ACCOUNTING CHANGES (Notes)

12 Months Ended

Dec. 29, 2013

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

In 2013, we elected to change our method of accounting for recognizing expense for our defined benefit pension plans. Previously, we recognized pension actuarial gains and losses in Accumulated Other Comprehensive Income (Loss), a component of Shareholders’ Equity. The net actuarial gains and losses in excess of 10% of the greater of a calculated market-related value of plan assets or the plan's projected benefit obligations (corridor) were then amortized to expense each quarter in our Statement of Income using the average remaining service period of active plan participants. The market-related value of plan assets smoothed asset gains and losses over a five-year period and was previously used to calculate the expected return on assets component of pension expense.

Under the new method of accounting, referred to as mark-to-market (MTM), we recognize gains and losses in excess of the corridor annually, in the fourth quarter of each fiscal year, resulting from changes in actuarial assumptions and the differences between actual and expected returns on plan assets and discount rates. Any interim remeasurements triggered by a curtailment, settlement, or significant plan change are recognized as an MTM adjustment in the period in which it occurs. The remaining components of pension expense, interest cost and the expected return on plan assets, are recorded on a quarterly basis as ongoing pension expense.

While our previous method of recognizing pension expense is considered acceptable under Generally Accepted Accounting Principles in the United States (U.S. GAAP), we believe that the new method is preferable as it accelerates the recognition of changes in the fair value of plan assets and actuarial gains and losses outside the corridor.

The change in accounting method has been reported through retrospective application of the new method to all periods presented. The cumulative effect of the change in accounting method was an decrease to Retained Earnings as of January 3, 2011, of $135,025 and a corresponding decrease in Accumulated Other Comprehensive Losses.

The impact of this change in accounting method on our consolidated financial statements is summarized below:

Consolidated Statements of Income

	2013						2012						2011
	Previous Accounting Method			As Adjusted			Previous Accounting Method			As Adjusted			Previous Accounting Method			As Adjusted
Selling, general and administrative	$	207,193		$	182,936		$	181,030		$	200,434		$	207,379		$	245,114
(Loss) income from operations	(27,223		)	(2,966		)	(5,888		)	(25,292		)	5,831			(31,904		)
Income tax (benefit) expense	(14,877		)	(5,349		)	534			534			91,695			91,695
Net loss	(22,142		)	(7,413		)	(9,072		)	(28,476		)	(87,698		)	(125,433		)
Loss per share	(3.47		)	(1.16		)	(1.55		)	(4.88		)	(15.10		)	(21.59		)

Consolidated Statements of Comprehensive Income

	2013						2012						2011
	Previous Accounting Method			As Adjusted			Previous Accounting Method			As Adjusted			Previous Accounting Method			As Adjusted
Net loss	$	(22,142	)	$	(7,413	)	$	(9,072	)	$	(28,476	)	$	(87,698	)	$	(125,433	)
Actuarial gain (loss), net of tax	12,567			14,390			(45,512		)	(2,179		)	(80,426		)	(18,181		)
Actuarial loss reclassification, net of tax	16,552			—			23,929			—			26,995			2,485

Consolidated Balance Sheets

	2013						2012
	Previous Accounting Method			As Adjusted			Previous Accounting Method			As Adjusted
Retained earnings (accumulated deficit)	$	33,719		$	(143,716	)	$	55,861		$	(136,303	)
Accumulated other comprehensive losses	(202,668		)	(25,233		)	(231,618		)	(39,454		)

Consolidated Statements of Cash Flows

	2013						2012						2011
	Previous Accounting Method			As Adjusted			Previous Accounting Method			As Adjusted			Previous Accounting Method			As Adjusted
Net loss	$	(22,142	)	$	(7,413	)	$	(9,072	)	$	(28,476	)	$	(87,698	)	$	(125,433	)
Deferred taxes	(15,727		)	(6,199		)	53			53			91,330			91,330
Pension and postretirement cost (benefit)	24,321			64			22,067			41,471			(215		)	37,520