Pension and retirement plan

6 Months Ended

Dec. 30, 2023

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 30,		December 31,		December 30,		December 31,
	2023		2022		2023		2022
	(Thousands)
Service cost within selling, general and administrative expenses	$	2,563	$	3,004	$	5,126	$	6,008
Interest cost		6,144		6,683		12,289		13,365
Expected return on plan assets		(9,985)		(12,215)		(19,970)		(24,430)
Amortization of prior service cost		1		1		2		2
Recognized net actuarial loss		55		618		111		1,235
Total net periodic pension benefit within other (expense) income, net		(3,785)		(4,913)		(7,568)		(9,828)
Net periodic pension benefit	$	(1,222)	$	(1,909)	$	(2,442)	$	(3,820)

The Company made $4.0 million of contributions during the first six months of fiscal 2024 and expects to make additional contributions to the Plan of $4.0 million in the remainder of fiscal 2024.