RETIREMENT PLANS

4 Months Ended

Jan. 21, 2024

Retirement Benefits [Abstract]

RETIREMENT PLANS

RETIREMENT PLANS

Defined benefit pension plans — The Company sponsors two defined benefit pension plans, a frozen “Qualified Plan” covering substantially all full-time employees hired prior to January 1, 2011, and an unfunded supplemental executive retirement plan (“SERP”) which provides certain employees additional pension benefits and was closed to new participants effective January 1, 2007. Benefits under both plans are based on the employee’s years of service and compensation over defined periods of employment.

Post-retirement healthcare plans — The Company also sponsors two healthcare plans, closed to new participants, that provide post-retirement medical benefits to certain employees who have met minimum age and service requirements. The plans are contributory, with retiree contributions adjusted annually, and they contain other cost-sharing features such as deductibles and coinsurance.

Net periodic benefit cost (credit) — The components of net periodic benefit cost (credit) in each period were as follows (in thousands): 

	Sixteen Weeks Ended
	January 21, 2024		January 22, 2023
Defined benefit pension plans:
Interest cost	$	5,839	$	5,913
Expected return on plan assets	(4,609)		(4,648)
Actuarial losses (1)	933		944
Amortization of unrecognized prior service costs (1)	5		6
Net periodic benefit cost	$	2,168	$	2,215
Post-retirement healthcare plans:
Interest cost	$	219	$	215
Actuarial gains (1)	(281)		(286)
Net periodic benefit credit	$	(62)	$	(71)

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(1)Amounts were reclassified from accumulated other comprehensive income into net earnings as a component of “Other pension and post-retirement expenses, net.”

Future cash flows — The Company’s policy is to fund our plans at or above the minimum required by law. As of the date of our last actuarial funding valuation, there was no minimum contribution funding requirement for the Qualified Plan. Details regarding 2024 contributions are as follows (in thousands):

	SERP		Post-Retirement Healthcare Plans
Net year-to-date contributions	$	1,310	$	388
Remaining estimated net contributions during fiscal 2024	$	3,828	$	717

The Company continues to evaluate contributions to our Qualified Plan based on changes in pension assets as a result of asset performance in the current market and the economic environment. The Company does not anticipate making any contributions to our Qualified Plan in fiscal 2024.