Employee Benefit Plans (Tables)

12 Months Ended

Jan. 02, 2016

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)	2015		2014		2013
Restricted Stock Unit Awards	$	5,185	$	4,904	$	4,102
Stock Option Awards	420		782		1,015
Employee Stock Purchase Plan Awards	136		127		99
Total	$	5,741	$	5,813	$	5,216

Summary of Activity of the Unvested Restricted Stock Units

A summary of the activity of the Company's unvested RSUs for 2015 is as follows:



Unvested Restricted Stock Units	Units (In thousands)		Weighted Average Grant- Date Fair Value
Unvested RSUs at January 3, 2015	310		$	28.06
Granted	116		$	44.75
Vested	(160	)	$	30.56
Forfeited / Expired	(50	)	$	20.26
Unvested RSUs at January 2, 2016	216		$	37.01

Summary of Valuation Assumptions

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



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

Stock Option Activity

A summary of the Company's stock option activity for 2015 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 January 3, 2015	374		$	20.98
Exercised	(16	)	$	17.88
Options Outstanding at January 2, 2016	358		$	21.12	5.6 years	$	6,973
Vested and Unvested Expected to Vest, End of Year	358		$	21.12	5.6 years	$	6,973
Options Exercisable, End of Year	327		$	20.66	5.5 years	$	6,520


(a)	The closing price per share on the last trading day prior to January 2, 2016 was $40.61.

Summary of Stock Option Exercises

A summary of the Company's stock option exercises in 2015, 2014, and 2013 is as follows.



(In thousands)	2015		2014		2013
Total intrinsic value of options exercised	$	442	$	438	$	—
Cash received from options exercised	$	284	$	336	$	—

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. In accordance with the adoption of ASU No. 2015-04, the Company has elected to measure its plan assets and benefit obligations as of December 31, which is the closest month-end to its fiscal year-end.



	Pension Benefits						Other Benefits
(In thousands)	2015			2014			2015			2014
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	32,213		$	27,791		$	6,139		$	5,583
Service cost	842			733			187			261
Interest cost	1,229			1,286			175			225
Actuarial (gain) loss	(1,448		)	4,390			(356		)	701
Benefits paid	(1,526		)	(1,987		)	(408		)	(390		)
Plan amendments	—			—			—			51
Effect of currency translation	—			—			(245		)	(292		)
Benefit obligation at end of year	$	31,310		$	32,213		$	5,492		$	6,139
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	28,986		$	26,056		$	—		$	—
Actual return on plan assets	(764		)	3,837			—			—
Employer contributions	1,080			1,080			408			390
Benefits paid	(1,526		)	(1,987		)	(408		)	(390		)
Fair value of plan assets at end of year	$	27,776		$	28,986		$	—		$	—
Unfunded status	$	(3,534	)	$	(3,227	)	$	(5,492	)	$	(6,139	)
Accumulated benefit obligation as of year-end	$	26,844		$	27,738		$	2,839		$	1,894
Amounts Recognized in the Balance Sheet Consist of:
Current liability	$	—		$	—		$	(320	)	$	(394	)
Non-current liability	$	(3,534	)	$	(3,227	)	$	(4,757	)	$	(5,745	)
Amounts Recognized in Accumulated Other Comprehensive Items Before Tax Consist of:
Unrecognized net actuarial loss	$	(8,094	)	$	(7,865	)	$	(793	)	$	(1,272	)
Unrecognized prior service cost	(108		)	(163		)	(656		)	(751		)
Total	$	(8,202	)	$	(8,028	)	$	(1,449	)	$	(2,023	)
Changes in Amounts Recognized in Accumulated Other Comprehensive Items Before Tax:
Current year unrecognized net actuarial (loss) gain	$	(737	)	$	(1,916	)	$	356		$	(701	)
Amortization of unrecognized prior service cost	55			55			90			91
Amortization of unrecognized net actuarial loss	508			315			56			34
Effect of currency translation	—			—			72			14
Total	$	(174	)	$	(1,546	)	$	574		$	(562	)

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
	2015		2014		2015		2014
Discount rate	4.22	%	3.87	%	3.38	%	3.03	%
Rate of compensation increase	3.00	%	3.00	%	2.82	%	2.74	%

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



	Pension Benefits						Other Benefits
	2015		2014		2013		2015		2014		2013
Discount rate	3.87	%	4.79	%	3.89	%	3.27	%	4.07	%	3.53	%
Expected long-term return on plan assets	5.25	%	5.75	%	5.75	%	—		—		—
Rate of compensation increase	3.00	%	3.50	%	3.50	%	2.82	%	2.99	%	3.25	%

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)	2015		2014		2015		2014
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets:
Projected benefit obligation	$	31,310	$	32,213	$	2,080	$	2,495
Fair value of plan assets	$	27,776	$	28,986	$	—	$	—

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)	2015		2014		2015		2014
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets:
Accumulated benefit obligation	$	—	$	—	$	1,575	$	1,894
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)	2015			2014			2013			2015		2014		2013
Components of Net Periodic Benefit Cost:
Service cost	$	842		$	850		$	998		$	187	$	261	$	171
Interest cost	1,229			1,286			1,167			175		225		207
Expected return on plan assets	(1,421		)	(1,480		)	(1,506		)	—		—		—
Recognized net actuarial loss	508			315			533			56		34		62
Amortization of prior service cost	55			55			55			90		91		85
Net periodic benefit cost	$	1,213		$	1,026		$	1,247		$	508	$	611	$	525

Weighted-Average Health Care Cost Trend Rates

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



	2015		2014
Healthcare cost trend rate assumed for next year	8.00	%	8.00	%
Ultimate healthcare cost trend rate	8.00	%	8.00	%
Year assumed rate reaches ultimate rate	2015		2014

Fair Values of Plan Assets

The fair values of the Company's noncontributory defined benefit retirement plan assets at year-end 2015 and 2014 by asset category are as follows:



	2015 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)	$	3,271	$	—	$	—	$	3,271
International Equity (a)	817		—		—		817
Fixed Income (b)	15,397		8,291		—		23,688
Total Assets	$	19,485	$	8,291	$	—	$	27,776



	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

______________________________


(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 2015.



(In thousands)	Pension Benefits		Other Benefits
2016	$	1,170	$	320
2017	2,640		221
2018	2,090		219
2019	1,446		185
2020	4,540		155
2021-2025	11,919		3,343