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Pension and Savings Plans | 12 Months Ended
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Aug. 25, 2018
Retirement Benefits [Abstract] |
Pension and Savings Plans | Note L – Pension and Savings Plans Prior to January 1, 2003, substantially all full-time employees were covered by a defined benefit pension plan. The benefits under the plan were based on years of service and the employee’s highest consecutive five-year average compensation. On January 1, 2003, the plan was frozen, resulting in pension plan participants earning no new benefits under the plan formula and no new participants joining the pension plan. On January 1, 2003, the Company’s supplemental defined benefit pension plan for certain highly compensated employees was also frozen, resulting in pension plan participants earning no new benefits under the plan formula and no new participants joining the pension plan. On December 19, 2017, the Board of Directors approved a resolution to terminate both of the Company’s pension plans, effective March 15, 2018. The Company offered plan participants the option to receive an annuity purchased from an insurance carrier or a lump-sum cash payment based on a number of factors. During the fourth quarter of 2018, the Company contributed $11.4 million to the pension plans to ensure that sufficient assets were available for the lump-sum payments and annuity purchases, completed the transfer of all lump sum payments, transferred all remaining benefit obligations related to the pension plans to a highly rated insurance company, and recognized $130.3 million of non-cash pension termination charges in Operating, selling, general and administrative expenses in the Consolidated Statements of Income. The Company will no longer have any remaining defined pension benefit obligation and thus no periodic pension benefit expense. The following table sets forth the plans’ funded status and amounts recognized in the Company’s Consolidated Balance Sheets:
(in thousands) |  | August 25, 2018 |  |  | August 26, 2017 |
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 314,724 |  |  | $ | 328,511 |
Interest cost |  |  | 10,356 |  |  |  | 10,335 |
Actuarial (gains) losses |  |  | (676 | ) |  |  | (8,746 | )
Annuities purchased |  |  | (157,589 | ) |  |  | — |
Benefits and settlements paid |  |  | (166,815 | ) |  |  | (15,376 | )
Benefit obligations at end of year |  | $ | — |  |  | $ | 314,724 |
Change in Plan Assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 316,267 |  |  | $ | 289,386 |
Actual return on plan assets |  |  | (3,428 | ) |  |  | 24,496 |
Employer contributions |  |  | 11,596 |  |  |  | 17,761 |
Annuities purchased |  |  | (157,589 | ) |  |  | — |
Benefits and settlements paid |  |  | (166,815 | ) |  |  | (15,376 | )
Asset reversion upon termination |  |  | (31 | ) |  |  | — |
Fair value of plan assets at end of year |  | $ | — |  |  | $ | 316,267 |
Amount Recognized in the Statement of Financial Position: |  |  |  |  |  |  |  |
Current liabilities |  | $ | — |  |  | $ | (283 | )
Long-term assets |  |  | — |  |  |  | 8,686 |
Long-term liabilities |  |  | — |  |  |  | (6,860 | )
Net amount recognized |  | $ | — |  |  | $ | 1,543 |
Amount Recognized in Accumulated Other Comprehensive Loss and not yet reflected in Net Periodic Benefit Cost: |  |  |  |  |  |  |  |
Net actuarial loss |  | $ | — |  |  | $ | (118,889 | )
Accumulated other comprehensive loss |  | $ | — |  |  | $ | (118,889 | )
Net periodic benefit expense consisted of the following:
|  | Year Ended |
(in thousands) |  | August 25, 2018 |  |  | August 26, 2017 |  |  | August 27, 2016 |
Interest cost |  | $ | 10,356 |  |  | $ | 10,335 |  |  | $ | 11,272 |
Expected return on plan assets |  |  | (18,997 | ) |  |  | (20,056 | ) |  |  | (16,512 | )
Recognized net actuarial losses |  |  | 10,736 |  |  |  | 13,873 |  |  |  | 10,506 |
Settlement loss |  |  | 130,263 |  |  |  | — |  |  |  | — |
Net periodic benefit expense |  | $ | 132,358 |  |  | $ | 4,152 |  |  | $ | 5,266 |
The blended actuarial assumptions used in determining the projected benefit obligation include the following:
|  | Year Ended |
|  | August 25, 2018 |  |  | August 26, 2017 |  |  | August 27, 2016 |
Discount rate to determine benefit obligation |  |  | 3.86 | % |  |  | 3.86 | % |  |  | 3.72 | %
Discount rate to determine net interest cost |  |  | 3.36 | % |  |  | 3.21 | % |  |  | 3.90 | %
Expected long-term rate of return on plan assets |  |  | 6.00 | % |  |  | 7.00 | % |  |  | 7.00 | %
The Company has a 401(k) plan that covers all domestic employees who meet the plan’s participation requirements. The plan features include Company matching contributions, immediate 100% vesting of Company contributions and a savings option up to 25% of qualified earnings. The Company makes matching contributions, per pay period, up to a specified percentage of employees’ contributions as approved by the Board. The Company made matching contributions to employee accounts in connection with the 401(k) plan of $23.1 million in fiscal 2018, $21.0 million in fiscal 2017, and $19.7 million in fiscal 2016.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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