FAIR VALUE MEASUREMENTS

12 Months Ended

Jun. 02, 2018

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

13. FAIR VALUE MEASUREMENTS

ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States and expands disclosures about fair value measurements.

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists; therefore requiring an entity to develop its own assumptions.

We liquidated our investments in fiscal 2018. Prior to the liquidation of our investments, we held investments that were required to be measured at fair value on a recurring basis. Our investments consist of time deposits and CDs, where face value is equal to fair value, and as of May 27, 2017, also equity securities of publicly traded companies for which market prices are readily available.

Investments measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 as of June 2, 2018 and May 27, 2017 were as follows (in thousands):

	Level 1		Level 2		Level 3
June 2, 2018
Time deposits/CDs	$	—	$	—	$	—
Equity securities	—		—		—
Total	$	—	$	—	$	—
May 27, 2017
Time deposits/CDs	$	8,226	$	—	$	—
Equity securities		622		—		—
Total	$	8,848	$	—	$	—