Pension and Postretirement Benefits

9 Months Ended

Apr. 01, 2012

Compensation and Retirement Disclosure [Abstract]

Pension and Postretirement Benefits

Pension and Postretirement Benefits

The Company has noncontributory defined benefit retirement plans and postretirement plans covering certain employees. The following tables summarize the plans’ income and expense for the periods indicated (in thousands):

	Pension Benefits						Other Postretirement Benefits
	Three Months Ended						Three Months Ended
	April 1, 2012			March 27, 2011			April 1, 2012			March 27, 2011
Components of Net Periodic Expense:
Service Cost	$	3,443		$	3,367		$	102		$	121
Interest Cost on Projected Benefit Obligation	14,317			14,172			1,687			1,787
Expected Return on Plan Assets	(19,174		)	(19,244		)	—			—
Amortization of:
Transition Obligation	2			2			—			—
Prior Service Cost (Credit)	725			765			(959		)	(872		)
Actuarial Loss	4,623			4,443			2,295			2,566
Net Periodic Expense	$	3,936		$	3,505		$	3,125		$	3,602

	Pension Benefits						Other Postretirement Benefits
	Nine Months Ended						Nine Months Ended
	April 1, 2012			March 27, 2011			April 1, 2012			March 27, 2011
Components of Net Periodic Expense:
Service Cost	$	10,328		$	10,143		$	307		$	364
Interest Cost on Projected Benefit Obligation	42,952			42,517			5,062			5,333
Expected Return on Plan Assets	(57,522		)	(57,731		)	—			—
Amortization of:
Transition Obligation	6			6			—			—
Prior Service Cost (Credit)	2,174			2,294			(2,877		)	(2,611		)
Actuarial Loss	13,870			13,328			6,884			7,707
Net Periodic Expense	$	11,808		$	10,557		$	9,376		$	10,793

The Company expects to make benefit payments of approximately $2.9 million attributable to its non-qualified pension plans during fiscal 2012. During the first nine months of fiscal 2012, the Company made payments of approximately $2.2 million for its non-qualified pension plans. The Company anticipates making benefit payments of approximately $22.2 million for its other postretirement benefit plans during fiscal 2012. During the first nine months of fiscal 2012, the Company made payments of $13.8 million for its other postretirement benefit plans.

The Company is required to make minimum contributions to the qualified pension plan of approximately $28.8 million during fiscal 2012. During the first nine months of fiscal 2012, the Company made cash contributions of $24.1 million to the qualified pension plan. The Company may be required to make further contributions in future years depending upon the actual return on plan assets and the funded status of the plan in future periods.