v3.25.2
Employee Benefits
 12 Months Ended
Apr. 26, 2025
Retirement Benefits [Abstract]  
Employee Benefits
Note 10: Employee Benefits

The table below summarizes the total costs associated with our employee benefit plans.
Fiscal Year Ended
(52 weeks)(52 weeks)(52 weeks)
(Amounts in thousands)4/26/20254/27/20244/29/2023
401(k) Retirement Plan$16,482 $14,698 $12,877 
Performance Compensation Retirement Plan (1)
497 (133)160 
Deferred Compensation Plan (2)
(276)(86)202 
Non-Qualified Defined Benefit Retirement Plan (3)
678 737 748 
(1)Performance Compensation Retirement Plan includes forfeitures.
(2)Includes (gain)/loss on investments held to fund compensation/retirement plans and administrative fees.
(3)Primarily related to interest cost.

401(k) Retirement Plan. Voluntary 401(k) retirement plans are offered to eligible employees within certain U.S. operating units. For most operating units, we make matching contributions based on specific formulas.

Performance Compensation Retirement Plan. A performance compensation retirement plan ("PCRP") is maintained for eligible highly compensated employees. Beginning in fiscal 2023, contributions into the plan are no longer being made. Prior year contributions were based on achievement of performance targets. Employees vest in these prior period contributions if they achieve certain age and years of service with the Company and can elect to receive benefit payments over a period ranging between five to twenty years after they leave the Company. While the Company no longer makes contributions, the outstanding liability balance related to the plan is as follows:

(Amounts in thousands)4/26/20254/27/2024
Short-term obligation included in other current liabilities$2,238 $2,341 
Long-term obligation included in other long-term liabilities7,280 9,021 

Executive Deferred Compensation Plan. We maintain an executive deferred compensation plan for eligible highly compensated employees, an element of which may include Company contributions. Further information related to the plan is as follows:

(Amounts in thousands)4/26/20254/27/2024
Plan obligation included in other long-term liabilities$20,607 $21,157 
Cash surrender value on life insurance contracts included in other long-term assets (1)
44,925 43,398 
(1)Life insurance contracts are related to the Executive Deferred Compensation Plan and the PCRP.

Non-Qualified Defined Benefit Retirement Plan. We maintain a non-qualified defined benefit retirement plan for certain former salaried employees. We hold available-for-sale marketable securities to fund future obligations of this plan in a Rabbi trust (refer to Note 7, Investments, and Note 19, Fair Value Measurements, for additional information on these investments). We are not required to fund the non-qualified defined benefit retirement plan in fiscal 2026; however, we have the discretion to make contributions to the Rabbi trust.
Further information related to the plan is as follows:

(Amounts in thousands)4/26/20254/27/2024
Short-term plan obligation included in other current liabilities$995 $996 
Long-term plan obligation included in other long-term liabilities10,107 10,246 
Discount rate used to determine obligation5.4%5.5%

Fiscal Year Ended
(52 weeks)(52 weeks)(52 weeks)
(Amounts in thousands)4/26/20254/27/20244/29/2023
Actuarial loss recognized in AOCI$83 $124 $193 
Benefit payments (1)
946 1,041 1,091 
(1)Benefit payments are scheduled to be between $0.9 million and $1.0 million annually for the next 10 years.