XML 38 R47.htm IDEA: XBRL DOCUMENT v2.4.0.6
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 29, 2012
Employee Benefit Plans [Abstract]  
Schedule of Net Funded Status [Table Text Block]
The following table sets forth the plans’ funded status and amounts recognized in the Company's consolidated balance sheets based on the measurement date (December 29, 2012 and December 31, 2011) (in thousands):

 
December 29,
2012
 
December 31,
2011
Change in projected benefit obligation:
 
 
 
Projected benefit obligation at beginning of period
$
123,553

 
$
111,376

Service cost
326

 
1,178

Interest cost
5,451

 
6,052

Actuarial loss
13,084

 
18,028

Benefits paid
(4,617
)
 
(4,336
)
Effect of curtailment

 
(8,911
)
Other

 
166

Projected benefit obligation at end of period
137,797

 
123,553

 
 
 
 
Change in plan assets:
 

 
 

Fair value of plan assets at beginning of period
96,235

 
93,308

Actual return on plan assets
13,026

 
(3,274
)
Employer contribution
1,875

 
10,537

Benefits paid
(4,617
)
 
(4,336
)
Fair value of plan assets at end of period
106,519

 
96,235

 
 
 
 
Funded status
(31,278
)
 
(27,318
)
Net amount recognized
$
(31,278
)
 
$
(27,318
)
 
 
 
 
Amounts recognized in the consolidated balance
   sheets consist of:
 

 
 

Non-current liability
$
(31,278
)
 
$
(27,318
)
Net amount recognized
$
(31,278
)
 
$
(27,318
)
 
 
 
 
Amounts recognized in accumulated other
   comprehensive loss consist of:
 

 
 

Net actuarial loss
$
50,714

 
$
48,702

Prior service cost
174

 
277

Net amount recognized  (a)
$
50,888

 
$
48,979

Schedule of Accumulated and Projected Benefit Obligations [Table Text Block]
 
December 29,
2012
 
December 31,
2011
Projected benefit obligation
$
137,797

 
$
123,553

Accumulated benefit obligation
137,797

 
123,553

Fair value of plan assets
106,519

 
96,235

Schedule of Defined Benefit Plans Disclosures [Table Text Block]
Net pension cost includes the following components (in thousands):

 
December 29,
2012
 
December 31,
2011
 
January 1,
2011
Service cost
$
326

 
$
1,178

 
$
1,056

Interest cost
5,451

 
6,052

 
5,959

Expected return on plan assets
(6,709
)
 
(6,888
)
 
(6,389
)
Net amortization and deferral
4,845

 
2,814

 
3,242

Curtailment
14

 
63

 

Net pension cost
$
3,927

 
$
3,219

 
$
3,868

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
Amounts recognized in accumulated other comprehensive income (loss) for the year ended (in thousands):

 
2012
 
2011
Actuarial (loss)/gain recognized:
 
 
 
Reclassification adjustments
$
2,912

 
$
1,668

Actuarial (loss)/gain recognized during the period
(4,145
)
 
(11,806
)
Prior service (cost) credit recognized:
 

 
 

Reclassification adjustments
64

 
55

Prior service cost arising during the period

 
(63
)
 
$
(1,169
)
 
$
(10,146
)
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]
The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic pension cost in fiscal 2013 is as follows (in thousands):

 
 
2013
Net actuarial loss
 
$
5,202

Prior service cost
 
59

 
 
$
5,261

Schedule of Assumptions Used [Table Text Block]
Weighted average assumptions used to determine benefit obligations were:

 
December 29,
2012
 
December 31,
2011
 
January 1,
2011
Discount rate
3.90%
 
4.50%
 
5.55%
Rate of compensation increase
—%
 
—%
 
4.16%

Weighted average assumptions used to determine net periodic benefit cost for the employee benefit pension plans were:

        
 
December 29,
2012
 
December 31,
2011
 
January 1,
2011
Discount rate
4.50%
 
5.55%
 
5.90%
Rate of increase in future compensation levels
—%
 
4.16%
 
4.08%
Expected long-term rate of return on assets
7.35%
 
7.85%
 
7.85%
Schedule of Allocation of Plan Assets [Table Text Block]
The Company's pension plan weighted-average asset allocations at December 29, 2012 and December 31, 2011, by asset category, are as follows:

            
 
Plan Assets at
Asset Category
December 29,
2012
 
December 31,
2011
Equity Securities
61.3%
 
59.7%
Debt Securities
38.7%
 
40.3%
Total
100.0%
 
100.0%
Schedule of Target Allocation of Plan Assets [Table Text Block]
Based upon the plans’ funded status, time horizon, risk tolerances, performance expectations, asset class constraints and asset-liability study results, target asset allocation ranges are as follows:

            
Fixed Income
35% - 80%
Equities
20% - 65%
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

The following table presents fair value measurements for the Company's defined benefit plans’ assets as categorized using the fair value hierarchy under FASB authoritative guidance (in thousands):

    
 
Total
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant Other
Observable
Inputs
 
Significant
Unobservable
Inputs
(In thousands of dollars)
Fair Value
 
(Level 1)
 
(Level 2)
 
(Level 3)
Balances as  December 31, 2011
 
 
 
 
 
 
 
Fixed Income:
 
 
 
 
 
 
 
Long Term
$
33,872

 
$
33,872

 
$

 
$

Short Term
4,918

 
4,461

 
457

 

Equity Securities:
 

 
 

 
 

 
 

Domestic equities
47,122

 
47,122

 

 

International equities
10,323

 
10,323

 

 

Totals
$
96,235

 
95,778

 
$
457

 
$

 
 
 
 
 
 
 
 
Balances as December 29, 2012
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
Fixed Income:
 

 
 

 
 

 
 

Long Term
$
40,255

 
$
14,064

 
$
26,191

 
$

Short Term
954

 
542

 
412

 

Equity Securities:
 

 
 

 
 

 
 

Domestic equities
44,997

 
43,563

 
1,434

 

International equities
20,313

 
19,551

 
762

 

Totals
$
106,519

 
$
77,720

 
$
28,799

 
$

Schedule of Expected Benefit Payments [Table Text Block]
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):
 
            
Year Ending
Pension Benefits
2013
$
5,220

2014
5,760

2015
6,030

2016
6,260

2017
6,490

Years 2018 – 2022
36,480

Multiemployer plans
The following table provides more detail on these two significant multiemployer plans (contributions in thousands):

 
 
 
 
 
 
 
 
Expiration
Pension
EIN Pension
Pension Protection Act Zone Status
FIP/RP Status Pending/
Contributions
Date of Collective Bargaining
Fund
Plan Number
2012
2011
Implemented
2012
2011
2010
Agreement
Western Conference of Teamsters Pension Plan
91-6145047 / 001
Green
Green
No
$
1,371

$
1,386

$
1,401

April 2015 (b)
Central States, Southeast and Southwest Areas Pension Plan (a)
36-6044243 / 001
Red
Red
Yes
746

705

630

December 2014 (c)
All other multiemployer plans
 
 
 
 
1,083

1,009

869

 
 
 
Total Company Contributions
$
3,200

$
3,100

$
2,900

 

(a)
In July 2005 this plan received a 10 year extension from the IRS for amortizing unfunded liabilities.

(b)
The Company has several plants that participate in the Western Conference of Teamsters Pension Plan under collective bargaining agreements that require minimum funding contributions. Certain of these agreements have expired and are being renegotiated with others having expiration dates through April 1, 2015.

(c)
The Company has several processing plants that participate in the Central States, Southeast and Southwest Areas Pension Plan under collective bargaining agreements that require minimum funding contributions. Certain of these agreements have expired and are being renegotiated with others having expiration dates through December 15, 2014.