DEFINED BENEFIT RETIREMENT PLAN (Tables)

12 Months Ended

Dec. 27, 2025

Schedule of Changes in PBO and Fair Value of Plan Assets for Pension Plan

Changes in the PBO and fair value of plan assets for the period from December 28, 2024 to December 27, 2025 were as follows:


		Projected
		Benefit			Plan			Funded
		Obligation			Assets			Status
Fair value as of December 28, 2024		$	414,657		$	461,177		$	46,520
Employer contributions			—			3,159
Interest cost			22,243			—
Actual return on plan assets			—			10,661
Benefits paid			(23,955)			(23,955)
Actuarial loss			1,579			—
Currency translation gain			30,298			33,446
Fair value as of December 27, 2025		$	444,822		$	484,488		$	39,666

Changes in the PBO and fair value of plan assets for the period from December 30, 2023 to December 28, 2024 were as follows:


		Projected
		Benefit			Plan			Funded
		Obligation			Assets			Status
Fair value as of December 30, 2023		$	477,763		$	493,167		$	15,404
Employer contributions			—			19,599
Interest cost			21,136			—
Actual return on plan assets			—			(24,723)
Benefits paid			(21,264)			(21,264)
Actuarial gain			(58,156)			—
Currency translation loss			(4,822)			(5,602)
Fair value as of December 28, 2024		$	414,657		$	461,177		$	46,520

Schedule of Pre-Tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss)


Balance as of December 30, 2023	$	(89,151)
Actuarial gain		10,888
Amortization of prior service costs		512
Amortization of net actuarial loss		1,537
Currency translation gain		862
Balance as of December 28, 2024		(75,352)
Actuarial loss		(13,952)
Amortization of prior service costs		526
Amortization of net actuarial loss		1,316
Currency translation loss		(5,809)
Balance as of December 27, 2025	$	(93,271)

Schedule of Weighted-Average Actuarial Assumptions Used to Determine the Benefit Obligation


		December 27,			December 28,
		2025			2024
Discount rate		5.50	%		5.50	%
Consumer Price Index ("CPI") inflation		2.15	%		2.40	%
Retail Price Index ("RPI") inflation		2.85	%		3.20	%

Schedule of components of the net periodic pension cost


	Fiscal Year Ended
	December 27,			December 28,
	2025			2024
Interest cost	$	22,243		$	21,136
Expected return on plan assets		(23,033)			(22,545)
Amortization of prior service costs		526			512
Amortization of net actuarial loss		1,316			1,537
Net periodic pension cost	$	1,052		$	640

Schedule of Weighted-Average Actuarial Assumptions Used to Determine Expense


		December 27,			December 28,
		2025			2024
Discount rate for benefit obligations		5.50	%		4.50	%
Discount rate for interest cost		5.25	%		4.50	%
Expected return on plan assets		5.50	%		5.05	%
CPI inflation		2.40	%		2.25	%
RPI inflation		3.20	%		3.05	%

Schedule of Expected Pension Benefit Payments

The expected pension benefit payments for the fiscal years 2026 through 2035 are as follows:


2026	$	25,229
2027		26,039
2028		26,848
2029		27,658
2030		28,468
2031 – 2035		155,829

Schedule of Pension Plan Assets Measured at Fair Value on a Recurring Basis


	Fair Value Measurement Using:
December 27, 2025	Level 1		Level 2		Level 3		Total
Plan assets at fair value:
Temporary cash investments	$	15,920	$	—	$	—	$	15,920
Bulk annuity insurance policy		—		—		88,371		88,371
Total plan net assets at fair value	$	15,920	$	—	$	88,371		104,291
Plan assets at NAV:
Leveraged inflation-linked gilt funds								342,150
Corporate bonds								38,047
Total plan assets at NAV								380,197
Total plan assets							$	484,488

	Fair Value Measurement Using:
December 28, 2024	Level 1		Level 2		Level 3		Total
Plan assets at fair value:
Temporary cash investments	$	8,927	$	—	$	—	$	8,927
Bulk annuity insurance policy		—		—		82,856		82,856
Total plan net assets at fair value	$	8,927	$	—	$	82,856		91,783
Plan assets at NAV:
Leveraged inflation-linked gilt funds								146,601
Corporate bonds								33,318
Corporate stock								73,426
Secured income asset funds								116,049
Total plan assets at NAV								369,394
Total plan assets							$	461,177

Schedule of changes in the Company's Level 3 plan assets


	December 28, 2024		Net Realized and Unrealized Gains (Losses)		Net Purchases, Issuances, and Settlements		Net Transfers Into (Out of) Level 3		Currency Impact		December 27, 2025
Bulk annuity insurance policy	$	82,856	$	4,607	$	(5,133)	$	—	$	6,041	$	88,371


	December 30, 2023		Net Realized and Unrealized Gains (Losses)		Net Purchases, Issuances, and Settlements		Net Transfers Into (Out of) Level 3		Currency Impact		December 28, 2024
Bulk annuity insurance policy	$	—	$	(3,074)	$	87,445	$	—	$	(1,515)	$	82,856

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

VALMONT INDUSTRIES INC 10-K