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Retirement Plans (Tables)
 12 Months Ended
Oct. 01, 2023
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
202320222023202220232022
Change in benefit obligation:
Obligation at beginning of year$293,342 $410,053 $56,891 $75,225 $12,577 $17,162 
Interest cost16,068 12,506 3,149 2,173 700 489 
Participant contributions— — — — 101 92 
Actuarial gain(13,792)(114,999)(1,287)(14,830)(383)(4,062)
Benefits paid(14,884)(14,218)(5,240)(5,677)(1,145)(1,204)
Settlements and other(14,389)— — — 41 100 
Obligation at end of year$266,345 $293,342 $53,513 $56,891 $11,891 $12,577 
Change in plan assets:
Fair value at beginning of year$303,951 $409,708 $— $— $— $— 
Actual return (loss) on plan assets465 (91,539)— — — — 
Participant contributions— — — — 101 92 
Employer contributions— — 5,240 5,677 1,002 1,012 
Benefits paid(14,884)(14,218)(5,240)(5,677)(1,145)(1,204)
Settlements and other(14,389)— — — 42 100 
Fair value at end of year$275,143 $303,951 $— $— $— $— 
Funded (unfunded) status at end of year$8,798 $10,609 $(53,513)$(56,891)$(11,891)$(12,577)
Amounts recognized on the balance sheet:
Noncurrent assets$8,798 $10,609 $— $— $— $— 
Current liabilities— — (5,138)(5,213)(1,072)(1,081)
Noncurrent liabilities— — (48,375)(51,678)(10,819)(11,496)
Total asset (liability) recognized$8,798 $10,609 $(53,513)$(56,891)$(11,891)$(12,577)
Amounts in AOCI not yet reflected in net periodic benefit cost:
Unamortized actuarial loss (gain), net$99,871 $101,372 $13,974 $15,979 $(10,232)$(10,781)
Unamortized prior service cost— — 15 34 — — 
Total$99,871 $101,372 $13,989 $16,013 $(10,232)$(10,781)
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial loss (gain)$848 $(5,357)$(1,287)$(14,830)$(383)$(4,062)
Amortization of actuarial (loss) gain(2,349)(2,193)(718)(1,666)932 640 
Amortization of prior service cost— — (19)(19)— — 
Total recognized in OCI(1,501)(7,550)(2,024)(16,515)549 (3,422)
Net periodic benefit (credit) cost3,312 (3,404)3,886 3,858 (232)(151)
Total recognized in comprehensive income$1,811 $(10,954)$1,862 $(12,657)$317 $(3,573)
Amounts in AOCI expected to be amortized in next fiscal net periodic benefit cost:
Net actuarial loss (gain)$2,403 $632 $(914)
Prior service cost— 14 — 
Total$2,403 $646 $(914)
The fair values of the Qualified Plan’s assets by asset category are as follows (in thousands):
Total
Other
(i.e. NAV Assets)
(3)
Quoted Prices
in Active
Markets for
Identical
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Fair Value at September 30, 2023:
Cash and cash equivalents(1)$3,266 $— $— $3,266 $— 
Equity:
Global equity(2)30,879 30,879 — — — 
Fixed income:
Liability-hedging assets(4)184,085 77,653 — 106,432 — 
Alternative credit(5)28,378 28,378 — — — 
Real assets(6)28,535 28,535 — — — 
$275,143 $165,445 $— $109,698 $— 
Fair Value at September 30, 2022:
Cash and cash equivalents(1)$2,267 $— $— $2,267 $— 
Equity:
U.S. equity(7)33,659 — 33,659 — — 
International equity(8)32,807 16,250 16,557 — — 
Fixed income:
Investment grade(9)193,426 — 20,138 173,288 — 
High yield(10)6,970 — 6,970 — — 
Alternative investments(11)12,061 12,061 — — — 
Real estate(12)22,761 22,761 — — — 
$303,951 $51,072 $77,324 $175,555 $— 
________________________
(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)Global equity is comprised of investments in publicly traded common stocks and other equity-type securities issued by companies throughout the world, including convertible securities, preferred stock, rights and warrants.
(3)Certain investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient are not 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.
(4)Liability-hedging assets are comprised of investments in fixed income securities or derivatives thereof that are intended to mitigate interest rate risk or reduce the interest rate duration mismatch between the assets and liabilities of the Plan.
(5)Alternative credit includes investments in a range of public and private credit securities, including below investment grade rated bonds and loans, securitized credit, and emerging market debt.
(6)Real assets are investments in public and private debt and equity investments, including but not limited to real estate, infrastructure, timberland and agriculture/farmland.
(7)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.
(8)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 (“NAV”) per share practical expedient can be redeemed on a monthly basis.
(9)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).
(10)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.
(11)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.
(12)Real estate includes 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):
20232022
Qualified Plan:
Projected benefit obligation$266,345 $293,342 
Accumulated benefit obligation$266,345 $293,342 
Fair value of plan assets$275,143 $303,951 
SERP:
Projected benefit obligation$53,513 $56,891 
Accumulated benefit obligation$53,513 $56,891 
Fair value of plan assets$— $— 
Components of Net Periodic Benefit Cost The components of the fiscal year net periodic benefit cost were as follows (in thousands): 
202320222021
Qualified Plan:
Interest cost$16,068 $12,506 $12,558 
Expected return on plan assets (15,105)(18,103)(19,340)
Actuarial loss2,349 2,193 3,510 
Net periodic benefit (credit) cost$3,312 $(3,404)$(3,272)
SERP:
Interest cost$3,149 $2,173 $2,169 
Actuarial loss718 1,666 1,743 
Amortization of unrecognized prior service cost19 19 19 
Net periodic benefit cost$3,886 $3,858 $3,931 
Postretirement health plans:
Interest cost$700 $489 $563 
Actuarial (gain) loss(932)(640)(341)
Net periodic benefit (credit) cost$(232)$(151)$222 
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 1, 2023, October 2, 2022, and October 3, 2021, we used the following weighted-average assumptions:
202320222021
Assumptions used to determine benefit obligations (1):
Qualified Plan:
Discount rate6.10%5.63%3.11%
SERP:
Discount rate6.26%5.80%2.99%
Rate of future pay increases (2)N/AN/AN/A
Postretirement health plans:
Discount rate6.27%5.82%2.95%
Assumptions used to determine net periodic benefit cost (3):
Qualified Plan:
Discount rate5.63%3.11%3.10%
Long-term rate of return on assets5.10%4.50%5.40%
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%
________________________
(1)Determined as of end of year.
(2)Rate is not applicable as there are no active employees as of fiscal year end 2023, 2022 or 2021.
(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:
202320222021
Healthcare cost trend rate for next year:
Participants under age 656.25%6.25%6.50%
Participants age 65 or older6.25%5.75%6.00%
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 65203120302030
Participants age 65 or older203120282028
Fair Values of Qualified Plan's Assets Our plan asset allocation at the end of each fiscal 2023 and 2022 and respective target allocations were as follows:
2023TargetMinimumMaximum
Cash & cash equivalents1%—%—%—%
Global equity11%12%7%17%
Alternative credit10%9%4%14%
Real assets10%9%4%14%
Liability-hedging assets68%70%60%80%
100%100%
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 2024$5,138 $1,105 
Estimated future year benefit payments during fiscal years:
2024$20,353 $1,105 
2025$20,536 $1,122 
2026$20,888 $1,133 
2027$21,304 $1,138 
2028$21,708 $1,133 
2029-2033$113,833 $5,346