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Employee Benefit Plans (Tables)
12 Months Ended
Aug. 27, 2022
Postemployment Benefits [Abstract]  
Components of Net Periodic Benefit Cost

The components of net periodic benefit cost related to the Company’s Pension Plans and SERP for fiscal 2022, 2021 and 2020 were as follows (in thousands):

 

 

 

Pension Plans

 

 

SERP

 

 

 

2022

 

 

2021

 

 

2020

 

 

2022

 

 

2021

 

 

2020

 

Service cost

 

$

72

 

 

$

71

 

 

$

113

 

 

$

919

 

 

$

1,100

 

 

$

918

 

Interest cost

 

 

104

 

 

 

104

 

 

 

131

 

 

 

928

 

 

 

943

 

 

 

1,027

 

Expected return on assets

 

 

(118

)

 

 

(131

)

 

 

(138

)

 

 

 

 

 

 

 

 

 

Amortization of prior service cost

 

 

21

 

 

 

55

 

 

 

66

 

 

 

 

 

 

 

 

 

 

Amortization of net loss

 

 

20

 

 

 

36

 

 

 

12

 

 

 

516

 

 

 

821

 

 

 

703

 

Other events

 

 

(10

)

 

 

49

 

 

 

 

 

 

(855

)

 

 

 

 

 

 

Net periodic benefit cost

 

$

89

 

 

$

184

 

 

$

184

 

 

$

1,508

 

 

$

2,864

 

 

$

2,648

 

Schedule of Obligations and Funded Status

The Company’s obligations and funded status related to its Pension Plans and SERP as of August 27, 2022 and August 28, 2021 were as follows (in thousands):

 

 

 

Pension Plans

 

 

SERP

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation, beginning of year

 

$

5,035

 

 

$

5,468

 

 

$

36,644

 

 

$

38,616

 

Service cost

 

 

72

 

 

 

71

 

 

 

919

 

 

 

1,100

 

Interest cost

 

 

104

 

 

 

104

 

 

 

928

 

 

 

943

 

Actuarial (gain) loss

 

 

(861

)

 

 

(225

)

 

 

(8,871

)

 

 

(2,890

)

Benefits paid

 

 

(23

)

 

 

(28

)

 

 

(1,203

)

 

 

(1,125

)

Settlements/Curtailments

 

 

(490

)

 

 

(355

)

 

 

(855

)

 

 

 

Projected benefit obligation, end of year

 

$

3,837

 

 

$

5,035

 

 

$

27,562

 

 

$

36,644

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

3,796

 

 

$

4,146

 

 

$

 

 

$

 

Actual return on plan assets

 

 

17

 

 

 

33

 

 

 

 

 

 

 

Employer contributions

 

 

 

 

 

 

 

 

 

 

 

 

Benefits paid

 

 

(23

)

 

 

(28

)

 

 

 

 

 

 

Settlements/Curtailments

 

 

(490

)

 

 

(355

)

 

 

 

 

 

 

Fair value of plan assets, end of year

 

$

3,300

 

 

$

3,796

 

 

$

 

 

$

 

Funded status (net amount recognized):

 

$

(537

)

 

$

(1,239

)

 

$

(27,562

)

 

$

(36,644

)

Schedule of Amounts Recorded on Consolidated Balance Sheet

The amounts recorded on the Consolidated Balance Sheet for the Company’s Pension Plans and SERP as of August 27, 2022 and August 28, 2021 were as follows (in thousands):

 

 

 

Pension Plans

 

 

SERP

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Deferred tax assets (liabilities)

 

$

184

 

 

$

213

 

 

$

(10

)

 

$

2,218

 

Accrued liabilities

 

$

537

 

 

$

1,240

 

 

$

27,562

 

 

$

36,644

 

Accumulated other comprehensive loss

 

$

40

 

 

$

(1,044

)

 

$

(720

)

 

$

(6,449

)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss

As of August 27, 2022 and August 28, 2021, the amounts recognized in accumulated other comprehensive loss for the Company’s Pension Plans and SERP were as follows (in thousands):

 

 

 

Pension Plans

 

 

SERP

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net actuarial gain (loss)

 

$

(75

)

 

$

(1,180

)

 

$

(720

)

 

$

(6,449

)

Unrecognized prior service cost

 

 

115

 

 

 

136

 

 

 

 

 

 

 

Accumulated other comprehensive loss

 

$

40

 

 

$

(1,044

)

 

$

(720

)

 

$

(6,449

)

Weighted Average Assumptions Used in Calculating Projected Benefit Obligation

The weighted average assumptions used in calculating the Company’s projected benefit obligation as of August 27, 2022 and August 28, 2021, were as follows:

 

 

 

Pension Plans

 

 

SERP

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Discount rate

 

 

4.3

%

 

 

2.3

%

 

 

4.4

%

 

 

2.6

%

Rate of compensation increase

 

N/A

 

 

N/A

 

 

 

5.0

%

 

 

5.0

%

Weighted Average Assumptions Used in Calculating Net Periodic Service Cost

The weighted average assumptions used in calculating the Company’s net periodic service cost for the years ended August 27, 2022, August 28, 2021 and August 29, 2020, were as follows:

 

 

 

Pension Plans

 

 

SERP

 

 

 

2022

 

 

2021

 

 

2020

 

 

2022

 

 

2021

 

 

2020

 

Discount rate

 

 

2.3

%

 

 

2.0

%

 

 

2.7

%

 

 

2.6

%

 

 

2.5

%

 

 

2.9

%

Expected return on plan assets

 

 

3.5

%

 

 

3.5

%

 

 

3.5

%

 

N/A

 

 

N/A

 

 

N/A

 

Rate of compensation increase

 

N/A

 

 

N/A

 

 

N/A

 

 

 

5.0

%

 

 

5.0

%

 

 

5.0

%

Schedule of Expected Future Benefit Payments

The benefit payments, which reflect expected future service, that are expected to be paid for the five fiscal years subsequent to August 27, 2022 and thereafter are as follows (in thousands):

 

 

 

Pension Plans

 

 

SERP

 

2023

 

$

740

 

 

$

1,352

 

2024

 

 

189

 

 

 

1,535

 

2025

 

 

297

 

 

 

1,591

 

2026

 

 

314

 

 

 

1,723

 

2027

 

 

139

 

 

 

1,780

 

Thereafter

 

 

2,158

 

 

 

19,581

 

Total benefit payments

 

$

3,837

 

 

$

27,562