Marketable Securities

3 Months Ended

Jun. 29, 2024

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 June 29, 2024 (in thousands):


As of June 29, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$	240,818	$	80	$	(1,266)	$	239,632

U.S. Treasury securities	12,379		11		(70)		12,320

Agency discount notes	385		—		(7)		378
Commercial paper	877		—		—		877
Total securities	$	254,459	$	91	$	(1,343)	$	253,207

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 $1.3 million related to securities with total amortized costs of approximately $224.5 million at June 29, 2024. Securities in a continuous unrealized loss position for more than 12 months as of June 29, 2024 had an aggregate amortized cost of $21.8 million and an aggregate unrealized loss of $0.3 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 June 29, 2024, 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 30, 2024 (in thousands):


As of March 30, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$	186,194	$	115	$	(916)	$	185,393

U.S. Treasury securities	9,850		—		(81)		9,769

Agency discount notes	1,135		—		(11)		1,124
Commercial paper	866		—		—		866
Total securities	$	198,045	$	115	$	(1,008)	$	197,152

The Company's specifically identified gross unrealized losses of $1.0 million related to securities with total amortized costs of approximately $172.1 million at March 30, 2024. Securities in a continuous unrealized loss position for more than 12 months as of March 30, 2024 had an aggregate amortized cost of $25.0 million and an aggregate unrealized loss of $0.3 million. As of March 30, 2024, 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):


	June 29, 2024				March 30, 2024
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	25,881	$	25,680	$	24,071	$	23,778
After 1 year	228,578		227,527		173,974		173,374
Total	$	254,459	$	253,207	$	198,045	$	197,152