XML 45 R30.htm IDEA: XBRL DOCUMENT v2.4.1.9
Employee Benefits (Tables)
 12 Months Ended
Jan. 03, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule of changes in projected benefit obligations and change in plan assets
The following tables set forth the change in projected benefit obligation and the change in plan assets for the pension plan:
 
January 3,
2015
 
January 4,
2014
 
(In thousands)
Change in projected benefit obligation:
 
 
 
Projected benefit obligation at beginning of period
$
104,924

 
$
114,330

Service cost
1,056

 
2,193

Interest cost
5,123

 
4,750

Actuarial (gain) loss
15,797

 
(10,710
)
Curtailment
—

 
(910
)
Benefits paid
(4,945
)
 
(4,729
)
Projected benefit obligation at end of period
121,955

 
104,924

Change in plan assets:
 

 
 

Fair value of assets at beginning of period
77,039

 
67,760

Actual return on plan assets
3,422

 
13,536

Employer contributions
4,676

 
472

Benefits paid
(4,945
)
 
(4,729
)
Fair value of assets at end of period
80,192

 
77,039

Net (unfunded) status of plan
$
(41,763
)
 
$
(27,885
)
Schedule of amounts recognized on consolidated balance sheets
The unfunded status and the amounts recognized on our Consolidated Balance Sheets for the pension plan are set forth in the following table:
 
January 3,
2015
 
January 4,
2014
 
(In thousands)
Unfunded status                                                                                                                            
$
(41,763
)
 
$
(27,885
)
Unrecognized prior service cost
1

 
1

Unrecognized actuarial loss
32,309

 
14,656

Net amount recognized
$
(9,453
)
 
$
(13,228
)
Amounts recognized on the balance sheet consist of:
 

 
 

Accrued pension liability
(41,763
)
 
(27,885
)
Accumulated other comprehensive loss (pre-tax)
32,310

 
14,657

Net amount recognized
$
(9,453
)
 
$
(13,228
)
Schedule of net periodic pension cost for pension plans
Net periodic pension cost for the pension plan included the following:
 
Fiscal Year Ended
January 3,
2015
 
Fiscal Year Ended
January 4,
2014
 
Fiscal Year Ended
December 29,
2012
 
(In thousands)
Service cost                                                                                              
$
1,056

 
$
2,193

 
$
1,878

Interest cost on projected benefit obligation
5,123

 
4,750

 
4,885

Expected return on plan assets
(6,041
)
 
(5,225
)
 
(4,897
)
Amortization of unrecognized loss
763

 
2,873

 
2,077

Net periodic pension cost
$
901

 
$
4,591

 
$
3,943
Schedule of assumptions used to determine the projected benefit obligation
The following assumptions were used to determine the projected benefit obligation at the measurement date and the net periodic pension cost:
 
January 3, 2015
 
January 4, 2014
Projected benefit obligation:
 
 
 
Discount rate
4.19
%
 
5.00
%
Average rate of increase in future compensation levels
Graded 5.5-2.5%

 
Graded 5.5-2.5%

Net periodic pension cost:
 

 
 

Discount rate
5.00
%
 
4.24
%
Average rate of increase in future compensation levels
Graded 5.5-2.5%

 
3.00
%
Expected long-term rate of return on plan assets
7.54
%
 
7.85
%
Schedule of percentage of fair value of total assets by asset category
Our percentage of fair value of total assets by asset category as of the applicable measurement dates are as follows:
Asset Category
January 3,
2015
 
January 4,
2014
Equity securities — domestic                                                                                                                            
57
%
 
55
%
Equity securities — international
15
%
 
16
%
Fixed income
24
%
 
24
%
Other
4
%
 
5
%
Total
100
%
 
100
%
Schedule of fair value of plan assets by asset category
The fair value of our plan assets are by asset category as of the applicable measurement dates are as follows:
Asset Category
January 3,
2015
 
January 4,
2014
 
(In thousands)
Equity securities — domestic                                                                                                                                                 
$
45,950

 
$
42,710

Equity securities — international
11,924

 
12,067

Fixed income
19,161

 
18,836

Other
3,157

 
3,426

Total
$
80,192

 
$
77,039

 
Schedule of estimated future benefit payments
Our estimated future benefit payments reflecting expected future service are as follows (in thousands):
Fiscal Year Ending
(In thousands)
January 2, 2016
5,399

December 31, 2016
5,705

December 30, 2017
6,000

December 29, 2018
6,281

December 28, 2019
6,491

Thereafter
35,581
Schedule of Multiemployer Plans [Table Text Block]
The following table lists our participation in our multiemployer plan that is individually significant, and other MEPP plans for the years ended, as follows:
 
 
 
 
Contributions (in thousands)
Pension Fund:
EIN/Pension Plan Number
Pension Act Zone Status
FIP Status
2014
2013
2012
Lumber Employees Local 786 Retirement Fund
516067407
Yellow
(2009 - 2014)
Implemented
$
0.4

$
0.4

$
0.4

Other
 
 
 
0.6

0.9

0.9

Total
 
 
 
$
1.0

$
1.3

$
1.3