Deferred Compensation Plans

12 Months Ended

Jan. 01, 2016

Deferred Compensation Arrangements [Abstract]

Deferred Compensation Plan

Note 11: 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 January 1, 2016 and January 2, 2015 the invested amounts under the plans totaled $42,940,000 and $43,848,000, respectively. These assets are classified as trading securities and are recorded at fair market value with changes recorded as adjustments to other income and expense.

As of January 1, 2016 and January 2, 2015, vested amounts due under the plans totaled $46,740,000 and $45,394,000, respectively. Changes in the liability are recorded as adjustments to compensation expense. During the fiscal years 2015, 2014 and 2013, the Company recognized compensation expense of $(325,000), $2,525,000, and $6,044,000, respectively, as a result of changes in the market value of the trust assets with the same amount being recorded as other income, net.