Pension and Postretirement Benefits

6 Months Ended

Dec. 29, 2019

Retirement Benefits [Abstract]

Pension and Postretirement Benefits

Pension and Postretirement Benefits

The Company has noncontributory defined benefit retirement plans and postretirement plans covering certain employees. The following tables summarize the plans’ income and expense for the periods indicated (in thousands):

	Pension Benefits						Other Postretirement Benefits
	Three Months Ended						Three Months Ended
	December 29, 2019			December 30, 2018			December 29, 2019		December 30, 2018
Components of Net Periodic (Income) Expense:
Service Cost (Credit)	$	1,193		$	1,138		$	10	$	19
Interest Cost on Projected Benefit Obligation	8,656			9,923			453		586
Expected Return on Plan Assets	(12,818		)	(13,574		)	—		—
Amortization of:
Prior Service Cost (Credit)	19			45			—		(182		)
Actuarial Loss	3,998			2,893			754		778
Net Periodic Expense	$	1,048		$	425		$	1,217	$	1,201

	Pension Benefits						Other Postretirement Benefits
	Six Months Ended						Six Months Ended
	December 29, 2019			December 30, 2018			December 29, 2019		December 30, 2018
Components of Net Periodic (Income) Expense:
Service Cost (Credit)	$	2,447		$	2,270		$	41	$	53
Interest Cost on Projected Benefit Obligation	17,319			19,860			902		1,166
Expected Return on Plan Assets	(25,641		)	(27,164		)	—		—
Amortization of:
Prior Service Cost (Credit)	39			90			—		(365		)
Actuarial Loss	7,974			5,819			1,504		1,580
Net Periodic Expense	$	2,138		$	875		$	2,447	$	2,434

The Company expects to make benefit payments of $3.5 million attributable to its non-qualified pension plans for the full year of fiscal 2020. During the first six months of fiscal year 2020, the Company made payments of approximately $1.8 million for its non-qualified pension plans. The Company anticipates making benefit payments of approximately $6.3 million for its other postretirement benefit plans for the full year of fiscal 2020. During the first six months of fiscal year 2020, the Company made payments of $4.3 million for its other postretirement benefit plans.

During the first six months of fiscal year 2020, the Company made no cash contributions to the qualified pension plan. Based upon current regulations and actuarial studies the Company is required to make no minimum contributions to the qualified pension plan in fiscal year 2020. The Company may be required to make further required contributions in future years or the future expected funding requirements may change depending on a variety of factors including the actual return on plan assets, the funded status of the plan in future periods, and changes in actuarial assumptions or regulations.