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Employee Benefit Plans | 12 Months Ended
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Dec. 28, 2011
Employee Benefit Plans [Abstract] |
Employee Benefit Plans | Note 13. Employee Benefit Plans We maintain several defined benefit plans which cover a substantial number of employees. Benefits are based upon each employee's years of service and average salary. Our funding policy is based on the minimum amount required under the Employee Retirement Income Security Act of 1974. Our pension plan was closed to new participants as of December 31, 1999. Benefits ceased to accrue for pension plan participants as of December 31, 2004. We also maintain defined contribution plans. Defined Benefit Plans The obligations and funded status for our pension plan and other defined benefit plans were as follows:
|  | Pension Plan |  |  | Other Defined Benefit Plans |
|  | December 28, 2011 |  |  | December 29, 2010 |  |  | December 28, 2011 |  |  | December 29, 2010 |
|  | (In thousands) |
Change in Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 63,125 |  |  | $ | 58,830 |  |  | $ | 2,493 |  |  | $ | 2,424 |
Service cost |  |  | 335 |  |  |  | 375 |  |  |  | - |  |  |  | - |
Interest cost |  |  | 3,364 |  |  |  | 3,431 |  |  |  | 127 |  |  |  | 139 |
Actuarial losses (gains) |  |  | 7,160 |  |  |  | 3,838 |  |  |  | 264 |  |  |  | 125 |
Benefits paid |  |  | (3,516 | ) |  |  | (3,349 | ) |  |  | (195 | ) |  |  | (195 | )
Benefit obligation at end of year |  | $ | 70,468 |  |  | $ | 63,125 |  |  | $ | 2,689 |  |  | $ | 2,493 |
Accumulated benefit obligation |  | $ | 70,468 |  |  | $ | 63,125 |  |  | $ | 2,689 |  |  | $ | 2,493 |
Change in Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 53,580 |  |  | $ | 51,128 |  |  | $ | - |  |  | $ | - |
Actual return on plan assets |  |  | 1,341 |  |  |  | 5,801 |  |  |  | - |  |  |  | - |
Employer contributions |  |  | 1,865 |  |  |  | - |  |  |  | 195 |  |  |  | 195 |
Benefits paid |  |  | (3,516 | ) |  |  | (3,349 | ) |  |  | (195 | ) |  |  | (195 | )
Fair value of plan assets at end of year |  | $ | 53,270 |  |  | $ | 53,580 |  |  | $ | - |  |  | $ | - |
Funded status |  | $ | (17,198 | ) |  | $ | (9,545 | ) |  | $ | (2,689 | ) |  | $ | (2,493 | )
The amounts recognized in the Consolidated Balance Sheets were as follows:
|  | Pension Plan |  |  | Other Defined Benefit Plans |
|  | December 28, 2011 |  |  | December 29, 2010 |  |  | December 28, 2011 |  |  | December 29, 2010 |
|  | (In thousands) |
Other current liabilities |  | $ | - |  |  | $ | - |  |  | $ | (338 | ) |  | $ | (302 | )
Other noncurrent liabilities and deferred credits |  |  | (17,198 | ) |  |  | (9,545 | ) |  |  | (2,351 | ) |  |  | (2,191 | )
Net amount recognized |  | $ | (17,198 | ) |  | $ | (9,545 | ) |  | $ | (2,689 | ) |  | $ | (2,493 | )
The amounts recognized in accumulated other comprehensive income, that have not yet been recognized as a component of net periodic benefit cost, were as follows:
|  | Pension Plan |  |  | Other Defined Benefit Plans |
|  | December 28, 2011 |  |  | December 29, 2010 |  |  | December 28, 2011 |  |  | December 29, 2010 |
|  | (In thousands) |
Accumulated other comprehensive loss |  | $ | (27,596 | ) |  |  | (18,599 | ) |  |  | (832 | ) |  |  | (600 | )
Cumulative employer contributions in excess of cost |  |  | 10,398 |  |  |  | 9,054 |  |  |  | (1,857 | ) |  |  | (1,893 | )
Net amount recognized |  | $ | (17,198 | ) |  |  | (9,545 | ) |  |  | (2,689 | ) |  |  | (2,493 | )
During fiscal 2012, $1.7 million and less than $0.1 million of accumulated other comprehensive income will be recognized related to the pension plan and other defined benefit plans, respectively. The components of the change in accumulated other comprehensive loss were as follows:
|  | Fiscal Year Ended |
|  | December 28, 2011 |  |  | December 29, 2010 |
|  | (In thousands) |
Pension Plan: |  |  |  |  |  |
Balance, beginning of year |  | $ | (18,599 | ) |  | $ | (17,549 | )
Benefit obligation actuarial gain (loss) |  |  | (7,160 | ) |  |  | (3,838 | )
Net gain (loss) |  |  | (2,841 | ) |  |  | 1,873 |
Amortization of net loss |  |  | 1,004 |  |  |  | 915 |
Balance, end of year |  | $ | (27,596 | ) |  | $ | (18,599 | )
Other Defined Benefit Plans: |  |  |  |  |  |  |  |
Balance, beginning of year |  | $ | (600 | ) |  | $ | (497 | )
Benefit obligation actuarial gain (loss) |  |  | (264 | ) |  |  | (125 | )
Net gain (loss) |  |  | - |  |  |  | - |
Amortization of net loss |  |  | 32 |  |  |  | 22 |
Balance, end of year |  | $ | (832 | ) |  | $ | (600 | )
Minimum pension liability adjustments for 2011, 2010 and 2009 were an addition of $9.2 million, an addition of $1.2 million, and a reduction of $5.7 million, respectively. Accumulated other comprehensive losses of $24.8 million (net of tax of $3.6 million) and $19.2 million related to minimum pension liability adjustments are included as a component of accumulated other comprehensive income (loss) in our Consolidated Statement of Shareholders' Deficit and Comprehensive Income (Loss) for the years ended December 28, 2011 and December 29, 2010, respectively. The components of net periodic benefit cost were as follows:
|  | Fiscal Year Ended |
|  | December 28, 2011 |  |  | December 29, 2010 |  |  | December 30, 2009 |
|  | (In thousands) |
Pension Plan: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 335 |  |  | $ | 375 |  |  | $ | 390 |
Interest cost |  |  | 3,364 |  |  |  | 3,431 |  |  |  | 3,452 |
Expected return on plan assets |  |  | (4,182 | ) |  |  | (3,928 | ) |  |  | (3,464 | )
Amortization of net loss |  |  | 1,004 |  |  |  | 915 |  |  |  | 1,307 |
Net periodic benefit cost |  | $ | 521 |  |  | $ | 793 |  |  | $ | 1,685 |
Other comprehensive (income) loss |  | $ | 8,996 |  |  | $ | 1,050 |  |  | $ | (5,758 | )
Other Defined Benefit Plans: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | - |  |  | $ | - |  |  | $ | - |
Interest cost |  |  | 127 |  |  |  | 138 |  |  |  | 151 |
Amortization of net loss |  |  | 31 |  |  |  | 22 |  |  |  | 15 |
Settlement loss recognized |  |  | - |  |  |  | - |  |  |  | 29 |
Net periodic benefit cost |  | $ | 158 |  |  | $ | 160 |  |  | $ | 195 |
Other comprehensive (income) loss |  | $ | 233 |  |  | $ | 103 |  |  | $ | 70 |
Net pension and other defined benefit plan costs (including premiums paid to the Pension Benefit Guaranty Corporation) for 2011, 2010 and 2009 were $0.7 million, $1.0 million and $1.9 million, respectively. Assumptions Because our pension plan was closed to new participants as of December 31, 1999 and benefits ceased to accrue for Pension Plan participants as of December 31, 2004, an assumed rate of increase in compensation levels was not applicable for 2011, 2010 or 2009. Weighted-average assumptions used to determine benefit obligations were as follows:
|  | December 28, 2011 |  |  | December 29, 2010 |
Discount rate |  |  | 4.59 | % |  |  | 5.42 | %
Measurement date |  | 12/28/11 |  |  | 12/29/10 |
Weighted-average assumptions used to determine net periodic pension cost were as follows:
|  | December 28, 2011 |  |  | December 29, 2010 |  |  | December 30, 2009 |
Discount rate |  |  | 5.42 | % |  |  | 5.99 | % |  |  | 6.19 | %
Rate of increase in compensation levels |  | N/A |  |  | N/A |  |  | N/A |
Expected long-term rate of return on assets |  |  | 8.00 | % |  |  | 8.00 | % |  |  | 8.00 | %
Measurement date |  | 12/28/11 |  |  | 12/29/10 |  |  | 12/30/09 |
In determining the expected long-term rate of return on assets, we evaluated our asset class return expectations, as well as long-term historical asset class returns. Projected returns are based on broad equity and bond indices. Additionally, we considered our historical 10-year and 15-year compounded returns, which have been in excess of our forward-looking return expectations. In determining the discount rate, we have considered long-term bond indices of bonds having similar timing and amounts of cash flows as our estimated defined benefit payments. We use a yield curve based on high quality, long-term corporate bonds to calculate the single equivalent discount rate that results in the same present value as the sum of each of the plan's estimated benefit payments discounted at their respective spot rates. Plan Assets The investment policy of our pension plan is based on an evaluation of our ability and willingness to assume investment risk in light of the financial and benefit-related goals objectives deemed to be prudent by the fiduciaries of our pension plan assets. These objectives include, but are not limited to, earning a rate of return over time to satisfy the benefit obligation, managing funded status volatility, and maintaining sufficient liquidity. As of December 28, 2011, the strategic target asset allocation is 60% equity securities (diversified between domestic and international holdings) and 40% fixed income securities (diversified between corporate and government holdings and generally long duration). We review the strategic asset allocation periodically to determine the appropriate balance between cost and risk, taking into account the regulatory funding requirements and the nature of our pension plan's liabilities. We monitor the competitive performance versus market benchmarks and rebalance to target allocations if necessary on a quarterly basis. The fair values of our pension plan assets were as follows:
|  | Fair Value Measurements as of December 28, 2011 |
Asset Category |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | (In thousands) |
Cash equivalents |  | $ | 611 |  |  | $ | - |  |  | $ | 611 |  |  | $ | - |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. large-cap (a) |  |  | 14,208 |  |  |  | 14,208 |  |  |  | - |  |  |  | - |
U.S. mid-cap (b) |  |  | 4,371 |  |  |  | 4,371 |  |  |  | - |  |  |  | - |
U.S. small-cap (c) |  |  | 1,046 |  |  |  | 1,046 |  |  |  | - |  |  |  | - |
International large-cap |  |  | 8,440 |  |  |  | 8,440 |  |  |  | - |  |  |  | - |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  |  | 2,375 |  |  |  | 2,375 |  |  |  | - |  |  |  | - |
Corporate bonds (d) |  |  | 18,849 |  |  |  | 18,849 |  |  |  | - |  |  |  | - |
Other types of investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled funds (e) |  |  | 3,370 |  |  |  | - |  |  |  | 3,370 |  |  |  | - |
Total |  | $ | 53,270 |  |  | $ | 49,289 |  |  | $ | 3,981 |  |  | $ | - |
(a) | The majority of this category represents a fund with the objective of approximating the return of the S&P 500 Index. The remaining securities include both a large-value fund and a large-growth fund investing in diverse industries.
(b) | This category includes both a mid-growth fund with the objective of outperforming the Russell Mid Cap Growth Index and a mid-value fund investing in diverse industries.
(c) | This category includes both a small-value fund and a small-growth fund investing in diverse industries.
(d) | This category includes intermediate and long-term investment grade bonds from diverse industries.
(e) | This category represents a fund of well diversified mutual funds with the objective of providing a low-volatility means to access equity-like returns.
|  | Fair Value Measurements as of December 29, 2010 |
Asset Category |  | Total |  |  | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | (In thousands) |
Cash equivalents |  | $ | 690 |  |  | $ | - |  |  | $ | 690 |  |  | $ | - |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. large-cap (a) |  |  | 14,368 |  |  |  | 14,368 |  |  |  | - |  |  |  | - |
U.S. mid-cap (b) |  |  | 4,240 |  |  |  | 4,240 |  |  |  | - |  |  |  | - |
U.S. small-cap (c) |  |  | 1,055 |  |  |  | 1,055 |  |  |  | - |  |  |  | - |
International large-cap |  |  | 8,542 |  |  |  | 8,542 |  |  |  | - |  |  |  | - |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  |  | 2,397 |  |  |  | 2,397 |  |  |  | - |  |  |  | - |
Corporate bonds (d) |  |  | 18,878 |  |  |  | 18,878 |  |  |  | - |  |  |  | - |
Other types of investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled funds (e) |  |  | 3,410 |  |  |  | - |  |  |  | 3,410 |  |  |  | - |
Total |  | $ | 53,580 |  |  | $ | 49,480 |  |  | $ | 4,100 |  |  | $ | - |
(a) | The majority of this category represents a fund with the objective of approximating the return of the S&P 500 Index. The remaining securities include both a large-value fund and a large-growth fund investing in diverse industries.
(b) | This category includes both a mid-growth fund with the objective of outperforming the Russell Mid Cap Growth Index and a mid-value fund investing in diverse industries.
(c) | This category includes both a small-value fund and a small-growth fund investing in diverse industries.
(d) | This category includes intermediate and long-term investment grade bonds from diverse industries.
(e) | This category represents a fund of well diversified mutual funds with the objective of providing a low-volatility means to access equity-like returns.
Following is a description of the valuation methodologies used for assets measured at fair value.
● | Equity Securities and Fixed Income Securities: Valued at the net asset value (“NAV”) of shares held by the pension plan at year-end. The NAV is a quoted price in an active market.
● | Cash Equivalents and Commingled Funds: Valuation determined by the trustee of the money market funds and commingled funds based on the fair value of the underlying securities within the fund, which represent the NAV, a practical expedient to fair value, of the units held by the pension plan at year-end.
Contributions and Expected Future Benefit Payments We made contributions of $1.9 million to our qualified pension plan during the year ended December 28, 2011. We did not make contributions to our qualified pension plan during 2010. We made contributions of $0.2 million to our other defined benefit plans during both the years ended December 28, 2011 and December 29, 2010. We expect to contribute $1.9 million and $0.3 million to our qualified pension plan and other defined benefit plans, respectively, during 2012. Benefits expected to be paid for each of the next five years and in the aggregate for the five fiscal years from 2017 through 2021 are as follows:
|  | Pension Plan |  |  | Other Defined Benefit Plans |
|  | (In thousands) |
2012 |  | $ | 3,392 |  |  | $ | 338 |
2013 |  |  | 3,394 |  |  |  | 279 |
2014 |  |  | 3,392 |  |  |  | 217 |
2015 |  |  | 3,398 |  |  |  | 189 |
2016 |  |  | 3,436 |  |  |  | 234 |
2017 through 2021 |  |  | 19,283 |  |  |  | 1,062 |
Defined Contribution Plans Eligible employees can elect to contribute 1% to 15% of their compensation to our 401(k) plan. As a result of certain IRS limitations, participation in a non-qualified deferred compensation plan is offered to certain employees. Under this deferred compensation plan, participants are allowed to defer 1% to 50% of their annual salary and 1% to 100% of their incentive compensation. Under both plans, we make matching contributions of up to 3% of compensation. Participants in the deferred compensation plan are eligible to participate in the 401(k) plan; however, due to the above referenced IRS limitations, they are not eligible to receive the matching contributions under the 401(k) plan. Under these plans, we made contributions of $1.3 million, $1.4 million and $1.6 million for 2011, 2010 and 2009, respectively.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 87 -Paragraph 264 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 158 -Paragraph 7, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS106-2 -Paragraph 20, 21, 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Implementation Guide (Q and A) -Number FAS88 -Paragraph 63 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph h -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 30 -Paragraph 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-2 -Paragraph 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 8 -Subparagraph m -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph q -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 106 -Paragraph 518 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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