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RETIREMENT PLANS (Tables) | 12 Months Ended
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Apr. 02, 2016
Compensation and Retirement Disclosure [Abstract] |
Schedule of Components of Net Periodic Benefit Costs of Defined Benefit Pension Plans | Some of the our foreign subsidiaries have defined benefit pension plans covering substantially all full time employees at those subsidiaries. Net periodic benefit costs for the plans in the aggregate include the following components:
(In thousands) | 2016 |  | 2015 |  | 2014
Service cost | $ | 3,560 |  |  | $ | 2,979 |  |  | $ | 3,351 |
Interest cost on benefit obligation | 371 |  |  | 686 |  |  | 623 |
Expected (return)/loss on plan assets | (330 | ) |  | (449 | ) |  | (435 | )
Actuarial loss/(gain) | 598 |  |  | 107 |  |  | 88 |
Amortization of unrecognized prior service cost | (38 | ) |  | (29 | ) |  | 182 |
Amortization of unrecognized transition obligation | 42 |  |  | 45 |  |  | 47 |
Totals | $ | 4,203 |  |  | $ | 3,339 |  |  | $ | 3,856 |
Schedule of Activity Under Defined Benefit Plans | The activity under those defined benefit plans are as follows:
(In thousands) | April 2, 2016 |  | March 28, 2015
Change in Benefit Obligation: |  |  |  |  |
Benefit Obligation, beginning of year | $ | (40,567 | ) |  | $ | (32,621 | )
Service cost | (3,560 | ) |  | (2,979 | )
Interest cost | (371 | ) |  | (686 | )
Benefits paid | 3,780 |  |  | 4,902 |
Actuarial (loss)/gain | 424 |  |  | (6,883 | )
Employee and plan participants contribution | (1,839 | ) |  | (2,978 | )
Plan Amendments | 833 |  |  | 114 |
Foreign currency changes | 3,381 |  |  | 564 |
Benefit obligation, end of year | $ | (37,919 | ) |  | $ | (40,567 | )
Change in Plan Assets: |  |  |  |  |
Fair value of plan assets, beginning of year | $ | 23,165 |  |  | $ | 19,981 |
Company contributions | 1,987 |  |  | 2,112 |
Benefits paid | (3,779 | ) |  | (4,621 | )
Gain/(Loss) on plan assets | 446 |  |  | 506 |
Employee and plan participants contributions | 1,861 |  |  | 2,851 |
Foreign currency changes | (3,828 | ) |  | 2,336 |
Fair value of Plan Assets, end of year | $ | 19,852 |  |  | $ | 23,165 |
Funded Status* | $ | (18,067 | ) |  | $ | (17,402 | )
Unrecognized net actuarial loss/(gain) | 10,168 |  |  | 11,096 |
Unrecognized initial obligation | 37 |  |  | 64 |
Unrecognized prior service cost | (1,186 | ) |  | (459 | )
Net amount recognized | $ | (9,048 | ) |  | $ | (6,701 | )
Schedule of Components of Change Recorded in Accumulated Other Comprehensive Income Related to Defined Benefit Plans, Net of Tax | The components of the change recorded in our accumulated other comprehensive (loss) income related to our defined benefit plans, net of tax, are as follows (in thousands):
Balance, March 30, 2013 | $ | (5,073 | )
Obligation at transition | 172 |
Actuarial loss | (129 | )
Prior service cost | 438 |
Balance as of March 29, 2014 | $ | (4,592 | )
Obligation at transition | (19 | )
Actuarial loss | (6,198 | )
Prior service cost | 1,886 |
Balance as of March 28, 2015 | $ | (8,923 | )
Obligation at transition | 33 |
Actuarial loss | 681 |
Prior service cost | 717 |
Balance as of April 2, 2016 | $ | (7,492 | )
Schedule of Weighted Average Rates Used to Determine Net Periodic Benefit Costs | The fair values of shares purchased under the Employee Stock Purchase Plan are estimated using the Black-Scholes single option-pricing model with the following weighted average assumptions:
| April 2, 2016 |  | March 28, 2015 |  | March 29, 2014
Volatility | 21.1 | % |  | 23.7 | % |  | 22.9 | %
Expected life (months) | 6 |  |  | 6 |  |  | 6 |
Risk-free interest rate | 0.2 | % |  | 0.1 | % |  | 0.1 | %
Dividend Yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
The weighted-average grant-date fair value of RSUs granted and total fair value of RSUs vested were as follows:
(In thousands, except per share data) | April 2, 2016 |  | March 28, 2015 |  | March 29, 2014
Grant-date fair value per RSU | $ | 33.19 |  |  | $ | 34.89 |  |  | $ | 42.24 |
Fair value of RSUs vested | $ | 36.07 |  |  | $ | 36.62 |  |  | $ | 32.70 |
The Company uses the Monte Carlo model to determine the fair value of each market stock unit. The assumptions used in the Monte Carlo model for MSUs granted during each year were as follows:
| April 2, 2016 |  | March 28, 2015 |  | March 29, 2014
Volatility | 24.0 | % |  | 21.2 | % |  | 20.2 | %
Expected life (years) | 1.7 |  |  | 2.8 |  |  | 3.7 |
Risk-free interest rate | 0.5 | % |  | 0.8 | % |  | 0.9 | %
Dividend yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
The assumptions used in the Monte Carlo model for PSUs granted during each year were as follows:
| April 2, 2016 |  | March 28, 2015
Expected stock price volatility | 22.27 | % |  | 20.08 | %
Peer group stock price volatility | 31.95 | % |  | 31.52 | %
Correlation of returns | 26.27 | % |  | 30.52 | %
The weighted average rates used to determine the net periodic benefit costs and projected benefit obligations were as follows:
| April 2, 2016 |  | March 28, 2015 |  | March 29, 2014
Discount rate | 0.72 | % |  | 0.93 | % |  | 2.02 | %
Rate of increased salary levels | 1.58 | % |  | 1.65 | % |  | 1.57 | %
Expected long-term rate of return on assets | 1.20 | % |  | 1.68 | % |  | 1.94 | %
Schedule of Estimated Future Benefit Payments | Estimated future benefit payments are as follows:
(in thousands) |  |
Fiscal Year 2017 | $ | 1,746 |
Fiscal Year 2018 | 1,542 |
Fiscal Year 2019 | 1,523 |
Fiscal Year 2020 | 1,883 |
Fiscal Year 2021 | 1,687 |
Fiscal Year 2022-2026 | 7,872 |
| $ | 16,253 |

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- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=65897934&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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
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