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Employee Benefit Plans (Tables)
12 Months Ended
Sep. 30, 2017
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [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 2017 and 2016 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

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Reconciliation of benefit obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

150,363

 

 

$

146,907

 

 

$

13,778

 

 

$

15,294

 

Interest cost

 

 

4,164

 

 

 

5,041

 

 

 

385

 

 

 

520

 

Actuarial (gain) loss

 

 

(4,018

)

 

 

11,547

 

 

 

123

 

 

 

(1,198

)

Lump sum benefits paid

 

 

(20,799

)

 

 

(5,816

)

 

 

 

 

 

 

Ordinary benefits paid

 

 

(7,063

)

 

 

(7,316

)

 

 

(1,187

)

 

 

(838

)

Plan amendment

 

 

 

 

 

 

 

 

(3,246

)

 

 

 

Benefit obligation at end of year

 

$

122,647

 

 

$

150,363

 

 

$

9,853

 

 

$

13,778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of fair value of plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

101,077

 

 

$

104,303

 

 

$

 

 

$

 

Actual return on plan assets

 

 

911

 

 

 

9,191

 

 

 

 

 

 

 

Employer contributions

 

 

11,523

 

 

 

715

 

 

 

1,187

 

 

 

838

 

Lump sum benefits paid

 

 

(20,799

)

 

 

(5,816

)

 

 

 

 

 

 

Ordinary benefits paid

 

 

(7,063

)

 

 

(7,316

)

 

 

(1,187

)

 

 

(838

)

Fair value of plan assets at end of year

 

$

85,649

 

 

$

101,077

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded status:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded status at end of year

 

$

(36,998

)

 

$

(49,286

)

 

$

(9,853

)

 

$

(13,778

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in consolidated balance sheets

   consist of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net amount recognized at end of year

 

$

(36,998

)

 

$

(49,286

)

 

$

(9,853

)

 

$

(13,778

)

Less: current portion

 

 

 

 

 

 

 

 

1,243

 

 

 

922

 

Noncurrent benefit liability

 

$

(36,998

)

 

$

(49,286

)

 

$

(8,610

)

 

$

(12,856

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts not yet recognized in net periodic benefit cost

   and included in accumulated other comprehensive

   income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial net (loss) gain

 

$

(37,311

)

 

$

(51,391

)

 

$

5,253

 

 

$

5,764

 

Prior service credits

 

 

 

 

 

 

 

 

3,246

 

 

 

 

Net amount recognized in accumulated other

   comprehensive (loss) income

 

$

(37,311

)

 

$

(51,391

)

 

$

8,499

 

 

$

5,764

 

 

Percentage allocation of plan assets

The following table presents the actual allocation of assets held in trust as of:

 

 

 

September 30,

 

 

September 24,

 

 

 

2017

 

 

2016

 

Fixed income securities

 

 

85%

 

 

 

85%

 

Equity securities

 

 

15%

 

 

 

15%

 

 

 

 

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,

 

 

 

2017

 

 

2016

 

Short term investments (1)

 

$

1,498

 

 

$

1,456

 

 

 

 

 

 

 

 

 

 

Equity securities: (1) (2)

 

 

 

 

 

 

 

 

Domestic

 

 

4,701

 

 

 

5,397

 

International

 

 

8,006

 

 

 

9,501

 

 

 

 

 

 

 

 

 

 

Fixed income securities (1) (3)

 

 

71,444

 

 

 

84,723

 

 

 

$

85,649

 

 

$

101,077

 

 

(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 $10,290 to the defined benefit pension plan during fiscal 2018.  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

 

2018

 

$

27,178

 

 

$

1,243

 

2019

 

 

10,212

 

 

 

1,166

 

2020

 

 

9,383

 

 

 

1,074

 

2021

 

 

9,760

 

 

 

988

 

2022

 

 

8,761

 

 

 

901

 

2023 through 2027

 

 

36,652

 

 

 

3,231

 

 

Components of Net Periodic Benefit Costs

The following table provides the components of net periodic benefit costs included in operating expenses for fiscal 2017, 2016 and 2015:

 

 

 

Pension Benefits

 

 

Retiree Health and Life Benefits

 

 

 

2017

 

 

2016

 

 

2015

 

 

2017

 

 

2016

 

 

2015

 

Interest cost

 

$

4,164

 

 

$

5,041

 

 

$

5,128

 

 

$

385

 

 

$

520

 

 

$

575

 

Expected return on plan assets

 

 

(2,150

)

 

 

(3,418

)

 

 

(4,913

)

 

 

 

 

 

 

 

 

 

Amortization of prior service credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(399

)

 

 

(490

)

Settlement charge

 

 

6,100

 

 

 

2,000

 

 

 

2,000

 

 

 

 

 

 

 

 

 

 

Recognized net actuarial loss (gain)

 

 

5,201

 

 

 

5,218

 

 

 

4,522

 

 

 

(389

)

 

 

(299

)

 

 

(196

)

Net periodic benefit costs

 

$

13,315

 

 

$

8,841

 

 

$

6,737

 

 

$

(4

)

 

$

(178

)

 

$

(111

)

 

Schedule of assumptions used

The assumptions used in the measurement of the Partnership’s benefit obligations as of September 30, 2017 and September 24, 2016 are shown in the following table:

 

 

 

Pension Benefits

 

 

Retiree Health and Life Benefits

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Weighted-average discount rate

 

 

3.500

%

 

 

3.125

%

 

 

3.000

%

 

 

2.875

%

Average rate of compensation increase

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

Health care cost trend

 

n/a

 

 

n/a

 

 

 

6.570

%

 

 

6.840

%

The assumptions used in the measurement of net periodic pension benefit and postretirement benefit costs for fiscal 2017, 2016 and 2015 are shown in the following table:

 

 

 

Pension Benefits

 

 

Retiree Health and Life Benefits

 

 

 

2017

 

 

2016

 

 

2015

 

 

2017

 

 

2016

 

 

2015

 

Weighted-average discount rate

 

 

3.125

%

 

 

3.875

%

 

 

3.875

%

 

 

2.875

%

 

 

3.500

%

 

 

3.500

%

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

 

 

2.400

%

 

 

3.900

%

 

 

4.900

%

 

n/a

 

 

n/a

 

 

n/a

 

Health care cost trend

 

n/a

 

 

n/a

 

 

n/a

 

 

 

6.840

%

 

 

7.100

%

 

 

7.120

%

 

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 year ended September 30, 2017 are shown below.

 

 

 

 

 

PPA Zone Status

 

 

 

Contributions

 

 

Contributions greater than

5% of

 

Expiration

Pension Fund

 

EIN/Pension Plan Number

 

2017

 

2016

 

FIP/RP Status

 

2017

 

 

2016

 

 

2015

 

 

Total Plan Contributions

 

date of

CBA

Local 282 Pension Trust (a)

 

11-6245313

 

Green

 

Green

 

n/a

 

$

252

 

 

$

281

 

 

$

269

 

 

No

 

August 2019

Teamsters Industrial Employees

   Pension Fund (b)

 

22-6099363

 

Green

 

Green

 

n/a

 

 

190

 

 

 

207

 

 

 

200

 

 

No

 

March 2021

Other (c)

 

 

 

 

 

 

 

n/a

 

 

25

 

 

 

260

 

 

 

604

 

 

No

 

n/a

 

 

 

 

 

 

 

 

 

 

$

467

 

 

$

748

 

 

$

1,073

 

 

 

 

 

 

(a)

Based on most recent available valuation information for plan year ended February 2016.

(b)

Based on most recent available valuation information for plan year ended December 2015.

(c)

Includes the MEPPs from which the Partnership withdrew.