Pension and Postretirement Benefits

6 Months Ended

Dec. 30, 2012

Compensation and Retirement Disclosure [Abstract]

Pension and Postretirement Benefits

Pension and Postretirement Benefits

The Company has noncontributory defined benefit retirement plans and postretirement plans covering certain employees. The following tables summarize the plans’ income and expense for the periods indicated (in thousands):

	Pension Benefits						Other Postretirement Benefits
	Three Months Ended						Three Months Ended
	December 30, 2012			January 1, 2012			December 30, 2012			January 1, 2012
Components of Net Periodic Expense:
Service Cost	$	3,135		$	3,489		$	82		$	102
Interest Cost on Projected Benefit Obligation	12,276			14,284			1,197			1,695
Expected Return on Plan Assets	(18,873		)	(19,124		)	—			—
Amortization of:
Transition Obligation	2			2			—			—
Prior Service Cost (Credit)	47			725			(897		)	(959		)
Actuarial Loss	8,666			4,570			1,873			2,353
Net Curtailment Loss	1,914			—			—			—
Net Periodic Expense	$	7,167		$	3,946		$	2,255		$	3,191

	Pension Benefits						Other Postretirement Benefits
	Six Months Ended						Six Months Ended
	December 30, 2012			January 1, 2012			December 30, 2012			January 1, 2012
Components of Net Periodic Expense:
Service Cost	$	6,972		$	6,885		$	179		$	204
Interest Cost on Projected Benefit Obligation	25,602			28,635			2,398			3,375
Expected Return on Plan Assets	(38,085		)	(38,348		)	—			—
Amortization of:
Transition Obligation	4			4			—			—
Prior Service Cost (Credit)	272			1,450			(1,795		)	(1,918		)
Actuarial Loss	17,488			9,246			3,762			4,590
Net Curtailment Loss	1,914			—			—			—
Net Periodic Expense	$	14,167		$	7,872		$	4,544		$	6,251

In October 2012, the Board of Directors of the Company authorized an amendment to the Company's defined benefit retirement plans for U.S., non-bargaining employees. The amendment freezes accruals for all non-bargaining employees effective January 1, 2014. The Company recorded a pre-tax curtailment charge of $1.9 million in the second quarter of fiscal 2013 related to the defined benefit plan change.

The Company expects to make benefit payments of approximately $2.3 million attributable to its non-qualified pension plans during fiscal 2013. During the first six months of fiscal 2013, the Company made payments of approximately $1.4 million for its non-qualified pension plans. The Company anticipates making benefit payments of approximately $19.8 million for its other postretirement benefit plans during fiscal 2013. During the first six months of fiscal 2013, the Company made payments of $10.3 million for its other postretirement benefit plans.

On July 6, 2012, the Moving Ahead for Progress in the 21st Century Act (MAP-21 Act) was signed into law. The MAP-21 Act included certain pension-related provisions which included changes to the methodology used to determine discount rates for ERISA funding purposes for qualified defined benefit pension plans. Based on historical interest rates, the MAP-21 Act allows plan sponsors to utilize a higher discount rate to value pension liabilities, which results in lower required pension plan contributions under ERISA. Subsequent to filing the Company's Annual Report on Form 10-K for the fiscal year ended July 1, 2012, the Company learned of the final interest rates published by the Internal Revenue Service used to calculate minimum pension contributions under the MAP-21 Act. Based upon the current regulations and actuarial studies, the Company estimates that it will make required minimum contributions to the qualified pension plan of approximately $30.0 million during fiscal 2013. During the first six months of fiscal 2013, the Company made cash contributions of $16.2 million to the qualified pension plan. The Company may be required to make further contributions in future years depending upon the actual return on plan assets and the funded status of the plan in future periods.