Retirement Benefits

9 Months Ended

Nov. 25, 2016

Compensation and Retirement Disclosure [Abstract]

Retirement Benefits

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
(In thousands)	November 25, 2016			November 27, 2015			November 25, 2016			November 27, 2015
Service cost	$	203		$	231		$	608		$	549
Interest cost		1,586			1,542			4,767			4,650
Expected return on plan assets		(1,510	)		(1,622	)		(4,538	)		(4,949	)
Amortization of prior service cost		1			1			3			3
Amortization of actuarial loss		886			861			2,663			2,555
	$	1,166		$	1,013		$	3,503		$	2,808

	Postretirement Benefits Plan
	Three Months Ended						Nine Months Ended
(In thousands)	November 25, 2016			November 27, 2015			November 25, 2016			November 27, 2015
Service cost	$	40		$	1		$	212		$	251
Interest cost		527			471			1,582			1,521
Expected return on plan assets		(593	)		(665	)		(1,757	)		(2,015	)
Amortization of prior service credit		(175	)		(174	)		(524	)		(524	)
Amortization of actuarial gain		(381	)		(676	)		(1,115	)		(1,276	)
	$	(582	)	$	(1,043	)	$	(1,602	)	$	(2,043	)

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 nine month periods ended November 25, 2016 were $3.4 million and $11.9 million, respectively, as compared to the combined expense attributable to the profit-sharing and 401(k) matching contributions for the three and nine month periods ended November 27, 2015 of $3.0 million and $8.9 million, respectively.

At November 25, 2016, February 29, 2016 and November 27, 2015, the liability for postretirement benefits other than pensions was $19.9 million, $17.8 million and $19.8 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position. At November 25, 2016, February 29, 2016 and November 27, 2015, the long-term liability for pension benefits was $77.4 million, $80.2 million and $76.9 million, respectively, and is included in “Other liabilities” on the Consolidated Statement of Financial Position.