H. Retirement Plans

The company and its subsidiaries have various funded and unfunded pension and incentive savings plans and in addition, contribute to several multi-employer plans on behalf of certain union-represented employee groups. Substantially all of the company's employees, including some located in foreign countries, are covered by these plans. Pension benefit for all retirement plans combined was $12,200,000, $3,900,000, and $600,000 in 1997, 1996, and 1995, respectively.

The costs for the company's defined benefit pension plans are actuarially determined and include amortization of prior service costs over various periods, generally not exceeding 20 years. The company's policy is to fund the costs accrued for its defined benefit plans.

The following table sets forth the funded status of the defined benefit plans and amounts recognized in "Deferred charges and other assets" in the Consolidated Balance Sheets at December 28, 1997, and December 29, 1996 (in thousands):


 19971996
Actuarial present value of accumulated
    plan benefits, including
    vested benefits of $232,385
    and $212,158


$240,414



$219,154
Plan assets at fair value, primarily
    listed securities
$1,014,531
$731,999
Projected benefit obligation for
    service rendered to date
(284,278)

(261,266)
Plan assets in excess of projected
    benefit obligation
730,253
470,733
Prior service cost not yet recognized in
    periodic pension cost
14,824
15,987
Less unrecognized net gain from past
    experience different from that
    assumed

(512,669)

(277,049)
Less unrecognized net asset
    (transition amount) being
    recognized over approximately
    17 years


(38,271)



(45,937)
Prepaid pension cost$194,137
$163,734
 

The net pension benefit for the years ended December 28, 1997, December 29, 1996, and December 31, 1995, consists of the following components (in thousands):


 199719961995
Service cost for benefits
    earned during the
    period

$ 10,567

$ 10,373

$ 10,623
Interest cost on projected
    benefit obligation
19,433
17,741
15,430
Actual return on plan
    assets
(294,212)
(129,756)
(162,253)
Net amortization and
    deferral
233,985

78,373

116,812
Net pension credit$ (30,227)
$ (23,269)
$(19,388)
 

The weighted average discount rate of 7.5 percent and rate of increase in future compensation levels of 4 percent were used in determining the actuarial present value of the projected benefit obligation in 1997, 1996, and 1995. The expected long-term rate of return on assets was 9 percent in 1997, 1996, and 1995.

Contributions to multi-employer pension plans, which are generally based on hours worked, amounted to $2,000,000 in 1997, $1,700,000 in 1996, and $1,800,000 in 1995.

The costs of unfunded retirement plans are charged to expense when accrued. The company's liability for such plans, which is included in "Other liabilities" in the Consolidated Balance Sheets, was $54,235,000 at December 28, 1997, and $51,600,000 at December 29, 1996.