Note 17 Employee Benefit Plans

12 Months Ended

Oct. 03, 2020

Pension and Other Postretirement Benefits Disclosure [Text Block]

Employee Benefit Plans

The Company has various defined contribution retirement plans that cover the majority of its domestic employees. These retirement plans permit participants to elect to have contributions made to the retirement plans in the form of salary deferrals. Under these retirement plans, the Company may match a portion of employee contributions. Amounts contributed by the Company were not material for any period presented herein.

The Company sponsors a deferred compensation plan for eligible employees that allows participants to defer payment of all or part of their compensation. Deferrals under this plan were immaterial. Assets associated with these plans were $40 million and $36 million as of October 3, 2020 and September 28, 2019, respectively. Liabilities associated with these plans were $40 million and $36 million as of October 3, 2020 and September 28, 2019, respectively. These amounts are recorded in other non-current assets and other long-term liabilities on the consolidated balance sheets.

Defined benefit plans covering certain employees in the United States and Canada were frozen in 2001. Employees who had not yet vested will continue to be credited with service until vesting occurs, but no additional benefits will accrue.

The Company also provides defined benefit pension plans in certain other countries. The assumptions used for calculating the pension benefit obligations for non-U.S. plans depend on the local economic environment and regulations. The measurement date for the Company's defined benefit plans is October 3, 2020.

The funded status and plan assets for the defined benefit plans and amount reported on the consolidated balance sheets were as follows:


	As of
	October 3, 2020				September 28, 2019				September 29, 2018
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Plan Assets	$	15,430	$	23,575	$	15,421	$	23,877	$	16,784	$	26,114
Projected Benefit Obligation	25,704		64,453		24,221		58,842		22,586		50,930
Underfunded Status	$	10,274	$	40,878	$	8,800	$	34,965	$	5,802	$	24,816

Current Liabilities	$	—	$	2,054	$	—	$	1,443	$	—	$	1,430
Non-current liabilities	10,274		38,824		8,800		33,522		5,802		23,386
Total liabilities	$	10,274	$	40,878	$	8,800	$	34,965	$	5,802	$	24,816

The Company’s investment strategy is designed to help ensure that sufficient pension assets are available to pay benefits as they become due. Plan assets are invested in mutual funds that are valued using the NAV that is quoted in active markets (Level 1 input). These plans are managed consistent with regulations or market practices of the country in which the assets are invested. As of October 3, 2020 there were no significant concentrations of credit risk related to pension plan assets. All other amounts and assumptions were not material for any period presented herein.