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Financial Instruments
 12 Months Ended
Mar. 28, 2020
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:

March 28, 2020
 
 
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
$
656,038

 
$
—

 
$
—

 
$
656,038

 
 
$
428,150

 
$
—

 
$
—

 
$
428,150

Financial institution


 


 


 


 
 


 


 


 


securities
325,000

 
—

 
—

 
325,000

 
 
537,795

 
—

 
—

 
537,795

Non-financial institution


 


 


 


 
 


 


 


 


securities
476,735

 
—

 
—

 
476,735

 
 
702,483

 
3

 
(562
)
 
701,924

U.S. government and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
agency securities
216,178

 
95

 
—

 
216,273

 
 
334,185

 
39

 
(139
)
 
334,085

Foreign government and


 

 

 

 
 


 

 

 

agency securities
254,283

 
7

 
(17
)
 
254,273

 
 
214,455

 
—

 
—

 
214,455

Mortgage-backed securities
156,836

 
2,445

 
(477
)
 
158,804

 
 
684,596

 
809

 
(14,635
)
 
670,770

Asset-backed securities
2,533

 
18

 
(2
)
 
2,549

 
 
76,852

 
—

 
(483
)
 
76,369

Commercial mortgage-


 


 


 


 
 


 


 


 


    backed securities
50,566

 
134

 
(556
)
 
50,144

 
 
118,115

 
42

 
(1,618
)
 
116,539


$
2,138,169

 
$
2,699

 
$
(1,052
)
 
$
2,139,816

 
 
$
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 March 28, 2020 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 March 28, 2020 and March 30, 2019:


March 28, 2020

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
Mortgage-backed securities
$
13,492


$
(88
)

$
31,819


$
(389
)

$
45,311


$
(477
)
Asset-backed securities
1,641

 
(2
)
 
—

 
—

 
1,641

 
(2
)
Foreign government and
 
 
 
 
 
 
 
 
 
 
 
    agency securities
30,998

 
(17
)
 
—

 
—

 
30,998

 
(17
)
Commercial mortgage-
 
 
 
 
 
 
 
 
 
 
 
    backed securities
30,593

 
(282
)
 
2,589

 
(274
)
 
33,182

 
(556
)

$
76,724


$
(389
)

$
34,408


$
(663
)

$
111,132


$
(1,052
)


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
)


The Company reviewed the investment portfolio and determined that the gross unrealized losses on these investments as of March 28, 2020 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-back 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 amounts due to the Company. Additionally, in the past several years a portion of the Company's investment in 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 March 28, 2020 and March 30, 2019. The Company neither intends to sell these marketable debt securities 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.
 
March 28, 2020
(In thousands)
Amortized
Cost

Estimated
Fair Value
Due in one year or less
$
1,274,196


$
1,274,283

Due after one year through five years
7,628


7,670

Due after five years through ten years
31,432


32,369

Due after ten years
168,875


169,456


$
1,482,131


$
1,483,778



As of March 28, 2020, $209.5 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:
 
Years Ended
(In thousands)
March 28, 2020

March 30, 2019

March 31, 2018
Proceeds from sale of available-for-sale and equity securities
$
670,604


$
35,734


$
1,161,410

Gross realized gains on sale of available-for-sale securities
$
3,349


$
372

 
$
7,258

Gross realized losses on sale of available-for-sale securities
(216
)

(51
)
 
(7,947
)
Net realized gains (losses) on sale of available-for-sale securities
$
3,133


$
321

 
$
(689
)
Amortization of premiums on available-for-sale securities
$
3,551


$
8,118

 
$
24,569



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