Pensions And Other Postretirement Benefits (Tables)

12 Months Ended

Sep. 27, 2014

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Schedule Of Reconciliation Of Changes In Plans' Benefit Obligations, Assets And Funded Status

The following table provides a reconciliation of the changes in the plans’ benefit obligations, assets and funded status at September 27, 2014, and September 28, 2013:



													in millions
	Pension Benefits												Other Postretirement
	Qualified						Non-Qualified						Benefits
	2014			2013			2014			2013			2014			2013
Change in benefit obligation
Benefit obligation at beginning of year	$	86		$	101		$	85		$	81		$	71		$	64
Service cost	1			—			7			5			2			2
Interest cost	10			4			5			3			3			2
Plan participants’ contributions	—			—			—			—			1			1
Actuarial (gain)/loss	(37		)	(9		)	15			(2		)	(8		)	7
Benefits paid	(11		)	(10		)	(3		)	(2		)	(6		)	(5		)
Business acquisition	1,800			—			73			—			100			—
Benefit obligation at end of year	1,849			86			182			85			163			71
Change in plan assets
Fair value of plan assets at beginning of year	85			86			—			—			—			—
Actual return on plan assets	(36		)	3			—			—			—			—
Employer contributions	6			6			3			2			5			4
Plan participants’ contributions	—			—			—			—			1			1
Benefits paid	(11		)	(10		)	(3		)	(2		)	(6		)	(5		)
Business acquisition	1,603			—			3			—			—			—
Fair value of plan assets at end of year	1,647			85			3			—			—			—
Funded status	$	(202	)	$	(1	)	$	(179	)	$	(85	)	$	(163	)	$	(71	)

Schedule Of Amounts Recognized In The Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets consist of:



													in millions
	Pension Benefits												Other Postretirement
	Qualified						Non-Qualified						Benefits
	2014			2013			2014			2013			2014			2013
Other current liabilities	$	—		$	—		$	(5	)	$	—		$	(7	)	$	—
Other liabilities	(202		)	(1		)	(174		)	(85		)	(156		)	(71		)
Accumulated other comprehensive (income)/loss:
Actuarial loss	39			30			36			23			—			—
Prior service cost/(credit)	—			—			—			—			(2		)	(3		)
Net amount recognized	$	(163	)	$	29		$	(143	)	$	(62	)	$	(165	)	$	(74	)

Schedule Of Plans With Accumulated Benefit Obligations In Excess Of Plan Assets

Plans with accumulated benefit obligations in excess of plan assets are as follows:



					in millions
	Pension Benefits
	Qualified				Non-Qualified
	2014		2013		2014		2013
Projected benefit obligation	$	1,829	$	27	$	182	$	85
Accumulated benefit obligation	1,829		27		172		72
Fair value of plan assets	1,627		26		3		—

Schedule Of Components Of Net Periodic Benefit Cost For Pension And Postretirement Benefit Plans Recognized In The Consolidated Statements Of Income

Components of net periodic benefit cost for pension and postretirement benefit plans recognized in the Consolidated Statements of Income are as follows:



																			in millions
	Pension Benefits															Other Postretirement
	Qualified									Non-Qualified						Benefits
	2014			2013			2012			2014		2013		2012		2014			2013			2012
Service cost	$	1		$	—		$	—		$	7	$	5	$	5	$	2		$	2		$	1
Interest cost	10			4			4			5		3		3		3			2			2
Expected return on plan assets	(13		)	(5		)	(6		)	—		—		—		—			—			—
Amortization of prior service cost	—			—			—			—		1		1		—			(1		)	(1		)
Recognized actuarial (gain) loss, net	2			4			3			2		3		1		(8		)	7			24
Net periodic benefit cost	$	—		$	3		$	1		$	14	$	12	$	10	$	(3	)	$	10		$	26

Schedule Of Weighted Average Assumptions

Weighted average assumptions are as follows:



	Pension Benefits												Other Postretirement
	Qualified						Non-Qualified						Benefits
	2014		2013		2012		2014		2013		2012		2014		2013		2012
Discount rate to determine net periodic benefit cost	4.37	%	4.02	%	4.53	%	5.01	%	4.23	%	4.75	%	4.41	%	3.66	%	4.09	%
Discount rate to determine benefit obligations	4.32	%	4.77	%	4.02	%	4.36	%	5.09	%	4.23	%	3.97	%	4.48	%	3.66	%
Rate of compensation increase	0.01	%	N/A		N/A		2.11	%	3.50	%	3.50	%	N/A		N/A		N/A
Expected return on plan assets	6.37	%	5.44	%	6.37	%	N/A		N/A		N/A		N/A		N/A		N/A

Schedule of Health Care Cost Trend Rates

A one-percentage-point change in assumed health-care cost trend rates would have the following effects:



			in millions
	One Percentage Point Increase		One Percentage Point Decrease
Effect on postretirement benefit obligation	$	17	$	13
Effect on total service and interest components	2		1

Schedule Of Actual And Target Asset Allocation For Pension Plan Assets

The following table sets forth the actual and target asset allocation for pension plan assets:



	2014		2013		Target Asset Allocation
Cash	4.9	%	1.6	%	0.3	%
Fixed Income Securities	80.5		79.1		84.9
U.S. Stock Funds	6.0		4.3		5.4
International Stock Funds	6.2		7.3		6.3
Real Estate	2.0		3.8		2.0
Other	0.4		3.9		1.1
Total	100.0	%	100.0	%	100.0	%

Schedule Of Categories Of Pension Plan Assets And Level Under Which Fair Values Were Determined In Fair Value Hierarchy

The following tables show the categories of pension plan assets and the level under which fair values were determined in the fair value hierarchy, which is described in Note 13: Fair Value Measurements.



	in millions
September 27, 2014	Level 1		Level 2 (a)		Level 3 (b)		Total
Cash and cash equivalents	$	79	$	—	$	—	$	79
Fixed Income Securities:
Bond and fixed income funds	—		377		—		377
Corporate bonds	—		680		—		680
Government and municipal bonds	—		253		—		253
Mortgage backed securities	—		—		7		7
Total fixed income securities	—		1,310		7		1,317
Equity Securities:
U.S. securities funds	—		84		—		84
Non-U.S. securities funds	—		101		—		101
Commodity funds	—		14		—		14
Global real estate funds	—		33		—		33
Total equity securities	—		232		—		232
Other	—		7		—		7
Insurance Contract at Contract Value	—		—		15		15
Total plan assets	$	79	$	1,549	$	22	$	1,650



	in millions
September 28, 2013	Level 1		Level 2 (a)		Level 3 (b)		Total
Cash and cash equivalents	$	1	$	—	$	—	$	1
Fixed Income Securities:
Bond and fixed income funds	—		56		—		56
Corporate bonds	—		—		—		—
Government and municipal bonds	—		—		—		—
Mortgage backed securities	—		—		—		—
Total fixed income securities	—		56		—		56
Equity Securities:
U.S. securities funds	—		3		—		3
Non-U.S. securities funds	—		5		—		5
Commodity funds	—		—		—		—
Global real estate funds	—		3		—		3
Total equity securities	—		11		—		11
Other	—		—		3		3
Insurance Contract at Contract Value	—		—		14		14
Total plan assets	$	1	$	67	$	17	$	85

(a)

We classify our investments in U.S. government, U.S. agency, fixed income funds, bond funds, corporate bonds, and other debt securities as Level 2 as fair value is generally estimated using discounted cash flow models that are primarily industry-standard models that consider various assumptions, including time value and yield curve as well as other readily available relevant economic measures. Funds are valued using the net asset value (NAV) provided by the trustee, which is a practical expedient to estimating fair value. The NAV is based on the fair value of the underlying investments within the funds and is determined daily.

(b)

We classify certain mortgage-backed, asset-backed and insurance contracts as Level 3 as there is limited activity or less observable inputs into valuation models, including current interest rates and estimated prepayment, default and recovery rates on the underlying portfolio or structured investment vehicle. The insurance contracts are valued using the plan’s own assumptions about the assumptions market participants would use in pricing the assets based on the best information available, such as investment manager pricing. Significant changes to assumptions or unobservable inputs in the valuation of our Level 3 instruments would not have a significant impact to our consolidated financial statements.

Schedule Of Reconciliation Of Change In Fair Value Measurement Of Defined Benefit Plans' Consolidated Assets Using Significant Unobservable Inputs

A reconciliation of the change in the fair value measurement of the defined benefit plans’ consolidated assets using significant unobservable inputs (Level 3) is as follows:



								in millions
	Mortgage backed securities		Other			Insurance contract		Total
Balance at September 28, 2013	$	—	$	3		$	14	17
Actual return on plan assets:
Assets still held at reporting date	—		—			—		—
Assets sold during the period	—		—			—		—
Purchases, sales and settlements, net	—		—			1		1
Transfers in and/or out of Level 3	7		(3		)	—		4
Balance at September 27, 2014	$	7	$	—		$	15	$	22

Schedule Of Estimated Future Benefit Payments Expected To Be Paid

The following benefit payments are expected to be paid:



					in millions
	Pension Benefits				Other Postretirement
	Qualified		Non-Qualified		Benefits
2015	$	108	$	8	$	12
2016	82		9		12
2017	85		9		12
2018	89		9		12
2019	92		10		12
2020-2024	506		54		64

Schedule of Multiemployer Plans

In addition to regular contributions, we could be obligated to pay additional contributions (known as complete or partial withdrawal liabilities) if it has unfunded vested benefits.

PPA Zone Status

FIP/RP Status

Contributions (in millions)

Surcharge Imposed

Pension Fund Plan Name

EIN/Pension Plan Number

2014

2013

Pending/ Implemented

2014

Expiration Date of Collective Bargaining Agreement

Bakery and Confectionary Union & Industry International Pension Fund

52-6118572/001

Red

Nov 2012

10%

Oct 2015