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Retirement Plans (Tables)
 12 Months Ended
Oct. 02, 2022
Retirement Benefits [Abstract]  
Reconciliation of 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 for each fiscal year (in thousands):
Qualified PlanSERPPostretirement Health Plans
202220212022202120222021
Change in benefit obligation:
Obligation at beginning of year$410,053 $412,573 $75,225 $78,971 $17,162 $20,965 
Interest cost12,506 12,558 2,173 2,169 489 563 
Participant contributions— — — — 92 112 
Actuarial (gain) loss(114,999)(785)(14,830)(672)(4,062)(3,525)
Benefits paid(14,218)(14,293)(5,677)(5,243)(1,204)(1,044)
Other— — — — 100 91 
Obligation at end of year$293,342 $410,053 $56,891 $75,225 $12,577 $17,162 
Change in plan assets:
Fair value at beginning of year$409,708 $365,510 $— $— $— $— 
Actual (loss) return on plan assets(91,539)58,491 — — — — 
Participant contributions— — — — 92 112 
Employer contributions— — 5,677 5,243 1,012 841 
Benefits paid(14,218)(14,293)(5,677)(5,243)(1,204)(1,044)
Other— — — — 100 91 
Fair value at end of year$303,951 $409,708 $— $— $— $— 
Funded (unfunded) status at end of year$10,609 $(345)$(56,891)$(75,225)$(12,577)$(17,162)
Amounts recognized on the balance sheet:
Noncurrent assets$10,609 $— $— $— $— $— 
Current liabilities— — (5,213)(5,216)(1,081)(1,115)
Noncurrent liabilities— (345)(51,678)(70,009)(11,496)(16,047)
Total asset (liability) recognized$10,609 $(345)$(56,891)$(75,225)$(12,577)$(17,162)
Amounts in AOCI not yet reflected in net periodic benefit cost:
Unamortized actuarial loss (gain), net$101,372 $108,922 $15,979 $32,475 $(10,781)$(7,359)
Unamortized prior service cost— — 34 53 — — 
Total$101,372 $108,922 $16,013 $32,528 $(10,781)$(7,359)
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial gain$(5,357)$(39,936)$(14,830)$(672)$(4,062)$(3,526)
Amortization of actuarial (loss) gain(2,193)(3,510)(1,666)(1,743)640 341 
Amortization of prior service cost— — (19)(19)— — 
Total recognized in OCI(7,550)(43,446)(16,515)(2,434)(3,422)(3,185)
Net periodic benefit (credit) cost(3,404)(3,272)3,858 3,931 (151)222 
Total recognized in comprehensive income$(10,954)$(46,718)$(12,657)$1,497 $(3,573)$(2,963)
Amounts in AOCI expected to be amortized in fiscal 2023 net periodic benefit cost:
Net actuarial loss (gain)$2,349 $718 $(932)
Prior service cost— 19 — 
Total$2,349 $737 $(932)
The fair values of the Qualified Plan’s assets by asset category are as follows (in thousands):
  
  
TotalQuoted 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 30, 2022:
Asset Category:
Cash and cash equivalents(1)$2,267 $— $2,267 $— 
Equity:
U.S.(2)33,659 33,659 — — 
International(3),(4)32,807 16,557 — — 
Fixed income:
Investment grade(5)193,426 20,138 173,288 — 
High yield(6)6,970 6,970 — — 
Alternatives(4),(7)12,061 — — — 
Real estate(4),(8)22,761 — — — 
$303,951 $77,324 $175,555 $— 
Items Measured at Fair Value at September 30, 2021:
Asset Category:
Cash and cash equivalents(1)$1,969 $— $1,969 $— 
Equity:
U.S.(2)66,921 66,921 — — 
International(3),(4)63,087 31,128 — — 
Fixed income:
Investment grade(5)219,295 20,701 198,594 — 
High yield(6)10,156 10,156 — — 
Alternatives(4),(7)26,519 — — — 
Real estate(4),(8)21,761 — — — 
$409,708 $128,906 $200,563 $— 
________________________
(1)Cash and cash equivalents are comprised of commercial paper, short-term bills and notes, and short-term investment funds, which are valued at quoted prices in active markets for similar securities.
(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)International equity securities are comprised of investments in common stock of companies located outside of the U.S. for total return purposes. These investments are valued by the trustee at closing prices from national exchanges on the valuation date, or the values are adjusted as a result of market movements following the close of local trading using inputs to models that are observable either directly or indirectly. The portion of these investments that are measured at fair value using the net asset value per share practical expedient (see note 4 below) can be redeemed on a monthly basis.
(4)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.
(5)Investment grade fixed income consists of debt obligations either issued by the U.S. government or have a rating of BBB- / Baa or higher assigned by a major credit rating agency. These investments are valued based on unadjusted quoted market prices (Level 1), or based on quoted prices in inactive markets, or whose values are based on models, but the inputs to those models are observable either directly or indirectly (Level 2).
(6)High yield fixed income consists primarily of debt obligations that have a rating of below BBB- / Baa or lower assigned by a major credit rating agency. These investments are valued based on unadjusted quoted market prices.
(7)Alternative investments consist primarily of an investment in asset classes other than stocks, bonds, and cash. Alternative investments can include commodities, hedge funds, private equity, managed futures, and derivatives. These investments are valued based on unadjusted quoted market prices and can be redeemed on a bi-monthly basis.
(8)Real estate is investments in a real estate collective trust for purposes of total return. These investments are valued based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These investments can be redeemed on a quarterly basis.
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):
20222021
Qualified Plan:
Projected benefit obligation$293,342 $410,053 
Accumulated benefit obligation$293,342 $410,053 
Fair value of plan assets$303,951 $409,708 
SERP:
Projected benefit obligation$56,891 $75,225 
Accumulated benefit obligation$56,891 $75,225 
Fair value of plan assets$— $— 
Components of Net Periodic Benefit Cost The components of the fiscal year net periodic benefit cost were as follows (in thousands): 
202220212020
Qualified Plan:
Interest cost$12,506 $12,558 $13,377 
Expected return on plan assets (18,103)(19,340)(19,578)
Pension settlements— — 39,218 
Actuarial loss2,193 3,510 3,644 
Net periodic benefit (credit) cost$(3,404)$(3,272)$36,661 
SERP:
Interest cost$2,173 $2,169 $2,499 
Actuarial loss1,666 1,743 1,652 
Amortization of unrecognized prior service cost19 19 85 
Net periodic benefit cost$3,858 $3,931 $4,236 
Postretirement health plans:
Interest cost$489 $563 $807 
Actuarial (gain) loss(640)(341)18 
Net periodic benefit (credit) cost$(151)$222 $825 
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 October 2, 2022, October 3, 2021, and September 27, 2020, we used the following weighted-average assumptions:
202220212020
Assumptions used to determine benefit obligations (1):
Qualified Plan:
Discount rate5.63%3.11%3.10%
SERP:
Discount rate5.80%2.99%2.84%
Rate of future pay increases (2)N/AN/AN/A
Postretirement health plans:
Discount rate5.82%2.95%2.77%
Assumptions used to determine net periodic benefit cost (3):
Qualified Plan:
Discount rate (4)3.11%3.10%3.36%
Long-term rate of return on assets (5)4.50%5.40%5.80%
SERP:
Discount rate2.99%2.84%3.24%
Rate of future pay increases (2)N/AN/A3.50%
Postretirement health plans:
Discount rate2.95%2.77%3.24%
________________________
(1)Determined as of end of year.
(2)Rate is not applicable as there are no active employees as of fiscal year end 2020, 2021 and 2022.
(3)Determined as of beginning of year.
(4)Remeasurements were performed in the first, second, and third quarters of fiscal 2020 using 3.61%, 3.38%, and 3.13% respectively.
(5)Remeasurements were performed in the first, second, and third quarters of fiscal 2020 using 5.9%, 5.2%, and 5.4% respectively.
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:
202220212020
Healthcare cost trend rate for next year:
Participants under age 656.25%6.50%6.75%
Participants age 65 or older5.75%6.00%6.25%
Rate to which the cost trend rate is assumed to decline:
Participants under age 654.50%4.50%4.50%
Participants age 65 or older4.50%4.50%4.50%
Year the rate reaches the ultimate trend rate:
Participants under age 65203020302030
Participants age 65 or older202820282028
Fair Values of Qualified Plan's Assets Our plan asset allocation at the end of fiscal 2022 and target allocations were as follows:
2022TargetMinimumMaximum
Cash & cash equivalents1%1%—%—%
Domestic equities11%11%5%17%
International equities11%11%5%17%
Core fixed funds57%64%57%71%
High yield2%2%—%5%
Alternative investments4%4%—%8%
Real estate7%—%—%5%
Real return bonds7%7%—%14%
100%100%
Contributions Expected to be Paid in Next Fiscal Year and Projected Benefit Payments Contributions expected to be paid in the next fiscal year, 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):
Defined Benefit PlansPostretirement
Health Plans
Estimated net contributions during fiscal 2023$5,213 $1,112 
Estimated future year benefit payments during fiscal years:
2023$20,784 $1,112 
2024$20,868 $1,127 
2025$21,185 $1,137 
2026$21,685 $1,139 
2027$22,190 $1,135 
2028-2032$117,216 $5,383