Employee Benefit Plans (Tables)

12 Months Ended

Jan. 03, 2015

Schedule of Net Funded Status [Table Text Block]

The following table sets forth the plans’ funded status for the Company's domestic and foreign defined benefit plans and amounts recognized in the Company's consolidated balance sheets based on the measurement date (January 3, 2015 and December 28, 2013) (in thousands):



	January 3, 2015			December 28, 2013
Change in projected benefit obligation:
Projected benefit obligation at beginning of period	$	129,966		$	137,797
Acquisitions	199,996			4,102
Service cost	5,208			507
Interest cost	13,214			5,307
Employee contributions	1,946			20
Plan amendments	(1,371		)	—
Actuarial loss	88,592			(12,904		)
Benefits paid	(13,045		)	(4,761		)
Other	(29,364		)	(102		)
Projected benefit obligation at end of period	395,142			129,966

Change in plan assets:
Fair value of plan assets at beginning of period	118,898			106,519
Acquisitions	171,117			—
Actual return on plan assets	67,090			13,147
Employer contributions	7,061			3,973
Employee contributions	1,946			20
Benefits paid	(13,045		)	(4,761		)
Other	(24,847		)	—
Fair value of plan assets at end of period	328,220			118,898

Funded status	(66,922		)	(11,068		)
Net amount recognized	$	(66,922	)	$	(11,068	)

Amounts recognized in the consolidated balance sheets consist of:
Noncurrent assets	$	—		$	29
Current liability	(993		)	—
Noncurrent liability	(65,929		)	(11,097		)
Net amount recognized	$	(66,922	)	$	(11,068	)

Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	$	59,207		$	26,738
Prior service cost/(credit)	(1,131		)	32
Net amount recognized (a)	$	58,076		$	26,770


(a)	Amounts do not include deferred taxes of $21.3 million and $10.4 million at January 3, 2015 and December 28, 2013, respectively.

Schedule of Accumulated and Projected Benefit Obligations [Table Text Block]



	January 3, 2015		December 28, 2013
Projected benefit obligation	$	395,142	$	129,966
Accumulated benefit obligation	376,043		125,939
Fair value of plan assets	328,220		118,898

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

Net pension cost includes the following components (in thousands):



	January 3, 2015			December 28, 2013			December 29, 2012
Service cost	$	5,208		$	507		$	326
Interest cost	13,214			5,307			5,451
Expected return on plan assets	(14,439		)	(7,277		)	(6,709		)
Net amortization and deferral	2,094			5,261			4,845
Curtailment	7			83			14
Net pension cost	$	6,084		$	3,881		$	3,927

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

Amounts recognized in accumulated other comprehensive income (loss) for the year ended (in thousands):



	2014			2013
Actuarial (loss)/gain recognized:
Reclassification adjustments	$	1,272		$	3,184
Actuarial (loss)/gain recognized during the period	(22,546		)	11,869
Prior service (cost) credit recognized:
Reclassification adjustments	14			87
Prior service cost arising during the period	879			—
	$	(20,381	)	$	15,140

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]

The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic pension cost in fiscal 2015 is as follows (in thousands):



	2015
Net actuarial loss	$	5,142
Prior service cost	(81		)
	$	5,061

Schedule of Assumptions Used [Table Text Block]

Weighted average assumptions used to determine benefit obligations were:



	January 3, 2015	December 28, 2013	December 29, 2012

Discount rate	2.79%	4.66%	3.90%
Rate of compensation increase	1.82%	3.00%	—%

Weighted average assumptions used to determine net periodic benefit cost for the employee benefit pension plans were:



	January 3, 2015	December 28, 2013	December 29, 2012
Discount rate	4.15%	3.96%	4.50%
Rate of increase in future compensation levels	1.70%	—%	—%
Expected long-term rate of return on assets	5.06%	7.35%	7.35%

Schedule of Target Allocation of Plan Assets [Table Text Block]



Fixed Income	35% - 80%
Equities	20% - 65%

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

The following table presents fair value measurements for the Company's defined benefit plans’ assets as categorized using the fair value hierarchy under FASB authoritative guidance (in thousands):



	Total		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands of dollars)	Fair Value		(Level 1)		(Level 2)		(Level 3)
Balances as December 28, 2013
Fixed Income:
Long Term	$	60,654	$	22,906	$	37,748	$	—
Short Term	771		—		771		—
Equity Securities:
Domestic equities	40,028		38,137		1,891		—
International equities	17,445		16,465		980		—
Totals	$	118,898	77,508		$	41,390	$	—

Balances as January 3, 2015

Fixed Income:
Long Term	$	71,820	$	23,619	$	48,201	$	—
Short Term	1,419		—		1,419		—
Equity Securities:
Domestic equities	41,813		35,946		5,867		—
International equities	18,259		16,953		1,306		—
Insurance contracts	194,909		—		—		194,909
Totals	$	328,220	$	76,518	$	56,793	$	194,909

Schedule of Expected Benefit Payments [Table Text Block]

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):



Year Ending	Pension Benefits
2015	$	13,344
2016	14,379
2017	13,942
2018	14,466
2019	15,748
Years 2020 – 2024	87,338

Multiemployer plans

The following table provides more detail on these significant multiemployer plans (contributions in thousands):



											Expiration
Pension	EIN Pension	Pension Protection Act Zone Status		FIP/RP Status Pending/	Contributions						Date of Collective Bargaining
Fund	Plan Number	2014	2013	Implemented	2014		2013		2012		Agreement
Western Conference of Teamsters Pension Plan	91-6145047 / 001	Green	Green	No	$	1,384	$	1,254	$	1,371	January 2017 (b)
Central States, Southeast and Southwest Areas Pension Plan (a)	36-6044243 / 001	Red	Red	Yes	876		782		746		May 2016 (c)
All other multiemployer plans					1,042		1,113		1,083
		Total Company Contributions			$	3,302	$	3,149	$	3,200


(a)	In July 2005 this plan received a 10 year extension from the IRS for amortizing unfunded liabilities.


(b)	The Company has several plants that participate in the Western Conference of Teamsters Pension Plan under collective bargaining agreements that require minimum funding contributions. Certain of these agreements have expired and are being renegotiated with others having expiration dates through January 1, 2017.


(c)	The Company has several processing plants that participate in the Central States, Southeast and Southwest Areas Pension Plan under collective bargaining agreements that require minimum funding contributions. Certain of these agreements have expired and are being renegotiated with others having expiration dates through May 1, 2016.