v3.24.3
Pension and Other Benefit Programs (Tables)
 12 Months Ended
Sep. 28, 2024
Retirement Benefits [Abstract]  
Benefit Obligations, Assets, Funded Status and Balance Sheet Impacts Associated with Pension and Postretirement Medical Benefit Plans based upon Actuarial Valuations
The following chart summarizes the benefit obligations, assets, funded status and balance sheet impacts associated with the defined benefit pension and postretirement medical benefit plans:
 Pension PlansPostretirement Medical Plans
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Projected benefit obligations
Beginning obligations$(14,690) $(15,028) $(961) $(1,539) 
Service cost(248) (282) (1) (5) 
Interest cost(834) (784) (55) (81) 
Actuarial gain (loss)(1)
(1,667) 757  6  59  
Plan amendments and other(2)
44  14  (13) 539  
Benefits paid661  633  56  66  
Ending obligations$(16,734) $(14,690) $(968) $(961) 
Fair value of plans’ assets
Beginning fair value$15,442  $14,721  $781  $749  
Actual return on plan assets2,789  1,324  143  71  
Contributions69  73  26  29  
Benefits paid(661) (633) (56) (66) 
Expenses and other(82) (43) (2) (2) 
Ending fair value$17,557  $15,442  $892  $781  
Overfunded (Underfunded) status of the plans$823  $752  $(76) $(180) 
Amounts recognized in the balance sheet
Non-current assets$2,192  $1,971  $303  $209  
Current liabilities(77) (72) (1) (2) 
Non-current liabilities(1,292) (1,147) (378) (387) 
$823  $752  $(76) $(180) 
(1)The actuarial loss for fiscal 2024 was primarily due to a decrease in the discount rate used to determine the fiscal year-end benefit obligation from the rate that was used in the preceding fiscal year.
(2)The amount in fiscal 2023 was due to a change in postretirement medical benefit options.
Net Periodic Benefit Cost
The components of net periodic benefit cost (benefit) are as follows:
 Pension PlansPostretirement Medical Plans
 202420232022202420232022
Service cost$248  $282  $400  $1  $5  $9  
Other costs (benefits):
Interest cost834  784  500  55  81  51  
Expected return on plan assets(1,138) (1,149) (1,174) (58) (61) (59) 
Amortization of prior-year service costs (credits)(1)
8  8  7  (90) —  —  
Recognized net actuarial loss/(gain)
21  19  585  (36) (22) 28  
Total other costs (benefit)
(275) (338) (82) (129) (2) 20  
Net periodic benefit cost (benefit)
$(27) $(56) $318  $(128) $3  $29  
(1)The amortization of prior-year service credits is related to a change in postretirement medical benefit options.
Key Assumptions
Key assumptions are as follows:
 Pension PlansPostretirement Medical Plans
 202420232022202420232022
Discount rate used to determine the fiscal year‑end benefit obligation5.06 %5.94 %5.44 %5.00 %5.94 %5.47 %
Discount rate used to determine the interest cost component of net periodic benefit cost5.86 %5.37 %2.45 %5.84 %5.38 %2.47 %
Rate used to determine the expected return on plan assets component of net period benefit cost
7.00 %7.00 %7.00 %7.00 %7.00 %7.00 %
Weighted average rate of compensation increase to determine the fiscal year‑end benefit obligation2.70 %3.10 %3.10 %n/an/an/a
Year 1 increase in cost of benefitsn/an/an/a7.00 %7.00 %7.00 %
Rate of increase to which the cost of benefits is assumed to decline (the ultimate trend rate)n/an/an/a4.00 %4.00 %4.00 %
Year that the rate reaches the ultimate trend raten/an/an/a2043 2042 2041
Accumulated Other Comprehensive Loss, Before Tax, Not yet Recognized in Net Periodic Benefit Cost
AOCI, before tax, as of September 28, 2024 consists of the following amounts that have not yet been recognized in net periodic benefit cost:
Pension PlansPostretirement
Medical Plans		Total
Prior service costs (benefits)
$8  $(467) $(459) 
Net actuarial loss (gain)
2,963  (190) 2,773  
Total amounts included in AOCI$2,971  $(657) $2,314  
Plan Assets Investment Policy Ranges for Major Asset Classes The investment policy ranges for the major asset classes are as follows:
Asset ClassMinimumMaximum
Equity investments25%60%
Fixed income investments20%45%
Alternative investments10%30%
Cash & money market funds—%10%
Defined Benefit Plan Assets Measured at Fair Value
The Company’s defined benefit plan assets are summarized by level in the following tables:
As of September 28, 2024
DescriptionLevel 1Level 2TotalPlan Asset Mix
Cash$19  $—  $19  —%
Common and preferred stocks(1)
3,377  —  3,377  18%
Mutual funds701  —  701  4%
Government and federal agency bonds, notes and MBS
2,744  1,845  4,589  25%
Corporate bonds
—  2,111  2,111  11%
Other mortgage- and asset-backed securities—  166  166  1%
Derivatives and other, net
10  1  11  —%
Total investments in the fair value hierarchy $6,851  $4,123  10,974  
Assets valued at NAV as a practical expedient:
Common collective funds
2,380  13%
Alternative investments4,350  24%
Money market funds and other745  4%
Total investments at fair value$18,449  100%
As of September 30, 2023
DescriptionLevel 1Level 2TotalPlan Asset Mix
Cash$68  $—  $68  —%
Common and preferred stocks(1)
3,517  —  3,517  22%
Mutual funds1,139  —  1,139  7%
Government and federal agency bonds, notes and MBS
2,025  442  2,467  15%
Corporate bonds
—  750  750  4%
Other mortgage- and asset-backed securities—  120  120  1%
Derivatives and other, net
—  12  12  —%
Total investments in the fair value hierarchy $6,749  $1,324  8,073  
Assets valued at NAV as a practical expedient:
Common collective funds
3,517  22%
Alternative investments4,352  27%
Money market funds and other281  2%
Total investments at fair value$16,223  100%
(1)Includes 2.9 million shares of Company common stock valued at $278 million and 2.9 million shares valued at $235 million at September 28, 2024 and September 30, 2023, respectively.
Estimated Future Benefit Payments
The following table presents estimated future benefit payments for the next ten fiscal years:
Pension
Plans
Postretirement
Medical Plans(1)
2025$776$51
202678854
202783757
202888160
202992662
2030 – 20345,199335
(1)Estimated future benefit payments are net of expected Medicare subsidy receipts of $36 million.
Long Term Rates of Return by Asset Class The following long-term rates of return by asset class were considered in setting the long-term rate of return on plan assets assumption:
Equity Securities6 %to10 %
Debt Securities3 %to6 %
Alternative Investments6 %to11 %
One Percentage Point (ppt) Change on Projected Benefit Obligations A one percentage point change in the discount rate and expected long-term rate of return on plan assets would have the following effects as of September 28, 2024 and for fiscal 2025:
 Discount RateExpected Long-Term
Rate of Return On Assets
Increase (decrease)Benefit
Expense		Projected Benefit ObligationsBenefit
Expense
1 percentage point decrease$222  $2,430  $168  
1 percentage point increase(214) (2,130) (168) 
Contribution into Multiemployer Pension Plans and Health and Welfare Plans
The following table sets forth our contributions to multiemployer pension and health and welfare benefit plans:
202420232022
Pension plans$291$316$402
Health & welfare plans300299401
Total contributions$591$615$803