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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 26, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule of obligations and funded status
The following tables provide a reconciliation of benefit obligations and plan assets of the Company’s pension plans and other post-retirement benefit plans:
 
Pension Plans
 
Other Post-Retirement Benefit Plans
 
December 26, 2015
 
December 27, 2014
 
December 26, 2015
 
December 27, 2014
 
(in thousands)
Change in projected benefit obligations:
 

 
 

 
 

 
 

Benefit obligation at beginning of year
$
326,884

 
$
286,212

 
$
32,246

 
$
29,498

Service cost
3,437

 
3,397

 
856

 
758

Interest cost
11,912

 
12,822

 
1,062

 
1,009

Benefit payments
(7,517
)
 
(9,002
)
 
(674
)
 
(722
)
Actuarial loss (gain)
(11,783
)
 
50,550

 
1,421

 
1,703

Administrative expenses paid
(411
)
 
(459
)
 

 

Effect of foreign exchange
(12,213
)
 
(16,636
)
 

 

Benefit obligation at end of year
$
310,309

 
$
326,884

 
$
34,911

 
$
32,246

Change in fair value of plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
281,290

 
272,659

 

 

Actual return on plan assets
6,263

 
25,630

 

 

Employer contributions
6,088

 
6,874

 
674

 
722

Benefit payments
(7,517
)
 
(9,002
)
 
(674
)
 
(722
)
Premiums paid
(411
)
 
(459
)
 

 

Effect of foreign exchange
(10,233
)
 
(14,412
)
 

 

Fair value of plan assets at end of year
$
275,480

 
$
281,290

 
$

 
$

 
 
 
 
 
 
 
 
Net balance sheet liability
$
34,829

 
$
45,594

 
$
34,911

 
$
32,246

 
 
 
 
 
 
 
 
Amounts recognized in balance sheet:
 
 
 
 
 
 
 
Noncurrent assets
$
261

 
$
61

 
$

 
$

Current liabilities
149

 
169

 
5,984

 
744

Noncurrent liabilities
34,941

 
45,486

 
28,927

 
31,502

Schedule of amounts recognized as part of accumulated other comprehensive income (loss)
Amounts recognized in accumulated other comprehensive loss:
 
Pension Plans
 
Other Post-Retirement Benefit Plans
 
Fiscal Year
 
Fiscal Year
 
2015
 
2014
 
2015
 
2014
 
(in thousands)
Net actuarial loss
$
66,499

 
$
73,433

 
$
6,913

 
$
5,761

Net prior service cost (credit)
(4,584
)
 
(5,388
)
 

 

Net amount recognized
$
61,915

 
$
68,045

 
$
6,913

 
$
5,761

Schedule of defined benefit plans with accumulated benefit obligation and fair value of plan assets in excess of plan assets
The accumulated benefit obligation and fair value of plan assets for the Company plans with accumulated benefit obligations in excess of plan assets are as follows:
 
Pension Plans
 
Other Post-Retirement Benefit Plans
 
December 26, 2015
 
December 27, 2014
 
December 26, 2015
 
December 27, 2014
 
(in thousands)
Accumulated benefit obligation
$
275,849

 
$
299,127

 
$
30,584

 
$
29,994

Fair value of plan assets
253,225

 
267,026

 

 

Schedule of defined benefit plans with projected benefit obligation and fair value of plan assets in excess of plan assets
The projected benefit obligation and fair value of plan assets for the Company plans with projected benefit obligations in excess of plan assets are as follows:
 
Pension Plans
 
Other Post-Retirement Benefit Plans
 
December 26, 2015
 
December 27, 2014
 
December 26, 2015
 
December 27, 2014
 
(in thousands)
Projected benefit obligation
$
301,244

 
$
326,731

 
$
34,911

 
$
32,246

Fair value of plan assets
266,154

 
281,075

 

 

Schedule of amounts in AOCI expected to be recognized as components of net periodic benefit cost over the next fiscal year
The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year are as follows:
 
Pension Plans
 
Other Post-Retirement Benefit Plans
 
(in thousands)
Amortization of net actuarial loss
$
1,931

 
$
251

Amortization of net prior service credit
(576
)
 

Components of net periodic benefit cost for defined benefit plans
Components of net periodic benefit cost:
 
Pension Plans
 
Other Post-Retirement Benefit Plans
 
Fiscal Year
 
Fiscal Year
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
(in thousands)
Service cost
$
3,437

 
$
3,397

 
$
3,368

 
$
856

 
$
758

 
$
643

Interest cost
11,912

 
12,822

 
11,273

 
1,062

 
1,009

 
708

Expected return on plan assets
(16,987
)
 
(17,444
)
 
(14,672
)
 

 

 

Amortization of prior service cost (credit)
(581
)
 
961

 
2,711

 

 
250

 
249

Amortization of net loss (gain)
2,929

 
(637
)
 
(603
)
 
269

 
660

 
660

Net periodic cost (benefit)
$
710

 
$
(901
)
 
$
2,077

 
$
2,187

 
$
2,677

 
$
2,260

Schedule of weighted-average assumptions
Weighted-average assumptions used to determine projected benefit obligations:
 
Pension Plans
 
Other Post-Retirement Benefit Plans
 
December 26, 2015
 
December 27, 2014
 
December 26, 2015
 
December 27, 2014
Discount rate
3.93
%
 
3.79
%
 
3.56
%
 
3.34
%
Rate of compensation increase
3.19
%
 
3.19
%
 
3.00
%
 
3.00
%
Weighted-average assumptions used to determine net periodic benefit cost:
 
Pension Plans
 
Other Post-Retirement Benefit Plans
 
December 26, 2015
 
December 27, 2014
 
December 28, 2013
 
December 26, 2015
 
December 27, 2014
 
December 28, 2013
Discount rate
3.79
%
 
4.54
%
 
4.13
%
 
3.34
%
 
3.47
%
 
2.63
%
Expected long-term return on plan assets
6.24
%
 
6.41
%
 
6.27
%
 

 

 

Rate of compensation increase
3.19
%
 
3.39
%
 
3.04
%
 
3.00
%
 
3.00
%
 
2.50
%
Defined benefit plan, additional disclosures about plan assets
The fair value of the Company’s pension plan assets by asset category are as follows:
 
December 26, 2015
 
December 27, 2014
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(in thousands)
Cash
$
92

 
$

 
$

 
$
92

 
$
1

 
$

 
$

 
$
1

Equity securities(a)
65,890

 
5,941

 

 
71,831

 
80,692

 
5,126

 

 
85,818

Debt securities(b) 
68,489

 
2,822

 

 
71,311

 
69,716

 
3,232

 

 
72,948

Mutual funds(c)
63,689

 
65,725

 

 
129,414

 
67,079

 
53,330

 

 
120,409

Other
1,021

 
49

 
1,762

 
2,832

 
297

 
46

 
1,771

 
2,114

Total
$
199,181

 
$
74,537

 
$
1,762

 
$
275,480

 
$
217,785

 
$
61,734

 
$
1,771

 
$
281,290

(a)
This category comprises equity securities held by non-U.S. pension plans valued at the quoted closing price, and translated into U.S. dollars using a foreign currency exchange rate at year end.
(b)
This category comprises debt securities held by non-U.S. pension plans valued at the quoted closing price, and translated into U.S. dollars using a foreign currency exchange rate at year end.
(c)
This category comprises mutual funds valued at the net asset value of shares held at year end.
Schedule of estimated future benefit payments
Estimated future benefit payments during the next five years and in the aggregate for the fiscal years thereafter, are as follows:
 
Pension Plans
 
Other Post-Retirement Benefit Plans
 
(in thousands)
2016
$
7,561

 
$
6,087

2017
7,914

 
747

2018
8,361

 
734

2019
8,926

 
722

2020
9,379

 
709

Thereafter
52,917

 
24,480