v3.26.1
Note H - Pension and Other Postretirement Benefit Plans
 9 Months Ended
Mar. 27, 2026
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 27, 2026

  

March 28, 2025

  

March 27, 2026

  

March 28, 2025

 

Pension Benefits:

                

Service cost

 $89  $79  $269  $243 

Prior Service cost

  5   5   16   16 

Interest cost

  774   835   2,322   2,507 

Expected return on plan assets

  (751)  (825)  (2,253)  (2,477)

Amortization of transition obligation

  8   9   24   29 

Amortization of prior service cost (benefit)

  -   6   1   19 

Amortization of actuarial net loss (gain)

  647   247   1,942   740 

Net periodic benefit cost (gain)

 $772  $356  $2,321  $1,077 
                 

Postretirement Benefits:

                

Service cost

 $1  $2  $4  $5 

Interest cost

  35   41   104   124 

Amortization of prior service cost (benefit)

  -   -   -   - 

Amortization of actuarial net loss (gain)

  (13)  (65)  (40)  (196)

Net periodic benefit cost (gain)

 $23  $(22) $68  $(67)

 

 

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 (gain) are included in other income (expense), net.

 

The Company expects to contribute approximately $702 to its pension plans in fiscal 2026. As of March 27, 2026, the amount of $544 in contributions to the pension plans have been made.

 

The Company has reclassified $477 (net of $146 in taxes) of benefit plan adjustments from accumulated other comprehensive income (loss) during the quarter ended March 27, 2026, and $201 (net of $5 in taxes) of benefit plan adjustments from accumulated other comprehensive income (loss) during the quarter ended March 28, 2025. These reclassifications are included in the computation of net periodic benefit cost (gain). The Company has reclassified $1,749 (net of $146 in taxes) of benefit plan adjustments from accumulated other comprehensive income (loss) during the three quarters ended March 27, 2026, and ($1,246) (net of $3 in taxes) of benefit plan adjustments from accumulated other comprehensive income (loss) during the three quarters ended March 28, 2025. These reclassifications are included in the computation of net periodic benefit cost (gain).