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Financial Instruments (Tables)
 9 Months Ended
Dec. 31, 2016
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:
 
December 31, 2016
 
 
April 2, 2016
(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
$
366,460

 
$
—

 
$
—

 
$
366,460

 
 
$
232,698

 
$
—

 
$
—

 
$
232,698

Financial institution


 


 


 


 
 


 


 


 


securities
474,872

 
—

 
—

 
474,872

 
 
284,853

 
—

 
—

 
284,853

Non-financial institution


 


 


 


 
 


 


 


 


securities
295,848

 
541

 
(744
)
 
295,645

 
 
564,480

 
862

 
(230
)
 
565,112

Auction rate securities
10,500

 
—

 
(273
)
 
10,227

 
 
10,500

 
—

 
(523
)
 
9,977

Municipal bonds
55,028

 
331

 
(566
)
 
54,793

 
 
68,938

 
877

 
(133
)
 
69,682

U.S. government and

 

 

 

 
 

 

 

 

agency securities
176,583

 
7

 
(142
)
 
176,448

 
 
192,291

 
73

 
(71
)
 
192,293

Foreign government and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
agency securities
94,783

 
—

 
(33
)
 
94,750

 
 
313,168

 
—

 
—

 
313,168

Mortgage-backed securities
1,264,983

 
5,906

 
(18,205
)
 
1,252,684

 
 
1,200,071

 
12,848

 
(5,380
)
 
1,207,539

Asset-backed securities
215,879

 
677

 
(703
)
 
215,853

 
 
216,068

 
1,151

 
(605
)
 
216,614

Debt mutual funds
101,350

 
—

 
(15,415
)
 
85,935

 
 
101,350

 
—

 
(9,449
)
 
91,901

Bank loans
130,029

 
1,102

 
(75
)
 
131,056

 
 
102,092

 
25

 
(102
)
 
102,015

Commercial mortgage-
























backed securities
219,675


128


(3,561
)

216,242


 
207,847


432


(1,809
)

206,470

 
$
3,405,990

 
$
8,692

 
$
(39,717
)
 
$
3,374,965

 
 
$
3,494,356

 
$
16,268

 
$
(18,302
)
 
$
3,492,322
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 December 31, 2016 and April 2, 2016:

 
December 31, 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
$
69,567

 
$
(733
)
 
$
1,523

 
$
(11
)
 
$
71,090

 
$
(744
)
Auction rate securities
—

 
—

 
10,227

 
(273
)
 
10,227

 
(273
)
Municipal bonds
32,671

 
(537
)
 
1,730

 
(29
)
 
34,401

 
(566
)
U.S. government and

 

 

 

 


 


    agency securities
82,785

 
(142
)
 
—

 
—

 
82,785

 
(142
)
Foreign government and













agency securities
14,976


(33
)

—


—


14,976


(33
)
Mortgage-backed securities
914,938

 
(15,537
)
 
118,236

 
(2,668
)
 
1,033,174

 
(18,205
)
Asset-backed securities
87,937

 
(561
)
 
11,380

 
(142
)
 
99,317

 
(703
)
Debt mutual funds
—

 
—

 
85,935

 
(15,415
)
 
85,935

 
(15,415
)
Bank loans
12,264

 
(75
)

—

 
—

 
12,264

 
(75
)
Commercial mortgage-













backed securities
151,331


(1,984
)

24,384


(1,577
)

175,715


(3,561
)
 
$
1,366,469

 
$
(19,602
)
 
$
253,415

 
$
(20,115
)
 
$
1,619,884

 
$
(39,717
)

 
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
)
Amortized cost and estimated fair value of marketable debt securities
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.
 
December 31, 2016
(In thousands)
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
$
839,365

 
$
839,380

Due after one year through five years
496,399

 
494,352

Due after five years through ten years
243,772

 
243,648

Due after ten years
1,358,644

 
1,345,190


$
2,938,180

 
$
2,922,570
Information on sale of available-for-sale securities
Certain information related to available-for-sale securities is as follows:
 
Three Months Ended
 
Nine Months Ended
(In thousands)
December 31, 2016
 
January 2, 2016
 
December 31, 2016
 
January 2, 2016
Proceeds from sale of available-for-sale securities
$
130,891

 
$
82,396

 
$
384,236

 
$
203,426

Gross realized gains on sale of available-for-sale securities
$
624

 
$
203

 
$
2,055

 
$
1,038

Gross realized losses on sale of available-for-sale securities
(679
)
 
(221
)
 
(1,284
)
 
(439
)
Net realized gains (losses) on sale of available-for-sale securities
$
(55
)
 
$
(18
)
 
$
771

 
$
599

Amortization of premiums on available-for-sale securities
$
8,034

 
$
6,906

 
$
22,209

 
$
20,417