Retirement Benefits

9 Months Ended

Nov. 27, 2015

Compensation and Retirement Disclosure [Abstract]

Note 13 – Retirement Benefits

The components of net 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 27,			November 28,			November 27,			November 28,
(In thousands)	2015			2014			2015			2014
Service cost	$	231		$	144		$	549		$	433
Interest cost		1,542			1,833			4,650			5,516
Expected return on plan assets		(1,622	)		(1,617	)		(4,949	)		(4,868	)
Amortization of prior service cost		1			582			3			584
Amortization of actuarial loss		861			710			2,555			2,136

	$	1,013		$	1,652		$	2,808		$	3,801


	Postretirement Benefits Plan
	Three Months Ended						Nine Months Ended
	November 27,			November 28,			November 27,			November 28,
(In thousands)	2015			2014			2015			2014
Service cost	$	1		$	76		$	251		$	276
Interest cost		471			559			1,521			1,909
Expected return on plan assets		(665	)		(762	)		(2,015	)		(2,162	)
Amortization of prior service credit		(174	)		(328	)		(524	)		(978	)
Amortization of actuarial gain		(676	)		(626	)		(1,276	)		(1,076	)

	$	(1,043	)	$	(1,081	)	$	(2,043	)	$	(2,031	)

The Corporation currently sponsors a discretionary profit-sharing plan with a contributory 401(k) provision covering most of its United States employees. The expense attributable to the profit sharing and employer matching 401(k) contributions amounted to $3.0 million and $8.9 million for the three and nine month periods ended November 27, 2015 ($3.0 million and $11.1 million for the three and nine month periods ended November 28, 2014), respectively. The expense for the profit-sharing and 401(k) matching contributions is an estimate as the actual contributions are determined after fiscal year-end. Effective January 1, 2016, the existing profit sharing and 401(k) retirement savings plan was replaced with a safe harbor 401(k) arrangement. Under the new arrangement, the Corporation will increase its matching contributions beginning on the effective date and discontinue the profit-sharing component for fiscal years ending after February 29, 2016.

At November 27, 2015, February 28, 2015 and November 28, 2014, the liability for postretirement benefits other than pensions was $19.8 million, $17.5 million and $20.6 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position. At November 27, 2015, February 28, 2015 and November 28, 2014, the long-term liability for pension benefits was $76.9 million, $81.9 million and $74.8 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position.