Note G - Pension and Other Postretirement Benefit Plans

9 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Retirement Benefits [Text Block]

G. 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 31, 2023			March 25, 2022			March 31, 2023			March 25, 2022
Pension Benefits:
Service cost	$	106		$	137		$	309		$	406
Prior service cost		8			10			25			30
Interest cost		912			709			2,648			2,055
Expected return on plan assets		(1,053	)		(1,258	)		(3,173	)		(3,773	)
Amortization of transition obligation		9			9			27			28
Amortization of prior service cost		9			(4	)		27			(12	)
Amortization of actuarial net loss		639			562			1,873			1,687
Net periodic benefit cost	$	630		$	165		$	1,736		$	421
Postretirement Benefits:
Service cost	$	2		$	4		$	7		$	11
Interest cost		53			35			159			105
Amortization of prior service cost		(69	)		(69	)		(206	)		(206	)
Amortization of acturial net loss		(10	)		-			(29	)		-
Net periodic benefit gain	$	(24	)	$	(30	)	$	(69	)	$	(90	)

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 $700 to its pension plans in fiscal 2023. For the three quarters ended March 31, 2023, the amount of $666 in contributions to the pension plans were made.

The Company had changes in benefit plan adjustments totaling $578 (net of $1 in taxes) from accumulated other comprehensive loss during the quarter ended March 31, 2023, and $505 (net of $4 in taxes) during the quarter ended March 25, 2022. These changes are included in the computation of net periodic benefit cost. The Company had changes in benefit plan adjustments totaling $581 (net of $5 in taxes) from accumulated other comprehensive loss during the three quarters ended March 31, 2023, and $1,512 (net of $4 in taxes) during the three quarters ended March 25, 2022. These changes are included in the computation of net periodic benefit cost. Included in changes in benefit plan adjustments, the Company had a plan merger remeasurement adjustment of ($1,115) during the quarter ended December 30, 2022.