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v3.21.2

Note 9 - Postretirement and Postemployment Benefits (Tables) | 12 Months Ended
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Sep. 26, 2021
Notes Tables |
Schedule of Health Care Cost Trend Rates [Table Text Block] |
|  | September 26 |  |  | September 27 |
(Percent) |  | 2021 |  |  | 2020 |
Health care cost trend rates |  | 6.2 |  |  | 6.4 |
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 |  | 2030 |  |  | 2030 |
Other Postretirement Benefits Plan [Member] |
Notes Tables |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] |
(Thousands of Dollars) |  | 2021 |  |  | 2020 |  |  | 2019 |
Service cost for benefits earned during the year |  |  | 207 |  |  |  | 500 |  |  |  | — |
Interest cost on projected benefit obligation |  |  | 429 |  |  |  | 869 |  |  |  | 412 |
Expected return on plan assets |  |  | (1,007 | ) |  |  | (1,060 | ) |  |  | (1,082 | )
Amortization of net actuarial gain |  |  | (685 | ) |  |  | (743 | ) |  |  | (976 | )
Amortization of prior service benefit |  |  | (647 | ) |  |  | (647 | ) |  |  | (723 | )
Curtailment gains |  |  | (23,830 | ) |  |  | — |  |  |  | — |
Net periodic postretirement benefit |  |  | (25,533 | ) |  |  | (1,081 | ) |  |  | (2,369 | )
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] |
(Thousands of Dollars) |  | 2021 |  |  | 2020 |
Benefit obligation, beginning of year |  |  | 47,637 |  |  |  | 11,752 |
Business combination |  |  | — |  |  |  | 36,800 |
Service cost |  |  | 207 |  |  |  | 500 |
Interest cost |  |  | 429 |  |  |  | 869 |
Liability (gain) loss due to Curtailment |  |  | (23,830 | ) |  |  | — |
Actuarial loss (gain) |  |  | (4,285 | ) |  |  | (982 | )
Benefits paid, net of premiums received |  |  | (1,678 | ) |  |  | (1,374 | )
Medicare Part D subsidies |  |  | 58 |  |  |  | 72 |
Benefit obligation, end of year |  |  | 18,538 |  |  |  | 47,637 |
Fair value of plan assets, beginning of year |  |  | 25,706 |  |  |  | 24,135 |
Business combination |  |  | — |  |  |  | — |
Actual return on plan assets |  |  | 1,534 |  |  |  | 1,594 |
Employer contributions |  |  | 1,293 |  |  |  | 646 |
Benefits paid, net of premiums and Medicare Part D subsidies received |  |  | (1,795 | ) |  |  | (1,077 | )
Benefits paid for active employees |  |  | 64 |  |  |  | (438 | )
One time asset transfer |  |  | — |  |  |  | 846 |
Fair value of plan assets at measurement date |  |  | 26,802 |  |  |  | 25,706 |
Funded status |  |  | 8,264 |  |  |  | (21,931 | )
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] |
|  | September 26 |  |  | September 27 |
(Thousands of Dollars) |  | 2021 |  |  | 2020 |
Non-current assets |  | 17,664 |  |  | 15,241 |
Postretirement benefit obligations |  | (9,859 | ) |  | (37,172 | )
Accumulated other comprehensive income (before income tax benefit) |  | 17,747 |  |  | 14,269 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] |
|  | September 26 |  |  | September 27 |
(Thousands of Dollars) |  | 2021 |  |  | 2020 |
Unrecognized net actuarial gain |  | 14,071 |  |  | 4,826 |
Unrecognized prior service benefit |  | 3,676 |  |  | 9,443 |
|  |  | 17,747 |  |  |  | 14,269 |
Defined Benefit Plan, Assumptions [Table Text Block] |
|  | September 26 |  |  | September 27 |
(Percent) |  | 2021 |  |  | 2020 |
Discount rate |  | 2.6 |  |  | 2.7 |
Expected long-term return on plan assets |  | 4.0 |  |  | 4.5 |
(Percent) |  | 2021 |  |  | 2020 |  |  | 2019 |
Discount rate - service cost |  | 2.5 |  |  | 3.4 |  |  | 4.0 |
Discount rate - interest cost |  | 1.9 |  |  | 2.8 |  |  | 3.7 |
Expected long-term return on plan assets |  | 4.0 |  |  | 4.5 |  |  | 4.5 |
Schedule of Allocation of Plan Assets [Table Text Block] |
(Percent) |  | Policy Allocation |  |  | Actual Allocation |
|  |  |  |  |  | September 26 |  |  | September 27 |
Asset Class |  | September 26 2021 |  |  | 2021 |  |  | 2020 |
Equity securities |  | 20 |  |  | 20 |  |  | 20 |
Debt securities |  | 70 |  |  | 68 |  |  | 70 |
Hedge fund investment |  | 10 |  |  | 12 |  |  | 10 |
Cash and cash equivalents |  | — |  |  | — |  |  | — |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] |
(Thousands of Dollars) |  | NAV |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Cash and cash equivalents |  | — |  |  | 25 |  |  | — |  |  | — |
Domestic equity securities |  | 904 |  |  | 2,643 |  |  | — |  |  | — |
Emerging equity securities |  | — |  |  | 603 |  |  | — |  |  | — |
International equity securities |  | — |  |  | 747 |  |  | 660 |  |  | — |
Debt securities |  | — |  |  | 18,363 |  |  | — |  |  | — |
Hedge fund investment |  | 3,235 |  |  | — |  |  | — |  |  | — |
(Thousands of Dollars) |  | NAV |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Cash and cash equivalents |  |  | — |  |  |  | 59 |  |  |  | — |  |  |  | — |
Domestic equity securities |  |  | 590 |  |  |  | 2,868 |  |  |  | — |  |  |  | — |
Emerging equity securities |  |  | — |  |  |  | 539 |  |  |  | — |  |  |  | — |
International equity securities |  |  | — |  |  |  | 579 |  |  |  | 759 |  |  |  | — |
Debt securities |  |  | — |  |  |  | 18,229 |  |  |  | — |  |  |  | — |
Hedge fund investment |  |  | 2,754 |  |  |  | — |  |  |  | — |  |  |  | — |
Schedule of Expected Benefit Payments [Table Text Block] |
|  |  |  |  |  |  | Less |  |  |  |  |
|  |  |  |  |  |  | Medicare |  |  |  |  |
|  |  | Gross |  |  | Part D |  |  | Net |
(Thousands of Dollars) |  |  | Payments |  |  | Subsidy |  |  | Payments |
2022 |  |  |  | 1,479 |  |  |  | (58 | ) |  |  | 1,421 |
2023 |  |  |  | 1,424 |  |  |  | (55 | ) |  |  | 1,369 |
2024 |  |  |  | 1,383 |  |  |  | (51 | ) |  |  | 1,332 |
2025 |  |  |  | 1,326 |  |  |  | (47 | ) |  |  | 1,279 |
2026 |  |  |  | 1,277 |  |  |  | (43 | ) |  |  | 1,234 |
2027-2031 |  |  |  | 5,439 |  |  |  | (158 | ) |  |  | 5,281 |

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