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v3.25.2

Retirement Benefit Plans | 6 Months Ended
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Jun. 28, 2025
Retirement Benefit Plans |
Retirement Benefit Plans | Note M - Retirement Benefit Plans The Company has four non-contributory defined benefit pension plans covering most U.S. employees. All of these pension plans are frozen and participants in these plans have not accrued benefits since the date on which these plans were frozen. Plan benefits are generally based upon age at retirement, years of service and, for the plan covering salaried employees, the level of compensation. The Company also sponsors unfunded non-qualified supplemental retirement plans that provide certain former officers with benefits in excess of limits imposed by federal tax law. The Company also provides health care and life insurance for retired salaried employees in the United States who meet specific eligibility requirements. Significant disclosures relating to these benefit plans for the second quarter and first six months of fiscal years 2025 and 2024 are as follows:
|  | Pension Benefits |
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 28, 2025 |  |  | June 29, 2024 |  |  | June 28, 2025 |  |  | June 29, 2024 |
Service cost |  | $ | 184,287 |  |  | $ | 178,004 |  |  | $ | 361,749 |  |  | $ | 356,007 |
Interest cost |  |  | 987,679 |  |  |  | 966,704 |  |  |  | 1,938,776 |  |  |  | 1,933,406 |
Expected return on plan assets |  |  | (1,100,704 | ) |  |  | (1,099,034 | ) |  |  | (2,160,640 | ) |  |  | (2,198,069 | )
Amortization of prior service cost |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Amortization of the net loss |  |  | 301,791 |  |  |  | 327,363 |  |  |  | 592,406 |  |  |  | 654,728 |
Net periodic benefit cost (benefit) |  | $ | 373,053 |  |  | $ | 373,037 |  |  | $ | 732,291 |  |  | $ | 746,072 |
|  | Other Postretirement Benefits |
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 28, 2025 |  |  | June 29, 2024 |  |  | June 28, 2025 |  |  | June 29, 2024 |
Service cost |  | $ | 2,206 |  |  | $ | 3,574 |  |  | $ | 4,331 |  |  | $ | 7,148 |
Interest cost |  |  | 12,132 |  |  |  | 12,951 |  |  |  | 23,815 |  |  |  | 25,902 |
Expected return on plan assets |  |  | (4,963 | ) |  |  | (4,684 | ) |  |  | (9,743 | ) |  |  | (9,368 | )
Amortization of prior service cost |  |  | (864 | ) |  |  | 1,060 |  |  |  | (1,696 | ) |  |  | 2,120 |
Amortization of the net loss |  |  | (23,982 | ) |  |  | (19,567 | ) |  |  | (47,075 | ) |  |  | (39,134 | )
Net periodic benefit gain |  | $ | (15,471 | ) |  | $ | (6,666 | ) |  | $ | (30,368 | ) |  | $ | (13,332 | )
The Company’s funding policy with respect to its qualified plans is to contribute at least the minimum amount required by applicable laws and regulations. In fiscal year 2025, the Company expects to make cash contributions to its qualified pension plans of approximately $2,900,000 and approximately $42,000 into its other postretirement plan. As of June 28, 2025, the Company has contributed $1,600,000 to its pension plans and $12,000 to its postretirement plan in fiscal year 2025 and expects to make the remaining contributions as required during the remainder of the fiscal year. The Company has a contributory savings plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”) covering substantially all U.S. non-union employees. The 401(k) Plan allows participants to make voluntary contributions from their annual compensation on a pre-tax basis, subject to limitations under the Internal Revenue Code. The 401(k) Plan provides for contributions by the Company at its discretion. The Company made contributions to the 401(k) Plan as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 28, 2025 |  |  | June 29, 2024 |  |  | June 28, 2025 |  |  | June 29, 2024 |
Regular matching contribution |  | $ | 239,797 |  |  | $ | 261,993 |  |  | $ | 546,436 |  |  | $ | 547,556 |
Transitional credit contribution |  |  | 18,622 |  |  |  | 21,964 |  |  |  | 42,487 |  |  |  | 50,870 |
Non-discretionary contribution |  |  | 87,415 |  |  |  | 102,873 |  |  |  | 195,907 |  |  |  | 213,763 |
Total contributions for the period |  | $ | 345,834 |  |  | $ | 386,830 |  |  | $ | 784,830 |  |  | $ | 812,189 |

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