XML 70 R41.htm IDEA: XBRL DOCUMENT v3.21.2
Pension and Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Oct. 01, 2021
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 October 1, 2021 and October 2, 2020 (in thousands):
 U.S. PlansNon-U.S. Plans
 October 1, 2021October 2, 2020October 1, 2021October 2, 2020
Net benefit obligation at the beginning of the year$437,920 $448,540 $2,388,077 $2,258,129 
Service cost456 409 6,568 5,710 
Interest cost10,221 12,673 38,907 39,469 
Participants’ contributions— — 212 167 
Actuarial (gains)/losses (1)(11,808)15,584 (140,670)35,626 
Benefits paid(25,582)(22,836)(74,477)(64,395)
Curtailments/settlements/plan amendments(6,387)(16,450)(13,932)(4,782)
Acquisition of PA Consulting Plans, net of post-deal transfers (2)— — 66,065 — 
Effect of exchange rate changes and other, net— — 104,890 118,153 
Net benefit obligation at the end of the year$404,820 $437,920 $2,375,640 $2,388,077 
(1)Current year actuarial gains primarily driven by change in discount rates.
(2)See note below change in assets table.
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 October 1, 2021 and October 2, 2020 (in thousands):
 U.S. PlansNon-U.S. Plans
 October 1, 2021October 2, 2020October 1, 2021October 2, 2020
Fair value of plan assets at the beginning of the year$382,250 $390,210 $2,043,356 $1,916,637 
Actual return on plan assets35,152 33,345 60,040 61,221 
Employer contributions88 88 39,085 33,192 
Participants’ contributions— — 212 167 
Gross benefits paid(25,582)(22,836)(74,477)(64,395)
Curtailments/settlements/plan amendments(6,387)(18,557)(13,932)(4,782)
Acquisition of PA Consulting Plans, net of post-deal transfers— — 60,160 — 
Effect of exchange rate changes and other, net— — 89,051 101,316 
Fair value of plan assets at the end of the year$385,521 $382,250 $2,203,495 $2,043,356 
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 October 1, 2021 and October 2, 2020 (segregated between plans existing within and outside the U.S.) (in thousands):
 U.S. PlansNon-U.S. Plans
 October 1, 2021October 2, 2020October 1, 2021October 2, 2020
Net benefit obligation at the end of the year$404,820 $437,920 $2,375,640 $2,388,077 
Fair value of plan assets at the end of the year385,521 382,250 2,203,495 2,043,356 
Underfunded amount recognized at the end of the year$19,299 $55,670 $172,145 $344,721 
Schedule of Accumulated and Projected Benefit Obligations The following table presents the accumulated benefit obligation at October 1, 2021 and October 2, 2020 (segregated between plans existing within and outside the U.S.) (in thousands):
 U.S. PlansNon-U.S. Plans
 October 1, 2021October 2, 2020October 1, 2021October 2, 2020
Accumulated benefit obligation at the end of the year$404,283 $436,770 $2,305,808 $2,376,059 
Schedule of Amount Recognized in Accompanying Balance Sheets The following table presents the amounts recognized in the accompanying Consolidated Balance Sheets at October 1, 2021 and October 2, 2020 (segregated between plans existing within and outside the U.S.) (in thousands): 
 U.S. PlansNon-U.S. Plans
 October 1, 2021October 2, 2020October 1, 2021October 2, 2020
Prepaid benefit cost included in noncurrent assets$— $— $48,340 $1,037 
Accrued benefit cost included in current liabilities84 85 3,873 4,375 
Accrued benefit cost included in noncurrent liabilities19,215 57,919 216,612 339,049 
Net amount recognized at the end of the year$19,299 $58,004 $172,145 $342,387 
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 October 1, 2021 and October 2, 2020 (segregated between U.S. and non-U.S. plans) (in thousands):
 U.S. PlansNon-U.S. Plans
 October 1, 2021October 2, 2020October 1, 2021October 2, 2020
Net actuarial loss$39,217 $67,530 $328,397 $401,930 
Prior service cost1,021 1,345 25,926 27,921 
Total$40,238 $68,875 $354,323 $429,851 
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 2022 based on 2021 exchange rates (segregated between U.S. and non-U.S. plans) (in thousands):
 U.S. PlansNon-U.S. Plans
Unrecognized net actuarial loss$2,860 $7,571 
Unrecognized prior service cost431 1,504 
Accumulated comprehensive loss to be recorded against earnings$3,291 $9,075 
Schedule of Weighted Average Measurement Of Assets And Liabilities The plans’ weighted average asset allocations at October 1, 2021 and October 2, 2020 (the measurement dates used in valuing the plans’ assets and liabilities) were as follows: 
 U.S. PlansNon-U.S. Plans
 October 1, 2021October 2, 2020October 1, 2021October 2, 2020
Equity securities3 %3 %15 %21 %
Debt securities58 %58 %54 %56 %
Real estate investments— %— %9 %7 %
Other39 %39 %22 %17 %
Anticipated Cash Contributions The following table presents the amount of cash contributions we anticipate making into the plans during fiscal 2022 (in thousands):  
 U.S. PlansNon-U.S. Plans
Anticipated cash contributions$— $24,820 
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. PlansNon-U.S. Pans
2022$33,054 $75,647 
202331,813 78,126 
202430,319 79,903 
202528,968 81,397 
202627,966 84,151 
For the periods 2027 through 2030122,543 448,088 
Schedule of Contribution to Multiemployer Pension Plans The following table presents the Company’s contributions to these multiemployer plans for the years ended October 1, 2021, October 2, 2020 and September 27, 2019 (in thousands):
 October 1, 2021October 2, 2020September 27, 2019
Canada$— $— $16,625 
Europe1,713 1,922 9,413 
United States11,316 6,637 7,149 
Contributions to multiemployer pension plans$13,029 $8,559 $33,187 
U.S. Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Significant Actuarial Assumptions In Determining Funded Status Plans
The following table presents the significant actuarial assumptions used in determining the funded statuses and the following year's benefit cost of the Company’s U.S. plans for the years ended October 1, 2021, October 2, 2020 and September 27, 2019:
 For the Years Ended
 October 1, 2021October 2, 2020September 27, 2019
Discount rates
2.3% to 2.8%
2.0% to 2.7%
2.8% to 3.1%
Rates of compensation increases3.5%3.5%3.5%
Expected long-term rates of return on assets
4.7% to 5.1%
4.6% to 4.7%
5.1%
Schedule of Pension Plans Recognized In Accumulated Other Comprehensive Loss
The following table presents certain amounts relating to our U.S. plans recognized in accumulated other comprehensive (gain) loss at October 1, 2021, October 2, 2020 and September 27, 2019 (in thousands):
 October 1, 2021October 2, 2020September 27, 2019
Arising during the period:   
Net actuarial (gain) loss$(25,109)$(900)$36,108 
Prior service cost (benefit)01,589 —
Total $(25,109)68936,108
Reclassification adjustments:   
Net actuarial losses(3,204)(2,653)(2,282)
Prior service cost (benefit)(325)(244)— 
Total (3,529)(2,897)(2,282)
Total$(28,638)$(2,208)$33,826 
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 October 1, 2021, segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands):
 October 1, 2021
 Fair Value, Determined Using Fair Value Measurement Inputs
 Level 1Level 2Level 3Investments measured at Net Asset ValueTotal
Equities$12,331 $— $— $— $12,331 
Domestic bonds74,456 132,138 — — 206,594 
Overseas bonds— 15,730 — — 15,730 
Cash and equivalents22,634 — — — 22,634 
Mutual funds128,232 — — — 128,232 
Total$237,653 $147,868 $— $— $385,521 
The following table presents the Fair Value of the Company’s U.S. plan assets at October 2, 2020, segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands):
 October 2, 2020
 Fair Value, Determined Using Fair Value Measurement Inputs
 Level 1Level 2Level 3Investments measured at Net Asset ValueTotal
Equities$12,376 $— $— $— $12,376 
Domestic bonds68,324 131,534 — — 199,858 
Overseas bonds— 19,223 — — 19,223 
Cash and equivalents18,226 — — — 18,226 
Mutual funds132,567 — — — 132,567 
Total$231,493 $150,757 $— $— $382,250 
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 October 1, 2021, October 2, 2020 and September 27, 2019 (in thousands):
 October 1, 2021October 2, 2020September 27, 2019
Service cost$456 $409 $2,784 
Interest cost10,221 12,673 16,697 
Expected return on plan assets(15,932)(17,670)(21,508)
Actuarial loss4,249 3,518 3,026 
Prior service cost431 323 — 
Net pension cost, before special items$(575)$(747)$999 
Curtailment expense/Settlement (gain) loss(64)3,436 (35,020)
Total net periodic pension cost recognized$(639)$2,689 $(34,021)
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 October 1, 2021, October 2, 2020 and September 27, 2019:
For the Years Ended
 October 1, 2021October 2, 2020September 27, 2019
Discount rates
0.6% to 6.6%
 
0.4% to 6.6%
 
0.2% to 7.1%
Rates of compensation increases
2.4% to 7.5%
 
2.7% to 7.5%
 
3.7% to 7.5%
Expected long-term rates of return on assets
2.0% to 7.0%
 
1.8% to 7.0%
 
2.3% to 7.5%
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 October 1, 2021, October 2, 2020 and September 27, 2019 (in thousands):
 October 1, 2021October 2, 2020September 27, 2019
Arising during the period:   
Net actuarial (gain) loss$(65,547)$71,676 $83,368 
Net (gain) loss on Sale of ECR— — (12,520)
Prior service cost (benefit)— — 29,829 
Total(65,547)71,676 100,677 
Reclassification adjustments:   
Net actuarial losses(8,761)(6,322)(6,546)
Prior service cost(1,219)(1,169)(1,075)
Total(9,980)(7,491)(7,621)
Total$(75,527)$64,185 $93,056 
Schedule of Fair Value of Pension Plan Assets The following table presents the Fair Value of the Company’s non-U.S. plan assets at October 1, 2021, segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands):
 October 1, 2021
 Fair Value, Determined Using Fair Value Measurement Inputs
 Level 1Level 2Level 3Investments measured at Net Asset ValueTotal
Domestic equities$— $86,117 $— $2,662 $88,779 
Overseas equities— 142,243 — 101,071 243,314 
Domestic bonds— 48,119 — — 48,119 
Overseas bonds— 1,049,585 — 56,616 1,106,201 
Cash and equivalents27,579 1,322 — — 28,901 
Real estate— 17,319 116,936 53,434 187,689 
Insurance contracts— — 133,802 — 133,802 
Hedge funds— — 231,319 16,020 247,339 
Mutual funds— 119,351 — — 119,351 
Total$27,579 $1,464,056 $482,057 $229,803 $2,203,495 
The following table presents the Fair Value of the Company’s non-U.S. plan assets at October 2, 2020, segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands):
 October 2, 2020
 Fair Value, Determined Using Fair Value Measurement Inputs
 Level 1Level 2Level 3Investments measured at Net Asset ValueTotal
Domestic equities$— $103,036 $— $5,745 $108,781 
Overseas equities— 229,576 — 87,725 317,301 
Domestic bonds— 34,469 — 1,175 35,644 
Overseas bonds— 1,049,119 — 58,493 1,107,612 
Cash and equivalents24,568 — — — 24,568 
Real estate— 10,383 105,422 — 115,805 
Insurance contracts— 4,402 67,709 17,909 90,020 
Hedge funds— — 171,730 7,153 178,883 
Mutual funds— 64,742 — — 64,742 
Total$24,568 $1,495,727 $344,861 $178,200 $2,043,356 
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 October 2, 2020 and October 1, 2021 (in thousands):
 Real EstateInsurance ContractsHedge Funds
Balance at Balance at September 27, 2019$97,539 $72,788 $130,200 
Purchases, sales, and settlements(475)(7,375)29,999 
Realized and unrealized gains3,337 (1,399)5,435 
Effect of exchange rate changes5,021 3,695 6,096 
Balance at October 2, 2020$105,422 $67,709 $171,730 
Purchases, sales, and settlements6,288 2,413 51,513 
Realized and unrealized gains (losses)398 1,448 864 
Acquisition of PA Consulting Plans, net of post-deal transfers— 60,160 — 
Effect of exchange rate changes4,828 2,072 7,212 
Balance at October 1, 2021$116,936 $133,802 $231,319 
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 October 1, 2021, October 2, 2020 and September 27, 2019 (in thousands):
 October 1, 2021October 2, 2020September 27, 2019
Service cost$6,568 $5,710 $7,171 
Interest cost38,907 39,469 52,627 
Expected return on plan assets(90,346)(93,407)(82,274)
Actuarial loss10,834 7,578 7,854 
Prior service cost1,519 1,405 1,263 
Net pension cost, before special items$(32,518)$(39,245)$(13,359)
Curtailment expense/Settlement (gain) loss2,847 1,341 1,933 
Total net periodic pension (income) cost recognized$(29,671)$(37,904)$(11,426)
Total net periodic pension (income) cost recognized from Discontinued Operations$— $— $2,282 
Total net periodic pension (income) cost recognized from Continuing Operations$(29,671)$(37,904)$(13,708)