Postretirement Health Care and Life Insurance Benefits

12 Months Ended

Mar. 30, 2019

Defined Contribution Plan [Abstract]

Postretirement Health Care and Life Insurance Benefits

13. Postretirement Health Care and Life Insurance Benefits

The Company, for the benefit of employees at its Heim, West Trenton, Bremen and PIC facilities and former union employees of its Tyson and Nice subsidiaries, sponsors contributory defined benefit health care plans that provide postretirement medical and life insurance benefits to union employees who have attained certain age and/or service requirements while employed by the Company. The plans are unfunded and costs are paid as incurred. Postretirement benefit obligations are included in “Accrued expenses and other current liabilities” and “Other non-current liabilities” in the consolidated balance sheet.

The following table set forth the funded status of the Company’s postretirement benefit plans, the amount recognized in the balance sheet at March 30, 2019 and March 31, 2018:

	March 30, 2019			March 31, 2018
Change in benefit obligation:
Benefit obligation at beginning of year	$	2,671		$	2,963
Service cost		47			33
Interest cost		91			98
Actuarial gain		(131	)		(297	)
Benefits paid		(131	)		(126	)
Benefit obligation at end of year	$	2,547		$	2,671
Change in plan assets:
Fair value of plan assets at beginning of year	$	—		$	—
Company contributions		131			126
Benefits paid		(131	)		(126	)
Fair value of plan assets at end of year	$	—		$	—
Underfunded status at end of year	$	(2,547	)	$	(2,671	)
Amounts recognized in the consolidated balance sheet:
Current liability	$	(189	)	$	(221	)
Non-current liability		(2,358	)		(2,450	)
Net liability recognized	$	(2,547	)	$	(2,671	)
Amounts recognized in accumulated other comprehensive loss:
Prior service cost	$	12		$	15
Net actuarial loss		(191	)		(85	)
Accumulated other comprehensive loss	$	(179	)	$	(70	)

Amounts included in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2020:
Prior service cost	$	3
Net actuarial loss		(20	)
Total	$	(17	)

	Fiscal Year Ended
Components of net periodic benefit cost:	March 30,  2019			March 31, 2018			April 1,  2017
Service cost	$	47		$	33		$	41
Interest cost		91			98			102
Prior service cost amortization		3			3			3
Amount of loss recognized		(25	)		(4	)		26
Net periodic benefit cost	$	116		$	130		$	172

The Company measures its plans as of the last day of the fiscal year.

The plans contractually limit the benefit to be provided for certain groups of current and future retirees. As a result, there is no health care trend associated with these groups. The discount rate used in determining the accumulated postretirement benefit obligation was 3.50% at March 30, 2019 and 3.70% at March 31, 2018. The discount rate used in determining the net periodic benefit cost was 3.70% for fiscal 2019, 3.70% for fiscal 2018, and 3.40% for fiscal 2017. To determine the postretirement net periodic benefit costs in fiscal 2019, the RP-2014 adjusted to 2006 blue collar mortality table projected to the measurement date with Scale MP-2018 was used. To determine the postretirement net periodic benefit costs in fiscal 2018, the RP-2014 adjusted to 2006 blue collar mortality table projected to the measurement date with Scale MP-2017 was used. To determine the postretirement net periodic benefit costs in fiscal 2017, the RP-2014 adjusted to 2006 blue collar mortality table projected to the measurement date with Scale MP-2016 was used.

The following benefit payments, which reflect future service as appropriate, are expected to be paid. The benefit payments are based on the same assumptions used to measure the Company’s benefit obligation at the end of fiscal 2019:

2020	$	189
2021		185
2022		185
2023		193
2024		184
2025-2029		937