Fair Value of Financial Instruments (Tables)

9 Months Ended

Dec. 30, 2017

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities

The following summarizes the fair value of our financial instruments at December 30, 2017, exclusive of pension plan assets and liabilities (in thousands):

	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Assets:
Cash equivalents
Money market funds	$	186,393	$	—	$	—	$	186,393
Available-for-sale securities
Corporate debt securities	$	—	$	173,821	$	—	$	173,821
Non-US government securities	—		11,761		—		11,761
Certificates of deposit	—		500		—		500
Agency discount notes	—		457		—		457
	$	—	$	186,539	$	—	$	186,539
Liabilities:
Other accrued liabilities
Contingent consideration	$	—	$	—	$	671	$	671

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The following summarizes the fair value of our financial instruments at March 25, 2017, exclusive of pension plan assets and liabilities (in thousands):

	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Assets:
Cash equivalents
Money market funds	$	313,982	$	—	$	—	$	313,982
Available-for-sale securities
Corporate debt securities	$	—	$	33,330	$	—	$	33,330
Commercial paper			66,483		—		66,483
	$	—	$	99,813	$	—	$	99,813
Liabilities:
Other accrued liabilities
Contingent consideration	$	—	$	—	$	4,695	$	4,695

Schedule of Fair Value of Financial Instruments - Contingent Consideration

The following summarizes the fair value of the liability for contingent consideration at December 30, 2017:

	Maximum Value if Milestones Achieved (in thousands)		Estimated Discount Rate (%)		Fair Value (in thousands)
Tranche B - 30 month earn out period	$	5,000	7.7	%	$	671

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The revised estimates reduced the fair value of the liability as of December 30, 2017 as shown in the table below. The final amount of the liability will be determined at the end of the earn-out period early in the fourth quarter of the current fiscal year and necessary adjustments will be made at that time.

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	Nine Months Ended
	December 30,
	2017
	(in thousands)
Beginning balance	$	4,695
Adjustment to estimates (research and development expense)	(4,049		)
Fair value charge recognized in earnings (research and development expense)	25
Ending balance	$	671