Pension, Postretirement, and Postemployement Obligations

6 Months Ended

Mar. 29, 2015

Pension Postretirement And Postemployment Defined Benefit Plans [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

PENSION, POSTRETIREMENT AND POSTEMPLOYMENT DEFINED BENEFIT PLANS

We have several noncontributory defined benefit pension plans that together cover selected employees. Benefits under the plans were generally based on salary and years of service. All benefits are frozen and no additional benefits are being accrued. Our liability and related expense for benefits under the plans are recorded over the service period of active employees based upon annual actuarial calculations. Plan funding strategies are influenced by government regulations and income tax laws. Plan assets consist primarily of domestic and foreign corporate equity securities, government and corporate bonds, hedge fund investments and cash.

In addition, we provide retiree medical and life insurance benefits under postretirement plans at several of our operating locations. The level and adjustment of participant contributions vary depending on the specific plan. PD LLC also provides postemployment disability benefits to certain employee groups prior to retirement. Our liability and related expense for benefits under the postretirement plans are recorded over the service period of active employees based upon annual actuarial calculations. We accrue postemployment disability benefits when it becomes probable that such benefits will be paid and when sufficient information exists to make reasonable estimates of the amounts to be paid. Plan assets may also be used to fund medical costs of certain active employees.

We use a fiscal year end measurement date for all of our pension and postretirement medical plan obligations.

The net periodic cost (benefit) components of our pension and postretirement medical plans are as follows:

PENSION PLANS	13 Weeks Ended				26 Weeks Ended
(Thousands of Dollars)	March 29 2015		March 30 2014		March 29 2015		March 30 2014
Service cost for benefits earned during the period	226		39		452		78
Interest cost on projected benefit obligation	1,859		1,999		3,718		3,998
Expected return on plan assets	(2,466	)	(2,483	)	(4,932	)	(4,966	)
Amortization of net loss	420		106		840		212
Amortization of prior service benefit	(34	)	(34	)	(68	)	(68	)
	5		(373	)	10		(746	)
POSTRETIREMENT MEDICAL PLANS	13 Weeks Ended				26 Weeks Ended
(Thousands of Dollars)	March 29 2015		March 30 2014		March 29 2015		March 30 2014
Service cost for benefits earned during the period	39		149		78		298
Interest cost on projected benefit obligation	211		228		422		456
Expected return on plan assets	(361	)	(371	)	(722	)	(742	)
Amortization of net gain	(347	)	(455	)	(694	)	(910	)
Amortization of prior service benefit	(365	)	(365	)	(730	)	(730	)
	(823	)	(814	)	(1,646	)	(1,628	)

Amortization of net gains (losses) and prior service benefits are recorded as compensation in the Consolidated Statements of Operations and Comprehensive Income.

Based on our forecast at March 29, 2015, we expect to contribute $3,365,000 to our pension plans for the remainder of 2015. Based on our forecast at March 29, 2015, we do not expect to contribute to our postretirement plans for the remainder of 2015.