XML 83 R17.htm IDEA: XBRL DOCUMENT
v3.20.1

Retirement Plans | 6 Months Ended
--- | ---
Apr. 12, 2020
Retirement Benefits [Abstract] |
Retirement Plans | RETIREMENT PLANS Defined benefit pension plans — We sponsor two defined benefit pension plans, a frozen “Qualified Plan” covering substantially all full-time employees hired prior to January 1, 2011, and an unfunded supplemental executive retirement plan (“SERP”) which provides certain employees additional pension benefits and was closed to new participants effective January 1, 2007. Benefits under both plans are based on the employee’s years of service and compensation over defined periods of employment. In the fourth quarter of 2019, the Company amended its Qualified Plan to add a limited lump sum payment window whereby certain terminated participants with a vested pension benefit could elect to receive either an immediate lump sum or a monthly annuity payment of their accrued benefit. The offering period began September 16, 2019 and ended October 31, 2019. The participants that elected a lump sum benefit under the program were paid in December 2019, which triggered settlement accounting. As a result of the offering, the Company’s Qualified Plan paid $122.3 million from its plan assets to those who accepted the offer, thereby reducing the plan’s pension benefit obligation (“PBO”). The transaction had no cash impact to the Company but did result in a non-cash settlement charge of $38.6 million in the first quarter of fiscal 2020. Routine lump sum payments made in the second quarter of fiscal 2020 resulted in a non-cash settlement charge of $0.3 million. Postretirement healthcare plans — We also sponsor two healthcare plans, closed to new participants, that provide postretirement medical benefits to certain employees who have met minimum age and service requirements. The plans are contributory, with retiree contributions adjusted annually, and they contain other cost-sharing features such as deductibles and coinsurance. Net periodic benefit cost — The components of net periodic benefit cost in each period were as follows (in thousands):
| Quarter |  |  |  | Year-to-date |  |
| April 12, 2020 |  | April 14, 2019 |  | April 12, 2020 |  | April 14, 2019
Defined benefit pension plans: |  |  |  |  |  |  |
Interest cost | $ | 3,669 |  |  | $ | 5,286 |  |  | $ | 8,745 |  |  | $ | 12,334 |
Expected return on plan assets (1) | (4,706) |  |  | (6,077) |  |  | (11,362) |  |  | (14,181) |
Pension settlements (2) | 321 |  |  | — |  |  | 38,927 |  |  | — |
Actuarial losses (2) | 1,019 |  |  | 913 |  |  | 2,691 |  |  | 2,132 |
Amortization of unrecognized prior service costs (2) | 19 |  |  | 27 |  |  | 45 |  |  | 62 |
Net periodic benefit cost | $ | 322 |  |  | $ | 149 |  |  | $ | 39,046 |  |  | $ | 347 |
Postretirement healthcare plans: |  |  |  |  |  |  |
Interest cost | $ | 187 |  |  | $ | 230 |  |  | $ | 435 |  |  | $ | 537 |
Actuarial losses (gains) (2) | 3 |  |  | (36) |  |  | 9 |  |  | (85) |
Net periodic benefit cost | $ | 190 |  |  | $ | 194 |  |  | $ | 444 |  |  | $ | 452 |
___________________________ (1)Based on a return on asset, net of administrative expenses, assumption of 5.8% determined at the end of fiscal 2019, subsequently updated to 5.9% as of December 31, 2019 and 5.2% as of March 31, 2020, upon remeasurement of the Qualified Plan’s assets and PBO as required by settlement accounting. (2)Amounts were reclassified from accumulated OCI into net earnings as a component of “Other pension and post-retirement expenses, net.” Future cash flows — Our policy is to fund our plans at or above the minimum required by law. As of January 1, 2019, the date of our last actuarial funding valuation, there was no minimum contribution funding requirement. Details regarding 2020 contributions are as follows (in thousands):
| SERP |  | Postretirement Healthcare Plans
Net year-to-date contributions | $ | 2,857 |  |  | $ | 725 |
Remaining estimated net contributions during fiscal 2020 | $ | 2,514 |  |  | $ | 676 |
We continue to evaluate contributions to our Qualified Plan based on changes in pension assets as a result of asset performance in the current market and the economic environment. We do not anticipate making any contributions to our Qualified Plan in fiscal 2020.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration