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Note G - Pension and Other Postretirement Benefit Plans
6 Months Ended
Dec. 27, 2019
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 Two Quarters Ended
 
   
12/27/2019
   
12/28/2018
   
12/27/2019
   
12/28/2018
 
Pension Benefits:
                               
Service cost
  $
194
    $
251
    $
406
    $
497
 
Interest cost
   
889
     
1,083
     
1,794
     
2,175
 
Expected return on plan assets
   
(1,240
)    
(1,333
)    
(2,488
)    
(2,664
)
Amortization of transition obligation
   
9
     
9
     
17
     
17
 
Amortization of prior service cost
   
(4
)    
1
     
(7
)    
2
 
Amortization of actuarial net loss
   
784
     
678
     
1,568
     
1,355
 
Net periodic benefit cost
  $
632
    $
689
    $
1,290
    $
1,382
 
                                 
Postretirement Benefits:
                               
Service cost
  $
4
    $
5
    $
9
    $
9
 
Interest cost
   
55
     
76
     
110
     
152
 
Amortization of prior service cost
   
(69
)    
-
     
(138
)    
-
 
Amortization of actuarial net loss
   
-
     
(69
)    
-
     
(137
)
Net periodic benefit (gain) cost
  $
(10
)   $
12
    $
(19
)   $
24
 
 
The Company expects to contribute approximately
$1,936
to its pension plans in fiscal
2020.
As of
December 27, 2019,
the amount of
$785
in contributions has been made.
 
The Company has reclassified
$548
(net of
$169
in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended
December 27, 2019,
and
$478
(net of
$146
in taxes) during the quarter ended
December 28, 2018.
The Company has reclassified
$1,105
(net of
$338
in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the
two
quarters ended
December 27, 2019,
and
$949
(net of
$292
in taxes) during the
two
quarters ended
December 28, 2018.
These reclassifications are included in the computation of net periodic benefit cost.