XML 52 R36.htm IDEA: XBRL DOCUMENT v3.20.2
Retirement Plans (Tables)
12 Months Ended
Oct. 02, 2020
Retirement Benefits [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)October 2,
2020
September 27,
2019
Change in benefit obligation:  
Benefit obligation - beginning of fiscal year$287.4 $225.7 
Service cost12.0 7.2 
Interest cost2.3 3.7 
Plan participants’ contributions15.8 12.2 
Plan amendments(13.9)0.8 
Plan settlements— (4.2)
Plan combinations1.6 — 
Actuarial (gain) loss(2.1)54.5 
Foreign currency changes20.0 (6.4)
Benefit and expense payments(8.0)(6.1)
Benefit obligation - end of fiscal year$315.1 $287.4 
Change in plan assets:  
Plan assets - beginning of fiscal year$257.8 $224.7 
Employer contributions10.6 8.7 
Actual return on plan assets6.1 28.5 
Plan participants’ contributions15.9 12.2 
Plan settlements— (4.2)
Foreign currency changes18.7 (6.2)
Benefit and expense payments(8.0)(5.9)
Plan assets - end of fiscal year$301.1 $257.8 
Funded status$(14.0)$(29.6)
Amounts recognized within the consolidated balance sheet:  
Other assets$5.8 $1.5 
Other long-term liabilities(19.8)(31.1)
Net amount recognized$(14.0)$(29.6)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss (Before Tax)
The following table presents the amounts recognized in accumulated other comprehensive loss, before tax, for the defined benefit pension plans: 
(In millions)October 2,
2020
September 27,
2019
Prior service credit$(19.1)$(6.2)
Net loss76.4 81.0 
Accumulated other comprehensive loss$57.3 $74.8 
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)October 2,
2020
September 27,
2019
Projected benefit obligation$22.8 $20.2 
Accumulated benefit obligation$20.4 $18.4 
Fair value of plan assets$13.2 $12.4 
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)202020192018
Net Periodic Benefit Costs:
Service cost$12.0 $7.2 $7.1 
Interest cost2.3 3.7 3.2 
Loss due to settlement— 0.9 1.0 
Expected return on assets(7.8)(6.3)(7.9)
Amortization of prior service cost(1.0)(0.9)(0.7)
Recognized actuarial loss4.2 2.2 2.9 
Net periodic benefit cost9.7 6.8 5.6 
Other Amounts Recognized in Other Comprehensive (Earnings) Loss:   
New prior service cost (credit)(13.9)0.8 (2.2)
Net (gain) loss arising during the year(0.5)32.3 (5.8)
Amortization of prior service cost1.0 0.8 0.7 
Amortization or settlement of net actuarial loss(4.2)(3.1)(4.0)
Total recognized in other comprehensive (earnings) loss(17.6)30.8 (11.3)
Total recognized in net periodic benefit cost and other comprehensive (earnings) loss$(7.9)$37.6 $(5.7)
Schedule of Accumulated Other Comprehensive Income (Loss) Expected to be Recognized as Components of Net Periodic Benefit Cost
The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during fiscal year 2021 for the Company’s defined benefit pension plans are as follows: 
(In millions)Total
Prior service credit$(1.9)
Net loss3.7 
Total$1.8 
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 Cost202020192018
Discount rate0.63 %1.69 %1.40 %
Rate of compensation increase2.27 %2.37 %2.40 %
Expected long-term return on assets2.90 %2.85 %3.66 %
 
The assumptions used to measure the benefit obligation for the Company’s defined benefit pension plans were as follows: 
Benefit ObligationOctober 2, 2020September 27, 2019
Discount rate0.68 %0.63 %
Rate of compensation increase2.25 %2.27 %
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 October 2, 2020:    
Investment funds:    
Mutual funds - equities$— $41.1 $— $41.1 
Mutual funds - debt— 139.3 — 139.3 
Mutual funds - real estate— 44.4 — 44.4 
Other— 40.6 — 40.6 
Assets held by insurance company:
Insurance contracts— 13.3 — 13.3 
Other— 9.3 — 9.3 
Cash and cash equivalents13.1 — 13.1 
Total$13.1 $288.0 $— $301.1 
As of September 27, 2019:    
Investment funds:    
Mutual funds - equities$— $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 equivalents1.8 — — 1.8 
Total$1.8 $252.4 $— $254.2 
Schedule Of Estimated Future Benefit Payments
Estimated future benefit payments to the defined benefit pension plans at October 2, 2020 were as follows:
 
(In millions)Future Benefit Payments
Fiscal Years: 
2021$10.2 
202210.5 
202310.1 
202411.8 
202511.5 
Thereafter62.2 
Total$116.3