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Retirement Plans (Tables)

12 Months Ended

Dec. 30, 2017

Compensation and Retirement Disclosure [Abstract]

Changes in Company's Assets and Related Obligations for its Pension Plans

The following summarizes the status of and changes in the Company’s assets and related obligations for its pension plans (which include the Company’s defined benefit pension plans and the SERP) for the fiscal years 2017 and 2016:

	Fiscal Year
(In millions)	2017				2016
Change in projected benefit obligations:
Projected benefit obligations at beginning of the year	$	417.5			$	392.8
Service cost pertaining to benefits earned during the year	7.2				6.5
Interest cost on projected benefit obligations	17.7				19.1
Actuarial losses	30.5				31.0
Benefits paid to plan participants	(27.2		)		(24.7		)
Curtailment	(2.3		)		—
Settlement	—				(7.2		)
Projected benefit obligations at end of the year	$	443.4			$	417.5
Change in fair value of pension assets:
Fair value of pension assets at beginning of the year	$	271.9			$	280.8
Actual return on plan assets	41.0				19.1
Company contributions - pension	11.3				1.5
Company contributions - SERP	2.6				2.4
Benefits paid to plan participants	(27.2		)		(24.7		)
Settlement	—				(7.2		)
Fair value of pension assets at end of the year	$	299.6			$	271.9
Funded status	$	(143.8	)		$	(145.6	)
Amounts recognized in the consolidated balance sheets:
Non-current assets	$	2.1			$	1.2
Current liabilities	(3.7		)		(3.7		)
Non-current liabilities	(142.2		)		(143.1		)
Net amount recognized	$	(143.8	)		$	(145.6	)
Funded status of pension plans and SERP (supplemental):
Nonqualified trust assets (cash surrender value of life insurance) recorded in other assets and intended to satisfy the projected benefit obligation of unfunded SERP obligations	54.0				50.1
Net funded status of pension plans and SERP (supplemental)	$	(89.8	)		$	(95.5	)

Summary of Net Pension and Serp Expense Recognized

The following is a summary of net pension and SERP expense recognized by the Company:

	Fiscal Year
(In millions)	2017				2016				2015
Service cost pertaining to benefits earned during the year	$	7.2			$	6.5			$	9.0
Interest cost on projected benefit obligations	17.7				19.1				18.5
Expected return on pension assets	(19.8		)		(20.1		)		(20.5		)
Net amortization loss	9.8				5.0				20.9
Settlement gain	—				(0.1		)		—
Net pension expense	$	14.9			$	10.4			$	27.9
Less: SERP expense	5.5				5.8				7.8
Qualified defined benefit pension plans expense	$	9.4			$	4.6			$	20.1

Weighted-Average Assumptions used to Determine Benefit Obligations and Net Periodic Benefit Cost

The weighted-average actuarial assumptions used to determine the benefit obligation amounts and the net periodic benefit cost for the Company’s pension and post-retirement plans are as follows:

	Fiscal Year
	2017		2016
Weighted-average assumptions used to determine benefit obligations at fiscal year-end:
Discount rate	3.80%		4.35%
Rate of compensation increase - pension	3.92%		4.85%
Rate of compensation increase - SERP	7.00%		7.00%
Weighted average assumptions used to determine net periodic benefit cost for the years ended:
Discount rate	4.35%		5.00%
Expected long-term rate of return on plan assets	7.25%		7.25%
Rate of compensation increase - pension	3.97%		4.85%
Rate of compensation increase - SERP	7.00%		7.00%

Pension Plan Assets

The Company’s asset allocations by asset category and fair value measurement are as follows:

	December 30, 2017
(In millions)	Level 1				Level 2				Level 3				Other1				Total
Equity securities	$	—			$	—			$	—			$	173.4			$	173.4			57.9	%
Fixed income securities	—				—				—				109.1				109.1				36.4	%
Real estate investments	—				—				—				15.8				15.8				5.3	%
Other	—				—				1.3				—				1.3				0.4	%
Fair value of plan assets	$	—			$	—			$	1.3			$	298.3			$	299.6			100.0	%

	December 31, 2016
(In millions)	Level 1				Level 2				Level 3				Other1				Total
Equity securities	$	—			$	—			$	—			$	161.0			$	161.0			59.2	%
Fixed income securities	—				—				0.3				95.4				95.7				35.2	%
Real estate investments	—				—				—				14.5				14.5				5.3	%
Other	—				—				0.7				—				0.7				0.3	%
Fair value of plan assets	$	—			$	—			$	1.0			$	270.9			$	271.9			100.0	%

¹  In accordance with ASC 820, Fair Value Measurement, certain investments are measured at fair value using the net asset value per share as a practical expedient. These assets have not been classified in the fair value hierarchy.

Expected Benefit Payments

Expected benefit payments for the fiscal years subsequent to December 30, 2017 are as follows:

(In millions)	2018				2019				2020				2021				2022				2023-2027
Expected benefit payments	$	20.6			$	21.0			$	21.4			$	21.9			$	22.2			$	118.6

X

- Definition

Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(b)(c)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

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Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(5)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

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Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

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- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

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