Employee Benefits (Tables)

12 Months Ended

Dec. 28, 2013

Employee Benefits [Abstract]

Reconciliation of the changes in the plans' benefit obligations and the fair value of the plans assets

The following tables provide a reconciliation of the changes in the plans’ benefit obligations and the fair value of the plans’ assets for 2013 and 2012, and a statement of the plans’ aggregate funded status as of December 28, 2013 and December 29, 2012:

	Pension Benefits						Other Benefits
(In thousands)	2013			2012			2013			2012
Change in benefit obligation:
Obligation at beginning of year	$	196,167		$	180,341		$	18,096		$	19,945
Service cost		948			884			413			380
Interest cost		7,774			8,472			647			635
Actuarial (gain) loss		(11,635	)		14,458			(2,554	)		(1,838	)
Benefit payments		(10,668	)		(10,583	)		(1,211	)		(1,131	)
Foreign currency translation adjustment		1,472			2,595			(10	)		105
Obligation at end of year		184,058			196,167			15,381			18,096
Change in fair value of plan assets:
Fair value of plan assets at beginning of year		160,980			147,502			—			—
Actual return on plan assets		35,578			18,964			—			—
Employer contributions		1,551			3,216			1,211			1,131
Benefit payments		(10,668	)		(10,583	)		(1,211	)		(1,131	)
Foreign currency translation adjustment		1,429			1,881			—			—
Fair value of plan assets at end of year		188,870			160,980			—			—
Funded (underfunded) status at end of year	$	4,812		$	(35,187	)	$	(15,381	)	$	(18,096	)

Amounts recognized in accumulated OCI (before the effect of income taxes)

The following represents amounts recognized in accumulated OCI (before the effect of income taxes) at December 28, 2013 and December 29, 2012:

	Pension Benefits				Other Benefits
(In thousands)	2013		2012		2013			2012
Unrecognized net actuarial loss (gain)	$	21,128	$	61,125	$	(4,016	)	$	(1,630	)
Unrecognized prior service cost		1		2		20			19

Funded status of the plans recognized

As of December 28, 2013 and December 29, 2012, the total funded status of the plans recognized in the Consolidated Balance Sheets was as follows:

	Pension Benefits						Other Benefits
(In thousands)	2013			2012			2013			2012
Long-term asset	$	15,457		$	—		$	—		$
Current liability		—			—			(1,033	)		(1,187	)
Long-term liability		(10,645	)		(35,187	)		(14,348	)		(16,909	)
Total funded (underfunded) status	$	4,812		$	(35,187	)	$	(15,381	)	$	(18,096	)

Components of net periodic benefit costs

The components of net periodic benefit cost are as follows:

(In thousands)	2013			2012			2011
Pension benefits:
Service cost	$	948		$	884		$	1,394
Interest cost		7,774			8,472			9,051
Expected return on plan assets		(11,059	)		(10,263	)		(11,569	)
Amortization of prior service cost		1			1			2
Amortization of net loss		4,005			3,883			2,346
Net periodic benefit cost	$	1,669		$	2,977		$	1,224
Other benefits:
Service cost	$	413		$	380		$	344
Interest cost		647			635			993
Amortization of prior service credit		(2	)		(2	)		(3	)
Amortization of net gain		(160	)		(73	)		(2	)
Net periodic benefit cost	$	898		$	940		$	1,332

Weighted average assumptions used in the measurement of the Company's benefit obligation and net periodic benefit cost are as follows

The weighted average assumptions used in the measurement of the Company’s benefit obligations are as follows:

	Pension Benefits						Other Benefits
	2013			2012			2013			2012
Discount rate		4.82	%		4.13	%		4.89	%		4.06	%
Expected long-term return on plan assets		7.40	%		7.15	%		N/A			N/A
Rate of compensation increases		N/A			N/A			5.50	%		5.04	%
Rate of inflation		3.40	%		2.70	%		N/A			N/A

The weighted average assumptions used in the measurement of the Company’s net periodic benefit cost are as follows:

	Pension Benefits									Other Benefits
	2013			2012			2011			2013			2012			2011
Discount rate		4.13	%		4.80	%		5.25	%		4.06	%		4.97	%		5.39	%
Expected long-term return on plan assets		7.15	%		7.11	%		7.51	%		N/A			N/A			N/A
Rate of compensation increases		N/A			N/A			N/A			5.04	%		5.04	%		5.04	%
Rate of inflation		2.70	%		3.00	%		3.40	%		N/A			N/A			N/A

Weighted average asset allocation of pension fund assets

The weighted average asset allocation of the Company’s pension fund assets are as follows:

	Pension Plan Assets
Asset category	2013			2012
Equity securities (includes equity mutual funds)		86	%		84	%
Fixed income securities (includes fixed income mutual funds)		4			5
Cash and equivalents (includes money market funds)		7			9
Alternative investments		3			2
Total		100	%		100	%

Plan assets at fair value within the fair value hierarchy, by level

The following table sets forth by level, within the fair value hierarchy, the assets of the plans at fair value as of December 28, 2013, and December 29, 2012, respectively:

	Fair Value Measurements at December 28, 2013
(In thousands)	Level 1		Level 2		Level 3		Total
Cash and money market funds	$	13,992	$	—	$	—	$	13,992
Common stock (1)		79,497		—		—		79,497
Mutual funds (2)		27,166		63,435		—		90,601
Limited partnerships		—		—		4,780		4,780
Total	$	120,655	$	63,435	$	4,780	$	188,870
	Fair Value Measurements at December 29, 2012
(In thousands)	Level 1		Level 2		Level 3		Total
Cash and money market funds	$	13,691	$	—	$	—	$	13,691
Common stock (3)		65,604		—		—		65,604
Mutual funds (4)		21,497		55,695		—		77,192
Limited partnerships		—		—		4,493		4,493
Total	$	100,792	$	55,695	$	4,493	$	160,980

(1)	Approximately 84 percent of common stock represents investments in U.S. companies primarily in the health care, utilities, financials, consumer staples, industrials, and information technology sectors.  All investments in common stock are listed on U.S. stock exchanges.
(2)	Approximately 32 percent of mutual funds are actively managed funds and approximately 68 percent of mutual funds are index funds.  Additionally, 33 percent of the mutual funds’ assets are invested in U.S. equities, 58 percent in non-U.S. equities, and 9 percent in non-U.S. fixed income securities.
(3)	Approximately 90 percent of common stock represents investments in U.S. companies primarily in the health care, utilities, financials, consumer staples, industrials, and information technology sectors.  All investments in common stock are listed on U.S. stock exchanges.
(4)	Approximately 32 percent of mutual funds are actively managed funds and approximately 68 percent of mutual funds are index funds.  Additionally, 31 percent of the mutual funds’ assets are invested in U.S. equities, 59 percent in non-U.S. equities, and 10 percent in non-U.S. fixed income securities.

Plan assets measured at fair value using significant unobservable inputs

The table below reflects the changes in the assets of the plan measured at fair value on a recurring basis using significant unobservable inputs (Level 3 hierarchy as defined by ASC 820) during the year ended December 28, 2013:

(In thousands)	Limited Partnerships
Balance, December 29, 2012	$	4,493
Redemptions		(1,133	)
Subscriptions		900
Net appreciation in fair value		520
Balance, December 28, 2013	$	4,780

Future benefit plans payments

The assets of the plans do not include investments in securities issued by the Company.  The Company expects to contribute approximately $1.6 million to its pension plans and $1.0 million to its other postretirement benefit plans in 2014.  The Company expects future benefits to be paid from the plans as follows:

(In thousands)	Pension Benefits		Other Benefits
2014	$	11,187	$	1,033
2015		11,382		1,022
2016		11,524		1,005
2017		11,651		985
2018		11,780		973
2019-2023		61,040		4,864
Total	$	118,564	$	9,882