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Employee Benefit Plans
 12 Months Ended
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.