Marketable Securities

9 Months Ended

Dec. 30, 2023

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, based on the original maturity.

The following table is a summary of available-for-sale securities at December 30, 2023 (in thousands):


As of December 30, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$	97,244	$	314	$	(604)	$	96,954

U.S. Treasury securities	5,107		1		(82)		5,026

Agency discount notes	1,135		—		(13)		1,122
Total securities	$	103,486	$	315	$	(699)	$	103,102

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 $0.7 million related to securities with total amortized costs of approximately $50.2 million at December 30, 2023. Securities in a continuous unrealized loss position for more than 12 months as of December 30, 2023 had an aggregate amortized cost of $37.6 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. 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 December 30, 2023, 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 25, 2023 (in thousands):


As of March 25, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$	66,753	$	91	$	(1,825)	$	65,019
Non-U.S. government securities	510		—		(3)		507
U.S. Treasury securities	5,728		17		(151)		5,594

Agency discount notes	385		—		(18)		367
Total securities	$	73,376	$	108	$	(1,997)	$	71,487

The Company's specifically identified gross unrealized losses of $2.0 million related to securities with total amortized costs of approximately $64.0 million at March 25, 2023. Securities in a continuous unrealized loss position for more than 12 months as of March 25, 2023 had an aggregate amortized cost of $56.3 million and an aggregate unrealized loss of $1.9 million. As of March 25, 2023, 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):


	December 30, 2023				March 25, 2023
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	33,370	$	32,842	$	35,824	$	34,978
After 1 year	70,116		70,260		37,552		36,509
Total	$	103,486	$	103,102	$	73,376	$	71,487