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Pension and retirement plans (Tables) | 12 Months Ended
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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 | ​

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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