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Investments | 6 Months Ended
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Sep. 30, 2018
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. The following is a summary of available-for-sale debt securities at September 30, 2018 (in millions):
| Available-for-sale Debt Securities
| Adjusted Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Time deposits | $ | 2.2 |  |  | — |  |  | — |  |  | $ | 2.2 |
At September 30, 2018, short-term investments of $4.5 million included available-for-sale debt securities of $2.2 million and marketable equity securities of $2.3 million. The following is a summary of available-for-sale debt securities at March 31, 2018 (in millions):
| Available-for-sale Debt Securities
| Adjusted Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available-for-sale debt securities: |  |  |  |  |  |  |
Government agency bonds | $ | 723.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 723.2 |
Municipal bonds - taxable | 14.9 |  |  | — |  |  | — |  |  | 14.9 |
Time deposits | 11.5 |  |  | — |  |  | — |  |  | 11.5 |
Corporate bonds and debt | 542.9 |  |  | — |  |  | — |  |  | 542.9 |
Total | $ | 1,292.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,292.5 |
At March 31, 2018, short-term investments of $1.30 billion included available-for-sale debt securities of $1.29 billion and marketable equity securities of $2.8 million. The Company sold available-for-sale debt securities for proceeds of $1.38 billion during the six months ended September 30, 2018 to help finance the acquisition of Microsemi. The Company had no sales of available-for-sale debt securities during the six months ended September 30, 2017. During the six months ended September 30, 2018, the Company recognized a loss of $5.6 million on available-for-sale debt securities. During fiscal 2018, the Company recognized an impairment of $15.5 million on available-for-sale debt securities based on its evaluation of available evidence and the Company's intent to sell these investments which were subsequently sold in the first quarter of fiscal 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 (expense) on the consolidated statements of income. As of September 30, 2018 and March 31, 2018, the Company had no available-for-sale debt securities in an unrealized loss position. The amortized cost and estimated fair value of the available-for-sale debt securities at September 30, 2018, by contractual maturity are shown below (in millions). Expected maturities can differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties, and the Company views its available-for-sale debt securities as available for current operations.
| Adjusted Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available-for-sale debt securities |  |  |  |  |  |  |
Due in one year or less | $ | 2.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2.2 |

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- Definition The entire disclosure for investments, including all tables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 6 -Section 10 -Paragraph (c) -Subparagraph (1) + Details
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- References No definition available. + Details
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