RETIREMENT PLANS

9 Months Ended

Jul. 09, 2023

Retirement Benefits [Abstract]

RETIREMENT PLANS

RETIREMENT PLANSDefined benefit pension plans — The Company sponsors two defined benefit pension plans, a frozen “Qualified Plan” covering substantially all full-time employees hired prior to January 1, 2011, and an unfunded supplemental executive retirement plan (“SERP”) which provides certain employees additional pension benefits and was closed to new participants effective January 1, 2007. Benefits under both plans are based on the employee’s years of service and compensation over defined periods of employment.

Post-retirement healthcare plans — The Company also sponsors two healthcare plans, closed to new participants, that provide post-retirement medical benefits to certain employees who have met minimum age and service requirements. The plans are contributory, with retiree contributions adjusted annually, and they contain other cost-sharing features such as deductibles and coinsurance.

Net periodic benefit cost (credit) — The components of net periodic benefit cost in each period were as follows (in thousands): 

	Quarter				Year-to-date
	July 9, 2023		July 10, 2022		July 9, 2023		July 10, 2022
Defined benefit pension plans:
Interest cost	$	4,434	$	3,388	$	14,782	$	11,292
Expected return on plan assets	(3,486)		(4,179)		(11,619)		(13,926)
Actuarial losses (1)	708		890		2,359		2,968
Amortization of unrecognized prior service costs (1)	5		5		15		15
Net periodic benefit cost	$	1,661	$	104	$	5,537	$	349
Post-retirement healthcare plans:
Interest cost	$	162	$	113	$	539	$	376
Actuarial gains (1)	(215)		(147)		(717)		(492)
Net periodic benefit credit	$	(53)	$	(34)	$	(178)	$	(116)

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(1)Amounts were reclassified from accumulated other comprehensive income into net earnings as a component of “Other pension and post-retirement expenses, net.”

Future cash flows — The Company’s policy is to fund our plans at or above the minimum required by law. As of January 1, 2022, the date of our last actuarial funding valuation, there was no minimum contribution funding requirement for the Qualified Plan. Details regarding 2023 contributions are as follows (in thousands):

	SERP		Post-Retirement Healthcare Plans
Net year-to-date contributions	$	3,930	$	744
Remaining estimated net contributions during fiscal 2023	$	1,283	$	368

The Company continues to evaluate contributions to our Qualified Plan based on changes in pension assets as a result of asset performance in the current market and the economic environment. The Company does not anticipate making any contributions to our Qualified Plan in fiscal 2023.