Document and Entity Information
Document and Entity Information - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | YHOO | |
Entity Registrant Name | YAHOO INC | |
Entity Central Index Key | 1,011,006 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Listing, Par Value Per Share | $ 0.001 | |
Entity Common Stock, Shares Outstanding | 941,390,842 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - Entity [Domain] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 1,188,169 | $ 2,664,098 |
Short-term marketable securities | 4,636,152 | 5,327,412 |
Accounts receivable, net | 985,105 | 1,032,704 |
Prepaid expenses and other current assets | 771,506 | 673,504 |
Total current assets | 7,580,932 | 9,697,718 |
Long-term marketable securities | 1,169,671 | 2,230,892 |
Property and equipment, net | 1,524,539 | 1,487,684 |
Goodwill | 5,146,579 | 5,152,570 |
Intangible assets, net | 412,235 | 470,842 |
Other long-term assets and investments | 475,497 | 554,616 |
Investment in Alibaba Group | 31,555,927 | 39,867,789 |
Investments in equity interests | 2,326,436 | 2,489,578 |
Total assets | 50,191,816 | 61,951,689 |
Current liabilities: | ||
Accounts payable | 301,433 | 238,018 |
Income taxes payable related to sale of Alibaba Group ADSs | 3,282,293 | |
Other accrued expenses and current liabilities | 903,005 | 665,828 |
Deferred revenue | 202,246 | 336,963 |
Total current liabilities | 1,406,684 | 4,523,102 |
Convertible notes | 1,201,540 | 1,170,423 |
Long-term deferred revenue | 23,442 | 20,774 |
Other long-term liabilities | 126,138 | 143,095 |
Deferred tax liabilities related to investment in Alibaba Group | 12,768,155 | 16,154,906 |
Deferred and other long-term tax liabilities | 1,102,007 | 1,153,797 |
Total liabilities | $ 16,627,966 | $ 23,166,097 |
Commitments and contingencies (Note 12) | ||
Yahoo! Inc. stockholders' equity: | ||
Common stock, $0.001 par value; 5,000,000 shares authorized; 949,771 shares issued and 936,838 shares outstanding as of December 31, 2014 and 956,999 shares issued and 939,850 shares outstanding as of June 30, 2015 | $ 953 | $ 945 |
Additional paid-in capital | 8,633,143 | 8,496,683 |
Treasury stock at cost, 12,933 shares as of December 31, 2014 and 17,149 shares as of June 30, 2015 | (913,515) | (712,455) |
Retained earnings | 8,936,682 | 8,937,036 |
Accumulated other comprehensive income | 16,875,339 | 22,019,628 |
Total Yahoo! Inc. stockholders' equity | 33,532,602 | 38,741,837 |
Noncontrolling interests | 31,248 | 43,755 |
Total equity | 33,563,850 | 38,785,592 |
Total liabilities and equity | $ 50,191,816 | $ 61,951,689 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 956,999 | 949,771 |
Common stock, shares outstanding | 939,850 | 936,838 |
Treasury stock at cost, shares | 17,149 | 12,933 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue | $ 1,243,265 | $ 1,084,191 | $ 2,469,235 | $ 2,216,921 |
Operating expenses: | ||||
Cost of revenue - traffic acquisition costs | 200,230 | 43,826 | 383,369 | 89,735 |
Cost of revenue - other | 295,932 | 295,786 | 581,195 | 589,389 |
Sales and marketing | 274,304 | 253,198 | 549,661 | 555,523 |
Product development | 306,428 | 291,778 | 633,175 | 560,042 |
General and administrative | 180,595 | 154,881 | 354,108 | 319,504 |
Amortization of intangibles | 19,982 | 15,164 | 40,055 | 33,504 |
Gains on sales of patents | (9,100) | (61,500) | (11,100) | (61,500) |
Restructuring charges, net | 19,688 | 52,621 | 70,920 | 62,108 |
Total operating expenses | 1,288,059 | 1,045,754 | 2,601,383 | 2,148,305 |
Income (loss) from operations | (44,794) | 38,437 | (132,148) | 68,616 |
Other expense, net | (11,741) | (13,589) | (42,804) | (27,042) |
Income (loss) before income taxes and earnings in equity interests | (56,535) | 24,848 | (174,952) | 41,574 |
Provision for income taxes | (58,495) | (8,143) | (17,595) | (12,360) |
Earnings in equity interests, net of tax | 95,841 | 255,852 | 195,531 | 557,254 |
Net income (loss) | (19,189) | 272,557 | 2,984 | 586,468 |
Net income attributable to noncontrolling interests | (2,365) | (2,850) | (3,340) | (5,183) |
Net income (loss) attributable to Yahoo! Inc. | $ (21,554) | $ 269,707 | $ (356) | $ 581,285 |
Net income (loss) attributable to Yahoo! Inc. common stockholders per share - basic | $ (0.02) | $ 0.27 | $ 0 | $ 0.58 |
Net income (loss) attributable to Yahoo! Inc. common stockholders per share - diluted | $ (0.02) | $ 0.26 | $ 0 | $ 0.55 |
Shares used in per share calculation - basic | 937,569 | 999,765 | 936,159 | 1,004,828 |
Shares used in per share calculation - diluted | 937,569 | 1,014,692 | 936,159 | 1,023,056 |
Stock-based compensation expense by function: | ||||
Stock-based compensation expense by function | $ 125,130 | $ 102,445 | $ 240,826 | $ 211,626 |
Cost of revenue - other | ||||
Stock-based compensation expense by function: | ||||
Stock-based compensation expense by function | 7,200 | 5,356 | 13,209 | 30,007 |
Sales and marketing | ||||
Stock-based compensation expense by function: | ||||
Stock-based compensation expense by function | 39,978 | 31,233 | 78,099 | 81,907 |
Product development | ||||
Stock-based compensation expense by function: | ||||
Stock-based compensation expense by function | 50,762 | 39,507 | 98,983 | 53,434 |
General and administrative | ||||
Stock-based compensation expense by function: | ||||
Stock-based compensation expense by function | $ 27,190 | $ 26,349 | 50,535 | $ 46,278 |
Restructuring charges | ||||
Stock-based compensation expense by function: | ||||
Stock-based compensation expense by function | $ 2,705 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income (loss) | $ (19,189) | $ 272,557 | $ 2,984 | $ 586,468 |
Available-for-sale securities: | ||||
Unrealized gains (losses) on available-for-sale securities, net of taxes of $(3,238) and $149,980 for the three months ended June 30, 2014 and 2015, respectively, and $(4,136) and $3,388,114 for the six months ended June 30, 2014 and 2015, respectively | (212,465) | 9,788 | (4,926,084) | 16,516 |
Reclassification adjustment for realized (gains) losses on available-for-sale securities included in net income, net of taxes of $65 and $49 for the three months ended June 30, 2014 and 2015, respectively, and $73 and $(2) for the six months ended June 30, 2014 and 2015, respectively | (81) | (109) | 2 | (121) |
Net change in unrealized gains on available-for-sale securities, net of tax | (212,546) | 9,679 | (4,926,082) | 16,395 |
Foreign currency translation adjustments ("CTA"): | ||||
Foreign CTA gains (losses), net of taxes of $9,608 and $(128) for the three months ended June 30, 2014 and 2015, respectively, and $2,422 and $454 for the six months ended June 30, 2014 and 2015, respectively | 38,140 | 63,939 | (233,102) | (82,918) |
Net investment hedge CTA gains (losses), net of taxes of $7,130 and $(9,153) for the three months ended June 30, 2014 and 2015, respectively, and $15,562 and $(10,744) for the six months ended June 30, 2014 and 2015, respectively | 15,404 | (11,862) | 18,038 | (25,911) |
Net foreign CTA losses, net of tax | 53,544 | 52,077 | (215,064) | (108,829) |
Cash flow hedges: | ||||
Unrealized gains (losses) on cash flow hedges, net of taxes of $127 and $(1,065) for the three months ended June 30, 2014 and 2015, respectively, and $431 and $(689) for the six months ended June 30, 2014 and 2015, respectively | 5,875 | (1,383) | (5,281) | (1,889) |
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, net of taxes of $231 and $529 for the three months ended June 30, 2014 and 2015, respectively, and $504 and $718 for the six months ended June 30, 2014 and 2015, respectively | 478 | (285) | 2,138 | (739) |
Net change in unrealized losses on cash flow hedges, net of tax | 6,353 | (1,668) | (3,143) | (2,628) |
Other comprehensive income (loss) | (152,649) | 60,088 | (5,144,289) | (95,062) |
Comprehensive income (loss) | (171,838) | 332,645 | (5,141,305) | 491,406 |
Less: comprehensive income attributable to noncontrolling interests | (2,365) | (2,850) | (3,340) | (5,183) |
Comprehensive income (loss) attributable to Yahoo! Inc. | $ (174,203) | $ 329,795 | $ (5,144,645) | $ 486,223 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Unrealized gains (losses) on available-for-sale securities, taxes | $ 149,980 | $ (3,238) | $ 3,388,114 | $ (4,136) |
Reclassification adjustment for realized (gains) losses on available-for-sale securities included in net income, taxes | 49 | 65 | (2) | 73 |
Foreign CTA gains (losses), taxes | (128) | 9,608 | 454 | 2,422 |
Net investment hedge CTA gains (losses), taxes | (9,153) | 7,130 | (10,744) | 15,562 |
Unrealized gains (losses) on cash flow hedges, taxes | (1,065) | 127 | (689) | 431 |
Reclassification adjustment for realized (gains) losses on cash flow hedges included in net income, taxes | $ 529 | $ 231 | $ 718 | $ 504 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 2,984 | $ 586,468 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 236,694 | 239,631 |
Amortization of intangible assets | 68,524 | 64,763 |
Accretion of convertible notes discount | 31,117 | 29,526 |
Stock-based compensation expense | 243,531 | 211,626 |
Non-cash restructuring reversals | (933) | (7,031) |
Loss from sales of investments, assets, and other, net | 44,847 | 18,667 |
Gains on sales of patents | (11,100) | (61,500) |
Loss on Hortonworks warrants | 6,460 | |
Earnings in equity interests | (195,531) | (557,254) |
Tax benefits (detriments) from stock-based awards | (3,617) | 76,828 |
Excess tax benefits from stock-based awards | (1,850) | (79,100) |
Deferred income taxes | (13,218) | 14,185 |
Dividends received from equity investee | 141,670 | 83,685 |
Changes in assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable | 32,881 | 154,129 |
Prepaid expenses and other assets | (90,078) | 13,592 |
Accounts payable | 37,505 | (10,075) |
Accrued expenses and other liabilities | 255,678 | (202,142) |
Incomes taxes payable related to sale of Alibaba Group ADSs | (3,282,293) | |
Deferred revenue | (132,790) | (79,523) |
Net cash provided by (used in) operating activities | (2,629,519) | 496,475 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisition of property and equipment, net | (290,363) | (192,013) |
Purchases of marketable securities | (2,326,886) | (1,363,836) |
Proceeds from sales of marketable securities | 473,775 | 380,954 |
Proceeds from maturities of marketable securities | 3,584,596 | 690,018 |
Acquisitions, net of cash acquired | (21,291) | (21,661) |
Proceeds from sales of patents | 20,000 | 1,500 |
Purchases of intangible assets | (4,611) | (2,174) |
Proceeds from settlement of derivative hedge contracts | 64,767 | 173,258 |
Payments for settlement of derivative hedge contracts | (3,882) | (4,616) |
Payments for equity investments in privately held companies | (10,399) | |
Other investing activities, net | (153) | (640) |
Net cash (used in) provided by investing activities | 1,495,952 | (349,609) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock | 46,777 | 163,737 |
Repurchases of common stock | (203,771) | (1,168,206) |
Excess tax benefits from stock-based awards | 1,850 | 79,100 |
Tax withholdings related to net share settlements of restricted stock units | (149,960) | (159,581) |
Distributions to noncontrolling interests | (15,847) | (22,344) |
Other financing activities, net | (9,015) | (6,130) |
Net cash used in financing activities | (329,966) | (1,113,424) |
Effect of exchange rate changes on cash and cash equivalents | (12,396) | 3,554 |
Net change in cash and cash equivalents | (1,475,929) | (963,004) |
Cash and cash equivalents at beginning of period | 2,664,098 | 2,077,590 |
Cash and cash equivalents at end of period | $ 1,188,169 | $ 1,114,586 |
The Company And Summary Of Sign
The Company And Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
The Company And Summary Of Significant Accounting Policies | Note 1 The Company And Summary Of Significant Accounting Policies The Company . Basis of Presentation . The accompanying unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for the full year or for any future periods. The preparation of consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses and the related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to revenue, the useful lives of long-lived assets including property and equipment and intangible assets, investment fair values, stock-based compensation, goodwill, income taxes, contingencies, and restructuring charges. The Company bases its estimates of the carrying value of certain assets and liabilities on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, when these carrying values are not readily available from other sources. Actual results may differ from these estimates. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The condensed consolidated balance sheet as of December 31, 2014 was derived from the Company’s audited financial statements for the year ended December 31, 2014, but does not include all disclosures required by U.S. GAAP. However, the Company believes the disclosures are adequate to make the information presented not misleading. Cost of revenue — TAC Recent Accounting Pronouncements . |
Marketable Securities, Investme
Marketable Securities, Investments And Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2015 | |
Marketable Securities, Investments And Fair Value Disclosures | Note 2 Marketable Securities, Investments And Fair Value Disclosures The following tables summarize the available-for-sale securities (in thousands): December 31, 2014 Cost Basis Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Government and agency securities $ 850,712 $ 82 $ (792 ) $ 850,002 Corporate debt securities, commercial paper, time deposits, and bank certificates of deposit 6,711,683 612 (4,653 ) 6,707,642 Alibaba Group equity securities 2,713,484 37,154,305 - 39,867,789 Hortonworks equity securities 26,246 77,783 - 104,029 Other corporate equity securities 230 430 - 660 Total available-for-sale marketable securities $ 10,302,355 $ 37,233,212 $ (5,445 ) $ 47,530,122 June 30, 2015 Cost Basis Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Government and agency securities $ 804,776 $ 378 $ (41 ) $ 805,113 Corporate debt securities, commercial paper, time deposits, and bank certificates of deposit 5,002,096 721 (2,107 ) 5,000,710 Alibaba Group equity securities 2,713,484 28,842,443 - 31,555,927 Hortonworks equity securities 26,246 71,130 - 97,376 Other corporate equity securities 230 314 - 544 Total available-for-sale marketable securities $ 8,546,832 $ 28,914,986 $ (2,148 ) $ 37,459,670 December 31, June 30, 2014 2015 Reported as: Short-term marketable securities $ 5,327,412 $ 4,636,152 Long-term marketable securities 2,230,892 1,169,671 Investment in Alibaba Group 39,867,789 31,555,927 Other long-term assets and investments 104,029 97,920 Total $ 47,530,122 $ 37,459,670 Short-term, highly liquid investments of $2.0 billion and $518 million as of December 31, 2014 and June 30, 2015, respectively, included in cash and cash equivalents on the condensed consolidated balance sheets are not included in the table above as the gross unrealized gains and losses were not material as the carrying value approximates estimated fair value because of the short maturity of those instruments. Realized gains and losses from sales of available-for-sale marketable debt securities were not material for both the three and six months ended June 30, 2014 and 2015. The remaining contractual maturities of available-for-sale marketable debt securities were as follows (in thousands): December 31, June 30, 2014 2015 Due within one year $ 5,327,412 $ 4,636,152 Due after one year through five years 2,230,892 1,169,671 Total available-for-sale marketable debt securities $ 7,558,304 $ 5,805,823 The following tables show all available-for-sale marketable debt securities in an unrealized loss position for which an other-than-temporary impairment has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): December 31, 2014 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss Government and agency securities $ 744,948 $ (792 ) $ - $ - $ 744,948 $ (792 ) Corporate debt securities, commercial paper, and bank certificates of deposit 2,601,288 (4,646 ) 3,234 (7 ) 2,604,522 (4,653 ) Total available-for-sale marketable debt securities $ 3,346,236 $ (5,438 ) $ 3,234 $ (7 ) $ 3,349,470 $ (5,445 ) June 30, 2015 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss Government and agency securities $ 133,333 $ (41 ) $ - $ - $ 133,333 $ (41 ) Corporate debt securities, commercial paper, and bank certificates of deposit 2,045,898 (2,107 ) - - 2,045,898 (2,107 ) Total available-for-sale marketable debt securities $ 2,179,231 $ (2,148 ) $ - $ - $ 2,179,231 $ (2,148 ) The Company’s investment portfolio includes equity securities of Alibaba Group Holding Limited (“Alibaba Group”) and Hortonworks, Inc. (“Hortonworks”), as well as liquid high-quality fixed income debt securities including government, agency and corporate debt, money market funds, and time deposits with financial institutions. The fair value of any debt or equity security will vary over time and is subject to a variety of market risks including: macro-economic, regulatory, industry, company performance, and systemic risks of the equity markets overall. Consequently, the carrying value of the Company’s investment portfolio will vary over time as the value of its investment changes. Investments in both fixed rate and floating rate interest earning instruments carry a degree of interest rate risk. Fixed rate securities may have their fair value adversely impacted due to a rise in interest rates, while floating rate securities may produce less income than expected if interest rates fall. Fixed income securities may have their fair value adversely impacted due to a deterioration of the credit quality of the issuer. The longer the term of the securities, the more susceptible they are to changes in market rates. Investments are reviewed periodically to identify possible other-than-temporary impairment. The Company has no current requirement or intent to sell the securities in an unrealized loss position. The Company expects to recover up to (or beyond) the initial cost of investment for securities held. The following table sets forth the financial assets and liabilities, measured at fair value, by level within the fair value hierarchy as of December 31, 2014 (in thousands): Fair Value Measurements at Reporting Date Using Assets Level 1 Level 2 Level 3 Total Money market funds (1) $ 373,822 $ - $ - $ 373,822 Available-for-sale marketable debt securities: Government and agency securities (1) - 850,002 - 850,002 Commercial paper and bank certificates of deposit (1) - 3,602,321 - 3,602,321 Corporate debt securities (1) - 3,327,017 - 3,327,017 Time deposits (1) - 1,361,165 - 1,361,165 Available-for-sale equity securities: Other corporate equity securities (2) 660 - - 660 Alibaba Group equity securities 39,867,789 - - 39,867,789 Hortonworks equity securities (2) 104,029 - - 104,029 Hortonworks warrants - - 98,062 98,062 Foreign currency derivative contracts (3) - 202,928 - 202,928 Financial assets at fair value $ 40,346,300 $ 9,343,433 $ 98,062 $ 49,787,795 Liabilities Foreign currency derivative contracts (3) - (6,157 ) - (6,157 ) Total financial assets and liabilities at fair value $ 40,346,300 $ 9,337,276 $ 98,062 $ 49,781,638 The following table sets forth the financial assets and liabilities, measured at fair value, by level within the fair value hierarchy as of June 30, 2015 (in thousands): Fair Value Measurements at Reporting Date Using Assets Level 1 Level 2 Level 3 Total Money market funds (1) $ 403,419 $ - $ - $ 403,419 Available-for-sale marketable debt securities: Government and agency securities (1) - 805,113 - 805,113 Commercial paper and bank certificates of deposit (1) - 1,982,018 - 1,982,018 Corporate debt securities (1) - 3,059,041 - 3,059,041 Time deposits (1) - 73,988 - 73,988 Available-for-sale equity securities: Other corporate equity securities (2) 544 - - 544 Alibaba Group equity securities 31,555,927 - - 31,555,927 Hortonworks equity securities (2) 97,376 - - 97,376 Hortonworks warrants - - 91,601 91,601 Foreign currency derivative contracts (3) - 181,196 - 181,196 Financial assets at fair value $32,057,266 $ 6,101,356 $ 91,601 $38,250,223 Liabilities Foreign currency derivative contracts (3) - (9,278 ) - (9,278 ) Total financial assets and liabilities at fair value $32,057,266 $ 6,092,078 $ 91,601 $38,240,945 (1) The money market funds, government and agency securities, commercial paper and bank certificates of deposit, corporate debt securities, and time deposits are classified as part of either cash and cash equivalents or short or long-term marketable securities on the condensed consolidated balance sheets. (2) The Hortonworks equity securities and other corporate equity securities are classified as part of other long-term assets and investments on the condensed consolidated balance sheets. (3) Foreign currency derivative contracts are classified as part of either other current or noncurrent assets or liabilities on the condensed consolidated balance sheets. The notional amounts of the foreign currency derivative contracts were: $2.1 billion, including contracts designated as net investment hedges of $1.6 billion, as of December 31, 2014; and $2.3 billion, including contracts designated as net investment hedges of $1.8 billion, as of June 30, 2015. The amount of cash and cash equivalents as of December 31, 2014 and June 30, 2015 included $702 million and $670 million, respectively, in cash. The fair values of the Company’s Level 1 financial assets and liabilities are based on quoted prices in active markets for identical assets or liabilities. The fair values of the Company’s Level 2 financial assets and liabilities are obtained using quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices (e.g., interest rates and yield curves). The Company utilizes a pricing service to assist in obtaining fair value pricing for the marketable debt securities. The fair value of this Level 3 financial asset was determined using a Black-Scholes model. Activity between Levels of the Fair Value Hierarchy During the year ended December 31, 2014 and the six months ended June 30, 2015, the Company did not make any transfers between Level 1, Level 2, and Level 3 assets or liabilities. Hortonworks Warrants The estimated fair value of the Hortonworks warrants was $98 million and $92 million as of December 31, 2014 and June 30, 2015, respectively, which is included in other long-term assets and investments on our condensed consolidated balance sheets. During the three and six months ended June 30, 2015, the Company recorded a gain of $5 million and a loss of $6 million, respectively, due to the change in estimated fair value of the Hortonworks warrants during the respective periods, which was included within other expense, net in the Company’s condensed consolidated statements of operations. The fair value of the Company’s Level 3 financial asset was determined using a Black-Scholes model. Assets and Liabilities at Fair Value on a Nonrecurring Basis Convertible Senior Notes. Other Investments |
Consolidated Financial Statemen
Consolidated Financial Statement Details | 6 Months Ended |
Jun. 30, 2015 | |
Consolidated Financial Statement Details | Note 3 Consolidated Financial Statement Details Accumulated Other Comprehensive Income The components of accumulated other comprehensive income were as follows (in thousands): December 31, June 30, 2014 2015 Unrealized gains on available-for-sale securities, net of tax $ 22,084,960 $ 17,158,878 Unrealized gains (losses) on cash flow hedges, net of tax 1,856 (1,287 ) Foreign currency translation, net of tax (67,188 ) (282,252 ) Accumulated other comprehensive income $ 22,019,628 $ 16,875,339 Noncontrolling Interests Noncontrolling interests were as follows (in thousands): December 31, June 30, 2014 2015 Beginning noncontrolling interests $ 55,688 $ 43,755 Distributions to noncontrolling interests (22,344 ) (15,847 ) Net income attributable to noncontrolling interests 10,411 3,340 Ending noncontrolling interests $ 43,755 $ 31,248 Other Expense, Net Other expense, net was as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2014 2015 2014 2015 Interest, dividend and investment income $ 5,596 $ 8,034 $ 11,033 $ 16,879 Interest expense (17,088 ) (17,558 ) (34,169 ) (35,128 ) Gain (loss) on Hortonworks warrants - 5,449 - (6,460 ) Other (2,097 ) (7,666 ) (3,906 ) (18,095 ) Total other expense, net $ (13,589 ) $ (11,741 ) $ (27,042 ) $ (42,804 ) Interest, dividend and investment income consists of income earned from cash and cash equivalents in bank accounts, and investments made in marketable debt securities. Interest expense is related to the Notes, interest expense on notes payable related to building and capital lease obligations for data centers. During the three and six months ended June 30, 2015, the Company recorded a gain of $5 million and a loss of $6 million, respectively, due to the change in estimated fair value of the Hortonworks warrants during the respective periods, which was included within other expense, net in the condensed consolidated statements of operations. Other consists of gains and losses from sales or impairments of marketable securities and/or investments in privately-held companies, foreign exchange gains and losses due to re-measurement of monetary assets and liabilities denominated in non-functional currencies, and unrealized and realized foreign currency transaction gains and losses, including gains and losses related to balance sheet hedges. Other increased $6 million for the three months ended June 30, 2015, compared to the same period of 2014, primarily due to foreign exchange losses from hedging activities of $11 million offset by unrealized foreign exchange currency transaction gains of $8 million. Other increased $14 million for the six months ended June 30, 2015, compared to the same period of 2014, primarily due to unrealized foreign exchange currency transaction losses of $25 million partially offset by foreign exchange gains from hedging activities of $12 million. Reclassifications Out of Accumulated Other Comprehensive Income Reclassifications out of accumulated other comprehensive income for the three months ended June 30, 2014 and 2015 were as follows (in thousands): Three Months Ended June 30, 2014 June 30, 2015 Reclassified from Reclassified from Accumulated Accumulated Other Other Comprehensive Comprehensive Affected Line Item in the Income Income Statement of Income Realized (gains) losses on cash flow hedges, net of tax $ (285 ) $ 478 Revenue Realized (gains) losses on available-for-sale securities, net of tax (109 ) (81 ) Other income, net Total reclassifications for the period $ (394 ) $ 397 Reclassifications out of accumulated other comprehensive income for the six months ended June 30, 2014 and 2015 were as follows (in thousands): Six Months Ended June 30, June 30, 2014 2015 Reclassified from Reclassified from Accumulated Accumulated Other Other Comprehensive Comprehensive Affected Line Item in the Income Income Statement of Income Realized (gains) losses on cash flow hedges, net of tax $ (739 ) $ 2,138 Revenue Realized (gains) losses on available-for-sale securities, net of tax (121 ) 2 Other income, net Total reclassifications for the period $ (860 ) $ 2,140 |
Acquisitions and Dispositions
Acquisitions and Dispositions | 6 Months Ended |
Jun. 30, 2015 | |
Acquisitions and Dispositions | Note 4 Acquisitions and Dispositions Transactions Completed in 2014. Transactions Completed in 2015. The Company’s business combinations completed during the six months ended June 30, 2014 and 2015 did not have a material impact on the Company’s condensed consolidated financial statements and therefore actual and proforma disclosures have not been presented. Patent Sale and License Agreement. During the three and six months ended June 30, 2015, the Company sold certain patents and recorded gains on sales of patents of approximately $9 million and $11 million, respectively, and during the three and six months ended June 30, 2014 the Company sold certain patents and recorded gains on sales of patents of approximately $62 million. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill | Note 5 Goodwill The changes in the carrying amount of goodwill for the six months ended June 30, 2015 were as follows (in thousands): Americas (1) EMEA (2) Asia Pacific (3) Total Net balance as of January 1, 2015 $ 4,322,219 $ 532,469 $ 297,882 $ 5,152,570 Acquisitions - 20,249 - 20,249 Foreign currency translation adjustments (1,110) (22,169) (2,961) (26,240) Net balance as of June 30, 2015 $ 4,321,109 $ 530,549 $ 294,921 $ 5,146,579 (1) Gross goodwill balance for the Americas segment was $4.3 billion as of June 30, 2015. (2) Gross goodwill balance for the EMEA segment was $1.2 billion as of June 30, 2015. The EMEA segment includes accumulated impairment losses of $630 million as of June 30, 2015. (3) Gross goodwill balance for the Asia Pacific segment was $454 million as of June 30, 2015. The Asia Pacific segment includes accumulated impairment losses of $159 million as of June 30, 2015. |
Intangible Assets, Net
Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2015 | |
Intangible Assets, Net | Note 6 Intangible Assets, Net The following table summarizes the Company’s intangible assets, net (in thousands): December 31, 2014 June 30, 2015 Net Gross Carrying Amount Accumulated Amortization (*) Net Customer, affiliate, and advertiser related relationships $ 281,596 $ 363,500 $ (111,038) $ 252,462 Developed technology and patents 122,674 202,354 (103,538) 98,816 Trade names, trademarks, and domain names 66,572 107,939 (46,982) 60,957 Total intangible assets, net $ 470,842 $ 673,793 $ (261,558) $ 412,235 (*) Cumulative foreign currency translation adjustments, reflecting movement in the currencies of the underlying entities, increased total intangible assets by approximately $18 million as of June 30, 2015. For the three months ended June 30, 2014 and 2015, the Company recognized amortization expense for intangible assets of $30 million and $34 million, respectively, including $15 million and $14 million in cost of revenue — other for the three months ended June 30, 2014 and 2015, respectively. For the six months ended June 30, 2014 and 2015, the Company recognized amortization expense for intangible assets of $65 million and $68 million, respectively, including $31 million and $28 million in cost of revenue — other for the six months ended June 30, 2014 and 2015, respectively. Based on the current amount of intangibles subject to amortization, the estimated amortization expense for the remainder of 2015 and each of the succeeding years is as follows: six months ending December 31, 2015: $65 million; 2016: $108 million; 2017: $99 million; 2018: $80 million; 2019: $43 million; and cumulatively thereafter: $1 million. |
Basic And Diluted Net Income (L
Basic And Diluted Net Income (Loss) Attributable To Yahoo! Inc. Common Stockholders Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Basic And Diluted Net Income (Loss) Attributable To Yahoo! Inc. Common Stockholders Per Share | Note 7 Basic And Diluted Net Income (Loss) Attributable To Yahoo! Inc. Common Stockholders Per Share Basic and diluted net income (loss) attributable to Yahoo! Inc. common stockholders per share is computed using the weighted average number of common shares outstanding during the period, excluding net income attributable to participating securities (restricted stock units granted under the Directors’ Stock Plan (the “Directors’ Plan”)). Diluted net income (loss) per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares are calculated using the treasury stock method and consist of unvested restricted stock and shares underlying unvested restricted stock units, the incremental common shares issuable upon the exercise of stock options, and shares to be purchased under the 1996 Employee Stock Purchase Plan (the “Employee Stock Purchase Plan”). The Company calculates potential tax windfalls and shortfalls by including the impact of pro forma deferred tax assets. The Company takes into account the effect on consolidated net income (loss) per share of dilutive securities of entities in which the Company holds equity interests that are accounted for using the equity method. Potentially dilutive securities representing approximately 7 million and 4 million shares of common stock for the three and six months ended June 30, 2014, respectively, and 1 million shares of common stock for both the three and six months ended June 30, 2015, respectively, were excluded from the computation of diluted earnings per share for these periods because their effect would have been anti-dilutive. The Company has the option to pay cash, issue shares of common stock or any combination thereof for the aggregate amount due upon conversion of the Notes. The Company’s intent is to settle the principal amount of the Notes in cash upon conversion. As a result, upon conversion of the Notes, only the amounts payable in excess of the principal amounts of the Notes are considered in diluted earnings per share under the treasury stock method. The denominator for diluted net income (loss) per share does not include any effect from the note hedges. In future periods, the denominator for diluted net income (loss) per share will exclude any effect of the note hedges, if their effect would be anti-dilutive. In the event an actual conversion of any or all of the Notes occurs, the shares that would be delivered to the Company under the note hedges are designed to neutralize the dilutive effect of the shares that the Company would issue under the Notes. See Note 11 — “Convertible Notes” for additional information. The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Basic: Numerator: Net income (loss) attributable to Yahoo! Inc. $ 269,707 $ (21,554) $ 581,285 $ (356) Less: Net income allocated to participating securities (2) - (5) - Net income (loss) attributable to Yahoo! Inc. common stockholders — basic $ 269,705 $ (21,554) $ 581,280 $ (356) Denominator: Weighted average common shares 999,765 937,569 1,004,828 936,159 Net income (loss) attributable to Yahoo! Inc. common stockholders per share — basic $ 0.27 $ (0.02) $ 0.58 $ (0.00) Diluted: Numerator: Net income (loss) attributable to Yahoo! Inc. $ 269,707 $ (21,554) $ 581,285 $ (356) Less: Net income allocated to participating securities (2) - (5) - Less: Effect of dilutive securities issued by equity investees (9,421) (1,125) (21,786) (2,319) Net income (loss) attributable to Yahoo! Inc. common stockholders — diluted $ 260,284 $ (22,679) $ 559,494 $ (2,675) Denominator: Denominator for basic calculation 999,765 937,569 1,004,828 936,159 Weighted average effect of Yahoo! Inc. dilutive securities: Restricted stock units 10,855 - 13,262 - Stock options and employee stock purchase plan 4,072 - 4,966 - Denominator for diluted calculation 1,014,692 937,569 1,023,056 936,159 Net income (loss) attributable to Yahoo! Inc. common stockholders per share — diluted $ 0.26 $ (0.02) $ 0.55 $ (0.00) |
Condensed Financial Information
Condensed Financial Information | 6 Months Ended |
Jun. 30, 2015 | |
Condensed Financial Information | Note 8 Investments In Equity Interests Using The Equity Method Of Accounting The following table summarizes the Company’s investments in equity interests using the equity method of accounting (dollars in thousands): December 31, 2014 Percent Ownership June 30, 2015 Percent Ownership Yahoo Japan $ 2,482,660 35.5 % $ 2,319,586 35.5 % Other 6,918 20 % 6,850 20 % Total $ 2,489,578 $ 2,326,436 Equity Investment in Yahoo Japan The investment in Yahoo Japan Corporation (“Yahoo Japan”) is accounted for using the equity method and the total investment, including net tangible assets, identifiable intangible assets, and goodwill, is classified as part of the investments in equity interests balance on the Company’s condensed consolidated balance sheets. The Company records its share of the results of Yahoo Japan, and any related amortization expense, one quarter in arrears within earnings in equity interests in the condensed consolidated statements of operations. The Company makes adjustments to the earnings in equity interests line in the condensed consolidated statements of operations for any differences between U.S. GAAP and International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board, the standards by which Yahoo Japan’s financial statements are prepared. The fair value of the Company’s ownership interest in the common stock of Yahoo Japan, based on the quoted stock price, was approximately $8 billion as of June 30, 2015. During the three and six months ended June 30, 2014 and 2015, the Company received cash dividends from Yahoo Japan in the amount of $84 million and $142 million, net of withholding taxes, respectively, which were recorded as reductions to the Company’s investment in Yahoo Japan. During the six months ended June 30, 2014, the Company sold data center assets and assigned a data center lease to Yahoo Japan for cash proceeds of $11 million and recorded a net gain of approximately $5 million. The following tables present summarized financial information derived from Yahoo Japan’s consolidated financial statements, which are prepared on the basis of IFRS. The Company has made adjustments to the Yahoo Japan financial information to address differences between IFRS and U.S. GAAP that materially impact the summarized financial information below. Due to these adjustments, the Yahoo Japan summarized financial information presented below is not materially different than such information presented on the basis of U.S. GAAP. Three Months Ended Six Months Ended March 31, 2014 March 31, 2015 March 31, 2014 March 31, 2015 (In thousands) Operating data: Revenue $ 1,055,064 $ 987,417 $ 2,086,720 $ 1,928,658 Gross profit $ 861,258 $ 790,966 $ 1,705,184 $ 1,541,950 Income from operations $ 477,945 $ 438,166 $ 967,387 $ 863,219 Net income $ 314,029 $ 274,721 $ 621,141 $ 561,514 Net income attributable to Yahoo Japan $ 311,182 $ 274,129 $ 615,527 $ 558,975 September 30, 2014 March 31, 2015 (In thousands) Balance sheet data: Current assets $ 6,161,126 $ 6,303,704 Long-term assets $ 1,908,379 $ 2,203,642 Current liabilities $ 1,948,540 $ 2,014,409 Long-term liabilities $ 35,418 $ 228,902 Noncontrolling interests $ 66,998 $ 171,849 Under technology and trademark license and other commercial arrangements with Yahoo Japan, the Company records revenue from Yahoo Japan based on a percentage of advertising revenue earned by Yahoo Japan. The Company recorded revenue from Yahoo Japan of approximately $64 million and $55 million for the three months ended June 30, 2014 and 2015, respectively, and approximately $132 million and $115 million for the six months ended June 30, 2014 and 2015, respectively. The revenue from Yahoo Japan for the three and six months ended June 30, 2015 was impacted by unfavorable foreign exchange fluctuations. As of December 31, 2014 and June 30, 2015, the Company had net receivable balances from Yahoo Japan of approximately $47 million and $35 million, respectively. Alibaba Group Equity Investment in Alibaba Group . See Note 2 — “Marketable Securities, Investments And Fair Value Disclosures” for additional information. Technology and Intellectual Property License Agreement (the “TIPLA”) . Spin-Off of Remaining Holdings in Alibaba Group. The completion of the transaction is expected to occur in the fourth quarter of 2015. The transaction is subject to certain conditions, including final approval by the Company’s Board of Directors, receipt of a favorable ruling from the Internal Revenue Service regarding certain aspects of the transaction and a legal opinion with respect to the tax-free treatment of the transaction, under U.S. federal tax laws and regulations, the effectiveness of an applicable registration statement with the SEC and compliance with the requirements under the Investment Company Act of 1940, and other customary conditions. Each of the conditions may be waived, in whole or in part (to the extent permitted by law), by the Company in its sole discretion. The Company has reserved the right, in its sole and absolute discretion, to abandon or modify the terms of the transaction at any time prior to the distribution date, even if the conditions to the transaction have been satisfied. The composition of Aabaco’s independent board of directors and management team, and other details of the transaction, including the distribution ratio, will be determined prior to the completion of the transaction. Upon completion of the transaction, which is subject to the satisfaction or waiver of the conditions specified above, the Company’s consolidated financial position will be materially impacted as the Alibaba Group shares and related deferred tax liabilities will be removed from the Company’s consolidated balance sheet with a corresponding reduction of its stockholders’ equity balance. The Company would no longer hold any Alibaba Group shares and would no longer record changes in fair value within comprehensive income (loss). |
Yahoo Japan | |
Condensed Financial Information | The following tables present summarized financial information derived from Yahoo Japan’s consolidated financial statements, which are prepared on the basis of IFRS. The Company has made adjustments to the Yahoo Japan financial information to address differences between IFRS and U.S. GAAP that materially impact the summarized financial information below. Due to these adjustments, the Yahoo Japan summarized financial information presented below is not materially different than such information presented on the basis of U.S. GAAP. Three Months Ended Six Months Ended March 31, 2014 March 31, 2015 March 31, 2014 March 31, 2015 (In thousands) Operating data: Revenue $ 1,055,064 $ 987,417 $ 2,086,720 $ 1,928,658 Gross profit $ 861,258 $ 790,966 $ 1,705,184 $ 1,541,950 Income from operations $ 477,945 $ 438,166 $ 967,387 $ 863,219 Net income $ 314,029 $ 274,721 $ 621,141 $ 561,514 Net income attributable to Yahoo Japan $ 311,182 $ 274,129 $ 615,527 $ 558,975 September 30, 2014 March 31, 2015 (In thousands) Balance sheet data: Current assets $ 6,161,126 $ 6,303,704 Long-term assets $ 1,908,379 $ 2,203,642 Current liabilities $ 1,948,540 $ 2,014,409 Long-term liabilities $ 35,418 $ 228,902 Noncontrolling interests $ 66,998 $ 171,849 |
Foreign Currency Derivative Fin
Foreign Currency Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Foreign Currency Derivative Financial Instruments | Note 9 Foreign Currency Derivative Financial Instruments The Company uses derivative financial instruments, primarily forward contracts and option contracts, to mitigate risk associated with adverse movements in foreign currency exchange rates. The Company records all derivatives in the condensed consolidated balance sheets at fair value, with assets included in prepaid expenses and other current assets or other long-term assets, and liabilities included in accrued expenses and other current liabilities or other long-term liabilities. The Company’s accounting treatment for these instruments is based on whether or not the instruments are designated as a hedging instrument. The effective portions of net investment hedges are recorded in other comprehensive income as a part of the cumulative translation adjustment. The effective portions of cash flow hedges are recorded in accumulated other comprehensive income until the hedged item is recognized in revenue on the condensed consolidated statements of operations when the underlying hedged revenue is recognized. Any ineffective portions of net investment hedges and cash flow hedges are recorded in other income, net on the Company’s condensed consolidated statements of operations. For balance sheet hedges, changes in the fair value are recorded in other income, net on the Company’s condensed consolidated statements of operations. The Company enters into master netting arrangements, which are designed to reduce credit risk by permitting net settlement of transactions with the same counterparty. The Company presents its derivative assets and liabilities at their gross fair values on the condensed consolidated balance sheets. However, under the master netting arrangements with the respective counterparties of the foreign exchange contracts, subject to applicable requirements, the Company is allowed to net settle transactions. The Company is not required to pledge, and is not entitled to receive, cash collateral related to these derivative transactions. Designated as Hedging Instruments Net Investment Hedges. Cash Flow Hedges. Not Designated as Hedging Instruments Balance Sheet Hedges. Notional amounts of the Company’s outstanding derivative contracts were as follows (in millions): December 31, 2014 June 30, 2015 Derivatives designated as hedging instruments: Net investment hedge forward and option contracts $ 1,647 $ 1,802 Cash flow hedge forwards $ 222 $ 117 Derivatives not designated as hedging instruments: Balance sheet hedges $ 243 $ 415 Foreign currency derivative activity for the six months ended June 30, 2014 was as follows (in millions): Beginning Fair Value Settlement Payment (Receipt) Gain (Loss) Recorded in Other Income, Net Gain (Loss) Recorded in Other Comprehensive Income Gain (Loss) Recorded in Revenue Ending Fair Value Derivatives designated as hedging instruments: Net investment hedges $ 209 $ (17 0) $ - $ (41) (*) $ - $ (2 ) Cash flow hedges $ 4 $ ( 2) $ (1 ) $ (4) $ 2 $ (1 ) Derivatives not designated as hedging instruments: Balance sheet hedges $ - $ 3 $ (1 ) $ - $ - $ 2 (*) This amount does not reflect the tax impact of $15 million recorded during the six months ended June 30, 2014. The $26 million after tax impact of the loss recorded within other comprehensive income was included in accumulated other comprehensive income on the Company’s condensed consolidated balance sheets. Foreign currency derivative activity for the six months ended June 30, 2015 was as follows (in millions): Gain (Loss) Gain Gain (Loss) Recorded in (Loss) Settlement Recorded in Other Recorded Beginning Payment Other Income, Comprehensive in Ending Fair Fair Value (Receipt) Net Income Revenue Value Derivatives designated as hedging instruments: Net investment hedges $ 185 $ (38) $ (2 ) 29 (*) $ - $ 174 Cash flow hedges $ 8 $ (1) $ (1 ) $ (3) $ (1) $ 2 Derivatives not designated as hedging instruments: Balance sheet hedges $ 4 $ (22) $ 14 $ - $ - $ (4) (*) This amount does not reflect the tax impact of $11 million recorded during the six months ended June 30, 2015. The $18 million after tax impact of the gain recorded within other comprehensive income was included in accumulated other comprehensive income on the Company’s condensed consolidated balance sheets. Foreign currency derivative contracts balance sheet location and ending fair value was as follows (in millions): Balance Sheet Location December 31, 2014 June 30, 2015 Derivatives designated as hedging instruments: Net investment hedges Asset (1) $ 190 $ 176 Liability (2) $ (5 ) $ (2 ) Cash flow hedges Asset (1) $ 8 $ 4 Liability (2) $ - $ (2 ) Derivatives not designated as hedging instruments: Balance sheet hedges Asset (1) $ 5 $ 1 Liability (2) $ (1 ) $ (5 ) (1) Included in prepaid expenses and other current assets or other long-term assets and investments on the condensed consolidated balance sheets. (2) Included in accrued expenses and other current liabilities or other long-term liabilities on the condensed consolidated balance sheets. |
Credit Agreement
Credit Agreement | 6 Months Ended |
Jun. 30, 2015 | |
Credit Agreement | Note 10 Credit Agreement The Company’s credit agreement with Citibank, N.A., as Administrative Agent entered into on October 19, 2012 (as amended on October 10, 2013 and October 9, 2014, the “Credit Agreement”) provides for a $750 million unsecured revolving credit facility, subject to increase of up to $250 million in accordance with its terms. The Credit Agreement terminates on October 8, 2015, unless extended by the parties. As of June 30, 2015, the Company was in compliance with the financial covenants in the Credit Agreement and no amounts were outstanding. See Note 18 — “Subsequent Events” for additional information. |
Convertible Notes
Convertible Notes | 6 Months Ended |
Jun. 30, 2015 | |
Convertible Notes | Note 11 Convertible Notes 0.00% Convertible Senior Notes As of June 30, 2015, the Company had $1.4 billion principal amount of Notes outstanding. The Notes are senior unsecured obligations of Yahoo, the Notes do not bear regular interest, and the principal amount of the Notes does not accrete. The Notes mature on December 1, 2018, unless previously purchased or converted in accordance with their terms prior to such date. The Company may not redeem the Notes prior to maturity. However, holders of the Notes may convert them at certain times and upon the occurrence of certain events in the future, as outlined in the indenture governing the Notes (the “Indenture”). Holders of the Notes who convert in connection with a “make-whole fundamental change,” as defined in the Indenture, may require Yahoo to purchase for cash all or any portion of their Notes at a purchase price equal to 100 percent of the principal amount, plus accrued and unpaid special interest as defined in the Indenture, if any. The Notes are convertible, subject to certain conditions, into shares of Yahoo common stock at an initial conversion rate of 18.7161 shares per $1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately $53.43 per share), subject to adjustment upon the occurrence of certain events. Upon conversion of the Notes, holders will receive cash, shares of Yahoo’s common stock or a combination thereof, at Yahoo’s election. The Company’s intent is to settle the principal amount of the Notes in cash upon conversion. If the conversion value exceeds the principal amount, the Company would deliver shares of its common stock with respect to the remainder of its conversion obligation in excess of the aggregate principal amount (conversion spread). As of June 30, 2015, none of the conditions allowing holders of the Notes to convert had been met. The Notes consist of the following (in thousands): December 31, 2014 June 30, 2015 Liability component: Principal $ 1,437,500 $ 1,437,500 Less: note discount (267,077) (235,960) Net carrying amount $ 1,170,423 $ 1,201,540 Equity component (*) $ 305,569 $ 305,569 (*) Recorded on the condensed consolidated balance sheets within additional paid-in capital. The following table sets forth total interest expense recognized related to the Notes (in thousands): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Accretion of convertible note discount $ 14,860 $ 15,660 $ 29,526 $ 31,117 The estimated fair value of the Notes, which was determined based on inputs that are observable in the market (Level 2), and the carrying value of debt instruments (carrying value excludes the equity component of the Notes classified in equity) was as follows (in thousands): December 31, 2014 June 30, 2015 Fair Value Carrying Value Fair Value Carrying Value Convertible senior notes $ 1,175,240 $ 1,170,423 $ 1,226,670 $ 1,201,540 |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies | Note 12 Commitments And Contingencies Lease Commitments . Gross Operating Net Operating Lease Sublease Lease Commitments Income Commitments Six months ending December 31, 2015 $ 69 $ (8) $ 61 Years ending December 31, 2016 $ 110 $ (12) $ 98 2017 $ 82 $ (10) $ 72 2018 $ 59 $ (7) $ 52 2019 $ 48 $ (5) $ 43 2020 $ 35 $ (2) $ 33 Due after 5 years $ 109 $ (3) $ 106 Total gross and net lease commitments $ 512 $ (47) $ 465 Capital Lease Commitments Six months ending December 31, 2015 $ 9 Years ending December 31, 2016 15 2017 10 2018 9 2019 5 2020 - Due after 5 years - Gross lease commitments 48 Less: interest 9 Net lease commitments included in other long-term liabilities $ 39 Affiliate Commitments . Non-cancelable Obligations . Intellectual Property Rights . Other Commitments . As of June 30, 2015, the Company did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. Accordingly, the Company is not exposed to any financing, liquidity, market, or credit risk that could arise if the Company had such relationships. In addition, the Company identified no variable interests currently held in entities for which it is the primary beneficiary. Legal Contingencies General. Patent Matters. Stockholder and Securities Matters. Since June 6, 2011, two purported stockholder class actions were filed in the U.S. District Court for the Northern District of California against the Company and certain officers and directors of the Company by plaintiffs Bonato and the Twin Cities Pipe Trades Pension Trust. In October 2011, the District Court consolidated the two actions under the caption In re Yahoo! Inc. Securities Litigation On April 22, 2015, a stockholder action captioned Cathy Buch v. David Filo, et al. Mexico Matters . On November 28, 2012, the 49th Civil Court of Mexico entered a non-final judgment against the Company and Yahoo! Mexico in the amount of USD $2.75 billion and a non-final judgment in favor of Yahoo! Mexico on its counterclaim against WWD in the amount of $2.6 million. The judgment against the Company and Yahoo! Mexico purported to leave open for determination in future proceedings certain other alleged damages that were not quantified in the judgment. On December 12, 2012 and December 13, 2012, respectively, Yahoo! Mexico and the Company appealed the judgment to a three-magistrate panel of the Superior Court of Justice for the Federal District (the “Superior Court”). On May 15, 2013, the Superior Court reversed the judgment, overturned all monetary awards against the Company and reduced the monetary award against Yahoo! Mexico to $172,500. The Superior Court affirmed the award of $2.6 million in favor of Yahoo! Mexico on its counterclaim. Plaintiffs appealed the Superior Court’s decision to the Mexican Federal Civil Collegiate Court for the First Circuit (“Civil Collegiate Court”). The Company appealed the Superior Court’s decision not to award it statutory costs in the underlying proceeding. Yahoo! Mexico appealed the Superior Court’s award of $172,500, the Superior Court’s decision not to award it additional moneys beyond the $2.6 million award on its counterclaims, and the Superior Court’s decision not to award it statutory costs. On January 14, 2015, the Civil Collegiate Court denied all of the appeals. On February 16, 2015, plaintiffs filed a petition for review by the Supreme Court of Mexico, where review is limited to constitutional questions under Mexican law. The plaintiff’s petition was denied. Plaintiffs are seeking to reverse the denial through further review by the Supreme Court of Mexico. The Company believes there is no basis to reverse the denial in the matter; however, we cannot assure the ultimate outcome of the matter. On September 10, 2014, the same plaintiffs in the Mexico litigation described above filed an action in U.S. District Court for the Southern District of New York against Yahoo! Inc., Yahoo! Mexico, Baker & McKenzie, and Baker & McKenzie, S.C. Plaintiffs allege that defendants conspired to influence the Mexican courts and “illegally obtain a favorable judgment” in the above litigation. Plaintiffs advance claims for relief under the Racketeer Influenced and Corrupt Organizations Act of 1970 (“RICO”), which provides for treble damages in certain cases, conspiracy to violate RICO, common-law fraud, and civil conspiracy. Their operative amended complaint seeks unspecified damages. The Company and Yahoo! Mexico have filed a motion to dismiss the amended complaint. The Company believes the plaintiffs’ claims in this action are without merit. The Company has determined, based on current knowledge, that the amount or range of reasonably possible losses, including reasonably possible losses in excess of amounts already accrued, is not reasonably estimable with respect to certain matters described above. The Company has also determined, based on current knowledge, that the aggregate amount or range of losses that are estimable with respect to the Company’s legal proceedings, including the matters described above other than the Mexico matters, would not have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. Amounts accrued as of June 30, 2015 were not material. The Company did not accrue for the judgment in Mexico, which was reversed as explained above. The ultimate outcome of legal proceedings involves judgments, estimates and inherent uncertainties, and cannot be predicted with certainty. In the event of a determination adverse to Yahoo, its subsidiaries, directors, or officers in these matters, the Company may incur substantial monetary liability, and be required to change its business practices. Either of these events could have a material adverse effect on the Company’s financial position, results of operations, or cash flows. The Company may also incur substantial legal fees, which are expensed as incurred, in defending against these claims. |
Stockholders' Equity And Employ
Stockholders' Equity And Employee Benefits | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity And Employee Benefits | Note 13 Stockholders’ Equity And Employee Benefits Stock Options . Weighted Average Exercise Price Per Shares Share Outstanding at December 31, 2014 (1) 9,225 $ 18.57 Options granted - $ - Options assumed in acquisitions - $ - Options exercised (2) (1,328) $ 17.19 Options expired (562) $ 19.18 Options cancelled/forfeited (105) $ 15.55 Outstanding at June 30, 2015 (1) 7,230 $ 18.82 (1) Includes shares subject to performance-based stock options for which performance goals had not been set as of the date shown. (2) The Company generally issues new shares to satisfy stock option exercises. As of June 30, 2015, there was $36 million of unamortized stock-based compensation expense related to unvested stock options, which is expected to be recognized over a weighted average period of 1.6 years. Restricted Stock Units Restricted stock unit (“RSU”) activity under the Plans for the six months ended June 30, 2015 is summarized as follows (in thousands, except per share amounts): Weighted Average Grant Date Fair Value Shares Per Share Awarded and unvested at December 31, 2014 (1) 40,677 $ 32.38 Granted (2) 12,767 $ 43.82 Assumed in acquisitions - $ - Vested (9,100) $ 27.88 Forfeited (7,243) $ 32.67 Awarded and unvested at June 30, 2015 (1) 37,101 $ 37.37 (1) Includes the maximum number of shares issuable under the Company’s performance-based restricted stock unit awards (including future-year tranches for which performance goals had not been set) as of the date shown. (2) Includes the maximum number of shares issuable under the performance-based restricted stock unit awards granted during the six months ended June 30, 2015 (including future-year tranches for which performance goals had not been set during the period); excludes tranches of previously granted performance-based restricted stock units for which performance goals were set during the six months ended June 30, 2015. As of June 30, 2015, there was $847 million of unamortized stock-based compensation expense related to unvested restricted stock units and restricted stock, which is expected to be recognized over a weighted average period of 2.5 years. During the six months ended June 30, 2014 and 2015, 11.4 million shares and 9.1 million shares, respectively, that were subject to previously granted restricted stock units, vested. These vested restricted stock units were net share settled. During the six months ended June 30, 2014 and 2015, the Company withheld 4.2 million shares and 3.4 million shares, respectively, based upon the Company’s closing stock price on the vesting date, to satisfy the Company’s tax withholding obligation relating to the employees’ minimum statutory obligation for the applicable income and other employment taxes. The Company then remitted cash to the appropriate taxing authorities. Total payments for the employees’ tax obligations to the relevant taxing authorities were $160 million and $150 million, respectively, for the six months ended June 30, 2014 and 2015 and are reflected as a financing activity within the condensed consolidated statements of cash flows. The payments were used for tax withholdings related to the net share settlements of restricted stock units. The payments had the effect of share repurchases by the Company as they reduced the number of shares that would have otherwise been issued on the vesting date and were recorded as a reduction of additional paid-in capital. Performance Options . Performance RSUs . Stock Repurchases . |
Restructuring Charges, Net
Restructuring Charges, Net | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring Charges, Net | Note 14 Restructuring Charges, Net Restructuring charges, net was comprised of the following (in thousands): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Employee severance pay and related costs $ 82 $ 7,149 $ 3,673 $ 51,149 Non-cancelable lease, contract termination, and other charges 61,906 13,403 68,438 22,020 Reversals of previous charges (2,336 ) (790 ) (2,972 ) (4,021 ) Non-cash accelerations of stock-based compensation expense - - - 2,705 Other non-cash credits (7,031 ) (74 ) (7,031 ) (933 ) Restructuring charges, net $ 52,621 $ 19,688 $ 62,108 $ 70,920 The Company has implemented various restructuring plans to reduce its cost structure, align resources with its product strategy and improve efficiency, which have resulted in workforce reductions and the consolidation of certain real estate facilities and data centers. For the three months ended June 30, 2014, the Company recorded expense of $50 million and $3 million related to the Americas and EMEA segments, respectively. For the six months ended June 30, 2014, the Company recorded expense of $55 million and $7 million related to the Americas and EMEA segments, respectively. For the three months ended June 30, 2015, the Company recorded expense of $12 million, $7 million, and $1 million related to the Americas, EMEA, and Asia Pacific segments, respectively. For the six months ended June 30, 2015, the Company recorded expense of $53 million, $14 million, and $4 million related to the Americas, EMEA, and Asia Pacific segments, respectively. The amounts recorded during the six months ended June 30, 2015 were primarily related to severance, facility and other related costs pursuant to restructuring plans initiated by the Company in the fourth quarter of 2014 and the first quarter of 2015. The Company’s restructuring accrual activity for the six months ended June 30, 2015 is summarized as follows (in thousands): Accrual balance as of December 31, 2014 $ 83,608 Restructuring charges 70,920 Cash paid (82,766 ) Non-cash accelerations of stock-based compensation expense (2,705 ) Foreign currency translation and other adjustments 292 Accrual balance as of June 30, 2015 $ 69,349 The $69 million restructuring liability as of June 30, 2015 consisted of $8 million for employee severance pay expenses, which the Company expects to pay out by the end of the second quarter of 2016, and $61 million relating to non-cancelable lease costs, which the Company expects to pay over the terms of the related obligations through the third quarter of 2022, less estimated sublease income. The restructuring accrual by reportable segment consisted of the following (in thousands): December 31, 2014 June 30, 2015 Americas $ 65,949 $ 58,210 EMEA 16,797 11,058 Asia Pacific 862 81 Total restructuring accruals $ 83,608 $ 69,349 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes | Note 15 Income Taxes The Company’s effective tax rate is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. Historically, the Company’s provision for income taxes has differed from the tax computed at the U.S. federal statutory income tax rate due to state taxes, the effect of non-U.S. operations, non-deductible stock-based compensation expense, non-deductible acquisition-related costs, and adjustments to unrecognized tax benefits. The Company recorded income tax expense of $8 million and $58 million for the three months ended June 30, 2014 and 2015, respectively. The Company recorded income tax expense of $12 million and $18 million for the six months ended June 30, 2014 and 2015, respectively. Despite the pre-tax loss, the Company recorded income tax expense for the three and six months ended June 30, 2015, based on forecasted tax expense for fiscal year 2015 as a result of tax expense in profitable jurisdictions being higher than tax benefits anticipated in loss jurisdictions. The tax provision increased in the three and six months ended June 30, 2015 compared to the same period last year primarily due to non-deductible acquisition costs plus limited tax benefits in loss jurisdictions combined with tax expense in profitable jurisdictions. As of June 30, 2015, the Company does not anticipate repatriating its undistributed foreign earnings of approximately $3.0 billion. Those earnings are principally related to its equity method investment in Yahoo Japan. If those earnings were to be repatriated in the future, the Company may be subject to additional U.S. income taxes (subject to an adjustment for foreign tax credits). It is not practicable to determine the income tax liability that might be incurred if these earnings were to be repatriated. The Company’s gross amount of unrecognized tax benefits as of June 30, 2015 was $1,041 million, of which $987 million is recorded on the condensed consolidated balance sheets. The gross unrecognized tax benefits as of June 30, 2015 increased by $17 million from the recorded balance as of December 31, 2014. The Company is in various stages of examination and appeal in connection with its taxes both in the U.S. and in foreign jurisdictions. Those audits generally span tax years 2005 through 2013. As of June 30, 2015, the Company’s 2011 through 2013 U.S. federal income tax returns are currently under examination. The Company has protested the proposed California Franchise Tax Board’s adjustments to the 2005 through 2008 returns, but no conclusions have been reached to date. While it is difficult to determine when the examinations will be settled or their final outcomes, certain audits in various jurisdictions are expected to be resolved in the foreseeable future. As a result, it is reasonably possible that the Company’s unrecognized tax benefits could be reduced by up to approximately $153 million in the next twelve months. The Company believes that it has adequately provided for any reasonably foreseeable adjustment and that any settlement will not have a material adverse effect on its consolidated financial position, results of operations, or cash flows. The Company may have additional tax liabilities in China related to the sale to Alibaba Group of 523 million Alibaba Group shares that took place during the year ended December 31, 2012 and related to the sale of the 140 million Alibaba Group ADSs sold in the Alibaba Group IPO that took place during the year ended December 31, 2014. Any taxes assessed and paid in China are expected to be ultimately offset and recovered in the U.S. through the use of foreign tax credits. Tax authorities from the Brazilian State of Sao Paulo have assessed certain indirect taxes against the Company’s Brazilian subsidiary, Yahoo! do Brasil Internet Ltda., related to online advertising services. The assessment is for calendar years 2008 through 2011 and, translated into U.S. dollars as of June 30, 2015, totals approximately $110 million. The Company currently believes the assessment is without merit. The Company believes the risk of loss is remote and has not recorded an accrual for the assessment. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2015 | |
Segments | Note 16 Segments The Company continues to manage its business geographically. The primary areas of measurement and decision-making are Americas, EMEA (Europe, Middle East, and Africa), and Asia Pacific. Management relies on an internal reporting process that provides revenue, revenue ex-TAC (which is defined as revenue less cost of revenue – TAC), direct costs excluding TAC by segment, and consolidated income from operations for making decisions related to the evaluation of the financial performance of, and allocating resources to, the Company’s segments. The following tables present summarized information by segment (in thousands): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Revenue by segment: Americas $ 805,535 $ 992,210 $ 1,672,463 $ 1,976,931 EMEA 97,847 85,830 189,417 166,916 Asia Pacific 180,809 165,225 355,041 325,388 Total Revenue $ 1,084,191 $ 1,243,265 $ 2,216,921 $ 2,469,235 TAC by segment: Americas $ 30,296 $ 180,822 $ 64,390 $ 347,477 EMEA 10,212 12,950 19,405 24,654 Asia Pacific 3,318 6,458 5,940 11,238 Total TAC $ 43,826 $ 200,230 $ 89,735 $ 383,369 Revenue ex-TAC by segment: Americas $ 775,239 $ 811,388 $ 1,608,073 $ 1,629,454 EMEA 87,635 72,880 170,012 142,262 Asia Pacific 177,491 158,767 349,101 314,150 Total Revenue ex-TAC 1,040,365 1,043,035 2,127,186 2,085,866 Direct costs by segment (1) Americas 60,167 76,148 120,977 134,892 EMEA 21,395 20,551 43,339 40,702 Asia Pacific 48,139 51,818 94,967 102,550 Global operating costs (2) 631,801 649,915 1,282,659 1,334,006 Gain on sale of patents (61,500 ) (9,100 ) (61,500 ) (11,100) Depreciation and amortization 146,860 153,679 304,394 305,218 Stock-based compensation expense 102,445 125,130 211,626 240,826 Restructuring charges, net 52,621 19,688 62,108 70,920 Income from (loss) operations $ 38,437 $ (44,794 ) $ 68,616 $ (132,148) (1) Direct costs for each segment include costs associated with the local sales teams and other cost of revenue. Prior to the fourth quarter of 2014, marketing, media, costs associated with Yahoo Properties and ad operation costs were managed locally and included as direct costs for each segment. Such costs are now included in global operating costs. Prior period amounts have been revised to conform to the current presentation. (2) Global operating costs include product development, marketing, real estate workplace, general and administrative, and other corporate expenses that are managed on a global basis and that are not directly attributable to any particular segment. Beginning in the fourth quarter of 2014, marketing, media, costs associated with Yahoo Properties and other ad operation costs are managed globally and included as global costs. Prior period amounts have been revised to conform to the current presentation. Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Capital expenditures, net: Americas $ 100,340 $ 139,935 $ 164,317 $ 262,188 EMEA 3,274 6,978 19,036 14,648 Asia Pacific 3,744 8,529 8,660 13,527 Total capital expenditures, net $ 107,358 $ 155,442 $ 192,013 $ 290,363 December 31, 2014 June 30, 2015 Property and equipment, net: Americas: U.S. $ 1,382,597 $ 1,416,724 Other 787 590 Total Americas $ 1,383,384 $ 1,417,314 EMEA 34,649 39,841 Asia Pacific 69,651 67,384 Total property and equipment, net $ 1,487,684 $ 1,524,539 See Note 5 — “Goodwill” and Note 14 — “Restructuring Charges, Net” for additional information regarding segments. Enterprise Wide Disclosures The following table presents revenue for groups of similar services (in thousands): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Search $ 428,418 $ 521,126 $ 873,185 $ 1,052,792 Display 436,053 500,376 889,277 964,109 Other 219,720 221,763 454,459 452,334 Total revenue $ 1,084,191 $ 1,243,265 $ 2,216,921 $ 2,469,235 Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Revenue: U.S. $ 771,959 $ 965,228 $ 1,605,616 $ 1,928,739 International 312,232 278,037 611,305 540,496 Total revenue $ 1,084,191 $ 1,243,265 $ 2,216,921 $ 2,469,235 Revenue is attributed to individual countries according to the online property that generated the revenue. No single foreign country was material to revenue for the three or six months ended June 30, 2014 and 2015. |
Search Agreement With Microsoft
Search Agreement With Microsoft Corporation | 6 Months Ended |
Jun. 30, 2015 | |
Search Agreement With Microsoft Corporation | Note 17 Search Agreement With Microsoft Corporation On December 4, 2009, the Company entered into the Search Agreement with Microsoft. On February 18, 2010, the Company received regulatory clearance from both the U.S. Department of Justice and the European Commission and on February 23, 2010 the Company commenced implementation of the Search Agreement on a market-by-market basis. On April 15, 2015, the Company and Microsoft entered into the Eleventh Amendment to the Search Agreement (the “Eleventh Amendment”) pursuant to which the terms of the Search Agreement were amended. Previously under the Search Agreement, Microsoft was the exclusive algorithmic and paid search services provider to Yahoo on personal computers for Yahoo Properties and for search services provided by Yahoo to Affiliate sites. Microsoft was the non-exclusive provider on mobile devices. Pursuant to the Eleventh Amendment, Microsoft will provide such services on a non-exclusive basis for Yahoo Properties and Affiliate sites on all devices. Commencing on May 1, 2015, Yahoo agrees to request paid search results from Microsoft for 51 percent of its search queries originating from personal computers accessing Yahoo Properties and its Affiliate sites (the “Volume Commitment”) and will display only Microsoft’s paid search results on such search result pages. Previously under the Search Agreement, the Company was entitled to receive a percentage of the revenue (the “Revenue Share Rate”) generated from Microsoft’s services on Yahoo Properties and on Affiliate sites after deduction of the Affiliate sites’ share of revenue and certain Microsoft costs. The Revenue Share Rate was 88 percent for the first five years of the Search Agreement and then increased to 90 percent on February 23, 2015. Pursuant to the Eleventh Amendment, the Revenue Share Rate increased to 93 percent, but Microsoft now receives its 7 percent revenue share before deduction of the Affiliate site’s share of revenue. The Affiliate site’s share of revenue is deducted from the Company’s 93 percent Revenue Share Rate. Additionally, pursuant to the Eleventh Amendment, the Company will now have the ability in response to queries on both personal computers and mobile devices to request algorithmic listings only, paid listings only or both algorithmic and paid listings from Microsoft. To the extent the Company requests algorithmic listings only or requests paid listings but elects not to display such paid listings, the Company will pay Microsoft serving costs but not a revenue share. In other cases and with respect to the Volume Commitment, the Revenue Share Rate will apply. Previously under the Search Agreement, Yahoo had sales exclusivity for both the Company’s and Microsoft’s premium advertisers. Pursuant to the Eleventh Amendment, this sales exclusivity terminated on July 1, 2015. The Company and Microsoft have commenced transitioning premium advertisers for Microsoft’s paid search services to Microsoft. The Eleventh Amendment requires this transition to be completed by January 31, 2016. The term of the Search Agreement remains 10 years from its commencement date, February 23, 2010, subject to earlier termination as provided in the Search Agreement. Pursuant to the Eleventh Amendment, on or after October 1, 2015, either the Company or Microsoft may terminate the Search Agreement by delivering a written notice of termination to the other party. The Search Agreement will remain in effect for four months from the date of the termination notice to provide for a transition period; however, the Company’s Volume Commitment will not apply in the third and fourth months of this transition period. The Company reports as revenue the revenue share it receives from Microsoft under the Search Agreement as the Company is not the primary obligor in the arrangement with the advertisers and publishers. The underlying search advertising services are provided by Microsoft. Approximately 36 percent and 37 percent of the Company’s revenue for the three months ended June 30, 2014 and 2015, respectively, was attributable to the Search Agreement, and approximately 36 percent and 38 percent of the Company’s revenue for the six months ended June 30, 2014 and 2015, respectively, was attributable to the Search Agreement. As of December 31, 2014 and June 30, 2015, the Company had collected total amounts of $52 million and less than $1 million, respectively, on behalf of Microsoft and Microsoft’s affiliates, which was included in cash and cash equivalents with a corresponding liability in accrued expenses and other current liabilities. The Company’s uncollected revenue share in connection with the Search Agreement was $330 million and $328 million, which is included in accounts receivable, net, as of December 31, 2014 and June 30, 2015, respectively. On December 9, 2010, in connection with entering into the Search Agreement, the Company also entered into a License Agreement with Microsoft (as amended, the “License Agreement”). Under the License Agreement, Microsoft acquired an exclusive 10-year license to the Company’s core search technology and has the ability to integrate this technology into its existing Web search platforms. Pursuant to the Eleventh Amendment, the exclusive licenses granted to Microsoft under the License Agreement became non-exclusive. The Company also agreed pursuant to the Eleventh Amendment to license certain sales tools to Microsoft to use solely in connection with Microsoft’s paid search services pursuant to the terms of the License Agreement. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events | Note 18 Subsequent Events Credit Agreement. |
The Company And Summary Of Si26
The Company And Summary Of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation | Basis of Presentation . The accompanying unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for the full year or for any future periods. The preparation of consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”) requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses and the related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to revenue, the useful lives of long-lived assets including property and equipment and intangible assets, investment fair values, stock-based compensation, goodwill, income taxes, contingencies, and restructuring charges. The Company bases its estimates of the carrying value of certain assets and liabilities on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, when these carrying values are not readily available from other sources. Actual results may differ from these estimates. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The condensed consolidated balance sheet as of December 31, 2014 was derived from the Company’s audited financial statements for the year ended December 31, 2014, but does not include all disclosures required by U.S. GAAP. However, the Company believes the disclosures are adequate to make the information presented not misleading. |
Cost of revenue - TAC | Cost of revenue — TAC |
Recent Accounting Pronouncements | Recent Accounting Pronouncements . |
Marketable Securities, Invest27
Marketable Securities, Investments And Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Available for Sale Securities | The following tables summarize the available-for-sale securities (in thousands): December 31, 2014 Cost Basis Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Government and agency securities $ 850,712 $ 82 $ (792 ) $ 850,002 Corporate debt securities, commercial paper, time deposits, and bank certificates of deposit 6,711,683 612 (4,653 ) 6,707,642 Alibaba Group equity securities 2,713,484 37,154,305 - 39,867,789 Hortonworks equity securities 26,246 77,783 - 104,029 Other corporate equity securities 230 430 - 660 Total available-for-sale marketable securities $ 10,302,355 $ 37,233,212 $ (5,445 ) $ 47,530,122 June 30, 2015 Cost Basis Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Government and agency securities $ 804,776 $ 378 $ (41 ) $ 805,113 Corporate debt securities, commercial paper, time deposits, and bank certificates of deposit 5,002,096 721 (2,107 ) 5,000,710 Alibaba Group equity securities 2,713,484 28,842,443 - 31,555,927 Hortonworks equity securities 26,246 71,130 - 97,376 Other corporate equity securities 230 314 - 544 Total available-for-sale marketable securities $ 8,546,832 $ 28,914,986 $ (2,148 ) $ 37,459,670 |
Schedule of Available for Sale Securities by Balance Sheet Location | December 31, June 30, 2014 2015 Reported as: Short-term marketable securities $ 5,327,412 $ 4,636,152 Long-term marketable securities 2,230,892 1,169,671 Investment in Alibaba Group 39,867,789 31,555,927 Other long-term assets and investments 104,029 97,920 Total $ 47,530,122 $ 37,459,670 |
Schedule of Available for Sale Marketable Securities by Contractual Maturities | The remaining contractual maturities of available-for-sale marketable debt securities were as follows (in thousands): December 31, June 30, 2014 2015 Due within one year $ 5,327,412 $ 4,636,152 Due after one year through five years 2,230,892 1,169,671 Total available-for-sale marketable debt securities $ 7,558,304 $ 5,805,823 |
Available for Sale Marketable Securities in Unrealized Loss Position | The following tables show all available-for-sale marketable debt securities in an unrealized loss position for which an other-than-temporary impairment has not been recognized and the related gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): December 31, 2014 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss Government and agency securities $ 744,948 $ (792 ) $ - $ - $ 744,948 $ (792 ) Corporate debt securities, commercial paper, and bank certificates of deposit 2,601,288 (4,646 ) 3,234 (7 ) 2,604,522 (4,653 ) Total available-for-sale marketable debt securities $ 3,346,236 $ (5,438 ) $ 3,234 $ (7 ) $ 3,349,470 $ (5,445 ) June 30, 2015 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss Government and agency securities $ 133,333 $ (41 ) $ - $ - $ 133,333 $ (41 ) Corporate debt securities, commercial paper, and bank certificates of deposit 2,045,898 (2,107 ) - - 2,045,898 (2,107 ) Total available-for-sale marketable debt securities $ 2,179,231 $ (2,148 ) $ - $ - $ 2,179,231 $ (2,148 ) |
Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | The following table sets forth the financial assets and liabilities, measured at fair value, by level within the fair value hierarchy as of December 31, 2014 (in thousands): Fair Value Measurements at Reporting Date Using Assets Level 1 Level 2 Level 3 Total Money market funds (1) $ 373,822 $ - $ - $ 373,822 Available-for-sale marketable debt securities: Government and agency securities (1) - 850,002 - 850,002 Commercial paper and bank certificates of deposit (1) - 3,602,321 - 3,602,321 Corporate debt securities (1) - 3,327,017 - 3,327,017 Time deposits (1) - 1,361,165 - 1,361,165 Available-for-sale equity securities: Other corporate equity securities (2) 660 - - 660 Alibaba Group equity securities 39,867,789 - - 39,867,789 Hortonworks equity securities (2) 104,029 - - 104,029 Hortonworks warrants - - 98,062 98,062 Foreign currency derivative contracts (3) - 202,928 - 202,928 Financial assets at fair value $ 40,346,300 $ 9,343,433 $ 98,062 $ 49,787,795 Liabilities Foreign currency derivative contracts (3) - (6,157 ) - (6,157 ) Total financial assets and liabilities at fair value $ 40,346,300 $ 9,337,276 $ 98,062 $ 49,781,638 The following table sets forth the financial assets and liabilities, measured at fair value, by level within the fair value hierarchy as of June 30, 2015 (in thousands): Fair Value Measurements at Reporting Date Using Assets Level 1 Level 2 Level 3 Total Money market funds (1) $ 403,419 $ - $ - $ 403,419 Available-for-sale marketable debt securities: Government and agency securities (1) - 805,113 - 805,113 Commercial paper and bank certificates of deposit (1) - 1,982,018 - 1,982,018 Corporate debt securities (1) - 3,059,041 - 3,059,041 Time deposits (1) - 73,988 - 73,988 Available-for-sale equity securities: Other corporate equity securities (2) 544 - - 544 Alibaba Group equity securities 31,555,927 - - 31,555,927 Hortonworks equity securities (2) 97,376 - - 97,376 Hortonworks warrants - - 91,601 91,601 Foreign currency derivative contracts (3) - 181,196 - 181,196 Financial assets at fair value $32,057,266 $ 6,101,356 $ 91,601 $38,250,223 Liabilities Foreign currency derivative contracts (3) - (9,278 ) - (9,278 ) Total financial assets and liabilities at fair value $32,057,266 $ 6,092,078 $ 91,601 $38,240,945 (1) The money market funds, government and agency securities, commercial paper and bank certificates of deposit, corporate debt securities, and time deposits are classified as part of either cash and cash equivalents or short or long-term marketable securities on the condensed consolidated balance sheets. (2) The Hortonworks equity securities and other corporate equity securities are classified as part of other long-term assets and investments on the condensed consolidated balance sheets. (3) Foreign currency derivative contracts are classified as part of either other current or noncurrent assets or liabilities on the condensed consolidated balance sheets. The notional amounts of the foreign currency derivative contracts were: $2.1 billion, including contracts designated as net investment hedges of $1.6 billion, as of December 31, 2014; and $2.3 billion, including contracts designated as net investment hedges of $1.8 billion, as of June 30, 2015. |
Consolidated Financial Statem28
Consolidated Financial Statement Details (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income were as follows (in thousands): December 31, June 30, 2014 2015 Unrealized gains on available-for-sale securities, net of tax $ 22,084,960 $ 17,158,878 Unrealized gains (losses) on cash flow hedges, net of tax 1,856 (1,287 ) Foreign currency translation, net of tax (67,188 ) (282,252 ) Accumulated other comprehensive income $ 22,019,628 $ 16,875,339 |
Noncontrolling Interests | Noncontrolling interests were as follows (in thousands): December 31, June 30, 2014 2015 Beginning noncontrolling interests $ 55,688 $ 43,755 Distributions to noncontrolling interests (22,344 ) (15,847 ) Net income attributable to noncontrolling interests 10,411 3,340 Ending noncontrolling interests $ 43,755 $ 31,248 |
Other Expense, Net | Other expense, net was as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2014 2015 2014 2015 Interest, dividend and investment income $ 5,596 $ 8,034 $ 11,033 $ 16,879 Interest expense (17,088 ) (17,558 ) (34,169 ) (35,128 ) Gain (loss) on Hortonworks warrants - 5,449 - (6,460 ) Other (2,097 ) (7,666 ) (3,906 ) (18,095 ) Total other expense, net $ (13,589 ) $ (11,741 ) $ (27,042 ) $ (42,804 ) |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications out of accumulated other comprehensive income for the three months ended June 30, 2014 and 2015 were as follows (in thousands): Three Months Ended June 30, 2014 June 30, 2015 Reclassified from Reclassified from Accumulated Accumulated Other Other Comprehensive Comprehensive Affected Line Item in the Income Income Statement of Income Realized (gains) losses on cash flow hedges, net of tax $ (285 ) $ 478 Revenue Realized (gains) losses on available-for-sale securities, net of tax (109 ) (81 ) Other income, net Total reclassifications for the period $ (394 ) $ 397 Reclassifications out of accumulated other comprehensive income for the six months ended June 30, 2014 and 2015 were as follows (in thousands): Six Months Ended June 30, June 30, 2014 2015 Reclassified from Reclassified from Accumulated Accumulated Other Other Comprehensive Comprehensive Affected Line Item in the Income Income Statement of Income Realized (gains) losses on cash flow hedges, net of tax $ (739 ) $ 2,138 Revenue Realized (gains) losses on available-for-sale securities, net of tax (121 ) 2 Other income, net Total reclassifications for the period $ (860 ) $ 2,140 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule Of Goodwill | The changes in the carrying amount of goodwill for the six months ended June 30, 2015 were as follows (in thousands): Americas (1) EMEA (2) Asia Pacific (3) Total Net balance as of January 1, 2015 $ 4,322,219 $ 532,469 $ 297,882 $ 5,152,570 Acquisitions - 20,249 - 20,249 Foreign currency translation adjustments (1,110) (22,169) (2,961) (26,240) Net balance as of June 30, 2015 $ 4,321,109 $ 530,549 $ 294,921 $ 5,146,579 (1) Gross goodwill balance for the Americas segment was $4.3 billion as of June 30, 2015. (2) Gross goodwill balance for the EMEA segment was $1.2 billion as of June 30, 2015. The EMEA segment includes accumulated impairment losses of $630 million as of June 30, 2015. (3) Gross goodwill balance for the Asia Pacific segment was $454 million as of June 30, 2015. The Asia Pacific segment includes accumulated impairment losses of $159 million as of June 30, 2015. |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Intangible Assets, Net | The following table summarizes the Company’s intangible assets, net (in thousands): December 31, 2014 June 30, 2015 Net Gross Carrying Amount Accumulated Amortization (*) Net Customer, affiliate, and advertiser related relationships $ 281,596 $ 363,500 $ (111,038) $ 252,462 Developed technology and patents 122,674 202,354 (103,538) 98,816 Trade names, trademarks, and domain names 66,572 107,939 (46,982) 60,957 Total intangible assets, net $ 470,842 $ 673,793 $ (261,558) $ 412,235 (*) Cumulative foreign currency translation adjustments, reflecting movement in the currencies of the underlying entities, increased total intangible assets by approximately $18 million as of June 30, 2015. |
Basic And Diluted Net Income 31
Basic And Diluted Net Income (Loss) Attributable To Yahoo! Inc. Common Stockholders Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Computation of Basic and Diluted Net Income (Loss) Per Share | The following table sets forth the computation of basic and diluted net income (loss) per share (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Basic: Numerator: Net income (loss) attributable to Yahoo! Inc. $ 269,707 $ (21,554) $ 581,285 $ (356) Less: Net income allocated to participating securities (2) - (5) - Net income (loss) attributable to Yahoo! Inc. common stockholders — basic $ 269,705 $ (21,554) $ 581,280 $ (356) Denominator: Weighted average common shares 999,765 937,569 1,004,828 936,159 Net income (loss) attributable to Yahoo! Inc. common stockholders per share — basic $ 0.27 $ (0.02) $ 0.58 $ (0.00) Diluted: Numerator: Net income (loss) attributable to Yahoo! Inc. $ 269,707 $ (21,554) $ 581,285 $ (356) Less: Net income allocated to participating securities (2) - (5) - Less: Effect of dilutive securities issued by equity investees (9,421) (1,125) (21,786) (2,319) Net income (loss) attributable to Yahoo! Inc. common stockholders — diluted $ 260,284 $ (22,679) $ 559,494 $ (2,675) Denominator: Denominator for basic calculation 999,765 937,569 1,004,828 936,159 Weighted average effect of Yahoo! Inc. dilutive securities: Restricted stock units 10,855 - 13,262 - Stock options and employee stock purchase plan 4,072 - 4,966 - Denominator for diluted calculation 1,014,692 937,569 1,023,056 936,159 Net income (loss) attributable to Yahoo! Inc. common stockholders per share — diluted $ 0.26 $ (0.02) $ 0.55 $ (0.00) |
Condensed Financial Informati32
Condensed Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments in Equity Interests Using Equity Method of Accounting | The following table summarizes the Company’s investments in equity interests using the equity method of accounting (dollars in thousands): December 31, 2014 Percent Ownership June 30, 2015 Percent Ownership Yahoo Japan $ 2,482,660 35.5 % $ 2,319,586 35.5 % Other 6,918 20 % 6,850 20 % Total $ 2,489,578 $ 2,326,436 |
Foreign Currency Derivative F33
Foreign Currency Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notional Amounts of Company's Outstanding Derivative Contracts | Notional amounts of the Company’s outstanding derivative contracts were as follows (in millions): December 31, 2014 June 30, 2015 Derivatives designated as hedging instruments: Net investment hedge forward and option contracts $ 1,647 $ 1,802 Cash flow hedge forwards $ 222 $ 117 Derivatives not designated as hedging instruments: Balance sheet hedges $ 243 $ 415 |
Foreign Currency Derivative Activity | Foreign currency derivative activity for the six months ended June 30, 2014 was as follows (in millions): Beginning Fair Value Settlement Payment (Receipt) Gain (Loss) Recorded in Other Income, Net Gain (Loss) Recorded in Other Comprehensive Income Gain (Loss) Recorded in Revenue Ending Fair Value Derivatives designated as hedging instruments: Net investment hedges $ 209 $ (17 0) $ - $ (41) (*) $ - $ (2 ) Cash flow hedges $ 4 $ ( 2) $ (1 ) $ (4) $ 2 $ (1 ) Derivatives not designated as hedging instruments: Balance sheet hedges $ - $ 3 $ (1 ) $ - $ - $ 2 (*) This amount does not reflect the tax impact of $15 million recorded during the six months ended June 30, 2014. The $26 million after tax impact of the loss recorded within other comprehensive income was included in accumulated other comprehensive income on the Company’s condensed consolidated balance sheets. Foreign currency derivative activity for the six months ended June 30, 2015 was as follows (in millions): Gain (Loss) Gain Gain (Loss) Recorded in (Loss) Settlement Recorded in Other Recorded Beginning Payment Other Income, Comprehensive in Ending Fair Fair Value (Receipt) Net Income Revenue Value Derivatives designated as hedging instruments: Net investment hedges $ 185 $ (38) $ (2 ) 29 (*) $ - $ 174 Cash flow hedges $ 8 $ (1) $ (1 ) $ (3) $ (1) $ 2 Derivatives not designated as hedging instruments: Balance sheet hedges $ 4 $ (22) $ 14 $ - $ - $ (4) (*) This amount does not reflect the tax impact of $11 million recorded during the six months ended June 30, 2015. The $18 million after tax impact of the gain recorded within other comprehensive income was included in accumulated other comprehensive income on the Company’s condensed consolidated balance sheets. |
Foreign Currency Derivative Contracts Balance Sheet Location and Ending Fair Value | Foreign currency derivative contracts balance sheet location and ending fair value was as follows (in millions): Balance Sheet Location December 31, 2014 June 30, 2015 Derivatives designated as hedging instruments: Net investment hedges Asset (1) $ 190 $ 176 Liability (2) $ (5 ) $ (2 ) Cash flow hedges Asset (1) $ 8 $ 4 Liability (2) $ - $ (2 ) Derivatives not designated as hedging instruments: Balance sheet hedges Asset (1) $ 5 $ 1 Liability (2) $ (1 ) $ (5 ) (1) Included in prepaid expenses and other current assets or other long-term assets and investments on the condensed consolidated balance sheets. (2) Included in accrued expenses and other current liabilities or other long-term liabilities on the condensed consolidated balance sheets. |
Convertible Notes (Tables)
Convertible Notes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Notes | The Notes consist of the following (in thousands): December 31, 2014 June 30, 2015 Liability component: Principal $ 1,437,500 $ 1,437,500 Less: note discount (267,077) (235,960) Net carrying amount $ 1,170,423 $ 1,201,540 Equity component (*) $ 305,569 $ 305,569 (*) Recorded on the condensed consolidated balance sheets within additional paid-in capital. |
Interest Expense Recognized Related To Notes | The following table sets forth total interest expense recognized related to the Notes (in thousands): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Accretion of convertible note discount $ 14,860 $ 15,660 $ 29,526 $ 31,117 |
Fair Value and Carrying Value of Notes | Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Accretion of convertible note discount $ 14,860 $ 15,660 $ 29,526 $ 31,117 The estimated fair value of the Notes, which was determined based on inputs that are observable in the market (Level 2), and the carrying value of debt instruments (carrying value excludes the equity component of the Notes classified in equity) was as follows (in thousands): December 31, 2014 June 30, 2015 Fair Value Carrying Value Fair Value Carrying Value Convertible senior notes $ 1,175,240 $ 1,170,423 $ 1,226,670 $ 1,201,540 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Lease Commitments | A summary of gross and net lease commitments as of June 30, 2015 was as follows (in millions): Gross Operating Net Operating Lease Sublease Lease Commitments Income Commitments Six months ending December 31, 2015 $ 69 $ (8) $ 61 Years ending December 31, 2016 $ 110 $ (12) $ 98 2017 $ 82 $ (10) $ 72 2018 $ 59 $ (7) $ 52 2019 $ 48 $ (5) $ 43 2020 $ 35 $ (2) $ 33 Due after 5 years $ 109 $ (3) $ 106 Total gross and net lease commitments $ 512 $ (47) $ 465 |
Capital Lease Commitment | Capital Lease Commitments Six months ending December 31, 2015 $ 9 Years ending December 31, 2016 15 2017 10 2018 9 2019 5 2020 - Due after 5 years - Gross lease commitments 48 Less: interest 9 Net lease commitments included in other long-term liabilities $ 39 |
Stockholders' Equity And Empl36
Stockholders' Equity And Employee Benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Stock Based Compensation Activity | Stock Options . Weighted Average Exercise Price Per Shares Share Outstanding at December 31, 2014 (1) 9,225 $ 18.57 Options granted - $ - Options assumed in acquisitions - $ - Options exercised (2) (1,328) $ 17.19 Options expired (562) $ 19.18 Options cancelled/forfeited (105) $ 15.55 Outstanding at June 30, 2015 (1) 7,230 $ 18.82 (1) Includes shares subject to performance-based stock options for which performance goals had not been set as of the date shown. (2) The Company generally issues new shares to satisfy stock option exercises. |
Schedule of Restricted Stock Units Activity | Restricted stock unit (“RSU”) activity under the Plans for the six months ended June 30, 2015 is summarized as follows (in thousands, except per share amounts): Weighted Average Grant Date Fair Value Shares Per Share Awarded and unvested at December 31, 2014 (1) 40,677 $ 32.38 Granted (2) 12,767 $ 43.82 Assumed in acquisitions - $ - Vested (9,100) $ 27.88 Forfeited (7,243) $ 32.67 Awarded and unvested at June 30, 2015 (1) 37,101 $ 37.37 (1) Includes the maximum number of shares issuable under the Company’s performance-based restricted stock unit awards (including future-year tranches for which performance goals had not been set) as of the date shown. (2) Includes the maximum number of shares issuable under the performance-based restricted stock unit awards granted during the six months ended June 30, 2015 (including future-year tranches for which performance goals had not been set during the period); excludes tranches of previously granted performance-based restricted stock units for which performance goals were set during the six months ended June 30, 2015. |
Restructuring Charges, Net (Tab
Restructuring Charges, Net (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring Charges, Net | Restructuring charges, net was comprised of the following (in thousands): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Employee severance pay and related costs $ 82 $ 7,149 $ 3,673 $ 51,149 Non-cancelable lease, contract termination, and other charges 61,906 13,403 68,438 22,020 Reversals of previous charges (2,336 ) (790 ) (2,972 ) (4,021 ) Non-cash accelerations of stock-based compensation expense - - - 2,705 Other non-cash credits (7,031 ) (74 ) (7,031 ) (933 ) Restructuring charges, net $ 52,621 $ 19,688 $ 62,108 $ 70,920 |
Restructuring Accrual Activity | The Company’s restructuring accrual activity for the six months ended June 30, 2015 is summarized as follows (in thousands): Accrual balance as of December 31, 2014 $ 83,608 Restructuring charges 70,920 Cash paid (82,766 ) Non-cash accelerations of stock-based compensation expense (2,705 ) Foreign currency translation and other adjustments 292 Accrual balance as of June 30, 2015 $ 69,349 |
Restructuring Accrual by Reportable Segment | The restructuring accrual by reportable segment consisted of the following (in thousands): December 31, 2014 June 30, 2015 Americas $ 65,949 $ 58,210 EMEA 16,797 11,058 Asia Pacific 862 81 Total restructuring accruals $ 83,608 $ 69,349 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Information | The following tables present summarized information by segment (in thousands): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Revenue by segment: Americas $ 805,535 $ 992,210 $ 1,672,463 $ 1,976,931 EMEA 97,847 85,830 189,417 166,916 Asia Pacific 180,809 165,225 355,041 325,388 Total Revenue $ 1,084,191 $ 1,243,265 $ 2,216,921 $ 2,469,235 TAC by segment: Americas $ 30,296 $ 180,822 $ 64,390 $ 347,477 EMEA 10,212 12,950 19,405 24,654 Asia Pacific 3,318 6,458 5,940 11,238 Total TAC $ 43,826 $ 200,230 $ 89,735 $ 383,369 Revenue ex-TAC by segment: Americas $ 775,239 $ 811,388 $ 1,608,073 $ 1,629,454 EMEA 87,635 72,880 170,012 142,262 Asia Pacific 177,491 158,767 349,101 314,150 Total Revenue ex-TAC 1,040,365 1,043,035 2,127,186 2,085,866 Direct costs by segment (1) Americas 60,167 76,148 120,977 134,892 EMEA 21,395 20,551 43,339 40,702 Asia Pacific 48,139 51,818 94,967 102,550 Global operating costs (2) 631,801 649,915 1,282,659 1,334,006 Gain on sale of patents (61,500 ) (9,100 ) (61,500 ) (11,100) Depreciation and amortization 146,860 153,679 304,394 305,218 Stock-based compensation expense 102,445 125,130 211,626 240,826 Restructuring charges, net 52,621 19,688 62,108 70,920 Income from (loss) operations $ 38,437 $ (44,794 ) $ 68,616 $ (132,148) (1) Direct costs for each segment include costs associated with the local sales teams and other cost of revenue. Prior to the fourth quarter of 2014, marketing, media, costs associated with Yahoo Properties and ad operation costs were managed locally and included as direct costs for each segment. Such costs are now included in global operating costs. Prior period amounts have been revised to conform to the current presentation. (2) Global operating costs include product development, marketing, real estate workplace, general and administrative, and other corporate expenses that are managed on a global basis and that are not directly attributable to any particular segment. Beginning in the fourth quarter of 2014, marketing, media, costs associated with Yahoo Properties and other ad operation costs are managed globally and included as global costs. Prior period amounts have been revised to conform to the current presentation. |
Capital Expenditures by Segment | Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Capital expenditures, net: Americas $ 100,340 $ 139,935 $ 164,317 $ 262,188 EMEA 3,274 6,978 19,036 14,648 Asia Pacific 3,744 8,529 8,660 13,527 Total capital expenditures, net $ 107,358 $ 155,442 $ 192,013 $ 290,363 |
Property and Equipment Net | December 31, 2014 June 30, 2015 Property and equipment, net: Americas: U.S. $ 1,382,597 $ 1,416,724 Other 787 590 Total Americas $ 1,383,384 $ 1,417,314 EMEA 34,649 39,841 Asia Pacific 69,651 67,384 Total property and equipment, net $ 1,487,684 $ 1,524,539 |
Enterprise Wide Disclosures Revenues for Groups of Similar Services | The following table presents revenue for groups of similar services (in thousands): Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Search $ 428,418 $ 521,126 $ 873,185 $ 1,052,792 Display 436,053 500,376 889,277 964,109 Other 219,720 221,763 454,459 452,334 Total revenue $ 1,084,191 $ 1,243,265 $ 2,216,921 $ 2,469,235 Three Months Ended Six Months Ended June 30, 2014 June 30, 2015 June 30, 2014 June 30, 2015 Revenue: U.S. $ 771,959 $ 965,228 $ 1,605,616 $ 1,928,739 International 312,232 278,037 611,305 540,496 Total revenue $ 1,084,191 $ 1,243,265 $ 2,216,921 $ 2,469,235 |
Company and Summary of Signific
Company and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
Cost of revenue - other | $ 295,932 | $ 295,786 | $ 581,195 | $ 589,389 |
Sales and marketing | 274,304 | 253,198 | 549,661 | 555,523 |
General and administrative | 180,595 | 154,881 | 354,108 | 319,504 |
Product development | $ 306,428 | 291,778 | 633,175 | 560,042 |
Adjustments to previous purchase accounting estimates for acquisitions, tax and other adjustments | $ 11,000 | |||
Scenario, Adjustment | Editorial Costs | ||||
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
Cost of revenue - other | 25,000 | 37,000 | ||
Scenario, Adjustment | Previously included in product development | Facilities Related Costs | ||||
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
General and administrative | 12,000 | 25,000 | ||
Scenario, Adjustment | Previously included in sales and marketing | Facilities Related Costs | ||||
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
General and administrative | 15,000 | 30,000 | ||
Scenario, Previously Reported | Editorial Costs | ||||
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
Sales and marketing | (25,000) | (37,000) | ||
Scenario, Previously Reported | Facilities Related Costs | ||||
Organization and Summary of Significant Accounting Policies [Line Items] | ||||
Sales and marketing | (15,000) | (30,000) | ||
Product development | $ (12,000) | $ (25,000) |
Available for Sale Marketable S
Available for Sale Marketable Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | $ 8,546,832 | $ 10,302,355 |
Gross Unrealized Gains | 28,914,986 | 37,233,212 |
Gross Unrealized Losses | (2,148) | (5,445) |
Estimated Fair Value, Total available-for-sale marketable securities | 37,459,670 | 47,530,122 |
Government and agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 804,776 | 850,712 |
Gross Unrealized Gains | 378 | 82 |
Gross Unrealized Losses | (41) | (792) |
Estimated Fair Value, Total available-for-sale marketable securities | 805,113 | 850,002 |
Corporate Debt Securities, Commercial Paper, Time Deposits, And Bank Certificates Of Deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 5,002,096 | 6,711,683 |
Gross Unrealized Gains | 721 | 612 |
Gross Unrealized Losses | (2,107) | (4,653) |
Estimated Fair Value, Total available-for-sale marketable securities | 5,000,710 | 6,707,642 |
Corporate Equity Securities | Alibaba Group | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 2,713,484 | 2,713,484 |
Gross Unrealized Gains | 28,842,443 | 37,154,305 |
Estimated Fair Value, Total available-for-sale marketable securities | 31,555,927 | 39,867,789 |
Corporate Equity Securities | Hortonworks, Inc | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 26,246 | 26,246 |
Gross Unrealized Gains | 71,130 | 77,783 |
Estimated Fair Value, Total available-for-sale marketable securities | 97,376 | 104,029 |
Corporate Equity Securities | Other corporate equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost Basis | 230 | 230 |
Gross Unrealized Gains | 314 | 430 |
Estimated Fair Value, Total available-for-sale marketable securities | $ 544 | $ 660 |
Available for Sale Securities b
Available for Sale Securities by Balance Sheet Location (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Short-term marketable securities | $ 4,636,152 | $ 5,327,412 |
Long-term marketable securities | 1,169,671 | 2,230,892 |
Investment in Alibaba Group | 31,555,927 | 39,867,789 |
Other long-term assets and investments | 97,920 | 104,029 |
Total | $ 37,459,670 | $ 47,530,122 |
Marketable Securities Investmen
Marketable Securities Investments and Fair Value Disclosures - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Investments [Line Items] | ||||
Cash deposited with commercial banks | $ 670,000 | $ 670,000 | $ 702,000 | |
Gain (loss) on Hortonworks warrants | 5,449 | (6,460) | ||
Cash and Cash Equivalents | ||||
Investments [Line Items] | ||||
Short-term investments | 518,000 | 518,000 | 2,000,000 | |
Other long-term assets | ||||
Investments [Line Items] | ||||
Other investments held at cost | $ 83,000 | $ 83,000 | 82,000 | |
Convertible Senior Notes | ||||
Investments [Line Items] | ||||
Principal amount | $ 1,437,500 | |||
Convertible senior notes percent | 0.00% | 0.00% | 0.00% | |
Maturity date, convertible senior note | Dec. 1, 2018 | Dec. 1, 2018 | ||
Fair Value Measurements At Reporting Date Using Total | Hortonworks, Inc | ||||
Investments [Line Items] | ||||
Warrants | $ 91,601 | $ 91,601 | 98,062 | |
Fair Value Measurements At Reporting Date Using Level 2 | Convertible Senior Notes | ||||
Investments [Line Items] | ||||
Fair value of the convertible senior notes | $ 1,226,670 | $ 1,226,670 | $ 1,175,240 |
Available for Sale Securities43
Available for Sale Securities by Contractual Maturities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Due within one year | $ 4,636,152 | $ 5,327,412 |
Due after one year through five years | 1,169,671 | 2,230,892 |
Total available-for-sale marketable debt securities | $ 5,805,823 | $ 7,558,304 |
Available for Sale Marketable D
Available for Sale Marketable Debt Securities in Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 2,179,231 | $ 3,346,236 |
Less than 12 Months, Unrealized Loss | (2,148) | (5,438) |
12 Months or Longer, Fair Value | 3,234 | |
12 Months or Longer, Unrealized Loss | (7) | |
Total, Fair Value | 2,179,231 | 3,349,470 |
Total, Unrealized Loss | (2,148) | (5,445) |
Government and agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 133,333 | 744,948 |
Less than 12 Months, Unrealized Loss | (41) | (792) |
Total, Fair Value | 133,333 | 744,948 |
Total, Unrealized Loss | (41) | (792) |
Corporate Debt Securities, Commercial Paper, and Bank Certificates of Deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 2,045,898 | 2,601,288 |
Less than 12 Months, Unrealized Loss | (2,107) | (4,646) |
12 Months or Longer, Fair Value | 3,234 | |
12 Months or Longer, Unrealized Loss | (7) | |
Total, Fair Value | 2,045,898 | 2,604,522 |
Total, Unrealized Loss | $ (2,107) | $ (4,653) |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value Measurements At Reporting Date Using Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets at fair value | $ 32,057,266 | $ 40,346,300 | |
Total financial assets and liabilities at fair value | 32,057,266 | 40,346,300 | |
Fair Value Measurements At Reporting Date Using Level 1 | Money Market Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | 403,419 | 373,822 |
Fair Value Measurements At Reporting Date Using Level 1 | Corporate Equity Securities | Other corporate equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | [2] | 544 | 660 |
Fair Value Measurements At Reporting Date Using Level 1 | Corporate Equity Securities | Alibaba Group | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 31,555,927 | 39,867,789 | |
Fair Value Measurements At Reporting Date Using Level 1 | Corporate Equity Securities | Hortonworks, Inc | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | [2] | 97,376 | 104,029 |
Fair Value Measurements At Reporting Date Using Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets at fair value | 6,101,356 | 9,343,433 | |
Total financial assets and liabilities at fair value | 6,092,078 | 9,337,276 | |
Fair Value Measurements At Reporting Date Using Level 2 | Government and agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | [1] | 805,113 | 850,002 |
Fair Value Measurements At Reporting Date Using Level 2 | Commercial Paper And Bank Certificates Of Deposit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | [1] | 1,982,018 | 3,602,321 |
Fair Value Measurements At Reporting Date Using Level 2 | Corporate Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | [1] | 3,059,041 | 3,327,017 |
Fair Value Measurements At Reporting Date Using Level 2 | Time Deposits | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | [1] | 73,988 | 1,361,165 |
Fair Value Measurements At Reporting Date Using Level 2 | Foreign Currency Derivative Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency derivative contracts, assets | [3] | 181,196 | 202,928 |
Foreign currency derivative contracts, liabilities | [3] | (9,278) | (6,157) |
Fair Value Measurements At Reporting Date Using Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets at fair value | 91,601 | 98,062 | |
Total financial assets and liabilities at fair value | 91,601 | 98,062 | |
Fair Value Measurements At Reporting Date Using Level 3 | Hortonworks, Inc | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Warrants | 91,601 | 98,062 | |
Fair Value Measurements At Reporting Date Using Total | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial assets at fair value | 38,250,223 | 49,787,795 | |
Total financial assets and liabilities at fair value | 38,240,945 | 49,781,638 | |
Fair Value Measurements At Reporting Date Using Total | Hortonworks, Inc | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Warrants | 91,601 | 98,062 | |
Fair Value Measurements At Reporting Date Using Total | Money Market Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | [1] | 403,419 | 373,822 |
Fair Value Measurements At Reporting Date Using Total | Government and agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | [1] | 805,113 | 850,002 |
Fair Value Measurements At Reporting Date Using Total | Commercial Paper And Bank Certificates Of Deposit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | [1] | 1,982,018 | 3,602,321 |
Fair Value Measurements At Reporting Date Using Total | Corporate Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | [1] | 3,059,041 | 3,327,017 |
Fair Value Measurements At Reporting Date Using Total | Time Deposits | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | [1] | 73,988 | 1,361,165 |
Fair Value Measurements At Reporting Date Using Total | Corporate Equity Securities | Other corporate equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | [2] | 544 | 660 |
Fair Value Measurements At Reporting Date Using Total | Corporate Equity Securities | Alibaba Group | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | 31,555,927 | 39,867,789 | |
Fair Value Measurements At Reporting Date Using Total | Corporate Equity Securities | Hortonworks, Inc | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities | [2] | 97,376 | 104,029 |
Fair Value Measurements At Reporting Date Using Total | Foreign Currency Derivative Contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Foreign currency derivative contracts, assets | [3] | 181,196 | 202,928 |
Foreign currency derivative contracts, liabilities | [3] | $ (9,278) | $ (6,157) |
[1] | The money market funds, government and agency securities, commercial paper and bank certificates of deposit, corporate debt securities, and time deposits are classified as part of either cash and cash equivalents or short or long-term marketable securities on the condensed consolidated balance sheets. | ||
[2] | The Hortonworks equity securities and other corporate equity securities are classified as part of other long-term assets and investments on the condensed consolidated balance sheets. | ||
[3] | Foreign currency derivative contracts are classified as part of either other current or noncurrent assets or liabilities on the condensed consolidated balance sheets. The notional amounts of the foreign currency derivative contracts were: $2.1 billion, including contracts designated as net investment hedges of $1.6 billion, as of December 31, 2014; and $2.3 billion, including contracts designated as net investment hedges of $1.8 billion, as of June 30, 2015. |
Fair Value of Financial Asset46
Fair Value of Financial Assets and Liabilities (Parenthetical) (Detail) - Foreign Currency Derivative Contracts - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivative contract, notional amount | $ 2,300 | $ 2,100 |
Designated as Hedging Instrument | Net Investment Hedging | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency derivative contract, notional amount | $ 1,802 | $ 1,647 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized gains on available-for-sale securities, net of tax | $ 17,158,878 | $ 22,084,960 |
Unrealized gains (losses) on cash flow hedges, net of tax | (1,287) | 1,856 |
Foreign currency translation, net of tax | (282,252) | (67,188) |
Accumulated other comprehensive income | $ 16,875,339 | $ 22,019,628 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | |||||
Beginning noncontrolling interests | $ 43,755 | $ 55,688 | $ 55,688 | ||
Distributions to noncontrolling interests | (15,847) | (22,344) | |||
Net income attributable to noncontrolling interests | $ 2,365 | $ 2,850 | 3,340 | $ 5,183 | 10,411 |
Ending noncontrolling interests | $ 31,248 | $ 31,248 | $ 43,755 |
Other Expense, Net (Detail)
Other Expense, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Components of Other Income (Expense) [Line Items] | ||||
Interest, dividend and investment income | $ 8,034 | $ 5,596 | $ 16,879 | $ 11,033 |
Interest expense | (17,558) | (17,088) | (35,128) | (34,169) |
Gain (loss) on Hortonworks warrants | 5,449 | (6,460) | ||
Other | (7,666) | (2,097) | (18,095) | (3,906) |
Total other expense, net | $ (11,741) | $ (13,589) | $ (42,804) | $ (27,042) |
Consolidated Financial Statem50
Consolidated Financial Statement Details - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total |
Financial Statement Details [Line Items] | ||
Gain (loss) on Hortonworks warrants | $ 5,449 | $ (6,460) |
Increase in other | 6,000 | 14,000 |
Unrealized foreign exchange currency transaction gains (losses) | 8,000 | (25,000) |
Foreign exchange gains (losses) from hedging activities | $ (11,000) | $ 12,000 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Revenue | $ 1,243,265 | $ 1,084,191 | $ 2,469,235 | $ 2,216,921 |
Other income, net | (11,741) | (13,589) | (42,804) | (27,042) |
Net income (loss) attributable to Yahoo! Inc. | (21,554) | 269,707 | (356) | 581,285 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income (loss) attributable to Yahoo! Inc. | 397 | (394) | 2,140 | (860) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Revenue | 478 | (285) | 2,138 | (739) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Realized Investment Gains (Losses) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income, net | $ (81) | $ (109) | $ 2 | $ (121) |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Entity | Jun. 30, 2014USD ($)Entity | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | ||||||
Business combination, cash consideration paid net of cash acquired | $ 21,291 | $ 21,661 | ||||
Goodwill | $ 5,146,579 | 5,146,579 | $ 5,152,570 | |||
Total cash consideration | 460,000 | |||||
Gain on sale of patents | 9,100 | $ 61,500 | 11,100 | 61,500 | ||
Sold Patents | ||||||
Business Acquisition [Line Items] | ||||||
Total cash consideration | 61,000 | |||||
Gain on sale of patents | $ 1,000 | 60,000 | ||||
Existing Patents | ||||||
Business Acquisition [Line Items] | ||||||
Total cash consideration | $ 135,000 | |||||
Future revenue recognition period | 4 years | |||||
Capture Period Patents | ||||||
Business Acquisition [Line Items] | ||||||
Total cash consideration | $ 264,000 | |||||
Future revenue recognition period | 5 years | |||||
Existing Patents and Capture Period Patents | ||||||
Business Acquisition [Line Items] | ||||||
Revenue related to patents | 22,000 | 43,000 | ||||
Sold Patents | ||||||
Business Acquisition [Line Items] | ||||||
Gain on sale of patents | 9,000 | 62,000 | $ 11,000 | $ 62,000 | ||
Series of Individually Immaterial Business Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, number of entities acquired | Entity | 1 | 5 | ||||
Business combination, total purchase price | 23,000 | 23,000 | $ 23,000 | $ 23,000 | ||
Business combination, cash acquired | 1,000 | |||||
Business combination, cash consideration paid net of cash acquired | 22,000 | |||||
Business combination, amortizable intangible assets | 5,000 | 9,000 | 5,000 | 9,000 | ||
Business combination, net assumed assets | 1,000 | 1,000 | ||||
Goodwill | 20,000 | $ 13,000 | 20,000 | $ 13,000 | ||
Business combination, net assumed liabilities | $ 2,000 | $ 2,000 |
Goodwill (Detail)
Goodwill (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($) | ||
Goodwill [Line Items] | ||
Beginning balance | $ 5,152,570 | |
Acquisitions | 20,249 | |
Foreign currency translation adjustments | (26,240) | |
Ending balance | 5,146,579 | |
Americas Segment | ||
Goodwill [Line Items] | ||
Beginning balance | [1] | 4,322,219 |
Foreign currency translation adjustments | [1] | (1,110) |
Ending balance | [1] | 4,321,109 |
Europe Middle East Africa Segment | ||
Goodwill [Line Items] | ||
Beginning balance | [2] | 532,469 |
Acquisitions | [2] | 20,249 |
Foreign currency translation adjustments | [2] | (22,169) |
Ending balance | [2] | 530,549 |
Asia Pacific Segment | ||
Goodwill [Line Items] | ||
Beginning balance | [3] | 297,882 |
Foreign currency translation adjustments | [3] | (2,961) |
Ending balance | [3] | $ 294,921 |
[1] | Gross goodwill balance for the Americas segment was $4.3 billion as of June 30, 2015. | |
[2] | Gross goodwill balance for the EMEA segment was $1.2 billion as of June 30, 2015. The EMEA segment includes accumulated impairment losses of $630 million as of June 30, 2015. | |
[3] | Gross goodwill balance for the Asia Pacific segment was $454 million as of June 30, 2015. The Asia Pacific segment includes accumulated impairment losses of $159 million as of June 30, 2015. |
Goodwill (Parenthetical) (Detai
Goodwill (Parenthetical) (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Americas Segment | |
Goodwill [Line Items] | |
Gross Goodwill Balance | $ 4,300 |
Europe Middle East Africa Segment | |
Goodwill [Line Items] | |
Gross Goodwill Balance | 1,200 |
Accumulated goodwill impairment | 630 |
Asia Pacific Segment | |
Goodwill [Line Items] | |
Gross Goodwill Balance | 454 |
Accumulated goodwill impairment | $ 159 |
Intangible Assets Net (Detail)
Intangible Assets Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 673,793 | ||
Accumulated Amortization | [1] | (261,558) | |
Net | 412,235 | $ 470,842 | |
Customer, Affiliate And Advertiser Related Relationships | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 363,500 | ||
Accumulated Amortization | [1] | (111,038) | |
Net | 252,462 | 281,596 | |
Developed Technology And Patents | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 202,354 | ||
Accumulated Amortization | [1] | (103,538) | |
Net | 98,816 | 122,674 | |
Trade Names, Trademarks, And Domain Names | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 107,939 | ||
Accumulated Amortization | [1] | (46,982) | |
Net | $ 60,957 | $ 66,572 | |
[1] | Cumulative foreign currency translation adjustments, reflecting movement in the currencies of the underlying entities, increased total intangible assets by approximately $18 million as of June 30, 2015. |
Intangible Assets Net (Parenthe
Intangible Assets Net (Parenthetical) (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |
Cumulative foreign currency translation adjustments | $ 18 |
Intangible Assets Net - Additio
Intangible Assets Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Amortization expense for intangible assets | $ 34,000 | $ 30,000 | $ 68,524 | $ 64,763 |
Amortization expense in cost of revenue - other | 14,000 | $ 15,000 | 28,000 | $ 31,000 |
Estimated amortization expense for the remainder of 2015 | 65,000 | 65,000 | ||
Estimated amortization expense 2016 | 108,000 | 108,000 | ||
Estimated amortization expense 2017 | 99,000 | 99,000 | ||
Estimated amortization expense 2018 | 80,000 | 80,000 | ||
Estimated amortization expense 2019 | 43,000 | 43,000 | ||
Estimated amortization expense cumulatively thereafter | $ 1,000 | $ 1,000 |
Basic and Diluted Net Income 58
Basic and Diluted Net Income (Loss) Attributable to Yahoo Inc. Common Stockholders Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share | 1 | 7 | 1 | 4 |
Computation of Basic and Dilute
Computation of Basic and Diluted Net Income (Loss) per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||||
Net income (loss) attributable to Yahoo! Inc. | $ (21,554) | $ 269,707 | $ (356) | $ 581,285 |
Less: Net income allocated to participating securities | (2) | (5) | ||
Net income (loss) attributable to Yahoo! Inc. common stockholders - basic | $ (21,554) | $ 269,705 | $ (356) | $ 581,280 |
Weighted average common shares | 937,569 | 999,765 | 936,159 | 1,004,828 |
Net income (loss) attributable to Yahoo! Inc. common stockholders per share - basic | $ (0.02) | $ 0.27 | $ 0 | $ 0.58 |
Net income (loss) attributable to Yahoo! Inc. | $ (21,554) | $ 269,707 | $ (356) | $ 581,285 |
Less: Net income allocated to participating securities | (2) | (5) | ||
Less: Effect of dilutive securities issued by equity investees | (1,125) | (9,421) | (2,319) | (21,786) |
Net income (loss) attributable to Yahoo! Inc. common stockholders - diluted | $ (22,679) | $ 260,284 | $ (2,675) | $ 559,494 |
Denominator for basic calculation | 937,569 | 999,765 | 936,159 | 1,004,828 |
Denominator for diluted calculation | 937,569 | 1,014,692 | 936,159 | 1,023,056 |
Net income (loss) attributable to Yahoo! Inc. common stockholders per share - diluted | $ (0.02) | $ 0.26 | $ 0 | $ 0.55 |
Restricted Stock Units (RSUs) | ||||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||||
Incremental common shares | 10,855 | 13,262 | ||
Stock Options and Employee Stock Purchase Plan | ||||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||||
Incremental common shares | 4,072 | 4,966 |
Investments in Equity Interests
Investments in Equity Interests (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in equity interests | $ 2,326,436 | $ 2,489,578 |
Yahoo Japan | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in equity interests | $ 2,319,586 | $ 2,482,660 |
Percent ownership of common stock as of balance sheet date | 35.50% | 35.50% |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in equity interests | $ 6,850 | $ 6,918 |
Percent ownership of common stock as of balance sheet date | 20.00% | 20.00% |
Investments in Equity Interes61
Investments in Equity Interests Using the Equity Method of Accounting - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions | Jul. 17, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||||||
Dividends received from equity investee | $ 83,685 | $ 141,670 | $ 83,685 | |||
Deferred revenue | $ 202,246 | 202,246 | $ 336,963 | |||
Alibaba Group | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Deferred revenue | 60,000 | 60,000 | ||||
Royalty received | 69,000 | 62,000 | 139,000 | 132,000 | ||
Alibaba Group | Scenario, Forecast | SpinCo | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Alibaba Group shares to be held by SpinCo upon completion of Spin-off | 384 | |||||
Ownership interest percentage | 100.00% | |||||
Yahoo Japan | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Fair value of the company's ownership interest in the common stock of Yahoo Japan | 8,000,000 | 8,000,000 | ||||
Cash proceeds from sale of data center assets | 11,000 | |||||
Net gain on sale of data center assets | 5,000 | |||||
Revenue received through commercial arrangements with Yahoo Japan | 55,000 | $ 64,000 | 115,000 | $ 132,000 | ||
Net receivables balance from Yahoo Japan | $ 35,000 | $ 35,000 | $ 47,000 |
Yahoo Japan Condensed Financial
Yahoo Japan Condensed Financial Information Operating Data (Detail) - Yahoo Japan - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | $ 987,417 | $ 1,055,064 | $ 1,928,658 | $ 2,086,720 |
Gross profit | 790,966 | 861,258 | 1,541,950 | 1,705,184 |
Income from operations | 438,166 | 477,945 | 863,219 | 967,387 |
Net income | 274,721 | 314,029 | 561,514 | 621,141 |
Net income attributable to Yahoo Japan | $ 274,129 | $ 311,182 | $ 558,975 | $ 615,527 |
Yahoo Japan Condensed Financi63
Yahoo Japan Condensed Financial Information Balance Sheet Data (Detail) - Yahoo Japan - USD ($) $ in Thousands | Mar. 31, 2015 | Sep. 30, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 6,303,704 | $ 6,161,126 |
Long-term assets | 2,203,642 | 1,908,379 |
Current liabilities | 2,014,409 | 1,948,540 |
Long-term liabilities | 228,902 | 35,418 |
Noncontrolling interests | $ 171,849 | $ 66,998 |
Notional Amounts of Outstanding
Notional Amounts of Outstanding Forward Contracts (Detail) - Foreign Currency Derivative Contracts - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative notional amount | $ 2,300 | $ 2,100 |
Designated as Hedging Instrument | Net Investment Hedging | ||
Derivative [Line Items] | ||
Derivative notional amount | 1,802 | 1,647 |
Designated as Hedging Instrument | Cash Flow Hedges | ||
Derivative [Line Items] | ||
Derivative notional amount | 117 | 222 |
Not Designated as Hedging Instrument | Balance Sheet Hedges | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 415 | $ 243 |
Foreign Currency Forward Contra
Foreign Currency Forward Contracts Activity (Detail) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | |||
Net Investment Hedging | Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Beginning Fair Value | $ 185 | $ 209 | ||
Settlement Payment (Receipt) | (38) | (170) | ||
Gain (Loss) Recorded in Other Income, Net | (2) | |||
Gain (Loss) Recorded in Other Comprehensive Income | 29 | [1] | (41) | [2] |
Ending Fair Value | 174 | (2) | ||
Balance Sheet Hedges | Not Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Beginning Fair Value | 4 | |||
Settlement Payment (Receipt) | (22) | 3 | ||
Gain (Loss) Recorded in Other Income, Net | 14 | (1) | ||
Ending Fair Value | (4) | 2 | ||
Gain (Loss) Recorded in Other Comprehensive Income | 0 | 0 | ||
Cash Flow Hedges | Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Beginning Fair Value | 8 | 4 | ||
Settlement Payment (Receipt) | (1) | (2) | ||
Gain (Loss) Recorded in Other Income, Net | (1) | (1) | ||
Gain (Loss) Recorded in Revenue | (1) | 2 | ||
Ending Fair Value | 2 | (1) | ||
Gain (Loss) Recorded in Other Comprehensive Income | $ (3) | $ (4) | ||
[1] | This amount does not reflect the tax impact of $11 million recorded during the six months ended June 30, 2015. The $18 million after tax impact of the gain recorded within other comprehensive income was included in accumulated other comprehensive income on the Company's condensed consolidated balance sheets. | |||
[2] | This amount does not reflect the tax impact of $15 million recorded during the six months ended June 30, 2014. The $26 million after tax impact of the loss recorded within other comprehensive income was included in accumulated other comprehensive income on the Company's condensed consolidated balance sheets. |
Foreign Currency Forward Cont66
Foreign Currency Forward Contracts Activity (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative [Line Items] | ||||
Net investment hedge CTA, tax | $ (9,153) | $ 7,130 | $ (10,744) | $ 15,562 |
Net investment hedge CTA, net of tax | $ 15,404 | $ (11,862) | 18,038 | (25,911) |
Designated as Hedging Instrument | Net Investment Hedging | ||||
Derivative [Line Items] | ||||
Net investment hedge CTA, tax | 11,000 | 15,000 | ||
Net investment hedge CTA, net of tax | $ 18,000 | $ 26,000 |
Foreign Currency Forward Cont67
Foreign Currency Forward Contracts Balance Sheet Location and Ending Fair Value (Detail) - Foreign Currency Derivative Contracts - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | |
Designated as Hedging Instrument | Net Investment Hedging | Assets | |||
Derivatives, Fair Value [Line Items] | |||
Foreign currency forward contract, fair value asset | [1] | $ 176 | $ 190 |
Designated as Hedging Instrument | Net Investment Hedging | Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Foreign currency forward contract, fair value liability | [2] | (2) | (5) |
Designated as Hedging Instrument | Cash Flow Hedges | Assets | |||
Derivatives, Fair Value [Line Items] | |||
Foreign currency forward contract, fair value asset | [1] | 4 | 8 |
Designated as Hedging Instrument | Cash Flow Hedges | Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Foreign currency forward contract, fair value liability | [2] | (2) | |
Not Designated as Hedging Instrument | Balance Sheet Hedges | Assets | |||
Derivatives, Fair Value [Line Items] | |||
Foreign currency forward contract, fair value asset | [1] | 1 | 5 |
Not Designated as Hedging Instrument | Balance Sheet Hedges | Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Foreign currency forward contract, fair value liability | [2] | $ (5) | $ (1) |
[1] | Included in prepaid expenses and other current assets or other long-term assets and investments on the condensed consolidated balance sheets. | ||
[2] | Included in accrued expenses and other current liabilities or other long-term liabilities on the condensed consolidated balance sheets. |
Credit Agreement - Additional I
Credit Agreement - Additional Information (Detail) - Jun. 30, 2015 - USD ($) | Total |
Line of Credit Facility [Line Items] | |
Unsecured revolving credit facility | $ 750,000,000 |
Unsecured revolving credit facility, additional commitment | 250,000,000 |
Unsecured revolving credit facility, outstanding | $ 0 |
After Amendment 2 | |
Line of Credit Facility [Line Items] | |
Unsecured revolving credit facility expiration date | Oct. 8, 2015 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) - Convertible Senior Notes - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Convertible senior notes percent | 0.00% | 0.00% | |
Principal amount | $ 1,437,500 | $ 1,437,500 | |
Conversion rate per $1,000 principal amount of Notes | 18.7161 | ||
Purchase price of notes as percentage of principal amount, plus accrued and unpaid interest | 100.00% | ||
Initial conversion price | $ 53.43 | ||
Maturity date, convertible senior note | Dec. 1, 2018 | Dec. 1, 2018 |
Schedule of Notes (Detail)
Schedule of Notes (Detail) - Convertible Senior Notes - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Principal | $ 1,437,500 | $ 1,437,500 | |
Less: note discount | (235,960) | (267,077) | |
Net carrying amount | 1,201,540 | 1,170,423 | |
Equity component | [1] | $ 305,569 | $ 305,569 |
[1] | Recorded on the condensed consolidated balance sheets within additional paid-in capital. |
Interest Expense Recognized Rel
Interest Expense Recognized Related To Notes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule Of Interest Expenses [Line Items] | ||||
Accretion of convertible note discount | $ 31,117 | $ 29,526 | ||
Convertible Senior Notes | ||||
Schedule Of Interest Expenses [Line Items] | ||||
Accretion of convertible note discount | $ 15,660 | $ 14,860 | $ 31,117 | $ 29,526 |
Fair Value and Carrying Value o
Fair Value and Carrying Value of Notes (Detail) - Convertible Senior Notes - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Carrying Value | $ 1,201,540 | $ 1,170,423 |
Fair Value Measurements At Reporting Date Using Level 2 | ||
Debt Instrument [Line Items] | ||
Fair Value | $ 1,226,670 | $ 1,175,240 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | May. 15, 2013USD ($) | Nov. 28, 2012USD ($) | Nov. 16, 2011USD ($) | Jun. 30, 2015USD ($)LegalMatter | Dec. 07, 2011USD ($) |
Commitments and Contingencies Disclosure [Line Items] | |||||
Affiliate commitments | $ 1,800,000,000 | ||||
Non-cancelable commitments | 502,000,000 | ||||
Payable in remainder of 2015 | 115,000,000 | ||||
Payable in 2016 | 183,000,000 | ||||
Payable in 2017 | 125,000,000 | ||||
Payable in 2018 | 77,000,000 | ||||
Payable in 2019 | 2,000,000 | ||||
Intellectual property arrangements through 2023 | $ 19,000,000 | ||||
Intellectual property arrangements, expiration year | 2,023 | ||||
Number of purported stockholder class action suits filed | LegalMatter | 2 | ||||
Alleged total damages | $ 2,750,000,000 | ||||
Counterclaim filed for payments of services rendered | $ 2,600,000 | $ 2,600,000 | |||
Loss Contingency | $ 172,500 | ||||
Maximum | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Operating and capital lease agreements, original lease period | 12 years | ||||
Operating and capital lease agreements, expiry year | 2,025 | ||||
Minimum | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Operating and capital lease agreements, expiry year | 2,015 | ||||
Payable In 2015 | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Affiliate commitments | $ 218,000,000 | ||||
Payable In 2016 | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Affiliate commitments | 401,000,000 | ||||
Payable In 2017 | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Affiliate commitments | 400,000,000 | ||||
Payable In 2018 | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Affiliate commitments | 375,000,000 | ||||
Payable In 2019 | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Affiliate commitments | 375,000,000 | ||||
Due Thereafter | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Affiliate commitments | $ 31,000,000 | ||||
Non-Final Judgment | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Alleged total damages | $ 2,750,000,000 | ||||
Counterclaim filed for payments of services rendered | $ 2,600,000 |
Lease Commitments (Detail)
Lease Commitments (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Line Items] | |
Gross operating lease commitments, Six months ending December 31, 2015 | $ 69 |
Gross operating lease commitments, years ending December 31, 2016 | 110 |
Gross operating lease commitments, 2017 | 82 |
Gross operating lease commitments, 2018 | 59 |
Gross operating lease commitments, 2019 | 48 |
Gross operating lease commitments, 2020 | 35 |
Gross operating lease commitments, due after 5 years | 109 |
Total gross operating lease commitments | 512 |
Sublease income, Six months ending December 31, 2015 | (8) |
Sublease income, years ending December 31, 2016 | (12) |
Sublease income, 2017 | (10) |
Sublease income, 2018 | (7) |
Sublease income, 2019 | (5) |
Sublease income, 2020 | (2) |
Sublease income, due after 5 years | (3) |
Total sublease income | (47) |
Net operating lease commitments, Six months ending December 31, 2015 | 61 |
Net operating lease commitments, years ending December 31, 2016 | 98 |
Net operating lease commitments, 2017 | 72 |
Net operating lease commitments, 2018 | 52 |
Net operating lease commitments, 2019 | 43 |
Net operating lease commitments, 2020 | 33 |
Net operating lease commitments, due after 5 years | 106 |
Total net operating lease commitments | $ 465 |
Capital Lease Commitment (Detai
Capital Lease Commitment (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Schedule of Capital Lease Obligations [Line Items] | |
Six months ending December 31, 2015 | $ 9 |
Years ending December 31, 2016 | 15 |
2,017 | 10 |
2,018 | 9 |
2,019 | 5 |
2,020 | 0 |
Due after 5 years | 0 |
Gross lease commitments | 48 |
Less: interest | 9 |
Net lease commitments included in other long-term liabilities | $ 39 |
Stock Option Activity (Detail)
Stock Option Activity (Detail) - 6 months ended Jun. 30, 2015 - $ / shares shares in Thousands | Total | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding stock options, Beginning balance | [1] | 9,225 |
Stock options granted during the period | 0 | |
Stock options assumed in acquisitions during the period | 0 | |
Stock options exercised during the period | [2] | (1,328) |
Stock options expired during the period | (562) | |
Stock options cancelled/forfeited during the period | (105) | |
Outstanding stock options, Ending balance | [1] | 7,230 |
Weighted average exercise price of options outstanding, Beginning balance | [1] | $ 18.57 |
Weighted-average exercise price of shares granted during period | 0 | |
Weighted-average exercise price of shares assumed in acquisitions during period | 0 | |
Weighted-average exercise price of shares exercised during period | [2] | 17.19 |
Weighted-average exercise price of shares expired during period | 19.18 | |
Weighted-average exercise price of shares cancelled/forfeited during period | 15.55 | |
Weighted average exercise price of options outstanding, Ending balance | [1] | $ 18.82 |
[1] | Includes shares subject to performance-based stock options for which performance goals had not been set as of the date shown. | |
[2] | The Company generally issues new shares to satisfy stock option exercises. |
Stockholders' Equity and Empl77
Stockholders' Equity and Employee Benefits - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Nov. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payments made to taxing authorities for employees' tax obligations | $ 149,960 | $ 159,581 | ||
November 2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Treasury stock acquired repurchase authorization value | $ 5,000,000 | |||
Stock repurchase program expiration date | 2016-12 | |||
Remaining authorized purchase capacity | $ 726,000 | |||
Repurchases of common stock, shares | 4,000 | |||
Average purchase price per share of common stock repurchased during the period | $ 47.65 | |||
Repurchases of common stock, value | $ 204,000 | |||
March 2015 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Treasury stock acquired repurchase authorization value | $ 2,000,000 | |||
Stock repurchase program expiration date | 2018-03 | |||
Remaining authorized purchase capacity | $ 2,000,000 | |||
GAAP Revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Financial performance metrics for restricted stock units awards | 33.3333% | |||
Revenue ex -TAC | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Financial performance metrics for restricted stock units awards | 33.3333% | |||
Adjusted EBITDA | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Financial performance metrics for restricted stock units awards | 33.3333% | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unamortized stock-based compensation expense | $ 36,000 | |||
Stock-based compensation, recognition period | 1 year 7 months 6 days | |||
Restricted Stock Awards And Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unamortized stock-based compensation expense | $ 847,000 | |||
Stock-based compensation, recognition period | 2 years 6 months | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested | 9,100 | 11,400 | ||
Shares withheld to settle employees' minimum statutory obligation for applicable income and other employment taxes | 3,400 | 4,200 | ||
Performance Based Stock Options | 2015 Tranche | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation, recognition period | 12 months | |||
Stock options grant date fair value | $ 31,000 | |||
Performance Based Stock Options | GAAP Revenue | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Financial performance metrics for stock option awards | 33.3333% | |||
Performance Based Stock Options | Revenue ex -TAC | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Financial performance metrics for stock option awards | 33.3333% | |||
Performance Based Stock Options | Adjusted EBITDA | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Financial performance metrics for stock option awards | 33.3333% | |||
Performance Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation, recognition period | 12 months | |||
Performance Based Restricted Stock Units | 2015 Tranche | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units grant date fair value | $ 9,000 | |||
Performance Based Restricted Stock Units | Second Tranche | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units grant date fair value | 11,000 | |||
Performance Based Restricted Stock Units | Tranche Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock units grant date fair value | $ 19,000 | |||
Minimum | Performance Based Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock awards vesting percentage for each performance period | 0.00% | |||
Minimum | Performance Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock awards vesting percentage for each performance period | 0.00% | |||
Maximum | Performance Based Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock awards vesting percentage for each performance period | 100.00% | |||
Maximum | Performance Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock awards vesting percentage for each performance period | 200.00% |
Restricted Stock Units Activity
Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awarded and unvested, Beginning balance | [1] | 40,677 | |
Granted | [2] | 12,767 | |
Assumed in acquisitions | 0 | ||
Vested | (9,100) | (11,400) | |
Forfeited | (7,243) | ||
Awarded and unvested, Ending balance | [1] | 37,101 | |
Weighted-average grant date fair value per share, Beginning balance | [1] | $ 32.38 | |
Weighted-average grant date fair value per share, granted shares | [2] | 43.82 | |
Weighted-average grant date fair value per share, assumed in acquisitions | 0 | ||
Weighted-average grant date fair value per share, vested shares | 27.88 | ||
Weighted-average grant date fair value per share, forfeited shares | 32.67 | ||
Weighted-average grant date fair value per share, Ending balance | [1] | $ 37.37 | |
[1] | Includes the maximum number of shares issuable under the Company's performance-based restricted stock unit awards (including future-year tranches for which performance goals had not been set) as of the date shown. | ||
[2] | Includes the maximum number of shares issuable under the performance-based restricted stock unit awards granted during the six months ended June 30, 2015 (including future-year tranches for which performance goals had not been set during the period); excludes tranches of previously granted performance-based restricted stock units for which performance goals were set during the six months ended June 30, 2015. |
Restructuring Charges (Reversal
Restructuring Charges (Reversals), Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Employee severance pay and related costs | $ 7,149 | $ 82 | $ 51,149 | $ 3,673 |
Non-cancelable lease, contract termination, and other charges | 13,403 | 61,906 | 22,020 | 68,438 |
Reversals of previous charges | (790) | (2,336) | (4,021) | (2,972) |
Non-cash accelerations of stock-based compensation expense | 2,705 | |||
Other non-cash credits | (74) | (7,031) | (933) | (7,031) |
Restructuring charges, net | $ 19,688 | $ 52,621 | $ 70,920 | $ 62,108 |
Restructuring Charges (Revers80
Restructuring Charges (Reversals), Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, net | $ 19,688 | $ 52,621 | $ 70,920 | $ 62,108 | |
Restructuring liability | 69,349 | 69,349 | $ 83,608 | ||
Americas Segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, net | 12,000 | 50,000 | 53,000 | 55,000 | |
Restructuring liability | 58,210 | 58,210 | 65,949 | ||
Europe Middle East Africa Segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, net | 7,000 | $ 3,000 | 14,000 | $ 7,000 | |
Restructuring liability | 11,058 | 11,058 | 16,797 | ||
Asia Pacific Segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, net | 1,000 | 4,000 | |||
Restructuring liability | 81 | 81 | $ 862 | ||
Employee Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring liability | 8,000 | 8,000 | |||
Non-Cancelable Lease Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring liability | $ 61,000 | $ 61,000 |
Restructuring Accrual Activity
Restructuring Accrual Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | $ 83,608 | |||
Restructuring charges | $ 19,688 | $ 52,621 | 70,920 | $ 62,108 |
Cash paid | (82,766) | |||
Non-cash accelerations of stock-based compensation expense | (2,705) | |||
Foreign currency translation and other adjustments | 292 | |||
Ending balance | $ 69,349 | $ 69,349 |
Restructuring Accrual by Report
Restructuring Accrual by Reportable Segment (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring accruals | $ 69,349 | $ 83,608 |
Americas Segment | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring accruals | 58,210 | 65,949 |
Europe Middle East Africa Segment | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring accruals | 11,058 | 16,797 |
Asia Pacific Segment | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring accruals | $ 81 | $ 862 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | |
Income Taxes [Line Items] | ||||||
Income tax expense | $ 58,495 | $ 8,143 | $ 17,595 | $ 12,360 | ||
Undistributed earnings of foreign subsidiaries | 3,000,000 | 3,000,000 | ||||
Unrecognized tax benefits | 1,041,000 | 1,041,000 | ||||
Unrecognized tax benefits recorded on condensed consolidated balance sheets | 987,000 | 987,000 | ||||
Increase (decrease) in gross unrecognized tax benefit | 17,000 | |||||
Reasonably possible reduction in unrecognized tax benefits in the next twelve months | 153,000 | 153,000 | ||||
Indirect tax assessed, not accrued | $ 110,000 | $ 110,000 | ||||
Alibaba Group | ||||||
Income Taxes [Line Items] | ||||||
Number of ADSs sold at initial public offering | 140 | |||||
Sale of investments in equity interests, shares | 523 |
Segment Information (Detail)
Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 1,243,265 | $ 1,084,191 | $ 2,469,235 | $ 2,216,921 | |
TAC | 200,230 | 43,826 | 383,369 | 89,735 | |
Revenue ex-TAC | 1,043,035 | 1,040,365 | 2,085,866 | 2,127,186 | |
Global operating costs | [1] | 649,915 | 631,801 | 1,334,006 | 1,282,659 |
Gain on sale of patents | (9,100) | (61,500) | (11,100) | (61,500) | |
Depreciation and amortization | 153,679 | 146,860 | 305,218 | 304,394 | |
Stock-based compensation expense | 125,130 | 102,445 | 240,826 | 211,626 | |
Restructuring charges, net | 19,688 | 52,621 | 70,920 | 62,108 | |
Income (loss) from operations | (44,794) | 38,437 | (132,148) | 68,616 | |
Americas Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 992,210 | 805,535 | 1,976,931 | 1,672,463 | |
TAC | 180,822 | 30,296 | 347,477 | 64,390 | |
Revenue ex-TAC | 811,388 | 775,239 | 1,629,454 | 1,608,073 | |
Direct costs by segment | [2] | 76,148 | 60,167 | 134,892 | 120,977 |
Restructuring charges, net | 12,000 | 50,000 | 53,000 | 55,000 | |
Europe Middle East Africa Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 85,830 | 97,847 | 166,916 | 189,417 | |
TAC | 12,950 | 10,212 | 24,654 | 19,405 | |
Revenue ex-TAC | 72,880 | 87,635 | 142,262 | 170,012 | |
Direct costs by segment | [2] | 20,551 | 21,395 | 40,702 | 43,339 |
Restructuring charges, net | 7,000 | 3,000 | 14,000 | 7,000 | |
Asia Pacific Segment | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 165,225 | 180,809 | 325,388 | 355,041 | |
TAC | 6,458 | 3,318 | 11,238 | 5,940 | |
Revenue ex-TAC | 158,767 | 177,491 | 314,150 | 349,101 | |
Direct costs by segment | [2] | 51,818 | $ 48,139 | 102,550 | $ 94,967 |
Restructuring charges, net | $ 1,000 | $ 4,000 | |||
[1] | Global operating costs include product development, marketing, real estate workplace, general and administrative, and other corporate expenses that are managed on a global basis and that are not directly attributable to any particular segment. Beginning in the fourth quarter of 2014, marketing, media, costs associated with Yahoo Properties and other ad operation costs are managed globally and included as global costs. Prior period amounts have been revised to conform to the current presentation. | ||||
[2] | Direct costs for each segment include costs associated with the local sales teams and other cost of revenue. Prior to the fourth quarter of 2014, marketing, media, costs associated with Yahoo Properties and ad operation costs were managed locally and included as direct costs for each segment. Such costs are now included in global operating costs. Prior period amounts have been revised to conform to the current presentation. |
Capital Expenditures by Segment
Capital Expenditures by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Total capital expenditures, net | $ 155,442 | $ 107,358 | $ 290,363 | $ 192,013 |
Americas Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total capital expenditures, net | 139,935 | 100,340 | 262,188 | 164,317 |
Europe Middle East Africa Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total capital expenditures, net | 6,978 | 3,274 | 14,648 | 19,036 |
Asia Pacific Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total capital expenditures, net | $ 8,529 | $ 3,744 | $ 13,527 | $ 8,660 |
Property and Equipment Net by S
Property and Equipment Net by Segment (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total property and equipment, net | $ 1,524,539 | $ 1,487,684 |
Americas Segment | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment, net | 1,417,314 | 1,383,384 |
Americas Segment | United States | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment, net | 1,416,724 | 1,382,597 |
Americas Segment | Other Americas | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment, net | 590 | 787 |
Europe Middle East Africa Segment | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment, net | 39,841 | 34,649 |
Asia Pacific Segment | ||
Segment Reporting Information [Line Items] | ||
Total property and equipment, net | $ 67,384 | $ 69,651 |
Revenues for Groups of Similar
Revenues for Groups of Similar Services (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue from External Customer [Line Items] | ||||
Total revenue | $ 1,243,265 | $ 1,084,191 | $ 2,469,235 | $ 2,216,921 |
Search | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 521,126 | 428,418 | 1,052,792 | 873,185 |
Display | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 500,376 | 436,053 | 964,109 | 889,277 |
Other | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 221,763 | 219,720 | 452,334 | 454,459 |
United States | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | 965,228 | 771,959 | 1,928,739 | 1,605,616 |
International | ||||
Revenue from External Customer [Line Items] | ||||
Total revenue | $ 278,037 | $ 312,232 | $ 540,496 | $ 611,305 |
Search Agreement with Microso88
Search Agreement with Microsoft Corporation - Additional Information (Detail) - USD ($) $ in Millions | May. 01, 2015 | Apr. 15, 2015 | Feb. 23, 2015 | Dec. 09, 2010 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Search Agreement With Microsoft Corporation [Line Items] | |||||||||
Percentage of search queries originating from personal computers accessing Yahoo Properties and its Affiliate sites that a payment request can be made | 51.00% | ||||||||
Revenue share rate from Microsoft's services under the Search Agreement, to be received in first five years | 88.00% | ||||||||
Revenue share rate | 93.00% | 90.00% | |||||||
Microsoft revenue share rate before deduction of affiliate site's share of revenue | 7.00% | ||||||||
Term of search agreement with Microsoft, years | 10 years | ||||||||
Percentage of revenue attributable to Search Agreement | 37.00% | 36.00% | 38.00% | 36.00% | |||||
Revenue collected from Search Agreement | $ 52 | ||||||||
Uncollected Search Agreement revenue | $ 328 | $ 330 | |||||||
Term of license of core search technology with Microsoft, years | 10 years | ||||||||
Maximum | |||||||||
Search Agreement With Microsoft Corporation [Line Items] | |||||||||
Revenue collected from Search Agreement | $ 1 |
Subsequent Events (Detail)
Subsequent Events (Detail) | Jul. 24, 2015 | Jun. 30, 2015 |
After Amendment 2 | ||
Subsequent Event [Line Items] | ||
Unsecured revolving credit facility expiration date | Oct. 8, 2015 | |
Subsequent Event | After Amendment 3 | ||
Subsequent Event [Line Items] | ||
Unsecured revolving credit facility expiration date | Jul. 22, 2016 |