Retirement Benefits

9 Months Ended

Nov. 23, 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						Nine Months Ended
	November 23,			November 25,			November 23,			November 25,
(In thousands)	2012			2011			2012			2011
Service cost	$	386		$	206		$	1,053		$	621
Interest cost		1,864			2,127			5,547			6,418
Expected return on plan assets		(1,632	)		(1,655	)		(4,854	)		(4,998	)
Amortization of prior service cost		61			61			184			184
Amortization of actuarial loss		1,005			557			2,636			1,684
	$	1,684		$	1,296		$	4,566		$	3,909

	Postretirement Benefit
	Three Months Ended						Nine Months Ended
	November 23,			November 25,			November 23,			November 25,
(In thousands)	2012			2011			2012			2011
Service cost	$	88		$	363		$	513		$	1,088
Interest cost		531			1,210			2,131			3,630
Expected return on plan assets		(893	)		(1,098	)		(2,573	)		(3,293	)
Amortization of prior service credit		(519	)		(638	)		(1,557	)		(1,913	)
Amortization of actuarial gain		(339	)		—			(339	)		—
	$	(1,132	)	$	(163	)	$	(1,825	)	$	(488	)

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 nine months ended November 23, 2012 was $3.9 million, compared to $6.3 million in the prior year period. The Corporation also matches a portion of 401(k) employee contributions. The expenses recognized for the three and nine month periods ended November 23, 2012 were $2.3 million and $4.9 million ($1.9 million and $4.5 million for the three and nine month periods ended November 25, 2011), respectively. The profit-sharing plan and 401(k) matching expenses for the nine month periods are estimates as actual contributions are determined after fiscal year-end.

At November 23, 2012, February 29, 2012 and November 25, 2011, the liability for postretirement benefits other than pensions was $28.6 million, $24.8 million and $29.9 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position. At November 23, 2012, February 29, 2012 and November 25, 2011, the long-term liability for pension benefits was $75.7 million, $75.7 million and $59.8 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position.