Marketable Securities

3 Months Ended

Jul. 03, 2011

Marketable Securities

Marketable Securities

Note 2. Marketable Securities

The Company's portfolio of available-for-sale marketable securities consists of the following:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(In thousands)
July 3, 2011
U.S. government and agency securities	$	71,580	$	148	$	(22	)	$	71,706
Corporate debt obligations		184,067		1,115		(145	)		185,037
Asset and mortgage-backed securities		29,159		313		(67	)		29,405
Municipal bonds		22,099		32		(4	)		22,127
Non-U.S. government and agency securities		1,651		—		—			1,651
	$	308,556	$	1,608	$	(238	)	$	309,926
April 3, 2011
U.S. government and agency securities	$	55,875	$	94	$	(216	)	$	55,753
Corporate debt obligations		137,706		1,012		(282	)		138,436
Asset and mortgage-backed securities		22,249		293		(52	)		22,490
Municipal bonds		17,941		10		(10	)		17,941
Non-U.S. government and agency securities		1,676		—		—			1,676
	$	235,447	$	1,409	$	(560	)	$	236,296

The amortized cost and estimated fair value of debt securities as of July 3, 2011, by contractual maturity, are presented below. Expected maturities will differ from contractual maturities because the issuers of securities may have the right to repay obligations without prepayment penalties. Certain debt instruments, although possessing a contractual maturity greater than one year, are classified as short-term marketable securities based on their ability to be traded on active markets and availability for current operations.

	Amortized Cost		Estimated Fair Value
	(In thousands)
Due in one year or less	$	121,395	$	121,762
Due after one year through three years		128,945		129,674
Due after three years through five years		15,676		15,708
Due after five years		42,540		42,782
	$	308,556	$	309,926

The following table presents the Company's marketable securities with unrealized losses by investment category and length of time that individual securities have been in a continuous unrealized loss position as of July 3, 2011 and April 3, 2011.

	Less Than 12 Months					12 Months or Greater				Total
Description of Securities	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(In thousands)
July 3, 2011
U.S. government and agency securities	$	23,576	$	(22	)	$	—	$	—	$	23,576	$	(22	)
Corporate debt obligations		56,756		(145	)		—		—		56,756		(145	)
Asset and mortgage-backed securities		11,479		(67	)		—		—		11,479		(67	)
Municipal bonds		1,247		(4	)		—		—		1,247		(4	)
	$	93,058	$	(238	)	$	—	$	—	$	93,058	$	(238	)
April 3, 2011
U.S. government and agency securities	$	25,712	$	(216	)	$	—	$	—	$	25,712	$	(216	)
Corporate debt obligations		60,595		(282	)		—		—		60,595		(282	)
Asset and mortgage-backed securities		7,991		(52	)		—		—		7,991		(52	)
Municipal bonds		1,866		(10	)		—		—		1,866		(10	)
	$	96,164	$	(560	)	$	—	$	—	$	96,164	$	(560	)