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FAIR VALUE MEASUREMENTS
 12 Months Ended
May 28, 2016
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
13. FAIR VALUE MEASUREMENTS

 

ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States, and expands disclosures about fair value measurements.

 

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists; therefore requiring an entity to develop its own assumptions.

 

As of May 28, 2016, we held investments that are required to be measured at fair value on a recurring basis. Our investments consist of time deposits and CDs, where face value is equal to fair value, and equity securities of publicly traded companies for which market prices are readily available.

 

Investments measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 as of May 28, 2016 and May 30, 2015, were as follows (in thousands):

 

   Level 1  Level 2  Level 3
May 28, 2016         
Time deposits/CDs  $9,517   $—   $— 
Equity securities   550    —    — 
Total  $10,067   $—   $— 
May 30, 2015               
Time deposits/CDs  $34,665   $—   $— 
Equity securities   576    —    — 
Total  $35,241   $—   $—