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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