Note G - Pension and Other Postretirement Benefit Plans

3 Months Ended

Sep. 24, 2021

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 healthcare 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
	September 24, 2021			September 25, 2020
Pension Benefits:
Service cost	$	139		$	142
Prior service cost		10			16
Interest cost		666			668
Expected return on plan assets		(1,259	)		(1,132	)
Amortization of transition obligation		9			9
Amortization of prior service cost		(4	)		(4	)
Amortization of actuarial net loss		562			811
Net periodic benefit cost	$	123		$	510
Postretirement Benefits:
Service cost	$	4		$	4
Interest cost		35			39
Amortization of prior service cost		(69	)		(69	)
Net periodic benefit gain	$	(30	)	$	(26	)

The service cost component is included in cost of goods sold and marketing, engineering and administrative expenses. All other components of net periodic benefit cost are included in other expense (income), net.

The Company expects to contribute approximately $733 to its pension plans in fiscal 2022. As of September 24, 2021, $196 in contributions to the pension plans have been made.

The Company has reclassified $384 (net of $117 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended September 24, 2021, and $553 (net of $177 in taxes) during the quarter ended September 25, 2020. These reclassifications are included in the computation of net periodic benefit cost.