Other Postretirement Benefits (Tables) - Other Postretirement Benefit Plans
|
12 Months Ended |
Dec. 26, 2021 |
Other Postretirement Benefits |
|
Schedule of Components of Net Periodic Postretirement Benefit Cost |
The components of net periodic postretirement benefit cost/(income) were as follows: | | | | | | | | | | | | | | | | | | | | | (In thousands) | | December 26, 2021 | | December 27, 2020 | | December 29, 2019 | Service cost | | $ | 53 | | | $ | 29 | | | $ | 27 | | Interest cost | | 565 | | | 1,026 | | | 1,602 | | Amortization and other costs | | 3,407 | | | 3,051 | | | 3,375 | | Amortization of prior service credit | | (3,098) | | | (4,225) | | | (4,766) | | | | | | | | | | | | | | | | Net periodic postretirement benefit cost/(income) | | $ | 927 | | | $ | (119) | | | $ | 238 | |
|
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) |
The changes in the benefit obligations recognized in other comprehensive loss were as follows: | | | | | | | | | | | | | | | | | | | | | (In thousands) | | December 26, 2021 | | December 27, 2020 | | December 29, 2019 | Net actuarial loss | | $ | 2,254 | | | $ | 4,044 | | | $ | 296 | | | | | | | | | Amortization of loss | | (3,407) | | | (3,051) | | | (3,375) | | Amortization of prior service credit | | 3,098 | | | 4,225 | | | 4,766 | | | | | | | | | | | | | | | | Total recognized in other comprehensive loss | | 1,945 | | | 5,218 | | | 1,687 | | Net periodic postretirement benefit cost/(income) | | 927 | | | (119) | | | 238 | | Total recognized in net periodic postretirement benefit cost/(income) and other comprehensive loss | | $ | 2,872 | | | $ | 5,099 | | | $ | 1,925 | |
|
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 26, 2021 | | December 27, 2020 | Change in benefit obligation | | | | | Benefit obligation at beginning of year | | $ | 43,308 | | | $ | 42,803 | | Service cost | | 53 | | | 29 | | Interest cost | | 565 | | | 1,026 | | Plan participants’ contributions | | 2,319 | | | 2,820 | | Actuarial loss | | 2,254 | | | 4,044 | | | | | | | Benefits paid | | (7,892) | | | (7,414) | | Benefit obligation at the end of year | | 40,607 | | | 43,308 | | Change in plan assets | | | | | | | | | | Employer contributions | | 5,573 | | | 4,594 | | Plan participants’ contributions | | 2,319 | | | 2,820 | | Benefits paid | | (7,892) | | | (7,414) | | Fair value of plan assets at end of year | | — | | | — | | Net amount recognized | | $ | (40,607) | | | $ | (43,308) | | Amount recognized in the Consolidated Balance Sheets | | | | | Current liabilities | | $ | (4,521) | | | $ | (4,618) | | Noncurrent liabilities | | (36,086) | | | (38,690) | | Net amount recognized | | $ | (40,607) | | | $ | (43,308) | | Amount recognized in accumulated other comprehensive loss | | | | | Actuarial loss | | $ | 25,632 | | | $ | 26,785 | | Prior service credit | | (368) | | | (3,466) | | Total | | $ | 25,264 | | | $ | 23,319 | |
|
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets |
Information for postretirement plans with accumulated benefit obligations in excess of plan assets was as follows: | | | | | | | | | | | | | | | (In thousands) | | December 26, 2021 | | December 27, 2020 | Accumulated benefit obligation | | $ | 40,607 | | | $ | 43,308 | | Fair value of plan assets | | $ | — | | | $ | — | |
|
Schedule of Assumptions Used |
Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: | | | | | | | | | | | | | | | | | December 26, 2021 | | December 27, 2020 | Discount rate | | 2.55 | % | | 2.01 | % | 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 26, 2021 | | December 27, 2020 | | December 29, 2019 | Discount rate for determining projected benefit obligation | | 2.01 | % | | 2.94 | % | | 4.18 | % | Discount rate in effect for determining service cost | | 2.09 | % | | 3.04 | % | | 4.19 | % | Discount rate in effect for determining interest cost | | 1.38 | % | | 2.55 | % | | 3.71 | % | 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 26, 2021 | | December 27, 2020 | Health-care cost trend rate | | 5.99 | % | | 5.95 | % | Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | | 4.92 | % | | 4.92 | % | Year that the rate reaches the ultimate trend rate | | 2030 | | 2027 |
|
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 | 2022 | $ | 4,620 | | 2023 | 4,328 | | 2024 | 4,032 | | 2025 | 3,778 | | 2026 | 3,514 | | 2027-2031(1) | 13,781 | |
(1)While benefit payments under these plans are expected to continue beyond 2031, we have presented in this table only those benefit payments estimated over the next 10 years.
|