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Defined Benefit and Defined Contribution Plans (Tables)
12 Months Ended
Mar. 25, 2023
Defined Benefit and Defined Contribution Plans [Abstract]  
Funded (Underfunded) Status

Funded (Underfunded) Status

(thousands)

2023

2022

Projected benefit obligations

$

17,104

$

20,826

Fair value of plan assets

17,176

20,464

Funded (Underfunded) status

$

72

$

(362)

Pension Benefit Payments

Estimated Future Benefit Payments

(thousands)

Pension Benefits

2024

$

1,102

2025

1,123

2026

1,169

2027

1,197

2028

1,214

2029 - 2033

6,297

Components of Pension Income

Net Pension Benefits Expense

(thousands)

2023

2022

2021

Interest cost on projected benefit obligation

$

683

$

638

$

692

Expected return on plan assets

(982)

(1,041)

(1,162)

Amortization of unrecognized actuarial loss

378

501

892

Total

$

79

$

98

$

422

Weighted Average Assumptions Used to Determine Benefit Obligations

Benefit Obligation Weighted Average Assumption

2023

2022

Discount rate

4.94

%

3.58

%

Weighted Average Assumptions Used to Determine Net Periodic Pension Costs

Net Periodic Benefit Expense Weighted Average Assumptions

2023

2022

2021

Discount rate

3.58

%

3.01

%

3.34

%

Expected long-term rate of return on plan assets

5.00

%

5.00

%

6.50

%

Changes in Projected Benefit Obligations and Plan Assets Benefit Obligation

Change in Projected Benefit Obligation

(thousands)

2023

2022

Benefit obligation at beginning of year

$

20,826

$

22,096

Interest cost

683

638

Actuarial gain

(3,290)

(1,211)

Benefits paid

(1,115)

(697)

Benefit obligation at end of year (a)

$

17,104

$

20,826

(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)

2023

2022

Fair value of plan assets at beginning of year

$

20,464

$

21,666

Actual loss on plan assets

(2,173)

(505)

Benefits paid

(1,115)

(697)

Fair value of plan assets at end of year

$

17,176

$

20,464

Company's Asset Allocations by Asset Category

Asset Category

Current Targeted

Actual Allocation

Allocation

2023

2022

Cash and cash equivalents

0.7

%

0.8

%

Fixed income

60.0

%

62.7

%

62.6

%

Equity securities

40.0

%

36.6

%

36.6

%

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 25, 2023

March 26, 2022

Assets in the fair value hierarchy

Shares of registered investment companies

Level 1

$

11,200

$

7,642

Corporate bonds

Level 2

12,822

Total assets in the fair value hierarchy

11,200

20,464

Common collective trusts (b)

5,855

Pooled separate accounts (b)

121

Total plan assets

$

17,176

$

20,464

(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). The fair value amounts presented in this table are intended to permit reconciliation of the assets in the fair value hierarchy to total plan assets at end of year.

(b) Certain investments measured at net asset value as a practical expedient have not been classified in the fair value hierarchy. The fair values presented are intended to permit reconciliation of the total assets in the fair value hierarchy to the total plan assets.

Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts in Accumulated Other Comprehensive Loss

(thousands)

2023

2022

Unamortized net actuarial loss

$

5,467

$

5,981

Amounts in Accumulated Other Comprehensive Loss (a)

$

5,467

$

5,981

(a) $4,115 and $4,494, net of tax, at the end of 2023 and 2022, respectively.
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income

Amounts in Other Comprehensive Income

(thousands)

2023

2022

2021

Net actuarial income

$

513

$

166

$

3,027

Amounts in Other Comprehensive Income (a)

$

513

$

166

$

3,027

(a) $379, $125, and $2,270, net of tax, during 2022, 2021, and 2020, respectively.