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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Jan. 02, 2016
EMPLOYEE BENEFIT PLANS  
Aggregate net periodic benefit costs for the plans

                                                                                                                                                                                                  

 

 

Year Ended

 

 

 

January 2,

 

January 3,

 

December 28,

 

(In thousands)

 

2016

 

2015

 

2013

 

Service cost

 

$

2,243

 

$

2,227

 

$

2,692

 

Interest cost on projected benefit obligations

 

478

 

688

 

653

 

Expected return on plan assets

 

(175

)

(277

)

(207

)

Amortization of net loss

 

299

 

102

 

240

 

 

 

 

 

 

 

 

 

 

 

$

2,845

 

$

2,740

 

$

3,378

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of components of change in plan assets and benefit obligations recognized in other comprehensive income (loss)

                                                                                                                                                                                                  

 

 

Year Ended

 

 

 

January 2,

 

January 3,

 

December 28,

 

(In thousands)

 

2016

 

2015

 

2013

 

Net actuarial (gain) loss

 

$

(410

)

$

2,558

 

$

(609

)

Amortization of net loss

 

(299

)

(102

)

(240

)

 

 

 

 

 

 

 

 

Total recognized in other comprehensive (income) loss

 

(709

)

2,456

 

(849

)

 

 

 

 

 

 

 

 

Total recognized in net periodic benefit costs and other comprehensive (income) loss

 

$

2,136

 

$

5,196

 

$

2,529

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of changes in projected benefit obligations and plan assets, as well as the ending balance sheet amounts for the Company's defined benefit plans

                                                                                                                                                                                                  

 

 

January 2,

 

January 3,

 

(In thousands)

 

2016

 

2015

 

Change in projected benefit obligations:

 

 

 

 

 

Projected benefit obligations, beginning of year

 

$

36,998

 

$

36,426

 

Liabilities assumed through acquisition

 

 

293

 

Service cost

 

2,243

 

2,227

 

Interest cost

 

478

 

688

 

Actuarial (gain) loss

 

(529

)

4,155

 

Benefits paid

 

(1,460

)

(2,087

)

Currency translation adjustments

 

(1,289

)

(4,704

)

 

 

 

 

 

 

Projected benefit obligations, end of year

 

36,441

 

36,998

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

Fair value of plan assets, beginning of year

 

8,134

 

9,198

 

Company contributions

 

582

 

415

 

Gain on plan assets

 

56

 

24

 

Benefits paid

 

(241

)

(525

)

Currency translation adjustments

 

(228

)

(978

)

 

 

 

 

 

 

Fair value of plan assets, end of year

 

8,303

 

8,134

 

 

 

 

 

 

 

Funded status

 

$

(28,138

)

$

(28,864

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in the balance sheet:

 

 

 

 

 

Current portion of pension liabilities

 

$

(295

)

$

(310

)

Pension liabilities

 

(27,843

)

(28,554

)

 

 

 

 

 

 

Net amount recognized

 

$

(28,138

)

$

(28,864

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in accumulated comprehensive loss:

 

 

 

 

 

Net actuarial loss

 

$

5,705

 

$

6,723

 

Income tax impact

 

(1,559

)

(1,868

)

 

 

 

 

 

 

Accumulated other comprehensive loss

 

$

4,146

 

$

4,855

 

 

 

 

 

 

 

 

 

 

Schedule of estimated benefit payments for the next 10 years

 

At January 2, 2016, the estimated benefit payments for the next 10 years were as follows:

                                                                                                                                                                                                  

 

 

Estimated

 

 

 

Benefit

 

(In thousands)

 

Payments

 

2016

 

$

1,553 

 

2017

 

1,530 

 

2018

 

2,242 

 

2019

 

1,449 

 

2020

 

1,439 

 

2021-2026

 

16,469 

 

 

 

 

 

 

 

$

24,682 

 

 

 

 

 

 

 

Schedule of weighted-average rates used to determine the net periodic benefit costs

                                                                                                                                                                                                  

 

 

January 2,

 

January 3,

 

December 28,

 

 

 

2016

 

2015

 

2013

 

Discount rate

 

1.37 

%

1.96 

%

1.87 

%

Rate of increase in salary levels

 

1.56 

%

1.58 

%

1.67 

%

Expected long-term rate of return on assets

 

2.64 

%

1.83 

%

1.89 

%

 

Schedule of weighted-average rates used to determine projected benefit obligations

                                                                                                                                                                                                  

 

 

January 2,

 

January 3,

 

 

 

2016

 

2015

 

Discount rate

 

1.35 

%

1.37 

%

Rate of increase in salary levels

 

1.52 

%

1.56 

%

Expected long-term rate of return on assets

 

1.95 

%

2.64 

%

 

Schedule of allocation of plan assets

                                                                                                                                                                                                  

 

 

January 2, 2016

 

January 3, 2015

 

(Amounts in thousands)

 

Amount

 

Percentage

 

Amount

 

Percentage

 

Cash

 

$

813 

 

10 

%

$

764 

 

%

Bonds

 

1,232 

 

15 

 

1,230 

 

15 

 

Equity securities

 

742 

 

 

1,051 

 

13 

 

Insurance contracts

 

5,516 

 

66 

 

5,089 

 

63 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,303 

 

100 

%

$

8,134 

 

100 

%