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DEFINED BENEFIT RETIREMENT PLAN (Tables)
12 Months Ended
Dec. 28, 2024
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 period from December 30, 2023 to December 28, 2024 were as follows:

    

Projected  

    

    

Benefit

Plan 

Funded 

Obligation

Assets

Status

Fair value as of December 30, 2023

$

477,763

$

493,167

$

15,404

Employer contributions

19,599

  

Interest cost

 

21,136

 

 

  

Actual return on plan assets

 

 

(24,723)

 

  

Benefits paid

 

(21,264)

 

(21,264)

 

  

Actuarial gain

 

(58,156)

 

 

  

Currency translation loss

 

(4,822)

 

(5,602)

 

  

Fair value as of December 28, 2024

$

414,657

$

461,177

$

46,520

Changes in the PBO and fair value of plan assets for the period from December 31, 2022 to December 30, 2023 were as follows:

    

Projected 

    

    

Benefit 

Plan 

Funded 

Obligation

Assets

Status

Fair value as of December 31, 2022

$

435,711

$

459,927

$

24,216

Employer contributions

17,345

  

Interest cost

 

21,555

 

 

  

Actual return on plan assets

 

 

10,966

 

  

Benefits paid

 

(20,683)

 

(20,683)

 

  

Actuarial loss

 

17,692

 

 

  

Currency translation gain

 

23,488

 

25,612

 

  

Fair value as of December 30, 2023

$

477,763

$

493,167

$

15,404

Schedule of Pre-Tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

The pre-tax amounts recognized in AOCI as of December 28, 2024 and December 30, 2023 included actuarial losses, as follows:

Balance as of December 31, 2022

    

$

(57,911)

Actuarial loss

 

(28,071)

Amortization of prior service costs

 

498

Currency translation loss

 

(3,667)

Balance as of December 30, 2023

 

(89,151)

Actuarial gain

 

10,888

Amortization of prior service costs

 

512

Amortization of net actuarial loss

1,537

Currency translation gain

 

862

Balance as of December 28, 2024

$

(75,352)

Schedule of Weighted-Average Actuarial Assumptions Used to Determine the Benefit Obligation

    

December 28,

December 30,

2024

    

2023

Discount rate

 

5.50

%  

4.50

%

Consumer Price Index ("CPI") inflation

 

2.40

%  

2.25

%

Retail Price Index ("RPI") inflation

 

3.20

%  

3.05

%

Schedule of Components of the Net Periodic Pension (Benefit) Expense

The components of the net periodic pension cost for the fiscal years ended December 28, 2024 and December 30, 2023 were as follows:

Fiscal Year Ended

December 28,

December 30,

2024

    

2023

Interest cost

$

21,136

$

21,555

Expected return on plan assets

 

(22,545)

 

(21,804)

Amortization of prior service costs

 

512

 

498

Amortization of net actuarial loss

 

1,537

 

Net periodic pension cost

$

640

$

249

Schedule of Weighted-Average Actuarial Assumptions Used to Determine Expense

    

December 28,

December 30,

2024

    

2023

Discount rate for benefit obligations

 

4.50

%  

4.80

%

Discount rate for interest cost

4.50

%  

4.90

%

Expected return on plan assets

 

5.05

%  

4.85

%

CPI inflation

 

2.25

%  

2.35

%

RPI inflation

 

3.05

%  

3.25

%

Schedule of Expected Pension Benefit Payments

The expected pension benefit payments for the fiscal years 2025 through 2034 are as follows:

2025

    

$

21,626

2026

 

22,254

2027

 

22,883

2028

 

23,637

2029

 

24,266

2030 - 2034

 

133,022

Schedule of Pension Plan Assets Measured at Fair Value on a Recurring Basis

Fair Value Measurement Using:

December 28, 2024

Level 1

Level 2

Level 3

Total

Plan assets at fair value:

 

  

 

  

 

  

 

  

Temporary cash investments

$

8,927

$

$

$

8,927

Bulk annuity insurance policy

82,856

82,856

Total plan net assets at fair value

$

8,927

$

$

82,856

$

91,783

Plan assets at NAV:

 

  

 

  

 

  

 

  

Leveraged inflation-linked gilt funds

 

  

 

  

 

146,601

Corporate bonds

 

  

 

  

 

33,318

Corporate stock

 

  

 

  

 

73,426

Secured income asset funds

 

  

 

  

 

116,049

Total plan assets at NAV

 

  

 

  

 

369,394

Total plan assets

 

  

 

  

$

461,177

Fair Value Measurement Using:

December 30, 2023

Level 1

Level 2

Level 3

Total

Plan assets at fair value:

 

  

 

  

 

  

 

  

Temporary cash investments

$

7,077

$

$

$

7,077

Plan assets at NAV:

 

  

 

  

 

  

 

  

Leveraged inflation-linked gilt funds

 

  

 

  

 

216,405

Corporate bonds

 

  

 

  

 

74,440

Corporate stock

 

  

 

  

 

72,548

Secured income asset funds

 

  

 

  

 

122,697

Total plan assets at NAV

 

  

 

  

 

486,090

Total plan assets

 

  

 

  

$

493,167

Schedule of changes in the Company's Level 3 plan assets

December 30, 2023

Net Realized and Unrealized Gains (Losses)

Net Purchases, Issuances, and Settlements

Net Transfers Into (Out of) Level 3

Currency Impact

December 28, 2024

Bulk annuity insurance policy

$

$

(3,074)

$

87,445

$

$

(1,515)

$

82,856

Total Level 3 investments

$

$

(3,074)

$

87,445

$

$

(1,515)

$

82,856