XML 70 R36.htm IDEA: XBRL DOCUMENT v2.4.1.9
EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Jan. 03, 2015
Compensation and Retirement Disclosure [Abstract]  
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 accumulated other 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 the Company's pension plans, and accumulated postretirement benefit obligations (APBO) for the Company's other benefit plans.
(In millions)
 
Pension Benefits
 
Other Benefits
 
 
2014
 
2013
 
2014
 
2013
Accumulated benefit obligation, end of year
 
$
203.4

 
$
180.6

 
$
13.0

 
$
12.6

 
 
 
 
 
 
 
 
 
Change in benefit obligation:
 
 

 
 

 
 

 
 

Benefit obligation, beginning of year
 
$
184.7

 
$
196.3

 
$
12.6

 
$
14.5

Service cost
 
1.2

 
1.8

 
0.1

 
0.1

Interest cost
 
8.2

 
7.6

 
0.5

 
0.5

Actuarial (gain)/loss
 
33.0

 
(10.2
)
 
1.2

 
(1.0
)
Settlements paid
 
(0.2
)
 
(0.8
)
 

 

Benefits paid
 
(15.0
)
 
(10.7
)
 
(1.4
)
 
(1.5
)
Foreign currency exchange
 
(2.4
)
 
0.7

 

 

Benefit obligation, end of year
 
$
209.5

 
$
184.7

 
$
13.0

 
$
12.6

 
 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
 
Fair value of assets, beginning of year
 
$
151.1

 
$
130.2

 
$

 
$

Actual return on plan assets
 
14.4

 
24.3

 

 

Company contributions
 
10.1

 
7.7

 
1.4

 
1.5

Settlements paid
 
(0.1
)
 
(0.6
)
 

 

Benefits paid
 
(15.0
)
 
(10.7
)
 
(1.4
)
 
(1.5
)
Foreign currency exchange
 
(0.5
)
 
0.2

 

 

Plan assets, end of year
 
$
160.0

 
$
151.1

 
$

 
$

 
 
 
 
 
 
 
 
 
Funded status
 
$
(49.5
)
 
$
(33.6
)
 
$
(13.0
)
 
$
(12.6
)
 
 
 
 
 
 
 
 
 
Amounts recognized in balance sheet:
 
 

 
 

 
 

 
 

Deferred tax asset
 
30.4

 
21.2

 
1.5

 
1.2

Current liabilities
 
(3.5
)
 
(3.2
)
 
(1.3
)
 
(1.3
)
Noncurrent liabilities
 
(46.0
)
 
(30.4
)
 
(11.7
)
 
(11.3
)
Net liability, end of year
 
$
(19.1
)
 
$
(12.4
)
 
$
(11.5
)
 
$
(11.4
)
 
 
 
 
 
 
 
 
 
Amount recognized in accumulated other comprehensive income:
 
 

 
 

 
 

 
 

Prior service cost
 

 

 
0.7

 
1.0

Net actuarial loss
 
52.3

 
36.8

 
1.7

 
0.9

Settlement
 
1.4

 

 

 

Total recognized in accumulated other comprehensive income
 
$
53.7

 
$
36.8

 
$
2.4

 
$
1.9



Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The following table sets forth other changes in plan assets and benefit obligation recognized in other comprehensive income for 2014 and 2013:

(In millions)
 
Pension Benefits
 
Other Benefits
 
 
2014
 
2013
 
2014
 
2013
Net actuarial (gain)/loss
 
$
29.1

 
$
(24.6
)
 
$
1.3

 
$
(1.0
)
Amortization of:
 
 

 
 

 
 

 
 

Net actuarial gain
 
(2.2
)
 
(3.2
)
 
(0.1
)
 
(0.3
)
Prior service credit
 

 

 
(0.4
)
 
(0.4
)
Settlement recognition
 
(1.4
)
 
(0.7
)
 

 

Transition asset
 

 

 

 

Deferred tax asset/(liability)
 
(8.3
)
 
11.4

 
(0.3
)
 
0.7

Foreign currency exchange
 
(0.3
)
 

 

 

Total recognized in other comprehensive income
 
$
16.9

 
$
(17.1
)
 
$
0.5

 
$
(1.0
)
Schedule of Assumptions Used

Weighted-average assumptions used to determine domestic benefit obligations:

 
 
Pension Benefits
 
Other Benefits
 
 
2014
 
2013
 
2014
 
2013
Discount rate
 
3.95
%
 
4.75
%
 
3.75
%
 
4.50
%
Rate of increase in future compensation*
 
%
 
%
 
3.00 - 8.00%
(Graded)

 
3.00 - 12.00%
(Graded)


*No rate of increases in future compensation used within assumptions for 2014 and 2013, as the cash balance component of the domestic Pension Plan was frozen and the other domestic Pension Plan components do not base benefits on compensation.

Assumptions used to determine domestic periodic benefit cost:

 
 
Pension Benefits
 
Other Benefits
 
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Discount rate
 
4.75
%
 
4.00
%
 
4.75
%
 
4.50
%
 
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)

Expected long-term rate of return on plan assets
 
7.70
%
 
8.00
%
 
8.00
%
 
%
 
%
 
%
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 2014, 2013, and 2012:
(In millions)
Pension Benefits
 
Other Benefits
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Service cost
$
1.2

 
$
1.8

 
$
1.5

 
$
0.1

 
$
0.1

 
$
0.1

Interest cost
8.2

 
7.6

 
8.2

 
0.5

 
0.5

 
0.6

Expected return on assets
(10.6
)
 
(10.0
)
 
(10.1
)
 

 

 

Amortization of transition obligation

 

 

 

 
0.4

 
0.2

Settlement cost

 
0.1

 

 

 

 

Prior service cost

 

 

 
0.4

 
0.4

 
0.3

Loss
2.5

 
3.6

 
2.0

 
0.1

 

 
0.1

Net periodic benefit cost
$
1.3

 
$
3.1

 
$
1.6

 
$
1.1

 
$
1.4

 
$
1.3

Curtailment

 

 

 

 

 

Settlement cost
1.0

 

 

 

 

 

Total net periodic benefit cost
$
2.3

 
$
3.1

 
$
1.6

 
$
1.1

 
$
1.4

 
$
1.3



Schedule of Allocation of Plan Assets
As of January 3, 2015, funds were invested in equity, fixed income, and other investments as follows:

Equity
 
Percentage
U.S. Large Cap
 
14
%
World Equity ex-U.S.
 
13
%
U.S. Small / Mid Cap
 
6
%
Subtotal
 
33
%
 
 
 
Fixed Income
 
 
U.S. Treasury and Government Agency Securities                                      
 
18
%
Long Duration Bond
 
39
%
High Yield Fixed Income                                     
 
4
%
Emerging Markets Debt                                     
 
3
%
Subtotal
 
64
%
 
 
 
Other
 
 
Insurance Contracts                                              
 
3
%
Total
 
100
%
Schedule of Fair Value of Defined Benefit Plan Assets
The fair values of the Company’s pension plan assets for 2014 and 2013 by asset category are as follows:

(In millions)
 
2014
 
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
 
$
23.0

 
$
23.0

 
$

 
$

U.S. Small / Mid Cap
 
8.9

 
8.9

 

 

World Equity ex-U.S.
 
19.9

 
19.9

 

 

Fixed Income
 
 
 
 
 
 
 
 
U.S. Treasury and Government Agency Securities
 
27.9

 

 
27.9

 

U.S. Core Fixed Income
 

 



 

Long Duration Bond
 
62.7

 
62.7

 

 

High Yield Fixed Income
 
7.0

 
7.0

 

 

Emerging Markets Debt
 
5.4

 
5.4

 

 

Other
 
 
 
 
 
 
 
 
Insurance Contracts
 
5.2

 

 
5.2

 

Total
 
$
160.0

 
$
126.9

 
$
33.1

 
$


(In millions)
 
2013
 
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
 
$
69.4

 
$
69.4

 
$

 
$

U.S. Small / Mid Cap
 
12.8

 
12.8

 

 

World Equity ex-U.S.
 
25.6

 
25.6

 

 

Fixed Income
 
 
 
 
 
 
 
 
U.S. Treasury and Government Agency Securities
 

 





U.S. Core Fixed Income
 
17.9

 
17.9

 

 

Long Duration Bond
 
11.5

 
11.5

 

 

High Yield Fixed Income
 
4.4

 
4.4

 

 

Emerging Markets Debt
 
3.7

 
3.7

 

 

Other
 
 
 
 
 
 
 
 
Insurance Contracts
 
5.8

 

 
5.8

 

Total
 
$
151.1

 
$
145.3

 
$
5.8

 
$

Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in accordance with the following schedule:

(In millions)
 
Pension
 Benefits
 
Other
 Benefits
2015
 
$
14.6

 
$
1.3

2016
 
14.2

 
1.2

2017
 
11.2

 
1.1

2018
 
11.4

 
1.0

2019
 
11.1

 
1.0

Years 2020 through 2024
 
60.2

 
4.2

Schedule of Company Contributions to the 401(k) Plan
The following table sets forth Company contributions to the 401(k) Plan:

(In millions)
 
2014
 
2013
 
2012
Company contributions to the plan
 
$
5.6

 
$
5.3

 
$
5.0