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Employee Pension and Profit Sharing Plans - (Tables)
12 Months Ended
Sep. 27, 2024
Retirement Benefits [Abstract]  
Schedule of Fair Value of Plan Assets and Projected Benefit Obligation
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, 2024September 29, 2023
Fair Value of Plan Assets$140,992 $125,757 
Benefit Obligation116,611 92,768 
Funded Status$24,381 $32,989 
Schedule of Allocation of Plan Assets
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, 2024Quoted 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 funds14,423 — 14,423 — 
Fixed income funds18,642 — 18,642 — 
Insurance contracts82,931 — — 82,931 
Total$140,992 $24,996 $33,065 $82,931 
 September 29, 2023Quoted 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 funds12,534 — 12,534 — 
Fixed income funds98,620 — 98,620 — 
Real estate929 — — 929 
Total$125,757 $13,674 $111,154 $929 
Schedule of Multiemployer Plans 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/ ImplementedContributions by the Company
(in thousands)
Range of Expiration Dates of CBAs
20242023202420232022Surcharge
Imposed
National Retirement Fund13-6130178/ 001CriticalCriticalImplemented$1,382 $1,217 $1,035 No5/31/2024 - 9/30/2027
UNITE HERE Retirement Fund82-0994119/ 001Critical and DecliningCritical and DecliningImplemented6,362 6,217 5,348 No12/31/2022 - 1/1/2026
Local 1102 Retirement Trust13-1847329/ 001Critical and DecliningCritical and DecliningImplemented70 65 33 No10/31/2024
Central States SE and SW Areas Pension Plan(1)
36-6044243/ 001CriticalCriticalImplemented298 226 196 No8/31/2025 - 1/31/2028
Pension Plan for Hospital & Health Care Employees Philadelphia & Vicinity23-2627428/ 001Critical and DecliningCritical and DecliningImplemented344 333 353 No1/31/2028
SEIU National Industry Pension Fund (2)
52-6148540/ 001CriticalCriticalImplemented160 230 794 No4/14/2025 - 6/30/2025
Retail Wholesale & Department Store International Union and Industry Pension Fund(3)
63-0708442/ 001Critical and DecliningCritical and DecliningImplemented248 53 54 No1/31/2025 - 6/30/2027
Other funds7,461 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 Trust12/31/2023, 12/31/2022, and 12/31/2021