Fair Value Measurements

6 Months Ended

Sep. 28, 2012

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 2. Fair Value Measurements

Amounts for assets and liabilities measured at fair value are based on an expected exit price, representing the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: 

•Level 1:  Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. 

•Level 2:  Observable inputs that reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. 

•Level 3:  Unobservable inputs reflecting our own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.  

Assets Measured and Recorded at Fair Value on a Recurring Basis

There have been no transfers between fair value measurement levels during the three and six months ended September 28, 2012.  The following table summarizes our assets measured at fair value on a recurring basis, by level, within the fair value hierarchy: 

	As of September 28, 2012			As of March 30, 2012
	Level 1	Level 2	Total	Level 1	Level 2	Total
	(In millions)
Cash Equivalents (1)	$        2,875	$                -	$        2,875	$        1,483	$                -	$        1,483

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⁽¹⁾  Cash equivalents consist of money market funds which are valued based on quoted market prices of the identical underlying security.