The assets or liabilities measured at fair value on a recurring basis are summarized in the tables below (in thousands):

	As of May 29, 2021
	Level 1		Level 2			Level 3		Fair Value
Assets (Liabilities):
Cash equivalents	$	197,458	$	—		$	—	$	197,458
Pension plan assets		—		3,927			—		3,927
Foreign currency forward contracts		—		(86	)		—		(86	)
Total assets at fair value	$	197,458	$	3,841		$	—	$	201,299

	As of August 29, 2020
	Level 1		Level 2		Level 3		Fair Value
Assets:
Cash equivalents	$	196,478	$	—	$	—	$	196,478
Pension plan assets		—		4,146		—		4,146
Foreign currency forward contracts		—		87		—		87
Total assets at fair value	$	196,478	$	4,233	$	—	$	200,711

The Company’s cash equivalents listed above represent money market securities and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company does not adjust the quoted market price for such financial instruments.

The Company’s pension plan assets listed above represent guaranteed deposit accounts that are maintained and operated by Prudential Retirement Insurance and Annuity Company (“PRIAC”). All assets are merged with the general assets of PRIAC and are invested predominantly in privately placed securities and mortgages. At the beginning of each calendar year, PRIAC notifies the Company of the annual rates of interest which will be applied to the amounts held in the guaranteed deposit account during the next calendar year. In determining the interest rate to be applied, PRIAC considers the investment performance of the underlying assets of the prior year; however, regardless of the investment performance the Company is contractually guaranteed a minimum rate of return. As such, the Company’s pension plan assets are included within Level 2 of the fair value hierarchy.

The Company’s foreign currency forward contracts represent contracts the Company has entered into to exchange Canadian dollars for U.S. dollars at fixed exchange rates in order to manage its exposure related to the certain forecasted Canadian dollar denominated sales of one of its subsidiaries. These contracts are included in accrued liabilities as of May 29, 2021 and prepaid expenses and other current assets and other long-term assets as of August 29, 2020. The fair value of the forward contracts is based on similar exchange traded derivatives and are, therefore, included within Level 2 of the fair value hierarchy.