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v3.22.2.2

Note G - Pension and Other Postretirement Benefit Plans | 3 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Retirement Benefits [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 healthcare 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 |
|  | September 30, 2022 |  |  | September 24, 2021 |
Pension Benefits: |  |  |  |  |  |  |  |
Service cost |  | $ | 101 |  |  | $ | 139 |
Prior service cost |  |  | 8 |  |  |  | 10 |
Interest cost |  |  | 868 |  |  |  | 666 |
Expected return on plan assets |  |  | (1,060 | ) |  |  | (1,259 | )
Amortization of transition obligation |  |  | 9 |  |  |  | 9 |
Amortization of prior service cost |  |  | 9 |  |  |  | (4 | )
Amortization of actuarial net loss |  |  | 617 |  |  |  | 562 |
Net periodic benefit cost |  | $ | 553 |  |  | $ | 123 |
Postretirement Benefits: |  |  |  |  |  |  |  |
Service cost |  | $ | 2 |  |  | $ | 4 |
Interest cost |  |  | 53 |  |  |  | 35 |
Amortization of prior service cost |  |  | (69 | ) |  |  | (69 | )
Amortization of actuarial net loss |  |  | (10 | ) |  |  | - |
Net periodic benefit gain |  | $ | (23 | ) |  | $ | (30 | )
The service cost component is included in cost of goods sold and marketing, engineering and administrative expenses. All other components of net periodic benefit cost are included in other expense (income), net. The Company expects to contribute approximately $576 to its pension plans in fiscal 2023. As of September 30, 2022, $143 in contributions to the pension plans have been made. The Company has reclassified $518 (net of $1 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended September 30, 2022, and $384 (net of $117 in taxes) during the quarter ended September 24, 2021. These reclassifications are included in the computation of net periodic benefit cost.

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