Pension and retirement plans (Tables)

12 Months Ended

Jul. 01, 2017

Defined Benefit Plan Disclosure [Line Items]

Table outlining changes in benefit obligations, plan assets and the funded status of the Plan

	July 1,		July 2,
	2017		2016
	(Thousands)
Changes in benefit obligations:
Benefit obligations at beginning of year	$	588,511	$	513,406
Acquired benefit obligations		165,046		—
Service cost		29,623		39,740
Interest cost		19,323		21,310
Actuarial loss		15,686		41,799
Benefits paid		(46,121)		(27,744)
Benefit obligations at end of year	$	772,068	$	588,511
Changes in plan assets:
Fair value of plan assets at beginning of year	$	516,089	$	484,408
Acquired plan assets		144,238		—
Actual return on plan assets		51,409		19,425
Benefits paid		(46,121)		(27,744)
Contributions		33,750		40,000
Fair value of plan assets at end of year	$	699,365	$	516,089
Funded status of the plan recognized as a non-current liability	$	(72,703)	$	(72,422)
Amounts recognized in accumulated other comprehensive income:
Unrecognized net actuarial losses	$	234,863	$	235,747
Unamortized prior service credits		(691)		(2,903)
	$	234,172	$	232,844
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial gain	$	9,744	$	62,659
Amortization of net actuarial losses		(14,440)		(12,731)
Amortization of prior service credits		1,573		1,573
Curtailment recognition of prior service credit		614		—
	$	(2,509)	$	51,501

Weighted average assumptions used to calculate actuarial present values of benefit obligations

	2017		2016
Discount rate	3.8	%	3.4	%

Weighted average assumptions used to determine net benefit costs

	2017		2016
Discount rate	3.3	%	4.3	%
Expected return on plan assets	8.0	%	8.3	%

Components of net periodic pension costs

	Years Ended
	July 1,		July 2,		June 27,
	2017		2016		2015
	(Thousands)
Service cost	$	29,623	$	39,740	$	39,492
Interest cost		19,323		21,310		17,797
Expected return on plan assets		(49,279)		(40,285)		(36,221)
Amortization of prior service credits		(1,573)		(1,573)		(1,573)
Recognized net actuarial loss		14,440		12,731		13,007
Curtailment recognition of prior service credit		(614)		—		—
Net periodic pension cost	$	11,920	$	31,923	$	32,502

Benefit payments expected to be paid to Plan participants

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):

2018	$	59,643
2019		63,666
2020		39,692
2021		41,288
2022		45,886
2023 through 2027		262,946

Plan's assets allocation

	2017		2016
Equity securities	50	%	60	%
Fixed income debt securities	50	%	40	%
Cash and cash equivalents	—	%	—	%

Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Fair value of Plan investments

The following table sets forth the fair value of the Plans investments as of July 1, 2017:

	Level 1		Level 2		Level 3		Total
	(Thousands)
Cash and cash equivalents	$	1,481	$	—	$	—	$	1,481
Equities:
U.S. common stocks		—		221,003		—		221,003
International common stocks		—		117,392		—		117,392
Fixed Income:
U.S. government agencies		—		105,227		—		105,227
International government agencies		—		14,366		—		14,366
U.S. and international corporate bonds		—		214,024		—		214,024
Other		—		25,872		—		25,872
Total	$	1,481	$	697,884	$	—	$	699,365

The following table sets forth the fair value of the Plan’s investments as of July 2, 2016:

	Level 1		Level 2		Level 3		Total
	(Thousands)
Cash and cash equivalents	$	497	$	—	$	—	$	497
Equities:
U.S. common stocks		—		204,125		—		204,125
International common stocks		—		102,193		—		102,193
Fixed Income:
U.S. government agencies		—		76,991		—		76,991
U.S. corporate bonds		—		112,262		—		112,262
Other		—		20,021		—		20,021
Total	$	497	$	515,592	$	—	$	516,089