Other Postretirement Benefits (Tables) - Other Postretirement Benefit Plans
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12 Months Ended |
Dec. 29, 2019 |
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| Other Postretirement Benefits |
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| Schedule of Components of Net Periodic Postretirement Benefit Cost |
The components of net periodic postretirement benefit cost/(income) were as follows: | | | | | | | | | | | | | | (In thousands) | | December 29,
2019 |
| | December 30,
2018 |
| | December 31,
2017 |
| Service cost | | $ | 27 |
| | $ | 21 |
| | $ | 367 |
| Interest cost | | 1,602 |
| | 1,476 |
| | 1,881 |
| Amortization and other costs | | 3,375 |
| | 4,735 |
| | 3,621 |
| Amortization of prior service credit | | (4,766 | ) | | (6,157 | ) | | (7,755 | ) | Effect of settlement/curtailment(1) | | — |
| | — |
| | (32,737 | ) | Net periodic postretirement benefit cost/(income) | | $ | 238 |
| | $ | 75 |
| | $ | (34,623 | ) |
(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.
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| Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) |
The changes in the benefit obligations recognized in other comprehensive loss/(income) were as follows: | | | | | | | | | | | | | | (In thousands) | | December 29,
2019 |
| | December 30,
2018 |
| | December 31,
2017 |
| Net actuarial loss/(gain) | | $ | 296 |
| | $ | (4,905 | ) | | $ | (6,625 | ) | Amortization of loss | | (3,375 | ) | | (4,735 | ) | | (3,621 | ) | Amortization of prior service credit | | 4,766 |
| | 6,157 |
| | 7,755 |
| Effect of curtailment | | — |
| | — |
| | 6,502 |
| Effect of settlement | | — |
| | — |
| | 26,235 |
| Total recognized in other comprehensive loss/(income) | | 1,687 |
| | (3,483 | ) | | 30,246 |
| Net periodic postretirement benefit cost/(income) | | 238 |
| | 75 |
| | (34,623 | ) | Total recognized in net periodic postretirement benefit cost/(income) and other comprehensive loss/(income) | | $ | 1,925 |
| | $ | (3,408 | ) | | $ | (4,377 | ) |
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| 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 loss were as follows: | | | | | | | | | | (In thousands) | | December 29,
2019 |
| | December 30,
2018 |
| Change in benefit obligation | | | | | Benefit obligation at beginning of year | | $ | 46,037 |
| | $ | 54,642 |
| Service cost | | 27 |
| | 21 |
| Interest cost | | 1,602 |
| | 1,476 |
| Plan participants’ contributions | | 3,835 |
| | 3,974 |
| Actuarial loss/(gain) | | 296 |
| | (4,905 | ) | Benefits paid | | (8,994 | ) | | (9,171 | ) | Benefit obligation at the end of year | | 42,803 |
| | 46,037 |
| Change in plan assets | | | | | Employer contributions | | 5,159 |
| | 5,197 |
| Plan participants’ contributions | | 3,835 |
| | 3,974 |
| Benefits paid | | (8,994 | ) | | (9,171 | ) | Fair value of plan assets at end of year | | — |
| | — |
| Net amount recognized | | $ | (42,803 | ) | | $ | (46,037 | ) | Amount recognized in the Consolidated Balance Sheets | | | | | Current liabilities | | $ | (5,115 | ) | | $ | (5,645 | ) | Noncurrent liabilities | | (37,688 | ) | | (40,392 | ) | Net amount recognized | | $ | (42,803 | ) | | $ | (46,037 | ) | Amount recognized in accumulated other comprehensive loss | | | | | Actuarial loss | | $ | 25,793 |
| | $ | 28,871 |
| Prior service credit | | (7,691 | ) | | (12,456 | ) | Total | | $ | 18,102 |
| | $ | 16,415 |
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| Schedule of Assumptions Used |
Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: | | | | | | | | | | December 29,
2019 |
| | December 30,
2018 |
| Discount rate | | 2.94 | % | | 4.18 | % | 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 29,
2019 |
| | December 30,
2018 |
| | December 31,
2017 |
| Discount rate for determining projected benefit obligation | | 4.18 | % | | 3.46 | % | | 3.93 | % | Discount rate in effect for determining service cost | | 4.19 | % | | 3.56 | % | | 4.08 | % | Discount rate in effect for determining interest cost | | 3.71 | % | | 3.01 | % | | 3.21 | % | Estimated increase in compensation level | | 3.50 | % | | 3.50 | % | | 3.50 | % |
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| Schedule of Health Care Cost Trend Rates |
The assumed health-care cost trend rates were as follows: | | | | | | | | | | December 29,
2019 |
| | December 30,
2018 |
| Health-care cost trend rate | | 6.57 | % | | 6.90 | % | 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 |
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| 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 2019 | | $ | 23 |
| | $ | (21 | ) | Effect on accumulated postretirement benefit obligation as of December 29, 2019 | | $ | 968 |
| | $ | (861 | ) |
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| 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 |
| 2020 | $ | 5,226 |
| 2021 | 4,784 |
| 2022 | 4,359 |
| 2023 | 4,001 |
| 2024 | 3,678 |
| 2025-2029(1) | 14,342 |
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(1) While benefit payments under these plans are expected to continue beyond 2029, we have presented in this table only those benefit payments estimated over the next 10 years.
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