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Defined Benefit and Defined Contribution Plans (Tables)

12 Months Ended

Mar. 26, 2022



Estimated Future Benefit Payments
(thousands)		Pension Benefits
2023	$	1,107
2024		1,125
2025		1,154
2026		1,200
2027		1,234
2028 - 2032		6,464

Components of pension income



Net Pension Benefits Expense (Income)
(thousands)		2022		2021		2020
Interest cost on projected benefit obligation	$	638	$	692	$	752
Expected return on plan assets		(1,041)		(1,162)		(1,423)
Amortization of unrecognized actuarial loss		501		892		455
Total	$	98	$	422	$	(216)

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	2022		2021		2020
Discount rate	3.01	%	3.34	%	3.72	%
Expected long-term rate of return on plan assets	5.00	%	6.50	%	7.00	%

Funded status of plan



Change in Projected Benefit Obligation
(thousands)		2022		2021
Benefit obligation at beginning of year	$	22,096	$	21,646
Interest cost		638		692
Actuarial (gain) loss		(1,211)		391
Benefits paid		(697)		(633)
Benefit obligation at end of year ^(a)	$	20,826	$	22,096

(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)		2022		2021
Fair value of plan assets at beginning of year	$	21,666	$	18,611
Actual (loss) return on plan assets		(505)		3,688
Benefits paid		(697)		(633)
Fair value of plan assets at end of year	$	20,464	$	21,666

Company's asset allocations by asset category



Asset Category	Current Targeted		Actual Allocation
	Allocation		2022		2021
Cash and cash equivalents			0.8	%	53.3	%
Fixed income	50.0	%	62.6	%	24.7	%
Equity securities	50.0	%	36.6	%	22.0	%
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 26, 2022		March 27, 2021
Cash equivalents	Level 1	$	158	$	11,542
Equity securities:
U.S. companies	Level 1		5,421		3,372
International companies	Level 1		2,063		1,391
Fixed income:
U.S. corporate bonds	Level 2		12,822		5,361
Total plan assets		$	20,464	$	21,666

(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)		2022		2021
Unamortized net actuarial loss	$	5,981	$	6,147
Amounts in Accumulated Other Comprehensive Loss ^(a)	$	5,981	$	6,147

(a) $4,494 and $4,619, net of tax, at the end of 2022 and 2021, respectively.

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



Amounts in Other Comprehensive Income (Loss)
(thousands)		2022		2021		2020
Net actuarial income (loss)	$	166	$	3,027	$	(3,117)
Amounts in Other Comprehensive Income (Loss) ^(a)	$	166	$	3,027	$	(3,117)

(a) $125, $2,270, and ($2,353), net of tax, during 2022, 2021, and 2020, respectively.

Defined Benefit Plan, Underfunded Plan [Member]

Funded status of plan


Underfunded Status
(thousands)		2022		2021
Projected benefit obligations	$	20,826	$	22,096
Fair value of plan assets		20,464		21,666
Underfunded status	$	(362)	$	(430)

Benefit Obligation Weighted Average Assumption

Discount rate