XML 34 R14.htm IDEA: XBRL DOCUMENT
v3.19.1

Investments | 12 Months Ended
--- | ---
Mar. 31, 2019
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. At March 31, 2019, the company had short-term investments of $2.3 million consisting of marketable equity securities. 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 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 |
The Company sold available-for-sale debt securities for proceeds of $1.38 billion during the year ended March 31, 2019 to help finance its acquisition of Microsemi. There were no sales of available-for-sale debt securities during the year ended March 31, 2018. The Company sold available-for-sale debt securities for proceeds of $470.2 million during the year ended March 31, 2017. The Company recognized losses of $5.6 million on available-for-sale debt securities during the year ended March 31, 2019. The Company had no material net realized gains from sales of available-for-sale debt securities during fiscal years ended March 31, 2018 and March 31, 2017. During the year ended March 31, 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 (loss) income, net on the consolidated statements of income. As of March 31, 2019 and 2018 , the Company had no available-for-sale debt securities in an unrealized loss position. The Company did not have any available-for-sale debt securities at March 31, 2019. The amortized cost and estimated fair value of the available-for-sale debt securities at March 31, 2018, by 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 |  |  |  |  |  |  |
Due in one year or less | $ | 246.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 246.5 |
Due after one year and through five years | 1,046.0 |  |  | — |  |  | — |  |  | 1,046.0 |
Due after five years and through ten years | — |  |  | — |  |  | — |  |  | — |
Due after ten years | — |  |  | — |  |  | — |  |  | — |
Total | $ | 1,292.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,292.5 |

X
- 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
Name: | invest_InvestmentTextBlock
Namespace Prefix: | invest_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration