XML 87 R46.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Pension and Other Postretirement Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Accumulated and Projected Benefit Obligations | The primary factors contributing to actuarial gains and losses are changes in the discount rate used to value obligations as of the measurement date and the differences between expected and actual returns on pension plan assets.
(U.S. Dollars presented in millions) |  | Pension Benefits |  | Postretirement Benefits
Obligations and Funded Status |  | December 31, 2023 |  | December 25, 2022 |  | December 31, 2023 |  | December 25, 2022
Change in the Projected Benefit Obligation (PBO): |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 128.9 |  |  | $ | 173.3 |  |  | $ | 3.2 |  |  | $ | 3.5 |
Service cost |  | — |  |  | — |  |  | 0.5 |  |  | 0.5 |
Interest cost |  | 6.5 |  |  | 5.1 |  |  | 0.3 |  |  | 0.3 |
Actuarial loss (gain) |  | 7.9 |  |  | (41.1) |  |  | 0.5 |  |  | 0.4 |
Benefits paid |  | (7.7) |  |  | (8.4) |  |  | (0.2) |  |  | (0.9) |
Settlements/Curtailments gain |  | — |  |  | — |  |  | (0.2) |  |  | (0.6) |
Projected benefit obligation at end of year |  | $ | 135.6 |  |  | $ | 128.9 |  |  | $ | 4.1 |  |  | $ | 3.2 |
Accumulated benefit obligation at end of year (excludes the impact of future compensation increases) |  | $ | 135.6 |  |  | $ | 128.9 |  |  | $ | 2.9 |  |  | $ | 2.3 |
Change in Plan Assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 119.4 |  |  | $ | 166.2 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  | 11.3 |  |  | (39.5) |  |  | — |  |  | — |
Employer contributions |  | 8.1 |  |  | 1.1 |  |  | 1.0 |  |  | 0.9 |
Benefits paid |  | (7.7) |  |  | (8.4) |  |  | (1.0) |  |  | (0.9) |
Fair value of plan assets at end of year |  | $ | 131.1 |  |  | $ | 119.4 |  |  | $ | — |  |  | $ | — |
Funded status (Fair value of plan assets less PBO) |  | $ | (4.5) |  |  | $ | (9.5) |  |  | $ | (4.1) |  |  | $ | (3.2) |
Schedule of Amounts Recognized in Balance Sheet | The accumulated benefit obligation exceeds the fair value of the pension plan assets. Amounts recognized in the consolidated balance sheets consist of:
|  | Pension Benefits |  | Postretirement Benefits
(U.S. Dollars presented in millions) |  | December 31, 2023 |  | December 25, 2022 |  | December 31, 2023 |  | December 25, 2022
Current liabilities |  | $ | (0.1) |  |  | $ | (0.1) |  |  | $ | (0.6) |  |  | $ | (0.4) |
Noncurrent liabilities |  | (4.4) |  |  | (9.4) |  |  | (3.5) |  |  | (2.8) |
Net amount recognized |  | $ | (4.5) |  |  | $ | (9.5) |  |  | $ | (4.1) |  |  | $ | (3.2) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | 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 U.S. Dollars in millions) |  | Pension Benefits |  | Postretirement Benefits
Net actuarial loss at December 26, 2021 |  | $ | 7.2 |  |  | $ | 0.4 |
Recognition of actuarial loss |  | (0.2) |  |  | (0.4) |
Current year actuarial loss |  | 5.8 |  |  | 0.3 |
Current year net actuarial gain due to curtailment |  | — |  |  | (0.3) |
Net actuarial loss at December 25, 2022 |  | $ | 12.8 |  |  | $ | — |
Recognition of actuarial loss |  | (2.9) |  |  | (0.3) |
Current year actuarial loss |  | 3.6 |  |  | 0.5 |
Net actuarial loss at December 31, 2023 |  | $ | 13.5 |  |  | $ | 0.2 |
Schedule of Net Benefit Costs | Components of net periodic cost (benefit) were as follows:
Components of Net Periodic Cost (Benefit) |  | Pension Benefits |  | Postretirement Benefits
(U.S. Dollars presented in millions) |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | 0.4 |
Interest cost |  | 6.5 |  |  | 5.1 |  |  | 4.7 |  |  | 0.3 |  |  | 0.3 |  |  | 0.2 |
Expected return on plan assets |  | (7.1) |  |  | (7.3) |  |  | (7.5) |  |  | — |  |  | — |  |  | — |
Recognition of actuarial losses |  | 2.9 |  |  | 0.2 |  |  | — |  |  | — |  |  | 0.7 |  |  | 0.2 |
Settlement/Curtailment loss/(gain) |  | — |  |  | — |  |  | — |  |  | 0.3 |  |  | (0.3) |  |  | — |
Net periodic cost (benefit) |  | $ | 2.3 |  |  | $ | (2.0) |  |  | $ | (2.8) |  |  | $ | 1.1 |  |  | $ | 1.2 |  |  | $ | 0.8 |
Schedule of Assumptions Used to Calculate Benefit Obligation |
Assumptions |  | Pension Benefits |  | Postretirement Benefits
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Weighted-average assumptions used to determine benefit obligations at balance sheet date: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 4.8 | % |  | 5.2 | % |  | 3.0 | % |  | 9.2 | % |  | 9.5 | % |  | 7.8 | %
Weighted-average assumptions used to determine net cost (benefit) for years ended: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 5.2% |  | 3.0% |  | 2.7% |  | 9.4% |  | 8.9% |  | 7.0 | %
Expected long-term rate of return on plan assets |  | 3.8% |  | 6.2% |  | 4.5% |  | —% |  | —% |  | —%
Schedule of Allocation of Plan Assets | The fair value of the pension assets by major category of plan assets as of December 31, 2023 and December 25, 2022 were as follows:
(U.S. Dollars presented in millions) |  | Total as of balance sheet date
|  | 2023 |  | 2022
Collective trusts: |  |  |  |
Cash and cash equivalents |  | $ | 23.2 |  |  | $ | 5.4 |
Equity |  | 28.5 |  |  | 31.0 |
Fixed income |  | 73.6 |  |  | 76.6 |
Multi-strategy hedge funds |  | 3.0 |  |  | 3.4 |
Real estate |  | 2.8 |  |  | 3.0 |
Total |  | $ | 131.1 |  |  | $ | 119.4 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | A reconciliation of Level 3 measurements was as follows:
|  | Group annuity/ insurance contracts
(U.S. Dollars presented in millions) |  | 2023 |  | 2022
Beginning of year |  | $ | — |  |  | $ | 4.8 |
Assets liquidated |  | — |  |  | (4.8) |
End of year |  | $ | — |  |  | $ | — |
Schedule of Expected Benefit Payments | The following retirement benefit payments are expected to be paid by the respective plans:
(U.S. Dollars presented in millions) |  | Pension Benefits |  | Postretirement Benefits
2024 |  | $ | 47.6 |  |  | $ | 0.5 |
2025 |  | $ | 7.2 |  |  | $ | 0.5 |
2026 |  | $ | 7.2 |  |  | $ | 0.4 |
2027 |  | $ | 7.2 |  |  | $ | 0.4 |
2028 |  | $ | 7.1 |  |  | $ | 0.4 |
Years 2029-2033 |  | $ | 33.7 |  |  | $ | 2.5 |

X
- Definition Schedule of Assumptions Used to Calculate Benefit Obligation + References No definition available. + Details
Name: | mbc_ScheduleOfAssumptionsUsedToCalculateBenefitObligationTableTextBlock
Namespace Prefix: | mbc_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligations including accumulated benefit obligation and projected benefit obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (e) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAccumulatedAndProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(02) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration