XML 59 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
Retirement Plans (Tables)
12 Months Ended
Dec. 30, 2017
Compensation And Retirement Disclosure [Abstract]  
Components of Net Periodic Pension and Other Postretirement Benefit Costs

The components of net periodic pension and other postretirement benefit costs for the last three fiscal years were as follows (in thousands):

 

 

Pension Benefits

 

 

 

2017

 

 

2016

 

 

2015

 

Components of net periodic pension costs:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

2,356

 

 

$

3,849

 

 

$

32,582

 

Interest cost

 

 

39,474

 

 

 

40,459

 

 

 

39,628

 

Expected return on plan assets

 

 

(47,828

)

 

 

(48,296

)

 

 

(54,881

)

Amortization of prior service cost

 

 

138

 

 

 

157

 

 

 

195

 

Amortization of net loss

 

 

3,848

 

 

 

8,255

 

 

 

10,394

 

Settlements

 

 

17,785

 

 

 

4,487

 

 

 

3,358

 

Curtailment

 

 

138

 

 

 

 

 

 

 

Special termination benefit

 

 

 

 

 

 

 

 

422

 

Net periodic pension costs

 

$

15,911

 

 

$

8,911

 

 

$

31,698

 

 

 

 

Other Postretirement Plans

 

 

 

2017

 

 

2016

 

 

2015

 

Components of net periodic other postretirement

    benefit costs:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

35

 

 

$

37

 

 

$

37

 

Interest cost

 

 

283

 

 

 

296

 

 

 

264

 

Amortization of prior service cost (credit)

 

 

6

 

 

 

6

 

 

 

(62

)

Amortization of net (gain) loss

 

 

(148

)

 

 

(71

)

 

 

14

 

Net periodic other postretirement benefit costs

 

$

176

 

 

$

268

 

 

$

253

 

 

Changes in Plan Assets and Benefit Obligations

Changes in plan assets and benefit obligations recorded in accumulated other comprehensive loss for pension and other postretirement benefits for the last three fiscal years were as follows (in thousands):

 

 

 

Pension Benefits

 

 

 

2017

 

 

2016

 

 

2015

 

Changes recognized in accumulated other

   comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

Actuarial gain (loss)

 

$

523

 

 

$

(64,296

)

 

$

(3,171

)

Curtailment

 

 

138

 

 

 

 

 

 

73,191

 

Prior year correction

 

 

 

 

 

(21,917

)

 

 

 

Amortization of prior service cost

 

 

138

 

 

 

157

 

 

 

195

 

Amortization of net loss

 

 

3,848

 

 

 

8,255

 

 

 

10,394

 

Settlements

 

 

17,785

 

 

 

4,487

 

 

 

3,358

 

Net amount recognized

$

22,432

 

 

$

(73,314

)

 

$

83,967

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Postretirement Plans

 

 

 

2017

 

 

2016

 

 

2015

 

Changes recognized in accumulated other

   comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

Actuarial gain (loss)

 

$

181

 

 

$

(174

)

 

$

1,035

 

Prior service cost

 

 

 

 

 

 

 

 

(1,291

)

Amortization of prior service cost (credit)

 

 

6

 

 

 

6

 

 

 

(62

)

Amortization of net (gain) loss

 

 

(148

)

 

 

(71

)

 

 

14

 

Net amount recognized

$

39

 

 

$

(239

)

 

$

(304

)

 

Funded Status of the Defined Benefit Plans

The funded status of the defined benefit plans for the last three fiscal years was as follows (in thousands):  

 

 

 

Pension Benefits

 

 

 

2017

 

 

2016

 

 

2015

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of period

 

$

966,234

 

 

$

862,886

 

 

$

970,469

 

Service cost

 

 

2,356

 

 

 

3,849

 

 

 

32,582

 

Interest cost

 

 

39,474

 

 

 

40,459

 

 

 

39,628

 

Actuarial loss (gain)

 

 

76,111

 

 

 

73,855

 

 

 

(73,282

)

Curtailment

 

 

 

 

 

 

 

 

(73,191

)

Prior year correction

 

 

 

 

 

21,917

 

 

 

 

Settlements

 

 

(87,225

)

 

 

(16,002

)

 

 

(15,287

)

Special termination benefit

 

 

 

 

 

 

 

 

422

 

Benefit disbursements

 

 

(20,655

)

 

 

(20,730

)

 

 

(18,455

)

Benefit obligation at end of period

 

 

976,295

 

 

 

966,234

 

 

 

862,886

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

799,166

 

 

 

742,341

 

 

 

749,166

 

Return on plan assets

 

 

124,462

 

 

 

57,855

 

 

 

(21,572

)

Employer contribution

 

 

35,535

 

 

 

35,702

 

 

 

48,489

 

Settlements

 

 

(87,225

)

 

 

(16,002

)

 

 

(15,287

)

Benefit disbursements

 

 

(20,655

)

 

 

(20,730

)

 

 

(18,455

)

Fair value of plan assets at end of period

 

 

851,283

 

 

 

799,166

 

 

 

742,341

 

Net funded status

$

(125,012

)

 

$

(167,068

)

 

$

(120,545

)

 

 

 

Other Postretirement Plans

 

 

 

2017

 

 

2016

 

 

2015

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of period

 

$

6,952

 

 

$

6,974

 

 

$

6,789

 

Service cost

 

 

35

 

 

 

37

 

 

 

37

 

Interest cost

 

 

283

 

 

 

296

 

 

 

264

 

Employee contributions

 

 

195

 

 

 

204

 

 

 

209

 

Actuarial (gain) loss

 

 

(181

)

 

 

174

 

 

 

(1,035

)

Plan amendment

 

 

 

 

 

 

 

 

1,291

 

Benefit disbursements

 

 

(661

)

 

 

(733

)

 

 

(581

)

Benefit obligation at end of period

 

 

6,623

 

 

 

6,952

 

 

 

6,974

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

 

 

 

 

 

 

 

Employer contribution

 

 

466

 

 

 

529

 

 

 

372

 

Employee contributions

 

 

195

 

 

 

204

 

 

 

209

 

Benefit disbursements

 

 

(661

)

 

 

(733

)

 

 

(581

)

Fair value of plan assets at end of period

 

 

 

 

 

 

 

 

 

Net funded status

$

(6,623

)

 

$

(6,952

)

 

$

(6,974

)

 

 

Pension Benefits

 

 

 

2017

 

 

2016

 

 

2015

 

Amounts recognized in the consolidated

   balance sheets consist of the following:

 

 

 

 

 

 

 

 

 

 

 

 

Accrued benefit obligation—current

 

$

(598

)

 

$

(549

)

 

$

(546

)

Accrued benefit obligation—noncurrent

 

 

(124,414

)

 

 

(166,519

)

 

 

(119,999

)

Net amount recognized in the consolidated

   balance sheets

 

$

(125,012

)

 

$

(167,068

)

 

$

(120,545

)

Amounts recognized in accumulated other

   comprehensive loss consist of the following:

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 

$

5

 

 

$

281

 

 

$

438

 

Net loss

 

 

198,990

 

 

 

221,146

 

 

 

147,675

 

Net loss recognized in accumulated other

   comprehensive loss

 

$

198,995

 

 

$

221,427

 

 

$

148,113

 

Additional information:

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated benefit obligation

 

$

973,946

 

 

$

963,008

 

 

$

854,858

 

 

 

 

Other Postretirement Plans

 

 

 

2017

 

 

2016

 

 

2015

 

Amounts recognized in the consolidated

   balance sheets consist of the following:

 

 

 

 

 

 

 

 

 

 

 

 

Accrued benefit obligation—current

 

$

(527

)

 

$

(576

)

 

$

(525

)

Accrued benefit obligation—noncurrent

 

 

(6,096

)

 

 

(6,376

)

 

 

(6,449

)

Net amount recognized in the consolidated

   balance sheets

 

$

(6,623

)

 

$

(6,952

)

 

$

(6,974

)

Amounts recognized in accumulated other

   comprehensive loss consist of the following:

 

 

 

 

 

 

 

 

 

 

 

 

Gain, net of prior service cost

 

$

864

 

 

$

825

 

 

$

1,064

 

Net gain recognized in accumulated other

   comprehensive loss

 

$

864

 

 

$

825

 

 

$

1,064

 

 

 

 

Pension

Benefits

 

 

Other

Postretirement

Plans

 

Amounts expected to be amortized from

   accumulated other comprehensive loss in the

   next fiscal year:

 

 

 

 

 

 

 

 

Net loss (gain)

 

$

3,383

 

 

$

(156

)

Prior service cost

 

 

5

 

 

 

6

 

Net expected to be amortized

 

$

3,388

 

 

$

(150

)

 

Assumptions to Determine Benefit Obligations at Period-end and Net Pension Costs

Weighted average assumptions used to determine benefit obligations at period-end and net pension costs for the last three fiscal years were as follows: 

 

 

 

Pension Benefits

 

 

 

2017

 

 

2016

 

 

2015

 

Benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

3.70

%

 

 

4.25

%

 

 

4.64

%

Annual compensation increase

 

 

3.60

%

 

 

3.60

%

 

 

3.60

%

Net cost:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.25

%

 

 

4.64

%

 

 

4.25

%

Expected return on plan assets

 

 

6.00

%

 

 

6.50

%

 

 

7.00

%

Annual compensation increase

 

 

3.60

%

 

 

3.60

%

 

 

3.60

%

 

 

 

Other Postretirement Plans

 

 

 

2017

 

 

2016

 

 

2015

 

Benefit obligation—discount rate

 

 

3.70

%

 

 

4.25

%

 

 

4.40

%

Net cost—discount rate

 

 

4.25

%

 

 

4.40

%

 

 

4.05

%

 

Assumed Health Care Trend Rates

The assumed healthcare trend rates for the last three fiscal years were as follows: 

 

 

2017

 

 

2016

 

 

2015

 

Immediate rate

 

 

6.70

%

 

 

7.40

%

 

 

7.40

%

Ultimate trend rate

 

 

4.50

%

 

 

4.50

%

 

 

4.50

%

Year the rate reaches the ultimate trend rate

 

2037

 

 

2037

 

 

 

2038

 

 

Fair Value of Defined Benefit Plans' Assets by Asset Fair Value Hierarchy Level

The following table (in thousands) sets forth the fair value of our defined benefit plans’ assets by asset fair value hierarchy level.

 

 

Asset Fair Value as of December 30, 2017

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and cash equivalents

 

$

7,898

 

 

$

 

 

$

 

 

$

7,898

 

Equities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

33,967

 

 

 

 

 

 

 

 

 

33,967

 

International

 

 

1,099

 

 

 

 

 

 

 

 

 

1,099

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic equities

 

 

37,163

 

 

 

 

 

 

 

 

 

37,163

 

International equities

 

 

32,033

 

 

 

 

 

 

 

 

 

32,033

 

Long-term debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

 

 

 

223,604

 

 

 

 

 

 

223,604

 

International

 

 

 

 

 

26,360

 

 

 

 

 

 

26,360

 

U.S. government securities

 

 

 

 

 

154,906

 

 

 

 

 

 

154,906

 

Government agencies securities

 

 

 

 

 

7,517

 

 

 

 

 

 

7,517

 

Other

 

 

 

 

 

4,437

 

 

 

 

 

 

4,437

 

 

 

$

112,160

 

 

$

416,824

 

 

$

 

 

 

528,984

 

Common collective trust funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,282

 

Domestic equities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

249,366

 

International equities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62,651

 

Total investments measured at net asset value

     as a practical expedient

 

 

 

 

 

 

 

 

 

 

 

 

 

 

322,299

 

Total defined benefit plans’ assets

 

 

 

 

 

 

 

 

 

 

 

 

 

$

851,283

 

 

 

 

Asset Fair Value as of December 31, 2016

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and cash equivalents

 

$

10,073

 

 

$

 

 

$

 

 

$

10,073

 

Equities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

30,759

 

 

 

 

 

 

 

 

 

30,759

 

International

 

 

829

 

 

 

 

 

 

 

 

 

829

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic equities

 

 

37,711

 

 

 

 

 

 

 

 

 

37,711

 

International equities

 

 

28,975

 

 

 

 

 

 

 

 

 

28,975

 

Long-term debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

 

 

 

196,743

 

 

 

 

 

 

196,743

 

International

 

 

 

 

 

20,120

 

 

 

 

 

 

20,120

 

U.S. government securities

 

 

 

 

 

154,007

 

 

 

 

 

 

154,007

 

Government agencies securities

 

 

 

 

 

7,548

 

 

 

 

 

 

7,548

 

Other

 

 

 

 

 

2,545

 

 

 

 

 

 

2,545

 

 

 

$

108,347

 

 

$

380,963

 

 

$

 

 

 

489,310

 

Common collective trust funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,447

 

Domestic equities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

244,152

 

International equities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

59,257

 

Total investments measured at net asset value

     as a practical expedient

 

 

 

 

 

 

 

 

 

 

 

 

 

 

309,856

 

Total defined benefit plans’ assets

 

 

 

 

 

 

 

 

 

 

 

 

 

$

799,166

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated Future Benefit Payments

Estimated future benefit payments, under Company sponsored plans as of December 30, 2017, were as follows (in thousands):

 

 

 

 

 

Pension

Benefits

 

 

Other Postretirement

Plans

 

 

2018

 

 

$

53,888

 

 

$

536

 

 

2019

 

 

 

46,852

 

 

 

527

 

 

2020

 

 

 

46,232

 

 

 

539

 

 

2021

 

 

 

45,402

 

 

 

514

 

 

2022

 

 

 

45,136

 

 

 

495

 

Subsequent five years

 

 

 

224,429

 

 

 

2,368

 

 

Multiemployer Pension Plans

 

Pension Fund

 

EIN/

Plan Number

 

PPA

Zone Status

 

FIP/RP Status

Pending/

Implemented

 

Surcharge

Imposed

 

Expiration Dates

 

 

 

 

2017

 

2016

 

 

 

 

 

 

Western Conference of Teamsters

   Pension Trust Fund

 

91-6145047/001

 

Green

 

Green

 

N/A

 

No

 

3/31/18 to 3/31/20

Minneapolis Food Distributing

   Industry Pension Plan

 

41-6047047/001

 

Green

 

Green

 

Implemented

 

No

 

4/1/21

Teamster Pension Trust Fund of

   Philadelphia and Vicinity

 

23-1511735/001

 

Yellow

 

Yellow

 

Implemented

 

No

 

2/10/18(1)

Local 703 I.B. of T. Grocery and

   Food Employees’ Pension Plan

 

36-6491473/001

 

Green

 

Green

 

N/A

 

No

 

6/30/18

United Teamsters Trust Fund A

 

13-5660513/001

 

Yellow

 

Yellow

 

Implemented

 

No

 

5/30/19

Warehouse Employees Local

   169 and Employers Joint

   Pension Fund(2)

 

23-6230368/001

 

Red

 

Red

 

Implemented

 

No

 

2/10/18(1)

Local 705 I.B. of T. Pension

   Trust Fund

 

36-6492502/001

 

Yellow

 

Red

 

Implemented

 

No

 

12/29/18

 

 

 

(1)

The collective bargaining agreement for this pension fund is operating under an extension through March 2018.

 

(2)

Local 169 filed a Notice of Critical and Declining Status in 2017.

The following table provides information about the Company’s contributions to its multiemployer pension plans. For plans that are not individually significant to the Company, the total amount of USF contributions is aggregated. Prior year contribution amounts have been reclassified to other funds (below) for plans no longer considered significant in 2017.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

USF Contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exceed 5% of

 

 

 

USF Contribution(1)(2)

 

 

Total Plan Contributions(3)

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

2017

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Pension Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Western Conference of Teamsters Pension Trust Fund

 

$

10,780

 

 

$

10,104

 

 

$

10,227

 

 

No

 

 

No

 

Minneapolis Food Distributing Industry Pension Plan

 

 

5,399

 

 

 

5,162

 

 

 

5,200

 

 

Yes

 

 

Yes

 

Teamster Pension Trust Fund of Philadelphia and Vicinity

 

 

3,917

 

 

 

3,442

 

 

 

3,461

 

 

No

 

 

No

 

Local 703 I.B. of T. Grocery and Food Employees’ Pension Plan

 

 

1,482

 

 

 

1,258

 

 

 

1,366

 

 

Yes

 

 

Yes

 

United Teamsters Trust Fund A

 

 

1,741

 

 

 

1,668

 

 

 

1,554

 

 

Yes

 

 

Yes

 

Warehouse Employees Local 169 and Employers Joint Pension Fund

 

 

846

 

 

 

900

 

 

 

897

 

 

Yes

 

 

Yes

 

Local 705 I.B. of T. Pension Trust Fund

 

 

3,122

 

 

 

2,923

 

 

 

2,729

 

 

No

 

 

No

 

Other Funds

 

 

6,853

 

 

 

7,179

 

 

 

8,196

 

 

 

 

 

 

 

 

 

$

34,140

 

 

$

32,636

 

 

$

33,630

 

 

 

 

 

 

 

 

 

 

(1)

Contributions made to these plans during the Company’s fiscal year, which may not coincide with the plans’ fiscal years.

(2)

Contributions do not include payments related to multiemployer pension withdrawals/settlements.

(3)

Indicates whether the Company was listed in the respective multiemployer plan Form 5500 for the applicable plan year as having made more than 5% of total contributions to the plan. 

Contributions to Multiemployer Pension Plans

The following table provides information about the Company’s contributions to its multiemployer pension plans. For plans that are not individually significant to the Company, the total amount of USF contributions is aggregated. Prior year contribution amounts have been reclassified to other funds (below) for plans no longer considered significant in 2017.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

USF Contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exceed 5% of

 

 

 

USF Contribution(1)(2)

 

 

Total Plan Contributions(3)

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

2017

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Pension Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Western Conference of Teamsters Pension Trust Fund

 

$

10,780

 

 

$

10,104

 

 

$

10,227

 

 

No

 

 

No

 

Minneapolis Food Distributing Industry Pension Plan

 

 

5,399

 

 

 

5,162

 

 

 

5,200

 

 

Yes

 

 

Yes

 

Teamster Pension Trust Fund of Philadelphia and Vicinity

 

 

3,917

 

 

 

3,442

 

 

 

3,461

 

 

No

 

 

No

 

Local 703 I.B. of T. Grocery and Food Employees’ Pension Plan

 

 

1,482

 

 

 

1,258

 

 

 

1,366

 

 

Yes

 

 

Yes

 

United Teamsters Trust Fund A

 

 

1,741

 

 

 

1,668

 

 

 

1,554

 

 

Yes

 

 

Yes

 

Warehouse Employees Local 169 and Employers Joint Pension Fund

 

 

846

 

 

 

900

 

 

 

897

 

 

Yes

 

 

Yes

 

Local 705 I.B. of T. Pension Trust Fund

 

 

3,122

 

 

 

2,923

 

 

 

2,729

 

 

No

 

 

No

 

Other Funds

 

 

6,853

 

 

 

7,179

 

 

 

8,196

 

 

 

 

 

 

 

 

 

$

34,140

 

 

$

32,636

 

 

$

33,630

 

 

 

 

 

 

 

 

 

 

(1)

Contributions made to these plans during the Company’s fiscal year, which may not coincide with the plans’ fiscal years.

(2)

Contributions do not include payments related to multiemployer pension withdrawals/settlements.

(3)

Indicates whether the Company was listed in the respective multiemployer plan Form 5500 for the applicable plan year as having made more than 5% of total contributions to the plan.