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Benefit Plans (Tables) | 12 Months Ended
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Oct. 02, 2021
Retirement Benefits [Abstract] |
Schedule of Changes in Projected Benefit Obligations | The reconciliation of the beginning and ending balances of the PBO for the Defined Benefit Plan for the fiscal years indicated is presented in the following table:
| Benefit Obligation
(in thousands) | 2021 |  | 2020
Projected benefit obligation balance, beginning of year | $ | 169,741 |  |  | $ | 163,572 |
Interest cost | 4,227 |  |  | 4,947 |
Assumption changes (1) | (6,580) |  |  | 9,750 |
Actuarial gain | (47) |  |  | (315) |
Benefits paid | (7,253) |  |  | (8,213) |
Projected benefit obligations balance, end of year | $ | 160,088 |  |  | $ | 169,741 |
(1) The assumption changes referenced in the table above result from (i) changes in the utilized discount rate to value the future obligations, and (ii) updates to the mortality table projections used in the calculation of the benefit obligations.
Schedule of Changes in Fair Value of Plan Assets | The summary and reconciliation of the beginning and ending balances of the fair value of the Defined Benefit Plan assets are as follows:
| Plan Assets
(in thousands) | 2021 |  | 2020
Fair value of plan assets, beginning of year | $ | 122,482 |  |  | $ | 118,048 |
Actual return on plan assets | 17,188 |  |  | 12,147 |
Employer contribution | 4,920 |  |  | 500 |
Benefits paid | (7,253) |  |  | (8,213) |
Fair value of plan assets, end of year | $ | 137,337 |  |  | $ | 122,482 |
Schedule of Net Funded Status | The net pension liability is reflected in long-term liabilities on the Consolidated Balance Sheets.
|  | Funded Status
(in thousands) |  | October 2, 2021 |  | October 3, 2020
Benefit obligation |  | $ | 160,088 |  |  | $ | 169,741 |
Fair value of plan assets |  | 137,337 |  |  | 122,482 |
Funded status |  | (22,751) |  |  | (47,259) |
Net pension liability recognized |  | $ | (22,751) |  |  | $ | (47,259) |
Schedule of Allocation of Plan Assets | The following table sets forth, by level within the fair value hierarchy, a summary of the Defined Benefit Plan’s investments measured at fair value:
(in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
October 2, 2021 |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Equity securities |  | $ | — |  |  | $ | 87,827 |  |  | $ | — |  |  | $ | 87,827 |
Debt securities |  | — |  |  | 49,510 |  |  | — |  |  | 49,510 |
Total assets at fair value |  | $ | — |  |  | $ | 137,337 |  |  | $ | — |  |  | $ | 137,337 |
October 3, 2020 |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Equity securities |  | $ | — |  |  | $ | 60,016 |  |  | $ | — |  |  | $ | 60,016 |
Debt securities |  | — |  |  | 62,466 |  |  | — |  |  | 62,466 |
Total assets at fair value |  | $ | — |  |  | $ | 122,482 |  |  | $ | — |  |  | $ | 122,482 |
The Defined Benefit Plan asset allocations at the dates indicated are as follows:
|  | October 2, 2021 |  | October 3, 2020
Equity securities |  | 64 | % |  | 49 | %
Debt securities |  | 36 | % |  | 51 | %
Total securities |  | 100 | % |  | 100 | %
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The following table represents net periodic benefit (income) expense and changes in plan assets and benefit obligations recognized in other comprehensive (income) loss, before tax effect, for the fiscal years presented:
(in thousands) | 2021 |  | 2020 |  | 2019
Interest cost | $ | 4,227 |  |  | $ | 4,947 |  |  | $ | 6,047 |
Expected return on plan assets | (7,777) |  |  | (7,384) |  |  | (7,619) |
Amortization of net loss | 1,861 |  |  | 1,720 |  |  | 2,758 |
Net periodic benefit (income) expense | $ | (1,689) |  |  | $ | (717) |  |  | $ | 1,186 |
Net (gain) loss | $ | (16,038) |  |  | $ | 4,671 |  |  | $ | 26,083 |
Amortization of net loss | (1,861) |  |  | (1,720) |  |  | (2,758) |
Total recognized in other comprehensive (income) loss | $ | (17,899) |  |  | $ | 2,951 |  |  | $ | 23,325 |
Total recognized in net periodic pension benefit (income) expense and other comprehensive (income) loss | $ | (19,588) |  |  | $ | 2,234 |  |  | $ | 24,511 |
Schedule of Assumptions Used | The following actuarial assumptions were used to determine the benefit obligations at the dates indicated:
Weighted-average assumptions used to determine benefit obligations: |  | October 2, 2021 |  | October 3, 2020
Discount rate |  | 2.80 | % |  | 2.55 | %
Rate of compensation increase |  | N/A |  | N/A
Weighted-average assumptions used to determine net periodic benefit cost: |  | October 2, 2021 |  | October 3, 2020
Discount rate |  | 2.55 | % |  | 3.10 | %
Expected long-term return on plan assets |  | 6.37 | % |  | 6.37 | %
Rate of compensation increase |  | N/A |  | N/A
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid out of the Company's pension assets to the plan participants in the fiscal years indicated:
(in thousands) | Expected Payments
2022 | $ | 8,249 |
2023 | 8,438 |
2024 | 8,592 |
2025 | 8,766 |
2026 | 8,870 |
2027 - 2031 | 44,253 |
Total expected future benefit payments | $ | 87,168 |

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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + 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 (a) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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