Company Quick10K Filing
Quick10K
Xilinx
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$116.70 253 $29,540
10-Q 2019-06-29 Quarter: 2019-06-29
10-K 2019-03-30 Annual: 2019-03-30
10-Q 2018-12-29 Quarter: 2018-12-29
10-Q 2018-09-29 Quarter: 2018-09-29
10-Q 2018-06-30 Quarter: 2018-06-30
10-K 2018-03-31 Annual: 2018-03-31
10-Q 2017-12-30 Quarter: 2017-12-30
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-07-01 Quarter: 2017-07-01
10-K 2017-04-01 Annual: 2017-04-01
10-Q 2016-12-31 Quarter: 2016-12-31
10-Q 2016-10-01 Quarter: 2016-10-01
10-Q 2016-07-02 Quarter: 2016-07-02
10-K 2016-04-02 Annual: 2016-04-02
10-Q 2016-01-02 Quarter: 2016-01-02
10-Q 2015-09-26 Quarter: 2015-09-26
10-Q 2015-06-27 Quarter: 2015-06-27
10-K 2015-03-28 Annual: 2015-03-28
10-Q 2014-12-27 Quarter: 2014-12-27
10-Q 2014-09-27 Quarter: 2014-09-27
10-Q 2014-06-28 Quarter: 2014-06-28
10-K 2014-03-29 Annual: 2014-03-29
10-Q 2013-12-28 Quarter: 2013-12-28
8-K 2019-07-24 Earnings, Exhibits
8-K 2019-05-13 Officers
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-01-23 Earnings, Exhibits
8-K 2019-01-23 Earnings, Exhibits
8-K 2018-12-05 Amend Bylaw, Exhibits
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-08-01 Shareholder Vote
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-05-16 Officers, Other Events
8-K 2018-05-10 Earnings, Regulation FD, Exhibits
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-01-24 Earnings, Exhibits
8-K 2018-01-04 Officers, Regulation FD, Exhibits
NUE Nucor 17,240
IPI Intrepid Potash 443
NAN North American Nickel 421
PEBK Peoples Bancorp of North Carolina 168
ARPO Aerpio Pharmaceuticals 42
NYRT New York REIT 0
EEP Enbridge Energy Partners 0
TWOH Two Hands 0
DTII Defense Technologies International 0
EETA Eco Energy Tech Asia 0
XLNX 2019-06-29
Part I. Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Recent Accounting Changes and Accounting Pronouncements
Note 3. Significant Customers and Concentrations of Credit Risk
Note 4. Fair Value Measurements
Note 5. Financial Instruments
Note 6. Derivative Financial Instruments
Note 7. Stock-Based Compensation Plans
Note 8. Net Income per Common Share
Note 9. Inventories
Note 10. Debt and Credit Facility
Note 11. Common Stock Repurchase Program
Note 12. Interest and Other Income (Expense), Net
Note 13. Accumulated Other Comprehensive Loss
Note 14. Income Taxes
Note 15. Leases and Commitments
Note 16. Product Warranty and Indemnification
Note 17. Contingencies
Note 18. Goodwill and Acquisition-Related Intangibles
Note 19. Segment Information
Note 20. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sale of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 ex101q1fy20.htm
EX-31.1 ex311q1fy20.htm
EX-31.2 ex312q1fy20.htm
EX-32.1 ex321q1fy20.htm
EX-32.2 ex322q1fy20.htm

Xilinx Earnings 2019-06-29

XLNX 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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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 June 29, 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 July 12, 2019
Common Stock, $0.01 par value
 
252,604,743




Table of Contents

TABLE OF CONTENTS
 
 
 
 
 

2


Table of Contents

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
(In thousands, except per share amounts)
June 29, 2019
 
June 30, 2018
Net revenues
$
849,632

 
$
684,370

Cost of revenues:
 
 
 
Cost of products sold
283,500

 
206,888

Amortization of acquisition-related intangibles
3,269

 

Total cost of revenues
286,769

 
206,888

Gross margin
562,863

 
477,482

Operating expenses:

 

Research and development
204,100

 
170,826

Selling, general and administrative
107,425

 
90,532

Amortization of acquisition-related intangibles
400

 
360

Total operating expenses
311,925

 
261,718

Operating income
250,938

 
215,764

Interest and other income (expense), net
11,612

 
(2,847
)
Income before income taxes
262,550

 
212,917

Provision for income taxes
21,091

 
22,879

Net income
$
241,459

 
$
190,038

Net income per common share:

 

Basic
$
0.95

 
$
0.75

Diluted
$
0.94

 
$
0.74

Cash dividends per common share
$
0.37

 
$
0.36

Shares used in per share calculations:

 

Basic
253,268

 
252,682

Diluted
257,928

 
255,935




See notes to condensed consolidated financial statements.



3


Table of Contents

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

 
Three Months Ended
(In thousands)
June 29, 2019
 
June 30, 2018
Net income
$
241,459

 
$
190,038

Other comprehensive income (loss), net of tax:


 


Change in net unrealized gains (losses) on available-for-sale securities
9,754

 
(1,660
)
Reclassification adjustment for gains on available-for-sale securities
(433
)
 
(51
)
Change in unrealized gains (losses) on hedging transactions
430

 
(5,619
)
Reclassification adjustment for (gains) losses on hedging transactions
822

 
(441
)
Cumulative translation adjustment, net
(635
)
 
(2,050
)
Other comprehensive income (loss)
9,938

 
(9,821
)
Total comprehensive income
$
251,397

 
$
180,217


See notes to condensed consolidated financial statements.


4


Table of Contents

XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(In thousands, except par value amounts)
June 29, 2019
 
March 30, 2019
 
(unaudited)
 
 
ASSETS

 

Current assets:

 

Cash and cash equivalents
$
1,590,026

 
$
1,544,490

Short-term investments
1,293,111

 
1,631,194

Accounts receivable, net
305,955

 
335,165

Inventories
336,758

 
315,358

Prepaid expenses and other current assets
63,718

 
65,771

Total current assets
3,589,568

 
3,891,978

Property, plant and equipment, at cost
937,467

 
902,993

Accumulated depreciation and amortization
(586,912
)
 
(574,064
)
Net property, plant and equipment
350,555

 
328,929

Long-term investments
54,849

 
53,433

Goodwill
354,248

 
340,718

Acquisition-related intangibles, net
95,245

 
80,723

Other assets
523,433

 
455,567

Total Assets
$
4,967,898

 
$
5,151,348

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY

 

Current liabilities:

 

Accounts payable
$
121,375

 
$
117,491

Accrued payroll and related liabilities
229,718

 
247,268

Income taxes payable
49,443

 
28,718

Other accrued liabilities
96,574

 
81,559

Total current liabilities
497,110

 
475,036

Long-term debt
1,245,263

 
1,234,807

Long-term income taxes payable
514,318

 
515,192

Other long-term liabilities
98,623

 
64,804

Commitments and contingencies (Note 17)

 

Stockholders' equity:

 

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

 

Common stock, $.01 par value
2,510

 
2,539

Additional paid-in capital
880,305

 
1,005,411

Retained earnings
1,743,241

 
1,876,969

Accumulated other comprehensive loss
(13,472
)
 
(23,410
)
Total stockholders’ equity
2,612,584

 
2,861,509

Total Liabilities and Stockholders’ Equity
$
4,967,898

 
$
5,151,348




See notes to condensed consolidated financial statements.

5


Table of Contents

XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Three Months Ended
(In thousands)
June 29, 2019
 
June 30, 2018
Cash flows from operating activities:
 
 
 
Net income
$
241,459

 
$
190,038

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization of software
23,853

 
15,075

Amortization - others
9,085

 
7,333

Stock-based compensation
42,753

 
35,608

Benefit for deferred income taxes
(2,114
)
 
(13,532
)
Others
(10,240
)

6,442

Changes in assets and liabilities:
 
 
 
Accounts receivable, net
29,211

 
(74,652
)
Inventories
(21,400
)
 
(10,924
)
Prepaid expenses and other current assets
620

 
2,140

Other assets
(13,408
)
 
(7,770
)
Accounts payable
(9,106
)
 
9,320

Accrued liabilities
(13,830
)
 
(32,437
)
Income taxes payable
21,333

 
49,527

Net cash provided by operating activities
298,216

 
176,168

Cash flows from investing activities:
 
 
 
Purchases of available-for-sale securities
(361,315
)
 
(559,159
)
Proceeds from sale and maturity of available-for-sale and equity securities
707,388

 
155,230

Purchases of property, plant and equipment and software
(29,201
)
 
(26,359
)
Other investing activities
3,549

 
(13,900
)
Acquisition of business, net of cash acquired
(25,145
)
 

Net cash provided by (used in) investing activities
295,276

 
(444,188
)
Cash flows from financing activities:
 
 
 
Repurchases of common stock
(444,995
)
 
(137,300
)
Taxes paid related to net share settlements of restricted stock units
(4,122
)
 
(5,495
)
Proceeds from issuance of common stock through various stock plans
3

 
214

Payment of dividends to stockholders
(93,961
)
 
(90,675
)
Other financing activities
(4,881
)
 
(663
)
Net cash used in financing activities
(547,956
)
 
(233,919
)
Net increase (decrease) in cash and cash equivalents
45,536

 
(501,939
)
Cash and cash equivalents at beginning of period
1,544,490

 
2,179,328

Cash and cash equivalents at end of period
$
1,590,026

 
$
1,677,389

Supplemental disclosure of cash flow information:
 
 
 
Interest paid
$
23,013

 
$
21,174

Income taxes paid (refunded), net
$
1,661

 
$
(13,328
)


See notes to condensed consolidated financial statements.

6


Table of Contents

XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
Three Months Ended June 29, 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

 

 

 
241,459

 

 
241,459

Other comprehensive income

 

 

 

 
9,938

 
9,938

Tax withholding related to vesting of restricted stock units and other
96

 
1

 
(4,120
)
 

 

 
(4,119
)
Repurchase and retirement of common stock
(2,967
)
 
(30
)
 
(163,739
)
 
(281,226
)
 

 
(444,995
)
Stock-based compensation expense

 

 
42,753

 

 

 
42,753

Cash dividends declared ($0.37 per common share)

 

 

 
(93,961
)
 

 
(93,961
)
Balance as of June 29, 2019
251,020

 
$
2,510

 
$
880,305

 
$
1,743,241

 
$
(13,472
)
 
$
2,612,584


Three Months Ended June 30, 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

 

 

 
190,038

 

 
190,038

Other comprehensive loss

 

 

 

 
(9,821
)
 
(9,821
)
Cumulative-effect of equity investments adoption

 

 

 
(8,399
)
 
8,399

 

Tax withholding related to vesting of restricted stock units and other
144

 
2

 
(5,283
)
 

 

 
(5,281
)
Repurchase and retirement of common stock
(2,071
)
 
(21
)
 
(14,409
)
 
(133,377
)
 

 
(147,807
)
Stock-based compensation expense

 

 
35,608

 

 

 
35,608

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

 

 

 
(13,776
)
 

 
(13,776
)
Cash dividends declared ($0.36 per common share)

 

 

 
(90,675
)
 

 
(90,675
)
Balance as of June 30, 2018
251,450

 
$
2,515

 
$
894,588

 
$
1,457,467

 
$
(35,931
)
 
$
2,318,639



See notes to condensed consolidated financial statements.


7


Table of Contents

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 June 29, 2019 and June 30, 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 adopted this authoritative guidance using 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 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 has 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.

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 June 29, 2019 and March 30, 2019, Avnet accounted for 40% and 37% of the Company’s total net accounts receivable, respectively. Net revenues from Avnet accounted for 40% and 52% of the Company’s worldwide net revenues in the first quarter of fiscal 2020 and 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 first quarter of fiscal 2020 and 2019, approximately 50% and 63%, 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.
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

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and through geographical dispersion of sales. Xilinx generally does not require collateral for receivables from its end customers or distributors.

No other distributor or end customer accounted for more than 10% of the Company’s worldwide net revenues for the first quarter of fiscal 2020 and 2019.

The Company mitigates concentrations of credit risk in its investments in debt securities by currently investing approximately 91% 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 June 29, 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.

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 first quarter of fiscal 2020 and the Company did not adjust or override any fair value measurements as of June 29, 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.

The Company’s Level 1 assets consist of U.S. government securities and money market funds.

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.

The Company’s Level 2 assets consist of financial institution securities, non-financial institution securities, U.S. agency securities, foreign government and agency securities, mortgage-backed securities, debt mutual funds, asset-backed securities and commercial

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mortgage-backed securities. The Company’s Level 2 assets and liabilities also include foreign currency forward contracts and interest rate swap contracts.

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.

The Company has no Level 3 assets and liabilities measured at fair value on a recurring basis.

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 June 29, 2019 and March 30, 2019:

 
 
June 29, 2019
(In thousands)
 
Quoted
Prices in
Active
Markets for
Identical
Instruments
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total Fair
Value
Assets
 
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
 
Money market funds
 
$
585,075

 
$

 
$

 
$
585,075

Financial institution securities
 

 
209,853

 

 
209,853

Non-financial institution securities
 

 
179,408

 

 
179,408

U.S. government and agency securities
 
149,935

 
12,304

 

 
162,239

Foreign government and agency securities
 

 
364,461

 

 
364,461

Short-term investments:
 
 
 
 
 
 
 
 
Financial institution securities
 

 
300,000

 

 
300,000

Non-financial institution securities
 

 
132,405

 

 
132,405

U.S. government and agency securities
 
67,095

 
38,082

 

 
105,177

Foreign government and agency securities
 

 
34,946

 

 
34,946

Mortgage-backed securities
 

 
576,547

 

 
576,547

Asset-backed securities
 

 
50,271

 

 
50,271

Commercial mortgage-backed securities
 

 
93,765

 

 
93,765

Long-term investments:
 
 
 
 
 
 
 
 
Debt mutual fund
 

 
54,849

 

 
54,849

Derivative financial instruments, net
 

 
1,306

 

 
1,306

Total assets measured at fair value
 
$
802,105

 
$
2,048,197

 
$

 
$
2,850,302




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March 30, 2019
(In thousands)
Quoted
Prices in
Active
Markets for
Identical
Instruments
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(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 June 29, 2019 were approximately $503.7 million and $762.5 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 June 29, 2019, the Company had non-marketable equity securities in private companies of $72.8 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.


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Table of Contents

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:

 
June 29, 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
$
585,075

 
$

 
$

 
$
585,075

 
 
$
428,150

 
$

 
$

 
$
428,150

Financial institution


 


 


 


 
 


 


 


 


securities
509,853

 

 

 
509,853

 
 
537,795

 

 

 
537,795

Non-financial institution


 


 


 


 
 


 


 


 


securities
311,954

 
35

 
(176
)
 
311,813

 
 
702,483

 
3

 
(562
)
 
701,924

U.S. government and

 

 

 

 
 

 

 

 

agency securities
267,414

 
49

 
(47
)
 
267,416

 
 
334,185

 
39

 
(139
)
 
334,085

Foreign government and

 

 

 

 
 

 

 

 

agency securities
399,407

 

 

 
399,407

 
 
214,455

 

 

 
214,455

Mortgage-backed securities
580,189

 
1,524

 
(5,166
)
 
576,547

 
 
684,596

 
809

 
(14,635
)
 
670,770

Asset-backed securities
50,358

 
26

 
(113
)
 
50,271

 
 
76,852

 

 
(483
)
 
76,369

Commercial mortgage-


 


 


 


 
 


 


 


 


backed securities
94,298

 
60

 
(593
)
 
93,765

 
 
118,115

 
42

 
(1,618
)
 
116,539

 
$
2,798,548

 
$
1,694

 
$
(6,095
)
 
$
2,794,147

 
 
$
3,096,631

 
$
893

 
$
(17,437
)
 
$
3,080,087



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 June 29, 2019 and March 30, 2019.

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 June 29, 2019 and March 30, 2019:

 
June 29, 2019
 
Less Than 12 Months
 
12 Months or Greater
 
Total
(In thousands)
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
Non-financial institution securities
$

 
$

 
$
38,010

 
$
(176
)
 
$
38,010

 
$
(176
)
U.S. government and

 

 

 

 


 


    agency securities

 

 
13,633

 
(47
)
 
13,633

 
(47
)
Mortgage-backed securities
40,762

 
(148
)
 
411,450

 
(5,018
)
 
452,212

 
(5,166
)
Asset-backed securities
6,458

 
(3
)
 
35,955

 
(110
)
 
42,413

 
(113
)
Commercial mortgage-

 

 

 

 
 
 
 
backed securities
7,060

 
(16
)
 
68,478

 
(577
)
 
75,538

 
(593
)
 
$
54,280

 
$
(167
)
 
$
567,526

 
$
(5,928
)
 
$
621,806

 
$
(6,095
)


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Table of Contents

 
March 30, 2019
 
Less Than 12 Months
 
12 Months or Greater
 
Total
(In thousands)
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
 
Fair Value
 
Gross Unrealized Losses
Non-financial institution securities
$
4,767

 
$
(4
)
 
$
51,044

 
$
(558
)
 
$
55,811

 
$
(562
)
U.S. government and

 

 

 

 

 

    agency securities

 

 
13,542

 
(139
)
 
13,542

 
(139
)
Mortgage-backed securities
34,595

 
(480
)
 
597,394

 
(14,155
)
 
631,989

 
(14,635
)
Asset-backed securities

 

 
76,103

 
(483