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Retirement Benefits
6 Months Ended
Aug. 26, 2011
Retirement Benefits [Abstract] 
Retirement Benefits

Note 14 — Retirement Benefits

The components of periodic benefit cost for the Corporation’s defined benefit pension and postretirement benefit plans are as follows:

 

                                 
    Defined Benefit Pension  
    Three Months Ended     Six Months Ended  
    August 26,     August 27,     August 26,     August 27,  
(In thousands)   2011     2010     2011     2010  

Service cost

  $ 211     $ 250     $ 415     $ 501  

Interest cost

    2,145       2,206       4,291       4,418  

Expected return on plan assets

    (1,671     (1,654     (3,343     (3,314

Amortization of prior service cost

    64       44       123       88  

Amortization of actuarial loss

    558       524       1,127       1,050  
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 1,307     $ 1,370     $ 2,613     $ 2,743  
   

 

 

   

 

 

   

 

 

   

 

 

 
                                 
    Postretirement Benefit  
    Three Months Ended     Six Months Ended  
    August 26,     August 27,     August 26,     August 27,  
(In thousands)   2011     2010     2011     2010  

Service cost

  $ 362     $ 575     $ 725     $ 1,150  

Interest cost

    1,210       1,550       2,420       3,100  

Expected return on plan assets

    (1,097     (1,125     (2,195     (2,250

Amortization of prior service credit

    (637     (1,850     (1,275     (3,700

Amortization of actuarial loss

    —         250       —         500  
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ (162   $ (600   $ (325   $ (1,200
   

 

 

   

 

 

   

 

 

   

 

 

 

The Corporation has a discretionary profit-sharing plan with a 401(k) provision covering most of its United States employees. The profit-sharing plan expense for the six months ended August 26, 2011 was $5.2 million, compared to $4.5 million in the prior year period. The Corporation also matches a portion of 401(k) employee contributions. The expenses recognized for the three and six month periods ended August 26, 2011 were $1.2 million and $2.6 million ($1.0 million and $2.1 million for the three and six month periods ended August 27, 2010), respectively. The profit-sharing plan and 401(k) matching expenses for the six month periods are estimates as actual contributions are determined after fiscal year-end.

At August 26, 2011, February 28, 2011 and August 27, 2010, the liability for postretirement benefits other than pensions was $27.9 million, $24.1 million and $49.2 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position. At August 26, 2011, February 28, 2011 and August 27, 2010, the long-term liability for pension benefits was $60.0 million, $60.1 million and $58.9 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position.