Note G - Pension and Other Postretirement Benefit Plans

9 Months Ended

Mar. 25, 2016

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:

	For the Quarter Ended						For the Three Quarters Ended
	Mar. 25, 2016			Mar. 27, 2015			Mar. 25, 2016			Mar. 27, 2015

Pension Benefits:
Service cost	$	128		$	120		$	386		$	359
Interest cost		1,225			1,215			3,675			3,661
Expected return on plan assets		(1,691	)		(2,105	)		(5,074	)		(5,469	)
Amortization of transition obligation		8			10			25			29
Amortization of actuarial net loss		897			607			2,703			1,825
Net periodic benefit cost (income)	$	567		$	(153	)	$	1,715		$	405

Postretirement Benefits:
Service cost	$	7		$	8		$	21		$	23
Interest cost		151			144			453			434
Amortization of actuarial net loss		182			160			546			478
Net periodic benefit cost	$	340		$	312		$	1,020		$	935

The Company expects to contribute approximately $2,193 to its pension plans in fiscal 2016. As of March 25, 2016, $2,158 in contributions have been made.

The Company has reclassified $671 (net of $243 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended March 25, 2016. The Company has reclassified $542 (net of $322 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended March 27, 2015. The Company has reclassified $2,215 (net of $1,134 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the three quarters ended March 25, 2016. The Company has reclassified $1,545 (net of $917 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the three quarters ended March 27, 2015. These reclassifications are included in the computation of net periodic benefit cost.