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Pension and Other Post-retirement Benefits (Tables)
12 Months Ended
Dec. 29, 2012
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

 

 

December 29, 2012

(in thousands)

 

Pension

 

Other Post-retirement Benefits

 

Total

 

 

 

 

 

 

 

Unrecognized prior service credits

 

$

 -

 

$

 -

 

$

 -

Unrecognized actuarial losses (gains)

 

26,116

 

(369)

 

25,747

Unrecognized net periodic cost (benefit)

 

26,116

 

(369)

 

25,747

Less deferred taxes (benefit)

 

(10,186)

 

144

 

(10,042)

Total

 

$

 15,930

 

$

 (225)

 

$

 15,705

 

 

December 31, 2011

(in thousands)

 

Pension

 

Other Post-retirement Benefits

 

Total

 

 

 

 

 

 

 

Unrecognized prior service credits

 

$

 -

 

$

 -

 

$

 -

Unrecognized actuarial losses (gains)

 

24,368

 

(258)

 

24,110

Unrecognized net periodic cost (benefit)

 

24,368

 

(258)

 

24,110

Less deferred taxes (benefit)

 

(9,504)

 

101

 

(9,403)

Total

 

$

 14,864

 

$

 (157)

 

$

 14,707

Schedule of Net Funded Status [Table Text Block]

 

 

Pension Benefits

 

Other Post-retirement Benefits

(in thousands)

 

2012

 

2011

 

2012

 

2011

Funded Status

 

 

 

 

 

 

 

 

Projected benefit obligation

 

 

 

 

 

 

 

 

Beginning of year

 

$

 (48,570)

 

$

 (43,125)

 

$

 (721)

 

$

 (744)

Interest cost

 

(2,043)

 

(2,121)

 

(29)

 

(35)

Participant contributions

 

-

 

-

 

(15)

 

(36)

Actuarial gain (loss)

 

(4,057)

 

(6,843)

 

135

 

67

Benefits paid

 

3,457

 

3,519

 

74

 

27

End of year

 

(51,213)

 

(48,570)

 

(556)

 

(721)

 

 

 

 

 

 

 

 

 

Fair value of plan assets

 

 

 

 

 

 

 

 

Beginning of year

 

32,895

 

29,762

 

-

 

-

Actual return on plan assets

 

3,471

 

576

 

 

 

 

Employer contributions

 

3,092

 

6,076

 

59

 

(9)

Participant contributions

 

-

 

-

 

15

 

36

Benefits paid

 

(3,457)

 

(3,519)

 

(74)

 

(27)

End of year

 

36,001

 

32,895

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded status

 

(15,212)

 

(15,675)

 

(556)

 

(721)

 

 

 

 

 

 

 

 

 

Accumulated benefit obligation

 

$

 (51,213)

 

$

 (48,570)

 

$

 (556)

 

$

 (721)

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

 

Pension Benefits

 

Other Post-retirement Benefits

(in thousands)

2012

 

2011

 

2012

 

2011

Current liabilities

$

 -

$

 -

$

 (85)

$

 (104)

Non-current liabilities

(15,212)

 

(15,675)

 

(471)

 

(617)

Deferred tax asset (liability)

10,186

 

9,504

 

(144)

 

(101)

Accumulated other comprehensive loss (income)

15,930

 

14,864

 

(225)

 

(157)

Net amount recognized

$

 10,904

$

 8,693

$

 (925)

$

(979)

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

 

 

Pension Benefits

 

Other Benefits

(in thousands)

 

 

2012

 

 

2011

 

 

2010

 

 

2012

 

 

2011

 

 

2010

Interest cost

 

$

2,043

 

$

2,121

 

$

 2,211

 

$

29

 

$

 35

 

$

39

Expected return on plan assets

 

 

(2,014)

 

 

(1,877)

 

 

(1,854)

 

 

-

 

 

-

 

 

-

Amortization of prior service credits

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(21)

 

 

(30)

Recognized actuarial loss (gain)

 

 

852

 

 

1,576

 

 

1,401

 

 

(23)

 

 

(16)

 

 

(6)

Net periodic benefit cost (gain)

 

$

 881

 

$

 1,820

 

$

 1,758

 

$

 6

 

$

 (2)

 

$

 3

Schedule or Description of Weighted Average Discount Rate [Table Text Block]

 

Pension Benefits

 

Other Benefits

 

2012

 

2011

 

2012

 

2011

Discount rate

3.70%

 

4.35%

 

3.70%

 

4.35%

Rate of compensation increase

N/A

 

N/A

 

N/A

 

N/A

 

Pension Benefits

 

Other Benefits

 

2012

 

2011

 

2012

 

2011

Discount rate

4.35%

 

5.10%

 

4.35%

 

5.1%

Expected return on plan assets

6.00%

 

6.00%

 

N/A

 

N/A

Rate of compensation increase

N/A

 

N/A

 

N/A

 

N/A

Schedule of Health Care Cost Trend Rates [Table Text Block]

 

December 29, 2012

 

December 31, 2011

Current year trend rate

6.00%

 

7.00%

Ultimate year trend rate

5.00%

 

5.00%

Year of ultimate trend rate

2014

 

2014

Schedule of Allocation of Plan Assets [Table Text Block]

 

December 29,

2012

 

December 31,

 2011

Equity securities

58%

 

51%

Group annuity contract

42%

 

49%

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

 

Investments at fair value - December 29, 2012

(in thousands)

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

Equity securities

$

 20,939

$

 -

$

 -

$

 20,939

Group annuity contract

-

 

-

 

15,062

 

15,062

 

 

 

 

 

 

 

 

Total investments

$

 20,939

$

-

$

 15,062

$

36,001

 

Investments at fair value - December 31, 2011

(in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

$

 16,674

 

$

 -

 

$

 -

 

$

 16,674

Debt securities

 

-

 

 

-

 

 

-

 

 

-

Group annuity contract

 

-

 

 

-

 

 

16,221

 

 

16,221

Cash

 

-

 

 

-

 

 

-

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

Total investments

$

16,674

 

$

 -

 

$

 16,221

 

$

 32,895

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

 

Group

(in thousands)

annuity contract

 

 

Balance at 12/31/2011

$

 16,221

Interest income

790

Realized gains/(losses)

236

Purchases, sales, issuances and settlements, net

(2,185)

 

 

Balance at 12/29/2012

$

 15,062

 

Group

(in thousands)

annuity contract

 

 

Balance at 1/1/2011

$

 15,999

Interest income

877

Realized gains/(losses)

243

Purchases, sales, issuances and settlements, net

(898)

 

 

Balance at 12/31/2011

$

 16,221

Schedule of Expected Benefit Payments [Table Text Block]

Year

 

Pension Benefits

 

Other Benefits

2013

$

 3,406

$

 85

2014

 

3,372

 

63

2015

 

3,367

 

49

2016

 

3,370

 

45

2017

 

3,273

 

42

2018 or later

 

16,377

 

177

Total

$

 33,165

$

461

Schedule of Additional Information [Text Block]

 

 

Pension Protection Act Zone Status

 

Company Contributions to Plan

 

 

Pension Fund

EIN/Pension Plan Number

2012

2011

FIP/RP Status Pending/ Implemented

2012

2011

2010

Surcharge Imposed

Expiration Date of Collective-Bargaining Agreement

 

 

 

 

 

 

 

 

 

 

Central States, Southeast and Southwest Areas Pension Plan

36-6044243-001

Red as of 12/31/11

Red as of 12/31/10

Yes

$         2,944,000

$      3,304,000

$   3,336,000

Yes

1/26/2013 to 2/24/2014 (a)

 

 

 

 

 

 

 

.