Marketable Securities

9 Months Ended

Dec. 28, 2013

Marketable Securities [Abstract]

Marketable Securities

2.Marketable Securities

The Company’s investments that have original maturities greater than 90 days have been classified as available-for-sale securities in accordance with U.S. GAAP.  Marketable securities are categorized on the consolidated condensed balance sheet as short- and long-term marketable securities, as appropriate.  

The following table is a summary of available-for-sale securities at December 28, 2013 (in thousands):

							Estimated
			Gross		Gross		Fair Value
	Amortized		Unrealized		Unrealized		(Net Carrying
As of December 28, 2013	Cost		Gains		Losses		Amount)
Corporate debt securities	$	174,157	$	57	$	(74)	$	174,140
U.S. Treasury securities		43,722		8		(5)		43,725
Agency discount notes		4,014		2		-		4,016
Commercial paper		31,012		14		-		31,026
Total securities	$	252,905	$	81	$	(79)	$	252,907

The Company’s specifically identified gross unrealized losses of $79 thousand relates to 47 different securities with total amortized cost of approximately  $131.6 million at December 28, 2013.  Because the Company does not intend to sell the investments at a loss and the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at December 28, 2013.  Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of December 28, 2013. 

The following table is a summary of available-for-sale securities at March 30, 2013 (in thousands):

							Estimated
			Gross		Gross		Fair Value
	Amortized		Unrealized		Unrealized		(Net Carrying
As of March 30, 2013	Cost		Gains		Losses		Amount)
Corporate debt securities	$	94,798	$	2	$	(133)	$	94,667
U.S. Treasury securities		34,380		4		(3)		34,381
Agency discount notes		1,027		-		-		1,027
Commercial paper		40,089		9		(28)		40,070
Total securities	$	170,294	$	15	$	(164)	$	170,145

The Company’s specifically identified gross unrealized losses of $164 thousand relates to 43 different securities with total amortized cost of approximately $124.1 million at March 30, 2013.  Because the Company does not intend to sell the investments at a loss and the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at March 30, 2013.  Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of March 30, 2013.

The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands):

	December 28, 2013				March 30, 2013
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	215,742	$	215,792	$	105,290	$	105,235
After 1 year		37,163		37,115		65,004		64,910
Total	$	252,905	$	252,907	$	170,294	$	170,145