Marketable Securities (Tables)

3 Months Ended

Jun. 27, 2020

Schedule of Available-for-sale Securities

The following table is a summary of available-for-sale securities at June 27, 2020 (in thousands):


As of June 27, 2020	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$	294,015	$	6,727	$	(72)	$	300,670
Non-U.S. government securities	12,879		316		—		13,195
U.S. Treasury securities	5,267		108		—		5,375

Agency discount notes	889		—		—		889
Total securities	$	313,050	$	7,151	$	(72)	$	320,129

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 costs of approximately $7.7 million at June 27, 2020. There were no securities that had been in a continuous unrealized loss position for more than 12 months as of June 27, 2020. 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. The Company records an allowance for credit loss when a decline in investment market value is due to credit-related factors. When evaluating an investment for 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 27, 2020, the Company does not consider any of its investments to be impaired.

The following table is a summary of available-for-sale securities at March 28, 2020 (in thousands):

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As of March 28, 2020	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$	286,668	$	1,157	$	(3,993)	$	283,832
Non-U.S. government securities	12,483		260		—		12,743
U.S. Treasury securities	8,839		167		—		9,006


Total securities	$	307,990	$	1,584	$	(3,993)	$	305,581

Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity

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

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	June 27, 2020						March 28, 2020
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	29,447	$	29,943	$	22,012	$	22,008
After 1 year	283,603		290,186		285,978		283,573
Total	$	313,050	$	320,129	$	307,990	$	305,581