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Note G - Pension and Other Postretirement Benefit Plans
 9 Months Ended
Mar. 27, 2020
Notes to Financial Statements  
Retirement Benefits [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 27, 2020
    
March 29, 2019
    
March 27, 2020
     March 29, 2019  
Pension Benefits:
                                
Service cost
   $
205
     $
242
     $
612
     $
739
  
Interest cost
    
909
      
1,095
      
2,703
      
3,270
  
Expected return on plan assets
    
(1,245
 )    
(1,329
 )    
(3,733
 )    
(3,992
 )
Amortization of transition obligation
    
9
      
9
      
26
      
26
  
Amortization of prior service cost
    
(4
 )    
1
      
(11
 )    
3
  
Amortization of actuarial net loss
    
673
      
 678
      
2,241
      
 2,033
  
Net periodic benefit cost
   $
547
     $
696
     $
1,838
     $
2,079
  
                                 
Postretirement Benefits:
                                
Service cost
   $
4
     $
5
     $
13
     $
14
  
Interest cost
    
55
      
76
      
164
      
228
  
Amortization of prior service cost
    
(69
 )    
-
      
(206
 )    
-
  
Amortization of actuarial net loss
    
-
      
 (69
 )    
-
      
 (206
 )
Net periodic benefit (gain) cost
   $
(10
 )   $
12
     $
(29
 )   $
36
  
 
The Company expects to contribute approximately
$1,936
to its pension plans in fiscal
2020.
As of
March 27, 2020,
the amount of
$1,134
in contributions has been made.
 
The Company has reclassified
$1,593
(net of
$490
in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended
March 27, 2020,
and
$478
(net of
$146
in taxes) during the quarter ended
March 29, 2019.
The Company has reclassified
$2,698
(net of
$828
in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the
three
quarters ended
March 27, 2020,
and
$1,427
(net of
$437
in taxes) during the
three
quarters ended
March 29, 2019.
These reclassifications are included in the computation of net periodic benefit cost.