Employee Benefit Plans (Tables)

12 Months Ended

Jan. 03, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Components of Pre-Tax Stock-Based Compensation Expense

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



(In thousands)	2014		2013		2012
Restricted Stock Unit Awards	$	4,904	$	4,102	$	3,731
Stock Option Awards	782		1,015		954
Employee Stock Purchase Plan Awards	127		99		81
Total	$	5,813	$	5,216	$	4,766

Summary of Activity of the Unvested Restricted Stock Units

A summary of the activity of the Company's unvested restricted stock units for 2014 is as follows:



Unvested Restricted Stock Units	Units (In thousands)		Weighted Average Grant- Date Fair Value
Unvested RSUs at December 28, 2013	343		$	22.50
Granted	155		$	38.52
Vested	(173	)	$	26.08
Forfeited / Expired	(15	)	$	32.42
Unvested RSUs at January 3, 2015	310		$	28.06

Summary of Valuation Assumptions

The fair value of each option granted in 2013 and 2012 was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:



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

Stock Option Activity

A summary of the Company's stock option activity for 2014 is as follows:



(In thousands, except per share amounts)	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (a)
Options Outstanding at December 28, 2013	393		$	20.82
Exercised	(19	)	$	17.68
Options Outstanding at January 3, 2015	374		$	20.98	6.6 years	$	7,842
Vested and Unvested Expected to Vest, End of Year	374		$	20.98	6.6 years	$	7,842
Options Exercisable, End of Year	284		$	19.81	6.1 years	$	5,629


(a)	The closing price per share on the last trading day prior to January 3, 2015 was $42.38.

Summary of Stock Option Exercises

A summary of the Company's stock option exercises in 2014, 2013, and 2012 is as follows.



(In thousands)	2014		2013		2012
Total intrinsic value of options exercised	$	438	$	—	$	119
Cash received from options exercised	$	336	$	—	$	319

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)	2014			2013			2014			2013
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	27,791		$	31,743		$	5,583		$	5,968
Service cost	733			892			261			171
Interest cost	1,286			1,167			225			207
Actuarial loss (gain)	4,390			(4,617		)	701			(551		)
Benefits paid	(1,987		)	(1,394		)	(390		)	(299		)
Plan amendments	—			—			51			—
Effect of currency translation	—			—			(292		)	87
Benefit obligation at end of year	$	32,213		$	27,791		$	6,139		$	5,583
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	26,056		$	26,728		$	—		$	—
Actual return on plan assets	3,837			(358		)	—			—
Employer contribution	1,080			1,080			390			299
Benefits paid	(1,987		)	(1,394		)	(390		)	(299		)
Fair value of plan assets at end of year	$	28,986		$	26,056		$	—		$	—
Unfunded status	$	(3,227	)	$	(1,735	)	$	(6,139	)	$	(5,583	)
Accumulated benefit obligation as of year-end	$	27,738		$	23,494		$	1,894		$	1,876
Amounts Recognized in the Balance Sheet Consist of:
Current liability	$	—		$	—		$	(394	)	$	(233	)
Non-current liability	$	(3,227	)	$	(1,735	)	$	(5,745	)	$	(5,350	)
Amounts Recognized in Accumulated Other Comprehensive Items Before Tax Consist of:
Unrecognized net actuarial loss	$	(7,865	)	$	(6,264	)	$	(1,272	)	$	(662	)
Unrecognized prior service cost	(163		)	(218		)	(751		)	(799		)
Total	$	(8,028	)	$	(6,482	)	$	(2,023	)	$	(1,461	)
Changes in Amounts Recognized in Accumulated Other Comprehensive Items Before Tax:
Current year unrecognized net actuarial (loss) gain	$	(1,916	)	$	2,859		$	(701	)	$	551
Amortization of unrecognized prior service cost	55			55			91			85
Amortization of unrecognized net actuarial loss	315			533			34			62
Effect of currency translation	—			—			14			(26		)
Total	$	(1,546	)	$	3,447		$	(562	)	$	672

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

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



	Pension Benefits						Other Benefits
	2014		2013		2012		2014		2013		2012
Discount rate	4.79	%	3.89	%	4.28	%	4.07	%	3.53	%	4.44	%
Expected long-term return on plan assets	5.75	%	5.75	%	6.25	%	—		—		—
Rate of compensation increase	3.50	%	3.50	%	4.00	%	2.99	%	3.25	%	3.57	%

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



	Pension Benefits				Other Benefits
	2014		2013		2014		2013
Discount rate	3.87	%	4.79	%	3.03	%	4.04	%
Rate of compensation increase	3.00	%	3.50	%	2.74	%	3.00	%

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)	2014		2013		2014		2013
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets:
Projected benefit obligation	$	32,213	$	27,791	$	2,495	$	2,469
Fair value of plan assets	$	28,986	$	26,056	$	—	$	—

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)	2014		2013		2014		2013
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets:
Accumulated benefit obligation	$	—	$	—	$	1,894	$	1,876
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)	2014			2013			2012			2014		2013		2012
Components of Net Periodic Benefit Cost:
Service cost	$	850		$	998		$	991		$	261	$	171	$	143
Interest cost	1,286			1,167			1,313			225		207		225
Expected return on plan assets	(1,480		)	(1,506		)	(1,616		)	—		—		—
Recognized net actuarial loss	315			533			634			34		62		36
Amortization of prior service cost	55			55			56			91		85		28
Net periodic benefit cost	$	1,026		$	1,247		$	1,378		$	611	$	525	$	432

Weighted-Average Health Care Cost Trend Rates

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



	2014		2013
Healthcare cost trend rate assumed for next year	8.00	%	8.00	%
Ultimate healthcare cost trend rate	8.00	%	—	%
Year assumed rate reaches ultimate rate	2014		2018

Fair Values of Plan Assets

The fair values of the Company's noncontributory defined benefit retirement plan assets at year-end 2014 and 2013 by asset category are as follows:



	2014 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)	$	3,465	$	—	$	—	$	3,465
International Equity (a)	819		—		—		819
Fixed Income (b)	15,988		8,714		—		24,702
Total Assets	$	20,272	$	8,714	$	—	$	28,986



	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

______________________________


(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	5	%	15	%	30	%
Debt securities	70	%	85	%	95	%
Total			100	%

Estimated Future Benefit Payments

The following benefit payments, which reflect future service as appropriate, are expected to be paid. The benefit payments are based on the same assumptions used to measure the Company's benefit obligation at year-end 2014.



(In thousands)	Pension Benefits		Other Benefits
2015	$	1,156	$	393
2016	1,167		198
2017	2,827		704
2018	2,099		385
2019	1,445		295
2020-2024	13,722		3,367