Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 28, 2019 | Jan. 10, 2020 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 28, 2019 | |
Document Transition Report | false | |
Entity File Number | 000-18548 | |
Entity Registrant Name | XILINX, INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 2100 Logic Drive | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Tax Identification Number | 77-0188631 | |
Entity Address, Postal Zip Code | 95124 | |
City Area Code | 408 | |
Local Phone Number | 559-7778 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | XLNX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 248,836,561 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000743988 | |
Current Fiscal Year End Date | --03-28 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Revenues | $ 723,499 | $ 800,057 | $ 2,406,497 | $ 2,230,678 |
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization | 233,324 | 247,903 | 804,197 | 686,411 |
Cost of revenues | 240,021 | 247,903 | 819,896 | 686,411 |
Cost, Depreciation and Amortization | 6,697 | 0 | 15,699 | 0 |
Gross margin | 483,478 | 552,154 | 1,586,601 | 1,544,267 |
Operating expenses: | ||||
Research and development | 211,541 | 189,329 | 638,621 | 543,527 |
Selling, general and administrative | 109,612 | 103,039 | 328,633 | 291,256 |
Amortization of acquisition-related intangibles | 2,919 | 1,866 | 5,488 | 3,064 |
Total operating expenses | 324,072 | 294,234 | 972,742 | 837,847 |
Operating income | 159,406 | 257,920 | 613,859 | 706,420 |
Interest and other income (expense), net | 6,437 | (1,330) | 30,378 | 2,231 |
Income before income taxes | 165,843 | 256,590 | 644,237 | 708,651 |
Provision for income taxes | 3,831 | 17,230 | 13,774 | 63,542 |
Net income | $ 162,012 | $ 239,360 | $ 630,463 | $ 645,109 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.65 | $ 0.95 | $ 2.50 | $ 2.55 |
Diluted (in dollars per share) | 0.64 | 0.93 | 2.47 | 2.53 |
Cash dividends declared (in dollars per share) | $ 0.37 | $ 0.36 | $ 1.11 | $ 1.08 |
Shares used in per share calculations: | ||||
Basic (in shares) | 250,546 | 253,060 | 252,330 | 252,634 |
Diluted (in shares) | 252,808 | 256,374 | 255,758 | 255,227 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 162,012 | $ 239,360 | $ 630,463 | $ 645,109 |
Other comprehensive income (loss), net of tax: | ||||
Change in net unrealized gains (losses) on available-for-sale securities | 548 | 7,029 | 12,264 | 3,244 |
Reclassification adjustment for (gains) losses on available-for-sale securities | (91) | (131) | (890) | (181) |
Change in unrealized gains (losses) on hedging transactions | 2,184 | (480) | (1,829) | (9,252) |
Reclassification adjustment for (gains) losses on hedging transactions | 96 | 2,522 | 2,247 | 4,693 |
Cumulative translation adjustment, net | 2,294 | 5 | (487) | (4,187) |
Other comprehensive income (loss) | 5,031 | 8,945 | 11,305 | (5,683) |
Total comprehensive income | $ 167,043 | $ 248,305 | $ 641,768 | $ 639,426 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 28, 2019 | Mar. 30, 2019 |
Current assets: | ||
Cash and cash equivalents at beginning of period | $ 1,292,088 | $ 1,544,490 |
Short-term investments | 1,133,077 | 1,631,194 |
Accounts receivable, net | 253,548 | 335,165 |
Inventories | 328,209 | 315,358 |
Prepaid expenses and other current assets | 121,099 | 65,771 |
Total current assets | 3,128,021 | 3,891,978 |
Property, plant and equipment, at cost: | 983,830 | 902,993 |
Accumulated depreciation and amortization | (605,588) | (574,064) |
Net property, plant and equipment | 378,242 | 328,929 |
Long-term investments | 0 | 53,433 |
Goodwill | 619,196 | 340,718 |
Acquisition-related intangibles, net | 210,441 | 80,723 |
Other assets | 615,322 | 455,567 |
Total Assets | 4,951,222 | 5,151,348 |
Current liabilities: | ||
Accounts payable | 102,691 | 117,491 |
Accrued payroll and related liabilities | 259,974 | 247,268 |
Income taxes payable | 24,222 | 28,718 |
Other accrued liabilities | 128,993 | 81,559 |
Total current liabilities | 515,880 | 475,036 |
Long-term Debt, Excluding Current Maturities | 1,246,000 | 1,234,807 |
Long-term income taxes payable | 447,990 | 515,192 |
Other long-term liabilities | 100,190 | 64,804 |
Commitments and contingencies (Note 17) | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value (none issued and outstanding) | 0 | 0 |
Common stock, $.01 par value | 2,489 | 2,539 |
Additional paid-in capital | 1,105,568 | 1,005,411 |
Retained earnings | 1,545,210 | 1,876,969 |
Accumulated other comprehensive loss | (12,105) | (23,410) |
Total stockholders’ equity | 2,641,162 | 2,861,509 |
Total Liabilities and Stockholders’ Equity | $ 4,951,222 | $ 5,151,348 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 28, 2019 | Mar. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (none issued) | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 630,463 | $ 645,109 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of software | 68,882 | 49,097 |
Amortization - others | 37,326 | 23,461 |
Stock-based compensation | 142,732 | 109,194 |
Deferred income taxes | 1,417 | (9,040) |
Others | (24,083) | 8,686 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 86,370 | 22,879 |
Inventories | (6,845) | (46,573) |
Prepaid expenses and other current assets | 912 | 13,151 |
Other assets | (26,217) | (25,141) |
Accounts payable | (26,466) | 11,013 |
Accrued liabilities | 7,735 | 30,652 |
Income taxes payable | (46,741) | (29,280) |
Net cash provided by operating activities | 845,485 | 803,208 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (1,273,015) | (1,340,057) |
Proceeds from sale and maturity of available-for-sale and equity securities | 1,838,572 | 1,080,850 |
Purchases of property, plant and equipment and software | (96,980) | (60,803) |
Other investing activities | (15,233) | (37,572) |
Payments to Acquire Businesses, Net of Cash Acquired | (454,651) | (233,941) |
Net cash used in investing activities | (1,307) | (591,523) |
Cash flows from financing activities: | ||
Payments for Repurchase of Common Stock | (738,184) | (161,551) |
Payment, Tax Withholding, Share-based Payment Arrangement | (75,417) | (42,029) |
Proceeds from issuance of common stock through various stock plans | 19,876 | 18,436 |
Payment of dividends to stockholders | (280,376) | (272,860) |
Other financing activities | (22,479) | (3,488) |
Net cash used in financing activities | (1,096,580) | (461,492) |
Net decrease in cash and cash equivalents | (252,402) | (249,807) |
Cash and cash equivalents at beginning of period | 1,544,490 | 2,179,328 |
Cash and cash equivalents at end of period | 1,292,088 | 1,929,521 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 41,576 | 57,514 |
Income taxes paid, net | $ 58,937 | $ 101,557 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Stockholders' Equity Statement - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Common Stock Outstanding, beginning balance (in shares) at Mar. 31, 2018 | 253,377 | ||||
Beginning balance at Mar. 31, 2018 | $ 2,360,353 | $ 2,534 | $ 878,672 | $ 1,513,656 | $ (34,509) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 645,109 | 645,109 | |||
Other comprehensive income | (5,683) | (5,683) | |||
Tax withholding related to vesting of restricted stock units and other (in shares) | 2,174 | ||||
Issuance of common shares under employee stock plans, net | (23,593) | $ 22 | (23,615) | ||
Repurchase and retirement of common stock (in shares) | (2,436) | ||||
Repurchase and retirement of common stock | (161,549) | $ (25) | (21,508) | (140,016) | |
Stock-based compensation expense | 109,194 | 109,194 | |||
Cash dividends declared | (272,860) | (272,860) | |||
Common Stock Outstanding, ending balance (in shares) at Dec. 29, 2018 | 253,115 | ||||
Ending balance at Dec. 29, 2018 | $ 2,637,195 | $ 2,531 | 942,743 | $ 1,723,714 | (31,793) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared (in dollars per share) | $ 1.08 | $ (0.72) | |||
Common Stock Outstanding, beginning balance (in shares) at Sep. 29, 2018 | 253,019 | ||||
Beginning balance at Sep. 29, 2018 | $ 2,444,886 | $ 2,530 | 906,618 | $ 1,576,476 | (40,738) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 239,360 | 239,360 | |||
Other comprehensive income | 8,945 | 8,945 | |||
Tax withholding related to vesting of restricted stock units and other (in shares) | 110 | ||||
Issuance of common shares under employee stock plans, net | (2,515) | $ 1 | (2,516) | ||
Repurchase and retirement of common stock (in shares) | (14) | ||||
Repurchase and retirement of common stock | (1,015) | $ 0 | 0 | (1,015) | |
Stock-based compensation expense | 38,641 | 38,641 | |||
Cash dividends declared | (91,107) | (91,107) | |||
Common Stock Outstanding, ending balance (in shares) at Dec. 29, 2018 | 253,115 | ||||
Ending balance at Dec. 29, 2018 | $ 2,637,195 | $ 2,531 | 942,743 | $ 1,723,714 | (31,793) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared (in dollars per share) | $ 0.36 | $ (0.36) | |||
Common Stock Outstanding, beginning balance (in shares) at Mar. 30, 2019 | 253,891 | ||||
Beginning balance at Mar. 30, 2019 | $ 2,861,509 | $ 2,539 | 1,005,411 | $ 1,876,969 | (23,410) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 630,463 | 630,463 | |||
Other comprehensive income | 11,305 | 11,305 | |||
Tax withholding related to vesting of restricted stock units and other (in shares) | 2,171 | ||||
Issuance of common shares under employee stock plans, net | (55,541) | $ 22 | (55,563) | ||
Repurchase and retirement of common stock (in shares) | (7,227) | ||||
Repurchase and retirement of common stock | (750,818) | $ (72) | (68,900) | (681,846) | |
Stock-based compensation expense | 142,732 | 142,732 | |||
Cash dividends declared | (280,376) | (280,376) | |||
Additional tax benefit recognized relating to fiscal 2014 redemption of convertible debt | 81,888 | 81,888 | |||
Common Stock Outstanding, ending balance (in shares) at Dec. 28, 2019 | 248,835 | ||||
Ending balance at Dec. 28, 2019 | $ 2,641,162 | $ 2,489 | 1,105,568 | $ 1,545,210 | (12,105) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared (in dollars per share) | $ 1.11 | $ (0.74) | |||
Common Stock Outstanding, beginning balance (in shares) at Sep. 28, 2019 | 251,466 | ||||
Beginning balance at Sep. 28, 2019 | $ 2,695,905 | $ 2,515 | 978,222 | $ 1,732,304 | (17,136) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 162,012 | 162,012 | |||
Other comprehensive income | 5,031 | 5,031 | |||
Tax withholding related to vesting of restricted stock units and other (in shares) | 153 | ||||
Issuance of common shares under employee stock plans, net | (3,565) | $ 2 | (3,567) | ||
Repurchase and retirement of common stock (in shares) | (2,784) | ||||
Repurchase and retirement of common stock | (257,335) | $ (28) | (1,132) | (256,175) | |
Stock-based compensation expense | 50,157 | 50,157 | |||
Cash dividends declared | (92,931) | (92,931) | |||
Additional tax benefit recognized relating to fiscal 2014 redemption of convertible debt | 81,888 | 81,888 | |||
Common Stock Outstanding, ending balance (in shares) at Dec. 28, 2019 | 248,835 | ||||
Ending balance at Dec. 28, 2019 | $ 2,641,162 | $ 2,489 | $ 1,105,568 | $ 1,545,210 | $ (12,105) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared (in dollars per share) | $ 0.37 | $ (0.37) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Dec. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation The accompanying interim condensed consolidated financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X, and should be read in conjunction with the Xilinx, Inc. (Xilinx or the Company) consolidated financial statements filed with the U.S. Securities and Exchange Commission (SEC) on Form 10-K for the fiscal year ended March 30, 2019 . The interim financial statements are unaudited, but reflect all adjustments which are, in the opinion of management, of a normal, recurring nature necessary to provide a fair statement of results for the interim periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for the fiscal year ending March 28, 2020 or any future period. The Company uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2020 and fiscal 2019 are both 52-week years ending on March 28, 2020 and March 30, 2019 , respectively. The quarters ended December 28, 2019 and December 29, 2018 each consisted of 13 weeks. |
Recent Accounting Changes and A
Recent Accounting Changes and Accounting Pronouncements | 9 Months Ended |
Dec. 28, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Changes and Accounting Pronouncements | Recent Accounting Changes and Accounting Pronouncements Recent Accounting Pronouncements Adopted Leases In February 2016, the Financial Accounting Standards Board (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 additional disclosures about the amount, timing and uncertainty of cash flows from leases. Accordingly, a lessee recognizes a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. The Company determines if an arrangement is a lease, or contains a lease, at the inception of the arrangement. On the commencement date, leases are evaluated for classification, and assets and liabilities are recognized based on the present value of lease payments over the lease term. The Company uses the incremental borrowing rate based on the information available at commencement in determining the present value of lease payments. Operating lease expense is generally recognized on a straight-line basis over the lease term. The Company adopted this authoritative guidance using the modified retrospective method during first quarter of fiscal 2020 and resulted in the recognition of right-of-use assets of approximately $50.0 million and lease liabilities for operating leases of approximately $50.0 million on March 31, 2019, the beginning of fiscal 2020. The Company elected the practical expedients to not separate lease and non-lease components within lease transactions, and not to record on the balance sheet leases with a term of 12 months or less. The Company also has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any existing leases as of the adoption date. The Company did not elect to apply the hindsight practical expedient when determining lease term and assessing impairment of right-of-use assets. The Company recognizes its operating leases within its other assets, other accrued liabilities and other long-term liabilities on the Company's condensed consolidated balance sheets. The Company's finance leases were immaterial. Recent Accounting Pronouncements Not Yet Adopted Credit Loss In June 2016, the FASB issued authoritative guidance to replace the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company will be required to use a forward-looking expected credit loss model for financial assets. 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.The Company is currently evaluating the impact of this authoritative guidance on its consolidated financial statements. Income Taxes In December 2019, the FASB issued authoritative guidance that simplifies the accounting for income taxes as part of the overall initiative to reduce complexity in accounting standards. Amendments include removal of certain exceptions to the general principles of Accounting Standards Codification 740, Income Taxes. The amendments also include simplification in several other areas, such as recognition of deferred tax assets on step-up in tax basis in goodwill and accounting for franchise tax that is partially based on income. For public entities, the guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2022. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company has decided not to early adopt this new authoritative guidance in fiscal 2020. The Company is currently evaluating the impact of this authoritative guidance on its consolidated financial statements. Goodwill In January 2017, the FASB issued authoritative guidance that simplifies the accounting for goodwill impairment. The authoritative guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. 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. The Company is currently evaluating the impact of this authoritative guidance on its consolidated financial statements. |
Significant Customers and Conce
Significant Customers and Concentrations of Credit Risk (Notes) | 9 Months Ended |
Dec. 28, 2019 | |
Significant Customers and Concentrations of Credit Risk [Abstract] | |
Concentration Risk Disclosure [Text Block] | Significant Customers and Concentrations of Credit Risk Avnet, Inc. (Avnet), one of the Company’s distributors, distributes the Company’s products worldwide. As of December 28, 2019 and March 30, 2019 , Avnet accounted for 33% and 37% of the Company’s total net accounts receivable, respectively. Net revenues from Avnet accounted for 45% and 41% of the Company’s worldwide net revenues in the third quarter and first nine months of fiscal 2020 , respectively. Net revenues from Avnet accounted for 42% and 47% of the Company’s worldwide net revenues in the third quarter and the first nine months of fiscal 2019 , respectively. While the percentage of worldwide net revenues from Avnet fluctuates from period to period, overall the percentage is within historical ranges. For the third quarter and the first nine months of fiscal 2020 , approximately 57% and 52% , respectively, of the Company's net revenues were from products sold to distributors for subsequent resale to original equipment manufacturers (OEMs) or their subcontract manufacturers. For the third quarter and the first nine months of fiscal 2019 , the percentages of the Company's net revenues from distributors were 50% and 56% , respectively. No other distributor accounted for more than 10% of the Company’s worldwide net revenues for the third quarter and the first nine months of fiscal 2020 and 2019 . One end customer accounted for 12% and 11% of the Company's worldwide net revenues for the third quarter and the first nine months of fiscal 2020 , respectively. No end customer accounted for more than 10% of the Company's worldwide net revenues for the third quarter and the first nine months of fiscal 2019 . 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 condensed consolidated balance sheet. The Company attempts to mitigate the concentration of credit risk in its trade receivables through its credit evaluation process, collection terms, 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 distributors. The Company mitigates concentrations of credit risk in its investments in debt securities by currently investing approximately 94% of its portfolio in AA (or its equivalent) or higher-grade securities as rated by Standard & Poor’s or Moody’s Investors Service. 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 and interest rate swap 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 December 28, 2019 , all of the mortgage-backed securities in the Company's 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. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 28, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The authoritative 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 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 the third quarter and first nine months of fiscal 2020 and the Company did not adjust or override any fair value measurements as of December 28, 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. 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. 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. 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 December 28, 2019 and March 30, 2019 : December 28, 2019 (In thousands) Level 2 Level 3 Total Fair Assets Cash equivalents: Money market funds $ 444,604 $ — $ — $ 444,604 Financial institution securities — 100,000 — 100,000 Non-financial institution securities — 362,554 — 362,554 U.S. government and agency securities 131,757 59,903 — 191,660 Foreign government and agency securities — 68,295 — 68,295 Short-term investments: Financial institution securities — 300,000 — 300,000 Non-financial institution securities — 64,398 — 64,398 U.S. government and agency securities 9,997 9,994 — 19,991 Foreign government and agency securities — 266,063 — 266,063 Mortgage-backed securities — 395,451 — 395,451 Asset-backed securities — 23,238 — 23,238 Commercial mortgage-backed securities — 63,936 — 63,936 Derivative financial instruments, net — 1,580 — 1,580 Total assets measured at fair value $ 586,358 $ 1,715,412 $ — $ 2,301,770 March 30, 2019 (In thousands) Level 1 Level 2 Level 3 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 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 December 28, 2019 were approximately $506.3 million and $770.7 million , respectively, based on the last trading price 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 December 28, 2019 , the Company had non-marketable equity securities in private companies of $87.1 million , which were classified as Level 3 assets. The Company’s investments in non-marketable securities of private companies are 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 reduced to fair value when impaired. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Dec. 28, 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: December 28, 2019 March 30, 2019 (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 $ 444,604 $ — $ — $ 444,604 $ 428,150 $ — $ — $ 428,150 Financial institution securities 400,000 — — 400,000 537,795 — — 537,795 Non-financial institution securities 426,959 20 (27 ) 426,952 702,483 3 (562 ) 701,924 U.S. government and agency securities 211,644 10 (3 ) 211,651 334,185 39 (139 ) 334,085 Foreign government and agency securities 334,353 5 — 334,358 214,455 — — 214,455 Mortgage-backed securities 396,873 1,261 (2,683 ) 395,451 684,596 809 (14,635 ) 670,770 Asset-backed securities 23,244 16 (22 ) 23,238 76,852 — (483 ) 76,369 Commercial mortgage- backed securities 64,333 32 (429 ) 63,936 118,115 42 (1,618 ) 116,539 $ 2,302,010 $ 1,344 $ (3,164 ) $ 2,300,190 $ 3,096,631 $ 893 $ (17,437 ) $ 3,080,087 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 December 28, 2019 and March 30, 2019 . 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 December 28, 2019 and March 30, 2019 : December 28, 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 $ 5,195 $ (2 ) $ 3,550 $ (25 ) $ 8,745 $ (27 ) U.S. government and agency securities — — 1,997 (3 ) 1,997 (3 ) Mortgage-backed securities 63,878 (254 ) 199,346 (2,429 ) 263,224 (2,683 ) Asset-backed securities 8,277 (4 ) 10,182 (18 ) 18,459 (22 ) Commercial mortgage- backed securities 28,104 (56 ) 25,689 (373 ) 53,793 (429 ) $ 105,454 $ (316 ) $ 240,764 $ (2,848 ) $ 346,218 $ (3,164 ) 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 ) As of December 28, 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, which was primarily 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 as of December 28, 2019 and March 30, 2019 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-backed securities, mortgage-backed securities and commercial mortgage-backed securities) are highly rated by the credit rating agencies, there have been no defaults on any of these securities and the Company has received interest payments as they become due. Therefore, the Company believes that it will be able to collect both principal and interest amount due to the Company. Additionally, in the past several years a portion of the Company's investment in the mortgage-backed securities was redeemed or prepaid by the debtors at par. Furthermore, the aggregate of individual unrealized losses that had been outstanding for twelve months or more was not significant as of December 28, 2019 and March 30, 2019 . The Company neither intends to sell these investments nor concludes that it is more-likely-than-not that it will have to sell them until recovery of their carrying values. The amortized cost and estimated fair value of marketable debt securities, by contractual maturity, are shown in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties. December 28, 2019 (In thousands) Amortized Estimated Due in one year or less $ 1,371,519 $ 1,371,529 Due after one year through five years 39,724 39,676 Due after five years through ten years 104,585 104,790 Due after ten years 341,578 339,591 $ 1,857,406 $ 1,855,586 As of December 28, 2019 , $484.1 million of marketable debt securities with contractual maturities of greater than one year were classified as short-term investments. Additionally, the above table does not include investments in money market funds because these investments do not have specific contractual maturities. Certain information related to available-for-sale securities is as follows: Three Months Ended Nine Months Ended (In thousands) December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Proceeds from sale of available-for-sale securities $ 23,605 $ 12,692 $ 323,228 $ 13,594 Gross realized gains on sale of available-for-sale securities $ 128 $ 173 $ 1,339 $ 269 Gross realized losses on sale of available-for-sale securities (9 ) (114 ) (181 ) (162 ) Net realized gains on sale of available-for-sale securities $ 119 $ 59 $ 1,158 $ 107 Amortization of premiums on available-for-sale securities $ 1,063 $ 1,403 $ 3,411 $ 6,539 The cost of securities matured or sold is based on the specific identification method. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Dec. 28, 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. In May 2017, 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. 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. Changes in fair values of the interest rate swap contracts and the 2024 Notes were recorded in the Company’s consolidated balance sheets. During the first quarter of fiscal 2020, the Company sold the interest rate swap contracts for an immaterial gain. The gain has been amortized as a reduction to interest expense over the remaining life of the 2024 Notes. As a result of the sale, the Company recorded the net change in fair value of the interest rate swap contracts of $11.7 million in the Company's condensed consolidated balance sheets. See “Note 10. Debt and Credit Facility” for more discussion related to interest rate swap contracts. There was no ineffectiveness during all periods presented. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Dec. 28, 2019 | |
Share-based Payment Arrangement [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 Employee Stock Purchase Plan (ESPP): Three Months Ended Nine Months Ended (In thousands) December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Stock-based compensation included in: Cost of revenues $ 2,961 $ 2,366 $ 8,386 $ 6,650 Research and development 31,543 22,352 86,119 63,329 Selling, general and administrative 15,653 13,923 48,227 39,215 $ 50,157 $ 38,641 $ 142,732 $ 109,194 Employee Stock Option Plans The types of awards allowed under the 2007 Equity Incentive Plan (2007 Equity Plan) include incentive stock options, non-qualified stock options, restricted stock units (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; however, there was no issuance of stock options during the first nine months of fiscal 2020 and the entire fiscal 2019 . The Company's stock-based compensation expenses related to options during the third quarter and the first nine months of fiscal 2020 and the number of options outstanding as of December 28, 2019 were not material. On August 8, 2019, the stockholders approved an amendment to increase the authorized number of shares reserved for issuance under the 2007 Equity Plan by 6.0 million shares. As of December 28, 2019 , 14.9 million shares remained available for grant under the 2007 Equity Plan. RSU Awards A summary of the Company’s RSU activity and related information is as follows: RSUs Outstanding (Shares in thousands) Number of Shares Weighted-Average Grant-Date Fair Value Per Share March 31, 2018 6,989 $ 51.39 Granted 3,559 $ 66.94 Vested (2,681 ) $ 49.05 Cancelled (536 ) $ 55.09 March 30, 2019 7,331 $ 59.54 Granted 2,700 $ 110.05 Vested (2,599 ) $ 54.06 Cancelled (289 ) $ 73.99 December 28, 2019 7,143 $ 80.04 The estimated fair values of RSUs 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 the third quarter of fiscal 2020 was $89.57 ( $75.72 for the third quarter of fiscal 2019 ), which were calculated based on estimates at the date of grant using the following weighted-average assumptions: Three Months Ended Nine Months Ended December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Risk-free interest rate 1.6 % 3.0 % 1.8 % 2.7 % Dividend yield 1.6 % 1.8 % 1.3 % 2.1 % For the majority of RSUs granted, the number of shares of common stock issued on the date the RSU awards vest is net of the minimum statutory withholding requirements that the Company pays in cash to the appropriate taxing authorities on behalf of the Company's employees. During the first nine months of fiscal 2020 and 2019 , the Company withheld $75.4 million and $42.0 million worth of RSU awards, respectively, to satisfy the employees’ tax obligations. During the third quarter and the first nine months of fiscal 2020 , the Company realized excess tax benefits of $1.3 million and $35.6 million , respectively, primarily from RSU vesting. During the third quarter and the first nine months of fiscal 2019 , the excess tax benefits were $1.5 million and $10.2 million , respectively, primarily from RSU vesting. These tax benefits were recorded in the condensed consolidated statements of income as a component of the provision for income taxes. Employee Stock Purchase Plan Under the Company’s ESPP, shares are only issued during the second and fourth quarters of each fiscal year. Employees purchased 241 thousand shares for $ 19.7 million during the second quarter of fiscal 2020 and 359 thousand shares for $ 18.0 million during the second quarter of fiscal 2019 . The per-share weighted-average fair value of stock purchase rights granted under the ESPP during the second quarter of fiscal 2020 and 2019 was $33.79 and $19.06 , respectively. The fair values of stock purchase plan rights granted in the second quarter of fiscal 2020 and 2019 were estimated using the Black-Scholes option pricing model at the date of grant using the following assumptions: 2020 2019 Expected life of options (years) 1.25 1.25 Expected stock price volatility 0.37 0.29 Risk-free interest rate 1.9 % 2.5 % Dividend yield 1.3 % 2.0 % The next scheduled purchase under the ESPP is in the fourth quarter of fiscal 2020 . On August 8, 2019, the stockholders approved an amendment to increase the authorized number of shares reserved for issuance under the ESPP by 2.0 million shares. As of December 28, 2019 , 13.1 million |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Dec. 28, 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 information on the condensed consolidated statements of income, and there are no reconciling items in the numerator used to compute the diluted net income per common share. The following table summarizes the computation of basic and diluted net income per common share: Three Months Ended Nine Months Ended (In thousands, except per share amounts) December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Net income available to common stockholders $ 162,012 $ 239,360 $ 630,463 $ 645,109 Weighted average common shares outstanding-basic 250,546 253,060 252,330 252,634 Dilutive effect of employee equity incentive plans 2,262 3,314 3,428 2,593 Weighted average common shares outstanding-diluted 252,808 256,374 255,758 255,227 Basic net income per common share $ 0.65 $ 0.95 $ 2.50 $ 2.55 Diluted net income per common share $ 0.64 $ 0.93 $ 2.47 $ 2.53 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. 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 anti-dilutive. These excluded options and RSUs were immaterial for the third quarter and the first nine months of fiscal 2020 , 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. |
Inventories
Inventories | 9 Months Ended |
Dec. 28, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 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) December 28, 2019 March 30, 2019 Raw materials $ 34,518 $ 39,727 Work-in-process 232,075 213,784 Finished goods 61,616 61,847 $ 328,209 $ 315,358 |
Debt and Credit Facility
Debt and Credit Facility | 9 Months Ended |
Dec. 28, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt and Credit Facility 2021 Notes On March 12, 2014, the Company issued the 2021 Notes at a discounted price of 99.281% of par. Interest on the 2021 Notes is payable semi-annually on March 15 and September 15. The Company received net proceeds of $495.4 million from issuance of the 2021 Notes, after the debt discount and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the terms of the 2021 Notes. As of December 28, 2019 , the remaining term of the 2021 Notes is 1.2 years. The following table summarizes the carrying value of the 2021 Notes as of December 28, 2019 and March 30, 2019 : (In thousands) December 28, 2019 March 30, 2019 Principal amount of the 2021 Notes $ 500,000 $ 500,000 Unamortized discount of the 2021 Notes (654 ) (1,063 ) Unamortized debt issuance costs associated with 2021 Notes (285 ) (467 ) Carrying value of the 2021 Notes $ 499,061 $ 498,470 Interest expense related to the 2021 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows: Three Months Ended Nine Months Ended (In thousands) December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Contractual coupon interest $ 3,750 $ 3,750 $ 11,250 $ 11,250 Amortization of debt issuance costs 61 61 182 183 Amortization of debt discount, net 137 133 409 396 Total interest expense related to the 2021 Notes $ 3,948 $ 3,944 $ 11,841 $ 11,829 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 $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 December 28, 2019 , the remaining term of the 2024 Notes is approximately 4.5 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 paid on a semi-annual basis, a variable interest rate equal to the three-month London Interbank Offered Rate (LIBOR) plus 91.43 bps , and received on a semi-annual basis, interest income at a fixed interest rate of 2.950% . The Company did not incur any interest expense for the three months ended December 28, 2019 but incurred a net interest expense of $923 thousand for the nine months ended December 28, 2019 , from the interest rate swap contracts, which was included in interest and other income (expense), net on the condensed consolidated statements of income. The Company incurred a net interest expense of $939 thousand and $2.4 million for the three and nine months ended December 29, 2018 , respectively, from the interest rate swap contracts, which was included in interest and other income (expense), net on the condensed consolidated statements of income. During the first quarter of fiscal 2020 , the Company sold the interest rate swap contracts for an immaterial gain. The gain is being amortized as a reduction to interest expense over the remaining life of the 2024 Notes. The following table summarizes the carrying value of the 2024 Notes as of December 28, 2019 and March 30, 2019 : (In thousands) December 28, 2019 March 30, 2019 Principal amount of the 2024 Notes $ 750,000 $ 750,000 Unamortized discount of the 2024 Notes (555 ) (642 ) Unamortized debt issuance costs associated with 2024 Notes (2,506 ) (2,932 ) Carrying Value of the 2024 Notes $ 746,939 $ 746,426 Fair value hedge adjustment — interest rate swap contracts — (10,089 ) Net carrying value of the 2024 Notes $ 746,939 $ 736,337 Interest expense related to the 2024 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows: Three Months Ended Nine Months Ended (In thousands) December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Contractual coupon interest (including interest rate swap, net) $ 5,444 $ 6,470 $ 17,429 $ 19,026 Amortization of debt issuance costs 142 142 426 426 Amortization of debt discount, net 29 28 87 84 Total interest expense related to the 2024 Notes $ 5,615 $ 6,640 $ 17,942 $ 19,536 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 nonfinancial covenants. As of December 28, 2019 , the Company had made no borrowings under this credit facility and was not in violation of any of the covenants. |
Common Stock Repurchase Program
Common Stock Repurchase Program | 9 Months Ended |
Dec. 28, 2019 | |
Stockholders' Equity Note [Abstract] | |
Common Stock and Debentures Repurchase Program [Text Block] | Common Stock Repurchase Program The Board of Directors (Board) 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. On May 16, 2018, the Board authorized a repurchase program to repurchase the Company's common stock and debentures up to $500.0 million (2018 Repurchase Program). On October 22, 2019, the Board authorized another repurchase program to repurchase the Company's common stock and debentures up to $1.00 billion (2019 Repurchase Program). The 2018 and 2019 Repurchase Programs have no stated expiration date. Through December 28, 2019 , the Company had fully utilized the entire amount authorized under the 2018 Repurchase Program and used $191.9 million of the $1.00 billion authorized under the 2019 Repurchase Program, leaving $808.1 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 December 28, 2019 and March 30, 2019 . During the first nine months of fiscal 2020 , the Company repurchased a total of 7.2 million shares of common stock for $738.2 million in the open market and through an accelerated share repurchase program with independent financial institutions. During the first nine months of fiscal 2019 , the Company repurchased 2.4 million shares of common stock in the open market with independent financial institutions for a total of $161.6 million . |
Interest and Other Expense, Net
Interest and Other Expense, Net | 9 Months Ended |
Dec. 28, 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: Three Months Ended Nine Months Ended (In thousands) December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Interest income $ 11,138 $ 21,610 $ 42,939 $ 56,358 Interest expense (9,563 ) (13,464 ) (30,255 ) (40,000 ) Other income (expense), net 4,862 (9,476 ) 17,694 (14,127 ) Total interest and other income (expense), net $ 6,437 $ (1,330 ) $ 30,378 $ 2,231 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Dec. 28, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss Comprehensive income (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 the Company's accumulated other comprehensive loss are as follows: (In thousands) December 28, 2019 March 30, 2019 Accumulated unrealized losses on available-for-sale securities, net of tax $ (1,351 ) $ (12,725 ) Accumulated unrealized gains on hedging transactions, net of tax 513 95 Accumulated cumulative translation adjustment, net of tax (11,267 ) (10,780 ) Total accumulated other comprehensive loss $ (12,105 ) $ (23,410 ) The related tax effects of other comprehensive income (loss) were not material for all periods presented. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded tax provisions of $3.8 million and $13.8 million for the third quarter and the first nine months of fiscal 2020 , respectively, representing effective tax rates of 2.3% and 2.1% , respectively. The Company recorded tax provisions of $17.2 million and $63.5 million for the third quarter and the first nine months of fiscal 2019 , respectively, representing effective tax rates of 6.7% and 9.0% , respectively. The difference between the U.S. federal statutory tax rate of 21% and the Company's effective tax rate in all periods presented was primarily due to the beneficial impact of income earned in lower tax rate jurisdictions and excess tax benefits with respect to stock-based compensation, which was partially offset by U.S. tax on global intangible low-taxed income. The Company’s total gross unrecognized tax benefits as of December 28, 2019 , determined in accordance with FASB authoritative guidance for measuring uncertain tax positions, decreased by a net $79.4 million in the third quarter of fiscal 2020 to $87.7 million . The total amount of unrecognized tax benefits that, if realized in a future period, would favorably affect the effective tax rate was $49.2 million as of December 28, 2019 . Of the net change in uncertain tax benefits during the quarter, there was an $85.5 million decrease related to an additional deduction claimed on federal and state amended tax returns (refund claim) for fiscal 2014 for redemption premium paid in that year in connection with the early redemption of the Company’s 3.125% Junior Convertible debenture due March 15, 2037. During the third quarter of fiscal 2020, the Company received written notification from the Internal Revenue Service that the Joint Committee on Taxation had completed its review of the Company's refund claim and had taken no exception. The tax benefit of the refund claim, net of state tax adjustments, of $81.9 million was recognized as an increase to additional paid-in capital in the third quarter of fiscal 2020. It is reasonably possible that other 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 audit settlements and their possible outcomes, an estimate of the range of increase or decrease that could occur in the next twelve months cannot be made. The Company’s policy is to include interest and penalties related to income tax liabilities within the provision for income taxes on the condensed consolidated statements of income. The Company recorded net benefits of $5.2 million and $4.9 million for interest and penalties, which were included in the Company's provision for income taxes for the third quarter and first nine months of fiscal 2020, respectively. The amounts of interest and penalties included in the Company's provision for income taxes were not material for the third quarter and first nine months of fiscal 2019. 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. On July 27, 2015, the United States Tax Court (Tax Court) issued its opinion in Altera Corp. v. Commissioner, and, in a 15-0 decision, concluded that related parties in a cost sharing arrangement are not required to share expenses related to stock-based compensation. The Commissioner appealed the Tax Court decision to the Ninth Circuit Court of Appeals (Ninth Circuit). The Ninth Circuit overturned the Tax Court’s decision in an opinion issued on July 24, 2018, but subsequently withdrew it. After rehearing the arguments on October 16, 2018, the Ninth Circuit issued a subsequent opinion on June 7, 2019. In a 2-1 decision, the Ninth Circuit overturned the Tax Court’s decision. On July 22, 2019, Altera filed a petition for an en banc rehearing with the Ninth Circuit. On November 12, 2019, the Ninth Circuit issued an order denying Altera's petition. The decision is not yet final, however, because Altera has until February 10, 2020 to file a petition for certiorari with the U.S. Supreme Court. Nevertheless, we believe the law to be unsettled and continue to record tax benefits as we exclude stock-based compensation costs from our cost sharing arrangement. The cumulative potential impact of a final adverse decision to the consolidated statement of income is expected to be $55 million to $60 million by the end of fiscal 2020 for taxes and interest. We will continue to monitor developments in the Altera case and the potential effect on our consolidated financial statements. |
Leases and Commitments
Leases and Commitments | 9 Months Ended |
Dec. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Leases and Commitments | Leases and Commitments Xilinx leases some of its facilities and office buildings under non-cancelable operating leases that expire at various dates through August 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. T hese renewal terms can extend the lease term from 1 to 15 years and are included in the lease term when it is reasonably certain that the Company will exercise the option. The following table presents the maturities of lease liabilities as of December 28, 2019 : Fiscal (In thousands) 2020 (remaining three months) $ 3,436 2021 13,328 2022 11,731 2023 7,327 2024 6,299 Thereafter 35,854 Total lease payments 77,975 Less: Imputed interest (18,977 ) Total lease liabilities $ 58,998 The Company's leases were included as a component of the following condensed consolidated balance sheet lines: (In thousands) December 28, 2019 Other assets $ 56,242 Other accrued liabilities 10,588 Other long-term liabilities 48,410 The components of lease costs were as follows: Three Months Ended Nine Months Ended (In thousands) December 28, 2019 December 28, 2019 Operating lease cost $ 4,109 $ 12,715 Lease income (768 ) (2,236 ) Total lease cost $ 3,341 $ 10,479 Other information related to leases was as follows: Three Months Ended Nine Months Ended (In thousands) December 28, 2019 December 28, 2019 Cash paid for operating leases included in operating cash flows $ 3,054 $ 9,133 December 28, 2019 Weighted-average remaining lease term - operating leases (in years) 7.8 Weighted-average remaining discount rate - operating leases 5.7 % Other commitments as of December 28, 2019 totaled $115.0 million and consisted of purchases of inventory and other non-cancelable purchase obligations related to subcontractors that manufacture silicon wafers and provide assembly and some 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 December 28, 2019 , the Company also had $1.0 million commitments related to renovation of properties and $34.9 million commitments primarily related to open purchase orders from ordinary operations. These commitments expire at various dates through April 2024 |
Product Warranty and Indemnific
Product Warranty and Indemnification (Notes) | 9 Months Ended |
Dec. 28, 2019 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Disclosure [Text Block] | 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 the third quarter of fiscal 2020 and the end of fiscal 2019 , the accrual balances of the product warranty liability were 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 the Company's 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 financial liabilities in the future as a result of these obligations. |
Contingencies
Contingencies | 9 Months Ended |
Dec. 28, 2019 | |
Loss Contingency [Abstract] | |
Contingencies | Contingencies Patent Litigation On October 18, 2019, a patent infringement lawsuit was filed by Arbor Global Strategies LLC (Arbor) against the Company in the U.S. District Court in Delaware (Arbor Global Strategies LLC, v. Xilinx, Inc., Case No. 1:19-cv-01986). The lawsuit pertains to four patents and Arbor seeks unspecified damages, interest, attorneys’ fees, and costs. The Company filed a motion to dismiss the case on December 19, 2019. This motion is still pending. No schedule has been set in the case. The Company is unable to estimate its range of possible loss, if any, in this matter at this time. On December 5, 2019, Analog Devices, Inc. (ADI) filed a patent infringement lawsuit against the Company in the United States District Court for the District of Delaware (Analog Devices, Inc. v. Xilinx, Inc., Case No. 1-19-cv-02225). The lawsuit pertains to eight patents and ADI seeks unspecified damages, interest, attorneys’ fees, costs, and a permanent injunction. The Company filed its answer and counterclaims on January 21, 2020. No schedule has been set in the case. The Company is unable to estimate its range of possible loss, if any, in this matter at this time. The Company intends to continue to protect and defend our intellectual property 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. On May 14, 2019 the Court denied Avnet’s motion. On June 4, 2019, Avnet and the counterclaim and crossclaim defendants stipulated to dismissal of Avnet’s remaining counterclaims and crossclaims. The Court entered final judgment on June 25, 2019. On July 22, 2019, the Trustee filed his notice of appeal and filed his opening appellate brief on September 17, 2019. On October 30, 2019, Xilinx filed its appellee brief. On November 20, 2019, the Trustee filed his reply brief. 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 | 9 Months Ended |
Dec. 28, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquisition-Related Intangibles | Goodwill and Acquisition-Related Intangibles A summary of the goodwill and acquisitions-related intangibles balances as of December 28, 2019 and March 30, 2019 was as follows: Weighted-Average (In thousands) December 28, 2019 March 30, 2019 Amortization Life Goodwill $ 619,196 $ 340,718 Core technology, gross $ 209,131 $ 107,250 Less accumulated amortization (98,310 ) (82,611 ) Core technology, net 110,821 24,639 4.2 years Other intangibles, gross 95,759 51,016 Less accumulated amortization (53,130 ) (47,642 ) Other intangibles, net 42,629 3,374 4.1 years In-process research and development 56,991 52,710 Total acquisition-related intangibles, gross 361,881 210,976 Less total accumulated amortization (151,440 ) (130,253 ) Total acquisition-related intangibles, net $ 210,441 $ 80,723 Based on the carrying value of acquisition-related intangibles recorded as of December 28, 2019 , and assuming no subsequent acquisition or impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows: Fiscal (In thousands) 2020 (remaining three months) $ 9,616 2021 38,440 2022 35,599 2023 33,749 2024 29,443 Thereafter 6,603 Total $ 153,450 |
Segment Information
Segment Information | 9 Months Ended |
Dec. 28, 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. Net revenues by geography for the periods indicated were as follows: Three Months Ended Nine Months Ended (In thousands) December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 North America $ 203,862 $ 227,203 $ 636,269 $ 628,484 Asia Pacific 343,416 366,766 1,197,489 997,533 Europe 118,646 145,903 395,779 431,324 Japan 57,575 60,185 176,960 173,337 Total net revenues $ 723,499 $ 800,057 $ 2,406,497 $ 2,230,678 Geographic revenue information for the third quarter of fiscal 2020 and 2019 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. |
Business Combination
Business Combination | 9 Months Ended |
Dec. 28, 2019 | |
Business Combinations [Abstract] | |
Business Combination | Business Combination In July 2019, the Company completed the acquisition of Solarflare Communications, Inc. (Solarflare) by acquiring all of its outstanding ordinary shares. Solarflare is a leading provider of high-performance, low latency networking solutions for customers spanning FinTech to cloud computing. This acquisition enables the Company to combine its industry leading solutions with Solarflare's ultra-low latency network interface card (NIC) technology and onload application acceleration software, to enable new converged SmartNIC solutions. Total purchase consideration to acquire Solarflare was approximately $400.0 million , including $8.4 million of fair value from the Company's preexisting investment in Solarflare and net of $6.8 million of cash acquired. The Company incurred $4.2 million of acquisition related costs, which was recorded as operating expenses in the Company's condensed consolidated statements of income. Additionally, the Company was required to assess the fair value of its preexisting investment in Solarflare and, as a result, recorded an immaterial gain in its condensed consolidated statements of income as part of interest and other income (expense), net. 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, such as the finalization of the estimated fair value of tax-related items, 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 Solarflare, by major class, were recognized as follows: Amount (In thousands) Cash and cash equivalents $ 6,765 Tangible assets 19,308 Deferred tax assets 44,016 Identifiable intangible assets 106,000 Goodwill 237,163 Current liabilities (9,229 ) Non-current liabilities (3,797 ) Total $ 400,226 The goodwill of $237.2 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 Solarflare. The goodwill recognized is not deductible for tax purposes. The identified intangible assets assumed in the acquisition of Solarflare 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 $ 2,000 2.0 years Developed technology 34,000 5.0 years Customer relationships 40,000 5.0 years In-process research and development 30,000 N/A Total identifiable intangible assets $ 106,000 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 9 Months Ended |
Dec. 28, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | On January 27, 2020 , the Board declared a cash dividend of $0.37 per common share for the fourth quarter of fiscal 2020 . The dividend is payable on February 20, 2020 to stockholders of record on February 11, 2020 . On January 28, 2020, the Company announced cost-saving measures designed to drive structural operating efficiencies across the Company, including a targeted global workforce reduction in force. As a result of this reduction, the Company expects to incur a pre-tax charge of approximately $25.0 million to $30.0 million |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 28, 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 December 28, 2019 and March 30, 2019 : December 28, 2019 (In thousands) Level 2 Level 3 Total Fair Assets Cash equivalents: Money market funds $ 444,604 $ — $ — $ 444,604 Financial institution securities — 100,000 — 100,000 Non-financial institution securities — 362,554 — 362,554 U.S. government and agency securities 131,757 59,903 — 191,660 Foreign government and agency securities — 68,295 — 68,295 Short-term investments: Financial institution securities — 300,000 — 300,000 Non-financial institution securities — 64,398 — 64,398 U.S. government and agency securities 9,997 9,994 — 19,991 Foreign government and agency securities — 266,063 — 266,063 Mortgage-backed securities — 395,451 — 395,451 Asset-backed securities — 23,238 — 23,238 Commercial mortgage-backed securities — 63,936 — 63,936 Derivative financial instruments, net — 1,580 — 1,580 Total assets measured at fair value $ 586,358 $ 1,715,412 $ — $ 2,301,770 March 30, 2019 (In thousands) Level 1 Level 2 Level 3 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 |
Changes in Level 3 instruments measured at fair value on a recurring basis | 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 December 28, 2019 were approximately $506.3 million and $770.7 million , respectively, based on the last trading price for the period (classified as Level 2 in fair value hierarchy due to relatively low trading volume). |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Dec. 28, 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: December 28, 2019 March 30, 2019 (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 $ 444,604 $ — $ — $ 444,604 $ 428,150 $ — $ — $ 428,150 Financial institution securities 400,000 — — 400,000 537,795 — — 537,795 Non-financial institution securities 426,959 20 (27 ) 426,952 702,483 3 (562 ) 701,924 U.S. government and agency securities 211,644 10 (3 ) 211,651 334,185 39 (139 ) 334,085 Foreign government and agency securities 334,353 5 — 334,358 214,455 — — 214,455 Mortgage-backed securities 396,873 1,261 (2,683 ) 395,451 684,596 809 (14,635 ) 670,770 Asset-backed securities 23,244 16 (22 ) 23,238 76,852 — (483 ) 76,369 Commercial mortgage- backed securities 64,333 32 (429 ) 63,936 118,115 42 (1,618 ) 116,539 $ 2,302,010 $ 1,344 $ (3,164 ) $ 2,300,190 $ 3,096,631 $ 893 $ (17,437 ) $ 3,080,087 |
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 December 28, 2019 and March 30, 2019 : December 28, 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 $ 5,195 $ (2 ) $ 3,550 $ (25 ) $ 8,745 $ (27 ) U.S. government and agency securities — — 1,997 (3 ) 1,997 (3 ) Mortgage-backed securities 63,878 (254 ) 199,346 (2,429 ) 263,224 (2,683 ) Asset-backed securities 8,277 (4 ) 10,182 (18 ) 18,459 (22 ) Commercial mortgage- backed securities 28,104 (56 ) 25,689 (373 ) 53,793 (429 ) $ 105,454 $ (316 ) $ 240,764 $ (2,848 ) $ 346,218 $ (3,164 ) 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 ) |
Amortized cost and estimated fair value of marketable debt securities | December 28, 2019 (In thousands) Amortized Estimated Due in one year or less $ 1,371,519 $ 1,371,529 Due after one year through five years 39,724 39,676 Due after five years through ten years 104,585 104,790 Due after ten years 341,578 339,591 $ 1,857,406 $ 1,855,586 |
Information on sale of available-for-sale securities | Certain information related to available-for-sale securities is as follows: Three Months Ended Nine Months Ended (In thousands) December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Proceeds from sale of available-for-sale securities $ 23,605 $ 12,692 $ 323,228 $ 13,594 Gross realized gains on sale of available-for-sale securities $ 128 $ 173 $ 1,339 $ 269 Gross realized losses on sale of available-for-sale securities (9 ) (114 ) (181 ) (162 ) Net realized gains on sale of available-for-sale securities $ 119 $ 59 $ 1,158 $ 107 Amortization of premiums on available-for-sale securities $ 1,063 $ 1,403 $ 3,411 $ 6,539 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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 Employee Stock Purchase Plan (ESPP): Three Months Ended Nine Months Ended (In thousands) December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Stock-based compensation included in: Cost of revenues $ 2,961 $ 2,366 $ 8,386 $ 6,650 Research and development 31,543 22,352 86,119 63,329 Selling, general and administrative 15,653 13,923 48,227 39,215 $ 50,157 $ 38,641 $ 142,732 $ 109,194 |
Schedule of Share-based compensation, restricted stock units, valuation assumption [Table Text Block] | The per share weighted-average fair value of RSUs granted during the third quarter of fiscal 2020 was $89.57 ( $75.72 for the third quarter of fiscal 2019 ), which were calculated based on estimates at the date of grant using the following weighted-average assumptions: Three Months Ended Nine Months Ended December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Risk-free interest rate 1.6 % 3.0 % 1.8 % 2.7 % Dividend yield 1.6 % 1.8 % 1.3 % 2.1 % |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The fair values of stock purchase plan rights granted in the second quarter of fiscal 2020 and 2019 were estimated using the Black-Scholes option pricing model at the date of grant using the following assumptions: 2020 2019 Expected life of options (years) 1.25 1.25 Expected stock price volatility 0.37 0.29 Risk-free interest rate 1.9 % 2.5 % Dividend yield 1.3 % 2.0 % |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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 in thousands) Number of Shares Weighted-Average Grant-Date Fair Value Per Share March 31, 2018 6,989 $ 51.39 Granted 3,559 $ 66.94 Vested (2,681 ) $ 49.05 Cancelled (536 ) $ 55.09 March 30, 2019 7,331 $ 59.54 Granted 2,700 $ 110.05 Vested (2,599 ) $ 54.06 Cancelled (289 ) $ 73.99 December 28, 2019 7,143 $ 80.04 |
Net Income Per Common Share Net
Net Income Per Common Share Net Income Per Common Share (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table summarizes the computation of basic and diluted net income per common share: Three Months Ended Nine Months Ended (In thousands, except per share amounts) December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Net income available to common stockholders $ 162,012 $ 239,360 $ 630,463 $ 645,109 Weighted average common shares outstanding-basic 250,546 253,060 252,330 252,634 Dilutive effect of employee equity incentive plans 2,262 3,314 3,428 2,593 Weighted average common shares outstanding-diluted 252,808 256,374 255,758 255,227 Basic net income per common share $ 0.65 $ 0.95 $ 2.50 $ 2.55 Diluted net income per common share $ 0.64 $ 0.93 $ 2.47 $ 2.53 |
Inventories Inventories (Tables
Inventories Inventories (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | 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) December 28, 2019 March 30, 2019 Raw materials $ 34,518 $ 39,727 Work-in-process 232,075 213,784 Finished goods 61,616 61,847 $ 328,209 $ 315,358 |
Debt and Credit Facility (Table
Debt and Credit Facility (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
2019 and 2021 Notes Payable [Member] | |
Schedule of Debt Instruments [Line Items] | |
Carrying values of liability and equity components of debentures | The following table summarizes the carrying value of the 2021 Notes as of December 28, 2019 and March 30, 2019 : (In thousands) December 28, 2019 March 30, 2019 Principal amount of the 2021 Notes $ 500,000 $ 500,000 Unamortized discount of the 2021 Notes (654 ) (1,063 ) Unamortized debt issuance costs associated with 2021 Notes (285 ) (467 ) Carrying value of the 2021 Notes $ 499,061 $ 498,470 |
Interest Expense Related to Debentures [Table Text Block] | Interest expense related to the 2021 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows: Three Months Ended Nine Months Ended (In thousands) December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Contractual coupon interest $ 3,750 $ 3,750 $ 11,250 $ 11,250 Amortization of debt issuance costs 61 61 182 183 Amortization of debt discount, net 137 133 409 396 Total interest expense related to the 2021 Notes $ 3,948 $ 3,944 $ 11,841 $ 11,829 |
Two Point and Nine Five Percent 2024 Senior Debentures [Member] | |
Schedule of Debt Instruments [Line Items] | |
Carrying values of liability and equity components of debentures | The following table summarizes the carrying value of the 2024 Notes as of December 28, 2019 and March 30, 2019 : (In thousands) December 28, 2019 March 30, 2019 Principal amount of the 2024 Notes $ 750,000 $ 750,000 Unamortized discount of the 2024 Notes (555 ) (642 ) Unamortized debt issuance costs associated with 2024 Notes (2,506 ) (2,932 ) Carrying Value of the 2024 Notes $ 746,939 $ 746,426 Fair value hedge adjustment — interest rate swap contracts — (10,089 ) Net carrying value of the 2024 Notes $ 746,939 $ 736,337 |
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 condensed consolidated statements of income as follows: Three Months Ended Nine Months Ended (In thousands) December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Contractual coupon interest (including interest rate swap, net) $ 5,444 $ 6,470 $ 17,429 $ 19,026 Amortization of debt issuance costs 142 142 426 426 Amortization of debt discount, net 29 28 87 84 Total interest expense related to the 2024 Notes $ 5,615 $ 6,640 $ 17,942 $ 19,536 |
Interest And Other Expense, N_2
Interest And Other Expense, Net (Tables) | 9 Months Ended |
Dec. 28, 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: Three Months Ended Nine Months Ended (In thousands) December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Interest income $ 11,138 $ 21,610 $ 42,939 $ 56,358 Interest expense (9,563 ) (13,464 ) (30,255 ) (40,000 ) Other income (expense), net 4,862 (9,476 ) 17,694 (14,127 ) Total interest and other income (expense), net $ 6,437 $ (1,330 ) $ 30,378 $ 2,231 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Equity [Abstract] | |
Components of accumulated other comprehensive income (loss) | The components of the Company's accumulated other comprehensive loss are as follows: (In thousands) December 28, 2019 March 30, 2019 Accumulated unrealized losses on available-for-sale securities, net of tax $ (1,351 ) $ (12,725 ) Accumulated unrealized gains on hedging transactions, net of tax 513 95 Accumulated cumulative translation adjustment, net of tax (11,267 ) (10,780 ) Total accumulated other comprehensive loss $ (12,105 ) $ (23,410 ) |
Leases and Commitments (Tables)
Leases and Commitments (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum lease payments under non-cancelable operating leases | : Fiscal (In thousands) 2020 (remaining three months) $ 3,436 2021 13,328 2022 11,731 2023 7,327 2024 6,299 Thereafter 35,854 Total lease payments 77,975 Less: Imputed interest (18,977 ) Total lease liabilities $ 58,998 |
Operating Lease, Assets And Liabilities | The Company's leases were included as a component of the following condensed consolidated balance sheet lines: (In thousands) December 28, 2019 Other assets $ 56,242 Other accrued liabilities 10,588 Other long-term liabilities 48,410 |
Lease, Cost | The components of lease costs were as follows: Three Months Ended Nine Months Ended (In thousands) December 28, 2019 December 28, 2019 Operating lease cost $ 4,109 $ 12,715 Lease income (768 ) (2,236 ) Total lease cost $ 3,341 $ 10,479 Other information related to leases was as follows: Three Months Ended Nine Months Ended (In thousands) December 28, 2019 December 28, 2019 Cash paid for operating leases included in operating cash flows $ 3,054 $ 9,133 |
Schedule of Weighted-Average Remaining Lease Term and Discount Rate | December 28, 2019 Weighted-average remaining lease term - operating leases (in years) 7.8 Weighted-average remaining discount rate - operating leases 5.7 % |
Goodwill and Acquisition-Rela_2
Goodwill and Acquisition-Related Intangibles (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross and net amounts of goodwill and of acquisition-related intangibles | A summary of the goodwill and acquisitions-related intangibles balances as of December 28, 2019 and March 30, 2019 was as follows: Weighted-Average (In thousands) December 28, 2019 March 30, 2019 Amortization Life Goodwill $ 619,196 $ 340,718 Core technology, gross $ 209,131 $ 107,250 Less accumulated amortization (98,310 ) (82,611 ) Core technology, net 110,821 24,639 4.2 years Other intangibles, gross 95,759 51,016 Less accumulated amortization (53,130 ) (47,642 ) Other intangibles, net 42,629 3,374 4.1 years In-process research and development 56,991 52,710 Total acquisition-related intangibles, gross 361,881 210,976 Less total accumulated amortization (151,440 ) (130,253 ) Total acquisition-related intangibles, net $ 210,441 $ 80,723 |
Schedule of expected annual amortization expense for acquisition-related intangibles | Based on the carrying value of acquisition-related intangibles recorded as of December 28, 2019 , and assuming no subsequent acquisition or impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows: Fiscal (In thousands) 2020 (remaining three months) $ 9,616 2021 38,440 2022 35,599 2023 33,749 2024 29,443 Thereafter 6,603 Total $ 153,450 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Net revenues by geography for the periods indicated were as follows: Three Months Ended Nine Months Ended (In thousands) December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 North America $ 203,862 $ 227,203 $ 636,269 $ 628,484 Asia Pacific 343,416 366,766 1,197,489 997,533 Europe 118,646 145,903 395,779 431,324 Japan 57,575 60,185 176,960 173,337 Total net revenues $ 723,499 $ 800,057 $ 2,406,497 $ 2,230,678 |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The preliminary fair values of the assets acquired and liabilities assumed in the acquisition of Solarflare, by major class, were recognized as follows: Amount (In thousands) Cash and cash equivalents $ 6,765 Tangible assets 19,308 Deferred tax assets 44,016 Identifiable intangible assets 106,000 Goodwill 237,163 Current liabilities (9,229 ) Non-current liabilities (3,797 ) Total $ 400,226 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The identified intangible assets assumed in the acquisition of Solarflare 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 $ 2,000 2.0 years Developed technology 34,000 5.0 years Customer relationships 40,000 5.0 years In-process research and development 30,000 N/A Total identifiable intangible assets $ 106,000 |
Recent Accounting Changes and_2
Recent Accounting Changes and Accounting Pronouncements Recent Accounting Standards (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Jun. 29, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Lease asset | $ 56,242 | |
Total lease liabilities | $ 58,998 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Lease asset | $ 50,000 | |
Total lease liabilities | $ 50,000 |
Significant Customers and Con_2
Significant Customers and Concentrations of Credit Risk (Details) - Customer | 3 Months Ended | 9 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Mar. 30, 2019 | |
Concentration Risk [Line Items] | |||||
Percentage of Accounts Receivable Accounted From Company Distributor One | 33.00% | 33.00% | 37.00% | ||
Percentage of net revenues through resale of product from Company Distributor One | 45.00% | 42.00% | 41.00% | 47.00% | |
Number Of Distributors Accounted For Net Revenues | 0 | 0 | 0 | ||
Number of End Customers Accounted For 10% or More of Net Revenues | 1 | 0 | 1 | 0 | |
Percentage of end customer accounted for more than 10% of revenue | 12.00% | 11.00% | |||
Percentage of higher grade security investment in debt securities | 94.00% | 94.00% | |||
Distribution For Subsequent Resale To OEMs [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage | 57.00% | 50.00% | 52.00% | 56.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Mar. 30, 2019 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Available-for-sale Securities, Noncurrent | $ 0 | $ 53,433 |
Fair Value, Recurring [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 2,301,770 | 3,165,454 |
Fair Value, Net Asset (Liability) | 3,156,445 | |
Fair Value, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Financial Liabilities Fair Value Disclosure | 9,009 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 586,358 | 670,877 |
Fair Value, Net Asset (Liability) | 670,877 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Financial Liabilities Fair Value Disclosure | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 1,715,412 | 2,494,577 |
Fair Value, Net Asset (Liability) | 2,485,568 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Financial Liabilities Fair Value Disclosure | 9,009 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Net Asset (Liability) | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Financial Liabilities Fair Value Disclosure | 0 | |
Fair Value, Recurring [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 | 444,604 | 428,150 |
Fair Value, Recurring [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 | 100,000 | 287,945 |
Fair Value, Recurring [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 | 362,554 | 461,884 |
Fair Value, Recurring [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 | 191,660 | 203,098 |
Fair Value, Recurring [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 | 68,295 | 99,750 |
Fair Value, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 444,604 | 428,150 |
Fair Value, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [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, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 131,757 | 149,578 |
Fair Value, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [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, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 100,000 | 287,945 |
Fair Value, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 362,554 | 461,884 |
Fair Value, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 59,903 | 53,520 |
Fair Value, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 68,295 | 99,750 |
Fair Value, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [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, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [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, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [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, Recurring [Member] | Short-Term Investments [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 300,000 | 249,850 |
Fair Value, Recurring [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 | 64,398 | 240,040 |
Fair Value, Recurring [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 | 19,991 | 130,987 |
Fair Value, Recurring [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 | 266,063 | 114,705 |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 395,451 | 670,770 |
Fair Value, Recurring [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, Recurring [Member] | Short-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 23,238 | 76,369 |
Fair Value, Recurring [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 | 63,936 | 116,539 |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [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, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 9,997 | 93,149 |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [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, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [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, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 300,000 | 249,850 |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 64,398 | 240,040 |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 9,994 | 37,838 |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 266,063 | 114,705 |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 395,451 | 670,770 |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 31,934 | |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 23,238 | 76,369 |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 63,936 | 116,539 |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [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, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [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, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [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, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [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, Recurring [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 | |
Fair Value, Recurring [Member] | Long-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Recurring [Member] | Long-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 53,433 | |
Fair Value, Recurring [Member] | Long-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 1,580 | |
Fair Value, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 1,580 | |
Fair Value, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | $ 0 | |
Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Financial Liabilities Fair Value Disclosure | 9,009 | |
Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Financial Liabilities Fair Value Disclosure | 0 | |
Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Financial Liabilities Fair Value Disclosure | 9,009 | |
Other Noncurrent Liabilities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Financial Liabilities Fair Value Disclosure | $ 0 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 28, 2019 | Mar. 30, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Noncurrent | $ 0 | $ 53,433 |
Cost Method Investments, Fair Value Disclosure | 87,100 | |
Three Point Zero Percent 2021 Senior Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Face Amount | $ 500,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |
Debt Instrument, Maturity Date | Mar. 15, 2021 | |
Fair value of convertible notes | $ 506,300 | |
Two Point and Nine Five Percent 2024 Senior Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Face Amount | $ 750,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | |
Debt Instrument, Maturity Date | Jun. 1, 2024 | |
Fair value of convertible notes | $ 770,700 | |
Three Point Zero Percent 2021 Senior Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Face Amount | 500,000 | 500,000 |
Two Point and Nine Five Percent 2024 Senior Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Face Amount | $ 750,000 | $ 750,000 |
Debt Instrument, Interest Rate, Stated Percentage | 2.95% |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Mar. 30, 2019 |
Available-for-sale securities | ||
Amortized Cost | $ 2,302,010 | $ 3,096,631 |
Gross Unrealized Gains | 1,344 | 893 |
Gross Unrealized Losses | (3,164) | (17,437) |
Estimated Fair Value | 2,300,190 | 3,080,087 |
Money Market Funds [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 444,604 | 428,150 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 444,604 | 428,150 |
Financial institution securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 400,000 | 537,795 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 400,000 | 537,795 |
Non-financial institution securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 426,959 | 702,483 |
Gross Unrealized Gains | 20 | 3 |
Gross Unrealized Losses | (27) | (562) |
Estimated Fair Value | 426,952 | 701,924 |
U.S. Government and Agency Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 211,644 | 334,185 |
Gross Unrealized Gains | 10 | 39 |
Gross Unrealized Losses | (3) | (139) |
Estimated Fair Value | 211,651 | 334,085 |
Foreign Government and Agency Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 334,353 | 214,455 |
Gross Unrealized Gains | 5 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 334,358 | 214,455 |
Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 396,873 | 684,596 |
Gross Unrealized Gains | 1,261 | 809 |
Gross Unrealized Losses | (2,683) | (14,635) |
Estimated Fair Value | 395,451 | 670,770 |
Asset-backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 23,244 | 76,852 |
Gross Unrealized Gains | 16 | 0 |
Gross Unrealized Losses | (22) | (483) |
Estimated Fair Value | 23,238 | 76,369 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 64,333 | 118,115 |
Gross Unrealized Gains | 32 | 42 |
Gross Unrealized Losses | (429) | (1,618) |
Estimated Fair Value | $ 63,936 | $ 116,539 |
Financial Instruments (Details
Financial Instruments (Details 1) - USD ($) $ in Thousands | Dec. 28, 2019 | Mar. 30, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | $ 105,454 | $ 40,716 |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (316) | (487) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 240,764 | 850,377 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | (2,848) | (16,950) |
Available-for-Sale Securities, Fair Value, Total | 346,218 | 891,093 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (3,164) | (17,437) |
Non-financial institution securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 5,195 | 4,767 |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (2) | (4) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 3,550 | 51,044 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | (25) | (558) |
Available-for-Sale Securities, Fair Value, Total | 8,745 | 55,811 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (27) | (562) |
U.S. Government and Agency Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 0 | 0 |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | 0 | 0 |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 1,997 | 13,542 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | (3) | (139) |
Available-for-Sale Securities, Fair Value, Total | 1,997 | 13,542 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (3) | (139) |
Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 63,878 | 34,595 |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (254) | (480) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 199,346 | 597,394 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | (2,429) | (14,155) |
Available-for-Sale Securities, Fair Value, Total | 263,224 | 631,989 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (2,683) | (14,635) |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 8,277 | 0 |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (4) | 0 |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 10,182 | 76,103 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | (18) | (483) |
Available-for-Sale Securities, Fair Value, Total | 18,459 | 76,103 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (22) | (483) |
Commercial Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 28,104 | 1,354 |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (56) | (3) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 25,689 | 112,294 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | (373) | (1,615) |
Available-for-Sale Securities, Fair Value, Total | 53,793 | 113,648 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | $ (429) | $ (1,618) |
Financial Instruments (Detail_2
Financial Instruments (Details 2) $ in Thousands | Dec. 28, 2019USD ($) |
Amortized Cost | |
Due in one year or less | $ 1,371,519 |
Due after one year through five years | 39,724 |
Due after five years through ten years | 104,585 |
Due after ten years | 341,578 |
Amortized Cost Total | 1,857,406 |
Estimated Fair Value | |
Due in one year or less | 1,371,529 |
Due after one year through five years | 39,676 |
Due after five years through ten years | 104,790 |
Due after ten years | 339,591 |
Estimated Fair Value Total | 1,855,586 |
Marketable debt securities with contractual maturities greater than one year but classified as short-term investment | $ 484,100 |
Financial Instruments (Detail_3
Financial Instruments (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Investments, All Other Investments [Abstract] | ||||
Proceeds from sale of available-for-sale securities | $ 23,605 | $ 12,692 | $ 323,228 | $ 13,594 |
Gross realized gains on sale of available-for-sale securities | 128 | 173 | 1,339 | 269 |
Gross realized losses on sale of available-for-sale securities | (9) | (114) | (181) | (162) |
Net realized gains on sale of available-for-sale securities | 119 | 59 | 1,158 | 107 |
Amortization of premiums on available-for-sale securities | $ 1,063 | $ 1,403 | $ 3,411 | $ 6,539 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended |
Jun. 29, 2019 | Dec. 28, 2019 | |
Derivative [Line Items] | ||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 0 | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 11,700,000 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Stock Based compensation expense | ||||
Stock-based compensation effect on income before taxes | $ 50,157 | $ 38,641 | $ 142,732 | $ 109,194 |
Cost of Revenues [Member] | ||||
Stock Based compensation expense | ||||
Stock-based compensation effect on income before taxes | 2,961 | 2,366 | 8,386 | 6,650 |
Research and Development [Member] | ||||
Stock Based compensation expense | ||||
Stock-based compensation effect on income before taxes | 31,543 | 22,352 | 86,119 | 63,329 |
Selling, General and Administrative Expenses [Member] | ||||
Stock Based compensation expense | ||||
Stock-based compensation effect on income before taxes | $ 15,653 | $ 13,923 | $ 48,227 | $ 39,215 |
Equity Plan 2007 [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 6 | |||
Employee Stock Purchase Plan [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans Stock-Based Compensation Plans (Details 1) | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.60% | 3.00% | 1.80% | 2.70% |
Weighted average assumptions in estimation of fair value of stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.60% | 1.80% | 1.30% | 2.10% |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans Stock-Based Compensation Plans (Details 3) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Mar. 30, 2019 | |
Number of Shares | ||||
Number of Shares, Beginning Balance (shares) | 7,331 | 6,989 | ||
Number of Shares, Granted (shares) | 2,700 | 3,559 | ||
Number of Shares, Vested (shares) | 2,599 | 2,681 | ||
Number of Shares, Forfeited/Cancelled (shares) | 289 | 536 | ||
Number of Shares, Ending Balance (shares) | 7,143 | 7,143 | 7,331 | |
Weighted-Average Grant-Date Fair Value Per Share | ||||
Weighted-Average Grant-Date Fair Value, Beginning Balance (usd per share) | $ 59.54 | $ 51.39 | ||
Weighted-Average Grant-Date Fair Value, Granted (usd per share) | $ 89.57 | $ 75.72 | 110.05 | 66.94 |
Weighted-Average Grant-Date Fair Value, Vested (usd per share) | 54.06 | 49.05 | ||
Weighted-Average Grant-Date Fair Value, Forfeited/Cancelled (usd per share) | 73.99 | 55.09 | ||
Weighted-Average Grant-Date Fair Value, Ending Balance (usd per share) | $ 80.04 | $ 80.04 | $ 59.54 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans (Details 4) | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate (as a percent) | 1.60% | 3.00% | 1.80% | 2.70% |
Dividend yield (as a percent) | 1.60% | 1.80% | 1.30% | 2.10% |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life of options (years) | 1 year 3 months | 1 year 3 months | ||
Expected stock price volatility (as a percent) | 37.00% | 29.00% | ||
Risk-free interest rate (as a percent) | 1.90% | 2.50% | ||
Dividend yield (as a percent) | 1.30% | 2.00% |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Mar. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 3,565 | $ 2,515 | $ 55,541 | $ 23,593 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 1,300 | $ 1,500 | $ 35,600 | 10,200 | |
Options, grants in period (shares) | 0 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted-Average Grant-Date Fair Value, Granted (usd per share) | $ 89.57 | $ 75.72 | $ 110.05 | $ 66.94 | |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 75,400 | $ 42,000 | |||
Equity Plan 2007 [Member] | |||||
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 | 6,000,000 | ||||
Shares available for grant (shares) | 14,900,000 | 14,900,000 | |||
Employee Stock Purchase Plan [Member] | |||||
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 | 2,000,000 | ||||
Weighted-Average Grant-Date Fair Value, Granted (usd per share) | $ 33.79 | $ 19.06 | |||
ESPP shares issued during period (shares) | 241,000 | 359,000 | |||
Value of ESPP shares issued during period | $ 19,700 | $ 18,000 | |||
Shares available for grant (shares) | 13,100,000 | 13,100,000 |
Net Income Per Common Share N_2
Net Income Per Common Share Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Debt Conversion [Line Items] | ||||
Net income | $ 162,012 | $ 239,360 | $ 630,463 | $ 645,109 |
Weighted Average Number of Shares Outstanding, Basic | 250,546 | 253,060 | 252,330 | 252,634 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 2,262 | 3,314 | 3,428 | 2,593 |
Weighted Average Number of Shares Outstanding, Diluted | 252,808 | 256,374 | 255,758 | 255,227 |
Earnings Per Share, Basic | $ 0.65 | $ 0.95 | $ 2.50 | $ 2.55 |
Earnings Per Share, Diluted | $ 0.64 | $ 0.93 | $ 2.47 | $ 2.53 |
Inventories Inventories (Detail
Inventories Inventories (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Mar. 30, 2019 |
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials, Gross | $ 34,518 | $ 39,727 |
Inventory, Work in Process, Gross | 232,075 | 213,784 |
Inventory, Finished Goods, Gross | 61,616 | 61,847 |
Inventory, Net | $ 328,209 | $ 315,358 |
Debt and Credit Facility (Detai
Debt and Credit Facility (Details 1) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Mar. 29, 2014 | Mar. 30, 2019 | May 30, 2017 | Mar. 12, 2014 | |
Debt Instrument [Line Items] | ||||||||
Net interest rate received (paid) from interest rate swap | $ 939,000 | $ 923,000 | $ 2,400,000 | |||||
Debt Instrument, Description of Variable Rate Basis | three-month London Interbank Offered Rate (LIBOR) plus 91.43 bps | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | $ 400,000,000 | ||||||
AdditionalborrowingcapacityfromRevolvingCreditFacility | 150,000,000 | 150,000,000 | ||||||
Line of Credit Facility, Average Outstanding Amount | 0 | |||||||
Long-term Debt, Excluding Current Maturities | 1,246,000,000 | 1,246,000,000 | $ 1,234,807,000 | |||||
Two Point and Nine Five Percent 2024 Senior Debentures [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Discount Percent of Par | 99.887% | |||||||
Debt Instrument, Face Amount | $ 750,000,000 | $ 750,000,000 | 750,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | 2.95% | ||||||
Debt Instrument, Unamortized Discount | $ (555,000) | $ (555,000) | (642,000) | |||||
Debt Issuance Costs, Noncurrent, Net | 2,506,000 | 2,506,000 | 2,932,000 | |||||
Long Term Debt, Carrying Value before Hedging Adjustment | 746,939,000 | 746,939,000 | 746,426,000 | |||||
Derivative, Amount of Hedged Item | 0 | 0 | (10,089,000) | |||||
Interest Expense, Debt, Excluding Amortization | 5,444,000 | 6,470,000 | 17,429,000 | 19,026,000 | ||||
Amortization of Debt Issuance Costs | 142,000 | 142,000 | 426,000 | 426,000 | ||||
Amortization of Debt Discount (Premium) | 29,000 | 28,000 | 87,000 | 84,000 | ||||
Interest Expense, Debt | $ 5,615,000 | 6,640,000 | 17,942,000 | 19,536,000 | ||||
Proceeds from Issuance of Long-term Debt | 745,200,000 | |||||||
Debt instrument, long term debt, remaining discount amortization period | 4 years 6 months | |||||||
Long-term Debt, Excluding Current Maturities | $ 746,939,000 | 746,939,000 | 736,337,000 | |||||
Three Point Zero Percent 2021 Senior Debentures [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Discount Percent of Par | 99.281% | |||||||
Debt Instrument, Face Amount | 500,000,000 | 500,000,000 | 500,000,000 | |||||
Debt Instrument, Unamortized Discount | (654,000) | (654,000) | (1,063,000) | |||||
Debt Issuance Costs, Noncurrent, Net | 285,000 | 285,000 | 467,000 | |||||
Interest Expense, Debt, Excluding Amortization | 3,750,000 | 3,750,000 | 11,250,000 | 11,250,000 | ||||
Amortization of Debt Issuance Costs | 61,000 | 61,000 | 182,000 | 183,000 | ||||
Amortization of Debt Discount (Premium) | 137,000 | 133,000 | 409,000 | 396,000 | ||||
Interest Expense, Debt | $ 3,948,000 | $ 3,944,000 | 11,841,000 | $ 11,829,000 | ||||
Proceeds from Issuance of Long-term Debt | $ 495,400,000 | |||||||
Debt instrument, long term debt, remaining discount amortization period | 1 year 2 months 12 days | |||||||
Long-term Debt, Excluding Current Maturities | $ 499,061,000 | $ 499,061,000 | $ 498,470,000 |
Debt and Credit Facility (Det_2
Debt and Credit Facility (Details 2) - USD ($) $ in Thousands | Dec. 28, 2019 | Mar. 30, 2019 |
Debt Disclosure [Abstract] | ||
Long-term Debt, Excluding Current Maturities | $ 1,246,000 | $ 1,234,807 |
Common Stock Repurchase Progr_2
Common Stock Repurchase Program (Details) - USD ($) | 9 Months Ended | ||||
Dec. 28, 2019 | Dec. 29, 2018 | Oct. 22, 2019 | Mar. 30, 2019 | May 16, 2018 | |
Accelerated Share Repurchases [Line Items] | |||||
Preferred stock, shares issued (none issued) | 0 | 0 | |||
Preferred Stock, Shares Outstanding | 0 | 0 | |||
Stock repurchased during period | $ 738,200,000 | $ 161,600,000 | |||
Treasury shares | 0 | 0 | |||
Stock Repurchased During Period, Shares | (7,200,000) | (2,400,000) | |||
Repurchase Program Two Thousand Eighteen [Domain] | |||||
Accelerated Share Repurchases [Line Items] | |||||
Amount authorized for common stock repurchase | $ 500,000,000 | ||||
Repurchase Program Two Thousand Nineteen [Domain] | |||||
Accelerated Share Repurchases [Line Items] | |||||
Amount authorized for common stock repurchase | $ 1,000,000,000 | ||||
Stock repurchased during period | $ 191,900,000 | ||||
Total amount available for future repurchases | $ 808,100,000 |
Interest and Other Expense, N_3
Interest and Other Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Other Income and Expenses [Abstract] | ||||
Net interest rate received (paid) from interest rate swap | $ (939) | $ (923) | $ (2,400) | |
Components of interest and other expense | ||||
Interest income | $ 11,138 | 21,610 | 42,939 | 56,358 |
Interest expense | (9,563) | (13,464) | (30,255) | (40,000) |
Other income (expense), net | 4,862 | (9,476) | 17,694 | (14,127) |
Interest and other expense, net | $ 6,437 | $ (1,330) | $ 30,378 | $ 2,231 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Mar. 30, 2019 |
Components of accumulated other comprehensive income (loss) | ||
Accumulated unrealized losses on available-for-sale securities, net of tax | $ (1,351) | $ (12,725) |
Accumulated unrealized losses on hedging transactions, net of tax | 513 | 95 |
Accumulated cumulative translation adjustment, net of tax | (11,267) | (10,780) |
Accumulated other comprehensive income (loss) | $ (12,105) | $ (23,410) |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Sep. 28, 2019 | |
Income Tax Disclosure [Abstract] | |||||
Income Tax Expense (Benefit) | $ 3,831 | $ 17,230 | $ 13,774 | $ 63,542 | |
Effective Income Tax Rate Reconciliation, Percent | 2.30% | 6.70% | 2.10% | 9.00% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 79,400 | ||||
Unrecognized Tax Benefits | 87,700 | $ 87,700 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 49,200 | 49,200 | |||
Unrecognized Tax Benefits That Would Impact Additional Paid-in Capital | $ 85,500 | ||||
Potential Impact of Adverse Decision for Prior Years Cost Sharing SBC | 60,000 | 60,000 | |||
Potential Impact of Adverse Decision for Cost Sharing SBC - Minimum | 55,000 | 55,000 | |||
NetTaxBenefitReconizedThroughAPIC | 81,900 | ||||
Net Benefit from Interest and Penalties Included in Provision for Income Taxes | $ 5,200 | $ 4,900 |
Leases and Commitments - Sched
Leases and Commitments - Schedule of Maturity of lease liability (Details) $ in Thousands | Dec. 28, 2019USD ($) |
Fiscal | |
2020 (remaining three months) | $ 3,436 |
2020 | 13,328 |
2021 | 11,731 |
2022 | 7,327 |
2023 | 6,299 |
Thereafter | 35,854 |
Total | 77,975 |
Less: Imputed interest | (18,977) |
Total lease liabilities | $ 58,998 |
Leases and Commitments Narrativ
Leases and Commitments Narrative (Details) $ in Millions | 3 Months Ended |
Dec. 28, 2019USD ($) | |
Other Commitments [Line Items] | |
Other commitments | $ 115 |
Property Renovation [Member] | |
Other Commitments [Line Items] | |
Other commitments | 1 |
Open purchase Orders From Ordinary Operations [Member] | |
Other Commitments [Line Items] | |
Other commitments | $ 34.9 |
Maximum [Member] | |
Other Commitments [Line Items] | |
Purchase Commitments, Period for Payment | 6 months |
Minimum [Member] | |
Other Commitments [Line Items] | |
Purchase Commitments, Period for Payment | 3 months |
Leases and Commitments - Lease
Leases and Commitments - Lease Assets and Liabilities (Details) $ in Thousands | Dec. 28, 2019USD ($) |
Leases [Abstract] | |
Other assets | $ 56,242 |
Other accrued liabilities | 10,588 |
Other long-term liabilities | $ 48,410 |
Leases and Commitments - Compon
Leases and Commitments - Components of lease cost (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 28, 2019USD ($) | Dec. 28, 2019USD ($) | |
Leases [Abstract] | ||
Operating lease cost | $ 4,109 | $ 12,715 |
Lease income | 58,998 | 58,998 |
Sublease Income | (768) | (2,236) |
Total lease cost | $ 3,341 | $ 10,479 |
Leases and Commitments - Other
Leases and Commitments - Other information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 28, 2019USD ($) | Dec. 28, 2019USD ($) | |
Leases [Abstract] | ||
Cash paid for operating leases included in operating cash flows | $ 3,054 | $ 9,133 |
Weighted-average remaining lease term - operating leases (in years) | 7 years 9 months 18 days | 7 years 9 months 18 days |
Weighted-average remaining discount rate - operating leases (as a percent) | 5.70% | 5.70% |
Contingencies Contingencies (De
Contingencies Contingencies (Details) $ in Millions | 3 Months Ended |
Dec. 28, 2019USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency, Damages Sought, Value | $ 50 |
Goodwill and Acquisition-Rela_3
Goodwill and Acquisition-Related Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 28, 2019 | Mar. 30, 2019 | |
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Goodwill | $ 619,196 | $ 340,718 |
Total acquisition-related intangibles, gross | 361,881 | 210,976 |
Less accumulated amortization | (151,440) | (130,253) |
Acquisition-related intangibles, net | 210,441 | 80,723 |
Total | 153,450 | |
Core Technology [Member] | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Total acquisition-related intangibles, gross | 209,131 | 107,250 |
Less accumulated amortization | (98,310) | (82,611) |
Total | $ 110,821 | 24,639 |
Weighted-Average Amortization Life | 4 years 2 months 12 days | |
Other Intangibles [Member] | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Total acquisition-related intangibles, gross | $ 95,759 | 51,016 |
Less accumulated amortization | (53,130) | (47,642) |
Total | $ 42,629 | 3,374 |
Weighted-Average Amortization Life | 4 years 1 month 6 days | |
In-process research and development | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
In-process research and development | $ 56,991 | $ 52,710 |
Goodwill and Acquisition-Rela_4
Goodwill and Acquisition-Related Intangibles (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of acquisition-related intangibles | $ 2,919 | $ 1,866 | $ 5,488 | $ 3,064 |
Schedule of expected annual amortization expense for acquisition-related intangibles | ||||
2020 (remaining three months) | 9,616 | 9,616 | ||
2021 | 38,440 | 38,440 | ||
2022 | 35,599 | 35,599 | ||
2023 | 33,749 | 33,749 | ||
2024 | 29,443 | 29,443 | ||
Thereafter | 6,603 | 6,603 | ||
Total | $ 153,450 | $ 153,450 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 723,499 | $ 800,057 | $ 2,406,497 | $ 2,230,678 |
North America | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 203,862 | 227,203 | 636,269 | 628,484 |
Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 343,416 | 366,766 | 1,197,489 | 997,533 |
Europe | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 118,646 | 145,903 | 395,779 | 431,324 |
Japan | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 57,575 | $ 60,185 | $ 176,960 | $ 173,337 |
Business Combination - Narrativ
Business Combination - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 28, 2019 | Mar. 30, 2019 | |
Business Acquisition [Line Items] | ||
Goodwill | $ 619,196 | $ 340,718 |
Solarflare | ||
Business Acquisition [Line Items] | ||
Consideration transferred including equity interest in acquiree held prior to combination | 400,000 | |
Fair value of equity interest in acquiree | 8,400 | |
Cash acquired | 6,765 | |
Acquisition related costs | 4,200 | |
Goodwill | $ 237,163 |
Business Combination - Assets A
Business Combination - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Mar. 30, 2019 |
Business Acquisition [Line Items] | ||
Goodwill | $ 619,196 | $ 340,718 |
Solarflare | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | 6,765 | |
Tangible assets | 19,308 | |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 44,016 | |
Identifiable intangible assets | 106,000 | |
Goodwill | 237,163 | |
Current liabilities | (9,229) | |
Non-current liabilities | (3,797) | |
Total | $ 400,226 |
Business Combination - Intangib
Business Combination - Intangible Assets Acquired (Details) - Solarflare $ in Thousands | 9 Months Ended |
Dec. 28, 2019USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total identifiable intangible assets | $ 106,000 |
In-process research and development | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Indefinite-lived intangible assets acquired | 30,000 |
Trade names & trademarks | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets acquired | $ 2,000 |
Amortization Life | 2 years |
Developed technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets acquired | $ 34,000 |
Amortization Life | 5 years |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets acquired | $ 40,000 |
Amortization Life | 5 years |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) | Jan. 28, 2020 | Jan. 27, 2020 |
Subsequent Event [Line Items] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.37 | |
Expected Restructuring and Related Cost, Expected Minimum Cost | $ 25,000,000 | |
Restructuring and Related Cost, Expected Cost | $ 30,000,000 |
Uncategorized Items - xlnx12282
Label | Element | Value |
Accounting Standards Update 2016-07 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |
Accounting Standards Update 2016-07 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (8,399,000) |
Accounting Standards Update 2016-07 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 8,399,000 |
Accounting Standards Update 2016-16 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (13,776,000) |
Accounting Standards Update 2016-16 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (13,776,000) |