Employee Benefit Plans (Tables)

12 Months Ended

Dec. 28, 2019

Employee Benefit Plans [Abstract]

Schedule of Net Funded Status

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, 2019 and December 31, 2018) (in thousands):

	December 28, 2019			December 29, 2018
Change in projected benefit obligation:
Projected benefit obligation at beginning of period	$	190,666		$	204,728
Service cost	2,696			3,064
Interest cost	6,828			6,443
Employee contributions	368			410
Actuarial loss/(gain)	20,927			(12,235		)
Benefits paid	(8,120		)	(7,799		)
Effect of curtailment	(43		)	(474		)
Effect of settlement	(903		)	(280		)
Other	(154		)	(3,191		)
Projected benefit obligation at end of period	212,265			190,666
Change in plan assets:
Fair value of plan assets at beginning of period	133,861			150,517
Actual return on plan assets	26,014			(11,922		)
Employer contributions	4,343			4,538
Employee contributions	368			410
Benefits paid	(8,120		)	(7,799		)
Effect of settlement	(903		)	(331		)
Other	139			(1,552		)
Fair value of plan assets at end of period	155,702			133,861
Funded status	(56,563		)	(56,805		)
Net amount recognized	$	(56,563	)	$	(56,805	)
Amounts recognized in the consolidated balance    sheets consist of:
Current liability	$	(1,072	)	$	(1,173	)
Noncurrent liability	(55,491		)	(55,632		)
Net amount recognized	$	(56,563	)	$	(56,805	)
Amounts recognized in accumulated other    comprehensive loss consist of:
Net actuarial loss	$	45,062		$	47,501
Prior service cost	295			351
Net amount recognized  (a)	$	45,357		$	47,852

(a)

Amounts do not include deferred taxes of $11.4 million and $12.3 million at December 28, 2019 and December 29, 2018, respectively.

Schedule of Accumulated and Projected Benefit Obligations

	December 28, 2019		December 29, 2018
Projected benefit obligation	$	212,265	$	190,666
Accumulated benefit obligation	201,708		181,642
Fair value of plan assets	155,702		133,861

Schedule of Defined Benefit Plans Disclosures

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

	December 28, 2019			December 29, 2018			December 30, 2017
Service cost	$	2,696		$	3,064		$	3,043
Interest cost	6,828			6,443			6,711
Expected return on plan assets	(7,270		)	(8,226		)	(7,181		)
Net amortization and deferral	4,605			3,578			4,821
Curtailment	(33		)	(263		)	—
Settlement	66			47			42
Net pension cost	$	6,892		$	4,643		$	7,436

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):

	2019			2018
Actuarial (loss)/gain recognized:
Reclassification adjustments	$	3,428		$	2,633
Actuarial (loss)/gain recognized during the period	(1,991		)	(5,886		)
Amortization of settlement	50			(2		)
Amortization of curtailment	—			498
Prior service (cost) credit recognized:
Reclassification adjustments	25			26
Prior service cost arising during the period	7			(8		)
Other	16			9
	$	1,535		$	(2,730	)

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 2020 is as follows (in thousands):

	2020
Net actuarial loss	$	3,417
Prior service cost	33
	$	3,450

Schedule of Assumptions Used

Weighted average assumptions used to determine benefit obligations were:

	December 28, 2019	December 29, 2018	December 30, 2017
Discount rate	2.77%	3.68%	3.40%
Rate of compensation increase	0.40%	0.42%	0.38%

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

        

	December 28, 2019	December 29, 2018	December 30, 2017
Discount rate	3.33%	2.30%	3.49%
Rate of increase in future compensation levels	0.42%	0.36%	0.43%
Expected long-term rate of return on assets	6.13%	6.13%	6.17%

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 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
Balances as December 28, 2019
Fixed Income:
Long Term	$	16,154	$	16,154	$	—	$	—
Short Term	3,448		3,448		—		—
Equity Securities:
Domestic equities	52,420		52,420		—		—
International equities	32,167		32,167		—		—
Insurance contracts	10,266		—		5,792		4,474
Total categorized in fair value hierarchy	114,455		104,189		5,792		4,474
Other investments measured at NAV	41,247
Totals	$	155,702	$	104,189	$	5,792	$	4,474

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
2020	$	10,546
2021	10,498
2022	10,754
2023	10,675
2024	11,892
Years 2025 – 2029	64,147

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	2019	2018	Implemented	2019		2018		2017		Agreement
Western Conference of Teamsters Pension Plan	91-6145047 / 001	Green	Green	No	$	1,514	$	1,505	$	1,524	December 2023 (b)
Central States, Southeast and Southwest Areas Pension Plan (a)	36-6044243 / 001	Red	Red	Yes	916		978		968		August 2022 (c)
All other multiemployer plans					1,196		1,064		980
		Total Company Contributions			$	3,626	$	3,547	$	3,472

(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 December 31, 2023.

(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 August 2, 2022.

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 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
Unrealized gains relating to instruments still held in the reporting period.	1,168
Purchases, sales, and settlements	—
Exchange rate changes	(31		)
Balance as of December 28, 2019	$	4,474