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Postretirement Benefit Plans | 12 Months Ended
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Mar. 26, 2016
Postretirement Benefit Plans [Abstract] |
Employee Benefit Plans | 1 0. Postretirement Benefit Plans ﻿ Pension Plan ﻿ As a result of the Acquisition in fiscal year 2015, the Company now fully funds a defined benefit pension scheme (“the Scheme”) maintained by Wolfson, for some of the employees in the United Kingdom, which was closed to new participants as of July 2, 2002. As of April 30, 2011, the participants in the Scheme no longer accrue benefits and therefore the Company will not be required to pay contributions in respect to future accrual. The Scheme is a trustee-administered fund that is legally separate from Wolfson, which holds the pension plan assets to meet long-term pension liabilities. The pension fund trustees comprise one employee and one employer representative and an independent chairman. The trustees are required by law to act in the best interests of the Scheme’s beneficiaries and the trustees are responsible, in consultation with Wolfson and the Company, for setting certain policies (including the investment policies and strategies) of the fund. As of March 26, 2016, t he Company w as obligated, and subsequently paid, approximately $0.5 million to the Scheme on April 25, 201 6, which is recorded on the consolidated balance sheets in “A ccrued salaries and benefits”. The Company expects to completely close the Scheme over the next ten years. The following tables set forth the benefit obligation, the fair value of plan assets, and the funded status of the Scheme (in thousands): ﻿
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿ | March 26, |  | March 28,
﻿ | 2016 |  | 2015
﻿Change in benefit obligation: |  |  |  |  |
﻿Beginning balance | $ | 27,091 |  | $ | 22,959
﻿Expenses |  | 15 |  |  | 16
﻿Interest cost |  | 821 |  |  | 544
﻿Benefits paid and expenses |  | (1,095) |  |  | (255)
﻿Change in foreign currency exchange rate |  | (1,221) |  |  | -
﻿Actuarial (gain) / loss |  | (1,643) |  |  | 3,827
﻿Total benefit obligation ending balance |  | 23,968 |  |  | 27,091
﻿ |  |  |  |  |
﻿Change in plan assets: |  |  |  |  |
﻿Beginning balance |  | 26,735 |  |  | 25,021
﻿Actual return on plan assets |  | (155) |  |  | 1,969
﻿Employer contributions |  | 1,409 |  |  | -
﻿Change in foreign currency exchange rate |  | (1,206) |  |  | -
﻿Benefits paid and expenses |  | (1,095) |  |  | (255)
﻿Fair value of plan assets ending balance |  | 25,688 |  |  | 26,735
﻿ |  |  |  |  |
﻿Funded status of Scheme at end of year | $ | 1,720 |  | $ | (356)
﻿ The assets and obligations of the Scheme are denominated in British Pound Sterling. Based on an actuarial study performed as of March 2 6, 201 6, the Scheme is over funded and a long-term asset is reflected in the Company’s consolidated balance sheet under the caption “Other assets”. The weighted-average discount rate assumption used to determine benefit obligations as of March 26, 2016 and March 28, 2015 was 3.6% and 3.2%, respectively. ﻿ The components of the Company’s net periodic pension expense (income) are as follows (in thousands):
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿ | Fiscal Years Ended
﻿ | March 26, |  | March 28,
﻿ | 2016 |  | 2015
﻿Expenses | $ | 15 |  | $ | 16
﻿Interest cost |  | 821 |  |  | 544
﻿Expected return on plan assets |  | (1,212) |  |  | (792)
﻿Amortization of actuarial loss |  | 49 |  |  | -
﻿ | $ | (327) |  | $ | (232)
The following weighted-average assumptions were used to determine net periodic benefit costs for the year ended March 2 6, 201 6 and March 28, 2015: ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ | 2016 |  | 2015 |
﻿Discount rate |  | 3.20 | % |  | 4.00 | %
﻿Expected long-term return on plan assets |  | 4.65 | % |  | 5.36 | %
﻿ We report and measure the plan assets of our defined benefit pension at fair value. The Company’s pension plan assets consist of cash, equity securities, corporate debt securities, and diversified growth funds. The fair value of the pension plan assets is determined through an external actuarial valuation, following a similar process of obtaining inputs as described above. The expected long-term return on plan assets is comparable to the discount rate used to value plan liabilities. ﻿ The table below sets forth the fair value of our plan assets as of March 2 6, 201 6, using the same three-level hierarchy of fair-value inputs described in Note 4 (in thousands):
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | Quoted Prices |  |  |  |  |  |  |  |  |
﻿ | in Active |  | Significant |  |  |  |  |  |
﻿ | Markets for |  | Other |  | Significant |  |  |
﻿ | Identical |  | Observable |  | Unobservable |  |  |
﻿ | Assets |  | Inputs |  | Inputs |  |  |
﻿ | Level 1 |  | Level 2 |  | Level 3 |  | Total
﻿Plan Assets: |  |  |  |  |  |  |  |  |  |  |
﻿Cash | $ | 42 |  | $ | - |  | $ | - |  | $ | 42
﻿Pension funds |  | - |  |  | 25,646 |  |  | - |  |  | 25,646
﻿ | $ | 42 |  | $ | 25,646 |  | $ | - |  | $ | 25,688
The table below sets forth the fair value of our plan assets as of March 2 8, 201 5, (in thousands): ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | Quoted Prices |  |  |  |  |  |  |  |  |
﻿ | in Active |  | Significant |  |  |  |  |  |
﻿ | Markets for |  | Other |  | Significant |  |  |
﻿ | Identical |  | Observable |  | Unobservable |  |  |
﻿ | Assets |  | Inputs |  | Inputs |  |  |
﻿ | Level 1 |  | Level 2 |  | Level 3 |  | Total
﻿Plan Assets: |  |  |  |  |  |  |  |  |  |  |
﻿Cash | $ | 1,160 |  | $ | - |  | $ | - |  | $ | 1,160
﻿Pension funds |  | - |  |  | 25,575 |  |  | - |  |  | 25,575
﻿ | $ | 1,160 |  | $ | 25,575 |  | $ | - |  | $ | 26,735
Amounts recognized in accumulated other comprehensive income (loss) for the period that have not yet been recognized as components of net periodic benefit cost consist of (in thousands):
﻿ |  |
﻿ |  |
﻿ |  | Fiscal Year
﻿ |  | 2016
﻿Net actuarial gain | $ | 2,660
﻿ |  |
﻿Accumulated other comprehensive income, before tax | $ | 2,660
The Company will amortize the actuarial gain over a period of twenty-five years based on actuarial assumptions, including life expectancy. The following table provides the estimated amount that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in fiscal year 201 7 (in thousands):
﻿ |  |
﻿ |  |
﻿ |  | Fiscal Year
﻿ |  | 2017
﻿Transition (asset) obligation | $ | -
﻿Prior service cost |  | -
﻿Actuarial loss (gain) |  | (106)
﻿ The Company has contributed $0.5 million to the pension plan in fiscal year 201 7 for deficit contributions discussed above, which is recorded on the consolidated balance sheets in “A ccrued salaries and benefits”. ﻿ The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the following fiscal years (in thousands): ﻿
﻿ |  |
﻿ |  | Benefit
﻿ |  | Payments
﻿2017 | $ | 292
﻿2018 |  | 300
﻿2019 |  | 465
﻿2020 |  | 544
﻿2021 |  | 534
﻿Thereafter |  | 2,754
The expected long-term return on plan assets is based on historical actual return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan assets. It is the policy of the Trustees and the Company to review the investment strategy periodically. The Trustees’ investment objectives and the processes undertaken to measure and manage the risks inherent in the Scheme investment strategy are illustrated by the current asset allocation. The current mix is 3 2% equity securities, 4 7% corporate debt securities, and 21% diversified growth funds. See the related fair value of the assets above. The Scheme exposes the Company to actuarial risks such as investment (market) risk, interest rate risk, mortality risk, longevity risk and currency risk. A decrease in corporate bond yields, a rise in inflation or an increase in life expectancy would result in an increase to the Scheme liabilities and may give rise to increased benefit expenses in future periods. Caps on inflationary increases are currently in place to protect the Scheme against extreme inflation, however. The indicative impact on net periodic benefit cost based on defined sensitivities is as follows: ﻿
﻿ |  |
﻿ |  |
﻿Change |  | Approximate impact on liabilities
﻿Decrease discount rate by 0.1%, per year |  | 2% increase
﻿Increase inflation linked assumptions by 0.1%, per year |  | 2% increase (of inflation-linked liabilities)
﻿Increase life expectancy by 1 year |  | 2% increase
﻿ 401(k) Plan ﻿ We have a 401(k) Profit Sharing Plan (the “401(k) Plan”) covering all of our qualifying domestic employees. Under the 401(k) Plan, employees may elect to contribute any percentage of their annual compensation up to the annual IRS limitations. T he Company matches 50 percent of the first 8 percent of the employees’ annual contribution. We made matching employee contributions of $4.3 million, $2.5 million, and $1.8 million during fiscal years 2016, 2015, and 2014, respectively.

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