Fair Value Measurements

6 Months Ended

Sep. 29, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Assets measured and recorded at fair value on a recurring basis

Our cash equivalents consist primarily of money market funds whose carrying amount is a reasonable estimate of fair value. Our short-term investments consist of investment securities with original maturities greater than three months and marketable equity securities whose fair value approximates their amortized cost.

The following table summarizes our assets measured at fair value on a recurring basis, by level, within the fair value hierarchy:

	September 29, 2017						March 31, 2017
(In millions)	Fair Value		Cash and Cash Equivalents		Short-Term Investments		Fair Value		Cash and Cash Equivalents		Short-Term Investments
Cash	$	732	$	732	$	—	$	1,183	$	1,183	$	—
Non-negotiable certificates of deposit	77		77		—		15		15		—
Level 1 (Quoted prices in active markets for identical assets):
Money market funds	847		847		—		2,532		2,532		—
U.S. government securities	13		13		—		94		94		—
Marketable equity securities	—		—		—		9		—		9
Total level 1	860		860		—		2,635		2,626		9
Level 2 (Significant other observable inputs):
Corporate bonds	187		2		185		—		—		—
U.S. agency securities	50		50		—		75		75		—
Commercial paper	108		105		3		348		348		—
Negotiable certificates of deposit	12		—		12		—		—		—
Total level 2	357		157		200		423		423		—
Total	$	2,026	$	1,826	$	200	$	4,256	$	4,247	$	9

There were no transfers between fair value measurement levels during the six months ended September 29, 2017.

The following table presents the contractual maturities of our debt investments as of September 29, 2017:

(In millions)	Fair Value
Due in one year or less	$	15
Due after one year through five years	185
Total	$	200

Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.

Assets measured and recorded at fair value on a non-recurring basis

Our non-financial assets, which primarily consist of goodwill, other intangible assets, property and equipment and equity investments, are measured at fair value on a non-recurring basis, generally when there is a transaction involving those assets such as a purchase transaction, a business combination or if any indicators for impairment exist. On a periodic basis whenever events or changes in circumstances indicate their carrying value may not be fully recoverable, and at least annually for goodwill and indefinite-lived intangible assets, non-financial assets are assessed for impairment. If applicable, these non-financial assets are written-down to and recorded at fair value.

Fair value of debt

As of September 29, 2017 and March 31, 2017, the total fair value of our debt was $6.4 billion and $8.3 billion, respectively, based on Level 2 inputs.