Pension and retirement plan

6 Months Ended

Jan. 01, 2022

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:

	Second Quarters Ended				Six Months Ended
	January 1,		January 2,		January 1,		January 2,
	2022		2021		2022		2021
	(Thousands)
Service cost	$	3,751	$	3,937	$	7,503	$	7,875
Total net periodic pension cost within selling, general and administrative expenses		3,751		3,937		7,503		7,875
Interest cost		3,947		3,976		7,894		7,952
Expected return on plan assets		(12,284)		(12,420)		(24,568)		(24,840)
Amortization of prior service cost		1		76		2		151
Recognized net actuarial loss		4,086		5,151		8,172		10,302
Total net periodic pension benefit within other expense, net		(4,250)		(3,217)		(8,500)		(6,435)
Net periodic pension (benefit) cost	$	(499)	$	720	$	(997)	$	1,440

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