Pension and retirement plan

6 Months Ended

Dec. 31, 2022

Pension and retirement plan

Pension and retirement plans

9. 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
	December 31,		January 1,		December 31,		January 1,
	2022		2022		2022		2022
	(Thousands)
Service cost	$	3,004	$	3,751	$	6,008	$	7,503
Total net periodic pension cost within selling, general and administrative expenses		3,004		3,751		6,008		7,503
Interest cost		6,683		3,947		13,365		7,894
Expected return on plan assets		(12,215)		(12,284)		(24,430)		(24,568)
Amortization of prior service cost		1		1		2		2
Recognized net actuarial loss		618		4,086		1,235		8,172
Total net periodic pension benefit within other income, net		(4,913)		(4,250)		(9,828)		(8,500)
Net periodic pension benefit	$	(1,909)	$	(499)	$	(3,820)	$	(997)

The Company made $4.0 million of contributions during the first six months of fiscal 2023 and expects to make additional contributions to the Plan of $4.0 million in the remainder of fiscal 2023.