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Marketable Securities | 3 Months Ended
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Jun. 25, 2022
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 June 25, 2022 (in thousands):
As of June 25, 2022 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value (Net Carrying Amount)
Corporate debt securities | $ | 70,540 |  |  | $ | — |  |  | $ | (2,577) |  |  | $ | 67,963 |
Non-U.S. government securities | 510 |  |  | — |  |  | (11) |  |  | 499 |
U.S. Treasury securities | 5,730 |  |  | — |  |  | (197) |  |  | 5,533 |
Agency discount notes | 385 |  |  | — |  |  | (18) |  |  | 367 |
Total securities | $ | 77,165 |  |  | $ | — |  |  | $ | (2,803) |  |  | $ | 74,362 |
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 losses of $2.8 million related to securities with total amortized costs of approximately $77.2 million at June 25, 2022. Securities in a continuous unrealized loss position for more than 12 months as of June 25, 2022 had an aggregate amortized cost of $9.0 million and an aggregate unrealized loss of $0.4 million. 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 June 25, 2022, 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 26, 2022 (in thousands):
As of March 26, 2022 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value (Net Carrying Amount)
Corporate debt securities | $ | 70,296 |  |  | $ | 2 |  |  | $ | (2,133) |  |  | $ | 68,165 |
Non-U.S. government securities | 509 |  |  | — |  |  | (9) |  |  | 500 |
U.S. Treasury securities | 5,483 |  |  | — |  |  | (169) |  |  | 5,314 |
Agency discount notes | 385 |  |  | — |  |  | (14) |  |  | 371 |
Total securities | $ | 76,673 |  |  | $ | 2 |  |  | $ | (2,325) |  |  | $ | 74,350 |
The Company's specifically identified gross unrealized losses of $2.3 million related to securities with total amortized costs of approximately $75.5 million at March 26, 2022. Securities in a continuous unrealized loss position for more than 12 months as of March 26, 2022 had an aggregate amortized cost of $3.5 million and an aggregate unrealized loss of $0.1 million. As of March 26, 2022, 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):
| June 25, 2022 |  | March 26, 2022
| Amortized |  | Estimated |  | Amortized |  | Estimated
| Cost |  | Fair Value |  | Cost |  | Fair Value
Within 1 year | $ | 18,744 |  |  | $ | 18,397 |  |  | $ | 10,697 |  |  | $ | 10,601 |
After 1 year | 58,421 |  |  | 55,965 |  |  | 65,976 |  |  | 63,749 |
Total | $ | 77,165 |  |  | $ | 74,362 |  |  | $ | 76,673 |  |  | $ | 74,350 |

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- 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 https://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 https://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 https://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 https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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