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Employee Benefit Plans (Tables)
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12 Months Ended |
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Dec. 25, 2013
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| Compensation and Retirement Disclosure [Abstract] |
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| Schedule of pension and other defined benefit plan obligations and funded status |
The obligations and funded status for our pension plan and other defined benefit plans were as follows:
| | | | | | | | | | | | | | | | | | Pension Plan | | Other Defined Benefit Plans | | December 25, 2013 | | December 26, 2012 | | December 25, 2013 | | December 26, 2012 | | (In thousands) | Change in Benefit Obligation: | | | | | | | | Benefit obligation at beginning of year | $ | 73,926 |
| | $ | 70,468 |
| | $ | 2,837 |
| | $ | 2,689 |
| Service cost | 400 |
| | 380 |
| | — |
| | — |
| Interest cost | 2,977 |
| | 3,200 |
| | 111 |
| | 116 |
| Actuarial (gains) losses | (7,836 | ) | | 4,575 |
| | (37 | ) | | 227 |
| Benefits paid | (5,076 | ) | | (4,697 | ) | | (195 | ) | | (195 | ) | Benefit obligation at end of year | $ | 64,391 |
| | $ | 73,926 |
| | $ | 2,716 |
| | $ | 2,837 |
| Accumulated benefit obligation | $ | 64,391 |
| | $ | 73,926 |
| | $ | 2,716 |
| | $ | 2,837 |
| | | | | | | | | Change in Plan Assets: | | | | | | | | Fair value of plan assets at beginning of year | $ | 58,006 |
| | $ | 53,270 |
| | $ | — |
| | $ | — |
| Actual return on plan assets | 5,364 |
| | 6,666 |
| | — |
| | — |
| Employer contributions | 2,800 |
| | 2,767 |
| | 195 |
| | 195 |
| Benefits paid | (5,076 | ) | | (4,697 | ) | | (195 | ) | | (195 | ) | Fair value of plan assets at end of year | $ | 61,094 |
| | $ | 58,006 |
| | $ | — |
| | $ | — |
| Funded status | $ | (3,297 | ) | | $ | (15,920 | ) | | $ | (2,716 | ) | | $ | (2,837 | ) |
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| Schedule of amounts recognized in the Consolidated Balance Sheets |
The amounts recognized in the Consolidated Balance Sheets were as follows:
| | | | | | | | | | | | | | | | | | Pension Plan | | Other Defined Benefit Plans | | December 25, 2013 | | December 26, 2012 | | December 25, 2013 | | December 26, 2012 | | (In thousands) | Other current liabilities | $ | — |
| | $ | — |
| | $ | (451 | ) | | $ | (341 | ) | Other noncurrent liabilities and deferred credits | (3,297 | ) | | (15,920 | ) | | (2,265 | ) | | (2,496 | ) | Net amount recognized | $ | (3,297 | ) | | $ | (15,920 | ) | | $ | (2,716 | ) | | $ | (2,837 | ) |
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| Schedule of net periodic benefit cost not yet recognized |
The amounts recognized in accumulated other comprehensive income, that have not yet been recognized as a component of net periodic benefit cost, were as follows:
| | | | | | | | | | | | | | | Pension Plan | | Other Defined Benefit Plans | | December 25, 2013 | | December 26, 2012 | | December 25, 2013 | | December 26, 2012 | | (In thousands) | Unamortized actuarial losses, net | $ | (17,433 | ) | | (27,798 | ) | | (899 | ) | | (1,007 | ) |
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| Components of the change in accumulated other comprehensive loss |
The components of the change in unamortized actuarial losses, net, included in accumulated other comprehensive loss were as follows: | | | | | | | | | | Fiscal Year Ended | | December 25, 2013 | | December 26, 2012 | | (In thousands) | Pension Plan: | | | | Balance, beginning of year | $ | (27,798 | ) | | $ | (27,596 | ) | Benefit obligation actuarial gain (loss) | 7,836 |
| | (4,575 | ) | Net gain | 876 |
| | 2,610 |
| Amortization of net loss | 1,653 |
| | 1,763 |
| Balance, end of year | $ | (17,433 | ) | | $ | (27,798 | ) | | | | | Other Defined Benefit Plans: | | | | Balance, beginning of year | $ | (1,007 | ) | | $ | (832 | ) | Benefit obligation actuarial gain (loss) | 37 |
| | (227 | ) | Amortization of net loss | 71 |
| | 52 |
| Balance, end of year | $ | (899 | ) | | $ | (1,007 | ) |
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| Components of net periodic benefit cost |
The components of net periodic benefit cost were as follows: | | | | | | | | | | | | | | Fiscal Year Ended | | December 25, 2013 | | December 26, 2012 | | December 28, 2011 | | (In thousands) | Pension Plan: | | | | | | Service cost | $ | 400 |
| | $ | 380 |
| | $ | 335 |
| Interest cost | 2,977 |
| | 3,200 |
| | 3,364 |
| Expected return on plan assets | (4,488 | ) | | (4,057 | ) | | (4,182 | ) | Amortization of net loss | 1,653 |
| | 1,763 |
| | 1,004 |
| Net periodic benefit cost | $ | 542 |
| | $ | 1,286 |
| | $ | 521 |
| Other comprehensive (income) loss | $ | (10,364 | ) | | $ | 202 |
| | $ | 8,997 |
| | | | | | | Other Defined Benefit Plans: | | | | | | Interest cost | $ | 111 |
| | $ | 116 |
| | $ | 127 |
| Amortization of net loss | 71 |
| | 52 |
| | 32 |
| Net periodic benefit cost | $ | 182 |
| | $ | 168 |
| | $ | 159 |
| Other comprehensive (income) loss | $ | (109 | ) | | $ | 175 |
| | $ | 232 |
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| Schedule of weighted-average assumptions used to determine benefit obligations |
Weighted average assumptions used to determine benefit obligations were as follows: | | | | | | | | December 25, 2013 | | December 26, 2012 | Discount rate | 4.98 | % | | 4.18 | % | Measurement date | 12/25/2013 |
| | 12/26/2012 |
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Weighted average assumptions used to determine net periodic pension cost were as follows: | | | | | | | | | | | December 25, 2013 | | December 26, 2012 | | December 28, 2011 | Discount rate | 4.18 | % | | 4.59 | % | | 5.42 | % | Rate of increase in compensation levels | N/A |
| | N/A |
| | N/A |
| Expected long-term rate of return on assets | 7.75 | % | | 7.75 | % | | 8.00 | % | Measurement date | 12/25/2013 |
| | 12/26/2012 |
| | 12/28/2011 |
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| Schedule of fair values of pension plan assets |
The fair values of our pension plan assets were as follows:
| | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 25, 2013 | Asset Category | Total | | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | (In thousands) | Cash equivalents | $ | 1,785 |
| | $ | 1,785 |
| | $ | — |
| | $ | — |
| Equity securities: | | | | | | | | U.S. large-cap (a) | 9,880 |
| | 9,880 |
| | — |
| | — |
| U.S. mid-cap (b) | 2,467 |
| | 2,467 |
| | — |
| | — |
| U.S. small-cap (c) | 615 |
| | 615 |
| | — |
| | — |
| International large-cap | 6,200 |
| | 6,200 |
| | — |
| | — |
| Fixed income securities: | | | | | | | | U.S. Treasuries | 4,245 |
| | 4,245 |
| | — |
| | — |
| Corporate bonds (d) | 33,310 |
| | 33,310 |
| | — |
| | — |
| Other types of investments: | | | | | | | | Commingled funds (e) | 2,592 |
| | — |
| | 2,592 |
| | — |
| Total | $ | 61,094 |
| | $ | 58,502 |
| | $ | 2,592 |
| | $ | — |
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| | (a) | The majority of this category represents a fund with the objective of approximating the return of the S&P 500 Index. The remaining securities include both a large-value fund and a large-growth fund investing in diverse industries. |
| | (b) | This category includes both a mid-growth fund with the objective of outperforming the Russell Mid Cap Growth Index and a mid-value fund investing in diverse industries. |
| | (c) | This category includes both a small-value fund and a small-growth fund investing in diverse industries. |
| | (d) | This category includes intermediate and long-term investment grade bonds from diverse industries. |
| | (e) | This category represents a fund of well diversified mutual funds with the objective of providing a low-volatility means to access equity-like returns. |
| | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 26, 2012 | Asset Category | Total | | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | (In thousands) | Cash equivalents | $ | 873 |
| | $ | 873 |
| | $ | — |
| | $ | — |
| Equity securities: | | | | | | | | U.S. large-cap (a) | 15,569 |
| | 15,569 |
| | — |
| | — |
| U.S. mid-cap (b) | 4,702 |
| | 4,702 |
| | — |
| | — |
| U.S. small-cap (c) | 1,157 |
| | 1,157 |
| | — |
| | — |
| International large-cap | 9,292 |
| | 9,292 |
| | — |
| | — |
| Fixed income securities: | | | | | | | | U.S. Treasuries | 2,582 |
| | 2,582 |
| | — |
| | — |
| Corporate bonds (d) | 20,179 |
| | 20,179 |
| | — |
| | — |
| Other types of investments: | | | | | | | | Commingled funds (e) | 3,652 |
| | — |
| | 3,652 |
| | — |
| Total | $ | 58,006 |
| | $ | 54,354 |
| | $ | 3,652 |
| | $ | — |
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| | (a) | The majority of this category represents a fund with the objective of approximating the return of the S&P 500 Index. The remaining securities include both a large-value fund and a large-growth fund investing in diverse industries. |
| | (b) | This category includes both a mid-growth fund with the objective of outperforming the Russell Mid Cap Growth Index and a mid-value fund investing in diverse industries. |
| | (c) | This category includes both a small-value fund and a small-growth fund investing in diverse industries. |
| | (d) | This category includes intermediate and long-term investment grade bonds from diverse industries. |
| | (e) | This category represents a fund of well diversified mutual funds with the objective of providing a low-volatility means to access equity-like returns. |
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| Schedule of expected benefit payments |
Benefits expected to be paid for each of the next five years and in the aggregate for the five fiscal years from 2019 through 2023 are as follows: | | | | | | | | | | Pension Plan | | Other Defined Benefit Plans | | (In thousands) | 2014 | $ | 3,609 |
| | $ | 451 |
| 2015 | 3,550 |
| | 233 |
| 2016 | 3,487 |
| | 203 |
| 2017 | 3,466 |
| | 256 |
| 2018 | 3,518 |
| | 214 |
| 2019 through 2023 | 19,682 |
| | 1,186 |
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