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DEFINED BENEFIT RETIREMENT PLAN (Tables)
12 Months Ended
Dec. 26, 2020
Retirement Benefits [Abstract]  
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 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 cost16,923 — 
Actual return on plan assets— 86,081 
Benefits paid(20,769)(20,769)
Actuarial (gain) loss 79,485 — 
Currency translation21,324 17,087 
Fair Value at December 28, 2019$744,403 $604,396 $(140,007)

    Changes in the PBO and fair value of plan assets for the pension plan for the period from December 28, 2019 to December 26, 2020 were as follows:
Projected
Benefit
Obligation
Plan
Assets
Funded
status
Fair Value at December 28, 2019$744,403 $604,396 $(140,007)
Employer contributions— 35,399 
Interest cost12,954 — 
Prior service costs - GMP equalization949 — 
Actual return on plan assets— 89,988 
Benefits paid(18,212)(18,212)
Actuarial (gain) loss 87,855 — 
Currency translation32,224 30,079 
Fair Value at December 26, 2020$860,173 $741,650 $(118,523)
Schedule of Pre-Tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Pre-tax amounts recognized in accumulated other comprehensive income (loss) as of December 26, 2020 and December 28, 2019 consisted of actuarial gains (losses):
Balance December 29, 2018$(130,188)
     Actuarial gain (loss)(10,839)
     Currency translation gain (loss)(2,699)
Balance December 28, 2019(143,726)
Actuarial gain (loss)(16,731)
Prior service costs - GMP equalization(814)
Currency translation gain (loss)(3,987)
Balance December 26, 2020$(165,258)
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 26, 2020 and December 28, 2019 were as follows:
Percentages20202019
Discount rate
1.40 %2.05 %
Salary increase
N/AN/A
CPI inflation
2.00 %2.15 %
RPI inflation
2.90 %3.05 %
Schedule of Components of the Net Periodic Pension (Benefit) Expense
The components of the net periodic pension expense for the fiscal years ended December 26, 2020 and December 28, 2019 were as follows:
20202019
Net Periodic Benefit Cost:
Interest cost
$12,954 $16,923 
Expected return on plan assets
(23,215)(20,000)
Amortization of prior service cost
513 513 
Amortization of actuarial loss
2,437 2,051 
Net periodic benefit expense (benefit)
$(7,311)$(513)
Schedule of Weighted-Average Actuarial Assumptions Used to Determine Expense The weighted-average actuarial assumptions used to determine expense are as follows for fiscal 2020 and 2019:
Percentages20202019
Discount rate
2.05 %2.90 %
Expected return on plan assets
4.18 %4.25 %
CPI Inflation
2.15 %2.20 %
RPI Inflation
3.05 %3.30 %
Schedule of Expected Pension Benefit Payments
The following table details expected pension benefit payments for the years 2021 through 2030:
2021$19,935 
202220,477 
202321,155 
202421,698 
202522,376 
Years 2026 - 2030122,727 
Schedule of Pension Plan Assets Measured at Fair Value on a Recurring Basis At December 26, 2020 and December 28, 2019, the pension plan assets measured at fair value on a recurring basis were as follows:
December 31, 2020Quoted 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$31,935 $— $— $31,935 
Corporate stock— — — — 
Total plan net assets at fair value$31,935 $— $— $31,935 
Plan assets at NAV:
Leveraged inflation-linked gilt funds171,013 
Corporate bonds115,577 
Corporate stock309,987 
Secured income asset funds113,138 
Total plan assets at NAV709,715 
  Total plan assets$741,650 

December 31, 2019Quoted 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 funds123,637 
Corporate bonds97,638 
Corporate stock234,612 
Secured income asset funds110,121 
Total plan assets at NAV566,008 
  Total plan assets$604,396