Pension and retirement plans (Tables)

12 Months Ended

Jun. 30, 2018

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

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

	June 30,		July 1,
	2018		2017
	(Thousands)
Changes in benefit obligations:
Benefit obligations at beginning of year	$	772,068	$	588,511
Acquired benefit obligations		—		165,046
Service cost		15,834		29,623
Interest cost		23,732		19,323
Actuarial (gain) loss		(35,560)		15,686
Benefits paid		(23,499)		(46,121)
Settlements paid		(67,415)		—
Benefit obligations at end of year	$	685,160	$	772,068
Changes in plan assets:
Fair value of plan assets at beginning of year	$	699,365	$	516,089
Acquired plan assets		—		144,238
Actual return on plan assets		34,587		51,409
Benefits paid		(23,499)		(46,121)
Settlements paid		(67,415)		—
Contributions		16,000		33,750
Fair value of plan assets at end of year	$	659,038	$	699,365
Funded status of the plan recognized as a non-current liability	$	(26,122)	$	(72,703)
Amounts recognized in accumulated other comprehensive income:
Unrecognized net actuarial losses	$	182,633	$	234,863
Unamortized prior service cost (credit)		857		(691)
	$	183,490	$	234,172
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial (gain) loss	$	(15,461)	$	9,744
Amortization of net actuarial losses		(14,404)		(14,440)
Amortization of prior service credits		1,573		1,573
Settlement expenses		(22,365)		—
Curtailment recognition of prior service credit		—		614
	$	(50,657)	$	(2,509)

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

	2018		2017
Discount rate	4.2	%	3.8	%

Weighted average assumptions used to determine net benefit costs

	2018		2017
Discount rate	3.4	%	3.3	%
Expected return on plan assets	8.0	%	8.0	%

Components of net periodic pension costs

	Years Ended
	June 30,		July 1,		July 2,
	2018		2017 (1)		2016 (1)
	(Thousands)
Service cost	$	15,834	$	29,623	$	39,740
Interest cost		23,732		19,323		21,310
Expected return on plan assets		(54,686)		(49,279)		(40,285)
Amortization of prior service credits		(1,573)		(1,573)		(1,573)
Recognized net actuarial loss		14,404		14,440		12,731
Curtailment recognition of prior service credit		—		(614)		—
Pension settlement charge		22,365		—		—
Net periodic pension cost	$	20,076	$	11,920	$	31,923

⁽¹⁾ Includes discontinued operations

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):

2019	$	42,457
2020		37,292
2021		40,034
2022		44,000
2023		46,160
2024 through 2028		256,003

Plan's assets allocation

	2018		2017
Equity securities	60	%	50	%
Fixed income debt securities	39	%	50	%
Cash and cash equivalents	1	%	—	%

Fair value of Plan investments

The following table sets forth the fair value of the Plan’s investments as of June 30, 2018:

	Level 1		Level 2		Level 3		Total
	(Thousands)
Cash and cash equivalents	$	7,291	$	—	$	—	$	7,291
Equities:
U.S. common stocks		—		262,066		—		262,066
International common stocks		—		133,564		—		133,564
Fixed Income:
U.S. government agencies		—		96,414		—		96,414
U.S. and international corporate bonds		—		133,645		—		133,645
Other		—		26,058		—		26,058
Total	$	7,291	$	651,747	$	—	$	659,038

The following table sets forth the fair value of the Plan’s 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. corporate bonds		—		214,024		—		214,024
Other		—		25,872		—		25,872
Total	$	1,481	$	697,884	$	—	$	699,365