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RETIREMENT PLANS (Tables) | 12 Months Ended
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Apr. 03, 2021
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) | 2021 |  | 2020 |  | 2019
Service cost | $ | 1,861 |  |  | $ | 1,829 |  |  | $ | 1,893 |
Interest cost on benefit obligation | 279 |  |  | 301 |  |  | 340 |
Expected return on plan assets | (66) |  |  | (178) |  |  | (208) |
Actuarial loss | 119 |  |  | 129 |  |  | 132 |
Amortization of unrecognized prior service cost | (123) |  |  | (98) |  |  | (86) |
Plan settlements and curtailments | — |  |  | (239) |  |  | (82) |
Totals | $ | 2,070 |  |  | $ | 1,744 |  |  | $ | 1,989 |
Schedule of Activity Under Defined Benefit Plans | The activity under those defined benefit plans are as follows:
(In thousands) | April 3, 2021 |  | March 28, 2020
Change in Benefit Obligation: |  |  |
Benefit Obligation, beginning of year | $ | (28,370) |  |  | $ | (30,637) |
Service cost | (1,861) |  |  | (1,829) |
Interest cost | (279) |  |  | (301) |
Benefits paid | 1,990 |  |  | 530 |
Actuarial gain | (1,249) |  |  | 285 |
Employee and plan participants contribution | (1,084) |  |  | (3,447) |
Plan settlements and curtailments | 525 |  |  | 6,612 |
Foreign currency changes | (1,563) |  |  | 417 |
Benefit obligation, end of year | $ | (31,891) |  |  | $ | (28,370) |
Change in Plan Assets: |  |  |
Fair value of plan assets, beginning of year | $ | 15,287 |  |  | $ | 16,287 |
Company contributions | 1,224 |  |  | 1,585 |
Benefits paid | (1,822) |  |  | (433) |
Gain on plan assets | 219 |  |  | 349 |
Employee and plan participants contribution | 1,064 |  |  | 3,549 |
Plan settlements | — |  |  | (6,610) |
Foreign currency changes | 170 |  |  | 560 |
Fair value of plan assets, end of year | $ | 16,142 |  |  | $ | 15,287 |
Funded Status* | $ | (15,749) |  |  | $ | (13,083) |
Unrecognized net actuarial loss | 2,948 |  |  | 1,867 |
Unrecognized prior service cost | (1,248) |  |  | (837) |
Net amount recognized | $ | (14,049) |  |  | $ | (12,053) |
* 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 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) |
Actuarial gain | 614 |
Prior service cost | (87) |
Plan settlements and curtailments | (209) |
Balance as of March 28, 2020 | $ | (209) |
Actuarial loss | (221) |
Prior service cost | (130) |
Plan settlements and curtailments | — |
Balance as of April 3, 2021 | $ | (560) |
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:
| 2021 |  | 2020 |  | 2019
Discount rate | 0.58 | % |  | 0.82 | % |  | 0.97 | %
Rate of increased salary levels | 1.64 | % |  | 1.74 | % |  | 1.78 | %
Expected long-term rate of return on assets | 0.42 | % |  | 0.31 | % |  | 0.75 | %
The weighted-average grant-date fair value of RSUs granted and total fair value of RSUs vested are as follows:
| 2021 |  | 2020 |  | 2019
Grant-date fair value per RSU | $ | 102.19 |  |  | $ | 102.32 |  |  | $ | 94.55 |
Fair value of RSUs vested | $ | 66.87 |  |  | $ | 54.58 |  |  | $ | 40.04 |
The assumptions used in the Monte Carlo model for PSUs granted during each fiscal year were as follows:
| 2021 |  | 2020 |  | 2019
Expected stock price volatility | 36.79 | % |  | 28.64 | % |  | 27.07 | %
Peer group stock price volatility | 42.31 | % |  | 29.77 | % |  | 34.98 | %
Correlation of returns | 65.12 | % |  | 50.30 | % |  | 47.57 | %
The weighted-average grant-date fair value of PSUs granted and total fair value of PSUs vested are as follows:
| 2021 |  | 2020 |  | 2019
Grant-date fair value per PSU | $ | 123.92 |  |  | $ | 146.93 |  |  | $ | 115.64 |
Fair value of PSUs vested | $ | 47.43 |  |  | $ | 34.78 |  |  | $ | 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:
| 2021 |  | 2020 |  | 2019
Volatility | 49.8 | % |  | 34.7 | % |  | 30.0 | %
Expected life (months) | 6 |  | 6 |  | 6
Risk-free interest rate | 0.1 | % |  | 2.0 | % |  | 2.3 | %
Dividend Yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Schedule of Estimated Future Benefit Payments | Estimated future benefit payments are as follows:
(In thousands) |
Fiscal 2022 | $ | 1,629 |
Fiscal 2023 | 1,376 |
Fiscal 2024 | 1,425 |
Fiscal 2025 | 1,250 |
Fiscal 2026 | 1,287 |
Fiscal 2027-2031 | 7,359 |
| $ | 14,326 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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