XML 59 R43.htm IDEA: XBRL DOCUMENT v3.25.4
Benefit Plans (Tables)
 12 Months Ended
Dec. 27, 2025
Retirement Benefits [Abstract]  
Schedule of defined benefit plans disclosures
Benefit plan related information is as follows for the years 2025 and 2024:
 
(in thousands)
20252024
Change in benefit obligation:  
Benefit obligation at beginning of year$70,682 $73,521 
Service cost3,020 3,060 
Interest cost4,013 3,873 
Net actuarial loss1,471 501 
Benefits paid from the plan assets(1,984)(2,037)
Benefits paid directly by the Company(2,349)(2,042)
Settlements(868)(1,248)
Acquisitions1,725 — 
Effect of exchange rate movements6,075 (4,946)
Benefit obligation at end of year$81,785 $70,682 
Change in plan assets at fair value:
Fair value of plan assets at beginning of year$39,338 $37,696 
Actual gain (loss) on plan assets983 (529)
Employer contributions1,415 5,376 
Benefits paid from the plan assets(1,984)(2,037)
Settlements(509)— 
Effect of exchange rate movements2,370 (1,168)
Fair value of plan assets at end of year41,613 39,338 
Net amount unfunded status$(40,172)$(31,344)
Schedule of amounts recognized in balance sheet
Amounts recognized in the Consolidated Balance Sheets as of December 27, 2025 and December 28, 2024 consisted of the following:
 
(in thousands)
20252024
Amounts recognized in the Consolidated Balance Sheets consist of:  
Non-current assets$241 $6 
Current benefit liability(1,680)(1,514)
Non-current benefit liability(38,733)(29,836)
Net liability recognized$(40,172)$(31,344)

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 27, 2025 and December 28, 2024 were as follows:

(in thousands)
20252024
Net actuarial loss$9,328 $6,679 
Prior service cost1,249 1,304 
Total$10,577 $7,983 
Schedule of defined benefit plan amounts recognized in other comprehensive (loss) income
The pre-tax amounts recognized in other comprehensive (loss) income in 2025 and 2024 were as follows:
 20252024
(in thousands)
Amortization of: 
Prior service cost$93 $93 
Net actuarial loss309 81 
Amount arising during the period:
Net actuarial loss(2,028)(3,099)
Net curtailment and settlement loss12 299 
Foreign currency adjustments(980)265 
Total$(2,594)$(2,361)
Schedule of net benefit costs
The components of net periodic benefit costs for the fiscal years 2025, 2024, and 2023 were as follows: 
   
(in thousands)
202520242023
Components of net periodic benefit cost:   
Service cost$3,020 $3,060 $2,774 
Interest cost4,013 3,873 3,795 
Expected return on plan assets(1,899)(2,069)(1,879)
Amortization of prior service and net actuarial loss402 174 45 
Net periodic benefit cost5,536 5,038 4,735 
Net settlement loss (gain)12 299 (266)
Total expense for the year$5,548 $5,337 $4,469 
Schedule of assumptions used
Weighted average assumptions used to determine net periodic benefit cost for the fiscal years 2025, 2024, and 2023 were as follows:
 202520242023
Discount rate5.6 %5.6 %5.8 %
Expected return on plan assets4.7 %5.5 %5.2 %
Compensation increase rate4.8 %4.8 %4.7 %
Weighted average assumptions used to determine benefit obligations as of December 27, 2025, December 28, 2024 and December 30, 2023 were as follows:
 
 202520242023
Discount rate6.1 %5.6 %5.6 %
Compensation increase rate4.6 %4.8 %4.8 %
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 27, 2025 and December 28, 2024:
 
(in thousands)
20252024
Projected benefit obligation$52,927 $47,016 
Fair value of plan assets12,491 15,666 
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 27, 2025 and December 28, 2024:
 
(in thousands)
20252024
Accumulated benefit obligation$29,239 $28,028 
Fair value of plan assets2,440 5,419 
Expected benefit payments to be paid to participants for the fiscal year ending are as follows:
(in thousands)Expected Benefit Payments
2026$4,626 
20274,283 
20285,035 
20295,562 
20306,729 
2031-2035 and thereafter43,340 
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
 20252024
Cash and cash equivalents, and other2 %1 %
Equity securities6 %7 %
Fixed income securities32 %32 %
Bulk annuity contract60 %60 %
 100 %100 %
Schedule of 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 27, 2025:
 Fair Value Measurements Using
(in thousands)
Level 1Level 2Level 3NAVTotal
Insurance contracts and other$— $— $154 $— $154 
Cash and cash equivalents808 — — — 808 
Equities2,635 — — — 2,635 
Fixed income7,242 — — 5,787 13,029 
Bulk annuity contract— — 24,987 — 24,987 
Total pension plan assets$10,685 $— $25,141 $5,787 $41,613 
 
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, 2024:
 
 Fair Value Measurements Using
(in thousands)
Level 1Level 2Level 3NAVTotal
Insurance contracts and other$— $— $131 $— $131 
Cash and cash equivalents422 — — — 422 
Equities2,921 — — — 2,921 
Fixed income7,224 — — 5,198 12,422 
Bulk annuity contract— — 23,442 — 23,442 
Total pension plan assets$10,567 $— $23,573 $5,198 $39,338 
Schedule of effect of significant unobservable inputs, changes in plan assets
The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2025 and 2024 due to the following:
(in thousands)
Level 3
Balance at December 30, 2023$133 
Level 3 assets transferred in from Level 1 and 2 assets valued at NAV:
Bulk annuity contract added during the year23,442 
Employer contribution2 
Actual return on assets4 
Foreign currency adjustments(8)
Balance at December 28, 2024$23,573 
Level 3 assets transferred in from Level 1 and 2 assets valued at NAV:
Employer contribution125 
Actual return on assets1,059 
Benefits paid from the plan assets(1,392)
Foreign currency adjustments1,776 
Balance at December 27, 2025$25,141