Pension and retirement plans (Tables)

12 Months Ended

Jun. 29, 2024

Pension and retirement plan

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

	June 29,		July 1,
	2024		2023
	(Thousands)
Changes in benefit obligations:
Benefit obligations at beginning of year	$	471,401	$	614,359
Service cost		10,252		12,015
Interest cost		24,579		26,730
Actuarial loss (gain)		1,202		(43,407)
Benefits paid		(36,591)		(21,785)
Settlements paid		—		(116,511)
Benefit obligations at end of year	$	470,843	$	471,401
Changes in plan assets:
Fair value of plan assets at beginning of year	$	504,348	$	638,894
Actual return on plan assets		4,948		(4,250)
Benefits paid		(36,591)		(21,785)
Settlements paid		—		(116,511)
Contributions		8,000		8,000
Fair value of plan assets at end of year	$	480,705	$	504,348
Funded status of the plan recognized as a non-current asset	$	9,862	$	32,947
Amounts recognized in accumulated other comprehensive loss:
Unrecognized net actuarial losses	$	185,284	$	148,867
Unamortized prior service cost		20		23
	$	185,304	$	148,890
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss	$	36,195	$	9,702
Amortization of net actuarial losses		(222)		(2,469)
Amortization of prior service costs		(4)		(4)
Net loss recognized due to benefit obligation settlement		—		(37,350)
	$	35,969	$	(30,121)

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

	2024		2023
Discount rate	5.5	%	5.4	%

Weighted average assumptions used to determine net benefit costs

	2024		2023
Discount rate	5.4	%	4.6	%
Expected return on plan assets	7.0	%	7.0	%
Rate of compensation increase	3.5	%	3.5	%
Interest crediting rate	4.0	%	4.0	%

Components of net periodic pension costs

	Years Ended
	June 29,		July 1,		July 2,
	2024		2023		2022
	(Thousands)
Service cost within selling, general and administrative expenses	$	10,252	$	12,015	$	15,007
Interest cost		24,579		26,730		15,787
Expected return on plan assets		(39,941)		(48,860)		(49,135)
Amortization of prior service cost		4		4		4
Recognized net actuarial loss		223		2,469		16,343
Net loss recognized due to benefit obligation settlement		—		37,350		—
Total net periodic pension (benefit) cost within other (expense) income, net		(15,135)		17,693		(17,001)
Net periodic pension (benefit) cost	$	(4,883)	$	29,708	$	(1,994)

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):

2025	$	50,415
2026		39,238
2027		40,181
2028		42,244
2029		42,962
2030 through 2034		209,704

Plan's assets allocation

	2024		2023
Equity securities	69	%	67	%
Fixed income debt securities	29	%	30	%
Cash and cash equivalents	2	%	3	%

Fair value of Plan investments

The following table sets forth the fair value of the Plan’s investments as of June 29, 2024:

	Level 1		Level 2		Level 3		Net Asset Value		Total
	(Thousands)
Cash and cash equivalents	$	8,586	$	—	$	—	$	—	$	8,586
Return Seeking Investments:
Common stocks		—		—		—		151,936		151,936
Real estate		—		—		—		95,974		95,974
High yield credit and bonds		—		—		—		85,064		85,064
Fixed Income Investments:
U.S. government		—		—		—		102,542		102,542
Corporate		—		—		—		36,603		36,603
Total	$	8,586	$	—	$	—	$	472,119	$	480,705

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 July 1, 2023:

	Level 1		Level 2		Level 3		Net Asset Value		Total
	(Thousands)
Cash and cash equivalents	$	15,389	$	—	$	—	$	—	$	15,389
Return Seeking Investments:
Common stocks		—		—		—		138,533		138,533
Real estate		—		—		—		108,936		108,936
High yield credit and bonds		—		—		—		90,767		90,767
Fixed Income Investments:
U.S. government		—		—		—		118,456		118,456
Corporate		—		—		—		32,267		32,267
Total	$	15,389	$	—	$	—	$	488,959	$	504,348