Marketable Securities

3 Months Ended

Jun. 29, 2019

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 29, 2019 (in thousands):



As of June 29, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$	236,150	$	2,474	$	(102	)	$	238,522
Non-U.S. government securities	15,147		109		(7		)	15,249
U.S. Treasury securities	3,623		35		—			3,658
Total securities	$	254,920	$	2,618	$	(109	)	$	257,429

The Company typically invests in highly-rated securities with original maturities generally ranging from one to three years. The Company's specifically identified gross unrealized loss of $0.1 million related to securities with total amortized cost of approximately $56.1 million at June 29, 2019. Securities in a continuous unrealized loss position for more than 12 months as of June 29, 2019 had an aggregate amortized cost of $49.8 million and an aggregate unrealized loss of $0.1 million. The Company may sell certain of its marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipated or actual changes in credit rating and duration management. When evaluating an investment for other-than-temporary impairment, the Company reviews factors including the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, changes in market interest rates and whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s cost basis. As of June 29, 2019, the Company did not consider any of its investments to be other-than-temporarily impaired.

The following table is a summary of available-for-sale securities at March 30, 2019 (in thousands):

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As of March 30, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$	215,098	$	1,027	$	(600	)	$	215,525
Non-U.S. government securities	13,209		8		(40		)	13,177
Agency discount notes	450		—		(1		)	449
Total securities	$	228,757	$	1,035	$	(641	)	$	229,151

The Company’s specifically identified gross unrealized losses of $0.6 million related to securities with total amortized cost of approximately $123.1 million at March 30, 2019. Securities in a continuous unrealized loss position for more than 12 months as of March 30, 2019 had an aggregate amortized cost of $120.3 million and an aggregate unrealized loss of $0.6 million. The Company may sell certain of its marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipated or actual changes in credit rating and duration management. When evaluating an investment for other-than-temporary impairment, the Company reviews factors including the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, changes in market interest rates and whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s cost basis. As of March 30, 2019, the Company did not consider any of its investments to be other-than-temporarily impaired.

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

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	June 29, 2019				March 30, 2019
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	52,415	$	52,350	$	70,490	$	70,183
After 1 year	202,505		205,079		158,267		158,968
Total	$	254,920	$	257,429	$	228,757	$	229,151