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Retirement Plans and Postretirement Costs (Tables)

12 Months Ended

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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Tabular disclosure of the amounts related to pension and other employee benefit plans that are recognized as components of net periodic benefit cost, change in benefit obligation, change in plan assets and related assumptions used.

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Tabular disclosure of defined contribution pension plans or defined contribution other postretirement plans, separately for pension plans and other postretirement benefit plans.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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