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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.