Investments

3 Months Ended

Jun. 30, 2019

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. 

As of June 30, 2019 and March 31, 2019, the Company had short-term investments of $3.1 million and $2.3 million, respectively, consisting of marketable equity securities. The Company had no available-for-sale debt securities at June 30, 2019 and March 31, 2019.

There were no sales of available-for-sale debt securities during the three months ended June 30, 2019. The Company sold available-for-sale debt securities for proceeds of $1.38 billion during the year ended March 31, 2019 to help finance its acquisition of Microsemi. The Company recognized losses of $5.6 million on available-for-sale debt securities during the year ended March 31, 2019. The Company determines the cost of available-for-sale debt securities sold on a first-in first-out (FIFO) basis at the individual security level for sales from multiple lots. For sales of marketable equity securities, the Company uses an average cost basis at the individual security level. Gains and losses recognized in earnings are credited or charged to other income (loss), net on the condensed consolidated statements of income.