Pension and retirement plans (Tables)

12 Months Ended

Jun. 29, 2019

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 29,		June 30,
	2019		2018
	(Thousands)
Changes in benefit obligations:
Benefit obligations at beginning of year	$	685,160	$	772,068
Service cost		14,631		15,834
Interest cost		26,354		23,732
Actuarial loss (gain)		55,118		(35,560)
Benefits paid		(49,610)		(23,499)
Plan amendments		42		—
Settlements paid		—		(67,415)
Benefit obligations at end of year	$	731,695	$	685,160
Changes in plan assets:
Fair value of plan assets at beginning of year	$	659,038	$	699,365
Actual return on plan assets		46,635		34,587
Benefits paid		(49,610)		(23,499)
Settlements paid		—		(67,415)
Contributions		8,000		16,000
Fair value of plan assets at end of year	$	664,063	$	659,038
Funded status of the plan recognized as a non-current liability	$	(67,632)	$	(26,122)
Amounts recognized in accumulated other comprehensive income:
Unrecognized net actuarial losses	$	235,384	$	182,633
Unamortized prior service cost		2,470		857
	$	237,854	$	183,490
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss (gain)	$	62,002	$	(15,461)
Net prior service cost		42		—
Amortization of net actuarial losses		(9,251)		(14,404)
Amortization of prior service credits		1,571		1,573
Settlement expenses		—		(22,365)
	$	54,364	$	(50,657)

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

	2019		2018
Discount rate	3.5	%	4.2	%

Weighted average assumptions used to determine net benefit costs

	2019		2018
Discount rate	4.1	%	3.4	%
Expected return on plan assets	8.0	%	8.0	%

Components of net periodic pension costs

	Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017 (1)
	(Thousands)
Service cost	$	14,631	$	15,834	$	29,623
Total net periodic pension cost within selling, general and administrative expenses		14,631		15,834		29,623
Interest cost		26,354		23,732		19,323
Expected return on plan assets		(53,518)		(54,686)		(49,279)
Amortization of prior service credits		(1,571)		(1,573)		(1,573)
Recognized net actuarial loss		9,251		14,404		14,440
Curtailment recognition of prior service credit		—		—		(614)
Total net periodic pension benefit within other income, net		(19,484)		(18,123)		(17,703)
Net periodic pension (benefit) cost	$	(4,853)	$	(2,289)	$	11,920

⁽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):

2020	$	45,965
2021		38,416
2022		43,216
2023		45,784
2024		47,488
2025 through 2029		263,663

Plan's assets allocation

	2019		2018
Equity securities	58	%	60	%
Fixed income debt securities	42	%	39	%
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 29, 2019:

	Level 1		Level 2		Level 3		Total
	(Thousands)
Cash and cash equivalents	$	2,441	$	—	$	—	$	2,441
Equities:
U.S. common stocks		—		254,139		—		254,139
International common stocks		—		131,847		—		131,847
Fixed Income:
U.S. government agencies		—		97,015		—		97,015
U.S. and international corporate bonds		—		153,891		—		153,891
Other		—		24,730		—		24,730
Total	$	2,441	$	661,622	$	—	$	664,063

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