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Marketable Securities
 12 Months Ended
Mar. 29, 2014
Marketable Securities [Abstract]  
Marketable Securities

3.      Marketable Securities

 

The Company’s investments that have original maturities greater than 90 days have been classified as available-for-sale securities in accordance with U.S. GAAP.  Marketable securities are categorized on the Consolidated Balance Sheet as marketable securities, as appropriate.

 

The following table is a summary of available-for-sale securities (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated

 

 

 

 

Gross

 

Gross

 

Fair Value

 

Amortized

 

Unrealized

 

Unrealized

 

(Net Carrying

As of March 29, 2014

Cost

 

Gains

 

Losses

 

Amount)

Corporate debt securities

$
246,878 

 

$
52 

 

$
(245)

 

$
246,685 

U.S. Treasury securities

 
56,986 

 

 
10 

 

 
(2)

 

 
56,994 

Agency discount notes

 
2,008 

 

 
1 

 

 

 -

 

 
2,009 

Commercial paper

 
41,962 

 

 
10 

 

 
(2)

 

 
41,970 

Certificates of deposit

 
5,006 

 

 

 -

 

 
(4)

 

 
5,002 

Total securities

$
352,840 

 

$
73 

 

$
(253)

 

$
352,660 

 

The Company’s specifically identified gross unrealized losses of $253 thousand relates to 74 different securities with a total amortized cost of approximately $207.8 million at March 29, 2014. Because the Company does not intend to sell the investments at a loss and the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at March 29, 2014.  Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of March 29, 2014.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated

 

 

 

Gross

 

Gross

 

Fair Value

 

Amortized

 

Unrealized

 

Unrealized

 

(Net Carrying

As of March 30, 2013

Cost

 

Gains

 

Losses

 

Amount)

Corporate debt securities

$
94,798 

 

$
2 

 

$
(133)

 

$
94,667 

U.S. Treasury securities

 
34,380 

 

 
4 

 

 
(3)

 

 
34,381 

Agency discount notes

 
1,027 

 

 

 -

 

 

 -

 

 
1,027 

Commercial paper

 
40,089 

 

 
9 

 

 
(28)

 

 
40,070 

Total securities

$
170,294 

 

$
15 

 

$
(164)

 

$
170,145 

 

The Company’s specifically identified gross unrealized losses of  $164 thousand relates to 43 different securities with a total amortized cost of approximately $124.1 million at March 30, 2013.  Because the Company does not intend to sell the investments at a loss and the Company will not be required to sell the investments before recovery of its amortized cost basis, it did not consider the investment in these securities to be other-than-temporarily impaired at March 30, 2013.  Further, the securities with gross unrealized losses had been in a continuous unrealized loss position for less than 12 months as of March 30, 2013.

 

The cost and estimated fair value of available-for-sale investments by contractual maturity were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 29, 2014

 

March 30, 2013

 

 

Amortized

 

Estimated

 

Amortized

 

Estimated

 

 

Cost

 

Fair Value

 

Cost

 

Fair Value

Within 1 year

 

$
263,418 

 

$
263,417 

 

$
105,290 

 

$
105,235 

After 1 year

 

 
89,422 

 

 
89,243 

 

 
65,004 

 

 
64,910 

Total

 

$
352,840 

 

$
352,660 

 

$
170,294 

 

$
170,145