Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jul. 03, 2021 | Jul. 16, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 3, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-18548 | |
Entity Registrant Name | XILINX, INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 2100 Logic Drive | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Tax Identification Number | 77-0188631 | |
Entity Address, Postal Zip Code | 95124 | |
City Area Code | 408 | |
Local Phone Number | 559-7778 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | XLNX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 247,468,170 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000743988 | |
Current Fiscal Year End Date | --04-02 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Income Statement [Abstract] | ||
Net revenues | $ 878,606 | $ 726,673 |
Cost of revenues: | ||
Cost of products sold | 283,441 | 226,103 |
Amortization of acquisition-related intangibles | 9,066 | 6,697 |
Total cost of revenues | 292,507 | 232,800 |
Gross margin | 586,099 | 493,873 |
Operating expenses: | ||
Research and development | 247,975 | 210,113 |
Selling, general and administrative | 124,920 | 105,383 |
Amortization of acquisition-related intangibles | 2,841 | 2,862 |
Total operating expenses | 375,736 | 318,358 |
Operating income | 210,363 | 175,515 |
Interest and other income (expense), net | 1,000 | (12,153) |
Income before income taxes | 211,363 | 163,362 |
Provision for income taxes | 5,022 | 69,526 |
Net income | $ 206,341 | $ 93,836 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.84 | $ 0.39 |
Diluted (in dollars per share) | 0.83 | 0.38 |
Cash dividends per common share (in dollars per share) | $ 0 | $ 0.38 |
Shares used in per share calculations: | ||
Basic (in shares) | 245,860 | 243,180 |
Diluted (in shares) | 249,320 | 245,543 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 206,341 | $ 93,836 |
Other comprehensive income (loss), net of tax: | ||
Change in net unrealized (losses) gains on available-for-sale securities | (450) | 368 |
Reclassification adjustment for losses (gains) on available-for-sale securities | 22 | (277) |
Change in unrealized gains (losses) on hedging transactions | 233 | 7,129 |
Reclassification adjustment for (gains) losses on hedging transactions | (2,172) | 1,687 |
Cumulative translation adjustment, net | 1,269 | (2,867) |
Other comprehensive income (loss) | (1,098) | 6,040 |
Total comprehensive income | $ 205,243 | $ 99,876 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,426,919 | $ 1,438,528 |
Short-term investments | 1,962,712 | 1,640,371 |
Accounts receivable, net | 233,887 | 285,214 |
Inventories | 287,043 | 311,085 |
Prepaid expenses and other current assets | 75,848 | 71,064 |
Total current assets | 3,986,409 | 3,746,262 |
Property, plant and equipment, at cost | 1,017,742 | 1,004,187 |
Accumulated depreciation and amortization | (673,749) | (659,164) |
Net property, plant and equipment | 343,993 | 345,023 |
Goodwill | 633,200 | 620,697 |
Acquisition-related intangibles, net | 179,696 | 171,592 |
Other assets | 708,885 | 635,627 |
Total Assets | 5,852,183 | 5,519,201 |
Current liabilities: | ||
Accounts payable | 135,437 | 116,046 |
Accrued payroll and related liabilities | 375,708 | 328,344 |
Income taxes payable | 92,665 | 48,468 |
Other accrued liabilities | 111,086 | 131,697 |
Total current liabilities | 714,896 | 624,555 |
Long-term debt | 1,492,999 | 1,492,688 |
Long-term income taxes payable | 469,358 | 460,926 |
Other long-term liabilities | 55,326 | 54,071 |
Total liabilities | 2,732,579 | 2,632,240 |
Commitments and contingencies (Note 17) | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value | 0 | 0 |
Common stock, $.01 par value | 2,459 | 2,458 |
Additional paid-in capital | 1,410,893 | 1,383,494 |
Retained earnings | 1,709,463 | 1,503,122 |
Accumulated other comprehensive loss | (3,211) | (2,113) |
Total stockholders’ equity | 3,119,604 | 2,886,961 |
Total Liabilities and Stockholders’ Equity | $ 5,852,183 | $ 5,519,201 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 03, 2021 | Apr. 03, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 206,341 | $ 93,836 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of software | 32,192 | 31,749 |
Amortization - others | 17,946 | 15,059 |
Stock-based compensation | 67,609 | 50,383 |
Benefit for deferred income taxes | (52,345) | (8,979) |
Others | (562) | 2,640 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 51,329 | (32,152) |
Inventories | 24,042 | 12,127 |
Prepaid expenses and other current assets | (10,716) | (1,925) |
Other assets | (29,831) | (23,018) |
Accounts payable | 17,133 | 1,333 |
Accrued liabilities | 9,534 | 29,622 |
Income taxes payable | 57,225 | 74,796 |
Net cash provided by operating activities | 389,897 | 245,471 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (1,322,798) | (1,678,000) |
Proceeds from sale and maturity of available-for-sale and equity securities | 983,775 | 318,857 |
Purchases of property, plant and equipment and software | (17,186) | (15,461) |
Other investing activities | (2,509) | (6,280) |
Acquisition of business, net of cash acquired | (30,533) | 0 |
Net cash used in investing activities | (389,251) | (1,380,884) |
Cash flows from financing activities: | ||
Repurchases of common stock | 0 | (53,682) |
Taxes paid related to net share settlements of restricted stock units | (3,797) | (3,240) |
Proceeds from issuance of common stock through various stock plans | 1 | 1 |
Payment of dividends to stockholders | 0 | (92,414) |
Proceeds from issuance of long-term debt, net | 0 | 744,423 |
Other financing activities | (8,459) | (10,002) |
Net cash provided by (used in) financing activities | (12,255) | 585,086 |
Net decrease in cash and cash equivalents | (11,609) | (550,327) |
Cash and cash equivalents at beginning of period | 1,777,703 | |
Cash and cash equivalents at end of period | 1,426,919 | 1,227,376 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 19,969 | 13,789 |
Income taxes paid, net | $ 171 | $ 3,747 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity Statement - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock Outstanding | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Common Stock Outstanding, beginning balance (in shares) at Mar. 28, 2020 | 243,810 | ||||
Beginning balance at Mar. 28, 2020 | $ 2,315,049 | $ 2,438 | $ 1,145,083 | $ 1,187,805 | $ (20,277) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 93,836 | 93,836 | |||
Other comprehensive loss | 6,040 | 6,040 | |||
Issuance of common shares under employee stock plans, net (in shares) | 106 | ||||
Issuance of common shares under employee stock plans, net | (3,239) | $ 1 | (3,240) | ||
Stock-based compensation expense | 50,383 | 50,383 | |||
Repurchase and retirement of common stock (in shares) | (685) | ||||
Repurchase and retirement of common stock | (50,002) | $ (7) | 2,522 | (52,517) | |
Cash dividends declared | (92,414) | (92,414) | |||
Common Stock Outstanding, ending balance (in shares) at Jun. 27, 2020 | 243,231 | ||||
Ending balance at Jun. 27, 2020 | 2,319,653 | $ 2,432 | 1,194,748 | 1,136,710 | (14,237) |
Common Stock Outstanding, beginning balance (in shares) at Apr. 03, 2021 | 245,808 | ||||
Beginning balance at Apr. 03, 2021 | 2,886,961 | $ 2,458 | 1,383,494 | 1,503,122 | (2,113) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 206,341 | 206,341 | |||
Other comprehensive loss | (1,098) | (1,098) | |||
Issuance of common shares under employee stock plans, net (in shares) | 101 | ||||
Issuance of common shares under employee stock plans, net | (40,209) | $ 1 | (40,210) | ||
Stock-based compensation expense | 67,609 | 67,609 | |||
Common Stock Outstanding, ending balance (in shares) at Jul. 03, 2021 | 245,909 | ||||
Ending balance at Jul. 03, 2021 | $ 3,119,604 | $ 2,459 | $ 1,410,893 | $ 1,709,463 | $ (3,211) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends per common share (in dollars per share) | $ 0 | $ 0.38 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jul. 03, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X, and should be read in conjunction with the Xilinx, Inc. (Xilinx or the Company) consolidated financial statements filed with the U.S. Securities and Exchange Commission (SEC) on Form 10-K for the fiscal year ended April 3, 2021. The interim financial statements are unaudited, but reflect all adjustments which are, in the opinion of management, of a normal, recurring nature necessary to provide a fair statement of results for the interim periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for the fiscal year ending April 2, 2022 or any future period. The Company uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2022 and fiscal 2021 are 52-week and 53-week years ending on April 2, 2022 and April 3, 2021, respectively. The quarters ended July 3, 2021 and June 27, 2020 each consisted of 13 weeks. Merger with Advanced Micro Devices, Inc. On October 27, 2020, the Company announced that it had entered into an Agreement and Plan of Merger, dated October 26, 2020 (as it may be amended from time to time, the Merger Agreement) with Advanced Micro Devices, Inc., a Delaware corporation (AMD), and Thrones Merger Sub, Inc., a wholly-owned subsidiary of AMD (Merger Sub), under which, subject to the satisfaction or (to the extent permissible) waiver of the conditions set forth therein, Merger Sub will merge with and into the Company, and the Company will survive the merger as a wholly-owned subsidiary of AMD (Merger). Under the terms of the Merger Agreement, at the effective time of the Merger (Effective Time), each share of common stock, par value $0.01 per share, of the Company, issued and outstanding immediately prior to the Effective Time (other than treasury shares and any shares of Company common stock held by AMD or Merger Sub) will be converted into the right to receive 1.7234 fully paid and non-assessable shares of common stock, par value $0.01 per share, of AMD (with cash being paid, without interest and less applicable withholding taxes, in lieu of any fractional shares of AMD common stock). The Merger has been approved by the Company’s board of directors, the board of directors of AMD, the Company's stockholders and the stockholders of AMD. The completion of the Merger is subject to customary closing conditions, including, among others, the receipt of various regulatory approvals. Subject to the satisfaction or (to the extent permissible) waiver of such conditions, the Merger is currently expected to close by the end of calendar year 2021. The Company cannot guarantee that the Merger will be completed on a timely basis or at all or that, if completed, it will be completed on the terms set forth in the Merger Agreement. The aggregate financial advisor fees associated with the Merger are $90.0 million in total, $9.0 million of which was paid upon the public announcement of the Merger, and the remainder is contingent upon the closing of the Merger. The Company is also obligated to pay up to an additional $40.0 million calculated based on the extent to which the value of the Company’s shares in the Merger at the time of closing exceeds a specified threshold. If the Merger is not completed, the Company could be required to pay a termination fee of $1.00 billion to AMD under certain circumstances as described in the Merger Agreement or AMD could be required to pay a termination fee to us equal to $1.50 billion, or $1.00 billion under certain circumstances, as described in the Merger Agreement. |
Recent Accounting Changes and A
Recent Accounting Changes and Accounting Pronouncements | 3 Months Ended |
Jul. 03, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Changes and Accounting Pronouncements | Recent Accounting Changes and Accounting Pronouncements Recent Accounting Pronouncements Adopted Income Taxes In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which 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 is the first quarter of fiscal 2022. The standard provides different transition methods for the various provisions. The Company adopted the new authoritative guidance in the first quarter of fiscal 2022 and the impact was not material to the Company's condensed consolidated financial statements. |
Significant Customers and Conce
Significant Customers and Concentrations of Credit Risk | 3 Months Ended |
Jul. 03, 2021 | |
Significant Customers and Concentrations of Credit Risk [Abstract] | |
Significant Customers and Concentrations of Credit Risk | Significant Customers and Concentrations of Credit Risk Avnet, Inc. (Avnet), one of the Company’s distributors, distributes the Company’s products worldwide. As of July 3, 2021 and April 3, 2021, Avnet accounted for 4% and 13% of the Company’s total net accounts receivable, respectively. Net revenues from Avnet accounted for 49% and 44% of the Company’s worldwide net revenues in the first quarter of fiscal 2022 and 2021, respectively. While the percentage of worldwide net revenues from Avnet fluctuates from period to period, overall the percentage is within historical ranges. For the first quarter of fiscal 2022 and 2021, approximately 67% and 62%, respectively, of the Company's net revenues were from products sold to distributors for subsequent resale to original equipment manufacturers (OEMs) or their subcontract manufacturers. No other distributor or end customer accounted for more than 10% of the Company’s worldwide net revenues for the first quarter of fiscal 2022 and 2021. Xilinx is subject to concentrations of credit risk primarily in its trade accounts receivable and investments in debt securities to the extent of the amounts recorded on the condensed consolidated balance sheet. The Company attempts to mitigate the concentration of credit risk in its trade receivables through its credit evaluation process, collection terms, distributor sales to diverse end customers and through geographical dispersion of sales. Xilinx generally does not require collateral for receivables from its end customers or distributors. The Company mitigates concentrations of credit risk in its investments in debt securities by currently investing approximately 96% of its portfolio in AA (or its equivalent) or higher-grade securities as rated by Standard & Poor’s or Moody’s Investors Service. The Company’s methods to arrive at investment decisions are not solely based on the rating agencies’ credit ratings. Xilinx also performs additional credit due diligence and conducts regular portfolio credit reviews, including a review of counterparty credit risk related to the Company’s forward currency exchange 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 July 3, 2021, all of the mortgage-backed securities in the Company's investment portfolio were issued by U.S. government-sponsored enterprises and agencies and are rated AA+ by Standard & Poor’s and Aaa by Moody’s Investors Service. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jul. 03, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value MeasurementsThe authoritative guidance for fair value measurements established by the FASB defines fair value as the exchange price that would be received from selling an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which Xilinx would transact and also considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of nonperformance. The Company determines the fair value for marketable debt securities using industry standard pricing services, data providers and other third-party sources and by internally performing valuation testing and analysis. The Company primarily uses a consensus price or weighted-average price for its fair value assessment. The Company determines the consensus price using market prices from a variety of industry standard pricing services, data providers, security master files from large financial institutions and other third-party sources and uses those multiple prices as inputs into a distribution-curve-based algorithm to determine the daily market value. The pricing services use multiple inputs to determine market prices, including reportable trades, benchmark yield curves, credit spreads and broker/dealer quotes as well as other industry and economic events. For certain securities with short maturities, such as discount commercial paper and certificates of deposit, the security is accreted from purchase price to face value at maturity. If a subsequent transaction on the same security is observed in the marketplace, the price on the subsequent transaction is used as the current daily market price and the security will be accreted to face value based on the revised price. The Company validates the consensus prices by taking random samples from each asset type and corroborating those prices using reported trade activity, benchmark yield curves, binding broker/dealer quotes or other relevant price information. There have not been any changes to the Company’s fair value methodology during the first quarter of fiscal 2022 and the Company did not adjust or override any fair value measurements as of July 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 July 3, 2021 and April 3, 2021: July 3, 2021 (In thousands) (Level 1) (Level 2) (Level 3) Total Fair Assets Cash equivalents: Money market funds $ 745,459 $ — $ — $ 745,459 Financial institution securities — 79,995 — 79,995 Non-financial institution securities — 147,726 — 147,726 U.S. government and agency securities 154,989 19,999 — 174,988 Foreign government and agency securities — 79,991 — 79,991 Short-term investments: Financial institution securities — 449,992 — 449,992 Non-financial institution securities — 280,950 — 280,950 U.S. government and agency securities 339,930 172,479 — 512,409 Foreign government and agency securities — 509,915 — 509,915 Mortgage-backed securities — 167,730 — 167,730 Asset-backed securities — 158 — 158 Commercial mortgage-backed securities — 41,558 — 41,558 Derivative financial instruments, net — 984 — 984 Total assets measured at fair value $ 1,240,378 $ 1,951,477 $ — $ 3,191,855 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 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% senior 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 July 3, 2021 were approximately $794.4 million and $763.6 million, respectively, based on the last trading price for the period (classified as Level 2 in fair value hierarchy due to relatively low trading volume). Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis As of July 3, 2021, the Company had non-marketable equity securities in private companies of $120.9 million, which were classified as Level 3 assets. The Company’s investments in non-marketable securities of private companies are recorded at fair value if the Company recognizes an observable price adjustment or an impairment. Such impairment losses or observable price adjustments were not material during all periods presented. The Company’s investments in non-financial assets such as property, plant and equipment, goodwill and acquisition-related intangibles, are recorded at cost (net of accumulated depreciation or amortization, where applicable). These non-financial assets are reduced to fair value when impaired. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Jul. 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: July 3, 2021 April 3, 2021 (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 $ 745,459 $ — $ — $ 745,459 $ 583,390 $ — $ — $ 583,390 Financial institution securities 529,987 — — 529,987 434,982 — — 434,982 Non-financial institution securities 428,676 — — 428,676 533,835 — — 533,835 U.S. government and agency securities 687,418 5 (26) 687,397 568,122 45 — 568,167 Foreign government and agency securities 589,906 — — 589,906 662,855 — — 662,855 Mortgage-backed securities 166,869 1,475 (614) 167,730 108,460 1,488 (345) 109,603 Asset-backed securities 145 13 — 158 159 13 — 172 Commercial mortgage- backed securities 41,686 71 (199) 41,558 12,622 86 (6) 12,702 $ 3,190,146 $ 1,564 $ (839) $ 3,190,871 $ 2,904,425 $ 1,632 $ (351) $ 2,905,706 Financial institution securities include securities issued or managed by financial institutions in various forms, such as commercial paper and time deposits. Substantially all time deposits were issued by institutions outside the U.S. as of July 3, 2021 and April 3, 2021. The following tables show the fair values and gross unrealized losses of the Company’s investments, aggregated by investment category, for individual securities that have been in a continuous unrealized loss position for the length of time specified, as of July 3, 2021 and April 3, 2021: July 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 U.S. government and agency securities $ 394,928 $ (26) $ — $ — $ 394,928 $ (26) Mortgage-backed securities $ 82,791 $ (514) $ 7,130 $ (100) $ 89,921 $ (614) Commercial mortgage- backed securities $ 27,552 $ (196) $ 178 $ (3) $ 27,730 $ (199) $ 505,271 $ (736) $ 7,308 $ (103) $ 512,579 $ (839) 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) The Company reviewed the investment portfolio and determined that the gross unrealized losses on these investments as of July 3, 2021 and April 3, 2021 were temporary in nature as evidenced by the fluctuations in the gross unrealized losses within the investment categories. The marketable debt securities (U.S. and foreign government and agency securities, mortgage-backed securities and commercial mortgage-backed securities) are highly rated by the credit rating agencies, there have been no defaults on any of these securities and the Company has received interest payments as they become due. Therefore, the Company believes that it will be able to collect both principal and interest amount due to the Company. Additionally, in the past several years a portion of the Company's investment in the mortgage-backed securities was redeemed or prepaid by the debtors at par. Furthermore, the aggregate of individual unrealized losses that had been outstanding for twelve months or more was not significant as of July 3, 2021 and April 3, 2021. The Company neither intends to sell these investments nor concludes that it is more-likely-than-not that it will have to sell them until recovery of their carrying values. The amortized cost and estimated fair value of marketable debt securities, by contractual maturity, are shown in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties. July 3, 2021 (In thousands) Amortized Estimated Due in one year or less $ 2,235,986 $ 2,235,965 Due after one year through five years 6,927 6,981 Due after five years through ten years 13,985 14,456 Due after ten years 187,789 188,009 $ 2,444,687 $ 2,445,411 As of July 3, 2021, $209.4 million of marketable debt securities with contractual maturities of greater than one year were classified as short-term investments. Additionally, the above table does not include investments in money market funds because these investments do not have specific contractual maturities. Certain information related to available-for-sale securities is as follows: Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Proceeds from sale of available-for-sale securities $ 4,982 $ 37,657 Gross realized gains on sale of available-for-sale securities $ 36 $ 360 Gross realized losses on sale of available-for-sale securities (64) — Net realized (losses) gains on sale of available-for-sale securities $ (28) $ 360 Amortization of premiums (discounts) on available-for-sale securities $ 391 $ (91) The cost of securities matured or sold is based on the specific identification method. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Jul. 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 the 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 ineffectiveness during all periods presented. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Jul. 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 Employee Stock Purchase Plan (ESPP): Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Stock-based compensation included in: Cost of revenues $ 3,610 $ 2,721 Research and development 41,462 30,369 Selling, general and administrative 22,537 17,293 $ 67,609 $ 50,383 Employee Stock Option Plans The types of awards allowed under the 2007 Equity Incentive Plan (2007 Equity Plan) include incentive stock options, non-qualified stock options, restricted stock units (RSUs), restricted stock and stock appreciation rights. As of July 3, 2021, 11.8 million shares remained available for grant under the 2007 Equity Plan. RSU Awards A summary of the Company’s RSU activity and related information is as follows: RSUs Outstanding (Shares in thousands) Number of Shares Weighted-Average Grant-Date Fair Value Per Share March 28, 2020 6,780 $ 80.53 Granted 3,885 $ 106.36 Vested (2,558) $ 71.07 Cancelled (680) $ 85.26 April 3, 2021 7,427 $ 80.53 Granted 143 $ 124.14 Vested (1,111) $ 64.12 Cancelled (84) $ 100.50 July 3, 2021 6,375 $ 102.53 The estimated fair values of RSUs were calculated based on the market price of Xilinx common stock on the date of grant, reduced by the present value of dividends expected to be paid on Xilinx common stock prior to vesting. The per share weighted-average fair value of RSUs granted during the first quarter of fiscal 2022 was $124.14 ($84.34 for the first quarter of fiscal 2021), which were calculated based on estimates at the date of grant using the following weighted-average assumptions: Three Months Ended July 3, 2021 June 27, 2020 Risk-free interest rate 0.6 % 0.3 % Dividend yield — % 1.7 % For the majority of RSUs granted, the number of shares of common stock issued on the date the RSU awards vest is net of the minimum statutory withholding requirements that the Company pays in cash to the appropriate taxing authorities on behalf of the Company's employees. During the first three months of fiscal 2022 and 2021, the Company withheld $40.2 million and $3.2 million worth of RSU awards, respectively, to satisfy the employees’ tax obligations. During the first three months of fiscal 2022, the Company realized excess tax benefits of $19.6 million, primarily from RSU vesting. The amount of excess tax benefits was immaterial for the first three months of fiscal 2021 due to RSU vesting falling into later period. Employee Stock Purchase Plan |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Jul. 03, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income Per Common ShareThe computation of basic net income per common share for all periods presented is derived from information on the condensed consolidated statements of income, and there are no reconciling items in the numerator used to compute the diluted net income per common share. The following table summarizes the computation of basic and diluted net income per common share: (In thousands, except per share amounts) July 3, 2021 June 27, 2020 Net income available to common stockholders $ 206,341 $ 93,836 Weighted average common shares outstanding-basic 245,860 243,180 Dilutive effect of employee equity incentive plans 3,460 2,363 Weighted average common shares outstanding-diluted 249,320 245,543 Basic net income per common share $ 0.84 $ 0.39 Diluted net income per common share $ 0.83 $ 0.38 The total shares used in the denominator of the diluted net income per common share calculation include potentially dilutive common equivalent shares outstanding that are not included in basic net income per common share calculation. The diluted shares were calculated by applying the treasury stock method to the impact of the equity incentive plans. Certain shares of outstanding stock options and RSUs were excluded from diluted net income per common share calculation by applying the treasury stock method, as their inclusion would have been anti-dilutive. These excluded options and RSUs were immaterial for the first quarter of fiscal 2022 and 2021, but could be dilutive in the future if the Company’s average share price increases and is greater than the combined exercise prices and the unamortized fair values of these options and RSUs. |
Inventories
Inventories | 3 Months Ended |
Jul. 03, 2021 | |
Inventory Disclosure [Abstract] | |
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) July 3, 2021 April 3, 2021 Raw materials $ 31,129 $ 25,927 Work-in-process 205,125 220,228 Finished goods 50,789 64,930 $ 287,043 $ 311,085 |
Debt and Credit Facility
Debt and Credit Facility | 3 Months Ended |
Jul. 03, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facility | Debt and Credit Facility 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 $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 July 3, 2021, the remaining term of the 2024 Notes is approximately 2.9 years. The following table summarizes the carrying value of the 2024 Notes as of July 3, 2021 and April 3, 2021: (In thousands) July 3, 2021 April 3, 2021 Principal amount of the 2024 Notes $ 750,000 $ 750,000 Unamortized discount of the 2024 Notes (375) (405) Unamortized debt issuance costs associated with 2024 Notes (1,655) (1,797) Carrying Value of the 2024 Notes $ 747,970 $ 747,798 Interest expense related to the 2024 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows: Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Contractual coupon interest $ 5,444 $ 5,444 Amortization of debt issuance costs 142 142 Amortization of debt discount, net 30 29 Total interest expense related to the 2024 Notes $ 5,616 $ 5,615 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 July 3, 2021, the remaining term of the 2030 Notes is approximately 8.9 years. The following table summarizes the carrying value of the 2030 Notes as of July 3, 2021: (In thousands) July 3, 2021 April 3, 2021 Principal amount of the 2030 Notes $ 750,000 $ 750,000 Unamortized discount of the 2030 Notes (182) (187) Unamortized debt issuance costs associated with 2030 Notes (4,789) (4,923) Carrying Value of the 2030 Notes $ 745,029 $ 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: Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Contractual coupon interest $ 4,521 $ 2,042 Amortization of debt issuance costs 134 45 Amortization of debt discount, net 5 2 Total interest expense related to the 2030 Notes $ 4,660 $ 2,089 |
Common Stock Repurchase Program
Common Stock Repurchase Program | 3 Months Ended |
Jul. 03, 2021 | |
Stockholders' Equity Note [Abstract] | |
Common Stock Repurchase Program | Common Stock Repurchase Program The Board of Directors (Board) has approved stock repurchase programs enabling the Company to repurchase its common stock and debentures in the open market or through negotiated transactions with independent financial institutions. On October 22, 2019, the Board authorized another program (2019 Repurchase Program) to repurchase the Company's common stock and debentures up to $1.00 billion. The 2019 Repurchase Program has no stated expiration date. Through July 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 July 3, 2021 and April 3, 2021. |
Interest and Other Income (Expe
Interest and Other Income (Expense), Net | 3 Months Ended |
Jul. 03, 2021 | |
Other Income and Expenses [Abstract] | |
Interest and Other Income (Expense), Net | Interest and Other Income (Expense), Net The components of interest and other income (expense), net are as follows: Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Interest income $ 1,717 $ 4,954 Interest expense (10,276) (11,656) Other income (expense), net 9,559 (5,451) Total interest and other income (expense), net $ 1,000 $ (12,153) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Jul. 03, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Comprehensive income (loss) is defined as the change in equity of a company during a period from transactions and other events and circumstances from non-owner sources. The components of the Company's accumulated other comprehensive loss are as follows: (In thousands) July 3, 2021 April 3, 2021 Accumulated unrealized gains on available-for-sale securities, net of tax $ 554 $ 983 Accumulated unrealized losses on hedging transactions, net of tax (1,034) 904 Accumulated cumulative translation adjustment, net of tax (2,731) (4,000) Total accumulated other comprehensive loss $ (3,211) $ (2,113) The related tax effects of other comprehensive income (loss) were not material for all periods presented. |
Income Taxes
Income Taxes | 3 Months Ended |
Jul. 03, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded a tax provision of $5.0 million for the first quarter of fiscal 2022 as compared to $69.5 million in the same prior year period, representing effective tax rates of 2% and 43%, respectively. The difference between the U.S. federal statutory tax rate of 21% and the Company's effective tax rate in the first quarter of fiscal 2022 was primarily due to the beneficial impact of income earned in lower tax rate jurisdictions and excess tax benefits with respect to stock-based compensation, which was partially offset by the U.S. tax on global intangible low-taxed income (GILTI). The difference between the U.S. federal statutory tax rate of 21% and the Company's effective tax rate in the first quarter of fiscal 2021 was primarily due to the beneficial impact of income earned in lower tax rate jurisdictions, which was partially offset by GILTI and the recognition of the cumulative adverse impact of including stock-based compensation in the intercompany research and development (R&D) cost sharing arrangement. During fiscal 2021, the U.S. Supreme Court (Supreme Court) denied certiorari of the Ninth Circuit Court of Appeals (Ninth Circuit) decision in the case of Altera Corp. v. Commissioner (Altera), which concerned related party R&D cost sharing arrangements and required stock-based compensation to be included in the pool of costs to be shared. While the Company is not a party to the case, it is subject to the findings. Pursuant to the Supreme Court’s decision not to review the case, the Company recorded expense during fiscal 2021 for taxes and interest representing the cumulative adverse impact. Despite the decision in the Altera tax case, the Company has concluded that the related law remains unsettled and will continue to monitor developments and the potential effect on its condensed consolidated financial statements and tax filings. The Company’s total gross unrecognized tax benefits as of July 3, 2021, determined in accordance with authoritative guidance for measuring uncertain tax positions, increased by $8.1 million in the first quarter of fiscal 2022 to $153.1 million. The total amount of unrecognized tax benefits that, if realized in a future period, would favorably affect the effective tax rate was $114.3 million as of July 3, 2021. The Company’s policy is to include interest and penalties related to income tax liabilities within the provision for income taxes on the condensed consolidated statements of income. The balance of accrued interest and penalties recorded in the condensed consolidated balance sheets was $3.9 million as of July 3, 2021 compared to $3.7 million in the same prior year period. The amounts of interest and penalties included in the Company's provision for income taxes were not material for all periods presented. The statutes of limitations have closed for U.S. federal income tax purposes for years through fiscal 2017 and for significant U.S. state income tax purposes for years through fiscal 2014. The statutes of limitations have closed for Ireland and India income tax purposes for years through fiscal 2016 and for Singapore income tax purposes for years through fiscal 2015. |
Leases and Commitments
Leases and Commitments | 3 Months Ended |
Jul. 03, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Leases and Commitments | Leases and Commitments Xilinx leases some of its facilities and office buildings under non-cancelable operating leases that expire at various dates through August 2029. Additionally, Xilinx entered into a land lease in conjunction with the Company’s building in Singapore, which will expire in November 2035 and the lease cost was settled in an up-front payment in June 2006. Some of the operating leases for facilities and office buildings require payment of operating costs, including property taxes, repairs, maintenance and insurance. Most of the Company’s leases contain renewal options for varying terms. T hese renewal terms can extend the lease term from 1 to 15 years, and are included in the lease term when it is reasonably certain that the Company will exercise the option. The following table presents the maturities of lease liabilities as of July 3, 2021: Fiscal (In thousands) 2022 (remaining nine months) $ 10,070 2023 9,841 2024 7,873 2025 6,511 2026 6,376 Thereafter 22,818 Total lease payments 63,489 Less: Imputed interest (12,337) Total lease liabilities $ 51,152 The Company's leases were included as a component of the following condensed consolidated balance sheet lines: (In thousands) July 3, 2021 April 3, 2021 Other assets $ 48,033 $ 48,322 Other accrued liabilities 10,037 10,461 Other long-term liabilities 41,115 40,858 The components of lease costs were as follows: Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Operating lease cost $ 3,798 $ 3,701 Lease income (579) (922) Total lease cost $ 3,219 $ 2,779 Other information related to leases were as follows: (In thousands) July 3, 2021 June 27, 2020 Cash paid for operating leases included in operating cash flows $ 3,423 $ 3,384 July 3, 2021 June 27, 2020 Weighted-average remaining lease term - operating leases (in years) 6.6 7.2 Weighted-average remaining discount rate - operating leases 5.6 % 5.6 % three |
Product Warranty and Indemnific
Product Warranty and Indemnification | 3 Months Ended |
Jul. 03, 2021 | |
Product Warranties Disclosures [Abstract] | |
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 the first quarter of fiscal 2022 and the end of fiscal 2021, the accrual balances of the product warranty liability were immaterial. The Company offers, subject to certain terms and conditions, to indemnify customers and distributors for costs and damages awarded against these parties in the event the Company’s hardware products are found to infringe third-party intellectual property rights, including patents, copyrights or trademarks, and to compensate certain customers for limited specified costs they actually incur in the event the Company's hardware products experience epidemic failure. To a lesser extent, the Company may from time-to-time offer limited indemnification with respect to its software products. The terms and conditions of these indemnity obligations are limited by contract, which obligations are typically perpetual from the effective date of the agreement. The Company has historically received only a limited number of requests for indemnification under these provisions and has not made any significant payments pursuant to these provisions. The Company cannot estimate the maximum amount of potential future payments, if any, that the Company may be required to make as a result of these obligations due to the limited history of indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim and indemnification provision. However, there can be no assurances that the Company will not incur any financial liabilities in the future as a result of these obligations. |
Contingencies
Contingencies | 3 Months Ended |
Jul. 03, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Patent Litigation On October 18, 2019, a patent infringement lawsuit was filed by Arbor Global Strategies LLC (Arbor) against the Company in the U.S. District Court in Delaware (Arbor Global Strategies LLC, v. Xilinx, Inc., Case No. 1:19-cv-01986). The lawsuit pertains to four patents and Arbor seeks unspecified damages, interest, attorneys’ fees, and costs. The Company filed a motion to dismiss the case on December 19, 2019 that was denied on August 12, 2020. 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. 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. The PTAB 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, 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. The PTAB entered a decision denying institution of IPR on one ADI asserted patent, U.S. Patent No. 7,274,321. 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 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 May 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. 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 were received on June 3, 2021, and invalidity contentions were served on July 22, 2021. A trial has been set for March 20, 2023. The Company is unable to estimate its range of possible loss, if any, in this matter at this time. 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. On June 8, 2021, the Court entered an order in each of the cases, dismissing the indirect infringement claims. The Company is unable to estimate its range of possible loss, if any, in this matter at this time. The Company intends to continue to protect and defend its IP vigorously. 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 | 3 Months Ended |
Jul. 03, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquisition-Related Intangibles | Goodwill and Acquisition-Related Intangibles A summary of the goodwill and acquisitions-related intangibles balances as of July 3, 2021 and April 3, 2021 was as follows: Weighted-Average (In thousands) July 3, 2021 April 3, 2021 Amortization Life Goodwill $ 633,200 $ 620,697 Core technology, gross 269,859 249,847 Less accumulated amortization (142,073) (133,007) Core technology, net 127,786 116,840 3.8 years Other intangibles, gross 95,759 95,759 Less accumulated amortization (70,841) (67,999) Other intangibles, net 24,918 27,760 3.2 years In-process research and development 26,992 26,992 Total acquisition-related intangibles, gross 392,610 372,598 Less accumulated amortization (212,914) (201,006) Total acquisition-related intangibles, net $ 179,696 $ 171,592 During the quarter, the Company completed an immaterial business combination, which resulted in increases to goodwill and core technology intangibles. Based on the carrying value of acquisition-related intangibles recorded as of July 3, 2021, and assuming no subsequent acquisition or impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows: Fiscal (In thousands) 2022 (remaining nine months) $ 34,930 2023 45,839 2024 41,589 2025 18,749 2026 10,930 Thereafter 667 Total $ 152,704 |
Segment Information
Segment Information | 3 Months Ended |
Jul. 03, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment InformationXilinx designs, develops and markets programmable logic semiconductor devices and the related software design tools. The Company operates and tracks its results in one operating segment. Xilinx sells its products to OEMs and to electronic components distributors who resell these products to OEMs or subcontract manufacturers. Net revenues by geography for the periods indicated were as follows: Three Months Ended (In thousands) July 3, 2021 June 27, 2020 North America $ 199,995 $ 186,293 Asia Pacific 460,411 393,033 Europe 133,791 92,751 Japan 84,409 54,596 Total net revenues $ 878,606 $ 726,673 Geographic revenue information for the first quarter of fiscal 2022 and 2021 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. 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: Aerospace & Defense, Industrial and Test, Measurement & Emulation (AIT); 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. Three Months Ended (% of total net revenues) July 3, 2021 June 27, 2020 AIT 36 % 45 % Automotive, Broadcast and Consumer 20 12 Wired and Wireless 30 32 Data Center 10 12 Channel Revenue 4 (1) Total net revenues 100 % 100 % |
Recent Accounting Changes and_2
Recent Accounting Changes and Accounting Pronouncements (Policies) | 3 Months Ended |
Jul. 03, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Basis of Presentation | The accompanying interim condensed consolidated financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X, and should be read in conjunction with the Xilinx, Inc. (Xilinx or the Company) consolidated financial statements filed with the U.S. Securities and Exchange Commission (SEC) on Form 10-K for the fiscal year ended April 3, 2021. The interim financial statements are unaudited, but reflect all adjustments which are, in the opinion of management, of a normal, recurring nature necessary to provide a fair statement of results for the interim periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for the fiscal year ending April 2, 2022 or any future period. |
Recent Accounting Changes and Accounting Pronouncements | Recent Accounting Changes and Accounting Pronouncements Recent Accounting Pronouncements Adopted Income Taxes In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which 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 is the first quarter of fiscal 2022. The standard provides different transition methods for the various provisions. The Company adopted the new authoritative guidance in the first quarter of fiscal 2022 and the impact was not material to the Company's condensed consolidated financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Jul. 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 July 3, 2021 and April 3, 2021: July 3, 2021 (In thousands) (Level 1) (Level 2) (Level 3) Total Fair Assets Cash equivalents: Money market funds $ 745,459 $ — $ — $ 745,459 Financial institution securities — 79,995 — 79,995 Non-financial institution securities — 147,726 — 147,726 U.S. government and agency securities 154,989 19,999 — 174,988 Foreign government and agency securities — 79,991 — 79,991 Short-term investments: Financial institution securities — 449,992 — 449,992 Non-financial institution securities — 280,950 — 280,950 U.S. government and agency securities 339,930 172,479 — 512,409 Foreign government and agency securities — 509,915 — 509,915 Mortgage-backed securities — 167,730 — 167,730 Asset-backed securities — 158 — 158 Commercial mortgage-backed securities — 41,558 — 41,558 Derivative financial instruments, net — 984 — 984 Total assets measured at fair value $ 1,240,378 $ 1,951,477 $ — $ 3,191,855 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 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Jul. 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: July 3, 2021 April 3, 2021 (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 $ 745,459 $ — $ — $ 745,459 $ 583,390 $ — $ — $ 583,390 Financial institution securities 529,987 — — 529,987 434,982 — — 434,982 Non-financial institution securities 428,676 — — 428,676 533,835 — — 533,835 U.S. government and agency securities 687,418 5 (26) 687,397 568,122 45 — 568,167 Foreign government and agency securities 589,906 — — 589,906 662,855 — — 662,855 Mortgage-backed securities 166,869 1,475 (614) 167,730 108,460 1,488 (345) 109,603 Asset-backed securities 145 13 — 158 159 13 — 172 Commercial mortgage- backed securities 41,686 71 (199) 41,558 12,622 86 (6) 12,702 $ 3,190,146 $ 1,564 $ (839) $ 3,190,871 $ 2,904,425 $ 1,632 $ (351) $ 2,905,706 |
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 July 3, 2021 and April 3, 2021: July 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 U.S. government and agency securities $ 394,928 $ (26) $ — $ — $ 394,928 $ (26) Mortgage-backed securities $ 82,791 $ (514) $ 7,130 $ (100) $ 89,921 $ (614) Commercial mortgage- backed securities $ 27,552 $ (196) $ 178 $ (3) $ 27,730 $ (199) $ 505,271 $ (736) $ 7,308 $ (103) $ 512,579 $ (839) 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) |
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. July 3, 2021 (In thousands) Amortized Estimated Due in one year or less $ 2,235,986 $ 2,235,965 Due after one year through five years 6,927 6,981 Due after five years through ten years 13,985 14,456 Due after ten years 187,789 188,009 $ 2,444,687 $ 2,445,411 |
Information on sale of available-for-sale securities | Certain information related to available-for-sale securities is as follows: Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Proceeds from sale of available-for-sale securities $ 4,982 $ 37,657 Gross realized gains on sale of available-for-sale securities $ 36 $ 360 Gross realized losses on sale of available-for-sale securities (64) — Net realized (losses) gains on sale of available-for-sale securities $ (28) $ 360 Amortization of premiums (discounts) on available-for-sale securities $ 391 $ (91) |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based compensation expense | The following table summarizes stock-based compensation expense related to stock awards granted under the Company’s equity incentive plans and rights to acquire stock granted under the Company’s Employee Stock Purchase Plan (ESPP): Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Stock-based compensation included in: Cost of revenues $ 3,610 $ 2,721 Research and development 41,462 30,369 Selling, general and administrative 22,537 17,293 $ 67,609 $ 50,383 |
Summary of restricted stock unit activity and related information | A summary of the Company’s RSU activity and related information is as follows: RSUs Outstanding (Shares in thousands) Number of Shares Weighted-Average Grant-Date Fair Value Per Share March 28, 2020 6,780 $ 80.53 Granted 3,885 $ 106.36 Vested (2,558) $ 71.07 Cancelled (680) $ 85.26 April 3, 2021 7,427 $ 80.53 Granted 143 $ 124.14 Vested (1,111) $ 64.12 Cancelled (84) $ 100.50 July 3, 2021 6,375 $ 102.53 |
Schedule of share-based compensation, restricted stock units, valuation assumption | The per share weighted-average fair value of RSUs granted during the first quarter of fiscal 2022 was $124.14 ($84.34 for the first quarter of fiscal 2021), which were calculated based on estimates at the date of grant using the following weighted-average assumptions: Three Months Ended July 3, 2021 June 27, 2020 Risk-free interest rate 0.6 % 0.3 % Dividend yield — % 1.7 % |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table summarizes the computation of basic and diluted net income per common share: (In thousands, except per share amounts) July 3, 2021 June 27, 2020 Net income available to common stockholders $ 206,341 $ 93,836 Weighted average common shares outstanding-basic 245,860 243,180 Dilutive effect of employee equity incentive plans 3,460 2,363 Weighted average common shares outstanding-diluted 249,320 245,543 Basic net income per common share $ 0.84 $ 0.39 Diluted net income per common share $ 0.83 $ 0.38 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | 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) July 3, 2021 April 3, 2021 Raw materials $ 31,129 $ 25,927 Work-in-process 205,125 220,228 Finished goods 50,789 64,930 $ 287,043 $ 311,085 |
Debt and Credit Facility (Table
Debt and Credit Facility (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
2024 Notes | |
Schedule of Debt Instruments [Line Items] | |
Carrying values of liability and equity components of debentures | The following table summarizes the carrying value of the 2024 Notes as of July 3, 2021 and April 3, 2021: (In thousands) July 3, 2021 April 3, 2021 Principal amount of the 2024 Notes $ 750,000 $ 750,000 Unamortized discount of the 2024 Notes (375) (405) Unamortized debt issuance costs associated with 2024 Notes (1,655) (1,797) Carrying Value of the 2024 Notes $ 747,970 $ 747,798 |
Interest expense related to debentures | Interest expense related to the 2024 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows: Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Contractual coupon interest $ 5,444 $ 5,444 Amortization of debt issuance costs 142 142 Amortization of debt discount, net 30 29 Total interest expense related to the 2024 Notes $ 5,616 $ 5,615 |
2030 Notes | |
Schedule of Debt Instruments [Line Items] | |
Carrying values of liability and equity components of debentures | The following table summarizes the carrying value of the 2030 Notes as of July 3, 2021: (In thousands) July 3, 2021 April 3, 2021 Principal amount of the 2030 Notes $ 750,000 $ 750,000 Unamortized discount of the 2030 Notes (182) (187) Unamortized debt issuance costs associated with 2030 Notes (4,789) (4,923) Carrying Value of the 2030 Notes $ 745,029 $ 744,890 |
Interest expense related to debentures | 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: Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Contractual coupon interest $ 4,521 $ 2,042 Amortization of debt issuance costs 134 45 Amortization of debt discount, net 5 2 Total interest expense related to the 2030 Notes $ 4,660 $ 2,089 |
Interest and Other Income (Ex_2
Interest and Other Income (Expense), Net (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Other Income and Expenses [Abstract] | |
Components of interest and other income (expense), net | The components of interest and other income (expense), net are as follows: Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Interest income $ 1,717 $ 4,954 Interest expense (10,276) (11,656) Other income (expense), net 9,559 (5,451) Total interest and other income (expense), net $ 1,000 $ (12,153) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Equity [Abstract] | |
Components of accumulated other comprehensive loss | The components of the Company's accumulated other comprehensive loss are as follows: (In thousands) July 3, 2021 April 3, 2021 Accumulated unrealized gains on available-for-sale securities, net of tax $ 554 $ 983 Accumulated unrealized losses on hedging transactions, net of tax (1,034) 904 Accumulated cumulative translation adjustment, net of tax (2,731) (4,000) Total accumulated other comprehensive loss $ (3,211) $ (2,113) |
Leases and Commitments (Tables)
Leases and Commitments (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum lease payments under non-cancelable operating leases | 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 July 3, 2021: Fiscal (In thousands) 2022 (remaining nine months) $ 10,070 2023 9,841 2024 7,873 2025 6,511 2026 6,376 Thereafter 22,818 Total lease payments 63,489 Less: Imputed interest (12,337) Total lease liabilities $ 51,152 |
Summary of operating lease assets and liabilities | The Company's leases were included as a component of the following condensed consolidated balance sheet lines: (In thousands) July 3, 2021 April 3, 2021 Other assets $ 48,033 $ 48,322 Other accrued liabilities 10,037 10,461 Other long-term liabilities 41,115 40,858 |
Summary of lease cost | The components of lease costs were as follows: Three Months Ended (In thousands) July 3, 2021 June 27, 2020 Operating lease cost $ 3,798 $ 3,701 Lease income (579) (922) Total lease cost $ 3,219 $ 2,779 Other information related to leases were as follows: (In thousands) July 3, 2021 June 27, 2020 Cash paid for operating leases included in operating cash flows $ 3,423 $ 3,384 July 3, 2021 June 27, 2020 Weighted-average remaining lease term - operating leases (in years) 6.6 7.2 Weighted-average remaining discount rate - operating leases 5.6 % 5.6 % |
Goodwill and Acquisition-Rela_2
Goodwill and Acquisition-Related Intangibles (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross and net amounts of goodwill and of acquisition-related intangibles | A summary of the goodwill and acquisitions-related intangibles balances as of July 3, 2021 and April 3, 2021 was as follows: Weighted-Average (In thousands) July 3, 2021 April 3, 2021 Amortization Life Goodwill $ 633,200 $ 620,697 Core technology, gross 269,859 249,847 Less accumulated amortization (142,073) (133,007) Core technology, net 127,786 116,840 3.8 years Other intangibles, gross 95,759 95,759 Less accumulated amortization (70,841) (67,999) Other intangibles, net 24,918 27,760 3.2 years In-process research and development 26,992 26,992 Total acquisition-related intangibles, gross 392,610 372,598 Less accumulated amortization (212,914) (201,006) Total acquisition-related intangibles, net $ 179,696 $ 171,592 |
Schedule of expected annual amortization expense for acquisition-related intangibles | Based on the carrying value of acquisition-related intangibles recorded as of July 3, 2021, and assuming no subsequent acquisition or impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows: Fiscal (In thousands) 2022 (remaining nine months) $ 34,930 2023 45,839 2024 41,589 2025 18,749 2026 10,930 Thereafter 667 Total $ 152,704 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Net revenues by geography for the periods indicated were as follows: Three Months Ended (In thousands) July 3, 2021 June 27, 2020 North America $ 199,995 $ 186,293 Asia Pacific 460,411 393,033 Europe 133,791 92,751 Japan 84,409 54,596 Total net revenues $ 878,606 $ 726,673 |
Disaggregation of Revenue by Primary Market | The Company classifies end markets into businesses with similar market drivers: Aerospace & Defense, Industrial and Test, Measurement & Emulation (AIT); 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. Three Months Ended (% of total net revenues) July 3, 2021 June 27, 2020 AIT 36 % 45 % Automotive, Broadcast and Consumer 20 12 Wired and Wireless 30 32 Data Center 10 12 Channel Revenue 4 (1) Total net revenues 100 % 100 % |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 27, 2020 | Dec. 31, 2021 | Jul. 03, 2021 | Apr. 03, 2021 |
Business Acquisition [Line Items] | ||||
Number of shares to be received per issued and outstanding share (in shares) | 1.7234 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Financial advisor fees | $ 9 | |||
Forecast | ||||
Business Acquisition [Line Items] | ||||
Financial advisor fees | $ 90 | |||
Additional payment if stock value exceeds threshold | 40 | |||
Termination fee | 1,000 | |||
AMD | ||||
Business Acquisition [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.01 | |||
AMD | Forecast | Maximum | ||||
Business Acquisition [Line Items] | ||||
Termination fee | 1,500 | |||
AMD | Forecast | Minimum | ||||
Business Acquisition [Line Items] | ||||
Termination fee | $ 1,000 |
Significant Customers and Con_2
Significant Customers and Concentrations of Credit Risk (Details) - Customer | 3 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Apr. 03, 2021 | |
Concentration Risk [Line Items] | |||
Percentage of accounts receivable accounted from company distributor one | 4.00% | 13.00% | |
Percentage of net revenues through resale of product from company distributor one | 49.00% | 44.00% | |
Number of end customers accounted for 10% or more of net revenues | 0 | 0 | |
Percentage of higher grade security investment in debt securities | 96.00% | ||
Distribution For Subsequent Resale To OEMs | Revenue Benchmark | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 67.00% | 62.00% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | $ 3,191,855 | $ 2,909,225 |
(Level 1) | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 1,240,378 | 962,076 |
(Level 2) | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 1,951,477 | 1,947,149 |
(Level 3) | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Cash equivalents: | Money market funds | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 745,459 | 583,390 |
Cash equivalents: | Financial institution securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 79,995 | 274,985 |
Cash equivalents: | Non-financial institution securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 147,726 | 158,981 |
Cash equivalents: | U.S. government and agency securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 174,988 | |
Cash equivalents: | Foreign government and agency securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 79,991 | 247,979 |
Cash equivalents: | (Level 1) | Money market funds | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 745,459 | 583,390 |
Cash equivalents: | (Level 1) | Financial institution securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Cash equivalents: | (Level 1) | Non-financial institution securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Cash equivalents: | (Level 1) | U.S. government and agency securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 154,989 | |
Cash equivalents: | (Level 1) | Foreign government and agency securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Cash equivalents: | (Level 2) | Money market funds | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Cash equivalents: | (Level 2) | Financial institution securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 79,995 | 274,985 |
Cash equivalents: | (Level 2) | Non-financial institution securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 147,726 | 158,981 |
Cash equivalents: | (Level 2) | U.S. government and agency securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 19,999 | |
Cash equivalents: | (Level 2) | Foreign government and agency securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 79,991 | 247,979 |
Cash equivalents: | (Level 3) | Money market funds | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Cash equivalents: | (Level 3) | Financial institution securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Cash equivalents: | (Level 3) | Non-financial institution securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Cash equivalents: | (Level 3) | U.S. government and agency securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | |
Cash equivalents: | (Level 3) | Foreign government and agency securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Short-term investments: | Financial institution securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 449,992 | 159,997 |
Short-term investments: | Non-financial institution securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 280,950 | 374,854 |
Short-term investments: | U.S. government and agency securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 512,409 | 568,167 |
Short-term investments: | Foreign government and agency securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 509,915 | 414,876 |
Short-term investments: | Mortgage-backed securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 167,730 | 109,603 |
Short-term investments: | Asset-backed securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 158 | 172 |
Short-term investments: | Commercial mortgage-backed securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 41,558 | 12,702 |
Short-term investments: | (Level 1) | Financial institution securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Short-term investments: | (Level 1) | Non-financial institution securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Short-term investments: | (Level 1) | U.S. government and agency securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 339,930 | 378,686 |
Short-term investments: | (Level 1) | Foreign government and agency securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Short-term investments: | (Level 1) | Mortgage-backed securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Short-term investments: | (Level 1) | Asset-backed securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Short-term investments: | (Level 1) | Commercial mortgage-backed securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Short-term investments: | (Level 2) | Financial institution securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 449,992 | 159,997 |
Short-term investments: | (Level 2) | Non-financial institution securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 280,950 | 374,854 |
Short-term investments: | (Level 2) | U.S. government and agency securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 172,479 | 189,481 |
Short-term investments: | (Level 2) | Foreign government and agency securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 509,915 | 414,876 |
Short-term investments: | (Level 2) | Mortgage-backed securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 167,730 | 109,603 |
Short-term investments: | (Level 2) | Asset-backed securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 158 | 172 |
Short-term investments: | (Level 2) | Commercial mortgage-backed securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 41,558 | 12,702 |
Short-term investments: | (Level 3) | Financial institution securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Short-term investments: | (Level 3) | Non-financial institution securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Short-term investments: | (Level 3) | U.S. government and agency securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Short-term investments: | (Level 3) | Foreign government and agency securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Short-term investments: | (Level 3) | Mortgage-backed securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Short-term investments: | (Level 3) | Asset-backed securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Short-term investments: | (Level 3) | Commercial mortgage-backed securities | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Derivative financial instruments, net | Derivative financial instruments, net | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 984 | 3,519 |
Derivative financial instruments, net | (Level 1) | Derivative financial instruments, net | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 0 | 0 |
Derivative financial instruments, net | (Level 2) | Derivative financial instruments, net | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | 984 | 3,519 |
Derivative financial instruments, net | (Level 3) | Derivative financial instruments, net | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Total assets measured at fair value | $ 0 | $ 0 |
Fair Value Measurements - Textu
Fair Value Measurements - Textual (Details) $ in Millions | 3 Months Ended |
Jul. 03, 2021USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Non-marketable equity securities, fair value | $ 120.9 |
2024 Notes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Principal amount | $ 750 |
Interest rate | 2.95% |
Maturity date | Jun. 1, 2024 |
Fair value of convertible notes | $ 794.4 |
2030 Notes | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Principal amount | $ 750 |
Interest rate | 2.375% |
Maturity date | Jun. 1, 2030 |
Fair value of convertible notes | $ 763.6 |
Financial Instruments - Cash Eq
Financial Instruments - Cash Equivalents and Available-for-sale Securities (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Available-for-sale securities | ||
Amortized Cost | $ 3,190,146 | $ 2,904,425 |
Gross Unrealized Gains | 1,564 | 1,632 |
Gross Unrealized Losses | (839) | (351) |
Estimated Fair Value | 3,190,871 | 2,905,706 |
Money market funds | ||
Available-for-sale securities | ||
Amortized Cost | 745,459 | 583,390 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 745,459 | 583,390 |
Financial institution securities | ||
Available-for-sale securities | ||
Amortized Cost | 529,987 | 434,982 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 529,987 | 434,982 |
Non-financial institution securities | ||
Available-for-sale securities | ||
Amortized Cost | 428,676 | 533,835 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 428,676 | 533,835 |
U.S. government and agency securities | ||
Available-for-sale securities | ||
Amortized Cost | 687,418 | 568,122 |
Gross Unrealized Gains | 5 | 45 |
Gross Unrealized Losses | (26) | 0 |
Estimated Fair Value | 687,397 | 568,167 |
Foreign government and agency securities | ||
Available-for-sale securities | ||
Amortized Cost | 589,906 | 662,855 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 589,906 | 662,855 |
Mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized Cost | 166,869 | 108,460 |
Gross Unrealized Gains | 1,475 | 1,488 |
Gross Unrealized Losses | (614) | (345) |
Estimated Fair Value | 167,730 | 109,603 |
Asset-backed securities | ||
Available-for-sale securities | ||
Amortized Cost | 145 | 159 |
Gross Unrealized Gains | 13 | 13 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 158 | 172 |
Commercial mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized Cost | 41,686 | 12,622 |
Gross Unrealized Gains | 71 | 86 |
Gross Unrealized Losses | (199) | (6) |
Estimated Fair Value | $ 41,558 | $ 12,702 |
Financial Instruments - Fair Va
Financial Instruments - Fair Value and Gross Unrealized Losses (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | $ 505,271 | $ 40,113 |
Less Than 12 Months, Gross Unrealized Losses | (736) | (221) |
12 Months or Greater, Fair Value | 7,308 | 10,016 |
12 Months or Greater, Gross Unrealized Losses | (103) | (130) |
Fair Value | 512,579 | 50,129 |
Gross Unrealized Losses | (839) | (351) |
U.S. government and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 394,928 | |
Less Than 12 Months, Gross Unrealized Losses | (26) | |
12 Months or Greater, Fair Value | 0 | |
12 Months or Greater, Gross Unrealized Losses | 0 | |
Fair Value | 394,928 | |
Gross Unrealized Losses | (26) | |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 82,791 | 37,442 |
Less Than 12 Months, Gross Unrealized Losses | (514) | (216) |
12 Months or Greater, Fair Value | 7,130 | 9,835 |
12 Months or Greater, Gross Unrealized Losses | (100) | (129) |
Fair Value | 89,921 | 47,277 |
Gross Unrealized Losses | (614) | (345) |
Commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 27,552 | 2,671 |
Less Than 12 Months, Gross Unrealized Losses | (196) | (5) |
12 Months or Greater, Fair Value | 178 | 181 |
12 Months or Greater, Gross Unrealized Losses | (3) | (1) |
Fair Value | 27,730 | 2,852 |
Gross Unrealized Losses | $ (199) | $ (6) |
Financial Instruments - Marketa
Financial Instruments - Marketable Debt Securities (Details) $ in Thousands | Jul. 03, 2021USD ($) |
Amortized Cost | |
Due in one year or less | $ 2,235,986 |
Due after one year through five years | 6,927 |
Due after five years through ten years | 13,985 |
Due after ten years | 187,789 |
Amortized Cost Total | 2,444,687 |
Estimated Fair Value | |
Due in one year or less | 2,235,965 |
Due after one year through five years | 6,981 |
Due after five years through ten years | 14,456 |
Due after ten years | 188,009 |
Estimated Fair Value Total | 2,445,411 |
Marketable debt securities with contractual maturities greater than one year but classified as short-term investment | $ 209,400 |
Financial Instruments - Availab
Financial Instruments - Available-for-sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Investments, All Other Investments [Abstract] | ||
Proceeds from sale of available-for-sale securities | $ 4,982 | $ 37,657 |
Gross realized gains on sale of available-for-sale securities | 36 | 360 |
Gross realized losses on sale of available-for-sale securities | (64) | 0 |
Net realized (losses) gains on sale of available-for-sale securities | (28) | 360 |
Amortization of premiums (discounts) on available-for-sale securities | $ 391 | $ (91) |
Derivative Financial Instrume_2
Derivative Financial Instruments - Textual (Details) | 3 Months Ended |
Jul. 03, 2021USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Ineffectiveness | $ 0 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Stock Based compensation expense | ||
Stock-based compensation expense | $ 67,609 | $ 50,383 |
Cost of revenues | ||
Stock Based compensation expense | ||
Stock-based compensation expense | 3,610 | 2,721 |
Research and development | ||
Stock Based compensation expense | ||
Stock-based compensation expense | 41,462 | 30,369 |
Selling, general and administrative | ||
Stock Based compensation expense | ||
Stock-based compensation expense | $ 22,537 | $ 17,293 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Valuation Assumptions (Details) - RSUs | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 0.60% | 0.30% |
Dividend yield | 0.00% | 1.70% |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - RSU Activity (Details) - RSUs - $ / shares shares in Thousands | 3 Months Ended | 12 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | Apr. 03, 2021 | |
Number of Shares | |||
Beginning balance ( in shares) | 7,427 | 6,780 | 6,780 |
Granted (in shares) | 143 | 3,885 | |
Vested (in shares) | (1,111) | (2,558) | |
Cancelled (in shares) | (84) | (680) | |
Ending balance (in shares) | 6,375 | 7,427 | |
Weighted-Average Grant-Date Fair Value Per Share | |||
Beginning balance (in dollars per share) | $ 80.53 | $ 80.53 | $ 80.53 |
Granted (in dollars per share) | 124.14 | $ 84.34 | 106.36 |
Vested (in dollars per share) | 64.12 | 71.07 | |
Cancelled (in dollars per share) | 100.50 | 85.26 | |
Ending balance (in dollars per share) | $ 102.53 | $ 80.53 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans - Textual (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | Apr. 03, 2021 | |
Equity Plan 2007 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant (in shares) | 11,800,000 | ||
Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant (in shares) | 11,900,000 | ||
ESPP shares issued during period (shares) | 0 | 0 | |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in dollars per share) | $ 124.14 | $ 84.34 | $ 106.36 |
Tax withholding obligation | $ 40.2 | $ 3.2 | |
Excess tax benefits | $ 19.6 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Earnings Per Share [Abstract] | ||
Net income | $ 206,341 | $ 93,836 |
Weighted average common shares outstanding - basic (in shares) | 245,860 | 243,180 |
Dilutive effect of employee equity incentive plans (in shares) | 3,460 | 2,363 |
Weighted average common shares outstanding - diluted (in shares) | 249,320 | 245,543 |
Basic net income per common share (in dollars per share) | $ 0.84 | $ 0.39 |
Diluted net income per common share (in dollars per share) | $ 0.83 | $ 0.38 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 31,129 | $ 25,927 |
Work-in-process | 205,125 | 220,228 |
Finished goods | 50,789 | 64,930 |
Inventory, Net | $ 287,043 | $ 311,085 |
Debt and Credit Facility - Text
Debt and Credit Facility - Textual (Details) - USD ($) $ in Thousands | May 19, 2020 | May 30, 2017 | Jul. 03, 2021 | Jun. 27, 2020 |
Debt Instrument [Line Items] | ||||
Proceeds from issuance of long-term debt, net | $ 0 | $ 744,423 | ||
2024 Notes | ||||
Debt Instrument [Line Items] | ||||
Discount percentage | 99.887% | |||
Effective interest rate | 2.968% | |||
Interest rate | 2.95% | |||
Proceeds from issuance of long-term debt, net | $ 745,200 | |||
Debt instrument, long term debt, remaining discount amortization period | 2 years 10 months 24 days | |||
2030 Notes | ||||
Debt Instrument [Line Items] | ||||
Discount percentage | 99.973% | |||
Effective interest rate | 2.378% | |||
Interest rate | 2.375% | |||
Proceeds from issuance of long-term debt, net | $ 744,400 | |||
Debt instrument, long term debt, remaining discount amortization period | 8 years 10 months 24 days |
Debt and Credit Facility - Carr
Debt and Credit Facility - Carrying Value and Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Apr. 03, 2021 | |
2024 Notes | |||
Schedule of Debt Instruments [Line Items] | |||
Principal amount | $ 750,000 | $ 750,000 | |
Unamortized discount | (375) | (405) | |
Unamortized debt issuance costs | (1,655) | (1,797) | |
Carrying value | 747,970 | 747,798 | |
Contractual coupon interest | 5,444 | $ 5,444 | |
Amortization of debt issuance costs | 142 | 142 | |
Amortization of debt discount, net | 30 | 29 | |
Total interest expense | 5,616 | 5,615 | |
2030 Notes | |||
Schedule of Debt Instruments [Line Items] | |||
Principal amount | 750,000 | 750,000 | |
Unamortized discount | (182) | (187) | |
Unamortized debt issuance costs | (4,789) | (4,923) | |
Carrying value | 745,029 | $ 744,890 | |
Contractual coupon interest | 4,521 | 2,042 | |
Amortization of debt issuance costs | 134 | 45 | |
Amortization of debt discount, net | 5 | 2 | |
Total interest expense | $ 4,660 | $ 2,089 |
Common Stock Repurchase Progr_2
Common Stock Repurchase Program (Details) - USD ($) $ in Millions | 3 Months Ended | 20 Months Ended | |||
Jul. 03, 2021 | Jun. 27, 2020 | Jul. 03, 2021 | Apr. 03, 2021 | Oct. 22, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchased during period | $ 53.7 | ||||
Treasury shares (in shares) | 0 | 0 | 0 | ||
Shares repurchased (in shares) | 0 | 700,000 | |||
2019 Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Amount authorized for common stock repurchase | $ 1,000 | ||||
Stock repurchased during period | $ 716.3 | ||||
Total amount available for future repurchases | $ 283.7 | $ 283.7 |
Interest and Other Income (Ex_3
Interest and Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Components of interest and other expense | ||
Interest income | $ 1,717 | $ 4,954 |
Interest expense | (10,276) | (11,656) |
Other income (expense), net | 9,559 | (5,451) |
Total interest and other income (expense), net | $ 1,000 | $ (12,153) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Components of accumulated other comprehensive income (loss) | ||
Accumulated unrealized gains on available-for-sale securities, net of tax | $ 554 | $ 983 |
Accumulated unrealized losses on hedging transactions, net of tax | (1,034) | 904 |
Accumulated cumulative translation adjustment, net of tax | (2,731) | (4,000) |
Total accumulated other comprehensive loss | $ (3,211) | $ (2,113) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 5,022 | $ 69,526 |
Effective tax rates | 2.00% | 43.00% |
U.S. federal statutory tax rate | 21.00% | |
Unrecognized tax benefit, increase | $ 8,100 | |
Unrecognized tax benefits | 153,100 | |
Unrecognized tax benefits that would impact effective tax rate | 114,300 | |
Accrued interest and penalties | $ 3,900 | $ 3,700 |
Leases and Commitments - Schedu
Leases and Commitments - Schedule of Maturity of Lease Liability (Details) $ in Thousands | Jul. 03, 2021USD ($) |
Fiscal | |
2022 (remaining nine months) | $ 10,070 |
2023 | 9,841 |
2024 | 7,873 |
2025 | 6,511 |
2026 | 6,376 |
Thereafter | 22,818 |
Total lease payments | 63,489 |
Less: Imputed interest | (12,337) |
Total lease liabilities | $ 51,152 |
Leases and Commitments - Lease
Leases and Commitments - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Jun. 27, 2020 |
Leases [Abstract] | ||
Other assets | $ 48,033 | $ 48,322 |
Other accrued liabilities | 10,037 | 10,461 |
Other long-term liabilities | $ 41,115 | $ 40,858 |
Leases and Commitments - Textua
Leases and Commitments - Textual (Details) $ in Millions | 3 Months Ended |
Jul. 03, 2021USD ($) | |
Other Commitments [Line Items] | |
Other commitments | $ 232.6 |
Open purchase Orders From Ordinary Operations | |
Other Commitments [Line Items] | |
Other commitments | $ 40.7 |
Minimum | |
Other Commitments [Line Items] | |
Renewal term | 1 year |
Purchase commitments, payment period | 3 months |
Maximum | |
Other Commitments [Line Items] | |
Renewal term | 15 years |
Purchase commitments, payment period | 6 months |
Leases and Commitments - Compon
Leases and Commitments - Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 3,798 | $ 3,701 |
Lease income | (579) | (922) |
Total lease cost | $ 3,219 | $ 2,779 |
Leases and Commitments - Other
Leases and Commitments - Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Leases [Abstract] | ||
Cash paid for operating leases included in operating cash flows | $ 3,423 | $ 3,384 |
Weighted-average remaining lease term - operating leases (in years) | 6 years 7 months 6 days | 7 years 2 months 12 days |
Weighted-average remaining discount rate - operating leases | 5.60% | 5.60% |
Contingencies (Details)
Contingencies (Details) | Mar. 22, 2021patent | Mar. 05, 2021petition | Sep. 16, 2020patent | Sep. 04, 2020petition | Apr. 30, 2020patent | Jan. 21, 2020patent | Dec. 05, 2019patent | Oct. 18, 2019patent | May 31, 2022 | Sep. 15, 2020petitionpatent | Dec. 04, 2020patentpetition |
Arbor Global Strategies LLC, v. Xilinx, Inc. | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of patents | 4 | ||||||||||
Number of IPR petitions filed | petition | 4 | ||||||||||
Number of IPR petitions granted institution | petition | 4 | ||||||||||
Analog Devices, Inc. v. Xilinx, Inc. | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of patents | 8 | 7 | |||||||||
Number of IPR petitions filed | petition | 9 | ||||||||||
Number of IPR petitions granted institution | 6 | ||||||||||
Number of patents of IPR denied institution | 1 | ||||||||||
Analog Devices, Inc. v. Xilinx, Inc. | Forecast | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of days to file a motion | 10 days | ||||||||||
FG SRC LLC, v. Xilinx, Inc. | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of patents | 2 | ||||||||||
Number of patents removed from complaint | 1 | ||||||||||
WSOU Investments, LLC | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of patents | 5 | ||||||||||
Analog Devices, Inc. | Analog Devices, Inc. v. Xilinx, Inc. | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of patents | 8 | 8 | |||||||||
Number of IPR petitions filed | petition | 8 | ||||||||||
Number of IPR petitions granted institution | 8 |
Goodwill and Acquisition-Rela_3
Goodwill and Acquisition-Related Intangibles - Summary of Goodwill and Acquisition-Related Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Apr. 03, 2021 | |
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Goodwill | $ 633,200 | $ 620,697 |
Less accumulated amortization | (212,914) | (201,006) |
Total | 152,704 | |
Total acquisition-related intangibles, gross | 392,610 | 372,598 |
Acquisition-related intangibles, net | 179,696 | 171,592 |
Core Technology | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Total finite-lived acquisition-related intangibles, gross | 269,859 | 249,847 |
Less accumulated amortization | (142,073) | (133,007) |
Total | $ 127,786 | 116,840 |
Weighted-Average Amortization Life | 3 years 9 months 18 days | |
Other Intangibles | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Total finite-lived acquisition-related intangibles, gross | $ 95,759 | 95,759 |
Less accumulated amortization | (70,841) | (67,999) |
Total | $ 24,918 | 27,760 |
Weighted-Average Amortization Life | 3 years 2 months 12 days | |
In-process research and development | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
In-process research and development | $ 26,992 | $ 26,992 |
Goodwill and Acquisition-Rela_4
Goodwill and Acquisition-Related Intangibles - Expected Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of acquisition-related intangibles | $ 2,841 | $ 2,862 |
Schedule of expected annual amortization expense for acquisition-related intangibles | ||
2022 (remaining nine months) | 34,930 | |
2023 | 45,839 | |
2024 | 41,589 | |
2025 | 18,749 | |
2026 | 10,930 | |
Thereafter | 667 | |
Total | $ 152,704 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021USD ($)segment | Jun. 27, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of operating segments | segment | 1 | |
Net revenues | $ 878,606 | $ 726,673 |
Total net revenues | 100.00% | 100.00% |
AIT | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 36.00% | 45.00% |
Automotive, Broadcast and Consumer | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 20.00% | 12.00% |
Wired and Wireless | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 30.00% | 32.00% |
Data Center | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 10.00% | 12.00% |
Channel Revenue | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 4.00% | (1.00%) |
North America | ||
Segment Reporting Information [Line Items] | ||
Net revenues | $ 199,995 | $ 186,293 |
Asia Pacific | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 460,411 | 393,033 |
Europe | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 133,791 | 92,751 |
Japan | ||
Segment Reporting Information [Line Items] | ||
Net revenues | $ 84,409 | $ 54,596 |