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Financial Instruments
 9 Months Ended
Jan. 02, 2021
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:
January 2, 2021March 28, 2020
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Money market funds$334,209 $— $— $334,209 $656,038 $— $— $656,038 
Financial institution
securities474,979 — — 474,979 325,000 — — 325,000 
Non-financial institution
securities638,547 — — 638,547 476,735 — — 476,735 
U.S. government and
agency securities1,106,192 19 (9)1,106,202 216,178 95 — 216,273 
Foreign government and
agency securities498,325 — — 498,325 254,283 7 (17)254,273 
Mortgage-backed securities
88,100 1,819 (302)89,617 156,836 2,445 (477)158,804 
Asset-backed securities840 16 — 856 2,533 18 (2)2,549 
Commercial mortgage-
backed securities15,572 123 (146)15,549 50,566 134 (556)50,144 
$3,156,764 $1,977 $(457)$3,158,284 $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 January 2, 2021 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 January 2, 2021 and March 28, 2020:
January 2, 2021
Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. government and
    agency securities$431,873 $(9)$— $— $431,873 $(9)
Mortgage-backed securities13,052 (120)12,287 (182)25,339 (302)
Commercial mortgage-
backed securities2,635 (5)638 (141)3,273 (146)
$447,560 $(134)$12,925 $(323)$460,485 $(457)

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 January 2, 2021 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 (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 January 2, 2021 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.
 January 2, 2021
(In thousands)Amortized
Cost		Estimated
Fair Value
Due in one year or less$2,719,288 $2,719,301 
Due after one year through five years3,398 3,460 
Due after five years through ten years13,443 14,079 
Due after ten years86,426 87,235 
$2,822,555 $2,824,075 

As of January 2, 2021, $104.8 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 EndedNine Months Ended
(In thousands)January 2, 2021December 28, 2019January 2, 2021December 28, 2019
Proceeds from sale of available-for-sale and equity securities$3,896 $23,605 $60,351 $323,228 
Gross realized gains on sale of available-for-sale securities$— $128 $413 $1,339 
Gross realized losses on sale of available-for-sale securities(75)(9)(299)(181)
Net realized gains (losses) on sale of available-for-sale securities$(75)$119 $114 $1,158 
Amortization of premiums (discounts) on available-for-sale securities$(141)$1,063 $(257)$3,411 

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