FAIR VALUE MEASUREMENTS
Recurring

The following table presents the Company's assets measured at fair value on a recurring basis at December 31:
20222021
(In thousands)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets
Pension plan assets (Note 8)
$7,386 $— $— $7,386 $52,296 $— $— $52,296 
Financial Instruments

The carrying values of cash and cash equivalents, accounts receivable, derivative instruments, and accounts payable approximate their fair value due to the short-term nature of these instruments.
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Historical Timeline

Fiscal YearFiled
2022Feb 24, 2023Showing above
2021Feb 25, 2022
2018Feb 27, 2019

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.