Fair Value Measurements

3 Months Ended

Jun. 27, 2015

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 in 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 June 27, 2015 and March 28, 2015 was as follows (in thousands):

June 27, 2015	Level 1		Level 2			Level 3		Total
Money market securities	$	2,997	$	—		$	—	$	2,997
Commercial paper	—		21,664			—		21,664
Municipal bonds	—		5,853			—		5,853
Forward purchase or (sale) contracts:
Japanese Yen	—		14			—		14
New Taiwan Dollar	—		(7		)	—		(7		)
Korean Won	—		(77		)	—		(77		)
Euro	—		(163		)	—		(163		)
British Pound	—		86			—		86
Chinese Renminbi	—		(6		)	—		(6		)

March 28, 2015	Level 1		Level 2			Level 3		Total
Money market securities	$	14,280	$	—		$	—	$	14,280
Corporate bonds	—		853			—		853
Municipal bonds	—		3,872			—		3,872
Government agencies	—		2,702			—		2,702
Commercial paper	—		15,537			—		15,537
Forward purchase or (sale) contracts:
Japanese Yen	—		(7		)	—		(7		)
New Taiwan Dollar	—		17			—		17
Korean Won	—		(44		)	—		(44		)
Euro	—		277			—		277
British Pound	—		(133		)	—		(133		)
Chinese Renminbi	—		(34		)	—		(34		)

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 June 27, 2015 and March 28, 2015 were utilized to calculate fair values.

During the first quarter of 2016, there were no transfers between Level 1, Level 2 or Level 3 assets.

Investments

The Company’s investments at June 27, 2015 and March 28, 2015 were as follows (in thousands):

			Unrealized
June 27, 2015	Cost		Gain		Loss		Fair Value
Available-for-sale securities (current):
Commercial paper	$	21,664	$	—	$	—	$	21,664
Municipal Bonds	5,852		1		—		5,853
	$	27,516	$	1	$	—	$	27,517
			Unrealized
March 28, 2015	Cost		Gain		Loss		Fair Value
Available-for-sale securities (current):
Corporate Bonds	$	853	$	—	$	—	$	853
Municipal Bonds	3,870		2		—		3,872
Government agencies	2,702		—		—		2,702
Commercial paper	15,537		—		—		15,537
	$	22,962	$	2	$	—	$	22,964

For purposes of determining gross realized gains and losses and reclassification out of accumulated other comprehensive 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 loss were insignificant as of June 27, 2015 and March 28, 2015.

Investments with underlying maturities within one year at June 27, 2015 totaled $27.5 million.