XML 27 R30.htm IDEA: XBRL DOCUMENT v3.19.3
Retirement Plans (Tables)
12 Months Ended
Sep. 28, 2019
Retirement Plans [Abstract]  
Change in Projected Benefit Obligations and Fair Value of Plan Assets The net amount of liability recognized is included in Employee Benefit Obligations on the Consolidated Balance Sheets.  The Company uses fiscal year end as a measurement date for the retirement plans.


 
Fiscal 2019
   
Fiscal 2018
 
Change in Projected Benefit Obligations (PBO)
 
North America
   
UK
   
Mainland Europe
   
Total
   
North America
   
UK
   
Mainland Europe
   
Total
 
Beginning of period
 
$
307
   
$
   
$
   
$
307
   
$
330
   
$
   
$
   
$
330
 
Acquisition
   
     
810
     
209
     
1,019
     
     
     
     
 
Service cost
   
     
     
2
     
2
     
     
     
     
 
Interest cost
   
12
     
     
     
12
     
11
     
     
     
11
 
Assumption change
   
     
4
     
1
     
5
     
     
     
     
 
Currency
   
     
(24
)
   
(10
)
   
(34
)
   
     
     
     
 
Actuarial loss (gain)
   
42
     
44
     
8
     
94
     
(17
)
   
     
     
(17
)
Benefits paid
   
(17
)
   
(7
)
   
(4
)
   
(28
)
   
(17
)
   
     
     
(17
)
End of period
 
$
344
   
$
827
   
$
206
   
$
1,377
   
$
307
   
$
   
$
   
$
307
 


 
Fiscal 2019
   
Fiscal 2018
 
Change in Fair Value of Plan Assets
 
North America
   
UK
   
Mainland Europe
   
Total
   
North America
   
UK
   
Mainland Europe
   
Total
 
Beginning of period
 
$
277
   
$
   
$
   
$
277
   
$
291
   
$
   
$
   
$
291
 
Acquisition
   
     
702
     
70
     
772
     
     
     
     
 
Currency
   
     
(22
)
   
(3
)
   
(25
)
   
     
     
     
 
Return on assets
   
9
     
51
     
2
     
62
     
     
     
     
 
Contributions
   
     
5
     
2
     
7
     
3
     
     
     
3
 
Benefits paid
   
(17
)
   
(7
)
   
(4
)
   
(28
)
   
(17
)
   
     
     
(17
)
End of period
 
$
269
   
$
729
   
$
67
   
$
1,065
   
$
277
   
$
   
$
   
$
277
 
                                                                 
Underfunded status
 
$
(75
)
 
$
(98
)
 
$
(139
)
 
$
(312
)
 
$
(30
)
 
$
   
$
   
$
(30
)
Weighted-Average Assumptions Used to Determine Benefit Obligation and Benefit Cost The following table presents significant weighted-average assumptions used to determine benefit obligation and benefit cost for the fiscal years ended:


 
Fiscal 2019
 
(Percentages)
 
North America
   
UK
   
Mainland Europe
 
Weighted-average assumptions:
                 
Discount rate for benefit obligation
   
2.9
     
1.8
     
0.7
 
Discount rate for net benefit cost
   
4.0
     
2.3
     
1.0
 
Expected return on plan assets for net benefit costs
   
6.1
     
4.3
     
1.7
 


 
Fiscal 2018
 
(Percentages)
 
North America
   
UK
   
Mainland Europe
 
Weighted-average assumptions:
                 
Discount rate for benefit obligation
   
4.0
     
     
 
Discount rate for net benefit cost
   
3.5
     
     
 
Expected return on plan assets for net benefit costs
   
6.1
     
     
 
Fair Value of Plan Assets In accordance with the guidance from the FASB for employers’ disclosure about postretirement benefit plan assets the table below discloses fair values of each pension plan asset category and level within the fair value hierarchy in which it falls. There were no material changes or transfers between level 3 assets and the other levels, with the exception of the addition of RPC assets through the acquisition.

Fiscal 2019 Asset Category
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Cash and cash equivalents
 
$
15
   
$
89
   
$
   
$
104
 
U.S. large cap comingled equity funds
   
     
124
     
     
124
 
U.S. mid cap equity mutual funds
   
42
     
     
     
42
 
U.S. small cap equity mutual funds
   
3
     
     
     
3
 
International equity mutual funds
   
18
     
94
     
     
112
 
Real estate equity investment funds
   
3
     
179
     
75
     
257
 
Corporate bond mutual funds
   
12
     
     
     
12
 
Corporate bonds
   
     
164
     
14
     
178
 
Guaranteed investment account
   
     
     
8
     
8
 
International fixed income funds
   
73
     
93
     
     
166
 
International insurance policies
   
     
     
59
     
59
 
Total
 
$
166
   
$
743
   
$
156
   
$
1,065
 

Fiscal 2018 Asset Category
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Cash and cash equivalents
 
$
6
   
$
   
$
   
$
6
 
U.S. large cap comingled equity funds
   
     
67
     
     
67
 
U.S. mid cap equity mutual funds
   
50
     
     
     
50
 
U.S. small cap equity mutual funds
   
3
     
     
     
3
 
International equity mutual funds
   
15
     
     
     
15
 
Real estate equity investment funds
   
3
     
     
     
3
 
Corporate bond mutual funds
   
11
     
     
     
11
 
Corporate bonds
   
     
108
     
     
108
 
Guaranteed investment account
   
     
     
8
     
8
 
International fixed income funds
   
6
     
     
     
6
 
Total
 
$
94
   
$
175
   
$
8
   
$
277
 
Expected Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the fiscal year end:


 
Fiscal 2019
 
   
North America
   
UK
   
Mainland Europe
   
Total
 
2020
 
$
19
   
$
28
   
$
7
   
$
54
 
2021
   
19
     
29
     
7
     
55
 
2022
   
19
     
29
     
7
     
55
 
2023
   
19
     
30
     
6
     
55
 
2024
   
19
     
31
     
8
     
58
 
2025-2029
   
96
     
158
     
39
     
293
 
Net Pension Expense Net pension expense included the following components as of fiscal years ended:


 
2019
   
2018
   
2017
 
Service cost
 
$
2
   
$
   
$
 
Interest cost
   
12
     
11
     
11
 
Amortization of net actuarial loss
   
6
     
2
     
3
 
Expected return on plan assets
   
(24
)
   
(17
)
   
(17
)
Net periodic benefit expense (income)
 
$
(4
)
 
$
(4
)
 
$
(3
)
Plan Asset Allocations Our defined benefit pension plan asset allocations as of fiscal years ended are as follows:

Asset Category
 
2019
   
2018
 
Equity securities and equity-like instruments
   
50
%
   
50
%
Debt securities and debt-like
   
33
     
45
 
International insurance policies
   
6
     
 
Other
   
11
     
5
 
Total
   
100
%
   
100
%