Defined Benefit Pension Plans (Tables)

12 Months Ended

Sep. 25, 2022

Retirement Benefits [Abstract]

Components of Net Periodic Cost (Benefit)

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

(Thousands of Dollars)	2022	2021	2020
Service cost for benefits earned during the year	467	2,529	1,361
Interest cost on projected benefit obligation	7,941	7,147	7,577
Expected return on plan assets	(18,140)	(18,688)	(12,986)
Amortization of net (gain) loss	(3,320)	4,018	3,166
Amortization of prior service benefit	636	(6)	(6)
Settlement gain	(4,245)	—	—
Curtailment gain	(1,027)	—	—
Net periodic pension cost (benefit)	(17,688)	(5,000)	(888)

The net periodic postretirement benefit cost (benefit) components for our postretirement plans are as follows:

(Thousands of Dollars)	2022	2021	2020
Service cost for benefits earned during the year	108	207	500
Interest cost on projected benefit obligation	340	429	869
Expected return on plan assets	(1,053)	(1,007)	(1,060)
Amortization of net actuarial gain	(994)	(685)	(743)
Amortization of prior service benefit	(647)	(647)	(647)
Curtailment gains	—	(23,830)	—
Net periodic postretirement benefit	(2,246)	(25,533)	(1,081)

Changes in Benefit Obligations and Plan Assets

Changes in benefit obligations and plan assets are as follows:

(Thousands of Dollars)	2022	2021
Benefit obligation, beginning of year	384,187	401,381
Service cost	467	2,529
Interest cost	7,941	7,147
Plan Amendments	6,077	—
Actuarial (gain) loss	(85,754)	(5,413)
Benefits paid	(21,686)	(21,182)
Liability (gain)/loss due to curtailment	(1,027)	—
Settlements	(81,377)	—
Administrative expenses paid	—	(275)
Benefit obligation, end of year	208,828	384,187
Fair value of plan assets, beginning of year:	398,430	331,354
Actual return on plan assets	(84,000)	89,892
Benefits paid	(21,686)	(21,182)
Administrative expenses paid	(2,123)	(2,599)
Settlements	(81,377)	—
Employer contributions	112	965
Fair value of plan assets, end of year	209,356	398,430
Funded status	528	14,243

Changes in benefit obligations and plan assets are as follows:

(Thousands of Dollars)	2022	2021
Benefit obligation, beginning of year	18,538	47,637
Service cost	108	207
Interest cost	340	429
Liability (gain) loss due to Curtailment	—	(23,830)
Actuarial loss (gain)	(4,729)	(4,285)
Benefits paid, net of premiums received	(1,958)	(1,678)
Medicare Part D subsidies	(12)	58
Benefit obligation, end of year	12,287	18,538
Fair value of plan assets, beginning of year	26,802	25,706
Actual return on plan assets	(2,453)	1,534
Employer contributions	1,525	1,293
Benefits paid, net of premiums and Medicare Part D subsidies received	(2,105)	(1,795)
Plan participant contributions	134	64
Fair value of plan assets at measurement date	23,903	26,802
Funded status	11,616	8,264

Schedule of Amounts Recognized in Balance Sheet

Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:

(Thousands of Dollars)	September 25 2022	September 26 2021
Pension obligations	528	14,243
Accumulated other comprehensive income (before income taxes)	5,452	36,965

Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:

(Thousands of Dollars)	September 25 2022	September 26 2021
Non-current assets	19,066	17,664
Postretirement benefit obligations	(7,450)	(9,859)
Accumulated other comprehensive income (before income tax benefit)	17,327	17,747

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive income (loss) are as follows:

(Thousands of Dollars)	September 25 2022	September 26 2021
Unrecognized net actuarial gain (loss)	10,893	36,965
Unrecognized prior service cost	(5,441)	—
	5,452	36,965

Amounts recognized in accumulated other comprehensive income (loss) before income tax benefit are as follows:

(Thousands of Dollars)	September 25 2022	September 26 2021
Unrecognized net actuarial gain	14,298	14,071
Unrecognized prior service benefit	3,029	3,676
	17,327	17,747

Defined Benefit Plan, Assumptions

Weighted-average assumptions used to determine benefit obligations are as follows:

(Percent)	September 25 2022	September 26 2021
Discount rate	5.3	2.7
Interest crediting rate	2.5	2.5

Weighted-average assumptions used to determine net periodic benefit cost are as follows:

(Percent)	2022	2021	2020
Discount rate - service cost	5.4	3.0	3.3
Discount rate - interest cost	5.3	1.9	2.6
Expected long-term return on plan assets	5.0	5.9	6.0

Weighted-average assumptions used to determine postretirement benefit obligations are as follows:

(Percent)	September 25 2022	September 26 2021
Discount rate	5.3	2.6
Expected long-term return on plan assets	5.0	4.0

The assumptions related to the expected long-term return on plan assets are developed through an analysis of historical market returns, current market conditions and composition of plan assets.

Weighted-average assumptions used to determine net periodic benefit cost are as follows:

(Percent)	2022	2021	2020
Discount rate - service cost	5.5	2.5	3.4
Discount rate - interest cost	5.1	1.9	2.8
Expected long-term return on plan assets	5.0	4.0	4.5

Schedule of Allocation of Plan Assets

The weighted-average asset allocation of our pension assets, is as follows:

(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 25 2022	September 25 2022	September 26 2021
Equity securities	25	41	50
Debt securities	65	43	34
TIPS	—	—	4
Hedge fund investments	10	15	11
Cash and cash equivalents	1	1	1

The weighted-average asset allocation of our postretirement assets is as follows:

(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 25 2022	September 25 2022	September 26 2021
Equity securities	20	17	20
Debt securities	70	71	68
Hedge fund investment	10	12	12
Cash and cash equivalents	—	—	—

Schedule of Changes in Fair Value of Plan Assets

The fair value hierarchy of pension assets at September 25, 2022 is as follows:

(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3
Cash and cash equivalents	—	1,562	—	—
Domestic equity securities	2,235	67,661	—	—
International equity securities	—	5,743	4,519	—
Emerging equity securities	—	4,996	—	—
Debt securities	—	25,742	65,364	—
Hedge fund investments	32,515	—	—	—

The fair value hierarchy of pension assets at September 26, 2021 was as follows:

(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3
Cash and cash equivalents	—	4,447	—	—
Domestic equity securities	7,236	78,577	42,448	—
International equity securities	—	9,485	9,505	—
Emerging equity securities	—	8,077	—	—
TIPS	—	7,280	—	—
Debt securities	—	181,908	32,781	—
Hedge fund investments	18,758	—	—	—

The fair value hierarchy of postretirement assets at September 25, 2022 is as follows:

(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3
Cash and cash equivalents	—	26	—	—
Domestic equity securities	791	1,910	—	—
Emerging equity securities	—	456	—	—
International equity securities	—	573	480	—
Debt securities	—	17,248	—	—
Hedge fund investment	2,782	—	—	—

The fair value hierarchy of postretirement assets at September 26, 2021 is as follows:

(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3
Cash and cash equivalents	—	25	—	—
Domestic equity securities	904	2,643	—	—
Emerging equity securities	—	603	—	—
International equity securities	—	747	660	—
Debt securities	—	18,363	—	—
Hedge fund investment	3,235	—	—	—

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

The activity within Other comprehensive income (loss) for both pension plans and postretirement plans was as follows:

(Thousands of Dollars)	2022	2021	2020
Comprehensive (loss) income, net of taxes:
Change in unrecognized benefit plan gain (loss) arising during the period, net of taxes $279, $19,148, and $4,095, respectively	(14,485)	59,663	10,329
Amortization of items to periodic pension and other post-employment benefit costs during the period, net of taxes $6,389, $819, and $542, respectively	(11,049)	2,574	(1,265)
Other comprehensive (loss) income recognized in operations, net of taxes	(25,534)	62,237	9,064

Schedule of Expected Benefit Payments

We anticipate future benefit payments to be paid from the pension trust as follows:

(Thousands of Dollars)
2023	14,668
2024	14,830
2025	14,947
2026	15,126
2027	15,204
2028-2032	75,362

We anticipate future benefit payments to be paid either with future contributions to the plan or directly from plan assets, as follows:

(Thousands of Dollars)	Gross Payments	Less Medicare Part D Subsidy	Net Payments
2023	980	—	980
2024	991	—	991
2025	985	—	985
2026	987	—	987
2027	955	—	955
2028-2032	4,563	—	4,563