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Marketable Securities
 3 Months Ended
Jul. 01, 2012
Marketable Securities [Abstract]  
Marketable Securities

Note 3. 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 1, 2012

                                

U.S. government and agency securities

   $ 130,273     $ 286     $ (28 )    $ 130,531  

Corporate debt obligations

     170,682       1,014       (116 )      171,580  

Asset and mortgage-backed securities

     48,817       352       (72 )      49,097  

Municipal bonds

     28,053       50       (21 )      28,082  
   

 

 

    

 

 

    

 

 

    

 

 

  
    $ 377,825     $ 1,702     $ (237 )    $ 379,290  
   

 

 

    

 

 

    

 

 

    

 

 

  

April 1, 2012

                                

U.S. government and agency securities

   $ 141,680     $ 257     $ (78 )    $ 141,859  

Corporate debt obligations

     166,763       1,071       (166 )      167,668  

Asset and mortgage-backed securities

     46,395       272       (73 )      46,594  

Municipal bonds

     16,548       22       (2 )      16,568  

Other debt securities

     750       —       —       750  
   

 

 

    

 

 

    

 

 

    

 

 

  
    $ 372,136     $     1,622     $     (319 )    $ 373,439  
   

 

 

    

 

 

    

 

 

    

 

 

  

The amortized cost and estimated fair value of debt securities as of July 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

   $ 86,736     $ 86,765  

Due after one year through three years

     208,834       209,525  

Due after three years through five years

     32,593       32,745  

Due after five years

     49,662       50,255  
   

 

 

    

 

 

  
    $ 377,825     $ 379,290  
   

 

 

    

 

 

  

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 1, 2012 and April 1, 2012.

 

                                                 
    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 1, 2012

                                                

U.S. government and agency securities

   $ 39,355     $ (28 )    $ —     $ —     $ 39,355     $ (28 ) 

Corporate debt obligations

     57,548       (113 )      1,664       (3 )      59,212       (116 ) 

Asset and mortgage-backed securities

     17,183       (64 )      321       (8 )      17,504       (72 ) 

Municipal bonds

     9,737       (21 )      —       —       9,737       (21 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    $ 123,823     $ (226 )    $ 1,985     $ (11 )    $ 125,808     $ (237 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

April 1, 2012

                                                

U.S. government and agency securities

   $ 76,239     $ (78 )    $ —     $ —     $ 76,239     $ (78 ) 

Corporate debt obligations

     66,997       (166 )      —       —       66,997       (166 ) 

Asset and mortgage-backed securities

     12,996       (69 )      139       (4 )      13,135       (73 ) 

Municipal bonds

     1,978       (2 )      —       —       1,978       (2 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    $ 158,210     $     (315 )    $        139     $ (4 )    $ 158,349     $ (319 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

As of July 1, 2012 and April 1, 2012, 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 July 1, 2012 and April 1, 2012, the Company determined that the unrealized losses were temporary in nature and recorded them as a component of accumulated other comprehensive income.