Pension and retirement plan

9 Months Ended

Mar. 28, 2020

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 was as follows:

	Third Quarters Ended				Nine Months Ended
	March 28,		March 30,		March 28,		March 30,
	2020		2019		2020		2019
	(Thousands)
Service cost	$	3,786	$	3,582	$	11,358	$	11,050
Total net periodic pension cost within selling, general and administrative expenses		3,786		3,582		11,358		11,050
Interest cost		5,638		8,010		16,914		21,238
Expected return on plan assets		(12,668)		(16,003)		(38,003)		(42,605)
Amortization of prior service cost (credit)		534		(392)		1,603		(1,178)
Recognized net actuarial loss		3,658		2,091		10,972		7,161
Total net periodic pension benefit within other (expense) income, net		(2,838)		(6,294)		(8,514)		(15,384)
Net periodic pension cost (benefit)	$	948	$	(2,712)	$	2,844	$	(4,334)

The Company expects to make contributions to the Plan of $4.0 million during the remainder of fiscal 2020. The Company made $4.0 million of contributions during the first nine months of fiscal 2020.