Benefit Plans (Tables)

12 Months Ended

Dec. 28, 2019

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

Benefit plan related information is as follows for the years 2019 and 2018:

(in thousands)	2019			2018
Change in benefit obligation:
Benefit obligation at beginning of year	$	102,833		$	67,268
Service cost	2,040			2,266
Interest cost	3,169			3,104
Net actuarial gain/(loss)	11,286			(7,321		)
Benefits paid from the trust	(3,323		)	(2,479		)
Benefits paid directly by the Company	(1,540		)	(1,802		)
Settlements	(1,924		)	(1,291		)
Acquisitions	—			48,358
Effect of exchange rate movements	1,735			(6,918		)
Plan amendment and other	2,645			1,648
Benefit obligation at end of year	$	116,921		$	102,833
Change in plan assets at fair value:
Fair value of plan assets at beginning of year	$	70,676		$	48,123
Actual return on plan assets	8,222			(2,847		)
Employer contributions	2,233			2,341
Benefits paid	(3,323		)	(2,479		)
Settlements	(1,072		)	(1,291		)
Acquisitions	—			31,954
Effect of exchange rate movements	1,766			(5,125		)
Fair value of plan assets at end of year	78,502			70,676
Net amount unfunded status	$	(38,419	)	$	(32,157	)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the Consolidated Balance Sheets as of December 28, 2019 and December 29, 2018 consist of the following:

(in thousands)	2019			2018
Amounts recognized in the Consolidated Balance Sheets consist of:
Noncurrent assets	$	885		$	811
Current benefit liability	(1,106		)	(1,094		)
Noncurrent benefit liability	(38,198		)	(31,874		)
Net liability recognized	$	(38,419	)	$	(32,157	)

The amounts included in accumulated other comprehensive loss in the Consolidated Balance Sheets, excluding tax effects, that have not yet been recognized as components of net periodic benefit costs as of December 28, 2019 and December 29, 2018 were as following:

(in thousands)	2019		2018
Net actuarial loss	$	15,635	$	9,777
Prior service cost	4,273		1,607
Total	$	19,908	$	11,384

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

The pre-tax amounts recognized in other comprehensive income (loss) in 2019 as components of net periodic benefit costs were as follows:

(in thousands)	2019
Amortization of:
Prior service cost	$	80
Net actuarial loss	163
Amount arising during the period:
Prior service cost	(2,645		)
Net actuarial loss	(6,251		)
Settlement loss	260
Foreign currency adjustments	(131		)
Total	$	(8,524	)

Schedule of Net Benefit Costs

The components of net periodic benefits costs for the fiscal years 2019, 2018, and 2017 are as follows: 

(in thousands)	2019			2018			2017
Components of net periodic benefit cost:
Service cost	$	2,040		$	2,266		$	2,037
Interest cost	3,169			3,104			1,887
Expected return on plan assets	(3,187		)	(3,222		)	(1,990		)
Amortization of prior service and net actuarial loss	243			291			337
Net periodic benefit cost	2,265			2,439			2,271
Settlement loss / curtailment (gain)	260			238			(25		)
Total expense for the year	$	2,525		$	2,677		$	2,246

Schedule of Assumptions Used

Weighted average assumptions used to determine benefit obligations as of December 28, 2019, December 29, 2018 and December 30, 2017 are as follows:

	2019		2018		2017
Discount rate	2.3	%	3.1	%	3.1	%
Compensation increase rate	4.7	%	4.6	%	5.0	%

Weighted average assumptions used to determine net periodic benefit cost for the fiscal years 2019, 2018, and 2017 are as follows:

 

	2019		2018		2017
Discount rate	3.1	%	2.8	%	3.0	%
Expected return on plan assets	4.5	%	4.2	%	4.5	%
Compensation increase rate	4.6	%	5.0	%	4.5	%

Schedule of Net Funded Status

The following table provides a summary of under-funded or unfunded pension benefit plans with projected benefit obligations in excess of plan assets as of December 28, 2019 and December 29, 2018:

(in thousands)	2019		2018
Projected benefit obligation	$	81,362	$	70,579
Fair value of plan assets	42,058		37,611

Schedule of Expected Benefit Payments

The following table provides a summary of under-funded or unfunded pension benefit plans with accumulated benefit obligations in excess of plan assets as of December 28, 2019 and December 29, 2018:

(in thousands)	2019		2018
Accumulated benefit obligation	$	75,744	$	66,049
Fair value of plan assets	42,058		36,003

Expected benefit payments to be paid to participants for the fiscal year ending are as follows:

(in thousands)	Expected Benefit Payments
2020	$	4,511
2021	4,726
2022	4,624
2023	4,900
2024	4,910
2025-2029 and thereafter	29,364

Schedule of Allocation of Plan Assets

Pension plan assets were invested as follows, and were not materially different from the target asset allocation:

	Asset Allocation
	2019		2018
Equity securities	27	%	30	%
Debt securities	72	%	66	%
Cash and cash equivalents, and other	1	%	4	%
	100	%	100	%

Pension Plan Assets Measured at Fair Value

The following table presents the Company’s pension plan assets measured at fair value by classification within the fair value hierarchy as of December 28, 2019:

	Fair Value Measurements Using
(in thousands)	Level 1		Level 2		Level 3		NAV		Total
Equities	$	1,796	$	—	$	—	$	19,139	$	20,935
Fixed income	4,535		—		—		51,711		56,246
Insurance contracts and other	—		—		609		147		756
Cash and cash equivalents	387		—		—		178		565
Total pension plan assets	$	6,718	$	—	$	609	$	71,175	$	78,502

The following table presents the Company’s pension plan assets measured at fair value by classification within the fair value hierarchy as of December 29, 2018:

	Fair Value Measurements Using
(in thousands)	Level 1		Level 2		Level 3		NAV		Total
Equities	$	1,361	$	—	$	—	$	19,527	$	20,888
Fixed income	3,336		—		—		43,134		46,470
Insurance contracts and other	—		—		632		1,161		1,793
Cash and cash equivalents	702		—		—		823		1,525
Total pension plan assets	$	5,399	$	—	$	632	$	64,645	$	70,676