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Fair Value
 3 Months Ended
Mar. 27, 2021
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Whenever possible, the fair values of our financial assets and liabilities are determined using quoted market prices of identical securities or quoted market prices of similar securities from active markets. The three levels of inputs that may be used to measure fair value are as follows:
•Level 1 valuations are obtained from real-time quotes for transactions in active exchange markets involving identical securities;
•Level 2 valuations utilize significant observable inputs, such as quoted prices for similar assets or liabilities, quoted prices near the reporting date in markets that are less active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
•Level 3 valuations utilize unobservable inputs to the valuation methodology and include our own data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances.

We did not have any transfers of assets or liabilities measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 during fiscal 2021, 2020 or 2019.

The carrying values of Cash, Accounts receivable, net, Restricted cash, Prepaid expenses and other current assets, Accounts payable, Accrued liabilities, and Current portion of term loans, net of unamortized issuance costs approximate fair value due to their short maturities.

No changes were made to our valuation techniques during fiscal 2021.

Cash Equivalents
The fair value of our cash equivalents is determined based on quoted market prices for similar or identical securities.

Marketable Securities
We classify our marketable securities as available-for-sale and value them utilizing a market approach. Our investments are priced by pricing vendors who provide observable inputs for their pricing without applying significant judgment. Broker pricing is used mainly when a quoted price is not available, the investment is not priced by our pricing vendors or when a broker price is more reflective of fair value. Our broker-priced investments are categorized as Level 2 investments because fair value is based on similar assets without applying significant judgments. In addition, all of our investments have a sufficient level of trading volume to demonstrate that the fair value is appropriate.
Contingent Consideration
Contingent consideration, arising from the acquisition of FRT (see Note 4, Acquisitions), was a cash amount equal to 1.5x EBIT as defined in the purchase agreement, up to a maximum of €10.3 million, payable subject to the performance of the acquired business in calendar 2020. We estimated the fair value of contingent consideration using a probability weighted approach. Key assumptions in determining the fair value of contingent consideration included estimating EBIT levels that we believed as of the acquisition date were likely to be achieved during the performance period, discounted to present value at an appropriate discount rate. In the second quarter of fiscal 2021, we paid $3.9 million in contingent consideration in satisfaction of our obligation under the purchase agreement, resulting in a $0.1 million credit to Selling, general and administrative expense with the remaining change from December 26, 2020 resulting from foreign currency translation.

Assets and liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): 
December 25, 2021Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market funds$9,526 $— $— $9,526 
U.S. treasuries2,500 — — 2,500 
Commercial paper— 1,000 — 1,000 
U.S. agency securities— 5,556 — 5,556 
12,026 6,556 — 18,582 
Marketable securities:
 U.S. treasuries38,985 — — 38,985 
 Certificates of deposit— 1,199 — 1,199 
 Corporate bonds— 52,709 — 52,709 
 Commercial paper— 32,162 — 32,162 
38,985 86,070 — 125,055 
Interest rate swap derivative contracts— 629 — 629 
Total assets$51,011 $93,255 $— $144,266 
Liabilities:
Foreign exchange derivative contracts$— $(489)$— $(489)
Interest rate swap derivative contracts— (55)— (55)
Total liabilities$— $(544)$— $(544)
December 26, 2020Level 1Level 2Level 3Total
Assets:
Cash equivalents:
 Money market funds$43,019 $— $— $43,019 
Marketable securities:
 U.S. Treasuries40,726 — — 40,726 
 Certificates of deposit— 2,179 — 2,179 
 Agency securities— 575 — 575 
 Corporate bonds— 24,330 — 24,330 
40,726 27,084 — 67,810 
Foreign exchange derivative contract— 1,057 — 1,057 
Interest rate swap derivative contracts— 57 — 57 
Total assets$83,745 $28,198 $— $111,943 
Liabilities:
Interest rate swap derivative contracts$— $(87)$— $(87)
Contingent consideration— — (4,012)(4,012)
Total liabilities$— $(87)$(4,012)$(4,099)
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
We measure and report our non-financial assets such as Property, plant and equipment, Goodwill and Intangible assets at fair value on a non-recurring basis if we determine these assets to be impaired or in the period when we make a business acquisition. Other than as discussed in Note 4, Acquisitions and Note 7, Restructuring Charges, there were no assets or liabilities measured at fair value on a non-recurring basis during fiscal 2021, 2020 or 2019.