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Retirement Plans (Tables)
 12 Months Ended
Dec. 29, 2018
Retirement Benefits [Abstract]  
Changes in Company's Assets and Related Obligations for its Pension Plans
The following summarizes the status of and changes in the Company’s assets and related obligations for its pension plans (which include the Company’s defined benefit pension plans and the SERP) for the fiscal years 2018 and 2017:
 
Fiscal Year
(In millions)
2018
 
2017
Change in projected benefit obligations:
 
 
 
Projected benefit obligations at beginning of the year
$
443.4

 
$
417.5

Service cost pertaining to benefits earned during the year
6.3

 
7.2

Interest cost on projected benefit obligations
16.5

 
17.7

Actuarial loss (gain)
(31.6
)
 
30.5

Benefits paid to plan participants
(19.2
)
 
(27.2
)
Curtailment
—

 
(2.3
)
Settlement
(66.6
)
 
—

Projected benefit obligations at end of the year
$
348.8

 
$
443.4

Change in fair value of pension assets:
 
 
 
Fair value of pension assets at beginning of the year
$
299.6

 
$
271.9

Actual return (loss) on plan assets
(22.6
)
 
41.0

Company contributions - pension
60.7

 
11.3

Company contributions - SERP
2.5

 
2.6

Benefits paid to plan participants
(19.2
)
 
(27.2
)
Settlement
(66.6
)
 
—

Fair value of pension assets at end of the year
$
254.4

 
$
299.6

Funded status
$
(94.4
)
 
$
(143.8
)
Amounts recognized in the consolidated balance sheets:
 
 
 
Non-current assets
$
1.4

 
$
2.1

Current liabilities
(3.8
)
 
(3.7
)
Non-current liabilities
(92.0
)
 
(142.2
)
Net amount recognized
$
(94.4
)
 
$
(143.8
)
Funded status of pension plans and SERP (supplemental):
 
 
 
Nonqualified trust assets (cash surrender value of life insurance) recorded in other assets and intended to satisfy the projected benefit obligation of unfunded SERP obligations
57.4

 
54.0

Net funded status of pension plans and SERP (supplemental)
$
(37.0
)
 
$
(89.8
)
Summary of Net Pension and Serp Expense Recognized
The following is a summary of net pension and SERP expense recognized by the Company:
 
Fiscal Year
(In millions)
2018
 
2017
 
2016
Service cost pertaining to benefits earned during the year
$
6.3

 
$
7.2

 
$
6.5

Interest cost on projected benefit obligations
16.5

 
17.7

 
19.1

Expected return on pension assets
(21.5
)
 
(19.8
)
 
(20.1
)
Net amortization loss
3.3

 
9.8

 
5.0

Settlement loss (gain)
7.2

 
—

 
(0.1
)
Net pension expense
$
11.8

 
$
14.9

 
$
10.4

Less: SERP expense
5.5

 
5.5

 
5.8

Qualified defined benefit pension plans expense
$
6.3

 
$
9.4

 
$
4.6
Weighted-Average Assumptions used to Determine Benefit Obligations and Net Periodic Benefit Cost
The weighted-average actuarial assumptions used to determine the benefit obligation amounts and the net periodic benefit cost for the Company’s pension and post-retirement plans are as follows:
 
Fiscal Year
 
2018
 
2017
Weighted-average assumptions used to determine benefit obligations at fiscal year-end:
 
 
 
Discount rate
4.46%
 
3.80%
Rate of compensation increase - pension
3.82%
 
3.92%
Rate of compensation increase - SERP
7.00%
 
7.00%
Weighted average assumptions used to determine net periodic benefit cost for the years ended:
 
 
 
Discount rate
3.80%
 
4.35%
Expected long-term rate of return on plan assets
7.00%
 
7.25%
Rate of compensation increase - pension
3.92%
 
3.97%
Rate of compensation increase - SERP
7.00%
 
7.00%
Pension Plan Assets
The Company’s asset allocations by asset category and fair value measurement are as follows:
 
December 29, 2018
 
December 30, 2017
(In millions)
Total
 
% of Total
 
Total
 
% of Total
Equity securities
$
138.2

1 
54.4
%
 
$
173.4

1 
57.9
%
Fixed income securities
98.0

1 
38.5
%
 
109.1

1 
36.4
%
Real estate investments
16.1

1 
6.3
%
 
15.8

1 
5.3
%
Other
2.1

2 
0.8
%
 
1.3

2 
0.4
%
Fair value of plan assets
$
254.4

 
100.0
%
 
$
299.6

 
100.0
%
1 
In accordance with ASC 820, Fair Value Measurement (“ASC 820”), certain investments are measured at fair value using the net asset value per share as a practical expedient. These assets have not been classified in the fair value hierarchy.
2 
In accordance with ASC 820, investments have been measured using valuation techniques in which one or more significant inputs are unobservable (Level 3). See Note 15 for additional information.
Expected Benefit Payments
Expected benefit payments for the fiscal years subsequent to December 29, 2018 are as follows:
(In millions)
2019
 
2020
 
2021
 
2022
 
2023
 
2024-2028
Expected benefit payments
$
16.2

 
$
15.7

 
$
16.2

 
$
16.9

 
$
17.7

 
$
98.6