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PENSION PLANS | 3 Months Ended
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Jan. 01, 2021
Retirement Benefits [Abstract] |
PENSION PLANS | PENSION PLANS The Company has two non-contributory defined benefit pension plans covering certain of its U.S. employees. Retirement benefits are generally provided based on the employees’ years of service and average earnings. Normal retirement age is 65, with provisions for earlier retirement. The Company made contributions of $43 and $44 to its pension plans for the three months ended January 1, 2021 and December 27, 2019, respectively. During the first quarter of fiscal 2021, Company management commenced actions to terminate both of the pension plans. As part of the termination of these plans, all plan participants will have the option of taking a lump sum payment or receiving payout pursuant to an annuity contract. When the termination and related payouts occur, they are estimated to unfavorably impact net income by approximately $4 to $5 million. The components of net periodic benefit cost related to Company sponsored defined benefit plans for the three month periods ended January 1, 2021 and December 27, 2019 were as follows:
| Three Months Ended |
| January 1, 2021 | December 27, 2019 |  |
Components of net periodic benefit cost: |  |  |  |
Service cost | $ | — |  | $ | — |  |  |
Interest on projected benefit obligation | 233 |  | 276 |  |  |
Less estimated return on plan assets | 160 |  | 214 |  |  |
Amortization of unrecognized losses (gains) | 134 |  | 82 |  |  |
Net periodic benefit cost | $ | 207 |  | $ | 144 |  |  |

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