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Employee Benefit Plans (Tables) | 12 Months Ended
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Aug. 28, 2021
Postemployment Benefits [Abstract] |
Components of Net Periodic Benefit Cost | 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 |

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- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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