Investments and Fair Value Measurements |
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Investments and Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENTS AND FAIR VALUE MEASUREMENTS | INVESTMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS Investments The following is a summary of cash equivalents and available-for-sale securities as of March 31, 2018 and April 1, 2017 (in thousands):
The estimated fair value of available-for-sale securities was based on the prevailing market values on March 31, 2018 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 debt securities is as follows (in thousands):
Other Investments As of March 31, 2018, the Company had invested $45.0 million to acquire shares of Series F Preferred Stock of Cavendish Kinetics Limited, a private limited company incorporated in England and Wales. This investment is accounted for as a cost method investment and classified in "Long-term investments" in the 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 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 and liabilities measured at fair value on a recurring basis was determined using the following levels of inputs as of March 31, 2018 and April 1, 2017 (in thousands):
(1) Auction rate securities 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 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 asset deferred by the participants in the “Other current assets” and “Other non-current assets” line items of its 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 Consolidated Balance Sheets. As of March 31, 2018 and April 1, 2017, the Company did not have any Level 3 assets or liabilities. Nonrecurring Fair Value Measurements The Company's non-financial assets, such as intangible assets and property and equipment, are measured at fair value when there is an indicator of impairment, and recorded at fair value only when an impairment charge is recognized. See Note 11 for further information on impairment of property and equipment. 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 8 for the fair value of the Company's long-term debt. |