Note 8 - Retirement Plans

9 Months Ended

Jan. 01, 2022

Notes to Financial Statements

Retirement Benefits [Text Block]

8. Retirement Plans

The net periodic benefit cost for the Company’s pension plan consisted of (in thousands):

	Three Months Ended						Nine Months Ended
	January 1,			December 26,			January 1,			December 26,
	2022			2020			2022			2020
Service cost including administration	$	2,377		$	923		$	7,131		$	7,442
Interest cost		1,930			2,302			5,791			6,907
Expected return on plan assets		(4,276	)		(4,814	)		(12,829	)		(11,835	)
Amortization of prior service cost		23			22			68			68
Amortization of net loss		-			2,257			-			7,317
Net periodic benefit cost	$	54		$	690		$	161		$	9,899

There were no pension contributions made during the nine months ended January 1, 2022. During the nine months ended December 26, 2020, the Company made a pension contribution of $73.0 million on December 14, 2020 to offset declines in plan assets that had occurred as of the previous measurement date of March 31, 2020 due to a COVID-19 induced deterioration in market conditions and also to avoid variable rate PBGC premiums.