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EMPLOYEE BENEFITS (Tables)

12 Months Ended

Oct. 02, 2020

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 2020 and 2019 was as follows: 

			2020						2019
Projected benefit obligation:
Projected benefit obligation, beginning of year			$	30,248					$	26,831
Service cost			—						—
Interest cost			931						1,103
Actuarial (gain) loss			2,588						3,358
Benefits paid			(1,136)						(1,044)
Projected benefit obligation, end of year			32,631						30,248
Fair value of plan assets:
Fair value of plan assets, beginning of year			30,356						25,971
Actual gain on plan assets			3,526						5,250
Company contributions			177						179
Benefits paid			(1,136)						(1,044)
Fair value of plan assets, end of year			32,923						30,356
Funded status of the plans			292						108
Amounts recognized in the Consolidated Balance Sheets consist of:
Current pension liabilities			171						172
Non-current pension liabilities			—						—
Non-current pension assets			462						280
Accumulated other comprehensive loss			(3,129)						(3,964)
Components of accumulated other comprehensive loss:
Net actuarial loss			(3,129)						(3,964)
Accumulated other comprehensive loss			$	(3,129)					$	(3,964)

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:

			2020						2019						2018
Interest cost			$	931					$	1,103					$	1,058
Expected return on plan assets			(641)						(855)						(763)
Amortization of unrecognized net actuarial loss			537						328						553
Net periodic pension cost			827						576						848
Other changes in benefit obligations recognized in other comprehensive income ("OCI"):
Net actuarial gain			(835)						(1,365)						(2,470)
Total recognized in net periodic pension cost and OCI			$	(8)					$	(789)					$	(1,622)

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:

2021			$	1,231
2022			1,252
2023			1,290
2024			1,355
2025			1,404
Five years thereafter			7,566

Actuarial 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
			2020						2019						2018						2020						2019						2018
Discount rate			2.60		%				3.13		%				4.22		%				3.13		%				4.22		%				3.79		%
Long-term rate of return			N/A						N/A						N/A						2.50		%				3.45		%				3.45		%
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 October 2, 2020 and September 27, 2019, by asset category were as follows:

			2020						2019
Equity securities			5		%				4		%
Fixed income securities			92		%				94		%
Other securities			3		%				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 October 2, 2020:

			Level 1						Level 2						Level 3						Total
Description:
Fixed income			$	5,657					$	24,734					$	—					$	30,391
Mutual funds			1,468						—						—						1,468
Money market funds			—						1,056						—						1,056
Group annuity contract			—						—						8						8
Total			$	7,125					$	25,790					$	8					$	32,923

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

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 October 2, 2020 and September 27, 2019:

			2020						2019
Level 3 assets, beginning of year			$	31					$	52
Unrealized gain (loss)			(1)						2
Sales			(22)						(23)
Level 3 assets, end of year			$	8					$	31

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