Employee Benefit Plans

9 Months Ended

Mar. 30, 2013

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Employee Benefit Plans

Employee Benefit Plans

Defined Benefit Pension Plan

On December 31, 2006, we froze our pension and supplemental executive retirement plans.

The components of net periodic pension cost for these plans for the three months ended March 30, 2013 and March 31, 2012 are as follows:

	Pension Plan						Supplemental Executive Retirement Plan
	Three Months Ended						Three Months Ended
	March 30, 2013			March 31, 2012			March 30, 2013		March 31, 2012
Interest cost	$	1.0		$	1.0		$	0.2	$	0.2
Expected return on assets	(1.1		)	(0.9		)	—		—
Amortization of net loss	0.8			0.3			0.1		0.1
Net periodic pension cost	$	0.7		$	0.4		$	0.3	$	0.3

The components of net periodic pension cost for these plans for the nine months endedMarch 30, 2013 and March 31, 2012 are as follows:

	Pension Plan						Supplemental Executive Retirement Plan
	Nine Months Ended						Nine Months Ended
	March 30, 2013			March 31, 2012			March 30, 2013		March 31, 2012
Interest cost	$	2.8		$	2.9		$	0.5	$	0.6
Expected return on assets	(3.2		)	(2.9		)	—		—
Amortization of net loss	2.5			1.1			0.3		0.1
Net periodic pension cost	$	2.1		$	1.1		$	0.8	$	0.7

During fiscal year 2013, we contributed approximately $7.5 million to the pension plan.

Multi-Employer Pension Plans

We participate in a number of union sponsored, collectively bargained multi-employer pension plans (“MEPPs”). We record the required cash contributions to the MEPPs as an expense in the period incurred and a liability is recognized for any contributions due and unpaid, consistent with the accounting for defined contribution plans. In addition, we are responsible for our proportional share of any unfunded vested benefits related to the MEPPs. However, under applicable accounting rules, we are not required to record a liability until we withdraw from the plan or when it becomes probable that a withdrawal will occur.

Central States MEPP —

In the third quarter of fiscal year 2012, we concluded negotiations with a union to discontinue our participation in the Central States Southeast and Southwest Areas Pension Fund (“Central States MEPP”) for two of our locations. In addition, we also closed two redundant branch facilities that participated in the Central States MEPP. In the first quarter of fiscal 2013, we successfully concluded negotiations to discontinue participation at two additional locations. As of March 30, 2013, we continued to participate in the Central States MEPP at one remaining location. Subsequent to March 30, 2013, we concluded negotiations to discontinue participation at this final location, thus completely discontinuing our participation in the Central States MEPP. We are in the process of submitting a formal notice of withdrawal from the plan.

Employer’s accounting for MEPPs (ASC 715-80) provides that a withdrawal liability should be recorded if circumstances that give rise to an obligation become probable and estimable. As a result of the actions noted above, in the third quarter of fiscal year 2012 we recorded a pre-tax charge of $24.0 million. This charge included the estimated discounted actuarial value of the total withdrawal liability, incentives for union participants and other related costs that had been incurred. We expect to pay the withdrawal liability over a period of 20 years. The amount of the withdrawal liability recorded is based on the best information available and is subject to change based on revised MEPP information received periodically from the union sponsors and other factors. These potential changes could have a material impact on our results of operations and financial condition.

Other MEPPs —

We continue to actively participate in several other MEPPs, for which we have not recorded a withdrawal liability. Based upon the most recent plan data available from the trustees managing these MEPPs, our share of the undiscounted, unfunded vested benefits for these MEPPs is estimated to be $3.0 million to $4.0 million as of March 30, 2013.

A partial or full withdrawal from a MEPP may be triggered by circumstances beyond our control. As evidenced by the negotiations above, we could also trigger the liability by successfully negotiating with a union to discontinue participation in the MEPP. If a future withdrawal from a plan occurs, we will record our proportional share of any unfunded vested benefits in the period in which the withdrawal occurs.

The ultimate amount of the withdrawal liability assessed by the MEPPs is impacted by a number of factors, including, among other things, investment returns, benefit levels, interest rates, financial difficulty of other participating employers in the plan and our continued participation with other employers in the MEPPs, each of which could impact the ultimate withdrawal liability.