Retirement Plans (Tables)

12 Months Ended

Sep. 27, 2019

Defined Contribution Plan [Abstract]

Schedule of Funded Status of the Defined Benefit Pension Plans

The following table presents the funded status of the defined benefit pension plans:

(In millions)	September 27, 2019			September 28, 2018
Change in benefit obligation:
Benefit obligation - beginning of fiscal year	$	225.7		$	230.7
Service cost	7.2			7.1
Interest cost	3.7			3.2
Plan participants’ contributions	12.2			13.0
Plan amendments	0.8			(2.2		)
Plan settlements	(4.2		)	(6.5		)
Actuarial (gain) loss	54.5			(10.1		)
Foreign currency changes	(6.4		)	(3.5		)
Benefit and expense payments	(6.1		)	(6.0		)
Benefit obligation - end of fiscal year	$	287.4		$	225.7
Change in plan assets:
Plan assets - beginning of fiscal year	$	224.7		$	215.1
Employer contributions	8.7			9.0
Actual return on plan assets	28.5			3.6
Plan participants’ contributions	12.2			13.0
Plan settlements	(4.2		)	(6.5		)
Foreign currency changes	(6.2		)	(3.5		)
Benefit and expense payments	(5.9		)	(6.0		)
Plan assets - end of fiscal year	$	257.8		$	224.7
Funded status	$	(29.6	)	$	(1.0	)
Amounts recognized within the consolidated balance sheet:
Other assets	$	1.5		$	7.6
Other long-term liabilities	(31.1		)	(8.6		)
Net amount recognized	$	(29.6	)	$	(1.0	)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss (Before Tax)

The following table presents the amounts recognized in accumulated other comprehensive loss, before tax, for the defined benefit pension plans: 

(In millions)	September 27, 2019			September 28, 2018
Prior service credit	$	6.2		$	7.7
Net loss	(81.0		)	(51.8		)
Accumulated other comprehensive loss	$	(74.8	)	$	(44.1	)

Schedule of Defined Benefit Pension Plan Balances with Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets

The following table presents the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for those defined benefit pension plans where accumulated benefit obligations exceeded the fair value of plan assets: 

(In millions)	September 27, 2019		September 28, 2018
Projected benefit obligation	$	20.2	$	15.4
Accumulated benefit obligation	$	18.4	$	14.3
Fair value of plan assets	$	12.4	$	13.0

Schedule of Net Periodic Benefit Costs

The following table shows the components of the Company’s net periodic benefit costs and the other amounts recognized in other comprehensive earnings (loss), before tax, for the Company’s defined benefit pension plans:

	Fiscal Years
(In millions)	2019			2018			2017
Net Periodic Benefit Costs:
Service cost	$	7.2		$	7.1		$	7.1
Interest cost	3.7			3.2			2.4
Loss due to settlement	0.9			1.0			1.4
Expected return on assets	(6.3		)	(7.9		)	(7.1		)
Amortization of prior service cost	(0.9		)	(0.7		)	(0.5		)
Recognized actuarial loss	2.2			2.9			4.3
Net periodic benefit cost	6.8			5.6			7.6
Other Amounts Recognized in Other Comprehensive (Earnings) Loss:
New prior service cost (credit)	0.8			(2.2		)	(5.0		)
Net (gain) loss arising during the year	32.3			(5.8		)	(12.2		)
Amortization of prior service cost	0.8			0.7			0.5
Amortization or settlement of net actuarial loss	(3.1		)	(4.0		)	(5.7		)
Total recognized in other comprehensive (earnings) loss	30.8			(11.3		)	(22.4		)
Total recognized in net periodic benefit cost and other comprehensive (earnings) loss	$	37.6		$	(5.7	)	$	(14.8	)

Schedule of Accumulated Other Comprehensive Income (Loss) Expected to be Recognized as Components of Net Periodic Benefit Cost

The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during fiscal year 2020 for the Company’s defined benefit pension plans are as follows: 

(In millions)	Total
Prior service credit	$	0.7
Net loss	(4.2		)
Total	$	(3.5	)

Schedule of Assumptions Used to Determine Defined Benefit Pension

The assumptions used to determine net periodic benefit cost and to compute the expected long-term return on assets for the Company’s defined benefit pension plans were as follows:

	Fiscal Years
Net Periodic Benefit Cost	2019		2018		2017
Discount rate	1.69	%	1.40	%	1.03	%
Rate of compensation increase	2.37	%	2.40	%	2.33	%
Expected long-term return on assets	2.85	%	3.66	%	3.56	%

The assumptions used to measure the benefit obligation for the Company’s defined benefit pension plans were as follows: 

Benefit Obligation	September 27, 2019		September 28, 2018
Discount rate	0.63	%	1.69	%
Rate of compensation increase	2.27	%	2.37	%

Schedule of Fair Values of Plan Assets

The following table presents the Company’s defined benefit pension plans’ major asset categories, their associated fair values, as well as the actual allocation of equity, debt and fixed income, real estate and all other types of investments: 

(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
As of September 27, 2019:
Investment funds:
Mutual funds - equities	$	—	$	51.9	$	—	$	51.9
Mutual funds - debt	—		112.5		—		112.5
Hedge funds	—		4.0		—		4.0
Mutual funds - real estate	—		43.9		—		43.9
Other	—		27.1		—		27.1
Assets held by insurance company:
Insurance contracts	—		13.0		—		13.0
Cash and cash equivalents	1.8		—		—		1.8
Total	$	1.8	$	252.4	$	—	$	254.2
As of September 28, 2018:
Investment funds:
Mutual funds - equities	$	—	$	29.5	$	—	$	29.5
Mutual funds - debt	—		45.2		—		45.2
Mutual funds - real estate	—		9.0		—		9.0
Other	—		23.7		—		23.7
Assets held by insurance company:
Insurance contracts	—		116.1		—		116.1
Cash and cash equivalents	1.2		—		—		1.2
Total	$	1.2	$	223.5	$	—	$	224.7

Schedule Of Estimated Future Benefit Payments

Estimated future benefit payments to the defined benefit pension plans at September 27, 2019 were as follows:

(In millions)	Future Benefit Payments
Fiscal Years:
2020	$	7.0
2021	8.4
2022	8.2
2023	7.6
2024	9.3
Thereafter	45.6
Total	$	86.1