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Note G - Pension and Other Postretirement Benefit Plans
9 Months Ended
Mar. 30, 2018
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. The components of the 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
 
   
March 30, 2018
   
March 31, 2017
   
March 30, 2018
   
March 31, 2017
 
Pension Benefits:
                               
Service cost
  $
260
    $
238
    $
763
    $
718
 
Interest cost
   
1,089
     
1,130
     
3,225
     
3,373
 
Expected return on plan assets
   
(1,524
)    
(1,537
)    
(4,565
)    
(4,436
)
Amortization of transition obligation
   
9
     
8
     
27
     
26
 
Amortization of prior service cost
   
1
     
1
     
3
     
3
 
Amortization of actuarial net loss
   
759
     
900
     
2,277
     
2,698
 
Net periodic benefit cost
  $
594
    $
740
    $
1,730
    $
2,382
 
                                 
Postretirement Benefits:
                               
Service cost
  $
5
    $
6
    $
15
    $
19
 
Interest cost
   
78
     
123
     
247
     
367
 
Amortization of actuarial net loss
   
(59
)    
181
     
(115
)    
545
 
Net periodic benefit cost
  $
24
    $
310
    $
147
    $
931
 
 
The Company expects to contribute approximately
$2,265
to its pension plans in fiscal
2018.
As of
March 30, 2018,
the amount of
$1,949
in contributions has been made.
 
The Company has reclassified
$474
(net of
$212
in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended
March 30, 2018,
and
$682
(net of
$398
in taxes) during the quarter ended
March 31, 2017.
The Company has reclassified
$2,682
(net of
$1,164
in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the
three
quarters ended
March 30, 2018,
and
$2,104
(net of
$1,196
in taxes) during the
three
quarters ended
March 31, 2017.
These reclassifications are included in the computation of net periodic benefit cost.