XML 23 R33.htm IDEA: XBRL DOCUMENT v2.4.0.8
Employee Retirement Plans (Tables)
 12 Months Ended
Dec. 28, 2013
Compensation and Retirement Disclosure [Abstract]  
Schedule of Defined Benefit Plans Disclosures
A summary of the plans’ net periodic pension cost, benefit obligations, funded status, and net balance sheet position is as follows (dollars in thousands):
 
Fiscal Year 2013
 
Elgin
Plan
 
Smithville
Plan
 
Wrexham
Plan
 
Chairman Plan
Net Periodic Pension Cost:
 

 
 

 
 

 
 

Service cost
$
—

 
$
—

 
$
—

 
$
929

Interest cost
175

 
643

 
635

 
360

Expected return on assets
(209
)
 
(529
)
 
(819
)
 
—

Amortization of net loss (gain)
154

 
519

 
—

 
(145
)
Pension settlement
—

 
—

 
—

 
—

 
$
120

 
$
633

 
$
(184
)
 
$
1,144

 
 
 
 
 
 
 
 
Change in Benefit Obligation:
 

 
 

 
 

 
 

Benefit obligation – beginning of year
$
4,862

 
$
16,070

 
$
15,462

 
$
8,993

Service cost
—

 
—

 
—

 
929

Interest on benefit obligations
175

 
643

 
635

 
360

Actuarial (gain)
(675
)
 
(1,282
)
 
(7
)
 
(1,467
)
Pension settlement
—

 
—

 
—

 
—

Net benefit payments
(228
)
 
(632
)
 
(716
)
 
—

Exchange effect
—

 
—

 
371

 
—

Benefit obligation – end of year
$
4,134

 
$
14,799

 
$
15,745

 
$
8,815

 
 
 
 
 
 
 
 
Change in Plan Assets:
 

 
 

 
 

 
 

Plan assets at fair value – beginning of year
$
3,503

 
$
8,781

 
$
12,997

 
$
—

Company contributions
128

 
649

 
526

 
—

Investment gain
319

 
804

 
2,054

 
—

Benefit payments and plan expenses
(228
)
 
(632
)
 
(716
)
 
—

Exchange effect
—

 
—

 
311

 
—

Plan assets at fair value – end of year
$
3,722

 
$
9,602

 
$
15,172

 
$
—

 
 
 
 
 
 
 
 
Funded Status:
 

 
 

 
 

 
 

Unfunded benefit obligation
$
(412
)
 
$
(5,197
)
 
$
(573
)
 
$
(8,815
)
 
 
 
 
 
 
 
 
Amounts recognized in balance sheet at year end:
 

 
 

 
 

 
 

Other noncurrent liabilities
$
(412
)
 
$
(5,197
)
 
$
(573
)
 
$
(8,815
)
 
 
 
 
 
 
 
 
Pre-tax components in accumulated other comprehensive income:
 

 
 

 
 

 
 

Net actuarial loss (gain)
$
918

 
$
4,125

 
$
1,116

 
$
(2,944
)
Net prior service cost
—

 
—

 
—

 
—

Net transaction (asset) obligations
—

 
—

 
—

 
—

Total amount recognized
$
918

 
$
4,125

 
$
1,116

 
$
(2,944
)
 
 
 
 
 
 
 
 
Accumulated Benefit Obligation
$
4,134

 
$
14,799

 
$
15,745

 
$
5,473

 
 
 
 
 
 
 
 
Salary growth rate
n/a

 
n/a

 
n/a

 
10.0
%
Assumed discount rate
4.7
%
 
4.7
%
 
4.4
%
 
4.7
%
Expected return on assets
6.0
%
 
6.0
%
 
7.0
%
 
n/a



Fiscal Year 2012

 
Elgin
Plan
 
Smithville
Plan
 
Wrexham
Plan
 
Chairman
Plan
Net Periodic Pension Cost:
 

 
 

 
 

 
 

Service cost
$
—

 
$
—

 
$
—

 
$
1,625

Interest cost
198

 
642

 
654

 
553

Expected return on assets
(171
)
 
(546
)
 
(787
)
 
—

Amortization of net loss (gain)
218

 
537

 
—

 
(405
)
Pension settlement
—

 
—

 
—

 
—

 
$
245

 
$
633

 
$
(133
)
 
$
1,773

 
 
 
 
 
 
 
 
Change in Benefit Obligation:
 

 
 

 
 

 
 

Benefit obligation – beginning of year
$
4,801

 
$
15,204

 
$
13,689

 
$
11,378

Service cost
—

 
—

 
—

 
1,625

Interest on benefit obligations
198

 
642

 
654

 
553

Actuarial loss (gain)
125

 
724

 
1,238

 
(4,563
)
Pension settlement
—

 
—

 
—

 
—

Net benefit payments
(262
)
 
(500
)
 
(706
)
 
—

Exchange effect
—

 
—

 
587

 
—

Benefit obligation – end of year
$
4,862

 
$
16,070

 
$
15,462

 
$
8,993

 
 
 
 
 
 
 
 
Change in Plan Assets:
 

 
 

 
 

 
 

Plan assets at fair value – beginning of year
$
3,188

 
$
7,820

 
$
11,518

 
$
—

Company contributions
255

 
638

 
499

 
—

Investment gain
322

 
823

 
1,191

 
—

Benefit payments and plan expenses
(262
)
 
(500
)
 
(706
)
 
—

Exchange effect
—

 
—

 
495

 
—

Plan assets at fair value – end of year
$
3,503

 
$
8,781

 
$
12,997

 
$
—

 
 
 
 
 
 
 
 
Funded Status:
 

 
 

 
 

 
 

Unfunded benefit obligation
$
(1,359
)
 
$
(7,289
)
 
$
(2,465
)
 
$
(8,993
)
 
 
 
 
 
 
 
 
Amounts recognized in balance sheet at year end:
 

 
 

 
 

 
 

Other noncurrent liabilities
$
(1,359
)
 
$
(7,289
)
 
$
(2,465
)
 
$
(8,993
)
 
 
 
 
 
 
 
 
Pre-tax components in accumulated other comprehensive income:
 

 
 

 
 

 
 

Net actuarial loss (gain)
$
1,857

 
$
6,201

 
$
2,303

 
$
(1,622
)
Net prior service cost
—

 
—

 
—

 
—

Net transaction (asset) obligations
—

 
—

 
—

 
—

Total amount recognized
$
1,857

 
$
6,201

 
$
2,303

 
$
(1,622
)
 
 
 
 
 
 
 
 
Accumulated Benefit Obligation
$
4,862

 
$
16,070

 
$
15,462

 
$
4,764

 
 
 
 
 
 
 
 
Salary growth rate
n/a

 
n/a

 
n/a

 
10.0
%
Assumed discount rate
4.0
%
 
4.0
%
 
4.1
%
 
4.0
%
Expected return on assets
5.5
%
 
7.0
%
 
6.2
%
 
n/a
Schedule of Allocation of Plan Assets
The assets of the plans were invested in the following classes of securities (none of which were securities of the company):
 
Elgin Plan
 
 
Target Allocation

 
Percentage of Plan Assets
 
 
 
 
2013

 
2012

Equity
48
%
 
62
%
 
52
%
Fixed income
40

 
33

 
36

Money market
4

 
2

 
6

Other (real estate & commodities)
8

 
3

 
6

 
 
 
 
 
 
 
100
%
 
100
%
 
100
%
 
Smithville Plan

 
Target Allocation

 
Percentage of Plan Assets
 
 
 
2013

 
2012

Equity
48
%
 
61
%
 
52
%
Fixed income
40

 
32

 
37

Money market
4

 
4

 
5

Other (real estate & commodities)
8

 
3

 
6

 
 
 
 
 
 
 
100
%
 
100
%
 
100
%
 
Wrexham Plan
 
 
Target Allocation

 
Percentage of Plan Assets
 
 
 
2013

 
2012

Equity
50
%
 
76
%
 
71
%
Fixed income
50

 
23

 
26

Money market
—

 
1

 
3

Other (real estate & commodities)
—

 
—

 
—

 
 
 
 
 
 
 
100
%
 
100
%
 
100
%
Pension Plans Fair Value Of Investments
The following tables summarize the basis used to measure the pension plans’ assets at fair value as of December 28, 2013 (in thousands):
 
Elgin Plan
 
Asset Category
 
Total

 
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 
Significant
Observable
Inputs
(Level 2)

 
Significant
Unobservable
Inputs
(Level 3)

 
 
 
 
 
 
 
 
 
Short Term Investment Fund (a)
 
$
67

 
$
—

 
$
67

 
$
—

 
 
 
 
 
 
 
 
 
Equity Securities:
 
 

 
 

 
 

 
 

Large Cap
 
934

 
934

 
—

 
—

Mid Cap
 
100

 
100

 
—

 
—

Small Cap
 
100

 
100

 
—

 
—

International
 
942

 
942

 
—

 
—

 
 
 
 
 
 
 
 
 
Fixed Income:
 
 

 
 

 
 

 
 

Government/Corporate
 
1,030

 
1,030

 
—

 
—

High Yield
 
184

 
184

 
—

 
—

 
 
 
 
 
 
 
 
 
Alternative:
 
 

 
 

 
 

 
 

Global Real Estate
 
224

 
224

 
—

 
—

Commodities
 
141

 
141

 
—

 
—

 
 
 
 
 
 
 
 
 
Total
 
$
3,722

 
$
3,655

 
$
67

 
$
—



(a)
Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.

Smithville Plan 
Asset Category
 
Total

 
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 
Significant
Observable
Inputs
(Level 2)

 
Significant
Unobservable
Inputs
(Level 3)

Short Term Investment Fund (a)
 
$
368

 
$
—

 
$
368

 
$
—

 
 
 
 
 
 
 
 
 
Equity Securities:
 
 

 
 

 
 

 
 

Large Cap
 
2,293

 
2,293

 
—

 
—

Mid Cap
 
254

 
254

 
—

 
—

Small Cap
 
255

 
255

 
—

 
—

International
 
2,394

 
2,394

 
—

 
—

 
 
 
 
 
 
 
 
 
Fixed Income:
 
 

 
 

 
 
 
 
Government/Corporate
 
2,647

 
2,647

 
—

 
—

High Yield
 
466

 
466

 
—

 
—

 
 
 
 
 
 
 
 
 
Alternative:
 
 

 
 

 
 

 
 

Global Real Estate
 
567

 
567

 
—

 
—

Commodities
 
358

 
358

 
—

 
—

 
 
 
 
 
 
 
 
 
Total
 
$
9,602

 
$
9,234

 
$
368

 
$
—


 
(a)
Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.

Wrexham Plan
Asset Category
 
Total

 
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 
Significant
Observable
Inputs
(Level 2)

 
Significant
Unobservable
Inputs
(Level 3)

Short Term Investment Fund (a)
 
$
186

 
$
—

 
$
186

 
$
—

 
 
 
 
 
 
 
 
 
Equity Securities:
 
 

 
 

 
 

 
 

UK
 
5,461

 
5,461

 
—

 
—

International
 
 

 
 

 
 

 
 

Developed
 
4,688

 
4,688

 
—

 
—

Emerging
 
589

 
589

 
—

 
—

Global
 
733

 
733

 
—

 
—

 
 
 
 
 
 
 
 
 
Fixed Income:
 
 

 
 

 
 
 
 
Government/Corporate
 
2,038

 
2,038

 
—

 
—

Aggregate
 
393

 
393

 
—

 
—

Index Linked
 
1,084

 
1,084

 
—

 
—

 
 
 
 
 
 
 
 
 
Total
 
$
15,172

 
$
14,986

 
$
186

 
$
—


 
(a)
Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.
Schedule of Expected Benefit Payments
Estimated future benefit payments under the plans are as follows (dollars in thousands):
 
 
Elgin
Plan

 
Smithville
Plan

 
Wrexham
Plan

 
Chairman
Plan

2014
$
292

 
$
611

 
$
662

 
$
—

2015
285

 
622

 
695

 
—

2016
288

 
644

 
728

 
—

2017
282

 
660

 
761

 
—

2018 through 2023
1,643

 
4,302

 
5,293

 
4,616