XML 61 R45.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

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

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
	2023		2022
	(in thousands)
Change in benefit obligation:
Benefit obligation, beginning of year	$	195,440	$	324,408
Service cost	458		840
Interest cost	8,169		3,793
Benefits and expenses paid	(10,832)		(9,890)
Actuarial loss (gain)	12,760		(96,556)
Currency translation adjustment	8,433		(27,155)
Benefit obligation, end of year	$	214,428	$	195,440

Change in plan assets:
Plan assets, beginning of year	$	187,485	$	285,600
Actual return on assets	11,596		(66,759)
Company contributions	2,497		4,001
Benefits paid	(10,832)		(9,890)
Currency translation adjustment	8,602		(25,467)
Plan assets, end of year	$	199,348	$	187,485


Funded status	$	(15,080)	$	(7,955)

Amounts recognized in consolidated balance sheets:
Other assets	$	25,235	$	26,586
Current liabilities	(1,182)		(1,032)
Other long-term liabilities, net of current portion	(39,133)		(33,509)
Under-funded status at end of fiscal year	$	(15,080)	$	(7,955)

Amounts recognized in accumulated other comprehensive loss, after tax:
Unrecognized actuarial loss	$	29,918	$	23,737

Total amount recognized, end of year	$	29,918	$	23,737

Accumulated benefit obligation	$	214,428	$	195,440

The following table summarizes this information as of December 31, 2023 and January 1, 2023.


	End of Fiscal Year
	2023		2022
	(in thousands)
UK Plan
Projected benefit obligation	$	108,424	$	98,730
Accumulated benefit obligation	108,424		98,730
Plan assets	133,658		125,315

Dutch Plan
Projected benefit obligation	$	71,422	$	67,689
Accumulated benefit obligation	71,422		67,689
Plan assets	65,690		62,170

nora Plan
Projected benefit obligation	$	34,582	$	29,021
Accumulated benefit obligation	34,582		29,021
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 in the change in benefit obligation in 2023 and 2022 as there are no longer any participants accruing benefits in the plan.


	Fiscal Year
	2023		2022
	(in thousands)
Change in benefit obligation:
Benefit obligation, beginning of year	$	22,731	$	30,053
Interest cost	1,134		771
Benefits paid	(1,873)		(1,873)
Actuarial loss (gain)	667		(6,220)
Benefit obligation, end of year	$	22,659	$	22,731

Schedule of Net Periodic Benefit Cost


	Fiscal Year
	2023		2022		2021
	(in thousands)
Components of net periodic benefit cost:
Service cost	$	458	$	840	$	1,087
Interest cost	8,169		3,793		2,687
Expected return on plan assets	(7,933)		(3,957)		(3,312)
Amortization of prior service cost	137		117		114
Amortization of net actuarial losses	468		1,201		1,968

Net periodic benefit cost	$	1,299	$	1,994	$	2,544

Schedule of Assumptions Used to Determine Net Periodic Benefit Cost


	Fiscal Year
	2023		2022		2021
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	4.1	%	1.4	%	0.9	%
Expected return on plan assets	4.6	%	3.0	%	1.5	%

Weighted average assumptions used to determine benefit obligations:
Discount rate	4.1	%	4.4	%	1.6	%

The accumulated benefit obligation related to the SCP was $22.7 million as of both December 31, 2023 and January 1, 2023. 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.


	Fiscal Year
	2023			2022			2021
	(in thousands, except for assumptions)
Assumptions used to determine net periodic benefit cost:
Discount rate	5.20		%	2.65		%	2.15		%


Assumptions used to determine benefit obligations:
Discount rate	4.90		%	5.20		%	2.65		%


Components of net periodic benefit cost:

Interest cost	$	1,134		$	771		$	706
Amortizations	195			557			743
Net periodic benefit cost	$	1,329		$	1,328		$	1,449

Schedule of Allocation of Plan Assets

The Company’s actual weighted average asset allocations for 2023 and 2022, and the targeted asset allocation for 2024, of the foreign defined benefit plans by asset category, are as follows:


	Fiscal Year
	2024			2023	2022
Asset Category	Target Allocation			Percentage of Plan Assets at Year End
Equity securities	—%	—	—%	—%	—%
Debt and debt securities	65%	—	70%	59%	53%
Short-term investments	—%	—	2%	8%	13%
Other investments	30%	—	35%	33%	34%
	100%			100%	100%

As noted above, the Dutch 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 31, 2023
	Dutch Plan		UK Plan		Total
	(in thousands)
Level 1	$	—	$	16,232	$	16,232
Level 2	—		92,200		92,200
Level 3	65,690		25,226		90,916
Total	$	65,690	$	133,658	$	199,348


	Pension Plan Assets by Category as of January 1, 2023
	Dutch Plan		UK Plan		Total
	(in thousands)
Level 1	$	—	$	44,335	$	44,335
Level 2	—		53,286		53,286
Level 3	62,170		27,694		89,864
Total	$	62,170	$	125,315	$	187,485

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


	End of Fiscal Year 2023
Asset Category	Level 1		Level 2		Level 3
			(in thousands)
Debt and debt securities	$	—	$	92,200	$	24,325
Short-term investments (1)	16,232		—		—
Other investments (2)	—		—		66,591
	$	16,232	$	92,200	$	90,916


	End of Fiscal Year 2022
Asset Category	Level 1		Level 2		Level 3
	(in thousands)
Debt and debt securities	$	19,614	$	53,286	$	26,778
Short-term investments (1)	24,721		—		—
Other investments (2)	—		—		63,086
	$	44,335	$	53,286	$	89,864

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

(2) Other investments are comprised of insurance contracts.

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 2023 and 2022:


	Fiscal Year
	2023		2022
	(in thousands)
Balance of level 3 assets, beginning of year	$	89,864	$	121,126
Actual return on plan assets (1)	3,429		(21,968)
Purchases, sales and settlements, net	(5,734)		389
Assets transferred from level 3	—		(710)
Currency translation adjustment	3,357		(8,973)
Balance of level 3 assets, end of year	$	90,916	$	89,864

(1) Includes $2.7 million and $(22.2) million for 2023 and 2022, respectively, of unrealized gains / (losses) recognized during the period in other comprehensive income (loss) for assets held at year end.

Schedule of Expected Future Benefit Payments

During 2024, the Company expects to contribute $2.7 million to the foreign defined benefit plans. It is anticipated that future benefit payments for the foreign defined benefit plans will be as follows:


Fiscal Year	Expected Payments
	(in thousands)
2024	$	11,145
2025	11,214
2026	11,360
2027	11,484
2028	11,782
2029-2033	59,800

During 2023, the Company contributed $1.9 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)
2024	$	1,873
2025	1,873
2026	1,873
2027	1,873
2028	1,851
2029-2033	8,670

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

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


	End of Fiscal Year
	2023		2022
	(in thousands)
Current liabilities	$	1,873	$	1,873
Non-current liabilities	20,786		20,858
Total benefit obligation	$	22,659	$	22,731

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


	Fiscal Year
	2023		2022
	(in thousands)
Unrecognized actuarial loss	$	4,098	$	3,811