Benefit Plans (Tables)
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12 Months Ended |
Oct. 03, 2015 |
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| Compensation and Retirement Disclosure [Abstract] |
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| Schedule of Changes in Projected Benefit Obligations |
The reconciliation of the beginning and ending balances of the PBO for the Defined Benefit Plan is as follows: | | | | | | | | | (in thousands of dollars) | 2015 | | 2014 | Change in benefit obligation | | | | Benefit obligation, beginning of year | $ | 142,555 |
| | $ | 131,293 |
| Interest cost | 5,707 |
| | 6,084 |
| Assumption changes (a) | 1,246 |
| | 11,489 |
| Actuarial gain | 394 |
| | 65 |
| Benefits paid | (7,104 | ) | | (6,376 | ) | Projected benefit obligation, end of year | $ | 142,798 |
| | $ | 142,555 |
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| | (a) | The assumption changes referenced in the table above result from (i) changes in the utilized discount rate to value Blue Bird’s future obligations and (ii) updates to the mortality table projections used in the calculation of the benefit obligations. |
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| Schedule of Changes in Fair Value of Plan Assets |
The summary and reconciliation of the beginning and ending balances of the fair value of the plan assets are as follows: | | | | | | | | | (in thousands of dollars) | 2015 | | 2014 | Change in plan assets | | | | Fair value of plan assets, beginning of year | $ | 101,674 |
| | $ | 93,590 |
| Actual return on plan assets | (3,039 | ) | | 9,343 |
| Employer contribution | 5,516 |
| | 5,642 |
| Expenses | (676 | ) | | (525 | ) | Benefits paid | (7,104 | ) | | (6,376 | ) | Fair value of plan assets, end of year | $ | 96,371 |
| | $ | 101,674 |
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| Schedule of Net Funded Status |
The net pension liability is reflected in the Consolidated Balance Sheets within accrued pension liability. | | | | | | | | | (in thousands of dollars) | 2015 | | 2014 | Benefit obligation | $ | 142,798 |
| | $ | 142,555 |
| Fair value of plan assets | 96,371 |
| | 101,674 |
| Funded status | (46,427 | ) | | (40,881 | ) | Net pension liability recognized | (46,427 | ) | | (40,881 | ) |
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| Schedule of Allocation of Plan Assets |
The weighted-average asset allocations of plan assets for the Defined Benefit Plan at October 2, 2015 and September 27, 2014, the measurement date, are as follows: | | | | | | | | 2015 | | 2014 | Equity securities | 76 | % | | 75 | % | Debt securities | 24 | % | | 25 | % | | 100 | % | | 100 | % |
The following tables set forth, by level within the fair value hierarchy, a summary of the Defined Benefit Plan’s investments measured at fair value. | | | | | | | | | | | | | | | | | | 2015 | (in thousands of dollars) | Level 1 | | Level 2 | | Level 3 | | Total | Investment Type | | | | | | | | Equity securities | $ | — |
| | $ | 73,336 |
| | $ | — |
| | $ | 73,336 |
| Debt securities | — |
| | 23,035 |
| | — |
| | 23,035 |
| Total | $ | — |
| | $ | 96,371 |
| | $ | — |
| | $ | 96,371 |
| | | | | | | | | | 2014 | (in thousands of dollars) | Level 1 | | Level 2 | | Level 3 | | Total | Investment Type | | | | | | | | Equity securities | $ | — |
| | $ | 76,242 |
| | $ | — |
| | $ | 76,242 |
| Debt securities | — |
| | 25,432 |
| | — |
| | 25,432 |
| Total | $ | — |
| | $ | 101,674 |
| | $ | — |
| | $ | 101,674 |
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| Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) |
The following table represents net periodic benefit cost and changes in plan assets and benefit obligations recognized in other comprehensive income, before tax effect, as of October 3, 2015, September 27, 2014 and September 27, 2014: | | | | | | | | | | | | | (in thousands of dollars) | 2015 | | 2014 | | 2013 | Interest cost | $ | 5,707 |
| | $ | 6,084 |
| | $ | 5,700 |
| Expected return on plan assets | (6,443 | ) | | (6,524 | ) | | (6,097 | ) | Amortization of net loss | 3,567 |
| | 2,804 |
| | 4,233 |
| Net periodic benefit cost | $ | 2,831 |
| | $ | 2,364 |
| | $ | 3,836 |
| Net (income) loss | 11,797 |
| | 9,261 |
| | (11,649 | ) | Amortization of net loss | (3,567 | ) | | (2,804 | ) | | (4,233 | ) | Total recognized in other comprehensive income | $ | 8,230 |
| | $ | 6,457 |
| | $ | (15,882 | ) | Total recognized in net periodic pension benefit cost and other comprehensive income | $ | 11,061 |
| | $ | 8,821 |
| | $ | (12,046 | ) |
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| Schedule of Assumptions Used |
Weighted-average assumptions used to determine net periodic benefit cost | | | | | | | | 2015 | | 2014 | Discount rate | 4.10 | % | | 4.75 | % | Expected long-term return on plan assets | 6.37 | % | | 7.00 | % | Rate of compensation increase | N/A |
| | N/A |
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Weighted-average assumptions used to determine benefit obligations | | | | | | | | 2015 | | 2014 | Discount rate | 4.05 | % | | 4.10 | % | Rate of compensation increase | N/A |
| | N/A |
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| Schedule of Expected Benefit Payments |
The following benefit payments are expected to be paid to the Company’s pension plan participants in the years indicated: | | | | | | | (in thousands of dollars) | Amount | 2016 | $ | 6,932 |
| 2017 | 7,088 |
| 2018 | 7,296 |
| 2019 | 7,440 |
| 2020 | 7,557 |
| 2021-2025 | 41,092 |
| | $ | 77,405 |
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