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Postretirement and Postemployment Benefits (Tables) | 12 Months Ended
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Sep. 24, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Components of Net Periodic Cost (Benefit) | The net periodic cost (benefit) components of our pension plans are as follows:
(Thousands of Dollars) | 2023 |  | 2022 |  | 2021
Service cost for benefits earned during the year | 19 |  | 488 |  |  | 2,529 |
Interest cost on projected benefit obligation | 10,368 |  | 7,999 |  |  | 7,147 |
Expected return on plan assets | (10,192) |  | (18,261) |  |  | (18,688) |
Amortization of net (gain) loss | 10 |  | (3,317) |  |  | 4,018 |
Amortization of prior service benefit | 852 |  | 641 |  |  | (6) |
Settlement gain | — |  | (4,245) |  |  | — |
Curtailment gain | — |  | (1,027) |  |  | — |
Net periodic pension cost (benefit) | 1,057 |  |  | (17,722) |  |  | (5,000) |
The net periodic postretirement benefit cost (benefit) components for our postretirement plans are as follows:
(Thousands of Dollars) | 2023 |  | 2022 |  | 2021
Service cost for benefits earned during the year | 68 |  |  | 108 |  |  | 207 |
Interest cost on projected benefit obligation | 598 |  |  | 340 |  |  | 429 |
Expected return on plan assets | (1,182) |  |  | (1,053) |  |  | (1,007) |
Amortization of net actuarial gain | (1,014) |  |  | (994) |  |  | (685) |
Amortization of prior service benefit | (647) |  |  | (647) |  |  | (647) |
Curtailment gains | — |  |  | — |  |  | (23,830) |
Net periodic postretirement benefit | (2,177) |  |  | (2,246) |  |  | (25,533) |
Changes in Benefit Obligations and Plan Assets | Changes in benefit obligations and plan assets are as follows:
(Thousands of Dollars) | 2023 |  | 2022
Benefit obligation, beginning of year | 210,806 |  |  | 386,832 |
Service cost | 19 |  |  | 488 |
Interest cost | 10,368 |  |  | 7,999 |
Plan amendments | — |  |  | 6,077 |
Actuarial (gain) loss | (9,876) |  |  | (86,387) |
Benefits paid | (12,130) |  |  | (21,799) |
Liability (gain)/loss due to curtailment | — |  |  | (1,027) |
Settlements | — |  |  | (81,377) |
Benefit obligation, end of year | 199,187 |  |  | 210,806 |
Fair value of plan assets, beginning of year: | 211,058 |  |  | 400,907 |
Actual return on plan assets | 12,638 |  |  | (84,636) |
Benefits paid | (12,130) |  |  | (21,799) |
Administrative expenses paid | (1,535) |  |  | (2,149) |
Settlements | — |  |  | (81,377) |
Employer contributions | — |  |  | 112 |
Fair value of plan assets, end of year | 210,031 |  |  | 211,058 |
Funded status | 10,844 |  |  | 252 |
Changes in benefit obligations and plan assets are as follows:
(Thousands of Dollars) | 2023 |  | 2022
Benefit obligation, beginning of year | 12,287 |  |  | 18,538 |
Service cost | 68 |  |  | 108 |
Interest cost | 598 |  |  | 340 |
Actuarial (gain) loss | (1,049) |  |  | (4,729) |
Benefits paid, net of premiums received | (652) |  |  | (1,958) |
Medicare Part D subsidies | — |  |  | (12) |
Benefit obligation, end of year | 11,252 |  |  | 12,287 |
Fair value of plan assets, beginning of year | 23,903 |  |  | 26,802 |
Actual return on plan assets | 2,393 |  |  | (2,453) |
Employer contributions | 165 |  |  | 1,525 |
Benefits paid, net of premiums and Medicare Part D subsidies received | (660) |  |  | (2,105) |
Plan participant contributions | 8 |  |  | 134 |
Fair value of plan assets at measurement date | 25,809 |  |  | 23,903 |
Funded status | 14,557 |  |  | 11,616 |
Schedule of Amounts Recognized in Balance Sheet | Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:
(Thousands of Dollars) | September 24 2023 |  | September 25 2022
Net pension assets | 10,844 |  |  | 252 |
Accumulated other comprehensive income (before income taxes) | 16,653 |  |  | 5,005 |
Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:
(Thousands of Dollars) | September 24 2023 |  | September 25 2022
Non-current assets | 21,565 |  |  | 19,066 |
Postretirement benefit obligations | (7,008) |  |  | (7,450) |
Accumulated other comprehensive income (before income tax benefit) | 19,043 |  |  | 17,327 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income (loss) are as follows:
(Thousands of Dollars) | September 24 2023 |  | September 25 2022
Unrecognized net actuarial gain (loss) | 21,246 |  |  | 10,450 |
Unrecognized prior service cost | (4,593) |  |  | (5,445) |
| 16,653 |  |  | 5,005 |
Amounts recognized in accumulated other comprehensive income (loss) before income tax benefit are as follows:
(Thousands of Dollars) | September 24 2023 |  | September 25 2022
Unrecognized net actuarial gain | 16,660 |  |  | 14,298 |
Unrecognized prior service benefit | 2,383 |  |  | 3,029 |
| 19,043 |  |  | 17,327 |
Defined Benefit Plan, Assumptions | Weighted-average assumptions used to determine benefit obligations are as follows:
(Percent) | September 24 2023 |  | September 25 2022
Discount rate | 5.7 |  |  | 5.3 |
Interest crediting rate | 2.5 |  |  | 2.5 |
Weighted-average assumptions used to determine net periodic benefit cost are as follows:
(Percent) | 2023 |  | 2022 |  | 2021
Discount rate - service cost | 5.8 |  |  | 5.4 |  |  | 3.0 |
Discount rate - interest cost | 5.7 |  |  | 5.3 |  |  | 1.9 |
Expected long-term return on plan assets | 5.0 |  |  | 5.0 |  |  | 5.9 |
Weighted-average assumptions used to determine postretirement benefit obligations are as follows:
(Percent) | September 24 2023 |  | September 25 2022
Discount rate | 5.6 |  |  | 5.3 |
Expected long-term return on plan assets | 5.0 |  |  | 5.0 |
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) | 2023 |  | 2022 |  | 2021
Discount rate - service cost | 5.9 |  |  | 5.5 |  |  | 2.5 |
Discount rate - interest cost | 5.5 |  |  | 5.1 |  |  | 1.9 |
Expected long-term return on plan assets | 5.0 |  |  | 5.0 |  |  | 4.0 |
Schedule of Health Care Cost Trend Rates | Assumed health care cost trend rates are as follows:
(Percent) | September 24 2023 |  | September 25 2022
Health care cost trend rates | 3.9 |  |  | 10.6 |
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 | 2033 |  | 2032
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 24 2023 |  | September 24 2023 |  | September 25 2022
Equity securities | 25 |  |  | 25 |  |  | 41 |
Debt securities | 65 |  |  | 62 |  |  | 43 |
Hedge fund investments | 10 |  |  | 12 |  |  | 15 |
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 24 2023 |  | September 24 2023 |  | September 25 2022
Equity securities | 20 |  |  | 20 |  |  | 17 |
Debt securities | 70 |  |  | 68 |  |  | 71 |
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 24, 2023 is as follows:
(Thousands of Dollars) | NAV |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | — |  |  | 1,937 |  |  | — |  |  | — |
Domestic equity securities | 2,252 |  |  | 30,885 |  |  | — |  |  | — |
International equity securities | — |  |  | 7,565 |  |  | 5,644 |  |  | — |
Emerging equity securities | — |  |  | 6,263 |  |  | — |  |  | — |
Debt securities | — |  |  | 78,740 |  |  | 52,304 |  |  | — |
Hedge fund investments | 24,441 |  |  | — |  |  | — |  |  | — |
The fair value hierarchy of pension assets at September 25, 2022 was 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 postretirement assets at September 24, 2023 is as follows:
(Thousands of Dollars) | NAV |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | — |  |  | 93 |  |  | — |  |  | — |
Domestic equity securities | 870 |  |  | 2,303 |  |  | — |  |  | — |
Emerging equity securities | — |  |  | 535 |  |  | — |  |  | — |
International equity securities | — |  |  | 814 |  |  | 600 |  |  | — |
Debt securities | — |  |  | 17,615 |  |  | — |  |  | — |
Hedge fund investment | 2,979 |  |  | — |  |  | — |  |  | — |
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 |  |  | — |  |  | — |  |  | — |
Schedule of Expected Benefit Payments | We anticipate future benefit payments to be paid from the pension trust as follows:
(Thousands of Dollars) |
2024 | 16,262 |
2025 | 14,575 |
2026 | 14,816 |
2027 | 14,944 |
2028 | 15,021 |
2029-2033 | 74,092 |
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
2024 | 906 |  |  | — |  |  | 906 |
2025 | 906 |  |  | — |  |  | 906 |
2026 | 916 |  |  | — |  |  | 916 |
2027 | 933 |  |  | — |  |  | 933 |
2028 | 912 |  |  | — |  |  | 912 |
2029-2033 | 4,395 |  |  | — |  |  | 4,395 |

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