Marketable Securities

12 Months Ended

Mar. 26, 2016

Marketable Securities [Abstract]

Marketable Securities

3.Marketable Securities

The Company’s investments that have original maturities greater than 90 days have been classified as available-for-sale securities in accordance with U.S. GAAP.  Marketable securities are categorized on the Consolidated 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 (in thousands):

							Estimated
			Gross		Gross		Fair Value
	Amortized		Unrealized		Unrealized		(Net Carrying
As of March 26, 2016	Cost		Gains		Losses		Amount)
Corporate debt securities	$	81,310	$	3	$	(100)	$	81,213

The Company’s specifically identified gross unrealized losses of $100 thousand relates to 21 different securities with a total amortized cost of approximately $64.7 million at March 26, 2016. Two securities had been in a continuous unrealized loss position for more than 12 months as of March 26, 2016.  The gross unrealized loss on both of these securities was less than one half of one percent of the position value, and both securities mature during the first half of fiscal year 2017.  Because the Company does not intend to sell the investments at a loss and it is not more likely than not that the Company will be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at March 26, 2016. 

							Estimated
			Gross		Gross		Fair Value
	Amortized		Unrealized		Unrealized		(Net Carrying
As of March 28, 2015	Cost		Gains		Losses		Amount)
Corporate debt securities	$	153,896	$	8	$	(68)	$	153,836
U.S. Treasury securities		28,010		-		(15)		27,995
Commercial paper		2,485		2		-		2,487
Total securities	$	184,391	$	10	$	(83)	$	184,318

The Company’s specifically identified gross unrealized losses of  $83 thousand relates to 34 different securities with a total amortized cost of approximately $154.3 million at March 28, 2015.  Because the Company does not intend to sell the investments at a loss and it is not more likely than not that the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at March 28, 2015.  Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of March 28, 2015.

The cost and estimated fair value of available-for-sale investments by contractual maturity were as follows:

	March 26, 2016				March 28, 2015
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	60,603	$	60,582	$	124,275	$	124,246
After 1 year		20,707		20,631		60,116		60,072
Total	$	81,310	$	81,213	$	184,391	$	184,318