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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 29, 2024
Retirement Benefits [Abstract] |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The tables presented below set forth the funded status of the Company’s significant foreign defined benefit plans and required disclosures in accordance with applicable accounting standards:
| Fiscal Year
| 2024 |  | 2023
| (in thousands)
Change in benefit obligation: |  |  |
Benefit obligation, beginning of year | $ | 214,428 |  |  | $ | 195,440 |
Service cost | 500 |  |  | 458 |
Interest cost | 7,933 |  |  | 8,169 |
Benefits and expenses paid | (10,709) |  |  | (10,832) |
Actuarial loss (gain) | (4,321) |  |  | 12,760 |
Currency translation adjustment | (6,943) |  |  | 8,433 |
Benefit obligation, end of year | $ | 200,888 |  |  | $ | 214,428 |
Change in plan assets: |  |  |
Plan assets, beginning of year | $ | 199,348 |  |  | $ | 187,485 |
Actual return on assets | (5,144) |  |  | 11,596 |
Company contributions | 2,626 |  |  | 2,497 |
Benefits paid | (10,709) |  |  | (10,832) |
Currency translation adjustment | (4,968) |  |  | 8,602 |
Plan assets, end of year | $ | 181,153 |  |  | $ | 199,348 |
Funded status | $ | (19,735) |  |  | $ | (15,080) |
Amounts recognized in consolidated balance sheets: |  |  |
Other assets | $ | 15,465 |  |  | $ | 25,235 |
Current liabilities | (1,170) |  |  | (1,182) |
Other long-term liabilities, net of current portion | (34,030) |  |  | (39,133) |
Under-funded status at end of fiscal year | $ | (19,735) |  |  | $ | (15,080) |
Amounts recognized in accumulated other comprehensive loss, after tax: |  |  |
Unrecognized actuarial loss | $ | 36,323 |  |  | $ | 29,918 |
Total amount recognized, end of year | $ | 36,323 |  |  | $ | 29,918 |
Accumulated benefit obligation | $ | 200,888 |  |  | $ | 214,428 |
The following table summarizes this information as of December 29, 2024 and December 31, 2023.
| End of Fiscal Year
| 2024 |  | 2023
| (in thousands)
UK Plan |  |  |
Projected benefit obligation | $ | 106,865 |  |  | $ | 108,424 |
Accumulated benefit obligation | 106,865 |  |  | 108,424 |
Plan assets | 122,330 |  |  | 133,658 |
Dutch Plan |  |  |
Projected benefit obligation | $ | 63,938 |  |  | $ | 71,422 |
Accumulated benefit obligation | 63,938 |  |  | 71,422 |
Plan assets | 58,823 |  |  | 65,690 |
nora Plan |  |  |
Projected benefit obligation | $ | 30,085 |  |  | $ | 34,582 |
Accumulated benefit obligation | 30,085 |  |  | 34,582 |
Plan assets | — |  |  | — |
The tables presented below set forth the required disclosures in accordance with applicable accounting standards, and amounts recognized in the consolidated financial statements related to the domestic SCP. There is no service cost component in the change in benefit obligation in 2024 and 2023 as there are no longer any participants accruing benefits in the plan.
| Fiscal Year
| 2024 |  | 2023
| (in thousands)
Change in benefit obligation: |  |  |
Benefit obligation, beginning of year | $ | 22,659 |  |  | $ | 22,731 |
Interest cost | 1,065 |  |  | 1,134 |
Benefits paid | (1,872) |  |  | (1,873) |
Actuarial loss (gain) | (787) |  |  | 667 |
Benefit obligation, end of year | $ | 21,065 |  |  | $ | 22,659 |
Schedule of Net Periodic Benefit Cost |
| Fiscal Year
| 2024 |  | 2023 |  | 2022
| (in thousands)
Components of net periodic benefit cost: |  |  |  |  |
Service cost | $ | 500 |  |  | $ | 458 |  |  | $ | 840 |
Interest cost | 7,933 |  |  | 8,169 |  |  | 3,793 |
Expected return on plan assets | (7,858) |  |  | (7,933) |  |  | (3,957) |
Amortization of prior service cost | 180 |  |  | 137 |  |  | 117 |
Amortization of net actuarial losses | 1,080 |  |  | 468 |  |  | 1,201 |
Net periodic benefit cost | $ | 1,835 |  |  | $ | 1,299 |  |  | $ | 1,994 |
Schedule of Assumptions Used to Determine Net Periodic Benefit Cost |
| Fiscal Year
| 2024 |  | 2023 |  | 2022
Weighted average assumptions used to determine net periodic benefit cost: |  |  |  |  |
Discount rate | 3.9 | % |  | 4.1 | % |  | 1.4 | %
Expected return on plan assets | 4.6 | % |  | 4.6 | % |  | 3.0 | %
Weighted average assumptions used to determine benefit obligations: |  |  |  |  |
Discount rate | 4.7 | % |  | 4.1 | % |  | 4.4 | %
The accumulated benefit obligation related to the SCP was $21.1 million at December 29, 2024, and $22.7 million at December 31, 2023. The SCP is currently unfunded; as such, the benefit obligations disclosed are also the benefit obligations in excess of the plan assets. The Company uses insurance instruments to help limit its exposure under the SCP.
| Fiscal Year
| 2024 |  | 2023 |  | 2022
| (in thousands, except for assumptions)
Assumptions used to determine net periodic benefit cost: |  |  |  |  |
Discount rate | 4.90 | % |  | 5.20 | % |  | 2.65 | %
Assumptions used to determine benefit obligations: |  |  |  |  |
Discount rate | 5.45 | % |  | 4.90 | % |  | 5.20 | %
Components of net periodic benefit cost: |  |  |  |  |
Interest cost | $ | 1,065 |  |  | $ | 1,134 |  |  | $ | 771 |
Amortization of actuarial losses | 239 |  |  | 195 |  |  | 557 |
Net periodic benefit cost | $ | 1,304 |  |  | $ | 1,329 |  |  | $ | 1,328 |
Schedule of Allocation of Plan Assets | The Company’s actual weighted average asset allocations for 2024 and 2023, and the targeted asset allocation for 2025, of the foreign defined benefit plans by asset category, are as follows:
| Fiscal Year
| 2025 |  | 2024 |  | 2023
Asset Category | Target Allocation |  | Percentage of Plan Assets at Year End
Debt and debt securities | 65% | — | 70% |  | 58% |  | 59%
Short-term investments | —% | — | 2% |  | 9% |  | 8%
Other investments | 30% | — | 35% |  | 33% |  | 33%
| 100% |  | 100% |  | 100%
As noted above, the Dutch Plan assets as represented by the insurance contract are classified as a level 3 asset and included in the “Other” asset category.
| Pension Plan Assets by Category as of December 29, 2024
| Dutch Plan |  | UK Plan |  | Total
| (in thousands)
Level 1 | $ | — |  |  | $ | 16,182 |  |  | $ | 16,182 |
Level 2 | — |  |  | 90,330 |  |  | 90,330 |
Level 3 | 58,823 |  |  | 15,818 |  |  | 74,641 |
Total | $ | 58,823 |  |  | $ | 122,330 |  |  | $ | 181,153 |
| Pension Plan Assets by Category as of December 31, 2023
| Dutch Plan |  | UK Plan |  | Total
| (in thousands)
Level 1 | $ | — |  |  | $ | 16,232 |  |  | $ | 16,232 |
Level 2 | — |  |  | 92,200 |  |  | 92,200 |
Level 3 | 65,690 |  |  | 25,226 |  |  | 90,916 |
Total | $ | 65,690 |  |  | $ | 133,658 |  |  | $ | 199,348 |
The tables below detail the foreign defined benefit plans’ assets by asset allocation and fair value hierarchy:
| End of Fiscal Year 2024
Asset Category | Level 1 |  | Level 2 |  | Level 3
|  |  | (in thousands) |  |
Debt and debt securities | $ | — |  |  | $ | 90,330 |  |  | $ | 14,950 |
Short-term investments (1) | 16,182 |  |  | — |  |  | — |
Other investments (2) | — |  |  | — |  |  | 59,691 |
| $ | 16,182 |  |  | $ | 90,330 |  |  | $ | 74,641 |
| End of Fiscal Year 2023
Asset Category | Level 1 |  | Level 2 |  | Level 3
| (in thousands)
Debt and debt securities | $ | — |  |  | $ | 92,200 |  |  | $ | 24,325 |
Short-term investments (1) | 16,232 |  |  | — |  |  | — |
Other investments (2) | — |  |  | — |  |  | 66,591 |
| $ | 16,232 |  |  | $ | 92,200 |  |  | $ | 90,916 |
(1) Short-term investments are generally invested in interest-bearing accounts. (2) Other investments are comprised of insurance contracts.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The table below indicates the change in value related to these level 3 assets during 2024 and 2023:
| Fiscal Year
| 2024 |  | 2023
| (in thousands)
Balance of level 3 assets, beginning of year | $ | 90,916 |  |  | $ | 89,864 |
Actual return on plan assets (1) | (2,463) |  |  | 3,429 |
Purchases, sales and settlements, net | (10,138) |  |  | (5,734) |
Currency translation adjustment | (3,674) |  |  | 3,357 |
Balance of level 3 assets, end of year | $ | 74,641 |  |  | $ | 90,916 |
(1) Includes $(2.1) million and $2.7 million for 2024 and 2023, respectively, of unrealized (losses) / gains recognized during the period in other comprehensive loss for assets held at year end.
Schedule of Expected Future Benefit Payments | During 2025, the Company expects to contribute $2.4 million to the foreign defined benefit plans. It is anticipated that future benefit payments for the foreign defined benefit plans will be as follows:
Fiscal Year | Expected Payments
| (in thousands)
2025 | $ | 10,551 |
2026 | 10,672 |
2027 | 10,775 |
2028 | 11,041 |
2029 | 11,242 |
2030-2034 | 56,744 |
During 2024, the Company contributed $1.9 million in the form of direct benefit payments for its domestic SCP. It is anticipated that future benefit payments for the SCP will be as follows:
Fiscal Year | Expected Payments
| (in thousands)
2025 | $ | 1,873 |
2026 | 1,873 |
2027 | 1,873 |
2028 | 1,873 |
2029 | 1,838 |
2030-2034 | 8,601 |
Schedule of Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Loss | The amounts recognized in the consolidated balance sheets are as follows:
| End of Fiscal Year
| 2024 |  | 2023
| (in thousands)
Current liabilities | $ | 1,873 |  |  | $ | 1,873 |
Non-current liabilities | 19,192 |  |  | 20,786 |
Total benefit obligation | $ | 21,065 |  |  | $ | 22,659 |
The components of the amounts in accumulated other comprehensive loss, after tax, are as follows:
| Fiscal Year
| 2024 |  | 2023
| (in thousands)
Unrecognized actuarial loss | $ | 3,428 |  |  | $ | 4,098 |

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