Company-Sponsored Employee Benefit Plans (Tables)

12 Months Ended

Jun. 30, 2012

Defined benefit plans funded status table



	Pension Benefits				Other Postretirement Plans
	June 30, 2012		July 2, 2011		June 30, 2012		July 2, 2011
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	2,516,660	$	2,212,304	$	10,812	$	8,461
Service cost		108,223		99,443		457		396
Interest cost		147,512		134,973		632		524
Amendments		8,705		8,252		-		987
Curtailments		(176,531)		-		-		-
Actuarial loss, net		625,890		121,913		924		157
Total disbursements		(65,485)		(60,225)		129		287
Benefit obligation at end of year		3,164,974		2,516,660		12,954		10,812
Change in plan assets:
Fair value of plan assets at beginning of year		2,106,313		1,666,972		-		-
Actual return on plan assets		31,597		337,889		-		-
Employer contribution		162,444		161,677		(129)		(287)
Total disbursements		(65,485)		(60,225)		129		287
Fair value of plan assets at end of year		2,234,869		2,106,313		-		-
Funded status at end of year	$	(930,105)	$	(410,347)	$	(12,954)	$	(10,812)

Defined benefit plans amounts recognized in balance sheet table



	Pension Benefits					Other Postretirement Plans
	June 30, 2012			July 2, 2011		June 30, 2012		July 2, 2011
			(In thousands)
Current accrued benefit liability (Accrued expenses)	$	(22,810)		$	(22,426)	$	(369)	$	(336)
Non-current accrued benefit liability (Other long-term liabilities)		(907,295)			(387,921)		(12,585)		(10,476)
Net amount recognized	$	(930,105)		$	(410,347)	$	(12,954)	$	(10,812)

Defined benefit plans amounts recognized in accumulated other comprehensive loss (income) table

Accumulated other comprehensive loss (income) as of June 30, 2012 consists of the following amounts that had not, as of that date, been recognized in net benefit cost:



	Pension Benefits		Other Postretirement Plans		Total
	(In thousands)
Prior service cost	$	36,087	$	1,236	$	37,323
Actuarial losses (gains)		1,303,582		(3,543)		1,300,039
Transition obligation		-		141		141
Total	$	1,339,669	$	(2,166)	$	1,337,503

Accumulated other comprehensive loss (income) as of July 2, 2011 consists of the following amounts that had not, as of that date, been recognized in net benefit cost:



	Pension Benefits		Other Postretirement Plans		Total
	(In thousands)
Prior service cost	$	32,187	$	1,450	$	33,637
Actuarial losses (gains)		784,382		(4,798)		779,584
Transition obligation		-		294		294
Total	$	816,569	$	(3,054)	$	813,515

Defined benefit plans with accumulated/aggregate benefit obligation in excess of fair value of plan assets table



	Pension Benefits				Other Postretirement Plans
	June 30, 2012 ⁽¹⁾		July 2, 2011 ⁽¹⁾		June 30, 2012		July 2, 2011
	(In thousands)
Accumulated benefit obligation/aggregate benefit obligation	$	3,078,488	$	2,325,171	$	12,954	$	10,812
Fair value of plan assets at end of year		2,234,869		2,106,313		-		-

⁽¹⁾Information under Pension Benefits as of June 30, 2012 and July 2, 2011 includes both the Retirement Plan and the SERP.

Defined benefit plans amounts included accumulated other comprehensive loss (income) that are expected to be recognized in net company-sponsored benefit cost in next fiscal year table



	Pension Benefits		Other Postretirement Plans		Total
	(In thousands)
Amortization of prior service cost	$	5,847	$	169	$	6,016
Amortization of actuarial losses (gains)		76,086		(203)		75,883
Amortization of transition obligation		-		141		141
Total	$	81,933	$	107	$	82,040

Defined benefit plans estimated future benefit payments table



	Pension Benefits		Other Postretirement Plans
	(In thousands)
2013	$	74,988	$	378
2014		82,762		523
2015		92,032		743
2016		102,279		921
2017		113,637		1,063
Subsequent five years		732,601		6,169

Defined benefit plans weighted average assumptions used in calculating benefit obligations table



	June 30, 2012		July 2, 2011
Discount rate — Retirement Plan	4.81	%	5.94	%
Discount rate — SERP	4.89		5.93
Discount rate — Other Postretirement Plans	4.81		5.94
Rate of compensation increase — Retirement Plan	5.30		5.30

Defined benefit plans weighted average assumptions used in calculating net periodic benefit costs table



	2012		2011		2010
Discount rate — Retirement Plan	5.94	%	6.15	%	8.02	%
Discount rate — SERP	5.93		6.35		7.14
Discount rate — Other Postretirement Plans	5.94		6.32		8.02
Expected rate of return — Retirement Plan	7.75		8.00		8.00
Rate of compensation increase — Retirement Plan	5.30		5.30		5.21

Pension Benefits [Member]

Defined benefit plans components of net benefit cost table



	Pension Benefits
	2012		2011		2010 (53 Weeks)
	(In thousands)
Service cost	$	108,223	$	99,443	$	66,650
Interest cost		147,512		134,973		119,593
Expected return on plan assets		(161,605)		(131,921)		(104,860)
Amortization of prior service cost		4,806		3,960		4,209
Amortization of actuarial loss		60,166		79,952		40,526
Net pension costs	$	159,102	$	186,407	$	126,118

Defined benefit plans other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income table



	Pension Benefits
	2012		2011		2010 (53 Weeks)
	(In thousands)
Amortization of prior service cost	$	4,806	$	3,960	$	4,209
Amortization of actuarial loss		60,166		79,952		40,526
Prior service cost arising in current year		(8,706)		(8,252)		-
Actuarial (loss) gain arising in current year		(579,366)		84,055		(454,023)
Net pension costs	$	(523,100)	$	159,715	$	(409,288)

Other Postretirement Plans [Member]

Defined benefit plans components of net benefit cost table



	Other Postretirement Plans
	2012		2011		2010 (53 Weeks)
	(In thousands)
Service cost	$	457	$	396	$	328
Interest cost		632		524		562
Amortization of prior service cost		215		185		185
Amortization of actuarial gain		(331)		(388)		(490)
Amortization of transition obligation		153		153		153
Net other postretirement benefit costs	$	1,126	$	870	$	738

Defined benefit plans other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income table



	Other Postretirement Plans
	2012		2011		2010 (53 Weeks)
	(In thousands)
Amortization of prior service cost	$	215	$	185	$	185
Amortization of actuarial gain		(331)		(388)		(490)
Amortization of transition obligation		153		153		153
Prior service cost arising in current year		-		(987)		-
Actuarial (loss) gain arising in current year		(925)		(157)		(733)
Net pension costs	$	(888)	$	(1,194)	$	(885)

Qualified pension plan [Member]

Defined benefit plans target and actual asset allocation table



	Target Asset Allocation Range		Actual Asset Allocation
U.S. equity	23 - 31	%	31	%
International equity	23 - 31		30
Core fixed income	11 - 17		12
Long duration fixed income	10 - 18		15
High yield fixed income	7 - 11		9
Alternative investments	5 - 15		3
			100	%

Defined benefit plans fair value of plans assets by major category table

The following table presents the fair value of the Retirement Plan’s assets by major asset category as of June 30, 2012:



	Assets Measured at Fair Value as of June 30, 2012
	Level 1		Level 2		Level 3		Total
	(In thousands)
Cash and cash equivalents ¹	$	-	$	44,904	$	-	$	44,904
U.S. equity:
U.S. large-cap ¹		143,544		414,048		-		557,592
U.S. small-to-mid-cap		133,388		-		-		133,388
International equity ²		-		670,139		-		670,139
Core fixed income:
U.S. government and agency securities		-		43,690		-		43,690
Corporate bonds ¹		-		85,391		-		85,391
Asset-backed securities		-		11,937		-		11,937
Mortgage-backed securities, net ¹		-		106,722		-		106,722
Other ¹		192		17,248		-		17,440
Derivatives, net ³		(16)		(6)		-		(22)
Long duration fixed income:
U.S. government and agency securities		-		143,825		-		143,825
Corporate bonds		-		119,947		-		119,947
Mortgage-backed securities		-		9,946		-		9,946
Municipal bonds		-		22,014		-		22,014
Sovereign debt		-		18,126		-		18,126
Other ¹		-		12,813		-		12,813
Derivatives, net ⁴		-		(43)		-		(43)
High yield fixed income ²		-		205,984		-		205,984
Alternative investments:
Real estate ²		-		-		51,097		51,097
Private equity ²		-		-		5,295		5,295
Total investments at fair value	$	277,108	$	1,926,685	$	56,392	$	2,260,185
Other ⁵								(25,316)
Fair value of plan assets at end of year							$	2,234,869

¹ Include direct investments and investment funds.

² Include investments in investment funds only.

³ Include credit default swaps, interest rate swaps, and futures. The fair value of asset positions totaled $0.3 million; the fair value of liability positions totaled $0.3 million.

⁴ Include credit default swaps, interest rate swaps, foreign currency contracts, futures and options. The fair value of asset positions totaled $0.5 million; the fair value of liability positions totaled $0.6 million.

⁵ Include primarily plan receivables and payables, net.

The following table presents the fair value of the Retirement Plan’s assets by major asset category as of July 2, 2011:



	Assets Measured at Fair Value as of July 2, 2011
	Level 1		Level 2		Level 3		Total
	(In thousands)
Cash and cash equivalents ¹	$	-	$	112,217	$	-	$	112,217
U.S. equity:
U.S. large-cap ¹		139,048		357,712		-		496,760
U.S. small-to-mid-cap		166,890		-		-		166,890
International equity ²		117,655		455,811		-		573,466
Core fixed income:
U.S. government and agency securities		-		62,691		-		62,691
Corporate bonds ¹		-		80,379		-		80,379
Asset-backed securities		-		8,704		-		8,704
Mortgage-backed securities, net ³		-		129,941		-		129,941
Other ¹		204		17,296		-		17,500
Derivatives, net ⁴		(34)		(340)		-		(374)
Long duration fixed income:
U.S. government and agency securities		-		79,970		-		79,970
Corporate bonds		-		139,916		-		139,916
Mortgage-backed securities		-		11,810		-		11,810
Municipal bonds		-		18,786		-		18,786
Sovereign debt		-		10,552		-		10,552
Other ¹		-		12,529		-		12,529
Derivatives, net ⁵		280		512		-		792
High yield fixed income ²		-		191,583		-		191,583
Alternative investments:
Real estate ²		-		-		30,615		30,615
Private equity ²		-		-		1,480		1,480
Total investments at fair value	$	424,043	$	1,690,069	$	32,095	$	2,146,207
Other ⁶								(39,894)
Fair value of plan assets at end of year							$	2,106,313

¹ Include direct investments and investment funds.

² Include investments in investment funds only.

³ Include direct investments, investment funds and forward settling sales.

⁴ Include credit default swaps, interest rate swaps and futures. The fair value of asset positions totaled $8.6 million; the fair value of liability positions totaled $9.0 million.

⁵ Include credit default swaps, interest rate swaps, foreign currency contracts, futures and options. The fair value of asset positions totaled $1.1 million; the fair value of liability positions totaled $0.3 million.

⁶ Include primarily plan receivables and payables, net.

Defined benefit plans rollforward of Level 3 plan assets table



	Real Estate Funds		Private Equity Funds		Total Level 3 Measurements
	(In thousands)
Balance, July 3, 2010	$	17,065	$	-	$	17,065
Actual return on plan assets:
Relating to assets still held at the reporting date		3,371		72		3,443
Relating to assets sold during the period		-		-		-
Purchases and sales, net		10,179		1,408		11,587
Transfers in and/or out of Level 3		-		-		-
Balance, July 2, 2011	$	30,615	$	1,480	$	32,095
Actual return on plan assets:
Relating to assets still held at the reporting date		2,155		(14)		2,141
Relating to assets sold during the period		-		-		-
Purchases and sales, net		18,327		3,829		22,156
Transfers in and/or out of Level 3		-		-		-
Balance, June 30, 2012	$	51,097	$	5,295	$	56,392