Benefit Plans (Tables)

12 Months Ended

Dec. 27, 2014

Benefit Plans [Abstract]

Reconciliation of the changes in the plans' benefit obligations and the fair value of the plans assets

The following tables provide a reconciliation of the changes in the plans’ benefit obligations and the fair value of the plans’ assets for 2014 and 2013, and a statement of the plans’ aggregate funded status:

	Pension Benefits						Other Benefits
(In thousands)	2014			2013			2014			2013
Change in benefit obligation:
Obligation at beginning of year	$	184,058		$	196,167		$	15,381		$	18,096
Service cost		973			948			348			413
Interest cost		8,590			7,774			685			647
Actuarial loss (gain)		30,138			(11,635	)		4,272			(2,554	)
Benefit payments		(11,064	)		(10,668	)		(1,142	)		(1,211	)
Foreign currency translation adjustment		(4,957	)		1,472			(237	)		(10	)
Obligation at end of year		207,738			184,058			19,307			15,381
Change in fair value of plan assets:
Fair value of plan assets at beginning of year		188,870			160,980			—			—
Actual return on plan assets		12,716			35,578			—			—
Employer contributions		3,275			1,551			1,142			1,211
Benefit payments		(11,064	)		(10,668	)		(1,142	)		(1,211	)
Foreign currency translation adjustment		(3,781	)		1,429			—			—
Fair value of plan assets at end of year		190,016			188,870			—			—
(Underfunded) funded status at end of year	$	(17,722	)	$	4,812		$	(19,307	)	$	(15,381	)

Amounts recognized in accumulated OCI (before the effect of income taxes)

The following represents amounts recognized in AOCI (before the effect of income taxes):

	Pension Benefits				Other Benefits
(In thousands)	2014		2013		2014		2013
Unrecognized net actuarial loss (gain)	$	49,830	$	21,128	$	473	$	(4,016	)
Unrecognized prior service cost		—		1		14		20

Funded status of the plans recognized

As of December 27, 2014 and December 28, 2013, the total funded status of the plans recognized in the Consolidated Balance Sheets was as follows:

	Pension Benefits						Other Benefits
(In thousands)	2014			2013			2014			2013
Long-term asset	$	2,348		$	15,457		$	—		$	—
Current liability		—			—			(1,251	)		(1,033	)
Long-term liability		(20,070	)		(10,645	)		(18,056	)		(14,348	)
Total (underfunded) funded status	$	(17,722	)	$	4,812		$	(19,307	)	$	(15,381	)

Components of net periodic benefit costs

The components of net periodic benefit cost are as follows:

(In thousands)	2014			2013			2012
Pension benefits:
Service cost	$	973		$	948		$	884
Interest cost		8,590			7,774			8,472
Expected return on plan assets		(13,669	)		(11,059	)		(10,263	)
Amortization of prior service cost		1			1			1
Amortization of net loss		752			4,005			3,883
Net periodic benefit (income) cost	$	(3,353	)	$	1,669		$	2,977
Other benefits:
Service cost	$	348		$	413		$	380
Interest cost		685			647			635
Amortization of prior service cost (credit)		6			(2	)		(2	)
Amortization of net gain		(218	)		(160	)		(73	)
Net periodic benefit cost	$	821		$	898		$	940

Weighted average assumptions used in the measurement of the Company's benefit obligation and net periodic benefit cost are as follows

The weighted average assumptions used in the measurement of the Company’s benefit obligations are as follows:

	Pension Benefits						Other Benefits
	2014			2013			2014			2013
Discount rate		4.03	%		4.82	%		4.33	%		4.89	%
Expected long-term return on plan assets		5.58	%		7.40	%		N/A			N/A
Rate of compensation increases		N/A			N/A			5.00	%		5.50	%
Rate of inflation		3.10	%		3.40	%		N/A			N/A

The weighted average assumptions used in the measurement of the Company’s net periodic benefit cost are as follows:

	Pension Benefits									Other Benefits
	2014			2013			2012			2014			2013			2012
Discount rate		4.82	%		4.13	%		4.80	%		4.89	%		4.06	%		4.97	%
Expected long-term return on plan assets		7.40	%		7.15	%		7.11	%		N/A			N/A			N/A
Rate of compensation increases		N/A			N/A			N/A			5.50	%		5.04	%		5.04	%
Rate of inflation		3.40	%		2.70	%		3.00	%		N/A			N/A			N/A

Weighted average asset allocation of pension fund assets

The weighted average asset allocation of the Company’s pension fund assets are as follows:

	Pension Plan Assets
Asset category	2014			2013
Equity securities (includes equity mutual funds)		49	%		86	%
Fixed income securities (includes fixed income mutual funds)		4			4
Cash and equivalents (includes money market funds)		44			7
Alternative investments		3			3
Total		100	%		100	%

Plan assets at fair value within the fair value hierarchy, by level

The following table sets forth by level, within the fair value hierarchy, the assets of the plans at fair value:

	Fair Value Measurements at December 27, 2014
(In thousands)	Level 1		Level 2		Level 3		Total
Cash and money market funds	$	84,377	$	—	$	—	$	84,377
Common stock (1)		26,105		—		—		26,105
Mutual funds (2)		11,397		63,067		—		74,464
Limited partnerships		—		—		5,070		5,070
Total	$	121,879	$	63,067	$	5,070	$	190,016

	Fair Value Measurements at December 28, 2013
(In thousands)	Level 1		Level 2		Level 3		Total
Cash and money market funds	$	13,992	$	—	$	—	$	13,992
Common stock (3)		79,497		—		—		79,497
Mutual funds (4)		27,166		63,435		—		90,601
Limited partnerships		—		—		4,780		4,780
Total	$	120,655	$	63,435	$	4,780	$	188,870

(1)	Approximately 51 percent of common stock represents investments in U.S. companies primarily in the health care, utilities, financials, consumer staples, industrials, and information technology sectors. All investments in common stock are listed on U.S. stock exchanges.
(2)	Approximately 40 percent of mutual funds are actively managed funds and approximately 60 percent of mutual funds are index funds. Additionally, 23 percent of the mutual funds’ assets are invested in U.S. equities, 67 percent in non-U.S. equities, and 10 percent in non-U.S. fixed income securities.
(3)	Approximately 84 percent of common stock represents investments in U.S. companies primarily in the health care, utilities, financials, consumer staples, industrials, and information technology sectors. All investments in common stock are listed on U.S. stock exchanges.
(4)	Approximately 32 percent of mutual funds are actively managed funds and approximately 68 percent of mutual funds are index funds. Additionally, 33 percent of the mutual funds’ assets are invested in U.S. equities, 58 percent in non-U.S. equities, and 9 percent in non-U.S. fixed income securities.

Plan assets measured at fair value using significant unobservable inputs

The table below reflects the changes in the assets of the plan measured at fair value on a recurring basis using significant unobservable inputs (Level 3 hierarchy as defined by ASC 820, Fair Value Measurements and Disclosures (ASC 820)) during the year ended December 27, 2014:

(In thousands)	Limited Partnerships
Balance, December 28, 2013	$	4,780
Redemptions		(401	)
Subscriptions		401
Net appreciation in fair value		290
Balance, December 27, 2014	$	5,070

Future benefit plans payments

The Company expects to contribute approximately $1.5 million to its pension plans and $1.3 million to its other postretirement benefit plans in 2015. The Company expects future benefits to be paid from the plans as follows:

(In thousands)	Pension Benefits		Other Benefits
2015	$	11,303	$	1,251
2016		11,492		1,137
2017		11,671		1,133
2018		11,878		1,203
2019		12,116		1,171
2020-2024		64,358		6,488
Total	$	122,818	$	12,383

Multiemployer Plan