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Employee Benefit Plans (Tables)
12 Months Ended
Aug. 26, 2023
Postemployment Benefits [Abstract]  
Components of Net Periodic Benefit Cost

The components of net periodic benefit cost for fiscal 2023, 2022 and 2021 were as follows (in thousands):

 

 

 

UniFirst Plan

 

 

SERP

 

 

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

Service cost

 

$

73

 

 

$

72

 

 

$

71

 

 

$

486

 

 

$

919

 

 

$

1,100

 

Interest cost

 

 

147

 

 

 

104

 

 

 

104

 

 

 

1,191

 

 

 

928

 

 

 

943

 

Expected return on assets

 

 

(101

)

 

 

(118

)

 

 

(131

)

 

 

 

 

 

 

 

 

 

Amortization of prior service cost

 

 

21

 

 

 

21

 

 

 

55

 

 

 

 

 

 

 

 

 

 

Amortization of net loss

 

 

 

 

 

20

 

 

 

36

 

 

 

 

 

 

516

 

 

 

821

 

Other events

 

 

(12

)

 

 

(10

)

 

 

49

 

 

 

 

 

 

(855

)

 

 

 

Net periodic benefit cost

 

$

128

 

 

$

89

 

 

$

184

 

 

$

1,677

 

 

$

1,508

 

 

$

2,864

 

Schedule of Obligations and Funded Status

The Company’s obligations and funded status as of August 26, 2023 and August 27, 2022 were as follows (in thousands):

 

 

 

UniFirst Plan

 

 

SERP

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation, beginning of year

 

$

3,837

 

 

$

5,035

 

 

$

27,562

 

 

$

36,644

 

Service cost

 

 

73

 

 

 

72

 

 

 

486

 

 

 

919

 

Interest cost

 

 

147

 

 

 

104

 

 

 

1,191

 

 

 

928

 

Actuarial gain

 

 

(220

)

 

 

(861

)

 

 

(2,811

)

 

 

(8,871

)

Benefits paid

 

 

(17

)

 

 

(23

)

 

 

(1,309

)

 

 

(1,203

)

Settlements/Curtailments

 

 

(271

)

 

 

(490

)

 

 

 

 

 

(855

)

Projected benefit obligation, end of year

 

$

3,549

 

 

$

3,837

 

 

$

25,119

 

 

$

27,562

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

3,300

 

 

$

3,796

 

 

$

 

 

$

 

Actual return on plan assets

 

 

(26

)

 

 

17

 

 

 

 

 

 

 

Benefits paid

 

 

(17

)

 

 

(23

)

 

 

 

 

 

 

Settlements/Curtailments

 

 

(271

)

 

 

(490

)

 

 

 

 

 

 

Fair value of plan assets, end of year

 

$

2,986

 

 

$

3,300

 

 

$

 

 

$

 

Funded status (net amount recognized)

 

$

(563

)

 

$

(537

)

 

$

(25,119

)

 

$

(27,562

)

 

 

Schedule of Amounts Recorded on Consolidated Balance Sheet

The amounts recorded on the Consolidated Balance Sheet as of August 26, 2023 and August 27, 2022 were as follows (in thousands):

 

 

 

Pension Plans

 

 

SERP

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Deferred tax (liabilities) assets

 

$

(16

)

 

$

184

 

 

$

(904

)

 

$

(10

)

Accrued liabilities

 

 

563

 

 

 

537

 

 

 

25,119

 

 

 

27,562

 

Accumulated other comprehensive income (loss)

 

 

46

 

 

 

40

 

 

 

2,628

 

 

 

(720

)

 

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss

As of August 26, 2023 and August 27, 2022, the amounts recognized in accumulated other comprehensive loss were as follows (in thousands):

 

 

UniFirst Plan

 

 

SERP

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net actuarial (loss) gain

 

$

(94

)

 

$

(75

)

 

$

3,531

 

 

$

(720

)

Unrecognized prior service cost

 

 

156

 

 

 

115

 

 

 

 

 

 

 

Accumulated other comprehensive income (loss)

 

$

62

 

 

$

40

 

 

$

3,531

 

 

$

(720

)

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 26, 2023 and August 27, 2022, were as follows:

 

 

UniFirst Plan

 

 

SERP

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Discount rate

 

 

5.1

%

 

 

4.3

%

 

 

5.2

%

 

 

4.4

%

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 fiscal 2023, 2022 and 2021 were as follows:

 

 

UniFirst Plan

 

 

SERP

 

 

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

Discount rate

 

 

4.3

%

 

 

2.3

%

 

 

2.0

%

 

 

4.4

%

 

 

2.6

%

 

 

2.5

%

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 26, 2023 and five years thereafter are as follows (in thousands):

 

 

UniFirst Plan

 

 

SERP

 

2024

 

$

767

 

 

$

1,509

 

2025

 

 

317

 

 

 

1,567

 

2026

 

 

312

 

 

 

1,695

 

2027

 

 

135

 

 

 

1,752

 

2028

 

 

236

 

 

 

1,676

 

2029-2033

 

 

1,191

 

 

 

8,396