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Pension and Other Benefit Programs (Tables)
 12 Months Ended
Sep. 28, 2019
Retirement Benefits [Abstract]  
Benefit Obligations, Assets, Funded Status and Balance Sheet Impacts Associated with Pension and Postretirement Medical Benefit Plans based upon Actuarial Valuations
The following chart summarizes the benefit obligations, assets, funded status and balance sheet impacts associated with the defined benefit pension and postretirement medical benefit plans: 
 
Pension Plans
 
Postretirement Medical Plans
 
September 28, 2019
 
September 29, 2018
 
September 28, 2019
 
September 29,
2018
Projected benefit obligations
 
 
 
 
 
 
 
Beginning obligations
$
(14,500
)
 
$
(14,532
)
 
$
(1,609
)
 
$
(1,746
)
Acquisition of TFCF
(759
)
 
—

 
(65
)
 
—

Service cost
(345
)
 
(350
)
 
(8
)
 
(10
)
Interest cost
(592
)
 
(489
)
 
(67
)
 
(60
)
Actuarial (loss)/gain (1)
(2,923
)
 
416

 
(234
)
 
166

Plan amendments and other
32

 
(12
)
 
(11
)
 
(10
)
Benefits paid
534

 
467

 
48

 
51

Curtailments
22

 
—

 
—

 
—

Ending obligations
$
(18,531
)
 
$
(14,500
)
 
$
(1,946
)
 
$
(1,609
)
Fair value of plans’ assets
 
 
 
 
 
 
 
Beginning fair value
$
12,728

 
$
12,325

 
$
731

 
$
696

Acquisition of TFCF
587

 
—

 
—

 
—

Actual return on plan assets
690

 
579

 
33

 
34

Contributions
1,461

 
335

 
37

 
45

Benefits paid
(534
)
 
(467
)
 
(48
)
 
(51
)
Expenses and other
(54
)
 
(44
)
 
9

 
7

Ending fair value
$
14,878

 
$
12,728

 
$
762

 
$
731

 
 
 
 
 
 
 
 
Underfunded status of the plans
$
(3,653
)
 
$
(1,772
)
 
$
(1,184
)
 
$
(878
)
Amounts recognized in the balance sheet
 
 
 
 
 
 
 
Non-current assets
$
5

 
$
113

 
$
—

 
$
—

Current liabilities
(54
)
 
(51
)
 
(5
)
 
—

Non-current liabilities
(3,604
)
 
(1,834
)
 
(1,179
)
 
(878
)
 
$
(3,653
)
 
$
(1,772
)
 
$
(1,184
)
 
$
(878
)

(1) The actuarial loss for fiscal 2019 and the actuarial gain for fiscal 2018 were due to the change in the discount rate from the rate that was used in the preceding fiscal year.
Net Periodic Benefit Cost
The components of net periodic benefit cost are as follows: 
 
Pension Plans
 
Postretirement Medical Plans
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost
$
345

 
$
350

 
$
368

 
$
8

 
$
10

 
$
11

Other costs (benefits):
 
 
 
 
 
 
 
 
 
 
 
Interest cost
592

 
489

 
447

 
67

 
60

 
56

Expected return on plan assets
(978
)
 
(901
)
 
(874
)
 
(56
)
 
(53
)
 
(49
)
Amortization of prior-year service costs
13

 
13

 
12

 
—

 
—

 
—

Recognized net actuarial loss
260

 
348

 
405

 
—

 
14

 
17

Total other costs (benefits)
(113
)
 
(51
)
 
(10
)
 
11

 
21

 
24

Net periodic benefit cost
$
232

 
$
299

 
$
358

 
$
19

 
$
31

 
$
35
Key Assumptions
Key assumptions are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
Pension Plans
 
Postretirement Medical Plans
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate used to determine the fiscal year‑end benefit obligation
3.22
%
 
4.31
%
 
3.88
%
 
3.22
%
 
4.31
%
 
3.88
%
Discount rate used to determine the interest cost component of net periodic benefit cost
4.09
%
 
3.46
%
 
3.18
%
 
4.10
%
 
3.49
%
 
3.18
%
Rate of return on plan assets
7.25
%
 
7.50
%
 
7.50
%
 
7.25
%
 
7.50
%
 
7.50
%
Weighted average rate of compensation increase to determine the fiscal year‑end benefit obligation
3.20
%
 
3.20
%
 
2.90
%
 
n/a

 
n/a

 
n/a

Year 1 increase in cost of benefits
n/a

 
n/a

 
n/a

 
7.00
%
 
7.00
%
 
7.00
%
Rate of increase to which the cost of benefits is assumed to decline (the ultimate trend rate)
n/a

 
n/a

 
n/a

 
4.25
%
 
4.25
%
 
4.25
%
Year that the rate reaches the ultimate trend rate
n/a

 
n/a

 
n/a

 
2033

 
2032

 
2031
Accumulated Other Comprehensive Loss, Before Tax, Not yet Recognized in Net Periodic Benefit Cost
AOCI, before tax, as of September 28, 2019 consists of the following amounts that have not yet been recognized in net periodic benefit cost:
 
Pension Plans
 
Postretirement
Medical Plans
 
Total
Prior service cost
$
(41
)
 
$
—

 
$
(41
)
Net actuarial loss
(7,156
)
 
(294
)
 
(7,450
)
Total amounts included in AOCI
(7,197
)
 
(294
)
 
(7,491
)
Prepaid / (accrued) pension cost
3,544

 
(890
)
 
2,654

Net balance sheet liability
$
(3,653
)
 
$
(1,184
)
 
$
(4,837
)
Plan Assets Investment Policy Ranges for Major Asset Classes The investment policy ranges for the major asset classes are as follows: 
Asset Class
 
Minimum
 
Maximum
 
 
 
 
 
Equity investments
 
30
%
 
60
%
Fixed income investments

20
%
 
40
%
Alternative investments

10
%
 
30
%
Cash & money market funds

0
%
 
10
%
Defined Benefit Plan Assets Measured at Fair Value
The Company’s defined benefit plan assets are summarized by level in the following tables:
 
 
As of September 28, 2019
Description
 
Level 1
 
Level 2
 
Total
 
Plan Asset Mix
 
 
 
 
 
 
 
 
 
Cash
 
$
197

 
$
—

 
$
197

 
1
 %
Common and preferred stocks(1)
 
3,468

 
—

 
3,468

 
22
 %
Mutual funds
 
1,140

 
—

 
1,140

 
7
 %
Government and federal agency bonds, notes and MBS
 
2,042

 
404

 
2,446

 
16
 %
Corporate bonds
 
—

 
580

 
580

 
4
 %
Other mortgage- and asset-backed securities
 
—

 
127

 
127

 
1
 %
Derivatives and other, net
 
(6
)
 
(21
)
 
(27
)
 
—
 %
Total investments in the fair value hierarchy
 
$
6,841

 
$
1,090

 
$
7,931

 
 
 
 
 
 
 
 
 
 
 
Assets valued at NAV as a practical expedient:
 
 
 
 
 
 
 
 
Common collective funds
 
 
 
 
 
3,691

 
24
 %
Alternative investments
 
 
 
 
 
2,725

 
17
 %
Money market funds and other
 
 
 
 
 
1,293

 
8
 %
Total investments at fair value
 
 
 
 
 
$
15,640

 
100
 %
 
 
As of September 29, 2018
Description
 
Level 1
 
Level 2
 
Total
 
Plan Asset Mix
 
 
 
 
 
 
 
 
 
Cash
 
$
57

 
$
—

 
$
57

 
—
%
Common and preferred stocks(1)
 
3,023

 
—

 
3,023

 
22
%
Mutual funds
 
800

 
—

 
800

 
6
%
Government and federal agency bonds, notes and MBS
 
2,019

 
488

 
2,507

 
19
%
Corporate bonds
 
—

 
573

 
573

 
4
%
Other mortgage- and asset-backed securities
 
—

 
86

 
86

 
1
%
Derivatives and other, net
 
3

 
(1
)
 
2

 
—
%
Total investments in the fair value hierarchy
 
$
5,902

 
$
1,146

 
$
7,048

 
 
 
 
 
 
 
 
 
 
 
Assets valued at NAV as a practical expedient:
 
 
 
 
 
 
 
 
Common collective funds
 
 
 
 
 
2,778

 
21
%
Alternative investments
 
 
 
 
 
2,363

 
18
%
Money market funds and other
 
 
 
 
 
1,270

 
9
%
Total investments at fair value
 
 
 
 
 
$
13,459

 
100
%
(1) 
Includes 2.9 million shares of Company common stock valued at $373 million (2% of total plan assets) and 2.8 million shares valued at $332 million (2% of total plan assets) at September 28, 2019 and September 29, 2018, respectively.
Estimated Future Benefit Payments
The following table presents estimated future benefit payments for the next ten fiscal years: 
 
Pension
Plans
 
Postretirement
Medical Plans(1)
2020
$
626

 
$
58

2021
609

 
61

2022
647

 
67

2023
687

 
71

2024
727

 
75

2025 – 2029
4,223

 
433

(1) 
Estimated future benefit payments are net of expected Medicare subsidy receipts of $84 million
Long Term Rates of Return by Asset Class The following long-term rates of return by asset class were considered in setting the long-term rate of return on plan assets assumption: 
Equity Securities
7
%
to
11%
Debt Securities
3
%
to
5%
Alternative Investments
7
%
to
12%
One Percentage Point (ppt) Change on Projected Benefit Obligations A one percentage point (ppt) change in the discount rate and expected long-term rate of return on plan assets would have the following effects on the projected benefit obligations for pension and postretirement medical plans as of September 28, 2019 and on cost for fiscal 2020: 
 
Discount Rate
 
Expected Long-Term
Rate of Return On Assets
Increase/(decrease)
Benefit
Expense
 
Projected Benefit Obligations
 
Benefit
Expense
1 ppt decrease
$
313

 
$
3,566

 
$
157

1 ppt increase
(273
)
 
(3,001
)
 
(157
)
Contribution into Multiemployer Pension Plans and Health and Welfare Plans
The following table sets forth our contributions to multiemployer pension and health and welfare benefit plans: 
 
2019
 
2018
 
2017
Pension plans
$
189

 
$
144

 
$
127

Health & welfare plans
218

 
172

 
160

Total contributions
$
407

 
$
316

 
$
287