Marketable Securities

6 Months Ended

Sep. 24, 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 condensed balance sheet as short- and long-term marketable securities, as appropriate.

The following table is a summary of available-for-sale securities at September 24, 2016 (in thousands):

							Estimated
			Gross		Gross		Fair Value
	Amortized		Unrealized		Unrealized		(Net Carrying
As of September 24, 2016	Cost		Gains		Losses		Amount)
Corporate debt securities	$	32,031	$	1	$	(31)	$	32,001
Commercial paper		86,164		-		(74)		86,090
Total securities	$	118,195	$	1	$	(105)	$	118,091

The Company’s specifically identified gross unrealized losses of $105 thousand relate to 21 different securities with total amortized cost of approximately $116.1 million at September 24, 2016.   Four securities had been in a continuous unrealized loss position for more than 12 months as of September 24, 2016.  The gross unrealized loss on these securities was less than one percent of the position value.  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 September 24, 2016.   

The following table is a summary of available-for-sale securities at March 26, 2016 (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 relate to 21 different securities with total amortized cost of approximately $64.7 million at March 26, 2016.  Two securities had been in a continuous loss position for more than 12 months as of March 26, 2016, both of which have matured in the current fiscal year.  Because the Company did not intend to sell the investments at a loss and it was not more likely than not that the Company would 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.

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

	September 24, 2016				March 26, 2016
	Amortized		Estimated		Amortized		Estimated
	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	116,185	$	116,087	$	60,603	$	60,582
After 1 year		2,010		2,004		20,707		20,631
Total	$	118,195	$	118,091	$	81,310	$	81,213