Marketable Securities

3 Months Ended

Jun. 27, 2015

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 27, 2015 (in thousands):

							Estimated
			Gross		Gross		Fair Value
	Amortized		Unrealized		Unrealized		(Net Carrying
As of June 27, 2015	Cost		Gains		Losses		Amount)
Corporate debt securities	$	157,080	$	2	$	(223)	$	156,859
U.S. Treasury securities		11,506		-		(2)		11,504
Commercial paper		2,490		2		-		2,492
Total securities	$	171,076	$	4	$	(225)	$	170,855

The Company’s specifically identified gross unrealized losses of $225 thousand relates to 43 different securities with total amortized cost of approximately $157.6 million at June 27, 2015.  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 27, 2015.  Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of June 27, 2015. 

The following table is a summary of available-for-sale securities at March 28, 2015 (in thousands):

							Estimated
			Gross		Gross		Fair Value
	Amortized		Unrealized		Unrealized		(Net Carrying
As of March 28, 2015	Cost		Gains		Losses		Amount)
Corporate debt securities	$	153,896	$	8	$	(68)	$	153,836
U.S. Treasury securities		28,010		-		(15)		27,995
Commercial paper		2,485		2		-		2,487
Total securities	$	184,391	$	10	$	(83)	$	184,318

The Company’s specifically identified gross unrealized losses of $83 thousand relates to 34 different securities with total amortized cost of approximately $154.3 million at March 28, 2015.  Because the Company did not intend to sell the investments at a loss and the Company did not expect to 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 28, 2015.  Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of March 28, 2015.  

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

	June 27, 2015				March 28, 2015
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	120,288	$	120,226	$	124,275	$	124,246
After 1 year		50,788		50,629		60,116		60,072
Total	$	171,076	$	170,855	$	184,391	$	184,318