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Employee Retirement and Profit Sharing Plans (Tables)
12 Months Ended
Mar. 26, 2016
Employee Retirement and Profit Sharing Plans [Abstract]  
Funded status of plan



 

 

 

 

 

 



 

 

 

 

 

 



 

Fiscal March

 

 

2016

 

2015

 

 

(Dollars in thousands)

Change in Plan Assets:

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

20,241 

 

$

19,369 

Actual return on plan assets

 

 

(95)

 

 

1,466 

Employee contribution

 

 

 

 

Benefits paid

 

 

(681)

 

 

(594)

Fair value of plan assets at end of year

 

 

19,465 

 

 

20,241 

Change in Projected Benefit Obligation:

 

 

 

 

 

 

Benefit obligation at beginning of year

 

 

22,160 

 

 

19,048 

Interest cost

 

 

803 

 

 

832 

Actuarial (gain) loss

 

 

(909)

 

 

2,874 

Benefits paid

 

 

(681)

 

 

(594)

Benefit obligation at end of year

 

 

21,373 

 

 

22,160 

Underfunded status of plan

 

$

(1,908)

 

$

(1,919)



Amounts recognized in accumulated other comprehensive loss



 

 

 

 

 

 



 

 

 

 

 

 

 

 

Year Ended

 

 

Fiscal March

 

 

2016

 

2015

 

 

(Dollars in thousands)

Unamortized transition obligation

 

$

 

$

Unamortized prior service cost

 

 

 

 

Unamortized net loss

 

 

7,320 

 

 

7,393 

Total

 

$

7,320 

 

$

7,393 



Changes in plan assets and benefit obligations recognized in other comprehensive income



 

 

 

 

 

 



 

 

 

 

 

 

 

 

Year Ended



 

Fiscal March

 

 

2016

 

2015

 

 

(Dollars in thousands)

Net transition obligation

 

$

 

$

Prior service cost

 

 

 

 

Net actuarial income (loss)

 

 

73 

 

 

(2,337)

Total

 

$

73 

 

$

(2,337)



Components of pension (income) expense



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Year Ended Fiscal March

 

 

2016

 

2015

 

2014

 

 

(Dollars in thousands)

Interest cost on projected benefit obligation

 

$

803 

 

$

832 

 

$

776 

Expected return on plan assets

 

 

(1,389)

 

 

(1,388)

 

 

(1,193)

Amortization of unrecognized actuarial loss

 

 

648 

 

 

300 

 

 

658 

Net pension expense (income)

 

$

62 

 

$

(256)

 

$

241 



Weighted average assumptions used to determine benefit obligations



 

 

 

 

 

 



 

 

 

 

 

 



 

Year Ended



 

Fiscal March



 

2016

 

2015

Discount rate

 

3.83 

%

 

3.69 

%



Weighted average assumptions used to determine net periodic pension costs



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Year Ended Fiscal March

 

 

2016

 

2015

 

2014

Discount rate

 

3.69 

%

 

4.42 

%

 

4.08 

%

Expected long-term return on assets

 

7.00 

%

 

7.00 

%

 

7.00 

%



Company's asset allocations by asset category



 

 

 

 

 

 



 

 

 

 

 

 

 

 

March 26,

 

March 28,

 

 

2016

 

2015

Cash and cash equivalents

 

3.4 

%

 

2.8 

%

Fixed income

 

36.8 

%

 

36.3 

%

Equity securities

 

59.8 

%

 

60.9 

%

Total

 

100.0 

%

 

100.0 

%



Fair value measurement information for the Company's major categories of defined benefit plan assets





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at March 26, 2016 Using



 

 

 

 

Quoted Prices

 

 

 

 

 

 



 

 

 

 

in Active

 

Significant

 

 

 



 

 

 

 

Markets for

 

Other

 

Significant



 

 

 

 

Identical

 

Observable

 

Unobservable

 

 

 

 

 

Assets

 

Inputs

 

Inputs



 

 

Total

(Level 1)

 

(Level 2)

 

(Level 3)

 

 

(Dollars in thousands)

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. companies

 

$

7,800 

 

$

7,623 

 

$

177 

 

 

 

International companies

 

 

3,850 

 

 

3,850 

 

 

 

 

 

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. corporate bonds

 

 

6,788 

 

 

 

 

 

6,788 

 

 

 

U.S. Treasury Bill

 

 

374 

 

 

374 

 

 

 

 

 

 

Cash equivalents

 

 

653 

 

 

 

 

 

653 

 

 

 

Total

 

$

19,465 

 

$

11,847 

 

$

7,618 

 

 

 







 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at March 28, 2015 Using



 

 

 

 

Quoted Prices

 

 

 

 

 

 



 

 

 

 

in Active

 

Significant

 

 

 



 

 

 

 

Markets for

 

Other

 

Significant



 

 

 

 

Identical

 

Observable

 

Unobservable

 

 

 

 

 

Assets

 

Inputs

 

Inputs



 

Total

 

(Level 1)

 

(Level 2)

 

(Level 3)



 

(Dollars in thousands)

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. companies

 

$

8,114 

 

$

7,729 

 

$

385 

 

 

 

International companies

 

 

4,212 

 

 

4,212 

 

 

 

 

 

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. corporate bonds

 

 

7,354 

 

 

 

 

 

7,354 

 

 

 

Cash equivalents

 

 

561 

 

 

 

 

 

561 

 

 

 

Total

 

$

20,241 

 

$

11,941 

 

$

8,300 

 

 

 



Pension benefit payments



 

 

 



 

 

 

 

 

Year Ended



 

Fiscal March

 

 

(Dollars in thousands)

2017 

 

$

835 

2018 

 

 

855 

2019 

 

 

898 

2020

 

 

946 

2021

 

 

1,007 

2022 - 2026

 

 

5,679