Fair Value Measurements (Tables)

6 Months Ended

Sep. 26, 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 September 26, 2015 and March 28, 2015:



	September 26, 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 equivalents:
Money market funds	$	203,815	$	—	$	—	$	203,815
Financial institution securities	—		75,006		—		75,006
Non-financial institution securities	—		257,342		—		257,342
U.S. government and agency securities	—		5,000		—		5,000
Foreign government and agency securities	—		75,924		—		75,924
Short-term investments:
Financial institution securities	—		225,000		—		225,000
Non-financial institution securities	—		214,189		—		214,189
Municipal bonds	—		55,856		—		55,856
U.S. government and agency securities	150,481		296,097		—		446,578
Foreign government and agency securities	—		125,557		—		125,557
Asset-backed securities	—		207,461		—		207,461
Mortgage-backed securities	—		963,354		—		963,354
Debt mutual funds	—		34,650		—		34,650
Bank loans	—		104,052		—		104,052
Commercial mortgage-backed securities	—		158,476		—		158,476
Long-term investments:
Auction rate securities	—		—		10,413		10,413
Asset-backed securities	—		7,387				7,387
Municipal bonds	—		7,258		—		7,258
Mortgage-backed securities	—		156,851		—		156,851
Debt mutual fund	—		53,671		—		53,671
Commercial mortgage-backed securities	—		342		—		342
Total assets measured at fair value	$	354,296	$	3,023,473	$	10,413	$	3,388,182

Liabilities
Derivative financial instruments, net	$	—	$	4,533	$	—	$	4,533
Total liabilities measured at fair value	$	—	$	4,533	$	—	$	4,533
Net assets measured at fair value	$	354,296	$	3,018,940	$	10,413	$	3,383,649



	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 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

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 26, 2015		September 27, 2014			September 26, 2015		September 27, 2014
Balance as of beginning of period	$	10,409	$	20,704		$	10,312	$	20,160
Total realized and unrealized gains (losses):
Included in other comprehensive income	4		(96		)	101		448
Balance as of end of period	$	10,413	$	20,608		$	10,413	$	20,608