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RETIREMENT PLANS (Tables) | 12 Months Ended
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Mar. 30, 2019
Retirement Benefits [Abstract] |
Schedule of Components of Net Periodic Benefit Costs of Defined Benefit Pension Plans | Some of the Company's 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) | 2019 |  | 2018 |  | 2017
Service cost | $ | 1,893 |  |  | $ | 2,651 |  |  | $ | 3,404 |
Interest cost on benefit obligation | 340 |  |  | 293 |  |  | 287 |
Expected return on plan assets | (208 | ) |  | (215 | ) |  | (308 | )
Actuarial loss | 132 |  |  | 186 |  |  | 532 |
Amortization of unrecognized prior service cost | (86 | ) |  | (121 | ) |  | (119 | )
Amortization of unrecognized transition obligation | — |  |  | — |  |  | 37 |
Plan settlements and curtailments | (82 | ) |  | (445 | ) |  | 289 |
Totals | $ | 1,989 |  |  | $ | 2,349 |  |  | $ | 4,122 |
Schedule of Activity Under Defined Benefit Plans | The activity under those defined benefit plans are as follows:
(In thousands) | March 30, 2019 |  | March 31, 2018
Change in Benefit Obligation: |  |  |  |  |
Benefit Obligation, beginning of year | $ | (30,476 | ) |  | $ | (31,345 | )
Service cost | (1,893 | ) |  | (2,651 | )
Interest cost | (340 | ) |  | (293 | )
Benefits paid | 902 |  |  | 518 |
Actuarial gain | (367 | ) |  | 2,381 |
Employee and plan participants contribution | (1,815 | ) |  | (3,441 | )
Plan settlements and curtailments | 3,069 |  |  | 5,064 |
Foreign currency changes | 283 |  |  | (709 | )
Benefit obligation, end of year | $ | (30,637 | ) |  | $ | (30,476 | )
Change in Plan Assets: |  |  |  |  |
Fair value of plan assets, beginning of year | $ | 16,322 |  |  | $ | 17,285 |
Company contributions | 1,329 |  |  | 1,542 |
Benefits paid | (795 | ) |  | (434 | )
(Loss) gain on plan assets | 265 |  |  | (200 | )
Employee and plan participants contribution | 1,801 |  |  | 3,490 |
Plan settlements | (2,916 | ) |  | (4,531 | )
Foreign currency changes | 281 |  |  | (830 | )
Fair value of plan assets, end of year | $ | 16,287 |  |  | $ | 16,322 |
Funded Status* | $ | (14,350 | ) |  | $ | (14,154 | )
Unrecognized net actuarial loss | 2,245 |  |  | 2,187 |
Unrecognized prior service cost | (714 | ) |  | (698 | )
Net amount recognized | $ | (12,819 | ) |  | $ | (12,665 | )
* Substantially all of the unfunded status is 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 the Company's accumulated other comprehensive loss related to its defined benefit plans, net of tax, are as follows (in thousands):
Balance, April 2, 2016 | $ | (7,492 | )
Obligation at transition | 32 |
Actuarial loss | 5,126 |
Prior service cost | 62 |
Balance as of April 1, 2017 | $ | (2,272 | )
Actuarial loss | 1,922 |
Prior service cost | (125 | )
Plan settlements and curtailments | 152 |
Balance as of March 31, 2018 | $ | (323 | )
Actuarial loss | (51 | )
Prior service cost | (80 | )
Plan settlements and curtailments | (73 | )
Balance as of March 30, 2019 | $ | (527 | )
Schedule of Weighted Average Rates Used to Determine Net Periodic Benefit Costs | The weighted average rates used to determine the net periodic benefit costs and projected benefit obligations were as follows:
| 2019 |  | 2018 |  | 2017
Discount rate | 0.97 | % |  | 1.07 | % |  | 0.76 | %
Rate of increased salary levels | 1.78 | % |  | 1.73 | % |  | 1.43 | %
Expected long-term rate of return on assets | 0.75 | % |  | 0.90 | % |  | 1.10 | %
The weighted-average grant-date fair value of RSUs granted and total fair value of RSUs vested are as follows:
| 2019 |  | 2018 |  | 2017
Grant-date fair value per RSU | $ | 94.55 |  |  | $ | 41.87 |  |  | $ | 32.61 |
Fair value of RSUs vested | $ | 40.04 |  |  | $ | 33.03 |  |  | $ | 34.98 |
The assumptions used in the Monte Carlo model for PSUs granted during each fiscal year were as follows:
| 2019 |  | 2018 |  | 2017
Expected stock price volatility | 27.07 | % |  | 26.11 | % |  | 26.39 | %
Peer group stock price volatility | 34.98 | % |  | 34.13 | % |  | 33.86 | %
Correlation of returns | 47.57 | % |  | 49.51 | % |  | 51.17 | %
The weighted-average grant-date fair value of PSUs granted and total fair value of PSUs vested are as follows:
| 2019 |  | 2018 |  | 2017
Grant-date fair value per PSU | $ | 115.64 |  |  | $ | 46.49 |  |  | $ | 34.07 |
Fair value of PSUs vested | $ | 29.20 |  |  | $ | — |  |  | $ | — |
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:
| 2019 |  | 2018 |  | 2017
Volatility | 30.0 | % |  | 22.6 | % |  | 31.3 | %
Expected life (months) | 6 |  |  | 6 |  |  | 6 |
Risk-free interest rate | 2.3 | % |  | 1.2 | % |  | 0.5 | %
Dividend Yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Schedule of Estimated Future Benefit Payments | Estimated future benefit payments are as follows:
(In thousands) |  |
Fiscal 2020 | $ | 1,503 |
Fiscal 2021 | 1,252 |
Fiscal 2022 | 1,540 |
Fiscal 2023 | 1,331 |
Fiscal 2024 | 1,370 |
Fiscal 2025-2029 | 6,447 |
| $ | 13,443 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
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