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EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 29, 2013
EMPLOYEE BENEFITS  
Schedule of reconciliations of the pension and post-retirement benefit plans' benefit obligations, fair value of assets and funded status

The following tables provide reconciliations of the pension and post-retirement benefit plans' benefit obligations, fair value of assets and funded status as of December 29, 2013, and December 30, 2012:

 
   Pension Benefits   Post-retirement Benefits  
(in thousands)
   2013   2012   2013   2012  

Change in Benefit Obligation

                          

Benefit obligation, beginning of year

   $ 2,073,218   $ 1,763,859   $ 15,932   $ 27,474  

Service cost

     5,545     5,540     —     —  

Interest cost

     84,596     91,898     497     946  

Plan participants' contributions

     —     —     586     817  

Actuarial (gain)/loss

     (214,353 )   305,952     (754 )   (2,400 )

Gross benefits paid

     (94,253 )   (89,213 )   (3,289 )   (3,285 )

Plan amendment

     —     —     (386 )   (7,620 )

Administrative expenses

     (5,432 )   (4,818 )   —     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Benefit obligation, end of year

   $ 1,849,321   $ 2,073,218   $ 12,586   $ 15,932  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   


 

 
   Pension Benefits   Post-retirement Benefits  
(in thousands)
   2013   2012   2013   2012  

Change in Plan Assets

                          

Fair value of plan assets, beginning of year

   $ 1,358,877   $ 1,233,305   $ —   $ —  

Actual return on plan assets

     157,614     171,481     —     —  

Employer contribution

     15,889     48,122     2,703     2,468  

Plan participants' contributions

     —     —     586     817  

Gross benefits paid

     (94,253 )   (89,213 )   (3,289 )   (3,285 )

Administrative expenses

     (5,432 )   (4,818 )   —     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair value of plan assets, end of year

   $ 1,432,695   $ 1,358,877   $ —   $ —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   


 

 
   Pension Benefits   Post-retirement Benefits  
(in thousands)
   2013   2012   2013   2012  

Funded Status

                          

Fair value of plan assets

   $ 1,432,695   $ 1,358,877   $ —   $ —  

Benefit obligations

     (1,849,321 )   (2,073,218 )   (12,586 )   (15,932 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Funded status and amount recognized, end of year

   $ (416,626 ) $ (714,341 ) $ (12,586 ) $ (15,932 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
Schedule of amounts recognized in the consolidated balance sheet

Amounts recognized in the consolidated balance sheets at December 29, 2013, and December 30, 2012, consists of:

 
   Pension Benefits   Post-retirement Benefits  
(in thousands)
   2013   2012   2013   2012  

Current liability

   $ (33,418 ) $ (15,830 ) $ (1,585 ) $ (1,859 )

Noncurrent liability

     (383,208 )   (698,511 )   (11,001 )   (14,073 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ (416,626 ) $ (714,341 ) $ (12,586 ) $ (15,932 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
Schedule of amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive income for the years ended December 29, 2013, and December 30, 2012, consist of:

 
   Pension Benefits   Post-retirement Benefits  
(in thousands)
   2013   2012   2013   2012  

Net actuarial loss/(gain)

   $ 518,914   $ 815,385   $ (11,041 ) $ (11,380 )

Prior service cost/(credit)

     12     26     (13,436 )   (14,952 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

   $ 518,926   $ 815,411   $ (24,477 ) $ (26,332 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
Schedule of elements of retirement expense

 

 
   Years Ended  
(in thousands)
   December 29,
2013		   December 30,
2012		   December 25,
2011		  

Pension plans:

                    

Service Cost

   $ 5,545   $ 5,540   $ 5,600  

Interest Cost

     84,596     91,898     92,961  

Expected return on plan assets

     (101,053 )   (107,760 )   (104,251 )

Prior service cost amortization

     14     14     14  

Actuarial loss

     25,557     12,687     6,726  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net pension expense

     14,659     2,379     1,050  

Net post-retirement benefit credit

     (2,497 )   (995 )   (234 )

Deferred compensation plan credit

     —     —     (71 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net retirement expenses

   $ 12,162   $ 1,384   $ 745  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Schedule of weighted average assumptions used for valuing benefit obligations

 

 
   Pension Benefit
Obligations		   Post-retirement
Obligations		  
 
   2013   2012   2013   2012  

Discount rate

     5.01%     4.17%     4.36%     3.39%
  
Schedule of weighted average assumptions used in calculating expense

 

 
   Pension Benefit Expense   Post-retirement Expense  
 
   December 29,
2013		   December 30,
2012		   December 25,
2011		   December 29,
2013		   December 30,
2012		   December 25,
2011		  

Expected long-term return on plan assets

     8.00%     8.25%     8.25%     N/A   N/A     N/A  

Discount rate

     4.17%     5.31%     5.90%     3.39%   4.26%/3.31%  (1)     4.84%
  
  • (1)
    4.26% for January 2012 to September 2012; 3.31% for October 2012 to December 2012 due to plan change.
Summary of expected benefit payments to retirees under the Company's retirement and post-retirement plans
(in thousands)
   Retirement
Plans (1)		   Post-retirement
Plans		  

2014

   $ 94,367   $ 1,584  

2015

     97,659     1,316  

2016

     100,459     1,259  

2017

     104,887     1,203  

2018

     107,832     1,143  
2019-2023     592,450     4,681  
           
​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 1,097,654   $ 11,186  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           
  • (1)
    Largely to be paid from the qualified defined benefit pension plan
Summary of pension plan's financial instruments that are carried at fair value on a recurring basis by the fair value hierarchy levels

 

 
   2013
  
 
   Plan Assets  
(in thousands)
   Level 1   Level 2   Level 3   Total  

Cash and cash equivalents

   $ 844   $ —   $ —   $ 844  

Mutual fund

     273,450     —     —     273,450  

Corporate debt instruments

     —     105     —     105  

U.S. Government securities

     —     112,530     —     112,530  

Common collective trusts

     —     980,317     —     980,317  

Real estate

     —     —     52,265     52,265  

Other

     —     —     7,167     7,167  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 274,294   $ 1,092,952   $ 59,432     1,426,678  
                     
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                     

Pending trades

                       6,017  
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

                     $ 1,432,695  
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                         

 
   2012
Plan Assets		  
(in thousands)
   Level 1   Level 2   Level 3   Total  

Cash and cash equivalents

   $ 1,161   $ —   $ —   $ 1,161  

Mutual fund

     257,398     —     —     257,398  

Corporate debt instruments

     —     98     —     98  

U.S. Government securities

     —     107,337     —     107,337  

Common collective trusts

     —     928,730     —     928,730  

Real estate

     —     —     51,579     51,579  

Other

     —     —     6,408     6,408  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 258,559   $ 1,036,165   $ 57,987     1,352,711  
                     
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                     

Pending trades

                       6,166  
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

                     $ 1,358,877  
                         
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                         
Summary of changes in the fair value of the pension plan's Level 3 investment assets

 

(in thousands)
   Real Estate   Private Equity   Total  

Beginning Balance, December 30, 2012

   $ 51,579   $ 6,408   $ 57,987  

Purchases, issuances, sales, settlements

     —     —     —  

Realized gains

     4,817           4,817  

Transfer in or out of level 3

     (4,817 )   (167 )   (4,984 )

Unrealized gains

     686     926     1,612  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ending Balance, December 29, 2013

   $ 52,265   $ 7,167   $ 59,432  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

(in thousands)
   Real Estate   Private Equity   Total  

Beginning Balance, December 25, 2011

   $ 50,530   $ 8,899   $ 59,429  

Purchases, issuances, sales, settlements

     —     —     —  

Realized gains

     3,747     27     3,774  

Transfer in or out of level 3

     (3,747 )   (3,820 )   (7,567 )

Unrealized gains

     1,049     1,302     2,351  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ending Balance, December 30, 2012

   $ 51,579   $ 6,408   $ 57,987  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​