Retirement Plans

6 Months Ended

Jun. 25, 2017

Compensation and Retirement Disclosure [Abstract]

We have an unfunded salary continuation plan covering certain directors, officers and other key members of management. We purchase life insurance policies on certain participants to provide, in part, for future liabilities. Cash surrender value of these policies, totaling $7.7 million and $7.5 million at June 25, 2017 and December 31, 2016, respectively, are included in other non-current assets in the company's condensed consolidated balance sheets. Subject to certain vesting requirements, the plan provides for a benefit based on final average compensation, which becomes payable on the employee's death or upon attaining age 65, if retired. The plan was closed to new participants effective February 3, 2011. We have measured the plan assets and obligations of our salary continuation plan for all periods presented.

For the twenty-six weeks ended June 25, 2017, payments to retirees or their beneficiaries totaled approximately $0.7 million. We presently anticipate benefit payments in 2017 to total approximately $1.5 million. The following table summarizes the components of net periodic pension cost for the first half of 2017 and 2016.



	Thirteen Weeks Ended				Twenty-six Weeks Ended
	June 25, 2017		June 26, 2016		June 25, 2017		June 26, 2016
(Dollars in thousands)
Service cost	$	—	$	—	$	—	$	—
Interest cost	298		304		596		608
Net amortization	67		84		134		168
Net periodic pension cost	$	365	$	388	$	730	$	776