Pension and retirement plan

3 Months Ended

Oct. 02, 2021

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:

	First Quarters Ended
	October 2,		October 3,
	2021		2020
	(Thousands)
Service cost	$	3,752	$	3,938
Total net periodic pension cost within selling, general and administrative expenses		3,752		3,938
Interest cost		3,947		3,976
Expected return on plan assets		(12,284)		(12,420)
Amortization of prior service cost		1		75
Recognized net actuarial loss		4,086		5,151
Total net periodic pension benefit within other expense, net		(4,250)		(3,218)
Net periodic pension (benefit) cost	$	(498)	$	720

The Company made $8.0 million of contributions during the first quarter of fiscal 2022 and expects to make additional contributions to the Plan of up to $8.0 million in the remainder of fiscal 2022.