CASH, CASH EQUIVALENTS, AND INVESTMENTS

9 Months Ended

Dec. 26, 2020

CASH, CASH EQUIVALENTS AND INVESTMENTS [Abstract]

The following tables summarize the Company’s cash, cash equivalents, and investments’ adjusted cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category recorded as cash and cash equivalents, and short-term investments as of December 26, 2020 and March 28, 2020 (in thousands):


December 26, 2020	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash & Cash Equivalents		Short-term investments (due in 1 year or less)
Cash	$	205,058	$	—	$	—	$	205,058	$	205,058	$	—
Level 1:
Mutual Funds	13,957		1,360		(37)		15,280		—		15,280

Money Market Funds	25,007		—		—		25,007		25,007









Total cash, cash equivalents and investments measured at fair value	$	244,022	$	1,360	$	(37)	$	245,345	$	230,065	$	15,280


March 28, 2020	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash & Cash Equivalents		Short-term investments (due in 1 year or less)
Cash	$	213,879	$	—	$	—	$	213,879	$	213,879	$	—
Level 1:
Mutual Funds	12,938		31		(1,128)		11,841		—		11,841











Total cash, cash equivalents and investments measured at fair value	$	226,817	$	31	$	(1,128)	$	225,720	$	213,879	$	11,841

As of December 26, 2020, and March 28, 2020, all of the Company's investments are classified as trading securities and are reported at fair value, with unrealized gains and losses included in current period earnings. For more information regarding the Company's deferred compensation plan, see Note 4, Deferred Compensation.

The Company did not incur any material realized or unrealized gains or losses in the three months ended December 26, 2020, and December 28, 2019. The Company recognized an immaterial realized gain and an unrealized gain of $2.5 million during the nine months ended December 26, 2020. The Company did not incur any material realized or unrealized gains or losses in the nine months ended December 28, 2019.

There were no transfers between fair value measurement levels during the three and nine months ended December 26, 2020, and December 28, 2019.

All financial assets and liabilities are recognized or disclosed at fair value in the financial statements. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1

The Company's Level 1 financial assets consist of Mutual Funds and Money Market Funds. The fair value of Level 1 financial instruments is measured based on the quoted market price of identical securities.

Level 2

The Company's Level 2 financial assets and liabilities consist of derivative foreign currency contracts, an interest rate swap, a term loan facility, and 5.50% Senior Notes. The fair value of the Level 2 derivative foreign currency contracts and interest rate swap are determined using pricing models that use observable market inputs. For more information regarding the Company's derivative assets and liabilities, see Note 13, Derivatives. The fair value of the Level 2 5.50% Senior Notes and term loan facility are determined based on inputs that were observable in the market, including the trading price of the notes when available. For more information regarding the Company's 5.50% Senior Notes and term loan facility, see Note 8, Debt.

Level 3

The Company's revolving credit facility falls under the Level 3 hierarchy. The fair value of the Level 3 revolving credit facility is determined based on inputs that were unobservable in the market. For more information regarding the Company's debt, refer to Note 8, Debt.