Note G - Pension and Other Postretirement Benefit Plans

3 Months Ended

Sep. 25, 2015

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

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):

	For the Quarter Ended
	Sept. 25,			Sept. 26,
	2015			2014
Pension Benefits:
Service cost	$	130		$	119
Interest cost		1,225			1,222
Expected return on plan assets		(1,692	)		(1,681	)
Amortization of transition obligation		9			9
Amortization of net loss		908			609
Net periodic benefit cost	$	580		$	278
Postretirement Benefits:
Service cost	$	7		$	8
Interest cost		151			145
Amortization of net actuarial loss		182			159
Net periodic benefit cost	$	340		$	312

The Company expects to contribute approximately $2,240,000 to its pension plans in fiscal 2016. As of September 25, 2015, $869,000 in contributions have been made.

The Company has reclassified $739,000 (net of $423,000 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended September 25, 2015. The Company has reclassified $488,000 (net of $290,000 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended September 26, 2014. These reclassifications are included in the computation of net periodic benefit cost.