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Employee Retirement and Profit Sharing Plans (Tables)
12 Months Ended
Mar. 28, 2015
Employee Retirement and Profit Sharing Plans [Abstract]  
Funded status of plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal March

 

 

2015

 

2014

 

 

(Dollars in thousands)

Change in Plan Assets:

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

19,369 

 

$

18,224 

Actual return on plan assets

 

 

1,466 

 

 

1,726 

Employee contribution

 

 

 

 

Benefits paid

 

 

(594)

 

 

(581)

Fair value of plan assets at end of year

 

 

20,241 

 

 

19,369 

Change in Projected Benefit Obligation:

 

 

 

 

 

 

Benefit obligation at beginning of year

 

 

19,048 

 

 

19,285 

Interest cost

 

 

832 

 

 

776 

Actuarial loss (gain)

 

 

2,874 

 

 

(432)

Benefits paid

 

 

(594)

 

 

(581)

Benefit obligation at end of year

 

 

22,160 

 

 

19,048 

(Unfunded) funded status of plan

 

$

(1,919)

 

$

321 

 

Amounts recognized in accumulated other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

Fiscal March

 

 

2015

 

2014

 

 

(Dollars in thousands)

Unamortized transition obligation

 

$

 

$

Unamortized prior service cost

 

 

 

 

Unamortized net loss

 

 

7,393 

 

 

5,056 

Total

 

$

7,393 

 

$

5,056 

 

Changes in plan assets and benefit obligations recognized in other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

Fiscal March

 

 

2015

 

2014

 

 

(Dollars in thousands)

Net transition obligation

 

$

 

$

Prior service cost

 

 

 

 

Net actuarial (loss) income

 

 

(2,337)

 

 

1,464 

Total

 

$

(2,337)

 

$

1,464 

 

Components of pension (income) expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended Fiscal March

 

 

2015

 

2014

 

2013

 

 

(Dollars in thousands)

Interest cost on projected benefit obligation

 

$

832 

 

$

776 

 

$

793 

Expected return on plan assets

 

 

(1,388)

 

 

(1,193)

 

 

(1,192)

Amortization of unrecognized actuarial loss

 

 

300 

 

 

658 

 

 

517 

Net pension (income) expense

 

$

(256)

 

$

241 

 

$

118 

 

Weighted average assumptions used to determine benefit obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

Fiscal March

 

 

2015

 

2014

Discount rate

 

3.69 

%

 

4.42 

%

 

Weighted average assumptions used to determine net periodic pension costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended Fiscal March

 

 

2015

 

2014

 

2013

Discount rate

 

4.42 

%

 

4.08 

%

 

4.49 

%

Expected long-term return on assets

 

7.00 

%

 

7.00 

%

 

7.00 

%

 

Company's asset allocations by asset category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 28,

 

March 29,

 

 

2015

 

2014

Cash and cash equivalents

 

2.8 

%

 

2.9 

%

Fixed income

 

36.3 

%

 

29.8 

%

Equity securities

 

60.9 

%

 

67.3 

%

Total

 

100.0 

%

 

100.0 

%

 

Fair value measurement information for the Company's major categories of defined benefit plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at March 28, 2015 Using

 

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

in Active

 

Significant

 

 

 

 

 

 

 

 

Markets for

 

Other

 

Significant

 

 

 

 

 

Identical

 

Observable

 

Unobservable

 

 

 

 

 

Assets

 

Inputs

 

Inputs

 

 

 

Total

(Level 1)

 

(Level 2)

 

(Level 3)

 

 

(Dollars in thousands)

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. companies

 

$

8,114 

 

$

7,729 

 

$

385 

 

 

 

International companies

 

 

4,212 

 

 

4,212 

 

 

 

 

 

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. corporate bonds

 

 

7,354 

 

 

 

 

 

7,354 

 

 

 

Cash equivalents

 

 

561 

 

 

 

 

 

561 

 

 

 

Total

 

$

20,241 

 

$

11,941 

 

$

8,300 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at March 29, 2014 Using

 

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

in Active

 

Significant

 

 

 

 

 

 

 

 

Markets for

 

Other

 

Significant

 

 

 

 

 

Identical

 

Observable

 

Unobservable

 

 

 

 

 

Assets

 

Inputs

 

Inputs

 

 

Total

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

 

(Dollars in thousands)

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. companies

 

$

8,804 

 

$

7,966 

 

$

838 

 

 

 

International companies

 

 

4,241 

 

 

4,241 

 

 

 

 

 

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. corporate bonds

 

 

5,462 

 

 

 

 

 

5,462 

 

 

 

International bonds

 

 

302 

 

 

 

 

 

302 

 

 

 

Cash equivalents

 

 

560 

 

 

 

 

 

560 

 

 

 

Total

 

$

19,369 

 

$

12,207 

 

$

7,162 

 

 

 

 

Pension benefit payments

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

Fiscal March

 

 

(Dollars in thousands)

2016 

 

$

780 

2017 

 

 

808 

2018 

 

 

835 

2019 

 

 

880 

2020

 

 

929 

2021 - 2025

 

 

5,448