XML 83 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Employee Benefit Plans
12 Months Ended
Mar. 30, 2014
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans
Employee Benefit Plans
401(k) Plan
The Company sponsors a 401(k) retirement matching plan for qualified domestic employees.  The Company recorded expenses of approximately $2.1 million, $2.6 million and $2.9 million in matching contributions under the plan in fiscal 2014, 2013, and 2012, respectively.  
Deferred Compensation Plans
Effective November 1, 2000, the Company established an unfunded deferred compensation plan to provide benefits to executive officers and other key employees.  Under the plan, participants can defer any portion of their salary and bonus compensation into the plan and may choose from a portfolio of funds from which earnings are measured.   Participant balances are always 100% vested. As of March 30, 2014 and March 31, 2013, obligations under the plan totaled approximately $13.8 million and $14.6 million, respectively.  Additionally, the Company has set aside assets in a separate trust that is invested in corporate owned life insurance intended to substantially fund the liability under the plan.  As of March 30, 2014 and March 31, 2013, the deferred compensation plan assets were approximately $16.1 million and $17.0 million, respectively.  The Company incurred costs for this plan for insurance, administration and other support of $0.3 million in each of fiscal 2014, 2013 and 2012.
During the first quarter of fiscal 2013, the Company assumed a deferred compensation plan associated with the acquisition of Fox. Under this plan, participants in retirement are entitled to receive a fixed amount from the Company on a monthly basis. The Company has purchased life insurance policies with the intention of funding the liability under this plan. As of March 30, 2014 and March 31, 2013, the deferred compensation plan assets were approximately $0.7 million. As of March 30, 2014 and March 31, 2013 the liabilities under this plan were approximately $1.6 million.
International Employee Benefit Plans
The Company sponsors defined-benefit pension plans, defined-contribution plans, multi-employer plans and other post-employment benefit plans covering employees in certain of the Company's international locations. As of March 30, 2014 and March 31, 2013, the net liability for all of these international benefit plans totaled $1.4 million.
Pension plan benefits are based primarily on participants’ compensation and years of service credited as specified under the terms of each country’s plan. The funding policy is consistent with the local requirements of each country. The Company does not have defined-benefit pension plans for the its United States-based employees. The projected obligations of international employee defined-benefit pension plans and related offsetting plan assets were determined based on actuarial calculations. As of March 30, 2014, the net accumulated liability for these defined-benefit plans totaled $0.9 million, with unrecognized actuarial losses of $0.2 million and unrecognized prior service gains of $0.1 million. The net period expense was insignificant during fiscal 2014, 2013 and 2012. Distributions made from plans during fiscal 2014, 2013 and 2012 were insignificant. The Company includes accrued net defined-benefit plan obligations in other long-term liabilities on the Company's Consolidated Balance Sheet.