Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jul. 01, 2017 | Jul. 14, 2017 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 1, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
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 | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 248,601,515 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | |
Net revenues | $ 615,446 | $ 574,981 |
Cost of revenues | 192,095 | 168,297 |
Gross margin | 423,351 | 406,684 |
Operating expenses: | ||
Research and development | 153,051 | 136,125 |
Selling, general and administrative | 89,175 | 83,110 |
Amortization of acquisition-related intangibles | 705 | 1,244 |
Total operating expenses | 242,931 | 220,479 |
Operating income | 180,420 | 186,205 |
Interest and other income (expense), net | (1,839) | 4,587 |
Income before income taxes | 182,259 | 181,618 |
Provision for income taxes | 15,014 | 18,569 |
Net income | $ 167,245 | $ 163,049 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.67 | $ 0.64 |
Diluted (in dollars per share) | 0.63 | 0.61 |
Common Stock, Dividends, Per Share, Declared | $ 0.35 | $ 0.33 |
Shares used in per share calculations: | ||
Basic (in shares) | 247,911 | 252,901 |
Diluted (in shares) | 265,797 | 266,206 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 167,245 | $ 163,049 |
Other comprehensive income (loss), net of tax: | ||
Change in net unrealized gains on available-for-sale securities | 5,250 | 3,726 |
Reclassification adjustment for (gains) losses on available-for-sale securities | (48) | (48) |
Net change in unrealized gains (losses) on hedging transactions | 1,425 | (195) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (338) | (293) |
Cumulative translation adjustment, net | 1,760 | 36 |
Other comprehensive income (loss) | 8,049 | 3,226 |
Total comprehensive income | $ 175,294 | $ 166,275 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 01, 2017 | Apr. 01, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 1,059,355 | $ 966,695 |
Short-term investments | 2,588,207 | 2,354,762 |
Accounts receivable, net | 268,257 | 243,915 |
Inventories | 215,210 | 227,033 |
Prepaid expenses and other current assets | 96,879 | 87,711 |
Total current assets | 4,227,908 | 3,880,116 |
Property, plant and equipment, at cost: | 846,192 | 839,458 |
Accumulated depreciation and amortization | (542,982) | (535,633) |
Net property, plant and equipment | 303,210 | 303,825 |
Long-term investments | 106,862 | 116,288 |
Goodwill | 161,287 | 161,287 |
Acquisition-related intangibles, net | 2,871 | 3,576 |
Other assets | 284,924 | 275,440 |
Total Assets | 5,087,062 | 4,740,532 |
Current liabilities: | ||
Accounts payable | 106,234 | 108,293 |
Accrued payroll and related liabilities | 202,230 | 176,601 |
Income taxes payable | 8,282 | 6,309 |
Deferred income on shipments to distributors | 43,750 | 54,567 |
Other accrued liabilities | 79,337 | 95,098 |
Long-term Debt, Current Maturities | 0 | 456,328 |
Total current liabilities | 439,833 | 897,196 |
Long-term Debt, Excluding Current Maturities | 1,737,410 | 995,247 |
Deferred tax liabilities | 346,566 | 317,639 |
Long-term income taxes payable | 5,294 | 4,503 |
Other long-term liabilities | 19,692 | 16,908 |
Commitments and contingencies | 0 | 0 |
Temporary Equity, Carrying Amount, Attributable to Parent | 0 | 1,406 |
Stockholders' equity: | ||
Preferred stock, $.01 par value (none issued and outstanding) | 0 | 0 |
Common stock, $.01 par value | 2,481 | 2,480 |
Additional paid-in capital | 808,821 | 803,522 |
Retained earnings | 1,743,597 | 1,726,312 |
Accumulated other comprehensive loss | (16,632) | (24,681) |
Total stockholders’ equity | 2,538,267 | 2,507,633 |
Total Liabilities, Temporary Equity and Stockholders’ Equity | $ 5,087,062 | $ 4,740,532 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 01, 2017 | Apr. 01, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (none issued) | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 167,245 | $ 163,049 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 11,232 | 11,625 |
Amortization | 3,729 | 3,713 |
Stock-based compensation | 32,036 | 29,404 |
Net gain on sale of available-for-sale securities | (446) | (209) |
Amortization of debt discounts | 1,676 | 3,016 |
Provision for deferred income taxes | 26,058 | (1,493) |
Changes in assets and liabilities: | ||
Accounts receivable, net | (24,342) | 90,444 |
Inventories | 11,691 | (16,828) |
Prepaid expenses and other current assets | (5,023) | 3,044 |
Other assets | (8,690) | (3,572) |
Accounts payable | (3,049) | 11,784 |
Accrued liabilities | 2,519 | 6,633 |
Income taxes payable | (12,910) | 18,248 |
Deferred income on shipments to distributors | (10,818) | 19,778 |
Net cash provided by operating activities | 190,908 | 338,636 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (832,705) | (891,186) |
Proceeds from sale and maturity of available-for-sale securities | 613,396 | 827,689 |
Purchases of property, plant and equipment | (9,926) | (20,637) |
Other investing activities | (3,008) | (3,500) |
Net cash used in investing activities | (232,243) | (87,634) |
Cash flows from financing activities: | ||
Payments for Repurchase of Common Stock | (67,062) | (100,154) |
Payments Related to Tax Withholding for Share-based Compensation | (933) | (626) |
Proceeds from issuance of common stock through various stock plans | 2,003 | 11,923 |
Payment of dividends to stockholders | (87,303) | (83,599) |
Repayment of convertible debt | (457,918) | 0 |
Other financing activities | (663) | 0 |
Proceeds from Issuance of Long-term Debt | 745,871 | 0 |
Net cash provided by (used in) financing activities | 133,995 | (172,456) |
Net increase in cash and cash equivalents | 92,660 | 78,546 |
Cash and cash equivalents at beginning of period | 966,695 | 503,816 |
Cash and cash equivalents at end of period | 1,059,355 | 582,362 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 5,795 | 7,875 |
Income taxes paid, net | $ 1,873 | $ 1,832 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jul. 01, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation The accompanying interim condensed consolidated financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X, and should be read in conjunction with the Xilinx, Inc. (Xilinx or the Company) consolidated financial statements filed with the U.S. Securities and Exchange Commission (SEC) on Form 10-K for the fiscal year ended April 1, 2017 . The interim financial statements are unaudited, but reflect all adjustments which are, in the opinion of management, of a normal, recurring nature necessary to provide a fair statement of results for the interim periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2018 or any future period. The Company uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal year 2018 and fiscal year 2017 are both 52-week years ending on March 31, 2018 and April 1, 2017 , respectively. The quarters ended July 1, 2017 and July 2, 2016 each consisted of 13 weeks. |
Recent Accounting Changes and A
Recent Accounting Changes and Accounting Pronouncements | 3 Months Ended |
Jul. 01, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | Recent Accounting Changes and Accounting Pronouncements In April 2014, the Financial Accounting Standard Board (FASB) issued the authoritative guidance, as amended, that outlines a new global revenue recognition standard that replaces virtually all existing U.S. GAAP guidance on contracts with customers and the related other assets and deferred costs. The authoritative guidance provides a five-step process for recognizing revenue that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The 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 year 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. The new authoritative guidance also changes certain disclosure requirements and other aspects of current U.S. 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 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 authoritative guidance will be effective for the Company beginning in fiscal year 2019 as the Company decided not to early adopt it in fiscal year 2018. The Company is currently evaluating the impact of this new authoritative guidance on its consolidated financial statements. In May 2017, the FASB issued authoritative guidance that clarifies the scope of modification accounting for share-based compensation. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The new guidance will reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications. 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 authoritative guidance will be effective for the Company beginning in fiscal year 2019 as the Company decided not to early adopt it in fiscal year 2018. The Company is currently evaluating the impact of this new authoritative guidance on its consolidated financial statements. |
Significant Customers and Conce
Significant Customers and Concentrations of Credit Risk (Notes) | 3 Months Ended |
Jul. 01, 2017 | |
Significant Customers and Concentrations of Credit Risk [Abstract] | |
Concentration Risk Disclosure [Text Block] | Significant Customers and Concentrations of Credit Risk Avnet, Inc. (Avnet), one of the Company’s distributors, distributes the Company’s products worldwide. As of July 1, 2017 and April 1, 2017 , Avnet accounted for 68% and 59% of the Company’s total net accounts receivable, respectively. Resale of product through Avnet accounted for 41% and 42% of the Company’s worldwide net revenues in the first quarter of fiscal years 2018 and 2017 , respectively. While they may fluctuate quarter over quarter due to timing of shipment or cash collections, the percentage of accounts receivable due from Avnet and the percentage of worldwide net revenues from Avnet are consistent with historical ranges. 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, distributor sales to diverse end customers and through geographical dispersion of sales. Xilinx generally does not require collateral for receivables from its end customers or distributors. No end customer accounted for more than 10% of the Company’s worldwide net revenues for the first quarter of fiscal years 2018 and 2017 . The Company mitigates concentrations of credit risk in its investments in debt securities by currently investing approximately 85% of its portfolio in AA (or its equivalent) or higher grade securities as rated by Standard & Poor’s or Moody’s Investors Service. The Company’s methods to arrive at investment decisions are not solely based on the rating agencies’ credit ratings. Xilinx also performs additional credit due diligence and conducts regular portfolio credit reviews, including a review of counterparty credit risk related to the Company’s forward currency exchange and interest rate swap contracts. Additionally, Xilinx limits its investments in the debt securities of a single issuer based upon the issuer’s credit rating and attempts to further mitigate credit risk by diversifying risk across geographies and type of issuer. As of July 1, 2017 , approximately 32% 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. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jul. 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. The Company validates the consensus prices by taking random samples from each asset type and corroborating those prices using reported trade activity, benchmark yield curves, binding broker/dealer quotes or other relevant price information. There have not been any changes to the Company’s fair value methodology during the first quarter of fiscal year 2018 and the Company did not adjust or override any fair value measurements as of July 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, 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 interest rate swap contracts. Level 3 — Unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation. The Company has no Level 3 assets and liabilities. Assets and Liabilities Measured at Fair Value on a Recurring Basis In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of July 1, 2017 and April 1, 2017 : July 1, 2017 (In thousands) Quoted Significant Significant Total Fair Assets Cash equivalents: Money market funds $ 379,788 $ — $ — $ 379,788 Financial institution securities — 124,968 — 124,968 Non-financial institution securities — 232,666 — 232,666 U.S. government and agency securities 24,995 64,466 — 89,461 Foreign government and agency securities — 164,883 164,883 Short-term investments: Financial institution securities — 299,618 — 299,618 Non-financial institution securities — 201,308 — 201,308 U.S. government and agency securities 26,311 41,483 — 67,794 Foreign government and agency securities — 229,241 — 229,241 Mortgage-backed securities — 1,139,975 — 1,139,975 Debt mutual funds — 34,107 — 34,107 Bank loans — 164,744 — 164,744 Asset-backed securities — 221,225 — 221,225 Commercial mortgage-backed securities — 230,195 — 230,195 Long-term investments: Mortgage-backed securities — 49,597 — 49,597 Debt mutual fund — 55,790 — 55,790 Asset-backed securities — 1,475 — 1,475 Total assets measured at fair value $ 431,094 $ 3,255,741 $ — $ 3,686,835 Liabilities Derivative financial instruments, net $ — $ 501 $ — $ 501 Total liabilities measured at fair value $ — $ 501 $ — $ 501 Net assets measured at fair value $ 431,094 $ 3,255,240 $ — $ 3,686,334 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 fund — 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 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): Three Months Ended (In thousands) July 1, 2017 July 2, 2016 Balance as of beginning of period $ — $ 9,977 Total realized and unrealized gains (losses): Included in other comprehensive income — 91 Balance as of end of period $ — $ 10,068 As of July 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 $500.0 million principal amount of 2.125% notes due March 15, 2019 (2019 Notes), $500.0 million principal amount of 3.000% notes due March 15, 2021 (2021 Notes) and $750.0 million principal amount of 2.950% senior notes due June 1, 2024 (2024 Notes) are measured at fair value on a quarterly basis for disclosure purposes. The fair values of the 2019 Notes, 2021 Notes and 2024 Notes as of July 1, 2017 were approximately $502.1 million , $511.4 million and $752.5 million , respectively, based on the last trading price for the period (classified as Level 2 in fair value hierarchy due to relatively low trading volume). |
Financial Instruments
Financial Instruments | 3 Months Ended |
Jul. 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: July 1, 2017 April 1, 2017 (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 $ 379,788 $ — $ — $ 379,788 $ 298,307 $ — $ — $ 298,307 Financial institution securities 424,586 — — 424,586 348,797 — — 348,797 Non-financial institution securities 433,609 700 (335 ) 433,974 409,109 647 (496 ) 409,260 U.S. government and agency securities 157,433 4 (182 ) 157,255 130,749 8 (223 ) 130,534 Foreign government and agency securities 394,121 3 — 394,124 322,172 — (51 ) 322,121 Mortgage-backed securities 1,194,714 5,407 (10,549 ) 1,189,572 1,186,732 3,527 (14,757 ) 1,175,502 Asset-backed securities 222,552 589 (441 ) 222,700 220,033 404 (686 ) 219,751 Debt mutual funds 101,350 — (11,453 ) 89,897 101,350 — (12,674 ) 88,676 Bank loans 164,300 604 (160 ) 164,744 153,281 839 (106 ) 154,014 Commercial mortgage- backed securities 233,242 246 (3,293 ) 230,195 221,504 146 (3,679 ) 217,971 $ 3,705,695 $ 7,553 $ (26,413 ) $ 3,686,835 $ 3,392,034 $ 5,571 $ (32,672 ) $ 3,364,933 The following tables show the fair values and gross unrealized losses of the Company’s investments, aggregated by investment category, for individual securities that have been in a continuous unrealized loss position for the length of time specified, as of July 1, 2017 and April 1, 2017 : July 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 $ 73,844 $ (334 ) $ 1,018 $ (1 ) $ 74,862 $ (335 ) U.S. government and agency securities 53,539 (178 ) 4,596 (4 ) 58,135 (182 ) Mortgage-backed securities 809,678 (9,098 ) 95,890 (1,451 ) 905,568 (10,549 ) Asset-backed securities 125,635 (418 ) 5,858 (23 ) 131,493 (441 ) Debt mutual fund — — 89,897 (11,453 ) 89,897 (11,453 ) Bank loans 35,556 (160 ) — — 35,556 (160 ) Commercial mortgage- backed securities 150,751 (1,216 ) 24,435 (2,077 ) 175,186 (3,293 ) $ 1,249,003 $ (11,404 ) $ 221,694 $ (15,009 ) $ 1,470,697 $ (26,413 ) 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 ) As of July 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, commercial mortgage-backed securities 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 July 1, 2017 and April 1, 2017 were temporary in nature as evidenced by the fluctuations in the gross unrealized losses within the investment categories. These investments are highly rated by the credit rating agencies, 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 amount due to the Company. Additionally, in the past several years a portion of the Company's investment in 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 July 1, 2017 and April 1, 2017 , the majority of which were related to debt mutual funds due to foreign currency and interest rate fluctuations. 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, asset-backed securities, bank loans, mortgage-backed securities and commercial mortgage-backed securities), by contractual maturity, are shown in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties. July 1, 2017 (In thousands) Amortized Estimated Due in one year or less $ 1,224,751 $ 1,224,739 Due after one year through five years 477,162 475,193 Due after five years through ten years 319,892 319,444 Due after ten years 1,202,752 1,197,774 $ 3,224,557 $ 3,217,150 As of July 1, 2017 , $1.98 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: Three Months Ended (In thousands) July 1, 2017 July 2, 2016 Proceeds from sale of available-for-sale securities $ 119,922 $ 99,474 Gross realized gains on sale of available-for-sale securities $ 832 $ 721 Gross realized losses on sale of available-for-sale securities (386 ) (512 ) Net realized gains on sale of available-for-sale securities $ 446 $ 209 Amortization of premiums on available-for-sale securities $ 5,522 $ 6,762 The cost of securities matured or sold is based on the specific identification method. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Jul. 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 July 1, 2017 and April 1, 2017 , the Company had the following outstanding forward currency exchange contracts (in notional amount), which were derivative financial instruments: (In thousands and U.S. dollars) July 1, 2017 April 1, 2017 Singapore Dollar $ 21,884 $ 22,012 Euro 20,073 18,553 Indian Rupee 33,175 31,121 British Pound 9,896 10,813 Japanese Yen 3,759 3,757 $ 88,787 $ 86,256 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 May 2019 . The net unrealized gains, which approximate the fair market value of the outstanding forward currency exchange contracts, are expected to be realized into net income within the next two years . As of July 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 July 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 immaterial and 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 entered into interest rate swap contracts with certain independent financial institutions to manage interest rate risks related to fixed interest rate expenses from its 2024 Notes and floating interest rate income from its investments in marketable debt securities. See “Note 10. Debt and Credit Facility” for more discussion related to interest rate swap contracts. The interest rate swap contracts were designated and qualified as fair value hedges of the 2024 Notes, and were separately accounted for as a derivative. The interest rate swap contracts and the 2024 Notes were initially measured at fair value. Any subsequent changes in fair values of the interest rate swap contracts and the 2024 Notes will be recorded in the Company’s consolidated balance sheets. During the three months ended July 1, 2017 , the net change in fair values of the interest rate swap contracts and the underlying 2024 Notes was $3.5 million , which was recorded as a derivative liability for the interest rate swap contacts and also a reduction from the carrying amount of 2024 Notes. There was no ineffectiveness during all periods presented. The Company had the following derivative instruments as of July 1, 2017 and April 1, 2017 , located on the condensed consolidated balance sheets, utilized for risk management purposes detailed above: Foreign Exchange Contracts and Interest Rate Swap Contracts Asset Derivatives Liability Derivatives (In thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value July 1, 2017 Prepaid expenses and other current assets $ 3,167 Other accrued liabilities $ 174 Other assets $ — Other long-term liabilities $ 3,494 April 1, 2017 Prepaid expenses and other current assets $ 2,424 Other accrued liabilities $ 763 Other assets $ — Other long-term liabilities $ — The Company does not offset or net the fair value amounts of derivative financial instruments in its condensed consolidated balance sheets. The potential effect of rights of set-off associated with the derivative financial instruments was not material to the Company's condensed consolidated balance sheets for all periods presented. The following table summarizes the effect of derivative instruments on the condensed consolidated statements of income for the first quarter of fiscal years 2018 and 2017 : Three Months Ended (In thousands) July 1, 2017 July 2, 2016 Amount of gains (losses) recognized in other comprehensive income on derivative (effective portion of cash flow hedging) $ 1,086 $ (488 ) Amount of gains (losses) reclassified from accumulated other comprehensive income into income (effective portion) * $ 357 $ (293 ) Amount of gains (losses) recorded (ineffective portion) * $ (19 ) $ 8 * Recorded in interest and other income (expense), net within the condensed consolidated statements of income. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Jul. 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): Three Months Ended (In thousands) July 1, 2017 July 2, 2016 Stock-based compensation included in: Cost of revenues $ 2,150 $ 2,119 Research and development 17,466 15,120 Selling, general and administrative 12,420 12,165 $ 32,036 $ 29,404 Employee Stock Option Plans The types of awards allowed under the 2007 Equity Incentive Plan (2007 Equity Plan) include incentive stock options, non-qualified stock options, restricted stock units (RSUs), restricted stock and stock appreciation rights. To date, the Company has issued a mix of non-qualified stock options and RSUs under the 2007 Equity Plan; however, there was no issuance of stock options during the first quarter of fiscal year 2018 and the entire fiscal year 2017 . The Company's stock-based compensation expenses related to options during the first quarter of fiscal year 2018 and the number of options outstanding as of July 1, 2017 were not material. As of July 1, 2017 , 12.2 million shares remained available for grant under the 2007 Equity Plan. The total pre-tax intrinsic value of options exercised during the three months ended July 1, 2017 and July 2, 2016 was $2.8 million and $12.6 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. RSU Awards A summary of the Company’s RSU activity and related information is as follows: RSUs Outstanding (Shares in thousands) Number of Shares Weighted-Average Grant-Date Fair Value Per Share April 2, 2016 6,619 $ 40.74 Granted 3,398 $ 44.38 Vested (2,619 ) $ 39.49 Cancelled (410 ) $ 41.63 April 1, 2017 6,988 $ 42.93 Granted 317 $ 57.99 Vested (1,439 ) $ 41.45 Cancelled (95 ) $ 44.14 July 1, 2017 5,771 $ 43.66 The estimated fair values of RSUs were calculated based on the market price of Xilinx common stock on the date of grant, reduced by the present value of dividends expected to be paid on Xilinx common stock prior to vesting. The per share weighted-average fair value of RSUs granted during the first quarter of fiscal 2018 was $57.99 ( $42.52 for the first quarter of fiscal 2017 ), which were calculated based on estimates at the date of grant using the following weighted-average assumptions: Three Months Ended July 1, 2017 July 2, 2016 Risk-free interest rate 1.7 % 1.0 % Dividend yield 2.3 % 2.8 % For the majority of RSUs granted, the number of shares of common stock issued on the date the RSU awards vest is net of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees. In the condensed consolidated statement of cash flows, these amounts have been included as a reduction in the cash proceeds from issuance of common stock under our various stock plans. During the first three months of fiscal years 2018 and 2017 , we withheld $25.6 million and $26.7 million worth of RSU awards, respectively, to satisfy the employees’ tax obligations. During the first three months of fiscal years 2018 and 2017 , the Company realized tax benefits of $11.6 million and $6.8 million , respectively, in the condensed consolidated statement of income as a component of the provision for income taxes. Employee Stock Purchase Plan The fair values of stock purchase plan rights under the Company’s ESPP were estimated using the Black-Scholes option pricing model. Under the Company’s ESPP, shares are only issued during the second and fourth quarters of each fiscal year. Therefore, no shares were issued during the first quarter of fiscal years 2018 or 2017 . The next scheduled purchase under the ESPP is in the second quarter of fiscal year 2018 . As of July 1, 2017 , 8.2 million shares were available for future issuance under the Company's ESPP. |
Net Income Per Common Share
Net Income Per Common Share | 3 Months Ended |
Jul. 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 information on the condensed consolidated statements of income, and there are no reconciling items in the numerator used to compute the diluted net income per common share. The following table summarizes the computation of basic and diluted net income per common share: (In thousands, except per share amounts) July 1, 2017 July 2, 2016 Net income available to common stockholders $ 167,245 $ 163,049 Weighted average common shares outstanding-basic 247,911 252,901 Dilutive effect of employee equity incentive plans 3,817 3,064 Dilutive effect of 2017 Convertible Notes and warrants 14,069 10,241 Weighted average common shares outstanding-diluted 265,797 266,206 Basic net income per common share $ 0.67 $ 0.64 Diluted net income per common share $ 0.63 $ 0.61 The total shares used in the denominator of the diluted net income per common share calculation include potentially dilutive common equivalent shares outstanding that are not included in basic net income per common share calculation. The diluted shares were calculated by applying the treasury stock method to the impact of the equity incentive plans, the incremental shares issuable assuming conversion of the Company's $600.0 million principal amount of 2.625% convertible notes issued in June 2010 (2017 Convertible Notes), before its maturity on June 15, 2017 , and exercise of warrants on a weighted-average outstanding basis. The 2017 Convertible Notes matured during the quarter, and the Company exercised its call options to neutralize the dilutive effect of the incremental shares from the 2017 Convertible Notes. Because the number of diluted shares in the above table for the three months ended July 1, 2017 was calculated based on a weighted-average outstanding basis, it included approximately 6.0 million shares of dilutive impact from the 2017 Convertible Notes through the maturity date. Such impact will no longer be applicable in future periods. See "Note 10. Debt and Credit Facility" for more discussion of the Company's debt, call options and warrants. Outstanding stock options and RSUs under the Company's stock award plans to purchase approximately 152 thousand and 297 thousand shares for the first quarter of fiscal years 2018 and 2017 , respectively, were excluded from the diluted net income per common share calculation 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. |
Inventories
Inventories | 3 Months Ended |
Jul. 01, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Inventories Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated net realizable value) and are comprised of the following: (In thousands) July 1, 2017 April 1, 2017 Raw materials $ 14,208 $ 14,517 Work-in-process 152,820 161,120 Finished goods 48,182 51,396 $ 215,210 $ 227,033 |
Debt and Credit Facility
Debt and Credit Facility | 3 Months Ended |
Jul. 01, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt and Credit Facility 2017 Convertible Notes During the first quarter of fiscal year 2018, the Company received conversion requests from the remaining holders of the 2017 Convertible Notes. Upon settlement, the holders received a cash payment equal to the par value of the 2017 Convertible Notes of $457.9 million , as well as 9.0 million shares of the Company's common stock. In conjunction with the settlement, the Company exercised its call options on its shares of common stock that it purchased to hedge against the dilution from the conversion of the 2017 Convertible Notes, and received 9.0 million shares from the hedge counterparties. As of the end of the first quarter of fiscal year 2018, the 2017 Convertible Notes were no longer outstanding. The carrying values of the liabilities and equity components of the 2017 Convertible Notes are reflected in the Company's condensed consolidated balance sheets as follows: (In thousands) July 1, 2017 April 1, 2017 Liability component: Principal amount of the 2017 Convertible Notes $ — $ 457,918 Unamortized discount of liability component — (1,977 ) Hedge accounting adjustment – sale of interest rate swap — 571 Unamortized debt issuance costs associated with 2017 Convertible Notes — (184 ) Net carrying value of the 2017 Convertible Notes $ — $ 456,328 Equity component (including temporary equity) – net carrying value $ — $ 50,688 Prior to the conversion, interest expense related to the 2017 Convertible Notes was included in interest and other income (expense), net on the consolidated statements of income, and was recognized as follows: Three Months Ended (In thousands) July 1, 2017 July 2, 2016 Contractual coupon interest $ 2,300 $ 3,938 Amortization of debt issuance costs 184 362 Amortization of debt discount, net 1,406 2,763 Total interest expense related to the 2017 Convertible Notes $ 3,890 $ 7,063 To reduce the hedging costs of purchasing the call options on its common stock as described above, the Company, under separate transactions, sold warrants to independent counterparties, which give the counterparties the right to purchase up to 21.1 million shares of the Company's common stock at $40.38 per share. These warrants expire on a gradual basis over a specified period starting on September 13, 2017 through November 7, 2017. 2019 and 2021 Notes On March 12, 2014, the Company issued the 2019 Notes and 2021 Notes at a discounted price of 99.477% and 99.281% of par, respectively. Interest on the 2019 Notes and 2021 Notes is payable semi-annually on March 15 and September 15. The Company received net proceeds of $990.1 million from issuance of the 2019 Notes and 2021 Notes, after the debt discount and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the terms of the 2019 Notes and 2021 Notes. As of July 1, 2017 , the remaining term of the 2019 Notes and 2021 Notes are 1.7 years and 3.7 years respectively. The following table summarizes the carrying value of the 2019 Notes and 2021 Notes as of July 1, 2017 and April 1, 2017 : (In thousands) July 1, 2017 April 1, 2017 Principal amount of the 2019 Notes $ 500,000 $ 500,000 Unamortized discount of the 2019 Notes (904 ) (1,037 ) Unamortized debt issuance costs associated with 2019 Notes (569 ) (654 ) Principal amount of the 2021 Notes 500,000 500,000 Unamortized discount of the 2021 Notes (1,979 ) (2,107 ) Unamortized debt issuance costs associated with 2021 Notes (895 ) (955 ) Total carrying value $ 995,653 $ 995,247 Interest expense related to the 2019 Notes and 2021 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows: Three Months Ended (In thousands) July 1, 2017 July 2, 2016 Contractual coupon interest $ 6,406 $ 6,406 Amortization of debt issuance costs 146 146 Amortization of debt discount, net 260 253 Total interest expense related to the 2019 Notes and 2021 Notes $ 6,812 $ 6,805 2024 Notes On May 30, 2017, the Company issued the 2024 Notes at a discounted price of 99.887% of par. Interest on the 2024 Notes is payable semi-annually on June 1 and December 1. The Company received $745.2 million from the issuance of the 2024 Notes, after the debt discount and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the term of the 2024 Notes. As of July 1, 2017 , the remaining term of the 2024 Notes is approximately 6.9 years. In relation to the issuance of the 2024 Notes, the Company entered into interest rate swap contracts with certain independent financial institutions, whereby the Company pays on a semi-annual basis, a variable interest rate equal to the three-month London Interbank Offered Rate (LIBOR) plus 91.43 bps , and receives on a semi-annual basis, interest income at a fixed interest rate of 2.950% . For the three months ended July 1, 2017 , the Company earned a net interest amount of $643 thousand from the interest rate swap contracts, which was included in interest and other income (expense), net on the condensed consolidated statements of income as a reduction to interest expense. As of July 1, 2017 , the fair value of the interest rate swap contracts was $3.5 million , which was recorded in other long-term liabilities. The following table summarizes the carrying value of the 2024 Notes as of July 1, 2017 and April 1, 2017 : (In thousands) July 1, 2017 April 1, 2017 Principal amount of the 2024 Notes $ 750,000 $ — Unamortized discount of the 2024 Notes (838 ) — Unamortized debt issuance costs associated with 2024 Notes (3,911 ) — Carrying Value of the 2024 Notes $ 745,251 $ — Fair value hedge adjustment — interest rate swap contracts (3,494 ) — Net carrying value of the 2024 Notes $ 741,757 $ — Interest expense related to the 2024 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows: Three Months Ended (In thousands) July 1, 2017 July 2, 2016 Contractual coupon interest $ 1,322 $ — Amortization of debt issuance costs 47 — Amortization of debt discount, net 10 — Total interest expense related to the 2024 Notes $ 1,379 $ — Revolving Credit Facility On December 7, 2016 , the Company entered into a $400.0 million senior unsecured revolving credit facility that, upon certain conditions, may be extended by an additional $150.0 million , with a syndicate of banks (expiring in December 2021 ). Borrowings under the credit facility will bear interest at a benchmark rate plus an applicable margin based upon the Company’s credit rating. In connection with the credit facility, the Company is required to maintain certain financial and nonfinancial covenants. As of July 1, 2017 , the Company had made no borrowings under this credit facility and was not in violation of any of the covenants. |
Common Stock Repurchase Program
Common Stock Repurchase Program | 3 Months Ended |
Jul. 01, 2017 | |
Stockholders' Equity Note [Abstract] | |
Common Stock and Debentures Repurchase Program [Text Block] | Common Stock Repurchase Program The Board of Directors (Board) has approved stock repurchase programs enabling the Company to repurchase its common stock in the open market or through negotiated transactions with independent financial institutions. On May 16, 2016, the Board authorized the repurchase of up to $1.00 billion of the Company's common stock and debentures (2016 Repurchase Program). The 2016 Repurchase Program has no stated expiration date. Through July 1, 2017 , the Company had used $384.9 million of the $1.00 billion authorized under the 2016 Repurchase Program, leaving $615.1 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 July 1, 2017 and April 1, 2017 . During the first quarter of fiscal year 2018 , the Company repurchased 1.0 million shares of common stock for a total of $67.1 million and during the first quarter of fiscal year 2017 , the Company repurchased 2.2 million shares of common stock for a total of $100.2 million . |
Interest and Other Expense, Net
Interest and Other Expense, Net | 3 Months Ended |
Jul. 01, 2017 | |
Other Income and Expenses [Abstract] | |
Interest and Other Expense, Net | Interest and Other Income (Expense), Net The components of interest and other income (expense), net are as follows: Three Months Ended (In thousands) July 1, 2017 July 2, 2016 Interest income $ 13,414 $ 11,466 Interest expense (12,081 ) (13,868 ) Other income (expense), net 506 (2,185 ) Total interest and other income (expense), net $ 1,839 $ (4,587 ) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Jul. 01, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss Comprehensive income (loss) is defined as the change in equity of a company during a period from transactions and other events and circumstances from non-owner sources. The components of the Company's accumulated other comprehensive loss are as follows: (In thousands) July 1, 2017 April 1, 2017 Accumulated unrealized losses on available-for-sale securities, net of tax $ (11,888 ) $ (17,091 ) Accumulated unrealized gains on hedging transactions, net of tax 1,747 661 Accumulated cumulative translation adjustment, net of tax (6,491 ) (8,251 ) Total accumulated other comprehensive loss $ (16,632 ) $ (24,681 ) The related tax effects of other comprehensive income (loss) were not material for all periods presented. |
Income Taxes
Income Taxes | 3 Months Ended |
Jul. 01, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded a tax provision of $15.0 million for the first quarter of fiscal year 2018 as compared to $18.6 million in the same prior year period, representing effective tax rates of 8% and 10% , respectively. The difference between the U.S. federal statutory tax rate of 35% and the Company’s effective tax rate in all periods is primarily due to income earned in lower tax rate jurisdictions, for which no U.S. income tax has been provided, as the Company intends to permanently reinvest these earnings outside of the U.S. The Company’s total gross unrecognized tax benefits as of July 1, 2017 , determined in accordance with FASB authoritative guidance for measuring uncertain tax positions, increased by $90.0 million in the first quarter of fiscal year 2018 to $120.4 million . This increase was primarily attributable to a tax deduction to be claimed on an amended federal income tax return. The total amount of unrecognized tax benefits that, if realized in a future period, would favorably affect the effective tax rate was $13.2 million as of July 1, 2017 . It is reasonably possible that changes to our unrecognized tax benefits could be significant in the next twelve months due to tax audit settlements and lapses of statutes of limitation. As a result of uncertainties regarding tax audit settlements and their possible outcomes, an estimate of the range of increase or decrease that could occur in the next twelve months cannot be made. The Company’s policy is to include interest and penalties related to income tax liabilities within the provision for income taxes on the condensed consolidated statements of income. The balance of accrued interest and penalties recorded in the condensed consolidated balance sheets and the amounts of interest and penalties included in the Company's provision for income taxes were not material for all periods presented. The Company is no longer subject to U.S. federal audits by taxing authorities through fiscal year 2013, U.S. state audits through fiscal year 2010 and tax audits in Ireland through fiscal year 2011. |
Commitments
Commitments | 3 Months Ended |
Jul. 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 Year (In thousands) 2018 (remaining nine months) $ 4,523 2019 4,772 2020 3,667 2021 2,398 2022 2,398 Thereafter 485 Total $ 18,243 Aggregate future rental income to be received, which includes rents from both owned and leased property, totaled $2.6 million as of July 1, 2017 . Rent expense, net of rental income, under all operating leases was $1.2 million and $1.3 million for the three months ended July 1, 2017 and July 2, 2016 , respectively. Rental income was not material for the first quarter of fiscal years 2018 or 2017 . Other commitments as of July 1, 2017 totaled $119.9 million and consisted of purchases of inventory and other non-cancelable purchase obligations related to subcontractors that manufacture silicon wafers and provide assembly and some test services. The Company expects to receive and pay for these materials and services in the next three to six months, as the products meet delivery and quality specifications. Additionally, as of July 1, 2017 , the Company also had $44.1 million of non-cancelable license obligations to providers of electronic design automation software and hardware/software maintenance expiring at various dates through December 2019 . |
Product Warranty and Indemnific
Product Warranty and Indemnification (Notes) | 3 Months Ended |
Jul. 01, 2017 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Disclosure [Text Block] | Product Warranty and Indemnification The Company generally sells products with a limited warranty for product quality. The Company provides an accrual for known product issues if a loss is probable and can be reasonably estimated. As of the end of the first quarter of fiscal year 2018 and the end of fiscal year 2017 , the accrual balances of the product warranty liability were immaterial. The Company offers, subject to certain terms and conditions, to indemnify customers and distributors for costs and damages awarded against these parties in the event the Company’s hardware products are found to infringe third-party intellectual property rights, including patents, copyrights or trademarks, and to compensate certain customers for limited specified costs they actually incur in the event 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. |
Contingencies
Contingencies | 3 Months Ended |
Jul. 01, 2017 | |
Loss Contingency [Abstract] | |
Contingencies | 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. On June 13, 2017, the Federal Circuit affirmed the PTAB’s findings of invalidity. On July 19, 2017, the U.S. District Court case was dismissed with prejudice. 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 pertained to twelve other patents and sought judgment of non-infringement by Xilinx, as well as costs, expenses and attorneys’ fees. On June 15, 2017, IP Bridge granted Xilinx a royalty-free covenant not to sue for infringement of those twelve patents, and on June 16, 2017, the parties filed a stipulated dismissal without prejudice of the declaratory judgment action in California. 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. The parties have stipulated to extensions of time and therefore 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 | 3 Months Ended |
Jul. 01, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquisition-Related Intangibles | Goodwill and Acquisition-Related Intangibles As of July 1, 2017 and April 1, 2017 , the gross and net amounts of goodwill and of acquisition-related intangibles for all acquisitions were as follows: Weighted-Average (In thousands) July 1, 2017 April 1, 2017 Amortization Life Goodwill $ 161,287 $ 161,287 Core technology, gross 79,981 79,981 Less accumulated amortization (77,197 ) (76,512 ) Core technology, net 2,784 3,469 5.6 years Other intangibles, gross 46,766 46,766 Less accumulated amortization (46,679 ) (46,659 ) Other intangibles, net 87 107 2.6 years Total acquisition-related intangibles, gross 126,747 126,747 Less accumulated amortization (123,876 ) (123,171 ) Total acquisition-related intangibles, net $ 2,871 $ 3,576 Amortization expense for acquisition-related intangibles for the three months ended July 1, 2017 and July 2, 2016 was $0.7 million and $1.2 million , respectively. Based on the carrying value of acquisition-related intangibles recorded as of July 1, 2017 , and assuming no subsequent acquisition or impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows: Fiscal Year (In thousands) 2018 (remaining nine months) $ 1,218 2019 561 2020 468 2021 468 2022 156 Total $ 2,871 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Jul. 01, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On July 25, 2017, the Company’s Board of Directors declared a cash dividend of $0.35 per common share for the second quarter of fiscal year 2018 . The dividend is payable on August 30, 2017 to stockholders of record on August 10, 2017. |
Derivative Financial Instrume26
Derivative Financial Instruments Derivative Financial Instruments (Policies) | 3 Months Ended |
Jul. 01, 2017 | |
Accounting Policies [Abstract] | |
Derivatives | 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. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Jul. 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 July 1, 2017 and April 1, 2017 : July 1, 2017 (In thousands) Quoted Significant Significant Total Fair Assets Cash equivalents: Money market funds $ 379,788 $ — $ — $ 379,788 Financial institution securities — 124,968 — 124,968 Non-financial institution securities — 232,666 — 232,666 U.S. government and agency securities 24,995 64,466 — 89,461 Foreign government and agency securities — 164,883 164,883 Short-term investments: Financial institution securities — 299,618 — 299,618 Non-financial institution securities — 201,308 — 201,308 U.S. government and agency securities 26,311 41,483 — 67,794 Foreign government and agency securities — 229,241 — 229,241 Mortgage-backed securities — 1,139,975 — 1,139,975 Debt mutual funds — 34,107 — 34,107 Bank loans — 164,744 — 164,744 Asset-backed securities — 221,225 — 221,225 Commercial mortgage-backed securities — 230,195 — 230,195 Long-term investments: Mortgage-backed securities — 49,597 — 49,597 Debt mutual fund — 55,790 — 55,790 Asset-backed securities — 1,475 — 1,475 Total assets measured at fair value $ 431,094 $ 3,255,741 $ — $ 3,686,835 Liabilities Derivative financial instruments, net $ — $ 501 $ — $ 501 Total liabilities measured at fair value $ — $ 501 $ — $ 501 Net assets measured at fair value $ 431,094 $ 3,255,240 $ — $ 3,686,334 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 fund — 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 |
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): Three Months Ended (In thousands) July 1, 2017 July 2, 2016 Balance as of beginning of period $ — $ 9,977 Total realized and unrealized gains (losses): Included in other comprehensive income — 91 Balance as of end of period $ — $ 10,068 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Jul. 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: July 1, 2017 April 1, 2017 (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 $ 379,788 $ — $ — $ 379,788 $ 298,307 $ — $ — $ 298,307 Financial institution securities 424,586 — — 424,586 348,797 — — 348,797 Non-financial institution securities 433,609 700 (335 ) 433,974 409,109 647 (496 ) 409,260 U.S. government and agency securities 157,433 4 (182 ) 157,255 130,749 8 (223 ) 130,534 Foreign government and agency securities 394,121 3 — 394,124 322,172 — (51 ) 322,121 Mortgage-backed securities 1,194,714 5,407 (10,549 ) 1,189,572 1,186,732 3,527 (14,757 ) 1,175,502 Asset-backed securities 222,552 589 (441 ) 222,700 220,033 404 (686 ) 219,751 Debt mutual funds 101,350 — (11,453 ) 89,897 101,350 — (12,674 ) 88,676 Bank loans 164,300 604 (160 ) 164,744 153,281 839 (106 ) 154,014 Commercial mortgage- backed securities 233,242 246 (3,293 ) 230,195 221,504 146 (3,679 ) 217,971 $ 3,705,695 $ 7,553 $ (26,413 ) $ 3,686,835 $ 3,392,034 $ 5,571 $ (32,672 ) $ 3,364,933 |
Fair values and gross unrealized losses of the investments | The following tables show the fair values and gross unrealized losses of the Company’s investments, aggregated by investment category, for individual securities that have been in a continuous unrealized loss position for the length of time specified, as of July 1, 2017 and April 1, 2017 : July 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 $ 73,844 $ (334 ) $ 1,018 $ (1 ) $ 74,862 $ (335 ) U.S. government and agency securities 53,539 (178 ) 4,596 (4 ) 58,135 (182 ) Mortgage-backed securities 809,678 (9,098 ) 95,890 (1,451 ) 905,568 (10,549 ) Asset-backed securities 125,635 (418 ) 5,858 (23 ) 131,493 (441 ) Debt mutual fund — — 89,897 (11,453 ) 89,897 (11,453 ) Bank loans 35,556 (160 ) — — 35,556 (160 ) Commercial mortgage- backed securities 150,751 (1,216 ) 24,435 (2,077 ) 175,186 (3,293 ) $ 1,249,003 $ (11,404 ) $ 221,694 $ (15,009 ) $ 1,470,697 $ (26,413 ) 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 ) |
Amortized cost and estimated fair value of marketable debt securities | July 1, 2017 (In thousands) Amortized Estimated Due in one year or less $ 1,224,751 $ 1,224,739 Due after one year through five years 477,162 475,193 Due after five years through ten years 319,892 319,444 Due after ten years 1,202,752 1,197,774 $ 3,224,557 $ 3,217,150 |
Information on sale of available-for-sale securities | Certain information related to available-for-sale securities is as follows: Three Months Ended (In thousands) July 1, 2017 July 2, 2016 Proceeds from sale of available-for-sale securities $ 119,922 $ 99,474 Gross realized gains on sale of available-for-sale securities $ 832 $ 721 Gross realized losses on sale of available-for-sale securities (386 ) (512 ) Net realized gains on sale of available-for-sale securities $ 446 $ 209 Amortization of premiums on available-for-sale securities $ 5,522 $ 6,762 |
Derivative Financial Instrume29
Derivative Financial Instruments (Tables) | 3 Months Ended |
Jul. 01, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Forward currency exchange contracts outstanding | As of July 1, 2017 and April 1, 2017 , the Company had the following outstanding forward currency exchange contracts (in notional amount), which were derivative financial instruments: (In thousands and U.S. dollars) July 1, 2017 April 1, 2017 Singapore Dollar $ 21,884 $ 22,012 Euro 20,073 18,553 Indian Rupee 33,175 31,121 British Pound 9,896 10,813 Japanese Yen 3,759 3,757 $ 88,787 $ 86,256 |
Derivative Instruments Located on Condensed Consolidated Balance Sheet | The Company had the following derivative instruments as of July 1, 2017 and April 1, 2017 , located on the condensed consolidated balance sheets, utilized for risk management purposes detailed above: Foreign Exchange Contracts and Interest Rate Swap Contracts Asset Derivatives Liability Derivatives (In thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value July 1, 2017 Prepaid expenses and other current assets $ 3,167 Other accrued liabilities $ 174 Other assets $ — Other long-term liabilities $ 3,494 April 1, 2017 Prepaid expenses and other current assets $ 2,424 Other accrued liabilities $ 763 Other assets $ — Other long-term liabilities $ — |
Effect Of Derivative Instruments On Condensed Consolidated Statements Of Income | The following table summarizes the effect of derivative instruments on the condensed consolidated statements of income for the first quarter of fiscal years 2018 and 2017 : Three Months Ended (In thousands) July 1, 2017 July 2, 2016 Amount of gains (losses) recognized in other comprehensive income on derivative (effective portion of cash flow hedging) $ 1,086 $ (488 ) Amount of gains (losses) reclassified from accumulated other comprehensive income into income (effective portion) * $ 357 $ (293 ) Amount of gains (losses) recorded (ineffective portion) * $ (19 ) $ 8 * Recorded in interest and other income (expense), net within the condensed consolidated statements of income. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Jul. 01, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-Based compensation expense | The following table summarizes stock-based compensation expense related to stock awards granted under the Company’s equity incentive plans and rights to acquire stock granted under the Company’s Employee Stock Purchase Plan (ESPP): Three Months Ended (In thousands) July 1, 2017 July 2, 2016 Stock-based compensation included in: Cost of revenues $ 2,150 $ 2,119 Research and development 17,466 15,120 Selling, general and administrative 12,420 12,165 $ 32,036 $ 29,404 |
Schedule of Share-based compensation, restricted stock units, valuation assumption [Table Text Block] | The per share weighted-average fair value of RSUs granted during the first quarter of fiscal 2018 was $57.99 ( $42.52 for the first quarter of fiscal 2017 ), which were calculated based on estimates at the date of grant using the following weighted-average assumptions: Three Months Ended July 1, 2017 July 2, 2016 Risk-free interest rate 1.7 % 1.0 % Dividend yield 2.3 % 2.8 % |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of restricted stock unit activity and related information | A summary of the Company’s RSU activity and related information is as follows: RSUs Outstanding (Shares in thousands) Number of Shares Weighted-Average Grant-Date Fair Value Per Share April 2, 2016 6,619 $ 40.74 Granted 3,398 $ 44.38 Vested (2,619 ) $ 39.49 Cancelled (410 ) $ 41.63 April 1, 2017 6,988 $ 42.93 Granted 317 $ 57.99 Vested (1,439 ) $ 41.45 Cancelled (95 ) $ 44.14 July 1, 2017 5,771 $ 43.66 |
Net Income Per Common Share Net
Net Income Per Common Share Net Income Per Common Share (Tables) | 3 Months Ended |
Jul. 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) July 1, 2017 July 2, 2016 Net income available to common stockholders $ 167,245 $ 163,049 Weighted average common shares outstanding-basic 247,911 252,901 Dilutive effect of employee equity incentive plans 3,817 3,064 Dilutive effect of 2017 Convertible Notes and warrants 14,069 10,241 Weighted average common shares outstanding-diluted 265,797 266,206 Basic net income per common share $ 0.67 $ 0.64 Diluted net income per common share $ 0.63 $ 0.61 |
Inventories Inventories (Tables
Inventories Inventories (Tables) | 3 Months Ended |
Jul. 01, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (In thousands) July 1, 2017 April 1, 2017 Raw materials $ 14,208 $ 14,517 Work-in-process 152,820 161,120 Finished goods 48,182 51,396 $ 215,210 $ 227,033 |
Debt and Credit Facility (Table
Debt and Credit Facility (Tables) | 3 Months Ended |
Jul. 01, 2017 | |
Two And Six Two Five Percent Senior Convertible Debentures [Member] | |
Schedule of Debt Instruments [Line Items] | |
Carrying values of liability and equity components of debentures | The carrying values of the liabilities and equity components of the 2017 Convertible Notes are reflected in the Company's condensed consolidated balance sheets as follows: (In thousands) July 1, 2017 April 1, 2017 Liability component: Principal amount of the 2017 Convertible Notes $ — $ 457,918 Unamortized discount of liability component — (1,977 ) Hedge accounting adjustment – sale of interest rate swap — 571 Unamortized debt issuance costs associated with 2017 Convertible Notes — (184 ) Net carrying value of the 2017 Convertible Notes $ — $ 456,328 Equity component (including temporary equity) – net carrying value $ — $ 50,688 |
Interest Expense Related to Debentures [Table Text Block] | Prior to the conversion, interest expense related to the 2017 Convertible Notes was included in interest and other income (expense), net on the consolidated statements of income, and was recognized as follows: Three Months Ended (In thousands) July 1, 2017 July 2, 2016 Contractual coupon interest $ 2,300 $ 3,938 Amortization of debt issuance costs 184 362 Amortization of debt discount, net 1,406 2,763 Total interest expense related to the 2017 Convertible Notes $ 3,890 $ 7,063 |
2019 and 2021 Notes Payable [Member] | |
Schedule of Debt Instruments [Line Items] | |
Carrying values of liability and equity components of debentures | The following table summarizes the carrying value of the 2019 Notes and 2021 Notes as of July 1, 2017 and April 1, 2017 : (In thousands) July 1, 2017 April 1, 2017 Principal amount of the 2019 Notes $ 500,000 $ 500,000 Unamortized discount of the 2019 Notes (904 ) (1,037 ) Unamortized debt issuance costs associated with 2019 Notes (569 ) (654 ) Principal amount of the 2021 Notes 500,000 500,000 Unamortized discount of the 2021 Notes (1,979 ) (2,107 ) Unamortized debt issuance costs associated with 2021 Notes (895 ) (955 ) Total carrying value $ 995,653 $ 995,247 |
Interest Expense Related to Debentures [Table Text Block] | Interest expense related to the 2019 Notes and 2021 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows: Three Months Ended (In thousands) July 1, 2017 July 2, 2016 Contractual coupon interest $ 6,406 $ 6,406 Amortization of debt issuance costs 146 146 Amortization of debt discount, net 260 253 Total interest expense related to the 2019 Notes and 2021 Notes $ 6,812 $ 6,805 |
Two Point and Nine Five Percent 2024 Senior Debentures [Member] | |
Schedule of Debt Instruments [Line Items] | |
Carrying values of liability and equity components of debentures | The following table summarizes the carrying value of the 2024 Notes as of July 1, 2017 and April 1, 2017 : (In thousands) July 1, 2017 April 1, 2017 Principal amount of the 2024 Notes $ 750,000 $ — Unamortized discount of the 2024 Notes (838 ) — Unamortized debt issuance costs associated with 2024 Notes (3,911 ) — Carrying Value of the 2024 Notes $ 745,251 $ — Fair value hedge adjustment — interest rate swap contracts (3,494 ) — Net carrying value of the 2024 Notes $ 741,757 $ — |
Interest Expense Related to Debentures [Table Text Block] | Interest expense related to the 2024 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows: Three Months Ended (In thousands) July 1, 2017 July 2, 2016 Contractual coupon interest $ 1,322 $ — Amortization of debt issuance costs 47 — Amortization of debt discount, net 10 — Total interest expense related to the 2024 Notes $ 1,379 $ — |
Interest And Other Expense, N34
Interest And Other Expense, Net (Tables) | 3 Months Ended |
Jul. 01, 2017 | |
Other Income and Expenses [Abstract] | |
Components of interest and other expense, net | The components of interest and other income (expense), net are as follows: Three Months Ended (In thousands) July 1, 2017 July 2, 2016 Interest income $ 13,414 $ 11,466 Interest expense (12,081 ) (13,868 ) Other income (expense), net 506 (2,185 ) Total interest and other income (expense), net $ 1,839 $ (4,587 ) |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Jul. 01, 2017 | |
Equity [Abstract] | |
Components of accumulated other comprehensive income (loss) | The components of the Company's accumulated other comprehensive loss are as follows: (In thousands) July 1, 2017 April 1, 2017 Accumulated unrealized losses on available-for-sale securities, net of tax $ (11,888 ) $ (17,091 ) Accumulated unrealized gains on hedging transactions, net of tax 1,747 661 Accumulated cumulative translation adjustment, net of tax (6,491 ) (8,251 ) Total accumulated other comprehensive loss $ (16,632 ) $ (24,681 ) |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Jul. 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 Year (In thousands) 2018 (remaining nine months) $ 4,523 2019 4,772 2020 3,667 2021 2,398 2022 2,398 Thereafter 485 Total $ 18,243 |
Goodwill and Acquisition-Rela37
Goodwill and Acquisition-Related Intangibles (Tables) | 3 Months Ended |
Jul. 01, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross and net amounts of goodwill and of acquisition-related intangibles | As of July 1, 2017 and April 1, 2017 , the gross and net amounts of goodwill and of acquisition-related intangibles for all acquisitions were as follows: Weighted-Average (In thousands) July 1, 2017 April 1, 2017 Amortization Life Goodwill $ 161,287 $ 161,287 Core technology, gross 79,981 79,981 Less accumulated amortization (77,197 ) (76,512 ) Core technology, net 2,784 3,469 5.6 years Other intangibles, gross 46,766 46,766 Less accumulated amortization (46,679 ) (46,659 ) Other intangibles, net 87 107 2.6 years Total acquisition-related intangibles, gross 126,747 126,747 Less accumulated amortization (123,876 ) (123,171 ) Total acquisition-related intangibles, net $ 2,871 $ 3,576 |
Schedule of expected annual amortization expense for acquisition-related intangibles | Based on the carrying value of acquisition-related intangibles recorded as of July 1, 2017 , and assuming no subsequent acquisition or impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows: Fiscal Year (In thousands) 2018 (remaining nine months) $ 1,218 2019 561 2020 468 2021 468 2022 156 Total $ 2,871 |
Significant Customers and Con38
Significant Customers and Concentrations of Credit Risk (Details) - Customer | 3 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Apr. 01, 2017 | |
Significant Customers and Concentrations of Credit Risk [Abstract] | |||
Percentage of Accounts Receivable Accounted From Company Distributor One | 68.00% | 59.00% | |
Percentage of net revenues through resale of product from Company Distributor One | 41.00% | 42.00% | |
Number of End Customers Accounted For 10% or More of Net Revenues | 0 | 0 | |
Percentage of higher grade security investment in debt securities | 85.00% | ||
Percentage of Mortgage Backed Securities In Investment Portfolio | 32.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jul. 01, 2017 | Apr. 01, 2017 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Available-for-sale Securities, Noncurrent | $ 106,862 | $ 116,288 |
Fair Value, Measurements, Recurring [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 3,686,835 | 3,366,594 |
Fair Value, Net Asset (Liability) | 3,686,334 | |
Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Liabilities, Fair Value Disclosure, Recurring | 501 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 431,094 | 333,037 |
Fair Value, Net Asset (Liability) | 431,094 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Liabilities, Fair Value Disclosure, Recurring | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 3,255,741 | 3,033,557 |
Fair Value, Net Asset (Liability) | 3,255,240 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Liabilities, Fair Value Disclosure, Recurring | 501 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Net Asset (Liability) | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Liabilities, Fair Value Disclosure, Recurring | 0 | |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 379,788 | 298,307 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 124,968 | 158,962 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 232,666 | 205,322 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 89,461 | 53,982 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 164,883 | 177,310 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 379,788 | 298,307 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 24,995 | 2,998 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 124,968 | 158,962 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 232,666 | 205,322 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 64,466 | 50,984 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 164,883 | 177,310 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 299,618 | 189,835 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 201,308 | 203,938 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 67,794 | 76,552 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 229,241 | 144,811 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 1,139,975 | 1,115,403 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 34,107 | 34,068 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Bank Loans [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 164,744 | 154,014 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 221,225 | 218,170 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 230,195 | 217,971 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 26,311 | 31,732 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | 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 measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 299,618 | 189,835 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 201,308 | 203,938 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 41,483 | 44,820 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 229,241 | 144,811 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 1,139,975 | 1,115,403 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 34,107 | 34,068 |
Fair Value, Measurements, Recurring [Member] | 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 measured at fair value | 164,744 | 154,014 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 221,225 | 218,170 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 230,195 | 217,971 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | 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 measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Long-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 49,597 | 60,099 |
Fair Value, Measurements, Recurring [Member] | Long-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 55,790 | 54,608 |
Fair Value, Measurements, Recurring [Member] | Long-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 1,475 | 1,581 |
Fair Value, Measurements, Recurring [Member] | Long-Term Investments [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 1,661 | |
Fair Value, Measurements, Recurring [Member] | 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 measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Long-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | 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 measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Long-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | |
Fair Value, Measurements, Recurring [Member] | 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 measured at fair value | 49,597 | 60,099 |
Fair Value, Measurements, Recurring [Member] | Long-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 55,790 | 54,608 |
Fair Value, Measurements, Recurring [Member] | 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 measured at fair value | 1,475 | 1,581 |
Fair Value, Measurements, Recurring [Member] | Long-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 1,661 | |
Fair Value, Measurements, Recurring [Member] | 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 measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Long-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | 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 measured at fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Long-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets measured at fair value | $ 0 | |
Other Noncurrent Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Liabilities, Fair Value Disclosure, Recurring | 501 | |
Other Noncurrent Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Liabilities, Fair Value Disclosure, Recurring | 0 | |
Other Noncurrent Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Liabilities, Fair Value Disclosure, Recurring | 501 | |
Other Noncurrent Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Liabilities, Fair Value Disclosure, Recurring | $ 0 |
Fair Value Measurements (Deta40
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | |
Changes in Level 3 instruments measured at fair value on a recurring basis | ||
Balance as of beginning of period | $ 0 | $ 9,977 |
Total realized and unrealized gains (losses) included in other comprehensive income | 0 | 91 |
Balance as of end of period | $ 0 | $ 10,068 |
Fair Value Measurements (Deta41
Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 01, 2017 | Apr. 01, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Noncurrent | $ 106,862 | $ 116,288 |
Two And One Two Five Percent 2019 Senior Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Face Amount | $ 500,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.125% | |
Debt Instrument, Maturity Date | Mar. 15, 2019 | |
Fair value of convertible notes | $ 502,100 | |
Three Point Zero Percent 2021 Senior Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Face Amount | $ 500,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |
Debt Instrument, Maturity Date | Mar. 15, 2021 | |
Fair value of convertible notes | $ 511,400 | |
Two Point and Nine Five Percent 2024 Senior Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Face Amount | $ 750,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | |
Debt Instrument, Maturity Date | Jun. 1, 2024 | |
Fair value of convertible notes | $ 752,500 | |
Three Point Zero Percent 2021 Senior Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Face Amount | 500,000 | 500,000 |
Two Point and Nine Five Percent 2024 Senior Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Face Amount | $ 750,000 | 0 |
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | |
Two And One Two Five Percent 2019 Senior Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Face Amount | $ 500,000 | $ 500,000 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Jul. 01, 2017 | Apr. 01, 2017 |
Available-for-sale securities | ||
Amortized Cost | $ 3,705,695 | $ 3,392,034 |
Gross Unrealized Gains | 7,553 | 5,571 |
Gross Unrealized Losses | 26,413 | 32,672 |
Estimated Fair Value | 3,686,835 | 3,364,933 |
Money Market Funds [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 379,788 | 298,307 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 379,788 | 298,307 |
Financial institution securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 424,586 | 348,797 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 424,586 | 348,797 |
Non-financial institution securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 433,609 | 409,109 |
Gross Unrealized Gains | 700 | 647 |
Gross Unrealized Losses | 335 | 496 |
Estimated Fair Value | 433,974 | 409,260 |
U.S. Government and Agency Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 157,433 | 130,749 |
Gross Unrealized Gains | 4 | 8 |
Gross Unrealized Losses | 182 | 223 |
Estimated Fair Value | 157,255 | 130,534 |
Foreign Government and Agency Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 394,121 | 322,172 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | 0 | 51 |
Estimated Fair Value | 394,124 | 322,121 |
Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 1,194,714 | 1,186,732 |
Gross Unrealized Gains | 5,407 | 3,527 |
Gross Unrealized Losses | 10,549 | 14,757 |
Estimated Fair Value | 1,189,572 | 1,175,502 |
Asset-backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 222,552 | 220,033 |
Gross Unrealized Gains | 589 | 404 |
Gross Unrealized Losses | 441 | 686 |
Estimated Fair Value | 222,700 | 219,751 |
Debt Mutual Fund [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 101,350 | 101,350 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 11,453 | 12,674 |
Estimated Fair Value | 89,897 | 88,676 |
Bank Loans [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 164,300 | 153,281 |
Gross Unrealized Gains | 604 | 839 |
Gross Unrealized Losses | 160 | 106 |
Estimated Fair Value | 164,744 | 154,014 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 233,242 | 221,504 |
Gross Unrealized Gains | 246 | 146 |
Gross Unrealized Losses | 3,293 | 3,679 |
Estimated Fair Value | $ 230,195 | $ 217,971 |
Financial Instruments (Details
Financial Instruments (Details 1) - USD ($) $ in Thousands | Jul. 01, 2017 | Apr. 01, 2017 |
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | $ 1,249,003 | $ 1,310,037 |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (11,404) | (15,101) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 221,694 | 258,680 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | (15,009) | (17,571) |
Available-for-Sale Securities, Fair Value, Total | 1,470,697 | 1,568,717 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (26,413) | (32,672) |
Non-financial institution securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 73,844 | 68,850 |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (334) | (492) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 1,018 | 1,022 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | (1) | (4) |
Available-for-Sale Securities, Fair Value, Total | 74,862 | 69,872 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (335) | (496) |
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 | 53,539 | 64,895 |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (178) | (223) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 4,596 | 0 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | (4) | 0 |
Available-for-Sale Securities, Fair Value, Total | 58,135 | 64,895 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (182) | (223) |
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, Less Than 12 Months, Gross Unrealized Losses | (51) | |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 0 | |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | 0 | |
Available-for-Sale Securities, Fair Value, Total | 64,857 | |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (51) | |
Mortgage-Backed Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 809,678 | 811,058 |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (9,098) | (11,872) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 95,890 | 139,931 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | (1,451) | (2,885) |
Available-for-Sale Securities, Fair Value, Total | 905,568 | 950,989 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (10,549) | (14,757) |
Asset-backed Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 125,635 | 119,845 |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (418) | (651) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 5,858 | 4,689 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | (23) | (35) |
Available-for-Sale Securities, Fair Value, Total | 131,493 | 124,534 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (441) | (686) |
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, Less Than 12 Months, Gross Unrealized Losses | 0 | 0 |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 89,897 | 88,676 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | (11,453) | (12,674) |
Available-for-Sale Securities, Fair Value, Total | 89,897 | 88,676 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (11,453) | (12,674) |
Bank Loans [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 35,556 | 15,139 |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (160) | (106) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 0 | 0 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | 0 | 0 |
Available-for-Sale Securities, Fair Value, Total | 35,556 | 15,139 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (160) | (106) |
Commercial Mortgage Backed Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 150,751 | 165,393 |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (1,216) | (1,706) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 24,435 | 24,362 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | (2,077) | (1,973) |
Available-for-Sale Securities, Fair Value, Total | 175,186 | 189,755 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | $ (3,293) | $ (3,679) |
Financial Instruments (Detail44
Financial Instruments (Details 2) $ in Thousands | Jul. 01, 2017USD ($) |
Amortized Cost | |
Due in one year or less | $ 1,224,751 |
Due after one year through five years | 477,162 |
Due after five years through ten years | 319,892 |
Due after ten years | 1,202,752 |
Amortized Cost Total | 3,224,557 |
Estimated Fair Value | |
Due in one year or less | 1,224,739 |
Due after one year through five years | 475,193 |
Due after five years through ten years | 319,444 |
Due after ten years | 1,197,774 |
Estimated Fair Value Total | 3,217,150 |
Marketable debt securities with contractual maturities greater than one year but classified as short-term investment | $ 1,980,000 |
Financial Instruments (Detail45
Financial Instruments (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | |
Investments, All Other Investments [Abstract] | ||
Proceeds from sale of available-for-sale securities | $ 119,922 | $ 99,474 |
Gross realized gains on sale of available-for-sale securities | 832 | 721 |
Gross realized losses on sale of available-for-sale securities | (386) | (512) |
Net realized gains on sale of available-for-sale securities | 446 | 209 |
Amortization of premiums on available-for-sale securities | $ 5,522 | $ 6,762 |
Derivative Financial Instrume46
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jul. 01, 2017 | Apr. 01, 2017 |
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 88,787 | $ 86,256 |
Singapore Dollar [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 21,884 | 22,012 |
Euro [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 20,073 | 18,553 |
Indian Rupee [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 33,175 | 31,121 |
British Pound [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 9,896 | 10,813 |
Japanese Yen [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 3,759 | $ 3,757 |
Derivative Financial Instrume47
Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands | Jul. 01, 2017 | Apr. 01, 2017 |
Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 3,167 | $ 2,424 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 174 | 763 |
Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 3,494 | 0 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $ 0 | $ 0 |
Derivative Financial Instrume48
Derivative Financial Instruments (Details 2) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | ||
Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gains (losses) recognized in other comprehensive income on derivative (effective portion of cash flow hedging) | $ 1,086 | $ (488) | |
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] | (357) | 293 |
Amount of gains (losses) recorded (ineffective portion) | [1] | $ (19) | $ 8 |
[1] | Recorded in interest and other income (expense), net within the condensed consolidated statements of income. |
Derivative Financial Instrume49
Derivative Financial Instruments (Details Textual) | 3 Months Ended |
Jul. 01, 2017USD ($) | |
Derivative [Line Items] | |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 0 |
Hedging Program number of years | 2 years |
Maturity of Foreign Currency Derivatives | May 13, 2019 |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Derivative Liability, Fair Value, Gross Liability | $ 3,500,000 |
Stock-Based Compensation Plan50
Stock-Based Compensation Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | |
Stock Based compensation expense | ||
Stock-based compensation effect on income before taxes | $ 32,036 | $ 29,404 |
Cost of Revenues [Member] | ||
Stock Based compensation expense | ||
Stock-based compensation effect on income before taxes | 2,150 | 2,119 |
Research and Development [Member] | ||
Stock Based compensation expense | ||
Stock-based compensation effect on income before taxes | 17,466 | 15,120 |
Selling, General and Administrative Expenses [Member] | ||
Stock Based compensation expense | ||
Stock-based compensation effect on income before taxes | $ 12,420 | $ 12,165 |
Stock-Based Compensation Plan51
Stock-Based Compensation Plans Stock-Based Compensation Plans (Details 1) | 3 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.70% | 1.00% |
Weighted average assumptions in estimation of fair value of stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.30% | 2.80% |
Stock-Based Compensation Plan52
Stock-Based Compensation Plans Stock-Based Compensation Plans (Details 3) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 3 Months Ended | 12 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | Apr. 01, 2017 | |
Number of Shares | |||
Number of Shares, Beginning Balance (shares) | 6,988 | 6,619 | 6,619 |
Number of Shares, Granted (shares) | 317 | 3,398 | |
Number of Shares, Vested (shares) | 1,439 | 2,619 | |
Number of Shares, Forfeited/Cancelled (shares) | 95 | 410 | |
Number of Shares, Ending Balance (shares) | 5,771 | 6,988 | |
Weighted-Average Grant-Date Fair Value Per Share | |||
Weighted-Average Grant-Date Fair Value, Beginning Balance (usd per share) | $ 42.93 | $ 40.74 | $ 40.74 |
Weighted-Average Grant-Date Fair Value, Granted (usd per share) | 57.99 | $ 42.52 | 44.38 |
Weighted-Average Grant-Date Fair Value, Vested (usd per share) | 41.45 | 39.49 | |
Weighted-Average Grant-Date Fair Value, Forfeited/Cancelled (usd per share) | 44.14 | 41.63 | |
Weighted-Average Grant-Date Fair Value, Ending Balance (usd per share) | $ 43.66 | $ 42.93 |
Stock-Based Compensation Plan53
Stock-Based Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | Apr. 01, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefit from compensation expense | $ 11.6 | $ 6.8 | |
Adjustments Related to Tax Withholding for Share-based Compensation | $ 25.6 | 26.7 | |
Options, grants in period (shares) | 0 | 0 | |
Options, intrinsic value of shares exercised in the period | $ 2.8 | $ 12.6 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-Average Grant-Date Fair Value, Granted (usd per share) | $ 57.99 | $ 42.52 | $ 44.38 |
Equity Plan 2007 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant (shares) | 12,200,000 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
ESPP shares issued during period (shares) | 0 | 0 | |
Shares available for grant (shares) | 8,200,000 |
Net Income Per Common Share N54
Net Income Per Common Share Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | |
Debt Conversion [Line Items] | ||
Net income | $ 167,245 | $ 163,049 |
Weighted Average Number of Shares Outstanding, Basic | 247,911 | 252,901 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities and Warrants | 6,000 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 3,817 | 3,064 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities and Warrants | 14,069 | 10,241 |
Weighted Average Number of Shares Outstanding, Diluted | 265,797 | 266,206 |
Antidilutive shares excluded from computation of dilutive net income per common share | 152 | 297 |
Earnings Per Share, Basic | $ 0.67 | $ 0.64 |
Earnings Per Share, Diluted | $ 0.63 | $ 0.61 |
Two And Six Two Five Percent Senior Convertible Debentures [Member] | ||
Debt Conversion [Line Items] | ||
Debt Instrument, Face Amount | $ 600,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.625% | |
Debt Instrument, Maturity Date | Jun. 15, 2017 |
Inventories Inventories (Detail
Inventories Inventories (Details) - USD ($) $ in Thousands | Jul. 01, 2017 | Apr. 01, 2017 |
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials, Gross | $ 14,208 | $ 14,517 |
Inventory, Work in Process, Gross | 152,820 | 161,120 |
Inventory, Finished Goods, Gross | 48,182 | 51,396 |
Inventory, Net | $ 215,210 | $ 227,033 |
Debt and Credit Facility (Detai
Debt and Credit Facility (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Mar. 29, 2014 | Apr. 01, 2017 | |
Debt Instrument [Line Items] | ||||
Amortization of Debt Discount (Premium) | $ 1,676,000 | $ 3,016,000 | ||
Proceeds from Issuance of Long-term Debt | $ 745,871,000 | 0 | ||
Debt Instrument, Description of Variable Rate Basis | three-month London Interbank Offered Rate (LIBOR) plus 91.43 bps | |||
Line of Credit Facility, Expiration Date | Dec. 14, 2021 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | |||
AdditionalborrowingcapacityfromRevolvingCreditFacility | 150,000,000 | |||
Line of Credit Facility, Average Outstanding Amount | 0 | |||
Long-term Debt, Excluding Current Maturities | $ 1,737,410,000 | $ 995,247,000 | ||
Two And One Two Five Percent 2019 Senior Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Discount Percent of Par | 99.477% | |||
Debt Instrument, Face Amount | $ 500,000,000 | 500,000,000 | ||
Debt Instrument, Unamortized Discount | (904,000) | (1,037,000) | ||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net | $ (569,000) | (654,000) | ||
Debt instrument, long term debt, remaining discount amortization period | 1 year 8 months 15 days | |||
2019 and 2021 Notes Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Expense, Debt, Excluding Amortization | $ 6,406,000 | 6,406,000 | ||
Amortization of Debt Issuance Costs | 146,000 | 146,000 | ||
Amortization of Debt Discount (Premium) | 260,000 | 253,000 | ||
Interest Expense, Debt | 6,812,000 | 6,805,000 | ||
Proceeds from Issuance of Long-term Debt | $ 990,100,000 | |||
Long-term Debt, Excluding Current Maturities | $ 995,653,000 | 995,247,000 | ||
Two Point and Nine Five Percent 2024 Senior Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Discount Percent of Par | 99.887% | |||
Debt Instrument, Face Amount | $ 750,000,000 | 0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | |||
Debt Instrument, Unamortized Discount | $ (838,000) | 0 | ||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net | (3,911,000) | 0 | ||
Long Term Debt, Carrying Value before Hedging Adjustment | 745,251,000 | 0 | ||
Derivative, Amount of Hedged Item | (3,494,000) | 0 | ||
Interest Expense, Debt, Excluding Amortization | 1,322,000 | 0 | ||
Amortization of Debt Issuance Costs | 47,000 | 0 | ||
Amortization of Debt Discount (Premium) | 10,000 | 0 | ||
Interest Expense, Debt | 1,379,000 | $ 0 | ||
Proceeds from Issuance of Long-term Debt | $ 745,200,000 | |||
Debt instrument, long term debt, remaining discount amortization period | 6 years 11 months | |||
Long-term Debt, Excluding Current Maturities | $ 741,757,000 | 0 | ||
Three Point Zero Percent 2021 Senior Debentures [Member] | ||||
Debt Instrument [Line Items] | ||||
Discount Percent of Par | 99.281% | |||
Debt Instrument, Face Amount | $ 500,000,000 | 500,000,000 | ||
Debt Instrument, Unamortized Discount | (1,979,000) | (2,107,000) | ||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net | $ (895,000) | $ (955,000) | ||
Debt instrument, long term debt, remaining discount amortization period | 3 years 8 months 15 days | |||
Interest Rate Swap [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest Rate Derivative Liabilities, at Fair Value | $ 3,500,000 |
Debt and Credit Facility (Det57
Debt and Credit Facility (Details 2) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Apr. 01, 2017 | |
Short-term Debt [Line Items] | |||
Repayments of Convertible Debt | $ 457,918,000 | $ 0 | |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 9 | ||
Amortization of Debt Discount (Premium) | $ 1,676,000 | 3,016,000 | |
Shares received from exercise of call options | 9 | ||
Long-term Debt, Excluding Current Maturities | $ 1,737,410,000 | $ 995,247,000 | |
Two And Six Two Five Percent Senior Convertible Debentures [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Face Amount | 0 | 457,918,000 | |
Debt Instrument, Unamortized Discount | 0 | (1,977,000) | |
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net | 0 | (184,000) | |
Interest Expense, Debt, Excluding Amortization | 2,300,000 | 3,938,000 | |
Amortization of Debt Issuance Costs | 184,000 | 362,000 | |
Amortization of Debt Discount (Premium) | 1,406,000 | 2,763,000 | |
Interest Expense, Debt | $ 3,890,000 | $ 7,063,000 | |
Warrants, number of shares the holders have the right to purchase | 21.1 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 40.38 | ||
Hedge Accounting Adjustment - Sale Of Interest Rate Swap | $ 0 | 571,000 | |
Long-term Debt, Excluding Current Maturities | 0 | 456,328,000 | |
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 0 | $ 50,688,000 |
Common Stock Repurchase Progr58
Common Stock Repurchase Program (Details) - USD ($) | 3 Months Ended | 14 Months Ended | |||
Jul. 01, 2017 | Jul. 02, 2016 | Jul. 01, 2017 | Apr. 01, 2017 | May 16, 2016 | |
Accelerated Share Repurchases [Line Items] | |||||
Preferred stock, shares issued (none issued) | 0 | 0 | 0 | ||
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | ||
Stock Repurchased and Retired During Period, Value | $ 67,100,000 | $ 100,200,000 | |||
Treasury shares | 0 | 0 | 0 | ||
Stock Repurchased During Period, Shares | (1,000,000) | (2,200,000) | |||
Repurchase Program Two Thousand Sixteen [Member] [Domain] | |||||
Accelerated Share Repurchases [Line Items] | |||||
Amount authorized for common stock repurchase | $ 1,000,000,000 | ||||
Stock Repurchased During Period, Value | $ 384,900,000 | ||||
Total amount available for future repurchases | $ 615,100,000 | $ 615,100,000 |
Interest and Other Expense, N59
Interest and Other Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | |
Other Income and Expenses [Abstract] | ||
Net interest rate received (paid) from interest rate swap | $ 643 | |
Components of interest and other expense | ||
Interest income | 13,414 | $ 11,466 |
Interest expense | (12,081) | (13,868) |
Other income (expense), net | 506 | (2,185) |
Interest and other expense, net | $ 1,839 | $ (4,587) |
Accumulated Other Comprehensi60
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Jul. 01, 2017 | Apr. 01, 2017 |
Components of accumulated other comprehensive income (loss) | ||
Accumulated unrealized losses on available-for-sale securities, net of tax | $ (11,888) | $ (17,091) |
Accumulated unrealized losses on hedging transactions, net of tax | 1,747 | 661 |
Accumulated cumulative translation adjustment, net of tax | (6,491) | (8,251) |
Accumulated other comprehensive income (loss) | $ (16,632) | $ (24,681) |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $ 15,014 | $ 18,569 |
Effective Income Tax Rate Reconciliation, Percent | 8.00% | 10.00% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 90,000 | |
Unrecognized Tax Benefits | 120,400 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 13,200 |
Commitments (Details)
Commitments (Details) $ in Thousands | Jul. 01, 2017USD ($) |
Future Minimum Lease Payments Under Non-Cancelable Operating Leases | |
2018 (remaining nine months) | $ 4,523 |
2,019 | 4,772 |
2,020 | 3,667 |
2,021 | 2,398 |
2,022 | 2,398 |
Thereafter | 485 |
Total | $ 18,243 |
Commitments (Details Textual)
Commitments (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Jul. 01, 2017 | Jul. 02, 2016 | |
Loss Contingencies [Line Items] | ||
Aggregate future rental income to be received | $ 2.6 | |
Rent expense, net of rental income | 1.2 | $ 1.3 |
Other commitments | 119.9 | |
Non-cancelable license obligations | $ 44.1 | |
Software and Maintenance License Obligations Expiration Date | Dec. 28, 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 | |
Capital Lease Obligations [Member] | ||
Loss Contingencies [Line Items] | ||
Lease Expiration Date | Nov. 30, 2035 | |
Leasing Arrangement [Member] | ||
Loss Contingencies [Line Items] | ||
Lease Expiration Date | Dec. 31, 2025 |
Contingencies Contingencies (De
Contingencies Contingencies (Details) $ in Millions | 3 Months Ended |
Jul. 01, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency, Damages Sought, Value | $ 50 |
Goodwill and Acquisition-Rela65
Goodwill and Acquisition-Related Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 01, 2017 | Apr. 01, 2017 | |
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Goodwill | $ 161,287 | $ 161,287 |
Total acquisition-related intangibles, gross | 126,747 | 126,747 |
Less accumulated amortization | (123,876) | (123,171) |
Total | 2,871 | 3,576 |
Core Technology [Member] | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Total acquisition-related intangibles, gross | 79,981 | 79,981 |
Less accumulated amortization | (77,197) | (76,512) |
Total | $ 2,784 | 3,469 |
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 | 46,766 |
Less accumulated amortization | (46,679) | (46,659) |
Total | $ 87 | $ 107 |
Weighted-Average Amortization Life | 2 years 7 months |
Goodwill and Acquisition-Rela66
Goodwill and Acquisition-Related Intangibles (Details 1) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 01, 2017 | Jul. 02, 2016 | Apr. 01, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of acquisition-related intangibles | $ 705 | $ 1,244 | |
Schedule of expected annual amortization expense for acquisition-related intangibles | |||
2,016 | 1,218 | ||
2,017 | 561 | ||
2,018 | 468 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 468 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 156 | ||
Total | $ 2,871 | $ 3,576 |
Subsequent Events (Details)
Subsequent Events (Details) | Jul. 25, 2017$ / shares |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Common Stock, Dividends, Per Share, Declared | $ 0.35 |