Marketable Securities

9 Months Ended

Dec. 29, 2013

Investments Debt And Equity 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)
December 29, 2013
U.S. government and agency securities	$	88,052	$	41	$	(176	)	$	87,917
Corporate debt obligations		175,713		838		(207	)		176,344
Mortgage-backed securities		48,507		214		(348	)		48,373
Municipal bonds		37,257		83		(99	)		37,241
Other debt securities		3,558		2		(2	)		3,558
	$	353,087	$	1,178	$	(832	)	$	353,433
March 31, 2013
U.S. government and agency securities	$	113,033	$	327	$	(1	)	$	113,359
Corporate debt obligations		153,460		1,429		(30	)		154,859
Mortgage-backed securities		50,852		473		(44	)		51,281
Municipal bonds		39,661		211		—			39,872
Other debt securities		602		1		—			603
	$	357,608	$	2,441	$	(75	)	$	359,974

The amortized cost and estimated fair value of debt securities as of December 29, 2013, 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	$	113,774	$	113,863
Due after one year through three years		169,051		169,259
Due after three years through five years		35,240		34,906
Due after five years		35,022		35,405
	$	353,087	$	353,433

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 December 29, 2013 and March 31, 2013.

	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)
December 29, 2013
U.S. government and agency securities	$	50,796	$	(176	)	$	—	$	—		$	50,796	$	(176	)
Corporate debt obligations		65,329		(207	)		—		—			65,329		(207	)
Mortgage-backed securities		26,216		(310	)		2,306		(38	)		28,522		(348	)
Municipal bonds		17,076		(99	)		—		—			17,076		(99	)
Other debt securities		2,956		(2	)		—		—			2,956		(2	)
	$	162,373	$	(794	)	$	2,306	$	(38	)	$	164,679	$	(832	)
March 31, 2013
U.S. government and agency securities	$	4,502	$	(1	)	$	—	$	—		$	4,502	$	(1	)
Corporate debt obligations		24,203		(30	)		—		—			24,203		(30	)
Mortgage-backed securities		10,048		(44	)		—		—			10,048		(44	)
	$	38,753	$	(75	)	$	—	$	—		$	38,753	$	(75	)

As of December 29, 2013 and March 31, 2013, 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 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 December 29, 2013 and March 31, 2013, the Company determined that the unrealized losses were temporary in nature and recorded them as a component of accumulated other comprehensive income.

Realized gains and losses reclassified from accumulated other comprehensive income are included in interest and other income, net, in the condensed consolidated statements of income.