PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 29, 2019

Defined Benefit Plan [Abstract]

Schedule of Defined Benefit Plan Obligations and Assets

The change in benefit obligation, change in fair value of plan assets, funded status and amounts recognized in the Consolidated Balance Sheets for these plans were as follows:

	Pension Benefits						Other Benefits
	2019			2018			2019			2018
Change in projected benefit obligation:	(In thousands)
Projected benefit obligation, beginning of year	$	157,619		$	178,247		$	1,462		$	1,603
Interest cost	6,673			5,463			52			46
Actuarial losses (gains)	20,729			(15,635		)	132			(72		)
Benefits paid	(8,288		)	(10,456		)	—			—
Settlements(a)	(10,076		)	—			(119		)	(115		)
Other	8			—			—			—
Tulip acquisition	198,417			—			—			—
Currency translation loss	3,984			—			—			—
Projected benefit obligation, end of year	$	369,066		$	157,619		$	1,527		$	1,462

(a) A settlement is a transaction that is an irrevocable action, relieves the employer or the plan of primary responsibility for a pension or postretirement obligation and eliminates significant risks related to the obligation and the assets used to affect the settlement. A settlement can be triggered when a plan pays lump sums totaling more than the sum of the plan’s interest cost and service cost. The GK Pension Plan met this threshold in 2019 and the Retiree Life Plan met this threshold in 2019 and 2018.

	Pension Benefits						Other Benefits
	2019			2018			2019			2018
Change in plan assets:	(In thousands)
Fair value of plan assets, beginning of year	$	102,414		$	112,570		$	—		$	—
Actual return on plan assets	18,904			(10,881		)	—			—
Contributions by employer	8,295			11,181			119			115
Benefits paid	(8,288		)	(10,456		)	—			—
Settlements	(10,076		)	—			(119		)	(115		)
Other	(70		)	—			—			—
Tulip acquisition	179,702			—			—			—
Currency translation gain	3,708			—			—			—
Fair value of plan assets, end of year	$	294,589		$	102,414		$	—		$	—

	Pension Benefits						Other Benefits
	2019			2018			2019			2018
Funded status:	(In thousands)
Unfunded benefit obligation, end of year	$	(74,477	)	$	(55,205	)	$	(1,527	)	$	(1,462	)

	Pension Benefits						Other Benefits
	2019			2018			2019			2018
Amounts recognized in the Consolidated Balance Sheets as of end of year:	(In thousands)
Current liability	$	(14,967	)	$	(8,267	)	$	(158	)	$	(149	)
Long-term liability	(59,510		)	(46,938		)	(1,369		)	(1,313		)
Recognized liability	$	(74,477	)	$	(55,205	)	$	(1,527	)	$	(1,462	)

	Pension Benefits				Other Benefits
	2019		2018		2019		2018
Amounts recognized in accumulated other    comprehensive loss at end of year:	(In thousands)
Net actuarial loss (gain)	$	58,239	$	54,343	$	91	$	(34	)

Schedule of Net Periodic Benefit Cost (Income)

Net benefit costs include the following components:

	Pension Benefits									Other Benefits
	2019			2018			2017			2019		2018			2017
	(In thousands)
Interest cost	$	6,673		$	5,463		$	5,571		$	52	$	46		$	51
Estimated return on plan assets	(6,921		)	(6,065		)	(5,254		)	—		—			—
Settlement loss (gain)	3,538			—			—			7		(3		)	2
Other	(62		)	—			—			—		—			—
Amortization of net loss	1,313			1,203			932			—		—			—
Net cost	$	4,541		$	601		$	1,249		$	59	$	43		$	53

Schedule of Economic Assumptions, and Impact of Change in Discount Rate on Benefit Obligation

The sensitivity of the projected benefit obligation for pension benefits to changes in the discount rate is set out below. The impact of a change in the discount rate of 0.25% on the projected benefit obligation for other benefits is less than $1,000. This sensitivity analysis is based on changing one assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to variations in significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as that for calculating the liability recognized in the Consolidated Balance Sheets.

	Increase in Discount Rate of 0.25%			Decrease in Discount Rate of 0.25%
	(In thousands)
Impact on projected benefit obligation for pension benefits	$	(9,920	)	$	10,444

The weighted average assumptions used in determining pension and other postretirement plan information were as follows:

	Pension Benefits						Other Benefits
	2019		2018		2017		2019		2018		2017
Benefit obligation:
Discount rate	2.56	%	4.40	%	3.69	%	2.77	%	4.07	%	3.39	%
Net pension and other postretirement cost:
Discount rate	3.10	%	3.69	%	4.32	%	4.07	%	3.39	%	3.81	%
Expected return on plan assets	4.62	%	5.50	%	5.50	%	NA		NA		NA

Schedule of Plan Asset Allocations

The following table reflects the pension plans’ actual asset allocations:

	2019		2018
Cash and cash equivalents	4	%	—	%
Pooled separate accounts for the Union Plan(a):
Equity securities	2	%	4	%
Fixed income securities	2	%	5	%
Pooled separate accounts and common collective trust funds for the GK Pension Plan(a):
Equity securities	20	%	45	%
Fixed income securities	12	%	41	%
Real estate	2	%	5	%
Pooled separate accounts for the U.K. Plans(a):
Equity securities	40	%	—	%
Fixed income funds	18	%	—	%
Total assets	100	%	100	%

(a)

Schedule of Fair Value Assumptions of Plan Assets

The fair value measurements of plan assets fell into the following levels of the fair value hierarchy as of December 29, 2019 and December 30, 2018:

	2019								2018
	Level 1(a)		Level 2(b)		Level 3(c)		Total		Level 1(a)		Level 2(b)		Level 3(c)		Total
	(In thousands)
Cash and cash equivalents	$	11,582	$	—	$	—	$	11,582	$	110	$	—	$	—	$	110
PSAs for the Union Plan:
Large U.S. equity funds(d)	—		3,071		—		3,071		—		2,491		—		2,491
Small/Mid U.S. equity funds(e)	—		372		—		372		—		292		—		292
International equity funds(f)	—		1,878		—		1,878		—		1,489		—		1,489
Fixed income funds(g)	—		4,452		—		4,452		—		4,763		—		4,763
PSAs and CCTs for the GK Pension Plan:
Large U.S. equity funds(d)	—		20,378		—		20,378		—		17,351		—		17,351
Small/Mid U.S. equity funds(e)	—		12,495		—		12,495		—		5,880		—		5,880
International equity funds(f)	—		25,149		—		25,149		—		22,516		—		22,516
Fixed income funds(g)	—		35,627		—		35,627		—		42,217		—		42,217
Real estate(h)	—		5,613		—		5,613		—		5,305		—		5,305
PSAs for the U.K. Plans:
Large U.S. equity funds(d)	—		17,756		—		17,756		—		—		—		—
International equity funds(f)	—		102,494		—		102,494		—		—		—		—
Fixed income funds(e)	—		53,722		—		53,722		—		—		—		—
Total assets	$	11,582	$	283,007	$	—	$	294,589	$	110	$	102,304	$	—	$	102,414

(a) Unadjusted quoted prices in active markets for identical assets are used to determine fair value.

(b) Quoted prices in active markets for similar assets and inputs that are observable for the asset are used to determine fair value.

(c) Unobservable inputs, such as discounted cash flow models or valuations, are used to determine fair value.

(d) This category is comprised of investment options that invest in stocks, or shares of ownership, in large, well-established U.S. companies. These investment options typically carry more risk than fixed income options but have the potential for higher returns over longer time periods.

(e) This category is generally comprised of investment options that invest in stocks, or shares of ownership, in small to medium-sized U.S. companies. These investment options typically carry more risk than larger U.S. equity investment options but have the potential for higher returns.

(f) This category is comprised of investment options that invest in stocks, or shares of ownership, in companies with their principal place of business or office outside of the U.S.

(g) This category is comprised of investment options that invest in bonds, or debt of a company or government entity (including U.S. and non-U.S. entities). It may also include real estate investment options that directly own property. These investment options typically carry more risk than short-term fixed income investment options (including, for real estate investment options, liquidity risk), but less overall risk than equities.

(h)

This category is comprised of investment options that invest in real estate investment trusts or private equity pools that own real estate. These long-term investments are primarily in office buildings, industrial parks, apartments or retail complexes. These investment options typically carry more risk, including liquidity risk, than fixed income investment options.

Schedule of Benefit Payments

The following table reflects the benefits as of December 29, 2019 expected to be paid through 2029 from the Company's pension and other postretirement plans. The Company’s pension plans are primarily funded plans. Therefore, anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. The Company's other postretirement plans are unfunded. Therefore, anticipated benefits with respect to these plans will come from the Company’s own assets.

	Pension Benefits		Other Benefits
	(In thousands)
2020	$	21,271	$	158
2021	18,373		155
2022	17,985		150
2023	18,138		144
2024	18,128		137
2025-2029	87,922		565
Total	$	181,817	$	1,309

Schedule of Unrecognized Benefit Amounts

The amounts in accumulated other comprehensive loss that were not recognized as components of net periodic benefits cost and the changes in those amounts are as follows:

	Pension Benefits									Other Benefits
	2019			2018			2017			2019			2018			2017
	(In thousands)
Net actuarial loss (gain), beginning of year	$	54,343		$	54,235		$	46,494		$	(34	)	$	35		$	(31	)
Amortization	(1,313		)	(1,203		)	(932		)	—			—			—
Settlement adjustments	(3,538		)	—			—			(7		)	3			(2		)
Actuarial loss (gain)	20,729			(15,635		)	15,745			132			(72		)	68
Asset loss (gain)	(11,982		)	16,946			(7,072		)	—			—			—
Net actuarial loss (gain), end of year	$	58,239		$	54,343		$	54,235		$	91		$	(34	)	$	35