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 |
|
|