XML 32 R19.htm IDEA: XBRL DOCUMENT
v3.4.0.3

PENSION AND OTHER POSTRETIREMENT BENEFITS | 3 Months Ended
--- | ---
Mar. 27, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] |
PENSION AND OTHER POSTRETIREMENT BENEFITS | PENSION AND OTHER POSTRETIREMENT BENEFITS The Company sponsors programs that provide retirement benefits to most of its employees. These programs include qualified defined benefit pension plans, nonqualified defined benefit retirement plans, a defined benefit postretirement life insurance plan and defined contribution retirement savings plans. Expenses recognized under all of these retirement plans totaled $1.6 million and $4.5 million in the thirteen weeks ended March 27, 2016 and March 29, 2015, respectively. Defined Benefit Plans Obligations and Assets The change in benefit obligation, change in fair value of plan assets, funded status and amounts recognized in the Condensed Consolidated Balance Sheets for these defined benefit plans were as follows:
| Thirteen Weeks Ended March 27, 2016 |  | Thirteen Weeks Ended March 29, 2015
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Change in projected benefit obligation: | (In thousands)
Projected benefit obligation, beginning of period | $ | 165,952 |  |  | $ | 1,672 |  |  | $ | 190,401 |  |  | $ | 1,657 |
Interest cost | 1,396 |  |  | 12 |  |  | 1,938 |  |  | 17 |
Actuarial losses | 4,417 |  |  | 51 |  |  | 6,915 |  |  | 38 |
Benefits paid | (2,365 | ) |  | (35 | ) |  | (1,479 | ) |  | (32 | )
Curtailments and settlements | — |  |  | — |  |  | (11,945 | ) |  | — |
Projected benefit obligation, end of period | $ | 169,400 |  |  | $ | 1,700 |  |  | $ | 185,830 |  |  | $ | 1,680 |
| Thirteen Weeks Ended March 27, 2016 |  | Thirteen Weeks Ended March 29, 2015
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Change in plan assets: | (In thousands)
Fair value of plan assets, beginning of period | $ | 96,947 |  |  | $ | — |  |  | $ | 113,552 |  |  | $ | — |
Actual return on plan assets | (5,446 | ) |  | — |  |  | 2,061 |  |  | — |
Contributions by employer | 2,541 |  |  | 35 |  |  | 1,881 |  |  | 32 |
Benefits paid | (2,365 | ) |  | (35 | ) |  | (1,479 | ) |  | (32 | )
Curtailments and settlements | — |  |  | — |  |  | (11,945 | ) |  | — |
Fair value of plan assets, end of period | $ | 91,677 |  |  | $ | — |  |  | $ | 104,070 |  |  | $ | — |
| March 27, 2016 |  | December 27, 2015
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Funded status: | (In thousands)
Unfunded benefit obligation, end of period | $ | (77,723 | ) |  | $ | (1,700 | ) |  | $ | (69,005 | ) |  | $ | (1,672 | )
| March 27, 2016 |  | December 27, 2015
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Amounts recognized in the Condensed Consolidated Balance Sheets at end of period: | (In thousands)
Current liability | $ | (10,774 | ) |  | $ | (139 | ) |  | $ | (10,779 | ) |  | $ | (138 | )
Long-term liability | (66,949 | ) |  | (1,561 | ) |  | (58,226 | ) |  | (1,534 | )
Recognized liability | $ | (77,723 | ) |  | $ | (1,700 | ) |  | $ | (69,005 | ) |  | $ | (1,672 | )
| March 27, 2016 |  | December 27, 2015
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Amounts recognized in accumulated other comprehensive loss at end of period: | (In thousands)
Net actuarial loss (gain) | $ | 49,126 |  |  | $ | (28 | ) |  | $ | 38,115 |  |  | $ | (79 | )
The accumulated benefit obligation for our defined benefit pension plans was $169.4 million and $166.0 million at March 27, 2016 and December 27, 2015, respectively. Each of our defined benefit pension plans had accumulated benefit obligations that exceeded the fair value of plan assets at March 27, 2016 and December 27, 2015, respectively. Net Periodic Benefit Costs Net defined benefit pension and other postretirement costs included the following components:
| Thirteen Weeks Ended March 27, 2016 |  | Thirteen Weeks Ended March 29, 2015
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
| (In thousands)
Interest cost | $ | 1,396 |  |  | $ | 12 |  |  | $ | 1,938 |  |  | $ | 17 |
Estimated return on plan assets | (1,314 | ) |  | — |  |  | (1,671 | ) |  | — |
Settlement loss | — |  |  | — |  |  | 3,062 |  |  | — |
Amortization of net loss | 165 |  |  | — |  |  | 179 |  |  | — |
Net costs | $ | 247 |  |  | $ | 12 |  |  | $ | 3,508 |  |  | $ | 17 |
Economic Assumptions The weighted average assumptions used in determining pension and other postretirement plan information were as follows:
| March 27, 2016 |  | December 27, 2015
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Assumptions used to measure benefit obligation at end of period: |  |  |  |  |  |  |
Discount rate | 4.18 | % |  | 3.55 | % |  | 4.47 | % |  | 4.47 | %
| Thirteen Weeks Ended March 27, 2016 |  | Thirteen Weeks Ended March 29, 2015
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
Assumptions used to measure net pension and other postretirement cost: |  |  |  |  |  |  |
Discount rate | 4.47 | % |  | 4.47 | % |  | 4.22 | % |  | 4.22 | %
Expected return on plan assets | 5.50 | % |  | NA |  |  | 6.00 | % |  | NA |
Discount rates were determined based on current investment yields on high-quality corporate long-term bonds. The expected rate of return on plan assets was determined based on the current interest rate environment and historical market premiums relative to the fixed income rates of equities and other asset classes. We also take into consideration anticipated asset allocations, investment strategies and the views of various investment professionals when developing this rate. Plan Assets The following table reflects the pension plans’ actual asset allocations:
| March 27, 2016 |  | December 27, 2015
Cash and cash equivalents | — | % |  | — | %
Pooled separate accounts(a): |  |  |
Equity securities | 7 | % |  | 7 | %
Fixed income securities | 7 | % |  | 7 | %
Common collective trust funds(a): |  |  |
Equity securities | 57 | % |  | 57 | %
Fixed income securities | 29 | % |  | 29 | %
Total assets | 100 | % |  | 100 | %
(a) | Pooled separate accounts (“PSAs”) and common collective trust funds (“CCTs”) are two of the most common types of alternative vehicles in which benefit plans invest. These investments are pooled funds that look like mutual funds, but they are not registered with the SEC. Often times, they will be invested in mutual funds or other marketable securities, but the unit price generally will be different from the value of the underlying securities because the fund may also hold cash for liquidity purposes, and the fees imposed by the fund are deducted from the fund value rather than charged separately to investors. Some PSAs and CCTs have no restrictions as to their investment strategy and can invest in riskier investments, such as derivatives, hedge funds, private equity funds, or similar investments.
Absent regulatory or statutory limitations, the target asset allocation for the investment of pension assets in the pooled separate accounts is 50% in each of fixed income securities and equity securities and the target asset allocation for the investment of pension assets in the common collective trust funds is 30% in fixed income securities and 70% in equity securities. The plans only invest in fixed income and equity instruments for which there is a readily available public market. We develop our expected long-term rate of return assumptions based on the historical rates of returns for equity and fixed income securities of the type in which our plans invest. The fair value measurements of plan assets fell into the following levels of the fair value hierarchy as of March 27, 2016 and December 27, 2015:
| March 27, 2016 |  | December 27, 2015
| Level 1(a) |  | Level 2(b) |  | Level 3(c) |  | Total |  | Level 1(a) |  | Level 2(b) |  | Level 3(c) |  | Total
| (In thousands)
Cash and cash equivalents | $ | 126 |  |  | $ | — |  |  | $ | — |  |  | $ | 126 |  |  | $ | 147 |  |  | $ | — |  |  | $ | — |  |  | $ | 147 |
Pooled separate accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large U.S. equity funds(d) | — |  |  | 3,692 |  |  | — |  |  | 3,692 |  |  | — |  |  | 3,816 |  |  | — |  |  | 3,816 |
Small/Mid U.S. equity funds(e) | — |  |  | 937 |  |  | — |  |  | 937 |  |  | — |  |  | 969 |  |  | — |  |  | 969 |
International equity funds(f) | — |  |  | 1,498 |  |  | — |  |  | 1,498 |  |  | — |  |  | 1,606 |  |  | — |  |  | 1,606 |
Fixed income funds(g) | — |  |  | 6,149 |  |  | — |  |  | 6,149 |  |  | — |  |  | 6,337 |  |  | — |  |  | 6,337 |
Common collective trusts funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large U.S. equity funds(d) | — |  |  | 21,657 |  |  | — |  |  | 21,657 |  |  | — |  |  | 22,069 |  |  | — |  |  | 22,069 |
Small U.S. equity funds(e) | — |  |  | 15,392 |  |  | — |  |  | 15,392 |  |  | — |  |  | 16,843 |  |  | — |  |  | 16,843 |
International equity funds(f) | — |  |  | 15,415 |  |  | — |  |  | 15,415 |  |  | — |  |  | 16,629 |  |  | — |  |  | 16,629 |
Fixed income funds(g) | — |  |  | 26,811 |  |  | — |  |  | 26,811 |  |  | — |  |  | 28,531 |  |  | — |  |  | 28,531 |
Total assets | $ | 126 |  |  | $ | 91,551 |  |  | $ | — |  |  | $ | 91,677 |  |  | $ | 147 |  |  | $ | 96,800 |  |  | $ | — |  |  | $ | 96,947 |
(a) | Unadjusted quoted prices in active markets for identical assets are used to determine fair value.
(b) | Quoted prices in active markets for similar assets and inputs that are observable for the asset are used to determine fair value.
(c) | Unobservable inputs, such as discounted cash flow models or valuations, are used to determine fair value.
(d) | This category is comprised of investment options that invest in stocks, or shares of ownership, in large, well-established U.S. companies. These investment options typically carry more risk than fixed income options but have the potential for higher returns over longer time periods.
(e) | This category is generally comprised of investment options that invest in stocks, or shares of ownership, in small to medium-sized U.S. companies. These investment options typically carry more risk than larger U.S. equity investment options but have the potential for higher returns.
(f) | This category is comprised of investment options that invest in stocks, or shares of ownership, in companies with their principal place of business or office outside of the U.S.
(g) | This category is comprised of investment options that invest in bonds, or debt of a company or government entity (including U.S. and non-U.S. entities). It may also include real estate investment options that directly own property. These investment options typically carry more risk than short-term fixed income investment options (including, for real estate investment options, liquidity risk), but less overall risk than equities.
The valuation of plan assets in Level 2 is determined using a market approach based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for substantially the full term of the financial instrument. Level 2 securities primarily include equity and fixed income securities funds. Benefit Payments The following table reflects the benefits as of March 27, 2016 expected to be paid through 2025 from our pension and other postretirement plans. Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. Because our other postretirement plans are unfunded, the anticipated benefits with respect to these plans will come from our own assets.
| Pension Benefits |  | Other Benefits
| (In thousands)
2016 (remaining) | $ | 10,653 |  |  | $ | 104 |
2017 | 11,660 |  |  | 139 |
2018 | 11,406 |  |  | 140 |
2019 | 11,063 |  |  | 139 |
2020 | 11,075 |  |  | 138 |
2021-2025 | 49,795 |  |  | 643 |
Total | $ | 105,652 |  |  | $ | 1,303 |
We anticipate contributing $9.4 million and $0.1 million, as required by funding regulations or laws, to our pension plans and other postretirement plans, respectively, during the remainder of 2016. Unrecognized Benefit Amounts in Accumulated Other Comprehensive Loss The amounts in accumulated other comprehensive loss that were not recognized as components of net periodic benefits cost and the changes in those amounts are as follows:
| Thirteen Weeks Ended March 27, 2016 |  | Thirteen Weeks Ended March 29, 2015
| Pension Benefits |  | Other Benefits |  | Pension Benefits |  | Other Benefits
| (In thousands)
Net actuarial loss (gain), beginning of period | $ | 38,115 |  |  | $ | (79 | ) |  | $ | 43,907 |  |  | $ | (127 | )
Amortization | (165 | ) |  | — |  |  | (179 | ) |  | — |
Curtailment and settlement adjustments | — |  |  | — |  |  | (3,062 | ) |  | — |
Actuarial loss | 4,417 |  |  | 51 |  |  | 6,914 |  |  | 39 |
Asset loss (gain) | 6,759 |  |  | — |  |  | (389 | ) |  | — |
Net actuarial loss (gain), end of period | $ | 49,126 |  |  | $ | (28 | ) |  | $ | 47,191 |  |  | $ | (88 | )
The Company expects to recognize in net pension cost throughout the remainder of 2016 an actuarial loss of $0.5 million that was recorded in accumulated other comprehensive loss at March 27, 2016. Remeasurement The Company remeasures both plan assets and obligations on a quarterly basis.

X
- References No definition available. + Details
Name: | us-gaap_DefinedBenefitPensionPlansAndDefinedBenefitPostretirementPlansDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49170332&loc=SL14450702-114947 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=58740216&loc=d3e2410-114920 Reference 3: 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 Reference 4: 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=49170846&loc=d3e28014-114942 Reference 5: 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 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration