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Network
140 - Disclosure - Pension and Savings Plans (Tables)
(http://www.autozone.com/taxonomy/role/NotesToFinancialStatementsPensionAndOtherPostretirementBenefitsDisclosureTextBlockTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0000866787 (http://www.sec.gov/CIK)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2015-08-30 - 2016-08-27
Compensation and Retirement Disclosure [Abstract]
 
Weighted Average Asset Allocation for Pension Plan Assets

The fair values of investments by level and asset category and the weighted-average asset allocations of the Company’s pension plans at the measurement date are presented in the following table:

 

     August 27, 2016  
     Fair
Value		      Asset Allocation     Fair Value Hierarchy  

(in thousands)

       Actual     Target     Level 1      Level 2      Level 3  

U.S. equities

    $ 66,008         22.9 %      26.0 %    $ —         $ 66,008       $ —     

International equities

      42,023         14.5        17.0        —           42,023         —     

Emerging equities

      22,848         7.9        8.5        —           22,848         —     

High yield securities

      21,445         7.4        8.5        —           21,445         —     

Alternative investments

      —           —          —          —           —           —     

Fixed income securities

      99,336         34.3        40.0        —           99,336         —     

Cash and cash equivalents

      37,726         13.0        —          —           37,726         —     
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
   $ 289,386         100.0 %      100.0 %    $ —         $ 289,386       $ —     
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

 

     August 29, 2015  
     Fair
Value		      Asset Allocation     Fair Value Hierarchy  

(in thousands)

       Actual     Target     Level 1      Level 2      Level 3  

U.S. equities

    $ 60,286         25.3 %      25.8 %    $ —         $ 60,286       $ —     

International equities

      38,725         16.2        17.2        —           38,725         —     

Emerging equities

      16,393         6.9        8.5        —           16,393         —     

High yield securities

      19,310         8.1        8.5        —           19,310         —     

Alternative investments

      307         0.1        —          —           —           307   

Fixed income securities

      93,362         39.1        40.0        —           93,362         —     

Cash and cash equivalents

      10,372         4.3        —          —           10,372         —     
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
   $ 238,755         100.0 %      100.0 %    $ —         $ 238,448       $ 307   
  

 

 

     

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
  
Plan's Funded Status and Amounts Recognized in Company's Consolidated Balance Sheets

The following table sets forth the plans’ funded status and amounts recognized in the Company’s Consolidated Balance Sheets:

 

(in thousands)

    August 27,
2016		      August 29,
2015		  

Change in Projected Benefit Obligation:

      

Projected benefit obligation at beginning of year

    $ 296,123       $ 300,966   

Interest cost

      11,272         12,338   

Actuarial (gains) losses

      39,842         (1,056 ) 

Benefits paid

      (18,726 )       (16,125 ) 
  

 

 

     

 

 

  

Benefit obligations at end of year

    $ 328,511       $ 296,123   
  

 

 

     

 

 

  

Change in Plan Assets:

      

Fair value of plan assets at beginning of year

    $ 238,755       $ 243,407   

Actual return on plan assets

      16,636         (5,604 ) 

Employer contributions

      52,721         17,077   

Benefits paid

      (18,726 )       (16,125 ) 
  

 

 

     

 

 

  

Fair value of plan assets at end of year

    $ 289,386       $ 238,755   
  

 

 

     

 

 

  

Amount Recognized in the Statement of Financial Position:

      

Current liabilities

    $ (276 )     $ (253 ) 

Long-term liabilities

      (38,849 )       (57,115 ) 
  

 

 

     

 

 

  

Net amount recognized

    $ (39,125 )     $ (57,368 ) 
  

 

 

     

 

 

  

Amount Recognized in Accumulated Other Comprehensive Loss and not yet reflected in Net Periodic Benefit Cost:

      

Net actuarial loss

    $ (145,948 )     $ (116,735 ) 
  

 

 

     

 

 

  

Accumulated other comprehensive loss

    $ (145,948 )     $ (116,735 ) 
  

 

 

     

 

 

  

Amount Recognized in Accumulated Other Comprehensive Loss and not yet reflected in Net Periodic Benefit Cost and expected to be amortized in next year’s Net Periodic Benefit Cost:

      

Net actuarial loss

    $ (13,874 )     $ (10,506 ) 
  

 

 

     

 

 

  

Amount recognized

    $ (13,874 )     $ (10,506 ) 
  

 

 

     

 

 

  
  
Net Periodic Benefit Expense

Net periodic benefit expense consisted of the following:

 

     Year Ended  

(in thousands)

    August 27,
2016		      August 29,
2015		      August 30,
2014		  

Interest cost

    $ 11,272       $ 12,338       $ 13,070   

Expected return on plan assets

      (16,512 )       (16,281 )       (15,386 ) 

Recognized net actuarial losses

      10,506         8,941         6,879   
  

 

 

     

 

 

     

 

 

  

Net periodic benefit expense

    $ 5,266       $ 4,998       $ 4,563   
  

 

 

     

 

 

     

 

 

  
  
Actuarial Assumptions Used in Determining Projected Benefit Obligation

The blended actuarial assumptions used in determining the projected benefit obligation include the following:

 

     Year Ended  
     August 27,
2016		     August 29,
2015		     August 30,
2014		  

Discount rate to determine benefit obligation

      3.72 %      4.50 %      4.28 % 

Discount rate to determine net interest cost

      3.90 %      4.28 %      5.19 % 

Expected long-term rate of return on plan assets

      7.00 %      7.00 %      7.50 % 
  
Benefit Payments are Expected to be Paid as Follows

Based on current assumptions about future events, benefit payments are expected to be paid as follows for each of the following fiscal years. Actual benefit payments may vary significantly from the following estimates:

 

(in thousands)

    Benefit
Payments		  

2017

    $ 12,066   

2018

      11,803   

2019

      12,546   

2020

      13,273   

2021

      13,889   

2022 – 2026

      76,204