XML 35 R20.htm IDEA: XBRL DOCUMENT v3.23.2
Employee Benefits
 12 Months Ended
Apr. 29, 2023
Retirement Benefits [Abstract]  
Employee Benefits Employee Benefits
The table below summarizes the total costs associated with our employee retirement and welfare plans.
Fiscal Year Ended
(52 weeks)(53 weeks)(52 weeks)
(Amounts in thousands)4/29/20234/30/20224/24/2021
401(k) Retirement Plan$12,877 $11,763 $7,313 
Performance Compensation Retirement Plan160 1,654 3,810 
Deferred Compensation Plan202 242 24 
Non-Qualified Defined Benefit Retirement Plan (1)
748 763 803 
(1)Primarily related to interest cost

401(k) Retirement Plan. Voluntary 401(k) retirement plans are offered to eligible employees within certain U.S. operating units. For most operating units, we make matching contributions based on specific formulas.

Performance Compensation Retirement Plan. A performance compensation retirement plan ("PCRP") is maintained for eligible highly compensated employees. Beginning in fiscal 2023, contributions into the plan are no longer being made. Prior year contributions were based on achievement of performance targets. Employees vest in these prior period contributions if they achieve certain age and years of service with the Company and can elect to receive benefit payments over a period ranging between five to twenty years after they leave the Company. While the Company no longer makes contributions, the outstanding liability balance related to the plan is as follows:

(Amounts in thousands)4/29/20234/30/2022
Short-term obligation included in other current liabilities$2,103 $1,922 
Long-term obligation included in other long-term liabilities11,895 13,898 

Executive Deferred Compensation Plan. We maintain an executive deferred compensation plan for eligible highly compensated employees, an element of which may include Company contributions. Further information related to the plan is as follows:

(Amounts in thousands)4/29/20234/30/2022
Plan obligation included in other long-term liabilities$21,689 $24,595 
Cash surrender value on life insurance contracts included in other long-term assets (1)
40,723 42,699 
(1)Life insurance contracts are related to the Executive Deferred Compensation Plan and the PCRP.

Non-Qualified Defined Benefit Retirement Plan. We maintain a non-qualified defined benefit retirement plan for certain former salaried employees. We hold available-for-sale marketable securities to fund future obligations of this plan in a Rabbi trust (refer to Note 8, Investments, and Note 20, Fair Value Measurements, for additional information on these investments). We are not required to fund the non-qualified defined benefit retirement plan in fiscal 2024; however, we have the discretion to make contributions to the Rabbi trust. Further information related to the plan is as follows:

(Amounts in thousands)4/29/20234/30/2022
Short-term plan obligation included in other current liabilities$1,053 $1,059 
Long-term plan obligation included in other long-term liabilities11,053 12,461 
Discount rate used to determine obligation5.3 %4.3 %

Fiscal Year Ended
(52 weeks)(53 weeks)(52 weeks)
(Amounts in thousands)4/29/20234/30/20224/24/2021
Actuarial loss recognized in AOCI$193 $306 $347 
Benefit payments (1)
1,091 1,182 1,091 
(1)Benefit payments are scheduled to be between $1.0 million and $1.1 million annually for the next 10 years.