XML 23 R33.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Employee Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 28, 2013
Employee Benefits [Abstract] |
Reconciliation of the changes in the plans' benefit obligations and the fair value of the plans assets | The following tables provide a reconciliation of the changes in the plans’ benefit obligations and the fair value of the plans’ assets for 2013 and 2012, and a statement of the plans’ aggregate funded status as of December 28, 2013 and December 29, 2012:
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligation at beginning of year |  | $ | 196,167 |  |  | $ | 180,341 |  |  | $ | 18,096 |  |  | $ | 19,945 |
Service cost |  |  | 948 |  |  |  | 884 |  |  |  | 413 |  |  |  | 380 |
Interest cost |  |  | 7,774 |  |  |  | 8,472 |  |  |  | 647 |  |  |  | 635 |
Actuarial (gain) loss |  |  | (11,635 | ) |  |  | 14,458 |  |  |  | (2,554 | ) |  |  | (1,838 | )
Benefit payments |  |  | (10,668 | ) |  |  | (10,583 | ) |  |  | (1,211 | ) |  |  | (1,131 | )
Foreign currency translation adjustment |  |  | 1,472 |  |  |  | 2,595 |  |  |  | (10 | ) |  |  | 105 |
Obligation at end of year |  |  | 184,058 |  |  |  | 196,167 |  |  |  | 15,381 |  |  |  | 18,096 |
Change in fair value of plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 160,980 |  |  |  | 147,502 |  |  |  | — |  |  |  | — |
Actual return on plan assets |  |  | 35,578 |  |  |  | 18,964 |  |  |  | — |  |  |  | — |
Employer contributions |  |  | 1,551 |  |  |  | 3,216 |  |  |  | 1,211 |  |  |  | 1,131 |
Benefit payments |  |  | (10,668 | ) |  |  | (10,583 | ) |  |  | (1,211 | ) |  |  | (1,131 | )
Foreign currency translation adjustment |  |  | 1,429 |  |  |  | 1,881 |  |  |  | — |  |  |  | — |
Fair value of plan assets at end of year |  |  | 188,870 |  |  |  | 160,980 |  |  |  | — |  |  |  | — |
Funded (underfunded) status at end of year |  | $ | 4,812 |  |  | $ | (35,187 | ) |  | $ | (15,381 | ) |  | $ | (18,096 | )
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 28, 2013 and December 29, 2012:
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Unrecognized net actuarial loss (gain) |  | $ | 21,128 |  |  | $ | 61,125 |  |  | $ | (4,016 | ) |  | $ | (1,630 | )
Unrecognized prior service cost |  |  | 1 |  |  |  | 2 |  |  |  | 20 |  |  |  | 19 |
Funded status of the plans recognized | As of December 28, 2013 and December 29, 2012, the total funded status of the plans recognized in the Consolidated Balance Sheets was as follows:
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Long-term asset |  | $ | 15,457 |  |  | $ | — |  |  | $ | — |  |  | $ |  |
Current liability |  |  | — |  |  |  | — |  |  |  | (1,033 | ) |  |  | (1,187 | )
Long-term liability |  |  | (10,645 | ) |  |  | (35,187 | ) |  |  | (14,348 | ) |  |  | (16,909 | )
Total funded (underfunded) status |  | $ | 4,812 |  |  | $ | (35,187 | ) |  | $ | (15,381 | ) |  | $ | (18,096 | )
Components of net periodic benefit costs | The components of net periodic benefit cost are as follows:
(In thousands) |  | 2013 |  |  | 2012 |  |  | 2011 |
Pension benefits: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 948 |  |  | $ | 884 |  |  | $ | 1,394 |
Interest cost |  |  | 7,774 |  |  |  | 8,472 |  |  |  | 9,051 |
Expected return on plan assets |  |  | (11,059 | ) |  |  | (10,263 | ) |  |  | (11,569 | )
Amortization of prior service cost |  |  | 1 |  |  |  | 1 |  |  |  | 2 |
Amortization of net loss |  |  | 4,005 |  |  |  | 3,883 |  |  |  | 2,346 |
Net periodic benefit cost |  | $ | 1,669 |  |  | $ | 2,977 |  |  | $ | 1,224 |
Other benefits: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 413 |  |  | $ | 380 |  |  | $ | 344 |
Interest cost |  |  | 647 |  |  |  | 635 |  |  |  | 993 |
Amortization of prior service credit |  |  | (2 | ) |  |  | (2 | ) |  |  | (3 | )
Amortization of net gain |  |  | (160 | ) |  |  | (73 | ) |  |  | (2 | )
Net periodic benefit cost |  | $ | 898 |  |  | $ | 940 |  |  | $ | 1,332 |
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 |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Discount rate |  |  | 4.82 | % |  |  | 4.13 | % |  |  | 4.89 | % |  |  | 4.06 | %
Expected long-term return on plan assets |  |  | 7.40 | % |  |  | 7.15 | % |  |  | N/A |  |  |  | N/A |
Rate of compensation increases |  |  | N/A |  |  |  | N/A |  |  |  | 5.50 | % |  |  | 5.04 | %
Rate of inflation |  |  | 3.40 | % |  |  | 2.70 | % |  |  | 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 |
|  | 2013 |  |  | 2012 |  |  | 2011 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
Discount rate |  |  | 4.13 | % |  |  | 4.80 | % |  |  | 5.25 | % |  |  | 4.06 | % |  |  | 4.97 | % |  |  | 5.39 | %
Expected long-term return on plan assets |  |  | 7.15 | % |  |  | 7.11 | % |  |  | 7.51 | % |  |  | 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 |  |  | 2.70 | % |  |  | 3.00 | % |  |  | 3.40 | % |  |  | 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 |  | 2013 |  |  | 2012 |
Equity securities (includes equity mutual funds) |  |  | 86 | % |  |  | 84 | %
Fixed income securities (includes fixed income mutual funds) |  |  | 4 |  |  |  | 5 |
Cash and equivalents (includes money market funds) |  |  | 7 |  |  |  | 9 |
Alternative investments |  |  | 3 |  |  |  | 2 |
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 28, 2013, and December 29, 2012, respectively:
|  | Fair Value Measurements at December 28, 2013 |
(In thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and money market funds |  | $ | 13,992 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,992 |
Common stock (1) |  |  | 79,497 |  |  |  | — |  |  |  | — |  |  |  | 79,497 |
Mutual funds (2) |  |  | 27,166 |  |  |  | 63,435 |  |  |  | — |  |  |  | 90,601 |
Limited partnerships |  |  | — |  |  |  | — |  |  |  | 4,780 |  |  |  | 4,780 |
Total |  | $ | 120,655 |  |  | $ | 63,435 |  |  | $ | 4,780 |  |  | $ | 188,870 |
|  | 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 (3) |  |  | 65,604 |  |  |  | — |  |  |  | — |  |  |  | 65,604 |
Mutual funds (4) |  |  | 21,497 |  |  |  | 55,695 |  |  |  | — |  |  |  | 77,192 |
Limited partnerships |  |  | — |  |  |  | — |  |  |  | 4,493 |  |  |  | 4,493 |
Total |  | $ | 100,792 |  |  | $ | 55,695 |  |  | $ | 4,493 |  |  | $ | 160,980 |
(1) | Approximately 84 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, 33 percent of the mutual funds’ assets are invested in U.S. equities, 58 percent in non-U.S. equities, and 9 percent in non-U.S. fixed income securities. |
(3) | 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. |
(4) | 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. |
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 28, 2013:
(In thousands) |  | Limited Partnerships |
Balance, December 29, 2012 |  | $ | 4,493 |
Redemptions |  |  | (1,133 | )
Subscriptions |  |  | 900 |
Net appreciation in fair value |  |  | 520 |
Balance, December 28, 2013 |  | $ | 4,780 |
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 $1.0 million to its other postretirement benefit plans in 2014. The Company expects future benefits to be paid from the plans as follows:
(In thousands) |  | Pension Benefits |  |  | Other Benefits |
2014 |  | $ | 11,187 |  |  | $ | 1,033 |
2015 |  |  | 11,382 |  |  |  | 1,022 |
2016 |  |  | 11,524 |  |  |  | 1,005 |
2017 |  |  | 11,651 |  |  |  | 985 |
2018 |  |  | 11,780 |  |  |  | 973 |
2019-2023 |  |  | 61,040 |  |  |  | 4,864 |
Total |  | $ | 118,564 |  |  | $ | 9,882 |

X
- Definition Tabular disclosure of Level 3 assets roll forward. + References No definition available. + Details
Name: | mli_LevelThreeAssetValuationRollForwardTableTextBlock
Namespace Prefix: | mli_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans and the fair value of plan assets from the beginning to the end of the period. + References No definition available. + Details
Name: | mli_ScheduleOfChangesInProjectedBenefitObligationsAndFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | mli_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitExpenseAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration