Deferred Compensation Plans

9 Months Ended

Sep. 30, 2016

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 September 30, 2016 and January 1, 2016, the invested amounts under the plans totaled $46,548,000 and $42,940,000, respectively. These assets are classified as trading securities and are recorded at fair value with changes recorded as adjustments to miscellaneous income (expense), net.

As of September 30, 2016 and January 1, 2016, vested amounts due under the plans totaled $51,845,000 and $46,740,000, respectively. Changes in the liability are recorded as adjustments to compensation expense. During the three months ended September 30, 2016 and October 2, 2015, the Company recognized compensation expense of $1,458,000 and ($2,688,000), respectively, as a result of changes in the market value of the trust assets with the same amount being recorded as income in miscellaneous income (expense), net. During the nine months ended September 30, 2016 and October 2, 2015, the Company recognized compensation expense of $2,823,000 and ($1,379,000), respectively, as a result of changes in the market value of the trust assets with the same amount being recorded as income in miscellaneous income (expense), net.