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Employee Benefit and Pension Plans (Tables)
 12 Months Ended
Dec. 28, 2019
Retirement Benefits [Abstract]  
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The following table sets forth the changes in benefits obligations and the fair value of plan assets of the Company's benefit plans (in thousands):
 
December 28,
2019
 
December 29,
2018
Benefit obligation at beginning of year
$
104,624

 
$
106,474

Service cost
2,061

 
466

Interest cost
2,075

 
512

Benefits paid
(1,925
)
 
(194
)
Actuarial loss
9,134

 
236

Foreign currency exchange rate changes
(2,735
)
 
(2,870
)
Benefit obligation at end of year(1)
$
113,234

 
$
104,624

Fair value of plan assets at beginning of year
$
63,064

 
$
69,614

Actual return on plan assets
2,371

 
653

Payments
(1,397
)
 
—

Employee contributions
715

 
—

Employer contributions
53

 
—

Actuarial gain/(loss)
6,672

 
(5,319
)
Foreign currency exchange rate changes
(1,701
)
 
(1,884
)
Fair value of plan assets at end of year
$
69,777

 
$
63,064

Net liability recognized
$
43,457

 
$
41,560
Schedule of Amounts Recognized in Balance Sheet
The following table presents net amounts of non-current assets and current and non-current liabilities for the Company's pension and other post-retirement benefit plans recognized on its consolidated balance sheet (in thousands):
 
December 29,
2018
 
December 29,
2018
Other non-current assets
$
69,777

 
$
63,064

Current liabilities
—

 
(901
)
Other long-term liabilities
(113,234
)
 
(103,723
)
Net liability recognized
$
(43,457
)
 
$
(41,560
)
Schedule of Net Benefit Costs
Net periodic benefit cost for the Company's pension and other post-retirement benefit plans consisted of the following (in thousands):
 
Years ended
 
December 28, 2019
 
December 29, 2018 (1)
Service cost
$
2,061

 
$
466

Interest cost
2,075

 
512

Expected return on plan assets
(2,371
)
 
(653
)
Amortization of actuarial loss
1,638

 
234

Total net periodic benefit cost
$
3,403

 
$
559


(1) Acquisition date through December 29, 2018.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table sets forth the changes in accumulated other comprehensive income for the Company's benefit plans (pre-tax) (in thousands):
 
December 28,
2019
 
December 29,
2018
Beginning balance
$
(5,313
)
 
$
—

Net actuarial loss arising in current year
(1,680
)
 
(5,562
)
Amortization of net actuarial loss(1)
1,638

 
234

Foreign currency translation gain/(loss)
(12
)
 
15

Ending balance
$
(5,367
)
 
$
(5,313
)
(1) 
The actuarial loss for the year ended December 29, 2018 was caused primarily by the change in the discount rate. Amounts in accumulated other comprehensive income expected to be recognized as components of net periodic pension cost during fiscal year 2020 is $1.6 million (pre-tax).
Schedule of Assumptions Used
Certain weighted-average assumptions used in computing the benefit obligations are as follows:
 
December 28,
2019
 
December 29,
2018
Discount rate
1.35
%
 
2.07
%
Salary growth rate
2.25
%
 
2.25
%
Pension growth rate
2.00
%
 
2.00
%

These assumptions translate into an average remaining life expectancy in years for a pensioner retiring at age 65:
 
2020 Life Expectancy
Retiring at the end of the reporting period
20.5
Male
20.0
Female
23.6
Schedule of Allocation of Plan Assets
The following tables present the fair value of plan assets for pension and other benefit plans by major asset category (in thousands):
 
As of December 28, 2019
 
Fair Value Measured Using
 
Level 1
 
Level 2
 
Total
Cash
$
895

 
$
—

 
$
895

Equity fund
—

 
43,540

 
43,540

Insurance contracts
—

 
15,149

 
15,149

Mixed fund
—

 
615

 
615

Pension fund
—

 
9,578

 
9,578

Total plan assets at fair value
$
895

 
$
68,882

 
$
69,777



 
As of December 29, 2018
 
Fair Value Measured Using
 
Level 1
 
Level 2
 
Total
Cash
$
686

 
$
—

 
$
686

Equity fund
—

 
32,513

 
32,513

Insurance contracts
—

 
24,852

 
24,852

Mixed fund
—

 
4,114

 
4,114

Pension fund
—

 
899

 
899

Total plan assets at fair value
$
686

 
$
62,378

 
$
63,064
Schedule of Expected Benefit Payments
Estimated future benefit payments under the Company's pension plans as of December 28, 2019 are as follows (in thousands):
2020
$
3,485

2021
$
3,982

2022
$
3,995

2023
$
3,435

2024
$
3,605

2025 to 2029
$
20,060