Pension and retirement plan

9 Months Ended

Mar. 30, 2024

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 and some former U.S. employees (the “Plan”). Components of net periodic pension cost for the Plan was as follows:

	Third Quarters Ended				Nine Months Ended
	March 30,		April 1,		March 30,		April 1,
	2024		2023		2024		2023
	(Thousands)
Service cost within selling, general and administrative expenses	$	2,563	$	3,003	$	7,689	$	9,011
Interest cost		6,145		6,682		18,434		20,047
Expected return on plan assets		(9,986)		(12,215)		(29,956)		(36,645)
Amortization of prior service cost		1		1		3		3
Recognized net actuarial loss		56		617		167		1,852
Total net periodic pension benefit within other (expense) income, net		(3,784)		(4,915)		(11,352)		(14,743)
Net periodic pension benefit	$	(1,221)	$	(1,912)	$	(3,663)	$	(5,732)

The Company made $6.0 million of contributions during the first nine months of fiscal 2024 and expects to make additional contributions to the Plan of $2.0 million in the fourth quarter of fiscal 2024.