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Note G - Pension and Other Postretirement Benefit Plans | 6 Months Ended
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Dec. 27, 2019
Notes to Financial Statements |
Pension and Other Postretirement Benefits Disclosure [Text Block] |
G . | Pension and Other Postretirement Benefit Plans
The Company has non-contributory, qualified defined benefit plans covering substantially all domestic employees hired prior to October 1, 2003 and certain foreign employees. Additionally, the Company provides health care and life insurance benefits for certain domestic retirees. The components of the net periodic benefit cost for the defined benefit pension plans and the other postretirement benefit plan are as follows:
|  | For the Quarter Ended |  |  | For the Two Quarters Ended |
|  | 12/27/2019 |  |  | 12/28/2018 |  |  | 12/27/2019 |  |  | 12/28/2018 |
Pension Benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 194 |  |  | $ | 251 |  |  | $ | 406 |  |  | $ | 497 |
Interest cost |  |  | 889 |  |  |  | 1,083 |  |  |  | 1,794 |  |  |  | 2,175 |
Expected return on plan assets |  |  | (1,240 | ) |  |  | (1,333 | ) |  |  | (2,488 | ) |  |  | (2,664 | )
Amortization of transition obligation |  |  | 9 |  |  |  | 9 |  |  |  | 17 |  |  |  | 17 |
Amortization of prior service cost |  |  | (4 | ) |  |  | 1 |  |  |  | (7 | ) |  |  | 2 |
Amortization of actuarial net loss |  |  | 784 |  |  |  | 678 |  |  |  | 1,568 |  |  |  | 1,355 |
Net periodic benefit cost |  | $ | 632 |  |  | $ | 689 |  |  | $ | 1,290 |  |  | $ | 1,382 |
Postretirement Benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 4 |  |  | $ | 5 |  |  | $ | 9 |  |  | $ | 9 |
Interest cost |  |  | 55 |  |  |  | 76 |  |  |  | 110 |  |  |  | 152 |
Amortization of prior service cost |  |  | (69 | ) |  |  | - |  |  |  | (138 | ) |  |  | - |
Amortization of actuarial net loss |  |  | - |  |  |  | (69 | ) |  |  | - |  |  |  | (137 | )
Net periodic benefit (gain) cost |  | $ | (10 | ) |  | $ | 12 |  |  | $ | (19 | ) |  | $ | 24 |
The Company expects to contribute approximately $1,936 to its pension plans in fiscal 2020. As of December 27, 2019, the amount of $785 in contributions has been made. The Company has reclassified $548 (net of $169 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended December 27, 2019, and $478 (net of $146 in taxes) during the quarter ended December 28, 2018. The Company has reclassified $1,105 (net of $338 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the two quarters ended December 27, 2019, and $949 (net of $292 in taxes) during the two quarters ended December 28, 2018. These reclassifications are included in the computation of net periodic benefit cost.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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