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v3.22.1

Retirement Plans (Tables) | 12 Months Ended
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Mar. 25, 2022
Retirement Benefits [Abstract] |
Schedule of Expense Related to Defined Benefit Plan | Expense related to the non-U.S. defined benefit plan was as follows:
|  |  | Fiscal Year Ended
|  |  |  |  | March 25, 2022 |  | March 26, 2021 |  | March 27, 2020
Service cost |  |  |  |  | $ | 1,554 |  |  | $ | 1,454 |  |  | $ | 961 |
Interest cost |  |  |  |  | 637 |  |  | 628 |  |  | 674 |
Expected return on plan assets |  |  |  |  | (304) |  |  | (299) |  |  | (331) |
Amortization of net transition asset |  |  |  |  | — |  |  | (1) |  |  | (14) |
Amortization of prior service cost |  |  |  |  | 1 |  |  | 8 |  |  | 8 |
Actuarial loss |  |  |  |  | 205 |  |  | 179 |  |  | 96 |
Net periodic pension expense |  |  |  |  | $ | 2,093 |  |  | $ | 1,969 |  |  | $ | 1,394 |
Changes in Benefit Obligations and Plan Assets | Changes in the benefit obligations and plan assets for the non-U.S. defined benefit plan were as follows:
|  | Fiscal Year Ended
|  | March 25, 2022 |  | March 26, 2021
Obligation and funded status of plan: |  |  |  |
Benefit obligation at beginning of year |  | $ | 17,180 |  |  | $ | 12,595 |
Service cost |  | 1,554 |  |  | 1,454 |
Interest cost |  | 637 |  |  | 628 |
Prior service cost |  | (108) |  |  | — |
Benefits paid |  | (1,180) |  |  | (633) |
Actuarial loss |  | (1,822) |  |  | 2,502 |
Foreign currency exchange rate changes |  | (1,181) |  |  | 634 |
Benefit obligation at end of year |  | $ | 15,080 |  |  | $ | 17,180 |
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 7,644 |  |  | $ | 5,579 |
Actual return on plan assets |  | (235) |  |  | 1,421 |
Employer contributions |  | 1,380 |  |  | 981 |
Benefits paid |  | (1,146) |  |  | (595) |
Foreign currency exchange rate changes |  | (546) |  |  | 258 |
Fair value of plan assets at end of year |  | $ | 7,097 |  |  | $ | 7,644 |
Underfunded status at end of year |  | $ | (7,983) |  |  | $ | (9,536) |
Obligations and Asset Information for Plan with Projected Benefit Obligation in Excess of Plan Assets | The following table presents the obligations and asset information for the non-U.S. defined benefit plan that has a projected benefit obligation in excess of plan assets:
|  | Fiscal Year Ended
|  | March 25, 2022 |  | March 26, 2021 |  |
Projected benefit obligations |  | $ | 15,080 |  |  | $ | 17,180 |  |  |
Plan assets |  | 7,097 |  |  | 7,644 |  |  |
Accumulated benefit obligations |  | 9,216 |  |  | 10,353 |  |  |
Schedule of Amounts Recorded for AOCI for Defined Benefit Plan | The amounts recorded in AOCI for the non-U.S. defined benefit plan for the fiscal years ended March 25, 2022 and March 26, 2021 are further detailed below:
|  | Net Transition Obligation (Asset) |  | Net Actuarial Loss |  | Prior Service Costs |  | Total
Balance, March 27, 2020, net of tax |  | $ | 224 |  |  | $ | 2,017 |  |  | 5 |  |  | $ | 2,246 |
2021 change in AOCI for non-U.S. defined benefit plan |  | 74 |  |  | 2,242 |  |  | (4) |  |  | 2,312 |
Amounts in AOCI before tax |  | 298 |  |  | 4,259 |  |  | 1 |  |  | 4,558 |
Less tax expense |  | 74 |  |  | 1,066 |  |  | — |  |  | 1,140 |
Balance, March 26, 2021, net of tax |  | 224 |  |  | 3,193 |  |  | 1 |  |  | 3,418 |
2022 change in AOCI for non-U.S. defined benefit plan |  | 20 |  |  | (665) |  |  | (104) |  |  | (749) |
Amounts in AOCI before tax |  | 244 |  |  | 2,528 |  |  | (103) |  |  | 2,669 |
Less tax expense |  | 61 |  |  | 632 |  |  | (26) |  |  | 667 |
Balance, March 25, 2022, net of tax |  | $ | 183 |  |  | $ | 1,896 |  |  | $ | (77) |  |  | $ | 2,002 |
Schedule of Weighted-Average Assumptions | Weighted-Average Assumptions Used to Determine Projected Benefit Obligation
|  | March 25, 2022 |  | March 26, 2021
Non-U.S. assumed discount rate |  | 5.58 | % |  | 4.00 | %
Non-U.S. rate of compensation increase |  | 5.50 | % |  | 5.00 | %
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
|  | March 25, 2022 |  | March 26, 2021 |  | March 27, 2020
Non-U.S. assumed discount rate |  | 5.58 | % |  | 4.00 | % |  | 4.98 | %
Non-U.S. expected long-term return on plan assets |  | 4.10 | % |  | 4.20 | % |  | 5.20 | %
Non-U.S. rate of compensation increase |  | 5.50 | % |  | 5.00 | % |  | 5.00 | %
Fair Value of Entity's Plan Assets | The table below sets forth the fair value of the entity’s plan assets as of March 25, 2022 and March 26, 2021, using the same three-level hierarchy of fair value inputs described in Note 2, “Summary of Significant Accounting Policies”:
| Fair Value at March 25, 2022 |  | Level 1 |  | Level 2 |  | Level 3
Assets of non-U.S. defined benefit plan: |  |  |  |  |  |  |
Government securities | $ | 1,920 |  |  | $ | 1,920 |  |  | $ | — |  |  | $ | — |
Unit investment trust fund | 1,165 |  |  | — |  |  | 1,165 |  |  | — |
Loans | 553 |  |  | — |  |  | — |  |  | 553 |
Bonds | 676 |  |  | — |  |  | 676 |  |  | — |
Stocks and other investments | 2,783 |  |  | 1,716 |  |  | 2 |  |  | 1,065 |
Total | $ | 7,097 |  |  | $ | 3,636 |  |  | $ | 1,843 |  |  | $ | 1,618 |
| Fair Value at March 26, 2021 |  | Level 1 |  | Level 2 |  | Level 3
Assets of non-U.S. defined benefit plan: |  |  |  |  |  |  |
Government securities | $ | 1,646 |  |  | $ | 1,646 |  |  | $ | — |  |  | $ | — |
Unit investment trust fund | 1,221 |  |  | — |  |  | 1,221 |  |  | — |
Loans | 584 |  |  | — |  |  | — |  |  | 584 |
Bonds | 1,112 |  |  | — |  |  | 1,112 |  |  | — |
Stocks and other investments | 3,081 |  |  | 1,947 |  |  | 1 |  |  | 1,133 |
Total | $ | 7,644 |  |  | $ | 3,593 |  |  | $ | 2,334 |  |  | $ | 1,717 |
Schedule of Changes in Fair Value of Level 3 Plan Assets | The following table shows the change in fair value of Level 3 plan assets for the fiscal years ended March 25, 2022, March 26, 2021 and March 27, 2020:
| Level 3 Non-U.S. Defined Plan Assets
| Loans |  | Stocks
Balance at March 29, 2019 | $ | 760 |  |  | $ | 353 |
Additions during the year | 271 |  |  | — |
Redemptions during the year | (300) |  |  | — |
Change in foreign currency exchange rates | 25 |  |  | 11 |
Balance at March 27, 2020 | $ | 756 |  |  | $ | 364 |
Additions during the year | 325 |  |  | — |
Redemptions during the year | (531) |  |  | — |
Revaluation of equity securities | — |  |  | 753 |
Change in foreign currency exchange rates | 34 |  |  | 16 |
Balance at March 26, 2021 | $ | 584 |  |  | $ | 1,133 |
Additions during the year | 308 |  |  | — |
Redemptions during the year | (289) |  |  | — |
Revaluation of equity securities | (5) |  |  | 13 |
Change in foreign currency exchange rates | (45) |  |  | (81) |
Balance at March 25, 2022 | $ | 553 |  |  | $ | 1,065 |
Schedule of Estimated Future Benefit Payments | The following table projects the benefits expected to be paid to participants from the plans in each of the following fiscal years. The majority of the payments will be paid from plan assets, not company assets.
|  | Pension Benefits
2023 |  | $ | 1,459 |
2024 |  | 953 |
2025 |  | 1,004 |
2026 |  | 1,014 |
2027 |  | 1,383 |
Thereafter |  | 8,885 |
Total |  | $ | 14,698 |

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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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