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Employee Benefits (Tables) | 12 Months Ended
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Dec. 29, 2018
Retirement Benefits [Abstract] |
Schedule of changes in projected benefit obligations and change in plan assets | The following tables set forth the change in projected benefit obligation and the change in plan assets for the pension plan:
| December 29, 2018 |  | December 30, 2017
| (In thousands)
Change in projected benefit obligation: |  |  |
Projected benefit obligation at beginning of period | $ | 118,812 |  |  | $ | 113,436 |
Service cost | 534 |  |  | 633 |
Interest cost | 3,853 |  |  | 4,663 |
Actuarial (gain) loss | (9,732 | ) |  | 5,808 |
Curtailment gain | — |  |  | (310 | )
Benefits paid | (5,558 | ) |  | (5,418 | )
Projected benefit obligation at end of period | 107,909 |  |  | 118,812 |
Change in plan assets: |  |  |  |  |
Fair value of assets at beginning of period | 88,452 |  |  | 79,087 |
Actual (loss) return on plan assets | (6,321 | ) |  | 11,109 |
Employer contributions | 4,668 |  |  | 3,674 |
Benefits paid | (5,558 | ) |  | (5,418 | )
Fair value of assets at end of period | 81,241 |  |  | 88,452 |
Net unfunded status of plan | $ | (26,668 | ) |  | $ | (30,360 | )
Schedule of amounts recognized on consolidated balance sheets | The unfunded status recorded as Pension Benefit Obligation on our Consolidated Balance Sheets for the pension plan is set forth in the following table, along with the unrecognized actuarial loss, which is presented as part of Accumulated Other Comprehensive Loss:
| December 29, 2018 |  | December 30, 2017
| (In thousands)
Unfunded status | $ | (26,668 | ) |  | $ | (30,360 | )
Unrecognized prior service cost | — |  |  | — |
Unrecognized actuarial loss | 34,699 |  |  | 33,884 |
Net amount recognized | $ | 8,031 |  |  | $ | 3,524 |
Amounts recognized on the balance sheet consist of: |  |  |  |  |
Accrued pension liability | $ | (26,668 | ) |  | $ | (30,360 | )
Accumulated other comprehensive loss (pre-tax) | 34,699 |  |  | 33,884 |
Net amount recognized | $ | 8,031 |  |  | $ | 3,524 |
Schedule of net periodic pension cost for pension plans | Net periodic pension cost (credit) for the pension plan included the following:
| Fiscal Year Ended December 29, 2018 |  | Fiscal Year Ended December 30, 2017 |  | Fiscal Year Ended December 31, 2016
| (In thousands)
Service cost | $ | 534 |  |  | $ | 633 |  |  | $ | 996 |
Interest cost on projected benefit obligation | 3,853 |  |  | 4,663 |  |  | 4,901 |
Expected return on plan assets | (5,309 | ) |  | (6,538 | ) |  | (6,224 | )
Amortization of unrecognized loss | 1,084 |  |  | 1,056 |  |  | 1,126 |
Net periodic pension cost (credit) | $ | 162 |  |  | $ | (186 | ) |  | $ | 799 |
Schedule of assumptions used to determine the projected benefit obligation | The following assumptions were used to determine the projected benefit obligation at the measurement date and the net periodic pension cost:
| December 29, 2018 |  | December 30, 2017
Projected benefit obligation: |  |  |
Discount rate | 4.37 | % |  | 3.69 | %
Average rate of increase in future compensation levels | Graded 5.5-2.5% |  |  | Graded 5.5-2.5% |
Net periodic pension cost: |  |  |  |  |
Discount rate | 3.69 | % |  | 4.26 | %
Average rate of increase in future compensation levels | Graded 5.5-2.5% |  |  | Graded 5.5-2.5% |
Expected long-term rate of return on plan assets | 6.00 | % |  | 8.10 | %
Schedule of fair value of plan assets by asset category | The current targets, adjusted to exclude non-GAAP BlueLinx real-estate holdings, and actual investment allocation, by asset category as of December 30, 2018, consisted of the following:
|  | Current Target Allocation |  | Actual Allocation, December 29, 2018
Return-seeking securities |  | 70 | % |  | 69 | %
Liability-matching securities |  | 28 | % |  | 30 | %
Cash and cash equivalents |  | 2 | % |  | 1 | %
Total |  | 100 | % |  | 100 | %
The following table sets forth by level, within the fair value hierarchy, pension plan assets at their fair values as of December 30, 2017:
|  | Quoted prices in active markets of identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant other unobservable inputs (Level 3) |  | Total
|  | (In thousands)
Return-seeking securities |  |  |  |  |  |  |  |
Corporate bonds (a) |  | $ | 10,393 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,393 |
Global equity securities (b) |  | 25 |  |  | — |  |  | — |  |  | 25 |
Collective investment trust (c) |  | — |  |  | 43,910 |  |  | — |  |  | 43,910 |
Liability-matching securities |  |  |  |  |  |  |  |
Corporate bonds (d) |  | 20,711 |  |  | — |  |  | — |  |  | 20,711 |
Collective investment trusts (e) |  | — |  |  | 11,739 |  |  | — |  |  | 11,739 |
Cash and cash equivalents |  | 1,674 |  |  | — |  |  | — |  |  | 1,674 |
Total |  | $ | 32,803 |  |  | $ | 55,649 |  |  | $ | — |  |  | $ | 88,452 |
Schedule of percentage of fair value of total assets by asset category | The following table sets forth by level, within the fair value hierarchy (as defined in Note 10), pension plan assets at their fair values as of December 29, 2018:
|  | Quoted prices in active markets of identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant other unobservable inputs (Level 3) |  | Total
|  | (In thousands)
Return-seeking securities |  |  |  |  |  |  |  |
Corporate bonds (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Global equity securities (b) |  | — |  |  | — |  |  | — |  |  | — |
Collective investment trust (c) |  | — |  |  | 55,766 |  |  | — |  |  | 55,766 |
Liability-matching securities |  |  |  |  |  |  |  |
Corporate bonds (d) |  | — |  |  | — |  |  | — |  |  | — |
Collective investment trusts (e) |  | — |  |  | 24,649 |  |  | — |  |  | 24,649 |
Cash and cash equivalents |  | 853 |  |  | — |  |  | — |  |  | 853 |
Total |  | $ | 853 |  |  | $ | 80,415 |  |  | $ | — |  |  | $ | 81,268 |
(a) This category comprises high yield and global bond funds. (b) This category consists of a diversified global mutual fund. (c) This category is comprised of a collective investment trust of equity funds that track the MCSI World Index, and a collective investment trust that holds publicly traded listed infrastructure securities. (d) This category comprises fixed income funds primarily invested in U.S. Treasury notes and bonds, along with high-quality mortgage-backed securities and corporate bonds. (e) This category is consists of a collective investment trust investing in Treasury STRIPS.
Schedule of estimated future benefit payments | Our estimated normal future benefit payments to pension plan participants are as follows:
Fiscal Year Ending | (In thousands)
2019 | $ | 6,345 |
2020 | 6,585 |
2021 | 6,844 |
2022 | 6,965 |
2023 | 7,080 |
Thereafter | 35,800 |
Schedule of multiemployer plans | The following table lists our participation in our multiemployer plans which we deem significant. “Contributions” represent the amounts contributed to the plan during the fiscal years presented:
|  |  |  |  |  | Contributions (in millions)
Pension Fund: | EIN/Pension Plan Number | Pension Act Zone Status | FIP/RP Status | Surcharge |  | 2018 |  | 2017 |  | 2016
Lumber Employees Local 786 Retirement Fund (1) | 516067407 | Green (September 1, 2015) | N/A | No |  | n/a |  |  | n/a |  |  | $ | 0.4 |
Central States, Southeast and Southwest Areas Pension Fund (2) | 366044243 | Critical and Declining (January 1, 2018) | RP | No |  | 0.4 |  |  | 0.7 |  |  | 0.6 |
Other |  |  |  |  |  | 0.1 |  |  | 0.2 |  |  | 0.4 |
Total |  |  |  |  |  | $ | 0.5 |  |  | $ | 0.9 |  |  | $ | 1.4 |
(1) We withdrew from this plan in fiscal 2017, and recorded an estimated $5.0 million withdrawal liability on the Consolidated Balance Sheet in “other non-current liabilities,” and recorded an offsetting non-cash expense in the Consolidated Statement of Operations in “selling, general, and administrative” costs. We expect the liability to be paid over a 19-year period, with payments substantially similar on a total annual basis to those disclosed above. Our contributions for fiscal 2016 exceeded 5% of total plan contributions, and we were deemed to be a significant contributor to this plan. (2) Our contributions to this plan are approximately 0.06% of total contributions, which is less than the required disclosure threshold of 5% of total plan contributions. However, this plan is deemed significant for disclosure as it is severely underfunded. Additionally, we recorded an estimated partial withdrawal liability of $7.1 million in fiscal 2018, related to the closure of certain facilities. We may, in the future, record an additional liability if required by an event of our withdrawal from the plan or a mass withdrawal. Our most recent contingent withdrawal liability was estimated at approximately $52.5 million, for a complete withdrawal occurring in fiscal 2019. In the case of both a complete withdrawal and a mass withdrawal, our payments to the Central States Plan would generally continue at approximately the current rate, which, even with potential rehabilitation increases, is less than $1.0 million per year. In a complete withdrawal, the payments would not amortize the liability fully; however, payments for a complete withdrawal are limited to a 20-year period. In the case of a mass withdrawal, the liability would never amortize, and payments would continue indefinitely.

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- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
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