Note G - Pension and Other Postretirement Benefit Plans

6 Months Ended

Dec. 27, 2024

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						For the Two Quarters Ended
	December 27, 2024			December 29, 2023			December 27, 2024			December 29, 2023
Pension Benefits:
Service cost	$	81		$	94		$	164		$	188
Prior service cost		5			-			10			-
Interest cost		836			896			1,672			1,792
Expected return on plan assets		(826	)		(1,048	)		(1,652	)		(2,096	)
Amortization of transition obligation		10			10			20			19
Amortization of prior service cost		6			9			13			17
Amortization of actuarial net loss		246			16			493			31
Net periodic benefit cost (gain)	$	358		$	(23	)	$	720		$	(49	)
Postretirement Benefits:
Service cost	$	2		$	2		$	5		$	4
Interest cost		53			48			106			95
Amortization of prior service benefit		(69	)		(22	)		(137	)		(44	)
Amortization of actuarial net gain		(10	)		(155	)		(19	)		(310	)
Net periodic benefit gain	$	(24	)	$	(127	)	$	(45	)	$	(255	)

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 $535 to its pension plans in fiscal 2024. As of December 27, 2024, $396 in contributions to the pension plans have been made.

The Company has reclassified $140 (net of $13 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended December 27, 2024, and ($108) (net of ($13) in taxes) during the quarter ended December 29, 2023. These reclassifications are included in the computation of net periodic benefit cost (gain). The Company has reclassified $361 (net of $2 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the two quarters ended December 27, 2024, and ($279) (net of ($8) in taxes) during the two quarters ended December 29, 2023. These reclassifications are included in the computation of net periodic benefit cost (gain).