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Employee Benefit Plans | 12 Months Ended
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Dec. 28, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Employee Benefit Plans | 8. Employee Benefit Plans The Company has a qualified profit-sharing savings plan (401(k) plan) covering eligible employees. The 401(k) plan provides a matching contribution equal to 100% of the first 3% of compensation and 50% of the next 2% of compensation deposited by an employee into the 401(k) plan. Prior to fiscal 2017, the plan provided for a contribution of a minimum of 1% of defined compensation for all plan participants and matching of 25% of employee contributions up to 6% of defined compensation. In addition, the Company made additional discretionary contributions. During fiscal 2017, fiscal 2016, the Transition Period and fiscal 2015, the 1% and the discretionary contributions were made with the Company’s common stock. The Company also sponsors unfunded, nonqualified, defined-benefit and deferred compensation plans. The Company’s unfunded, nonqualified retirement plan includes two components. The first component is a defined-benefit plan that applies to certain participants. The second component applies to all other participants and provides an account-based supplemental retirement benefit. During fiscal 2016, the plan was amended with an effective date of January 1, 2017, which curtailed benefits to certain participants included in the account-based supplemental plan. The curtailment resulted in a pre-tax gain of $251,000 during fiscal 2016. Pension and profit-sharing expense for all plans was $4,415,000, $3,960,000, $2,362,000 and $3,581,000 for fiscal 2017, fiscal 2016, the Transition Period and fiscal 2015, respectively. The Company recognizes actuarial losses and prior service costs related to its defined benefit plan in the consolidated balance sheets and recognizes changes in these amounts in the year in which changes occur through comprehensive income. The status of the Company’s unfunded nonqualified, defined-benefit and account-based retirement plan based on the respective December 28, 2017 and December 29, 2016 measurement dates is as follows:
|  | December 28, 2017 |  | December 29, 2016 |
|  | (in thousands) |
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of period |  | $ | 32,523 |  | $ | 31,671 |
Service cost |  |  | 765 |  |  | 865 |
Interest cost |  |  | 1,356 |  |  | 1,406 |
Actuarial loss |  |  | 4,244 |  |  | 82 |
Curtailment |  |  | - |  |  | (261) |
Benefits paid |  |  | (1,249) |  |  | (1,240) |
Benefit obligation at end of year |  | $ | 37,639 |  | $ | 32,523 |
Amounts recognized in the statement of financial position consist of: |  |  |  |  |  |  |
Current accrued benefit liability (included in Other accrued liabilities) |  | $ | (1,347) |  | $ | (1,252) |
Noncurrent accrued benefit liability (included in Deferred compensation and other) |  |  | (36,292) |  |  | (31,271) |
Total |  | $ | (37,639) |  | $ | (32,523) |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |
Net actuarial loss |  | $ | 12,874 |  | $ | 9,049 |
Prior service credit |  |  | (579) |  |  | (642) |
Total |  | $ | 12,295 |  | $ | 8,407 |
|  | Year Ended |  | 31 Weeks Ended |  | Year Ended |
|  | December 28, 2017 |  | December 29, 2016 |  | December 31, 2015 |  | May 28, 2015 |
|  | (in thousands) |
Net periodic pension cost: |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 765 |  | $ | 865 |  | $ | 459 |  | $ | 697 |
Interest cost |  |  | 1,356 |  |  | 1,406 |  |  | 765 |  |  | 1,243 |
Net amortization of prior service cost and actuarial loss |  |  | 356 |  |  | 364 |  |  | 211 |  |  | 326 |
Curtailment gain |  |  | - |  |  | (251) |  |  | – |  |  | – |
|  | $ | 2,477 |  | $ | 2,384 |  | $ | 1,435 |  | $ | 2,266 |
The $7,414,000 loss, net of tax, included in accumulated other comprehensive loss at December 28, 2017, consists of the $7,763,000 net actuarial loss, net of tax, and the $349,000 unrecognized prior service credit, net of tax, which have not yet been recognized in the net periodic benefit cost. The $5,069,000 loss, net of tax, included in accumulated other comprehensive loss at December 29, 2016, consists of the $5,457,000 net actuarial loss, net of tax, and the $388,000 unrecognized prior service credit, net of tax, which have not yet been recognized in the net periodic benefit cost. The accumulated benefit obligation was $31,769,000 and $28,151,000 as of December 28, 2017 and December 29, 2016, respectively. The pre-tax change in the benefit obligation recognized in other comprehensive loss during fiscal 2017 consisted of the current year net actuarial loss of $4,244,000, the amortization of the net actuarial loss of $420,000, and the amortization of the prior service credit of $64,000. The pre-tax change in the benefit obligation recognized in other comprehensive loss during fiscal 2016 consisted of the net actuarial loss of $82,000, the amortization of the net actuarial loss of $442,000, the amortization of the prior service credit of $329,000 and the recognition of the plan change credit of $261,000. The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2018 is $620,000, of which $684,000 relates to the actuarial loss and $64,000 relates to the prior service credit. The weighted-average assumptions used to determine the benefit obligations as of the measurement dates were as follows:
|  | December 28, 2017 |  | December 29, 2016 |
Discount rate |  |  | 3.60 | % |  | 4.15 | %
Rate of compensation increase |  |  | 4.00 | % |  | 4.00 | %
The weighted-average assumptions used to determine net periodic benefit cost were as follows:
|  | Year Ended |  | 31 Weeks Ended |  |  |  |
|  | December 28, 2017 |  | December 29, 2016 |  | December 31, 2015 |  | Year Ended May 28, 2015 |
Discount rate |  |  | 4.15 | % |  | 4.40 | % |  | 4.20 | % |  | 4.30 | %
Rate of compensation increase |  |  | 4.00 | % |  | 4.00 | % |  | 4.00 | % |  | 4.00 | %
Benefit payments expected to be paid subsequent to December 28, 2017, are:
Fiscal Year |  | (in thousands) |
2018 |  | $ | 1,347 |
2019 |  |  | 1,480 |
2020 |  |  | 1,453 |
2021 |  |  | 1,476 |
2022 |  |  | 1,497 |
Years 2023 – 2027 |  |  | 11,045 |

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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