Note 16 Employee Benefit Plans

12 Months Ended

Sep. 28, 2019

Pension and Other Postretirement Benefits Disclosure [Text Block]

Employee Benefit Plans

The Company has various defined contribution retirement plans that cover the majority of its domestic employees. These retirement plans permit participants to elect to have contributions made to the retirement plans in the form of salary deferrals. Under these retirement plans, the Company may match a portion of employee contributions. Amounts contributed by the Company were not material for any period presented herein.

The Company sponsors a deferred compensation plan for eligible employees that allows participants to defer payment of all or part of their compensation. Deferrals under this plan were $4 million and $5 million for 2019 and 2018, respectively. Assets associated with these plans were $36 million and $35 million as of September 28, 2019 and September 29, 2018, respectively. Liabilities associated with these plans were $36 million and $35 million as of September 28, 2019 and September 29, 2018, respectively. These amounts are recorded in other non-current assets and other long-term liabilities on the consolidated balance sheets.

Defined benefit plans covering certain employees in the United States and Canada were frozen in 2001. Employees who had not yet vested will continue to be credited with service until vesting occurs, but no additional benefits will accrue.

The Company also provides defined benefit pension plans in certain other countries. The assumptions used for calculating the pension benefit obligations for non-U.S. plans depend on the local economic environment and regulations. The measurement date for the Company's defined benefit plans is September 28, 2019.

The funded status and plan assets for the defined benefit plans and amount reported on the consolidated balance sheets were as follows:



	As of
	September 28, 2019				September 29, 2018				September 30, 2017
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Plan Assets	$	15,421	$	23,877	$	16,784	$	26,114	$	16,930	$	26,993
Projected Benefit Obligation	24,221		58,842		22,586		50,930		24,743		48,873

Current Liabilities	$	—	$	1,443	$	—	$	1,430	$	—	$	1,117
Non-current liabilities	8,800		33,522		5,802		23,386		7,813		20,763
Underfunded Status	$	8,800	$	34,965	$	5,802	$	24,816	$	7,813	$	21,880

The Company’s investment strategy is designed to help ensure that sufficient pension assets are available to pay benefits as they become due. Plan assets are invested in mutual funds that are valued using the NAV that is quoted in active markets (Level 1 input). These plans are managed consistent with regulations or market practices of the country in which the assets are invested. As of September 28, 2019 there were no significant concentrations of credit risk related to pension plan assets. All other amounts and assumptions were not material for any period presented herein.