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Employee Benefits (Tables) | 12 Months Ended
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Dec. 29, 2012
Employee Benefits [Abstract] |
Reconciliation of the changes in the plans' benefit obligations and the fair value of the plans assets | The Company sponsors several qualified and nonqualified pension plans and other postretirement benefit plans for certain of its employees. The following tables provide a reconciliation of the changes in the plans' benefit obligations and the fair value of the plans' assets for 2012 and 2011, and a statement of the plans' aggregate funded status as of December 29, 2012 and December 31, 2011 as follows:
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligation at beginning of year |  | $ | 180,341 |  |  | $ | 174,464 |  |  | $ | 19,945 |  |  | $ | 21,083 |
Service cost |  |  | 884 |  |  |  | 1,394 |  |  |  | 380 |  |  |  | 344 |
Interest cost |  |  | 8,472 |  |  |  | 9,051 |  |  |  | 635 |  |  |  | 993 |
Actuarial loss (gain) |  |  | 14,458 |  |  |  | 6,077 |  |  |  | (1,838 | ) |  |  | (1,369 | )
Benefit payments |  |  | (10,583 | ) |  |  | (10,942 | ) |  |  | (1,131 | ) |  |  | (937 | )
Foreign currency translation adjustment |  |  | 2,595 |  |  |  | 297 |  |  |  | 105 |  |  |  | (169 | )
Obligation at end of year |  |  | 196,167 |  |  |  | 180,341 |  |  |  | 18,096 |  |  |  | 19,945 |
Change in fair value of plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 147,502 |  |  |  | 156,215 |  |  |  | — |  |  |  | — |
Actual return on plan assets |  |  | 18,964 |  |  |  | (1,306 | ) |  |  | — |  |  |  | — |
Employer contributions |  |  | 3,216 |  |  |  | 3,094 |  |  |  | 1,131 |  |  |  | 937 |
Benefit payments |  |  | (10,583 | ) |  |  | (10,942 | ) |  |  | (1,131 | ) |  |  | (937 | )
Foreign currency translation adjustment |  |  | 1,881 |  |  |  | 441 |  |  |  | — |  |  |  | — |
Fair value of plan assets at end of year |  |  | 160,980 |  |  |  | 147,502 |  |  |  | — |  |  |  | — |
Underfunded status at end of year |  | $ | (35,187 | ) |  | $ | (32,839 | ) |  | $ | (18,096 | ) |  | $ | (19,945 | )
Amounts recognized in accumulated OCI (before the effect of income taxes) | The following represents amounts recognized in accumulated OCI (before the effect of income taxes) at December 29, 2012 and December 31, 2011:
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Unrecognized net actuarial loss (gain) |  | $ | 61,125 |  |  | $ | 58,436 |  |  | $ | (1,630 | ) |  | $ | 118 |
Unrecognized prior service cost |  |  | 2 |  |  |  | 3 |  |  |  | 19 |  |  |  | 17 |
Funded status of the plans recognized | In aggregate, the underfunded plans are recognized as a liability in the Consolidated Balance Sheets. The amounts recognized as a liability are classified as current or long-term on a plan-by-plan basis. Liabilities are classified as current to the extent the actuarial present value of benefits payable within the next 12 months exceed the fair value of plan assets, with all remaining amounts being classified as long-term. As of December 29, 2012 and December 31, 2011, the total funded status of the plans recognized in the Consolidated Balance Sheets was as follows:
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Current liability |  | $ | — |  |  | $ | — |  |  | $ | (1,187 | ) |  | $ | (1,333 | )
Long-term liability |  |  | (35,187 | ) |  |  | (32,839 | ) |  |  | (16,909 | ) |  |  | (18,612 | )
Total underfunded status |  | $ | (35,187 | ) |  | $ | (32,839 | ) |  | $ | (18,096 | ) |  | $ | (19,945 | )
Components of net periodic benefit costs | The components of net periodic benefit cost are as follows:
(In thousands) |  | 2012 |  |  | 2011 |  |  | 2010 |
Pension benefits: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 884 |  |  | $ | 1,394 |  |  | $ | 823 |
Interest cost |  |  | 8,472 |  |  |  | 9,051 |  |  |  | 9,374 |
Expected return on plan assets |  |  | (10,263 | ) |  |  | (11,569 | ) |  |  | (11,443 | )
Amortization of prior service cost |  |  | 1 |  |  |  | 2 |  |  |  | 294 |
Amortization of net loss |  |  | 3,883 |  |  |  | 2,346 |  |  |  | 2,307 |
Net periodic benefit cost |  | $ | 2,977 |  |  | $ | 1,224 |  |  | $ | 1,355 |
Other benefits: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 380 |  |  | $ | 344 |  |  | $ | 273 |
Interest cost |  |  | 635 |  |  |  | 993 |  |  |  | 1,333 |
Amortization of prior service (credit) cost |  |  | (2 | ) |  |  | (3 | ) |  |  | 1 |
Amortization of net (gain) loss |  |  | (73 | ) |  |  | (2 | ) |  |  | 156 |
Effect of curtailments and settlements |  |  | — |  |  |  | — |  |  |  | 25 |
Net periodic benefit cost |  | $ | 940 |  |  | $ | 1,332 |  |  | $ | 1,788 |
Weighted average assumptions used in the measurement of the Company's benefit obligation and net periodic benefit cost are as follows | The weighted average assumptions used in the measurement of the Company's benefit obligations are as follows:
|  | Pension Benefits |  |  | Other Benefits |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Discount rate |  |  | 4.13% |  |  |  | 4.80% |  |  |  | 4.06% |  |  |  | 4.97% |
Expected long-term return on plan assets |  |  | 7.15% |  |  |  | 7.11% |  |  |  | N/A |  |  |  | N/A |
Rate of compensation increases |  |  | N/A |  |  |  | N/A |  |  |  | 5.04% |  |  |  | 5.04% |
Rate of inflation |  |  | 2.70% |  |  |  | 3.00% |  |  |  | N/A |  |  |  | N/A |
The weighted average assumptions used in the measurement of the Company's net periodic benefit cost are as follows:
|  | Pension Benefits |  |  | Other Benefits |
|  | 2012 |  |  | 2011 |  |  | 2010 |  |  | 2012 |  |  | 2011 |  |  | 2010 |
Discount rate |  |  | 4.80 | % |  |  | 5.25 | % |  |  | 5.77 | % |  |  | 4.97 | % |  |  | 5.39 | % |  |  | 6.08 | %
Expected long-term return on plan assets |  |  | 7.11 | % |  |  | 7.51 | % |  |  | 8.04 | % |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Rate of compensation increases |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 5.04 | % |  |  | 5.04 | % |  |  | 5.04 | %
Rate of inflation |  |  | 3.00 | % |  |  | 3.40 | % |  |  | 3.75 | % |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Weighted average asset allocation of pension fund assets | The weighted average asset allocation of the Company's pension fund assets are as follows:
|  | Pension Plan Assets |
Asset category |  | 2012 |  |  | 2011 |
Equity securities (includes equity mutual funds) |  |  | 84 | % |  |  | 80 | %
Fixed income securities (includes fixed income mutual funds) |  |  | 5 |  |  |  | 5 |
Cash and equivalents (includes money market funds) |  |  | 9 |  |  |  | 8 |
Alternative investments |  |  | 2 |  |  |  | 7 |
Total |  |  | 100 | % |  |  | 100 | %
Plan assets at fair value within the fair value hierarchy, by level | The following table sets forth by level, within the fair value hierarchy, the assets of the plans at fair value as of December 29, 2012, and December 31, 2011, respectively:
|  | Fair Value Measurements at December 29, 2012 |
(In thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and money market funds |  | $ | 13,691 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,691 |
Common stock (1) |  |  | 65,604 |  |  |  | — |  |  |  | — |  |  |  | 65,604 |
Mutual funds (2) |  |  | 21,497 |  |  |  | 55,695 |  |  |  | — |  |  |  | 77,192 |
Limited partnerships |  |  | — |  |  |  | — |  |  |  | 4,493 |  |  |  | 4,493 |
Total |  | $ | 100,792 |  |  | $ | 55,695 |  |  | $ | 4,493 |  |  | $ | 160,980 |
|  | Fair Value Measurements at December 31, 2011 |
(In thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and money market funds |  | $ | 11,707 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,707 |
Common stock (3) |  |  | 58,498 |  |  |  | — |  |  |  | — |  |  |  | 58,498 |
Mutual funds (4) |  |  | 19,054 |  |  |  | 47,098 |  |  |  | — |  |  |  | 66,152 |
Limited partnerships |  |  | — |  |  |  | — |  |  |  | 11,145 |  |  |  | 11,145 |
Total |  | $ | 89,259 |  |  | $ | 47,098 |  |  | $ | 11,145 |  |  | $ | 147,502 |
(1) | Approximately 90 percent of common stock represents investments in U.S. companies primarily in the health care, utilities, financials, consumer staples, industrials, and information technology sectors. All investments in common stock are listed on U.S. stock exchanges. |
(2) | Approximately 32 percent of mutual funds are actively managed funds and approximately 68 percent of mutual funds are index funds. Additionally, 31 percent of the mutual funds' assets are invested in U.S. equities, 59 percent in non-U.S. equities, and 10 percent in non-U.S. fixed income securities. |
(3) | Approximately 88 percent of common stock represents investments in U.S. companies primarily in the health care, utilities, financials, consumer staples, industrials, information technology, and telecommunications sectors. All investments in common stock are listed on U.S. stock exchanges. |
(4) | Approximately 30 percent of mutual funds are actively managed funds and approximately 70 percent of mutual funds are index funds. Additionally, 32 percent of the mutual funds' assets are invested in U.S. equities, 57 percent in non-U.S. equities, and 11 percent in non-U.S. fixed income securities. |
Plan assets measured at fair value using significant unobservable inputs | The table below reflects the changes in the assets of the plan measured at fair value on a recurring basis using significant unobservable inputs (Level 3 hierarchy as defined by ASC 820) during the year ended December 29, 2012:
(In thousands) |  | Limited Partnerships |
Balance, December 31, 2011 |  | $ | 11,145 |
Purchases |  |  | 314 |
Redemptions |  |  | (7,468 | )
Net appreciation in fair value |  |  | 502 |
Balance, December 29, 2012 |  | $ | 4,493 |
Future benefit plans payments | The assets of the plans do not include investments in securities issued by the Company. The Company expects to contribute approximately $1.6 million to its pension plans and $1.2 million to its other postretirement benefit plans in 2013. The Company expects future benefits to be paid from the plans as follows:
(In thousands) |  | Pension Benefits |  |  | Other Benefits |
2013 |  | $ | 11,079 |  |  | $ | 1,187 |
2014 |  |  | 11,201 |  |  |  | 1,165 |
2015 |  |  | 11,352 |  |  |  | 1,232 |
2016 |  |  | 11,486 |  |  |  | 1,175 |
2017 |  |  | 11,620 |  |  |  | 1,178 |
2018-2022 |  |  | 59,548 |  |  |  | 6,192 |
Total |  | $ | 116,286 |  |  | $ | 12,129 |

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