Fair Value Measurements (Tables)

3 Months Ended

Jun. 28, 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 June 28, 2014 and March 29, 2014:



	June 28, 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	$	174,031	$	—	$	—	$	174,031
Financial institution securities	—		124,986		—		124,986
Non-financial institution securities	—		120,984		—		120,984
U.S. government and agency securities	25,000		—		—		25,000
Foreign government and agency securities	—		94,992		—		94,992
Short-term investments:
Financial institution securities	—		129,983		—		129,983
Non-financial institution securities	—		317,015		—		317,015
Municipal bonds	—		23,495		—		23,495
U.S. government and agency securities	433,169		99,634		—		532,803
Foreign government and agency securities	—		315,898		—		315,898
Mortgage-backed securities	—		442,571		—		442,571
Debt mutual funds	—		40,703		—		40,703
Bank loans	—		57,707		—		57,707
Long-term investments:
Non-financial institution securities	—		188,007		—		188,007
Auction rate securities	—		—		20,704		20,704
Municipal bonds	—		15,346		—		15,346
U.S. government and agency securities	4,948		31,951		—		36,899
Mortgage-backed securities	—		789,964		—		789,964
Debt mutual fund	—		58,725		—		58,725
Derivative financial instruments, net	—		1,311		—		1,311
Total assets measured at fair value	$	637,148	$	2,853,272	$	20,704	$	3,511,124



	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

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
(In thousands)	June 28, 2014		June 29, 2013
Balance as of beginning of period	$	20,160	$	27,610
Total realized and unrealized gains (losses):
Included in interest and other expense, net	—		(75		)
Included in other comprehensive income	544		846
Sales and settlements, net (1)	—		(300		)
Balance as of end of period	$	20,704	$	28,081


(1)	During the first quarter of fiscal 2014, the Company redeemed $300 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 losses included in net income attributable to the change in unrealized losses relating to assets and liabilities still held as of the end of the period are summarized as follows:



	Three Months Ended
(In thousands)	June 28, 2014		June 29, 2013
Included in interest and other expense, net	$	—	$	(75	)

- 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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