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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 29, 2012
EMPLOYEE BENEFIT PLANS  
Schedule of net periodic benefit costs

 

 

 

Year Ended

 

 

 

December 29,

 

December 31,

 

January 1,

 

(In thousands)

 

2012

 

2011

 

2011

 

Service cost

 

$

2,807

 

$

1,178

 

$

592

 

Interest cost on projected benefit obligation

 

746

 

832

 

704

 

Expected return on plan assets

 

(228

)

(299

)

(165

)

Curtailment loss

 

 

 

735

 

Amortization of net loss

 

47

 

239

 

107

 

 

 

$

3,372

 

$

1,950

 

$

1,973

 

Schedule of changes in projected benefit obligation and plan assets, as well as the ending balance sheet amounts for the Company's defined benefit plans

 

 

 

 

December 29,

 

December 31,

 

(In thousands)

 

2012

 

2011

 

Change in projected benefit obligation:

 

 

 

 

 

Projected benefit obligation, beginning of year

 

$

33,312

 

$

20,328

 

Liabilities assumed through acquisition

 

 

11,639

 

Service cost

 

2,807

 

1,178

 

Interest cost

 

746

 

832

 

Actuarial loss

 

3,000

 

466

 

Benefits paid

 

(2,612

)

(961

)

Currency translation adjustments

 

(69

)

(170

)

Projected benefit obligation, end of year

 

37,184

 

33,312

 

Change in plan assets:

 

 

 

 

 

Fair value of plan assets, beginning of year

 

10,020

 

7,221

 

Assets acquired through acquisition

 

 

2,574

 

Company contributions

 

576

 

502

 

Contributions by plan participants

 

 

70

 

Gain on plan assets

 

141

 

149

 

Benefits paid

 

(1,156

)

(682

)

Currency translation adjustments

 

(161

)

186

 

Fair value of plan assets, end of year

 

9,420

 

10,020

 

Funded status

 

$

(27,764

)

$

(23,292

)

 

 

 

 

 

 

Amounts recognized in the balance sheet:

 

 

 

 

 

Pension assets

 

$

320

 

$

1,420

 

Current portion of pension liabilities

 

(320

)

(268

)

Accrued pension liabilities

 

(27,764

)

(24,444

)

Accumulated other comprehensive income (loss)

 

3,248

 

(1,005

)

Net amount recognized

 

$

(24,516

)

$

(24,297

)

Schedule of estimated benefit payments for the next 10 years

 

 

 

 

Estimated

 

 

 

Benefit

 

(In thousands)

 

Payments

 

2013

 

$

2,363

 

2014

 

1,210

 

2015

 

2,091

 

2016

 

1,137

 

2017

 

2,140

 

Thereafter

 

21,218

 

 

 

$

30,159

 

Schedule of weighted-average rates used to determine the net periodic benefit costs

 

 

 

 

December 29,

 

December 31,

 

January 1,

 

 

 

2012

 

2011

 

2011

 

Discount rate

 

2.29

%

2.44

%

4.10

%

Rate of increase in salary levels

 

2.38

%

2.25

%

3.15

%

Expected long-term rate of return on assets

 

1.59

%

1.59

%

1.86

%

Schedule of weighted-average rates used to determine projected benefit obligations

 

 

 

 

December 29,
2012

 

December 31,
2011

 

Discount rate

 

1.87

%

2.29

%

Rate of increase in salary levels

 

1.67

%

2.38

%

Expected long-term rate of return on assets

 

1.89

%

1.59

%

Schedule of allocation of plan assets

 

 

 

 

December 29, 2012

 

December 31, 2011

 

 

 

Amount

 

Percentage

 

Amount

 

Percentage

 

Cash

 

$

2,249

 

24

%

$

2,888

 

29

%

Bonds

 

1,410

 

15

 

1,294

 

13

 

Insurance contracts

 

5,761

 

61

 

5,838

 

58

 

 

 

$

9,420

 

100

%

$

10,020

 

100

%