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Financial Instruments
 3 Months Ended
Jun. 27, 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:
June 27, 2020March 28, 2020
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Money market funds$567,333  $—  $—  $567,333  $656,038  $—  $—  $656,038  
Financial institution
securities524,980  —  —  524,980  325,000  —  —  325,000  
Non-financial institution
securities505,464  —  (1) 505,463  476,735  —  —  476,735  
U.S. government and
agency securities549,523  6  (31) 549,498  216,178  95  —  216,273  
Foreign government and
agency securities595,058  —  (36) 595,022  254,283  7  (17) 254,273  
Mortgage-backed securities
109,067  2,146  (319) 110,894  156,836  2,445  (477) 158,804  
Asset-backed securities868  16  —  884  2,533  18  (2) 2,549  
Commercial mortgage-
backed securities44,922  199  (262) 44,859  50,566  134  (556) 50,144  
$2,897,215  $2,367  $(649) $2,898,933  $2,138,169  $2,699  $(1,052) $2,139,816  

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 June 27, 2020 and March 28, 2020.
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, 2020 and March 28, 2020:
June 27, 2020
Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Non-financial institution securities$44,978  $(1) $—  $—  $44,978  $(1) 
U.S. government and
    agency securities416,542  (31) —  —  416,542  (31) 
Foreign government and
    agency securities74,942  (36) —  —  74,942  (36) 
Mortgage-backed securities7,216  (104) 15,299  (215) 22,515  (319) 
Commercial mortgage-
backed securities18,857  (109) 1,979  (153) 20,836  (262) 
$562,535  $(281) $17,278  $(368) $579,813  $(649) 
March 28, 2020
Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Mortgage-backed securities$13,492  $(88) $31,819  $(389) $45,311  $(477) 
Asset-backed securities1,641  (2) —  —  1,641  (2) 
Foreign government and
    agency securities30,998  (17) —  —  30,998  (17) 
Commercial mortgage-
    backed securities30,593  (282) 2,589  (274) 33,182  (556) 
$76,724  $(389) $34,408  $(663) $111,132  $(1,052) 

The Company reviewed the investment portfolio and determined that the gross unrealized losses on these investments as of June 27, 2020 and March 28, 2020 were temporary in nature as evidenced by the fluctuations in the gross unrealized losses within the investment categories. The marketable debt 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 June 27, 2020 and March 28, 2020. 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.
 June 27, 2020
(In thousands)Amortized
Cost		Estimated
Fair Value
Due in one year or less$2,177,452  $2,177,394  
Due after one year through five years3,714  3,755  
Due after five years through ten years17,149  17,834  
Due after ten years131,567  132,617  
$2,329,882  $2,331,600  

As of June 27, 2020, $154.2 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
(In thousands)June 27, 2020June 29, 2019
Proceeds from sale of available-for-sale securities$37,657  $156,094  
Gross realized gains on sale of available-for-sale securities$360  $604  
Gross realized losses on sale of available-for-sale securities—  (39) 
Net realized gains on sale of available-for-sale securities$360  $565  
Amortization of premiums (discounts) on available-for-sale securities$(91) $711  

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