Retirement Plans (Tables)

12 Months Ended

Sep. 27, 2015

Compensation and Retirement Disclosure [Abstract]

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

The fair values of the Qualified Plan’s assets at September 27, 2015 and September 28, 2014 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 27, 2015:
Asset Category:
Cash and cash equivalents	(1	)	$	3,629	$	3,629	$	—	$	—
Equity:
U.S	(2	)	15,812		15,812		—		—
Commingled	(3	)	169,701		169,701		—		—
Fixed income:
Corporate bonds	(4	)	7,243		7,243		—		—
Other	(6	)	88,621		29,054		59,567		—
Diversified funds	(7	)	10,684		10,684		—		—
Real estate	(8	)	36,967		—		—		36,967
			$	332,657	$	236,123	$	59,567	$	36,967
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

_________________________

(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.

(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 (level 1) 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 (level 2)

(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.

The following table provides a reconciliation of the changes in benefit obligations, plan assets and funded status of our retirement plans as of September 27, 2015 and September 28, 2014 (in thousands):

	Qualified Plan						SERP						Postretirement Health Plans
	2015			2014			2015			2014			2015			2014
Change in benefit obligation:
Obligation at beginning of year	$	434,896		$	382,068		$	69,733		$	64,717		$	27,626		$	33,243
Service cost	7,592			7,633			676			490			—			—
Interest cost	19,750			20,196			2,945			3,049			1,196			1,639
Participant contributions	—			—			—			—			114			123
Actuarial loss (gain)	16,757			59,661			6,447			5,652			1,008			(6,082		)
Benefits paid	(10,261		)	(10,963		)	(4,455		)	(4,175		)	(1,184		)	(1,456		)
Settlements	(26,470		)	(23,699		)	—			—			—			—
Other	—			—			—			—			151			159
Obligation at end of year	$	442,264		$	434,896		$	75,346		$	69,733		$	28,911		$	27,626
Change in plan assets:
Fair value at beginning of year	$	356,312		$	336,425		$	—		$	—		$	—		$	—
Actual return on plan assets	(6,924		)	34,549			—			—			—			—
Participant contributions	—			—			—			—			114			123
Employer contributions	20,000			20,000			4,455			4,175			919			1,174
Benefits paid	(10,261		)	(10,963		)	(4,455		)	(4,175		)	(1,184		)	(1,456		)
Settlements	(26,470		)	(23,699		)	—			—			—			—
Other	—			—			—			—			151			159
Fair value at end of year	$	332,657		$	356,312		$	—		$	—		$	—		$	—
Funded status at end of year	$	(109,607	)	$	(78,584	)	$	(75,346	)	$	(69,733	)	$	(28,911	)	$	(27,626	)
Amounts recognized on the balance sheet:
Current liabilities	$	—		$	—		$	(4,477	)	$	(4,479	)	$	(1,294	)	$	(1,269	)
Noncurrent liabilities	(109,607		)	(78,584		)	(70,869		)	(65,254		)	(27,617		)	(26,357		)
Total liability recognized	$	(109,607	)	$	(78,584	)	$	(75,346	)	$	(69,733	)	$	(28,911	)	$	(27,626	)
Amounts in AOCI not yet reflected in net periodic benefit cost:
Unamortized actuarial loss, net	$	153,156		$	114,482		$	31,738		$	26,425		$	3,226		$	2,400
Unamortized prior service cost	—			—			811			1,080			—			—
Total	$	153,156		$	114,482		$	32,549		$	27,505		$	3,226		$	2,400
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial loss (gain)	$	46,952		$	49,603		$	6,447		$	5,652		$	1,008		$	(6,082	)
Amortization of actuarial loss	(8,278		)	(3,575		)	(1,134		)	(859		)	(182		)	(542		)
Amortization of prior service cost	—			—			(269		)	(269		)	—			—
Total recognized in OCI	38,674			46,028			5,044			4,524			826			(6,624		)
Net periodic benefit cost and other losses	12,347			6,912			5,024			4,667			1,378			2,181
Total recognized in comprehensive income	$	51,021		$	52,940		$	10,068		$	9,191		$	2,204		$	(4,443	)
Amounts in AOCI expected to be amortized in fiscal 2016 net periodic benefit cost:
Net actuarial loss	$	2,828					$	1,259					$	218
Prior service cost	—						240						—
Total	$	2,828					$	1,499					$	218

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 fiscal year (in thousands):

	2015		2014
Qualified Plan:
Projected benefit obligation	$	442,264	$	434,896
Accumulated benefit obligation	$	441,451	$	433,010
Fair value of plan assets	$	332,657	$	356,312
SERP:
Projected benefit obligation	$	75,346	$	69,733
Accumulated benefit obligation	$	74,388	$	68,914
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):

	2015			2014			2013
Qualified Plan:
Service cost	$	7,592		$	7,633		$	10,210
Interest cost	19,750			20,196			19,964
Expected return on plan assets	(23,273		)	(24,492		)	(22,715		)
Actuarial loss	8,278			3,575			15,665
Net periodic benefit cost	$	12,347		$	6,912		$	23,124
SERP:
Service cost	$	676		$	490		$	543
Interest cost	2,945			3,049			2,664
Actuarial loss	1,134			859			2,170
Amortization of unrecognized prior service cost	269			269			269
Net periodic benefit cost	$	5,024		$	4,667		$	5,646
Postretirement health plans:
Interest cost	$	1,196		$	1,639		$	1,586
Actuarial loss	182			542			791
Net periodic benefit cost	$	1,378		$	2,181		$	2,377

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 27, 2015, September 28, 2014 and September 29, 2013, we used the following weighted-average assumptions:

	2015		2014		2013
Assumptions used to determine benefit obligations (1):
Qualified Plan:
Discount rate	4.79	%	4.60	%	5.37	%
Rate of future pay increases	3.50	%	3.50	%	3.50	%
SERP:
Discount rate	4.45	%	4.36	%	4.88	%
Rate of future pay increases	3.50	%	3.50	%	3.50	%
Postretirement health plans:
Discount rate	4.47	%	4.43	%	5.04	%
Assumptions used to determine net periodic benefit cost (2):
Qualified Plan:
Discount rate	4.60	%	5.37	%	4.34	%
Long-term rate of return on assets	6.50	%	7.25	%	7.25	%
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	%

 ____________________________

(1) Determined as of end of year.

(2) 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:

	2015		2014		2013
Healthcare cost trend rate for next year:
Participants under age 65	8.00	%	8.25	%	8.50	%
Participants age 65 or older (1)	7.50	%	7.75	%	8.00	%
Rate to which the cost trend rate is assumed to decline:
Participants under age 65 (1)	4.50	%	4.50	%	4.80% / 4.90%
Participants age 65 or older (1)	4.50	%	4.50	%	4.80% / 4.90%
Year the rate reaches the ultimate trend rate:
Participants under age 65 (1)	2030		2030		2038 / 2045
Participants age 65 or older (1)	2028		2028		2037 / 2045

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 2015 net periodic benefit cost and end of year PBO (in thousands):

	1% Point   Increase		1% Point   Decrease
Total interest and service cost	$	143	$	(121	)
Postretirement benefit obligation	$	3,494	$	(2,972	)

Fair Values Of The Qualified Plan's Assets

Our plan asset allocation at the end of fiscal 2015 and target allocations were as follows:

	2015		Target		Minimum		Maximum
Domestic equity	25	%	25	%	15	%	35	%
International equity	27		25		15	%	35	%
Core fixed funds	27		25		20	%	30	%
Real return bonds	—		3		—	%	10	%
Alternative investments	4		5		—	%	10	%
Real estate	12		8		—	%	10	%
High yield	2		5		—	%	10	%
Commodities	3		4		—	%	10	%
	100	%	100	%

Changes In Level 3 Investments For The Qualified Plan

The following table presents the changes in Level 3 investments for the Qualified Plan during 2014 and 2015 (in thousands):

	Real Estate
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
Actual return on plan assets:
Relating to assets still held at the reporting date	$	4,665
Relating to assets sold during the period	40
Purchases, sales and settlements	(331		)
Balance at September 27, 2015	$	36,967

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 2016	$	24,477	$	1,320
Estimated future year benefit payments during fiscal years:
2016	$	14,548	$	1,324
2017	$	14,831	$	1,403
2018	$	15,361	$	1,470
2019	$	16,147	$	1,673
2020	$	17,233	$	1,711
2021-2025	$	105,016	$	9,208