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Pensions | 12 Months Ended
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Sep. 27, 2015
Pension Disclosure [Abstract] |
Compensation and Employee Benefit Plans [Text Block] | PENSION PLANS We have several non-contributory defined benefit pension plans that together cover selected employees. Benefits under the plans were generally based on salary and years of service. Effective in 2012, substantially all benefits are frozen and only a small amount of additional benefits are being accrued. Our liability and related expense for benefits under the plans are recorded over the service period of employees based upon annual actuarial calculations. Plan funding strategies are influenced by government regulations. Plan assets consist primarily of domestic and foreign corporate equity securities, government and corporate bonds, hedge fund investments and cash. The net periodic cost (benefit) components of our pension plans are as follows:
(Thousands of Dollars) | 2015 |  |  | 2014 |  |  | 2013 |
Service cost for benefits earned during the year | 232 |  |  | 156 |  |  | 216 |
Interest cost on projected benefit obligation | 8,122 |  |  | 7,996 |  |  | 7,529 |
Expected return on plan assets | (9,863 | ) |  | (9,932 | ) |  | (9,838 | )
Amortization of net loss | 1,682 |  |  | 423 |  |  | 2,287 |
Amortization of prior service benefit | (136 | ) |  | (136 | ) |  | (136 | )
Net periodic pension cost (benefit) | 37 |  |  | (1,493 | ) |  | 58 |
Net periodic pension benefit of $56,000 is allocated to TNI in 2015, 2014 and 2013. Changes in benefit obligations and plan assets are as follows:
(Thousands of Dollars) | 2015 |  |  | 2014 |
Benefit obligation, beginning of year | 199,197 |  |  | 175,771 |
Service cost | 232 |  |  | 156 |
Interest cost | 8,122 |  |  | 7,996 |
Actuarial loss (gain) | (2,543 | ) |  | 26,526 |
Benefits paid | (11,257 | ) |  | (11,252 | )
Benefit obligation, end of year | 193,751 |  |  | 199,197 |
Fair value of plan assets, beginning of year: | 151,013 |  |  | 147,265 |
Actual return on plan assets | 1,817 |  |  | 15,074 |
Benefits paid | (11,257 | ) |  | (11,252 | )
Administrative expenses paid | (1,862 | ) |  | (1,509 | )
Employer contributions | 3,577 |  |  | 1,435 |
Fair value of plan assets, end of year | 143,288 |  |  | 151,013 |
Funded status - benefit obligation in excess of plan assets | 50,463 |  |  | 48,184 |
Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:
(Thousands of Dollars) | September 27 2015 |  |  | September 28 2014 |
Pension obligations | 50,463 |  |  | 48,184 |
Accumulated other comprehensive loss (before income taxes) | (47,515 | ) |  | (41,695 | )
Amounts recognized in accumulated other comprehensive income (loss) are as follows:
(Thousands of Dollars) | September 27 2015 |  |  | September 28 2014 |
Unrecognized net actuarial loss | (48,031 | ) |  | (42,348 | )
Unrecognized prior service benefit | 516 |  |  | 653 |
| (47,515 | ) |  | (41,695 | )
We expect to recognize $2,396,000 and $137,000 of unrecognized net actuarial loss and unrecognized prior service benefit, respectively, in net periodic pension cost in 2016. The accumulated benefit obligation for the plans total $193,751,000 at September 27, 2015 and $199,197,000 at September 28, 2014. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of plan assets are $193,751,000, $193,751,000 and $143,288,000, respectively, at September 27, 2015. Assumptions Weighted-average assumptions used to determine benefit obligations are as follows:
(Percent) | September 27 2015 |  | September 28 2014
Discount rate | 4.2 |  | 4.2
Weighted-average assumptions used to determine net periodic benefit cost are as follows:
(Percent) | 2015 |  |  | 2014 |  |  | 2013 |
Discount rate | 4.2 |  |  | 4.7 |  |  | 3.85 |
Expected long-term return on plan assets | 6.8 |  |  | 7.0 |  |  | 7.5 |
For 2016, the expected long-term return on plan assets is 6.25%. The assumptions related to the expected long-term return on plan assets are developed through an analysis of historical market returns, current market conditions and composition of plan assets. In October 2014, the Society of Actuaries released new mortality tables. The new tables generally result in increases in life expectancy. We used the new mortality tables to value our pension and postretirement liabilities at September 28, 2014, which increased such liabilities, in total, by approximately $18,515,000, with a corresponding decrease in accumulated other comprehensive income in our Consolidated Balance Sheet as of that date. Plan Assets The primary objective of our investment strategy is to satisfy our pension obligations at a reasonable cost. Assets are actively invested to balance real growth of capital through appreciation and reinvestment of dividend and interest income and safety of invested funds. Our investment policy outlines the governance structure for decision making, sets investment objectives and restrictions and establishes criteria for selecting and evaluating investment managers. The use of derivatives is strictly prohibited, except on a case-by-case basis where the manager has a proven capability, and only to hedge quantifiable risks such as exposure to foreign currencies. An investment committee, consisting of certain of our executives and supported by independent consultants, is responsible for monitoring compliance with the investment policy. Assets are periodically redistributed to maintain the appropriate policy allocation. The weighted-average asset allocation of our pension assets is as follows:
(Percent) | Policy Allocation |  | Actual Allocation
Asset Class | September 27 2015 |  | September 27 2015 | September 28 2014
Equity securities | 50 |  | 46 | 48
Debt securities | 35 |  | 37 | 20
TIPS | 5 |  | 4 | 4
Hedge fund investments | 10 |  | 11 | 10
Cash and cash equivalents | — |  | 2 | 18
Plan assets include no Company securities. Assets include cash and cash equivalents and receivables from time to time due to the need to reallocate assets within policy guidelines. At September 28, 2014, certain plan assets were in process of reallocation. In October 2014, plan assets were within the policy allocation. Fair Value Measurements The fair value hierarchy of pension assets at September 27, 2015 is as follows:
(Thousands of Dollars) | Level 1 |  | Level 2 |  | Level 3 |
Cash and cash equivalents | 2,407 |  | — |  | — |
Domestic equity securities | 8,153 |  | 44,470 |  | — |
International equity securities | 6,286 |  | 7,389 |  | — |
TIPS | 6,450 |  | — |  | — |
Debt securities | 31,196 |  | 21,370 |  | — |
Hedge fund investments | — |  | 8,463 |  | 8,881 |
In 2015, in connection with the allocation to hedge funds and debt securities, certain of our plan assets were classified as Level 3. Following is a rollfoward of Level 3 plan assets in 2015:
(Thousands of Dollars) | Level 3 |
Balance, beginning of year | 8,351 |
Purchases, issuances, sales, settlements | — |
Unrealized gains | 530 |
Balance, end of year | 8,881 |
There were no purchases, sales or transfers of assets classified as Level 3 in 2015. Cash Flows Based on our forecast at September 27, 2015, we expect to make contributions totaling $5,782,000 to our pension trust in 2016. We anticipate future benefit payments to be paid from the pension trust as follows:
(Thousands of Dollars) |
2015 | 11,880 |
2016 | 11,717 |
2017 | 11,750 |
2018 | 11,776 |
2019 | 11,760 |
2020-2024 | 58,883 |
Other Plans We are obligated under an unfunded plan to provide fixed retirement payments to certain former employees. The plan is frozen and no additional benefits are being accrued. The accrued liability under the plan is $2,337,000 and $2,264,000 at September 27, 2015 and September 28, 2014, respectively, of which $279,000 is included in compensation and other accrued liabilities in the Consolidated Balance Sheet at September 27, 2015.

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- Definition Pension Disclosure [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References No definition available. + Details
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