Financial Instruments

9 Months Ended

Dec. 31, 2011

Financial Instruments [Abstract]

Financial Instruments

Note 5. Financial Instruments

The following is a summary of available-for-sale securities as of the end of the periods presented:

		September 30,		September 30,		September 30,			September 30,		September 30,		September 30,		September 30,			September 30,
	December 31, 2011									April 2, 2011
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Money market funds	$	324,574	$	0	$	0		$	324,574	$	275,596	$	0	$	0		$	275,596
Bank certificates of deposit		139,976		0		0			139,976		89,984		0		0			89,984
Commercial paper		499,876		0		(2	)		499,874		710,210		2		(1	)		710,211
Corporate bonds		170,866		2,155		(390	)		172,631		25,501		69		(4	)		25,566
Auction rate securities		32,600		0		(4,599	)		28,001		38,250		0		(3,300	)		34,950
Municipal bonds		26,922		1,081		(10	)		27,993		16,818		192		(52	)		16,958
U.S. government and agency securities		382,191		403		(25	)		382,569		206,052		38		(207	)		205,883
Foreign government and agency securities		387,410		10		(2	)		387,418		546,407		7		(16	)		546,398
Floating rate notes		0		0		0			0		91,927		204		(1	)		92,130
Mortgage-backed securities		871,125		13,149		(2,002	)		882,272		598,046		8,984		(1,363	)		605,667
Debt mutual fund		20,000		0		(641	)		19,359		0		0		0			0
	$	2,855,540	$	16,798	$	(7,671	)	$	2,864,667	$	2,598,791	$	9,496	$	(4,944	)	$	2,603,343

The following tables show the fair values and gross unrealized losses of the Company’s investments, aggregated by investment category, for individual securities that have been in a continuous unrealized loss position for the length of time specified, as of December 31, 2011 and April 2, 2011:

		September 30,		September 30,			September 30,		September 30,			September 30,		September 30,
	December 31, 2011
	Less Than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Commercial paper	$	49,984	$	(2	)	$	0	$	0		$	49,984	$	(2	)
Corporate bonds		26,915		(390	)		0		0			26,915		(390	)
Auction rate securities		0		0			28,001		(4,599	)		28,001		(4,599	)
Municipal bonds		1,253		(3	)		717		(7	)		1,970		(10	)
U.S. government and agency securities		209,027		(24	)		1,765		(1	)		210,792		(25	)
Foreign government and agency securities		39,992		(2	)		0		0			39,992		(2	)
Mortgage-backed securities		231,782		(1,919	)		11,908		(83	)		243,690		(2,002	)
Debt mutual fund		19,359		(641	)		0		0			19,359		(641	)
	$	578,312	$	(2,981	)	$	42,391	$	(4,690	)	$	620,703	$	(7,671	)

		September 30,		September 30,			September 30,		September 30,			September 30,		September 30,
	April 2, 2011
	Less Than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Commercial paper	$	44,982	$	(1	)	$	0	$	0		$	44,982	$	(1	)
Corporate bonds		6,129		(4	)		0		0			6,129		(4	)
Auction rate securities		0		0			34,950		(3,300	)		34,950		(3,300	)
Municipal bonds		4,992		(42	)		936		(10	)		5,928		(52	)
U.S. government and agency securities		108,464		(207	)		0		0			108,464		(207	)
Foreign government and agency securities		67,061		(16	)		0		0			67,061		(16	)
Floating rate notes		25,020		(1	)		0		0			25,020		(1	)
Mortgage-backed securities		178,844		(1,356	)		1,094		(7	)		179,938		(1,363	)
	$	435,492	$	(1,627	)	$	36,980	$	(3,317	)	$	472,472	$	(4,944	)

The Company reviewed the investment portfolio and determined that the gross unrealized losses on these investments as of December 31, 2011 and April 2, 2011 were temporary in nature as evidenced by the fluctuations in the gross unrealized losses within the investment categories. The aggregate of individual unrealized losses that had been outstanding for 12 months or more was not significant as of December 31, 2011 and April 2, 2011, and was primarily related to failed auction rate securities due to adverse conditions in the global credit markets during the past three years. The Company neither intends to sell these investments nor concludes that it is more-likely-than-not that it will have to sell them until recovery of their carrying values. The Company also believes that it will be able to collect both principal and interest amounts due to the Company at maturity, given the high credit quality of these investments and any related underlying collateral.

The amortized cost and estimated fair value of marketable debt securities (bank certificates of deposit, commercial paper, corporate bonds, auction rate securities, municipal bonds, U.S. and foreign government and agency securities and mortgage-backed securities), by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties.

		September 30,		September 30,
	December 31, 2011
(In thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	1,349,277	$	1,349,282
Due after one year through five years		248,334		250,976
Due after five years through ten years		265,061		269,656
Due after ten years		648,294		650,820
	$	2,510,966	$	2,520,734

Certain information related to available-for-sale securities is as follows:

		September 30,			September 30,			September 30,			September 30,
	Three Months Ended						Nine Months Ended
	December 31,			January 1,			December 31,			January 1,
(In thousands)	2011			2011			2011			2011
Proceeds from sale of available-for-sale securities	$	102,204		$	86,741		$	210,189		$	244,241
Gross realized gains on sale of available-for-sale securities	$	1,049		$	488		$	2,146		$	4,842
Gross realized losses on sale of available-for-sale securities		(259	)		(1,123	)		(285	)		(1,278	)
Net realized gains (losses) on sale of available-for-sale securities	$	790		$	(635	)	$	1,861		$	3,564
Amortization of premiums on available-for-sale securities	$	3,183		$	2,279		$	8,758		$	5,381

The cost of securities matured or sold is based on the specific identification method.