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Financial Instruments
 9 Months Ended
Jan. 01, 2022
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 1, 2022April 3, 2021
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Money market funds$1,023,821 $— $— $1,023,821 $583,390 $— $— $583,390 
Financial institution
securities480,660 — — 480,660 434,982 — — 434,982 
Non-financial institution
securities576,412 1 (3)576,410 533,835 — — 533,835 
U.S. government and
agency securities765,297 111 (208)765,200 568,122 45 — 568,167 
Foreign government and
agency securities562,416 — (28)562,388 662,855 — — 662,855 
Mortgage-backed securities
48,849 25 (422)48,452 108,460 1,488 (345)109,603 
Asset-backed securities— — — — 159 13 — 172 
Commercial mortgage-
backed securities6,418 — (157)6,261 12,622 86 (6)12,702 
$3,463,873 $137 $(818)$3,463,192 $2,904,425 $1,632 $(351)$2,905,706 

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 1, 2022 and April 3, 2021.
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 1, 2022 and April 3, 2021:

January 1, 2022
Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Non-financial institution securities$64,983 $(3)$— $— $64,983 $(3)
U.S. government and
    agency securities598,733 (208)— — 598,733 (208)
Foreign government and
    agency securities298,937 (28)— — 298,937 (28)
Mortgage-backed securities41,866 (422)— — 41,866 (422)
Commercial mortgage-
backed securities6,261 (157)— — 6,261 (157)
$1,010,780 $(818)$— $— $1,010,780 $(818)

April 3, 2021
Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Mortgage-backed securities$37,442 $(216)$9,835 $(129)$47,277 $(345)
Commercial mortgage-
    backed securities2,671 (5)181 (1)2,852 (6)
$40,113 $(221)$10,016 $(130)$50,129 $(351)

The Company reviewed the investment portfolio and determined that the gross unrealized losses on these investments as of January 1, 2022 and April 3, 2021 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, 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 1, 2022 and April 3, 2021. 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 1, 2022
(In thousands)Amortized
Cost		Estimated
Fair Value
Due in one year or less$2,304,644 $2,304,414 
Due after one year through five years80,967 81,057 
Due after five years through ten years4,138 4,061 
Due after ten years50,303 49,839 
$2,440,052 $2,439,371 

As of January 1, 2022, $135.0 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 1, 2022January 2, 2021January 1, 2022January 2, 2021
Proceeds from sale of available-for-sale securities$143,353 $3,896 $149,208 $60,351 
Gross realized gains on sale of available-for-sale securities$712 $— $748 $413 
Gross realized losses on sale of available-for-sale securities(1,169)(75)(1,233)(299)
Net realized gains (losses) on sale of available-for-sale securities$(457)$(75)$(485)$114 
Amortization of premiums (discounts) on available-for-sale securities$(19)$(141)$873 $(257)

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