Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

The following table sets forth the plans’ funded status for the Company's domestic and foreign defined benefit plans and amounts recognized in the Company's consolidated balance sheets based on the measurement date (December 31, 2016 and December 31, 2015) (in thousands):



	December 31, 2016			January 2, 2016
Change in projected benefit obligation:
Projected benefit obligation at beginning of period	$	182,276		$	395,142
Acquisitions	—			—
Service cost	2,549			6,638
Interest cost	6,950			10,536
Employee contributions	439			1,862
Plan amendments	101			90
Actuarial loss/(gain)	7,905			(24,436		)
Benefits paid	(7,146		)	(11,197		)
Effect of curtailment	(1,286		)	(9,545		)
Effect of settlement	(953		)	(162,600		)
Other	(1,545		)	(24,214		)
Projected benefit obligation at end of period	189,290			182,276

Change in plan assets:
Fair value of plan assets at beginning of period	127,970			328,220
Acquisitions	—			—
Actual return on plan assets	10,138			(17,888		)
Employer contributions	5,250			9,612
Employee contributions	439			1,862
Benefits paid	(7,146		)	(11,197		)
Effect of settlement	(953		)	(162,600		)
Other	(789		)	(20,039		)
Fair value of plan assets at end of period	134,909			127,970

Funded status	(54,381		)	(54,306		)
Net amount recognized	$	(54,381	)	$	(54,306	)

Amounts recognized in the consolidated balance sheets consist of:
Noncurrent assets	$	—		$	—
Current liability	(1,229		)	(1,086		)
Noncurrent liability	(53,152		)	(53,220		)
Net amount recognized	$	(54,381	)	$	(54,306	)

Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	$	52,525		$	51,921
Prior service cost/(credit)	417			359
Net amount recognized (a)	$	52,942		$	52,280


(a)	Amounts do not include deferred taxes of $19.4 million and $19.7 million at December 31, 2016 and January 2, 2016, respectively.

Schedule of Accumulated and Projected Benefit Obligations



	December 31, 2016		January 2, 2016
Projected benefit obligation	$	189,290	$	182,276
Accumulated benefit obligation	181,340		171,530
Fair value of plan assets	134,909		127,970

Schedule of Defined Benefit Plans Disclosures

Net pension cost includes the following components (in thousands):



	December 31, 2016			January 2, 2016			January 3, 2015
Service cost	$	2,549		$	6,638		$	5,208
Interest cost	6,950			10,536			13,214
Expected return on plan assets	(7,552		)	(12,229		)	(14,439		)
Net amortization and deferral	4,668			5,034			2,094
Curtailment	(1,285		)	(1,181		)	7
Settlement	(114		)	(2,353		)	—
Net pension cost	$	5,216		$	6,445		$	6,084

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive income (loss) for the year ended (in thousands):



	2016			2015
Actuarial (loss)/gain recognized:
Reclassification adjustments	$	2,846		$	3,115
Actuarial (loss)/gain recognized during the period	(3,861		)	(2,323		)
Amortization of settlement	(69		)	3,823
Prior service (cost) credit recognized:
Reclassification adjustments	24			(31		)
Prior service cost arising during the period	—			—
Amortization of curtailment	—			(853		)
Other	44			471
	$	(1,016	)	$	4,202

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic pension cost in fiscal 2017 is as follows (in thousands):



	2017
Net actuarial loss	$	4,754
Prior service cost	33
	$	4,787

Schedule of Assumptions Used

Weighted average assumptions used to determine benefit obligations were:



	December 31, 2016	January 2, 2016	January 3, 2015

Discount rate	3.81%	4.13%	2.79%
Rate of compensation increase	0.38%	0.31%	1.82%

Weighted average assumptions used to determine net periodic benefit cost for the employee benefit pension plans were:



	December 31, 2016	January 2, 2016	January 3, 2015
Discount rate	3.55%	3.47%	4.15%
Rate of increase in future compensation levels	0.84%	0.38%	1.70%
Expected long-term rate of return on assets	6.52%	6.62%	5.06%

Schedule of Target Allocation of Plan Assets



Fixed Income	35% - 80%
Equities	20% - 65%

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The following table presents fair value measurements for the Company's defined benefit plans’ assets as categorized using the fair value hierarchy under FASB authoritative guidance (in thousands):



	Total		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands of dollars)	Fair Value		(Level 1)		(Level 2)		(Level 3)
Balances as January 2, 2016
Fixed Income:
Long Term	$	21,079	$	21,079	$	—	$	—
Short Term	1,341		1,341		—		—
Equity Securities:
Domestic equities	34,864		34,864		—		—
International equities	21,190		21,190		—		—
Insurance contracts	8,121		—		5,801		2,320
Total categorized in fair value hierarchy	86,595		78,474		5,801		2,320
Other investments measured at NAV	41,375
Totals	$	127,970	$	78,474	$	5,801	$	2,320

Balances as December 31, 2016
Fixed Income:
Long Term	$	17,408	$	17,408	$	—	$	—
Short Term	2,825		2,825		—		—
Equity Securities:
Domestic equities	41,300		41,300		—		—
International equities	24,403		24,403		—		—
Insurance contracts	10,670		—		7,887		2,783
Total categorized in fair value hierarchy	96,606		85,936		7,887		2,783
Other investments measured at NAV	38,303
Totals	$	134,909	$	85,936	$	7,887	$	2,783

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):



Year Ending	Pension Benefits
2017	$	9,854
2018	8,438
2019	9,307
2020	9,849
2021	10,931
Years 2022 – 2026	58,887

Multiemployer plans

The following table provides more detail on these significant multiemployer plans (contributions in thousands):



											Expiration
Pension	EIN Pension	Pension Protection Act Zone Status		FIP/RP Status Pending/	Contributions						Date of Collective Bargaining
Fund	Plan Number	2016	2015	Implemented	2016		2015		2014		Agreement
Western Conference of Teamsters Pension Plan	91-6145047 / 001	Green	Green	No	$	1,456	$	1,387	$	1,384	April 2020 (b)
Central States, Southeast and Southwest Areas Pension Plan (a)	36-6044243 / 001	Red	Red	Yes	934		858		876		August 2018 (c)
All other multiemployer plans					983		986		1,042
		Total Company Contributions			$	3,373	$	3,231	$	3,302


(a)	In July 2005 this plan received a 10 year extension from the IRS for amortizing unfunded liabilities. In April 2016 the IRS approved a modification of the amortization extension.


(b)	The Company has several plants that participate in the Western Conference of Teamsters Pension Plan under collective bargaining agreements that require minimum funding contributions. Certain of these agreements have expired and are being renegotiated with others having expiration dates through April 1, 2020.


(c)	The Company has several processing plants that participate in the Central States, Southeast and Southwest Areas Pension Plan under collective bargaining agreements that require minimum funding contributions. Certain of these agreements have expired and are being renegotiated with others having expiration dates through August 6, 2018.

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The fair value measurement of plan assets using significant unobservable inputs (level 3) changed due to the following:



	Insurance
(in thousands of dollars)	Contracts
Balance as of January 3, 2015	$	194,909
Unrealized gains/(losses) relating to instruments still held in the reporting period.	(12,601		)
Purchases, sales, and settlements	(161,402		)
Exchange rate changes	(18,586		)
Balance as of January 2, 2016	2,320
Unrealized gains/(losses) relating to instruments still held in the reporting period.	316
Purchases, sales, and settlements	244
Exchange rate changes	(97		)
Balance as of December 31, 2016	$	2,783