 

 

 

(34.9

)

 

 

 

(1.0

)

 

 

 

(1.2

)

Settlements

 

 

 

 

 

 

 

(266.6

)

 

 

 

 

 

 

 

 

Fair value of plan assets at end of year

 

 

$

188.3

 

 

 

$

177.1

 

 

 

$

 

 

 

$

 

Funded status (Fair value of plan assets less PBO)

 

 

$

(27.8

)

 

 

$

(29.4

)

 

 

$

(5.6

)

 

 

$

(5.6

)

 

Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets consist of:

 

 

 

Pension Benefits

 

 

 

Postretirement Benefits

 

(In millions)

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

Other current liabilities

 

$

(9.1

)

 

 

$

(1.6

)

 

 

$

(1.2

)

 

 

$

(1.0

)

Other non-current liabilities

 

 

(18.7

)

 

 

 

(27.8

)

 

 

 

(4.4

)

 

 

 

(4.6

)

Net amount recognized

 

$

(27.8

)

 

 

$

(29.4

)

 

 

$

(5.6

)

 

 

$

(5.6

)

Amounts in Accumulated Other Comprehensive Loss that have not yet been Recognized as Components of Net Periodic Benefit Cost

The amounts in accumulated other comprehensive loss on the Consolidated Balance Sheets that have not yet been recognized as components of net periodic benefit cost were as follows:

 

(In millions)

 

Pension Benefits

 

 

 

Postretirement Benefits

 

Net unrecognized actuarial loss (gain) at December 30, 2023

 

$

35.2

 

 

 

$

0.6

 

Recognition of actuarial gain

 

 

0.5

 

 

 

 

0.3

 

Current year actuarial (gain)

 

 

(3.9

)

 

 

 

(1.4

)

Recognition actuarial loss due to settlement

 

 

(19.0

)

 

 

 

 

Net unrecognized actuarial loss at December 28, 2024

 

$

12.8

 

 

 

$

(0.5

)

Recognition of actuarial gain

 

 

 

 

 

 

0.3

 

Current year actuarial (gain)

 

 

(0.7

)

 

 

 

(0.3

)

Recognition of actuarial loss due to settlement

 

 

 

 

 

 

 

Net unrecognized actuarial loss (gain) at December 27, 2025

 

$

12.1

 

 

 

$

(0.5

)

 

Components of Net Periodic Benefit Cost for Pension and Postretirement Benefits

Components of net periodic benefit cost were as follows:

 

 

Pension Benefits

 

 

 

Postretirement Benefits

 

(In millions)

 

2025

 

 

 

2024

 

 

2023

 

 

 

2025

 

 

 

2024

 

 

2023

 

Service cost

 

$

 

 

 

$

 

 

$

0.1

 

 

 

$

0.1

 

 

 

$

0.4

 

 

$

0.4

 

Interest cost

 

 

11.4

 

 

 

 

22.2

 

 

 

27.2

 

 

 

 

0.3

 

 

 

 

0.5

 

 

 

0.5

 

Expected return on plan assets

 

 

(10.7

)

 

 

 

(29.1

)

 

 

(28.6

)

 

 

 

 

 

 

 

 

 

 

 

Recognition of actuarial gains

 

 

 

 

 

 

(0.5

)

 

 

 

 

 

 

(0.3

)

 

 

 

(0.3

)

 

 

(2.6

)

Settlement loss

 

 

 

 

 

 

19.0

 

 

 

2.0

 

 

 

 

 

 

 

 

 

 

 

 

Net periodic benefit cost (income)

 

$

0.7

 

 

 

$

11.6

 

 

$

0.7

 

 

 

$

0.1

 

 

 

$

0.6

 

 

$

(1.7

)

Schedule of Assumptions Used

 

 

Pension Benefits

 

 

 

Postretirement Benefits

 

 

 

2025

 

 

 

2024

 

 

2023

 

 

 

2025

 

 

 

2024

 

 

2023

 

Weighted-Average Assumption Used to
   Determine Benefit Obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.9

%

 

 

 

5.7

%

 

 

5.0

%

 

 

 

6.5

%

 

 

 

7.1

%

 

 

6.0

%

Weighted-Average Assumptions Used to
   Determine Net Cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

5.7

%

 

 

 

5.0

%

 

 

5.2

%

 

 

 

7.1

%

 

 

 

6.0

%

 

 

5.8

%

Expected long-term rate of return on plan assets

 

 

6.2

%

 

 

 

7.3

%

 

 

6.1

%

 

 

 

 

 

 

 

 

 

 

 

Assumed Health Care Cost Trend Rates Used to Determine Benefit Obligations and Net Cost

 

 

Postretirement Benefits

 

 

2025

 

 

 

2024

 

 

Assumed Health Care Cost Trend Rates Used to Determine
   Benefit Obligations:

 

 

 

 

 

 

 

 

Health care cost trend rate assumed for next year

 

6.9/7.4

%

(a)

 

7.1/7.5

%

(a)

Rate that the cost trend rate is assumed to decline
   (the ultimate trend rate)

 

4.5

%

 

 

4.5

%

 

Year that the rate reaches the ultimate trend rate

 

2035

 

 

 

2035

 

 

Assumed Health Care Cost Trend Rates Used to Determine
  Net Cost:

 

 

 

 

 

 

 

 

Health care cost trend rate assumed for next year

 

7.1/7.5

%

(a)

 

7.3/6.9

%

(a)

Rate that the cost trend rate is assumed to decline
   (the ultimate trend rate)

 

4.5

%

 

 

4.5

%

 

Year that the rate reaches the ultimate trend rate

 

2035

 

 

 

2033

 

 

 

 

(a)
The pre-65 initial health care cost trend rate is shown first / followed by the post-65 rate.
Fair Value of Pension Assets by Major Category of Plan Assets

The fair value of the pension assets by major category of plan assets as of December 27, 2025 and December 28, 2024 were as follows:

 

2025

 

 

Total Fair Value

 

Quoted Prices in Active Markets for Identical Assets
(Level 1)

 

Significant Other Observable Inputs
(Level 2)

 

Significant Unobservable Inputs
(Level 3)

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

34.1

 

$

34.1

 

$

 

$

 

Other investments (a)

 

139.3

 

 

 

 

 

 

139.3

 

Fair value excluding investments measured at net asset value

$

173.4

 

 

 

 

 

 

 

Collective trusts:

 

 

 

 

 

 

 

 

    Fixed income

 

14.9

 

 

 

 

 

 

 

Investments measured at net asset value

$

14.9

 

 

 

 

 

 

 

Total plan assets at fair value

$

188.3

 

 

 

 

 

 

 

(a) - Other investments consist of buy-in annuity contract assets.

 

 

2024

 

 

Total Fair Value

 

Quoted Prices in Active Markets for Identical Assets
(Level 1)

 

Significant Other Observable Inputs
(Level 2)

 

Significant Unobservable Inputs
(Level 3)

 

Cash and cash equivalents

$

2.6

 

$

2.6

 

$

 

$

 

Other investments (a)

 

23.8

 

 

 

 

23.8

 

 

 

Fair value excluding investments measured at net asset value

$

26.4

 

 

 

 

 

 

 

Collective trusts:

 

 

 

 

 

 

 

 

    Equity

$

27.3

 

 

 

 

 

 

 

    Fixed income

 

95.1

 

 

 

 

 

 

 

    Multi-strategy hedge funds

 

12.1

 

 

 

 

 

 

 

    Real estate

 

16.2

 

 

 

 

 

 

 

Investments measured at net asset value

$

150.7

 

 

 

 

 

 

 

Total plan assets at fair value

$

177.1

 

 

 

 

 

 

 

(a) - Other investments consist of future contracts on U.S. Treasury notes and bonds primarily used to hedge interest rate exposures.

Reconciliation of Level Three Measurements

A reconciliation of Level 3 measurements was as follows:

 

 

Group annuity/
insurance contracts

 

(In millions)

 

2025

 

 

 

2024

 

Beginning of year

 

$

 

 

 

$

26.8

 

Purchases

 

 

139.3

 

 

 

 

 

Losses on assets during the period

 

 

 

 

 

 

(0.6

)

Sales and settlements

 

 

 

 

 

 

(26.2

)

End of year

 

$

139.3

 

 

 

$

 

Schedule of Expected Benefit Payments

The following retirement benefit payments are expected to be paid:

(In millions)

 

Pension
Benefits

 

 

 

Postretirement
Benefits

 

2026

 

$

197.5

 

 

 

$

1.2

 

2027

 

 

1.6

 

 

 

 

1.1

 

2028

 

 

1.5

 

 

 

 

1.0

 

2029

 

 

1.6

 

 

 

 

1.0

 

2030

 

 

1.5

 

 

 

 

0.9

 

Years 2031-2035

 

 

7.2

 

 

 

 

4.7