Cover
Cover - USD ($) | 12 Months Ended | ||
Apr. 03, 2021 | Apr. 30, 2021 | Sep. 26, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Apr. 3, 2021 | ||
Current Fiscal Year End Date | --04-03 | ||
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 Tax Identification Number | 77-0188631 | ||
Entity Address, City or Town | San Jose | ||
Entity Address, State or Province | CA | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 20,370,129,000 | ||
Entity Common Stock, Shares Outstanding | 245,840,000 | ||
Documents Incorporated by Reference | Parts of the Proxy Statement for the Registrant's Annual Meeting of Stockholders to be held on August 4, 2021 are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000743988 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Income Statement [Abstract] | |||
Revenues | $ 3,147,599 | $ 3,162,666 | $ 3,059,040 |
Cost of revenues: | 966,604 | 1,025,234 | 955,868 |
Amortization of acquisition-related intangibles | 28,000 | 22,396 | 0 |
Gross margin | 2,152,995 | 2,115,036 | 2,103,172 |
Operating expenses: | |||
Research and development | 904,639 | 853,589 | 743,027 |
Selling, general and administrative | 483,749 | 432,308 | 398,416 |
Amortization of acquisition-related intangibles | 11,468 | 8,889 | 4,930 |
Restructuring charges | 0 | 28,362 | 0 |
Total operating expenses | 1,399,856 | 1,323,148 | 1,146,373 |
Total cost of revenues | 994,604 | 1,047,630 | 955,868 |
Operating income | 753,139 | 791,888 | 956,799 |
Interest and other income (expense), net | (23,461) | 42,096 | 11,533 |
Income before income taxes | 729,678 | 833,984 | 968,332 |
Provision for income taxes | 83,170 | 41,263 | 78,582 |
Net income | $ 646,508 | $ 792,721 | $ 889,750 |
Net income per common share: | |||
Basic (in dollars per share) | $ 2.65 | $ 3.15 | $ 3.52 |
Diluted (in dollars per share) | $ 2.62 | $ 3.11 | $ 3.47 |
Shares used in per share calculations: | |||
Basic (in shares) | 244,257 | 251,732 | 252,762 |
Diluted (in shares) | 247,229 | 254,943 | 256,434 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 646,508 | $ 792,721 | $ 889,750 |
Other comprehensive income, net of tax: | |||
Net change in unrealized gains (losses) on available-for-sale securities | (228) | 16,456 | 8,979 |
Reclassification adjustment for (gains) on available-for-sale securities | (108) | (2,412) | (260) |
Net change in unrealized (losses) gains on hedging transactions | 15,574 | (13,188) | (7,181) |
Reclassification adjustment for losses (gains) on hedging transactions | (4,500) | 2,923 | 5,603 |
Cumulative translation adjustment, net | 7,426 | (646) | (4,441) |
Other comprehensive income | 18,164 | 3,133 | 2,700 |
Total comprehensive income | $ 664,672 | $ 795,854 | $ 892,450 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,438,528 | $ 1,777,703 |
Short-term investments | 1,640,371 | 489,513 |
Accounts receivable, net of allowances for doubtful accounts of $3,149 and $3,239 in 2021 and 2020, respectively | 285,214 | 273,028 |
Inventories | 311,085 | 304,340 |
Prepaid expenses and other current assets | 71,064 | 64,557 |
Total current assets | 3,746,262 | 2,909,141 |
Property, plant and equipment, at cost: | ||
Land | 65,298 | 65,298 |
Buildings | 378,729 | 376,879 |
Machinery and equipment | 510,771 | 497,090 |
Furniture and fixtures | 49,389 | 50,048 |
Gross property, plant and equipment | 1,004,187 | 989,315 |
Accumulated depreciation and amortization | (659,164) | (616,741) |
Net property, plant and equipment | 345,023 | 372,574 |
Goodwill | 620,697 | 619,196 |
Acquisition-related intangibles, net | 171,592 | 200,344 |
Other assets | 635,627 | 592,079 |
Total Assets | 5,519,201 | 4,693,334 |
Current liabilities: | ||
Accounts payable | 116,046 | 102,131 |
Accrued payroll and related liabilities | 328,344 | 231,439 |
Income taxes payable | 48,468 | 36,217 |
Other accrued liabilities | 131,697 | 216,634 |
Current portion of long-term debt | 0 | 499,260 |
Total current liabilities | 624,555 | 1,085,681 |
Long-term debt | 1,492,688 | 747,110 |
Long-term income taxes payable | 460,926 | 447,383 |
Other long-term liabilities | 54,071 | 98,111 |
Commitments and contingencies (Note 8 and Note 16) | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value; 2,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $.01 par value; 2,000,000 shares authorized; 245,808 and 243,810 shares issued and outstanding in 2021 and 2020, respectively | 2,458 | 2,438 |
Additional paid-in capital | 1,383,494 | 1,145,083 |
Retained earnings | 1,503,122 | 1,187,805 |
Accumulated other comprehensive loss | (2,113) | (20,277) |
Total stockholders’ equity | 2,886,961 | 2,315,049 |
Total Liabilities and Stockholders’ Equity | $ 5,519,201 | $ 4,693,334 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Other Receivables, Current | $ 3,149 | $ 3,239 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares outstanding | 245,808,000 | 243,810,000 |
Common Stock, Shares, Issued | 245,808,000 | 243,810,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021USD ($) | Mar. 28, 2020USD ($) | Mar. 30, 2019USD ($) | |
Cash flows from operating activities: | |||
Net income | $ 646,508 | $ 792,721 | $ 889,750 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of software | 122,432 | 97,485 | 70,704 |
Amortization - others | 64,082 | 60,048 | 33,656 |
Stock-based compensation | 246,230 | 186,723 | 147,942 |
Amortization of debt discount | 652 | 663 | 1,144 |
Provision for deferred income taxes | (32,212) | 11,962 | (32,993) |
Others | 457 | (25,968) | 3,901 |
Changes in assets and liabilities: | |||
Accounts receivable, net | (12,186) | 66,889 | 47,081 |
Inventories | (6,746) | 17,947 | (78,602) |
Prepaid expenses and other current assets | (5,454) | 1,081 | (4,696) |
Other assets | (56,794) | (3,094) | (27,484) |
Accounts payable | 16,208 | (10,637) | 11,137 |
Accrued liabilities (including restructuring charges) | 81,644 | (23,699) | 46,585 |
Income taxes payable | 28,400 | 18,715 | (16,910) |
Net cash provided by operating activities | 1,093,221 | 1,190,836 | 1,091,215 |
Cash flows from investing activities: | |||
Purchases of available-for-sale securities | (5,238,914) | (1,470,888) | (1,998,881) |
Proceeds from sale of available-for-sale and equity securities | 76,407 | 670,604 | 35,734 |
Proceeds from maturity of available-for-sale securities | 3,952,115 | 2,092,219 | 1,650,604 |
Purchases of property, plant, equipment and software | (49,665) | (129,289) | (89,045) |
Acquisition of businesses, net of cash acquired | (7,103) | (454,651) | (234,145) |
Other investing activities, net | (20,262) | (27,791) | (54,810) |
Net cash provided by (used in) investing activities | (1,287,422) | 680,204 | (690,543) |
Cash flows from financing activities: | |||
Repurchases of common stock | (53,682) | (1,208,917) | (161,551) |
Taxes paid related to net share settlement of restricted stock units | (64,059) | (80,736) | (48,335) |
Proceeds from issuance of common stock through various stock plans | 55,588 | 53,277 | 48,669 |
Payment of dividends to stockholders | (278,674) | (371,793) | (364,244) |
Repayment of debt | 500,000 | 0 | 500,000 |
Proceeds from issuance of long-term debts | 744,427 | 0 | 0 |
Other financing activities | (48,574) | (29,658) | (10,049) |
Net cash used in financing activities | (144,974) | (1,637,827) | (1,035,510) |
Net increase (decrease) in cash and cash equivalents | (339,175) | 233,213 | (634,838) |
Cash and cash equivalents | 1,438,528 | 1,777,703 | 1,544,490 |
Supplemental disclosure of cash flow information: | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 49,352 | 49,076 | 70,326 |
Income taxes paid, net | 87,441 | 10,154 | 128,377 |
Unsettled investment receivables | 550 | 1,119 | 655 |
Unsettled investment payables | 15,746 | 77,936 | 0 |
Capital Expenditures Incurred but Not yet Paid | $ 9,476 | $ 51,980 | $ 66,237 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Common stock, shares outstanding, beginning balance at Mar. 31, 2018 | 253,377,000 | ||||
Total stockholders' equity, beginning balance at Mar. 31, 2018 | $ 2,360,353 | $ 2,534 | $ 878,672 | $ 1,513,656 | $ (34,509) |
Components of comprehensive income: | |||||
Net income | 889,750 | 889,750 | |||
Other comprehensive income (loss) | 2,700 | 2,700 | |||
Cumulative-effect of equity investments adoption | 8,399 | 8,399 | |||
Issuance of common shares under employee stock plans, net (in shares) | 2,950,000 | ||||
Issuance of common shares under employee stock plans, net | $ 29 | ||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | 335 | 306 | |||
Repurchase and retirement of common stock (in shares) | (2,436,000) | ||||
Repurchase and retirement of common stock | 161,551 | $ 24 | 21,509 | 140,018 | |
Stock-based compensation expense | 147,942 | 147,942 | |||
Cumulative-effect of deferred tax from intra-entity asset transfer adoption | 13,776 | 13,776 | |||
Cash dividends declared | (364,244) | (364,244) | |||
Common stock, shares outstanding, ending balance at Mar. 30, 2019 | 253,891,000 | ||||
Total stockholders' equity, ending balance at Mar. 30, 2019 | 2,861,509 | $ 2,539 | 1,005,411 | $ 1,876,969 | (23,410) |
Components of comprehensive income: | |||||
Cash dividends per common share (in dollars per share) | $ 1.44 | ||||
Net income | 792,721 | $ 792,721 | |||
Other comprehensive income (loss) | 3,133 | 3,133 | |||
Issuance of common shares under employee stock plans, net (in shares) | 2,817,000 | ||||
Issuance of common shares under employee stock plans, net | $ (27,459) | $ 28 | (27,487) | ||
Repurchase and retirement of common stock (in shares) | (12,900,000) | (12,898,000) | |||
Repurchase and retirement of common stock | $ 1,212,596 | $ 129 | 102,375 | 1,110,092 | |
Stock-based compensation expense | 186,723 | 186,723 | |||
Stock-based compensation capitalized in inventory | 923 | 923 | |||
Additionaltaxbenefitrecognizedfrom2014convertibledebtredemption | (81,888) | 81,888 | |||
Cash dividends declared | $ (371,793) | (371,793) | |||
Common stock, shares outstanding, ending balance at Mar. 28, 2020 | 243,810,000 | 243,810,000 | |||
Total stockholders' equity, ending balance at Mar. 28, 2020 | $ 2,315,049 | $ 2,438 | 1,145,083 | $ 1,187,805 | (20,277) |
Components of comprehensive income: | |||||
Cash dividends per common share (in dollars per share) | $ 1.48 | ||||
Net income | 646,508 | $ 646,508 | |||
Other comprehensive income (loss) | 18,164 | 18,164 | |||
Issuance of common shares under employee stock plans, net (in shares) | 2,683,000 | ||||
Issuance of common shares under employee stock plans, net | $ 27 | ||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 10,314 | (10,341) | |||
Repurchase and retirement of common stock (in shares) | (685,000) | (685,000) | |||
Repurchase and retirement of common stock | $ 50,002 | $ 7 | 2,522 | 52,517 | |
Stock-based compensation expense | 246,230 | 246,230 | |||
Cash dividends declared | $ (278,674) | (278,674) | |||
Common stock, shares outstanding, ending balance at Apr. 03, 2021 | 245,808,000 | 245,808,000 | |||
Total stockholders' equity, ending balance at Apr. 03, 2021 | $ 2,886,961 | $ 2,458 | $ 1,383,494 | $ 1,503,122 | $ (2,113) |
Components of comprehensive income: | |||||
Cash dividends per common share (in dollars per share) | $ 1.14 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Apr. 03, 2021 | |
Nature of Operations [Abstract] | |
Nature of Operations | Nature of OperationsXilinx, Inc. (Xilinx or the Company) designs, develops and markets programmable devices and associated technologies, including advanced ICs in the form of PLDs, boards, software design tools and predefined system functions delivered as IP. In addition to its programmable platforms, the Company provides design services, customer training, field engineering and technical support. The wafers used to manufacture its products are obtained primarily from independent wafer manufacturers located in Taiwan and Korea. The Company is dependent on these foundries to produce and deliver silicon wafers on a timely basis. The Company is also dependent on subcontractors, primarily located in the Asia Pacific region, to provide semiconductor assembly, test and shipment services. Xilinx is a global company with sales offices throughout the world. The Company derives over one-half of its revenues from international sales, primarily in the Asia Pacific region, Europe and Japan. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Concentrations of Risk | 12 Months Ended |
Apr. 03, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Concentrations of Risk | Summary of Significant Accounting Policies and Concentrations of Risk Basis of Presentation The accompanying consolidated financial statements include the accounts of Xilinx and its wholly-owned subsidiaries after elimination of all intercompany transactions. The Company uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2021 was a 53-week year ended on April 3, 2021. Fiscal 2020 and 2019 were 52-week years ended on March 28, 2020 and March 30, 2019, respectively. Fiscal 2022 will be a 52-week year ending on April 2, 2022. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of net revenues and expenses during the reporting period. Such estimates relate to, among others, the useful lives of assets, assessment of recoverability of property, plant and equipment, long-lived assets and goodwill, inventory write-downs, allowances for doubtful accounts, valuation of intangible assets, customer returns, deferred tax assets, stock-based compensation, potential reserves relating to litigation and tax matters, valuation of certain investments and derivative financial instruments as well as other accruals or reserves. Actual results may differ from those estimates and such differences may be material to the financial statements. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not currently aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of April 3, 2021. These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions. Cash Equivalents and Investments Cash equivalents consist of highly liquid investments with original maturities from the date of purchase of three months or less. These investments consist of money market funds, non-financial institution securities, U.S. and foreign government and agency securities and financial institution securities. Short-term investments consist of mortgage-backed securities, non-financial institution securities, U.S. and foreign government and agency securities, financial institution securities, asset-backed securities and commercial mortgage-backed securities with original maturities greater than three months and remaining maturities less than one year from the balance sheet date. Long-term investments are investments with remaining maturities greater than one year, unless the investments are specifically identified to fund current operations, in which case they are classified as short-term investments. Equity investments are also classified as long-term investments if they are not intended to fund current operations. There were no long-term investments as of April 3, 2021 or March 28, 2020. The Company maintains its cash balances with various banks with high quality ratings, and with investment banking and asset management institutions. The Company manages its liquidity risk by investing in a variety of money market funds, high-grade commercial paper, corporate bonds, U.S. and foreign government and agency securities, asset-backed securities, mortgage-backed securities, commercial mortgage-backed securities and bank time deposits. This diversification of investments is consistent with its policy to maintain liquidity and ensure the ability to collect principal. The Company maintains an offshore investment portfolio denominated in U.S. dollars. All investments are made pursuant to corporate investment policy guidelines. Investments include Euro commercial paper, Euro dollar bonds, offshore time deposits, U.S. and foreign government and agency securities, asset-backed securities, commercial mortgage-backed securities and mortgage-backed securities issued by U.S. government-sponsored enterprises and agencies. Management classifies investments as available-for-sale or held-to-maturity at the time of purchase and re-evaluates such designation at each balance sheet date, although classification is not generally changed. Securities are classified as held-to-maturity when the Company has the positive intent and the ability to hold the securities until maturity. Held-to-maturity securities are carried at cost adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization, as well as any interest on the securities, is included in interest income. No investments were classified as held-to-maturity as of April 3, 2021 or March 28, 2020. Available-for-sale securities are carried at fair value with the unrealized gains or losses, net of tax, included as a component of accumulated other comprehensive income (loss) in stockholders' equity. See "Note 3. Fair Value Measurements" for information relating to the determination of fair value. Realized gains and losses on available-for-sale securities and declines in value resulting from credit loss are included in interest and other expense, net. In determining if and when a decline in value below the adjusted cost of available for sale securities is resulting from credit loss, we evaluate on an ongoing basis the collectability of the instrument, market conditions, trends of earnings, financial condition, credit ratings, any underlying collateral and other key measures for our investments. The cost of securities matured or sold is based on the specific identification method. The Company's investments in non-marketable equity securities of private companies are accounted for under the measurement alternative method upon the adoption of ASU 2016-01. The carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Determining whether an observed transaction is similar to a security within the Company's portfolio requires judgment based on the rights and obligations of the securities. The Company's periodic assessment of impairment is made by considering available evidence, including the general market conditions in the investee’s industry, the investee’s product development status and subsequent rounds of financing and the related valuation and/or company's participation in such financings. The Company also assesses the investee’s ability to meet business milestones and the financial condition and near-term prospects of the individual investee, including the rate at which the investee is using its cash, the investee’s need for possible additional funding at a lower valuation and any bona fide offer to purchase the investee from a prospective acquirer. Accounts Receivable The allowance for doubtful accounts reflects the Company's best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on the aging of Xilinx's accounts receivable, historical experience, known troubled accounts, management judgment and other currently available evidence. Xilinx writes off accounts receivable against the allowance when Xilinx determines a balance is uncollectible and no longer actively pursues collection of the receivable. The amounts of accounts receivable written off were insignificant for all periods presented. Inventories Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated net realizable value) and are comprised of the following: (In thousands) April 3, 2021 March 28, 2020 Raw materials $ 25,927 $ 35,562 Work-in-process 220,228 204,501 Finished goods 64,930 64,277 $ 311,085 $ 304,340 The Company reviews and sets standard costs quarterly to approximate current actual manufacturing costs. The Company's manufacturing overhead standards for product costs are calculated assuming full absorption of actual spending over actual volumes. Given the cyclicality of the market, the obsolescence of technology and product lifecycles, the Company writes down inventory based on forecasted demand and technological obsolescence. These forecasts are developed based on inputs from the Company's customers, including bookings and extended but uncommitted demand forecasts, and internal analyses such as customer historical purchasing trends and actual and anticipated design wins, as well as market and economic conditions, technology changes, new product introductions and changes in strategic direction. These factors require estimates that may include uncertain elements. The estimates of future demand that the Company uses in the valuation of inventory are the basis for its published revenue forecasts, which are also consistent with our short-term manufacturing plans. The differences between the Company's demand forecast and the actual demand in the recent past have not resulted in any material write down in the Company's inventory. If the Company's demand forecast for specific products is greater than actual demand and the Company fails to reduce manufacturing output accordingly, the Company could be required to write down additional inventory, which would have a negative impact on the Company's gross margin. Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation. Depreciation for financial reporting purposes is computed using the straight-line method over the estimated useful lives of the assets of three Impairment of Long-Lived Assets The Company evaluates the carrying value of long-lived assets to be held and used for impairment if indicators of potential impairment exist. Assets are grouped and evaluated for impairment at the lowest level of identifiable cash flows. Impairment indicators are reviewed on a quarterly basis. When indicators of impairment exist and assets are held for use, the Company estimates future undiscounted cash flows attributable to the related assets groups. In the event such cash flows are not expected to be sufficient to recover the recorded value of the assets, the assets are written down to their estimated fair values based on the expected discounted future cash flows attributable to the asset groups or based on appraisals. When assets are removed from operations and held for sale, Xilinx estimates impairment losses as the excess of the carrying value of the assets over their fair value. Goodwill Goodwill is not amortized but is subject to impairment tests on an annual basis, or more frequently if indicators of potential impairment exist, using a fair-value-based approach. Based on the impairment review performed during the fourth quarter of fiscal 2021, there was no impairment of goodwill in fiscal 2021. Unless there are indicators of impairment, the Company's next impairment review for goodwill will be performed and completed in the fourth quarter of fiscal 2022. To date, no impairment indicators have been identified. Revenue Recognition Revenue from sales to the Company's distributors is recognized upon the transfer of control, which typically occurs at shipment, and is reduced by estimated allowances for distributor price adjustments and rights of return. The distributor price adjustments are estimated using the expected value method based on an analysis of actual and forecasted ship and debit claims, at the distributor and part level to account for current pricing and business trends. For fiscal 2021, approximately 58% of the Company's net revenues were from products sold to distributors for subsequent resale to OEMs or their subcontract manufacturers. Revenue from sales to the Company's non-distributors is recognized net of sales incentives (if any) upon transfer of control to the customer, which typically occurs at shipment. Sales returns and allowances on product sales are recorded as a reduction of revenue. Revenue from software license agreements and renewals is recognized at point of sales. Revenue from support services is recognized when the service is performed. Revenue from software licenses and support services sales was approximately 1% or less of net revenues for all of the periods presented. Foreign Currency Translation The U.S. dollar is the functional currency for the Company's Ireland and Singapore subsidiaries. Monetary assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars, and the resulting gains or losses are included in the consolidated statements of income under interest and other expense, net. The remeasurement gains or losses were immaterial for all fiscal periods presented. The local currency is the functional currency for each of the Company's other wholly-owned foreign subsidiaries. Assets and liabilities are translated from foreign currencies into U.S. dollars at month-end exchange rates and statements of income are translated at the average monthly exchange rates. Exchange gains or losses arising from translation of foreign currency denominated assets and liabilities (i.e., cumulative translation adjustment) are included as a component of accumulated other comprehensive income (loss) in stockholders' equity. Derivative Financial Instruments To reduce financial risk, the Company periodically enters into financial arrangements as part of the Company's ongoing asset and liability management activities. Xilinx uses derivative financial instruments to hedge fair values of underlying assets and liabilities or future cash flows which are exposed to interest rate, foreign currency or commodity price fluctuations. The Company does not enter into derivative financial instruments for trading or speculative purposes. See "Note 5. Derivative Financial Instruments" for detailed information about the Company's derivative financial instruments. Research and Development Expenses Research and development costs are current period expenses and charged to expense as incurred. Stock-Based Compensation The Company has equity incentive plans that are more fully discussed in "Note 6. Stock-Based Compensation Plans." The authoritative guidance of accounting for share-based payment requires the Company to measure the cost of all employee equity awards (that are expected to be exercised or vested) based on the grant-date fair value of those awards, and to record that cost as compensation expense over the period during which the employee is required to perform service in exchange for the award (over the vesting period of the award). Additionally, the Company's ESPP is deemed to be a compensatory plan under the authoritative guidance of accounting for share-based payments. Accordingly, the ESPP is included in the computation of stock-based compensation expense. The Company uses the straight-line attribution method to recognize stock-based compensation costs over the requisite service period of the time-based awards. Stock-based compensation costs for performance-based awards are recognized when it becomes probable that the performance conditions will be met. The Company amortizes stock-based compensation costs for performance-based awards using the accelerated method, as required under the authoritative guidance. Income Taxes All income tax amounts reflect the use of the liability method under the accounting for income taxes, as interpreted by Financial Accounting Standards Board (FASB) authoritative guidance for measuring uncertain tax positions . Under this method, deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. The Tax Cuts and Jobs Act introduced GILTI, which subjects a U.S. shareholder to current tax on income earned by certain foreign subsidiaries. The FASB allows companies to either (1) recognize deferred taxes for temporary differences that are expected to reverse as GILTI in future years (deferred method) or (2) account for taxes on GILTI as period costs in the year the tax is incurred (period method). The Company elected the deferred method. Business Combinations The Company uses the acquisition method of accounting and allocate the fair value of purchase consideration to the assets acquired and liabilities assumed from the acquiree based on their respective fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired and liabilities assumed is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth and margins, future changes in technology, expected cost and time to develop in-process research and development, brand awareness and discount rates. Fair value estimates are based on the assumptions that management believes a market participant would use in pricing the asset or liability. Lease The Company determines if an arrangement is a lease, or contains a lease, at the inception of the arrangement. Operating lease assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make 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 elected the practical expedients to not separate lease and non-lease components within lease transactions, and to not record on the balance sheet leases with a term of 12 months or less. The Company's finance leases were immaterial. Product Warranty and Indemnification The Company generally sells products with a limited warranty for product quality. The Company provides an accrual for known product issues if a loss is probable and can be reasonably estimated. As of the end of both fiscal 2021 and 2020, the accrual balance of the product warranty liability was immaterial. The Company offers, subject to certain terms and conditions, to indemnify customers and distributors for costs and damages awarded against these parties in the event the Company's hardware products are found to infringe third-party intellectual property rights, including patents, copyrights or trademarks, and to compensate certain customers for limited specified costs they actually incur in the event our hardware products experience epidemic failure. To a lesser extent, the Company may from time-to-time offer limited indemnification with respect to its software products. The terms and conditions of these indemnity obligations are limited by contract, which obligations are typically perpetual from the effective date of the agreement. The Company has historically received only a limited number of requests for indemnification under these provisions and has not made any significant payments pursuant to these provisions. The Company cannot estimate the maximum amount of potential future payments, if any, that the Company may be required to make as a result of these obligations due to the limited history of indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim and indemnification provision. However, there can be no assurances that the Company will not incur any material financial liabilities in the future as a result of these obligations. Concentrations of Credit Risk Avnet, one of the Company's distributors, distributes the Company's products worldwide. As of April 3, 2021 and March 28, 2020, Avnet accounted for 13% and 31% of the Company's total net accounts receivable, respectively. We expect our accounts receivable to fluctuate as we partner with our distributors to manage their inventory requirements. Avnet 's revenue accounted for 43%, 42% and 45% of the Company's worldwide net revenues in fiscal 2021, 2020 and 2019, respectively. The percentage of worldwide net revenues from Avnet is consistent with historical patterns. No other distributor or end customer accounted for more than 10% of the Company's worldwide net revenues for any of the periods presented. Xilinx is subject to concentrations of credit risk primarily in its trade accounts receivable and investments in debt securities to the extent of the amounts recorded on the consolidated balance sheet. The Company attempts to mitigate the concentration of credit risk in its trade receivables through its credit evaluation process, collection terms and distributor sales to diverse end customers and through geographical dispersion of sales. Xilinx generally does not require collateral for receivables from its end customers or from distributors. The Company mitigates concentrations of credit risk in its investments in debt securities by currently investing more than 95% of its portfolio in AA (or its equivalent) or higher-grade securities as rated by Standard & Poor's or Moody's Investors Service equivalent. The Company's methods to arrive at investment decisions are not solely based on the rating agencies' credit ratings. Xilinx also performs additional credit due diligence and conducts regular portfolio credit reviews, including a review of counterparty credit risk related to the Company's forward currency exchange contracts. Additionally, Xilinx limits its investments in the debt securities of a single issuer based upon the issuer's credit rating and attempts to further mitigate credit risk by diversifying risk across geographies and type of issuer. As of April 3, 2021, all of the mortgage-backed securities in the investment portfolio were issued by U.S. government-sponsored enterprises and agencies and are rated AA+ by Standard & Poor's and Aaa by Moody's Investors Service. The global credit markets may experience adverse conditions that negatively impact the values of various types of investment and non-investment grade securities. The global credit and capital markets may experience significant volatility and disruption due to instability in the global financial system, uncertainty related to global economic conditions and concerns regarding sovereign financial stability. Therefore, there is a risk that we may incur other-than-temporary impairment charges for certain types of investments should credit market conditions deteriorate. See "Note 4. Financial Instruments" for a table of the Company's available-for-sale securities. Recent Accounting Pronouncements Adopted Credit Losses In June 2016, the Financial Accounting Standards Board (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 guidance requires a forward-looking expected credit loss model for financial assets, including accounts receivable and available for sale debt securities. The Company adopted this authoritative guidance in the first quarter of fiscal 2021 and the impact of the adoption was not material to the Company's 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 required 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 remains largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The Company adopted this authoritative guidance in the first quarter of fiscal 2021 and the adoption did not impact the Company's consolidated financial statements. Cloud Computing Arrangements In August 2018, the FASB issued new guidance requiring a customer in a cloud computing arrangement (i.e., hosting arrangement) that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. The Company adopted this authoritative guidance in the first quarter of fiscal 2021 and the impact of the adoption was not material to the Company's consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted 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 and is currently evaluating the impact of this authoritative guidance on its consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Apr. 03, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The guidance for fair value measurements established by the FASB defines fair value as the exchange price that would be received from selling an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which Xilinx would transact and also considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of nonperformance. The Company determines the fair value for marketable debt and equity securities using industry standard pricing services, data providers and other third-party sources and by internally performing valuation testing and analysis. The Company primarily uses a consensus price or weighted-average price for its fair value assessment. The Company determines the consensus price using market prices from a variety of industry standard pricing services, data providers, security master files from large financial institutions and other third party sources and uses those multiple prices as inputs into a distribution-curve-based algorithm to determine the daily market value. The pricing services use multiple inputs to determine market prices, including reportable trades, benchmark yield curves, credit spreads and broker/dealer quotes as well as other industry and economic events. For certain securities with short maturities, such as discount commercial paper and certificates of deposit, the security is accreted from purchase price to face value at maturity. If a subsequent transaction on the same security is observed in the marketplace, the price on the subsequent transaction is used as the current daily market price and the security will be accreted to face value based on the revised price. The Company validates the consensus prices by taking random samples from each asset type and corroborating those prices using reported trade activity, benchmark yield curves, binding broker/dealer quotes or other relevant price information. There have not been any changes to the Company's fair value methodology during fiscal 2021 and the Company did not adjust or override any fair value measurements as of April 3, 2021. 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 April 3, 2021 and March 28, 2020: April 3, 2021 (In thousands) Level 1 Level 2 Level 3 Total Fair Assets Cash equivalents: Money market funds $ 583,390 $ — $ — $ 583,390 Financial institution securities — 274,985 — 274,985 Non-financial institution securities — 158,981 — 158,981 Foreign government and agency securities — 247,979 — 247,979 Short-term investments: Financial institution securities — 159,997 — 159,997 Non-financial institution securities — 374,854 — 374,854 U.S. government and agency securities 378,686 189,481 — 568,167 Foreign government and agency securities — 414,876 — 414,876 Mortgage-backed securities — 109,603 — 109,603 Asset-backed securities — 172 — 172 Commercial mortgage-backed securities — 12,702 — 12,702 Derivative financial instruments, net — 3,519 — 3,519 Total assets measured at fair value $ 962,076 $ 1,947,149 $ — $ 2,909,225 March 28, 2020 (In thousands) Level 1 Level 2 Level 3 Total Fair Assets Cash equivalents: Money market funds $ 656,038 $ — $ — $ 656,038 Financial institution securities — 175,000 — 175,000 Non-financial institution securities — 361,692 — 361,692 U.S. government and agency securities 150,999 62,274 — 213,273 Foreign government and agency securities — 244,300 — 244,300 Short-term investments: Financial institution securities — 150,000 — 150,000 Non-financial institution securities — 115,043 — 115,043 U.S. government and agency securities 1,000 2,000 — 3,000 Foreign government and agency securities — 9,973 — 9,973 Mortgage-backed securities — 158,804 — 158,804 Asset-backed securities — 2,549 — 2,549 Commercial mortgage-backed securities — 50,144 — 50,144 Total assets measured at fair value $ 808,037 $ 1,331,779 $ — $ 2,139,816 Liabilities Derivative financial instruments, net $ — $ 12,381 $ — $ 12,381 Total liabilities measured at fair value $ — $ 12,381 $ — $ 12,381 Net assets measured at fair value $ 808,037 $ 1,319,398 $ — $ 2,127,435 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 $750.0 million principal amount of 2.950% notes due June 1, 2024 (2024 Notes) and $750.0 million principal amount of 2.375% senior notes due June 1, 2030 (2030 Notes) are measured at fair value on a quarterly basis for disclosure purposes. The fair values of the 2024 Notes and 2030 Notes as of April 3, 2021 were approximately, $796.1 million and $736.7 million, respectively, based on the last trading price of the respective debentures for the period (classified as Level 2 in fair value hierarchy due to relatively low trading volume). Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis As of April 3, 2021, the Company had non-marketable equity securities in private companies of $115.5 million, which were classified as Level 3 assets. The Company’s investments in non-marketable securities of private companies are also recorded at fair value if the Company recognizes an observable price adjustment or an impairment. Such impairment losses or observable price adjustments were not material during all periods presented. The Company’s investments in non-financial assets such as property, plant and equipment, goodwill and acquisition-related intangibles, are recorded at cost (net of accumulated depreciation or amortization, where applicable). These non-financial assets are only measured at fair value when indicators of impairment exist. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Apr. 03, 2021 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | Financial Instruments The following is a summary of cash equivalents and available-for-sale securities as of the end of the periods presented: April 3, 2021 March 28, 2020 (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 $ 583,390 $ — $ — $ 583,390 $ 656,038 $ — $ — $ 656,038 Financial institution securities 434,982 — — 434,982 325,000 — — 325,000 Non-financial institution securities 533,835 — — 533,835 476,735 — — 476,735 U.S. government and agency securities 568,122 45 — 568,167 216,178 95 — 216,273 Foreign government and agency securities 662,855 — — 662,855 254,283 7 (17) 254,273 Mortgage-backed securities 108,460 1,488 (345) 109,603 156,836 2,445 (477) 158,804 Asset-backed securities 159 13 — 172 2,533 18 (2) 2,549 Commercial mortgage- backed securities 12,622 86 (6) 12,702 50,566 134 (556) 50,144 $ 2,904,425 $ 1,632 $ (351) $ 2,905,706 $ 2,138,169 $ 2,699 $ (1,052) $ 2,139,816 Financial institution securities include securities issued or managed by financial institutions in various forms, such as commercial paper and time deposits. Substantially all time deposits were issued by institutions outside the U.S. as of April 3, 2021 and March 28, 2020. The following tables show the fair values and gross unrealized losses of the Company's investments, aggregated by investment category, for individual securities that have been in a continuous unrealized loss position for the length of time specified, as of April 3, 2021 and March 28, 2020: April 3, 2021 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 Mortgage-backed securities $ 37,442 $ (216) $ 9,835 $ (129) $ 47,277 $ (345) Commercial mortgage- backed securities 2,671 (5) 181 (1) 2,852 (6) $ 40,113 $ (221) $ 10,016 $ (130) $ 50,129 $ (351) March 28, 2020 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 Mortgage-backed securities $ 13,492 $ (88) $ 31,819 $ (389) $ 45,311 $ (477) Asset-backed securities 1,641 (2) — — 1,641 (2) Foreign government and agency securities 30,998 (17) — — 30,998 (17) Commercial mortgage- backed securities 30,593 (282) 2,589 (274) 33,182 (556) $ 76,724 $ (389) $ 34,408 $ (663) $ 111,132 $ (1,052) The Company reviewed the investment portfolio and determined that the gross unrealized losses on these investments as of April 3, 2021 and March 28, 2020 were temporary in nature as evidenced by the fluctuations in the gross unrealized losses within the investment categories. The marketable debt securities (financial institution securities, non-financial institution securities, U.S. and foreign government and agency securities, asset-back securities, mortgage-backed securities and commercial mortgage-backed securities) are highly rated by the credit rating agencies, there have been no defaults on any of these securities and the Company has received interest payments as they become due. Therefore, the Company believes that it will be able to collect both principal and interest amounts due to the Company. Additionally, in the past several years a portion of the Company's investment in mortgage-backed securities was redeemed or prepaid by the debtors at par. Furthermore, the aggregate of individual unrealized losses that had been outstanding for twelve months or more was not significant as of April 3, 2021 and March 28, 2020. The Company neither intends to sell these marketable debt securities nor concludes that it is more-likely-than-not that it will have to sell them until recovery of their carrying values. The amortized cost and estimated fair value of marketable debt securities, by contractual maturity, are shown in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties. April 3, 2021 (In thousands) Amortized Estimated Due in one year or less $ 2,200,109 $ 2,200,156 Due after one year through five years 2,345 2,390 Due after five years through ten years 15,907 16,403 Due after ten years 102,674 103,367 $ 2,321,035 $ 2,322,316 As of April 3, 2021, $122.2 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: Years Ended (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 Proceeds from sale of available-for-sale and equity securities $ 76,407 $ 670,604 $ 35,734 Gross realized gains on sale of available-for-sale securities $ 801 $ 3,349 $ 372 Gross realized losses on sale of available-for-sale securities (450) (216) (51) Net realized gains on sale of available-for-sale securities $ 351 $ 3,133 $ 321 Amortization of premiums (discounts) on available-for-sale securities $ (280) $ 3,551 $ 8,118 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Apr. 03, 2021 | |
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 March and May 2020, the Company entered into interest rate swap contracts with an independent financial institution in an effort to reduce the risk of changes in the underlying benchmark interest rate. During the first quarter of fiscal 2021, the Company unwound these interest rate swap contracts and recognized an immaterial loss. The loss is being amortized as an additional increase to interest expense over the remaining life of the 2030 Notes. There was no hedge ineffectiveness during all periods presented. As of April 3, 2021 and March 28, 2020, the Company had the following outstanding forward currency exchange contracts (in notional amount), which were derivative financial instruments: (In thousands and U.S. dollars) April 3, 2021 March 28, 2020 Singapore Dollar $ 30,024 $ 28,875 Euro 28,600 33,474 Indian Rupee 99,255 76,076 British Pound 23,795 20,191 Japanese Yen — 2,433 Chinese Yuan 33,408 26,266 $ 215,082 $ 187,315 As part of the Company's strategy to reduce volatility of operating expenses due to foreign exchange rate fluctuations, the Company employs a hedging program with a forward outlook of up to two years for major foreign-currency-denominated operating expenses. The outstanding forward currency exchange contracts expire at various dates through February 2023. The net unrealized gains, which approximate the fair market value of the outstanding forward currency exchange contracts, are expected to be recognized in the consolidated statements of income within the next two years. As of April 3, 2021, all of the forward foreign currency exchange contracts were designated and qualified as cash flow hedges and the effective portion of the gain or loss on the forward contracts was reported as a component of other comprehensive income (loss) and reclassified into net income in the same period during which the hedged transaction affects earnings. The estimated amount of such gains or losses as of April 3, 2021 that is expected to be reclassified into earnings was not material. The Company may enter into forward foreign currency exchange contracts to hedge firm commitments such as acquisitions and capital expenditures. Gains and losses on foreign currency forward contracts that are designated as hedges of anticipated transactions, for which a firm commitment has been attained and the hedged relationship has been effective, are deferred and included in income or expenses in the same period that the underlying transaction is settled. Gains and losses on any instruments not meeting the above criteria are recognized in income or expenses in the consolidated statements of income as they are incurred. The Company had the following derivative instruments as of April 3, 2021 and March 28, 2020, located on the consolidated balance sheet, utilized for risk management purposes detailed above: Foreign Exchange Contracts Asset Derivatives Liability Derivatives (In thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value April 3, 2021 Prepaid expenses and other current assets $ 4,381 Other accrued liabilities $ 862 March 28, 2020 Prepaid expenses and other current assets 30 Other accrued liabilities 9,140 The Company does not offset or net the fair value amounts of derivative financial instruments in its consolidated balance sheets. The potential effect of rights of set-off associated with the derivative financial instruments was not material to the Company's consolidated balance sheet for all periods presented. The following table summarizes the effect of derivative instruments on the consolidated statements of income for fiscal 2021 and 2020: Foreign Exchange Contracts Years Ended (In thousands) April 3, 2021 March 28, 2020 Amount of gains/(losses) recognized in other comprehensive income on derivative (effective portion of cash flow hedging) $ 10,471 $ (7,637) Amount of (losses)/gains reclassified from accumulated other comprehensive income into income (effective portion) 1 4,500 (2,923) Amount of losses recorded (ineffective portion) 2 — (8) 1 Recorded in operating expense and cost of products sold within the consolidated statements of income in fiscal 2021. Recorded in interest and other expense, net within the consolidated statements of income in fiscal 2020. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Apr. 03, 2021 | |
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 Amended and Restated 1990 Employee Qualified Stock Purchase Plan (ESPP): Years Ended (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 Stock-based compensation included in: Cost of revenues $ 12,765 $ 10,035 $ 8,820 Research and development 150,271 114,976 86,428 Selling, general and administrative 83,194 61,540 52,694 Restructuring charges and Executive transition costs — 172 — Stock-based compensation effect on income before taxes 246,230 186,723 147,942 Income tax effect (50,802) (38,013) (29,361) Net stock-based compensation effect on net income $ 195,428 $ 148,710 $ 118,581 The Company adjusts stock-based compensation on a quarterly basis for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience. The effect of adjusting the forfeiture rate for all expense amortization was recognized in the period the forfeiture estimate was changed and was not material for all periods presented. In order to retain its current workforce and maintain continuous business operations during the pending period of the Merger, the Company implemented an employee retention bonus program in December 2020 for certain employees consisting of both cash bonuses and RSUs. The cash bonuses are payable in separate installments through the later of December 2021 or the closing of the Merger, and the RSUs will vest in equal annual installments over three years, with payment and vesting contingent upon a participant employee's continuing employment with the Company. As of April 3, 2021 and March 28, 2020, the ending inventory balances included $3.0 million and $3.0 million of capitalized stock-based compensation. During fiscal 2021, 2020 and 2019, the tax benefit realized for the tax deduction from restricted stock units (RSUs) and other awards totaled $59.7 million, $72.7 million and $44.4 million, respectively. The tax deduction includes amounts credited to income tax expense. The fair values of ESPP were estimated as of the grant date using the Black-Scholes option pricing model. The Company's expected stock price volatility assumption is estimated using implied volatility of the Company's traded options. The expected life of options granted is based on the historical exercise activity as well as the expected disposition of all options outstanding. The expected life of options granted also considers the actual contractual term. The weighted-average fair value per share of stock purchase rights granted under the ESPP during fiscal 2021, 2020 and 2019 were $42.05, $31.97 and $26.57, respectively. These fair values per share were estimated at the date of grant using the following weighted-average assumptions: Employee Stock Purchase Plan Fiscal 2021 Fiscal 2020 Fiscal 2019 Expected life of options (years) 1.3 1.3 1.3 Expected stock price volatility 0.46 0.35 0.33 Risk-free interest rate 0.1 % 1.7 % 2.5 % Dividend yield 0.7 % 1.5 % 1.7 % The estimated fair values of RSU awards were calculated based on the market price of Xilinx common stock on the date of grant, reduced by the present value of dividends expected to be paid on Xilinx common stock prior to vesting. The per share weighted-average fair value of RSUs granted during fiscal 2021, 2020 and 2019 were $106.36, $109.53 and $66.94, respectively. The weighted average fair value of RSUs granted in fiscal 2021, 2020 and 2019 were calculated based on estimates at the date of grant using the following weighted-average assumptions: Fiscal 2021 Fiscal 2020 Fiscal 2019 Risk-free interest rate 0.2 % 1.8 % 2.7 % Dividend yield 1.2 % 1.3 % 2.1 % As of April 3, 2021, total unrecognized stock-based compensation costs related to ESPP was $19.9 million. The total unrecognized stock-based compensation cost for ESPP is expected to be recognized over a weighted-average period of 0.7 years. Equity Incentive Plans As of April 3, 2021, 11.8 million shares are available for future grants under the 2007 Equity Incentive Plan (2007 Equity Plan). The contractual term for stock awards granted under the 2007 Equity Plan is seven years from the grant date. Stock awards granted to existing and newly hired employees generally vest over a four-year period from the date of grant. A summary of shares available for grant under the 2007 Equity Plan is as follows: (Shares in thousands) Shares Available for Grant March 31, 2018 11,342 Additional shares reserved 3,000 RSUs granted (3,559) RSUs cancelled 536 March 30, 2019 11,319 Additional shares reserved 6,000 RSUs granted (2,756) RSUs cancelled 487 March 28, 2020 15,050 Additional shares reserved — RSUs granted (3,885) RSUs cancelled 680 April 3, 2021 11,845 The types of awards allowed under the 2007 Equity Plan include incentive stock options, non-qualified stock options, RSUs, restricted stock and stock appreciation rights. To date, the Company has issued a mix of non-qualified stock options and RSUs under the 2007 Equity Plan. The total pre-tax intrinsic value of options exercised during fiscal 2021 and 2020 was immaterial. This intrinsic value represents the difference between the exercise price and the fair market value of the Company's common stock on the date of exercise. Since the Company adopted the policy of retiring all repurchased shares of its common stock, new shares are issued upon employees' exercise of their stock options. RSU Awards A summary of the Company's RSU activity and related information is as follows: RSUs Outstanding (Shares and intrinsic value in thousands) Number of Shares Weighted-Average Grant-Date Fair Value Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (1) March 31, 2018 6,989 $51.39 Granted 3,559 $66.94 Vested (2) (2,681) $49.05 Cancelled (536) $55.09 March 30, 2019 7,331 $59.54 Granted 2,756 $109.53 Vested (2) (2,820) $55.24 Cancelled (487) $75.09 March 28, 2020 6,780 $80.53 Granted 3,885 $106.36 Vested (2) (2,558) $71.07 Cancelled (680) $85.26 April 3, 2021 7,427 $96.45 2.38 $ 966,233 Expected to vest as of April 3, 2021 6,066 $96.76 2.38 $ 787,637 (1) Aggregate intrinsic value for RSUs represents the closing price per share of Xilinx's stock on April 3, 2021 of $129.85, multiplied by the number of RSUs outstanding or expected to vest as of April 3, 2021. (2) The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. RSUs with a fair value of $181.8 million vested during fiscal 2021. As of April 3, 2021, total unrecognized stock-based compensation costs related to non-vested RSUs was $487.7 million. The total unrecognized stock-based compensation cost for RSUs is expected to be recognized over a weighted-average period of 2.6 years. Employee Stock Purchase Plan Under the Company's ESPP, qualified employees can obtain a 24-month purchase right to purchase the Company's common stock at the end of each six-month exercise period. Participation is limited to 15% of the employee's annual earnings up to a maximum of $21 thousand in a calendar year. Approximately 84% of all eligible employees participated in the ESPP. The purchase price of the stock is 85% of the lower of the fair market value at the beginning of the 24-month offering period or at the end of each six-month exercise period. Employees purchased 762 thousand shares for $55.6 million in fiscal 2021, 719 thousand shares for $53.0 million in fiscal 2020, and 1.0 million shares for $48.3 million in fiscal 2019. The next scheduled purchase under the ESPP is in the second quarter of fiscal 2022. As of April 3, 2021, 11.9 million shares were available for future issuance. |
Balance Sheet Information
Balance Sheet Information | 12 Months Ended |
Apr. 03, 2021 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | The following tables disclose the current liabilities and other assets that individually exceed 5% of the respective consolidated balance sheet amounts in each fiscal year. Individual balances that are less than 5% of the respective consolidated balance sheet amounts are aggregated and disclosed as "other." (In thousands) April 3, 2021 March 28, 2020 Other assets: Deferred tax asset $ 176,429 $ 149,415 Deferred compensation plan asset 167,956 111,092 Lease assets 48,322 57,819 Investments in non-marketable equity securities 115,494 101,026 Software license contracts 84,002 121,439 Others 43,424 51,288 $ 635,627 $ 592,079 (In thousands) April 3, 2021 March 28, 2020 Accrued payroll and related liabilities: Accrued compensation $ 139,391 $ 99,197 Deferred compensation plan liability 180,379 121,936 Others 8,574 10,306 $ 328,344 $ 231,439 (In thousands) April 3, 2021 March 28, 2020 Other accrued liabilities: Interest payable $ 14,426 $ 9,480 Accruals related to software licenses 32,908 41,093 Unsettled investment transactions 15,746 77,936 Restructuring accruals — 13,454 Lease liabilities 10,461 11,109 Others 58,156 63,562 $ 131,697 $ 216,634 |
Leases and Commitments
Leases and Commitments | 12 Months Ended |
Apr. 03, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Leases | 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 April 3, 2021: Fiscal (In thousands) 2022 $ 12,924 2023 8,605 2024 7,037 2025 6,514 2026 6,403 Thereafter 22,925 Total lease payments 64,408 Less: Imputed interest (13,089) Total lease liabilities $ 51,319 The Company's leases were included as a component of the following consolidated balance sheet lines: (In thousands) April 3, 2021 March 28, 2020 Other assets $ 48,322 $ 57,819 Other accrued liabilities 10,461 11,109 Other long-term liabilities 40,858 48,964 The components of lease costs were as follows: (In thousands) April 3, 2021 March 28, 2020 Operating lease cost $ 15,225 $ 16,584 Lease income (3,359) (2,799) Total lease cost $ 11,866 $ 13,785 Other information related to leases was as follows: (In thousands) April 3, 2021 March 28, 2020 Cash paid for operating leases included in operating cash flows $ 13,713 $ 12,571 April 3, 2021 March 28, 2020 Weighted-average remaining lease term - operating leases (in years) 6.9 7.3 Weighted-average remaining discount rate - operating leases 5.7 % 5.6 % three |
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 April 3, 2021: Fiscal (In thousands) 2022 $ 12,924 2023 8,605 2024 7,037 2025 6,514 2026 6,403 Thereafter 22,925 Total lease payments 64,408 Less: Imputed interest (13,089) Total lease liabilities $ 51,319 The Company's leases were included as a component of the following consolidated balance sheet lines: (In thousands) April 3, 2021 March 28, 2020 Other assets $ 48,322 $ 57,819 Other accrued liabilities 10,461 11,109 Other long-term liabilities 40,858 48,964 The components of lease costs were as follows: (In thousands) April 3, 2021 March 28, 2020 Operating lease cost $ 15,225 $ 16,584 Lease income (3,359) (2,799) Total lease cost $ 11,866 $ 13,785 Other information related to leases was as follows: (In thousands) April 3, 2021 March 28, 2020 Cash paid for operating leases included in operating cash flows $ 13,713 $ 12,571 April 3, 2021 March 28, 2020 Weighted-average remaining lease term - operating leases (in years) 6.9 7.3 Weighted-average remaining discount rate - operating leases 5.7 % 5.6 % three |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Apr. 03, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income Per Common Share The computation of basic net income per common share for all periods presented is derived from the information on the consolidated statements of income, and there are no reconciling items in the numerator used to compute diluted net income per common share. The following table summarizes the computation of basic and diluted net income per common share: Years Ended (In thousands, except per share amounts) April 3, 2021 March 28, 2020 March 30, 2019 Net income available to common stockholders $ 646,508 $ 792,721 $ 889,750 Weighted average common shares outstanding-basic 244,257 251,732 252,762 Dilutive effect of employee equity incentive plans 2,972 3,211 3,672 Weighted average common shares outstanding-diluted 247,229 254,943 256,434 Basic earnings per common share $ 2.65 $ 3.15 $ 3.52 Diluted earnings per common share $ 2.62 $ 3.11 $ 3.47 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 antidilutive. These options and RSUs were immaterial for fiscal 2021, 2020 and 2019. but could be dilutive in the future if the Company's average share price increases and is greater than the combined exercise prices and the unamortized fair values of these options and RSUs. |
Interest and Other Expense, Net
Interest and Other Expense, Net | 12 Months Ended |
Apr. 03, 2021 | |
Other Income and Expenses [Abstract] | |
Interest and Other Expense, Net | Interest and Other Income (Expense), Net The components of interest and other income (expense), net are as follows: Years Ended (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 Interest income $ 10,759 $ 52,462 $ 77,295 Interest expense (53,689) (39,820) (52,883) Other income (expense), net 19,469 29,454 (12,879) $ (23,461) $ 42,096 $ 11,533 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Apr. 03, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Comprehensive loss is defined as the change in equity of a company during a period from transactions and other events and circumstances from non-owner sources. The components of accumulated other comprehensive loss are as follows: (In thousands) April 3, 2021 March 28, 2020 Accumulated unrealized gains on available-for-sale securities, net of tax $ 983 $ 1,319 Accumulated unrealized gains (losses) on hedging transactions, net of tax 904 (10,170) Accumulated cumulative translation adjustment, net of tax (4,000) (11,426) Accumulated other comprehensive loss $ (2,113) $ (20,277) The related tax effects of other comprehensive loss were not material for all periods presented. |
Debt and Credit Facility
Debt and Credit Facility | 12 Months Ended |
Apr. 03, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facility | 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 effective interest rate of the 2021 Notes is 3.115%. The coupon interest rate of the 2021 Notes is 3.000%. The Company retired the matured the 2021 Notes in March 2021. The Company received net proceeds of $495.4 million from issuance of the 2021 Notes, after the debt discounts and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the term of the 2021 Notes. The following table summarizes the carrying value of the 2021 Notes in the Company's consolidated balance sheets: (In thousands) April 3, 2021 March 28, 2020 Principal amount of the 2021 Notes $ — $ 500,000 Unamortized discount of the 2021 Notes — (517) Unamortized debt issuance costs associated with the 2021 Notes — (223) Carrying value of the 2021 Notes $ — $ 499,260 Interest expense related to the 2021 Notes was included in interest and other income (expense), net on the consolidated statements of income as follows: Years Ended (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 Contractual coupon interest $ 14,416 $ 15,000 $ 15,000 Amortization of debt discount, net 517 546 530 Amortization of debt issuance costs 223 244 244 Total interest expense related to the 2021 Notes $ 15,156 $ 15,790 $ 15,774 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 effective interest rate of the 2024 Notes is 2.968%. The coupon interest rate of the 2024 Notes is 2.950%. The Company received net proceeds of $745.2 million from the issuance of the 2024 Notes, after the debt discount and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the term of the 2024 Notes. As of April 3, 2021, the remaining term of the 2024 Notes is approximately 3.2 years. The following table summarizes the carrying value of the 2024 Notes in the Company's consolidated balance sheets: (In thousands) April 3, 2021 March 28, 2020 Principal amount of the 2024 Notes $ 750,000 $ 750,000 Unamortized discount of the 2024 Notes (405) (525) Unamortized debt issuance costs associated with the 2024 Notes (1,797) (2,365) Carrying value of the 2024 Notes $ 747,798 $ 747,110 Interest expense related to the 2024 Notes was included in interest and other income (expense), net on the consolidated statements of income as follows: Years Ended (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 Contractual coupon interest $ 21,773 $ 22,873 $ 25,875 Amortization of debt discount 120 117 113 Amortization of debt issuance costs 568 567 568 Total interest expense related to the 2024 Notes $ 22,461 $ 23,557 $ 26,556 2030 Notes On May 19, 2020, the Company issued the 2030 Notes at a discounted price of 99.973% of par. Interest on the 2030 Notes is payable semi-annually on June 1 and December 1. The effective interest rate of the 2030 Notes is 2.378%. The coupon interest rate of the 2030 Notes is 2.375%. The Company received $744.4 million from the issuance of the 2030 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 2030 Notes. As of April 3, 2021, the remaining term of the 2030 Notes is approximately 9.2 years. The following table summarizes the carrying value of the 2030 Notes as of April 3, 2021: (In thousands) April 3, 2021 Principal amount of the 2030 Notes $ 750,000 Unamortized discount of the 2030 Notes (187) Unamortized debt issuance costs associated with 2030 Notes (4,923) Carrying Value of the 2030 Notes $ 744,890 Interest expense related to the 2030 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows: Years Ended (In thousands) April 3, 2021 Contractual coupon interest $ 15,608 Amortization of debt discount, net 16 Amortization of debt issuance costs 448 Total interest expense related to the 2030 Notes $ 16,072 Revolving Credit Facility |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Apr. 03, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Preferred Stock The Company's Certificate of Incorporation authorized 2.0 million shares of undesignated preferred stock. The preferred stock may be issued in one or more series. The Company's board of directors is authorized to determine or alter the rights, preferences, privileges and restrictions granted to, or imposed upon, any wholly unissued series of preferred stock. As of April 3, 2021 and March 28, 2020, no preferred shares were issued or outstanding. Common Stock and Debentures Repurchase Programs The Company's board of directors has approved stock repurchase programs enabling the Company to repurchase its common stock in the open market or through negotiated transactions with independent financial institutions. On October 22, 2019, the Company's board of directors authorized a repurchase program to repurchase the Company's common stock and debentures up to $1.00 billion (2019 Repurchase Program). The 2019 Repurchase Program has no stated expiration date. Through April 3, 2021, the Company has used $716.3 million of the $1.00 billion authorized under the 2019 Repurchase Program, leaving $283.7 million available for future repurchases. Pursuant to the terms of the Merger Agreement, the Company suspended its repurchase program on October 27, 2020, the date the Company announced its planned merger with AMD. The Company's current policy is to retire all repurchased shares, and consequently, no treasury shares were held as of April 3, 2021 and March 28, 2020. During fiscal 2021, the Company repurchased 685 thousand shares of common stock in the open market and through accelerated share repurchase agreements with independent financial institutions for a total of $53.7 million. During fiscal 2020, the Company repurchased 12.9 million shares of common stock in the open market with independent financial institutions for a total of $1.21 billion. |
Segment Information
Segment Information | 12 Months Ended |
Apr. 03, 2021 | |
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 and services through independent domestic and foreign distributors and through direct sales to OEMs and EMS. Geographic revenue information for fiscal 2021, 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. Long-lived assets were based on the physical location of the asset as of the end of each fiscal year. Net revenues by geographic region were as follows: Years Ended (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 North America: United States $ 792,703 $ 807,260 $ 748,245 Other (individual countries less than 10%) 87,409 107,692 100,478 Total North America 880,112 914,952 848,723 Asia Pacific: China 1,020,445 912,729 850,595 Other (individual countries less than 10%) 508,729 562,493 534,987 Total Asia Pacific 1,529,174 1,475,222 1,385,582 Europe (individual countries less than 10%) 515,001 533,984 586,893 Japan 223,312 238,508 237,842 Total Foreign 2,267,487 2,247,714 2,210,317 Worldwide Total $ 3,147,599 $ 3,162,666 $ 3,059,040 Net long-lived assets (property, plant and equipment, net and operating leases) by country at fiscal year-ends were as follows: Years Ended (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 United States $ 215,271 $ 225,291 $ 212,385 Foreign: Ireland 36,748 39,038 36,984 Singapore 50,552 62,642 62,257 India 67,016 74,058 12,015 Other (individual countries less than 10%) 23,759 29,364 5,288 Total foreign 178,075 205,102 116,544 Worldwide total $ 393,346 $ 430,393 $ 328,929 The Company's end market revenue data is derived from the understanding of end customers’ primary markets, which is based on reports provided by distributors and the Company's internal records. The Company classifies end markets into businesses with similar market drivers: A&D, Industrial and TME; Automotive, Broadcast & Consumer; Wired & Wireless; and Data Center. Additionally, revenue recognized from shipments to distributors but not yet subsequently sold to the end markets is classified as Channel Revenue. The Channel Revenue represents the difference between the shipments to distributors and what the distributors subsequently sold to the end customers within the same period. The percentage change calculation in the table below represents the year-to-year dollar change in each end market. (% of total net revenues) 2021 % Change in Dollars 2020 % Change in Dollars 2019 A&D, Industrial and TME 44 % 6 41 % 5 41 % Automotive, Broadcast and Consumer 16 % 1 16 % 8 15 % Wired and Wireless 30 % (14) 34 % (1) 36 % Data Center 10 % 20 9 % 22 7 % Channel Revenue — % nm* — % nm* 1 % Total net revenues 100 % — 100 % 3 100 % *not meaningful |
Litigation Settlements and Cont
Litigation Settlements and Contingencies | 12 Months Ended |
Apr. 03, 2021 | |
Loss Contingency [Abstract] | |
Litigation Settlements and Contingencies | Litigation Settlements and 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 that was denied on August 12, 2020. Discovery in the case is now open, and Arbor served its infringement contentions on December 9, 2020. A trial has been set to begin on May 23, 2022. On September 4, 2020, the Company filed four inter partes review (IPR) petitions directed at each of the four Arbor patents. On March 5, 2021, the Patent Trial and Appeal Board (PTAB) entered decisions granting institution of all four IPR petitions. Subsequently, the parties filed an agreed stay motion on March 10, 2021 for the district court litigation. On March 11, 2021, the Court issued an order staying the case until the issuance of the PTAB’s Final Written Decision on the last-instituted of the parties’ pending IPRs, which is expected no later than March 2022. The Company is unable to estimate its range of possible loss, if any, in this matter at this time. The Company’s management intends to contest the case vigorously. 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 alleging infringement by ADI of eight patents on January 21, 2020. The Company filed amended counterclaims on April 3, 2020. The Company filed a motion to strike ADI’s affirmative defense of inequitable conduct on May 8, 2020, which the Court granted on February 9, 2021. The parties exchanged infringement contentions on August 17, 2020, and invalidity contentions on September 15, 2020. Between July 17 and December 4, 2020, the Company filed nine IPR petitions challenging the patentability of seven ADI asserted patents. Thus far, the PTAB has entered decisions granting institution of IPR on six ADI asserted patents, U.S. Patent No. 10,250,250, U.S. Patent No. 8,487,659, and U.S. Patent No. 7,012,463, U.S. Patent No. 7,286,075, U.S. Patent No. 6,900,750 and U.S. Patent No. 7,719,452. Between August 31 and September 15, 2020, ADI filed eight IPR petitions challenging eight Xilinx asserted patents. The PTAB entered decisions granting institution of IPR on the eight Xilinx asserted patents, U.S. Patent No. 8,548,071, U.S. Patent No. 7,224,184, U.S. Patent No. 7,088,767, U.S. Patent No. 7,187,709, U.S. Patent No. 7,015,838, U.S. Patent No. 7,280,590, U.S. Patent No. 7,116,251 and U.S. Patent No. 6,975,132. On February 22, 2021, the Court issued an order staying the case until the issuance of the PTAB’s Final Written Decision on the last-instituted of the parties’ pending IPRs, which is expected no later than June 2022. At that time, if either party believes a stay should continue, that party may file a motion with the Court within 10 days after the issuance of the last decision, and the other party may oppose. The Company is unable to estimate its range of possible loss, if any, in this matter at this time. The Company’s management intends to contest ADI’s case vigorously. On April 30, 2020, a patent infringement lawsuit was filed by FG SRC LLC (SRC) against the Company in the U.S. District Court in Delaware (FG SRC LLC, v. Xilinx, Inc., Case No. 1:20-cv-00601). The lawsuit pertains to two patents and SRC seeks unspecified damages, interest, and an on-going royalty. The Company filed its answer to the complaint on June 29, 2020. On July 20, 2020, SRC filed an amended complaint. On August 3, 2020, the Company filed a motion to dismiss the amended complaint. On August 6, 2020, the Company filed a motion to stay this case in Delaware bankruptcy court in view of the pending bankruptcy of the prior owner of the patents. This motion to stay was denied on September 23, 2020. The motion to dismiss was denied on February 10, 2021. On March 22, 2021, SRC filed an amended complaint removing one of the two previously asserted patents. Discovery in the case is now open. SRC’s infringement contentions are due on June 3, 2021 and a trial has been set for March 20, 2023. 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’s management intends to contest the case vigorously. On September 16, 2020, five patent infringement lawsuits (Case Nos. 1:20-cv-01228, 1:20-cv-01229, 1:20-cv-01231, 1:20-cv-01232 1:20-cv-01233) were filed by WSOU Investments, LLC - d/b/a Brazos Licensing and Development (WSOU Investments) in the U.S. District Court in Delaware. Each lawsuit pertains to a single patent and WSOU Investments seeks unspecified damages, interest, attorneys’ fees, and costs. No schedule has been set in any of the cases. On November 9, 2020, the Company filed a motion to dismiss WSOU Investments’ indirect infringement claims in each of the cases. In response, WSOU Investments filed amended complaints, limiting its request for pre-suite damages to the direct infringement claims. The Company filed motions to dismiss the indirect infringement claims in the amended complaints on December 7, 2020. These motions remain pending. The Company is unable to estimate its range of possible loss, if any, in this matter at this time. The Company’s management intends to contest the cases vigorously. The Company intends to continue to protect and defend its IP vigorously. Shareholder Litigation On December 7, 2020, a purported stockholder of the Company filed a complaint in the United States District Court for the Northern District of California against the Company and the members of its board of directors (Stein v. Xilinx, Inc., et al., Case No. 5:20-cv-08637). The complaint alleges that the registration statement issued in connection with the proposed merger between Xilinx and Advanced Micro Devices, Inc. (AMD) omitted material information in violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, Rule 14a-9 thereunder and SEC Regulation G, rendering the registration statement false and misleading. Specifically, the complaint alleges that the registration statement failed to disclose material information regarding AMD's and the Company’s financial projections and Credit Suisse's discounted cash flow analyses of the Company and AMD. The complaint seeks an order: enjoining the proposed merger unless and until additional disclosures are issued; rescinding the proposed merger, to the extent it closes; awarding damages; awarding costs, including attorneys’ fees, expert fees and expenses; and awarding such other relief as the court deems proper. On March 3, 2021, the complaint was voluntarily dismissed. On December 11, 2020, a purported stockholder of the Company filed a putative class-action complaint in the New York Supreme Court against Xilinx, the members of its board of directors, AMD and Throne Merger Sub (Nunez v. Xilinx, Inc., et al., Case No. 656971/2020). The complaint alleges that the Company's board of directors breached their fiduciary duties by entering into the transaction, agreeing to purportedly preclusive deal protection terms and engaging in an allegedly flawed process that did not involve an adequate market check or approval by a committee of disinterested and independent directors. The complaint also alleges that the Company's board of directors "caused to be filed" the registration statement issued in connection with the proposed merger between the Company and AMD that purportedly omitted material information with respect to the merger. The registration statement allegedly omits information regarding the sale process, AMD's and the Company's financial projections, certain details regarding the financial analyses performed by each of Morgan Stanley, Bank of America, Credit Suisse and DBO and certain details regarding compensation for Morgan Stanley. Finally, the complaint alleges that the Company and AMD aided and abetted the Company's board of directors in their breach of fiduciary duties. The complaint seeks certification of a class action, injunctive relief enjoining the merger, damages and costs, among other remedies. On March 1, 2021, the purported stockholder amended his complaint to remove certain allegations regarding allegedly misleading disclosures and class allegations. On March 22, 2021, the amended complaint was voluntarily discontinued. On December 11, 2020, a purported stockholder of the Company filed a complaint in the United States District Court for the District of Colorado against the Company and the members of its board of directors (Hale v. Xilinx, Inc., et al., Case No. 1:20-cv-03629). The complaint raises federal securities disclosure claims and alleges, among other things, that the registration statement issued in connection with the proposed merger between the Company and AMD omitted material information with respect to the merger, including information regarding AMD's and the Company's financial projections, certain details regarding the financial analyses performed by Morgan Stanley and Bank of America, and certain details regarding compensation for Morgan Stanley. The complaint seeks injunctive relief enjoining the merger, damages and costs, among other remedies. On February 17, 2021, the complaint was voluntarily dismissed. On December 15, 2020, a purported stockholder of the Company filed a complaint in the United States District Court for the Southern District of New York against the Company, the members of its board of directors, AMD and Thrones Merger Sub (Shumacher v. Xilinx, Inc., et al., Case No. 1:20-cv-10595). The complaint raises federal securities disclosure claims and alleges, among other things, that the registration statement issued in connection with the proposed merger between the Company and AMD omitted material information with respect to the merger, including information regarding AMD's and the Company's financial projections, certain details regarding the financial analyses performed by Morgan Stanley and Bank of America, and certain details regarding compensation for Morgan Stanley. The complaint seeks injunctive relief enjoining the merger, damages and costs, among other remedies. On April 9, 2021, the complaint was voluntarily dismissed. On December 18, 2020, a purported stockholder of the Company filed a complaint in the United States District Court for the Southern District of New York against the Company and the members of its board of directors (Achterberg v. Xilinx, Inc., et al., Case No. 1:20-cv-10715). The complaint raises federal securities disclosure claims and alleges, among other things, that the registration statement issued in connection with the proposed merger between the Company and AMD omitted material information with respect to the merger, including information regarding AMD's and the Company's financial projections and certain details regarding the financial analyses performed by Morgan Stanley and Bank of America. The complaint seeks injunctive relief enjoining the merger, an amended registration statement, damages and costs, among other remedies. On March 26, 2021, the complaint was voluntarily dismissed. On December 30, 2020, a purported stockholder of the Company filed a complaint in the United States District Court for the Northern District of California against Xilinx and the members of its board of directors, (Sandhu v. Xilinx, Inc., et al., Case No. 5:20-cv-09440). The complaint raises federal securities disclosure claims and alleges, among other things, that the registration statement issued in connection with the proposed merger between the Company and AMD omitted material information with respect to the merger, including information regarding AMD's and the Company's financial projections, certain details regarding the financial analyses performed by Morgan Stanley and Bank of America, and certain details regarding compensation for Morgan Stanley. The complaint seeks injunctive relief enjoining the merger, damages and costs, among other remedies. On April 26, 2021, the complaint was voluntarily dismissed. On January 15, 2021, a purported stockholder of the Company filed a putative class-action complaint in the United States District Court for the Northern District of California against the Company and the members of its board of directors (Stein v. Xilinx, Inc., et al., Case No. 3:21-cv-00393). The complaint raises federal securities disclosure claims and alleges, among other things, that the registration statement issued in connection with the proposed merger between the Company and AMD omitted material information with respect to the merger, including information regarding AMD's and the Company's financial projections and certain details regarding the financial analyses performed by Morgan Stanley and Bank of America. The complaint seeks injunctive relief enjoining the merger, damages and costs, among other remedies. On March 10, 2021, the complaint was voluntarily dismissed. On January 28, 2021, a purported stockholder of the Company filed a complaint in the United States District Court for the Northern District of California against the Company and the members of its board of directors (Murphy v. Xilinx, Inc., et al., Case No. 5:21-cv-0695). The complaint raises federal securities disclosure claims and alleges, among other things, that the registration statement issued in connection with the proposed merger between the Company and AMD omitted material information with respect to the merger, including information regarding AMD's and the Company financial projections, certain details regarding the financial analyses performed by Morgan Stanley and Bank of America, and certain details regarding compensation for Morgan Stanley. The complaint seeks injunctive relief enjoining the merger, damages and costs, among other remedies. On April 8, 2021, the complaint was voluntarily dismissed. On February 13, 2021, a purported stockholder of the Company filed a putative class-action complaint in the Northern District of California against the Company and the members of its board of directors (Stanisci v. Xilinx, Inc., et al., Case No. 5:21-cv-01108). The complaint raises federal securities disclosure claims and alleges, among other things, that the registration statement issued in connection with the proposed merger between the Company and AMD omitted material information with respect to the merger, including information regarding AMD's and the Company's financial projections, certain details regarding the financial analyses performed by Morgan Stanley and Bank of America, and certain details regarding compensation for Morgan Stanley. The complaint seeks certification of a class, injunctive relief enjoining the merger, damages and costs, among other remedies. On April 19, 2021, the complaint was voluntarily dismissed. From time to time, the Company is involved in various disputes and litigation matters that arise in the ordinary course of its business. These include disputes and lawsuits related to intellectual property, mergers and acquisitions, licensing, contract law, tax, regulatory, distribution arrangements, employee relations and other matters. Periodically, the Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and a range of possible losses can be estimated, the Company accrues a liability for the estimated loss. Legal proceedings are subject to uncertainties, and the outcomes are difficult to predict. Because of such uncertainties, accruals are based only on the best information available at the time. As additional information becomes available, the Company continues to reassess the potential liability related to pending claims and litigation and may revise estimates. |
Goodwill and Acquisition-Relate
Goodwill and Acquisition-Related Intangibles | 12 Months Ended |
Apr. 03, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquisition-Related Intangibles | Goodwill and Acquisition-Related Intangibles Summaries of goodwill and acquisitions-related intangibles balances as of April 3, 2021 and March 28, 2020 were as follows: (In thousands) March 28, 2020 Acquisitions Other April 3, 2021 Goodwill $ 619,196 1,284 217 $ 620,697 Weighted-Average (In thousands) April 3, 2021 March 28, 2020 Amortization Life Core technology, gross $ 249,847 $ 209,131 Less accumulated amortization (133,007) (105,007) Core technology, net 116,840 104,124 3.8 years Other intangibles, gross 95,759 95,759 Less accumulated amortization (67,999) (56,531) Other intangibles, net 27,760 39,228 3.4 years In-process research and development 26,992 56,992 Total acquisition-related intangibles, gross 372,598 361,882 Less accumulated amortization (201,006) (161,538) Total acquisition-related intangibles, net $ 171,592 $ 200,344 During the third quarter of fiscal 2021, the Company recorded $1.3 million of goodwill and $10.7 million of intangibles attributable to the acquisition of Falcon Computing Solutions. See "Note 20. Business Combination" to the Company's consolidated financial statements. Based on the carrying value of acquisition-related intangibles recorded as of April 3, 2021, and assuming no subsequent impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows: Fiscal (In thousands) 2022 $ 43,502 2023 41,836 2024 37,586 2025 14,747 2026 6,929 Total $ 144,600 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Apr. 03, 2021 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Xilinx offers various retirement benefit plans for U.S. and non-U.S. employees. Total contributions to these plans were $18.3 million, $16.5 million and $15.1 million in fiscal 2021, 2020 and 2019, respectively. For employees in the U.S., Xilinx instituted a Company matching program pursuant to which the Company will match contributions to Xilinx's 401(k) Plan (the 401(k) Plan) based on the amount of salary deferral contributions the participant makes to the 401(k) Plan. Xilinx will match up to 50% of the first 8% of an employee's compensation that the employee contributed to their 401(k) accounts. The maximum Company contribution per year is $4,500 per employee. As permitted under Section 401(k) of the Internal Revenue Code, the 401(k) Plan allows tax deferred salary deductions for eligible employees. The Compensation Committee of the Company's board of directors administers the 401(k) Plan. Participants in the 401(k) Plan may make salary deferrals of up to 75% of the eligible annual salary, limited by the maximum dollar amount allowed by the Internal Revenue Code. Participants who have reached the age of 50 before the close of the plan year may be eligible to make catch-up salary deferral contributions, up to 75% of eligible annual salary, limited by the maximum dollar amount allowed by the Internal Revenue Code. The Company allows its U.S.-based officers, director-level employees and its board members to defer a portion of their compensation under the Deferred Compensation Plan (the Plan). The Compensation Committee administers the Plan. As of April 3, 2021, there were 275 participants in the Plan who self-direct their contributions into a menu of hypothetical investment options offered by the Plan that tracks a portfolio of various deemed investment funds. The Plan does not allow Plan participants to invest directly in Xilinx's stock. In the event Xilinx becomes insolvent, Plan assets are subject to the claims of the Company's general creditors. There are no Plan provisions that provide for any guarantees or minimum return on investments. As of April 3, 2021, Plan assets of $168.0 million were included in other assets within the consolidated balance sheet and obligations of $180.4 million were included in accrued payroll and related liabilities. As of March 28, 2020, Plan assets were $111.1 million and obligations were $121.9 million. |
Restructuring Charges and Execu
Restructuring Charges and Executive Transition Costs | 12 Months Ended |
Apr. 03, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges and Executive Transition Costs | Restructuring Charges The Company had no restructuring charges during fiscal 2021 and fiscal 2019. During the fourth quarter of fiscal 2020, the Company announced cost-saving measures designed to drive structural operating efficiencies across the Company, including a targeted global workforce reduction in force. The Company recorded restructuring charges of $28.4 million in fiscal 2020, primarily related to severance pay expenses and separately presented on the consolidated statements of income. The Company completed the restructuring activities by the end of the first quarter of fiscal 2021. |
Business Combination
Business Combination | 12 Months Ended |
Apr. 03, 2021 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Business Combinations During fiscal 2021, the Company acquired Falcon Computing Solutions, a privately-held leading provider of high-level synthesis compiler optimization technology for approximately $12.0 million. The acquisition will make adaptive computing more accessible to software developers by enhancing the Xilinx Vitis unified software platform with automated hardware optimizations. The Company recognized $1.3 million of goodwill and $10.7 million of acquisition-related intangibles from this acquisition. During fiscal 2020, the Company acquired Solarflare Communications, Inc. (Solarflare), a leading provider of high-performance, low latency networking solutions for customers spanning FinTech to cloud computing for approximately $400.0 million. 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. The Company recognized $237.2 million of goodwill and $106.0 million of acquisition-related intangibles from this acquisition. During fiscal 2020, the Company acquired Airrays GmbH, a German-based company that develops a game-changing radio antenna technology in mobile communications for approximately $29.0 million . This acquisition is part of the Company’s wireless strategy to build end-to-end radio reference designs, allowing the Company to maximize the value in its RFSoC technology. The Company recognized $14.1 million of goodwill and $18.2 million of acquisition-related intangibles from this acquisition. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Apr. 03, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | XILINX, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (In thousands) Description Beginning Additions Deductions End of Year For the year ended March 30, 2019: Allowance for doubtful accounts $ 3,170 $ — $ — $ 3,170 Valuation allowance for deferred tax assets $ 101,383 $ 17,390 $ — $ 118,773 For the year ended March 28, 2020: Allowance for doubtful accounts $ 3,170 $ 79 $ 10 $ 3,239 Valuation allowance for deferred tax assets $ 118,773 $ 34,488 $ 2,354 $ 150,907 For the year ended April 3, 2021: Allowance for doubtful accounts $ 3,239 $ — $ 90 $ 3,149 Valuation allowance for deferred tax assets $ 150,907 $ 21,610 $ — $ 172,517 Supplementary Financial Data Quarterly Data (Unaudited) (In thousands, except per share amounts) Year ended April 3, 2021 (1) First Second Third Fourth Net revenues $ 726,673 $ 766,535 $ 803,404 $ 850,987 Gross margin 493,873 541,719 547,000 570,403 Income before income taxes 163,362 194,646 176,134 195,536 Net income 93,836 193,816 170,972 187,884 Net income per common share: (2) Basic $ 0.39 $ 0.79 $ 0.70 $ 0.76 Diluted $ 0.38 $ 0.79 $ 0.69 $ 0.75 Shares used in per share calculations: Basic 243,180 244,837 245,145 245,774 Diluted 245,543 246,763 248,148 249,030 Cash dividends declared per common share $ 0.38 $ 0.38 $ 0.38 $ — (1) Xilinx uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2021 was a 53-week year and each quarter was a 13-week quarter except the third quarter, which was a 14-week quarter. (2) Net income per common share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per common share information may not equal the annual net income per common share. (In thousands, except per share amounts) Year ended March 28, 2020 (1) First Second Third Fourth Net revenues $ 849,632 $ 833,366 $ 723,499 $ 756,169 Gross margin 562,863 540,260 483,478 528,435 Income before income taxes 262,550 215,845 165,843 189,746 Net income 241,459 226,993 162,012 162,257 Net income (loss) per common share: (2) Basic $ 0.95 $ 0.90 $ 0.65 $ 0.66 Diluted $ 0.94 $ 0.89 $ 0.64 $ 0.65 Shares used in per share calculations: Basic 253,268 252,399 250,546 247,166 Diluted 257,928 255,269 252,808 249,320 Cash dividends declared per common share $ 0.37 $ 0.37 $ 0.37 $ 0.37 (1) Xilinx uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2020 was a 52-week year and each quarter was a 13-week quarter. (2) Net income per common share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per common share information may not equal the annual net income per common share. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Concentrations of Risk (Policies) | 12 Months Ended |
Apr. 03, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Xilinx and its wholly-owned subsidiaries after elimination of all intercompany transactions. The Company uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2021 was a 53-week year ended on April 3, 2021. Fiscal 2020 and 2019 were 52-week years ended on March 28, 2020 and March 30, 2019, respectively. Fiscal 2022 will be a 52-week year ending on April 2, 2022. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of net revenues and expenses during the reporting period. Such estimates relate to, among others, the useful lives of assets, assessment of recoverability of property, plant and equipment, long-lived assets and goodwill, inventory write-downs, allowances for doubtful accounts, valuation of intangible assets, customer returns, deferred tax assets, stock-based compensation, potential reserves relating to litigation and tax matters, valuation of certain investments and derivative financial instruments as well as other accruals or reserves. Actual results may differ from those estimates and such differences may be material to the financial statements. |
Cash Equivalents and Investments | Cash Equivalents and Investments Cash equivalents consist of highly liquid investments with original maturities from the date of purchase of three months or less. These investments consist of money market funds, non-financial institution securities, U.S. and foreign government and agency securities and financial institution securities. Short-term investments consist of mortgage-backed securities, non-financial institution securities, U.S. and foreign government and agency securities, financial institution securities, asset-backed securities and commercial mortgage-backed securities with original maturities greater than three months and remaining maturities less than one year from the balance sheet date. Long-term investments are investments with remaining maturities greater than one year, unless the investments are specifically identified to fund current operations, in which case they are classified as short-term investments. Equity investments are also classified as long-term investments if they are not intended to fund current operations. There were no long-term investments as of April 3, 2021 or March 28, 2020. The Company maintains its cash balances with various banks with high quality ratings, and with investment banking and asset management institutions. The Company manages its liquidity risk by investing in a variety of money market funds, high-grade commercial paper, corporate bonds, U.S. and foreign government and agency securities, asset-backed securities, mortgage-backed securities, commercial mortgage-backed securities and bank time deposits. This diversification of investments is consistent with its policy to maintain liquidity and ensure the ability to collect principal. The Company maintains an offshore investment portfolio denominated in U.S. dollars. All investments are made pursuant to corporate investment policy guidelines. Investments include Euro commercial paper, Euro dollar bonds, offshore time deposits, U.S. and foreign government and agency securities, asset-backed securities, commercial mortgage-backed securities and mortgage-backed securities issued by U.S. government-sponsored enterprises and agencies. Management classifies investments as available-for-sale or held-to-maturity at the time of purchase and re-evaluates such designation at each balance sheet date, although classification is not generally changed. Securities are classified as held-to-maturity when the Company has the positive intent and the ability to hold the securities until maturity. Held-to-maturity securities are carried at cost adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization, as well as any interest on the securities, is included in interest income. No investments were classified as held-to-maturity as of April 3, 2021 or March 28, 2020. Available-for-sale securities are carried at fair value with the unrealized gains or losses, net of tax, included as a component of accumulated other comprehensive income (loss) in stockholders' equity. See "Note 3. Fair Value Measurements" for information relating to the determination of fair value. Realized gains and losses on available-for-sale securities and declines in value resulting from credit loss are included in interest and other expense, net. In determining if and when a decline in value below the adjusted cost of available for sale securities is resulting from credit loss, we evaluate on an ongoing basis the collectability of the instrument, market conditions, trends of earnings, financial condition, credit ratings, any underlying collateral and other key measures for our investments. The cost of securities matured or sold is based on the specific identification method. The Company's investments in non-marketable equity securities of private companies are accounted for under the measurement alternative method upon the adoption of ASU 2016-01. The carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Determining whether an observed transaction is similar to a security within the Company's portfolio requires judgment based on the rights and obligations of the securities. The Company's periodic assessment of impairment is made by considering available evidence, including the general market conditions in the investee’s industry, the investee’s product development status and subsequent rounds of financing and the related valuation and/or company's participation in such financings. The Company also assesses the investee’s ability to meet business milestones and the financial condition and near-term prospects of the individual investee, including the rate at which the investee is using its cash, the investee’s need for possible additional funding at a lower valuation and any bona fide offer to purchase the investee from a prospective acquirer. |
Accounts Receivable | Accounts Receivable The allowance for doubtful accounts reflects the Company's best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on the aging of Xilinx's accounts receivable, historical experience, known troubled accounts, management judgment and other currently available evidence. Xilinx writes off accounts receivable against the allowance when Xilinx determines a balance is uncollectible and no longer actively pursues collection of the receivable. The amounts of accounts receivable written off were insignificant for all periods presented. |
Inventories | Inventories Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated net realizable value) and are comprised of the following: (In thousands) April 3, 2021 March 28, 2020 Raw materials $ 25,927 $ 35,562 Work-in-process 220,228 204,501 Finished goods 64,930 64,277 $ 311,085 $ 304,340 |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation. Depreciation for financial reporting purposes is computed using the straight-line method over the estimated useful lives of the assets of three |
Impairment of Long-Lived Assets Including Acquisition-Related Intangibles | Impairment of Long-Lived AssetsThe Company evaluates the carrying value of long-lived assets to be held and used for impairment if indicators of potential impairment exist. Assets are grouped and evaluated for impairment at the lowest level of identifiable cash flows. Impairment indicators are reviewed on a quarterly basis. When indicators of impairment exist and assets are held for use, the Company estimates future undiscounted cash flows attributable to the related assets groups. In the event such cash flows are not expected to be sufficient to recover the recorded value of the assets, the assets are written down to their estimated fair values based on the expected discounted future cash flows attributable to the asset groups or based on appraisals. When assets are removed from operations and held for sale, Xilinx estimates impairment losses as the excess of the carrying value of the assets over their fair value. |
Goodwill | Goodwill Goodwill is not amortized but is subject to impairment tests on an annual basis, or more frequently if indicators of potential impairment exist, using a fair-value-based approach. Based on the impairment review performed during the fourth quarter of fiscal 2021, there was no impairment of goodwill in fiscal 2021. Unless there are indicators of impairment, the Company's next impairment review for goodwill will be performed and completed in the fourth quarter of fiscal 2022. To date, no impairment indicators have been identified. |
Revenue Recognition | Revenue Recognition Revenue from sales to the Company's distributors is recognized upon the transfer of control, which typically occurs at shipment, and is reduced by estimated allowances for distributor price adjustments and rights of return. The distributor price adjustments are estimated using the expected value method based on an analysis of actual and forecasted ship and debit claims, at the distributor and part level to account for current pricing and business trends. For fiscal 2021, approximately 58% of the Company's net revenues were from products sold to distributors for subsequent resale to OEMs or their subcontract manufacturers. Revenue from sales to the Company's non-distributors is recognized net of sales incentives (if any) upon transfer of control to the customer, which typically occurs at shipment. Sales returns and allowances on product sales are recorded as a reduction of revenue. Revenue from software license agreements and renewals is recognized at point of sales. Revenue from support services is recognized when the service is performed. Revenue from software licenses and support services sales was approximately 1% or less of net revenues for all of the periods presented. |
Foreign Currency Translation | Foreign Currency Translation The U.S. dollar is the functional currency for the Company's Ireland and Singapore subsidiaries. Monetary assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars, and the resulting gains or losses are included in the consolidated statements of income under interest and other expense, net. The remeasurement gains or losses were immaterial for all fiscal periods presented. The local currency is the functional currency for each of the Company's other wholly-owned foreign subsidiaries. Assets and liabilities are translated from foreign currencies into U.S. dollars at month-end exchange rates and statements of income are translated at the average monthly exchange rates. Exchange gains or losses arising from translation of foreign currency denominated assets and liabilities (i.e., cumulative translation adjustment) are included as a component of accumulated other comprehensive income (loss) in stockholders' equity. |
Derivative Financial Instruments | Derivative Financial Instruments To reduce financial risk, the Company periodically enters into financial arrangements as part of the Company's ongoing asset and liability management activities. Xilinx uses derivative financial instruments to hedge fair values of underlying assets and liabilities or future cash flows which are exposed to interest rate, foreign currency or commodity price fluctuations. The Company does not enter into derivative financial instruments for trading or speculative purposes. See "Note 5. Derivative Financial Instruments" for detailed information about the Company's derivative financial instruments. |
Research and Development Expenses | Research and Development Expenses Research and development costs are current period expenses and charged to expense as incurred. |
Stock-Based Compensation | Stock-Based Compensation The Company has equity incentive plans that are more fully discussed in "Note 6. Stock-Based Compensation Plans." The authoritative guidance of accounting for share-based payment requires the Company to measure the cost of all employee equity awards (that are expected to be exercised or vested) based on the grant-date fair value of those awards, and to record that cost as compensation expense over the period during which the employee is required to perform service in exchange for the award (over the vesting period of the award). Additionally, the Company's ESPP is deemed to be a compensatory plan under the authoritative guidance of accounting for share-based payments. Accordingly, the ESPP is included in the computation of stock-based compensation expense. |
Income Taxes | Income Taxes All income tax amounts reflect the use of the liability method under the accounting for income taxes, as interpreted by Financial Accounting Standards Board (FASB) authoritative guidance for measuring uncertain tax positions . Under this method, deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. |
Business Combinations | Business Combinations The Company uses the acquisition method of accounting and allocate the fair value of purchase consideration to the assets acquired and liabilities assumed from the acquiree based on their respective fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired and liabilities assumed is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth and margins, future changes in technology, expected cost and time to develop in-process research and development, brand awareness and discount rates. Fair value estimates are based on the assumptions that management believes a market participant would use in pricing the asset or liability. |
Lessee, Leases | Lease The Company determines if an arrangement is a lease, or contains a lease, at the inception of the arrangement. Operating lease assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make 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 elected the practical expedients to not separate lease and non-lease components within lease transactions, and to not record on the balance sheet leases with a term of 12 months or less. The Company's finance leases were immaterial. |
Product Warranty and Indemnification | Product Warranty and Indemnification The Company generally sells products with a limited warranty for product quality. The Company provides an accrual for known product issues if a loss is probable and can be reasonably estimated. As of the end of both fiscal 2021 and 2020, the accrual balance of the product warranty liability was immaterial. The Company offers, subject to certain terms and conditions, to indemnify customers and distributors for costs and damages awarded against these parties in the event the Company's hardware products are found to infringe third-party intellectual property rights, including patents, copyrights or trademarks, and to compensate certain customers for limited specified costs they actually incur in the event our hardware products experience epidemic failure. To a lesser extent, the Company may from time-to-time offer limited indemnification with respect to its software products. The terms and conditions of these indemnity obligations are limited by contract, which obligations are typically perpetual from the effective date of the agreement. The Company has historically received only a limited number of requests for indemnification under these provisions and has not made any significant payments pursuant to these provisions. The Company cannot estimate the maximum amount of potential future payments, if any, that the Company may be required to make as a result of these obligations due to the limited history of indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim and indemnification provision. However, there can be no assurances that the Company will not incur any material financial liabilities in the future as a result of these obligations. |
Concentration Risk, Credit Risk | Concentrations of Credit Risk Avnet, one of the Company's distributors, distributes the Company's products worldwide. As of April 3, 2021 and March 28, 2020, Avnet accounted for 13% and 31% of the Company's total net accounts receivable, respectively. We expect our accounts receivable to fluctuate as we partner with our distributors to manage their inventory requirements. Avnet 's revenue accounted for 43%, 42% and 45% of the Company's worldwide net revenues in fiscal 2021, 2020 and 2019, respectively. The percentage of worldwide net revenues from Avnet is consistent with historical patterns. No other distributor or end customer accounted for more than 10% of the Company's worldwide net revenues for any of the periods presented. Xilinx is subject to concentrations of credit risk primarily in its trade accounts receivable and investments in debt securities to the extent of the amounts recorded on the consolidated balance sheet. The Company attempts to mitigate the concentration of credit risk in its trade receivables through its credit evaluation process, collection terms and distributor sales to diverse end customers and through geographical dispersion of sales. Xilinx generally does not require collateral for receivables from its end customers or from distributors. The Company mitigates concentrations of credit risk in its investments in debt securities by currently investing more than 95% of its portfolio in AA (or its equivalent) or higher-grade securities as rated by Standard & Poor's or Moody's Investors Service equivalent. The Company's methods to arrive at investment decisions are not solely based on the rating agencies' credit ratings. Xilinx also performs additional credit due diligence and conducts regular portfolio credit reviews, including a review of counterparty credit risk related to the Company's forward currency exchange contracts. Additionally, Xilinx limits its investments in the debt securities of a single issuer based upon the issuer's credit rating and attempts to further mitigate credit risk by diversifying risk across geographies and type of issuer. As of April 3, 2021, all of the mortgage-backed securities in the investment portfolio were issued by U.S. government-sponsored enterprises and agencies and are rated AA+ by Standard & Poor's and Aaa by Moody's Investors Service. The global credit markets may experience adverse conditions that negatively impact the values of various types of investment and non-investment grade securities. The global credit and capital markets may experience significant volatility and disruption due to instability in the global financial system, uncertainty related to global economic conditions and concerns regarding sovereign financial stability. Therefore, there is a risk that we may incur other-than-temporary impairment charges for certain types of investments should credit market conditions deteriorate. See "Note 4. Financial Instruments" for a table of the Company's available-for-sale securities. |
New Accounting Pronouncements | Recent Accounting Pronouncements Adopted Credit Losses In June 2016, the Financial Accounting Standards Board (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 guidance requires a forward-looking expected credit loss model for financial assets, including accounts receivable and available for sale debt securities. The Company adopted this authoritative guidance in the first quarter of fiscal 2021 and the impact of the adoption was not material to the Company's 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 required 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 remains largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The Company adopted this authoritative guidance in the first quarter of fiscal 2021 and the adoption did not impact the Company's consolidated financial statements. Cloud Computing Arrangements In August 2018, the FASB issued new guidance requiring a customer in a cloud computing arrangement (i.e., hosting arrangement) that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. The Company adopted this authoritative guidance in the first quarter of fiscal 2021 and the impact of the adoption was not material to the Company's consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted 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 and is currently evaluating the impact of this authoritative guidance on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Concentrations of Risk (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated net realizable value) and are comprised of the following: (In thousands) April 3, 2021 March 28, 2020 Raw materials $ 25,927 $ 35,562 Work-in-process 220,228 204,501 Finished goods 64,930 64,277 $ 311,085 $ 304,340 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
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 April 3, 2021 and March 28, 2020: April 3, 2021 (In thousands) Level 1 Level 2 Level 3 Total Fair Assets Cash equivalents: Money market funds $ 583,390 $ — $ — $ 583,390 Financial institution securities — 274,985 — 274,985 Non-financial institution securities — 158,981 — 158,981 Foreign government and agency securities — 247,979 — 247,979 Short-term investments: Financial institution securities — 159,997 — 159,997 Non-financial institution securities — 374,854 — 374,854 U.S. government and agency securities 378,686 189,481 — 568,167 Foreign government and agency securities — 414,876 — 414,876 Mortgage-backed securities — 109,603 — 109,603 Asset-backed securities — 172 — 172 Commercial mortgage-backed securities — 12,702 — 12,702 Derivative financial instruments, net — 3,519 — 3,519 Total assets measured at fair value $ 962,076 $ 1,947,149 $ — $ 2,909,225 March 28, 2020 (In thousands) Level 1 Level 2 Level 3 Total Fair Assets Cash equivalents: Money market funds $ 656,038 $ — $ — $ 656,038 Financial institution securities — 175,000 — 175,000 Non-financial institution securities — 361,692 — 361,692 U.S. government and agency securities 150,999 62,274 — 213,273 Foreign government and agency securities — 244,300 — 244,300 Short-term investments: Financial institution securities — 150,000 — 150,000 Non-financial institution securities — 115,043 — 115,043 U.S. government and agency securities 1,000 2,000 — 3,000 Foreign government and agency securities — 9,973 — 9,973 Mortgage-backed securities — 158,804 — 158,804 Asset-backed securities — 2,549 — 2,549 Commercial mortgage-backed securities — 50,144 — 50,144 Total assets measured at fair value $ 808,037 $ 1,331,779 $ — $ 2,139,816 Liabilities Derivative financial instruments, net $ — $ 12,381 $ — $ 12,381 Total liabilities measured at fair value $ — $ 12,381 $ — $ 12,381 Net assets measured at fair value $ 808,037 $ 1,319,398 $ — $ 2,127,435 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
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: April 3, 2021 March 28, 2020 (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 $ 583,390 $ — $ — $ 583,390 $ 656,038 $ — $ — $ 656,038 Financial institution securities 434,982 — — 434,982 325,000 — — 325,000 Non-financial institution securities 533,835 — — 533,835 476,735 — — 476,735 U.S. government and agency securities 568,122 45 — 568,167 216,178 95 — 216,273 Foreign government and agency securities 662,855 — — 662,855 254,283 7 (17) 254,273 Mortgage-backed securities 108,460 1,488 (345) 109,603 156,836 2,445 (477) 158,804 Asset-backed securities 159 13 — 172 2,533 18 (2) 2,549 Commercial mortgage- backed securities 12,622 86 (6) 12,702 50,566 134 (556) 50,144 $ 2,904,425 $ 1,632 $ (351) $ 2,905,706 $ 2,138,169 $ 2,699 $ (1,052) $ 2,139,816 |
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 April 3, 2021 and March 28, 2020: April 3, 2021 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 Mortgage-backed securities $ 37,442 $ (216) $ 9,835 $ (129) $ 47,277 $ (345) Commercial mortgage- backed securities 2,671 (5) 181 (1) 2,852 (6) $ 40,113 $ (221) $ 10,016 $ (130) $ 50,129 $ (351) March 28, 2020 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 Mortgage-backed securities $ 13,492 $ (88) $ 31,819 $ (389) $ 45,311 $ (477) Asset-backed securities 1,641 (2) — — 1,641 (2) Foreign government and agency securities 30,998 (17) — — 30,998 (17) Commercial mortgage- backed securities 30,593 (282) 2,589 (274) 33,182 (556) $ 76,724 $ (389) $ 34,408 $ (663) $ 111,132 $ (1,052) |
Amortized cost and estimated fair value of marketable debt securities | 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. April 3, 2021 (In thousands) Amortized Estimated Due in one year or less $ 2,200,109 $ 2,200,156 Due after one year through five years 2,345 2,390 Due after five years through ten years 15,907 16,403 Due after ten years 102,674 103,367 $ 2,321,035 $ 2,322,316 |
Information on sale of available-for-sale securities | Certain information related to available-for-sale securities is as follows: Years Ended (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 Proceeds from sale of available-for-sale and equity securities $ 76,407 $ 670,604 $ 35,734 Gross realized gains on sale of available-for-sale securities $ 801 $ 3,349 $ 372 Gross realized losses on sale of available-for-sale securities (450) (216) (51) Net realized gains on sale of available-for-sale securities $ 351 $ 3,133 $ 321 Amortization of premiums (discounts) on available-for-sale securities $ (280) $ 3,551 $ 8,118 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Forward currency exchange contracts outstanding | As of April 3, 2021 and March 28, 2020, the Company had the following outstanding forward currency exchange contracts (in notional amount), which were derivative financial instruments: (In thousands and U.S. dollars) April 3, 2021 March 28, 2020 Singapore Dollar $ 30,024 $ 28,875 Euro 28,600 33,474 Indian Rupee 99,255 76,076 British Pound 23,795 20,191 Japanese Yen — 2,433 Chinese Yuan 33,408 26,266 $ 215,082 $ 187,315 |
Derivative Instruments Located on Condensed Consolidated Balance Sheet | The Company had the following derivative instruments as of April 3, 2021 and March 28, 2020, located on the consolidated balance sheet, utilized for risk management purposes detailed above: Foreign Exchange Contracts Asset Derivatives Liability Derivatives (In thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value April 3, 2021 Prepaid expenses and other current assets $ 4,381 Other accrued liabilities $ 862 March 28, 2020 Prepaid expenses and other current assets 30 Other accrued liabilities 9,140 |
Effect Of Derivative Instruments On Condensed Consolidated Statements Of Income | The following table summarizes the effect of derivative instruments on the consolidated statements of income for fiscal 2021 and 2020: Foreign Exchange Contracts Years Ended (In thousands) April 3, 2021 March 28, 2020 Amount of gains/(losses) recognized in other comprehensive income on derivative (effective portion of cash flow hedging) $ 10,471 $ (7,637) Amount of (losses)/gains reclassified from accumulated other comprehensive income into income (effective portion) 1 4,500 (2,923) Amount of losses recorded (ineffective portion) 2 — (8) 1 Recorded in operating expense and cost of products sold within the consolidated statements of income in fiscal 2021. Recorded in interest and other expense, net within the consolidated statements of income in fiscal 2020. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | The per share weighted-average fair value of RSUs granted during fiscal 2021, 2020 and 2019 were $106.36, $109.53 and $66.94, respectively. The weighted average fair value of RSUs granted in fiscal 2021, 2020 and 2019 were calculated based on estimates at the date of grant using the following weighted-average assumptions: Fiscal 2021 Fiscal 2020 Fiscal 2019 Risk-free interest rate 0.2 % 1.8 % 2.7 % Dividend yield 1.2 % 1.3 % 2.1 % |
Shares available for grant under stock option plan | A summary of shares available for grant under the 2007 Equity Plan is as follows: (Shares in thousands) Shares Available for Grant March 31, 2018 11,342 Additional shares reserved 3,000 RSUs granted (3,559) RSUs cancelled 536 March 30, 2019 11,319 Additional shares reserved 6,000 RSUs granted (2,756) RSUs cancelled 487 March 28, 2020 15,050 Additional shares reserved — RSUs granted (3,885) RSUs cancelled 680 April 3, 2021 11,845 |
Summary of restricted stock unit activity and related information | A summary of the Company's RSU activity and related information is as follows: RSUs Outstanding (Shares and intrinsic value in thousands) Number of Shares Weighted-Average Grant-Date Fair Value Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (1) March 31, 2018 6,989 $51.39 Granted 3,559 $66.94 Vested (2) (2,681) $49.05 Cancelled (536) $55.09 March 30, 2019 7,331 $59.54 Granted 2,756 $109.53 Vested (2) (2,820) $55.24 Cancelled (487) $75.09 March 28, 2020 6,780 $80.53 Granted 3,885 $106.36 Vested (2) (2,558) $71.07 Cancelled (680) $85.26 April 3, 2021 7,427 $96.45 2.38 $ 966,233 Expected to vest as of April 3, 2021 6,066 $96.76 2.38 $ 787,637 (1) Aggregate intrinsic value for RSUs represents the closing price per share of Xilinx's stock on April 3, 2021 of $129.85, multiplied by the number of RSUs outstanding or expected to vest as of April 3, 2021. (2) The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
Employee stock purchase plan, valuation assumptions | These fair values per share were estimated at the date of grant using the following weighted-average assumptions: Employee Stock Purchase Plan Fiscal 2021 Fiscal 2020 Fiscal 2019 Expected life of options (years) 1.3 1.3 1.3 Expected stock price volatility 0.46 0.35 0.33 Risk-free interest rate 0.1 % 1.7 % 2.5 % Dividend yield 0.7 % 1.5 % 1.7 % |
Stock-Based compensation expense | The following table summarizes stock-based compensation expense related to stock awards granted under the Company's equity incentive plans and rights to acquire stock granted under the Company's Amended and Restated 1990 Employee Qualified Stock Purchase Plan (ESPP): Years Ended (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 Stock-based compensation included in: Cost of revenues $ 12,765 $ 10,035 $ 8,820 Research and development 150,271 114,976 86,428 Selling, general and administrative 83,194 61,540 52,694 Restructuring charges and Executive transition costs — 172 — Stock-based compensation effect on income before taxes 246,230 186,723 147,942 Income tax effect (50,802) (38,013) (29,361) Net stock-based compensation effect on net income $ 195,428 $ 148,710 $ 118,581 |
Balance Sheet Information (Tabl
Balance Sheet Information (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Supplemental Financial Information The following tables disclose the current liabilities and other assets that individually exceed 5% of the respective consolidated balance sheet amounts in each fiscal year. Individual balances that are less than 5% of the respective consolidated balance sheet amounts are aggregated and disclosed as "other." (In thousands) April 3, 2021 March 28, 2020 Other assets: Deferred tax asset $ 176,429 $ 149,415 Deferred compensation plan asset 167,956 111,092 Lease assets 48,322 57,819 Investments in non-marketable equity securities 115,494 101,026 Software license contracts 84,002 121,439 Others 43,424 51,288 $ 635,627 $ 592,079 (In thousands) April 3, 2021 March 28, 2020 Accrued payroll and related liabilities: Accrued compensation $ 139,391 $ 99,197 Deferred compensation plan liability 180,379 121,936 Others 8,574 10,306 $ 328,344 $ 231,439 (In thousands) April 3, 2021 March 28, 2020 Other accrued liabilities: Interest payable $ 14,426 $ 9,480 Accruals related to software licenses 32,908 41,093 Unsettled investment transactions 15,746 77,936 Restructuring accruals — 13,454 Lease liabilities 10,461 11,109 Others 58,156 63,562 $ 131,697 $ 216,634 |
Leases and Commitments (Tables)
Leases and Commitments (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum lease payments under non-cancelable operating leases | The following table presents the maturities of lease liabilities as of April 3, 2021: Fiscal (In thousands) 2022 $ 12,924 2023 8,605 2024 7,037 2025 6,514 2026 6,403 Thereafter 22,925 Total lease payments 64,408 Less: Imputed interest (13,089) Total lease liabilities $ 51,319 |
Operating Lease, Assets And Liabilities | The Company's leases were included as a component of the following consolidated balance sheet lines: (In thousands) April 3, 2021 March 28, 2020 Other assets $ 48,322 $ 57,819 Other accrued liabilities 10,461 11,109 Other long-term liabilities 40,858 48,964 |
Lease, Cost | The components of lease costs were as follows: (In thousands) April 3, 2021 March 28, 2020 Operating lease cost $ 15,225 $ 16,584 Lease income (3,359) (2,799) Total lease cost $ 11,866 $ 13,785 Other information related to leases was as follows: (In thousands) April 3, 2021 March 28, 2020 Cash paid for operating leases included in operating cash flows $ 13,713 $ 12,571 April 3, 2021 March 28, 2020 Weighted-average remaining lease term - operating leases (in years) 6.9 7.3 Weighted-average remaining discount rate - operating leases 5.7 % 5.6 % |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table summarizes the computation of basic and diluted net income per common share: Years Ended (In thousands, except per share amounts) April 3, 2021 March 28, 2020 March 30, 2019 Net income available to common stockholders $ 646,508 $ 792,721 $ 889,750 Weighted average common shares outstanding-basic 244,257 251,732 252,762 Dilutive effect of employee equity incentive plans 2,972 3,211 3,672 Weighted average common shares outstanding-diluted 247,229 254,943 256,434 Basic earnings per common share $ 2.65 $ 3.15 $ 3.52 Diluted earnings per common share $ 2.62 $ 3.11 $ 3.47 |
Interest And Other Expense, N_2
Interest And Other Expense, Net (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Other Income and Expenses [Abstract] | |
Components of interest and other expense, net | The components of interest and other income (expense), net are as follows: Years Ended (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 Interest income $ 10,759 $ 52,462 $ 77,295 Interest expense (53,689) (39,820) (52,883) Other income (expense), net 19,469 29,454 (12,879) $ (23,461) $ 42,096 $ 11,533 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Equity [Abstract] | |
Components of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive loss are as follows: (In thousands) April 3, 2021 March 28, 2020 Accumulated unrealized gains on available-for-sale securities, net of tax $ 983 $ 1,319 Accumulated unrealized gains (losses) on hedging transactions, net of tax 904 (10,170) Accumulated cumulative translation adjustment, net of tax (4,000) (11,426) Accumulated other comprehensive loss $ (2,113) $ (20,277) |
Debt and Credit Facility (Table
Debt and Credit Facility (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Schedule of Debt Instruments [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table summarizes the carrying value of the 2021 Notes in the Company's consolidated balance sheets: (In thousands) April 3, 2021 March 28, 2020 Principal amount of the 2021 Notes $ — $ 500,000 Unamortized discount of the 2021 Notes — (517) Unamortized debt issuance costs associated with the 2021 Notes — (223) Carrying value of the 2021 Notes $ — $ 499,260 The following table summarizes the carrying value of the 2024 Notes in the Company's consolidated balance sheets: (In thousands) April 3, 2021 March 28, 2020 Principal amount of the 2024 Notes $ 750,000 $ 750,000 Unamortized discount of the 2024 Notes (405) (525) Unamortized debt issuance costs associated with the 2024 Notes (1,797) (2,365) Carrying value of the 2024 Notes $ 747,798 $ 747,110 The following table summarizes the carrying value of the 2030 Notes as of April 3, 2021: (In thousands) April 3, 2021 Principal amount of the 2030 Notes $ 750,000 Unamortized discount of the 2030 Notes (187) Unamortized debt issuance costs associated with 2030 Notes (4,923) Carrying Value of the 2030 Notes $ 744,890 |
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 consolidated statements of income as follows: Years Ended (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 Contractual coupon interest $ 14,416 $ 15,000 $ 15,000 Amortization of debt discount, net 517 546 530 Amortization of debt issuance costs 223 244 244 Total interest expense related to the 2021 Notes $ 15,156 $ 15,790 $ 15,774 Years Ended (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 Contractual coupon interest $ 21,773 $ 22,873 $ 25,875 Amortization of debt discount 120 117 113 Amortization of debt issuance costs 568 567 568 Total interest expense related to the 2024 Notes $ 22,461 $ 23,557 $ 26,556 Interest expense related to the 2030 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows: Years Ended (In thousands) April 3, 2021 Contractual coupon interest $ 15,608 Amortization of debt discount, net 16 Amortization of debt issuance costs 448 Total interest expense related to the 2030 Notes $ 16,072 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following: Years Ended (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 Federal: Current $ 97,708 $ (2,056) $ 90,674 Deferred (20,671) 11,527 (30,746) 77,037 9,471 59,928 State: Current 5,008 5,480 4,623 Deferred (4,352) 9,289 2,545 656 14,769 7,168 Foreign: Current 11,682 26,915 16,282 Deferred (6,205) (9,892) (4,796) 5,477 17,023 11,486 Total $ 83,170 $ 41,263 $ 78,582 |
Schedule of Income before Income Tax, Domestic and Foreign | The domestic and foreign components of income before income taxes were as follows: (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 Domestic $ 5,293 $ 145,339 $ 173,082 Foreign 724,385 688,645 795,250 Income before income taxes $ 729,678 $ 833,984 $ 968,332 |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes reconciles to the amount derived by applying the federal statutory income tax rate to income before provision for taxes as follows: Years Ended (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 Income before provision for taxes $ 729,678 $ 833,984 $ 968,332 Federal statutory tax rate 21.0 % 21.0 % 21.0 % Computed expected tax 153,232 175,137 203,350 State taxes, net of federal benefit 2,762 16,085 6,379 Foreign earnings at lower tax rates (20,975) (69,103) (98,387) Tax credits (34,287) (35,846) (31,679) Transition tax — — 21,063 Excess benefits from stock-based compensation (17,842) (37,428) (14,196) Fiscal 2014 amended returns — (9,398) — Deferred compensation plan asset (9,818) — — Other 10,098 1,816 (7,948) Provision for income taxes $ 83,170 $ 41,263 $ 78,582 |
Schedule of Deferred Tax Assets and Liabilities | The major components of deferred tax assets and liabilities consisted of the following: (In thousands) April 3, 2021 March 28, 2020 Deferred tax assets: Stock-based compensation $ 18,578 $ 18,600 Accrued expenses 22,080 12,159 Tax credit carryforwards 195,520 172,998 Deferred compensation plan 39,189 28,394 Low income housing and other investments 3,179 2,880 GILTI deferred taxes 32,225 24,306 Tax loss carryforwards 56,521 57,969 Intangible assets — 1,755 Operating leases 12,487 11,317 Other 10,136 7,465 Subtotal 389,915 337,843 Valuation allowance (172,517) (150,907) Total deferred tax assets 217,398 186,936 Deferred tax liabilities: Unremitted foreign earnings (5,949) (8,432) Intangible assets (11,675) — Distributor price adjustments (7,812) (7,540) Operating leases (11,713) (11,317) Other (3,903) (12,499) Total deferred tax liabilities (41,052) (39,788) Total net deferred tax assets $ 176,346 $ 147,148 |
Schedule of Changes to Unrecognized Income Tax Benefits | The aggregate changes in the balance of gross unrecognized tax benefits were as follows: (In thousands) April 3, 2021 March 28, 2020 Balance as of beginning of fiscal year $ 88,840 $ 147,616 Increases in tax positions for prior years 47,244 4,481 Decreases in tax positions for prior years (10,837) (90,521) Increases in tax positions for current year 20,704 27,524 Settlements (693) — Lapses in statutes of limitation (227) (260) Balance as of end of fiscal year $ 145,031 $ 88,840 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Net revenues by geographic region were as follows: Years Ended (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 North America: United States $ 792,703 $ 807,260 $ 748,245 Other (individual countries less than 10%) 87,409 107,692 100,478 Total North America 880,112 914,952 848,723 Asia Pacific: China 1,020,445 912,729 850,595 Other (individual countries less than 10%) 508,729 562,493 534,987 Total Asia Pacific 1,529,174 1,475,222 1,385,582 Europe (individual countries less than 10%) 515,001 533,984 586,893 Japan 223,312 238,508 237,842 Total Foreign 2,267,487 2,247,714 2,210,317 Worldwide Total $ 3,147,599 $ 3,162,666 $ 3,059,040 Net long-lived assets (property, plant and equipment, net and operating leases) by country at fiscal year-ends were as follows: Years Ended (In thousands) April 3, 2021 March 28, 2020 March 30, 2019 United States $ 215,271 $ 225,291 $ 212,385 Foreign: Ireland 36,748 39,038 36,984 Singapore 50,552 62,642 62,257 India 67,016 74,058 12,015 Other (individual countries less than 10%) 23,759 29,364 5,288 Total foreign 178,075 205,102 116,544 Worldwide total $ 393,346 $ 430,393 $ 328,929 The Company's end market revenue data is derived from the understanding of end customers’ primary markets, which is based on reports provided by distributors and the Company's internal records. The Company classifies end markets into businesses with similar market drivers: A&D, Industrial and TME; Automotive, Broadcast & Consumer; Wired & Wireless; and Data Center. Additionally, revenue recognized from shipments to distributors but not yet subsequently sold to the end markets is classified as Channel Revenue. The Channel Revenue represents the difference between the shipments to distributors and what the distributors subsequently sold to the end customers within the same period. The percentage change calculation in the table below represents the year-to-year dollar change in each end market. (% of total net revenues) 2021 % Change in Dollars 2020 % Change in Dollars 2019 A&D, Industrial and TME 44 % 6 41 % 5 41 % Automotive, Broadcast and Consumer 16 % 1 16 % 8 15 % Wired and Wireless 30 % (14) 34 % (1) 36 % Data Center 10 % 20 9 % 22 7 % Channel Revenue — % nm* — % nm* 1 % Total net revenues 100 % — 100 % 3 100 % *not meaningful |
Goodwill and Acquisition-Rela_2
Goodwill and Acquisition-Related Intangibles (Tables) | 12 Months Ended |
Apr. 03, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | Summaries of goodwill and acquisitions-related intangibles balances as of April 3, 2021 and March 28, 2020 were as follows: (In thousands) March 28, 2020 Acquisitions Other April 3, 2021 Goodwill $ 619,196 1,284 217 $ 620,697 |
Gross and net amounts of goodwill and of acquisition-related intangibles | Summaries of goodwill and acquisitions-related intangibles balances as of April 3, 2021 and March 28, 2020 were as follows: (In thousands) March 28, 2020 Acquisitions Other April 3, 2021 Goodwill $ 619,196 1,284 217 $ 620,697 Weighted-Average (In thousands) April 3, 2021 March 28, 2020 Amortization Life Core technology, gross $ 249,847 $ 209,131 Less accumulated amortization (133,007) (105,007) Core technology, net 116,840 104,124 3.8 years Other intangibles, gross 95,759 95,759 Less accumulated amortization (67,999) (56,531) Other intangibles, net 27,760 39,228 3.4 years In-process research and development 26,992 56,992 Total acquisition-related intangibles, gross 372,598 361,882 Less accumulated amortization (201,006) (161,538) Total acquisition-related intangibles, net $ 171,592 $ 200,344 |
Schedule of expected annual amortization expense for acquisition-related intangibles | Based on the carrying value of acquisition-related intangibles recorded as of April 3, 2021, and assuming no subsequent impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows: Fiscal (In thousands) 2022 $ 43,502 2023 41,836 2024 37,586 2025 14,747 2026 6,929 Total $ 144,600 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Concentrations of Risk (Investments) (Details) - USD ($) | Apr. 03, 2021 | Mar. 28, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Debt Securities, Held-to-maturity | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Concentrations of Risk (Inventory) (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 25,927 | $ 35,562 |
Work-in-process | 220,228 | 204,501 |
Finished goods | 64,930 | 64,277 |
Total inventories | $ 311,085 | $ 304,340 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Concentrations of Risk (PPE) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 69 | $ 60.7 | $ 53.3 |
Machinery, Equipment, Furniture And Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 3 years | ||
Machinery, Equipment, Furniture And Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 5 years | ||
Buildings [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 15 years | ||
Buildings [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 30 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies and Concentrations of Risk (Concentrations) (Details) - Customer | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Concentration Risk [Line Items] | |||
Percentage of total accounts receivable accounted from Avnet | 13.00% | 31.00% | |
Percentage of net revenues through resale of product from Avnet | 43.00% | 42.00% | 45.00% |
Number of end customers accounted for net revenues | 0 | ||
Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of higher grade securities investment in debt securities (more than) | 95.00% | ||
Software Revenue, Net | Support Products [Member] | Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 1.00% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies and Concentrations of Risk (Other) (Details) $ in Millions | 12 Months Ended |
Apr. 03, 2021USD ($)Customer | |
Summary of Significant Accounting Policies and Concentrations of Risk [Abstract] | |
Impairment of goodwill | $ | $ 0 |
Percentage of net revenues from products sold to distributors | 58.00% |
Number Of End Customers Accounted For Net Revenues | Customer | 0 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | $ 2,909,225 | $ 2,139,816 |
Derivative financial instruments, net | 12,381 | |
Financial Liabilities Fair Value Disclosure | 12,381 | |
Net assets measured at fair value | 2,127,435 | |
Cash And Cash Equivalents [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 583,390 | 656,038 |
Cash And Cash Equivalents [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 274,985 | 175,000 |
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 | 158,981 | 361,692 |
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 | 213,273 | |
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 | 247,979 | 244,300 |
Short-Term Investments [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 159,997 | 150,000 |
Short-Term Investments [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 374,854 | 115,043 |
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 | 568,167 | 3,000 |
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 | 414,876 | 9,973 |
Short-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 109,603 | 158,804 |
Short-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 172 | 2,549 |
Short-Term Investments [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 12,702 | 50,144 |
Derivative Financial Instruments, Assets | Derivative Financial Instruments, Assets | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 3,519 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 962,076 | 808,037 |
Derivative financial instruments, net | 0 | |
Financial Liabilities Fair Value Disclosure | 0 | |
Net assets measured at fair value | 808,037 | |
Fair Value, Inputs, Level 1 [Member] | Cash And Cash Equivalents [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 583,390 | 656,038 |
Fair Value, Inputs, Level 1 [Member] | Cash And Cash Equivalents [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Cash And Cash Equivalents [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Cash And Cash Equivalents [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 150,999 | |
Fair Value, Inputs, Level 1 [Member] | Cash And Cash Equivalents [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 378,686 | 1,000 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Assets | Derivative Financial Instruments, Assets | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 1,947,149 | 1,331,779 |
Derivative financial instruments, net | 12,381 | |
Financial Liabilities Fair Value Disclosure | 12,381 | |
Net assets measured at fair value | 1,319,398 | |
Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 274,985 | 175,000 |
Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 158,981 | 361,692 |
Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 62,274 | |
Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 247,979 | 244,300 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 159,997 | 150,000 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 374,854 | 115,043 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 189,481 | 2,000 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 414,876 | 9,973 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 109,603 | 158,804 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 172 | 2,549 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 12,702 | 50,144 |
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets | Derivative Financial Instruments, Assets | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 3,519 | |
Fair Value, Inputs, Level 3 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Derivative financial instruments, net | 0 | |
Financial Liabilities Fair Value Disclosure | 0 | |
Net assets measured at fair value | 0 | |
Fair Value, Inputs, Level 3 [Member] | Cash And Cash Equivalents [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cash And Cash Equivalents [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cash And Cash Equivalents [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cash And Cash Equivalents [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | Cash And Cash Equivalents [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets | Derivative Financial Instruments, Assets | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in non-marketable equity securities | $ 115,494 | $ 101,026 |
2024 Notes Payable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, principal amount | $ 750,000 | |
Stated interest rate | 2.95% | |
2024 Notes Payable [Member] | Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debentures | $ 796,100 | |
2030 Notes Payable [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, principal amount | $ 750,000 | |
Stated interest rate | 2.375% | |
2030 Notes Payable [Member] | Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debentures | $ 736,700 |
Financial Instruments - Summary
Financial Instruments - Summary of Cash Equivalents Available-for-sale (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Available-for-sale securities | ||
Amortized Cost Total | $ 2,904,425 | $ 2,138,169 |
Gross Unrealized Gains | 1,632 | 2,699 |
Gross Unrealized Losses | (351) | (1,052) |
Estimated Fair Value | 2,905,706 | 2,139,816 |
Money Market Funds [Member] | ||
Available-for-sale securities | ||
Amortized Cost Total | 583,390 | 656,038 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 583,390 | 656,038 |
Financial institution securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost Total | 434,982 | 325,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 434,982 | 325,000 |
Non-financial institution securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost Total | 533,835 | 476,735 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 533,835 | 476,735 |
U.S. Government and Agency Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost Total | 568,122 | 216,178 |
Gross Unrealized Gains | 45 | 95 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 568,167 | 216,273 |
Foreign Government and Agency Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost Total | 662,855 | 254,283 |
Gross Unrealized Gains | 0 | 7 |
Gross Unrealized Losses | 0 | (17) |
Estimated Fair Value | 662,855 | 254,273 |
Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost Total | 108,460 | 156,836 |
Gross Unrealized Gains | 1,488 | 2,445 |
Gross Unrealized Losses | (345) | (477) |
Estimated Fair Value | 109,603 | 158,804 |
Asset-backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost Total | 159 | 2,533 |
Gross Unrealized Gains | 13 | 18 |
Gross Unrealized Losses | 0 | (2) |
Estimated Fair Value | 172 | 2,549 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost Total | 12,622 | 50,566 |
Gross Unrealized Gains | 86 | 134 |
Gross Unrealized Losses | (6) | (556) |
Estimated Fair Value | $ 12,702 | $ 50,144 |
Financial Instruments - Fair Va
Financial Instruments - Fair Value of Gross and Unrealized Losses (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | $ 40,113 | $ 76,724 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (221) | (389) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 10,016 | 34,408 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (130) | (663) |
Available-for-Sale Securities, Fair Value, Total | 50,129 | 111,132 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (351) | (1,052) |
Mortgage-Backed Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 37,442 | 13,492 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (216) | (88) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 9,835 | 31,819 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (129) | (389) |
Available-for-Sale Securities, Fair Value, Total | 47,277 | 45,311 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (345) | (477) |
Commercial Mortgage Backed Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 2,671 | 30,593 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (5) | (282) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 181 | 2,589 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1) | (274) |
Available-for-Sale Securities, Fair Value, Total | 2,852 | 33,182 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | $ (6) | (556) |
Asset-backed Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 1,641 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2) | |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-Sale Securities, Fair Value, Total | 1,641 | |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (2) | |
Debt Security, Government, Non-US [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 30,998 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (17) | |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-Sale Securities, Fair Value, Total | 30,998 | |
Available-for-Sale Securities, Gross Unrealized Losses, Total | $ (17) |
Financial Instruments - Amortiz
Financial Instruments - Amortized Cost and Estimated Fair Value of Marketable Debt Securities (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | $ 2,200,109 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 2,345 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 15,907 | |
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | 102,674 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost | 2,321,035 | |
Estimated Fair Value | 2,905,706 | $ 2,139,816 |
Estimated Fair Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 2,200,156 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 2,390 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 16,403 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | 103,367 | |
Estimated Fair Value | $ 2,322,316 |
Financial Instruments - Schedul
Financial Instruments - Schedule Available-for-sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Information on sale of available-for-sale securities | |||
Proceeds from sale of available-for-sale and equity securities | $ 76,407 | $ 670,604 | $ 35,734 |
Gross realized gains on sale of available-for-sale securities | 801 | 3,349 | 372 |
Gross realized losses on sale of available-for-sale securities | (450) | (216) | (51) |
Net realized gains (losses) on sale of available-for-sale securities | 351 | 3,133 | 321 |
Amortization of premiums on available-for-sale securities | $ (280) | $ 3,551 | $ 8,118 |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) $ in Millions | Apr. 03, 2021USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Marketable debt securities with contractual maturities greater than one year but classified as short-term investment | $ 122.2 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Outstanding Forward Currency Exchange Contracts (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 215,082 | $ 187,315 |
Singapore Dollar [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 30,024 | 28,875 |
Euro [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 28,600 | 33,474 |
Indian Rupee [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 99,255 | 76,076 |
British Pound [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 23,795 | 20,191 |
Japanese Yen [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 0 | 2,433 |
Chinese Yuan [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 33,408 | $ 26,266 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Narrative (Details) | 12 Months Ended |
Apr. 03, 2021 | |
Derivative [Line Items] | |
Hedging Program number of years | 2 years |
Derivative Financial Instrume_5
Derivative Financial Instruments - Derivative Instruments, Balance Sheet Location (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Prepaid expenses and other current assets | ||
Derivative Instruments located on Condensed Consolidated Balance sheet | ||
Asset Derivatives, Fair Value | $ 4,381 | $ 30 |
Other accrued liabilities | ||
Derivative Instruments located on Condensed Consolidated Balance sheet | ||
Liability Derivatives, Fair Value | $ 862 | $ 9,140 |
Derivative Financial Instrume_6
Derivative Financial Instruments- Summary of Derivative Instruments, Income Statement Location (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Foreign Exchange Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gains/(losses) recognized in other comprehensive income on derivative (effective portion of cash flow hedging) | $ 10,471 | $ (7,637) |
Interest And Other Expense, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gains (losses) reclassified from accumulated other comprehensive income into income (effective portion) | (2,923) | |
Amount of gains (losses) recorded (ineffective portion) | 0 | $ (8) |
Operating Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gains (losses) reclassified from accumulated other comprehensive income into income (effective portion) | $ 4,500 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | $ 246,230 | $ 186,723 | $ 147,942 |
Income tax effect | (50,802) | (38,013) | (29,361) |
Net stock-based compensation effect on net income | 195,428 | 148,710 | 118,581 |
Cost of Revenues [Member] | |||
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | 12,765 | 10,035 | 8,820 |
Research and Development [Member] | |||
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | 150,271 | 114,976 | 86,428 |
Selling, General and Administrative Expenses [Member] | |||
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | 83,194 | 61,540 | 52,694 |
Restructuring Charges [Member] | |||
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | $ 0 | $ 172 | $ 0 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Weighted-Average Assumptions (Details) | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Employee Stock Purchase Plan [Member] | |||
Weighted average assumptions in estimation of fair value per share of stock | |||
Expected Term | 1 year 3 months 18 days | 1 year 3 months 18 days | 1 year 3 months 18 days |
Expected Volatility | 46.00% | 35.00% | 33.00% |
Risk-free interest rate | 0.10% | 1.70% | 2.50% |
Dividend yield | 0.70% | 1.50% | 1.70% |
Restricted Stock Units (RSUs) [Member] | |||
Weighted average assumptions in estimation of fair value per share of stock | |||
Risk-free interest rate | 0.20% | 1.80% | 2.70% |
Dividend yield | 1.20% | 1.30% | 2.10% |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Equity Incentive Plans (Details) - 2007 Equity Plan [Member] - shares shares in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
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 | 0 | 6,000 | 3,000 |
Shares Available for Grant Under Option Plan [Roll Forward] | |||
Shares Available for Grant, Beginning Balance | 15,050 | 11,319 | 11,342 |
Shares Available for Grant, RSUs granted | (3,885) | (2,756) | (3,559) |
Shares Available for Grant, RSUs cancelled | 680 | 487 | 536 |
Shares Available for Grant, Ending Balance | 11,845 | 15,050 | 11,319 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Summary of restricted stock unit activity and related information | |||
Number of Shares, Beginning balance | 6,780 | 7,331 | 6,989 |
Number of Shares, Granted | 3,885 | 2,756 | 3,559 |
Number of Shares, Vested | (2,558) | (2,820) | (2,681) |
Number of Shares, Cancelled | (680) | (487) | (536) |
Number of Shares, Ending balance | 7,427 | 6,780 | 7,331 |
Number of Shares, Expected to vest | 6,066 | ||
Weighted-Average Grant-Date Fair Value Per Share, Beginning balance (in dollars per share) | $ 80.53 | $ 59.54 | $ 51.39 |
Weighted-Average Grant-Date Fair Value Per Share, Granted (in dollars per share) | 106.36 | 109.53 | 66.94 |
Weighted-Average Grant-Date Fair Value Per Share, Vested (in dollars per share) | 71.07 | 55.24 | 49.05 |
Weighted-Average Grant-Date Fair Value Per Share, Cancelled (in dollars per share) | 85.26 | 75.09 | 55.09 |
Weighted-Average Grant-Date Fair Value Per Share, Ending balance (in dollars per share) | 96.45 | $ 80.53 | $ 59.54 |
Weighted-Average Grant-Date Fair Value Per Share, Expected to vest (in dollars per share) | $ 96.76 | ||
Weighted Average Remaining Contractual Term (in years) | 2 years 4 months 17 days | ||
Weighted Average Remaining Contractual Term, Expected to vest (in years) | 2 years 4 months 17 days | ||
Aggregate Intrinsic Value | $ 966,233 | ||
Aggregate Intrinsic Value, Expected to vest | $ 787,637 |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Tax Deduction from Compensation Expense | $ 59,700 | $ 72,700 | $ 44,400 | |
Share Price | $ 129.85 | |||
Stock Purchase Plan, Exercise period | 6 months | |||
2007 Equity Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 11,845 | 15,050 | 11,319 | 11,342 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||
Other Inventory, Capitalized Costs, Gross | $ 3,000 | $ 3,000 | ||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average fair value per share of RSUs and stock purchase rights granted | $ 42.05 | $ 31.97 | $ 26.57 | |
Nonvested awards, stock-based compensation cost not yet recognized | $ 19,900 | |||
Nonvested awards, stock-based compensation cost not yet recognized, weighted-average recognition period | 8 months 12 days | |||
Shares available for grant | 11,900 | |||
Stock offering period | 24 months | |||
Employee Stock Purchase Plan annual earnings Maximum | $ 21 | |||
Percentage of Employee Stock Purchase Plan participation | 84.00% | |||
Percentage Of Employee Stock Purchase plan Lower Fair Market Value | 85.00% | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 762 | 719 | 1,000 | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 55,600 | $ 53,000 | $ 48,300 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average fair value per share of RSUs and stock purchase rights granted | $ 106.36 | $ 109.53 | $ 66.94 | |
Nonvested awards, stock-based compensation cost not yet recognized | $ 487,700 | |||
Nonvested awards, stock-based compensation cost not yet recognized, weighted-average recognition period | 2 years 7 months 6 days | |||
Fair value of restricted stock units vested during the period | $ 181,800 | |||
Maximum [Member] | Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage Of Participation Of Employee Annual Earnings | 15.00% |
Balance Sheet Information - Pay
Balance Sheet Information - Payables and Accruals (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Payables and Accruals [Abstract] | ||
Accrued Salaries | $ 139,391 | $ 99,197 |
Deferred Compensation Liability, Current | 180,379 | 121,936 |
Other Employee-related Liabilities, Current | 8,574 | 10,306 |
Employee-related Liabilities, Current | 328,344 | 231,439 |
Interest payable | 14,426 | 9,480 |
Accruals related to software licenses | 32,908 | 41,093 |
Unsettled investment transactions | 15,746 | 77,936 |
Restructuring accruals | 0 | 13,454 |
Lease liabilities | 10,461 | 11,109 |
Others | 58,156 | 63,562 |
Other Accrued Liabilities | $ 131,697 | $ 216,634 |
Balance Sheet Information - Oth
Balance Sheet Information - Other Assets (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Payables and Accruals [Abstract] | ||
Deferred tax asset | $ 176,429 | $ 149,415 |
Deferred compensation plan asset | 167,956 | 111,092 |
Lease assets | 48,322 | 57,819 |
Investments in non-marketable equity securities | 115,494 | 101,026 |
Software license contracts | 84,002 | 121,439 |
Others | 43,424 | 51,288 |
Other assets | $ 635,627 | $ 592,079 |
Leases and Commitments - Additi
Leases and Commitments - Additional Information (Details) $ in Millions | 12 Months Ended |
Apr. 03, 2021USD ($) | |
Loss Contingencies [Line Items] | |
Other commitments | $ 252.4 |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Lease, renewal term | 1 year |
Purchase Commitments, Period for Payment | 3 months |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Lease, renewal term | 15 years |
Purchase Commitments, Period for Payment | 6 months |
Open purchase Orders From Ordinary Operations [Member] | |
Loss Contingencies [Line Items] | |
Non-cancelable license obligations | $ 36 |
Leases and Commitments - Schedu
Leases and Commitments - Schedule of Maturity of lease liability (Details) $ in Thousands | Apr. 03, 2021USD ($) |
Fiscal | |
2021 | $ 12,924 |
2022 | 8,605 |
2023 | 7,037 |
2024 | 6,514 |
2025 | 6,403 |
Thereafter | 22,925 |
Total | 64,408 |
Less: Imputed interest | (13,089) |
Operating Lease, Liability | $ 51,319 |
Leases and Commitments - Lease
Leases and Commitments - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Lessee, Lease, Description [Line Items] | ||
Lease assets | $ 48,322 | $ 57,819 |
Lease liabilities, current | $ 10,461 | $ 11,109 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | xlnx:OtherAccruedLiabilities | xlnx:OtherAccruedLiabilities |
Other assets | ||
Lessee, Lease, Description [Line Items] | ||
Lease assets | $ 48,322 | $ 57,819 |
Other accrued liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Lease liabilities, current | 10,461 | 11,109 |
Other long-term liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Lease liabilities, noncurrent | $ 40,858 | $ 48,964 |
Leases and Commitments - Compon
Leases and Commitments - Components of lease cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 15,225 | $ 16,584 |
Lease income | (3,359) | (2,799) |
Total lease cost | $ 11,866 | $ 13,785 |
Leases and Commitments - Other
Leases and Commitments - Other information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Leases [Abstract] | ||
Cash paid for operating leases included in operating cash flows | $ 13,713 | $ 12,571 |
Weighted-average remaining lease term - operating leases (in years) | 6 years 10 months 24 days | 7 years 3 months 18 days |
Weighted-average remaining discount rate - operating leases (as a percent) | 5.70% | 5.60% |
Leases and Commitments - Sche_2
Leases and Commitments - Schedule of future lease payments, prior to adoption of 842 (Details) $ in Thousands | Apr. 03, 2021USD ($) |
Future Minimum Lease Payments Under Non-Cancelable Operating Leases | |
Total | $ 64,408 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 03, 2021 | Jan. 02, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 187,884 | $ 170,972 | $ 193,816 | $ 93,836 | $ 162,257 | $ 162,012 | $ 226,993 | $ 241,459 | $ 646,508 | $ 792,721 | $ 889,750 |
Basic (in shares) | 245,774 | 245,145 | 244,837 | 243,180 | 247,166 | 250,546 | 252,399 | 253,268 | 244,257 | 251,732 | 252,762 |
Dilutive effect of employee equity incentive plans | 2,972 | 3,211 | 3,672 | ||||||||
Weighted average common shares outstanding-diluted | 249,030 | 248,148 | 246,763 | 245,543 | 249,320 | 252,808 | 255,269 | 257,928 | 247,229 | 254,943 | 256,434 |
Basic (in dollars per share) | $ 0.76 | $ 0.70 | $ 0.79 | $ 0.39 | $ 0.66 | $ 0.65 | $ 0.90 | $ 0.95 | $ 2.65 | $ 3.15 | $ 3.52 |
Diluted (in dollars per share) | $ 0.75 | $ 0.69 | $ 0.79 | $ 0.38 | $ 0.65 | $ 0.64 | $ 0.89 | $ 0.94 | $ 2.62 | $ 3.11 | $ 3.47 |
Interest and Other Expense, N_3
Interest and Other Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Components of interest and other expense | |||
Interest income | $ 10,759 | $ 52,462 | $ 77,295 |
Interest expense | (53,689) | (39,820) | (52,883) |
Other income (expense), net | 19,469 | 29,454 | (12,879) |
Interest and other expense, net | $ (23,461) | $ 42,096 | $ 11,533 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Components of accumulated other comprehensive income (loss) | ||
Accumulated unrealized losses on available-for-sale securities, net of tax | $ 983 | $ 1,319 |
Accumulated unrealized gain (losses) on hedging transactions, net of tax | 904 | (10,170) |
Accumulated cumulative translation adjustment, net of tax | (4,000) | (11,426) |
Accumulated other comprehensive loss | $ (2,113) | $ (20,277) |
Debt and Credit Facility - Narr
Debt and Credit Facility - Narrative (Details) - USD ($) | May 19, 2020 | May 30, 2017 | Mar. 28, 2015 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | Mar. 12, 2014 |
Debt Instrument [Line Items] | |||||||
Proceeds from issuance of long-term debts | $ 744,427,000 | $ 0 | $ 0 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 400,000,000 | ||||||
Additional borrowing capacity from Revolving Credit Facility | $ 150,000,000 | ||||||
2030 Notes Payable [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Discount Percent Of Par | 99.973% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.378% | ||||||
Proceeds from issuance of long-term debts | $ 744,400,000 | ||||||
Debt instrument, long term debt, remaining discount amortization period | 9 years 2 months 12 days | ||||||
Stated interest rate | 2.375% | ||||||
2021 Notes Payable [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Discount Percent Of Par | 99.281% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.115% | ||||||
Proceeds from issuance of long-term debts | $ 495,400,000 | ||||||
Stated interest rate | 3.00% | ||||||
2024 Notes Payable [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Discount Percent Of Par | 99.887% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.968% | ||||||
Proceeds from issuance of long-term debts | $ 745,200,000 | ||||||
Debt instrument, long term debt, remaining discount amortization period | 3 years 2 months 12 days | ||||||
Stated interest rate | 2.95% |
Debt and Credit Facility - Summ
Debt and Credit Facility - Summary of Carrying Value (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
2021 Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 0 | $ 500,000 |
Unamortized discount | 0 | (517) |
Unamortized debt issuance costs | 0 | 223 |
Carrying value | 0 | 499,260 |
2024 Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 750,000 | 750,000 |
Unamortized discount | (405) | (525) |
Unamortized debt issuance costs | 1,797 | 2,365 |
Carrying value | 747,798 | $ 747,110 |
2030 Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 750,000 | |
Unamortized discount | (187) | |
Unamortized debt issuance costs | 4,923 | |
Carrying value | $ 744,890 |
Debt and Credit Facility - Su_2
Debt and Credit Facility - Summary of Interest and Other Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
2021 Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Contractual coupon interest | $ 14,416 | $ 15,000 | $ 15,000 |
Amortization of debt issuance costs | 223 | 244 | 244 |
Amortization of debt discount | 517 | 546 | 530 |
Total interest expense | 15,156 | 15,790 | 15,774 |
2024 Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Contractual coupon interest | 21,773 | 22,873 | 25,875 |
Amortization of debt issuance costs | 568 | 567 | 568 |
Amortization of debt discount | 120 | 117 | 113 |
Total interest expense | 22,461 | $ 23,557 | $ 26,556 |
2030 Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Contractual coupon interest | 15,608 | ||
Amortization of debt issuance costs | 448 | ||
Amortization of debt discount | 16 | ||
Total interest expense | $ 16,072 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | Oct. 22, 2019 | |
Share Repurchases [Line Items] | ||||
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 | ||
Repurchase and retirement of common stock (in shares) | 685,000 | 12,900,000 | ||
Repurchases of common stock | $ 53,682 | $ 1,208,917 | $ 161,551 | |
Treasury shares | 0 | 0 | ||
2019 Repurchase Program [Member] | ||||
Share Repurchases [Line Items] | ||||
Amount authorized for common stock repurchase | $ 1,000,000 | |||
Stock Repurchase Program, Amount Used | $ 716,300 | |||
Total amount available for future repurchases | $ 283,700 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Federal: | |||
Current | $ 97,708 | $ (2,056) | $ 90,674 |
Deferred | (20,671) | 11,527 | (30,746) |
Federal income tax expense (benefit), Total | 77,037 | 9,471 | 59,928 |
State: | |||
Current | 5,008 | 5,480 | 4,623 |
Deferred | (4,352) | 9,289 | 2,545 |
State income tax expense (benefit), Total | 656 | 14,769 | 7,168 |
Foreign: | |||
Current | 11,682 | 26,915 | 16,282 |
Deferred | (6,205) | (9,892) | (4,796) |
Foreign income tax expense (benefit), Total | 5,477 | 17,023 | 11,486 |
Total | $ 83,170 | $ 41,263 | $ 78,582 |
Income Taxes - Summary of Domes
Income Taxes - Summary of Domestic and Foreign Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 03, 2021 | Jan. 02, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ 5,293 | $ 145,339 | $ 173,082 | ||||||||
Foreign | 724,385 | 688,645 | 795,250 | ||||||||
Income before income taxes | $ 195,536 | $ 176,134 | $ 194,646 | $ 163,362 | $ 189,746 | $ 165,843 | $ 215,845 | $ 262,550 | $ 729,678 | $ 833,984 | $ 968,332 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 03, 2021 | Jan. 02, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income before provision for taxes | $ 195,536 | $ 176,134 | $ 194,646 | $ 163,362 | $ 189,746 | $ 165,843 | $ 215,845 | $ 262,550 | $ 729,678 | $ 833,984 | $ 968,332 |
Federal statutory tax rate | 21.00% | 21.00% | 21.00% | ||||||||
Computed expected tax | $ 153,232 | $ 175,137 | $ 203,350 | ||||||||
State taxes, net of federal benefit | 2,762 | 16,085 | 6,379 | ||||||||
Foreign earnings at lower tax rates | (20,975) | (69,103) | (98,387) | ||||||||
Tax credits | (34,287) | (35,846) | (31,679) | ||||||||
Transition tax | 0 | 0 | 21,063 | ||||||||
Excess benefits from stock-based compensation | (17,842) | (37,428) | (14,196) | ||||||||
Fiscal 2014 amended returns | 0 | (9,398) | 0 | ||||||||
Deferred compensation plan asset | (9,818) | 0 | 0 | ||||||||
Other | 10,098 | 1,816 | (7,948) | ||||||||
Total | $ 83,170 | $ 41,263 | $ 78,582 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Deferred tax assets: | ||
Stock-based compensation | $ 18,578 | $ 18,600 |
Accrued expenses | 22,080 | 12,159 |
Tax credit carryforwards | 195,520 | 172,998 |
Deferred compensation plan | 39,189 | 28,394 |
Deferred Tax Assets, Investments | 3,179 | 2,880 |
DeferredTaxAssetGILTI | 32,225 | 24,306 |
Tax loss carryforwards | 56,521 | 57,969 |
Intangible assets | 0 | 1,755 |
Operating leases | 12,487 | 11,317 |
Other | 10,136 | 7,465 |
Deferred tax assets, gross | 389,915 | 337,843 |
Valuation allowance | (172,517) | (150,907) |
Total deferred tax assets | 217,398 | 186,936 |
Deferred tax liabilities: | ||
Unremitted foreign earnings | (5,949) | (8,432) |
Deferred Tax Liabilities, Goodwill and Intangible Assets | (11,675) | 0 |
DeferredTaxLiabilityDistributorPriceAdj | (7,812) | (7,540) |
Operating leases | (11,713) | (11,317) |
Other | (3,903) | (12,499) |
Deferred Tax Liabilities, Gross | (41,052) | (39,788) |
Deferred Tax Assets, Net | $ 176,346 | $ 147,148 |
Income Taxes - Changes in Balan
Income Taxes - Changes in Balance of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance as of beginning of fiscal year | $ 88,840 | $ 147,616 |
Increases in tax positions for prior years | 47,244 | 4,481 |
Decreases in tax positions for prior years | (10,837) | (90,521) |
Increases in tax positions for current year | 20,704 | 27,524 |
Settlements | (693) | 0 |
Lapse in statute of limitations | (227) | (260) |
Balance as of end of fiscal year | $ 145,031 | $ 88,840 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||
Excess benefits from stock-based compensation | $ 17,842 | $ 37,428 | $ 14,196 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 56,200 | ||
Unrecognized Tax Benefits | 145,031 | 88,840 | 147,616 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 106,400 | 47,400 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 3,400 | ||
Deferred Tax Assets and Liabilities [Line Items] | |||
Long-term deferred tax assets | 217,398 | 186,936 | |
Valuation allowance | 172,517 | 150,907 | |
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 171,400 | ||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | 3,100 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 184,200 | ||
Operating Loss Carryforwards, Valuation Allowance | 170,400 | ||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | 239,800 | ||
Tax Credit Carryforward, Valuation Allowance | 199,800 | ||
Foreign Tax Authority [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax Credit Carryforward, Amount | 2,800 | ||
Tax Credit Carryforward, Valuation Allowance | $ 2,800 | ||
Singapore [Member] | |||
Income Tax Holiday [Line Items] | |||
Income Tax Holiday Statutory Tax Rate | 17.00% | ||
Income Tax Holiday Pioneer Status Tax Rate | 0.00% | ||
Benefit from income tax holiday | $ 46,700 | $ 42,300 | $ 48,000 |
Benefit from income tax holiday, per share (in dollars per share) | $ 0.19 | $ 0.17 | $ 0.19 |
Other Assets [Member] | |||
Deferred Tax Assets and Liabilities [Line Items] | |||
Long-term deferred tax assets | $ 176,400 | $ 149,400 |
Segment Information - Revenues
Segment Information - Revenues by Geographic Region (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 03, 2021USD ($) | Jan. 02, 2021USD ($) | Sep. 26, 2020USD ($) | Jun. 27, 2020USD ($) | Mar. 28, 2020USD ($) | Dec. 28, 2019USD ($) | Sep. 28, 2019USD ($) | Jun. 29, 2019USD ($) | Apr. 03, 2021USD ($)segment | Mar. 28, 2020USD ($) | Mar. 30, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segments | segment | 1 | ||||||||||
Revenues | $ 850,987 | $ 803,404 | $ 766,535 | $ 726,673 | $ 756,169 | $ 723,499 | $ 833,366 | $ 849,632 | $ 3,147,599 | $ 3,162,666 | $ 3,059,040 |
Net long-lived assets | 393,346 | 430,393 | 393,346 | 430,393 | 328,929 | ||||||
North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 880,112 | 914,952 | 848,723 | ||||||||
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 792,703 | 807,260 | 748,245 | ||||||||
Net long-lived assets | 215,271 | 225,291 | 215,271 | 225,291 | 212,385 | ||||||
North America, Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 87,409 | 107,692 | 100,478 | ||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,529,174 | 1,475,222 | 1,385,582 | ||||||||
Asia Pacific, Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 508,729 | 562,493 | 534,987 | ||||||||
China [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,020,445 | 912,729 | 850,595 | ||||||||
Foreign [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,267,487 | 2,247,714 | 2,210,317 | ||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 515,001 | 533,984 | 586,893 | ||||||||
Japan [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 223,312 | 238,508 | 237,842 | ||||||||
Ireland [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net long-lived assets | 36,748 | 39,038 | 36,748 | 39,038 | 36,984 | ||||||
Singapore [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net long-lived assets | 50,552 | 62,642 | 50,552 | 62,642 | 62,257 | ||||||
India [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net long-lived assets | 67,016 | 74,058 | 67,016 | 74,058 | 12,015 | ||||||
Foreign, Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net long-lived assets | 23,759 | 29,364 | 23,759 | 29,364 | 5,288 | ||||||
Non-US [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net long-lived assets | $ 178,075 | $ 205,102 | $ 178,075 | $ 205,102 | $ 116,544 |
Segment Information - Percentag
Segment Information - Percentage of Total Revenues (Details) | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Segment Reporting Information [Line Items] | |||
% Change in Dollars | 0.00% | 3.00% | |
Revenue by EM, Percentage | 100.00% | 100.00% | 100.00% |
A&D, Industrial and TME | |||
Segment Reporting Information [Line Items] | |||
% Change in Dollars | 6.00% | 5.00% | |
Revenue by EM, Percentage | 44.00% | 41.00% | 41.00% |
Automotive, Broadcast and Consumer | |||
Segment Reporting Information [Line Items] | |||
% Change in Dollars | 1.00% | 8.00% | |
Revenue by EM, Percentage | 16.00% | 16.00% | 15.00% |
Wired and Wireless | |||
Segment Reporting Information [Line Items] | |||
% Change in Dollars | (14.00%) | (1.00%) | |
Revenue by EM, Percentage | 30.00% | 34.00% | 36.00% |
Data Center | |||
Segment Reporting Information [Line Items] | |||
% Change in Dollars | 20.00% | 22.00% | |
Revenue by EM, Percentage | 10.00% | 9.00% | 7.00% |
Channel Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue by EM, Percentage | 0.00% | 0.00% | 1.00% |
Goodwill and Acquisition-Rela_3
Goodwill and Acquisition-Related Intangibles - Summary of Goodwill and Acquisition - Related Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 372,598 | $ 361,882 |
Finite-Lived Intangible Assets, Accumulated Amortization | (201,006) | (161,538) |
Finite-Lived Intangible Assets, Net | 171,592 | 200,344 |
In process research and development | 26,992 | 56,992 |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 619,196 | |
Acquisitions | 1,284 | |
Other | 217 | |
Goodwill, ending balance | 620,697 | |
Core Technology [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 249,847 | 209,131 |
Finite-Lived Intangible Assets, Accumulated Amortization | (133,007) | (105,007) |
Finite-Lived Intangible Assets, Net | $ 116,840 | 104,124 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years 9 months 18 days | |
Other Intangible Assets [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 95,759 | 95,759 |
Finite-Lived Intangible Assets, Accumulated Amortization | (67,999) | (56,531) |
Finite-Lived Intangible Assets, Net | $ 27,760 | $ 39,228 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years 4 months 24 days |
Goodwill and Acquisition-Rela_4
Goodwill and Acquisition-Related Intangibles - Carrying Value of Acquisitions-Related Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of acquisition-related intangibles | $ 11,468 | $ 8,889 | $ 4,930 |
Schedule of expected annual amortization expense for acquisition-related intangibles | |||
2019 | 43,502 | ||
2020 | 41,836 | ||
2021 | 37,586 | ||
2022 | 14,747 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 6,929 | ||
Total | $ 144,600 |
Goodwill and Acquisition-Rela_5
Goodwill and Acquisition-Related Intangibles - Narrative (Details) - USD ($) $ in Thousands | Apr. 03, 2021 | Mar. 28, 2020 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 620,697 | $ 619,196 |
Falcon Computing Solutions | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 1,300 | |
Acquired intangibles | $ 10,700 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) | 12 Months Ended | ||
Apr. 03, 2021USD ($)participant | Mar. 28, 2020USD ($) | Mar. 30, 2019USD ($) | |
Postemployment Benefits [Abstract] | |||
Total contribution to the employee benefit plans | $ 18,300,000 | $ 16,500,000 | $ 15,100,000 |
Employer matching contribution limit, as a percentage of employee contribution | 50.00% | ||
First part of employee compensation that the employee contributed to their 401(k) accounts | 8.00% | ||
The maximum company contribution per employee | $ 4,500 | ||
Participants' age limit eligible to make catch up salary deferral contribution | 50 years | ||
Percentage of salary deferrals of the eligible annual salary | 75.00% | ||
Number of participants in the plan who self direct their contribution into investment option (more than) | participant | 275 | ||
Employee benefit plan assets | $ 168,000,000 | 111,100,000 | |
Employee benefit plan obligations | $ 180,400,000 | $ 121,900,000 |
Restructuring Charges and Exe_2
Restructuring Charges and Executive Transition Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Total executive transition costs | $ 0 | $ 28,362 | $ 0 |
Business Combination (Details)
Business Combination (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 03, 2021 | Mar. 28, 2020 | |
Business Acquisition [Line Items] | ||
Goodwill | $ 620,697 | $ 619,196 |
Falcon Computing Solutions | ||
Business Acquisition [Line Items] | ||
Business combination, consideration | 12,000 | |
Goodwill | 1,300 | |
Acquired intangibles | 10,700 | |
Solarflare acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Business combination, consideration | 400,000 | |
Goodwill | 237,200 | |
Intangibles acquired | $ 106,000 | |
Airrays GmbH [Member] | ||
Business Acquisition [Line Items] | ||
Business combination, consideration | 29,000 | |
Goodwill | 14,100 | |
Intangibles acquired | 18,200 | |
NGCodec, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Business combination, consideration | 54,000 | |
Goodwill | 28,900 | |
Intangibles acquired | $ 26,700 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts, Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning of Year | $ 3,239 | $ 3,170 | $ 3,170 |
Additions | 0 | 79 | 0 |
Deductions | 90 | 10 | 0 |
End of Year | 3,149 | 3,239 | 3,170 |
Valuation allowance for deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning of Year | 150,907 | 118,773 | 101,383 |
Additions | 21,610 | 34,488 | 17,390 |
Deductions | 0 | 2,354 | 0 |
End of Year | $ 172,517 | $ 150,907 | $ 118,773 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts, Supplementary Financial Data Quarterly Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 03, 2021 | Jan. 02, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Apr. 03, 2021 | Mar. 28, 2020 | Mar. 30, 2019 | |
Supplementary Financial Data [Abstract] | |||||||||||
Revenues | $ 850,987 | $ 803,404 | $ 766,535 | $ 726,673 | $ 756,169 | $ 723,499 | $ 833,366 | $ 849,632 | $ 3,147,599 | $ 3,162,666 | $ 3,059,040 |
Gross margin | 570,403 | 547,000 | 541,719 | 493,873 | 528,435 | 483,478 | 540,260 | 562,863 | 2,152,995 | 2,115,036 | 2,103,172 |
Income before provision for taxes | 195,536 | 176,134 | 194,646 | 163,362 | 189,746 | 165,843 | 215,845 | 262,550 | 729,678 | 833,984 | 968,332 |
Net income | $ 187,884 | $ 170,972 | $ 193,816 | $ 93,836 | $ 162,257 | $ 162,012 | $ 226,993 | $ 241,459 | $ 646,508 | $ 792,721 | $ 889,750 |
Shares used in per share calculations | |||||||||||
Basic (in dollars per share) | $ 0.76 | $ 0.70 | $ 0.79 | $ 0.39 | $ 0.66 | $ 0.65 | $ 0.90 | $ 0.95 | $ 2.65 | $ 3.15 | $ 3.52 |
Diluted (in dollars per share) | $ 0.75 | $ 0.69 | $ 0.79 | $ 0.38 | $ 0.65 | $ 0.64 | $ 0.89 | $ 0.94 | $ 2.62 | $ 3.11 | $ 3.47 |
Shares used in per share calculations: | |||||||||||
Basic (in shares) | 245,774 | 245,145 | 244,837 | 243,180 | 247,166 | 250,546 | 252,399 | 253,268 | 244,257 | 251,732 | 252,762 |
Diluted (in shares) | 249,030 | 248,148 | 246,763 | 245,543 | 249,320 | 252,808 | 255,269 | 257,928 | 247,229 | 254,943 | 256,434 |
Cash dividends per common share (in dollars per share) | $ 0 | $ 0.38 | $ 0.38 | $ 0.38 | $ 0.37 | $ 0.37 | $ 0.37 |