Pension and retirement plans (Tables)

12 Months Ended

Jun. 27, 2015

Defined Benefit Plan Disclosure [Line Items]

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

	June 27,		June 28,
	2015		2014
	(Thousands)
Changes in benefit obligations:
Benefit obligations at beginning of year	$	457,167	$	391,880
Service cost		39,492		36,733
Interest cost		17,797		17,155
Actuarial loss		21,796		34,726
Benefits paid		(22,846)		(23,327)
Benefit obligations at end of year	$	513,406	$	457,167
Changes in plan assets:
Fair value of plan assets at beginning of year	$	449,960	$	365,373
Actual return on plan assets		17,294		67,914
Benefits paid		(22,846)		(23,327)
Contributions		40,000		40,000
Fair value of plan assets at end of year	$	484,408	$	449,960
Funded status of the plan recognized as a non-current liability	$	(28,998)	$	(7,207)
Amounts recognized in accumulated other comprehensive income:
Unrecognized net actuarial losses	$	185,819	$	158,103
Unamortized prior service credits		(4,476)		(6,050)
	$	181,343	$	152,053
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial gain	$	40,723	$	(2,280)
Amortization of net actuarial losses		(13,007)		(12,686)
Amortization of prior service credits		1,573		1,573
	$	29,289	$	(13,393)

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

	2015		2014
Discount rate	4.3	%	4.0	%

Weighted average assumptions used to determine net benefit costs

	2015		2014
Discount rate	4.0	%	4.5	%
Expected return on plan assets	8.5	%	8.5	%

Components of net periodic pension costs

	Years Ended
	June 27,		June 28,		June 29,
	2015		2014		2013
	(Thousands)
Service cost	$	39,492	$	36,733	$	36,920
Interest cost		17,797		17,155		14,653
Expected return on plan assets		(36,221)		(30,908)		(27,905)
Recognized net actuarial loss		13,007		12,686		14,898
Amortization of prior service credits		(1,573)		(1,573)		(1,573)
Net periodic pension cost	$	32,502	$	34,093	$	36,993

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):

2016	$	30,389
2017		27,730
2018		31,864
2019		36,713
2020		41,131
2021 through 2025		289,430

Plan's assets allocation

	2015		2014
Equity securities	76	%	75	%
Fixed income debt securities	23	%	24	%
Cash and cash equivalents	1	%	1	%

Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Fair value of Plan investments

The following table sets forth the fair value of the Plan’s investments as of June 27, 2015:

	Level 1		Level 2		Level 3		Total
	(Thousands)
Cash and cash equivalents	$	2,111	$	—	$	—	$	2,111
Equities:
U.S. common stocks		—		287,495		—		287,495
International common stocks		—		79,704		—		79,704
Fixed Income:
U.S. government agencies		—		8,912		—		8,912
U.S. corporate bonds		—		106,186		—		106,186
Total	$	2,111	$	482,297	$	—	$	484,408

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