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Fair Value Measurements
 12 Months Ended
Jun. 01, 2019
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 June 1, 2019, we held investments that were 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.

Investments measured at fair value on a recurring basis subject to the disclosure requirements of ASC 820 as of June 1, 2019 and June 2, 2018 were as follows (in thousands):

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

June 1, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits/CDs

 

$

8,000

 

 

$

—

 

 

$

—

 

Total

 

$

8,000

 

 

$

—

 

 

$

—

 

June 2, 2018

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits/CDs

 

$

—

 

 

$

—

 

 

$

—

 

Total

 

$

—

 

 

$

—

 

 

$

—