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Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 27, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Funded Status of Company's Plan
The funded status of all of the Company's plans was as follows:
 
U.S. plans
 
Foreign plans
 
Pension benefits
 
Post-retirement benefits
 
Pension benefits
(In millions)
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Change in benefit obligations:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
55.9

 
$
67.5

 
$
28.9

 
$
33.1

 
$
190.4

 
$
198.1

New Plan, beginning balance
—

 
—

 
—

 
—

 
—

 
3.6

Service cost
0.3

 
0.3

 
0.1

 
0.2

 
10.7

 
11.0

Interest cost
2.1

 
2.1

 
1.1

 
1.1

 
6.4

 
6.3

Actuarial loss (gain)
11.5

 
(9.3
)
 
(7.8
)
 
(3.2
)
 
25.1

 
(1.9
)
Benefits paid
(2.2
)
 
(0.8
)
 
(1.8
)
 
(2.2
)
 
(12.1
)
 
(9.6
)
Impact of exchange rates
—

 
—

 
(0.1
)
 
(0.1
)
 
(21.3
)
 
(3.7
)
Plan participant contributions
—

 
—

 
—

 
—

 
1.8

 
0.7

Settlements/Curtailments
—

 
(3.9
)
 
—

 
—

 
(3.3
)
 
(14.1
)
Ending balance
$
67.6

 
$
55.9

 
$
20.4

 
$
28.9

 
$
197.7

 
$
190.4

Change in plan assets at fair value:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
32.3

 
$
31.7

 
$
—

 
$
—

 
$
82.6

 
$
86.6

Actual return on plan assets
3.9

 
4.8

 
—

 
—

 
4.7

 
7.4

Company contributions
1.8

 
0.8

 
1.8

 
2.2

 
13.4

 
13.5

Plan participant contributions
—

 
—

 
—

 
—

 
1.8

 
1.3

Benefits and expenses paid
(2.5
)
 
(1.1
)
 
(1.8
)
 
(2.2
)
 
(12.0
)
 
(10.0
)
Impact of exchange rates
—

 
—

 
—

 
—

 
(7.6
)
 
(2.1
)
Settlements
—

 
(3.9
)
 
—

 
—

 
(3.6
)
 
(14.1
)
Ending balance
$
35.5

 
$
32.3

 
$
—

 
$
—

 
$
79.3

 
$
82.6

Funded status of plans
$
(32.1
)
 
$
(23.6
)
 
$
(20.4
)
 
$
(28.9
)
 
$
(118.4
)
 
$
(107.8
)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the balance sheet consisted of:
(In millions)
December 27,
2014
 
December 28,
2013
Accrued benefit liability
$
(170.9
)
 
$
(160.3
)
Accumulated other comprehensive loss (pretax)
66.2

 
49.3
Schedule of Net Periodic Benefit Cost Not yet Recognized
Items not yet recognized as a component of pension expense as of December 27, 2014 and December 28, 2013 consisted of:
 
2014
 
2013
(In millions)
Pension
Benefits
 
Post-retirement
Benefits
 
Pension
Benefits
 
Post-retirement
Benefits
Transition obligation
$
1.3

 
$
—

 
$
0.3

 
$
—

Prior service cost (benefit)
3.6

 
(10.6
)
 
3.9

 
(4.6
)
Net actuarial loss
69.0

 
2.9

 
45.6

 
4.1

Accumulated other comprehensive loss (pretax)
$
73.9

 
$
(7.7
)
 
$
49.8

 
$
(0.5
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Components of other comprehensive loss (income) for the years ended December 27, 2014 and December 28, 2013 consisted of the following:
 
2014
 
2013
(In millions)
Pension
Benefits
 
Post-retirement
Benefits
 
Pension
Benefits
 
Post-retirement
Benefits
Transition obligation
$
—

 
$
—

 
$
(0.1
)
 
$
—

Net prior service cost (benefit)
(0.3
)
 
(7.0
)
 
3.7

 
0.7

Net actuarial loss (gain)
30.2

 
(0.2
)
 
(26.1
)
 
(3.5
)
Impact of exchange rates
(5.8
)
 
—

 
(1.0
)
 
—

Other comprehensive loss (income)
$
24.1

 
$
(7.2
)
 
$
(23.5
)
 
$
(2.8
)
Components of Net Periodic Benefit Cost and Weighted Average Assumptions
The costs associated with all of the Company's plans were as follows:
 
Pension benefits
 
Post-retirement benefits
(Dollars in millions)
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Components of net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost and expenses
$
10.8

 
$
11.5

 
$
9.9

 
$
0.1

 
$
0.2

 
$
0.1

Interest cost
8.6

 
8.4

 
8.9

 
1.1

 
1.1

 
1.2

Return on plan assets
(5.8
)
 
(5.7
)
 
(5.6
)
 
—

 
—

 
—

Settlement/Curtailment
1.8

 
4.0

 
1.7

 
—

 
—

 
—

Employee contributions
(0.3
)
 
(0.3
)
 
(0.3
)
 
—

 
—

 
—

Net deferral
2.7

 
5.0

 
4.3

 
(0.6
)
 
(0.4
)
 
(0.4
)
Net periodic benefit cost
$
17.8

 
$
22.9

 
$
18.9

 
$
0.6

 
$
0.9

 
$
0.9

Weighted average assumptions:
 
 
 
 
 
 
 
 
 
 
 
U.S. plans
 
 
 
 
 
 
 
 
 
 
 
Discount rate, net periodic benefit cost
3.9
%
 
3.3
%
 
3.7
%
 
4.5
%
 
3.5
%
 
4.0
%
Discount rate, benefit obligations
3.5

 
4.0

 
3.3

 
3.8

 
4.5

 
3.5

Return on plan assets
8.3

 
8.3

 
8.3

 
n/a

 
n/a

 
n/a

Salary growth rate, net periodic benefit cost
3.0

 
3.0

 
3.0

 
n/a

 
n/a

 
n/a

Salary growth rate, benefit obligations
3.0

 
3.0

 
3.0

 
n/a

 
n/a

 
n/a

Foreign plans
 
 
 
 
 
 
 
 
 
 
 
Discount rate
2.6
%
 
3.5
%
 
3.3
%
 
n/a

 
n/a

 
n/a

Return on plan assets
3.8

 
4.4

 
4.1

 
n/a

 
n/a

 
n/a

Salary growth rate
3.2

 
3.3

 
3.1

 
n/a

 
n/a

 
n/a
Schedule of Allocation of Plan Assets
The Company's weighted-average asset allocations at December 27, 2014 and December 28, 2013, by asset category, were as follows:
 
2014
 
2013
Asset category
U.S. plans
 
Foreign plans
 
U.S. plans
 
Foreign plans
Equity securities
64
%
 
29
%
 
64
%
 
37
%
Fixed income securities
36

 
17

 
36

 
15

Cash and money market investments
—

 
7

 
—

 
3

Guaranteed contracts
—

 
46

 
—

 
44

Other
—

 
1

 
—

 
1

Total
100
%
 
100
%
 
100
%
 
100
%
The fair value of the Company's pension plan assets at December 27, 2014 by asset category was as follows:
Description of assets (in millions)
December 27,
2014
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Domestic plans:
 
 
 
 
 
 
 
 
Common/collective trust (a)
$
35.5

 
$
—

 
$
35.5

 
$
—

Foreign plans:
 
 
 
 
 
 
 
Australia
Investment fund (b)
2.9

 
—

 
2.9

 
—

Switzerland
Guaranteed insurance contract (c)
27.6

 
—

 
—

 
27.6

Germany
Guaranteed insurance contract (c)
5.5

 
—

 
—

 
5.5

Belgium
Mutual fund (d)
22.8

 
22.8

 
—

 
—

Austria
Guaranteed insurance contract (c)
0.5

 
—

 
—

 
0.5

Korea
Guaranteed insurance contract (c)
3.1

 
—

 
—

 
3.1

Japan
Common/collective trust (e)
11.9

 
—

 
11.9

 
—

Philippines
Fixed income securities (f)
1.6

 
1.6

 
—

 
—

 
Equity fund (f)
3.4

 
3.4

 
—

 
—

Total
 
$
114.8

 
$
27.8

 
$
50.3

 
$
36.7

The fair value of the Company's pension plan assets at December 28, 2013 by asset category was as follows:
Description of assets (in millions)
December 28,
2013
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Domestic plans:
 
 
 
 
 
 
 
 
Common/collective trust (a)
$
32.3

 
$
—

 
$
32.3

 
$
—

Foreign plans:
 
 
 
 
 
 
 
Australia
Investment fund (b)
5.7

 
—

 
5.7

 
—

Switzerland
Guaranteed insurance contract (c)
27.0

 
—

 
—

 
27.0

Germany
Guaranteed insurance contract (c)
6.0

 
—

 
—

 
6.0

Belgium
Mutual funds (d)
23.6

 
23.6

 
—

 
—

Austria
Guaranteed insurance contract (c)
0.5

 
—

 
—

 
0.5

Korea
Guaranteed insurance contract (c)
2.9

 
—

 
—

 
2.9

Japan
Common/collective trust (e)
12.5

 
—

 
12.5

 
—

Philippines
Fixed income securities (f)
2.3

 
2.3

 
—

 
—

 
Equity fund (f)
2.1

 
2.1

 
—

 
—

Total
 
$
114.9

 
$
28.0

 
$
50.5

 
$
36.4

____________________
(a)
The investment strategy of the U.S. pension plan for each period presented was to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 60 percent in equity securities and 40 percent in fixed income securities. As of each of the years ended December 27, 2014 and December 28, 2013, the common trusts held 64 percent of its assets in equity securities and 36 percent in fixed income securities in both years. The percentage of funds invested in equity securities at the end of 2014 and 2013, included: 33 percent in large U.S. stocks, 21 percent small U.S. stocks, and 10 percent in international stocks. The common trusts are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds (equity securities and fixed income securities) are valued using quoted market prices.
(b)
For each period presented, the strategy of this fund is to achieve a long-term net return of at least 4 percent above inflation based on the Australian consumer price index over a rolling five-year period. The investment strategy is to invest mainly in equities and property, which are expected to earn relatively higher returns over the long term. The fair value of the fund is determined using the net asset value per share using quoted market prices or other observable inputs in active markets. As of December 27, 2014 and December 28, 2013, the percentage of funds held in investments included: Australian equities of 30 percent and 31 percent, government and corporate bonds of 12 percent and 11 percent, cash of 6 percent and 9 percent, other equities of listed companies outside of Australia of 43 percent and 40 percent, respectively, and real estate of 9 percent in each year.
(c)
The strategy of the Company's plans in Austria, Germany, Korea and Switzerland is to seek to ensure the future benefit payments of their participants and manage market risk. This is achieved by funding the pension obligations through guaranteed insurance contracts. The plan assets operate similar to investment contracts whereby the interest rate, as well as the surrender value, is guaranteed. The fair value is determined as the contract value, using a guaranteed rate of return which will increase if the market performance exceeds that return.
(d)
The strategy of the Belgian plan in each period presented is to seek to achieve a return greater than or equal to the return that would have been earned by a portfolio invested approximately 62 percent in equity securities and 38 percent in fixed income securities. The fair value of the fund is calculated using the net asset value per share as determined by the quoted market prices of the underlying investments. As of December 27, 2014 and December 28, 2013, the percentage of funds held in various asset classes included: large-cap equities of European companies of 26 percent and 30 percent, small-cap equities of European companies of 17 percent and 19 percent, equities outside of Europe, mainly in the U.S. and emerging markets, of 8 percent and 10 percent, and bonds, primarily from European and U.S. governments, of 30 percent and 41 percent, respectively. The remaining amount in 2014 included 19 percent in a money market fund.
(e)
The Company's strategy for each period presented is to invest approximately 57 percent of assets to benefit from the higher expected returns from long-term investments in equities and to invest 43 percent of assets in short-term low investment risk instruments to fund near term benefits payments. The target allocation for plan assets to implement this strategy is 50 percent equities in Japanese listed securities, 7 percent in equities outside of Japan, 3 percent in cash and other short-term investments and 40 percent in domestic Japanese bonds. This strategy has been achieved through a collective trust that held 100 percent of total funded assets as of December 27, 2014 and December 28, 2013. As of the end of 2014 and 2013, the allocation of funds within the common collective trust included: 51 percent and 52 percent in Japanese equities, 7 percent and 8 percent in equities of companies based outside of Japan, and 4 percent and 40 percent in cash and other short term investments, respectively. In 2014, the remaining 38 percent of funds were invested in Japanese bonds. The fair value of the collective trust is determined by the market value of the underlying shares, which are traded in active markets.
(f)
In both years, the investment strategy in the Philippines was to achieve an appropriate balance between risk and return, from a diversified portfolio of Philippine peso denominated bonds and equities. The target asset class allocations is 57 percent in equity securities, 38 percent fixed income securities and 5 percent in cash and deposits. The fixed income securities at year end included assets valued using a weighted average of completed deals on similarly termed government securities, as well as balances invested in short term deposit accounts. The equity index fund was valued at the closing price of the active market in which it was traded.

Schedule of Reconciliation of Fair Value Measurements in Level 3
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3):
 
Year Ending
(In millions)
December 27,
2014
 
December 28,
2013
Beginning balance
$
36.4

 
$
44.4

Realized gains
0.7

 
1.2

Purchases, sales and settlements, net
2.6

 
(9.9
)
Impact of exchange rates
(3.0
)
 
0.7

Ending balance
$
36.7

 
$
36.4
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the Company's U.S. and foreign plans (in millions):
Years
 
Pension benefits
 
Post-retirement benefits
 
Total
2015
 

$17.9

 

$2.1

 

$20.0

2016
 
12.4

 
2.0

 
14.4

2017
 
30.4

 
1.9

 
32.3

2018
 
12.8

 
1.8

 
14.6

2019
 
16.8

 
1.7

 
18.5

2020-2024
 
71.9

 
6.9

 
78.8