Postretirement and Postemployment Benefits (Tables)

12 Months Ended

Sep. 24, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Components of Net Periodic Cost (Benefit)

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

(Thousands of Dollars)	2023	2022	2021
Service cost for benefits earned during the year	19	488	2,529
Interest cost on projected benefit obligation	10,368	7,999	7,147
Expected return on plan assets	(10,192)	(18,261)	(18,688)
Amortization of net (gain) loss	10	(3,317)	4,018
Amortization of prior service benefit	852	641	(6)
Settlement gain	—	(4,245)	—
Curtailment gain	—	(1,027)	—
Net periodic pension cost (benefit)	1,057	(17,722)	(5,000)

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

(Thousands of Dollars)	2023	2022	2021
Service cost for benefits earned during the year	68	108	207
Interest cost on projected benefit obligation	598	340	429
Expected return on plan assets	(1,182)	(1,053)	(1,007)
Amortization of net actuarial gain	(1,014)	(994)	(685)
Amortization of prior service benefit	(647)	(647)	(647)
Curtailment gains	—	—	(23,830)
Net periodic postretirement benefit	(2,177)	(2,246)	(25,533)

Changes in Benefit Obligations and Plan Assets

Changes in benefit obligations and plan assets are as follows:

(Thousands of Dollars)	2023	2022
Benefit obligation, beginning of year	210,806	386,832
Service cost	19	488
Interest cost	10,368	7,999
Plan amendments	—	6,077
Actuarial (gain) loss	(9,876)	(86,387)
Benefits paid	(12,130)	(21,799)
Liability (gain)/loss due to curtailment	—	(1,027)
Settlements	—	(81,377)
Benefit obligation, end of year	199,187	210,806
Fair value of plan assets, beginning of year:	211,058	400,907
Actual return on plan assets	12,638	(84,636)
Benefits paid	(12,130)	(21,799)
Administrative expenses paid	(1,535)	(2,149)
Settlements	—	(81,377)
Employer contributions	—	112
Fair value of plan assets, end of year	210,031	211,058
Funded status	10,844	252

Changes in benefit obligations and plan assets are as follows:

(Thousands of Dollars)	2023	2022
Benefit obligation, beginning of year	12,287	18,538
Service cost	68	108
Interest cost	598	340
Actuarial (gain) loss	(1,049)	(4,729)
Benefits paid, net of premiums received	(652)	(1,958)
Medicare Part D subsidies	—	(12)
Benefit obligation, end of year	11,252	12,287
Fair value of plan assets, beginning of year	23,903	26,802
Actual return on plan assets	2,393	(2,453)
Employer contributions	165	1,525
Benefits paid, net of premiums and Medicare Part D subsidies received	(660)	(2,105)
Plan participant contributions	8	134
Fair value of plan assets at measurement date	25,809	23,903
Funded status	14,557	11,616

Schedule of Amounts Recognized in Balance Sheet

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

(Thousands of Dollars)	September 24 2023	September 25 2022
Net pension assets	10,844	252
Accumulated other comprehensive income (before income taxes)	16,653	5,005

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

(Thousands of Dollars)	September 24 2023	September 25 2022
Non-current assets	21,565	19,066
Postretirement benefit obligations	(7,008)	(7,450)
Accumulated other comprehensive income (before income tax benefit)	19,043	17,327

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

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

(Thousands of Dollars)	September 24 2023	September 25 2022
Unrecognized net actuarial gain (loss)	21,246	10,450
Unrecognized prior service cost	(4,593)	(5,445)
	16,653	5,005

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

(Thousands of Dollars)	September 24 2023	September 25 2022
Unrecognized net actuarial gain	16,660	14,298
Unrecognized prior service benefit	2,383	3,029
	19,043	17,327

Defined Benefit Plan, Assumptions

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

(Percent)	September 24 2023	September 25 2022
Discount rate	5.7	5.3
Interest crediting rate	2.5	2.5

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

(Percent)	2023	2022	2021
Discount rate - service cost	5.8	5.4	3.0
Discount rate - interest cost	5.7	5.3	1.9
Expected long-term return on plan assets	5.0	5.0	5.9

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

(Percent)	September 24 2023	September 25 2022
Discount rate	5.6	5.3
Expected long-term return on plan assets	5.0	5.0

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)	2023	2022	2021
Discount rate - service cost	5.9	5.5	2.5
Discount rate - interest cost	5.5	5.1	1.9
Expected long-term return on plan assets	5.0	5.0	4.0

Schedule of Health Care Cost Trend Rates

Assumed health care cost trend rates are as follows:

(Percent)	September 24 2023	September 25 2022
Health care cost trend rates	3.9	10.6
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	2033	2032

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 24 2023	September 24 2023	September 25 2022
Equity securities	25	25	41
Debt securities	65	62	43
Hedge fund investments	10	12	15
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 24 2023	September 24 2023	September 25 2022
Equity securities	20	20	17
Debt securities	70	68	71
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 24, 2023 is as follows:

(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3
Cash and cash equivalents	—	1,937	—	—
Domestic equity securities	2,252	30,885	—	—
International equity securities	—	7,565	5,644	—
Emerging equity securities	—	6,263	—	—
Debt securities	—	78,740	52,304	—
Hedge fund investments	24,441	—	—	—

The fair value hierarchy of pension assets at September 25, 2022 was 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 postretirement assets at September 24, 2023 is as follows:

(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3
Cash and cash equivalents	—	93	—	—
Domestic equity securities	870	2,303	—	—
Emerging equity securities	—	535	—	—
International equity securities	—	814	600	—
Debt securities	—	17,615	—	—
Hedge fund investment	2,979	—	—	—

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	—	—	—

Schedule of Expected Benefit Payments

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

(Thousands of Dollars)
2024	16,262
2025	14,575
2026	14,816
2027	14,944
2028	15,021
2029-2033	74,092

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
2024	906	—	906
2025	906	—	906
2026	916	—	916
2027	933	—	933
2028	912	—	912
2029-2033	4,395	—	4,395