XML 35 R40.htm IDEA: XBRL DOCUMENT

Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Sep. 27, 2019

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Change In Plans' Combined Net Benefit Obligations

The following table sets forth the changes in the plans’ combined net benefit obligation (segregated between plans existing within and outside the U.S.) for the years ended September 27, 2019 and September 28, 2018 (in thousands):



	U.S. Plans						Non-U.S. Plans⁽¹⁾
	September 27, 2019			September 28, 2018			September 27, 2019			September 28, 2018
Net benefit obligation at the beginning of the year	$	448,402		$	169,942		$	2,149,246		$	1,306,807
Service cost	2,784			4,765			7,171			8,269
Interest cost	16,697			13,778			52,627			49,324
Participants’ contributions	243			839			367			451
Actuarial (gains)/losses	52,720			(30,730		)	314,889			(43,595		)
Benefits paid	(30,648		)	(27,914		)	(72,453		)	(75,711		)
Curtailments/settlements/plan amendments	(39,388		)	(9,434		)	30,124			(6,136		)
Acquisition of CH2M Plans	—			327,156			—			924,233
Disposition of ECR Plans	—			—			(99,504		)	—
Effect of exchange rate changes and other, net	(2,270		)	—			(124,338		)	(14,396		)
Net benefit obligation at the end of the year	$	448,540		$	448,402		$	2,258,129		$	2,149,246

Schedule of Change in Combined Fair Value of the Plans' Assets

The following table sets forth the changes in the combined Fair Value of the plans’ assets (segregated between plans existing within and outside the U.S.) for the years ended September 27, 2019 and September 28, 2018 (in thousands):



	U.S. Plans						Non-U.S. Plans⁽¹⁾
	September 27, 2019			September 28, 2018			September 27, 2019			September 28, 2018
Fair value of plan assets at the beginning of the year	$	390,829		$	147,788		$	1,867,481		$	1,076,928
Actual return on plan assets	31,140			9,891			280,785			(19,883		)
Employer contributions	10,668			58,097			32,063			31,556
Participants’ contributions	243			839			367			451
Gross benefits paid	(30,648		)	(27,914		)	(72,453		)	(75,711		)
Curtailments/settlements/plan amendments	(9,751		)	(9,434		)	(5,814		)	(5,496		)
Acquisition of CH2M Plans	—			211,562			—			869,414
Disposition of ECR Plans	—			—			(76,111		)	—
Effect of exchange rate changes and other, net	(2,271		)	—			(109,681		)	(9,778		)
Fair value of plan assets at the end of the year	$	390,210		$	390,829		$	1,916,637		$	1,867,481

Reconciliation of Combined Funded Status of Plans and Recognized in Consolidated Balance Sheet

The following table reconciles the combined funded statuses of the plans recognized in the accompanying Consolidated Balance Sheets at September 27, 2019 and September 28, 2018 (segregated between plans existing within and outside the U.S.) (in thousands):



	U.S. Plans				Non-U.S. Plans ⁽¹⁾
	September 27, 2019		September 28, 2018		September 27, 2019		September 28, 2018
Net benefit obligation at the end of the year	$	448,540	$	448,402	$	2,258,129	$	2,149,246
Fair value of plan assets at the end of the year	390,210		390,829		1,916,637		1,867,481
Under funded amount recognized at the end of the year	$	58,330	$	57,573	$	341,492	$	281,765

Schedule of Accumulated and Projected Benefit Obligations

The following table presents the accumulated benefit obligation at September 27, 2019 and September 28, 2018 (segregated between plans existing within and outside the U.S.) (in thousands):



	U.S. Plans				Non-U.S. Plans ⁽¹⁾
	September 27, 2019		September 28, 2018		September 27, 2019		September 28, 2018
Accumulated benefit obligation at the end of the year	$	447,609	$	447,549	$	2,244,710	$	2,123,839

Schedule of Amount Recognized in Accompanying Balance Sheets

The following table presents the amounts recognized in the accompanying Consolidated Balance Sheets at September 27, 2019 and September 28, 2018 (segregated between plans existing within and outside the U.S.) (in thousands):



	U.S. Plans				Non-U.S. Plans ⁽¹⁾
	September 27, 2019		September 28, 2018		September 27, 2019		September 28, 2018
Prepaid benefit cost included in noncurrent assets	$	—	$	—	$	2,939	$	19,736
Accrued benefit cost included in current liabilities	85		2,548		4,177		3,671
Accrued benefit cost included in noncurrent liabilities	58,245		55,025		340,254		297,830
Net amount recognized at the end of the year	$	58,330	$	57,573	$	341,492	$	281,765

Schedule of Pension Plans Recorded In Accumulated Other Comprehensive Loss Not Yet Recognized As Component of Net Periodic Pension Cost

The following table presents certain amounts relating to our plans recorded in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at September 27, 2019 and September 28, 2018 (segregated between U.S. and non-U.S. plans) (in thousands):



	U.S. Plans				Non-U.S. Plans
	September 27, 2019		September 28, 2018		September 27, 2019		September 28, 2018
Net actuarial loss	$	71,083	$	37,255	$	365,661	$	273,312
Prior service cost	—		—		28,346		(700		)
Total	$	71,083	$	37,255	$	394,007	$	272,612

Schedule of Accumulated Comprehensive Income Amortized Against Earnings In Next Year

The following table presents the amount of accumulated comprehensive income that will be amortized against earnings as part of our net periodic benefit cost in fiscal 2020 based on 2019 exchange rates (segregated between U.S. and non-U.S. plans) (in thousands):



	U.S. Plans		Non-U.S. Plans
Unrecognized net actuarial loss	$	3,546	$	7,500
Unrecognized prior service cost	—		1,392
Accumulated comprehensive loss to be recorded against earnings	$	3,546	$	8,892

Schedule of Weighted Average Measurement Of Assets And Liabilities

The plans’ weighted average asset allocations at September 27, 2019 and September 28, 2018 (the measurement dates used in valuing the plans’ assets and liabilities) were as follows:



	U.S. Plans				Non-U.S. Pans
	September 27, 2019		September 28, 2018		September 27, 2019		September 28, 2018
Equity securities	3	%	27	%	20	%	24	%
Debt securities	58	%	39	%	52	%	49	%
Real estate investments	—	%	—	%	7	%	8	%
Other	39	%	34	%	21	%	19	%

Anticipated Cash Contributions

The following table presents the amount of cash contributions we anticipate making into the plans during fiscal 2020 (in thousands):



	U.S. Plans		Non-U.S. Plans
Anticipated cash contributions	$	—	$	28,282

Schedule of Expected Payments to Participants in Pension Plan

The following table presents the total benefit payments expected to be paid to plan participants during each of the next five fiscal years, and in total for the five years thereafter (in thousands):



	U.S. Plans		Non-U.S. Pans
2020	$	35,064	$	65,131
2021	33,225		64,968
2022	32,230		66,765
2023	31,594		68,097
2024	30,431		68,636
For the periods 2025 through 2029	137,252		388,015

Schedule of Contribution to Multiemployer Pension Plans

The following table presents the Company’s contributions to these multiemployer plans for the years ended September 27, 2019, September 28, 2018 and September 29, 2017 (in thousands):



	September 27, 2019		September 28, 2018		September 29, 2017
Canada	$	16,625	$	36,354	$	35,182
Europe	9,413		10,677		6,212
United States	7,149		9,536		4,548
Contributions to multiemployer pension plans	$	33,187	$	56,567	$	45,942

U.S. Plans

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Significant Actuarial Assumptions In Determining Funded Status Plans

The following table presents the significant actuarial assumptions used in determining the funded statuses and the following year's benefit cost of the Company’s U.S. plans for the years ended September 27, 2019, September 28, 2018 and September 29, 2017:



	For the Years Ended
	September 27, 2019	September 28, 2018	September 29, 2017
Discount rates	2.8% to 3.1%	3.9% to 4.2%	3.5	%
Rates of compensation increases	3.5%	3.5%	—	%
Return on Assets	5.1%	5.8% to 5.9%	7.5	%

Schedule of Pension Plans Recognized In Accumulated Other Comprehensive Loss

The following table presents certain amounts relating to our U.S. plans recognized in accumulated other comprehensive (gain) loss at September 27, 2019, September 28, 2018 and September 29, 2017 (in thousands):



	September 27, 2019			September 28, 2018			September 29, 2017
Arising during the period:
Net actuarial (gain) loss	$	36,108		$	(7,514	)	$	(11,372	)
Reclassification adjustments:
Net actuarial losses	(2,282		)	(2,913		)	(2,431		)
Total	$	33,826		$	(10,427	)	$	(13,803	)

Schedule of Fair Value of Pension Plan Assets

The following table presents the Fair Value of the Company’s Domestic U.S. plan assets at September 27, 2019, segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands):



	September 27, 2019
	Fair Value, Determined Using Fair Value Measurement Inputs
	Level 1		Level 2		Level 3		Investments measured at Net Asset Value		Total
Domestic equities	$	10,890	$	—	$	—	$	—	$	10,890
Overseas equities	—		—		—		—		—
Domestic bonds	65,490		134,594		—		—		200,084
Overseas bonds	—		20,020		—		—		20,020
Cash and equivalents	28,972		—		—		—		28,972
Mutual funds	130,244		—		—		—		130,244
Hedge funds	—		—		—		—		—
Total	$	235,596	$	154,614	$	—	$	—	$	390,210

The following table presents the Fair Value of the Company’s U.S. plan assets at September 28, 2018, segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands):



	September 28, 2018
	Fair Value, Determined Using Fair Value Measurement Inputs
	Level 1		Level 2		Level 3		Investments measured at Net Asset Value		Total
Domestic equities	$	13,861	$	63,937	$	—	$	—	$	77,798
Overseas equities	26,699		—		—		—		26,699
Domestic bonds	84,894		58,229		—		—		143,123
Overseas bonds	938		9,570		—		—		10,508
Cash and equivalents	6,631		—		—		—		6,631
Mutual funds	126,042		—		—		—		126,042
Hedge funds	—		—		—		28		28
Total	$	259,065	$	131,736	$	—	$	28	$	390,829

Summary of Changes in the Fair Value of Plans Level 3 Assets

The following table summarizes the changes in the Fair Value of the Company’s U.S. plans’ Level 3 assets for the years ended September 28, 2018 and September 27, 2019 (in thousands):



	Hedge Funds
Balance at September 29, 2017	$	6,176
Purchases, sales and settlements	(6,176		)
Realized and unrealized gains	—
Balance at September 28, 2018	$	—

Schedule of Components of Net Periodic Pension Cost Recognized

The following table presents the components of net periodic benefit cost for the Company’s U.S. plans recognized in the accompanying Consolidated Statements of Earnings for the years ended September 27, 2019, September 28, 2018 and September 29, 2017 (in thousands):



	September 27, 2019			September 28, 2018			September 29, 2017
Service cost	$	2,784		$	4,765		$	1,000
Interest cost	16,697			13,778			5,757
Expected return on plan assets	(21,508		)	(19,663		)	(9,942		)
Actuarial loss	3,026			3,845			3,985
Prior service cost	—			—			—
Net pension cost, before special items	$	999		$	2,725		$	800
Curtailment expense/Settlement (gain) loss	(35,020		)	4,146			1,781
Total net periodic pension cost recognized	$	(34,021	)	$	6,871		$	2,581

Non-U.S. Plans

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Significant Actuarial Assumptions In Determining Funded Status Plans

The following table presents the significant actuarial assumptions used in determining the funded statuses and the following year's benefit cost of the Company’s non-U.S. plans for the years ended September 27, 2019, September 28, 2018 and September 29, 2017:



	For the Years Ended
	September 27, 2019	September 28, 2018	September 29, 2017
Discount rates	0.2% to 7.1%	1.3% to 8.1%	1.3% to 7.0%
Rates of compensation increases	3.7% to 7.5%	3.8% to 7.5%	5.5% to 7.5%
Expected long-term rates of return on assets	2.3% to 7.5%	3.8% to 7.5%	5.3% to 8.5%

Schedule of Pension Plans Recognized In Accumulated Other Comprehensive Loss

The following table presents certain amounts relating to our non-U.S. plans recognized in accumulated other comprehensive (gain) loss at September 27, 2019, September 28, 2018 and September 29, 2017 (in thousands):



	September 27, 2019			September 28, 2018			September 29, 2017
Arising during the period:
Net actuarial (gain) loss	$	83,368		$	59,827		$	(76,860	)
Net (gain) loss on Sale of ECR	(12,520		)	—			—
Prior service cost (benefit)	29,829			215			119
Total	100,677			60,042			(76,741		)
Reclassification adjustments:
Net actuarial losses	(6,546		)	(5,507		)	(8,732		)
Prior service cost	(1,075		)	181			229
Total	(7,621		)	(5,326		)	(8,503		)
Total	$	93,056		$	54,716		$	(85,244	)

Schedule of Fair Value of Pension Plan Assets

The following table presents the Fair Value of the Company’s non-U.S. plan assets at September 27, 2019, segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands):



	September 27, 2019
	Fair Value, Determined Using Fair Value Measurement Inputs
	Level 1		Level 2			Level 3		Investments measured at Net Asset Value		Total
Domestic equities	$	—	$	17,255		$	—	$	19,413	$	36,668
Overseas equities	—		182,600			—		50,127		232,727
Domestic bonds	—		306,225			—		34,408		340,633
Overseas bonds	—		728,616			—		39,292		767,908
Cash and equivalents	37,811		(16		)	—				37,795
Real estate	—		24,735			97,539		15,198		137,472
Insurance contracts	—		4,478			72,788				77,266
Derivatives	—		—			—				—
Hedge funds	—		—			130,200		7,156		137,356
Mutual funds	—		148,812			—		—		148,812
Total	$	37,811	$	1,412,705		$	300,527	$	165,594	$	1,916,637

The following table presents the Fair Value of the Company’s non-U.S. plan assets at September 28, 2018, segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands):



	September 28, 2018
	Fair Value, Determined Using Fair Value Measurement Inputs
	Level 1		Level 2			Level 3		Investments measured at Net Asset Value		Total
Domestic equities	$	—	$	31,868		—		36,642		$	68,510
Overseas equities	—		327,309			—		44,675		371,984
Domestic bonds	252		222,282			—		1,080		223,614
Overseas bonds	—		641,966			—		60,804		702,770
Cash and equivalents	33,482		7,822			—				41,304
Real estate	—		26,987			99,587		17,568		144,142
Insurance contracts	—		4,188			95,782				99,970
Derivatives	69		(26,656		)	—				(26,587		)
Hedge funds	—		—			135,786		8,047		143,833
Mutual funds	—		97,941			—				97,941
Total	$	33,803	$	1,333,707		$	331,155	$	168,816	$	1,867,481

Summary of Changes in the Fair Value of Plans Level 3 Assets

The following table summarizes the changes in the Fair Value of the Company’s non-U.S. Pension Plans’ Level 3 assets for the years ended September 28, 2018 and September 27, 2019 (in thousands):



	Real Estate			Insurance Contracts			Hedge Funds
Balance at Balance at September 29, 2017	$	58,974		$	74,353		$	303,729
Purchases, sales, and settlements	42,711			21,626			(154,446		)
Realized and unrealized gains	(784		)	1,551			(6,650		)
Effect of exchange rate changes	(1,314		)	(1,748		)	(6,847		)
Balance at September 28, 2018	$	99,587		$	95,782		$	135,786
Purchases, sales, and settlements	(17,902		)	(5,126		)	(26,591		)
Realized and unrealized gains (losses)	21,838			9,134			29,161
Disposition of ECR Assets	—			(22,885		)	—
Effect of exchange rate changes	(5,984		)	(4,117		)	(8,156		)
Balance at September 27, 2019	$	97,539		$	72,788		$	130,200

Schedule of Components of Net Periodic Pension Cost Recognized

The following table presents the components of net periodic benefit cost for the Company’s Non-U.S. plans recognized in the accompanying Consolidated Statements of Earnings for the years ended September 27, 2019, September 28, 2018 and September 29, 2017 (in thousands):



	September 27, 2019			September 28, 2018			September 29, 2017
Service cost	$	7,171		$	8,269		$	7,509
Interest cost	52,627			49,324			31,205
Expected return on plan assets	(82,274		)	(83,328		)	(56,269		)
Actuarial loss	7,854			6,655			10,616
Prior service cost	1,263			(257		)	(329		)
Net pension cost, before special items	$	(13,359	)	$	(19,337	)	$	(7,268	)
Curtailment expense/Settlement (gain) loss	1,933			1,268			(298		)
Total net periodic pension (income) cost recognized	$	(11,426	)	$	(18,069	)	$	(7,566	)
Total net periodic pension (income) cost recognized from Discontinued Operations	$	2,282		$	3,606		$	3,279
Total net periodic pension (income) cost recognized from Continuing Operations	$	(13,708	)	$	(21,675	)	$	(10,845	)