Company-Sponsored Employee Benefit Plans (Tables)

12 Months Ended

Jun. 29, 2013

Defined benefit plans funded status table



	Pension Benefits				Other Postretirement Plans
	June 29, 2013		June 30, 2012		June 29, 2013		June 30, 2012
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	3,164,974	$	2,516,660	$	12,954	$	10,812
Service cost		70,166		108,223		541		457
Interest cost		148,561		147,512		614		632
Amendments		53,902		8,705		-		-
Curtailments		(72,967)		(176,531)		-		-
Actuarial (gain) loss, net		(201,517)		625,890		188		925
Total disbursements		(74,097)		(65,485)		(49)		128
Benefit obligation at end of year		3,089,022		3,164,974		14,248		12,954
Change in plan assets:
Fair value of plan assets at beginning of year		2,234,869		2,106,313		-		-
Actual return on plan assets		263,675		31,597		-		-
Employer contribution		93,562		162,444		49		(128)
Total disbursements		(74,097)		(65,485)		(49)		128
Fair value of plan assets at end of year		2,518,009		2,234,869		-		-
Funded status at end of year	$	(571,013)	$	(930,105)	$	(14,248)	$	(12,954)

Defined benefit plans amounts recognized in balance sheet table



	Pension Benefits				Other Postretirement Plans
	June 29, 2013		June 30, 2012		June 29, 2013		June 30, 2012
	(In thousands)
Current accrued benefit liability (Accrued expenses)	$	(25,181)	$	(22,810)	$	(380)	$	(369)
Non-current accrued benefit liability (Other long-term liabilities)		(545,832)		(907,295)		(13,868)		(12,585)
Net amount recognized	$	(571,013)	$	(930,105)	$	(14,248)	$	(12,954)

Defined benefit plans amounts recognized in accumulated other comprehensive loss (income) table

Accumulated other comprehensive loss (income) as of June 29, 2013 consists of the following amounts that had not, as of that date, been recognized in net benefit cost:



	Pension Benefits		Other Postretirement Plans		Total
	(In thousands)
Prior service cost	$	71,798	$	1,067	$	72,865
Actuarial losses (gains)		864,000		(3,151)		860,849
Total	$	935,798	$	(2,084)	$	933,714

Accumulated other comprehensive loss (income) as of June 30, 2012 consists of the following amounts that had not, as of that date, been recognized in net benefit cost:



	Pension Benefits		Other Postretirement Plans		Total
	(In thousands)
Prior service cost	$	36,087	$	1,236	$	37,323
Actuarial losses (gains)		1,303,582		(3,543)		1,300,039
Transition obligation		-		141		141
Total	$	1,339,669	$	(2,166)	$	1,337,503

Defined benefit plans with accumulated/aggregate benefit obligation in excess of fair value of plan assets table



	Pension Benefits				Other Postretirement Plans
	June 29, 2013 ⁽¹⁾		June 30, 2012 ⁽¹⁾		June 29, 2013		June 30, 2012
	(In thousands)
Accumulated benefit obligation/aggregate benefit obligation	$	3,079,068	$	3,078,488	$	14,248	$	12,954
Fair value of plan assets at end of year		2,518,009		2,234,869		-		-

⁽¹⁾Information under Pension Benefits as of June 29, 2013 and June 30, 2012 includes both the Retirement Plan and the SERP.

Defined benefit plans amounts included accumulated other comprehensive loss (income) that are expected to be recognized in net company-sponsored benefit cost in next fiscal year table



	Pension Benefits		Other Postretirement Plans		Total
	(In thousands)
Amortization of prior service cost	$	11,145	$	168	$	11,313
Amortization of actuarial losses (gains)		16,327		(143)		16,184
Total	$	27,472	$	25	$	27,497

Defined benefit plans estimated future benefit payments table



	Pension Benefits		Other Postretirement Plans
	(In thousands)
2014	$	86,447	$	390
2015		95,024		775
2016		104,529		1,075
2017		115,629		1,271
2018		126,202		1,404
Subsequent five years		786,838		7,123

Defined benefit plans weighted average assumptions used in calculating benefit obligations table



	June 29, 2013		June 30, 2012
Discount rate — Retirement Plan	5.32	%	4.81	%
Discount rate — SERP	4.94		4.89
Discount rate — Other Postretirement Plans	5.32		4.81
Rate of compensation increase — Retirement Plan	3.89		5.30

Defined benefit plans weighted average assumptions used in calculating net periodic benefit costs table


	2013		2012		2011
Discount rate — Retirement Plan	4.81	%	5.94	%	6.15	%
Discount rate — SERP	3.96	⁽¹⁾	5.93		6.35
Discount rate — Other Postretirement Plans	4.81		5.94		6.32
Expected rate of return — Retirement Plan	7.75		7.75		8.00
Rate of compensation increase — Retirement Plan	5.30		5.30		5.30

⁽¹⁾ The SERP was remeasured in November 2012 as a result of the plan freeze discussed above. The rate in the table above reflects the discount rate as of this remeasurement.

Pension Benefits [Member]

Defined benefit plans components of net benefit cost table



	Pension Benefits
	2013		2012		2011
	(In thousands)
Service cost	$	70,166	$	108,223	$	99,443
Interest cost		148,561		147,512		134,973
Expected return on plan assets		(171,201)		(161,605)		(131,921)
Amortization of prior service cost		9,899		4,806		3,960
Amortization of actuarial loss		72,624		60,166		79,952
Curtailment loss		8,293		-		-
Net pension costs	$	138,342	$	159,102	$	186,407

Defined benefit plans other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income table



	Pension Benefits
	2013		2012		2011
	(In thousands)
Amortization of prior service cost	$	18,192	$	4,806	$	3,960
Amortization of actuarial loss		72,624		60,166		79,952
Prior service cost arising in current year		(53,902)		(8,706)		(8,252)
Actuarial (loss) gain arising in current year		366,957		(579,366)		84,055
Net pension costs	$	403,871	$	(523,100)	$	159,715

Other Postretirement Plans [Member]

Defined benefit plans components of net benefit cost table



	Other Postretirement Plans
	2013		2012		2011
	(In thousands)
Service cost	$	541	$	457	$	396
Interest cost		614		632		524
Amortization of prior service cost		168		215		185
Amortization of actuarial gain		(203)		(331)		(388)
Amortization of transition obligation		141		153		153
Net other postretirement benefit costs	$	1,261	$	1,126	$	870

Defined benefit plans other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income table



	Other Postretirement Plans
	2013		2012		2011
	(In thousands)
Amortization of prior service cost	$	168	$	215	$	185
Amortization of actuarial gain		(203)		(331)		(388)
Amortization of transition obligation		141		153		153
Prior service cost arising in current year		-		-		(987)
Actuarial (loss) gain arising in current year		(188)		(925)		(157)
Net pension costs	$	(82)	$	(888)	$	(1,194)

Qualified Pension Plan [Member]

Defined benefit plans target and actual asset allocation table



	Target Asset Allocation Range		Actual Asset Allocation
U.S. equity	23 - 31	%	34	%
International equity	23 - 31		31
Long duration fixed income	21 - 35		23
High yield fixed income	7 - 11		9
Alternative investments	5 - 15		3
			100	%

Defined benefit plans fair value of plans assets by major category table

The following table presents the fair value of the Retirement Plan’s assets by major asset category as of June 29, 2013:



	Assets Measured at Fair Value as of June 29, 2013
	Level 1		Level 2		Level 3		Total
	(In thousands)
Cash and cash equivalents ¹	$	-	$	88,812	$	-	$	88,812
U.S. equity:
U.S. large-cap ¹		189,548		531,667		-		721,215
U.S. small-to-mid-cap ¹		99,518		-		-		99,518
International equity ²		-		745,262		-		745,262
Long duration fixed income:
Diversified fixed income ²		-		264,139		-		264,139
U.S. government and agency securities		-		123,253		-		123,253
Corporate bonds		-		117,565		-		117,565
Mortgage-backed securities		-		8,316		-		8,316
Municipal bonds		-		23,840		-		23,840
Sovereign debt		-		16,744		-		16,744
Other ¹		-		13,277		-		13,277
Derivatives, net ³		(249)		(687)		-		(936)
High yield fixed income ²		-		226,955		-		226,955
Alternative investments:
Real estate ²		-		-		64,845		64,845
Private equity ²		-		-		14,375		14,375
Total investments at fair value	$	288,817	$	2,159,143	$	79,220	$	2,527,180
Other ⁴								(9,171)
Fair value of plan assets at end of year							$	2,518,009

¹ Include direct investments and investment funds.

² Include investments in investment funds only.

³ Include credit default swaps, interest rate swaps, foreign currency contracts, futures and options. The fair value of asset positions totaled $0.4 million; the fair value of liability positions totaled $1.3 million.

⁴ Include primarily plan receivables and payables, net.

The following table presents the fair value of the Retirement Plan’s assets by major asset category as of June 30, 2012:



	Assets Measured at Fair Value as of June 30, 2012
	Level 1		Level 2		Level 3		Total
	(In thousands)
Cash and cash equivalents ¹	$	-	$	44,904	$	-	$	44,904
U.S. equity:
U.S. large-cap ¹		143,544		414,048		-		557,592
U.S. small-to-mid-cap		133,388		-		-		133,388
International equity ²		-		670,139		-		670,139
Core fixed income:
U.S. government and agency securities		-		43,690		-		43,690
Corporate bonds ¹		-		85,391		-		85,391
Asset-backed securities		-		11,937		-		11,937
Mortgage-backed securities, net ¹		-		106,722		-		106,722
Other ¹		192		17,248		-		17,440
Derivatives, net ³		(16)		(6)		-		(22)
Long duration fixed income:
U.S. government and agency securities		-		143,825		-		143,825
Corporate bonds		-		119,947		-		119,947
Mortgage-backed securities		-		9,946		-		9,946
Municipal bonds		-		22,014		-		22,014
Sovereign debt		-		18,126		-		18,126
Other ¹		-		12,813		-		12,813
Derivatives, net ⁴		-		(43)		-		(43)
High yield fixed income ²		-		205,984		-		205,984
Alternative investments:
Real estate ²		-		-		51,097		51,097
Private equity ²		-		-		5,295		5,295
Total investments at fair value	$	277,108	$	1,926,685	$	56,392	$	2,260,185
Other ⁵								(25,316)
Fair value of plan assets at end of year							$	2,234,869

¹ Include direct investments and investment funds.

² Include investments in investment funds only.

³ Include credit default swaps, interest rate swaps and futures. The fair value of asset positions totaled $0.3 million; the fair value of liability positions totaled $0.3 million.

⁴ Include credit default swaps, interest rate swaps, foreign currency contracts, futures and options. The fair value of asset positions totaled $0.5 million; the fair value of liability positions totaled $0.6 million.

⁵ Include primarily plan receivables and payables, net.

Defined benefit plans rollforward of Level 3 plan assets table



	Real Estate Funds		Private Equity Funds		Total Level 3 Measurements
	(In thousands)
Balance, July 2, 2011	$	30,615	$	1,480	$	32,095
Actual return on plan assets:
Relating to assets still held at the reporting date		2,155		(14)		2,141
Relating to assets sold during the period		-		-		-
Purchases and sales, net		18,327		3,829		22,156
Transfers in and/or out of Level 3		-		-		-
Balance, June 30, 2012	$	51,097	$	5,295	$	56,392
Actual return on plan assets:
Relating to assets still held at the reporting date		6,696		1,327		8,023
Relating to assets sold during the period		-		-		-
Purchases and sales, net		7,052		7,753		14,805
Transfers in and/or out of Level 3		-		-		-
Balance, June 29, 2013	$	64,845	$	14,375	$	79,220