XML 53 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Other Postretirement Benefits (Tables) - Other Postretirement Benefit Plans [Member]
12 Months Ended
Dec. 31, 2017
Other Postretirement Benefits  
Schedule of Components of Net Periodic Postretirement Benefit Cost
The components of net periodic postretirement benefit income were as follows:
(In thousands)
 
December 31,
2017

 
December 25,
2016

 
December 27,
2015

Service cost
 
$
367

 
$
417

 
$
588

Interest cost
 
1,881

 
1,979

 
2,794

Amortization and other costs
 
3,621

 
4,105

 
5,197

Amortization of prior service credit
 
(7,755
)
 
(8,440
)
 
(9,495
)
Effect of settlement/curtailment (1)
 
(32,737
)
 

 

Net periodic postretirement benefit income
 
$
(34,623
)
 
$
(1,939
)
 
$
(916
)

(1) In the fourth quarter of 2017, the Company recorded a gain in connection with the settlement of a funding obligation related to a postretirement plan.
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The changes in the benefit obligations recognized in other comprehensive income/loss were as follows:
(In thousands)
 
December 31,
2017

 
December 25,
2016

 
December 27,
2015

Net actuarial loss/(gain)
 
$
(6,625
)
 
$
28

 
$
(5,543
)
Prior service cost
 

 

 
1,145

Amortization of loss
 
(3,621
)
 
(4,105
)
 
(5,197
)
Amortization of prior service credit
 
7,755

 
8,440

 
9,495

Effect of curtailment
 
6,502

 

 

Effect of settlement
 
26,235

 

 

Total recognized in other comprehensive loss/(income)
 
30,246

 
4,363

 
(100
)
Net periodic postretirement benefit income
 
(34,623
)
 
(1,939
)
 
(916
)
Total recognized in net periodic postretirement benefit income and other comprehensive (income)/loss
 
$
(4,377
)
 
$
2,424

 
$
(1,016
)
Schedule of Changes in Projected Benefit Obligations and Plan Assets
The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive income/loss were as follows:
(In thousands)
 
December 31,
2017

 
December 25,
2016

Change in benefit obligation
 
 
 
 
Benefit obligation at beginning of year
 
$
65,042

 
$
71,047

Service cost
 
367

 
417

Interest cost
 
1,881

 
1,979

Plan participants’ contributions
 
4,007

 
4,409

Actuarial loss
 
3,703

 
28

Curtailments/settlements
 
(10,328
)
 

Benefits paid
 
(10,030
)
 
(12,838
)
Benefit obligation at the end of year
 
54,642

 
65,042

Change in plan assets
 
 
 
 
Fair value of plan assets at beginning of year
 

 

Employer contributions
 
6,023

 
8,429

Plan participants’ contributions
 
4,007

 
4,409

Benefits paid
 
(10,030
)
 
(12,838
)
Fair value of plan assets at end of year
 

 

Net amount recognized
 
$
(54,642
)
 
$
(65,042
)
Amount recognized in the Consolidated Balance Sheets
 
 
 
 
Current liabilities
 
$
(5,826
)
 
$
(7,043
)
Noncurrent liabilities
 
(48,816
)
 
(57,999
)
Net amount recognized
 
$
(54,642
)
 
$
(65,042
)
Amount recognized in accumulated other comprehensive loss
 
 
 
 
Actuarial loss
 
$
38,512

 
$
22,522

Prior service credit
 
(18,613
)
 
(32,870
)
Total
 
$
19,899

 
$
(10,348
)
Schedule of Assumptions Used
Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows:
 
 
December 31,
2017

 
December 25,
2016

Discount rate
 
3.46
%
 
3.94
%
Estimated increase in compensation level
 
3.50
%
 
3.50
%
Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows:
 
 
December 31,
2017

 
December 25,
2016

 
December 27,
2015

Discount rate for determining projected benefit obligation
 
3.93
%
 
4.05
%
 
3.74
%
Discount rate in effect for determining service cost
 
4.08
%
 
4.24
%
 
3.74
%
Discount rate in effect for determining interest cost
 
3.21
%
 
2.96
%
 
3.74
%
Estimated increase in compensation level
 
3.50
%
 
3.50
%
 
3.50
%
Schedule of Health Care Cost Trend Rates
The assumed health-care cost trend rates were as follows:
 
 
December 31,
2017

 
December 25,
2016

Health-care cost trend rate
 
7.60
%
 
8.00
%
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 rate
 
2025

 
2025

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A one-percentage point change in assumed health-care cost trend rates would have the following effects:
 
 
One-Percentage Point
(In thousands)
 
Increase

 
Decrease

Effect on total service and interest cost for 2017
 
$
62

 
$
(53
)
Effect on accumulated postretirement benefit obligation as of December 31, 2017
 
$
2,200

 
$
(1,865
)
Schedule of Expected Benefit Payments
The following benefit payments (net of plan participant contributions) under our Company’s postretirement plans, which reflect expected future services, are expected to be paid:
(In thousands)
Amount

2018
$
5,968

2019
5,589

2020
5,286

2021
4,988

2022
4,655

2023-2027 (1)
19,045


(1) 
While benefit payments under these plans are expected to continue beyond 2027, we have presented in this table only those benefit payments estimated over the next 10 years.