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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Liability Under Executive Benefit Plans

The liability under these two deferral plans was as follows:

(in thousands)						December 31, 2020						December 29, 2019
Current liabilities						$	11,132					$	8,893
Noncurrent liabilities						80,890						79,921
Total liability - Supplemental Savings Incentive Plan and Director Deferral Plan						$	92,022					$	88,814

The liability under this plan was as follows:

(in thousands)						December 31, 2020						December 29, 2019
Current liabilities						$	137					$	102
Noncurrent liabilities						4,728						3,199
Total liability - Long-Term Retention Plan						$	4,865					$	3,301

The liability under this plan was as follows:

(in thousands)						December 31, 2020						December 29, 2019
Current liabilities						$	4,176					$	3,267
Noncurrent liabilities						38,605						41,062
Total liability - Officer Retention Plan						$	42,781					$	44,329

The liability under this plan was as follows:

(in thousands)						December 31, 2020						December 29, 2019
Current liabilities						$	8,515					$	7,252
Noncurrent liabilities						7,866						8,416
Total liability - Long-Term Performance Plan						$	16,381					$	15,668

Changes in Projected Benefit Obligation

The following tables set forth pertinent information for the two Company-sponsored pension plans:

						Fiscal Year
(in thousands)						2020						2019
Beginning balance - projected benefit obligation						$	332,304					$	278,957
Service cost						6,331						4,853
Interest cost						10,957						12,299
Actuarial loss						31,300						47,651
Benefits paid						(12,647)						(11,456)
Ending balance - projected benefit obligation						$	368,245					$	332,304

Change in Plan Assets

Change in Plan Assets

						Fiscal Year
(in thousands)						2020						2019
Beginning balance - plan assets at fair value						$	276,699					$	256,168
Actual return on plan assets						40,680						29,549
Employer contributions						16,250						4,900
Benefits paid						(13,930)						(13,918)
Ending balance - plan assets at fair value						$	319,699					$	276,699

Funded Status

Funded Status

(in thousands)						December 31, 2020						December 29, 2019
Projected benefit obligation						$	(368,245)					$	(332,304)
Plan assets at fair value						319,699						276,699
Net funded status						$	(48,546)					$	(55,605)

Amounts Recognized in the Consolidated Balance Sheet

Amounts Recognized in the Consolidated Balance Sheets

(in thousands)						December 31, 2020						December 29, 2019
Current liabilities						$	—					$	—
Noncurrent liabilities						(48,546)						(55,605)
Total liability - pension plans						$	(48,546)					$	(55,605)

Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

Net Periodic Pension Cost

						Fiscal Year
(in thousands)						2020						2019						2018
Service cost						$	6,331					$	4,853					$	5,484
Interest cost						10,957						12,299						11,350
Expected return on plan assets						(13,617)						(10,290)						(15,415)
Recognized net actuarial loss						4,619						3,688						3,830
Amortization of prior service cost						19						22						25
Net periodic pension cost						$	8,309					$	10,572					$	5,274

Net Periodic Postretirement Benefit Cost

						Fiscal Year
(in thousands)						2020						2019						2018
Service cost						$	1,454					$	1,496					$	1,854
Interest cost						2,031						2,750						2,694
Recognized net actuarial loss						383						730						1,889
Amortization of prior service cost						—						(1,293)						(1,847)
Net periodic postretirement benefit cost						$	3,868					$	3,683					$	4,590

Significant Assumptions

Significant Assumptions

						Fiscal Year
						2020						2019						2018
Projected benefit obligation at the measurement date:
Discount rate - Primary Plan						2.66		%				3.36		%				4.47		%
Discount rate - Bargaining Plan						3.12		%				3.61		%				4.63		%
Weighted average rate of compensation increase						N/A						N/A						N/A
Net periodic pension cost for the fiscal year:
Discount rate - Primary Plan						3.36		%				4.47		%				3.80		%
Discount rate - Bargaining Plan						3.61		%				4.63		%				3.90		%
Weighted average expected long-term rate of return of plan assets - Primary Plan(1)						5.50		%				5.00		%				6.00		%
Weighted average expected long-term rate of return of plan assets - Bargaining Plan(1)						6.25		%				5.25		%				6.00		%
Weighted average rate of compensation increase						N/A						N/A						N/A

(1)The weighted average expected long-term rate of return assumption for the pension plan assets, which was used to compute net periodic pension cost, is based upon target asset allocation and is determined using forward-looking performance and duration assumptions set at the beginning of each fiscal year.

Anticipated Future Pension and Postretirement Benefit Payments

Cash Flows

(in thousands)						Anticipated Future Pension Benefit Payments for the Fiscal Years
2021						$	13,526
2022						14,312
2023						15,100
2024						15,736
2025						16,377
2026 - 2030						89,826

Cash Flows

(in thousands)						Anticipated Future Postretirement Benefit Payments Reflecting Expected Future Service
2021						$	2,886
2022						2,983
2023						3,151
2024						3,341
2025						3,494
2026 - 2030						19,300

Target Asset Allocation, Actual Asset Allocation, and Weighted Average Expected Long-Term Rate of Return and Summary of Pension Plan Assets

The Company’s

pension plans target asset allocation for 2021, actual asset allocation at December 31, 2020 and December 29, 2019, and the weighted average expected long-term rate of return by asset category for the Primary Plan were as follows:

						Percentage of Plan Assets at Fiscal Year-End												Target Allocation						Weighted Average Expected Long-Term Rate of Return
						2020						2019						2021						2021
U.S. debt securities						58		%				57		%				65		%				3.09		%
U.S. equity securities						24		%				23		%				26		%				1.24		%
International debt securities						8		%				9		%				—		%				—		%
International equity securities						8		%				8		%				7		%				0.32		%
Cash and cash equivalents						2		%				3		%				2		%				0.10		%
Total						100		%				100		%				100		%				4.75		%

The Company’s pension plans target asset allocation for 2021, actual asset allocation at December 31, 2020 and December 29, 2019, and the weighted average expected long-term rate of return by asset category for the Bargaining Plan were as follows:

						Percentage of Plan Assets at Fiscal Year-End												Target Allocation						Weighted Average Expected Long-Term Rate of Return
						2020						2019						2021						2021
U.S. debt securities						46		%				46		%				40		%				2.30		%
U.S. equity securities						39		%				39		%				46		%				2.65		%
International debt securities						2		%				2		%				—		%				—		%
International equity securities						12		%				12		%				12		%				0.68		%
Cash and cash equivalents						1		%				1		%				2		%				0.12		%
Total						100		%				100		%				100		%				5.75		%

The following table summarizes the Company’s pension plan assets, which are classified as Level 1 and Level 2 for fair value measurement. The Company does not have any Level 3 pension plan assets. See Note 16 for additional information.

(in thousands)						December 31, 2020						December 29, 2019
Pension plan assets - fixed income						$	205,812					$	179,153
Pension plan assets - equity securities(1)						106,424						89,861
Pension plan assets - cash and cash equivalents						7,463						7,071
Total pension plan assets						$	319,699					$	276,085

(1)The Company had other Level 1 pension plan assets related to its equity securities of $0.6 million in 2019.

Reconciliation of Activity in Postretirement Benefit Plan

Reconciliation of Activity

						Fiscal Year
(in thousands)						2020						2019
Benefit obligation at beginning of year						$	62,056					$	64,461
Service cost						1,454						1,496
Interest cost						2,031						2,750
Plan participants’ contributions						753						750
Actuarial (gain) loss						4,555						(4,191)
Benefits paid						(3,184)						(3,296)
Medicare Part D subsidy reimbursement						—						86
Benefit obligation at end of year						$	67,665					$	62,056

Reconciliation of Plan Assets Fair Value in Postretirement Benefit Plan

Reconciliation of Plan Assets Fair Value

						Fiscal Year
(in thousands)						2020						2019
Fair value of plan assets at beginning of year						$	—					$	—
Employer contributions						2,431						2,460
Plan participants’ contributions						753						750
Benefits paid						(3,184)						(3,296)
Medicare Part D subsidy reimbursement						—						86
Fair value of plan assets at end of year						$	—					$	—

Funded Status in Postretirement Benefit Plan

Funded Status

(in thousands)						December 31, 2020						December 29, 2019
Current liabilities						$	(2,886)					$	(2,831)
Noncurrent liabilities						(64,779)						(59,225)
Total liability - postretirement benefits						$	(67,665)					$	(62,056)

Significant Assumptions

Significant Assumptions

						Fiscal Year
						2020						2019						2018
Benefit obligation discount rate at measurement date						2.70		%				3.32		%				4.41		%
Net periodic postretirement benefit cost discount rate for fiscal year						3.32		%				4.41		%				3.72		%
Postretirement benefit expense - Pre-Medicare:
Weighted average healthcare cost trend rate						6.53		%				7.13		%				7.82		%
Trend rate graded down to ultimate rate						4.50		%				4.50		%				4.50		%
Ultimate rate year						2028						2026						2025
Postretirement benefit expense - Post-Medicare:
Weighted average healthcare cost trend rate						6.73		%				7.11		%				7.74		%
Trend rate graded down to ultimate rate						4.50		%				4.50		%				4.50		%
Ultimate rate year						2028						2026						2025

Reconciliation of Amounts in Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost

A reconciliation of the amounts in accumulated other comprehensive loss not yet recognized as components of net periodic benefit cost is as follows:

(in thousands)						December 29, 2019						Actuarial Loss						Reclassification Adjustments						December 31, 2020
Pension Plans:
Actuarial loss						$	(146,762)					$	(5,521)					$	4,619					$	(147,664)
Prior service costs						(26)						—						19						(7)
Postretirement Benefits:
Actuarial loss						(9,736)						(4,555)						383						(13,908)
Total within accumulated other comprehensive loss						$	(156,524)					$	(10,076)					$	5,021					$	(161,579)

Multiemployer Plans

The Company’s participation in the Teamsters Plan is outlined in the table below. A red zone represents less than 80% funding and requires a financial improvement plan (“FIP”) or rehabilitation plan (“RP”).

Fiscal Year

(in thousands)

2020

2019

2018

Pension Protection Act Zone Status

Red

Red

Red

FIP or RP pending or implemented

Yes

Yes

Yes

Surcharge imposed

Yes

Yes

Yes

Contribution

$

924

$

987

$

763

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