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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 28, 2019

Share-based Payment Arrangement [Abstract]

Components of Pre-Tax Stock-Based Compensation Expense

The components of pre-tax stock-based compensation expense included in SG&A expenses in the accompanying consolidated statement of income are as follows:

(In thousands)		December 28, 2019				December 29, 2018				December 30, 2017
RSU Awards		$	6,616			$	6,838			$	5,621
Employee Stock Purchase Plan Awards		199				189				182
Total		$	6,815			$	7,027			$	5,803

Summary of Activity of the Unvested Restricted Stock Units

A summary of the activity of the Company's unvested RSUs in 2019 is as follows:

		Units (In thousands)			Weighted Average Grant- Date Fair Value
Unvested RSUs at December 29, 2018		156			$	68.57
Granted		75			$	86.50
Vested		(94	)		$	57.81
Forfeited		(2	)		$	65.02
Unvested RSUs at December 28, 2019		135			$	86.11

Stock Option Activity

A summary of the Company's stock option activity in 2019 is as follows:

(In thousands, except per share amounts)		Number of Shares			Weighted Average Exercise Price				Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value (a)
Options Outstanding at December 29, 2018		299			$	20.86
Exercised		(225	)		$	19.75
Options Outstanding at December 28, 2019		74			$	24.28			2.3 years		$	6,002
Vested and Exercisable at December 28, 2019		74			$	24.28			2.3 years		$	6,002

(a)

The closing price per share on the last trading day prior to year-end 2019 was $105.76.

Summary of Stock Option Exercises

A summary of the Company's stock option exercises in 2019 and 2018 are as follows:

(In thousands)		December 28, 2019				December 29, 2018
Total Intrinsic Value of Options Exercised		$	16,796			$	515
Cash Received from Options Exercised		$	4,454			$	127

Changes In Projected Benefit Obligations, Plan Assets, Unfunded Status, and Accumulated Other Comprehensive Items

The following table summarizes the change in benefit obligation; the change in plan assets; the unfunded status; and the amounts recognized in the accompanying consolidated balance sheet for the Company's U.S. and non-U.S. pension benefit plans and other post-retirement benefit plans. In accordance with ASU No. 2015-04, Compensation - Retirement Benefits (Topic 715), the Company elects to measure its plan assets and benefit obligations as of December 31.

		U.S. Pension (a)								Non-U.S. Pension								Other Post-Retirement
(In thousands)		December 28, 2019				December 29, 2018				December 28, 2019				December 29, 2018				December 28, 2019				December 29, 2018
Change in Projected Benefit Obligation:
Projected benefit obligation at beginning of year		$	29,715			$	34,757			$	3,671			$	4,270			$	3,672			$	4,704
Service cost		—				699				205				173				4				213
Interest cost		1,134				1,193				121				126				149				172
Actuarial loss (gain)		4,039				(2,674		)		393				(368		)		144				(508		)
Benefits paid		(966		)		(1,589		)		(184		)		(394		)		(232		)		(157		)
Plan amendment		—				1,116				—				—				—				322
Effect of curtailment		—				(3,787		)		—				—				—				(1,075		)
Settlement payment		(33,922		)		—				—				—				—				—
Currency translation		—				—				(38		)		(136		)		5				1
Projected benefit obligation at end of year		$	—			$	29,715			$	4,168			$	3,671			$	3,742			$	3,672
Change in Plan Assets:
Fair value of plan assets at beginning of year		$	28,729			$	31,754			$	726			$	557			$	44			$	35
Actual return on plan assets		2,320				(1,436		)		58				38				4				2
Employer contributions		3,839				—				340				528				246				164
Benefits paid		(966		)		(1,589		)		(184		)		(394		)		(232		)		(157		)
Settlement payment		(33,922		)		—				—				—				—				—
Currency translation		—				—				33				(3		)		2				—
Fair value of plan assets at end of year		$	—			$	28,729			$	973			$	726			$	64			$	44
Unfunded Status		$	—			$	(986	)		$	(3,195	)		$	(2,945	)		$	(3,678	)		$	(3,628	)
Accumulated Benefit Obligation at End of Year		$	—			$	29,715			$	3,046			$	2,604			$	—			$	—
Amounts Included in the Balance Sheet:
Current liability		$	—			$	(986	)		$	(189	)		$	(58	)		$	(2,569	)		$	(144	)
Non-current liability		$	—			$	—			$	(3,006	)		$	(2,887	)		$	(1,109	)		$	(3,484	)
Amounts Included in Accumulated Other Comprehensive Items Before Tax:
Unrecognized net actuarial loss		$	—			$	(3,205	)		$	(1,034	)		$	(674	)		$	(144	)		$	(69	)
Unrecognized prior service cost		—				—				(38		)		(45		)		—				—
		$	—			$	(3,205	)		$	(1,072	)		$	(719	)		$	(144	)		$	(69	)

(a) The actuarial loss of $4,039,000 in 2019 resulted from the settlement of the Retirement Plan obligation in which participants' lump sum elections were lower than assumed, and the cost of the liabilities for the participants' annuity contracts increased primarily due to a decline in long-term interest rates in 2019. The actuarial gain of $2,674,000 in 2018 related to an increase in the Retirement Plan's weighted average discount rate and the impact of an updated mortality table, net of a decrease due to a change in the demographic mix. 

		U.S. Pension								Non-U.S. Pension								Other Post-Retirement
(In thousands)		December 28, 2019				December 29, 2018				December 28, 2019				December 29, 2018				December 28, 2019				December 29, 2018
Changes in Amounts Included in Accumulated Other Comprehensive Items Before Tax:
Net actuarial (loss) gain		$	(2,714	)		$	(48	)		$	(402	)		$	368			$	(88	)		$	508
Amortization of net actuarial loss		32				541				25				63				13				136
Amortization of prior service cost		—				—				6				6				—				86
Plan amendment		—				(1,116		)		—				—				—				(322		)
Effect of curtailment		—				3,787				—				—				—				1,075
Settlement loss		5,887				—				—				—				—				—
Curtailment loss		—				1,116				—				—				—				309
Currency translation		—				—				18				(19		)		—				2
		$	3,205			$	4,280			$	(353	)		$	418			$	(75	)		$	1,794

Weighted-Average Assumptions Used to Determine the Benefit Obligation and Net Periodic Benefit Cost

The weighted-average assumptions used to determine the benefit obligation are as follows:

		U.S. Pension						Non-U.S. Pension						Other Post-Retirement
							December 28, 2019												December 29, 2018			December 28, 2019			December 29, 2018			December 28, 2019			December 29, 2018
Discount rate		—	%		4.10	%		2.59	%		3.56	%		3.82	%		4.32	%
Rate of compensation increase		—			—	%		3.40	%		3.24	%		5.57	%		5.57	%

The weighted-average assumptions used to determine net periodic benefit cost are as follows:

		U.S. Pension									Non-U.S. Pension									Other Post-Retirement
										December 28, 2019																		December 29, 2018			December 30, 2017			December 28, 2019			December 29, 2018			December 30, 2017			December 28, 2019			December 29, 2018			December 30, 2017
Discount Rate		4.10	%		3.51	%		4.03	%		2.58	%		3.49	%		3.45	%		4.33	%		3.58	%		4.10	%
Expected Long-Term Return on Plan Assets		4.10	%		4.50	%		5.00	%		9.22	%		7.43	%		7.53	%		9.22	%		7.43	%		7.53	%
Rate of Compensation Increase		—	%		3.00	%		3.00	%		2.81	%		3.97	%		3.65	%		5.57	%		3.05	%		3.08	%

Benefit Obligations in Excess of Fair Value of Plan Assets

The projected benefit obligations and fair values of plan assets for the Company's pension plans with projected benefit obligations in excess of plan assets are as follows:

		U.S. Pension								Non-U.S. Pension
(In thousands)									December 28, 2019									December 29, 2018				December 28, 2019				December 29, 2018
Projected benefit obligation		$	—			$	29,715			$	4,168			$	3,671
Fair value of plan assets		$	—			$	28,729			$	973			$	726

Accumulated Benefit Obligations in Excess of Plan Assets

The accumulated benefit obligations and fair values of plan assets for the Company's pension plans with accumulated benefit obligations in excess of plan assets are as follows:

		U.S. Pension								Non-U.S. Pension
(In thousands)									December 28, 2019									December 29, 2018				December 28, 2019				December 29, 2018
Accumulated benefit obligation		$	—			$	29,715			$	2,408			$	2,307
Fair value of plan assets		$	—			$	28,729			$	—			$	—

Components of Net Periodic Benefit Cost (Income)

The components of net periodic benefit cost are as follows:

		U.S. Pension												Non-U.S. Pension												Other Post-Retirement
(In thousands)													December 28, 2019																								December 29, 2018				December 30, 2017				December 28, 2019				December 29, 2018				December 30, 2017				December 28, 2019				December 29, 2018				December 30, 2017
Service cost		$	—			$	699			$	685			$	205			$	173			$	148			$	4			$	213			$	175
Interest cost		1,134				1,193				1,231				121				126				114				149				172				170
Expected return on plan assets		(995		)		(1,286		)		(1,326		)		(66		)		(42		)		(25		)		(4		)		(3		)		(2		)
Amortization of net actuarial loss		32				541				442				25				63				38				13				136				83
Amortization of prior service cost		—				—				53				6				6				6				—				86				88
Settlement loss		5,887				—				—				—				—				—				57				—				—
Curtailment loss		—				1,116				—				—				—				—				—				309				—
Net Periodic Benefit Cost		$	6,058			$	2,263			$	1,085			$	291			$	326			$	281			$	219			$	913			$	514

Fair Values of Plan Assets

The fair values of the Company's noncontributory defined benefit retirement plan assets at year-end 2019 and year-end 2018 by asset category are as follows:

		December 28, 2019 Fair Value Measurement
(In thousands)		Quoted Prices in Active Markets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Non-U.S. Pension Plan Assets:
Mutual funds		$	973			$	—			$	—			$	973
Total assets at fair value														$	973

		December 29, 2018 Fair Value Measurement
(In thousands)		Quoted Prices in Active Markets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total
Retirement Plan Assets:
Mutual funds:
Fixed income funds		$	12,852			$	—			$	—			$	12,852
Equity funds		11,581				—				—				11,581
Investments measured at NAV														4,296
Total assets at fair value														$	28,729
Non-U.S. Pension Plan Assets:
Mutual funds		$	726			$	—			$	—			$	726
Total assets at fair value														$	726

Estimated Future Benefit Payments

Estimated future benefit payments during the next five years and in aggregate for the five years thereafter are as follows:

						Other Post-retirement
(In thousands)		Non-U.S. Pension
2020		$	189			$	2,569
2021		180				132
2022		143				124
2023		290				121
2024		393				108
2025-2029		2,156				444

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