PENSION AND OTHER POSTRETIREMENT BENEFITS

6 Months Ended

Jun. 29, 2014

Compensation and Retirement Disclosure [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFITS

PENSION AND OTHER POSTRETIREMENT BENEFITS

The Company sponsors programs that provide retirement benefits to most of its employees. These programs include qualified defined benefit pension plans, nonqualified defined benefit retirement plans, a defined benefit postretirement life insurance plan and defined contribution retirement savings plans. Expenses recognized under all of these retirement plans totaled $1.4 million and $1.9 million in the thirteen weeks ended June 29, 2014 and June 30, 2013, respectively. Expenses recognized under all of these retirement plans totaled $2.8 million and $3.8 million in the twenty-six weeks ended June 29, 2014 and June 30, 2013, respectively.

Net defined benefit pension and other postretirement costs included the following components:

	Thirteen Weeks Ended										Twenty-Six Weeks Ended
	June 29, 2014					June 30, 2013					June 29, 2014					June 30, 2013
	Pension Benefits			Other Benefits		Pension Benefits			Other Benefits		Pension Benefits			Other Benefits		Pension Benefits			Other Benefits
	(In thousands)
Service cost	$	—		$	—	$	10		$	—	$	—		$	—	$	20		$	—
Interest cost	2,026			20		1,989			19		4,052			40		3,977			39
Estimated return on      plan assets	(1,594		)	—		(1,350		)	—		(3,187		)	—		(2,699		)	—
Amortization of net      loss (gain)	14			—		251			—		28			—		501			—
Net costs	$	446		$	20	$	900		$	19	$	893		$	40	$	1,799		$	39

During the thirteen and twenty-six weeks ended June 29, 2014, the Company contributed $1.8 million and $3.4 million, respectively, to its defined benefit plans.

The Company remeasures both plan assets and obligations on a quarterly basis.

The Company and certain retirement plans that it sponsors invest in a variety of financial instruments. Certain postretirement funds in which the Company participates hold significant amounts of mortgage-backed securities. However, none of the mortgages collateralizing these securities are considered subprime.