Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 21, 2017 | Oct. 01, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Apr. 1, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | XILINX INC | ||
Entity Central Index Key | 743,988 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Current Fiscal Year End Date | --04-01 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 248,050,000 | ||
Common Stock, par value (in dollars per share) | $ 0.01 | ||
Entity Public Float | $ 10,876,652,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Net revenues | $ 2,349,330 | $ 2,213,881 | $ 2,377,344 |
Cost of revenues | 708,216 | 671,907 | 708,823 |
Gross margin | 1,641,114 | 1,541,974 | 1,668,521 |
Operating expenses: | |||
Research and development | 601,443 | 533,891 | 525,745 |
Selling, general and administrative | 335,150 | 331,652 | 353,670 |
Amortization of acquisition-related intangibles | 5,127 | 6,550 | 9,537 |
Restructuring charges | 0 | 0 | 24,491 |
Total operating expenses | 941,720 | 872,093 | 913,443 |
Operating income | 699,394 | 669,881 | 755,078 |
Interest and other expense, net | 8,314 | 33,056 | 15,002 |
Income before income taxes | 691,080 | 636,825 | 740,076 |
Provision for income taxes | 68,568 | 85,958 | 91,860 |
Net income | $ 622,512 | $ 550,867 | $ 648,216 |
Net income per common share: | |||
Basic (in dollars per share) | $ 2.47 | $ 2.14 | $ 2.44 |
Diluted (in dollars per share) | $ 2.32 | $ 2.05 | $ 2.35 |
Shares used in per share calculations: | |||
Basic (in shares) | 252,301 | 257,184 | 265,480 |
Diluted (in shares) | 268,813 | 268,667 | 276,123 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 622,512 | $ 550,867 | $ 648,216 |
Other comprehensive income (loss), net of tax: | |||
Net change in unrealized gains (losses) on available-for-sale securities | (12,712) | (916) | 7,483 |
Reclassification adjustment for gains on available-for-sale securities | (3,119) | (106) | (6,832) |
Net change in unrealized gains (losses) on hedging transactions | (1,296) | 15,004 | (11,074) |
Other Comprehensive Income, Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1,701 | (7,225) | 2,753 |
Cumulative translation adjustment, net | (2,624) | (2,239) | (2,931) |
Other comprehensive income (loss) | (18,050) | 4,518 | (10,601) |
Total comprehensive income | $ 604,462 | $ 555,385 | $ 637,615 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 01, 2017 | Apr. 02, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 966,695,000 | $ 503,816,000 |
Short-term investments | 2,354,762,000 | 2,833,883,000 |
Accounts receivable, net of allowances for doubtful accounts of $3,200 and $3,341 in 2017 and 2016, respectively | 243,915,000 | 307,458,000 |
Inventories | 227,033,000 | 178,550,000 |
Prepaid expenses and other current assets | 87,711,000 | 92,951,000 |
Total current assets | 3,880,116,000 | 3,916,658,000 |
Property, plant and equipment, at cost: | ||
Land | 65,298,000 | 65,298,000 |
Buildings | 339,923,000 | 310,795,000 |
Machinery and equipment | 383,681,000 | 390,573,000 |
Furniture and fixtures | 50,556,000 | 43,916,000 |
Gross property, plant and equipment | 839,458,000 | 810,582,000 |
Accumulated depreciation and amortization | (535,633,000) | (527,236,000) |
Net property, plant and equipment | 303,825,000 | 283,346,000 |
Long-term investments | 116,288,000 | 220,807,000 |
Goodwill | 161,287,000 | 159,296,000 |
Acquisition-related intangibles, net | 3,576,000 | 6,202,000 |
Other assets | 275,440,000 | 232,960,000 |
Total Assets | 4,740,532,000 | 4,819,269,000 |
Current liabilities: | ||
Accounts payable | 108,293,000 | 101,534,000 |
Accrued payroll and related liabilities | 176,601,000 | 154,294,000 |
Income taxes payable | 6,309,000 | 6,286,000 |
Deferred income on shipments to distributors | 54,567,000 | 51,758,000 |
Other accrued liabilities | 95,098,000 | 45,108,000 |
Long-term Debt, Current Maturities | 456,328,000 | 585,417,000 |
Total current liabilities | 897,196,000 | 944,397,000 |
Long-term Debt, Excluding Current Maturities | 995,247,000 | 993,639,000 |
Deferred tax liabilities | 317,639,000 | 261,467,000 |
Long-term income taxes payable | 4,503,000 | 15,889,000 |
Other long-term liabilities | 16,908,000 | 1,090,000 |
Commitments and contingencies | 0 | 0 |
Temporary Equity, Carrying Amount, Attributable to Parent | 1,406,000 | 12,894,000 |
Stockholders' equity: | ||
Preferred stock, $.01 par value; 2,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $.01 par value; 2,000,000 shares authorized; 248,027 and 253,687 shares issued and outstanding in 2017 and 2016, respectively | 2,480,000 | 2,537,000 |
Additional paid-in capital | 803,522,000 | 726,921,000 |
Retained earnings | 1,726,312,000 | 1,867,066,000 |
Accumulated other comprehensive loss | (24,681,000) | (6,631,000) |
Total stockholders’ equity | 2,507,633,000 | 2,589,893,000 |
Total Liabilities, Temporary Equity and Stockholders’ Equity | $ 4,740,532,000 | $ 4,819,269,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 3,200 | $ 3,341 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 248,027,000 | 253,687,000 |
Common stock, shares outstanding | 248,027,000 | 253,687,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 622,512 | $ 550,867 | $ 648,216 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 45,423 | 50,828 | 55,266 |
Amortization | 17,203 | 17,613 | 19,648 |
Stock-based compensation | 122,858 | 111,984 | 99,859 |
Net gain on sale of available-for-sale securities | (3,532) | (370) | (11,878) |
Amortization of debt discount on convertible debentures | 11,692 | 12,048 | 12,022 |
Provision for deferred income taxes | 67,482 | 44,128 | 17,802 |
Others | 1,698 | 2,000 | 122 |
Changes in assets and liabilities: | |||
Accounts receivable, net | 63,543 | (60,843) | 21,219 |
Inventories | (48,244) | 52,323 | 2,664 |
Prepaid expenses and other current assets | (1,000) | (1,261) | (13,118) |
Other assets | (20,557) | (11,945) | (531) |
Accounts payable | 10,983 | 21,422 | (69,583) |
Accrued liabilities (including restructuring activities) | 33,788 | (16,592) | 1,795 |
Income taxes payable | 7,473 | (11,635) | 15,967 |
Deferred income on shipments to distributors | 2,809 | (14,312) | 10,972 |
Net cash provided by operating activities | 934,131 | 746,255 | 810,442 |
Cash flows from investing activities: | |||
Purchases of available-for-sale securities | (2,817,197) | (3,262,324) | (3,742,742) |
Proceeds from sale and maturity of available-for-sale securities | 3,404,577 | 2,882,342 | 3,756,021 |
Purchases of property, plant and equipment | (72,051) | (34,004) | (29,619) |
Other investing activities | (21,379) | (9,950) | 29,296 |
Net cash provided by (used in) investing activities | 493,950 | (423,936) | 12,956 |
Cash flows from financing activities: | |||
Repayment of convertible debt | (142,082) | 0 | 0 |
Other financing activities | (1,325) | 0 | 0 |
Repurchases of common stock | 522,045 | 443,181 | 651,006 |
Restricted stock units withholdings | (35,392) | (34,671) | (38,298) |
Proceeds from issuance of common stock through various stock plans | 68,184 | 85,765 | 90,959 |
Payment of dividends to stockholders | (332,542) | (318,988) | (306,158) |
Net cash used in financing activities | (965,202) | (711,075) | (904,503) |
Net increase (decrease) in cash and cash equivalents | 462,879 | (388,756) | (81,105) |
Cash and cash equivalents at beginning of period | 503,816 | 892,572 | |
Cash and cash equivalents at end of period | 966,695 | 503,816 | 892,572 |
Supplemental disclosure of cash flow information: | |||
Interest paid | 41,375 | 41,375 | 41,589 |
Income taxes paid (refunded), net | $ (6,341) | $ 53,425 | $ 57,896 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Common stock, shares outstanding, beginning balance at Mar. 29, 2014 | 268,637 | ||||
Total stockholders' equity, beginning balance at Mar. 29, 2014 | $ 2,752,682 | $ 2,686 | $ 805,073 | $ 1,945,471 | $ (548) |
Components of comprehensive income: | |||||
Net income | 648,216 | 648,216 | |||
Other comprehensive income (loss) | (10,601) | (10,601) | |||
Issuance of common shares under employee stock plans, Shares | 5,058 | ||||
Issuance of common shares under employee stock plans, Value | 52,661 | $ 51 | 52,610 | ||
Stock Repurchased and Retired During Period, Shares | 15,355 | ||||
Stock Repurchased and Retired During Period, Value | (649,990) | $ (154) | (328,585) | (321,251) | |
Stock-based compensation expense | 99,859 | 99,859 | |||
Stock-based compensation capitalized in inventory | (5) | (5) | |||
Temporary equity reclassification | 11,052 | 11,052 | |||
Cash dividends declared | (306,158) | (306,158) | |||
Net excess tax benefits from stock-based compensation | 13,878 | 13,878 | |||
Common stock, shares outstanding, ending balance at Mar. 28, 2015 | 258,340 | ||||
Total stockholders' equity, ending balance at Mar. 28, 2015 | 2,611,594 | $ 2,583 | 653,882 | 1,966,278 | (11,149) |
Components of comprehensive income: | |||||
Net income | 550,867 | 550,867 | |||
Other comprehensive income (loss) | 4,518 | 4,518 | |||
Issuance of common shares under employee stock plans, Shares | 5,043 | ||||
Issuance of common shares under employee stock plans, Value | $ 51,094 | $ 51 | 51,043 | ||
Stock Repurchased and Retired During Period, Shares | 9,696 | 9,696 | |||
Stock Repurchased and Retired During Period, Value | $ (443,181) | $ (97) | (111,993) | (331,091) | |
Stock-based compensation expense | 111,984 | 111,984 | |||
Stock-based compensation capitalized in inventory | (455) | (455) | |||
Temporary equity reclassification | 11,052 | 11,052 | |||
Cash dividends declared | (318,988) | (318,988) | |||
Net excess tax benefits from stock-based compensation | $ 11,408 | 11,408 | |||
Common stock, shares outstanding, ending balance at Apr. 02, 2016 | 253,687 | 253,687 | |||
Total stockholders' equity, ending balance at Apr. 02, 2016 | $ 2,589,893 | $ 2,537 | 726,921 | 1,867,066 | (6,631) |
Components of comprehensive income: | |||||
Net income | 622,512 | ||||
Other comprehensive income (loss) | (18,050) | (18,050) | |||
Issuance of common shares under employee stock plans, Shares | 4,195 | ||||
Issuance of common shares under employee stock plans, Value | $ 32,793 | $ 42 | 32,751 | ||
Stock Repurchased and Retired During Period, Shares | 9,855 | 9,855 | |||
Stock Repurchased and Retired During Period, Value | $ (522,046) | $ (99) | (91,223) | (430,724) | |
Stock-based compensation expense | 122,858 | 122,858 | |||
Stock-based compensation capitalized in inventory | 239 | 239 | |||
Temporary equity reclassification | 11,488 | 11,488 | |||
Extinguishment of Debt, Amount | 488 | 488 | |||
Cash dividends declared | $ (332,542) | (332,542) | |||
Common stock, shares outstanding, ending balance at Apr. 01, 2017 | 248,027 | 248,027 | |||
Total stockholders' equity, ending balance at Apr. 01, 2017 | $ 2,507,633 | $ 2,480 | $ 803,522 | $ 1,726,312 | $ (24,681) |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Retained Earnings [Member] | |||
Cash dividends per share (in dollars per share) | $ 1.32 | $ 1.24 | $ 1.16 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Apr. 01, 2017 | |
Nature of Operations [Abstract] | |
Nature of Operations | Nature of Operations Xilinx, Inc. (Xilinx or the Company) designs, develops and markets programmable devices and associated technologies, including advanced ICs in the form of PLDs, software design tools and predefined system functions delivered as IP. In addition to its programmable platforms, the Company provides design services, customer training, field engineering and technical support. The wafers used to manufacture its products are obtained primarily from independent wafer manufacturers located in Taiwan and Korea. The Company is dependent on these foundries to produce and deliver silicon wafers on a timely basis. The Company is also dependent on subcontractors, primarily located in the Asia Pacific region, to provide semiconductor assembly, test and shipment services. Xilinx is a global company with sales offices throughout the world. The Company derives over one-half of its revenues from international sales, primarily in the Asia Pacific region, Europe and Japan. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Concentrations of Risk | 12 Months Ended |
Apr. 01, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Concentrations of Risk | Summary of Significant Accounting Policies and Concentrations of Risk Basis of Presentation The accompanying consolidated financial statements include the accounts of Xilinx and its wholly-owned subsidiaries after elimination of all intercompany transactions. The Company uses a 52 - to 53 -week fiscal year ending on the Saturday nearest March 31. Fiscal 2017 and 2015 were a 52-week year ended on April 1, 2017 and March 28, 2015, respectively. Fiscal 2016 was a 53-week year, ended on April 2, 2016 . Fiscal 2018 will be a 52-week year ending on March 31, 2018 . Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of net revenues and expenses during the reporting period. Such estimates relate to, among others, the useful lives of assets, assessment of recoverability of property, plant and equipment, long-lived assets and goodwill, inventory write-downs, allowances for doubtful accounts, customer returns, deferred tax assets, stock-based compensation, potential reserves relating to litigation and tax matters, valuation of certain investments and derivative financial instruments as well as other accruals or reserves. Actual results may differ from those estimates and such differences may be material to the financial statements. Cash Equivalents and Investments Cash equivalents consist of highly liquid investments with original maturities from the date of purchase of three months or less. These investments consist of money market funds, non-financial institution securities, U.S. and foreign government and agency securities and financial institution securities. Short-term investments consist of mortgage-backed securities, non-financial institution securities, U.S. and foreign government and agency securities, financial institution securities, asset-back securities, commercial mortgage-backed securities, bank loans and debt mutual funds with original maturities greater than three months and remaining maturities less than one year from the balance sheet date. Long-term investments consist of mortgage-backed securities, debt mutual funds and asset-backed securities with remaining maturities greater than one year, unless the investments are specifically identified to fund current operations, in which case they are classified as short-term investments. Equity investments are also classified as long-term investments since they are not intended to fund current operations. The Company maintains its cash balances with various banks with high quality ratings, and with investment banking and asset management institutions. The Company manages its liquidity risk by investing in a variety of money market funds, high-grade commercial paper, corporate bonds, U.S. and foreign government and agency securities, asset-backed securities, mortgage-backed securities, commercial mortgage-backed securities, bank time deposits, bank loans and debt mutual funds. This diversification of investments is consistent with its policy to maintain liquidity and ensure the ability to collect principal. The Company maintains an offshore investment portfolio denominated in U.S. dollars. All investments are made pursuant to corporate investment policy guidelines. Investments include Euro commercial paper, Euro dollar bonds, Euro dollar floating rate notes, offshore time deposits, U.S. and foreign government and agency securities, asset-backed securities, bank loans and mortgage-backed securities issued by U.S. government-sponsored enterprises and agencies. Management classifies investments as available-for-sale or held-to-maturity at the time of purchase and re-evaluates such designation at each balance sheet date, although classification is not generally changed. Securities are classified as held-to-maturity when the Company has the positive intent and the ability to hold the securities until maturity. Held-to-maturity securities are carried at cost adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization, as well as any interest on the securities, is included in interest income. No investments were classified as held-to-maturity as of April 1, 2017 or April 2, 2016 . Available-for-sale securities are carried at fair value with the unrealized gains or losses, net of tax, included as a component of accumulated other comprehensive income (loss) in stockholders' equity. See "Note 3. Fair Value Measurements" for information relating to the determination of fair value. Realized gains and losses on available-for-sale securities and declines in value judged to be other than temporary are included in interest and other expense, net. In determining if and when a decline in value below the adjusted cost of marketable debt and equity securities is other than temporary, we evaluate on an ongoing basis the market conditions, trends of earnings, financial condition, credit ratings, any underlying collateral and other key measures for our investments. The cost of securities matured or sold is based on the specific identification method. In determining whether a decline in value of non-marketable equity investments in private companies is other than temporary, the assessment is made by considering available evidence including the general market conditions in the investee's industry, the investee's product development status, the investee's ability to meet business milestones and the financial condition and near-term prospects of the individual investee, including the rate at which the investee is using its cash, the investee's need for possible additional funding at a lower valuation and bona fide offers to purchase the investee from a prospective acquirer. When a decline in value is deemed to be other than temporary, the Company recognizes an impairment loss in the current period's interest and other expense, net, to the extent of the decline. Accounts Receivable The allowance for doubtful accounts reflects the Company's best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on the aging of Xilinx's accounts receivable, historical experience, known troubled accounts, management judgment and other currently available evidence. Xilinx writes off accounts receivable against the allowance when Xilinx determines a balance is uncollectible and no longer actively pursues collection of the receivable. The amounts of accounts receivable written off were insignificant for all periods presented. Inventories Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated net realizable value) and are comprised of the following: (In thousands) April 1, 2017 April 2, 2016 Raw materials $ 14,517 $ 15,346 Work-in-process 161,120 123,675 Finished goods 51,396 39,529 $ 227,033 $ 178,550 The Company reviews and sets standard costs quarterly to approximate current actual manufacturing costs. The Company's manufacturing overhead standards for product costs are calculated assuming full absorption of actual spending over actual volumes. Given the cyclicality of the market, the obsolescence of technology and product lifecycles, the Company writes down inventory based on forecasted demand and technological obsolescence. These forecasts are developed based on inputs from the Company's customers, including bookings and extended but uncommitted demand forecasts, and internal analyses such as customer historical purchasing trends and actual and anticipated design wins, as well as market and economic conditions, technology changes, new product introductions and changes in strategic direction. These factors require estimates that may include uncertain elements. The estimates of future demand that the Company uses in the valuation of inventory are the basis for its published revenue forecasts, which are also consistent with our short-term manufacturing plans. The differences between the Company's demand forecast and the actual demand in the recent past have not resulted in any material write down in the Company's inventory. If the Company's demand forecast for specific products is greater than actual demand and the Company fails to reduce manufacturing output accordingly, the Company could be required to write down additional inventory, which would have a negative impact on the Company's gross margin. Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation. Depreciation for financial reporting purposes is computed using the straight-line method over the estimated useful lives of the assets of three to five years for machinery, equipment, furniture and fixtures and 15 to 30 years for buildings. Depreciation expense totaled $45.4 million , $50.8 million and $55.3 million for fiscal 2017 , 2016 and 2015 , respectively. Impairment of Long-Lived Assets The Company evaluates the carrying value of long-lived assets to be held and used for impairment if indicators of potential impairment exist. Impairment indicators are reviewed on a quarterly basis. When indicators of impairment exist and assets are held for use, the Company estimates future undiscounted cash flows attributable to the assets. In the event such cash flows are not expected to be sufficient to recover the recorded value of the assets, the assets are written down to their estimated fair values based on the expected discounted future cash flows attributable to the assets or based on appraisals. When assets are removed from operations and held for sale, Xilinx estimates impairment losses as the excess of the carrying value of the assets over their fair value. Goodwill Goodwill is not amortized but is subject to impairment tests on an annual basis, or more frequently if indicators of potential impairment exist, using a fair-value-based approach. Based on the impairment review performed during the fourth quarter of fiscal 2017 , there was no impairment of goodwill in fiscal 2017 . Unless there are indicators of impairment, the Company's next impairment review for goodwill will be performed and completed in the fourth quarter of fiscal 2018 . To date, no impairment indicators have been identified. Revenue Recognition Sales to distributors are made under agreements providing distributor price adjustments and rights of return under certain circumstances. Revenue and costs relating to distributor sales are deferred until products are sold by the distributors to the distributors' end customers. For fiscal 2017 , approximately 52% of the Company's net revenues were from products sold to distributors for subsequent resale to OEMs or their subcontract manufacturers. Revenue recognition depends on notification from the distributor that product has been sold to the distributor's end customer. Also reported by the distributor are product resale price, quantity and end customer shipment information, as well as inventory on hand. Reported distributor inventory on hand is reconciled to deferred revenue balances monthly. The Company maintains system controls to validate distributor data and to verify that the reported information is accurate. Deferred income on shipments to distributors reflects the estimated effects of distributor price adjustments and the amount of gross margin expected to be realized when distributors sell through product purchased from the Company. Accounts receivable from distributors are recognized and inventory is relieved when title to inventories transfers, typically upon shipment from Xilinx at which point the Company has a legally enforceable right to collection under normal payment terms. As of April 1, 2017 , the Company had $74.2 million of deferred revenue and $19.6 million of deferred cost of revenues recognized as a net $54.6 million of deferred income on shipments to distributors. As of April 2, 2016 , the Company had $70.9 million of deferred revenue and $19.1 million of deferred cost of revenues recognized as a net $51.8 million of deferred income on shipments to distributors. The deferred income on shipments to distributors that will ultimately be recognized in the Company's consolidated statement of income will be different than the amount shown on the consolidated balance sheet due to actual price adjustments issued to the distributors when the product is sold to their end customers. Revenue from sales to the Company's direct customers is recognized upon shipment provided that persuasive evidence of a sales arrangement exists, the price is fixed or determinable, title has transferred, collection of resulting receivables is reasonably assured, and there are no customer acceptance requirements and no remaining significant obligations. For each of the periods presented, there were no significant acceptance provisions with the Company's direct customers. Revenue from software licenses is deferred and recognized as revenue over the term of the licenses of one year. Revenue from support services is recognized when the service is performed. Revenue from software licenses and support services sales were less than 5% of net revenues for all of the periods presented. Allowances for end customer sales returns are recorded based on historical experience and for known pending customer returns. Foreign Currency Translation The U.S. dollar is the functional currency for the Company's Ireland and Singapore subsidiaries. Monetary assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars, and the resulting gains or losses are included in the consolidated statements of income under interest and other expense, net. The remeasurement gains or losses were immaterial for all fiscal periods presented. The local currency is the functional currency for each of the Company's other wholly-owned foreign subsidiaries. Assets and liabilities are translated from foreign currencies into U.S. dollars at month-end exchange rates and statements of income are translated at the average monthly exchange rates. Exchange gains or losses arising from translation of foreign currency denominated assets and liabilities (i.e., cumulative translation adjustment) are included as a component of accumulated other comprehensive income (loss) in stockholders' equity. Derivative Financial Instruments To reduce financial risk, the Company periodically enters into financial arrangements as part of the Company's ongoing asset and liability management activities. Xilinx uses derivative financial instruments to hedge fair values of underlying assets and liabilities or future cash flows which are exposed to foreign currency or commodity price fluctuations. The Company does not enter into derivative financial instruments for trading or speculative purposes. See "Note 5. Derivative Financial Instruments" for detailed information about the Company's derivative financial instruments. Research and Development Expenses Research and development costs are current period expenses and charged to expense as incurred. Stock-Based Compensation The Company has equity incentive plans that are more fully discussed in "Note 6. Stock-Based Compensation Plans." The authoritative guidance of accounting for share-based payment requires the Company to measure the cost of all employee equity awards (that are expected to be exercised or vested) based on the grant-date fair value of those awards, and to record that cost as compensation expense over the period during which the employee is required to perform service in exchange for the award (over the vesting period of the award). Additionally, the Company's ESPP is deemed to be a compensatory plan under the authoritative guidance of accounting for share-based payments. Accordingly, the ESPP is included in the computation of stock-based compensation expense. In the first quarter of fiscal 2017, the Company early adopted the authoritative guidance which requires excess tax benefits or tax deficiencies to be recorded in the consolidated statement of income when the awards vest or are settled. See "Recent Accounting Pronouncements Adopted" section below for full details. The Company uses the straight-line attribution method to recognize stock-based compensation costs over the requisite service period of the award. Upon exercise, cancellation or expiration of stock options, deferred tax assets for options with multiple vesting dates are eliminated for each vesting period on a first-in, first-out basis as if each award had a separate vesting period. Income Taxes All income tax amounts reflect the use of the liability method under the accounting for income taxes, as interpreted by Financial Accounting Standards Board (FASB) authoritative guidance for measuring uncertain tax positions . Under this method, deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. Product Warranty and Indemnification The Company generally sells products with a limited warranty for product quality. The Company provides an accrual for known product issues if a loss is probable and can be reasonably estimated. As of the end of both fiscal 2017 and 2016 , the accrual balance of the product warranty liability was immaterial. The Company offers, subject to certain terms and conditions, to indemnify customers and distributors for costs and damages awarded against these parties in the event the Company's hardware products are found to infringe third-party intellectual property rights, including patents, copyrights or trademarks, and to compensate certain customers for limited specified costs they actually incur in the event our hardware products experience epidemic failure. To a lesser extent, the Company may from time-to-time offer limited indemnification with respect to its software products. The terms and conditions of these indemnity obligations are limited by contract, which obligations are typically perpetual from the effective date of the agreement. The Company has historically received only a limited number of requests for indemnification under these provisions and has not made any significant payments pursuant to these provisions. The Company cannot estimate the maximum amount of potential future payments, if any, that the Company may be required to make as a result of these obligations due to the limited history of indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim and indemnification provision. However, there can be no assurances that the Company will not incur any financial liabilities in the future as a result of these obligations. Concentrations of Credit Risk Avnet, one of the Company's distributors, distributes the Company's products worldwide. As of April 1, 2017 and April 2, 2016 , Avnet accounted for 59% and 75% of the Company's total net accounts receivable, respectively. Resale of product through Avnet accounted for 44% , 50% and 43% of the Company's worldwide net revenues in fiscal 2017 , 2016 and 2015 , respectively. The percentage of net accounts receivable due from Avnet and the percentage of worldwide net revenues from Avnet are consistent with historical patterns. Xilinx is subject to concentrations of credit risk primarily in its trade accounts receivable and investments in debt securities to the extent of the amounts recorded on the consolidated balance sheet. The Company attempts to mitigate the concentration of credit risk in its trade receivables through its credit evaluation process, collection terms and distributor sales to diverse end customers and through geographical dispersion of sales. Xilinx generally does not require collateral for receivables from its end customers or from distributors. No end customer accounted for more than 10% of the Company's worldwide net revenues for any of the periods presented. The Company mitigates concentrations of credit risk in its investments in debt securities by currently investing more than 84% of its portfolio in AA or higher grade securities as rated by Standard & Poor's or Moody's Investors Service equivalent. The Company's methods to arrive at investment decisions are not solely based on the rating agencies' credit ratings. Xilinx also performs additional credit due diligence and conducts regular portfolio credit reviews, including a review of counterparty credit risk related to the Company's forward currency exchange contracts. Additionally, Xilinx limits its investments in the debt securities of a single issuer based upon the issuer's credit rating and attempts to further mitigate credit risk by diversifying risk across geographies and type of issuer. As of April 1, 2017 , approximately 35% of the portfolio consisted of mortgage-backed securities. All of the mortgage-backed securities in the investment portfolio were issued by U.S. government-sponsored enterprises and agencies and are rated AA+ by Standard & Poor's and Aaa by Moody's Investors Service. The global credit markets may experience adverse conditions that negatively impact the values of various types of investment and non-investment grade securities. The global credit and capital markets may experience significant volatility and disruption due to instability in the global financial system, uncertainty related to global economic conditions and concerns regarding sovereign financial stability. Therefore, there is a risk that we may incur other-than-temporary impairment charges for certain types of investments should credit market conditions deteriorate. See "Note 4. Financial Instruments" for a table of the Company's available-for-sale securities. Recent Accounting Pronouncements Adopted In April 2015, the FASB issued authoritative guidance that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, which the Company adopted in the first quarter of fiscal 2017. We have applied the amendment retrospectively to the comparable period presented and it did not have a significant impact on our financial statements. In March 2016, the FASB issued authoritative guidance to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. In the first quarter of fiscal 2017, the Company early adopted this authoritative guidance. Under the new guidance, excess tax benefits or tax deficiencies are recorded in the consolidated statement of income when the awards vest or are settled. Previously, they were recorded in stockholders' equity of the consolidated balance sheet. In addition, cash flows related to excess tax benefits or tax deficiencies are now classified as an operating activity, with prior periods adjusted accordingly. While the new authoritative guidance provides an accounting policy election to account for forfeitures as they occur, the Company elected to continue to estimate forfeitures to determine the amount of compensation cost to be recognized in each period. As a result of the adoption of this guidance, the consolidated statement of cash flows for the years ended April 2, 2016 and March 28, 2015 were adjusted as follows: a $16.2 million and $19.7 million increase, respectively, to net cash provided by operating activities and a $16.2 million and $19.7 million increase, respectively, to the net cash used in financing activities. Additionally, the Company recorded excess tax benefits of $15.4 million for fiscal 2017 in the provision for income taxes. This resulted in an increase to net income per diluted share of $0.06 for fiscal 2017. Recent Accounting Pronouncements Not Yet Adopted In April 2014, the FASB issued the authoritative guidance, as amended, that outlines a new global revenue recognition standard that replaces virtually all existing US GAAP guidance on contracts with customers and the related other assets and deferred costs. The authoritative guidance provides a five-step process for recognizing revenue that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The authoritative guidance also requires expanded qualitative and quantitative disclosures relating to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The new authoritative guidance is required to be applied retrospectively to each prior reporting period presented, or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Company is currently evaluating the full impact of this new authoritative guidance on its consolidated financial statements, including selection of the transition method. However, assuming all other revenue recognition criteria have been met, it is expected that the new authoritative guidance would require the Company to recognize revenue and cost relating to distributor sales upon product delivery (Sell-In), subject to estimated allowance for distributor price adjustments and rights of return, rather than deferring the distributor sales upon product delivery and subsequently recognizing revenue when the product is sold by the distributor to the end customer (Sell-Through). Upon adoption, the Company currently expects that it will record the balance of the deferred revenue (subject to true-ups) under the Sell-Through to retained earnings, and the impact would be offset by the recognition of revenue on shipments post adoption under Sell-In. The Company continues to evaluate the impact to revenues and related disclosures related to the pending adoption of the new guidance and the preliminary assessments are subject to change. Depending on timing of customer orders, timing of shipment to distributors and to end customers, distributor inventory strategies and other factors that may be beyond the Company's control, the difference in revenue recognized under Sell-Through and Sell-In could be material in the future. The authoritative guidance will be effective for the Company beginning in fiscal year 2019 as the Company decided not to early adopt it in fiscal 2018. In January 2016, the FASB issued the final authoritative guidance regarding how companies measure equity investments that do not result in consolidation and are not accounted for under the equity method and how they present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The new authoritative guidance also changes certain disclosure requirements and other aspects of current US GAAP. It does not change the guidance for classifying and measuring investments in debt securities and loans. The authoritative guidance is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods within those annual periods, which for Xilinx would be the first quarter of fiscal year 2019. Upon adoption, the Company would record all of the unrealized gains or losses from its investment in mutual funds to retained earnings, and subsequent changes in fair value from such investments will be recorded under its consolidated statements of income. In February 2016, the FASB issued the authoritative guidance on leases. The new authoritative guidance requires the recognition of assets and liabilities arising from lease transactions on the balance sheet and will also require significant additional disclosures about the amount, timing and uncertainty of cash flows from leases. Accordingly, a lessee will recognize a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. The new authoritative guidance is effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal year 2020. Early adoption is permitted. The new authoritative guidance must be adopted using a modified retrospective transition, and provides for certain practical expedients. In addition, the transition will require application of the new authoritative guidance at the beginning of the earliest comparative period presented. The Company is currently evaluating the impact of this new authoritative guidance on its consolidated financial statements. In June 2016, the FASB issued the authoritative guidance which introduces new guidance for the accounting for credit losses on instruments for both financial services and non-financial services entities. The new authoritative guidance requires certain types of financial instruments be recorded net of expected credit losses. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The new authoritative guidance will be effective for public business entities in fiscal years beginning after December 15, 2019, including interim periods within those years, which for Xilinx would be the first quarter of fiscal year 2021. Early adoption is permitted. The Company is currently evaluating the impact of this new authoritative guidance on its consolidated financial statements. In August 2016, the FASB issued authoritative guidance for cash flow classification. The new authoritative guidance is intended to reduce diversity in practice in how cash receipts and cash payments are classified in the statement of cash flows. The new authoritative guidance will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those years, which for Xilinx would be the first quarter of fiscal year 2019. Early adoption is permitted. The Company is currently evaluating the impact of this new authoritative guidance on its consolidated financial statements. In October 2016, the FASB issued authoritative guidance for accounting for income taxes which eliminates the deferred tax effects of intra-entity asset transfers other than inventory. As a result, a reporting entity would recognize the tax expense from the sale of an asset in the seller’s tax jurisdiction when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation. The new authoritative guidance will be effective for public business entities in fiscal years beginning after December 15, 2017, which for Xilinx would be the first quarter of fiscal year 2019. Early adoption is permitted as of the beginning of the annual period. The Company is currently evaluating the impact of this new authoritative guidance on its consolidated financial statements. In January 2017, the FASB issued authoritative guidance that simplifies the accounting for goodwill impairment. The authoritative guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The new authoritative guidance will be effective for public business entities in fiscal years beginning after December 15, 2018, including interim periods within those years, which for Xilinx would be the first quarter of fiscal year 2020. Early adoption is permitted. The Company is currently evaluating the impact of this new authoritative guidance on its consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Apr. 01, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The guidance for fair value measurements established by the FASB defines fair value as the exchange price that would be received from selling an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which Xilinx would transact and also considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of nonperformance. The Company determines the fair value for marketable debt 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. For certain other securities, such as student loan auction rate securities, the Company performs its own valuation analysis using a discounted cash flow pricing model. The Company validates the consensus prices by taking random samples from each asset type and corroborating those prices using reported trade activity, benchmark yield curves, binding broker/dealer quotes or other relevant price information. There have not been any changes to the Company's fair value methodology during fiscal 2017 and the Company did not adjust or override any fair value measurements as of April 1, 2017 . Fair Value Hierarchy The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. The guidance for fair value measurements requires that assets and liabilities carried at fair value be classified and disclosed in one of the following categories: Level 1 — Quoted (unadjusted) prices in active markets for identical assets or liabilities. The Company's Level 1 assets consist of U.S. government securities and money market funds. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. The Company's Level 2 assets consist of financial institution securities, non-financial institution securities, municipal bonds, U.S. agency securities, foreign government and agency securities, mortgage-backed securities, debt mutual funds, bank loans, asset-backed securities and commercial mortgage-backed securities. The Company's Level 2 assets and liabilities also include foreign currency forward contracts and commodity swap contracts. Level 3 — Unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation. The Company's Level 3 assets and liabilities include student loan auction rate securities, which were fully redeemed during fiscal 2017. Assets and Liabilities Measured at Fair Value on a Recurring Basis In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of April 1, 2017 and April 2, 2016 : April 1, 2017 (In thousands) Quoted Significant Significant Total Fair Assets Cash equivalents: Money market funds $ 298,307 $ — $ — $ 298,307 Financial institution securities — 158,962 — 158,962 Non-financial institution securities — 205,322 — 205,322 U.S. government and agency securities 2,998 50,984 — 53,982 Foreign government and agency securities — 177,310 — 177,310 Short-term investments: Financial institution securities — 189,835 — 189,835 Non-financial institution securities — 203,938 — 203,938 U.S. government and agency securities 31,732 44,820 — 76,552 Foreign government and agency securities — 144,811 — 144,811 Mortgage-backed securities — 1,115,403 — 1,115,403 Debt mutual funds — 34,068 — 34,068 Bank loans — 154,014 — 154,014 Asset-backed securities — 218,170 — 218,170 Commercial mortgage-backed securities — 217,971 — 217,971 Long-term investments: Mortgage-backed securities — 60,099 — 60,099 Debt mutual fund — 54,608 — 54,608 Asset-backed securities — 1,581 — 1,581 Derivative financial instruments, net — 1,661 — 1,661 Total assets measured at fair value $ 333,037 $ 3,033,557 $ — $ 3,366,594 April 2, 2016 (In thousands) Quoted Significant Significant Total Fair Assets Cash equivalents: Money market funds $ 232,698 $ — $ — $ 232,698 Non-financial institution securities — 104,964 — 104,964 Foreign government and agency securities — 98,967 — 98,967 Municipal bonds — 1,003 — 1,003 Short-term investments: Financial institution securities — 284,853 — 284,853 Non-financial institution securities — 460,148 — 460,148 Municipal bonds — 61,579 — 61,579 U.S. government and agency securities 81,873 110,420 — 192,293 Foreign government and agency securities — 214,201 — 214,201 Mortgage-backed securities — 1,067,157 — 1,067,157 Debt mutual funds — 35,116 — 35,116 Bank loans — 102,015 — 102,015 Asset-backed securities — 210,051 — 210,051 Commercial mortgage-backed securities — 206,470 — 206,470 Long-term investments: Auction rate securities — — 9,977 9,977 Municipal bonds — 7,100 — 7,100 Mortgage-backed securities — 140,382 — 140,382 Debt mutual fund — 56,785 — 56,785 Asset-backed securities — 6,563 — 6,563 Derivative financial instruments, net — 744 — 744 Total assets measured at fair value $ 314,571 $ 3,168,518 $ 9,977 $ 3,493,066 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. Changes in Level 3 Instruments Measured at Fair Value on a Recurring Basis The following table is a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Years Ended (In thousands) April 1, 2017 April 2, 2016 Balance as of beginning of period $ 9,977 $ 10,312 Total realized and unrealized gains (losses): Included in other comprehensive income (loss) 523 (335 ) Sales and settlements, net (1) (10,500 ) — Balance as of end of period $ — $ 9,977 (1) During fiscal 2017, $10.5M of student loan auction rate securities were redeemed at par value for cash. As of April 1, 2017 , the Company held no marketable securities measured at fair value using Level 3 inputs. Financial Instruments Not Recorded at Fair Value on a Recurring Basis The Company's 2017 Convertible Notes, 2019 Notes and 2021 Notes are measured at fair value on a quarterly basis for disclosure purposes. The fair values of the 2017 Convertible Notes, 2019 Notes and 2021 Notes as of April 1, 2017 were approximately $917.0 million , $501.6 million and $510.7 million , respectively, based on the last trading price of the respective debentures for the period (classified as Level 2 in fair value hierarchy due to relatively low trading volume). |
Financial Instruments
Financial Instruments | 12 Months Ended |
Apr. 01, 2017 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | Financial Instruments The following is a summary of cash equivalents and available-for-sale securities as of the end of the periods presented: April 1, 2017 April 2, 2016 (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 $ 298,307 $ — $ — $ 298,307 $ 232,698 $ — $ — $ 232,698 Financial institution securities 348,797 — — 348,797 284,853 — — 284,853 Non-financial institution securities 409,109 647 (496 ) 409,260 564,480 862 (230 ) 565,112 Auction rate securities — — — — 10,500 — (523 ) 9,977 Municipal bonds — — — — 68,938 877 (133 ) 69,682 U.S. government and agency securities 130,749 8 (223 ) 130,534 192,291 73 (71 ) 192,293 Foreign government and agency securities 322,172 — (51 ) 322,121 313,168 — — 313,168 Mortgage-backed securities 1,186,732 3,527 (14,757 ) 1,175,502 1,200,071 12,848 (5,380 ) 1,207,539 Asset-backed securities 220,033 404 (686 ) 219,751 216,068 1,151 (605 ) 216,614 Debt mutual funds 101,350 — (12,674 ) 88,676 101,350 — (9,449 ) 91,901 Bank loans 153,281 839 (106 ) 154,014 102,092 25 (102 ) 102,015 Commercial mortgage- backed securities 221,504 146 (3,679 ) 217,971 207,847 432 (1,809 ) 206,470 $ 3,392,034 $ 5,571 $ (32,672 ) $ 3,364,933 $ 3,494,356 $ 16,268 $ (18,302 ) $ 3,492,322 Financial institution securities include securities issued or managed by financial institutions in various forms, such as commercial paper and time deposits. Substantially all time deposits were issued by institutions outside the U.S. as of April 1, 2017 and April 2, 2016 . The following tables show the fair values and gross unrealized losses of the Company's investments, aggregated by investment category, for individual securities that have been in a continuous unrealized loss position for the length of time specified, as of April 1, 2017 and April 2, 2016 : April 1, 2017 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Non-financial institution securities $ 68,850 $ (492 ) $ 1,022 $ (4 ) $ 69,872 $ (496 ) U.S. government and agency securities 64,895 (223 ) — — 64,895 (223 ) Mortgage-backed securities 811,058 (11,872 ) 139,931 (2,885 ) 950,989 (14,757 ) Asset-backed securities 119,845 (651 ) 4,689 (35 ) 124,534 (686 ) Debt mutual funds — — 88,676 (12,674 ) 88,676 (12,674 ) Bank loans 15,139 (106 ) — — 15,139 (106 ) Foreign government and agency securities 64,857 (51 ) — — 64,857 (51 ) Commercial mortgage- backed securities 165,393 (1,706 ) 24,362 (1,973 ) 189,755 (3,679 ) $ 1,310,037 $ (15,101 ) $ 258,680 $ (17,571 ) $ 1,568,717 $ (32,672 ) April 2, 2016 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Non-financial institution securities $ 52,756 $ (230 ) $ — $ — $ 52,756 $ (230 ) Auction rate securities — — 9,977 (523 ) 9,977 (523 ) Municipal bonds 10,138 (44 ) 3,867 (89 ) 14,005 (133 ) U.S. government and agency securities 84,024 (71 ) — — 84,024 (71 ) Mortgage-backed securities 346,560 (3,916 ) 114,285 (1,464 ) 460,845 (5,380 ) Asset-backed securities 81,038 (502 ) 20,793 (103 ) 101,831 (605 ) Debt mutual funds — — 91,901 (9,449 ) 91,901 (9,449 ) Bank loans 34,358 (31 ) 42,832 (71 ) 77,190 (102 ) Commercial mortgage- backed securities 141,761 (878 ) 2,150 (931 ) 143,911 (1,809 ) $ 750,635 $ (5,672 ) $ 285,805 $ (12,630 ) $ 1,036,440 $ (18,302 ) As of April 1, 2017 , the gross unrealized losses that had been outstanding for less than twelve months were primarily related to mortgage-backed securities due to the general rising of the interest-rate environment, although the percentage of such losses to the total estimated fair value of the mortgage-backed securities was relatively insignificant. The gross unrealized losses that had been outstanding for more than twelve months were primarily related to debt mutual funds and mortgage-backed securities, which were primarily due to the general rising of the interest-rate environment and foreign currency movement. The Company reviewed the investment portfolio and determined that the gross unrealized losses on these investments as of April 1, 2017 and April 2, 2016 were temporary in nature as evidenced by the fluctuations in the gross unrealized losses within the investment categories, in particular within the debt mutual funds during the past few years. The Company's investment in mortgage-backed securities and commercial mortgage-backed securities are highly rated by the credit rating agencies and there have been no defaults on any of these securities, and we have received interest payments as they become due. Therefore, the Company believes that it will be able to collect both principal and interest amounts due to the Company. Additionally, in the past several years, a portion of the Company's investment in the auction rate securities and the mortgage-backed securities were redeemed or prepaid by the debtors at par. Furthermore, the aggregate of individual unrealized losses that had been outstanding for twelve months or more was not significant as of April 1, 2017 and April 2, 2016 , the majority of which are related to debt mutual funds due to foreign currency and interest rate movement. 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 (financial institution securities, non-financial institution securities, U.S. and foreign government and agency securities, mortgage-backed securities, asset-backed securities, bank loans and commercial mortgage-backed securities), by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties. April 1, 2017 (In thousands) Amortized Estimated Due in one year or less $ 1,007,551 $ 1,007,487 Due after one year through five years 491,907 489,627 Due after five years through ten years 293,184 292,691 Due after ten years 1,199,735 1,188,145 $ 2,992,377 $ 2,977,950 As of April 1, 2017 , $1.94 billion of marketable debt securities with contractual maturities of greater than one year were classified as short-term investments. Additionally, the above table does not include investments in money market and debt mutual funds because these funds do not have specific contractual maturities. Certain information related to available-for-sale securities is as follows: Year Ended (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 Proceeds from sale of available-for-sale securities $ 695,030 $ 268,887 $ 1,617,658 Gross realized gains on sale of available-for-sale securities $ 6,989 $ 1,248 $ 15,101 Gross realized losses on sale of available-for-sale securities (3,457 ) (878 ) (3,223 ) Net realized gains on sale of available-for-sale securities $ 3,532 $ 370 $ 11,878 Amortization of premiums on available-for-sale securities $ 29,360 $ 26,613 $ 23,579 The cost of securities matured or sold is based on the specific identification method. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Apr. 01, 2017 | |
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. As of April 1, 2017 and April 2, 2016 , the Company had the following outstanding forward currency exchange contracts (in notional amount), which were derivative financial instruments: (In thousands and U.S. dollars) April 1, 2017 April 2, 2016 Singapore Dollar $ 22,012 $ 26,978 Euro 18,553 19,123 Indian Rupee 31,121 23,302 British Pound 10,813 10,716 Japanese Yen 3,757 3,387 $ 86,256 $ 83,506 As part of the Company's strategy to reduce volatility of operating expenses due to foreign exchange rate fluctuations, the Company employs a hedging program with a forward outlook of up to two years for major foreign-currency-denominated operating expenses. The outstanding forward currency exchange contracts expire at various dates through February 2019 . The net unrealized gains, which approximate the fair market value of the outstanding forward currency exchange contracts, are expected to be recognized in the consolidated statements of income within the next two years . As of April 1, 2017 , all of the forward foreign currency exchange contracts were designated and qualified as cash flow hedges and the effective portion of the gain or loss on the forward contracts was reported as a component of other comprehensive income (loss) and reclassified into net income in the same period during which the hedged transaction affects earnings. The estimated amount of such gains or losses as of April 1, 2017 that is expected to be reclassified into earnings was not material. The ineffective portion of the gains or losses on the forward contracts was included in the net income for all periods presented. The Company may enter into forward foreign currency exchange contracts to hedge firm commitments such as acquisitions and capital expenditures. Gains and losses on foreign currency forward contracts that are designated as hedges of anticipated transactions, for which a firm commitment has been attained and the hedged relationship has been effective, are deferred and included in income or expenses in the same period that the underlying transaction is settled. Gains and losses on any instruments not meeting the above criteria are recognized in income or expenses in the consolidated statements of income as they are incurred. The Company had the following derivative instruments as of April 1, 2017 and April 2, 2016 , located on the consolidated balance sheet, utilized for risk management purposes detailed above: Foreign Exchange Contracts Asset Derivatives Liability Derivatives (In thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value April 1, 2017 Prepaid expenses and other current assets $ 2,424 Other accrued liabilities $ 763 April 2, 2016 Prepaid expenses and other current assets $ 2,161 Other accrued liabilities $ 1,417 The Company does not offset or net the fair value amounts of derivative financial instruments in its consolidated balance sheets. The potential effect of rights of set-off associated with the derivative financial instruments was not material to the Company's consolidated balance sheet for all periods presented. The following table summarizes the effect of derivative instruments on the consolidated statements of income for fiscal 2017 and 2016 : Foreign Exchange Contracts (In thousands) 2017 2016 Amount of gains recognized in other comprehensive income on derivative (effective portion of cash flow hedging) $ 405 $ 7,779 Amount of losses reclassified from accumulated other comprehensive income into income (effective portion) * $ (1,701 ) $ (7,225 ) Amount of gains recorded (ineffective portion) * $ 31 $ 10 * Recorded in interest and other expense, net within the consolidated statements of income. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Apr. 01, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company's equity incentive plans are broad-based, long-term retention programs that cover employees, consultants and non-employee directors of the Company. These plans are intended to attract and retain talented employees, consultants and non-employee directors and to provide such persons with a proprietary interest in the Company. Stock-Based Compensation The following table summarizes stock-based compensation expense related to stock awards granted under the Company's equity incentive plans and rights to acquire stock granted under the Company's employee stock purchase plan (ESPP): (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 Stock-based compensation included in: Cost of revenues $ 8,014 $ 7,977 $ 8,101 Research and development 66,822 59,692 50,185 Selling, general and administrative 48,022 44,315 40,994 Restructuring charges — — 579 Stock-based compensation effect on income before taxes 122,858 111,984 99,859 Income tax effect (37,752 ) (34,119 ) (29,268 ) Net stock-based compensation effect on net income $ 85,106 $ 77,865 $ 70,591 The Company adjusts stock-based compensation on a quarterly basis for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience. The effect of adjusting the forfeiture rate for all expense amortization was recognized in the period the forfeiture estimate was changed, and was not material for all periods presented. During fiscal 2017 , 2016 and 2015 , there were no options granted and therefore the Company's stock-based compensation expense related to options, and the number of options outstanding as of April 1, 2017 , were not material. As of April 1, 2017 and April 2, 2016 , the ending inventory balances included $2.2 million and $2.0 million of capitalized stock-based compensation, respectively. During fiscal 2017 , 2016 and 2015 , the tax benefit realized for the tax deduction from restricted stock units (RSUs) and other awards totaled $53.3 million , $56.3 million and $55.0 million , respectively. The tax deduction includes amounts credited to income tax expense in fiscal 2017 , and additional paid-in capital in fiscal 2016 and 2015 . The fair values of ESPP were estimated as of the grant date using the Black-Scholes option pricing model. The Company's expected stock price volatility assumption is estimated using implied volatility of the Company's traded options. The expected life of options granted is based on the historical exercise activity as well as the expected disposition of all options outstanding. The expected life of options granted also considers the actual contractual term. The weighted-average fair value per share of stock purchase rights granted under the ESPP during fiscal 2017 , 2016 and 2015 were $13.00 , $11.12 and $9.17 , respectively. These fair values per share were estimated at the date of grant using the following weighted-average assumptions: Employee Stock Purchase Plan 2017 2016 2015 Expected life of options (years) 1.3 1.3 1.3 Expected stock price volatility 0.24 0.26 0.25 Risk-free interest rate 0.7 % 0.5 % 0.3 % Dividend yield 2.4 % 2.7 % 2.9 % The estimated fair values of RSU awards were calculated based on the market price of Xilinx common stock on the date of grant, reduced by the present value of dividends expected to be paid on Xilinx common stock prior to vesting. The per share weighted-average fair value of RSUs granted during fiscal 2017 , 2016 and 2015 were $44.38 , $41.19 and $43.11 , respectively. The weighted average fair value of RSUs granted in fiscal 2017 , 2016 and 2015 were calculated based on estimates at the date of grant using the following weighted-average assumptions: 2017 2016 2015 Risk-free interest rate 0.9 % 1.3 % 0.8 % Dividend yield 2.8 % 2.8 % 2.5 % As of April 1, 2017 , total unrecognized stock-based compensation costs related to ESPP was $20.7 million . The total unrecognized stock-based compensation cost for ESPP is expected to be recognized over a weighted-average period of 1.1 years . Equity Incentive Plans As of April 1, 2017 , 12.5 million shares are available for future grants under the 2007 Equity Incentive Plan (2007 Equity Plan). The contractual term for stock awards granted under the 2007 Equity Plan is seven years from the grant date. Stock awards granted to existing and newly hired employees generally vest over a four -year period from the date of grant. A summary of shares available for grant under the 2007 Equity Plan is as follows: (Shares in thousands) Shares Available for Grant March 29, 2014 15,037 Additional shares reserved 3,000 Stock options cancelled 6 RSUs granted (3,201 ) RSUs cancelled 531 March 28, 2015 15,373 Stock options cancelled 10 RSUs granted (3,088 ) RSUs cancelled 651 April 2, 2016 12,946 Additional shares reserved 2,500 Stock options cancelled 1 RSUs granted (3,398 ) RSUs cancelled 410 April 1, 2017 12,459 The types of awards allowed under the 2007 Equity Plan include incentive stock options, non-qualified stock options, RSUs, restricted stock and stock appreciation rights. To date, the Company has issued a mix of non-qualified stock options and RSUs under the 2007 Equity Plan. The total pre-tax intrinsic value of options exercised during fiscal 2017 and 2016 was $28.0 million and $42.6 million , respectively. This intrinsic value represents the difference between the exercise price and the fair market value of the Company's common stock on the date of exercise. Since the Company adopted the policy of retiring all repurchased shares of its common stock, new shares are issued upon employees' exercise of their stock options. RSU Awards A summary of the Company's RSU activity and related information is as follows: RSUs Outstanding (Shares and intrinsic value in thousands) Number of Shares Weighted-Average Grant-Date Fair Value Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (1) March 29, 2014 6,901 $35.08 Granted 3,201 $43.11 Vested (2) (2,698 ) $33.82 Cancelled (531 ) $32.91 March 28, 2015 6,873 $39.07 Granted 3,088 $41.19 Vested (2) (2,691 ) $37.23 Cancelled (651 ) $39.77 April 2, 2016 6,619 $40.74 Granted 3,398 $44.38 Vested (2) (2,619 ) $39.49 Cancelled (410 ) $41.63 April 1, 2017 6,988 $42.93 2.38 $ 404,667 Expected to vest as of April 1, 2017 5,676 $42.95 2.39 $ 328,590 (1) Aggregate intrinsic value for RSUs represents the closing price per share of Xilinx's stock on April 1, 2017 of $57.89 , multiplied by the number of RSUs outstanding or expected to vest as of April 1, 2017 . (2) The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. RSUs with a fair value of $103.4 million were vested during fiscal 2017 . As of April 1, 2017 , total unrecognized stock-based compensation costs related to non-vested RSUs was $198.5 million . The total unrecognized stock-based compensation cost for RSUs is expected to be recognized over a weighted-average period of 2.6 years . Employee Stock Purchase Plan Under the Company's ESPP, qualified employees can obtain a 24 -month purchase right to purchase the Company's common stock at the end of each six -month exercise period. Participation is limited to 15% of the employee's annual earnings up to a maximum of $21 thousand in a calendar year. Approximately 83% of all eligible employees participate in the ESPP. The purchase price of the stock is 85% of the lower of the fair market value at the beginning of the 24 -month offering period or at the end of each six -month exercise period. Employees purchased 1.2 million shares for $39.5 million in fiscal 2017 , 1.1 million shares for $37.6 million in fiscal 2016, and 1.2 million shares for $39.0 million in fiscal 2015. The next scheduled purchase under the ESPP is in the second quarter of fiscal 2018 . As of April 1, 2017 , 8.2 million shares were available for future issuance. |
Balance Sheet Information
Balance Sheet Information | 12 Months Ended |
Apr. 01, 2017 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Balance Sheet Information The following tables disclose the current liabilities that individually exceed 5% of the respective consolidated balance sheet amounts in each fiscal year. Individual balances that are less than 5% of the respective consolidated balance sheet amounts are aggregated and disclosed as "other." (In thousands) 2017 2016 Accrued payroll and related liabilities: Accrued compensation $ 81,701 $ 73,823 Deferred compensation plan liability 88,110 74,180 Other 6,790 6,291 $ 176,601 $ 154,294 Other accrued liabilities: Interest payable $ 4,492 $ 5,591 Unsettled investment transactions 62,199 25,572 Other 28,407 13,945 $ 95,098 $ 45,108 |
Commitments
Commitments | 12 Months Ended |
Apr. 01, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments Xilinx leases some of its facilities and office buildings under non-cancelable operating leases that expire at various dates through December 2025 . 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. Approximate future minimum lease payments under non-cancelable operating leases are as follows: Fiscal (In thousands) 2018 $ 5,560 2019 4,401 2020 3,341 2021 2,315 2022 2,368 Thereafter 487 Total $ 18,472 Aggregate future rental income to be received, which includes rents from both owned and leased property, totaled $1.9 million as of April 1, 2017 . Rent expense, net of rental income, under all operating leases was $5.0 million for fiscal 2017 , $4.5 million for fiscal 2016 , and $3.2 million for fiscal 2015 . Rental income was not material for fiscal 2017 , 2016 or 2015 . Other commitments as of April 1, 2017 totaled $112.6 million and consisted of purchases of inventory and other non-cancelable purchase obligations related to subcontractors that manufacture silicon wafers and provide assembly and test services. The Company expects to receive and pay for these materials and services in the next three to six months, as the products meet delivery and quality specifications. Additionally, as of April 1, 2017 , the Company had $48.8 million of non-cancelable license obligations to providers of electronic design automation software and hardware/software maintenance expiring at various dates through December 2019 . |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Apr. 01, 2017 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income Per Common Share The computation of basic net income per common share for all periods presented is derived from the information on the consolidated statements of income, and there are no reconciling items in the numerator used to compute diluted net income per common share. The following table summarizes the computation of basic and diluted net income per common share: (In thousands, except per share amounts) 2017 2016 2015 Net income available to common stockholders $ 622,512 $ 550,867 $ 648,216 Weighted average common shares outstanding-basic 252,301 257,184 265,480 Dilutive effect of employee equity incentive plans 2,284 2,260 3,257 Dilutive effect of 2017 Convertible Notes and warrants 14,228 9,223 7,386 Weighted average common shares outstanding-diluted 268,813 268,667 276,123 Basic earnings per common share $ 2.47 $ 2.14 $ 2.44 Diluted earnings per common share $ 2.32 $ 2.05 $ 2.35 The total shares used in the denominator of the diluted net income per common share calculation includes potentially dilutive common equivalent shares outstanding that are not included in basic net income per common share by applying the treasury stock method to the impact of the equity incentive plans and to the incremental shares issuable assuming conversion of the Company's convertible debt and warrants (see "Note 12. Debt and Credit Facility" for more discussion of our debt and warrants). Outstanding stock options and RSUs under the Company's stock award plans to purchase approximately 2.6 million , 4.6 million and 4.1 million shares, for fiscal 2017 , 2016 or 2015 respectively, were excluded from diluted net income per common share by applying the treasury stock method, as their inclusion would have been antidilutive. These options and RSUs 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. To hedge against potential dilution upon conversion of the 2017 Convertible Notes, the Company also purchased call options on its common stock from the hedge counterparties. At the end of fiscal 2017 , the call options give the Company the right to purchase up to 15.9 million shares of its common stock at $28.86 per share. These call options are not considered for purposes of calculating the total shares outstanding under the basic and diluted net income per share, as their effect would be anti-dilutive. Upon exercise, the call options would serve to neutralize the dilutive effect of the 2017 Convertible Notes and potentially reduce the weighted number of diluted shares used in per share calculations. |
Interest and Other Expense, Net
Interest and Other Expense, Net | 12 Months Ended |
Apr. 01, 2017 | |
Other Income and Expenses [Abstract] | |
Interest and Other Expense, Net | Interest and Other Expense, Net The components of interest and other expense, net are as follows: (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 Interest income $ 51,121 $ 40,180 $ 35,876 Interest expense (53,953 ) (55,456 ) (55,431 ) Other income (expense), net (5,482 ) (17,780 ) 4,553 $ (8,314 ) $ (33,056 ) $ (15,002 ) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Apr. 01, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Comprehensive loss is defined as the change in equity of a company during a period from transactions and other events and circumstances from non-owner sources. The components of accumulated other comprehensive loss are as follows: (In thousands) 2017 2016 Accumulated unrealized losses on available-for-sale securities, net of tax $ (17,091 ) $ (1,260 ) Accumulated unrealized gains on hedging transactions, net of tax 661 256 Accumulated cumulative translation adjustment, net of tax (8,251 ) (5,627 ) Accumulated other comprehensive loss $ (24,681 ) $ (6,631 ) The related tax effects of other comprehensive loss were not material for all periods presented. |
Debt and Credit Facility
Debt and Credit Facility | 12 Months Ended |
Apr. 01, 2017 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facility [Text Block] | Debt and Credit Facility 2017 Convertible Notes During the first quarter of fiscal 2011, the Company issued $600.0 million principal amount of 2.625% 2017 Convertible Notes with maturity date of June 15, 2017 . The 2017 Convertible Notes are senior in right of payment to the Company's existing and future unsecured indebtedness that is expressly subordinated in right of payment to the 2017 Convertible Notes, and are ranked equally with all of our other existing and future unsecured senior indebtedness, including the 2019 and 2021 Notes discussed below. The Company may not redeem the 2017 Convertible Notes prior to maturity. The 2017 Convertible Notes are convertible, subject to certain conditions, into shares of Xilinx common stock at a conversion rate of 34.6495 shares of common stock per $1 thousand principal amount of the 2017 Convertible Notes, representing an effective conversion price of approximately $28.86 per share of common stock. The conversion rate is subject to adjustment for certain events as outlined in the indenture governing the 2017 Convertible Notes but will not be adjusted for accrued interest. To hedge against potential dilution upon conversion of the 2017 Convertible Notes, the Company also purchased call options on its common stock from the hedge counterparties. The call options give the Company the right to purchase up to 15.9 million shares (after the exercises during the twelve months ended April 1, 2017 - see the subsequent paragraph for more description) of its common stock at $28.86 per share. The call options will terminate upon the earlier of the maturity of the 2017 Convertible Notes or the last day any of the 2017 Convertible Notes remain outstanding. To reduce the hedging cost, under separate transactions the Company sold warrants to the hedge counterparties, which give the hedge counterparties the right to purchase up to 20.8 million shares of the Company's common stock at $40.89 per share. These warrants expire on a gradual basis over a specified period starting on September 13, 2017. During the twelve months ended April 1, 2017 , the Company received conversion requests from certain holders of the 2017 Convertible Notes. Upon settlement, the holders received a cash payment equal to the par value of the 2017 Notes converted of $142.1 million , as well as 2.5 million shares of Common Stock. In conjunction with the settlement, the Company exercised the purchased calls and received 2.5 million shares from the hedge counterparties. In accordance with the authoritative guidance for convertible debentures issued by the FASB, the conversion payment was allocated between the liability ( $142.9 million ) and equity ( $149.1 million ) components of the convertible debentures, using the equivalent rate that reflected the borrowing rate for a similar non-convertible debt prior to the conversion. As a result, the Company recognized a loss of $1.7 million . As of April 1, 2017 , the Company had $457.9 million principal amount of 2017 Convertible Notes outstanding. As of April 1, 2017 , the 2017 Convertible Notes were classified as a current liability on the Company's consolidated balance sheet, and a portion of the equity component attributable to the conversion feature of the 2017 Convertible Notes was classified in temporary stockholders' equity. The amount classified as temporary equity was equal to the difference between the principal amount and carrying value of the 2017 Convertible Notes. The carrying values of the liability and equity components of the 2017 Convertible Notes are reflected in the Company's consolidated balance sheets as follows: (In thousands) 2017 2016 Liability component: Principal amount of the 2017 Convertible Notes $ 457,918 $ 600,000 Unamortized discount of liability component (1,977 ) (18,135 ) Hedge accounting adjustment – sale of interest rate swap 571 5,241 Unamortized debt issuance costs associated with 2017 Convertible Notes $ (184 ) $ (1,689 ) Net carrying value of the 2017 Convertible Notes $ 456,328 $ 585,417 Equity component (including temporary equity) – net carrying value $ 50,688 $ 66,415 The remaining unamortized debt discount, net of the hedge accounting adjustment from the sale of the interest rate swap, is being amortized as additional non-cash interest expense over the expected remaining term of the 2017 Convertible Notes. As of April 1, 2017 , the remaining term of the 2017 Convertible Notes is 0.2 years. As of April 1, 2017 , the if-converted value of the outstanding 2017 Convertible Notes was $935.8 million . Interest expense related to the 2017 Convertible Notes was included in interest and other expense, net on the consolidated statements of income as follows: (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 Contractual coupon interest $ 14,652 $ 15,750 $ 15,750 Amortization of debt issuance costs 1,398 1,448 1,448 Amortization of debt discount, net 10,670 11,052 11,052 Total interest expense related to the 2017 Convertible Notes $ 26,720 $ 28,250 $ 28,250 2019 and 2021 Notes On March 12, 2014, the Company issued $500 million principal amount of 2.125% 2019 Notes and $ 500 million principal amount of 3.000% 2021 Notes with maturity dates of March 15, 2019 and March 15, 2021 , respectively. The 2019 and 2021 Notes were offered to the public at a discounted price of 99.477% and 99.281% of par, respectively. Interest on the 2019 and 2021 Notes is payable semiannually on March 15 and September 15. The Company received net proceeds of $990.1 million from issuance of the 2019 and 2021 Notes, after the debt discounts and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the lives of the 2019 and 2021 Notes. The following table summarizes the carrying value of the 2019 and 2021 Notes in the Company's consolidated balance sheets: (In thousands) 2017 2016 Principal amount of the 2019 Notes $ 500,000 $ 500,000 Unamortized discount of the 2019 Notes (1,037 ) (1,560 ) Unamortized debt issuance costs associated with the 2019 Notes (654 ) (996 ) Principal amount of the 2021 Notes 500,000 500,000 Unamortized discount of the 2021 Notes (2,107 ) (2,605 ) Unamortized debt issuance costs associated with the 2021 Notes (955 ) (1,200 ) Total senior notes $ 995,247 $ 993,639 Interest expense related to the 2019 and 2021 Notes was included in interest and other expense, net on the consolidated statements of income as follows: (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 Contractual coupon interest $ 25,625 $ 25,625 $ 25,625 Amortization of debt issuance costs 586 586 586 Amortization of debt discount, net 1,022 995 970 Total interest expense related to the 2019 and 2021 Notes $ 27,233 $ 27,206 $ 27,181 Revolving Credit Facility On December 7, 2016 , the Company entered into a $400.0 million senior unsecured revolving credit facility that, upon certain conditions, may be extended by an additional $150.0 million , with a syndicate of banks (expiring in December 2021 ). Borrowings under the credit facility will bear interest at a benchmark rate plus an applicable margin based upon the Company's credit rating. In connection with the credit facility, the Company is required to maintain certain financial and non-financial covenants. As of April 1, 2017 , the Company had made no borrowings under this credit facility and was not in violation of any of the covenants. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Apr. 01, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Preferred Stock The Company's Certificate of Incorporation authorized 2.0 million shares of undesignated preferred stock. The preferred stock may be issued in one or more series. The Board of Directors is authorized to determine or alter the rights, preferences, privileges and restrictions granted to, or imposed upon, any wholly unissued series of preferred stock. As of April 1, 2017 and April 2, 2016 , no preferred shares were issued or outstanding. Common Stock and Debentures Repurchase Programs The Board of Directors has approved stock repurchase programs enabling the Company to repurchase its common stock in the open market or through negotiated transactions with independent financial institutions. In November 2014, the Board authorized the repurchase of $800.0 million of the Company's common stock. In May 2016, the Board authorized the repurchase of up to $1.00 billion of the Company's common stock and debentures. The 2014 and 2016 Repurchase Programs have no stated expiration date. Through April 1, 2017 , the Company has used all of the $800.0 million authorized under the 2014 Repurchase Program and $317.9 million of the $1.00 billion authorized under the 2016 Repurchase Program, leaving $682.1 million available for future repurchases. The Company's current policy is to retire all repurchased shares, and consequently, no treasury shares were held as of April 1, 2017 and April 2, 2016 . During fiscal 2017 , the Company repurchased 9.9 million shares of common stock in the open market and through an accelerated share repurchase agreement with an independent financial institution for a total of approximately $522.0 million . During fiscal 2016 , the Company repurchased 9.7 million shares of common stock in the open market for a total of $443.2 million . |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 01, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes consists of the following: (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 Federal: Current $ (19,097 ) $ 21,366 $ 61,308 Deferred 64,158 42,146 17,121 45,061 63,512 78,429 State: Current (938 ) 2,447 3,330 Deferred 3,093 1,781 1,803 2,155 4,228 5,133 Foreign: Current 21,121 18,016 9,433 Deferred 231 202 (1,135 ) 21,352 18,218 8,298 Total $ 68,568 $ 85,958 $ 91,860 The domestic and foreign components of income before income taxes were as follows: (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 Domestic $ 41,031 $ 37,568 $ 110,881 Foreign 650,049 599,257 629,195 Income before income taxes $ 691,080 $ 636,825 $ 740,076 As a result of the early adoption of new authoritative guidance on accounting for share-based payments in the first quarter of fiscal 2017, the Company recorded excess tax benefits associated with stock-based compensation of $15.4 million in the provision for income taxes during fiscal 2017. The excess tax benefits associated with stock-based compensation that were recorded in additional paid-in capital in prior fiscal years, were $11.4 million and $13.9 million , for fiscal 2016 and 2015 , respectively. As of April 1, 2017 , the Company had federal and state net operating loss carryforwards of approximately $15.9 million . If unused, these carryforwards will expire at various dates through fiscal 2031 . All of the federal and state net operating loss carryforwards are subject to change of ownership limitations provided by the Internal Revenue Code and similar state provisions. The Company had $4.6 million of low income housing tax credit carryforwards with expiration in fiscal 2037 . The Company had state research tax credit carryforwards of approximately $164.5 million . The credits have no expiration date. Some of the state credit carryforwards are subject to change of ownership limitations provided by state provisions similar to that of the Internal Revenue Code. The state credit carryforwards include $111.6 million that is not likely to be recovered and has been reduced by a valuation allowance. Unremitted foreign earnings that are considered to be permanently invested outside the U.S., and on which no U.S. taxes have been provided, are approximately $3.46 billion as of April 1, 2017 . The residual U.S. tax liability, if such amounts were remitted, would be approximately $1.17 billion . The provision for income taxes reconciles to the amount derived by applying the federal statutory income tax rate to income before provision for taxes as follows: (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 Income before provision for taxes $ 691,080 $ 636,825 $ 740,076 Federal statutory tax rate 35 % 35 % 35 % Computed expected tax 241,878 222,889 259,027 State taxes, net of federal benefit 1,741 3,177 2,458 Foreign earnings at lower tax rates (119,616 ) (112,942 ) (141,372 ) Tax credits (34,146 ) (25,211 ) (26,633 ) Excess benefits from stock-based compensation (15,396 ) — — Other (5,893 ) (1,955 ) (1,620 ) Provision for income taxes $ 68,568 $ 85,958 $ 91,860 The Company has manufacturing operations in Singapore where the Company has been granted "Pioneer Status" that is effective through fiscal 2021. The Pioneer Status reduces the Company's tax on the majority of Singapore income from 17% to zero percent. The benefits of Pioneer Status in Singapore for fiscal 2017 , fiscal 2016 and fiscal 2015 were approximately $55.9 million ( $0.21 per diluted share), $51.3 million ( $0.19 per diluted share), and $66.0 million ( $0.24 per diluted share), respectively, on income considered permanently reinvested outside the U.S. The tax effect of operations in low tax jurisdictions on the Company's overall tax rate is reflected in the table above. The major components of deferred tax assets and liabilities consisted of the following as of April 1, 2017 and April 2, 2016 : (In thousands) 2017 2016 Deferred tax assets: Stock-based compensation $ 22,050 $ 22,128 Deferred income on shipments to distributors 8,167 9,307 Accrued expenses 9,567 32,771 Tax credit carryforwards 109,681 95,424 Deferred compensation plan 32,518 27,412 Low income housing and other investments 8,163 8,265 Other 17,628 11,538 Subtotal 207,774 206,845 Valuation allowance (72,520 ) (62,179 ) Total deferred tax assets 135,254 144,666 Deferred tax liabilities: Unremitted foreign earnings (383,312 ) (335,522 ) Convertible debt (1,573 ) (2,349 ) Other (4,002 ) (1,699 ) Total deferred tax liabilities (388,887 ) (339,570 ) Total net deferred tax liabilities $ (253,633 ) $ (194,904 ) Long-term deferred tax assets of $64.4 million and $66.6 million as of April 1, 2017 and April 2, 2016 , respectively, were included in other assets on the consolidated balance sheet. As of April 1, 2017 and April 2, 2016 , gross deferred tax assets were offset by valuation allowances of $72.5 million and $62.2 million , respectively, which were associated with state tax credit carryforwards. The aggregate changes in the balance of gross unrecognized tax benefits for fiscal 2017 and 2016 were as follows: (In thousands) 2017 2016 Balance as of beginning of fiscal year $ 33,999 $ 30,089 Increases in tax positions for prior years — 786 Decreases in tax positions for prior years (10,078 ) (606 ) Increases in tax positions for current year 6,556 4,757 Settlements — (85 ) Lapses in statutes of limitation (40 ) (942 ) Balance as of end of fiscal year $ 30,437 $ 33,999 If the remaining balance of $30.4 million and $34.0 million of unrecognized tax benefits as of April 1, 2017 and April 2, 2016 , respectively, were realized in a future period, it would result in a tax benefit of $8.5 million and $15.3 million , respectively, thereby reducing the effective tax rate. The Company's policy is to include interest and penalties related to income tax liabilities within the provision for income taxes on the consolidated statements of income. The balances of accrued interest and penalties recorded in the consolidated balance sheets and the amounts of interest and penalties included in the Company's provisions for income taxes were not material for any period presented. The Company is no longer subject to U.S. federal audits by taxing authorities for years through fiscal 2011, U.S. state audits for years through fiscal 2010 and tax audits in Ireland for years through fiscal 2012. The Company had been subject to examination by the IRS for fiscal 2012 through 2014. During the fourth quarter of fiscal 2016, the IRS completed its fieldwork and the case was forwarded to the Joint Committee on Taxation for review. On July 29, 2016, the Company received written notification that the Joint Committee had completed its review and had taken no exception to the conclusions reached by the IRS. The Company believes its provision for unrecognized tax benefits is adequate for adjustments that may result from tax audits. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company's tax audits are resolved in a manner not consistent with management's expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. It is reasonably possible that changes to the Company's unrecognized tax benefits could be significant in the next twelve months due to tax audit settlements and lapses of statutes of limitation. As a result of uncertainties regarding tax audits and their possible outcomes, an estimate of the range of increase or decrease that could occur in the next twelve months cannot be made at this time. |
Segment Information
Segment Information | 12 Months Ended |
Apr. 01, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Xilinx designs, develops and markets programmable logic semiconductor devices and the related software design tools. The Company operates and tracks its results in one operating segment. Xilinx sells its products to OEMs and to electronic components distributors who resell these products to OEMs or subcontract manufacturers. Geographic revenue information for fiscal 2017 , 2016 and 2015 reflects the geographic location of the distributors or OEMs who purchased the Company's products. This may differ from the geographic location of the end customers. Long-lived assets include property, plant and equipment, which were based on the physical location of the asset as of the end of each fiscal year. Net revenues by geographic region were as follows: Year Ended (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 North America: United States $ 606,150 $ 592,422 $ 625,434 Other (individual countries less than 10%) 132,300 118,240 112,900 Total North America 738,450 710,662 738,334 Asia Pacific: China 597,310 520,562 573,007 Other (individual countries less than 10%) 358,844 335,304 357,598 Total Asia Pacific 956,154 855,866 930,605 Europe 456,585 424,685 477,102 Japan 198,141 222,668 231,303 Worldwide total $ 2,349,330 $ 2,213,881 $ 2,377,344 Net long-lived assets by country at fiscal year-ends were as follows: (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 United States $ 211,995 $ 191,400 $ 195,353 Foreign: Ireland 40,626 43,011 46,216 Singapore 39,345 36,029 43,020 Other (individual countries less than 10%) 11,859 12,906 16,449 Total foreign 91,830 91,946 105,685 Worldwide total $ 303,825 $ 283,346 $ 301,038 |
Litigation Settlements and Cont
Litigation Settlements and Contingencies | 12 Months Ended |
Apr. 01, 2017 | |
Loss Contingency [Abstract] | |
Litigation Settlements and Contingencies | Litigation Settlements and Contingencies Patent Litigation On November 7, 2014, the Company filed a complaint for declaratory judgment against Papst Licensing GmbH & Co., KG (Papst) in the U.S. District Court for the Northern District of California (Xilinx, Inc. v. Papst Licensing GmbH & Co., KG, Case No. 3:14-CV-04963) (the California Action). On the same date, a patent infringement lawsuit was filed by Papst against the Company in the U.S. District Court for the District of Delaware (Papst Licensing GmbH & Co., KG v. Xilinx, Inc., Case No. 1:14-CV-01376) (the Delaware Action). Both the California Action and the Delaware Action pertain to the same two patents. In the Delaware Action, Papst seeks unspecified damages, interest and costs. On September 1, 2015, the Court in the Delaware Action granted the Company's motion to transfer the Delaware Action to the U.S. District Court for the Northern District of California (Papst Licensing GmbH & Co., KG v. Xilinx, Inc., Case No. 3:16-cv-00925-EDL). On June 9, 2016, the Court in the transferred Delaware Action granted the Company’s motion for judgment on the pleadings, determining that each of the asserted claims is directed to a patent-ineligible abstract idea and dismissing Papst’s claims for infringement. On July 8, 2016, Papst filed a notice of appeal from the judgment in favor of the Company. On April 12, 2017, the U.S. Court of Appeals for the Federal Circuit (Federal Circuit) affirmed the lower court’s dismissal. In the California Action, on July 9, 2015, the Court granted Papst's motion to dismiss for lack of personal jurisdiction, and the California Action was dismissed. The Company appealed the decision, and, on February 15, 2017 the Federal Circuit reversed the lower court decision. On April 21, 2017, Papst granted Xilinx a covenant not to sue for infringement of the patents-in-suit and Xilinx voluntarily dismissed the California Action without prejudice. On April 24, 2017, the California Action was dismissed without prejudice. On July 17, 2014, a patent infringement lawsuit was filed by PLL Technologies, Inc. (PTI) against the Company in the U.S. District Court for the District of Delaware (PLL Technologies, Inc. v. Xilinx, Inc., Case No. 1:14-CV-00945). On April 28, 2015, the United States Patent Trial and Appeal Board (PTAB) granted Xilinx's request for inter partes review (IPR) with respect to all claims in the litigation. On May 5, 2015, the Court ordered the litigation be stayed pending final resolution of the IPR. On April 18, 2016, the PTAB issued a final written decision in which all of the asserted claims were found unpatentable. On June 14, 2016, PTI filed notice of appeal from the final written decision. The lawsuit pertains to one patent and PTI seeks unspecified damages, interest and costs. The Company is unable to estimate its range of possible loss, if any, in this matter at this time. On February 1, 2017, a patent infringement lawsuit was filed by Godo Kaisha IP Bridge 1 (IP Bridge) against the Company in the U.S. District Court for the Eastern District of Texas (Godo Kaisha IP Bridge 1 v. Xilinx, Inc., Case. No. 2:17-cv-00100). The lawsuit pertains to two patents and IP Bridge seeks unspecified damages, interest, attorneys’ fees, costs, and a permanent injunction or an on-going royalty. On the same date, the Company filed a complaint for declaratory judgment of patent non-infringement against IP Bridge in the U.S. District Court for the Northern District of California (Xilinx, Inc. v. Godo Kaisha IP Bridge 1, Case No. 5:17-cv-00509). The complaint filed by the Company pertains to twelve patents and sought judgment of non-infringement by Xilinx, as well as costs, expenses and attorneys’ fees. The Company is unable to estimate its range of possible loss, if any, in these matters at this time. On March 17, 2017, a patent infringement lawsuit was filed by Anza Technology, Inc. (Anza) against the Company in the U.S. District Court for the District of Colorado (Anza Technology, Inc. v. Xilinx, Inc., Case No. 1:17-cv-00687). The lawsuit pertains to three patents and Anza seeks unspecified damages, attorney fees, interest, costs, and expenses. The Company is unable to estimate its range of possible loss, if any, in this matter at this time. The Company intends to continue to protect and defend our IP vigorously. Other Matters On June 11, 2015, John P. Neblett, as Chapter 7 Trustee of Valley Forge Composite Technologies, Inc., filed a complaint against Xilinx and others in the U.S. Bankruptcy Court for the Middle District of Pennsylvania (Bankruptcy No. 1:13-bk-05253-JJT). The complaint alleges causes of actions against Xilinx for negligence and civil conspiracy relating to alleged violations of U.S. export laws. It seeks at least $50.0 million in damages, together with punitive damages, from the defendants. On September 21, 2015, the action was withdrawn from the U.S. Bankruptcy Court for the Middle District of Pennsylvania and transferred to the U.S. District Court for the Eastern District of Kentucky. On November 2, 2015, Xilinx, along with other defendants, filed a motion to dismiss the complaint. On November 3, 2015, Xilinx filed a motion for sanctions pursuant to Federal Rule of Civil Procedure 11. On June 27, 2016, the Court denied both motions. The Company intends to vigorously defend the case and is unable to estimate its range of possible loss, if any, in this matter at this time. On April 4, 2017, Mountjoy Chilton Medley, LLP filed a third-party complaint against Xilinx and others in the United States District Court for the Middle District of Pennsylvania (Case No. 4:15-cv-01622-MWB). The complaint alleges that to the extent the third-party plaintiff is found liable, that the actions or inactions of Xilinx and others entitles the third-party plaintiff to apportionment of damages based on the allegations against Xilinx in the case filed by the Chapter 7 Trustee of Valley Forge Composite Technologies, Inc. Xilinx has not yet responded to the third-party complaint. The Company intends to vigorously defend the case and is unable to estimate its range of possible loss, if any, in this matter at this time. From time to time, the Company is involved in various disputes and litigation matters that arise in the ordinary course of its business. These include disputes and lawsuits related to intellectual property, mergers and acquisitions, licensing, contract law, tax, regulatory, distribution arrangements, employee relations and other matters. Periodically, the Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and a range of possible losses can be estimated, the Company accrues a liability for the estimated loss. Legal proceedings are subject to uncertainties, and the outcomes are difficult to predict. Because of such uncertainties, accruals are based only on the best information available at the time. As additional information becomes available, the Company continues to reassess the potential liability related to pending claims and litigation and may revise estimates. |
Goodwill and Acquisition-Relate
Goodwill and Acquisition-Related Intangibles | 12 Months Ended |
Apr. 01, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquisition-Related Intangibles | Goodwill and Acquisition-Related Intangibles As of April 1, 2017 and April 2, 2016 , the gross and net amounts of goodwill and of acquisition-related intangibles for all acquisitions were as follows: Weighted-Average (In thousands) 2017 2016 Amortization Life Goodwill $ 161,287 $ 159,296 Core technology, gross 79,981 77,640 Less accumulated amortization (76,512 ) (71,472 ) Core technology, net 3,469 6,168 5.6 years Other intangibles, gross 46,766 46,606 Less accumulated amortization (46,659 ) (46,572 ) Other intangibles, net 107 34 2.6 years Total acquisition-related intangibles, gross 126,747 124,246 Less accumulated amortization (123,171 ) (118,044 ) Total acquisition-related intangibles, net $ 3,576 $ 6,202 Amortization expense for acquisition-related intangibles for fiscal 2017 , 2016 and 2015 were $5.1 million , $6.6 million and $9.5 million , respectively. Based on the carrying value of acquisition-related intangibles recorded as of April 1, 2017 , and assuming no subsequent impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows: Fiscal (In thousands) 2018 $ 1,923 2019 561 2020 468 2021 468 2022 156 Total $ 3,576 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Apr. 01, 2017 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Xilinx offers various retirement benefit plans for U.S. and non-U.S. employees. Total contributions to these plans were $12.9 million , $11.0 million and $13.0 million in fiscal 2017 , 2016 and 2015 , respectively. For employees in the U.S., Xilinx instituted a Company matching program pursuant to which the Company will match contributions to Xilinx's 401(k) Plan (the 401(k) Plan) based on the amount of salary deferral contributions the participant makes to the 401(k) Plan. Xilinx will match up to 50% of the first 8% of an employee's compensation that the employee contributed to their 401(k) account. The maximum Company contribution per year is $4,500 per employee. As permitted under Section 401(k) of the Internal Revenue Code, the 401(k) Plan allows tax deferred salary deductions for eligible employees. The Compensation Committee of the Board of Directors administers the 401(k) Plan. Participants in the 401(k) Plan may make salary deferrals of up to 25% of the eligible annual salary, limited by the maximum dollar amount allowed by the Internal Revenue Code. Participants who have reached the age of 50 before the close of the plan year may be eligible to make catch-up salary deferral contributions, up to 25% of eligible annual salary, limited by the maximum dollar amount allowed by the Internal Revenue Code. The Company allows its U.S.-based officers, director-level employees and its board members to defer a portion of their compensation under the Deferred Compensation Plan (the Plan). The Compensation Committee administers the Plan. As of April 1, 2017 , there were more than 176 participants in the Plan who self-direct their contributions into investment options offered by the Plan. The Plan does not allow Plan participants to invest directly in Xilinx's stock. In the event Xilinx becomes insolvent, Plan assets are subject to the claims of the Company's general creditors. There are no Plan provisions that provide for any guarantees or minimum return on investments. As of April 1, 2017 , Plan assets of $81.1 million were included in other assets within the consolidated balance sheet and obligations of $88.1 million were included in accrued payroll and related liabilities. As of April 2, 2016 , Plan assets were $67.0 million and obligations were $74.2 million . |
Business Combination
Business Combination | 12 Months Ended |
Apr. 01, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Business Combination During the second quarter of fiscal 2017, the Company completed the acquisition of Auviz Systems Inc., an independent software vendor that accelerates algorithms for data center and embedded devices. This acquisition aligns with the Company's strategy for accelerating vertical market growth and meets the increasing demand from customers for data libraries. This acquisition was accounted for under the purchase method of accounting. The aggregate financial impact of this acquisition was not material to the Company. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Apr. 01, 2017 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Restructuring Charges During the fourth quarter of fiscal 2015, the Company announced restructuring measures designed to realign resources and drive overall operating efficiencies. These measures impacted approximately 120 positions, or 3% of the Company's global workforce, in various geographies and functions worldwide. The Company recorded total restructuring charges of $24.5 million in the fourth quarter of fiscal 2015, primarily related to severance pay expenses (which were paid in full as of the end of fiscal 2017) and write-offs of acquisition-related intangibles. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Apr. 01, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On April 25, 2017, the Company's Board of Directors declared a cash dividend of $0.35 per common share for the first quarter of fiscal 2018. The dividend is payable on June 1, 2017 to stockholders of record as of May 17, 2017. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Apr. 01, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | XILINX, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (In thousands) Description Beginning Additions Deductions End of Year For the year ended March 28, 2015: Allowance for doubtful accounts $ 3,355 $ — $ 2 $ 3,353 Allowance for deferred tax assets $ 43,004 $ 10,623 $ 1,075 $ 52,552 For the year ended April 2, 2016: Allowance for doubtful accounts $ 3,353 $ — $ 12 $ 3,341 Allowance for deferred tax assets $ 52,552 $ 9,834 $ 207 $ 62,179 For the year ended April 1, 2017: Allowance for doubtful accounts $ 3,341 $ — $ 141 $ 3,200 Allowance for deferred tax assets $ 62,179 $ 10,341 $ — $ 72,520 Supplementary Financial Data Quarterly Data (Unaudited) (In thousands, except per share amounts) Year ended April 1, 2017 (1) First Second Third Fourth Net revenues $ 574,981 $ 579,209 $ 585,688 $ 609,452 Gross margin 406,684 403,334 407,455 423,641 Income before income taxes 181,618 175,662 162,580 171,220 Net income 163,049 164,192 141,846 153,425 Net income per common share: (2) Basic $ 0.64 $ 0.65 $ 0.57 $ 0.62 Diluted $ 0.61 $ 0.61 $ 0.52 $ 0.57 Shares used in per share calculations: Basic 252,901 253,466 250,982 249,014 Diluted 266,206 270,373 270,781 267,157 Cash dividends declared per common share $ 0.33 $ 0.33 $ 0.33 $ 0.33 (1) Xilinx uses a 52 - to 53 -week fiscal year ending on the Saturday nearest March 31. Fiscal 2017 was a 52-week year and each quarter was a 13 -week quarter. (2) Net income per common share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per common share information may not equal the annual net income per common share. (In thousands, except per share amounts) Year ended April 2, 2016 (1) First Second Third Fourth Net revenues $ 549,008 $ 527,572 $ 566,235 $ 571,066 Gross margin 389,054 369,932 387,721 395,267 Income before income taxes 167,967 143,969 155,051 169,838 Net income 147,715 127,298 130,819 145,035 Net income per common share: (2) Basic $ 0.57 $ 0.49 $ 0.51 $ 0.57 Diluted $ 0.55 $ 0.48 $ 0.49 $ 0.54 Shares used in per share calculations: Basic 258,021 257,640 256,450 255,467 Diluted 270,730 266,046 269,611 268,462 Cash dividends declared per common share $ 0.31 $ 0.31 $ 0.31 $ 0.31 (1) Xilinx uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2016 was a 53-week year and each quarter was a 13-week quarter except the third quarter, which was a 14-week quarter. (2) Net income per common share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per common share information may not equal the annual net income per common share. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies and Concentrations of Risk (Policies) | 12 Months Ended |
Apr. 01, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Xilinx and its wholly-owned subsidiaries after elimination of all intercompany transactions. The Company uses a 52 - to 53 -week fiscal year ending on the Saturday nearest March 31. Fiscal 2017 and 2015 were a 52-week year ended on April 1, 2017 and March 28, 2015, respectively. Fiscal 2016 was a 53-week year, ended on April 2, 2016 . Fiscal 2018 will be a 52-week year ending on March 31, 2018 . |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of net revenues and expenses during the reporting period. Such estimates relate to, among others, the useful lives of assets, assessment of recoverability of property, plant and equipment, long-lived assets and goodwill, inventory write-downs, allowances for doubtful accounts, customer returns, deferred tax assets, stock-based compensation, potential reserves relating to litigation and tax matters, valuation of certain investments and derivative financial instruments as well as other accruals or reserves. Actual results may differ from those estimates and such differences may be material to the financial statements. |
Cash Equivalents and Investments | Cash Equivalents and Investments Cash equivalents consist of highly liquid investments with original maturities from the date of purchase of three months or less. These investments consist of money market funds, non-financial institution securities, U.S. and foreign government and agency securities and financial institution securities. Short-term investments consist of mortgage-backed securities, non-financial institution securities, U.S. and foreign government and agency securities, financial institution securities, asset-back securities, commercial mortgage-backed securities, bank loans and debt mutual funds with original maturities greater than three months and remaining maturities less than one year from the balance sheet date. Long-term investments consist of mortgage-backed securities, debt mutual funds and asset-backed securities with remaining maturities greater than one year, unless the investments are specifically identified to fund current operations, in which case they are classified as short-term investments. Equity investments are also classified as long-term investments since they are not intended to fund current operations. The Company maintains its cash balances with various banks with high quality ratings, and with investment banking and asset management institutions. The Company manages its liquidity risk by investing in a variety of money market funds, high-grade commercial paper, corporate bonds, U.S. and foreign government and agency securities, asset-backed securities, mortgage-backed securities, commercial mortgage-backed securities, bank time deposits, bank loans and debt mutual funds. This diversification of investments is consistent with its policy to maintain liquidity and ensure the ability to collect principal. The Company maintains an offshore investment portfolio denominated in U.S. dollars. All investments are made pursuant to corporate investment policy guidelines. Investments include Euro commercial paper, Euro dollar bonds, Euro dollar floating rate notes, offshore time deposits, U.S. and foreign government and agency securities, asset-backed securities, bank loans and mortgage-backed securities issued by U.S. government-sponsored enterprises and agencies. Management classifies investments as available-for-sale or held-to-maturity at the time of purchase and re-evaluates such designation at each balance sheet date, although classification is not generally changed. Securities are classified as held-to-maturity when the Company has the positive intent and the ability to hold the securities until maturity. Held-to-maturity securities are carried at cost adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization, as well as any interest on the securities, is included in interest income. No investments were classified as held-to-maturity as of April 1, 2017 or April 2, 2016 . Available-for-sale securities are carried at fair value with the unrealized gains or losses, net of tax, included as a component of accumulated other comprehensive income (loss) in stockholders' equity. See "Note 3. Fair Value Measurements" for information relating to the determination of fair value. Realized gains and losses on available-for-sale securities and declines in value judged to be other than temporary are included in interest and other expense, net. In determining if and when a decline in value below the adjusted cost of marketable debt and equity securities is other than temporary, we evaluate on an ongoing basis the market conditions, trends of earnings, financial condition, credit ratings, any underlying collateral and other key measures for our investments. The cost of securities matured or sold is based on the specific identification method. In determining whether a decline in value of non-marketable equity investments in private companies is other than temporary, the assessment is made by considering available evidence including the general market conditions in the investee's industry, the investee's product development status, the investee's ability to meet business milestones and the financial condition and near-term prospects of the individual investee, including the rate at which the investee is using its cash, the investee's need for possible additional funding at a lower valuation and bona fide offers to purchase the investee from a prospective acquirer. When a decline in value is deemed to be other than temporary, the Company recognizes an impairment loss in the current period's interest and other expense, net, to the extent of the decline. |
Accounts Receivable | Accounts Receivable The allowance for doubtful accounts reflects the Company's best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on the aging of Xilinx's accounts receivable, historical experience, known troubled accounts, management judgment and other currently available evidence. Xilinx writes off accounts receivable against the allowance when Xilinx determines a balance is uncollectible and no longer actively pursues collection of the receivable. The amounts of accounts receivable written off were insignificant for all periods presented. |
Inventories | Inventories Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated net realizable value) and are comprised of the following: (In thousands) April 1, 2017 April 2, 2016 Raw materials $ 14,517 $ 15,346 Work-in-process 161,120 123,675 Finished goods 51,396 39,529 $ 227,033 $ 178,550 The Company reviews and sets standard costs quarterly to approximate current actual manufacturing costs. The Company's manufacturing overhead standards for product costs are calculated assuming full absorption of actual spending over actual volumes. Given the cyclicality of the market, the obsolescence of technology and product lifecycles, the Company writes down inventory based on forecasted demand and technological obsolescence. These forecasts are developed based on inputs from the Company's customers, including bookings and extended but uncommitted demand forecasts, and internal analyses such as customer historical purchasing trends and actual and anticipated design wins, as well as market and economic conditions, technology changes, new product introductions and changes in strategic direction. These factors require estimates that may include uncertain elements. The estimates of future demand that the Company uses in the valuation of inventory are the basis for its published revenue forecasts, which are also consistent with our short-term manufacturing plans. The differences between the Company's demand forecast and the actual demand in the recent past have not resulted in any material write down in the Company's inventory. If the Company's demand forecast for specific products is greater than actual demand and the Company fails to reduce manufacturing output accordingly, the Company could be required to write down additional inventory, which would have a negative impact on the Company's gross margin. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation. Depreciation for financial reporting purposes is computed using the straight-line method over the estimated useful lives of the assets of three to five years for machinery, equipment, furniture and fixtures and 15 to 30 years for buildings. Depreciation expense totaled $45.4 million , $50.8 million and $55.3 million for fiscal 2017 , 2016 and 2015 , respectively. |
Impairment of Long-Lived Assets Including Acquisition-Related Intangibles | Impairment of Long-Lived Assets The Company evaluates the carrying value of long-lived assets to be held and used for impairment if indicators of potential impairment exist. Impairment indicators are reviewed on a quarterly basis. When indicators of impairment exist and assets are held for use, the Company estimates future undiscounted cash flows attributable to the assets. In the event such cash flows are not expected to be sufficient to recover the recorded value of the assets, the assets are written down to their estimated fair values based on the expected discounted future cash flows attributable to the assets or based on appraisals. When assets are removed from operations and held for sale, Xilinx estimates impairment losses as the excess of the carrying value of the assets over their fair value. |
Goodwill | Goodwill Goodwill is not amortized but is subject to impairment tests on an annual basis, or more frequently if indicators of potential impairment exist, using a fair-value-based approach. Based on the impairment review performed during the fourth quarter of fiscal 2017 , there was no impairment of goodwill in fiscal 2017 . Unless there are indicators of impairment, the Company's next impairment review for goodwill will be performed and completed in the fourth quarter of fiscal 2018 . To date, no impairment indicators have been identified. |
Revenue Recognition | Revenue Recognition Sales to distributors are made under agreements providing distributor price adjustments and rights of return under certain circumstances. Revenue and costs relating to distributor sales are deferred until products are sold by the distributors to the distributors' end customers. For fiscal 2017 , approximately 52% of the Company's net revenues were from products sold to distributors for subsequent resale to OEMs or their subcontract manufacturers. Revenue recognition depends on notification from the distributor that product has been sold to the distributor's end customer. Also reported by the distributor are product resale price, quantity and end customer shipment information, as well as inventory on hand. Reported distributor inventory on hand is reconciled to deferred revenue balances monthly. The Company maintains system controls to validate distributor data and to verify that the reported information is accurate. Deferred income on shipments to distributors reflects the estimated effects of distributor price adjustments and the amount of gross margin expected to be realized when distributors sell through product purchased from the Company. Accounts receivable from distributors are recognized and inventory is relieved when title to inventories transfers, typically upon shipment from Xilinx at which point the Company has a legally enforceable right to collection under normal payment terms. As of April 1, 2017 , the Company had $74.2 million of deferred revenue and $19.6 million of deferred cost of revenues recognized as a net $54.6 million of deferred income on shipments to distributors. As of April 2, 2016 , the Company had $70.9 million of deferred revenue and $19.1 million of deferred cost of revenues recognized as a net $51.8 million of deferred income on shipments to distributors. The deferred income on shipments to distributors that will ultimately be recognized in the Company's consolidated statement of income will be different than the amount shown on the consolidated balance sheet due to actual price adjustments issued to the distributors when the product is sold to their end customers. Revenue from sales to the Company's direct customers is recognized upon shipment provided that persuasive evidence of a sales arrangement exists, the price is fixed or determinable, title has transferred, collection of resulting receivables is reasonably assured, and there are no customer acceptance requirements and no remaining significant obligations. For each of the periods presented, there were no significant acceptance provisions with the Company's direct customers. Revenue from software licenses is deferred and recognized as revenue over the term of the licenses of one year. Revenue from support services is recognized when the service is performed. Revenue from software licenses and support services sales were less than 5% of net revenues for all of the periods presented. Allowances for end customer sales returns are recorded based on historical experience and for known pending customer returns |
Foreign Currency Translation | Foreign Currency Translation The U.S. dollar is the functional currency for the Company's Ireland and Singapore subsidiaries. Monetary assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars, and the resulting gains or losses are included in the consolidated statements of income under interest and other expense, net. The remeasurement gains or losses were immaterial for all fiscal periods presented. The local currency is the functional currency for each of the Company's other wholly-owned foreign subsidiaries. Assets and liabilities are translated from foreign currencies into U.S. dollars at month-end exchange rates and statements of income are translated at the average monthly exchange rates. Exchange gains or losses arising from translation of foreign currency denominated assets and liabilities (i.e., cumulative translation adjustment) are included as a component of accumulated other comprehensive income (loss) in stockholders' equity. |
Derivative Financial Instruments | Derivative Financial Instruments To reduce financial risk, the Company periodically enters into financial arrangements as part of the Company's ongoing asset and liability management activities. Xilinx uses derivative financial instruments to hedge fair values of underlying assets and liabilities or future cash flows which are exposed to foreign currency or commodity price fluctuations. The Company does not enter into derivative financial instruments for trading or speculative purposes. See "Note 5. Derivative Financial Instruments" for detailed information about the Company's derivative financial instruments. |
Research and Development Expenses | Research and Development Expenses Research and development costs are current period expenses and charged to expense as incurred. |
Stock-Based Compensation | Stock-Based Compensation The Company has equity incentive plans that are more fully discussed in "Note 6. Stock-Based Compensation Plans." The authoritative guidance of accounting for share-based payment requires the Company to measure the cost of all employee equity awards (that are expected to be exercised or vested) based on the grant-date fair value of those awards, and to record that cost as compensation expense over the period during which the employee is required to perform service in exchange for the award (over the vesting period of the award). Additionally, the Company's ESPP is deemed to be a compensatory plan under the authoritative guidance of accounting for share-based payments. Accordingly, the ESPP is included in the computation of stock-based compensation expense. In the first quarter of fiscal 2017, the Company early adopted the authoritative guidance which requires excess tax benefits or tax deficiencies to be recorded in the consolidated statement of income when the awards vest or are settled. See "Recent Accounting Pronouncements Adopted" section below for full details. The Company uses the straight-line attribution method to recognize stock-based compensation costs over the requisite service period of the award. Upon exercise, cancellation or expiration of stock options, deferred tax assets for options with multiple vesting dates are eliminated for each vesting period on a first-in, first-out basis as if each award had a separate vesting period. |
Income Taxes | Income Taxes All income tax amounts reflect the use of the liability method under the accounting for income taxes, as interpreted by Financial Accounting Standards Board (FASB) authoritative guidance for measuring uncertain tax positions . Under this method, deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. |
Product Warranty and Indemnification | Product Warranty and Indemnification The Company generally sells products with a limited warranty for product quality. The Company provides an accrual for known product issues if a loss is probable and can be reasonably estimated. As of the end of both fiscal 2017 and 2016 , the accrual balance of the product warranty liability was immaterial. The Company offers, subject to certain terms and conditions, to indemnify customers and distributors for costs and damages awarded against these parties in the event the Company's hardware products are found to infringe third-party intellectual property rights, including patents, copyrights or trademarks, and to compensate certain customers for limited specified costs they actually incur in the event our hardware products experience epidemic failure. To a lesser extent, the Company may from time-to-time offer limited indemnification with respect to its software products. The terms and conditions of these indemnity obligations are limited by contract, which obligations are typically perpetual from the effective date of the agreement. The Company has historically received only a limited number of requests for indemnification under these provisions and has not made any significant payments pursuant to these provisions. The Company cannot estimate the maximum amount of potential future payments, if any, that the Company may be required to make as a result of these obligations due to the limited history of indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim and indemnification provision. However, there can be no assurances that the Company will not incur any financial liabilities in the future as a result of these obligations. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Avnet, one of the Company's distributors, distributes the Company's products worldwide. As of April 1, 2017 and April 2, 2016 , Avnet accounted for 59% and 75% of the Company's total net accounts receivable, respectively. Resale of product through Avnet accounted for 44% , 50% and 43% of the Company's worldwide net revenues in fiscal 2017 , 2016 and 2015 , respectively. The percentage of net accounts receivable due from Avnet and the percentage of worldwide net revenues from Avnet are consistent with historical patterns. Xilinx is subject to concentrations of credit risk primarily in its trade accounts receivable and investments in debt securities to the extent of the amounts recorded on the consolidated balance sheet. The Company attempts to mitigate the concentration of credit risk in its trade receivables through its credit evaluation process, collection terms and distributor sales to diverse end customers and through geographical dispersion of sales. Xilinx generally does not require collateral for receivables from its end customers or from distributors. No end customer accounted for more than 10% of the Company's worldwide net revenues for any of the periods presented. The Company mitigates concentrations of credit risk in its investments in debt securities by currently investing more than 84% of its portfolio in AA or higher grade securities as rated by Standard & Poor's or Moody's Investors Service equivalent. The Company's methods to arrive at investment decisions are not solely based on the rating agencies' credit ratings. Xilinx also performs additional credit due diligence and conducts regular portfolio credit reviews, including a review of counterparty credit risk related to the Company's forward currency exchange contracts. Additionally, Xilinx limits its investments in the debt securities of a single issuer based upon the issuer's credit rating and attempts to further mitigate credit risk by diversifying risk across geographies and type of issuer. As of April 1, 2017 , approximately 35% of the portfolio consisted of mortgage-backed securities. All of the mortgage-backed securities in the investment portfolio were issued by U.S. government-sponsored enterprises and agencies and are rated AA+ by Standard & Poor's and Aaa by Moody's Investors Service. The global credit markets may experience adverse conditions that negatively impact the values of various types of investment and non-investment grade securities. The global credit and capital markets may experience significant volatility and disruption due to instability in the global financial system, uncertainty related to global economic conditions and concerns regarding sovereign financial stability. Therefore, there is a risk that we may incur other-than-temporary impairment charges for certain types of investments should credit market conditions deteriorate. See "Note 4. Financial Instruments" for a table of the Company's available-for-sale securities. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Adopted In April 2015, the FASB issued authoritative guidance that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, which the Company adopted in the first quarter of fiscal 2017. We have applied the amendment retrospectively to the comparable period presented and it did not have a significant impact on our financial statements. In March 2016, the FASB issued authoritative guidance to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. In the first quarter of fiscal 2017, the Company early adopted this authoritative guidance. Under the new guidance, excess tax benefits or tax deficiencies are recorded in the consolidated statement of income when the awards vest or are settled. Previously, they were recorded in stockholders' equity of the consolidated balance sheet. In addition, cash flows related to excess tax benefits or tax deficiencies are now classified as an operating activity, with prior periods adjusted accordingly. While the new authoritative guidance provides an accounting policy election to account for forfeitures as they occur, the Company elected to continue to estimate forfeitures to determine the amount of compensation cost to be recognized in each period. As a result of the adoption of this guidance, the consolidated statement of cash flows for the years ended April 2, 2016 and March 28, 2015 were adjusted as follows: a $16.2 million and $19.7 million increase, respectively, to net cash provided by operating activities and a $16.2 million and $19.7 million increase, respectively, to the net cash used in financing activities. Additionally, the Company recorded excess tax benefits of $15.4 million for fiscal 2017 in the provision for income taxes. This resulted in an increase to net income per diluted share of $0.06 for fiscal 2017. Recent Accounting Pronouncements Not Yet Adopted In April 2014, the FASB issued the authoritative guidance, as amended, that outlines a new global revenue recognition standard that replaces virtually all existing US GAAP guidance on contracts with customers and the related other assets and deferred costs. The authoritative guidance provides a five-step process for recognizing revenue that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The authoritative guidance also requires expanded qualitative and quantitative disclosures relating to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The new authoritative guidance is required to be applied retrospectively to each prior reporting period presented, or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Company is currently evaluating the full impact of this new authoritative guidance on its consolidated financial statements, including selection of the transition method. However, assuming all other revenue recognition criteria have been met, it is expected that the new authoritative guidance would require the Company to recognize revenue and cost relating to distributor sales upon product delivery (Sell-In), subject to estimated allowance for distributor price adjustments and rights of return, rather than deferring the distributor sales upon product delivery and subsequently recognizing revenue when the product is sold by the distributor to the end customer (Sell-Through). Upon adoption, the Company currently expects that it will record the balance of the deferred revenue (subject to true-ups) under the Sell-Through to retained earnings, and the impact would be offset by the recognition of revenue on shipments post adoption under Sell-In. The Company continues to evaluate the impact to revenues and related disclosures related to the pending adoption of the new guidance and the preliminary assessments are subject to change. Depending on timing of customer orders, timing of shipment to distributors and to end customers, distributor inventory strategies and other factors that may be beyond the Company's control, the difference in revenue recognized under Sell-Through and Sell-In could be material in the future. The authoritative guidance will be effective for the Company beginning in fiscal year 2019 as the Company decided not to early adopt it in fiscal 2018. In January 2016, the FASB issued the final authoritative guidance regarding how companies measure equity investments that do not result in consolidation and are not accounted for under the equity method and how they present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The new authoritative guidance also changes certain disclosure requirements and other aspects of current US GAAP. It does not change the guidance for classifying and measuring investments in debt securities and loans. The authoritative guidance is effective for public business entities for annual periods beginning after December 15, 2017, and interim periods within those annual periods, which for Xilinx would be the first quarter of fiscal year 2019. Upon adoption, the Company would record all of the unrealized gains or losses from its investment in mutual funds to retained earnings, and subsequent changes in fair value from such investments will be recorded under its consolidated statements of income. In February 2016, the FASB issued the authoritative guidance on leases. The new authoritative guidance requires the recognition of assets and liabilities arising from lease transactions on the balance sheet and will also require significant additional disclosures about the amount, timing and uncertainty of cash flows from leases. Accordingly, a lessee will recognize a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. The new authoritative guidance is effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal year 2020. Early adoption is permitted. The new authoritative guidance must be adopted using a modified retrospective transition, and provides for certain practical expedients. In addition, the transition will require application of the new authoritative guidance at the beginning of the earliest comparative period presented. The Company is currently evaluating the impact of this new authoritative guidance on its consolidated financial statements. In June 2016, the FASB issued the authoritative guidance which introduces new guidance for the accounting for credit losses on instruments for both financial services and non-financial services entities. The new authoritative guidance requires certain types of financial instruments be recorded net of expected credit losses. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The new authoritative guidance will be effective for public business entities in fiscal years beginning after December 15, 2019, including interim periods within those years, which for Xilinx would be the first quarter of fiscal year 2021. Early adoption is permitted. The Company is currently evaluating the impact of this new authoritative guidance on its consolidated financial statements. In August 2016, the FASB issued authoritative guidance for cash flow classification. The new authoritative guidance is intended to reduce diversity in practice in how cash receipts and cash payments are classified in the statement of cash flows. The new authoritative guidance will be effective for public business entities in fiscal years beginning after December 15, 2017, including interim periods within those years, which for Xilinx would be the first quarter of fiscal year 2019. Early adoption is permitted. The Company is currently evaluating the impact of this new authoritative guidance on its consolidated financial statements. In October 2016, the FASB issued authoritative guidance for accounting for income taxes which eliminates the deferred tax effects of intra-entity asset transfers other than inventory. As a result, a reporting entity would recognize the tax expense from the sale of an asset in the seller’s tax jurisdiction when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation. The new authoritative guidance will be effective for public business entities in fiscal years beginning after December 15, 2017, which for Xilinx would be the first quarter of fiscal year 2019. Early adoption is permitted as of the beginning of the annual period. The Company is currently evaluating the impact of this new authoritative guidance on its consolidated financial statements. In January 2017, the FASB issued authoritative guidance that simplifies the accounting for goodwill impairment. The authoritative guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The new authoritative guidance will be effective for public business entities in fiscal years beginning after December 15, 2018, including interim periods within those years, which for Xilinx would be the first quarter of fiscal year 2020. Early adoption is permitted. The Company is currently evaluating the impact of this new authoritative guidance on its consolidated financial statements. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies and Concentrations of Risk (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated net realizable value) and are comprised of the following: (In thousands) April 1, 2017 April 2, 2016 Raw materials $ 14,517 $ 15,346 Work-in-process 161,120 123,675 Finished goods 51,396 39,529 $ 227,033 $ 178,550 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of April 1, 2017 and April 2, 2016 : April 1, 2017 (In thousands) Quoted Significant Significant Total Fair Assets Cash equivalents: Money market funds $ 298,307 $ — $ — $ 298,307 Financial institution securities — 158,962 — 158,962 Non-financial institution securities — 205,322 — 205,322 U.S. government and agency securities 2,998 50,984 — 53,982 Foreign government and agency securities — 177,310 — 177,310 Short-term investments: Financial institution securities — 189,835 — 189,835 Non-financial institution securities — 203,938 — 203,938 U.S. government and agency securities 31,732 44,820 — 76,552 Foreign government and agency securities — 144,811 — 144,811 Mortgage-backed securities — 1,115,403 — 1,115,403 Debt mutual funds — 34,068 — 34,068 Bank loans — 154,014 — 154,014 Asset-backed securities — 218,170 — 218,170 Commercial mortgage-backed securities — 217,971 — 217,971 Long-term investments: Mortgage-backed securities — 60,099 — 60,099 Debt mutual fund — 54,608 — 54,608 Asset-backed securities — 1,581 — 1,581 Derivative financial instruments, net — 1,661 — 1,661 Total assets measured at fair value $ 333,037 $ 3,033,557 $ — $ 3,366,594 April 2, 2016 (In thousands) Quoted Significant Significant Total Fair Assets Cash equivalents: Money market funds $ 232,698 $ — $ — $ 232,698 Non-financial institution securities — 104,964 — 104,964 Foreign government and agency securities — 98,967 — 98,967 Municipal bonds — 1,003 — 1,003 Short-term investments: Financial institution securities — 284,853 — 284,853 Non-financial institution securities — 460,148 — 460,148 Municipal bonds — 61,579 — 61,579 U.S. government and agency securities 81,873 110,420 — 192,293 Foreign government and agency securities — 214,201 — 214,201 Mortgage-backed securities — 1,067,157 — 1,067,157 Debt mutual funds — 35,116 — 35,116 Bank loans — 102,015 — 102,015 Asset-backed securities — 210,051 — 210,051 Commercial mortgage-backed securities — 206,470 — 206,470 Long-term investments: Auction rate securities — — 9,977 9,977 Municipal bonds — 7,100 — 7,100 Mortgage-backed securities — 140,382 — 140,382 Debt mutual fund — 56,785 — 56,785 Asset-backed securities — 6,563 — 6,563 Derivative financial instruments, net — 744 — 744 Total assets measured at fair value $ 314,571 $ 3,168,518 $ 9,977 $ 3,493,066 |
Changes in Level 3 instruments measured at fair value on a recurring basis | The following table is a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Years Ended (In thousands) April 1, 2017 April 2, 2016 Balance as of beginning of period $ 9,977 $ 10,312 Total realized and unrealized gains (losses): Included in other comprehensive income (loss) 523 (335 ) Sales and settlements, net (1) (10,500 ) — Balance as of end of period $ — $ 9,977 (1) During fiscal 2017, $10.5M of student loan auction rate securities were redeemed at par value for cash. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Investments, All Other Investments [Abstract] | |
Available-for-sale securities | The following is a summary of cash equivalents and available-for-sale securities as of the end of the periods presented: April 1, 2017 April 2, 2016 (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 $ 298,307 $ — $ — $ 298,307 $ 232,698 $ — $ — $ 232,698 Financial institution securities 348,797 — — 348,797 284,853 — — 284,853 Non-financial institution securities 409,109 647 (496 ) 409,260 564,480 862 (230 ) 565,112 Auction rate securities — — — — 10,500 — (523 ) 9,977 Municipal bonds — — — — 68,938 877 (133 ) 69,682 U.S. government and agency securities 130,749 8 (223 ) 130,534 192,291 73 (71 ) 192,293 Foreign government and agency securities 322,172 — (51 ) 322,121 313,168 — — 313,168 Mortgage-backed securities 1,186,732 3,527 (14,757 ) 1,175,502 1,200,071 12,848 (5,380 ) 1,207,539 Asset-backed securities 220,033 404 (686 ) 219,751 216,068 1,151 (605 ) 216,614 Debt mutual funds 101,350 — (12,674 ) 88,676 101,350 — (9,449 ) 91,901 Bank loans 153,281 839 (106 ) 154,014 102,092 25 (102 ) 102,015 Commercial mortgage- backed securities 221,504 146 (3,679 ) 217,971 207,847 432 (1,809 ) 206,470 $ 3,392,034 $ 5,571 $ (32,672 ) $ 3,364,933 $ 3,494,356 $ 16,268 $ (18,302 ) $ 3,492,322 |
Fair values and gross unrealized losses of the investments | The following tables show the fair values and gross unrealized losses of the Company's investments, aggregated by investment category, for individual securities that have been in a continuous unrealized loss position for the length of time specified, as of April 1, 2017 and April 2, 2016 : April 1, 2017 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Non-financial institution securities $ 68,850 $ (492 ) $ 1,022 $ (4 ) $ 69,872 $ (496 ) U.S. government and agency securities 64,895 (223 ) — — 64,895 (223 ) Mortgage-backed securities 811,058 (11,872 ) 139,931 (2,885 ) 950,989 (14,757 ) Asset-backed securities 119,845 (651 ) 4,689 (35 ) 124,534 (686 ) Debt mutual funds — — 88,676 (12,674 ) 88,676 (12,674 ) Bank loans 15,139 (106 ) — — 15,139 (106 ) Foreign government and agency securities 64,857 (51 ) — — 64,857 (51 ) Commercial mortgage- backed securities 165,393 (1,706 ) 24,362 (1,973 ) 189,755 (3,679 ) $ 1,310,037 $ (15,101 ) $ 258,680 $ (17,571 ) $ 1,568,717 $ (32,672 ) April 2, 2016 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Non-financial institution securities $ 52,756 $ (230 ) $ — $ — $ 52,756 $ (230 ) Auction rate securities — — 9,977 (523 ) 9,977 (523 ) Municipal bonds 10,138 (44 ) 3,867 (89 ) 14,005 (133 ) U.S. government and agency securities 84,024 (71 ) — — 84,024 (71 ) Mortgage-backed securities 346,560 (3,916 ) 114,285 (1,464 ) 460,845 (5,380 ) Asset-backed securities 81,038 (502 ) 20,793 (103 ) 101,831 (605 ) Debt mutual funds — — 91,901 (9,449 ) 91,901 (9,449 ) Bank loans 34,358 (31 ) 42,832 (71 ) 77,190 (102 ) Commercial mortgage- backed securities 141,761 (878 ) 2,150 (931 ) 143,911 (1,809 ) $ 750,635 $ (5,672 ) $ 285,805 $ (12,630 ) $ 1,036,440 $ (18,302 ) |
Amortized cost and estimated fair value of marketable debt securities | April 1, 2017 (In thousands) Amortized Estimated Due in one year or less $ 1,007,551 $ 1,007,487 Due after one year through five years 491,907 489,627 Due after five years through ten years 293,184 292,691 Due after ten years 1,199,735 1,188,145 $ 2,992,377 $ 2,977,950 |
Information on sale of available-for-sale securities | Certain information related to available-for-sale securities is as follows: Year Ended (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 Proceeds from sale of available-for-sale securities $ 695,030 $ 268,887 $ 1,617,658 Gross realized gains on sale of available-for-sale securities $ 6,989 $ 1,248 $ 15,101 Gross realized losses on sale of available-for-sale securities (3,457 ) (878 ) (3,223 ) Net realized gains on sale of available-for-sale securities $ 3,532 $ 370 $ 11,878 Amortization of premiums on available-for-sale securities $ 29,360 $ 26,613 $ 23,579 |
Derivative Financial Instrume35
Derivative Financial Instruments (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Forward currency exchange contracts outstanding | As of April 1, 2017 and April 2, 2016 , the Company had the following outstanding forward currency exchange contracts (in notional amount), which were derivative financial instruments: (In thousands and U.S. dollars) April 1, 2017 April 2, 2016 Singapore Dollar $ 22,012 $ 26,978 Euro 18,553 19,123 Indian Rupee 31,121 23,302 British Pound 10,813 10,716 Japanese Yen 3,757 3,387 $ 86,256 $ 83,506 |
Derivative Instruments Located on Condensed Consolidated Balance Sheet | The Company had the following derivative instruments as of April 1, 2017 and April 2, 2016 , located on the consolidated balance sheet, utilized for risk management purposes detailed above: Foreign Exchange Contracts Asset Derivatives Liability Derivatives (In thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value April 1, 2017 Prepaid expenses and other current assets $ 2,424 Other accrued liabilities $ 763 April 2, 2016 Prepaid expenses and other current assets $ 2,161 Other accrued liabilities $ 1,417 |
Effect Of Derivative Instruments On Condensed Consolidated Statements Of Income | The following table summarizes the effect of derivative instruments on the consolidated statements of income for fiscal 2017 and 2016 : Foreign Exchange Contracts (In thousands) 2017 2016 Amount of gains recognized in other comprehensive income on derivative (effective portion of cash flow hedging) $ 405 $ 7,779 Amount of losses reclassified from accumulated other comprehensive income into income (effective portion) * $ (1,701 ) $ (7,225 ) Amount of gains recorded (ineffective portion) * $ 31 $ 10 * Recorded in interest and other expense, net within the consolidated statements of income. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The per share weighted-average fair value of RSUs granted during fiscal 2017 , 2016 and 2015 were $44.38 , $41.19 and $43.11 , respectively. The weighted average fair value of RSUs granted in fiscal 2017 , 2016 and 2015 were calculated based on estimates at the date of grant using the following weighted-average assumptions: 2017 2016 2015 Risk-free interest rate 0.9 % 1.3 % 0.8 % Dividend yield 2.8 % 2.8 % 2.5 % |
Shares available for grant under stock option plan | A summary of shares available for grant under the 2007 Equity Plan is as follows: (Shares in thousands) Shares Available for Grant March 29, 2014 15,037 Additional shares reserved 3,000 Stock options cancelled 6 RSUs granted (3,201 ) RSUs cancelled 531 March 28, 2015 15,373 Stock options cancelled 10 RSUs granted (3,088 ) RSUs cancelled 651 April 2, 2016 12,946 Additional shares reserved 2,500 Stock options cancelled 1 RSUs granted (3,398 ) RSUs cancelled 410 April 1, 2017 12,459 |
Summary of restricted stock unit activity and related information | A summary of the Company's RSU activity and related information is as follows: RSUs Outstanding (Shares and intrinsic value in thousands) Number of Shares Weighted-Average Grant-Date Fair Value Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (1) March 29, 2014 6,901 $35.08 Granted 3,201 $43.11 Vested (2) (2,698 ) $33.82 Cancelled (531 ) $32.91 March 28, 2015 6,873 $39.07 Granted 3,088 $41.19 Vested (2) (2,691 ) $37.23 Cancelled (651 ) $39.77 April 2, 2016 6,619 $40.74 Granted 3,398 $44.38 Vested (2) (2,619 ) $39.49 Cancelled (410 ) $41.63 April 1, 2017 6,988 $42.93 2.38 $ 404,667 Expected to vest as of April 1, 2017 5,676 $42.95 2.39 $ 328,590 (1) Aggregate intrinsic value for RSUs represents the closing price per share of Xilinx's stock on April 1, 2017 of $57.89 , multiplied by the number of RSUs outstanding or expected to vest as of April 1, 2017 . (2) The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
Employee stock purchase plan, valuation assumptions | These fair values per share were estimated at the date of grant using the following weighted-average assumptions: Employee Stock Purchase Plan 2017 2016 2015 Expected life of options (years) 1.3 1.3 1.3 Expected stock price volatility 0.24 0.26 0.25 Risk-free interest rate 0.7 % 0.5 % 0.3 % Dividend yield 2.4 % 2.7 % 2.9 % |
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): (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 Stock-based compensation included in: Cost of revenues $ 8,014 $ 7,977 $ 8,101 Research and development 66,822 59,692 50,185 Selling, general and administrative 48,022 44,315 40,994 Restructuring charges — — 579 Stock-based compensation effect on income before taxes 122,858 111,984 99,859 Income tax effect (37,752 ) (34,119 ) (29,268 ) Net stock-based compensation effect on net income $ 85,106 $ 77,865 $ 70,591 |
Balance Sheet Information (Tabl
Balance Sheet Information (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | The following tables disclose the current liabilities that individually exceed 5% of the respective consolidated balance sheet amounts in each fiscal year. Individual balances that are less than 5% of the respective consolidated balance sheet amounts are aggregated and disclosed as "other." (In thousands) 2017 2016 Accrued payroll and related liabilities: Accrued compensation $ 81,701 $ 73,823 Deferred compensation plan liability 88,110 74,180 Other 6,790 6,291 $ 176,601 $ 154,294 Other accrued liabilities: Interest payable $ 4,492 $ 5,591 Unsettled investment transactions 62,199 25,572 Other 28,407 13,945 $ 95,098 $ 45,108 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum lease payments under non-cancelable operating leases | Approximate future minimum lease payments under non-cancelable operating leases are as follows: Fiscal (In thousands) 2018 $ 5,560 2019 4,401 2020 3,341 2021 2,315 2022 2,368 Thereafter 487 Total $ 18,472 |
Net Income Per Common Share Ear
Net Income Per Common Share Earnings Per Share (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table summarizes the computation of basic and diluted net income per common share: (In thousands, except per share amounts) 2017 2016 2015 Net income available to common stockholders $ 622,512 $ 550,867 $ 648,216 Weighted average common shares outstanding-basic 252,301 257,184 265,480 Dilutive effect of employee equity incentive plans 2,284 2,260 3,257 Dilutive effect of 2017 Convertible Notes and warrants 14,228 9,223 7,386 Weighted average common shares outstanding-diluted 268,813 268,667 276,123 Basic earnings per common share $ 2.47 $ 2.14 $ 2.44 Diluted earnings per common share $ 2.32 $ 2.05 $ 2.35 |
Interest And Other Expense, N40
Interest And Other Expense, Net (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Other Income and Expenses [Abstract] | |
Components of interest and other expense, net | The components of interest and other expense, net are as follows: (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 Interest income $ 51,121 $ 40,180 $ 35,876 Interest expense (53,953 ) (55,456 ) (55,431 ) Other income (expense), net (5,482 ) (17,780 ) 4,553 $ (8,314 ) $ (33,056 ) $ (15,002 ) |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Equity [Abstract] | |
Components of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive loss are as follows: (In thousands) 2017 2016 Accumulated unrealized losses on available-for-sale securities, net of tax $ (17,091 ) $ (1,260 ) Accumulated unrealized gains on hedging transactions, net of tax 661 256 Accumulated cumulative translation adjustment, net of tax (8,251 ) (5,627 ) Accumulated other comprehensive loss $ (24,681 ) $ (6,631 ) |
Debt and Credit Facility (Table
Debt and Credit Facility (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
2017 Convertible Notes | |
Schedule of Debt Instruments [Line Items] | |
Carrying values of liability and equity components of debentures | The carrying values of the liability and equity components of the 2017 Convertible Notes are reflected in the Company's consolidated balance sheets as follows: (In thousands) 2017 2016 Liability component: Principal amount of the 2017 Convertible Notes $ 457,918 $ 600,000 Unamortized discount of liability component (1,977 ) (18,135 ) Hedge accounting adjustment – sale of interest rate swap 571 5,241 Unamortized debt issuance costs associated with 2017 Convertible Notes $ (184 ) $ (1,689 ) Net carrying value of the 2017 Convertible Notes $ 456,328 $ 585,417 Equity component (including temporary equity) – net carrying value $ 50,688 $ 66,415 |
Interest Expense Related to Debentures [Table Text Block] | Interest expense related to the 2017 Convertible Notes was included in interest and other expense, net on the consolidated statements of income as follows: (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 Contractual coupon interest $ 14,652 $ 15,750 $ 15,750 Amortization of debt issuance costs 1,398 1,448 1,448 Amortization of debt discount, net 10,670 11,052 11,052 Total interest expense related to the 2017 Convertible Notes $ 26,720 $ 28,250 $ 28,250 |
2019 and 2021 Notes Payable [Member] | |
Schedule of Debt Instruments [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table summarizes the carrying value of the 2019 and 2021 Notes in the Company's consolidated balance sheets: (In thousands) 2017 2016 Principal amount of the 2019 Notes $ 500,000 $ 500,000 Unamortized discount of the 2019 Notes (1,037 ) (1,560 ) Unamortized debt issuance costs associated with the 2019 Notes (654 ) (996 ) Principal amount of the 2021 Notes 500,000 500,000 Unamortized discount of the 2021 Notes (2,107 ) (2,605 ) Unamortized debt issuance costs associated with the 2021 Notes (955 ) (1,200 ) Total senior notes $ 995,247 $ 993,639 |
Interest Expense Related to Debentures [Table Text Block] | Interest expense related to the 2019 and 2021 Notes was included in interest and other expense, net on the consolidated statements of income as follows: (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 Contractual coupon interest $ 25,625 $ 25,625 $ 25,625 Amortization of debt issuance costs 586 586 586 Amortization of debt discount, net 1,022 995 970 Total interest expense related to the 2019 and 2021 Notes $ 27,233 $ 27,206 $ 27,181 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following: (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 Federal: Current $ (19,097 ) $ 21,366 $ 61,308 Deferred 64,158 42,146 17,121 45,061 63,512 78,429 State: Current (938 ) 2,447 3,330 Deferred 3,093 1,781 1,803 2,155 4,228 5,133 Foreign: Current 21,121 18,016 9,433 Deferred 231 202 (1,135 ) 21,352 18,218 8,298 Total $ 68,568 $ 85,958 $ 91,860 |
Schedule of Income before Income Tax, Domestic and Foreign | The domestic and foreign components of income before income taxes were as follows: (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 Domestic $ 41,031 $ 37,568 $ 110,881 Foreign 650,049 599,257 629,195 Income before income taxes $ 691,080 $ 636,825 $ 740,076 |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes reconciles to the amount derived by applying the federal statutory income tax rate to income before provision for taxes as follows: (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 Income before provision for taxes $ 691,080 $ 636,825 $ 740,076 Federal statutory tax rate 35 % 35 % 35 % Computed expected tax 241,878 222,889 259,027 State taxes, net of federal benefit 1,741 3,177 2,458 Foreign earnings at lower tax rates (119,616 ) (112,942 ) (141,372 ) Tax credits (34,146 ) (25,211 ) (26,633 ) Excess benefits from stock-based compensation (15,396 ) — — Other (5,893 ) (1,955 ) (1,620 ) Provision for income taxes $ 68,568 $ 85,958 $ 91,860 |
Schedule of Deferred Tax Assets and Liabilities | The major components of deferred tax assets and liabilities consisted of the following as of April 1, 2017 and April 2, 2016 : (In thousands) 2017 2016 Deferred tax assets: Stock-based compensation $ 22,050 $ 22,128 Deferred income on shipments to distributors 8,167 9,307 Accrued expenses 9,567 32,771 Tax credit carryforwards 109,681 95,424 Deferred compensation plan 32,518 27,412 Low income housing and other investments 8,163 8,265 Other 17,628 11,538 Subtotal 207,774 206,845 Valuation allowance (72,520 ) (62,179 ) Total deferred tax assets 135,254 144,666 Deferred tax liabilities: Unremitted foreign earnings (383,312 ) (335,522 ) Convertible debt (1,573 ) (2,349 ) Other (4,002 ) (1,699 ) Total deferred tax liabilities (388,887 ) (339,570 ) Total net deferred tax liabilities $ (253,633 ) $ (194,904 ) |
Schedule of Changes to Unrecognized Income Tax Benefits | The aggregate changes in the balance of gross unrecognized tax benefits for fiscal 2017 and 2016 were as follows: (In thousands) 2017 2016 Balance as of beginning of fiscal year $ 33,999 $ 30,089 Increases in tax positions for prior years — 786 Decreases in tax positions for prior years (10,078 ) (606 ) Increases in tax positions for current year 6,556 4,757 Settlements — (85 ) Lapses in statutes of limitation (40 ) (942 ) Balance as of end of fiscal year $ 30,437 $ 33,999 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Net revenues by geographic region were as follows: Year Ended (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 North America: United States $ 606,150 $ 592,422 $ 625,434 Other (individual countries less than 10%) 132,300 118,240 112,900 Total North America 738,450 710,662 738,334 Asia Pacific: China 597,310 520,562 573,007 Other (individual countries less than 10%) 358,844 335,304 357,598 Total Asia Pacific 956,154 855,866 930,605 Europe 456,585 424,685 477,102 Japan 198,141 222,668 231,303 Worldwide total $ 2,349,330 $ 2,213,881 $ 2,377,344 Net long-lived assets by country at fiscal year-ends were as follows: (In thousands) April 1, 2017 April 2, 2016 March 28, 2015 United States $ 211,995 $ 191,400 $ 195,353 Foreign: Ireland 40,626 43,011 46,216 Singapore 39,345 36,029 43,020 Other (individual countries less than 10%) 11,859 12,906 16,449 Total foreign 91,830 91,946 105,685 Worldwide total $ 303,825 $ 283,346 $ 301,038 |
Goodwill and Acquisition-Rela45
Goodwill and Acquisition-Related Intangibles (Tables) | 12 Months Ended |
Apr. 01, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross and net amounts of goodwill and of acquisition-related intangibles | As of April 1, 2017 and April 2, 2016 , the gross and net amounts of goodwill and of acquisition-related intangibles for all acquisitions were as follows: Weighted-Average (In thousands) 2017 2016 Amortization Life Goodwill $ 161,287 $ 159,296 Core technology, gross 79,981 77,640 Less accumulated amortization (76,512 ) (71,472 ) Core technology, net 3,469 6,168 5.6 years Other intangibles, gross 46,766 46,606 Less accumulated amortization (46,659 ) (46,572 ) Other intangibles, net 107 34 2.6 years Total acquisition-related intangibles, gross 126,747 124,246 Less accumulated amortization (123,171 ) (118,044 ) Total acquisition-related intangibles, net $ 3,576 $ 6,202 |
Schedule of expected annual amortization expense for acquisition-related intangibles | Based on the carrying value of acquisition-related intangibles recorded as of April 1, 2017 , and assuming no subsequent impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows: Fiscal (In thousands) 2018 $ 1,923 2019 561 2020 468 2021 468 2022 156 Total $ 3,576 |
Nature of Operations (Details)
Nature of Operations (Details) | 12 Months Ended |
Apr. 01, 2017 | |
Asia Pacific, Europe, and Japan [Member] | Sales Revenue, Goods, Net [Member] | Geographic Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 50.00% |
Summary of Significant Accoun47
Summary of Significant Accounting Policies and Concentrations of Risk (Investments) (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Long-term investments | $ 116,288 | $ 220,807 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies and Concentrations of Risk (Inventory) (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 14,517 | $ 15,346 |
Work-in-process | 161,120 | 123,675 |
Finished goods | 51,396 | 39,529 |
Total inventories | $ 227,033 | $ 178,550 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies and Concentrations of Risk (PPE) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 45,423 | $ 50,828 | $ 55,266 |
Machinery, Equipment, Furniture And Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 3 years | ||
Machinery, Equipment, Furniture And Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 5 years | ||
Buildings [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 15 years | ||
Buildings [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 30 years |
Summary of Significant Accoun50
Summary of Significant Accounting Policies and Concentrations of Risk (Concentrations) (Details) - Customer | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Concentration Risk [Line Items] | |||
Percentage of total accounts receivable accounted from Avnet | 59.00% | 75.00% | |
Percentage of net revenues through resale of product from Avnet | 44.00% | 50.00% | 43.00% |
Number of end customers accounted for net revenues | 0 | 0 | 0 |
Percentage of mortgage-backed securities in total investment portfolio | 35.00% | ||
Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of higher grade securities investment in debt securities (more than) | 84.00% | ||
Sales Revenue, Goods, Net [Member] | Support Products [Member] | Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 5.00% |
Summary of Significant Accoun51
Summary of Significant Accounting Policies and Concentrations of Risk (Other) (Details) | 12 Months Ended | ||
Apr. 01, 2017USD ($)Customer$ / shares | Apr. 02, 2016USD ($)Customer | Mar. 28, 2015USD ($)Customer | |
Summary of Significant Accounting Policies and Concentrations of Risk [Abstract] | |||
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 16,200,000 | $ 19,700,000 | |
Held-to-maturity Securities | $ 0 | 0 | |
Impairment of goodwill | $ 0 | ||
Percentage of net revenues from products sold to distributors | 52.00% | ||
Deferred revenue | $ 74,200,000 | 70,900,000 | |
Net deferred cost of revenues | 19,600,000 | 19,100,000 | |
Deferred income on shipments to distributors | $ 54,567,000 | $ 51,758,000 | |
Number Of End Customers Accounted For Net Revenues | Customer | 0 | 0 | 0 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 16,200,000 | $ 19,700,000 | |
Effective Income Tax Rate Reconciliation, Excess Tax Benefits, Share-based Compensation, Amount | $ 15,396,000 | $ 0 | $ 0 |
DilutedEarningsPerShareIncrease,ExcessTaxBenefit,Share-basedCompensation | $ / shares | $ 0.06 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | $ 3,366,594 | $ 3,493,066 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 333,037 | 314,571 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 3,033,557 | 3,168,518 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 9,977 |
Cash And Cash Equivalents [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 298,307 | 232,698 |
Cash And Cash Equivalents [Member] | financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 158,962 | |
Cash And Cash Equivalents [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 205,322 | 104,964 |
Cash And Cash Equivalents [Member] | Municipal Bonds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 1,003 | |
Cash And Cash Equivalents [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 53,982 | |
Cash And Cash Equivalents [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 177,310 | 98,967 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 298,307 | 232,698 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 2,998 | |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 158,962 | |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 205,322 | 104,964 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 1,003 | |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 50,984 | |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 177,310 | 98,967 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Municipal Bonds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 189,835 | 284,853 |
Short-Term Investments [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 203,938 | 460,148 |
Short-Term Investments [Member] | Municipal Bonds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 61,579 | |
Short-Term Investments [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 76,552 | 192,293 |
Short-Term Investments [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 144,811 | 214,201 |
Short-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 218,170 | 210,051 |
Short-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 1,115,403 | 1,067,157 |
Short-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 34,068 | 35,116 |
Short-Term Investments [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 217,971 | 206,470 |
Short-Term Investments [Member] | Bank Loans [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 154,014 | 102,015 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 31,732 | 81,873 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Bank Loans [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 189,835 | 284,853 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 203,938 | 460,148 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 61,579 | |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 44,820 | 110,420 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 144,811 | 214,201 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 218,170 | 210,051 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 1,115,403 | 1,067,157 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 34,068 | 35,116 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 217,971 | 206,470 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Bank Loans [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 154,014 | 102,015 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Municipal Bonds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Bank Loans [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Long-Term Investments [Member] | Student loan auction rate securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 9,977 | |
Long-Term Investments [Member] | Municipal Bonds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 7,100 | |
Long-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 1,581 | 6,563 |
Long-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 60,099 | 140,382 |
Long-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 54,608 | 56,785 |
Long-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Student loan auction rate securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Long-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Long-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Long-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Long-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Long-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Student loan auction rate securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Long-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 7,100 | |
Long-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 1,581 | 6,563 |
Long-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 60,099 | 140,382 |
Long-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 54,608 | 56,785 |
Long-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Student loan auction rate securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 9,977 | |
Long-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Municipal Bonds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Long-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Long-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Long-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Fair Value, Net Asset (Liability) | 1,661 | 744 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Fair Value, Net Asset (Liability) | 0 | 0 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Fair Value, Net Asset (Liability) | 1,661 | 744 |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Fair Value, Net Asset (Liability) | $ 0 | $ 0 |
Fair Value Measurements (Deta53
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Balance as of beginning of period | $ 9,977 | $ 10,312 | |
Gains (losses) included in other comprehensive income (loss) | 523 | (335) | |
Sales and settlements, net | [1] | (10,500) | 0 |
Balance as of end of period | $ 0 | $ 9,977 | |
[1] | During fiscal 2017, $10.5M of student loan auction rate securities were redeemed at par value for cash. |
Fair Value Measurements (Deta54
Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Noncurrent | $ 116,288 | $ 220,807 |
Available-for-sale Securities | 3,364,933 | 3,492,322 |
2019 Notes Payable [Member] | Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debentures | 501,600 | |
2017 Convertible Notes | Convertible Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debentures | 917,000 | |
2021 Notes Payable [Member] | Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debentures | 510,700 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 3,366,594 | 3,493,066 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | $ 0 | $ 9,977 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Available-for-sale securities | ||
Amortized Cost | $ 3,392,034 | $ 3,494,356 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 5,571 | 16,268 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (32,672) | (18,302) |
Estimated Fair Value | 3,364,933 | 3,492,322 |
Money Market Funds [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 298,307 | 232,698 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | 0 | 0 |
Estimated Fair Value | 298,307 | 232,698 |
financial institution securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 348,797 | 284,853 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | 0 | 0 |
Estimated Fair Value | 348,797 | 284,853 |
Non-financial institution securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 409,109 | 564,480 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 647 | 862 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (496) | (230) |
Estimated Fair Value | 409,260 | 565,112 |
Auction Rate Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 0 | 10,500 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | 0 | (523) |
Estimated Fair Value | 0 | 9,977 |
Municipal Bonds [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 0 | 68,938 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 0 | 877 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | 0 | (133) |
Estimated Fair Value | 0 | 69,682 |
U.S. Government and Agency Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 130,749 | 192,291 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 8 | 73 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (223) | (71) |
Estimated Fair Value | 130,534 | 192,293 |
Foreign Government and Agency Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 322,172 | 313,168 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (51) | 0 |
Estimated Fair Value | 322,121 | 313,168 |
Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 1,186,732 | 1,200,071 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 3,527 | 12,848 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (14,757) | (5,380) |
Estimated Fair Value | 1,175,502 | 1,207,539 |
Asset-backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 220,033 | 216,068 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 404 | 1,151 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (686) | (605) |
Estimated Fair Value | 219,751 | 216,614 |
Debt Mutual Fund [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 101,350 | 101,350 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (12,674) | (9,449) |
Estimated Fair Value | 88,676 | 91,901 |
Bank Loans [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 153,281 | 102,092 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 839 | 25 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (106) | (102) |
Estimated Fair Value | 154,014 | 102,015 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 221,504 | 207,847 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 146 | 432 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (3,679) | (1,809) |
Estimated Fair Value | $ 217,971 | $ 206,470 |
Financial Instruments (Details
Financial Instruments (Details 1) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | $ 1,310,037 | $ 750,635 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (15,101) | (5,672) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 258,680 | 285,805 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (17,571) | (12,630) |
Available-for-Sale Securities, Fair Value, Total | 1,568,717 | 1,036,440 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (32,672) | (18,302) |
Non-financial institution securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 68,850 | 52,756 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (492) | (230) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 1,022 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4) | 0 |
Available-for-Sale Securities, Fair Value, Total | 69,872 | 52,756 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (496) | (230) |
Auction Rate Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 9,977 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (523) | |
Available-for-Sale Securities, Fair Value, Total | 9,977 | |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (523) | |
Municipal Bonds [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 10,138 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (44) | |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 3,867 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (89) | |
Available-for-Sale Securities, Fair Value, Total | 14,005 | |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (133) | |
U.S. Government and Agency Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 64,895 | 84,024 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (223) | (71) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Available-for-Sale Securities, Fair Value, Total | 64,895 | 84,024 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (223) | (71) |
Mortgage-Backed Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 811,058 | 346,560 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (11,872) | (3,916) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 139,931 | 114,285 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,885) | (1,464) |
Available-for-Sale Securities, Fair Value, Total | 950,989 | 460,845 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (14,757) | (5,380) |
Asset-backed Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 119,845 | 81,038 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (651) | (502) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 4,689 | 20,793 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (35) | (103) |
Available-for-Sale Securities, Fair Value, Total | 124,534 | 101,831 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (686) | (605) |
Debt Mutual Fund [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 88,676 | 91,901 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (12,674) | (9,449) |
Available-for-Sale Securities, Fair Value, Total | 88,676 | 91,901 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (12,674) | (9,449) |
Bank Loans [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 15,139 | 34,358 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (106) | (31) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 0 | 42,832 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (71) |
Available-for-Sale Securities, Fair Value, Total | 15,139 | 77,190 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (106) | (102) |
Foreign Government Debt Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 64,857 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (51) | |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-Sale Securities, Fair Value, Total | 64,857 | |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (51) | |
Commercial Mortgage Backed Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 165,393 | 141,761 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,706) | (878) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 24,362 | 2,150 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,973) | (931) |
Available-for-Sale Securities, Fair Value, Total | 189,755 | 143,911 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | $ (3,679) | $ (1,809) |
Financial Instruments (Detail57
Financial Instruments (Details 2) $ in Thousands | Apr. 01, 2017USD ($) |
Investments, All Other Investments [Abstract] | |
Marketable debt securities with contractual maturities greater than one year but classified as short-term investment | $ 1,940,000 |
Amortized cost and estimated fair value of marketable debt securities | |
Amortized Cost Due in one year or less | 1,007,551 |
Amortized Cost Due after one year through five years | 491,907 |
Amortized Cost Due after five years through ten years | 293,184 |
Amortized Cost Due after ten years | 1,199,735 |
Amortized Cost Total | 2,992,377 |
Estimated Fair Value Due in one year or less | 1,007,487 |
Estimated Fair Value Due after one year through five years | 489,627 |
Estimated Fair Value Due after five years through ten years | 292,691 |
Estimated Fair Value Due after ten years | 1,188,145 |
Estimated Fair Value Total | $ 2,977,950 |
Financial Instruments (Detail58
Financial Instruments (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Information on sale of available-for-sale securities | |||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | $ 695,030 | $ 268,887 | $ 1,617,658 |
Gross realized gains on sale of available-for-sale securities | 6,989 | 1,248 | 15,101 |
Gross realized losses on sale of available-for-sale securities | (3,457) | (878) | (3,223) |
Net realized gains (losses) on sale of available-for-sale securities | 3,532 | 370 | 11,878 |
Amortization of premiums on available-for-sale securities | $ 29,360 | $ 26,613 | $ 23,579 |
Derivative Financial Instrume59
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 86,256 | $ 83,506 |
Singapore Dollar [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 22,012 | 26,978 |
Euro [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 18,553 | 19,123 |
Indian Rupee [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 31,121 | 23,302 |
British Pound [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 10,813 | 10,716 |
Japanese Yen [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 3,757 | $ 3,387 |
Derivative Financial Instrume60
Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Prepaid expenses and other current assets | ||
Derivative Instruments located on Condensed Consolidated Balance sheet | ||
Asset Derivatives, Fair Value | $ 2,424 | $ 2,161 |
Other accrued liabilities | ||
Derivative Instruments located on Condensed Consolidated Balance sheet | ||
Liability Derivatives, Fair Value | $ 763 | $ 1,417 |
Derivative Financial Instrume61
Derivative Financial Instruments (Details 2) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | ||
Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gains recognized in other comprehensive income on derivative (effective portion of cash flow hedging) | $ 405 | $ 7,779 | |
Interest And Other Expense, Net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gains (losses) reclassified from accumulated other comprehensive income into income (effective portion) | [1] | (1,701) | (7,225) |
Amount of gains (losses) recorded (ineffective portion) | [1] | $ 31 | $ 10 |
[1] | Recorded in interest and other expense, net within the consolidated statements of income. |
Derivative Financial Instrume62
Derivative Financial Instruments (Details Textual) | 12 Months Ended |
Apr. 01, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Maturity of Foreign Currency Derivatives | Feb. 13, 2019 |
Hedging Program number of years | 2 years |
Stock-Based Compensation Plan63
Stock-Based Compensation Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | $ 122,858 | $ 111,984 | $ 99,859 |
Income tax effect | (37,752) | (34,119) | (29,268) |
Net stock-based compensation effect on net income | 85,106 | 77,865 | 70,591 |
Cost of Revenues [Member] | |||
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | 8,014 | 7,977 | 8,101 |
Research and Development [Member] | |||
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | 66,822 | 59,692 | 50,185 |
Selling, General and Administrative Expenses [Member] | |||
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | 48,022 | 44,315 | 40,994 |
Restructuring Charges [Member] | |||
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | $ 0 | $ 0 | $ 579 |
Stock-Based Compensation Plan64
Stock-Based Compensation Plans (Details 1) | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Employee Stock Purchase Plan [Member] | |||
Weighted average assumptions in estimation of fair value per share of stock | |||
Expected Term | 1 year 3 months 18 days | 1 year 3 months 18 days | 1 year 3 months 18 days |
Expected Volatility | 24.00% | 26.00% | 25.00% |
Risk-free interest rate | 0.70% | 0.50% | 0.30% |
Dividend yield | 2.40% | 2.70% | 2.90% |
Restricted Stock Units (RSUs) [Member] | |||
Weighted average assumptions in estimation of fair value per share of stock | |||
Risk-free interest rate | 0.90% | 1.30% | 0.80% |
Dividend yield | 2.80% | 2.80% | 2.50% |
Stock-Based Compensation Plan65
Stock-Based Compensation Plans (Details 2) - 2007 Equity Plan [Member] - shares shares in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2,500 | 3,000 | |
Shares Available for Grant Under Option Plan [Roll Forward] | |||
Shares Available for Grant, Beginning Balance | 12,946 | 15,373 | 15,037 |
Shares Available for Grant, Stock options cancelled | 1 | 10 | 6 |
Shares Available for Grant, RSUs granted | (3,398) | (3,088) | (3,201) |
Shares Available for Grant, RSUs cancelled | 410 | 651 | 531 |
Shares Available for Grant, Ending Balance | 12,459 | 12,946 | 15,373 |
Stock-Based Compensation Plan66
Stock-Based Compensation Plans (Details 3) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | ||
Summary of restricted stock unit activity and related information | ||||
Number of Shares, Beginning balance | 6,619 | 6,873 | 6,901 | |
Number of Shares, Granted | 3,398 | 3,088 | 3,201 | |
Number of Shares, Vested | [1] | (2,619) | (2,691) | (2,698) |
Number of Shares, Cancelled | (410) | (651) | (531) | |
Number of Shares, Ending balance | 6,988 | 6,619 | 6,873 | |
Number of Shares, Expected to vest | 5,676 | |||
Weighted-Average Grant-Date Fair Value Per Share, Beginning balance (in dollars per share) | $ 40.74 | $ 39.07 | $ 35.08 | |
Weighted-Average Grant-Date Fair Value Per Share, Granted (in dollars per share) | 44.38 | 41.19 | 43.11 | |
Weighted-Average Grant-Date Fair Value Per Share, Vested (in dollars per share) | [1] | 39.49 | 37.23 | 33.82 |
Weighted-Average Grant-Date Fair Value Per Share, Cancelled (in dollars per share) | 41.63 | 39.77 | 32.91 | |
Weighted-Average Grant-Date Fair Value Per Share, Ending balance (in dollars per share) | 42.93 | $ 40.74 | $ 39.07 | |
Weighted-Average Grant-Date Fair Value Per Share, Expected to vest (in dollars per share) | $ 42.95 | |||
Weighted Average Remaining Contractual Term (in years) | 2 years 4 months 16 days | |||
Weighted Average Remaining Contractual Term, Expected to vest (in years) | 2 years 4 months 19 days | |||
Aggregate Intrinsic Value | [2] | $ 404,667 | ||
Aggregate Intrinsic Value, Expected to vest | [2] | $ 328,590 | ||
[1] | The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. | |||
[2] | Aggregate intrinsic value for RSUs represents the closing price per share of Xilinx's stock on April 1, 2017 of $57.89, multiplied by the number of RSUs outstanding or expected to vest as of April 1, 2017. |
Stock-Based Compensation Plan67
Stock-Based Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | Mar. 29, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Tax Deduction from Compensation Expense | $ 53,300 | $ 56,300 | $ 55,000 | |
Award vesting period | 4 years | |||
Share Price | $ 57.89 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | |
Pre-tax intrinsic value of options exercised in period | $ 28,000 | $ 42,600 | ||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average fair value per share of RSUs and stock purchase rights granted | $ 13 | $ 11.12 | $ 9.17 | |
Nonvested awards, stock-based compensation cost not yet recognized | $ 20,700 | |||
Nonvested awards, stock-based compensation cost not yet recognized, weighted-average recognition period | 1 year 1 month 16 days | |||
Shares available for grant | 8,200,000 | |||
Stock offering period | 24 months | |||
Stock Purchase Plan, Exercise period | 6 months | |||
Employee Stock Purchase Plan annual earnings Maximum | $ 21 | |||
Percentage of Employee Stock Purchase Plan participation | 83.00% | |||
Percentage Of Employee Stock Purchase plan Lower Fair Market Value | 85.00% | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 1,200,000 | 1,100,000 | 1,200,000 | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 39,500 | $ 37,600 | $ 39,000 | |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average fair value per share of RSUs and stock purchase rights granted | $ 44.38 | $ 41.19 | $ 43.11 | |
Nonvested awards, stock-based compensation cost not yet recognized | $ 198,500 | |||
Nonvested awards, stock-based compensation cost not yet recognized, weighted-average recognition period | 2 years 7 months 19 days | |||
Fair value of restricted stock units vested during the period | $ 103,400 | |||
2007 Equity Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation capitalized in inventory | $ 2,200 | $ 2,000 | ||
Shares available for grant | 12,459,000 | 12,946,000 | 15,373,000 | 15,037,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||
Maximum [Member] | Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage Of Participation Of Employee Annual Earnings | 15.00% |
Balance Sheet Information Payab
Balance Sheet Information Payables and Accruals (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Payables and Accruals [Abstract] | ||
Accrued Salaries | $ 81,701 | $ 73,823 |
Deferred Compensation Liability, Current | 88,110 | 74,180 |
Other Employee Related Liabilities, Current | 6,790 | 6,291 |
Employee-related Liabilities, Current | 176,601 | 154,294 |
Interest Payable | 4,492 | 5,591 |
Unsettled Investment Transactions | 62,199 | 25,572 |
Other Liabilities | 28,407 | 13,945 |
Other Accrued Liabilities | $ 95,098 | $ 45,108 |
Commitments (Details)
Commitments (Details) $ in Thousands | Apr. 01, 2017USD ($) |
Future Minimum Lease Payments Under Non-Cancelable Operating Leases | |
2,018 | $ 5,560 |
2,019 | 4,401 |
2,020 | 3,341 |
2,021 | 2,315 |
2,022 | 2,368 |
Thereafter | 487 |
Total | $ 18,472 |
Commitments (Details Textual)
Commitments (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Loss Contingencies [Line Items] | |||
Aggregate future rental income to be received | $ 1.9 | ||
Rent expense, net of rental income | 5 | $ 4.5 | $ 3.2 |
Other commitments | 112.6 | ||
Non-cancelable license obligations | $ 48.8 | ||
Software and Maintenance License Obligations Expiration Date | Dec. 30, 2019 | ||
Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Purchase Commitments, Period for Payment | 3 months | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Purchase Commitments, Period for Payment | 6 months | ||
Lease Agreements [Member] | |||
Loss Contingencies [Line Items] | |||
Lease Expiration Date | Dec. 31, 2025 | ||
Capital Lease Obligations [Member] | |||
Loss Contingencies [Line Items] | |||
Lease Expiration Date | Nov. 30, 2035 |
Net Income Per Common Share E71
Net Income Per Common Share Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Apr. 01, 2017 | [1] | Dec. 31, 2016 | [1] | Oct. 01, 2016 | [1] | Jul. 02, 2016 | [1] | Apr. 02, 2016 | [2] | Jan. 02, 2016 | [2] | Sep. 26, 2015 | [2] | Jun. 27, 2015 | [2] | Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Earnings Per Share [Abstract] | |||||||||||||||||||
Net income | $ 153,425 | $ 141,846 | $ 164,192 | $ 163,049 | $ 145,035 | $ 130,819 | $ 127,298 | $ 147,715 | $ 622,512 | $ 550,867 | $ 648,216 | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 249,014 | 250,982 | 253,466 | 252,901 | 255,467 | 256,450 | 257,640 | 258,021 | 252,301 | 257,184 | 265,480 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 2,284 | 2,260 | 3,257 | ||||||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities and Warrants | 14,228 | 9,223 | 7,386 | ||||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 267,157 | 270,781 | 270,373 | 266,206 | 268,462 | 269,611 | 266,046 | 270,730 | 268,813 | 268,667 | 276,123 | ||||||||
Earnings Per Share, Basic | $ 0.62 | $ 0.57 | $ 0.65 | $ 0.64 | $ 0.57 | $ 0.51 | $ 0.49 | $ 0.57 | $ 2.47 | $ 2.14 | $ 2.44 | ||||||||
Earnings Per Share, Diluted | $ 0.57 | $ 0.52 | $ 0.61 | $ 0.61 | $ 0.54 | $ 0.49 | $ 0.48 | $ 0.55 | $ 2.32 | $ 2.05 | $ 2.35 | ||||||||
[1] | Xilinx uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2017 was a 52-week year and each quarter was a 13-week quarte | ||||||||||||||||||
[2] | Xilinx uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2016 was a 53-week year and each quarter was a 13-week quarter |
Net Income Per Common Share Net
Net Income Per Common Share Net Income Per Common Share (Details Textual) - $ / shares shares in Millions | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Earnings Per Share [Abstract] | |||
Antidilutive shares excluded from computation of dilutive net income per common share | 2.6 | 4.6 | 4.1 |
2017 Convertible Notes | |||
Short-term Debt [Line Items] | |||
Maximum number of common shares to be purchased under call option | 15.9 | ||
Price Per Share To Be Purchase By Company Under Call Option | $ 28.86 |
Interest and Other Expense, N73
Interest and Other Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Components of interest and other expense | |||
Interest income | $ 51,121 | $ 40,180 | $ 35,876 |
Interest expense | (53,953) | (55,456) | (55,431) |
Other income (expense), net | (5,482) | (17,780) | 4,553 |
Interest and other expense, net | $ (8,314) | $ (33,056) | $ (15,002) |
Accumulated Other Comprehensi74
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Components of accumulated other comprehensive income (loss) | ||
Accumulated unrealized losses on available-for-sale securities, net of tax | $ (17,091) | $ (1,260) |
Accumulated unrealized gain (losses) on hedging transactions, net of tax | 661 | 256 |
Accumulated cumulative translation adjustment, net of tax | (8,251) | (5,627) |
Accumulated other comprehensive loss | $ (24,681) | $ (6,631) |
Debt and Credit Facility (Detai
Debt and Credit Facility (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 29, 2014 | Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | Mar. 12, 2014 | Jul. 03, 2010 | |
Long Term Debt [Line Items] | ||||||
Long-term Debt, Excluding Current Maturities | $ 995,247,000 | $ 993,639,000 | ||||
Amortization of Debt Discount (Premium) | 11,692,000 | 12,048,000 | $ 12,022,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 400,000,000 | |||||
Additional borrowing capacity from Revolving Credit Facility | $ 150,000,000 | |||||
Line of Credit Facility, Expiration Date | Dec. 31, 2021 | |||||
Line of Credit Facility, Average Outstanding Amount | $ 0 | |||||
2019 and 2021 Notes Payable [Member] | ||||||
Long Term Debt [Line Items] | ||||||
Proceeds from Issuance of Long-term Debt | $ 990,100,000 | |||||
Interest Expense, Debt, Excluding Amortization | 25,625,000 | 25,625,000 | 25,625,000 | |||
Amortization of Financing Costs | 586,000 | 586,000 | 586,000 | |||
Amortization of Debt Discount (Premium) | 1,022,000 | 995,000 | 970,000 | |||
Interest Expense, Debt | $ 27,233,000 | 27,206,000 | 27,181,000 | |||
2019 Notes Payable [Member] | ||||||
Long Term Debt [Line Items] | ||||||
Debt Instrument, Maturity Date | Mar. 15, 2019 | |||||
Debt Instrument, Face Amount | 500,000,000 | $ 500,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.125% | |||||
Debt Instrument, Unamortized Discount | $ 1,037,000 | 1,560,000 | ||||
Unamortized Debt Issuance Expense | $ (654,000) | (996,000) | ||||
Discount Percent Of Par | 99.477% | |||||
2021 Notes Payable [Member] | ||||||
Long Term Debt [Line Items] | ||||||
Debt Instrument, Maturity Date | Mar. 15, 2021 | |||||
Debt Instrument, Face Amount | 500,000,000 | $ 500,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |||||
Debt Instrument, Unamortized Discount | $ 2,107,000 | 2,605,000 | ||||
Unamortized Debt Issuance Expense | $ (955,000) | (1,200,000) | ||||
Discount Percent Of Par | 99.281% | |||||
2017 Convertible Notes | ||||||
Long Term Debt [Line Items] | ||||||
Debt Instrument, Maturity Date | Jun. 15, 2017 | |||||
Debt Instrument, Face Amount | $ 457,918,000 | 600,000,000 | $ 600,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.625% | |||||
Debt Instrument, Unamortized Discount | 1,977,000 | 18,135,000 | ||||
Interest Expense, Debt, Excluding Amortization | 14,652,000 | 15,750,000 | 15,750,000 | |||
Amortization of Financing Costs | 1,398,000 | 1,448,000 | 1,448,000 | |||
Amortization of Debt Discount (Premium) | 10,670,000 | 11,052,000 | 11,052,000 | |||
Interest Expense, Debt | $ 26,720,000 | $ 28,250,000 | $ 28,250,000 |
Debt and Credit Facility (Det76
Debt and Credit Facility (Details 1) $ / shares in Units, shares in Millions | 3 Months Ended | 12 Months Ended | |||
Apr. 01, 2017USD ($)$ / sharesshares | Apr. 01, 2017USD ($)$ / sharesshares | Apr. 02, 2016USD ($) | Mar. 28, 2015USD ($) | Jul. 03, 2010USD ($) | |
Short-term Debt [Line Items] | |||||
Extinguishment of Debt, Amount | $ 488,000 | ||||
Amortization of Debt Discount (Premium) | 11,692,000 | $ 12,048,000 | $ 12,022,000 | ||
2017 Convertible Notes | |||||
Short-term Debt [Line Items] | |||||
Debt Instrument, Face Amount | $ 457,918,000 | $ 457,918,000 | 600,000,000 | $ 600,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.625% | ||||
Debt Instrument, Maturity Date | Jun. 15, 2017 | ||||
Debt Instrument, Convertible, Conversion Ratio | 34.6495 | ||||
Base conversion, block amount of senior convertible debenture | $ 1,000 | ||||
Convertible debt, conversion price | $ / shares | $ 28.86 | $ 28.86 | |||
Maximum number of common shares to be purchased under call option | shares | 15.9 | 15.9 | |||
Price Per Share To Be Purchase By Company Under Call Option | $ / shares | $ 28.86 | ||||
Warrants, number of shares the holders have the right to purchase | shares | 20.8 | 20.8 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 40.89 | $ 40.89 | |||
Extinguishment of Debt, Amount | $ 142,100,000 | ||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 2.5 | ||||
Stock Redeemed or Called During Period, Shares | shares | 2.5 | ||||
Convertible Debt Payment Allocated to Liability | $ 142,900,000 | ||||
Amount allocated to Equity Component for debt conversion | 149,100,000 | ||||
Gains (Losses) on Extinguishment of Debt | 1,700,000 | ||||
Debt Instrument, Unamortized Discount | $ 1,977,000 | 1,977,000 | 18,135,000 | ||
Hedge Accounting Adjustment - Sale Of Interest Rate Swap | 571,000 | 571,000 | 5,241,000 | ||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net | (184,000) | (184,000) | (1,689,000) | ||
Debt Instrument Carrying Amount Of Liability Component | 456,328,000 | $ 456,328,000 | 585,417,000 | ||
Debt Instrument, Convertible, Remaining Discount Amortization Period | 2 months 19 days | ||||
Debt instrument, Convertible, If-converted Value | $ 935,800,000 | ||||
Interest Expense, Debt, Excluding Amortization | 14,652,000 | 15,750,000 | 15,750,000 | ||
Amortization of Financing Costs | 1,398,000 | 1,448,000 | 1,448,000 | ||
Amortization of Debt Discount (Premium) | 10,670,000 | 11,052,000 | 11,052,000 | ||
Interest Expense, Debt | 26,720,000 | 28,250,000 | $ 28,250,000 | ||
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 50,688,000 | $ 50,688,000 | $ 66,415,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | May 16, 2016 | Nov. 17, 2014 | |
Share Repurchases [Line Items] | |||||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | |||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Treasury shares | 0 | 0 | |||
Stock Repurchased and Retired During Period, Value | $ 522,046 | $ 443,181 | $ 649,990 | ||
Stock Repurchased and Retired During Period, Shares | 9,855,000 | 9,696,000 | |||
Repurchase Program 2012 [Member] | |||||
Share Repurchases [Line Items] | |||||
Total amount available for future repurchases | $ 0 | ||||
Repurchase Program Two Thousand Fourteen [Member] | |||||
Share Repurchases [Line Items] | |||||
Amount authorized for common stock repurchase | $ 800,000 | ||||
Repurchase Program Two Thousand Seventeen [Member] | |||||
Share Repurchases [Line Items] | |||||
Amount authorized for common stock repurchase | $ 1,000,000 | ||||
Stock Repurchase Program, Amount Used | 317,900 | ||||
Total amount available for future repurchases | $ 682,100 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | |||
Tax Credit Carryforward, Amount | $ 4,600 | ||
Tax Credit Carryforward, Expiration Date | Mar. 31, 2037 | ||
Federal: | |||
Current | $ (19,097) | $ 21,366 | $ 61,308 |
Deferred | 64,158 | 42,146 | 17,121 |
Federal income tax expense (benefit), Total | 45,061 | 63,512 | 78,429 |
State: | |||
Current | (938) | 2,447 | 3,330 |
Deferred | 3,093 | 1,781 | 1,803 |
State income tax expense (benefit), Total | 2,155 | 4,228 | 5,133 |
Foreign: | |||
Current | 21,121 | 18,016 | 9,433 |
Deferred | 231 | 202 | (1,135) |
Foreign income tax expense (benefit), Total | 21,352 | 18,218 | 8,298 |
Total | $ 68,568 | $ 85,958 | $ 91,860 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Apr. 01, 2017 | [1],[2] | Dec. 31, 2016 | [1],[2] | Oct. 01, 2016 | [1],[2] | Jul. 02, 2016 | [1],[2] | Apr. 02, 2016 | [3],[4] | Jan. 02, 2016 | [3],[4] | Sep. 26, 2015 | [3],[4] | Jun. 27, 2015 | [3],[4] | Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||||||||||
Domestic | $ 41,031 | $ 37,568 | $ 110,881 | ||||||||||||||||
Foreign | 650,049 | 599,257 | 629,195 | ||||||||||||||||
Income before income taxes | $ 171,220 | $ 162,580 | $ 175,662 | $ 181,618 | $ 169,838 | $ 155,051 | $ 143,969 | $ 167,967 | $ 691,080 | $ 636,825 | $ 740,076 | ||||||||
[1] | Net income per common share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per common share information may not equal the annual net income per common sha | ||||||||||||||||||
[2] | Xilinx uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2017 was a 52-week year and each quarter was a 13-week quarte | ||||||||||||||||||
[3] | . | ||||||||||||||||||
[4] | Xilinx uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2016 was a 53-week year and each quarter was a 13-week quarter |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Apr. 01, 2017 | [1],[2] | Dec. 31, 2016 | [1],[2] | Oct. 01, 2016 | [1],[2] | Jul. 02, 2016 | [1],[2] | Apr. 02, 2016 | [3],[4] | Jan. 02, 2016 | [3],[4] | Sep. 26, 2015 | [3],[4] | Jun. 27, 2015 | [3],[4] | Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||||||||||
Income before provision for taxes | $ 171,220 | $ 162,580 | $ 175,662 | $ 181,618 | $ 169,838 | $ 155,051 | $ 143,969 | $ 167,967 | $ 691,080 | $ 636,825 | $ 740,076 | ||||||||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% | ||||||||||||||||
Computed expected tax | $ 241,878 | $ 222,889 | $ 259,027 | ||||||||||||||||
State taxes, net of federal benefit | 1,741 | 3,177 | 2,458 | ||||||||||||||||
Foreign earnings at lower tax rates | (119,616) | (112,942) | (141,372) | ||||||||||||||||
Tax credits | (34,146) | (25,211) | (26,633) | ||||||||||||||||
Effective Income Tax Rate Reconciliation, Excess Tax Benefits, Share-based Compensation, Amount | 15,396 | 0 | 0 | ||||||||||||||||
Other | (5,893) | (1,955) | (1,620) | ||||||||||||||||
Total | $ 68,568 | $ 85,958 | $ 91,860 | ||||||||||||||||
[1] | Net income per common share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per common share information may not equal the annual net income per common sha | ||||||||||||||||||
[2] | Xilinx uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2017 was a 52-week year and each quarter was a 13-week quarte | ||||||||||||||||||
[3] | . | ||||||||||||||||||
[4] | Xilinx uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2016 was a 53-week year and each quarter was a 13-week quarter |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Apr. 01, 2017 | Apr. 02, 2016 |
Deferred tax assets: | ||
Stock-based compensation | $ 22,050 | $ 22,128 |
Deferred income on shipments to distributors | 8,167 | 9,307 |
Accrued expenses | 9,567 | 32,771 |
Tax credit carryforwards | 109,681 | 95,424 |
Deferred compensation plan | 32,518 | 27,412 |
Deferred Tax Assets, Investments | 8,163 | 8,265 |
Other | 17,628 | 11,538 |
Deferred tax assets, gross | 207,774 | 206,845 |
Valuation allowance | (72,520) | (62,179) |
Total deferred tax assets | 135,254 | 144,666 |
Deferred tax liabilities: | ||
Unremitted foreign earnings | (383,312) | (335,522) |
Convertible debt | (1,573) | (2,349) |
Other | (4,002) | (1,699) |
Deferred Tax Liabilities, Gross | (388,887) | (339,570) |
Deferred Tax Liabilities, Net | $ (253,633) | $ (194,904) |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance as of beginning of fiscal year | $ 33,999 | $ 30,089 |
Increases in tax positions for prior years | 0 | 786 |
Decreases in tax positions for prior years | (10,078) | (606) |
Increases in tax positions for current year | 6,556 | 4,757 |
Settlements | 0 | (85) |
Lapse in statute of limitations | (40) | (942) |
Balance as of end of fiscal year | $ 30,437 | $ 33,999 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Income Taxes (Textual) [Line Items] | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 11,408 | $ 13,878 | |
Effective Income Tax Rate Reconciliation, Excess Tax Benefits, Share-based Compensation, Amount | $ 15,396 | 0 | 0 |
Gross unrecognized tax benefits balance | 30,437 | 33,999 | $ 30,089 |
Unrecognized tax benefits that would impact effective tax rate | 8,500 | 15,300 | |
Net operating loss carryforwards | $ 15,900 | ||
Net operating loss carryforwards, Expiration dates | Mar. 31, 2031 | ||
Tax Credit Carryforward, Amount | $ 4,600 | ||
Hypothetical US tax liability if unremitted foreign earnings were remitted | 1,170,000 | ||
Long-term deferred tax assets | 64,400 | 66,600 | |
Deferred tax assets, valuation allowance | $ 72,520 | $ 62,179 | |
Tax Credit Carryforward, Expiration Date | Mar. 31, 2037 | ||
Permanently Invested Outside U.S. [Abstract] | |||
Unremitted foreign earnings | $ 3,460,000 | ||
Income Tax Expense [Member] | |||
Income Taxes (Textual) [Line Items] | |||
Effective Income Tax Rate Reconciliation, Excess Tax Benefits, Share-based Compensation, Amount | $ 15,400 |
Income Taxes Income Tax Holiday
Income Taxes Income Tax Holiday Statutory Rate (Details) - Singapore [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Income Tax Holiday [Line Items] | |||
Income Tax Holiday Statutory Tax Rate | 17.00% | ||
Income Tax Holiday Pioneer Status Tax Rate | 0.00% | ||
Benefit from income tax holiday | $ 55.9 | $ 51.3 | $ 66 |
Benefit from income tax holiday, per share (in dollars per share) | $ 0.21 | $ 0.19 | $ 0.24 |
Income Taxes Tax Credit Carryfo
Income Taxes Tax Credit Carryforward (Details) $ in Millions | Apr. 01, 2017USD ($) |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Amount | $ 4.6 |
State and Local Jurisdiction [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Amount | 164.5 |
Tax Credit Carryforward, Valuation Allowance | $ 111.6 |
Income Taxes Adjustments to Add
Income Taxes Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 11,408 | $ 13,878 |
Additional Paid-in Capital [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 11,408 | $ 13,878 |
Income Taxes Excess Tax Benefit
Income Taxes Excess Tax Benefits, Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Effective Income Tax Rate Reconciliation, Excess Tax Benefits, Share-based Compensation, Amount | $ 15,396 | $ 0 | $ 0 |
Income Tax Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Effective Income Tax Rate Reconciliation, Excess Tax Benefits, Share-based Compensation, Amount | $ 15,400 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 2,349,330 | $ 2,213,881 | $ 2,377,344 |
Net long-lived assets | 303,825 | 283,346 | 301,038 |
North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 738,450 | 710,662 | 738,334 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 606,150 | 592,422 | 625,434 |
Net long-lived assets | 211,995 | 191,400 | 195,353 |
North America, Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 132,300 | 118,240 | 112,900 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 956,154 | 855,866 | 930,605 |
Asia Pacific, Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 358,844 | 335,304 | 357,598 |
China [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 597,310 | 520,562 | 573,007 |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 456,585 | 424,685 | 477,102 |
Japan [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 198,141 | 222,668 | 231,303 |
Ireland [Member] | |||
Segment Reporting Information [Line Items] | |||
Net long-lived assets | 40,626 | 43,011 | 46,216 |
Singapore [Member] | |||
Segment Reporting Information [Line Items] | |||
Net long-lived assets | 39,345 | 36,029 | 43,020 |
Foreign, Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Net long-lived assets | 11,859 | 12,906 | 16,449 |
Non-US [Member] | |||
Segment Reporting Information [Line Items] | |||
Net long-lived assets | $ 91,830 | $ 91,946 | $ 105,685 |
Litigation Settlements and Co89
Litigation Settlements and Contingencies (Details) $ in Millions | 12 Months Ended |
Apr. 01, 2017USD ($) | |
Valley Forge [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought For Each Unspecified Claim | $ 50 |
Goodwill and Acquisition-Rela90
Goodwill and Acquisition-Related Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 01, 2017 | Apr. 02, 2016 | |
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Goodwill | $ 161,287 | $ 159,296 |
Total acquisition-related intangibles, gross | 126,747 | 124,246 |
Less accumulated amortization | (123,171) | (118,044) |
Total | 3,576 | 6,202 |
Core Technology [Member] | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Total acquisition-related intangibles, gross | 79,981 | 77,640 |
Less accumulated amortization | (76,512) | (71,472) |
Total | $ 3,469 | 6,168 |
Weighted-Average Amortization Life | 5 years 7 months | |
Other Intangibles [Member] | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Total acquisition-related intangibles, gross | $ 46,766 | 46,606 |
Less accumulated amortization | (46,659) | (46,572) |
Total | $ 107 | $ 34 |
Weighted-Average Amortization Life | 2 years 7 months |
Goodwill and Acquisition-Rela91
Goodwill and Acquisition-Related Intangibles (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of acquisition-related intangibles | $ 5,127 | $ 6,550 | $ 9,537 |
Schedule of expected annual amortization expense for acquisition-related intangibles | |||
2,018 | 1,923 | ||
2,019 | 561 | ||
2,020 | 468 | ||
2,021 | 468 | ||
2,022 | 156 | ||
Total | $ 3,576 | $ 6,202 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) | 12 Months Ended | ||
Apr. 01, 2017USD ($)participant | Apr. 02, 2016USD ($) | Mar. 28, 2015USD ($) | |
Postemployment Benefits [Abstract] | |||
Total contribution to the employee benefit plans | $ 12,900,000 | $ 11,000,000 | $ 13,000,000 |
Employer matching contribution limit, as a percentage of employee contribution | 50.00% | ||
First part of employee compensation that the employee contributed to their 401(k) accounts | 8.00% | ||
The maximum company contribution per employee | $ 4,500 | ||
Participants' age limit eligible to make catch up salary deferral contribution | 50 years | ||
Percentage of salary deferrals of the eligible annual salary | 25.00% | ||
Number of participants in the plan who self direct their contribution into investment option (more than) | participant | 176 | ||
Employee benefit plan assets | $ 81,100,000 | 67,000,000 | |
Employee benefit plan obligations | $ 88,100,000 | $ 74,200,000 |
Restructuring Charges (Details)
Restructuring Charges (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 28, 2015position | Apr. 01, 2017USD ($) | Apr. 02, 2016USD ($) | Mar. 28, 2015USD ($) | |
Restructuring Charges [Abstract] | ||||
Number of positions eliminated in restructuring | position | 120 | |||
Number of positions eliminated in restructuring, percent (less than) | 3.00% | |||
Restructuring charges | $ | $ 0 | $ 0 | $ 24,491 |
Subsequent Event (Details)
Subsequent Event (Details) | Apr. 25, 2017$ / shares |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Dividends Payable, Amount Per Share | $ 0.35 |
Schedule II - Valuation and Q95
Schedule II - Valuation and Qualifying Accounts (Allowances) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Apr. 01, 2017 | Dec. 31, 2016 | [1] | Oct. 01, 2016 | [1] | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | [2] | Sep. 26, 2015 | [2] | Jun. 27, 2015 | Apr. 01, 2017 | Apr. 02, 2016 | Mar. 28, 2015 | |||||
Supplementary Financial Data [Abstract] | |||||||||||||||||||
Net revenues | $ 609,452 | [1] | $ 585,688 | $ 579,209 | $ 574,981 | [1] | $ 571,066 | [2] | $ 566,235 | $ 527,572 | $ 549,008 | [2] | $ 2,349,330 | $ 2,213,881 | $ 2,377,344 | ||||
Gross margin | 423,641 | [1] | 407,455 | 403,334 | 406,684 | [1] | 395,267 | [2] | 387,721 | 369,932 | 389,054 | [2] | 1,641,114 | 1,541,974 | 1,668,521 | ||||
Income before provision for taxes | 171,220 | [1],[3] | 162,580 | [3] | 175,662 | [3] | 181,618 | [1],[3] | 169,838 | [2],[4] | 155,051 | [4] | 143,969 | [4] | 167,967 | [2],[4] | 691,080 | 636,825 | 740,076 |
Net income | $ 153,425 | [1] | $ 141,846 | $ 164,192 | $ 163,049 | [1] | $ 145,035 | [2] | $ 130,819 | $ 127,298 | $ 147,715 | [2] | $ 622,512 | $ 550,867 | $ 648,216 | ||||
Net income per common share: | |||||||||||||||||||
Earnings Per Share, Basic | $ 0.62 | [1] | $ 0.57 | $ 0.65 | $ 0.64 | [1] | $ 0.57 | [2] | $ 0.51 | $ 0.49 | $ 0.57 | [2] | $ 2.47 | $ 2.14 | $ 2.44 | ||||
Earnings Per Share, Diluted | $ 0.57 | [1] | $ 0.52 | $ 0.61 | $ 0.61 | [1] | $ 0.54 | [2] | $ 0.49 | $ 0.48 | $ 0.55 | [2] | $ 2.32 | $ 2.05 | $ 2.35 | ||||
Shares used in per share calculations: | |||||||||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 249,014 | [1] | 250,982 | 253,466 | 252,901 | [1] | 255,467 | [2] | 256,450 | 257,640 | 258,021 | [2] | 252,301 | 257,184 | 265,480 | ||||
Weighted Average Number of Shares Outstanding, Diluted | 267,157 | [1] | 270,781 | 270,373 | 266,206 | [1] | 268,462 | [2] | 269,611 | 266,046 | 270,730 | [2] | 268,813 | 268,667 | 276,123 | ||||
Cash dividends per common share (in dollars per share) | $ 0.33 | [1] | $ 0.33 | $ 0.33 | $ 0.33 | [1] | $ 0.31 | [2] | $ 0.31 | $ 0.31 | $ 0.31 | [2] | |||||||
Restructuring charges | $ 0 | $ 0 | $ 24,491 | ||||||||||||||||
Allowance for Doubtful Accounts [Member] | |||||||||||||||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||||||||||||||||
Valuation Allowances and Reserves, Beginning of Year | $ 3,341 | $ 3,353 | 3,341 | 3,353 | 3,355 | ||||||||||||||
Valuation Allowances And Reserves Additions | 0 | 0 | 0 | ||||||||||||||||
Valuation Allowances and Reserves, Deductions | 141 | 12 | 2 | ||||||||||||||||
Valuation Allowances and Reserves, End of Year | $ 3,200 | $ 3,341 | 3,200 | 3,341 | 3,353 | ||||||||||||||
Allowance for Deferred Tax Assets [Member] | |||||||||||||||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||||||||||||||||
Valuation Allowances and Reserves, Beginning of Year | $ 62,179 | $ 52,552 | 62,179 | 52,552 | 43,004 | ||||||||||||||
Valuation Allowances And Reserves Additions | 10,341 | 9,834 | 10,623 | ||||||||||||||||
Valuation Allowances and Reserves, Deductions | 0 | 207 | 1,075 | ||||||||||||||||
Valuation Allowances and Reserves, End of Year | $ 72,520 | $ 62,179 | $ 72,520 | $ 62,179 | $ 52,552 | ||||||||||||||
[1] | Xilinx uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2017 was a 52-week year and each quarter was a 13-week quarte | ||||||||||||||||||
[2] | Xilinx uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2016 was a 53-week year and each quarter was a 13-week quarter | ||||||||||||||||||
[3] | Net income per common share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per common share information may not equal the annual net income per common sha | ||||||||||||||||||
[4] | . |