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Retirement Plans (Tables)

12 Months Ended

Sep. 28, 2025

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
						2025						2024						2025						2024						2025						2024
Change in benefit obligation:
Obligation at beginning of year						$	297,920					$	266,345					$	57,097					$	53,513					$	12,654					$	11,891
Interest cost						14,825						15,791						2,778						3,188						615						711
Participant contributions						—						—						—						—						103						102
Actuarial (gain) loss						(17,080)						29,769						(3,572)						5,199						320						1,186
Benefits paid						(14,275)						(13,985)						(5,169)						(4,803)						(1,445)						(1,268)
Settlements and other						—						—						—						—						116						32
Obligation at end of year						$	281,390					$	297,920					$	51,134					$	57,097					$	12,363					$	12,654
Change in plan assets:
Fair value at beginning of year						$	302,439					$	275,143					$	—					$	—					$	—					$	—
Actual return on plan assets						2,405						41,281						—						—						—						—
Participant contributions						—						—						—						—						103						102
Employer contributions						—						—						5,169						4,803						1,226						1,134
Benefits paid						(14,275)						(13,985)						(5,169)						(4,803)						(1,445)						(1,268)
Settlements and other						—						—						—						—						116						32
Fair value at end of year						$	290,569					$	302,439					$	—					$	—					$	—					$	—
Funded (unfunded) status at end of year						$	9,179					$	4,519					$	(51,134)					$	(57,097)					$	(12,363)					$	(12,654)
Amounts recognized on the balance sheet:
Noncurrent assets						$	9,179					$	4,519					$	—					$	—					$	—					$	—
Current liabilities						—						—						(4,814)						(5,124)						(1,140)						(1,111)
Noncurrent liabilities						—						—						(46,320)						(51,973)						(11,223)						(11,543)
Total asset (liability) recognized						$	9,179					$	4,519					$	(51,134)					$	(57,097)					$	(12,363)					$	(12,654)
Amounts in AOCI not yet reflected in net periodic benefit cost:
Unamortized actuarial loss (gain), net						$	94,069					$	100,938					$	13,980					$	18,542					$	(7,034)					$	(8,132)
Unamortized prior service cost						—						—						—						—						—						—
Total						$	94,069					$	100,938					$	13,980					$	18,542					$	(7,034)					$	(8,132)
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial loss (gain)						$	(4,453)					$	3,470					$	(3,572)					$	5,199					$	320					$	1,186
Amortization of actuarial (loss) gain						(2,416)						(2,403)						(990)						(632)						778						914
Amortization of prior service cost						—						—						—						(14)						—						—
Total recognized in OCI						(6,869)						1,067						(4,562)						4,553						1,098						2,100
Net periodic benefit (credit) cost						2,209						3,212						3,768						3,834						(163)						(203)
Total recognized in comprehensive income						$	(4,660)					$	4,279					$	(794)					$	8,387					$	935					$	1,897

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, 2025:
Cash and cash equivalents						(1)						$	5,793					$	—					$	—					$	5,793					$	—
Equity:
Global equity						(2)						35,961						35,961						—						—						—
Fixed income:
Liability-hedging assets						(4)						190,685						87,111						—						103,574						—
Alternative credit						(5)						31,629						31,629						—						—						—
Real assets						(6)						26,501						26,501						—						—						—
												$	290,569					$	181,202					$	—					$	109,367					$	—
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					$	—

________________________

(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):

						2025						2024
Qualified Plan:
Projected benefit obligation						$	281,390					$	297,920
Accumulated benefit obligation						$	281,390					$	297,920
Fair value of plan assets						$	290,569					$	302,439
SERP:
Projected benefit obligation						$	51,134					$	57,097
Accumulated benefit obligation						$	51,134					$	57,097
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):

						2025						2024						2023
Qualified Plan:
Interest cost						$	14,825					$	15,791					$	16,068
Expected return on plan assets						(15,032)						(14,982)						(15,105)
Actuarial loss						2,416						2,403						2,349
Net periodic benefit cost						$	2,209					$	3,212					$	3,312
SERP:
Interest cost						$	2,778					$	3,188					$	3,149
Actuarial loss						990						632						718
Amortization of unrecognized prior service cost						—						14						19
Net periodic benefit cost						$	3,768					$	3,834					$	3,886
Postretirement health plans:
Interest cost						$	615					$	711					$	700
Actuarial (gain) loss						(778)						(914)						(932)
Net periodic benefit (credit) cost						$	(163)					$	(203)					$	(232)

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 28, 2025, September 29, 2024, and October 1, 2023, we used the following weighted-average assumptions:

						2025						2024						2023
Assumptions used to determine benefit obligations (1) (2):
Qualified Plan:
Discount rate						5.63%						5.11%						6.10%
SERP:
Discount rate						5.45%						5.09%						6.26%
Postretirement health plans:
Discount rate						5.39%						5.09%						6.27%
Assumptions used to determine net periodic benefit cost (2) (3):
Qualified Plan:
Discount rate						5.11%						6.10%						5.63%
Long-term rate of return on assets						5.10%						5.60%						5.10%
SERP:
Discount rate						5.09%						6.26%						5.80%
Postretirement health plans:
Discount rate						5.09%						6.27%						5.82%

________________________

(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:

						2025						2024						2023
Healthcare cost trend rate for next year:
Participants under age 65						6.50%						6.25%						6.25%
Participants age 65 or older						6.50%						6.25%						6.25%
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						2032						2031						2031
Participants age 65 or older						2032						2031						2031

Fair Values of Qualified Plan's Assets

Our plan asset allocation at the end of each fiscal 2025 and 2024 and respective target allocations were as follows:

						2025						Target						Minimum						Maximum
Cash & cash equivalents						2%						—%						—%						—%
Global equity						12%						12%						7%						17%
Alternative credit						11%						9%						4%						14%
Real assets						9%						9%						4%						14%
Liability-hedging assets						66%						70%						60%						80%
						100%						100%

						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%

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 2026						$	4,814					$	1,170
Estimated future year benefit payments during fiscal years:
2026						$	20,915					$	1,170
2027						$	21,246					$	1,182
2028						$	21,635					$	1,186
2029						$	22,056					$	1,180
2030						$	22,455					$	1,165
2031-2035						$	117,352					$	5,296

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