XML 53 R40.htm IDEA: XBRL DOCUMENT v3.21.1

RETIREMENT PLANS (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

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

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ 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 (c)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration