XML 61 R47.htm IDEA: XBRL DOCUMENT v3.20.4
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 27, 2020
Retirement Benefits [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 BenefitsOther Benefits
 2020201920202019
Change in projected benefit obligation:(In thousands)
Projected benefit obligation, beginning of year$369,066 $157,619 $1,527 $1,462 
Interest cost8,102 6,673 36 52 
Actuarial losses38,822 20,729 90 132 
Benefits paid(13,745)(8,288)— — 
Curtailments and settlements(8,226)(10,076)(60)(119)
Prior service cost 20 8 — — 
Tulip acquisition — 198,417 — — 
Currency translation loss 10,155 3,984 — — 
Projected benefit obligation, end of year$404,194 $369,066 $1,593 $1,527 
 Pension BenefitsOther Benefits
 2020201920202019
Change in plan assets:(In thousands)
Fair value of plan assets, beginning of year$294,589 $102,414 $— $— 
Actual return on plan assets12,672 18,904 — — 
Contributions by employer14,774 8,295 60 119 
Benefits paid(13,745)(8,288)— — 
Curtailments and settlements(8,226)(10,076)(60)(119)
Expenses paid from assets (715)(70)— — 
Tulip acquisition— 179,702 — — 
Currency translation gain6,634 3,708 — — 
Fair value of plan assets, end of year$305,983 $294,589 $— $— 
 Pension BenefitsOther Benefits
 2020201920202019
Funded status:(In thousands)
Unfunded benefit obligation, end of year$(98,211)$(74,477)$(1,593)$(1,527)
 Pension BenefitsOther Benefits
2020201920202019
Amounts recognized in the Consolidated Balance Sheets as of end of year:
(In thousands)
Current liability$(7,510)$(14,967)$(169)$(158)
Long-term liability(90,701)(59,510)(1,424)(1,369)
Recognized liability$(98,211)$(74,477)$(1,593)$(1,527)
Pension BenefitsOther Benefits
2020201920202019
Amounts recognized in accumulated other
comprehensive loss at end of year:		(In thousands)
Net actuarial loss$95,522 $58,239 $174 $91 
Schedule of Net Periodic Benefit Cost (Income)
Net benefit costs include the following components:
 Pension BenefitsOther Benefits
 202020192018202020192018
 (In thousands)
Interest cost$8,102 $6,673 $5,463 $36 $52 $46 
Estimated return on plan assets(13,071)(6,921)(6,065)— — — 
Settlement loss (gain)3,371 3,538 — 7 7 (3)
Other735 (62)— — — — 
Amortization of net loss 1,503 1,313 1,203 — — — 
Net cost$640 $4,541 $601 $43 $59 $43 
Schedule of Economic Assumptions, and Impact of Change in Discount Rate on Benefit Obligation
The weighted average assumptions used in determining pension and other postretirement plan information were as follows:
 Pension BenefitsOther Benefits
 202020192018202020192018
Benefit obligation:
Discount rate1.83 %2.56 %4.40 %1.80 %2.77 %4.07 %
Net pension and other postretirement cost:
Discount rate2.16 %3.10 %3.69 %2.77 %4.07 %3.39 %
Expected return on plan assets4.34 %4.62 %5.50 %NANANA
The sensitivity of the projected benefit obligation for pension benefits to changes in the discount rate is set out below. The impact of a change in the discount rate of 0.25% on the projected benefit obligation for other benefits is immaterial. This sensitivity analysis is based on changing one assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to variations in significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as that for calculating the liability recognized in the Consolidated Balance Sheets.
Increase in Discount Rate of 0.25%Decrease in Discount Rate of 0.25%
(In thousands)
Impact on projected benefit obligation for pension benefits$(10,820)$11,391 
Schedule of Plan Asset Allocations The following table reflects the pension plans’ actual asset allocations:
20202019
Cash and cash equivalents1 %4 %
Pooled separate accounts for the Union Plan(a):
Equity securities2 %2 %
Fixed income securities2 %2 %
Pooled separate accounts and common collective trust funds for the GK Pension Plan(a):
Equity securities20 %20 %
Fixed income securities13 %12 %
Real estate1 %2 %
Pooled separate accounts for the U.K. Plans(a):
Equity securities35 %40 %
Fixed income funds20 %18 %
Real estate6 %— %
Total assets100 %100 %
(a)    Pooled separate accounts (“PSAs”) and common collective trust funds (“CCTs”) are two of the most common types of alternative vehicles in which benefit plans invest. These investments are pooled funds that look like mutual funds, but they are not registered with the SEC. Often times, they will be invested in mutual funds or other marketable securities, but the unit price generally will be different from the value of the underlying securities because the fund may also hold cash for liquidity purposes, and the fees imposed by the fund are deducted from the fund value rather than charged separately to investors. Some PSAs and CCTs have no restrictions as to their investment strategy and can invest in riskier investments, such as derivatives, hedge funds, private equity funds, or similar investments.
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 27, 2020 and December 29, 2019:
20202019
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$1,487 $— $— $1,487 $11,582 $— $— $11,582 
PSAs for the Union Plan:
Large U.S. equity funds(d)
— 3,100 — 3,100 — 3,071 — 3,071 
Small/Mid U.S. equity funds(e)
— 392 — 392 — 372 — 372 
International equity funds(f)
— 1,874 — 1,874 — 1,878 — 1,878 
Fixed income funds(g)
— 5,365 — 5,365 — 4,452 — 4,452 
PSAs and CCTs for the GK Pension Plan:
Large U.S. equity funds(d)
— 29,602 — 29,602 — 20,378 — 20,378 
Small/Mid U.S. equity funds(e)
— 17,569 — 17,569 — 12,495 — 12,495 
International equity funds(f)
— 16,320 — 16,320 — 25,149 — 25,149 
Fixed income funds(g)
— 38,944 — 38,944 — 35,627 — 35,627 
Real estate(h)
— 5,677 — 5,677 — 5,613 — 5,613 
PSAs for the U.K. Plans:
Large U.S. equity funds(d)
— 39,002 — 39,002 — 17,756 — 17,756 
International equity funds(f)
— 69,251 — 69,251 — 102,494 — 102,494 
Fixed income funds(e)
— 60,212 — 60,212 — 53,722 — 53,722 
Real estate(h)
— 17,188 — 17,188 — — — — 
     Total assets$1,487 $304,496 $— $305,983 $11,582 $283,007 $— $294,589 
(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). These investment options typically carry more risk than short-term fixed income investment options, 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 27, 2020 expected to be paid through 2030 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 BenefitsOther
Benefits
 (In thousands)
2021$26,629 $169 
202216,912 163 
202316,411 156 
202416,043 149 
202515,612 140 
2026-203071,456 555 
Total$163,063 $1,332 
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 BenefitsOther Benefits
 202020192018202020192018
 (In thousands)
Net actuarial loss (gain), beginning of year$58,239 $54,343 $54,235 $91 $(34)$35 
Amortization(1,503)(1,313)(1,203)— — — 
Settlement adjustments(3,371)(3,538)— (7)(7)3 
Actuarial loss (gain)38,822 20,729 (15,635)90 132 (72)
Asset loss (gain)400 (11,982)16,946 — — — 
Net prior service cost378 — — — — — 
Currency translation loss2,557 — — — — — 
Net actuarial loss (gain), end of year$95,522 $58,239 $54,343 $174 $91 $(34)