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Defined Benefit and Defined Contribution Plans (Tables)
12 Months Ended
Mar. 30, 2024
Defined Benefit and Defined Contribution Plans [Abstract]  
Funded (Underfunded) Status

Funded Status

(thousands)

2024

2023

Projected benefit obligations

$

16,489

$

17,104

Fair value of plan assets

17,272

17,176

Overfunded status

$

783

$

72

Pension Benefit Payments

Estimated Future Benefit Payments

(thousands)

Pension Benefits

2025

$

1,134

2026

1,172

2027

1,199

2028

1,213

2029

1,256

2030 - 2034

6,285

Components of Pension Income

Net Pension Benefits Expense

(thousands)

2024

2023

2022

Interest cost on projected benefit obligation

$

812

$

683

$

638

Expected return on plan assets

(818)

(982)

(1,041)

Amortization of unrecognized actuarial loss

192

378

501

Total

$

186

$

79

$

98

Weighted Average Assumptions Used to Determine Benefit Obligations

Benefit Obligation Weighted Average Assumption

2024

2023

Discount rate

5.22

%

4.94

%

Weighted Average Assumptions Used to Determine Net Periodic Pension Costs

Net Periodic Benefit Expense Weighted Average Assumptions

2024

2023

2022

Discount rate

4.94

%

3.58

%

3.01

%

Expected long-term rate of return on plan assets

5.00

%

5.00

%

5.00

%

Changes in Projected Benefit Obligations and Plan Assets Benefit Obligation

Change in Projected Benefit Obligation

(thousands)

2024

2023

Benefit obligation at beginning of year

$

17,104

$

20,826

Interest cost

812

683

Actuarial gain

(258)

(3,290)

Benefits paid

(1,169)

(1,115)

Benefit obligation at end of year (a)

$

16,489

$

17,104

(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)

2024

2023

Fair value of plan assets at beginning of year

$

17,176

$

20,464

Actual gain (loss) on plan assets

1,265

(2,173)

Benefits paid

(1,169)

(1,115)

Fair value of plan assets at end of year

$

17,272

$

17,176

Company's Asset Allocations by Asset Category

Asset Category

Current Targeted

Actual Allocation

Allocation

2024

2023

Cash and cash equivalents

2.1

%

0.7

%

Fixed income

70.0

%

70.0

%

62.7

%

Equity securities

30.0

%

27.9

%

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 30, 2024

March 25, 2023

Assets in the fair value hierarchy

Shares of registered investment companies

Level 1

$

9,713

$

11,200

Total assets in the fair value hierarchy

9,713

11,200

Common collective trusts (b)

7,195

5,855

Pooled separate accounts (b)

364

121

Total plan assets

$

17,272

$

17,176

(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)

2024

2023

Unamortized net actuarial loss

$

4,570

$

5,467

Amounts in Accumulated Other Comprehensive Loss (a)

$

4,570

$

5,467

(a) $3,451 and $4,115, net of tax, at the end of 2024 and 2023, respectively.
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income

Amounts in Other Comprehensive Income

(thousands)

2024

2023

2022

Net actuarial income

$

897

$

513

$

166

Amounts in Other Comprehensive Income (a)

$

897

$

513

$

166

(a) $664, $379, and $125, net of tax, during 2024, 2023, and 2022, respectively.