Retirement Benefits

6 Months Ended

Aug. 28, 2015

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
(In thousands)	August 28, 2015			August 29, 2014			August 28, 2015			August 29, 2014
Service cost	$	159		$	145		$	318		$	289
Interest cost		1,550			1,846			3,108			3,683
Expected return on plan assets		(1,659	)		(1,628	)		(3,327	)		(3,251	)
Amortization of prior service cost		1			1			2			2
Amortization of actuarial loss		846			720			1,694			1,426
	$	897		$	1,084		$	1,795		$	2,149

	Postretirement Benefits Plan
	Three Months Ended						Six Months Ended
(In thousands)	August 28, 2015			August 29, 2014			August 28, 2015			August 29, 2014
Service cost	$	125		$	100		$	250		$	200
Interest cost		525			675			1,050			1,350
Expected return on plan assets		(675	)		(700	)		(1,350	)		(1,400	)
Amortization of prior service credit		(175	)		(325	)		(350	)		(650	)
Amortization of actuarial gain		(300	)		(225	)		(600	)		(450	)
	$	(500	)	$	(475	)	$	(1,000	)	$	(950	)

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 28, 2015 was $3.4 million, compared to $5.5 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 28, 2015 were $1.3 million and $2.6 million ($1.3 million and $2.6 million for the three and six month periods ended August 29, 2014), 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 28, 2015, February 28, 2015 and August 29, 2014, the liability for postretirement benefits other than pensions was $19.2 million, $17.5 million and $19.7 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position. At August 28, 2015, February 28, 2015 and August 29, 2014, the long-term liability for pension benefits was $78.6 million, $81.9 million and $74.5 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position.