XML 24 R14.htm IDEA: XBRL DOCUMENT v3.21.2
PENSION PLANS
 9 Months Ended
Jul. 02, 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 $42 and $44 to its pension plans for the three months ended July 2, 2021 and June 26, 2020, respectively, and contributions of $130 and $132 for the nine months ended July 2, 2021 and June 26, 2020, 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, plan participants that are not currently in pay status 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, which is subject to numerous conditions under the plan document and applicable law, 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 and nine month periods ended July 2, 2021 and June 26, 2020 were as follows:
 Three Months EndedNine Months Ended
 July 2, 2021June 26, 2020July 2, 2021June 26, 2020
Components of net periodic benefit cost:  
Service cost$— $— $— $— 
Interest on projected benefit obligation163 423 629 698 
Less estimated return on plan assets6 267 327 481 
Amortization of unrecognized losses (gains)163 321 432 403 
Net periodic benefit cost$320 $477 $734 $620