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Benefit Plans (Tables)

12 Months Ended

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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