EMPLOYEE BENEFIT PLANS (Tables)
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12 Months Ended |
Dec. 29, 2012
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Compensation and Retirement Disclosure [Abstract] |
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Schedule of Related Changes in the Benefit Obligations, Changes in Plan Assets, Funded Status, Amounts Recognized in the Balance Sheet, Amounts Recognized in Other Accumulated Comprehensive Income |
The following table sets forth aggregated information related to the Company’s pension benefits and other postretirement benefits, including changes in the benefit obligations, changes in plan assets, funded status, amounts recognized in the balance sheet, amounts recognized in other accumulated comprehensive income, and actuarial assumptions that the Company considered in its determination of benefit obligations and plan costs. Benefit obligation balances presented below reflect the projected benefit obligation (PBO) for our pension plans, and accumulated postretirement benefit obligations (APBO) for our other benefit plans. | | | | | | | | | | | | | | | | | | (In millions) | | Pension Benefits | | Other Benefits | | | 2012 | | 2011 | | 2012 | | 2011 | Accumulated benefit obligation, end of year | | $ | 191.4 |
| | $ | 173.2 |
| | $ | 14.5 |
| | $ | 13.4 |
| | | | | | | | | | Change in benefit obligation: | | |
| | |
| | |
| | |
| Benefit obligation, beginning of year | | $ | 176.6 |
| | $ | 171.8 |
| | $ | 13.4 |
| | $ | 12.5 |
| Service cost | | 1.5 |
| | 3.5 |
| | 0.1 |
| | 0.1 |
| Interest cost | | 8.2 |
| | 8.7 |
| | 0.6 |
| | 0.6 |
| Plan amendments | | — |
| | — |
| | 0.8 |
| | 1.2 |
| Actuarial loss | | 20.5 |
| | 9.8 |
| | 1.2 |
| | 0.2 |
| Settlements paid | | (0.3 | ) | | (0.6 | ) | | — |
| | — |
| Benefits paid | | (10.6 | ) | | (12.0 | ) | | (1.6 | ) | | (1.2 | ) | Liability gain due to curtailment** | | — |
| | (4.3 | ) | | — |
| | — |
| Foreign currency exchange | | 0.4 |
| | (0.3 | ) | | — |
| | — |
| Benefit obligation, end of year | | $ | 196.3 |
| | $ | 176.6 |
| | $ | 14.5 |
| | $ | 13.4 |
| | | | | | | | | | Change in plan assets: | | | | | | | | | Fair value of assets, beginning of year | | $ | 120.0 |
| | $ | 116.0 |
| | $ | — |
| | $ | — |
| Actual return on plan assets | | 14.2 |
| | 0.3 |
| | — |
| | — |
| Company contributions | | 6.7 |
| | 16.4 |
| | 1.6 |
| | 1.2 |
| Settlements paid | | (0.3 | ) | | (0.6 | ) | | — |
| | — |
| Benefits paid | | (10.6 | ) | | (12.0 | ) | | (1.6 | ) | | (1.2 | ) | Foreign currency exchange | | 0.2 |
| | (0.1 | ) | | — |
| | — |
| Plan assets, end of year | | $ | 130.2 |
| | $ | 120.0 |
| | $ | — |
| | $ | — |
| | | | | | | | | | Funded status | | $ | (66.1 | ) | | $ | (56.6 | ) | | $ | (14.5 | ) | | $ | (13.4 | ) | | | | | | | | | | Amounts recognized in balance sheet: | | |
| | |
| | |
| | |
| Deferred tax asset | | 32.2 |
| | 26.9 |
| | 1.9 |
| | 1.3 |
| Current liabilities | | (0.1 | ) | | (0.1 | ) | | (1.5 | ) | | (1.1 | ) | Noncurrent liabilities | | (66.0 | ) | | (56.5 | ) | | (13.0 | ) | | (12.3 | ) | Net liability, end of year | | $ | (33.9 | ) | | $ | (29.7 | ) | | $ | (12.6 | ) | | $ | (12.1 | ) | | | | | | | | | | Amount recognized in accumulated other comprehensive income: | | |
| | |
| | |
| | |
| Net transition obligation | | $ | — |
| | $ | — |
| | $ | — |
| | $ | 0.1 |
| Prior service cost | | — |
| | — |
| | 1.2 |
| | 0.9 |
| Net actuarial loss | | 53.9 |
| | 44.9 |
| | 1.7 |
| | 1.2 |
| Total recognized in accumulated other comprehensive income | | $ | 53.9 |
| | $ | 44.9 |
| | $ | 2.9 |
| | $ | 2.2 |
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** These items for 2011 related primarily to the benefit plan redesign |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
llowing table sets forth other changes in plan assets and benefit obligation recognized in other comprehensive income for 2012 and 2011:
| | | | | | | | | | | | | | | | | | (In millions) | | Pension Benefits | | Other Benefits | | | 2012 | | 2011 | | 2012 | | 2011 | Net actuarial loss | | $ | 16.5 |
| | $ | 16.1 |
| | $ | 1.2 |
| | $ | 0.3 |
| Prior service cost | | — |
| | — |
| | 0.8 |
| | 1.2 |
| Amortization of: | | |
| | |
| | |
| | |
| Net actuarial gain | | (1.9 | ) | | (3.0 | ) | | (0.1 | ) | | — |
| Prior service credit | | — |
| | (0.2 | ) | | (0.3 | ) | | (0.1 | ) | Settlement recognition | | (0.1 | ) | | — |
| | — |
| | — |
| Transition asset | | — |
| | — |
| | (0.2 | ) | | (0.2 | ) | Deferred tax asset | | (5.5 | ) | | (5.0 | ) | | (0.7 | ) | | (0.5 | ) | Total recognized in other comprehensive income | | $ | 9.0 |
| | $ | 7.9 |
| | $ | 0.7 |
| | $ | 0.7 |
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Schedule of Assumptions Used |
Assumptions used to determine domestic benefit obligations:
| | | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | | 2012 | | 2011 | | 2012 | | 2011 | Discount rate | | 4.00 | % | | 4.75 | % | | 3.50 | % | | 4.50 | % | Rate of increase in future compensation* | | — | % | | 3.00 - 12.00% (Graded) |
| | 3.00 - 12.00% (Graded) |
| | 3.00 - 12.00% (Graded) |
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*No rate of increases in future compensation used within assumptions for 2012, as both Pension Plans were frozen effective December 31, 2011.
Assumptions used to determine domestic periodic benefit cost:
| | | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | | 2012 | | 2011 | | 2012 | | 2011 | Discount rate | | 4.75 | % | | 5.25 | % | | 4.50 | % | | 5.00 | % | Rate of increase in future compensation | | — | % | | 3.00 - 12.00% (Graded) |
| | 3.00 - 12.00% (Graded) |
| | 3.00 - 12.00% (Graded) |
| Expected long-term rate of return on plan assets | | 8.00 | % | | 8.25 | % | | — | % | | — | % |
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Schedule of Aggregated Net Periodic Benefit Cost and Other Benefit Cost |
The following table sets forth the aggregated net periodic benefit cost for all pension plans for 2012, 2011, and 2010:
| | | | | | | | | | | | | | | | | | | | | | | | | (In millions) | Pension Benefits | | Other Benefits | | 2012 | | 2011 | | 2010 | | 2012 | | 2011 | | 2010 | Service cost | $ | 1.5 |
| | $ | 3.5 |
| | $ | 2.9 |
| | $ | 0.1 |
| | $ | 0.1 |
| | $ | 0.1 |
| Interest cost | 8.2 |
| | 8.7 |
| | 8.9 |
| | 0.6 |
| | 0.6 |
| | 0.7 |
| Expected return on assets | (10.1 | ) | | (10.8 | ) | | (10.2 | ) | | — |
| | — |
| | — |
| Amortization of transition obligation | — |
| | — |
| | — |
| | 0.2 |
| | 0.1 |
| | 0.2 |
| Prior service cost | — |
| | 0.1 |
| | 0.2 |
| | 0.3 |
| | 0.1 |
| | — |
| Loss | 2.0 |
| | 3.0 |
| | 1.8 |
| | 0.1 |
| | — |
| | — |
| Net periodic benefit cost | $ | 1.6 |
| | $ | 4.5 |
| | $ | 3.6 |
| | $ | 1.3 |
| | $ | 0.9 |
| | $ | 1.0 |
| Curtailment** | — |
| | 0.1 |
| | 0.8 |
| | — |
| | — |
| | 0.2 |
| Settlement cost | — |
| | — |
| | 0.3 |
| | — |
| | — |
| | — |
| Total net periodic benefit cost | $ | 1.6 |
| | $ | 4.6 |
| | $ | 4.7 |
| | $ | 1.3 |
| | $ | 0.9 |
| | $ | 1.2 |
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** These items for 2011 related primarily to the benefit plan redesign.
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Schedule of Allocation of Plan Assets |
As of December 29, 2012, funds were invested in equity, fixed income, and other investments as follows:
| | | | | Equity | | Percentage | U.S. Large Cap | | 42 | % | World Equity ex-U.S. | | 17 | % | U.S. Small / Mid Cap | | 7 | % | Subtotal | | 66 | % | | | | Fixed Income | | | U.S. Core Fixed Income | | 13 | % | Long Duration Bond Fund | | 10 | % | High Yield Fixed Income | | 3 | % | Emerging Markets Debt | | 3 | % | Subtotal | | 29 | % | | | | Other | | | Insurance Contracts | | 4 | % | Cash Equivalents | | 1 | % | Subtotal | | 5 | % | Total | | 100 | % |
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Schedule of Defined Benefit Plans Disclosures [Table Text Block] |
The fair values of the Company’s pension plan assets for 2012 and 2011 by asset category are as follows:
| | | | | | | | | | | | | | | | | | (In millions) | | 2012 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Equity | | | | | | | | | U.S. Large Cap | | $ | 55.2 |
| | $ | 55.2 |
| | $ | — |
| | $ | — |
| U.S. Small / Mid Cap | | 9.2 |
| | 9.2 |
| | — |
| | — |
| World Equity ex-U.S. | | 21.9 |
| | 21.9 |
| | — |
| | — |
| Fixed Income | | | | | | | | | U.S. Core Fixed Income | | 16.4 |
| | 16.4 |
| | — |
| | — |
| Long Duration Bond | | 12.5 |
| | 12.5 |
| | — |
| | — |
| High Yield Fixed Income | | 4.2 |
| | 4.2 |
| | — |
| | — |
| Emerging Markets Debt | | 4.0 |
| | 4.0 |
| | — |
| | — |
| Other | | | | | | | | | Insurance Contracts | | 5.7 |
| | — |
| | 5.7 |
| | — |
| Cash and Equivalents | | 1.1 |
| | 1.1 |
| | — |
| | — |
| Total | | $ | 130.2 |
| | $ | 124.5 |
| | $ | 5.7 |
| | $ | — |
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| | | | | | | | | | | | | | | | | | (In millions) | | 2011 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Equity | | | | | | | | | U.S. Large Cap | | $ | 49.8 |
| | $ | 49.8 |
| | $ | — |
| | $ | — |
| U.S. Small / Mid Cap | | 8.5 |
| | 8.5 |
| | — |
| | — |
| World Equity ex-U.S. | | 17.4 |
| | 17.4 |
| | — |
| | — |
| Fixed Income | | | | | | | | | U.S. Core Fixed Income | | 20.7 |
| | 20.7 |
| | — |
| | — |
| Long Duration Bond | | 9.5 |
| | 9.5 |
| | — |
| | — |
| High Yield Fixed Income | | 3.8 |
| | 3.8 |
| | — |
| | — |
| Emerging Markets Debt | | 3.6 |
| | 3.6 |
| | — |
| | — |
| Other | | | | | | | | | Insurance Contracts | | 5.3 |
| | — |
| | 5.3 |
| | — |
| Cash and Equivalents | | 1.4 |
| | 1.4 |
| | — |
| | — |
| Total | | $ | 120.0 |
| | $ | 114.7 |
| | $ | 5.3 |
| | $ | — |
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Schedule of Expected Benefit Payments |
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
| | | | | | | | | | (In millions) | | Pension Benefits | | Other Benefits | 2013 | | $ | 11.0 |
| | $ | 1.5 |
| 2014 | | 13.8 |
| | 1.4 |
| 2015 | | 14.1 |
| | 1.3 |
| 2016 | | 13.9 |
| | 1.2 |
| 2017 | | 11.0 |
| | 1.1 |
| Years 2018 through 2022 | | 57.0 |
| | 4.5 |
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Schedule of Company Contributions to the Employee Stock Ownership Plan and 401(k) Plans |
The following table sets forth Company contributions to the 401(k) Plan:
| | | | | | | | | | | | | | (In millions) | | 2012 | | 2011 | | 2010 | Company contributions to the plan | | $ | 5.0 |
| | $ | 1.9 |
| | $ | 1.7 |
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