Fair value measurement (Tables)

12 Months Ended

Dec. 28, 2014

Fair Value Disclosures [Abstract]

Financial Instruments Measured at Fair Value

The financial instruments measured at fair value in the accompanying Consolidated Balance Sheets consist of the following:

Company Owned Assets
In thousands of dollars
Fair value measurement as of Dec. 28, 2014
	Level 1		Level 2		Level 3		Total
Assets:
Employee compensation related investments	$	41,017	$	—	$	—	$	41,017
Sundry investments	36,641		—		—		36,641
Total Assets	$	77,658	$	—	$	—	$	77,658
Liabilities:
Contingent consideration payable	$	—	$	—	$	9,912	$	9,912
Total Liabilities	$	—	$	—	$	9,912	$	9,912

In thousands of dollars
Fair value measurement as of Dec. 29, 2013
	Level 1		Level 2		Level 3		Total
Assets:
Employee compensation related investments	$	28,117	$	—	$	—	$	28,117
Sundry investments	34,227		—		—		34,227
Total Assets	$	62,344	$	—	$	—	$	62,344
Liabilities:
Contingent consideration payable	$	—	$	—	$	32,267	$	32,267
Total Liabilities	$	—	$	—	$	32,267	$	32,267

Fair Value of Pension Plan Assets by Level within Fair Value Hierarchy

The following tables set forth by level within the fair value hierarchy the fair values of our pension plans assets:

Pension Plan Assets/Liabilities
In thousands of dollars
Fair value measurement as of Dec. 28, 2014(a)
	Level 1			Level 2			Level 3			Total
Assets:
Fixed income:
U.S. government-related securities	$	—		$	4,005		$	—		$	4,005
Mortgage backed securities	—			3,995			95			4,090
Other government bonds	—			4,562			—			4,562
Corporate bonds	—			24,628			382			25,010
Corporate stock	924,294			—			—			924,294
Real estate	—			—			109,102			109,102
Interest in common/collective trusts:
Equities	—			890,201			—			890,201
Fixed income	6,592			310,128			—			316,720
Interest in reg. invest. companies	152,359			44,406			—			196,765
Interest in 103-12 investments	—			24,359			—			24,359
Partnership/joint venture interests	—			36,517			145,764			182,281
Hedge funds	—			20,166			325,673			345,839
Derivative contracts	8			3,003			124			3,135
Total	$	1,083,253		$	1,365,970		$	581,140		$	3,030,363
Liabilities:
Derivative liabilities	$	(13	)	$	(2,529	)	$	(2,008	)	$	(4,550	)
Total	$	(13	)	$	(2,529	)	$	(2,008	)	$	(4,550	)
Cash and other	14,039			2,662			—			16,701
Total net fair value of plan assets	$	1,097,279		$	1,366,103		$	579,132		$	3,042,514

(a) We use a Dec. 31 measurement date for our retirement plans.

In thousands of dollars
Fair value measurement as of Dec. 29, 2013(a)
	Level 1			Level 2			Level 3			Total
Assets:
Fixed income:
U.S. government-related securities	$	—		$	3,313		$	—		$	3,313
Mortgage backed securities	—			4,210			397			4,607
Other government bonds	—			4,947			—			4,947
Corporate bonds	—			29,599			856			30,455
Corporate stock	892,883			—			—			892,883
Real estate	—			—			98,909			98,909
Interest in common/collective trusts:
Equities	—			908,673			—			908,673
Fixed income	—			213,698			—			213,698
Interest in reg. invest. companies	281,029			42,610			—			323,639
Interest in 103-12 investments	—			28,691			—			28,691
Partnership/joint venture interests	—			36,402			148,550			184,952
Hedge funds	—			22,685			249,991			272,676
Derivative contracts	22			10,956			163			11,141
Total	$	1,173,934		$	1,305,784		$	498,866		$	2,978,584
Liabilities:
Derivative liabilities	$	(8	)	$	(9,486	)	$	(2,008	)	$	(11,502	)
Total	$	(8	)	$	(9,486	)	$	(2,008	)	$	(11,502	)
Cash and other	60,271			1,114			—			61,385
Total net fair value of plan assets	$	1,234,197		$	1,297,412		$	496,858		$	3,028,467

(a) We use a Dec. 31 measurement date for our retirement plans.

Summary of Changes in Fair Value of Pension Plan Assets and Liabilities, Categorized as Level 3

The tables below set forth a summary of changes in the fair value of our pension plan assets and liabilities, categorized as Level 3, for the fiscal year endedDec. 28, 2014, and Dec. 29, 2013:

Pension Plan Assets/Liabilities
In thousands of dollars
For the year ended Dec. 28, 2014
				Actual Return on Plan Assets
	Balance at beginning of year			Relating to assets still held at report date		Relating to assets sold during the period			Purchases, sales, and settlements			Transfers in and/or out of Level 3(1)		Balance at end of year
Assets:
Fixed income:
Mortgage-backed securities	$	397		$	—	$	2		$	(304	)	$	—	$	95
Corporate bonds	856			116		(125		)	(465		)	—		382
Real estate	98,909			279		—			9,914			—		109,102
Partnership/joint venture interests	148,550			586		21,785			(25,157		)	—		145,764
Hedge funds	249,991			10,469		899			64,314			—		325,673
Derivative contracts	163			—		17			(56		)	—		124
Total	$	498,866		$	11,450	$	22,578		$	48,246		$	—	$	581,140
Liabilities:
Derivative liabilities	$	(2,008	)	$	—	$	—		$	—		$	—	$	(2,008	)

(1) Our policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

Pension Plan Assets/Liabilities (continued)
In thousands of dollars
For the year ended Dec. 29, 2013
				Actual Return on Plan Assets
	Balance at beginning of year			Relating to assets still held at report date			Relating to assets sold during the period			Purchases, sales, and settlements			Transfers in and/or out of Level 3(1)			Balance at end of year
Assets:
Fixed income:
Mortgage backed securities	$	—		$	—		$	(3	)	$	400		$	—		$	397
Corporate bonds	797			199			(4		)	(136		)	—			856
Real estate	97,385			1,865			—			(341		)	—			98,909
Partnership/joint venture interests	130,995			11,972			13,327			(9,576		)	1,832			148,550
Hedge funds	158,924			17,613			803			74,483			(1,832		)	249,991
Derivative contracts	500			(376		)	—			39			—			163
Total	$	388,601		$	31,273		$	14,123		$	64,869		$	—		$	498,866
Liabilities:
Derivative liabilities	$	(2,008	)	$	—		$	—		$	—		$	—		$	(2,008	)

(1) Our policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

Fair Value Measurements, Nonrecurring

The following tables summarize the non-financial assets measured at fair value on nonrecurring basis in the accompanying consolidated balance sheet as of Dec. 28, 2014, and Dec. 29, 2013:

Non-Financial Assets
In thousands of dollars
Fair value measurement as of Dec. 28, 2014
	Level 1		Level 2		Level 3		Total
Asset held for sale - Quarter 4	$	—	$	—	$	69,998	$	69,998
Goodwill - Quarter 4	$	—	$	—	$	8,250	$	8,250

Non-Financial Assets
In thousands of dollars
Fair value measurement as of Dec. 29, 2013
	Level 1		Level 2		Level 3		Total
Asset held for sale - Quarter 4	$	—	$	—	$	395,851	$	395,851
Goodwill - Quarter 4	$	—	$	—	$	21,790	$	21,790