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Defined Benefit Pension Plans (Tables) | 12 Months Ended
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Sep. 25, 2022
Retirement Benefits [Abstract] |
Components of Net Periodic Cost (Benefit) | The net periodic cost (benefit) components of our pension plans are as follows:
(Thousands of Dollars) | 2022 |  | 2021 |  | 2020
Service cost for benefits earned during the year | 467 |  | 2,529 |  |  | 1,361 |
Interest cost on projected benefit obligation | 7,941 |  | 7,147 |  |  | 7,577 |
Expected return on plan assets | (18,140) |  | (18,688) |  |  | (12,986) |
Amortization of net (gain) loss | (3,320) |  | 4,018 |  |  | 3,166 |
Amortization of prior service benefit | 636 |  | (6) |  |  | (6) |
Settlement gain | (4,245) |  | — |  |  | — |
Curtailment gain | (1,027) |  | — |  |  | — |
Net periodic pension cost (benefit) | (17,688) |  |  | (5,000) |  |  | (888) |
The net periodic postretirement benefit cost (benefit) components for our postretirement plans are as follows:
(Thousands of Dollars) | 2022 |  | 2021 |  | 2020
Service cost for benefits earned during the year | 108 |  |  | 207 |  |  | 500 |
Interest cost on projected benefit obligation | 340 |  |  | 429 |  |  | 869 |
Expected return on plan assets | (1,053) |  |  | (1,007) |  |  | (1,060) |
Amortization of net actuarial gain | (994) |  |  | (685) |  |  | (743) |
Amortization of prior service benefit | (647) |  |  | (647) |  |  | (647) |
Curtailment gains | — |  |  | (23,830) |  |  | — |
Net periodic postretirement benefit | (2,246) |  |  | (25,533) |  |  | (1,081) |
Changes in Benefit Obligations and Plan Assets | Changes in benefit obligations and plan assets are as follows:
(Thousands of Dollars) | 2022 |  | 2021
Benefit obligation, beginning of year | 384,187 |  |  | 401,381 |
Service cost | 467 |  |  | 2,529 |
Interest cost | 7,941 |  |  | 7,147 |
Plan Amendments | 6,077 |  |  | — |
Actuarial (gain) loss | (85,754) |  |  | (5,413) |
Benefits paid | (21,686) |  |  | (21,182) |
Liability (gain)/loss due to curtailment | (1,027) |  |  | — |
Settlements | (81,377) |  |  | — |
Administrative expenses paid | — |  |  | (275) |
Benefit obligation, end of year | 208,828 |  |  | 384,187 |
Fair value of plan assets, beginning of year: | 398,430 |  |  | 331,354 |
Actual return on plan assets | (84,000) |  |  | 89,892 |
Benefits paid | (21,686) |  |  | (21,182) |
Administrative expenses paid | (2,123) |  |  | (2,599) |
Settlements | (81,377) |  |  | — |
Employer contributions | 112 |  |  | 965 |
Fair value of plan assets, end of year | 209,356 |  |  | 398,430 |
Funded status | 528 |  |  | 14,243 |
Changes in benefit obligations and plan assets are as follows:
(Thousands of Dollars) | 2022 |  | 2021
Benefit obligation, beginning of year | 18,538 |  |  | 47,637 |
Service cost | 108 |  |  | 207 |
Interest cost | 340 |  |  | 429 |
Liability (gain) loss due to Curtailment | — |  |  | (23,830) |
Actuarial loss (gain) | (4,729) |  |  | (4,285) |
Benefits paid, net of premiums received | (1,958) |  |  | (1,678) |
Medicare Part D subsidies | (12) |  |  | 58 |
Benefit obligation, end of year | 12,287 |  |  | 18,538 |
Fair value of plan assets, beginning of year | 26,802 |  |  | 25,706 |
Actual return on plan assets | (2,453) |  |  | 1,534 |
Employer contributions | 1,525 |  |  | 1,293 |
Benefits paid, net of premiums and Medicare Part D subsidies received | (2,105) |  |  | (1,795) |
Plan participant contributions | 134 |  |  | 64 |
Fair value of plan assets at measurement date | 23,903 |  |  | 26,802 |
Funded status | 11,616 |  |  | 8,264 |
Schedule of Amounts Recognized in Balance Sheet | Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:
(Thousands of Dollars) | September 25 2022 |  | September 26 2021
Pension obligations | 528 |  |  | 14,243 |
Accumulated other comprehensive income (before income taxes) | 5,452 |  |  | 36,965 |
Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:
(Thousands of Dollars) | September 25 2022 |  | September 26 2021
Non-current assets | 19,066 |  |  | 17,664 |
Postretirement benefit obligations | (7,450) |  |  | (9,859) |
Accumulated other comprehensive income (before income tax benefit) | 17,327 |  |  | 17,747 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income (loss) are as follows:
(Thousands of Dollars) | September 25 2022 |  | September 26 2021
Unrecognized net actuarial gain (loss) | 10,893 |  |  | 36,965 |
Unrecognized prior service cost | (5,441) |  |  | — |
| 5,452 |  |  | 36,965 |
Amounts recognized in accumulated other comprehensive income (loss) before income tax benefit are as follows:
(Thousands of Dollars) | September 25 2022 |  | September 26 2021
Unrecognized net actuarial gain | 14,298 |  |  | 14,071 |
Unrecognized prior service benefit | 3,029 |  |  | 3,676 |
| 17,327 |  |  | 17,747 |
Defined Benefit Plan, Assumptions | Weighted-average assumptions used to determine benefit obligations are as follows:
(Percent) | September 25 2022 |  | September 26 2021
Discount rate | 5.3 |  |  | 2.7 |
Interest crediting rate | 2.5 |  |  | 2.5 |
Weighted-average assumptions used to determine net periodic benefit cost are as follows:
(Percent) | 2022 |  | 2021 |  | 2020
Discount rate - service cost | 5.4 |  |  | 3.0 |  |  | 3.3 |
Discount rate - interest cost | 5.3 |  |  | 1.9 |  |  | 2.6 |
Expected long-term return on plan assets | 5.0 |  |  | 5.9 |  |  | 6.0 |
Weighted-average assumptions used to determine postretirement benefit obligations are as follows:
(Percent) | September 25 2022 |  | September 26 2021
Discount rate | 5.3 |  |  | 2.6 |
Expected long-term return on plan assets | 5.0 |  |  | 4.0 |
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. Weighted-average assumptions used to determine net periodic benefit cost are as follows:
(Percent) | 2022 |  | 2021 |  | 2020
Discount rate - service cost | 5.5 |  |  | 2.5 |  |  | 3.4 |
Discount rate - interest cost | 5.1 |  |  | 1.9 |  |  | 2.8 |
Expected long-term return on plan assets | 5.0 |  |  | 4.0 |  |  | 4.5 |
Schedule of Allocation of Plan Assets | The weighted-average asset allocation of our pension assets, is as follows:
(Percent) | Policy Allocation |  | Actual Allocation
Asset Class | September 25 2022 |  | September 25 2022 |  | September 26 2021
Equity securities | 25 |  |  | 41 |  |  | 50 |
Debt securities | 65 |  |  | 43 |  |  | 34 |
TIPS | — |  |  | — |  |  | 4 |
Hedge fund investments | 10 |  |  | 15 |  |  | 11 |
Cash and cash equivalents | 1 |  |  | 1 |  |  | 1 |
The weighted-average asset allocation of our postretirement assets is as follows:
(Percent) | Policy Allocation |  | Actual Allocation
Asset Class | September 25 2022 |  | September 25 2022 |  | September 26 2021
Equity securities | 20 |  |  | 17 |  |  | 20 |
Debt securities | 70 |  |  | 71 |  |  | 68 |
Hedge fund investment | 10 |  |  | 12 |  |  | 12 |
Cash and cash equivalents | — |  |  | — |  |  | — |
Schedule of Changes in Fair Value of Plan Assets | The fair value hierarchy of pension assets at September 25, 2022 is as follows:
(Thousands of Dollars) | NAV |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | — |  |  | 1,562 |  |  | — |  |  | — |
Domestic equity securities | 2,235 |  |  | 67,661 |  |  | — |  |  | — |
International equity securities | — |  |  | 5,743 |  |  | 4,519 |  |  | — |
Emerging equity securities | — |  |  | 4,996 |  |  | — |  |  | — |
Debt securities | — |  |  | 25,742 |  |  | 65,364 |  |  | — |
Hedge fund investments | 32,515 |  |  | — |  |  | — |  |  | — |
The fair value hierarchy of pension assets at September 26, 2021 was as follows:
(Thousands of Dollars) | NAV |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | — |  | 4,447 |  | — |  | —
Domestic equity securities | 7,236 |  | 78,577 |  | 42,448 |  | —
International equity securities | — |  | 9,485 |  | 9,505 |  | —
Emerging equity securities | — |  | 8,077 |  | — |  | —
TIPS | — |  | 7,280 |  | — |  | —
Debt securities | — |  | 181,908 |  | 32,781 |  | —
Hedge fund investments | 18,758 |  | — |  | — |  | —
The fair value hierarchy of postretirement assets at September 25, 2022 is as follows:
(Thousands of Dollars) | NAV |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | — |  |  | 26 |  |  | — |  |  | — |
Domestic equity securities | 791 |  |  | 1,910 |  |  | — |  |  | — |
Emerging equity securities | — |  |  | 456 |  |  | — |  |  | — |
International equity securities | — |  |  | 573 |  |  | 480 |  |  | — |
Debt securities | — |  |  | 17,248 |  |  | — |  |  | — |
Hedge fund investment | 2,782 |  |  | — |  |  | — |  |  | — |
The fair value hierarchy of postretirement assets at September 26, 2021 is as follows:
(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 |  |  | — |  |  | — |  |  | — |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The activity within Other comprehensive income (loss) for both pension plans and postretirement plans was as follows:
(Thousands of Dollars) | 2022 |  | 2021 |  | 2020
Comprehensive (loss) income, net of taxes: |  |  |  |  |
Change in unrecognized benefit plan gain (loss) arising during the period, net of taxes $279, $19,148, and $4,095, respectively | (14,485) |  |  | 59,663 |  |  | 10,329 |
Amortization of items to periodic pension and other post-employment benefit costs during the period, net of taxes $6,389, $819, and $542, respectively | (11,049) |  |  | 2,574 |  |  | (1,265) |
Other comprehensive (loss) income recognized in operations, net of taxes | (25,534) |  |  | 62,237 |  |  | 9,064 |
Schedule of Expected Benefit Payments | We anticipate future benefit payments to be paid from the pension trust as follows:
(Thousands of Dollars) |
2023 | 14,668 |
2024 | 14,830 |
2025 | 14,947 |
2026 | 15,126 |
2027 | 15,204 |
2028-2032 | 75,362 |
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
2023 | 980 |  |  | — |  |  | 980 |
2024 | 991 |  |  | — |  |  | 991 |
2025 | 985 |  |  | — |  |  | 985 |
2026 | 987 |  |  | — |  |  | 987 |
2027 | 955 |  |  | — |  |  | 955 |
2028-2032 | 4,563 |  |  | — |  |  | 4,563 |

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