7.
Benefit Plans
The Company sponsors retirement savings plans for employees meeting
certain age and service requirements. The plans provide for
Company-matching contributions, which are subject to annual approval by
the Company’s Board of Directors. The total matching contributions were
$6,800, $4,600 and $3,100 in fiscal 2001, 2000 and 1999, respectively.
The Company has a deferred compensation plan for certain management
employees. The liability for compensation deferred under this plan was
$27,500 and $18,900 at March 3, 2001, and February 26, 2000, respectively,
and is included in long-term liabilities. The Company has elected to match
its liability under the plan through the purchase of life insurance. The
cash value of the insurance, which includes funding for future deferrals,
was $33,900 and $26,500 in fiscal 2001 and 2000, respectively, and is
included in other assets. Both the asset and the liability are carried at
fair value.
8. Income Taxes
The following is a reconciliation of income tax expense to the federal
statutory tax rate:
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