Fair Value Measurements (Tables)

12 Months Ended

Mar. 29, 2014

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 March 29, 2014 and March 30, 2013:



	March 29, 2014
(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	$	213,988	$	—	$	—	$	213,988
Financial institution securities	—		131,990		—		131,990
Non-financial institution securities	—		319,970		—		319,970
U.S. government and agency securities	69,998		—		—		69,998
Foreign government and agency securities	—		194,984		—		194,984
Short-term investments:
Financial institution securities	—		234,916		—		234,916
Non-financial institution securities	—		226,828		—		226,828
Municipal bonds	—		15,780		—		15,780
U.S. government and agency securities	349,023		89,422		—		438,445
Foreign government and agency securities	—		159,951		—		159,951
Mortgage-backed securities	—		387,508		—		387,508
Debt mutual fund	—		20,216		—		20,216
Long-term investments:
Non-financial institution securities	—		209,274		—		209,274
Auction rate securities	—		—		20,160		20,160
Municipal bonds	—		15,986		—		15,986
U.S. government and agency securities	4,950		36,126		—		41,076
Mortgage-backed securities	—		847,581		—		847,581
Debt mutual fund	—		56,698		—		56,698
Derivative financial instruments, net	—		1,713		—		1,713
Total assets measured at fair value	$	637,959	$	2,948,943	$	20,160	$	3,607,062



	March 30, 2013
(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	$	108,311	$	—	$	—	$	108,311
Financial institution securities	—		124,988		—		124,988
Non-financial institution securities	—		163,674		—		163,674
U.S. government and agency securities	95,039		—		—		95,039
Foreign government and agency securities	—		54,989		—		54,989
Short-term investments:
Financial institution securities	—		179,933		—		179,933
Non-financial institution securities	—		200,670		—		200,670
Municipal Bonds	—		3,706		—		3,706
U.S. government and agency securities	416,887		75,011		—		491,898
Foreign government and agency securities	—		214,912		—		214,912
Mortgage-backed securities	—		68		—		68
Long-term investments:
Non-financial institution securities	—		235,275		—		235,275
Auction rate securities	—		—		28,700		28,700
Municipal bonds	—		21,234		—		21,234
U.S. government and agency securities	55,142		55,143		—		110,285
Mortgage-backed securities	—		1,192,612		—		1,192,612
Debt mutual fund	—		62,927		—		62,927
Total assets measured at fair value	$	675,379	$	2,585,142	$	28,700	$	3,289,221
Liabilities
Derivative financial instruments, net	$	—	$	1,615	$	—	$	1,615
Convertible debentures — embedded derivative	—		—		1,090		1,090
Total liabilities measured at fair value	$	—	$	1,615	$	1,090	$	2,705
Net assets measured at fair value	$	675,379	$	2,583,527	$	27,610	$	3,286,516

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):



	Years Ended
(In thousands)	March 29, 2014			March 30, 2013
Balance as of beginning of period	$	27,610		$	27,998
Total realized and unrealized gains (losses):
Included in interest and other expense, net	1,090			(159		)
Included in other comprehensive income (loss)	1,760			471
Sales and settlements, net (1)	(10,300		)	(700		)
Balance as of end of period	$	20,160		$	27,610


(1)	During fiscal 2014 and 2013, the Company redeemed $10.3 million and $700 thousand of student loan auction rate securities, respectively, 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 or (losses) included in net income attributable to the change in unrealized gains or (losses) relating to assets and liabilities still held as of the end of the period are summarized as follows:



(In thousands)	March 29, 2014		March 30, 2013			March 31, 2012
Included in interest and other expense, net	$	—	$	(159	)	$	14

- 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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