Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jan. 02, 2021 | Jan. 15, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 2, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-18548 | |
Entity Registrant Name | XILINX, INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 2100 Logic Drive | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Tax Identification Number | 77-0188631 | |
Entity Address, Postal Zip Code | 95124 | |
City Area Code | 408 | |
Local Phone Number | 559-7778 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | XLNX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 245,277,000 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000743988 | |
Current Fiscal Year End Date | --04-03 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Net revenues | $ 803,404 | $ 723,499 | $ 2,296,612 | $ 2,406,497 |
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization | 249,529 | 233,324 | 693,753 | 804,197 |
Cost, Depreciation and Amortization | 6,875 | 6,697 | 20,268 | 15,699 |
Cost of revenues | 256,404 | 240,021 | 714,021 | 819,896 |
Gross margin | 547,000 | 483,478 | 1,582,591 | 1,586,601 |
Operating expenses: | ||||
Research and development | 235,018 | 211,541 | 664,776 | 638,621 |
Selling, general and administrative | 136,701 | 109,612 | 355,877 | 328,633 |
Amortization of acquisition-related intangibles | 2,856 | 2,919 | 8,581 | 5,488 |
Total operating expenses | 374,575 | 324,072 | 1,029,234 | 972,742 |
Operating income | 172,425 | 159,406 | 553,357 | 613,859 |
Interest and other income (expense), net | 3,709 | 6,437 | (19,215) | 30,378 |
Income before income taxes | 176,134 | 165,843 | 534,142 | 644,237 |
Provision for income taxes | 5,162 | 3,831 | 75,517 | 13,774 |
Net income | $ 170,972 | $ 162,012 | $ 458,625 | $ 630,463 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.70 | $ 0.65 | $ 1.88 | $ 2.50 |
Diluted (in dollars per share) | 0.69 | 0.64 | 1.86 | 2.47 |
Common Stock, Dividends, Per Share, Declared | $ 0.38 | $ 0.37 | $ 1.14 | $ 1.11 |
Shares used in per share calculations: | ||||
Basic (in shares) | 245,145 | 250,546 | 243,976 | 252,330 |
Diluted (in shares) | 248,148 | 252,808 | 246,786 | 255,758 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 170,972 | $ 162,012 | $ 458,625 | $ 630,463 |
Other comprehensive income (loss), net of tax: | ||||
Change in net unrealized gains (losses) on available-for-sale securities | (253) | 548 | 15 | 12,264 |
Reclassification adjustment for (gains) losses on available-for-sale securities | 58 | (91) | (87) | (890) |
Change in unrealized gains (losses) on hedging transactions | 5,967 | 2,184 | 15,515 | (1,829) |
Reclassification adjustment for (gains) losses on hedging transactions | (2,239) | 96 | (1,890) | 2,247 |
Cumulative translation adjustment, net | 2,933 | 2,294 | 4,902 | (487) |
Other comprehensive income (loss) | 6,466 | 5,031 | 18,455 | 11,305 |
Total comprehensive income | $ 177,438 | $ 167,043 | $ 477,080 | $ 641,768 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 02, 2021 | Mar. 28, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,125,566 | $ 1,777,703 |
Short-term investments | 2,198,859 | 489,513 |
Accounts receivable, net | 269,605 | 273,028 |
Inventories | 300,107 | 304,340 |
Prepaid expenses and other current assets | 73,112 | 64,557 |
Total current assets | 3,967,249 | 2,909,141 |
Property, plant and equipment, at cost: | 1,008,277 | 989,315 |
Accumulated depreciation and amortization | (656,764) | (616,741) |
Net property, plant and equipment | 351,513 | 372,574 |
Goodwill | 620,697 | 619,196 |
Acquisition-related intangibles, net | 182,211 | 200,344 |
Other assets | 627,295 | 592,079 |
Total Assets | 5,748,965 | 4,693,334 |
Current liabilities: | ||
Accounts payable | 110,075 | 102,131 |
Accrued payroll and related liabilities | 313,824 | 231,439 |
Income taxes payable | 30,044 | 36,217 |
Other accrued liabilities | 160,284 | 216,634 |
Current portion of long-term debt | 499,865 | 499,260 |
Total current liabilities | 1,114,092 | 1,085,681 |
Long-term debt | 1,492,377 | 747,110 |
Long-term income taxes payable | 472,546 | 447,383 |
Other long-term liabilities | 71,059 | 98,111 |
Commitments and contingencies (Note 17) | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value | 0 | 0 |
Common stock, $.01 par value | 2,451 | 2,438 |
Additional paid-in capital | 1,283,023 | 1,145,083 |
Retained earnings | 1,315,239 | 1,187,805 |
Accumulated other comprehensive loss | (1,822) | (20,277) |
Total stockholders’ equity | 2,598,891 | 2,315,049 |
Total Liabilities and Stockholders’ Equity | $ 5,748,965 | $ 4,693,334 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 02, 2021 | Mar. 28, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 458,625 | $ 630,463 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of software | 92,816 | 68,882 |
Amortization - others | 47,508 | 37,326 |
Stock-based compensation | 175,153 | 142,732 |
Deferred income taxes | (18,519) | 1,417 |
Others | 3,699 | (24,083) |
Changes in assets and liabilities: | ||
Accounts receivable, net | 3,423 | 86,370 |
Inventories | 4,232 | (6,845) |
Prepaid expenses and other current assets | (4,665) | 912 |
Other assets | (48,258) | (26,217) |
Accounts payable | 6,381 | (26,466) |
Accrued liabilities | 110,836 | 7,735 |
Income taxes payable | 21,960 | (46,741) |
Net cash provided by operating activities | 853,191 | 845,485 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (4,278,552) | (1,273,015) |
Proceeds from sale and maturity of available-for-sale and equity securities | 2,493,984 | 1,838,572 |
Purchases of property, plant and equipment and software | (36,801) | (96,980) |
Other investing activities | (16,109) | (15,233) |
Acquisition of business, net of cash acquired | (7,103) | (454,651) |
Net cash used in investing activities | (1,844,581) | (1,307) |
Cash flows from financing activities: | ||
Repurchases of common stock | (53,682) | (738,184) |
Taxes paid related to net share settlements of restricted stock units | (57,987) | (75,417) |
Proceeds from issuance of common stock through various stock plans | 20,116 | 19,876 |
Payment of dividends to stockholders | (278,674) | (280,376) |
Proceeds from issuance of long-term debt, net | 744,427 | 0 |
Other financing activities | (34,947) | (22,479) |
Net cash provided by (used in) financing activities | 339,253 | (1,096,580) |
Net decrease in cash and cash equivalents | (652,137) | (252,402) |
Cash and cash equivalents at beginning of period | 1,544,490 | |
Cash and cash equivalents at end of period | 1,125,566 | 1,292,088 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 41,852 | 41,576 |
Income taxes paid, net | $ 72,414 | $ 58,937 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Stockholders' Equity Statement - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Common Stock Outstanding, beginning balance (in shares) at Mar. 30, 2019 | 253,891 | ||||
Beginning balance at Mar. 30, 2019 | $ 2,861,509 | $ 2,539 | $ 1,005,411 | $ 1,876,969 | $ (23,410) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 630,463 | 630,463 | |||
Other comprehensive income | 11,305 | 11,305 | |||
Tax withholding related to vesting of restricted stock units and other (in shares) | 2,171 | ||||
Issuance of common shares under employee stock plans, net | (55,541) | $ 22 | (55,563) | ||
Repurchase and retirement of common stock (in shares) | (7,227) | ||||
Repurchase and retirement of common stock | (750,818) | $ (72) | (68,900) | (681,846) | |
Stock-based compensation expense | $ 142,732 | 142,732 | |||
Common Stock, Dividends, Per Share, Declared | $ 1.11 | ||||
Cash dividends declared | $ (280,376) | (280,376) | |||
Common Stock Outstanding, ending balance (in shares) at Dec. 28, 2019 | 248,835 | ||||
Ending balance at Dec. 28, 2019 | 2,641,162 | $ 2,489 | 1,105,568 | 1,545,210 | (12,105) |
Common Stock Outstanding, beginning balance (in shares) at Sep. 28, 2019 | 251,466 | ||||
Beginning balance at Sep. 28, 2019 | 2,695,905 | $ 2,515 | 978,222 | 1,732,304 | (17,136) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 162,012 | 162,012 | |||
Other comprehensive income | 5,031 | 5,031 | |||
Tax withholding related to vesting of restricted stock units and other (in shares) | 153 | ||||
Issuance of common shares under employee stock plans, net | (3,565) | $ 2 | (3,567) | ||
Repurchase and retirement of common stock (in shares) | (2,784) | ||||
Repurchase and retirement of common stock | (257,335) | $ (28) | (1,132) | (256,175) | |
Stock-based compensation expense | $ 50,157 | 50,157 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.37 | ||||
Cash dividends declared | $ (92,931) | (92,931) | |||
Common Stock Outstanding, ending balance (in shares) at Dec. 28, 2019 | 248,835 | ||||
Ending balance at Dec. 28, 2019 | 2,641,162 | $ 2,489 | 1,105,568 | 1,545,210 | (12,105) |
Common Stock Outstanding, beginning balance (in shares) at Mar. 28, 2020 | 243,810 | ||||
Beginning balance at Mar. 28, 2020 | 2,315,049 | $ 2,438 | 1,145,083 | 1,187,805 | (20,277) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 458,625 | 458,625 | |||
Other comprehensive income | 18,455 | 18,455 | |||
Tax withholding related to vesting of restricted stock units and other (in shares) | 2,076 | ||||
Issuance of common shares under employee stock plans, net | (39,715) | $ 20 | (39,735) | ||
Repurchase and retirement of common stock (in shares) | (685) | ||||
Repurchase and retirement of common stock | (50,002) | $ (7) | 2,522 | (52,517) | |
Stock-based compensation expense | $ 175,153 | 175,153 | |||
Common Stock, Dividends, Per Share, Declared | $ 1.14 | ||||
Cash dividends declared | $ (278,674) | (278,674) | |||
Common Stock Outstanding, ending balance (in shares) at Jan. 02, 2021 | 245,201 | ||||
Ending balance at Jan. 02, 2021 | 2,598,891 | $ 2,451 | 1,283,023 | 1,315,239 | (1,822) |
Common Stock Outstanding, beginning balance (in shares) at Sep. 26, 2020 | 245,059 | ||||
Beginning balance at Sep. 26, 2020 | 2,452,837 | $ 2,450 | 1,221,254 | 1,237,421 | (8,288) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 170,972 | 170,972 | |||
Other comprehensive income | 6,466 | 6,466 | |||
Tax withholding related to vesting of restricted stock units and other (in shares) | 142 | ||||
Issuance of common shares under employee stock plans, net | (4,561) | $ 1 | (4,562) | ||
Stock-based compensation expense | $ 66,331 | 66,331 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.38 | ||||
Cash dividends declared | $ (93,154) | (93,154) | |||
Common Stock Outstanding, ending balance (in shares) at Jan. 02, 2021 | 245,201 | ||||
Ending balance at Jan. 02, 2021 | $ 2,598,891 | $ 2,451 | $ 1,283,023 | $ 1,315,239 | $ (1,822) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Jan. 02, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation The accompanying interim condensed consolidated financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X, and should be read in conjunction with the Xilinx, Inc. (Xilinx or the Company) consolidated financial statements filed with the U.S. Securities and Exchange Commission (SEC) on Form 10-K for the fiscal year ended March 28, 2020. The interim financial statements are unaudited, but reflect all adjustments which are, in the opinion of management, of a normal, recurring nature necessary to provide a fair statement of results for the interim periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for the fiscal year ending April 3, 2021 or any future period. The Company uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2021 and fiscal 2020 are 53-week and 52-week years ending on April 3, 2021 and March 28, 2020, respectively. The quarter ended January 2, 2021 consisted of 14 weeks. The quarter ended December 28, 2019 consisted of 13 weeks. Merger with Advanced Micro Devices, Inc. On October 27, 2020, the Company announced that it had entered into an Agreement and Plan of Merger, dated October 26, 2020 (as it may be amended from time to time, the Merger Agreement) with Advanced Micro Devices, Inc., a Delaware corporation (AMD), and Thrones Merger Sub, Inc., a wholly-owned subsidiary of AMD (Merger Sub), under which, subject to the satisfaction or (to the extent permissible) waiver of the conditions set forth therein, Merger Sub will merge with and into the Company, and the Company will survive the merger as a wholly-owned subsidiary of AMD (Merger). Under the terms of the Merger Agreement, at the effective time of the Merger (Effective Time), each share of common stock, par value $0.01 per share, of the Company, issued and outstanding immediately prior to the Effective Time (other than treasury shares and any shares of Company common stock held by AMD or Merger Sub) will be converted into the right to receive 1.7234 fully paid and non-assessable shares of common stock, par value $0.01 per share, of AMD (with cash being paid, without interest and less applicable withholding taxes, in lieu of any fractional shares of AMD common stock). The Merger has been approved by both the Company’s board of directors and the board of directors of AMD. The completion of the Merger is subject to customary closing conditions, including, among others, the approvals of the Company’s stockholders and AMD’s stockholders and the receipt of various regulatory approvals. Subject to the satisfaction or (to the extent permissible) waiver of such conditions, the Merger is currently expected to close by the end of calendar year 2021. The Company cannot guarantee that the Merger will be completed on a timely basis or at all or that, if completed, it will be completed on the terms set forth in the Merger Agreement. The aggregate financial advisor fees associated with the Merger are $90.0 million in total, $9.0 million of which was paid upon the public announcement of the Merger, and the remainder is contingent upon the closing of the Merger. The Company is also obligated to pay up to an additional $40.0 million calculated based on the extent to which the value of the Company’s shares in the Merger at the time of closing exceeds a specified threshold. If the Merger is not completed, the Company could be required to pay a termination fee of $1.00 billion to AMD under certain circumstances as described in the Merger Agreement. |
Recent Accounting Changes and A
Recent Accounting Changes and Accounting Pronouncements | 9 Months Ended |
Jan. 02, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | Recent Accounting Changes and Accounting Pronouncements Recent Accounting Pronouncements Adopted Credit Losses In June 2016, the Financial Accounting Standards Board (FASB) issued authoritative guidance to replace the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance requires a forward-looking expected credit loss model for financial assets, including accounts receivable and available for sale debt securities. The Company adopted this authoritative guidance in the first quarter of fiscal 2021 and the impact of the adoption was not material to the Company's condensed consolidated financial statements. Goodwill In January 2017, the FASB issued authoritative guidance that simplifies the accounting for goodwill impairment. The authoritative guidance removes Step 2 of the goodwill impairment test, which required a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance remains largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The Company adopted this authoritative guidance in the first quarter of fiscal 2021 and the adoption did not impact the Company's condensed consolidated financial statements. Cloud Computing Arrangements In August 2018, the FASB issued new guidance requiring a customer in a cloud computing arrangement (i.e., hosting arrangement) that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. The Company adopted this authoritative guidance in the first quarter of fiscal 2021 and the impact of the adoption was not material to the Company's condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted Income Taxes In December 2019, the FASB issued authoritative guidance that simplifies the accounting for income taxes as part of the overall initiative to reduce complexity in accounting standards. Amendments include removal of certain exceptions to the general principles of Accounting Standards Codification 740, Income Taxes. The amendments also include simplification in several other areas, such as recognition of deferred tax assets on step-up in tax basis in goodwill and accounting for franchise tax that is partially based on income. For public entities, the guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2022. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company has decided not to early adopt this new authoritative guidance and is currently evaluating the impact of this authoritative guidance on its consolidated financial statements. |
Significant Customers and Conce
Significant Customers and Concentrations of Credit Risk (Notes) | 9 Months Ended |
Jan. 02, 2021 | |
Significant Customers and Concentrations of Credit Risk [Abstract] | |
Concentration Risk Disclosure [Text Block] | Significant Customers and Concentrations of Credit Risk Avnet, Inc. (Avnet), one of the Company’s distributors, distributes the Company’s products worldwide. As of January 2, 2021 and March 28, 2020, Avnet accounted for 34% and 31% of the Company’s total net accounts receivable, respectively. Net revenues from Avnet accounted for 44% and 43% of the Company’s worldwide net revenues in the third quarter and the first nine months of fiscal 2021, respectively. Net revenues from Avnet accounted for 45% and 41% of the Company’s worldwide net revenues in the third quarter and the first nine months of fiscal 2020. While the percentage of worldwide net revenues from Avnet fluctuates from period to period, overall the percentage is within historical ranges. For the third quarter and the first nine months of fiscal 2021, approximately 56% and 57% of the Company's net revenues were from products sold to distributors for subsequent resale to original equipment manufacturers (OEMs) or their subcontract manufacturers, respectively. For the third quarter and the first nine months of fiscal 2020, the percentages of the Company's net revenues from distributors were 57% and 52%, respectively. No other distributor or end customer accounted for more than 10% of the Company’s worldwide net revenues for the third quarter and the first nine months of fiscal 2021. No other distributor accounted for more than 10% of the Company’s worldwide net revenues for the third quarter and the first nine months of fiscal 2020. However, one end customer accounted for 12% and 11% of the Company's worldwide net revenues for the third quarter and the first nine months of fiscal 2020, respectively. Xilinx is subject to concentrations of credit risk primarily in its trade accounts receivable and investments in debt securities to the extent of the amounts recorded on the condensed consolidated balance sheet. The Company attempts to mitigate the concentrations of credit risk in its trade receivables through its credit evaluation process, collection terms, distributor sales to diverse end customers and through geographical dispersion of sales. Xilinx generally does not require collateral for receivables from its end customers or distributors. The Company mitigates concentrations of credit risk in its investments in debt securities by currently investing approximately 96% of its portfolio in AA (or its equivalent) or higher-grade securities as rated by Standard & Poor’s or Moody’s Investors Service. The Company’s methods to arrive at investment decisions are not solely based on the rating agencies’ credit ratings. Xilinx also performs additional credit due diligence and conducts regular portfolio credit reviews, including a review of counterparty credit risk related to the Company’s forward currency exchange contracts. Additionally, Xilinx limits its investments in the debt securities of a single issuer based upon the issuer’s credit rating and attempts to further mitigate credit risk by diversifying risk across geographies and type of issuer. As of January 2, 2021, all of the mortgage-backed securities in the Company's investment portfolio were issued by U.S. government-sponsored enterprises and agencies and are rated AA+ by Standard & Poor’s and Aaa by Moody’s Investors Service. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jan. 02, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The authoritative guidance for fair value measurements established by the FASB defines fair value as the exchange price that would be received from selling an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which Xilinx would transact and also considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of nonperformance. The Company determines the fair value for marketable debt securities using industry standard pricing services, data providers and other third-party sources and by internally performing valuation testing and analysis. The Company primarily uses a consensus price or weighted-average price for its fair value assessment. The Company determines the consensus price using market prices from a variety of industry standard pricing services, data providers, security master files from large financial institutions and other third-party sources and uses those multiple prices as inputs into a distribution-curve-based algorithm to determine the daily market value. The pricing services use multiple inputs to determine market prices, including reportable trades, benchmark yield curves, credit spreads and broker/dealer quotes as well as other industry and economic events. For certain securities with short maturities, such as discount commercial paper and certificates of deposit, the security is accreted from purchase price to face value at maturity. If a subsequent transaction on the same security is observed in the marketplace, the price on the subsequent transaction is used as the current daily market price and the security will be accreted to face value based on the revised price. The Company validates the consensus prices by taking random samples from each asset type and corroborating those prices using reported trade activity, benchmark yield curves, binding broker/dealer quotes or other relevant price information. There have not been any changes to the Company’s fair value methodology during the third quarter of fiscal 2021, and the Company did not adjust or override any fair value measurements as of January 2, 2021. Fair Value Hierarchy The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. The guidance for fair value measurements requires that assets and liabilities carried at fair value be classified and disclosed in one of the following categories: Level 1 — Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 — Unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation. Assets and Liabilities Measured at Fair Value on a Recurring Basis In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of January 2, 2021 and March 28, 2020: January 2, 2021 (In thousands) Total Fair Assets Cash equivalents: Money market funds $ 334,209 $ — $ — $ 334,209 Financial institution securities — 174,988 — 174,988 Non-financial institution securities — 207,764 — 207,764 U.S. government and agency securities 36,999 83,995 — 120,994 Foreign government and agency securities — 121,470 — 121,470 Short-term investments: Financial institution securities — 299,991 — 299,991 Non-financial institution securities — 430,783 — 430,783 U.S. government and agency securities 643,877 341,331 — 985,208 Foreign government and agency securities — 376,855 — 376,855 Mortgage-backed securities — 89,617 — 89,617 Asset-backed securities — 856 — 856 Commercial mortgage-backed securities — 15,549 — 15,549 Derivative financial instruments, net — 6,756 — 6,756 Total assets measured at fair value $ 1,015,085 $ 2,149,955 $ — $ 3,165,040 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 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), $750.0 million principal amount of 2.950% senior notes due June 1, 2024 (2024 Notes) and $750.0 million principal amount of 2.375% senior notes due June 1, 2030 (2030 Notes) are measured at fair value on a quarterly basis for disclosure purposes. The fair values of the 2021 Notes, 2024 Notes and 2030 Notes as of January 2, 2021 were approximately $502.7 million, $807.8 million and $785.2 million, respectively, based on the last trading price for the period (classified as Level 2 in fair value hierarchy due to relatively low trading volume). Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis As of January 2, 2021, the Company had non-marketable securities in private companies of $107.4 million, which were classified as Level 3 assets. The Company’s investments in non-marketable equity securities of private companies are recorded at fair value if the Company recognizes an observable price adjustment or an impairment. Such impairment losses or observable price adjustments were not material during all periods presented. The Company’s investments in non-financial assets such as property, plant and equipment, goodwill and acquisition-related intangibles, are recorded at cost (net of accumulated depreciation or amortization, where applicable). These non-financial assets are reduced to fair value when impaired. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Jan. 02, 2021 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | Financial Instruments The following is a summary of cash equivalents and available-for-sale securities as of the end of the periods presented: January 2, 2021 March 28, 2020 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 334,209 $ — $ — $ 334,209 $ 656,038 $ — $ — $ 656,038 Financial institution securities 474,979 — — 474,979 325,000 — — 325,000 Non-financial institution securities 638,547 — — 638,547 476,735 — — 476,735 U.S. government and agency securities 1,106,192 19 (9) 1,106,202 216,178 95 — 216,273 Foreign government and agency securities 498,325 — — 498,325 254,283 7 (17) 254,273 Mortgage-backed securities 88,100 1,819 (302) 89,617 156,836 2,445 (477) 158,804 Asset-backed securities 840 16 — 856 2,533 18 (2) 2,549 Commercial mortgage- backed securities 15,572 123 (146) 15,549 50,566 134 (556) 50,144 $ 3,156,764 $ 1,977 $ (457) $ 3,158,284 $ 2,138,169 $ 2,699 $ (1,052) $ 2,139,816 Financial institution securities include securities issued or managed by financial institutions in various forms, such as commercial paper and time deposits. Substantially all time deposits were issued by institutions outside the U.S. as of January 2, 2021 and March 28, 2020. The following tables show the fair values and gross unrealized losses of the Company’s investments, aggregated by investment category, for individual securities that have been in a continuous unrealized loss position for the length of time specified, as of January 2, 2021 and March 28, 2020: January 2, 2021 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. government and agency securities $ 431,873 $ (9) $ — $ — $ 431,873 $ (9) Mortgage-backed securities 13,052 (120) 12,287 (182) 25,339 (302) Commercial mortgage- backed securities 2,635 (5) 638 (141) 3,273 (146) $ 447,560 $ (134) $ 12,925 $ (323) $ 460,485 $ (457) March 28, 2020 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Mortgage-backed securities $ 13,492 $ (88) $ 31,819 $ (389) $ 45,311 $ (477) Asset-backed securities 1,641 (2) — — 1,641 (2) Foreign government and agency securities 30,998 (17) — — 30,998 (17) Commercial mortgage- backed securities 30,593 (282) 2,589 (274) 33,182 (556) $ 76,724 $ (389) $ 34,408 $ (663) $ 111,132 $ (1,052) The Company reviewed the investment portfolio and determined that the gross unrealized losses on these investments as of January 2, 2021 and March 28, 2020 were temporary in nature as evidenced by the fluctuations in the gross unrealized losses within the investment categories. The marketable debt securities (U.S. and foreign government and agency securities, asset-backed securities, mortgage-backed securities and commercial mortgage-backed securities) are highly rated by the credit rating agencies, there have been no defaults on any of these securities and the Company has received interest payments as they become due. Therefore, the Company believes that it will be able to collect both principal and interest amount due to the Company. Additionally, in the past several years a portion of the Company's investment in the mortgage-backed securities was redeemed or prepaid by the debtors at par. Furthermore, the aggregate of individual unrealized losses that had been outstanding for twelve months or more was not significant as of January 2, 2021 and March 28, 2020. The Company neither intends to sell these investments nor concludes that it is more-likely-than-not that it will have to sell them until recovery of their carrying values. The amortized cost and estimated fair value of marketable debt securities, by contractual maturity, are shown in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties. January 2, 2021 (In thousands) Amortized Estimated Due in one year or less $ 2,719,288 $ 2,719,301 Due after one year through five years 3,398 3,460 Due after five years through ten years 13,443 14,079 Due after ten years 86,426 87,235 $ 2,822,555 $ 2,824,075 As of January 2, 2021, $104.8 million of marketable debt securities with contractual maturities of greater than one year were classified as short-term investments. Additionally, the above table does not include investments in money market funds because these investments do not have specific contractual maturities. Certain information related to available-for-sale securities is as follows: Three Months Ended Nine Months Ended (In thousands) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Proceeds from sale of available-for-sale and equity securities $ 3,896 $ 23,605 $ 60,351 $ 323,228 Gross realized gains on sale of available-for-sale securities $ — $ 128 $ 413 $ 1,339 Gross realized losses on sale of available-for-sale securities (75) (9) (299) (181) Net realized gains (losses) on sale of available-for-sale securities $ (75) $ 119 $ 114 $ 1,158 Amortization of premiums (discounts) on available-for-sale securities $ (141) $ 1,063 $ (257) $ 3,411 The cost of securities matured or sold is based on the specific identification method. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Jan. 02, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company’s primary objective for holding derivative financial instruments is to manage foreign currency exchange rate risk and interest rate risk. As a result of the use of derivative financial instruments, the Company is exposed to the risk that counterparties to derivative contracts may fail to meet their contractual obligations. The Company manages counterparty credit risk in derivative contracts by reviewing counterparty creditworthiness on a regular basis, establishing collateral requirement and limiting exposure to any single counterparty. The right of set-off that exists with certain transactions enables the Company to net amounts due to and from the counterparty, reducing the maximum loss from credit risk in the event of counterparty default. In March and May 2020, the Company entered into interest rate swap contracts with an independent financial institution in an effort to reduce the risk of changes in the underlying benchmark interest rate. During the first quarter of fiscal 2021, the Company unwound the interest rate swap contracts and recognized an immaterial loss. The loss is being amortized as an additional increase to interest expense over the remaining life of the 2030 Notes. There was no ineffectiveness during all periods presented. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Jan. 02, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company’s equity incentive plans are broad-based, long-term retention programs that cover employees, consultants and non-employee directors of the Company. These plans are intended to attract and retain talented employees, consultants and non-employee directors and to provide such persons with a proprietary interest in the Company. Stock-Based Compensation The following table summarizes stock-based compensation expense related to stock awards granted under the Company’s equity incentive plans and rights to acquire stock granted under the Company’s Employee Stock Purchase Plan (ESPP): Three Months Ended Nine Months Ended (In thousands) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Stock-based compensation included in: Cost of revenues $ 3,465 $ 2,961 $ 9,149 $ 8,386 Research and development 40,228 31,543 106,707 86,119 Selling, general and administrative 22,638 15,653 59,297 48,227 $ 66,331 $ 50,157 $ 175,153 $ 142,732 In order to retain its current workforce and maintain continuous business operations during the pending period of the Merger, the Company implemented an employee retention bonus program in December 2020 for certain employees consisting of both cash bonuses and RSUs. The cash bonuses are payable in separate installments through the later of December 2021 or the closing of the Merger, and the RSUs will vest in equal annual installments over three years, with payment and vesting contingent upon a participant employee's continuing employment with the Company. The retention bonus program resulted in the issuance of 721 thousand RSUs. The stock-based compensation expense with respect to the retention bonus program was immaterial for the third quarter of fiscal 2021. Employee Stock Option Plans The types of awards allowed under the 2007 Equity Incentive Plan (2007 Equity Plan) include incentive stock options, non-qualified stock options, restricted stock units (RSUs), restricted stock and stock appreciation rights. As of January 2, 2021, 11.9 million shares remained available for grant under the 2007 Equity Plan. RSU Awards A summary of the Company’s RSU activity and related information is as follows: RSUs Outstanding (Shares in thousands) Number of Shares Weighted-Average Grant-Date Fair Value Per Share March 30, 2019 7,331 $ 59.54 Granted 2,756 $ 109.53 Vested (2,820) $ 55.24 Cancelled (487) $ 75.09 March 28, 2020 6,780 $ 80.53 Granted 3,785 $ 105.48 Vested (2,387) $ 70.61 Cancelled (594) $ 83.77 January 2, 2021 7,584 $ 95.46 The estimated fair values of RSUs were calculated based on the market price of Xilinx common stock on the date of grant, reduced by the present value of dividends expected to be paid on Xilinx common stock prior to vesting. For the RSUs granted during the fiscal quarter ended January 2, 2021, the Company does not expect to declare a dividend due to the required dividend suspension in connection with the Merger. The per share weighted-average fair value of RSUs granted during the third quarter of fiscal 2021 was $143.18 ($89.57 for the third quarter of fiscal 2020), which were calculated based on estimates at the date of grant using the following weighted-average assumptions: Three Months Ended Nine Months Ended January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Risk-free interest rate 0.2 % 1.6 % 0.2 % 1.8 % Dividend yield — % 1.6 % 1.2 % 1.3 % For the majority of RSUs granted, the number of shares of common stock issued on the date the RSU awards vest is net of the minimum statutory withholding requirements that the Company pays in cash to the appropriate taxing authorities on behalf of the Company's employees. During the first nine months of fiscal 2021 and 2020, the Company withheld $58.0 million and $75.4 million worth of RSU awards, respectively, to satisfy the employees’ tax obligations. During the third quarter and the first nine months of fiscal 2021, the Company realized excess tax benefits of $2.3 million and $15.0 million, respectively, primarily from RSU vesting. During the third quarter and the first nine months of fiscal 2020, the excess tax benefits were $1.3 million and $35.6 million, respectively, primarily from RSU vesting. These tax benefits were recorded in the condensed consolidated statements of income as a component of the provision for income taxes. Employee Stock Purchase Plan Under the Company’s ESPP, shares are only issued during the second and fourth quarters of each fiscal year. Employees purchased 283 thousand shares for $19.8 million during the second quarter of fiscal 2021 and 241 thousand shares for $19.7 million during the second quarter of fiscal 2020. The per-share weighted-average fair value of stock purchase rights granted under the ESPP during the second quarter of fiscal 2021 and 2020 was $31.40 and $33.79, respectively. The fair values of stock purchase plan rights granted in the second quarter of fiscal 2021 and 2020 were estimated using the Black-Scholes option pricing model at the date of grant using the following assumptions: 2021 2020 Expected life of options (years) 1.25 1.25 Expected stock price volatility 0.38 0.37 Risk-free interest rate 0.1 % 1.9 % Dividend yield 1.4 % 1.3 % |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Jan. 02, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income Per Common ShareThe computation of basic net income per common share for all periods presented is derived from information on the condensed consolidated statements of income, and there are no reconciling items in the numerator used to compute the diluted net income per common share. The following table summarizes the computation of basic and diluted net income per common share: Three Months Ended Nine Months Ended (In thousands, except per share amounts) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Net income available to common stockholders $ 170,972 $ 162,012 $ 458,625 $ 630,463 Weighted average common shares outstanding-basic 245,145 250,546 243,976 252,330 Dilutive effect of employee equity incentive plans 3,003 2,262 2,810 3,428 Weighted average common shares outstanding-diluted 248,148 252,808 246,786 255,758 Basic net income per common share $ 0.70 $ 0.65 $ 1.88 $ 2.50 Diluted net income per common share $ 0.69 $ 0.64 $ 1.86 $ 2.47 The total shares used in the denominator of the diluted net income per common share calculation include potentially dilutive common equivalent shares outstanding that are not included in basic net income per common share calculation. The diluted shares were calculated by applying the treasury stock method to the impact of the equity incentive plans. Certain shares of outstanding stock options and RSUs were excluded from diluted net income per common share calculation by applying the treasury stock method, as their inclusion would have been anti-dilutive. These excluded options and RSUs were immaterial for the third quarter and the first nine months of fiscal 2021 and 2020, respectively, but could be dilutive in the future if the Company’s average share price increases and is greater than the combined exercise prices and the unamortized fair values of these options and RSUs. |
Inventories
Inventories | 9 Months Ended |
Jan. 02, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Inventories Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated net realizable value) and are comprised of the following: (In thousands) January 2, 2021 March 28, 2020 Raw materials $ 27,549 $ 35,562 Work-in-process 206,607 204,501 Finished goods 65,951 64,277 $ 300,107 $ 304,340 |
Debt and Credit Facility
Debt and Credit Facility | 9 Months Ended |
Jan. 02, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facility | Debt and Credit Facility 2021 Notes On March 12, 2014, the Company issued the 2021 Notes at a discounted price of 99.281% of par. Interest on the 2021 Notes is payable semi-annually on March 15 and September 15. The effective interest rate of the 2021 Notes is 3.115%. The coupon interest rate of the 2021 Notes is 3.000%. The Company received net proceeds of $495.4 million from issuance of the 2021 Notes, after the debt discount and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the terms of the 2021 Notes. As of January 2, 2021, the remaining term of the 2021 Notes is 0.2 years. The following table summarizes the carrying value of the 2021 Notes as of January 2, 2021 and March 28, 2020: (In thousands) January 2, 2021 March 28, 2020 Principal amount of the 2021 Notes $ 500,000 $ 500,000 Unamortized discount of the 2021 Notes (95) (517) Unamortized debt issuance costs associated with 2021 Notes (40) (223) Carrying value of the 2021 Notes $ 499,865 $ 499,260 Interest expense related to the 2021 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows: Three Months Ended Nine Months Ended (In thousands) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Contractual coupon interest $ 3,750 $ 3,750 $ 11,250 $ 11,250 Amortization of debt issuance costs 61 61 183 182 Amortization of debt discount, net 142 137 422 409 Total interest expense related to the 2021 Notes $ 3,953 $ 3,948 $ 11,855 $ 11,841 2024 Notes On May 30, 2017, the Company issued the 2024 Notes at a discounted price of 99.887% of par. Interest on the 2024 Notes is payable semi-annually on June 1 and December 1. The effective interest rate of the 2024 Notes is 2.968%. The coupon interest rate of the 2024 Notes is 2.950%. The Company received $745.2 million from the issuance of the 2024 Notes, after the debt discount and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the term of the 2024 Notes. As of January 2, 2021, the remaining term of the 2024 Notes is approximately 3.4 years. The following table summarizes the carrying value of the 2024 Notes as of January 2, 2021 and March 28, 2020: (In thousands) January 2, 2021 March 28, 2020 Principal amount of the 2024 Notes $ 750,000 $ 750,000 Unamortized discount of the 2024 Notes (436) (525) Unamortized debt issuance costs associated with 2024 Notes (1,939) (2,365) Carrying Value of the 2024 Notes $ 747,625 $ 747,110 Interest expense related to the 2024 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows: Three Months Ended Nine Months Ended (In thousands) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Contractual coupon interest $ 5,444 $ 5,444 $ 16,331 $ 17,429 Amortization of debt issuance costs 142 142 426 426 Amortization of debt discount, net 30 29 89 87 Total interest expense related to the 2024 Notes $ 5,616 $ 5,615 $ 16,846 $ 17,942 2030 Notes On May 19, 2020, the Company issued the 2030 Notes at a discounted price of 99.973% of par. Interest on the 2030 Notes is payable semi-annually on June 1 and December 1. The effective interest rate of the 2030 Notes is 2.378%. The coupon interest rate of the 2030 Notes is 2.375%. The Company received $744.4 million from the issuance of the 2030 Notes, after the debt discount and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the term of the 2030 Notes. As of January 2, 2021, the remaining term of the 2030 Notes is approximately 9.4 years. The following table summarizes the carrying value of the 2030 Notes as of January 2, 2021: (In thousands) January 2, 2021 Principal amount of the 2030 Notes $ 750,000 Unamortized discount of the 2030 Notes (191) Unamortized debt issuance costs associated with 2030 Notes (5,057) Carrying Value of the 2030 Notes $ 744,752 Interest expense related to the 2030 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows: Three Months Ended Nine Months Ended (In thousands) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Contractual coupon interest $ 4,521 $ — $ 11,086 $ — Amortization of debt issuance costs 134 — 313 — Amortization of debt discount, net 4 — 11 — Total interest expense related to the 2030 Notes $ 4,659 $ — $ 11,410 $ — Revolving Credit Facility |
Common Stock Repurchase Program
Common Stock Repurchase Program | 9 Months Ended |
Jan. 02, 2021 | |
Stockholders' Equity Note [Abstract] | |
Common Stock and Debentures Repurchase Program | Common Stock Repurchase Program The Company's board of directors has approved stock repurchase programs enabling the Company to repurchase its common stock and debentures in the open market or through negotiated transactions with independent financial institutions. On October 22, 2019, the Board authorized another program (2019 Repurchase Program) to repurchase the Company's common stock and debentures up to $1.00 billion. The 2019 Repurchase Program has no stated expiration date. Through January 2, 2021, the Company has used $716.3 million of the $1.00 billion authorized under the 2019 Repurchase Program, leaving $283.7 million available for future repurchases. The Company’s current policy is to retire all repurchased shares, and consequently, no treasury shares were held as of January 2, 2021 and March 28, 2020. During the first nine months of fiscal 2021, the Company repurchased 0.7 million shares of common stock in the open market for a total of $53.7 million. Pursuant to the terms of the Merger Agreement, the Company suspended its repurchase program on October 27, 2020, the date the Company announced its planned merger with AMD. |
Interest and Other Expense, Net
Interest and Other Expense, Net | 9 Months Ended |
Jan. 02, 2021 | |
Other Income and Expenses [Abstract] | |
Interest and Other Expense, Net | Interest and Other Income (Expense), Net The components of interest and other income (expense), net are as follows: Three Months Ended Nine Months Ended (In thousands) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Interest income $ 2,581 $ 11,138 $ 9,504 $ 42,939 Interest expense (14,228) (9,563) (40,111) (30,255) Other income, net 15,356 4,862 11,392 17,694 Total interest and other income (expense), net $ 3,709 $ 6,437 $ (19,215) $ 30,378 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Jan. 02, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss Comprehensive income (loss) is defined as the change in equity of a company during a period from transactions and other events and circumstances from non-owner sources. The components of the Company's accumulated other comprehensive loss are as follows: (In thousands) January 2, 2021 March 28, 2020 Accumulated unrealized gains on available-for-sale securities, net of tax $ 1,247 $ 1,319 Accumulated unrealized gains (losses) on hedging transactions, net of tax 3,455 (10,170) Accumulated cumulative translation adjustment, net of tax (6,524) (11,426) Total accumulated other comprehensive loss $ (1,822) $ (20,277) The related tax effects of other comprehensive income (loss) were not material for all periods presented. |
Income Taxes
Income Taxes | 9 Months Ended |
Jan. 02, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded tax provisions of $5.2 million and $75.5 million for the third quarter and the first nine months of fiscal 2021, respectively, representing effective tax rates of 2.9% and 14.1%, respectively. The Company recorded tax provisions of $3.8 million and $13.8 million for the third quarter and the first nine months of fiscal 2020, respectively, representing effective tax rates of 2.3% and 2.1%, respectively. The difference between the U.S. federal statutory tax rate of 21% and the Company's effective tax rate in all periods presented was primarily due to the beneficial impact of income earned in lower tax rate jurisdictions and excess tax benefits with respect to stock-based compensation, which was partially offset by the U.S. tax on global intangible low-taxed income (GILTI). In addition, the first nine months of fiscal 2021 included the recognition of prior period tax and interest related to impacts of including stock-based compensation in the intercompany research and development (R&D) cost sharing arrangement. On June 22, 2020, the United States Supreme Court denied certiorari in the case of Altera Corp. v. Commissioner (Altera). The company is not a party to the proceedings but is subject to the findings of the case. The Altera tax case concerns related party R&D cost sharing arrangements and whether stock-based compensation should be included in the pool of costs to be shared. With the Supreme Court’s decision not to hear the Altera case, the decision of the 9th Circuit (which applies to taxpayers such as Xilinx) that stock-based compensation is to be included in the pool of costs to be shared remains in place. During the fiscal quarter ended June 27, 2020, the Company recorded a one-time charge of $56.8 million for prior year taxes and interest representing the cumulative adverse impact for fiscal 2017 through fiscal 2020. Despite the decision in the Altera case, the Company has concluded the related law remains unsettled and will continue to monitor developments and the potential effect on its consolidated financial statements and tax filings. The Company’s total gross unrecognized tax benefits as of January 2, 2021, determined in accordance with authoritative guidance for measuring uncertain tax positions, decreased by $2.6 million in the third quarter of fiscal 2021 to $152.3 million. The total amount of unrecognized tax benefits that, if realized in a future period, would favorably affect the effective tax rate was $115.4 million as of January 2, 2021. 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 audit settlements and their possible outcomes, an estimate of the range of increase or decrease that could occur in the next twelve months cannot be made. The Company’s policy is to include interest and penalties related to income tax liabilities within the provision for income taxes on the condensed consolidated statements of income. The balance of accrued interest and penalties recorded in the condensed consolidated balance sheets was $5.0 million as of January 2, 2021 and not material for the prior period presented. The amounts of interest and penalties included in the Company's provision for income taxes were not material for all periods presented. The statutes of limitations have closed for U.S. federal income tax purposes for years through fiscal 2016, for significant U.S. state income tax purposes for years through fiscal 2014, and for Ireland income tax purposes for years through fiscal 2015. |
Leases and Commitments
Leases and Commitments | 9 Months Ended |
Jan. 02, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Leases and Commitments | Leases and Commitments Xilinx leases some of its facilities and office buildings under non-cancelable operating leases that expire at various dates through August 2029. Additionally, Xilinx entered into a land lease in conjunction with the Company’s building in Singapore, which will expire in November 2035 and the lease cost was settled in an up-front payment in June 2006. Some of the operating leases for facilities and office buildings require payment of operating costs, including property taxes, repairs, maintenance and insurance. Most of the Company’s leases contain renewal options for varying terms. T hese renewal terms can extend the lease term from 1 to 15 years and are included in the lease term when it is reasonably certain that the Company will exercise the option. The following table presents the maturities of lease liabilities as of January 2, 2021: Fiscal (In thousands) 2021 (remaining three months) $ 3,317 2022 11,865 2023 7,658 2024 6,530 2025 6,264 Thereafter 28,764 Total lease payments $ 64,398 Less: Imputed interest (12,969) Total lease liabilities $ 51,429 The Company's leases were included as a component of the following condensed consolidated balance sheet lines: (In thousands) January 2, 2021 March 28, 2020 Other assets $ 48,655 $ 57,819 Other accrued liabilities 10,921 11,109 Other long-term liabilities 40,508 48,964 The components of lease costs were as follows: Three Months Ended Nine Months Ended (In thousands) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Operating lease cost $ 4,103 $ 4,109 $ 11,361 $ 12,715 Lease income (811) (768) (2,783) (2,236) Total lease cost $ 3,292 $ 3,341 $ 8,578 $ 10,479 Other information related to leases were as follows: Nine Months Ended ($ in thousands) January 2, 2021 December 28, 2019 Cash paid for operating leases included in operating cash flows $ 10,302 $ 9,133 January 2, 2021 Weighted-average remaining lease term - operating leases (in years) 7.1 Weighted-average remaining discount rate - operating leases 5.8 % three |
Product Warranty and Indemnific
Product Warranty and Indemnification | 9 Months Ended |
Jan. 02, 2021 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Disclosure [Text Block] | Product Warranty and Indemnification The Company generally sells products with a limited warranty for product quality. The Company provides an accrual for known product issues if a loss is probable and can be reasonably estimated. As of the end of the third quarter of fiscal 2021 and the end of fiscal 2020, the accrual balances of the product warranty liability were immaterial. The Company offers, subject to certain terms and conditions, to indemnify customers and distributors for costs and damages awarded against these parties in the event the Company’s hardware products are found to infringe third-party intellectual property rights, including patents, copyrights or trademarks, and to compensate certain customers for limited specified costs they actually incur in the event the Company's hardware products experience epidemic failure. To a lesser extent, the Company may from time-to-time offer limited indemnification with respect to its software products. The terms and conditions of these indemnity obligations are limited by contract, which obligations are typically perpetual from the effective date of the agreement. The Company has historically received only a limited number of requests for indemnification under these provisions and has not made any significant payments pursuant to these provisions. The Company cannot estimate the maximum amount of potential future payments, if any, that the Company may be required to make as a result of these obligations due to the limited history of indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim and indemnification provision. However, there can be no assurances that the Company will not incur any financial liabilities in the future as a result of these obligations. |
Contingencies
Contingencies | 9 Months Ended |
Jan. 02, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Patent Litigation On October 18, 2019, a patent infringement lawsuit was filed by Arbor Global Strategies LLC (Arbor) against the Company in the U.S. District Court in Delaware (Arbor Global Strategies LLC, v. Xilinx, Inc., Case No. 1:19-cv-01986). The lawsuit pertains to four patents and Arbor seeks unspecified damages, interest, attorneys’ fees, and costs. The Company filed a motion to dismiss the case on December 19, 2019 that was denied on August 12, 2020. Discovery in the case is now open, and Arbor served its infringement contentions on December 9, 2020. A trial has been set to begin on May 23, 2022. On September 4, 2020, the Company filed four inter partes review (IPR) petitions directed at each of the four Arbor patents. The Company is unable to estimate its range of possible loss, if any, in this matter at this time. On December 5, 2019, Analog Devices, Inc. (ADI) filed a patent infringement lawsuit against the Company in the United States District Court for the District of Delaware (Analog Devices, Inc. v. Xilinx, Inc., Case No. 1-19-cv-02225). The lawsuit pertains to eight patents and ADI seeks unspecified damages, interest, attorneys’ fees, costs, and a permanent injunction. The Company filed its answer and counterclaims alleging infringement by ADI of eight patents on January 21, 2020. The Company filed amended counterclaims on April 3, 2020. The Company filed a motion to strike ADI's affirmative defense of inequitable conduct on May 8, 2020. This motion is still pending. The parties exchanged infringement contentions on August 17, 2020, and invalidity contentions on September 15, 2020. Between July 17 and December 4, 2020, the Company filed nine IPR petitions challenging the patentability of seven ADI asserted patents. Between August 31 and September 15, 2020, ADI filed eight IPR petitions challenging eight Xilinx asserted patents. The parties’ claims are set for back-to-back trials beginning March 14, 2022 for ADI’s claims and March 28, 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. The Company filed its answer to the complaint on June 29, 2020. On July 20, 2020, SRC filed an amended complaint. On August 3, 2020, the Company filed a motion to dismiss the amended complaint. On August 6, 2020 the Company filed a motion to stay this case in Delaware bankruptcy court in view of the pending bankruptcy of the prior owner of the patents. This motion to stay was denied on September 23, 2020. 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 September 16, 2020, five patent infringement lawsuits (Case Nos. 1:20-cv-01228, 1:20-cv-01229, 1:20-cv-01231, 1:20-cv-01232 1:20-cv-01233) were filed by WSOU Investments, LLC, d/b/a Brazos Licensing and Development (WSOU Investments) in the U.S. District Court in Delaware. Each lawsuit pertains to a single patent and WSOU Investments seeks unspecified damages, interest, attorneys’ fees, and costs. No schedule has been set in any of the cases. On November 9, 2020, the Company filed a motion to dismiss WSOU Investments’ indirect infringement claims in each of the cases. In response, WSOU Investments filed amended complaints, limiting its request for pre-suite damages to the direct infringement claims. The Company filed motions to dismiss the indirect infringement claims in the amended complaints on December 7, 2020. These motions remain pending. The Company is unable to estimate its range of possible loss, if any, in this matter at this time. The Company intends to continue to protect and defend its IP vigorously. Shareholder Litigation On December 7, 2020, a purported stockholder of the Company filed a complaint in the United States District Court for the Northern District of California against the Company and the members of its board of directors (Stein v. Xilinx, Inc., et al., Case No. 5:20-cv-08637). The complaint alleges that the registration statement issued in connection with the Merger omitted material information in violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, Rule 14a-9 thereunder and SEC Regulation G, rendering the registration statement false and misleading. Specifically, the complaint alleges that the registration statement failed to disclose material information regarding AMD's and the Company’s financial projections and Credit Suisse's discounted cash flow analyses of the Company and AMD. The complaint seeks an order: enjoining the Merger unless and until additional disclosures are issued; rescinding the Merger, to the extent it closes; awarding damages; awarding costs, including attorneys’ fees, expert fees and expenses; and awarding such other relief as the court deems proper. On December 11, 2020, a purported stockholder of the Company filed a putative class-action complaint in the New York Supreme Court against the Company, the members of its board of directors, AMD and Merger Sub (Nunez v. Xilinx, Inc., et al., Case No. 656971/2020). The complaint alleges that the Company's board of directors breached their fiduciary duties by entering into the Merger, agreeing to purportedly preclusive deal protection terms and engaging in an allegedly flawed process that did not involve an adequate market check or approval by a committee of disinterested and independent directors. The complaint also alleges that the Company's board of directors "caused to be filed" the registration statement issued in connection with the Merger that purportedly omitted material information with respect to the Merger. The registration statement allegedly omits information regarding the sale process, AMD's and the Company's financial projections, certain details regarding the financial analyses performed by each of Morgan Stanley, Bank of America, Credit Suisse and DBO and certain details regarding compensation for Morgan Stanley. Finally, the complaint alleges that the Company and AMD aided and abetted the Company's board of directors in their breach of fiduciary duties. The complaint seeks certification of a class action, injunctive relief enjoining the Merger, damages and costs, among other remedies. On December 11, 2020, a purported stockholder of the Company filed a complaint in the United States District Court for the District of Colorado against the Company and the members of its board of directors (Hale v. Xilinx, Inc., et al., Case No. 1:20-cv-03629). The complaint raises federal securities disclosure claims and alleges, among other things, that the registration statement issued in connection with the Merger omitted material information with respect to the Merger, including information regarding AMD's and the Company's financial projections, certain details regarding the financial analyses performed by Morgan Stanley and Bank of America, and certain details regarding compensation for Morgan Stanley. The complaint seeks injunctive relief enjoining the Merger, damages and costs, among other remedies. On December 15, 2020, a purported stockholder of the Company filed a complaint in the United States District Court for the Southern District of New York against the Company, the members of its board of directors, AMD and Merger Sub (Shumacher v. Xilinx, Inc., et al., Case No. 1:20-cv-10595). The complaint raises federal securities disclosure claims and alleges, among other things, that the registration statement issued in connection with the Merger omitted material information with respect to the Merger, including information regarding AMD's and the Company's financial projections, certain details regarding the financial analyses performed by Morgan Stanley and Bank of America, and certain details regarding compensation for Morgan Stanley. The complaint seeks injunctive relief enjoining the merger, damages and costs, among other remedies. On December 18, 2020, a purported stockholder of the Company filed a complaint in the United States District Court for the Southern District of New York against the Company and the members of its board of directors (Achterberg v. Xilinx, Inc., et al., Case No. 1:20-cv-10715). The complaint raises federal securities disclosure claims and alleges, among other things, that the registration statement issued in connection with the Merger omitted material information with respect to the Merger, including information regarding AMD's and the Company's financial projections and certain details regarding the financial analyses performed by Morgan Stanley and Bank of America. The complaint seeks injunctive relief enjoining the Merger, an amended registration statement, damages and costs, among other remedies. On December 30, 2020, a purported stockholder of the Company filed a complaint in the United States District Court for the Northern District of California against Xilinx and the members of its board of directors (Sandhu v. Xilinx, Inc., et al., Case No. 5:20-cv-09440). The complaint raises federal securities disclosure claims and alleges, among other things, that the registration statement issued in connection with the Merger omitted material information with respect to the Merger, including information regarding AMD's and the Company's financial projections, certain details regarding the financial analyses performed by Morgan Stanley and Bank of America, and certain details regarding compensation for Morgan Stanley. The complaint seeks injunctive relief enjoining the Merger, damages and costs, among other remedies. The Company believes that the allegations in the shareholder litigation matters are without merit. 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. On May 14, 2020, the Trustee filed a petition for a rehearing. On August 11, 2020, the petition for a rehearing was denied. 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 | 9 Months Ended |
Jan. 02, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquisition-Related Intangibles | A summary of the goodwill and acquisitions-related intangibles balances as of January 2, 2021 and March 28, 2020 was as follows: Weighted-Average (In thousands) January 2, 2021 March 28, 2020 Amortization Life Goodwill $ 620,697 $ 619,196 Core technology, gross 219,847 209,131 Less accumulated amortization (125,275) (105,007) Core technology, net 94,572 104,124 3.6 years Other intangibles, gross 95,759 95,759 Less accumulated amortization (65,112) (56,531) Other intangibles, net 30,647 39,228 3.6 years In-process research and development 56,992 56,992 Total acquisition-related intangibles, gross 372,598 361,882 Less accumulated amortization (190,387) (161,538) Total acquisition-related intangibles, net $ 182,211 $ 200,344 During the quarter, the Company completed an immaterial business combination, which resulted in increases of goodwill and core technology intangibles . Based on the carrying value of acquisition-related intangibles recorded as of January 2, 2021, and assuming no subsequent acquisition or impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows: Fiscal (In thousands) 2021 (remaining three months) $ 10,078 2022 37,544 2023 35,836 2024 31,586 2025 8,747 Thereafter 1,428 Total $ 125,219 |
Segment Information
Segment Information | 9 Months Ended |
Jan. 02, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment InformationXilinx designs, develops and markets programmable logic semiconductor devices and the related software design tools. The Company operates and tracks its results in one operating segment. Xilinx sells its products to OEMs and to electronic components distributors who resell these products to OEMs or subcontract manufacturers. Net revenues by geography for the periods indicated were as follows: Three Months Ended Nine Months Ended (In thousands) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 North America $ 236,214 $ 203,862 $ 646,289 $ 636,269 Asia Pacific 356,060 343,416 1,114,991 1,197,489 Europe 152,434 118,646 381,293 395,779 Japan 58,696 57,575 154,039 176,960 Total net revenues $ 803,404 $ 723,499 $ 2,296,612 $ 2,406,497 Geographic revenue information for the third quarter and the first nine months of fiscal 2021 and 2020 reflects the geographic location of the distributors or OEMs who purchased the Company's products. This may differ from the geographic location of the end customers. The Company's end market revenue data is derived from the understanding of end customers’ primary markets, which is based on reports provided by distributors and the Company's internal records. The Company classifies end markets into businesses with similar market drivers: Aerospace & Defense, Industrial and Test, Measurement & Emulation (AIT); Automotive, Broadcast & Consumer; Wired & Wireless; and Data Center. Additionally, revenue recognized from shipments to distributors but not yet subsequently sold to the end markets is classified as Channel Revenue. The Channel Revenue represents the difference between the shipments to distributors and what the distributors subsequently sold to the end customers within the same period. The percentage change calculation in the table below represents the year-to-year dollar change in each end market. Three Months Ended Nine Months Ended (% of total net revenues) January 02, 2021 December 28, 2019 January 02, 2021 December 28, 2019 AIT 45 % 40 % 44 % 39 % Automotive, Broadcast and Consumer 19 19 16 16 Wired and Wireless 29 31 29 37 Data Center 7 9 11 8 Channel Revenue — 1 — — Total net revenues 100 % 100 % 100 % 100 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of January 2, 2021 and March 28, 2020: January 2, 2021 (In thousands) Total Fair Assets Cash equivalents: Money market funds $ 334,209 $ — $ — $ 334,209 Financial institution securities — 174,988 — 174,988 Non-financial institution securities — 207,764 — 207,764 U.S. government and agency securities 36,999 83,995 — 120,994 Foreign government and agency securities — 121,470 — 121,470 Short-term investments: Financial institution securities — 299,991 — 299,991 Non-financial institution securities — 430,783 — 430,783 U.S. government and agency securities 643,877 341,331 — 985,208 Foreign government and agency securities — 376,855 — 376,855 Mortgage-backed securities — 89,617 — 89,617 Asset-backed securities — 856 — 856 Commercial mortgage-backed securities — 15,549 — 15,549 Derivative financial instruments, net — 6,756 — 6,756 Total assets measured at fair value $ 1,015,085 $ 2,149,955 $ — $ 3,165,040 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 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Investments, All Other Investments [Abstract] | |
Available-for-sale securities | The following is a summary of cash equivalents and available-for-sale securities as of the end of the periods presented: January 2, 2021 March 28, 2020 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 334,209 $ — $ — $ 334,209 $ 656,038 $ — $ — $ 656,038 Financial institution securities 474,979 — — 474,979 325,000 — — 325,000 Non-financial institution securities 638,547 — — 638,547 476,735 — — 476,735 U.S. government and agency securities 1,106,192 19 (9) 1,106,202 216,178 95 — 216,273 Foreign government and agency securities 498,325 — — 498,325 254,283 7 (17) 254,273 Mortgage-backed securities 88,100 1,819 (302) 89,617 156,836 2,445 (477) 158,804 Asset-backed securities 840 16 — 856 2,533 18 (2) 2,549 Commercial mortgage- backed securities 15,572 123 (146) 15,549 50,566 134 (556) 50,144 $ 3,156,764 $ 1,977 $ (457) $ 3,158,284 $ 2,138,169 $ 2,699 $ (1,052) $ 2,139,816 |
Fair values and gross unrealized losses of the investments | The following tables show the fair values and gross unrealized losses of the Company’s investments, aggregated by investment category, for individual securities that have been in a continuous unrealized loss position for the length of time specified, as of January 2, 2021 and March 28, 2020: January 2, 2021 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. government and agency securities $ 431,873 $ (9) $ — $ — $ 431,873 $ (9) Mortgage-backed securities 13,052 (120) 12,287 (182) 25,339 (302) Commercial mortgage- backed securities 2,635 (5) 638 (141) 3,273 (146) $ 447,560 $ (134) $ 12,925 $ (323) $ 460,485 $ (457) March 28, 2020 Less Than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Mortgage-backed securities $ 13,492 $ (88) $ 31,819 $ (389) $ 45,311 $ (477) Asset-backed securities 1,641 (2) — — 1,641 (2) Foreign government and agency securities 30,998 (17) — — 30,998 (17) Commercial mortgage- backed securities 30,593 (282) 2,589 (274) 33,182 (556) $ 76,724 $ (389) $ 34,408 $ (663) $ 111,132 $ (1,052) |
Amortized cost and estimated fair value of marketable debt securities | The amortized cost and estimated fair value of marketable debt securities, by contractual maturity, are shown in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties. January 2, 2021 (In thousands) Amortized Estimated Due in one year or less $ 2,719,288 $ 2,719,301 Due after one year through five years 3,398 3,460 Due after five years through ten years 13,443 14,079 Due after ten years 86,426 87,235 $ 2,822,555 $ 2,824,075 |
Information on sale of available-for-sale securities | Certain information related to available-for-sale securities is as follows: Three Months Ended Nine Months Ended (In thousands) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Proceeds from sale of available-for-sale and equity securities $ 3,896 $ 23,605 $ 60,351 $ 323,228 Gross realized gains on sale of available-for-sale securities $ — $ 128 $ 413 $ 1,339 Gross realized losses on sale of available-for-sale securities (75) (9) (299) (181) Net realized gains (losses) on sale of available-for-sale securities $ (75) $ 119 $ 114 $ 1,158 Amortization of premiums (discounts) on available-for-sale securities $ (141) $ 1,063 $ (257) $ 3,411 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-Based compensation expense | The following table summarizes stock-based compensation expense related to stock awards granted under the Company’s equity incentive plans and rights to acquire stock granted under the Company’s Employee Stock Purchase Plan (ESPP): Three Months Ended Nine Months Ended (In thousands) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Stock-based compensation included in: Cost of revenues $ 3,465 $ 2,961 $ 9,149 $ 8,386 Research and development 40,228 31,543 106,707 86,119 Selling, general and administrative 22,638 15,653 59,297 48,227 $ 66,331 $ 50,157 $ 175,153 $ 142,732 |
Schedule of Share-based compensation, restricted stock units, valuation assumption [Table Text Block] | The per share weighted-average fair value of RSUs granted during the third quarter of fiscal 2021 was $143.18 ($89.57 for the third quarter of fiscal 2020), which were calculated based on estimates at the date of grant using the following weighted-average assumptions: Three Months Ended Nine Months Ended January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Risk-free interest rate 0.2 % 1.6 % 0.2 % 1.8 % Dividend yield — % 1.6 % 1.2 % 1.3 % |
Fair value assumptions of stock purchase plan rights | The fair values of stock purchase plan rights granted in the second quarter of fiscal 2021 and 2020 were estimated using the Black-Scholes option pricing model at the date of grant using the following assumptions: 2021 2020 Expected life of options (years) 1.25 1.25 Expected stock price volatility 0.38 0.37 Risk-free interest rate 0.1 % 1.9 % Dividend yield 1.4 % 1.3 % |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of restricted stock unit activity and related information | A summary of the Company’s RSU activity and related information is as follows: RSUs Outstanding (Shares in thousands) Number of Shares Weighted-Average Grant-Date Fair Value Per Share March 30, 2019 7,331 $ 59.54 Granted 2,756 $ 109.53 Vested (2,820) $ 55.24 Cancelled (487) $ 75.09 March 28, 2020 6,780 $ 80.53 Granted 3,785 $ 105.48 Vested (2,387) $ 70.61 Cancelled (594) $ 83.77 January 2, 2021 7,584 $ 95.46 |
Net Income Per Common Share Net
Net Income Per Common Share Net Income Per Common Share (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table summarizes the computation of basic and diluted net income per common share: Three Months Ended Nine Months Ended (In thousands, except per share amounts) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Net income available to common stockholders $ 170,972 $ 162,012 $ 458,625 $ 630,463 Weighted average common shares outstanding-basic 245,145 250,546 243,976 252,330 Dilutive effect of employee equity incentive plans 3,003 2,262 2,810 3,428 Weighted average common shares outstanding-diluted 248,148 252,808 246,786 255,758 Basic net income per common share $ 0.70 $ 0.65 $ 1.88 $ 2.50 Diluted net income per common share $ 0.69 $ 0.64 $ 1.86 $ 2.47 |
Inventories Inventories (Tables
Inventories Inventories (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | 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) January 2, 2021 March 28, 2020 Raw materials $ 27,549 $ 35,562 Work-in-process 206,607 204,501 Finished goods 65,951 64,277 $ 300,107 $ 304,340 |
Debt and Credit Facility (Table
Debt and Credit Facility (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Two Point and Nine Five Percent 2024 Senior Debentures [Member] | |
Schedule of Debt Instruments [Line Items] | |
Carrying values of liability and equity components of debentures | The following table summarizes the carrying value of the 2024 Notes as of January 2, 2021 and March 28, 2020: (In thousands) January 2, 2021 March 28, 2020 Principal amount of the 2024 Notes $ 750,000 $ 750,000 Unamortized discount of the 2024 Notes (436) (525) Unamortized debt issuance costs associated with 2024 Notes (1,939) (2,365) Carrying Value of the 2024 Notes $ 747,625 $ 747,110 |
Interest Expense Related to Debentures [Table Text Block] | Interest expense related to the 2024 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows: Three Months Ended Nine Months Ended (In thousands) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Contractual coupon interest $ 5,444 $ 5,444 $ 16,331 $ 17,429 Amortization of debt issuance costs 142 142 426 426 Amortization of debt discount, net 30 29 89 87 Total interest expense related to the 2024 Notes $ 5,616 $ 5,615 $ 16,846 $ 17,942 |
Two Point and Three Seven Five Percent 2030 Senior Debentures [Member] | |
Schedule of Debt Instruments [Line Items] | |
Carrying values of liability and equity components of debentures | The following table summarizes the carrying value of the 2030 Notes as of January 2, 2021: (In thousands) January 2, 2021 Principal amount of the 2030 Notes $ 750,000 Unamortized discount of the 2030 Notes (191) Unamortized debt issuance costs associated with 2030 Notes (5,057) Carrying Value of the 2030 Notes $ 744,752 |
Interest Expense Related to Debentures [Table Text Block] | Interest expense related to the 2030 Notes was included in interest and other income (expense), net on the condensed consolidated statements of income as follows: Three Months Ended Nine Months Ended (In thousands) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Contractual coupon interest $ 4,521 $ — $ 11,086 $ — Amortization of debt issuance costs 134 — 313 — Amortization of debt discount, net 4 — 11 — Total interest expense related to the 2030 Notes $ 4,659 $ — $ 11,410 $ — |
Three Point Zero Percent 2021 Senior Debentures [Member] | |
Schedule of Debt Instruments [Line Items] | |
Carrying values of liability and equity components of debentures | The following table summarizes the carrying value of the 2021 Notes as of January 2, 2021 and March 28, 2020: (In thousands) January 2, 2021 March 28, 2020 Principal amount of the 2021 Notes $ 500,000 $ 500,000 Unamortized discount of the 2021 Notes (95) (517) Unamortized debt issuance costs associated with 2021 Notes (40) (223) Carrying value of the 2021 Notes $ 499,865 $ 499,260 |
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 condensed consolidated statements of income as follows: Three Months Ended Nine Months Ended (In thousands) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Contractual coupon interest $ 3,750 $ 3,750 $ 11,250 $ 11,250 Amortization of debt issuance costs 61 61 183 182 Amortization of debt discount, net 142 137 422 409 Total interest expense related to the 2021 Notes $ 3,953 $ 3,948 $ 11,855 $ 11,841 |
Interest And Other Expense, N_2
Interest And Other Expense, Net (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Other Income and Expenses [Abstract] | |
Components of interest and other expense, net | The components of interest and other income (expense), net are as follows: Three Months Ended Nine Months Ended (In thousands) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Interest income $ 2,581 $ 11,138 $ 9,504 $ 42,939 Interest expense (14,228) (9,563) (40,111) (30,255) Other income, net 15,356 4,862 11,392 17,694 Total interest and other income (expense), net $ 3,709 $ 6,437 $ (19,215) $ 30,378 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Equity [Abstract] | |
Components of accumulated other comprehensive income (loss) | The components of the Company's accumulated other comprehensive loss are as follows: (In thousands) January 2, 2021 March 28, 2020 Accumulated unrealized gains on available-for-sale securities, net of tax $ 1,247 $ 1,319 Accumulated unrealized gains (losses) on hedging transactions, net of tax 3,455 (10,170) Accumulated cumulative translation adjustment, net of tax (6,524) (11,426) Total accumulated other comprehensive loss $ (1,822) $ (20,277) |
Leases and Commitments (Tables)
Leases and Commitments (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum lease payments under non-cancelable operating leases | T hese renewal terms can extend the lease term from 1 to 15 years and are included in the lease term when it is reasonably certain that the Company will exercise the option. The following table presents the maturities of lease liabilities as of January 2, 2021: Fiscal (In thousands) 2021 (remaining three months) $ 3,317 2022 11,865 2023 7,658 2024 6,530 2025 6,264 Thereafter 28,764 Total lease payments $ 64,398 Less: Imputed interest (12,969) Total lease liabilities $ 51,429 |
Operating Lease, Assets And Liabilities | The Company's leases were included as a component of the following condensed consolidated balance sheet lines: (In thousands) January 2, 2021 March 28, 2020 Other assets $ 48,655 $ 57,819 Other accrued liabilities 10,921 11,109 Other long-term liabilities 40,508 48,964 |
Lease, Cost | The components of lease costs were as follows: Three Months Ended Nine Months Ended (In thousands) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 Operating lease cost $ 4,103 $ 4,109 $ 11,361 $ 12,715 Lease income (811) (768) (2,783) (2,236) Total lease cost $ 3,292 $ 3,341 $ 8,578 $ 10,479 Other information related to leases were as follows: Nine Months Ended ($ in thousands) January 2, 2021 December 28, 2019 Cash paid for operating leases included in operating cash flows $ 10,302 $ 9,133 January 2, 2021 Weighted-average remaining lease term - operating leases (in years) 7.1 Weighted-average remaining discount rate - operating leases 5.8 % |
Goodwill and Acquisition-Rela_2
Goodwill and Acquisition-Related Intangibles (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross and net amounts of goodwill and of acquisition-related intangibles | A summary of the goodwill and acquisitions-related intangibles balances as of January 2, 2021 and March 28, 2020 was as follows: Weighted-Average (In thousands) January 2, 2021 March 28, 2020 Amortization Life Goodwill $ 620,697 $ 619,196 Core technology, gross 219,847 209,131 Less accumulated amortization (125,275) (105,007) Core technology, net 94,572 104,124 3.6 years Other intangibles, gross 95,759 95,759 Less accumulated amortization (65,112) (56,531) Other intangibles, net 30,647 39,228 3.6 years In-process research and development 56,992 56,992 Total acquisition-related intangibles, gross 372,598 361,882 Less accumulated amortization (190,387) (161,538) Total acquisition-related intangibles, net $ 182,211 $ 200,344 |
Schedule of expected annual amortization expense for acquisition-related intangibles | Based on the carrying value of acquisition-related intangibles recorded as of January 2, 2021, and assuming no subsequent acquisition or impairment of the underlying assets, the annual amortization expense for acquisition-related intangibles is expected to be as follows: Fiscal (In thousands) 2021 (remaining three months) $ 10,078 2022 37,544 2023 35,836 2024 31,586 2025 8,747 Thereafter 1,428 Total $ 125,219 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Jan. 02, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Net revenues by geography for the periods indicated were as follows: Three Months Ended Nine Months Ended (In thousands) January 2, 2021 December 28, 2019 January 2, 2021 December 28, 2019 North America $ 236,214 $ 203,862 $ 646,289 $ 636,269 Asia Pacific 356,060 343,416 1,114,991 1,197,489 Europe 152,434 118,646 381,293 395,779 Japan 58,696 57,575 154,039 176,960 Total net revenues $ 803,404 $ 723,499 $ 2,296,612 $ 2,406,497 |
Disaggregation of Revenue by Primary Market | The Company classifies end markets into businesses with similar market drivers: Aerospace & Defense, Industrial and Test, Measurement & Emulation (AIT); Automotive, Broadcast & Consumer; Wired & Wireless; and Data Center. Additionally, revenue recognized from shipments to distributors but not yet subsequently sold to the end markets is classified as Channel Revenue. The Channel Revenue represents the difference between the shipments to distributors and what the distributors subsequently sold to the end customers within the same period. The percentage change calculation in the table below represents the year-to-year dollar change in each end market. Three Months Ended Nine Months Ended (% of total net revenues) January 02, 2021 December 28, 2019 January 02, 2021 December 28, 2019 AIT 45 % 40 % 44 % 39 % Automotive, Broadcast and Consumer 19 19 16 16 Wired and Wireless 29 31 29 37 Data Center 7 9 11 8 Channel Revenue — 1 — — Total net revenues 100 % 100 % 100 % 100 % |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 27, 2020 | Jan. 02, 2021 | Mar. 28, 2020 |
Business Acquisition [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Advanced Micro Devices, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Business combination, consideration conversion rate (in shares) | 1.7234 | ||
Aggregate financial advisor fees | $ 90 | ||
Financial advisor fees paid upon public announcement | 9 | ||
Additional obligation to be paid | 40 | ||
Termination fee | $ 1,000 |
Significant Customers and Con_2
Significant Customers and Concentrations of Credit Risk (Details) - Customer | 3 Months Ended | 9 Months Ended | |||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Mar. 28, 2020 | |
Concentration Risk [Line Items] | |||||
Percentage of Accounts Receivable Accounted From Company Distributor One | 34.00% | 34.00% | 31.00% | ||
Percentage of net revenues through resale of product from Company Distributor One | 44.00% | 45.00% | 43.00% | 41.00% | |
Number of End Customers Accounted For 10% or More of Net Revenues | 0 | 1 | 0 | 1 | |
Percentage of higher grade security investment in debt securities | 96.00% | 96.00% | |||
Percentage of end customer accounted for more than 10% of revenue | 12.00% | 11.00% | |||
Number of Other Distributors accounted for Net Revenues | 0 | 0 | 0 | 0 | |
Distribution For Subsequent Resale To OEMs [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Percentage of revenue | 56.00% | 57.00% | 57.00% | 52.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jan. 02, 2021 | Mar. 28, 2020 |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | $ 3,165,040 | $ 2,139,816 |
Fair Value, Net Asset (Liability) | 2,127,435 | |
Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Financial Liabilities Fair Value Disclosure | 12,381 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 1,015,085 | 808,037 |
Fair Value, Net Asset (Liability) | 808,037 | |
Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Financial Liabilities 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 | 2,149,955 | 1,331,779 |
Fair Value, Net Asset (Liability) | 1,319,398 | |
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Financial Liabilities Fair Value Disclosure | 12,381 | |
Fair Value, Inputs, Level 3 [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Net Asset (Liability) | 0 | |
Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Financial Liabilities Fair Value Disclosure | 0 | |
Cash And Cash Equivalents [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 334,209 | 656,038 |
Cash And Cash Equivalents [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 174,988 | 175,000 |
Cash And Cash Equivalents [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 207,764 | 361,692 |
Cash And Cash Equivalents [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 120,994 | 213,273 |
Cash And Cash Equivalents [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 121,470 | 244,300 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 334,209 | 656,038 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 36,999 | 150,999 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 174,988 | 175,000 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 207,764 | 361,692 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 83,995 | 62,274 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 121,470 | 244,300 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Cash And Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Short-Term Investments [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 299,991 | 150,000 |
Short-Term Investments [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 430,783 | 115,043 |
Short-Term Investments [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 985,208 | 3,000 |
Short-Term Investments [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 376,855 | 9,973 |
Short-Term Investments [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 89,617 | 158,804 |
Short-Term Investments [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 856 | 2,549 |
Short-Term Investments [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 15,549 | 50,144 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 643,877 | 1,000 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 299,991 | 150,000 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 430,783 | 115,043 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 341,331 | 2,000 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 376,855 | 9,973 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 89,617 | 158,804 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 856 | 2,549 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 15,549 | 50,144 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Non-financial institution securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Government and Agency Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Short-Term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | 0 |
Derivative Financial Instruments, Assets [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 6,756 | |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 0 | |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | 6,756 | |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Assets, Fair Value Disclosure | $ 0 | |
Other Noncurrent Liabilities [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Financial Liabilities Fair Value Disclosure | 12,381 | |
Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Financial Liabilities Fair Value Disclosure | 0 | |
Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Financial Liabilities Fair Value Disclosure | 12,381 | |
Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | ||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||
Financial Liabilities Fair Value Disclosure | $ 0 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 02, 2021 | Mar. 28, 2020 | May 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cost Method Investments, Fair Value Disclosure | $ 107,400 | ||
Three Point Zero Percent 2021 Senior Debentures [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Instrument, Face Amount | $ 500,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||
Debt Instrument, Maturity Date | Mar. 15, 2021 | ||
Fair value of convertible notes | $ 502,700 | ||
Two Point and Nine Five Percent 2024 Senior Debentures [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Instrument, Face Amount | $ 750,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | ||
Debt Instrument, Maturity Date | Jun. 1, 2024 | ||
Fair value of convertible notes | $ 807,800 | ||
Two Point and Three Seven Five Percent 2030 Senior Debentures [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Instrument, Face Amount | $ 750,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.375% | ||
Debt Instrument, Maturity Date | Jun. 1, 2030 | ||
Fair value of convertible notes | $ 785,200 | ||
Two Point and Nine Five Percent 2024 Senior Debentures [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Instrument, Face Amount | $ 750,000 | $ 750,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.95% |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Mar. 28, 2020 |
Available-for-sale securities | ||
Amortized Cost | $ 3,156,764 | $ 2,138,169 |
Gross Unrealized Gains | 1,977 | 2,699 |
Gross Unrealized Losses | (457) | (1,052) |
Estimated Fair Value | 3,158,284 | 2,139,816 |
Money Market Funds [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 334,209 | 656,038 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 334,209 | 656,038 |
Financial institution securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 474,979 | 325,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 474,979 | 325,000 |
Non-financial institution securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 638,547 | 476,735 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 638,547 | 476,735 |
U.S. Government and Agency Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 1,106,192 | 216,178 |
Gross Unrealized Gains | 19 | 95 |
Gross Unrealized Losses | (9) | 0 |
Estimated Fair Value | 1,106,202 | 216,273 |
Foreign Government and Agency Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 498,325 | 254,283 |
Gross Unrealized Gains | 0 | 7 |
Gross Unrealized Losses | 0 | (17) |
Estimated Fair Value | 498,325 | 254,273 |
Mortgage-Backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 88,100 | 156,836 |
Gross Unrealized Gains | 1,819 | 2,445 |
Gross Unrealized Losses | (302) | (477) |
Estimated Fair Value | 89,617 | 158,804 |
Asset-backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 840 | 2,533 |
Gross Unrealized Gains | 16 | 18 |
Gross Unrealized Losses | 0 | (2) |
Estimated Fair Value | 856 | 2,549 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 15,572 | 50,566 |
Gross Unrealized Gains | 123 | 134 |
Gross Unrealized Losses | (146) | (556) |
Estimated Fair Value | $ 15,549 | $ 50,144 |
Financial Instruments (Details
Financial Instruments (Details 1) - USD ($) $ in Thousands | Jan. 02, 2021 | Mar. 28, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | $ 447,560 | $ 76,724 |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (134) | (389) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 12,925 | 34,408 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | (323) | (663) |
Available-for-Sale Securities, Fair Value, Total | 460,485 | 111,132 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (457) | (1,052) |
U.S. Government and Agency Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 431,873 | |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (9) | |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 0 | |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | 0 | |
Available-for-Sale Securities, Fair Value, Total | 431,873 | |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (9) | |
Debt Security, Government, Non-US [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 30,998 | |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (17) | |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 0 | |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | 0 | |
Available-for-Sale Securities, Fair Value, Total | 30,998 | |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (17) | |
Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 13,052 | 13,492 |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (120) | (88) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 12,287 | 31,819 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | (182) | (389) |
Available-for-Sale Securities, Fair Value, Total | 25,339 | 45,311 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (302) | (477) |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 1,641 | |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (2) | |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 0 | |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | 0 | |
Available-for-Sale Securities, Fair Value, Total | 1,641 | |
Available-for-Sale Securities, Gross Unrealized Losses, Total | (2) | |
Commercial Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-Sale Securities, Less Than 12 Months, Fair Value | 2,635 | 30,593 |
Available-for-Sale Securities, Less Than 12 Months, Gross Unrealized Losses | (5) | (282) |
Available-for-Sale Securities, 12 Months or Greater, Fair Value | 638 | 2,589 |
Available-for-Sale Securities, 12 Months or Greater, Gross Unrealized Losses | (141) | (274) |
Available-for-Sale Securities, Fair Value, Total | 3,273 | 33,182 |
Available-for-Sale Securities, Gross Unrealized Losses, Total | $ (146) | $ (556) |
Financial Instruments (Detail_2
Financial Instruments (Details 2) $ in Thousands | Jan. 02, 2021USD ($) |
Amortized Cost | |
Due in one year or less | $ 2,719,288 |
Due after one year through five years | 3,398 |
Due after five years through ten years | 13,443 |
Due after ten years | 86,426 |
Amortized Cost Total | 2,822,555 |
Estimated Fair Value | |
Due in one year or less | 2,719,301 |
Due after one year through five years | 3,460 |
Due after five years through ten years | 14,079 |
Due after ten years | 87,235 |
Estimated Fair Value Total | 2,824,075 |
Marketable debt securities with contractual maturities greater than one year but classified as short-term investment | $ 104,800 |
Financial Instruments (Detail_3
Financial Instruments (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Investments, All Other Investments [Abstract] | ||||
Proceeds from sale of available-for-sale and equity securities | $ 3,896 | $ 23,605 | $ 60,351 | $ 323,228 |
Gross realized gains on sale of available-for-sale securities | 0 | 128 | 413 | 1,339 |
Gross realized losses on sale of available-for-sale securities | (75) | (9) | (299) | (181) |
Net realized gains (losses) on sale of available-for-sale securities | (75) | 119 | 114 | 1,158 |
Amortization of premiums (discounts) on available-for-sale securities | $ (141) | $ 1,063 | $ (257) | $ 3,411 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Details Textual) | 3 Months Ended |
Jan. 02, 2021USD ($) | |
Derivative [Line Items] | |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | $ 0 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Stock Based compensation expense | ||||
Share-based Payment Arrangement, Expense | $ 66,331 | $ 50,157 | $ 175,153 | $ 142,732 |
Cost of Revenues [Member] | ||||
Stock Based compensation expense | ||||
Share-based Payment Arrangement, Expense | 3,465 | 2,961 | 9,149 | 8,386 |
Research and Development [Member] | ||||
Stock Based compensation expense | ||||
Share-based Payment Arrangement, Expense | 40,228 | 31,543 | 106,707 | 86,119 |
Selling, General and Administrative Expenses [Member] | ||||
Stock Based compensation expense | ||||
Share-based Payment Arrangement, Expense | $ 22,638 | $ 15,653 | $ 59,297 | $ 48,227 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans Stock-Based Compensation Plans (Details 1) | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 0.20% | 1.60% | 0.20% | 1.80% |
Dividend yield | 0.00% | 1.60% | 1.20% | 1.30% |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 0.10% | 1.90% | ||
Dividend yield | 1.40% | 1.30% | ||
Expected stock price volatility | 38.00% | 37.00% | ||
Expected life of options (years) | 1 year 3 months | 1 year 3 months |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans Stock-Based Compensation Plans (Details 3) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Mar. 28, 2020 | |
Number of Shares | ||||
Number of Shares, Beginning Balance (shares) | 6,780 | 7,331 | ||
Number of Shares, Granted (shares) | 3,785 | 2,756 | ||
Number of Shares, Vested (shares) | 2,387 | 2,820 | ||
Number of Shares, Forfeited/Cancelled (shares) | 594 | 487 | ||
Number of Shares, Ending Balance (shares) | 7,584 | 7,584 | 6,780 | |
Weighted-Average Grant-Date Fair Value Per Share | ||||
Weighted-Average Grant-Date Fair Value, Starting Balance (usd per share) | $ 80.53 | $ 59.54 | ||
Weighted-Average Grant-Date Fair Value, Granted (usd per share) | $ 143.18 | $ 89.57 | 105.48 | 109.53 |
Weighted-Average Grant-Date Fair Value, Vested (usd per share) | 70.61 | 55.24 | ||
Weighted-Average Grant-Date Fair Value, Forfeited/Cancelled (usd per share) | 83.77 | 75.09 | ||
Weighted-Average Grant-Date Fair Value, Ending Balance (usd per share) | $ 95.46 | $ 95.46 | $ 80.53 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Mar. 28, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 4,561 | $ 3,565 | $ 39,715 | $ 55,541 | ||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
RSUs issued (in shares) | 721 | |||||
Weighted-Average Grant-Date Fair Value, Granted (usd per share) | $ 143.18 | $ 89.57 | $ 105.48 | $ 109.53 | ||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 58,000 | 75,400 | ||||
Tax benefits, RSU vesting | $ 2,300 | $ 1,300 | $ 15,000 | $ 35,600 | ||
Employee Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
ESPP shares issued during period (shares) | 283 | 241 | ||||
ESPP shares issued during period, value | $ 19,800 | $ 19,700 | ||||
Weighted average fair value of stock purchase rights granted under ESPP (in dollars per share) | $ 31.40 | $ 33.79 | ||||
Equity Plan 2007 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for grant (shares) | 11,900 | 11,900 | ||||
Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for grant (shares) | 12,400 | 12,400 |
Net Income Per Common Share N_2
Net Income Per Common Share Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Debt Conversion [Line Items] | ||||
Net income | $ 170,972 | $ 162,012 | $ 458,625 | $ 630,463 |
Weighted Average Number of Shares Outstanding, Basic | 245,145 | 250,546 | 243,976 | 252,330 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 3,003 | 2,262 | 2,810 | 3,428 |
Weighted Average Number of Shares Outstanding, Diluted | 248,148 | 252,808 | 246,786 | 255,758 |
Earnings Per Share, Basic | $ 0.70 | $ 0.65 | $ 1.88 | $ 2.50 |
Earnings Per Share, Diluted | $ 0.69 | $ 0.64 | $ 1.86 | $ 2.47 |
Inventories Inventories (Detail
Inventories Inventories (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Mar. 28, 2020 |
Inventory Disclosure [Abstract] | ||
Inventory, Raw Materials, Gross | $ 27,549 | $ 35,562 |
Inventory, Work in Process, Gross | 206,607 | 204,501 |
Inventory, Finished Goods, Gross | 65,951 | 64,277 |
Inventory, Net | $ 300,107 | $ 304,340 |
Debt and Credit Facility (Detai
Debt and Credit Facility (Details 1) - USD ($) | May 19, 2020 | May 30, 2017 | Mar. 12, 2014 | Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Mar. 28, 2020 |
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of long-term debt, net | $ 744,427,000 | $ 0 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | 400,000,000 | ||||||
AdditionalborrowingcapacityfromRevolvingCreditFacility | 150,000,000 | 150,000,000 | ||||||
Line of Credit Facility, Average Outstanding Amount | 0 | |||||||
Long-term debt | 1,492,377,000 | 1,492,377,000 | $ 747,110,000 | |||||
Two Point and Nine Five Percent 2024 Senior Debentures [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Discount Percent of Par | 99.887% | |||||||
Debt Instrument, Face Amount | 750,000,000 | 750,000,000 | 750,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | |||||||
Debt Instrument, Unamortized Discount | (436,000) | (436,000) | (525,000) | |||||
Debt Issuance Costs, Noncurrent, Net | 1,939,000 | 1,939,000 | 2,365,000 | |||||
Long Term Debt, Carrying Value before Hedging Adjustment | 747,625,000 | 747,625,000 | 747,110,000 | |||||
Interest Expense, Debt, Excluding Amortization | 5,444,000 | $ 5,444,000 | 16,331,000 | 17,429,000 | ||||
Amortization of Debt Issuance Costs | 142,000 | 142,000 | 426,000 | 426,000 | ||||
Amortization of Debt Discount (Premium) | 30,000 | 29,000 | 89,000 | 87,000 | ||||
Interest Expense, Debt | $ 5,616,000 | 5,615,000 | 16,846,000 | 17,942,000 | ||||
Proceeds from issuance of long-term debt, net | $ 745,200,000 | |||||||
Debt instrument, long term debt, remaining discount amortization period | 3 years 4 months 24 days | |||||||
Long-term debt | 1,492,377,000 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.968% | |||||||
Two Point and Three Seven Five Percent 2030 Senior Debentures [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Discount Percent of Par | 99.973% | |||||||
Debt Instrument, Face Amount | $ 750,000,000 | 750,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.375% | |||||||
Debt Instrument, Unamortized Discount | (191,000) | (191,000) | ||||||
Debt Issuance Costs, Noncurrent, Net | 5,057,000 | 5,057,000 | ||||||
Long Term Debt, Carrying Value before Hedging Adjustment | 744,752,000 | 744,752,000 | ||||||
Interest Expense, Debt, Excluding Amortization | 4,521,000 | 0 | 11,086,000 | 0 | ||||
Amortization of Debt Issuance Costs | 134,000 | 0 | 313,000 | 0 | ||||
Amortization of Debt Discount (Premium) | 4,000 | 0 | 11,000 | 0 | ||||
Interest Expense, Debt | $ 4,659,000 | 0 | 11,410,000 | 0 | ||||
Proceeds from issuance of long-term debt, net | $ 744,400,000 | |||||||
Debt instrument, long term debt, remaining discount amortization period | 9 years 4 months 24 days | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.378% | |||||||
Three Point Zero Percent 2021 Senior Debentures [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Discount Percent of Par | 99.281% | |||||||
Debt Instrument, Face Amount | $ 500,000,000 | 500,000,000 | 500,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |||||||
Debt Instrument, Unamortized Discount | (95,000) | (95,000) | (517,000) | |||||
Debt Issuance Costs, Noncurrent, Net | 40,000 | 40,000 | 223,000 | |||||
Interest Expense, Debt, Excluding Amortization | 3,750,000 | 3,750,000 | 11,250,000 | 11,250,000 | ||||
Amortization of Debt Issuance Costs | 61,000 | 61,000 | 183,000 | 182,000 | ||||
Amortization of Debt Discount (Premium) | 142,000 | 137,000 | 422,000 | 409,000 | ||||
Interest Expense, Debt | $ 3,953,000 | $ 3,948,000 | 11,855,000 | $ 11,841,000 | ||||
Proceeds from issuance of long-term debt, net | $ 495,400,000 | |||||||
Debt instrument, long term debt, remaining discount amortization period | 2 months 12 days | |||||||
Long-term debt | $ 499,865,000 | $ 499,865,000 | $ 499,260,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.115% |
Debt and Credit Facility (Det_2
Debt and Credit Facility (Details 2) - USD ($) $ in Thousands | Jan. 02, 2021 | Mar. 28, 2020 |
Debt Disclosure [Abstract] | ||
Long-term debt | $ 1,492,377 | $ 747,110 |
Common Stock Repurchase Progr_2
Common Stock Repurchase Program (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Oct. 22, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchased during period | $ 53.7 | $ 738.2 | |
Treasury shares | 0 | ||
Stock Repurchased During Period, Shares | (700,000) | (7,200,000) | |
2019 Repurchase Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Amount authorized for common stock repurchase | $ 1,000 | ||
Stock repurchased during period | $ 716.3 | ||
Total amount available for future repurchases | $ 283.7 |
Interest and Other Expense, N_3
Interest and Other Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Components of interest and other expense | ||||
Interest income | $ 2,581 | $ 11,138 | $ 9,504 | $ 42,939 |
Interest expense | (14,228) | (9,563) | (40,111) | (30,255) |
Other income (expense), net | 15,356 | 4,862 | 11,392 | 17,694 |
Interest and other expense, net | $ 3,709 | $ 6,437 | $ (19,215) | $ 30,378 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Mar. 28, 2020 |
Components of accumulated other comprehensive income (loss) | ||
Accumulated unrealized losses on available-for-sale securities, net of tax | $ 1,247 | $ 1,319 |
Accumulated unrealized losses on hedging transactions, net of tax | 3,455 | (10,170) |
Accumulated cumulative translation adjustment, net of tax | (6,524) | (11,426) |
Accumulated other comprehensive income (loss) | $ (1,822) | $ (20,277) |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | Jun. 27, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Income Tax Expense (Benefit) | $ 5,162 | $ 3,831 | $ 75,517 | $ 13,774 | |
Effective Income Tax Rate Reconciliation, Percent | 2.90% | 2.30% | 14.10% | 2.10% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||
Impact of Adverse Decision for Prior Years Cost Sharing SBC | $ 56,800 | ||||
Unrecognized Tax Benefits, Period Increase (Decrease) | $ (2,600) | ||||
Unrecognized Tax Benefits | 152,300 | $ 152,300 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 115,400 | 115,400 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 5,000 | $ 5,000 |
Leases and Commitments - Schedu
Leases and Commitments - Schedule of Maturity of lease liability (Details) $ in Thousands | Jan. 02, 2021USD ($) |
Fiscal | |
2021 (remaining three months) | $ 3,317 |
2022 | 11,865 |
2023 | 7,658 |
2024 | 6,530 |
2025 | 6,264 |
Thereafter | 28,764 |
Total lease payments | 64,398 |
Less: Imputed interest | (12,969) |
Total lease liabilities | $ 51,429 |
Leases and Commitments - Narrat
Leases and Commitments - Narrative (Details) $ in Millions | 3 Months Ended |
Jan. 02, 2021USD ($) | |
Other Commitments [Line Items] | |
Other commitments | $ 199.1 |
Open purchase Orders From Ordinary Operations [Member] | |
Other Commitments [Line Items] | |
Other commitments | $ 31.7 |
Maximum [Member] | |
Other Commitments [Line Items] | |
Purchase Commitments, Period for Payment | 6 months |
Minimum [Member] | |
Other Commitments [Line Items] | |
Purchase Commitments, Period for Payment | 3 months |
Leases and Commitments - Lease
Leases and Commitments - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 02, 2021 | Mar. 28, 2020 |
Leases [Abstract] | ||
Other assets | $ 48,655 | $ 57,819 |
Other accrued liabilities | 10,921 | 11,109 |
Other long-term liabilities | $ 40,508 | $ 48,964 |
Leases and Commitments - Compon
Leases and Commitments - Components of lease cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Leases [Abstract] | ||||
Operating lease cost | $ 4,103 | $ 4,109 | $ 11,361 | $ 12,715 |
Lease income | 51,429 | 51,429 | ||
Sublease Income | (811) | (768) | (2,783) | (2,236) |
Total lease cost | $ 3,292 | $ 3,341 | $ 8,578 | $ 10,479 |
Leases and Commitments - Other
Leases and Commitments - Other information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 02, 2021 | Dec. 28, 2019 | |
Leases [Abstract] | ||
Cash paid for operating leases included in operating cash flows | $ 10,302 | $ 9,133 |
Weighted-average remaining lease term - operating leases (in years) | 7 years 1 month 6 days | |
Weighted-average remaining discount rate - operating leases | 5.80% |
Contingencies (Details)
Contingencies (Details) $ in Millions | 3 Months Ended |
Jan. 02, 2021USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency, Damages Sought, Value | $ 50 |
Goodwill and Acquisition-Rela_3
Goodwill and Acquisition-Related Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 02, 2021 | Mar. 28, 2020 | |
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Goodwill | $ 620,697 | $ 619,196 |
Total acquisition-related intangibles, gross | 372,598 | 361,882 |
Less accumulated amortization | (190,387) | (161,538) |
Acquisition-related intangibles, net | 182,211 | 200,344 |
Total | 125,219 | |
Core Technology [Member] | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Total finite-lived acquisition-related intangibles, gross | 219,847 | 209,131 |
Less accumulated amortization | (125,275) | (105,007) |
Total | $ 94,572 | 104,124 |
Weighted-Average Amortization Life | 3 years 7 months 6 days | |
Other Intangibles [Member] | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
Total finite-lived acquisition-related intangibles, gross | $ 95,759 | 95,759 |
Less accumulated amortization | (65,112) | (56,531) |
Total | $ 30,647 | 39,228 |
Weighted-Average Amortization Life | 3 years 7 months 6 days | |
In-process research and development | ||
Gross and net amounts of goodwill and of acquisition-related intangibles | ||
In-process research and development | $ 56,992 | $ 56,992 |
Goodwill and Acquisition-Rela_4
Goodwill and Acquisition-Related Intangibles (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of acquisition-related intangibles | $ 2,856 | $ 2,919 | $ 8,581 | $ 5,488 |
Schedule of expected annual amortization expense for acquisition-related intangibles | ||||
2021 (remaining three months) | 10,078 | 10,078 | ||
2022 | 37,544 | 37,544 | ||
2023 | 35,836 | 35,836 | ||
2024 | 31,586 | 31,586 | ||
2025 | 8,747 | 8,747 | ||
Total | 125,219 | 125,219 | ||
Thereafter | $ 1,428 | $ 1,428 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 02, 2021 | Dec. 28, 2019 | Jan. 02, 2021 | Dec. 28, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 803,404 | $ 723,499 | $ 2,296,612 | $ 2,406,497 |
Revenue by EM, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
AIT | ||||
Segment Reporting Information [Line Items] | ||||
Revenue by EM, Percentage | 45.00% | 40.00% | 44.00% | 39.00% |
Automotive, Broadcast and Consumer | ||||
Segment Reporting Information [Line Items] | ||||
Revenue by EM, Percentage | 19.00% | 19000.00% | 16.00% | 16000.00% |
Wired and Wireless | ||||
Segment Reporting Information [Line Items] | ||||
Revenue by EM, Percentage | 29.00% | 31000.00% | 29.00% | 37000.00% |
Data Center | ||||
Segment Reporting Information [Line Items] | ||||
Revenue by EM, Percentage | 7.00% | 9000.00% | 11.00% | 8000.00% |
Channel Revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue by EM, Percentage | 0.00% | 1000.00% | 0.00% | 0.00% |
North America | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 236,214 | $ 203,862 | $ 646,289 | $ 636,269 |
Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 356,060 | 343,416 | 1,114,991 | 1,197,489 |
Europe | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 152,434 | 118,646 | 381,293 | 395,779 |
Japan | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 58,696 | $ 57,575 | $ 154,039 | $ 176,960 |