Defined Benefit and Defined Contribution Plans (Tables)
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12 Months Ended |
Mar. 27, 2021 |
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| Pension benefit payments |
| | | | | | | | Estimated Future Benefit Payments | | | | (thousands) | | | Pension Benefits | 2022 | | $ | 1,065 | 2023 | | | 1,098 | 2024 | | | 1,114 | 2025 | | | 1,147 | 2026 | | | 1,188 | 2027 - 2031 | | | 6,322 |
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| Components of pension income |
| | | | | | | | | | | | | | | | | | | | Net Pension Benefits Expense (Income) | | | | | | | | | | (thousands) | | | 2021 | | | 2020 | | | 2019 | Interest cost on projected benefit obligation | | $ | 692 | | $ | 752 | | $ | 781 | Expected return on plan assets | | | (1,162) | | | (1,423) | | | (1,409) | Amortization of unrecognized actuarial loss | | | 892 | | | 455 | | | 403 | Total | | $ | 422 | | $ | (216) | | $ | (225) |
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| Weighted average assumptions used to determine benefit obligations |
| | | | | | | | | | | | | | Benefit Obligation Weighted Average Assumption | | 2021 | | | 2020 | | Discount rate | | 3.01 | % | | 3.34 | % |
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| Weighted average assumptions used to determine net periodic pension costs |
| | | | | | | | | | | | | | | | | | | | Net Periodic Benefit Expense Weighted Average Assumptions | | 2021 | | | 2020 | | | 2019 | | Discount rate | | 3.34 | % | | 3.72 | % | | 3.89 | % | Expected long-term rate of return on plan assets | | 6.50 | % | | 7.00 | % | | 7.00 | % |
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| Funded status of plan |
Benefit Obligation | | | | | | | | | | | | | | Change in Projected Benefit Obligation | | | | | | | (thousands) | | | 2021 | | | 2020 | Benefit obligation at beginning of year | | $ | 21,646 | | $ | 20,972 | Interest cost | | | 692 | | | 752 | Actuarial loss | | | 391 | | | 642 | Benefits paid | | | (633) | | | (720) | Benefit obligation at end of year (a) | | $ | 22,096 | | $ | 21,646 |
(a) Accumulated benefit obligation-the present value of benefits earned to date assuming no future salary growth-is materially consistent with the projected benefit obligation in each period presented. Plan Assets | | | | | | | | | | | | | | Change in Plan Assets | | | | | | | (thousands) | | | 2021 | | | 2020 | Fair value of plan assets at beginning of year | | $ | 18,611 | | $ | 20,838 | Actual return (loss) on plan assets | | | 3,688 | | | (1,507) | Benefits paid | | | (633) | | | (720) | Fair value of plan assets at end of year | | $ | 21,666 | | $ | 18,611 |
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| Company's asset allocations by asset category |
| | | | | | | | | | | | | | | | | | | | Asset Category | | Current Targeted | | | Actual Allocation | | | Allocation | | | 2021 | | | 2020 | | Cash and cash equivalents | | | | | 53.3 | % | | 4.1 | % | Fixed income | | 50.0 | % | | 24.7 | % | | 37.9 | % | Equity securities | | 50.0 | % | | 22.0 | % | | 58.0 | % | Total | | 100.0 | % | | 100.0 | % | | 100.0 | % |
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| Fair value measurement information for the Company's major categories of defined benefit plan assets |
| | | | | | | | | | | | | | | | | | | | Fair Value Measurements | | | | | Fair Value at | (thousands) | | | Pricing Category (a) | | | March 27, 2021 | | | March 28, 2020 | Cash equivalents | | | Level 1 | | $ | 11,542 | | $ | 761 | Equity securities: | | | | | | | | | | U.S. companies | | | Level 1 | | | 3,372 | | | 7,383 | U.S. companies | | | Level 2 | | | — | | | 283 | International companies | | | Level 1 | | | 1,391 | | | 3,137 | Fixed income: | | | | | | | | | | U.S. corporate bonds | | | Level 2 | | | 5,361 | | | 6,686 | International bonds | | | Level 2 | | | — | | | 361 | Total plan assets | | | | | $ | 21,666 | | $ | 18,611 |
(a) Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data).
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| Amounts recognized in accumulated other comprehensive loss |
| | | | | | | | | | | | | | Amounts in Accumulated Other Comprehensive Loss | | | | | | | (thousands) | | | 2021 | | | 2020 | Unamortized net actuarial loss | | $ | 6,147 | | $ | 9,174 | Amounts in Accumulated Other Comprehensive Loss (a) | | $ | 6,147 | | $ | 9,174 |
(a) $4,619 and $6,889, net of tax, at the end of 2021 and 2020, respectively.
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| Changes in plan assets and benefit obligations recognized in other comprehensive (loss) income |
| | | | | | | | | | | | | | | | | | | | Amounts in Other Comprehensive Income (Loss) | | | | | | | | | | (thousands) | | | 2021 | | | 2020 | | | 2019 | Net actuarial income (loss) | | $ | 3,027 | | $ | (3,117) | | $ | (382) | Amounts in Other Comprehensive Income (Loss) (a) | | $ | 3,027 | | $ | (3,117) | | $ | (382) |
(a) $2,270, ($2,353) and ($288), net of tax, during 2021, 2020 and 2019, respectively.
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| Defined Benefit Plan, Underfunded Plan [Member] |
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| Funded status of plan |
| | | | | | | Underfunded Status | | | | | | | (thousands) | | | 2021 | | | 2020 | Projected benefit obligations | | $ | 22,096 | | $ | 21,646 | Fair value of plan assets | | | 21,666 | | | 18,611 | Underfunded status | | $ | (430) | | $ | (3,035) |
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