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Defined Benefit and Defined Contribution Plans (Tables)

12 Months Ended

Mar. 27, 2021



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

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)

Weighted average assumptions used to determine benefit obligations

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	%

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

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	%

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).

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.

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.

Defined Benefit Plan, Underfunded Plan [Member]

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)

Benefit Obligation Weighted Average Assumption

Discount rate