XML 98 R41.htm IDEA: XBRL DOCUMENT v2.4.1.9
RETIREMENT PLANS (Tables)
 12 Months Ended
Mar. 28, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule of Components of Net Periodic Benefit Costs of Defined Benefit Pension Plans
Some of the our foreign subsidiaries have defined benefit pension plans covering substantially all full time employees at those subsidiaries. Net periodic benefit costs for the plans in the aggregate include the following components:
(In thousands)
March 28,
2015
 
March 29,
2014
 
March 30,
2013
Service cost
$
2,979

 
$
3,351

 
$
2,759

Interest cost on benefit obligation
686

 
623

 
639

Expected (return)/loss on plan assets
(449
)
 
(435
)
 
(413
)
Actuarial loss/(gain)
107

 
88

 
196

Amortization of unrecognized prior service cost
(29
)
 
182

 
(14
)
Amortization of unrecognized transition obligation
45

 
47

 
48

Totals
$
3,339

 
$
3,856

 
$
3,215
Schedule of Activity Under Defined Benefit Plans
The activity under those defined benefit plans are as follows:
(In thousands)
March 28,
2015
 
March 29,
2014
Change in Benefit Obligation:
 

 
 

Benefit Obligation, beginning of year
$
(32,621
)
 
$
(30,126
)
Service cost
(2,979
)
 
(3,351
)
Interest cost
(686
)
 
(623
)
Benefits paid
4,902

 
4,474

Actuarial (loss)/gain
(6,883
)
 
55

Employee and plan participants contribution
(2,978
)
 
(2,963
)
Plan Amendments
114

 
419

Foreign currency changes
564

 
(506
)
Benefit obligation, end of year
$
(40,567
)
 
$
(32,621
)
Change in Plan Assets:
 

 
 

Fair value of plan assets, beginning of year
$
19,981

 
$
19,577

Company contributions
2,112

 
2,241

Benefits paid
(4,621
)
 
(4,641
)
Gain/(Loss) on plan assets
506

 
100

Employee and plan participants contributions
2,851

 
3,087

Foreign currency changes
2,336

 
(383
)
Fair value of Plan Assets, end of year
$
23,165

 
$
19,981

Funded Status
$
(17,402
)
 
$
(12,640
)
Unrecognized net actuarial loss/(gain)
11,096

 
5,899

Unrecognized initial obligation
64

 
94

Unrecognized prior service cost
(459
)
 
(422
)
Net amount recognized
$
(6,701
)
 
$
(7,069
)
Schedule of Components of Change Recorded in Accumulated Other Comprehensive Income Related to Defined Benefit Plans, Net of Tax
The components of the change recorded in our accumulated other comprehensive income related to our defined benefit plans, net of tax, are as follows (in thousands):
Balance, March 31, 2012
$
(4,253
)
Obligation at transition
556

Actuarial loss
(1,237
)
Prior service cost
(139
)
Balance as of March 30, 2013
$
(5,073
)
Obligation at transition
172

Actuarial loss
(129
)
Prior service cost
438

Balance as of March 29, 2014
$
(4,592
)
Obligation at transition
(19
)
Actuarial loss
(6,198
)
Prior service cost
1,886

Balance as of March 28, 2015
$
(8,923
)
Schedule of Weighted Average Rates Used to Determine Net Periodic Benefit Costs
The fair values of shares purchased under the Employee Stock Purchase Plan are estimated using the Black-Scholes single option-pricing model with the following weighted average assumptions:
 
March 28,
2015
 
March 29,
2014
 
March 30,
2013
Volatility
23.7
%
 
22.9
%
 
24.9
%
Expected life (months)
6

 
6

 
6

Risk-free interest rate
0.1
%
 
0.1
%
 
0.2
%
Dividend Yield
0.0
%
 
0.0
%
 
0.0
%
The weighted average rates used to determine the net periodic benefit costs and projected benefit obligations were as follows:
 
March 28,
2015
 
March 29,
2014
 
March 30,
2013
Discount rate
0.93
%
 
2.02
%
 
1.97
%
Rate of increased salary levels
1.65
%
 
1.57
%
 
1.42
%
Expected long-term rate of return on assets
1.68
%
 
1.94
%
 
1.92
%
Schedule of Estimated Future Benefit Payments
Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows (in thousands):
Expected Benefit Payments
 

Fiscal Year 2016
$
1,735

Fiscal Year 2017
$
1,654

Fiscal Year 2018
$
1,502

Fiscal Year 2019
$
1,610

Fiscal Year 2020
$
1,732

Fiscal Year 2021-2024
$
7,493