Marketable Securities

3 Months Ended

Jun. 29, 2014

Investments Debt And Equity 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)
June 29, 2014
U.S. government and agency securities	$	47,919	$	36	$	(16	)	$	47,939
Corporate debt obligations		77,041		241		(31	)		77,251
Mortgage-backed securities		32,029		228		(98	)		32,159
Municipal bonds		23,402		164		(5	)		23,561
Other debt securities		8,619		8		(5	)		8,622
	$	189,010	$	677	$	(155	)	$	189,532
March 30, 2014
U.S. government and agency securities	$	49,237	$	16	$	(55	)	$	49,198
Corporate debt obligations		74,386		200		(72	)		74,514
Mortgage-backed securities		32,778		191		(187	)		32,782
Municipal bonds		24,989		133		(9	)		25,113
Other debt securities		5,178		3		(5	)		5,176
	$	186,568	$	543	$	(328	)	$	186,783

The amortized cost and estimated fair value of debt securities as of June 29, 2014, 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	$	15,480	$	15,509
Due after one year through three years		127,021		127,380
Due after three years through five years		24,378		24,360
Due after five years		22,131		22,283
	$	189,010	$	189,532

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 June 29, 2014 and March 30, 2014.

	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)
June 29, 2014
U.S. government and agency securities	$	23,407	$	(14	)	$	679	$	(2	)	$	24,086	$	(16	)
Corporate debt obligations		17,725		(28	)		464		(3	)		18,189		(31	)
Mortgage-backed securities		2,990		(15	)		7,088		(83	)		10,078		(98	)
Municipal bonds		2,481		(5	)		—		—			2,481		(5	)
Other debt securities		4,102		(5	)		—		—			4,102		(5	)
	$	50,705	$	(67	)	$	8,231	$	(88	)	$	58,936	$	(155	)
March 30, 2014
U.S. government and agency securities	$	26,879	$	(55	)	$	—	$	—		$	26,879	$	(55	)
Corporate debt obligations		19,906		(72	)		—		—			19,906		(72	)
Mortgage-backed securities		11,261		(145	)		2,838		(42	)		14,099		(187	)
Municipal bonds		3,322		(9	)		—		—			3,322		(9	)
Other debt securities		2,955		(5	)		—		—			2,955		(5	)
	$	64,323	$	(286	)	$	2,838	$	(42	)	$	67,161	$	(328	)

As of June 29, 2014 and March 30, 2014, 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 June 29, 2014 and March 30, 2014, the Company determined that the unrealized losses were temporary in nature and recorded them as a component of accumulated other comprehensive income.