Fair Value Measurements (Tables)

12 Months Ended

Mar. 28, 2015

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 28, 2015 and March 29, 2014:



	March 28, 2015
(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	$	235,583	$	—	$	—	$	235,583
Financial institution securities	—		229,999		—		229,999
Non-financial institution securities	—		89,995		—		89,995
U.S. government and agency securities	—		200,392		—		200,392
Foreign government and agency securities	—		37,996		—		37,996
Short-term investments:
Financial institution securities	—		75,000		—		75,000
Non-financial institution securities	—		339,029		—		339,029
Municipal bonds	—		40,006		—		40,006
U.S. government and agency securities	256,514		301,010		—		557,524
Foreign government and agency securities	—		159,936		—		159,936
Mortgage-backed securities	—		897,776		—		897,776
Debt mutual fund	—		38,608		—		38,608
Bank loans	—		98,100		—		98,100
Asset-backed securities	—		204,510		—		204,510
Long-term investments:
Auction rate securities	—		—		10,312		10,312
Municipal bonds	—		9,650		—		9,650
Mortgage-backed securities	—		182,400		—		182,400
Debt mutual fund	—		56,592		—		56,592
Asset-backed securities	—		7,948		—		7,948
Total assets measured at fair value	$	492,097	$	2,968,947	$	10,312	$	3,471,356
Liabilities
Derivative financial instruments, net	$	—	$	9,251	$	—	$	9,251
Total liabilities measured at fair value	$	—	$	9,251	$	—	$	9,251
Net assets measured at fair value	$	492,097	$	2,959,696	$	10,312	$	3,462,105



	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):



	Years Ended
(In thousands)	March 28, 2015			March 29, 2014
Balance as of beginning of period	$	20,160		$	27,610
Total realized and unrealized gains (losses):
Included in interest and other expense, net	—			1,090
Included in other comprehensive income (loss)	1,152			1,760
Sales and settlements, net (1)	(11,000		)	(10,300		)
Balance as of end of period	$	10,312		$	20,160


(1)	During fiscal 2015 and 2014, the Company redeemed $11.0 million and $10.3 million 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 28, 2015		March 29, 2014		March 30, 2013
Included in interest and other expense, net	$	—	$	—	$	(159	)

- 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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