Pension and Other Postretirement Benefit Plans

3 Months Ended

Sep. 27, 2013

Pension and Other Postretirement Benefit Plans [Abstract]

Pension and Other Postretirement Benefit Plans

 

G.Pension and Other Postretirement Benefit Plans

The Company has non-contributory, qualified defined benefit plans covering substantially all domestic employees hired prior to October 1, 2003 and certain foreign employees.  Additionally, the Company provides health care and life insurance benefits for certain domestic retirees.  Components of net periodic benefit cost for the defined benefit pension plans and the other postretirement benefit plan are as follows (in thousands):

	Three Months Ended
	Sept. 27,			Sept. 28,
	2013			2012
Pension Benefits:
Service cost	$	133		$	44
Interest cost		1,355			1,308
Expected return on plan assets		(1,647	)		(1,571	)
Amortization of transition obligation		19			(11	)
Amortization of net loss		713			845
Net periodic benefit cost	$	573		$	615
Postretirement Benefits:
Service cost	$	10		$	8
Interest cost		165			192
Amortization of net actuarial loss		150			198
Net periodic benefit cost	$	325		$	398

The Company expects to contribute approximately $2,643,000 to its pension plans in fiscal 2014.  As of September 27, 2013, $610,000 in contributions have been made.

The Company has reclassified $530,000 (net of $352,000 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the three months ended September 27, 2013.  The Company has reclassified $668,000 (net of $384,000 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the three months ended September 28, 2012.  These reclassifications are included in the computation of net periodic benefit cost.