XML 61 R48.htm IDEA: XBRL DOCUMENT v3.25.1
Retirement Plans (Tables)
12 Months Ended
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