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Financial Instruments
 6 Months Ended
Sep. 26, 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:
September 26, 2020March 28, 2020
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Money market funds$385,263 $— $— $385,263 $656,038 $— $— $656,038 
Financial institution
securities405,834 — — 405,834 325,000 — — 325,000 
Non-financial institution
securities671,987 — — 671,987 476,735 — — 476,735 
U.S. government and
agency securities775,394 51 (4)775,441 216,178 95 — 216,273 
Foreign government and
agency securities599,862 — (1)599,861 254,283 7 (17)254,273 
Mortgage-backed securities
97,500 2,017 (257)99,260 156,836 2,445 (477)158,804 
Asset-backed securities857 18 — 875 2,533 18 (2)2,549 
Commercial mortgage-
backed securities19,359 133 (192)19,300 50,566 134 (556)50,144 
$2,956,056 $2,219 $(454)$2,957,821 $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 September 26, 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 September 26, 2020 and March 28, 2020:
September 26, 2020
Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Non-financial institution securities$19,993 $— $— $— $19,993 $— 
U.S. government and
    agency securities149,947 (4)— — 149,947 (4)
Foreign government and
    agency securities24,997 (1)— — 24,997 (1)
Mortgage-backed securities9,134 (76)12,474 (181)21,608 (257)
Commercial mortgage-
backed securities3,665 (59)684 (133)4,349 (192)
$207,736 $(140)$13,158 $(314)$220,894 $(454)

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 September 26, 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 September 26, 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.
 September 26, 2020
(In thousands)Amortized
Cost		Estimated
Fair Value
Due in one year or less$2,454,654 $2,454,704 
Due after one year through five years2,752 2,792 
Due after five years through ten years15,182 15,872 
Due after ten years98,205 99,190 
$2,570,793 $2,572,558 

As of September 26, 2020, $117.9 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 EndedSix Months Ended
(In thousands)September 26, 2020September 28, 2019September 26, 2020September 28, 2019
Proceeds from sale of available-for-sale securities$18,798 $143,529 $56,455 $299,623 
Gross realized gains on sale of available-for-sale securities$53 $607 $413 $1,212 
Gross realized losses on sale of available-for-sale securities(224)(133)(224)(172)
Net realized gains (losses) on sale of available-for-sale securities$(171)$474 $189 $1,040 
Amortization of premiums (discounts) on available-for-sale securities$(25)$1,636 $(117)$2,347 

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