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Pension and Savings Plans (Tables)
12 Months Ended
Aug. 31, 2013
Compensation And Retirement Disclosure [Abstract]  
Weighted Average Asset Allocation for Pension Plan Assets

The fair values of investments by level and asset category and the weighted-average asset allocations of the Company’s pension plans at the measurement date are presented in the following table:

 

August 31, 2013

 
     Fair
Value
     Asset Allocation     Fair Value Hierarchy  

(in thousands)

      Actual     Target     Level 1      Level 2      Level 3  

U.S. equities

   $ 57,931         27.9     30.0   $ —         $ 57,931       $ —     

International equities

     38,145         18.3        20.0        —           38,145         —     

Emerging equities

     19,030         9.1        10.0        —           19,030         —     

High yield equities

     19,858         9.5        10.0        —           19,858         —     

Alternative investments

     1,226         0.6        —          —           —           1,226   

Fixed income securities

     59,500         28.6        30.0        —           59,500         —     

Cash and cash equivalents

     12,430         6.0        —          —           12,430         —     
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 
   $ 208,120         100.0     100.0   $ —         $ 206,894       $ 1,226   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 

 

 

August 25, 2012

 
     Fair
Value
     Asset Allocation     Fair Value Hierarchy  

(in thousands)

      Actual     Target     Level 1      Level 2      Level 3  

U.S. equities

   $ 51,101         28.2     30.0   $ —         $ 51,101       $ —     

International equities

     31,767         17.5        20.0        —           31,767         —     

Emerging equities

     16,471         9.1        10.0        —           16,471         —     

High yield equities

     17,378         9.6        10.0        —           17,378         —     

Alternative investments

     2,404         1.3        —          —           —           2,404   

Fixed income securities

     47,667         26.3        30.0        —           47,667         —     

Cash and cash equivalents

     14,621         8.0        —          —           14,621         —     
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

    

 

 

 
   $ 181,409         100.0     100.0   $ —         $ 179,005       $ 2,404   
Change in Fair Value of Level 3 Assets

The change in fair value of Level 3 assets that use significant unobservable inputs is presented in the following table:

 

(in thousands)

   Level 3
Assets
 

Beginning balance – August 25, 2012

   $ 2,404   

Actual return on plan assets:

  

Assets held at August 31, 2013

     60   

Assets sold during the year

     72   

Sales and settlements

     (1,310
  

 

 

 

Ending balance – August 31, 2013

   $ 1,226   
  

 

 

 
Plan's Funded Status and Amounts Recognized in Company's Consolidated Balance Sheets

The following table sets forth the plans’ funded status and amounts recognized in the Company’s Consolidated Balance Sheets:

 

(in thousands)

   August 31,
2013
    August 25,
2012
 

Change in Projected Benefit Obligation:

    

Projected benefit obligation at beginning of year

   $ 305,206      $ 241,645   

Interest cost

     11,746        12,214   

Actuarial (gains) losses

     (53,756     56,749   

Benefits paid

     (6,416     (5,402
  

 

 

   

 

 

 

Benefit obligations at end of year

   $ 256,780      $ 305,206   
  

 

 

   

 

 

 

Change in Plan Assets:

    

Fair value of plan assets at beginning of year

   $ 181,409      $ 156,883   

Actual return on plan assets

     16,218        14,505   

Employer contributions

     16,909        15,423   

Benefits paid

     (6,416     (5,402
  

 

 

   

 

 

 

Fair value of plan assets at end of year

   $ 208,120      $ 181,409   
  

 

 

   

 

 

 

Amount Recognized in the Statement of Financial Position:

    

Current liabilities

   $ (124   $ (30

Long-term liabilities

     (48,536     (123,767
  

 

 

   

 

 

 

Net amount recognized

   $ (48,660   $ (123,797
  

 

 

   

 

 

 

Amount Recognized in Accumulated Other Comprehensive Loss and not yet reflected in Net Periodic Benefit Cost:

    

Net actuarial loss

   $ (83,601   $ (154,678
  

 

 

   

 

 

 

Accumulated other comprehensive loss

   $ (83,601   $ (154,678
  

 

 

   

 

 

 

Amount Recognized in Accumulated Other Comprehensive Loss and not yet reflected in Net Periodic Benefit Cost and expected to be amortized in next year’s Net Periodic Benefit Cost:

    

Net actuarial loss

   $ (6,879   $ (14,721
  

 

 

   

 

 

 

Amount recognized

   $ (6,879   $ (14,721
Net Periodic Benefit Expense

Net periodic benefit expense consisted of the following:

 

     Year Ended  

(in thousands)

   August 31,
2013
    August 25,
2012
    August 27,
2011
 

Interest cost

   $ 11,746      $ 12,214      $ 11,135   

Expected return on plan assets

     (13,617     (11,718     (9,326

Amortization of prior service cost

     —          —          —     

Recognized net actuarial losses

     14,721        9,795        9,405   
  

 

 

   

 

 

   

 

 

 

Net periodic benefit expense

   $ 12,850      $ 10,291      $ 11,214   
  

 

 

   

 

 

   

 

 

 
Actuarial Assumptions Used in Determining Projected Benefit Obligation

The actuarial assumptions used in determining the projected benefit obligation include the following:

 

     Year Ended  
     August 31,
2013
    August 25,
2012
    August 27,
2011
 

Weighted average discount rate

     5.19     3.90     5.13

Expected long-term rate of return on plan assets

     7.50     7.50     8.00
Benefit Payments are Expected to be Paid as Follows

Based on current assumptions about future events, benefit payments are expected to be paid as follows for each of the following fiscal years. Actual benefit payments may vary significantly from the following estimates:

 

(in thousands)

   Benefit
Payments
 

2014

   $ 9,125   

2015

     9,205   

2016

     9,912   

2017

     10,604   

2018

     11,193   

2019 – 2023

     65,396