Financial Instruments

The following is a summary of cash equivalents and available-for-sale securities as of the end of the periods presented:



	April 2, 2016									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	$	232,698	$	—	$	—		$	232,698	$	235,583	$	—	$	—		$	235,583
Financial institution	—
securities	284,853		—		—			284,853		304,999		—		—			304,999
Non-financial institution	—
securities	564,480		862		(230		)	565,112		429,005		25		(6		)	429,024
Auction rate securities	10,500		—		(523		)	9,977		10,500		—		(188		)	10,312
Municipal bonds	68,938		877		(133		)	69,682		49,064		744		(152		)	49,656
U.S. government and
agency securities	192,291		73		(71		)	192,293		757,954		91		(129		)	757,916
Foreign government and
agency securities	313,168		—		—			313,168		197,932		—		—			197,932
Mortgage-backed securities	1,200,071		12,848		(5,380		)	1,207,539		1,035,598		8,809		(4,171		)	1,040,236
Asset-backed securities	216,068		1,151		(605		)	216,614		211,487		1,130		(159		)	212,458
Debt mutual funds	101,350		—		(9,449		)	91,901		101,350		—		(6,150		)	95,200
Bank loans	102,092		25		(102		)	102,015		98,131		29		(60		)	98,100
Commercial mortgage-
backed securities	207,847		432		(1,809		)	206,470		40,132		133		(325		)	39,940
	$	3,494,356	$	16,268	$	(18,302	)	$	3,492,322	$	3,471,735	$	10,961	$	(11,340	)	$	3,471,356

Financial institution securities include securities issued or managed by financial institutions in various forms, such as commercial paper and time deposits. Substantially all time deposits were issued by institutions outside the U.S. as of April 2, 2016 and March 28, 2015.

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 April 2, 2016 and March 28, 2015:



	April 2, 2016
	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	$	52,756	$	(230	)	$	—	$	—		$	52,756	$	(230	)
Auction rate securities	—		—			9,977		(523		)	9,977		(523		)
Municipal bonds	10,138		(44		)	3,867		(89		)	14,005		(133		)
U.S. government and
agency securities	84,024		(71		)	—		—			84,024		(71		)
Mortgage-backed securities	346,560		(3,916		)	114,285		(1,464		)	460,845		(5,380		)
Asset-backed securities	81,038		(502		)	20,793		(103		)	101,831		(605		)
Debt mutual funds	—		—			91,901		(9,449		)	91,901		(9,449		)
Bank loans	34,358		(31		)	42,832		(71		)	77,190		(102		)
Commercial mortgage-
backed securities	141,761		(878		)	2,150		(931		)	143,911		(1,809		)
	$	750,635	$	(5,672	)	$	285,805	$	(12,630	)	$	1,036,440	$	(18,302	)



	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	442,786		(2,901		)	48,263		(1,270		)	491,049		(4,171		)
Asset-backed securities	75,009		(159		)	—		—			75,009		(159		)
Debt mutual fund	38,608		(1,392		)	56,592		(4,758		)	95,200		(6,150		)
Bank loans	65,085		(60		)	—		—			65,085		(60		)
Commercial mortgage-
backed securities	5,984		(268		)	944		(57		)	6,928		(325		)
	$	1,095,972	$	(5,009	)	$	118,042	$	(6,331	)	$	1,214,014	$	(11,340	)

As of April 2, 2016, the gross unrealized losses that had been outstanding for less than twelve months were primarily related to mortgage-backed securities due to the general rising of the interest-rate environment, although the percentage of such losses to the total estimated fair value of the mortgage-backed securities was relatively insignificant. The gross unrealized losses that had been outstanding for more than twelve months were primarily related to debt mutual funds and mortgage-backed securities, which were primarily due to the general rising of the interest-rate environment and foreign currency movement.

The Company reviewed the investment portfolio and determined that the gross unrealized losses on these investments as of April 2, 2016 and March 28, 2015 were temporary in nature as evidenced by the fluctuations in the gross unrealized losses within the investment categories. These investments are highly rated by the credit rating agencies and there have been no defaults on any of these securities, and we have received interest payments as they become due. Additionally, in the past several years a portion of the Company's investment in the auction rate securities and the mortgage-backed securities were redeemed or prepaid by the debtors at par. Furthermore, the aggregate of individual unrealized losses that had been outstanding for twelve months or more was not significant as of April 2, 2016 and March 28, 2015. The Company neither intends to sell these investments nor concludes that it is more-likely-than-not that it will have to sell them until recovery of their carrying values. The Company also believes that it will be able to collect both principal and interest amounts due to the Company at maturity, given the high credit quality of these investments and any related underlying collateral.

The amortized cost and estimated fair value of marketable debt securities (financial institution securities, non-financial institution securities, auction rate securities, municipal bonds, U.S. and foreign government and agency securities, mortgage-backed securities, asset-backed securities, bank loans and commercial mortgage-backed securities), by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties.



	April 2, 2016
(In thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	1,120,486	$	1,120,487
Due after one year through five years	545,350		545,457
Due after five years through ten years	264,616		265,529
Due after ten years	1,229,856		1,236,250
	$	3,160,308	$	3,167,723

As of April 2, 2016, $1.92 billion of marketable debt securities with contractual maturities of greater than one year were classified as short-term investments. Additionally, the above table did not include investments in money market and mutual funds because these funds do not have specific contractual maturities.

Certain information related to available-for-sale securities is as follows:



(In thousands)	April 2, 2016			March 28, 2015			March 29, 2014
Gross realized gains on sale of available-for-sale securities	$	1,248		$	15,101		$	2,080
Gross realized losses on sale of available-for-sale securities	(878		)	(3,223		)	(2,412		)
Net realized gains (losses) on sale of available-for-sale securities	$	370		$	11,878		$	(332	)
Amortization of premiums on available-for-sale securities	$	26,613		$	23,579		$	27,293

The cost of securities matured or sold is based on the specific identification method.