Employee Benefit Plans (Tables)

12 Months Ended

Dec. 29, 2019

Retirement Benefits [Abstract]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following table summarizes this information as of December 29, 2019 and December 30, 2018.

	END OF FISCAL YEAR
	2019		2018
	(in thousands)
UK Plan
Projected Benefit Obligation	$	170,958	$	157,351
Accumulated Benefit Obligation	170,958		157,351
Plan Assets	174,156		158,990
Dutch Plan
Projected Benefit Obligation	$	100,996	$	91,837
Accumulated Benefit Obligation	100,996		90,910
Plan Assets	92,294		90,323
Nora Plan
Projected Benefit Obligation	$	42,887	$	36,320
Accumulated Benefit Obligation	42,887		36,320
Plan Assets	—		—

The tables presented below set forth the required disclosures in accordance with applicable accounting standards, and amounts recognized in the consolidated financial statements related to the domestic SCP. There is no service cost component of the change in benefit obligation in 2019 and 2018 as there are no longer any active participants in the plan.

	FISCAL YEAR
	2019			2018
	(in thousands)
Change in benefit obligation
Benefit obligation, beginning of year	$	29,142		$	31,919
Interest cost	1,154			1,082
Benefits paid	(2,030		)	(2,030		)
Actuarial loss (gain)	3,474			(1,829		)
Benefit obligation, end of year	$	31,740		$	29,142

The tables presented below set forth the funded status of the Company’s significant foreign defined benefit plans and required disclosures in accordance with applicable accounting standards:

	FISCAL YEAR
	2019			2018
	(in thousands)
Change in benefit obligation
Benefit obligation, beginning of year	$	285,508		$	320,548
Service cost	1,589			1,112
Interest cost	5,676			5,467
Benefits and expenses paid	(13,034		)	(11,850		)
Business combinations	—			36,903
Actuarial loss (gain)	37,409			(53,753		)
Curtailment gain	(2,421		)	—
Member contributions	221			233
Currency translation adjustment	(107		)	(13,152		)
Benefit obligation, end of year	$	314,841		$	285,508
Change in plan assets
Plan assets, beginning of year	$	249,313		$	307,166
Actual return on assets	24,999			(37,495		)
Company contributions	3,954			4,095
Benefits paid	(13,034		)	(11,850		)
Currency translation adjustment	1,218			(12,603		)
Plan assets, end of year	$	266,450		$	249,313
Reconciliation to balance sheet
Funded status benefit asset/(liability)	$	(48,391	)	$	(36,195	)
Amounts recognized in accumulated other comprehensive income (after tax)
Unrecognized actuarial loss	$	47,561		$	37,141
Unamortized prior service credits	—			(437		)
Total amount recognized	$	47,561		$	36,704
Accumulated Benefit Obligation	$	314,841		$	284,581

Schedule of Net Periodic Benefit Cost

	FISCAL YEAR
	2019			2018			2017
	(in thousands)
Components of net periodic benefit cost
Service cost	$	1,589		$	1,112		$	1,628
Interest cost	5,676			5,467			5,559
Expected return on plan assets	(5,561		)	(6,234		)	(6,496		)
Amortization of prior service cost	63			(27		)	(34		)
Amortization of net actuarial (gains)/losses	991			1,394			1,287
Curtailment gain	(453		)	—			—
Net periodic benefit cost	$	2,305		$	1,712		$	1,944

Schedule of Assumptions Used to Determine Net Periodic Benefit Cost

The accumulated benefit obligation related to the SCP was $31.7 million and $29.1 million as of December 29, 2019 and December 30, 2018, respectively. The SCP is currently unfunded; as such, the benefit obligations disclosed are also the benefit obligations in excess of the plan assets. The Company uses insurance instruments to help limit its exposure under the SCP.

	2019			2018			2017
	(in thousands, except for assumptions)
Assumptions used to determine net periodic benefit cost
Discount rate	4.10		%	3.50		%	3.85		%
Rate of compensation	—			—			—
Assumptions used to determine benefit obligations
Discount rate	3.05		%	4.10		%	3.50		%
Rate of compensation	—			—			—
Components of net periodic benefit cost
Service cost	$	—		$	—		$	—
Interest cost	1,154			1,082			1,256
Amortizations	375			464			364
Net periodic benefit cost	$	1,529		$	1,546		$	1,620

During 2019, other comprehensive income was impacted after tax by approximately $10.9 million comprised of actuarial loss of approximately $11.4 million and amortization of $0.5 million. 

	FISCAL YEAR
	2019		2018		2017
Weighted average assumptions used to determine net periodic benefit cost
Discount rate	1.9	%	1.9	%	2.0	%
Expected return on plan assets	2.1	%	1.8	%	2.3	%
Rate of compensation	1.75	%	1.75	%	1.75	%
Weighted average assumptions used to determine benefit obligations
Discount rate	1.7	%	2.5	%	2.2	%
Rate of compensation	1.75	%	1.75	%	1.75	%

Schedule of Allocation of Plan Assets

The Company’s actual weighted average asset allocations for 2019 and 2018, and the targeted asset allocation for 2020, of the foreign defined benefit plans by asset category, are as follows:

	FISCAL YEAR
	2020			2019	2018
	Target Allocation			Percentage of Plan Assets at Year End
Asset Category:
Equity Securities	15%	—	20%	3%	16%
Debt and Debt Securities	35%	—	45%	61%	44%
Short-term investments	—%	—	—%	1%	3%
Other investments	40%	—	50%	35%	37%
	100%			100%	100%

The tables below detail the foreign defined benefit plans’ assets by asset allocation and fair value hierarchy:

	FISCAL YEAR 2019
	Level 1		Level 2		Level 3
			(in thousands)
Asset Class
Equity Securities	$	8,143	$	—	$	—
Debt and Debt Securities	54,686		87,047		19,996
Short-term investments (1)	1,322		—		—
Other investments (2)	—		—		95,256
	$	64,151	$	87,047	$	115,252

	FISCAL YEAR 2018
	Level 1		Level 2		Level 3
			(in thousands)
Asset Class
Equity Securities	$	39,392	$	—	$	—
Debt and Debt Securities	33,134		60,913		16,012
Short-term Investments (1)	6,620		—		—
Other Investments (2)	—		—		93,242
	$	79,146	$	60,913	$	109,254

(1) Short-term investments are generally invested in interest-bearing accounts.

(2) Other investments is comprised of insurance contracts.

As noted above, the Dutch pension plan assets as represented by the insurance contract are classified as a Level 3 asset and included in the “Other” asset category.

	Pension Plan Assets by Category as of December 29, 2019
	Dutch Plan		UK Plan		Total
	(in thousands)
Level 1	$	—	$	64,151	$	64,151
Level 2	—		87,047		87,047
Level 3	92,294		22,958		115,252
Total	$	92,294	$	174,156	$	266,450

	Pension Plan Assets by Category as of December 30, 2018
	Dutch Plan		UK Plan		Total
			(in thousands)
Level 1	$	—	$	79,146	$	79,146
Level 2	—		60,913		60,913
Level 3	90,323		18,931		109,254
Total	$	90,323	$	158,990	$	249,313

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The table below indicates the change in value related to these level 3 assets during 2019 and 2018:

	FISCAL YEAR
	2019			2018
	(in thousands)
Balance of level 3 assets, beginning of year	$	109,254		$	150,977
Actual return on plan assets	5,463			(37,610		)
Purchases, sales and settlements, net	663			—
Assets transferred into level 3	2,101			696
Translation adjustment	(2,229		)	(4,809		)
Ending Balance of level 3 assets	$	115,252		$	109,254

Schedule of Expected Future Benefit Payments

During 2019, the Company contributed $2.0 million in the form of direct benefit payments for its domestic SCP. It is anticipated that future benefit payments for the SCP will be as follows:

FISCAL YEAR	EXPECTED PAYMENTS
	(in thousands)
2020	$	2,030
2021	2,030
2022	2,030
2023	2,030
2024	2,030
2025-2029	9,624

During 2020, the Company expects to contribute $4.4 million to the plans. It is anticipated that future benefit payments for the foreign defined benefit plans will be as follows:

FISCAL YEAR	EXPECTED PAYMENTS
	(in thousands)
2020	$	10,671
2021	10,772
2022	10,836
2023	11,068
2024	11,292
2025-2029	58,556

Schedule of Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Income

The components of the amounts in accumulated other comprehensive income, after tax, are as follows:

	2019		2018
	(in thousands)
Unrecognized actuarial loss	$	9,139	$	6,906

The amounts recognized in the consolidated balance sheets are as follows:

	2019		2018
	(in thousands)
Current liabilities	$	2,030	$	2,030
Non-current liabilities	29,710		27,112
Total benefit obligation	$	31,740	$	29,142