Pension and Other Postretirement Benefit Plans

9 Months Ended

Mar. 27, 2015

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		Nine Months Ended
	Mar. 27,	Mar. 28,	Mar. 27,	Mar. 28,
	2015	2014	2015	2014
Pension Benefits:
Service cost	$120	$135	$359	$402
Interest cost	1,215	1,357	3,661	4,068
Expected return on plan assets	(2,105)	(1,648)	(5,469)	(4,942)
Amortization of transition obligation	10	19	29	57
Amortization of net loss	607	714	1,825	2,141
Net periodic benefit cost	($153)	$577	$405	$1,726
Postretirement Benefits:
Service cost	$8	$9	$23	$28
Interest cost	144	165	434	494
Amortization of net actuarial loss	160	150	478	451
Net periodic benefit cost	$312	$324	$935	$973

The Company expects to contribute approximately $6,172,000 to its pension plans in fiscal 2015.  As of March 27, 2015, $5,562,000 in contributions have been made.

The Company has reclassified $542,000 (net of $322,000 in taxes) and $1,545,000 (net of $917,000 in taxes) of benefit plan adjustments from accumulated other comprehensive loss into earnings during the three and nine months ended March 27, 2015.  The Company has reclassified $528,000 (net of $354,000 in taxes) and $1,506,000 (net of $1,060,000 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the three and nine months ended March 28, 2014.  These reclassifications are included in the computation of net periodic benefit cost.