PENSION AND OTHER RETIREMENT PLANS Pension and Other Retirement Plans (Tables)

12 Months Ended

Dec. 28, 2014

Compensation and Retirement Disclosure [Abstract]

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

The following table presents a reconciliation of the pension benefit obligation, plan assets and the funded status of these pension plans:



	December 28, 2014			December 29, 2013
	(in millions)
Change in benefit obligation:
Benefit obligation at beginning of year⁽¹⁾	$	1,653.0		$	1,813.2
Service cost	48.9			32.4
Interest cost	84.3			54.4
Settlements	(69.4		)	—
Benefits paid ⁽²⁾	(154.9		)	(66.6		)
Remeasurement at the Merger Date	—			(189.8		)
Actuarial loss	254.0			9.2
Other	—			0.2
Benefit obligation at end of year	1,815.9			1,653.0

Change in plan assets: ⁽³⁾
Fair value of plan assets at beginning of year	1,122.8			1,110.6
Actual return on plan assets	122.4			34.7
Employer contributions	167.1			18.8
Settlements	(69.4		)	—
Benefits paid ⁽²⁾	(128.2		)	(42.1		)
Other	—			0.8
Fair value of plan assets at end of year	1,214.7			1,122.8
Funded status	$	(601.2	)	$	(530.2	)

Amounts recognized in the consolidated balance sheet:
Net long-term pension liability	(574.9		)	(504.4		)
Accrued expenses and other current liabilities	(26.7		)	(25.8		)
Other assets	0.4			—
Net amount recognized at end of year	$	(601.2	)	$	(530.2	)

——————————————


⁽¹⁾	The beginning of the year is December 30, 2013 and April 29, 2013 for the period ending December 28, 2014 and December 29, 2013, respectively.

⁽²⁾

Benefit payments for our defined benefit pension plans during the three months ended December 29, 2013 and the five months ended September 26, 2013 were $39.4 million and $27.2 million, respectively. Benefit payments for our qualified defined benefit pension plans during the three months ended December 29, 2013 and the five months ended September 26, 2013 were $16.1 million and $26.0 million, respectively.

⁽³⁾

Excludes the assets and related activity of our non-qualified defined benefit pension plans. The fair value of assets related to our non-qualified plans was $107.9 million and $124.1 million as of December 28, 2014 and December 29, 2013, respectively. We made $6.6 million of cash contributions to our non-qualified plans in the twelve months ended December 28, 2014. We made no cash contributions to our non-qualified plans in the three months ended December 29, 2013 nor the five months ended September 26, 2013. Benefits paid for our non-qualified plans were $26.7 million, $23.3 million and $1.2 million for the twelve months ended December 28, 2014, the three months ended December 29, 2013 and the five months ended September 26, 2013, respectively.

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

The following table shows the pre-tax unrecognized items included as components of accumulated other comprehensive income (loss) related to our defined benefit pension plans as of the dates indicated:



	December 28, 2014			December 29, 2013
	(in millions)
Unrecognized actuarial gain (loss)	$	(193.3	)	$	20.9
Unrecognized prior service credit	—			—

Schedule of Net Benefit Costs [Table Text Block]

The following table presents the components of the net periodic pension cost for the periods indicated:



	Successor						Predecessor
	Twelve Months Ended									Twelve Months Ended
	December 28, 2014			September 27 - December 29, 2013			April 29 - September 26, 2013			April 28, 2013			April 29, 2012
	(in millions)
Service cost	$	48.9		$	9.8		$	22.6		$	47.2		$	37.4
Interest cost	84.3			21.6			32.8			74.8			75.9
Expected return on plan assets	(85.9		)	(19.5		)	(35.4		)	(78.8		)	(79.6		)
Net amortization	—			—			24.8			52.9			23.5
Settlement loss ⁽¹⁾	3.3			—			—			—			—
Net periodic pension cost	$	50.6		$	11.9		$	44.8		$	96.1		$	57.2

Schedule of Assumptions Used [Table Text Block]

The following table shows our weighted average assumptions for the periods indicated:



	Successor				Predecessor
	Twelve Months Ended						Twelve Months Ended
	December 28, 2014		September 27 - December 29, 2013		April 29 - September 26, 2013		April 28, 2013		April 29, 2012
Discount rate to determine net periodic benefit cost	5.25	%	5.30	%	4.45	%	4.75	%	5.85	%
Discount rate to determine benefit obligation	4.30		5.25		5.30		4.45		4.75
Expected long-term rate of return on plan assets	7.50		7.25		7.25		7.75		7.75
Rate of compensation increase	4.00		4.00		4.00		4.00		4.00

Schedule of Allocation of Plan Assets [Table Text Block]

The following table presents the fair value of our qualified pension plan assets by major asset category as of December 28, 2014 and December 29, 2013. The allocation of our pension plan assets is based on the target range presented in the following table.



	December 28, 2014		December 29, 2013		Target Range
Asset category:	(in millions)
Cash and cash equivalents, net of unsettled transactions	$	103.1	$	60.0	0-4%
Equity securities	459.4		455.7		30-50%
Debt securities	555.4		512.4		35-55%
Alternative assets	96.8		94.7		5-20%
Total	$	1,214.7	$	1,122.8

Schedule of Expected Benefit Payments [Table Text Block]

Expected future benefit payments for our defined benefit pension plans are as follows:



Year	(in millions)
2015	$	98.0
2016	101.1
2017	105.1
2018	88.2
2019	91.8
2020-2024	511.2

Schedule of Multiemployer Plans [Table Text Block]

The following table summarizes our contributions to multiemployer plans ⁽¹⁾:



		Twelve Months Ended				Twelve Months Ended
Plan	EIN / PN ⁽²⁾	December 28, 2014		April 29 - December 29, 2013		April 28, 2013		April 29, 2012		Expiration Dates of Collective Bargaining Agreements
				(in millions)
United Food and Commercial Workers International Union Industry Pension Fund	51-6055922 / 001	$	1.3	$	0.9	$	1.2	$	1.1	Multiple ⁽³⁾
Central Pension Fund of the International Union of Operating Engineers and Participating Employers	36-6052390 / 001	0.2		0.1		0.2		0.2		October 2018
IAM National Pension Fund National Pension Plan	51-6031295 / 002	0.1		0.1		0.1		0.1		February 2018
Total contributions to multiemployer plans		$	1.6	$	1.1	$	1.5	$	1.4

——————————————


⁽¹⁾	Contributions represent the amounts we contributed to the plans during the periods ending in the specified year. Our contributions to each plan did not exceed 5% of total plan contributions for any plan year presented.


⁽²⁾	Represents the Employer Identification Number and the three-digit plan number assigned to a plan by the Internal Revenue Service.


⁽³⁾	We have multiple collective bargaining agreements associated with the United Food and Commercial Workers International Union Industry Pension Fund. These agreements are currently scheduled to expire in October 2015, May 2016, January 2018 and December 2018.

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References+ Details