The Company has a Savings Plus Plan (the “401k Plan”) that allows its U.S. employees to accumulate savings on a pre-tax basis. In addition, matching contributions are made to the 401k Plan based upon pre-established rates. The Company’s matching contributions amounted to approximately $8.9 million, $8.2 million and $8.1 million in fiscal 2026, 2025 and 2024, respectively. Upon the Company’s Board of Directors’ approval, additional discretionary contributions can also be made. No discretionary contributions were made for the 401k Plan in fiscal 2026, 2025, or 2024.

Some of the Company’s subsidiaries also have defined contribution plans, to which both the employee and the employer make contributions. The employer contributions to these plans totaled $1.1 million, $1.0 million and $0.7 million in fiscal 2026, 2025 and 2024, respectively.

ASC Topic 715, Compensation — Retirement Benefits, requires an employer to: (a) recognize in its statement of financial position an asset for a plan’s over-funded status or a liability for a plan’s under-funded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize changes in the funded status of a defined benefit post-retirement plan in the year in which the changes occur. Accordingly, the Company is required to report changes in its funded status in comprehensive loss on its consolidated statement of stockholders’ equity and consolidated statements of comprehensive income.

Benefits under these plans are generally based on either career average or final average salaries and creditable years of service as defined in the plans. The annual cost for these plans is determined using the projected unit credit actuarial cost method that includes actuarial assumptions and estimates that are subject to change.

Some of the Company’s 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:


	Year Ended
	2026		2025		2024
	(Dollars in Thousands)
Service cost	$	1,804	$	1,630	$	1,316
Interest cost on benefit obligation	649		630		684
Expected return on plan assets	(273)		(314)		(264)
Actuarial loss (gain)	(19)		17		(180)
Amortization of unrecognized prior service cost	(236)		(219)		(215)
Plan settlements	15		(104)		—
Total	$	1,940	$	1,640	$	1,341


	March 28, 2026		March 29, 2025
	(Dollars in Thousands)
Change in Benefit Obligation:
Benefit Obligation, beginning of year	$	(30,956)	$	(32,323)
Service cost	(1,804)		(1,630)
Interest cost	(649)		(630)
Benefits paid	1,470		851
Actuarial loss	(345)		(336)
Employee and plan participants contribution	(2,114)		(3,568)
Plan settlements	2,971		6,419
Foreign currency changes	(3,064)		261
Benefit obligation, end of year	$	(34,491)	$	(30,956)
Change in Plan Assets:
Fair value of plan assets, beginning of year	$	20,838	$	21,851
Company contributions	1,497		1,627
Benefits paid	(568)		(663)
Gain on plan assets	444		482
Employee and plan participants contribution	2,124		3,600
Plan settlements	(2,984)		(6,451)
Foreign currency changes	1,959		392
Fair value of plan assets, end of year	$	23,310	$	20,838
Funded Status(1)	$	(11,181)	$	(10,118)
Unrecognized net actuarial gain	(982)		(1,056)
Unrecognized prior service cost	(545)		(705)
Net amount recognized	$	(12,708)	$	(11,879)

__________

One of the benefit plans is funded by benefit payments made by the Company through the purchase of reinsurance contracts that do not qualify as plan assets under ASC Topic 715. Accordingly, that plan has no assets included in the information presented above. The total asset value associated with the reinsurance contracts was $7.3 million and $7.0 million as of March 28, 2026 and March 29, 2025, respectively. The total liability for this plan, which is included in the table above, was $7.1 million and $7.4 million as of March 28, 2026 and March 29, 2025, respectively.

The accumulated benefit obligation for all plans was $32.0 million and $29.1 million for fiscal 2026 and 2025, respectively. There were no plans where the plan assets were greater than the accumulated benefit obligation as of March 28, 2026 and March 29, 2025.


	Accumulated Other Comprehensive Loss
	(Dollars in Thousands)
Balance as of April 1, 2023	$	4,075
Actuarial loss	(2,157)
Prior service credit	(170)

Balance as of March 30, 2024	$	1,748
Actuarial loss	(268)
Prior service credit	(242)
Plan settlements	(89)
Balance as of March 29, 2025	$	1,149
Actuarial loss	(169)
Prior service credit	(218)
Plan settlements	(16)
Balance as of March 28, 2026	$	746

Assumptions for expected long-term rate of return on plan assets are based upon actual historical returns, future expectations of returns for each asset class and the effect of periodic target asset allocation rebalancing. The results are adjusted for the payment of reasonable expenses of the plan from plan assets.

The Company’s investment policy for pension plans is to balance risk and return through a diversified portfolio to reduce interest rate and market risk. Maturities are managed so that sufficient liquidity exists to meet immediate and future benefit payment requirements.

ASC Topic 820, Fair Value Measurements and Disclosures, provides guidance for reporting and measuring the plan assets of the Company’s defined benefit pension plan at fair value as of March 28, 2026. Using the same three-level valuation hierarchy for disclosure of fair value measurements as described in Note 13, Financial Instruments and Fair Value Measurements, all of the assets of the Company’s plan are classified within Level 2 of the fair value hierarchy because the plan assets are primarily insurance contracts.

Expected benefit payments for both plans are estimated using the same assumptions used in determining the Company’s benefit obligation as of March 28, 2026. Benefit payments will depend on future employment and compensation levels, average years employed and average life spans, among other factors, and changes in any of these factors could significantly affect these estimated future benefit payments.