Pension and retirement plan

9 Months Ended

Apr. 01, 2023

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 1,		April 2,		April 1,		April 2,
	2023		2022		2023		2022
	(Thousands)
Service cost	$	3,003	$	3,752	$	9,011	$	11,255
Total net periodic pension cost within selling, general and administrative expenses		3,003		3,752		9,011		11,255
Interest cost		6,682		3,947		20,047		11,841
Expected return on plan assets		(12,215)		(12,284)		(36,645)		(36,852)
Amortization of prior service cost		1		1		3		3
Recognized net actuarial loss		617		4,085		1,852		12,257
Total net periodic pension benefit within other income (expense), net		(4,915)		(4,251)		(14,743)		(12,751)
Net periodic pension benefit	$	(1,912)	$	(499)	$	(5,732)	$	(1,496)

The Company made $6.0 million of contributions during the first nine months of fiscal 2023 and expects to make additional contributions to the Plan of $2.0 million in the fourth quarter of fiscal 2023.