Fair Value Measurements (Tables)

9 Months Ended

Dec. 29, 2012

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of December 29, 2012 and March 31, 2012:



	December 29, 2012
(In thousands)	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets
Cash and cash equivalents:
Money market funds	$	211,568	$	—	$	—	$	211,568
Bank certificates of deposit	—		74,996		—		74,996
Commercial paper	—		39,670		—		39,670
Corporate bonds	—		34,996		—		34,996
U.S. government and agency securities	55,033		—		—		55,033
Foreign government and agency securities	—		139,972		—		139,972
Short-term investments:
Bank certificates of deposit	—		204,943		—		204,943
Commercial paper	—		259,900		—		259,900
Corporate bonds	—		55,060		—		55,060
Municipal bonds	—		3,647		—		3,647
U.S. government and agency securities	410,836		29,148		—		439,984
Foreign government and agency securities	—		99,956		—		99,956
Mortgage-backed securities	—		4		—		4
Long-term investments:
Corporate bonds	—		242,139		—		242,139
Auction rate securities	—		—		28,401		28,401
Municipal bonds	—		17,840		—		17,840
U.S. government and agency securities	38,053		48,869		—		86,922
Mortgage-backed securities	—		1,122,253		—		1,122,253
Debt mutual fund	—		62,577		—		62,577
Derivative financial instruments, net	—		1,714		—		1,714
Total assets measured at fair value	$	715,490	$	2,437,684	$	28,401	$	3,181,575
Liabilities
Convertible debentures — embedded derivative	$	—	$	—	$	1,324	$	1,324
Total liabilities measured at fair value	$	—	$	—	$	1,324	$	1,324
Net assets measured at fair value	$	715,490	$	2,437,684	$	27,077	$	3,180,251



	March 31, 2012
(In thousands)	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets
Cash and cash equivalents:
Money market funds	$	232,017	$	—	$	—	$	232,017
Bank certificates of deposit	—		29,994		—		29,994
Commercial paper	—		233,980		—		233,980
U.S. government and agency securities	75,036		84,985		—		160,021
Foreign government and agency securities	—		68,993		—		68,993
Short-term investments:
Bank certificates of deposit	—		129,978		—		129,978
Commercial paper	—		360,887		—		360,887
Corporate bonds	—		14,257		—		14,257
U.S. government and agency securities	322,763		119,931		—		442,694
Foreign government and agency securities	—		180,958		—		180,958
Mortgage-backed securities	—		31		—		31
Long-term investments:
Corporate bonds	—		175,415		—		175,415
Auction rate securities	—		—		28,929		28,929
Municipal bonds	—		26,160		—		26,160
U.S. government and agency securities	17,539		48,659		—		66,198
Mortgage-backed securities	—		892,745		—		892,745
Debt mutual fund	—		19,781		—		19,781
Total assets measured at fair value	$	647,355	$	2,386,754	$	28,929	$	3,063,038
Liabilities
Derivative financial instruments, net	$	—	$	3,070	$	—	$	3,070
Convertible debentures — embedded derivative	—		—		931		931
Total liabilities measured at fair value	$	—	$	3,070	$	931	$	4,001
Net assets measured at fair value	$	647,355	$	2,383,684	$	27,998	$	3,059,037

Changes in Level 3 instruments measured at fair value on a recurring basis

The following table is a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):



	Three Months Ended						Nine Months Ended
(In thousands)	December 29, 2012			December 31, 2011			December 29, 2012			December 31, 2011
Balance as of beginning of period	$	27,524		$	27,041		$	27,998		$	34,005
Total realized and unrealized gains (losses):
Included in interest and other expense, net	221			655			(393		)	(407		)
Included in other comprehensive income (loss)	(318		)	(747		)	172			(1,299		)
Sales and settlements, net (1)	(350		)	(300		)	(700		)	(5,650		)
Balance as of end of period	$	27,077		$	26,649		$	27,077		$	26,649


(1)	During the three months ended December 29, 2012 and December 31, 2011, $350 thousand and $300 thousand of student loan auction rate securities, respectively, were redeemed for cash at par value.

Gains or (losses) included in net income attributable to change in unrealized gains or losses relating to assets and liabilities

The amount of total gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets and liabilities still held as of the end of the period was as follows:



	Three Months Ended				Nine Months Ended
(In thousands)	December 29, 2012		December 31, 2011		December 29, 2012			December 31, 2011
Included in interest and other expense, net	$	221	$	655	$	(393	)	$	(407	)

- Definition

Tabular disclosure of the total amount of gains or losses for the period which are included in earnings or resulted in a change to net assets which gains or losses have arisen from the use of significant unobservable inputs (Level 3) to measure the fair value of assets and liabilities. Such gains or losses are attributable to the change in unrealized gains or losses relating to those assets and liabilities so valued which are still held at the reporting date and which change are also considered for disclosure; it may be expected that a description of where those unrealized gains or losses are reported in the statement of income or the statement of financial position would also be disclosed.

+ References+ Details

- 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, 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, issuances, 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.

+ References+ Details