Marketable Securities

9 Months Ended

Dec. 28, 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 December 28, 2019 (in thousands):


As of December 28, 2019	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$	240,061	$	2,802	$	(22)	$	242,841
Non-U.S. government securities	14,094		98		(1)		14,191
U.S. Treasury securities	6,248		—		(20)		6,228


Total securities	$	260,403	$	2,900	$	(43)	$	263,260

The Company typically invests in highly-rated securities with original maturities generally ranging from one to three years. The Company specifically identified certain securities with an immaterial amount of gross unrealized losses at December 28, 2019. The total amortized cost of these securities was approximately $27.9 million. Securities in a continuous unrealized loss position for more than 12 months as of December 28, 2019 had an immaterial aggregate amortized cost and aggregate unrealized loss. 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 December 28, 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 specifically identified certain securities with a total gross unrealized loss of $0.6 million at March 30, 2019. The total amortized cost of these securities was approximately $123.1 million. 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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	December 28, 2019						March 30, 2019
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	13,048	$	13,098	$	70,490	$	70,183
After 1 year	247,355		250,162		158,267		158,968
Total	$	260,403	$	263,260	$	228,757	$	229,151