Pension and Postretirement Benefits

9 Months Ended

Mar. 29, 2020

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
	March 29, 2020		March 31, 2019		March 29, 2020		March 31, 2019
Components of Net Periodic (Income) Expense:
Service Cost (Credit)	$	1,213	$	1,157	$	21	$	26
Interest Cost on Projected Benefit Obligation	8,660		9,930		451		583
Expected Return on Plan Assets	(12,820)		(13,582)		—		—
Amortization of:
Prior Service Cost (Credit)	19		45		—		(182)
Actuarial Loss	3,987		2,910		752		790
Net Periodic Expense	$	1,059	$	460	$	1,224	$	1,217

	Pension Benefits				Other Postretirement Benefits
	Nine Months Ended				Nine Months Ended
	March 29, 2020		March 31, 2019		March 29, 2020		March 31, 2019
Components of Net Periodic (Income) Expense:
Service Cost (Credit)	$	3,660	$	3,427	$	62	$	79
Interest Cost on Projected Benefit Obligation	25,979		29,790		1,354		1,749
Expected Return on Plan Assets	(38,461)		(40,745)		—		—
Amortization of:
Prior Service Cost (Credit)	58		134		—		(547)
Actuarial Loss	11,961		8,729		2,255		2,370
Net Periodic Expense	$	3,197	$	1,335	$	3,671	$	3,651

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 nine months of fiscal year 2020, the Company made payments of approximately $2.9 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 nine months of fiscal year 2020, the Company made payments of $5.5 million for its other postretirement benefit plans.

During the first nine 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.