EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 27, 2015

Schedule of elements of retirement expense


	Years Ended
	December 27,		December 28,		December 29,
(in thousands)	2015		2014		2013
Pension plans:
Service Cost	$	11,680	$	8,030	$	5,545
Interest Cost		84,994		91,004		84,596
Expected return on plan assets		(106,283)		(107,460)		(101,053)
Prior service cost amortization		—		12		14
Actuarial loss		22,194		16,009		25,557
Net pension expense		12,585		7,595		14,659
Net post-retirement benefit credit		(2,614)		(2,963)		(2,497)
Net retirement expenses	$	9,971	$	4,632	$	12,162

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)	2015		2014		2015		2014
Change in Benefit Obligation
Benefit obligation, beginning of year	$	2,051,907	$	1,849,321	$	10,602	$	12,586
Service cost		11,680		8,030		—		—
Interest cost		84,994		91,004		368		514
Plan participants’ contributions		—		—		35		267
Actuarial (gain)/loss		(101,952)		213,176		(87)		467
Gross benefits paid		(103,062)		(101,441)		(1,035)		(1,611)
Plan amendment		—		—		—		(1,621)
Administrative expenses		(12,247)		(8,183)		—		—
Benefit obligation, end of year	$	1,931,320	$	2,051,907	$	9,883	$	10,602


	Pension Benefits				Post-retirement Benefits
(in thousands)	2015		2014		2015		2014
Change in Plan Assets
Fair value of plan assets, beginning of year	$	1,478,686	$	1,432,695	$	—	$	—
Actual return on plan assets		(22,307)		122,133		—		—
Employer contribution		8,533		33,482		1,000		1,344
Plan participants’ contributions		—		—		35		267
Gross benefits paid		(103,062)		(101,441)		(1,035)		(1,611)
Administrative expenses		(12,247)		(8,183)		—		—
Fair value of plan assets, end of year	$	1,349,603	$	1,478,686	$	—	$	—


	Pension Benefits				Post-retirement Benefits
(in thousands)	2015		2014		2015		2014
Funded Status
Fair value of plan assets	$	1,349,603	$	1,478,686	$	—	$	—
Benefit obligations		(1,931,320)		(2,051,907)		(9,883)		(10,602)
Funded status and amount recognized, end of year	$	(581,717)	$	(573,221)	$	(9,883)	$	(10,602)

Schedule of amounts recognized in the consolidated balance sheet


	Pension Benefits				Post-retirement Benefits
(in thousands)	2015		2014		2015		2014
Current liability	$	(8,450)	$	(8,529)	$	(1,298)	$	(1,270)
Noncurrent liability		(573,267)		(564,692)		(8,585)		(9,332)
	$	(581,717)	$	(573,221)	$	(9,883)	$	(10,602)

Schedule of amounts recognized in accumulated other comprehensive income


	Pension Benefits				Post-retirement Benefits
(in thousands)	2015		2014		2015		2014
Net actuarial loss/(gain)	$	705,853	$	701,408	$	(8,568)	$	(9,385)
Prior service cost/(credit)		—		—		(10,690)		(12,768)
	$	705,853	$	701,408	$	(19,258)	$	(22,153)

Schedule of weighted average assumptions used for valuing benefit obligations


	Pension Benefit				Post-retirement
	Obligations				Obligations
	2015		2014		2015		2014
Discount rate	4.71	%	4.24	%	4.21	%	3.69	%

Schedule of weighted average assumptions used in calculating expense


	Pension Benefit Expense						Post-retirement Expense
	December 27,		December 28,		December 29,		December 27,		December 28,		December 29,
	2015		2014		2013		2015		2014		2013
Expected long-term return on plan assets	7.75	%	8.00	%	8.00	%	N/A		N/A		N/A
Discount rate	4.24	%	5.01	%	4.17	%	3.69	%	4.36	%	3.39	%

Summary of expected benefit payments to retirees under the Company's retirement and post-retirement plans


	Retirement		Post-retirement
(in thousands)	Plans (1)		Plans
2016	$	101,524	$	1,297
2017		104,592		1,198
2018		107,158		1,105
2019		112,402		1,026
2020		113,173		942
2021-2025		612,003		3,567
Total	$	1,150,852	$	9,135

⁽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


	2015
	Plan Assets
(in thousands)	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	844	$	—	$	—	$	844
Mutual funds		436,316		—		—		436,316
Corporate debt instruments		—		112		—		112
Common collective trusts		—		845,686		—		845,686
Real estate		—		—		50,360		50,360
Private equity funds		—		—		7,282		7,282
Total	$	437,160	$	845,798	$	57,642	$	1,340,600
Pending trades								9,003
							$	1,349,603


	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
Private equity funds		—		—		6,636		6,636
Total	$	486,556	$	937,915	$	54,215	$	1,478,686

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 28, 2014	$	47,579	$	6,636	$	54,215
Purchases, issuances, sales, settlements		—		—		—
Realized gains (losses)		2,479		—		2,479
Transfer in or out of level 3		(3,936)		—		(3,936)
Unrealized gains (losses)		4,238		646		4,884
Ending Balance, December 27, 2015	$	50,360	$	7,282	$	57,642

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