Pension and retirement plan

9 Months Ended

Apr. 03, 2021

Pension and retirement plan

Pension and retirement plans

11. 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
	April 3,		March 28,		April 3,		March 28,
	2021		2020		2021		2020
	(Thousands)
Service cost	$	3,938	$	3,786	$	11,813	$	11,358
Total net periodic pension cost within selling, general and administrative expenses		3,938		3,786		11,813		11,358
Interest cost		3,976		5,638		11,928		16,914
Expected return on plan assets		(12,421)		(12,668)		(37,261)		(38,003)
Amortization of prior service cost		75		534		226		1,603
Recognized net actuarial loss		5,151		3,658		15,453		10,972
Total net periodic pension benefit within other income (expense), net		(3,219)		(2,838)		(9,654)		(8,514)
Net periodic pension cost	$	719	$	948	$	2,159	$	2,844

The Company made $12.0 million of contributions during the first nine months of fiscal 2021 and expects to make additional contributions to the Plan of $4.0 million in the remainder of fiscal 2021.