0000743988-20-000009.txt : 20200128 0000743988-20-000009.hdr.sgml : 20200128 20200128165339 ACCESSION NUMBER: 0000743988-20-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 93 CONFORMED PERIOD OF REPORT: 20191228 FILED AS OF DATE: 20200128 DATE AS OF CHANGE: 20200128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: XILINX INC CENTRAL INDEX KEY: 0000743988 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 770188631 STATE OF INCORPORATION: DE FISCAL YEAR END: 0328 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-18548 FILM NUMBER: 20555192 BUSINESS ADDRESS: STREET 1: 2100 LOGIC DR CITY: SAN JOSE STATE: CA ZIP: 95124 BUSINESS PHONE: 4085597778 MAIL ADDRESS: STREET 1: 2100 LOGIC DRIVE CITY: SAN JOSE STATE: CA ZIP: 95124 10-Q 1 xlnx1228201910q.htm 10-Q Document
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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 December 28, 2019 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 January 10, 2020
Common Stock, $0.01 par value
 
248,836,561




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
 
Nine Months Ended
(In thousands, except per share amounts)
December 28, 2019
 
December 29, 2018
 
December 28, 2019
 
December 29, 2018
Net revenues
$
723,499

 
$
800,057

 
$
2,406,497

 
$
2,230,678

Cost of revenues:
 
 
 
 
 
 
 
Cost of products sold
233,324

 
247,903

 
804,197

 
686,411

Amortization of acquisition-related intangibles
6,697

 

 
15,699

 

Total cost of revenues
240,021

 
247,903

 
819,896

 
686,411

Gross margin
483,478

 
552,154

 
1,586,601

 
1,544,267

Operating expenses:

 

 
 
 
 
Research and development
211,541

 
189,329

 
638,621

 
543,527

Selling, general and administrative
109,612

 
103,039

 
328,633

 
291,256

Amortization of acquisition-related intangibles
2,919

 
1,866

 
5,488

 
3,064

Total operating expenses
324,072

 
294,234

 
972,742

 
837,847

Operating income
159,406

 
257,920

 
613,859

 
706,420

Interest and other income (expense), net
6,437

 
(1,330
)
 
30,378

 
2,231

Income before income taxes
165,843

 
256,590

 
644,237

 
708,651

Provision for income taxes
3,831

 
17,230

 
13,774

 
63,542

Net income
$
162,012

 
$
239,360

 
$
630,463

 
$
645,109

Net income per common share:

 

 
 
 
 
Basic
$
0.65

 
$
0.95

 
$
2.50

 
$
2.55

Diluted
$
0.64

 
$
0.93

 
$
2.47

 
$
2.53

Cash dividends per common share
$
0.37

 
$
0.36

 
$
1.11

 
$
1.08

Shares used in per share calculations:

 

 
 
 
 
Basic
250,546

 
253,060

 
252,330

 
252,634

Diluted
252,808

 
256,374

 
255,758

 
255,227




See notes to condensed consolidated financial statements.

3


XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

 
Three Months Ended
 
Nine Months Ended
(In thousands)
December 28, 2019
 
December 29, 2018
 
December 28, 2019
 
December 29, 2018
Net income
$
162,012

 
$
239,360

 
$
630,463

 
$
645,109

Other comprehensive income (loss), net of tax:


 


 
 
 
 
Change in net unrealized gains (losses) on available-for-sale securities
548

 
7,029

 
12,264

 
3,244

Reclassification adjustment for (gains) losses on available-for-sale securities
(91
)
 
(131
)
 
(890
)
 
(181
)
Change in unrealized gains (losses) on hedging transactions
2,184

 
(480
)
 
(1,829
)
 
(9,252
)
Reclassification adjustment for (gains) losses on hedging transactions
96

 
2,522

 
2,247

 
4,693

Cumulative translation adjustment, net
2,294

 
5

 
(487
)
 
(4,187
)
Other comprehensive income (loss)
5,031

 
8,945

 
11,305

 
(5,683
)
Total comprehensive income
$
167,043

 
$
248,305

 
$
641,768

 
$
639,426


See notes to condensed consolidated financial statements.


4


XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(In thousands, except par value amounts)
December 28, 2019
 
March 30, 2019
 
(unaudited)
 
 
ASSETS

 

Current assets:

 

Cash and cash equivalents
$
1,292,088

 
$
1,544,490

Short-term investments
1,133,077

 
1,631,194

Accounts receivable, net
253,548

 
335,165

Inventories
328,209

 
315,358

Prepaid expenses and other current assets
121,099

 
65,771

Total current assets
3,128,021

 
3,891,978

Property, plant and equipment, at cost
983,830

 
902,993

Accumulated depreciation and amortization
(605,588
)
 
(574,064
)
Net property, plant and equipment
378,242

 
328,929

Long-term investments

 
53,433

Goodwill
619,196

 
340,718

Acquisition-related intangibles, net
210,441

 
80,723

Other assets
615,322

 
455,567

Total Assets
$
4,951,222

 
$
5,151,348

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY

 

Current liabilities:

 

Accounts payable
$
102,691

 
$
117,491

Accrued payroll and related liabilities
259,974

 
247,268

Income taxes payable
24,222

 
28,718

Other accrued liabilities
128,993

 
81,559

Total current liabilities
515,880

 
475,036

Long-term debt
1,246,000

 
1,234,807

Long-term income taxes payable
447,990

 
515,192

Other long-term liabilities
100,190

 
64,804

Commitments and contingencies (Note 17)

 

Stockholders' equity:

 

Preferred stock, $.01 par value (none issued and outstanding)

 

Common stock, $.01 par value
2,489

 
2,539

Additional paid-in capital
1,105,568

 
1,005,411

Retained earnings
1,545,210

 
1,876,969

Accumulated other comprehensive loss
(12,105
)
 
(23,410
)
Total stockholders’ equity
2,641,162

 
2,861,509

Total Liabilities and Stockholders’ Equity
$
4,951,222

 
$
5,151,348




See notes to condensed consolidated financial statements.

5


XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Nine Months Ended
(In thousands)
December 28, 2019
 
December 29, 2018
Cash flows from operating activities:
 
 
 
Net income
$
630,463

 
$
645,109

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization of software
68,882

 
49,097

Amortization - others
37,326

 
23,461

Stock-based compensation
142,732

 
109,194

Deferred income taxes
1,417

 
(9,040
)
Others
(24,083
)

8,686

Changes in assets and liabilities:
 
 
 
Accounts receivable, net
86,370

 
22,879

Inventories
(6,845
)
 
(46,573
)
Prepaid expenses and other current assets
912

 
13,151

Other assets
(26,217
)
 
(25,141
)
Accounts payable
(26,466
)
 
11,013

Accrued liabilities
7,735

 
30,652

Income taxes payable
(46,741
)
 
(29,280
)
Net cash provided by operating activities
845,485

 
803,208

Cash flows from investing activities:
 
 
 
Purchases of available-for-sale securities
(1,273,015
)
 
(1,340,057
)
Proceeds from sale and maturity of available-for-sale and equity securities
1,838,572

 
1,080,850

Purchases of property, plant and equipment and software
(96,980
)
 
(60,803
)
Other investing activities
(15,233
)
 
(37,572
)
Acquisition of businesses, net of cash acquired
(454,651
)
 
(233,941
)
Net cash used in investing activities
(1,307
)
 
(591,523
)
Cash flows from financing activities:
 
 
 
Repurchases of common stock
(738,184
)
 
(161,551
)
Taxes paid related to net share settlements of restricted stock units
(75,417
)
 
(42,029
)
Proceeds from issuance of common stock through various stock plans
19,876

 
18,436

Payment of dividends to stockholders
(280,376
)
 
(272,860
)
Other financing activities
(22,479
)
 
(3,488
)
Net cash used in financing activities
(1,096,580
)
 
(461,492
)
Net decrease in cash and cash equivalents
(252,402
)
 
(249,807
)
Cash and cash equivalents at beginning of period
1,544,490

 
2,179,328

Cash and cash equivalents at end of period
$
1,292,088

 
$
1,929,521

Supplemental disclosure of cash flow information:
 
 
 
Interest paid
$
41,576

 
$
57,514

Income taxes paid, net
$
58,937

 
$
101,557



See notes to condensed consolidated financial statements.

6


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

Three Months Ended December 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 September 28, 2019
251,466

 
$
2,515

 
$
978,222

 
$
1,732,304

 
$
(17,136
)
 
$
2,695,905

Components of comprehensive income:
 
 
 
 
 
 
 
 
 
 
 

Net income

 

 

 
162,012

 

 
162,012

Other comprehensive income

 

 

 

 
5,031

 
5,031

Issuance of common shares under employee stock plans, net
153

 
2

 
(3,567
)
 

 

 
(3,565
)
Repurchase and retirement of common stock
(2,784
)
 
(28
)
 
(1,132
)
 
(256,175
)
 

 
(257,335
)
Stock-based compensation expense

 

 
50,157

 

 

 
50,157

Cash dividends declared ($0.37 per common share)

 

 

 
(92,931
)
 

 
(92,931
)
Additional tax benefit recognized relating to fiscal 2014 redemption of convertible debt

 

 
81,888

 

 

 
81,888

Balance as of December 28, 2019
248,835

 
$
2,489

 
$
1,105,568

 
$
1,545,210

 
$
(12,105
)
 
$
2,641,162




Nine Months Ended December 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

 

 

 
630,463

 

 
630,463

Other comprehensive income

 

 

 

 
11,305

 
11,305

Issuance of common shares under employee stock plans, net
2,171

 
22

 
(55,563
)
 

 

 
(55,541
)
Repurchase and retirement of common stock
(7,227
)
 
(72
)
 
(68,900
)
 
(681,846
)
 

 
(750,818
)
Stock-based compensation expense

 

 
142,732

 

 

 
142,732

Cash dividends declared ($1.11 per common share)

 

 

 
(280,376
)
 

 
(280,376
)
Additional tax benefit recognized relating to fiscal 2014 redemption of convertible debt

 

 
81,888

 

 

 
81,888

Balance as of December 28, 2019
248,835

 
$
2,489

 
$
1,105,568

 
$
1,545,210

 
$
(12,105
)
 
$
2,641,162
























7





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

Three Months Ended December 29, 2018
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 September 29, 2018
253,019

 
$
2,530

 
$
906,618

 
$
1,576,476

 
$
(40,738
)
 
$
2,444,886

Components of comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
Net income

 

 

 
239,360

 

 
239,360

Other comprehensive income

 

 

 

 
8,945

 
8,945

Issuance of common shares under employee stock plans, net
110

 
1

 
(2,516
)
 

 

 
(2,515
)
Repurchase and retirement of common stock
(14
)
 

 

 
(1,015
)
 

 
(1,015
)
Stock-based compensation expense

 

 
38,641

 

 

 
38,641

Cash dividends declared ($0.36 per common share)

 

 

 
(91,107
)
 

 
(91,107
)
Balance as of December 29, 2018
253,115

 
$
2,531

 
$
942,743

 
$
1,723,714

 
$
(31,793
)
 
$
2,637,195



Nine Months Ended December 29, 2018
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 31, 2018
253,377

 
$
2,534

 
$
878,672

 
$
1,513,656

 
$
(34,509
)
 
$
2,360,353

Components of comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
Net income

 

 

 
645,109

 

 
645,109

Other comprehensive loss

 

 

 

 
(5,683
)
 
(5,683
)
Cumulative-effect of equity investments adoption

 

 

 
(8,399
)
 
8,399

 

Issuance of common shares under employee stock plans, net
2,174

 
22

 
(23,615
)
 

 

 
(23,593
)
Repurchase and retirement of common stock
(2,436
)
 
(25
)
 
(21,508
)
 
(140,016
)
 

 
(161,549
)
Stock-based compensation expense

 

 
109,194

 

 

 
109,194

Cumulative-effect of deferred tax from intra-entity asset transfer adoption

 

 

 
(13,776
)
 

 
(13,776
)
Cash dividends declared ($1.08 per common share)

 

 

 
(272,860
)
 

 
(272,860
)
Balance as of December 29, 2018
253,115

 
$
2,531

 
$
942,743

 
$
1,723,714

 
$
(31,793
)
 
$
2,637,195




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 30, 2019. 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 March 28, 2020 or any future period.

The Company uses a 52- to 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2020 and fiscal 2019 are both 52-week years ending on March 28, 2020 and March 30, 2019, respectively. The quarters ended December 28, 2019 and December 29, 2018 each consisted of 13 weeks.

Note 2.
Recent Accounting Changes and Accounting Pronouncements
 
Recent Accounting Pronouncements Adopted

Leases

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

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

Recent Accounting Pronouncements Not Yet Adopted

Credit Loss

In June 2016, the FASB issued authoritative guidance to replace the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company will be required to use a forward-looking expected credit loss model for financial assets. For public entities, the guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2021.The Company is currently evaluating the impact of this authoritative guidance on its consolidated financial statements.



9


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 in fiscal 2020. The Company is currently evaluating the impact of this authoritative guidance on its 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 requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. For public entities, the guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, which for Xilinx would be the first quarter of fiscal 2021. The Company 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 December 28, 2019 and March 30, 2019, Avnet accounted for 33% and 37% of the Company’s total net accounts receivable, respectively. Net revenues from Avnet accounted for 45% and 41% of the Company’s worldwide net revenues in the third quarter and first nine months of fiscal 2020, respectively. Net revenues from Avnet accounted for 42% and 47% of the Company’s worldwide net revenues in the third quarter and the first nine months of fiscal 2019, respectively. While the percentage of worldwide net revenues from Avnet fluctuates from period to period, overall the percentage is within historical ranges.
For the third quarter and the first nine months of fiscal 2020, approximately 57% and 52%, respectively, of the Company's net revenues were from products sold to distributors for subsequent resale to original equipment manufacturers (OEMs) or their subcontract manufacturers. For the third quarter and the first nine months of fiscal 2019, the percentages of the Company's net revenues from distributors were 50% and 56%, respectively.

No other distributor accounted for more than 10% of the Company’s worldwide net revenues for the third quarter and the first nine months of fiscal 2020 and 2019. One end customer accounted for 12% and 11% of the Company's worldwide net revenues for the third quarter and the first nine months of fiscal 2020, respectively. No end customer accounted for more than 10% of the Company's worldwide net revenues for the third quarter and the first nine months of fiscal 2019.

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 concentration 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 94% 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 and interest rate swap 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 December 28, 2019, 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.


10


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.

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

The Company validates the consensus prices by taking random samples from each asset type and corroborating those prices using reported trade activity, benchmark yield curves, binding broker/dealer quotes or other relevant price information. There have not been any changes to the Company’s fair value methodology during the third quarter and first nine months of fiscal 2020 and the Company did not adjust or override any fair value measurements as of December 28, 2019.

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 December 28, 2019 and March 30, 2019:


11


 
 
December 28, 2019
(In thousands)
 

Level 1
 
Level 2
 
Level 3
 
Total Fair
Value
Assets
 
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
 
Money market funds
 
$
444,604

 
$

 
$

 
$
444,604

Financial institution securities
 

 
100,000

 

 
100,000

Non-financial institution securities
 

 
362,554

 

 
362,554

U.S. government and agency securities
 
131,757

 
59,903

 

 
191,660

Foreign government and agency securities
 

 
68,295

 

 
68,295

Short-term investments:
 
 
 
 
 
 
 
 
Financial institution securities
 

 
300,000

 

 
300,000

Non-financial institution securities
 

 
64,398

 

 
64,398

U.S. government and agency securities
 
9,997

 
9,994

 

 
19,991

Foreign government and agency securities
 

 
266,063

 

 
266,063

Mortgage-backed securities
 

 
395,451

 

 
395,451

Asset-backed securities
 

 
23,238

 

 
23,238

Commercial mortgage-backed securities
 

 
63,936

 

 
63,936

Derivative financial instruments, net
 

 
1,580

 

 
1,580

Total assets measured at fair value
 
$
586,358

 
$
1,715,412

 
$

 
$
2,301,770




12


 
March 30, 2019
(In thousands)
Level 1
 
Level 2
 
Level 3
 
Total Fair
Value
Assets
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
Money market funds
$
428,150

 
$

 
$

 
$
428,150

Financial institution securities

 
287,945

 

 
287,945

Non-financial institution securities

 
461,884

 

 
461,884

U.S. government and agency securities
149,578

 
53,520

 

 
203,098

Foreign government and agency securities

 
99,750

 

 
99,750

Short-term investments:

 

 

 


Financial institution securities

 
249,850

 

 
249,850

Non-financial institution securities

 
240,040

 

 
240,040

U.S. government and agency securities
93,149

 
37,838

 

 
130,987

Foreign government and agency securities

 
114,705

 

 
114,705

Mortgage-backed securities

 
670,770

 

 
670,770

Debt mutual fund

 
31,934

 

 
31,934

Asset-backed securities

 
76,369

 

 
76,369

Commercial mortgage-backed securities

 
116,539

 

 
116,539

Long-term investments:

 
 
 

 


Debt mutual fund

 
53,433

 

 
53,433

Total assets measured at fair value
$
670,877

 
$
2,494,577

 
$

 
$
3,165,454

Liabilities
 
 
 
 
 
 
 
Derivative financial instruments, net
$

 
$
9,009

 
$

 
$
9,009

Total liabilities measured at fair value
$

 
$
9,009

 
$

 
$
9,009

Net assets measured at fair value
$
670,877

 
$
2,485,568

 
$

 
$
3,156,445



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

Financial Instruments Not Recorded at Fair Value on a Recurring Basis

The Company's $500.0 million principal amount of 3.000% notes due March 15, 2021 (2021 Notes) and $750.0 million principal amount of 2.950% senior notes due June 1, 2024 (2024 Notes) are measured at fair value on a quarterly basis for disclosure purposes. The fair values of the 2021 Notes and 2024 Notes as of December 28, 2019 were approximately $506.3 million and $770.7 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 December 28, 2019, the Company had non-marketable equity securities in private companies of $87.1 million, which were classified as Level 3 assets. The Company’s investments in non-marketable 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:


13


 
December 28, 2019
 
 
March 30, 2019
(In thousands)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
 
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Money market funds
$
444,604

 
$

 
$

 
$
444,604

 
 
$
428,150

 
$

 
$

 
$
428,150

Financial institution


 


 


 


 
 


 


 


 


securities
400,000

 

 

 
400,000