XML 39 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
Employee Benefit Plans
12 Months Ended
Apr. 02, 2017
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans
Employee Benefit Plans
401(k) Plan
The Company sponsors a 401(k) retirement matching plan for qualified domestic employees. The Company recorded expenses of approximately $2.6 million, $2.6 million and $2.1 million in matching contributions under the plan in fiscal 2017, 2016, and 2015, respectively.  
Deferred Compensation Plans
Effective November 1, 2000, the Company established an unfunded deferred compensation plan to provide benefits to executive officers and other key employees.  Under the plan, participants can defer any portion of their salary and bonus compensation into the plan and may choose from a portfolio of funds from which earnings are measured.  Participant balances are always 100% vested. As of April 2, 2017 and April 3, 2016, obligations under the plan totaled approximately $15.0 million and $13.1 million, respectively. Additionally, the Company has set aside assets in a separate trust that is invested in corporate owned life insurance intended to substantially fund the liability under the plan. As of April 2, 2017 and April 3, 2016, the deferred compensation plan assets were approximately $16.0 million and $14.6 million, respectively. The costs incurred by the Company for this plan for insurance, administration and other support were not material for fiscal 2017, 2016 and 2015.
During the first quarter of fiscal 2013, the Company assumed a deferred compensation plan associated with the acquisition of Fox Enterprises, Inc. Under this plan, participants in retirement are entitled to receive a fixed amount from the Company on a monthly basis. The Company has purchased life insurance policies with the intention of funding the liability under this plan. As of April 2, 2017 and April 3, 2016, the deferred compensation plan assets were approximately $ 0.4 million and $0.8 million, respectively. As of April 2, 2017 and April 3, 2016, the liabilities under this plan were approximately $0.9 million and $1.8 million, respectively.
International Employee Benefit Plans
The Company sponsors defined-benefit pension plans, defined-contribution plans, multi-employer plans and other post-employment benefit plans covering employees in certain of the Company's international locations. As of April 2, 2017 and April 3, 2016, the net liability for all of these international benefit plans totaled $0.7 million and $0.8 million, respectively.
Pension plan benefits are based primarily on participants’ compensation and years of service credited as specified under the terms of each country’s plan. The funding policy is consistent with the local requirements of each country. The Company does not have defined-benefit pension plans for its United States-based employees. The projected obligations of international employee defined-benefit pension plans and related offsetting plan assets were determined based on actuarial calculations. As of April 2, 2017, the net accumulated liability for these defined-benefit plans was not material. In fiscal 2015, as a result of a workforce-reduction plan under the HSC business in France, the related pension liability decreased by $0.6 million and long-term pension asset increased by $0.4 million. The net period expense was insignificant during fiscal 2017, 2016 and 2015. Distributions made from plans during fiscal 2017, 2016, and 2015 were not material. The Company includes accrued net defined-benefit plan obligations in other long-term liabilities on its Consolidated Balance Sheets.