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Fair Value Measurements

9 Months Ended

Dec. 24, 2021

The following tables present information about the Company’s financial assets and liabilities as of December 24, 2021 and March 26, 2021 measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:


	Fair Value Measurement at December 24, 2021 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	16,348	$	—	$	—	$	16,348
Restricted cash:
Money market fund deposits	7,497		—		—		7,497
Other assets, net (long-term):
Investments in marketable securities	$	13,393	$	—	$	—	$	13,393
Total assets	$	37,238	$	—	$	—	$	37,238
Liabilities:
Other long-term liabilities:
Contingent consideration	$	—	$	—	$	2,700	$	2,700
Total liabilities	$	—	$	—	$	2,700	$	2,700


	Fair Value Measurement at March 26, 2021 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market fund deposits	$	16,327	$	—	$	—	$	16,327
Restricted cash:
Money market fund deposits	6,661		—		—		6,661
Total assets	$	22,988	$	—	$	—	$	22,988
Liabilities:
Other long-term liabilities:
Contingent consideration	—		—		4,800		4,800
Total liabilities	$	—	$	—	$	4,800	$	4,800

The following table represents the unrealized gains and losses on investments in marketable securities held with a readily determinable fair value for the nine-month period ended December 24, 2021:



Net gains and losses recognized during the period on equity securities	$	4,482
Less: Net gains and losses recognized during the period on equity securities sold during the period	—
Unrealized gains and losses recognized during the reporting period on equity securities still held at the reporting date	$	4,482

In addition to the unrealized gains in the table above, the change in fair value of the equity securities was impacted by unrealized foreign currency exchange losses of $278 for the nine-month period ended December 24, 2021.

The following table shows the change in fair value of Level 3 contingent consideration in connection with the fiscal year 2021 purchase of Voxtel, Inc. (“Voxtel”), a privately-held technology company located in Beaverton, Oregon that develops, manufactures and supplies photonic and advanced 3D imaging technologies (the “Voxtel Acquisition”), for the nine-month period ended December 24, 2021:


	Level 3 Contingent Consideration
Balance at March 26, 2021	$	4,800
Change in fair value of contingent consideration	(2,100)

Balance at December 24, 2021	$	2,700

Assets and liabilities measured at fair value on a recurring basis also consist of marketable securities, unit investment trust fund, loans, bonds, stock and other investments which are the Company’s defined benefit plan assets. Fair value information for those assets and liabilities, including their classification in the fair value hierarchy, is included in Note 15, “Retirement Plans.”

During the nine-month periods ended December 24, 2021 and December 25, 2020, there were no transfers among Level 1, Level 2 and Level 3 asset or liabilities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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