Employee Retirement Plans (Tables)

12 Months Ended

Dec. 28, 2019

Schedule of Defined Benefit Plans Disclosures

A summary of the plans’ net periodic pension cost, benefit obligations, funded status, and net balance sheet position is as follows (dollars in thousands)



	Fiscal 2019						Fiscal 2018
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Net Periodic Pension Cost (Benefit):
Service cost	$	—		$	2,457		$	365		$	3,754
Interest cost	1,253			33,490			1,082			32,173
Expected return on assets	(868		)	(67,542		)	(967		)	(75,017		)
Amortization of net loss (gain)	664			721			(129		)	4,056
Amortization of prior service cost	—			2,560			—			437
Curtailment loss	—			865			—			906
Pension settlement gain	—			—			—			(655		)
	$	1,049		$	(27,449	)	$	351		$	(34,346	)

Change in Benefit Obligation:
Benefit obligation – beginning of year	$	31,559		$	1,377,575		$	31,908		$	1,615,244
Service cost	—			2,457			365			3,754
Prior service cost	—			—			—			53,586
Interest on benefit obligations	1,253			33,490			1,082			32,173
Member contributions	—			313			—			290
Actuarial loss (gain)	4,173			102,377			(850		)	(163,746		)
Pension settlement gain	—			—			—			(873		)
Net benefit payments	(1,590		)	(62,355		)	(946		)	(72,095		)
Curtailment loss	—			865			—			906
Exchange effect	—			46,894			—			(91,664		)
Benefit obligation – end of year	$	35,395		$	1,501,616		$	31,559		$	1,377,575

Change in Plan Assets:
Plan assets at fair value – beginning of year	$	14,634		$	1,141,381		$	16,102		$	1,296,539
Company contributions	1,191			5,934			877			4,889
Investment gain (loss)	2,509			107,368			(1,399		)	(12,600		)
Member contributions	—			313			—			290
Pension settlement loss	—			—			—			(161		)
Benefit payments and plan expenses	(1,590		)	(62,355		)	(946		)	(72,095		)
Exchange effect	—			38,540			—			(75,481		)
Plan assets at fair value – end of year	$	16,744		$	1,231,181		$	14,634		$	1,141,381

Funded Status:
Unfunded benefit obligation	$	(18,651	)	$	(270,435	)	$	(16,925	)	$	(236,194	)

Amounts recognized in balance sheet at year end:
Accrued pension benefits	$	(18,651	)	$	(270,435	)	$	(16,925	)	$	(236,194	)



	Fiscal 2019						Fiscal 2018
	U.S. Plans			Non-U.S. Plans			U.S. Plans			Non-U.S. Plans
Pre-tax components in accumulated other comprehensive income at period end:
Net actuarial loss	$	6,853		$	270,116		$	4,985		$	202,672

Pre-tax components recognized in other comprehensive income for the period:
Current year actuarial (gain) loss	$	2,532		$	69,228		$	1,516		$	(88,992	)
Actuarial gain (loss) recognized	(664		)	(798		)	129			(4,741		)
Prior service cost	—			—			—			53,586
Prior service cost recognized	—			(986		)	—			(437		)
Pension settlement gain	—			—			—			(713		)
Pension settlement gain recognized	—			—			—			654
Total amount recognized	$	1,868		$	67,444		$	1,645		$	(40,643	)

Accumulated Benefit Obligation	$	35,395		$	1,501,616		$	31,559		$	1,377,532

Salary growth rate	n/a			0.8		%	n/a			0.8		%
Assumed discount rate	3.0		%	2.0		%	4.1		%	2.7		%
Expected return on assets	6.0		%	6.2		%	6.0		%	6.2		%

Schedule of Allocation of Plan Assets

The assets of the plans were invested in the following classes of securities (none of which were securities of the company):

U.S. Plans:



	Target Allocation		Percentage of Plan Assets
			2019		2018
Equity	48	%	51	%	42	%
Fixed income	40		37		49
Money market	4		2		1
Other (real estate investment trusts & commodities contracts)	8		10		8
	100	%	100	%	100	%

Non-U.S. Plans:



	Target Allocation		Percentage of Plan Assets
			2019		2018
Equity	17	%	22	%	23	%
Fixed income	38		39		52
Alternatives/Other	32		22		9
Real Estate	13		13		14
Cash and cash equivalents	—		4		2
	100	%	100	%	100	%

Pension Plans Fair Value Of Investments

The following tables summarize the basis used to measure the pension plans’ assets at fair value as of December 28, 2019and December 29, 2018 (in thousands):

U.S. Plans:



	Fiscal 2019						Fiscal 2018
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Net Asset Value		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Net Asset Value

Short Term Investment Fund (a)	$	347	$	—	$	347	$	175	$	—	$	175

Equity Securities:
Large Cap	3,957		3,957		—		2,615		2,615		—
Mid Cap	417		417		—		329		329		—
Small Cap	418		418		—		326		326		—
International	3,657		3,657		—		2,937		2,937		—

Fixed Income:
Government/Corporate	4,992		4,992		—		5,994		5,994		—
High Yield	1,260		1,260		—		1,102		1,102		—

Alternative:
Global Real Estate Investment Trust	1,358		1,358		—		591		591		—
Commodities Contracts	338		338		—		565		565		—

Total	$	16,744	$	16,397	$	347	$	14,634	$	14,459	$	175


(a)	Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.

Non-U.S. Plans:



	Fiscal 2019
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value

Cash and cash equivalents	$	44,748	$	18,142	$	2,874	$	—	$	23,732

Equity Securities:
UK	101,922		88,830		—		—		13,092
International:
Developed	165,709		13,170		—		—		152,539
Emerging	11,653		650		—		—		11,003
Unquoted/Private Equity	123		—		—		—		123

Fixed Income:
Government/Corporate:
UK	189,513		14,245		2,867		—		172,401
International	86,208		—		—		—		86,208
Index Linked	189,463		2,085		—		—		187,378
Other	6,367		—		—		—		6,367
Convertible Bonds	177		—		—		—		177

Real Estate:
Direct	154,494		—		154,494		—		—
Indirect	8,155		137		7,603		—		415

Hedge Fund Strategy:
Equity Long/Short	21,683		—		—		—		21,683
Arbitrage & Event	29,284		—		—		—		29,284
Directional Trading & Fixed Income	9,361		—		—		—		9,361
Cash & Other	163,058		—		—		—		163,058
Direct Sourcing	2,269		—		—		—		2,269

Leveraged Loans	21,635		—		—		—		21,635

Alternative/Other	25,359		1		—		—		25,358

Total	$	1,231,181	$	137,260	$	167,838	$	—	$	926,083



	Fiscal 2018
Asset Category	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Net Asset Value

Cash and cash equivalents	$	28,434		$	4,325	$	2,656	$	—	$	21,453

Equity Securities:
UK	155,687			78,938		—		—		76,749
International:
Developed	99,872			14,497		—		—		85,375
Emerging	7,488			591		—		—		6,897
Unquoted/Private Equity	1,752			—		—		—		1,752

Fixed Income:
Government/Corporate:
UK	468,608			11,860		6,779		—		449,969
International	75,980			—		—		—		75,980
Index Linked	47,873			3,614		—		—		44,259
Other	650			—		—		—		650
Convertible Bonds	188			—		—		—		188

Real Estate:
Direct	148,551			—		148,551		—		—
Indirect	10,812			188		9,298		—		1,326

Hedge Fund Strategy:
Equity Long/Short	73,783			—		—		—		73,783
Arbitrage & Event	73,261			—		—		—		73,261
Directional Trading & Fixed Income	44,091			—		—		—		44,091
Cash & Other	21,719			—		—		—		21,719
Direct Sourcing	2,289			—		—		—		2,289

Leveraged Loans	18,295			—		—		—		18,295

Alternative/Other	(137,952		)	5		—		86		(138,043		)

Total	$	1,141,381		$	114,018	$	167,284	$	86	$	859,993

Schedule of Expected Benefit Payments

Estimated future benefit payments under the plans are as follows (dollars in thousands):



	U.S. Plans		Non-U.S. Plans
2020	$	1,738	$	63,856
2021	1,763		65,110
2022	1,776		66,177
2023	1,784		66,332
2024 through 2029	11,267		405,088