| Pension Benefits | Period [Axis] |
|---|
2016-01-03 - 2016-12-31 |
|---|
Pension Benefits | |
Schedule of defined benefit pension plans' benefit obligation, fair value of plans assets and funded status recognized in the consolidated balance sheets |
We used December 31, 2016 and January 2, 2016 measurement dates for fiscal 2016 and 2015, respectively, to calculate end of year benefit obligations, fair value of plan assets and annual net periodic benefit cost (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
January 2,
|
|
|
|
|
2016
|
|
2016
|
|
|
Change in projected benefit obligation:
|
|
|
|
|
|
|
|
|
Projected benefit obligation at beginning of year
|
|
$
|
66,384
|
|
$
|
66,727
|
|
|
Actuarial (gain) loss
|
|
|
(249)
|
|
|
(4,589)
|
|
|
Service cost
|
|
|
3,325
|
|
|
3,909
|
|
|
Interest cost
|
|
|
2,717
|
|
|
2,577
|
|
|
Benefits paid
|
|
|
(1,752)
|
|
|
(1,415)
|
|
|
Curtailments
|
|
|
—
|
|
|
(825)
|
|
|
Projected benefit obligation at end of year
|
|
|
70,425
|
|
|
66,384
|
|
|
Change in plan assets:
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year
|
|
|
66,534
|
|
|
63,163
|
|
|
Actual gain on plan assets
|
|
|
6,115
|
|
|
1,286
|
|
|
Employer contributions
|
|
|
3,500
|
|
|
3,500
|
|
|
Benefits paid
|
|
|
(1,752)
|
|
|
(1,415)
|
|
|
Fair value of plan assets at end of year
|
|
|
74,397
|
|
|
66,534
|
|
|
Net amount recognized:
|
|
|
|
|
|
|
|
|
Other assets
|
|
$
|
3,972
|
|
$
|
865
|
|
|
Other long-term liabilities
|
|
|
—
|
|
|
(715)
|
|
|
Funded status at the end of the year
|
|
$
|
3,972
|
|
$
|
150
|
|
|
Amount recognized in accumulated other comprehensive loss consists of:
|
|
|
|
|
|
|
|
|
Prior service cost
|
|
$
|
(37)
|
|
$
|
(82)
|
|
|
Actuarial loss
|
|
|
(11,202)
|
|
|
(13,586)
|
|
|
Deferred taxes
|
|
|
4,039
|
|
|
4,956
|
|
|
Accumulated other comprehensive loss
|
|
$
|
(7,200)
|
|
$
|
(8,712)
|
|
|
Schedule of changes in accumulated postemployment benefit obligations |
The following information is presented for those plans with an accumulated benefit obligation in excess of plan assets (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
January 2,
|
|
|
|
|
2016
|
|
2016
|
|
|
Accumulated benefit obligation
|
|
$
|
—
|
|
$
|
5,842
|
|
|
Fair value of plan assets
|
|
$
|
—
|
|
$
|
5,780
|
|
|
Schedule of amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost in next fiscal year |
The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost in fiscal 2017 are as follows (in thousands):
|
|
|
|
|
|
Prior service cost
|
|
$
|
36
|
|
Actuarial loss
|
|
|
293
|
|
|
|
$
|
329
|
|
Schedule of weighted-average assumptions |
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
January 2,
|
|
|
|
|
2016
|
|
2016
|
|
|
Weighted-average assumptions:
|
|
|
|
|
|
|
Discount rate
|
|
4.039
|
%
|
4.225
|
%
|
|
Rate of compensation increase
|
|
3.00
|
%
|
3.00
|
%
|
|
Expected long-term rate of return
|
|
6.50
|
%
|
6.50
|
%
|
|
Schedule of components of net periodic pension costs |
Net periodic pension cost includes the following components (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2016
|
|
Fiscal 2015
|
|
Fiscal 2014
|
|
|
Service cost—benefits earned during the period
|
|
$
|
3,325
|
|
$
|
3,909
|
|
$
|
2,940
|
|
|
Interest cost on projected benefit obligation
|
|
|
2,717
|
|
|
2,577
|
|
|
2,387
|
|
|
Expected return on plan assets
|
|
|
(4,434)
|
|
|
(4,214)
|
|
|
(4,347)
|
|
|
Amortization of unrecognized prior service cost
|
|
|
44
|
|
|
44
|
|
|
45
|
|
|
Amortization of unrecognized loss
|
|
|
454
|
|
|
803
|
|
|
—
|
|
|
Net periodic pension cost
|
|
$
|
2,106
|
|
$
|
3,119
|
|
$
|
1,025
|
|
|
Schedule of target asset allocation and plan assets at year end |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Plan
|
|
|
|
|
|
|
Assets at Year End
|
|
|
|
|
Target
|
|
December 31,
|
|
January 2,
|
|
|
Asset Category
|
|
Allocation
|
|
2016
|
|
2016
|
|
|
Equity securities
|
|
75
|
%
|
69
|
%
|
80
|
%
|
|
Fixed income securities
|
|
25
|
%
|
27
|
%
|
15
|
%
|
|
Other
|
|
—
|
|
4
|
%
|
5
|
%
|
|
Total
|
|
100
|
%
|
100
|
%
|
100
|
%
|
|
Schedule of fair values of pension plan assets utilizing the fair value hierarchy |
The fair values of our pension plan assets at December 31, 2016 and January 2, 2016, utilizing the fair value hierarchy discussed in Note 8, “Fair Value Measurements” follow (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
|
January 2, 2016
|
|
|
|
|
Level 1
|
|
Levels 2 & 3
|
|
Level 1
|
|
Levels 2 & 3
|
|
|
Asset Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
3,286
|
|
$
|
—
|
|
$
|
3,558
|
|
$
|
—
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. mutual funds
|
|
|
26,179
|
|
|
—
|
|
|
28,728
|
|
|
—
|
|
|
Foreign mutual funds
|
|
|
1,390
|
|
|
—
|
|
|
1,143
|
|
|
—
|
|
|
U.S. common stocks
|
|
|
12,582
|
|
|
—
|
|
|
15,716
|
|
|
—
|
|
|
Foreign common stocks
|
|
|
10,585
|
|
|
—
|
|
|
7,723
|
|
|
—
|
|
|
Fixed income securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. mutual funds
|
|
|
20,375
|
|
|
—
|
|
|
9,666
|
|
|
—
|
|
|
Total
|
|
$
|
74,397
|
|
$
|
—
|
|
$
|
66,534
|
|
$
|
—
|
|
|
Schedule of expected cash flows for the pension plan |
Information about the expected cash flows for the pension plan follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Payments
|
|
|
Benefit payments:
|
|
|
|
|
|
2017
|
|
$
|
2,000
|
|
|
2018
|
|
|
2,262
|
|
|
2019
|
|
|
2,592
|
|
|
2020
|
|
|
2,802
|
|
|
2021
|
|
|
3,080
|
|
|
2022 to 2026
|
|
|
18,868
|
|
|