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Employee Benefit Plans | 12 Months Ended
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May 29, 2014
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 2014, 2013 and 2012, 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 $3,360,000, $3,369,000 and $3,078,000 for fiscal 2014, 2013 and 2012, 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. The status of the Company’s unfunded nonqualified, defined-benefit and account-based retirement plan based on the respective May 29, 2014 and May 30, 2013 measurement dates is as follows:
|  | May 29, 2014 |  | May 30, 2013 |
|  | (in thousands) |
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 26,439 |  | $ | 25,595 |
Service cost |  |  | 702 |  |  | 712 |
Interest cost |  |  | 1,173 |  |  | 1,099 |
Actuarial (gain)/loss |  |  | 1,567 |  |  | (119) |
Benefits paid |  |  | (1,105) |  |  | (848) |
Benefit obligation at end of year |  | $ | 28,776 |  | $ | 26,439 |
Amounts recognized in the statement of financial position consist of: |  |  |  |  |  |  |
Current accrued benefit liability (included in Other accrued liabilities) |  | $ | (1,124) |  | $ | (962) |
Noncurrent accrued benefit liability (included in Deferred compensation and other) |  |  | (27,652) |  |  | (25,477) |
Total |  |  | (28,776) |  |  | (26,439) |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |
Net actuarial loss |  |  | 8,494 |  | $ | 7,273 |
Prior service credit |  |  | (834) |  |  | (912) |
Total |  | $ | 7,660 |  | $ | 6,361 |
|  | Year Ended |
|  | May 29, 2014 |  | May 30, 2013 |  | May 31, 2012 |
|  | (in thousands) |
Net periodic pension cost: |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 702 |  | $ | 712 |  | $ | 627 |
Interest cost |  |  | 1,173 |  |  | 1,099 |  |  | 1,178 |
Net amortization of prior service cost and actuarial loss |  |  | 268 |  |  | 286 |  |  | 121 |
|  | $ | 2,143 |  | $ | 2,097 |  | $ | 1,926 |
The $4,581,000 loss, net of tax, included in accumulated other comprehensive loss at May 29, 2014, consists of the $5,079,000 net actuarial loss, net of tax, and the $498,000 unrecognized prior service credit, net of tax, which have not yet been recognized in the net periodic benefit cost. 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. The accumulated benefit obligation was $23,658,000 and $21,936,000 as of May 29, 2014 and May 30, 2013, respectively. The pre-tax change in the benefit obligation recognized in other comprehensive loss during fiscal 2014 consisted of the current year net actuarial loss of $1,567,000, the amortization of the net actuarial loss of $346,000 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 2015 is $326,000 and relates to the actuarial loss and the prior service credit. The benefit obligations were determined using an assumed weighted-average discount rate of 4.30% in fiscal 2014 and 4.40% in fiscal 2013, and an annual salary rate increase of 4.0% in fiscal 2014 and 2013. The net periodic benefit cost was determined using an assumed discount rate of 4.40% in fiscal 2014, 4.25% in fiscal 2013, and 5.30% in fiscal 2012, and an annual salary rate increase of 4.0% in fiscal 2014 and 2013, and 5.0% for fiscal 2012. Benefit payments and contributions expected to be paid subsequent to May 29, 2014, are:
Fiscal Year |  | (in thousands) |
2015 |  | $ | 1,124 |
2016 |  |  | 1,177 |
2017 |  |  | 1,204 |
2018 |  |  | 1,225 |
2019 |  |  | 1,200 |
Years 2020 – 2024 |  |  | 7,105 |

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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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- Details
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