Retirement Benefits

9 Months Ended

Nov. 28, 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						Nine Months Ended
	November 28,			November 29,			November 28,			November 29,
(In thousands)	2014			2013			2014			2013
Service cost	$	144		$	315		$	433		$	955
Interest cost		1,833			1,766			5,516			5,244
Expected return on plan assets		(1,617	)		(1,577	)		(4,868	)		(4,718	)
Amortization of prior service cost		582			68			584			170
Amortization of actuarial loss		710			871			2,136			2,701
	$	1,652		$	1,443		$	3,801		$	4,352

	Postretirement Benefits
	Three Months Ended						Nine Months Ended
	November 28,			November 29,			November 28,			November 29,
(In thousands)	2014			2013			2014			2013
Service cost	$	76		$	48		$	276		$	323
Interest cost		559			572			1,909			1,797
Expected return on plan assets		(762	)		(775	)		(2,162	)		(2,300	)
Amortization of prior service credit		(328	)		(327	)		(978	)		(977	)
Amortization of actuarial gain		(626	)		(357	)		(1,076	)		(782	)
	$	(1,081	)	$	(839	)	$	(2,031	)	$	(1,939	)

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 28, 2014 was $7.5 million, compared to $4.9 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 28, 2014 were $0.9 million and $3.6 million ($1.3 million and $4.0 million for the three and nine month periods ended November 29, 2013), 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 28, 2014, February 28, 2014 and November 29, 2013, the liability for postretirement benefits other than pensions was $20.6 million, $17.9 million and $18.6 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position. At November 28, 2014, February 28, 2014 and November 29, 2013, the long-term liability for pension benefits was $74.8 million, $77.3 million and $81.0 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position.