Employee Benefit Plans (Tables)

12 Months Ended

Dec. 30, 2017

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 (December 31, 2017 and December 31, 2016) (in thousands):



	December 30, 2017			December 31, 2016
Change in projected benefit obligation:
Projected benefit obligation at beginning of period	$	189,290		$	182,276
Service cost	3,043			2,549
Interest cost	6,711			6,950
Employee contributions	436			439
Plan amendments	(8		)	101
Actuarial loss/(gain)	8,051			7,905
Benefits paid	(7,063		)	(7,146		)
Effect of curtailment	—			(1,286		)
Effect of settlement	(884		)	(953		)
Other	5,152			(1,545		)
Projected benefit obligation at end of period	204,728			189,290

Change in plan assets:
Fair value of plan assets at beginning of period	134,909			127,970
Actual return on plan assets	19,030			10,138
Employer contributions	4,214			5,250
Employee contributions	436			439
Benefits paid	(7,063		)	(7,146		)
Effect of settlement	(884		)	(953		)
Divestiture	(2,262		)	—
Other	2,137			(789		)
Fair value of plan assets at end of period	150,517			134,909

Funded status	(54,211		)	(54,381		)
Net amount recognized	$	(54,211	)	$	(54,381	)

Amounts recognized in the consolidated balance sheets consist of:
Current liability	$	(1,440	)	$	(1,229	)
Noncurrent liability	(52,771		)	(53,152		)
Net amount recognized	$	(54,211	)	$	(54,381	)

Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	$	43,651		$	52,525
Prior service cost/(credit)	371			417
Net amount recognized (a)	$	44,022		$	52,942


(a)	Amounts do not include deferred taxes of $16.3 million and $19.4 million at December 30, 2017 and December 31, 2016, respectively.

Schedule of Accumulated and Projected Benefit Obligations



	December 30, 2017		December 31, 2016
Projected benefit obligation	$	204,728	$	189,290
Accumulated benefit obligation	192,192		181,340
Fair value of plan assets	150,517		134,909

Schedule of Defined Benefit Plans Disclosures

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



	December 30, 2017			December 31, 2016			January 2, 2016
Service cost	$	3,043		$	2,549		$	6,638
Interest cost	6,711			6,950			10,536
Expected return on plan assets	(7,181		)	(7,552		)	(12,229		)
Net amortization and deferral	4,821			4,668			5,034
Curtailment	—			(1,285		)	(1,181		)
Settlement	42			(114		)	(2,353		)
Net pension cost	$	7,436		$	5,216		$	6,445

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

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



	2017		2016
Actuarial (loss)/gain recognized:
Reclassification adjustments	$	2,985	$	2,846
Actuarial (loss)/gain recognized during the period	2,763		(3,861		)
Amortization of settlement	27		(69		)
Prior service (cost) credit recognized:
Reclassification adjustments	24		24
Other	30		44
	$	5,829	$	(1,016	)

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic pension cost in fiscal 2018 is as follows (in thousands):



	2018
Net actuarial loss	$	3,556
Prior service cost	35
	$	3,591

Schedule of Assumptions Used

Weighted average assumptions used to determine benefit obligations were:



	December 30, 2017	December 31, 2016	January 2, 2016

Discount rate	3.40%	3.81%	4.13%
Rate of compensation increase	0.38%	0.38%	0.31%

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



	December 30, 2017	December 31, 2016	January 2, 2016
Discount rate	3.49%	3.55%	3.47%
Rate of increase in future compensation levels	0.43%	0.84%	0.38%
Expected long-term rate of return on assets	6.17%	6.52%	6.62%

Schedule of Target Allocation of Plan Assets



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

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

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 31, 2016
Fixed Income:
Long Term	$	17,408	$	17,408	$	—	$	—
Short Term	2,825		2,825		—		—
Equity Securities:
Domestic equities	41,300		41,300		—		—
International equities	24,403		24,403		—		—
Insurance contracts	10,670		—		7,887		2,783
Total categorized in fair value hierarchy	96,606		85,936		7,887		2,783
Other investments measured at NAV	38,303
Totals	$	134,909	$	85,936	$	7,887	$	2,783

Balances as December 30, 2017
Fixed Income:
Long Term	$	23,231	$	23,231	$	—	$	—
Short Term	1,869		1,869		—		—
Equity Securities:
Domestic equities	44,173		44,173		—		—
International equities	28,152		28,152		—		—
Insurance contracts	9,876		—		6,501		3,375
Total categorized in fair value hierarchy	107,301		97,425		6,501		3,375
Other investments measured at NAV	43,216
Totals	$	150,517	$	97,425	$	6,501	$	3,375

Schedule of Expected Benefit Payments

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



Year Ending	Pension Benefits
2018	$	9,780
2019	9,790
2020	9,641
2021	11,385
2022	11,098
Years 2023 – 2027	61,843

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	2017	2016	Implemented	2017		2016		2015		Agreement
Western Conference of Teamsters Pension Plan	91-6145047 / 001	Green	Green	No	$	1,524	$	1,456	$	1,387	April 2020 (b)
Central States, Southeast and Southwest Areas Pension Plan (a)	36-6044243 / 001	Red	Red	Yes	968		934		858		August 2018 (c)
All other multiemployer plans					980		983		986
		Total Company Contributions			$	3,472	$	3,373	$	3,231


(a)	In July 2005 this plan received a 10 year extension from the IRS for amortizing unfunded liabilities. In April 2016 the IRS approved a modification of the amortization extension.


(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 April 1, 2020.


(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 August 6, 2018.

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The fair value measurement of plan assets using significant unobservable inputs (level 3) changed due to the following:



	Insurance
(in thousands of dollars)	Contracts
Balance as of January 2, 2016	$	2,320
Unrealized gains/(losses) relating to instruments still held in the reporting period.	316
Purchases, sales, and settlements	244
Exchange rate changes	(97		)
Balance as of December 31, 2016	2,783
Unrealized gains/(losses) relating to instruments still held in the reporting period.	203
Purchases, sales, and settlements	—
Exchange rate changes	389
Balance as of December 30, 2017	$	3,375