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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.