Retirement Benefits

6 Months Ended

Aug. 29, 2014

Compensation and Retirement Disclosure [Abstract]

Retirement Benefits

Note 13 – Retirement Benefits

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

	Defined Benefit Pension Plans
	Three Months Ended						Six Months Ended
	August 29,			August 30,			August 29,			August 30,
(In thousands)	2014			2013			2014			2013
Service cost	$	145		$	320		$	289		$	640
Interest cost		1,846			1,736			3,683			3,478
Expected return on plan assets		(1,628	)		(1,567	)		(3,251	)		(3,141	)
Amortization of prior service cost		1			51			2			102
Amortization of actuarial loss		720			913			1,426			1,830
	$	1,084		$	1,453		$	2,149		$	2,909
	Postretirement Benefits
	Three Months Ended						Six Months Ended
	August 29,			August 30,			August 29,			August 30,
(In thousands)	2014			2013			2014			2013
Service cost	$	100		$	137		$	200		$	275
Interest cost		675			612			1,350			1,225
Expected return on plan assets		(700	)		(762	)		(1,400	)		(1,525	)
Amortization of prior service credit		(325	)		(325	)		(650	)		(650	)
Amortization of actuarial gain		(225	)		(212	)		(450	)		(425	)
	$	(475	)	$	(550	)	$	(950	)	$	(1,100	)

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 29, 2014 was $5.5 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 29, 2014 were $1.3 million and $2.6 million ($1.4 million and $2.7 million for the three and six month periods ended August 30, 2013), 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 29, 2014, February 28, 2014 and August 30, 2013, the liability for postretirement benefits other than pensions was $19.7 million, $17.9 million and $17.6 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position. At August 29, 2014, February 28, 2014 and August 30, 2013, the long-term liability for pension benefits was $74.5 million, $77.3 million and $81.1 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position.