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Employee Retirement Plans (Tables)
12 Months Ended
Jan. 03, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule of Defined Benefit Plans Disclosures
A summary of the plans’ net periodic pension cost, benefit obligations, funded status, and net balance sheet position is as follows (dollars in thousands):
 
Fiscal Year 2014
 
Elgin
Plan
 
Smithville
Plan
 
Wrexham
Plan
 
Chairman Plan
Net Periodic Pension Cost:
 

 
 

 
 

 
 

Service cost
$

 
$

 
$

 
$
447

Interest cost
183

 
690

 
639

 
416

Expected return on assets
(215
)
 
(584
)
 
(996
)
 

Amortization of net loss (gain)
64

 
303

 

 
(413
)
Pension settlement

 

 

 

 
$
32

 
$
409

 
$
(357
)
 
$
450

 
 
 
 
 
 
 
 
Change in Benefit Obligation:
 

 
 

 
 

 
 

Benefit obligation – beginning of year
$
4,134

 
$
14,799

 
$
15,745

 
$
8,815

Service cost

 

 

 
447

Interest on benefit obligations
183

 
690

 
639

 
416

Actuarial loss
654

 
3,780

 
1,273

 
859

Pension settlement

 

 

 

Net benefit payments
(222
)
 
(648
)
 
(634
)
 

Exchange effect

 

 
(909
)
 

Benefit obligation – end of year
$
4,749

 
$
18,621

 
$
16,114

 
$
10,537

 
 
 
 
 
 
 
 
Change in Plan Assets:
 

 
 

 
 

 
 

Plan assets at fair value – beginning of year
$
3,722

 
$
9,602

 
$
15,172

 
$

Company contributions

 
913

 
511

 

Investment gain
51

 
157

 
1,133

 

Benefit payments and plan expenses
(222
)
 
(648
)
 
(634
)
 

Exchange effect

 

 
(876
)
 

Plan assets at fair value – end of year
$
3,551

 
$
10,024

 
$
15,306

 
$

 
 
 
 
 
 
 
 
Funded Status:
 

 
 

 
 

 
 

Unfunded benefit obligation
$
(1,198
)
 
$
(8,597
)
 
$
(808
)
 
$
(10,537
)
 
 
 
 
 
 
 
 
Amounts recognized in balance sheet at year end:
 

 
 

 
 

 
 

Other non-current liabilities
$
(1,198
)
 
$
(8,597
)
 
$
(808
)
 
$
(10,537
)
 
 
 
 
 
 
 
 
Pre-tax components in accumulated other comprehensive income:
 

 
 

 
 

 
 

Net actuarial loss (gain)
$
1,673

 
$
8,029

 
$
2,188

 
$
(1,672
)
Net prior service cost

 

 

 

Net transaction (asset) obligations

 

 

 

Total amount recognized
$
1,673

 
$
8,029

 
$
2,188

 
$
(1,672
)
 
 
 
 
 
 
 
 
Accumulated Benefit Obligation
$
4,749

 
$
18,621

 
$
16,114

 
$
7,197

 
 
 
 
 
 
 
 
Salary growth rate
n/a

 
n/a

 
n/a

 
10.0
%
Assumed discount rate
3.8
%
 
3.8
%
 
3.6
%
 
3.8
%
Expected return on assets
6.0
%
 
6.0
%
 
6.3
%
 
n/a



Fiscal Year 2013

 
Elgin
Plan
 
Smithville
Plan
 
Wrexham
Plan
 
Chairman
Plan
Net Periodic Pension Cost:
 

 
 

 
 

 
 

Service cost
$

 
$

 
$

 
$
929

Interest cost
175

 
643

 
635

 
360

Expected return on assets
(209
)
 
(529
)
 
(819
)
 

Amortization of net loss (gain)
154

 
519

 

 
(145
)
Pension settlement

 

 

 

 
$
120

 
$
633

 
$
(184
)
 
$
1,144

 
 
 
 
 
 
 
 
Change in Benefit Obligation:
 

 
 

 
 

 
 

Benefit obligation – beginning of year
$
4,862

 
$
16,070

 
$
15,462

 
$
8,993

Service cost

 

 

 
929

Interest on benefit obligations
175

 
643

 
635

 
360

Actuarial (gain)
(675
)
 
(1,282
)
 
(7
)
 
(1,467
)
Pension settlement

 

 

 

Net benefit payments
(228
)
 
(632
)
 
(716
)
 

Exchange effect

 

 
371

 

Benefit obligation – end of year
$
4,134

 
$
14,799

 
$
15,745

 
$
8,815

 
 
 
 
 
 
 
 
Change in Plan Assets:
 

 
 

 
 

 
 

Plan assets at fair value – beginning of year
$
3,503

 
$
8,781

 
$
12,997

 
$

Company contributions
128

 
649

 
526

 

Investment gain
319

 
804

 
2,054

 

Benefit payments and plan expenses
(228
)
 
(632
)
 
(716
)
 

Exchange effect

 

 
311

 

Plan assets at fair value – end of year
$
3,722

 
$
9,602

 
$
15,172

 
$

 
 
 
 
 
 
 
 
Funded Status:
 

 
 

 
 

 
 

Unfunded benefit obligation
$
(412
)
 
$
(5,197
)
 
$
(573
)
 
$
(8,815
)
 
 
 
 
 
 
 
 
Amounts recognized in balance sheet at year end:
 

 
 

 
 

 
 

Other non-current liabilities
$
(412
)
 
$
(5,197
)
 
$
(573
)
 
$
(8,815
)
 
 
 
 
 
 
 
 
Pre-tax components in accumulated other comprehensive income:
 

 
 

 
 

 
 

Net actuarial loss (gain)
$
918

 
$
4,125

 
$
1,116

 
$
(2,944
)
Net prior service cost

 

 

 

Net transaction (asset) obligations

 

 

 

Total amount recognized
$
918

 
$
4,125

 
$
1,116

 
$
(2,944
)
 
 
 
 
 
 
 
 
Accumulated Benefit Obligation
$
4,134

 
$
14,799

 
$
15,745

 
$
5,473

 
 
 
 
 
 
 
 
Salary growth rate
n/a

 
n/a

 
n/a

 
10.0
%
Assumed discount rate
4.7
%
 
4.7
%
 
4.4
%
 
4.7
%
Expected return on assets
6.0
%
 
6.0
%
 
7.0
%
 
n/a

Schedule of Allocation of Plan Assets
The assets of the plans were invested in the following classes of securities (none of which were securities of the company):
 
Elgin Plan
 
 
Target Allocation

 
Percentage of Plan Assets
 
 
 
 
2014

 
2013

Equity
48
%
 
48
%
 
56
%
Fixed income
40

 
36

 
32

Money market
4

 
4

 
2

Other (real estate investment trusts & commodities contracts)
8

 
12

 
10

 
 
 
 
 
 
 
100
%
 
100
%
 
100
%
 
Smithville Plan

 
Target Allocation

 
Percentage of Plan Assets
 
 
 
2014

 
2013

Equity
48
%
 
48
%
 
54
%
Fixed income
40

 
36

 
32

Money market
4

 
4

 
4

Other (real estate investment trusts & commodities contracts)
8

 
12

 
10

 
 
 
 
 
 
 
100
%
 
100
%
 
100
%
 
Wrexham Plan
 
 
Target Allocation

 
Percentage of Plan Assets
 
 
 
2014

 
2013

Equity
50
%
 
72
%
 
76
%
Fixed income
50

 
24

 
23

Money market

 
4

 
1

Other (real estate investment trusts & commodities contracts)

 

 

 
 
 
 
 
 
 
100
%
 
100
%
 
100
%
Pension Plans Fair Value Of Investments
The following tables summarize the basis used to measure the pension plans’ assets at fair value as of January 3, 2015 (in thousands):
 
Elgin Plan
 
Asset Category
 
Total

 
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 
Significant
Observable
Inputs
(Level 2)

 
Significant
Unobservable
Inputs
(Level 3)

 
 
 
 
 
 
 
 
 
Short Term Investment Fund (a)
 
$
121

 
$

 
$
121

 
$

 
 
 
 
 
 
 
 
 
Equity Securities:
 
 

 
 

 
 

 
 

Large Cap
 
813

 
813

 

 

Mid Cap
 
100

 
100

 

 

Small Cap
 
100

 
100

 

 

International
 
686

 
686

 

 

 
 
 
 
 
 
 
 
 
Fixed Income:
 
 

 
 

 
 

 
 

Government/Corporate
 
1,074

 
1,074

 

 

High Yield
 
216

 
216

 

 

 
 
 
 
 
 
 
 
 
Alternative:
 
 

 
 

 
 

 
 

Global Real Estate Investment Trust
 
314

 
314

 

 

Commodities Contracts
 
127

 
127

 

 

 
 
 
 
 
 
 
 
 
Total
 
$
3,551

 
$
3,430

 
$
121

 
$



(a)
Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.

Smithville Plan 
Asset Category
 
Total

 
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 
Significant
Observable
Inputs
(Level 2)

 
Significant
Unobservable
Inputs
(Level 3)

Short Term Investment Fund (a)
 
$
446

 
$

 
$
446

 
$

 
 
 
 
 
 
 
 
 
Equity Securities:
 
 

 
 

 
 

 
 

Large Cap
 
2,297

 
2,297

 

 

Mid Cap
 
268

 
268

 

 

Small Cap
 
281

 
281

 

 

International
 
1,923

 
1,923

 

 

 
 
 
 
 
 
 
 
 
Fixed Income:
 
 

 
 

 
 
 
 
Government/Corporate
 
3,058

 
3,058

 

 

High Yield
 
599

 
599

 

 

 
 
 
 
 
 
 
 
 
Alternative:
 
 

 
 

 
 

 
 

Global Real Estate Investment Trust
 
830

 
830

 

 

Commodities Contracts
 
322

 
322

 

 

 
 
 
 
 
 
 
 
 
Total
 
$
10,024

 
$
9,578

 
$
446

 
$


 
(a)
Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.

Wrexham Plan
Asset Category
 
Total

 
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 
Significant
Observable
Inputs
(Level 2)

 
Significant
Unobservable
Inputs
(Level 3)

Short Term Investment Fund (a)
 
$
667

 
$

 
$
667

 
$

 
 
 
 
 
 
 
 
 
Equity Securities:
 
 

 
 

 
 

 
 

UK
 
5,109

 
5,109

 

 

International
 
 

 
 

 
 

 
 

Developed
 
4,827

 
4,827

 

 

Emerging
 
487

 
487

 

 

Global
 
602

 
602

 

 

 
 
 
 
 
 
 
 
 
Fixed Income:
 
 

 
 

 
 
 
 
Government/Corporate
 
2,113

 
2,113

 

 

Aggregate
 
358

 
358

 

 

Index Linked
 
1,143

 
1,143

 

 

 
 
 
 
 
 
 
 
 
Total
 
$
15,306

 
$
14,639

 
$
667

 
$


 
(a)
Represents collective short term investment fund, composed of high-grade money market instruments with short maturities.
Schedule of Expected Benefit Payments
Estimated future benefit payments under the plans are as follows (dollars in thousands):
 
 
Elgin
Plan

 
Smithville
Plan

 
Wrexham
Plan

 
Chairman
Plan

2015
$
282

 
$
674

 
$
623

 
$

2016
280

 
693

 
662

 

2017
278

 
707

 
701

 

2018
278

 
726

 
740

 
733

2019 through 2024
1,628

 
4,837

 
5,300

 
4,399