Other Retirement Plans

12 Months Ended

Sep. 24, 2023

Retirement Benefits [Abstract]

Other Retirement Plans

OTHER RETIREMENT PLANS

Substantially all of our employees are eligible to participate in a qualified defined contribution retirement plan. We also have a non-qualified plan for employees whose incomes exceed qualified plan limits.

The defined contribution retirement plan costs were $3.5 million in 2023, $3.6 million in 2022 and $3.4 million in 2021.

Multiemployer Pension Plans

We contributed to various multiemployer defined benefit pension plans under the terms of collective bargaining agreements ("CBAs"). The risks of participating in these multiemployer plans are different from our Company-sponsored plans in the following aspects:

•We do not manage the plan investments or any other aspect of plan administration;

•Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers;

•If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and

•If we choose to stop participating in one or more multiemployer plans, we may be required to fund over time an amount based on the unfunded status of the plan at the time of withdrawal, referred to as a "withdrawal liability".

Information related to these plans is outlined in the table below:

(Thousands of Dollars)	Zone Status September 30		Funding Improvement Plan/Rehabilitation Plan Status	Contributions
Pension Plan	2023	2022	Status	2023	2022	2021	Surcharge Imposed	EIN	Expiration Dates of CBAs
GCIU- Employer Retirement Fund	Critical	Critical	Implemented	—	—	10	No	91-6024903	N/A (1)
District No. 9, International Association of Machinists and Aerospace Workers Pension Trust	Green	Endangered	N/A	—	—	15	N/A	51-0138317	N/A (1)
CWA/ITU negotiated Pension Plan	Critical	Critical	Implemented	—	—	81	No	13-6212879	N/A (1)
IAM National Pension Fund	Green	Green	N/A	45	57	67	N/A	51-6031295	N/A (1)
Operating Engineers Central Pension Fund of the International Union of Operating Engineers and Participating Employers	Green	Green	N/A	32	50	49	N/A	36-6052390	12/31/2023

(1)The Company has withdrawn from the multiemployer plan

The Company has effectuated withdrawals from all but one multiemployer plan. We record estimates of withdrawal liabilities as of the time the contracts agreeing to withdraw from those plans are ratified. As of September 24, 2023 and September 25, 2022, we had $25.1 million and $25.0 million of accrued withdrawal liabilities. The liabilities reflect the estimated net present value of payments to the fund, payable over 20 years.

Several multiemployer plans have CBAs that expire in the next twelve months. It is reasonably possible that if the Company is unable to renegotiate these agreements employees could go on strike which could disrupt the normal operations of the Company. Of our employees in CBAs, approximately 55% have CBAs that expire in the next 12 months.