Pension and retirement plan

3 Months Ended

Sep. 28, 2019

Pension and retirement plan

Pension and retirement plans

9. Pension plan

The Company has a noncontributory defined benefit pension plan that covers substantially all current or former U.S. employees (the “Plan”). Components of net periodic pension cost for the Plan were as follows:

	First Quarters Ended
	September 28,		September 29,
	2019		2018
	(Thousands)
Service cost	$	3,786	$	3,734
Total net periodic pension cost within selling, general and administrative expenses		3,786		3,734
Interest cost		5,638		6,614
Expected return on plan assets		(12,668)		(13,301)
Amortization of prior service cost (credit)		534		(393)
Recognized net actuarial loss		3,637		2,535
Total net periodic pension benefit within other income (expense), net		(2,859)		(4,545)
Net periodic pension cost (benefit)	$	927	$	(811)

The Company expects to make contributions to the Plan of $8.0 million during fiscal 2020. There were no contributions made during the first quarter of fiscal 2020.

Amounts reclassified out of accumulated other comprehensive income, net of tax, to other income (expense), net during the first quarters of fiscal 2020 and fiscal 2019 were not material and substantially all related to net periodic pension costs including recognition of actuarial losses and amortization of prior service costs and credits.