Retirement Plans and Postretirement Costs (Tables)

12 Months Ended

Jul. 03, 2022

Compensation And Retirement Disclosure [Abstract]

Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax

Amounts included in accumulated other comprehensive loss, net of tax, at July 3, 2022, which have not yet been recognized in net periodic benefit cost were as follows (thousands of dollars):

	SERP		Postretirement
Net actuarial loss	$	777	$	1,157

Amounts Included in Accumulated Other Comprehensive Loss Expected to be Recognized, Net of Tax

Unrecognized net actuarial losses included in accumulated other comprehensive loss at July 3, 2022 which are expected to be recognized in net periodic benefit cost (credit) in fiscal 2023, net of tax, for the SERP and postretirement plans are as follows (thousands of dollars):

	SERP		Postretirement
Net actuarial loss	$	94	$	205

Summary of Supplemental Executive Retirement Plan and Postretirement Plans Income and Expense

The following tables summarize the SERP and postretirement plans’ income and expense, funded status and actuarial assumptions for the years indicated (thousands of dollars). We use a June 30 measurement date for our SERP and postretirement plans.

	SERP Benefits				Postretirement Benefits
	Years Ended				Years Ended
	July 3, 2022		June 27, 2021		July 3, 2022		June 27, 2021
COMPONENTS OF NET PERIODIC BENEFIT    COST (CREDIT):
Service cost	$	63	$	63	$	12	$	13
Interest cost		53		41		13		16
Plan settlements		—		65		—		—
Amortization of prior service cost (credit)		—		—		—		(8	)
Amortization of unrecognized net loss		86		10		336		359
Net periodic benefit cost (credit)	$	202	$	179	$	361	$	380

WEIGHTED-AVERAGE ASSUMPTIONS:
Benefit Obligations:
Discount rate		4.26	%		2.06	%		4.23	%		2.01	%
Rate of compensation increases		4.0	%		3.0	%	n/a			n/a
Net Periodic Benefit Cost:
Discount rate		2.06	%		2.33	%		2.01	%		2.07	%
Rate of compensation increases		3.0	%		3.0	%	n/a			n/a
CHANGE IN PROJECTED BENEFIT    OBLIGATION:
Benefit obligation at beginning of year	$	2,797		$	2,293		$	709		$	821
Service cost		63			63			12			13
Interest cost		53			41			13			16
Actuarial loss (gain)		265			631			(77	)		(26	)
Benefits paid		(14	)		(231	)		(99	)		(115	)
Benefit obligation at end of year	$	3,164		$	2,797		$	558		$	709
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year	$	—		$	—		$	—		$	—
Employer contribution		14			231			99			115
Benefits paid		(14	)		(231	)		(99	)		(115	)
Fair value of plan assets at end of year	$	—		$	—		$	—		$	—
Funded status – accrued benefit obligations	$	(3,164	)	$	(2,797	)	$	(558	)	$	(709	)
AMOUNTS RECOGNIZED IN CONSOLIDATED    BALANCE SHEETS:
Accrued payroll and benefits (current liabilities)		(1,905	)		(463	)		(95	)		(110	)
Accrued benefit obligations (long-term liabilities)		(1,259	)		(2,334	)		(463	)		(599	)
Net amount recognized	$	(3,164	)	$	(2,797	)	$	(558	)	$	(709	)
CHANGES IN PLAN ASSETS AND BENEFIT    OBLIGATIONS RECOGNIZED IN OTHER    COMPREHENSIVE INCOME:
Net periodic benefit cost	$	202		$	179		$	361		$	380
Net actuarial loss (gain)		265			631			(77	)		(26	)
Settlement loss		—			(65	)		—			—
Amortization of prior service credits		—			—			—			8
Amortization of unrecognized net loss		(86	)		(10	)		(336	)		(359	)
Total recognized in other comprehensive    (income) loss, before tax		179			556			(413	)		(377	)
Total recognized in net periodic benefit    cost and other comprehensive loss,    before tax	$	381		$	735		$	(52	)	$	3

Expected Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the fiscal years noted below (thousands of dollars):

	SERP Benefits		Postretirement Benefits
2023	$	1,946	$	96
2024	$	14	$	98
2025	$	14	$	67
2026	$	14	$	40
2027	$	14	$	38
2028-2032	$	2,373	$	233

Schedule of 401(k) Plan Contribution

Our contributions to the 401(k) Plan were as follows (thousands of dollars):

	Years Ended
	July 3, 2022		June 27, 2021
Company contributions	$	1,964	$	1,706