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Retirement Plans and Postretirement Costs (Tables) | 12 Months Ended
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Jul. 02, 2023
Retirement Benefits [Abstract] |
Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax | Amounts included in accumulated other comprehensive loss, net of tax, at July 2, 2023, which have not yet been recognized in net periodic benefit cost were as follows (thousands of dollars):
|  | SERP |  |  | Postretirement |
Net actuarial loss |  | $ | 410 |  |  | $ | 756 |
Amounts Included in Accumulated Other Comprehensive Loss Expected to be Recognized, Net of Tax | Unrecognized net actuarial losses included in accumulated other comprehensive loss at July 2, 2023 which are expected to be recognized in net periodic benefit cost (credit) in fiscal 2024, net of tax, for the SERP and postretirement plans are as follows (thousands of dollars):
|  | SERP |  |  | Postretirement |
Net actuarial loss |  | $ | 35 |  |  | $ | 150 |
Summary of Supplemental Executive Retirement Plan and Postretirement Plans Income and Expense | The following tables summarize the 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 SERP and postretirement plans.
|  | SERP Benefits |  |  | Postretirement Benefits |
|  | Years Ended |  |  | Years Ended |
|  | July 2, 2023 |  |  | July 3, 2022 |  |  | July 2, 2023 |  |  | July 3, 2022 |
COMPONENTS OF NET PERIODIC BENEFIT COST (CREDIT): |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 80 |  |  | $ | 63 |  |  | $ | 10 |  |  | $ | 12 |
Interest cost |  |  | 101 |  |  |  | 53 |  |  |  | 62 |  |  |  | 43 |
Plan settlements |  |  | 217 |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of unrecognized net loss |  |  | 99 |  |  |  | 86 |  |  |  | 243 |  |  |  | 323 |
Net periodic benefit cost (credit) |  | $ | 497 |  |  | $ | 202 |  |  | $ | 315 |  |  | $ | 378 |
WEIGHTED-AVERAGE ASSUMPTIONS: |  |  |  |  |  |  |  |  |  |  |  |
Benefit Obligations: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate (SERP / postretirement life) |  |  | 5.07 | % |  |  | 4.26 | % |  |  | 5.2 | % |  |  | 4.57 | %
Discount rate (postretirement health) |  |  |  |  |  |  |  |  | 5.06 | % |  |  | 4.23 | %
Rate of compensation increases |  |  | 4.61 | % |  |  | 4.0 | % |  | n/a |  |  | n/a |
Net Periodic Benefit Cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate (SERP / postretirement life) |  |  | 4.26 | % |  |  | 2.06 | % |  |  | 4.57 | % |  |  | 2.64 | %
Discount rate (postretirement health) |  |  |  |  |  |  |  |  | 4.23 | % |  |  | 2.01 | %
Rate of compensation increases |  |  | 4.0 | % |  |  | 3.0 | % |  | n/a |  |  | n/a |
CHANGE IN PROJECTED BENEFIT OBLIGATION: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 3,164 |  |  | $ | 2,797 |  |  | $ | 1,477 |  |  | $ | 1,868 |
Service cost |  |  | 80 |  |  |  | 63 |  |  |  | 10 |  |  |  | 12 |
Interest cost |  |  | 101 |  |  |  | 53 |  |  |  | 62 |  |  |  | 43 |
Actuarial loss (gain) |  |  | (163 | ) |  |  | 265 |  |  |  | (179 | ) |  |  | (347 | )
Plan settlements |  |  | (863 | ) |  |  | — |  |  |  | — |  |  |  | — |
Benefits paid |  |  | (14 | ) |  |  | (14 | ) |  |  | (74 | ) |  |  | (99 | )
Benefit obligation at end of year |  | $ | 2,305 |  |  | $ | 3,164 |  |  | $ | 1,296 |  |  | $ | 1,477 |
CHANGE IN PLAN ASSETS: |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Employer contribution |  |  | 877 |  |  |  | 14 |  |  |  | 74 |  |  |  | 99 |
Benefits paid |  |  | (877 | ) |  |  | (14 | ) |  |  | (74 | ) |  |  | (99 | )
Fair value of plan assets at end of year |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Funded status – accrued benefit obligations |  | $ | (2,305 | ) |  | $ | (3,164 | ) |  | $ | (1,296 | ) |  | $ | (1,477 | )
AMOUNTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS: |  |  |  |  |  |  |  |  |  |  |  |
Accrued payroll and benefits (current liabilities) |  |  | (1,100 | ) |  |  | (1,905 | ) |  |  | (140 | ) |  |  | (148 | )
Accrued benefit obligations (long-term liabilities) |  |  | (1,206 | ) |  |  | (1,259 | ) |  |  | (1,157 | ) |  |  | (1,329 | )
Net amount recognized |  | $ | (2,306 | ) |  | $ | (3,164 | ) |  | $ | (1,297 | ) |  | $ | (1,477 | )
CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OTHER COMPREHENSIVE INCOME: |  |  |  |  |  |  |  |  |  |  |  |
Net periodic benefit cost |  | $ | 497 |  |  | $ | 202 |  |  | $ | 315 |  |  | $ | 378 |
Net actuarial loss (gain) |  |  | (163 | ) |  |  | 265 |  |  |  | (179 | ) |  |  | (347 | )
Settlement cost |  |  | (217 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of unrecognized net loss |  |  | (99 | ) |  |  | (86 | ) |  |  | (243 | ) |  |  | (323 | )
Total recognized in other comprehensive (income) loss, before tax |  |  | (479 | ) |  |  | 179 |  |  |  | (422 | ) |  |  | (670 | )
Total recognized in net periodic benefit cost and other comprehensive loss, before tax |  | $ | 18 |  |  | $ | 381 |  |  | $ | (107 | ) |  | $ | (292 | )
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):
|  | SERP Benefits |  |  | Postretirement Benefits |
2024 |  | $ | 1,100 |  |  | $ | 140 |
2025 |  | $ | 14 |  |  | $ | 117 |
2026 |  | $ | 14 |  |  | $ | 92 |
2027 |  | $ | 14 |  |  | $ | 93 |
2028 |  | $ | 17 |  |  | $ | 94 |
2029-2033 |  | $ | 2,492 |  |  | $ | 531 |
Schedule of 401(k) Plan Contribution | Our contributions to the 401(k) Plan were as follows (thousands of dollars):
|  | Years Ended |
|  | July 2, 2023 |  |  | July 3, 2022 |
Company contributions |  | $ | 1,829 |  |  | $ | 1,964 |

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