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Retirement Plans (Tables) | 12 Months Ended
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Sep. 29, 2024
Retirement Benefits [Abstract] |
Reconciliation of Changes in Benefit Obligations, Plan Assets and Funded Status of Retirement Plans | The following table provides a reconciliation of the changes in benefit obligations, plan assets, and funded status of our retirement plans for each fiscal year (in thousands):
|  | Qualified Plan |  | SERP |  | Postretirement Health Plans
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Obligation at beginning of year |  | $ | 266,345 |  |  | $ | 293,342 |  |  | $ | 53,513 |  |  | $ | 56,891 |  |  | $ | 11,891 |  |  | $ | 12,577 |
Interest cost |  | 15,791 |  |  | 16,068 |  |  | 3,188 |  |  | 3,149 |  |  | 711 |  |  | 700 |
Participant contributions |  | — |  |  | — |  |  | — |  |  | — |  |  | 102 |  |  | 101 |
Actuarial loss (gain) |  | 29,769 |  |  | (13,792) |  |  | 5,199 |  |  | (1,287) |  |  | 1,186 |  |  | (383) |
Benefits paid |  | (13,985) |  |  | (14,884) |  |  | (4,803) |  |  | (5,240) |  |  | (1,268) |  |  | (1,145) |
Settlements and other |  | — |  |  | (14,389) |  |  | — |  |  | — |  |  | 32 |  |  | 41 |
Obligation at end of year |  | $ | 297,920 |  |  | $ | 266,345 |  |  | $ | 57,097 |  |  | $ | 53,513 |  |  | $ | 12,654 |  |  | $ | 11,891 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |
Fair value at beginning of year |  | $ | 275,143 |  |  | $ | 303,951 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  | 41,281 |  |  | 465 |  |  | — |  |  | — |  |  | — |  |  | — |
Participant contributions |  | — |  |  | — |  |  | — |  |  | — |  |  | 102 |  |  | 101 |
Employer contributions |  | — |  |  | — |  |  | 4,803 |  |  | 5,240 |  |  | 1,134 |  |  | 1,002 |
Benefits paid |  | (13,985) |  |  | (14,884) |  |  | (4,803) |  |  | (5,240) |  |  | (1,268) |  |  | (1,145) |
Settlements and other |  | — |  |  | (14,389) |  |  | — |  |  | — |  |  | 32 |  |  | 42 |
Fair value at end of year |  | $ | 302,439 |  |  | $ | 275,143 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Funded (unfunded) status at end of year |  | $ | 4,519 |  |  | $ | 8,798 |  |  | $ | (57,097) |  |  | $ | (53,513) |  |  | $ | (12,654) |  |  | $ | (11,891) |
Amounts recognized on the balance sheet: |  |  |  |  |  |  |  |  |  |  |  |
Noncurrent assets |  | $ | 4,519 |  |  | $ | 8,798 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current liabilities |  | — |  |  | — |  |  | (5,124) |  |  | (5,138) |  |  | (1,111) |  |  | (1,072) |
Noncurrent liabilities |  | — |  |  | — |  |  | (51,973) |  |  | (48,375) |  |  | (11,543) |  |  | (10,819) |
Total asset (liability) recognized |  | $ | 4,519 |  |  | $ | 8,798 |  |  | $ | (57,097) |  |  | $ | (53,513) |  |  | $ | (12,654) |  |  | $ | (11,891) |
Amounts in AOCI not yet reflected in net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Unamortized actuarial loss (gain), net |  | $ | 100,938 |  |  | $ | 99,871 |  |  | $ | 18,542 |  |  | $ | 13,974 |  |  | $ | (8,132) |  |  | $ | (10,232) |
Unamortized prior service cost |  | — |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  | — |
Total |  | $ | 100,938 |  |  | $ | 99,871 |  |  | $ | 18,542 |  |  | $ | 13,989 |  |  | $ | (8,132) |  |  | $ | (10,232) |
Other changes in plan assets and benefit obligations recognized in OCI: |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  | $ | 3,470 |  |  | $ | 848 |  |  | $ | 5,199 |  |  | $ | (1,287) |  |  | $ | 1,186 |  |  | $ | (383) |
Amortization of actuarial (loss) gain |  | (2,403) |  |  | (2,349) |  |  | (632) |  |  | (718) |  |  | 914 |  |  | 932 |
Amortization of prior service cost |  | — |  |  | — |  |  | (14) |  |  | (19) |  |  | — |  |  | — |
Total recognized in OCI |  | 1,067 |  |  | (1,501) |  |  | 4,553 |  |  | (2,024) |  |  | 2,100 |  |  | 549 |
Net periodic benefit (credit) cost |  | 3,212 |  |  | 3,312 |  |  | 3,834 |  |  | 3,886 |  |  | (203) |  |  | (232) |
Total recognized in comprehensive income |  | $ | 4,279 |  |  | $ | 1,811 |  |  | $ | 8,387 |  |  | $ | 1,862 |  |  | $ | 1,897 |  |  | $ | 317 |
Amounts in AOCI expected to be amortized in next fiscal net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  | $ | 2,416 |  |  |  |  | $ | 990 |  |  |  |  | $ | (778) |  |  |
The fair values of the Qualified Plan’s assets by asset category are as follows (in thousands):
|  |  |  | Total |  | Other (i.e., NAV Assets) (3) |  | Quoted Prices in Active Markets for Identical (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Fair Value at September 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | (1) |  | $ | 2,933 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,933 |  |  | $ | — |
Equity: |  |  |  |  |  |  |  |  |  |  |  |
Global equity |  | (2) |  | 40,193 |  |  | 40,193 |  |  | — |  |  | — |  |  | — |
Fixed income: |  |  |  |  |  |  |  |  |  |  |  |
Liability-hedging assets |  | (4) |  | 200,675 |  |  | 86,089 |  |  | — |  |  | 114,586 |  |  | — |
Alternative credit |  | (5) |  | 32,100 |  |  | 32,100 |  |  | — |  |  | — |  |  | — |
Real assets |  | (6) |  | 26,538 |  |  | 26,538 |  |  | — |  |  | — |  |  | — |
|  |  |  | $ | 302,439 |  |  | $ | 184,920 |  |  | $ | — |  |  | $ | 117,519 |  |  | $ | — |
Fair Value at September 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | (1) |  | $ | 3,266 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,266 |  |  | $ | — |
Equity: |  |  |  |  |  |  |  |  |  |  |  |
Global equity |  | (2) |  | 30,879 |  |  | 30,879 |  |  | — |  |  | — |  |  | — |
Fixed income: |  |  |  |  |  |  |  |  |  |  |  |
Liability-hedging assets |  | (4) |  | 184,085 |  |  | 77,653 |  |  | — |  |  | 106,432 |  |  | — |
Alternative credit |  | (5) |  | 28,378 |  |  | 28,378 |  |  | — |  |  | — |  |  | — |
Real assets |  | (6) |  | 28,535 |  |  | 28,535 |  |  | — |  |  | — |  |  | — |
|  |  |  | $ | 275,143 |  |  | $ | 165,445 |  |  | $ | — |  |  | $ | 109,698 |  |  | $ | — |
________________________ (1)Cash and cash equivalents are comprised of commercial paper, short-term bills and notes, and short-term investment funds, which are valued at quoted prices in active markets for similar securities. (2)Global equity is comprised of investments in publicly traded common stocks and other equity-type securities issued by companies throughout the world, including convertible securities, preferred stock, rights and warrants. (3)Certain investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient are not categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. (4)Liability-hedging assets are comprised of investments in fixed income securities or derivatives thereof that are intended to mitigate interest rate risk or reduce the interest rate duration mismatch between the assets and liabilities of the Plan. (5)Alternative credit includes investments in a range of public and private credit securities, including below investment grade rated bonds and loans, securitized credit, and emerging market debt. (6)Real assets are investments in public and private debt and equity investments, including but not limited to real estate, infrastructure, timberland and agriculture/farmland.
Fair Value of Plan Assets of Pension Plans | The following sets forth the PBO, ABO, and fair value of plan assets of our pension plans as of the measurement date in each fiscal year (in thousands):
|  | 2024 |  | 2023
Qualified Plan: |  |  |  |
Projected benefit obligation |  | $ | 297,920 |  |  | $ | 266,345 |
Accumulated benefit obligation |  | $ | 297,920 |  |  | $ | 266,345 |
Fair value of plan assets |  | $ | 302,439 |  |  | $ | 275,143 |
SERP: |  |  |  |
Projected benefit obligation |  | $ | 57,097 |  |  | $ | 53,513 |
Accumulated benefit obligation |  | $ | 57,097 |  |  | $ | 53,513 |
Fair value of plan assets |  | $ | — |  |  | $ | — |
Components of Net Periodic Benefit Cost | The components of the fiscal year net periodic benefit cost were as follows (in thousands):
|  | 2024 |  | 2023 |  | 2022
Qualified Plan: |  |  |  |  |  |
Interest cost |  | $ | 15,791 |  |  | $ | 16,068 |  |  | $ | 12,506 |
Expected return on plan assets |  | (14,982) |  |  | (15,105) |  |  | (18,103) |
Actuarial loss |  | 2,403 |  |  | 2,349 |  |  | 2,193 |
Net periodic benefit (credit) cost |  | $ | 3,212 |  |  | $ | 3,312 |  |  | $ | (3,404) |
SERP: |  |  |  |  |  |
Interest cost |  | $ | 3,188 |  |  | $ | 3,149 |  |  | $ | 2,173 |
Actuarial loss |  | 632 |  |  | 718 |  |  | 1,666 |
Amortization of unrecognized prior service cost |  | 14 |  |  | 19 |  |  | 19 |
Net periodic benefit cost |  | $ | 3,834 |  |  | $ | 3,886 |  |  | $ | 3,858 |
Postretirement health plans: |  |  |  |  |  |
Interest cost |  | $ | 711 |  |  | $ | 700 |  |  | $ | 489 |
Actuarial (gain) loss |  | (914) |  |  | (932) |  |  | (640) |
Net periodic benefit (credit) cost |  | $ | (203) |  |  | $ | (232) |  |  | $ | (151) |
Determining the Present Values of Benefit Obligations and net Periodic Benefit Costs | In determining the present values of our benefit obligations and net periodic benefit costs as of and for the fiscal years ended September 29, 2024, October 1, 2023, and October 2, 2022, we used the following weighted-average assumptions:
|  | 2024 |  | 2023 |  | 2022
Assumptions used to determine benefit obligations (1) (2): |  |  |  |  |  |
Qualified Plan: |  |  |  |  |  |
Discount rate |  | 5.11% |  | 6.10% |  | 5.63%
SERP: |  |  |  |  |  |
Discount rate |  | 5.09% |  | 6.26% |  | 5.80%
Postretirement health plans: |  |  |  |  |  |
Discount rate |  | 5.09% |  | 6.27% |  | 5.82%
Assumptions used to determine net periodic benefit cost (2) (3): |  |  |  |  |  |
Qualified Plan: |  |  |  |  |  |
Discount rate |  | 6.10% |  | 5.63% |  | 3.11%
Long-term rate of return on assets |  | 5.60% |  | 5.10% |  | 4.50%
SERP: |  |  |  |  |  |
Discount rate |  | 6.26% |  | 5.80% |  | 2.99%
Postretirement health plans: |  |  |  |  |  |
Discount rate |  | 6.27% |  | 5.82% |  | 2.95%
________________________ (1)Determined as of end of year. (2)There is no assumed rate of increase, as there are no active employees in any of the fiscal years presented. (3)Determined as of beginning of year.
Health Care Cost Trend Rates for Postretirement Health Plans | For measurement purposes, the weighted-average assumed health care cost trend rates for our postretirement health plans were as follows for each fiscal year:
|  | 2024 |  | 2023 |  | 2022
Healthcare cost trend rate for next year: |  |  |  |  |  |
Participants under age 65 |  | 6.25% |  | 6.25% |  | 6.25%
Participants age 65 or older |  | 6.25% |  | 6.25% |  | 5.75%
Rate to which the cost trend rate is assumed to decline: |  |  |  |  |  |
Participants under age 65 |  | 4.50% |  | 4.50% |  | 4.50%
Participants age 65 or older |  | 4.50% |  | 4.50% |  | 4.50%
Year the rate reaches the ultimate trend rate: |  |  |  |  |  |
Participants under age 65 |  | 2031 |  | 2031 |  | 2030
Participants age 65 or older |  | 2031 |  | 2031 |  | 2028
Fair Values of Qualified Plan's Assets | Our plan asset allocation at the end of each fiscal 2024 and 2023 and respective target allocations were as follows:
|  | 2024 |  | Target |  | Minimum |  | Maximum
Cash & cash equivalents |  | 1% |  | —% |  | —% |  | —%
Global equity |  | 13% |  | 12% |  | 7% |  | 17%
Alternative credit |  | 11% |  | 9% |  | 4% |  | 14%
Real assets |  | 9% |  | 9% |  | 4% |  | 14%
Liability-hedging assets |  | 66% |  | 70% |  | 60% |  | 80%
|  | 100% |  | 100% |  |  |  |
|  | 2023 |  | Target |  | Minimum |  | Maximum
Cash & cash equivalents |  | 1% |  | —% |  | —% |  | —%
Global equity |  | 11% |  | 12% |  | 7% |  | 17%
Alternative credit |  | 10% |  | 9% |  | 4% |  | 14%
Real assets |  | 10% |  | 9% |  | 4% |  | 14%
Liability-hedging assets |  | 68% |  | 70% |  | 60% |  | 80%
|  | 100% |  | 100% |  |  |  |
Contributions Expected to be Paid in Next Fiscal Year and Projected Benefit Payments | Contributions expected to be paid in the next fiscal year, the projected benefit payments for each of the next five fiscal years, and the total aggregate amount for the subsequent five fiscal years are as follows (in thousands):
|  | Defined Benefit Plans |  | Postretirement Health Plans
Estimated net contributions during fiscal 2025 |  | $ | 5,125 |  |  | $ | 1,139 |
Estimated future year benefit payments during fiscal years: |  |  |  |
2025 |  | $ | 20,487 |  |  | $ | 1,139 |
2026 |  | $ | 20,825 |  |  | $ | 1,150 |
2027 |  | $ | 21,200 |  |  | $ | 1,155 |
2028 |  | $ | 21,600 |  |  | $ | 1,150 |
2029 |  | $ | 21,985 |  |  | $ | 1,139 |
2030-2034 |  | $ | 115,261 |  |  | $ | 5,245 |

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