Retirement Plans (Tables)

12 Months Ended

Jan. 02, 2016

Compensation and Retirement Disclosure [Abstract]

Schedule of changes in projected benefit obligations

The following tables provide a reconciliation of the changes in the Company’s pension, SERP and OPEB plans' benefit obligations and fair value of assets for 2015 and 2014, a statement of the funded status as of the years ended 2015 and 2014, respectively, and the amounts recognized in the consolidated balance sheets as of the years ended 2015 and 2014 (in thousands).

	Pensions						SERPs						OPEBs
	2015			2014			2015			2014			2015			2014
Benefit obligation at beginning of year	$	365,326		$	319,151		$	18,508		$	17,824		$	1,789		$	2,075
Service cost	—			—			—			—			2			2
Interest cost	13,341			14,027			656			754			63			88
Actuarial (gain) loss	(14,715		)	55,821			(94		)	1,925			(274		)	(254		)
Benefits paid	(18,051		)	(23,673		)	(2,072		)	(1,995		)	(76		)	(122		)
Benefit obligation at end of year	$	345,901		$	365,326		$	16,998		$	18,508		$	1,504		$	1,789

Schedule of changes in fair value of plan assets

The following table provides a reconciliation of the Company’s fair value of plan assets:

	Pensions						SERPs						OPEBs
	2015			2014			2015			2014			2015			2014
Fair value of plan assets at beginning of year	$	267,635		$	260,917		$	—		$	—		$	—		$	—
Actual return on plan assets	(6,610		)	18,466			—			—			—			—
Employer contributions	4,545			11,925			2,072			1,995			76			122
Benefits paid	(18,051		)	(23,673		)	(2,072		)	(1,995		)	(76		)	(122		)
Fair value of plan assets at end of year	$	247,519		$	267,635		$	—		$	—		$	—		$	—

Schedule of net funded status

The following table shows the funded status at the end of the year:

	Pensions						SERPs						OPEBs
	2015			2014			2015			2014			2015			2014
Funded status at end of year	$	(98,382	)	$	(97,691	)	$	(16,998	)	$	(18,508	)	$	(1,504	)	$	(1,789	)

Schedule of net periodic benefit cost recognized in accumulated other comprehensive loss

The following table shows amounts recognized in AOCI:

	Pensions				SERPs				OPEBs
	2015		2014		2015		2014		2015			2014
Net actuarial loss (gain)	$	119,712	$	115,438	$	5,438	$	5,872	$	(1,045	)	$	(830	)
Prior service cost	—		—		—		—		44			44
Total	$	119,712	$	115,438	$	5,438	$	5,872	$	(1,001	)	$	(786	)

Schedule of amounts recognized in the balance sheet

The following table shows amounts recognized in the consolidated balance sheets:

	Pensions				SERPs				OPEBs
	2015		2014		2015		2014		2015		2014
Other current liabilities	$	—	$	—	$	1,967	$	1,989	$	130	$	164
Other liabilities	98,382		97,691		15,031		16,519		1,374		1,625
Total liabilities	$	98,382	$	97,691	$	16,998	$	18,508	$	1,504	$	1,789

Schedule of net benefit costs

The following table provides components of the net periodic cost for the pension, SERP and OPEB plans for the years ended 2015, 2014 and 2013 (in thousands):

	For The Years Ended
	2015			2014			2013
Service cost	$	2		$	2		$	—
Interest cost	14,061			14,870			13,716
Expected return on plan assets	(20,976		)	(20,792		)	(18,455		)
Net amortization and deferral	—			—			(6		)
Recognized net actuarial loss	8,877			3,220			7,779
Net periodic expense (benefit)	$	1,964		$	(2,700	)	$	3,034

Schedule of assumptions used in computing net periodic cost and funded status

The assumptions used were as follows:

	2015		2014		2013
Discount rate used to calculate net periodic benefit expense	3.75	%	4.50	%	3.75	%
Discount rate used to calculate projected benefit obligation	4.00	%	3.75	%	4.50	%
Expected long-term rate of return on plan assets	8.00	%	8.00	%	8.00	%
Rate of compensation increase	n/a		n/a		n/a

Schedule of benefit obligations in excess of fair value of plan assets

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows (in thousands):

	2015		2014
Projected benefit obligation	$	362,899	$	383,834
Accumulated benefit obligation	362,899		383,834
Fair value of plan assets	247,519		267,635

Schedule of expected benefit payments

The estimated pension benefit payments expected to be paid by the pension plans and the estimated SERP and OPEB payments expected to be paid by the Company for the years 2016 through 2020, and in the aggregate for the years 2021 through 2025, are as follows (in thousands):

	Pension Plans		SERP		OPEB
2016	$	17,867	$	2,006	$	133
2017	18,122		1,870		129
2018	18,609		1,707		126
2019	19,001		1,642		122
2020	19,356		1,574		118
2021 through 2025	101,485		6,680		526

Schedule of allocation of plan assets

The range of asset allocations and the target allocations for the pension plan assets were as follows:

	2015				2014				Target
Equity securities	49	%	62	%	48	%	62	%	60	%	75	%
Fixed income securities	29	%	33	%	26	%	33	%	25	%	35	%
Alternative investments and other	5	%	22	%	5	%	26	%	10	%	30	%

The fair values of the Company’s pension plan assets as of the years ended 2015 and 2014, by asset category are as follows (in thousands):

	2015								2014
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	12,306	$	—	$	—	$	12,306	$	6,661	$	—	$	—	$	6,661
Equity	120,953		—		—		120,953		133,833		—		—		133,833
Fixed income	12,497		49,993		—		62,490		16,696		50,203		—		66,899
Other	—		1,489		—		1,489		—		1,599		—		1,599
Alternative investments	—		—		50,281		50,281		—		—		58,643		58,643
Total pension plan assets	$	145,756	$	51,482	$	50,281	$	247,519	$	157,190	$	51,802	$	58,643	$	267,635

Schedule of changes in fair value of level 3 assets

The following table provides a summary of changes in the fair value of the Company’s Level 3 assets (in thousands):

	Alternative Investments
Balance as of the year ended 2013	$	53,116
Asset sales (1)	(2,884		)
Asset purchases	2,884
Unrealized gains	5,527
Balance as of the year ended 2014	58,643
Asset sales (1)	(7,010		)
Asset purchases	—
Unrealized losses	(1,352		)
Balance as of the year ended 2015	$	50,281

__________________________

(1) Gains (losses) of approximately $2.5 million and ($0.1 million) were realized on sales during 2015 and 2014, respectively.

Schedule of multiemployer plans

The Company's participation in these plans for the years ended 2015, 2014 and 2013, is outlined in the table below:

Pension Fund	EIN	Pension Plan Number	Pension Protection Act Reported Status (1)		FIP/RP Status (2)	Contributions						Surcharge imposed	Expiration Date of Collective Bargaining Agreement
			2015	2014		2015		2014		2013
						(in thousands)
GCC/IBT National Pension Fund	526118568	001	Red	Red	Implemented	$219		$220		$262		No	6/30/2016
GCC/IBT National Pension Fund	526118568	001	Red	Red	Implemented	177		135		100		No	2/26/2017
GCC/IBT National Pension Fund	526118568	001	Red	Red	Implemented	—		11		14		No	4/30/2017
CWA/ITU Negotiated Pension Plan	136212879	001	Red	Red	Implemented	158		—		88		No	3/1/2018
				Total contributions		$	554	$	366	$	1,143

__________________________

(1) Unless otherwise noted, the most recent Pension Protection Act ("PPA") zone status available in 2015 and 2014 is for the plan's year end, not the Company's year end. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded.

(2) The FIP/RP Status column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented.