Fair Value Measurements (Tables)

6 Months Ended

Sep. 27, 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 September 27, 2014 and March 29, 2014:



	September 27, 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 equivalents:
Money market funds	$	322,088	$	—	$	—	$	322,088
Financial institution securities	—		24,999		—		24,999
Non-financial institution securities	—		37,498		—		37,498
U.S. government and agency securities	25,000		19,997		—		44,997
Foreign government and agency securities	—		55,997		—		55,997
Short-term investments:
Financial institution securities	—		74,989		—		74,989
Non-financial institution securities	—		292,807		—		292,807
Municipal bonds	—		24,181		—		24,181
U.S. government and agency securities	275,816		93,772		—		369,588
Foreign government and agency securities	—		353,918		—		353,918
Asset-backed securities	—		95,488		—		95,488
Mortgage-backed securities	—		532,629		—		532,629
Debt mutual funds	—		40,819		—		40,819
Bank loans	—		96,728		—		96,728
Long-term investments:
Non-financial institution securities	—		170,643		—		170,643
Auction rate securities	—		—		20,608		20,608
Asset-backed securities	—		11,820		—		11,820
Municipal bonds	—		15,136		—		15,136
U.S. government and agency securities	2,826		14,377		—		17,203
Mortgage-backed securities	—		656,516		—		656,516
Debt mutual fund	—		58,901		—		58,901
Total assets measured at fair value	$	625,730	$	2,671,215	$	20,608	$	3,317,553

Liabilities
Derivative financial instruments, net	$	—	$	3,528	$	—	$	3,528
Total liabilities measured at fair value	$	—	$	3,528	$	—	$	3,528
Net assets measured at fair value	$	625,730	$	2,667,687	$	20,608	$	3,314,025



	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 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						Six Months Ended
(In thousands)	September 27, 2014			September 28, 2013			September 27, 2014		September 28, 2013
Balance as of beginning of period	$	20,704		$	28,081		$	20,160	$	27,610
Total realized and unrealized gains (losses):
Included in interest and other expense, net	—			758			—		683
Included in other comprehensive income	(96		)	(260		)	448		586
Sales and settlements, net (1)	—			(6,350		)	—		(6,650		)
Balance as of end of period	$	20,608		$	22,229		$	20,608	$	22,229


(1)	During the first six months of fiscal 2014, the Company redeemed $6.7 million of student loan auction rate securities 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				Six Months Ended
(In thousands)	September 27, 2014		September 28, 2013		September 27, 2014		September 28, 2013
Included in interest and other expense, net	$	—	$	758	$	—	$	683

- 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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