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v3.25.1

Retirement Plans (Tables) | 12 Months Ended
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Mar. 28, 2025
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 28, 2025 |  |  | March 29, 2024 |  |  | March 31, 2023 |
Service cost |  | $ | 1,456 |  |  | $ | 1,345 |  |  | $ | 1,358 |
Interest cost |  |  | 939 |  |  |  | 907 |  |  |  | 763 |
Expected return on plan assets |  |  | (446 | ) |  |  | (468 | ) |  |  | (301 | )
Amortization of prior service cost |  |  | (8 | ) |  |  | (8 | ) |  |  | (8 | )
Actuarial loss |  |  | 71 |  |  |  | 33 |  |  |  | 77 |
Net periodic pension expense |  | $ | 2,012 |  |  | $ | 1,809 |  |  | $ | 1,889 |
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 28, 2025 |  |  | March 29, 2024 |
Obligation and funded status of plan: |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 16,194 |  |  | $ | 14,730 |
Service cost |  |  | 1,456 |  |  |  | 1,345 |
Interest cost |  |  | 939 |  |  |  | 907 |
Prior service cost |  |  | — |  |  |  | 62 |
Benefits paid |  |  | (892 | ) |  |  | (1,022 | )
Actuarial loss |  |  | 11 |  |  |  | 683 |
Foreign currency exchange rate changes |  |  | (409 | ) |  |  | (511 | )
Benefit obligation at end of year |  | $ | 17,299 |  |  | $ | 16,194 |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 7,665 |  |  | $ | 7,168 |
Actual return on plan assets |  |  | 597 |  |  |  | 452 |
Employer contributions |  |  | 1,122 |  |  |  | 1,230 |
Benefits paid |  |  | (758 | ) |  |  | (937 | )
Foreign currency exchange rate changes |  |  | (194 | ) |  |  | (248 | )
Fair value of plan assets at end of year |  | $ | 8,432 |  |  | $ | 7,665 |
Underfunded status at end of year |  | $ | (8,867 | ) |  | $ | (8,529 | )
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 28, 2025 |  |  | March 29, 2024 |
Projected benefit obligations |  | $ | 17,299 |  |  | $ | 16,194 |
Plan assets |  |  | 8,432 |  |  |  | 7,665 |
Accumulated benefit obligations |  |  | 10,509 |  |  |  | 9,666 |
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 28, 2025 and March 29, 2024 are further detailed below:
|  | Net Transition Obligation (Asset) |  |  | Net Actuarial Loss |  |  | Prior Service Costs |  |  | Total |
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 |
2025 change in AOCI for non-U.S. defined benefit plan |  |  | (102 | ) |  |  | 426 |  |  |  | (12 | ) |  |  | 312 |
Amounts in AOCI before tax |  |  | 5 |  |  |  | 2,322 |  |  |  | (71 | ) |  |  | 2,256 |
Less tax expense |  |  | 1 |  |  |  | 581 |  |  |  | (18 | ) |  |  | 564 |
Balance, March 28, 2025, net of tax |  | $ | 4 |  |  | $ | 1,741 |  |  | $ | (53 | ) |  | $ | 1,692 |
Schedule of Weighted-Average Assumptions | Weighted-Average Assumptions Used to Determine Projected Benefit Obligation
|  | March 28, 2025 |  |  | March 29, 2024 |
Non-U.S. assumed discount rate |  |  | 6.33 | % |  |  | 6.21 | %
Non-U.S. rate of compensation increases |  |  | 5.50 | % |  |  | 5.50 | %
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
|  | March 28, 2025 |  |  | March 29, 2024 |  |  | March 31, 2023 |
Non-U.S. assumed discount rate |  |  | 6.33 | % |  |  | 6.21 | % |  |  | 6.63 | %
Non-U.S. expected long-term return on plan assets |  |  | 5.45 | % |  |  | 5.54 | % |  |  | 6.40 | %
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 28, 2025 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets of non-U.S. defined benefit plan: |  |  |  |  |  |  |  |  |  |  |  |
Government securities |  | $ | 3,023 |  |  | $ | 3,023 |  |  | $ | — |  |  | $ | — |
Unit investment trust fund |  |  | 1,719 |  |  |  | — |  |  |  | 1,719 |  |  |  | — |
Loans |  |  | 654 |  |  |  | — |  |  |  | — |  |  |  | 654 |
Bonds |  |  | 341 |  |  |  | — |  |  |  | 341 |  |  |  | — |
Stocks and other investments |  |  | 2,695 |  |  |  | 1,845 |  |  |  | 3 |  |  |  | 847 |
Total |  | $ | 8,432 |  |  | $ | 4,868 |  |  | $ | 2,063 |  |  | $ | 1,501 |
|  | 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 |
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 25, 2022 |  | $ | 553 |  |  | $ | 1,065 |
Additions |  |  | 328 |  |  |  | — |
Redemptions |  |  | (280 | ) |  |  | — |
Revaluation of debt and 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 debt and equity securities |  |  | (1 | ) |  |  | (154 | )
Change in foreign currency exchange rates |  |  | (19 | ) |  |  | (39 | )
Balance at March 29, 2024 |  | $ | 574 |  |  | $ | 909 |
Additions |  |  | 475 |  |  |  | — |
Redemptions |  |  | (381 | ) |  |  | — |
Revaluation of debt and equity securities |  |  | — |  |  |  | (39 | )
Change in foreign currency exchange rates |  |  | (14 | ) |  |  | (23 | )
Balance at March 28, 2025 |  | $ | 654 |  |  | $ | 847 |
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 |
2026 |  | $ | 1,440 |
2027 |  |  | 1,225 |
2028 |  |  | 1,529 |
2029 |  |  | 1,428 |
2030 |  |  | 1,410 |
Total 5 years thereafter |  |  | 11,004 |
Total |  | $ | 18,036 |

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