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Marketable Securities
9 Months Ended
Jan. 01, 2012
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)  

January 1, 2012

                               

U.S. government and agency securities

  $ 121,512     $ 233     $ (27   $ 121,718  

Corporate debt obligations

    144,650       750       (531     144,869  

Asset and mortgage-backed securities

    38,895       218       (73     39,040  

Municipal bonds

    15,788       22       (2     15,808  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total debt securities

    320,845       1,223       (633     321,435  

Certificates of deposit

    192                   192  
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 321,037     $ 1,223     $ (633   $ 321,627  
   

 

 

   

 

 

   

 

 

   

 

 

 
         

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 January 1, 2012, 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

  $ 108,574     $ 108,884  

Due after one year through three years

    147,688       147,830  

Due after three years through five years

    20,977       20,972  

Due after five years

    43,606       43,749  
   

 

 

   

 

 

 
    $ 320,845     $ 321,435  
   

 

 

   

 

 

 

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 January 1, 2012 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)  

January 1, 2012

                                               

U.S. government and agency securities

  $ 48,183     $ (27   $     $     $ 48,183     $ (27

Corporate debt obligations

    65,975       (529     327       (2     66,302       (531

Asset and mortgage-backed securities

    14,935       (73                 14,935       (73

Municipal bonds

    2,073       (2                 2,073       (2
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 131,166     $ (631   $ 327     $ (2   $ 131,493     $ (633
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
             

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 January 1, 2012 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 January 1, 2012 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.