Marketable Securities

3 Months Ended

Jun. 25, 2016

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 25, 2016 (in thousands):

							Estimated
			Gross		Gross		Fair Value
	Amortized		Unrealized		Unrealized		(Net Carrying
As of June 25, 2016	Cost		Gains		Losses		Amount)
Corporate debt securities	$	58,235	$	10	$	(20)	$	58,225
Commercial paper		36,808		-		(20)		36,788
Total securities	$	95,043	$	10	$	(40)	$	95,013

The Company’s specifically identified gross unrealized losses of $40 thousand relate to 13 different securities with total amortized cost of approximately $63.0 million at June 25, 2016.  Six securities had been in a continuous unrealized loss position for more than 12 months as of June 25, 2016.  The gross unrealized loss on these securities was less than one-tenth of one percent of the position value.  Because the Company does not intend to sell the investments at a loss and it is not more likely than not that the Company will 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 25, 2016.   

The following table is a summary of available-for-sale securities at March 26, 2016 (in thousands):

							Estimated
			Gross		Gross		Fair Value
	Amortized		Unrealized		Unrealized		(Net Carrying
As of March 26, 2016	Cost		Gains		Losses		Amount)
Corporate debt securities	$	81,310	$	3	$	(100)	$	81,213

The Company’s specifically identified gross unrealized losses of $100 thousand relate to 21 different securities with total amortized cost of approximately $64.7 million at March 26, 2016.  Two securities had been in a continuous loss position for more than 12 months as of March 26, 2016.  One of these securities matured in the current fiscal quarter, with the other maturing in the second quarter of fiscal year 2017.  Because the Company did not intend to sell the investments at a loss and it was not more likely than not that the Company would 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 26, 2016.

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

	June 25, 2016				March 26, 2016
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	91,109	$	91,090	$	60,603	$	60,582
After 1 year		3,934		3,923		20,707		20,631
Total	$	95,043	$	95,013	$	81,310	$	81,213