Pension and retirement plan

9 Months Ended

Apr. 02, 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:

	Third Quarters Ended				Nine Months Ended
	April 2,		April 3,		April 2,		April 3,
	2022		2021		2022		2021
	(Thousands)
Service cost	$	3,752	$	3,938	$	11,255	$	11,813
Total net periodic pension cost within selling, general and administrative expenses		3,752		3,938		11,255		11,813
Interest cost		3,947		3,976		11,841		11,928
Expected return on plan assets		(12,284)		(12,421)		(36,852)		(37,261)
Amortization of prior service cost		1		75		3		226
Recognized net actuarial loss		4,085		5,151		12,257		15,453
Total net periodic pension benefit within other expense, net		(4,251)		(3,219)		(12,751)		(9,654)
Net periodic pension (benefit) cost	$	(499)	$	719	$	(1,496)	$	2,159

The Company made $12.0 million of contributions during the first nine months of fiscal 2022 and expects to make additional contributions to the Plan of $2.0 million in the fourth quarter of fiscal 2022.