XML 68 R46.htm IDEA: XBRL DOCUMENT v3.22.0.1
DEFINED BENEFIT RETIREMENT PLAN (Tables)
12 Months Ended
Dec. 25, 2021
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 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)
    Changes in the PBO and fair value of plan assets for the pension plan for the period from December 26, 2020 to December 25, 2021 were as follows:
Projected
Benefit
Obligation
Plan
Assets
Funded
status
Fair Value at December 26, 2020$860,173 $741,650 $(118,523)
Employer contributions— 1,924 
Interest cost9,896 — 
Actual return on plan assets— 48,637 
Benefits paid(22,952)(22,952)
Actuarial (gain)(77,379)— 
Currency translation(8,032)(8,089)
Fair Value at December 25, 2021$761,706 $761,170 $(536)
Schedule of Pre-Tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Pre-tax amounts recognized in accumulated other comprehensive income (loss) as of December 25, 2021 and December 26, 2020 consisted of actuarial gains (losses):
Balance December 28, 2019$(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)
Actuarial gain 102,529 
Prior service costs amortization550 
Currency translation gain 1,239 
Balance December 25, 2021$(60,940)
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 25, 2021 and December 26, 2020 were as follows:
Percentages20212020
Discount rate
1.90 %1.40 %
Salary increase
N/AN/A
CPI inflation
2.70 %2.00 %
RPI inflation
3.30 %2.90 %
Schedule of Components of the Net Periodic Pension (Benefit) Expense
The components of the net periodic pension expense for the fiscal years ended December 25, 2021 and December 26, 2020 were as follows:
Net Periodic Benefit Cost:20212020
Interest cost
$9,896 $12,954 
Expected return on plan assets
(27,763)(23,215)
Amortization of prior service cost
550 513 
Amortization of actuarial loss
2,750 2,437 
Net periodic benefit expense (benefit)
$(14,567)$(7,311)
Schedule of Weighted-Average Actuarial Assumptions Used to Determine Expense The weighted-average actuarial assumptions used to determine expense are as follows for fiscal 2021 and 2020:
Percentages20212020
Discount rate
1.15 %2.05 %
Expected return on plan assets
3.96 %4.18 %
CPI Inflation
2.00 %2.15 %
RPI Inflation
2.90 %3.05 %
Schedule of Expected Pension Benefit Payments
The following table details expected pension benefit payments for the years 2022 through 2031:
2022$23,045 
202323,850 
202424,650 
202525,455 
202626,260 
Years 2027 - 2031144,400 
Schedule of Pension Plan Assets Measured at Fair Value on a Recurring Basis At December 25, 2021 and December 26, 2020, the pension plan assets measured at fair value on a recurring basis were as follows:
December 31, 2021Quoted 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$14,000 $— $— $14,000 
Total plan net assets at fair value$14,000 $— $— $14,000 
Plan assets at NAV:
Leveraged inflation-linked gilt funds283,288 
Corporate bonds107,945 
Corporate stock212,730 
Secured income asset funds143,207 
Total plan assets at NAV747,170 
  Total plan assets$761,170 
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 
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