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Employee Pension and Profit Sharing Plans - (Tables)
12 Months Ended
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, 2020September 27, 2019September 28, 2018
Service cost$2,996 $6,391 $7,121 
Interest cost9,180 11,287 10,579 
Expected return on plan assets(18,883)(22,970)(22,864)
Settlements and curtailments— 283 3,312 
Amortization of prior service cost26 104 116 
Recognized net loss2,324 1,094 1,646 
Net periodic pension income$(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, 2020September 27, 2019
Benefit obligation, beginning$401,207 $366,426 
Foreign currency translation6,067 (13,097)
Service cost2,996 6,391 
Interest cost9,180 11,287 
Employee contributions853 2,249 
Actuarial loss32,769 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 translation5,980 (14,360)
Employer contributions4,152 10,520 
Employee contributions853 2,249 
Actual return on plan assets18,840 39,280 
Benefits paid(16,739)(16,681)
Settlements(1)
— (4,867)
Fair value of plan assets, end439,053 425,967 
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, 2020September 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, 2020September 27, 2019
Discount rate2.5 %3.3 %
Rate of compensation increase1.9 %2.1 %
Long-term rate of return on assets4.3 %5.7 %
The following weighted average assumptions were used to determine the funded status of the respective fiscal years:
October 2, 2020September 27, 2019
Discount rate2.4 %2.5 %
Rate of compensation increase2.0 %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, 2020September 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, 2020Quoted 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 trusts4,717 4,717 — — 
Investment funds:
Equity funds74,852 — 74,852 — 
Fixed income funds272,349 — 272,349 — 
Real estate11,063 — — 11,063 
Total$439,053 $80,789 $347,201 $11,063 
 September 27, 2019Quoted 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 trusts4,677 $4,677 — — 
Investment funds:
Equity funds72,074 — 72,074 — 
Fixed income funds319,395 — 319,395 — 
Real estate10,425 — — 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 20227,418 
Fiscal 20237,650 
Fiscal 20247,799 
Fiscal 20258,212 
Fiscal 2026 – 203044,006 
(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/ ImplementedContributions by the Company
(in thousands)
Range of Expiration Dates of CBAs
20202019202020192018Surcharge
Imposed
National Retirement Fund13-6130178/ 001CriticalCriticalImplemented$3,574 $4,130 $4,147 No3/6/2020 - 10/1/2023
UNITE HERE Retirement Fund82-0994119/ 001CriticalCriticalImplemented3,392 4,531 3,686 No12/15/2019 - 6/30/2023
Local 1102 Retirement Trust13-1847329/ 001Seriously EndangeredEndangeredImplemented66 110 1,206 No10/31/2020
Central States SE and SW Areas Pension Plan36-6044243/ 001Critical and DecliningCritical and DecliningImplemented4,422 4,282 4,128 No1/31/2007 - 3/31/2023
Pension Plan for Hospital & Health Care Employees Philadelphia & Vicinity23-2627428/ 001CriticalCriticalImplemented325 361 319 No1/31/2023
SEIU National Industry Pension Fund (1)
52-6148540/ 001CriticalCriticalImplemented685 623 501 No4/14/2022 - 12/31/2023
LIUNA National Industrial Pension Fund52-6074345/ 001GreenCriticalImplemented674 678 620 No12/31/2020
Other funds17,073 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 Trust12/31/2018 and 12/31/2017
National Retirement Fund12/31/2018