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Pension and Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Sep. 27, 2025
Retirement Benefits, Description [Abstract]  
Schedule Of Reconciliation Of Changes In Plans' Benefit Obligations, Assets And Funded Status
The following table provides a reconciliation of the changes in the plans’ benefit obligations, assets and funded status as of September 27, 2025 and September 28, 2024 (in millions):
Pension BenefitsOther Postretirement
QualifiedNon-QualifiedBenefits
202520242025202420252024
Change in benefit obligation
Benefit obligation at beginning of year$21 $18 $167 $158 $34 $50 
Service cost— — — — 2 2 
Interest cost1 1 7 9 1 1 
Curtailment gain— — — — — (16)
Actuarial (gain)/loss(1)3 (4)14 (3)— 
Benefits paid(1)(1)(14)(14)(3)(3)
Benefit obligation at end of year20 21 156 167 31 34 
Change in plan assets
Fair value of plan assets at beginning of year30 27 — — — — 
Actual return on plan assets1 4 — — — — 
Employer contributions— — 14 14 3 3 
Benefits paid(1)(1)(14)(14)(3)(3)
Fair value of plan assets at end of year30 30 — — — — 
Funded status$10 $9 $(156)$(167)$(31)$(34)
Compensation and Employee Benefit Plans PENSIONS AND OTHER POSTRETIREMENT BENEFITS
We have four defined benefit pension plans consisting of one frozen and noncontributory funded qualified plan and three frozen unfunded non-qualified plans. The benefits provided under these plans are based on a formula using years of service and either a specified benefit rate or compensation level. The non-qualified defined benefit plans are for certain officers and use a formula based on years of service and final average salary. We also have other postretirement benefit plans for which substantially all of our team members may receive benefits if they satisfy applicable eligibility criteria. The postretirement healthcare plans are contributory with participants’ contributions adjusted when deemed necessary.
Additionally, we have defined contribution retirement programs for various groups of team members and recognized expenses of $114 million, $111 million and $113 million in fiscal 2025, 2024 and 2023, respectively.
We use a fiscal year end measurement date for our defined benefit plans and other postretirement plans. We recognize the effect of actuarial gains and losses into earnings immediately for other postretirement plans rather than amortizing the effect over future periods. Other postretirement benefits include postretirement medical costs and life insurance.
During fiscal 2024, we amended and discontinued one of the Company's other postretirement benefit plans which resulted in the recognition of a gain of $16 million, recorded in Other, net in our Consolidated Statements of Income.
Benefit Obligations and Funded Status
The following table provides a reconciliation of the changes in the plans’ benefit obligations, assets and funded status as of September 27, 2025 and September 28, 2024 (in millions):
Pension BenefitsOther Postretirement
QualifiedNon-QualifiedBenefits
202520242025202420252024
Change in benefit obligation
Benefit obligation at beginning of year$21 $18 $167 $158 $34 $50 
Service cost— — — — 2 2 
Interest cost1 1 7 9 1 1 
Curtailment gain— — — — — (16)
Actuarial (gain)/loss(1)3 (4)14 (3)— 
Benefits paid(1)(1)(14)(14)(3)(3)
Benefit obligation at end of year20 21 156 167 31 34 
Change in plan assets
Fair value of plan assets at beginning of year30 27 — — — — 
Actual return on plan assets1 4 — — — — 
Employer contributions— — 14 14 3 3 
Benefits paid(1)(1)(14)(14)(3)(3)
Fair value of plan assets at end of year30 30 — — — — 
Funded status$10 $9 $(156)$(167)$(31)$(34)
Amounts recognized in the Consolidated Balance Sheets as of September 27, 2025 and September 28, 2024 consist of (in millions):
Pension BenefitsOther Postretirement
QualifiedNon-QualifiedBenefits
202520242025202420252024
Other assets$10 $9 $— $— $— $— 
Other current liabilities— — (14)(14)(8)(7)
Other liabilities— — (142)(153)(23)(27)
Total assets (liabilities)$10 $9 $(156)$(167)$(31)$(34)
Pre-tax amounts recognized in Accumulated Other Comprehensive Income as of September 27, 2025 and September 28, 2024 consist of (in millions):
Pension BenefitsOther Postretirement
QualifiedNon-QualifiedBenefits
202520242025202420252024
Accumulated other comprehensive (income)/loss:
   Actuarial (gain) loss$1 $2 $(3)$1 $— $4 
   Prior service (credit) cost— — — — — (4)
Total accumulated other comprehensive (income)/loss:$1 $2 $(3)$1 $— $— 
We had three pension plans as of September 27, 2025 and September 28, 2024, that had an accumulated benefit obligation in excess of plan assets. Plans with accumulated benefit obligations in excess of plan assets are as follows (in millions):
Pension Benefits
QualifiedNon-Qualified
2025202420252024
Projected benefit obligation$— $— $156 $167 
Accumulated benefit obligation— — 156 167 
Fair value of plan assets— — — — 
The accumulated benefit obligation for all qualified pension plans was $20 million and $21 million at September 27, 2025, and September 28, 2024, respectively.
Net Periodic Benefit Cost (Credit)
Components of net periodic benefit cost (credit) for pension and postretirement benefit plans recognized in the Consolidated Statements of Income are as follows for fiscal years ended 2025, 2024 and 2023 (in millions):
Pension BenefitsOther Postretirement
QualifiedNon-QualifiedBenefits
202520242023202520242023202520242023
Service cost$— $— $— $— $— $— $2 $2 $2 
Interest cost1 1 1 7 9 8 1 1 1 
Expected return on plan assets(2)(1)(1)— — — — — — 
Amortization of prior service cost
— — — — 1 1 — 4 5 
Recognized actuarial loss (gain), net— — — — (2)(3)1 — (5)
Net periodic benefit cost (credit)$(1)$— $— $7 $8 $6 $4 $7 $3 
All of the components other than the service cost component were recorded in the Consolidated Statements of Income in Other, net. As of September 27, 2025, we expect no amounts to be reclassified into earnings within the next 12 months related to net periodic benefit cost (credit) for the qualified pension plans. As of September 27, 2025, the amounts expected to be reclassified into earnings within the next 12 months related to net periodic benefit cost (credit) for the non-qualified pension plans and the other postretirement benefit plans are not significant.
Assumptions
Weighted average assumptions are as follows for fiscal years ended 2025, 2024 and 2023:
Pension BenefitsOther Postretirement
QualifiedNon-QualifiedBenefits
202520242023202520242023202520242023
Discount rate to determine net periodic benefit cost5.00 %5.70 %5.20 %4.85 %5.79 %5.42 %3.44 %4.92 %4.59 %
Discount rate to determine benefit obligations6.00 %5.00 %5.70 %5.26 %4.85 %5.79 %2.69 %3.44 %4.92 %
Rate of compensation increasen/an/an/an/an/an/an/an/an/a
Expected return on plan assets5.00 %5.70 %5.20 %n/an/an/an/an/an/a
To determine the expected return on plan assets assumption, we first examined historical rates of return for the various asset classes within the plans. We then determined a long-term projected rate-of-return based on expected returns. Our discount rate assumptions used to account for pension and other postretirement benefit plans reflect the rates at which the benefit obligations could be effectively settled. The discount rates for our plans were determined using a cash flow matching technique whereby the rates of a yield curve, developed from high-quality debt securities, were applied to the benefit obligations to determine the appropriate discount rate.
We have eight other postretirement benefit plans, of which five are healthcare and life insurance related. Two of these plans, with benefit obligations totaling $7 million at September 27, 2025, were not impacted by healthcare cost trend rates as one consists of fixed annual payments and one is life insurance related. Two of the healthcare plans, with benefit obligations less than $1 million at September 27, 2025, were not impacted by healthcare cost trend rates due to previous plan amendments. The remaining plan, with benefit obligations less than $3 million, at September 27, 2025, utilized assumed healthcare cost trend rates of 8.9%. The healthcare cost trend rates for one of the plans will be grading down to an ultimate rate of 4.5% in 2032.
Contributions
Our policy is to fund at least the minimum contribution required to meet applicable federal employee benefit and local tax laws. In our sole discretion, we may from time to time fund additional amounts. Expected contributions to pension plans for fiscal 2026 are approximately $15 million. For fiscal 2025, 2024 and 2023, we funded $14 million, $14 million and $13 million, respectively, to pension plans.
Estimated Future Benefit Payments
The following benefit payments are expected to be paid (in millions):
Pension BenefitsOther Postretirement
QualifiedNon-QualifiedBenefits
2026$1 $14 $2 
2027— 14 2 
20281 13 2 
20291 13 2 
20301 13 2 
2031-20354 59 7 
The above benefit payments for other postretirement benefit plans are not expected to be offset by Medicare Part D subsidies in fiscal 2026.
Multi-Employer Plan
Additionally, we participate in one multi-employer plan that provides defined benefits to certain team members covered by collective bargaining agreements. Such plans are usually administered by a board of trustees composed of the management of the participating companies and labor representatives.
The risks of participating in multi-employer plans are different from single-employer plans. Assets contributed to the multi-employer plan by one employer may be used to provide benefits to team members of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligation of the plan may be borne by the remaining participating employers. If we stop participating in a plan, we may be required to pay that plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.
The net pension cost of the plan is equal to the annual contributions determined in accordance with the provisions of negotiated labor contracts. Contributions to the plan were $1 million and $2 million in fiscal 2025 and fiscal 2024, respectively. Assets contributed to such plans are not segregated or otherwise restricted to provide benefits only to our team members. The future cost of the plans is dependent on a number of factors including the funded status of the plans and the ability of the other participating companies to meet ongoing funding obligations.
Our participation in the multi-employer plan for fiscal 2025 is outlined below. The EIN/Pension Plan Number column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The most recent Pension Protection Act (“PPA”) zone status available in fiscal 2025 and fiscal 2024 is for the plan’s year beginning January 1, 2025, and 2024, respectively. The zone status is based on information that we have received from the plan and is certified by the plan’s actuaries. Among other factors, plans in the red zone are generally less than 65 percent funded. Plans that are critical and declining status are projected to have an accumulated funding deficiency. The FIP/RP Status column indicates plans for which a financial improvement plan (“FIP”) or rehabilitation plan (“RP”) is either pending or has been implemented. The last column lists the expiration date of the collective-bargaining agreement to which the plan is subject.
In addition to regular contributions, we could be obligated to pay additional contributions (known as complete or partial withdrawal liabilities) if it has unfunded vested benefits.
PPA Zone StatusFIP/RP StatusContributions
(in millions)		Surcharge Imposed
Pension Fund Plan NameEIN/Pension Plan Number20252024Implemented2025202420232025Expiration Date of Collective Bargaining Agreement
Bakery and Confectionery Union and Industry International Pension Fund52-6118572/001RedRedNov 2012$1$2$210%2027-08-01
Schedule Of Amounts Recognized In The Consolidated Balance Sheets
Amounts recognized in the Consolidated Balance Sheets as of September 27, 2025 and September 28, 2024 consist of (in millions):
Pension BenefitsOther Postretirement
QualifiedNon-QualifiedBenefits
202520242025202420252024
Other assets$10 $9 $— $— $— $— 
Other current liabilities— — (14)(14)(8)(7)
Other liabilities— — (142)(153)(23)(27)
Total assets (liabilities)$10 $9 $(156)$(167)$(31)$(34)
Schedule Of Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Plans with accumulated benefit obligations in excess of plan assets are as follows (in millions):
Pension Benefits
QualifiedNon-Qualified
2025202420252024
Projected benefit obligation$— $— $156 $167 
Accumulated benefit obligation— — 156 167 
Fair value of plan assets— — — — 
Schedule Of Components Of Net Periodic Benefit Cost For Pension And Postretirement Benefit Plans Recognized In The Consolidated Statements Of Income
Components of net periodic benefit cost (credit) for pension and postretirement benefit plans recognized in the Consolidated Statements of Income are as follows for fiscal years ended 2025, 2024 and 2023 (in millions):
Pension BenefitsOther Postretirement
QualifiedNon-QualifiedBenefits
202520242023202520242023202520242023
Service cost$— $— $— $— $— $— $2 $2 $2 
Interest cost1 1 1 7 9 8 1 1 1 
Expected return on plan assets(2)(1)(1)— — — — — — 
Amortization of prior service cost
— — — — 1 1 — 4 5 
Recognized actuarial loss (gain), net— — — — (2)(3)1 — (5)
Net periodic benefit cost (credit)$(1)$— $— $7 $8 $6 $4 $7 $3 
Schedule Of Weighted Average Assumptions
Weighted average assumptions are as follows for fiscal years ended 2025, 2024 and 2023:
Pension BenefitsOther Postretirement
QualifiedNon-QualifiedBenefits
202520242023202520242023202520242023
Discount rate to determine net periodic benefit cost5.00 %5.70 %5.20 %4.85 %5.79 %5.42 %3.44 %4.92 %4.59 %
Discount rate to determine benefit obligations6.00 %5.00 %5.70 %5.26 %4.85 %5.79 %2.69 %3.44 %4.92 %
Rate of compensation increasen/an/an/an/an/an/an/an/an/a
Expected return on plan assets5.00 %5.70 %5.20 %n/an/an/an/an/an/a
Schedule Of Estimated Future Benefit Payments Expected To Be Paid
The following benefit payments are expected to be paid (in millions):
Pension BenefitsOther Postretirement
QualifiedNon-QualifiedBenefits
2026$1 $14 $2 
2027— 14 2 
20281 13 2 
20291 13 2 
20301 13 2 
2031-20354 59 7 
The above benefit payments for other postretirement benefit plans are not expected to be offset by Medicare Part D subsidies in fiscal 2026.
Schedule of Multiemployer Plans
In addition to regular contributions, we could be obligated to pay additional contributions (known as complete or partial withdrawal liabilities) if it has unfunded vested benefits.
PPA Zone StatusFIP/RP StatusContributions
(in millions)		Surcharge Imposed
Pension Fund Plan NameEIN/Pension Plan Number20252024Implemented2025202420232025Expiration Date of Collective Bargaining Agreement
Bakery and Confectionery Union and Industry International Pension Fund52-6118572/001RedRedNov 2012$1$2$210%2027-08-01
Schedule of Net Periodic Benefit Cost Not yet Recognized
Pre-tax amounts recognized in Accumulated Other Comprehensive Income as of September 27, 2025 and September 28, 2024 consist of (in millions):
Pension BenefitsOther Postretirement
QualifiedNon-QualifiedBenefits
202520242025202420252024
Accumulated other comprehensive (income)/loss:
   Actuarial (gain) loss$1 $2 $(3)$1 $— $4 
   Prior service (credit) cost— — — — — (4)
Total accumulated other comprehensive (income)/loss:$1 $2 $(3)$1 $— $—