Pension, Postretirement and Postemployment Benefits (Tables)
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12 Months Ended |
Dec. 27, 2015 |
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| Pension, Postretirement and Postemployment Benefits [Abstract] |
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| Summary of Changes in Projected Benefit Obligation, Plan Assets and Funded Status |
Reconciliations of the beginning and ending balances for the projected benefit obligation, the fair value of plan assets and the funded status are included below for the years ended December 27, 2015 and December 28, 2014.
| | Pension | | Postretirement | | | | | | | | | | | | 2015 | | 2014 | | 2015 | | 2014 | Change in Projected Benefit Obligation | | | | | | | | | Projected benefit obligation – beginning | $ | 383,068 | | 332,774 | | 28,017 | | 27,174 | Service cost | | 1,918 | | 1,824 | | 567 | | 543 | Interest cost | | 15,683 | | 16,209 | | 1,154 | | 1,337 | Actuarial (gain) loss | | (17,968) | | 59,640 | | (741) | | 796 | Curtailment | | 660 | | - | | (746) | | - | Benefits paid | | (20,202) | | (25,690) | | (2,004) | | (1,833) | Expenses paid | | (2,099) | | (1,689) | | - | | - | Projected benefit obligation – ending | $ | 361,060 | | 383,068 | | 26,247 | | 28,017 | Accumulated benefit obligation – ending | $ | 361,060 | | 383,068 | | 26,247 | | 28,017 | | | | | | | | | | | Change in Plan Assets | | | | | | | | | Fair value of plan assets – beginning | $ | 272,010 | | 273,337 | | - | | - | Actual return on plan assets | | (3,414) | | 20,385 | | - | | - | Employer contribution | | 13,034 | | 5,667 | | - | | - | Benefits paid | | (20,202) | | (25,690) | | - | | - | Expenses paid | | (2,099) | | (1,689) | | - | | - | Fair value of plan assets – ending | $ | 259,329 | | 272,010 | | - | | - | | | | | | | | | | | Reconciliation of Funded Status | | | | | | | | | Projected benefit obligation | $ | (361,060) | | (383,068) | | (26,247) | | (28,017) | Fair value of plan assets | | 259,329 | | 272,010 | | - | | - | Funded status | | (101,731) | | (111,058) | | (26,247) | | (28,017) | Unrecognized net loss | | 120,482 | | 123,968 | | 41 | | 782 | Unrecognized prior service cost (credit) | | - | | 187 | | - | | (3,401) | Net amount recognized | $ | 18,751 | | 13,097 | | (26,206) | | (30,636) | | | | | | | | | | | Accrued liabilities | $ | (2,663) | | (2,990) | | (1,800) | | (2,100) | Other liabilities | | (99,068) | | (108,068) | | (24,447) | | (25,917) | Accumulated other comprehensive earnings (loss) | | 120,482 | | 124,155 | | 41 | | (2,619) | Net amount recognized | $ | 18,751 | | 13,097 | | (26,206) | | (30,636) |
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| Assumptions used to determine year-end pension and postretirement benefit obligations |
Assumptions used to determine the year-end pension and postretirement benefit obligations are as follows:
| | 2015 | | 2014 | Pension | | | | Weighted average discount rate | 4.58% | | 4.19% | | | | | | Mortality table | RP-2014/Scale BB | | RP-2014/Scale BB | | | | | | Postretirement | | | | Discount rate | 4.64% | | 4.23% | Health care cost trend rate assumed for next year | 7.00% | | 6.50% | Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00% | | 5.00% | Year that the rate reaches the ultimate trend | 2021 | | 2020 |
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| Fair Values of Plan Assets by Asset Class and Fair Value Hierarchy Level |
The assets of the funded plans are managed by investment advisors. The fair values of the plan assets by asset class and fair value hierarchy level (as described in note 12) as of December 27, 2015 and December 28, 2014 are as follows:
| | | | Fair value measurements using: | | | Fair Value | | Quoted Prices in Active Markets For Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | 2015: | | | | | | | | | Equity: | | | | | | | | | Large Cap | $ | 27,600 | | 27,600 | | - | | - | Small Cap | | 24,300 | | 24,300 | | - | | - | International | | 37,500 | | - | | 37,500 | | - | Other | | 2,500 | | - | | - | | 2,500 | Fixed Income | | 122,600 | | - | | 122,600 | | - | Total Return Fund | | 27,700 | | - | | 27,700 | | - | Cash Equivalents | | 17,100 | | - | | 17,100 | | - | | | $ | 259,300 | | 51,900 | | 204,900 | | 2,500 | | | | | | | | | | | 2014: | | | | | | | | | Equity: | | | | | | | | | Large Cap | $ | 14,100 | | 14,100 | | - | | - | Small Cap | | 18,000 | | 18,000 | | - | | - | International | | 34,300 | | - | | 34,300 | | - | Other | | 36,400 | | - | | - | | 36,400 | Fixed Income | | 132,100 | | - | | 110,100 | | 22,000 | Total Return Fund | | 28,600 | | - | | 28,600 | | - | Cash Equivalents | | 8,500 | | - | | 8,500 | | - | | | $ | 272,000 | | 32,100 | | 181,500 | | 58,400 |
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| Components of Net Periodic Benefit Cost |
The following is a detail of the components of the net periodic benefit cost for the three years ended December 27, 2015.
| | 2015 | | 2014 | | 2013 | Components of Net Periodic Cost | | | | | | | | | | | | | | | Pension | | | | | | | Service cost | $ | 1,918 | | 1,824 | | 2,579 | Interest cost | | 15,683 | | 16,209 | | 15,597 | Expected return on assets | | (18,538) | | (18,631) | | (17,761) | Amortization of prior service cost | | 65 | | 98 | | 98 | Amortization of actuarial loss | | 7,468 | | 3,351 | | 7,070 | Curtailment/settlement losses | | 781 | | - | | 6,993 | Net periodic benefit cost | $ | 7,377 | | 2,851 | | 14,576 | | | | | | | | | Postretirement | | | | | | | Service cost | $ | 567 | | 543 | | 750 | Interest cost | | 1,154 | | 1,337 | | 1,380 | Amortization of actuarial (gain) loss | | (304) | | (457) | | (264) | Curtailment | | (3,842) | | - | | - | Net periodic benefit cost (income) | $ | (2,425) | | 1,423 | | 1,866 |
See note 17 for additional information on 2015 curtailment.
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| Assumptions Used to Determine Net Periodic Benefit Cost of Pension Plan and Postretirement Plan |
Assumptions used to determine net periodic benefit cost of the pension plan and postretirement plan for each fiscal year follow:
| | 2015 | | 2014 | | 2013 | Pension | | | | | | Weighted average discount rate | 4.22% | | 5.02% | | 4.49% | Long-term rate of return on plan assets | 7.00% | | 7.00% | | 7.00% | | | | | | | | Postretirement | | | | | | Discount rate | 4.49% | | 5.11% | | 4.34% | Health care cost trend rate assumed for next year | 6.50% | | 7.00% | | 7.00% | Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00% | | 5.00% | | 5.00% | Year that the rate reaches the ultimate trend rate | 2020 | | 2020 | | 2020 |
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| Schedule of Expected Benefit Payments |
Expected benefit payments under the defined benefit pension plans and the postretirement benefit plan for the next five years subsequent to 2015 and in the aggregate for the following five years are as follows:
| | Pension | | Postretirement | 2016 | $ | 19,501 | | 1,850 | 2017 | | 20,036 | | 1,657 | 2018 | | 20,576 | | 1,615 | 2019 | | 20,955 | | 1,553 | 2020 | | 21,249 | | 1,504 | 2021-2025 | | 115,117 | | 6,934 |
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