Fair Value of Financial Instruments (Tables)

3 Months Ended

Jun. 24, 2017

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities

The following summarizes the fair value of our financial instruments at June 24, 2017, exclusive of pension plan assets and liabilities (in thousands):

	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Assets:
Cash equivalents
Money market funds	$	138,128	$	—	$	—	$	138,128
U.S. treasury securities	1,250		—		—		1,250
	$	139,378	$	—	$	—	$	139,378
Available-for-sale securities
Corporate debt securities	$	—	$	133,462	$	—	$	133,462
Non-US government securities	—		11,809		—		11,809
Certificates of deposit	—		500		—		500
Agency discount notes	—		460		—		460
	$	—	$	146,231	$	—	$	146,231
Liabilities:
Other accrued liabilities
Contingent consideration	$	—	$	—	$	646	$	646

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The following summarizes the fair value of our financial instruments at March 25, 2017, exclusive of pension plan assets and liabilities (in thousands):

	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Assets:
Cash equivalents
Money market funds	$	313,982	$	—	$	—	$	313,982
Available-for-sale securities
Corporate debt securities	$	—	$	33,330	$	—	$	33,330
Commercial paper			66,483		—		66,483
	$	—	$	99,813	$	—	$	99,813
Liabilities:
Other accrued liabilities
Contingent consideration	$	—	$	—	$	4,695	$	4,695

Schedule of Fair Value of Financial Instruments - Contingent Consideration

The following summarizes the fair value of the liability for contingent consideration at June 24, 2017:

	Maximum Value if Milestones Achieved (in thousands)		Estimated Discount Rate (%)		Fair Value (in thousands)
Tranche B - 30 month earn out period	$	5,000	7.7	%	$	646

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The revised estimates reduced the fair value of the liability as of June 24, 2017 as shown in the table below. 

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	Three Months Ended
	June 24,
	2017
	(in thousands)
Beginning balance	$	4,695
Adjustment to estimates (research and development expense)	(4,049		)
Fair value charge recognized in earnings (research and development expense)	—
Ending balance	$	646