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Retirement and Welfare Plans (Tables)
12 Months Ended
Apr. 30, 2016
Retirement and Welfare Plans  
Schedule of amounts recognized in accumulated other comprehensive loss

                                                                                                                                                                                    

(Amounts in thousands)

 

4/30/2016

 

4/25/2015

 

Beginning of year net actuarial loss

 

$

37,602

 

$

39,425

 

Net current year actuarial loss

 

 

2,249

 

 

836

 

Amortization of actuarial loss

 

 

(3,001

)

 

(2,659

)

​  

​  

​  

​  

End of year net actuarial loss

 

$

36,850

 

$

37,602

 

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of combined net periodic pension cost and retirement costs

                                                                                                                                                                                    

(Amounts in thousands)

 

4/30/2016

 

4/25/2015

 

4/26/2014

 

Service cost

 

$

1,358

 

$

1,114

 

$

1,241

 

Interest cost

 

 

4,938

 

 

5,070

 

 

4,822

 

Expected return on plan assets

 

 

(4,997

)

 

(5,077

)

 

(6,800

)

Net amortization and deferral

 

 

3,001

 

 

2,658

 

 

3,388

 

​  

​  

​  

​  

​  

​  

Net periodic pension cost (hourly plan)

 

 

4,300

 

 

3,765

 

 

2,651

 

401(k)*

 

 

6,657

 

 

6,270

 

 

5,802

 

PCRP*

 

 

3,088

 

 

1,377

 

 

2,513

 

Other*

 

 

318

 

 

124

 

 

223

 

​  

​  

​  

​  

​  

​  

Total retirement costs (excluding non-qualified defined benefit retirement plan)

 

$

14,363

 

$

11,536

 

$

11,189

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

*          

Not determined by an actuary

 

Schedule of funded status of the defined benefit pension plan

                                                                                                                                                                                    

(Amounts in thousands)

 

4/30/2016

 

4/25/2015

 

Change in benefit obligation

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

121,080

 

$

116,870

 

Service cost

 

 

1,358

 

 

1,114

 

Interest cost

 

 

4,938

 

 

5,070

 

Actuarial loss

 

 

221

 

 

3,664

 

Benefits paid

 

 

(10,808

)

 

(5,638

)

Administrative expenses

 

 

(418

)

 

 

​  

​  

​  

​  

Benefit obligation at end of year

 

 

116,371

 

 

121,080

 

Change in plan assets

 

 


 

 

 


 

 

Fair value of plan assets at beginning of year

 

 

113,742

 

 

111,474

 

Actual return on plan assets

 

 

2,968

 

 

7,906

 

Employer contributions

 

 

7,000

 

 

 

Benefits paid

 

 

(10,808

)

 

(5,638

)

Administrative expenses

 

 

(418

)

 

 

​  

​  

​  

​  

Fair value of plan assets at end of year

 

 

112,484

 

 

113,742

 

​  

​  

​  

​  

Funded status

 

$

(3,887

)

$

(7,338

)

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of amounts included in the consolidated balance sheet related to the defined benefit pension plan

                                                                                                                                                                                    

(Amounts in thousands)

 

4/30/2016

 

4/25/2015

 

Other long-term liabilities

 

$

(3,887

)

$

(7,338

)

 

Schedule of actuarial assumptions for the defined benefit pension plan

                                                                                                                                                                                    

 

 

4/30/2016

 

4/25/2015

 

4/26/2014

 

Discount rate used to determine benefit obligations

 

 

4.1 

%

 

4.2 

%

 

4.4 

%

Discount rate used to determine net benefit cost

 

 

4.2 

%

 

4.4 

%

 

4.0 

%

Long-term rate of return

 

 

4.3 

%

 

4.7 

%

 

4.7 

%

 

Schedule of fair value of the assets in the defined benefit pension plan

Fiscal 2016

                                                                                                                                                                                    

(Amounts in thousands)

 

Level 1(a)

 

Level 2(a)

 

Level 3

 

Cash and equivalents

 

$

3,239 

 

$

15,440 

 

$

 

Equity funds

 

 

19,505 

 

 

42 

 

 

 

Debt funds

 

 

 

 

74,258 

 

 

 

​  

​  

​  

​  

​  

​  

Total

 

$

22,744 

 

$

89,740 

 

$

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

(a)          

There were no transfers between Level 1 and Level 2 during fiscal 2016.

Fiscal 2015

                                                                                                                                                                                    

(Amounts in thousands)

 

Level 1(b)

 

Level 2(b)

 

Level 3

 

Cash and equivalents

 

$

149 

 

$

3,685 

 

$

 

Equity funds

 

 

23,120 

 

 

7,702 

 

 

 

Debt funds

 

 

 

 

79,086 

 

 

 

​  

​  

​  

​  

​  

​  

Total

 

$

23,269 

 

$

90,473 

 

$

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

(b)          

There were no transfers between Level 1 and Level 2 during fiscal 2015.

 

Schedule of expected benefit payments for each of the next five fiscal years and for periods thereafter

                                                                                                                                                                                    

(Amounts in thousands)

 

Benefit
Payments

 

2017

 

$

6,311 

 

2018

 

 

6,451 

 

2019

 

 

6,608 

 

2020

 

 

6,752 

 

2021

 

 

6,874 

 

2022 to 2026

 

 

35,659 

 

​  

​  

 

 

$

68,655 

 

​  

​  

​  

​