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RETIREMENT PLANS (Tables)

12 Months Ended

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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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.

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
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Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

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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.

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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.

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Tabular disclosure of net funded status of pension plans and/or other employee benefit plans.

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