Deferred Compensation Plans

12 Months Ended

Dec. 28, 2018

Deferred Compensation Arrangements [Abstract]

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 December 28, 2018 and December 29, 2017 the invested amounts under the plans totaled $57,778,000 and $53,350,000, respectively. These assets are classified as trading securities and are recorded at fair market value with changes recorded as adjustments to other income.

As of December 28, 2018 and December 29, 2017, vested amounts due under the plans totaled $59,349,000 and $59,050,000, respectively. Changes in the liability are recorded as adjustments to compensation expense. During fiscal years 2018, 2017 and 2016, the Company recognized compensation expense of ($3,900,000), $6,547,000, and $3,861,000, respectively, as a result of changes in the market value of the trust assets with the same amount being recorded as other income.