EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 30, 2012

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 30, 2012, and December 25, 2011:

	Pension Benefits						Post-retirement Benefits

(in thousands)	2012			2011			2012			2011
Change in Benefit Obligation
Benefit obligation, beginning of year	$	1,763,859		$	1,634,124		$	27,474		$	30,585
Service cost		5,540			5,600			–			–
Interest cost		91,898			92,961			946			1,358
Plan participants' contributions		–			–			817			1,044
Actuarial (gain)/loss		305,952			120,283			(2,400	)		(1,796	)
Gross benefits paid		(89,213	)		(83,660	)		(3,285	)		(3,717	)
Plan amendment		–			–			(7,620	)		–
Administrative expenses		(4,818	)		(5,449	)		–			–

Benefit obligation, end of year	$	2,073,218		$	1,763,859		$	15,932		$	27,474

	Pension Benefits						Post-retirement Benefits

(in thousands)	2012			2011			2012			2011
Change in Plan Assets
Fair value of plan assets, beginning of year	$	1,233,305		$	1,051,410		$	–		$	–
Actual return on plan assets		171,481			50,778			–			–
Employer contribution		48,122			220,227			2,468			2,673
Plan participants' contributions		–			–			817			1,044
Gross benefits paid		(89,213	)		(83,660	)		(3,285	)		(3,717	)
Administrative expenses		(4,818	)		(5,449	)		–			–

Fair value of plan assets, end of year	$	1,358,877		$	1,233,306		$	–		$	–

	Pension Benefits						Post-retirement Benefits

(in thousands)	2012			2011			2012			2011
Funded Status
Fair value of plan assets	$	1,358,877		$	1,233,306		$	–		$	–
Benefit obligations		(2,073,218	)		(1,763,859	)		(15,932	)		(27,474	)

Funded status and amount recognized, end of year	$	(714,341	)	$	(530,553	)	$	(15,932	)	$	(27,474	)

Schedule of amounts recognized in the consolidated balance sheet

Amounts recognized in the consolidated balance sheets at December 30, 2012 and December 25, 2011 consists of:

	Pension Benefits						Post-retirement Benefits

(in thousands)	2012			2011			2012			2011
Current liability	$	(15,830	)	$	(37,462	)	$	(1,859	)	$	(3,897	)
Noncurrent liability		(698,511	)		(493,091	)		(14,073	)		(23,577	)

	$	(714,341	)	$	(530,553	)	$	(15,932	)	$	(27,474	)

Schedule of amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive income for the years ended December 30, 2012 and December 25, 2011 consist of:

	Pension Benefits				Post-retirement Benefits

(in thousands)	2012		2011		2012			2011
Net actuarial loss/(gain)	$	815,385	$	585,839	$	(11,380	)	$	(9,634	)
Prior service cost/(credit)		26		41		(14,952	)		(8,618	)

	$	815,411	$	585,880	$	(26,332	)	$	(18,252	)

Schedule of retirement and post-retirement cost for continuing operations

	Years Ended

(in thousands)	December 30, 2012			December 25, 2011			December 26, 2010
Pension plans:
Service Cost	$	5,540		$	5,600		$	5,885
Interest Cost		91,898			92,961			93,796
Expected return on plan assets		(107,760	)		(104,251	)		(96,151	)
Prior service cost amortization		14			14			14
Actuarial loss		12,687			6,726			2,229

Net pension expense		2,379			1,050			5,773
Net post-retirement benefit (credit) expense		(995	)		(234	)		(205	)
Deferred compensation plan expense (credit)		–			(71	)		10,790

Net retirement expenses	$	1,384		$	745		$	16,358

Schedule of weighted average assumptions used for valuing benefit obligations

	Pension Benefit Obligations				Post-retirement Obligations

	2012		2011		2012		2011
Discount rate		4.17%		5.32%		3.39%		4.26%

Schedule of weighted average assumptions used in calculating expense

	Pension Benefit Expense						Post-retirement Expense

	December 30, 2012		December 25, 2011		December 26, 2010		December 30, 2012	December 25, 2011		December 26, 2010
Expected long-term return on plan assets		8.25%		8.25%		8.25%	N/A		N/A		N/A
Discount rate		5.31%		5.90%		6.05%	4.26%/3.31% ⁽¹⁾		4.84%		5.09%

⁽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

2013	$	91,119	$	1,859
2014		93,630		1,681
2015		97,071		1,532
2016		100,499		1,427
2017		105,278		1,340
2018-2022		582,046		5,448

Total	$	1,069,643	$	13,287

⁽¹⁾

Largely to be paid from the qualified defined benefit pension plan

Summary of plan's financial instruments that are carried at fair value on a recurring basis by the fair value hierarchy levels

	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

	2011 Plan Assets

(in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	30,816	$	–	$	–	$	30,816
Mutual funds		40,861		–		–		40,861
Corporate stock		211		–		–		211
Corporate debt instruments		–		86,776		–		86,776
U.S. Government securities		–		236,063		–		236,063
Common collective trusts		–		764,983		–		764,983
Mortgage and asset backed securities		–		22,265		–		22,265
Real estate		–		–		50,530		50,530
Other		–		14,418		8,899		23,317

Total	$	71,888	$	1,124,505	$	59,429		1,255,822

Pending trades								(22,516	)

							$	1,233,306

Summary of changes in the fair value of the plan's Level 3 investment assets

(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

(in thousands)	Real Estate			Private Equity		Receivable			Total

Beginning Balance, December 26, 2010	$	–		$	7,792	$	28,936		$	36,728
Purchases, issuances, sales, settlements		49,710			–		(28,936	)		20,774
Realized gains		3,472			–		–			3,472
Transfer in or out of level 3		(3,472	)		–		–			(3,472	)
Unrealized gains		820			1,107		–			1,927

Ending Balance, December 25, 2011	$	50,530		$	8,899	$	–		$	59,429