INVESTMENTS AND FAIR VALUE MEASUREMENTS

Investments

The following is a summary of cash equivalents and available-for-sale securities as of December 30, 2017 and April 1, 2017 (in thousands):



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 30, 2017
Auction rate securities	$	2,150	$	—	$	(155	)	$	1,995
Money market funds	60		—		—			60
	$	2,210	$	—	$	(155	)	$	2,055
April 1, 2017
Auction rate securities	$	2,150	$	—	$	(429	)	$	1,721
Money market funds	14		—		—			14
	$	2,164	$	—	$	(429	)	$	1,735

The estimated fair value of available-for-sale securities was based on the prevailing market values on December 30, 2017 and April 1, 2017. The Company determines the cost of an investment sold based on the specific identification method.

The expected maturity distribution of cash equivalents and available-for-sale securities is as follows (in thousands):



	December 30, 2017				April 1, 2017
	Cost		Estimated Fair Value		Cost		Estimated Fair Value
Due in less than one year	$	260	$	249	$	14	$	14
Due after ten years	1,950		1,806		2,150		1,721
Total cash equivalents and available-for-sale securities	$	2,210	$	2,055	$	2,164	$	1,735

Other Investments

On August 4, 2015, the Company invested $25.0 million to acquire shares of Series F Preferred Stock of Cavendish Kinetics Limited (Cavendish), a private limited company incorporated in England and Wales. On July 31, 2017, the Company invested an additional $20.0 million in Cavendish Series F Preferred Stock. The Company began accounting for this investment under the equity method (on a one quarter lag basis) on July 31, 2017. As of December 30, 2017, this investment is classified in "Long-term investments" in the Condensed Consolidated Balance Sheets.

Fair Value of Financial Instruments

Marketable securities are measured at fair value and recorded in "Cash and cash equivalents" and "Long-term investments" in the Condensed Consolidated Balance Sheets, and the related unrealized gains and losses are included in "Accumulated other comprehensive loss," a component of stockholders’ equity, net of tax.

Recurring Fair Value Measurements

The fair value of the financial assets measured at fair value on a recurring basis was determined using the following levels of inputs as of December 30, 2017 and April 1, 2017 (in thousands):



				Total		Quoted Prices In Active Markets For Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
December 30, 2017
	Assets
		Money market funds		$	60	$	60	$	—
		Auction rate securities ("ARS") (1)		1,995		—		1,995
		Invested funds in deferred compensation plan (2)		13,900		13,900		—
			Total assets measured at fair value	$	15,955	$	13,960	$	1,995
	Liabilities
		Deferred compensation plan obligation (2)		$	13,900	$	13,900	$	—
			Total liabilities measured at fair value	$	13,900	$	13,900	$	—

April 1, 2017
	Assets
		Money market funds		$	14	$	14	$	—
		Auction rate securities (1)		1,721		—		1,721
		Invested funds in deferred compensation plan (2)		10,237		10,237		—
			Total assets measured at fair value	$	11,972	$	10,251	$	1,721
	Liabilities
		Deferred compensation plan obligation (2)		$	10,237	$	10,237	$	—
			Total liabilities measured at fair value	$	10,237	$	10,237	$	—

(1) ARS are debt instruments with interest rates that reset through periodic short-term auctions. The Company’s Level 2 ARS are valued based on quoted prices for identical or similar instruments in markets that are not active.

(2) The Company's non-qualified deferred compensation plan provides eligible employees and members of the Board of Directors with the opportunity to defer a specified percentage of their cash compensation. The Company includes the assets deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its Condensed Consolidated Balance Sheets and the Company's obligation to deliver the deferred compensation in the "Other current liabilities" and “Other long-term liabilities” line items of its Condensed Consolidated Balance Sheets.

As of December 30, 2017 and April 1, 2017, the Company did not have any Level 3 assets or liabilities.

Other Fair Value Disclosures

The carrying values of cash and cash equivalents, accounts receivable, accounts payable and other accrued liabilities approximate fair values because of the relatively short-term maturities of these instruments. See Note 6 for the fair value of the Company's long-term debt.