Cover
Cover - USD ($) | 12 Months Ended | ||
Mar. 28, 2020 | Apr. 24, 2020 | Sep. 28, 2019 | |
Cover [Abstract] | |||
Document Annual Report | true | ||
Document Transition Report | false | ||
Title of 12(b) Security | Common stock, $0.01 par value | ||
Entity Incorporation, State or Country Code | DE | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 28, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | XILINX, INC | ||
Entity Central Index Key | 0000743988 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Current Fiscal Year End Date | --03-28 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 243,846,000 | ||
Entity Public Float | $ 19,724,323,000 | ||
Entity File Number | 000-18548 | ||
Entity Address, Address Line One | 2100 Logic Drive | ||
Entity Tax Identification Number | 77-0188631 | ||
Entity Address, City or Town | San Jose | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 95124 | ||
City Area Code | 408 | ||
Local Phone Number | 559-7778 | ||
Trading Symbol | XLNX | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | |||
Revenues | $ 3,162,666 | $ 3,059,040 | $ 2,467,023 |
Cost of revenues: | 1,025,234 | 955,868 | 743,419 |
Amortization of acquisition-related intangibles | 22,396 | 0 | 0 |
Gross margin | 2,115,036 | 2,103,172 | 1,723,604 |
Operating expenses: | |||
Research and development | 853,589 | 743,027 | 639,750 |
Selling, general and administrative | 432,308 | 398,416 | 362,329 |
Amortization of acquisition-related intangibles | 8,889 | 4,930 | 2,152 |
Restructuring charges and executive transition costs | 28,362 | 0 | 33,351 |
Total operating expenses | 1,323,148 | 1,146,373 | 1,037,582 |
Total cost of revenues | 1,047,630 | 955,868 | 743,419 |
Operating income | 791,888 | 956,799 | 686,022 |
Interest and other income (expense), net | 42,096 | 11,533 | 5,357 |
Income before income taxes | 833,984 | 968,332 | 691,379 |
Provision for income taxes | 41,263 | 78,582 | 227,398 |
Net income | $ 792,721 | $ 889,750 | $ 463,981 |
Net income per common share: | |||
Basic (in dollars per share) | $ 3.15 | $ 3.52 | $ 1.86 |
Diluted (in dollars per share) | $ 3.11 | $ 3.47 | $ 1.80 |
Shares used in per share calculations: | |||
Basic (in shares) | 251,732 | 252,762 | 249,595 |
Diluted (in shares) | 254,943 | 256,434 | 257,960 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 792,721 | $ 889,750 | $ 463,981 |
Other comprehensive income (loss), net of tax: | |||
Net change in unrealized gains (losses) on available-for-sale securities | 16,456 | 8,979 | (8,211) |
Reclassification adjustment for (gains) losses on available-for-sale securities | (2,412) | (260) | 349 |
Net change in unrealized (losses) gains on hedging transactions | (13,188) | (7,181) | 5,517 |
Reclassification adjustment for losses (gains) on hedging transactions | 2,923 | 5,603 | (4,655) |
Cumulative translation adjustment, net | (646) | (4,441) | 2,375 |
Other comprehensive income (loss) | 3,133 | 2,700 | (4,625) |
Total comprehensive income | $ 795,854 | $ 892,450 | $ 459,356 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,777,703 | $ 1,544,490 |
Short-term investments | 489,513 | 1,631,194 |
Accounts receivable, net of allowances for doubtful accounts of $3,239 and $3,170 in 2020 and 2019, respectively | 273,028 | 335,165 |
Inventories | 304,340 | 315,358 |
Prepaid expenses and other current assets | 64,557 | 65,771 |
Total current assets | 2,909,141 | 3,891,978 |
Property, plant and equipment, at cost: | ||
Land | 65,298 | 65,298 |
Buildings | 376,879 | 353,914 |
Machinery and equipment | 497,090 | 438,617 |
Furniture and fixtures | 50,048 | 45,164 |
Gross property, plant and equipment | 989,315 | 902,993 |
Accumulated depreciation and amortization | (616,741) | (574,064) |
Net property, plant and equipment | 372,574 | 328,929 |
Long-term investments | 0 | 53,433 |
Goodwill | 619,196 | 340,718 |
Acquisition-related intangibles, net | 200,344 | 80,723 |
Other assets | 592,079 | 455,567 |
Total Assets | 4,693,334 | 5,151,348 |
Current liabilities: | ||
Accounts payable | 102,131 | 117,491 |
Accrued payroll and related liabilities | 231,439 | 247,268 |
Income taxes payable | 36,217 | 28,718 |
Other accrued liabilities | 216,634 | 81,559 |
Current portion of long-term debt | 499,260 | 0 |
Total current liabilities | 1,085,681 | 475,036 |
Long-term debt | 747,110 | 1,234,807 |
Long-term income taxes payable | 447,383 | 515,192 |
Other long-term liabilities | 98,111 | 64,804 |
Commitments and contingencies (Note 8 and Note 16) | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value; 2,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $.01 par value; 2,000,000 shares authorized; 243,810 and 253,891 shares issued and outstanding in 2020 and 2019, respectively | 2,438 | 2,539 |
Additional paid-in capital | 1,145,083 | 1,005,411 |
Retained earnings | 1,187,805 | 1,876,969 |
Accumulated other comprehensive loss | (20,277) | (23,410) |
Total stockholders’ equity | 2,315,049 | 2,861,509 |
Total Liabilities and Stockholders’ Equity | $ 4,693,334 | $ 5,151,348 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 3,239 | $ 3,170 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 243,810,000 | 253,891,000 |
Common stock, shares outstanding | 243,810,000 | 253,891,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Mar. 28, 2020USD ($) | Mar. 30, 2019USD ($) | Mar. 31, 2018USD ($) | |
Cash flows from operating activities: | |||
Net income | $ 792,721 | $ 889,750 | $ 463,981 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of software | 97,485 | 70,704 | 50,172 |
Depreciation | 60,700 | 53,300 | 46,400 |
Amortization - others | 60,048 | 33,656 | 46,582 |
Stock-based compensation | 186,723 | 147,942 | 153,815 |
Amortization of Debt Issuance Costs and Discounts | 663 | 1,144 | 2,548 |
Provision for deferred income taxes | 11,962 | (32,993) | (363,923) |
Others | (25,968) | 3,901 | 8,189 |
Changes in assets and liabilities: | |||
Accounts receivable, net | 66,889 | 47,081 | (98,396) |
Inventories | 17,947 | (78,602) | (9,176) |
Prepaid expenses and other current assets | 1,081 | (4,696) | (9,727) |
Other assets | (3,094) | (27,484) | (22,243) |
Accounts payable | (10,637) | 11,137 | (16,691) |
Accrued liabilities (including restructuring charges) | (23,699) | 46,585 | 48,723 |
Income taxes payable | 18,715 | (16,910) | 566,173 |
Net cash provided by operating activities | 1,190,836 | 1,091,215 | 820,027 |
Cash flows from investing activities: | |||
Purchases of available-for-sale securities | (1,470,888) | (1,998,881) | (2,332,140) |
Proceeds from Sale of Debt Securities, Available-for-sale | 670,604 | 35,734 | 1,161,410 |
Proceeds from maturity of available-for-sale securities | 2,092,219 | 1,650,604 | 2,194,828 |
Purchases of property, plant, equipment and software | (129,289) | (89,045) | (49,918) |
Payments to Acquire Businesses, Net of Cash Acquired | (454,651) | (234,145) | (1,364) |
Other investing activities, net | (27,791) | (54,810) | (24,573) |
Net cash provided by (used in) investing activities | 680,204 | (690,543) | 948,243 |
Cash flows from financing activities: | |||
Repurchases of common stock | (1,208,917) | (161,551) | (474,254) |
Taxes paid related to net share settlement of restricted stock units | (80,736) | (48,335) | (60,391) |
Proceeds from issuance of common stock through various stock plans | 53,277 | 48,669 | 47,454 |
Payment of dividends to stockholders | (371,793) | (364,244) | (353,053) |
Repayments of Long-term Debt | 0 | 500,000 | 457,918 |
Proceeds from issuance of long-term debts | 0 | 0 | 745,175 |
Other financing activities | (29,658) | (10,049) | (2,650) |
Net cash used in financing activities | (1,637,827) | (1,035,510) | (555,637) |
Net increase (decrease) in cash and cash equivalents | 233,213 | (634,838) | 1,212,633 |
Cash and cash equivalents | 1,777,703 | 1,544,490 | 2,179,328 |
Supplemental disclosure of cash flow information: | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 49,076 | 70,326 | 50,928 |
Income taxes paid, net | 10,154 | 128,377 | 25,343 |
Unsettled investment receivables | 1,119 | 655 | 16,461 |
Unsettled investment payables | 77,936 | 0 | 5,860 |
Capital Expenditures Incurred but Not yet Paid | $ 51,980 | $ 66,237 | $ 15,897 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Common stock, shares outstanding, beginning balance at Apr. 01, 2017 | 248,027 | ||||
Total stockholders' equity, beginning balance at Apr. 01, 2017 | $ 2,586,151 | $ 2,480 | $ 803,522 | $ 1,804,830 | $ (24,681) |
Components of comprehensive income: | |||||
Net income | 463,981 | 463,981 | |||
Other comprehensive income (loss) | (4,625) | (4,625) | |||
Reclassification of Stranded Tax Effects | (5,203) | (5,203) | |||
Issuance of common shares under employee stock plans, net (in shares) | 3,133 | ||||
Issuance of common shares under employee stock plans, net | $ 32 | ||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (12,937) | 12,969 | |||
Repurchase and retirement of common stock (in shares) | (6,957) | ||||
Repurchase and retirement of common stock | (474,254) | $ (70) | (66,879) | (407,305) | |
Stock-based compensation expense | 153,815 | 153,815 | |||
Stock-based compensation capitalized in inventory | (131) | (131) | |||
Temporary equity reclassification | 1,406 | 1,406 | |||
Adjustments to Additional Paid in Capital, Warrant Issued, Shares | 9,174 | ||||
Exercise of warrants | 0 | $ 92 | (92) | ||
Cash dividends declared | (353,053) | (353,053) | |||
Common stock, shares outstanding, ending balance at Mar. 31, 2018 | 253,377 | ||||
Total stockholders' equity, ending balance at Mar. 31, 2018 | 2,360,353 | $ 2,534 | 878,672 | 1,513,656 | (34,509) |
Components of comprehensive income: | |||||
Net income | 889,750 | 889,750 | |||
Other comprehensive income (loss) | 2,700 | 2,700 | |||
Cumulative-effect of equity investments adoption | (8,399) | (8,399) | |||
Issuance of common shares under employee stock plans, net (in shares) | 2,950 | ||||
Issuance of common shares under employee stock plans, net | $ 335 | $ 29 | 306 | ||
Repurchase and retirement of common stock (in shares) | (2,400) | (2,436) | |||
Repurchase and retirement of common stock | $ (161,551) | $ (24) | (21,509) | (140,018) | |
Stock-based compensation expense | 147,942 | 147,942 | |||
Cumulative-effect of deferred tax from intra-entity asset transfer adoption | (13,776) | (13,776) | |||
Stock-based compensation capitalized in inventory | 923 | 923 | |||
Additionaltaxbenefitrecognizedfrom2014convertibledebtredemption | 81,888 | ||||
Cash dividends declared | $ (364,244) | (364,244) | |||
Common stock, shares outstanding, ending balance at Mar. 30, 2019 | 253,891 | 253,891 | |||
Total stockholders' equity, ending balance at Mar. 30, 2019 | $ 2,861,509 | $ 2,539 | 1,005,411 | 1,876,969 | (23,410) |
Components of comprehensive income: | |||||
Net income | 792,721 | 792,721 | |||
Other comprehensive income (loss) | 3,133 | 3,133 | |||
Issuance of common shares under employee stock plans, net (in shares) | 2,817 | ||||
Issuance of common shares under employee stock plans, net | $ 28 | ||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ (27,459) | 27,487 | |||
Repurchase and retirement of common stock (in shares) | (12,900) | (12,898) | |||
Repurchase and retirement of common stock | $ (1,212,596) | $ (129) | (102,375) | (1,110,092) | |
Stock-based compensation expense | 186,723 | 186,723 | |||
Additionaltaxbenefitrecognizedfrom2014convertibledebtredemption | 81,888 | ||||
Cash dividends declared | $ (371,793) | (371,793) | |||
Common stock, shares outstanding, ending balance at Mar. 28, 2020 | 243,810 | 243,810 | |||
Total stockholders' equity, ending balance at Mar. 28, 2020 | $ 2,315,049 | $ 2,438 | $ 1,145,083 | $ 1,187,805 | $ (20,277) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Retained Earnings [Member] | |||
Cash dividends per share (in dollars per share) | $ 1.48 | $ 1.44 | $ 1.40 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Mar. 28, 2020 | |
Nature of Operations [Abstract] | |
Nature of Operations | Nature of Operations Xilinx, Inc. (Xilinx or the Company) designs, develops and markets programmable devices and associated technologies, including advanced ICs in the form of PLDs, boards, software design tools and predefined system functions delivered as IP. In addition to its programmable platforms, the Company provides design services, customer training, field engineering and technical support. The wafers used to manufacture its products are obtained primarily from independent wafer manufacturers located in Taiwan and Korea. The Company is dependent on these foundries to produce and deliver silicon wafers on a timely basis. The Company is also dependent on subcontractors, primarily located in the Asia Pacific region, to provide semiconductor assembly, test and shipment services. Xilinx is a global company with sales offices throughout the world. The Company derives over one-half of its revenues from international sales, primarily in the Asia Pacific region, Europe and Japan. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Concentrations of Risk | 12 Months Ended |
Mar. 28, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Concentrations of Risk | Summary of Significant Accounting Policies and Concentrations of Risk Basis of Presentation The accompanying consolidated financial statements include the accounts of Xilinx and its wholly-owned subsidiaries after elimination of all intercompany transactions. The Company uses a 52 - to 53 -week fiscal year ending on the Saturday nearest March 31. Fiscal 2020 , 2019 and 2018 were 52-week years ended on March 28, 2020 , March 30, 2019 and March 31, 2018 , respectively. Fiscal 2021 will be a 53-week year ending on April 3, 2021. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of net revenues and expenses during the reporting period. Such estimates relate to, among others, the useful lives of assets, assessment of recoverability of property, plant and equipment, long-lived assets and goodwill, inventory write-downs, allowances for doubtful accounts, valuation of intangible assets, customer returns, deferred tax assets, stock-based compensation, potential reserves relating to litigation and tax matters, valuation of certain investments and derivative financial instruments as well as other accruals or reserves. Actual results may differ from those estimates and such differences may be material to the financial statements. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not currently aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of March 28, 2020. These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions. Cash Equivalents and Investments Cash equivalents consist of highly liquid investments with original maturities from the date of purchase of three months or less. These investments consist of money market funds, non-financial institution securities, U.S. and foreign government and agency securities and financial institution securities. Short-term investments consist of mortgage-backed securities, non-financial institution securities, U.S. and foreign government and agency securities, financial institution securities, asset-backed securities, commercial mortgage-backed securities and debt mutual funds with original maturities greater than three months and remaining maturities less than one year from the balance sheet date. Long-term investments consist of debt mutual funds. Long-term investments are investments with remaining maturities greater than one year, unless the investments are specifically identified to fund current operations, in which case they are classified as short-term investments. Equity investments are also classified as long-term investments if they are not intended to fund current operations. The Company maintains its cash balances with various banks with high quality ratings, and with investment banking and asset management institutions. The Company manages its liquidity risk by investing in a variety of money market funds, high-grade commercial paper, corporate bonds, U.S. and foreign government and agency securities, asset-backed securities, mortgage-backed securities, commercial mortgage-backed securities, bank time deposits and debt mutual funds. This diversification of investments is consistent with its policy to maintain liquidity and ensure the ability to collect principal. The Company maintains an offshore investment portfolio denominated in U.S. dollars. All investments are made pursuant to corporate investment policy guidelines. Investments include Euro commercial paper, Euro dollar bonds, Euro dollar floating rate notes, offshore time deposits, U.S. and foreign government and agency securities, asset-backed securities, commercial mortgage-backed securities, debt mutual funds and mortgage-backed securities issued by U.S. government-sponsored enterprises and agencies. Management classifies investments as available-for-sale or held-to-maturity at the time of purchase and re-evaluates such designation at each balance sheet date, although classification is not generally changed. Securities are classified as held-to-maturity when the Company has the positive intent and the ability to hold the securities until maturity. Held-to-maturity securities are carried at cost adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization, as well as any interest on the securities, is included in interest income. No investments were classified as held-to-maturity as of March 28, 2020 or March 30, 2019 . Available-for-sale securities are carried at fair value with the unrealized gains or losses, net of tax, included as a component of accumulated other comprehensive income (loss) in stockholders' equity. See "Note 3. Fair Value Measurements" for information relating to the determination of fair value. Realized gains and losses on available-for-sale securities and declines in value judged to be other than temporary are included in interest and other expense, net. In determining if and when a decline in value below the adjusted cost of available for sale securities is other than temporary, we evaluate on an ongoing basis the market conditions, trends of earnings, financial condition, credit ratings, any underlying collateral and other key measures for our investments. The cost of securities matured or sold is based on the specific identification method. The Company's investments in non-marketable equity securities of private companies are accounted for under the measurement alternative method upon the adoption of ASU 2016-01. The carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Determining whether an observed transaction is similar to a security within the Company's portfolio requires judgment based on the rights and obligations of the securities. The Company's periodic assessment of impairment is made by considering available evidence, including the general market conditions in the investee’s industry, the investee’s product development status and subsequent rounds of financing and the related valuation and/or company's participation in such financings. The Company also assesses the investee’s ability to meet business milestones and the financial condition and near-term prospects of the individual investee, including the rate at which the investee is using its cash, the investee’s need for possible additional funding at a lower valuation and any bona fide offer to purchase the investee from a prospective acquirer. Accounts Receivable The allowance for doubtful accounts reflects the Company's best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on the aging of Xilinx's accounts receivable, historical experience, known troubled accounts, management judgment and other currently available evidence. Xilinx writes off accounts receivable against the allowance when Xilinx determines a balance is uncollectible and no longer actively pursues collection of the receivable. The amounts of accounts receivable written off were insignificant for all periods presented. Inventories Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated net realizable value) and are comprised of the following: (In thousands) March 28, 2020 March 30, 2019 Raw materials $ 35,562 $ 39,727 Work-in-process 204,501 213,784 Finished goods 64,277 61,847 $ 304,340 $ 315,358 The Company reviews and sets standard costs quarterly to approximate current actual manufacturing costs. The Company's manufacturing overhead standards for product costs are calculated assuming full absorption of actual spending over actual volumes. Given the cyclicality of the market, the obsolescence of technology and product lifecycles, the Company writes down inventory based on forecasted demand and technological obsolescence. These forecasts are developed based on inputs from the Company's customers, including bookings and extended but uncommitted demand forecasts, and internal analyses such as customer historical purchasing trends and actual and anticipated design wins, as well as market and economic conditions, technology changes, new product introductions and changes in strategic direction. These factors require estimates that may include uncertain elements. The estimates of future demand that the Company uses in the valuation of inventory are the basis for its published revenue forecasts, which are also consistent with our short-term manufacturing plans. The differences between the Company's demand forecast and the actual demand in the recent past have not resulted in any material write down in the Company's inventory. If the Company's demand forecast for specific products is greater than actual demand and the Company fails to reduce manufacturing output accordingly, the Company could be required to write down additional inventory, which would have a negative impact on the Company's gross margin. Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation. Depreciation for financial reporting purposes is computed using the straight-line method over the estimated useful lives of the assets of three to five years for machinery, equipment, furniture and fixtures and 15 to 30 years for buildings. Depreciation expense totaled $60.7 million , $53.3 million and $46.4 million for fiscal 2020 , 2019 and 2018 , respectively. Impairment of Long-Lived Assets The Company evaluates the carrying value of long-lived assets to be held and used for impairment if indicators of potential impairment exist. Assets are grouped and evaluated for impairment at the lowest level of identifiable cash flows. Impairment indicators are reviewed on a quarterly basis. When indicators of impairment exist and assets are held for use, the Company estimates future undiscounted cash flows attributable to the related assets groups. In the event such cash flows are not expected to be sufficient to recover the recorded value of the assets, the assets are written down to their estimated fair values based on the expected discounted future cash flows attributable to the asset groups or based on appraisals. When assets are removed from operations and held for sale, Xilinx estimates impairment losses as the excess of the carrying value of the assets over their fair value. Goodwill Goodwill is not amortized but is subject to impairment tests on an annual basis, or more frequently if indicators of potential impairment exist, using a fair-value-based approach. Based on the impairment review performed during the fourth quarter of fiscal 2020 , there was no impairment of goodwill in fiscal 2020 . Unless there are indicators of impairment, the Company's next impairment review for goodwill will be performed and completed in the fourth quarter of fiscal 2021 . To date, no impairment indicators have been identified. Revenue Recognition Revenue from sales to the Company's distributors is recognized upon the transfer of control, which typically occurs at shipment, and is reduced by estimated allowances for distributor price adjustments and rights of return. The distributor price adjustments are estimated using the expected value method based on an analysis of actual and forecasted ship and debit claims, at the distributor and part level to account for current pricing and business trends. For fiscal 2020 , approximately 53% of the Company's net revenues were from products sold to distributors for subsequent resale to OEMs or their subcontract manufacturers. Revenue from sales to the Company's non-distributors is recognized net of sales incentives (if any) upon transfer of control to the customer, which typically occurs at shipment. Sales returns and allowances on product sales are recorded as a reduction of revenue. Revenue from software license agreements and renewals is recognized at point of sales. Revenue from support services is recognized when the service is performed. Revenue from software licenses and support services sales was approximately 1% or less of net revenues for all of the periods presented. Foreign Currency Translation The U.S. dollar is the functional currency for the Company's Ireland and Singapore subsidiaries. Monetary assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars, and the resulting gains or losses are included in the consolidated statements of income under interest and other expense, net. The remeasurement gains or losses were immaterial for all fiscal periods presented. The local currency is the functional currency for each of the Company's other wholly-owned foreign subsidiaries. Assets and liabilities are translated from foreign currencies into U.S. dollars at month-end exchange rates and statements of income are translated at the average monthly exchange rates. Exchange gains or losses arising from translation of foreign currency denominated assets and liabilities (i.e., cumulative translation adjustment) are included as a component of accumulated other comprehensive income (loss) in stockholders' equity. Derivative Financial Instruments To reduce financial risk, the Company periodically enters into financial arrangements as part of the Company's ongoing asset and liability management activities. Xilinx uses derivative financial instruments to hedge fair values of underlying assets and liabilities or future cash flows which are exposed to interest rate, foreign currency or commodity price fluctuations. The Company does not enter into derivative financial instruments for trading or speculative purposes. See "Note 5. Derivative Financial Instruments" for detailed information about the Company's derivative financial instruments. Research and Development Expenses Research and development costs are current period expenses and charged to expense as incurred. Stock-Based Compensation The Company has equity incentive plans that are more fully discussed in "Note 6. Stock-Based Compensation Plans." The authoritative guidance of accounting for share-based payment requires the Company to measure the cost of all employee equity awards (that are expected to be exercised or vested) based on the grant-date fair value of those awards, and to record that cost as compensation expense over the period during which the employee is required to perform service in exchange for the award (over the vesting period of the award). Additionally, the Company's ESPP is deemed to be a compensatory plan under the authoritative guidance of accounting for share-based payments. Accordingly, the ESPP is included in the computation of stock-based compensation expense. The Company uses the straight-line attribution method to recognize stock-based compensation costs over the requisite service period of the award. Upon exercise, cancellation or expiration of stock options, deferred tax assets for options with multiple vesting dates are eliminated for each vesting period on a first-in, first-out basis as if each award had a separate vesting period. Income Taxes All income tax amounts reflect the use of the liability method under the accounting for income taxes, as interpreted by Financial Accounting Standards Board (FASB) authoritative guidance for measuring uncertain tax positions . Under this method, deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. The TCJA introduced GILTI, which subjects a U.S. shareholder to current tax on income earned by certain foreign subsidiaries. The FASB allows companies to either (1) recognize deferred taxes for temporary differences that are expected to reverse as GILTI in future years (deferred method) or (2) account for taxes on GILTI as period costs in the year the tax is incurred (period method). The Company elected the deferred method. Business Combinations We use the acquisition method of accounting and allocate the fair value of purchase consideration to the assets acquired and liabilities assumed from the acquiree based on their respective fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired and liabilities assumed is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth and margins, future changes in technology, expected cost and time to develop in-process research and development, brand awareness and discount rates. Fair value estimates are based on the assumptions that management believes a market participant would use in pricing the asset or liability. Product Warranty and Indemnification The Company generally sells products with a limited warranty for product quality. The Company provides an accrual for known product issues if a loss is probable and can be reasonably estimated. As of the end of both fiscal 2020 and 2019 , the accrual balance of the product warranty liability was immaterial. The Company offers, subject to certain terms and conditions, to indemnify customers and distributors for costs and damages awarded against these parties in the event the Company's hardware products are found to infringe third-party intellectual property rights, including patents, copyrights or trademarks, and to compensate certain customers for limited specified costs they actually incur in the event our hardware products experience epidemic failure. To a lesser extent, the Company may from time-to-time offer limited indemnification with respect to its software products. The terms and conditions of these indemnity obligations are limited by contract, which obligations are typically perpetual from the effective date of the agreement. The Company has historically received only a limited number of requests for indemnification under these provisions and has not made any significant payments pursuant to these provisions. The Company cannot estimate the maximum amount of potential future payments, if any, that the Company may be required to make as a result of these obligations due to the limited history of indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim and indemnification provision. However, there can be no assurances that the Company will not incur any material financial liabilities in the future as a result of these obligations. Concentrations of Credit Risk Avnet, one of the Company's distributors, distributes the Company's products worldwide. As of March 28, 2020 and March 30, 2019 , Avnet accounted for 31% and 37% of the Company's total net accounts receivable, respectively. We expect our accounts receivable to fluctuate as we partner with our distributors to manage their inventory requirements. Avnet 's revenue accounted for 42% , 45% and 43% of the Company's worldwide net revenues in fiscal 2020 , 2019 and 2018 , respectively. The percentage of worldwide net revenues from Avnet is consistent with historical patterns. No other distributor or end customer accounted for more than 10% of the Company's worldwide net revenues for any of the periods presented. Xilinx is subject to concentrations of credit risk primarily in its trade accounts receivable and investments in debt securities to the extent of the amounts recorded on the consolidated balance sheet. The Company attempts to mitigate the concentration of credit risk in its trade receivables through its credit evaluation process, collection terms and distributor sales to diverse end customers and through geographical dispersion of sales. Xilinx generally does not require collateral for receivables from its end customers or from distributors. The Company mitigates concentrations of credit risk in its investments in debt securities by currently investing more than 94% of its portfolio in AA (or its equivalent) or higher-grade securities as rated by Standard & Poor's or Moody's Investors Service equivalent. The Company's methods to arrive at investment decisions are not solely based on the rating agencies' credit ratings. Xilinx also performs additional credit due diligence and conducts regular portfolio credit reviews, including a review of counterparty credit risk related to the Company's forward currency exchange contracts. Additionally, Xilinx limits its investments in the debt securities of a single issuer based upon the issuer's credit rating and attempts to further mitigate credit risk by diversifying risk across geographies and type of issuer. As of March 28, 2020 , all of the mortgage-backed securities in the investment portfolio were issued by U.S. government-sponsored enterprises and agencies and are rated AA+ by Standard & Poor's and Aaa by Moody's Investors Service. The global credit markets may experience adverse conditions that negatively impact the values of various types of investment and non-investment grade securities. The global credit and capital markets may experience significant volatility and disruption due to instability in the global financial system, uncertainty related to global economic conditions and concerns regarding sovereign financial stability. Therefore, there is a risk that we may incur other-than-temporary impairment charges for certain types of investments should credit market conditions deteriorate. See "Note 4. Financial Instruments" for a table of the Company's available-for-sale securities. Recent Accounting Pronouncements Adopted Leases In February 2016, the FASB issued authoritative guidance on leases. The new authoritative guidance requires the recognition of assets and liabilities arising from lease transactions on the balance sheet and additional disclosures about the amount, timing and uncertainty of cash flows from leases. Accordingly, a lessee recognizes a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. The Company determines if an arrangement is a lease, or contains a lease, at the inception of the arrangement. On the commencement date, leases are evaluated for classification, and assets and liabilities are recognized based on the present value of lease payments over the lease term. The Company uses the incremental borrowing rate based on the information available at commencement in determining the present value of lease payments. Operating lease expense is generally recognized on a straight-line basis over the lease term. The Company adopted this authoritative guidance using the modified retrospective method during first quarter of fiscal 2020 and resulted in the recognition of right-of-use assets of approximately $50.0 million and lease liabilities for operating leases of approximately $50.0 million on March 31, 2019, the beginning of fiscal 2020. The Company elected the practical expedients to not separate lease and non-lease components within lease transactions, and not to record on the balance sheet leases with a term of 12 months or less. The Company also has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any existing leases as of the adoption date. The Company did not elect to apply the hindsight practical expedient when determining lease term and assessing impairment of right-of-use assets. The Company recognizes its operating leases within its other assets, other accrued liabilities and other long-term liabilities on the Company's consolidated balance sheets. The Company's finance leases were immaterial. Recent Accounting Pronouncements Not Yet Adopted Credit Loss In June 2016, the FASB issued authoritative guidance to replace the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company will be required to use a forward-looking expected credit loss model for financial assets. For public entities, the guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2021. The Company does not expect a material impact on its consolidated financial statements upon adoption of this authoritative guidance. Goodwill In January 2017, the FASB issued authoritative guidance that simplifies the accounting for goodwill impairment. The authoritative guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. For public entities, the guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2021. The Company does not expect a material impact on its consolidated financial statements upon adoption of this authoritative guidance. Cloud Computing Arrangements In August 2018, the FASB issued new guidance requiring a customer in a cloud computing arrangement (i.e., hosting arrangement) that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. For public entities, the guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2021. The Company does not expect a material impact on its consolidated financial statements upon adoption of this authoritative guidance. Income Taxes In December 2019, the FASB issued authoritative guidance that simplifies the accounting for income taxes as part of the overall initiative to reduce complexity in accounting standards. Amendments include removal of certain exceptions to the general principles of Accounting Standards Codification 740, Income Taxes. The amendments also include simplification in several other areas, such as recognition of deferred tax assets on step-up in tax basis in goodwill and accounting for franchise tax that is partially based on income. For public entities, the guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2022. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company has decided not to early adopt this new authoritative guidance and is currently evaluating the impact of this authoritative guidance on its consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 28, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The guidance for fair value measurements established by the FASB defines fair value as the exchange price that would be received from selling an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which Xilinx would transact and also considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of nonperformance. The Company determines the fair value for marketable debt and equity securities using industry standard pricing services, data providers and other third-party sources and by internally performing valuation testing and analysis. The Company primarily uses a consensus price or weighted-average price for its fair value assessment. The Company determines the consensus price using market prices from a variety of industry standard pricing services, data providers, security master files from large financial institutions and other third party sources and uses those multiple prices as inputs into a distribution-curve-based algorithm to determine the daily market value. The pricing services use multiple inputs to determine market prices, including reportable trades, benchmark yield curves, credit spreads and broker/dealer quotes as well as other industry and economic events. For certain securities with short maturities, such as discount commercial paper and certificates of deposit, the security is accreted from purchase price to face value at maturity. If a subsequent transaction on the same security is observed in the marketplace, the price on the subsequent transaction is used as the current daily market price and the security will be accreted to face value based on the revised price. The Company validates the consensus prices by taking random samples from each asset type and corroborating those prices using reported trade activity, benchmark yield curves, binding broker/dealer quotes or other relevant price information. There have not been any changes to the Company's fair value methodology during fiscal 2020 and the Company did not adjust or override any fair value measurements as of March 28, 2020 . Fair Value Hierarchy The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. The guidance for fair value measurements requires that assets and liabilities carried at fair value be classified and disclosed in one of the following categories: Level 1 — Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 — Unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation. Assets and Liabilities Measured at Fair Value on a Recurring Basis In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of March 28, 2020 and March 30, 2019 : March 28, 2020 (In thousands) Total Fair Assets Cash equivalents: Money market funds $ 656,038 $ — $ — $ 656,038 Financial institution securities — 175,000 — 175,000 Non-financial institution securities — 361,692 — 361,692 U.S. government and agency securities 150,999 62,274 — 213,273 Foreign government and agency securities — 244,300 — 244,300 Short-term investments: Financial institution securities — 150,000 — 150,000 Non-financial institution securities — 115,043 — 115,043 U.S. government and agency securities 1,000 2,000 — 3,000 Foreign government and agency securities — 9,973 — 9,973 Mortgage-backed securities — 158,804 — 158,804 Asset-backed securities — 2,549 — 2,549 Commercial mortgage-backed securities — 50,144 — 50,144 Total assets measured at fair value $ 808,037 $ 1,331,779 $ — $ 2,139,816 Liabilities Derivative financial instruments, net $ — $ 12,381 $ — $ 12,381 Total liabilities measured at fair value $ — $ 12,381 $ — $ 12,381 Net assets measured at fair value $ 808,037 $ 1,319,398 $ — $ 2,127,435 March 30, 2019 (In thousands) Total Fair Assets Cash equivalents: Money market funds $ 428,150 $ — $ — $ 428,150 Financial institution securities — 287,945 — 287,945 Non-financial institution securities — 461,884 — 461,884 U.S. government and agency securities 149,578 53,520 — 203,098 Foreign government and agency securities — 99,750 — 99,750 Short-term investments: Financial institution securities — 249,850 — 249,850 Non-financial institution securities — 240,040 — 240,040 U.S. government and agency securities 93,149 37,838 — 130,987 Foreign government and agency securities — 114,705 — 114,705 Mortgage-backed securities — 670,770 — 670,770 Debt mutual fund — 31,934 — 31,934 Asset-backed securities — 76,369 — 76,369 Commercial mortgage-backed securities — 116,539 — 116,539 Long-term investments: Debt mutual fund — 53,433 — 53,433 Total assets measured at fair value $ 670,877 $ 2,494,577 $ — $ 3,165,454 Liabilities Derivative financial instruments, net $ — $ 9,009 $ — $ 9,009 Total liabilities measured at fair value $ — $ 9,009 $ — $ 9,009 Net assets measured at fair value $ 670,877 $ 2,485,568 $ — $ 3,156,445 For certain of the Company’s financial instruments, including cash held in banks, accounts receivable and accounts payable, the carrying amounts approximate fair value due to their short maturities, and are therefore excluded from the fair value tables above. Financial Instruments Not Recorded at Fair Value on a Recurring Basis The Company's $500.0 million principal amount of 3.000% notes due March 15, 2021 (2021 Notes) and $750.0 million principal amount of 2.950% senior notes due June 1, 2024 (2024 Notes) are measured at fair value on a quarterly basis for disclosure purposes. The fair values of the 2021 Notes and 2024 Notes as of March 28, 2020 were approximately, $496.7 million and $753.1 million , respectively, based on the last trading price of the respective debentures for the period (classified as Level 2 in fair value hierarchy due to relatively low trading volume). Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis As of March 28, 2020 , the Company had non-marketable equity securities in private companies of $101.0 million , which were classified as Level 3 assets. The Company’s investments in non-marketable securities of private companies are also recorded at fair value if the Company recognizes an observable price adjustment or an impairment. Such impairment losses or observable price adjustments were not material during all periods presented. The Company’s investments in non-financial assets such as property, plant and equipment, goodwill and acquisition-related intangibles, are recorded at cost (net of accumulated depreciation or amortization, where applicable). These non-financial assets are only measured at fair value when indicators of impairment exist. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Mar. 28, 2020 | |
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: March 28, 2020 March 30, 2019 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 656,038 $ — $ — $ 656,038 $ 428,150 $ — $ — $ 428,150 Financial institution securities 325,000 — — 325,000 537,795 — — 537,795 Non-financial institution securities 476,735 — — 476,735 702,483 3 (562 ) 701,924 U.S. government and agency securities 216,178 95 — 216,273 334,185 39 (139 ) 334,085 Foreign government and agency securities 254,283 7 (17 ) 254,273 214,455 — — 214,455 Mortgage-backed securities 156,836 2,445 (477 ) 158,804 684,596 809 (14,635 ) 670,770 Asset-backed securities 2,533 18 (2 ) 2,549 76,852 — (483 ) 76,369 Commercial mortgage- backed securities 50,566 134 (556 ) 50,144 118,115 42 (1,618 ) 116,539 $ 2,138,169 $ 2,699 $ (1,052 ) $ 2,139,816 $ 3,096,631 $ 893 $ (17,437 ) $ 3,080,087 Financial institution securities include securities issued or managed by financial institutions in various forms, such as commercial paper and time deposits. Substantially all time deposits were issued by institutions outside the U.S. as of March 28, 2020 and March 30, 2019 . The following tables show the fair values and gross unrealized losses of the Company's investments, aggregated by investment category, for individual securities that have been in a continuous unrealized loss position for the length of time specified, as of March 28, 2020 and March 30, 2019 : March 28, 2020 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Mortgage-backed securities $ 13,492 $ (88 ) $ 31,819 $ (389 ) $ 45,311 $ (477 ) Asset-backed securities 1,641 (2 ) — — 1,641 (2 ) Foreign government and agency securities 30,998 (17 ) — — 30,998 (17 ) Commercial mortgage- backed securities 30,593 (282 ) 2,589 (274 ) 33,182 (556 ) $ 76,724 $ (389 ) $ 34,408 $ (663 ) $ 111,132 $ (1,052 ) March 30, 2019 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Non-financial institution securities $ 4,767 $ (4 ) $ 51,044 $ (558 ) $ 55,811 $ (562 ) U.S. government and agency securities — — 13,542 (139 ) 13,542 (139 ) Mortgage-backed securities 34,595 (480 ) 597,394 (14,155 ) 631,989 (14,635 ) Asset-backed securities — — 76,103 (483 ) 76,103 (483 ) Commercial mortgage- backed securities 1,354 (3 ) 112,294 (1,615 ) 113,648 (1,618 ) $ 40,716 $ (487 ) $ 850,377 $ (16,950 ) $ 891,093 $ (17,437 ) The Company reviewed the investment portfolio and determined that the gross unrealized losses on these investments as of March 28, 2020 and March 30, 2019 were temporary in nature as evidenced by the fluctuations in the gross unrealized losses within the investment categories. The marketable debt securities (financial institution securities, non-financial institution securities, U.S. and foreign government and agency securities, asset-back securities, mortgage-backed securities and commercial mortgage-backed securities) are highly rated by the credit rating agencies, there have been no defaults on any of these securities and the Company has received interest payments as they become due. Therefore, the Company believes that it will be able to collect both principal and interest amounts due to the Company. Additionally, in the past several years a portion of the Company's investment in mortgage-backed securities was redeemed or prepaid by the debtors at par. Furthermore, the aggregate of individual unrealized losses that had been outstanding for twelve months or more was not significant as of March 28, 2020 and March 30, 2019 . The Company neither intends to sell these marketable debt securities nor concludes that it is more-likely-than-not that it will have to sell them until recovery of their carrying values. The amortized cost and estimated fair value of marketable debt securities, by contractual maturity, are shown in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties. March 28, 2020 (In thousands) Amortized Estimated Due in one year or less $ 1,274,196 $ 1,274,283 Due after one year through five years 7,628 7,670 Due after five years through ten years 31,432 32,369 Due after ten years 168,875 169,456 $ 1,482,131 $ 1,483,778 As of March 28, 2020 , $209.5 million of marketable debt securities with contractual maturities of greater than one year were classified as short-term investments. Additionally, the above table does not include investments in money market funds because these investments do not have specific contractual maturities. Certain information related to available-for-sale securities is as follows: Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 Proceeds from sale of available-for-sale and equity securities $ 670,604 $ 35,734 $ 1,161,410 Gross realized gains on sale of available-for-sale securities $ 3,349 $ 372 $ 7,258 Gross realized losses on sale of available-for-sale securities (216 ) (51 ) (7,947 ) Net realized gains (losses) on sale of available-for-sale securities $ 3,133 $ 321 $ (689 ) Amortization of premiums on available-for-sale securities $ 3,551 $ 8,118 $ 24,569 The cost of securities matured or sold is based on the specific identification method. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Mar. 28, 2020 | |
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. 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 first quarter of fiscal 2020, the Company sold the interest rate swap contracts for an immaterial gain. The gain has been amortized as a reduction to interest expense over the remaining life of the 2024 Notes. As a result of the sale, the Company recorded the net change in fair value of the interest rate swap contracts of $11.7 million in the Company's consolidated balance sheets. See “Note 12. Debt and Credit Facility” for more discussion related to interest rate swap contracts. There was no ineffectiveness during all periods presented. During the fourth quarter of fiscal 2020, the Company entered into interest rate swap contracts with an independent financial institution to reduce the risk of changes in benchmark interest rate from future debt issuance. The interest rate swap contracts were designated and qualified as cash flow hedges. The interest rate swap contracts were initially measured at fair value and subsequent changes in fair values recorded in other comprehensive income (loss). As a result, the aggregate fair values of the outstanding interest rate swap contracts as of March 28, 2020 was $3.3 million and recorded in other long-term liabilities. An unrealized loss, net of tax, of $2.6 million was deferred in accumulated other comprehensive income (loss) at March 28, 2020 . The interest rate swap contracts will be reclassified into net income in the same period during which the hedged transaction affects earnings. There was no ineffectiveness during the period presented. As of March 28, 2020 and March 30, 2019 , the Company had the following outstanding forward currency exchange contracts (in notional amount), which were derivative financial instruments: (In thousands and U.S. dollars) March 28, 2020 March 30, 2019 Singapore Dollar $ 28,875 $ 29,420 Euro 33,474 39,408 Indian Rupee 76,076 77,973 British Pound 20,191 10,575 Japanese Yen 2,433 3,840 Chinese Yuan 26,266 34,386 $ 187,315 $ 195,602 As part of the Company's strategy to reduce volatility of operating expenses due to foreign exchange rate fluctuations, the Company employs a hedging program with a forward outlook of up to two years for major foreign-currency-denominated operating expenses. The outstanding forward currency exchange contracts expire at various dates through February 2022 . The net unrealized losses, which approximate the fair market value of the outstanding forward currency exchange contracts, are expected to be recognized in the consolidated statements of income within the next two years . As of March 28, 2020 , 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 March 28, 2020 that is expected to be reclassified into earnings was not material. The ineffective portion of the gains or losses on the forward contracts was included in the net income for all periods presented. The Company may enter into forward foreign currency exchange contracts to hedge firm commitments such as acquisitions and capital expenditures. Gains and losses on foreign currency forward contracts that are designated as hedges of anticipated transactions, for which a firm commitment has been attained and the hedged relationship has been effective, are deferred and included in income or expenses in the same period that the underlying transaction is settled. Gains and losses on any instruments not meeting the above criteria are recognized in income or expenses in the consolidated statements of income as they are incurred. The Company had the following derivative instruments as of March 28, 2020 and March 30, 2019 , located on the consolidated balance sheet, utilized for risk management purposes detailed above: Foreign Exchange Contracts Asset Derivatives Liability Derivatives (In thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value March 28, 2020 Prepaid expenses and other current assets $ 30 Other accrued liabilities $ 9,140 March 30, 2019 Prepaid expenses and other current assets 2,802 Other accrued liabilities 1,722 The Company does not offset or net the fair value amounts of derivative financial instruments in its consolidated balance sheets. The potential effect of rights of set-off associated with the derivative financial instruments was not material to the Company's consolidated balance sheet for all periods presented. The following table summarizes the effect of derivative instruments on the consolidated statements of income for fiscal 2020 and 2019 : Foreign Exchange Contracts Years Ended (In thousands) March 28, 2020 March 30, 2019 Amount of (losses)/gains recognized in other comprehensive income on derivative (effective portion of cash flow hedging) $ (7,637 ) $ (1,427 ) Amount of (losses)/gains reclassified from accumulated other comprehensive income into income (effective portion) * (2,923 ) (5,603 ) Amount of losses recorded (ineffective portion) * (8 ) (4 ) *Recorded in interest and other expense, net within the consolidated statements of income. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Mar. 28, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company's equity incentive plans are broad-based, long-term retention programs that cover employees, consultants and non-employee directors of the Company. These plans are intended to attract and retain talented employees, consultants and non-employee directors and to provide such persons with a proprietary interest in the Company. Stock-Based Compensation The following table summarizes stock-based compensation expense related to stock awards granted under the Company's equity incentive plans and rights to acquire stock granted under the Company's Amended and Restated 1990 Employee Qualified Stock Purchase Plan (ESPP): Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 Stock-based compensation included in: Cost of revenues $ 10,035 $ 8,820 $ 8,492 Research and development 114,976 86,428 76,790 Selling, general and administrative 61,540 52,694 51,912 Restructuring charges and Executive transition costs 172 — 16,621 Stock-based compensation effect on income before taxes 186,723 147,942 153,815 Income tax effect (38,013 ) (29,361 ) (40,188 ) Net stock-based compensation effect on net income $ 148,710 $ 118,581 $ 113,627 The Company adjusts stock-based compensation on a quarterly basis for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience. The effect of adjusting the forfeiture rate for all expense amortization was recognized in the period the forfeiture estimate was changed and was not material for all periods presented. As of March 28, 2020 and March 30, 2019 , the ending inventory balances included $3.0 million and $2.1 million of capitalized stock-based compensation. During fiscal 2020 , 2019 and 2018 , the tax benefit realized for the tax deduction from restricted stock units (RSUs) and other awards totaled $72.7 million , $44.4 million and $60.6 million , respectively. The tax deduction includes amounts credited to income tax expense. The fair values of ESPP were estimated as of the grant date using the Black-Scholes option pricing model. The Company's expected stock price volatility assumption is estimated using implied volatility of the Company's traded options. The expected life of options granted is based on the historical exercise activity as well as the expected disposition of all options outstanding. The expected life of options granted also considers the actual contractual term. The weighted-average fair value per share of stock purchase rights granted under the ESPP during fiscal 2020 , 2019 and 2018 were $31.97 , $26.57 and $17.95 , respectively. These fair values per share were estimated at the date of grant using the following weighted-average assumptions: Employee Stock Purchase Plan Fiscal 2020 Fiscal 2019 Fiscal 2018 Expected life of options (years) 1.3 1.3 1.3 Expected stock price volatility 0.35 0.33 0.29 Risk-free interest rate 1.7 % 2.5 % 1.6 % Dividend yield 1.5 % 1.7 % 2.1 % The estimated fair values of RSU awards were calculated based on the market price of Xilinx common stock on the date of grant, reduced by the present value of dividends expected to be paid on Xilinx common stock prior to vesting. The per share weighted-average fair value of RSUs granted during fiscal 2020 , 2019 and 2018 were $109.53 , $66.94 and $60.18 , respectively. The weighted average fair value of RSUs granted in fiscal 2020 , 2019 and 2018 were calculated based on estimates at the date of grant using the following weighted-average assumptions: Fiscal 2020 Fiscal 2019 Fiscal 2018 Risk-free interest rate 1.8 % 2.7 % 1.8 % Dividend yield 1.3 % 2.1 % 2.2 % As of March 28, 2020 , total unrecognized stock-based compensation costs related to ESPP was $33.4 million . The total unrecognized stock-based compensation cost for ESPP is expected to be recognized over a weighted-average period of 1.1 years . Equity Incentive Plans As of March 28, 2020 , 15.0 million shares are available for future grants under the 2007 Equity Incentive Plan (2007 Equity Plan). The contractual term for stock awards granted under the 2007 Equity Plan is seven years from the grant date. Stock awards granted to existing and newly hired employees generally vest over a four-year period from the date of grant. A summary of shares available for grant under the 2007 Equity Plan is as follows: (Shares in thousands) Shares Available for Grant April 1, 2017 12,459 Additional shares reserved 1,900 RSUs granted (3,718 ) RSUs cancelled 701 March 31, 2018 11,342 Additional shares reserved 3,000 RSUs granted (3,559 ) RSUs cancelled 536 March 30, 2019 11,319 Additional shares reserved 6,000 RSUs granted (2,756 ) RSUs cancelled 487 March 28, 2020 15,050 The types of awards allowed under the 2007 Equity Plan include incentive stock options, non-qualified stock options, RSUs, restricted stock and stock appreciation rights. To date, the Company has issued a mix of non-qualified stock options and RSUs under the 2007 Equity Plan. The total pre-tax intrinsic value of options exercised during fiscal 2020 and 2019 was $331 thousand and $475 thousand , respectively. This intrinsic value represents the difference between the exercise price and the fair market value of the Company's common stock on the date of exercise. Since the Company adopted the policy of retiring all repurchased shares of its common stock, new shares are issued upon employees' exercise of their stock options. RSU Awards A summary of the Company's RSU activity and related information is as follows: RSUs Outstanding (Shares and intrinsic value in thousands) Number of Shares Weighted-Average Grant-Date Fair Value Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (1) April 1, 2017 6,988 $42.93 Granted 3,718 $60.18 Vested (2) (3,016 ) $43.30 Cancelled (701 ) $48.16 March 31, 2018 6,989 $51.39 Granted 3,559 $66.94 Vested (2) (2,681 ) $49.05 Cancelled (536 ) $55.09 March 30, 2019 7,331 $59.54 Granted 2,756 $109.53 Vested (2) (2,820 ) $55.24 Cancelled (487 ) $75.09 March 28, 2020 6,780 $80.53 2.28 $ 510,083 Expected to vest as of March 28, 2020 5,380 $80.54 2.28 $ 404,702 (1) Aggregate intrinsic value for RSUs represents the closing price per share of Xilinx's stock on March 28, 2020 of $75.22 , multiplied by the number of RSUs outstanding or expected to vest as of March 28, 2020 . (2) The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. RSUs with a fair value of $155.8 million vested during fiscal 2020 . As of March 28, 2020 , total unrecognized stock-based compensation costs related to non-vested RSUs was $352.4 million . The total unrecognized stock-based compensation cost for RSUs is expected to be recognized over a weighted-average period of 2.6 years . Employee Stock Purchase Plan Under the Company's ESPP, qualified employees can obtain a 24 -month purchase right to purchase the Company's common stock at the end of each six-month exercise period. Participation is limited to 15% of the employee's annual earnings up to a maximum of $21 thousand in a calendar year. Approximately 86% of all eligible employees participated in the ESPP. The purchase price of the stock is 85% of the lower of the fair market value at the beginning of the 24 -month offering period or at the end of each six-month exercise period. Employees purchased 719 thousand shares for $53.0 million in fiscal 2020 , 1.0 million shares for $48.3 million in fiscal 2019, and 918 thousand shares for $44.3 million in fiscal 2018. The next scheduled purchase under the ESPP is in the second quarter of fiscal 2021 . As of March 28, 2020 , 12.6 million shares were available for future issuance. |
Balance Sheet Information
Balance Sheet Information | 12 Months Ended |
Mar. 28, 2020 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | The following tables disclose the current liabilities and other assets that individually exceed 5% of the respective consolidated balance sheet amounts in each fiscal year. Individual balances that are less than 5% of the respective consolidated balance sheet amounts are aggregated and disclosed as "other." (In thousands) March 28, 2020 March 30, 2019 Accrued payroll and related liabilities: Accrued compensation $ 99,197 $ 120,658 Deferred compensation plan liability 121,936 118,560 Others 10,306 8,050 $ 231,439 $ 247,268 (In thousands) March 28, 2020 March 30, 2019 Other accrued liabilities: Interest payable $ 9,480 $ 16,583 Accruals related to software licenses 41,093 18,660 Unsettled investment transactions 77,936 — Restructuring accruals 13,454 — Lease liabilities 11,109 — Others 63,562 46,316 $ 216,634 $ 81,559 (In thousands) March 28, 2020 March 30, 2019 Other assets: Deferred tax asset $ 149,415 $ 126,702 Trust asset (deferred compensation plan) 111,092 109,271 Lease assets 57,819 — Investments in non-marketable equity securities 101,026 74,638 Software license contracts 121,439 97,406 Others 51,288 47,550 $ 592,079 $ 455,567 |
Leases and Commitments
Leases and Commitments | 12 Months Ended |
Mar. 28, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Leases | Leases and Commitments Xilinx leases some of its facilities and office buildings under non-cancelable operating leases that expire at various dates through August 2029 . Additionally, Xilinx entered into a land lease in conjunction with the Company's building in Singapore, which will expire in November 2035 and the lease cost was settled in an up-front payment in June 2006. Some of the operating leases for facilities and office buildings require payment of operating costs, including property taxes, repairs, maintenance and insurance. Most of the Company's leases contain renewal options for varying terms. T hese renewal terms can extend the lease term from 1 to 15 years and are included in the lease term when it is reasonably certain that the Company will exercise the option. The following table presents the maturities of lease liabilities as of March 28, 2020 : Fiscal (In thousands) 2021 $ 13,778 2022 12,426 2023 7,783 2024 6,705 2025 6,410 Thereafter 29,577 Total lease payments 76,679 Less: Imputed interest (16,606 ) Total lease liabilities $ 60,073 The Company's leases were included as a component of the following consolidated balance sheet lines: (In thousands) March 28, 2020 Other assets $ 57,819 Other accrued liabilities 11,109 Other long-term liabilities 48,964 The components of lease costs were as follows: (In thousands) March 28, 2020 Operating lease cost $ 16,584 Lease income (2,799 ) Total lease cost $ 13,785 Other information related to leases was as follows: (In thousands) March 28, 2020 Cash paid for operating leases included in operating cash flows $ 12,571 March 28, 2020 Weighted-average remaining lease term - operating leases (in years) 7.3 Weighted-average remaining discount rate - operating leases 5.6 % Other commitments as of March 28, 2020 totaled $142.4 million and consisted of purchases of inventory and other non-cancelable purchase obligations related to subcontractors that manufacture silicon wafers and provide assembly and test services. The Company expects to receive and pay for these materials and services in the next three to six months , as the products meet delivery and quality specifications. Additionally, as of March 28, 2020 , the Company had $41.3 million in commitments primarily related to open purchase orders from ordinary operations and $1.6 million related to renovation of three of its properties. These commitments expire at various dates through April 2025 . As of March 30, 2019 , prior to the adoption of the new authoritative guidance on leases, future minimum lease payments under non-cancelable operating leases were as follows: Fiscal (In thousands) 2020 $ 11,991 2021 10,747 2022 9,580 2023 5,444 2024 5,338 Thereafter 29,293 Total $ 72,393 |
Commitments | Leases and Commitments Xilinx leases some of its facilities and office buildings under non-cancelable operating leases that expire at various dates through August 2029 . Additionally, Xilinx entered into a land lease in conjunction with the Company's building in Singapore, which will expire in November 2035 and the lease cost was settled in an up-front payment in June 2006. Some of the operating leases for facilities and office buildings require payment of operating costs, including property taxes, repairs, maintenance and insurance. Most of the Company's leases contain renewal options for varying terms. T hese renewal terms can extend the lease term from 1 to 15 years and are included in the lease term when it is reasonably certain that the Company will exercise the option. The following table presents the maturities of lease liabilities as of March 28, 2020 : Fiscal (In thousands) 2021 $ 13,778 2022 12,426 2023 7,783 2024 6,705 2025 6,410 Thereafter 29,577 Total lease payments 76,679 Less: Imputed interest (16,606 ) Total lease liabilities $ 60,073 The Company's leases were included as a component of the following consolidated balance sheet lines: (In thousands) March 28, 2020 Other assets $ 57,819 Other accrued liabilities 11,109 Other long-term liabilities 48,964 The components of lease costs were as follows: (In thousands) March 28, 2020 Operating lease cost $ 16,584 Lease income (2,799 ) Total lease cost $ 13,785 Other information related to leases was as follows: (In thousands) March 28, 2020 Cash paid for operating leases included in operating cash flows $ 12,571 March 28, 2020 Weighted-average remaining lease term - operating leases (in years) 7.3 Weighted-average remaining discount rate - operating leases 5.6 % Other commitments as of March 28, 2020 totaled $142.4 million and consisted of purchases of inventory and other non-cancelable purchase obligations related to subcontractors that manufacture silicon wafers and provide assembly and test services. The Company expects to receive and pay for these materials and services in the next three to six months , as the products meet delivery and quality specifications. Additionally, as of March 28, 2020 , the Company had $41.3 million in commitments primarily related to open purchase orders from ordinary operations and $1.6 million related to renovation of three of its properties. These commitments expire at various dates through April 2025 . As of March 30, 2019 , prior to the adoption of the new authoritative guidance on leases, future minimum lease payments under non-cancelable operating leases were as follows: Fiscal (In thousands) 2020 $ 11,991 2021 10,747 2022 9,580 2023 5,444 2024 5,338 Thereafter 29,293 Total $ 72,393 |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Mar. 28, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income Per Common Share The computation of basic net income per common share for all periods presented is derived from the information on the consolidated statements of income, and there are no reconciling items in the numerator used to compute diluted net income per common share. The following table summarizes the computation of basic and diluted net income per common share: Years Ended (In thousands, except per share amounts) March 28, 2020 March 30, 2019 March 31, 2018 Net income available to common stockholders $ 792,721 $ 889,750 $ 463,981 Weighted average common shares outstanding-basic 251,732 252,762 249,595 Dilutive effect of employee equity incentive plans 3,211 3,672 2,754 Dilutive effect of 2017 Convertible Notes and warrants — — 5,611 Weighted average common shares outstanding-diluted 254,943 256,434 257,960 Basic earnings per common share $ 3.15 $ 3.52 $ 1.86 Diluted earnings per common share $ 3.11 $ 3.47 $ 1.80 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, before the final settlements during the third quarter of fiscal 2018. The 2017 Convertible Notes matured during the first quarter of fiscal 2018, 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 12 months ended March 31, 2018 was calculated based on a weighted-average outstanding basis, it included approximately 1.5 million shares of dilutive impact from the 2017 Convertible Notes through the maturity date and 4.1 million shares of dilutive impact from warrants before the settlement. Certain shares of outstanding stock options and RSUs were excluded from diluted net income per common share calculation by applying the treasury stock method, as their inclusion would have been antidilutive. These options and RSUs were immaterial for fiscal 2020 , 2019 and 2018 . but could be dilutive in the future if the Company's average share price increases and is greater than the combined exercise prices and the unamortized fair values of these options and RSUs. |
Interest and Other Expense, Net
Interest and Other Expense, Net | 12 Months Ended |
Mar. 28, 2020 | |
Other Income and Expenses [Abstract] | |
Interest and Other Expense, Net | Interest and Other Income (Expense), Net The components of interest and other income (expense), net are as follows: Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 Interest income $ 52,462 $ 77,295 $ 58,604 Interest expense (39,820 ) (52,883 ) (45,837 ) Other income (expense), net 29,454 (12,879 ) (7,410 ) $ 42,096 $ 11,533 $ 5,357 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Mar. 28, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Comprehensive loss is defined as the change in equity of a company during a period from transactions and other events and circumstances from non-owner sources. The components of accumulated other comprehensive loss are as follows: (In thousands) March 28, 2020 March 30, 2019 Accumulated unrealized gains (losses) on available-for-sale securities, net of tax $ 1,319 $ (12,725 ) Accumulated unrealized gains (losses) on hedging transactions, net of tax (10,170 ) 95 Accumulated cumulative translation adjustment, net of tax (11,426 ) (10,780 ) Accumulated other comprehensive loss $ (20,277 ) $ (23,410 ) The related tax effects of other comprehensive loss were not material for all periods presented. |
Debt and Credit Facility
Debt and Credit Facility | 12 Months Ended |
Mar. 28, 2020 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facility | Debt and Credit Facility 2021 Notes On March 12, 2014, the Company issued the 2021 Notes at a discounted price of 99.281% of par. Interest on the 2021 Notes is payable semi-annually on March 15 and September 15. The effective interest rate of the 2021 Notes is 3.12% . The Company received net proceeds of $495.4 million from issuance of the 2021 Notes, after the debt discounts and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the term of the 2021 Notes. As of March 28, 2020 , the remaining term of the 2021 Notes is 1.0 years. The following table summarizes the carrying value of the 2021 Notes in the Company's consolidated balance sheets: (In thousands) March 28, 2020 March 30, 2019 Principal amount of the 2021 Notes $ 500,000 $ 500,000 Unamortized discount of the 2021 Notes (517 ) (1,063 ) Unamortized debt issuance costs associated with the 2021 Notes (223 ) (467 ) Carrying value of the 2021 Notes $ 499,260 $ 498,470 Interest expense related to the 2021 Notes was included in interest and other income (expense), net on the consolidated statements of income as follows: Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 Contractual coupon interest $ 15,000 $ 15,000 $ 15,000 Amortization of debt issuance costs 244 244 244 Amortization of debt discount, net 546 530 514 Total interest expense related to the 2021 Notes $ 15,790 $ 15,774 $ 15,758 2024 Notes On May 30, 2017 , the Company issued the 2024 Notes at a discounted price of 99.887% of par. Interest on the 2024 Notes is payable semi-annually on June 1 and December 1. The effective interest rate of the 2024 Notes is 2.97% . The Company received net proceeds of $745.2 million from the issuance of the 2024 Notes, after the debt discount and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the term of the 2024 Notes. As of March 28, 2020 , the remaining term of the 2024 Notes is approximately 4.2 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 t hree-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% . The Company incurred a net interest expense of $923.0 thousand during the twelve months ended March 28, 2020 and incurred a net interest expense of $3.8 million during the twelve months ended March 30, 2019 , respectively, from the interest rate swap contracts, which was included in interest and other income (expense), net on the consolidated statements of income. During the first quarter of fiscal 2020, the Company sold the interest rate swap contracts for an immaterial gain. The gain is being amortized as a reduction to interest expense over the remaining life of the 2024 Notes. The following table summarizes the carrying value of the 2024 Notes in the Company's consolidated balance sheets: (In thousands) March 28, 2020 March 30, 2019 Principal amount of the 2024 Notes $ 750,000 $ 750,000 Unamortized discount of the 2024 Notes (525 ) (642 ) Unamortized debt issuance costs associated with the 2024 Notes (2,365 ) (2,932 ) Carrying value of the 2024 Notes 747,110 746,426 Fair value hedge adjustment - interest rate swap contracts — (10,089 ) Net carrying value of the 2024 Notes $ 747,110 $ 736,337 Interest expense related to the 2024 Notes was included in interest and other income (expense), net on the consolidated statements of income as follows: Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 Contractual coupon interest $ 22,873 $ 25,875 $ 14,122 Amortization of debt issuance costs 567 568 473 Amortization of debt discount 117 113 92 Total interest expense related to the 2024 Notes $ 23,557 $ 26,556 $ 14,687 Revolving Credit Facility On December 7, 2016 , the Company entered into a $400.0 million senior unsecured revolving credit facility that, upon certain conditions, may be extended by an additional $150.0 million , with a syndicate of banks (expiring in December 2021 ). Borrowings under the credit facility will bear interest at a benchmark rate plus an applicable margin based upon the Company's credit rating. In connection with the credit facility, the Company is required to maintain certain financial and non-financial covenants. As of March 28, 2020 , the Company had made no |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Mar. 28, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity Preferred Stock The Company's Certificate of Incorporation authorized 2.0 million shares of undesignated preferred stock. The preferred stock may be issued in one or more series. The Board of Directors is authorized to determine or alter the rights, preferences, privileges and restrictions granted to, or imposed upon, any wholly unissued series of preferred stock. As of March 28, 2020 and March 30, 2019 , no preferred shares were issued or outstanding. Common Stock and Debentures Repurchase Programs The Board of Directors has approved stock repurchase programs enabling the Company to repurchase its common stock in the open market or through negotiated transactions with independent financial institutions. On October 22, 2019, the Board authorized a repurchase program to repurchase the Company's common stock and debentures up to $1.00 billion (2019 Repurchase Program). The 2019 Repurchase Program has no stated expiration date. Through March 28, 2020 , the Company has used $662.6 million of the $1.00 billion authorized under the 2019 Repurchase Program, leaving $337.4 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 March 28, 2020 and March 30, 2019 . During fiscal 2020 , the Company repurchased 12.9 million shares of common stock in the open market and through accelerated share repurchase agreements with independent financial institutions for a total of $1.21 billion . During fiscal 2019 , the Company repurchased 2.4 million in the open market with independent financial institutions for a total of $161.6 million . |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 28, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes consists of the following: Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 Federal: Current $ (2,056 ) $ 90,674 $ 565,765 Deferred 11,527 (30,746 ) (370,893 ) 9,471 59,928 194,872 State: Current 5,480 4,623 2,520 Deferred 9,289 2,545 7,813 14,769 7,168 10,333 Foreign: Current 26,915 16,282 23,483 Deferred (9,892 ) (4,796 ) (1,290 ) 17,023 11,486 22,193 Total $ 41,263 $ 78,582 $ 227,398 The domestic and foreign components of income before income taxes were as follows: (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 Domestic $ 145,339 $ 173,082 $ 21,198 Foreign 688,645 795,250 670,181 Income before income taxes $ 833,984 $ 968,332 $ 691,379 On December 22, 2017, the TCJA was enacted into law. It made significant tax law changes and modifications including the reduction of the U.S. federal corporate income tax rate from 35% to 21%, the requirement for companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and the creation of new taxes on certain foreign-sourced earnings. Some provisions of the TCJA began to impact the Company in fiscal 2018, while other provisions impacted the Company beginning in fiscal 2019. SAB 118 allows companies to record provisional amounts and recognize the effect of the tax law changes during a measurement period. The Company recorded provisional income tax expense of $214.7 million in its fiscal 2018 results. During fiscal 2019, the Company recorded income tax expense of $2.4 million as measurement period adjustments to the provisional amounts recorded in fiscal 2018. The measurement period adjustments include the impact of the Company's accounting policy election to recognize deferred taxes for temporary basis differences that are expected to reverse as GILTI income in future years. The measurement period ended in the third quarter of fiscal 2019. The Company recorded excess tax benefits associated with stock-based compensation of $37.4 million , $14.2 million , and $21.5 million in the provision for income taxes during fiscal 2020, 2019, and 2018 respectively. As of March 28, 2020 , the Company had federal net operating loss carryforwards of $195.8 million from acquisition activity. The net operating loss carryforwards have expirations between fiscal 2021 and fiscal 2037 and some are subject to change of ownership limitations provided by the Internal Revenue Code. As of March 28, 2020 , the Company had state net operating loss carryforwards of $186.5 million primarily from acquisition activity. The state net operating loss carryforwards include $175.6 million which is not likely to be recovered and has been reduced by a valuation allowance. As of March 28, 2020 , the Company had state research tax credit carryforwards of approximately $215.3 million . The credits have no expiration date. Some of the state credit carryforwards are subject to change of ownership limitations provided by state provisions similar to that of the Internal Revenue Code. The state credit carryforwards include $172.6 million that is not likely to be recovered and has been reduced by a valuation allowance. As of March 28, 2020 , the Company had foreign credit carryforwards of $2.3 million , all of which is not likely to be recovered and has been reduced by a valuation allowance. The provision for income taxes reconciles to the amount derived by applying the federal statutory income tax rate to income before provision for taxes as follows: Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 Income before provision for taxes $ 833,984 $ 968,332 $ 691,379 Federal statutory tax rate 21.0 % 21.0 % 31.5 % Computed expected tax 175,137 203,350 217,784 State taxes, net of federal benefit 16,085 6,379 9,785 Foreign earnings at lower tax rates (69,103 ) (98,387 ) (188,174 ) Tax credits (35,846 ) (31,679 ) (19,708 ) Transition tax — 21,063 208,523 Deferred tax remeasurement — — 21,834 Excess benefits from stock-based compensation (37,428 ) (14,196 ) (21,520 ) Fiscal 2014 amended returns* (9,398 ) — — Other 1,816 (7,948 ) (1,126 ) Provision for income taxes $ 41,263 $ 78,582 $ 227,398 *Interest income on refunds and release of unrecognized tax benefits for related research credits. Refer to gross unrecognized tax benefits discussion below for more detail. The Company has manufacturing operations in Singapore where the Company has been granted "Pioneer Status" that is effective through fiscal 2021. The Pioneer Status reduces the Company's tax on the majority of Singapore income from 17% to zero percent. During the quarter ended September 28, 2019, the Company received awards from the Singapore Economic Development Board for a Development and Expansion Incentive that will reduce its local tax on Singapore income from a statutory rate of 17% to 5% for the fiscal years 2022 through 2031. The benefits of Pioneer Status in Singapore for fiscal 2020 , fiscal 2019 and fiscal 2018 were approximately $42.3 million ( $0.17 per diluted share), $48.0 million ( $0.19 per diluted share), and $61.5 million ( $0.24 per diluted share), respectively. The tax effect of operations in low tax jurisdictions on the Company's overall tax rate is reflected in the table above. The major components of deferred tax assets and liabilities consisted of the following: (In thousands) March 28, 2020 March 30, 2019 Deferred tax assets: Stock-based compensation $ 18,600 $ 18,514 Accrued expenses 12,159 7,744 Tax credit carryforwards 172,998 155,036 Deferred compensation plan 28,394 27,186 Low income housing and other investments 2,880 6,366 GILTI deferred taxes 24,306 38,410 Tax loss carryforwards 57,969 — Intangible assets 1,755 — Operating leases 11,317 — Other 7,465 22,997 Subtotal 337,843 276,253 Valuation allowance (150,907 ) (118,773 ) Total deferred tax assets 186,936 157,480 Deferred tax liabilities: Unremitted foreign earnings (8,432 ) (5,142 ) Intangible assets — (20,775 ) Distributor price adjustments (7,540 ) (11,464 ) Operating leases (11,317 ) — Other (12,499 ) (4,975 ) Total deferred tax liabilities (39,788 ) (42,356 ) Total net deferred tax assets $ 147,148 $ 115,124 Long-term deferred tax assets of $149.4 million and $126.7 million as of March 28, 2020 and March 30, 2019 , respectively, were included in other assets on the consolidated balance sheet. As of March 28, 2020 and March 30, 2019 , gross deferred tax assets were offset by valuation allowances of $150.9 million and $118.8 million , respectively, which were primarily associated with federal and state net operating losses and state tax credit carryforwards. The aggregate changes in the balance of gross unrecognized tax benefits were as follows: (In thousands) March 28, 2020 March 30, 2019 Balance as of beginning of fiscal year $ 147,616 $ 125,148 Increases in tax positions for prior years 4,481 18,156 Decreases in tax positions for prior years (90,521 ) (666 ) Increases in tax positions for current year 27,524 5,132 Settlements — — Lapses in statutes of limitation (260 ) (154 ) Balance as of end of fiscal year $ 88,840 $ 147,616 The Company’s total gross unrecognized tax benefits decreased by $58.8 million during fiscal 2020. Of the net change in uncertain tax benefits during the year, there was an $85.5 million decrease related to an additional deduction claimed on federal and state amended tax returns (refund claim) for fiscal 2014 for redemption premium paid in that year in connection with the early redemption of the Company’s 3.125% Junior Convertible debenture due March 15, 2037. During the third quarter of fiscal 2020, the Company received written notification from the Internal Revenue Service that the Joint Committee on Taxation had completed its review of the Company's refund claim and had taken no exception. The tax benefit of the refund claim, net of state tax adjustments, of $81.9 million was recognized as an increase to additional paid-in capital in the third quarter of fiscal 2020. The decrease in gross unrecognized tax benefits was partially offset by new gross unrecognized tax benefits associated with acquisition and post-acquisition restructuring activities. If the remaining balance of $88.8 million and $147.6 million of unrecognized tax benefits as of March 28, 2020 and March 30, 2019 , respectively, were realized in a future period, it would result in a tax benefit of $47.4 million and $35.3 million , respectively, thereby reducing the effective tax rate. The Company's policy is to include interest and penalties related to income tax liabilities within the provision for income taxes on the consolidated statements of income. The balances of accrued interest and penalties recorded in the consolidated balance sheets and the amounts of interest and penalties included in the Company's provisions for income taxes were not material for any period presented. The statutes of limitations have closed for U.S. federal income tax purposes for years through fiscal 2014 as well as fiscal 2016, for U.S. state income tax purposes for years through fiscal 2010, and for Ireland income tax purposes for years through fiscal 2015. The Company believes its provision for unrecognized tax benefits is adequate for adjustments that may result from tax audits. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company's tax audits are resolved in a manner not consistent with management's expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. It is reasonably possible that changes to the Company's unrecognized tax benefits could be significant in the next twelve months due to tax audit settlements and lapses of statutes of limitation. As a result of uncertainties regarding tax audits and their possible outcomes, an estimate of the range of increase or decrease that could occur in the next twelve months cannot be made at this time. On July 27, 2015, the United States Tax Court (Tax Court) issued an opinion in Altera Corp. v. Commissioner, and, in a 15-0 decision, concluded that related parties in a cost sharing arrangement are not required to share expenses related to stock-based compensation. The Commissioner appealed the Tax Court decision to the Ninth Circuit Court of Appeals (Ninth Circuit). The Ninth Circuit overturned the Tax Court’s decision in an opinion issued on July 24, 2018, but subsequently withdrew it. After rehearing the arguments on October 16, 2018, the Ninth Circuit issued a subsequent opinion on June 7, 2019. In a 2-1 decision, the Ninth Circuit overturned the Tax Court’s decision. On July 22, 2019, Altera filed a petition for an en banc rehearing with the Ninth Circuit. On November 12, 2019, the Ninth Circuit issued an order denying Altera's petition. On February 10, 2020, Altera filed a writ of certiorari with the U.S. Supreme Court for review of the case. As such, the decision is not final. The Company has concluded that the law is unsettled and continue to record tax benefits as we exclude stock-based compensation costs from our cost sharing arrangement. As of March 28, 2020, the cumulative potential impact of a final adverse decision to the consolidated statement of income was $55 million to $60 million for taxes and interest. The Company will continue to monitor developments in the Altera case and the potential effect on our consolidated financial statements. |
Segment Information
Segment Information | 12 Months Ended |
Mar. 28, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Xilinx designs, develops and markets programmable logic semiconductor devices and the related software design tools. The Company operates and tracks its results in one operating segment. Xilinx sells its products to OEMs and to electronic components distributors who resell these products to OEMs or subcontract manufacturers. Geographic revenue information for fiscal 2020 , 2019 and 2018 reflects the geographic location of the distributors or OEMs who purchased the Company's products. This may differ from the geographic location of the end customers. Long-lived assets include property, plant and equipment, which were based on the physical location of the asset as of the end of each fiscal year. Net revenues by geographic region were as follows: Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 North America: United States $ 807,260 $ 748,245 $ 652,222 Other (individual countries less than 10%) 107,692 100,478 96,694 Total North America 914,952 848,723 748,916 Asia Pacific: China 912,729 850,595 638,180 Other (individual countries less than 10%) 562,493 534,987 370,307 Total Asia Pacific 1,475,222 1,385,582 1,008,487 Europe (individual countries less than 10%) 533,984 586,893 501,049 Japan 238,508 237,842 208,571 Total Foreign 2,247,714 2,210,317 1,718,107 Worldwide Total $ 3,162,666 $ 3,059,040 $ 2,467,023 Net long-lived assets by country at fiscal year-ends were as follows: Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 United States $ 222,715 $ 212,385 $ 206,406 Foreign: Ireland 38,208 36,984 38,257 Singapore 62,642 62,257 45,013 India 36,397 12,015 10,117 Other (individual countries less than 10%) 12,612 5,288 4,324 Total foreign 149,859 116,544 97,711 Worldwide total $ 372,574 $ 328,929 $ 304,117 |
Litigation Settlements and Cont
Litigation Settlements and Contingencies | 12 Months Ended |
Mar. 28, 2020 | |
Loss Contingency [Abstract] | |
Litigation Settlements and Contingencies | Litigation Settlements and Contingencies Patent Litigation On October 18, 2019, a patent infringement lawsuit was filed by Arbor Global Strategies LLC (Arbor) against the Company in the U.S. District Court in Delaware (Arbor Global Strategies LLC, v. Xilinx, Inc., Case No. 1:19-cv-01986). The lawsuit pertains to four patents and Arbor seeks unspecified damages, interest, attorneys’ fees, and costs. The Company filed a motion to dismiss the case on December 19, 2019. This motion is still pending. No schedule has been set in the case. The Company is unable to estimate its range of possible loss, if any, in this matter at this time. On December 5, 2019, Analog Devices, Inc. (ADI) filed a patent infringement lawsuit against the Company in the United States District Court for the District of Delaware (Analog Devices, Inc. v. Xilinx, Inc., Case No. 1-19-cv-02225). The lawsuit pertains to eight patents and ADI seeks unspecified damages, interest, attorneys’ fees, costs, and a permanent injunction. The Company filed its answer and counterclaims alleging infringement by ADI of eight patents on January 21, 2020. ADI filed a motion to dismiss the Company’s willful infringement claims on March 20, 2020. The Company filed amended counterclaims on April 3, 2020. The parties’ claims are set for back-to-back trials beginning January 24, 2022 for ADI’s claims and January 31, 2022 for the Company’s claims. The Company is unable to estimate its range of possible loss, if any, in this matter at this time. On April 30, 2020, a patent infringement lawsuit was filed by FG SRC LLC (SRC) against the Company in the U.S. District Court in Delaware (FG SRC LLC v. Xilinx, Inc., Case No. 1:20-cv-00601). The lawsuit pertains to two patents and SRC seeks unspecified damages, interest, and an on-going royalty. No schedule has been set in the case. The Company is unable to estimate its range of possible loss, if any, in this matter at this time. The Company intends to continue to protect and defend its 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. On September 11, 2017, Xilinx, along with other defendants, filed motions for summary judgment seeking to dispose of all claims against them. On July 3, 2018, the Court granted both of Xilinx’s Motions for Summary Judgment, disposing of all claims asserted against Xilinx. On August 1, 2018, the Trustee filed a Notice of Appeal. On August 9, 2018, the Court of Appeals for the Sixth Circuit issued an Order to Show Cause requesting that the appellant address a possible jurisdictional defect. On August 29, 2018, the appellant responded to the Order to Show Cause. On September 10, 2018, appellees, including Xilinx, filed a joint reply. On January 7, 2019, the Court of Appeals issued an order dismissing the appeal for lack of jurisdiction. On February 19, 2019, the District Court issued an order permitting any party seeking to certify the case for appeal to file a motion. On March 11, 2019, defendant Avnet filed a motion to certify the case for appeal. On May 14, 2019 the Court denied Avnet’s motion. On June 4, 2019, Avnet and the counterclaim and crossclaim defendants stipulated to dismissal of Avnet’s remaining counterclaims and crossclaims. The Court entered final judgment on June 25, 2019. On July 22, 2019, the Trustee filed his notice of appeal and filed his opening appellate brief on September 17, 2019. On October 30, 2019, Xilinx filed its appellee brief. On November 20, 2019, the Trustee filed his reply brief. On April 7, 2020, the Sixth Circuit affirmed the District Court’s judgment which granted both of Xilinx’s Motions for Summary Judgment, disposing of all claims asserted against Xilinx. On April 14, 2020, the Trustee filed a motion to extend the time for filing a petition for rehearing, and the Sixth Circuit granted the motion extending the due date until May 14, 2020. From time to time, the Company is involved in various disputes and litigation matters that arise in the ordinary course of its business. These include disputes and lawsuits related to intellectual property, mergers and acquisitions, licensing, contract law, tax, regulatory, distribution arrangements, employee relations and other matters. Periodically, the Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and a range of possible losses can be estimated, the Company accrues a liability for the estimated loss. Legal proceedings are subject to uncertainties, and the outcomes are difficult to predict. Because of such uncertainties, accruals are based only on the best information available at the time. As additional information becomes available, the Company continues to reassess the potential liability related to pending claims and litigation and may revise estimates. |
Goodwill and Acquisition-Relate
Goodwill and Acquisition-Related Intangibles | 12 Months Ended |
Mar. 28, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquisition-Related Intangibles | Goodwill and Acquisition-Related Intangibles Summaries of goodwill and acquisitions-related intangibles balances as of March 28, 2020 and March 30, 2019 were as follows: (In thousands) March 30, 2019 Acquisitions Other March 28, 2020 Goodwill $ 340,718 280,153 (1,675 ) $ 619,196 Weighted-Average (In thousands) March 28, 2020 March 30, 2019 Amortization Life Core technology, gross $ 209,131 $ 107,250 Less accumulated amortization (105,007 ) (82,611 ) Core technology, net 104,124 24,639 4.1 years Other intangibles, gross 95,759 51,016 Less accumulated amortization (56,531 ) (47,642 ) Other intangibles, net 39,228 3,374 4.1 years In-process research and development 56,992 52,710 Total acquisition-related intangibles, gross 361,882 210,976 Less accumulated amortization (161,538 ) (130,253 ) Total acquisition-related intangibles, net $ 200,344 $ 80,723 During the second quarter of fiscal 2020, the Company recorded $237.2 million of goodwill and $106.0 million of intangibles attributable to the acquisition of Solarflare Communications, Inc. (Solarflare). See "Note 20. Business Combination" to the Company's consolidated financial statements. Based on the carrying value of acquisition-related intangibles recorded as of March 28, 2020 , and assuming no subsequent impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows: Fiscal (In thousands) 2021 $ 38,212 2022 35,401 2023 33,693 2024 29,443 2025 6,603 Total $ 143,352 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 28, 2020 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Xilinx offers various retirement benefit plans for U.S. and non-U.S. employees. Total contributions to these plans were $16.5 million , $15.1 million and $14.7 million in fiscal 2020 , 2019 and 2018 , respectively. For employees in the U.S., Xilinx instituted a Company matching program pursuant to which the Company will match contributions to Xilinx's 401(k) Plan (the 401(k) Plan) based on the amount of salary deferral contributions the participant makes to the 401(k) Plan. Xilinx will match up to 50% of the first 8% of an employee's compensation that the employee contributed to their 401(k) accounts. The maximum Company contribution per year is $4,500 per employee. As permitted under Section 401(k) of the Internal Revenue Code, the 401(k) Plan allows tax deferred salary deductions for eligible employees. The Compensation Committee of the Board of Directors administers the 401(k) Plan. Participants in the 401(k) Plan may make salary deferrals of up to 75% of the eligible annual salary, limited by the maximum dollar amount allowed by the Internal Revenue Code. Participants who have reached the age of 50 before the close of the plan year may be eligible to make catch-up salary deferral contributions, up to 75% of eligible annual salary, limited by the maximum dollar amount allowed by the Internal Revenue Code. The Company allows its U.S.-based officers, director-level employees and its board members to defer a portion of their compensation under the Deferred Compensation Plan (the Plan). The Compensation Committee administers the Plan. As of March 28, 2020 , there were 258 participants in the Plan who self-direct their contributions into a menu of hypothetical investment options offered by the Plan that tracks a portfolio of various deemed investment funds. The Plan does not allow Plan participants to invest directly in Xilinx's stock. In the event Xilinx becomes insolvent, Plan assets are subject to the claims of the Company's general creditors. There are no Plan provisions that provide for any guarantees or minimum return on investments. As of March 28, 2020 , Plan assets of $111.1 million were included in other assets within the consolidated balance sheet and obligations of $121.9 million were included in accrued payroll and related liabilities. As of March 30, 2019 , Plan assets were $109.3 million and obligations were $118.6 million . |
Restructuring Charges and Execu
Restructuring Charges and Executive Transition Costs | 12 Months Ended |
Mar. 28, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges and Executive Transition Costs | Restructuring Charges and Executive Transition Costs During the fourth quarter of fiscal 2020, the Company announced cost-saving measures designed to drive structural operating efficiencies across the Company, including a targeted global workforce reduction in force. The reorganization plan is expected to be substantially completed by the end of the first quarter of fiscal 2021. The Company recorded restructuring charges of $28.4 million in fiscal 2020, primarily related to severance pay expenses and separately presented on the consolidated statements of income. As of the end of fiscal 2020, there was $13.5 million accrual for severance and other benefits that are expected to be paid primarily during fiscal 2021. The following table summarizes the restructuring accrual activity for fiscal 2020: (In thousands) Employee severance and benefits Others Total Restructuring charges $ 27,628 $ 734 $ 28,362 Cash payments (14,615 ) (121 ) (14,736 ) Non-cash charges (172 ) — (172 ) Balance as of March 28, 2020 $ 12,841 $ 613 $ 13,454 During the fourth quarter of fiscal 2018, the Company announced the transition of its President and Chief Executive Officer position, whereby Moshe Gavrielov resigned from those roles and Victor Peng assumed these roles. Additionally, the Company also implemented restructuring measures to realign resources and drive overall operating efficiencies. The Company recorded total transition charges of $33.4 million in the fourth quarter of fiscal 2018, primarily related to severance pay expenses and other benefits. As of the end of fiscal 2020 and 2019, the remaining accrual for severance and other benefits related to executive transition costs was immaterial. |
Business Combination
Business Combination | 12 Months Ended |
Mar. 28, 2020 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Business Combinations In July 2019, the Company completed the acquisition of Solarflare by acquiring all of its outstanding ordinary shares. Solarflare is a leading provider of high-performance, low latency networking solutions for customers spanning FinTech to cloud computing. This acquisition enables the Company to combine its industry leading solutions with Solarflare's ultra-low latency network interface card (NIC) technology and onload application acceleration software, to enable new converged SmartNIC solutions. Total purchase consideration to acquire Solarflare was approximately $400.0 million , including $8.4 million of fair value from the Company's preexisting investment in Solarflare and net of $6.8 million of cash acquired. The Company incurred $4.2 million of acquisition related costs, which was recorded as operating expenses in its consolidated statements of income. Additionally, the Company was required to assess the fair value of its preexisting investment in Solarflare and, as a result, recorded an immaterial gain in its consolidated statements of income as part of interest and other income (expense), net. Subsequent to the acquisition, the financial results for Solarflare are included in the Company's consolidated financial statements. Prior to the acquisition, the financial results for Solarflare were not significant for pro forma financial information. The Company allocated the purchase price to tangible and identified intangible assets acquired and liabilities assumed based on estimated fair values. As additional information becomes available, such as the finalization of the estimated fair value of tax-related items, the Company may further update the preliminary purchase price allocation during the remainder of the measurement period (up to one year from the acquisition date). The preliminary fair values of the assets acquired and liabilities assumed in the acquisition of Solarflare, by major class, were recognized as follows: Amount (In thousands) Cash and cash equivalents $ 6,765 Tangible assets 19,308 Identifiable intangible assets 106,000 Goodwill 237,163 Deferred tax assets 44,016 Current liabilities (9,229 ) Non-current liabilities (3,797 ) Total $ 400,226 The goodwill of $237.2 million arising from the acquisition is attributed to the expected synergies and other benefits that will be generated from the combination of the Company and Solarflare. The goodwill recognized is not deductible for tax purposes. The identified intangible assets assumed in the acquisition of Solarflare were recognized as follows, based upon the preliminary fair values as of the closing date of the acquisition. Amount Amortization Life (In thousands) Trade Names & Trademarks $ 2,000 2.0 years Developed Technology 34,000 5.0 years Customer Relationships 40,000 5.0 years In-Process Research and Development 30,000 N/A Total identifiable intangible assets $ 106,000 During fiscal 2020 , the Company acquired Airrays GmbH, a German-based company that develops a game-changing radio antenna technology in mobile communications for approximately $29.0 million . This acquisition is part of the Company’s wireless strategy to build end-to-end radio reference designs, allowing the Company to maximize the value in its RFSoC technology. The Company recognized $14.1 million of goodwill and $18.2 million of acquisition-related intangibles from this acquisition. During fiscal 2020 , the Company acquired NGCodec, Inc., a leader in cloud video business for approximately $54.0 million . This acquisition accelerates the Company's strategic roadmap to help advance the key verticals within the data center. The Company recognized $28.9 million of goodwill and $26.7 million of acquisition-related intangibles from this acquisition. The COVID-19 pandemic did not have any impact on the integrations of the Solarflare and other acquisitions as the integrations were completed by mid-February 2020, before the social distancing requirements were in place and the Company mandated its employees to work from home starting in mid-March 2020. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Mar. 28, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Event On April 20, 2020 , the Company's Board of Directors declared a cash dividend of $0.38 per common share for the first quarter of fiscal 2021 . The dividend is payable on June 3, 2020 to stockholders of record as of May 13, 2020 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 28, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | XILINX, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (In thousands) Description Beginning Additions Deductions End of Year For the year ended March 31, 2018: Allowance for doubtful accounts $ 3,200 $ — $ 30 $ 3,170 Valuation allowance for deferred tax assets $ 72,520 $ 28,863 $ — $ 101,383 For the year ended March 30, 2019: Allowance for doubtful accounts $ 3,170 $ — $ — $ 3,170 Valuation allowance for deferred tax assets $ 101,383 $ 17,390 $ — $ 118,773 For the year ended March 28, 2020: Allowance for doubtful accounts $ 3,170 $ 79 $ 10 $ 3,239 Valuation allowance for deferred tax assets $ 118,773 $ 34,488 $ 2,354 $ 150,907 Supplementary Financial Data Quarterly Data (Unaudited) (In thousands, except per share amounts) Year ended March 28, 2020 (1) First Second Third Fourth Net revenues $ 849,632 $ 833,366 $ 723,499 $ 756,169 Gross margin 562,863 540,260 483,478 528,435 Income before income taxes 262,550 215,845 165,843 189,746 Net income 241,459 226,993 162,012 162,257 Net income per common share: (2) Basic $ 0.95 $ 0.90 $ 0.65 $ 0.66 Diluted $ 0.94 $ 0.89 $ 0.64 $ 0.65 Shares used in per share calculations: Basic 253,268 252,399 250,546 247,166 Diluted 257,928 255,269 252,808 249,320 Cash dividends declared per common share $ 0.37 $ 0.37 $ 0.37 $ 0.37 (1) Xilinx uses a 52 - to 53 -week fiscal year ending on the Saturday nearest March 31. Fiscal 2020 was a 52-week year and each quarter was a 13 -week quarter. (2) Net income per common share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per common share information may not equal the annual net income per common share. (In thousands, except per share amounts) Year ended March 30, 2019 First Second Third Fourth Net revenues $ 684,370 $ 746,252 $ 800,057 $ 828,361 Gross margin 477,482 514,632 552,154 558,904 Income before income taxes 212,917 239,144 256,590 259,680 Net income (loss) 190,038 215,712 239,360 244,640 Net income (loss) per common share: (2) Basic $ 0.75 $ 0.85 $ 0.95 $ 0.96 Diluted $ 0.74 $ 0.84 $ 0.93 $ 0.95 Shares used in per share calculations: Basic 252,682 252,988 253,060 253,855 Diluted 255,935 255,522 256,374 258,177 Cash dividends declared per common share $ 0.36 $ 0.36 $ 0.36 $ 0.36 (1) Xilinx uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2019 was a 52-week year and each quarter was a 13-week quarter. (2) Net income per common share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per common share information may not equal the annual net income per common share. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Concentrations of Risk (Policies) | 12 Months Ended |
Mar. 28, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of Xilinx and its wholly-owned subsidiaries after elimination of all intercompany transactions. The Company uses a 52 - to 53 -week fiscal year ending on the Saturday nearest March 31. Fiscal 2020 , 2019 and 2018 were 52-week years ended on March 28, 2020 , March 30, 2019 and March 31, 2018 , respectively. Fiscal 2021 will be a 53-week year ending on April 3, 2021. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of net revenues and expenses during the reporting period. Such estimates relate to, among others, the useful lives of assets, assessment of recoverability of property, plant and equipment, long-lived assets and goodwill, inventory write-downs, allowances for doubtful accounts, valuation of intangible assets, customer returns, deferred tax assets, stock-based compensation, potential reserves relating to litigation and tax matters, valuation of certain investments and derivative financial instruments as well as other accruals or reserves. Actual results may differ from those estimates and such differences may be material to the financial statements. |
Cash Equivalents and Investments | Cash Equivalents and Investments Cash equivalents consist of highly liquid investments with original maturities from the date of purchase of three months or less. These investments consist of money market funds, non-financial institution securities, U.S. and foreign government and agency securities and financial institution securities. Short-term investments consist of mortgage-backed securities, non-financial institution securities, U.S. and foreign government and agency securities, financial institution securities, asset-backed securities, commercial mortgage-backed securities and debt mutual funds with original maturities greater than three months and remaining maturities less than one year from the balance sheet date. Long-term investments consist of debt mutual funds. Long-term investments are investments with remaining maturities greater than one year, unless the investments are specifically identified to fund current operations, in which case they are classified as short-term investments. Equity investments are also classified as long-term investments if they are not intended to fund current operations. The Company maintains its cash balances with various banks with high quality ratings, and with investment banking and asset management institutions. The Company manages its liquidity risk by investing in a variety of money market funds, high-grade commercial paper, corporate bonds, U.S. and foreign government and agency securities, asset-backed securities, mortgage-backed securities, commercial mortgage-backed securities, bank time deposits and debt mutual funds. This diversification of investments is consistent with its policy to maintain liquidity and ensure the ability to collect principal. The Company maintains an offshore investment portfolio denominated in U.S. dollars. All investments are made pursuant to corporate investment policy guidelines. Investments include Euro commercial paper, Euro dollar bonds, Euro dollar floating rate notes, offshore time deposits, U.S. and foreign government and agency securities, asset-backed securities, commercial mortgage-backed securities, debt mutual funds and mortgage-backed securities issued by U.S. government-sponsored enterprises and agencies. Management classifies investments as available-for-sale or held-to-maturity at the time of purchase and re-evaluates such designation at each balance sheet date, although classification is not generally changed. Securities are classified as held-to-maturity when the Company has the positive intent and the ability to hold the securities until maturity. Held-to-maturity securities are carried at cost adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization, as well as any interest on the securities, is included in interest income. No investments were classified as held-to-maturity as of March 28, 2020 or March 30, 2019 . Available-for-sale securities are carried at fair value with the unrealized gains or losses, net of tax, included as a component of accumulated other comprehensive income (loss) in stockholders' equity. See "Note 3. Fair Value Measurements" for information relating to the determination of fair value. Realized gains and losses on available-for-sale securities and declines in value judged to be other than temporary are included in interest and other expense, net. In determining if and when a decline in value below the adjusted cost of available for sale securities is other than temporary, we evaluate on an ongoing basis the market conditions, trends of earnings, financial condition, credit ratings, any underlying collateral and other key measures for our investments. The cost of securities matured or sold is based on the specific identification method. The Company's investments in non-marketable equity securities of private companies are accounted for under the measurement alternative method upon the adoption of ASU 2016-01. The carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Determining whether an observed transaction is similar to a security within the Company's portfolio requires judgment based on the rights and obligations of the securities. The Company's periodic assessment of impairment is made by considering available evidence, including the general market conditions in the investee’s industry, the investee’s product development status and subsequent rounds of financing and the related valuation and/or company's participation in such financings. The Company also assesses the investee’s ability to meet business milestones and the financial condition and near-term prospects of the individual investee, including the rate at which the investee is using its cash, the investee’s need for possible additional funding at a lower valuation and any bona fide offer to purchase the investee from a prospective acquirer. |
Accounts Receivable | Accounts Receivable The allowance for doubtful accounts reflects the Company's best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on the aging of Xilinx's accounts receivable, historical experience, known troubled accounts, management judgment and other currently available evidence. Xilinx writes off accounts receivable against the allowance when Xilinx determines a balance is uncollectible and no longer actively pursues collection of the receivable. The amounts of accounts receivable written off were insignificant for all periods presented. |
Inventories | Inventories Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated net realizable value) and are comprised of the following: (In thousands) March 28, 2020 March 30, 2019 Raw materials $ 35,562 $ 39,727 Work-in-process 204,501 213,784 Finished goods 64,277 61,847 $ 304,340 $ 315,358 The Company reviews and sets standard costs quarterly to approximate current actual manufacturing costs. The Company's manufacturing overhead standards for product costs are calculated assuming full absorption of actual spending over actual volumes. Given the cyclicality of the market, the obsolescence of technology and product lifecycles, the Company writes down inventory based on forecasted demand and technological obsolescence. These forecasts are developed based on inputs from the Company's customers, including bookings and extended but uncommitted demand forecasts, and internal analyses such as customer historical purchasing trends and actual and anticipated design wins, as well as market and economic conditions, technology changes, new product introductions and changes in strategic direction. These factors require estimates that may include uncertain elements. The estimates of future demand that the Company uses in the valuation of inventory are the basis for its published revenue forecasts, which are also consistent with our short-term manufacturing plans. The differences between the Company's demand forecast and the actual demand in the recent past have not resulted in any material write down in the Company's inventory. If the Company's demand forecast for specific products is greater than actual demand and the Company fails to reduce manufacturing output accordingly, the Company could be required to write down additional inventory, which would have a negative impact on the Company's gross margin. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost, net of accumulated depreciation. Depreciation for financial reporting purposes is computed using the straight-line method over the estimated useful lives of the assets of three to five years for machinery, equipment, furniture and fixtures and 15 to 30 years for buildings. Depreciation expense totaled $60.7 million , $53.3 million and $46.4 million for fiscal 2020 , 2019 and 2018 , respectively. |
Impairment of Long-Lived Assets Including Acquisition-Related Intangibles | Impairment of Long-Lived Assets |
Goodwill | Goodwill Goodwill is not amortized but is subject to impairment tests on an annual basis, or more frequently if indicators of potential impairment exist, using a fair-value-based approach. Based on the impairment review performed during the fourth quarter of fiscal 2020 , there was no impairment of goodwill in fiscal 2020 . Unless there are indicators of impairment, the Company's next impairment review for goodwill will be performed and completed in the fourth quarter of fiscal 2021 . To date, no impairment indicators have been identified. |
Revenue Recognition | Revenue Recognition Revenue from sales to the Company's distributors is recognized upon the transfer of control, which typically occurs at shipment, and is reduced by estimated allowances for distributor price adjustments and rights of return. The distributor price adjustments are estimated using the expected value method based on an analysis of actual and forecasted ship and debit claims, at the distributor and part level to account for current pricing and business trends. For fiscal 2020 , approximately 53% of the Company's net revenues were from products sold to distributors for subsequent resale to OEMs or their subcontract manufacturers. Revenue from sales to the Company's non-distributors is recognized net of sales incentives (if any) upon transfer of control to the customer, which typically occurs at shipment. Sales returns and allowances on product sales are recorded as a reduction of revenue. Revenue from software license agreements and renewals is recognized at point of sales. Revenue from support services is recognized when the service is performed. Revenue from software licenses and support services sales was approximately 1% or less of net revenues for all of the periods presented. |
Foreign Currency Translation | Foreign Currency Translation The U.S. dollar is the functional currency for the Company's Ireland and Singapore subsidiaries. Monetary assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars, and the resulting gains or losses are included in the consolidated statements of income under interest and other expense, net. The remeasurement gains or losses were immaterial for all fiscal periods presented. The local currency is the functional currency for each of the Company's other wholly-owned foreign subsidiaries. Assets and liabilities are translated from foreign currencies into U.S. dollars at month-end exchange rates and statements of income are translated at the average monthly exchange rates. Exchange gains or losses arising from translation of foreign currency denominated assets and liabilities (i.e., cumulative translation adjustment) are included as a component of accumulated other comprehensive income (loss) in stockholders' equity. |
Derivative Financial Instruments | Derivative Financial Instruments To reduce financial risk, the Company periodically enters into financial arrangements as part of the Company's ongoing asset and liability management activities. Xilinx uses derivative financial instruments to hedge fair values of underlying assets and liabilities or future cash flows which are exposed to interest rate, foreign currency or commodity price fluctuations. The Company does not enter into derivative financial instruments for trading or speculative purposes. See "Note 5. Derivative Financial Instruments" for detailed information about the Company's derivative financial instruments. |
Research and Development Expenses | Research and Development Expenses Research and development costs are current period expenses and charged to expense as incurred. |
Stock-Based Compensation | Stock-Based Compensation The Company has equity incentive plans that are more fully discussed in "Note 6. Stock-Based Compensation Plans." The authoritative guidance of accounting for share-based payment requires the Company to measure the cost of all employee equity awards (that are expected to be exercised or vested) based on the grant-date fair value of those awards, and to record that cost as compensation expense over the period during which the employee is required to perform service in exchange for the award (over the vesting period of the award). Additionally, the Company's ESPP is deemed to be a compensatory plan under the authoritative guidance of accounting for share-based payments. Accordingly, the ESPP is included in the computation of stock-based compensation expense. The Company uses the straight-line attribution method to recognize stock-based compensation costs over the requisite service period of the award. Upon exercise, cancellation or expiration of stock options, deferred tax assets for options with multiple vesting dates are eliminated for each vesting period on a first-in, first-out basis as if each award had a separate vesting period. |
Income Taxes | Income Taxes All income tax amounts reflect the use of the liability method under the accounting for income taxes, as interpreted by Financial Accounting Standards Board (FASB) authoritative guidance for measuring uncertain tax positions . Under this method, deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes. The TCJA introduced GILTI, which subjects a U.S. shareholder to current tax on income earned by certain foreign subsidiaries. The FASB allows companies to either (1) recognize deferred taxes for temporary differences that are expected to reverse as GILTI in future years (deferred method) or (2) account for taxes on GILTI as period costs in the year the tax is incurred (period method). The Company elected the deferred method. |
Business Combinations | Business Combinations We use the acquisition method of accounting and allocate the fair value of purchase consideration to the assets acquired and liabilities assumed from the acquiree based on their respective fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired and liabilities assumed is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth and margins, future changes in technology, expected cost and time to develop in-process research and development, brand awareness and discount rates. Fair value estimates are based on the assumptions that management believes a market participant would use in pricing the asset or liability. |
Product Warranty and Indemnification | Product Warranty and Indemnification The Company generally sells products with a limited warranty for product quality. The Company provides an accrual for known product issues if a loss is probable and can be reasonably estimated. As of the end of both fiscal 2020 and 2019 , the accrual balance of the product warranty liability was immaterial. The Company offers, subject to certain terms and conditions, to indemnify customers and distributors for costs and damages awarded against these parties in the event the Company's hardware products are found to infringe third-party intellectual property rights, including patents, copyrights or trademarks, and to compensate certain customers for limited specified costs they actually incur in the event our hardware products experience epidemic failure. To a lesser extent, the Company may from time-to-time offer limited indemnification with respect to its software products. The terms and conditions of these indemnity obligations are limited by contract, which obligations are typically perpetual from the effective date of the agreement. The Company has historically received only a limited number of requests for indemnification under these provisions and has not made any significant payments pursuant to these provisions. The Company cannot estimate the maximum amount of potential future payments, if any, that the Company may be required to make as a result of these obligations due to the limited history of indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim and indemnification provision. However, there can be no assurances that the Company will not incur any material financial liabilities in the future as a result of these obligations. |
Concentration Risk, Credit Risk | Concentrations of Credit Risk Avnet, one of the Company's distributors, distributes the Company's products worldwide. As of March 28, 2020 and March 30, 2019 , Avnet accounted for 31% and 37% of the Company's total net accounts receivable, respectively. We expect our accounts receivable to fluctuate as we partner with our distributors to manage their inventory requirements. Avnet 's revenue accounted for 42% , 45% and 43% of the Company's worldwide net revenues in fiscal 2020 , 2019 and 2018 , respectively. The percentage of worldwide net revenues from Avnet is consistent with historical patterns. No other distributor or end customer accounted for more than 10% of the Company's worldwide net revenues for any of the periods presented. Xilinx is subject to concentrations of credit risk primarily in its trade accounts receivable and investments in debt securities to the extent of the amounts recorded on the consolidated balance sheet. The Company attempts to mitigate the concentration of credit risk in its trade receivables through its credit evaluation process, collection terms and distributor sales to diverse end customers and through geographical dispersion of sales. Xilinx generally does not require collateral for receivables from its end customers or from distributors. The Company mitigates concentrations of credit risk in its investments in debt securities by currently investing more than 94% of its portfolio in AA (or its equivalent) or higher-grade securities as rated by Standard & Poor's or Moody's Investors Service equivalent. The Company's methods to arrive at investment decisions are not solely based on the rating agencies' credit ratings. Xilinx also performs additional credit due diligence and conducts regular portfolio credit reviews, including a review of counterparty credit risk related to the Company's forward currency exchange contracts. Additionally, Xilinx limits its investments in the debt securities of a single issuer based upon the issuer's credit rating and attempts to further mitigate credit risk by diversifying risk across geographies and type of issuer. As of March 28, 2020 , all of the mortgage-backed securities in the investment portfolio were issued by U.S. government-sponsored enterprises and agencies and are rated AA+ by Standard & Poor's and Aaa by Moody's Investors Service. The global credit markets may experience adverse conditions that negatively impact the values of various types of investment and non-investment grade securities. The global credit and capital markets may experience significant volatility and disruption due to instability in the global financial system, uncertainty related to global economic conditions and concerns regarding sovereign financial stability. Therefore, there is a risk that we may incur other-than-temporary impairment charges for certain types of investments should credit market conditions deteriorate. See "Note 4. Financial Instruments" for a table of the Company's available-for-sale securities. |
New Accounting Pronouncements | Recent Accounting Pronouncements Adopted Leases In February 2016, the FASB issued authoritative guidance on leases. The new authoritative guidance requires the recognition of assets and liabilities arising from lease transactions on the balance sheet and additional disclosures about the amount, timing and uncertainty of cash flows from leases. Accordingly, a lessee recognizes a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. The Company determines if an arrangement is a lease, or contains a lease, at the inception of the arrangement. On the commencement date, leases are evaluated for classification, and assets and liabilities are recognized based on the present value of lease payments over the lease term. The Company uses the incremental borrowing rate based on the information available at commencement in determining the present value of lease payments. Operating lease expense is generally recognized on a straight-line basis over the lease term. The Company adopted this authoritative guidance using the modified retrospective method during first quarter of fiscal 2020 and resulted in the recognition of right-of-use assets of approximately $50.0 million and lease liabilities for operating leases of approximately $50.0 million on March 31, 2019, the beginning of fiscal 2020. The Company elected the practical expedients to not separate lease and non-lease components within lease transactions, and not to record on the balance sheet leases with a term of 12 months or less. The Company also has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any existing leases as of the adoption date. The Company did not elect to apply the hindsight practical expedient when determining lease term and assessing impairment of right-of-use assets. The Company recognizes its operating leases within its other assets, other accrued liabilities and other long-term liabilities on the Company's consolidated balance sheets. The Company's finance leases were immaterial. Recent Accounting Pronouncements Not Yet Adopted Credit Loss In June 2016, the FASB issued authoritative guidance to replace the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company will be required to use a forward-looking expected credit loss model for financial assets. For public entities, the guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2021. The Company does not expect a material impact on its consolidated financial statements upon adoption of this authoritative guidance. Goodwill In January 2017, the FASB issued authoritative guidance that simplifies the accounting for goodwill impairment. The authoritative guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. For public entities, the guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2021. The Company does not expect a material impact on its consolidated financial statements upon adoption of this authoritative guidance. Cloud Computing Arrangements In August 2018, the FASB issued new guidance requiring a customer in a cloud computing arrangement (i.e., hosting arrangement) that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. For public entities, the guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2021. The Company does not expect a material impact on its consolidated financial statements upon adoption of this authoritative guidance. Income Taxes In December 2019, the FASB issued authoritative guidance that simplifies the accounting for income taxes as part of the overall initiative to reduce complexity in accounting standards. Amendments include removal of certain exceptions to the general principles of Accounting Standards Codification 740, Income Taxes. The amendments also include simplification in several other areas, such as recognition of deferred tax assets on step-up in tax basis in goodwill and accounting for franchise tax that is partially based on income. For public entities, the guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2022. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company has decided not to early adopt this new authoritative guidance and is currently evaluating the impact of this authoritative guidance on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Concentrations of Risk (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated net realizable value) and are comprised of the following: (In thousands) March 28, 2020 March 30, 2019 Raw materials $ 35,562 $ 39,727 Work-in-process 204,501 213,784 Finished goods 64,277 61,847 $ 304,340 $ 315,358 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
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 March 28, 2020 and March 30, 2019 : March 28, 2020 (In thousands) Total Fair Assets Cash equivalents: Money market funds $ 656,038 $ — $ — $ 656,038 Financial institution securities — 175,000 — 175,000 Non-financial institution securities — 361,692 — 361,692 U.S. government and agency securities 150,999 62,274 — 213,273 Foreign government and agency securities — 244,300 — 244,300 Short-term investments: Financial institution securities — 150,000 — 150,000 Non-financial institution securities — 115,043 — 115,043 U.S. government and agency securities 1,000 2,000 — 3,000 Foreign government and agency securities — 9,973 — 9,973 Mortgage-backed securities — 158,804 — 158,804 Asset-backed securities — 2,549 — 2,549 Commercial mortgage-backed securities — 50,144 — 50,144 Total assets measured at fair value $ 808,037 $ 1,331,779 $ — $ 2,139,816 Liabilities Derivative financial instruments, net $ — $ 12,381 $ — $ 12,381 Total liabilities measured at fair value $ — $ 12,381 $ — $ 12,381 Net assets measured at fair value $ 808,037 $ 1,319,398 $ — $ 2,127,435 March 30, 2019 (In thousands) Total Fair Assets Cash equivalents: Money market funds $ 428,150 $ — $ — $ 428,150 Financial institution securities — 287,945 — 287,945 Non-financial institution securities — 461,884 — 461,884 U.S. government and agency securities 149,578 53,520 — 203,098 Foreign government and agency securities — 99,750 — 99,750 Short-term investments: Financial institution securities — 249,850 — 249,850 Non-financial institution securities — 240,040 — 240,040 U.S. government and agency securities 93,149 37,838 — 130,987 Foreign government and agency securities — 114,705 — 114,705 Mortgage-backed securities — 670,770 — 670,770 Debt mutual fund — 31,934 — 31,934 Asset-backed securities — 76,369 — 76,369 Commercial mortgage-backed securities — 116,539 — 116,539 Long-term investments: Debt mutual fund — 53,433 — 53,433 Total assets measured at fair value $ 670,877 $ 2,494,577 $ — $ 3,165,454 Liabilities Derivative financial instruments, net $ — $ 9,009 $ — $ 9,009 Total liabilities measured at fair value $ — $ 9,009 $ — $ 9,009 Net assets measured at fair value $ 670,877 $ 2,485,568 $ — $ 3,156,445 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
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: March 28, 2020 March 30, 2019 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 656,038 $ — $ — $ 656,038 $ 428,150 $ — $ — $ 428,150 Financial institution securities 325,000 — — 325,000 537,795 — — 537,795 Non-financial institution securities 476,735 — — 476,735 702,483 3 (562 ) 701,924 U.S. government and agency securities 216,178 95 — 216,273 334,185 39 (139 ) 334,085 Foreign government and agency securities 254,283 7 (17 ) 254,273 214,455 — — 214,455 Mortgage-backed securities 156,836 2,445 (477 ) 158,804 684,596 809 (14,635 ) 670,770 Asset-backed securities 2,533 18 (2 ) 2,549 76,852 — (483 ) 76,369 Commercial mortgage- backed securities 50,566 134 (556 ) 50,144 118,115 42 (1,618 ) 116,539 $ 2,138,169 $ 2,699 $ (1,052 ) $ 2,139,816 $ 3,096,631 $ 893 $ (17,437 ) $ 3,080,087 |
Fair values and gross unrealized losses of the investments | The following tables show the fair values and gross unrealized losses of the Company's investments, aggregated by investment category, for individual securities that have been in a continuous unrealized loss position for the length of time specified, as of March 28, 2020 and March 30, 2019 : March 28, 2020 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Mortgage-backed securities $ 13,492 $ (88 ) $ 31,819 $ (389 ) $ 45,311 $ (477 ) Asset-backed securities 1,641 (2 ) — — 1,641 (2 ) Foreign government and agency securities 30,998 (17 ) — — 30,998 (17 ) Commercial mortgage- backed securities 30,593 (282 ) 2,589 (274 ) 33,182 (556 ) $ 76,724 $ (389 ) $ 34,408 $ (663 ) $ 111,132 $ (1,052 ) March 30, 2019 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Non-financial institution securities $ 4,767 $ (4 ) $ 51,044 $ (558 ) $ 55,811 $ (562 ) U.S. government and agency securities — — 13,542 (139 ) 13,542 (139 ) Mortgage-backed securities 34,595 (480 ) 597,394 (14,155 ) 631,989 (14,635 ) Asset-backed securities — — 76,103 (483 ) 76,103 (483 ) Commercial mortgage- backed securities 1,354 (3 ) 112,294 (1,615 ) 113,648 (1,618 ) $ 40,716 $ (487 ) $ 850,377 $ (16,950 ) $ 891,093 $ (17,437 ) |
Amortized cost and estimated fair value of marketable debt securities | March 28, 2020 (In thousands) Amortized Estimated Due in one year or less $ 1,274,196 $ 1,274,283 Due after one year through five years 7,628 7,670 Due after five years through ten years 31,432 32,369 Due after ten years 168,875 169,456 $ 1,482,131 $ 1,483,778 |
Information on sale of available-for-sale securities | Certain information related to available-for-sale securities is as follows: Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 Proceeds from sale of available-for-sale and equity securities $ 670,604 $ 35,734 $ 1,161,410 Gross realized gains on sale of available-for-sale securities $ 3,349 $ 372 $ 7,258 Gross realized losses on sale of available-for-sale securities (216 ) (51 ) (7,947 ) Net realized gains (losses) on sale of available-for-sale securities $ 3,133 $ 321 $ (689 ) Amortization of premiums on available-for-sale securities $ 3,551 $ 8,118 $ 24,569 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Forward currency exchange contracts outstanding | As of March 28, 2020 and March 30, 2019 , the Company had the following outstanding forward currency exchange contracts (in notional amount), which were derivative financial instruments: (In thousands and U.S. dollars) March 28, 2020 March 30, 2019 Singapore Dollar $ 28,875 $ 29,420 Euro 33,474 39,408 Indian Rupee 76,076 77,973 British Pound 20,191 10,575 Japanese Yen 2,433 3,840 Chinese Yuan 26,266 34,386 $ 187,315 $ 195,602 |
Derivative Instruments Located on Condensed Consolidated Balance Sheet | The Company had the following derivative instruments as of March 28, 2020 and March 30, 2019 , located on the consolidated balance sheet, utilized for risk management purposes detailed above: Foreign Exchange Contracts Asset Derivatives Liability Derivatives (In thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value March 28, 2020 Prepaid expenses and other current assets $ 30 Other accrued liabilities $ 9,140 March 30, 2019 Prepaid expenses and other current assets 2,802 Other accrued liabilities 1,722 |
Effect Of Derivative Instruments On Condensed Consolidated Statements Of Income | The following table summarizes the effect of derivative instruments on the consolidated statements of income for fiscal 2020 and 2019 : Foreign Exchange Contracts Years Ended (In thousands) March 28, 2020 March 30, 2019 Amount of (losses)/gains recognized in other comprehensive income on derivative (effective portion of cash flow hedging) $ (7,637 ) $ (1,427 ) Amount of (losses)/gains reclassified from accumulated other comprehensive income into income (effective portion) * (2,923 ) (5,603 ) Amount of losses recorded (ineffective portion) * (8 ) (4 ) *Recorded in interest and other expense, net within the consolidated statements of income. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | The per share weighted-average fair value of RSUs granted during fiscal 2020 , 2019 and 2018 were $109.53 , $66.94 and $60.18 , respectively. The weighted average fair value of RSUs granted in fiscal 2020 , 2019 and 2018 were calculated based on estimates at the date of grant using the following weighted-average assumptions: Fiscal 2020 Fiscal 2019 Fiscal 2018 Risk-free interest rate 1.8 % 2.7 % 1.8 % Dividend yield 1.3 % 2.1 % 2.2 % |
Shares available for grant under stock option plan | A summary of shares available for grant under the 2007 Equity Plan is as follows: (Shares in thousands) Shares Available for Grant April 1, 2017 12,459 Additional shares reserved 1,900 RSUs granted (3,718 ) RSUs cancelled 701 March 31, 2018 11,342 Additional shares reserved 3,000 RSUs granted (3,559 ) RSUs cancelled 536 March 30, 2019 11,319 Additional shares reserved 6,000 RSUs granted (2,756 ) RSUs cancelled 487 March 28, 2020 15,050 |
Summary of restricted stock unit activity and related information | A summary of the Company's RSU activity and related information is as follows: RSUs Outstanding (Shares and intrinsic value in thousands) Number of Shares Weighted-Average Grant-Date Fair Value Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (1) April 1, 2017 6,988 $42.93 Granted 3,718 $60.18 Vested (2) (3,016 ) $43.30 Cancelled (701 ) $48.16 March 31, 2018 6,989 $51.39 Granted 3,559 $66.94 Vested (2) (2,681 ) $49.05 Cancelled (536 ) $55.09 March 30, 2019 7,331 $59.54 Granted 2,756 $109.53 Vested (2) (2,820 ) $55.24 Cancelled (487 ) $75.09 March 28, 2020 6,780 $80.53 2.28 $ 510,083 Expected to vest as of March 28, 2020 5,380 $80.54 2.28 $ 404,702 (1) Aggregate intrinsic value for RSUs represents the closing price per share of Xilinx's stock on March 28, 2020 of $75.22 , multiplied by the number of RSUs outstanding or expected to vest as of March 28, 2020 . (2) The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. |
Employee stock purchase plan, valuation assumptions | These fair values per share were estimated at the date of grant using the following weighted-average assumptions: Employee Stock Purchase Plan Fiscal 2020 Fiscal 2019 Fiscal 2018 Expected life of options (years) 1.3 1.3 1.3 Expected stock price volatility 0.35 0.33 0.29 Risk-free interest rate 1.7 % 2.5 % 1.6 % Dividend yield 1.5 % 1.7 % 2.1 % |
Stock-Based compensation expense | The following table summarizes stock-based compensation expense related to stock awards granted under the Company's equity incentive plans and rights to acquire stock granted under the Company's Amended and Restated 1990 Employee Qualified Stock Purchase Plan (ESPP): Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 Stock-based compensation included in: Cost of revenues $ 10,035 $ 8,820 $ 8,492 Research and development 114,976 86,428 76,790 Selling, general and administrative 61,540 52,694 51,912 Restructuring charges and Executive transition costs 172 — 16,621 Stock-based compensation effect on income before taxes 186,723 147,942 153,815 Income tax effect (38,013 ) (29,361 ) (40,188 ) Net stock-based compensation effect on net income $ 148,710 $ 118,581 $ 113,627 |
Balance Sheet Information (Tabl
Balance Sheet Information (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | The following tables disclose the current liabilities and other assets that individually exceed 5% of the respective consolidated balance sheet amounts in each fiscal year. Individual balances that are less than 5% of the respective consolidated balance sheet amounts are aggregated and disclosed as "other." (In thousands) March 28, 2020 March 30, 2019 Accrued payroll and related liabilities: Accrued compensation $ 99,197 $ 120,658 Deferred compensation plan liability 121,936 118,560 Others 10,306 8,050 $ 231,439 $ 247,268 (In thousands) March 28, 2020 March 30, 2019 Other accrued liabilities: Interest payable $ 9,480 $ 16,583 Accruals related to software licenses 41,093 18,660 Unsettled investment transactions 77,936 — Restructuring accruals 13,454 — Lease liabilities 11,109 — Others 63,562 46,316 $ 216,634 $ 81,559 (In thousands) March 28, 2020 March 30, 2019 Other assets: Deferred tax asset $ 149,415 $ 126,702 Trust asset (deferred compensation plan) 111,092 109,271 Lease assets 57,819 — Investments in non-marketable equity securities 101,026 74,638 Software license contracts 121,439 97,406 Others 51,288 47,550 $ 592,079 $ 455,567 |
Leases and Commitments (Tables)
Leases and Commitments (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum lease payments under non-cancelable operating leases | The following table presents the maturities of lease liabilities as of March 28, 2020 : Fiscal (In thousands) 2021 $ 13,778 2022 12,426 2023 7,783 2024 6,705 2025 6,410 Thereafter 29,577 Total lease payments 76,679 Less: Imputed interest (16,606 ) Total lease liabilities $ 60,073 |
Operating Lease, Assets And Liabilities | The Company's leases were included as a component of the following consolidated balance sheet lines: (In thousands) March 28, 2020 Other assets $ 57,819 Other accrued liabilities 11,109 Other long-term liabilities 48,964 |
Lease, Cost | The components of lease costs were as follows: (In thousands) March 28, 2020 Operating lease cost $ 16,584 Lease income (2,799 ) Total lease cost $ 13,785 Other information related to leases was as follows: (In thousands) March 28, 2020 Cash paid for operating leases included in operating cash flows $ 12,571 March 28, 2020 Weighted-average remaining lease term - operating leases (in years) 7.3 Weighted-average remaining discount rate - operating leases 5.6 % |
Schedule of Future Minimum Rental Payments for Operating Leases | As of March 30, 2019 , prior to the adoption of the new authoritative guidance on leases, future minimum lease payments under non-cancelable operating leases were as follows: Fiscal (In thousands) 2020 $ 11,991 2021 10,747 2022 9,580 2023 5,444 2024 5,338 Thereafter 29,293 Total $ 72,393 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table summarizes the computation of basic and diluted net income per common share: Years Ended (In thousands, except per share amounts) March 28, 2020 March 30, 2019 March 31, 2018 Net income available to common stockholders $ 792,721 $ 889,750 $ 463,981 Weighted average common shares outstanding-basic 251,732 252,762 249,595 Dilutive effect of employee equity incentive plans 3,211 3,672 2,754 Dilutive effect of 2017 Convertible Notes and warrants — — 5,611 Weighted average common shares outstanding-diluted 254,943 256,434 257,960 Basic earnings per common share $ 3.15 $ 3.52 $ 1.86 Diluted earnings per common share $ 3.11 $ 3.47 $ 1.80 |
Interest And Other Expense, N_2
Interest And Other Expense, Net (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Other Income and Expenses [Abstract] | |
Components of interest and other expense, net | The components of interest and other income (expense), net are as follows: Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 Interest income $ 52,462 $ 77,295 $ 58,604 Interest expense (39,820 ) (52,883 ) (45,837 ) Other income (expense), net 29,454 (12,879 ) (7,410 ) $ 42,096 $ 11,533 $ 5,357 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Equity [Abstract] | |
Components of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive loss are as follows: (In thousands) March 28, 2020 March 30, 2019 Accumulated unrealized gains (losses) on available-for-sale securities, net of tax $ 1,319 $ (12,725 ) Accumulated unrealized gains (losses) on hedging transactions, net of tax (10,170 ) 95 Accumulated cumulative translation adjustment, net of tax (11,426 ) (10,780 ) Accumulated other comprehensive loss $ (20,277 ) $ (23,410 ) |
Debt and Credit Facility (Table
Debt and Credit Facility (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
2021 Notes Payable [Member] | |
Schedule of Debt Instruments [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table summarizes the carrying value of the 2021 Notes in the Company's consolidated balance sheets: (In thousands) March 28, 2020 March 30, 2019 Principal amount of the 2021 Notes $ 500,000 $ 500,000 Unamortized discount of the 2021 Notes (517 ) (1,063 ) Unamortized debt issuance costs associated with the 2021 Notes (223 ) (467 ) Carrying value of the 2021 Notes $ 499,260 $ 498,470 |
Interest Expense Related to Debentures [Table Text Block] | Interest expense related to the 2021 Notes was included in interest and other income (expense), net on the consolidated statements of income as follows: Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 Contractual coupon interest $ 15,000 $ 15,000 $ 15,000 Amortization of debt issuance costs 244 244 244 Amortization of debt discount, net 546 530 514 Total interest expense related to the 2021 Notes $ 15,790 $ 15,774 $ 15,758 |
2024 Notes Payable [Member] | |
Schedule of Debt Instruments [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table summarizes the carrying value of the 2024 Notes in the Company's consolidated balance sheets: (In thousands) March 28, 2020 March 30, 2019 Principal amount of the 2024 Notes $ 750,000 $ 750,000 Unamortized discount of the 2024 Notes (525 ) (642 ) Unamortized debt issuance costs associated with the 2024 Notes (2,365 ) (2,932 ) Carrying value of the 2024 Notes 747,110 746,426 Fair value hedge adjustment - interest rate swap contracts — (10,089 ) Net carrying value of the 2024 Notes $ 747,110 $ 736,337 |
Interest Expense Related to Debentures [Table Text Block] | Interest expense related to the 2024 Notes was included in interest and other income (expense), net on the consolidated statements of income as follows: Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 Contractual coupon interest $ 22,873 $ 25,875 $ 14,122 Amortization of debt issuance costs 567 568 473 Amortization of debt discount 117 113 92 Total interest expense related to the 2024 Notes $ 23,557 $ 26,556 $ 14,687 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following: Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 Federal: Current $ (2,056 ) $ 90,674 $ 565,765 Deferred 11,527 (30,746 ) (370,893 ) 9,471 59,928 194,872 State: Current 5,480 4,623 2,520 Deferred 9,289 2,545 7,813 14,769 7,168 10,333 Foreign: Current 26,915 16,282 23,483 Deferred (9,892 ) (4,796 ) (1,290 ) 17,023 11,486 22,193 Total $ 41,263 $ 78,582 $ 227,398 |
Schedule of Income before Income Tax, Domestic and Foreign | The domestic and foreign components of income before income taxes were as follows: (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 Domestic $ 145,339 $ 173,082 $ 21,198 Foreign 688,645 795,250 670,181 Income before income taxes $ 833,984 $ 968,332 $ 691,379 |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes reconciles to the amount derived by applying the federal statutory income tax rate to income before provision for taxes as follows: Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 Income before provision for taxes $ 833,984 $ 968,332 $ 691,379 Federal statutory tax rate 21.0 % 21.0 % 31.5 % Computed expected tax 175,137 203,350 217,784 State taxes, net of federal benefit 16,085 6,379 9,785 Foreign earnings at lower tax rates (69,103 ) (98,387 ) (188,174 ) Tax credits (35,846 ) (31,679 ) (19,708 ) Transition tax — 21,063 208,523 Deferred tax remeasurement — — 21,834 Excess benefits from stock-based compensation (37,428 ) (14,196 ) (21,520 ) Fiscal 2014 amended returns* (9,398 ) — — Other 1,816 (7,948 ) (1,126 ) Provision for income taxes $ 41,263 $ 78,582 $ 227,398 *Interest income on refunds and release of unrecognized tax benefits for related research credits. Refer to gross unrecognized tax benefits discussion below for more detail. |
Schedule of Deferred Tax Assets and Liabilities | The major components of deferred tax assets and liabilities consisted of the following: (In thousands) March 28, 2020 March 30, 2019 Deferred tax assets: Stock-based compensation $ 18,600 $ 18,514 Accrued expenses 12,159 7,744 Tax credit carryforwards 172,998 155,036 Deferred compensation plan 28,394 27,186 Low income housing and other investments 2,880 6,366 GILTI deferred taxes 24,306 38,410 Tax loss carryforwards 57,969 — Intangible assets 1,755 — Operating leases 11,317 — Other 7,465 22,997 Subtotal 337,843 276,253 Valuation allowance (150,907 ) (118,773 ) Total deferred tax assets 186,936 157,480 Deferred tax liabilities: Unremitted foreign earnings (8,432 ) (5,142 ) Intangible assets — (20,775 ) Distributor price adjustments (7,540 ) (11,464 ) Operating leases (11,317 ) — Other (12,499 ) (4,975 ) Total deferred tax liabilities (39,788 ) (42,356 ) Total net deferred tax assets $ 147,148 $ 115,124 |
Schedule of Changes to Unrecognized Income Tax Benefits | The aggregate changes in the balance of gross unrecognized tax benefits were as follows: (In thousands) March 28, 2020 March 30, 2019 Balance as of beginning of fiscal year $ 147,616 $ 125,148 Increases in tax positions for prior years 4,481 18,156 Decreases in tax positions for prior years (90,521 ) (666 ) Increases in tax positions for current year 27,524 5,132 Settlements — — Lapses in statutes of limitation (260 ) (154 ) Balance as of end of fiscal year $ 88,840 $ 147,616 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Net revenues by geographic region were as follows: Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 North America: United States $ 807,260 $ 748,245 $ 652,222 Other (individual countries less than 10%) 107,692 100,478 96,694 Total North America 914,952 848,723 748,916 Asia Pacific: China 912,729 850,595 638,180 Other (individual countries less than 10%) 562,493 534,987 370,307 Total Asia Pacific 1,475,222 1,385,582 1,008,487 Europe (individual countries less than 10%) 533,984 586,893 501,049 Japan 238,508 237,842 208,571 Total Foreign 2,247,714 2,210,317 1,718,107 Worldwide Total $ 3,162,666 $ 3,059,040 $ 2,467,023 Net long-lived assets by country at fiscal year-ends were as follows: Years Ended (In thousands) March 28, 2020 March 30, 2019 March 31, 2018 United States $ 222,715 $ 212,385 $ 206,406 Foreign: Ireland 38,208 36,984 38,257 Singapore 62,642 62,257 45,013 India 36,397 12,015 10,117 Other (individual countries less than 10%) 12,612 5,288 4,324 Total foreign 149,859 116,544 97,711 Worldwide total $ 372,574 $ 328,929 $ 304,117 |
Goodwill and Acquisition-Rela_2
Goodwill and Acquisition-Related Intangibles (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | Summaries of goodwill and acquisitions-related intangibles balances as of March 28, 2020 and March 30, 2019 were as follows: (In thousands) March 30, 2019 Acquisitions Other March 28, 2020 Goodwill $ 340,718 280,153 (1,675 ) $ 619,196 |
Gross and net amounts of goodwill and of acquisition-related intangibles | Summaries of goodwill and acquisitions-related intangibles balances as of March 28, 2020 and March 30, 2019 were as follows: (In thousands) March 30, 2019 Acquisitions Other March 28, 2020 Goodwill $ 340,718 280,153 (1,675 ) $ 619,196 Weighted-Average (In thousands) March 28, 2020 March 30, 2019 Amortization Life Core technology, gross $ 209,131 $ 107,250 Less accumulated amortization (105,007 ) (82,611 ) Core technology, net 104,124 24,639 4.1 years Other intangibles, gross 95,759 51,016 Less accumulated amortization (56,531 ) (47,642 ) Other intangibles, net 39,228 3,374 4.1 years In-process research and development 56,992 52,710 Total acquisition-related intangibles, gross 361,882 210,976 Less accumulated amortization (161,538 ) (130,253 ) Total acquisition-related intangibles, net $ 200,344 $ 80,723 |
Schedule of expected annual amortization expense for acquisition-related intangibles | Based on the carrying value of acquisition-related intangibles recorded as of March 28, 2020 , and assuming no subsequent impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows: Fiscal (In thousands) 2021 $ 38,212 2022 35,401 2023 33,693 2024 29,443 2025 6,603 Total $ 143,352 |
Restructuring Charges and Exe_2
Restructuring Charges and Executive Transition Costs (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring accrual activity | The following table summarizes the restructuring accrual activity for fiscal 2020: (In thousands) Employee severance and benefits Others Total Restructuring charges $ 27,628 $ 734 $ 28,362 Cash payments (14,615 ) (121 ) (14,736 ) Non-cash charges (172 ) — (172 ) Balance as of March 28, 2020 $ 12,841 $ 613 $ 13,454 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Mar. 28, 2020 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The preliminary fair values of the assets acquired and liabilities assumed in the acquisition of Solarflare, by major class, were recognized as follows: Amount (In thousands) Cash and cash equivalents $ 6,765 Tangible assets 19,308 Identifiable intangible assets 106,000 Goodwill 237,163 Deferred tax assets 44,016 Current liabilities (9,229 ) Non-current liabilities (3,797 ) Total $ 400,226 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The identified intangible assets assumed in the acquisition of Solarflare were recognized as follows, based upon the preliminary fair values as of the closing date of the acquisition. Amount Amortization Life (In thousands) Trade Names & Trademarks $ 2,000 2.0 years Developed Technology 34,000 5.0 years Customer Relationships 40,000 5.0 years In-Process Research and Development 30,000 N/A Total identifiable intangible assets $ 106,000 |
Nature of Operations (Details)
Nature of Operations (Details) | 12 Months Ended |
Mar. 28, 2020 | |
Asia Pacific, Europe, and Japan [Member] | Sales Revenue, Goods, Net [Member] (Deprecated 2019-01-31) | Geographic Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 50.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Concentrations of Risk (Investments) (Details) - USD ($) | Mar. 28, 2020 | Mar. 30, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Debt Securities, Held-to-maturity | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Concentrations of Risk (Inventory) (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 30, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 35,562 | $ 39,727 |
Work-in-process | 204,501 | 213,784 |
Finished goods | 64,277 | 61,847 |
Total inventories | $ 304,340 | $ 315,358 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Concentrations of Risk (PPE) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 60,700 | $ 53,300 | $ 46,400 |
Depreciation and amortization of software | $ 97,485 | $ 70,704 | $ 50,172 |
Machinery, Equipment, Furniture And Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 3 years | ||
Machinery, Equipment, Furniture And Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 5 years | ||
Buildings [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 15 years | ||
Buildings [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, estimated useful life | 30 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies and Concentrations of Risk (Concentrations) (Details) - Customer | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Concentration Risk [Line Items] | |||
Percentage of total accounts receivable accounted from Avnet | 31.00% | 37.00% | |
Percentage of net revenues through resale of product from Avnet | 42.00% | 45.00% | 43.00% |
Number of end customers accounted for net revenues | 0 | ||
Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of higher grade securities investment in debt securities (more than) | 94.00% | ||
Sales Revenue, Goods, Net [Member] (Deprecated 2019-01-31) | Support Products [Member] | Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 1.00% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies and Concentrations of Risk (Other) (Details) | 12 Months Ended | ||
Mar. 28, 2020USD ($)Customer | Mar. 30, 2019USD ($) | Mar. 31, 2018USD ($) | |
Summary of Significant Accounting Policies and Concentrations of Risk [Abstract] | |||
Debt Securities, Held-to-maturity | $ 0 | $ 0 | |
Impairment of goodwill | $ 0 | ||
Percentage of net revenues from products sold to distributors | 53.00% | ||
Number Of End Customers Accounted For Net Revenues | Customer | 0 | ||
Excess benefits from stock-based compensation | $ 37,428,000 | $ 14,196,000 | $ 21,520,000 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies and Concentrations of Risk (New Accounting Policies) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Lease assets | $ 57,819 | $ 57,819 | $ 50,000 | |||||||||
Revenues | 756,169 | $ 723,499 | $ 833,366 | $ 849,632 | $ 828,361 | $ 800,057 | $ 746,252 | $ 684,370 | 3,162,666 | $ 3,059,040 | $ 2,467,023 | |
Cost of revenues: | 1,025,234 | 955,868 | 743,419 | |||||||||
Gross margin | 528,435 | 483,478 | 540,260 | 562,863 | 558,904 | 552,154 | 514,632 | 477,482 | 2,115,036 | 2,103,172 | 1,723,604 | |
Operating expenses: | ||||||||||||
Research and development | 853,589 | 743,027 | 639,750 | |||||||||
Selling, general and administrative | 432,308 | 398,416 | 362,329 | |||||||||
Amortization of acquisition-related intangibles | 8,889 | 4,930 | 2,152 | |||||||||
Restructuring charges and executive transition costs | 28,362 | 0 | 33,351 | |||||||||
Total operating expenses | 1,323,148 | 1,146,373 | 1,037,582 | |||||||||
Operating income | 791,888 | 956,799 | 686,022 | |||||||||
Interest and other income (expense), net | 42,096 | 11,533 | 5,357 | |||||||||
Income before income taxes | 189,746 | 165,843 | 215,845 | 262,550 | 259,680 | 256,590 | 239,144 | 212,917 | 833,984 | 968,332 | 691,379 | |
Provision for income taxes | 41,263 | 78,582 | 227,398 | |||||||||
Net income | 162,257 | $ 162,012 | $ 226,993 | $ 241,459 | 244,640 | $ 239,360 | $ 215,712 | $ 190,038 | 792,721 | 889,750 | $ 463,981 | |
Accounts receivable | 273,028 | 335,165 | 273,028 | 335,165 | ||||||||
Other assets | 592,079 | 455,567 | 592,079 | 455,567 | ||||||||
Other accrued liabilities | 216,634 | 81,559 | 216,634 | 81,559 | ||||||||
Retained earnings | $ 1,187,805 | $ 1,876,969 | $ 1,187,805 | $ 1,876,969 | ||||||||
Net income per common share: | ||||||||||||
Basic (in dollars per share) | $ 0.66 | $ 0.65 | $ 0.90 | $ 0.95 | $ 0.96 | $ 0.95 | $ 0.85 | $ 0.75 | $ 3.15 | $ 3.52 | $ 1.86 | |
Diluted (in dollars per share) | $ 0.65 | $ 0.64 | $ 0.89 | $ 0.94 | $ 0.95 | $ 0.93 | $ 0.84 | $ 0.74 | $ 3.11 | $ 3.47 | $ 1.80 | |
Shares used in per share calculations | ||||||||||||
Basic (in shares) | 247,166 | 250,546 | 252,399 | 253,268 | 253,855 | 253,060 | 252,988 | 252,682 | 251,732 | 252,762 | 249,595 | |
Diluted (in shares) | 249,320 | 252,808 | 255,269 | 257,928 | 258,177 | 256,374 | 255,522 | 255,935 | 254,943 | 256,434 | 257,960 | |
Operating Lease, Liability | $ 60,073 | $ 60,073 | $ 50,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 30, 2019 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | $ 2,139,816 | $ 3,165,454 |
Derivative financial instruments, net | 12,381 | 9,009 |
Financial Liabilities Fair Value Disclosure | 12,381 | 9,009 |
Net assets measured at fair value | 2,127,435 | 3,156,445 |
Cash And Cash Equivalents [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 656,038 | 428,150 |
Cash And Cash Equivalents [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 175,000 | 287,945 |
Cash And Cash Equivalents [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 361,692 | 461,884 |
Cash And Cash Equivalents [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 213,273 | 203,098 |
Cash And Cash Equivalents [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 244,300 | 99,750 |
Short-Term Investments [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 150,000 | 249,850 |
Short-Term Investments [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 115,043 | 240,040 |
Short-Term Investments [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 3,000 | 130,987 |
Short-Term Investments [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 9,973 | 114,705 |
Short-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 158,804 | 670,770 |
Short-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 31,934 | |
Short-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 2,549 | 76,369 |
Short-Term Investments [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 50,144 | 116,539 |
Long-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 53,433 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 808,037 | 670,877 |
Derivative financial instruments, net | 0 | 0 |
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Net assets measured at fair value | 808,037 | 670,877 |
Fair Value, Inputs, Level 1 [Member] | Cash And Cash Equivalents [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 656,038 | 428,150 |
Fair Value, Inputs, Level 1 [Member] | Cash And Cash Equivalents [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Cash And Cash Equivalents [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Cash And Cash Equivalents [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 150,999 | 149,578 |
Fair Value, Inputs, Level 1 [Member] | Cash And Cash Equivalents [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 1,000 | 93,149 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Long-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 1,331,779 | 2,494,577 |
Derivative financial instruments, net | 12,381 | 9,009 |
Financial Liabilities Fair Value Disclosure | 12,381 | 9,009 |
Net assets measured at fair value | 1,319,398 | 2,485,568 |
Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 175,000 | 287,945 |
Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 361,692 | 461,884 |
Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 62,274 | 53,520 |
Fair Value, Inputs, Level 2 [Member] | Cash And Cash Equivalents [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 244,300 | 99,750 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 150,000 | 249,850 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 115,043 | 240,040 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 2,000 | 37,838 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 9,973 | 114,705 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 158,804 | 670,770 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 31,934 | |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 2,549 | 76,369 |
Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 50,144 | 116,539 |
Fair Value, Inputs, Level 2 [Member] | Long-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 53,433 | |
Fair Value, Inputs, Level 3 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Derivative financial instruments, net | 0 | 0 |
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Net assets measured at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cash And Cash Equivalents [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cash And Cash Equivalents [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cash And Cash Equivalents [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cash And Cash Equivalents [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Cash And Cash Equivalents [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | $ 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Long-Term Investments [Member] | Debt Mutual Fund [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | $ 0 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details Textual) $ in Millions | Mar. 28, 2020USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Non-marketable equity securities in private companies | $ 101 |
2021 Notes Payable [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt, principal amount | $ 500 |
Stated interest rate | 3.00% |
2021 Notes Payable [Member] | Senior Notes [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of debentures | $ 496.7 |
2024 Notes Payable [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt, principal amount | $ 750 |
Stated interest rate | 2.95% |
2024 Notes Payable [Member] | Senior Notes [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of debentures | $ 753.1 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 30, 2019 |
Available-for-sale securities | ||
Amortized Cost | $ 2,138,169 | $ 3,096,631 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 2,699 | 893 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (1,052) | (17,437) |
Estimated Fair Value | 2,139,816 | 3,080,087 |
Money Market Funds [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 656,038 | 428,150 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | 0 | 0 |
Estimated Fair Value | 656,038 | 428,150 |
Financial institution securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 325,000 | 537,795 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | 0 | 0 |
Estimated Fair Value | 325,000 | 537,795 |
Non-financial institution securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 476,735 | 702,483 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 0 | 3 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | 0 | (562) |
Estimated Fair Value | 476,735 | 701,924 |
U.S. Government and Agency Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 216,178 | 334,185 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 95 | 39 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | 0 | (139) |
Estimated Fair Value | 216,273 | 334,085 |
Foreign Government and Agency Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 254,283 | 214,455 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 7 | 0 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (17) | 0 |
Estimated Fair Value | 254,273 | 214,455 |
Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 156,836 | 684,596 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 2,445 | 809 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (477) | (14,635) |
Estimated Fair Value | 158,804 | 670,770 |
Asset-backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 2,533 | 76,852 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 18 | 0 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (2) | (483) |
Estimated Fair Value | 2,549 | 76,369 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 50,566 | 118,115 |
Available-for-sale Securities, Gross Unrealized Gains (Instant) | 134 | 42 |
Available-for-sale Securities, Gross Unrealized Losses (Instant) | (556) | (1,618) |
Estimated Fair Value | $ 50,144 | $ 116,539 |
Financial Instruments (Details
Financial Instruments (Details 1) - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 30, 2019 |
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | $ 76,724 | $ 40,716 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (389) | (487) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 34,408 | 850,377 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (663) | (16,950) |
Available-for-Sale Securities, Fair Value, Total | 111,132 | 891,093 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (1,052) | (17,437) |
Non-financial institution securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 4,767 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4) | |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 51,044 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (558) | |
Available-for-Sale Securities, Fair Value, Total | 55,811 | |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (562) | |
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 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 13,542 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (139) | |
Available-for-Sale Securities, Fair Value, Total | 13,542 | |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (139) | |
Mortgage-Backed Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 13,492 | 34,595 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (88) | (480) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 31,819 | 597,394 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (389) | (14,155) |
Available-for-Sale Securities, Fair Value, Total | 45,311 | 631,989 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (477) | (14,635) |
Asset-backed Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 1,641 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2) | 0 |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 0 | 76,103 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (483) |
Available-for-Sale Securities, Fair Value, Total | 1,641 | 76,103 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (2) | (483) |
Debt Security, Government, Non-US [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 30,998 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (17) | |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-Sale Securities, Fair Value, Total | 30,998 | |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (17) | |
Commercial Mortgage Backed Securities [Member] | ||
Fair values and gross unrealized losses of the investments | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 30,593 | 1,354 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (282) | (3) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 2,589 | 112,294 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (274) | (1,615) |
Available-for-Sale Securities, Fair Value, Total | 33,182 | 113,648 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | $ (556) | $ (1,618) |
Financial Instruments (Detail_2
Financial Instruments (Details 2) $ in Thousands | Mar. 28, 2020USD ($) |
Investments, All Other Investments [Abstract] | |
Marketable debt securities with contractual maturities greater than one year but classified as short-term investment | $ 209,500 |
Amortized cost and estimated fair value of marketable debt securities | |
Amortized Cost Due in one year or less | 1,274,196 |
Amortized Cost Due after one year through five years | 7,628 |
Amortized Cost Due after five years through ten years | 31,432 |
Amortized Cost Due after ten years | 168,875 |
Amortized Cost Total | 1,482,131 |
Estimated Fair Value Due in one year or less | 1,274,283 |
Estimated Fair Value Due after one year through five years | 7,670 |
Estimated Fair Value Due after five years through ten years | 32,369 |
Estimated Fair Value Due after ten years | 169,456 |
Estimated Fair Value Total | $ 1,483,778 |
Financial Instruments (Detail_3
Financial Instruments (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Information on sale of available-for-sale securities | |||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 670,604 | $ 35,734 | $ 1,161,410 |
Gross realized gains on sale of available-for-sale securities | 3,349 | 372 | 7,258 |
Gross realized losses on sale of available-for-sale securities | (216) | (51) | (7,947) |
Net realized gains (losses) on sale of available-for-sale securities | 3,133 | 321 | (689) |
Amortization of premiums on available-for-sale securities | $ 3,551 | $ 8,118 | $ 24,569 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 30, 2019 |
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 187,315 | $ 195,602 |
Singapore Dollar [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 28,875 | 29,420 |
Euro [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 33,474 | 39,408 |
Indian Rupee [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 76,076 | 77,973 |
British Pound [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 20,191 | 10,575 |
Japanese Yen [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 2,433 | 3,840 |
Chinese Yuan [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | $ 26,266 | $ 34,386 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Details 1) - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 30, 2019 |
Prepaid expenses and other current assets | ||
Derivative Instruments located on Condensed Consolidated Balance sheet | ||
Asset Derivatives, Fair Value | $ 30 | $ 2,802 |
Other accrued liabilities | ||
Derivative Instruments located on Condensed Consolidated Balance sheet | ||
Liability Derivatives, Fair Value | $ 9,140 | $ 1,722 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Details 2) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | ||
Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (losses)/gains recognized in other comprehensive income on derivative (effective portion of cash flow hedging) | $ (7,637) | $ (1,427) | |
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] | (2,923) | (5,603) |
Amount of gains (losses) recorded (ineffective portion) | [1] | $ (8) | $ (4) |
[1] | Recorded in interest and other expense, net within the consolidated statements of income. |
Derivative Financial Instrume_6
Derivative Financial Instruments (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 28, 2020USD ($) | Mar. 28, 2020USD ($) | |
Derivative [Line Items] | ||
Derivative liability on interest rate swap contacts | $ 11.7 | $ 11.7 |
Hedging Program number of years | 2 years | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative liability | 3.3 | $ 3.3 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 2.6 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | $ 186,723 | $ 147,942 | $ 153,815 |
Income tax effect | (38,013) | (29,361) | (40,188) |
Net stock-based compensation effect on net income | 148,710 | 118,581 | 113,627 |
Cost of Revenues [Member] | |||
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | 10,035 | 8,820 | 8,492 |
Research and Development [Member] | |||
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | 114,976 | 86,428 | 76,790 |
Selling, General and Administrative Expenses [Member] | |||
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | 61,540 | 52,694 | 51,912 |
Restructuring Charges [Member] | |||
Stock Based compensation expense | |||
Stock-based compensation effect on income before taxes | $ 172 | $ 0 | $ 16,621 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Details 1) | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Employee Stock Purchase Plan [Member] | |||
Weighted average assumptions in estimation of fair value per share of stock | |||
Expected Term | 1 year 3 months 18 days | 1 year 3 months 18 days | 1 year 3 months 18 days |
Expected Volatility | 35.00% | 33.00% | 29.00% |
Risk-free interest rate | 1.70% | 2.50% | 1.60% |
Dividend yield | 1.50% | 1.70% | 2.10% |
Restricted Stock Units (RSUs) [Member] | |||
Weighted average assumptions in estimation of fair value per share of stock | |||
Risk-free interest rate | 1.80% | 2.70% | 1.80% |
Dividend yield | 1.30% | 2.10% | 2.20% |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Details 2) - 2007 Equity Plan [Member] - shares shares in Thousands | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 6,000 | 3,000 | 1,900 |
Shares Available for Grant Under Option Plan [Roll Forward] | |||
Shares Available for Grant, Beginning Balance | 11,319 | 11,342 | 12,459 |
Shares Available for Grant, RSUs granted | (2,756) | (3,559) | (3,718) |
Shares Available for Grant, RSUs cancelled | 487 | 536 | 701 |
Shares Available for Grant, Ending Balance | 15,050 | 11,319 | 11,342 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans (Details 3) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | ||
Summary of restricted stock unit activity and related information | ||||
Number of Shares, Beginning balance | 7,331 | 6,989 | 6,988 | |
Number of Shares, Granted | 2,756 | 3,559 | 3,718 | |
Number of Shares, Vested | [1] | (2,820) | (2,681) | (3,016) |
Number of Shares, Cancelled | (487) | (536) | (701) | |
Number of Shares, Ending balance | 6,780 | 7,331 | 6,989 | |
Number of Shares, Expected to vest | 5,380 | |||
Weighted-Average Grant-Date Fair Value Per Share, Beginning balance (in dollars per share) | $ 59.54 | $ 51.39 | $ 42.93 | |
Weighted-Average Grant-Date Fair Value Per Share, Granted (in dollars per share) | 109.53 | 66.94 | 60.18 | |
Weighted-Average Grant-Date Fair Value Per Share, Vested (in dollars per share) | [1] | 55.24 | 49.05 | 43.30 |
Weighted-Average Grant-Date Fair Value Per Share, Cancelled (in dollars per share) | 75.09 | 55.09 | 48.16 | |
Weighted-Average Grant-Date Fair Value Per Share, Ending balance (in dollars per share) | 80.53 | $ 59.54 | $ 51.39 | |
Weighted-Average Grant-Date Fair Value Per Share, Expected to vest (in dollars per share) | $ 80.54 | |||
Weighted Average Remaining Contractual Term (in years) | 2 years 3 months 10 days | |||
Weighted Average Remaining Contractual Term, Expected to vest (in years) | 2 years 3 months 10 days | |||
Aggregate Intrinsic Value | [2] | $ 510,083 | ||
Aggregate Intrinsic Value, Expected to vest | [2] | $ 404,702 | ||
[1] | The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. | |||
[2] | Aggregate intrinsic value for RSUs represents the closing price per share of Xilinx's stock on March 28, 2020 of $75.22 , multiplied by the number of RSUs outstanding or expected to vest as of March 28, 2020 . |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | Apr. 01, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Tax Deduction from Compensation Expense | $ 72,700 | $ 44,400 | $ 60,600 | |
Award vesting period | 4 years | |||
Share Price | $ 75.22 | |||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | ||
Pre-tax intrinsic value of options exercised in period | $ 331 | $ 475 | ||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average fair value per share of RSUs and stock purchase rights granted | $ 31.97 | $ 26.57 | $ 17.95 | |
Nonvested awards, stock-based compensation cost not yet recognized | $ 33,400 | |||
Nonvested awards, stock-based compensation cost not yet recognized, weighted-average recognition period | 1 year 1 month 6 days | |||
Shares available for grant | 12,600,000 | |||
Stock offering period | 24 months | |||
Stock Purchase Plan, Exercise period | 6 months | |||
Employee Stock Purchase Plan annual earnings Maximum | $ 21 | |||
Percentage of Employee Stock Purchase Plan participation | 86.00% | |||
Percentage Of Employee Stock Purchase plan Lower Fair Market Value | 85.00% | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 719,000 | 1,000,000 | 918,000 | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 53,000 | $ 48,300 | $ 44,300 | |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average fair value per share of RSUs and stock purchase rights granted | $ 109.53 | $ 66.94 | $ 60.18 | |
Nonvested awards, stock-based compensation cost not yet recognized | $ 352,400 | |||
Nonvested awards, stock-based compensation cost not yet recognized, weighted-average recognition period | 2 years 7 months 6 days | |||
Fair value of restricted stock units vested during the period | $ 155,800 | |||
2007 Equity Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation capitalized in inventory | $ 3,000 | $ 2,100 | ||
Shares available for grant | 15,050,000 | 11,319,000 | 11,342,000 | 12,459,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||
Maximum [Member] | Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage Of Participation Of Employee Annual Earnings | 15.00% |
Balance Sheet Information - Pay
Balance Sheet Information - Payables and Accruals (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 30, 2019 |
Payables and Accruals [Abstract] | ||
Accrued Salaries | $ 99,197 | $ 120,658 |
Deferred Compensation Liability, Current | 121,936 | 118,560 |
Other Employee-related Liabilities, Current | 10,306 | 8,050 |
Employee-related Liabilities, Current | 231,439 | 247,268 |
Interest payable | 9,480 | 16,583 |
Accruals related to software licenses | 41,093 | 18,660 |
Unsettled investment transactions | 77,936 | 0 |
Restructuring accruals | 13,454 | 0 |
Lease liabilities | 11,109 | |
Others | 63,562 | 46,316 |
Other Accrued Liabilities | $ 216,634 | $ 81,559 |
Balance Sheet Information - Oth
Balance Sheet Information - Other Assets (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 31, 2019 | Mar. 30, 2019 |
Payables and Accruals [Abstract] | |||
Deferred tax asset | $ 149,415 | $ 126,702 | |
Trust asset (deferred compensation plan) | 111,092 | 109,271 | |
Lease assets | 57,819 | $ 50,000 | |
Investments in non-marketable equity securities | 101,026 | 74,638 | |
Software license contracts | 121,439 | 97,406 | |
Others | 51,288 | 47,550 | |
Other assets | $ 592,079 | $ 455,567 |
Leases and Commitments - Additi
Leases and Commitments - Additional Information (Details) $ in Millions | 12 Months Ended |
Mar. 28, 2020USD ($) | |
Loss Contingencies [Line Items] | |
Other commitments | $ 142.4 |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Lease, renewal term | 1 year |
Purchase Commitments, Period for Payment | 3 months |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Lease, renewal term | 15 years |
Purchase Commitments, Period for Payment | 6 months |
Renovation of properties [Member] | |
Loss Contingencies [Line Items] | |
Non-cancelable license obligations | $ 1.6 |
Open purchase Orders From Ordinary Operations [Member] | |
Loss Contingencies [Line Items] | |
Non-cancelable license obligations | $ 41.3 |
Leases and Commitments - Schedu
Leases and Commitments - Schedule of Maturity of lease liability (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 31, 2019 | Mar. 30, 2019 |
Fiscal | |||
2021 | $ 13,778 | ||
2022 | 12,426 | ||
2023 | 7,783 | ||
2024 | 6,705 | ||
2025 | 6,410 | ||
Thereafter | 29,577 | ||
Total | 76,679 | $ 72,393 | |
Less: Imputed interest | (16,606) | ||
Operating Lease, Liability | $ 60,073 | $ 50,000 |
Leases and Commitments - Lease
Leases and Commitments - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 31, 2019 |
Lessee, Lease, Description [Line Items] | ||
Lease assets | $ 57,819 | $ 50,000 |
Lease liabilities, current | 11,109 | |
Other assets | ||
Lessee, Lease, Description [Line Items] | ||
Lease assets | 57,819 | |
Other accrued liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Lease liabilities, current | 11,109 | |
Other long-term liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Lease liabilities, noncurrent | $ 48,964 |
Leases and Commitments - Compon
Leases and Commitments - Components of lease cost (Details) $ in Thousands | 12 Months Ended |
Mar. 28, 2020USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 16,584 |
Lease income | (2,799) |
Total lease cost | $ 13,785 |
Leases and Commitments - Other
Leases and Commitments - Other information (Details) $ in Thousands | 12 Months Ended |
Mar. 28, 2020USD ($) | |
Leases [Abstract] | |
Cash paid for operating leases included in operating cash flows | $ 12,571 |
Weighted-average remaining lease term - operating leases (in years) | 7 years 3 months 18 days |
Weighted-average remaining discount rate - operating leases (as a percent) | 5.60% |
Leases and Commitments - Sche_2
Leases and Commitments - Schedule of future lease payments, prior to adoption of 842 (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 30, 2019 |
Future Minimum Lease Payments Under Non-Cancelable Operating Leases | ||
2020 | $ 11,991 | |
2021 | 10,747 | |
2022 | 9,580 | |
2023 | 5,444 | |
2024 | 5,338 | |
Thereafter | 29,293 | |
Total | $ 76,679 | $ 72,393 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 162,257 | $ 162,012 | $ 226,993 | $ 241,459 | $ 244,640 | $ 239,360 | $ 215,712 | $ 190,038 | $ 792,721 | $ 889,750 | $ 463,981 |
Basic (in shares) | 247,166 | 250,546 | 252,399 | 253,268 | 253,855 | 253,060 | 252,988 | 252,682 | 251,732 | 252,762 | 249,595 |
Dilutive effect of employee equity incentive plans | 3,211 | 3,672 | 2,754 | ||||||||
Dilutive effect of 2017 Convertible Notes and warrants | 0 | 0 | 5,611 | ||||||||
Weighted average common shares outstanding-diluted | 249,320 | 252,808 | 255,269 | 257,928 | 258,177 | 256,374 | 255,522 | 255,935 | 254,943 | 256,434 | 257,960 |
Basic (in dollars per share) | $ 0.66 | $ 0.65 | $ 0.90 | $ 0.95 | $ 0.96 | $ 0.95 | $ 0.85 | $ 0.75 | $ 3.15 | $ 3.52 | $ 1.86 |
Diluted (in dollars per share) | $ 0.65 | $ 0.64 | $ 0.89 | $ 0.94 | $ 0.95 | $ 0.93 | $ 0.84 | $ 0.74 | $ 3.11 | $ 3.47 | $ 1.80 |
Net Income Per Common Share Net
Net Income Per Common Share Net Income Per Common Share (Details Textual) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |
Mar. 31, 2018 | Mar. 28, 2020 | |
Short-term Debt [Line Items] | ||
Dilutive impact from warrants before the settlement | 4.1 | |
2017 Convertible Notes | ||
Short-term Debt [Line Items] | ||
Debt, principal amount | $ 600 | |
Stated interest rate | 2.625% | |
Dilutive effect of convertible debt (in shares) | $ 1.5 |
Interest and Other Expense, N_3
Interest and Other Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Components of interest and other expense | |||
Interest income | $ 52,462 | $ 77,295 | $ 58,604 |
Interest expense | (39,820) | (52,883) | (45,837) |
Other income (expense), net | 29,454 | (12,879) | (7,410) |
Interest and other expense, net | $ 42,096 | $ 11,533 | $ 5,357 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 30, 2019 |
Components of accumulated other comprehensive income (loss) | ||
Accumulated unrealized losses on available-for-sale securities, net of tax | $ 1,319 | $ (12,725) |
Accumulated unrealized gain (losses) on hedging transactions, net of tax | (10,170) | 95 |
Accumulated cumulative translation adjustment, net of tax | (11,426) | (10,780) |
Accumulated other comprehensive loss | $ (20,277) | $ (23,410) |
Debt and Credit Facility (Detai
Debt and Credit Facility (Details) - USD ($) | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Long Term Debt [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | ||
Additional borrowing capacity from Revolving Credit Facility | 150,000,000 | ||
Line of Credit Facility, Average Outstanding Amount | 0 | ||
2021 Notes Payable [Member] | |||
Long Term Debt [Line Items] | |||
Debt Instrument, Face Amount | 500,000,000 | $ 500,000,000 | |
Debt Instrument, Unamortized Discount | 517,000 | 1,063,000 | |
Unamortized Debt Issuance Expense | (223,000) | (467,000) | |
New carrying value | 499,260,000 | 498,470,000 | |
Contractual coupon interest | 15,000,000 | 15,000,000 | $ 15,000,000 |
Amortization of debt issuance costs | 244,000 | 244,000 | 244,000 |
Amortization of debt discount | 546,000 | 530,000 | 514,000 |
Total interest expense related to the 2024 Notes | $ 15,790,000 | $ 15,774,000 | $ 15,758,000 |
Debt and Credit Facility (Det_2
Debt and Credit Facility (Details 1) - USD ($) | 12 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Short-term Debt [Line Items] | ||
Net interest rate received (paid) from interest rate swap | $ 923,000 | $ 3,800,000 |
Debt and Credit Facility (Det_3
Debt and Credit Facility (Details 2) - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 30, 2019 |
Debt Instrument [Line Items] | ||
New carrying value | $ 747,110 | $ 1,234,807 |
2024 Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of the 2024 Notes | 750,000 | 750,000 |
Unamortized discount of the 2024 Notes | (525) | (642) |
Unamortized Debt Issuance Expense | 2,365 | 2,932 |
Carrying value of the 2024 Notes | 747,110 | 746,426 |
Fair value hedge adjustment - interest rate swap contracts | 0 | (10,089) |
New carrying value | $ 747,110 | $ 736,337 |
Debt and Credit Facility (Det_4
Debt and Credit Facility (Details 3) - 2024 Notes Payable [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Debt Instrument [Line Items] | |||
Contractual coupon interest | $ 22,873 | $ 25,875 | $ 14,122 |
Amortization of debt issuance costs | 567 | 568 | 473 |
Amortization of debt discount | 117 | 113 | 92 |
Total interest expense related to the 2024 Notes | $ 23,557 | $ 26,556 | $ 14,687 |
Debt and Credit Facility (Det_5
Debt and Credit Facility (Details Textual) - USD ($) | May 30, 2017 | Mar. 29, 2014 | Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | Mar. 12, 2014 |
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of long-term debts | $ 0 | $ 0 | $ 745,175,000 | |||
Net interest rate received (paid) from interest rate swap | 923,000 | 3,800,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 400,000,000 | |||||
Additional borrowing capacity from Revolving Credit Facility | 150,000,000 | |||||
Line of Credit Facility, Average Outstanding Amount | 0 | |||||
2021 Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 500,000,000 | 500,000,000 | ||||
Discount Percent Of Par | 99.281% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.12% | |||||
Proceeds from issuance of long-term debts | $ 495,400,000 | |||||
Debt instrument, long term debt, remaining discount amortization period | 1 year | |||||
2024 Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 750,000,000 | $ 750,000,000 | ||||
Discount Percent Of Par | 99.887% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.97% | |||||
Proceeds from issuance of long-term debts | $ 745,200,000 | |||||
Debt instrument, long term debt, remaining discount amortization period | 4 years 2 months 12 days | |||||
Stated interest rate | 2.95% | |||||
London Interbank Offered Rate (LIBOR) [Member] | 2024 Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.9143% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | Oct. 22, 2019 | |
Share Repurchases [Line Items] | ||||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Treasury shares | 0 | 0 | ||
Repurchase and retirement of common stock (in shares) | 12,900,000 | 2,400,000 | ||
Payments for Repurchase of Common Stock | $ 1,208,917 | $ 161,551 | $ 474,254 | |
2019 Repurchase Program [Member] | ||||
Share Repurchases [Line Items] | ||||
Amount authorized for common stock repurchase | $ 1,000,000 | |||
Stock Repurchase Program, Amount Used | 662,600 | |||
Total amount available for future repurchases | $ 337,400 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Federal: | |||
Current | $ (2,056) | $ 90,674 | $ 565,765 |
Deferred | 11,527 | (30,746) | (370,893) |
Federal income tax expense (benefit), Total | 9,471 | 59,928 | 194,872 |
State: | |||
Current | 5,480 | 4,623 | 2,520 |
Deferred | 9,289 | 2,545 | 7,813 |
State income tax expense (benefit), Total | 14,769 | 7,168 | 10,333 |
Foreign: | |||
Current | 26,915 | 16,282 | 23,483 |
Deferred | (9,892) | (4,796) | (1,290) |
Foreign income tax expense (benefit), Total | 17,023 | 11,486 | 22,193 |
Total | $ 41,263 | $ 78,582 | $ 227,398 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ 145,339 | $ 173,082 | $ 21,198 | ||||||||
Foreign | 688,645 | 795,250 | 670,181 | ||||||||
Income before income taxes | $ 189,746 | $ 165,843 | $ 215,845 | $ 262,550 | $ 259,680 | $ 256,590 | $ 239,144 | $ 212,917 | $ 833,984 | $ 968,332 | $ 691,379 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income before provision for taxes | $ 189,746 | $ 165,843 | $ 215,845 | $ 262,550 | $ 259,680 | $ 256,590 | $ 239,144 | $ 212,917 | $ 833,984 | $ 968,332 | $ 691,379 |
Federal statutory tax rate | 21.00% | 21.00% | 31.50% | ||||||||
Computed expected tax | $ 175,137 | $ 203,350 | $ 217,784 | ||||||||
State taxes, net of federal benefit | 16,085 | 6,379 | 9,785 | ||||||||
Foreign earnings at lower tax rates | (69,103) | (98,387) | (188,174) | ||||||||
Tax credits | (35,846) | (31,679) | (19,708) | ||||||||
Transition tax | 0 | 21,063 | 208,523 | ||||||||
Deferred tax remeasurement | 0 | 0 | 21,834 | ||||||||
Excess benefits from stock-based compensation | (37,428) | (14,196) | (21,520) | ||||||||
Fiscal 2014 amended returns | (9,398) | 0 | 0 | ||||||||
Other | 1,816 | (7,948) | (1,126) | ||||||||
Total | $ 41,263 | $ 78,582 | $ 227,398 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 30, 2019 |
Deferred tax assets: | ||
Stock-based compensation | $ 18,600 | $ 18,514 |
Accrued expenses | 12,159 | 7,744 |
Tax credit carryforwards | 172,998 | 155,036 |
Deferred compensation plan | 28,394 | 27,186 |
Deferred Tax Assets, Investments | 2,880 | 6,366 |
DeferredTaxAssetGILTI | 24,306 | 38,410 |
Tax loss carryforwards | 57,969 | 0 |
Intangible assets | 1,755 | 0 |
Operating leases | 11,317 | |
Other | 7,465 | 22,997 |
Deferred tax assets, gross | 337,843 | 276,253 |
Valuation allowance | (150,907) | (118,773) |
Total deferred tax assets | 186,936 | 157,480 |
Deferred tax liabilities: | ||
Unremitted foreign earnings | (8,432) | (5,142) |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 0 | 20,775 |
DeferredTaxLiabilityDistributorPriceAdj | (7,540) | (11,464) |
Operating leases | (11,317) | |
Other | (12,499) | (4,975) |
Deferred Tax Liabilities, Gross | (39,788) | (42,356) |
Deferred Tax Assets, Net | $ 147,148 | $ 115,124 |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance as of beginning of fiscal year | $ 147,616 | $ 125,148 |
Increases in tax positions for prior years | 4,481 | 18,156 |
Decreases in tax positions for prior years | (90,521) | (666) |
Increases in tax positions for current year | 27,524 | 5,132 |
Settlements | 0 | 0 |
Lapse in statute of limitations | (260) | (154) |
Balance as of end of fiscal year | $ 88,840 | $ 147,616 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 28, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | Sep. 28, 2019 | |
Income Tax Disclosure [Abstract] | |||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense | $ 2,400 | $ 214,700 | |||
Excess benefits from stock-based compensation | $ 37,428 | 14,196 | 21,520 | ||
Gross unrecognized tax benefits balance | 88,840 | 147,616 | $ 125,148 | ||
Decrease in unrecognized tax benefits | 58,800 | ||||
Unrecognized Tax Benefits That Would Impact Additional Paid-in Capital | $ 85,500 | ||||
NetTaxBenefitReconizedThroughAPIC | $ 81,900 | ||||
Unrecognized tax benefits that would impact effective tax rate | 47,400 | 35,300 | |||
Potential Impact of Adverse Decision for Cost Sharing SBC - Minimum | 55,000 | ||||
Potential Impact of Adverse Decision for Cost Sharing SBC | 60,000 | ||||
Deferred Tax Assets and Liabilities [Line Items] | |||||
Long-term deferred tax assets | 186,936 | 157,480 | |||
Valuation allowance | 150,907 | 118,773 | |||
Other Assets [Member] | |||||
Deferred Tax Assets and Liabilities [Line Items] | |||||
Long-term deferred tax assets | $ 149,400 | $ 126,700 |
Income Taxes Income Tax Holiday
Income Taxes Income Tax Holiday Statutory Rate Narrative (Details) - Singapore [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Income Tax Holiday [Line Items] | |||
Income Tax Holiday Statutory Tax Rate | 17.00% | ||
Income Tax Holiday Pioneer Status Tax Rate | 0.00% | ||
Benefit from income tax holiday | $ 42.3 | $ 48 | $ 61.5 |
Benefit from income tax holiday, per share (in dollars per share) | $ 0.17 | $ 0.19 | $ 0.24 |
Income Taxes Excess Tax Benefit
Income Taxes Excess Tax Benefits, Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Excess benefits from stock-based compensation | $ 37,428 | $ 14,196 | $ 21,520 |
Income Taxes Tax Credit Carryfo
Income Taxes Tax Credit Carryforward Narrative (Details) $ in Millions | Mar. 28, 2020USD ($) |
State and Local Jurisdiction [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Valuation Allowance | $ 172.6 |
Tax Credit Carryforward, Amount | 215.3 |
Foreign Tax Authority [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Credit Carryforward, Valuation Allowance | 2.3 |
Tax Credit Carryforward, Amount | $ 2.3 |
Income Taxes Tax Operating Loss
Income Taxes Tax Operating Loss Carryforward Narrative (Details) $ in Millions | Mar. 28, 2020USD ($) |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 195.8 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 186.5 |
Operating Loss Carryforwards, Valuation Allowance | $ 175.6 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 28, 2020USD ($) | Dec. 28, 2019USD ($) | Sep. 28, 2019USD ($) | Jun. 29, 2019USD ($) | Mar. 30, 2019USD ($) | Dec. 29, 2018USD ($) | Sep. 29, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 28, 2020USD ($)segment | Mar. 30, 2019USD ($) | Mar. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segments | segment | 1 | ||||||||||
Revenues | $ 756,169 | $ 723,499 | $ 833,366 | $ 849,632 | $ 828,361 | $ 800,057 | $ 746,252 | $ 684,370 | $ 3,162,666 | $ 3,059,040 | $ 2,467,023 |
Net long-lived assets | 372,574 | 328,929 | 372,574 | 328,929 | 304,117 | ||||||
North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 914,952 | 848,723 | 748,916 | ||||||||
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 807,260 | 748,245 | 652,222 | ||||||||
Net long-lived assets | 222,715 | 212,385 | 222,715 | 212,385 | 206,406 | ||||||
North America, Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 107,692 | 100,478 | 96,694 | ||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,475,222 | 1,385,582 | 1,008,487 | ||||||||
Asia Pacific, Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 562,493 | 534,987 | 370,307 | ||||||||
China [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 912,729 | 850,595 | 638,180 | ||||||||
Foreign [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,247,714 | 2,210,317 | 1,718,107 | ||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 533,984 | 586,893 | 501,049 | ||||||||
Japan [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 238,508 | 237,842 | 208,571 | ||||||||
Ireland [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net long-lived assets | 38,208 | 36,984 | 38,208 | 36,984 | 38,257 | ||||||
Singapore [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net long-lived assets | 62,642 | 62,257 | 62,642 | 62,257 | 45,013 | ||||||
India [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net long-lived assets | 36,397 | 12,015 | 36,397 | 12,015 | 10,117 | ||||||
Foreign, Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net long-lived assets | 12,612 | 5,288 | 12,612 | 5,288 | 4,324 | ||||||
Non-US [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net long-lived assets | $ 149,859 | $ 116,544 | $ 149,859 | $ 116,544 | $ 97,711 |
Litigation Settlements and Co_2
Litigation Settlements and Contingencies (Details) $ in Millions | 12 Months Ended |
Mar. 28, 2020USD ($) | |
Valley Forge [Member] | |
Loss Contingencies [Line Items] | |
Damages sought | $ 50 |
Goodwill and Acquisition-Rela_3
Goodwill and Acquisition-Related Intangibles (Details) $ in Thousands | 12 Months Ended |
Mar. 28, 2020USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 340,718 |
Acquisitions | 280,153 |
Other | (1,675) |
Goodwill, ending balance | $ 619,196 |
Goodwill and Acquisition-Rela_4
Goodwill and Acquisition-Related Intangibles (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Goodwill | $ 619,196 | $ 340,718 |
Total acquisition-related intangibles, gross | 361,882 | 210,976 |
Less accumulated amortization | (161,538) | (130,253) |
Total | 200,344 | 80,723 |
In process research and development | 56,992 | 52,710 |
Core Technology [Member] | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Total acquisition-related intangibles, gross | 209,131 | 107,250 |
Less accumulated amortization | (105,007) | (82,611) |
Total | $ 104,124 | 24,639 |
Weighted-Average Amortization Life | 4 years 1 month 6 days | |
Other Intangibles [Member] | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Total acquisition-related intangibles, gross | $ 95,759 | 51,016 |
Less accumulated amortization | (56,531) | (47,642) |
Total | $ 39,228 | $ 3,374 |
Weighted-Average Amortization Life | 4 years 1 month 6 days | |
Deephi Tech Acquisition [Member] | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Goodwill | $ 237,200 | |
Intangibles acquired | $ 106,000 |
Goodwill and Acquisition-Rela_5
Goodwill and Acquisition-Related Intangibles (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of acquisition-related intangibles | $ 8,889 | $ 4,930 | $ 2,152 |
Schedule of expected annual amortization expense for acquisition-related intangibles | |||
2019 | 38,212 | ||
2020 | 35,401 | ||
2021 | 33,693 | ||
2022 | 29,443 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 6,603 | ||
Total | $ 143,352 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) | 12 Months Ended | ||
Mar. 28, 2020USD ($)participant | Mar. 30, 2019USD ($) | Mar. 31, 2018USD ($) | |
Postemployment Benefits [Abstract] | |||
Total contribution to the employee benefit plans | $ 16,500,000 | $ 15,100,000 | $ 14,700,000 |
Employer matching contribution limit, as a percentage of employee contribution | 50.00% | ||
First part of employee compensation that the employee contributed to their 401(k) accounts | 8.00% | ||
The maximum company contribution per employee | $ 4,500 | ||
Participants' age limit eligible to make catch up salary deferral contribution | 50 years | ||
Percentage of salary deferrals of the eligible annual salary | 75.00% | ||
Number of participants in the plan who self direct their contribution into investment option (more than) | participant | 258 | ||
Employee benefit plan assets | $ 111,100,000 | 109,300,000 | |
Employee benefit plan obligations | $ 121,900,000 | $ 118,600,000 |
Restructuring Charges and Exe_3
Restructuring Charges and Executive Transition Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | Dec. 28, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||||
Total executive transition costs | $ 28,362 | $ 0 | $ 33,351 | ||
Restructuring accruals | 13,454 | $ 28,362 | |||
Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total executive transition costs | $ 33,400 | ||||
Restructuring accruals | $ 12,841 | $ 27,628 |
Restructuring Charges and Exe_4
Restructuring Charges and Executive Transition Costs (Details 2) $ in Thousands | 3 Months Ended |
Mar. 28, 2020USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring accrual, beginning balance | $ 28,362 |
Cash payments | (14,736) |
Restructuring Reserve, Settled without Cash | (172) |
Restructuring accrual, ending balance | 13,454 |
Employee severance and benefits | |
Restructuring Reserve [Roll Forward] | |
Restructuring accrual, beginning balance | 27,628 |
Cash payments | (14,615) |
Restructuring Reserve, Settled without Cash | (172) |
Restructuring accrual, ending balance | 12,841 |
Others | |
Restructuring Reserve [Roll Forward] | |
Restructuring accrual, beginning balance | 734 |
Cash payments | (121) |
Restructuring Reserve, Settled without Cash | 0 |
Restructuring accrual, ending balance | $ 613 |
Business Combination (Details)
Business Combination (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Business Acquisition [Line Items] | ||
Goodwill | $ 619,196 | $ 340,718 |
Solarflare acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | 400,000 | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 8,400 | |
Cash and cash equivalents | 6,765 | |
Business Combination, Acquisition Related Costs | 4,200 | |
Goodwill | 237,163 | |
Intangibles acquired | 106,000 | |
Deephi Tech Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | 237,200 | |
Intangibles acquired | 106,000 | |
Airrays GmbH [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | 14,100 | |
Business combination, consideration | 29,000 | |
Intangibles acquired | 18,200 | |
NGCodec, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | 28,900 | |
Business combination, consideration | 54,000 | |
Intangibles acquired | $ 26,700 |
Business Combination Schedule o
Business Combination Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Mar. 30, 2019 |
Business Acquisition [Line Items] | ||
Goodwill | $ 619,196 | $ 340,718 |
Solarflare acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | 6,765 | |
Tangible assets | 19,308 | |
Identifiable intangible assets | 106,000 | |
Goodwill | 237,163 | |
Deferred tax assets | 44,016 | |
Current liabilities | (9,229) | |
Non-current liabilities | (3,797) | |
Total | $ 400,226 |
Business Combination Finite-Liv
Business Combination Finite-Lived Intangible Assets Acquired as Part of Business Combination (Details) - Solarflare acquisition [Member] $ in Thousands | 12 Months Ended |
Mar. 28, 2020USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 106,000 |
Trademarks and Trade Names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 2,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 2 years |
Developed Technology Rights [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 34,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 40,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
In Process Research and Development [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 30,000 |
Subsequent Event (Details)
Subsequent Event (Details) | Apr. 20, 2020$ / shares |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Dividends Payable, Amount Per Share | $ 0.38 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts, Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning of Year | $ 3,170 | $ 3,170 | $ 3,200 |
Additions | 79 | 0 | 0 |
Deductions | 10 | 0 | 30 |
End of Year | 3,239 | 3,170 | 3,170 |
Valuation allowance for deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning of Year | 118,773 | 101,383 | 72,520 |
Additions | 34,488 | 17,390 | 28,863 |
Deductions | 2,354 | 0 | 0 |
End of Year | $ 150,907 | $ 118,773 | $ 101,383 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts, Supplementary Financial Data Quarterly Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 28, 2020 | Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 28, 2020 | Mar. 30, 2019 | Mar. 31, 2018 | |
Supplementary Financial Data [Abstract] | |||||||||||
Revenues | $ 756,169 | $ 723,499 | $ 833,366 | $ 849,632 | $ 828,361 | $ 800,057 | $ 746,252 | $ 684,370 | $ 3,162,666 | $ 3,059,040 | $ 2,467,023 |
Gross margin | 528,435 | 483,478 | 540,260 | 562,863 | 558,904 | 552,154 | 514,632 | 477,482 | 2,115,036 | 2,103,172 | 1,723,604 |
Income before provision for taxes | 189,746 | 165,843 | 215,845 | 262,550 | 259,680 | 256,590 | 239,144 | 212,917 | 833,984 | 968,332 | 691,379 |
Net income | $ 162,257 | $ 162,012 | $ 226,993 | $ 241,459 | $ 244,640 | $ 239,360 | $ 215,712 | $ 190,038 | $ 792,721 | $ 889,750 | $ 463,981 |
Shares used in per share calculations | |||||||||||
Basic (in dollars per share) | $ 0.66 | $ 0.65 | $ 0.90 | $ 0.95 | $ 0.96 | $ 0.95 | $ 0.85 | $ 0.75 | $ 3.15 | $ 3.52 | $ 1.86 |
Diluted (in dollars per share) | $ 0.65 | $ 0.64 | $ 0.89 | $ 0.94 | $ 0.95 | $ 0.93 | $ 0.84 | $ 0.74 | $ 3.11 | $ 3.47 | $ 1.80 |
Shares used in per share calculations: | |||||||||||
Basic (in shares) | 247,166 | 250,546 | 252,399 | 253,268 | 253,855 | 253,060 | 252,988 | 252,682 | 251,732 | 252,762 | 249,595 |
Diluted (in shares) | 249,320 | 252,808 | 255,269 | 257,928 | 258,177 | 256,374 | 255,522 | 255,935 | 254,943 | 256,434 | 257,960 |
Cash dividends per common share (in dollars per share) | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.36 | $ 0.36 | $ 0.36 |