Fair Value Measurements

6 Months Ended

Sep. 26, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Financial Assets Measured at Fair Value

ASC Topic 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include the following:

• Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities;

• Level 2, defined as inputs that are observable either directly or indirectly such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and other inputs that can be corroborated by observable market data; and

• Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis as of September 26, 2015 and March 28, 2015 was as follows (in thousands):

September 26, 2015	Level 1		Level 2			Level 3		Total
Cash equivalents:
Money market securities	$	4,141	$	—		$	—	$	4,141
Commercial paper	—		11,629			—		11,629
Government agencies	—		500			—		500
Total cash equivalents	$	4,141	$	12,129		$	—	$	16,270
Short term investments - available for sale:
Commercial paper	$	—	$	3,099		$	—	$	3,099
Government agencies	—		11,647			—		11,647
Total short-term investments - available for sale	$	—	$	14,746		$	—	$	14,746
Forward purchase or (sale) contracts:
Japanese Yen	$	—	$	(25	)	$	—	$	(25	)
New Taiwan Dollar	—		(25		)	—		(25		)
Korean Won	—		(34		)	—		(34		)
Euro	—		(4		)	—		(4		)
British Pound	—		(35		)	—		(35		)
Chinese Renminbi	—		4			—		4
Singapore Dollar	—		(2		)	—		(2		)
Total forward contracts	$	—	$	(121	)	$	—	$	(121	)
Deferred compensation plan assets:
Money market securities	$	463	$	—		$	—	$	463
Mutual funds and exchange traded funds	1,861		—			—		1,861
Total deferred compensation plan assets	$	2,324	$	—		$	—	$	2,324

March 28, 2015	Level 1		Level 2			Level 3		Total
Cash equivalents:
Money market securities	$	14,280	$	—		$	—	$	14,280
Commercial paper	—		15,537			—		15,537
Government agencies	—		2,702			—		2,702
Total cash equivalents	$	14,280	$	18,239		$	—	$	32,519
Short term investments - available for sale:
Corporate bonds	$	—	$	853		$	—	$	853
Municipal bonds	—		3,872			—		3,872
Total short-term investments - available for sale	$	—	$	4,725		$	—	$	4,725
Forward purchase or (sale) contracts:
Japanese Yen	$	—	$	(7	)	$	—	$	(7	)
New Taiwan Dollar	—		17			—		17
Korean Won	—		(44		)	—		(44		)
Euro	—		277			—		277
British Pound	—		(133		)	—		(133		)
Chinese Renminbi	—		(34		)	—		(34		)
Total forward contracts	$	—	$	76		$	—	$	76
Deferred compensation plan assets:
Money market securities	$	190	$	—		$	—	$	190
Mutual funds and exchange traded funds	1,885		—			—		1,885
Total deferred compensation plan assets	$	2,075	$	—		$	—	$	2,075

For Level 1 assets, the Company utilized quoted prices in active markets for identical assets.

For Level 2 assets, exclusive of forward contracts, the Company utilized quoted prices in active markets for similar assets. For forward contracts, spot prices at September 26, 2015 and March 28, 2015 were utilized to calculate fair values.

During the first two quarters of 2016, there were no transfers between Level 1, 2 or 3 assets.

Investments

The Company’s investments at September 26, 2015 and March 28, 2015 were as follows (in thousands):

			Unrealized
September 26, 2015	Cost		Gain		Loss		Fair Value
Available-for-sale securities (current):
Commercial paper	$	14,728	$	—	$	—	$	14,728
Government agencies	12,146		1		—		12,147
Mutual funds and exchange traded funds*	2,320		5		—		2,325
	$	29,194	$	6	$	—	$	29,200
			Unrealized
March 28, 2015	Cost		Gain		Loss		Fair Value
Available-for-sale securities (current):
Commercial paper	$	15,537	$	—	$	—	$	15,537
Government agencies	2,702		—		—		2,702
Corporate bonds	853		—		—		853
Municipal bonds	3,870		2		—		3,872
Mutual funds and exchange traded funds*	1,950		125		—		2,075
	$	24,912	$	127	$	—	$	27,114
*These investments represent assets held in trust for our deferred compensation plan

For purposes of determining gross realized gains and losses and reclassification out of accumulated other comprehensive loss, the cost of securities sold is based on specific identification. Net unrealized holding gains and losses on current available-for-sale securities included in accumulated other comprehensive loss were insignificant as of September 26, 2015 and March 28, 2015.

Investments with underlying maturities within one year at September 26, 2015, including cash equivalents, totaled $29.2 million.