DEFINED BENEFIT RETIREMENT PLAN (Tables)

12 Months Ended

Dec. 29, 2018

Schedule of changes in PBO and fair value of plan assets for pension plan

Changes in the PBO and fair value of plan assets for the pension plan for the period from December 31, 2016 to December 30, 2017 were as follows:

(19) DEFINED BENEFIT RETIREMENT PLAN (Continued)



	Projected Benefit Obligation			Plan Assets			Funded status
Fair Value at December 31, 2016	$	696,137		$	486,667		$	(209,470	)
Employer contributions	—			40,245
Interest cost	18,152			—
Actual return on plan assets	—			40,842
Benefits paid	(22,172		)	(22,172		)
Actuarial loss	25,154			—
Currency translation	66,030			48,167
Fair Value at December 31, 2017	$	783,301		$	593,749		$	(189,552	)

Changes in the PBO and fair value of plan assets for the pension plan for the period from December 30, 2017 to December 29, 2018 were as follows:



	Projected Benefit Obligation			Plan Assets			Funded status
Fair Value at December 30, 2017	$	783,301		$	593,749		$	(189,552	)
Employer contributions	—			1,537
Interest cost	17,878			—
Prior service costs - GMP equalization	12,056
Actual return on plan assets	—			(32,120		)
Benefits paid	(28,207		)	(28,207		)
Actuarial gain	(95,480		)	—
Currency translation	(42,108		)	(31,423		)
Fair Value at December 29, 2018	$	647,440		$	503,536		$	(143,904	)

Projected Benefit Obligation and Fair Value of Plan Assets—The accumulated benefit obligation (ABO) is the present value of benefits earned to date, assuming no future compensation growth.

As there are no active employees in the plan, the ABO is equal to the PBO for all years presented. The underfunded ABO represents the difference between the PBO and the fair value of plan assets.

Schedule of pre-tax amounts recognized in accumulated other comprehensive income (loss)



Balance December 31, 2016	$	(156,878	)
Actuarial loss	(1,789		)
Currency translation loss	(9,583		)
Balance December 30, 2017	(168,250		)
Actuarial gain	44,760
Prior service costs - GMP equalization	(12,056		)
Currency translation gain	5,358
Balance December 29, 2018	$	(130,188	)

Schedule of weighted-average actuarial assumptions used to determine the benefit obligation



Percentages	2018		2017
Discount rate	2.90	%	2.55	%
Salary increase	N/A		N/A
CPI inflation	2.20	%	2.20	%
RPI inflation	3.30	%	3.30	%

Schedule of components of the net periodic pension (benefit) expense



	2018			2017
Net Periodic Benefit Cost:
Interest cost	17,878			18,152
Expected return on plan assets	(23,175		)	(20,486		)
Amortization of actuarial loss	3,046			2,982
Net periodic benefit expense (benefit)	$	(2,251	)	$	648

Schedule of weighted-average actuarial assumptions used to determine expense



Percentages	2018		2017
Discount rate	2.55	%	2.80	%
Expected return on plan assets	4.29	%	4.22	%
CPI Inflation	2.20	%	2.25	%
RPI Inflation	3.30	%	3.35	%

Schedule of expected pension benefit payments



2019	$	27,790
2020	28,680
2021	29,695
2022	30,585
2023	31,600
Years 2023 - 2028	173,470

Schedule of pension plan assets measured at fair value on a recurring basis



December 31, 2018	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Plan assets at fair value:
Temporary cash investments	$	61,040	$	—	$	—	$	61,040
Corporate stock	506		—		—		506
Total plan net assets at fair value	$	61,546	$	—	$	—	$	61,546
Plan assets at NAV:
Leveraged inflation-linked gilt funds							122,711
Corporate bonds							80,454
Corporate stock							183,750
Secured income asset funds							55,075
Total plan assets at NAV							441,990
Total plan assets							$	503,536

(19) DEFINED BENEFIT RETIREMENT PLAN (Continued)



December 31, 2017	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Plan assets at fair value:
Temporary cash investments	$	17,915	$	—	$	—	$	17,915
Corporate stock	536		—		—		536
Total plan net assets at fair value	$	18,451	$	—	$	—	$	18,451
Plan assets at NAV:
Leveraged inflation-linked gilt funds							158,011
Corporate bonds							88,905
Corporate stock							212,505
Diversified growth funds							115,877
Total plan assets at NAV							575,298
Total plan assets							$	593,749