v3.25.1
Note H - Pension and Other Postretirement Benefit Plans
 9 Months Ended
Mar. 28, 2025
Notes to Financial Statements  
Retirement Benefits [Text Block]

H.

Pension and Other Postretirement Benefit Plans

 

The Company has non-contributory, qualified defined benefit plans covering substantially all domestic employees hired prior to October 1, 2003 and certain foreign employees. Additionally, the Company provides healthcare and life insurance benefits for certain domestic retirees.

 

The components of the net periodic benefit cost for the defined benefit pension plans and the other postretirement benefit plan are as follows:

 

   

For the Quarter Ended

    

For the Three Quarters Ended

  
   

March 28, 2025

    

March 29, 2024

    

March 28, 2025

    

March 29, 2024

  

Pension Benefits:

                                

Service cost

   $ 79     $ 95     $ 243     $ 283  

Prior service cost

     5       -       16       -  

Interest cost

     835       896       2,507       2,688  

Expected return on plan assets

     (825 )     (1,049 )     (2,477 )     (3,145 )

Amortization of transition obligation

     9       10       29       29  

Amortization of prior service cost

     6       9       19       26  

Amortization of actuarial net loss

     247       15       740       47  

Net periodic benefit cost (gain)

   $ 356     $ (24 )   $ 1,077     $ (72 )
                                 

Postretirement Benefits:

                                

Service cost

   $ 2     $ 2     $ 5     $ 6  

Interest cost

     41       48       124       143  

Amortization of prior service benefit

     -       (22 )     -       (66 )

Amortization of actuarial net gain

     (65 )     (155 )     (196 )     (465 )

Net periodic benefit gain

   $ (22 )   $ (127 )   $ (67 )   $ (382 )

 

The service cost component is included in cost of goods sold and marketing, engineering, and administrative expenses. All other components of net periodic benefit cost are included in other (expense) income, net.

 

The Company expects to contribute approximately $671 to its pension plans in fiscal 2025. As of March 28, 2025, $592 in contributions to the pension plans have been made.

 

The Company has reclassified $201 (net of $5 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended March 28, 2025, and ($191) (net of $10 in taxes) during the quarter ended March 29, 2024. These reclassifications are included in the computation of net periodic benefit cost. The Company has reclassified ($1,246) (net of $3 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the three quarters ended March 28, 2025, and ($470) (net of $2 in taxes) during the three quarters ended March 29, 2024. These reclassifications are included in the computation of net periodic benefit cost.