Employee retirement plans |
12 Months Ended |
|---|---|
Jun. 28, 2026 | |
| Retirement Benefits [Abstract] | |
| Employee retirement plans | Employee retirement plans The Company has a 401(k) Profit Sharing Plan covering substantially all of its eligible employees. All employees who have attained the age of 21 are eligible to participate upon completion of one month of service. Participants may elect to make voluntary contributions to the 401(k) plan in amounts not exceeding federal guidelines. On an annual basis, the Company, as determined by its Board of Directors, may make certain discretionary contributions. Employees are vested in the Company's contributions based upon years of service. The Company contributed $1.4 million, $1.5 million, and $1.7 million during fiscal 2026, 2025, and 2024, respectively. The Company also has a nonqualified supplemental deferred compensation plan for certain executives pursuant to Section 409A of the Internal Revenue Code. Participants can defer from 1% up to a maximum of 100% of salary and performance and non-performance based bonus. There were no Company contributions to the plan during fiscal 2026, 2025 and 2024. Distributions will be made to participants upon termination of employment or death in a lump sum, unless installments are selected by the participant. As of June 28, 2026 and June 29, 2025, these plan liabilities, which are included in “Other liabilities” within the Company’s consolidated balance sheets, totaled $46.9 million and $38.4 million, respectively. The associated plan assets, which are subject to the claims of the creditors, are primarily invested in mutual funds and are included in “Other assets” within the Company’s consolidated balance sheets. The gains (losses) on these investments, which were $7.7 million, $5.4 million, and $6.9 million, for the years ended June 28, 2026, June 29, 2025, and June 30, 2024, respectively, are included in “Other income, net", with a corresponding offset in "General and administrative" expenses, within the Company’s consolidated statements of operations.
|