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Employee Benefit Plans (Tables)
12 Months Ended
Aug. 31, 2024
Postemployment Benefits [Abstract]  
Components of Net Periodic Benefit Cost

The components of net periodic benefit cost for fiscal 2024, 2023 and 2022 are as follows (in thousands):

 

 

 

UniFirst Plan

 

 

SERP

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

Service cost

 

$

74

 

 

$

73

 

 

$

72

 

 

$

405

 

 

$

486

 

 

$

919

 

Interest cost

 

 

159

 

 

 

147

 

 

 

104

 

 

 

1,255

 

 

 

1,191

 

 

 

928

 

Expected return on assets

 

 

(90

)

 

 

(101

)

 

 

(118

)

 

 

 

 

 

 

 

 

 

Amortization of prior service cost

 

 

21

 

 

 

21

 

 

 

21

 

 

 

 

 

 

 

 

 

 

Amortization of actuarial (gain)/loss

 

 

 

 

 

 

 

 

 

 

 

(116

)

 

 

 

 

 

 

Amortization of net loss

 

 

 

 

 

 

 

 

20

 

 

 

 

 

 

 

 

 

516

 

Other events

 

 

 

 

 

(12

)

 

 

(10

)

 

 

 

 

 

 

 

 

(855

)

   Net periodic benefit cost

 

$

164

 

 

$

128

 

 

$

89

 

 

$

1,544

 

 

$

1,677

 

 

$

1,508

 

Schedule of Obligations and Funded Status

The Company’s obligations and funded status as of August 31, 2024 and August 26, 2023 are as follows (in thousands):

 

 

 

UniFirst Plan

 

 

SERP

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation, beginning of year

 

$

3,549

 

 

$

3,837

 

 

$

25,119

 

 

$

27,562

 

Service cost

 

 

74

 

 

 

73

 

 

 

405

 

 

 

486

 

Interest cost

 

 

159

 

 

 

147

 

 

 

1,255

 

 

 

1,191

 

Actuarial gain

 

 

(28

)

 

 

(220

)

 

 

465

 

 

 

(2,811

)

Benefits paid

 

 

(145

)

 

 

(17

)

 

 

(1,364

)

 

 

(1,309

)

Settlements/Curtailments

 

 

 

 

 

(271

)

 

 

 

 

 

 

Projected benefit obligation, end of year

 

$

3,609

 

 

$

3,549

 

 

$

25,880

 

 

$

25,119

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets, beginning of year

 

$

2,986

 

 

$

3,300

 

 

$

 

 

$

 

Actual return on plan assets

 

 

20

 

 

 

(26

)

 

 

 

 

 

 

Employer Contributions

 

 

247

 

 

 

 

 

 

 

 

 

 

Benefits paid

 

 

(145

)

 

 

(17

)

 

 

 

 

 

 

Settlements/Curtailments

 

 

 

 

 

(271

)

 

 

 

 

 

 

Fair value of plan assets, end of year

 

$

3,108

 

 

$

2,986

 

 

$

 

 

$

 

   Funded status (net amount recognized)

 

$

(501

)

 

$

(563

)

 

$

(25,880

)

 

$

(25,119

)

 

Schedule of Amounts Recorded on Consolidated Balance Sheet

The amounts recorded on the Consolidated Balance Sheets as of August 31, 2024 and August 26, 2023 are as follows (in thousands):

 

 

 

Pension Plans

 

 

SERP

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Deferred tax (liabilities) assets

 

$

(10

)

 

$

(16

)

 

$

(750

)

 

$

(904

)

Accrued liabilities

 

 

501

 

 

 

563

 

 

 

25,880

 

 

 

25,119

 

Accumulated other comprehensive income (loss)

 

 

30

 

 

 

46

 

 

 

2,200

 

 

 

2,628

 

 

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss

As of August 31, 2024 and August 26, 2023, the amounts recognized in accumulated other comprehensive loss are as follows (in thousands):

 

 

UniFirst Plan

 

 

SERP

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net actuarial (loss) gain

 

$

113

 

 

$

156

 

 

$

2,950

 

 

$

3,531

 

Unrecognized prior service cost

 

 

(73

)

 

 

(94

)

 

 

 

 

 

 

   Accumulated other comprehensive (loss) income

 

$

40

 

 

$

62

 

 

$

2,950

 

 

$

3,531

 

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 31, 2024 and August 26, 2023 are as follows:

 

 

UniFirst Plan

 

 

SERP

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Discount rate

 

 

4.8

%

 

 

5.1

%

 

 

4.9

%

 

 

5.2

%

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 2024, 2023 and 2022 are as follows:

 

 

UniFirst Plan

 

 

SERP

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

Discount rate

 

 

5.1

%

 

 

4.3

%

 

 

2.3

%

 

 

5.2

%

 

 

4.4

%

 

 

2.6

%

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, are expected to be paid for the five fiscal years subsequent to August 31, 2024 and five years thereafter are as follows (in thousands):

 

 

UniFirst Plan

 

 

SERP

 

2025

 

$

938

 

 

$

1,612

 

2026

 

 

313

 

 

 

1,739

 

2027

 

 

135

 

 

 

1,737

 

2028

 

 

237

 

 

 

1,663

 

2029

 

 

304

 

 

 

1,784

 

2030-2034

 

 

1,682

 

 

 

17,345