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Employee Benefit Plans | 12 Months Ended
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May 30, 2013
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Employee Benefit Plans |
7. Employee Benefit Plans The Company has a qualified profit-sharing savings plan (401(k) plan) covering eligible employees. The 401(k) plan provides for a contribution of a minimum of 1% of defined compensation for all plan participants and matching of 25% of employee contributions up to 6% of defined compensation. In addition, the Company may make additional discretionary contributions. During fiscal 2013, 2012, and 2011, the 1% and the discretionary contributions were made with the Company’s common stock. The Company also sponsors unfunded, nonqualified, defined-benefit and deferred compensation plans. The Company’s unfunded, nonqualified defined-benefit plan was amended effective January 1, 2009 to include two components. The first component applies to certain participants and continues to provide the same nonqualified pension benefits as were provided prior to the amendment. The second component applies to all other participants and provides an account-based supplemental retirement benefit. Pension and profit-sharing expense for all plans was $3,369,000, $3,078,000, and $2,988,000 for fiscal 2013, 2012, and 2011, respectively. The Company recognizes actuarial losses and prior service costs related to its defined benefit plan in the statement of financial position and recognizes changes in these amounts in the year in which changes occur through comprehensive income. Additionally, the Company is required to measure the funded status of its plan as of the date of its year-end statement of financial position. The status of the Company’s unfunded nonqualified, defined-benefit and account-based retirement plan based on the respective May 30, 2013 and May 31, 2012 measurement dates is as follows:
|  | May 30, 2013 |  | May 31, 2012 |
|  | (in thousands) |
Change in benefit obligation: |  |  |  |  |  |  |
Net benefit obligation at beginning of year |  | $ | 25,595 |  | $ | 22,010 |
Service cost |  |  | 712 |  |  | 627 |
Interest cost |  |  | 1,099 |  |  | 1,178 |
Actuarial (gain)/loss |  |  | (119) |  |  | 2,674 |
Benefits paid |  |  | (848) |  |  | (894) |
Net benefit obligation at end of year |  | $ | 26,439 |  | $ | 25,595 |
Amounts recognized in the statement of financial position consist of: |  |  |  |  |  |  |
Current accrued benefit liability |  | $ | (962) |  | $ | (906) |
Noncurrent accrued benefit liability |  |  | (25,477) |  |  | (24,689) |
Total |  |  | (26,439) |  |  | (25,595) |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |
Net actuarial loss |  |  | 7,273 |  | $ | 7,756 |
Prior service credit |  |  | (912) |  |  | (990) |
Total |  | $ | 6,361 |  | $ | 6,766 |
|  | Year Ended |
|  | May 30, 2013 |  | May 31, 2012 |  | May 26, 2011 |
|  | (in thousands) |
Net periodic pension cost: |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 712 |  | $ | 627 |  | $ | 598 |
Interest cost |  |  | 1,099 |  |  | 1,178 |  |  | 1,195 |
Net amortization of prior service cost, transition obligation and actuarial loss |  |  | 286 |  |  | 121 |  |  | 108 |
|  | $ | 2,097 |  | $ | 1,926 |  | $ | 1,901 |
The $3,836,000 loss, net of tax, included in accumulated other comprehensive loss at May 30, 2013, consists of the $4,386,000 net actuarial loss, net of tax, and the $550,000 unrecognized prior service credit, net of tax, which have not yet been recognized in the net periodic benefit cost. The $4,073,000 loss, net of tax, included in accumulated other comprehensive loss at May 31, 2012, consists of the $4,669,000 net actuarial loss, net of tax, and the $596,000 unrecognized prior service credit, net of tax. The accumulated benefit obligation was $21,936,000 and $21,382,000 as of May 30, 2013 and May 31, 2012, respectively. The pre-tax change in the benefit obligation recognized in other comprehensive loss during fiscal 2013 consisted of the current year net actuarial gain of $119,000, the amortization of the net actuarial loss of $364,000 and the amortization of the prior service credit of $78,000. The estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal 2014 is $268,000 and relates to the actuarial loss and the prior service credit. The benefit obligations were determined using an assumed weighted-average discount rate of 4.40% in fiscal 2013 and 4.25% in fiscal 2012, and an annual salary rate increase of 4.0% in fiscal 2013 and 2012. The net periodic benefit cost was determined using an assumed discount rate of 4.25% in fiscal 2013, 5.3% in fiscal 2012, and 5.7% in fiscal 2011, and an annual salary rate increase of 4.0% in fiscal 2013 and 5.0% for fiscal 2012 and 2011. Benefit payments expected to be paid subsequent to May 30, 2013, are:
Fiscal Year |  | (in thousands) |
2014 |  | $ | 962 |
2015 |  |  | 1,145 |
2016 |  |  | 1,153 |
2017 |  |  | 1,183 |
2018 |  |  | 1,243 |
Years 2019 – 2023 |  |  | 6,783 |

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References No definition available. + Details
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