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Employee 401(k) Savings and Deferred Compensation Plans | 12 Months Ended
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May 02, 2020
Compensation And Retirement Disclosure [Abstract] |
Employee 401(k) Savings and Deferred Compensation Plans | Note 9. Retirement Benefits Defined Contribution Plans The Company has an employee 401(k) Savings Plan covering substantially all U.S. employees to which it makes contributions equal to 3% of eligible compensation. In addition, certain of the Company’s foreign subsidiaries also have defined contribution savings plans. Company contributions to these plans were $1.7 million, $1.5 million and $1.4 million fiscal 2020, 2019 and 2018, respectively. Non-Qualified Deferred Compensation Plan The Company maintains a non-qualified deferred compensation plan (“the NQDC Plan”) for certain eligible employees and members of the Board of Directors. Under the NQDC Plan, participants may elect to defer up to 75% of their annual base salary and 100% of their annual cash incentive compensation, with an aggregate minimum deferral of $3,000. The minimum period of deferral is three years. Participants are immediately 100% vested. The Company does not make any contributions to the NQDC Plan. The deferred compensation liability for the NDQC Plan was $5.4 million and $6.1 million as of May 2, 2020 and April 27, 2019, respectively. The Company has purchased life insurance policies on certain employees, which are held in a Rabbi trust, on certain employees to potentially offset these unsecured obligations. These life insurance policies are recorded at their cash surrender value of $6.6 million and $6.9 million as of May 2, 2020 and April 27, 2019, respectively, and are included in other long-term assets in the consolidated balance sheets. The Company also owns and is the beneficiary of a number of life insurance policies on the lives of former key executives that are unrestricted as to use. These life insurance policies are recorded at their cash surrender value of $9.0 million and $8.6 million as of May 2, 2020 and April 27, 2019, respectively, and are included in other long-term assets in the consolidated balance sheets. The cash surrender value of the life insurance policies approximates its fair value and are classified within Level 2 of the fair value hierarchy.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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