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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 January 1, 2022 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 January 14, 2022
Common Stock, $0.01 par value 248,382,008


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 EndedNine Months Ended
(In thousands, except per share amounts)January 1, 2022January 2, 2021January 1, 2022January 2, 2021
Net revenues$1,011,059 $803,404 $2,825,434 $2,296,612 
Cost of revenues:
Cost of products sold275,479 249,529 852,247 693,753 
Amortization of acquisition-related intangibles10,059 6,875 29,275 20,268 
Total cost of revenues285,538 256,404 881,522 714,021 
Gross margin725,521 547,000 1,943,912 1,582,591 
Operating expenses:
Research and development287,969 235,018 789,824 664,776 
Selling, general and administrative125,438 136,701 376,678 355,877 
Amortization of acquisition-related intangibles2,000 2,856 7,093 8,581 
Total operating expenses415,407 374,575 1,173,595 1,029,234 
Operating income310,114 172,425 770,317 553,357 
Interest and other income (expense), net25,260 3,709 17,057 (19,215)
Income before income taxes335,374 176,134 787,374 534,142 
Provision for income taxes35,312 5,162 46,426 75,517 
Net income$300,062 $170,972 $740,948 $458,625 
Net income per common share:
Basic$1.21 $0.70 $3.00 $1.88 
Diluted$1.19 $0.69 $2.96 $1.86 
Cash dividends per common share$0.37 $0.38 $0.37 $1.14 
Shares used in per share calculations:
Basic248,003 245,145 246,744 243,976 
Diluted251,971 248,148 250,448 246,786 


See notes to condensed consolidated financial statements.


3

XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months EndedNine Months Ended
(In thousands)January 1, 2022January 2, 2021January 1, 2022January 2, 2021
Net income$300,062 $170,972 $740,948 $458,625 
Other comprehensive income (loss), net of tax:
Change in net unrealized gains (losses) on available-for-sale securities(1,192)(253)(1,511)15 
Reclassification adjustment for (gains) losses on available-for-sale securities351 58 21 (87)
Change in unrealized gains (losses) on hedging transactions1,098 5,967 1,150 15,515 
Reclassification adjustment for (gains) losses on hedging transactions(15)(2,239)(2,958)(1,890)
Cumulative translation adjustment, net(3,110)2,933 (6,061)4,902 
Other comprehensive income (loss)(2,868)6,466 (9,359)18,455 
Total comprehensive income$297,194 $177,438 $731,589 $477,080 

See notes to condensed consolidated financial statements.

4

XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(In thousands, except par value amounts)January 1, 2022April 3, 2021
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$1,938,544 $1,438,528 
Short-term investments1,763,497 1,640,371 
Accounts receivable, net439,397 285,214 
Inventories331,071 311,085 
Prepaid expenses and other current assets57,352 71,064 
Total current assets4,529,861 3,746,262 
Property, plant and equipment, at cost1,032,057 1,004,187 
Accumulated depreciation and amortization(703,855)(659,164)
Net property, plant and equipment328,202 345,023 
Goodwill633,200 620,697 
Acquisition-related intangibles, net155,236 171,592 
Other assets698,942 635,627 
Total Assets$6,345,441 $5,519,201 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$135,382 $116,046 
Accrued payroll and related liabilities351,930 328,344 
Income taxes payable75,213 48,468 
Other accrued liabilities121,952 131,697 
Total current liabilities684,477 624,555 
Long-term debt1,493,623 1,492,688 
Long-term income taxes payable439,961 460,926 
Other long-term liabilities53,070 54,071 
Total Liabilities2,671,131 2,632,240 
Commitments (Note 15) and contingencies (Note 17)
Stockholders' equity:
Preferred stock, $.01 par value
  
Common stock, $.01 par value
2,483 2,458 
Additional paid-in capital1,530,945 1,383,494 
Retained earnings2,152,354 1,503,122 
Accumulated other comprehensive loss(11,472)(2,113)
Total stockholders’ equity3,674,310 2,886,961 
Total Liabilities and Stockholders’ Equity$6,345,441 $5,519,201 


See notes to condensed consolidated financial statements.
5

XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
(In thousands)January 1, 2022January 2, 2021
Cash flows from operating activities:
Net income$740,948 $458,625 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of software93,507 92,816 
Amortization - others54,332 47,508 
Stock-based compensation210,771 175,153 
Deferred income taxes(59,050)(18,519)
Others(29,793)3,699 
Changes in assets and liabilities:
Accounts receivable, net(154,181)3,423 
Inventories(19,985)4,232 
Prepaid expenses and other current assets(2,157)(4,665)
Other assets(42,837)(48,258)
Accounts payable17,482 6,381 
Accrued liabilities50,575 110,836 
Income taxes payable14,665 21,960 
Net cash provided by operating activities874,277 853,191 
Cash flows from investing activities:
Purchases of available-for-sale securities(3,384,444)(4,278,552)
Proceeds from sale and maturity of available-for-sale and equity securities3,242,629 2,493,984 
Purchases of property, plant and equipment and software(43,574)(36,801)
Acquisition of business, net of cash acquired(30,533)(7,103)
Other investing activities26,743 (16,109)
Net cash used in investing activities(189,179)(1,844,581)
Cash flows from financing activities:
Repurchases of common stock (53,682)
Taxes paid related to net share settlements of restricted stock units(97,767)(57,987)
Proceeds from issuance of common stock through various stock plans34,472 20,116 
Payment of dividends to stockholders(91,716)(278,674)
Proceeds from issuance of long-term debt, net 744,427 
Other financing activities(30,071)(34,947)
Net cash (used in) provided by financing activities(185,082)339,253 
Net increase (decrease) in cash and cash equivalents500,016 (652,137)
Cash and cash equivalents at beginning of period$1,438,528 1,777,703 
Cash and cash equivalents at end of period$1,938,544 $1,125,566 
Supplemental disclosure of cash flow information:
Interest paid$39,938 $41,852 
Income taxes paid, net$90,298 $72,414 


See notes to condensed consolidated financial statements.
6

XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
Three Months Ended January 1, 2022Common 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 October 2, 2021247,823 $2,478 $1,457,663 $1,944,008 $(8,604)$3,395,545 
Components of comprehensive income: 
Net income— — — 300,062 — 300,062 
Other comprehensive loss— — — — (2,868)(2,868)
Issuance of common shares under employee stock plans, net502 5 (160)— — (155)
Stock-based compensation expense— — 73,442 — — 73,442 
Cash dividends declared ($0.37 per common share)
— — — (91,716)— (91,716)
Balance as of January 1, 2022248,325 $2,483 $1,530,945 $2,152,354 $(11,472)$3,674,310 



Nine Months Ended January 1, 2022Common 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 April 3, 2021245,808 $2,458 $1,383,494 $1,503,122 $(2,113)$2,886,961 
Components of comprehensive income:
Net income— — — 740,948 — 740,948 
Other comprehensive loss— — — — (9,359)(9,359)
Issuance of common shares under employee stock plans, net2,517 25 (63,320)— — (63,295)
Stock-based compensation expense— — 210,771 — — 210,771 
Cash dividends declared ($0.37 per common share)
— — — (91,716)— $(91,716)
Balance as of January 1, 2022248,325 $2,483 $1,530,945 $2,152,354 $(11,472)$3,674,310 























7



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

Three Months Ended January 2, 2021Common 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 September 26, 2020245,059 $2,450 $1,221,254 $1,237,421 $(8,288)$2,452,837 
Components of comprehensive income:
Net income— — — 170,972 — 170,972 
Other comprehensive income— — — — 6,466 6,466 
Issuance of common shares under employee stock plans, net142 1 (4,562)— — (4,561)
Stock-based compensation expense— — 66,331 — — 66,331 
Cash dividends declared ($0.38 per common share)
— — — (93,154)— (93,154)
Balance as of January 2, 2021245,201 $2,451 $1,283,023 $1,315,239 $(1,822)$2,598,891 




Nine Months Ended January 2, 2021Common 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— — — 458,625 — 458,625 
Other comprehensive income— — — — 18,455 18,455 
Issuance of common shares under employee stock plans, net2,076 20 (39,735)— — (39,715)
Repurchase and retirement of common stock(685)(7)2,522 (52,517)— (50,002)
Stock-based compensation expense— — 175,153 — — 175,153 
Cash dividends declared ($1.14 per common share)
— — — (278,674)— (278,674)
Balance as of January 2, 2021245,201 $2,451 $1,283,023 $1,315,239 $(1,822)$2,598,891 




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 April 3, 2021. 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 2, 2022 or any future period.

The Company uses a 52 or 53-week fiscal year ending on the Saturday nearest March 31. Fiscal 2022 is a 52-week year ending on April 2, 2022 and fiscal 2021 was a 53-week year ended on April 3, 2021. The quarter ended on January 1, 2022 consisted of 13 weeks and the quarter ended on January 2, 2021 consisted of 14 weeks.

Merger with Advanced Micro Devices, Inc.

On October 27, 2020, the Company announced that it had entered into an Agreement and Plan of Merger, dated October 26, 2020 (as it may be amended from time to time, the Merger Agreement) with Advanced Micro Devices, Inc., a Delaware corporation (AMD), and Thrones Merger Sub, Inc., a wholly-owned subsidiary of AMD (Merger Sub), under which, subject to the satisfaction or (to the extent permissible) waiver of the conditions set forth therein, Merger Sub will merge with and into the Company, and the Company will survive the merger as a wholly-owned subsidiary of AMD (Merger). Under the terms of the Merger Agreement, at the effective time of the Merger (Effective Time), each share of common stock, par value $0.01 per share, of the Company, issued and outstanding immediately prior to the Effective Time (other than treasury shares and any shares of Company common stock held by AMD or Merger Sub) will be converted into the right to receive 1.7234 fully paid and non-assessable shares of common stock, par value $0.01 per share, of AMD (with cash being paid, without interest and less applicable withholding taxes, in lieu of any fractional shares of AMD common stock).

The Merger has been approved by the Company’s board of directors, the board of directors of AMD, the Company's stockholders and the stockholders of AMD. The completion of the Merger is subject to customary closing conditions, including, among others, the receipt of various regulatory approvals. Subject to the satisfaction or (to the extent permissible) waiver of such conditions, the Merger is currently expected to close by the end of the first quarter of calendar year 2022. The Company cannot guarantee that the Merger will be completed on a timely basis or at all or that, if completed, it will be completed on the terms set forth in the Merger Agreement.

The aggregate financial advisor fees associated with the Merger are $90.0 million in total, $9.0 million of which was paid upon the public announcement of the Merger, and the remainder is contingent upon the closing of the Merger. The Company is also obligated to pay up to an additional $40.0 million calculated based on the extent to which the value of the Company’s shares in the Merger at the time of closing exceeds a specified threshold. If the Merger is not completed, the Company could be required to pay a termination fee of $1.00 billion to AMD under certain circumstances as described in the Merger Agreement or AMD could be required to pay a termination fee to the Company equal to $1.50 billion, or $1.00 billion under certain circumstances, as described in the Merger Agreement.

Note 2.Recent Accounting Changes and Accounting Pronouncements
Recent Accounting Pronouncements Adopted
9


Income Taxes

In December 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which 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 was effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, which for Xilinx was the first quarter of fiscal 2022. The standard provides different transition methods for the various provisions. The Company adopted the new authoritative guidance in the first quarter of fiscal 2022 and the impact was not material to the Company's condensed 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 January 1, 2022 and April 3, 2021, Avnet accounted for 42% and 13% of the Company’s total net accounts receivable, respectively. Net revenues from Avnet accounted for 49% and 48% of the Company’s worldwide net revenues in the third quarter and the first nine months of fiscal 2022, respectively. Net revenues from Avnet accounted for 44% and 43% of the Company’s worldwide net revenues in the third quarter and the first nine months of fiscal 2021, respectively. While the percentage of worldwide net revenues from Avnet fluctuates from period to period, overall the percentage is within historical ranges.
For both the third quarter and the first nine months of fiscal 2022, approximately 65% 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 2021 the percentages of the Company's net revenues from distributors were 56% and 57%, respectively.
No other distributor or 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 2022 and 2021.

The Company 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. The Company 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 96% of its portfolio in AA (or its equivalent) or higher-grade securities as rated by Standard & Poor’s or Moody’s Investors Service. 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. 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.

As of January 1, 2022, 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 third quarter of fiscal 2022 and the Company did not adjust or override any fair value measurements as of January 1, 2022.

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 January 1, 2022 and April 3, 2021:
11

January 1, 2022
(In thousands)(Level 1)(Level 2)(Level 3)Total Fair
Value
Assets
Cash equivalents:
Money market funds$1,023,821 $ $ $1,023,821 
Financial institution securities 174,961 174,961 
Non-financial institution securities 155,463  155,463 
U.S. government and agency securities24,998 21,997  46,995 
Foreign government and agency securities 298,455  298,455 
Short-term investments:
Financial institution securities 305,699  305,699 
Non-financial institution securities 420,947  420,947 
U.S. government and agency securities574,785 143,420  718,205 
Foreign government and agency securities 263,933  263,933 
Mortgage-backed securities 48,452  48,452 
Commercial mortgage-backed securities 6,261  6,261 
Derivative financial instruments, net 1,080  1,080 
Total assets measured at fair value$1,623,604 $1,840,668 $ $3,464,272 


April 3, 2021
(In thousands)(Level 1)(Level 2)(Level 3)Total Fair
Value
Assets
Cash equivalents:
Money market funds$583,390 $ $ $583,390 
Financial institution securities 274,985  274,985 
Non-financial institution securities 158,981  158,981 
Foreign government and agency securities 247,979  247,979 
Short-term investments:
Financial institution securities 159,997  159,997 
Non-financial institution securities 374,854  374,854 
U.S. government and agency securities378,686 189,481  568,167 
Foreign government and agency securities 414,876  414,876 
Mortgage-backed securities 109,603  109,603 
Asset-backed securities 172  172 
Commercial mortgage-backed securities 12,702  12,702 
Derivative financial instruments, net 3,519  3,519 
Total assets measured at fair value$962,076 $1,947,149 $ $2,909,225 

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 $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
12

disclosure purposes. The fair values of the 2024 Notes and 2030 Notes as of January 1, 2022 were approximately $779.2 million and $760.1 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 January 1, 2022, the Company had non-marketable securities in private companies of $118.3 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:
January 1, 2022April 3, 2021
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Money market funds$1,023,821 $ $ $1,023,821 $583,390 $ $ $583,390 
Financial institution
securities480,660   480,660 434,982   434,982 
Non-financial institution
securities576,412 1 (3)576,410 533,835   533,835 
U.S. government and
agency securities765,297 111 (208)765,200 568,122 45  568,167 
Foreign government and
agency securities562,416  (28)562,388 662,855   662,855 
Mortgage-backed securities
48,849 25 (422)48,452 108,460 1,488 (345)109,603 
Asset-backed securities    159 13  172 
Commercial mortgage-
backed securities6,418  (157)6,261 12,622 86 (6)12,702 
$3,463,873 $137 $(818)$3,463,192 $2,904,425 $1,632 $(351)$2,905,706 

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 January 1, 2022 and April 3, 2021.
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 January 1, 2022 and April 3, 2021:

January 1, 2022
Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Non-financial institution securities$64,983 $(3)$ $ $64,983 $(3)
U.S. government and
    agency securities598,733 (208)  598,733 (208)
Foreign government and
    agency securities298,937 (28)  298,937 (28)
Mortgage-backed securities41,866 (422)  41,866 (422)
Commercial mortgage-
backed securities6,261 (157)  6,261 (157)
$1,010,780 $(818)$ $ $1,010,780 $(818)

April 3, 2021
Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Mortgage-backed securities$37,442 $(216)$9,835 $(129)$47,277 $(345)
Commercial mortgage-
    backed securities2,671 (5)181 (1)2,852 (6)
$40,113 $(221)