Fair Value Measurement (Tables)

12 Months Ended

Apr. 03, 2016

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

The following table summarizes the Company’s financial assets measured at fair value on a recurring basis as of April 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:
U.S. government treasuries and agencies securities	$	32,519	$	—	$	—	$	32,519
Money market funds	124,504		—		—		124,504
Asset-backed securities	—		10,515		—		10,515
Corporate bonds	—		91,388		—		91,388
International government bonds	—		2,208		—		2,208
Corporate commercial paper	—		1,992		—		1,992
Bank deposits	—		11,711		—		11,711
Repurchase agreements	—		114		—		114
Municipal bonds	—		900		—		900
Total assets measured at fair value	$	157,023	$	118,828	$	—	$	275,851

The Convertible Notes are carried on the 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 April 3, 2016, the fair value of Convertible Notes was $351.5 million, which was determined on the basis of market prices observable for similar instruments and is considered Level 2 in the fair value hierarchy. See Note 17 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:
U.S. 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

Change in Fair Value of Liabilities Measured Using Level 3 Inputs

The following table summarizes the change in the fair value of liabilities measured using significant unobservable inputs (Level 3) for fiscal 2015:



(in thousands)	Estimated Fair Value
Balance as of March 30, 2014	$	2,140
Changes in fair value	(1,600		)
Payment	(540		)
Balance as of March 29, 2015	$	—