Pension and retirement plan

3 Months Ended

Oct. 03, 2020

Pension and retirement plan

Pension and retirement plans

11. Pension plan

The Company has a noncontributory defined benefit pension plan that covers substantially all current or former U.S. employees (the “Plan”). Components of net periodic pension cost for the Plan was as follows:

	First Quarters Ended
	October 3,		September 28,
	2020		2019
	(Thousands)
Service cost	$	3,938	$	3,786
Total net periodic pension cost within selling, general and administrative expenses		3,938		3,786
Interest cost		3,976		5,638
Expected return on plan assets		(12,420)		(12,668)
Amortization of prior service cost		75		534
Recognized net actuarial loss		5,151		3,637
Total net periodic pension benefit within other (expense) income, net		(3,218)		(2,859)
Net periodic pension cost	$	720	$	927

The Company made $8.0 million of contributions during the first quarter of fiscal 2021 and expects to make additional contributions to the Plan of $8.0 million in the remainder of fiscal 2021.