Pension and Retirement Plans (Tables)

12 Months Ended

Jun. 28, 2014

Compensation and Retirement Disclosure [Abstract]

Schedule of Defined Benefit Plans Disclosures

The following table outlines changes in benefit obligations, plan assets and the funded status of the Plan as of the end of fiscal 2014 and 2013:

	June 28, 2014			June 29, 2013
	(Thousands)
Changes in benefit obligations:
Benefit obligations at beginning of year	$	391,880		$	375,156
Service cost	36,733			36,920
Interest cost	17,155			14,653
Actuarial loss (gain)	34,726			(13,545		)
Benefits paid	(23,327		)	(21,304		)
Benefit obligations at end of year	$	457,167		$	391,880
Changes in plan assets:
Fair value of plan assets at beginning of year	$	365,373		$	301,449
Actual return on plan assets	67,914			45,228
Benefits paid	(23,327		)	(21,304		)
Contributions	40,000			40,000
Fair value of plan assets at end of year	$	449,960		$	365,373
Funded status of the plan recognized as a non-current liability	$	(7,207	)	$	(26,507	)
Amounts recognized in accumulated other comprehensive income:
Unrecognized net actuarial losses	$	158,103		$	173,069
Unamortized prior service credits	(6,050		)	(7,623		)
	$	152,053		$	165,446
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial gain	$	(2,280	)	$	(30,870	)
Amortization of net actuarial losses	(12,686		)	(14,898		)
Amortization of prior service credits	1,573			1,573
	$	(13,393	)	$	(44,195	)

Weighted average assumptions used to calculate actuarial present values of benefit

Weighted average assumptions used to calculate actuarial present values of benefit obligations are as follows:

	2014	2013
Discount rate	4.00%	4.50%

Weighted average assumptions used to determine net benefit costs

Weighted average assumptions used to determine net benefit costs are as follows:

	2014	2013
Discount rate	4.50%	4.00%
Expected return on plan assets	8.50%	8.50%

Components of net periodic pension costs

Components of net periodic pension cost during the last three fiscal years are as follows:

	Years Ended
	June 28, 2014			June 29, 2013			June 30, 2012
	(Thousands)
Service costs	$	36,733		$	36,920		$	28,380
Interest costs	17,155			14,653			14,925
Expected return on plan assets	(30,908		)	(27,905		)	(26,938		)
Recognized net actuarial losses	12,686			14,898			9,680
Amortization of prior service credits	(1,573		)	(1,573		)	(1,875		)
Net periodic pension cost	$	34,093		$	36,993		$	24,172

Estimated future benefit payments

Benefit payments are expected to be paid to Plan participants as follows for the next five fiscal years and the aggregate for the five years thereafter (in thousands):

2015	$	31,997
2016	26,982
2017	30,786
2018	34,646
2019	39,082
2020 through 2024	273,509

Plan's assets are held in trust and were allocated

	2014		2013
Equity securities	75	%	75	%
Fixed income debt securities	24	%	24	%
Cash and cash equivalents	1	%	1	%

The following table sets forth the fair value of the Plan's investments as of June 29, 2013:

	Level 1		Level 2		Level 3		Total
	(Thousands)
Cash and cash equivalents	$	3,032	$	—	$	—	$	3,032
Equities:
U.S. common stocks	—		219,225		—		219,225
International common stocks	—		56,458		—		56,458
Fixed Income:
U.S. government agencies	—		10,004		—		10,004
U.S. corporate bonds	—		76,654		—		76,654
Total	$	3,032	$	362,341	$	—	$	365,373

The following table sets forth the fair value of the Plan's investments as of June 28, 2014:

	Level 1		Level 2		Level 3		Total
	(Thousands)
Cash and cash equivalents	$	3,025	$	—	$	—	$	3,025
Equities:
U.S. common stocks	—		267,741		—		267,741
International common stocks	—		71,273		—		71,273
Fixed Income:
U.S. government agencies	—		10,439		—		10,439
U.S. corporate bonds	—		97,482		—		97,482
Total	$	3,025	$	446,935	$	—	$	449,960