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Postretirement Plans (Tables) | 12 Months Ended
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Jan. 03, 2015
Summary of Company's Balance Sheet Related Pension and Other Postretirement Benefit Plan | The following summarizes the company’s balance sheet related pension and other postretirement benefit plan accounts at January 3, 2015 and December 28, 2013:
|  | As of |
|  | January 3, 2015 |  |  | December 28, 2013 |
|  | (Amounts in thousands) |
Current benefit liability |  | $ | 1,089 |  |  | $ | 1,301 |
Noncurrent benefit liability |  | $ | 93,589 |  |  | $ | 44,226 |
Accumulated other comprehensive loss, net of tax |  | $ | 86,612 |  |  | $ | 51,099 |
Fair Value of Plan Assets by Asset Class | The fair values of all of the company pension plan assets at December 31, 2014 and December 31, 2013, by asset class are as follows (amounts in thousands):
|  | Fair value of Pension Plan Assets as of December 31, 2014 |
Asset Class |  | Quoted prices in active markets for identical assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
Short term investments and cash |  | $ | — |  |  | $ | 6,701 |  |  | $ | — |  |  | $ | 6,701 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. companies |  |  | 94,739 |  |  |  | — |  |  |  | — |  |  |  | 94,739 |
International companies |  |  | 2,700 |  |  |  | — |  |  |  | — |  |  |  | 2,700 |
Domestic equity funds(h) |  |  | 63,551 |  |  |  | — |  |  |  | — |  |  |  | 63,551 |
International equity funds(a) |  |  | — |  |  |  | 45,851 |  |  |  | — |  |  |  | 45,851 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government bonds |  |  | — |  |  |  | 4,664 |  |  |  | — |  |  |  | 4,664 |
U.S. government agency bonds |  |  | — |  |  |  | 874 |  |  |  | — |  |  |  | 874 |
U.S. mortgage backed securities |  |  | — |  |  |  | 2,333 |  |  |  | — |  |  |  | 2,333 |
U.S. corporate bonds |  |  | — |  |  |  | 2,452 |  |  |  | — |  |  |  | 2,452 |
Private equity funds(c) |  |  | — |  |  |  | 14,427 |  |  |  | — |  |  |  | 14,427 |
Real estate funds(d) |  |  | — |  |  |  | — |  |  |  | 14,651 |  |  |  | 14,651 |
Other types of investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guaranteed insurance contracts(e) |  |  | — |  |  |  | — |  |  |  | 9,450 |  |  |  | 9,450 |
Hedged equity funds(f)(i) |  |  | — |  |  |  | — |  |  |  | 52,420 |  |  |  | 52,420 |
Absolute return funds(c)(j) |  |  | — |  |  |  | — |  |  |  | 63,667 |  |  |  | 63,667 |
Other assets and (liabilities)(g) |  |  | — |  |  |  | — |  |  |  | 184 |  |  |  | 184 |
Accrued (expenses) income(g) |  |  | — |  |  |  | — |  |  |  | (470 | ) |  |  | (470 | )
Total |  | $ | 160,990 |  |  | $ | 77,302 |  |  | $ | 139,902 |  |  | $ | 378,194 |
|  | Fair value of Pension Plan Assets as of December 31, 2013 |
Asset Class |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
Short term investments and cash |  | $ | — |  |  | $ | 5,668 |  |  | $ | — |  |  | $ | 5,668 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. companies |  |  | 109,017 |  |  |  | — |  |  |  | — |  |  |  | 109,017 |
International companies |  |  | 1,525 |  |  |  | — |  |  |  | — |  |  |  | 1,525 |
Domestic equity funds(h) |  |  | 62,705 |  |  |  | — |  |  |  | — |  |  |  | 62,705 |
International equity funds(a)(h) |  |  | — |  |  |  | 67,925 |  |  |  | — |  |  |  | 67,925 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic mutual funds(b)(h) |  |  | 20,187 |  |  |  | — |  |  |  | — |  |  |  | 20,187 |
Private equity funds(c) |  |  | — |  |  |  | 20,889 |  |  |  | — |  |  |  | 20,889 |
Real estate(d) |  |  | — |  |  |  | — |  |  |  | 13,298 |  |  |  | 13,298 |
Other types of investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guaranteed insurance contracts(e) |  |  | — |  |  |  | — |  |  |  | 9,594 |  |  |  | 9,594 |
Hedged equity funds(f) |  |  | — |  |  |  | — |  |  |  | 58,176 |  |  |  | 58,176 |
Absolute return funds(c) |  |  | — |  |  |  | — |  |  |  | 59,727 |  |  |  | 59,727 |
Other assets and liabilities(g) |  |  | — |  |  |  | — |  |  |  | 484 |  |  |  | 484 |
Accrued income(g) |  |  | — |  |  |  | — |  |  |  | (590 | ) |  |  | (590 | )
Total |  | $ | 193,434 |  |  | $ | 94,482 |  |  | $ | 140,689 |  |  | $ | 428,605 |
(a) | This class includes funds with the principal strategy to invest primarily in long positions in international equity securities.
(b) | This class invests primarily in U.S. government issued securities.
(c) | This class invests primarily in absolute return strategy funds.
(d) | This class includes funds that invest primarily in U.S. commercial real estate.
(e) | This class invests primarily guaranteed insurance contracts through various U.S. insurance companies.
(f) | This class invests primarily in hedged equity funds.
(g) | This class includes accrued interest, dividends, and amounts receivable from asset sales and amounts payable for asset purchases.
(h) | There is a pending sale for an asset in this classification.
(i) | Pending sale requests of $14.3 million apply to assets reported in this classification.
(j) | Pending sale requests of $8.0 million apply to assets reported in this classification.
Plan Asset and Target Allocation | The plan asset allocation as of the measurement dates December 31, 2014 and December 31, 2013, and target asset allocations for fiscal year 2015 are as follows:
|  |  |  |  | Percentage of Plan Assets at the Measurement Date |
Asset Category |  | Target Allocation 2015 |  |
|  | 2014 |  |  | 2013 |
Equity securities |  |  | 40-60 | % |  |  | 55.0 |  |  |  | 56.6 |
Fixed income securities |  |  | 10-40 | % |  |  | 7.1 |  |  |  | 9.6 |
Real estate |  |  | 0-25 | % |  |  | 3.9 |  |  |  | 3.1 |
Other diversifying strategies(1) |  |  | 0-40 | % |  |  | 33.2 |  |  |  | 29.8 |
Short term investments and cash |  |  | 0-25 | % |  |  | 0.8 |  |  |  | 0.9 |
Total |  |  |  |  |  |  | 100.0 | % |  |  | 100.0 | %
(1) | Includes absolute return funds, hedged equity funds, and guaranteed insurance contracts.
Summary of Effect of One Percent Change in Assumed Health Care Cost | A one-percentage-point change in assumed health care cost trend rates would have the following effects for fiscal years 2014, 2013, and 2012:
|  | One-Percentage-Point Decrease |  |  | One-Percentage-Point Increase |
|  | For the Year Ended |  |  | For the Year Ended |
|  | Fiscal 2014 |  |  | Fiscal 2013 |  |  | Fiscal 2012 |  |  | Fiscal 2014 |  |  | Fiscal 2013 |  |  | Fiscal 2012 |
|  | (Amounts in thousands) |
Effect on total of service and interest cost |  | $ | (60 | ) |  | $ | (64 | ) |  | $ | (100 | ) |  | $ | 68 |  |  | $ | 73 |  |  | $ | 115 |
Effect on postretirement benefit obligation |  | $ | (558 | ) |  | $ | (485 | ) |  | $ | (667 | ) |  | $ | 629 |  |  | $ | 542 |  |  | $ | 744 |
Multi Employer Plans |
Pension Fund |  | EIN |  |  |  |  |  | Pension Protection Act Zone Status |  |  | FIP/RP Status Pending/Implemented |  |  | Contributions (Amounts in thousands) |  |  | Surcharge Imposed |  |  | Expiration Date of Collective Bargaining Agreement |
|  | Pension Plan No. |  |  | 2014 |  |  | 2013 |  |  |  | 2014 ($) |  |  | 2013 ($) |  |  | 2012 ($) |  |  |
IAM National Pension Fund |  |  | 51-6031295 |  |  |  | 002 |  |  |  | Green |  |  |  | Green |  |  |  | No |  |  |  | 99 |  |  |  | 104 |  |  |  | 101 |  |  |  | No |  |  |  | 5/1/2016 |
Retail, Wholesale and Department Store International Union and Industry Pension Fund |  |  | 63-0708442 |  |  |  | 001 |  |  |  | Green |  |  |  | Green |  |  |  | No |  |  |  | 132 |  |  |  | 130 |  |  |  | 115 |  |  |  | No |  |  |  | 8/12/2017 |
Western Conference of Teamsters Pension Trust |  |  | 91-6145047 |  |  |  | 001 |  |  |  | Green |  |  |  | Green |  |  |  | No |  |  |  | 260 |  |  |  | 252 |  |  |  | 283 |  |  |  | No |  |  |  | 2/4/2017 |
BC&T International Pension Fund |  |  | 52-6118572 |  |  |  | 001 |  |  |  | Red |  |  |  | Red |  |  |  | Yes |  |  |  | 1,077 |  |  |  | 939 |  |  |  | 797 |  |  |  | Yes |  |  |  | 10/31/2015 |
Net Periodic Pension Cost |
Components of Net Periodic Benefit / (Income) Cost | The net periodic pension cost (income) for the company’s pension plans includes the following components for fiscal years 2014, 2013 and 2012:
|  | Fiscal 2014 |  |  | Fiscal 2013 |  |  | Fiscal 2012 |
|  | (Amounts in thousands) |
Service cost |  | $ | 640 |  |  | $ | 708 |  |  | $ | 610 |
Interest cost |  |  | 21,427 |  |  |  | 20,089 |  |  |  | 21,670 |
Expected return on plan assets |  |  | (33,817 | ) |  |  | (28,680 | ) |  |  | (26,301 | )
Settlement loss |  |  | 15,387 |  |  |  | — |  |  |  | — |
Amortization of actuarial loss |  |  | 1,925 |  |  |  | 6,177 |  |  |  | 5,085 |
Net periodic pension cost (income) |  |  | 5,562 |  |  |  | (1,706 | ) |  |  | 1,064 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Current year actuarial loss (gain) |  |  | 74,510 |  |  |  | (90,706 | ) |  |  | 28,857 |
Settlement loss |  |  | (15,387 | ) |  |  | — |  |  |  | — |
Amortization of actuarial (loss) |  |  | (1,925 | ) |  |  | (6,177 | ) |  |  | (5,085 | )
Total recognized in other comprehensive (loss) income |  |  | 57,198 |  |  |  | (96,883 | ) |  |  | 23,772 |
Total recognized in net periodic benefit cost and other comprehensive loss |  | $ | 62,760 |  |  | $ | (98,589 | ) |  | $ | 24,836 |
Funded Status and Amounts Recognized in Consolidated Balance Sheets | The funded status and the amounts recognized in the Consolidated Balance Sheets for the company’s pension plans are as follows:
|  | January 3, 2015 |  |  | December 28, 2013 |
|  | (Amounts in thousands) |
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 463,726 |  |  | $ | 514,636 |
Service cost |  |  | 640 |  |  |  | 708 |
Interest cost |  |  | 21,427 |  |  |  | 20,089 |
Actuarial loss (gain) |  |  | 52,305 |  |  |  | (46,213 | )
Benefits paid |  |  | (27,046 | ) |  |  | (25,494 | )
Settlements |  |  | (48,413 | ) |  |  | — |
Benefit obligation at end of year |  | $ | 462,639 |  |  | $ | 463,726 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 428,605 |  |  | $ | 365,671 |
Actual return on plan assets |  |  | 11,613 |  |  |  | 73,174 |
Employer contribution |  |  | 13,435 |  |  |  | 15,254 |
Benefits paid |  |  | (27,046 | ) |  |  | (25,494 | )
Settlements |  |  | (48,413 | ) |  |  | — |
Fair value of plan assets at end of year |  | $ | 378,194 |  |  | $ | 428,605 |
Funded status, end of year: |  |  |  |  |  |  |  |
Fair value of plan assets |  | $ | 378,194 |  |  | $ | 428,605 |
Benefit obligations |  |  | 462,639 |  |  |  | 463,726 |
Unfunded status and amount recognized at end of year |  | $ | (84,445 | ) |  | $ | (35,121 | )
Amounts recognized in the balance sheet: |  |  |  |  |  |  |  |
Current liability |  |  | (409 | ) |  |  | (418 | )
Noncurrent liability |  |  | (84,036 | ) |  |  | (34,703 | )
Amount recognized at end of year |  | $ | (84,445 | ) |  | $ | (35,121 | )
Amounts recognized in accumulated other comprehensive income: |  |  |  |  |  |  |  |
Net actuarial loss before taxes |  | $ | 144,842 |  |  | $ | 87,645 |
Accumulated benefit obligation at end of year |  | $ | 460,931 |  |  | $ | 462,754 |
Weighted Average Assumptions Used | Assumptions used in accounting for the company’s pension plans at each of the respective fiscal years ending are as follows:
|  | Fiscal 2014 |  |  | Fiscal 2013 |  |  | Fiscal 2012 |
Weighted average assumptions used to determine benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Measurement date |  |  | 12/31/2014 |  |  |  | 12/31/2013 |  |  |  | 12/31/2012 |
Discount rate |  |  | 4.00 | % |  |  | 4.75 | % |  |  | 4.00 | %
Rate of compensation increase |  |  | 4.00 | % |  |  | 4.00 | % |  |  | 4.00 | %
Weighted average assumptions used to determine net periodic benefit (income)/cost: |  |  |  |  |  |  |  |  |  |  |  |
Measurement date |  |  | 1/1/2014 |  |  |  | 1/1/2013 |  |  |  | 1/1/2012 |
Discount rate |  |  | 4.75 | % |  |  | 4.00 | % |  |  | 4.70 | %
Expected return on plan assets |  |  | 8.00 | % |  |  | 8.00 | % |  |  | 8.00 | %
Rate of compensation increase |  |  | 4.00 | % |  |  | 4.00 | % |  |  | 4.00 | %
Significant Unobservable Inputs in Estimation of Fair Value | The following tables provide information on the pension plan assets that are reported using significant unobservable inputs in the estimation of fair value (amounts in thousands):
|  | 2014 Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
|  | Real Estate Funds |  |  | Guaranteed Insurance Contracts |  |  | Hedged Equity Funds |  |  | Absolute Return Funds |  |  | Other Assets and Liabilities and Accrued (Expenses) Income |  |  | Totals |
Balance at December 31, 2013 |  | $ | 13,298 |  |  | $ | 9,594 |  |  | $ | 58,176 |  |  | $ | 59,727 |  |  | $ | (106 | ) |  | $ | 140,689 |
Actual return on plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total gains or losses (realized and unrealized) |  |  | 954 |  |  |  | (5 | ) |  |  | 4,280 |  |  |  | 3,940 |  |  |  | — |  |  |  | 9,169 |
Purchases |  |  | — |  |  |  | 440 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 440 |
Issues |  |  | 636 |  |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 641 |
Sales |  |  | (237 | ) |  |  | (584 | ) |  |  | (10,036 | ) |  |  | — |  |  |  | — |  |  |  | (10,857 | )
Settlements |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (180 | ) |  |  | (180 | )
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending balance at December 31, 2014 |  | $ | 14,651 |  |  | $ | 9,450 |  |  | $ | 52,420 |  |  | $ | 63,667 |  |  | $ | (286 | ) |  | $ | 139,902 |
|  | 2013 Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
|  | Real Estate Funds |  |  | Guaranteed Insurance Contracts |  |  | Hedged Equity Funds |  |  | Absolute Return Funds |  |  | Other Assets and Liabilities and Accrued (Expenses) Income |  |  | Totals |
Balance at December 31, 2012 |  | $ | 11,564 |  |  | $ | 9,534 |  |  | $ | 34,646 |  |  | $ | 41,936 |  |  | $ | (438 | ) |  | $ | 97,242 |
Actual return on plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total gains or losses (realized and unrealized) |  |  | 1,336 |  |  |  | — |  |  |  | 4,652 |  |  |  | 4,791 |  |  |  | — |  |  |  | 10,779 |
Purchases |  |  | — |  |  |  | 443 |  |  |  | 26,500 |  |  |  | 13,000 |  |  |  | — |  |  |  | 39,943 |
Issues |  |  | 558 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 558 |
Sales |  |  | (160 | ) |  |  | (383 | ) |  |  | (7,622 | ) |  |  | — |  |  |  | — |  |  |  | (8,165 | )
Settlements |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 332 |  |  |  | 332 |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending balance at December 31, 2013 |  | $ | 13,298 |  |  | $ | 9,594 |  |  | $ | 58,176 |  |  | $ | 59,727 |  |  | $ | (106 | ) |  | $ | 140,689 |
Company Contributions | Company contributions to qualified and nonqualified plans are as follows:
Year |  | Required |  |  | Discretionary |  |  | Total |
|  | (Amounts in thousands) |
2012 |  | $ | 9,430 |  |  | $ | 9,149 |  |  | $ | 18,579 |
2013 |  | $ | 5,416 |  |  | $ | 9,838 |  |  | $ | 15,254 |
2014 |  | $ | 5,070 |  |  | $ | 8,365 |  |  | $ | 13,435 |
Benefits Expected to be Paid from Plans Assets | The following are benefits paid under the plans (including settlements) during fiscal years 2014, 2013 and 2012 and expected to be paid from fiscal 2015 through fiscal 2024. Estimated future payments include qualified pension benefits that will be paid from the plans’ assets and nonqualified pension benefits that will be paid from corporate assets.
|  | Pension Benefits |
|  | (Amounts in thousands) |
2012 |  | $ | 24,884 |
2013 |  | $ | 25,494 |
2014 |  | $ | 75,459 | *
Estimated Future Payments: |  |  |  |
2015 |  | $ | 26,055 |
2016 |  | $ | 26,310 |
2017 |  | $ | 26,465 |
2018 |  | $ | 26,667 |
2019 |  | $ | 26,729 |
2020 – 2024 |  | $ | 136,232 |
| * | Includes $48.4 million and $2.0 million from Plan No. 1 and Plan No. 2, respectively, associated with the one-time voluntary lump sum offer discussed above.
Net Periodic Postretirement Benefit Cost |
Components of Net Periodic Benefit / (Income) Cost | The net periodic benefit (income) cost for the company’s postretirement benefit plans includes the following components for fiscal years 2014, 2013 and 2012:
|  | Fiscal 2014 |  |  | Fiscal 2013 |  |  | Fiscal 2012 |
|  | (Amounts in thousands) |
Service cost |  | $ | 377 |  |  | $ | 341 |  |  | $ | 458 |
Interest cost |  |  | 445 |  |  |  | 380 |  |  |  | 605 |
Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Prior service credit |  |  | (469 | ) |  |  | (257 | ) |  |  | (257 | )
Actuarial gain |  |  | (577 | ) |  |  | (799 | ) |  |  | (299 | )
Total net periodic benefit (income) cost |  |  | (224 | ) |  |  | (335 | ) |  |  | 507 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Current year actuarial (gain) loss* |  |  | (497 | ) |  |  | 240 |  |  |  | (2,492 | )
Current year prior service credit |  |  | — |  |  |  | (1,110 | ) |  |  | — |
Amortization of actuarial gain |  |  | 577 |  |  |  | 799 |  |  |  | 299 |
Amortization of prior service credit |  |  | 469 |  |  |  | 257 |  |  |  | 257 |
Total recognized in other comprehensive loss |  |  | 549 |  |  |  | 186 |  |  |  | (1,936 | )
Total recognized in net periodic benefit cost and other comprehensive (income) loss |  | $ | 325 |  |  | $ | (149 | ) |  | $ | (1,429 | )
* | Includes (gain) loss related to (higher) lower than expected Medicare Part D subsidy receipts.
Weighted Average Assumptions Used | Assumptions used in accounting for the company’s postretirement benefit plans at each of the respective fiscal years ending are as follows:
|  | Fiscal 2014 |  |  | Fiscal 2013 |  |  | Fiscal 2012 |
Weighted average assumptions used to determine benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Measurement date |  |  | 12/31/2014 |  |  |  | 12/31/2013 |  |  |  | 12/31/2012 |
Discount rate |  |  | 3.50 | % |  |  | 4.31 | % |  |  | 3.34 | %
Health care cost trend rate used to determine benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Initial rate |  |  | 8.00 | % |  |  | 8.50 | % |  |  | 8.00 | %
Ultimate rate |  |  | 5.00 | % |  |  | 5.00 | % |  |  | 5.00 | %
Year trend reaches the ultimate rate |  |  | 2021 |  |  |  | 2021 |  |  |  | 2019 |
Weighted average assumptions used to determine net periodic cost: |  |  |  |  |  |  |  |  |  |  |  |
Measurement date |  |  | 1/1/2014 |  |  |  | 1/1/2013 |  |  |  | 1/1/2012 |
Discount rate |  |  | 4.31 | % |  |  | 3.34 | % |  |  | 4.35 | %
Health care cost trend rate used to determine net periodic cost: |  |  |  |  |  |  |  |  |  |  |  |
Initial rate |  |  | 8.50 | % |  |  | 8.00 | % |  |  | 8.50 | %
Ultimate rate |  |  | 5.00 | % |  |  | 5.00 | % |  |  | 5.00 | %
Year trend reaches the ultimate rate |  |  | 2021 |  |  |  | 2019 |  |  |  | 2019 |
Company Contributions | Company contributions to postretirement plans are as follows (amounts in thousands):
Year |  | Employer Net Contribution |
2012 |  | $ | 958 |
2013 |  | $ | 900 |
2014 |  | $ | 478 |
2015(Expected) |  | $ | 691 |
Benefits Expected to be Paid from Plans Assets | The following are benefits paid by the company during fiscal years 2014, 2013 and 2012 and expected to be paid from fiscal 2015 through fiscal 2024. All benefits are expected to be paid from the company’s assets. The expected benefits show the company’s cost without regard to income from federal subsidy payments received pursuant to the MMA. Expected MMA subsidy payments, which reduce the company’s cost for the plans, are shown separately.
|  | Postretirement Benefits |
|  | (Amounts in thousands) |
|  | Employer Gross Contribution |  |  | MMA Subsidy (Income) |
2012 |  | $ | 1,010 |  |  | $ | (52 | )
2013 |  | $ | 952 |  |  | $ | (52 | )
2014 |  | $ | 478 |  |  | $ | — |
Estimated Future Payments: |  |  |  |  |  |  |  |
2015 |  | $ | 691 |  |  | $ | — |
2016 |  | $ | 795 |  |  | $ | — |
2017 |  | $ | 931 |  |  | $ | — |
2018 |  | $ | 978 |  |  | $ | — |
2019 |  | $ | 944 |  |  | $ | — |
2020 – 2024 |  | $ | 4,203 |  |  | $ | — |
Changes in Projected Benefit Obligations | The unfunded status and the amounts recognized in the Consolidated Balance Sheets for the company’s postretirement benefit plans are as follows:
|  | January 3, 2015 |  |  | December 28, 2013 |
|  | (Amounts in thousands) |
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 10,406 |  |  | $ | 11,481 |
Service cost |  |  | 377 |  |  |  | 341 |
Interest cost |  |  | 445 |  |  |  | 380 |
Participant contributions |  |  | 192 |  |  |  | 364 |
Actuarial loss (gain) |  |  | (521 | ) |  |  | 214 |
Benefits paid |  |  | (670 | ) |  |  | (1,316 | )
Less federal subsidy on benefits paid |  |  | — |  |  |  | 52 |
Plan amendments |  |  | — |  |  |  | (1,110 | )
Benefit obligation at end of year |  | $ | 10,229 |  |  | $ | 10,406 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | — |  |  | $ | — |
Employer contributions |  |  | 478 |  |  |  | 952 |
Participant contributions |  |  | 192 |  |  |  | 364 |
Benefits paid |  |  | (670 | ) |  |  | (1,316 | )
Fair value of plan assets at end of year |  | $ | — |  |  | $ | — |
Funded status, end of year: |  |  |  |  |  |  |  |
Fair value of plan assets |  | $ | — |  |  | $ | — |
Benefit obligations |  |  | 10,229 |  |  |  | 10,406 |
Unfunded status and amount recognized at end of year |  | $ | (10,229 | ) |  | $ | (10,406 | )
Amounts recognized in the balance sheet: |  |  |  |  |  |  |  |
Current liability |  | $ | (680 | ) |  | $ | (883 | )
Noncurrent liability |  |  | (9,549 | ) |  |  | (9,523 | )
Amount recognized at end of year |  | $ | (10,229 | ) |  | $ | (10,406 | )
Amounts recognized in accumulated other comprehensive (loss) income: |  |  |  |  |  |  |  |
Net actuarial (gain) loss before taxes |  | $ | (3,056 | ) |  | $ | (3,135 | )
Prior service (credit) cost before taxes |  |  | (953 | ) |  |  | (1,422 | )
Amounts recognized in accumulated other comprehensive (loss) income |  | $ | (4,009 | ) |  | $ | (4,557 | )

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