Fair Value Of Financial Instruments

6 Months Ended

Sep. 24, 2011

Fair Value Of Financial Instruments [Abstract]

Fair Value Of Financial Instruments

3.       Fair Value of Financial Instruments

The following table summarizes the carrying amount and fair value of the Company's cash and financial instruments (in thousands):

	September 24, 2011		March 26, 2011
	Carrying Amount	Fair Value	Carrying Amount	Fair Value
Cash	$            5,066	$          5,066	$            9,626	$            9,626
Cash equivalents	34,202	34,202	27,413	27,413
Restricted investments	2,898	2,898	5,786	5,786
Marketable securities	100,130	100,130	159,528	159,528
Long-term marketable securities	8,703	8,703	12,702	12,702
	$        150,999	$       150,999	$        215,055	$        215,055

The Company's investments that have original maturities greater than 90 days have been classified as available-for-sale securities in accordance with ASC Topic 320 - "Investments – Debt and Equity Securities."  Marketable securities are categorized on the consolidated condensed balance sheet as restricted investments and marketable securities, as appropriate.

The following table is a summary of available-for-sale securities at September 24, 2011 (in thousands):

	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$         55,562	$                  4	$              (116)	$                 55,450
Money-market funds	16,545	-	-	16,545
U.S. Treasury securities	22,076	1	(5)	22,072
Agency discount notes	16,382	10	(1)	16,391
Commercial paper	35,482	4	(11)	35,475
Total securities	$       146,047	$                19	$              (133)	$               145,933

      The Company's specifically identified gross unrealized losses of $133 thousand relates to 37 different securities with amortized costs of approximately $76.4 million at September 24, 2011. The securities with gross unrealized losses have been in a continuous unrealized loss position for less than 12 months as of September 24, 2011.

The following table is a summary of cash and marketable securities at March 26, 2011 (in thousands):

	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$          64,227	$                 23	$                 (38)	$                  64,212
Money-market funds	17,700	-	-	17,700
U.S. Treasury securities	45,768	13	-	45,781
Agency discount notes	16,588	5	(2)	16,591
Commercial paper	61,128	24	(7)	61,145
Total securities	$        205,411	$                 65	$                 (47)	$                205,429

        The Company's specifically identified gross unrealized losses of $47 thousand relates to 28 different securities with a total amortized cost of approximately $61.8 million at March 26, 2011.  The securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of March 26, 2011.

The Company has determined that the only assets and liabilities in the Company's financial statements that are required to be measured at fair value on a recurring basis are the Company's cash and investment portfolio assets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

• Level 1 - Quoted prices in active markets for identical assets or liabilities.

• Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

• Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company's investment portfolio assets consist of U.S. Treasury securities, obligations of U.S. government-sponsored enterprises, corporate debt, commercial paper, and money-market funds, and are reflected on our consolidated condensed balance sheet under the headings cash and cash equivalents, restricted investments, marketable securities, and long-term marketable securities. The Company determines the fair value of its investment portfolio assets by obtaining non-binding market prices from its third-party portfolio managers on the last day of the quarter, whose sources may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value.  The Company began classifying certain of its available-for-sale marketable securities as Level 2 in the second quarter of fiscal year 2012. Prior to the quarterly period ending September 24, 2011 the Company classified all investment portfolio assets as Level 1 inputs. These changes in the disclosed classification had no effect on the reported fair values of these investments. Prior period amounts have been reclassified to conform to the current year presentation. The Company has no Level 3 assets. Except as noted above, there were no transfers between level 1, level 2, or level 3 measurements for the three or six month period ending September 24, 2011.

The fair value of our financial assets at September 24, 2011, was determined using the following inputs (in thousands):

Description	Quoted Prices in Active Markets for Identical  Assets  Level 1	Significant Other Observable Inputs   Level 2	Significant Unobservable  Inputs   Level 3	Total
Available-for-sale securities
Corporate debt securities	$                  -	$         55,450	$                  -	$         55,450
Money-market funds	16,545	-	-	16,545
U.S. Treasury securities	22,072	-	-	22,072
Agency discount notes	-	16,391	-	16,391
Commercial paper	-	35,475	-	35,475
	$           38,617	$       107,316	$                  -	$       145,933

The fair value of our financial assets at March 26, 2011, was determined using the following inputs (in thousands):

Description	Quoted Prices in Active Markets for Identical    Assets     Level 1	Significant Other Observable     Inputs      Level 2	Significant Unobservable        Inputs         Level 3	Total
Available-for-sale securities
Corporate debt securities	$                   -	$          64,212	$                  -	$          64,212
Money-market funds	17,700	-	-	17,700
U.S. Treasury securities	45,781	-	-	45,781
Agency discount notes	-	16,591	-	16,591
Commercial paper	-	61,145	-	61,145
	$           63,481	$        141,948	$                  -	$        205,429