Pension and retirement plan

6 Months Ended

Jan. 02, 2021

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:

	Second Quarters Ended				Six Months Ended
	January 2,		December 28,		January 2,		December 28,
	2021		2019		2021		2019
	(Thousands)
Service cost	$	3,937	$	3,786	$	7,875	$	7,572
Total net periodic pension cost within selling, general and administrative expenses		3,937		3,786		7,875		7,572
Interest cost		3,976		5,638		7,952		11,276
Expected return on plan assets		(12,420)		(12,667)		(24,840)		(25,335)
Amortization of prior service cost		76		535		151		1,069
Recognized net actuarial loss		5,151		3,677		10,302		7,314
Total net periodic pension benefit within other (expense) income, net		(3,217)		(2,817)		(6,435)		(5,676)
Net periodic pension cost	$	720	$	969	$	1,440	$	1,896

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