v3.25.2
Pension Plans and Other Postretirement Benefits
 9 Months Ended
Jun. 28, 2025
Retirement Benefits [Abstract]  
Pension Plans and Other Postretirement Benefits
15.
Pension Plans and Other Postretirement Benefits

The following table provides the components of net periodic benefit costs:

 

 

Pension Benefits

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

June 28,

 

 

June 29,

 

 

June 28,

 

 

June 29,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest cost

 

$

646

 

 

$

805

 

 

$

1,939

 

 

$

2,414

 

Expected return on plan assets

 

 

(329

)

 

 

(314

)

 

 

(988

)

 

 

(943

)

Amortization of net loss

 

 

61

 

 

 

425

 

 

 

184

 

 

 

1,276

 

Pension settlement charge

 

 

450

 

 

 

550

 

 

 

450

 

 

 

550

 

Net periodic benefit cost

 

$

828

 

 

$

1,466

 

 

$

1,585

 

 

$

3,297

 

 

 

 

Postretirement Benefits

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

June 28,

 

 

June 29,

 

 

June 28,

 

 

June 29,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Interest cost

 

$

25

 

 

$

35

 

 

$

75

 

 

$

107

 

Amortization of prior service credits

 

 

(6

)

 

 

(64

)

 

 

(19

)

 

 

(194

)

Amortization of net (gain)

 

 

(172

)

 

 

(192

)

 

 

(515

)

 

 

(575

)

Net periodic benefit cost

 

$

(153

)

 

$

(221

)

 

$

(459

)

 

$

(662

)

 

The Partnership expects to contribute approximately $4,000 to the defined benefit pension plan during fiscal 2025, of which $3,000 was contributed during the nine months ended June 28, 2025. The projected annual contribution requirements related to the Partnership’s postretirement health care and life insurance benefit plan for fiscal 2025 is $342, of which $219 was contributed during the nine months ended June 28, 2025. During the third quarter of fiscal 2025 and 2024, lump sum pension settlement payments exceeded the settlement threshold (combined service and interest costs of net periodic pension cost) of $2,586 and $3,218, respectively, which required the Partnership to recognize non-cash settlement charges of $450 and $550, respectively. These non-cash charges were required to accelerate recognition of a portion of cumulative unamortized losses in the defined benefit pension plans. The components of net periodic benefit cost are included in the line item “Other, net” in the condensed consolidated statements of operations.

The Partnership contributes to multi-employer pension plans (“MEPPs”) in accordance with various collective bargaining agreements covering union employees. As one of the many participating employers in these MEPPs, the Partnership is responsible with the other participating employers for any plan underfunding. As of June 28, 2025 and September 28, 2024, the Partnership’s estimated obligation to these MEPPs was $18,928 and $20,026, respectively, as a result of its voluntary full withdrawal from certain MEPPs.