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Defined Benefit and Defined Contribution Plans (Tables) | 12 Months Ended
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Mar. 27, 2021
Pension benefit payments |
Estimated Future Benefit Payments |  |  |
(thousands) |  |  | Pension Benefits
2022 |  | $ | 1,065
2023 |  |  | 1,098
2024 |  |  | 1,114
2025 |  |  | 1,147
2026 |  |  | 1,188
2027 - 2031 |  |  | 6,322
Components of pension income |
Net Pension Benefits Expense (Income) |  |  |  |  |  |  |  |  |
(thousands) |  |  | 2021 |  |  | 2020 |  |  | 2019
Interest cost on projected benefit obligation |  | $ | 692 |  | $ | 752 |  | $ | 781
Expected return on plan assets |  |  | (1,162) |  |  | (1,423) |  |  | (1,409)
Amortization of unrecognized actuarial loss |  |  | 892 |  |  | 455 |  |  | 403
Total |  | $ | 422 |  | $ | (216) |  | $ | (225)
Weighted average assumptions used to determine benefit obligations |
Benefit Obligation Weighted Average Assumption |  | 2021 |  |  | 2020 |
Discount rate |  | 3.01 | % |  | 3.34 | %
Weighted average assumptions used to determine net periodic pension costs |
Net Periodic Benefit Expense Weighted Average Assumptions |  | 2021 |  |  | 2020 |  |  | 2019 |
Discount rate |  | 3.34 | % |  | 3.72 | % |  | 3.89 | %
Expected long-term rate of return on plan assets |  | 6.50 | % |  | 7.00 | % |  | 7.00 | %
Funded status of plan | Benefit Obligation
Change in Projected Benefit Obligation |  |  |  |  |  |
(thousands) |  |  | 2021 |  |  | 2020
Benefit obligation at beginning of year |  | $ | 21,646 |  | $ | 20,972
Interest cost |  |  | 692 |  |  | 752
Actuarial loss |  |  | 391 |  |  | 642
Benefits paid |  |  | (633) |  |  | (720)
Benefit obligation at end of year (a) |  | $ | 22,096 |  | $ | 21,646
(a) Accumulated benefit obligation-the present value of benefits earned to date assuming no future salary growth-is materially consistent with the projected benefit obligation in each period presented. Plan Assets
Change in Plan Assets |  |  |  |  |  |
(thousands) |  |  | 2021 |  |  | 2020
Fair value of plan assets at beginning of year |  | $ | 18,611 |  | $ | 20,838
Actual return (loss) on plan assets |  |  | 3,688 |  |  | (1,507)
Benefits paid |  |  | (633) |  |  | (720)
Fair value of plan assets at end of year |  | $ | 21,666 |  | $ | 18,611
Company's asset allocations by asset category |
Asset Category |  | Current Targeted |  |  | Actual Allocation
|  | Allocation |  |  | 2021 |  |  | 2020 |
Cash and cash equivalents |  |  |  |  | 53.3 | % |  | 4.1 | %
Fixed income |  | 50.0 | % |  | 24.7 | % |  | 37.9 | %
Equity securities |  | 50.0 | % |  | 22.0 | % |  | 58.0 | %
Total |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
Fair value measurement information for the Company's major categories of defined benefit plan assets |
Fair Value Measurements |  |  |  |  | Fair Value at
(thousands) |  |  | Pricing Category (a) |  |  | March 27, 2021 |  |  | March 28, 2020
Cash equivalents |  |  | Level 1 |  | $ | 11,542 |  | $ | 761
Equity securities: |  |  |  |  |  |  |  |  |
U.S. companies |  |  | Level 1 |  |  | 3,372 |  |  | 7,383
U.S. companies |  |  | Level 2 |  |  | — |  |  | 283
International companies |  |  | Level 1 |  |  | 1,391 |  |  | 3,137
Fixed income: |  |  |  |  |  |  |  |  |
U.S. corporate bonds |  |  | Level 2 |  |  | 5,361 |  |  | 6,686
International bonds |  |  | Level 2 |  |  | — |  |  | 361
Total plan assets |  |  |  |  | $ | 21,666 |  | $ | 18,611
(a) Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data).
Amounts recognized in accumulated other comprehensive loss |
Amounts in Accumulated Other Comprehensive Loss |  |  |  |  |  |
(thousands) |  |  | 2021 |  |  | 2020
Unamortized net actuarial loss |  | $ | 6,147 |  | $ | 9,174
Amounts in Accumulated Other Comprehensive Loss (a) |  | $ | 6,147 |  | $ | 9,174
(a) $4,619 and $6,889, net of tax, at the end of 2021 and 2020, respectively.
Changes in plan assets and benefit obligations recognized in other comprehensive (loss) income |
Amounts in Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |
(thousands) |  |  | 2021 |  |  | 2020 |  |  | 2019
Net actuarial income (loss) |  | $ | 3,027 |  | $ | (3,117) |  | $ | (382)
Amounts in Other Comprehensive Income (Loss) (a) |  | $ | 3,027 |  | $ | (3,117) |  | $ | (382)
(a) $2,270, ($2,353) and ($288), net of tax, during 2021, 2020 and 2019, respectively.
Defined Benefit Plan, Underfunded Plan [Member] |
Funded status of plan |
Underfunded Status |  |  |  |  |  |
(thousands) |  |  | 2021 |  |  | 2020
Projected benefit obligations |  | $ | 22,096 |  | $ | 21,646
Fair value of plan assets |  |  | 21,666 |  |  | 18,611
Underfunded status |  | $ | (430) |  | $ | (3,035)

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