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POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS (Tables) | 12 Months Ended
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Sep. 29, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Components of Net Periodic Cost (Benefit) | The net periodic (benefit) cost components of our pension plan is as follows:
(Thousands of Dollars) | 2024 |  | 2023 |  | 2022
Service cost for benefits earned during the year | 5 |  | 19 |  |  | 488 |
Interest cost on projected benefit obligation | 9,274 |  | 10,368 |  |  | 7,999 |
Expected return on plan assets | (9,382) |  | (10,192) |  |  | (18,261) |
Amortization of net (gain) loss | (4) |  | 10 |  |  | (3,317) |
Amortization of prior service benefit | 848 |  | 852 |  |  | 641 |
Settlement gain | (2,409) |  | — |  |  | (4,245) |
Curtailment gain | — |  | — |  |  | (1,027) |
Net periodic pension cost (benefit) | (1,668) |  |  | 1,057 |  |  | (17,722) |
The net periodic postretirement benefit cost (benefit) components for our postretirement plans are as follows:
(Thousands of Dollars) | 2024 |  | 2023 |  | 2022
Service cost for benefits earned during the year | 50 |  |  | 68 |  |  | 108 |
Interest cost on projected benefit obligation | 596 |  |  | 598 |  |  | 340 |
Expected return on plan assets | (1,279) |  |  | (1,182) |  |  | (1,053) |
Amortization of net actuarial gain | (1,234) |  |  | (1,014) |  |  | (994) |
Amortization of prior service benefit | (375) |  |  | (647) |  |  | (647) |
Curtailment gain | (1,184) |  |  | — |  |  | — |
Net periodic postretirement benefit | (3,426) |  |  | (2,177) |  |  | (2,246) |
Changes in Benefit Obligations and Plan Assets |
(Thousands of Dollars) | 2024 |  | 2023
Benefit obligation, beginning of year | 199,187 |  |  | 210,806 |
Service cost | 5 |  |  | 19 |
Interest cost | 9,274 |  |  | 10,368 |
Actuarial loss (gain) | 15,703 |  |  | (9,876) |
Benefits paid | (13,021) |  |  | (12,130) |
Settlements | (22,620) |  |  | — |
Benefit obligation, end of year | 188,528 |  |  | 199,187 |
Fair value of plan assets, beginning of year: | 210,031 |  |  | 211,058 |
Actual return on plan assets | 19,957 |  |  | 12,638 |
Benefits paid | (13,021) |  |  | (12,130) |
Administrative expenses paid | (1,155) |  |  | (1,535) |
Settlements | (22,620) |  |  | — |
Fair value of plan assets, end of year | 193,192 |  |  | 210,031 |
Funded status | 4,664 |  |  | 10,844 |
Changes in projected benefit obligations (which approximates the accumulated benefit obligation at each period end) and plan assets are as follows:
(Thousands of Dollars) | 2024 |  | 2023
Benefit obligation, beginning of year | 11,252 |  |  | 12,287 |
Service cost | 50 |  |  | 68 |
Interest cost | 596 |  |  | 598 |
Actuarial (gain) loss | 1,215 |  |  | (1,049) |
Benefits paid, net of premiums received | (1,712) |  |  | (652) |
Liability (gain)/loss due to curtailment | (1,184) |  |  | — |
Benefit obligation, end of year | 10,217 |  |  | 11,252 |
Fair value of plan assets, beginning of year | 25,809 |  |  | 23,903 |
Actual return on plan assets | 2,615 |  |  | 2,393 |
Employer contributions | 858 |  |  | 165 |
Benefits paid, net of premiums and Medicare Part D subsidies received | (1,712) |  |  | (660) |
Plan participant contributions | — |  |  | 8 |
Fair value of plan assets at measurement date | 27,570 |  |  | 25,809 |
Funded status | 17,353 |  |  | 14,557 |
Schedule of Amounts Recognized in Balance Sheet | Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:
(Thousands of Dollars) | September 29 2024 |  | September 24 2023
Net pension assets | 4,664 |  |  | 10,844 |
Accumulated other comprehensive income (before income taxes) | 8,804 |  |  | 16,653 |
Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:
(Thousands of Dollars) | September 29 2024 |  | September 24 2023
Non-current assets | 23,300 |  |  | 21,565 |
Postretirement benefit obligations | (5,947) |  |  | (7,008) |
Accumulated other comprehensive income (before income tax benefit) | 17,556 |  |  | 19,043 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income (loss) are as follows:
(Thousands of Dollars) | September 29 2024 |  | September 24 2023
Unrecognized net actuarial gain | 12,550 |  |  | 21,246 |
Unrecognized prior service cost | (3,746) |  |  | (4,593) |
| 8,804 |  |  | 16,653 |
Amounts recognized in accumulated other comprehensive income (loss) before income tax benefit are as follows:
(Thousands of Dollars) | September 29 2024 |  | September 24 2023
Unrecognized net actuarial gain | 15,548 |  |  | 16,660 |
Unrecognized prior service benefit | 2,008 |  |  | 2,383 |
| 17,556 |  |  | 19,043 |
Defined Benefit Plan, Assumptions | Weighted-average assumptions used to determine benefit obligations are as follows:
(Percent) | September 29 2024 |  | September 24 2023
Discount rate | 4.8 |  |  | 5.7 |
Interest crediting rate | 2.5 |  |  | 2.5 |
Weighted-average assumptions used to determine net periodic benefit cost are as follows:
(Percent) | 2024 |  | 2023 |  | 2022
Discount rate - service cost | 5.8 |  |  | 5.8 |  |  | 5.4 |
Discount rate - interest cost | 5.5 |  |  | 5.7 |  |  | 5.3 |
Expected long-term return on plan assets | 5.0 |  |  | 5.0 |  |  | 5.0 |
Weighted-average assumptions used to determine postretirement benefit obligations are as follows:
(Percent) | September 29 2024 |  | September 24 2023
Discount rate | 4.6 |  |  | 5.6 |
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) | 2024 |  | 2023 |  | 2022
Discount rate - service cost | 5.2 |  |  | 5.9 |  |  | 5.5 |
Discount rate - interest cost | 4.4 |  |  | 5.5 |  |  | 5.1 |
Expected long-term return on plan assets | 5.0 |  |  | 5.0 |  |  | 5.0 |
Schedule of Health Care Cost Trend Rates | Assumed health care cost trend rates are as follows:
(Percent) | September 29 2024 |  | September 24 2023
Health care cost trend rates | 18.9 |  |  | 3.9 |
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 | 2034 |  | 2033
Schedule of Allocation of Plan Assets | The weighted-average asset allocation of our pension assets, is as follows:
(Percent) | Policy Allocation | Policy Allocation | Actual Allocation
Asset Class | September 29 2024 | September 24 2023 | September 29 2024 |  | September 24 2023
Fixed Income | 100 |  | — |  | 95 |  |  | — |
Equity securities | — |  | 25 |  | — |  |  | 25 |
Debt securities | — |  | 65 |  | — |  |  | 62 |
Hedge fund investments | — |  | 10 |  | 3 |  |  | 12 |
Cash and cash equivalents | — |  | — |  | 2 |  |  | 1 |
The weighted-average asset allocation of our postretirement assets is as follows:
(Percent) | Policy Allocation |  | Actual Allocation
Asset Class | September 29 2024 |  | September 24 2023 |  | September 29 2024 |  | September 24 2023
Equity securities | 25 |  |  | 20 |  |  | 25 |  |  | 20 |
Debt securities | — |  |  | 70 |  |  | — |  |  | 68 |
Fixed income securities | 75 |  |  | — |  |  | 73 |  |  | — |
Hedge fund investment | — |  |  | 10 |  |  | — |  |  | 12 |
Cash and cash equivalents | — |  |  | — |  |  | 2 |  |  | — |
Schedule of Changes in Fair Value of Plan Assets | The fair value hierarchy of pension assets at September 29, 2024 is as follows:
(Thousands of Dollars) | NAV |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | — |  |  | 3,191 |  |  | — |  |  | — |
Fixed income securities | 5,043 |  |  | — |  |  | 179,042 |  |  | — |
Hedge fund investments | 5,931 |  |  | — |  |  | — |  |  | — |
The fair value hierarchy of pension assets at September 24, 2023 was 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 postretirement assets at September 29, 2024 is as follows:
(Thousands of Dollars) | NAV |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | — |  |  | 436 |  |  | — |  |  | — |
Equity securities | — |  |  | 6,983 |  |  | — |  |  | — |
Fixed income securities | — |  |  | 20,392 |  |  | — |  |  | — |
Hedge fund investment | 236 |  |  | — |  |  | — |  |  | — |
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 |  |  | — |  |  | — |  |  | — |
Schedule of Expected Benefit Payments | We anticipate future benefit payments to be paid from the pension trust as follows:
(Thousands of Dollars) |
2025 | 15,591 |
2026 | 14,523 |
2027 | 14,405 |
2028 | 14,262 |
2029 | 14,096 |
2030-2033 | 66,122 |
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
2025 | 853 |  |  | — |  |  | 853 |
2026 | 891 |  |  | — |  |  | 891 |
2027 | 909 |  |  | — |  |  | 909 |
2028 | 898 |  |  | — |  |  | 898 |
2029 | 881 |  |  | — |  |  | 881 |
2030-2033 | 3,990 |  |  | — |  |  | 3,990 |

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