Marketable Securities

6 Months Ended

Sep. 27, 2015

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)
September 27, 2015
U.S. government and agency securities	$	75,175	$	222	$	(8	)	$	75,389
Corporate debt obligations		89,321		89		(143	)		89,267
Mortgage-backed securities		22,683		151		(42	)		22,792
Municipal bonds		14,238		52		(3	)		14,287
Other debt securities		4,078		6		—			4,084
	$	205,495	$	520	$	(196	)	$	205,819
March 29, 2015
U.S. government and agency securities	$	54,279	$	173	$	(12	)	$	54,440
Corporate debt obligations		99,117		257		(51	)		99,323
Mortgage-backed securities		26,676		182		(36	)		26,822
Municipal bonds		16,647		76		(2	)		16,721
Other debt securities		3,860		8		—			3,868
	$	200,579	$	696	$	(101	)	$	201,174

The amortized cost and estimated fair value of debt securities as of September 27, 2015, 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	$	47,304	$	47,329
Due after one year through three years		125,140		125,208
Due after three years through five years		19,496		19,631
Due after five years		13,555		13,651
	$	205,495	$	205,819

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 27, 2015 and March 29, 2015.

	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 27, 2015
U.S. government and agency securities	$	17,998	$	(8	)	$	—	$	—		$	17,998	$	(8	)
Corporate debt obligations		48,435		(143	)		—		—			48,435		(143	)
Mortgage-backed securities		6,944		(32	)		1,730		(10	)		8,674		(42	)
Municipal bonds		1,408		(3	)		—		—			1,408		(3	)
	$	74,785	$	(186	)	$	1,730	$	(10	)	$	76,515	$	(196	)
March 29, 2015
U.S. government and agency securities	$	16,607	$	(12	)	$	—	$	—		$	16,607	$	(12	)
Corporate debt obligations		28,421		(51	)		—		—			28,421		(51	)
Mortgage-backed securities		4,174		(8	)		4,581		(28	)		8,755		(36	)
Municipal bonds		921		(2	)		—		—			921		(2	)
	$	50,123	$	(73	)	$	4,581	$	(28	)	$	54,704	$	(101	)

As of September 27, 2015 and March 29, 2015, 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 27, 2015 and March 29, 2015, the Company determined that the unrealized losses were temporary in nature and recorded them as a component of accumulated other comprehensive income.