RETIREMENT PLANS (Tables)

12 Months Ended

Apr. 01, 2017

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)	2017			2016			2015
Service cost	$	3,404		$	3,560		$	2,979
Interest cost on benefit obligation	287			371			686
Expected return on plan assets	(308		)	(330		)	(449		)
Actuarial loss	532			598			107
Amortization of unrecognized prior service cost	(119		)	(38		)	(29		)
Amortization of unrecognized transition obligation	37			42			45
Settlement loss recognized	289			—			—
Totals	$	4,122		$	4,203		$	3,339

Schedule of Activity Under Defined Benefit Plans

The activity under those defined benefit plans are as follows:



(In thousands)	April 1, 2017			April 2, 2016
Change in Benefit Obligation:
Benefit Obligation, beginning of year	$	(37,919	)	$	(40,567	)
Service cost	(3,404		)	(3,560		)
Interest cost	(287		)	(371		)
Benefits paid	1,291			3,780
Actuarial gain	4,615			424
Employee and plan participants contribution	(2,463		)	(1,839		)
Plan amendments	—			833
Plan settlements	6,960			—
Foreign currency changes	(138		)	3,381
Benefit obligation, end of year	$	(31,345	)	$	(37,919	)
Change in Plan Assets:
Fair value of plan assets, beginning of year	$	19,852		$	23,165
Company contributions	1,788			1,987
Benefits paid	(1,192		)	(3,779		)
Gain on plan assets	414			446
Employee and plan participants contributions	2,424			1,861
Plan settlements	(6,850		)	—
Foreign currency changes	849			(3,828		)
Fair value of Plan Assets, end of year	$	17,285		$	19,852
Funded Status^*	$	(14,060	)	$	(18,067	)
Unrecognized net actuarial loss	4,319			10,168
Unrecognized initial obligation	—			37
Unrecognized prior service cost	(1,019		)	(1,186		)
Net amount recognized	$	(10,760	)	$	(9,048	)
^* The unfunded status is all non-current

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 related to our defined benefit plans, net of tax, are as follows (in thousands):



Balance, 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	)
Obligation at transition	32
Actuarial loss	5,126
Prior service cost	63
Balance as of April 1, 2017	$	(2,271	)

Schedule of Weighted Average Rates Used to Determine Net Periodic Benefit Costs

The assumptions used in the Monte Carlo model for PSUs granted during each year were as follows:



	2017		2016		2015
Expected stock price volatility	26.39	%	22.27	%	20.08	%
Peer group stock price volatility	33.86	%	31.95	%	31.52	%
Correlation of returns	51.17	%	26.27	%	30.52	%

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:



	2017		2016		2015
Volatility	31.3	%	21.1	%	23.7	%
Expected life (months)	6		6		6
Risk-free interest rate	—	%	0.2	%	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)	2017		2016		2015
Grant-date fair value per RSU	$	32.61	$	33.19	$	34.89
Fair value of RSUs vested	$	34.98	$	36.07	$	36.62

The weighted average rates used to determine the net periodic benefit costs and projected benefit obligations were as follows:



	2017		2016		2015
Discount rate	0.76	%	0.72	%	0.93	%
Rate of increased salary levels	1.43	%	1.58	%	1.65	%
Expected long-term rate of return on assets	1.10	%	1.20	%	1.68	%

Schedule of Estimated Future Benefit Payments

Estimated future benefit payments are as follows:



(in thousands)
Fiscal 2018	$	1,396
Fiscal 2019	1,451
Fiscal 2020	1,394
Fiscal 2021	1,411
Fiscal 2022	1,617
Fiscal 2023-2027	6,869
	$	14,138