XML 34 R22.htm IDEA: XBRL DOCUMENT v3.22.0.1
Retirement Plans
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Retirement Plans
15.Retirement Plans
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 31, 2021, U.S. plans represented 36.1% 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.
On November 16, 2020, the Debtors received approval from the Bankruptcy Court to maintain foreign pension benefit plans and certain postretirement benefit plans during the pendency of the Chapter 11 Cases. As such, these obligations are not classified as LSTC on the consolidated balance sheets as of December 31, 2021 and December 25, 2020. For further information refer to Note 2.
The net periodic benefit cost (credit) for the Company's pension and postretirement benefit plans was as follows:
Pension BenefitsPostretirement Benefits
Fiscal YearFiscal Year
202120202019202120202019
Service cost$0.2 $0.2 $0.1 $— $— $— 
Interest cost0.3 0.5 0.7 0.7 1.2 1.6 
Amortization of net actuarial loss0.9 0.7 0.5 0.2 — — 
Amortization of prior service cost (credit)0.1 0.1 0.2 (2.1)(2.1)(2.1)
Net periodic benefit cost (credit)$1.5 $1.5 $1.5 $(1.2)$(0.9)$(0.5)
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 BenefitsPostretirement Benefits
December 31,
2021		December 25,
2020		December 31,
2021		December 25,
2020
Change in benefit obligations:
Projected benefit obligations at beginning of year$29.4 $27.0 $40.1 $40.5 
Service cost0.2 0.2 — — 
Interest cost0.3 0.5 0.7 1.2 
Actuarial (gain) loss(0.9)1.8 (1.7)1.2 
Benefits and administrative expenses paid(0.7)(1.5)(1.8)(2.8)
Plan settlements— (0.1)— — 
Currency translation(1.0)1.5 — — 
Projected benefit obligations at end of year$27.3 $29.4 $37.3 $40.1 

Pension BenefitsPostretirement Benefits
December 31,
2021		December 25,
2020		December 31,
2021		December 25,
2020
Amounts recognized on the consolidated balance sheet:
Current liabilities$0.8 $0.8 $1.7 $1.9 
Non-current liabilities16.7 18.9 13.4 15.5 
Liabilities subject to compromise9.8 9.7 22.2 22.7 
Net amount recognized on the consolidated balance sheet$27.3 $29.4 $37.3 $40.1 
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss$(9.7)$(11.8)$(0.1)$(2.0)
Prior service (cost) credit— (0.1)1.7 3.8 
Net amount recognized in accumulated other comprehensive loss$(9.7)$(11.9)$1.6 $1.8 

The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit cost (credit) in fiscal 2022 are as follows:
Pension BenefitsPostretirement Benefits
Amortization of net actuarial loss (gain)$0.6 $(0.1)
Amortization of prior service credit— (1.7)

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. PlansNon-U.S. Plans
Fiscal YearFiscal Year
202120202019202120202019
Discount rate1.8 %2.8 %4.0 %1.0 %1.3 %2.0 %
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. PlansNon-U.S. Plans
Fiscal YearFiscal Year
202120202019202120202019
Discount rate2.3 %1.8 %2.8 %1.3 %1.0 %1.3 %
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 Investor Services, Inc. or Standard & Poor's Corporation) 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
202120202019
Net periodic benefit credit2.0 %3.0 %4.1 %
Benefit obligations2.5 2.0 3.0 

Healthcare cost trend assumptions for postretirement benefit plans were as follows:
December 31,
2021		December 25,
2020
Healthcare cost trend rate assumed for next fiscal year5.7 %5.8 %
Rate to which the cost trend rate is assumed to decline4.5 4.5 
Fiscal year the ultimate trend rate is achieved20382038

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 2021 and 2020 the Company made $0.7 million and $1.6 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 BenefitsPostretirement Benefits
Fiscal 2022$2.9 $4.7 
Fiscal 20231.7 3.0 
Fiscal 20241.7 2.9 
Fiscal 20251.6 2.8 
Fiscal 20261.5 2.7 
Fiscal 2027 - 20316.9 11.7 

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 3% 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 8% 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 $22.2 million, $26.0 million and $21.9 million for fiscal 2021, 2020 and 2019, 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. The carrying value of the 57 and 61 life insurance contracts held by these trusts was $43.4 million and $45.0 million as of December 31, 2021 and December 25, 2020, respectively. These contracts had a total death benefit of $86.4 million and $92.7 million as of December 31, 2021 and December 25, 2020, respectively. However, there are outstanding loans against the policies amounting to $20.8 million and $23.2 million as of December 31, 2021 and December 25, 2020, 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 $7.9 million and $7.3 million as of December 31, 2021 and December 25, 2020, respectively. These amounts were included in other assets on the consolidated balance sheets.