Employee Benefit Plans (Tables)
|
12 Months Ended |
Sep. 30, 2023 |
|---|
| Retirement Benefits [Abstract] |
|
| Schedule of defined benefit plans disclosure |
The following tables provide a reconciliation of the changes in the benefit obligations and the fair value of the plan assets for fiscal 2023 and 2022 and a statement of the funded status for both years. Under the Partnership’s cash balance defined benefit pension plan, the accumulated benefit obligation and the projected benefit obligation are the same.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits |
|
|
Retiree Health and Life Benefits |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Reconciliation of benefit obligations: |
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation at beginning of year |
|
$ |
75,851 |
|
|
$ |
103,115 |
|
|
$ |
3,712 |
|
|
$ |
4,962 |
|
Interest cost |
|
|
3,306 |
|
|
|
2,459 |
|
|
|
166 |
|
|
|
81 |
|
Actuarial (gain) loss |
|
|
(1,670 |
) |
|
|
(20,763 |
) |
|
|
(463 |
) |
|
|
(705 |
) |
Lump sum benefits paid |
|
|
(2,639 |
) |
|
|
(3,332 |
) |
|
|
— |
|
|
|
— |
|
Ordinary benefits paid |
|
|
(5,476 |
) |
|
|
(5,628 |
) |
|
|
(412 |
) |
|
|
(626 |
) |
Prior service credits |
|
|
— |
|
|
|
— |
|
|
|
(132 |
) |
|
|
— |
|
Benefit obligation at end of year |
|
$ |
69,372 |
|
|
$ |
75,851 |
|
|
$ |
2,871 |
|
|
$ |
3,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of fair value of plan assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year |
|
$ |
55,091 |
|
|
$ |
77,892 |
|
|
$ |
— |
|
|
$ |
— |
|
Actual return on plan assets |
|
|
364 |
|
|
|
(17,171 |
) |
|
|
— |
|
|
|
— |
|
Employer contributions |
|
|
4,000 |
|
|
|
3,330 |
|
|
|
412 |
|
|
|
626 |
|
Lump sum benefits paid |
|
|
(2,639 |
) |
|
|
(3,332 |
) |
|
|
— |
|
|
|
— |
|
Ordinary benefits paid |
|
|
(5,476 |
) |
|
|
(5,628 |
) |
|
|
(412 |
) |
|
|
(626 |
) |
Fair value of plan assets at end of year |
|
$ |
51,340 |
|
|
$ |
55,091 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status: |
|
|
|
|
|
|
|
|
|
|
|
|
Funded status at end of year |
|
$ |
(18,032 |
) |
|
$ |
(20,760 |
) |
|
$ |
(2,871 |
) |
|
$ |
(3,712 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized in consolidated balance sheets
consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
Net amount recognized at end of year |
|
$ |
(18,032 |
) |
|
$ |
(20,760 |
) |
|
$ |
(2,871 |
) |
|
$ |
(3,712 |
) |
Less: current portion |
|
|
— |
|
|
|
— |
|
|
|
422 |
|
|
|
627 |
|
Noncurrent benefit liability |
|
$ |
(18,032 |
) |
|
$ |
(20,760 |
) |
|
$ |
(2,449 |
) |
|
$ |
(3,085 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts not yet recognized in net periodic benefit cost
and included in accumulated other comprehensive
income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Actuarial net (loss) gain |
|
$ |
(15,190 |
) |
|
$ |
(17,797 |
) |
|
$ |
4,133 |
|
|
$ |
4,445 |
|
Prior service credits |
|
|
— |
|
|
|
— |
|
|
|
390 |
|
|
|
756 |
|
Net amount recognized in accumulated other
comprehensive (loss) income |
|
$ |
(15,190 |
) |
|
$ |
(17,797 |
) |
|
$ |
4,523 |
|
|
$ |
5,201 |
|
|
| Percentage allocation of plan assets |
The following table presents the actual allocation of assets held in trust as of:
|
|
|
|
|
|
|
September 30, |
|
September 24, |
|
|
2023 |
|
2022 |
Fixed income securities |
|
85% |
|
86% |
Equity securities |
|
15% |
|
14% |
|
|
100% |
|
100% |
|
| Schedule of measurement of partnership's pension plan assets by category |
The following table describes the measurement of the Partnership’s pension plan assets by asset category as of:
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
September 24, |
|
|
|
2023 |
|
|
2022 |
|
Short term investments (1) |
|
$ |
1,474 |
|
|
$ |
1,410 |
|
|
|
|
|
|
|
|
Equity securities: (1) (2) |
|
|
|
|
|
|
Domestic |
|
|
2,766 |
|
|
|
2,803 |
|
International |
|
|
4,781 |
|
|
|
4,941 |
|
|
|
|
|
|
|
|
Fixed income securities (1) (3) |
|
|
42,319 |
|
|
|
45,937 |
|
|
|
$ |
51,340 |
|
|
$ |
55,091 |
|
(1) Includes funds which are not publicly traded and are valued at the net asset value of the units provided by the fund issuer. (2) Includes funds which invest primarily in a diversified portfolio of publicly traded U.S. and Non-U.S. common stock. (3) Includes funds which invest primarily in publicly traded and non-publicly traded, investment grade corporate bonds, U.S. government bonds and asset-backed securities.
|
| Schedule of expected benefit payments |
The Partnership expects to contribute approximately $4,000 to the defined benefit pension plan during fiscal 2024. Estimated future benefit payments for both pension and retiree health and life benefits are as follows:
|
|
|
|
|
|
|
|
|
|
|
Pension |
|
|
Retiree Health and |
|
Fiscal Year |
|
Benefits |
|
|
Life Benefits |
|
2024 |
|
$ |
20,041 |
|
|
$ |
422 |
|
2025 |
|
|
7,089 |
|
|
|
374 |
|
2026 |
|
|
6,860 |
|
|
|
327 |
|
2027 |
|
|
6,202 |
|
|
|
284 |
|
2028 |
|
|
5,525 |
|
|
|
243 |
|
2029 through 2033 |
|
|
21,833 |
|
|
|
737 |
|
|
| Components of Net Periodic Benefit Costs |
The following table provides the components of net periodic benefit costs included in operating expenses for fiscal 2023, 2022 and 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits |
|
|
Retiree Health and Life Benefits |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Interest cost |
|
$ |
3,306 |
|
|
$ |
2,459 |
|
|
$ |
2,263 |
|
|
$ |
166 |
|
|
$ |
81 |
|
|
$ |
77 |
|
Expected return on plan assets |
|
|
(1,355 |
) |
|
|
(1,392 |
) |
|
|
(1,266 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Amortization of prior service credit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(498 |
) |
|
|
(498 |
) |
|
|
(498 |
) |
Settlement charge |
|
|
— |
|
|
|
840 |
|
|
|
958 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Recognized net actuarial loss (gain) |
|
|
1,927 |
|
|
|
2,467 |
|
|
|
3,289 |
|
|
|
(775 |
) |
|
|
(725 |
) |
|
|
(723 |
) |
Net periodic benefit costs |
|
$ |
3,878 |
|
|
$ |
4,374 |
|
|
$ |
5,244 |
|
|
$ |
(1,107 |
) |
|
$ |
(1,142 |
) |
|
$ |
(1,144 |
) |
|
| Schedule of assumptions used |
The assumptions used in the measurement of the Partnership’s benefit obligations as of September 30, 2023 and September 24, 2022 are shown in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits |
|
|
Retiree Health and Life Benefits |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Weighted-average discount rate |
|
|
5.500 |
% |
|
|
5.125 |
% |
|
|
5.375 |
% |
|
|
4.875 |
% |
Average rate of compensation increase |
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
Health care cost trend |
|
n/a |
|
|
n/a |
|
|
|
5.330 |
% |
|
|
5.330 |
% |
The assumptions used in the measurement of net periodic pension benefit and postretirement benefit costs for fiscal 2023, 2022 and 2021 are shown in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits |
|
|
Retiree Health and Life Benefits |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Weighted-average discount rate |
|
|
5.125 |
% |
|
|
2.500 |
% |
|
|
2.125 |
% |
|
|
4.875 |
% |
|
|
1.750 |
% |
|
|
1.375 |
% |
Average rate of compensation increase |
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
Weighted-average expected long-term
rate of return on plan assets |
|
|
2.950 |
% |
|
|
2.150 |
% |
|
|
1.850 |
% |
|
n/a |
|
|
n/a |
|
|
n/a |
|
Health care cost trend |
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
|
5.330 |
% |
|
|
5.400 |
% |
|
|
5.720 |
% |
|
| Total contributions made to multiemployer pension plans |
While no multi-employer pension plan that the Partnership contributed to is individually significant to the Partnership, the table below discloses the MEPPs to which the Partnership contributes. The financial health of a MEPP is indicated by the zone status, as defined by the PPA, which represents the funded status of the plan as certified by the plan's actuary. Plans in the red zone are less than 65% funded, the yellow zone are between 65% and 80% funded, and green zone are at least 80% funded. Total contributions made by the Partnership to multi-employer pension plans for the fiscal years ended September 30, 2023, September 24, 2022 and September 25, 2021 are shown below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPA Zone Status |
|
|
|
Contributions |
|
|
Contributions greater than
5% of |
|
Expiration |
Pension Fund |
|
EIN/Pension Plan Number |
|
2023 |
|
2022 |
|
FIP/RP Status |
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
Total Plan Contributions |
|
date of
CBA |
Local 282 Pension Trust (1) |
|
11-6245313 |
|
Green |
|
Green |
|
n/a |
|
$ |
301 |
|
|
$ |
295 |
|
|
$ |
277 |
|
|
No |
|
August 2024 |
Western Conference of Teamsters
Pension Plan (1) |
|
91-6145047 |
|
Green |
|
Green |
|
n/a |
|
|
18 |
|
|
|
19 |
|
|
|
17 |
|
|
No |
|
February 2024 |
|
|
|
|
|
|
|
|
|
|
$ |
319 |
|
|
$ |
314 |
|
|
$ |
294 |
|
|
|
|
|
(1) Based on most recent available valuation information for plan year ended December 2022.
|