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Retirement Plans
 12 Months Ended
Dec. 27, 2019
Retirement Benefits [Abstract]  
Retirement Plans
15.
Retirement Plans

Pension Plan Termination
On March 31, 2016, the Company terminated six of its previously frozen U.S. pension plans. During fiscal 2017, approximately $212.9 million of obligations and corresponding pension assets were transferred to a third party for settlement of the terminated pension plans through the purchase of annuity contracts. As a result of the settlement, the Company made a $62.3 million cash contribution to the terminated plans and recognized a $70.5 million charge included within other income (expense) during fiscal 2017.

Defined Benefit Plans
The Company sponsors a number of defined benefit retirement plans covering certain of its U.S. employees and non-U.S. employees. As of December 27, 2019, U.S. plans represented 35.0% of the Company's remaining projected benefit obligation. The Company generally does not provide postretirement benefits other than retirement plan benefits for its employees; however, certain of the Company's U.S. employees participate in postretirement benefit plans that provide medical benefits. These plans are unfunded.
The net periodic benefit cost (credit) for the Company's pension and postretirement benefit plans was as follows:
 
Pension Benefits
 
Postretirement Benefits
 
Fiscal Year
 
Fiscal Year
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost
$
0.1

 
$
0.2

 
$
1.4

 
$
—

 
$
—

 
$
—

Interest cost
0.7

 
0.6

 
2.3

 
1.6

 
1.5

 
1.7

Expected return on plan assets
—

 
—

 
(1.3
)
 
—

 
—

 
—

Amortization of net actuarial loss
0.5

 
0.5

 
2.7

 
—

 
0.1

 
—

Amortization of prior service cost
0.2

 
0.1

 
0.2

 
(2.1
)
 
(2.1
)
 
(2.0
)
Loss (gain) on plan settlements
—

 
0.1

 
71.1

 
—

 
(0.7
)
 
(0.9
)
Curtailment gain
—

 
—

 
(1.0
)
 
—

 
—

 
—

Net periodic benefit cost (credit)
$
1.5

 
$
1.5

 
$
75.4

 
$
(0.5
)
 
$
(1.2
)
 
$
(1.2
)


The following table represents the changes in benefit obligations and the net amounts recognized on the consolidated balance sheets for pension and postretirement benefit plans at the end of each period:
 
Pension Benefits
 
Postretirement Benefits
 
December 27,
2019
 
December 28,
2018
 
December 27,
2019
 
December 28,
2018
Change in benefit obligations:
 
 
 
 
 
 
 
Projected benefit obligations at beginning of year
$
26.1

 
$
27.8

 
$
39.8

 
$
45.6

Service cost
0.1

 
0.2

 
—

 
—

Interest cost
0.7

 
0.6

 
1.6

 
1.5

Actuarial loss (gain)
2.3

 
0.7

 
1.7

 
(3.9
)
Benefits and administrative expenses paid
(1.7
)
 
(1.6
)
 
(2.6
)
 
(2.7
)
Plan settlements
(0.2
)
 
(0.8
)
 
—

 
(0.7
)
Currency translation
(0.3
)
 
(0.8
)
 
—

 
—

Projected benefit obligations at end of year
$
27.0

 
$
26.1

 
$
40.5

 
$
39.8


The accumulated benefit obligation for pension plans with projected benefit obligations in excess of plan assets do not significantly differ from the amounts recognized on the consolidated balance sheet, as noted in the table above, since all of the Company's U.S. pension plans are frozen.

 
Pension Benefits
 
Postretirement Benefits
 
December 27,
2019
 
December 28,
2018
 
December 27,
2019
 
December 28,
2018
Amounts recognized on the consolidated balance sheet:
 
 
 
 
 
 
 
Current liabilities
$
(1.8
)
 
$
(2.0
)
 
$
(3.3
)
 
$
(3.4
)
Non-current liabilities
(25.2
)
 
(24.1
)
 
(37.2
)
 
(36.4
)
Net amount recognized on the consolidated balance sheet
$
(27.0
)
 
$
(26.1
)
 
$
(40.5
)
 
$
(39.8
)
 
 
 
 
 
 
 
 
Amounts recognized in accumulated other comprehensive loss consist of:
 
 
 
 
 
 
 
Net actuarial (loss) gain
$
(10.1
)
 
$
(8.4
)
 
$
(0.8
)
 
$
0.9

Prior service (cost) credit
(0.2
)
 
(0.4
)
 
5.9

 
8.1

Net amount recognized in accumulated other comprehensive loss
$
(10.3
)
 
$
(8.8
)
 
$
5.1

 
$
9.0



The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit cost (credit) in fiscal 2020 are as follows:
 
Pension Benefits
 
Postretirement Benefits
Amortization of net actuarial loss
$
0.7

 
$
—

Amortization of prior service cost (credit)
0.1

 
(2.1
)


Actuarial Assumptions
Weighted-average assumptions used each period to determine net periodic benefit cost for the Company's pension plans were as follows:
 
U.S. Plans
 
Non-U.S. Plans
 
Fiscal Year
 
Fiscal Year
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate
4.0
%
 
3.3
%
 
3.0
%
 
2.0
%
 
1.9
%
 
1.8
%
Rate of compensation increase
—
%
 
—
%
 
—
%
 
2.5
%
 
2.5
%
 
2.5
%

Weighted-average assumptions used each period to determine benefit obligations for the Company's pension plans were as follows:
 
U.S. Plans
 
Non-U.S. Plans
 
Fiscal Year
 
Fiscal Year
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate
2.8
%
 
4.0
%
 
3.3
%
 
1.3
%
 
2.0
%
 
1.9
%
Rate of compensation increase
—
%
 
—
%
 
—
%
 
2.5
%
 
2.5
%
 
2.5
%

For the Company's unfunded U.S. plans, the discount rate is based on the market rate for a broad population of AA-rated (Moody's or S&P) corporate bonds over $250.0 million. For the Company's U.S. plans that were funded in prior periods, the discount rate was based on the estimated final settlement discount rates based on quotes received from a group of well-rated insurance carriers who are active in the single premium group annuity marketplace. The group of insurance carriers are rated A or better by AM best.
The weighted-average discount rate used to determine net periodic benefit credit and obligations for the Company's postretirement benefit plans were as follows:
 
Fiscal Year
 
2019
 
2018
 
2017
Net periodic benefit credit
4.1
%
 
3.4
%
 
3.7
%
Benefit obligations
3.0
%
 
4.1
%
 
3.4
%


Healthcare cost trend assumptions for postretirement benefit plans are as follows:
 
December 27,
2019
 
December 28,
2018
Healthcare cost trend rate assumed for next fiscal year
5.8
%
 
6.3
%
Rate to which the cost trend rate is assumed to decline
4.5
%
 
4.5
%
Fiscal year the ultimate trend rate is achieved
2038

 
2038



Contributions
The Company's funding policy is to make contributions in accordance with the laws and customs of the various countries in which the Company operates, as well as to make discretionary voluntary contributions from time to time. In fiscal 2019 and 2018, the Company made $1.9 million and $2.4 million in contributions, respectively, to the Company's pension plans.
 
Expected Future Benefit Payments
Benefit payments expected to be paid, reflecting future expected service as appropriate, were as follows:
 
Pension Benefits
 
Postretirement Benefits
Fiscal 2020
$
1.8

 
$
3.4

Fiscal 2021
1.7

 
3.2

Fiscal 2022
1.6

 
3.0

Fiscal 2023
1.6

 
2.9

Fiscal 2024
1.6

 
2.8

Fiscal 2025 - 2029
7.2

 
12.6



Defined Contribution Retirement Plans
The Company maintains one active tax-qualified 401(k) retirement plan and one active non-qualified deferred compensation plan in the U.S. The 401(k) retirement plan provides for an automatic Company contribution of three percent of an eligible employee's pay, with an additional Company matching contribution generally equal to 50.0% of each employee's elective contribution to the plan up to six percent of the employee's eligible pay. The deferred compensation plan permits eligible employees to defer a portion of their compensation. Total defined contribution expense related to continuing operations was $21.9 million, $25.3 million, and $25.2 million for fiscal 2019, 2018 and 2017, respectively.

Rabbi Trusts and Other Investments
The Company maintains several rabbi trusts, the assets of which are used to pay retirement benefits. The rabbi trust assets are subject to the claims of the Company's creditors in the event of the Company's insolvency. Plan participants are general creditors of the Company with respect to these benefits. The trusts primarily hold life insurance policies and debt and equity securities, the value of which is included in other assets on the consolidated balance sheets. Note 20 provides additional information regarding the debt and equity securities. During fiscal 2019, a portion of these policies were liquidated. The carrying value of the 62 and 118 life insurance contracts held by these trusts was $43.8 million and $58.4 million as of December 27, 2019 and December 28, 2018, respectively. These contracts had a total death benefit of $94.0 million and $142.9 million at December 27, 2019 and December 28, 2018, respectively. However, there are outstanding loans against the policies amounting to $23.6 million and $43.8 million at December 27, 2019 and December 28, 2018, respectively.
The Company has insurance contracts that serve as collateral for certain of the Company's non-U.S. pension plan benefits. These insurance contracts totaled $7.3 million and $8.0 million at December 27, 2019 and December 28, 2018, respectively. These amounts were included in other assets on the consolidated balance sheets.