Marketable Securities

6 Months Ended

Sep. 28, 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)
September 28, 2014
U.S. government and agency securities	$	49,859	$	20	$	(43	)	$	49,836
Corporate debt obligations		72,863		133		(70	)		72,926
Mortgage-backed securities		33,503		176		(109	)		33,570
Municipal bonds		20,234		106		(9	)		20,331
Other debt securities		13,187		9		(20	)		13,176
	$	189,646	$	444	$	(251	)	$	189,839
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 September 28, 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	$	16,734	$	16,756
Due after one year through three years		131,683		131,778
Due after three years through five years		19,417		19,400
Due after five years		21,812		21,905
	$	189,646	$	189,839

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 September 28, 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)
September 28, 2014
U.S. government and agency securities	$	26,232	$	(40	)	$	677	$	(3	)	$	26,909	$	(43	)
Corporate debt obligations		28,999		(70	)		—		—			28,999		(70	)
Mortgage-backed securities		8,552		(34	)		6,705		(75	)		15,257		(109	)
Municipal bonds		2,899		(9	)		—		—			2,899		(9	)
Other debt securities		6,594		(20	)		—		—			6,594		(20	)
	$	73,276	$	(173	)	$	7,382	$	(78	)	$	80,658	$	(251	)
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 September 28, 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 September 28, 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.