Marketable Securities

6 Months Ended

Oct. 02, 2011

Marketable Securities [Abstract]

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)
October 2, 2011
U.S. government and agency securities	$	84,825	$	188	$	(32	)	$	84,981
Corporate debt obligations		178,358		868		(872	)		178,354
Asset and mortgage-backed securities		29,769		200		(80	)		29,889
Municipal bonds		21,153		34		(5	)		21,182
Non-U.S. government and agency securities		1,652		—		—			1,652
Total debt securities		315,757		1,290		(989	)		316,058
Certificates of deposit		209		—		—			209
	$	315,966	$	1,290	$	(989	)	$	316,267
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 October 2, 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	$	101,865	$	102,121
Due after one year through three years		147,834		147,833
Due after three years through five years		26,136		26,065
Due after five years		39,922		40,039
	$	315,757	$	316,058

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 October 2, 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)
October 2, 2011
U.S. government and agency securities	$	27,057	$	(32	)	$	—	$	—		$	27,057	$	(32	)
Corporate debt obligations		96,436		(872	)		—		—			96,436		(872	)
Asset and mortgage-backed securities		12,758		(76	)		186		(4	)		12,944		(80	)
Municipal bonds		2,858		(5	)		—		—			2,858		(5	)
	$	139,109	$	(985	)	$	186	$	(4	)	$	139,295	$	(989	)
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	)

As of October 2, 2011 and April 3, 2011, the fair value of certain of the Company’s available-for-sale securities was less than their cost basis. Management reviewed various factors in determining whether to recognize an impairment charge related to these unrealized losses, including the current financial and credit market environment, the financial condition and near-term prospects of the issuer of the investment security, the magnitude of the unrealized loss compared to the cost of the investment, the length of time the investment had been in a loss position and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery of market value. As of October 2, 2011 and April 3, 2011, the Company determined that the unrealized losses were temporary in nature and recorded them as a component of accumulated other comprehensive income.