Retirement Benefits

6 Months Ended

Aug. 24, 2012

Retirement Benefits

Note 12 – 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 24,			August 26,			August 24,			August 26,
(In thousands)	2012			2011			2012			2011
Service cost	$	333		$	211		$	667		$	415
Interest cost		1,839			2,145			3,683			4,291
Expected return on plan assets		(1,609	)		(1,671	)		(3,222	)		(3,343	)
Amortization of prior service cost		62			64			123			123
Amortization of actuarial loss		815			558			1,631			1,127
	$	1,440		$	1,307		$	2,882		$	2,613
	Postretirement Benefit
	Three Months Ended						Six Months Ended
	August 24,			August 26,			August 24,			August 26,
(In thousands)	2012			2011			2012			2011
Service cost	$	212		$	362		$	425		$	725
Interest cost		800			1,210			1,600			2,420
Expected return on plan assets		(840	)		(1,097	)		(1,680	)		(2,195	)
Amortization of prior service credit		(519	)		(637	)		(1,038	)		(1,275	)
	$	(347	)	$	(162	)	$	(693	)	$	(325	)

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 24, 2012 was $3.4 million, compared to $5.2 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 24, 2012 were $1.3 million and $2.6 million ($1.2 million and $2.6 million for the three and six month periods ended August 26, 2011), 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 24, 2012, February 29, 2012 and August 26, 2011, the liability for postretirement benefits other than pensions was $27.7 million, $24.8 million and $27.9 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position. At August 24, 2012, February 29, 2012 and August 26, 2011, the long-term liability for pension benefits was $75.6 million, $75.7 million and $60.0 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position.