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Employee Retirement and Profit Sharing Plans (Tables)
12 Months Ended
Mar. 28, 2020
Employee Retirement and Profit Sharing Plans [Abstract]  
Funded status of plan

Fiscal March

2020

2019

(Dollars in thousands)

Change in Plan Assets:

Fair value of plan assets at beginning of year

$

20,838

$

20,629

Actual (loss) return on plan assets

(1,507)

929

Benefits paid

(720)

(720)

Fair value of plan assets at end of year

18,611

20,838

Change in Projected Benefit Obligation:

Benefit obligation at beginning of year

20,972

20,606

Interest cost

752

781

Actuarial loss

642

305

Benefits paid

(720)

(720)

Benefit obligation at end of year

21,646

20,972

Underfunded status of plan

$

(3,035)

$

(134)

Amounts recognized in accumulated other comprehensive loss

Year Ended

Fiscal March

2020

2019

(Dollars in thousands)

Unamortized transition obligation

$

$

Unamortized prior service cost

Unamortized net loss

9,174

6,057

Total

$

9,174

$

6,057

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

Year Ended

Fiscal March

2020

2019

(Dollars in thousands)

Net transition obligation

$

$

Prior service cost

Net actuarial loss

(3,117)

(382)

Total

$

(3,117)

$

(382)

Components of pension income

Year Ended Fiscal March

2020

2019

2018

(Dollars in thousands)

Interest cost on projected benefit obligation

$

752

$

781

$

796

Expected return on plan assets

(1,423)

(1,409)

(1,416)

Amortization of unrecognized actuarial loss

455

403

336

Net pension income

$

(216)

$

(225)

$

(284)

Weighted average assumptions used to determine benefit obligations

Year Ended

Fiscal March

2020

2019

Discount rate

3.34

%

3.72

%

Weighted average assumptions used to determine net periodic pension costs

Year Ended Fiscal March

2020

2019

2018

Discount rate

3.72

%

3.89

%

3.98

%

Expected long-term return on assets

7.00

%

7.00

%

7.00

%

Company's asset allocations by asset category

March 28,

March 30,

2020

2019

Cash and cash equivalents

4.1

%

1.8

%

Fixed income

37.9

%

38.5

%

Equity securities

58.0

%

59.7

%

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 28, 2020 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

$

7,666

$

7,383

$

283

 

International companies

3,137

3,137

 

Fixed income:

U.S. corporate bonds

6,686

6,686

 

International bonds

361

361

 

Cash equivalents

761

761

 

Total

$

18,611

$

10,520

$

8,091

 

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

 

Pension benefit payments

Year Ended

Fiscal March

(Dollars in thousands)

2021

$

1,072

2022

1,122

2023

1,154

2024

1,158

2025

1,198

2026 - 2030

6,384