| 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 ended Dec. 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. |
|