XML 23 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Employee Benefit Plans
6 Months Ended
Jun. 29, 2013
Compensation Related Costs [Abstract]  
Employee Benefit Plans
Employee Benefit Plans

Employee bonus plans

We currently sponsor an executive incentive bonus plan that distributes employee awards based on the achievement of predetermined targets. We recorded a charge of $0.6 million and $1.2 million under this bonus plan for the three and six month periods ended June 29, 2013, respectively, as compared to $1.4 million and $2.6 million for the corresponding periods of 2012.

Employee savings and retirement plans

We sponsor a 401(k) employee salary deferral plan that allows voluntary contributions by all full-time employees up to the Internal Revenue Service limits of their pretax earnings. We may also make matching contributions to this plan at our discretion. Employees are eligible for the matching plan if they contribute at least 2% of their compensation. Our contributions, when made, are limited to a maximum of 3% of the employee's compensation if the company exceeds certain income levels.
We did not contribute to this plan in the three month period ended June 29, 2013. We contributed $0.2 million to this plan in the six month period ended June 29, 2013. We contributed $0.2 million and $0.4 million to this plan for each of the three and six month periods ended June 30, 2012, respectively.

We also sponsor an executive non-qualified deferred compensation plan (the “Plan”) that allows qualifying executives to defer current cash compensation. As of June 29, 2013, Plan assets of $2.7 million, representing the cash surrender value of life insurance policies held by us and liabilities of $3.2 million were included in our Consolidated Balance Sheets under the captions “Other assets” and “Other liabilities”, respectively. The related Plan expenses for each of the three and six month periods ended June 29, 2013 and June 30, 2012 were insignificant.

Postretirement benefits

We have committed to providing and fully paying for lifetime postretirement medical and dental benefits to our Chief Executive Officer and Chief Financial Officer and their spouses, commencing after retirement. We recorded net periodic benefit costs of an insignificant amount for each of the three and six month periods ended June 29, 2013 and June 30, 2012.