XML 60 R46.htm IDEA: XBRL DOCUMENT v3.22.1
Retirement Plans (Tables)
12 Months Ended
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 cost637 628 674 
Expected return on plan assets(304)(299)(331)
Amortization of net transition asset— (1)(14)
Amortization of prior service cost
Actuarial loss205 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, 2022March 26, 2021
Obligation and funded status of plan:
Benefit obligation at beginning of year$17,180 $12,595 
Service cost1,554 1,454 
Interest cost637 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 contributions1,380 981 
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, 2022March 26, 2021
Projected benefit obligations$15,080 $17,180 
Plan assets7,097 7,644 
Accumulated benefit obligations9,216 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 LossPrior Service CostsTotal
Balance, March 27, 2020, net of tax$224 $2,017 $2,246 
2021 change in AOCI for non-U.S. defined benefit plan74 2,242 (4)2,312 
Amounts in AOCI before tax298 4,259 4,558 
Less tax expense74 1,066 — 1,140 
Balance, March 26, 2021, net of tax224 3,193 3,418 
2022 change in AOCI for non-U.S. defined benefit plan20 (665)(104)(749)
Amounts in AOCI before tax244 2,528 (103)2,669 
Less tax expense61 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, 2022March 26, 2021
Non-U.S. assumed discount rate5.58 %4.00 %
Non-U.S. rate of compensation increase5.50 %5.00 %
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
March 25, 2022March 26, 2021March 27, 2020
Non-U.S. assumed discount rate5.58 %4.00 %4.98 %
Non-U.S. expected long-term return on plan assets4.10 %4.20 %5.20 %
Non-U.S. rate of compensation increase5.50 %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 1Level 2Level 3
Assets of non-U.S. defined benefit plan:
Government securities$1,920 $1,920 $— $— 
Unit investment trust fund1,165 — 1,165 — 
Loans553 — — 553 
Bonds676 — 676 — 
Stocks and other investments2,783 1,716 1,065 
Total$7,097 $3,636 $1,843 $1,618 
Fair Value at March 26,
2021
Level 1Level 2Level 3
Assets of non-U.S. defined benefit plan:
Government securities$1,646 $1,646 $— $— 
Unit investment trust fund1,221 — 1,221 — 
Loans584 — — 584 
Bonds1,112 — 1,112 — 
Stocks and other investments3,081 1,947 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
LoansStocks
Balance at March 29, 2019$760 $353 
Additions during the year271 — 
Redemptions during the year(300)— 
Change in foreign currency exchange rates25 11 
Balance at March 27, 2020$756 $364 
Additions during the year325 — 
Redemptions during the year(531)— 
Revaluation of equity securities— 753 
Change in foreign currency exchange rates34 16 
Balance at March 26, 2021$584 $1,133 
Additions during the year308 — 
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 
2024953 
20251,004 
20261,014 
20271,383 
Thereafter8,885 
Total$14,698