XML 46 R31.htm IDEA: XBRL DOCUMENT v3.21.1
Employee Benefit Plans (Tables)
 12 Months Ended
Feb. 27, 2021
Retirement Benefits [Abstract]  
Multiemployer Plan
Our participation in these plans is outlined in the following table. The most recent Pension Protection Act zone status available in 2021 and 2020 relates to the plan years ending December 31, 2020 and December 31, 2019, respectively. The zone status is based on information that we have received from each plan, certified by an actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded.
Pension Protection Act Zone Status
Contributions
(In thousands)
Pension FundEIN/Pension Plan Number20212020202120202019FIP/RP Status Pending/ImplementedMinimum Contribution Surcharge Imposed
Expiration Date of Collective Bargaining Agreement(1)
Atlanta Ironworkers Local Union 387 Pension Plan58-6051152GreenGreen$209 $35 $61 NoNoNo1/31/2017
Glazier's Union Local 27 Pension and Retirement Plan36-6034076GreenGreen290 165 58 NoNoNo5/31/2017
International Painters and Allied Trades Industry Pension Fund52-6073909RedRed932 525 544 ImplementedNoNo11/30/2017
Iron Workers Local Union No. 5 and Iron Workers Employers Assocation Employees Pension Trsut Fund52-1075473GreenGreen1,454 940 858 NoNoNo5/31/2017
Iron Workers Mid-America Pension Fund36-6488227GreenGreen431 767 446 NoNoNo5/31/2017
Iron Workers St. Louis District Council Pension Trust Fund43-6052659GreenGreen63 217 225 NoNoNo
Western Glaziers Retirement Plan (Washington)91-6123685GreenGreen160 526 532 NoNoNo6/30/2017
Other funds584 751 963 
Total contributions$4,123 $3,926 $3,687 
(1) Plans include contributions required by collective bargaining agreements which have expired, but contain provisions automatically renewing their terms in the absence of a subsequent negotiated agreement.
The Company was listed in the plans' Forms 5500 as providing more than 5 percent of the total contributions for the following plans and plan years:
Pension FundYear contributions to Plan Exceeded More Than 5 Percent of Total Contributions
Iron Workers Local Union No. 5 and Iron Workers Employers Assocation Employees Pension Trsut Fund2021, 2020 and 2019
Iron Workers Mid-America Pension Fund2021 and 2020
Iron Workers St. Louis District Council Pension Trust Fund2020
Western Glaziers Retirement Plan (Washington)2020
Schedule of Defined Benefit Plans Disclosures
The following tables present reconciliations of the benefit obligation and the funded status of these plans. The Tubelite plan uses a measurement date as of the calendar month-end closest to our fiscal year-end, while the SERP uses a measurement date aligned with our fiscal year-end.
(In thousands)20212020
Change in projected benefit obligation
Benefit obligation beginning of period$14,371 $13,310 
Interest cost346 492 
Actuarial (gain) loss(175)1,567 
Benefits paid(1,001)(998)
Benefit obligation at measurement date13,541 14,371 
Change in plan assets
Fair value of plan assets beginning of period$5,986 $5,330 
Actual return on plan assets(88)1,002 
Company contributions654 652 
Benefits paid(1,001)(998)
Fair value of plan assets at measurement date5,551 5,986 
Underfunded status$(7,990)$(8,385)
Schedule of Amounts Recognized in Balance Sheet
The funded status was recognized in the consolidated balance sheets as follows:
(In thousands)20212020
Other non-current assets$423 $591 
Current liabilities(683)(682)
Other non-current liabilities(7,730)(8,294)
Total$(7,990)$(8,385)
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized as Components of Net Periodic Benefit Cost The following was included in accumulated other comprehensive loss and has not yet been recognized as a component of net periodic benefit cost:
(In thousands)20212020
Net actuarial loss$5,416 $5,553 
Schedule of Net Benefit Costs
Components of the defined-benefit pension plans' net periodic benefit cost:
(In thousands)202120202019
Interest cost$346 $492 $506 
Expected return on assets(211)(182)(40)
Amortization of unrecognized net loss260 219 226 
Net periodic benefit cost$395 $529 $692 
Schedule of Assumptions Used
Benefit Obligation Weighted-Average Assumptions202120202019
Discount rate2.60 %3.80 %3.80 %
Net Periodic Benefit Expense Weighted-Average Assumptions202120202019
Discount rate2.50 %2.50 %3.85 %
Expected long-term rate of return on assets4.50 %4.50 %4.50 %
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, are expected to be paid by the plans:
(In thousands)202220232024202520262027-2031
Estimated future benefit payments$1,053 $1,007 $971 $935 $919 $4,136