Fair Value Measurements (Tables)

12 Months Ended

Mar. 30, 2013

Fair Value Hierarchy for Financial Assets Measured at Fair Value on Recurring Basis

The Company’s fair value hierarchy for its financial assets measured at fair value on a recurring basis as of March 30, 2013 and March 31, 2012 was as follows (in thousands):



March 30, 2013	Level 1		Level 2			Level 3		Total
Money market securities	$	9,457	$	—		$	—	$	9,457
Commercial paper	—		51,443			—		51,443
Government agencies	—		29,646			—		29,646
Corporate Bonds	—		18,396			—		18,396
Municipal Bonds	—		3,389			—		3,389
Forward purchase or (sale) contracts:
Japanese Yen	—		176			—		176
New Taiwan Dollar	—		(10		)	—		(10		)
Korean Won	—		(46		)	—		(46		)
Euro	—		100			—		100
British Pound	—		38			—		38
Chinese Renminbi	—		(1		)	—		(1		)
Singapore Dollar	—		(12		)	—		(12		)



March 31, 2012	Level 1		Level 2			Level 3		Total
Money market securities	$	5,244	$	—		$	—	$	5,244
Commercial paper	—		83,645			—		83,645
Government agencies	—		67,261			—		67,261
Corporate Bonds	—		20,121			—		20,121
Forward purchase or (sale) contracts:
Japanese Yen	—		202			—		202
New Taiwan Dollar	—		(5		)	—		(5		)
Korean Won	—		(17		)	—		(17		)
Euro	—		(1		)	—		(1		)
British Pound	—		20			—		20
Chinese Renminbi	—		(1		)	—		(1		)

Activity Related To Credit Losses

The following table illustrates the activity related to credit loss on ARS from April 3, 2010 to March 30, 2013:



(In thousands)	Credit Loss
Balance at April 3, 2010	$	(13,980	)
Other-than-temporary impairment recognized as credit loss	—
Sales of ARS	3,001
Balance at April 2, 2011	(10,979		)
Other-than-temporary impairment recognized as credit loss	—
Sales of ARS	10,979
Balance at March 31, 2012	—
Other-than-temporary impairment recognized as credit loss	—
Sales of ARS	—
Balance at March 30, 2013	$	—

Level 3 Activity

The following table illustrates Level 3 activity from April 2, 2011 to March 30, 2013:



(In thousands)	Auction Rate Securities			Preferred Stock			Total
Fair Value, April 2, 2011	$	5,166		$	—		$	5,166
Sales of ARS	(5,967		)	(483		)	(6,450		)
Realized gains, included in non-operating income (expense)	2,246			483			2,729
Reclassifications out of accumulated other comprehensive income	(1,445		)	—			(1,445		)
Fair Value, March 31, 2012	—			—			—
Sales of ARS	—			—			—
Realized gains, included in non-operating income (expense)	—			—			—
Reclassifications out of accumulated other comprehensive income	—			—			—
Fair Value, March 30, 2013	$	—		$	—		$	—

Investments

Certain information regarding the Company’s investments at March 30, 2013 and March 31, 2012 was as follows (in thousands):



			Unrealized
March 30, 2013	Cost		Gain		Loss			Fair Value
Available-for-sale securities (current):
Commercial paper	$	51,443	$	—	$	—		$	51,443
Government agencies	26,556		8		—			26,564
Corporate bonds	10,473		7		—			10,480
Municipal bonds	2,058		—		—			2,058
	$	90,530	$	15	$	—		$	90,545
Available-for-sale securities (non-current):
Corporate Bonds	$	7,923	$	—	$	(7	)	$	7,916
Government agencies	3,082		—		—			3,082
Municipal bonds	1,330		1		—			1,331
	$	12,335	$	1	$	(7	)	$	12,329
			Unrealized
March 31, 2012	Cost		Gain		Loss			Fair Value
Available-for-sale securities (current):
Commercial paper	$	83,645	$	—	$	—		$	83,645
Government agencies	46,293		5		—			46,298
Corporate bonds	17,987		51		—			18,038
	$	147,925	$	56	$	—		$	147,981
Available-for-sale securities (non-current):
Government agencies	$	20,989	$	—	$	(26	)	$	20,963
Corporate bonds	2,070		13		—			2,083
	$	23,059	$	13	$	(26	)	$	23,046

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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