EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 28, 2014

Schedule of reconciliations of the pension and post-retirement benefit plans' benefit obligations, fair value of assets and funded status


	Pension Benefits				Post-retirement Benefits
(in thousands)	2014		2013		2014		2013
Change in Benefit Obligation
Benefit obligation, beginning of year	$	1,849,321	$	2,073,218	$	12,586	$	15,932
Service cost		8,030		5,545		—		—
Interest cost		91,004		84,596		514		497
Plan participants’ contributions		—		—		267		586
Actuarial (gain)/loss		213,176		(214,353)		467		(754)
Gross benefits paid		(101,441)		(94,253)		(1,611)		(3,289)
Plan amendment		—		—		(1,621)		(386)
Administrative expenses		(8,183)		(5,432)		—		—
Benefit obligation, end of year	$	2,051,907	$	1,849,321	$	10,602	$	12,586


	Pension Benefits				Post-retirement Benefits
(in thousands)	2014		2013		2014		2013
Change in Plan Assets
Fair value of plan assets, beginning of year	$	1,432,695	$	1,358,877	$	—	$	—
Actual return on plan assets		122,133		157,614		—		—
Employer contribution		33,482		15,889		1,344		2,703
Plan participants’ contributions		—		—		267		586
Gross benefits paid		(101,441)		(94,253)		(1,611)		(3,289)
Administrative expenses		(8,183)		(5,432)		—		—
Fair value of plan assets, end of year	$	1,478,686	$	1,432,695	$	—	$	—


	Pension Benefits				Post-retirement Benefits
(in thousands)	2014		2013		2014		2013
Funded Status
Fair value of plan assets	$	1,478,686	$	1,432,695	$	—	$	—
Benefit obligations		(2,051,907)		(1,849,321)		(10,602)		(12,586)
Funded status and amount recognized, end of year	$	(573,221)	$	(416,626)	$	(10,602)	$	(12,586)

Schedule of amounts recognized in the consolidated balance sheet


	Pension Benefits				Post-retirement Benefits
(in thousands)	2014		2013		2014		2013
Current liability	$	(8,529)	$	(33,418)	$	(1,270)	$	(1,585)
Noncurrent liability		(564,692)		(383,208)		(9,332)		(11,001)
	$	(573,221)	$	(416,626)	$	(10,602)	$	(12,586)

Schedule of amounts recognized in accumulated other comprehensive income


	Pension Benefits				Post-retirement Benefits
(in thousands)	2014		2013		2014		2013
Net actuarial loss/(gain)	$	701,408	$	518,914	$	(9,385)	$	(11,041)
Prior service cost/(credit)		—		12		(12,768)		(13,436)
	$	701,408	$	518,926	$	(22,153)	$	(24,477)

Schedule of elements of retirement expense


	Years Ended
	December 28,		December 29,		December 30,
(in thousands)	2014		2013		2012
Pension plans:
Service Cost	$	8,030	$	5,545	$	5,540
Interest Cost		91,004		84,596		91,898
Expected return on plan assets		(107,460)		(101,053)		(107,760)
Prior service cost amortization		12		14		14
Actuarial loss		16,009		25,557		12,687
Net pension expense		7,595		14,659		2,379
Net post-retirement benefit credit		(2,963)		(2,497)		(995)
Net retirement expenses	$	4,632	$	12,162	$	1,384

Schedule of weighted average assumptions used for valuing benefit obligations


	Pension Benefit				Post-retirement
	Obligations				Obligations
	2014		2013		2014		2013
Discount rate	4.24	%	5.01	%	3.69	%	4.36	%

Schedule of weighted average assumptions used in calculating expense


	Pension Benefit Expense						Post-retirement Expense
	December 28,		December 29,		December 30,		December 28,		December 29,		December 30,
	2014		2013		2012		2014		2013		2012
Expected long-term return on plan assets	8.00	%	8.00	%	8.25	%	N/A		N/A		N/A
Discount rate	5.01	%	4.17	%	5.31	%	4.36	%	3.39	%	4.26 % / 3.31	%	(1)

⁽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


	Retirement		Post-retirement
(in thousands)	Plans (1)		Plans
2015	$	98,178	$	1,270
2016		100,455		1,188
2017		104,703		1,108
2018		107,539		1,031
2019		112,049		955
2020-2024		603,352		3,694
Total	$	1,126,276	$	9,246

⁽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


	2014
	Plan Assets
(in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	1,068	$	—	$	—	$	1,068
Mutual funds		485,488		—		—		485,488
Corporate debt instruments		—		106		—		106
Common collective trusts		—		937,809		—		937,809
Real estate		—		—		47,579		47,579
Other		—		—		6,636		6,636
Total	$	486,556	$	937,915	$	54,215		1,478,686
Pending trades								—
							$	1,478,686


	2013
	Plan Assets
(in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	844	$	—	$	—	$	844
Mutual funds		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

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


(in thousands)	Real Estate		Private Equity (1)		Total
Beginning Balance, December 29, 2013	$	52,265	$	7,167	$	59,432
Purchases, issuances, sales, settlements		(3,312)		—		(3,312)
Realized gains (losses)		3,973		(16,153)		(12,180)
Transfer in or out of level 3		(3,973)		(483)		(4,456)
Unrealized gains (losses)		(1,374)		16,105		14,731
Ending Balance, December 28, 2014	$	47,579	$	6,636	$	54,215

⁽¹⁾

The activity within the unrealized gains (losses) and the realized gains (losses) relates to closing out two funds within the private equity funds. There was no impact to the total asset value of the private equity funds as a result of these transactions.


(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