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POST-RETIREMENT PLANS | 6 Months Ended
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Jul. 16, 2016
Compensation And Retirement Disclosure [Abstract] |
POST-RETIREMENT PLANS | 14. POST-RETIREMENT PLANS The following summarizes the company’s balance sheet related pension and other post-retirement benefit plan accounts at July 16, 2016 as compared to accounts at January 2, 2016 (amounts in thousands):
|  | July 16, 2016 |  |  | January 2, 2016 |
Current benefit liability |  | $ | 1,118 |  |  | $ | 1,118 |
Noncurrent benefit liability |  | $ | 129,061 |  |  | $ | 76,541 |
Accumulated other comprehensive loss, net of tax |  | $ | 118,447 |  |  | $ | 86,610 |
Defined Benefit Plans and Nonqualified Plan The company amended our qualified defined benefit plans in October 2015 to allow pension plan participants not yet receiving benefit payments the option to elect to receive their benefit as a single lump sum payment. This amendment was effective as of January 1, 2016. This change supports our long-term pension risk management strategy. Settlement accounting, which accelerates recognition of a plan’s unrecognized net gain or loss, is triggered if the lump sums paid during a year exceeds the sum of the plan’s service and interest cost. Since the lump sums paid or expected to be paid in 2016 exceed that threshold, the company recognized a settlement charge of $4.6 million in the second quarter. An additional settlement charge may be recognized in the third and fourth quarter. The amount of those charges will depend on the amount settled and the plan’s unrecognized net gain or loss at the end of each quarter. The company used a measurement date of December 31, 2015 for the defined benefit and post-retirement benefit plans described below (excluding Plan No. 1 which has a measurement date of June 30, 2016 due to the settlement). We believe that the difference in the fair value of plan assets between the measurement date of December 31, 2015 and our fiscal year end date of January 2, 2016 was not material and that for practical purposes the measurement date of December 31, 2015 was used throughout for preparation of our financial statements. We do not anticipate making contributions to our qualified pension plans during fiscal 2016. The net periodic pension cost (income) for the company’s plans include the following components (amounts in thousands):
|  | For the Twelve Weeks Ended |  |  | For the Twenty-Eight Weeks Ended |
|  | July 16, 2016 |  |  | July 18, 2015 |  |  | July 16, 2016 |  |  | July 18, 2015 |
Service cost |  | $ | 192 |  |  | $ | 201 |  |  | $ | 447 |  |  | $ | 470 |
Interest cost |  |  | 2,884 |  |  |  | 4,155 |  |  |  | 7,417 |  |  |  | 9,694 |
Expected return on plan assets |  |  | (5,457 | ) |  |  | (6,840 | ) |  |  | (14,069 | ) |  |  | (15,961 | )
Settlement loss |  |  | 4,641 |  |  |  | — |  |  |  | 4,641 |  |  |  | — |
Amortization of prior service cost |  |  | 76 |  |  |  | — |  |  |  | 195 |  |  |  | — |
Amortization of net loss |  |  | 1,155 |  |  |  | 1,149 |  |  |  | 2,953 |  |  |  | 2,681 |
Total net periodic benefit (income) cost |  | $ | 3,491 |  |  | $ | (1,335 | ) |  | $ | 1,584 |  |  | $ | (3,116 | )
Post-retirement Benefit Plan The company provides certain medical and life insurance benefits for eligible retired employees covered under the active medical plans. The plan incorporates an up-front deductible, coinsurance payments and retiree contributions at various premium levels. Eligibility and maximum period of coverage is based on age and length of service. The net periodic post-retirement benefit (income) cost for the company includes the following components (amounts in thousands):
|  | For the Twelve Weeks Ended |  |  | For the Twenty-Eight Weeks Ended |
|  | July 16, 2016 |  |  | July 18, 2015 |  |  | July 16, 2016 |  |  | July 18, 2015 |
Service cost |  | $ | 93 |  |  | $ | 93 |  |  | $ | 216 |  |  | $ | 215 |
Interest cost |  |  | 71 |  |  |  | 82 |  |  |  | 166 |  |  |  | 194 |
Amortization of prior service credit |  |  | (49 | ) |  |  | (108 | ) |  |  | (114 | ) |  |  | (252 | )
Amortization of net gain |  |  | (105 | ) |  |  | (135 | ) |  |  | (245 | ) |  |  | (315 | )
Total net periodic benefit (income) cost |  | $ | 10 |  |  | $ | (68 | ) |  | $ | 23 |  |  | $ | (158 | )
401(k) Retirement Savings Plan The Flowers Foods 401(k) Retirement Savings Plan covers substantially all of the company’s employees who have completed certain service requirements. During the twenty-eight weeks ended July 16, 2016 and July 18, 2015, the total cost and employer contributions were $15.8 million and $14.5 million, respectively. During the twelve weeks ended July 16, 2016 and July 18, 2015, the total cost and employer contributions were $6.5 million and $6.0 million, respectively. The company acquired DKB and Alpine during fiscal 2015, at the time of each acquisition we assumed sponsorship of a 401(k) savings plan. We merged these two plans into the Flowers Foods 401(k) Retirement Savings Plan during the twenty-eight weeks ended July 16, 2016.

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