Marketable Securities

12 Months Ended

Mar. 26, 2022

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 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):


As of March 26, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$	70,296	$	2	$	(2,133)	$	68,165
Non-U.S. government securities	509		—		(9)		500
U.S. Treasury securities	5,483		—		(169)		5,314

Agency discount notes	385		—		(14)		371
Total securities	$	76,673	$	2	$	(2,325)	$	74,350

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 $2.3 million related to securities with total amortized costs of approximately $75.5 million at March 26, 2022. Securities in a continuous unrealized loss position for more than 12 months as of March 26, 2022 had an aggregate amortized cost of $3.5 million and an aggregate unrealized loss of $0.1 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 March 26, 2022, the Company does not consider any of its investments to be impaired.


As of March 27, 2021	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value (Net Carrying Amount)
Corporate debt securities	$	348,971	$	3,403	$	(313)	$	352,061
Non-U.S. government securities	13,462		172		(1)		13,633


Agency discount notes	2,759		4		(1)		2,762
Total securities	$	365,192	$	3,579	$	(315)	$	368,456

The Company’s specifically identified gross unrealized losses of $0.3 million related to securities with total amortized costs of approximately $92.0 million at March 27, 2021. There were no securities that had been in a continuous unrealized loss position for more than 12 months as of March 27, 2021. As of March 27, 2021, the Company did not consider any of its investments to be impaired.

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


	March 26, 2022				March 27, 2021
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within 1 year	$	10,697	$	10,601	$	54,895	$	55,698
After 1 year	65,976		63,749		310,297		312,758
Total	$	76,673	$	74,350	$	365,192	$	368,456