Pension plan (Tables)
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12 Months Ended |
Jun. 27, 2026 |
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| Pension and retirement plan |
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| Table outlining changes in benefit obligations, plan assets and the funded status of the Plan |
| | | | | | | | | | June 27, | | June 28, | | | | 2026 | | 2025 | | | | | (Thousands) | | Changes in benefit obligations: | | | | | | | | Benefit obligations at beginning of year | | $ | 473,980 | | $ | 470,843 | | Service cost | | | 10,873 | | | 11,480 | | Interest cost | | | 22,966 | | | 24,732 | | Actuarial loss | | | 3,898 | | | 11,292 | | Benefits paid | | | (43,034) | | | (44,367) | | Benefit obligations at end of year | | $ | 468,683 | | $ | 473,980 | | Changes in plan assets: | | | | | | | | Fair value of plan assets at beginning of year | | $ | 477,558 | | $ | 480,705 | | Actual return on plan assets | | | 41,544 | | | 33,220 | | Benefits paid | | | (43,034) | | | (44,367) | | Contributions | | | 8,000 | | | 8,000 | | Fair value of plan assets at end of year | | $ | 484,068 | | $ | 477,558 | | Funded status of the plan recognized as a non-current asset | | $ | 15,385 | | $ | 3,578 | | | | | | | | | | Amounts recognized in accumulated other comprehensive loss: | | | | | | | | Unrecognized net actuarial losses | | $ | 193,061 | | $ | 199,856 | | Unamortized prior service cost | | | 12 | | | 16 | | | | $ | 193,073 | | $ | 199,872 | | Other changes in plan assets and benefit obligations recognized in other comprehensive income: | | | | | | | | Net actuarial loss | | $ | 4,565 | | $ | 17,584 | | Amortization of net actuarial losses | | | (11,360) | | | (5,222) | | Amortization of prior service costs | | | (4) | | | (4) | | | | $ | (6,799) | | $ | 12,358 | |
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| Weighted average assumptions used to calculate actuarial present values of benefit obligations |
| | | | | | | | | 2026 | | 2025 | Discount rate | | 5.5 | % | | 5.5 | % |
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| Weighted average assumptions used to determine net benefit costs |
| | | | | | | | | 2026 | | 2025 | Discount rate | | 5.3 | % | | 5.5 | % | Expected return on plan assets | | 8.0 | % | | 7.5 | % | Rate of compensation increase | | 3.5 | % | | 3.5 | % | Interest crediting rate | | 4.3 | % | | 4.3 | % |
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| Components of net periodic pension costs |
| | | | | | | | | | | | Years Ended | | | June 27, | | June 28, | | June 29, | | | 2026 | | 2025 | | 2024 | | | | (Thousands) | Service cost within selling, general and administrative expenses | | $ | 10,873 | | $ | 11,480 | | $ | 10,252 | | | | | | | | | | | Interest cost | | | 22,966 | | | 24,732 | | | 24,579 | Expected return on plan assets | | | (42,212) | | | (41,721) | | | (39,941) | Recognized net actuarial loss and other | | | 11,365 | | | 5,226 | | | 227 | Total net periodic pension benefit within other expense, net | | | (7,881) | | | (11,763) | | | (15,135) | | | | | | | | | | | Net periodic pension cost (benefit) | | $ | 2,992 | | $ | (283) | | $ | (4,883) |
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| Benefit payments expected to be paid to Plan participants |
Benefit payments are expected to be paid to Plan participants as follows for the next five fiscal years and the aggregate for the five years thereafter (in thousands): | | | | 2027 | $ | 50,468 | | 2028 | | 38,450 | | 2029 | | 39,815 | | 2030 | | 40,516 | | 2031 | | 42,576 | | 2032 through 2036 | | 203,386 | |
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| Plan's assets allocation |
| | | | | | | | | 2026 | | 2025 | Equity securities | | 65 | % | | 64 | % | Fixed income debt securities | | 31 | % | | 32 | % | Cash and cash equivalents | | 4 | % | | 4 | % |
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| Fair value of Plan investments |
The following table sets forth the fair value of the Plan’s investments as of June 27, 2026: | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Net Asset Value | | Total | | | | | (Thousands) | | Cash and cash equivalents | | $ | 22,661 | | $ | — | | $ | — | | $ | — | | $ | 22,661 | | Return Seeking Investments: | | | | | | | | | | | | | | | | | Common stocks | | | — | | | — | | | — | | | 151,184 | | | 151,184 | | Real estate | | | — | | | — | | | — | | | 78,515 | | | 78,515 | | High yield credit and bonds | | | — | | | — | | | — | | | 83,745 | | | 83,745 | | Fixed Income Investments: | | | | | | | | | | | | | | | | | U.S. government | | | — | | | — | | | — | | | 113,482 | | | 113,482 | | Corporate | | | — | | | — | | | — | | | 34,481 | | | 34,481 | | Total | | $ | 22,661 | | $ | — | | $ | — | | $ | 461,407 | | $ | 484,068 | |
Certain investments included in the table above are measured at fair value using the net asset value per share (or its equivalent) practical expedient and are not included in the three levels of the fair value hierarchy. The following table sets forth the fair value of the Plan’s investments as of June 28, 2025: | | | | | | | | | | | | | | | | | | | Level 1 | | Level 2 | | Level 3 | | Net Asset Value | | Total | | | | | (Thousands) | | Cash and cash equivalents | | $ | 17,880 | | $ | — | | $ | — | | $ | — | | $ | 17,880 | | Return Seeking Investments: | | | | | | | | | | | | | | | | | Common stocks | | | — | | | — | | | — | | | 147,890 | | | 147,890 | | Real estate | | | — | | | — | | | — | | | 74,747 | | | 74,747 | | High yield credit and bonds | | | — | | | — | | | — | | | 84,857 | | | 84,857 | | Fixed Income Investments: | | | | | | | | | | | | | | | | | U.S. government | | | — | | | — | | | — | | | 113,401 | | | 113,401 | | Corporate | | | — | | | — | | | — | | | 38,783 | | | 38,783 | | Total | | $ | 17,880 | | $ | — | | $ | — | | $ | 459,678 | | $ | 477,558 | |
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