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Note 8 - Postretirement and Postemployment Benefits (Tables)
12 Months Ended
Sep. 27, 2020
Notes Tables  
Schedule of Health Care Cost Trend Rates [Table Text Block]
  

September 27

  

September 29

 

(Percent)

 

2020

  

2019

 
         
Health care cost trend rates 6.4  8.5 
Rate to which the cost trend rate is assumed to decline (the “Ultimate Trend Rate”) 4.5  4.5 
Year in which the rate reaches the Ultimate Trend Rate 2030  2027 
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]
  

One Percentage Point

 

(Thousands of Dollars)

 

Increase

  

Decrease

 
         

Effect on net periodic postretirement benefit

  454   (344)
Effect on postretirement benefit obligation  6,524   (5,216)
Other Postretirement Benefits Plan [Member]  
Notes Tables  
Schedule of Defined Benefit Plans Disclosures [Table Text Block]

(Thousands of Dollars)

 

2020

  

2019

  

2018

 
             
Service cost for benefits earned during the year  500       
Interest cost on projected benefit obligation  869   412   365 
Expected return on plan assets  (1,060)  (1,082)  (1,080)
Amortization of net actuarial gain  (743)  (976)  (984)
Amortization of prior service benefit  (647)  (723)  (785)
Curtailment gains        (2,031)

Net periodic postretirement benefit

  (1,081)  (2,369)  (4,515)
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]

(Thousands of Dollars)

 

2020

  

2019

 
         
Benefit obligation, beginning of year  11,752   11,756 
Business combination  36,800    
Service cost  500    
Interest cost  869   412 
Actuarial loss (gain)  (982)  1,033 
Benefits paid, net of premiums received  (1,374)  (1,507)
Medicare Part D subsidies  72   58 

Benefit obligation, end of year

  47,637   11,752 
Fair value of plan assets, beginning of year  24,135   24,647 
Business combination      
Actual return on plan assets  1,594   2,097 
Employer contributions  646   222 
Benefits paid, net of premiums and Medicare Part D subsidies received  (1,077)  (1,449)
Benefits paid for active employees  (438)  (1,382)
One time asset transfer  846    

Fair value of plan assets at measurement date

  25,706   24,135 

Funded status

  (21,931)  12,383 
Schedule of Amounts Recognized in Balance Sheet [Table Text Block]
  

September 27

  

September 29

 

(Thousands of Dollars)

 

2020

  

2019

 
         

Non-current assets

  15,241   12,383 

Postretirement benefit obligations

  (37,172)   

Accumulated other comprehensive income (before income tax benefit)

  14,269   14,818 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
  

September 27

  

September 29

 

(Thousands of Dollars)

 

2020

  

2019

 
         
Unrecognized net actuarial gain 4,826  4,970 
Unrecognized prior service benefit 9,443  9,848 
   14,269   14,818 
Defined Benefit Plan, Assumptions [Table Text Block]
  

September 27

  

September 29

 

(Percent)

 

2020

  

2019

 
         
Discount rate 2.7  2.8 
Expected long-term return on plan assets 4.5  4.5 

(Percent)

 

2020

  

2019

  

2018

 
             
Discount rate - service cost 3.4  4.0  3.4 
Discount rate - interest cost 2.8  3.7  2.8 
Expected long-term return on plan assets 4.5  4.5  4.5 
Schedule of Allocation of Plan Assets [Table Text Block]

(Percent)

 

Policy Allocation

  

Actual Allocation

 
      

September 27

  

September 29

 

Asset Class

 

September 27 2020

  

2020

  

2019

 
             
Equity securities 20  20  18 
Debt securities 70  70  68 
Hedge fund investment 10  10  14 
Cash and cash equivalents      
Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

(Thousands of Dollars)

 

NAV

  

Level 1

  

Level 2

  

Level 3

 
                 
Cash and cash equivalents   59     
Domestic equity securities 590  2,868     
Emerging equity securities   539     
International equity securities   579  759   
Debt securities   18,229     
Hedge fund investment 2,754       

(Thousands of Dollars)

 

NAV

  

Level 1

  

Level 2

  

Level 3

 
                 

Cash and cash equivalents

            

Domestic equity securities

  778   2,640       

International equity securities

     628   750    

Debt securities

     17,707       

Hedge fund investment

  3,587          
Schedule of Expected Benefit Payments [Table Text Block]
       

Less

     
       

Medicare

     
   

Gross

  

Part D

  

Net

 

(Thousands of Dollars)

  

Payments

  

Subsidy

  

Payments

 
              

2021

   2,339   (57)  2,282 

2022

   2,332   (54)  2,278 

2023

   2,328   (51)  2,277 

2024

   2,304   (48)  2,256 

2025

   2,269   (44)  2,225 
2026-2030   10,908   (166)  10,742