|
Retirement and Savings Benefit Plans (Tables)
|
12 Months Ended |
|
Dec. 29, 2012
|
| Components of Pension Cost |
The components
of pension cost for all of ÂÒÂ×°ÍÊ¿’s defined benefit plans were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
| |
|
In
thousands |
|
|
Service cost —
benefits earned during the year
|
|
$ |
23,198 |
|
|
$ |
20,867 |
|
|
$ |
18,085 |
|
|
Interest cost on projected
benefit obligations
|
|
|
77,013 |
|
|
|
78,859 |
|
|
|
76,691 |
|
|
Expected return on plan
assets
|
|
|
(80,619 |
) |
|
|
(89,689 |
) |
|
|
(76,846 |
) |
|
Amortization of deferred
amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net deferred actuarial
losses
|
|
|
69,744 |
|
|
|
43,088 |
|
|
|
45,731 |
|
|
Deferred prior service
cost
|
|
|
3,357 |
|
|
|
3,453 |
|
|
|
3,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total pension
expense
|
|
$ |
92,693 |
|
|
$ |
56,578 |
|
|
$ |
67,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following actuarial
assumptions were used to determine pension expense for the domestic
plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
5.10 |
% |
|
|
5.65 |
% |
|
|
6.05 |
% |
|
Expected long-term return
on plan assets
|
|
|
7.50 |
% |
|
|
7.75 |
% |
|
|
7.75 |
% |
|
Rate of compensation
increase
|
|
|
4.00 |
% |
|
|
4.00 |
% |
|
|
4.00 |
% |
|
| Reconciliation of changes in Fair Value of Pension Plans' Assets and Projected Benefit Obligations |
The following
provides a reconciliation of the changes in fair value of all of
ÂÒÂ×°ÍÊ¿’s defined benefit plan assets and projected benefit
obligations for each year, and the funded status at the end of each
year:
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
|
2011 |
|
| |
|
In
thousands |
|
|
Fair value of plan assets,
beginning of year
|
|
$ |
1,144,178 |
|
|
$ |
1,211,588 |
|
|
Actual return on plan
assets
|
|
|
146,079 |
|
|
|
4,029 |
|
|
ÂÒÂ×°ÍÊ¿ contributions
|
|
|
112,892 |
|
|
|
10,232 |
|
|
Participant
contributions
|
|
|
2,677 |
|
|
|
2,455 |
|
|
Benefits paid
|
|
|
(76,813 |
) |
|
|
(82,787 |
) |
|
Currency
translation
|
|
|
3,198 |
|
|
|
(1,339 |
) |
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets,
end of year
|
|
|
1,332,211 |
|
|
|
1,144,178 |
|
|
|
|
|
|
|
|
|
|
|
Projected benefit
obligations, beginning of year
|
|
|
1,546,896 |
|
|
|
1,418,960 |
|
|
Service cost
|
|
|
23,198 |
|
|
|
20,867 |
|
|
Interest cost
|
|
|
77,013 |
|
|
|
78,859 |
|
|
Participant
contributions
|
|
|
2,677 |
|
|
|
2,455 |
|
|
Actuarial loss
|
|
|
243,766 |
|
|
|
110,254 |
|
|
Benefits paid
|
|
|
(76,813 |
) |
|
|
(82,787 |
) |
|
Plan amendments
|
|
|
(5,518 |
) |
|
|
— |
|
|
Currency
translation
|
|
|
3,909 |
|
|
|
(1,712 |
) |
|
|
|
|
|
|
|
|
|
|
Projected benefit
obligations, end of year
|
|
|
1,815,128 |
|
|
|
1,546,896 |
|
|
|
|
|
|
|
|
|
|
|
Funded status, end of
year
|
|
$ |
(482,917 |
) |
|
$ |
(402,718 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
|
2011 |
|
| |
|
Dollars in
thousands |
|
|
Amounts included in
Consolidated Balance Sheets:
|
|
|
|
|
|
|
|
|
|
Current liabilities (Note
J)
|
|
$ |
(8,742 |
) |
|
$ |
(7,965 |
) |
|
Noncurrent liabilities
(Note L)
|
|
|
(474,175 |
) |
|
|
(394,753 |
) |
|
|
|
|
|
|
|
|
|
|
Funded status
|
|
$ |
(482,917 |
) |
|
$ |
(402,718 |
) |
|
|
|
|
|
|
|
|
|
|
Accumulated other
comprehensive loss:
|
|
|
|
|
|
|
|
|
|
Net deferred actuarial
losses
|
|
$ |
676,373 |
|
|
$ |
567,864 |
|
|
Deferred prior service
cost
|
|
|
7,525 |
|
|
|
15,176 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
683,898 |
|
|
$ |
583,040 |
|
|
|
|
|
|
|
|
|
|
|
Accumulated benefit
obligations
|
|
$ |
1,751,741 |
|
|
$ |
1,498,583 |
|
|
|
|
|
|
|
|
|
|
|
Assumptions used to
determine obligations for domestic plans:
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
4.05 |
% |
|
|
5.10 |
% |
|
Rate of compensation
increase
|
|
|
4.00 |
% |
|
|
4.00 |
% |
|
| Fair Value of Investments Held by Pension Plan |
The fair value
of investments held by all of ÂÒÂ×°ÍÊ¿’s defined benefit plans at
December 2012 and 2011, by asset class, is summarized below. See
Note T for a description of the three levels of the fair value
measurement hierarchy. Level 2 securities generally represent
institutional funds measured at their daily net asset value derived
from quoted prices of the underlying investments.
|
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|
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|
|
|
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| |
|
Total Plan
Assets |
|
|
Quoted
Prices
in
Active
Markets for
Identical
Assets
(Level
1)
|
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level
3)
|
|
| |
|
In
thousands |
|
|
December
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
equivalents(a)
|
|
$ |
119,962 |
|
|
$ |
1,837 |
|
|
$ |
118,125 |
|
|
$ |
— |
|
|
Equity
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
|
314,052 |
|
|
|
— |
|
|
|
314,052 |
|
|
|
— |
|
|
International
|
|
|
344,840 |
|
|
|
— |
|
|
|
344,840 |
|
|
|
— |
|
|
Fixed income
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and
government agencies
|
|
|
39,361 |
|
|
|
39,331 |
|
|
|
30 |
|
|
|
— |
|
|
Corporate and international
bonds
|
|
|
432,410 |
|
|
|
— |
|
|
|
432,410 |
|
|
|
— |
|
|
Real estate
|
|
|
45,922 |
|
|
|
— |
|
|
|
45,922 |
|
|
|
— |
|
|
Insurance
contracts
|
|
|
34,843 |
|
|
|
— |
|
|
|
34,843 |
|
|
|
— |
|
|
Commodities(b)
|
|
|
821 |
|
|
|
821 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,332,211 |
|
|
$ |
41,989 |
|
|
$ |
1,290,222 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
equivalents(a)
|
|
$ |
38,200 |
|
|
$ |
6,086 |
|
|
$ |
32,114 |
|
|
$ |
— |
|
|
Equity
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
|
330,663 |
|
|
|
329,455 |
|
|
|
1,208 |
|
|
|
— |
|
|
International
|
|
|
229,580 |
|
|
|
101,452 |
|
|
|
128,128 |
|
|
|
— |
|
|
Fixed income
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and
government agencies
|
|
|
132,696 |
|
|
|
114,026 |
|
|
|
18,670 |
|
|
|
— |
|
|
Corporate and international
bonds
|
|
|
393,884 |
|
|
|
— |
|
|
|
393,884 |
|
|
|
— |
|
|
Real estate
|
|
|
38,512 |
|
|
|
38,512 |
|
|
|
— |
|
|
|
— |
|
|
Insurance
contracts
|
|
|
28,779 |
|
|
|
— |
|
|
|
28,779 |
|
|
|
— |
|
|
Commodities(b)
|
|
|
(236 |
) |
|
|
(236 |
) |
|
|
— |
|
|
|
— |
|
|
Payable for
securities(c)
|
|
|
(47,900 |
) |
|
|
— |
|
|
|
(47,900 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,144,178 |
|
|
$ |
589,295 |
|
|
$ |
554,883 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Includes cash held by individual investment managers of other
asset classes for liquidity purposes. Level 2 includes an
institutional fund that invests primarily in short-term U.S.
government securities.
|
| (b) |
Consists of derivative commodity futures.
|
| (c) |
Represents payable for purchased securities not yet
settled.
|
|