Employee Benefit Plans

3 Months Ended

Jul. 01, 2018

Retirement Benefits [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 $1.2 million and $0.8 million in matching contributions under the plan during the three months ended July 1, 2018 and July 2, 2017, 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 July 1, 2018 and April 1, 2018, obligations under the plan totaled approximately $18.1 million and $16.3 million. 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 July 1, 2018 and April 1, 2018, the deferred compensation plan assets were approximately $18.1 million and $16.9 million respectively.

During the first quarter of fiscal 2013, the Company assumed a deferred compensation plan associated with the acquisition of Fox Enterprises, Inc. 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 July 1, 2018 and April 1, 2018, the deferred compensation plan assets were approximately $0.4 million, respectively. As of July 1, 2018 and April 1, 2018, the liabilities under this plan were approximately $0.8 million, respectively.