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Investments (Notes)
 9 Months Ended
Dec. 31, 2014
Investments [Abstract]  
Investments
Investments
 
The Company's investments are intended to establish a high-quality portfolio that preserves principal, meets liquidity needs, avoids inappropriate concentrations, and delivers an appropriate yield in relationship to the Company's investment guidelines and market conditions.  The following is a summary of available-for-sale securities at December 31, 2014 (amounts in thousands):
 
Available-for-sale Securities
 
Adjusted
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
Government agency bonds
$
736,615

 
$
113

 
$
(1,866
)
 
$
734,862

Municipal bonds
45,140

 
74

 
(32
)
 
45,182

Auction rate securities
9,825

 
—

 
—

 
9,825

Time deposits (1)
8,699

 
—

 
—

 
8,699

Corporate bonds and debt
938,331

 
927

 
(1,397
)
 
937,861

Marketable equity securities
3,600

 
33,314

 
—

 
36,914

 
$
1,742,210

 
$
34,428

 
$
(3,295
)
 
$
1,773,343

 
(1) Time deposits in various financial institutions with maturities greater than three months that will mature within one year.

The following is a summary of available-for-sale securities at March 31, 2014 (amounts in thousands):
 
Available-for-sale Securities
 
Adjusted
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
Government agency bonds
$
684,451

 
$
114

 
$
(3,171
)
 
$
681,394

Municipal bonds
41,622

 
101

 
(14
)
 
41,709

Auction rate securities
9,825

 
—

 
—

 
9,825

Corporate bonds and debt
941,524

 
3,247

 
(805
)
 
943,966

 
$
1,677,422

 
$
3,462

 
$
(3,990
)
 
$
1,676,894



At December 31, 2014, the Company's available-for-sale securities are presented on the condensed consolidated balance sheets as short-term investments of $666.1 million and long-term investments of $1,107.2 million.  At March 31, 2014, the Company's available-for-sale securities are presented on the condensed consolidated balance sheets as short-term investments of $878.2 million and long-term investments of $798.7 million.

The Company's marketable equity securities consist of an investment in Hua Hong Semiconductor Limited (Hua Hong), which effected its initial public offering on the Hong Kong stock exchange on October 15, 2014. This investment was previously classified as a non-marketable cost-method investment, and had a carrying value of $3.6 million.

The following tables show all investments in an unrealized loss position for which an other-than-temporary impairment has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (amounts in thousands):
 
December 31, 2014
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
Government agency bonds
$
568,466

 
$
(1,561
)
 
$
64,695

 
$
(305
)
 
$
633,161

 
$
(1,866
)
Municipal bonds
13,533

 
(32
)
 
—

 
—

 
13,533

 
(32
)
Corporate bonds and debt
460,372

 
(1,363
)
 
5,988

 
(34
)
 
466,360

 
(1,397
)
 
$
1,042,371

 
$
(2,956
)
 
$
70,683

 
$
(339
)
 
$
1,113,054

 
$
(3,295
)


 
March 31, 2014
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
 
Fair Value
 
Unrealized Loss
Government agency bonds
$
522,159

 
$
(3,172
)
 
$
—

 
$
—

 
$
522,159

 
$
(3,172
)
Municipal bonds
2,625

 
(13
)
 
1,196

 
(1
)
 
3,821

 
(14
)
Corporate bonds and debt
256,717

 
(804
)
 
—

 
—

 
256,717

 
(804
)
 
$
781,501

 
$
(3,989
)
 
$
1,196

 
$
(1
)
 
$
782,697

 
$
(3,990
)


Management does not believe any of the unrealized losses represent an other-than-temporary impairment based on its evaluation of available evidence as of December 31, 2014 and the Company's intent is to hold these investments until these assets are no longer impaired, except for certain auction rate securities (ARS).  For those debt securities not scheduled to mature until after December 31, 2015, such recovery is not anticipated to occur in the next year and these investments have been classified as long-term investments.
 
The amortized cost and estimated fair value of the available-for-sale securities at December 31, 2014, by contractual maturity, excluding marketable equity securities of $36.9 million and corporate debt of $6.2 million, which have no contractual maturity, are shown below (amounts in thousands).  Expected maturities can differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties, and the Company views its available-for-sale securities as available for current operations.
 
Adjusted
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair Value
Available-for-sale
 
 
 
 
 
 
 
Due in one year or less
$
216,444

 
$
258

 
$
(9
)
 
$
216,693

Due after one year and through five years
1,428,901

 
835

 
(3,081
)
 
1,426,655

Due after five years and through ten years
77,250

 
21

 
(205
)
 
77,066

Due after ten years
9,825

 
—

 
—

 
9,825

 
$
1,732,420

 
$
1,114

 
$
(3,295
)
 
$
1,730,239


 
The Company had no material realized gains or losses from the sale of available-for-sale marketable equity securities or debt securities during each of the three and nine-month periods ended December 31, 2014 and 2013.