Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
---|
2015-10-04 - 2016-10-01 |
---|
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Changes in Projected Benefit Obligations | The reconciliation of the beginning and ending balances of the PBO for the Defined Benefit Plan for the fiscal years indicated is presented in the following table: | | | | | | | | | | Benefit Obligation | (in thousands of dollars) | 2016 | | 2015 | Projected benefit obligation balance, beginning of year | $ | 142,798 |
| | $ | 142,555 |
| Interest cost | 5,643 |
| | 5,707 |
| Assumption changes (1) | 14,402 |
| | 1,246 |
| Actuarial gain | 440 |
| | 394 |
| Benefits paid | (6,253 | ) | | (7,104 | ) | Projected benefit obligations balance, end of year | $ | 157,030 |
| | $ | 142,798 |
|
(1) The assumption changes referenced in the table above result from (i) changes in the utilized discount rate to value Blue Bird’s future obligations and (ii) updates to the mortality table projections used in the calculation of the benefit obligations. |
Schedule of Changes in Fair Value of Plan Assets | The summary and reconciliation of the beginning and ending balances of the fair value of the plan assets are as follows: | | | | | | | | | | Plan Assets | (in thousands of dollars) | 2016 | | 2015 | Fair value of plan assets, beginning of year | $ | 96,371 |
| | $ | 101,674 |
| Actual return on plan assets | 6,337 |
| | (3,039 | ) | Employer contribution | 5,305 |
| | 5,516 |
| Expenses | (1,098 | ) | | (676 | ) | Benefits paid | (6,253 | ) | | (7,104 | ) | Fair value of plan assets, end of year | $ | 100,662 |
| | $ | 96,371 |
|
|
Schedule of Net Funded Status | The net pension liability is reflected in long-term liabilities on the Consolidated Balance Sheets. | | | | | | | | | | Funded Status | (in thousands of dollars) | October 1, 2016 | | October 3, 2015 | Benefit obligation | $ | 157,030 |
| | $ | 142,798 |
| Fair value of plan assets | 100,662 |
| | 96,371 |
| Funded status | (56,368 | ) | | (46,427 | ) | Net pension liability recognized | $ | (56,368 | ) | | $ | (46,427 | ) |
|
Schedule of Allocation of Plan Assets | The following table sets forth, by level within the fair value hierarchy, a summary of the Defined Benefit Plan’s investments measured at fair value: | | | | | | | | | | | | | | | | | | (in thousands of dollars) | | Level 1 | | Level 2 | | Level 3 | | Total | October 1, 2016 | | | | | | | | | Assets: | | | | | | | | | Equity securities | | $ | — |
| | $ | 58,904 |
| | $ | — |
| | $ | 58,904 |
| Debt securities | | — |
| | 41,758 |
| | — |
| | 41,758 |
| Total assets at fair value | | $ | — |
| | $ | 100,662 |
| | $ | — |
| | $ | 100,662 |
| | | | | | | | | | October 3, 2015 | | | | | | | | | Assets: | | | | | | | | | Equity securities | | $ | — |
| | $ | 73,336 |
| | $ | — |
| | $ | 73,336 |
| Debt securities | | — |
| | 23,035 |
| | — |
| | 23,035 |
| Total assets at fair value | | $ | — |
| | $ | 96,371 |
| | $ | — |
| | $ | 96,371 |
|
The Defined Benefit Plan asset allocations at the dates indicated, the measurement date, are as follows: | | | | | | | | October 1, 2016 | | October 3, 2015 | Equity securities | 59 | % | | 76 | % | Debt securities | 41 | % | | 24 | % | | 100 | % | | 100 | % |
|
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The following table represents net periodic benefit cost and changes in plan assets and benefit obligations recognized in other comprehensive income, before tax effect, for the fiscal years presented: | | | | | | | | | | | | | (in thousands of dollars) | 2016 | | 2015 | | 2014 | Interest cost | $ | 5,643 |
| | $ | 5,707 |
| | $ | 6,084 |
| Expected return on plan assets | (6,112 | ) | | (6,443 | ) | | (6,524 | ) | Amortization of net loss | 4,787 |
| | 3,567 |
| | 2,804 |
| Net periodic benefit cost | $ | 4,318 |
| | $ | 2,831 |
| | $ | 2,364 |
| Net loss | 15,716 |
| | 11,797 |
| | 9,261 |
| Amortization of net loss | (4,787 | ) | | (3,567 | ) | | (2,804 | ) | Total recognized in other comprehensive income | $ | 10,929 |
| | $ | 8,230 |
| | $ | 6,457 |
| Total recognized in net periodic pension benefit cost and other comprehensive income | $ | 15,247 |
| | $ | 11,061 |
| | $ | 8,821 |
|
|
Schedule of Assumptions Used | | | | | | | | | Weighted-average assumptions used to determine net periodic benefit cost: | | October 1, 2016 | | October 3, 2015 | Discount rate | | 4.05 | % | | 4.10 | % | Expected long-term return on plan assets | | 6.37 | % | | 6.37 | % | Rate of compensation increase | | N/A |
| | N/A |
|
| | | | | | | | Weighted-average assumptions used to determine benefit obligations: | | October 1, 2016 | | October 3, 2015 | Discount rate | | 3.30 | % | | 4.05 | % | Rate of compensation increase | | N/A |
| | N/A |
|
|
Schedule of Expected Benefit Payments | The following benefit payments are expected to be paid to the Company’s pension plan participants in the fiscal years indicated: | | | | | (in thousands of dollars) | Expected Payments | 2017 | $ | 7,209 |
| 2018 | 7,419 |
| 2019 | 7,572 |
| 2020 | 7,675 |
| 2021 | 7,875 |
| 2022 - 2026 | 42,362 |
| Total expected future benefit payments | $ | 80,112 |
|
|