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Retirement and Welfare (Tables)
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12 Months Ended |
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Apr. 27, 2013
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| Retirement and Welfare [Abstract] |
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| Schedule of amounts recognized in accumulated other comprehensive income (loss) |
The changes in plan assets and benefit obligations were recognized in accumulated other comprehensive loss as follows (pre-tax) (for the fiscal years ended):
(Amounts in thousands) | | 4/27/2013 | | | 4/28/2012 | | Beginning of year net actuarial loss | | $ | 45,270 | | | $ | 27,118 | | Net current year actuarial loss | | | 6,499 | | | | 19,787 | | Amortization of actuarial loss | | | (3,024 | ) | | | (1,635 | ) | End of year net actuarial loss | | $ | 48,745 | | | $ | 45,270 | |
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| Schedule of net periodic pension cost |
The combined net periodic pension cost and retirement costs for retirement plans were as follows (for the fiscal years ended):
(Amounts in thousands) | | | 4/27/2013 | | | 4/28/2012 | | | 4/30/2011 | | Service cost | | | $ | 1,231 | | | $ | 1,110 | | | $ | 1,187 | | Interest cost | | | | 5,325 | | | | 5,565 | | | | 5,531 | | Expected return on plan assets | | | | (6,855 | ) | | | (6,820 | ) | | | (6,027 | ) | Net amortization and deferral | | | | 3,024 | | | | 1,635 | | | | 1,773 | | Net periodic pension cost (hourly plan) | | | | 2,725 | | | | 1,490 | | | | 2,464 | | | 401 (k)* | | | | 2,978 | | | | 2,476 | | | | 2,578 | | Profit sharing* | | | | 2,278 | | | | — | | | | — | | Other* | | | | 191 | | | | 107 | | | | 342 | | Total retirement costs (excluding non-qualified defined benefit retirement plan) | | | $ | 8,172 | | | $ | 4,073 | | | $ | 5,384 | |
*Not determined by an actuary |
| Schedule of changes in the benefit obligations and fair value of assets |
The funded status of the defined benefit pension plan for eligible factory hourly employees was as follows:
(Amounts in thousands) | | 4/27/2013 | | | 4/28/2012 | | Change in benefit obligation | | | | | | | Benefit obligation at beginning of year | | $ | 118,347 | | | $ | 101,602 | | Service cost | | | 1,231 | | | | 1,110 | | Interest cost | | | 5,325 | | | | 5,565 | | Actuarial loss | | | 8,178 | | | | 15,314 | | Benefits paid | | | (9,586 | ) | | | (5,244 | ) | Benefit obligation at end of year | | | 123,495 | | | | 118,347 | | | | | | | | | | | Change in plan assets | | | | | | | | | Fair value of plan assets at beginning of year | | | 89,002 | | | | 86,100 | | Actual return on plan assets | | | 9,060 | | | | 2,659 | | Employer contributions | | | 23,480 | | | | 5,798 | | Other expenses | | | (526 | ) | | | (311 | ) | Benefits paid | | | (9,586 | ) | | | (5,244 | ) | Fair value of plan assets at end of year | | | 111,430 | | | | 89,002 | | | | | | | | | | | Funded status | | $ | (12,065 | ) | | $ | (29,345 | ) |
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| Schedule of amounts recognized in balance sheet |
Amounts included in the consolidated balance sheet related to the defined benefit pension plan for eligible factory hourly employees consist of:
(Amounts in thousands) | | 4/27/2013 | | | 4/28/2012 | | Other long-term liabilities | | $ | (12,065 | ) | | $ | (29,345 | ) |
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| Schedule of assumptions for the defined benefit pension plan |
The actuarial assumptions for the defined benefit pension plan for eligible factory hourly employees were as follows (for the fiscal years ended):
| | 4/27/2013 | | | 4/28/2012 | | | 4/30/2011 | | Discount rate used to determine benefit obligations | | | 4.0 | % | | | 4.6 | % | | | 5.6 | % | Discount rate used to determine net benefit cost | | | 4.6 | % | | | 5.6 | % | | | 5.9 | % | Long-term rate of return | | | 6.3 | % | | | 7.8 | % | | | 8.0 | % |
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| Schedule of asset allocation |
The weighted average asset allocations at year end for the defined benefit pension plan for eligible factory hourly employees were as follows:
| | 4/27/2013 | | | 4/28/2012 | | Equity securities | | | 57 | % | | | 67 | % | Fixed income | | | 29 | % | | | 31 | % | Cash and equivalents | | | 14 | % | | | 2 | % | Total | | | 100 | % | | | 100 | % |
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| Schedule of fair value of the assets |
The following table presents the fair value of the assets in our defined benefit pension plan for eligible factory hourly employees at April 27, 2013, and April 28, 2012. The various levels of the fair value hierarchy are described in Note 19.
Fiscal 2013 | | | | | | | | | | (Amounts in thousands) | | Level 1 (a) | | | Level 2 (a) | | | Level 3 | | Cash and equivalents | | $ | 429 | | | $ | 15,767 | | | $ | — | | Equity funds | | | 47,047 | | | | 16,140 | | | | — | | Debt funds | | | — | | | | 32,047 | | | | — | | Total | | $ | 47,476 | | | $ | 63,954 | | | $ | — | |
| | (a) | There were no transfers between Level 1 and Level 2 during fiscal 2013. |
Fiscal 2012 | | | | | | | | | | (Amounts in thousands) | | Level 1 (b) | | | Level 2 (b) | | | Level 3 | | Cash and equivalents | | $ | 359 | | | $ | 1,377 | | | $ | — | | Equity funds | | | 44,725 | | | | 15,071 | | | | — | | Debt funds | | | — | | | | 27,470 | | | | — | | Total | | $ | 45,084 | | | $ | 43,918 | | | $ | — | |
| | (b) | There were no transfers between Level 1 and Level 2 during fiscal 2012. |
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| Schedule of expected benefit payments |
The expected benefit payments by our defined benefit pension plan for eligible factory hourly employees for each of the next five fiscal years and for periods thereafter are presented in the following table:
(Amounts in thousands) | | Benefit Payments | | 2014 | | $ | 5,331 | | 2015 | | | 5,387 | | 2016 | | | 5,493 | | 2017 | | | 5,653 | | 2018 | | | 5,811 | | 2019 to 2024 | | | 32,014 | | | | $ | 59,689 | |
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