XML 20 R9.htm IDEA: XBRL DOCUMENT
v3.20.2

Marketable Securities | 6 Months Ended
--- | ---
Sep. 26, 2020
Marketable Securities [Abstract] |
Marketable Securities | Marketable Securities The Company’s investments have been classified as available-for-sale securities in accordance with U.S. GAAP. Marketable securities are categorized on the consolidated condensed balance sheet as "Marketable securities", within the short-term or long-term classification, as appropriate. The following table is a summary of available-for-sale securities at September 26, 2020 (in thousands):
As of September 26, 2020 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value (Net Carrying Amount)
Corporate debt securities | $ | 342,943 |  |  | $ | 6,136 |  |  | $ | (63) |  |  | $ | 349,016 |
Non-U.S. government securities | 10,520 |  |  | 250 |  |  | — |  |  | 10,770 |
U.S. Treasury securities | 1,263 |  |  | 18 |  |  | — |  |  | 1,281 |
Agency discount notes | 3,824 |  |  | 5 |  |  | — |  |  | 3,829 |
Total securities | $ | 358,550 |  |  | $ | 6,409 |  |  | $ | (63) |  |  | $ | 364,896 |
The Company typically invests in highly-rated securities with original maturities generally ranging from one to three years. The Company's specifically identified gross unrealized loss of $0.1 million related to securities with total amortized costs of approximately $32.4 million at September 26, 2020. There were no securities that had been in a continuous unrealized loss position for more than 12 months as of September 26, 2020. The Company may sell certain of its marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipated or actual changes in credit rating and duration management. The Company records an allowance for credit loss when a decline in investment market value is due to credit-related factors. When evaluating an investment for impairment, the Company reviews factors including the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, changes in market interest rates and whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s cost basis. As of September 26, 2020, the Company does not consider any of its investments to be impaired. The following table is a summary of available-for-sale securities at March 28, 2020 (in thousands): ໿ ໿
As of March 28, 2020 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value (Net Carrying Amount)
Corporate debt securities | $ | 286,668 |  |  | $ | 1,157 |  |  | $ | (3,993) |  |  | $ | 283,832 |
Non-U.S. government securities | 12,483 |  |  | 260 |  |  | — |  |  | 12,743 |
U.S. Treasury securities | 8,839 |  |  | 167 |  |  | — |  |  | 9,006 |
Total securities | $ | 307,990 |  |  | $ | 1,584 |  |  | $ | (3,993) |  |  | $ | 305,581 |
The Company's specifically identified gross unrealized loss of $4.0 million related to securities with total amortized costs of approximately $172.9 million at March 28, 2020. There were no securities that had been in a continuous unrealized loss position for more than 12 months as of March 28, 2020. As of March 28, 2020, the Company did not consider any of its investments to be impaired. The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands): ໿
| September 26, 2020 |  | March 28, 2020
| Amortized |  | Estimated |  | Amortized |  | Estimated
| Cost |  | Fair Value |  | Cost |  | Fair Value
Within 1 year | $ | 36,020 |  |  | $ | 36,641 |  |  | $ | 22,012 |  |  | $ | 22,008 |
After 1 year | 322,530 |  |  | 328,255 |  |  | 285,978 |  |  | 283,573 |
Total | $ | 358,550 |  |  | $ | 364,896 |  |  | $ | 307,990 |  |  | $ | 305,581 |

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration