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Table of Contents
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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueXLNXThe 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 filerxAccelerated filer
 o
Non-accelerated filero
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
TABLE OF CONTENTS
 
2


Table of Contents
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 EndedSix Months Ended
(In thousands, except per share amounts)September 26, 2020September 28, 2019September 26, 2020September 28, 2019
Net revenues$766,535 $833,366 $1,493,208 $1,682,998 
Cost of revenues:
Cost of products sold218,120 287,372 444,223 570,872 
Amortization of acquisition-related intangibles6,696 5,734 13,393 9,003 
Total cost of revenues224,816 293,106 457,616 579,875 
Gross margin541,719 540,260 1,035,592 1,103,123 
Operating expenses:
Research and development219,647 222,979 429,760 427,079 
Selling, general and administrative113,793 111,596 219,176 219,021 
Amortization of acquisition-related intangibles2,862 2,169 5,724 2,569 
Total operating expenses336,302 336,744 654,660 648,669 
Operating income205,417 203,516 380,932 454,454 
Interest and other income (expense), net(10,771)12,329 (22,924)23,941 
Income before income taxes194,646 215,845 358,008 478,395 
Provision (benefit) for income taxes830 (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:
Basic244,837 252,399 243,602 252,728 
Diluted246,763 255,269 245,847 256,509 


See notes to condensed consolidated financial statements.


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XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months EndedSix Months Ended
(In thousands)September 26, 2020September 28, 2019September 26, 2020September 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 securities132 (366)(145)(799)
Change in unrealized gains (losses) on hedging transactions2,420 (4,442)9,549 (4,013)
Reclassification adjustment for (gains) losses on hedging transactions(1,337)1,329 350 2,151 
Cumulative translation adjustment, net4,834 (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.

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XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(In thousands, except par value amounts)September 26, 2020March 28, 2020
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$1,170,776 $1,777,703 
Short-term investments1,925,160 489,513 
Accounts receivable, net362,497 273,028 
Inventories282,048 304,340 
Prepaid expenses and other current assets73,034 64,557 
Total current assets3,813,515 2,909,141 
Property, plant and equipment, at cost999,411 989,315 
Accumulated depreciation and amortization(641,931)(616,741)
Net property, plant and equipment357,480 372,574 
Goodwill619,413 619,196 
Acquisition-related intangibles, net181,227 200,344 
Other assets604,296 592,079 
Total Assets$5,575,931 $4,693,334 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$106,021 $102,131 
Accrued payroll and related liabilities312,356 231,439 
Income taxes payable38,386 36,217 
Other accrued liabilities134,146 216,634 
Current portion of long-term debt499,662 499,260 
Total current liabilities1,090,571 1,085,681 
Long-term debt1,492,066 747,110 
Long-term income taxes payable470,400 447,383 
Other long-term liabilities70,057 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 capital1,221,254 1,145,083 
Retained earnings1,237,421 1,187,805 
Accumulated other comprehensive loss(8,288)(20,277)
Total stockholders’ equity2,452,837 2,315,049 
Total Liabilities and Stockholders’ Equity$5,575,931 $4,693,334 


See notes to condensed consolidated financial statements.
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XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
(In thousands)September 26, 2020September 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 software61,998 42,551 
Amortization - others30,375 22,050 
Stock-based compensation108,822 92,575 
Deferred income taxes(10,028)11,342 
Others3,462 (19,580)
Changes in assets and liabilities:
Accounts receivable, net(89,468)5,523 
Inventories22,292 (14,675)
Prepaid expenses and other current assets(995)(1,860)
Other assets(21,530)(12,539)
Accounts payable(3,035)(19,786)
Accrued liabilities81,781 21 
Income taxes payable21,728 (52,164)
Net cash provided by operating activities493,054 521,910 
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 securities1,231,731 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 plans20,114 19,802 
Payment of dividends to stockholders(185,519)(187,445)
Proceeds from issuance of long-term debt, net744,427  
Other financing activities(17,277)(9,784)
Net cash provided by (used in) financing activities454,638 (726,450)
Net increase (decrease) in cash and cash equivalents(606,927)59,323 
Cash and cash equivalents at beginning of period1,777,703 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.
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XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
Three Months Ended September 26, 2020Common Stock
Outstanding
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
(In thousands, except per share amounts)SharesAmount
Balance as of June 27, 2020243,231 $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, net1,828 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, 2020245,059 $2,450 $1,221,254 $1,237,421 $(8,288)$2,452,837 



Six Months Ended September 26, 2020Common Stock
Outstanding
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
(In thousands, except per share amounts)SharesAmount
Balance as of March 28, 2020243,810 $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, net1,934 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, 2020245,059 $2,450 $1,221,254 $1,237,421 $(8,288)$2,452,837 






















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

Three Months Ended September 28, 2019Common Stock
Outstanding
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
(In thousands, except per share amounts)SharesAmount
Balance as of June 29, 2019251,020 $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, net1,921 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, 2019251,466 $2,515 $978,222 $1,732,304 $(17,136)$2,695,905 




Six Months Ended September 28, 2019Common Stock
Outstanding
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
(In thousands, except per share amounts)SharesAmount
Balance as of March 30, 2019253,891 $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, net2,018 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, 2019251,466 $2,515 $978,222 $1,732,304 $(17,136)$2,695,905 




See notes to condensed consolidated financial statements.

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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.

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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.

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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:
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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 securities64,992 122,989  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 securities474,867 112,593  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 securities1,538   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 securities150,999 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 securities1,000 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 

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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, 2