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Employee Benefit Costs (Tables)
 12 Months Ended
Jun. 29, 2014
Compensation and Retirement Disclosure [Abstract]  
Schedule of Reconciliation of Obligations, Plan Assets and Funded Status
The following provides a reconciliation of obligations, plan assets and funded status of the plans for the two years indicated (in thousands):
 
 
Pension Benefits
 
Other Postretirement
Benefits
Actuarial Assumptions:
 
2014
 
2013
 
2014
 
2013
Discounted Rate Used to Determine Present Value of Projected Benefit Obligation
 
4.40
%
 
5.00
%
 
3.95
%
 
4.40
%
Expected Rate of Future Compensation Level Increases
 
3.0-4.0%

 
3.0-4.0%

 
n/a

 
n/a

Expected Long-Term Rate of Return on Plan Assets
 
8.00
%
 
8.25
%
 
n/a

 
n/a

Change in Benefit Obligations:
 
 
 
 
 
 
 
 
Projected Benefit Obligation at Beginning of Year
 
$
1,115,855

 
$
1,236,747

 
$
111,506

 
$
136,854

Service Cost
 
7,645

 
13,222

 
333

 
358

Interest Cost
 
53,743

 
50,154

 
4,566

 
4,754

Plan Curtailments
 
—

 
(52,236
)
 
—

 
—

Plan Participant Contributions
 
—

 
—

 
1,513

 
1,347

Actuarial (Gain) Loss
 
71,288

 
(56,239
)
 
(5,447
)
 
(13,309
)
Benefits Paid
 
(75,384
)
 
(75,793
)
 
(16,014
)
 
(18,498
)
Projected Benefit Obligation at End of Year
 
$
1,173,147

 
$
1,115,855

 
$
96,457

 
$
111,506

Change in Plan Assets:
 
 
 
 
 
 
 
 
Fair Value of Plan Assets at Beginning of Year
 
$
962,633

 
$
937,745

 
$
—

 
$
—

Actual Return on Plan Assets
 
153,306

 
68,296

 
—

 
—

Plan Participant Contributions
 
—

 
—

 
1,512

 
1,347

Employer Contributions
 
2,911

 
32,385

 
14,502

 
17,151

Benefits Paid
 
(75,384
)
 
(75,793
)
 
(16,014
)
 
(18,498
)
Fair Value of Plan Assets at End of Year
 
$
1,043,466

 
$
962,633

 
$
—

 
$
—

Funded Status:
 
 
 
 
 
 
 
 
Plan Assets (Less Than) in Excess of Projected Benefit Obligation
 
$
(129,681
)
 
$
(153,222
)
 
$
(96,457
)
 
$
(111,506
)
Amounts Recognized on the Balance Sheets:
 
 
 
 
 
 
 
 
Accrued Pension Cost
 
$
(126,529
)
 
$
(150,131
)
 
$
—

 
$
—

Accrued Wages and Salaries
 
(3,152
)
 
(3,091
)
 
—

 
—

Accrued Postretirement Health Care Obligation
 
—

 
—

 
(59,290
)
 
(72,695
)
Accrued Liabilities
 
—

 
—

 
(13,624
)
 
(16,113
)
Accrued Employee Benefits
 
—

 
—

 
(23,543
)
 
(22,698
)
Net Amount Recognized at End of Year
 
$
(129,681
)
 
$
(153,222
)
 
$
(96,457
)
 
$
(111,506
)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss):
 
 
 
 
 
 
 
 
Transition Assets (Obligation)
 
$
—

 
$
—

 
$
—

 
$
—

Net Actuarial Loss
 
(190,756
)
 
(211,444
)
 
(21,962
)
 
(28,668
)
Prior Service Credit (Cost)
 
(550
)
 
(660
)
 
6,243

 
8,008

Net Amount Recognized at End of Year
 
$
(191,306
)
 
$
(212,104
)
 
$
(15,719
)
 
$
(20,660
)
Schedule of Income and Expense for Retirement Plans
The following table summarizes the plans’ income and expense for the three years indicated (in thousands):
 
 
Pension Benefits
 
Other Postretirement Benefits
 
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Components of Net Periodic (Income) Expense:
 
 
 
 
 
 
 
 
 
 
 
 
Service Cost-Benefits Earned During the Year
 
$
7,645

 
$
13,222

 
$
13,764

 
$
333

 
$
358

 
$
407

Interest Cost on Projected Benefit Obligation
 
53,743

 
50,154

 
56,762

 
4,565

 
4,754

 
6,468

Expected Return on Plan Assets
 
(74,152
)
 
(75,832
)
 
(76,445
)
 
—

 
—

 
—

Amortization of:
 
 
 
 
 
 
 
 
 
 
 
 
Transition Obligation
 
—

 
7

 
8

 
—

 
—

 
—

Prior Service Cost (Credit)
 
180

 
366

 
2,856

 
(2,895
)
 
(3,589
)
 
(3,800
)
Actuarial Loss
 
25,105

 
34,821

 
20,230

 
5,527

 
7,624

 
8,942

Net Curtailment Loss
 
—

 
1,914

 
375

 
—

 
—

 
359

Net Periodic Expense
 
$
12,521

 
$
24,652

 
$
17,550

 
$
7,530

 
$
9,147

 
$
12,376
Schedule of Significant Assumptions Used in Determining Net Periodic Expense
Significant assumptions used in determining net periodic expense for the fiscal years indicated are as follows:
 
 
Pension Benefits
 
Other Postretirement Benefits
 
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Discount Rate
 
5.00%
 
4.45%
 
5.35%
 
4.40%
 
3.75%
 
4.45%
Expected Return on Plan Assets
 
8.25%
 
8.50%
 
8.50%
 
n/a
 
n/a
 
n/a
Compensation Increase Rate
 
3.0-4.0%
 
3.0-4.0%
 
3.0-4.0%
 
n/a
 
n/a
 
n/a
Schedule of Accumulated Other Comprehensive Income (Loss) that are Expected to be Recognized as Components of Net Periodic (Income) Expense During the Next Fiscal Year
The amounts in Accumulated Other Comprehensive Income (Loss) that are expected to be recognized as components of net periodic (income) expense during the next fiscal year are as follows (in thousands):
 
 
Pension
Plans
 
Other
Postretirement
Plans
Prior Service Cost (Credit)
 
$
180

 
$
(2,758
)
Net Actuarial Loss
 
13,190

 
4,255
Schedule of Defined Benefit Plan Targeted and Actual Plan Asset Allocations
The Company’s pension plan’s current target and asset allocations at June 29, 2014 and June 30, 2013, by asset category are as follows:
 
 
 
 
Plan Assets at Year-end
    Asset Category
 
Target %
 
2014
 
2013
Domestic Equities
 
17%-25%
 
20%
 
22%
International Equities
 
5%-15%
 
10%
 
10%
Alternative & Absolute Return
 
10%-20%
 
16%
 
26%
Fixed Income
 
45%-55%
 
52%
 
39%
Cash Equivalents
 
1%
 
2%
 
3%
 
 
 
 
100%
 
100%
Schedule of The Fair Value of the Major Categories of Plan Assets
The fair value of the major categories of the pension plans’ investments are presented below (in thousands):
 
 
 
 
June 29, 2014
    Category
 
 
 
Total
 
Level 1
 
Level 2
 
Level 3
Short-Term Investments:
 
 
 
$
21,534

 
$
21,534

 
$
—

 
$
—

Fixed Income Securities:
 
 
 
542,381

 
—

 
542,381

 
—

Equity Securities:
 
 
 
 
 
 
 
 
 
 
U.S. common stocks
 
 
 
204,578

 
204,578

 
—

 
—

International mutual funds
 
 
 
106,990

 
106,990

 
—

 
—

Other Investments:
 
 
 
 
 
 
 
 
 
 
Venture capital funds
 
(A)
 
82,776

 
—

 
—

 
82,776

Debt funds
 
(B)
 
19,907

 
—

 
—

 
19,907

Real estate funds
 
(C)
 
10,445

 
—

 
—

 
10,445

Private equity funds
 
(D)
 
54,855

 
—

 
—

 
54,855

Fair Value of Plan Assets at End of Year
 
 
 
$
1,043,466

 
$
333,102

 
$
542,381

 
$
167,983

 
 
 
 
June 30, 2013
    Category
 
 
 
Total
 
Level 1
 
Level 2
 
Level 3
Short-Term Investments:
 
 
 
$
26,714

 
$
26,714

 
$
—

 
$
—

Fixed Income Securities:
 
 
 
369,744

 
—

 
369,744

 
—

Equity Securities:
 
 
 
 
 
 
 
 
 
 
U.S. common stocks
 
 
 
211,767

 
211,767

 
—

 
—

International mutual funds
 
 
 
100,392

 
100,392

 
—

 
—

Other Investments:
 
 
 
 
 
 
 
 
 
 
Venture capital funds
 
(A)
 
153,645

 
—

 
—

 
153,645

Debt funds
 
(B)
 
27,299

 
—

 
—

 
27,299

Real estate funds
 
(C)
 
11,506

 
—

 
—

 
11,506

Private equity funds
 
(D)
 
61,566

 
—

 
—

 
61,566

Fair Value of Plan Assets at End of Year
 
 
 
$
962,633

 
$
338,873

 
$
369,744

 
$
254,016

 
(A)
This category invests in a combination of public and private securities of companies in financial distress, spin-offs, or new projects focused on technology and manufacturing.
(B)
This fund primarily invests in the debt of various entities including corporations and governments in emerging markets, mezzanine financing, or entities that are undergoing, are considered likely to undergo or have undergone a reorganization.
(C)
This category invests primarily in real estate related investments, including real estate properties, securities of real estate companies and other companies with significant real estate assets as well as real estate related debt and equity securities.
(D)
Primarily represents investments in all sizes of mostly privately held operating companies in the following core industry sectors: healthcare, energy, financial services, technology-media-telecommunications and industrial and consumer.
Schedule of Changes in Level 3 Investments for Pension Plan
The following tables present the changes in Level 3 investments for the pension plan (in thousands).
Changes to Level 3 investments for the year ended June 29, 2014:
    Category
 
June 30, 2013
Fair Value
 
Purchases,
Sales,
Issuances,
and
Settlements
 
Realized
and
Unrealized
Gain
(Loss)
 
June 29, 2014
Fair Value (a)
Venture capital funds
 
$
153,645

 
$
(98,738
)
 
$
27,869

 
$
82,776

Debt funds
 
27,299

 
(6,109
)
 
(1,283
)
 
19,907

Real estate funds
 
11,506

 
(1,179
)
 
118

 
10,445

Private equity funds
 
61,566

 
(8,821
)
 
2,110

 
54,855

 
 
$
254,016

 
$
(114,847
)
 
$
28,814

 
$
167,983

Changes to Level 3 investments for the year ended June 30, 2013:
    Category
 
June 30, 2012
Fair Value
 
Purchases,
Sales,
Issuances,
and
Settlements
 
Realized
and
Unrealized
Gain
(Loss)
 
June 30, 2013
Fair Value (a)
Venture capital funds
 
$
152,093

 
$
(16,360
)
 
$
17,912

 
$
153,645

Debt funds
 
36,211

 
(7,258
)
 
(1,654
)
 
27,299

Real estate funds
 
13,888

 
(3,272
)
 
890

 
11,506

Private equity funds
 
71,185

 
(10,094
)
 
475

 
61,566

Global balanced funds
 
23,178

 
(20,000
)
 
(3,178
)
 
—

 
 
$
296,555

 
$
(56,984
)
 
$
14,445

 
$
254,016

(a) There were no transfers in or out of Level 3 during the years ended June 29, 2014 or June 30, 2013.
Schedule of Projected Benefit Payments
Projected benefit payments from the plans as of June 29, 2014 are estimated as follows (in thousands):
 
 
Pension Benefits
 
Other Postretirement Benefits
Year Ending
 
Qualified
 
Non-Qualified
 
Retiree
Medical
 
Retiree Life
2015
 
$
75,150

 
$
3,152

 
$
12,280

 
$
1,418

2016
 
75,183

 
3,195

 
11,408

 
1,443

2017
 
75,352

 
3,234

 
9,468

 
1,465

2018
 
75,333

 
3,259

 
8,811

 
1,484

2019
 
75,550

 
3,410

 
7,137

 
1,500

2020-2024
 
370,510

 
17,749

 
21,822

 
7,601