Rendering

Component: (Network and Table)
Network
2311301 - Disclosure - Retirement Plans (Tables)
(http://www.jackinthebox.com/role/RetirementPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0000807882 (http://www.sec.gov/CIK)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2015-09-28 - 2016-10-02
Compensation and Retirement Disclosure [Abstract]
 
Reconciliation Of The Changes In Benefit Obligations, Plan Assets And Funded Status Of Retirement Plans
The following table provides a reconciliation of the changes in benefit obligations, plan assets and funded status of our retirement plans for each fiscal year (in thousands):
 
 
 
Qualified Plan
 
SERP
 
Postretirement Health Plans
 
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
Obligation at beginning of year
 
$
442,264

 
$
434,896

 
$
75,346

 
$
69,733

 
$
28,911

 
$
27,626

Service cost
 
4,479

 
7,592

 
773

 
676

 
—

 
—

Interest cost
 
20,926

 
19,750

 
3,253

 
2,945

 
1,263

 
1,196

Participant contributions
 
—

 
—

 
—

 
—

 
127

 
114

Actuarial loss (gain)
 
75,456

 
16,757

 
6,938

 
6,447

 
(768
)
 
1,008

Benefits paid
 
(9,791
)
 
(10,261
)
 
(4,860
)
 
(4,455
)
 
(1,161
)
 
(1,184
)
Settlements
 
(10,875
)
 
(26,470
)
 
—

 
—

 
—

 
—

Other
 
—

 
—

 
—

 
—

 
(158
)
 
151

Obligation at end of year
 
$
522,459

 
$
442,264

 
$
81,450

 
$
75,346

 
$
28,214

 
$
28,911

Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
 
Fair value at beginning of year
 
$
332,657

 
$
356,312

 
$
—

 
$
—

 
$
—

 
$
—

Actual return on plan assets
 
31,411

 
(6,924
)
 
—

 
—

 
—

 
—

Participant contributions
 
—

 
—

 
—

 
—

 
127

 
114

Employer contributions
 
95,000

 
20,000

 
4,860

 
4,455

 
1,192

 
919

Benefits paid
 
(9,791
)
 
(10,261
)
 
(4,860
)
 
(4,455
)
 
(1,161
)
 
(1,184
)
Settlements
 
(10,875
)
 
(26,470
)
 
—

 
—

 
—

 
—

Other
 
—

 
—

 
—

 
—

 
(158
)
 
151

Fair value at end of year
 
$
438,402

 
$
332,657

 
$
—

 
$
—

 
$
—

 
$
—

Funded status at end of year
 
$
(84,057
)
 
$
(109,607
)
 
$
(81,450
)
 
$
(75,346
)
 
$
(28,214
)
 
$
(28,911
)
Amounts recognized on the balance sheet:
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
$
—

 
$
—

 
$
(4,504
)
 
$
(4,477
)
 
$
(1,325
)
 
$
(1,294
)
Noncurrent liabilities
 
(84,057
)
 
(109,607
)
 
(76,946
)
 
(70,869
)
 
(26,889
)
 
(27,617
)
Total liability recognized
 
$
(84,057
)
 
$
(109,607
)
 
$
(81,450
)
 
$
(75,346
)
 
$
(28,214
)
 
$
(28,911
)
Amounts in AOCI not yet reflected in net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
 
Unamortized actuarial loss, net
 
$
216,129

 
$
153,156

 
$
37,417

 
$
31,738

 
$
2,239

 
$
3,226

Unamortized prior service cost
 
—

 
—

 
571

 
811

 
—

 
—

Total
 
$
216,129

 
$
153,156

 
$
37,988

 
$
32,549

 
$
2,239

 
$
3,226

Other changes in plan assets and benefit obligations recognized in OCI:
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
 
$
65,801

 
$
46,952

 
$
6,938

 
$
6,447

 
$
(768
)
 
$
1,008

Amortization of actuarial loss
 
(2,828
)
 
(8,278
)
 
(1,259
)
 
(1,134
)
 
(219
)
 
(182
)
Amortization of prior service cost
 
—

 
—

 
(240
)
 
(269
)
 
—

 
—

Total recognized in OCI
 
62,973

 
38,674

 
5,439

 
5,044

 
(987
)
 
826

Net periodic benefit cost and other losses
 
6,477

 
12,347

 
5,525

 
5,024

 
1,482

 
1,378

Total recognized in comprehensive income
 
$
69,450

 
$
51,021

 
$
10,964

 
$
10,068

 
$
495

 
$
2,204

Amounts in AOCI expected to be amortized in fiscal 2017 net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial loss
 
$
4,455

 
 
 
$
1,658

 
 
 
$
161

 
 
Prior service cost
 
—

 
 
 
153

 
 
 
—

 
 
Total
 
$
4,455

 
 
 
$
1,811

 
 
 
$
161

 
 
The fair values of the Qualified Plan’s assets by asset category are as follows (in thousands):
  
 
  
 
Total
 
Quoted Prices
in Active
Markets for
Identical
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Items Measured at Fair Value at September 30, 2016:
 
 
 
 
 
 
 
 
 
 
Asset Category:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
(1
)
 
$
5,479

 
$
—

 
$
5,479

 
$
—

Equity:
 
 
 
 
 
 
 
 
 
 
U.S
 
(3
)
 
101,174

 
101,174

 
—

 
—

International
 
(4
)
 
121,884

 
118,960

 
2,924

 
—

Fixed income:
 
 
 
 
 
 
 
 
 
 
Investment grade
 
(5
)
 
120,439

 
46,152

 
74,287

 
—

High yield
 
(6
)
 
24,638

 
24,638

 
—

 
—

Alternatives
 
(7
)
 
24,642

 
24,642

 
—

 
—

Real estate
 
(8
)
 
40,146

 
—

 
—

 
40,146

 
 
 
 
$
438,402

 
$
315,566

 
$
82,690

 
$
40,146

Items Measured at Fair Value at September 30, 2015:
 
 
 
 
 
 
 
 
 
 
Asset Category:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
(2
)
 
$
3,629

 
$
3,629

 
$
—

 
$
—

Equity:
 
 
 
 
 
 
 
 
 
 
U.S
 
(3
)
 
83,034

 
83,034

 
—

 
—

International
 
(4
)
 
88,827

 
88,827

 
—

 
—

Fixed income:
 
 
 
 
 
 
 
 
 
 
Investment grade
 
(5
)
 
88,621

 
29,054

 
59,567

 
—

High yield
 
(6
)
 
7,243

 
7,243

 
—

 
—

Alternatives
 
(7
)
 
24,336

 
24,336

 
—

 
—

Real estate
 
(8
)
 
36,967

 
—

 
—

 
36,967

 
 
 
 
$
332,657

 
$
236,123

 
$
59,567

 
$
36,967

_________________________
(1)
Cash and cash equivalents are comprised of commercial paper, short-term bills and notes, and short-term investment funds, which are valued at quoted prices in active markets for similar securities.
(2)
Cash and cash equivalents are comprised of commercial paper, short-term bills and notes, and short-term investment funds, which are valued at unadjusted quoted market prices.
(3)
U.S. equity securities are comprised of investments in common stock of U.S. companies for total return purposes. These investments are valued by the trustee at closing prices from national exchanges on the valuation date.
(4)
International equity securities are comprised of investments in common stock of companies located outside of the U.S for total return purposes. These investments are valued by the trustee at closing prices from national exchanges on the valuation date, or the values are adjusted as a result of market movements following the close of local trading using inputs to models that are observable either directly or indirectly.
(5)
Investment grade fixed income consists of debt obligations either issued by the US government or have a rating of BBB- / Baa or higher assigned by a major credit rating agency. These investments are valued based on unadjusted quoted market prices (Level 1), or based on quoted prices in inactive markets, or whose values are based on models, but the inputs to those models are observable either directly or indirectly (Level 2).
(6)
High yield fixed income consists primarily of debt obligations that have a rating of below BBB- / Baa or lower assigned by a major credit rating agency.  These investments are valued based on unadjusted quoted market prices.
(7)
Alternative investments consists primarily of an investment in asset classes other than stocks, bonds, and cash.  Alternative investments can include commodities, hedge funds, private equity, managed futures, and derivatives.  These investments are valued based on unadjusted quoted market prices.
(8)
Real estate is investments in a real estate collective trust for purposes of total return. These investments are valued based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

  
Fair Value Of Plan Assets Of Pension Plans
The following sets forth the PBO, ABO and fair value of plan assets of our pension plans as of the measurement date in each fiscal year (in thousands):
 
 
 
2016
 
2015
Qualified Plan:
 
 
 
 
Projected benefit obligation
 
$
522,459

 
$
442,264

Accumulated benefit obligation
 
$
522,459

 
$
441,451

Fair value of plan assets
 
$
438,402

 
$
332,657

SERP:
 
 
 
 
Projected benefit obligation
 
$
81,450

 
$
75,346

Accumulated benefit obligation
 
$
80,815

 
$
74,388

Fair value of plan assets
 
$
—

 
$
—

  
Components Of Net Periodic Benefit Cost
The components of the fiscal year net periodic benefit cost were as follows (in thousands):
 
 
 
2016
 
2015
 
2014
Qualified Plan:
 
 
 
 
 
 
Service cost
 
$
4,479

 
$
7,592

 
$
7,633

Interest cost
 
20,926

 
19,750

 
20,196

Expected return on plan assets
 
(21,756
)
 
(23,273
)
 
(24,492
)
Actuarial loss
 
2,828

 
8,278

 
3,575

Net periodic benefit cost
 
$
6,477

 
$
12,347

 
$
6,912

SERP:
 
 
 
 
 
 
Service cost
 
$
773

 
$
676

 
$
490

Interest cost
 
3,253

 
2,945

 
3,049

Actuarial loss
 
1,259

 
1,134

 
859

Amortization of unrecognized prior service cost
 
240

 
269

 
269

Net periodic benefit cost
 
$
5,525

 
$
5,024

 
$
4,667

Postretirement health plans:
 
 
 
 
 
 
Interest cost
 
$
1,263

 
$
1,196

 
$
1,639

Actuarial loss
 
219

 
182

 
542

Net periodic benefit cost
 
$
1,482

 
$
1,378

 
$
2,181

  
Determining The Present Values Of Benefit Obligations And Net Periodic Benefit Costs
In determining the present values of our benefit obligations and net periodic benefit costs as of and for the fiscal years ended October 2, 2016, September 27, 2015 and September 28, 2014, we used the following weighted-average assumptions:
 
 
 
2016
 
2015
 
2014
Assumptions used to determine benefit obligations (1):
 
 
 
 
 
 
Qualified Plan:
 
 
 
 
 
 
Discount rate
 
3.85
%
 
4.79
%
 
4.60
%
Rate of future pay increases
 
—
%
 
3.50
%
 
3.50
%
SERP:
 
 
 
 
 
 
Discount rate
 
3.60
%
 
4.45
%
 
4.36
%
Rate of future pay increases
 
3.50
%
 
3.50
%
 
3.50
%
Postretirement health plans:
 
 
 
 
 
 
Discount rate
 
3.64
%
 
4.47
%
 
4.43
%
Assumptions used to determine net periodic benefit cost (2):
 
 
 
 
 
 
Qualified Plan:
 
 
 
 
 
 
Discount rate
 
4.79
%
 
4.60
%
 
5.37
%
Long-term rate of return on assets
 
6.50
%
 
6.50
%
 
7.25
%
Rate of future pay increases
 
3.50
%
 
3.50
%
 
3.50
%
SERP:
 
 
 
 
 
 
Discount rate
 
4.45
%
 
4.36
%
 
4.88
%
Rate of future pay increases
 
3.50
%
 
3.50
%
 
3.50
%
Postretirement health plans:
 
 
 
 
 
 
Discount rate
 
4.47
%
 
4.43
%
 
5.04
%
 ____________________________
(1)
Determined as of end of year.
(2)
Determined as of beginning of year.
  
Health Care Cost Trend Rates For Postretirement Health Plans
For measurement purposes, the weighted-average assumed health care cost trend rates for our postretirement health plans were as follows for each fiscal year:
 
 
2016
 
2015
 
2014
Healthcare cost trend rate for next year:
 
 
 
 
 
 
Participants under age 65
 
7.75
%
 
8.00
%
 
8.25
%
Participants age 65 or older
 
7.25
%
 
7.50
%
 
7.75
%
Rate to which the cost trend rate is assumed to decline:
 
 
 
 
 
 
Participants under age 65
 
4.50
%
 
4.50
%
 
4.50
%
Participants age 65 or older
 
4.50
%
 
4.50
%
 
4.50
%
Year the rate reaches the ultimate trend rate:
 
 
 
 
 
 
Participants under age 65
 
2030

 
2030

 
2030

Participants age 65 or older
 
2028

 
2028

 
2028

  
Effect Of Change In The Assumed Health Care Cost Trend Rate
For example, a 1.0% change in the assumed healthcare cost trend rate would have the following effect on the 2016 net periodic benefit cost and end of year PBO (in thousands):
 
 
1% Point
  Increase   
 
1% Point
  Decrease   
Total interest and service cost
 
$
156

 
$
(132
)
Postretirement benefit obligation
 
$
3,373

 
$
(2,875
)
  
Fair Values Of The Qualified Plan's Assets
Our plan asset allocation at the end of fiscal 2016 and target allocations were as follows:
 
 
2016
 
Target
 
Minimum
 
Maximum
Cash and cash equivalents
 
1
%
 
—
%
 
—
%
 
—
%
Domestic equity
 
23

 
25

 
15
%
 
35
%
International equity
 
28

 
25

 
15
%
 
35
%
Core fixed funds
 
27

 
25

 
20
%
 
30
%
High yield
 
6

 
5

 
—
%
 
10
%
Alternative investments
 
6

 
9

 
—
%
 
20
%
Real estate
 
9

 
8

 
—
%
 
10
%
Real return bonds
 
—

 
3

 
—
%
 
10
%
 
 
100
%
 
100
%
 
 
 
 
  
Changes In Level 3 Investments For The Qualified Plan
The following table presents the changes in Level 3 investments for the Qualified Plan during 2015 and 2016 (in thousands):
  
Real Estate
Balance at September 30, 2014
$
32,593

Actual return on plan assets:
 
Relating to assets still held at the reporting date
4,665

Relating to assets sold during the period
40

Purchases, sales and settlements
(331
)
Balance at September 30, 2015
$
36,967

Actual return on plan assets:
 
Relating to assets still held at the reporting date
$
3,486

Relating to assets sold during the period
67

Purchases, sales and settlements
(374
)
Balance at September 30, 2016
$
40,146

  
Contributions Expected To Be Paid In The Next Fiscal Year And The Projected Benefit Payments
Contributions expected to be paid in the next fiscal year, the projected benefit payments for each of the next five fiscal years, and the total aggregate amount for the subsequent five fiscal years are as follows (in thousands):
 
 
Defined Benefit Pension Plans
 
Postretirement
Health Plans
Estimated net contributions during fiscal 2017
 
$
4,504

 
$
1,349

Estimated future year benefit payments during fiscal years:
 
 
 
 
2017
 
$
15,413

 
$
1,349

2018
 
$
15,708

 
$
1,411

2019
 
$
16,455

 
$
1,471

2020
 
$
17,125

 
$
1,524

2021
 
$
17,651

 
$
1,625

2022-2026
 
$
106,805

 
$
8,564