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Employee Pension and Profit Sharing Plans | 12 Months Ended
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Sep. 27, 2024
Retirement Benefits [Abstract] |
Employee Pension and Profit Sharing Plans | EMPLOYEE PENSION AND PROFIT SHARING PLANS: In the United States, the Company maintains qualified contributory and non-contributory defined contribution retirement plans for eligible employees, with Company contributions to the plans based on earnings performance or salary level. The Company also has a non-qualified retirement savings plan for certain employees. The total expense of the above plans for fiscal 2024, fiscal 2023 and fiscal 2022 was $24.7 million, $23.1 million and $21.8 million, respectively. The Company also maintains similar contributory and non-contributory defined contribution retirement plans at several of its international operations, primarily in Canada and the United Kingdom. The total expense of these international plans for fiscal 2024, fiscal 2023 and fiscal 2022 was $16.9 million, $13.4 million and $13.1 million, respectively. The following table sets forth the fair value of plan assets and projected benefit obligation for the Company's single-employer defined benefit pension plans (in thousands):
|  | September 27, 2024 |  | September 29, 2023
Fair Value of Plan Assets |  | $ | 140,992 |  |  | $ | 125,757 |
Benefit Obligation |  | 116,611 |  |  | 92,768 |
Funded Status |  | $ | 24,381 |  |  | $ | 32,989 |
The fair value of plan assets for the Company's defined benefit pension plans as of September 27, 2024 and September 29, 2023 is as follows (see Note 17 for a description of the fair value levels) (in thousands):
|  | September 27, 2024 |  | Quoted prices in active markets Level 1 |  | Significant other observable inputs Level 2 |  | Significant unobservable inputs Level 3
Cash and cash equivalents |  | $ | 24,996 |  |  | $ | 24,996 |  |  | $ | — |  |  | $ | — |
Investment funds: |  |  |  |  |  |  |  |
Equity funds |  | 14,423 |  |  | — |  |  | 14,423 |  |  | — |
Fixed income funds |  | 18,642 |  |  | — |  |  | 18,642 |  |  | — |
Insurance contracts |  | 82,931 |  |  | — |  |  | — |  |  | 82,931 |
Total |  | $ | 140,992 |  |  | $ | 24,996 |  |  | $ | 33,065 |  |  | $ | 82,931 |
|  | September 29, 2023 |  | Quoted prices in active markets Level 1 |  | Significant other observable inputs Level 2 |  | Significant unobservable inputs Level 3
Cash and cash equivalents |  | $ | 13,674 |  |  | $ | 13,674 |  |  | $ | — |  |  | $ | — |
Investment funds: |  |  |  |  |  |  |  |
Equity funds |  | 12,534 |  |  | — |  |  | 12,534 |  |  | — |
Fixed income funds |  | 98,620 |  |  | — |  |  | 98,620 |  |  | — |
Real estate |  | 929 |  |  | — |  |  | — |  |  | 929 |
Total |  | $ | 125,757 |  |  | $ | 13,674 |  |  | $ | 111,154 |  |  | $ | 929 |
Cash and cash equivalents include direct cash holdings, which are valued based on cost, and short-term deposits and investments in money market funds, for which fair value measurements are all based on quoted prices for similar assets or liabilities in markets that are active. The fair value of the investment funds is based on the value of the underlying assets, as reported to the Plan by the trustees. They are comprised of a portfolio of underlying securities that can be valued based on trading information on active markets. The fair value is calculated by applying the Plan's percentage ownership in the fund to the total market value of the account's underlying securities and is therefore categorized as Level 2, as the Plan does not directly own shares in these underlying investments. Insurance contracts and real estate investments are valued based on unobservable inputs and are therefore categorized as Level 3. Multiemployer Defined Benefit Pension Plans The Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements ("CBA") that cover its union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following respects: a.Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. b.If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. c.If the Company chooses to stop participating in some of its multiemployer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Company's participation in these plans for fiscal 2024 is outlined in the table below. The "EIN/Pension Plan Number" column provides the Employee Identification Number (EIN) and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2024 and 2023 is for the plans' two most recent fiscal year-ends. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the critical and declining zone are generally less than 65% funded and projected to become insolvent in the next 15 or 20 years depending on the ratio of active to inactive participants and plans in the critical zone are generally less than 65% funded. The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date(s) of the CBA(s) to which the plans are subject. There have been no significant changes that affect the comparability of fiscal 2024, fiscal 2023 and fiscal 2022 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
2024 | 2023 | 2024 | 2023 | 2022 | Surcharge Imposed
National Retirement Fund | 13-6130178/ 001 | Critical | Critical | Implemented | $ | 1,382 |  | $ | 1,217 |  | $ | 1,035 |  | No | 5/31/2024 - 9/30/2027
UNITE HERE Retirement Fund | 82-0994119/ 001 | Critical and Declining | Critical and Declining | Implemented | 6,362 |  | 6,217 |  | 5,348 |  | No | 12/31/2022 - 1/1/2026
Local 1102 Retirement Trust | 13-1847329/ 001 | Critical and Declining | Critical and Declining | Implemented | 70 |  | 65 |  | 33 |  | No | 10/31/2024
Central States SE and SW Areas Pension Plan(1) | 36-6044243/ 001 | Critical | Critical | Implemented | 298 |  | 226 |  | 196 |  | No | 8/31/2025 - 1/31/2028
Pension Plan for Hospital & Health Care Employees Philadelphia & Vicinity | 23-2627428/ 001 | Critical and Declining | Critical and Declining | Implemented | 344 |  | 333 |  | 353 |  | No | 1/31/2028
SEIU National Industry Pension Fund (2) | 52-6148540/ 001 | Critical | Critical | Implemented | 160 |  | 230 |  | 794 |  | No | 4/14/2025 - 6/30/2025
Retail Wholesale & Department Store International Union and Industry Pension Fund(3) | 63-0708442/ 001 | Critical and Declining | Critical and Declining | Implemented | 248 |  | 53 |  | 54 |  | No | 1/31/2025 - 6/30/2027
Other funds |  |  |  |  | 7,461 |  | 7,479 |  | 6,736 |  |  |
Total contributions |  |  |  |  | $ | 16,325 |  | $ | 15,820 |  | $ | 14,549 |  |  |
(1) | Approximately 67% of the Company's participants in this fund are covered by a single CBA that expired on 7/7/2027.
(2) | Approximately 75% of the Company's participants in this fund are covered by a single CBA that expires on 4/14/2025.
(3) | Approximately 80% of the Company's participants in this fund are covered by a single CBA that expires on 6/30/2027.
The Company provided more than 5 percent of the total contributions for the following plan 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 |  | 12/31/2023, 12/31/2022, and 12/31/2021
At the date the Company's financial statements were issued, Forms 5500 were not available for the plan years ending in fiscal 2024.

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