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Financial Instruments (Tables)
 3 Months Ended
Jun. 27, 2015
Investments, All Other Investments [Abstract]  
Available-for-sale securities
The following is a summary of cash equivalents and available-for-sale securities as of the end of the periods presented:
 
June 27, 2015
 
 
March 28, 2015
(In thousands)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
 
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Money market funds
$
304,935

 
$
—

 
$
—

 
$
304,935

 
 
$
235,583

 
$
—

 
$
—

 
$
235,583

Financial institution


 


 


 


 
 


 


 


 


securities
290,000

 
—

 
—

 
290,000

 
 
304,999

 
—

 
—

 
304,999

Non-financial institution


 


 


 


 
 


 


 


 


securities
425,413

 
44

 
(80
)
 
425,377

 
 
429,005

 
25

 
(6
)
 
429,024

Auction rate securities
10,500

 
—

 
(91
)
 
10,409

 
 
10,500

 
—

 
(188
)
 
10,312

Municipal bonds
53,839

 
552

 
(338
)
 
54,053

 
 
49,064

 
744

 
(152
)
 
49,656

U.S. government and

 

 

 

 
 

 

 

 

agency securities
575,867

 
142

 
(46
)
 
575,963

 
 
757,954

 
91

 
(129
)
 
757,916

Foreign government and

 

 

 

 
 

 

 

 

agency securities
201,045

 
—

 
—

 
201,045

 
 
197,932

 
—

 
—

 
197,932

Mortgage-backed securities
1,091,058

 
6,358

 
(9,467
)
 
1,087,949

 
 
1,075,730

 
8,942

 
(4,496
)
 
1,080,176

Asset-backed securities
219,682

 
958

 
(331
)
 
220,309

 
 
211,487

 
1,130

 
(159
)
 
212,458

Debt mutual funds
101,350

 
—

 
(7,002
)
 
94,348

 
 
101,350

 
—

 
(6,150
)
 
95,200

Bank loans
98,564

 
1,350

 
(79
)
 
99,835

 
 
98,131

 
29

 
(60
)
 
98,100

Commercial mortgage-
























backed securities
105,119


178


(610
)

104,687



—


—


—


—

 
$
3,477,372

 
$
9,582

 
$
(18,044
)
 
$
3,468,910

 
 
$
3,471,735

 
$
10,961

 
$
(11,340
)
 
$
3,471,356
Fair values and gross unrealized losses of the investments
The following tables show the fair values and gross unrealized losses of the Company’s investments, aggregated by investment category, for individual securities that have been in a continuous unrealized loss position for the length of time specified, as of June 27, 2015 and March 28, 2015:

 
June 27, 2015
 
Less Than 12 Months
 
12 Months or Greater
 
Total
(In thousands)
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
Non-financial institution securities
$
31,065

 
$
(80
)
 
$
—

 
$
—

 
$
31,065

 
$
(80
)
Auction rate securities
—

 
—

 
10,409

 
(91
)
 
10,409

 
(91
)
Municipal bonds
21,356

 
(266
)
 
1,852

 
(72
)
 
23,208

 
(338
)
U.S. government and

 

 

 

 


 


    agency securities
66,802

 
(46
)
 
—

 
—

 
66,802

 
(46
)
Mortgage-backed securities
734,577

 
(8,275
)
 
43,349

 
(1,192
)
 
777,926

 
(9,467
)
Asset-backed securities
84,268


(331
)

—


—


84,268


(331
)
Debt mutual fund
38,569

 
(1,431
)
 
55,779

 
(5,571
)
 
94,348

 
(7,002
)
Bank loans
56,551

 
(69
)

10,293

 
(10
)
 
66,844

 
(79
)
Commercial mortgage-











backed securities
45,045


(579
)

545


(31
)

45,590


(610
)
 
$
1,078,233

 
$
(11,077
)
 
$
122,227

 
$
(6,967
)
 
$
1,200,460

 
$
(18,044
)

 
March 28, 2015
 
Less Than 12 Months
 
12 Months or Greater
 
Total
(In thousands)
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
Non-financial institution securities
$
7,190

 
$
(6
)
 
$
—

 
$
—

 
$
7,190

 
$
(6
)
Auction rate securities
—

 
—

 
10,312

 
(188
)
 
10,312

 
(188
)
Municipal bonds
10,014

 
(94
)
 
1,931

 
(58
)
 
11,945

 
(152
)
U.S. government and

 

 

 

 

 

    agency securities
451,296

 
(129
)
 
—

 
—

 
451,296

 
(129
)
Mortgage-backed securities
448,770

 
(3,169
)
 
49,207

 
(1,327
)
 
497,977

 
(4,496
)
Asset-backed securities
75,009

 
(159
)
 
—

 
—

 
75,009


(159
)
Debt mutual funds
38,608

 
(1,392
)
 
56,592

 
(4,758
)
 
95,200

 
(6,150
)
Bank loans
65,085

 
(60
)
 
—

 
—

 
65,085


(60
)
 
$
1,095,972

 
$
(5,009
)
 
$
118,042

 
$
(6,331
)
 
$
1,214,014

 
$
(11,340
)
Amortized cost and estimated fair value of marketable debt securities
 
June 27, 2015
(In thousands)
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
$
1,373,464

 
$
1,373,607

Due after one year through five years
367,169

 
367,111

Due after five years through ten years
300,178

 
300,357

Due after ten years
1,030,276

 
1,028,552


$
3,071,087

 
$
3,069,627
Information on sale of available-for-sale securities
Certain information related to available-for-sale securities is as follows:
 
Three Months Ended
(In thousands)
June 27, 2015
 
June 28, 2014
Proceeds from sale of available-for-sale securities
$
66,041

 
$
59,581

Gross realized gains on sale of available-for-sale securities
$
359

 
$
837

Gross realized losses on sale of available-for-sale securities
(129
)
 
(167
)
Net realized gains on sale of available-for-sale securities
$
230

 
$
670

Amortization of premiums on available-for-sale securities
$
6,468

 
$
6,233