Fair Value Measurement (Tables)

9 Months Ended

Jan. 03, 2016

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of January 3, 2016:



	Fair Value at Reporting Date Using
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Assets
Cash Equivalents and Short-Term Investments:
US government treasuries and agencies securities	$	62,434	$	—		$	—	$	62,434
Money market funds	70,960		—			—		70,960
Asset-backed securities	—		14,501			—		14,501
Corporate bonds	—		108,314			—		108,314
Corporate commercial paper	—		3,483			—		3,483
Bank deposits	—		13,595			—		13,595
Repurchase agreement	—		129			—		129
Municipal bonds	—		900			—		900
Total assets measured at fair value	$	133,394	$	140,922		$	—	$	274,316

Liabilities
Convertible Notes (1)	$	—	$	(284,280	)	$	—	$	(284,280	)

(1) The convertible notes are carried on the Condensed Consolidated Balance Sheets at their original issuance value including accreted interest, net of unamortized debt discount and issuance cost. The Convertible Notes are not marked to fair value at the end of each reporting period. As of January 3, 2016, the fair value of Convertible Notes was determined on the basis of market prices observable for similar instruments and is considered Level 2 in the fair value hierarchy. See Note 16 for additional information on the Convertible Notes.

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 29, 2015:



	Fair Value at Reporting Date Using
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash Equivalents and Short-Term Investments:
US government treasuries and agencies securities	$	135,945	$	—	$	—	$	135,945
Money market funds	55,578		—		—		55,578
Asset-backed securities	—		31,830		—		31,830
Corporate bonds	—		245,675		—		245,675
International government bonds	—		1,006		—		1,006
Corporate commercial paper	—		4,999		—		4,999
Bank deposits	—		16,915		—		16,915
Repurchase agreements	—		191		—		191
Municipal bonds	—		6,044		—		6,044
Total assets measured at fair value	$	191,523	$	306,660	$	—	$	498,183