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EMPLOYEE BENEFITS (Tables)

12 Months Ended

Sep. 27, 2019

Retirement Benefits [Abstract]

Financial Position Of Non-Contributory Defined Benefit Plans

The financial position of the Company’s non-contributory defined benefit plans as of fiscal year end 2019 and 2018 was as follows:

	2019				2018
Projected benefit obligation:
Projected benefit obligation, beginning of year	$	26,831			$	28,472
Service cost	—				—
Interest cost	1,103				1,058
Actuarial (gain) loss	3,358				(1,712		)
Benefits paid	(1,044		)		(987		)
Projected benefit obligation, end of year	30,248				26,831
Fair value of plan assets:
Fair value of plan assets, beginning of year	25,971				20,802
Actual gain on plan assets	5,250				968
Company contributions	179				5,188
Benefits paid	(1,044		)		(987		)
Fair value of plan assets, end of year	30,356				25,971
Funded status of the plans	108				(860		)
Amounts recognized in the Consolidated Balance Sheets consist of:
Current pension liabilities	172				184
Non-current pension liabilities	—				676
Non-current pension assets	280				—
Accumulated other comprehensive loss	(3,964		)		(5,329		)
Components of accumulated other comprehensive loss:
Net actuarial loss	(3,964		)		(5,329		)
Accumulated other comprehensive loss	$	(3,964	)		$	(5,329	)

Schedule of Net Periodic Benefit Cost

Net periodic benefit cost for the non-contributory defined benefit pension plans for the respective years included the following pre-tax amounts:

	2019				2018				2017
Interest cost	$	1,103			$	1,058			$	1,043
Expected return on plan assets	(855		)		(763		)		(1,193		)
Amortization of unrecognized net actuarial loss	328				553				731
Net periodic pension cost	576				848				581
Other changes in benefit obligations recognized in other comprehensive income ("OCI"):
Net actuarial gain	(1,365		)		(2,470		)		(3,201		)
Total recognized in net periodic pension cost and OCI	$	(789	)		$	(1,622	)		$	(2,620	)

Estimated Benefit Payments

Estimated benefit payments from the Company’s defined benefit plans to participants for each of the next five years and the five years thereafter are as follows:

2020	$	1,211
2021	1,225
2022	1,241
2023	1,279
2024	1,345
Five years thereafter	7,356

Actuaral Assumptions Used To Determine The Projected Benefit Obligation

Actuarial assumptions used to determine the projected benefit obligation and net periodic pension cost as of the following fiscal years were as follows:

	Projected Benefit Obligation									Net Periodic Pension Cost
	2019			2018			2017			2019			2018			2017
Discount rate	3.13	%		4.22	%		3.79	%		4.22	%		3.79	%		3.60	%
Long-term rate of return	N/A			N/A			N/A			3.45	%		3.45	%		6.50	%
Average salary increase rate	N/A			N/A			N/A			N/A			N/A			N/A

Pension Plans' Weighted Average Asset Allocations By Percent

The Company’s pension plans’ weighted average asset allocations at September 27, 2019 and September 28, 2018, by asset category were as follows:

	2019			2018
Equity securities	4	%		5	%
Fixed income securities	94	%		93	%
Other securities	2	%		2	%
	100	%		100	%

Pension Plan Assets Measured At Fair Value

The following table summarizes the Company’s pension plan assets measured at fair value as of September 27, 2019:

	Level 1				Level 2				Level 3				Total
Description:
Fixed income	$	4,066			$	24,553			$	—			$	28,619
Mutual funds	1,304				—				—				1,304
Money market funds	—				402				—				402
Group annuity contract	—				—				31				31
Total	$	5,370			$	24,955			$	31			$	30,356

The following table summarizes the Company’s pension plan assets measured at fair value as of September 28, 2018:

	Level 1				Level 2				Level 3				Total
Description:
Fixed income	$	4,273			$	19,987			$	—			$	24,260
Mutual funds	1,328				—				—				1,328
Money market funds	—				331				—				331
Group annuity contract	—				—				52				52
Total	$	5,601			$	20,318			$	52			$	25,971

Summary Of Changes In Fair Value Of Level 3 Pension Plan Assets

The tables below set forth a summary of changes in fair value of the Company’s Level 3 pension plan assets for the years ended September 27, 2019 and September 28, 2018:

	2019				2018
Level 3 assets, beginning of year	$	52			$	80
Unrealized gain (loss)	2				(2		)
Sales	(23		)		(26		)
Level 3 assets, end of year	$	31			$	52

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