Pension and Savings Plans (Tables)

12 Months Ended

Aug. 26, 2017

Weighted Average Asset Allocation for Pension Plan Assets

The fair values of investments by level and asset category and the weighted-average asset allocations of the Company’s pension plans at the measurement date are presented in the following table:


August 26, 2017
	Fair		Asset Allocation						Fair Value Hierarchy
(in thousands)	Value		Actual			Target			Level 1		Level 2		Level 3
U.S. equities	$	50,125		15.8	%		17.0	%	$	—	$	50,125	$	—
International equities		33,696		10.7			11.0			—		33,696		—
Emerging equities		19,027		6.0			6.0			—		19,027		—
High yield securities		17,063		5.4			6.0			—		17,063		—
Alternative investments		—		—			—			—		—		—
Fixed income securities		178,650		56.5			60.0			—		178,650		—
Cash and cash equivalents		17,706		5.6			—			—		17,706		—

	$	316,267		100.0	%		100.0	%	$	—	$	316,267	$	—


August 27, 2016
	Fair		Asset Allocation						Fair Value Hierarchy
(in thousands)	Value		Actual			Target			Level 1		Level 2		Level 3
U.S. equities	$	66,008		22.9	%		26.0	%	$	—	$	66,008	$	—
International equities		42,023		14.5			17.0			—		42,023		—
Emerging equities		22,848		7.9			8.5			—		22,848		—
High yield securities		21,445		7.4			8.5			—		21,445		—
Alternative investments		—		—			—			—		—		—
Fixed income securities		99,336		34.3			40.0			—		99,336		—
Cash and cash equivalents		37,726		13.0			—			—		37,726		—

	$	289,386		100.0	%		100.0	%	$	—	$	289,386	$	—

Plan's Funded Status and Amounts Recognized in Company's Consolidated Balance Sheets

The following table sets forth the plans’ funded status and amounts recognized in the Company’s Consolidated Balance Sheets:


(in thousands)	August 26, 2017			August 27, 2016
Change in Projected Benefit Obligation:
Projected benefit obligation at beginning of year	$	328,511		$	296,123
Interest cost		10,335			11,272
Actuarial (gains) losses		(8,746	)		39,842
Benefits paid		(15,376	)		(18,726	)

Benefit obligations at end of year	$	314,724		$	328,511

Change in Plan Assets:
Fair value of plan assets at beginning of year	$	289,386		$	238,755
Actual return on plan assets		24,496			16,636
Employer contributions		17,761			52,721
Benefits paid		(15,376	)		(18,726	)

Fair value of plan assets at end of year	$	316,267		$	289,386

Amount Recognized in the Statement of Financial Position:
Current liabilities	$	(283	)	$	(276	)
Long-term assets		8,686			—
Long-term liabilities		(6,860	)		(38,849	)

Net amount recognized	$	1,543		$	(39,125	)

Amount Recognized in Accumulated Other Comprehensive Loss and not yet reflected in Net Periodic Benefit Cost:
Net actuarial loss	$	(118,889	)	$	(145,948	)

Accumulated other comprehensive loss	$	(118,889	)	$	(145,948	)

Amount Recognized in Accumulated Other Comprehensive Loss and not yet reflected in Net Periodic Benefit Cost and expected to be amortized in next year’s Net Periodic Benefit Cost:
Net actuarial loss	$	(10,736	)	$	(13,874	)

Amount recognized	$	(10,736	)	$	(13,874	)

Net Periodic Benefit Expense

Net periodic benefit expense consisted of the following:


	Year Ended
(in thousands)	August 26, 2017			August 27, 2016			August 29, 2015
Interest cost	$	10,335		$	11,272		$	12,338
Expected return on plan assets		(20,056	)		(16,512	)		(16,281	)
Recognized net actuarial losses		13,873			10,506			8,941

Net periodic benefit expense	$	4,152		$	5,266		$	4,998

Actuarial Assumptions Used in Determining Projected Benefit Obligation

The blended actuarial assumptions used in determining the projected benefit obligation include the following:


	Year Ended
	August 26, 2017			August 27, 2016			August 29, 2015
Discount rate to determine benefit obligation		3.86	%		3.72	%		4.50	%
Discount rate to determine net interest cost		3.21	%		3.90	%		4.28	%
Expected long-term rate of return on plan assets		7.00	%		7.00	%		7.00	%

Benefit Payments are Expected to be Paid as Follows

Based on current assumptions about future events, benefit payments are expected to be paid as follows for each of the following fiscal years. Actual benefit payments may vary significantly from the following estimates:


(in thousands)	Benefit Payments
2018	$	13,608
2019		13,139
2020		13,817
2021		14,538
2022		14,917
2023 – 2027		79,742