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Employee Retirement and Profit Sharing Plans (Tables)
12 Months Ended
Mar. 30, 2019
Employee Retirement and Profit Sharing Plans [Abstract]  
Funded status of plan



 

 

 

 

 

 



 

 

 

 

 

 



 

Fiscal March

 

 

2019

 

2018

 

 

(Dollars in thousands)

Change in Plan Assets:

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

20,629 

 

$

20,702 

Actual return on plan assets

 

 

929 

 

 

631 

Benefits paid

 

 

(720)

 

 

(704)

Fair value of plan assets at end of year

 

 

20,838 

 

 

20,629 

Change in Projected Benefit Obligation:

 

 

 

 

 

 

Benefit obligation at beginning of year

 

 

20,606 

 

 

20,405 

Interest cost

 

 

781 

 

 

796 

Actuarial loss

 

 

305 

 

 

109 

Benefits paid

 

 

(720)

 

 

(704)

Benefit obligation at end of year

 

 

20,972 

 

 

20,606 

(Underfunded)/funded status of plan

 

$

(134)

 

$

23 



Amounts recognized in accumulated other comprehensive loss



 

 

 

 

 

 



 

 

 

 

 

 

 

 

Year Ended

 

 

Fiscal March

 

 

2019

 

2018

 

 

(Dollars in thousands)

Unamortized transition obligation

 

$

 

$

Unamortized prior service cost

 

 

 

 

Unamortized net loss

 

 

6,057 

 

 

5,675 

Total

 

$

6,057 

 

$

5,675 



Changes in plan assets and benefit obligations recognized in other comprehensive (loss) income



 

 

 

 

 

 



 

 

 

 

 

 

 

 

Year Ended



 

Fiscal March

 

 

2019

 

2018

 

 

(Dollars in thousands)

Net transition obligation

 

$

 

$

Prior service cost

 

 

 

 

Net actuarial loss

 

 

(382)

 

 

(558)

Total

 

$

(382)

 

$

(558)



Components of pension income



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Year Ended Fiscal March

 

 

2019

 

2018

 

2017

 

 

(Dollars in thousands)

Interest cost on projected benefit obligation

 

$

781 

 

$

796 

 

$

806 

Expected return on plan assets

 

 

(1,409)

 

 

(1,416)

 

 

(1,332)

Amortization of unrecognized actuarial loss

 

 

403 

 

 

336 

 

 

524 

Net pension income

 

$

(225)

 

$

(284)

 

$

(2)



Weighted average assumptions used to determine benefit obligations



 

 

 

 

 

 



 

 

 

 

 

 



 

Year Ended



 

Fiscal March



 

2019

 

2018

Discount rate

 

3.72 

%

 

3.89 

%



Weighted average assumptions used to determine net periodic pension costs



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Year Ended Fiscal March

 

 

2019

 

2018

 

2017

Discount rate

 

3.89 

%

 

3.98 

%

 

3.83 

%

Expected long-term return on assets

 

7.00 

%

 

7.00 

%

 

7.00 

%



Company's asset allocations by asset category



 

 

 

 

 

 



 

 

 

 

 

 

 

 

March 30,

 

March 31,

 

 

2019

 

2018

Cash and cash equivalents

 

1.8 

%

 

1.3 

%

Fixed income

 

38.5 

%

 

39.3 

%

Equity securities

 

59.7 

%

 

59.4 

%

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 30, 2019 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

 

$

9,179 

 

$

8,825 

 

$

354 

 

 

 

International companies

 

 

3,256 

 

 

3,256 

 

 

 

 

 

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. corporate bonds

 

 

7,888 

 

 

 

 

 

7,888 

 

 

 

International bonds

 

 

138 

 

 

 

 

 

138 

 

 

 

Cash equivalents

 

 

377 

 

 

 

 

 

377 

 

 

 

Total

 

$

20,838 

 

$

12,081 

 

$

8,757 

 

 

 







 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at March 31, 2018 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

 

$

8,062 

 

$

7,785 

 

$

277 

 

 

 

International companies

 

 

4,186 

 

 

4,186 

 

 

 

 

 

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. corporate bonds

 

 

7,505 

 

 

 

 

 

7,505 

 

 

 

International bonds

 

 

614 

 

 

 

 

 

614 

 

 

 

Cash equivalents

 

 

262 

 

 

 

 

 

262 

 

 

 

Total

 

$

20,629 

 

$

11,971 

 

$

8,658 

 

 

 



Pension benefit payments



 

 

 



 

 

 

 

 

Year Ended



 

Fiscal March

 

 

(Dollars in thousands)

2020 

 

$

1,033 

2021

 

 

1,083 

2022

 

 

1,138 

2023

 

 

1,170 

2024

 

 

1,171 

2025 - 2029

 

 

6,254