Note G - Pension and Other Postretirement Benefit Plans

6 Months Ended

Dec. 30, 2016

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:

	For the Quarter Ended						For the Two Quarters Ended
	December 30, 2016			December 25, 2015			December 30, 2016			December 25, 2015
Pension Benefits:
Service cost	$	259		$	128		$	480		$	258
Interest cost		1,118			1,225			2,243			2,450
Expected return on plan assets		(1,457	)		(1,691	)		(2,899	)		(3,383	)
Amortization of transition obligation		9			8			18			17
Amortization of prior service cost		1			-			2			-
Amortization of actuarial net loss		899			898			1,798			1,806
Net periodic benefit cost	$	829		$	568		$	1,642		$	1,148
Postretirement Benefits:
Service cost	$	6		$	7		$	12		$	14
Interest cost		122			151			244			302
Amortization of actuarial net loss		182			182			364			364
Net periodic benefit cost	$	310		$	340		$	620		$	680

The Company expects to contribute approximately

$1,467

to its pension plans in fiscal

2017.

As of

December

30,

2016,

the amount of

$352

in contributions has been made.

The Company has reclassified

$750

(net of

$399

in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended

December

30,

2016.

The Company has reclassified

$805

(net of

$465

in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended

December

25,

2015.

The Company has reclassified

$1,422

(net of

$798

in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the

two

quarters ended

December

30,

2016.

The Company has reclassified

$1,544

(net of

$891

in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the

two

quarters ended

December

25,

2015.

These reclassifications are included in the computation of net periodic benefit cost.