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Benefit Plans | 12 Months Ended
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Dec. 28, 2014
Compensation and Retirement Disclosure [Abstract] |
Benefit Plans | 18. Benefit Plans Pension Plans All benefits under the primary Company-sponsored pension plan were frozen as of June 30, 2006 and no benefits have accrued to participants after this date. The Company also sponsors a pension plan for certain employees under collective bargaining agreements. Benefits under the pension plan for collectively bargained employees are determined in accordance with negotiated formulas for the respective participants. Contributions to the plans are based on actuarial determined amounts and are limited to the amounts currently deductible for income tax purposes. During 2014, the Company updated its mortality assumptions used in the calculation of its pension liability as of December 28, 2014. The Society of Actuaries released new mortality tables in 2014, which reflect the increase in longevity in the U.S. In the third quarter of 2013, the Company offered a limited Lump Sum Window distribution of present valued pension benefits to terminated plan participants meeting certain criteria. Benefit distributions were made during the fourth quarter of 2013. Based upon the number of plan participants electing to take the lump-sum distribution and the total amount of such distributions, the Company incurred a noncash charge of $12.0 million in the fourth quarter of 2013 when the distributions were made in accordance with the relevant accounting standards. The reduction in the number of plan participants and the reduction of plan assets reduced the cost of administering the pension plan. The following tables set forth pertinent information for the two Company-sponsored pension plans: Changes in Projected Benefit Obligation
|  | Fiscal Year |
In Thousands |  | 2014 |  |  | 2013 |
Projected benefit obligation at beginning of year |  | $ | 226,265 |  |  | $ | 280,099 |
Service cost |  |  | 109 |  |  |  | 121 |
Interest cost |  |  | 11,603 |  |  |  | 12,014 |
Actuarial (gain)/loss |  |  | 49,500 |  |  |  | (29,862 | )
Benefits paid |  |  | (7,808 | ) |  |  | (43,499 | )
Voluntary pension settlement |  |  | 0 |  |  |  | 7,221 |
Change in plan amendments |  |  | 0 |  |  |  | 171 |
Projected benefit obligation at end of year |  | $ | 279,669 |  |  | $ | 226,265 |
The Company recognized an actuarial loss of $51.9 million in 2014 primarily due to a change in the discount rate from 5.21% in 2013 to 4.32% in 2014. The actuarial loss, net of tax, was also recorded in other comprehensive loss. The Company recognized an actuarial gain of $54.4 million in 2013 primarily due to a change in the discount rate from 4.47% in 2012 to 5.21% in 2013. The actuarial gain, net of tax, was recorded in other comprehensive loss. The projected benefit obligations and accumulated benefit obligations for both of the Company’s pension plans were in excess of plan assets at December 28, 2014 and December 29, 2013. The accumulated benefit obligation was $279.7 million and $226.3 million at December 28, 2014 and December 29, 2013, respectively. Change in Plan Assets
In Thousands |  | 2014 |  |  | 2013 |
Fair value of plan assets at beginning of year |  | $ | 200,824 |  |  | $ | 206,555 |
Actual return on plan assets |  |  | 9,676 |  |  |  | 30,493 |
Employer contributions |  |  | 10,000 |  |  |  | 7,275 |
Benefits paid |  |  | (7,808 | ) |  |  | (43,499 | )
Fair value of plan assets at end of year |  | $ | 212,692 |  |  | $ | 200,824 |
Funded Status
In Thousands |  | Dec. 28, 2014 |  |  | Dec. 29, 2013 |
Projected benefit obligation |  | $ | (279,669 | ) |  | $ | (226,265 | )
Plan assets at fair value |  |  | 212,692 |  |  |  | 200,824 |
Net funded status |  | $ | (66,977 | ) |  | $ | (25,441 | )
Amounts Recognized in the Consolidated Balance Sheets
In Thousands |  | Dec. 28, 2014 |  |  | Dec. 29, 2013 |
Current liabilities |  | $ | 0 |  |  | $ | 0 |
Noncurrent liabilities |  |  | (66,977 | ) |  |  | (25,441 | )
Net amount recognized |  | $ | (66,977 | ) |  | $ | (25,441 | )
Net Periodic Pension Cost (Benefit)
|  | Fiscal Year |
In Thousands |  | 2014 |  |  | 2013 |  |  | 2012 |
Service cost |  | $ | 109 |  |  | $ | 121 |  |  | $ | 105 |
Interest cost |  |  | 11,603 |  |  |  | 12,014 |  |  |  | 12,451 |
Expected return on plan assets |  |  | (13,775 | ) |  |  | (13,797 | ) |  |  | (12,462 | )
Loss on voluntary pension settlement |  |  | 0 |  |  |  | 12,014 |  |  |  | 0 |
Amortization of prior service cost |  |  | 36 |  |  |  | 28 |  |  |  | 17 |
Recognized net actuarial loss |  |  | 1,743 |  |  |  | 3,027 |  |  |  | 2,822 |
Net periodic pension cost (benefit) |  | $ | (284 | ) |  | $ | 13,407 |  |  | $ | 2,933 |
Significant Assumptions Used |  | 2014 |  |  | 2013 |  |  | 2012 |
Projected benefit obligation at the measurement date: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.32 | % |  |  | 5.21 | % |  |  | 4.47 | %
Weighted average rate of compensation increase |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Net periodic pension cost for the fiscal year: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 5.21 | % |  |  | 4.47 | % |  |  | 5.18 | %
Weighted average expected long-term rate of return on plan assets |  |  | 7.00 | % |  |  | 7.00 | % |  |  | 7.00 | %
Weighted average rate of compensation increase |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Cash Flows
In Thousands |  |  |
Anticipated future pension benefit payments for the fiscal years: |  |  |  |
2015 |  | $ | 8,763 |
2016 |  |  | 9,219 |
2017 |  |  | 9,749 |
2018 |  |  | 10,425 |
2019 |  |  | 11,033 |
2020 — 2024 |  |  | 65,333 |
Anticipated contributions for the two Company-sponsored pension plans will be in the range of $7 million to $10 million in 2015. Plan Assets The Company’s pension plans target asset allocation for 2015, actual asset allocation at December 28, 2014 and December 29, 2013 and the expected weighted average long-term rate of return by asset category were as follows:
|  | Target Allocation 2015 |  |  | Percentage of Plan Assets at Fiscal Year- End |  |  | Weighted Average Expected Long-Term Rate of Return - 2014 |
|  |  | 2014 |  |  | 2013 |  |
U.S. large capitalization equity securities |  |  | 40 | % |  |  | 41 | % |  |  | 40 | % |  |  | 3.5 | %
U.S. small/mid-capitalization equity securities |  |  | 5 | % |  |  | 5 | % |  |  | 5 | % |  |  | 0.4 | %
International equity securities |  |  | 15 | % |  |  | 14 | % |  |  | 15 | % |  |  | 1.4 | %
Debt securities |  |  | 40 | % |  |  | 40 | % |  |  | 40 | % |  |  | 1.7 | %
Total |  |  | 100 | % |  |  | 100 | % |  |  | 100 | % |  |  | 7.0 | %
All of the assets in the Company’s pension plans include investments in institutional investment funds managed by professional investment advisors which hold U.S. equities, international equities and debt securities. The objective of the Company’s investment philosophy is to earn the plans’ targeted rate of return over longer periods without assuming excess investment risk. The general guidelines for plan investments include 30% - 50% in large capitalization equity securities, 0% - 20% in U.S. small and mid-capitalization equity securities, 0% - 20% in international equity securities and 10% - 50% in debt securities. The Company currently has 60% of its plan investments in equity securities and 40% in debt securities. U.S. large capitalization equity securities include domestic based companies that are generally included in common market indices such as the S&P 500™ and the Russell 1000™. U.S. small and mid-capitalization equity securities include small domestic equities as represented by the Russell 2000™ index. International equity securities include companies from developed markets outside of the United States. Debt securities at December 28, 2014 are comprised of investments in two institutional bond funds with a weighted average duration of approximately three years. The weighted average expected long-term rate of return of plan assets of 7% was used in determining net periodic pension cost in both 2014 and 2013. This rate reflects an estimate of long-term future returns for the pension plan assets. This estimate is primarily a function of the asset classes (equities versus fixed income) in which the pension plan assets are invested and the analysis of past performance of these asset classes over a long period of time. This analysis includes expected long-term inflation and the risk premiums associated with equity investments and fixed income investments. The following table summarizes the Company’s pension plan assets measured at fair value on a recurring basis (at least annually) at December 28, 2014:
In Thousands |  | Quoted Prices in Active Market for Identical Assets (Level 1) |  |  | Significant Other Observable Input (Level 2) |  |  | Total |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds(1) |  | $ | 0 |  |  | $ | 127,311 |  |  | $ | 127,311 |
Other |  |  | 619 |  |  |  | 23 |  |  |  | 642 |
Fixed income |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds(1) |  |  | 0 |  |  |  | 84,739 |  |  |  | 84,739 |
Total |  | $ | 619 |  |  | $ | 212,073 |  |  | $ | 212,692 |
(1) | The underlying investments held in common/collective trust funds are actively managed equity securities and fixed income investment vehicles that are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.
The following table summarizes the Company’s pension plan assets measured at fair value on a recurring basis (at least annually) at December 29, 2013:
In Thousands |  | Quoted Prices in Active Market for Identical Assets (Level 1) |  |  | Significant Other Observable Input (Level 2) |  |  | Total |
Cash equivalents(1) |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds |  | $ | 0 |  |  | $ | 196 |  |  | $ | 196 |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds(2) |  |  | 0 |  |  |  | 120,044 |  |  |  | 120,044 |
Other |  |  | 624 |  |  |  | 0 |  |  |  | 624 |
Fixed income |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust funds(2) |  |  | 0 |  |  |  | 79,960 |  |  |  | 79,960 |
Total |  | $ | 624 |  |  | $ | 200,200 |  |  | $ | 200,824 |
(1) | Cash equivalents are valued at their net asset value which approximates fair value.
(2) | The underlying investments held in common/collective trust funds are actively managed equity securities and fixed income investment vehicles that are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.
The Company does not have any unobservable inputs (Level 3) pension plan assets. 401(k) Savings Plan The Company provides a 401(k) Savings Plan for substantially all of its employees who are not part of collective bargaining agreements. During the first quarter of 2012, the Company changed the Company’s matching contribution from fixed to discretionary maintaining the option to make matching contributions for eligible participants of up to 5% based on the Company’s financial results for 2012 and future years. The 5% matching contribution was accrued during 2013 and 2012. Based on the Company’s financial results, the Company decided to make matching contributions of 5% of participants’ contributions for the years of 2013 and 2012. The Company made these contribution payments for 2013 and 2012 in the first quarter of 2014 and 2013, respectively. During 2014, the Company matched the first 3.5% of participants’ contributions, or $6.7 million, while maintaining the option to increase the matching contributions an additional 1.5%, for a total of 5%, for the Company’s employees based on the financial results for 2014. Based on the Company’s financial results, the Company decided to make the additional matching contribution of 1.5%. The Company made this contribution payment in the first quarter of 2015. The total expense for this benefit was $8.8 million, $8.3 million and $8.2 million in 2014, 2013 and 2012, respectively. Postretirement Benefits The Company provides postretirement benefits for a portion of its current employees. The Company recognizes the cost of postretirement benefits, which consist principally of medical benefits, during employees’ periods of active service. The Company does not pre-fund these benefits and has the right to modify or terminate certain of these benefits in the future. The following tables set forth a reconciliation of the beginning and ending balances of the benefit obligation, a reconciliation of the beginning and ending balances of the fair value of plan assets and funded status of the Company’s postretirement benefit plan:
|  | Fiscal Year |
In Thousands |  | 2014 |  |  | 2013 |
Benefit obligation at beginning of year |  | $ | 67,840 |  |  | $ | 69,828 |
Service cost |  |  | 1,445 |  |  |  | 1,626 |
Interest cost |  |  | 3,255 |  |  |  | 2,877 |
Plan amendments |  |  | (8,681 | ) |  |  | 0 |
Plan participants’ contributions |  |  | 586 |  |  |  | 569 |
Actuarial (gain)/loss |  |  | 9,323 |  |  |  | (3,560 | )
Benefits paid |  |  | (3,685 | ) |  |  | (3,611 | )
Medicare Part D subsidy reimbursement |  |  | 38 |  |  |  | 111 |
Benefit obligation at end of year |  | $ | 70,121 |  |  | $ | 67,840 |
Fair value of plan assets at beginning of year |  | $ | 0 |  |  | $ | 0 |
Employer contributions |  |  | 3,061 |  |  |  | 2,931 |
Plan participants’ contributions |  |  | 586 |  |  |  | 569 |
Benefits paid |  |  | (3,685 | ) |  |  | (3,611 | )
Medicare Part D subsidy reimbursement |  |  | 38 |  |  |  | 111 |
Fair value of plan assets at end of year |  | $ | 0 |  |  | $ | 0 |
In Thousands |  | Dec. 28, 2014 |  |  | Dec. 29, 2013 |
Current liabilities |  | $ | (2,998 | ) |  | $ | (2,682 | )
Noncurrent liabilities |  |  | (67,123 | ) |  |  | (65,158 | )
Accrued liability at end of year |  | $ | (70,121 | ) |  | $ | (67,840 | )
The components of net periodic postretirement benefit cost were as follows:
|  | Fiscal Year |
In Thousands |  | 2014 |  |  | 2013 |  |  | 2012 |
Service cost |  | $ | 1,445 |  |  | $ | 1,626 |  |  | $ | 1,256 |
Interest cost |  |  | 3,255 |  |  |  | 2,877 |  |  |  | 2,981 |
Recognized net actuarial loss |  |  | 2,293 |  |  |  | 2,943 |  |  |  | 2,339 |
Amortization of prior service cost |  |  | (1,513 | ) |  |  | (1,513 | ) |  |  | (1,513 | )
Net periodic postretirement benefit cost |  | $ | 5,480 |  |  | $ | 5,933 |  |  | $ | 5,063 |
Significant Assumptions Used |  | 2014 |  |  | 2013 |  |  | 2012 |
Benefit obligation at the measurement date: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.13 | % |  |  | 4.96 | % |  |  | 4.11 | %
Net periodic postretirement benefit cost for the fiscal year: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.96 | % |  |  | 4.11 | % |  |  | 4.94 | %
The weighted average health care cost trend used in measuring the postretirement benefit expense in 2014 for pre-Medicare was 8.0% graded down to an ultimate rate of 5.0% in 2021, and for post-Medicare was 7.5% graded down to an ultimate rate of 5.0% in 2021. The weighted average health care cost trend used in measuring the postretirement benefit expense in 2013 was 8.0% graded down to an ultimate rate of 5.0% by 2019. The weighted average health care cost trend used in measuring the postretirement benefit expense in 2012 was 8.5% graded down to an ultimate rate of 5.0% by 2019. A 1% increase or decrease in this annual health care cost trend would have impacted the postretirement benefit obligation and service cost and interest cost of the Company’s postretirement benefit plan as follows:
In Thousands |  | 1% Increase |  |  | 1% Decrease |
Increase (decrease) in: |  |  |  |  |  |  |  |
Postretirement benefit obligation at December 28, 2014 |  | $ | 8,036 |  |  | $ | (7,495 | )
Service cost and interest cost in 2014 |  |  | 563 |  |  |  | (515 | )
Cash Flows
In Thousands |  |  |
Anticipated future postretirement benefit payments reflecting expected future service for the fiscal years: |
2015 |  | $ | 2,998 |
2016 |  |  | 3,193 |
2017 |  |  | 3,440 |
2018 |  |  | 3,802 |
2019 |  |  | 4,096 |
2020 — 2024 |  |  | 22,522 |
Anticipated future postretirement benefit payments are shown net of Medicare Part D subsidy reimbursements, which are not material. The amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 29, 2013, the activity during 2014, and the balances at December 28, 2014 are as follows:
In Thousands |  | Dec. 29, 2013 |  |  | Actuarial Gain (Loss) |  |  | Reclassification Adjustments |  |  | Dec. 28, 2014 |
Pension Plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial (loss) |  | $ | (71,787 | ) |  | $ | (53,597 | ) |  | $ | 1,743 |  |  | $ | (123,641 | )
Prior service (cost) credit |  |  | (199 | ) |  |  | 0 |  |  |  | 36 |  |  |  | (163 | )
Postretirement Medical: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial (loss) |  |  | (31,268 | ) |  |  | (9,324 | ) |  |  | 2,293 |  |  |  | (38,299 | )
Prior service (cost) credit |  |  | 5,674 |  |  |  | 8,682 |  |  |  | (1,513 | ) |  |  | 12,843 |
|  | $ | (97,580 | ) |  | $ | (54,239 | ) |  | $ | 2,559 |  |  | $ | (149,260 | )
The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic cost during 2015 are as follows:
In Thousands |  | Pension Plans |  |  | Postretirement Medical |  |  | Total |
Actuarial loss |  | $ | 3,182 |  |  | $ | 2,870 |  |  | $ | 6,052 |
Prior service cost (credit) |  |  | 35 |  |  |  | (3,360 | ) |  |  | (3,325 | )
|  | $ | 3,217 |  |  | $ | (490 | ) |  | $ | 2,727 |
Multi-Employer Benefits The Company currently participates in one multi-employer defined benefit pension plan covering certain employees whose employment is covered under collective bargaining agreements. The risks of participating in this multi-employer plan are different from single-employer plans in that assets contributed are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. If the Company chooses to stop participating in the multi-employer plan, the Company could be required to pay the plan a withdrawal liability based on the underfunded status of the plan. The Company stopped participation in one multi-employer defined pension plan in 2008. Certain employees of the Company participate in a multi-employer pension plan, the Employers-Teamsters Local Union Nos. 175 and 505 Pension Fund (“the Plan”), to which the Company makes monthly contributions on behalf of such employees. The Plan was certified by the Plan’s actuary as being in “critical” status for the plan year beginning January 1, 2013. As a result, the Plan adopted a “Rehabilitation Plan” effective January 1, 2015. The Company agreed and incorporated such agreement in the renewal of the collective bargaining agreement with the union, effective April 28, 2014, to participate in the Rehabilitation Plan. The Company will increase the contribution rates to the Plan effective January 2015 with additional increases occurring annually to support the Rehabilitation Plan. There would likely be a withdrawal liability in the event the Company withdraws from its participation in the Plan. The Company’s withdrawal liability was reported by the Plan’s actuary as of April 2014 to be approximately $4.5 million. The Company does not currently anticipate withdrawing from the Plan. The Company’s participation in the plan is outlined in the table below. The most recent Pension Protection Act (“PPA”) zone status available in 2014 and 2013 is for the plan’s years ending at December 31, 2013 and 2012, respectively. The plan is in the red zone which represents below 80% funded and does require a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”).
|  | Pension Protection Act Zone Status |  |  | FIP/RP Status Pending/ Implemented |  |  | Contribution (In Thousands) |  |  | Surcharge Imposed |
Pension Fund |  | 2014 |  |  | 2013 |  |  |  | 2014 |  |  | 2013 |  |  | 2012 |  |
Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund (EIN/Pension Plan No. 55-6021850) |  |  | Red |  |  |  | Green |  |  |  | Yes |  |  | $ | 655 |  |  | $ | 640 |  |  | $ | 606 |  |  |  | Yes |
For the plan year ended December 31, 2013, 2012 and 2011, respectively, the Company was not listed in Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund Forms 5500 as providing more than 5% of the total contributions for the plan. At the date these financial statements were issued, Forms 5500 were not available for the plan year ending December 31, 2014. The collective bargaining agreements covering the Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund will expire on April 29, 2017 and July 26, 2015. The Company currently has a liability to a multi-employer pension plan related to the Company’s exit from the plan in 2008. As of December 28, 2014, the Company had a liability of $8.9 million recorded. The Company is required to make payments of approximately $1 million each year through 2028 to this multi-employer pension plan. The Company also made contributions of $0.5 million, $0.4 million and $0.3 million to multi-employer defined contribution plans in 2014, 2013 and 2012, respectively.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6414718&loc=d3e28014-114942 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35743120&loc=d3e2410-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=35742057&loc=SL14450702-114947 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6414199&loc=d3e39622-114963 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39675-114964 + Details
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