Marketable Securities

6 Months Ended

Sep. 24, 2022

The Company’s investments 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 "Marketable securities", within the short-term or long-term classification, as appropriate.

The following table is a summary of available-for-sale securities at September 24, 2022 (in thousands):


As of September 24, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$	69,730	$	—	$	(2,962)	$	66,768
Non-U.S. government securities	511		—		(12)		499
U.S. Treasury securities	5,520		—		(264)		5,256

Agency discount notes	384		—		(25)		359
Total securities	$	76,145	$	—	$	(3,263)	$	72,882

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 losses of $3.3 million related to securities with total amortized costs of approximately $75.9 million at September 24, 2022. Securities in a continuous unrealized loss position for more than

12 months as of September 24, 2022 had an aggregate amortized cost of $21.5 million and an aggregate unrealized loss of $1.2 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. 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 September 24, 2022, 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 26, 2022 (in thousands):


As of March 26, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$	70,296	$	2	$	(2,133)	$	68,165
Non-U.S. government securities	509		—		(9)		500
U.S. Treasury securities	5,483		—		(169)		5,314

Agency discount notes	385		—		(14)		371
Total securities	$	76,673	$	2	$	(2,325)	$	74,350

The Company's specifically identified gross unrealized losses of $2.3 million related to securities with total amortized costs of approximately $75.5 million at March 26, 2022. Securities in a continuous unrealized loss position for more than 12 months as of March 26, 2022 had an aggregate amortized cost of $3.5 million and an aggregate unrealized loss of $0.1 million. As of March 26, 2022, the Company did not consider any of its investments to be impaired.

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


	September 24, 2022				March 26, 2022
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	24,416	$	23,869	$	10,697	$	10,601
After 1 year	51,729		49,013		65,976		63,749
Total	$	76,145	$	72,882	$	76,673	$	74,350