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Benefit Plans (Tables)
12 Months Ended
Dec. 28, 2014
Changes in Projected Benefit Obligation

The following tables set forth pertinent information for the two Company-sponsored pension plans:

Changes in Projected Benefit Obligation

 

     Fiscal Year  

In Thousands

   2014     2013  

Projected benefit obligation at beginning of year

   $ 226,265      $ 280,099   

Service cost

     109        121   

Interest cost

     11,603        12,014   

Actuarial (gain)/loss

     49,500        (29,862

Benefits paid

     (7,808     (43,499

Voluntary pension settlement

     0        7,221   

Change in plan amendments

     0        171   
  

 

 

   

 

 

 

Projected benefit obligation at end of year

   $ 279,669      $ 226,265   
  

 

 

   

 

 

 

 

Change in Plan Assets

Change in Plan Assets

 

In Thousands

   2014     2013  

Fair value of plan assets at beginning of year

   $ 200,824      $ 206,555   

Actual return on plan assets

     9,676        30,493   

Employer contributions

     10,000        7,275   

Benefits paid

     (7,808     (43,499
  

 

 

   

 

 

 

Fair value of plan assets at end of year

   $ 212,692      $ 200,824   
  

 

 

   

 

 

 
Funded Status

Funded Status

 

In Thousands

   Dec. 28,
2014
    Dec. 29,
2013
 

Projected benefit obligation

   $ (279,669   $ (226,265

Plan assets at fair value

     212,692        200,824   
  

 

 

   

 

 

 

Net funded status

   $ (66,977   $ (25,441
  

 

 

   

 

 

 

Amounts Recognized in the Consolidated Balance Sheet

Amounts Recognized in the Consolidated Balance Sheets

 

In Thousands

   Dec. 28,
2014
    Dec. 29,
2013
 

Current liabilities

   $ 0      $ 0   

Noncurrent liabilities

     (66,977     (25,441
  

 

 

   

 

 

 

Net amount recognized

   $ (66,977   $ (25,441
  

 

 

   

 

 

Net Periodic Pension Cost (Benefit)

Net Periodic Pension Cost (Benefit)

 

     Fiscal Year  

In Thousands

   2014     2013     2012  

Service cost

   $ 109      $ 121      $ 105   

Interest cost

     11,603        12,014        12,451   

Expected return on plan assets

     (13,775     (13,797     (12,462

Loss on voluntary pension settlement

     0        12,014        0   

Amortization of prior service cost

     36        28        17   

Recognized net actuarial loss

     1,743        3,027        2,822   
  

 

 

   

 

 

   

 

 

 

Net periodic pension cost (benefit)

   $ (284   $ 13,407      $ 2,933   
  

 

 

   

 

 

   

 

 

 
Significant Assumptions Used

Significant Assumptions Used

   2014     2013     2012  

Projected benefit obligation at the measurement date:

      

Discount rate

     4.32     5.21     4.47

Weighted average rate of compensation increase

     N/A        N/A        N/A   

Net periodic pension cost for the fiscal year:

      

Discount rate

     5.21     4.47     5.18

Weighted average expected long-term rate of return on plan assets

     7.00     7.00     7.00

Weighted average rate of compensation increase

     N/A        N/A        N/A   

Expected Weighted Average Long-Term Rate of Return

The Company’s pension plans target asset allocation for 2015, actual asset allocation at December 28, 2014 and December 29, 2013 and the expected weighted average long-term rate of return by asset category were as follows:

 

     Target
Allocation
2015
    Percentage
of Plan

Assets at
Fiscal Year-
End
    Weighted
Average

Expected
Long-Term 

Rate of Return - 2014
 
       2014     2013    

U.S. large capitalization equity securities

     40     41     40     3.5

U.S. small/mid-capitalization equity securities

     5     5     5     0.4

International equity securities

     15     14     15     1.4

Debt securities

     40     40     40     1.7
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

     100     100     100     7.0
  

 

 

   

 

 

   

 

 

   

 

 

 
Pension Plan Assets Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s pension plan assets measured at fair value on a recurring basis (at least annually) at December 28, 2014:

 

In Thousands

   Quoted Prices in
Active Market for
Identical Assets
(Level 1)
     Significant Other
Observable Input
(Level 2)
     Total  

Equity securities

        

Common/collective trust funds(1)

   $ 0       $ 127,311       $ 127,311   

Other

     619         23         642   

Fixed income

        

Common/collective trust funds(1)

     0         84,739         84,739   
  

 

 

    

 

 

    

 

 

 

Total

   $ 619       $ 212,073       $ 212,692   
  

 

 

    

 

 

    

 

 

 

 

(1) The underlying investments held in common/collective trust funds are actively managed equity securities and fixed income investment vehicles that are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.

The following table summarizes the Company’s pension plan assets measured at fair value on a recurring basis (at least annually) at December 29, 2013:

 

In Thousands

   Quoted Prices in
Active Market for
Identical Assets
(Level 1)
     Significant Other
Observable Input
(Level 2)
     Total  

Cash equivalents(1)

        

Common/collective trust funds

   $ 0       $ 196       $ 196   

Equity securities

        

Common/collective trust funds(2)

     0         120,044         120,044   

Other

     624         0         624   

Fixed income

        

Common/collective trust funds(2)

     0         79,960         79,960   
  

 

 

    

 

 

    

 

 

 

Total

   $ 624       $ 200,200       $ 200,824   
  

 

 

    

 

 

    

 

 

 

 

(1) Cash equivalents are valued at their net asset value which approximates fair value.

 

(2) The underlying investments held in common/collective trust funds are actively managed equity securities and fixed income investment vehicles that are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.
Reconciliation of Beginning and Ending Balances of Benefit Obligation
     Fiscal Year  

In Thousands

   2014     2013  

Benefit obligation at beginning of year

   $ 67,840      $ 69,828   

Service cost

     1,445        1,626   

Interest cost

     3,255        2,877   

Plan amendments

     (8,681     0   

Plan participants’ contributions

     586        569   

Actuarial (gain)/loss

     9,323        (3,560

Benefits paid

     (3,685     (3,611

Medicare Part D subsidy reimbursement

     38        111   
  

 

 

   

 

 

 

Benefit obligation at end of year

$ 70,121    $ 67,840   
  

 

 

   

 

 

 
Reconciliation of Beginning and Ending Balances of Fair Value of Plan Assets

Fair value of plan assets at beginning of year

$ 0    $ 0   

Employer contributions

  3,061      2,931   

Plan participants’ contributions

  586      569   

Benefits paid

  (3,685   (3,611

Medicare Part D subsidy reimbursement

  38      111   
  

 

 

   

 

 

 

Fair value of plan assets at end of year

$ 0    $ 0   
  

 

 

   

 

 

 
Reconciliation of Beginning and Ending Balances of Accrued Liability

In Thousands

   Dec. 28,
2014
    Dec. 29,
2013
 

Current liabilities

   $ (2,998   $ (2,682

Noncurrent liabilities

     (67,123     (65,158
  

 

 

   

 

 

 

Accrued liability at end of year

   $ (70,121   $ (67,840
  

 

 

   

 

 

 
Components of Net Periodic Postretirement Benefit Cost

The components of net periodic postretirement benefit cost were as follows:

 

     Fiscal Year  

In Thousands

   2014     2013     2012  

Service cost

   $ 1,445      $ 1,626      $ 1,256   

Interest cost

     3,255        2,877        2,981   

Recognized net actuarial loss

     2,293        2,943        2,339   

Amortization of prior service cost

     (1,513     (1,513     (1,513
  

 

 

   

 

 

   

 

 

 

Net periodic postretirement benefit cost

   $ 5,480      $ 5,933      $ 5,063   
  

 

 

   

 

 

   

 

 

 

Significant Assumptions Used

Significant Assumptions Used

   2014     2013     2012  

Benefit obligation at the measurement date:

      

Discount rate

     4.13     4.96     4.11

Net periodic postretirement benefit cost for the fiscal year:

      

Discount rate

     4.96     4.11     4.94

A 1% Increase or Decrease in Annual Health Care Cost

A 1% increase or decrease in this annual health care cost trend would have impacted the postretirement benefit obligation and service cost and interest cost of the Company’s postretirement benefit plan as follows:

 

In Thousands

   1%
Increase
     1%
Decrease
 

Increase (decrease) in:

     

Postretirement benefit obligation at December 28, 2014

   $ 8,036       $ (7,495

Service cost and interest cost in 2014

     563         (515

Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost

The amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 29, 2013, the activity during 2014, and the balances at December 28, 2014 are as follows:

 

In Thousands

   Dec. 29,
2013
    Actuarial
Gain
(Loss)
    Reclassification
Adjustments
    Dec. 28,
2014
 

Pension Plans:

        

Actuarial (loss)

   $ (71,787   $ (53,597   $ 1,743      $ (123,641

Prior service (cost) credit

     (199     0        36        (163

Postretirement Medical:

        

Actuarial (loss)

     (31,268     (9,324     2,293        (38,299

Prior service (cost) credit

     5,674        8,682        (1,513     12,843   
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ (97,580   $ (54,239   $ 2,559      $ (149,260
  

 

 

   

 

 

   

 

 

   

 

 

 

 

 

Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized as Components of Net Periodic Pension Costs or Postretirement Benefits Costs in 2015

The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic cost during 2015 are as follows:

 

In Thousands

   Pension
Plans
     Postretirement
Medical
    Total  

Actuarial loss

   $ 3,182       $ 2,870      $ 6,052   

Prior service cost (credit)

     35         (3,360     (3,325
  

 

 

    

 

 

   

 

 

 
   $ 3,217       $ (490   $ 2,727   
  

 

 

    

 

 

   

 

 

 

Multi-Employer Plans

The Company’s participation in the plan is outlined in the table below. The most recent Pension Protection Act (“PPA”) zone status available in 2014 and 2013 is for the plan’s years ending at December 31, 2013 and 2012, respectively. The plan is in the red zone which represents below 80% funded and does require a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”).

 


    Pension Protection
Act Zone Status
    FIP/RP Status
Pending/

Implemented
    Contribution
(In Thousands)
    Surcharge
Imposed
 

Pension Fund

      2014         2013           2014     2013     2012    

Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund (EIN/Pension Plan
No. 55-6021850)

    Red        Green        Yes      $ 655      $ 640      $ 606        Yes   
       

 

 

   

 

 

   

 

 

   
Pension Plans [Member]  
Anticipated Future Pension Benefit Payments

Cash Flows

 

In Thousands

      

Anticipated future pension benefit payments for the fiscal years:

  

2015

   $ 8,763   

2016

     9,219   

2017

     9,749   

2018

     10,425   

2019

     11,033   

2020 — 2024

     65,333   

Postretirement Benefits [Member]  
Anticipated Future Pension Benefit Payments

Cash Flows

 

In Thousands

      

Anticipated future postretirement benefit payments reflecting expected future service for the fiscal years:

   

2015

   $ 2,998   

2016

     3,193   

2017

     3,440   

2018

     3,802   

2019

     4,096   

2020 — 2024

     22,522