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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 26, 2020 or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to _______ .
Commission File Number 000-18548
 ______________________________________________________________________________
XILINX, INC.
(Exact name of registrant as specified in its charter)
 ______________________________________________________________________________
Delaware   2100 Logic Drive   77-0188631
(State or other jurisdiction of
incorporation or organization)
  San Jose   (I.R.S. Employer
Identification No.)
California   95124
(Address of principal executive offices) (Zip Code)
(408) 559-7778
(Registrant’s telephone number, including area code)
N/A
(Former name, former address, and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value XLNX The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer x Accelerated filer
 o
Non-accelerated filer o
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  x
Shares outstanding of the registrant’s common stock:
Class   Shares Outstanding as of October 9, 2020
Common Stock, $0.01 par value   245,059,000


TABLE OF CONTENTS
 
2

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be found throughout this Quarterly Report and involve numerous known and unknown risks and uncertainties and are based on current expectations. The reader should not place undue reliance on these forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including those risks discussed under "Risk Factors" and elsewhere in this document. Often, forward-looking statements can be identified by the use of forward-looking words, such as "may," "will," "could," "should," "expect," "believe," "anticipate," "estimate," "continue," "plan," "intend," "project" and other similar terminology, or the negative of such terms. We disclaim any responsibility to update or revise any forward-looking statement provided in this Quarterly Report or in any of our other communications for any reason.

PART I.FINANCIAL INFORMATION

Item 1.Financial Statements
XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
  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 revenues $ 766,535  $ 833,366  $ 1,493,208  $ 1,682,998 
Cost of revenues:
Cost of products sold 218,120  287,372  444,223  570,872 
Amortization of acquisition-related intangibles 6,696  5,734  13,393  9,003 
Total 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 $ 0.79  $ 0.90  $ 1.18  $ 1.85 
Diluted $ 0.79  $ 0.89  $ 1.17  $ 1.83 
Cash dividends per common share $ 0.38  $ 0.37  $ 0.76  $ 0.74 
Shares used in per share calculations:
Basic 244,837  252,399  243,602  252,728 
Diluted 246,763  255,269  245,847  256,509 


See notes to condensed consolidated financial statements.


3

XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended Six Months Ended
(In thousands) September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019
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 

See notes to condensed consolidated financial statements.

4

XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(In thousands, except par value amounts) September 26, 2020 March 28, 2020
(unaudited)
ASSETS
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 
LIABILITIES AND STOCKHOLDERS’ EQUITY
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
—  — 
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 


See notes to condensed consolidated financial statements.
5

XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
(In thousands) September 26, 2020 September 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 —  (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  — 
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 1,777,703  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 


See notes to condensed consolidated financial statements.
6

XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
Three Months Ended September 26, 2020 Common Stock
Outstanding
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
(In thousands, except per share amounts) Shares Amount
Balance as of June 27, 2020 243,231  $ 2,432  $ 1,194,748  $ 1,136,710  $ (14,237) $ 2,319,653 
Components of comprehensive income:  
Net income —  —  —  193,816  —  193,816 
Other comprehensive income —  —  —  —  5,949  5,949 
Issuance of common shares under employee stock plans, net 1,828  18  (31,933) —  —  (31,915)
Stock-based compensation expense —  —  58,439  —  —  58,439 
Cash dividends declared ($0.38 per common share)
—  —  —  (93,105) —  (93,105)
Balance as of September 26, 2020 245,059  $ 2,450  $ 1,221,254  $ 1,237,421  $ (8,288) $ 2,452,837 



Six Months Ended September 26, 2020 Common Stock
Outstanding
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
(In thousands, except per share amounts) Shares Amount
Balance as of March 28, 2020 243,810  $ 2,438  $ 1,145,083  $ 1,187,805  $ (20,277) $ 2,315,049 
Components of comprehensive income:
Net income —  —  —  287,652  —  287,652 
Other comprehensive income —  —  —  —  11,989  11,989 
Issuance of common shares under employee stock plans, net 1,934  19  (35,173) —  —  (35,154)
Repurchase and retirement of common stock (685) (7) 2,522  (52,517) —  (50,002)
Stock-based compensation expense —  —  108,822  —  —  108,822 
Cash dividends declared ($0.76 per common share)
—  —  —  (185,519) —  (185,519)
Balance as of September 26, 2020 245,059  $ 2,450  $ 1,221,254  $ 1,237,421  $ (8,288) $ 2,452,837 






















7


XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)

Three Months Ended September 28, 2019 Common Stock
Outstanding
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
(In thousands, except per share amounts) Shares Amount
Balance as of June 29, 2019 251,020  $ 2,510  $ 880,305  $ 1,743,241  $ (13,472) $ 2,612,584 
Components of comprehensive income:
Net income —  —  —  226,993  —  226,993 
Other comprehensive loss —  —  —  —  (3,664) (3,664)
Issuance of common shares under employee stock plans, net 1,921  20  (47,876) —  —  (47,856)
Repurchase and retirement of common stock, including settlement of stock repurchase agreement (1,475) (15) 95,971  (144,446) —  (48,490)
Stock-based compensation expense —  —  49,822  —  —  49,822 
Cash dividends declared ($0.37 per common share)
—  —  —  (93,484) —  (93,484)
Balance as of September 28, 2019 251,466  $ 2,515  $ 978,222  $ 1,732,304  $ (17,136) $ 2,695,905 




Six Months Ended September 28, 2019 Common Stock
Outstanding
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
(In thousands, except per share amounts) Shares Amount
Balance as of March 30, 2019 253,891  $ 2,539  $ 1,005,411  $ 1,876,969  $ (23,410) $ 2,861,509 
Components of comprehensive income:
Net income —  —  —  468,452  —  468,452 
Other comprehensive income —  —  —  —  6,274  6,274 
Issuance of common shares under employee stock plans, net 2,018  20  (51,996) —  —  (51,976)
Repurchase and retirement of common stock (4,443) (44) (67,768) (425,672) —  (493,484)
Stock-based compensation expense —  —  92,575  —  —  92,575 
Cash dividends declared ($0.74 per common share)
—  —  —  (187,445) —  (187,445)
Balance as of September 28, 2019 251,466  $ 2,515  $ 978,222  $ 1,732,304  $ (17,136) $ 2,695,905 




See notes to condensed consolidated financial statements.

8

XILINX, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1.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.

Note 2.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.

9

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.

Note 3.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.

Note 4.Fair Value Measurements

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

10

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:
11

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 

12

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.

Note 5.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  (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.
13

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.
14

  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.


Note 6.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.

Note 7. 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

15

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 

16

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.

Note 8. 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 
17


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.

Note 9.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 

Note 10. 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 

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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 
19


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 —  — 
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.

Note 11. 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.

Note 12. 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)