Postretirement Benefit Plans

12 Months Ended

Mar. 27, 2021

Retirement Benefits [Abstract]

Postretirement Benefit Plans

Postretirement Benefit Plans

Defined Benefit Pension Plan

The Company had a defined benefit pension scheme (the “Scheme”), for some individuals in the United Kingdom. On November 30, 2018, the Scheme buy-out was completed and individual policies were established for each member. Completion of the buy-out confirmed full and final settlement of the Scheme, and the unamortized loss previously recorded within AOCI of $13.8 million was recognized within other non-operating expense as "U.K. pension settlement" in the third quarter of fiscal year 2019, with the corresponding tax benefit of $2.6 million being recognized within "Provision for income taxes" in the Consolidated Statements of Income. As the buy-out transaction fully settled, there were no further contributions to the Scheme.

Defined Contribution Plans

We have Defined Contribution Plans (“the Plans”) covering all of our qualifying employees. Under the Plans, employees may elect to contribute any percentage of their annual compensation up to the annual regulatory limits. The Company made matching employee contributions of $7.9 million, $7.5 million, and $7.7 million during fiscal years 2021, 2020, and 2019, respectively.