0000743988-20-000051 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Sep. 26, 2020	Oct. 09, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 26, 2020
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		245,059,000
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000743988
Current Fiscal Year End Date	--04-03

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Net revenues	$ 766,535	$ 833,366	$ 1,493,208	$ 1,682,998
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	218,120	287,372	444,223	570,872
Cost, Depreciation and Amortization	6,696	5,734	13,393	9,003
Cost of revenues	224,816	293,106	457,616	579,875
Gross margin	541,719	540,260	1,035,592	1,103,123
Operating expenses:
Research and development	219,647	222,979	429,760	427,079
Selling, general and administrative	113,793	111,596	219,176	219,021
Amortization of acquisition-related intangibles	2,862	2,169	5,724	2,569
Total operating expenses	336,302	336,744	654,660	648,669
Operating income	205,417	203,516	380,932	454,454
Interest and other income (expense), net	(10,771)	12,329	(22,924)	23,941
Income before income taxes	194,646	215,845	358,008	478,395
Provision (benefit) for income taxes	830	(11,148)	70,356	9,943
Net income	$ 193,816	$ 226,993	$ 287,652	$ 468,452
Net income per common share:
Basic (in dollars per share)	$ 0.79	$ 0.90	$ 1.18	$ 1.85
Diluted (in dollars per share)	0.79	0.89	1.17	1.83
Common Stock, Dividends, Per Share, Declared	$ 0.38	$ 0.37	$ 0.76	$ 0.74
Shares used in per share calculations:
Basic (in shares)	244,837	252,399	243,602	252,728
Diluted (in shares)	246,763	255,269	245,847	256,509

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 193,816	$ 226,993	$ 287,652	$ 468,452
Other comprehensive income (loss), net of tax:
Change in net unrealized gains (losses) on available-for-sale securities	(100)	1,961	267	11,716
Reclassification adjustment for (gains) losses on available-for-sale securities	132	(366)	(145)	(799)
Change in unrealized gains (losses) on hedging transactions	2,420	(4,442)	9,549	(4,013)
Reclassification adjustment for (gains) losses on hedging transactions	(1,337)	1,329	350	2,151
Cumulative translation adjustment, net	4,834	(2,146)	1,968	(2,781)
Other comprehensive income (loss)	5,949	(3,664)	11,989	6,274
Total comprehensive income	$ 199,765	$ 223,329	$ 299,641	$ 474,726

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 26, 2020	Mar. 28, 2020
Current assets:
Cash and cash equivalents	$ 1,170,776	$ 1,777,703
Short-term investments	1,925,160	489,513
Accounts receivable, net	362,497	273,028
Inventories	282,048	304,340
Prepaid expenses and other current assets	73,034	64,557
Total current assets	3,813,515	2,909,141
Property, plant and equipment, at cost:	999,411	989,315
Accumulated depreciation and amortization	(641,931)	(616,741)
Net property, plant and equipment	357,480	372,574
Goodwill	619,413	619,196
Acquisition-related intangibles, net	181,227	200,344
Other assets	604,296	592,079
Total Assets	5,575,931	4,693,334
Current liabilities:
Accounts payable	106,021	102,131
Accrued payroll and related liabilities	312,356	231,439
Income taxes payable	38,386	36,217
Other accrued liabilities	134,146	216,634
Current portion of long-term debt	499,662	499,260
Total current liabilities	1,090,571	1,085,681
Long-term debt	1,492,066	747,110
Long-term income taxes payable	470,400	447,383
Other long-term liabilities	70,057	98,111
Commitments and contingencies (Note 17)
Stockholders' equity:
Preferred stock, $.01 par value	0	0
Common stock, $.01 par value	2,450	2,438
Additional paid-in capital	1,221,254	1,145,083
Retained earnings	1,237,421	1,187,805
Accumulated other comprehensive loss	(8,288)	(20,277)
Total stockholders’ equity	2,452,837	2,315,049
Total Liabilities and Stockholders’ Equity	$ 5,575,931	$ 4,693,334

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 26, 2020	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 Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Cash flows from operating activities:
Net income	$ 287,652	$ 468,452
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of software	61,998	42,551
Amortization - others	30,375	22,050
Stock-based compensation	108,822	92,575
Deferred income taxes	(10,028)	11,342
Others	3,462	(19,580)
Changes in assets and liabilities:
Accounts receivable, net	(89,468)	5,523
Inventories	22,292	(14,675)
Prepaid expenses and other current assets	(995)	(1,860)
Other assets	(21,530)	(12,539)
Accounts payable	(3,035)	(19,786)
Accrued liabilities	81,781	21
Income taxes payable	21,728	(52,164)
Net cash provided by operating activities	493,054	521,910
Cash flows from investing activities:
Purchases of available-for-sale securities	(2,743,360)	(671,515)
Proceeds from sale and maturity of available-for-sale and equity securities	1,231,731	1,458,286
Purchases of property, plant and equipment and software	(30,792)	(62,842)
Other investing activities	(12,198)	(5,453)
Acquisition of business, net of cash acquired	0	(454,613)
Net cash provided by (used in) investing activities	(1,554,619)	263,863
Cash flows from financing activities:
Repurchases of common stock	(53,682)	(477,245)
Taxes paid related to net share settlements of restricted stock units	(53,425)	(71,778)
Proceeds from issuance of common stock through various stock plans	20,114	19,802
Payment of dividends to stockholders	(185,519)	(187,445)
Proceeds from issuance of long-term debt, net	744,427	0
Other financing activities	(17,277)	(9,784)
Net cash provided by (used in) financing activities	454,638	(726,450)
Net increase (decrease) in cash and cash equivalents	(606,927)	59,323
Cash and cash equivalents at beginning of period		1,544,490
Cash and cash equivalents at end of period	1,170,776	1,603,813
Supplemental disclosure of cash flow information:
Interest paid	21,289	30,513
Income taxes paid, net	$ 59,145	$ 50,332

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	468,452			468,452
Other comprehensive income	6,274				6,274
Tax withholding related to vesting of restricted stock units and other (in shares)		2,018
Issuance of common shares under employee stock plans, net	(51,976)	$ 20	(51,996)
Repurchase and retirement of common stock (in shares)		(4,443)
Repurchase and retirement of common stock	(493,484)	$ (44)	(67,768)	(425,672)
Stock-based compensation expense	$ 92,575		92,575
Common Stock, Dividends, Per Share, Declared	$ 0.74
Cash dividends declared	$ (187,445)			(187,445)
Common Stock Outstanding, ending balance (in shares) at Sep. 28, 2019		251,466
Ending balance at Sep. 28, 2019	2,695,905	$ 2,515	978,222	1,732,304	(17,136)
Common Stock Outstanding, beginning balance (in shares) at Jun. 29, 2019		251,020
Beginning balance at Jun. 29, 2019	2,612,584	$ 2,510	880,305	1,743,241	(13,472)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	226,993			226,993
Other comprehensive income	(3,664)				(3,664)
Tax withholding related to vesting of restricted stock units and other (in shares)		1,921
Issuance of common shares under employee stock plans, net	(47,856)	$ 20	(47,876)
Repurchase and retirement of common stock (in shares)		(1,475)
Repurchase and retirement of common stock	(48,490)	$ (15)	95,971	(144,446)
Stock-based compensation expense	$ 49,822		49,822
Common Stock, Dividends, Per Share, Declared	$ 0.37
Cash dividends declared	$ (93,484)			(93,484)
Common Stock Outstanding, ending balance (in shares) at Sep. 28, 2019		251,466
Ending balance at Sep. 28, 2019	2,695,905	$ 2,515	978,222	1,732,304	(17,136)
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	287,652			287,652
Other comprehensive income	11,989				11,989
Tax withholding related to vesting of restricted stock units and other (in shares)		1,934
Issuance of common shares under employee stock plans, net	(35,154)	$ 19	(35,173)
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	$ 108,822		108,822
Common Stock, Dividends, Per Share, Declared	$ 0.76
Cash dividends declared	$ (185,519)			(185,519)
Common Stock Outstanding, ending balance (in shares) at Sep. 26, 2020		245,059
Ending balance at Sep. 26, 2020	2,452,837	$ 2,450	1,221,254	1,237,421	(8,288)
Common Stock Outstanding, beginning balance (in shares) at Jun. 27, 2020		243,231
Beginning balance at Jun. 27, 2020	2,319,653	$ 2,432	1,194,748	1,136,710	(14,237)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	193,816			193,816
Other comprehensive income	5,949				5,949
Tax withholding related to vesting of restricted stock units and other (in shares)		1,828
Issuance of common shares under employee stock plans, net	(31,915)	$ 18	(31,933)
Stock-based compensation expense	$ 58,439		58,439
Common Stock, Dividends, Per Share, Declared	$ 0.38
Cash dividends declared	$ (93,105)			(93,105)
Common Stock Outstanding, ending balance (in shares) at Sep. 26, 2020		245,059
Ending balance at Sep. 26, 2020	$ 2,452,837	$ 2,450	$ 1,221,254	$ 1,237,421	$ (8,288)

Basis of Presentation	6 Months Ended
Basis of Presentation	Sep. 26, 2020
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 quarters ended September 26, 2020 and September 28, 2019 each consisted of 13 weeks.

Recent Accounting Changes and Accounting Pronouncements	6 Months Ended
Recent Accounting Changes and Accounting Pronouncements	Sep. 26, 2020
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 Concentrations of Credit Risk (Notes)	6 Months Ended
	Sep. 26, 2020
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 September 26, 2020 and March 28, 2020, Avnet accounted for 25% and 31% of the Company’s total net accounts receivable, respectively. Net revenues from Avnet accounted for 41% and 43% of the Company’s worldwide net revenues in the second quarter and the first six months of fiscal 2021, respectively. Net revenues from Avnet accounted for 40% of the Company’s worldwide net revenues in both the second quarter and the first six 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 second quarter and the first six months of fiscal 2021, approximately 52% 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 both the second quarter and the first six months of fiscal 2020 the percentages of the Company's net revenues from distributors were 49%. No other distributor or end customer accounted for more than 10% of the Company’s worldwide net revenues for the second quarter and the first six months of fiscal 2021. No other distributor accounted for more than 10% of the Company’s worldwide net revenues for the second quarter and the first six months of fiscal 2020. However, one end customer accounted for 12% and 10% of the Company's worldwide net revenues for the second quarter and the first six 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 97% 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 September 26, 2020, 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

6 Months Ended

Sep. 26, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value MeasurementsThe 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 second quarter of fiscal 2021 and the Company did not adjust or override any fair value measurements as of September 26, 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 September 26, 2020 and March 28, 2020:


	September 26, 2020
(In thousands)	(Level 1)		(Level 2)		(Level 3)		Total Fair Value
Assets
Cash equivalents:
Money market funds	$	385,263	$	—	$	—	$	385,263
Financial institution securities	—		80,834		—		80,834
Non-financial institution securities	—		269,884		—		269,884
U.S. government and agency securities	64,992		122,989		—		187,981
Foreign government and agency securities	—		110,237		—		110,237
Short-term investments:
Financial institution securities	—		325,000		—		325,000
Non-financial institution securities	—		402,103		—		402,103
U.S. government and agency securities	474,867		112,593		—		587,460
Foreign government and agency securities	—		489,624		—		489,624
Mortgage-backed securities	—		99,260		—		99,260
Asset-backed securities	—		875		—		875
Commercial mortgage-backed securities	—		19,300		—		19,300
Marketable equity securities	1,538		—		—		1,538
Derivative financial instruments, net	—		2,416		—		2,416
Total assets measured at fair value	$	926,660	$	2,035,115	$	—	$	2,961,775


	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

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 September 26, 2020 were approximately $506.0 million, $804.0 million and $793.3 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 September 26, 2020, 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.

- 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

6 Months Ended

Sep. 26, 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:


	September 26, 2020														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	$	385,263	$	—	$	—	$	385,263	$	656,038	$	—	$	—	$	656,038
Financial institution
securities	405,834		—		—		405,834		325,000		—		—		325,000
Non-financial institution
securities	671,987		—		—		671,987		476,735		—		—		476,735
U.S. government and
agency securities	775,394		51		(4)		775,441		216,178		95		—		216,273
Foreign government and
agency securities	599,862		—		(1)		599,861		254,283		7		(17)		254,273
Mortgage-backed securities	97,500		2,017		(257)		99,260		156,836		2,445		(477)		158,804
Asset-backed securities	857		18		—		875		2,533		18		(2)		2,549

Commercial mortgage-
backed securities	19,359		133		(192)		19,300		50,566		134		(556)		50,144

	$	2,956,056	$	2,219	$	(454)	$	2,957,821	$	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 September 26, 2020 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 September 26, 2020 and March 28, 2020:


	September 26, 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
Non-financial institution securities	$	19,993	$	—	$	—	$	—	$	19,993	$	—
U.S. government and
agency securities	149,947		(4)		—		—		149,947		(4)
Foreign government and
agency securities	24,997		(1)		—		—		24,997		(1)
Mortgage-backed securities	9,134		(76)		12,474		(181)		21,608		(257)

Commercial mortgage-
backed securities	3,665		(59)		684		(133)		4,349		(192)

	$	207,736	$	(140)	$	13,158	$	(314)	$	220,894	$	(454)


	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 September 26, 2020 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 (non-financial institution 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 September 26, 2020 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.


	September 26, 2020
(In thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	2,454,654	$	2,454,704
Due after one year through five years	2,752		2,792
Due after five years through ten years	15,182		15,872
Due after ten years	98,205		99,190
	$	2,570,793	$	2,572,558

As of September 26, 2020, $117.9 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						Six Months Ended
(In thousands)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Proceeds from sale of available-for-sale securities	$	18,798	$	143,529	$	56,455	$	299,623
Gross realized gains on sale of available-for-sale securities	$	53	$	607	$	413	$	1,212
Gross realized losses on sale of available-for-sale securities	(224)		(133)		(224)		(172)
Net realized gains (losses) on sale of available-for-sale securities	$	(171)	$	474	$	189	$	1,040
Amortization of premiums (discounts) on available-for-sale securities	$	(25)	$	1,636	$	(117)	$	2,347

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

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Sep. 26, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company’s primary objective for holding derivative financial instruments is to manage foreign currency exchange rate risk and interest rate risk. As a result of the use of derivative financial instruments, the Company is exposed to the risk that counterparties to derivative contracts may fail to meet their contractual obligations. The Company manages counterparty credit risk in derivative contracts by reviewing counterparty creditworthiness on a regular basis, establishing collateral requirement and limiting exposure to any single counterparty. The right of set-off that exists with certain transactions enables the Company to net amounts due to and from the counterparty, reducing the maximum loss from credit risk in the event of counterparty default. 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

6 Months Ended

Sep. 26, 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 Employee Stock Purchase Plan (ESPP):


	Three Months Ended						Six Months Ended
(In thousands)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Stock-based compensation included in:
Cost of revenues	$	2,963	$	2,812	$	5,684	$	5,425
Research and development	36,110		29,702		66,479		54,576
Selling, general and administrative	19,366		17,308		36,659		32,574
	$	58,439	$	49,822	$	108,822	$	92,575

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 September 26, 2020, 12.6 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	2,968	$	95.11
Vested	(2,234)	$	70.90
Cancelled	(488)	$	82.66
September 26, 2020	7,026	$	89.19

The estimated fair values of RSUs were calculated based on the market price of Xilinx common stock on the date of grant, reduced by the present value of dividends expected to be paid on Xilinx common stock prior to vesting. The per share weighted-average fair value of RSUs granted during the second quarter of fiscal 2021 was $95.59 ($113.02 for the second quarter of fiscal 2020), which were calculated based on estimates at the date of grant using the following weighted-average assumptions:


	Three Months Ended						Six Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Risk-free interest rate	0.3	%	1.8	%	0.3	%	1.8	%
Dividend yield	1.5	%	1.3	%	1.5	%	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 six months of fiscal 2021 and 2020, the Company withheld $53.4 million and $71.8 million worth of RSU awards, respectively, to satisfy the employees’ tax obligations.

During the second quarter and the first six months of fiscal 2021, the Company realized excess tax benefits of $12.4 million and $12.7 million, respectively, primarily from RSU vesting. During the second quarter and the first six months of fiscal 2020, the excess tax benefits were $32.2 million and $34.3 million, respectively, primarily from RSU vesting. These tax benefits were recorded in the condensed consolidated statements of income as a component of the provision (benefit) 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	%

The next scheduled purchase under the ESPP is in the fourth quarter of fiscal 2021. As of September 26, 2020, 12.4 million shares were available for future issuance under the Company's ESPP.

Net Income Per Common Share

6 Months Ended

Sep. 26, 2020

Earnings Per Share [Abstract]

Net Income Per Common Share

The computation of basic net income per common share for all periods presented is derived from information on the condensed consolidated statements of income, and there are no reconciling items in the numerator used to compute the diluted net income per common share. The following table summarizes the computation of basic and diluted net income per common share:


	Three Months Ended						Six Months Ended
(In thousands, except per share amounts)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Net income available to common stockholders	$	193,816	$	226,993	$	287,652	$	468,452
Weighted average common shares outstanding-basic	244,837		252,399		243,602		252,728
Dilutive effect of employee equity incentive plans	1,926		2,870		2,245		3,781
Weighted average common shares outstanding-diluted	246,763		255,269		245,847		256,509
Basic net income per common share	$	0.79	$	0.90	$	1.18	$	1.85
Diluted net income per common share	$	0.79	$	0.89	$	1.17	$	1.83

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 second quarter and the first six 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

6 Months Ended

Sep. 26, 2020

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)	September 26, 2020		March 28, 2020
Raw materials	$	28,237	$	35,562
Work-in-process	179,529		204,501
Finished goods	74,282		64,277
	$	282,048	$	304,340

Debt and Credit Facility

6 Months Ended

Sep. 26, 2020

Debt Disclosure [Abstract]

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 September 26, 2020, the remaining term of the 2021 Notes is 0.5 years.

The following table summarizes the carrying value of the 2021 Notes as of September 26, 2020 and March 28, 2020:



(In thousands)	September 26, 2020		March 28, 2020
Principal amount of the 2021 Notes	$	500,000	$	500,000
Unamortized discount of the 2021 Notes	(236)		(517)
Unamortized debt issuance costs associated with 2021 Notes	(102)		(223)
Carrying value of the 2021 Notes	$	499,662	$	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						Six Months Ended
(In thousands)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Contractual coupon interest	$	3,750	$	3,750	$	7,500	$	7,500
Amortization of debt issuance costs	61		61		121		122
Amortization of debt discount, net	140		136		281		271
Total interest expense related to the 2021 Notes	$	3,951	$	3,947	$	7,902	$	7,893

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 September 26, 2020, the remaining term of the 2024 Notes is approximately 3.7 years.

The following table summarizes the carrying value of the 2024 Notes as of September 26, 2020 and March 28, 2020:


(In thousands)	September 26, 2020		March 28, 2020
Principal amount of the 2024 Notes	$	750,000	$	750,000
Unamortized discount of the 2024 Notes	(466)		(525)
Unamortized debt issuance costs associated with 2024 Notes	(2,081)		(2,365)
Carrying Value of the 2024 Notes	$	747,453	$	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						Six Months Ended
(In thousands)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Contractual coupon interest	$	5,444	$	5,444	$	10,887	$	11,986
Amortization of debt issuance costs	142		142		284		284
Amortization of debt discount, net	30		29		59		58
Total interest expense related to the 2024 Notes	$	5,616	$	5,615	$	11,230	$	12,328

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 September 26, 2020, the remaining term of the 2030 Notes is approximately 9.7 years.

The following table summarizes the carrying value of the 2030 Notes as of September 26, 2020:


(In thousands)	September 26, 2020
Principal amount of the 2030 Notes	$	750,000
Unamortized discount of the 2030 Notes	(196)
Unamortized debt issuance costs associated with 2030 Notes	(5,191)
Carrying Value of the 2030 Notes	$	744,613

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						Six Months Ended
(In thousands)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Contractual coupon interest	$	4,521	$	—	$	6,565	$	—
Amortization of debt issuance costs	134		—		179		—
Amortization of debt discount, net	4		—		7		—
Total interest expense related to the 2030 Notes	$	4,659	$	—	$	6,751	$	—

Revolving Credit Facility

On December 7, 2016, the Company entered into a $400.0 million senior unsecured revolving credit facility that, upon certain conditions, may be extended by an additional $150.0 million, with a syndicate of banks (expiring in December 2021). Borrowings under the credit facility will bear interest at a benchmark rate plus an applicable margin based upon the Company’s credit rating. In connection with the credit facility, the Company is required to maintain certain financial and nonfinancial covenants. As of September 26, 2020, the Company had made no borrowings under this credit facility and was not in violation of any of the covenants.

Common Stock Repurchase Program	6 Months Ended
Common Stock Repurchase Program	Sep. 26, 2020
Stockholders' Equity Note [Abstract]
Common Stock and Debentures Repurchase Program	Common Stock Repurchase Program The Board of Directors (Board) 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 September 26, 2020, 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 September 26, 2020 and March 28, 2020. During the first six 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. During the first six months of fiscal 2020, the Company repurchased 2.7 million shares of common stock in the open market for a total of $277.2 million. Additionally, the Company repurchased 1.7 million shares for a total of $200.0 million by entering into a stock repurchase agreement with an independent financial institution.

Interest and Other Expense, Net

6 Months Ended

Sep. 26, 2020

Other Income and Expenses [Abstract]

Interest and Other Expense, Net

Interest and Other Income (Expense), Net

The components of interest and other income (expense), net are as follows:


	Three Months Ended						Six Months Ended
(In thousands)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Interest income	$	1,969	$	13,813	$	6,923	$	31,801
Interest expense	(14,226)		(9,562)		(25,883)		(20,693)
Other income (expense), net	1,486		8,078		(3,964)		12,833
Total interest and other income (expense), net	$	(10,771)	$	12,329	$	(22,924)	$	23,941

Accumulated Other Comprehensive Income

6 Months Ended

Sep. 26, 2020

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive LossComprehensive 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)	September 26, 2020		March 28, 2020
Accumulated unrealized gains on available-for-sale securities, net of tax	$	1,441	$	1,319
Accumulated unrealized losses on hedging transactions, net of tax	(271)		(10,170)
Accumulated cumulative translation adjustment, net of tax	(9,458)		(11,426)
Total accumulated other comprehensive loss	$	(8,288)	$	(20,277)

The related tax effects of other comprehensive income (loss) were not material for all periods presented.

Income Taxes	6 Months Ended
Income Taxes	Sep. 26, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded a tax provision of $0.8 million and $70.4 million for the second quarter and the first six months of fiscal 2021, respectively, representing effective tax rates of 0.4% and 19.7%, respectively. The Company recorded a tax benefit of $(11.1) million and a tax provision of $9.9 million for the second quarter and the first six months of fiscal 2020, respectively, representing effective tax rates of (5.2)% and 2.1%, respectively. The difference between the U.S. federal statutory tax rate of 21% and the Company's effective tax rate in the second quarter of fiscal 2021 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). The difference between the U.S. federal statutory tax rate of 21% and the Company's effective tax rate in the first six months of fiscal 2021 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 tax on GILTI and the recognition of prior and current year detrimental impacts of including stock-based compensation in the intercompany research and development (R&D) cost sharing arrangement. The difference between the U.S. federal statutory tax rate of 21% and the Company's effective tax rate in the second quarter and the first six months of fiscal 2020 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 tax on GILTI. 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 September 26, 2020, determined in accordance with authoritative guidance for measuring uncertain tax positions, increased by $7.0 million in the second quarter of fiscal 2021 to $155.0 million. The total amount of unrecognized tax benefits that, if realized in a future period, would favorably affect the effective tax rate was $111.9 million as of September 26, 2020. 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 $4.1 million as of September 26, 2020 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Leases and Commitments

6 Months Ended

Sep. 26, 2020

Commitments and Contingencies Disclosure [Abstract]

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. These 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 September 26, 2020:


Fiscal	(In thousands)
2021 (remaining six months)	$	6,778
2022	11,776
2023	7,615
2024	6,533
2025	6,280
Thereafter	28,877
Total lease payments	$	67,859
Less: Imputed interest	(14,363)
Total lease liabilities	$	53,496

The Company's leases were included as a component of the following condensed consolidated balance sheet lines:


(In thousands)	September 26, 2020		March 28, 2020
Other assets	$	51,009	$	57,819
Other accrued liabilities	10,545		11,109
Other long-term liabilities	42,951		48,964

The components of lease costs were as follows:


	Three Months Ended						Six Months Ended
(In thousands)	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Operating lease cost	$	3,558	$	4,334	$	7,258	$	8,606