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Financial Instruments
 9 Months Ended
Dec. 28, 2019
Investments, All Other Investments [Abstract]  
Financial Instruments
Financial Instruments

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

 
December 28, 2019
 
 
March 30, 2019
(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
$
444,604

 
$
—

 
$
—

 
$
444,604

 
 
$
428,150

 
$
—

 
$
—

 
$
428,150

Financial institution


 


 


 


 
 


 


 


 


securities
400,000

 
—

 
—

 
400,000

 
 
537,795

 
—

 
—

 
537,795

Non-financial institution


 


 


 


 
 


 


 


 


securities
426,959

 
20

 
(27
)
 
426,952

 
 
702,483

 
3

 
(562
)
 
701,924

U.S. government and

 

 

 

 
 

 

 

 

agency securities
211,644

 
10

 
(3
)
 
211,651

 
 
334,185

 
39

 
(139
)
 
334,085

Foreign government and

 

 

 

 
 

 

 

 

agency securities
334,353

 
5

 
—

 
334,358

 
 
214,455

 
—

 
—

 
214,455

Mortgage-backed securities
396,873

 
1,261

 
(2,683
)
 
395,451

 
 
684,596

 
809

 
(14,635
)
 
670,770

Asset-backed securities
23,244

 
16

 
(22
)
 
23,238

 
 
76,852

 
—

 
(483
)
 
76,369

Commercial mortgage-


 


 


 


 
 


 


 


 


backed securities
64,333

 
32

 
(429
)
 
63,936

 
 
118,115

 
42

 
(1,618
)
 
116,539

 
$
2,302,010

 
$
1,344

 
$
(3,164
)
 
$
2,300,190

 
 
$
3,096,631

 
$
893

 
$
(17,437
)
 
$
3,080,087



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 December 28, 2019 and March 30, 2019.

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 28, 2019 and March 30, 2019:

 
December 28, 2019
 
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
$
5,195

 
$
(2
)
 
$
3,550

 
$
(25
)
 
$
8,745

 
$
(27
)
U.S. government and

 

 

 

 


 


    agency securities
—

 
—

 
1,997

 
(3
)
 
1,997

 
(3
)
Mortgage-backed securities
63,878

 
(254
)
 
199,346

 
(2,429
)
 
263,224

 
(2,683
)
Asset-backed securities
8,277

 
(4
)
 
10,182

 
(18
)
 
18,459

 
(22
)
Commercial mortgage-

 

 

 

 
 
 
 
backed securities
28,104

 
(56
)
 
25,689

 
(373
)
 
53,793

 
(429
)
 
$
105,454

 
$
(316
)
 
$
240,764

 
$
(2,848
)
 
$
346,218

 
$
(3,164
)

 
March 30, 2019
 
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
$
4,767

 
$
(4
)
 
$
51,044

 
$
(558
)
 
$
55,811

 
$
(562
)
U.S. government and

 

 

 

 

 

    agency securities
—

 
—

 
13,542

 
(139
)
 
13,542

 
(139
)
Mortgage-backed securities
34,595

 
(480
)
 
597,394

 
(14,155
)
 
631,989

 
(14,635
)
Asset-backed securities
—

 
—

 
76,103

 
(483
)
 
76,103


(483
)
Commercial mortgage-
 
 
 
 
 
 
 
 
 
 
 
    backed securities
1,354

 
(3
)
 
112,294

 
(1,615
)
 
113,648

 
(1,618
)
 
$
40,716

 
$
(487
)
 
$
850,377

 
$
(16,950
)
 
$
891,093

 
$
(17,437
)


As of December 28, 2019, the gross unrealized losses that had been outstanding for both less than twelve months and more than twelve months were primarily related to mortgage-backed securities, which was primarily 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 Company reviewed the investment portfolio and determined that the gross unrealized losses as of December 28, 2019 and March 30, 2019 were temporary in nature as evidenced by the fluctuations in the gross unrealized losses within the investment categories. The marketable debt securities (financial institution securities, non-financial institution securities, U.S. and foreign government and agency securities, asset-backed securities, mortgage-backed securities and commercial mortgage-backed securities) are highly rated by the credit rating agencies, there have been no defaults on any of these securities and the Company has received interest payments as they become due. Therefore, the Company believes that it will be able to collect both principal and interest amount due to the Company. Additionally, in the past several years a portion of the Company's investment in the mortgage-backed securities was 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 December 28, 2019 and March 30, 2019. 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 amortized cost and estimated fair value of marketable debt securities, by contractual maturity, are shown in the table 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 28, 2019
(In thousands)
Amortized
Cost
 
Estimated
Fair Value
Due in one year or less
$
1,371,519

 
$
1,371,529

Due after one year through five years
39,724

 
39,676

Due after five years through ten years
104,585

 
104,790

Due after ten years
341,578

 
339,591


$
1,857,406

 
$
1,855,586



As of December 28, 2019, $484.1 million of marketable debt securities with contractual maturities of greater than one year were classified as short-term investments. Additionally, the above table does not include investments in money market funds because these investments do not have specific contractual maturities.

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

 
Three Months Ended
 
Nine Months Ended
(In thousands)
December 28, 2019
 
December 29, 2018
 
December 28, 2019
 
December 29, 2018
Proceeds from sale of available-for-sale securities
$
23,605

 
$
12,692

 
$
323,228

 
$
13,594

Gross realized gains on sale of available-for-sale securities
$
128

 
$
173

 
$
1,339

 
$
269

Gross realized losses on sale of available-for-sale securities
(9
)
 
(114
)
 
(181
)
 
(162
)
Net realized gains on sale of available-for-sale securities
$
119

 
$
59

 
$
1,158

 
$
107

Amortization of premiums on available-for-sale securities
$
1,063

 
$
1,403

 
$
3,411

 
$
6,539



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