Annual report pursuant to Section 13 and 15(d)

RETIREMENT AND SAVINGS BENEFIT PLANS (Tables)

v3.20.1
RETIREMENT AND SAVINGS BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 28, 2019
Retirement Benefits [Abstract]  
Components of Pension Cost
The following table presents net pension costs recognized by the Company related to the Shared Plans through the Separation date:
 
Year Ended December
 
 
 
 
 
 
 
 
(In thousands)
 
2019
 
 
2018
 
2017
Service cost
 
$
726

 
 
$
6,629

 
$
6,929

Non-service components
 
(3,166
)
 
 
(5,059
)
 
(181
)
Curtailment losses
 
—

 
 
3,502

 
—

Settlement losses
 
—

 
 
1,188

 
—

Net pension (benefit) costs
 
$
(2,440
)
 
 
$
6,260

 
$
6,748


The following table presents key components of pension costs, amounts recorded in the balance sheet and related key assumptions:
 
 
 
 
(In thousands)
 
Year Ended December 2019
 
Amount included in the statement of income:
 
 
 
Net pension costs - service costs
 
$
680

 
Actuarial assumptions used to determine pension expense:
 
 
 
Discount rate in effect for determining service cost
 
1.28
%
 
Rate of inflation
 
1.80
%
 
Expected long-term return on plan assets
 
3.00
%
 
Rate of compensation increase
 
3.00
%
 
 
 
 
 
(In thousands)
 
December 2019
 
Amount included in the balance sheet:
 
 
 
Projected benefit obligations
 
$
20,651

 
Fair value of plan assets
 
7,427

 
Funded status - recorded in other liabilities (Note 11)
 
$
13,224

 
Accumulated other comprehensive loss, pretax - net deferred actuarial losses
 
(3,068
)
 
Actuarial assumptions used to determine pension obligation:
 
 
 
Discount rate
 
0.68
%
 
Rate of compensation increase
 
3.00
%
 
Accumulated benefit obligations
 
$
11,636