Employee Benefit Plans (Tables)

12 Months Ended

Dec. 29, 2018

The following table sets forth the plans’ funded status for the Company's domestic and foreign defined benefit plans and amounts recognized in the Company's consolidated balance sheets based on the measurement date (December 31, 2018 and December 31, 2017) (in thousands):



	December 29, 2018			December 30, 2017
Change in projected benefit obligation:
Projected benefit obligation at beginning of period	$	204,728		$	189,290
Service cost	3,064			3,043
Interest cost	6,443			6,711
Employee contributions	410			436
Plan amendments	—			(8		)
Actuarial loss/(gain)	(12,235		)	8,051
Benefits paid	(7,799		)	(7,063		)
Effect of curtailment	(474		)	—
Effect of settlement	(280		)	(884		)
Other	(3,191		)	5,152
Projected benefit obligation at end of period	190,666			204,728

Change in plan assets:
Fair value of plan assets at beginning of period	150,517			134,909
Actual return on plan assets	(11,922		)	19,030
Employer contributions	4,538			4,214
Employee contributions	410			436
Benefits paid	(7,799		)	(7,063		)
Effect of settlement	(331		)	(884		)
Divestiture	—			(2,262		)
Other	(1,552		)	2,137
Fair value of plan assets at end of period	133,861			150,517

Funded status	(56,805		)	(54,211		)
Net amount recognized	$	(56,805	)	$	(54,211	)

Amounts recognized in the consolidated balance sheets consist of:
Current liability	$	(1,173	)	$	(1,440	)
Noncurrent liability	(55,632		)	(52,771		)
Net amount recognized	$	(56,805	)	$	(54,211	)

Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	$	47,501		$	43,651
Prior service cost	351			371
Net amount recognized (a)	$	47,852		$	44,022


(a)	Amounts do not include deferred taxes of $12.3 million and $16.3 million at December 29, 2018 and December 30, 2017, respectively.

Schedule of Accumulated and Projected Benefit Obligations



	December 29, 2018		December 30, 2017
Projected benefit obligation	$	190,666	$	204,728
Accumulated benefit obligation	181,642		192,192
Fair value of plan assets	133,861		150,517

Schedule of Defined Benefit Plans Disclosures

Net pension cost includes the following components (in thousands):



	December 29, 2018			December 30, 2017			December 31, 2016
Service cost	$	3,064		$	3,043		$	2,549
Interest cost	6,443			6,711			6,950
Expected return on plan assets	(8,226		)	(7,181		)	(7,552		)
Net amortization and deferral	3,578			4,821			4,668
Curtailment	(263		)	—			(1,285		)
Settlement	47			42			(114		)
Net pension cost	$	4,643		$	7,436		$	5,216

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive income (loss) for the year ended (in thousands):



	2018			2017
Actuarial (loss)/gain recognized:
Reclassification adjustments	$	2,633		$	2,985
Actuarial (loss)/gain recognized during the period	(5,886		)	2,763
Amortization of settlement	(2		)	27
Amortization of curtailment	498			—
Prior service (cost) credit recognized:
Reclassification adjustments	26			24
Prior service cost arising during the period	(8		)	—
Other	9			30
	$	(2,730	)	$	5,829

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic pension cost in fiscal 2019 is as follows (in thousands):



	2019
Net actuarial loss	$	4,586
Prior service cost	36
	$	4,622

Schedule of Assumptions Used

Weighted average assumptions used to determine benefit obligations were:



	December 29, 2018	December 30, 2017	December 31, 2016

Discount rate	3.68%	3.40%	3.81%
Rate of compensation increase	0.42%	0.38%	0.38%

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



	December 29, 2018	December 30, 2017	December 31, 2016
Discount rate	2.30%	3.49%	3.55%
Rate of increase in future compensation levels	0.36%	0.43%	0.84%
Expected long-term rate of return on assets	6.13%	6.17%	6.52%

Schedule of Target Allocation of Plan Assets



Fixed Income	35% - 80%
Equities	20% - 65%

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

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 30, 2017
Fixed Income:
Long Term	$	23,231	$	23,231	$	—	$	—
Short Term	1,869		1,869		—		—
Equity Securities:
Domestic equities	44,173		44,173		—		—
International equities	28,152		28,152		—		—
Insurance contracts	9,876		—		6,501		3,375
Total categorized in fair value hierarchy	107,301		97,425		6,501		3,375
Other investments measured at NAV	43,216
Totals	$	150,517	$	97,425	$	6,501	$	3,375

Balances as December 29, 2018
Fixed Income:
Long Term	$	21,670	$	21,670	$	—	$	—
Short Term	2,032		2,032		—		—
Equity Securities:
Domestic equities	37,223		37,223		—		—
International equities	24,714		24,714		—		—
Insurance contracts	9,636		—		6,299		3,337
Total categorized in fair value hierarchy	95,275		85,639		6,299		3,337
Other investments measured at NAV	38,586
Totals	$	133,861	$	85,639	$	6,299	$	3,337

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):



Year Ending	Pension Benefits
2019	$	10,508
2020	9,171
2021	11,019
2022	10,939
2023	10,611
Years 2023 – 2027	61,581

Multiemployer plans

The following table provides more detail on these 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	2018	2017	Implemented	2018		2017		2016		Agreement
Western Conference of Teamsters Pension Plan	91-6145047 / 001	Green	Green	No	$	1,505	$	1,524	$	1,456	March 2022 (b)
Central States, Southeast and Southwest Areas Pension Plan (a)	36-6044243 / 001	Red	Red	Yes	978		968		934		April 2019 (c)
All other multiemployer plans					1,064		980		983
		Total Company Contributions			$	3,547	$	3,472	$	3,373


(a)	In July 2005 this plan received a 10 year extension from the IRS for amortizing unfunded liabilities. In April 2016 the IRS approved a modification of the amortization extension.


(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. The agreements have expiration dates through March 30, 2022.


(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 April 30, 2019.

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The fair value measurement of plan assets using significant unobservable inputs (level 3) changed due to the following:



	Insurance
(in thousands of dollars)	Contracts
Balance as of December 31, 2016	$	2,783
Unrealized gains relating to instruments still held in the reporting period.	203
Purchases, sales, and settlements	—
Exchange rate changes	389
Balance as of December 30, 2017	3,375
Unrealized gains relating to instruments still held in the reporting period.	114
Purchases, sales, and settlements	—
Exchange rate changes	(152		)
Balance as of December 29, 2018	$	3,337