XML 63 R38.htm IDEA: XBRL DOCUMENT v3.23.3
Employee Pension and Profit Sharing Plans - (Tables)
 12 Months Ended
Sep. 29, 2023
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 2023, fiscal 2022 and fiscal 2021 (in thousands):
Fiscal Year Ended
September 29, 2023September 30, 2022October 1, 2021
Service cost$840 $1,045 $1,327 
Interest cost6,521 3,887 4,736 
Expected return on plan assets(8,271)(9,915)(14,003)
Settlements and curtailments(1)
— — 61,706 
Amortization of prior service cost26 27 32 
Recognized net loss446 4,574 3,829 
Net periodic pension (income) expense$(438)$(382)$57,627 
(1)
During fiscal 2021, the Company terminated certain Canadian single-employer defined benefit pension plans and recognized a non-cash loss of $60.9 million on the Consolidated Statements of Income (Loss).
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 plan assets:September 29, 2023September 30, 2022
Fair value of plan assets, beginning$161,504 $239,013 
Foreign currency translation10,991 (29,381)
Employer contributions1,184 5,710 
Employee contributions47 88 
Actual return on plan assets(7,021)(30,650)
Benefits paid(8,895)(23,276)
Fair value of plan assets, end$157,810 $161,504 
Change in benefit obligation:
Benefit obligation, beginning$122,628 $220,950 
Foreign currency translation7,492 (22,871)
Service cost840 1,045 
Interest cost6,521 3,887 
Employee contributions47 88 
Actuarial gain(8,162)(57,195)
Benefits paid(8,895)(23,276)
Benefit obligation, ending120,471 122,628 
Funded Status at end of year$37,339 $38,876 
Schedule of Amounts Recognized in Balance Sheet Including Accumulated Other Comprehensive Income
Amounts recognized on the Consolidated Balance Sheets consist of the following (in thousands):
September 29, 2023September 30, 2022
Noncurrent benefit asset (included in Other Assets)$45,443 $47,436 
Noncurrent benefit liability (included in Other Noncurrent Liabilities)(8,104)(8,560)
Net actuarial loss (included in Accumulated other comprehensive loss before taxes)28,352 20,411 
Schedule of Assumptions Used
The following weighted average assumptions were used to determine pension expense of the respective fiscal years:
September 29, 2023September 30, 2022
Discount rate5.1 %2.1 %
Rate of compensation increase0.5 %2.2 %
Long-term rate of return on assets5.2 %4.8 %
The following weighted average assumptions were used to determine the funded status of the respective fiscal years:
September 29, 2023September 30, 2022
Discount rate5.4 %4.9 %
Rate of compensation increase0.6 %2.0 %
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 September 29, 2023 and September 30, 2022 (in thousands):
September 29, 2023September 30, 2022
Projected benefit obligation$8,104 $8,560 
Accumulated benefit obligation8,104 8,560 
Schedule of Allocation of Plan Assets
The fair value of plan assets for the Company's defined benefit pension plans as of September 29, 2023 and September 30, 2022 is as follows (see Note 16 for a description of the fair value levels) (in thousands):
September 29, 2023Quoted prices in active markets
Level 1		Significant other observable inputs
Level 2		Significant unobservable inputs
Level 3
Cash and cash equivalents$14,017 $14,017 $— $— 
Equity securities:
Investment trusts1,591 1,591 — — 
Investment funds:
Equity funds14,374 — 14,374 — 
Fixed income funds126,899 — 126,899 — 
Real estate929 — — 929 
Total$157,810 $15,608 $141,273 $929 
 September 30, 2022Quoted prices in active markets
Level 1		Significant other observable inputs
Level 2		Significant unobservable inputs
Level 3
Cash and cash equivalents$6,746 $6,746 $— $— 
Equity securities:
Investment trusts1,641 1,641 — — 
Investment funds:
Equity funds67,035 — 67,035 — 
Fixed income funds76,275 — 76,275 — 
Real estate9,807 — — 9,807 
Total$161,504 $8,387 $143,310 $9,807 
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 2024$6,589 
Fiscal 20256,859 
Fiscal 20266,855 
Fiscal 20276,962 
Fiscal 20287,560 
Fiscal 2029 – 203341,709 
Schedule of Multiemployer Plans There have been no significant changes that affect the comparability of fiscal 2023, fiscal 2022 and fiscal 2021 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
20232022202320222021Surcharge
Imposed
National Retirement Fund13-6130178/ 001CriticalCriticalImplemented$3,994 $3,434 $2,579 No8/4/2023 - 8/28/2026
UNITE HERE Retirement Fund82-0994119/ 001Critical and DecliningCritical and DecliningImplemented6,379 5,483 2,699 No12/31/2022 - 1/1/2026
Local 1102 Retirement Trust13-1847329/ 001Critical and DecliningCritical and DecliningImplemented65 33 22 No9/30/2024
Central States SE and SW Areas Pension Plan36-6044243/ 001CriticalCritical and DecliningImplemented4,439 4,167 3,994 No3/8/2024 - 9/22/2028
Pension Plan for Hospital & Health Care Employees Philadelphia & Vicinity23-2627428/ 001Critical and DecliningCriticalImplemented333 353 354 No1/31/2023
SEIU National Industry Pension Fund (1)
52-6148540/ 001CriticalCriticalImplemented230 795 750 No3/31/2021 - 6/30/2025
Retail Wholesale & Department Store International Union and Industry Pension Fund63-0708442/ 001Critical and DecliningCritical and DecliningImplemented466 462 510 No7/5/2023 - 5/31/2027
Other funds17,617 16,113 15,995 
Total contributions$33,523 $30,840 $26,903 
(1)
Approximately 50% of the Company's participants in this fund are covered by a single CBA that expires on 4/14/2025.
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 Trust12/31/2022, 12/31/2021 and 12/31/2020
National Retirement Fund12/31/2022 and 12/31/2020
Retail Wholesale & Department Store International Union and Industry Pension Fund12/31/2022, 12/31/2021 and 12/31/2020
Pension Plan for Hospital & Health Care Employees Philadelphia & Vicinity12/31/2022