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Retirement Plan (Tables)
12 Months Ended
Jun. 26, 2025
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligation

The following table presents the changes in the projected benefit obligation for the fiscal years ended:

 

June 26,
2025

 

 

June 27,
2024

 

Change in projected benefit obligation

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

26,862

 

 

$

28,017

 

Service cost

 

 

516

 

 

 

251

 

Interest cost

 

 

1,445

 

 

 

1,400

 

Actuarial loss (gain)

 

 

640

 

 

 

(1,663

)

Benefits paid

 

 

(724

)

 

 

(1,143

)

Projected benefit obligation at end of year

 

$

28,739

 

 

$

26,862

 

Components of Actuarial (Gain) Loss Portion of Change in Projected Benefit Obligation

Components of the actuarial loss (gain) are presented below for the fiscal years ended:

 

June 26,
2025

 

 

June 27,
2024

 

 

June 29,
2023

 

Actuarial Loss (Gain)

 

 

 

 

 

 

 

 

 

Change in assumed pay increases

 

$

1,119

 

 

$

1,418

 

 

$

(70

)

Change in discount rate

 

 

(141

)

 

 

(1,138

)

 

 

(1,584

)

Change in mortality assumptions

 

 

 

 

 

 

 

 

 

Other

 

 

(338

)

 

 

(1,943

)

 

 

(1,353

)

Actuarial loss (gain)

 

$

640

 

 

$

(1,663

)

 

$

(3,007

)

Schedule of Net Periodic Pension Cost

The components of the net periodic pension cost are as follows for the fiscal years ended:

 

June 26,
2025

 

 

June 27,
2024

 

 

June 29,
2023

 

Service cost

 

$

516

 

 

$

251

 

 

$

801

 

Interest cost

 

 

1,445

 

 

 

1,400

 

 

 

1,366

 

Recognized loss amortization

 

 

 

 

 

 

 

 

28

 

Net periodic pension cost

 

$

1,961

 

 

$

1,651

 

 

$

2,195

 

Assumptions to Calculate Benefit Obligation and Net Periodic Costs of SERP

The most significant assumption related to our SERP is the discount rate used to calculate the actuarial present value of benefit obligations to be paid in the future.

We used the following assumptions to calculate the benefit obligation of our SERP as of the following dates:

 

June 26,
2025

 

June 27,
2024

Discount rate

 

5.49%

 

5.45%

Average rate of compensation increases

 

4.50%

 

6.11%

Bonus payment

 

45% - 115% of base, paid 4 of 5 years

 

45% - 115% of base, paid 4 of 5 years

 

We used the following assumptions to calculate the net periodic costs of our SERP as follows for the fiscal years ended:

 

June 26,
2025

 

June 27,
2024

 

June 29,
2023

Discount rate

 

5.45%

 

5.12%

 

4.68%

Rate of compensation increases

 

6.11%

 

4.50%

 

4.50%

Mortality

 

Pri-2012 white collar with MP- 2021 scale

 

Pri-2012 white collar with MP- 2021 scale

 

Pri-2012 white collar with MP- 2021 scale

Bonus payment

 

45% - 115% of base, paid 4 of 5 years

 

45% - 110% of base, paid 4 of 5 years

 

45% - 110% of base, paid 4 of 5 years

 

Benefits Expected to be Paid in Next Ten Fiscal Years

The following table presents the benefits expected to be paid in the next ten fiscal years:

Fiscal Year

 

 

 

2026

 

$

818

 

2027

 

 

890

 

2028

 

 

854

 

2029

 

 

1,855

 

2030

 

 

1,820

 

2031 — 2035

 

 

11,024

 

Components of AOCL

The following table presents the components of accumulated other comprehensive income that have not yet been recognized in net pension expense:

 

June 26,
2025

 

 

June 27,
2024

 

Unrecognized net gain

 

$

983

 

 

$

1,623

 

Tax effect

 

 

(419

)

 

 

(579

)

Net amount unrecognized

 

$

564

 

 

$

1,044