XML 60 R45.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

Retirement Plans (Tables) | 12 Months Ended
--- | ---
Mar. 29, 2024
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 29, 2024 |  |  | March 31, 2023 |  |  | March 25, 2022 |
Service cost |  | $ | 1,345 |  |  | $ | 1,358 |  |  | $ | 1,554 |
Interest cost |  |  | 907 |  |  |  | 763 |  |  |  | 637 |
Expected return on plan assets |  |  | (468 | ) |  |  | (301 | ) |  |  | (304 | )
Amortization of prior service cost |  |  | (8 | ) |  |  | (8 | ) |  |  | 1 |
Actuarial loss |  |  | 33 |  |  |  | 77 |  |  |  | 205 |
Net periodic pension expense |  | $ | 1,809 |  |  | $ | 1,889 |  |  | $ | 2,093 |
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 29, 2024 |  |  | March 31, 2023 |
Obligation and funded status of plan: |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 14,730 |  |  | $ | 15,080 |
Service cost |  |  | 1,345 |  |  |  | 1,358 |
Interest cost |  |  | 907 |  |  |  | 763 |
Prior service cost |  |  | 62 |  |  |  | — |
Benefits paid |  |  | (1,022 | ) |  |  | (1,014 | )
Actuarial loss (gain) |  |  | 683 |  |  |  | (908 | )
Foreign currency exchange rate changes |  |  | (511 | ) |  |  | (549 | )
Benefit obligation at end of year |  | $ | 16,194 |  |  | $ | 14,730 |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 7,168 |  |  | $ | 7,097 |
Actual return on plan assets |  |  | 452 |  |  |  | (189 | )
Employer contributions |  |  | 1,230 |  |  |  | 1,463 |
Benefits paid |  |  | (937 | ) |  |  | (952 | )
Foreign currency exchange rate changes |  |  | (248 | ) |  |  | (251 | )
Fair value of plan assets at end of year |  | $ | 7,665 |  |  | $ | 7,168 |
Underfunded status at end of year |  | $ | (8,529 | ) |  | $ | (7,562 | )
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 29, 2024 |  |  | March 31, 2023 |
Projected benefit obligations |  | $ | 16,194 |  |  | $ | 14,730 |
Plan assets |  |  | 7,665 |  |  |  | 7,168 |
Accumulated benefit obligations |  |  | 9,666 |  |  |  | 8,868 |
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 29, 2024 and March 31, 2023 are further detailed below:
|  | Net Transition Obligation (Asset) |  |  | Net Actuarial Loss |  |  | Prior Service Costs |  |  | Total |
Balance, March 25, 2022, net of tax |  | $ | 183 |  |  | $ | 1,896 |  |  | $ | (77 | ) |  | $ | 2,002 |
2023 change in AOCI for non-U.S. defined benefit plan |  |  | (11 | ) |  |  | 36 |  |  |  | (14 | ) |  |  | 11 |
Amounts in AOCI before tax |  |  | 172 |  |  |  | 1,932 |  |  |  | (91 | ) |  |  | 2,013 |
Less tax expense |  |  | 43 |  |  |  | 483 |  |  |  | (23 | ) |  |  | 503 |
Balance, March 31, 2023, net of tax |  | $ | 129 |  |  | $ | 1,449 |  |  | $ | (68 | ) |  | $ | 1,510 |
2024 change in AOCI for non-U.S. defined benefit plan |  |  | 14 |  |  |  | 1,079 |  |  |  | (11 | ) |  |  | 1,082 |
Amounts in AOCI before tax |  |  | 143 |  |  |  | 2,528 |  |  |  | (79 | ) |  |  | 2,592 |
Less tax expense |  |  | 36 |  |  |  | 632 |  |  |  | (20 | ) |  |  | 648 |
Balance, March 29, 2024, net of tax |  | $ | 107 |  |  | $ | 1,896 |  |  | $ | (59 | ) |  | $ | 1,944 |
Schedule of Weighted-Average Assumptions | Weighted-Average Assumptions Used to Determine Projected Benefit Obligation
|  | March 29, 2024 |  |  | March 31, 2023 |
Non-U.S. assumed discount rate |  |  | 6.21 | % |  |  | 6.63 | %
Non-U.S. rate of compensation increases |  |  | 5.50 | % |  |  | 5.50 | %
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
|  | March 29, 2024 |  |  | March 31, 2023 |  |  | March 25, 2022 |
Non-U.S. assumed discount rate |  |  | 6.21 | % |  |  | 6.63 | % |  |  | 5.58 | %
Non-U.S. expected long-term return on plan assets |  |  | 5.54 | % |  |  | 6.40 | % |  |  | 4.10 | %
Non-U.S. rate of compensation increases |  |  | 5.50 | % |  |  | 5.50 | % |  |  | 5.50 | %
Fair Value of Entity's Plan Assets | The table below sets forth the fair value of the entity’s plan assets using the same three-level hierarchy of fair value inputs described in Note 2, “Summary of Significant Accounting Policies”:
|  | Fair Value at March 29, 2024 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets of non-U.S. defined benefit plan: |  |  |  |  |  |  |  |  |  |  |  |
Government securities |  | $ | 2,629 |  |  | $ | 2,629 |  |  | $ | — |  |  | $ | — |
Unit investment trust fund |  |  | 1,307 |  |  |  | — |  |  |  | 1,307 |  |  |  | — |
Loans |  |  | 574 |  |  |  | — |  |  |  | — |  |  |  | 574 |
Bonds |  |  | 607 |  |  |  | — |  |  |  | 607 |  |  |  | — |
Stocks and other investments |  |  | 2,548 |  |  |  | 1,635 |  |  |  | 4 |  |  |  | 909 |
Total |  | $ | 7,665 |  |  | $ | 4,264 |  |  | $ | 1,918 |  |  | $ | 1,483 |
|  | Fair Value at March 31, 2023 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets of non-U.S. defined benefit plan: |  |  |  |  |  |  |  |  |  |  |  |
Government securities |  | $ | 2,133 |  |  | $ | 2,133 |  |  | $ | — |  |  | $ | — |
Unit investment trust fund |  |  | 1,196 |  |  |  | — |  |  |  | 1,196 |  |  |  | — |
Loans |  |  | 586 |  |  |  | — |  |  |  | — |  |  |  | 586 |
Bonds |  |  | 687 |  |  |  | — |  |  |  | 687 |  |  |  | — |
Stocks and other investments |  |  | 2,566 |  |  |  | 1,461 |  |  |  | 3 |  |  |  | 1,102 |
Total |  | $ | 7,168 |  |  | $ | 3,594 |  |  | $ | 1,886 |  |  | $ | 1,688 |
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:
|  | Level 3 Non-U.S. Defined Plan Assets |
|  | Loans |  |  | Stocks |
Balance at March 26, 2021 |  | $ | 584 |  |  | $ | 1,133 |
Additions |  |  | 308 |  |  |  | — |
Redemptions |  |  | (289 | ) |  |  | — |
Revaluation of equity securities |  |  | (5 | ) |  |  | 13 |
Change in foreign currency exchange rates |  |  | (45 | ) |  |  | (81 | )
Balance at March 25, 2022 |  | $ | 553 |  |  | $ | 1,065 |
Additions |  |  | 328 |  |  |  | — |
Redemptions |  |  | (280 | ) |  |  | — |
Revaluation of equity securities |  |  | 4 |  |  |  | 75 |
Change in foreign currency exchange rates |  |  | (19 | ) |  |  | (38 | )
Balance at March 31, 2023 |  | $ | 586 |  |  | $ | 1,102 |
Additions |  |  | 303 |  |  |  | — |
Redemptions |  |  | (295 | ) |  |  | — |
Revaluation of equity securities |  |  | (1 | ) |  |  | (154 | )
Change in foreign currency exchange rates |  |  | (19 | ) |  |  | (39 | )
Balance at March 29, 2024 |  | $ | 574 |  |  | $ | 909 |
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 Company assets.
|  | Pension Benefits |
2025 |  | $ | 1,415 |
2026 |  |  | 922 |
2027 |  |  | 1,157 |
2028 |  |  | 1,563 |
2029 |  |  | 1,445 |
Thereafter |  |  | 10,491 |
Total |  | $ | 16,993 |

X
- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (a)(b)(c) -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of defined benefit plan asset investment. Includes, but is not limited to, fair value of category of plan asset and its level within fair value hierarchy. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(01) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_DefinedBenefitPlanPlanAssetsCategoryTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 + Details
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 715 -SubTopic 20 -Subparagraph (b) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration