Fair Value Measurements (Tables)

9 Months Ended

Dec. 28, 2019

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 December 28, 2019 and March 30, 2019:



	December 28, 2019
(In thousands)	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash equivalents:
Money market funds	$	444,604	$	—	$	—	$	444,604
Financial institution securities	—		100,000		—		100,000
Non-financial institution securities	—		362,554		—		362,554
U.S. government and agency securities	131,757		59,903		—		191,660
Foreign government and agency securities	—		68,295		—		68,295
Short-term investments:
Financial institution securities	—		300,000		—		300,000
Non-financial institution securities	—		64,398		—		64,398
U.S. government and agency securities	9,997		9,994		—		19,991
Foreign government and agency securities	—		266,063		—		266,063
Mortgage-backed securities	—		395,451		—		395,451
Asset-backed securities	—		23,238		—		23,238
Commercial mortgage-backed securities	—		63,936		—		63,936
Derivative financial instruments, net	—		1,580		—		1,580
Total assets measured at fair value	$	586,358	$	1,715,412	$	—	$	2,301,770



	March 30, 2019
(In thousands)	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash equivalents:
Money market funds	$	428,150	$	—	$	—	$	428,150
Financial institution securities	—		287,945		—		287,945
Non-financial institution securities	—		461,884		—		461,884
U.S. government and agency securities	149,578		53,520		—		203,098
Foreign government and agency securities	—		99,750		—		99,750
Short-term investments:
Financial institution securities	—		249,850		—		249,850
Non-financial institution securities	—		240,040		—		240,040
U.S. government and agency securities	93,149		37,838		—		130,987
Foreign government and agency securities	—		114,705		—		114,705
Mortgage-backed securities	—		670,770		—		670,770
Debt mutual fund	—		31,934		—		31,934
Asset-backed securities	—		76,369		—		76,369
Commercial mortgage-backed securities	—		116,539		—		116,539
Long-term investments:
Debt mutual fund	—		53,433		—		53,433
Total assets measured at fair value	$	670,877	$	2,494,577	$	—	$	3,165,454
Liabilities
Derivative financial instruments, net	$	—	$	9,009	$	—	$	9,009
Total liabilities measured at fair value	$	—	$	9,009	$	—	$	9,009
Net assets measured at fair value	$	670,877	$	2,485,568	$	—	$	3,156,445

Changes in Level 3 instruments measured at fair value on a recurring basis

Financial Instruments Not Recorded at Fair Value on a Recurring Basis

The Company's $500.0 million principal amount of 3.000% notes due March 15, 2021 (2021 Notes) and $750.0 million principal amount of 2.950% senior notes due June 1, 2024 (2024 Notes) are measured at fair value on a quarterly basis for disclosure purposes. The fair values of the 2021 Notes and 2024 Notes as of December 28, 2019 were approximately $506.3 million and $770.7 million, respectively, based on the last trading price for the period (classified as Level 2 in fair value hierarchy due to relatively low trading volume).