notes to the Consolidated Financial Statements (cont’d) Long-term debt Finance lease obligations 14. FUTURE EmPlOyEE bENEFITS deScription of penSion and non-penSion benefit planS canadian management penSion planS Prior to November 30, 2011, the Company’s U.S. subsidiary had an interest rate swap agreement in place that converted principal and  interest payments from Canadian to U.S. dollars and was used to hedge the foreign exchange exposure on the Company’s 6.31%  Series A note. As of November 30, 2011, the Company divested itself of the swap. As of January 1, 2011, the notional amount of the  interest rate swap was US$15.8 million and as of January 3, 2010 was US$17.2 million, whereby it received a Canadian dollar fixed rate  of interest of 6.31% and paid a fixed U.S. dollar rate equal to 6.26% on the notional amount.  The principal payments required on long-term debt and finance leases in each of the next five fiscal periods and thereafter are as follows: In Canada, the Company maintains a number of defined contribution plans and defined benefit pension plans covering all Canadian  employees. With respect to United States employees, the Company’s subsidiary maintains a defined contribution plan (401k) that  covers all U.S. employees.  The Company sponsors four funded and four non-funded defined benefit pension plans. No Company pension plans provide  indexation in retirement.  The funded defined pension benefit plan for the Nova Scotia union employees is a flat-dollar plan with negotiated increases.  The funded defined benefit plan for Canadian salaried employees has been wound up with only a few members who have not yet  confirmed whether they will elect to be transferred to the Company’s Defined Contribution Plan for salaried employees or have an  annuity purchased on their behalf. The Company also sponsors a non-pension benefit plan for employees hired before May 19, 1993. This benefit is a paid-up life  insurance policy or a lump sum payment based on the employee’s final earnings at retirement. The Company has pension plans for its management employees as follows: Effective December 31, 1999, the Company introduced a new Defined Contribution Pension plan for all salaried employees including  new Named Executive Officers (“NEOs”). The Company also sponsors a defined benefit plan specifically for Canadian management  employees (the “Management Plan”). On December 31, 2011, 21 persons were enrolled as active members in the Management Plan  including the NEOs who are Canadian residents and were employed prior to January 1, 2000. The objective of the Management Plan is  to provide an annual pension (including Canada Pension Plan) of 2% of the average of a member’s highest five years’ regular earnings  while a member of the Management Plan multiplied by the number of years of credited service. Incentive payments are not eligible  earnings for pension purposes. The Management Plan for the NEOs in Canada was grandfathered, and no new entrants are permitted.  79 AnnuAl RepoRt 2011 Finance lease  Imputed  Finance lease (Amounts in $000s) payments   interest  liabilities 2012  1,245  181  1,064 2013  919  128  791 2014  702  83  619 2015  566  52  514 2016  554  24  530 Thereafter  146  1  145 (Amounts in $000s) Notes payable 2012  2,543 2013  3,813 2014  7,628 2015  7,628 2016  7,628 Thereafter  225,010