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Retirement Plans and Postretirement Costs (Tables) | 12 Months Ended
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Jun. 29, 2014
Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax | Amounts included in accumulated other comprehensive loss, net of tax, at June 29, 2014, which have not yet been recognized in net periodic benefit cost are as follows (thousands of dollars):
|  | Pension and SERP |  |  | Postretirement |
Prior service cost (credit) |  | $ | 28 |  |  | $ | (2,184 | )
Net actuarial loss |  |  | 15,232 |  |  |  | 3,711 |
|  | $ | 15,260 |  |  | $ | 1,527 |
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 29, 2014 which are expected to be recognized in net periodic benefit cost in fiscal 2015, net of tax, for the pension, SERP and postretirement plans are as follows (thousands of dollars):
|  | Pension and SERP |  |  | Postretirement |
Prior service cost (credit) |  | $ | 7 |  |  | $ | (481 | )
Net actuarial loss |  |  | 1,748 |  |  |  | 437 |
|  | $ | 1,755 |  |  | $ | (44 | )
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 29, 2014 |  |  | June 30, 2013 |  |  | July 1, 2012 |  |  | June 29, 2014 |  |  | June 30, 2013 |  |  | July 1, 2012 |
COMPONENTS OF NET PERIODIC BENEFIT COST: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 217 |  |  | $ | 216 |  |  | $ | 150 |  |  | $ | 15 |  |  | $ | 15 |  |  | $ | 11 |
Interest cost |  |  | 4,407 |  |  |  | 4,447 |  |  |  | 4,784 |  |  |  | 157 |  |  |  | 181 |  |  |  | 227 |
Expected return on plan assets |  |  | (6,442 | ) |  |  | (6,126 | ) |  |  | (6,411 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of prior service cost (credit) |  |  | 12 |  |  |  | 12 |  |  |  | 12 |  |  |  | (764 | ) |  |  | (764 | ) |  |  | (764 | )
Amortization of unrecognized net loss |  |  | 2,665 |  |  |  | 4,453 |  |  |  | 2,414 |  |  |  | 847 |  |  |  | 898 |  |  |  | 673 |
Settlement loss |  |  | — |  |  |  | 2,144 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net periodic benefit cost |  | $ | 859 |  |  | $ | 5,146 |  |  | $ | 949 |  |  | $ | 255 |  |  | $ | 330 |  |  | $ | 147 |
|  | Pension and SERP Benefits |  |  | Postretirement Benefits |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
WEIGHTED-AVERAGE ASSUMPTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit Obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.39 | % |  |  | 5.02 | % |  |  | 4.39 | % |  |  | 5.02 | %
Rate of compensation increases—SERP |  |  | 3.0 | % |  |  | 3.0 | % |  |  | n/a |  |  |  | n/a |
Net Periodic Benefit Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 5.02 | % |  |  | 4.56 | % |  |  | 5.02 | % |  |  | 4.56 | %
Expected return on plan assets |  |  | 7.5 | % |  |  | 7.5 | % |  |  | n/a |  |  |  | n/a |
Rate of compensation increases—SERP |  |  | 3.0 | % |  |  | 3.0 | % |  |  | n/a |  |  |  | n/a |
CHANGE IN PROJECTED BENEFIT OBLIGATION: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 89,915 |  |  | $ | 103,383 |  |  | $ | 3,540 |  |  | $ | 4,475 |
Service cost |  |  | 217 |  |  |  | 216 |  |  |  | 15 |  |  |  | 15 |
Interest cost |  |  | 4,407 |  |  |  | 4,447 |  |  |  | 157 |  |  |  | 181 |
Plan Amendments |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | — |
Actuarial (gain) loss |  |  | 7,030 |  |  |  | (8,381 | ) |  |  | (112 | ) |  |  | 239 |
Benefits paid |  |  | (4,121 | ) |  |  | (9,750 | ) |  |  | (671 | ) |  |  | (1,370 | )
Benefit obligation at end of year |  | $ | 97,445 |  |  | $ | 89,915 |  |  | $ | 2,929 |  |  | $ | 3,540 |
CHANGE IN PLAN ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 90,434 |  |  | $ | 79,517 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  |  | 14,021 |  |  |  | 11,914 |  |  |  | — |  |  |  | — |
Employer contribution |  |  | 4,006 |  |  |  | 8,753 |  |  |  | 671 |  |  |  | 1,370 |
Benefits paid |  |  | (4,121 | ) |  |  | (9,750 | ) |  |  | (671 | ) |  |  | (1,370 | )
Fair value of plan assets at end of year |  | $ | 104,340 |  |  | $ | 90,434 |  |  | $ | — |  |  | $ | — |
Funded status – prepaid (accrued) benefit obligations |  | $ | 6,895 |  |  | $ | 519 |  |  | $ | (2,929 | ) |  | $ | (3,540 | )
AMOUNTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other long-term assets |  | $ | 8,768 |  |  | $ | 1,983 |  |  | $ | — |  |  | $ | — |
Accrued payroll and benefits (current liabilities) |  |  | (254 | ) |  |  | — |  |  |  | (706 | ) |  |  | (823 | )
Accrued benefit obligations (long-term liabilities) |  |  | (1,619 | ) |  |  | (1,464 | ) |  |  | (2,223 | ) |  |  | (2,717 | )
Net amount recognized |  | $ | 6,895 |  |  | $ | 519 |  |  | $ | (2,929 | ) |  | $ | (3,540 | )
CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OTHER COMPREHENSIVE INCOME: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net periodic benefit cost |  | $ | 859 |  |  | $ | 5,146 |  |  | $ | 255 |  |  | $ | 330 |
Net actuarial (gain) loss |  |  | (550 | ) |  |  | (14,170 | ) |  |  | (112 | ) |  |  | 238 |
Prior service cost |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of prior service (cost) credits |  |  | (12 | ) |  |  | (12 | ) |  |  | 764 |  |  |  | 764 |
Amortization of unrecognized net loss |  |  | (2,665 | ) |  |  | (6,597 | ) |  |  | (847 | ) |  |  | (898 | )
Total recognized in other comprehensive income, before tax |  |  | (3,230 | ) |  |  | (20,779 | ) |  |  | (195 | ) |  |  | 104 |
Total recognized in net periodic benefit cost and other comprehensive income |  | $ | (2,371 | ) |  | $ | (15,633 | ) |  | $ | 60 |  |  | $ | 434 |
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) for 2014 and 2013:
|  | Pension |  |  | SERP |
|  | June 29, 2014 |  |  | June 30, 2013 |  |  | June 29, 2014 |  |  | June 30, 2013 |
Accumulated benefit obligation |  | $ | 95,573 |  |  | $ | 88,451 |  |  | $ | 1,422 |  |  | $ | 1,020 |
Projected benefit obligation |  | $ | 95,573 |  |  | $ | 88,451 |  |  | $ | 1,872 |  |  | $ | 1,464 |
Significant Effect of Health Care Trend on the Postretirement Benefit | The health care cost trend assumption has a significant effect on the 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 2014 |  | $ | 2 |  |  | $ | (2 | )
Effect on postretirement benefit obligation as of June 29, 2014 |  | $ | 41 |  |  | $ | (40 | )
Pension Plan Weighted-Average Asset Allocations by Asset Category | The pension plan weighted-average asset allocations by asset category were as follows for 2014 and 2013:
|  | Target Allocation |  |  | June 29, 2014 |  |  | June 30, 2013 |
Equity investments |  |  | 50 | % |  |  | 43 | % |  |  | 64 | %
Fixed-income Investments |  |  | 50 |  |  |  | 26 |  |  |  | 25 |
Cash |  |  | — |  |  |  | 26 |  |  |  | 5 |
Other |  |  | — |  |  |  | 5 |  |  |  | 6 |
Total |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Summary, by Asset Category, of the Fair Value of Pension Plan Assets | The following is a summary, by asset category, of the fair value of pension plan assets at the June 30, 2014 and June 30, 2013 measurement dates (thousands of dollars):
|  | June 30, 2014 |  |  | June 30, 2013 |
Asset Category |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and cash equivalents |  | $ | — |  |  | $ | 27,736 |  |  | $ | — |  |  | $ | 27,736 |  |  | $ | — |  |  | $ | 4,572 |  |  | $ | — |  |  | $ | 4,572 |
Equity Securities/Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small Cap |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,681 |  |  |  | — |  |  |  | — |  |  |  | 13,681 |
Mid Cap |  |  | 10,866 |  |  |  | — |  |  |  | — |  |  |  | 10,866 |  |  |  | 9,048 |  |  |  | — |  |  |  | — |  |  |  | 9,048 |
Large Cap |  |  | 21,920 |  |  |  | — |  |  |  | — |  |  |  | 21,920 |  |  |  | 18,039 |  |  |  | — |  |  |  | — |  |  |  | 18,039 |
International |  |  | 11,728 |  |  |  | — |  |  |  | — |  |  |  | 11,728 |  |  |  | 17,600 |  |  |  | — |  |  |  | — |  |  |  | 17,600 |
Fixed Income Bond Funds/Bonds |  |  | 4,884 |  |  |  | 21,771 |  |  |  | — |  |  |  | 26,655 |  |  |  | 1,024 |  |  |  | 21,383 |  |  |  | — |  |  |  | 22,407 |
Hedge Funds |  |  | — |  |  |  | — |  |  |  | 5,435 |  |  |  | 5,435 |  |  |  | — |  |  |  | — |  |  |  | 5,087 |  |  |  | 5,087 |
Total |  | $ | 49,398 |  |  | $ | 49,507 |  |  | $ | 5,435 |  |  | $ | 104,340 |  |  | $ | 59,392 |  |  | $ | 25,955 |  |  | $ | 5,087 |  |  | $ | 90,434 |
Changes in Level 3 Investments for the Pension Plan Assets | The following table summarizes the changes in Level 3 investments for the pension plan assets (thousands of dollars):
|  |  |  |  |  |  |  | Realized and |  |  |  |
|  | Fair Value |  |  | Net Purchases |  |  | Unrealized |  |  | Fair Value |
|  | June 30, 2013 |  |  | and Sales |  |  | Gain, net |  |  | June 30, 2014 |
Hedge Funds |  | $ | 5,087 |  |  | $ | (111 | ) |  | $ | 459 |  |  | $ | 5,435 |
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):
|  | Pension and SERP Benefits |  |  | Postretirement Benefits |
2015 |  | $ | 4,856 |  |  | $ | 706 |
2016 |  | $ | 5,119 |  |  | $ | 586 |
2017 |  | $ | 5,110 |  |  | $ | 483 |
2018 |  | $ | 5,342 |  |  | $ | 391 |
2019 |  | $ | 5,707 |  |  | $ | 285 |
2020-2024 |  | $ | 30,938 |  |  | $ | 645 |
Schedule of 401(k) Plan Contribution | Our contributions to the 401(k) Plan were as follows (thousands of dollars):
| 2014 |  |  | 2013 |  |  | 2012 |
Company Contributions | $ | 1,605 |  |  | $ | 1,464 |  |  | $ | 1,370 |

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