XML 43 R29.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans (Tables)

12 Months Ended

Aug. 28, 2021

The components of net periodic benefit cost related to the Company’s Pension Plans and SERP for fiscal 2021, 2020 and 2019 were as follows (in thousands):

	Pension Plans									SERP
	2021			2020			2019			2021		2020		2019
Service cost	$	71		$	113		$	114		$	1,100	$	918	$	725
Interest cost		104			131			260			943		1,027		1,148
Expected return on assets		(131	)		(138	)		(199	)		—		—		—
Amortization of prior service cost		55			66			66			—		—		—
Amortization of net loss		36			12			51			821		703		247
Other events		49			—			503			—		—		—
Net periodic benefit cost	$	184		$	184		$	795		$	2,864	$	2,648	$	2,120

Schedule of Obligations and Funded Status

The Company’s obligations and funded status related to its Pension Plans and SERP as of August 28, 2021 and August 29, 2020 were as follows (in thousands):

	Pension Plans						SERP
	2021			2020			2021			2020
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	5,468		$	5,566		$	38,616		$	35,967
Service cost		71			113			1,100			918
Interest cost		104			131			943			1,027
Actuarial (gain) loss		(225	)		169			(2,890	)		1,658
Benefits paid		(28	)		(224	)		(1,125	)		(954	)
Settlements		(355	)		(287	)		—			—
Projected benefit obligation, end of year	$	5,035		$	5,468		$	36,644		$	38,616

Change in plan assets:
Fair value of plan assets, beginning of year	$	4,146		$	4,603		$	—		$	—
Actual return on plan assets		33			54			—			—
Employer contributions		—			—			—			—
Benefits paid		(28	)		(224	)		—			—
Settlements		(355	)		(287	)		—			—
Fair value of plan assets, end of year	$	3,796		$	4,146		$	—		$	—
Funded status (net amount recognized):	$	(1,239	)	$	(1,322	)	$	(36,644	)	$	(38,616	)

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 28, 2021 and August 29, 2020 were as follows (in thousands):

	Pension Plans						SERP
	2021			2020			2021			2020
Deferred tax assets	$	213		$	279		$	2,218		$	3,144
Accrued liabilities	$	1,240		$	1,322		$	36,644		$	38,616
Accumulated other comprehensive loss	$	(1,044	)	$	(819	)	$	(6,449	)	$	(9,234	)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss

As of August 28, 2021 and August 29, 2020, the amounts recognized in accumulated other comprehensive loss for the Company’s Pension Plans and SERP were as follows (in thousands):

	Pension Plans						SERP
	2021			2020			2021			2020
Net actuarial gain (loss)	$	(1,180	)	$	(1,011	)	$	(6,449	)	$	(9,234	)
Unrecognized prior service cost		136			192			—			—
Accumulated other comprehensive loss	$	(1,044	)	$	(819	)	$	(6,449	)	$	(9,234	)

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 28, 2021 and August 29, 2020, were as follows:

	Pension Plans						SERP
	2021			2020			2021			2020
Discount rate		2.3	%		2.0	%		2.6	%		2.5	%
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 28, 2021, August 29, 2020 and August 31, 2019, were as follows:

	Pension Plans									SERP
	2021			2020			2019			2021			2020			2019
Discount rate		2.0	%		2.7	%		3.8	%		2.5	%		2.9	%		4.0	%
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 28, 2021 and thereafter are as follows (in thousands):

	Pension Plans		SERP
2022	$	795	$	1,362
2023		269		1,362
2024		250		1,549
2025		360		1,611
2026		377		1,750
Thereafter		2,984		29,010
Total benefit payments	$	5,035	$	36,644