RETIREMENT PLANS (Tables)

12 Months Ended

Mar. 30, 2024

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)	2024		2023		2022
Service cost	$	1,316	$	1,453	$	1,714
Interest cost on benefit obligation	684		409		242
Expected return on plan assets	(264)		(180)		(88)
Actuarial (gain) loss	(180)		19		189
Amortization of unrecognized prior service cost	(215)		(180)		(175)
Plan settlements	—		(330)		(184)
Totals	$	1,341	$	1,191	$	1,698

Schedule of Activity Under Defined Benefit Plans

The activity under those defined benefit plans are as follows:


(In thousands)	March 30, 2024		April 1, 2023
Change in Benefit Obligation:
Benefit Obligation, beginning of year	$	(25,465)	$	(30,410)
Service cost	(1,316)		(1,453)
Interest cost	(684)		(409)
Benefits paid	2,253		748
Actuarial (loss) gain	(2,392)		3,675
Employee and plan participants contribution	(3,423)		(1,599)
Plan settlements	34		1,775
Foreign currency changes	(1,330)		2,208
Benefit obligation, end of year	$	(32,323)	$	(25,465)
Change in Plan Assets:
Fair value of plan assets, beginning of year	$	18,463	$	17,447
Company contributions	1,584		1,436
Benefits paid	(1,788)		(593)
Gain on plan assets	238		105
Employee and plan participants contribution	3,368		1,670
Plan settlements	—		(1,647)
Foreign currency changes	(14)		45
Fair value of plan assets, end of year	$	21,851	$	18,463
Funded Status*	$	(10,472)	$	(7,002)
Unrecognized net actuarial gain	(1,288)		(3,757)
Unrecognized prior service cost	(969)		(1,133)
Net amount recognized	$	(12,729)	$	(11,892)
* 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 April 3, 2021	$	(560)

Actuarial gain	2,532
Prior service cost	$	(194)

Plan settlements	(159)
Balance as of April 2, 2022	$	1,619
Actuarial gain	2,695
Prior service cost	46
Plan settlements	(285)
Balance as of April 1, 2023	$	4,075
Actuarial loss	(2,157)
Prior service credit	(170)

Balance as of March 30, 2024	$	1,748

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:


	2024		2023		2022
Discount rate	2.05	%	2.43	%	1.38	%
Rate of increased salary levels	1.86	%	1.94	%	1.81	%
Expected long-term rate of return on assets	0.94	%	0.87	%	0.69	%

Schedule of Estimated Future Benefit Payments

Estimated future benefit payments are as follows:


(In thousands)
Fiscal 2025	$	1,598
Fiscal 2026	$	1,551
Fiscal 2027	$	1,537
Fiscal 2028	$	1,841
Fiscal 2029	$	2,431
Fiscal 2030-2034	$	12,355