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v3.23.1

Employee Benefit Plans (Tables) | 12 Months Ended
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Feb. 25, 2023
Retirement Benefits [Abstract] |
Multiemployer Plan | Our participation in these plans is outlined in the following table. The most recent Pension Protection Act zone status available in 2023 and 2022 relates to the plan years ending December 31, 2022 and December 31, 2021, respectively. The zone status is based on information that we have received from each plan, certified by an actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded.
|  |  |  | Pension Protection Act Zone Status |  | Contributions (In thousands) |  |  |  |  |  |  |  |
Pension Fund |  | EIN/Pension Plan Number |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2021 |  | FIP/RP Status Pending/Implemented |  | Minimum Contribution |  | Surcharge Imposed |  | Expiration Date of Collective Bargaining Agreement(1)
Iron Workers Local Union No. 5 and Iron Workers Employers Association Employees Pension Trust Fund |  | 521075473 |  | Green |  | Green |  | $ | 1,359 |  |  | $ | 1,454 |  |  | $ | 940 |  |  | No |  | No |  | No |  | 5/31/2017
International Painters and Allied Trades Industry Pension Fund |  | 526073909 |  | Red |  | Red |  | 869 |  |  | 932 |  |  | 525 |  |  | Implemented |  | No |  | No |  | 11/30/2017
Western Glaziers Retirement Plan (Washington) |  | 916123685 |  | Green |  | Green |  | 815 |  |  | 160 |  |  | 526 |  |  | No |  | No |  | No |  | 6/30/2017
Ironworkers Local 580 Shop Pension Fund |  | 136178514 |  | Green |  | Green |  | 596 |  |  | 31 |  |  | 26 |  |  | Implemented |  | No |  | Yes |  | 6/30/2023
Western Glaziers Retirement Fund (Oregon and Southwest Washington) |  | 936074376 |  | Green |  | Green |  | 441 |  |  | — |  |  | 51 |  |  | No |  | No |  | No |  | 11/30/2017
Iron Workers Mid-America Pension Fund |  | 366488227 |  | Green |  | Green |  | 429 |  |  | 431 |  |  | 767 |  |  | No |  | No |  | No |  | 5/31/2017
Glazier's Union Local 27 Pension and Retirement Plan |  | 366034076 |  | Green |  | Green |  | 174 |  |  | 290 |  |  | 165 |  |  | No |  | No |  | No |  | 5/31/2017
Atlanta Ironworkers Local Union 387 Pension Plan |  | 586051152 |  | Green |  | Green |  | 125 |  |  | 209 |  |  | 35 |  |  | No |  | No |  | No |  | 1/31/2017
Other funds |  |  |  |  |  |  |  | 442 |  |  | 422 |  |  | 423 |  |  |  |  |  |  |  |  |
Total contributions |  |  |  |  |  |  |  | $ | 5,250 |  |  | $ | 3,929 |  |  | $ | 3,458 |  |  |  |  |  |  |  |  |
(1) Plans include contributions required by collective bargaining agreements which have expired, but contain provisions automatically renewing their terms in the absence of a subsequent negotiated agreement.
The Company was listed in the plans' Forms 5500 as providing more than 5 percent of the total contributions for the following plans and plan years:
Pension Fund |  | Year contributions to Plan Exceeded More Than 5 Percent of Total Contributions
Iron Workers Local Union No. 5 and Iron Workers Employers Association Employees Pension Trust Fund |  | 2022, 2021 and 2020
Western Glaziers Retirement Plan (Washington) |  | 2022
Iron Workers Mid-America Pension Fund |  | 2022 and 2021
Iron Workers St. Louis District Council Pension Trust Fund |  | 2021
Atlanta Ironworkers Local Union 387 Pension Plan |  | 2022
Schedule of Defined Benefit Plans Disclosures | The following tables present reconciliations of the benefit obligation and the funded status of these plans. The Tubelite plan uses a measurement date as of the calendar month-end closest to our fiscal year-end, while the SERP uses a measurement date aligned with our fiscal year-end.
(In thousands) |  | 2023 |  | 2022
Change in projected benefit obligation |  |  |  |
Benefit obligation beginning of period |  | $ | 12,405 |  |  | $ | 13,541 |
Interest cost |  | 380 |  |  | 339 |
Actuarial gain |  | (1,484) |  |  | (475) |
Benefits paid |  | (1,041) |  |  | (1,000) |
Benefit obligation at measurement date |  | 10,260 |  |  | 12,405 |
Change in plan assets |  |  |  |
Fair value of plan assets beginning of period |  | $ | 5,044 |  |  | $ | 5,551 |
Actual return on plan assets |  | (706) |  |  | (161) |
Company contributions |  | 695 |  |  | 654 |
Benefits paid |  | (1,041) |  |  | (1,000) |
Fair value of plan assets at measurement date |  | 3,992 |  |  | 5,044 |
Underfunded status |  | $ | (6,268) |  |  | $ | (7,361) |
Schedule of Amounts Recognized in Balance Sheet | The funded status was recognized in the consolidated balance sheets as follows:
(In thousands) |  | 2023 |  | 2022
Other non-current assets |  | $ | 161 |  |  | $ | 361 |
Current liabilities |  | (680) |  |  | (681) |
Other non-current liabilities |  | (5,749) |  |  | (7,041) |
Total |  | $ | (6,268) |  |  | $ | (7,361) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized as Components of Net Periodic Benefit Cost | The following was included in accumulated other comprehensive loss and has not yet been recognized as a component of net periodic benefit cost:
(In thousands) |  | 2023 |  | 2022
Net actuarial loss |  | $ | 3,968 |  |  | $ | 4,916 |
Schedule of Net Benefit Costs | Components of the defined-benefit pension plans' net periodic benefit cost:
(In thousands) |  | 2023 |  | 2022 |  | 2021
Interest cost |  | $ | 380 |  |  | $ | 339 |  |  | $ | 346 |
Expected return on assets |  | (84) |  |  | (85) |  |  | (211) |
Amortization of unrecognized net loss |  | 254 |  |  | 270 |  |  | 260 |
Net periodic benefit cost |  | $ | 550 |  |  | $ | 524 |  |  | $ | 395 |
Schedule of Assumptions Used |
Benefit Obligation Weighted-Average Assumptions |  | 2023 |  | 2022 |  | 2021
Discount rate |  | 5.10 | % |  | 3.20 | % |  | 2.60 | %
Net Periodic Benefit Expense Weighted-Average Assumptions |  | 2023 |  | 2022 |  | 2021
Discount rate |  | 3.20 | % |  | 2.60 | % |  | 2.50 | %
Expected long-term rate of return on assets |  | 2.75 | % |  | 2.50 | % |  | 4.50 | %
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid by the plans:
(In thousands) |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029-2033
Estimated future benefit payments |  | $ | 1,050 |  |  | $ | 998 |  |  | $ | 967 |  |  | $ | 927 |  |  | $ | 898 |  |  | $ | 3,912 |

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