Pension Plans (Tables)

12 Months Ended

Jun. 02, 2015

Pension Plans [Abstract]

Schedule of Changes in Benefit Obligation and Plan Assets

The measurement dates in the following tables are May 31, 2015 and May 31, 2014.

	Fiscal Year
	2015		2014
	(in thousands)
Change In Benefit Obligation
Projected benefit obligation at beginning of year	$	39,706	$	41,906
Service cost		1,404		1,622
Interest cost		1,487		1,815
Benefits paid from the plans (including expenses)		(2,344)		(2,261)
Actuarial loss (gain)		777		(3,376)
Projected benefit obligation at end of year	$	41,030	$	39,706
Accumulated benefit obligation at end of year	$	39,532	$	38,057

	Fiscal Year
	2015		2014
	(in thousands)
Change in Plan Assets
Fair value of plan assets at beginning of year (a)	$	37,835	$	33,376
Actual return on plan assets		3,512		4,720
Employer contributions		2,004		2,000
Benefits paid from the plans (including expenses)		(2,344)		(2,261)
Fair value of plan assets at end of year (a)	$	41,007	$	37,835

(a)  No portion of plan assets has been invested in shares of the Company’s common stock.

Schedule of Reconciliation of Funded Status

	Fiscal Year
	2015		2014
	(in thousands)
Reconciliation of Funded Status
Fair value of plan assets	$	41,007	$	37,835
Projected benefit obligations		(41,030)		(39,706)
Funded status at end of year	$	(23)	$	(1,871)
Amount of asset or (liability) recognized at end of year	$	(23)	$	(1,871)

Schedule of Funded Status Recognized in the Consolidated Balance Sheet

	Fiscal Year
	2015		2014
	(in thousands)
Funded Status Recognized in Consolidated Balance Sheet
Non-current asset (c)	$	293	$	—
Current liability (d)		(316)		(4)
Non-current liability (d)		—		(1,867)
Net amount (asset (obligation)) recognized in the Consolidated Balance Sheet	$	(23)	$	(1,871)

(c)   Non-current asset primarily consists of the fair value of plan assets in excess of the projected benefit obligation

      of the DB Plan.

(d)   Current liability for Fiscal Year 2015 consists of the unfunded SERP.  Fiscal Year 2014 non-current liability

consists of $1,575 in underfunding of the DB plan plus $292 for the unfunded SERP. 

Schedule of Pretax Amounts Recognized in Accumulated Other Comprehensive Income or Loss (AOCI)

	Fiscal Year
	2015		2014
	(in thousands)
Pretax Amounts Recognized In Accumulated Other Comprehensive Income Or Loss (AOCI)
Unrecognized net actuarial loss	$	238	$	353
Unrecognized prior service cost / (credit)		(73)		(80)
Accumulated other comprehensive (income) loss (e)	$	165	$	273

(e)   Accumulated contributions were in excess of net periodic benefit cost by $143 as of June 2, 2015.  As of June 3, 2014, accumulated net periodic pension cost exceed accumulated contributions by $1,599.

Schedule of Estimated Amounts that will be Amortized into AOCI into Net Periodic Pension Cost in Fiscal Year 2015

NOTE H - PENSION PLANS (continued)

The estimated amounts that will be amortized from AOCI into net periodic pension cost in Fiscal Year 2016 are as follows:

	Fiscal Year 2016
	(in thousands)
Net actuarial loss	$	53
Prior service cost (credit)		(8)
	$	45

Schedule of Benefit Obligations in excess of Fair Value of Plan Assets

The projected benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets at the measurement date were as follows: 

	Fiscal Year
	2015		2014
	(in thousands)
Projected benefit obligation at end of year	$	41,030	$	39,706
Fair value of plan assets at end of year		41,007		37,834

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

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of plan assets at the measurement date were as follows:

	Fiscal Year
	2015		2014
	(in thousands)
Projected benefit obligation at end of year	$	41,030	$	39,706
Accumulated benefit obligation at end of year (f)		39,532		38,057
Fair value of plan assets at end of year		41,007		37,834

Schedule of Net Periodic Pension Cost Components

	Fiscal Year
	2015		2014		2013
	(in thousands)
Net Periodic Pension Cost Components
Service cost	$	1,404	$	1,622	$	1,803
Interest cost		1,487		1,815		1,734
Expected return on plan assets		(2,675)		(2,416)		(1,995)
Amortization of prior service cost		(8)		(8)		(8)
Amortization of net actuarial loss		55		850		1,713
Net periodic pension cost (g)	$	263	$	1,863	$	3,247

Schedule of Changes in Other Comprehensive Invome (Pretax)

	Fiscal Year
	2015		2014		2013
	(in thousands)
Changes In Other Comprehensive Income (Pretax)
Changes in plan assets and benefit obligations recognized in other comprehensive income:
Current year actuarial (gain)	$	(60)	$	(5,680)	$	(5,403)
Amounts recognized as a component of net periodic benefit cost:
Amortization of actuarial loss		(55)		(850)		(1,713)
Amortization of prior service costs		8		8		8
Total recognized in other comprehensive (income) loss	$	(107)	$	(6,522)	$	(7,108)
Total recognized in net periodic pension cost and other comprehensive loss (income)	$	156	$	(4,659)	$	(3,861)

Schedule of Weighted Average Assumptions

	Fiscal Year
	2015	2014	2013
Weighted Average Assumptions
Discount rate - net periodic pension cost	3.90%	4.40%	4.25%
Discount rate - projected benefit obligation	3.90%	3.90%	4.40%
Rate of compensation increase - net periodic pension cost	2.13%	4.00%	4.00%
Rate of compensation increase - projected benefit obligation	2.07%	2.13%	4.00%
Expected long-term rate of return on plan assets	7.25%	7.25%	7.50%

Schedule of Expected Benefit Payments

The following table shows the estimated future benefit payments for the DB plans and the SERP:

Expected Benefit Payments	(in thousands)
Fiscal Year 2016	$	2,914
Fiscal Year 2017		2,780
Fiscal Year 2018		2,510
Fiscal Year 2019		2,854
Fiscal Year 2020		2,744
Next 5 Years 2021 - 2025		15,022

Schedule of Allocation of Plan Assets

Target and actual pension plan asset allocations are summarized as follows:

Schedule of Plan Assets Measured at Fair Value

The following table summarizes the plan assets measured at fair value as of May 31, 2015 and May 31, 2014: 

	Fiscal Year
	2015				2014
	(in thousands)
	Level 1		Level 2		Level 1		Level 2
Money market funds	$		$	194	$	—	$	412
U.S. Treasury and agency obligations				1,940		—		1,840
Corporate obligations				7,715		—		7,193
Mutual funds		29,712				26,787		—
Foreign obligations and other				1,446		—		1,602
Total	$	29,712	$	11,295	$	26,787	$	11,047