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PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
 3 Months Ended
Mar. 28, 2021
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 Condensed Consolidated Balance Sheets for the defined benefit plans were as follows:
Three Months Ended
 March 28, 2021March 29, 2020
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Change in projected benefit obligation
Projected benefit obligation, beginning of period$404,194 $1,593 $369,066 $1,527 
Interest cost1,450 5 2,039 9 
Actuarial gain(27,980)(53)(29,447)(17)
Benefits paid(4,583)(42)(4,746)(40)
Prior service cost— — 6 — 
Currency translation loss (gain)3,674 — (9,019)— 
Projected benefit obligation, end of period$376,755 $1,503 $327,899 $1,479 
Three Months Ended
 March 28, 2021March 29, 2020
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Change in plan assets
Fair value of plan assets, beginning of period$305,983 $— $294,589 $— 
Actual return on plan assets4,291 — (37,302)— 
Contributions by employer3,916 42 2,172 40 
Benefits paid(4,828)(42)(4,746)(40)
Expenses paid from assets(78)— (438)— 
Currency translation gain (loss)3,145 — (8,226)— 
Fair value of plan assets, end of period$312,429 $— $246,049 $— 

 March 28, 2021December 27, 2020
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Funded status
Unfunded benefit obligation, end of period$(64,326)$(1,503)$(98,211)$(1,593)

 March 28, 2021December 27, 2020
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period
Current liability$(2,962)$(168)$(7,510)$(169)
Long-term liability(61,364)(1,335)(90,701)(1,424)
Recognized liability$(64,326)$(1,503)$(98,211)$(1,593)

March 28, 2021December 27, 2020
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Amounts recognized in accumulated other comprehensive loss at end of period
Net actuarial loss$65,831 $120 $95,522 $174 
Schedule of Net Defined Benefit Pension and Other Postretirement Costs
Net defined benefit pension and other postretirement costs included the following components:
Three Months Ended
March 28, 2021March 29, 2020
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
(In thousands)
Interest cost$1,450 $5 $2,039 $9 
Estimated return on plan assets(2,641)— (3,283)— 
Expenses paid from assets78 — 444 — 
Amortization of net loss565 1 376 — 
Amortization of past service cost5 — — — 
Net costs(a)
$(543)$6 $(424)$9 
(a)    Net costs are included in the line item Miscellaneous, net on the Condensed Consolidated Statements of Income.
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:
 March 28, 2021December 27, 2020
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
Assumptions used to measure benefit obligation at end of period
Discount rate2.36 %2.37 %1.83 %1.80 %

Three Months Ended
March 28, 2021March 29, 2020
Pension BenefitsOther BenefitsPension BenefitsOther Benefits
Assumptions used to measure net pension and other postretirement cost
Discount rate1.83 %1.80 %2.72 %2.77 %
Expected return on plan assets3.53 %NA2.31 %NA
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 $1,000. This sensitivity analysis is based on changing one assumption while holding all other assumptions constant. In practice, this is
unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to variations in significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as for calculating the liability recognized in the Condensed Consolidated Balance Sheets.
Increase in Discount Rate of 0.25%Decrease in Discount Rate of 0.25%
(In thousands)
Impact on projected benefit obligation for pension benefits$(10,085)$10,618 
Schedule of Plan Asset Allocations
The following table reflects the pension plans’ actual asset allocations:
March 28, 2021December 27, 2020
Cash and cash equivalents2 %1 %
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 securities12 %13 %
Real estate2 %1 %
Pooled separate accounts for the U.K. Plans(a):
Equity securities35 %35 %
Fixed income securities19 %20 %
Real estate6 %6 %
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 Measurements of Plan Assets
The fair value measurements of plan assets fell into the following levels of the fair value hierarchy as of March 28, 2021 and December 27, 2020:
March 28, 2021December 27, 2020
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$5,975 $— $— $5,975 $1,487 $— $— $1,487 
PSAs for the Union Plan:
Large U.S. equity funds(d)
— 3,339 — 3,339 — 3,100 — 3,100 
Small/Mid U.S. equity funds(e)
— 451 — 451 — 392 — 392 
International equity funds(f)
— 2,013 — 2,013 — 1,874 — 1,874 
Fixed income funds(g)
— 5,055 — 5,055 — 5,365 — 5,365 
PSAs and CCTs for the GK Pension Plan:
Large U.S. equity funds(d)
— 31,190 — 31,190 — 29,602 — 29,602 
Small/Mid U.S. equity funds(e)
— 16,602 — 16,602 — 17,569 — 17,569 
International equity funds(f)
— 15,682 — 15,682 — 16,320 — 16,320 
Fixed income funds(g)
— 37,860 — 37,860 — 38,944 — 38,944 
Real estate(h)
— 5,163 — 5,163 — 5,677 — 5,677 
PSAs for the U.K. Plans:
Large U.S. equity funds(d)
— 43,792 — 43,792 — 39,002 — 39,002 
International equity funds(f)
— 68,524 — 68,524 — 69,251 — 69,251 
Fixed income funds(g)
— 59,076 — 59,076 — 60,212 — 60,212 
Real estate(h)
— 17,707 — 17,707 — 17,188 — 17,188 
Total assets$5,975 $306,454 $— $312,429 $1,487 $304,496 $— $305,983 
(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 March 28, 2021 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$21,520 $127 
202217,010 163 
202316,509 156 
202416,141 149 
202515,710 140 
2026-203071,936 555 
Total$158,826 $1,290 
Schedule of Unrecognized Benefit Amounts
The amounts in accumulated other comprehensive income that were not recognized as components of net periodic benefits cost and the changes in those amounts are as follows:
Three Months Ended
 March 28, 2021March 29, 2020
 Pension BenefitsOther BenefitsPension BenefitsOther Benefits
 (In thousands)
Net actuarial loss, beginning of period$95,522 $174 $58,239 $91 
Amortization(570)(1)(376)— 
Actuarial gain(27,980)(53)(29,447)(17)
Asset loss (gain)(1,505)— 40,578 — 
Currency translation loss (gain)364 — (303)— 
Net actuarial loss, end of period$65,831 $120 $68,691 $74