Marketable Securities

3 Months Ended

Jun. 28, 2014

Marketable Securities [Abstract]

Marketable Securities

3.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 June 28, 2014 (in thousands):

							Estimated
			Gross		Gross		Fair Value
	Amortized		Unrealized		Unrealized		(Net Carrying
As of June 28, 2014	Cost		Gains		Losses		Amount)
Corporate debt securities	$	93,759	$	9	$	(98)	$	93,670
Commercial paper		16,472		7		(5)		16,474
Certificates of deposit		5,005		1		-		5,006
Total securities	$	115,236	$	17	$	(103)	$	115,150

The Company’s specifically identified gross unrealized losses of $103 thousand relates to 23 different securities with total amortized cost of approximately $86.6 million at June 28, 2014.  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 June 28, 2014.  Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of June 28, 2014. 

The following table is a summary of available-for-sale securities at March 29, 2014 (in thousands):

							Estimated
			Gross		Gross		Fair Value
	Amortized		Unrealized		Unrealized		(Net Carrying
As of March 29, 2014	Cost		Gains		Losses		Amount)
Corporate debt securities	$	246,878	$	52	$	(245)	$	246,685
U.S. Treasury securities		56,986		10		(2)		56,994
Agency discount notes		2,008		1		-		2,009
Commercial paper		41,962		10		(2)		41,970
Certificates of deposit		5,006		-		(4)		5,002
Total securities	$	352,840	$	73	$	(253)	$	352,660

The Company’s specifically identified gross unrealized losses of $253 thousand relates to 74 different securities with total amortized cost of approximately $207.8 million at March 29, 2014.  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 29, 2014.  Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of March 29, 2014.  

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

	June 28, 2014				March 29, 2014
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	75,261	$	75,198	$	263,418	$	263,417
After 1 year		39,975		39,952		89,422		89,243
Total	$	115,236	$	115,150	$	352,840	$	352,660