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Retirement Plans and Postretirement Costs (Tables) | 12 Months Ended
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Jul. 01, 2018
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 July 1, 2018, which have not yet been recognized in net periodic benefit cost were as follows (thousands of dollars):
|  | Pension and SERP |  |  | Postretirement |
Prior service credit |  | $ | — |  |  | $ | (294 | )
Net actuarial loss |  |  | 16,515 |  |  |  | 1,927 |
|  | $ | 16,515 |  |  | $ | 1,633 |
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 July 1, 2018 which are expected to be recognized in net periodic benefit cost (credit) in fiscal 2019, net of tax, for the pension, SERP and postretirement plans are as follows (thousands of dollars):
|  | Pension and SERP |  |  | Postretirement |
Prior service credit |  | $ | — |  |  | $ | (336 | )
Net actuarial loss |  |  | 1,272 |  |  |  | 329 |
|  | $ | 1,272 |  |  | $ | (7 | )
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 |
|  | July 1, 2018 |  |  | July 2, 2017 |  |  | July 3, 2016 |  |  | July 1, 2018 |  |  | July 2, 2017 |  |  | July 3, 2016 |
COMPONENTS OF NET PERIODIC BENEFIT COST (CREDIT): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 66 |  |  | $ | 54 |  |  | $ | 50 |  |  | $ | 13 |  |  | $ | 13 |  |  | $ | 12 |
Interest cost |  |  | 3,857 |  |  |  | 3,926 |  |  |  | 4,387 |  |  |  | 45 |  |  |  | 55 |  |  |  | 87 |
Expected return on plan assets |  |  | (6,111 | ) |  |  | (5,854 | ) |  |  | (5,509 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of prior service cost (credit) |  |  | 12 |  |  |  | 11 |  |  |  | 11 |  |  |  | (764 | ) |  |  | (764 | ) |  |  | (764 | )
Amortization of unrecognized net loss |  |  | 2,035 |  |  |  | 3,228 |  |  |  | 2,443 |  |  |  | 479 |  |  |  | 538 |  |  |  | 616 |
Net periodic benefit cost (credit) |  | $ | (141 | ) |  | $ | 1,365 |  |  | $ | 1,382 |  |  | $ | (227 | ) |  | $ | (158 | ) |  | $ | (49 | )
|  | Pension and SERP Benefits |  |  | Postretirement Benefits |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
WEIGHTED-AVERAGE ASSUMPTIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit Obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.30 | % |  |  | 3.91 | % |  |  | 4.30 | % |  |  | 3.91 | %
Rate of compensation increases - SERP |  |  | 3.0 | % |  |  | 3.0 | % |  | n/a |  |  | n/a |
Net Periodic Benefit Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 3.91 | % |  |  | 3.79 | % |  |  | 3.91 | % |  |  | 3.79 | %
Expected return on plan assets |  |  | 5.45 | % |  |  | 5.45 | % |  | 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 |  | $ | 101,266 |  |  | $ | 106,152 |  |  | $ | 1,268 |  |  | $ | 1,602 |
Service cost |  |  | 66 |  |  |  | 54 |  |  |  | 13 |  |  |  | 13 |
Interest cost |  |  | 3,857 |  |  |  | 3,926 |  |  |  | 45 |  |  |  | 55 |
Actuarial gain |  |  | (1,392 | ) |  |  | (4,342 | ) |  |  | (8 | ) |  |  | (80 | )
Benefits paid |  |  | (4,962 | ) |  |  | (4,524 | ) |  |  | (277 | ) |  |  | (322 | )
Benefit obligation at end of year |  | $ | 98,835 |  |  | $ | 101,266 |  |  | $ | 1,041 |  |  | $ | 1,268 |
CHANGE IN PLAN ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 112,524 |  |  | $ | 104,460 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  |  | 3,890 |  |  |  | 7,574 |  |  |  | — |  |  |  | — |
Employer contribution |  |  | 14 |  |  |  | 5,014 |  |  |  | 277 |  |  |  | 322 |
Benefits paid |  |  | (4,962 | ) |  |  | (4,524 | ) |  |  | (277 | ) |  |  | (322 | )
Fair value of plan assets at end of year |  | $ | 111,466 |  |  | $ | 112,524 |  |  | $ | — |  |  | $ | — |
Funded status – prepaid (accrued) benefit obligations |  | $ | 12,631 |  |  | $ | 11,258 |  |  | $ | (1,041 | ) |  | $ | (1,268 | )
AMOUNTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other long-term assets |  | $ | 14,547 |  |  | $ | 13,082 |  |  | $ | — |  |  | $ | — |
Accrued payroll and benefits (current liabilities) |  |  | (363 | ) |  |  | (332 | ) |  |  | (215 | ) |  |  | (265 | )
Accrued benefit obligations (long-term liabilities) |  |  | (1,553 | ) |  |  | (1,492 | ) |  |  | (826 | ) |  |  | (1,003 | )
Net amount recognized |  | $ | 12,631 |  |  | $ | 11,258 |  |  | $ | (1,041 | ) |  | $ | (1,268 | )
CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OTHER COMPREHENSIVE INCOME: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net periodic benefit (credit) cost |  | $ | (141 | ) |  | $ | 1,365 |  |  | $ | (227 | ) |  | $ | (158 | )
Net actuarial loss (gain) |  |  | 828 |  |  |  | (6,063 | ) |  |  | (8 | ) |  |  | (80 | )
Amortization of prior service (cost) credits |  |  | (12 | ) |  |  | (11 | ) |  |  | 764 |  |  |  | 764 |
Amortization of unrecognized net loss |  |  | (2,035 | ) |  |  | (3,228 | ) |  |  | (479 | ) |  |  | (538 | )
Total recognized in other comprehensive (income) loss, before tax |  |  | (1,219 | ) |  |  | (9,302 | ) |  |  | 277 |  |  |  | 146 |
Total recognized in net periodic benefit cost and other comprehensive (income) loss, before tax |  | $ | (1,360 | ) |  | $ | (7,937 | ) |  | $ | 50 |  |  | $ | (12 | )
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 |
|  | July 1, 2018 |  |  | July 2, 2017 |  |  | July 1, 2018 |  |  | July 2, 2017 |
Accumulated benefit obligation |  | $ | 96,919 |  |  | $ | 99,442 |  |  | $ | 1,749 |  |  | $ | 1,591 |
Projected benefit obligation |  | $ | 96,919 |  |  | $ | 99,442 |  |  | $ | 1,916 |  |  | $ | 1,824 |
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 2018 |  | $ | — |  |  | $ | — |
Effect on postretirement benefit obligation as of July 1, 2018 |  | $ | 5 |  |  | $ | (4 | )
Schedule of Asset Allocations of Pension Plan | The pension plan weighted-average asset allocations by asset category were as follows for 2018 and 2017:
|  | Target Allocation |  |  | July 1, 2018 |  |  | July 2, 2017 |
Equity investments |  | 0-50% |  |  |  | 13 | % |  |  | 38 | %
Fixed-income investments / cash |  | 50-100 |  |  |  | 87 |  |  |  | 62 |
Total |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
The following is a summary, by asset category, of the fair value of pension plan assets at the June 30, 2018 and June 30, 2017 measurement dates (thousands of dollars):
|  | June 30, 2018 |  |  | June 30, 2017 |
Asset Category |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Cash and cash equivalents |  | $ | — |  |  | $ | 7,617 |  |  | $ | — |  |  | $ | 7,617 |  |  | $ | — |  |  | $ | 7,233 |  |  | $ | — |  |  | $ | 7,233 |
Equity securities/funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Small cap |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,008 |  |  |  | — |  |  |  | — |  |  |  | 1,008 |
Mid cap |  |  | 4,953 |  |  |  | — |  |  |  | — |  |  |  | 4,953 |  |  |  | 12,414 |  |  |  | — |  |  |  | — |  |  |  | 12,414 |
Large cap |  |  | 4,945 |  |  |  | — |  |  |  | — |  |  |  | 4,945 |  |  |  | 19,961 |  |  |  | — |  |  |  | — |  |  |  | 19,961 |
International |  |  | 4,443 |  |  |  | — |  |  |  | — |  |  |  | 4,443 |  |  |  | 8,941 |  |  |  | — |  |  |  | — |  |  |  | 8,941 |
Fixed income: Bond funds/bonds |  |  | — |  |  |  | 89,508 |  |  |  | — |  |  |  | 89,508 |  |  |  | 5,718 |  |  |  | 57,249 |  |  |  | — |  |  |  | 62,967 |
Total |  | $ | 14,341 |  |  | $ | 97,125 |  |  | $ | — |  |  | $ | 111,466 |  |  | $ | 48,042 |  |  | $ | 64,482 |  |  | $ | — |  |  | $ | 112,524 |
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 |
2019 |  | $ | 5,719 |  |  | $ | 215 |
2020 |  | $ | 5,760 |  |  | $ | 163 |
2021 |  | $ | 6,360 |  |  | $ | 146 |
2022 |  | $ | 6,411 |  |  | $ | 135 |
2023 |  | $ | 6,136 |  |  | $ | 108 |
2024-2028 |  | $ | 31,401 |  |  | $ | 254 |
Schedule of 401(k) Plan Contribution | Our contributions to the 401(k) Plan were as follows (thousands of dollars):
|  | Years Ended |
|  | July 1, 2018 |  |  | July 2, 2017 |  |  | July 3, 2016 |
Company contributions |  | $ | 1,793 |  |  | $ | 1,805 |  |  | $ | 1,783 |

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