XML 104 R51.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Retirement Plans (Tables)
12 Months Ended
Dec. 27, 2019
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Cost
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
)


Schedule of Changes in Benefit Obligations, Plan Assets, and Funded Status of Plans
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


Schedule of Amounts Recognized in Balance Sheet
 
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


Schedule of Amounts to be Amortized from Accumulated Other Comprehensive Income
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
)

Schedule of Actuarial Assumptions
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
%


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
%

Schedule of Healthcare Cost Trend Rates
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


Schedule of Expected 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