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Fair value measurement (Tables)
 12 Months Ended
Dec. 30, 2012
Fair Value Disclosures [Abstract]  
Financial Instruments Measured at Fair Value
The financial instruments measured at fair value in the accompanying consolidated balance sheets consist of the following:
Company Owned Assets
In thousands of dollars
Fair value measurement as of Dec. 30, 2012
 
Level 1
Level 2
Level 3
Total
Assets:
 
 
 
 
Employee compensation related investments
$
23,043

$
—

$
—

$
23,043

Sundry investments
29,090

—

—

29,090

Total Assets
$
52,133

$
—

$
—

$
52,133

Liabilities:
 
 
 
 
Contingent consideration payable
$
—

$
—

$
26,170

$
26,170

Total Liabilities
$
—

$
—

$
26,170

$
26,170

In thousands of dollars
Fair value measurement as of Dec. 25, 2011
 
Level 1
Level 2
Level 3
Total
Assets:
 
 
 
 
Employee compensation related investments
$
17,224

$
—

$
—

$
17,224

Sundry investments
26,162

—

—

26,162

Total Assets
$
43,386

$
—

$
—

$
43,386

Liabilities:
 
 
 
 
Contingent consideration payable
$
—

$
—

$
15,808

$
15,808

Total Liabilities
$
—

$
—

$
15,808

$
15,808
Fair Value of Pension Plan Assets by Level within Fair Value Hierarchy
The following tables set forth by level within the fair value hierarchy the fair values of the company’s pension plan assets:
Pension Plan Assets/Liabilities
In thousands of dollars
Fair value measurement as of Dec. 30, 2012(a)
 
Level 1
Level 2
Level 3
Total
Assets:
 
 
 
 
Fixed income
 
 
 
 
U.S. government-related securities
$
—

$
100,140

$
—

$
100,140

Mortgage backed securities
—

71,641

—

71,641

Other government bonds
—

30,317

—

30,317

Corporate bonds
—

136,640

797

137,437

Corporate stock
722,619

818

—

723,437

Real estate
—

—

97,385

97,385

Interest in common/collective trusts
 
 
 
 
Equities
—

604,003

—

604,003

Fixed income
12,630

180,990

—

193,620

Interest in reg. invest. companies
104,196

24,222

—

128,418

Interest in 103-12 investments
—

84,956

—

84,956

Partnership/joint venture interests
—

—

130,995

130,995

Hedge funds
—

77,520

158,924

236,444

Derivative contracts
33

54,924

500

55,457

Total
$
839,478

$
1,366,171

$
388,601

$
2,594,250

Liabilities:
 
 
 
 
Derivative liabilities
$
(21
)
$
(56,339
)
$
(2,008
)
$
(58,368
)
Liability to purchase
U.S. government and other securities
—

(26,882
)
—

(26,882
)
Total
$
(21
)
$
(83,221
)
$
(2,008
)
$
(85,250
)
Cash and other
36,295

7,021

—

43,316

Total net fair value of plan assets
$
875,752

$
1,289,971

$
386,593

$
2,552,316

(a)
The company uses a Dec. 31 measurement date for its retirement plans.

In thousands of dollars
Fair value measurement as of Dec. 25, 2011(a)
 
Level 1
Level 2
Level 3
Total
Assets:
 
 
 
 
Fixed income
 
 
 
 
U.S. government-related securities
$
—

$
50,582

$
—

$
50,582

Mortgage backed securities
—

165,651

1,271

166,922

Other government bonds
—

38,246

1,441

39,687

Corporate bonds
—

135,635

2,070

137,705

Corporate stock
613,976

999

—

614,975

Real estate
—

—

93,620

93,620

Interest in common/collective trusts
 
 
 
 
Equities
—

434,693

—

434,693

Fixed income
24,632

348,736

—

373,368

Interest in reg. invest. companies
92,840

19,927

—

112,767

Interest in 103-12 investments
—

79,432

—

79,432

Partnership/joint venture interests
—

—

128,121

128,121

Hedge funds
—

76,801

156,016

232,817

Derivative contracts
—

53,591

235

53,826

Total
$
731,448

$
1,404,293

$
382,774

$
2,518,515

Liabilities:
 
 
 
 
Derivative liabilities
$
(15
)
$
(54,139
)
$
(2,517
)
$
(56,671
)
Liability to purchase U.S. government and other securities
—

(71,876
)
—

(71,876
)
Total
$
(15
)
$
(126,015
)
$
(2,517
)
$
(128,547
)
Cash and other
18,135

665

—

18,800

Total net fair value of plan assets
$
749,568

$
1,278,943

$
380,257

$
2,408,768

(a)
The company uses a Dec. 31 measurement date for its retirement plans.
Summary of Changes in Fair Value of Pension Plan Assets and Liabilities, Categorized as Level 3
The tables below set forth a summary of changes in the fair value of the company’s pension plan assets and liabilities, categorized as Level 3, for the fiscal year ended Dec. 30, 2012 and Dec. 25, 2011:
 
Pension Plan Assets/Liabilities
 
 
 
 
 
 
In thousands of dollars
 
 
 
 
 
 
For the year ended Dec. 30, 2012
 
 
 
 
 
 
 
 
Actual Return on Plan Assets
 
 
 
 
Balance at
beginning
of year
Relating to assets still held at report date
Relating to assets sold during the period
Purchases,
sales, and
settlements
Transfers in
and/or out
of Level 3(1)
Balance at
end of year
Assets:
 
 
 
 
 
 
Fixed income
 
 
 
 
 
 
Mortgage-backed securities
$
1,271

$
—

$
—

$
—

$
(1,271
)
$
—

Other government bonds
1,441

—

—

—

(1,441
)
—

Corporate bonds
2,070

83

(589
)
—

(767
)
797

Real estate
93,620

(4,788
)
—

8,553

—

97,385

Partnership/joint venture interests
128,121

(1,817
)
(20,781
)
25,472

—

130,995

Hedge funds
156,016

9,590

(8,271
)
1,589

—

158,924

Derivative contracts
235

265

—

—

—

500

Total
$
382,774

$
3,333

$
(29,641
)
$
35,614

$
(3,479
)
$
388,601

Liabilities:
 
 
 
 
 
 
Derivative liabilities
$
(2,517
)
$
16

$
(4
)
$
—

$
497

$
(2,008
)
(1)
The company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
Pension Plan Assets/Liabilities (continued)
 
 
 
 
 
In thousands of dollars
 
 
 
 
 
 
For the year ended Dec. 25, 2011
 
 
 
 
 
 
 
 
Actual Return on Plan Assets
 
 
 
 
Balance at
beginning
of year
Relating to assets still held at report date
Relating to assets sold during the period
Purchases,
sales, and
settlements
Transfers in
and/or out
of Level 3(1)
Balance at
end of year
Assets:
 
 
 
 
 
 
Fixed income
 
 
 
 
 
 
Mortgage-backed securities
$
—

$
(11
)
$
—

$
1,282

$
—

$
1,271

Other government bonds
1,526

65

—

(150
)
—

1,441

Corporate bonds
5,896

(133
)
7

205

(3,905
)
2,070

Real estate
90,344

(503
)
—

3,779

—

93,620

Partnership/joint venture interests
117,698

20,706

—

(10,283
)
—

128,121

Hedge funds
163,349

(1,632
)
(150
)
(7,151
)
1,600

156,016

Derivative contracts
104

(265
)
(76
)
(28
)
500

235

Total
$
378,917

$
18,227

$
(219
)
$
(12,346
)
$
(1,805
)
$
382,774

Liabilities:
 
 
 
 
 
 
Derivative liabilities
$
(453
)
$
(8
)
$
(733
)
$
1,183

$
(2,506
)
$
(2,517
)
(1)
The company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
Fair Value Measurements, Nonrecurring
The following table summarizes the non-financial assets measured at fair value on nonrecurring basis in the accompanying consolidated balance sheet as of Dec. 30, 2012:
Non-Financial Assets
 
 
 
In thousands of dollars
 
 
 
 
Fair value measurement as of Dec. 30, 2012
 
 
Level 1
Level 2
Level 3
Total
Asset held for sale - Quarter 4
$
—

$
—

$
17,508

$
17,508

Goodwill - Quarter 4
$
—

$
—

$
29,610

$
29,610