Pension and retirement plan

3 Months Ended

Oct. 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:

	First Quarters Ended
	October 1,		October 2,
	2022		2021
	(Thousands)
Service cost	$	3,004	$	3,752
Total net periodic pension cost within selling, general and administrative expenses		3,004		3,752
Interest cost		6,682		3,947
Expected return on plan assets		(12,215)		(12,284)
Amortization of prior service cost		1		1
Recognized net actuarial loss		617		4,086
Total net periodic pension benefit within other income (expense), net		(4,915)		(4,250)
Net periodic pension benefit	$	(1,911)	$	(498)

The Company made $4.0 million of contributions during the first quarter of fiscal 2023 and expects to make additional contributions to the Plan of $4.0 million in the remainder of fiscal 2023.