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Employee Pension and Profit Sharing Plans - (Tables) | 12 Months Ended
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Oct. 02, 2020
Retirement Benefits [Abstract] |
Schedule of Net Benefit Costs | The following table sets forth the components of net periodic pension cost for the Company's single-employer defined benefit pension plans for fiscal 2020, fiscal 2019 and fiscal 2018 (in thousands):
|  | Fiscal Year Ended
|  | October 2, 2020 |  | September 27, 2019 |  | September 28, 2018
Service cost |  | $ | 2,996 |  |  | $ | 6,391 |  |  | $ | 7,121 |
Interest cost |  | 9,180 |  |  | 11,287 |  |  | 10,579 |
Expected return on plan assets |  | (18,883) |  |  | (22,970) |  |  | (22,864) |
Settlements and curtailments |  | — |  |  | 283 |  |  | 3,312 |
Amortization of prior service cost |  | 26 |  |  | 104 |  |  | 116 |
Recognized net loss |  | 2,324 |  |  | 1,094 |  |  | 1,646 |
Net periodic pension income |  | $ | (4,357) |  |  | $ | (3,811) |  |  | $ | (90) |
Schedule of Defined Benefit Plans Disclosures | The following table sets forth changes in the projected benefit obligation and the fair value of plan assets for these plans (in thousands):
Change in benefit obligation: |  | October 2, 2020 |  | September 27, 2019
Benefit obligation, beginning |  | $ | 401,207 |  |  | $ | 366,426 |
Foreign currency translation |  | 6,067 |  |  | (13,097) |
Service cost |  | 2,996 |  |  | 6,391 |
Interest cost |  | 9,180 |  |  | 11,287 |
Employee contributions |  | 853 |  |  | 2,249 |
Actuarial loss |  | 32,769 |  |  | 49,707 |
Benefits paid |  | (16,739) |  |  | (16,681) |
Settlements and curtailments(1) |  | — |  |  | (5,075) |
Benefit obligation, ending |  | $ | 436,333 |  |  | $ | 401,207 |
Change in plan assets: |  |  |  |
Fair value of plan assets, beginning |  | $ | 425,967 |  |  | $ | 409,826 |
Foreign currency translation |  | 5,980 |  |  | (14,360) |
Employer contributions |  | 4,152 |  |  | 10,520 |
Employee contributions |  | 853 |  |  | 2,249 |
Actual return on plan assets |  | 18,840 |  |  | 39,280 |
Benefits paid |  | (16,739) |  |  | (16,681) |
Settlements(1) |  | — |  |  | (4,867) |
Fair value of plan assets, end |  | 439,053 |  |  | 425,967 |
Funded Status at end of year |  | $ | 2,720 |  |  | $ | 24,760 |
(1) | Fiscal 2019 includes the impact of closing two of the AmeriPride plans.
Schedule of Amounts Recognized in Balance Sheet Including Accumulated Other Comprehensive Income | Amounts recognized in the Consolidated Balance Sheets consist of the following (in thousands):
|  | October 2, 2020 |  | September 27, 2019
Noncurrent benefit asset (included in Other Assets) |  | $ | 16,617 |  |  | $ | 35,459 |
Noncurrent benefit liability (included in Other Noncurrent Liabilities) |  | (13,897) |  |  | (10,699) |
Net actuarial loss (included in Accumulated other comprehensive loss before taxes) |  | 111,035 |  |  | 77,204 |
Schedule of Assumptions Used | The following weighted average assumptions were used to determine pension expense of the respective fiscal years:
|  | October 2, 2020 |  | September 27, 2019
Discount rate |  | 2.5 | % |  | 3.3 | %
Rate of compensation increase |  | 1.9 | % |  | 2.1 | %
Long-term rate of return on assets |  | 4.3 | % |  | 5.7 | %
The following weighted average assumptions were used to determine the funded status of the respective fiscal years:
|  | October 2, 2020 |  | September 27, 2019
Discount rate |  | 2.4 | % |  | 2.5 | %
Rate of compensation increase |  | 2.0 | % |  | 2.1 | %
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table sets forth information for the Company's single-employer pension plans with an accumulated benefit obligation in excess of plan assets as of October 2, 2020 and September 27, 2019 (in thousands):
|  | October 2, 2020 |  | September 27, 2019
Projected benefit obligation(1) |  | $ | 153,338 |  |  | $ | 10,699 |
Accumulated benefit obligation(1) |  | 152,729 |  |  | 10,506 |
(1) | Increase driven by the UK and AmeriPride U.S. plans switching from asset positions in fiscal 2019 to liability positions in fiscal 2020.
Schedule of Allocation of Plan Assets | The fair value of plan assets for the Company's defined benefit pension plans as of October 2, 2020 and September 27, 2019 is as follows (see Note 17 for a description of the fair value levels) (in thousands):
|  | October 2, 2020 |  | Quoted prices in active markets Level 1 |  | Significant other observable inputs Level 2 |  | Significant unobservable inputs Level 3
Cash and cash equivalents and other |  | $ | 76,072 |  |  | $ | 76,072 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |
Investment trusts |  | 4,717 |  |  | 4,717 |  |  | — |  |  | — |
Investment funds: |  |  |  |  |  |  |  |
Equity funds |  | 74,852 |  |  | — |  |  | 74,852 |  |  | — |
Fixed income funds |  | 272,349 |  |  | — |  |  | 272,349 |  |  | — |
Real estate |  | 11,063 |  |  | — |  |  | — |  |  | 11,063 |
Total |  | $ | 439,053 |  |  | $ | 80,789 |  |  | $ | 347,201 |  |  | $ | 11,063 |
|  | September 27, 2019 |  | Quoted prices in active markets Level 1 |  | Significant other observable inputs Level 2 |  | Significant unobservable inputs Level 3
Cash and cash equivalents and other |  | $ | 19,396 |  |  | $ | 19,396 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |
Investment trusts |  | 4,677 |  |  | $ | 4,677 |  |  | — |  |  | — |
Investment funds: |  |  |  |  |  |  |  |
Equity funds |  | 72,074 |  |  | — |  |  | 72,074 |  |  | — |
Fixed income funds |  | 319,395 |  |  | — |  |  | 319,395 |  |  | — |
Real estate |  | 10,425 |  |  | — |  |  | — |  |  | 10,425 |
Total |  | $ | 425,967 |  |  | $ | 24,073 |  |  | $ | 391,469 |  |  | $ | 10,425 |
Schedule of Expected Benefit Payments | The following table sets forth the benefits expected to be paid in the next five fiscal years and in aggregate for the five fiscal years thereafter by the Company's defined benefit pension plans (in thousands):
Fiscal 2021(1) | $ | 224,264 |
Fiscal 2022 | 7,418 |
Fiscal 2023 | 7,650 |
Fiscal 2024 | 7,799 |
Fiscal 2025 | 8,212 |
Fiscal 2026 – 2030 | 44,006 |
(1) | Increase driven by expected payout of certain Canadian plans.
Schedule of Multiemployer Plans | There have been no significant changes that affect the comparability of fiscal 2020, fiscal 2019 and fiscal 2018 contributions.
Pension Fund | EIN/Pension Plan Number | Pension Protection Act Zone Status | FIP/RP Status Pending/ Implemented | Contributions by the Company (in thousands) |  | Range of Expiration Dates of CBAs
2020 | 2019 | 2020 | 2019 | 2018 | Surcharge Imposed
National Retirement Fund | 13-6130178/ 001 | Critical | Critical | Implemented | $ | 3,574 |  | $ | 4,130 |  | $ | 4,147 |  | No | 3/6/2020 - 10/1/2023
UNITE HERE Retirement Fund | 82-0994119/ 001 | Critical | Critical | Implemented | 3,392 |  | 4,531 |  | 3,686 |  | No | 12/15/2019 - 6/30/2023
Local 1102 Retirement Trust | 13-1847329/ 001 | Seriously Endangered | Endangered | Implemented | 66 |  | 110 |  | 1,206 |  | No | 10/31/2020
Central States SE and SW Areas Pension Plan | 36-6044243/ 001 | Critical and Declining | Critical and Declining | Implemented | 4,422 |  | 4,282 |  | 4,128 |  | No | 1/31/2007 - 3/31/2023
Pension Plan for Hospital & Health Care Employees Philadelphia & Vicinity | 23-2627428/ 001 | Critical | Critical | Implemented | 325 |  | 361 |  | 319 |  | No | 1/31/2023
SEIU National Industry Pension Fund (1) | 52-6148540/ 001 | Critical | Critical | Implemented | 685 |  | 623 |  | 501 |  | No | 4/14/2022 - 12/31/2023
LIUNA National Industrial Pension Fund | 52-6074345/ 001 | Green | Critical | Implemented | 674 |  | 678 |  | 620 |  | No | 12/31/2020
Other funds |  |  |  |  | 17,073 |  | 18,846 |  | 18,016 |  |  |
Total contributions |  |  |  |  | $ | 30,211 |  | $ | 33,561 |  | $ | 32,623 |  |  |
(1) | Over 75% of the Company's participants in this fund are covered by a single CBA that expires on 12/31/2023.
The Company provided more than 5 percent of the total contributions for the following plans and plan years:
Pension Fund |  | Contributions to the plan exceeded more than 5% of total contributions (as of the plan's year-end)
Local 1102 Retirement Trust |  | 12/31/2018 and 12/31/2017
National Retirement Fund |  | 12/31/2018

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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