XML 140 R41.htm IDEA: XBRL DOCUMENT v2.4.0.6
RETIREMENT PLANS (Tables)
 12 Months Ended
Mar. 30, 2013
Compensation and Retirement Disclosure [Abstract]  
Schedule of Components of Net Periodic Benefit Costs of Defined Benefit Pension Plans
Some of the our 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)
March 30,
2013
 
March 31,
2012
 
April 2,
2011
Service cost
$
2,759

 
$
2,545

 
$
667

Interest cost on benefit obligation
639

 
601

 
283

Expected (return)/loss on plan assets
(413
)
 
2

 
(467
)
Actuarial (gain)/loss
196

 
(385
)
 
(48
)
Amortization of unrecognized prior service cost
(14
)
 
(31
)
 
381

Amortization of unrecognized transition obligation
48

 
221

 
30

Totals
$
3,215

 
$
2,953

 
$
846
Schedule of Activity Under Defined Benefit Plans
The activity under those defined benefit plans are as follows:
(In thousands)
March 30,
2013
 
March 31,
2012
Change in Benefit Obligation:
 

 
 

Benefit Obligation, beginning of year
$
(27,150
)
 
$
(22,707
)
Service cost
(2,759
)
 
(2,545
)
Interest cost
(639
)
 
(601
)
Benefits paid
3,210

 
1,952

Actuarial (loss)/gain
(1,364
)
 
(1,244
)
Employee and plan participants contribution
(2,926
)
 
(1,728
)
Plan Amendments
—

 
(193
)
Foreign currency changes
1,502

 
(84
)
Benefit obligation, end of year
$
(30,126
)
 
$
(27,150
)
Change in Plan Assets:
 

 
 

Fair value of plan assets, beginning of year
$
18,185

 
$
15,798

Company contributions
2,381

 
2,156

Benefits paid
(3,210
)
 
(1,873
)
Gain/(Loss) on plan assets
397

 
124

Employee and plan participants contributions
2,926

 
1,728

Foreign currency changes
(1,102
)
 
252

Fair value of Plan Assets, end of year
$
19,577

 
$
18,185

Funded Status
$
(10,549
)
 
$
(8,965
)
Unrecognized net actuarial loss/(gain)
5,418

 
4,513

Unrecognized initial obligation
184

 
141

Unrecognized prior service cost
138

 
254

Net amount recognized
$
(4,809
)
 
$
(4,057
)
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 our accumulated other comprehensive income related to our defined benefit plans, net of tax, are as follows (in thousands):
Balance, April 3, 2010
$
(820
)
Obligation at transition
574

Actuarial loss
(50
)
Prior service cost
31

Balance as of April 2, 2011
$
(265
)
Obligation at transition
30

Actuarial loss
(3,701
)
Prior service cost
(317
)
Balance as of March 31, 2012
$
(4,253
)
Obligation at transition
556

Actuarial loss
(1,237
)
Prior service cost
(139
)
Balance as of March 30, 2013
$
(5,073
)
Schedule of Weighted Average Rates Used to Determine Net Periodic Benefit Costs
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:
 
March 30,
2013
 
March 31,
2012
 
April 2,
2011
Volatility
24.9
%
 
26.3
%
 
21.1
%
Expected life (months)
6

 
6

 
6

Risk-free interest rate
0.2
%
 
0.1
%
 
0.2
%
Dividend Yield
0.0
%
 
0.0
%
 
0.0
%
The weighted average rates used to determine the net periodic benefit costs were as follows:
 
March 30,
2013
 
March 31,
2012
 
April 2,
2011
Discount rate
1.97
%
 
2.40
%
 
5.30
%
Rate of increased salary levels
1.42
%
 
1.50
%
 
2.60
%
Expected long-term rate of return on assets
1.92
%
 
2.10
%
 
1.60
%
Schedule of Estimated Future Benefit Payments
Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows (in thousands):
Expected Benefit Payments
 

Fiscal Year 2014
$
1,200

Fiscal Year 2015
$
1,327

Fiscal Year 2016
$
1,308

Fiscal Year 2017
$
1,217

Fiscal Year 2018
$
844

Fiscal Year 2019-2023
$
4,714