FAIR VALUE MEASUREMENT |
FAIR VALUE MEASUREMENT Assets measured at fair value on a recurring basis Our assets measured at fair value on a recurring basis consisted of the following: | | | | | | | | | | | | | | | | December 27, 2020 | (in thousands) | Total fair value | Quoted prices in active markets for identical assets (level 1) | Significant other observable inputs (level 2) | Significant unobservable inputs (level 3) | Cash and cash equivalents | $ | 62,507 | | $ | 62,507 | | $ | — | | $ | — | | Restricted cash and cash equivalents | 56,105 | | 56,105 | | — | | — | | Cash, cash equivalents and restricted cash (1) | $ | 118,612 | | $ | 118,612 | | $ | — | | $ | — | | | | | | | Municipal debt securities | $ | 70,723 | | $ | — | | $ | 70,723 | | $ | — | | Corporate debt securities | 85,937 | | — | | 85,937 | | — | | Agency mortgage-backed securities | 512 | | — | | 512 | | — | | U.S. government and agency securities | 1,124 | | — | | 1,124 | | — | | Restricted investments classified as held-to-maturity (2) | $ | 158,296 | | $ | — | | $ | 158,296 | | $ | — | | | | | | | Deferred compensation investments (3) | $ | 5,915 | | $ | 5,915 | | $ | — | | $ | — | |
| | | | | | | | | | | | | | | | December 29, 2019 | (in thousands) | Total fair value | Quoted prices in active markets for identical assets (level 1) | Significant other observable inputs (level 2) | Significant unobservable inputs (level 3) | Cash and cash equivalents | $ | 37,608 | | $ | 37,608 | | $ | — | | $ | — | | Restricted cash and cash equivalents | 54,763 | | 54,763 | | — | | — | | Cash, cash equivalents and restricted cash (1) | $ | 92,371 | | $ | 92,371 | | $ | — | | $ | — | | | | | | | Municipal debt securities | $ | 74,236 | | $ | — | | $ | 74,236 | | $ | — | | Corporate debt securities | 76,068 | | — | | 76,068 | | — | | Agency mortgage-backed securities | 1,376 | | — | | 1,376 | | — | | U.S. government and agency securities | 1,051 | | — | | 1,051 | | — | | Restricted investments classified as held-to-maturity (2) | $ | 152,731 | | $ | — | | $ | 152,731 | | $ | — | | | | | | | Deferred compensation investments (3) | $ | 13,670 | | $ | 13,670 | | $ | — | | $ | — | |
(1)Cash, cash equivalents and restricted cash consist of money market funds, deposits, and investments with original maturities of three months or less. (2)Refer to Note 4: Restricted Cash and Investments for additional details on our held-to-maturity debt securities. (3)Deferred compensation investments consist of mutual funds and money market funds. Assets measured at fair value on a nonrecurring basis We measure the fair value of certain non-financial assets on a non-recurring basis, including goodwill and certain intangible assets. During the first quarter of 2020, we performed an interim impairment test as of the last day of our first fiscal quarter (March 29, 2020). As a result of the test, goodwill and client relationship intangible assets with a total carrying value of $221.6 million were written down to their fair value, and an impairment charge of $175.2 million was recognized on our Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 27, 2020. There were no goodwill or intangible asset impairment charges recorded during fiscal 2019 or 2018. Refer to Note 6: Goodwill and Intangible Assets for additional details on the impairment charge and valuation methodologies. The impairment was comprised as follows: | | | | | | | | | | | | | | | | | | | March 29, 2020 | (in thousands) | Total fair value | Quoted prices in active markets for identical assets (level 1) | Significant other observable inputs (level 2) | Significant unobservable inputs (level 3) | Total impairment charge | Goodwill | $ | 31,705 | | $ | — | | $ | — | | $ | 31,705 | | $ | (140,489) | | Client relationships | 14,700 | | — | | — | | 14,700 | | (34,700) | | Total | $ | 46,405 | | $ | — | | $ | — | | $ | 46,405 | | $ | (175,189) | |
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