Employee Benefit Plans (Tables)

12 Months Ended

Dec. 28, 2013

The components of pre-tax stock-based compensation expense

The components of pre-tax stock-based compensation expense are as follows:

(In thousands)	2013		2012		2011
Restricted Stock Unit Awards	$	4,102	$	3,731	$	3,212
Stock Option Awards		1,015		954		628
Employee Stock Purchase Plan Awards		99		81		94
Total	$	5,216	$	4,766	$	3,934

Summary of Activity of the Unvested Restricted Stock Units

A summary of the activity of the Company's unvested restricted stock units for 2011, 2012, and 2013 is as follows:

Unvested Restricted Stock Units	Units (In thousands)			Weighted Average Grant- Date Fair Value
Unvested RSUs at January 1, 2011		312		$	16.77
Granted		184		$	24.91
Vested		(159	)	$	19.90
Forfeited / Expired		(8	)	$	8.81
Unvested RSUs at December 31, 2011		329		$	20.02
Granted		179		$	21.95
Vested		(144	)	$	19.97
Forfeited / Expired		(1	)	$	27.74
Unvested RSUs at December 29, 2012		363		$	20.98
Granted		176		$	25.53
Vested		(182	)	$	22.84
Forfeited / Expired		(14	)	$	16.97
Unvested RSUs at December 28, 2013		343		$	22.50

Summary of Valuation Assumptions

The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:

	2013			2012			2011
Weighted-average Exercise Price	$	25.98		$	21.91		$	24.90
Weighted-average Grant Date Fair Value	$	11.33		$	11.69		$	12.85
Volatility		51	%		50	%		45	%
Expected Annual Dividend		1.92	%		–			–
Risk-Free Interest Rate		1.25	%		1.38	%		2.86	%
Expected Life of Options	7.6 years			7.6 years			7.4 years

Stock Option Activity

A summary of the Company's stock option activity for 2011, 2012, and 2013 is as follows:

Summary of Stock Option Exercises

A summary of the Company's stock option exercises in 2013, 2012, and 2011 is as follows.

(In thousands)	2013		2012		2011
Total intrinsic value of options exercised	$	-	$	119	$	39
Cash received from options exercised	$	-	$	319	$	150

Changes In Projected Benefit Obligations, Plan Assets, Unfunded Status, and Accumulated Other Comprehensive Items

The following table summarizes the change in benefit obligation; the change in plan assets; the unfunded status; and the amounts recognized in the balance sheet for the Company's pension benefits and other benefits plans. The measurement date for all items set forth below is the last day of the fiscal year presented.

	Pension Benefits						Other Benefits
(In thousands)	2013			2012			2013			2012
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	31,743		$	31,594		$	5,968		$	5,402
Service cost		892			991			171			143
Interest cost		1,167			1,313			207			225
Actuarial (gain) loss		(4,617	)		1,046			(551	)		425
Benefits paid		(1,394	)		(3,201	)		(299	)		(275	)
Effect of currency translation		–			–			87			48
Benefit obligation at end of year	$	27,791		$	31,743		$	5,583		$	5,968
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	26,728		$	26,393		$	–		$	–
Actual return on plan assets		(358	)		2,576			–			–
Employer contribution		1,080			960			299			275
Benefits paid		(1,394	)		(3,201	)		(299	)		(275	)
Fair value of plan assets at end of year	$	26,056		$	26,728		$	–		$	–
Unfunded status	$	(1,735	)	$	(5,015	)	$	(5,583	)	$	(5,968	)
Accumulated benefit obligation as of year-end	$	23,494		$	26,270		$	1,876		$	1,777
Amounts Recognized in the Balance Sheet Consist of:
Current liability	$	–		$	–		$	(233	)	$	(251	)
Non-current liability	$	(1,735	)	$	(5,015	)	$	(5,350	)	$	(5,717	)
Amounts Recognized in Accumulated Other Comprehensive Items Before Tax Consist of:
Unrecognized net actuarial loss	$	(6,264	)	$	(9,656	)	$	(662	)	$	(1,251	)
Unrecognized prior service cost		(218	)		(273	)		(799	)		(882	)
Total	$	(6,482	)	$	(9,929	)	$	(1,461	)	$	(2,133	)
Changes in Amounts Recognized in Accumulated Other Comprehensive Items Before Tax:
Current year unrecognized net actuarial gain (loss)	$	2,859		$	(85	)	$	551		$	(425	)
Amortization of unrecognized prior service cost		55			56			85			28
Amortization of unrecognized net actuarial loss		533			634			62			36
Effect of currency translation		–			–			(26	)		(7	)
Total	$	3,447		$	605		$	672		$	(368	)

Weighted-Average Assumptions Used to Determine the Benefit Obligation and Net Periodic Benefit Cost

The weighted-average assumptions used to determine the benefit obligation as of year-end were as follows:

	Pension Benefits						Other Benefits
	2013			2012			2013			2012
Discount rate		4.79	%		3.89	%		4.04	%		3.52	%
Rate of compensation increase		3.50	%		3.50	%		3.00	%		3.15	%

Benefit Obligations in Excess of Fair Value of Plan Assets

The projected benefit obligations and fair value of plan assets for the Company's pension plans with projected benefit obligations in excess of plan assets were as follows:

	Pension Benefits						Other Benefits
(In thousands)	2013			2012			2013			2012
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets:
Projected benefit obligation		$	27,791		$	31,743		$	2,469		$	2,456
Fair value of plan assets		$	26,056		$	26,728		$	–		$	–

Accumulated Benefit Obligations in Excess of Plan Assets

The accumulated benefit obligations and fair values of plan assets for the Company's pension plans with accumulated benefit obligations in excess of plan assets were as follows:

	Pension Benefits						Other Benefits
(In thousands)	2013			2012			2013			2012
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets:
Accumulated benefit obligation		$	–		$	–		$	1,876		$	1,777
Fair value of plan assets		$	–		$	–		$	–		$	–

Components of Net Periodic Benefit Cost (Income)

The components of net periodic benefit cost were as follows:

	Pension Benefits									Other Benefits
(In thousands)	2013			2012			2011			2013		2012		2011
Components of Net Periodic Benefit Cost:
Service cost	$	998		$	991		$	855		$	171	$	143	$	187
Interest cost		1,167			1,313			1,298			207		225		237
Expected return on plan assets		(1,506	)		(1,616	)		(1,429	)		–		–		–
Recognized net actuarial loss		533			634			433			62		36		28
Amortization of prior service cost		55			56			55			85		28		15
Net periodic benefit cost	$	1,247		$	1,378		$	1,212		$	525	$	432	$	467

Weighted-Average Health Care Cost Trend Rates

The weighted-average assumptions used to determine net periodic benefit cost were as follows:

	Pension Benefits									Other Benefits
	2013			2012			2011			2013			2012			2011
Discount rate		3.89	%		4.28	%		5.25	%		3.53	%		4.44	%		5.04	%
Expected long-term return on plan assets		5.75	%		6.25	%		6.25	%		–			–			–
Rate of compensation increase		3.50	%		4.00	%		4.00	%		3.25	%		3.57	%		3.28	%

Assumed weighted-average healthcare cost trend rates as of year-end were as follows:

	2013			2012
Healthcare cost trend rate assumed for next year		8.00	%		8.00	%
Ultimate healthcare cost trend rate		0.00	%		0.00	%
Year assumed rate reaches ultimate rate		2018			2018

Fair Values of Plan Assets

The fair values of the Company's noncontributory defined benefit retirement plan assets at year-end 2013 and 2012 by asset category are as follows:

	2013 Fair Value Measurement
(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
Asset Category:
Mutual Funds:
U.S. Equity (a)	$	3,205		$	–		$	–		$	3,205
International Equity (a)		817			–			–			817
Fixed Income (b)		14,374			7,660			–			22,034
Total Assets	$	18,396		$	7,660		$	–		$	26,056

	2012 Fair Value Measurement
(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Category:
Mutual Funds:
U.S. Equity (a)	$	3,331	$	–	$	–	$	3,331
International Equity (a)		848		–		–		848
Fixed Income (b)		14,641		7,908		–		22,549
Total Assets	$	18,820	$	7,908	$	–	$	26,728

______________________________

(a)	Common stock index funds.

(b)	Investments in commingled funds that invest in a diversified blend of investment and non-investment grade fixed income securities.

Target Asset Allocation of Plan Assets

The primary objective for the noncontributory defined benefit retirement plan is to provide long-term capital appreciation through investment in equity and debt securities. The following target asset allocation has been established for the plan:

Asset Category	Minimum			Neutral			Maximum
Equity securities		10	%		15	%		20	%
Debt securities		80	%		85	%		90	%
Total					100	%

Estimated Future Benefit Payments

(In thousands)	Pension Benefits		Other Benefits
2014	$	1,143	$	234
2015		1,237		425
2016		1,286		202
2017		2,668		753
2018		2,034		433
2019-2023		11,269		1,977