Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 26, 2020

Retirement Benefits [Abstract]

Schedule of Funded Status of Company's Plan

The funded status of all of the Company's plans was as follows:

	United States plans								Foreign plans
	Pension benefits				Post-retirement benefits				Pension benefits
	As of				As of				As of
(In millions)	December 26, 2020		December 28, 2019		December 26, 2020		December 28, 2019		December 26, 2020		December 28, 2019
Change in benefit obligations:
Beginning balance	$	39.0	$	45.5	$	12.6	$	12.6	$	192.7	$	178.3
Service cost	—		—		0.1		0.1		8.2		7.3
Interest cost	1.2		1.6		0.4		0.5		3.1		4.4
Actuarial (gain) loss	4.4		4.6		0.4		0.8		(0.7)		17.5
Benefits paid	(0.9)		(0.9)		(1.7)		(1.4)		(4.6)		(4.5)
Impact of exchange rates	—		—		—		—		15.1		(1.2)
Plan participant contributions	—		—		—		—		0.9		1.0
Settlements/Curtailments	(4.6)		(11.8)		—		—		(17.0)		(10.1)
Ending balance	$	39.1	$	39.0	$	11.8	$	12.6	$	197.7	$	192.7
Change in plan assets at fair value:
Beginning balance	$	28.6	$	24.4	$	—	$	—	$	82.6	$	81.9
Actual return on plan assets	3.9		6.4		—		—		1.5		5.8
Company contributions	4.7		10.9		1.7		1.4		9.7		8.8
Plan participant contributions	—		—		—		—		1.0		1.0
Benefits and expenses paid	(1.8)		(1.3)		(1.7)		(1.4)		(2.5)		(4.5)
Impact of exchange rates	—		—		—		—		7.7		(0.3)
Settlements	(7.9)		(11.8)		—		—		(15.8)		(10.1)
Ending balance	$	27.5	$	28.6	$	—	$	—	$	84.2	$	82.6
Funded status of plans	$	(11.6)	$	(10.4)	$	(11.8)	$	(12.6)	$	(113.5)	$	(110.1)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the Consolidated Balance Sheet consisted of:

	As of
(In millions)	December 26, 2020		December 28, 2019
Accrued benefit liability	$	(136.9)	$	(133.1)
Accumulated other comprehensive loss (pretax)	52.2		49.8

Schedule of Net Periodic Benefit Cost Not yet Recognized

Items not yet recognized as a component of pension expense consisted of:

	As of				As of
	December 26, 2020				December 28, 2019
(In millions)	Pension Benefits		Post-retirement Benefits		Pension Benefits		Post-retirement Benefits
Transition obligation	$	3.4	$	—	$	2.0	$	—
Prior service cost (benefit)	2.6		(2.7)		2.0		(3.4)
Net actuarial loss (gain)	49.5		(0.6)		50.3		(1.1)
Accumulated other comprehensive loss (income) pretax	$	55.5	$	(3.3)	$	54.3	$	(4.5)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Components of other comprehensive loss (income) consisted of the following:

	As of				As of
	December 26, 2020				December 28, 2019
(In millions)	Pension Benefits		Post-retirement Benefits		Pension Benefits		Post-retirement Benefits
Net prior service cost	$	0.2	$	0.8	$	(0.1)	$	1.3
Net actuarial loss (gain)	(1.4)		0.4		12.9		0.8
Impact of exchange rates	2.4		—		(0.4)		—
Other comprehensive loss (income)	$	1.2	$	1.2	$	12.4	$	2.1

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
	Year Ended									Year Ended
(Dollars in millions)	December 26, 2020			December 28, 2019			December 29, 2018			December 26, 2020			December 28, 2019			December 29, 2018
Components of net periodic benefit cost:
Service cost and expenses	$	8.2		$	7.3		$	8.4		$	0.1		$	0.1		$	0.1
Interest cost	4.3			6.0			5.4			0.4			0.5			0.5
Return on plan assets	(3.8)			(4.1)			(4.4)			—			—			—
Settlement/Curtailment	0.1			0.7			1.3			—			—			—
Employee contributions	(0.2)			(0.2)			(0.2)			—			—			—
Net deferral	2.9			0.3			0.8			(0.9)			(1.3)			(1.3)
Net periodic benefit cost (income)	$	11.5		$	10.0		$	11.3		$	(0.4)		$	(0.7)		$	(0.7)
Weighted average assumptions:
United States plans
Discount rate, net periodic benefit cost	3.3		%	4.3		%	3.3		%	3.3		%	4.3		%	3.5		%
Discount rate, benefit obligations	2.3		%	3.3		%	4.0		%	2.5			3.3			4.2
Return on plan assets	7.0		%	7.0		%	7.0		%	N/A			N/A			N/A
Salary growth rate, net periodic benefit cost	—			—			—			N/A			N/A			N/A
Salary growth rate, benefit obligations	—			—			—			N/A			N/A			N/A
Foreign plans
Discount rate	1.4		%	1.9		%	2.6		%	N/A			N/A			N/A
Return on plan assets	2.6		%	2.6		%	3.0		%	N/A			N/A			N/A
Salary growth rate	2.8		%	2.8		%	2.8		%	N/A			N/A			N/A

____________________

N/A - not applicable

Schedule of Allocation of Plan Assets

The Company's weighted average asset allocations at December 26, 2020 and December 28, 2019, by asset category, were as follows:

	As of				As of
	December 26, 2020				December 28, 2019
Asset category	United States plans		Foreign plans		United States plans		Foreign plans
Equity securities	55.9	%	40.1	%	63.7	%	29.0	%
Fixed income securities	44.1		25.9		36.3		18.0
Cash and money market investments	—		5.4		—		6.0
Guaranteed contracts	—		20.3		—		45.0
Other	—		8.3		—		2.0
Total	100.0	%	100.0	%	100.0	%	100.0	%

The fair value of the Company's pension plan assets at December 26, 2020 by asset category was as follows:

Description of assets (in millions)		December 26, 2020		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)	$	27.6	$	—	$	27.6	$	—
Foreign plans:
Belgium	Mutual fund (d)	31.0		31.0		—		—
Switzerland	Guaranteed insurance contract (c)	27.1		—		—		27.1
Japan	Common/collective trust (e)	12.1		—		12.1		—
Germany	Guaranteed insurance contract (c)	6.1		—		—		6.1
Korea	Guaranteed insurance contract (c)	3.2		—		—		3.2
Australia	Investment fund (b)	2.3		—		2.3		—
Philippines	Fixed income securities (f)	0.8		0.8		—		—
Austria	Guaranteed insurance contract (c)	0.4		—		—		0.4
	Equity fund (f)	1.5		1.5		—		—
Total		$	112.1	$	33.3	$	42.0	$	36.8

The fair value of the Company's pension plan assets at December 28, 2019 by asset category was as follows:

Description of assets (in millions)		December 28, 2019		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)	$	28.7	$	—	$	28.7	$	—
Foreign plans:
Belgium	Mutual funds (b)	26.7		26.7		—		—
Switzerland	Guaranteed insurance contract (c)	28.3		—		—		28.3
Japan	Common/collective trust (d)	12.6		—		12.6		—
Germany	Guaranteed insurance contract (c)	5.4		—		—		5.4
Korea	Guaranteed insurance contract (c)	3.7		—		—		3.7
Australia	Investment fund (e)	2.1		—		2.1		—
Philippines	Fixed income securities (f)	1.4		1.4		—		—
Austria	Guaranteed insurance contract (c)	0.3		—		—		0.3
	Equity fund (f)	2.1		2.1		—		—
Total		$	111.3	$	30.2	$	43.4	$	37.7

____________________

(a)The investment strategy of the United States 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 60.0 percent in equity securities and 40.0 percent in fixed income securities. As of the years ended December 26, 2020 and December 28, 2019, the common trusts held 55.9 percent and 63.7 percent of its assets in equity securities and 44.1 percent and 36.3 percent in fixed income securities, respectively. The percentage of funds invested in equity securities at the end of 2020 and 2019, included: 18.0 percent and 10.2 percent in international stocks in each year, 19.2 percent and 32.9 percent in large United States stocks and 4.0 percent and 20.5 percent in small United States stocks, respectively. 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)The strategy of the Belgian plan in 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 62.0 percent in equity securities, 37.0 percent in fixed income securities and 1.0 percent cash. 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 26, 2020 and December 28, 2019, the percentage of funds held in various asset classes included: large-cap equities of European companies of 27.1 percent and 25.0 percent, small-cap equities of European companies of 18.5 percent and 18.0 percent, and money market fund of 13.7 percent and 14.0 percent, bonds primarily from European and United States governments of 29.3 percent and 31.0 percent, and equities outside of Europe, mainly in the United States and emerging markets, at 11.4 percent and 12.0 percent, respectively each year.

(c)The strategy of the Company's plans in Austria, Germany, Korea and Switzerland was 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 Company's strategy was to invest approximately 50.0 percent of assets to benefit from the higher expected returns from long-term investments in equities and to invest 50.0 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 50.0 percent equities in Japanese listed securities, 7.0 percent in equities outside of Japan, 3.0 percent in cash and other short-term investments and 40.0 percent in domestic Japanese bonds. This strategy has been achieved through a collective trust that held 100.0 percent of total funded assets as of December 26, 2020 and December 28, 2019. As of the end of December 26, 2020 and December 28, 2019, the allocation of funds within the common collective trust included: 52.5 percent and 50.0 percent in Japanese equities, 37.3 percent and 38.0 percent in Japanese bonds, 7.1 percent and 8.0 percent in equities of companies based outside of Japan, and 3.1 percent and 4.0 percent, respectively in cash and other short-term investments in each year. The fair value of the collective trust is determined by the market value of the underlying shares, which are traded in active markets.

(e)The strategy of this fund was to achieve a 10-year long-term net return of at least 3.5 percent, above inflation based on the Australian consumer price index. 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 26, 2020 and December 28, 2019, the percentage of funds held in investments included: Australian equities of 14.9 percent and 13.0 percent, other equities of listed companies outside of Australia of 49.0 percent and 49.0 percent, government and corporate bonds of 16.3 percent and 19.0 percent and cash of 11.8 percent and 12.0 percent and real estate of 8.0 percent and 7.0 percent, respectively.

(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 57.0 percent in equity securities, 38.0 percent fixed income securities and 5.0 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 26, 2020		December 28, 2019
Beginning balance	$	37.7	$	42.0
Realized gains	0.5		0.7
Purchases, sales and settlements, net	(5.0)		(5.1)
Impact of exchange rates	3.6		0.1
Ending balance	$	36.8	$	37.7

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 United States and foreign plans:

	As of
	December 26, 2020
(In millions)	Pension benefits		Post-retirement benefits		Total
2021	$15.6		$1.1		$16.7
2022	12.8		1.1		13.9
2023	11.1		1.0		12.1
2024	10.3		0.9		11.2
2025	11.8		0.9		12.7
2026-2030	58.8		3.4		62.2
Total	$	120.4	$	8.4	$	128.8