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Marketable Securities
 3 Months Ended
Jul. 03, 2016
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)

 

July 3, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

$

97,242

 

 

$

577

 

 

$

(3

)

 

$

97,816

 

Corporate debt obligations

 

 

111,908

 

 

 

408

 

 

 

(54

)

 

 

112,262

 

Mortgage-backed securities

 

 

16,405

 

 

 

99

 

 

 

(42

)

 

 

16,462

 

Municipal bonds

 

 

10,620

 

 

 

71

 

 

 

—

 

 

 

10,691

 

Other debt securities

 

 

8,415

 

 

 

12

 

 

 

(1

)

 

 

8,426

 

 

 

$

244,590

 

 

$

1,167

 

 

$

(100

)

 

$

245,657

 

April 3, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

$

97,895

 

 

$

433

 

 

$

(15

)

 

$

98,313

 

Corporate debt obligations

 

 

98,164

 

 

 

216

 

 

 

(69

)

 

 

98,311

 

Mortgage-backed securities

 

 

17,944

 

 

 

86

 

 

 

(53

)

 

 

17,977

 

Municipal bonds

 

 

10,355

 

 

 

65

 

 

 

(1

)

 

 

10,419

 

Other debt securities

 

 

4,412

 

 

 

8

 

 

 

(1

)

 

 

4,419

 

 

 

$

228,770

 

 

$

808

 

 

$

(139

)

 

$

229,439

 

 

The amortized cost and estimated fair value of debt securities as of July 3, 2016, 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

 

$

77,699

 

 

$

77,759

 

Due after one year through three years

 

 

126,611

 

 

 

127,309

 

Due after three years through five years

 

 

31,147

 

 

 

31,385

 

Due after five years

 

 

9,133

 

 

 

9,204

 

 

 

$

244,590

 

 

$

245,657

 

 

 

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 3, 2016 and April 3, 2016.

 

 

 

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 3, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

$

5,751

 

 

$

(3

)

 

$

—

 

 

$

—

 

 

$

5,751

 

 

$

(3

)

Corporate debt obligations

 

 

18,592

 

 

 

(49

)

 

 

1,172

 

 

 

(5

)

 

 

19,764

 

 

 

(54

)

Mortgage-backed securities

 

 

4,297

 

 

 

(18

)

 

 

4,059

 

 

 

(24

)

 

 

8,356

 

 

 

(42

)

Other debt securities

 

 

1,755

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

1,755

 

 

 

(1

)

 

 

$

30,395

 

 

$

(71

)

 

$

5,231

 

 

$

(29

)

 

$

35,626

 

 

$

(100

)

April 3, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

$

23,221

 

 

$

(15

)

 

$

—

 

 

$

—

 

 

$

23,221

 

 

$

(15

)

Corporate debt obligations

 

 

31,438

 

 

 

(61

)

 

 

741

 

 

 

(8

)

 

 

32,179

 

 

 

(69

)

Mortgage-backed securities

 

 

8,171

 

 

 

(39

)

 

 

1,864

 

 

 

(14

)

 

 

10,035

 

 

 

(53

)

Municipal bonds

 

 

379

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

379

 

 

 

(1

)

Other debt securities

 

 

1,628

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

1,628

 

 

 

(1

)

 

 

$

64,837

 

 

$

(117

)

 

$

2,605

 

 

$

(22

)

 

$

67,442

 

 

$

(139

)

 

As of July 3, 2016 and April 3, 2016, 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 July 3, 2016 and April 3, 2016, the Company determined that the unrealized losses were temporary in nature and recorded them as a component of accumulated other comprehensive income.