Pension and retirement plan

3 Months Ended

Sep. 30, 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:

	First Quarters Ended
	September 30,		October 1,
	2023		2022
	(Thousands)
Service cost within selling, general and administrative expenses	$	2,563	$	3,004
Interest cost		6,145		6,682
Expected return on plan assets		(9,985)		(12,215)
Amortization of prior service cost		1		1
Recognized net actuarial loss		56		617
Total net periodic pension benefit within other income, net		(3,783)		(4,915)
Net periodic pension benefit	$	(1,220)	$	(1,911)

The Company made $4.0 million of contributions during the first quarter of fiscal 2024 and expects to make additional contributions to the Plan of $4.0 million in the remainder of fiscal 2024.