XML 53 R36.htm IDEA: XBRL DOCUMENT v3.6.0.2
Other Postretirement Benefits (Tables) - Other Postretirement Benefit Plans, Defined Benefit [Member]
12 Months Ended
Dec. 25, 2016
Other Postretirement Benefits  
Schedule of Components of Net Periodic Postretirement Benefit Cost
The components of net periodic postretirement benefit (income)/expense were as follows:
(In thousands)
 
December 25, 2016

 
December 27,
2015

 
December 28,
2014

Service cost
 
$
417

 
$
588

 
$
580

Interest cost
 
1,979

 
2,794

 
3,722

Amortization and other costs
 
4,105

 
5,197

 
7,299

Amortization of prior service credit
 
(8,440
)
 
(9,495
)
 
(7,199
)
Net periodic postretirement benefit (income)/expense
 
$
(1,939
)
 
$
(916
)
 
$
4,402

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The changes in the benefit obligations recognized in other comprehensive income/loss were as follows:
(In thousands)
 
December 25,
2016

 
December 27,
2015

 
December 28,
2014

Net actuarial loss/(gain)
 
$
28

 
$
(5,543
)
 
$
8,882

Prior service cost/(credit)
 

 
1,145

 
(25,489
)
Amortization of loss
 
(4,105
)
 
(5,197
)
 
(4,948
)
Amortization of prior service credit
 
8,440

 
9,495

 
7,199

Total recognized in other comprehensive loss/(income)
 
4,363

 
(100
)
 
(14,356
)
Net periodic postretirement benefit (income)/expense
 
(1,939
)
 
(916
)
 
4,402

Total recognized in net periodic postretirement benefit income and other comprehensive loss/(income)
 
$
2,424

 
$
(1,016
)
 
$
(9,954
)
Schedule of Changes in Projected Benefit Obligations and Plan Assets
The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive income/loss were as follows:
(In thousands)
 
December 25,
2016

 
December 27,
2015

Change in benefit obligation
 
 
 
 
Benefit obligation at beginning of year
 
$
71,047

 
$
81,054

Service cost
 
417

 
588

Interest cost
 
1,979

 
2,794

Plan participants’ contributions
 
4,409

 
4,230

Actuarial loss/(gain)
 
28

 
(5,543
)
Plan amendments
 

 
1,145

Benefits paid
 
(12,838
)
 
(13,221
)
Benefit obligation at the end of year
 
65,042

 
71,047

Change in plan assets
 
 
 
 
Fair value of plan assets at beginning of year
 

 

Employer contributions
 
8,429

 
8,991

Plan participants’ contributions
 
4,409

 
4,230

Benefits paid
 
(12,838
)
 
(13,221
)
Fair value of plan assets at end of year
 

 

Net amount recognized
 
$
(65,042
)
 
$
(71,047
)
Amount recognized in the Consolidated Balance Sheets
 
 
 
 
Current liabilities
 
$
(7,043
)
 
$
(8,168
)
Noncurrent liabilities
 
(57,999
)
 
(62,879
)
Net amount recognized
 
$
(65,042
)
 
$
(71,047
)
Amount recognized in accumulated other comprehensive loss
 
 
 
 
Actuarial loss
 
$
22,522

 
$
26,599

Prior service credit
 
(32,870
)
 
(41,309
)
Total
 
$
(10,348
)
 
$
(14,710
)
Schedule of Assumptions Used
Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows:
 
 
December 25,
2016

 
December 27,
2015

Discount rate
 
3.94
%
 
4.04
%
Estimated increase in compensation level
 
3.50
%
 
3.50
%
Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows:
 
 
December 25,
2016

 
December 27,
2015

 
December 28,
2014

Discount rate for determining projected benefit obligation
 
4.05
%
 
3.74
%
 
4.22
%
Discount rate in effect for determining service cost
 
4.24
%
 
3.74
%
 
4.22
%
Discount rate in effect for determining interest cost
 
2.96
%
 
3.74
%
 
4.22
%
Estimated increase in compensation level
 
3.50
%
 
3.50
%
 
3.50
%
Schedule of Health Care Cost Trend Rates
The assumed health-care cost trend rates were as follows:
 
 
December 25,
2016

 
December 27,
2015

Health-care cost trend rate
 
8.00
%
 
7.20
%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)
 
5.00
%
 
5.00
%
Year that the rate reaches the ultimate trend rate
 
2025

 
2023

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A one-percentage point change in assumed health-care cost trend rates would have the following effects:
 
 
One-Percentage Point
(In thousands)
 
Increase

 
Decrease

Effect on total service and interest cost for 2016
 
$
56

 
$
(51
)
Effect on accumulated postretirement benefit obligation as of December 25, 2016
 
$
2,352

 
$
(2,061
)
Schedule of Expected Benefit Payments
The following benefit payments (net of plan participant contributions) under our Company’s postretirement plans, which reflect expected future services, are expected to be paid:
(In thousands)
Amount

2017
$
7,227

2018
6,795

2019
6,303

2020
5,890

2021
5,466

2022-2026 (1)
21,984


(1)
While benefit payments under these plans are expected to continue beyond 2026, we have presented in this table only those benefit payments estimated over the next 10 years.