Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 30, 2019 | Apr. 26, 2019 | Sep. 29, 2018 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | XILINX INC | ||
Entity Central Index Key | 0000743988 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Current Fiscal Year End Date | --03-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 253,920,000 | ||
Common Stock, par value (in dollars per share) | $ 0.01 | ||
Entity Public Float | $ 16,875,863,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |||
Income Statement [Abstract] | |||||||||||||
Revenues | $ 828,361 | $ 800,057 | $ 746,252 | $ 684,370 | $ 638,191 | $ 598,603 | $ 627,419 | $ 602,810 | $ 3,059,040 | $ 2,467,023 | [1] | $ 2,356,742 | [1] |
Cost of revenues | 955,868 | 743,419 | [1] | 708,632 | [1] | ||||||||
Gross margin | 558,904 | 552,154 | 514,632 | 477,482 | 449,250 | 420,634 | 441,734 | 411,986 | 2,103,172 | 1,723,604 | [1] | 1,648,110 | [1] |
Operating expenses: | |||||||||||||
Research and development | 743,027 | 639,750 | 601,443 | ||||||||||
Selling, general and administrative | 398,416 | 362,329 | 335,150 | ||||||||||
Amortization of acquisition-related intangibles | 4,930 | 2,152 | 5,127 | ||||||||||
Executive transition costs | 0 | 33,351 | 0 | ||||||||||
Total operating expenses | 1,146,373 | 1,037,582 | 941,720 | ||||||||||
Operating income | 956,799 | 686,022 | [1] | 706,390 | [1] | ||||||||
Interest and other income (expense), net | 11,533 | 5,357 | (8,314) | ||||||||||
Income before income taxes | 259,680 | 256,590 | 239,144 | 212,917 | 159,703 | 166,766 | 194,017 | 170,894 | 968,332 | 691,379 | [1] | 698,076 | [1] |
Provision for income taxes | 78,582 | 227,398 | [1] | 69,943 | [1] | ||||||||
Net income | $ 244,640 | $ 239,360 | $ 215,712 | $ 190,038 | $ 145,471 | $ (12,485) | $ 173,751 | $ 157,244 | $ 889,750 | $ 463,981 | [1] | $ 628,133 | [1] |
Net income per common share: | |||||||||||||
Basic (in dollars per share) | $ 0.96 | $ 0.95 | $ 0.85 | $ 0.75 | $ 0.57 | $ (0.05) | $ 0.70 | $ 0.63 | $ 3.52 | $ 1.86 | [1] | $ 2.49 | [1] |
Diluted (in dollars per share) | $ 0.95 | $ 0.93 | $ 0.84 | $ 0.74 | $ 0.56 | $ (0.05) | $ 0.67 | $ 0.59 | $ 3.47 | $ 1.80 | [1] | $ 2.34 | [1] |
Shares used in per share calculations: | |||||||||||||
Basic (in shares) | 253,855 | 253,060 | 252,988 | 252,682 | 254,559 | 254,089 | 248,094 | 247,911 | 252,762 | 249,595 | 252,301 | ||
Diluted (in shares) | 258,177 | 256,374 | 255,522 | 255,935 | 257,916 | 254,089 | 258,217 | 265,797 | 256,434 | 257,960 | 268,813 | ||
[1] | Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. Please refer to "Note 2. Summary of Significant Accounting Policies and Concentrations of Risk." |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 889,750 | $ 463,981 | [1] | $ 628,133 | [1] |
Other comprehensive income (loss), net of tax: | |||||
Net change in unrealized gains (losses) on available-for-sale securities | 8,979 | (8,211) | (12,712) | ||
Reclassification adjustment for (gains) losses on available-for-sale securities | (260) | 349 | (3,119) | ||
Net change in unrealized (losses) gains on hedging transactions | (7,181) | 5,517 | (1,296) | ||
Reclassification adjustment for losses (gains) on hedging transactions | 5,603 | (4,655) | 1,701 | ||
Cumulative translation adjustment, net | (4,441) | 2,375 | (2,624) | ||
Other comprehensive income (loss) | 2,700 | (4,625) | (18,050) | ||
Total comprehensive income | $ 892,450 | $ 459,356 | [1] | $ 610,083 | [1] |
[1] | Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. Please refer to "Note 2. Summary of Significant Accounting Policies and Concentrations of Risk." |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 | |
Current assets: | |||
Cash and cash equivalents | $ 1,544,490 | $ 2,179,328 | |
Short-term Investments | 1,631,194 | 1,268,242 | |
Accounts receivable, net of allowances for doubtful accounts of $3,170 and $3,170 in 2019 and 2018, respectively | 335,165 | 382,246 | [1] |
Inventories | 315,358 | 236,077 | |
Prepaid expenses and other current assets | 65,771 | 88,695 | |
Total current assets | 3,891,978 | 4,154,588 | [1] |
Property, plant and equipment, at cost: | |||
Land | 65,298 | 65,298 | |
Buildings | 353,914 | 343,373 | |
Machinery and equipment | 438,617 | 395,318 | |
Furniture and fixtures | 45,164 | 51,034 | |
Gross property, plant and equipment | 902,993 | 855,023 | |
Accumulated depreciation and amortization | (574,064) | (550,906) | |
Net property, plant and equipment | 328,929 | 304,117 | |
Long-term investments | 53,433 | 97,896 | |
Goodwill | 340,718 | 162,421 | |
Acquisition-related intangibles, net | 80,723 | 4,123 | |
Other assets | 455,567 | 337,402 | [1] |
Total Assets | 5,151,348 | 5,060,547 | [1] |
Current liabilities: | |||
Accounts payable | 117,491 | 98,999 | |
Accrued payroll and related liabilities | 247,268 | 206,367 | |
Income taxes payable | 28,718 | 47,713 | |
Other accrued liabilities | 81,559 | 59,680 | [1] |
Current portion of long-term debt | 0 | 499,186 | |
Total current liabilities | 475,036 | 911,945 | [1] |
Long-term debt | 1,234,807 | 1,214,440 | |
Long-term income taxes payable | 515,192 | 523,864 | |
Other long-term liabilities | 64,804 | 49,945 | |
Commitments and contingencies (Note 8 and Note 16) | |||
Stockholders' equity: | |||
Preferred stock, $.01 par value; 2,000 shares authorized; none issued and outstanding | 0 | 0 | |
Common stock, $.01 par value; 2,000,000 shares authorized; 253,891 and 253,377 shares issued and outstanding in 2019 and 2018, respectively | 2,539 | 2,534 | |
Additional paid-in capital | 1,005,411 | 878,672 | |
Retained earnings | 1,876,969 | 1,513,656 | [1] |
Accumulated other comprehensive loss | (23,410) | (34,509) | |
Total stockholders’ equity | 2,861,509 | 2,360,353 | [1] |
Total Liabilities and Stockholders’ Equity | $ 5,151,348 | $ 5,060,547 | [1] |
[1] | Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. Please refer to "Note 2. Summary of Significant Accounting Policies and Concentrations of Risk." |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 3,170 | $ 3,170 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 253,891,000 | 253,377,000 |
Common stock, shares outstanding | 253,891,000 | 253,377,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |||
Cash flows from operating activities: | |||||
Net income | $ 889,750 | $ 463,981 | [1] | $ 628,133 | [1] |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization of software | 70,704 | 50,172 | 45,423 | ||
Depreciation | 53,300 | 46,400 | 45,400 | ||
Amortization | 33,656 | 46,582 | 17,203 | ||
Stock-based compensation | 147,942 | 153,815 | 122,858 | ||
Amortization of debt discount | 1,144 | 2,548 | 11,692 | ||
Provision for deferred income taxes | (32,993) | (363,923) | 68,856 | ||
Others | 3,901 | 8,189 | (1,834) | ||
Changes in assets and liabilities: | |||||
Accounts receivable, net | 47,081 | (98,396) | [1] | 59,245 | [1] |
Inventories | (78,602) | (9,176) | (48,244) | ||
Prepaid expenses and other current assets | (4,696) | (9,727) | (1,000) | ||
Other assets | (27,484) | (22,243) | (20,556) | ||
Accounts payable | 11,137 | (16,691) | 10,983 | ||
Accrued liabilities (including executive transition costs) | 46,585 | 48,723 | [1] | 33,899 | [1] |
Income taxes payable | (16,910) | 566,173 | 7,473 | ||
Net cash provided by operating activities | 1,091,215 | 820,027 | 934,131 | ||
Cash flows from investing activities: | |||||
Purchases of available-for-sale securities | (1,998,881) | (2,332,140) | (2,817,197) | ||
Proceeds from Sale of Debt Securities, Available-for-sale | 35,734 | 1,161,410 | 695,030 | ||
Proceeds from maturity of available-for-sale securities | 1,650,604 | 2,194,828 | 2,709,547 | ||
Purchases of property, plant, equipment and software | (89,045) | (49,918) | (72,051) | ||
Payments to Acquire Businesses, Net of Cash Acquired | (234,145) | (1,364) | (3,114) | ||
Other investing activities | (54,810) | (24,573) | (18,265) | ||
Net cash provided by (used in) investing activities | (690,543) | 948,243 | 493,950 | ||
Cash flows from financing activities: | |||||
Repurchases of common stock | (161,551) | (474,254) | (522,045) | ||
Taxes paid related to net share settlement of restricted stock units | (48,335) | (60,391) | (35,392) | ||
Proceeds from issuance of common stock through various stock plans | 48,669 | 47,454 | 68,184 | ||
Payment of dividends to stockholders | (364,244) | (353,053) | (332,542) | ||
Repayments of Long-term Debt | 500,000 | 457,918 | 142,082 | ||
Proceeds from issuance of long-term debts | 0 | 745,175 | 0 | ||
Other financing activities | (10,049) | (2,650) | (1,325) | ||
Net cash used in financing activities | (1,035,510) | (555,637) | (965,202) | ||
Net increase (decrease) in cash and cash equivalents | (634,838) | 1,212,633 | 462,879 | ||
Cash and cash equivalents at beginning of period | 2,179,328 | 966,695 | 503,816 | ||
Cash and cash equivalents at end of period | 1,544,490 | 2,179,328 | 966,695 | ||
Supplemental disclosure of cash flow information: | |||||
Interest paid | 70,326 | 50,928 | 41,375 | ||
Income taxes paid (refunded), net | 128,377 | 25,343 | (6,341) | ||
Unsettled investment receivables | 655 | 16,461 | 21,558 | ||
Unsettled investment payables | 0 | 5,860 | 62,199 | ||
Capital Expenditures Incurred but Not yet Paid | $ 66,237 | $ 15,897 | $ 1,461 | ||
[1] | Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. Please refer to "Note 2. Summary of Significant Accounting Policies and Concentrations of Risk." |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Common stock, shares outstanding, beginning balance at Apr. 02, 2016 | 253,687 | |||||||
Total stockholders' equity, beginning balance at Apr. 02, 2016 | $ 2,662,790 | [1] | $ 2,537 | $ 726,921 | $ 1,939,963 | [1] | $ (6,631) | |
Components of comprehensive income: | ||||||||
Net income | [1] | 628,133 | 628,133 | |||||
Other comprehensive income (loss) | (18,050) | (18,050) | ||||||
Issuance of common shares under employee stock plans, net (in shares) | 4,195 | |||||||
Issuance of common shares under employee stock plans, net | 32,793 | $ 42 | 32,751 | |||||
Repurchase and retirement of common stock (in shares) | (9,855) | |||||||
Repurchase and retirement of common stock | (522,046) | $ (99) | (91,223) | (430,724) | ||||
Stock-based compensation expense | 122,858 | 122,858 | ||||||
Stock-based compensation capitalized in inventory | 239 | 239 | ||||||
Temporary equity reclassification | 11,488 | 11,488 | ||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | (488) | 488 | ||||||
Cash dividends declared | (332,542) | (332,542) | ||||||
Common stock, shares outstanding, ending balance at Apr. 01, 2017 | 248,027 | |||||||
Total stockholders' equity, ending balance at Apr. 01, 2017 | 2,586,151 | [1] | $ 2,480 | 803,522 | 1,804,830 | [1] | (24,681) | |
Components of comprehensive income: | ||||||||
Net income | [1] | 463,981 | 463,981 | |||||
Other comprehensive income (loss) | (4,625) | (4,625) | ||||||
Reclassification of Stranded Tax Effects | 5,203 | (5,203) | ||||||
Issuance of common shares under employee stock plans, net (in shares) | 3,133 | |||||||
Issuance of common shares under employee stock plans, net | $ (12,937) | $ 32 | (12,969) | |||||
Repurchase and retirement of common stock (in shares) | (7,000) | (6,957) | ||||||
Repurchase and retirement of common stock | $ (474,254) | $ (70) | (66,879) | (407,305) | ||||
Stock-based compensation expense | 153,815 | 153,815 | ||||||
Stock-based compensation capitalized in inventory | (131) | (131) | ||||||
Temporary equity reclassification | 1,406 | 1,406 | ||||||
Adjustments to Additional Paid in Capital, Warrant Issued, Shares | 9,174 | |||||||
Exercise of warrants | 0 | $ 92 | (92) | |||||
Cash dividends declared | $ (353,053) | (353,053) | ||||||
Common stock, shares outstanding, ending balance at Mar. 31, 2018 | 253,377 | 253,377 | ||||||
Total stockholders' equity, ending balance at Mar. 31, 2018 | $ 2,360,353 | [1] | $ 2,534 | 878,672 | 1,513,656 | [1] | (34,509) | |
Components of comprehensive income: | ||||||||
Net income | 889,750 | 889,750 | ||||||
Other comprehensive income (loss) | 2,700 | 2,700 | ||||||
Cumulative-effect of equity investments adoption | 0 | (8,399) | 8,399 | |||||
Issuance of common shares under employee stock plans, net (in shares) | 2,950 | |||||||
Issuance of common shares under employee stock plans, net | $ 335 | $ 29 | 306 | |||||
Repurchase and retirement of common stock (in shares) | (2,400) | (2,436) | ||||||
Repurchase and retirement of common stock | $ (161,551) | $ (24) | (21,509) | (140,018) | ||||
Stock-based compensation expense | 147,942 | 147,942 | ||||||
Cumulative-effect of deferred tax from intra-entity asset transfer adoption | (13,776) | (13,776) | ||||||
Cash dividends declared | $ (364,244) | (364,244) | ||||||
Common stock, shares outstanding, ending balance at Mar. 30, 2019 | 253,891 | 253,891 | ||||||
Total stockholders' equity, ending balance at Mar. 30, 2019 | $ 2,861,509 | $ 2,539 | $ 1,005,411 | $ 1,876,969 | $ (23,410) | |||
[1] | Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. Please refer to "Note 2. Summary of Significant Accounting Policies and Concentrations of Risk." |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Retained Earnings [Member] | |||
Cash dividends per share (in dollars per share) | $ 1.44 | $ 1.40 | $ 1.32 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Mar. 30, 2019 | |
Nature of Operations [Abstract] | |
Nature of Operations | Nature of Operations Xilinx, Inc. (Xilinx or the Company) designs, develops and markets programmable devices and associated technologies, including advanced ICs in the form of PLDs, boards, software design tools and predefined system functions delivered as IP. In addition to its programmable platforms, the Company provides design services, customer training, field engineering and technical support. The wafers used to manufacture its products are obtained primarily from independent wafer manufacturers located in Taiwan and Korea. The Company is dependent on these foundries to produce and deliver silicon wafers on a timely basis. The Company is also dependent on subcontractors, primarily located in the Asia Pacific region, to provide semiconductor assembly, test and shipment services. Xilinx is a global company with sales offices throughout the world. The Company derives over one-half of its revenues from international sales, primarily in the Asia Pacific region, Europe and Japan. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Concentrations of Risk | 12 Months Ended |
Mar. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Concentrations of Risk | Summary of Significant Accounting Policies and Concentrations of Risk Basis of Presentation The accompanying consolidated financial statements include the accounts of Xilinx and its wholly-owned subsidiaries after elimination of all intercompany transactions. The Company uses a 52 - to 53 -week fiscal year ending on the Saturday nearest March 31. Fiscal 2019 , 2018 and 2017 were a 52-week year ended on March 30, 2019 , March 31, 2018 and April 1, 2017 , respectively. Fiscal 2020 will be a 52-week year ending on March 28, 2020 . Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of net revenues and expenses during the reporting period. Such estimates relate to, among others, the useful lives of assets, assessment of recoverability of property, plant and equipment, long-lived assets and goodwill, inventory write-downs, allowances for doubtful accounts, valuation of intangible assets, customer returns, deferred tax assets, stock-based compensation, potential reserves relating to litigation and tax matters, valuation of certain investments and derivative financial instruments as well as other accruals or reserves. Actual results may differ from those estimates and such differences may be material to the financial statements. Cash Equivalents and Investments Cash equivalents consist of highly liquid investments with original maturities from the date of purchase of three months or less. These investments consist of money market funds, non-financial institution securities, U.S. and foreign government and agency securities and financial institution securities. Short-term investments consist of mortgage-backed securities, non-financial institution securities, U.S. and foreign government and agency securities, financial institution securities, asset-backed securities, commercial mortgage-backed securities and debt mutual funds with original maturities greater than three months and remaining maturities less than one year from the balance sheet date. Long-term investments consist of debt mutual funds. Long-term investments are investments with remaining maturities greater than one year, unless the investments are specifically identified to fund current operations, in which case they are classified as short-term investments. Equity investments are also classified as long-term investments if they are not intended to fund current operations. The Company maintains its cash balances with various banks with high quality ratings, and with investment banking and asset management institutions. The Company manages its liquidity risk by investing in a variety of money market funds, high-grade commercial paper, corporate bonds, U.S. and foreign government and agency securities, asset-backed securities, mortgage-backed securities, commercial mortgage-backed securities, bank time deposits and debt mutual funds. This diversification of investments is consistent with its policy to maintain liquidity and ensure the ability to collect principal. The Company maintains an offshore investment portfolio denominated in U.S. dollars. All investments are made pursuant to corporate investment policy guidelines. Investments include Euro commercial paper, Euro dollar bonds, Euro dollar floating rate notes, offshore time deposits, U.S. and foreign government and agency securities, asset-backed securities, commercial mortgage-backed securities, debt mutual funds and mortgage-backed securities issued by U.S. government-sponsored enterprises and agencies. Management classifies investments as available-for-sale or held-to-maturity at the time of purchase and re-evaluates such designation at each balance sheet date, although classification is not generally changed. Securities are classified as held-to-maturity when the Company has the positive intent and the ability to hold the securities until maturity. Held-to-maturity securities are carried at cost adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization, as well as any interest on the securities, is included in interest income. No investments were classified as held-to-maturity as of March 30, 2019 or March 31, 2018 . Available-for-sale securities are carried at fair value with the unrealized gains or losses, net of tax, included as a component of accumulated other comprehensive income (loss) in stockholders' equity. See "Note 3. Fair Value Measurements" for information relating to the determination of fair value. Realized gains and losses on available-for-sale securities and declines in value judged to be other than temporary are included in interest and other expense, net. In determining if and when a decline in value below the adjusted cost of available for sale securities is other than temporary, we evaluate on an ongoing basis the market conditions, trends of earnings, financial condition, credit ratings, any underlying collateral and other key measures for our investments. The cost of securities matured or sold is based on the specific identification method. The Company's investments in non-marketable equity securities of private companies are accounted for under the measurement alternative method upon the adoption of ASU 2016-01. The carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Determining whether an observed transaction is similar to a security within the Company's portfolio requires judgment based on the rights and obligations of the securities. The Company's periodic assessment of impairment is made by considering available evidence, including the general market conditions in the investee’s industry, the investee’s product development status and subsequent rounds of financing and the related valuation and/or company's participation in such financings. The Company also assesses the investee’s ability to meet business milestones and the financial condition and near-term prospects of the individual investee, including the rate at which the investee is using its cash, the investee’s need for possible additional funding at a lower valuation and any bona fide offer to purchase the investee from a prospective acquirer. Accounts Receivable The allowance for doubtful accounts reflects the Company's best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on the aging of Xilinx's accounts receivable, historical experience, known troubled accounts, management judgment and other currently available evidence. Xilinx writes off accounts receivable against the allowance when Xilinx determines a balance is uncollectible and no longer actively pursues collection of the receivable. The amounts of accounts receivable written off were insignificant for all periods presented. Inventories Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated net realizable value) and are comprised of the following: (In thousands) March 30, 2019 March 31, 2018 Raw materials $ 39,727 $ 14,674 Work-in-process 213,784 167,039 Finished goods 61,847 54,364 $ 315,358 $ 236,077 The Company reviews and sets standard costs quarterly to approximate current actual manufacturing costs. The Company's manufacturing overhead standards for product costs are calculated assuming full absorption of actual spending over actual volumes. Given the cyclicality of the market, the obsolescence of technology and product lifecycles, the Company writes down inventory based on forecasted demand and technological obsolescence. These forecasts are developed based on inputs from the Company's customers, including bookings and extended but uncommitted demand forecasts, and internal analyses such as customer historical purchasing trends and actual and anticipated design wins, as well as market and economic conditions, technology changes, new product introductions and changes in strategic direction. These factors require estimates that may include uncertain elements. The estimates of future demand that the Company uses in the valuation of inventory are the basis for its published revenue forecasts, which are also consistent with our short-term manufacturing plans. The differences between the Company's demand forecast and the actual demand in the recent past have not resulted in any material write down in the Company's inventory. If the Company's demand forecast for specific products is greater than actual demand and the Company fails to reduce manufacturing output accordingly, the Company could be required to write down additional inventory, which would have a negative impact on the Company's gross margin. Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation. Depreciation for financial reporting purposes is computed using the straight-line method over the estimated useful lives of the assets of three to five years for machinery, equipment, furniture and fixtures and 15 to 30 years for buildings. Depreciation expense totaled $53.3 million , $46.4 million and $45.4 million for fiscal 2019 , 2018 and 2017 , respectively. Impairment of Long-Lived Assets The Company evaluates the carrying value of long-lived assets to be held and used for impairment if indicators of potential impairment exist. Impairment indicators are reviewed on a quarterly basis. When indicators of impairment exist and assets are held for use, the Company estimates future undiscounted cash flows attributable to the assets. In the event such cash flows are not expected to be sufficient to recover the recorded value of the assets, the assets are written down to their estimated fair values based on the expected discounted future cash flows attributable to the assets or based on appraisals. When assets are removed from operations and held for sale, Xilinx estimates impairment losses as the excess of the carrying value of the assets over their fair value. Goodwill Goodwill is not amortized but is subject to impairment tests on an annual basis, or more frequently if indicators of potential impairment exist, using a fair-value-based approach. Based on the impairment review performed during the fourth quarter of fiscal 2019 , there was no impairment of goodwill in fiscal 2019 . Unless there are indicators of impairment, the Company's next impairment review for goodwill will be performed and completed in the fourth quarter of fiscal 2020 . To date, no impairment indicators have been identified. Revenue Recognition Revenue from sales to the Company's distributors is recognized upon the transfer of control, which typically occurs at shipment, and is reduced by estimated allowances for distributor price adjustments and rights of return. The distributor price adjustments are estimated using the expected value method based on an analysis of actual and forecasted ship and debit claims, at the distributor and part level to account for current pricing and business trends. For fiscal 2019 , approximately 54% of the Company's net revenues were from products sold to distributors for subsequent resale to OEMs or their subcontract manufacturers. Revenue from sales to the Company's non-distributors is recognized net of sales incentives (if any) upon transfer of control to the customer, which typically occurs at shipment. Sales returns and allowances on product sales are recorded as a reduction of revenue. Revenue from software license agreements and renewals is recognized at point of sales. Revenue from support services is recognized when the service is performed. Revenue from software licenses and support services sales were less than 2% of net revenues for all of the periods presented. Foreign Currency Translation The U.S. dollar is the functional currency for the Company's Ireland and Singapore subsidiaries. Monetary assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars, and the resulting gains or losses are included in the consolidated statements of income under interest and other expense, net. The remeasurement gains or losses were immaterial for all fiscal periods presented. The local currency is the functional currency for each of the Company's other wholly-owned foreign subsidiaries. Assets and liabilities are translated from foreign currencies into U.S. dollars at month-end exchange rates and statements of income are translated at the average monthly exchange rates. Exchange gains or losses arising from translation of foreign currency denominated assets and liabilities (i.e., cumulative translation adjustment) are included as a component of accumulated other comprehensive income (loss) in stockholders' equity. Derivative Financial Instruments To reduce financial risk, the Company periodically enters into financial arrangements as part of the Company's ongoing asset and liability management activities. Xilinx uses derivative financial instruments to hedge fair values of underlying assets and liabilities or future cash flows which are exposed to interest rate, foreign currency or commodity price fluctuations. The Company does not enter into derivative financial instruments for trading or speculative purposes. See "Note 5. Derivative Financial Instruments" for detailed information about the Company's derivative financial instruments. Research and Development Expenses Research and development costs are current period expenses and charged to expense as incurred. Stock-Based Compensation The Company has equity incentive plans that are more fully discussed in "Note 6. Stock-Based Compensation Plans." The authoritative guidance of accounting for share-based payment requires the Company to measure the cost of all employee equity awards (that are expected to be exercised or vested) based on the grant-date fair value of those awards, and to record that cost as compensation expense over the period during which the employee is required to perform service in exchange for the award (over the vesting period of the award). Additionally, the Company's ESPP is deemed to be a compensatory plan under the authoritative guidance of accounting for share-based payments. Accordingly, the ESPP is included in the computation of stock-based compensation expense. The Company uses the straight-line attribution method to recognize stock-based compensation costs over the requisite service period of the award. Upon exercise, cancellation or expiration of stock options, deferred tax assets for options with multiple vesting dates are eliminated for each vesting period on a first-in, first-out basis as if each award had a separate vesting period. Income Taxes All income tax amounts reflect the use of the liability method under the accounting for income taxes, as interpreted by Financial Accounting Standards Board (FASB) authoritative guidance for measuring uncertain tax positions . Under this method, deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. The TCJA introduced GILTI, which subjects a U.S. shareholder to current tax on income earned by certain foreign subsidiaries. The FASB allows companies to either (1) recognize deferred taxes for temporary differences that are expected to reverse as GILTI in future years (deferred method) or (2) account for taxes on GILTI as period costs in the year the tax is incurred (period method). The Company elected the deferred method. Business Combination We use the acquisition method of accounting and allocate the fair value of purchase consideration to the assets acquired and liabilities assumed from the acquiree based on their respective fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired and liabilities assumed is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth and margins, future changes in technology, expected cost and time to develop in-process research and development, brand awareness and discount rates. Fair value estimates are based on the assumptions that management believes a market participant would use in pricing the asset or liability. Product Warranty and Indemnification The Company generally sells products with a limited warranty for product quality. The Company provides an accrual for known product issues if a loss is probable and can be reasonably estimated. As of the end of both fiscal 2019 and 2018 , the accrual balance of the product warranty liability was immaterial. The Company offers, subject to certain terms and conditions, to indemnify customers and distributors for costs and damages awarded against these parties in the event the Company's hardware products are found to infringe third-party intellectual property rights, including patents, copyrights or trademarks, and to compensate certain customers for limited specified costs they actually incur in the event our hardware products experience epidemic failure. To a lesser extent, the Company may from time-to-time offer limited indemnification with respect to its software products. The terms and conditions of these indemnity obligations are limited by contract, which obligations are typically perpetual from the effective date of the agreement. The Company has historically received only a limited number of requests for indemnification under these provisions and has not made any significant payments pursuant to these provisions. The Company cannot estimate the maximum amount of potential future payments, if any, that the Company may be required to make as a result of these obligations due to the limited history of indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim and indemnification provision. However, there can be no assurances that the Company will not incur any material financial liabilities in the future as a result of these obligations. Concentrations of Credit Risk Avnet, one of the Company's distributors, distributes the Company's products worldwide. As of March 30, 2019 and March 31, 2018 , Avnet accounted for 37% and 61% of the Company's total net accounts receivable, respectively. We expect our accounts receivable to fluctuate as we partner with our distributors to manage their inventory requirements. Avnet 's revenue accounted for 45% , 43% and 45% of the Company's worldwide net revenues in fiscal 2019 , 2018 and 2017 , respectively. The percentage of worldwide net revenues from Avnet is consistent with historical patterns. Xilinx is subject to concentrations of credit risk primarily in its trade accounts receivable and investments in debt securities to the extent of the amounts recorded on the consolidated balance sheet. The Company attempts to mitigate the concentration of credit risk in its trade receivables through its credit evaluation process, collection terms and distributor sales to diverse end customers and through geographical dispersion of sales. Xilinx generally does not require collateral for receivables from its end customers or from distributors. No other distributor or end customer accounted for more than 10% of the Company's worldwide net revenues for any of the periods presented. The Company mitigates concentrations of credit risk in its investments in debt securities by currently investing more than 90% of its portfolio in AA (or its equivalent) or higher-grade securities as rated by Standard & Poor's or Moody's Investors Service equivalent. The Company's methods to arrive at investment decisions are not solely based on the rating agencies' credit ratings. Xilinx also performs additional credit due diligence and conducts regular portfolio credit reviews, including a review of counterparty credit risk related to the Company's forward currency exchange contracts. Additionally, Xilinx limits its investments in the debt securities of a single issuer based upon the issuer's credit rating and attempts to further mitigate credit risk by diversifying risk across geographies and type of issuer. As of March 30, 2019 , approximately 21% of the portfolio consisted of mortgage-backed securities. All of the mortgage-backed securities in the investment portfolio were issued by U.S. government-sponsored enterprises and agencies and are rated AA+ by Standard & Poor's and Aaa by Moody's Investors Service. The global credit markets may experience adverse conditions that negatively impact the values of various types of investment and non-investment grade securities. The global credit and capital markets may experience significant volatility and disruption due to instability in the global financial system, uncertainty related to global economic conditions and concerns regarding sovereign financial stability. Therefore, there is a risk that we may incur other-than-temporary impairment charges for certain types of investments should credit market conditions deteriorate. See "Note 4. Financial Instruments" for a table of the Company's available-for-sale securities. Recent Accounting Pronouncements Adopted Revenue Recognition In April 2014, the Financial Accounting Standards Board (FASB) issued the authoritative guidance, as amended, that outlines a new revenue recognition standard that replaces virtually all existing U.S. GAAP guidance on contracts with customers and the related other assets and deferred costs. The authoritative guidance provides a five-step process for recognizing revenue that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled, in exchange for those goods or services. The new guidance also requires expanded qualitative and quantitative disclosures relating to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is required to be applied retrospectively to each prior reporting period presented (Full Retrospective), or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Company adopted the new guidance on April 1, 2018, using the Full Retrospective method and restated the comparative prior periods. The Company implemented internal controls and certain system functionality to enable the preparation of financial information on adoption. These changes do not materially affect the Company's internal control over financial reporting. As a result of the adoption of the authoritative guidance, the Company changed its accounting policy for revenue recognition and the details of the significant changes and quantitative impact of the changes are disclosed below: Revenue from sales to the Company's distributors is recognized upon the transfer of control, which typically occurs at shipment (sell-in) and is reduced by estimated allowances for distributor price adjustments and rights of return. Previously, revenue was recognized upon reported resale of the product by the distributors to their customers (sell-through) as reduced by actual allowances for distributor price adjustments. Revenue from software license agreements and renewals is recognized at point of sales, whereas previously these were deferred and recognized over the contractual term before the implementation of the authoritative guidance. Revenue recognition related to the Company's other revenue streams, such as direct customers, remains unchanged. The adoption of this authoritative guidance has an impact on the Company’s consolidated statements of income and balance sheets, but had no impact on net cash provided by or used in operating, financing, or investing activities on the consolidated statements of cash flows. The impact on the Company's previously reported consolidated statements of income resulting from the adoption of the authoritative guidance is as follows: March 31, 2018 April 1, 2017 (In thousands, except per share amounts) As Reported As Adjusted As Reported As Adjusted Consolidated Statements of Income: Net revenues $ 2,539,004 $ 2,467,023 $ 2,349,330 $ 2,356,742 Cost of revenues 756,368 743,419 708,216 708,632 Gross margin 1,782,636 1,723,604 1,641,114 1,648,110 Operating expenses: Research and development 639,750 639,750 601,443 601,443 Selling, general and administrative 362,329 362,329 335,150 335,150 Amortization of acquisition-related intangibles 2,152 2,152 5,127 5,127 Executive transition costs 33,351 33,351 — — Total operating expenses 1,037,582 1,037,582 941,720 941,720 Operating income 745,054 686,022 699,394 706,390 Interest and other income (expense), net 5,357 5,357 (8,314 ) (8,314 ) Income before income taxes 750,411 691,379 691,080 698,076 Provision for income taxes 238,030 227,398 68,568 69,943 Net income $ 512,381 $ 463,981 $ 622,512 $ 628,133 Net income per common share: Basic $ 2.05 $ 1.86 $ 2.47 $ 2.49 Diluted $ 1.99 $ 1.80 $ 2.32 $ 2.34 Shares used in per share calculations Basic 249,595 249,595 252,301 252,301 Diluted 257,960 257,960 268,813 268,813 Consolidated Balance Sheets: Accounts receivable $ 372,144 $ 382,246 $ 243,915 $ 283,850 Other assets 342,644 337,402 275,440 272,407 Deferred income on shipments to distributors 25,166 — 54,567 — Other accrued liabilities 59,772 59,680 95,098 95,209 Deferred tax liabilities 75 75 317,639 330,479 Retained earnings $ 1,483,538 $ 1,513,656 $ 1,726,312 $ 1,804,830 Equity Investments In January 2016, the FASB issued final authoritative guidance regarding how companies measure equity investments that do not result in consolidation and are not accounted for under the equity method and how they present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The authoritative guidance also changes certain disclosure requirements and other aspects of current U.S. GAAP on this matter. The authoritative guidance does not change the guidance for classifying and measuring investments in debt securities and loans. The Company adopted this authoritative guidance on April 1, 2018 and recorded the balance of the unrealized losses of $11.0 million as of the end of fiscal 2018 from its investment in debt mutual funds and equity securities to retained earnings, less the related deferred taxes of $2.6 million . Subsequent changes in fair value from such investments are recorded in the consolidated statements of income. Income Taxes In October 2016, the FASB issued authoritative guidance on income taxes which eliminates the deferred tax effects of intra-entity asset transfers other than inventory. As a result, a reporting entity would recognize the tax expense from the sale of an asset in the seller’s tax jurisdiction when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation. The authoritative guidance is effective for public business entities in fiscal years beginning after December 15, 2017 and requires the adoption be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings. The Company adopted this authoritative guidance on April 1, 2018. Accordingly, $13.8 million of prepaid taxes associated with prior period intra-entity asset transfers was reclassified to retained earnings. Recent Accounting Pronouncements Not Yet Adopted Leases In February 2016, the FASB issued authoritative guidance on leases. The new authoritative guidance requires the recognition of assets and liabilities arising from lease transactions on the balance sheet and will also require significant additional disclosures about the amount, timing and uncertainty of cash flows from leases. Accordingly, a lessee will recognize a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. The new authoritative guidance is effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2020. Even though early adoption is permitted, Xilinx has decided not to early adopt such authoritative guidance. This authoritative guidance must be adopted using a modified retrospective transition with application of the new authoritative guidance for leases that existed at or are entered into after the beginning of the earliest comparative period presented. To help with the transition to the new guidance, certain practical expedients are provided. On July 30, 2018, the FASB provided entities with an additional (and optional) transition method to adopt the new lease requirements by allowing entities to initially apply the requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which the entity adopts the new lease requirements would continue to be in accordance with historical GAAP. An entity electing this additional (and optional) transition method must provide the required disclosures for all periods that continue to be in accordance with historical GAAP. The amendments do not change the existing disclosure requirements in historical GAAP. The amendments have the same effective date as the new leases standard, which for Xilinx would be the first quarter of fiscal 2020. The Company plans to adopt the new standard using the optional transition method and apply the guidance to leases existing at, or entered into after, the beginning of the period of adoption, as well as certain practical expedients permitted under the transition guidance. The Company believes the impact upon adoption of the new lease guidance will be the recognition of right-of-use assets and lease liabilities on the Company's consolidated balance sheets and the impact is immaterial. Derivatives and Hedging In August 2017, the FASB issued authoritative guidance that amended the accounting for hedging activities. The guidance permits more hedging strategies to be eligible for hedge accounting and simplifies the application of hedge accounting guidance in areas where practice issues exist. The new authoritative guidance will be effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2018, which for Xilinx would be the first quarter of fiscal 2020. Early adoption is permitted, including adoption in any interim periods after issuance of the authoritative guidance. The Company does not expect a material impact on its consolidated statements of income upon adoption of this authoritative guidance. Cloud Computing Arrangements On August 29, 2018, the FASB issued new guidance requiring a customer in a cloud computing arrangement (i.e., hosting arrangement) that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. Entities will need to maintain appropriate records to capture the portion of their costs that qualify for capitalization. For public entities, the guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2021. Early adoption is permitted, including adoption in any interim period. Entities have the option to apply the guidance prospectively to all implementation costs incurred after the date of adoption or retrospectively. The Company is currently evaluating the impact of this new authoritative guidance on its consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The guidance for fair value measurements established by the FASB defines fair value as the exchange price that would be received from selling an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which Xilinx would transact and also considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of nonperformance. The Company determines the fair value for marketable debt and equity securities using industry standard pricing services, data providers and other third-party sources and by internally performing valuation testing and analysis. The Company primarily uses a consensus price or weighted-average price for its fair value assessment. The Company determines the consensus price using market prices from a variety of industry standard pricing services, data providers, security master files from large financial institutions and other third party sources and uses those multiple prices as inputs into a distribution-curve-based algorithm to determine the daily market value. The pricing services use multiple inputs to determine market prices, including reportable trades, benchmark yield curves, credit spreads and broker/dealer quotes as well as other industry and economic events. For certain securities with short maturities, such as discount commercial paper and certificates of deposit, the security is accreted from purchase price to face value at maturity. If a subsequent transaction on the same security is observed in the marketplace, the price on the subsequent transaction is used as the current daily market price and the security will be accreted to face value based on the revised price. The Company validates the consensus prices by taking random samples from each asset type and corroborating those prices using reported trade activity, benchmark yield curves, binding broker/dealer quotes or other relevant price information. There have not been any changes to the Company's fair value methodology during fiscal 2019 and the Company did not adjust or override any fair value measurements as of March 30, 2019 . Fair Value Hierarchy The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. The guidance for fair value measurements requires that assets and liabilities carried at fair value be classified and disclosed in one of the following categories: Level 1 — Quoted (unadjusted) prices in active markets for identical assets or liabilities. The Company's Level 1 assets consist of U.S. government securities, money market funds and marketable equity securities. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. The Company's Level 2 assets consist of financial institution securities, non-financial institution securities, U.S. agency securities, foreign government and agency securities, mortgage-backed securities, debt mutual funds, asset-backed securities and commercial mortgage-backed securities. The Company's Level 2 assets and liabilities also include foreign currency forward contracts and interest rate swap contracts. Level 3 — Unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation. The Company has no Level 3 assets and liabilities measured at fair value on a recurring basis. Assets and Liabilities Measured at Fair Value on a Recurring Basis In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of March 30, 2019 and March 31, 2018 : March 30, 2019 (In thousands) Quoted Significant Significant Total Fair Assets Cash equivalents: Money market funds $ 428,150 $ — $ — $ 428,150 Financial institution securities — 287,945 — 287,945 Non-financial institution securities — 461,884 — 461,884 U.S. government and agency securities 149,578 53,520 — 203,098 Foreign government and agency securities — 99,750 — 99,750 Short-term investments: Financial institution securities — 249,850 — 249,850 Non-financial institution securities — 240,040 — 240,040 U.S. government and agency securities 93,149 37,838 — 130,987 Foreign government and agency securities — 114,705 — 114,705 Mortgage-backed securities — 670,770 — 670,770 Debt mutual fund — 31,934 — 31,934 Asset-backed securities — 76,369 — 76,369 Commercial mortgage-backed securities — 116,539 — 116,539 Long-term investments: Debt mutual fund — 53,433 — 53,433 Total assets measured at fair value $ 670,877 $ 2,494,577 $ — $ 3,165,454 Liabilities Derivative financial instruments, net $ — $ 9,009 $ — $ 9,009 Total liabilities measured at fair value $ — $ 9,009 $ — $ 9,009 Net assets measured at fair value $ 670,877 $ 2,485,568 $ — $ 3,156,445 March 31, 2018 (In thousands) Quoted Significant Significant Total Fair Assets Cash equivalents: Money market funds $ 1,291,891 $ — $ — $ 1,291,891 Financial institution securities — 359,901 — 359,901 Non-financial institution securities — 242,904 — 242,904 U.S. government and agency securities 996 34,999 — 35,995 Foreign government and agency securities — 179,957 — 179,957 Short-term investments: Financial institution securities — 75,000 — 75,000 Non-financial institution securities — 81,939 — 81,939 U.S. government and agency securities 3,639 19,008 — 22,647 Mortgage-backed securities — 844,397 — 844,397 Asset-backed securities — 91,389 — 91,389 Commercial mortgage-backed securities — 152,870 — 152,870 Long-term investments: Debt mutual funds — 89,670 — 89,670 Marketable equity securities 8,226 — — 8,226 Total assets measured at fair value $ 1,304,752 $ 2,172,034 $ — $ 3,476,786 Liabilities Derivative financial instruments, net $ — $ 26,091 $ — $ 26,091 Total liabilities measured at fair value $ — $ 26,091 $ — $ 26,091 Net assets measured at fair value $ 1,304,752 $ 2,145,943 $ — $ 3,450,695 For certain of the Company’s financial instruments, including cash held in banks, accounts receivable and accounts payable, the carrying amounts approximate fair value due to their short maturities, and are therefore excluded from the fair value tables above. Financial Instruments Not Recorded at Fair Value on a Recurring Basis The Company's $500.0 million principal amount of 3.000% notes due March 15, 2021 (2021 Notes) and $750.0 million principal amount of 2.950% senior notes due June 1, 2024 (2024 Notes) are measured at fair value on a quarterly basis for disclosure purposes. The fair values of the 2021 Notes and 2024 Notes as of March 30, 2019 were approximately, $501.8 million and $743.6 million , respectively, based on the last trading price of the respective debentures for the period (classified as Level 2 in fair value hierarchy due to relatively low trading volume). Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis As of March 30, 2019 , the Company had non-marketable equity securities in private companies of $74.6 million , which were classified as Level 3 assets. The Company’s investments in non-marketable securities of private companies are also recorded at fair value if the Company recognizes an observable price adjustment or an impairment. Such impairment losses or observable price adjustments were not material during all periods presented. The Company’s investments in non-financial assets such as property, plant and equipment, goodwill and acquisition-related intangibles, are recorded at cost (net of accumulated depreciation or amortization, where applicable). These non-financial assets are only measured at fair value when indicators of impairment exist. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Mar. 30, 2019 | |
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 30, 2019 March 31, 2018 (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 $ 428,150 $ — $ — $ 428,150 $ 1,291,891 $ — $ — $ 1,291,891 Financial institution securities 537,795 — — 537,795 434,901 — — 434,901 Non-financial institution securities 702,483 3 (562 ) 701,924 326,219 — (1,376 ) 324,843 U.S. government and agency securities 334,185 39 (139 ) 334,085 58,913 1 (272 ) 58,642 Foreign government and agency securities 214,455 — — 214,455 179,957 — — 179,957 Mortgage-backed securities 684,596 809 (14,635 ) 670,770 866,048 660 (22,311 ) 844,397 Asset-backed securities 76,852 — (483 ) 76,369 92,751 16 (1,378 ) 91,389 Commercial mortgage- backed securities 118,115 42 (1,618 ) 116,539 156,296 1 (3,427 ) 152,870 $ 3,096,631 $ 893 $ (17,437 ) $ 3,080,087 $ 3,406,976 $ 678 $ (28,764 ) $ 3,378,890 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 30, 2019 and March 31, 2018 . 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 30, 2019 and March 31, 2018 : 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 ) March 31, 2018 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 $ 69,780 $ (1,146 ) $ 8,344 $ (230 ) $ 78,124 $ (1,376 ) U.S. government and agency securities 13,471 (176 ) 9,176 (96 ) 22,647 (272 ) Mortgage-backed securities 510,988 (11,048 ) 299,663 (11,263 ) 810,651 (22,311 ) Asset-backed securities 57,128 (876 ) 32,696 (502 ) 89,824 (1,378 ) Debt mutual funds — — 89,670 (11,680 ) 89,670 (11,680 ) Commercial mortgage- backed securities 95,435 (1,760 ) 56,051 (1,667 ) 151,486 (3,427 ) $ 746,802 $ (15,006 ) $ 495,600 $ (25,438 ) $ 1,242,402 $ (40,444 ) As of March 30, 2019 , the gross unrealized losses that had been outstanding for both less than twelve months and more than twelve months were primarily related to mortgage-backed securities due to the general rising of the interest-rate environment, although the percentage of such losses to the total estimated fair value of the mortgage-backed securities was relatively insignificant. The Company reviewed the investment portfolio and determined that the gross unrealized losses on these investments as of March 30, 2019 and March 31, 2018 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 30, 2019 and March 31, 2018 . 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 30, 2019 (In thousands) Amortized Estimated Due in one year or less $ 1,756,125 $ 1,756,001 Due after one year through five years 133,780 132,476 Due after five years through ten years 135,971 134,020 Due after ten years 642,605 629,440 $ 2,668,481 $ 2,651,937 As of March 30, 2019 , $895.9 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 and debt mutual 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 30, 2019 March 31, 2018 April 1, 2017 Proceeds from sale of available-for-sale and equity securities $ 35,734 $ 1,161,410 $ 695,030 Gross realized gains on sale of available-for-sale securities $ 372 $ 7,258 $ 6,989 Gross realized losses on sale of available-for-sale securities (51 ) (7,947 ) (3,457 ) Net realized (losses) gains on sale of available-for-sale securities $ 321 $ (689 ) $ 3,532 Amortization of premiums on available-for-sale securities $ 8,118 $ 24,569 $ 29,360 The cost of securities matured or sold is based on the specific identification method. Starting April 1, 2018, the Company records the change in the fair value of its investment in debt mutual funds and marketable equity securities as part of its interest and other income (expense), net. This change in fair value was a net decrease of $5.0 million for the twelve months ended March 30, 2019 and the Company recorded it within interest and other income (expense), net for the period in the consolidated statements of income. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Mar. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company's primary objective for holding derivative financial instruments is to manage foreign currency exchange rate risk and interest rate risk. As a result of the use of derivative financial instruments, the Company is exposed to the risk that counterparties to derivative contracts may fail to meet their contractual obligations. The Company manages counterparty credit risk in derivative contracts by reviewing counterparty creditworthiness on a regular basis, establishing collateral requirement and limiting exposure to any single counterparty. The right of set-off that exists with certain transactions enables the Company to net amounts due to and from the counterparty, reducing the maximum loss from credit risk in the event of counterparty default. The Company entered into interest rate swap contracts with certain independent financial institutions to manage interest rate risks related to fixed interest rate expenses from its 2024 Notes and floating interest rate income from its investments in marketable debt securities. See “Note 10. Debt and Credit Facility” for more discussion related to interest rate swap contracts. The interest rate swap contracts were designated and qualified as fair value hedges of the 2024 Notes, and were separately accounted for as a derivative. The interest rate swap contracts and the 2024 Notes were initially measured at fair value. Any subsequent changes in fair values of the interest rate swap contracts and the 2024 Notes will be recorded in the Company’s consolidated balance sheets. During the twelve months ended March 30, 2019, the net change in fair values of the interest rate swap contracts and the underlying 2024 Notes was $18.9 million , which was recorded as a derivative liability for the interest rate swap contacts (as a component of other long-term liabilities on the consolidated balance sheets) and also a reduction from the carrying amount of 2024 Notes. There was no ineffectiveness during all periods presented. As of March 30, 2019 and March 31, 2018 , the Company had the following outstanding forward currency exchange contracts (in notional amount), which were derivative financial instruments: (In thousands and U.S. dollars) March 30, 2019 March 31, 2018 Singapore Dollar $ 29,420 $ 24,914 Euro 39,408 38,987 Indian Rupee 77,973 62,472 British Pound 10,575 8,155 Japanese Yen 3,840 3,859 Chinese Yuan 34,386 8,260 $ 195,602 $ 146,647 As part of the Company's strategy to reduce volatility of operating expenses due to foreign exchange rate fluctuations, the Company employs a hedging program with a forward outlook of up to two years for major foreign-currency-denominated operating expenses. The outstanding forward currency exchange contracts expire at various dates through February 2021 . The net unrealized gains, which approximate the fair market value of the outstanding forward currency exchange contracts, are expected to be recognized in the consolidated statements of income within the next two years . As of March 30, 2019 , all of the forward foreign currency exchange contracts were designated and qualified as cash flow hedges and the effective portion of the gain or loss on the forward contracts was reported as a component of other comprehensive income (loss) and reclassified into net income in the same period during which the hedged transaction affects earnings. The estimated amount of such gains or losses as of March 30, 2019 that is expected to be reclassified into earnings was not material. The ineffective portion of the gains or losses on the forward contracts was included in the net income for all periods presented. The Company may enter into forward foreign currency exchange contracts to hedge firm commitments such as acquisitions and capital expenditures. Gains and losses on foreign currency forward contracts that are designated as hedges of anticipated transactions, for which a firm commitment has been attained and the hedged relationship has been effective, are deferred and included in income or expenses in the same period that the underlying transaction is settled. Gains and losses on any instruments not meeting the above criteria are recognized in income or expenses in the consolidated statements of income as they are incurred. The Company had the following derivative instruments as of March 30, 2019 and March 31, 2018 , located on the consolidated balance sheet, utilized for risk management purposes detailed above: Foreign Exchange Contracts Asset Derivatives Liability Derivatives (In thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value March 30, 2019 Prepaid expenses and other current assets $ 2,802 Other accrued liabilities $ 1,722 March 31, 2018 Prepaid expenses and other current assets 2,922 Other accrued liabilities 12 The Company does not offset or net the fair value amounts of derivative financial instruments in its consolidated balance sheets. The potential effect of rights of set-off associated with the derivative financial instruments was not material to the Company's consolidated balance sheet for all periods presented. The following table summarizes the effect of derivative instruments on the consolidated statements of income for fiscal 2019 and 2018 : Foreign Exchange Contracts Years Ended (In thousands) March 30, 2019 March 31, 2018 Amount of (losses)/gains recognized in other comprehensive income on derivative (effective portion of cash flow hedging) $ (1,427 ) $ 862 Amount of (losses)/gains reclassified from accumulated other comprehensive income into income (effective portion) * (5,603 ) 4,655 Amount of losses recorded (ineffective portion) * (4 ) (14 ) *Recorded in interest and other expense, net within the consolidated statements of income. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Mar. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company's equity incentive plans are broad-based, long-term retention programs that cover employees, consultants and non-employee directors of the Company. These plans are intended to attract and retain talented employees, consultants and non-employee directors and to provide such persons with a proprietary interest in the Company. Stock-Based Compensation The following table summarizes stock-based compensation expense related to stock awards granted under the Company's equity incentive plans and rights to acquire stock granted under the Company's Amended and Restated 1990 Employee Qualified Stock Purchase Plan (ESPP): Years Ended (In thousands) March 30, 2019 March 31, 2018 April 1, 2017 Stock-based compensation included in: Cost of revenues $ 8,820 $ 8,492 $ 8,014 Research and development 86,428 76,790 66,822 Selling, general and administrative 52,694 51,912 48,022 Executive transition costs — 16,621 — Stock-based compensation effect on income before taxes 147,942 153,815 122,858 Income tax effect (29,361 ) (40,188 ) (37,752 ) Net stock-based compensation effect on net income $ 118,581 $ 113,627 $ 85,106 The Company adjusts stock-based compensation on a quarterly basis for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience. The effect of adjusting the forfeiture rate for all expense amortization was recognized in the period the forfeiture estimate was changed, and was not material for all periods presented. During fiscal 2019 , 2018 and 2017 , there were no options granted and therefore the Company's stock-based compensation expense related to options, and the number of options outstanding as of March 30, 2019 , were not material. As of March 30, 2019 and March 31, 2018 , the ending inventory balances included $2.1 million of capitalized stock-based compensation. During fiscal 2019 , 2018 and 2017 , the tax benefit realized for the tax deduction from restricted stock units (RSUs) and other awards totaled $44.4 million , $60.6 million and $53.3 million , respectively. The tax deduction includes amounts credited to income tax expense. The fair values of ESPP were estimated as of the grant date using the Black-Scholes option pricing model. The Company's expected stock price volatility assumption is estimated using implied volatility of the Company's traded options. The expected life of options granted is based on the historical exercise activity as well as the expected disposition of all options outstanding. The expected life of options granted also considers the actual contractual term. The weighted-average fair value per share of stock purchase rights granted under the ESPP during fiscal 2019 , 2018 and 2017 were $26.57 , $17.95 and $13.00 , respectively. These fair values per share were estimated at the date of grant using the following weighted-average assumptions: Employee Stock Purchase Plan Fiscal 2019 Fiscal 2018 Fiscal 2017 Expected life of options (years) 1.3 1.3 1.3 Expected stock price volatility 0.33 0.29 0.24 Risk-free interest rate 2.5 % 1.6 % 0.7 % Dividend yield 1.7 % 2.1 % 2.4 % The estimated fair values of RSU awards were calculated based on the market price of Xilinx common stock on the date of grant, reduced by the present value of dividends expected to be paid on Xilinx common stock prior to vesting. The per share weighted-average fair value of RSUs granted during fiscal 2019 , 2018 and 2017 were $66.94 , $60.18 and $44.38 , respectively. The weighted average fair value of RSUs granted in fiscal 2019 , 2018 and 2017 were calculated based on estimates at the date of grant using the following weighted-average assumptions: Fiscal 2019 Fiscal 2018 Fiscal 2017 Risk-free interest rate 2.7 % 1.8 % 0.9 % Dividend yield 2.1 % 2.2 % 2.8 % As of March 30, 2019 , total unrecognized stock-based compensation costs related to ESPP was $26.0 million . The total unrecognized stock-based compensation cost for ESPP is expected to be recognized over a weighted-average period of 1.1 years . Equity Incentive Plans As of March 30, 2019 , 11.3 million shares are available for future grants under the 2007 Equity Incentive Plan (2007 Equity Plan). The contractual term for stock awards granted under the 2007 Equity Plan is seven years from the grant date. Stock awards granted to existing and newly hired employees generally vest over a four -year period from the date of grant. A summary of shares available for grant under the 2007 Equity Plan is as follows: (Shares in thousands) Shares Available for Grant April 2, 2016 12,946 Additional shares reserved 2,500 Stock options cancelled 1 RSUs granted (3,398 ) RSUs cancelled 410 April 1, 2017 12,459 Additional shares reserved 1,900 RSUs granted (3,718 ) RSUs cancelled 701 March 31, 2018 11,342 Additional shares reserved 3,000 RSUs granted (3,559 ) RSUs cancelled 536 March 30, 2019 11,319 The types of awards allowed under the 2007 Equity Plan include incentive stock options, non-qualified stock options, RSUs, restricted stock and stock appreciation rights. To date, the Company has issued a mix of non-qualified stock options and RSUs under the 2007 Equity Plan. The total pre-tax intrinsic value of options exercised during fiscal 2019 and 2018 was $475 thousand and $4.1 million , respectively. This intrinsic value represents the difference between the exercise price and the fair market value of the Company's common stock on the date of exercise. Since the Company adopted the policy of retiring all repurchased shares of its common stock, new shares are issued upon employees' exercise of their stock options. RSU Awards A summary of the Company's RSU activity and related information is as follows: RSUs Outstanding (Shares and intrinsic value in thousands) Number of Shares Weighted-Average Grant-Date Fair Value Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (1) April 2, 2016 6,619 $40.74 Granted 3,398 $44.38 Vested (2) (2,619 ) $39.49 Cancelled (410 ) $41.63 April 1, 2017 6,988 $42.93 Granted 3,718 $60.18 Vested (2) (3,016 ) $43.30 Cancelled (701 ) $48.16 March 31, 2018 6,989 $51.39 Granted 3,559 $66.94 Vested (2) (2,681 ) $49.05 Cancelled (536 ) $55.09 March 30, 2019 7,331 $59.54 2.42 $ 929,644 Expected to vest as of March 30, 2019 5,733 $59.62 2.42 $ 726,876 (1) Aggregate intrinsic value for RSUs represents the closing price per share of Xilinx's stock on March 30, 2019 of $126.79 , multiplied by the number of RSUs outstanding or expected to vest as of March 30, 2019 . (2) The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. RSUs with a fair value of $131.5 million vested during fiscal 2019 . As of March 30, 2019 , total unrecognized stock-based compensation costs related to non-vested RSUs was $287.2 million . The total unrecognized stock-based compensation cost for RSUs is expected to be recognized over a weighted-average period of 2.7 years . Employee Stock Purchase Plan Under the Company's ESPP, qualified employees can obtain a 24 -month purchase right to purchase the Company's common stock at the end of each six -month exercise period. Participation is limited to 15% of the employee's annual earnings up to a maximum of $21 thousand in a calendar year. Approximately 84% of all eligible employees participated in the ESPP. The purchase price of the stock is 85% of the lower of the fair market value at the beginning of the 24 -month offering period or at the end of each six -month exercise period. Employees purchased 1.0 million shares for $48.3 million in fiscal 2019 , 918 thousand shares for $44.3 million in fiscal 2018, and 1.2 million shares for $39.5 million in fiscal 2017. The next scheduled purchase under the ESPP is in the second quarter of fiscal 2020 . As of March 30, 2019 , 11.4 million shares were available for future issuance. |
Balance Sheet Information
Balance Sheet Information | 12 Months Ended |
Mar. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | The following tables disclose the current liabilities and other assets that individually exceed 5% of the respective consolidated balance sheet amounts in each fiscal year. Individual balances that are less than 5% of the respective consolidated balance sheet amounts are aggregated and disclosed as "other." (In thousands) March 30, 2019 March 31, 2018 Accrued payroll and related liabilities: Accrued compensation $ 120,658 $ 95,316 Deferred compensation plan liability 118,560 103,434 Others 8,050 7,617 $ 247,268 $ 206,367 (In thousands) March 30, 2019 March 31, 2018* Other accrued liabilities: Interest payable $ 16,583 $ 14,169 Accruals related to software licenses 18,660 2,400 Others 46,316 43,111 $ 81,559 $ 59,680 * Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. (In thousands) March 30, 2019 March 31, 2018* Other assets: Deferred tax asset $ 126,702 $ 96,848 Trust asset (deferred compensation plan) 109,271 95,310 Others 219,594 145,244 $ 455,567 $ 337,402 * Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. |
Commitments
Commitments | 12 Months Ended |
Mar. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments Xilinx leases some of its facilities and office buildings under non-cancelable operating leases that expire at various dates through April 2029 . Additionally, Xilinx entered into a land lease in conjunction with the Company's building in Singapore, which will expire in November 2035 and the lease cost was settled in an up-front payment in June 2006. Some of the operating leases for facilities and office buildings require payment of operating costs, including property taxes, repairs, maintenance and insurance. Most of the Company's leases contain renewal options for varying terms. Xilinx also leases cars under non-cancelable operating leases that expire at various dates through May 2023. Approximate future minimum lease payments under non-cancelable operating leases are as follows: Fiscal (In thousands) 2020 $ 11,991 2021 10,747 2022 9,580 2023 5,444 2024 5,338 Thereafter 29,293 Total $ 72,393 Aggregate future rental income to be received, which includes rents from both owned and leased property, totaled $9.2 million as of March 30, 2019 . Rent expense, net of rental income, under all operating leases was $4.4 million for fiscal 2019 , $3.9 million for fiscal 2018 , and $5.0 million for fiscal 2017 . Rental income was not material for fiscal 2019 , 2018 or 2017 . Other commitments as of March 30, 2019 totaled $230.8 million and consisted of purchases of inventory and other non-cancelable purchase obligations related to subcontractors that manufacture silicon wafers and provide assembly and test services. The Company expects to receive and pay for these materials and services in the next three to six months, as the products meet delivery and quality specifications. Additionally, as of March 30, 2019 , the Company had $4.4 million of non-cancelable license obligations to providers of electronic design automation software and hardware/software maintenance, $18.3 million related to renovation of two of its properties and $38.9 million in commitments primarily related to open purchase orders from ordinary operations. These commitments expire at various dates through December 2022 . |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Mar. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income Per Common Share The computation of basic net income per common share for all periods presented is derived from the information on the consolidated statements of income, and there are no reconciling items in the numerator used to compute diluted net income per common share. The following table summarizes the computation of basic and diluted net income per common share: Years Ended (In thousands, except per share amounts) March 30, 2019 March 31, 2018 April 1, 2017 Net income available to common stockholders $ 889,750 $ 463,981 $ 628,133 Weighted average common shares outstanding-basic 252,762 249,595 252,301 Dilutive effect of employee equity incentive plans 3,672 2,754 2,284 Dilutive effect of 2017 Convertible Notes and warrants — 5,611 14,228 Weighted average common shares outstanding-diluted 256,434 257,960 268,813 Basic earnings per common share $ 3.52 $ 1.86 $ 2.49 Diluted earnings per common share $ 3.47 $ 1.80 $ 2.34 The total shares used in the denominator of the diluted net income per common share calculation include potentially dilutive common equivalent shares outstanding that are not included in basic net income per common share calculation. The diluted shares were calculated by applying the treasury stock method to the impact of the equity incentive plans, the incremental shares issuable assuming conversion of the Company's $600.0 million principal amount of 2.625% convertible notes issued in June 2010 (2017 Convertible Notes), before its maturity on June 15, 2017, and exercise of warrants on a weighted-average outstanding basis, before the final settlements during the third quarter of fiscal 2018. The 2017 Convertible Notes matured during the first quarter of fiscal 2018, and the Company exercised its call options to neutralize the dilutive effect of the incremental shares from the 2017 Convertible Notes. Because the number of diluted shares in the above table for the 12 months ended March 31, 2018 was calculated based on a weighted-average outstanding basis, it included approximately 1.5 million shares of dilutive impact from the 2017 Convertible Notes through the maturity date and 4.1 million shares of dilutive impact from warrants before the settlement. Certain shares of outstanding stock options and RSUs were excluded from diluted net income per common share calculation by applying the treasury stock method, as their inclusion would have been antidilutive. These options and RSUs were immaterial for fiscal 2019 , 2018 and 2017 . but could be dilutive in the future if the Company's average share price increases and is greater than the combined exercise prices and the unamortized fair values of these options and RSUs. |
Interest and Other Expense, Net
Interest and Other Expense, Net | 12 Months Ended |
Mar. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Interest and Other Expense, Net | Interest and Other Income (Expense), Net The components of interest and other income (expense), net are as follows: Years Ended (In thousands) March 30, 2019 March 31, 2018 April 1, 2017 Interest income $ 77,295 $ 58,604 $ 51,121 Interest expense (52,883 ) (45,837 ) (53,953 ) Other expense, net (12,879 ) (7,410 ) (5,482 ) $ 11,533 $ 5,357 $ (8,314 ) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Mar. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Comprehensive loss is defined as the change in equity of a company during a period from transactions and other events and circumstances from non-owner sources. The components of accumulated other comprehensive loss are as follows: (In thousands) March 30, 2019 March 31, 2018 Accumulated unrealized losses on available-for-sale securities, net of tax $ (12,725 ) $ (29,844 ) Accumulated unrealized gains on hedging transactions, net of tax 95 1,674 Accumulated cumulative translation adjustment, net of tax (10,780 ) (6,339 ) Accumulated other comprehensive loss $ (23,410 ) $ (34,509 ) The related tax effects of other comprehensive loss were not material for all periods presented. |
Debt and Credit Facility
Debt and Credit Facility | 12 Months Ended |
Mar. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facility [Text Block] | Debt and Credit Facility 2019 and 2021 Notes On March 12, 2014, the Company issued the 2019 Notes and 2021 Notes at a discounted price of 99.477% and 99.281% of par, respectively. Interest on the 2019 Notes and 2021 Notes is payable semi-annually on March 15 and September 15. The Company received net proceeds of $990.1 million from issuance of the 2019 Notes and 2021 Notes, after the debt discounts and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the terms of the 2019 and 2021 Notes. On March 15, 2019, the 2019 Notes matured and the Company paid the aggregate outstanding principal of $ 500.0 million , plus accrued interest. As of March 30, 2019 , the remaining term of the 2021 Notes is 2.0 years. The following table summarizes the carrying value of the 2019 Notes and 2021 Notes in the Company's consolidated balance sheets: (In thousands) March 30, 2019 March 31, 2018 Principal amount of the 2019 Notes $ — $ 500,000 Unamortized discount of the 2019 Notes — (501 ) Unamortized debt issuance costs associated with the 2019 Notes — (313 ) Carrying value of the 2019 Notes — 499,186 Principal amount of the 2021 Notes 500,000 500,000 Unamortized discount of the 2021 Notes (1,063 ) (1,593 ) Unamortized debt issuance costs associated with the 2021 Notes (467 ) (711 ) Carrying value of the 2021 Notes $ 498,470 $ 497,696 Total carrying value $ 498,470 $ 996,882 Interest expense related to the 2019 Notes and 2021 Notes was included in interest and other income (expense), net on the consolidated statements of income as follows: Years Ended (In thousands) March 30, 2019 March 31, 2018 April 1, 2017 Contractual coupon interest $ 24,740 $ 25,625 $ 25,625 Amortization of debt issuance costs 557 586 586 Amortization of debt discount, net 1,030 1,049 1,022 Total interest expense related to the 2019 and 2021 Notes $ 26,327 $ 27,260 $ 27,233 2024 Notes On May 30, 2017 , the Company issued the 2024 Notes at a discounted price of 99.887% of par. Interest on the 2024 Notes is payable semi-annually on June 1 and December 1. The Company received net proceeds of $745.2 million from the issuance of the 2024 Notes, after the debt discount and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the term of the 2024 Notes. As of March 30, 2019 , the remaining term of the 2024 Notes is approximately 5.2 years. In relation to the issuance of the 2024 Notes, the Company entered into interest rate swap contracts with certain independent financial institutions, whereby the Company pays on a semi-annual basis, a variable interest rate equal to the t hree-month London Interbank Offered Rate (LIBOR) plus 91.43 bps , and receives on a semi-annual basis, interest income at a fixed interest rate of 2.950% . The Company incurred a net interest expense of $3.8 million during the twelve months ended March 30, 2019 and earned a net interest income of $4.4 million during the twelve months ended March 31, 2018 , respectively, from the interest rate swap contracts, which was included in interest and other income (expense), net on the consolidated statements of income. As of March 30, 2019 , the fair value of the interest rate swap contracts was $10.1 million , which was recorded in other long-term liabilities on the consolidated balance sheets. The following table summarizes the carrying value of the 2024 Notes in the Company's consolidated balance sheets: (In thousands) March 30, 2019 March 31, 2018 Principal amount of the 2024 Notes $ 750,000 $ 750,000 Unamortized discount of the 2024 Notes (642 ) (755 ) Unamortized debt issuance costs associated with the 2024 Notes (2,932 ) (3,500 ) Carrying value of the 2024 Notes 746,426 745,745 Fair value hedge adjustment - interest rate swap contracts (10,089 ) (29,001 ) Net carrying value of the 2024 Notes $ 736,337 $ 716,744 Interest expense related to the 2024 Notes was included in interest and other income (expense), net on the consolidated statements of income as follows: Years Ended (In thousands) March 30, 2019 March 31, 2018 April 1, 2017 Contractual coupon interest (net of interest rate swap) $ 25,875 $ 14,122 $ — Amortization of debt issuance costs 568 473 — Amortization of debt discount 113 92 — Total interest expense related to the 2024 Notes $ 26,556 $ 14,687 $ — Revolving Credit Facility On December 7, 2016 , the Company entered into a $400.0 million senior unsecured revolving credit facility that, upon certain conditions, may be extended by an additional $150.0 million , with a syndicate of banks (expiring in December 2021 ). Borrowings under the credit facility will bear interest at a benchmark rate plus an applicable margin based upon the Company's credit rating. In connection with the credit facility, the Company is required to maintain certain financial and non-financial covenants. As of March 30, 2019 , the Company had made no borrowings under this credit facility and was not in violation of any of the covenants. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Mar. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Preferred Stock The Company's Certificate of Incorporation authorized 2.0 million shares of undesignated preferred stock. The preferred stock may be issued in one or more series. The Board of Directors is authorized to determine or alter the rights, preferences, privileges and restrictions granted to, or imposed upon, any wholly unissued series of preferred stock. As of March 30, 2019 and March 31, 2018 , no preferred shares were issued or outstanding. Common Stock and Debentures Repurchase Programs The Board of Directors has approved stock repurchase programs enabling the Company to repurchase its common stock in the open market or through negotiated transactions with independent financial institutions. In May 2016, the Board authorized the repurchase of up to $1.00 billion of the Company's common stock and debentures (2016 Repurchase Program). The 2016 Repurchase Program has no stated expiration date. In May 2018, the Board also authorized the repurchase of the Company's common stock and debentures up to $500.0 million (2018 Repurchase Program). Through March 30, 2019 , the Company has used $953.7 million of the $1.00 billion authorized under the 2016 Repurchase Program, leaving $46.3 million available for future repurchases. The Company's current policy is to retire all repurchased shares, and consequently, no treasury shares were held as of March 30, 2019 and March 31, 2018 . During fiscal 2019 , the Company repurchased 2.4 million in the open market with independent financial institutions for a total of $161.6 million . During fiscal 2018 , the Company repurchased 7.0 million shares of common stock in the open market and through accelerated share repurchase agreements with multiple independent financial institutions for a total of approximately $474.3 million . |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes consists of the following: Years Ended (In thousands) March 30, 2019 March 31, 2018 * April 1, 2017 * Federal: Current $ 90,674 $ 565,765 $ (19,097 ) Deferred (30,746 ) (370,893 ) 65,049 59,928 194,872 45,952 State: Current 4,623 2,520 (938 ) Deferred 2,545 7,813 3,170 7,168 10,333 2,232 Foreign: Current 16,282 23,483 21,121 Deferred (4,796 ) (1,290 ) 638 11,486 22,193 21,759 Total $ 78,582 $ 227,398 $ 69,943 * Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. The domestic and foreign components of income before income taxes were as follows: (In thousands) March 30, 2019 March 31, 2018 * April 1, 2017 * Domestic $ 173,082 $ 21,198 $ 43,662 Foreign 795,250 670,181 654,414 Income before income taxes $ 968,332 $ 691,379 $ 698,076 * Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. On December 22, 2017, the TCJA was enacted into law. The TCJA provides for numerous significant tax law changes and modifications including the reduction of the U.S. federal corporate income tax rate from 35% to 21%, the requirement for companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and the creation of new taxes on certain foreign-sourced earnings. Some provisions of the TCJA began to impact the Company in fiscal 2018, while other provisions impacted the Company beginning in fiscal 2019. SAB 118 allows companies to record provisional amounts and recognize the effect of the tax law changes during a measurement period. The Company recorded provisional income tax expense of $214.7 million in its fiscal 2018 results. During fiscal 2019, the Company recorded income tax expense of $2.4 million as measurement period adjustments to the provisional amounts recorded in fiscal 2018. The measurement period adjustments include the impact of the Company's accounting policy election to recognize deferred taxes for temporary basis differences that are expected to reverse as GILTI income in future years. The measurement period ended in the third quarter of fiscal 2019. Although the measurement period has closed, further technical guidance related to the TCJA, including final regulations on a broad range of topics, is expected to be issued. In accordance with ASC 740, the Company will recognize any effects of the guidance in the period that such guidance is issued. The Company recorded excess tax benefits associated with stock-based compensation of $14.2 million , $21.5 million , and $15.4 million in the provision for income taxes during fiscal 2019, 2018, and 2017 respectively. As of March 30, 2019 , the Company had state research tax credit carryforwards of approximately $195.9 million . The credits have no expiration date. Some of the state credit carryforwards are subject to change of ownership limitations provided by state provisions similar to that of the Internal Revenue Code. The state credit carryforwards include $148.0 million that is not likely to be recovered and has been reduced by a valuation allowance. The provision for income taxes reconciles to the amount derived by applying the federal statutory income tax rate to income before provision for taxes as follows: Years Ended (In thousands) March 30, 2019 March 31, 2018 * April 1, 2017 * Income before provision for taxes $ 968,332 $ 691,379 $ 698,076 Federal statutory tax rate 21.0 % 31.5 % 35.0 % Computed expected tax 203,350 217,784 244,327 State taxes, net of federal benefit 6,379 9,785 1,791 Foreign earnings at lower tax rates (98,387 ) (188,174 ) (120,737 ) Tax credits (31,679 ) (19,708 ) (34,146 ) Transition tax 21,063 208,523 — Deferred tax remeasurement — 21,834 — Excess benefits from stock-based compensation (14,196 ) (21,520 ) (15,396 ) Other (7,948 ) (1,126 ) (5,896 ) Provision for income taxes $ 78,582 $ 227,398 $ 69,943 * Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. The Company has manufacturing operations in Singapore where the Company has been granted "Pioneer Status" that is effective through fiscal 2021. The Pioneer Status reduces the Company's tax on the majority of Singapore income from 17% to zero percent. The benefits of Pioneer Status in Singapore for fiscal 2019 , fiscal 2018 and fiscal 2017 were approximately $48.0 million ( $0.19 per diluted share), $61.5 million ( $0.24 per diluted share), and $56.2 million ( $0.21 per diluted share), respectively. The tax effect of operations in low tax jurisdictions on the Company's overall tax rate is reflected in the table above. The major components of deferred tax assets and liabilities consisted of the following: (In thousands) March 30, 2019 March 31,2018* Deferred tax assets: Stock-based compensation $ 18,514 $ 17,213 Accrued expenses 7,744 7,340 Tax credit carryforwards 155,036 140,406 Deferred compensation plan 27,186 24,121 Low income housing and other investments 6,366 5,836 GILTI deferred taxes 38,410 — Other 22,997 15,338 Subtotal 276,253 210,254 Valuation allowance (118,773 ) (101,383 ) Total deferred tax assets 157,480 108,871 Deferred tax liabilities: Unremitted foreign earnings (5,142 ) (6,185 ) Intangible assets (20,775 ) (762 ) Distributor price adjustments (11,464 ) (168 ) Other (4,975 ) (5,028 ) Total deferred tax liabilities (42,356 ) (12,143 ) Total net deferred tax assets $ 115,124 $ 96,728 * Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. Long-term deferred tax assets of $126.7 million and $96.8 million as of March 30, 2019 and March 31, 2018 , respectively, were included in other assets on the consolidated balance sheet. As of March 30, 2019 and March 31, 2018 , gross deferred tax assets were offset by valuation allowances of $118.8 million and $101.4 million , respectively, which were primarily associated with state tax credit carryforwards. The aggregate changes in the balance of gross unrecognized tax benefits were as follows: (In thousands) March 30, 2019 March 31, 2018 Balance as of beginning of fiscal year $ 125,148 $ 30,437 Increases in tax positions for prior years 18,156 90,716 Decreases in tax positions for prior years (666 ) (1,063 ) Increases in tax positions for current year 5,132 5,158 Settlements — — Lapses in statutes of limitation (154 ) (100 ) Balance as of end of fiscal year $ 147,616 $ 125,148 The Company’s total gross unrecognized tax benefits increased by $22.5 million during fiscal 2019. If the remaining balance of $147.6 million and $125.1 million of unrecognized tax benefits as of March 30, 2019 and March 31, 2018 , respectively, were realized in a future period, it would result in a tax benefit of $35.3 million and $15.1 million , respectively, thereby reducing the effective tax rate. Another $85.5 million would increase additional paid-in capital. The $85.5 million relates to an additional deduction claimed on federal and state amended tax returns for fiscal 2014 for repurchase premium paid in that year in connection with the early redemption of the Company’s 3.125% Junior Convertible debenture due March 15, 2037. The Company's policy is to include interest and penalties related to income tax liabilities within the provision for income taxes on the consolidated statements of income. The balances of accrued interest and penalties recorded in the consolidated balance sheets and the amounts of interest and penalties included in the Company's provisions for income taxes were not material for any period presented. The statutes of limitations have closed for U.S. federal income tax purposes for years through fiscal 2014, for U.S. state income tax purposes for years through fiscal 2010, and for Ireland income tax purposes for years through fiscal 2014. The Company believes its provision for unrecognized tax benefits is adequate for adjustments that may result from tax audits. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company's tax audits are resolved in a manner not consistent with management's expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. It is reasonably possible that changes to the Company's unrecognized tax benefits could be significant in the next twelve months due to tax audit settlements and lapses of statutes of limitation. As a result of uncertainties regarding tax audits and their possible outcomes, an estimate of the range of increase or decrease that could occur in the next twelve months cannot be made at this time. |
Segment Information
Segment Information | 12 Months Ended |
Mar. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Xilinx designs, develops and markets programmable logic semiconductor devices and the related software design tools. The Company operates and tracks its results in one operating segment. Xilinx sells its products to OEMs and to electronic components distributors who resell these products to OEMs or subcontract manufacturers. Geographic revenue information for fiscal 2019 , 2018 and 2017 reflects the geographic location of the distributors or OEMs who purchased the Company's products. This may differ from the geographic location of the end customers. Long-lived assets include property, plant and equipment, which were based on the physical location of the asset as of the end of each fiscal year. Net revenues by geographic region were as follows: Years Ended (In thousands) March 30, 2019 March 31, 2018 * April 1, 2017 * North America: United States $ 748,245 $ 652,222 $ 605,999 Other (individual countries less than 10%) 100,478 96,694 132,300 Total North America 848,723 748,916 738,299 Asia Pacific: China 850,595 638,180 599,812 Other (individual countries less than 10%) 534,987 370,307 358,844 Total Asia Pacific 1,385,582 1,008,487 958,656 Europe 586,893 501,049 461,116 Japan 237,842 208,571 198,671 Total Foreign 2,210,317 1,718,107 1,618,443 Worldwide Total $ 3,059,040 $ 2,467,023 $ 2,356,742 * Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. Net long-lived assets by country at fiscal year-ends were as follows: Years Ended (In thousands) March 30, 2019 March 31, 2018 April 1, 2017 United States $ 212,385 $ 206,406 $ 211,995 Foreign: Ireland 36,984 38,257 40,626 Singapore 62,257 45,013 39,345 Other (individual countries less than 10%) 17,303 14,441 11,859 Total foreign 116,544 97,711 91,830 Worldwide total $ 328,929 $ 304,117 $ 303,825 |
Litigation Settlements and Cont
Litigation Settlements and Contingencies | 12 Months Ended |
Mar. 30, 2019 | |
Loss Contingency [Abstract] | |
Litigation Settlements and Contingencies | Litigation Settlements and Contingencies Patent Litigation On February 1, 2017, a patent infringement lawsuit was filed by Godo Kaisha IP Bridge 1 (IP Bridge) against the Company in the U.S. District Court for the Eastern District of Texas (Godo Kaisha IP Bridge 1 v. Xilinx, Inc., Case. No. 2:17-cv-00100). The lawsuit pertains to two patents and IP Bridge seeks unspecified damages, interest, attorneys’ fees, costs, and a permanent injunction or an on-going royalty. On September 14, 2017, the court granted the Company’s motion to transfer venue to the U.S. District Court for the Northern District of California. On December 21, 2018, the parties reached an agreement to settle the lawsuit, pursuant to which the parties entered into a patent license agreement dated as of the same date. The patent license agreement does not have a material impact on the Company's financial position or results of operations. On March 17, 2017, a patent infringement lawsuit was filed by Anza Technology, Inc. (Anza) against the Company in the U.S. District Court for the District of Colorado (Anza Technology, Inc. v. Xilinx, Inc., Case No. 1:17-cv-00687). The lawsuit pertains to three patents and Anza seeks unspecified damages, attorney fees, interest, costs, and expenses. On October 27, 2017, the court granted the Company’s motion to transfer venue to the U.S. District Court for the Northern District of California. The parties reached an agreement to settle the lawsuit and it was dismissed with prejudice on July 23, 2018. The amount of the settlement did not have a material impact on the Company's financial position or results of operations. The Company intends to continue to protect and defend our IP vigorously. Other Matters On June 11, 2015, John P. Neblett, as Chapter 7 Trustee of Valley Forge Composite Technologies, Inc., filed a complaint against Xilinx and others in the U.S. Bankruptcy Court for the Middle District of Pennsylvania (Bankruptcy No. 1:13-bk-05253-JJT). The complaint alleges causes of actions against Xilinx for negligence and civil conspiracy relating to alleged violations of U.S. export laws. It seeks at least $50.0 million in damages, together with punitive damages, from the defendants. On September 21, 2015, the action was withdrawn from the U.S. Bankruptcy Court for the Middle District of Pennsylvania and transferred to the U.S. District Court for the Eastern District of Kentucky. On November 2, 2015, Xilinx, along with other defendants, filed a motion to dismiss the complaint. On November 3, 2015, Xilinx filed a motion for sanctions pursuant to Federal Rule of Civil Procedure 11. On June 27, 2016, the Court denied both motions. On September 11, 2017, Xilinx, along with other defendants, filed motions for summary judgment seeking to dispose of all claims against them. On July 3, 2018, the Court granted both of Xilinx’s Motions for Summary Judgment, disposing of all claims asserted against Xilinx. On August 1, 2018, the Trustee filed a Notice of Appeal. On August 9, 2018, the Court of Appeals for the Sixth Circuit issued an Order to Show Cause requesting that the appellant address a possible jurisdictional defect. On August 29, 2018, the appellant responded to the Order to Show Cause. On September 10, 2018, appellees, including Xilinx, filed a joint reply. On January 7, 2019, the Court of Appeals issued an order dismissing the appeal for lack of jurisdiction. On February 19, 2019, the District Court issued an order permitting any party seeking to certify the case for appeal to file a motion. On March 11, 2019, defendant Avnet filed a motion to certify the case for appeal. The Court has not yet ruled on Avnet’s motion. From time to time, the Company is involved in various disputes and litigation matters that arise in the ordinary course of its business. These include disputes and lawsuits related to intellectual property, mergers and acquisitions, licensing, contract law, tax, regulatory, distribution arrangements, employee relations and other matters. Periodically, the Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and a range of possible losses can be estimated, the Company accrues a liability for the estimated loss. Legal proceedings are subject to uncertainties, and the outcomes are difficult to predict. Because of such uncertainties, accruals are based only on the best information available at the time. As additional information becomes available, the Company continues to reassess the potential liability related to pending claims and litigation and may revise estimates. |
Goodwill and Acquisition-Relate
Goodwill and Acquisition-Related Intangibles | 12 Months Ended |
Mar. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquisition-Related Intangibles | Goodwill and Acquisition-Related Intangibles The gross and net amounts of goodwill and of acquisition-related intangibles for all acquisitions were as follows: Weighted-Average (In thousands) March 30, 2019 March 31, 2018 Amortization Life Goodwill $ 340,718 $ 162,421 Core technology, gross 107,250 82,480 Less accumulated amortization (82,611 ) (78,562 ) Core technology, net 24,639 3,918 4.3 years Other intangibles, gross 51,016 46,966 Less accumulated amortization (47,642 ) (46,761 ) Other intangibles, net 3,374 205 2.5 years In-process research and development (not subject to amortization) 52,710 — Total acquisition-related intangibles, gross 210,976 129,446 Less accumulated amortization (130,253 ) (125,323 ) Total acquisition-related intangibles, net $ 80,723 $ 4,123 Amortization expense for acquisition-related intangibles for fiscal 2019 , 2018 and 2017 were $4.9 million , $2.2 million and $5.1 million , respectively. During the second quarter of fiscal 2019, the Company recorded $178.3 million of goodwill and $81.5 million of intangibles attributable to the acquisition of Deephi Technology. Ltd (Deephi Tech). See "Note 20. Business Combination" to the Company's consolidated financial statements. Based on the carrying value of acquisition-related intangibles recorded as of March 30, 2019 , and assuming no subsequent impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows: Fiscal (In thousands) 2020 $ 7,464 2021 7,442 2022 6,089 2023 4,954 Thereafter 2,064 Total $ 28,013 In-process research and development is not subject to amortization prior to the completion of the projects and therefore the balance is excluded from the above annual amortization expense schedule. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 30, 2019 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Xilinx offers various retirement benefit plans for U.S. and non-U.S. employees. Total contributions to these plans were $15.1 million , $14.7 million and $12.9 million in fiscal 2019 , 2018 and 2017 , respectively. For employees in the U.S., Xilinx instituted a Company matching program pursuant to which the Company will match contributions to Xilinx's 401(k) Plan (the 401(k) Plan) based on the amount of salary deferral contributions the participant makes to the 401(k) Plan. Xilinx will match up to 50% of the first 8% of an employee's compensation that the employee contributed to their 401(k) accounts. The maximum Company contribution per year is $4,500 per employee. As permitted under Section 401(k) of the Internal Revenue Code, the 401(k) Plan allows tax deferred salary deductions for eligible employees. The Compensation Committee of the Board of Directors administers the 401(k) Plan. Participants in the 401(k) Plan may make salary deferrals of up to 75% of the eligible annual salary, limited by the maximum dollar amount allowed by the Internal Revenue Code. Participants who have reached the age of 50 before the close of the plan year may be eligible to make catch-up salary deferral contributions, up to 75% of eligible annual salary, limited by the maximum dollar amount allowed by the Internal Revenue Code. The Company allows its U.S.-based officers, director-level employees and its board members to defer a portion of their compensation under the Deferred Compensation Plan (the Plan). The Compensation Committee administers the Plan. As of March 30, 2019 , there were 230 participants in the Plan who self-direct their contributions into a menu of hypothetical investment options offered by the Plan that tracks a portfolio of various deemed investment funds. The Plan does not allow Plan participants to invest directly in Xilinx's stock. In the event Xilinx becomes insolvent, Plan assets are subject to the claims of the Company's general creditors. There are no Plan provisions that provide for any guarantees or minimum return on investments. As of March 30, 2019 , Plan assets of $109.3 million were included in other assets within the consolidated balance sheet and obligations of $118.6 million were included in accrued payroll and related liabilities. As of March 31, 2018 , Plan assets were $95.3 million and obligations were $103.4 million . |
Executive Transition Costs
Executive Transition Costs | 12 Months Ended |
Mar. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Executive Transition Costs | Executive Transition Costs During the fourth quarter of fiscal 2018, the Company announced the transition of its President and Chief Executive Officer position, whereby Moshe Gavrielov resigned from those roles and Victor Peng assumed these roles. Additionally, the Company also implemented restructuring measures to realign resources and drive overall operating efficiencies, which impacted approximately 60 positions in various geographies and functions worldwide. The Company recorded total transition charges of $33.4 million in the fourth quarter of fiscal 2018, primarily related to severance pay expenses and other benefits. As of the end of fiscal 2019, the remaining accrual for severance and other benefits was immaterial. |
Business Combination
Business Combination | 12 Months Ended |
Mar. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Business Combination During the second quarter of fiscal 2019, the Company completed the acquisition of Deephi Tech by acquiring all its outstanding ordinary shares. Deephi Tech was a privately held start-up with industry-leading capabilities in machine learning and focusing on system-level neural network optimization. This acquisition strengthens the Company's capabilities in artificial intelligence applications. Total purchase consideration to acquire Deephi Tech was $251.9 million , including $11.5 million of fair value from the Company's preexisting investment in Deephi Tech and $6.3 million of cash acquired. The Company incurred $3.4 million of acquisition related costs, which was recorded in the operating expenses of consolidated statements of income. Additionally, the Company was required to assess the fair value of its preexisting investment in Deephi Tech and recorded $6.5 million gain in its consolidated statements of income as part of interest and other income, net. Subsequent to the acquisition, the financial results for Deephi Tech are included in the Company's consolidated financial statements. Prior to the acquisition, the financial results for Deephi Tech were not significant for pro forma financial information. The Company allocated the purchase price to tangible and identified intangible assets acquired and liabilities assumed based on estimated fair values. As additional information becomes available, the Company may further update the preliminary purchase price allocation during the remainder of the measurement period (up to one year from the acquisition date). The preliminary fair values of the assets acquired and liabilities assumed in the acquisition of Deephi Tech, by major class, were recognized as follows: Amount (In thousands) Cash and cash equivalents $ 6,263 Tangible assets 2,076 Identifiable intangible assets 81,530 Goodwill 178,297 Deferred tax liabilities (13,702 ) Other liabilities (2,554 ) Total $ 251,910 The goodwill of $178.3 million arising from the acquisition is attributed to the expected synergies and other benefits that will be generated from the combination of the Company and Deephi Tech. The goodwill recognized is expected to be deductible for tax purposes. The identified intangible assets assumed in the acquisition of Deephi Tech were recognized as follows based upon the preliminary fair values as of the closing date of the acquisition. Amount Amortization Life (In thousands) Trade Names & Trademarks $ 1,020 3.0 years Developed Technology 24,770 5.0 years Customer Relationships 3,030 3.0 years In-Process Research and Development 52,710 N/A Total identifiable intangible assets $ 81,530 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Mar. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Event On April 18, 2019, the Company's Board of Directors declared a cash dividend of $0.37 per common share for the first quarter of fiscal 2020. The dividend is payable on June 3, 2019 to stockholders of record as of May 16, 2019. In April 2019, the Company entered into a definitive agreement to acquire Solarflare Communications, Inc., a leading provider of high-performance and low latency networking solutions for customers. The total consideration is approximately $400.0 million , subject to certain closing adjustments. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 30, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | XILINX, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (In thousands) Description Beginning Additions Deductions End of Year For the year ended April 1, 2017: Allowance for doubtful accounts $ 3,341 $ — $ 141 $ 3,200 Valuation allowance for deferred tax assets $ 62,179 $ 10,341 $ — $ 72,520 For the year ended March 31, 2018: Allowance for doubtful accounts $ 3,200 $ — $ 30 $ 3,170 Valuation allowance for deferred tax assets $ 72,520 $ 28,863 $ — $ 101,383 For the year ended March 30, 2019: Allowance for doubtful accounts $ 3,170 $ — $ — $ 3,170 Valuation allowance for deferred tax assets $ 101,383 $ 17,390 $ — $ 118,773 Supplementary Financial Data Quarterly Data (Unaudited) (In thousands, except per share amounts) Year ended March 30, 2019 (1) First Second Third Fourth Net revenues $ 684,370 $ 746,252 $ 800,057 $ 828,361 Gross margin 477,482 514,632 552,154 558,904 Income before income taxes 212,917 239,144 256,590 259,680 Net income 190,038 215,712 239,360 244,640 Net income per common share: (2) Basic $ 0.75 $ 0.85 $ 0.95 $ 0.96 Diluted $ 0.74 $ 0.84 $ 0.93 $ 0.95 Shares used in per share calculations: Basic 252,682 252,988 253,060 253,855 Diluted 255,935 255,522 256,374 258,177 Cash dividends declared per common share $ 0.36 $ 0.36 $ 0.36 $ 0.36 (1) Xilinx uses a 52 - to 53 -week fiscal year ending on the Saturday nearest March 31. Fiscal 2019 was a 52-week year and each quarter was a 13 -week quarter. (2) Net income per common share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per common share information may not equal the annual net income per common share. (In thousands, except per share amounts) Year ended March 31, 2018 (1) First (3) Second (3) Third (3) Fourth (3) Net revenues $ 602,810 $ 627,419 $ 598,603 $ 638,191 Gross margin 411,986 441,734 420,634 449,250 Income before income taxes 170,894 194,017 166,766 159,703 Net income (loss) 157,244 173,751 (12,485 ) 145,471 Net income (loss) per common share: (2) Basic $ 0.63 $ 0.70 $ (0.05 ) $ 0.57 Diluted $ 0.59 $ 0.67 $ (0.05 ) $ 0.56 Shares used in per share calculations: Basic 247,911 248,094 254,089 254,559 Diluted 265,797 258,217 254,089 257,916 Cash dividends declared per common share $ 0.35 $ 0.35 $ 0.35 $ 0.35 (1) Xilinx uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2018 was a 53-week year and each quarter was a 13-week quarter except the third quarter, which was a 14-week quarter. (2) Net income per common share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per common share information may not equal the annual net income per common share. (3) Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Concentrations of Risk (Policies) | 12 Months Ended |
Mar. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Xilinx and its wholly-owned subsidiaries after elimination of all intercompany transactions. The Company uses a 52 - to 53 -week fiscal year ending on the Saturday nearest March 31. Fiscal 2019 , 2018 and 2017 were a 52-week year ended on March 30, 2019 , March 31, 2018 and April 1, 2017 , respectively. Fiscal 2020 will be a 52-week year ending on March 28, 2020 . |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of net revenues and expenses during the reporting period. Such estimates relate to, among others, the useful lives of assets, assessment of recoverability of property, plant and equipment, long-lived assets and goodwill, inventory write-downs, allowances for doubtful accounts, valuation of intangible assets, customer returns, deferred tax assets, stock-based compensation, potential reserves relating to litigation and tax matters, valuation of certain investments and derivative financial instruments as well as other accruals or reserves. Actual results may differ from those estimates and such differences may be material to the financial statements. |
Cash Equivalents and Investments | Cash Equivalents and Investments Cash equivalents consist of highly liquid investments with original maturities from the date of purchase of three months or less. These investments consist of money market funds, non-financial institution securities, U.S. and foreign government and agency securities and financial institution securities. Short-term investments consist of mortgage-backed securities, non-financial institution securities, U.S. and foreign government and agency securities, financial institution securities, asset-backed securities, commercial mortgage-backed securities and debt mutual funds with original maturities greater than three months and remaining maturities less than one year from the balance sheet date. Long-term investments consist of debt mutual funds. Long-term investments are investments with remaining maturities greater than one year, unless the investments are specifically identified to fund current operations, in which case they are classified as short-term investments. Equity investments are also classified as long-term investments if they are not intended to fund current operations. The Company maintains its cash balances with various banks with high quality ratings, and with investment banking and asset management institutions. The Company manages its liquidity risk by investing in a variety of money market funds, high-grade commercial paper, corporate bonds, U.S. and foreign government and agency securities, asset-backed securities, mortgage-backed securities, commercial mortgage-backed securities, bank time deposits and debt mutual funds. This diversification of investments is consistent with its policy to maintain liquidity and ensure the ability to collect principal. The Company maintains an offshore investment portfolio denominated in U.S. dollars. All investments are made pursuant to corporate investment policy guidelines. Investments include Euro commercial paper, Euro dollar bonds, Euro dollar floating rate notes, offshore time deposits, U.S. and foreign government and agency securities, asset-backed securities, commercial mortgage-backed securities, debt mutual funds and mortgage-backed securities issued by U.S. government-sponsored enterprises and agencies. Management classifies investments as available-for-sale or held-to-maturity at the time of purchase and re-evaluates such designation at each balance sheet date, although classification is not generally changed. Securities are classified as held-to-maturity when the Company has the positive intent and the ability to hold the securities until maturity. Held-to-maturity securities are carried at cost adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization, as well as any interest on the securities, is included in interest income. No investments were classified as held-to-maturity as of March 30, 2019 or March 31, 2018 . Available-for-sale securities are carried at fair value with the unrealized gains or losses, net of tax, included as a component of accumulated other comprehensive income (loss) in stockholders' equity. See "Note 3. Fair Value Measurements" for information relating to the determination of fair value. Realized gains and losses on available-for-sale securities and declines in value judged to be other than temporary are included in interest and other expense, net. In determining if and when a decline in value below the adjusted cost of available for sale securities is other than temporary, we evaluate on an ongoing basis the market conditions, trends of earnings, financial condition, credit ratings, any underlying collateral and other key measures for our investments. The cost of securities matured or sold is based on the specific identification method. The Company's investments in non-marketable equity securities of private companies are accounted for under the measurement alternative method upon the adoption of ASU 2016-01. The carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Determining whether an observed transaction is similar to a security within the Company's portfolio requires judgment based on the rights and obligations of the securities. The Company's periodic assessment of impairment is made by considering available evidence, including the general market conditions in the investee’s industry, the investee’s product development status and subsequent rounds of financing and the related valuation and/or company's participation in such financings. The Company also assesses the investee’s ability to meet business milestones and the financial condition and near-term prospects of the individual investee, including the rate at which the investee is using its cash, the investee’s need for possible additional funding at a lower valuation and any bona fide offer to purchase the investee from a prospective acquirer. |
Accounts Receivable | Accounts Receivable The allowance for doubtful accounts reflects the Company's best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on the aging of Xilinx's accounts receivable, historical experience, known troubled accounts, management judgment and other currently available evidence. Xilinx writes off accounts receivable against the allowance when Xilinx determines a balance is uncollectible and no longer actively pursues collection of the receivable. The amounts of accounts receivable written off were insignificant for all periods presented. |
Inventories | Inventories Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated net realizable value) and are comprised of the following: (In thousands) March 30, 2019 March 31, 2018 Raw materials $ 39,727 $ 14,674 Work-in-process 213,784 167,039 Finished goods 61,847 54,364 $ 315,358 $ 236,077 The Company reviews and sets standard costs quarterly to approximate current actual manufacturing costs. The Company's manufacturing overhead standards for product costs are calculated assuming full absorption of actual spending over actual volumes. Given the cyclicality of the market, the obsolescence of technology and product lifecycles, the Company writes down inventory based on forecasted demand and technological obsolescence. These forecasts are developed based on inputs from the Company's customers, including bookings and extended but uncommitted demand forecasts, and internal analyses such as customer historical purchasing trends and actual and anticipated design wins, as well as market and economic conditions, technology changes, new product introductions and changes in strategic direction. These factors require estimates that may include uncertain elements. The estimates of future demand that the Company uses in the valuation of inventory are the basis for its published revenue forecasts, which are also consistent with our short-term manufacturing plans. The differences between the Company's demand forecast and the actual demand in the recent past have not resulted in any material write down in the Company's inventory. If the Company's demand forecast for specific products is greater than actual demand and the Company fails to reduce manufacturing output accordingly, the Company could be required to write down additional inventory, which would have a negative impact on the Company's gross margin. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation. Depreciation for financial reporting purposes is computed using the straight-line method over the estimated useful lives of the assets of three to five years for machinery, equipment, furniture and fixtures and 15 to 30 years for buildings. Depreciation expense totaled $53.3 million , $46.4 million and $45.4 million for fiscal 2019 , 2018 and 2017 , respectively. |
Impairment of Long-Lived Assets Including Acquisition-Related Intangibles | Impairment of Long-Lived Assets The Company evaluates the carrying value of long-lived assets to be held and used for impairment if indicators of potential impairment exist. Impairment indicators are reviewed on a quarterly basis. When indicators of impairment exist and assets are held for use, the Company estimates future undiscounted cash flows attributable to the assets. In the event such cash flows are not expected to be sufficient to recover the recorded value of the assets, the assets are written down to their estimated fair values based on the expected discounted future cash flows attributable to the assets or based on appraisals. When assets are removed from operations and held for sale, Xilinx estimates impairment losses as the excess of the carrying value of the assets over their fair value. |
Goodwill | Goodwill Goodwill is not amortized but is subject to impairment tests on an annual basis, or more frequently if indicators of potential impairment exist, using a fair-value-based approach. Based on the impairment review performed during the fourth quarter of fiscal 2019 , there was no impairment of goodwill in fiscal 2019 . Unless there are indicators of impairment, the Company's next impairment review for goodwill will be performed and completed in the fourth quarter of fiscal 2020 . To date, no impairment indicators have been identified. |
Revenue Recognition | Revenue Recognition Revenue from sales to the Company's distributors is recognized upon the transfer of control, which typically occurs at shipment, and is reduced by estimated allowances for distributor price adjustments and rights of return. The distributor price adjustments are estimated using the expected value method based on an analysis of actual and forecasted ship and debit claims, at the distributor and part level to account for current pricing and business trends. For fiscal 2019 , approximately 54% of the Company's net revenues were from products sold to distributors for subsequent resale to OEMs or their subcontract manufacturers. Revenue from sales to the Company's non-distributors is recognized net of sales incentives (if any) upon transfer of control to the customer, which typically occurs at shipment. Sales returns and allowances on product sales are recorded as a reduction of revenue. Revenue from software license agreements and renewals is recognized at point of sales. Revenue from support services is recognized when the service is performed. Revenue from software licenses and support services sales were less than 2% of net revenues for all of the periods presented. |
Foreign Currency Translation | Foreign Currency Translation The U.S. dollar is the functional currency for the Company's Ireland and Singapore subsidiaries. Monetary assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars, and the resulting gains or losses are included in the consolidated statements of income under interest and other expense, net. The remeasurement gains or losses were immaterial for all fiscal periods presented. The local currency is the functional currency for each of the Company's other wholly-owned foreign subsidiaries. Assets and liabilities are translated from foreign currencies into U.S. dollars at month-end exchange rates and statements of income are translated at the average monthly exchange rates. Exchange gains or losses arising from translation of foreign currency denominated assets and liabilities (i.e., cumulative translation adjustment) are included as a component of accumulated other comprehensive income (loss) in stockholders' equity. |
Derivative Financial Instruments | Derivative Financial Instruments To reduce financial risk, the Company periodically enters into financial arrangements as part of the Company's ongoing asset and liability management activities. Xilinx uses derivative financial instruments to hedge fair values of underlying assets and liabilities or future cash flows which are exposed to interest rate, foreign currency or commodity price fluctuations. The Company does not enter into derivative financial instruments for trading or speculative purposes. See "Note 5. Derivative Financial Instruments" for detailed information about the Company's derivative financial instruments. |
Research and Development Expenses | Research and Development Expenses Research and development costs are current period expenses and charged to expense as incurred. |
Stock-Based Compensation | Stock-Based Compensation The Company has equity incentive plans that are more fully discussed in "Note 6. Stock-Based Compensation Plans." The authoritative guidance of accounting for share-based payment requires the Company to measure the cost of all employee equity awards (that are expected to be exercised or vested) based on the grant-date fair value of those awards, and to record that cost as compensation expense over the period during which the employee is required to perform service in exchange for the award (over the vesting period of the award). Additionally, the Company's ESPP is deemed to be a compensatory plan under the authoritative guidance of accounting for share-based payments. Accordingly, the ESPP is included in the computation of stock-based compensation expense. The Company uses the straight-line attribution method to recognize stock-based compensation costs over the requisite service period of the award. Upon exercise, cancellation or expiration of stock options, deferred tax assets for options with multiple vesting dates are eliminated for each vesting period on a first-in, first-out basis as if each award had a separate vesting period. |
Income Taxes | Income Taxes All income tax amounts reflect the use of the liability method under the accounting for income taxes, as interpreted by Financial Accounting Standards Board (FASB) authoritative guidance for measuring uncertain tax positions . Under this method, deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. The TCJA introduced GILTI, which subjects a U.S. shareholder to current tax on income earned by certain foreign subsidiaries. The FASB allows companies to either (1) recognize deferred taxes for temporary differences that are expected to reverse as GILTI in future years (deferred method) or (2) account for taxes on GILTI as period costs in the year the tax is incurred (period method). The Company elected the deferred method. |
Product Warranty and Indemnification | Product Warranty and Indemnification The Company generally sells products with a limited warranty for product quality. The Company provides an accrual for known product issues if a loss is probable and can be reasonably estimated. As of the end of both fiscal 2019 and 2018 , the accrual balance of the product warranty liability was immaterial. The Company offers, subject to certain terms and conditions, to indemnify customers and distributors for costs and damages awarded against these parties in the event the Company's hardware products are found to infringe third-party intellectual property rights, including patents, copyrights or trademarks, and to compensate certain customers for limited specified costs they actually incur in the event our hardware products experience epidemic failure. To a lesser extent, the Company may from time-to-time offer limited indemnification with respect to its software products. The terms and conditions of these indemnity obligations are limited by contract, which obligations are typically perpetual from the effective date of the agreement. The Company has historically received only a limited number of requests for indemnification under these provisions and has not made any significant payments pursuant to these provisions. The Company cannot estimate the maximum amount of potential future payments, if any, that the Company may be required to make as a result of these obligations due to the limited history of indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim and indemnification provision. However, there can be no assurances that the Company will not incur any material financial liabilities in the future as a result of these obligations. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Avnet, one of the Company's distributors, distributes the Company's products worldwide. As of March 30, 2019 and March 31, 2018 , Avnet accounted for 37% and 61% of the Company's total net accounts receivable, respectively. We expect our accounts receivable to fluctuate as we partner with our distributors to manage their inventory requirements. Avnet 's revenue accounted for 45% , 43% and 45% of the Company's worldwide net revenues in fiscal 2019 , 2018 and 2017 , respectively. The percentage of worldwide net revenues from Avnet is consistent with historical patterns. Xilinx is subject to concentrations of credit risk primarily in its trade accounts receivable and investments in debt securities to the extent of the amounts recorded on the consolidated balance sheet. The Company attempts to mitigate the concentration of credit risk in its trade receivables through its credit evaluation process, collection terms and distributor sales to diverse end customers and through geographical dispersion of sales. Xilinx generally does not require collateral for receivables from its end customers or from distributors. No other distributor or end customer accounted for more than 10% of the Company's worldwide net revenues for any of the periods presented. The Company mitigates concentrations of credit risk in its investments in debt securities by currently investing more than 90% of its portfolio in AA (or its equivalent) or higher-grade securities as rated by Standard & Poor's or Moody's Investors Service equivalent. The Company's methods to arrive at investment decisions are not solely based on the rating agencies' credit ratings. Xilinx also performs additional credit due diligence and conducts regular portfolio credit reviews, including a review of counterparty credit risk related to the Company's forward currency exchange contracts. Additionally, Xilinx limits its investments in the debt securities of a single issuer based upon the issuer's credit rating and attempts to further mitigate credit risk by diversifying risk across geographies and type of issuer. As of March 30, 2019 , approximately 21% of the portfolio consisted of mortgage-backed securities. All of the mortgage-backed securities in the investment portfolio were issued by U.S. government-sponsored enterprises and agencies and are rated AA+ by Standard & Poor's and Aaa by Moody's Investors Service. The global credit markets may experience adverse conditions that negatively impact the values of various types of investment and non-investment grade securities. The global credit and capital markets may experience significant volatility and disruption due to instability in the global financial system, uncertainty related to global economic conditions and concerns regarding sovereign financial stability. Therefore, there is a risk that we may incur other-than-temporary impairment charges for certain types of investments should credit market conditions deteriorate. See "Note 4. Financial Instruments" for a table of the Company's available-for-sale securities. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Adopted Revenue Recognition In April 2014, the Financial Accounting Standards Board (FASB) issued the authoritative guidance, as amended, that outlines a new revenue recognition standard that replaces virtually all existing U.S. GAAP guidance on contracts with customers and the related other assets and deferred costs. The authoritative guidance provides a five-step process for recognizing revenue that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled, in exchange for those goods or services. The new guidance also requires expanded qualitative and quantitative disclosures relating to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is required to be applied retrospectively to each prior reporting period presented (Full Retrospective), or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Company adopted the new guidance on April 1, 2018, using the Full Retrospective method and restated the comparative prior periods. The Company implemented internal controls and certain system functionality to enable the preparation of financial information on adoption. These changes do not materially affect the Company's internal control over financial reporting. As a result of the adoption of the authoritative guidance, the Company changed its accounting policy for revenue recognition and the details of the significant changes and quantitative impact of the changes are disclosed below: Revenue from sales to the Company's distributors is recognized upon the transfer of control, which typically occurs at shipment (sell-in) and is reduced by estimated allowances for distributor price adjustments and rights of return. Previously, revenue was recognized upon reported resale of the product by the distributors to their customers (sell-through) as reduced by actual allowances for distributor price adjustments. Revenue from software license agreements and renewals is recognized at point of sales, whereas previously these were deferred and recognized over the contractual term before the implementation of the authoritative guidance. Revenue recognition related to the Company's other revenue streams, such as direct customers, remains unchanged. The adoption of this authoritative guidance has an impact on the Company’s consolidated statements of income and balance sheets, but had no impact on net cash provided by or used in operating, financing, or investing activities on the consolidated statements of cash flows. The impact on the Company's previously reported consolidated statements of income resulting from the adoption of the authoritative guidance is as follows: March 31, 2018 April 1, 2017 (In thousands, except per share amounts) As Reported As Adjusted As Reported As Adjusted Consolidated Statements of Income: Net revenues $ 2,539,004 $ 2,467,023 $ 2,349,330 $ 2,356,742 Cost of revenues 756,368 743,419 708,216 708,632 Gross margin 1,782,636 1,723,604 1,641,114 1,648,110 Operating expenses: Research and development 639,750 639,750 601,443 601,443 Selling, general and administrative 362,329 362,329 335,150 335,150 Amortization of acquisition-related intangibles 2,152 2,152 5,127 5,127 Executive transition costs 33,351 33,351 — — Total operating expenses 1,037,582 1,037,582 941,720 941,720 Operating income 745,054 686,022 699,394 706,390 Interest and other income (expense), net 5,357 5,357 (8,314 ) (8,314 ) Income before income taxes 750,411 691,379 691,080 698,076 Provision for income taxes 238,030 227,398 68,568 69,943 Net income $ 512,381 $ 463,981 $ 622,512 $ 628,133 Net income per common share: Basic $ 2.05 $ 1.86 $ 2.47 $ 2.49 Diluted $ 1.99 $ 1.80 $ 2.32 $ 2.34 Shares used in per share calculations Basic 249,595 249,595 252,301 252,301 Diluted 257,960 257,960 268,813 268,813 Consolidated Balance Sheets: Accounts receivable $ 372,144 $ 382,246 $ 243,915 $ 283,850 Other assets 342,644 337,402 275,440 272,407 Deferred income on shipments to distributors 25,166 — 54,567 — Other accrued liabilities 59,772 59,680 95,098 95,209 Deferred tax liabilities 75 75 317,639 330,479 Retained earnings $ 1,483,538 $ 1,513,656 $ 1,726,312 $ 1,804,830 Equity Investments In January 2016, the FASB issued final authoritative guidance regarding how companies measure equity investments that do not result in consolidation and are not accounted for under the equity method and how they present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The authoritative guidance also changes certain disclosure requirements and other aspects of current U.S. GAAP on this matter. The authoritative guidance does not change the guidance for classifying and measuring investments in debt securities and loans. The Company adopted this authoritative guidance on April 1, 2018 and recorded the balance of the unrealized losses of $11.0 million as of the end of fiscal 2018 from its investment in debt mutual funds and equity securities to retained earnings, less the related deferred taxes of $2.6 million . Subsequent changes in fair value from such investments are recorded in the consolidated statements of income. Income Taxes In October 2016, the FASB issued authoritative guidance on income taxes which eliminates the deferred tax effects of intra-entity asset transfers other than inventory. As a result, a reporting entity would recognize the tax expense from the sale of an asset in the seller’s tax jurisdiction when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation. The authoritative guidance is effective for public business entities in fiscal years beginning after December 15, 2017 and requires the adoption be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings. The Company adopted this authoritative guidance on April 1, 2018. Accordingly, $13.8 million of prepaid taxes associated with prior period intra-entity asset transfers was reclassified to retained earnings. Recent Accounting Pronouncements Not Yet Adopted Leases In February 2016, the FASB issued authoritative guidance on leases. The new authoritative guidance requires the recognition of assets and liabilities arising from lease transactions on the balance sheet and will also require significant additional disclosures about the amount, timing and uncertainty of cash flows from leases. Accordingly, a lessee will recognize a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. The new authoritative guidance is effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2020. Even though early adoption is permitted, Xilinx has decided not to early adopt such authoritative guidance. This authoritative guidance must be adopted using a modified retrospective transition with application of the new authoritative guidance for leases that existed at or are entered into after the beginning of the earliest comparative period presented. To help with the transition to the new guidance, certain practical expedients are provided. On July 30, 2018, the FASB provided entities with an additional (and optional) transition method to adopt the new lease requirements by allowing entities to initially apply the requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting for the comparative periods presented in the financial statements in which the entity adopts the new lease requirements would continue to be in accordance with historical GAAP. An entity electing this additional (and optional) transition method must provide the required disclosures for all periods that continue to be in accordance with historical GAAP. The amendments do not change the existing disclosure requirements in historical GAAP. The amendments have the same effective date as the new leases standard, which for Xilinx would be the first quarter of fiscal 2020. The Company plans to adopt the new standard using the optional transition method and apply the guidance to leases existing at, or entered into after, the beginning of the period of adoption, as well as certain practical expedients permitted under the transition guidance. The Company believes the impact upon adoption of the new lease guidance will be the recognition of right-of-use assets and lease liabilities on the Company's consolidated balance sheets and the impact is immaterial. Derivatives and Hedging In August 2017, the FASB issued authoritative guidance that amended the accounting for hedging activities. The guidance permits more hedging strategies to be eligible for hedge accounting and simplifies the application of hedge accounting guidance in areas where practice issues exist. The new authoritative guidance will be effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2018, which for Xilinx would be the first quarter of fiscal 2020. Early adoption is permitted, including adoption in any interim periods after issuance of the authoritative guidance. The Company does not expect a material impact on its consolidated statements of income upon adoption of this authoritative guidance. Cloud Computing Arrangements On August 29, 2018, the FASB issued new guidance requiring a customer in a cloud computing arrangement (i.e., hosting arrangement) that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. Entities will need to maintain appropriate records to capture the portion of their costs that qualify for capitalization. For public entities, the guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2021. Early adoption is permitted, including adoption in any interim period. Entities have the option to apply the guidance prospectively to all implementation costs incurred after the date of adoption or retrospectively. The Company is currently evaluating the impact of this new authoritative guidance on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Concentrations of Risk (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated net realizable value) and are comprised of the following: (In thousands) March 30, 2019 March 31, 2018 Raw materials $ 39,727 $ 14,674 Work-in-process 213,784 167,039 Finished goods 61,847 54,364 $ 315,358 $ 236,077 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The impact on the Company's previously reported consolidated statements of income resulting from the adoption of the authoritative guidance is as follows: March 31, 2018 April 1, 2017 (In thousands, except per share amounts) As Reported As Adjusted As Reported As Adjusted Consolidated Statements of Income: Net revenues $ 2,539,004 $ 2,467,023 $ 2,349,330 $ 2,356,742 Cost of revenues 756,368 743,419 708,216 708,632 Gross margin 1,782,636 1,723,604 1,641,114 1,648,110 Operating expenses: Research and development 639,750 639,750 601,443 601,443 Selling, general and administrative 362,329 362,329 335,150 335,150 Amortization of acquisition-related intangibles 2,152 2,152 5,127 5,127 Executive transition costs 33,351 33,351 — — Total operating expenses 1,037,582 1,037,582 941,720 941,720 Operating income 745,054 686,022 699,394 706,390 Interest and other income (expense), net 5,357 5,357 (8,314 ) (8,314 ) Income before income taxes 750,411 691,379 691,080 698,076 Provision for income taxes 238,030 227,398 68,568 69,943 Net income $ 512,381 $ 463,981 $ 622,512 $ 628,133 Net income per common share: Basic $ 2.05 $ 1.86 $ 2.47 $ 2.49 Diluted $ 1.99 $ 1.80 $ 2.32 $ 2.34 Shares used in per share calculations Basic 249,595 249,595 252,301 252,301 Diluted 257,960 257,960 268,813 268,813 Consolidated Balance Sheets: Accounts receivable $ 372,144 $ 382,246 $ 243,915 $ 283,850 Other assets 342,644 337,402 275,440 272,407 Deferred income on shipments to distributors 25,166 — 54,567 — Other accrued liabilities 59,772 59,680 95,098 95,209 Deferred tax liabilities 75 75 317,639 330,479 Retained earnings $ 1,483,538 $ 1,513,656 $ 1,726,312 $ 1,804,830 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of March 30, 2019 and March 31, 2018 : March 30, 2019 (In thousands) Quoted Significant Significant Total Fair Assets Cash equivalents: Money market funds $ 428,150 $ — $ — $ 428,150 Financial institution securities — 287,945 — 287,945 Non-financial institution securities — 461,884 — 461,884 U.S. government and agency securities 149,578 53,520 — 203,098 Foreign government and agency securities — 99,750 — 99,750 Short-term investments: Financial institution securities — 249,850 — 249,850 Non-financial institution securities — 240,040 — 240,040 U.S. government and agency securities 93,149 37,838 — 130,987 Foreign government and agency securities — 114,705 — 114,705 Mortgage-backed securities — 670,770 — 670,770 Debt mutual fund — 31,934 — 31,934 Asset-backed securities — 76,369 — 76,369 Commercial mortgage-backed securities — 116,539 — 116,539 Long-term investments: Debt mutual fund — 53,433 — 53,433 Total assets measured at fair value $ 670,877 $ 2,494,577 $ — $ 3,165,454 Liabilities Derivative financial instruments, net $ — $ 9,009 $ — $ 9,009 Total liabilities measured at fair value $ — $ 9,009 $ — $ 9,009 Net assets measured at fair value $ 670,877 $ 2,485,568 $ — $ 3,156,445 March 31, 2018 (In thousands) Quoted Significant Significant Total Fair Assets Cash equivalents: Money market funds $ 1,291,891 $ — $ — $ 1,291,891 Financial institution securities — 359,901 — 359,901 Non-financial institution securities — 242,904 — 242,904 U.S. government and agency securities 996 34,999 — 35,995 Foreign government and agency securities — 179,957 — 179,957 Short-term investments: Financial institution securities — 75,000 — 75,000 Non-financial institution securities — 81,939 — 81,939 U.S. government and agency securities 3,639 19,008 — 22,647 Mortgage-backed securities — 844,397 — 844,397 Asset-backed securities — 91,389 — 91,389 Commercial mortgage-backed securities — 152,870 — 152,870 Long-term investments: Debt mutual funds — 89,670 — 89,670 Marketable equity securities 8,226 — — 8,226 Total assets measured at fair value $ 1,304,752 $ 2,172,034 $ — $ 3,476,786 Liabilities Derivative financial instruments, net $ — $ 26,091 $ — $ 26,091 Total liabilities measured at fair value $ — $ 26,091 $ — $ 26,091 Net assets measured at fair value $ 1,304,752 $ 2,145,943 $ — $ 3,450,695 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Investments, All Other Investments [Abstract] | |
Available-for-sale securities | The following is a summary of cash equivalents and available-for-sale securities as of the end of the periods presented: March 30, 2019 March 31, 2018 (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 $ 428,150 $ — $ — $ 428,150 $ 1,291,891 $ — $ — $ 1,291,891 Financial institution securities 537,795 — — 537,795 434,901 — — 434,901 Non-financial institution securities 702,483 3 (562 ) 701,924 326,219 — (1,376 ) 324,843 U.S. government and agency securities 334,185 39 (139 ) 334,085 58,913 1 (272 ) 58,642 Foreign government and agency securities 214,455 — — 214,455 179,957 — — 179,957 Mortgage-backed securities 684,596 809 (14,635 ) 670,770 866,048 660 (22,311 ) 844,397 Asset-backed securities 76,852 — (483 ) 76,369 92,751 16 (1,378 ) 91,389 Commercial mortgage- backed securities 118,115 42 (1,618 ) 116,539 156,296 1 (3,427 ) 152,870 $ 3,096,631 $ 893 $ (17,437 ) $ 3,080,087 $ 3,406,976 $ 678 $ (28,764 ) $ 3,378,890 |
Fair values and gross unrealized losses of the investments | 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 30, 2019 and March 31, 2018 : 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 ) March 31, 2018 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 $ 69,780 $ (1,146 ) $ 8,344 $ (230 ) $ 78,124 $ (1,376 ) U.S. government and agency securities 13,471 (176 ) 9,176 (96 ) 22,647 (272 ) Mortgage-backed securities 510,988 (11,048 ) 299,663 (11,263 ) 810,651 (22,311 ) Asset-backed securities 57,128 (876 ) 32,696 (502 ) 89,824 (1,378 ) Debt mutual funds — — 89,670 (11,680 ) 89,670 (11,680 ) Commercial mortgage- backed securities 95,435 (1,760 ) 56,051 (1,667 ) 151,486 (3,427 ) $ 746,802 $ (15,006 ) $ 495,600 $ (25,438 ) $ 1,242,402 $ (40,444 ) |
Amortized cost and estimated fair value of marketable debt securities | March 30, 2019 (In thousands) Amortized Estimated Due in one year or less $ 1,756,125 $ 1,756,001 Due after one year through five years 133,780 132,476 Due after five years through ten years 135,971 134,020 Due after ten years 642,605 629,440 $ 2,668,481 $ 2,651,937 |
Information on sale of available-for-sale securities | Certain information related to available-for-sale securities is as follows: Years Ended (In thousands) March 30, 2019 March 31, 2018 April 1, 2017 Proceeds from sale of available-for-sale and equity securities $ 35,734 $ 1,161,410 $ 695,030 Gross realized gains on sale of available-for-sale securities $ 372 $ 7,258 $ 6,989 Gross realized losses on sale of available-for-sale securities (51 ) (7,947 ) (3,457 ) Net realized (losses) gains on sale of available-for-sale securities $ 321 $ (689 ) $ 3,532 Amortization of premiums on available-for-sale securities $ 8,118 $ 24,569 $ 29,360 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Forward currency exchange contracts outstanding | As of March 30, 2019 and March 31, 2018 , the Company had the following outstanding forward currency exchange contracts (in notional amount), which were derivative financial instruments: (In thousands and U.S. dollars) March 30, 2019 March 31, 2018 Singapore Dollar $ 29,420 $ 24,914 Euro 39,408 38,987 Indian Rupee 77,973 62,472 British Pound 10,575 8,155 Japanese Yen 3,840 3,859 Chinese Yuan 34,386 8,260 $ 195,602 $ 146,647 |
Derivative Instruments Located on Condensed Consolidated Balance Sheet | The Company had the following derivative instruments as of March 30, 2019 and March 31, 2018 , located on the consolidated balance sheet, utilized for risk management purposes detailed above: Foreign Exchange Contracts Asset Derivatives Liability Derivatives (In thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value March 30, 2019 Prepaid expenses and other current assets $ 2,802 Other accrued liabilities $ 1,722 March 31, 2018 Prepaid expenses and other current assets 2,922 Other accrued liabilities 12 |
Effect Of Derivative Instruments On Condensed Consolidated Statements Of Income | The following table summarizes the effect of derivative instruments on the consolidated statements of income for fiscal 2019 and 2018 : Foreign Exchange Contracts Years Ended (In thousands) March 30, 2019 March 31, 2018 Amount of (losses)/gains recognized in other comprehensive income on derivative (effective portion of cash flow hedging) $ (1,427 ) $ 862 Amount of (losses)/gains reclassified from accumulated other comprehensive income into income (effective portion) * (5,603 ) 4,655 Amount of losses recorded (ineffective portion) * (4 ) (14 ) *Recorded in interest and other expense, net within the consolidated statements of income. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The per share weighted-average fair value of RSUs granted during fiscal 2019 , 2018 and 2017 were $66.94 , $60.18 and $44.38 , respectively. The weighted average fair value of RSUs granted in fiscal 2019 , 2018 and 2017 were calculated based on estimates at the date of grant using the following weighted-average assumptions: Fiscal 2019 Fiscal 2018 Fiscal 2017 Risk-free interest rate 2.7 % 1.8 % 0.9 % Dividend yield 2.1 % 2.2 % 2.8 % |
Shares available for grant under stock option plan | A summary of shares available for grant under the 2007 Equity Plan is as follows: (Shares in thousands) Shares Available for Grant April 2, 2016 12,946 Additional shares reserved 2,500 Stock options cancelled 1 RSUs granted (3,398 ) RSUs cancelled 410 April 1, 2017 12,459 Additional shares reserved 1,900 RSUs granted (3,718 ) RSUs cancelled 701 March 31, 2018 11,342 Additional shares reserved 3,000 RSUs granted (3,559 ) RSUs cancelled 536 March 30, 2019 11,319 |
Summary of restricted stock unit activity and related information | A summary of the Company's RSU activity and related information is as follows: RSUs Outstanding (Shares and intrinsic value in thousands) Number of Shares Weighted-Average Grant-Date Fair Value Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (1) April 2, 2016 6,619 $40.74 Granted 3,398 $44.38 Vested (2) (2,619 ) $39.49 Cancelled (410 ) $41.63 April 1, 2017 6,988 $42.93 Granted 3,718 $60.18 Vested (2) (3,016 ) $43.30 Cancelled (701 ) $48.16 March 31, 2018 6,989 $51.39 Granted 3,559 $66.94 Vested (2) (2,681 ) $49.05 Cancelled (536 ) $55.09 March 30, 2019 7,331 $59.54 2.42 $ 929,644 Expected to vest as of March 30, 2019 5,733 $59.62 2.42 $ 726,876 (1) Aggregate intrinsic value for RSUs represents the closing price per share of Xilinx's stock on March 30, 2019 of $126.79 , multiplied by the number of RSUs outstanding or expected to vest as of March 30, 2019 . (2) The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
Employee stock purchase plan, valuation assumptions | These fair values per share were estimated at the date of grant using the following weighted-average assumptions: Employee Stock Purchase Plan Fiscal 2019 Fiscal 2018 Fiscal 2017 Expected life of options (years) 1.3 1.3 1.3 Expected stock price volatility 0.33 0.29 0.24 Risk-free interest rate 2.5 % 1.6 % 0.7 % Dividend yield 1.7 % 2.1 % 2.4 % |
Stock-Based compensation expense | The following table summarizes stock-based compensation expense related to stock awards granted under the Company's equity incentive plans and rights to acquire stock granted under the Company's Amended and Restated 1990 Employee Qualified Stock Purchase Plan (ESPP): Years Ended (In thousands) March 30, 2019 March 31, 2018 April 1, 2017 Stock-based compensation included in: Cost of revenues $ 8,820 $ 8,492 $ 8,014 Research and development 86,428 76,790 66,822 Selling, general and administrative 52,694 51,912 48,022 Executive transition costs — 16,621 — Stock-based compensation effect on income before taxes 147,942 153,815 122,858 Income tax effect (29,361 ) (40,188 ) (37,752 ) Net stock-based compensation effect on net income $ 118,581 $ 113,627 $ 85,106 |
Balance Sheet Information (Tabl
Balance Sheet Information (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | The following tables disclose the current liabilities and other assets that individually exceed 5% of the respective consolidated balance sheet amounts in each fiscal year. Individual balances that are less than 5% of the respective consolidated balance sheet amounts are aggregated and disclosed as "other." (In thousands) March 30, 2019 March 31, 2018 Accrued payroll and related liabilities: Accrued compensation $ 120,658 $ 95,316 Deferred compensation plan liability 118,560 103,434 Others 8,050 7,617 $ 247,268 $ 206,367 (In thousands) March 30, 2019 March 31, 2018* Other accrued liabilities: Interest payable $ 16,583 $ 14,169 Accruals related to software licenses 18,660 2,400 Others 46,316 43,111 $ 81,559 $ 59,680 * Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. (In thousands) March 30, 2019 March 31, 2018* Other assets: Deferred tax asset $ 126,702 $ 96,848 Trust asset (deferred compensation plan) 109,271 95,310 Others 219,594 145,244 $ 455,567 $ 337,402 * Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum lease payments under non-cancelable operating leases | Approximate future minimum lease payments under non-cancelable operating leases are as follows: Fiscal (In thousands) 2020 $ 11,991 2021 10,747 2022 9,580 2023 5,444 2024 5,338 Thereafter 29,293 Total $ 72,393 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table summarizes the computation of basic and diluted net income per common share: Years Ended (In thousands, except per share amounts) March 30, 2019 March 31, 2018 April 1, 2017 Net income available to common stockholders $ 889,750 $ 463,981 $ 628,133 Weighted average common shares outstanding-basic 252,762 249,595 252,301 Dilutive effect of employee equity incentive plans 3,672 2,754 2,284 Dilutive effect of 2017 Convertible Notes and warrants — 5,611 14,228 Weighted average common shares outstanding-diluted 256,434 257,960 268,813 Basic earnings per common share $ 3.52 $ 1.86 $ 2.49 Diluted earnings per common share $ 3.47 $ 1.80 $ 2.34 |
Interest And Other Expense, N_2
Interest And Other Expense, Net (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Components of interest and other expense, net | The components of interest and other income (expense), net are as follows: Years Ended (In thousands) March 30, 2019 March 31, 2018 April 1, 2017 Interest income $ 77,295 $ 58,604 $ 51,121 Interest expense (52,883 ) (45,837 ) (53,953 ) Other expense, net (12,879 ) (7,410 ) (5,482 ) $ 11,533 $ 5,357 $ (8,314 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Equity [Abstract] | |
Components of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive loss are as follows: (In thousands) March 30, 2019 March 31, 2018 Accumulated unrealized losses on available-for-sale securities, net of tax $ (12,725 ) $ (29,844 ) Accumulated unrealized gains on hedging transactions, net of tax 95 1,674 Accumulated cumulative translation adjustment, net of tax (10,780 ) (6,339 ) Accumulated other comprehensive loss $ (23,410 ) $ (34,509 ) |
Debt and Credit Facility (Table
Debt and Credit Facility (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
2019 and 2021 Notes Payable [Member] | |
Schedule of Debt Instruments [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table summarizes the carrying value of the 2019 Notes and 2021 Notes in the Company's consolidated balance sheets: (In thousands) March 30, 2019 March 31, 2018 Principal amount of the 2019 Notes $ — $ 500,000 Unamortized discount of the 2019 Notes — (501 ) Unamortized debt issuance costs associated with the 2019 Notes — (313 ) Carrying value of the 2019 Notes — 499,186 Principal amount of the 2021 Notes 500,000 500,000 Unamortized discount of the 2021 Notes (1,063 ) (1,593 ) Unamortized debt issuance costs associated with the 2021 Notes (467 ) (711 ) Carrying value of the 2021 Notes $ 498,470 $ 497,696 Total carrying value $ 498,470 $ 996,882 |
Interest Expense Related to Debentures [Table Text Block] | Interest expense related to the 2019 Notes and 2021 Notes was included in interest and other income (expense), net on the consolidated statements of income as follows: Years Ended (In thousands) March 30, 2019 March 31, 2018 April 1, 2017 Contractual coupon interest $ 24,740 $ 25,625 $ 25,625 Amortization of debt issuance costs 557 586 586 Amortization of debt discount, net 1,030 1,049 1,022 Total interest expense related to the 2019 and 2021 Notes $ 26,327 $ 27,260 $ 27,233 |
2024 Notes Payable [Member] | |
Schedule of Debt Instruments [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table summarizes the carrying value of the 2024 Notes in the Company's consolidated balance sheets: (In thousands) March 30, 2019 March 31, 2018 Principal amount of the 2024 Notes $ 750,000 $ 750,000 Unamortized discount of the 2024 Notes (642 ) (755 ) Unamortized debt issuance costs associated with the 2024 Notes (2,932 ) (3,500 ) Carrying value of the 2024 Notes 746,426 745,745 Fair value hedge adjustment - interest rate swap contracts (10,089 ) (29,001 ) Net carrying value of the 2024 Notes $ 736,337 $ 716,744 |
Interest Expense Related to Debentures [Table Text Block] | Interest expense related to the 2024 Notes was included in interest and other income (expense), net on the consolidated statements of income as follows: Years Ended (In thousands) March 30, 2019 March 31, 2018 April 1, 2017 Contractual coupon interest (net of interest rate swap) $ 25,875 $ 14,122 $ — Amortization of debt issuance costs 568 473 — Amortization of debt discount 113 92 — Total interest expense related to the 2024 Notes $ 26,556 $ 14,687 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following: Years Ended (In thousands) March 30, 2019 March 31, 2018 * April 1, 2017 * Federal: Current $ 90,674 $ 565,765 $ (19,097 ) Deferred (30,746 ) (370,893 ) 65,049 59,928 194,872 45,952 State: Current 4,623 2,520 (938 ) Deferred 2,545 7,813 3,170 7,168 10,333 2,232 Foreign: Current 16,282 23,483 21,121 Deferred (4,796 ) (1,290 ) 638 11,486 22,193 21,759 Total $ 78,582 $ 227,398 $ 69,943 * Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. |
Schedule of Income before Income Tax, Domestic and Foreign | The domestic and foreign components of income before income taxes were as follows: (In thousands) March 30, 2019 March 31, 2018 * April 1, 2017 * Domestic $ 173,082 $ 21,198 $ 43,662 Foreign 795,250 670,181 654,414 Income before income taxes $ 968,332 $ 691,379 $ 698,076 * Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes reconciles to the amount derived by applying the federal statutory income tax rate to income before provision for taxes as follows: Years Ended (In thousands) March 30, 2019 March 31, 2018 * April 1, 2017 * Income before provision for taxes $ 968,332 $ 691,379 $ 698,076 Federal statutory tax rate 21.0 % 31.5 % 35.0 % Computed expected tax 203,350 217,784 244,327 State taxes, net of federal benefit 6,379 9,785 1,791 Foreign earnings at lower tax rates (98,387 ) (188,174 ) (120,737 ) Tax credits (31,679 ) (19,708 ) (34,146 ) Transition tax 21,063 208,523 — Deferred tax remeasurement — 21,834 — Excess benefits from stock-based compensation (14,196 ) (21,520 ) (15,396 ) Other (7,948 ) (1,126 ) (5,896 ) Provision for income taxes $ 78,582 $ 227,398 $ 69,943 * Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. |
Schedule of Deferred Tax Assets and Liabilities | The major components of deferred tax assets and liabilities consisted of the following: (In thousands) March 30, 2019 March 31,2018* Deferred tax assets: Stock-based compensation $ 18,514 $ 17,213 Accrued expenses 7,744 7,340 Tax credit carryforwards 155,036 140,406 Deferred compensation plan 27,186 24,121 Low income housing and other investments 6,366 5,836 GILTI deferred taxes 38,410 — Other 22,997 15,338 Subtotal 276,253 210,254 Valuation allowance (118,773 ) (101,383 ) Total deferred tax assets 157,480 108,871 Deferred tax liabilities: Unremitted foreign earnings (5,142 ) (6,185 ) Intangible assets (20,775 ) (762 ) Distributor price adjustments (11,464 ) (168 ) Other (4,975 ) (5,028 ) Total deferred tax liabilities (42,356 ) (12,143 ) Total net deferred tax assets $ 115,124 $ 96,728 * Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. |
Schedule of Changes to Unrecognized Income Tax Benefits | The aggregate changes in the balance of gross unrecognized tax benefits were as follows: (In thousands) March 30, 2019 March 31, 2018 Balance as of beginning of fiscal year $ 125,148 $ 30,437 Increases in tax positions for prior years 18,156 90,716 Decreases in tax positions for prior years (666 ) (1,063 ) Increases in tax positions for current year 5,132 5,158 Settlements — — Lapses in statutes of limitation (154 ) (100 ) Balance as of end of fiscal year $ 147,616 $ 125,148 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Net revenues by geographic region were as follows: Years Ended (In thousands) March 30, 2019 March 31, 2018 * April 1, 2017 * North America: United States $ 748,245 $ 652,222 $ 605,999 Other (individual countries less than 10%) 100,478 96,694 132,300 Total North America 848,723 748,916 738,299 Asia Pacific: China 850,595 638,180 599,812 Other (individual countries less than 10%) 534,987 370,307 358,844 Total Asia Pacific 1,385,582 1,008,487 958,656 Europe 586,893 501,049 461,116 Japan 237,842 208,571 198,671 Total Foreign 2,210,317 1,718,107 1,618,443 Worldwide Total $ 3,059,040 $ 2,467,023 $ 2,356,742 * Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. Net long-lived assets by country at fiscal year-ends were as follows: Years Ended (In thousands) March 30, 2019 March 31, 2018 April 1, 2017 United States $ 212,385 $ 206,406 $ 211,995 Foreign: Ireland 36,984 38,257 40,626 Singapore 62,257 45,013 39,345 Other (individual countries less than 10%) 17,303 14,441 11,859 Total foreign 116,544 97,711 91,830 Worldwide total $ 328,929 $ 304,117 $ 303,825 |
Goodwill and Acquisition-Rela_2
Goodwill and Acquisition-Related Intangibles (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross and net amounts of goodwill and of acquisition-related intangibles | The gross and net amounts of goodwill and of acquisition-related intangibles for all acquisitions were as follows: Weighted-Average (In thousands) March 30, 2019 March 31, 2018 Amortization Life Goodwill $ 340,718 $ 162,421 Core technology, gross 107,250 82,480 Less accumulated amortization (82,611 ) (78,562 ) Core technology, net 24,639 3,918 4.3 years Other intangibles, gross 51,016 46,966 Less accumulated amortization (47,642 ) (46,761 ) Other intangibles, net 3,374 205 2.5 years In-process research and development (not subject to amortization) 52,710 — Total acquisition-related intangibles, gross 210,976 129,446 Less accumulated amortization (130,253 ) (125,323 ) Total acquisition-related intangibles, net $ 80,723 $ 4,123 |
Schedule of expected annual amortization expense for acquisition-related intangibles | Based on the carrying value of acquisition-related intangibles recorded as of March 30, 2019 , and assuming no subsequent impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows: Fiscal (In thousands) 2020 $ 7,464 2021 7,442 2022 6,089 2023 4,954 Thereafter 2,064 Total $ 28,013 In-process research and development is not subject to amortization prior to the completion of the projects and therefore the balance is excluded from the above annual amortization expense schedule. |
Executive Transition Costs (Tab
Executive Transition Costs (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Mar. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The preliminary fair values of the assets acquired and liabilities assumed in the acquisition of Deephi Tech, by major class, were recognized as follows: Amount (In thousands) Cash and cash equivalents $ 6,263 Tangible assets 2,076 Identifiable intangible assets 81,530 Goodwill 178,297 Deferred tax liabilities (13,702 ) Other liabilities (2,554 ) Total $ 251,910 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The identified intangible assets assumed in the acquisition of Deephi Tech were recognized as follows based upon the preliminary fair values as of the closing date of the acquisition. Amount Amortization Life (In thousands) Trade Names & Trademarks $ 1,020 3.0 years Developed Technology 24,770 5.0 years Customer Relationships 3,030 3.0 years In-Process Research and Development 52,710 N/A Total identifiable intangible assets $ 81,530 |
Nature of Operations (Details)
Nature of Operations (Details) | 12 Months Ended |
Mar. 30, 2019 | |
Asia Pacific, Europe, and Japan [Member] | Sales Revenue, Goods, Net [Member] | Geographic Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 50.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Concentrations of Risk (Investments) (Details) - USD ($) | Mar. 30, 2019 | Mar. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Debt Securities, Held-to-maturity | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Concentrations of Risk (Inventory) (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 39,727 | $ 14,674 |
Work-in-process | 213,784 | 167,039 |
Finished goods | 61,847 | 54,364 |
Total inventories | $ 315,358 | $ 236,077 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Concentrations of Risk (PPE) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 53,300 | $ 46,400 | $ 45,400 |
Depreciation and amortization of software | $ 70,704 | $ 50,172 | $ 45,423 |
Machinery, Equipment, Furniture And Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 3 years | ||
Machinery, Equipment, Furniture And Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 5 years | ||
Buildings [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 15 years | ||
Buildings [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 30 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies and Concentrations of Risk (Concentrations) (Details) - Customer | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Concentration Risk [Line Items] | |||
Percentage of total accounts receivable accounted from Avnet | 37.00% | 61.00% | |
Percentage of net revenues through resale of product from Avnet | 45.00% | 43.00% | 45.00% |
Number of end customers accounted for net revenues | 0 | ||
Percentage of mortgage-backed securities in total investment portfolio | 21.00% | ||
Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of higher grade securities investment in debt securities (more than) | 90.00% | ||
Sales Revenue, Goods, Net [Member] | Support Products [Member] | Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 2.00% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies and Concentrations of Risk (Other) (Details) | 12 Months Ended | ||
Mar. 30, 2019USD ($)Customer | Mar. 31, 2018USD ($) | Apr. 01, 2017USD ($) | |
Summary of Significant Accounting Policies and Concentrations of Risk [Abstract] | |||
Debt Securities, Held-to-maturity | $ 0 | $ 0 | |
Impairment of goodwill | $ 0 | ||
Percentage of net revenues from products sold to distributors | 54.00% | ||
Deferred income on shipments to distributors | 0 | $ 0 | |
Number Of End Customers Accounted For Net Revenues | Customer | 0 | ||
Excess benefits from stock-based compensation | $ 14,196,000 | $ 21,520,000 | $ 15,396,000 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies and Concentrations of Risk (New Accounting Policies) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | Apr. 01, 2018 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
Revenues | $ 828,361 | $ 800,057 | $ 746,252 | $ 684,370 | $ 638,191 | $ 598,603 | $ 627,419 | $ 602,810 | $ 3,059,040 | $ 2,467,023 | [1] | $ 2,356,742 | [1] | ||
Cost of revenues | 955,868 | 743,419 | [1] | 708,632 | [1] | ||||||||||
Gross margin | 558,904 | 552,154 | 514,632 | 477,482 | 449,250 | 420,634 | 441,734 | 411,986 | 2,103,172 | 1,723,604 | [1] | 1,648,110 | [1] | ||
Operating expenses: | |||||||||||||||
Research and development | 743,027 | 639,750 | 601,443 | ||||||||||||
Selling, general and administrative | 398,416 | 362,329 | 335,150 | ||||||||||||
Amortization of acquisition-related intangibles | 4,930 | 2,152 | 5,127 | ||||||||||||
Executive transition costs | 0 | 33,351 | 0 | ||||||||||||
Total operating expenses | 1,146,373 | 1,037,582 | 941,720 | ||||||||||||
Operating income | 956,799 | 686,022 | [1] | 706,390 | [1] | ||||||||||
Interest and other income (expense), net | 11,533 | 5,357 | (8,314) | ||||||||||||
Income before income taxes | 259,680 | 256,590 | 239,144 | 212,917 | 159,703 | 166,766 | 194,017 | 170,894 | 968,332 | 691,379 | [1] | 698,076 | [1] | ||
Provision for income taxes | 78,582 | 227,398 | [1] | 69,943 | [1] | ||||||||||
Net income | 244,640 | $ 239,360 | $ 215,712 | $ 190,038 | 145,471 | $ (12,485) | $ 173,751 | $ 157,244 | 889,750 | 463,981 | [1] | 628,133 | [1] | ||
Accounts receivable | 335,165 | 382,246 | [1] | 335,165 | 382,246 | [1] | 283,850 | ||||||||
Other assets | 455,567 | 337,402 | [1] | 455,567 | 337,402 | [1] | 272,407 | ||||||||
Deferred income on shipments to distributors | 0 | 0 | 0 | ||||||||||||
Other accrued liabilities | 81,559 | 59,680 | [1] | 81,559 | 59,680 | [1] | 95,209 | ||||||||
Deferred tax liabilities | 75 | 75 | 330,479 | ||||||||||||
Retained earnings | $ 1,876,969 | $ 1,513,656 | [1] | $ 1,876,969 | $ 1,513,656 | [1] | $ 1,804,830 | ||||||||
Net income per common share: | |||||||||||||||
Basic (in dollars per share) | $ 0.96 | $ 0.95 | $ 0.85 | $ 0.75 | $ 0.57 | $ (0.05) | $ 0.70 | $ 0.63 | $ 3.52 | $ 1.86 | [1] | $ 2.49 | [1] | ||
Diluted (in dollars per share) | $ 0.95 | $ 0.93 | $ 0.84 | $ 0.74 | $ 0.56 | $ (0.05) | $ 0.67 | $ 0.59 | $ 3.47 | $ 1.80 | [1] | $ 2.34 | [1] | ||
Shares used in per share calculations | |||||||||||||||
Basic (in shares) | 253,855 | 253,060 | 252,988 | 252,682 | 254,559 | 254,089 | 248,094 | 247,911 | 252,762 | 249,595 | 252,301 | ||||
Diluted (in shares) | 258,177 | 256,374 | 255,522 | 255,935 | 257,916 | 254,089 | 258,217 | 265,797 | 256,434 | 257,960 | 268,813 | ||||
Previously Reported [Member] | |||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||
Revenues | $ 2,539,004 | $ 2,349,330 | |||||||||||||
Cost of revenues | 756,368 | 708,216 | |||||||||||||
Gross margin | 1,782,636 | 1,641,114 | |||||||||||||
Operating expenses: | |||||||||||||||
Research and development | 639,750 | 601,443 | |||||||||||||
Selling, general and administrative | 362,329 | 335,150 | |||||||||||||
Amortization of acquisition-related intangibles | 2,152 | 5,127 | |||||||||||||
Executive transition costs | 33,351 | 0 | |||||||||||||
Total operating expenses | 1,037,582 | 941,720 | |||||||||||||
Operating income | 745,054 | 699,394 | |||||||||||||
Interest and other income (expense), net | 5,357 | (8,314) | |||||||||||||
Income before income taxes | 750,411 | 691,080 | |||||||||||||
Provision for income taxes | 238,030 | 68,568 | |||||||||||||
Net income | 512,381 | 622,512 | |||||||||||||
Accounts receivable | $ 372,144 | 372,144 | 243,915 | ||||||||||||
Other assets | 342,644 | 342,644 | 275,440 | ||||||||||||
Deferred income on shipments to distributors | 25,166 | 25,166 | 54,567 | ||||||||||||
Other accrued liabilities | 59,772 | 59,772 | 95,098 | ||||||||||||
Deferred tax liabilities | 75 | 75 | 317,639 | ||||||||||||
Retained earnings | $ 1,483,538 | $ 1,483,538 | $ 1,726,312 | ||||||||||||
Net income per common share: | |||||||||||||||
Basic (in dollars per share) | $ 2.05 | $ 2.47 | |||||||||||||
Diluted (in dollars per share) | $ 1.99 | $ 2.32 | |||||||||||||
Shares used in per share calculations | |||||||||||||||
Basic (in shares) | 249,595 | 252,301 | |||||||||||||
Diluted (in shares) | 257,960 | 268,813 | |||||||||||||
Accounting Standards Update 2016-01 [Member] | |||||||||||||||
Operating expenses: | |||||||||||||||
Cumulative effect of new accounting principle in period of adoption | $ 11,000 | ||||||||||||||
Cumulative effect of new accounting principle in period of adoption, tax | 2,600 | ||||||||||||||
Accounting Standards Update 2016-16 [Member] | |||||||||||||||
Operating expenses: | |||||||||||||||
Cumulative effect of new accounting principle in period of adoption | $ 13,800 | ||||||||||||||
[1] | Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. Please refer to "Note 2. Summary of Significant Accounting Policies and Concentrations of Risk." |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | $ 3,165,454 | $ 3,476,786 |
Derivative financial instruments, net | 9,009 | 26,091 |
Financial Liabilities Fair Value Disclosure | 9,009 | 26,091 |
Net assets measured at fair value | 3,156,445 | 3,450,695 |
Cash And Cash Equivalents [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 428,150 | 1,291,891 |
Cash And Cash Equivalents [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 287,945 | 359,901 |
Cash And Cash Equivalents [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 461,884 | 242,904 |
Cash And Cash Equivalents [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 203,098 | 35,995 |
Cash And Cash Equivalents [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 99,750 | 179,957 |
Short-Term Investments [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 249,850 | 75,000 |
Short-Term Investments [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 240,040 | 81,939 |
Short-Term Investments [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 130,987 | 22,647 |
Short-Term Investments [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 114,705 | |
Short-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 670,770 | 844,397 |
Short-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 31,934 | |
Short-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 76,369 | 91,389 |
Short-Term Investments [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 116,539 | 152,870 |
Long-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 53,433 | 89,670 |
Long-Term Investments [Member] | marketable equity securities [Domain] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 8,226 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 670,877 | 1,304,752 |
Derivative financial instruments, net | 0 | 0 |
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Net assets measured at fair value | 670,877 | 1,304,752 |
Fair Value, Inputs, Level 1 [Member] | Cash And Cash Equivalents [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 428,150 | 1,291,891 |
Fair Value, Inputs, Level 1 [Member] | Cash And Cash Equivalents [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Cash And Cash Equivalents [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Cash And Cash Equivalents [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 149,578 | 996 |
Fair Value, Inputs, Level 1 [Member] | Cash And Cash Equivalents [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 93,149 | 3,639 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Long-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Long-Term Investments [Member] | marketable equity securities [Domain] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 8,226 | |
Fair Value, Inputs, Level 2 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 2,494,577 | 2,172,034 |
Derivative financial instruments, net | 9,009 | 26,091 |
Financial Liabilities Fair Value Disclosure | 9,009 | 26,091 |
Net assets measured at fair value | 2,485,568 | 2,145,943 |
Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 287,945 | 359,901 |
Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 461,884 | 242,904 |
Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 53,520 | 34,999 |
Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 99,750 | 179,957 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 249,850 | 75,000 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 240,040 | 81,939 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 37,838 | 19,008 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 114,705 | |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 670,770 | 844,397 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 31,934 | |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 76,369 | 91,389 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 116,539 | 152,870 |
Fair Value, Inputs, Level 2 [Member] | Long-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 53,433 | 89,670 |
Fair Value, Inputs, Level 2 [Member] | Long-Term Investments [Member] | marketable equity securities [Domain] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Derivative financial instruments, net | 0 | 0 |
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Net assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cash And Cash Equivalents [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cash And Cash Equivalents [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cash And Cash Equivalents [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cash And Cash Equivalents [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cash And Cash Equivalents [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Long-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | $ 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Long-Term Investments [Member] | marketable equity securities [Domain] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | $ 0 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details Textual) $ in Millions | Mar. 30, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Non-marketable equity securities in private companies | $ 74.6 |
2021 Notes Payable [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt, principal amount | $ 500 |
Stated interest rate | 3.00% |
2021 Notes Payable [Member] | Senior Notes [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of debentures | $ 501.8 |
2024 Notes Payable [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt, principal amount | $ 750 |
Stated interest rate | 2.95% |
2024 Notes Payable [Member] | Senior Notes [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of debentures | $ 743.6 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Available-for-sale securities | ||
Amortized Cost | $ 3,096,631 | $ 3,406,976 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 893 | 678 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (17,437) | (28,764) |
Estimated Fair Value | 3,080,087 | 3,378,890 |
Money Market Funds [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 428,150 | 1,291,891 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | 0 | 0 |
Estimated Fair Value | 428,150 | 1,291,891 |
Financial institution securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 537,795 | 434,901 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | 0 | 0 |
Estimated Fair Value | 537,795 | 434,901 |
Non-financial institution securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 702,483 | 326,219 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 3 | 0 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (562) | (1,376) |
Estimated Fair Value | 701,924 | 324,843 |
U.S. Government and Agency Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 334,185 | 58,913 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 39 | 1 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (139) | (272) |
Estimated Fair Value | 334,085 | 58,642 |
Foreign Government and Agency Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 214,455 | 179,957 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | 0 | 0 |
Estimated Fair Value | 214,455 | 179,957 |
Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 684,596 | 866,048 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 809 | 660 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (14,635) | (22,311) |
Estimated Fair Value | 670,770 | 844,397 |
Asset-backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 76,852 | 92,751 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 0 | 16 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (483) | (1,378) |
Estimated Fair Value | 76,369 | 91,389 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 118,115 | 156,296 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 42 | 1 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (1,618) | (3,427) |
Estimated Fair Value | $ 116,539 | $ 152,870 |
Financial Instruments (Details
Financial Instruments (Details 1) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | $ 40,716 | $ 746,802 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (487) | (15,006) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 850,377 | 495,600 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (16,950) | (25,438) |
Available-for-Sale Securities, Fair Value, Total | 891,093 | 1,242,402 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (17,437) | (40,444) |
Non-financial institution securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 4,767 | 69,780 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4) | (1,146) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 51,044 | 8,344 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (558) | (230) |
Available-for-Sale Securities, Fair Value, Total | 55,811 | 78,124 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (562) | (1,376) |
U.S. Government and Agency Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 0 | 13,471 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (176) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 13,542 | 9,176 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (139) | (96) |
Available-for-Sale Securities, Fair Value, Total | 13,542 | 22,647 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (139) | (272) |
Mortgage-Backed Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 34,595 | 510,988 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (480) | (11,048) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 597,394 | 299,663 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (14,155) | (11,263) |
Available-for-Sale Securities, Fair Value, Total | 631,989 | 810,651 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (14,635) | (22,311) |
Asset-backed Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 0 | 57,128 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (876) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 76,103 | 32,696 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (483) | (502) |
Available-for-Sale Securities, Fair Value, Total | 76,103 | 89,824 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (483) | (1,378) |
Debt Mutual Fund [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 89,670 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (11,680) | |
Available-for-Sale Securities, Fair Value, Total | 89,670 | |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (11,680) | |
Commercial Mortgage Backed Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 1,354 | 95,435 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3) | (1,760) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 112,294 | 56,051 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,615) | (1,667) |
Available-for-Sale Securities, Fair Value, Total | 113,648 | 151,486 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | $ (1,618) | $ (3,427) |
Financial Instruments (Detail_2
Financial Instruments (Details 2) $ in Thousands | Mar. 30, 2019USD ($) |
Investments, All Other Investments [Abstract] | |
Marketable debt securities with contractual maturities greater than one year but classified as short-term investment | $ 895,900 |
Amortized cost and estimated fair value of marketable debt securities | |
Amortized Cost Due in one year or less | 1,756,125 |
Amortized Cost Due after one year through five years | 133,780 |
Amortized Cost Due after five years through ten years | 135,971 |
Amortized Cost Due after ten years | 642,605 |
Amortized Cost Total | 2,668,481 |
Estimated Fair Value Due in one year or less | 1,756,001 |
Estimated Fair Value Due after one year through five years | 132,476 |
Estimated Fair Value Due after five years through ten years | 134,020 |
Estimated Fair Value Due after ten years | 629,440 |
Estimated Fair Value Total | $ 2,651,937 |
Financial Instruments (Detail_3
Financial Instruments (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Investments, All Other Investments [Abstract] | |||
Debt and Equity Securities, Unrealized Gain (Loss), Excluding Other-than-temporary Impairment | $ 5,000 | ||
Information on sale of available-for-sale securities | |||
Proceeds from Sale of Debt Securities, Available-for-sale | 35,734 | $ 1,161,410 | $ 695,030 |
Gross realized gains on sale of available-for-sale securities | 372 | 7,258 | 6,989 |
Gross realized losses on sale of available-for-sale securities | (51) | (7,947) | (3,457) |
Net realized gains (losses) on sale of available-for-sale securities | 321 | (689) | 3,532 |
Amortization of premiums on available-for-sale securities | $ 8,118 | $ 24,569 | $ 29,360 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 195,602 | $ 146,647 |
Singapore Dollar [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 29,420 | 24,914 |
Euro [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 39,408 | 38,987 |
Indian Rupee [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 77,973 | 62,472 |
British Pound [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 10,575 | 8,155 |
Japanese Yen [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 3,840 | 3,859 |
Chinese Yuan [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 34,386 | $ 8,260 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Prepaid expenses and other current assets | ||
Derivative Instruments located on Condensed Consolidated Balance sheet | ||
Asset Derivatives, Fair Value | $ 2,802 | $ 2,922 |
Other accrued liabilities | ||
Derivative Instruments located on Condensed Consolidated Balance sheet | ||
Liability Derivatives, Fair Value | $ 1,722 | $ 12 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Details 2) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | ||
Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (losses)/gains recognized in other comprehensive income on derivative (effective portion of cash flow hedging) | $ (1,427) | $ 862 | |
Interest And Other Expense, Net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gains (losses) reclassified from accumulated other comprehensive income into income (effective portion) | [1] | (5,603) | 4,655 |
Amount of gains (losses) recorded (ineffective portion) | [1] | $ (4) | $ (14) |
[1] | Recorded in interest and other expense, net within the consolidated statements of income. |
Derivative Financial Instrume_6
Derivative Financial Instruments (Details Textual) $ in Millions | 12 Months Ended |
Mar. 30, 2019USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative liability on interest rate swap contacts | $ 18.9 |
Hedging Program number of years | 2 years |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | $ 147,942 | $ 153,815 | $ 122,858 |
Income tax effect | (29,361) | (40,188) | (37,752) |
Net stock-based compensation effect on net income | 118,581 | 113,627 | 85,106 |
Cost of Revenues [Member] | |||
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | 8,820 | 8,492 | 8,014 |
Research and Development [Member] | |||
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | 86,428 | 76,790 | 66,822 |
Selling, General and Administrative Expenses [Member] | |||
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | 52,694 | 51,912 | 48,022 |
Restructuring Charges [Member] | |||
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | $ 0 | $ 16,621 | $ 0 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Details 1) | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Employee Stock Purchase Plan [Member] | |||
Weighted average assumptions in estimation of fair value per share of stock | |||
Expected Term | 1 year 3 months 18 days | 1 year 3 months 18 days | 1 year 3 months 18 days |
Expected Volatility | 33.00% | 29.00% | 24.00% |
Risk-free interest rate | 2.50% | 1.59% | 0.70% |
Dividend yield | 1.66% | 2.07% | 2.40% |
Restricted Stock Units (RSUs) [Member] | |||
Weighted average assumptions in estimation of fair value per share of stock | |||
Risk-free interest rate | 2.70% | 1.79% | 0.90% |
Dividend yield | 2.08% | 2.18% | 2.80% |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Details 2) - 2007 Equity Plan [Member] - shares shares in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 3,000 | 1,900 | 2,500 |
Shares Available for Grant Under Option Plan [Roll Forward] | |||
Shares Available for Grant, Beginning Balance | 11,342 | 12,459 | 12,946 |
Shares Available for Grant, Stock options cancelled | 1 | ||
Shares Available for Grant, RSUs granted | (3,559) | (3,718) | (3,398) |
Shares Available for Grant, RSUs cancelled | 536 | 701 | 410 |
Shares Available for Grant, Ending Balance | 11,319 | 11,342 | 12,459 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans (Details 3) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | ||
Summary of restricted stock unit activity and related information | ||||
Number of Shares, Beginning balance | 6,989 | 6,988 | 6,619 | |
Number of Shares, Granted | 3,559 | 3,718 | 3,398 | |
Number of Shares, Vested | [1] | (2,681) | (3,016) | (2,619) |
Number of Shares, Cancelled | (536) | (701) | (410) | |
Number of Shares, Ending balance | 7,331 | 6,989 | 6,988 | |
Number of Shares, Expected to vest | 5,733 | |||
Weighted-Average Grant-Date Fair Value Per Share, Beginning balance (in dollars per share) | $ 51.39 | $ 42.93 | $ 40.74 | |
Weighted-Average Grant-Date Fair Value Per Share, Granted (in dollars per share) | 66.94 | 60.18 | 44.38 | |
Weighted-Average Grant-Date Fair Value Per Share, Vested (in dollars per share) | [1] | 49.05 | 43.30 | 39.49 |
Weighted-Average Grant-Date Fair Value Per Share, Cancelled (in dollars per share) | 55.09 | 48.16 | 41.63 | |
Weighted-Average Grant-Date Fair Value Per Share, Ending balance (in dollars per share) | 59.54 | $ 51.39 | $ 42.93 | |
Weighted-Average Grant-Date Fair Value Per Share, Expected to vest (in dollars per share) | $ 59.62 | |||
Weighted Average Remaining Contractual Term (in years) | 2 years 5 months 1 day | |||
Weighted Average Remaining Contractual Term, Expected to vest (in years) | 2 years 5 months 1 day | |||
Aggregate Intrinsic Value | [2] | $ 929,644 | ||
Aggregate Intrinsic Value, Expected to vest | [2] | $ 726,876 | ||
[1] | The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. | |||
[2] | Aggregate intrinsic value for RSUs represents the closing price per share of Xilinx's stock on March 30, 2019 of $126.79, multiplied by the number of RSUs outstanding or expected to vest as of March 30, 2019. |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | Apr. 02, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Tax Deduction from Compensation Expense | $ 44,400 | $ 60,600 | $ 53,300 | |
Award vesting period | 4 years | |||
Share Price | $ 126.79 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | |
Pre-tax intrinsic value of options exercised in period | $ 475 | $ 4,100 | ||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average fair value per share of RSUs and stock purchase rights granted | $ 26.57 | $ 17.95 | $ 13 | |
Nonvested awards, stock-based compensation cost not yet recognized | $ 26,000 | |||
Nonvested awards, stock-based compensation cost not yet recognized, weighted-average recognition period | 1 year 1 month 6 days | |||
Shares available for grant | 11,400,000 | |||
Stock offering period | 24 months | |||
Stock Purchase Plan, Exercise period | 6 months | |||
Employee Stock Purchase Plan annual earnings Maximum | $ 21 | |||
Percentage of Employee Stock Purchase Plan participation | 84.00% | |||
Percentage Of Employee Stock Purchase plan Lower Fair Market Value | 85.00% | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 1,000,000 | 918,000 | 1,200,000 | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 48,300 | $ 44,300 | $ 39,500 | |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average fair value per share of RSUs and stock purchase rights granted | $ 66.94 | $ 60.18 | $ 44.38 | |
Nonvested awards, stock-based compensation cost not yet recognized | $ 287,200 | |||
Nonvested awards, stock-based compensation cost not yet recognized, weighted-average recognition period | 2 years 7 months 28 days | |||
Fair value of restricted stock units vested during the period | $ 131,500 | |||
2007 Equity Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation capitalized in inventory | $ 2,100 | $ 2,100 | ||
Shares available for grant | 11,319,000 | 11,342,000 | 12,459,000 | 12,946,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||
Maximum [Member] | Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage Of Participation Of Employee Annual Earnings | 15.00% |
Balance Sheet Information - Pay
Balance Sheet Information - Payables and Accruals (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accrued Salaries | $ 120,658 | $ 95,316 |
Deferred Compensation Liability, Current | 118,560 | 103,434 |
Other Employee-related Liabilities, Current | 8,050 | 7,617 |
Employee-related Liabilities, Current | 247,268 | 206,367 |
Interest Payable | 16,583 | 14,169 |
Unsettled Investment Transactions | 18,660 | 2,400 |
Other Liabilities | 46,316 | 43,111 |
Other Accrued Liabilities | $ 81,559 | $ 59,680 |
Balance Sheet Information - Oth
Balance Sheet Information - Other Assets (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Payables and Accruals [Abstract] | ||||
Deferred tax asset | $ 126,702 | $ 96,848 | ||
Trust asset (deferred compensation plan) | 109,271 | 95,310 | ||
Others | 219,594 | 145,244 | ||
Other assets | $ 455,567 | $ 337,402 | [1] | $ 272,407 |
[1] | Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. Please refer to "Note 2. Summary of Significant Accounting Policies and Concentrations of Risk." |
Commitments (Details)
Commitments (Details) $ in Thousands | Mar. 30, 2019USD ($) |
Future Minimum Lease Payments Under Non-Cancelable Operating Leases | |
2020 | $ 11,991 |
2021 | 10,747 |
2022 | 9,580 |
2023 | 5,444 |
2024 | 5,338 |
Thereafter | 29,293 |
Total | $ 72,393 |
Commitments (Details Textual)
Commitments (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Loss Contingencies [Line Items] | |||
Aggregate future rental income to be received | $ 9.2 | ||
Rent expense, net of rental income | 4.4 | $ 3.9 | $ 5 |
Other commitments | $ 230.8 | ||
Software and Maintenance License Obligations Expiration Date | Dec. 31, 2022 | ||
Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Purchase Commitments, Period for Payment | 3 months | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Purchase Commitments, Period for Payment | 6 months | ||
Lease Agreements [Member] | |||
Loss Contingencies [Line Items] | |||
Lease Expiration Date | Apr. 30, 2029 | ||
Capital Lease Obligations [Member] | |||
Loss Contingencies [Line Items] | |||
Lease Expiration Date | Nov. 30, 2035 | ||
Electronic Design Automation Software And Hardware/Software Maintenance [Member] | |||
Loss Contingencies [Line Items] | |||
Non-cancelable license obligations | $ 4.4 | ||
Renovation of properties [Member] | |||
Loss Contingencies [Line Items] | |||
Non-cancelable license obligations | 18.3 | ||
Open purchase Orders From Ordinary Operations [Member] | |||
Loss Contingencies [Line Items] | |||
Non-cancelable license obligations | $ 38.9 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |||
Earnings Per Share [Abstract] | |||||||||||||
Net income | $ 244,640 | $ 239,360 | $ 215,712 | $ 190,038 | $ 145,471 | $ (12,485) | $ 173,751 | $ 157,244 | $ 889,750 | $ 463,981 | [1] | $ 628,133 | [1] |
Basic (in shares) | 253,855 | 253,060 | 252,988 | 252,682 | 254,559 | 254,089 | 248,094 | 247,911 | 252,762 | 249,595 | 252,301 | ||
Dilutive effect of employee equity incentive plans | 3,672 | 2,754 | 2,284 | ||||||||||
Dilutive effect of 2017 Convertible Notes and warrants | 0 | 5,611 | 14,228 | ||||||||||
Weighted average common shares outstanding-diluted | 258,177 | 256,374 | 255,522 | 255,935 | 257,916 | 254,089 | 258,217 | 265,797 | 256,434 | 257,960 | 268,813 | ||
Basic (in dollars per share) | $ 0.96 | $ 0.95 | $ 0.85 | $ 0.75 | $ 0.57 | $ (0.05) | $ 0.70 | $ 0.63 | $ 3.52 | $ 1.86 | [1] | $ 2.49 | [1] |
Diluted (in dollars per share) | $ 0.95 | $ 0.93 | $ 0.84 | $ 0.74 | $ 0.56 | $ (0.05) | $ 0.67 | $ 0.59 | $ 3.47 | $ 1.80 | [1] | $ 2.34 | [1] |
[1] | Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. Please refer to "Note 2. Summary of Significant Accounting Policies and Concentrations of Risk." |
Net Income Per Common Share Net
Net Income Per Common Share Net Income Per Common Share (Details Textual) shares in Millions, $ in Millions | 12 Months Ended |
Mar. 30, 2019USD ($)shares | |
Short-term Debt [Line Items] | |
Dilutive impact from warrants before the settlement | shares | 4.1 |
2017 Convertible Notes | |
Short-term Debt [Line Items] | |
Debt, principal amount | $ 600 |
Stated interest rate | 2.625% |
Dilutive effect of convertible debt (in shares) | $ 1.5 |
Interest and Other Expense, N_3
Interest and Other Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Components of interest and other expense | |||
Interest income | $ 77,295 | $ 58,604 | $ 51,121 |
Interest expense | (52,883) | (45,837) | (53,953) |
Other income (expense), net | (12,879) | (7,410) | (5,482) |
Interest and other expense, net | $ 11,533 | $ 5,357 | $ (8,314) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Components of accumulated other comprehensive income (loss) | ||
Accumulated unrealized losses on available-for-sale securities, net of tax | $ (12,725) | $ (29,844) |
Accumulated unrealized gain (losses) on hedging transactions, net of tax | 95 | 1,674 |
Accumulated cumulative translation adjustment, net of tax | (10,780) | (6,339) |
Accumulated other comprehensive loss | $ (23,410) | $ (34,509) |
Debt and Credit Facility (Detai
Debt and Credit Facility (Details) - USD ($) | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Long Term Debt [Line Items] | |||
New carrying value | $ 498,470,000 | $ 996,882,000 | |
Amortization of debt discount | 1,144,000 | 2,548,000 | $ 11,692,000 |
Line of Credit Facility, Maximum Borrowing Capacity | 400,000,000 | ||
Additional borrowing capacity from Revolving Credit Facility | $ 150,000,000 | ||
Line of Credit Facility, Expiration Date | Dec. 31, 2021 | ||
Line of Credit Facility, Average Outstanding Amount | $ 0 | ||
2019 and 2021 Notes Payable [Member] | |||
Long Term Debt [Line Items] | |||
Contractual coupon interest (net of interest rate swap) | 24,740,000 | 25,625,000 | 25,625,000 |
Amortization of debt issuance costs | 557,000 | 586,000 | 586,000 |
Amortization of debt discount | 1,030,000 | 1,049,000 | 1,022,000 |
Total interest expense related to the 2024 Notes | 26,327,000 | 27,260,000 | $ 27,233,000 |
2019 Notes Payable [Member] | |||
Long Term Debt [Line Items] | |||
Debt Instrument, Face Amount | 0 | 500,000,000 | |
Debt Instrument, Unamortized Discount | 0 | 501,000 | |
Unamortized Debt Issuance Expense | 0 | (313,000) | |
New carrying value | 0 | 499,186,000 | |
2021 Notes Payable [Member] | |||
Long Term Debt [Line Items] | |||
Debt Instrument, Face Amount | 500,000,000 | 500,000,000 | |
Debt Instrument, Unamortized Discount | 1,063,000 | 1,593,000 | |
Unamortized Debt Issuance Expense | (467,000) | (711,000) | |
New carrying value | $ 498,470,000 | $ 497,696,000 |
Debt and Credit Facility (Det_2
Debt and Credit Facility (Details 1) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Short-term Debt [Line Items] | |||
Repayments of Debt | $ 500,000 | ||
Amortization of debt discount | 1,144 | $ 2,548 | $ 11,692 |
Net interest rate received (paid) from interest rate swap | $ 3,800 | $ 4,400 | |
Common Stock [Member] | |||
Short-term Debt [Line Items] | |||
Adjustments to Additional Paid in Capital, Warrant Issued, Shares | 9,174 |
Debt and Credit Facility (Det_3
Debt and Credit Facility (Details 2) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Debt Instrument [Line Items] | ||
New carrying value | $ 1,234,807 | $ 1,214,440 |
2024 Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of the 2024 Notes | 750,000 | 750,000 |
Unamortized discount of the 2024 Notes | (642) | (755) |
Unamortized Debt Issuance Expense | 2,932 | 3,500 |
Carrying value of the 2024 Notes | 746,426 | 745,745 |
Fair value hedge adjustment - interest rate swap contracts | (10,089) | (29,001) |
New carrying value | $ 736,337 | $ 716,744 |
Debt and Credit Facility (Det_4
Debt and Credit Facility (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Debt Instrument [Line Items] | |||
Amortization of debt discount | $ 1,144 | $ 2,548 | $ 11,692 |
2024 Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Contractual coupon interest (net of interest rate swap) | 25,875 | 14,122 | 0 |
Amortization of debt issuance costs | 568 | 473 | 0 |
Amortization of debt discount | 113 | 92 | 0 |
Total interest expense related to the 2024 Notes | $ 26,556 | $ 14,687 | $ 0 |
Debt and Credit Facility (Det_5
Debt and Credit Facility (Details Textual) - USD ($) | May 30, 2017 | Mar. 29, 2014 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | Mar. 12, 2014 |
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of long-term debts | $ 0 | $ 745,175,000 | $ 0 | |||
Net interest rate received (paid) from interest rate swap | 3,800,000 | 4,400,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 400,000,000 | |||||
Additional borrowing capacity from Revolving Credit Facility | $ 150,000,000 | |||||
Line of Credit Facility, Expiration Date | Dec. 31, 2021 | |||||
Line of Credit Facility, Average Outstanding Amount | $ 0 | |||||
2019 Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 0 | 500,000,000 | ||||
Discount Percent Of Par | 99.477% | |||||
2021 Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 500,000,000 | 500,000,000 | ||||
Discount Percent Of Par | 99.281% | |||||
Debt instrument, long term debt, remaining discount amortization period | 2 years | |||||
2019 and 2021 Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of long-term debts | $ 990,100,000 | |||||
2024 Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 750,000,000 | $ 750,000,000 | ||||
Discount Percent Of Par | 99.887% | |||||
Proceeds from issuance of long-term debts | $ 745,200,000 | |||||
Debt instrument, long term debt, remaining discount amortization period | 5 years 2 months 12 days | |||||
Stated interest rate | 2.95% | |||||
Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate Derivative Liabilities, at Fair Value | $ 10,100,000 | |||||
London Interbank Offered Rate (LIBOR) [Member] | 2024 Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.9143% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | May 16, 2018 | May 16, 2016 | |
Share Repurchases [Line Items] | |||||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | |||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Treasury shares | 0 | 0 | |||
Stock Repurchased and Retired During Period, Value | $ 161,551 | $ 474,254 | $ 522,046 | ||
Repurchase and retirement of common stock (in shares) | 2,400,000 | 7,000,000 | |||
Payments for Repurchase of Common Stock | $ 161,551 | $ 474,254 | $ 522,045 | ||
Repurchase Program 2012 [Member] | |||||
Share Repurchases [Line Items] | |||||
Total amount available for future repurchases | 0 | ||||
Repurchase Program 2016 [Member] | |||||
Share Repurchases [Line Items] | |||||
Amount authorized for common stock repurchase | $ 1,000,000 | ||||
Stock Repurchase Program, Amount Used | 953,700 | ||||
Total amount available for future repurchases | $ 46,300 | ||||
Repurchase Program Two Thousand Eighteen [Domain] | |||||
Share Repurchases [Line Items] | |||||
Amount authorized for common stock repurchase | $ 500,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |||
Income Tax Disclosure [Abstract] | |||||
Unrecognized Tax Benefits That Would Impact Additional Paid-in Capital | $ 85,500 | ||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense | 2,400 | $ 214,700 | |||
Federal: | |||||
Current | 90,674 | 565,765 | $ (19,097) | ||
Deferred | (30,746) | (370,893) | 65,049 | ||
Federal income tax expense (benefit), Total | 59,928 | 194,872 | 45,952 | ||
State: | |||||
Current | 4,623 | 2,520 | (938) | ||
Deferred | 2,545 | 7,813 | 3,170 | ||
State income tax expense (benefit), Total | 7,168 | 10,333 | 2,232 | ||
Foreign: | |||||
Current | 16,282 | 23,483 | 21,121 | ||
Deferred | (4,796) | (1,290) | 638 | ||
Foreign income tax expense (benefit), Total | 11,486 | 22,193 | 21,759 | ||
Total | $ 78,582 | $ 227,398 | [1] | $ 69,943 | [1] |
[1] | Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. Please refer to "Note 2. Summary of Significant Accounting Policies and Concentrations of Risk." |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |||
Income Tax Disclosure [Abstract] | |||||||||||||
Domestic | $ 173,082 | $ 21,198 | $ 43,662 | ||||||||||
Foreign | 795,250 | 670,181 | 654,414 | ||||||||||
Income before income taxes | $ 259,680 | $ 256,590 | $ 239,144 | $ 212,917 | $ 159,703 | $ 166,766 | $ 194,017 | $ 170,894 | $ 968,332 | $ 691,379 | [1] | $ 698,076 | [1] |
[1] | Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. Please refer to "Note 2. Summary of Significant Accounting Policies and Concentrations of Risk." |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |||
Income Tax Disclosure [Abstract] | |||||||||||||
Income before provision for taxes | $ 259,680 | $ 256,590 | $ 239,144 | $ 212,917 | $ 159,703 | $ 166,766 | $ 194,017 | $ 170,894 | $ 968,332 | $ 691,379 | [1] | $ 698,076 | [1] |
Federal statutory tax rate | 21.00% | 31.50% | 35.00% | ||||||||||
Computed expected tax | $ 203,350 | $ 217,784 | $ 244,327 | ||||||||||
State taxes, net of federal benefit | 6,379 | 9,785 | 1,791 | ||||||||||
Foreign earnings at lower tax rates | (98,387) | (188,174) | (120,737) | ||||||||||
Tax credits | (31,679) | (19,708) | (34,146) | ||||||||||
Transition tax | 21,063 | 208,523 | 0 | ||||||||||
Deferred tax remeasurement | 0 | 21,834 | 0 | ||||||||||
Excess benefits from stock-based compensation | 14,196 | 21,520 | 15,396 | ||||||||||
Other | (7,948) | (1,126) | (5,896) | ||||||||||
Total | $ 78,582 | $ 227,398 | [1] | $ 69,943 | [1] | ||||||||
[1] | Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. Please refer to "Note 2. Summary of Significant Accounting Policies and Concentrations of Risk." |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Deferred tax assets: | ||
Stock-based compensation | $ 18,514 | $ 17,213 |
Accrued expenses | 7,744 | 7,340 |
Tax credit carryforwards | 155,036 | 140,406 |
Deferred compensation plan | 27,186 | 24,121 |
Deferred Tax Assets, Investments | 6,366 | 5,836 |
DeferredTaxAssetGILTI | 38,410 | 0 |
Other | 22,997 | 15,338 |
Deferred tax assets, gross | 276,253 | 210,254 |
Valuation allowance | (118,773) | (101,383) |
Total deferred tax assets | 157,480 | 108,871 |
Deferred tax liabilities: | ||
Unremitted foreign earnings | (5,142) | (6,185) |
Convertible debt | (20,775) | (762) |
DeferredTaxLiabilityDistributorPriceAdj | (11,464) | (168) |
Other | (4,975) | (5,028) |
Deferred Tax Liabilities, Gross | (42,356) | (12,143) |
Deferred Tax Assets, Net | $ 115,124 | $ 96,728 |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance as of beginning of fiscal year | $ 125,148 | $ 30,437 |
Increases in tax positions for prior years | 18,156 | 90,716 |
Decreases in tax positions for prior years | (666) | (1,063) |
Increases in tax positions for current year | 5,132 | 5,158 |
Settlements | 0 | 0 |
Lapse in statute of limitations | (154) | (100) |
Balance as of end of fiscal year | $ 147,616 | $ 125,148 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Income Tax Disclosure [Abstract] | |||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense | $ 2,400 | $ 214,700 | |
Federal statutory tax rate | 21.00% | 31.50% | 35.00% |
Excess benefits from stock-based compensation | $ 14,196 | $ 21,520 | $ 15,396 |
Increase in unrecognized tax benefits | 22,500 | ||
Gross unrecognized tax benefits balance | 147,616 | 125,148 | $ 30,437 |
Unrecognized tax benefits that would impact effective tax rate | 35,300 | 15,100 | |
Long-term deferred tax assets | 126,702 | 96,848 | |
Deferred tax assets, valuation allowance | 118,773 | $ 101,383 | |
Unrecognized Tax Benefits That Would Impact Additional Paid-in Capital | $ 85,500 |
Income Taxes Income Tax Holiday
Income Taxes Income Tax Holiday Statutory Rate (Details) - Singapore [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Income Tax Holiday [Line Items] | |||
Income Tax Holiday Statutory Tax Rate | 17.00% | ||
Income Tax Holiday Pioneer Status Tax Rate | 0.00% | ||
Benefit from income tax holiday | $ 48 | $ 61.5 | $ 56.2 |
Benefit from income tax holiday, per share (in dollars per share) | $ 0.19 | $ 0.24 | $ 0.21 |
Income Taxes Tax Credit Carryfo
Income Taxes Tax Credit Carryforward (Details) - State and Local Jurisdiction [Member] $ in Millions | Mar. 30, 2019USD ($) |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Amount | $ 195.9 |
Tax Credit Carryforward, Valuation Allowance | $ 148 |
Income Taxes Excess Tax Benefit
Income Taxes Excess Tax Benefits, Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Income Tax Disclosure [Abstract] | |||
Excess benefits from stock-based compensation | $ 14,196 | $ 21,520 | $ 15,396 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 30, 2019USD ($) | Dec. 29, 2018USD ($) | Sep. 29, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Jul. 01, 2017USD ($) | Mar. 30, 2019USD ($)segment | Mar. 31, 2018USD ($) | Apr. 01, 2017USD ($) | |||
Segment Reporting Information [Line Items] | |||||||||||||
Number of operating segments | segment | 1 | ||||||||||||
Revenues | $ 828,361 | $ 800,057 | $ 746,252 | $ 684,370 | $ 638,191 | $ 598,603 | $ 627,419 | $ 602,810 | $ 3,059,040 | $ 2,467,023 | [1] | $ 2,356,742 | [1] |
Net long-lived assets | 328,929 | 304,117 | 328,929 | 304,117 | 303,825 | ||||||||
North America [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 848,723 | 748,916 | 738,299 | ||||||||||
United States [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 748,245 | 652,222 | 605,999 | ||||||||||
Net long-lived assets | 212,385 | 206,406 | 212,385 | 206,406 | 211,995 | ||||||||
North America, Other [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 100,478 | 96,694 | 132,300 | ||||||||||
Asia Pacific [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 1,385,582 | 1,008,487 | 958,656 | ||||||||||
Asia Pacific, Other [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 534,987 | 370,307 | 358,844 | ||||||||||
China [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 850,595 | 638,180 | 599,812 | ||||||||||
Europe [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 586,893 | 501,049 | 461,116 | ||||||||||
Japan [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenues | 237,842 | 208,571 | 198,671 | ||||||||||
Ireland [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net long-lived assets | 36,984 | 38,257 | 36,984 | 38,257 | 40,626 | ||||||||
Singapore [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net long-lived assets | 62,257 | 45,013 | 62,257 | 45,013 | 39,345 | ||||||||
Foreign, Other [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net long-lived assets | 17,303 | 14,441 | 17,303 | 14,441 | 11,859 | ||||||||
Non-US [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net long-lived assets | $ 116,544 | $ 97,711 | $ 116,544 | $ 97,711 | $ 91,830 | ||||||||
[1] | Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. Please refer to "Note 2. Summary of Significant Accounting Policies and Concentrations of Risk." |
Litigation Settlements and Co_2
Litigation Settlements and Contingencies (Details) $ in Millions | Mar. 17, 2017patent | Feb. 17, 2017patent | Mar. 30, 2019USD ($) |
Godo Kaisha IP Bridge (IP Bridge) Patent Infringement [Member] | |||
Loss Contingencies [Line Items] | |||
Number of patents allegedly infringed upon | 2 | ||
Anza Technology, Inc. Patent Infringement [Member] | |||
Loss Contingencies [Line Items] | |||
Number of patents allegedly infringed upon | 3 | ||
Valley Forge [Member] | |||
Loss Contingencies [Line Items] | |||
Damages sought | $ | $ 50 |
Goodwill and Acquisition-Rela_3
Goodwill and Acquisition-Related Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Goodwill | $ 340,718 | $ 162,421 |
Total acquisition-related intangibles, gross | 210,976 | 129,446 |
Less accumulated amortization | (130,253) | (125,323) |
Total | 80,723 | 4,123 |
In process research and development | 52,710 | 0 |
Core Technology [Member] | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Total acquisition-related intangibles, gross | 107,250 | 82,480 |
Less accumulated amortization | (82,611) | (78,562) |
Total | $ 24,639 | 3,918 |
Weighted-Average Amortization Life | 4 years 4 months | |
Other Intangibles [Member] | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Total acquisition-related intangibles, gross | $ 51,016 | 46,966 |
Less accumulated amortization | (47,642) | (46,761) |
Total | $ 3,374 | $ 205 |
Weighted-Average Amortization Life | 2 years 6 months |
Goodwill and Acquisition-Rela_4
Goodwill and Acquisition-Related Intangibles (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of acquisition-related intangibles | $ 4,930 | $ 2,152 | $ 5,127 |
Schedule of expected annual amortization expense for acquisition-related intangibles | |||
2019 | 7,464 | ||
2020 | 7,442 | ||
2021 | 6,089 | ||
2022 | 4,954 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 2,064 | ||
Total | $ 28,013 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) | 12 Months Ended | ||
Mar. 30, 2019USD ($)participant | Mar. 31, 2018USD ($) | Apr. 01, 2017USD ($) | |
Postemployment Benefits [Abstract] | |||
Total contribution to the employee benefit plans | $ 15,100,000 | $ 14,700,000 | $ 12,900,000 |
Employer matching contribution limit, as a percentage of employee contribution | 50.00% | ||
First part of employee compensation that the employee contributed to their 401(k) accounts | 8.00% | ||
The maximum company contribution per employee | $ 4,500 | ||
Participants' age limit eligible to make catch up salary deferral contribution | 50 years | ||
Percentage of salary deferrals of the eligible annual salary | 75.00% | ||
Number of participants in the plan who self direct their contribution into investment option (more than) | participant | 230 | ||
Employee benefit plan assets | $ 109,300,000 | 95,300,000 | |
Employee benefit plan obligations | $ 118,600,000 | $ 103,400,000 |
Executive Transition Costs (Det
Executive Transition Costs (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 30, 2019USD ($)position | Mar. 30, 2019USD ($) | Mar. 31, 2018USD ($) | Apr. 01, 2017USD ($) | |
Restructuring and Related Activities [Abstract] | ||||
Number of positions eliminated in restructuring | position | 60 | |||
Restructuring Cost and Reserve [Line Items] | ||||
Total executive transition costs | $ 0 | $ 33,351 | $ 0 | |
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total executive transition costs | $ 33,400 |
Business Combination (Details)
Business Combination (Details) - Deephi Tech Acquisition [Member] $ in Thousands | 12 Months Ended |
Mar. 30, 2019USD ($) | |
Business Acquisition [Line Items] | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 178,300 |
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | 251,900 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 11,500 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 6,263 |
Business Combination, Acquisition Related Costs | 3,400 |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 6,500 |
Business Combination Schedule o
Business Combination Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Mar. 31, 2018 |
Business Acquisition [Line Items] | ||
Goodwill | $ 340,718 | $ 162,421 |
Deephi Tech Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 6,263 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 2,076 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 81,530 | |
Goodwill | 178,297 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (13,702) | |
Business combination, Recognized identifiable assets and liabilities assumed, Other liabilities | (2,554) | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 251,910 |
Business Combination Finite-Liv
Business Combination Finite-Lived Intangible Assets Acquired as Part of Business Combination (Details) - Deephi Tech Acquisition [Member] $ in Thousands | 12 Months Ended |
Mar. 30, 2019USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 81,530 |
Trademarks and Trade Names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 1,020 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years |
Developed Technology Rights [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 24,770 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 3,030 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years |
In Process Research and Development [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 52,710 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Mar. 28, 2020 | Apr. 18, 2019 | |
Subsequent Event [Line Items] | ||
Dividends Payable, Amount Per Share | $ 0.37 | |
Scenario, Forecast [Member] | ||
Subsequent Event [Line Items] | ||
Total consideration | $ 400 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts, Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning of Year | $ 3,170 | $ 3,200 | $ 3,341 |
Additions | 0 | 0 | 0 |
Deductions | 0 | 30 | 141 |
End of Year | 3,170 | 3,170 | 3,200 |
Valuation allowance for deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning of Year | 101,383 | 72,520 | 62,179 |
Additions | 17,390 | 28,863 | 10,341 |
Deductions | 0 | 0 | 0 |
End of Year | $ 118,773 | $ 101,383 | $ 72,520 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts, Supplementary Financial Data Quarterly Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |||
Supplementary Financial Data [Abstract] | |||||||||||||
Revenues | $ 828,361 | $ 800,057 | $ 746,252 | $ 684,370 | $ 638,191 | $ 598,603 | $ 627,419 | $ 602,810 | $ 3,059,040 | $ 2,467,023 | [1] | $ 2,356,742 | [1] |
Gross margin | 558,904 | 552,154 | 514,632 | 477,482 | 449,250 | 420,634 | 441,734 | 411,986 | 2,103,172 | 1,723,604 | [1] | 1,648,110 | [1] |
Income before provision for taxes | 259,680 | 256,590 | 239,144 | 212,917 | 159,703 | 166,766 | 194,017 | 170,894 | 968,332 | 691,379 | [1] | 698,076 | [1] |
Net income | $ 244,640 | $ 239,360 | $ 215,712 | $ 190,038 | $ 145,471 | $ (12,485) | $ 173,751 | $ 157,244 | $ 889,750 | $ 463,981 | [1] | $ 628,133 | [1] |
Shares used in per share calculations | |||||||||||||
Basic (in dollars per share) | $ 0.96 | $ 0.95 | $ 0.85 | $ 0.75 | $ 0.57 | $ (0.05) | $ 0.70 | $ 0.63 | $ 3.52 | $ 1.86 | [1] | $ 2.49 | [1] |
Diluted (in dollars per share) | $ 0.95 | $ 0.93 | $ 0.84 | $ 0.74 | $ 0.56 | $ (0.05) | $ 0.67 | $ 0.59 | $ 3.47 | $ 1.80 | [1] | $ 2.34 | [1] |
Shares used in per share calculations: | |||||||||||||
Basic (in shares) | 253,855 | 253,060 | 252,988 | 252,682 | 254,559 | 254,089 | 248,094 | 247,911 | 252,762 | 249,595 | 252,301 | ||
Diluted (in shares) | 258,177 | 256,374 | 255,522 | 255,935 | 257,916 | 254,089 | 258,217 | 265,797 | 256,434 | 257,960 | 268,813 | ||
Cash dividends per common share (in dollars per share) | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | |||||
[1] | Prior year balances have been restated to reflect the retrospective application of the new revenue recognition accounting standard. Please refer to "Note 2. Summary of Significant Accounting Policies and Concentrations of Risk." |