XML 21 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Pension, Postretirement, and Postemployement Obligations
3 Months Ended
Dec. 30, 2018
Pension Postretirement And Postemployment Defined Benefit Plans [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block]
PENSION, POSTRETIREMENT AND POSTEMPLOYMENT DEFINED BENEFIT PLANS

We have several noncontributory defined benefit pension plans that together cover selected employees. Benefits under the plans were generally based on salary and years of service. Effective in 2012, substantially all benefits are frozen and only a small amount of additional benefits are being accrued. Our liability and related expense for benefits under the plans are recorded over the service period of employees based upon annual actuarial calculations. Plan funding strategies are influenced by government regulations. Plan assets consist primarily of domestic and foreign corporate equity securities, government and corporate bonds, hedge fund investments and cash.
 
In addition, we provide retiree medical and life insurance benefits under postretirement plans at several of our operating locations. The level and adjustment of participant contributions vary depending on the specific plan. In addition, St. Louis Post-Dispatch LLC, provides postemployment disability benefits to certain employee groups prior to retirement. Our liability and related expense for benefits under the postretirement plans are recorded over the service period of active employees based upon annual actuarial calculations. We accrue postemployment disability benefits when it becomes probable that such benefits will be paid and when sufficient information exists to make reasonable estimates of the amounts to be paid.

We use a fiscal year end measurement date for all of our pension and postretirement medical plan obligations.
 
The net periodic postretirement cost (benefit) components for our postretirement plans are as follows:
PENSION PLANS
13 Weeks Ended
 
(Thousands of Dollars)
December 30
2018

December 24
2017

 
 
 
Service cost for benefits earned during the period
9

12

Interest cost on projected benefit obligation
1,641

1,438

Expected return on plan assets
(2,018
)
(1,983
)
Amortization of net loss
284

506

Amortization of prior service benefit
(25
)
(34
)
Pension benefit
(109
)
(61
)
 
 
 
POSTRETIREMENT MEDICAL PLANS
13 Weeks Ended
 
(Thousands of Dollars)
December 30
2018

December 24
2017

 
 
 
Service cost for benefits earned during the period


Interest cost on projected benefit obligation
103

90

Expected return on plan assets
(270
)
(270
)
Amortization of net gain
(244
)
(246
)
Amortization of prior service benefit
(181
)
(196
)
Postretirement medical benefit
(592
)
(622
)

In the 13 weeks ended December 30, 2018, we adopted the new accounting standard to improve the presentation of pension and postretirement benefit expenses. As a result, the service cost for benefits earned during the period continue to be included as compensation in the Consolidated Statement of Income and Comprehensive income, while the other components of the pension benefit are recorded as non-operating income in other, net. Prior period amounts have been reclassified to conform to current period presentation.

In the 13 weeks ended December 30, 2018, we contributed $650,000 to our pension plans. Based on our forecast at December 30, 2018, we do not expect to make contributions to our pension trust during the remainder of 2019.