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DEFINED BENEFIT PENSION PLAN (Tables)

12 Months Ended

Sep. 29, 2024

Retirement Benefits [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 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 Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

The following tables summarize the components of, and the changes in, Accumulated other comprehensive income (loss), net of tax:

(Thousand of Dollars)			Pension and postretirement benefit plans
Balance at September 27, 2021			$	42,187
Other comprehensive loss before reclassifications			$	(20,866)
Amounts reclassified from accumulated other comprehensive income (a)(b)			$	(4,668)
Net current period other comprehensive income (loss), net of taxes			$	(25,534)
Balance at September 25, 2022			$	16,653
Other comprehensive income before reclassifications			$	10,750
Amounts reclassified from accumulated other comprehensive income(a)(b)			$	(560)
Net current period other comprehensive income (loss), net of taxes			$	10,190
Balance at September 24, 2023			$	26,843
Other comprehensive loss before reclassifications			$	(3,924)
Amounts reclassified from accumulated other comprehensive income(a)(b)(c)			$	(2,999)
Net current period other comprehensive income (loss), net of taxes			$	(6,923)
Balance at September 29, 2024			$	19,920

(a) Accumulated other comprehensive income (loss) component represents amortization of actuarial loss and is included in the computation of net periodic benefit cost. See Note 7 - Defined Benefit Pension Plan and Note 8 - Postretirement and Postemployment Benefits.

(b) Amounts reclassified from accumulated other comprehensive income (loss) are recorded net of tax impacts of $0.2 million, $0.2 million, $2.0 million for the years ended September 29, 2024, September 24, 2023, and September 25, 2022, respectively.

(c) Amounts reclassified from accumulated other comprehensive income (loss) include a pension settlement gain of $2.4 million for the year ended September 29, 2024. See Note 7 - Defined Benefit Pension Plan.

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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