Fair Value of Financial Instruments (Tables)

6 Months Ended

Sep. 23, 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 September 23, 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	$	152,329	$	—	$	—	$	152,329
Available-for-sale securities
Corporate debt securities	$	—	$	135,233	$	—	$	135,233
Non-US government securities	—		11,803		—		11,803
U.S. Treasury securities	998		—		—		998
Certificates of deposit	—		500		—		500
Agency discount notes	—		459		—		459
	$	998	$	147,995	$	—	$	148,993
Liabilities:
Other accrued liabilities
Contingent consideration	$	—	$	—	$	659	$	659

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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 September 23, 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	%	$	659

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

The revised estimates reduced the fair value of the liability as of September 23, 2017 as shown in the table below. 

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	Six Months Ended
	September 23,
	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)	13
Ending balance	$	659