Fair Value Measurements

3 Months Ended

Sep. 29, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements [Text Block]

FAIR VALUE MEASUREMENTS

The FASB established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs that may be used to measure fair value are as follows:

Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities.

The Company’s Level 1 assets consist of money market funds.

Level 2 - Observable inputs other than quoted prices included in Level 1, 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, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.

The Company’s Level 2 assets and liabilities consist of U.S. Treasury securities, agency securities, corporate debt securities, certificates of deposit, commercial paper and foreign currency forward contracts that are valued using quoted market prices or are determined using a yield curve model based on current market rates.

Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company's Level 3 assets and liabilities consist of acquisition related contingent consideration liabilities.

Assets and liabilities measured at fair value on a recurring basis were as follows:

	As of September 29, 2018								As of June 30, 2018
	Fair Value  Measurements Using						Total Balance		Fair Value  Measurements Using						Total Balance
	Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
	(in thousands)
Assets
Cash and cash equivalents
Agency securities	$	—	$	2,669	$	—	$	2,669	$	—	$	13,946	$	—	$	13,946
Certificates of deposit	—		—		—		—		—		6,000		—		6,000
Commercial paper	—		52,145		—		52,145		—		45,063		—		45,063
Corporate debt securities	—		12,237		—		12,237		—		3,819		—		3,819
Money market funds	104,961		—		—		104,961		98,467		—		—		98,467
U.S. Treasury securities	—		49,881		—		49,881		—		30,988		—		30,988
Short term investments
Certificates of deposit	—		63,940		—		63,940		—		52,428		—		52,428
Commercial paper	—		71,666		—		71,666		—		64,354		—		64,354
Corporate debt securities	—		345,669		—		345,669		—		367,765		—		367,765
U.S. Treasury securities	—		483,368		—		483,368		—		598,368		—		598,368
Other current assets
Foreign currency forward contracts	—		293		—		293		—		235		—		235
Total assets	$	104,961	$	1,081,868	$	—	$	1,186,829	$	98,467	$	1,182,966	$	—	$	1,281,433
Liabilities
Accrued expenses
Foreign currency forward contracts	$	—	$	561	$	—	$	561	$	—	$	1,845	$	—	$	1,845
Contingent consideration	—		—		9,052		9,052		—		—		8,000		8,000
Other liabilities
Contingent consideration	—		—		1,052		1,052		—		—		8,000		8,000
Total Liabilities	$	—	$	561	$	10,104	$	10,665	$	—	$	1,845	$	16,000	$	17,845

During the three months ended September 29, 2018 and the year ended June 30, 2018, there were no transfers in or out of Level 3 from other levels in the fair value hierarchy.

There were no assets or liabilities measured at fair value on a non-recurring basis as of September 29, 2018 and June 30, 2018 other than impairments of long-lived assets. For the three months ended September 29, 2018, the Company did not record any impairment of long-lived assets. For the fiscal year ended June 30, 2018, the Company recorded $0.9 million in impairment of long-lived assets in the Company's Consolidated Statements of Income. The Company uses various inputs to evaluate investments in privately held companies, including valuations of recent financing events as well as other relevant information regarding the performance of the issuer.