Company-Sponsored Employee Benefit Plans (Tables)

12 Months Ended

Jun. 28, 2014

Defined Benefit Plan Disclosure [Line Items]

Defined benefit plans funded status table



	Pension Benefits				Other Postretirement Plans
	June 28, 2014		June 29, 2013		June 28, 2014		June 29, 2013
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	3,089,022	$	3,164,974	$	14,248	$	12,954
Service cost		9,657		70,166		546		541
Interest cost		160,436		148,561		748		614
Amendments		(347)		53,902		-		-
Curtailments		-		(72,967)		-		-
Actuarial (gain) loss, net		492,720		(201,517)		(3,280)		188
Total disbursements		(79,780)		(74,097)		349		(49)
Benefit obligation at end of year		3,671,708		3,089,022		12,611		14,248
Change in plan assets:
Fair value of plan assets at beginning of year		2,518,009		2,234,869		-		-
Actual return on plan assets		474,538		263,675		-		-
Employer contribution		24,752		93,562		(349)		49
Total disbursements		(79,780)		(74,097)		349		(49)
Fair value of plan assets at end of year		2,937,519		2,518,009		-		-
Funded status at end of year	$	(734,189)	$	(571,013)	$	(12,611)	$	(14,248)

Defined benefit plans amounts recognized in balance sheet table



	Pension Benefits				Other Postretirement Plans
	June 28, 2014		June 29, 2013		June 28, 2014		June 29, 2013
	(In thousands)
Current accrued benefit liability (Accrued expenses)	$	(25,712)	$	(25,181)	$	(313)	$	(380)
Non-current accrued benefit liability (Other long-term liabilities)		(708,477)		(545,832)		(12,298)		(13,868)
Net amount recognized	$	(734,189)	$	(571,013)	$	(12,611)	$	(14,248)

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

Accumulated other comprehensive loss (income) as of June 28, 2014 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	$	60,306	$	898	$	61,204
Actuarial losses (gains)		1,058,651		(6,287)		1,052,364
Total	$	1,118,957	$	(5,389)	$	1,113,568

Accumulated other comprehensive loss (income) as of June 29, 2013 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	$	71,798	$	1,067	$	72,865
Actuarial losses (gains)		864,000		(3,151)		860,849
Total	$	935,798	$	(2,084)	$	933,714

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



	Pension Benefits				Other Postretirement Plans
	June 28, 2014 (1)		June 29, 2013 (1)		June 28, 2014		June 29, 2013
	(In thousands)
Accumulated benefit obligation/aggregate benefit obligation	$	3,660,227	$	3,079,068	$	12,611	$	14,248
Fair value of plan assets at end of year		2,937,519		2,518,009		-		-

(1) Information under Pension Benefits as of June 28, 2014 and June 29, 2013 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	$	11,111	$	169	$	11,280
Amortization of actuarial losses (gains)		19,871		(435)		19,436
Total	$	30,982	$	(266)	$	30,716

Defined benefit plans estimated future benefit payments table



	Pension Benefits		Other Postretirement Plans
	(In thousands)
2015	$	94,616	$	313
2016		104,096		516
2017		114,891		780
2018		125,671		984
2019		136,345		1,151
Subsequent five years		844,181		6,377

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



	June 28, 2014		June 29, 2013
Discount rate — Retirement Plan	4.74	%	5.32	%
Discount rate — SERP	4.59		4.94
Discount rate — Other Postretirement Plans	4.74		5.32
Rate of compensation increase — Retirement Plan	3.89		3.89

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



	2014		2013		2012
Discount rate — Retirement Plan	5.32	%	4.81	%	5.94	%
Discount rate — SERP	4.94		3.96	(1)	5.93
Discount rate — Other Postretirement Plans	5.32		4.81		5.94
Expected rate of return — Retirement Plan	7.75		7.75		7.75
Rate of compensation increase — Retirement Plan	3.89		5.30		5.30

(1) The SERP was remeasured in November 2012 as a result of the plan freeze discussed above. The rate in the table above reflects the discount rate as of this remeasurement.

Pension Benefits [Member]

Defined Benefit Plan Disclosure [Line Items]

Defined benefit plans components of net benefit cost table



	Pension Benefits
	2014		2013		2012
	(In thousands)
Service cost	$	9,657	$	70,166	$	108,223
Interest cost		160,436		148,561		147,512
Expected return on plan assets		(192,795)		(171,201)		(161,605)
Amortization of prior service cost		11,145		9,899		4,806
Amortization of actuarial loss		16,327		72,624		60,166
Curtailment loss		-		8,293		-
Net pension costs	$	4,770	$	138,342	$	159,102

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



	Pension Benefits
	2014		2013		2012
	(In thousands)
Amortization of prior service cost	$	11,145	$	18,192	$	4,806
Amortization of actuarial loss		16,327		72,624		60,166
Prior service cost arising in current year		347		(53,902)		(8,706)
Actuarial (loss) gain arising in current year		(210,978)		366,957		(579,366)
Net pension costs	$	(183,159)	$	403,871	$	(523,100)

Other Postretirement Plans [Member]

Defined Benefit Plan Disclosure [Line Items]

Defined benefit plans components of net benefit cost table



	Other Postretirement Plans
	2014		2013		2012
	(In thousands)
Service cost	$	546	$	541	$	457
Interest cost		748		614		632
Amortization of prior service cost		168		168		215
Amortization of actuarial gain		(143)		(203)		(331)
Amortization of transition obligation		-		141		153
Net other postretirement benefit costs	$	1,319	$	1,261	$	1,126

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



	Other Postretirement Plans
	2014		2013		2012
	(In thousands)
Amortization of prior service cost	$	168	$	168	$	215
Amortization of actuarial gain		(143)		(203)		(331)
Amortization of transition obligation		-		141		153
Actuarial (loss) gain arising in current year		3,280		(188)		(925)
Net pension costs	$	3,305	$	(82)	$	(888)

Qualified Pension Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Defined benefit plans target and actual asset allocation table



	Target Asset Allocation		Actual Asset Allocation
U.S. equity	29	%	39	%
International equity	29		25
Long duration fixed income	27		26
High yield fixed income	5		4
Alternative investments	10		6
			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 28, 2014:



	Assets Measured at Fair Value as of June 28, 2014
	Level 1		Level 2		Level 3		Total
	(In thousands)
Cash and cash equivalents	$	-	$	51,066	$	-	$	51,066
U.S. equity:
U.S. large-cap 1		218,165		777,627		-		995,792
U.S. small-cap		135,781		-		-		135,781
International equity 2		-		717,022		-		717,022
Long duration fixed income:
Corporate bonds		-		568,419		-		568,419
U.S. government and agency securities		-		171,617		-		171,617
Other		-		4,907		-		4,907
Derivatives, net 3		(127)		352		-		225
High yield fixed income 2		-		102,041		-		102,041
Alternative investments:
Real estate 2		-		114,250		35,403		149,653
Private equity 2		-		-		31,204		31,204
Total investments at fair value	$	353,819	$	2,507,301	$	66,607	$	2,927,727
Other 4								9,792
Fair value of plan assets at end of year							$	2,937,519

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 $0.8 million; the fair value of liability positions totaled $0.6 million.

4 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 June 29, 2013:



	Assets Measured at Fair Value as of June 29, 2013
	Level 1		Level 2		Level 3		Total
	(In thousands)
Cash and cash equivalents 1	$	-	$	88,812	$	-	$	88,812
U.S. equity:
U.S. large-cap 1		189,548		531,667		-		721,215
U.S. small-to-mid-cap 1		99,518		-		-		99,518
International equity 2		-		745,262		-		745,262
Long duration fixed income:
Diversified fixed income 2		-		264,139		-		264,139
U.S. government and agency securities		-		123,253		-		123,253
Corporate bonds		-		117,565		-		117,565
Mortgage-backed securities		-		8,316		-		8,316
Municipal bonds		-		23,840		-		23,840
Sovereign debt		-		16,744		-		16,744
Other 1		-		13,277		-		13,277
Derivatives, net 3		(249)		(687)		-		(936)
High yield fixed income 2		-		226,955		-		226,955
Alternative investments:
Real estate 2		-		-		64,845		64,845
Private equity 2		-		-		14,375		14,375
Total investments at fair value	$	288,817	$	2,159,143	$	79,220	$	2,527,180
Other 4								(9,171)
Fair value of plan assets at end of year							$	2,518,009

1 Include direct investments and investment funds.

2 Include investments in investment funds only.

3 Include credit default swaps, interest rate swaps, foreign currency contracts, futures and options. The fair value of asset positions totaled $0.4 million; the fair value of liability positions totaled $1.3 million.

4 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, June 30, 2012	$	51,097	$	5,295	$	56,392
Actual return on plan assets:
Relating to assets still held at the reporting date		6,696		1,327		8,023
Relating to assets sold during the period		-		-		-
Purchases and sales, net		7,052		7,753		14,805
Transfers in and/or out of Level 3		-		-		-
Balance, June 29, 2013	$	64,845	$	14,375	$	79,220
Actual return on plan assets:
Relating to assets still held at the reporting date		3,044		1,931		4,975
Relating to assets sold during the period		3,307		1,767		5,074
Purchases and sales, net		(35,793)		13,131		(22,662)
Transfers in and/or out of Level 3		-		-		-
Balance, June 28, 2014	$	35,403	$	31,204	$	66,607