|
Retirement Plans (Tables)
|
12 Months Ended |
|
Dec. 29, 2012
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
|
2011 |
|
|
Change in projected benefit
obligations:
|
|
|
|
|
|
|
|
|
|
Projected benefit
obligations at beginning of the year
|
|
$ |
269,099 |
|
|
$ |
230,114 |
|
|
PLG projected benefit
obligations at acquisition date
|
|
|
109,705 |
|
|
|
– |
|
|
Service cost pertaining to
benefits earned during the year
|
|
|
7,709 |
|
|
|
6,499 |
|
|
Interest cost on projected
benefit obligations
|
|
|
15,314 |
|
|
|
13,326 |
|
|
Actuarial losses
|
|
|
55,665 |
|
|
|
30,320 |
|
|
Benefits paid to plan
participants
|
|
|
(12,307 |
) |
|
|
(11,160 |
) |
|
|
|
|
|
|
|
|
|
|
|
Projected benefit
obligations at end of the year
|
|
$ |
445,185 |
|
|
$ |
269,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of
pension assets:
|
|
|
|
|
|
|
|
|
|
Fair value of pension
assets at beginning of the year
|
|
$ |
163,123 |
|
|
$ |
144,411 |
|
|
PLG fair value of pension
assets at acquisition date
|
|
|
71,963 |
|
|
|
– |
|
|
Actual return on plan
assets
|
|
|
26,001 |
|
|
|
(3,857 |
) |
|
Company contributions -
pension
|
|
|
26,657 |
|
|
|
31,800 |
|
|
Company contributions -
SERP
|
|
|
1,858 |
|
|
|
1,929 |
|
|
Benefits paid to plan
participants
|
|
|
(12,307 |
) |
|
|
(11,160 |
) |
|
|
|
|
|
|
|
|
|
|
|
Fair value of pension
assets at end of the year
|
|
$ |
277,295 |
|
|
$ |
163,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status
|
|
$ |
(167,890 |
) |
|
$ |
(105,976 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized in the
consolidated balance sheets:
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
$ |
(2,428 |
) |
|
$ |
(2,151 |
) |
|
Non current
liabilities
|
|
|
(165,462 |
) |
|
|
(103,825 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net amount
recognized
|
|
$ |
(167,890 |
) |
|
$ |
(105,976 |
) |
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized in
accumulated other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
Unrecognized net actuarial
loss (amount net of tax: 2012 – $(90,525);
2011 – $(74,272))
|
|
$ |
(137,910 |
) |
|
$ |
(113,789 |
) |
|
Unrecognized prior service
cost (amount net of tax: 2012 – $(228); 2011 –
$(310))
|
|
|
(350 |
) |
|
|
(477 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net amount
recognized
|
|
$ |
(138,260 |
) |
|
$ |
(114,266 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status of pension
plans and SERP (supplemental):
|
|
|
|
|
|
|
|
|
|
Funded status of qualified
defined benefit plans and SERP
|
|
$ |
(167,890 |
) |
|
$ |
(105,976 |
) |
|
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
|
|
|
46,701 |
|
|
|
38,203 |
|
|
|
|
|
|
|
|
|
|
|
|
Net funded status of
pension plans and SERP (supplemental)
|
|
$ |
(121,189 |
) |
|
$ |
(67,773 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Summary of Net Pension and Serp Expense Recognized |
The following is a summary
of net pension and SERP expense recognized by the
Company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
|
Service cost pertaining to
benefits earned during the year
|
|
$ |
(7,709 |
) |
|
$ |
(6,499 |
) |
|
$ |
(5,729 |
) |
|
Interest cost on projected
benefit obligations
|
|
|
(15,314 |
) |
|
|
(13,326 |
) |
|
|
(12,719 |
) |
|
Expected return on pension
assets
|
|
|
15,958 |
|
|
|
14,255 |
|
|
|
12,208 |
|
|
Net amortization
loss
|
|
|
(20,837 |
) |
|
|
(11,932 |
) |
|
|
(10,046 |
) |
|
|
|
|
Net pension
expense
|
|
$ |
(27,902 |
) |
|
$ |
(17,502 |
) |
|
$ |
(16,286 |
) |
|
|
|
|
| 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.
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
Weighted-average
assumptions used to determine benefit obligations at fiscal
year-end:
|
|
|
|
|
|
Discount rate
|
|
4.30% |
|
5.42% |
|
Rate of compensation
increase - pension
|
|
4.85% |
|
4.85% |
|
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
|
|
5.14% |
|
5.94% |
|
Expected long-term rate of
return on plan assets
|
|
7.68% |
|
8.00% |
|
Rate of compensation
increase - pension
|
|
4.85% |
|
4.85% |
|
Rate of compensation
increase - SERP
|
|
7.00% |
|
7.00% |
|
| Asset Allocations |
The Company’s asset
allocations at fiscal year-end by asset category and fair value
measurement are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Total |
|
|
|
|
|
Equity
securities
|
|
$ |
12,780 |
|
|
$ |
185,621 |
|
|
$ |
198,401 |
|
|
|
71.6% |
|
|
Fixed income
investments
|
|
|
25,428 |
|
|
|
53,390 |
|
|
|
78,818 |
|
|
|
28.4% |
|
|
Cash and money market
investments
|
|
|
29 |
|
|
|
– |
|
|
|
29 |
|
|
|
0.0% |
|
|
|
|
|
Fair value of plan
assets
|
|
$ |
38,237 |
|
|
$ |
239,011 |
|
|
$ |
277,248 |
|
|
|
100.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
|
|
|
|
Level 1 |
|
|
|
Level
2 |
|
|
|
Total |
|
|
|
|
|
|
Equity
securities
|
|
$ |
– |
|
|
$ |
119,444 |
|
|
$ |
119,444 |
|
|
|
73.2% |
|
|
Fixed income
investments
|
|
|
– |
|
|
|
43,581 |
|
|
|
43,581 |
|
|
|
26.7% |
|
|
Cash and money market
investments
|
|
|
– |
|
|
|
98 |
|
|
|
98 |
|
|
|
0.1% |
|
|
|
|
|
Fair value of plan
assets
|
|
$ |
– |
|
|
$ |
163,123 |
|
|
$ |
163,123 |
|
|
|
100.0% |
|
|
|
|
|
| Expected Benefit Payments |
Expected benefit payments
for the five years subsequent to 2012 and the sum of the five years
following those are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
|
2014 |
|
|
2015 |
|
|
2016 |
|
|
2017 |
|
|
2018-2022 |
|
|
Expected benefit
payments
|
|
$ |
16,727 |
|
|
$ |
18,619 |
|
|
$ |
19,372 |
|
|
$ |
20,385 |
|
|
$ |
21,125 |
|
|
$ |
118,956 |
|
|