Retirement Plans and Postretirement Costs (Tables)

12 Months Ended

Jun. 28, 2020

Compensation And Retirement Disclosure [Abstract]

Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax

Amounts included in accumulated other comprehensive loss, net of tax, at June 28, 2020, which have not yet been recognized in net periodic benefit cost were as follows (thousands of dollars):

	SERP		Postretirement
Prior service credit	$	—	$	(6	)
Net actuarial loss		215		1,768
	$	215	$	1,762

Amounts Included in Accumulated Other Comprehensive Loss Expected to be Recognized, Net of Tax

Prior service cost (credit) and unrecognized net actuarial losses included in accumulated other comprehensive loss at June 28, 2020 which are expected to be recognized in net periodic benefit cost (credit) in fiscal 2021, net of tax, for the pension, SERP and postretirement plans are as follows (thousands of dollars):

	SERP		Postretirement
Prior service credit	$	—	$	(6	)
Net actuarial loss		8		274
	$	8	$	268

Summary of Pension Supplemental Executive Retirement Plan and Postretirement Plans Income and Expense

The following tables summarize the pension, SERP and postretirement plans’ income and expense, funded status and actuarial assumptions for the years indicated (thousands of dollars). We use a June 30 measurement date for our pension and postretirement plans.

	Pension and SERP Benefits					Postretirement Benefits
	Years Ended					Years Ended
	June 28, 2020		June 30, 2019			June 28, 2020			June 30, 2019
COMPONENTS OF NET PERIODIC BENEFIT COST:
Service cost	$	74	$	62		$	12		$	11
Interest cost		61		2,101			26			40
Expected return on plan assets		—		(2,275	)		—			—
Plan settlements		—		31,878			—			—
Amortization of prior service cost (credit)		—		—			(29	)		(439	)
Amortization of unrecognized net loss		15		831			397			431
Net periodic benefit cost (credit)	$	150	$	32,597		$	406		$	43


WEIGHTED-AVERAGE ASSUMPTIONS:
Benefit Obligations:
Discount rate		2.33	%		3.17	%		2.07	%		3.01	%
Rate of compensation increases – SERP		3.0	%		3.0	%	n/a			n/a
Net Periodic Benefit Cost:
Discount rate		3.17	%		4.30	%		3.01	%		4.30	%
Rate of compensation increases – SERP		3.0	%		3.0	%	n/a			n/a
CHANGE IN PROJECTED BENEFIT OBLIGATION:
Benefit obligation at beginning of year	$	2,229		$	98,835		$	914		$	1,041
Service cost		74			62			12			11
Interest cost		61			2,101			26			40
Plan settlements		—			(72,400	)		—			—
Actuarial gain		3			5,143			22			39
Benefits paid		(74	)		(31,512	)		(153	)		(217	)
Benefit obligation at end of year	$	2,293		$	2,229		$	821		$	914
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year	$	8,645		$	111,466		$	—		$	—
Actual return on plan assets		84			1,077			—			—
Employer contribution		14			14			153			217
Excess Asset Transfer		(9,019	)		—			—			—
Plan settlements		350			(72,400	)		—			—
Benefits paid		(74	)		(31,512	)		(153	)		(217	)
Fair value of plan assets at end of year	$	-		$	8,645		$	—		$	—
Funded status – (accrued) prepaid benefit obligations	$	(2,293	)	$	6,416		$	(821	)	$	(914	)
AMOUNTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS:
Other long-term assets	$	—		$	8,585		$	—		$	—
Accrued payroll and benefits (current liabilities)		(1,039	)		(506	)		(120	)		(152	)
Accrued benefit obligations (long-term liabilities)		(1,254	)		(1,663	)		(701	)		(762	)
Net amount recognized	$	(2,293	)	$	6,416		$	(821	)	$	(914	)
CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OTHER COMPREHENSIVE INCOME:
Net periodic benefit cost	$	150		$	32,597		$	406		$	43
Net actuarial loss (gain)		3			(57,414	)		22			39
Plan settlements		—			31,878			—			—
Amortization of prior service credits		—			—			29			439
Amortization of unrecognized net loss		(15	)		(831	)		(397	)		(431	)
Total recognized in other comprehensive (income) loss, before tax		(12	)		(26,367	)		(346	)		47
Total recognized in net periodic benefit cost and other comprehensive loss, before tax	$	138		$	6,230		$	60		$	90

The Accumulated Benefit Obligations and Projected Benefit Obligations for the Pension and SERP

The following table summarizes the accumulated benefit obligations and projected benefit obligations for the pension and SERP (thousands of dollars):

	Pension				SERP
	June 28, 2020		June 30, 2019		June 28, 2020		June 30, 2019
Accumulated benefit obligation	$	—	$	60	$	2,176	$	1,981
Projected benefit obligation	$	—	$	60	$	2,293	$	2,169

Minimal Effect of Health Care Trend on our Postretirement Benefit

The health care cost trend assumption has a minimal effect on our postretirement benefit amounts reported. A 1% change in the health care cost trend rates would have the following effects (thousands of dollars):

1% Increase

1% Decrease

Effect on total of service and interest cost components

in fiscal 2020

—

Effect on postretirement benefit obligation as of

June 30, 2020

)

Expected Future Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the fiscal years noted below (thousands of dollars):

	SERP Benefits		Postretirement Benefits
2021	$	1,040	$	119
2022	$	402	$	116
2023	$	14	$	103
2024	$	14	$	93
2025	$	14	$	64
2026-2030	$	928	$	218

Schedule of 401(k) Plan Contribution

Our contributions to the 401(k) Plan were as follows (thousands of dollars):

	Years Ended
	June 28, 2020		June 30, 2019
Company contributions	$	1,709	$	1,903