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DEFINED BENEFIT RETIREMENT PLAN (Tables)

12 Months Ended

Dec. 28, 2019

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 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) loss	(95,480		)	—
Currency translation	(42,108		)	(31,423		)
Fair Value at December 29, 2018	$	647,440		$	503,536		$	(143,904	)

(19) DEFINED BENEFIT RETIREMENT PLAN (Continued)

Changes in the PBO and fair value of plan assets for the pension plan for the period from December 29, 2018 to December 28, 2019 were as follows:



	Projected Benefit Obligation			Plan Assets			Funded status
Fair Value at December 29, 2018	$	647,440		$	503,536		$	(143,904	)
Employer contributions	—			18,461
Interest cost	16,923			—
Actual return on plan assets	—			86,081
Benefits paid	(20,769		)	(20,769		)
Actuarial (gain) loss	79,485			—
Currency translation	21,324			17,087
Fair Value at December 28, 2019	$	744,403		$	604,396		$	(140,007	)

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

Pre-tax amounts recognized in accumulated other comprehensive income (loss) as of December 28, 2019 and December 29, 2018 consisted of actuarial gains (losses):



Balance December 30, 2017	$	(168,250	)
Actuarial gain	44,760
Prior service costs - GMP equalization	(12,056		)
Currency translation gain (loss)	5,358
Balance December 29, 2018	(130,188		)
Actuarial gain (loss)	(10,839		)
Currency translation gain (loss)	(2,699		)
Balance December 28, 2019	$	(143,726	)

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

The weighted-average actuarial assumptions used to determine the benefit obligation at December 28, 2019 and December 29, 2018 were as follows:



Percentages	2019		2018
Discount rate	2.05	%	2.90	%
Salary increase	N/A		N/A
CPI inflation	2.15	%	2.20	%
RPI inflation	3.05	%	3.30	%

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

The components of the net periodic pension expense for the fiscal years ended December 28, 2019 and December 29, 2018 were as follows:



	2019			2018
Net Periodic Benefit Cost:
Interest cost	$	16,923		$	17,878
Expected return on plan assets	(20,000		)	(23,175		)
Amortization of prior service cost	513			—
Amortization of actuarial loss	2,051			3,046
Net periodic benefit expense (benefit)	$	(513	)	$	(2,251	)

Schedule of weighted-average actuarial assumptions used to determine expense

The weighted-average actuarial assumptions used to determine expense are as follows for fiscal 2019 and 2018:



Percentages	2019		2018
Discount rate	2.90	%	2.55	%
Expected return on plan assets	4.25	%	4.29	%
CPI Inflation	2.20	%	2.20	%
RPI Inflation	3.30	%	3.30	%

Schedule of expected pension benefit payments

The following table details expected pension benefit payments for the years 2020 through 2029:



2020	$	21,840
2021	22,494
2022	23,148
2023	23,802
2024	24,587
Years 2024 - 2029	134,442

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

At December 31, 2019 and December 31, 2018, the pension plan assets measured at fair value on a recurring basis were as follows:



December 31, 2019	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	$	38,388	$	—	$	—	$	38,388
Corporate stock	—		—		—		—
Total plan net assets at fair value	$	38,388	$	—	$	—	$	38,388
Plan assets at NAV:
Leveraged inflation-linked gilt funds							123,637
Corporate bonds							97,638
Corporate stock							234,612
Secured income asset funds							110,121
Total plan assets at NAV							566,008
Total plan assets							$	604,396



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