0000743988-20-000020 | 10-K | XBRL Viewer

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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Mar. 28, 2020	Apr. 24, 2020	Sep. 28, 2019
Cover [Abstract]
Document Annual Report	true
Document Transition Report	false
Title of 12(b) Security	Common stock, $0.01 par value
Entity Incorporation, State or Country Code	DE
Document Type	10-K
Amendment Flag	false
Document Period End Date	Mar. 28, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	XILINX, INC
Entity Central Index Key	0000743988
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--03-28
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		243,846,000
Entity Public Float			$ 19,724,323,000
Entity File Number	000-18548
Entity Address, Address Line One	2100 Logic Drive
Entity Tax Identification Number	77-0188631
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95124
City Area Code	408
Local Phone Number	559-7778
Trading Symbol	XLNX
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 28, 2020	Mar. 30, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenues	$ 3,162,666	$ 3,059,040	$ 2,467,023
Cost of revenues:	1,025,234	955,868	743,419
Amortization of acquisition-related intangibles	22,396	0	0
Gross margin	2,115,036	2,103,172	1,723,604
Operating expenses:
Research and development	853,589	743,027	639,750
Selling, general and administrative	432,308	398,416	362,329
Amortization of acquisition-related intangibles	8,889	4,930	2,152
Restructuring charges and executive transition costs	28,362	0	33,351
Total operating expenses	1,323,148	1,146,373	1,037,582
Total cost of revenues	1,047,630	955,868	743,419
Operating income	791,888	956,799	686,022
Interest and other income (expense), net	42,096	11,533	5,357
Income before income taxes	833,984	968,332	691,379
Provision for income taxes	41,263	78,582	227,398
Net income	$ 792,721	$ 889,750	$ 463,981
Net income per common share:
Basic (in dollars per share)	$ 3.15	$ 3.52	$ 1.86
Diluted (in dollars per share)	$ 3.11	$ 3.47	$ 1.80
Shares used in per share calculations:
Basic (in shares)	251,732	252,762	249,595
Diluted (in shares)	254,943	256,434	257,960

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Mar. 28, 2020	Mar. 30, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 792,721	$ 889,750	$ 463,981
Other comprehensive income (loss), net of tax:
Net change in unrealized gains (losses) on available-for-sale securities	16,456	8,979	(8,211)
Reclassification adjustment for (gains) losses on available-for-sale securities	(2,412)	(260)	349
Net change in unrealized (losses) gains on hedging transactions	(13,188)	(7,181)	5,517
Reclassification adjustment for losses (gains) on hedging transactions	2,923	5,603	(4,655)
Cumulative translation adjustment, net	(646)	(4,441)	2,375
Other comprehensive income (loss)	3,133	2,700	(4,625)
Total comprehensive income	$ 795,854	$ 892,450	$ 459,356

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 28, 2020	Mar. 30, 2019
Current assets:
Cash and cash equivalents	$ 1,777,703	$ 1,544,490
Short-term investments	489,513	1,631,194
Accounts receivable, net of allowances for doubtful accounts of $3,239 and $3,170 in 2020 and 2019, respectively	273,028	335,165
Inventories	304,340	315,358
Prepaid expenses and other current assets	64,557	65,771
Total current assets	2,909,141	3,891,978
Property, plant and equipment, at cost:
Land	65,298	65,298
Buildings	376,879	353,914
Machinery and equipment	497,090	438,617
Furniture and fixtures	50,048	45,164
Gross property, plant and equipment	989,315	902,993
Accumulated depreciation and amortization	(616,741)	(574,064)
Net property, plant and equipment	372,574	328,929
Long-term investments	0	53,433
Goodwill	619,196	340,718
Acquisition-related intangibles, net	200,344	80,723
Other assets	592,079	455,567
Total Assets	4,693,334	5,151,348
Current liabilities:
Accounts payable	102,131	117,491
Accrued payroll and related liabilities	231,439	247,268
Income taxes payable	36,217	28,718
Other accrued liabilities	216,634	81,559
Current portion of long-term debt	499,260	0
Total current liabilities	1,085,681	475,036
Long-term debt	747,110	1,234,807
Long-term income taxes payable	447,383	515,192
Other long-term liabilities	98,111	64,804
Commitments and contingencies (Note 8 and Note 16)
Stockholders' equity:
Preferred stock, $.01 par value; 2,000 shares authorized; none issued and outstanding	0	0
Common stock, $.01 par value; 2,000,000 shares authorized; 243,810 and 253,891 shares issued and outstanding in 2020 and 2019, respectively	2,438	2,539
Additional paid-in capital	1,145,083	1,005,411
Retained earnings	1,187,805	1,876,969
Accumulated other comprehensive loss	(20,277)	(23,410)
Total stockholders’ equity	2,315,049	2,861,509
Total Liabilities and Stockholders’ Equity	$ 4,693,334	$ 5,151,348

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 28, 2020	Mar. 30, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3,239	$ 3,170
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	243,810,000	253,891,000
Common stock, shares outstanding	243,810,000	253,891,000

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Mar. 28, 2020 USD ($)	Mar. 30, 2019 USD ($)	Mar. 31, 2018 USD ($)
Cash flows from operating activities:
Net income	$ 792,721	$ 889,750	$ 463,981
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of software	97,485	70,704	50,172
Depreciation	60,700	53,300	46,400
Amortization - others	60,048	33,656	46,582
Stock-based compensation	186,723	147,942	153,815
Amortization of Debt Issuance Costs and Discounts	663	1,144	2,548
Provision for deferred income taxes	11,962	(32,993)	(363,923)
Others	(25,968)	3,901	8,189
Changes in assets and liabilities:
Accounts receivable, net	66,889	47,081	(98,396)
Inventories	17,947	(78,602)	(9,176)
Prepaid expenses and other current assets	1,081	(4,696)	(9,727)
Other assets	(3,094)	(27,484)	(22,243)
Accounts payable	(10,637)	11,137	(16,691)
Accrued liabilities (including restructuring charges)	(23,699)	46,585	48,723
Income taxes payable	18,715	(16,910)	566,173
Net cash provided by operating activities	1,190,836	1,091,215	820,027
Cash flows from investing activities:
Purchases of available-for-sale securities	(1,470,888)	(1,998,881)	(2,332,140)
Proceeds from Sale of Debt Securities, Available-for-sale	670,604	35,734	1,161,410
Proceeds from maturity of available-for-sale securities	2,092,219	1,650,604	2,194,828
Purchases of property, plant, equipment and software	(129,289)	(89,045)	(49,918)
Payments to Acquire Businesses, Net of Cash Acquired	(454,651)	(234,145)	(1,364)
Other investing activities, net	(27,791)	(54,810)	(24,573)
Net cash provided by (used in) investing activities	680,204	(690,543)	948,243
Cash flows from financing activities:
Repurchases of common stock	(1,208,917)	(161,551)	(474,254)
Taxes paid related to net share settlement of restricted stock units	(80,736)	(48,335)	(60,391)
Proceeds from issuance of common stock through various stock plans	53,277	48,669	47,454
Payment of dividends to stockholders	(371,793)	(364,244)	(353,053)
Repayments of Long-term Debt	0	500,000	457,918
Proceeds from issuance of long-term debts	0	0	745,175
Other financing activities	(29,658)	(10,049)	(2,650)
Net cash used in financing activities	(1,637,827)	(1,035,510)	(555,637)
Net increase (decrease) in cash and cash equivalents	233,213	(634,838)	1,212,633
Cash and cash equivalents	1,777,703	1,544,490	2,179,328
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities	49,076	70,326	50,928
Income taxes paid, net	10,154	128,377	25,343
Unsettled investment receivables	1,119	655	16,461
Unsettled investment payables	77,936	0	5,860
Capital Expenditures Incurred but Not yet Paid	$ 51,980	$ 66,237	$ 15,897

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Common stock, shares outstanding, beginning balance at Apr. 01, 2017		248,027
Total stockholders' equity, beginning balance at Apr. 01, 2017	$ 2,586,151	$ 2,480	$ 803,522	$ 1,804,830	$ (24,681)
Components of comprehensive income:
Net income	463,981			463,981
Other comprehensive income (loss)	(4,625)				(4,625)
Reclassification of Stranded Tax Effects				(5,203)	(5,203)
Issuance of common shares under employee stock plans, net (in shares)		3,133
Issuance of common shares under employee stock plans, net		$ 32
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(12,937)		12,969
Repurchase and retirement of common stock (in shares)		(6,957)
Repurchase and retirement of common stock	(474,254)	$ (70)	(66,879)	(407,305)
Stock-based compensation expense	153,815		153,815
Stock-based compensation capitalized in inventory	(131)		(131)
Temporary equity reclassification	1,406		1,406
Adjustments to Additional Paid in Capital, Warrant Issued, Shares		9,174
Exercise of warrants	0	$ 92	(92)
Cash dividends declared	(353,053)			(353,053)
Common stock, shares outstanding, ending balance at Mar. 31, 2018		253,377
Total stockholders' equity, ending balance at Mar. 31, 2018	2,360,353	$ 2,534	878,672	1,513,656	(34,509)
Components of comprehensive income:
Net income	889,750			889,750
Other comprehensive income (loss)	2,700				2,700
Cumulative-effect of equity investments adoption				(8,399)	(8,399)
Issuance of common shares under employee stock plans, net (in shares)		2,950
Issuance of common shares under employee stock plans, net	$ 335	$ 29	306
Repurchase and retirement of common stock (in shares)	(2,400)	(2,436)
Repurchase and retirement of common stock	$ (161,551)	$ (24)	(21,509)	(140,018)
Stock-based compensation expense	147,942		147,942
Cumulative-effect of deferred tax from intra-entity asset transfer adoption	(13,776)			(13,776)
Stock-based compensation capitalized in inventory	923		923
Additionaltaxbenefitrecognizedfrom2014convertibledebtredemption			81,888
Cash dividends declared	$ (364,244)			(364,244)
Common stock, shares outstanding, ending balance at Mar. 30, 2019	253,891	253,891
Total stockholders' equity, ending balance at Mar. 30, 2019	$ 2,861,509	$ 2,539	1,005,411	1,876,969	(23,410)
Components of comprehensive income:
Net income	792,721			792,721
Other comprehensive income (loss)	3,133				3,133
Issuance of common shares under employee stock plans, net (in shares)		2,817
Issuance of common shares under employee stock plans, net		$ 28
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	$ (27,459)		27,487
Repurchase and retirement of common stock (in shares)	(12,900)	(12,898)
Repurchase and retirement of common stock	$ (1,212,596)	$ (129)	(102,375)	(1,110,092)
Stock-based compensation expense	186,723		186,723
Additionaltaxbenefitrecognizedfrom2014convertibledebtredemption	81,888
Cash dividends declared	$ (371,793)			(371,793)
Common stock, shares outstanding, ending balance at Mar. 28, 2020	243,810	243,810
Total stockholders' equity, ending balance at Mar. 28, 2020	$ 2,315,049	$ 2,438	$ 1,145,083	$ 1,187,805	$ (20,277)

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Mar. 28, 2020	Mar. 30, 2019	Mar. 31, 2018
Retained Earnings [Member]
Cash dividends per share (in dollars per share)	$ 1.48	$ 1.44	$ 1.40

Nature of Operations	12 Months Ended
Nature of Operations	Mar. 28, 2020
Nature of Operations [Abstract]
Nature of Operations	Nature of Operations Xilinx, Inc. (Xilinx or the Company) designs, develops and markets programmable devices and associated technologies, including advanced ICs in the form of PLDs, boards, software design tools and predefined system functions delivered as IP. In addition to its programmable platforms, the Company provides design services, customer training, field engineering and technical support. The wafers used to manufacture its products are obtained primarily from independent wafer manufacturers located in Taiwan and Korea. The Company is dependent on these foundries to produce and deliver silicon wafers on a timely basis. The Company is also dependent on subcontractors, primarily located in the Asia Pacific region, to provide semiconductor assembly, test and shipment services. Xilinx is a global company with sales offices throughout the world. The Company derives over one-half of its revenues from international sales, primarily in the Asia Pacific region, Europe and Japan.

Summary of Significant Accounting Policies and Concentrations of Risk

12 Months Ended

Mar. 28, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Concentrations of Risk

Basis of Presentation

The accompanying consolidated financial statements include the accounts of Xilinx and its wholly-owned subsidiaries after elimination of all intercompany transactions. The Company uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2020, 2019 and 2018 were 52-week years ended on March 28, 2020, March 30, 2019 and March 31, 2018, respectively. Fiscal 2021 will be a 53-week year ending on April 3, 2021.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of net revenues and expenses during the reporting period. Such estimates relate to, among others, the useful lives of assets, assessment of recoverability of property, plant and equipment, long-lived assets and goodwill, inventory write-downs, allowances for doubtful accounts, valuation of intangible assets, customer returns, deferred tax assets, stock-based compensation, potential reserves relating to litigation and tax matters, valuation of certain investments and derivative financial instruments as well as other accruals or reserves. Actual results may differ from those estimates and such differences may be material to the financial statements.

Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not currently aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of March 28, 2020. These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.

Cash Equivalents and Investments

Cash equivalents consist of highly liquid investments with original maturities from the date of purchase of three months or less. These investments consist of money market funds, non-financial institution securities, U.S. and foreign government and agency securities and financial institution securities. Short-term investments consist of mortgage-backed securities, non-financial institution securities, U.S. and foreign government and agency securities, financial institution securities, asset-backed securities, commercial mortgage-backed securities and debt mutual funds with original maturities greater than three months and remaining maturities less than one year from the balance sheet date. Long-term investments consist of debt mutual funds. Long-term investments are investments with remaining maturities greater than one year, unless the investments are specifically identified to fund current operations, in which case they are classified as short-term investments. Equity investments are also classified as long-term investments if they are not intended to fund current operations.

The Company maintains its cash balances with various banks with high quality ratings, and with investment banking and asset management institutions. The Company manages its liquidity risk by investing in a variety of money market funds, high-grade commercial paper, corporate bonds, U.S. and foreign government and agency securities, asset-backed securities, mortgage-backed securities, commercial mortgage-backed securities, bank time deposits and debt mutual funds. This diversification of investments is consistent with its policy to maintain liquidity and ensure the ability to collect principal. The Company maintains an offshore investment portfolio denominated in U.S. dollars. All investments are made pursuant to corporate investment policy guidelines. Investments include Euro commercial paper, Euro dollar bonds, Euro dollar floating rate notes, offshore time deposits, U.S. and foreign government and agency securities, asset-backed securities, commercial mortgage-backed securities, debt mutual funds and mortgage-backed securities issued by U.S. government-sponsored enterprises and agencies.

Management classifies investments as available-for-sale or held-to-maturity at the time of purchase and re-evaluates such designation at each balance sheet date, although classification is not generally changed. Securities are classified as held-to-maturity when the Company has the positive intent and the ability to hold the securities until maturity. Held-to-maturity securities are carried at cost adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization, as well as any interest on the securities, is included in interest income. No investments were classified as held-to-maturity as of March 28, 2020 or March 30, 2019. Available-for-sale securities are carried at fair value with the unrealized gains or losses, net of tax, included as a component of accumulated other comprehensive income (loss) in stockholders' equity. See "Note 3. Fair Value Measurements" for information relating to the determination of fair value. Realized gains and losses on available-for-sale securities and declines in value judged to be other than temporary are included in interest and other expense, net. In determining if and when a decline in value below the adjusted cost of available for sale securities is other than temporary, we evaluate on an ongoing basis the market conditions, trends of earnings, financial condition, credit ratings, any underlying collateral and other key measures for our investments. The cost of securities matured or sold is based on the specific identification method.

The Company's investments in non-marketable equity securities of private companies are accounted for under the measurement alternative method upon the adoption of ASU 2016-01. The carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Determining whether an observed transaction is similar to a security within the Company's portfolio requires judgment based on the rights and obligations of the securities. The Company's periodic assessment of impairment is made by considering available evidence, including the general market conditions in the investee’s industry, the investee’s product development status and subsequent rounds of financing and the related valuation and/or company's participation in such financings. The Company also assesses the investee’s ability to meet business milestones and the financial condition and near-term prospects of the individual investee, including the rate at which the investee is using its cash, the investee’s need for possible additional funding at a lower valuation and any bona fide offer to purchase the investee from a prospective acquirer.

Accounts Receivable

The allowance for doubtful accounts reflects the Company's best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on the aging of Xilinx's accounts receivable, historical experience, known troubled accounts, management judgment and other currently available evidence. Xilinx writes off accounts receivable against the allowance when Xilinx determines a balance is uncollectible and no longer actively pursues collection of the receivable. The amounts of accounts receivable written off were insignificant for all periods presented.

Inventories

Inventories are stated at the lower of actual cost (determined using the first-in, first-out method), or market (estimated net realizable value) and are comprised of the following:



(In thousands)	March 28, 2020		March 30, 2019
Raw materials	$	35,562	$	39,727
Work-in-process	204,501		213,784
Finished goods	64,277		61,847
	$	304,340	$	315,358

The Company reviews and sets standard costs quarterly to approximate current actual manufacturing costs. The Company's manufacturing overhead standards for product costs are calculated assuming full absorption of actual spending over actual volumes. Given the cyclicality of the market, the obsolescence of technology and product lifecycles, the Company writes down inventory based on forecasted demand and technological obsolescence. These forecasts are developed based on inputs from the Company's customers, including bookings and extended but uncommitted demand forecasts, and internal analyses such as customer historical purchasing trends and actual and anticipated design wins, as well as market and economic conditions, technology changes, new product introductions and changes in strategic direction. These factors require estimates that may include uncertain elements. The estimates of future demand that the Company uses in the valuation of inventory are the basis for its published revenue forecasts, which are also consistent with our short-term manufacturing plans. The differences between the Company's demand forecast and the actual demand in the recent past have not resulted in any material write down in the Company's inventory. If the Company's demand forecast for specific products is greater than actual demand and the Company fails to reduce manufacturing output accordingly, the Company could be required to write down additional inventory, which would have a negative impact on the Company's gross margin.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost, net of accumulated depreciation. Depreciation for financial reporting purposes is computed using the straight-line method over the estimated useful lives of the assets of three to five years for machinery, equipment, furniture and fixtures and 15 to 30 years for buildings. Depreciation expense totaled $60.7 million, $53.3 million and $46.4 million for fiscal 2020, 2019 and 2018, respectively.

Impairment of Long-Lived Assets

The Company evaluates the carrying value of long-lived assets to be held and used for impairment if indicators of potential impairment exist. Assets are grouped and evaluated for impairment at the lowest level of identifiable cash flows. Impairment indicators are reviewed on a quarterly basis. When indicators of impairment exist and assets are held for use, the Company estimates future undiscounted cash flows attributable to the related assets groups. In the event such cash flows are not expected to be sufficient to recover the recorded value of the assets, the assets are written down to their estimated fair values based on the expected discounted future cash flows attributable to the asset groups or based on appraisals. When assets are removed from operations and held for sale, Xilinx estimates impairment losses as the excess of the carrying value of the assets over their fair value.

Goodwill

Goodwill is not amortized but is subject to impairment tests on an annual basis, or more frequently if indicators of potential impairment exist, using a fair-value-based approach. Based on the impairment review performed during the fourth quarter of fiscal 2020, there was no impairment of goodwill in fiscal 2020. Unless there are indicators of impairment, the Company's next impairment review for goodwill will be performed and completed in the fourth quarter of fiscal 2021. To date, no impairment indicators have been identified.

Revenue Recognition

Revenue from sales to the Company's distributors is recognized upon the transfer of control, which typically occurs at shipment, and is reduced by estimated allowances for distributor price adjustments and rights of return. The distributor price adjustments are estimated using the expected value method based on an analysis of actual and forecasted ship and debit claims, at the distributor and part level to account for current pricing and business trends. For fiscal 2020, approximately 53% of the Company's net revenues were from products sold to distributors for subsequent resale to OEMs or their subcontract manufacturers.

Revenue from sales to the Company's non-distributors is recognized net of sales incentives (if any) upon transfer of control to the customer, which typically occurs at shipment. Sales returns and allowances on product sales are recorded as a reduction of revenue.

Revenue from software license agreements and renewals is recognized at point of sales. Revenue from support services is recognized when the service is performed. Revenue from software licenses and support services sales was approximately 1% or less of net revenues for all of the periods presented.

Foreign Currency Translation

The U.S. dollar is the functional currency for the Company's Ireland and Singapore subsidiaries. Monetary assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars, and the resulting gains or losses are included in the consolidated statements of income under interest and other expense, net. The remeasurement gains or losses were immaterial for all fiscal periods presented.

The local currency is the functional currency for each of the Company's other wholly-owned foreign subsidiaries. Assets and liabilities are translated from foreign currencies into U.S. dollars at month-end exchange rates and statements of income are translated at the average monthly exchange rates. Exchange gains or losses arising from translation of foreign currency denominated assets and liabilities (i.e., cumulative translation adjustment) are included as a component of accumulated other comprehensive income (loss) in stockholders' equity.

Derivative Financial Instruments

To reduce financial risk, the Company periodically enters into financial arrangements as part of the Company's ongoing asset and liability management activities. Xilinx uses derivative financial instruments to hedge fair values of underlying assets and liabilities or future cash flows which are exposed to interest rate, foreign currency or commodity price fluctuations. The Company does not enter into derivative financial instruments for trading or speculative purposes. See "Note 5. Derivative Financial Instruments" for detailed information about the Company's derivative financial instruments.

Research and Development Expenses

Research and development costs are current period expenses and charged to expense as incurred.

Stock-Based Compensation

The Company has equity incentive plans that are more fully discussed in "Note 6. Stock-Based Compensation Plans." The authoritative guidance of accounting for share-based payment requires the Company to measure the cost of all employee equity awards (that are expected to be exercised or vested) based on the grant-date fair value of those awards, and to record that cost as compensation expense over the period during which the employee is required to perform service in exchange for the award (over the vesting period of the award). Additionally, the Company's ESPP is deemed to be a compensatory plan under the authoritative guidance of accounting for share-based payments. Accordingly, the ESPP is included in the computation of stock-based compensation expense.

The Company uses the straight-line attribution method to recognize stock-based compensation costs over the requisite service period of the award. Upon exercise, cancellation or expiration of stock options, deferred tax assets for options with multiple vesting dates are eliminated for each vesting period on a first-in, first-out basis as if each award had a separate vesting period.

Income Taxes

All income tax amounts reflect the use of the liability method under the accounting for income taxes, as interpreted by Financial Accounting Standards Board (FASB) authoritative guidance for measuring uncertain tax positions. Under this method, deferred tax assets and liabilities are determined based on the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income tax reporting purposes.

The TCJA introduced GILTI, which subjects a U.S. shareholder to current tax on income earned by certain foreign subsidiaries. The FASB allows companies to either (1) recognize deferred taxes for temporary differences that are expected to reverse as GILTI in future years (deferred method) or (2) account for taxes on GILTI as period costs in the year the tax is incurred (period method). The Company elected the deferred method.

Business Combinations

We use the acquisition method of accounting and allocate the fair value of purchase consideration to the assets acquired and liabilities assumed from the acquiree based on their respective fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired and liabilities assumed is recorded as goodwill. When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. Critical estimates in valuing intangible assets include, but are not limited to, expected future cash flows, which includes consideration of future growth and margins, future changes in technology, expected cost and time to develop in-process research and development, brand awareness and discount rates. Fair value estimates are based on the assumptions that management believes a market participant would use in pricing the asset or liability.

Product Warranty and Indemnification

The Company generally sells products with a limited warranty for product quality. The Company provides an accrual for known product issues if a loss is probable and can be reasonably estimated. As of the end of both fiscal 2020 and 2019, the accrual balance of the product warranty liability was immaterial.

The Company offers, subject to certain terms and conditions, to indemnify customers and distributors for costs and damages awarded against these parties in the event the Company's hardware products are found to infringe third-party intellectual property rights, including patents, copyrights or trademarks, and to compensate certain customers for limited specified costs they actually incur in the event our hardware products experience epidemic failure. To a lesser extent, the Company may from time-to-time offer limited indemnification with respect to its software products. The terms and conditions of these indemnity obligations are limited by contract, which obligations are typically perpetual from the effective date of the agreement. The Company has historically received only a limited number of requests for indemnification under these provisions and has not made any significant payments pursuant to these provisions. The Company cannot estimate the maximum amount of potential future payments, if any, that the Company may be required to make as a result of these obligations due to the limited history of indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim and indemnification provision. However, there can be no assurances that the Company will not incur any material financial liabilities in the future as a result of these obligations.

Concentrations of Credit Risk

Avnet, one of the Company's distributors, distributes the Company's products worldwide. As of March 28, 2020 and March 30, 2019, Avnet accounted for 31% and 37% of the Company's total net accounts receivable, respectively. We expect our accounts receivable to fluctuate as we partner with our distributors to manage their inventory requirements. Avnet 's revenue accounted for 42%, 45% and 43% of the Company's worldwide net revenues in fiscal 2020, 2019 and 2018, respectively. The percentage of worldwide net revenues from Avnet is consistent with historical patterns.

No other distributor or end customer accounted for more than 10% of the Company's worldwide net revenues for any of the periods presented.

Xilinx is subject to concentrations of credit risk primarily in its trade accounts receivable and investments in debt securities to the extent of the amounts recorded on the consolidated balance sheet. The Company attempts to mitigate the concentration of credit risk in its trade receivables through its credit evaluation process, collection terms and distributor sales to diverse end customers and through geographical dispersion of sales. Xilinx generally does not require collateral for receivables from its end customers or from distributors.

The Company mitigates concentrations of credit risk in its investments in debt securities by currently investing more than 94% of its portfolio in AA (or its equivalent) or higher-grade securities as rated by Standard & Poor's or Moody's Investors Service equivalent. The Company's methods to arrive at investment decisions are not solely based on the rating agencies' credit ratings. Xilinx also performs additional credit due diligence and conducts regular portfolio credit reviews, including a review of counterparty credit risk related to the Company's forward currency exchange contracts. Additionally, Xilinx limits its investments in the debt securities of a single issuer based upon the issuer's credit rating and attempts to further mitigate credit risk by diversifying risk across geographies and type of issuer.

As of March 28, 2020, all of the mortgage-backed securities in the investment portfolio were issued by U.S. government-sponsored enterprises and agencies and are rated AA+ by Standard & Poor's and Aaa by Moody's Investors Service.

The global credit markets may experience adverse conditions that negatively impact the values of various types of investment and non-investment grade securities. The global credit and capital markets may experience significant volatility and disruption due to instability in the global financial system, uncertainty related to global economic conditions and concerns regarding sovereign financial stability. Therefore, there is a risk that we may incur other-than-temporary impairment charges for certain types of investments should credit market conditions deteriorate. See "Note 4. Financial Instruments" for a table of the Company's available-for-sale securities.

Recent Accounting Pronouncements Adopted

Leases

In February 2016, the FASB issued authoritative guidance on leases. The new authoritative guidance requires the recognition of assets and liabilities arising from lease transactions on the balance sheet and additional disclosures about the amount, timing and uncertainty of cash flows from leases. Accordingly, a lessee recognizes a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. The Company determines if an arrangement is a lease, or contains a lease, at the inception of the arrangement. On the commencement date, leases are evaluated for classification, and assets and liabilities are recognized based on the present value of lease payments over the lease term. The Company uses the incremental borrowing rate based on the information available at commencement in determining the present value of lease payments. Operating lease expense is generally recognized on a straight-line basis over the lease term. The Company adopted this authoritative guidance using the modified retrospective method during first quarter of fiscal 2020 and resulted in the recognition of right-of-use assets of approximately $50.0 million and lease liabilities for operating leases of approximately $50.0 million on March 31, 2019, the beginning of fiscal 2020. The Company elected the practical expedients to not separate lease and non-lease components within lease transactions, and not to record on the balance sheet leases with a term of 12 months or less. The Company also has elected the package of practical expedients, which allows the Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and (3) initial direct costs for any existing leases as of the adoption date. The Company did not elect to apply the hindsight practical expedient when determining lease term and assessing impairment of right-of-use assets.

The Company recognizes its operating leases within its other assets, other accrued liabilities and other long-term liabilities on the Company's consolidated balance sheets. The Company's finance leases were immaterial.

Recent Accounting Pronouncements Not Yet Adopted

Credit Loss

In June 2016, the FASB issued authoritative guidance to replace the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company will be required to use a forward-looking expected credit loss model for financial assets. For public entities, the guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2021. The Company does not expect a material impact on its consolidated financial statements upon adoption of this authoritative guidance.

Goodwill

In January 2017, the FASB issued authoritative guidance that simplifies the accounting for goodwill impairment. The authoritative guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. For public entities, the guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2021. The Company does not expect a material impact on its consolidated financial statements upon adoption of this authoritative guidance.

Cloud Computing Arrangements

In August 2018, the FASB issued new guidance requiring a customer in a cloud computing arrangement (i.e., hosting arrangement) that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. For public entities, the guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2021. The Company does not expect a material impact on its consolidated financial statements upon adoption of this authoritative guidance.

Income Taxes

In December 2019, the FASB issued authoritative guidance that simplifies the accounting for income taxes as part of the overall initiative to reduce complexity in accounting standards. Amendments include removal of certain exceptions to the general principles of Accounting Standards Codification 740, Income Taxes. The amendments also include simplification in several other areas, such as recognition of deferred tax assets on step-up in tax basis in goodwill and accounting for franchise tax that is partially based on income. For public entities, the guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2022. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company has decided not to early adopt this new authoritative guidance and is currently evaluating the impact of this authoritative guidance on its consolidated financial statements.

Fair Value Measurements

12 Months Ended

Mar. 28, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

The guidance for fair value measurements established by the FASB defines fair value as the exchange price that would be received from selling an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which Xilinx would transact and also considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of nonperformance.

The Company determines the fair value for marketable debt and equity securities using industry standard pricing services, data providers and other third-party sources and by internally performing valuation testing and analysis. The Company primarily uses a consensus price or weighted-average price for its fair value assessment. The Company determines the consensus price using market prices from a variety of industry standard pricing services, data providers, security master files from large financial institutions and other third party sources and uses those multiple prices as inputs into a distribution-curve-based algorithm to determine the daily market value. The pricing services use multiple inputs to determine market prices, including reportable trades, benchmark yield curves, credit spreads and broker/dealer quotes as well as other industry and economic events. For certain securities with short maturities, such as discount commercial paper and certificates of deposit, the security is accreted from purchase price to face value at maturity. If a subsequent transaction on the same security is observed in the marketplace, the price on the subsequent transaction is used as the current daily market price and the security will be accreted to face value based on the revised price.

The Company validates the consensus prices by taking random samples from each asset type and corroborating those prices using reported trade activity, benchmark yield curves, binding broker/dealer quotes or other relevant price information. There have not been any changes to the Company's fair value methodology during fiscal 2020 and the Company did not adjust or override any fair value measurements as of March 28, 2020.

Fair Value Hierarchy

The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. The guidance for fair value measurements requires that assets and liabilities carried at fair value be classified and disclosed in one of the following categories:

Level 1 — Quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.

Level 3 — Unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as significant management judgment or estimation.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

In instances where the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of March 28, 2020 and March 30, 2019:



	March 28, 2020
(In thousands)	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash equivalents:
Money market funds	$	656,038	$	—	$	—	$	656,038
Financial institution securities	—		175,000		—		175,000
Non-financial institution securities	—		361,692		—		361,692
U.S. government and agency securities	150,999		62,274		—		213,273
Foreign government and agency securities	—		244,300		—		244,300
Short-term investments:
Financial institution securities	—		150,000		—		150,000
Non-financial institution securities	—		115,043		—		115,043
U.S. government and agency securities	1,000		2,000		—		3,000
Foreign government and agency securities	—		9,973		—		9,973
Mortgage-backed securities	—		158,804		—		158,804
Asset-backed securities	—		2,549		—		2,549
Commercial mortgage-backed securities	—		50,144		—		50,144
Total assets measured at fair value	$	808,037	$	1,331,779	$	—	$	2,139,816
Liabilities
Derivative financial instruments, net	$	—	$	12,381	$	—	$	12,381
Total liabilities measured at fair value	$	—	$	12,381	$	—	$	12,381
Net assets measured at fair value	$	808,037	$	1,319,398	$	—	$	2,127,435



	March 30, 2019
(In thousands)	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash equivalents:
Money market funds	$	428,150	$	—	$	—	$	428,150
Financial institution securities	—		287,945		—		287,945
Non-financial institution securities	—		461,884		—		461,884
U.S. government and agency securities	149,578		53,520		—		203,098
Foreign government and agency securities	—		99,750		—		99,750
Short-term investments:
Financial institution securities	—		249,850		—		249,850
Non-financial institution securities	—		240,040		—		240,040
U.S. government and agency securities	93,149		37,838		—		130,987
Foreign government and agency securities	—		114,705		—		114,705
Mortgage-backed securities	—		670,770		—		670,770
Debt mutual fund	—		31,934		—		31,934
Asset-backed securities	—		76,369		—		76,369
Commercial mortgage-backed securities	—		116,539		—		116,539
Long-term investments:
Debt mutual fund	—		53,433		—		53,433
Total assets measured at fair value	$	670,877	$	2,494,577	$	—	$	3,165,454
Liabilities
Derivative financial instruments, net	$	—	$	9,009	$	—	$	9,009
Total liabilities measured at fair value	$	—	$	9,009	$	—	$	9,009
Net assets measured at fair value	$	670,877	$	2,485,568	$	—	$	3,156,445

For certain of the Company’s financial instruments, including cash held in banks, accounts receivable and accounts payable, the carrying amounts approximate fair value due to their short maturities, and are therefore excluded from the fair value tables above.

Financial Instruments Not Recorded at Fair Value on a Recurring Basis

The Company's $500.0 million principal amount of 3.000% notes due March 15, 2021 (2021 Notes) and $750.0 million principal amount of 2.950% senior notes due June 1, 2024 (2024 Notes) are measured at fair value on a quarterly basis for disclosure purposes. The fair values of the 2021 Notes and 2024 Notes as of March 28, 2020 were approximately, $496.7 million and $753.1 million, respectively, based on the last trading price of the respective debentures for the period (classified as Level 2 in fair value hierarchy due to relatively low trading volume).

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

As of March 28, 2020, the Company had non-marketable equity securities in private companies of $101.0 million, which were classified as Level 3 assets. The Company’s investments in non-marketable securities of private companies are also recorded at fair value if the Company recognizes an observable price adjustment or an impairment. Such impairment losses or observable price adjustments were not material during all periods presented. The Company’s investments in non-financial assets such as property, plant and equipment, goodwill and acquisition-related intangibles, are recorded at cost (net of accumulated depreciation or amortization, where applicable). These non-financial assets are only measured at fair value when indicators of impairment exist.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Financial Instruments

12 Months Ended

Mar. 28, 2020

Investments, All Other Investments [Abstract]

Financial Instruments

The following is a summary of cash equivalents and available-for-sale securities as of the end of the periods presented:



	March 28, 2020									March 30, 2019
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Money market funds	$	656,038	$	—	$	—		$	656,038	$	428,150	$	—	$	—		$	428,150
Financial institution
securities	325,000		—		—			325,000		537,795		—		—			537,795
Non-financial institution
securities	476,735		—		—			476,735		702,483		3		(562		)	701,924
U.S. government and
agency securities	216,178		95		—			216,273		334,185		39		(139		)	334,085
Foreign government and
agency securities	254,283		7		(17		)	254,273		214,455		—		—			214,455
Mortgage-backed securities	156,836		2,445		(477		)	158,804		684,596		809		(14,635		)	670,770
Asset-backed securities	2,533		18		(2		)	2,549		76,852		—		(483		)	76,369
Commercial mortgage-
backed securities	50,566		134		(556		)	50,144		118,115		42		(1,618		)	116,539
	$	2,138,169	$	2,699	$	(1,052	)	$	2,139,816	$	3,096,631	$	893	$	(17,437	)	$	3,080,087

Financial institution securities include securities issued or managed by financial institutions in various forms, such as commercial paper and time deposits. Substantially all time deposits were issued by institutions outside the U.S. as of March 28, 2020 and March 30, 2019.

The following tables show the fair values and gross unrealized losses of the Company's investments, aggregated by investment category, for individual securities that have been in a continuous unrealized loss position for the length of time specified, as of March 28, 2020 and March 30, 2019:



	March 28, 2020
	Less Than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Mortgage-backed securities	$	13,492	$	(88	)	$	31,819	$	(389	)	$	45,311	$	(477	)
Asset-backed securities	1,641		(2		)	—		—			1,641		(2		)
Foreign government and
agency securities	30,998		(17		)	—		—			30,998		(17		)
Commercial mortgage-
backed securities	30,593		(282		)	2,589		(274		)	33,182		(556		)
	$	76,724	$	(389	)	$	34,408	$	(663	)	$	111,132	$	(1,052	)



	March 30, 2019
	Less Than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Non-financial institution securities	$	4,767	$	(4	)	$	51,044	$	(558	)	$	55,811	$	(562	)
U.S. government and
agency securities	—		—			13,542		(139		)	13,542		(139		)
Mortgage-backed securities	34,595		(480		)	597,394		(14,155		)	631,989		(14,635		)
Asset-backed securities	—		—			76,103		(483		)	76,103		(483		)
Commercial mortgage-
backed securities	1,354		(3		)	112,294		(1,615		)	113,648		(1,618		)
	$	40,716	$	(487	)	$	850,377	$	(16,950	)	$	891,093	$	(17,437	)

The Company reviewed the investment portfolio and determined that the gross unrealized losses on these investments as of March 28, 2020 and March 30, 2019 were temporary in nature as evidenced by the fluctuations in the gross unrealized losses within the investment categories. The marketable debt securities (financial institution securities, non-financial institution securities, U.S. and foreign government and agency securities, asset-back securities, mortgage-backed securities and commercial mortgage-backed securities) are highly rated by the credit rating agencies, there have been no defaults on any of these securities and the Company has received interest payments as they become due. Therefore, the Company believes that it will be able to collect both principal and interest amounts due to the Company. Additionally, in the past several years a portion of the Company's investment in mortgage-backed securities was redeemed or prepaid by the debtors at par. Furthermore, the aggregate of individual unrealized losses that had been outstanding for twelve months or more was not significant as of March 28, 2020 and March 30, 2019. The Company neither intends to sell these marketable debt securities nor concludes that it is more-likely-than-not that it will have to sell them until recovery of their carrying values.

The amortized cost and estimated fair value of marketable debt securities, by contractual maturity, are shown in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties.



	March 28, 2020
(In thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	1,274,196	$	1,274,283
Due after one year through five years	7,628		7,670
Due after five years through ten years	31,432		32,369
Due after ten years	168,875		169,456
	$	1,482,131	$	1,483,778

As of March 28, 2020, $209.5 million of marketable debt securities with contractual maturities of greater than one year were classified as short-term investments. Additionally, the above table does not include investments in money market funds because these investments do not have specific contractual maturities.

Certain information related to available-for-sale securities is as follows:



	Years Ended
(In thousands)	March 28, 2020			March 30, 2019			March 31, 2018
Proceeds from sale of available-for-sale and equity securities	$	670,604		$	35,734		$	1,161,410
Gross realized gains on sale of available-for-sale securities	$	3,349		$	372		$	7,258
Gross realized losses on sale of available-for-sale securities	(216		)	(51		)	(7,947		)
Net realized gains (losses) on sale of available-for-sale securities	$	3,133		$	321		$	(689	)
Amortization of premiums on available-for-sale securities	$	3,551		$	8,118		$	24,569

The cost of securities matured or sold is based on the specific identification method.

Derivative Financial Instruments

12 Months Ended

Mar. 28, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company's primary objective for holding derivative financial instruments is to manage foreign currency exchange rate risk and interest rate risk. As a result of the use of derivative financial instruments, the Company is exposed to the risk that counterparties to derivative contracts may fail to meet their contractual obligations. The Company manages counterparty credit risk in derivative contracts by reviewing counterparty creditworthiness on a regular basis, establishing collateral requirement and limiting exposure to any single counterparty. The right of set-off that exists with certain transactions enables the Company to net amounts due to and from the counterparty, reducing the maximum loss from credit risk in the event of counterparty default.

The Company entered into interest rate swap contracts with certain independent financial institutions to manage interest rate risks related to fixed interest rate expenses from its 2024 Notes and floating interest rate income from its investments in marketable debt securities. See “Note 10. Debt and Credit Facility” for more discussion related to interest rate swap contracts. The interest rate swap contracts were designated and qualified as fair value hedges of the 2024 Notes and were separately accounted for as a derivative. The interest rate swap contracts and the 2024 Notes were initially measured at fair value. Any subsequent changes in fair values of the interest rate swap contracts and the 2024 Notes will be recorded in the Company’s consolidated balance sheets. During the first quarter of fiscal 2020, the Company sold the interest rate swap contracts for an immaterial gain. The gain has been amortized as a reduction to interest expense over the remaining life of the 2024 Notes. As a result of the sale, the Company recorded the net change in fair value of the interest rate swap contracts of $11.7 million in the Company's consolidated balance sheets. See “Note 12. Debt and Credit Facility” for more discussion related to interest rate swap contracts. There was no ineffectiveness during all periods presented.

During the fourth quarter of fiscal 2020, the Company entered into interest rate swap contracts with an independent financial institution to reduce the risk of changes in benchmark interest rate from future debt issuance. The interest rate swap contracts were designated and qualified as cash flow hedges. The interest rate swap contracts were initially measured at fair value and subsequent changes in fair values recorded in other comprehensive income (loss). As a result, the aggregate fair values of the outstanding interest rate swap contracts as of March 28, 2020 was $3.3 million and recorded in other long-term liabilities. An unrealized loss, net of tax, of $2.6 million was deferred in accumulated other comprehensive income (loss) at March 28, 2020. The interest rate swap contracts will be reclassified into net income in the same period during which the hedged transaction affects earnings. There was no ineffectiveness during the period presented.

As of March 28, 2020 and March 30, 2019, the Company had the following outstanding forward currency exchange contracts (in notional amount), which were derivative financial instruments:



(In thousands and U.S. dollars)	March 28, 2020		March 30, 2019
Singapore Dollar	$	28,875	$	29,420
Euro	33,474		39,408
Indian Rupee	76,076		77,973
British Pound	20,191		10,575
Japanese Yen	2,433		3,840
Chinese Yuan	26,266		34,386
	$	187,315	$	195,602

As part of the Company's strategy to reduce volatility of operating expenses due to foreign exchange rate fluctuations, the Company employs a hedging program with a forward outlook of up to two years for major foreign-currency-denominated operating expenses. The outstanding forward currency exchange contracts expire at various dates through February 2022. The net unrealized losses, which approximate the fair market value of the outstanding forward currency exchange contracts, are expected to be recognized in the consolidated statements of income within the next two years.

As of March 28, 2020, all of the forward foreign currency exchange contracts were designated and qualified as cash flow hedges and the effective portion of the gain or loss on the forward contracts was reported as a component of other comprehensive income (loss) and reclassified into net income in the same period during which the hedged transaction affects earnings. The estimated amount of such gains or losses as of March 28, 2020 that is expected to be reclassified into earnings was not material. The ineffective portion of the gains or losses on the forward contracts was included in the net income for all periods presented.

The Company may enter into forward foreign currency exchange contracts to hedge firm commitments such as acquisitions and capital expenditures. Gains and losses on foreign currency forward contracts that are designated as hedges of anticipated transactions, for which a firm commitment has been attained and the hedged relationship has been effective, are deferred and included in income or expenses in the same period that the underlying transaction is settled. Gains and losses on any instruments not meeting the above criteria are recognized in income or expenses in the consolidated statements of income as they are incurred.

The Company had the following derivative instruments as of March 28, 2020 and March 30, 2019, located on the consolidated balance sheet, utilized for risk management purposes detailed above:



	Foreign Exchange Contracts
	Asset Derivatives			Liability Derivatives
(In thousands)	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
March 28, 2020	Prepaid expenses and other current assets	$	30	Other accrued liabilities	$	9,140
March 30, 2019	Prepaid expenses and other current assets	2,802		Other accrued liabilities	1,722

The Company does not offset or net the fair value amounts of derivative financial instruments in its consolidated balance sheets. The potential effect of rights of set-off associated with the derivative financial instruments was not material to the Company's consolidated balance sheet for all periods presented.

The following table summarizes the effect of derivative instruments on the consolidated statements of income for fiscal 2020 and 2019:



	Foreign Exchange Contracts
	Years Ended
(In thousands)	March 28, 2020			March 30, 2019
Amount of (losses)/gains recognized in other comprehensive income on derivative (effective portion of cash flow hedging)	$	(7,637	)	$	(1,427	)
Amount of (losses)/gains reclassified from accumulated other comprehensive income into income (effective portion) *	(2,923		)	(5,603		)
Amount of losses recorded (ineffective portion) *	(8		)	(4		)

*Recorded in interest and other expense, net within the consolidated statements of income.

Stock-Based Compensation Plans

12 Months Ended

Mar. 28, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

The Company's equity incentive plans are broad-based, long-term retention programs that cover employees, consultants and non-employee directors of the Company. These plans are intended to attract and retain talented employees, consultants and non-employee directors and to provide such persons with a proprietary interest in the Company.

Stock-Based Compensation

The following table summarizes stock-based compensation expense related to stock awards granted under the Company's equity incentive plans and rights to acquire stock granted under the Company's Amended and Restated 1990 Employee Qualified Stock Purchase Plan (ESPP):



	Years Ended
(In thousands)	March 28, 2020			March 30, 2019			March 31, 2018
Stock-based compensation included in:
Cost of revenues	$	10,035		$	8,820		$	8,492
Research and development	114,976			86,428			76,790
Selling, general and administrative	61,540			52,694			51,912
Restructuring charges and Executive transition costs	172			—			16,621
Stock-based compensation effect on income before taxes	186,723			147,942			153,815
Income tax effect	(38,013		)	(29,361		)	(40,188		)
Net stock-based compensation effect on net income	$	148,710		$	118,581		$	113,627

The Company adjusts stock-based compensation on a quarterly basis for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience. The effect of adjusting the forfeiture rate for all expense amortization was recognized in the period the forfeiture estimate was changed and was not material for all periods presented.

As of March 28, 2020 and March 30, 2019, the ending inventory balances included $3.0 million and $2.1 million of capitalized stock-based compensation. During fiscal 2020, 2019 and 2018, the tax benefit realized for the tax deduction from restricted stock units (RSUs) and other awards totaled $72.7 million, $44.4 million and $60.6 million, respectively. The tax deduction includes amounts credited to income tax expense.

The fair values of ESPP were estimated as of the grant date using the Black-Scholes option pricing model. The Company's expected stock price volatility assumption is estimated using implied volatility of the Company's traded options. The expected life of options granted is based on the historical exercise activity as well as the expected disposition of all options outstanding. The expected life of options granted also considers the actual contractual term.

The weighted-average fair value per share of stock purchase rights granted under the ESPP during fiscal 2020, 2019 and 2018 were $31.97, $26.57 and $17.95, respectively. These fair values per share were estimated at the date of grant using the following weighted-average assumptions:



	Employee Stock Purchase Plan
	Fiscal 2020		Fiscal 2019		Fiscal 2018
Expected life of options (years)	1.3		1.3		1.3
Expected stock price volatility	0.35		0.33		0.29
Risk-free interest rate	1.7	%	2.5	%	1.6	%
Dividend yield	1.5	%	1.7	%	2.1	%

The estimated fair values of RSU awards were calculated based on the market price of Xilinx common stock on the date of grant, reduced by the present value of dividends expected to be paid on Xilinx common stock prior to vesting. The per share weighted-average fair value of RSUs granted during fiscal 2020, 2019 and 2018 were $109.53, $66.94 and $60.18, respectively. The weighted average fair value of RSUs granted in fiscal 2020, 2019 and 2018 were calculated based on estimates at the date of grant using the following weighted-average assumptions:



	Fiscal 2020		Fiscal 2019		Fiscal 2018
Risk-free interest rate	1.8	%	2.7	%	1.8	%
Dividend yield	1.3	%	2.1	%	2.2	%

As of March 28, 2020, total unrecognized stock-based compensation costs related to ESPP was $33.4 million. The total unrecognized stock-based compensation cost for ESPP is expected to be recognized over a weighted-average period of 1.1 years.

Equity Incentive Plans

As of March 28, 2020, 15.0 million shares are available for future grants under the 2007 Equity Incentive Plan (2007 Equity Plan). The contractual term for stock awards granted under the 2007 Equity Plan is seven years from the grant date. Stock awards granted to existing and newly hired employees generally vest over a four-year period from the date of grant.

A summary of shares available for grant under the 2007 Equity Plan is as follows:



(Shares in thousands)	Shares Available for Grant
April 1, 2017	12,459
Additional shares reserved	1,900
RSUs granted	(3,718	)
RSUs cancelled	701
March 31, 2018	11,342
Additional shares reserved	3,000
RSUs granted	(3,559	)
RSUs cancelled	536
March 30, 2019	11,319
Additional shares reserved	6,000
RSUs granted	(2,756	)
RSUs cancelled	487
March 28, 2020	15,050

The types of awards allowed under the 2007 Equity Plan include incentive stock options, non-qualified stock options, RSUs, restricted stock and stock appreciation rights. To date, the Company has issued a mix of non-qualified stock options and RSUs under the 2007 Equity Plan.

The total pre-tax intrinsic value of options exercised during fiscal 2020 and 2019 was $331 thousand and $475 thousand, respectively. This intrinsic value represents the difference between the exercise price and the fair market value of the Company's common stock on the date of exercise.

Since the Company adopted the policy of retiring all repurchased shares of its common stock, new shares are issued upon employees' exercise of their stock options.

RSU Awards

A summary of the Company's RSU activity and related information is as follows:



	RSUs Outstanding
(Shares and intrinsic value in thousands)	Number of Shares		Weighted-Average Grant-Date Fair Value Per Share	Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value ⁽¹⁾
April 1, 2017	6,988		$42.93
Granted	3,718		$60.18
Vested ⁽²⁾	(3,016	)	$43.30
Cancelled	(701	)	$48.16
March 31, 2018	6,989		$51.39
Granted	3,559		$66.94
Vested ⁽²⁾	(2,681	)	$49.05
Cancelled	(536	)	$55.09
March 30, 2019	7,331		$59.54
Granted	2,756		$109.53
Vested ⁽²⁾	(2,820	)	$55.24
Cancelled	(487	)	$75.09
March 28, 2020	6,780		$80.53	2.28	$	510,083

Expected to vest as of March 28, 2020	5,380		$80.54	2.28	$	404,702


(1)	Aggregate intrinsic value for RSUs represents the closing price per share of Xilinx's stock on March 28, 2020 of $75.22, multiplied by the number of RSUs outstanding or expected to vest as of March 28, 2020.


(2)	The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements.

RSUs with a fair value of $155.8 million vested during fiscal 2020. As of March 28, 2020, total unrecognized stock-based compensation costs related to non-vested RSUs was $352.4 million. The total unrecognized stock-based compensation cost for RSUs is expected to be recognized over a weighted-average period of 2.6 years.

Employee Stock Purchase Plan

Under the Company's ESPP, qualified employees can obtain a 24-month purchase right to purchase the Company's common stock at the end of each six-month exercise period. Participation is limited to 15% of the employee's annual earnings up to a maximum of $21 thousand in a calendar year. Approximately 86% of all eligible employees participated in the ESPP. The purchase price of the stock is 85% of the lower of the fair market value at the beginning of the 24-month offering period or at the end of each six-month exercise period. Employees purchased 719 thousand shares for $53.0 million in fiscal 2020, 1.0 million shares for $48.3 million in fiscal 2019, and 918 thousand shares for $44.3 million in fiscal 2018. The next scheduled purchase under the ESPP is in the second quarter of fiscal 2021. As of March 28, 2020, 12.6 million shares were available for future issuance.

Balance Sheet Information

12 Months Ended

Mar. 28, 2020

Payables and Accruals [Abstract]

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

The following tables disclose the current liabilities and other assets that individually exceed 5% of the respective consolidated balance sheet amounts in each fiscal year. Individual balances that are less than 5% of the respective consolidated balance sheet amounts are aggregated and disclosed as "other."



(In thousands)	March 28, 2020		March 30, 2019
Accrued payroll and related liabilities:
Accrued compensation	$	99,197	$	120,658
Deferred compensation plan liability	121,936		118,560
Others	10,306		8,050
	$	231,439	$	247,268



(In thousands)	March 28, 2020		March 30, 2019
Other accrued liabilities:
Interest payable	$	9,480	$	16,583
Accruals related to software licenses	41,093		18,660
Unsettled investment transactions	77,936		—
Restructuring accruals	13,454		—
Lease liabilities	11,109		—
Others