Retirement Plans (Tables)

12 Months Ended

Sep. 28, 2014

Compensation and Retirement Disclosure [Abstract]

Reconciliation Of The Changes In Benefit Obligations, Plan Assets And Funded Status Of Retirement Plans

The following table provides a reconciliation of the changes in benefit obligations, plan assets and funded status of our retirement plans as of September 28, 2014 and September 29, 2013 (in thousands):

	Qualified Plan						SERP						Postretirement Health Plans
	2014			2013			2014			2013			2014			2013
Change in benefit obligation:
Obligation at beginning of year	$	382,068		$	466,097		$	64,717		$	63,156		$	33,243		$	37,307
Service cost	7,633			10,210			490			543			—			—
Interest cost	20,196			19,964			3,049			2,664			1,639			1,586
Participant contributions	—			—			—			—			123			131
Actuarial (gain) loss	59,661			(85,578		)	5,652			1,773			(6,082		)	(4,612		)
Benefits paid	(34,662		)	(28,625		)	(4,175		)	(3,419		)	(1,456		)	(1,331		)
Other	—			—			—			—			159			162
Obligation at end of year	$	434,896		$	382,068		$	69,733		$	64,717		$	27,626		$	33,243
Change in plan assets:
Fair value at beginning of year	$	336,425		$	311,988		$	—		$	—		$	—		$	—
Actual return on plan assets	34,549			33,062			—			—			—			—
Participant contributions	—			—			—			—			123			131
Employer contributions	20,000			20,000			4,175			3,419			1,174			1,038
Benefits paid and other	(34,662		)	(28,625		)	(4,175		)	(3,419		)	(1,297		)	(1,169		)
Fair value at end of year	$	356,312		$	336,425		$	—		$	—		$	—		$	—
Funded status at end of year	$	(78,584	)	$	(45,643	)	$	(69,733	)	$	(64,717	)	$	(27,626	)	$	(33,243	)
Amounts recognized on the balance sheet:
Current liabilities	$	—		$	—		$	(4,479	)	$	(4,392	)	$	(1,269	)	$	(1,438	)
Noncurrent liabilities	(78,584		)	(45,643		)	(65,254		)	(60,325		)	(26,357		)	(31,805		)
Total liability recognized	$	(78,584	)	$	(45,643	)	$	(69,733	)	$	(64,717	)	$	(27,626	)	$	(33,243	)
Amounts in AOCI not yet reflected in net periodic benefit cost:
Unamortized actuarial loss, net	$	114,482		$	68,454		$	26,425		$	21,632		$	2,400		$	9,024
Unamortized prior service cost	—			—			1,080			1,349			—			—
Total	$	114,482		$	68,454		$	27,505		$	22,981		$	2,400		$	9,024
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial (gain) loss	$	49,603		$	(95,925	)	$	5,652		$	1,773		$	(6,082	)	$	(4,612	)
Amortization of actuarial loss	(3,575		)	(15,665		)	(859		)	(2,170		)	(542		)	(791		)
Amortization of prior service cost	—			—			(269		)	(269		)	—			—
Total recognized in OCI	46,028			(111,590		)	4,524			(666		)	(6,624		)	(5,403		)
Net periodic benefit cost and other losses	6,912			23,124			4,667			5,646			2,181			2,377
Total recognized in comprehensive income	$	52,940		$	(88,466	)	$	9,191		$	4,980		$	(4,443	)	$	(3,026	)
Amounts in AOCI expected to be amortized in fiscal 2015 net periodic benefit cost:
Net actuarial loss	$	8,278					$	1,134					$	181
Prior service cost	—						269						—
Total	$	8,278					$	1,403					$	181

Fair Value Of Plan Assets Of Pension Plans

The following sets forth the PBO, ABO and fair value of plan assets of our pension plans as of the measurement date in each year (in thousands):

	2014		2013
Qualified Plan:
Projected benefit obligation	$	434,896	$	382,068
Accumulated benefit obligation	$	433,010	$	377,800
Fair value of plan assets	$	356,312	$	336,425
SERP:
Projected benefit obligation	$	69,733	$	64,717
Accumulated benefit obligation	$	68,914	$	64,385
Fair value of plan assets	$	—	$	—

Components Of Net Periodic Benefit Cost

The components of the fiscal year net periodic benefit cost were as follows (in thousands):

	2014			2013			2012
Qualified Plan:
Service cost	$	7,633		$	10,210		$	9,068
Interest cost	20,196			19,964			19,891
Expected return on plan assets	(24,492		)	(22,715		)	(20,332		)
Actuarial loss	3,575			15,665			11,871
Cost of VERP	—			—			6,167
Net periodic benefit cost	$	6,912		$	23,124		$	26,665
SERP:
Service cost	$	490		$	543		$	466
Interest cost	3,049			2,664			3,056
Actuarial loss	859			2,170			1,140
Amortization of unrecognized prior service cost	269			269			432
Net periodic benefit cost	$	4,667		$	5,646		$	5,094
Postretirement health plans:
Service cost	$	—		$	—		$	61
Interest cost	1,639			1,586			1,617
Actuarial loss	542			791			89
Net periodic benefit cost	$	2,181		$	2,377		$	1,767

Determining The Present Values Of Benefit Obligations And Net Periodic Benefit Costs

In determining the present values of our benefit obligations and net periodic benefit costs as of and for the fiscal years ended September 28, 2014, September 29, 2013 and September 30, 2012, respectively, we used the following weighted-average assumptions:

	2014		2013		2012
Assumptions used to determine benefit obligations (1):
Qualified Plan:
Discount rate	4.60	%	5.37	%	4.34	%
Rate of future pay increases	3.50	%	3.50	%	3.50	%
SERP:
Discount rate	4.36	%	4.88	%	4.34	%
Rate of future pay increases	3.50	%	3.50	%	3.50	%
Postretirement health plans:
Discount rate	4.43	%	5.04	%	4.34	%
Assumptions used to determine net periodic benefit cost:
Qualified Plan (2):
Discount rate	5.37	%	4.34	%	4.78	%
Long-term rate of return on assets	7.25	%	7.25	%	7.25	%
Rate of future pay increases	3.50	%	3.50	%	3.50	%
SERP (3):
Discount rate	4.88	%	4.34	%	5.60	%
Rate of future pay increases	3.50	%	3.50	%	3.50	%
Postretirement health plans (3):
Discount rate	5.04	%	4.34	%	5.60	%

 ____________________________

(1) Determined as of end of year.

(2) During fiscal year 2012, the discount rate and long-term rate of return on plan assets used to determine net period benefit costs were updated as of June 30, 2012, in connection with the VERP re-measurement from the rates determined at the beginning of the year of 5.60% and 7.75%, respectively.

(3) Determined as of beginning of year.

Health Care Cost Trend Rates For Postretirement Health Plans

For measurement purposes, the weighted-average assumed health care cost trend rates for our postretirement health plans were as follows for each fiscal year:

	2014		2013		2012
Healthcare cost trend rate for next year:
Participants under age 65	8.25	%	8.50	%	8.50	%
Participants age 65 or older	7.75	%	8.00	%	8.00	%
Rate to which the cost trend rate is assumed to decline:
Participants under age 65 (1)	4.50	%	4.80% / 4.90%		4.50	%
Participants age 65 or older (1)	4.50	%	4.80% / 4.90%		4.50	%
Year the rate reaches the ultimate trend rate:
Participants under age 65 (1)	2030		2038 / 2045		2029
Participants age 65 or older (1)	2028		2037 / 2045		2027

Effect Of Change In The Assumed Health Care Cost Trend Rate

For example, a 1.0% change in the assumed healthcare cost trend rate would have the following effect on the 2014 net periodic benefit cost and end of year PBO (in thousands):

	1% Point   Increase		1% Point   Decrease
Total interest and service cost	$	206	$	(176	)
Postretirement benefit obligation	$	3,231	$	(2,765	)

Fair Values Of The Qualified Plan's Assets

Our plan asset allocation at the end of fiscal 2014 and target allocations were as follows:

	2014		Target		Minimum		Maximum
Domestic equity	21	%	23	%	12	%	32	%
International equity	21		22		12		32
Core fixed funds	34		32		27		37
Real return bonds	3		4		—		10
Alternative investments	4		4		—		10
Real estate	9		7		—		10
High yield	4		4		—		10
Commodities	4		4		—		10
	100	%	100	%

The fair values of the Qualified Plan’s assets at September 28, 2014 and September 29, 2013 by asset category are as follows (in thousands):

			Total		Quoted Prices in Active Markets for Identical (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Items Measured at Fair Value at September 28, 2014:
Asset Category:
Cash and cash equivalents	(1	)	$	900	$	900	$	—	$	—
Equity:
U.S	(2	)	17,063		17,063		—		—
Commingled	(3	)	147,221		147,221		—		—
Fixed income:
Corporate bonds	(4	)	13,122		13,122		—		—
Government and mortgage securities	(5	)	11,631		11,631		—		—
Other	(6	)	121,666		—		121,666		—
Diversified funds	(7	)	12,116		12,116		—		—
Real estate	(8	)	32,593		—		—		32,593
			$	356,312	$	202,053	$	121,666	$	32,593
Items Measured at Fair Value at September 29, 2013:
Asset Category:
Cash and cash equivalents	(1	)	$	4,344	$	4,344	$	—	$	—
Equity:
U.S.	(2	)	26,317		26,317		—		—
Commingled	(3	)	159,612		159,612		—		—
Fixed income:
Corporate bonds	(4	)	4,017		—		4,017		—
Government and mortgage securities	(5	)	9,121		9,121		—		—
Other	(6	)	98,654		16,553		82,101		—
Diversified funds	(7	)	5,008		5,008		—		—
Real estate	(8	)	29,352		—		—		29,352
			$	336,425	$	220,955	$	86,118	$	29,352

_________________________

(1) Cash and cash equivalents are comprised of commercial paper, short-term bills and notes, and short-term investment funds, which are valued at unadjusted quoted market prices.

(2) U.S. equity securities are comprised of investments in common stock of U.S. companies for total return purposes. These investments are valued by the trustee at closing prices from national exchanges on the valuation date.

(3) Commingled equity securities are comprised of investments in mutual funds, the fair value of which is determined by reference to the fund’s underlying assets, which are primarily marketable equity securities that are traded on national exchanges and valued at unadjusted quoted market prices.

(4) Corporate bonds are comprised of mutual funds traded on national securities exchanges, valued at unadjusted quoted market prices, as well as securities traded in markets that are not considered active, which are valued based on quoted market prices, broker/dealer quotations, or alternative pricing sources with reasonable levels of price transparency.

(5) Government and mortgage securities are comprised of government and municipal bonds, including treasury bills, notes and index linked bonds which are valued using an unadjusted quoted price in an active market or observable, market-based inputs.

(6) Other fixed income securities are comprised of other commingled funds invested in registered securities which are valued at the unadjusted quoted price in an active market or exchange and long-duration US government/credit funds which are valued based on observable inputs, which include quoted market prices in active markets for similar securities, valuations based on commonly quoted benchmark interest rates, maturities, ratings and/or securities indices.

(7) Diversified funds are comprised of exchange-traded commodities futures and treasury bills, which are valued at unadjusted quoted market prices.

(8) Real estate is investments in a real estate investment trust for purposes of total return. These investments are valued at unit values provided by the investment managers and their consultants.

Changes In Level 3 Investments For The Qualified Plan

The following table presents the changes in Level 3 investments for the Qualified Plan during 2013 and 2014 (in thousands):

	Real Estate
Balance at September 30, 2012	$	25,785
Actual return on plan assets:
Relating to assets still held at the reporting date	3,831
Relating to assets sold during the period	(6		)
Purchases, sales and settlements	(258		)
Balance at September 29, 2013	$	29,352
Actual return on plan assets:
Relating to assets still held at the reporting date	$	3,520
Relating to assets sold during the period	18
Purchases, sales and settlements	(297		)
Balance at September 28, 2014	$	32,593

Contributions Expected To Be Paid In The Next Fiscal Year And The Projected Benefit Payments

Contributions expected to be paid in the next fiscal year and the projected benefit payments for each of the next five fiscal years and the total aggregate amount for the subsequent five fiscal years are as follows (in thousands):

	Pension Plans		Postretirement Health Plans
Estimated net contributions during fiscal 2015	$	24,479	$	1,269
Estimated future year benefit payments during fiscal years:
2015	$	15,217	$	1,269
2016	$	15,520	$	1,336
2017	$	15,874	$	1,419
2018	$	16,468	$	1,537
2019	$	17,272	$	1,700
2020-2024	$	103,929	$	9,123