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Employee Benefit Plans (Tables)

12 Months Ended

Aug. 29, 2020

The components of net periodic benefit cost related to the Company’s Pension Plans and SERP for fiscal 2020, 2019 and 2018 were as follows (in thousands):

	Pension Plans									SERP
	2020			2019			2018			2020		2019		2018
Service cost	$	113		$	114		$	115		$	918	$	725	$	694
Interest cost		131			260			257			1,027		1,148		1,027
Expected return on assets		(138	)		(199	)		(174	)		—		—		—
Amortization of prior service cost		66			66			66			—		—		—
Amortization of unrecognized loss		—			51			102			703		247		362
Other events		12			503			96			—		—		—
Net periodic benefit cost	$	184		$	795		$	462		$	2,648	$	2,120	$	2,083

Schedule of Obligations and Funded Status

The Company’s obligations and funded status related to its Pension Plans and SERP as of August 29, 2020 and August 31, 2019 were as follows (in thousands):

	Pension Plans						SERP
	2020			2019			2020			2019
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	5,566		$	7,449		$	35,967		$	27,547
Service cost		113			114			918			725
Interest cost		131			260			1,027			1,148
Actuarial loss		169			163			1,658			7,456
Benefits paid		(224	)		(50	)		(954	)		(909	)
Settlements		(287	)		(2,370	)		—			—
Projected benefit obligation, end of year	$	5,468		$	5,566		$	38,616		$	35,967

Change in plan assets:
Fair value of plan assets, beginning of year	$	4,603		$	6,325		$	—		$	—
Actual return on plan assets		54			170			—			—
Employer contributions		—			528			—			—
Benefits paid		(224	)		(50	)		—			—
Settlements		(287	)		(2,370	)		—			—
Fair value of plan assets, end of year	$	4,146		$	4,603		$	—		$	—
Funded status (net amount recognized):	$	(1,322	)	$	(963	)	$	(38,616	)	$	(35,967	)

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 29, 2020 and August 19, 2019 were as follows (in thousands):

	Pension Plans						SERP
	2020			2019			2020			2019
Deferred tax assets	$	279		$	254		$	3,144		$	2,912
Accrued liabilities	$	1,322		$	963		$	38,616		$	35,967
Accumulated other comprehensive loss	$	(819	)	$	(741	)	$	(9,234	)	$	(8,509	)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss

As of August 29, 2020 and August 31, 2019, the amounts recognized in accumulated other comprehensive loss for the Company’s Pension Plans and SERP were as follows (in thousands):

	Pension Plans						SERP
	2020			2019			2020			2019
Net actuarial gain (loss)	$	(1,011	)	$	(549	)	$	(9,234	)	$	(8,509	)
Unrecognized prior service cost		192			(192	)		—			—
Accumulated other comprehensive loss	$	(819	)	$	(741	)	$	(9,234	)	$	(8,509	)

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 29, 2020 and August 31, 2019, were as follows:

	Pension Plans						SERP
	2020			2019			2020			2019
Discount rate		2.0	%		2.7	%		2.5	%		2.9	%
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 29, 2020, August 31, 2019 and August 25, 2018, were as follows:

	Pension Plans									SERP
	2020			2019			2018			2020			2019			2018
Discount rate		2.7	%		3.8	%		3.2	%		2.9	%		4.0	%		3.6	%
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 following benefit payments, which reflect expected future service, that are expected to be paid for the five fiscal years subsequent to August 29, 2020 and thereafter are as follows (in thousands):

	Pension Plans		SERP
2021	$	723	$	1,194
2022		214		1,363
2023		313		1,364
2024		307		1,560
2025		379		1,625
Thereafter		3,532		31,510
Total benefit payments	$	5,468	$	38,616