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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 January 2, 2021 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 15, 2021
Common Stock, $0.01 par value 245,277,000



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" in this document and subsequent filings with the U.S. Securities and Exchange Commission. 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 2, 2021December 28, 2019January 2, 2021December 28, 2019
Net revenues$803,404 $723,499 $2,296,612 $2,406,497 
Cost of revenues:
Cost of products sold249,529 233,324 693,753 804,197 
Amortization of acquisition-related intangibles6,875 6,697 20,268 15,699 
Total cost of revenues256,404 240,021 714,021 819,896 
Gross margin547,000 483,478 1,582,591 1,586,601 
Operating expenses:
Research and development235,018 211,541 664,776 638,621 
Selling, general and administrative136,701 109,612 355,877 328,633 
Amortization of acquisition-related intangibles2,856 2,919 8,581 5,488 
Total operating expenses374,575 324,072 1,029,234 972,742 
Operating income172,425 159,406 553,357 613,859 
Interest and other income (expense), net3,709 6,437 (19,215)30,378 
Income before income taxes176,134 165,843 534,142 644,237 
Provision for income taxes5,162 3,831 75,517 13,774 
Net income$170,972 $162,012 $458,625 $630,463 
Net income per common share:
Basic$0.70 $0.65 $1.88 $2.50 
Diluted$0.69 $0.64 $1.86 $2.47 
Cash dividends per common share$0.38 $0.37 $1.14 $1.11 
Shares used in per share calculations:
Basic245,145 250,546 243,976 252,330 
Diluted248,148 252,808 246,786 255,758 


See notes to condensed consolidated financial statements.

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XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months EndedNine Months Ended
(In thousands)January 2, 2021December 28, 2019January 2, 2021December 28, 2019
Net income$170,972 $162,012 $458,625 $630,463 
Other comprehensive income, net of tax:
Change in net unrealized gains (losses) on available-for-sale securities(253)548 15 12,264 
Reclassification adjustment for (gains) losses on available-for-sale securities58 (91)(87)(890)
Change in unrealized gains (losses) on hedging transactions5,967 2,184 15,515 (1,829)
Reclassification adjustment for (gains) losses on hedging transactions(2,239)96 (1,890)2,247 
Cumulative translation adjustment, net2,933 2,294 4,902 (487)
Other comprehensive income6,466 5,031 18,455 11,305 
Total comprehensive income$177,438 $167,043 $477,080 $641,768 

See notes to condensed consolidated financial statements.

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XILINX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
(In thousands, except par value amounts)January 2, 2021March 28, 2020
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents$1,125,566 $1,777,703 
Short-term investments2,198,859 489,513 
Accounts receivable, net269,605 273,028 
Inventories300,107 304,340 
Prepaid expenses and other current assets73,112 64,557 
Total current assets3,967,249 2,909,141 
Property, plant and equipment, at cost1,008,277 989,315 
Accumulated depreciation and amortization(656,764)(616,741)
Net property, plant and equipment351,513 372,574 
Goodwill620,697 619,196 
Acquisition-related intangibles, net182,211 200,344 
Other assets627,295 592,079 
Total Assets$5,748,965 $4,693,334 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$110,075 $102,131 
Accrued payroll and related liabilities313,824 231,439 
Income taxes payable30,044 36,217 
Other accrued liabilities160,284 216,634 
Current portion of long-term debt499,865 499,260 
Total current liabilities1,114,092 1,085,681 
Long-term debt1,492,377 747,110 
Long-term income taxes payable472,546 447,383 
Other long-term liabilities71,059 98,111 
Commitments and contingencies (Note 17)
Stockholders' equity:
Preferred stock, $.01 par value
  
Common stock, $.01 par value
2,451 2,438 
Additional paid-in capital1,283,023 1,145,083 
Retained earnings1,315,239 1,187,805 
Accumulated other comprehensive loss(1,822)(20,277)
Total stockholders’ equity2,598,891 2,315,049 
Total Liabilities and Stockholders’ Equity$5,748,965 $4,693,334 


See notes to condensed consolidated financial statements.
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XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
(In thousands)January 2, 2021December 28, 2019
Cash flows from operating activities:
Net income$458,625 $630,463 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of software92,816 68,882 
Amortization - others47,508 37,326 
Stock-based compensation175,153 142,732 
Deferred income taxes(18,519)1,417 
Others3,699 (24,083)
Changes in assets and liabilities:
Accounts receivable, net3,423 86,370 
Inventories4,232 (6,845)
Prepaid expenses and other current assets(4,665)912 
Other assets(48,258)(26,217)
Accounts payable6,381 (26,466)
Accrued liabilities110,836 7,735 
Income taxes payable21,960 (46,741)
Net cash provided by operating activities853,191 845,485 
Cash flows from investing activities:
Purchases of available-for-sale securities(4,278,552)(1,273,015)
Proceeds from sale and maturity of available-for-sale and equity securities2,493,984 1,838,572 
Purchases of property, plant and equipment and software(36,801)(96,980)
Other investing activities(16,109)(15,233)
Acquisition of business, net of cash acquired(7,103)(454,651)
Net cash used in investing activities(1,844,581)(1,307)
Cash flows from financing activities:
Repurchases of common stock(53,682)(738,184)
Taxes paid related to net share settlements of restricted stock units(57,987)(75,417)
Proceeds from issuance of common stock through various stock plans20,116 19,876 
Payment of dividends to stockholders(278,674)(280,376)
Proceeds from issuance of long-term debt, net744,427  
Other financing activities(34,947)(22,479)
Net cash provided by (used in) financing activities339,253 (1,096,580)
Net decrease in cash and cash equivalents(652,137)(252,402)
Cash and cash equivalents at beginning of period1,777,703 1,544,490 
Cash and cash equivalents at end of period$1,125,566 $1,292,088 
Supplemental disclosure of cash flow information:
Interest paid$41,852 $41,576 
Income taxes paid, net$72,414 $58,937 


See notes to condensed consolidated financial statements.
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XILINX, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
Three Months Ended January 2, 2021
Common 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, 2020
245,059 $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, 2021
245,201 $2,451 $1,283,023 $1,315,239 $(1,822)$2,598,891 



Nine Months Ended January 2, 2021
Common 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, 2020
243,810 $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, 2021
245,201 $2,451 $1,283,023 $1,315,239 $(1,822)$2,598,891 






















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

Three Months Ended December 28, 2019
Common Stock
Outstanding
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
(In thousands, except per share amounts)SharesAmount
Balance as of September 28, 2019
251,466 $2,515 $978,222 $1,732,304 $(17,136)$2,695,905 
Components of comprehensive income:
Net income— — — 162,012 — 162,012 
Other comprehensive income— — — — 5,031 5,031 
Issuance of common shares under employee stock plans, net153 2 (3,567)— — (3,565)
Repurchase and retirement of common stock(2,784)(28)(1,132)(256,175)— (257,335)
Stock-based compensation expense— — 50,157 — — 50,157 
Cash dividends declared ($0.37 per common share)
— — — (92,931)— (92,931)
Additional tax benefit recognized relating to fiscal 2014 redemption of convertible debt— — 81,888 — — 81,888 
Balance as of December 28, 2019
248,835 $2,489 $1,105,568 $1,545,210 $(12,105)$2,641,162 




Nine Months Ended December 28, 2019
Common Stock
Outstanding
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Stockholders'
Equity
(In thousands, except per share amounts)SharesAmount
Balance as of March 30, 2019
253,891 $2,539 $1,005,411 $1,876,969 $(23,410)$2,861,509 
Components of comprehensive income:
Net income— — — 630,463 — 630,463 
Other comprehensive income— — — — 11,305 11,305 
Issuance of common shares under employee stock plans, net2,171 22 (55,563)— — (55,541)
Repurchase and retirement of common stock(7,227)(72)(68,900)(681,846)— (750,818)
Stock-based compensation expense— — 142,732 — — 142,732 
Cash dividends declared ($1.11 per common share)
— — — (280,376)— (280,376)
Additional tax benefit recognized relating to fiscal 2014 redemption of convertible debt— — 81,888 — — 81,888 
Balance as of December 28, 2019
248,835 $2,489 $1,105,568 $1,545,210 $(12,105)$2,641,162 




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 quarter ended January 2, 2021 consisted of 14 weeks. The quarter ended December 28, 2019 consisted of 13 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 both the Company’s board of directors and the board of directors of AMD. The completion of the Merger is subject to customary closing conditions, including, among others, the approvals of the Company’s stockholders and AMD’s stockholders and 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 calendar year 2021. 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.

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
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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.

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 January 2, 2021 and March 28, 2020, Avnet accounted for 34% and 31% of the Company’s total net accounts receivable, 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. Net revenues from Avnet accounted for 45% and 41% of the Company’s worldwide net revenues in the third quarter and the first nine 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 third quarter and the first nine months of fiscal 2021, approximately 56% 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 the third quarter and the first nine months of fiscal 2020, the percentages of the Company's net revenues from distributors were 57% and 52%, 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 2021. No other distributor accounted for more than 10% of the Company’s worldwide net revenues for the third quarter and the first nine months of fiscal 2020. However, one end customer accounted for 12% and 11% of the Company's worldwide net revenues for the third quarter and the first nine months of fiscal 2020, respectively.

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 96% 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.
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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 January 2, 2021, 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 third quarter of fiscal 2021, and the Company did not adjust or override any fair value measurements as of January 2, 2021.

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 2, 2021 and March 28, 2020:
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January 2, 2021
(In thousands)
(Level 1)

(Level 2)

(Level 3)
Total Fair
Value
Assets
Cash equivalents:
Money market funds$334,209 $ $ $334,209 
Financial institution securities 174,988  174,988 
Non-financial institution securities 207,764  207,764 
U.S. government and agency securities36,999 83,995  120,994 
Foreign government and agency securities 121,470  121,470 
Short-term investments:
Financial institution securities 299,991  299,991 
Non-financial institution securities 430,783  430,783 
U.S. government and agency securities643,877 341,331  985,208 
Foreign government and agency securities 376,855  376,855 
Mortgage-backed securities 89,617  89,617 
Asset-backed securities 856  856 
Commercial mortgage-backed securities 15,549  15,549 
Derivative financial instruments, net 6,756  6,756 
Total assets measured at fair value$1,015,085 $2,149,955 $ $3,165,040 


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 January 2, 2021 were approximately $502.7 million, $807.8 million and $785.2 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 2, 2021, the Company had non-marketable securities in private companies of $107.4 million, which were classified as Level 3 assets. The Company’s investments in non-marketable equity securities of private companies are recorded at fair value if the Company recognizes an observable price adjustment or an impairment. Such impairment losses or observable price adjustments were not material during all periods presented. The Company’s investments in non-financial assets such as property, plant and equipment, goodwill and acquisition-related intangibles, are recorded at cost (net of accumulated depreciation or amortization, where applicable). These non-financial assets are reduced to fair value when impaired.

Note 5.Financial Instruments

The following is a summary of cash equivalents and available-for-sale securities as of the end of the periods presented:
January 2, 2021March 28, 2020
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Money market funds$334,209 $ $ $334,209 $656,038 $ $ $656,038 
Financial institution
securities474,979   474,979 325,000   325,000 
Non-financial institution
securities638,547   638,547 476,735   476,735 
U.S. government and
agency securities1,106,192 19 (9)1,106,202 216,178 95  216,273 
Foreign government and
agency securities498,325   498,325 254,283 7 (17)254,273 
Mortgage-backed securities
88,100 1,819 (302)89,617 156,836 2,445 (477)158,804 
Asset-backed securities840 16  856 2,533 18 (2)2,549 
Commercial mortgage-
backed securities15,572 123 (146)15,549 50,566 134 (556)50,144 
$3,156,764 $1,977 $(457)$3,158,284 $2,138,169 $2,699 $(1,052)$2,139,816 

Financial institution securities include securities issued or managed by financial institutions in various forms, such as commercial paper and time deposits. Substantially all time deposits were issued by institutions outside the U.S. as of January 2, 2021 and March 28, 2020.
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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 2, 2021 and March 28, 2020:
January 2, 2021
Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. government and
    agency securities$431,873 $(9)$ $ $431,873 $(9)
Mortgage-backed securities13,052 (120)12,287 (182)25,339 (302)
Commercial mortgage-
backed securities2,635 (5)638 (141)3,273 (146)
$447,560 $(134)$12,925 $(323)$460,485 $(457)

March 28, 2020
Less Than 12 Months