Pension and retirement plans (Tables)

12 Months Ended

Jun. 27, 2020

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

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

	June 27,		June 29,
	2020		2019
	(Thousands)
Changes in benefit obligations:
Benefit obligations at beginning of year	$	731,695	$	685,160
Service cost		15,145		14,631
Interest cost		22,552		26,354
Actuarial loss		72,144		55,118
Benefits paid		(51,357)		(49,610)
Plan amendments		—		42
Benefit obligations at end of year	$	790,179	$	731,695
Changes in plan assets:
Fair value of plan assets at beginning of year	$	664,063	$	659,038
Actual return on plan assets		87,094		46,635
Benefits paid		(51,357)		(49,610)
Contributions		8,000		8,000
Fair value of plan assets at end of year	$	707,800	$	664,063
Funded status of the plan recognized as a non-current liability	$	(82,379)	$	(67,632)
Amounts recognized in accumulated other comprehensive loss:
Unrecognized net actuarial losses	$	256,477	$	235,384
Unamortized prior service cost		332		2,470
	$	256,809	$	237,854
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss	$	35,721	$	62,002
Net prior service cost		—		42
Amortization of net actuarial losses		(14,629)		(9,251)
Amortization of prior service (costs) credits		(2,137)		1,571
	$	18,955	$	54,364

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

	2020		2019
Discount rate	2.7	%	3.5	%

Weighted average assumptions used to determine net benefit costs

	2020		2019
Discount rate	3.3	%	4.1	%
Expected return on plan assets	7.7	%	8.0	%

Components of net periodic pension costs

	Years Ended
	June 27,		June 29,		June 30,
	2020		2019		2018
	(Thousands)
Service cost	$	15,145	$	14,631	$	15,834
Total net periodic pension cost within selling, general and administrative expenses		15,145		14,631		15,834
Interest cost		22,552		26,354		23,732
Expected return on plan assets		(50,671)		(53,518)		(54,686)
Amortization of prior service cost (credit)		2,137		(1,571)		(1,573)
Recognized net actuarial loss		14,629		9,251		14,404
Total net periodic pension benefit within other (expense) income, net		(11,353)		(19,484)		(18,123)
Net periodic pension cost (benefit)	$	3,792	$	(4,853)	$	(2,289)

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):

2021	$	49,144
2022		41,897
2023		44,868
2024		46,817
2025		48,149
2026 through 2030		259,412

Plan's assets allocation

	2020		2019
Return seeking investments	62	%	58	%
Fixed income investments	36	%	42	%
Cash and cash equivalents	2	%	—

Fair value of Plan investments

The following table sets forth the fair value of the Plan’s investments as of June 27, 2020:

	Level 1		Level 2		Level 3		Net Asset Value		Total
	(Thousands)
Cash and cash equivalents	$	13,243	$	—	$	—	$	—	$	13,243
Return Seeking Investments:
Common stocks		—		—		—		254,917		254,917
Real estate		—		—		—		81,817		81,817
High yield credit and bonds		—		—		—		103,925		103,925
Fixed Income Investments:
U.S. government		—		—		—		218,573		218,573
Corporate		—		—		—		35,325		35,325
Total	$	13,243	$	—	$	—	$	694,557	$	707,800

Certain investments included in the table above are measured at fair value using the net asset value per share (or its

equivalent) practical expedient and are not included in the three levels of the fair value hierarchy.

The following table sets forth the fair value of the Plan’s investments as of June 29, 2019:

	Level 1		Level 2		Level 3		Total
	(Thousands)
Cash and cash equivalents	$	2,441	$	—	$	—	$	2,441
Equities:
U.S. common stocks		—		254,139		—		254,139
International common stocks		—		131,847		—		131,847
Fixed Income:
U.S. government agencies		—		97,015		—		97,015
U.S. and international corporate bonds		—		153,891		—		153,891
Other		—		24,730		—		24,730
Total	$	2,441	$	661,622	$	—	$	664,063