Fair Value Measurements

9 Months Ended

Dec. 27, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Financial Assets Measured at Fair Value

ASC Topic 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include the following:

• Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities;

• Level 2, defined as inputs that are observable either directly or indirectly such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and other inputs that can be corroborated by observable market data; and

• Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis as of December 27, 2014 and March 29, 2014 was as follows (in thousands):

December 27, 2014	Level 1		Level 2			Level 3		Total
Money market securities	$	1,215	$	—		$	—	$	1,215
Municipal bonds	—		3,871			—		3,871
Commercial paper	—		3,400			—		3,400
Government agencies	—		3,001			—		3,001
Corporate Bonds	—		852			—		852
Forward purchase or (sale) contracts:
Japanese Yen	—		149			—		149
New Taiwan Dollar	—		24			—		24
Korean Won	—		(9		)	—		(9		)
Euro	—		287			—		287
British Pound	—		(19		)	—		(19		)
Chinese Renminbi	—		3			—		3
Singapore Dollar	—		(19		)	—		(19		)

March 29, 2014	Level 1		Level 2			Level 3		Total
Money market securities	$	9,456	$	—		$	—	$	9,456
Commercial paper	—		6,700			—		6,700
Government agencies	—		8,037			—		8,037
Corporate bonds	—		17,328			—		17,328
Municipal bonds	—		12,725			—		12,725
Forward purchase or (sale) contracts:
Japanese Yen	—		25			—		25
New Taiwan Dollar	—		(6		)	—		(6		)
Korean Won	—		(44		)	—		(44		)
Euro	—		39			—		39
British Pound	—		(19		)	—		(19		)
Chinese Renminbi	—		(2		)	—		(2		)
Singapore Dollar	—		1			—		1

For Level 1 assets, the Company utilized quoted prices in active markets for identical assets.

For Level 2 assets, exclusive of forward contracts, the Company utilized quoted prices in active markets for similar assets. For forward contracts, spot prices at December 27, 2014 and March 29, 2014 were utilized to calculate fair values.

During the first three quarters of 2015, there were no transfers between Level 1, 2 or 3 assets.

Investments

Certain information regarding the Company’s investments at December 27, 2014 and March 29, 2014 was as follows (in thousands):

			Unrealized
December 27, 2014	Cost		Gain		Loss		Fair Value
Available-for-sale securities (current):
Municipal Bonds	$	3,865	$	6	$	—	$	3,871
Commercial paper	3,400		—		—		3,400
Government agencies	3,001		—		—		3,001
Corporate Bonds	852		—		—		852
	$	11,118	$	6	$	—	$	11,124
Available-for-sale securities (non-current):
	$	—	$	—	$	—	$	—
			Unrealized
March 29, 2014	Cost		Gain		Loss		Fair Value
Available-for-sale securities (current):
Commercial paper	$	6,700	$	—	$	—	$	6,700
Government agencies	8,035		2		—		8,037
Corporate Bonds	17,321		7		—		17,328
Municipal Bonds	8,737		4		—		8,741
	$	40,793	$	13	$	—	$	40,806
Available-for-sale securities (non-current):
Municipal Bonds	3,976		9		—		3,985
	$	3,976	$	9	$	—	$	3,985

For purposes of determining gross realized gains and losses and reclassification out of accumulated other comprehensive income (loss), the cost of securities sold is based on specific identification. Net unrealized holding gains and losses on current available-for-sale securities included in accumulated other comprehensive income (loss) were insignificant as of December 27, 2014 and March 29, 2014.

At December 27, 2014, $11.1 million in investments had maturities within one year.