RETIREMENT PLANS (Tables)
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12 Months Ended |
Mar. 30, 2024 |
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| Retirement Benefits [Abstract] |
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| 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 | |
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| 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 |
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| 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 | |
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| 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 | % |
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| 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 | |
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