Employee Benefit Plans

12 Months Ended

Dec. 28, 2025

Retirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

Defined Contribution and Deferred Compensation Plans

The Company has a 401(k) retirement investment plan (“401(k) Plan”), which is open to all eligible U.S. employees with at least six months of service. The 401(k) Plan provides Company matching contributions on a sliding scale based on the level of the employee’s contribution. The Company’s matching contributions totaled approximately $3.6 million, $3.6 million, and $3.4 million for the years 2025, 2024 and 2023, respectively.

Under the Company’s nonqualified savings plans (“NSPs”), the Company provides eligible employees the opportunity to enter into agreements for the deferral of a specified percentage of their compensation, as defined in the NSPs. The NSPs provide Company matching contributions on a sliding scale based on the level of the employee’s contribution. The obligations of the Company under such agreements to pay the deferred compensation in the future in accordance with the terms of the NSPs are unsecured general obligations of the Company. Participants have no right, interest or claim in the assets of the Company, except as unsecured general creditors. The Company has established a rabbi trust to hold, invest and reinvest deferrals and contributions under the NSPs. If a change in control of the Company occurs, as defined in the NSPs, the Company will contribute an amount to the rabbi trust sufficient to pay the obligation owed to each participant. The deferred compensation liability in connection with the NSPs totaled $33.3 million and $30.3 million at December 28, 2025 and December 29, 2024, respectively. The Company invests the deferrals in insurance instruments with readily determinable cash surrender values and in exchange traded mutual funds. The value of the insurance instruments was $24.8 million and $21.8 million as of December 28, 2025 and December 29, 2024, respectively. The fair value of the mutual fund investments at December 28, 2025 and December 29, 2024 was $8.9 million and $8.7 million, respectively.

Multi-employer Plan

During 2025, 2024 and 2023, the Company recorded multi-employer pension expense related to contributions to insignificant multi-employer plans of $2.8 million, $2.9 million and $2.7 million, respectively.

Foreign Defined Benefit Plans

The Company has defined benefit retirement plans, which cover many of its European employees. The benefits under these defined benefit retirement plans are generally based on years of service and the employee’s average monthly compensation. The Company acquired an additional defined benefit plan in connection with the nora acquisition, which covers certain employees in Germany (the “nora Plan”). The nora Plan has no plan assets and is unfunded. The Company uses a year-end measurement date for the plans, which is the closest practical date to the Company’s fiscal year end.

The Dutch Plan is financed by assets held in an insurance contract and the Company is obligated to fund the cost to guarantee vested benefits. As of December 28, 2025, the under-funded status of the Dutch Plan of $4.7 million is recorded on the consolidated balance sheet in other long-term liabilities.

Plan assets are primarily invested in insurance contracts and fixed income securities. As of December 28, 2025, the Company had a net liability recorded of $20.7 million for the foreign defined benefit plans, an amount equal to their under-funded status, and had recorded in accumulated other comprehensive loss an amount equal to $35.3 million (net of taxes of approximately $9.1 million) related to the future amounts to be recorded in net periodic benefit costs. In the next fiscal year, approximately $1.1 million will be reclassified from accumulated other comprehensive loss into net periodic benefit cost.

The tables presented below set forth the funded status of the Company’s significant foreign defined benefit plans:

	Fiscal Year
	2025		2024
	(in thousands)
Change in benefit obligation:
Benefit obligation, beginning of year	$	200,888	$	214,428
Service cost	443		500
Interest cost	8,701		7,933
Benefits and expenses paid	(12,224)		(10,709)
Actuarial gain	(11,184)		(4,321)
Currency translation adjustment	19,390		(6,943)
Benefit obligation, end of year	$	206,014	$	200,888
Change in plan assets:
Plan assets, beginning of year	$	181,153	$	199,348
Actual return on assets	(1,298)		(5,144)
Company contributions	1,563		2,626
Benefits paid	(12,224)		(10,709)
Currency translation adjustment	16,108		(4,968)
Plan assets, end of year	$	185,302	$	181,153
Funded status	$	(20,712)	$	(19,735)
Amounts recognized in consolidated balance sheets:
Other assets	$	14,778	$	15,465
Current liabilities	(1,361)		(1,170)
Other long-term liabilities, net of current portion	(34,129)		(34,030)
Under-funded status at end of fiscal year	$	(20,712)	$	(19,735)
Amounts recognized in accumulated other comprehensive loss, after tax:
Unrecognized actuarial loss	$	35,314	$	36,323
Total amount recognized, end of year	$	35,314	$	36,323
Accumulated benefit obligation	$	206,014	$	200,888

The above disclosure represents the aggregation of information related to the Company’s three defined benefit plans which cover many of its European employees. The increase in the projected benefit obligation of $5.1 million for 2025 compared to prior year was primarily due to the impact of foreign currency translation due to the strengthening of the Euro against the U.S. dollar in 2025. As of December 28, 2025, one of these plans, which primarily covers certain employees in the United Kingdom (the “UK Plan”), had assets in excess of the accumulated benefit obligation. The accumulated benefit obligation of the Dutch Plan exceeded plan assets as of December 28, 2025. The nora Plan is an unfunded defined benefit plan and the accumulated benefit obligation exceeded plan assets as of December 28, 2025. The following table summarizes this information as of December 28, 2025 and December 29, 2024.

	End of Fiscal Year
	2025		2024
	(in thousands)
UK Plan
Projected benefit obligation	$	111,878	$	106,865
Accumulated benefit obligation	111,878		106,865
Plan assets	126,656		122,330
Dutch Plan
Projected benefit obligation	$	63,309	$	63,938
Accumulated benefit obligation	63,309		63,938
Plan assets	58,646		58,823
nora Plan
Projected benefit obligation	$	30,827	$	30,085
Accumulated benefit obligation	30,827		30,085
Plan assets	—		—

	Fiscal Year
	2025		2024		2023
	(in thousands)
Components of net periodic benefit cost:
Service cost	$	443	$	500	$	458
Interest cost	8,701		7,933		8,169
Expected return on plan assets	(7,847)		(7,858)		(7,933)
Amortization of prior service cost	186		180		137
Amortization of net actuarial losses	1,223		1,080		468
Net periodic benefit cost	$	2,706	$	1,835	$	1,299

The service cost component of net periodic benefit costs is presented within operating income in the consolidated statements of operations, while all other components of net periodic benefit costs are presented within other expense income, net, in the consolidated statements of operations.

During 2025, other comprehensive income was impacted by a total net gain of approximately $2.5 million (net of $0.9 million of tax), comprised of actuarial gain of approximately $1.6 million (net of $0.6 million of tax) and amortization of loss of $0.9 million (net of $0.3 million of tax). 

	Fiscal Year
	2025		2024		2023
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	4.3	%	3.9	%	4.1	%
Expected return on plan assets	5.1	%	4.6	%	4.6	%
Weighted average assumptions used to determine benefit obligations:
Discount rate	4.8	%	4.7	%	4.1	%

The expected long-term rate of return on plan assets assumption is based on weighted average expected returns for each asset class. Expected returns reflect a combination of historical performance analysis and the forward-looking views of the financial markets, and include input from actuaries, investment service firms and investment managers.

The investment objectives of the foreign defined benefit plans are to maximize the return on the investments to ensure that the assets are sufficient to exceed minimum funding requirements, and to achieve a favorable return against performance expectations based on historical and projected rates of return over the short term. The goal is to optimize the long-term return on plan assets at a moderate level of risk, by balancing higher-returning assets, such as equity securities, with less volatile assets, such as fixed income securities. The assets are managed by professional investment firms and performance is evaluated periodically against specific benchmarks. The plans’ net assets did not include the Company’s own stock at December 28, 2025 or December 29, 2024.

Dutch Plan Assets and Indexation Benefit

As is common in Dutch pension plans, the Dutch Plan includes a provision for discretionary benefit increases termed “indexation.” The indexation benefit is meant to adjust pension benefits for cost-of-living increases, similar to U.S. consumer price index-based cost-of-living adjustments for U.S. retirement plans. The indexation benefit is not guaranteed, and is only provided for and paid out if sufficient assets are available due to favorable asset returns.

Vested benefits as well as amounts related to the discretionary indexation benefits under the Dutch Plan are paid pursuant to an insurance contract with a private insurer (the “Contract”). The Dutch Plan itself is financed by investment assets held within the Contract. This type of insurance arrangement is common in The Netherlands, although not necessarily common in other jurisdictions.

Under the express terms of the Contract, contract value is the greater of (i) the value of the discounted vested benefits of the Dutch Plan and (ii) the fair value of the underlying investment assets held by the insurance company under the Contract. As between those two values, the former was the greater for 2025 and 2024.

The Company’s actual weighted average asset allocations for 2025 and 2024, and the targeted asset allocation for 2026, of the foreign defined benefit plans by asset category, are as follows:

	Fiscal Year
	2026			2025	2024
Asset Category	Target Allocation			Percentage of Plan Assets at Year End
Debt and debt securities	65%	—	70%	60%	58%
Short-term investments	—%	—	2%	8%	9%
Other investments	30%	—	35%	32%	33%
	100%			100%	100%

The following table sets forth by level within the fair value hierarchy the foreign defined benefit plans’ assets at fair value, as of December 28, 2025 and December 29, 2024. The nora plan is currently unfunded. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. 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 28, 2025
	Dutch Plan		UK Plan		Total
	(in thousands)
Level 1	$	—	$	14,131	$	14,131
Level 2	—		108,107		108,107
Level 3	58,646		4,418		63,064
Total	$	58,646	$	126,656	$	185,302

	Pension Plan Assets by Category as of December 29, 2024
	Dutch Plan		UK Plan		Total
	(in thousands)
Level 1	$	—	$	16,182	$	16,182
Level 2	—		90,330		90,330
Level 3	58,823		15,818		74,641
Total	$	58,823	$	122,330	$	181,153

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

	End of Fiscal Year 2025
Asset Category	Level 1		Level 2		Level 3
			(in thousands)
Debt and debt securities	$	—	$	108,107	$	3,496
Short-term investments (1)	14,131		—		—
Other investments (2)	—		—		59,568
	$	14,131	$	108,107	$	63,064

	End of Fiscal Year 2024
Asset Category	Level 1		Level 2		Level 3
	(in thousands)
Debt and debt securities	$	—	$	90,330	$	14,950
Short-term investments (1)	16,182		—		—
Other investments (2)	—		—		59,691
	$	16,182	$	90,330	$	74,641

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

(2) Other investments are comprised of insurance contracts.

Assets identified as level 2 above pertain to corporate bonds and other debt securities. The fair values of these assets are calculated based on quoted market prices for similar assets.

With the exception of the Dutch Plan assets as discussed above, the assets identified as level 3 above in 2025 and 2024 relate to insured annuities and direct lending assets held by the UK Plan. The fair value of these assets was calculated using the present value of the future cash flows due under the insurance annuities, and for the direct lending assets the value is based on the asset value from the latest available valuation with adjustments for any drawdowns and distribution payments made between the valuation date and the reporting date. The range of discount rates used in the fair value calculation of level 3 assets held by the Dutch Plan and the UK Plan were 4.00% to 5.40% for 2025, and 3.50% to 5.35% for 2024. The weighted average discount rates were 4.02% and 3.53% for 2025 and 2024, respectively. These amounts are weighted based on the fair value of level 3 plan assets subject to fluctuations in the discount rate. Any changes in these variables will impact the fair value of level 3 assets.

The table below indicates the change in value related to these level 3 assets during 2025 and 2024:

	Fiscal Year
	2025		2024
	(in thousands)
Balance of level 3 assets, beginning of year	$	74,641	$	90,916
Actual return on plan assets (1)	(7,363)		(2,463)
Purchases, sales and settlements, net	(12,356)		(10,138)
Currency translation adjustment	8,142		(3,674)
Balance of level 3 assets, end of year	$	63,064	$	74,641

(1) Includes $5.8 million and $2.1 million for 2025 and 2024, respectively, of unrealized losses recognized during the period in other comprehensive income for assets held at year end.

During 2026, the Company expects to contribute $1.8 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)
2026	$	13,191
2027	13,228
2028	13,285
2029	13,539
2030	13,777
2031-2035	69,224

Domestic Defined Benefit Plan

The Company maintains a domestic nonqualified salary continuation plan (“SCP”), which is designed to induce selected officers of the Company to remain in the employ of the Company by providing them with retirement, disability and death benefits in addition to those which they may receive under the Company’s other retirement plans and benefit programs. The SCP entitles participants to: (i) retirement benefits upon normal retirement at age 65 (or early retirement as early as age 55) after completing at least 15 years of service with the Company (unless otherwise provided in the SCP), payable for the remainder of their lives (or, if elected by a participant, a reduced benefit is payable for the remainder of the participant’s life and any surviving spouse’s life) and in no event less than 10 years under the death benefit feature; (ii) disability benefits payable for the period of any total disability; and (iii) death benefits payable to the designated beneficiary of the participant for a period of up to 10 years. Benefits are determined according to one of three formulas contained in the SCP, and the SCP is administered by the Compensation Committee of the Company’s Board of Directors, which has full discretion in choosing participants and the benefit formula applicable to each. The Company’s obligations under the SCP are currently unfunded (although the Company uses insurance instruments to hedge its exposure thereunder). The Company is required to contribute the present value of its obligations thereunder to an irrevocable grantor trust in the event of a change in control as defined in the SCP. The Company uses a year-end measurement date for the domestic SCP.

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 2025 and 2024 as there are no longer any participants accruing benefits in the plan.

	Fiscal Year
	2025		2024
	(in thousands)
Change in benefit obligation:
Benefit obligation, beginning of year	$	21,065	$	22,659
Interest cost	1,098		1,065
Benefits paid	(1,874)		(1,872)
Actuarial loss (gain)	919		(787)
Benefit obligation, end of year	$	21,208	$	21,065

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

	End of Fiscal Year
	2025		2024
	(in thousands)
Current liabilities	$	1,873	$	1,873
Non-current liabilities	19,335		19,192
Total benefit obligation	$	21,208	$	21,065

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

	Fiscal Year
	2025		2024
	(in thousands)
Unrecognized actuarial loss	$	3,986	$	3,428

The accumulated benefit obligation related to the SCP was $21.2 million at December 28, 2025, and $21.1 million at December 29, 2024. 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
	2025			2024			2023
	(in thousands, except for assumptions)
Assumptions used to determine net periodic benefit cost:
Discount rate	5.45		%	4.90		%	5.20		%
Assumptions used to determine benefit obligations:
Discount rate	5.05		%	5.45		%	4.90		%
Components of net periodic benefit cost:
Interest cost	$	1,098		$	1,065		$	1,134
Amortization of actuarial losses	189			239			195
Net periodic benefit cost	$	1,287		$	1,304		$	1,329

All components of net periodic benefit cost associated with the SCP are presented within other expense, net, in the consolidated statements of operations.

The change in other comprehensive income during 2025 related to the SCP as a result of plan activity was a net loss of approximately $0.5 million (net of $0.2 million of tax), primarily comprised of a net loss during the period of $0.6 million (net of $0.3 million of tax) and amortization of loss of $0.1 million (net of $0.1 million of tax).

During 2025, 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)
2026	$	1,873
2027	1,873
2028	1,873
2029	1,867
2030	1,835
2031-2035	8,531