Rendering

Component: (Network and Table)
Network
2316301 - Disclosure - Benefit Plans (Tables)
(http://www.blue-bird.com/role/BenefitPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
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