Deferred Compensation Plans

9 Months Ended

Oct. 02, 2015

Deferred Compensation Arrangements [Abstract]

Note 6: Deferred Compensation Plans

The Company maintains nonqualified deferred compensation plans for the benefit of a select group of highly compensated employees. Under these plans, participants may elect to defer up to 100% of their compensation. Company assets that are earmarked to pay benefits under the plans are held in a rabbi trust and are subject to the claims of the Company’s creditors. As of October 2, 2015 and January 2, 2015, the invested amounts under the plans totaled $41,284,000 and $43,848,000, respectively. These assets are classified as trading securities and are recorded at fair value with changes recorded as adjustments to miscellaneous income, net.

As of October 2, 2015 and January 2, 2015, vested amounts due under the plans totaled $45,038,000 and $45,394,000, respectively. Changes in the liability are recorded as adjustments to compensation expense. During the three months ended October 2, 2015 and October 3, 2014, the Company recognized a decrease in compensation expense of $2,688,000 and $1,331,000, respectively, as a result of changes in the market value of the trust assets with the same amount being recorded as expense in miscellaneous income, net. During the nine months ended October 2, 2015 and October 3, 2014, the Company recognized compensation expense of ($1,379,000) and $1,351,000, respectively, as a result of changes in the market value of the trust assets with the same amount being recorded as expense/income in miscellaneous income, net.