Employee Benefits (Tables)

12 Months Ended

Apr. 25, 2020

Retirement Benefits [Abstract]

Schedule of Total Costs Associated with Plans

The table below summarizes the total costs associated with our employee retirement and welfare plans.

	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/25/20		4/27/19		4/28/18
401(k) Retirement Plan	$	9,380	$	9,128	$	7,093
Performance Compensation Retirement Plan	1,115		3,084		1,347
Deferred Compensation Plan	719		284		360
Non-Qualified Defined Benefit Retirement Plan (1)	796		805		845
Net Periodic Pension Cost (2)	—		35,998		4,205

(1) Primarily related to interest cost.

(2)

Refer below for breakdown of net periodic pension cost.

Schedule of Further Information Related to Plans

Further information related to the plan is as follows:

(Amounts in thousands)	4/25/20			4/27/19
Plan obligation included in long-term liabilities	$	16,846		$	15,549
Discount rate used to determine obligation	2.8		%	3.9		%

	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/25/20		4/27/19		4/28/18
Actuarial loss recognized in AOCI	$	218	$	190	$	222
Benefit payments (1)	1,091		1,091		1,091

(1)

Benefit payments are scheduled to be between $1.0 million and $1.1 million annually for the next 10 years.

Further information related to the plan is as follows:

(Amounts in thousands)	4/25/20		4/27/19
Short-term obligation included in other current liabilities	$	638	$	530
Long-term obligation included in other long-term liabilities	12,492		12,023

Further information related to the plan is as follows:

(Amounts in thousands)	4/25/20		4/27/19
Plan obligation included in other long-term liabilities	$	22,282	$	23,854
Cash surrender value on life insurance contracts included in other long-term assets (1)	34,562		34,308
Mutual funds held by plan included in other current assets (2)	76		189

(1) Life insurance contracts are related to the Executive Deferred Compensation Plan and the PCRP.

(2)

Mutual funds are considered trading securities.

Schedule of Net Periodic Pension Costs

For the fiscal years ended April 27, 2019 and April 28, 2018, net periodic pension costs were as follows:

	Fiscal Year Ended
	(52 weeks)			(52 weeks)
(Amounts in thousands)	4/27/19			4/28/18
Service cost	$	851		$	1,316
Interest cost	4,464			4,587
Expected return on plan assets	(4,544		)	(4,818		)
Net amortization	2,556			3,120
Pension termination charge	32,671			—
Net periodic pension cost	$	35,998		$	4,205