Financial Instruments

12 Months Ended

Mar. 30, 2012

Financial Instruments [Abstract]

Financial Instruments

Note 2.  Financial Instruments

Short-term investments at March 30, 2012 and March 25, 2011 consisted of the following:

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Market Value
March 30, 2012
U.S. Treasury notes	$	3,953	$	2	$	(3	)	$	3,952
U.S. government agencies		7,465		10		-			7,475
Corporate notes and bonds		10,757		24		(3	)		10,778
Asset backed securities		3,530		9		(2	)		3,537
Other debt securities		503		-		-			503
	$	26,208	$	45	$	(8	)	$	26,245
March 25, 2011
U.S. Treasury notes	$	3,222	$	10	$	(1	)	$	3,231
U.S. government agencies		17,297		34		(15	)		17,316
Corporate notes and bonds		20,507		66		(13	)		20,560
Asset backed securities		14,187		61		(21	)		14,227
Other debt securities		1,523		4		(1	)		1,526
	$	56,736	$	175	$	(51	)	$	56,860

The maturities of short-term investments at March 30, 2012 are as follows:

(in thousands)	Amortized Cost		Estimated Market Value
Maturing in one year	$	8,625	$	8,637
Maturing in one to five years		17,583		17,608
Total	$	26,208	$	26,245

Unrealized gain positions for short-term investments held twelve months or more were $21,000 and $187,000 at March 30, 2012 and March 25, 2011, respectively.

The following table summarizes the financial assets and liabilities of the Company measured at fair value on a recurring basis:

(in thousands)			Fair Value Measurements at  March 30, 2012, Using
	Balance as of March  30, 2012		Level 1		Level 2
Assets:
U.S. Treasury notes(1)	$	3,952	$	3,952	$	-
U.S. government agencies(1)		7,475		-		7,475
Corporate notes and bonds(1)		10,778		-		10,778
Asset backed securities(1)		3,537		-		3,537
Other debt securities(1)		503		-		503
Total	$	26,245	$	3,952	$	22,293

(in thousands)			Fair Value Measurements at  March 25, 2011, using
	Balance as of March  25, 2011		Level 1		Level 2
Assets:
U.S. Treasury notes(1)	$	3,231	$	3,231	$	-
U.S. government agencies(1)		17,316		-		17,316
Corporate notes and bonds(1)		20,560		-		20,560
Asset backed securities(1)		14,227		-		14,227
Other debt securities(1)		1,526		-		1,526
		56,860		3,231		53,629
Foreign currency derivatives(2)		31		-		31
Total	$	56,891	$	3,231	$	53,660
Liabilities:
Foreign currency derivatives(3)	$	112	$	-	$	112
Total	$	112	$	-	$	112

(1) Included in short-term investments on the Company's consolidated balance sheet.

(2) Included in accounts receivable on the Company's consolidated balance sheet.

(3) Included in accrued liabilities on the Company's consolidated balance sheet.

The three levels of the fair value hierarchy are:

Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2: Observable inputs other than quoted prices included within Level 1, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices that are observable or are derived principally from, or corroborated by, observable market data by correlation or other means.

Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The valuation techniques used to measure the fair value of financial instruments, all of which have counterparties with high credit ratings, were valued based on quoted market prices or model driven valuations using significant inputs derived from or corroborated by observable market data.

Investments are classified within Level 1 if quoted prices are available in active markets.

Items are classified in Level 2 if the investments are valued using quoted prices for identical assets in markets that are not active, using quoted prices for similar assets in an active market, or using model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets.

The Company did not hold financial assets or liabilities which were recorded at fair value using inputs in the Level 3 category as of March 30, 2012 and March 25, 2011.

Derivative financial instruments are limited to foreign exchange contracts which the Company enters into to minimize certain balance sheet exposures and intercompany balances against future movement in foreign exchange rates. The Company's primary net foreign currency exposures are in Japanese yen, Euros, and British pounds. The fair value of the Company's derivative instruments is determined using pricing models based on current market rates. Gains and losses on these foreign exchange contracts, which are not designated as hedging instruments, are included in other income and expense, net, and were not material for any period presented. As of March 30, 2012, the Company had no outstanding foreign exchange contracts.