v3.24.3
Retirement Plans (Tables)
 12 Months Ended
Sep. 29, 2024
Retirement Benefits [Abstract]  
Reconciliation of Changes in Benefit Obligations, Plan Assets and Funded Status of Retirement Plans The following table provides a reconciliation of the changes in benefit obligations, plan assets, and funded status of our retirement plans for each fiscal year (in thousands):
Qualified PlanSERPPostretirement Health Plans
202420232024202320242023
Change in benefit obligation:
Obligation at beginning of year$266,345 $293,342 $53,513 $56,891 $11,891 $12,577 
Interest cost15,791 16,068 3,188 3,149 711 700 
Participant contributions— — — — 102 101 
Actuarial loss (gain)29,769 (13,792)5,199 (1,287)1,186 (383)
Benefits paid(13,985)(14,884)(4,803)(5,240)(1,268)(1,145)
Settlements and other— (14,389)— — 32 41 
Obligation at end of year$297,920 $266,345 $57,097 $53,513 $12,654 $11,891 
Change in plan assets:
Fair value at beginning of year$275,143 $303,951 $— $— $— $— 
Actual return on plan assets41,281 465 — — — — 
Participant contributions— — — — 102 101 
Employer contributions— — 4,803 5,240 1,134 1,002 
Benefits paid(13,985)(14,884)(4,803)(5,240)(1,268)(1,145)
Settlements and other— (14,389)— — 32 42 
Fair value at end of year$302,439 $275,143 $— $— $— $— 
Funded (unfunded) status at end of year$4,519 $8,798 $(57,097)$(53,513)$(12,654)$(11,891)
Amounts recognized on the balance sheet:
Noncurrent assets$4,519 $8,798 $— $— $— $— 
Current liabilities— — (5,124)(5,138)(1,111)(1,072)
Noncurrent liabilities— — (51,973)(48,375)(11,543)(10,819)
Total asset (liability) recognized$4,519 $8,798 $(57,097)$(53,513)$(12,654)$(11,891)
Amounts in AOCI not yet reflected in net periodic benefit cost:
Unamortized actuarial loss (gain), net$100,938 $99,871 $18,542 $13,974 $(8,132)$(10,232)
Unamortized prior service cost— — — 15 — — 
Total$100,938 $99,871 $18,542 $13,989 $(8,132)$(10,232)
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial loss (gain)$3,470 $848 $5,199 $(1,287)$1,186 $(383)
Amortization of actuarial (loss) gain(2,403)(2,349)(632)(718)914 932 
Amortization of prior service cost— — (14)(19)— — 
Total recognized in OCI1,067 (1,501)4,553 (2,024)2,100 549 
Net periodic benefit (credit) cost3,212 3,312 3,834 3,886 (203)(232)
Total recognized in comprehensive income$4,279 $1,811 $8,387 $1,862 $1,897 $317 
Amounts in AOCI expected to be amortized in next fiscal net periodic benefit cost:
Net actuarial loss (gain)$2,416 $990 $(778)
The fair values of the Qualified Plan’s assets by asset category are as follows (in thousands):
Total
Other
(i.e., NAV Assets)
(3)
Quoted Prices
in Active
Markets for
Identical
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Fair Value at September 30, 2024:
Cash and cash equivalents(1)$2,933 $— $— $2,933 $— 
Equity:
Global equity(2)40,193 40,193 — — — 
Fixed income:
Liability-hedging assets(4)200,675 86,089 — 114,586 — 
Alternative credit(5)32,100 32,100 — — — 
Real assets(6)26,538 26,538 — — — 
$302,439 $184,920 $— $117,519 $— 
Fair Value at September 30, 2023:
Cash and cash equivalents(1)$3,266 $— $— $3,266 $— 
Equity:
Global equity(2)30,879 30,879 — — — 
Fixed income:
Liability-hedging assets(4)184,085 77,653 — 106,432 — 
Alternative credit(5)28,378 28,378 — — — 
Real assets(6)28,535 28,535 — — — 
$275,143 $165,445 $— $109,698 $— 
________________________
(1)Cash and cash equivalents are comprised of commercial paper, short-term bills and notes, and short-term investment funds, which are valued at quoted prices in active markets for similar securities.
(2)Global equity is comprised of investments in publicly traded common stocks and other equity-type securities issued by companies throughout the world, including convertible securities, preferred stock, rights and warrants.
(3)Certain investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient are not categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.
(4)Liability-hedging assets are comprised of investments in fixed income securities or derivatives thereof that are intended to mitigate interest rate risk or reduce the interest rate duration mismatch between the assets and liabilities of the Plan.
(5)Alternative credit includes investments in a range of public and private credit securities, including below investment grade rated bonds and loans, securitized credit, and emerging market debt.
(6)Real assets are investments in public and private debt and equity investments, including but not limited to real estate, infrastructure, timberland and agriculture/farmland.
Fair Value of Plan Assets of Pension Plans The following sets forth the PBO, ABO, and fair value of plan assets of our pension plans as of the measurement date in each fiscal year (in thousands):
20242023
Qualified Plan:
Projected benefit obligation$297,920 $266,345 
Accumulated benefit obligation$297,920 $266,345 
Fair value of plan assets$302,439 $275,143 
SERP:
Projected benefit obligation$57,097 $53,513 
Accumulated benefit obligation$57,097 $53,513 
Fair value of plan assets$— $— 
Components of Net Periodic Benefit Cost The components of the fiscal year net periodic benefit cost were as follows (in thousands):
202420232022
Qualified Plan:
Interest cost$15,791 $16,068 $12,506 
Expected return on plan assets (14,982)(15,105)(18,103)
Actuarial loss2,403 2,349 2,193 
Net periodic benefit (credit) cost$3,212 $3,312 $(3,404)
SERP:
Interest cost$3,188 $3,149 $2,173 
Actuarial loss632 718 1,666 
Amortization of unrecognized prior service cost14 19 19 
Net periodic benefit cost$3,834 $3,886 $3,858 
Postretirement health plans:
Interest cost$711 $700 $489 
Actuarial (gain) loss(914)(932)(640)
Net periodic benefit (credit) cost$(203)$(232)$(151)
Determining the Present Values of Benefit Obligations and net Periodic Benefit Costs In determining the present values of our benefit obligations and net periodic benefit costs as of and for the fiscal years ended September 29, 2024, October 1, 2023, and October 2, 2022, we used the following weighted-average assumptions:
202420232022
Assumptions used to determine benefit obligations (1) (2):
Qualified Plan:
Discount rate5.11%6.10%5.63%
SERP:
Discount rate5.09%6.26%5.80%
Postretirement health plans:
Discount rate5.09%6.27%5.82%
Assumptions used to determine net periodic benefit cost (2) (3):
Qualified Plan:
Discount rate6.10%5.63%3.11%
Long-term rate of return on assets5.60%5.10%4.50%
SERP:
Discount rate6.26%5.80%2.99%
Postretirement health plans:
Discount rate6.27%5.82%2.95%
________________________
(1)Determined as of end of year.
(2)There is no assumed rate of increase, as there are no active employees in any of the fiscal years presented.
(3)Determined as of beginning of year.
Health Care Cost Trend Rates for Postretirement Health Plans
For measurement purposes, the weighted-average assumed health care cost trend rates for our postretirement health plans were as follows for each fiscal year:
202420232022
Healthcare cost trend rate for next year:
Participants under age 656.25%6.25%6.25%
Participants age 65 or older6.25%6.25%5.75%
Rate to which the cost trend rate is assumed to decline:
Participants under age 654.50%4.50%4.50%
Participants age 65 or older4.50%4.50%4.50%
Year the rate reaches the ultimate trend rate:
Participants under age 65203120312030
Participants age 65 or older203120312028
Fair Values of Qualified Plan's Assets Our plan asset allocation at the end of each fiscal 2024 and 2023 and respective target allocations were as follows:
2024TargetMinimumMaximum
Cash & cash equivalents1%—%—%—%
Global equity13%12%7%17%
Alternative credit11%9%4%14%
Real assets9%9%4%14%
Liability-hedging assets66%70%60%80%
100%100%
2023TargetMinimumMaximum
Cash & cash equivalents1%—%—%—%
Global equity11%12%7%17%
Alternative credit10%9%4%14%
Real assets10%9%4%14%
Liability-hedging assets68%70%60%80%
100%100%
Contributions Expected to be Paid in Next Fiscal Year and Projected Benefit Payments Contributions expected to be paid in the next fiscal year, the projected benefit payments for each of the next five fiscal years, and the total aggregate amount for the subsequent five fiscal years are as follows (in thousands):
Defined Benefit PlansPostretirement
Health Plans
Estimated net contributions during fiscal 2025
$5,125 $1,139 
Estimated future year benefit payments during fiscal years:
2025$20,487 $1,139 
2026$20,825 $1,150 
2027$21,200 $1,155 
2028$21,600 $1,150 
2029$21,985 $1,139 
2030-2034$115,261 $5,245