XML 47 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Postretirement Obligations (Tables) - Other Postretirement Benefit Plans, Defined Benefit [Member]
 12 Months Ended
Sep. 30, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Defined Benefit Plans Disclosures [Table Text Block]
The net periodic postretirement benefit cost (benefit) components for our postretirement plans are as follows:
(Thousands of Dollars)
2018

 
2017

 
2016

 
 
 
 
 
 
Service cost for benefits earned during the year
—

 
13

 
63

Interest cost on projected benefit obligation
365

 
412

 
623

Expected return on plan assets
(1,080
)
 
(1,056
)
 
(1,322
)
Amortization of net actuarial gain
(984
)
 
(987
)
 
(1,093
)
Amortization of prior service benefit
(785
)
 
(1,459
)
 
(1,459
)
Curtailment gains
(2,031
)
 
(3,741
)
 
—

Net periodic postretirement benefit
(4,515
)
 
(6,818
)
 
(3,188
)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]
Changes in benefit obligations and plan assets are as follows:
(Thousands of Dollars)
2018

 
2017

 
 
 
 
Benefit obligation, beginning of year
15,667

 
22,511

Service cost
—

 
13

Interest cost
365

 
412

Actuarial loss (gain)
(1,054
)
 
(627
)
Benefits paid, net of premiums received
(1,399
)
 
(1,527
)
Curtailment
(1,924
)
 
(5,112
)
Medicare Part D subsidies
101

 
(3
)
Benefit obligation, end of year
11,756

 
15,667

Fair value of plan assets, beginning of year
24,626

 
24,123

Actual return on plan assets
2,106

 
2,112

Employer contributions
422

 
755

Benefits paid, net of premiums and Medicare Part D subsidies received
(1,298
)
 
(1,530
)
Benefits paid for active employees
(1,209
)
 
(834
)
Fair value of plan assets at measurement date
24,647

 
24,626

Funded status
12,891

 
8,959
Schedule of Amounts Recognized in Balance Sheet [Table Text Block]
Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:
(Thousands of Dollars)
September 30
2018

 
September 24
2017

 
 
 
 
Non-current assets
12,891

 
11,020

Postretirement benefit obligations
—

 
(2,061
)
Accumulated other comprehensive income (before income tax benefit)
17,917

 
18,782
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
Amounts recognized in accumulated other comprehensive income are as follows:
(Thousands of Dollars)
September 30
2018

 
September 24
2017

 
 
 
 
Unrecognized net actuarial gain
12,224

 
12,304

Unrecognized prior service benefit
5,693

 
6,478

 
17,917

 
18,782
Schedule of Assumptions Used [Table Text Block]
Weighted-average assumptions used to determine post retirement benefit obligations are as follows:
(Percent)
September 30
2018
 
September 24
2017
 
 
 
 
Discount rate
4.0
 
3.4
Expected long-term return on plan assets
4.5
 
4.5
Weighted-average assumptions used to determine net periodic benefit cost are as follows:
(Percent)
2018

 
2017

 
2016

 
 
 
 
 
 
Discount rate
3.4

 
3.1

 
3.7

Expected long-term return on plan assets
4.5

 
4.5

 
4.5
Schedule of Health Care Cost Trend Rates [Table Text Block]
Assumed health care cost trend rates are as follows:
(Percent)
September 30
2018
 
September 24
2017
 
 
 
 
Health care cost trend rates
9.0
 
9.7
Rate to which the cost trend rate is assumed to decline (the “Ultimate Trend Rate”)
4.5
 
4.5
Year in which the rate reaches the Ultimate Trend Rate
2026
 
2026
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]
A one percentage point change in assumed health care cost trend rates would have the following annualized effects on reported amounts for 2018:
 
One Percentage Point
 
(Thousands of Dollars)
Increase

 
Decrease

 
 
 
 
Effect on net periodic postretirement benefit
18

 
(17
)
Effect on postretirement benefit obligation
456

 
(417
)
Schedule of Allocation of Plan Assets [Table Text Block]
The weighted-average asset allocation of our postretirement assets is as follows:
(Percent)
Policy Allocation

Actual Allocation
Asset Class
September 30 2018

September 30
2018
September 24
2017
 
 
 
 
Equity securities
20

18
21
Debt securities
70

69
67
Hedge fund investment
10

13
12
Cash and cash equivalents
—

—
—
Schedule of Changes in Fair Value of Plan Assets [Table Text Block]
The fair value hierarchy of postretirement assets at September 30, 2018 is as follows:
(Thousands of Dollars)
NAV

Level 1

Level 2

Level 3

 
 
 
 
 
Cash and cash equivalents
—

242

—

—

Domestic equity securities
820

2,589

—

—

International equity securities
—

681

780

—

Debt securities
—

19,185

—

—

Hedge fund investment
3,616

—

—

—


The fair value hierarchy of postretirement assets at September 24, 2017 is as follows:
(Thousands of Dollars)
NAV

Level 1

Level 2

Level 3

 
 
 
 
 
Cash and cash equivalents
—

—

—

—

Domestic equity securities
—

3,479

741

—

International equity securities
—

800

1,051

—

Debt securities
—

19,548

—

—

Hedge fund investment
3,343

—

—

—
Schedule of Expected Benefit Payments [Table Text Block]
We anticipate future benefit payments to be paid either with future contributions to the plan or directly from plan assets, as follows:
(Thousands of Dollars)
Gross
Payments

 
Less
Medicare
Part D
Subsidy

 
Net
Payments

 
 
 
 
 
 
2019
1,302

 
(108
)
 
1,194

2020
1,276

 
(107
)
 
1,169

2021
1,241

 
(106
)
 
1,135

2022
1,198

 
(103
)
 
1,095

2023
1,147

 
(99
)
 
1,048

2024-2018
4,794

 
(408
)
 
4,386