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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 29, 2018

Retirement Benefits [Abstract]

Reconciliation of changes in the projected pension benefit obligation and plan assets

A reconciliation of changes in the projected pension benefit obligation and plan assets is as follows:

	For the fiscal year ended
(dollars in thousands)	December 29, 2018				December 30, 2017
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	66,747			$	62,427
Interest cost	2,287				2,446
Actuarial (gain) loss	(4,371		)		4,269
Benefits paid	(2,366		)		(2,395		)
Projected benefit obligation at end of year	$	62,297			$	66,747
Change in plan assets:
Fair value of plan assets at beginning of year	$	54,437			$	51,213
Actual return on plan assets	(2,507		)		5,619
Employer contribution	6,000				—
Benefits paid	(2,366		)		(2,395		)
Fair value of plan assets at end of year	$	55,564			$	54,437
Unfunded status	$	6,733			$	12,310

Components of post retirement benefit expense and pension expense

The components of net periodic post-retirement cost (benefit) recognized in the statement of operations and changes recognized in other comprehensive income were as follows:

		For the fiscal year ended
(dollars in thousands)		December 29, 2018				December 30, 2017				December 31, 2016
Recognized in the statement of operations:
Service cost – benefits attributed to service during the period		$	32			$	30			$	123
Interest cost on accumulated post-retirement benefit obligation		123				137				177
Amortization net actuarial gain(*)		(289		)		(306		)		(198		)
Net periodic post-retirement (benefit) cost		$	(134	)		$	(139	)		$	102
Changes recognized in other comprehensive income:
Net loss (gain) arising during the fiscal year		$	(573	)		$	26			$	(740	)
Prior service cost		—				—				11
Amortization of net gain(*)		289				306				198
Total changes recognized in other comprehensive income		$	(284	)		$	332			$	(531	)
Total net periodic (benefit) cost and changes recognized in other comprehensive income		$	(418	)		$	193			$	(429	)

(*) Represents pre-tax amounts reclassified from accumulated other comprehensive loss. For fiscal 2019, approximately $0.4 million is expected to be reclassified from accumulated other comprehensive loss as a credit to periodic net periodic pension cost.

The components of net periodic pension cost recognized in the statement of operations and changes recognized in other comprehensive income were as follows:

	For the fiscal year ended
(dollars in thousands)	December 29, 2018				December 30, 2017				December 31, 2016
Recognized in the statement of operations:
Interest cost	$	2,287			$	2,446			$	2,515
Expected return on plan assets	(2,934		)		(2,601		)		(2,701		)
Recognized actuarial loss(1)	709				681				578
Net periodic pension cost	$	62			$	526			$	392
Changes recognized in other comprehensive income:
Net loss arising during the fiscal year	$	1,070			$	1,251			$	1,644
Amortization of net loss(1)	(709		)		(681		)		(578		)
Total changes recognized in other comprehensive income	$	361			$	570			$	1,066
Total net periodic cost and changes recognized in other comprehensive income	$	423			$	1,096			$	1,458

(1) Represents pre-tax amounts reclassified from accumulated other comprehensive loss. For fiscal 2019, approximately $0.8 million is expected to be reclassified from accumulated other comprehensive loss to a component of net periodic pension cost.

Schedule of assumptions used in actuarial computations

The actuarial computations utilized the following assumptions, using year-end measurement dates:

Benefit obligation	2018		2017
Discount rate	4.00%		3.50%
Net periodic pension cost	2018		2017		2016
Discount rate	3.50%		4.00%		4.25%
Expected long-term rate of return on assets	6.25%		6.00%		6.00%

The actuarial computations utilized the following assumptions, using year-end measurement dates:

Benefit obligation	2018		2017
Discount rate	4.00%		3.25%
Net periodic pension cost	2018		2017		2016
Discount rate	3.25%		3.50%		3.75%

Expected benefit payments for defined benefit pension plans for the next ten fiscal years

The Company currently expects benefit payments for its defined benefit pension plans as follows for the next ten fiscal years:

(dollars in thousands)
2019	$	3,020
2020	$	2,600
2021	$	2,660
2022	$	2,860
2023	$	2,940
2024-2028	$	17,850

Fair value of the Company's pension plan assets by category

The fair value of the Company's pension plan assets at December 29, 2018 and December 30, 2017, by asset category, were as follows:

(dollars in thousands)		December 29, 2018													December 30, 2017
Asset Category		Total				Level 1				Level 2					Total				Level 1				Level 2
Cash and cash equivalents		$	550			$	550			$	—				$	539			$	539			$	—
Equity Securities:
U.S. Large-Cap blend(1)		7,693				7,693				—					7,418				7,418				—
U.S. Large-Cap growth		3,478				3,478				—					3,331				3,331				—
U.S. Mid-Cap growth		3,355				3,355				—					3,228				3,228				—
U.S. Small-Cap blend		2,224				2,224				—					2,147				2,147				—
International blend		8,302				8,302				—					8,142				8,142				—
Fixed income securities:
Corporate bonds(2)		27,247				27,006				241					26,888				26,480				408
Real estate(3)		2,715				2,715				—					2,744				2,744				—
		$	55,564			$	55,323			$	241				$	54,437			$	54,029			$	408

(1) This category comprises low-cost equity index funds not actively managed that track the Standard & Poor's 500 Index.

(2) This category invests in both U.S. Treasuries and mid-term corporate debt from U.S. issuers from diverse industries.

(3) This category represents an investment in a mutual fund that invests primarily in real estate securities, including common stocks, preferred stock and other equity securities issued by real estate companies.

Reconciliation of accumulated post retirement benefit obligation

The following is a reconciliation of the accumulated post-retirement benefit obligation ("APBO") under this plan:

	For the fiscal years ended
(dollars in thousands)	December 29, 2018				December 30, 2017
APBO at beginning of fiscal year	$	3,969			$	4,125
Service cost	32				30
Interest cost	123				137
Actuarial loss (gain)	(573		)		26
Plan participants' contribution	1				6
Benefits paid	(324		)		(355		)
APBO at end of fiscal year	$	3,228			$	3,969

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

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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.

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