XML 24 R25.htm IDEA: XBRL DOCUMENT v3.3.0.814
PENSION PLANS (Tables)
12 Months Ended
Jul. 25, 2015
Compensation Related Costs [Abstract]  
Schedule of Net Benefit Costs Recognized
Net periodic pension cost for the four plans include the following components:
 
 
2015
 
2014
 
2013
Service cost
$
3,642

 
$
2,926

 
$
3,279

Interest cost on projected benefit obligation
3,055

 
2,775

 
2,479

Expected return on plan assets
(3,719
)
 
(3,194
)
 
(2,706
)
Gain on settlement
(239
)
 

 

Amortization of gains and losses
1,295

 
804

 
2,173

Amortization of prior service costs

 

 
8

 
 
 
 
 
 
Net periodic pension cost
$
4,034

 
$
3,311

 
$
5,233

Schedule of Amounts Recognized In Plan Assets and Benefit Obligations Recognized
The changes in benefit obligations and the reconciliation of the funded status of the Company’s plans to the consolidated balance sheets were as follows:

 
2015
 
2014
Changes in Benefit Obligation:
 

 
 

Benefit obligation at beginning of year
$
77,090

 
$
63,644

Service cost
3,642

 
2,926

Interest cost
3,055

 
2,775

Benefits paid
(3,769
)
 
(1,445
)
Settlement
(3,033
)
 

Actuarial loss
6,976

 
9,190

Benefit obligation at end of year
$
83,961

 
$
77,090

 
 
 
 
Changes in Plan Assets:
 

 
 

Fair value of plan assets at beginning of year
$
50,129

 
$
43,582

Actual return on plan assets
2,279

 
4,672

Employer contributions
6,203

 
3,320

Benefits paid
(3,769
)
 
(1,445
)
Settlements paid
(3,113
)
 

Fair value of plan assets at end of year
51,729

 
50,129

 
 
 
 
Funded status at end of year
$
(32,232
)
 
$
(26,961
)
 
 
 
 
Amounts recognized in the consolidated balance sheets:
 

 
 

Accrued wages and benefits
$

 
$
(3,085
)
Pension liabilities
(32,232
)
 
(23,876
)
Accumulated other comprehensive loss, net of income taxes
16,874

 
12,465

 
 
 
 
Amounts included in Accumulated other comprehensive loss (pre-tax):
 

 
 

Net actuarial loss
$
28,459

 
$
21,018

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following information is presented for those plans with an accumulated benefit obligation in excess of plan assets:

 
2015
 
2014
Projected benefit obligation
$
83,961

 
$
77,090

Accumulated benefit obligation
66,809

 
63,971

Fair value of plan assets
51,729

 
50,129

Schedule of Assumptions Used
Weighted average assumptions used to determine benefit obligations and net periodic pension cost for the Company’s defined benefit plans were as follows:
 
 
2015
 
2014
 
2013
Assumed discount rate — net periodic pension cost
3.95
%
 
4.43
%
 
3.59
%
Assumed discount rate — benefit obligation
4.02
%
 
3.95
%
 
4.43
%
Assumed rate of increase in compensation levels
4 - 4.5
%
 
4 - 4.5
%
 
4 - 4.5
%
Expected rate of return on plan assets
7.50
%
 
7.50
%
 
7.50
%
Schedule of Allocation of Plan Assets
The fair value of the pension assets were as follows:
 
 
 
July 25, 2015
 
July 26, 2014
Asset Category
 
Level 1
 
Level 2
 
Total
 
Level 1
 
Level 2
 
Total
Cash
 
$
718

 
$

 
$
718

 
$
812

 
$

 
$
812

 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 

 
 

 
 

 
 

 
 

 
 

Company stock
 
651

 

 
651

 
541

 

 
541

U.S large cap (1)
 
18,368

 

 
18,368

 
17,095

 

 
17,095

U.S. small/mid cap (2)
 
6,602

 

 
6,602

 
5,916

 

 
5,916

International (3)
 
6,431

 

 
6,431

 
6,963

 

 
6,963

Emerging markets (4)
 
1,193

 

 
1,193

 
1,267

 

 
1,267

 
 
 
 
 
 


 
 
 
 
 
 
Fixed income securities:
 
 

 
 

 


 
 

 
 

 
 

U.S treasuries (5)
 
9,911

 

 
9,911

 
9,399

 

 
9,399

Mortgage-backed (5)
 

 
2,014

 
2,014

 

 
2,207

 
2,207

Corporate bonds (5)
 
2,810

 
2,370

 
5,180

 
1,857

 
3,405

 
5,262

International (6)
 
661

 

 
661

 
667

 

 
667

 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
47,345

 
$
4,384

 
$
51,729

 
$
44,517

 
$
5,612

 
$
50,129

 
(1)
Includes directly owned securities and mutual funds, primarily low-cost equity index funds not actively managed that track the S&P 500.
(2)
Includes directly owned securities and mutual funds, which invest in diversified portfolios of publicly traded U.S. common stocks of small and medium cap companies.
(3)
Includes directly owned securities and mutual funds, which invest in diversified portfolios of publicly traded common stocks of large, non-U.S. companies.
(4)
Consists of mutual and exchange traded funds which invest in non-U.S. stocks in emerging markets.
(5)
Includes directly owned securities, mutual funds and exchange traded funds.
(6)
Consists of exchange traded funds which invest in non-U.S. bonds in emerging markets.
Schedule of Expected Benefit Payments
Based on actuarial assumptions, estimated future defined benefit payments, which may be significantly impacted by participant elections related to retirement dates and forms of payment, are as follows:
 
Fiscal Year
 
2016
$
1,916

2017
2,998

2018
2,766

2019
3,711

2020
12,211

2021 - 2025
25,498

Schedule of Multiemployer Plans
The Company’s participation in these plans is outlined in the following tables.  The “EIN / Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit pension plan number.  The most recent “Pension Protection Act Zone Status” available in 2014 and 2013 is for the plan’s year-end at December 31, 2014 and December 31, 2013, respectively, unless otherwise noted.  Among other factors, generally, plans in the red zone are less than 65 percent funded, plans in the yellow zone are between 65 and 80 percent funded and plans in the green zone are at least 80 percent funded.  The “FIP/RP Status Pending / Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. 
 
 
 
Pension Protection Act Zone Status
FIP/RP Status
Pending
/ Implemented
Contributions for the
year ended (5)
 
Expiration
 date of
Collective-
Bargaining
Agreement
 
Pension Fund
 
EIN / Pension Plan Number
2014
2013
July 25,
2015
July 26,
2014
July 27,
2013
Surcharge
 Imposed (6)
Pension Plan of Local 464A (1)
22-6051600-001
Green
Green
N/A
$
665

$
615

$
532

N/A
June 2016
UFCW Local 1262 & Employers Pension Fund (2), (4)
22-6074414-001
Red
Red
Implemented
3,501

3,273

3,350

No
October 2018
UFCW Regional Pension Plan (3), (4)
16-6062287-074
Red
Red
Implemented
1,235

1,225

1,164

No
December 2017
Total Contributions
 
 
 
 
$
5,401

$
5,113

$
5,046

 
 
 
(1)
The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at December 31, 2014 and December 31, 2013.
(2)
The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at December 31, 2013 and December 31, 2012.
(3)
The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at September 30, 2014 and September 30, 2013.
(4)
This plan has elected to utilize special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010.  There were no changes to the plan’s zone status as a result of this election.
(5)
The Company’s contributions represent more than 5% of the total contributions received by each applicable pension fund for all periods presented.
(6)
Under the Pension Protection Act, a surcharge may be imposed when employers make contributions under a collective bargaining agreement that is not in compliance with a rehabilitation plan.  As of July 25, 2015, the collective bargaining agreements under which the Company was making contributions were in compliance with rehabilitation plans adopted by each applicable pension fund.