Financial Instruments

12 Months Ended

Mar. 31, 2012

Financial Instruments [Abstract]

Financial Instruments

Note 4. Financial Instruments

The following is a summary of available-for-sale securities:

	March 31, 2012									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	$	232,017	$	—	$	—		$	232,017	$	275,596	$	—	$	—		$	275,596
Bank certificates of deposit		159,972		—		—			159,972		89,984		—		—			89,984
Commercial paper		594,867		1		(1	)		594,867		710,210		2		(1	)		710,211
Corporate bonds		186,455		3,401		(184	)		189,672		25,501		69		(4	)		25,566
Auction rate securities		32,600		—		(3,671	)		28,929		38,250		—		(3,300	)		34,950
Municipal bonds		25,454		734		(28	)		26,160		16,818		192		(52	)		16,958
U.S. government and agency securities		668,702		360		(149	)		668,913		206,052		38		(207	)		205,883
Foreign government and agency securities		249,951		—		—			249,951		546,407		7		(16	)		546,398
Floating rate notes		—		—		—			—		91,927		204		(1	)		92,130
Mortgage-backed securities		878,842		15,094		(1,160	)		892,776		598,046		8,984		(1,363	)		605,667
Debt mutual fund		20,000		—		(219	)		19,781		—		—		—			—
		3,048,860		19,590		(5,412	)		3,063,038	$	2,598,791	$	9,496	$	(4,944	)	$	2,603,343

The following table shows 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 March 31, 2012 and April 2, 2011 :

	March 31, 2012
	Less Than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Losses
Commercial paper	$	79,994	$	(1	)	$	—	$	—		$	79,994	$	(1	)
Corporate bonds		21,111		(184	)		—		—			21,111		(184	)
Auction rate securities		—		—			28,929		(3,671	)		28,929		(3,671	)
Municipal bonds		2,173		(24	)		366		(4	)		2,539		(28	)
U.S. government and agency securities		460,735		(149	)		—		—			460,735		(149	)
Mortgage-backed securities		147,726		(1,040	)		15,923		(120	)		163,649		(1,160	)
Debt mutual fund		19,781		(219	)		—		—			19,781		(219	)
	$	731,520	$	(1,617	)	$	45,218	$	(3,795	)	$	776,738	$	(5,412	)

	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		Losses
Commercial paper	$	44,982	$	(1	)	$	—	$	—		$	44,982	$	(1	)
Corporate bonds		6,129		(4	)		—		—			6,129		(4	)
Auction rate securities		—		—			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	)		—		—			108,464		(207	)
Foreign government and agency securities		67,061		(16	)		—		—			67,061		(16	)
Floating rate notes		25,020		(1	)		—		—			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 gross unrealized losses on these investments were primarily related to failed auction rate securities, which was due to adverse conditions in the global credit markets during the past three years. The Company reviewed the investment portfolio and determined that the gross unrealized losses on these investments as of March 31, 2012 and April 2, 2011 were temporary in nature, as evidenced by the fluctuations in the gross unrealized losses within the investment categories. Furthermore, the aggregate of individual unrealized losses that had been outstanding for 12 months or more was not significant as of March 31, 2012 and April 2, 2011. 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) as of March 31, 2012, 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.

	March 31, 2012
(In thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	1,621,892	$	1,621,793
Due after one year through five years		255,577		259,584
Due after five years through ten years		266,223		270,742
Due after ten years		653,151		659,121
	$	2,796,843	$	2,811,240

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

(In thousands)	2012			2011			2010
Gross realized gains on sale of available-for-sale securities	$	2,916		$	5,169		$	2,947
Gross realized losses on sale of available-for-sale securities		(401	)		(1,348	)		(2,596	)
Net realized gains on sale of available-for-sale securities	$	2,515		$	3,821		$	351
Amortization of premiums (discounts) on available-for-sale securities	$	13,302		$	7,650		$	(4,797	)