Fair Value Measurements (Tables)

6 Months Ended

Oct. 01, 2011

Assets and Liabilities Measured at Fair Value on a Recurring Basis


	October 1, 2011
	Quoted
	Prices in
	Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Instruments		Inputs		Inputs		Total Fair
(In thousands)	(Level 1)		(Level 2)		(Level 3)		Value
Assets
Cash and cash equivalents:
Money market funds	$	222,364	$	0	$	0	$	222,364
Bank certificates of deposit		0		15,000		0		15,000
Commercial paper		0		154,302		0		154,302
U.S. government and agency securities		0		9,998		0		9,998
Foreign government and agency securities		0		136,474		0		136,474

Short-term investments:
Bank certificates of deposit		0		132,784		0		132,784
Commercial paper		0		499,831		0		499,831
Corporate bonds		0		36,516		0		36,516
U.S. government and agency securities		0		72,059		0		72,059
Foreign government and agency securities		0		463,363		0		463,363
Mortgage-backed securities		0		40		0		40

Long-term investments:
Corporate bonds		0		158,119		0		158,119
Auction rate securities		0		0		29,048		29,048
Municipal bonds		0		26,170		0		26,170
U.S. government and agency securities		19,459		44,834		0		64,293
Mortgage-backed securities		0		770,862		0		770,862

Total assets measured at fair value	$	241,823	$	2,520,352	$	29,048	$	2,791,223


Liabilities
Foreign currency forward contracts, net	$	0	$	3,445	$	0	$	3,445
Convertible debentures — embedded derivative		0		0		2,007		2,007

Total liabilities measured at fair value	$	0	$	3,445	$	2,007	$	5,452


Net assets measured at fair value	$	241,823	$	2,516,907	$	27,041	$	2,785,771


	April 2, 2011
	Quoted
	Prices in
	Active		Significant
	Markets for		Other		Significant
	Identical		Observable		Unobservable
	Instruments		Inputs		Inputs		Total Fair
(In thousands)	(Level 1)		(Level 2)		(Level 3)		Value
Assets
Cash and cash equivalents:
Money market funds	$	275,596	$	0	$	0	$	275,596
Bank certificates of deposit		0		79,984		0		79,984
Commercial paper		0		485,315		0		485,315
U.S. government and agency securities		29,998		99,974		0		129,972
Foreign government and agency securities		0		161,970		0		161,970

Short-term investments:
Bank certificates of deposit		0		10,000		0		10,000
Commercial paper		0		224,896		0		224,896
Municipal bonds		0		45		0		45
U.S. government and agency securities		14,404		7,996		0		22,400
Foreign government and agency securities		0		384,428		0		384,428
Floating rate notes		0		62,261		0		62,261
Mortgage-backed securities		0		24		0		24

Long-term investments:
Corporate bonds		0		25,566		0		25,566
Auction rate securities		0		0		34,950		34,950
Municipal bonds		0		16,913		0		16,913
U.S. government and agency securities		7,941		45,570		0		53,511
Floating rate notes		0		29,869		0		29,869
Mortgage-backed securities		0		605,643		0		605,643

Foreign currency forward contracts, net		0		5,134		0		5,134

Total assets measured at fair value	$	327,939	$	2,245,588	$	34,950	$	2,608,477


Liabilities
Convertible debentures — embedded derivative	$	0	$	0	$	945	$	945

Total liabilities measured at fair value	$	0	$	0	$	945	$	945


Net assets measured at fair value	$	327,939	$	2,245,588	$	34,005	$	2,607,532

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


	Three Months Ended						Six Months Ended
	October 1,			October 2,			October 1,			October 2,
(In thousands)	2011			2010			2011			2010
Balance as of beginning of period	$	30,636		$	61,725		$	34,005		$	60,796
Total realized and unrealized gains (losses):
Included in interest and other expense, net		(1,435	)		(145	)		(1,062	)		(614	)
Included in other comprehensive income		(1,210	)		940			(552	)		2,788
Sales and settlements, net ⁽¹⁾		(950	)		0			(5,350	)		(450	)

Balance as of end of period	$	27,041		$	62,520		$	27,041		$	62,520


(1)		During the three months ended October 1, 2011, $950 thousand of student loan auction rate securities were redeemed for cash at par value. During the first six months ended October 1, 2011 and October 2, 2010, $5.4 million and $450 thousand of student loan auction rate securities, respectively, were redeemed 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


	Three Months Ended						Six Months Ended
	October 1,			October 2,			October 1,			October 2,
(In thousands)	2011			2010			2011			2010

Interest and other expense, net	$	(1,435	)	$	(145	)	$	(1,062	)	$	(614	)

- Definition

Tabular disclosure of the total amount of gains or losses for the period which are included in earnings or resulted in a change to net assets which gains or losses have arisen from the use of significant unobservable inputs (Level 3) to measure the fair value of assets and liabilities. Such gains or losses are attributable to the change in unrealized gains or losses relating to those assets and liabilities so valued which are still held at the reporting date and which change are also considered for disclosure; it may be expected that a description of where those unrealized gains or losses are reported in the statement of income or the statement of financial position would also be disclosed.

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- 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, 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, issuances, 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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