Pension and retirement plans (Tables)

12 Months Ended

Jul. 02, 2016

Defined Benefit Plan Disclosure [Line Items]

Table outlining changes in benefit obligations, plan assets and the funded status of the Plan

	July 2,		June 27,
	2016		2015
	(Thousands)
Changes in benefit obligations:
Benefit obligations at beginning of year	$	513,406	$	457,167
Service cost		39,740		39,492
Interest cost		21,310		17,797
Actuarial loss		41,799		21,796
Benefits paid		(27,744)		(22,846)
Benefit obligations at end of year	$	588,511	$	513,406
Changes in plan assets:
Fair value of plan assets at beginning of year	$	484,408	$	449,960
Actual return on plan assets		19,425		17,294
Benefits paid		(27,744)		(22,846)
Contributions		40,000		40,000
Fair value of plan assets at end of year	$	516,089	$	484,408
Funded status of the plan recognized as a non-current liability	$	(72,422)	$	(28,998)
Amounts recognized in accumulated other comprehensive income:
Unrecognized net actuarial losses	$	235,747	$	185,819
Unamortized prior service credits		(2,903)		(4,476)
	$	232,844	$	181,343
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial gain	$	62,659	$	40,723
Amortization of net actuarial losses		(12,731)		(13,007)
Amortization of prior service credits		1,573		1,573
	$	51,501	$	29,289

Weighted average assumptions used to calculate actuarial present values of benefit obligations

	2016		2015
Discount rate	3.4	%	4.3	%

Weighted average assumptions used to determine net benefit costs

	2016		2015
Discount rate	4.3	%	4.0	%
Expected return on plan assets	8.3	%	8.5	%

Components of net periodic pension costs

	Years Ended
	July 2,		June 27,		June 28,
	2016		2015		2014
	(Thousands)
Service cost	$	39,740	$	39,492	$	36,733
Interest cost		21,310		17,797		17,155
Expected return on plan assets		(40,285)		(36,221)		(30,908)
Recognized net actuarial loss		12,731		13,007		12,686
Amortization of prior service credits		(1,573)		(1,573)		(1,573)
Net periodic pension cost	$	31,923	$	32,502	$	34,093

Benefit payments expected to be paid to Plan participants

Benefit payments are expected to be paid to Plan participants as follows for the next five fiscal years and the aggregate for the five years thereafter (in thousands):

2017	$	39,519
2018		30,771
2019		34,711
2020		39,973
2021		45,057
2022 through 2026		305,721

Plan's assets allocation

	2016		2015
Equity securities	60	%	76	%
Fixed income debt securities	40	%	23	%
Cash and cash equivalents	—	%	1	%

Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Fair value of Plan investments

The following table sets forth the fair value of the Plan’s investments as of July 2, 2016:

	Level 1		Level 2		Level 3		Total
	(Thousands)
Cash and cash equivalents	$	497	$	—	$	—	$	497
Equities:
U.S. common stocks		—		204,125		—		204,125
International common stocks		—		102,193		—		102,193
Fixed Income:
U.S. government agencies		—		76,991		—		76,991
U.S. corporate bonds		—		112,262		—		112,262
Other		—		20,021		—		20,021
Total	$	497	$	515,592	$	—	$	516,089

The following table sets forth the fair value of the Plan’s investments as of June 27, 2015:

	Level 1		Level 2		Level 3		Total
	(Thousands)
Cash and cash equivalents	$	2,111	$	—	$	—	$	2,111
Equities:
U.S. common stocks		—		287,495		—		287,495
International common stocks		—		79,704		—		79,704
Fixed Income:
U.S. government agencies		—		8,912		—		8,912
U.S. corporate bonds		—		106,186		—		106,186
Total	$	2,111	$	482,297	$	—	$	484,408