Employee Benefit Plans (Tables)

12 Months Ended

Dec. 29, 2012

Employee Benefit Plans [Abstract]

The components of pre-tax stock-based compensation expense

The components of pre-tax stock-based compensation expense are as follows:

(In thousands)	2012		2011		2010
Restricted Stock Unit Awards	$	3,731	$	3,212	$	2,381
Stock Option Awards		954		628		287
Employee Stock Purchase Plan Awards		81		94		86
Total	$	4,766	$	3,934	$	2,754

Summary of Activity of the Unvested Restricted Stock Units

A summary of the activity of the Company's unvested restricted stock units for 2010, 2011, and 2012 is as follows:

Unvested Restricted Stock Units	Units (In thousands)			Weighted Average Grant- Date Fair Value
Unvested RSUs at January 2, 2010		212		$	17.89
Granted		245		$	14.53
Vested		(86	)	$	20.43
Forfeited / Expired		(59	)	$	9.56
Unvested RSUs at January 1, 2011		312		$	16.77
Granted		184		$	24.91
Vested		(159	)	$	19.90
Forfeited / Expired		(8	)	$	8.81
Unvested RSUs at December 31, 2011		329		$	20.02
Granted		179		$	21.95
Vested		(144	)	$	19.97
Forfeited / Expired		(1	)	$	27.74
Unvested RSUs at December 29, 2012		363		$	20.98

Summary of Valuation Assumptions

The fair value of each option grant was estimated on the grant date using the Black-Scholes option-pricing model, assuming no expected dividends, with the following assumptions:

	2012			2011			2010
Weighted-average Exercise Price	$	21.91		$	24.90		$	14.17
Weighted-average Grant Date Fair Value	$	11.69		$	12.85		$	7.39
Volatility		50	%		45	%		45	%
Risk-Free Interest Rate		1.38	%		2.86	%		3.04	%
Expected Life of Options	7.6 years			7.4 years			7.5 years

Stock Option Activity

A summary of the Company's stock option activity for 2010, 2011, and 2012 is as follows:

(in thousands, except per share amounts)	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value (a)
Options Outstanding at January 2, 2010		21		$	19.13
Granted		140		$	14.17
Options Outstanding at January 1, 2011		161		$	14.82
Granted		82		$	24.90
Exercised		(8	)	$	20.01
Options Outstanding at December 31, 2011		235		$	18.15
Granted		83		$	21.91
Exercised		(18	)	$	17.54
Options Outstanding at December 29, 2012		300		$	19.23	8.0 years	$	2,109
Vested and Unvested Expected to Vest, End of Year		300		$	19.23	8.0 years	$	2,109
Options Exercisable, End of Year		116		$	16.69	7.4 years	$	1,111

(a) The closing price per share on the last trading day prior to December 29, 2012 was $26.26.

Summary of Stock Option Exercises

A summary of the Company's stock option exercises in 2012 and 2011 is as follows. There were no stock option exercises in 2010.

(In thousands)	2012		2011
Total intrinsic value of options exercised	$	119	$	39
Cash received from options exercised	$	319	$	150

Changes In Projected Benefit Obligations, Plan Assets, Unfunded Status, and Accumulated Other Comprehensive Items

The following table summarizes the change in benefit obligation; the change in plan assets; the unfunded status; and the amounts recognized in the balance sheet for the Company's pension benefits and other benefits plans. The measurement date for all items set forth below is the last day of the fiscal year presented.

	Pension Benefits						Other Benefits
(In thousands)	2012			2011			2012			2011
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	31,594		$	26,734		$	5,402		$	3,975
Service cost		991			855			143			187
Interest cost		1,313			1,298			225			237
Actuarial loss		1,046			4,451			425			527
Prior service cost		–			–			–			960
Benefits paid		(3,201	)		(1,744	)		(275	)		(437	)
Effect of currency translation		–			–			48			(47	)
Benefit obligation at end of year	$	31,743		$	31,594		$	5,968		$	5,402
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	26,393		$	23,965		$	–		$	–
Actual return on plan assets		2,576			3,272			–			–
Employer contribution		960			900			275			437
Benefits paid		(3,201	)		(1,744	)		(275	)		(437	)
Fair value of plan assets at end of year	$	26,728		$	26,393		$	–		$	–
Unfunded status	$	(5,015	)	$	(5,201	)	$	(5,968	)	$	(5,402	)
Accumulated benefit obligation as of year-end	$	26,270		$	25,928		$	1,777		$	1,345
Amounts Recognized in the Balance Sheet Consist of:
Current liability	$	–		$	–		$	(251	)	$	(444	)
Non-current liability	$	(5,015	)	$	(5,201	)	$	(5,717	)	$	(4,958	)
Amounts Recognized in Accumulated Other Comprehensive Items Before Tax Consist of:
Unrecognized net actuarial loss	$	(9,656	)	$	(10,205	)	$	(1,251	)	$	(857	)
Unrecognized prior service cost		(273	)		(329	)		(882	)		(908	)
Total	$	(9,929	)	$	(10,534	)	$	(2,133	)	$	(1,765	)
Changes in Amounts Recognized in Accumulated Other Comprehensive Items Before Tax:
Current year unrecognized net actuarial loss	$	(85	)	$	(2,608	)	$	(425	)	$	(527	)
Current year prior service cost		–			–			–			(960	)
Amortization of unrecognized prior service cost		56			55			28			15
Amortization of unrecognized net actuarial loss		634			433			36			28
Effect of currency translation		–			–			(7	)		4
Total	$	605		$	(2,120	)	$	(368	)	$	(1,440	)

Weighted-Average Assumptions Used to Determine the Benefit Obligation and Net Periodic Benefit Cost

The weighted-average assumptions used to determine the benefit obligation as of year-end were as follows:

	Pension Benefits						Other Benefits
	2012			2011			2012			2011
Discount rate		3.89	%		4.28	%		3.52	%		4.44	%
Rate of compensation increase		3.50	%		4.00	%		3.15	%		3.28	%

The weighted-average assumptions used to determine net periodic benefit cost were as follows:

	Pension Benefits									Other Benefits
	2012			2011			2010			2012			2011			2010
Discount rate		4.28	%		5.25	%		5.75	%		4.44	%		5.04	%		5.52	%
Expected long-term return on plan assets		6.25	%		6.25	%		7.00	%		–			–			–
Rate of compensation increase		4.00	%		4.00	%		4.00	%		3.57	%		3.28	%		2.00	%

Benefit Obligations in Excess of Fair Value of Plan Assets

The projected benefit obligations and fair value of plan assets for the Company's pension plans with projected benefit obligations in excess of plan assets were as follows:

	Pension Benefits				Other Benefits
(In thousands)	2012		2011		2012		2011
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets:
Projected benefit obligation	$	31,743	$	31,594	$	2,456	$	1,790
Fair value of plan assets	$	26,728	$	26,393	$	–	$	–

Accumulated Benefit Obligations in Excess of Plan Assets

The accumulated benefit obligations and fair value of plan assets for the Company's pension plans with accumulated benefit obligations in excess of plan assets were as follows:

	Pension Benefits				Other Benefits
(In thousands)	2012		2011		2012		2011
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets:
Accumulated benefit obligation	$	–	$	–	$	1,777	$	1,345
Fair value of plan assets	$	–	$	–	$	–	$	–

Components of Net Periodic Benefit Cost (Income)

The components of net periodic benefit cost were as follows:

	Pension Benefits									Other Benefits
(In thousands)	2012			2011			2010			2012		2011		2010
Components of Net Periodic Benefit Cost:
Service cost	$	991		$	855		$	820		$	143	$	187	$	100
Interest cost		1,313			1,298			1,294			225		237		218
Expected return on plan assets		(1,616	)		(1,429	)		(1,412	)		–		–		–
Recognized net actuarial loss		634			433			439			36		28		13
Amortization of prior service cost (income)		56			55			55			28		15		(58	)
Net periodic benefit cost		1,378			1,212			1,196			432		467		273
Curtailment gain		–			–			–			–		–		(219	)
Net periodic benefit cost	$	1,378		$	1,212		$	1,196		$	432	$	467	$	54

Weighted-Average Health Care Cost Trend Rates

Assumed weighted-average healthcare cost trend rates as of year-end were as follows:

	2012			2011
Healthcare cost trend rate assumed for next year		8.00	%		8.00	%
Ultimate healthcare cost trend rate		0.00	%		0.00	%
Year assumed rate reaches ultimate rate		2018			2018

Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

Assumed healthcare cost trend rates can have a significant effect on the amounts reported for healthcare benefits. A one-percentage point change in assumed healthcare cost trend rates would have the following effects:

(In thousands)	1 Percentage Point Increase			1 Percentage Point Decrease
Effect on total of service and interest cost components—(expense) income	$	–		$	–
Effect on post-retirement benefit obligation—(increase) decrease	$	(1	)	$	1

Fair Values of Plan Assets

The fair values of the Company's noncontributory defined benefit retirement plan assets at year-end 2012 and 2011 by asset category are as follows:

	2012 Fair Value Measurement
(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Category:
Mutual Funds:
U.S. Equity (a)	$	3,331	$	–	$	–	$	3,331
International Equity (a)		848		–		–		848
Fixed Income (b)		14,641		7,908		–		22,549
Total Assets	$	18,820	$	7,908	$	–	$	26,728
	2011 Fair Value Measurement
(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Category:
Mutual Funds:
U.S. Equity (a)	$	3,040	$	–	$	–	$	3,040
International Equity (a)		697		–		–		697
Fixed Income (b)		14,186		8,470		–		22,656
Total Assets	$	17,923	$	8,470	$	–	$	26,393

(a) Common stock index funds.

(b) Investments in commingled funds that invest in a diversified blend of investment and non-investment grade fixed income securities.

Target Asset Allocation of Plan Assets

The primary objective for the noncontributory defined benefit retirement plan is to provide long-term capital appreciation through investment in equity and debt securities. The following target asset allocation has been established for the plan:

Asset Category	Minimum			Neutral			Maximum
Equity securities		10	%		15	%		20	%
Debt securities		80	%		85	%		90	%
Total					100	%

Estimated Future Benefit Payments

The following benefit payments, which reflect future service as appropriate, are expected to be paid. The benefit payments are based on the same assumptions used to measure the Company's benefit obligation at year-end 2012.

(In thousands)	Pension Benefits		Other Benefits
2013	$	1,614	$	252
2014		1,318		440
2015		2,115		259
2016		1,474		327
2017		3,039		894
2018-2022		12,718		2,037