Retirement Benefits

6 Months Ended

Aug. 26, 2016

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 26,			August 28,			August 26,			August 28,
(In thousands)	2016			2015			2016			2015
Service cost	$	219		$	159		$	405		$	318
Interest cost		1,588			1,550			3,181			3,108
Expected return on plan assets		(1,500	)		(1,659	)		(3,028	)		(3,327	)
Amortization of prior service cost		1			1			2			2
Amortization of actuarial loss		904			846			1,777			1,694
	$	1,212		$	897		$	2,337		$	1,795
	Postretirement Benefits Plan
	Three Months Ended						Six Months Ended
	August 26,			August 28,			August 26,			August 28,
(In thousands)	2016			2015			2016			2015
Service cost	$	86		$	125		$	172		$	250
Interest cost		527			525			1,055			1,050
Expected return on plan assets		(582	)		(675	)		(1,164	)		(1,350	)
Amortization of prior service credit		(174	)		(175	)		(349	)		(350	)
Amortization of actuarial gain		(367	)		(300	)		(734	)		(600	)
	$	(510	)	$	(500	)	$	(1,020	)	$	(1,000	)

As reported in its Annual Report on Form 10-K for the year ended February 29, 2016, prior to January 1, 2016, the Corporation sponsored a discretionary profit-sharing plan with a contributory 401(k) provision covering most of its United States employees. Under this arrangement, the Corporation made separate discretionary profit-sharing and 401(k) matching contributions annually, after fiscal year-end, depending on its financial results.

Effective January 1, 2016, the existing profit-sharing and 401(k) retirement savings plan was replaced with a safe harbor 401(k) arrangement. Pursuant to the new arrangement, the matching contributions became non-discretionary, were increased, and are now made throughout the year, rather than on an annual basis. The increased matching contributions effectively replace the Corporation’s discretionary profit-sharing contributions, which were discontinued for fiscal years ending after February 29, 2016. The 401(k) matching contributions for the three and six month periods ended August 26, 2016 were $3.4 million and $8.5 million, respectively, as compared to the combined expense attributable to the profit-sharing and 401(k) matching contributions for the three and six month periods ended August 28, 2015 of $3.0 million and $5.9 million, respectively.

At August 26, 2016, February 29, 2016 and August 28, 2015, the liability for postretirement benefits other than pensions was $18.9 million, $17.8 million and $19.2 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position. At August 26, 2016, February 29, 2016 and August 28, 2015, the long-term liability for pension benefits was $77.9 million, $80.2 million and $78.6 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position.