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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2020
Employee Benefit Plans  
Schedule of Changes in Projected Benefit Obligations

The status of the Company’s unfunded nonqualified, defined-benefit and account-based retirement plan based on the respective December 31, 2020 and December 26, 2019 measurement dates is as follows:

    

December 31,

    

December 26,

2020

2019

(in thousands)

Change in benefit obligation:

 

  

 

  

Benefit obligation at beginning of period

$

43,824

$

35,640

Service cost

 

1,095

 

833

Interest cost

 

1,371

 

1,485

Actuarial loss

 

3,806

 

7,317

Benefits paid

 

(1,492)

 

(1,451)

Benefit obligation at end of year

$

48,604

$

43,824

Amounts recognized in the statement of financial position consist of:

 

 

Current accrued benefit liability (included in Other accrued liabilities)

$

(1,401)

$

(1,400)

Noncurrent accrued benefit liability (included in Other long-term obligations)

 

(47,203)

 

(42,424)

Total

$

(48,604)

$

(43,824)

Amounts recognized in accumulated other comprehensive loss consist of:

 

 

Net actuarial loss

$

19,125

$

16,373

Prior service credit

 

(387)

 

(451)

Total

$

18,738

$

15,922

Schedule of Net Periodic Pension Cost

Year Ended

December 31,

    

December 26,

    

December 27,

    

2020

2019

2018

(in thousands)

Net periodic pension cost:

 

  

 

  

 

  

Service cost

$

1,095

$

833

$

926

Interest cost

 

1,371

 

1,485

 

1,364

Net amortization of prior service cost and actuarial loss

 

990

 

436

 

621

$

3,456

$

2,754

$

2,911

Schedule of pre-tax change in the benefit obligation

The pre-tax change in the benefit obligation recognized in other comprehensive loss was as follows:

Year Ended

    

December 31, 2020

    

December 26, 2019

 

(in thousands)

Net actuarial loss

$

3,806

 

7,317

Amortization of the net actuarial loss

 

(1,055)

 

(499)

Amortization of the prior year service credit

 

64

 

63

Total

$

2,815

 

6,881

Schedule of Assumptions Used

The weighted-average assumptions used to determine the benefit obligations as of the measurement dates were as follows:

    

December 31, 2020

December 26, 2019

 

Discount rate

 

2.45

%  

3.10

%

Rate of compensation increase

 

4.00

%  

4.00

%

The weighted-average assumptions used to determine net periodic benefit cost were as follows:

Year Ended

 

December 31,

December 26,

December 27,

 

    

2020

    

2019

    

2018

 

Discount rate

 

3.10

%  

4.15

%  

3.60

%

Rate of compensation increase

 

4.00

%  

4.00

%  

4.00

%

Schedule of Expected Benefit Payments

Benefit payments expected to be paid subsequent to December 31, 2020, are:

Fiscal Year

    

(in thousands)

2021

$

1,401

2022

 

1,716

2023

 

1,519

2024

 

1,777

2025

 

2,177

Years 2026 – 2030

 

12,273