Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ANSS | ||
Entity Registrant Name | ANSYS INC | ||
Entity Central Index Key | 1013462 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 90,023,551 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $5,569,000,000 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $788,064 | $742,486 |
Short-term investments | 714 | 500 |
Accounts receivable, less allowance for doubtful accounts of $5,500 and $5,700, respectively | 101,229 | 97,845 |
Other receivables and current assets | 192,308 | 200,734 |
Deferred income taxes | 28,178 | 26,031 |
Total current assets | 1,110,493 | 1,067,596 |
Property and equipment, net | 64,643 | 60,538 |
Construction-in-progress - leased facility | 0 | 18,136 |
Goodwill | 1,312,182 | 1,255,704 |
Other intangible assets, net | 259,312 | 291,390 |
Other long-term assets | 6,187 | 10,586 |
Deferred income taxes | 21,286 | 18,432 |
Total assets | 2,774,103 | 2,722,382 |
Current liabilities: | ||
Accounts payable | 3,421 | 7,939 |
Accrued bonuses and commissions | 47,001 | 43,992 |
Accrued income taxes | 7,127 | 9,333 |
Deferred income taxes | 24 | 49 |
Other accrued expenses and liabilities | 74,862 | 69,343 |
Deferred revenue | 332,664 | 309,775 |
Total current liabilities | 465,099 | 440,431 |
Long-term liabilities: | ||
Non-cash obligations for construction-in-progress - leased facility | 0 | 18,136 |
Deferred income taxes | 37,390 | 66,899 |
Other long-term liabilities | 54,113 | 60,670 |
Total long-term liabilities | 91,503 | 145,705 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $.01 par value; 2,000,000 shares authorized; zero shares issued or outstanding | 0 | 0 |
Common stock, $.01 par value; 300,000,000 shares authorized; 93,236,023 shares issued | 932 | 932 |
Additional paid-in capital | 904,825 | 926,031 |
Retained earnings | 1,539,508 | 1,284,818 |
Treasury stock, at cost: 2,470,675 and 917,937 shares, respectively | -196,010 | -72,891 |
Accumulated other comprehensive loss | -31,754 | -2,644 |
Total stockholders’ equity | 2,217,501 | 2,136,246 |
Total liabilities and stockholders’ equity | $2,774,103 | $2,722,382 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue: | |||
Software licenses | $564,502 | $528,944 | $501,870 |
Maintenance and service | 371,519 | 332,316 | 296,148 |
Total revenue | 936,021 | 861,260 | 798,018 |
Cost of sales: | |||
Software licenses | 30,607 | 28,363 | 24,512 |
Amortization | 37,653 | 38,298 | 40,889 |
Maintenance and service | 85,126 | 80,031 | 74,115 |
Total cost of sales | 153,386 | 146,692 | 139,516 |
Gross profit | 782,635 | 714,568 | 658,502 |
Operating expenses: | |||
Selling, general and administrative | 246,376 | 218,907 | 205,178 |
Research and development | 165,421 | 151,439 | 132,628 |
Amortization | 23,388 | 22,359 | 26,443 |
Total operating expenses | 435,185 | 392,705 | 364,249 |
Operating income | 347,450 | 321,863 | 294,253 |
Interest expense | -779 | -1,169 | -2,661 |
Interest income | 3,002 | 2,841 | 3,360 |
Other expense, net | -1,534 | -1,046 | -1,405 |
Income before income tax provision | 348,139 | 322,489 | 293,547 |
Income tax provision | 93,449 | 77,162 | 90,064 |
Net income | $254,690 | $245,327 | $203,483 |
Earnings per share – basic: | |||
Basic earnings per share (in USD per share) | $2.77 | $2.65 | $2.20 |
Weighted average shares - basic | 92,067 | 92,691 | 92,622 |
Earnings per share – diluted: | |||
Diluted earnings per share (in USD per share) | $2.70 | $2.58 | $2.14 |
Weighted average shares - diluted | 94,194 | 95,139 | 94,954 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $5,500 | $5,700 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 93,236,023 | 93,236,023 |
Treasury stock, shares | 2,470,675 | 917,937 |
Commitments and contingencies |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $254,690 | $245,327 | $203,483 |
Other comprehensive loss: | |||
Foreign currency translation adjustments | -29,110 | -11,295 | -3,225 |
Comprehensive income | $225,580 | $234,032 | $200,258 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $254,690 | $245,327 | $203,483 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 81,924 | 80,701 | 85,422 |
Deferred income tax benefit | -18,859 | -24,025 | -18,896 |
Provision for bad debts | 2,104 | 1,465 | 938 |
Stock-based compensation expense | 36,861 | 35,298 | 32,415 |
Excess tax benefits from stock-based compensation | -14,531 | -9,971 | -13,888 |
Other | 868 | 73 | 69 |
Changes in operating assets and liabilities: | |||
Accounts receivable | -5,554 | -2,983 | -12,401 |
Other receivables and current assets | -877 | -44,162 | -50,485 |
Other long-term assets | -1,838 | -462 | 5,027 |
Accounts payable, accrued expenses and current liabilities | 8,208 | 15,737 | 9,548 |
Accrued income taxes | 12,102 | 11,876 | 14,616 |
Deferred revenue | 35,548 | 42,105 | 47,748 |
Other long-term liabilities | -5,339 | -17,996 | -5,181 |
Net cash provided by operating activities | 385,307 | 332,983 | 298,415 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | -103,016 | -4,224 | -45,075 |
Capital expenditures | -26,023 | -28,848 | -23,977 |
Purchases of short-term investments | -355 | -261 | -228 |
Maturities of short-term investments | 124 | 156 | 324 |
Net cash used in investing activities | -129,270 | -33,177 | -68,956 |
Cash flows from financing activities: | |||
Principal payments on long-term debt | 0 | -53,149 | -74,408 |
Principal payments on capital leases | -91 | 0 | -14 |
Purchase of treasury stock | -233,793 | -116,132 | -95,477 |
Restricted stock withholding taxes paid in lieu of issued shares | -5,108 | -4,269 | 0 |
Contingent consideration payments | -4,504 | -3,174 | -3,241 |
Proceeds from issuance of common stock under Employee Stock Purchase Plan | 3,629 | 2,987 | 2,446 |
Proceeds from exercise of stock options | 39,694 | 34,007 | 31,960 |
Excess tax benefits from stock-based compensation | 14,531 | 9,971 | 13,888 |
Net cash used in financing activities | -185,642 | -129,759 | -124,846 |
Effect of exchange rate fluctuations on cash and cash equivalents | -24,817 | -4,264 | 262 |
Net increase in cash and cash equivalents | 45,578 | 165,783 | 104,875 |
Cash and cash equivalents, beginning of period | 742,486 | 576,703 | 471,828 |
Cash and cash equivalents, end of period | 788,064 | 742,486 | 576,703 |
Supplemental disclosures of cash flow information: | |||
Income taxes paid | 118,004 | 97,706 | 103,196 |
Interest paid | 643 | 736 | 1,970 |
Construction-in-progress - leased facility | ($18,136) | $18,136 | $0 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2011 | $1,754,473 | $927 | $905,662 | $836,008 | $0 | $11,876 |
Balance, shares at Dec. 31, 2011 | 92,652,000 | 0 | ||||
Treasury shares acquired | -95,477 | -95,477 | ||||
Treasury shares acquired, shares | 1,500,000 | 1,500,000 | ||||
Stock-based compensation activity, including tax benefit | 78,591 | 5 | 20,791 | 57,795 | ||
Stock-based compensation activity, including tax benefit, shares | 525,000 | -939,000 | ||||
Issuance of common stock under Employee Stock Purchase Plan | 2,446 | 915 | 1,531 | |||
Issuance of common stock under Employee Stock Purchase Plan, shares | 25,000 | -25,000 | ||||
Other comprehensive loss | -3,225 | -3,225 | ||||
Net income for the year | 203,483 | 203,483 | ||||
Balance at Dec. 31, 2012 | 1,940,291 | 932 | 927,368 | 1,039,491 | -36,151 | 8,651 |
Balance, shares at Dec. 31, 2012 | 93,202,000 | 536,000 | ||||
Treasury shares acquired | -116,132 | -116,132 | ||||
Treasury shares acquired, shares | 1,494,001 | 1,494,001 | ||||
Stock-based compensation activity, including tax benefit | 75,068 | -806 | 75,874 | |||
Stock-based compensation activity, including tax benefit, shares | 34,000 | -1,063,000 | ||||
Issuance of common stock under Employee Stock Purchase Plan | 2,987 | -531 | 3,518 | |||
Issuance of common stock under Employee Stock Purchase Plan, shares | -49,000 | |||||
Other comprehensive loss | -11,295 | -11,295 | ||||
Net income for the year | 245,327 | 245,327 | ||||
Balance at Dec. 31, 2013 | 2,136,246 | 932 | 926,031 | 1,284,818 | -72,891 | -2,644 |
Balance, shares at Dec. 31, 2013 | 93,236,000 | 918,000 | ||||
Treasury shares acquired | -233,793 | -233,793 | ||||
Treasury shares acquired, shares | 2,976,885 | 2,976,885 | ||||
Stock-based compensation activity, including tax benefit | 86,417 | -20,113 | 106,530 | |||
Stock-based compensation activity, including tax benefit, shares | -1,372,000 | |||||
Issuance of common stock under Employee Stock Purchase Plan | 3,629 | -515 | 4,144 | |||
Issuance of common stock under Employee Stock Purchase Plan, shares | -52,000 | |||||
Other comprehensive loss | -29,110 | -29,110 | ||||
Net income for the year | 254,690 | 254,690 | ||||
Acquisition-related activity | -578 | -578 | ||||
Balance at Dec. 31, 2014 | $2,217,501 | $932 | $904,825 | $1,539,508 | ($196,010) | ($31,754) |
Balance, shares at Dec. 31, 2014 | 93,236,000 | 2,471,000 |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (PARENTHETICAL) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Stock-based compensation activity, tax benefit | $14,970 | $10,033 | $14,216 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization |
ANSYS, Inc. (hereafter the "Company" or "ANSYS") develops and globally markets engineering simulation software and technologies widely used by engineers, designers, researchers and students across a broad spectrum of industries and academia, including aerospace, automotive, manufacturing, electronics, biomedical, energy and defense. | |
As defined by the accounting guidance, the Company operates as three segments. However, the Company determined that its three operating segments are sufficiently similar and should be aggregated under the criteria provided in the related accounting guidance. | |
Given the integrated approach to the multi-discipline problem-solving needs of the Company’s customers, a single sale of software may contain components from multiple product areas and include combined technologies. The Company also has a multi-year product and integration strategy that will result in new, combined products or changes to the historical product offerings. As a result, it is impracticable for the Company to provide accurate historical or current reporting among its various product lines. |
Accounting_Policies
Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Accounting Policies | Accounting Policies | ||||||||||||
Accounting Principles | |||||||||||||
The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States. | |||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Estimates also affect the amounts of revenue and expenses during the reported periods. Significant estimates included in these consolidated financial statements include: | |||||||||||||
• | Allowances for doubtful accounts receivable | ||||||||||||
• | Income tax accruals | ||||||||||||
• | Uncertain tax positions | ||||||||||||
• | Tax valuation reserves | ||||||||||||
• | Fair value of stock-based compensation | ||||||||||||
• | Contract revenue | ||||||||||||
• | Useful lives for depreciation and amortization | ||||||||||||
• | Valuations of goodwill and other intangible assets | ||||||||||||
• | Contingent consideration | ||||||||||||
• | Deferred compensation | ||||||||||||
• | Loss contingencies | ||||||||||||
Actual results could differ from these estimates. Changes in estimates are recorded in the results of operations in the period that the changes occur. | |||||||||||||
Revenue Recognition | |||||||||||||
Revenue is derived principally from the licensing of computer software products and from related maintenance contracts. Revenue from perpetual licenses is classified as license revenue and is recognized upon delivery of the licensed product and the utility that enables the customer to access authorization keys, provided that acceptance has occurred and a signed contractual obligation has been received, the price is fixed and determinable, and collectibility of the receivable is probable. The Company determines the fair value of PCS sold together with perpetual licenses based on the rate charged for PCS when sold separately. Revenue from PCS contracts is classified as maintenance and service revenue and is recognized ratably over the term of the contract. | |||||||||||||
Revenue for software lease licenses is classified as license revenue and is recognized over the period of the lease contract. Typically, the Company’s software leases include PCS which, due to the short term (principally one year or less) of the Company’s software lease licenses, cannot be separated from lease revenue for accounting purposes. As a result, both the lease license and PCS are recognized ratably over the lease period. Due to the short-term nature of the software lease licenses and the frequency with which the Company provides major product upgrades (typically every 12–18 months), the Company does not believe that a significant portion of the fee paid under the arrangement is attributable to the PCS component of the arrangement and, as a result, includes the revenue for the entire arrangement within software license revenue in the consolidated statements of income. | |||||||||||||
The Company's Apache products are typically licensed via longer term leases of 24–36 months. The Company recognizes revenue for these licenses over the term of the lease contract. Because the Company does not have vendor-specific objective evidence of the fair value of these leases, the Company also recognizes revenue from perpetual licenses over the term of the lease contract during the infrequent occurrence of these licenses being sold with Apache leases in multiple-element arrangements. | |||||||||||||
Revenue from training, support and other services is recognized as the services are performed. The Company applies the specific performance method to contracts in which the service consists of a single act, such as providing a training class to a customer, and the proportional performance method to other service contracts that are longer in duration and often include multiple acts (for example, both training and consulting). In applying the proportional performance method, the Company typically utilizes output-based estimates for services with contractual billing arrangements that are not based on time and materials, and estimates output based on the total tasks completed as compared to the total tasks required for each work contract. Input-based estimates are utilized for services that involve general consultations with contractual billing arrangements based on time and materials, utilizing direct labor as the input measure. | |||||||||||||
The Company also executes arrangements through independent channel partners in which the channel partners are authorized to market and distribute the Company’s software products to end-users of the Company’s products and services in specified territories. In sales facilitated by channel partners, the channel partner bears the risk of collection from the end-user customer. The Company recognizes revenue from transactions with channel partners when the channel partner submits a written purchase commitment, collectibility from the channel partner is probable, a signed license agreement is received from the end-user customer and delivery has occurred, provided that all other revenue recognition criteria are satisfied. Revenue from channel partner transactions is the amount remitted to the Company by the channel partners. This amount includes a fee for PCS that is compensation for providing technical enhancements and the second level of technical support to the end-user, which is based on the rate charged for PCS when sold separately, and is recognized over the period that PCS is to be provided. The Company does not offer right of return, product rotation or price protection to any of its channel partners. | |||||||||||||
Non-income related taxes collected from customers and remitted to governmental authorities are recorded on the consolidated balance sheet as accounts receivable and accrued expenses. The collection and payment of these amounts are reported on a net basis in the consolidated statements of income and do not impact reported revenues or expenses. | |||||||||||||
The Company warrants to its customers that its software will substantially perform as specified in the Company’s most current user manuals. The Company has not experienced significant claims related to software warranties beyond the scope of maintenance support, which the Company is already obligated to provide, and consequently the Company has not established reserves for warranty obligations. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents consist primarily of highly liquid investments such as deposits held at major banks and money market mutual funds with original maturities of three months or less. Cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalents balances comprise the following: | |||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
(in thousands, except percentages) | Amount | % of Total | Amount | % of Total | |||||||||
Cash accounts | $ | 506,731 | 64.3 | $ | 439,348 | 59.2 | |||||||
Money market mutual funds | 281,333 | 35.7 | 303,138 | 40.8 | |||||||||
Total | $ | 788,064 | $ | 742,486 | |||||||||
The Company's money market mutual fund balances are held in various funds of a single issuer. | |||||||||||||
Short-Term Investments | |||||||||||||
Short-term investments consist primarily of deposits held by certain foreign subsidiaries of the Company with original maturities of three months to one year. The Company considers investments backed by government agencies or financial institutions with maturities of less than one year to be highly liquid and classifies such investments as short-term investments. Short-term investments are recorded at fair value. The Company uses the specific identification method to determine the realized gain or loss upon the sale of such securities. | |||||||||||||
The Company is averse to principal loss and seeks to preserve invested funds by limiting default risk, market risk and reinvestment risk by placing its investments with high-quality credit issuers. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment is stated at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the various classes of assets, which range from one to 40 years. Repairs and maintenance are charged to expense as incurred. Gains or losses from the sale or retirement of property and equipment are included in operating income. | |||||||||||||
Research and Development | |||||||||||||
Research and development costs, other than certain capitalized software development costs, are expensed as incurred. | |||||||||||||
Software Development Costs | |||||||||||||
Internally developed software costs required to be capitalized as defined by the accounting guidance are not material to the Company's consolidated financial statements. | |||||||||||||
Business Combinations | |||||||||||||
When the Company consummates an acquisition, the assets acquired and the liabilities assumed are recognized separately from goodwill, at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of the fair value of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While best estimates and assumptions are used to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, the Company's estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill based on refinements to information regarding what was known and knowable as of the acquisition date. Upon the earlier of the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, any subsequent adjustments are recorded in the consolidated statements of income. | |||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Goodwill represents the excess of the consideration transferred over the fair value of net identifiable assets acquired. Other intangible assets consist of trade names, customer lists, contract backlog, acquired software and technology, and a non-compete agreement. Intangible assets that are not considered to have an indefinite useful life are amortized over their useful lives, which are generally two to fifteen years. Amortization expense for intangible assets was $61.0 million, $60.7 million and $67.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
The Company tests goodwill and indefinite-lived intangible assets for impairment at least annually by performing a quantitative assessment of whether the fair value of each reporting unit or asset exceeds its carrying amount. Goodwill is tested at the reporting unit level and indefinite-lived intangible assets are tested at the individual asset level. This requires the Company to assess and make judgments regarding a variety of factors which impact the fair value of the reporting unit or asset being tested, including business plans, anticipated future cash flows, economic projections and other market data. | |||||||||||||
The Company performs its annual impairment tests for goodwill and indefinite-lived intangible assets on January 1 of each year unless there is an indicator that would require a test during the year. The Company periodically reviews the carrying value of other intangible assets and will recognize impairments when events or circumstances indicate that such assets may be impaired. | |||||||||||||
Concentrations of Credit Risk | |||||||||||||
The Company has a concentration of credit risk with respect to revenue and trade receivables due to the use of certain significant channel partners to market and sell the Company’s products. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. The following table outlines concentrations of risk with respect to the Company’s revenue: | |||||||||||||
Year Ended December 31, | |||||||||||||
(as a % of revenue) | 2014 | 2013 | 2012 | ||||||||||
Revenue from channel partners | 25 | % | 25 | % | 26 | % | |||||||
Largest channel partner | 4 | % | 6 | % | 6 | % | |||||||
2nd largest channel partner | 2 | % | 2 | % | 3 | % | |||||||
No single customer accounted for more than 5% of the Company's revenue in 2014, 2013 or 2012. | |||||||||||||
In addition to the concentration of credit risk with respect to trade receivables, the Company’s cash and cash equivalents are also exposed to concentration of credit risk. The Company's cash and cash equivalent accounts are insured through various public and private bank deposit insurance programs, foreign and domestic; however, a significant portion of the Company's funds are not insured. The following table outlines concentrations of risk with respect to the Company's cash and cash equivalents: | |||||||||||||
As of December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Cash and cash equivalents held domestically | $ | 556,328 | $ | 530,680 | |||||||||
Cash and cash equivalents held by foreign subsidiaries | 231,736 | 211,806 | |||||||||||
Cash and cash equivalents held in excess of deposit insurance, foreign and domestic | 747,911 | 717,589 | |||||||||||
Cash and cash equivalents held with one U.S. financial institution, foreign and domestic | 350,628 | 378,562 | |||||||||||
Allowance for Doubtful Accounts | |||||||||||||
The Company makes judgments as to its ability to collect outstanding receivables and provides allowances for a portion of receivables when collection becomes doubtful. Provisions are made based upon a specific review of all significant outstanding invoices from both value and delinquency perspectives. For those invoices not specifically reviewed, provisions are estimated at differing rates based upon the age of the receivable and the geographic area of origin. In determining these percentages, the Company considers its historical collection experience and current economic trends in the customer’s industry and geographic region. The Company recorded provisions for doubtful accounts of $2.1 million, $1.5 million and $0.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Income Taxes | |||||||||||||
The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period of the enactment date. | |||||||||||||
The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company determines that it will be able to realize deferred income tax assets in the future in excess of their net recorded amount, an adjustment to the valuation allowance would be recorded that would reduce the provision for income taxes. | |||||||||||||
Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the statute of limitations has expired or the appropriate taxing authority has completed their examination even though the statute of limitations remains open. The Company recognizes interest and penalties related to income taxes within the income tax expense line in the accompanying consolidated statements of income. Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheets. | |||||||||||||
Foreign Currencies | |||||||||||||
Certain of the Company’s sales and intercompany transactions are denominated in foreign currencies. These transactions are translated to the functional currency at the exchange rate on the transaction date. Assets and liabilities denominated in a currency other than the Company's or subsidiary's functional currency are translated at the effective exchange rate on the balance sheet date. Gains and losses resulting from foreign exchange transactions are included in other expense. The Company recorded net foreign exchange losses of $1.6 million, $1.1 million and $1.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
The financial statements of the Company’s foreign subsidiaries are translated from the functional (local) currency to U.S. Dollars. Assets and liabilities are translated at the exchange rates on the balance sheet date. Results of operations are translated at average exchange rates, which approximate rates in effect when the underlying transactions occur. | |||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||
Accumulated other comprehensive income is composed entirely of foreign currency translation adjustments. | |||||||||||||
Earnings Per Share | |||||||||||||
Basic earnings per share ("EPS") amounts are computed by dividing earnings by the weighted average number of common shares outstanding during the period. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive equivalents outstanding. To the extent stock options are anti-dilutive, they are excluded from the calculation of diluted EPS. The details of basic and diluted EPS are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Net income | $ | 254,690 | $ | 245,327 | $ | 203,483 | |||||||
Weighted average shares outstanding – basic | 92,067 | 92,691 | 92,622 | ||||||||||
Dilutive effect of stock plans | 2,127 | 2,448 | 2,332 | ||||||||||
Weighted average shares outstanding – diluted | 94,194 | 95,139 | 94,954 | ||||||||||
Basic earnings per share | $ | 2.77 | $ | 2.65 | $ | 2.2 | |||||||
Diluted earnings per share | $ | 2.7 | $ | 2.58 | $ | 2.14 | |||||||
Anti-dilutive options | 718 | 885 | 1,506 | ||||||||||
Stock-Based Compensation | |||||||||||||
The Company accounts for stock-based compensation in accordance with share-based payment accounting guidance. The guidance requires an entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the period during which an employee is required to provide service in exchange for the award, typically the vesting period. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The Company accounts for certain assets and liabilities at fair value in accordance with the accounting guidance applicable to fair value measurements and disclosures. The carrying values of cash, cash equivalents, accounts receivable, accounts payable, accrued expenses, other accrued liabilities and short-term obligations are deemed to be reasonable estimates of their fair values because of their short-term nature. The fair values of investments are based on quoted market prices for those or similar investments. | |||||||||||||
New Accounting Guidance | |||||||||||||
Revenue from contracts with customers: In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). ASU 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance. Previous guidance requires an entity to recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the seller's price to the buyer is fixed or determinable, and collectibility is reasonably assured. Under the new guidance, an entity is required to evaluate revenue recognition by identifying a contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations in the contract and recognizing revenue when (or as) the entity satisfies a performance obligation. This guidance will be effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. Entities have the option of using a full retrospective, cumulative effect or modified approach to adopt the guidance. This update will impact the timing and amounts of revenue recognized. The Company is currently evaluating the effect that implementation of this update will have on its financial results upon adoption. |
Acquisitions
Acquisitions | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Business Combinations [Abstract] | ||||
Acquisitions | Acquisitions | |||
SpaceClaim Corporation | ||||
On April 30, 2014, the Company completed the acquisition of SpaceClaim, a leading provider of 3-D modeling technology. Under the terms of the agreement, ANSYS acquired SpaceClaim for a purchase price of $85.0 million, which was paid almost entirely in cash. | ||||
SpaceClaim's software provides customers with a powerful and intuitive 3-D direct modeling solution to author new concepts and then leverage the power of simulation to rapidly iterate on these designs to drive innovation. The broad appeal of the SpaceClaim technology can help the Company deliver simulation tools to any engineer in any industry. The complementary combination is expected to accelerate development of new and innovative products to the marketplace while lowering design and engineering costs for customers. | ||||
The operating results of SpaceClaim have been included in the Company's consolidated financial statements from April 30, 2014, the date of acquisition. | ||||
The assets and liabilities of SpaceClaim have been recorded based upon management's estimates of their fair market values as of the acquisition date. The following tables summarize the fair value of consideration transferred and the preliminary fair values of identified assets acquired and liabilities assumed at the acquisition date: | ||||
Fair Value of Consideration Transferred: | ||||
(in thousands) | ||||
Cash | $ | 84,892 | ||
ANSYS replacement stock options | 68 | |||
Total consideration transferred at fair value | $ | 84,960 | ||
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: | ||||
(in thousands) | ||||
Cash | $ | 723 | ||
Accounts receivable and other tangible assets | 1,857 | |||
Developed technology (10-year life) | 15,800 | |||
Customer relationships (6-year life) | 9,400 | |||
Trade name (6-year life) | 1,300 | |||
Contract backlog (6-year life) | 550 | |||
Non-compete agreement (2-year life) | 300 | |||
Net deferred tax assets | 5,259 | |||
Accounts payable and other liabilities | (2,011 | ) | ||
Deferred revenue | (700 | ) | ||
Total identifiable net assets | $ | 32,478 | ||
Goodwill | $ | 52,482 | ||
The goodwill, which is not tax-deductible, is attributed to intangible assets that do not qualify for separate recognition, including the assembled workforce of the acquired business and the synergies expected to arise as a result of the acquisition of SpaceClaim. | ||||
The fair values of the assets acquired and liabilities assumed are based on preliminary calculations and the estimates and assumptions for these items are subject to change as additional information about what was known and knowable at the acquisition date is obtained and assessed during the measurement period (up to one year from the acquisition date). During the period since the SpaceClaim acquisition date, the Company increased the fair values of net deferred tax assets from $4.1 million to $5.3 million, increased the fair value of deferred revenue from $0.5 million to $0.7 million, and increased the fair values of accounts payable and other liabilities from $1.9 million to $2.0 million, with the offset recorded as a $0.9 million decrease to goodwill. These adjustments were based on refinements to assumptions used in the preliminary valuation of deferred revenue, accounts payable and other liabilities, and information about what was known and knowable as of the acquisition date in the calculation of the net deferred tax assets. | ||||
Pro forma results of operations have not been presented as the effects of the SpaceClaim business combination were not material to the Company's consolidated results of operations. | ||||
In valuing deferred revenue on the SpaceClaim balance sheet as of the acquisition date, the Company applied the fair value provisions applicable to the accounting for business combinations. Acquired deferred revenue with a historical carrying value of $3.3 million was ascribed a fair value of $0.7 million on the opening balance sheet. As a result, the Company's post-acquisition revenue will be less than the sum of what would have otherwise been reported by ANSYS and SpaceClaim absent the acquisition. The impact on reported revenue for the twelve months ended December 31, 2014 was $2.0 million. The expected impact on reported revenue is $0.6 million for the year ending December 31, 2015. | ||||
Reaction Design | ||||
On January 3, 2014, the Company completed the acquisition of Reaction Design, a leading developer of chemistry simulation software. Under the terms of the agreement, ANSYS acquired Reaction Design for a purchase price of $19.1 million in cash. Reaction Design's solutions enable transportation manufacturers and energy companies to rapidly achieve their clean technology goals by automating the analysis of chemical processes via computer simulation and modeling solutions. | ||||
The operating results of Reaction Design have been included in the Company's consolidated financial statements since the date of acquisition, January 3, 2014. The total consideration transferred was allocated to the assets and liabilities of Reaction Design based on management's estimates of the fair values of the assets acquired and the liabilities assumed. The allocation included $7.0 million to identifiable intangible assets, including core technology, customer lists and trade names, to be amortized over periods between two and eleven years, and $8.6 million to goodwill, which is not tax-deductible. The fair values of the assets acquired and liabilities assumed are based on preliminary calculations and the estimates and assumptions for these items are subject to change as additional information about what was known and knowable at the acquisition date is obtained and assessed during the measurement period (up to one year from the acquisition date). During the period since the Reaction Design acquisition date, the Company decreased the fair values of identifiable finite-lived intangible assets from $9.2 million to $7.0 million and increased the fair values of net deferred tax assets from $2.3 million to $2.6 million, with the offset recorded as an increase to goodwill of $1.3 million and a reduction in noncontrolling interest of $0.6 million. These adjustments were based on refinements to assumptions used in the preliminary valuation of intangible assets and information about what was known and knowable as of the acquisition date in the calculation of the net deferred tax assets. | ||||
Pro forma results of operations have not been presented as the effects of the Reaction Design business combination were not material to the Company's consolidated results of operations. | ||||
In valuing deferred revenue on the Reaction Design balance sheet as of the acquisition date, the Company applied the fair value provisions applicable to the accounting for business combinations. Acquired deferred revenue with a historical carrying value of $2.3 million was ascribed no fair value on the opening balance sheet. As a result, the Company's post-acquisition revenue will be less than the sum of what would have otherwise been reported by ANSYS and Reaction Design absent the acquisition. The impact on reported revenue for the twelve months ended December 31, 2014 was $2.0 million. The expected impact on reported revenue is $0.2 million for the year ending December 31, 2015. | ||||
EVEN - Evolutionary Engineering AG | ||||
On April 2, 2013, the Company acquired EVEN, a leading provider of composite analysis and optimization technology. Under the terms of the agreement, ANSYS acquired EVEN for a purchase price of $8.1 million, which consisted of $4.5 million in cash and an estimated $3.6 million of contingent consideration based on EVEN's achievement of certain technical milestones during the three years following the acquisition date. The Company made its first contingent payment totaling $1.6 million in March 2014. | ||||
The total consideration transferred was allocated to the assets and liabilities of EVEN based on management's estimates of the fair values of the assets acquired and the liabilities assumed. The allocation included $2.6 million to identifiable intangible assets, including customer lists and core technology, to be amortized over a period of five years, and $5.9 million to goodwill, which is not tax-deductible. The fair values of the assets acquired and liabilities assumed are based on management's estimates of their fair values as of the acquisition date. | ||||
Esterel Technologies, S.A. | ||||
On August 1, 2012, the Company completed its acquisition of Esterel, a leading provider of embedded software simulation solutions for mission critical applications. Under the terms of the agreement, ANSYS acquired Esterel for a purchase price of $58.2 million, which included $13.1 million in acquired cash. The agreement also includes retention provisions for key members of Esterel's management and employees, which are accounted for outside of the business combination. The Company funded the transaction entirely with existing cash balances. The operating results of Esterel have been included in the Company's consolidated financial statements since the date of acquisition, August 1, 2012. | ||||
The assets and liabilities of Esterel have been recorded based upon management's estimates of their fair market values as of the acquisition date. The following tables summarize the fair value of consideration transferred and the fair values of identified assets acquired and liabilities assumed at the acquisition date: | ||||
Fair Value of Consideration Transferred: | ||||
(in thousands) | ||||
Cash | $ | 58,150 | ||
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: | ||||
(in thousands) | ||||
Cash | $ | 13,075 | ||
Accounts receivable and other tangible assets | 4,737 | |||
Customer relationships (12-year life) | 21,421 | |||
Developed software (10-year life) | 10,717 | |||
Platform trade name (10-year life) | 2,695 | |||
Accounts payable and other liabilities | (4,707 | ) | ||
Deferred revenue | (1,139 | ) | ||
Net deferred tax liabilities | (7,096 | ) | ||
Total identifiable net assets | $ | 39,703 | ||
Goodwill | $ | 18,447 | ||
The goodwill, which is not tax-deductible, is attributed to intangible assets that do not qualify for separate recognition, including the assembled workforce of the acquired business and the synergies expected to arise as a result of the acquisition of Esterel. During the one-year measurement period since the Esterel acquisition date, the Company decreased the value of net deferred tax liabilities from $10.0 million to $7.1 million, with the offset recorded as a $2.9 million decrease to goodwill. This adjustment was based on additional information regarding what was known and knowable in the calculation of the net deferred tax liabilities as of the acquisition date. | ||||
In valuing deferred revenue on the Esterel balance sheet as of the acquisition date, the Company applied the fair value provisions applicable to the accounting for business combinations. Acquired deferred revenue with a historical carrying value of $12.1 million was ascribed a fair value of $1.1 million on the opening balance sheet. As a result, the Company's post-acquisition revenue was less than the sum of what would have otherwise been reported by ANSYS and Esterel absent the acquisition. The impact on reported revenue for the twelve months ended December 31, 2014 was $1.4 million. |
Other_Receivables_and_Current_
Other Receivables and Current Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Other Receivables and Current Assets | Other Receivables and Current Assets | |||||||
The Company's other receivables and current assets comprise the following balances: | ||||||||
(in thousands) | December 31, | December 31, | ||||||
2014 | 2013 | |||||||
Receivables related to unrecognized revenue | $ | 152,830 | $ | 140,051 | ||||
Income taxes receivable, including overpayments and refunds | 18,276 | 42,357 | ||||||
Prepaid expenses and other current assets | 21,202 | 18,326 | ||||||
Total other receivables and current assets | $ | 192,308 | $ | 200,734 | ||||
Receivables for unrecognized revenue represent the current portion of billings made for annual lease licenses and software maintenance that has not yet been recognized as revenue. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property and Equipment | Property and Equipment | ||||||||||
Property and equipment consists of the following: | |||||||||||
December 31, | |||||||||||
(in thousands) | Estimated Useful Lives | 2014 | 2013 | ||||||||
Equipment | 1-10 years | $ | 75,500 | $ | 68,970 | ||||||
Computer software | 1-5 years | 30,007 | 27,647 | ||||||||
Buildings | 10-40 years | 24,526 | 24,325 | ||||||||
Leasehold improvements | 1-15 years | 10,368 | 8,125 | ||||||||
Furniture | 1-13 years | 8,475 | 4,973 | ||||||||
Land | 2,140 | 2,178 | |||||||||
Property and equipment, gross | 151,016 | 136,218 | |||||||||
Less: Accumulated depreciation and amortization | (86,373 | ) | (75,680 | ) | |||||||
Property and equipment, net | $ | 64,643 | $ | 60,538 | |||||||
Depreciation and amortization expense related to property and equipment, including the amounts acquired through capital lease commitments, was $20.9 million, $19.9 million and $17.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | |||||||||||||||
Goodwill represents the excess of the fair value of the consideration transferred over the value of net tangible and identifiable intangible assets of acquired businesses. Identifiable intangible assets acquired in business combinations are recorded based on their fair values on the date of acquisition. | ||||||||||||||||
During the first quarter of 2014, the Company completed the annual impairment test for goodwill and indefinite-lived intangible assets and determined that these assets had not been impaired as of the test date, January 1, 2014. No events occurred or circumstances changed during the year ended December 31, 2014 that would indicate that the fair values of the Company’s reporting units and indefinite-lived intangible assets are below their carrying amounts. | ||||||||||||||||
The Company’s intangible assets and estimated useful lives are classified as follows: | ||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||
(in thousands) | Gross | Accumulated | Gross | Accumulated | ||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||
Amount | Amount | |||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||
Developed software and core technologies (3 – 11 years) | $ | 321,076 | $ | (227,298 | ) | $ | 300,493 | $ | (203,236 | ) | ||||||
Customer lists and contract backlog (5 – 15 years) | 221,159 | (121,380 | ) | 237,173 | (119,368 | ) | ||||||||||
Trade names (2 – 10 years) | 114,432 | (63,082 | ) | 102,651 | (50,990 | ) | ||||||||||
Non-compete agreement (2 years) | 300 | (52 | ) | — | — | |||||||||||
Total | $ | 656,967 | $ | (411,812 | ) | $ | 640,317 | $ | (373,594 | ) | ||||||
Indefinite-lived intangible assets: | ||||||||||||||||
Trade names | $ | 14,157 | $ | 24,667 | ||||||||||||
The decrease in unamortized trade names in the table above was due to the movement of certain trade names to amortized intangible assets. Amortization expense for the intangible assets reflected above was $61.0 million, $60.7 million and $67.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||
As of December 31, 2014, estimated future amortization expense for the intangible assets reflected above is as follows: | ||||||||||||||||
(in thousands) | ||||||||||||||||
2015 | $ | 56,576 | ||||||||||||||
2016 | 46,979 | |||||||||||||||
2017 | 43,824 | |||||||||||||||
2018 | 30,235 | |||||||||||||||
2019 | 16,817 | |||||||||||||||
Thereafter | 50,724 | |||||||||||||||
Total intangible assets subject to amortization | 245,155 | |||||||||||||||
Indefinite-lived trade names | 14,157 | |||||||||||||||
Other intangible assets, net | $ | 259,312 | ||||||||||||||
The changes in goodwill during the years ended December 31, 2014 and 2013 are as follows: | ||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Beginning balance - January 1 | $ | 1,255,704 | $ | 1,251,247 | ||||||||||||
Acquisitions | 61,103 | 5,936 | ||||||||||||||
Currency translation and other | (4,625 | ) | (1,479 | ) | ||||||||||||
Ending balance - December 31 | $ | 1,312,182 | $ | 1,255,704 | ||||||||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Long-Term Debt | Long-Term Debt | ||||||||||||||||
The Company paid the outstanding balance on its term loan at maturity on July 31, 2013. For the years ended December 31, 2013 and 2012, the Company recorded interest expense related to the term loan at average interest rates of 1.04% and 1.22%, respectively. The interest expense on the term loan and amortization related to debt financing costs are as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | Interest | Amortization | Interest | Amortization | |||||||||||||
Expense | Expense | ||||||||||||||||
July 31, 2008 term loan | $ | 230 | $ | 149 | $ | 1,342 | $ | 698 | |||||||||
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurement | Fair Value Measurement | |||||||||||||||
The valuation hierarchy for disclosure of assets and liabilities reported at fair value prioritizes the inputs for such valuations into three broad levels: | ||||||||||||||||
• | Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; | |||||||||||||||
• | Level 2: quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; or | |||||||||||||||
• | Level 3: unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. | |||||||||||||||
A financial asset's or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||||
The following tables provide the assets and liabilities carried at fair value and measured on a recurring basis: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using: | ||||||||||||||||
(in thousands) | 31-Dec-14 | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
(Level 1) | Inputs | Inputs | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 281,333 | $ | 281,333 | $ | — | $ | — | ||||||||
Short-term investments | $ | 714 | $ | — | $ | 714 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Contingent consideration | $ | (2,621 | ) | $ | — | $ | — | $ | (2,621 | ) | ||||||
Fair Value Measurements at Reporting Date Using: | ||||||||||||||||
(in thousands) | 31-Dec-13 | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
(Level 1) | Inputs | Inputs | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 303,138 | $ | 303,138 | $ | — | $ | — | ||||||||
Short-term investments | $ | 500 | $ | — | $ | 500 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Contingent consideration | $ | (7,389 | ) | $ | — | $ | — | $ | (7,389 | ) | ||||||
Deferred compensation | $ | (704 | ) | $ | — | $ | — | $ | (704 | ) | ||||||
The cash equivalents in the preceding tables represent money market mutual funds. | ||||||||||||||||
The short-term investments in the preceding tables represent deposits held by certain foreign subsidiaries of the Company. The deposits have fixed interest rates with maturity dates ranging from three months to one year. | ||||||||||||||||
The contingent consideration in the table above represents potential future payments related to the EVEN and Apache acquisitions in accordance with the respective agreements. The deferred compensation in the table above is attributable to a retention agreement for a key member of Apache management, and was accounted for outside of that business combination. The net present value calculations for the contingent consideration and deferred compensation include significant unobservable inputs in the assumption that all remaining payments will be made, and therefore the liabilities were classified as Level 3 in the fair value hierarchy. | ||||||||||||||||
The following table presents the changes during the years ended December 31, 2014 and 2013 in the Company’s Level 3 liabilities for contingent consideration and deferred compensation that are measured at fair value on a recurring basis: | ||||||||||||||||
Fair Value Measurement Using | ||||||||||||||||
Significant Unobservable Inputs | ||||||||||||||||
(in thousands) | Contingent | Deferred | ||||||||||||||
Consideration | Compensation | |||||||||||||||
Balance as of January 1, 2013 | $ | 6,436 | $ | 1,394 | ||||||||||||
EVEN contingent consideration | 3,597 | — | ||||||||||||||
Contingent payments | (3,288 | ) | (712 | ) | ||||||||||||
Interest expense and foreign exchange activity included in earnings | 644 | 22 | ||||||||||||||
Balance as of December 31, 2013 | $ | 7,389 | $ | 704 | ||||||||||||
Contingent payments | (4,866 | ) | (712 | ) | ||||||||||||
Interest expense and foreign exchange activity included in earnings | 98 | 8 | ||||||||||||||
Balance as of December 31, 2014 | $ | 2,621 | $ | — | ||||||||||||
The final payment related to the retention of a key member of Apache management was paid in the third quarter of 2014. As a result of making this final payment, the Company no longer has a deferred compensation liability at December 31, 2014. | ||||||||||||||||
The carrying values of cash, accounts receivable, accounts payable, accrued expenses, other accrued liabilities and short-term obligations approximate their fair values because of their short-term nature. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
Income before income taxes includes the following components: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Domestic | $ | 291,042 | $ | 272,569 | $ | 234,497 | |||||||
Foreign | 57,097 | 49,920 | 59,050 | ||||||||||
Total | $ | 348,139 | $ | 322,489 | $ | 293,547 | |||||||
The provision for income taxes is composed of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 80,620 | $ | 69,268 | $ | 79,028 | |||||||
State | 7,192 | 7,197 | 7,886 | ||||||||||
Foreign | 24,495 | 24,722 | 22,046 | ||||||||||
Deferred: | |||||||||||||
Federal | (18,536 | ) | (23,438 | ) | (21,026 | ) | |||||||
State | (1,915 | ) | (2,187 | ) | (3,913 | ) | |||||||
Foreign | 1,593 | 1,600 | 6,043 | ||||||||||
Total | $ | 93,449 | $ | 77,162 | $ | 90,064 | |||||||
The reconciliation of the U.S. federal statutory tax rate to the consolidated effective tax rate is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal benefit | 1.2 | 1.1 | 1.2 | ||||||||||
Stock-based compensation | 0.6 | 0.9 | 1 | ||||||||||
Net (benefit) tax of unrepatriated earnings | (0.3 | ) | (0.9 | ) | 0.7 | ||||||||
Foreign rate differential | (0.7 | ) | (0.9 | ) | (1.9 | ) | |||||||
Uncertain tax positions | (0.9 | ) | (3.7 | ) | 0.3 | ||||||||
Research and development credits | (1.1 | ) | (2.0 | ) | (0.1 | ) | |||||||
Domestic production activity benefit | (3.5 | ) | (3.3 | ) | (3.3 | ) | |||||||
Benefit from restructuring activities | (4.1 | ) | (2.8 | ) | (3.1 | ) | |||||||
Other | 0.6 | 0.5 | 0.9 | ||||||||||
26.8 | % | 23.9 | % | 30.7 | % | ||||||||
In general, it is the practice and intention of the Company to repatriate previously taxed earnings and to reinvest all other earnings of its non-U.S. subsidiaries. The Company has not made a provision for U.S. taxes on $216.0 million, representing the excess of the amount for financial reporting over the tax bases of investments in foreign subsidiaries that are essentially permanent in duration. Generally, such amounts become subject to U.S. taxation upon the remittance of dividends and under certain other circumstances. The residual U.S. tax cost associated with this difference is estimated to be $22.9 million. | |||||||||||||
The components of deferred tax assets and liabilities are as follows: | |||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 42,060 | $ | 26,204 | |||||||||
Stock-based compensation | 23,331 | 20,006 | |||||||||||
Employee benefits | 20,034 | 18,824 | |||||||||||
Uncertain tax positions | 8,545 | 7,977 | |||||||||||
Deferred revenue | 6,533 | 7,816 | |||||||||||
Research and development credits | 4,349 | 2,331 | |||||||||||
Allowance for doubtful accounts | 1,806 | 2,014 | |||||||||||
Other | 2,892 | 3,521 | |||||||||||
Valuation allowance | (130 | ) | (392 | ) | |||||||||
109,420 | 88,301 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Other intangible assets | (92,703 | ) | (106,115 | ) | |||||||||
Property and equipment | (4,652 | ) | (4,556 | ) | |||||||||
Unremitted foreign earnings | (15 | ) | (115 | ) | |||||||||
(97,370 | ) | (110,786 | ) | ||||||||||
Net deferred tax assets (liabilities) | $ | 12,050 | $ | (22,485 | ) | ||||||||
As of December 31, 2014, the Company had federal net operating loss carryforwards of $45.3 million. These losses expire between 2020 - 2034, and are subject to limitations on their utilization. Deferred tax assets of $1.1 million have been recorded for state operating loss carryforwards. These losses expire between 2015 - 2034, and are subject to limitations on their utilization. The Company had total foreign net operating loss carryforwards of $81.2 million, of which $29.9 million are not currently subject to expiration dates. The remainder, $51.3 million, expires between 2019 - 2023. The Company had tax credit carryforwards of $6.0 million, of which $4.2 million are subject to limitations on their utilization. Approximately $2.0 million of these tax credit carryforwards are not currently subject to expiration dates. The remainder, $4.0 million, expires in various years between 2015 - 2034. | |||||||||||||
In December 2013, the Company received notice from the Internal Revenue Service that the Joint Committee on Taxation took no exception to the Company's tax returns that were filed for 2009 and 2010. An $11.0 million tax benefit was recognized in the Company's 2013 financial results as the Company has effectively settled uncertainty regarding refund claims filed in connection with these returns. | |||||||||||||
The following is a reconciliation of the total amounts of unrecognized tax benefits: | |||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Unrecognized tax benefit as of January 1 | $ | 19,590 | $ | 37,203 | $ | 31,582 | |||||||
Acquired unrecognized tax benefit | — | — | 3,845 | ||||||||||
Gross increases—tax positions in prior period | 488 | 320 | 2,048 | ||||||||||
Gross decreases—tax positions in prior period | (3,715 | ) | (18,058 | ) | (2,167 | ) | |||||||
Gross increases—tax positions in current period | 2,513 | 2,036 | 2,660 | ||||||||||
Reductions due to a lapse of the applicable statute of limitations | (1,924 | ) | (1,734 | ) | (1,314 | ) | |||||||
Changes due to currency fluctuation | (610 | ) | 20 | 625 | |||||||||
Settlements | — | (197 | ) | (76 | ) | ||||||||
Unrecognized tax benefit as of December 31 | $ | 16,342 | $ | 19,590 | $ | 37,203 | |||||||
The Company believes that it is reasonably possible that approximately $2.5 million of uncertain tax positions may be resolved within the next twelve months as a result of settlement with a taxing authority or a lapse of the statute of limitations. Of the total unrecognized tax benefit as of December 31, 2014, $12.2 million would affect the effective tax rate, if recognized. | |||||||||||||
The Company recognizes interest and penalties related to income taxes as income tax expense. During the year ended December 31, 2014, the Company recorded $0.1 million of interest expense and $0.1 million of penalties related to uncertain tax positions. As of both December 31, 2014 and 2013, the Company accrued a liability for penalties of $1.6 million and interest of $2.7 million. | |||||||||||||
The Company is subject to taxation in the U.S. and various states and foreign jurisdictions. The Company’s 2011, 2013 and 2014 tax years are open to examination by the Internal Revenue Service. The Company also has various foreign and state tax filings subject to examination for various years. Except as discussed in Note 19 to the consolidated financial statements included in Part IV, Item 15 of this Annual Report on Form 10-K, the Company does not expect foreign or state examinations to result in a material change to the consolidated financial statements. |
Pension_And_ProfitSharing_Plan
Pension And Profit-Sharing Plans | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension And Profit-Sharing Plans | Pension and Profit-Sharing Plans |
The Company has a 401(k)/profit-sharing plan for all qualifying salaried domestic employees that permits participants to make contributions by salary reduction pursuant to Section 401(k) of the Internal Revenue Code. The Company makes matching contributions on behalf of each eligible participant in an amount equal to 100% of the first 3% and an additional 25% of the next 5%, for a maximum total of 4.25% of the employee’s compensation. The Company may make a discretionary contribution based on the participant’s eligible compensation, provided the employee is employed at the end of the year and has worked at least 1,000 hours. The Company also maintains various defined contribution and defined benefit pension arrangements for its international employees. The Company funds the foreign defined benefit and contribution plans based on the minimum required deposits according to the local statutory requirements. The unfunded portion of the defined benefit obligation for each plan is accrued in other long-term liabilities. | |
Expenses related to the Company’s retirement programs were $8.9 million in 2014, $8.0 million in 2013 and $7.1 million in 2012. |
NonCompete_and_Employment_Agre
Non-Compete and Employment Agreements | 12 Months Ended |
Dec. 31, 2014 | |
Non-Compete and Employment Agreements [Abstract] | |
Non-Compete and Employment Agreements | Non-Compete and Employment Agreements |
Employees of the Company have signed agreements under which they have agreed not to disclose trade secrets or confidential information and, where legally permitted, that restrict engagement in or connection with any business that is competitive with the Company anywhere in the world while employed by the Company (and, in some cases, for specified periods thereafter), and that any products or technology created by them during their term of employment are the property of the Company. In addition, the Company requires all channel partners to enter into agreements not to disclose the Company’s trade secrets and other proprietary information. | |
The Company had an employment agreement with the Chairman of its Board of Directors. The Chairman ceased to be an employee of the Company on December 31, 2014. In connection with the end of his employment and pursuant to the terms of his employment agreement, the former Chairman received a $300,000 lump sum severance payment and twelve months’ continued health coverage benefits. | |
The Company has an employment agreement with the Chief Executive Officer. This agreement provides for, among other things, minimum severance payments equal to his base salary, target bonus and then-existing benefits through the earlier of the second anniversary of the termination date if the Chief Executive Officer is terminated without cause or when he accepts other employment. The Chief Executive Officer is subject to a two-year restriction on competition following termination of employment under the circumstances described in the contract. | |
The Company also has employment agreements with several other employees, primarily in foreign jurisdictions. The terms of these employment agreements generally include annual compensation, severance payment provisions and non-compete clauses. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Stock Option And Grant Plan [Abstract] | ||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||||||||||||
The Company has a stock option and grant plan—the Fourth Amended and Restated 1996 Stock Option and Grant Plan ("Stock Plan"). The Stock Plan, as amended, authorizes the grant of up to 30,400,000 shares of the Company’s common stock in the form of: (i) incentive stock options ("ISOs"), (ii) nonqualified stock options, (iii) common stock with or without vesting or other restrictions, (iv) common stock upon the attainment of specified performance goals, (v) restricted stock awards, (vi) the right to receive cash dividends with the holders of the common stock as if the recipient held a specified number of shares of the common stock, (vii) deferred stock awards, (viii) stock appreciation rights and (ix) cash-based awards. | ||||||||||||||||||||||
The Stock Plan provides that: (i) the exercise price of an ISO must be no less than the fair value of the stock at the date of grant and (ii) the exercise price of an ISO held by an optionee who possesses more than 10% of the total combined voting power of all classes of stock must be no less than 110% of the fair market value of the stock at the time of grant. The Compensation Committee of the Board of Directors has the authority to set expiration dates no later than ten years from the date of grant (or five years for an optionee who meets the 10% criterion), payment terms and other provisions for each grant. The majority of options granted have a four-year vesting period. Shares associated with unexercised options or reacquired shares of common stock (except those shares withheld as a result of tax withholding or net issuance) become available for option grants and common stock issuances under the Stock Plan. The Compensation Committee of the Board of Directors may, at its sole discretion, accelerate or extend the date or dates on which all or any particular award or awards granted under the Stock Plan may vest or be exercised. | ||||||||||||||||||||||
In the event of a "sale event" as defined in the Stock Plan, all outstanding awards will be assumed or continued by the successor entity, with appropriate adjustment in the awards to reflect the transaction. In such event, except as the Compensation Committee may otherwise specify with respect to particular awards in the award agreements, if the service relationship of the holder of an award is terminated without cause within 18 months after the sale event, then all awards held by such holder will become fully vested and exercisable at that time. If there is a sale event in which the successor entity refuses to assume or continue outstanding awards, then subject to the consummation of the sale event, all awards with time-based vesting conditions will become fully vested and exercisable at the effective time of the sale event and all awards with performance-based vesting conditions may become vested and exercisable in accordance with the award agreements at the discretion of the Compensation Committee. If awards are not assumed or continued after a sale event, then all such awards will terminate at the time of the sale event. In the event of the termination of stock options or stock appreciation rights in connection with a sale event, the Compensation Committee may either make or provide for a cash payment to the holders of such awards equal to the difference between the per share transaction consideration and the exercise price of such awards or permit each holder to have at least a 15-day period to exercise such awards prior to their termination. | ||||||||||||||||||||||
The Company currently issues shares related to exercised stock options or vested awards from its existing pool of treasury shares and has no specific policy to repurchase treasury shares as stock options are exercised or as awards vest. If the treasury pool is depleted, the Company will issue new shares. | ||||||||||||||||||||||
Total stock-based compensation expense recognized for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2012 | |||||||||||||||||||
Cost of sales: | ||||||||||||||||||||||
Software licenses | $ | 1,776 | $ | 1,349 | $ | 1,478 | ||||||||||||||||
Maintenance and service | 2,035 | 2,293 | 2,232 | |||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||
Selling, general and administrative | 17,073 | 16,847 | 15,278 | |||||||||||||||||||
Research and development | 15,977 | 14,809 | 13,427 | |||||||||||||||||||
Stock-based compensation expense before taxes | 36,861 | 35,298 | 32,415 | |||||||||||||||||||
Related income tax benefits | (10,927 | ) | (11,096 | ) | (8,509 | ) | ||||||||||||||||
Stock-based compensation expense, net of taxes | $ | 25,934 | $ | 24,202 | $ | 23,906 | ||||||||||||||||
Net impact on earnings per share: | ||||||||||||||||||||||
Basic earnings per share | $ | (0.28 | ) | $ | (0.26 | ) | $ | (0.26 | ) | |||||||||||||
Diluted earnings per share | $ | (0.28 | ) | $ | (0.25 | ) | $ | (0.25 | ) | |||||||||||||
Information regarding stock option transactions is summarized below: | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
(options in thousands) | Options | Weighted | Options | Weighted | Options | Weighted | ||||||||||||||||
Average | Average | Average | ||||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||
Outstanding, beginning of year | 6,166 | $ | 44.77 | 7,122 | $ | 42.85 | 7,545 | $ | 35.1 | |||||||||||||
Granted | 150 | $ | 81.09 | 103 | $ | 81.87 | 1,109 | $ | 67.53 | |||||||||||||
Issued pursuant to SpaceClaim acquisition | 21 | $ | 23.26 | — | $ | — | — | $ | — | |||||||||||||
Exercised | (1,266 | ) | $ | 31.36 | (993 | ) | $ | 34.26 | (1,464 | ) | $ | 21.85 | ||||||||||
Forfeited | (139 | ) | $ | 61.11 | (66 | ) | $ | 53.75 | (68 | ) | $ | 36.9 | ||||||||||
Outstanding, end of year | 4,932 | $ | 48.76 | 6,166 | $ | 44.77 | 7,122 | $ | 42.85 | |||||||||||||
Vested and Exercisable, end of year | 3,958 | $ | 44.22 | 4,351 | $ | 38.18 | 4,094 | $ | 33.91 | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted Average Remaining Contractual Term (in years) | ||||||||||||||||||||||
Outstanding | 5.53 | 5.99 | 6.78 | |||||||||||||||||||
Vested and Exercisable | 5 | 5.13 | 5.48 | |||||||||||||||||||
Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||||
Outstanding | $ | 163,932 | $ | 261,601 | $ | 174,383 | ||||||||||||||||
Vested and Exercisable | $ | 149,536 | $ | 213,304 | $ | 136,851 | ||||||||||||||||
Historical and future expected forfeitures have not been significant and, as a result, the outstanding option amounts reflected in the tables above approximate the options expected to vest. | ||||||||||||||||||||||
The fair value of each option grant is estimated on the date of grant, or date of acquisition for options issued in a business combination, using the Black-Scholes option pricing model, which was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. The Company’s options have characteristics significantly different from those of traded options, and changes in input assumptions can materially affect the fair value estimates. The interest rates used were determined by using the five-year Treasury Note yield at the date of grant or date of acquisition for options issued in a business combination. The volatility was determined based on the historic volatility of the Company’s stock during the preceding six years for 2014, 2013 and 2012. | ||||||||||||||||||||||
The table below presents the weighted average input assumptions used and resulting fair values for options granted or issued in business combinations during each respective year: | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Risk-free interest rate | 1.49% to 1.76% | 0.68% to 1.48% | 0.59% to 1.04% | |||||||||||||||||||
Expected dividend yield | —% | —% | —% | |||||||||||||||||||
Expected volatility | 35% | 37% | 38% | |||||||||||||||||||
Expected term | 5.7 years | 5.8 years | 6.0 years | |||||||||||||||||||
Weighted average fair value per share | $32.26 | $29.85 | $24.82 | |||||||||||||||||||
As stock-based compensation expense recognized in the consolidated statements of income is based on awards ultimately expected to vest, it must be reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The effect of pre-vesting forfeitures on the Company’s recorded expense has historically been negligible due to the relatively low turnover of stock option holders. | ||||||||||||||||||||||
The Company’s determination of fair value of share-based payment awards on the date of grant using an option pricing model is affected by the Company’s stock price as well as assumptions regarding a number of variables. The total estimated grant date fair values of stock options that vested during the years ended December 31, 2014, 2013 and 2012 were $19.5 million, $24.7 million and $23.3 million, respectively. As of December 31, 2014, total unrecognized estimated compensation cost related to unvested stock options granted prior to that date was $21.3 million, which is expected to be recognized over a weighted average period of 1.5 years. The total intrinsic values of stock options exercised during the years ended December 31, 2014, 2013 and 2012 were $60.6 million, $45.2 million and $64.7 million, respectively. As of December 31, 2014, 1.0 million unvested options with an aggregate intrinsic value of $20.3 million are expected to vest and have a weighted average exercise price of $67.22 and a weighted average remaining contractual term of 7.7 years. The Company recorded cash received from the exercise of stock options of $39.7 million and tax benefits related to stock activity of $25.9 million for the year ended December 31, 2014. | ||||||||||||||||||||||
Information regarding stock options outstanding as of December 31, 2014 is summarized below: | ||||||||||||||||||||||
(options in thousands) | Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Options | Weighted | Weighted | Options | Weighted | |||||||||||||||||
Average | Average | Average | ||||||||||||||||||||
Remaining | Exercise | Exercise | ||||||||||||||||||||
Contractual | Price | Price | ||||||||||||||||||||
Life (years) | ||||||||||||||||||||||
$5.91 - $28.40 | 1,022 | 3.52 | $ | 24.51 | 998 | $ | 24.54 | |||||||||||||||
$30.02 - $40.89 | 1,029 | 3.81 | $ | 39.6 | 1,029 | $ | 39.6 | |||||||||||||||
$41.33 - $58.67 | 1,703 | 6.15 | $ | 53.92 | 1,460 | $ | 53.15 | |||||||||||||||
$60.49 - $88.35 | 1,178 | 7.81 | $ | 70.37 | 471 | $ | 68.34 | |||||||||||||||
Under the terms of the ANSYS, Inc. Long-Term Incentive Plan, the Company issues various restricted stock awards, which may have a single or combination of a market condition, an operating performance condition or a service condition. In the first quarters of 2014, 2013 and 2012, the Company granted 47,000, 94,300 and 100,000 performance-based restricted stock units with a market condition, respectively. The percentage of the award that vests is based on the Company’s performance as measured by total shareholder return relative to the median percentage appreciation of the NASDAQ Composite Index over a specified measurement period, subject to each participant’s continued employment with the Company through the conclusion of the measurement period. The measurement period for the restricted stock units granted pursuant to the Long-Term Incentive Plan is a three-year period beginning January 1 of the year of the grant. Each restricted stock unit relates to one share of the Company’s common stock. The weighted average fair value of each restricted stock unit granted in 2014, 2013 and 2012 was estimated on the grant date to be $65.94, $50.05 and $33.16, respectively. The fair value of the restricted stock units was estimated using a Monte Carlo simulation model. The determination of the fair value of the awards was affected by the grant date and a number of variables, each of which has been identified in the chart below. Share-based compensation expense based on the fair value of the award is being recorded from the grant date through the conclusion of the three-year measurement period. Total compensation expense associated with the market condition awards recorded for the years ended December 31, 2014, 2013 and 2012 was $2.5 million, $3.6 million and $2.6 million, respectively. | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
Assumptions used in Monte Carlo lattice pricing model | 2014 | 2013 | 2012 | |||||||||||||||||||
Risk-free interest rate | 0.70% | 0.35% | 0.16% | |||||||||||||||||||
Expected dividend yield | —% | —% | —% | |||||||||||||||||||
Expected volatility—ANSYS Stock Price | 25% | 25% | 28% | |||||||||||||||||||
Expected volatility—NASDAQ Composite Index | 15% | 20% | 20% | |||||||||||||||||||
Expected term | 2.8 years | 2.8 years | 2.8 years | |||||||||||||||||||
Correlation factor | 0.7 | 0.7 | 0.75 | |||||||||||||||||||
During 2014, the Company issued 20,667 restricted stock awards with defined operating metrics and a weighted average grant date fair value of $81.52. The grant date fair value of the awards is being recorded from the grant date through the conclusion of the measurement period associated with each operating metric based on management's estimates concerning the probability of vesting. Total compensation expense associated with these awards recorded for the year ended December 31, 2014 was $0.1 million. | ||||||||||||||||||||||
In addition, in 2014, the Company granted 364,150 restricted stock units that will vest over a four-year period with a weighted average grant date fair value of $82.13. Total compensation expense is being recorded over the four-year service period and was $5.8 million for the year ended December 31, 2014. | ||||||||||||||||||||||
In accordance with the Apache merger agreement, the Company granted performance-based restricted stock units to key members of Apache management and employees. Vesting of the full award or a portion thereof was determined discretely for each of the three fiscal years based on the achievement of certain revenue and operating income targets by the Apache subsidiary, and the recipient's continued employment through the measurement period. The value of each restricted stock unit on the August 1, 2011 grant date was $50.30, the closing price of ANSYS stock as of that date. Stock-based compensation expense based on the fair value of the awards was recorded from the January 1, 2012 service inception date through the conclusion of the three-year measurement period based on management’s estimates concerning the probability of vesting. The performance targets were modified in March 2014 and the fair value of the modified restricted stock units was $82.39. Total compensation expense associated with the awards recorded for the years ended December 31, 2014, 2013 and 2012, was $4.7 million, $3.8 million and $3.9 million, respectively. For the year ended December 31, 2014, employees earned 56,731 restricted stock units, which will be issued in the first quarter of 2015. | ||||||||||||||||||||||
The Company grants deferred stock units to non-affiliate Independent Directors, which are rights to receive shares of common stock upon termination of service as a Director. The deferred stock units are issued in arrears and vest immediately. As of December 31, 2014, 160,642 deferred stock units have been earned with the underlying shares remaining unissued until the service termination of the respective Director owners. Of this amount, 44,800 units were earned during the year ended December 31, 2014. Total compensation expense associated with the awards recorded for the years ended December 31, 2014, 2013 and 2012, was $3.5 million, $2.5 million and $1.9 million, respectively. |
Stock_Repurchase_Program
Stock Repurchase Program | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity [Abstract] | ||||||||||||
Stock Repurchase Program | Stock Repurchase Program | |||||||||||
Under the Company's stock repurchase program, the Company repurchased shares as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands, except shares and per share data) | 2014 | 2013 | 2012 | |||||||||
Number of shares repurchased | 2,976,885 | 1,494,001 | 1,500,000 | |||||||||
Average price paid per share | $ | 78.54 | $ | 77.73 | $ | 63.65 | ||||||
Total cost | $ | 233,793 | $ | 116,132 | $ | 95,477 | ||||||
As of December 31, 2014, 3.5 million shares remained available for repurchase under the Company's stock repurchase program. The Company repurchased an additional 0.9 million shares in January 2015, for a total cost of $75.2 million. In February 2015, the Company's Board of Directors increased the number of shares authorized for repurchase to a total of 5.0 million shares under the program. |
Employee_Stock_Purchase_Plan
Employee Stock Purchase Plan | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Employee Stock Purchase Plan | Employee Stock Purchase Plan |
The Company’s 1996 Employee Stock Purchase Plan (the “Purchase Plan”) was adopted by the Board of Directors on April 19, 1996 and was subsequently approved by the Company’s stockholders. The stockholders approved an amendment to the Purchase Plan on May 6, 2004 to increase the number of shares available for offerings to 1.6 million shares. The Purchase Plan was amended and restated in 2007. The Purchase Plan is administered by the Compensation Committee. Offerings under the Purchase Plan commence on each February 1 and August 1, and have a duration of six months. An employee who owns or is deemed to own shares of stock representing in excess of 5% of the combined voting power of all classes of stock of the Company may not participate in the Purchase Plan. | |
During each offering, an eligible employee may purchase shares under the Purchase Plan by authorizing payroll deductions of up to 10% of his or her cash compensation during the offering period. The maximum number of shares that may be purchased by any participating employee during any offering period is limited to 3,840 shares (as adjusted by the Compensation Committee from time to time). Unless the employee has previously withdrawn from the offering, his or her accumulated payroll deductions will be used to purchase common stock on the last business day of the period at a price equal to 90% of the fair market value of the common stock on the first or last day of the offering period, whichever is lower. Under applicable tax rules, an employee may purchase no more than $25,000 worth of common stock in any calendar year. As of December 31, 2014, 1.3 million shares of common stock had been issued under the Purchase Plan. The total compensation expense recorded under the Purchase Plan during the years ended December 31, 2014, 2013 and 2012 was $0.9 million, $0.8 million and $0.7 million, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2014 | |
Leases [Abstract] | |
Leases | Leases |
Office Space | |
The Company's executive offices and those related to certain domestic product development, marketing, production and administration are located in a 186,000 square foot office facility in Canonsburg, Pennsylvania. The term of the lease is 183 months, beginning on October 1, 2014. Absent the exercise of options in the lease for additional rentable space or early lease termination, the Company's base rent (inclusive of property taxes and certain operating expenses) will be $4.3 million per annum for the first five years of the lease term, $4.5 million per annum for years six through ten and $4.7 million per annum for years eleven through fifteen. The Company incurred $0.8 million in lease expense related to this facility during the year ended December 31, 2014. | |
The Company's corporate headquarters was previously located in a separate office facility, also in Canonsburg, Pennsylvania. The Company occupied this space until November 2014, and the lease term expired on December 31, 2014. Lease expense related to this facility was $1.4 million in each of the years ended December 31, 2014, 2013 and 2012. | |
The Company leases a 52,000 square foot office facility in San Jose, California. In June 2012, the Company entered into a new lease for this property, with the lease term commencing July 1, 2012 and ending June 30, 2022. Total remaining base rent payments under the operating lease, absent the exercise of an early termination option, as of December 31, 2014 are $7.5 million, of which $0.9 million will be paid in 2015. | |
The Company has entered into various other noncancellable operating leases for office space. | |
Office space lease expense totaled $15.8 million, $14.1 million and $13.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. Future minimum lease payments, including termination fees, under noncancellable operating leases for office space in effect at December 31, 2014 are $13.7 million in 2015, $10.9 million in 2016, $9.0 million in 2017, $6.7 million in 2018 and $6.4 million in 2019. | |
Sale-Leaseback Arrangement | |
The lease agreement terms for the new Canonsburg headquarters facility provide that the Company is responsible for paying the cost of certain tenant improvements that exceed an allowance to be paid by the landlord. There is no cap to the Company's obligation in excess of the landlord allowance. As a result, the Company was considered the owner of the building during the construction period and the lease was subject to sale-leaseback treatment. | |
The building was completed and delivered to the Company on October 1, 2014. The Company determined that the lease does not meet the criteria for capital lease treatment under the accounting guidance, and the Company does not have continuing involvement in the lease. As a result, the construction-in-progress asset and liability have been removed from the consolidated balance sheet as of December 31, 2014. The sale-leaseback treatment of the lease during the construction period did not have any impact on the Company's results of operations or cash flows. |
Royalty_Agreements
Royalty Agreements | 12 Months Ended |
Dec. 31, 2014 | |
Royalty Agreements [Abstract] | |
Royalty Agreements | Royalty Agreements |
The Company has entered into various renewable, nonexclusive license agreements under which the Company has been granted access to the licensor’s technology and the right to sell the technology in the Company’s product line. Royalties are payable to developers of the software at various rates and amounts, which generally are based upon unit sales or revenue. Royalty fees are reported in cost of goods sold and were $11.5 million, $10.3 million and $9.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Geographic_Information_Notes
Geographic Information (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Geographic Information | Geographic Information | |||||||||||
Revenue to external customers is attributed to individual countries based upon the location of the customer. Revenue by geographic area is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
United States | $ | 320,327 | $ | 292,323 | $ | 265,436 | ||||||
Japan | 108,757 | 108,064 | 122,437 | |||||||||
Germany | 99,714 | 93,525 | 82,008 | |||||||||
Canada | 14,034 | 14,163 | 12,384 | |||||||||
Other European | 217,796 | 201,614 | 177,069 | |||||||||
Other international | 175,393 | 151,571 | 138,684 | |||||||||
Total revenue | $ | 936,021 | $ | 861,260 | $ | 798,018 | ||||||
Property and equipment by geographic area is as follows: | ||||||||||||
December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
United States | $ | 49,957 | $ | 45,116 | ||||||||
India | 3,123 | 3,226 | ||||||||||
Europe | 7,840 | 9,095 | ||||||||||
Other international | 3,723 | 3,101 | ||||||||||
Total property and equipment | $ | 64,643 | $ | 60,538 | ||||||||
Unconditional_Purchase_Obligat
Unconditional Purchase Obligations | 12 Months Ended |
Dec. 31, 2014 | |
Unconditional Purchase Obligations (Excluding Capital Stock Redemptions) [Abstract] | |
Unconditional Purchase Obligations | Unconditional Purchase Obligations |
The Company has entered into various unconditional purchase obligations which primarily include software licenses and long-term purchase contracts for network, communication and office maintenance services. The Company expended $2.9 million, $3.3 million and $4.0 million related to unconditional purchase obligations that existed as of the beginning of each year for the years ended December 31, 2014, 2013 and 2012, respectively. Future expenditures under these obligations in effect as of December 31, 2014 are $5.3 million in 2015, $3.5 million in 2016 and $1.1 million in 2017. |
Contingencies_and_Commitments_
Contingencies and Commitments (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Contingencies and Commitments |
The Company is subject to various investigations, claims and legal proceedings that arise in the ordinary course of business, including commercial disputes, labor and employment matters, tax audits, alleged infringement of intellectual property rights and other matters. In the opinion of the Company, the resolution of pending matters is not expected to have a material, adverse effect on the Company’s consolidated results of operations, cash flows or financial position. However, each of these matters is subject to various uncertainties and it is possible that an unfavorable resolution of one or more of these proceedings could materially affect the Company’s results of operations, cash flows or financial position. | |
An Indian subsidiary of the Company received a formal inquiry after a service tax audit was held in 2011. The Company could incur tax charges and related liabilities, including those related to the service tax audit case, of approximately $6 million. The service tax issues raised in the Company’s notice are very similar to the case, M/s Microsoft Corporation (I) (P) Ltd. Vs Commissioner of Service Tax, New Delhi, wherein the Delhi Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has passed a ruling favorable to Microsoft. The Company can provide no assurances on whether the Microsoft case’s favorable ruling will be challenged in higher courts or on the impact that the Microsoft case’s decision will have on the Company’s audit case. The Company is uncertain as to when the service tax audit will be completed. | |
The Company sells software licenses and services to its customers under proprietary software license agreements. Each license agreement contains the relevant terms of the contractual arrangement with the customer, and generally includes certain provisions for indemnifying the customer against losses, expenses and liabilities from damages that are incurred by or awarded against the customer in the event the Company’s software or services are found to infringe upon a patent, copyright or other proprietary right of a third party. To date, the Company has not had to reimburse any of its customers for any losses related to these indemnification provisions and no material claims asserted under these indemnification provisions are outstanding as of December 31, 2014. For several reasons, including the lack of prior material indemnification claims, the Company cannot determine the maximum amount of potential future payments, if any, related to such indemnification provisions. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Line Items] | |
Subsequent Events | Subsequent Events |
On February 3, 2015, the Company acquired the assets of Newmerical Technologies International, a leading developer of in-flight icing simulation software and associated design, testing and certification services, for a purchase price of approximately $10.5 million in cash. The acquisition will be accounted for as a business combination. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Valuation and Qualifying Accounts | ANSYS, INC. AND SUBSIDIARIES | ||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
(in thousands) | Balance at | Additions– | Deductions– | Balance at | |||||||||||||
Description | Beginning | Charges to Costs | Returns and | End | |||||||||||||
of Year | and Expenses | Write-Offs | of Year | ||||||||||||||
Year ended December 31, 2014 | $ | 5,700 | $ | 2,104 | $ | 2,304 | $ | 5,500 | |||||||||
Allowance for doubtful accounts | |||||||||||||||||
Year ended December 31, 2013 | $ | 4,800 | $ | 1,465 | $ | 565 | $ | 5,700 | |||||||||
Allowance for doubtful accounts | |||||||||||||||||
Year ended December 31, 2012 | $ | 4,101 | $ | 938 | $ | 239 | $ | 4,800 | |||||||||
Allowance for doubtful accounts |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Accounting Principles | The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States. | ||||||||||||
Principles Of Consolidation | The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. | ||||||||||||
Use Of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Estimates also affect the amounts of revenue and expenses during the reported periods. Significant estimates included in these consolidated financial statements include: | ||||||||||||
• | Allowances for doubtful accounts receivable | ||||||||||||
• | Income tax accruals | ||||||||||||
• | Uncertain tax positions | ||||||||||||
• | Tax valuation reserves | ||||||||||||
• | Fair value of stock-based compensation | ||||||||||||
• | Contract revenue | ||||||||||||
• | Useful lives for depreciation and amortization | ||||||||||||
• | Valuations of goodwill and other intangible assets | ||||||||||||
• | Contingent consideration | ||||||||||||
• | Deferred compensation | ||||||||||||
• | Loss contingencies | ||||||||||||
Actual results could differ from these estimates. Changes in estimates are recorded in the results of operations in the period that the changes occur. | |||||||||||||
Revenue Recognition | Revenue is derived principally from the licensing of computer software products and from related maintenance contracts. Revenue from perpetual licenses is classified as license revenue and is recognized upon delivery of the licensed product and the utility that enables the customer to access authorization keys, provided that acceptance has occurred and a signed contractual obligation has been received, the price is fixed and determinable, and collectibility of the receivable is probable. The Company determines the fair value of PCS sold together with perpetual licenses based on the rate charged for PCS when sold separately. Revenue from PCS contracts is classified as maintenance and service revenue and is recognized ratably over the term of the contract. | ||||||||||||
Revenue for software lease licenses is classified as license revenue and is recognized over the period of the lease contract. Typically, the Company’s software leases include PCS which, due to the short term (principally one year or less) of the Company’s software lease licenses, cannot be separated from lease revenue for accounting purposes. As a result, both the lease license and PCS are recognized ratably over the lease period. Due to the short-term nature of the software lease licenses and the frequency with which the Company provides major product upgrades (typically every 12–18 months), the Company does not believe that a significant portion of the fee paid under the arrangement is attributable to the PCS component of the arrangement and, as a result, includes the revenue for the entire arrangement within software license revenue in the consolidated statements of income. | |||||||||||||
The Company's Apache products are typically licensed via longer term leases of 24–36 months. The Company recognizes revenue for these licenses over the term of the lease contract. Because the Company does not have vendor-specific objective evidence of the fair value of these leases, the Company also recognizes revenue from perpetual licenses over the term of the lease contract during the infrequent occurrence of these licenses being sold with Apache leases in multiple-element arrangements. | |||||||||||||
Revenue from training, support and other services is recognized as the services are performed. The Company applies the specific performance method to contracts in which the service consists of a single act, such as providing a training class to a customer, and the proportional performance method to other service contracts that are longer in duration and often include multiple acts (for example, both training and consulting). In applying the proportional performance method, the Company typically utilizes output-based estimates for services with contractual billing arrangements that are not based on time and materials, and estimates output based on the total tasks completed as compared to the total tasks required for each work contract. Input-based estimates are utilized for services that involve general consultations with contractual billing arrangements based on time and materials, utilizing direct labor as the input measure. | |||||||||||||
The Company also executes arrangements through independent channel partners in which the channel partners are authorized to market and distribute the Company’s software products to end-users of the Company’s products and services in specified territories. In sales facilitated by channel partners, the channel partner bears the risk of collection from the end-user customer. The Company recognizes revenue from transactions with channel partners when the channel partner submits a written purchase commitment, collectibility from the channel partner is probable, a signed license agreement is received from the end-user customer and delivery has occurred, provided that all other revenue recognition criteria are satisfied. Revenue from channel partner transactions is the amount remitted to the Company by the channel partners. This amount includes a fee for PCS that is compensation for providing technical enhancements and the second level of technical support to the end-user, which is based on the rate charged for PCS when sold separately, and is recognized over the period that PCS is to be provided. The Company does not offer right of return, product rotation or price protection to any of its channel partners. | |||||||||||||
Non-income related taxes collected from customers and remitted to governmental authorities are recorded on the consolidated balance sheet as accounts receivable and accrued expenses. The collection and payment of these amounts are reported on a net basis in the consolidated statements of income and do not impact reported revenues or expenses. | |||||||||||||
The Company warrants to its customers that its software will substantially perform as specified in the Company’s most current user manuals. The Company has not experienced significant claims related to software warranties beyond the scope of maintenance support, which the Company is already obligated to provide, and consequently the Company has not established reserves for warranty obligations. | |||||||||||||
Cash And Cash Equivalents | Cash and cash equivalents consist primarily of highly liquid investments such as deposits held at major banks and money market mutual funds with original maturities of three months or less. Cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalents balances comprise the following: | ||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
(in thousands, except percentages) | Amount | % of Total | Amount | % of Total | |||||||||
Cash accounts | $ | 506,731 | 64.3 | $ | 439,348 | 59.2 | |||||||
Money market mutual funds | 281,333 | 35.7 | 303,138 | 40.8 | |||||||||
Total | $ | 788,064 | $ | 742,486 | |||||||||
The Company's money market mutual fund balances are held in various funds of a single issuer. | |||||||||||||
Short-Term Investments | Short-term investments consist primarily of deposits held by certain foreign subsidiaries of the Company with original maturities of three months to one year. The Company considers investments backed by government agencies or financial institutions with maturities of less than one year to be highly liquid and classifies such investments as short-term investments. Short-term investments are recorded at fair value. The Company uses the specific identification method to determine the realized gain or loss upon the sale of such securities. | ||||||||||||
The Company is averse to principal loss and seeks to preserve invested funds by limiting default risk, market risk and reinvestment risk by placing its investments with high-quality credit issuers. | |||||||||||||
Property And Equipment | Property and equipment is stated at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the various classes of assets, which range from one to 40 years. Repairs and maintenance are charged to expense as incurred. Gains or losses from the sale or retirement of property and equipment are included in operating income. | ||||||||||||
Research And Development | Research and development costs, other than certain capitalized software development costs, are expensed as incurred. | ||||||||||||
Software Development Costs | Internally developed software costs required to be capitalized as defined by the accounting guidance are not material to the Company's consolidated financial statements. | ||||||||||||
Business Combinations | When the Company consummates an acquisition, the assets acquired and the liabilities assumed are recognized separately from goodwill, at their acquisition date fair values. Goodwill as of the acquisition date is measured as the excess of the fair value of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. While best estimates and assumptions are used to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, the Company's estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill based on refinements to information regarding what was known and knowable as of the acquisition date. Upon the earlier of the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, any subsequent adjustments are recorded in the consolidated statements of income. | ||||||||||||
Goodwill And Other Intangible Assets | Goodwill represents the excess of the consideration transferred over the fair value of net identifiable assets acquired. Other intangible assets consist of trade names, customer lists, contract backlog, acquired software and technology, and a non-compete agreement. Intangible assets that are not considered to have an indefinite useful life are amortized over their useful lives, which are generally two to fifteen years. Amortization expense for intangible assets was $61.0 million, $60.7 million and $67.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
The Company tests goodwill and indefinite-lived intangible assets for impairment at least annually by performing a quantitative assessment of whether the fair value of each reporting unit or asset exceeds its carrying amount. Goodwill is tested at the reporting unit level and indefinite-lived intangible assets are tested at the individual asset level. This requires the Company to assess and make judgments regarding a variety of factors which impact the fair value of the reporting unit or asset being tested, including business plans, anticipated future cash flows, economic projections and other market data. | |||||||||||||
The Company performs its annual impairment tests for goodwill and indefinite-lived intangible assets on January 1 of each year unless there is an indicator that would require a test during the year. The Company periodically reviews the carrying value of other intangible assets and will recognize impairments when events or circumstances indicate that such assets may be impaired. | |||||||||||||
Concentrations Of Credit Risk | The Company has a concentration of credit risk with respect to revenue and trade receivables due to the use of certain significant channel partners to market and sell the Company’s products. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. The following table outlines concentrations of risk with respect to the Company’s revenue: | ||||||||||||
Year Ended December 31, | |||||||||||||
(as a % of revenue) | 2014 | 2013 | 2012 | ||||||||||
Revenue from channel partners | 25 | % | 25 | % | 26 | % | |||||||
Largest channel partner | 4 | % | 6 | % | 6 | % | |||||||
2nd largest channel partner | 2 | % | 2 | % | 3 | % | |||||||
No single customer accounted for more than 5% of the Company's revenue in 2014, 2013 or 2012. | |||||||||||||
In addition to the concentration of credit risk with respect to trade receivables, the Company’s cash and cash equivalents are also exposed to concentration of credit risk. The Company's cash and cash equivalent accounts are insured through various public and private bank deposit insurance programs, foreign and domestic; however, a significant portion of the Company's funds are not insured. The following table outlines concentrations of risk with respect to the Company's cash and cash equivalents: | |||||||||||||
As of December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Cash and cash equivalents held domestically | $ | 556,328 | $ | 530,680 | |||||||||
Cash and cash equivalents held by foreign subsidiaries | 231,736 | 211,806 | |||||||||||
Cash and cash equivalents held in excess of deposit insurance, foreign and domestic | 747,911 | 717,589 | |||||||||||
Cash and cash equivalents held with one U.S. financial institution, foreign and domestic | 350,628 | 378,562 | |||||||||||
Allowance For Doubtful Accounts | The Company makes judgments as to its ability to collect outstanding receivables and provides allowances for a portion of receivables when collection becomes doubtful. Provisions are made based upon a specific review of all significant outstanding invoices from both value and delinquency perspectives. For those invoices not specifically reviewed, provisions are estimated at differing rates based upon the age of the receivable and the geographic area of origin. In determining these percentages, the Company considers its historical collection experience and current economic trends in the customer’s industry and geographic region. The Company recorded provisions for doubtful accounts of $2.1 million, $1.5 million and $0.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Income Taxes | The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period of the enactment date. | ||||||||||||
The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company determines that it will be able to realize deferred income tax assets in the future in excess of their net recorded amount, an adjustment to the valuation allowance would be recorded that would reduce the provision for income taxes. | |||||||||||||
Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the statute of limitations has expired or the appropriate taxing authority has completed their examination even though the statute of limitations remains open. The Company recognizes interest and penalties related to income taxes within the income tax expense line in the accompanying consolidated statements of income. Accrued interest and penalties are included within the related tax liability line in the consolidated balance sheets. | |||||||||||||
Foreign Currencies | Certain of the Company’s sales and intercompany transactions are denominated in foreign currencies. These transactions are translated to the functional currency at the exchange rate on the transaction date. Assets and liabilities denominated in a currency other than the Company's or subsidiary's functional currency are translated at the effective exchange rate on the balance sheet date. Gains and losses resulting from foreign exchange transactions are included in other expense. The Company recorded net foreign exchange losses of $1.6 million, $1.1 million and $1.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
The financial statements of the Company’s foreign subsidiaries are translated from the functional (local) currency to U.S. Dollars. Assets and liabilities are translated at the exchange rates on the balance sheet date. Results of operations are translated at average exchange rates, which approximate rates in effect when the underlying transactions occur. | |||||||||||||
Accumulated Other Comprehensive Income | Accumulated other comprehensive income is composed entirely of foreign currency translation adjustments. | ||||||||||||
Earnings Per Share | Basic earnings per share ("EPS") amounts are computed by dividing earnings by the weighted average number of common shares outstanding during the period. Diluted EPS amounts assume the issuance of common stock for all potentially dilutive equivalents outstanding. To the extent stock options are anti-dilutive, they are excluded from the calculation of diluted EPS. The details of basic and diluted EPS are as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Net income | $ | 254,690 | $ | 245,327 | $ | 203,483 | |||||||
Weighted average shares outstanding – basic | 92,067 | 92,691 | 92,622 | ||||||||||
Dilutive effect of stock plans | 2,127 | 2,448 | 2,332 | ||||||||||
Weighted average shares outstanding – diluted | 94,194 | 95,139 | 94,954 | ||||||||||
Basic earnings per share | $ | 2.77 | $ | 2.65 | $ | 2.2 | |||||||
Diluted earnings per share | $ | 2.7 | $ | 2.58 | $ | 2.14 | |||||||
Anti-dilutive options | 718 | 885 | 1,506 | ||||||||||
Stock-Based Compensation | The Company accounts for stock-based compensation in accordance with share-based payment accounting guidance. The guidance requires an entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized over the period during which an employee is required to provide service in exchange for the award, typically the vesting period. | ||||||||||||
Fair Value Of Financial Instruments | The Company accounts for certain assets and liabilities at fair value in accordance with the accounting guidance applicable to fair value measurements and disclosures. The carrying values of cash, cash equivalents, accounts receivable, accounts payable, accrued expenses, other accrued liabilities and short-term obligations are deemed to be reasonable estimates of their fair values because of their short-term nature. The fair values of investments are based on quoted market prices for those or similar investments. | ||||||||||||
New Accounting Guidance | Revenue from contracts with customers: In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). ASU 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance. Previous guidance requires an entity to recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the seller's price to the buyer is fixed or determinable, and collectibility is reasonably assured. Under the new guidance, an entity is required to evaluate revenue recognition by identifying a contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations in the contract and recognizing revenue when (or as) the entity satisfies a performance obligation. This guidance will be effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. Entities have the option of using a full retrospective, cumulative effect or modified approach to adopt the guidance. This update will impact the timing and amounts of revenue recognized. The Company is currently evaluating the effect that implementation of this update will have on its financial results upon adoption. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Summary Of Cash And Cash Equivalents | The Company’s cash and cash equivalents balances comprise the following: | ||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||
(in thousands, except percentages) | Amount | % of Total | Amount | % of Total | |||||||||
Cash accounts | $ | 506,731 | 64.3 | $ | 439,348 | 59.2 | |||||||
Money market mutual funds | 281,333 | 35.7 | 303,138 | 40.8 | |||||||||
Total | $ | 788,064 | $ | 742,486 | |||||||||
Basic And Diluted Earnings Per Share | The details of basic and diluted EPS are as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Net income | $ | 254,690 | $ | 245,327 | $ | 203,483 | |||||||
Weighted average shares outstanding – basic | 92,067 | 92,691 | 92,622 | ||||||||||
Dilutive effect of stock plans | 2,127 | 2,448 | 2,332 | ||||||||||
Weighted average shares outstanding – diluted | 94,194 | 95,139 | 94,954 | ||||||||||
Basic earnings per share | $ | 2.77 | $ | 2.65 | $ | 2.2 | |||||||
Diluted earnings per share | $ | 2.7 | $ | 2.58 | $ | 2.14 | |||||||
Anti-dilutive options | 718 | 885 | 1,506 | ||||||||||
Customer Concentration Risk [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Schedule Of Risk Concentration | The following table outlines concentrations of risk with respect to the Company’s revenue: | ||||||||||||
Year Ended December 31, | |||||||||||||
(as a % of revenue) | 2014 | 2013 | 2012 | ||||||||||
Revenue from channel partners | 25 | % | 25 | % | 26 | % | |||||||
Largest channel partner | 4 | % | 6 | % | 6 | % | |||||||
2nd largest channel partner | 2 | % | 2 | % | 3 | % | |||||||
Credit Concentration Risk [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Schedule Of Risk Concentration | The following table outlines concentrations of risk with respect to the Company's cash and cash equivalents: | ||||||||||||
As of December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Cash and cash equivalents held domestically | $ | 556,328 | $ | 530,680 | |||||||||
Cash and cash equivalents held by foreign subsidiaries | 231,736 | 211,806 | |||||||||||
Cash and cash equivalents held in excess of deposit insurance, foreign and domestic | 747,911 | 717,589 | |||||||||||
Cash and cash equivalents held with one U.S. financial institution, foreign and domestic | 350,628 | 378,562 | |||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
SpaceClaim Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair Value of Consideration Transferred | Fair Value of Consideration Transferred: | |||
(in thousands) | ||||
Cash | $ | 84,892 | ||
ANSYS replacement stock options | 68 | |||
Total consideration transferred at fair value | $ | 84,960 | ||
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed | Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: | |||
(in thousands) | ||||
Cash | $ | 723 | ||
Accounts receivable and other tangible assets | 1,857 | |||
Developed technology (10-year life) | 15,800 | |||
Customer relationships (6-year life) | 9,400 | |||
Trade name (6-year life) | 1,300 | |||
Contract backlog (6-year life) | 550 | |||
Non-compete agreement (2-year life) | 300 | |||
Net deferred tax assets | 5,259 | |||
Accounts payable and other liabilities | (2,011 | ) | ||
Deferred revenue | (700 | ) | ||
Total identifiable net assets | $ | 32,478 | ||
Goodwill | $ | 52,482 | ||
Esterel Technologies, S.A. [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair Value of Consideration Transferred | Fair Value of Consideration Transferred: | |||
(in thousands) | ||||
Cash | $ | 58,150 | ||
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed | Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: | |||
(in thousands) | ||||
Cash | $ | 13,075 | ||
Accounts receivable and other tangible assets | 4,737 | |||
Customer relationships (12-year life) | 21,421 | |||
Developed software (10-year life) | 10,717 | |||
Platform trade name (10-year life) | 2,695 | |||
Accounts payable and other liabilities | (4,707 | ) | ||
Deferred revenue | (1,139 | ) | ||
Net deferred tax liabilities | (7,096 | ) | ||
Total identifiable net assets | $ | 39,703 | ||
Goodwill | $ | 18,447 | ||
Other_Receivables_and_Current_1
Other Receivables and Current Assets Other Receivables and Current Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Schedule of Other Receivables and Current Assets | The Company's other receivables and current assets comprise the following balances: | |||||||
(in thousands) | December 31, | December 31, | ||||||
2014 | 2013 | |||||||
Receivables related to unrecognized revenue | $ | 152,830 | $ | 140,051 | ||||
Income taxes receivable, including overpayments and refunds | 18,276 | 42,357 | ||||||
Prepaid expenses and other current assets | 21,202 | 18,326 | ||||||
Total other receivables and current assets | $ | 192,308 | $ | 200,734 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Components Of Property and Equipment | Property and equipment consists of the following: | ||||||||||
December 31, | |||||||||||
(in thousands) | Estimated Useful Lives | 2014 | 2013 | ||||||||
Equipment | 1-10 years | $ | 75,500 | $ | 68,970 | ||||||
Computer software | 1-5 years | 30,007 | 27,647 | ||||||||
Buildings | 10-40 years | 24,526 | 24,325 | ||||||||
Leasehold improvements | 1-15 years | 10,368 | 8,125 | ||||||||
Furniture | 1-13 years | 8,475 | 4,973 | ||||||||
Land | 2,140 | 2,178 | |||||||||
Property and equipment, gross | 151,016 | 136,218 | |||||||||
Less: Accumulated depreciation and amortization | (86,373 | ) | (75,680 | ) | |||||||
Property and equipment, net | $ | 64,643 | $ | 60,538 | |||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Intangible Assets and Estimated Useful Lives | The Company’s intangible assets and estimated useful lives are classified as follows: | |||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||
(in thousands) | Gross | Accumulated | Gross | Accumulated | ||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||
Amount | Amount | |||||||||||||||
Finite-lived intangible assets: | ||||||||||||||||
Developed software and core technologies (3 – 11 years) | $ | 321,076 | $ | (227,298 | ) | $ | 300,493 | $ | (203,236 | ) | ||||||
Customer lists and contract backlog (5 – 15 years) | 221,159 | (121,380 | ) | 237,173 | (119,368 | ) | ||||||||||
Trade names (2 – 10 years) | 114,432 | (63,082 | ) | 102,651 | (50,990 | ) | ||||||||||
Non-compete agreement (2 years) | 300 | (52 | ) | — | — | |||||||||||
Total | $ | 656,967 | $ | (411,812 | ) | $ | 640,317 | $ | (373,594 | ) | ||||||
Indefinite-lived intangible assets: | ||||||||||||||||
Trade names | $ | 14,157 | $ | 24,667 | ||||||||||||
Estimated Future Amortization Expense for Intangible Assets | As of December 31, 2014, estimated future amortization expense for the intangible assets reflected above is as follows: | |||||||||||||||
(in thousands) | ||||||||||||||||
2015 | $ | 56,576 | ||||||||||||||
2016 | 46,979 | |||||||||||||||
2017 | 43,824 | |||||||||||||||
2018 | 30,235 | |||||||||||||||
2019 | 16,817 | |||||||||||||||
Thereafter | 50,724 | |||||||||||||||
Total intangible assets subject to amortization | 245,155 | |||||||||||||||
Indefinite-lived trade names | 14,157 | |||||||||||||||
Other intangible assets, net | $ | 259,312 | ||||||||||||||
Changes in Goodwill | The changes in goodwill during the years ended December 31, 2014 and 2013 are as follows: | |||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Beginning balance - January 1 | $ | 1,255,704 | $ | 1,251,247 | ||||||||||||
Acquisitions | 61,103 | 5,936 | ||||||||||||||
Currency translation and other | (4,625 | ) | (1,479 | ) | ||||||||||||
Ending balance - December 31 | $ | 1,312,182 | $ | 1,255,704 | ||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Interest Expense on Term Loan and Amortization Related to Debt Financing Costs | The interest expense on the term loan and amortization related to debt financing costs are as follows: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | Interest | Amortization | Interest | Amortization | |||||||||||||
Expense | Expense | ||||||||||||||||
July 31, 2008 term loan | $ | 230 | $ | 149 | $ | 1,342 | $ | 698 | |||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value of Assets and Liabilities Measured on Recurring Basis | The following tables provide the assets and liabilities carried at fair value and measured on a recurring basis: | |||||||||||||||
Fair Value Measurements at Reporting Date Using: | ||||||||||||||||
(in thousands) | 31-Dec-14 | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
(Level 1) | Inputs | Inputs | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 281,333 | $ | 281,333 | $ | — | $ | — | ||||||||
Short-term investments | $ | 714 | $ | — | $ | 714 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Contingent consideration | $ | (2,621 | ) | $ | — | $ | — | $ | (2,621 | ) | ||||||
Fair Value Measurements at Reporting Date Using: | ||||||||||||||||
(in thousands) | 31-Dec-13 | Quoted Prices in | Significant Other | Significant | ||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||
(Level 1) | Inputs | Inputs | ||||||||||||||
(Level 2) | (Level 3) | |||||||||||||||
Assets | ||||||||||||||||
Cash equivalents | $ | 303,138 | $ | 303,138 | $ | — | $ | — | ||||||||
Short-term investments | $ | 500 | $ | — | $ | 500 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Contingent consideration | $ | (7,389 | ) | $ | — | $ | — | $ | (7,389 | ) | ||||||
Deferred compensation | $ | (704 | ) | $ | — | $ | — | $ | (704 | ) | ||||||
Changes in Level 3 Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following table presents the changes during the years ended December 31, 2014 and 2013 in the Company’s Level 3 liabilities for contingent consideration and deferred compensation that are measured at fair value on a recurring basis: | |||||||||||||||
Fair Value Measurement Using | ||||||||||||||||
Significant Unobservable Inputs | ||||||||||||||||
(in thousands) | Contingent | Deferred | ||||||||||||||
Consideration | Compensation | |||||||||||||||
Balance as of January 1, 2013 | $ | 6,436 | $ | 1,394 | ||||||||||||
EVEN contingent consideration | 3,597 | — | ||||||||||||||
Contingent payments | (3,288 | ) | (712 | ) | ||||||||||||
Interest expense and foreign exchange activity included in earnings | 644 | 22 | ||||||||||||||
Balance as of December 31, 2013 | $ | 7,389 | $ | 704 | ||||||||||||
Contingent payments | (4,866 | ) | (712 | ) | ||||||||||||
Interest expense and foreign exchange activity included in earnings | 98 | 8 | ||||||||||||||
Balance as of December 31, 2014 | $ | 2,621 | $ | — | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components Of Income Before Income Taxes | Income before income taxes includes the following components: | ||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Domestic | $ | 291,042 | $ | 272,569 | $ | 234,497 | |||||||
Foreign | 57,097 | 49,920 | 59,050 | ||||||||||
Total | $ | 348,139 | $ | 322,489 | $ | 293,547 | |||||||
Components Of Provision For Income Taxes | The provision for income taxes is composed of the following: | ||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 80,620 | $ | 69,268 | $ | 79,028 | |||||||
State | 7,192 | 7,197 | 7,886 | ||||||||||
Foreign | 24,495 | 24,722 | 22,046 | ||||||||||
Deferred: | |||||||||||||
Federal | (18,536 | ) | (23,438 | ) | (21,026 | ) | |||||||
State | (1,915 | ) | (2,187 | ) | (3,913 | ) | |||||||
Foreign | 1,593 | 1,600 | 6,043 | ||||||||||
Total | $ | 93,449 | $ | 77,162 | $ | 90,064 | |||||||
Reconciliation Of U.S. Federal Statutory Tax Rate To Consolidated Effective Tax Rate | The reconciliation of the U.S. federal statutory tax rate to the consolidated effective tax rate is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal benefit | 1.2 | 1.1 | 1.2 | ||||||||||
Stock-based compensation | 0.6 | 0.9 | 1 | ||||||||||
Net (benefit) tax of unrepatriated earnings | (0.3 | ) | (0.9 | ) | 0.7 | ||||||||
Foreign rate differential | (0.7 | ) | (0.9 | ) | (1.9 | ) | |||||||
Uncertain tax positions | (0.9 | ) | (3.7 | ) | 0.3 | ||||||||
Research and development credits | (1.1 | ) | (2.0 | ) | (0.1 | ) | |||||||
Domestic production activity benefit | (3.5 | ) | (3.3 | ) | (3.3 | ) | |||||||
Benefit from restructuring activities | (4.1 | ) | (2.8 | ) | (3.1 | ) | |||||||
Other | 0.6 | 0.5 | 0.9 | ||||||||||
26.8 | % | 23.9 | % | 30.7 | % | ||||||||
Components Of Deferred Tax Assets And Liabilities | The components of deferred tax assets and liabilities are as follows: | ||||||||||||
December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 42,060 | $ | 26,204 | |||||||||
Stock-based compensation | 23,331 | 20,006 | |||||||||||
Employee benefits | 20,034 | 18,824 | |||||||||||
Uncertain tax positions | 8,545 | 7,977 | |||||||||||
Deferred revenue | 6,533 | 7,816 | |||||||||||
Research and development credits | 4,349 | 2,331 | |||||||||||
Allowance for doubtful accounts | 1,806 | 2,014 | |||||||||||
Other | 2,892 | 3,521 | |||||||||||
Valuation allowance | (130 | ) | (392 | ) | |||||||||
109,420 | 88,301 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Other intangible assets | (92,703 | ) | (106,115 | ) | |||||||||
Property and equipment | (4,652 | ) | (4,556 | ) | |||||||||
Unremitted foreign earnings | (15 | ) | (115 | ) | |||||||||
(97,370 | ) | (110,786 | ) | ||||||||||
Net deferred tax assets (liabilities) | $ | 12,050 | $ | (22,485 | ) | ||||||||
Reconciliation Of Unrecognized Tax Benefits | The following is a reconciliation of the total amounts of unrecognized tax benefits: | ||||||||||||
Year Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Unrecognized tax benefit as of January 1 | $ | 19,590 | $ | 37,203 | $ | 31,582 | |||||||
Acquired unrecognized tax benefit | — | — | 3,845 | ||||||||||
Gross increases—tax positions in prior period | 488 | 320 | 2,048 | ||||||||||
Gross decreases—tax positions in prior period | (3,715 | ) | (18,058 | ) | (2,167 | ) | |||||||
Gross increases—tax positions in current period | 2,513 | 2,036 | 2,660 | ||||||||||
Reductions due to a lapse of the applicable statute of limitations | (1,924 | ) | (1,734 | ) | (1,314 | ) | |||||||
Changes due to currency fluctuation | (610 | ) | 20 | 625 | |||||||||
Settlements | — | (197 | ) | (76 | ) | ||||||||
Unrecognized tax benefit as of December 31 | $ | 16,342 | $ | 19,590 | $ | 37,203 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Stock-Based Compensation Expense | Total stock-based compensation expense recognized for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2012 | |||||||||||||||||||
Cost of sales: | ||||||||||||||||||||||
Software licenses | $ | 1,776 | $ | 1,349 | $ | 1,478 | ||||||||||||||||
Maintenance and service | 2,035 | 2,293 | 2,232 | |||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||
Selling, general and administrative | 17,073 | 16,847 | 15,278 | |||||||||||||||||||
Research and development | 15,977 | 14,809 | 13,427 | |||||||||||||||||||
Stock-based compensation expense before taxes | 36,861 | 35,298 | 32,415 | |||||||||||||||||||
Related income tax benefits | (10,927 | ) | (11,096 | ) | (8,509 | ) | ||||||||||||||||
Stock-based compensation expense, net of taxes | $ | 25,934 | $ | 24,202 | $ | 23,906 | ||||||||||||||||
Net impact on earnings per share: | ||||||||||||||||||||||
Basic earnings per share | $ | (0.28 | ) | $ | (0.26 | ) | $ | (0.26 | ) | |||||||||||||
Diluted earnings per share | $ | (0.28 | ) | $ | (0.25 | ) | $ | (0.25 | ) | |||||||||||||
Summary Of Stock Options | Information regarding stock option transactions is summarized below: | |||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
(options in thousands) | Options | Weighted | Options | Weighted | Options | Weighted | ||||||||||||||||
Average | Average | Average | ||||||||||||||||||||
Exercise | Exercise | Exercise | ||||||||||||||||||||
Price | Price | Price | ||||||||||||||||||||
Outstanding, beginning of year | 6,166 | $ | 44.77 | 7,122 | $ | 42.85 | 7,545 | $ | 35.1 | |||||||||||||
Granted | 150 | $ | 81.09 | 103 | $ | 81.87 | 1,109 | $ | 67.53 | |||||||||||||
Issued pursuant to SpaceClaim acquisition | 21 | $ | 23.26 | — | $ | — | — | $ | — | |||||||||||||
Exercised | (1,266 | ) | $ | 31.36 | (993 | ) | $ | 34.26 | (1,464 | ) | $ | 21.85 | ||||||||||
Forfeited | (139 | ) | $ | 61.11 | (66 | ) | $ | 53.75 | (68 | ) | $ | 36.9 | ||||||||||
Outstanding, end of year | 4,932 | $ | 48.76 | 6,166 | $ | 44.77 | 7,122 | $ | 42.85 | |||||||||||||
Vested and Exercisable, end of year | 3,958 | $ | 44.22 | 4,351 | $ | 38.18 | 4,094 | $ | 33.91 | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted Average Remaining Contractual Term (in years) | ||||||||||||||||||||||
Outstanding | 5.53 | 5.99 | 6.78 | |||||||||||||||||||
Vested and Exercisable | 5 | 5.13 | 5.48 | |||||||||||||||||||
Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||||
Outstanding | $ | 163,932 | $ | 261,601 | $ | 174,383 | ||||||||||||||||
Vested and Exercisable | $ | 149,536 | $ | 213,304 | $ | 136,851 | ||||||||||||||||
Information Regarding Stock Options Outstanding | Information regarding stock options outstanding as of December 31, 2014 is summarized below: | |||||||||||||||||||||
(options in thousands) | Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Options | Weighted | Weighted | Options | Weighted | |||||||||||||||||
Average | Average | Average | ||||||||||||||||||||
Remaining | Exercise | Exercise | ||||||||||||||||||||
Contractual | Price | Price | ||||||||||||||||||||
Life (years) | ||||||||||||||||||||||
$5.91 - $28.40 | 1,022 | 3.52 | $ | 24.51 | 998 | $ | 24.54 | |||||||||||||||
$30.02 - $40.89 | 1,029 | 3.81 | $ | 39.6 | 1,029 | $ | 39.6 | |||||||||||||||
$41.33 - $58.67 | 1,703 | 6.15 | $ | 53.92 | 1,460 | $ | 53.15 | |||||||||||||||
$60.49 - $88.35 | 1,178 | 7.81 | $ | 70.37 | 471 | $ | 68.34 | |||||||||||||||
Stock Options [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Assumptions To Estimate Fair Value Of Stock Awards | The table below presents the weighted average input assumptions used and resulting fair values for options granted or issued in business combinations during each respective year: | |||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Risk-free interest rate | 1.49% to 1.76% | 0.68% to 1.48% | 0.59% to 1.04% | |||||||||||||||||||
Expected dividend yield | —% | —% | —% | |||||||||||||||||||
Expected volatility | 35% | 37% | 38% | |||||||||||||||||||
Expected term | 5.7 years | 5.8 years | 6.0 years | |||||||||||||||||||
Weighted average fair value per share | $32.26 | $29.85 | $24.82 | |||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||
Assumptions To Estimate Fair Value Of Stock Awards | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
Assumptions used in Monte Carlo lattice pricing model | 2014 | 2013 | 2012 | |||||||||||||||||||
Risk-free interest rate | 0.70% | 0.35% | 0.16% | |||||||||||||||||||
Expected dividend yield | —% | —% | —% | |||||||||||||||||||
Expected volatility—ANSYS Stock Price | 25% | 25% | 28% | |||||||||||||||||||
Expected volatility—NASDAQ Composite Index | 15% | 20% | 20% | |||||||||||||||||||
Expected term | 2.8 years | 2.8 years | 2.8 years | |||||||||||||||||||
Correlation factor | 0.7 | 0.7 | 0.75 |
Stock_Repurchase_Program_Stock
Stock Repurchase Program Stock Repurchase Program (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||
Class of Treasury Stock | Under the Company's stock repurchase program, the Company repurchased shares as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
(in thousands, except shares and per share data) | 2014 | 2013 | 2012 | |||||||||
Number of shares repurchased | 2,976,885 | 1,494,001 | 1,500,000 | |||||||||
Average price paid per share | $ | 78.54 | $ | 77.73 | $ | 63.65 | ||||||
Total cost | $ | 233,793 | $ | 116,132 | $ | 95,477 | ||||||
Geographic_Information_Tables
Geographic Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Revenue by geographic area is as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
United States | $ | 320,327 | $ | 292,323 | $ | 265,436 | ||||||
Japan | 108,757 | 108,064 | 122,437 | |||||||||
Germany | 99,714 | 93,525 | 82,008 | |||||||||
Canada | 14,034 | 14,163 | 12,384 | |||||||||
Other European | 217,796 | 201,614 | 177,069 | |||||||||
Other international | 175,393 | 151,571 | 138,684 | |||||||||
Total revenue | $ | 936,021 | $ | 861,260 | $ | 798,018 | ||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | Property and equipment by geographic area is as follows: | |||||||||||
December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
United States | $ | 49,957 | $ | 45,116 | ||||||||
India | 3,123 | 3,226 | ||||||||||
Europe | 7,840 | 9,095 | ||||||||||
Other international | 3,723 | 3,101 | ||||||||||
Total property and equipment | $ | 64,643 | $ | 60,538 | ||||||||
Organization_Additional_Inform
Organization - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Disclosure Organization Additional Information [Abstract] | |
Number of operating segments | 3 |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary Of Significant Accounting Policies [Line Items] | |||
Amortization | $61,041 | $60,657 | $67,300 |
Provisions for doubtful accounts | 2,104 | 1,465 | 938 |
Net foreign exchange losses | $1,649 | $1,115 | $1,401 |
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Frequency period of major product upgrades (months) | 12 months | ||
Property and equipment, estimated useful lives (years) | 1 year | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Frequency period of major product upgrades (months) | 18 months | ||
Property and equipment, estimated useful lives (years) | 40 years | ||
Customer Concentration Risk [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number Of Customers With More Than Five Percent Of Revenue | 0 | 0 | 0 |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Summary Of Cash And Cash Equivalents) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Accounting Policies [Abstract] | ||||
Cash accounts | $506,731 | $439,348 | ||
Money market mutual funds | 281,333 | 303,138 | ||
Cash and cash equivalents | $788,064 | $742,486 | $576,703 | $471,828 |
Cash accounts, % of Total | 64.30% | 59.20% | ||
Money market mutual funds, % of Total | 35.70% | 40.80% |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Schedule Of Risk Concentration) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Concentration Risk [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 788,064 | 742,486 | 576,703 | $471,828 |
Credit Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash and cash equivalents held in excess of deposit insurance, foreign and domestic | 747,911 | 717,589 | ||
Cash and cash equivalents held with one U.S. financial institution, foreign and domestic | 350,628 | 378,562 | ||
Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue from channel partners | 24.90% | 25.30% | 26.00% | |
Number of customers with more than five percent of revenue | 0 | 0 | 0 | |
1st Largest Channel Partner [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue from channel partners | 4.00% | 6.00% | 6.00% | |
2nd Largest Channel Partner [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenue from channel partners | 2.00% | 2.00% | 3.00% | |
UNITED STATES | Credit Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 556,328 | 530,680 | ||
Foreign [Member] | Credit Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 231,736 | 211,806 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Basic And Diluted Earnings Per Share) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||
Net income | $254,690 | $245,327 | $203,483 |
Weighted average shares outstanding - basic | 92,067 | 92,691 | 92,622 |
Dilutive effect of stock plans | 2,127 | 2,448 | 2,332 |
Weighted average shares outstanding - diluted | 94,194 | 95,139 | 94,954 |
Basic earnings per share (in USD per share) | $2.77 | $2.65 | $2.20 |
Diluted earnings per share (in USD per share) | $2.70 | $2.58 | $2.14 |
Anti-dilutive options | 718 | 885 | 1,506 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Dec. 31, 2014 | Jan. 03, 2014 | Apr. 03, 2013 | Aug. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||||||
Goodwill | $1,312,182 | $1,255,704 | $1,251,247 | ||||
Contingent consideration | 2,621 | 7,389 | |||||
SpaceClaim Corporation [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Total consideration transferred at fair value | 84,960 | ||||||
Deferred revenue | -500 | -700 | |||||
Accounts payable and other liabilities | -1,900 | -2,011 | |||||
Deferred tax assets | 4,100 | 5,259 | |||||
Goodwill, period increase (decrease) | -900 | ||||||
Acquired deferred revenue, amount lower than the historical carrying value recorded on the opening balance sheet | -3,300 | ||||||
Acquired deferred revenue, impact on reported revenue | 1,992 | ||||||
Acquired deferred revenue, expected impact on reported revenue in next fiscal year | 614 | ||||||
Goodwill | 52,482 | ||||||
Cash payments for acquisitions | 84,892 | ||||||
ANSYS replacement stock options | 68 | ||||||
Cash | 723 | ||||||
Reaction Design [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Total consideration transferred at fair value | 19,100 | ||||||
Deferred tax assets | 2,600 | 2,300 | |||||
Goodwill, period increase (decrease) | 1,300 | ||||||
Acquired deferred revenue, amount lower than the historical carrying value recorded on the opening balance sheet | -2,300 | ||||||
Acquired deferred revenue, impact on reported revenue | 2,031 | ||||||
Acquired deferred revenue, expected impact on reported revenue in next fiscal year | 209 | ||||||
Finite-Lived intangibles | 7,000 | 9,200 | |||||
Goodwill | 8,600 | ||||||
Noncontrolling interest, period decrease | -600 | ||||||
EVEN-Evolutionary Engineering Aktiengesellschaft [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Total consideration transferred at fair value | 8,100 | ||||||
Finite-Lived intangibles | 2,600 | ||||||
Finite-Lived intangible asset, useful life | 5 years | ||||||
Goodwill | 5,900 | ||||||
Cash payments for acquisitions | 4,500 | ||||||
Contingent consideration | 3,597 | ||||||
Contingent consideration, installment payments | 1,600 | ||||||
Esterel Technologies, S.A. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Total consideration transferred at fair value | 58,150 | ||||||
Deferred revenue | -1,139 | ||||||
Accounts payable and other liabilities | -4,707 | ||||||
Goodwill, period increase (decrease) | -2,900 | ||||||
Acquired deferred revenue, amount lower than the historical carrying value recorded on the opening balance sheet | -12,112 | ||||||
Acquired deferred revenue, impact on reported revenue | 1,367 | ||||||
Goodwill | 18,447 | ||||||
Cash | 13,075 | ||||||
Deferred tax liabilities | ($7,096) | ($10,000) | |||||
Minimum [Member] | Reaction Design [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite-Lived intangible asset, useful life | 2 years | ||||||
Maximum [Member] | Reaction Design [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite-Lived intangible asset, useful life | 11 years |
Fair_Value_of_Consideration_Tr
Fair Value of Consideration Transferred (Detail) (USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Aug. 01, 2012 |
SpaceClaim Corporation [Member] | ||
Business Acquisition [Line Items] | ||
Cash payments for acquisitions | $84,892 | |
ANSYS replacement stock options | 68 | |
Total consideration transferred at fair value | 84,960 | |
Esterel Technologies, S.A. [Member] | ||
Business Acquisition [Line Items] | ||
Total consideration transferred at fair value | $58,150 |
Recognized_Amounts_of_Identifi
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2014 | Aug. 01, 2012 |
In Thousands, unless otherwise specified | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Goodwill | $1,312,182 | $1,255,704 | $1,251,247 | ||
SpaceClaim Corporation [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Cash | 723 | ||||
Accounts receivable and other tangible assets | 1,857 | ||||
Deferred tax assets | 5,259 | 4,100 | |||
Accounts payable and other liabilities | -2,011 | -1,900 | |||
Deferred revenue | -700 | -500 | |||
Total identifiable net assets | 32,478 | ||||
Goodwill | 52,482 | ||||
SpaceClaim Corporation [Member] | Developed Software | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Finite-Lived intangibles | 15,800 | ||||
SpaceClaim Corporation [Member] | Customer Relationships | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Finite-Lived intangibles | 9,400 | ||||
SpaceClaim Corporation [Member] | Trade Names | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Finite-Lived intangibles | 1,300 | ||||
SpaceClaim Corporation [Member] | Contract Backlog | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Finite-Lived intangibles | 550 | ||||
SpaceClaim Corporation [Member] | Non-Compete Agreements | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Finite-Lived intangibles | 300 | ||||
Esterel Technologies, S.A. [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Cash | 13,075 | ||||
Accounts receivable and other tangible assets | 4,737 | ||||
Accounts payable and other liabilities | -4,707 | ||||
Deferred revenue | -1,139 | ||||
Deferred tax liabilities | -7,096 | -10,000 | |||
Total identifiable net assets | 39,703 | ||||
Goodwill | 18,447 | ||||
Esterel Technologies, S.A. [Member] | Developed Software | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Finite-Lived intangibles | 10,717 | ||||
Esterel Technologies, S.A. [Member] | Customer Relationships | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Finite-Lived intangibles | 21,421 | ||||
Esterel Technologies, S.A. [Member] | Trade Names | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Finite-Lived intangibles | $2,695 |
Recognized_Amounts_of_Identifi1
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed | 12 Months Ended |
Dec. 31, 2014 | |
SpaceClaim Corporation [Member] | Developed Software | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-Lived intangible asset, useful life | 10 years |
SpaceClaim Corporation [Member] | Customer Relationships | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-Lived intangible asset, useful life | 6 years |
SpaceClaim Corporation [Member] | Trade Names | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-Lived intangible asset, useful life | 6 years |
SpaceClaim Corporation [Member] | Contract Backlog | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-Lived intangible asset, useful life | 6 years |
SpaceClaim Corporation [Member] | Non-Compete Agreements | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-Lived intangible asset, useful life | 2 years |
EVEN-Evolutionary Engineering Aktiengesellschaft [Member] | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-Lived intangible asset, useful life | 5 years |
Esterel Technologies, S.A. [Member] | Developed Software | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-Lived intangible asset, useful life | 10 years |
Esterel Technologies, S.A. [Member] | Customer Relationships | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-Lived intangible asset, useful life | 12 years |
Esterel Technologies, S.A. [Member] | Trade Names | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-Lived intangible asset, useful life | 10 years |
Maximum [Member] | Trade Names | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-Lived intangible asset, useful life | 10 years |
Maximum [Member] | Non-Compete Agreements | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-Lived intangible asset, useful life | 2 years |
Maximum [Member] | Reaction Design [Member] | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-Lived intangible asset, useful life | 11 years |
Minimum [Member] | Trade Names | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-Lived intangible asset, useful life | 2 years |
Minimum [Member] | Non-Compete Agreements | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-Lived intangible asset, useful life | 2 years |
Minimum [Member] | Reaction Design [Member] | |
Business Combination, Separately Recognized Transactions [Line Items] | |
Finite-Lived intangible asset, useful life | 2 years |
Other_Receivables_and_Current_2
Other Receivables and Current Assets - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other receivables and current assets | $192,308 | $200,734 |
Receivables related to unrecognized revenue | ||
Other receivables and current assets | 152,830 | 140,051 |
Income taxes receivable, including overpayments and refunds | ||
Other receivables and current assets | 18,276 | 42,357 |
Prepaid expenses and other current assets | ||
Other receivables and current assets | $21,202 | $18,326 |
Property_and_Equipment_Narrati
Property and Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense related to property and equipment | $20.90 | $19.90 | $17.40 |
Property_and_Equipment_Compone
Property and Equipment (Components Of Property and Equipment) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 151,016 | $136,218 |
Less: Accumulated depreciation and amortization | -86,373 | -75,680 |
Property and equipment, net | 64,643 | 60,538 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 75,500 | 68,970 |
Computer Software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 30,007 | 27,647 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 24,526 | 24,325 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 10,368 | 8,125 |
Furniture | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 8,475 | 4,973 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,140 | $2,178 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives (years) | 1 year | |
Minimum [Member] | Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives (years) | 1 year | |
Minimum [Member] | Computer Software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives (years) | 1 year | |
Minimum [Member] | Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives (years) | 10 years | |
Minimum [Member] | Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives (years) | 1 year | |
Minimum [Member] | Furniture | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives (years) | 1 year | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives (years) | 40 years | |
Maximum [Member] | Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives (years) | 10 years | |
Maximum [Member] | Computer Software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives (years) | 5 years | |
Maximum [Member] | Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives (years) | 40 years | |
Maximum [Member] | Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives (years) | 15 years | |
Maximum [Member] | Furniture | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives (years) | 13 years |
Intangible_Assets_and_Estimate
Intangible Assets and Estimated Useful Lives (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Line Items] | ||
Amortized intangible assets, Gross Carrying Amount | $656,967 | $640,317 |
Amortized intangible assets, Accumulated Amortization | -411,812 | -373,594 |
Unamortized intangible assets, Gross Carrying Amount | 14,157 | |
Developed Software and Core Technologies | ||
Intangible Assets [Line Items] | ||
Amortized intangible assets, Gross Carrying Amount | 321,076 | 300,493 |
Amortized intangible assets, Accumulated Amortization | -227,298 | -203,236 |
Customer Lists and Contract Backlog | ||
Intangible Assets [Line Items] | ||
Amortized intangible assets, Gross Carrying Amount | 221,159 | 237,173 |
Amortized intangible assets, Accumulated Amortization | -121,380 | -119,368 |
Trade Names | ||
Intangible Assets [Line Items] | ||
Amortized intangible assets, Gross Carrying Amount | 114,432 | 102,651 |
Amortized intangible assets, Accumulated Amortization | -63,082 | -50,990 |
Non-Compete Agreements | ||
Intangible Assets [Line Items] | ||
Amortized intangible assets, Gross Carrying Amount | 300 | 0 |
Amortized intangible assets, Accumulated Amortization | -52 | 0 |
Trade Names | ||
Intangible Assets [Line Items] | ||
Unamortized intangible assets, Gross Carrying Amount | $14,157 | $24,667 |
Intangible_Assets_and_Estimate1
Intangible Assets and Estimated Useful Lives | 12 Months Ended |
Dec. 31, 2014 | |
Developed Software and Core Technologies | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 3 years |
Developed Software and Core Technologies | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 11 years |
Customer Lists and Contract Backlog | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 5 years |
Customer Lists and Contract Backlog | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 15 years |
Trade Names | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 2 years |
Trade Names | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 10 years |
Non-Compete Agreements | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 2 years |
Non-Compete Agreements | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible asset, useful life | 2 years |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization | $61,041 | $60,657 | $67,300 |
Estimated_Future_Amortization_
Estimated Future Amortization Expense for Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 | $56,576 | |
2016 | 46,979 | |
2017 | 43,824 | |
2018 | 30,235 | |
2019 | 16,817 | |
Thereafter | 50,724 | |
Total intangible assets subject to amortization | 245,155 | |
Indefinite-lived trade names | 14,157 | |
Other intangible assets, net | $259,312 | $291,390 |
Changes_in_Goodwill_Detail
Changes in Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ||
Beginning balance | $1,255,704 | $1,251,247 |
Acquisitions | 61,103 | 5,936 |
Currency translation and other | -4,625 | -1,479 |
Ending balance | $1,312,182 | $1,255,704 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | |||
Aggregate principal payments | $0 | $53,149 | $74,408 |
Interest rate on term loan | 1.04% | 1.22% |
Interest_Expense_on_Term_Loan_
Interest Expense on Term Loan and Amortization Related to Debt Financing Costs (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ||
Interest expense | $230 | $1,342 |
Amortization | $149 | $698 |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $281,333 | $303,138 |
Short-term investments | 714 | 500 |
Contingent consideration | -2,621 | -7,389 |
Deferred compensation liability | 704 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 281,333 | 303,138 |
Short-term investments | 0 | 0 |
Contingent consideration | 0 | 0 |
Deferred compensation liability | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term investments | 714 | 500 |
Contingent consideration | 0 | 0 |
Deferred compensation liability | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Contingent consideration | -2,621 | -7,389 |
Deferred compensation liability | $704 |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Short-term investment time deposits maturity maximum, in years | 1 year |
Short-term investment time deposits maturity minimum, in months | 3 months |
Changes_in_Level_3_Liabilities
Changes in Level 3 Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) (Significant Unobservable Inputs (Level 3), USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Contingent Consideration | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $7,389 | $6,436 |
Contingent consideration | 3,597 | |
Contingent payments | -4,866 | -3,288 |
Interest expense and foreign exchange activity included in earnings | 98 | 644 |
Ending balance | 2,621 | 7,389 |
Deferred Compensation | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 704 | 1,394 |
Contingent consideration | 0 | |
Contingent payments | -712 | -712 |
Interest expense and foreign exchange activity included in earnings | 8 | 22 |
Ending balance | $0 | $704 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Contingency [Line Items] | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $2.50 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 12.2 | |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 0.1 | |
Unrecognized Tax Benefits, Income Tax Penalties Expense | 0.1 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 1.1 | |
Tax credit carryforwards | 6 | |
Liability for penalties | 1.6 | 1.6 |
Liability for interest | 2.7 | 2.7 |
Tax Benefit From Effective Settlement Of 2009 and 2010 Refund Claims | 11 | |
Not Subject To Expiration [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax credit carryforwards | 2 | |
Subject To Expiration [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax credit carryforwards | 4 | |
Federal Domestic [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | 45.3 | |
Foreign Country [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | 81.2 | |
Foreign Country [Member] | Subject To Expiration [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | 51.3 | |
Operating Loss Carryforward With No Expiration Date [Member] | Foreign Country [Member] | ||
Income Tax Contingency [Line Items] | ||
Net operating loss carryforwards | 29.9 | |
Subject To Utilization Limitations [Member] | ||
Income Tax Contingency [Line Items] | ||
Tax credit carryforwards | 4.2 | |
Minimum [Member] | ||
Income Tax Contingency [Line Items] | ||
Years open to examination | 2011 | |
Maximum [Member] | ||
Income Tax Contingency [Line Items] | ||
Years open to examination | 2014 | |
Foreign Subsidiary Earnings Repatriation [Member] | ||
Income Tax Contingency [Line Items] | ||
Amount in excess of the amount for financial reporting over the tax bases | 216 | |
Deferred Tax Liabilities, Undistributed Foreign Earnings | $22.90 |
Income_Taxes_Components_Of_Inc
Income Taxes (Components Of Income Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Domestic | $291,042 | $272,569 | $234,497 |
Foreign | 57,097 | 49,920 | 59,050 |
Income before income tax provision | $348,139 | $322,489 | $293,547 |
Income_Taxes_Components_Of_Pro
Income Taxes (Components Of Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Current, Federal | $80,620 | $69,268 | $79,028 |
Current, State | 7,192 | 7,197 | 7,886 |
Current, Foreign | 24,495 | 24,722 | 22,046 |
Deferred, Federal | -18,536 | -23,438 | -21,026 |
Deferred, State | -1,915 | -2,187 | -3,913 |
Deferred, Foreign | 1,593 | 1,600 | 6,043 |
Total | $93,449 | $77,162 | $90,064 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of U.S. Federal Statutory Tax Rate To Consolidated Effective Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal benefit | 1.20% | 1.10% | 1.20% |
Stock-based compensation | 0.60% | 0.90% | 1.00% |
Net tax (benefit) of unrepatriated earnings | -0.30% | -0.90% | 0.70% |
Foreign rate differential | -0.70% | -0.90% | -1.90% |
Uncertain tax positions | -0.90% | -3.70% | 0.30% |
Research and development credits | -1.10% | -2.00% | -0.10% |
Domestic production activity benefit | -3.50% | -3.30% | -3.30% |
Benefit from restructuring activities | -4.10% | -2.80% | -3.10% |
Other | 0.60% | 0.50% | 0.90% |
Consolidated effective tax rate | 26.80% | 23.90% | 30.70% |
Income_Taxes_Components_Of_Def
Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $42,060 | $26,204 |
Stock-based compensation | 23,331 | 20,006 |
Employee benefits | 20,034 | 18,824 |
Uncertain tax positions | 8,545 | 7,977 |
Deferred revenue | 6,533 | 7,816 |
Research and development credits | 4,349 | 2,331 |
Allowance for doubtful accounts | 1,806 | 2,014 |
Other | 2,892 | 3,521 |
Valuation allowance | -130 | -392 |
Deferred tax assets | 109,420 | 88,301 |
Other intangible assets | -92,703 | -106,115 |
Property and equipment | -4,652 | -4,556 |
Unremitted foreign earnings | -15 | -115 |
Deferred tax liabilities | -97,370 | -110,786 |
Net deferred tax asset | 12,050 | |
Net deferred tax liability | ($22,485) |
Income_Taxes_Reconciliation_Of1
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Unrecognized tax benefit as of January 1 | $19,590 | $37,203 | $31,582 |
Acquired unrecognized tax benefit | 0 | 0 | 3,845 |
Gross increases-tax positions in prior period | 488 | 320 | 2,048 |
Gross decreases-tax positions in prior period | -3,715 | -18,058 | -2,167 |
Gross increases-tax positions in current period | 2,513 | 2,036 | 2,660 |
Reductions due to a lapse of the applicable statute of limitations | -1,924 | -1,734 | -1,314 |
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | -610 | ||
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | 20 | 625 | |
Settlements | 0 | -197 | -76 |
Unrecognized tax benefit as of December 31 | $16,342 | $19,590 | $37,203 |
Pension_And_ProfitSharing_Plan1
Pension And Profit-Sharing Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Contribution Plan Disclosure [Line Items] | |||
Expenses related to retirement programs | $8.90 | $8 | $7.10 |
Four Zero One K Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of employee pay employer matches | 4.25% | ||
Minimum working hours per employee required to be eligible for discretionary contribution | 1000 hours | ||
First Three Percent Of Employee Pay [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of employee pay employer matches | 3.00% | ||
Percentage of employee contribution employer matches | 100.00% | ||
More Than Three Percent Up To Five Percent Of Employee Pay [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of employee pay employer matches | 5.00% | ||
Percentage of employee contribution employer matches | 25.00% |
NonCompete_and_Employment_Agre1
Non-Compete and Employment Agreements Non-Compete and Employment Agreements (Details) (USD $) | Dec. 31, 2014 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Deferred Compensation Arrangement with Individual, Compensation Expense | $300,000 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized for grant under the plan | 30,400,000 | 30,400,000 | |||
Percentage of voting interest to be held by optionee | 10.00% | ||||
Exercise price as a percentage of fair value at the time of grant | 110.00% | ||||
Expiration period of options from the date of grant | 10 years | ||||
Expiration period for optionee who meets the 10% criteria | 5 years | ||||
Vesting period | 4 years | ||||
Maximum months after sale event where awards fully vest when service relationship terminated without cause | 18 months | ||||
Maximum number of days that may be granted to terminated employee to exercise awards prior to termination | 15 days | ||||
Total estimated grant date fair values of stock options vested during period | $19,500,000 | $24,700,000 | $23,300,000 | ||
Total unrecognized estimated compensation cost | 21,300,000 | 21,300,000 | |||
Weighted average period of recognition of unrecognized compensation cost (years) | 1 year 6 months 0 days | ||||
Total intrinsic value of options exercised during the period | 60,600,000 | 45,200,000 | 64,700,000 | ||
Unvested options | 1,000,000 | 1,000,000 | |||
Aggregate intrinsic value of unvested options | 20,300,000 | 20,300,000 | |||
Weighted average exercise price of unvested options | $67.22 | 67.22 | |||
Weighted average remaining contractual term of unvested stock options (years) | 7 years 8 months | ||||
Cash received from the exercise of stock options | 39,694,000 | 34,007,000 | 31,960,000 | ||
Tax benefit from exercise of stock options | 25,900,000 | ||||
Excess tax benefits from stock-based compensation | 14,531,000 | 9,971,000 | 13,888,000 | ||
Stock-based compensation expense | 36,861,000 | 35,298,000 | 32,415,000 | ||
Performance Based Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of performance-based restricted stock units granted | 47,000 | 94,300 | 100,000 | ||
Value of the restricted stock units on the grant date | $65.94 | $50.05 | $33.16 | 65.94 | |
Stock-based compensation expense | 2,500,000 | 3,600,000 | 2,600,000 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Number of performance-based restricted stock units granted | 364,150 | ||||
Value of the restricted stock units on the grant date | $82.13 | 82.13 | |||
Stock-based compensation expense | 5,800,000 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, shares issued in period | 20,667 | ||||
Value of the restricted stock units on the grant date | $81.52 | 81.52 | |||
Stock-based compensation expense | 100,000 | ||||
Deferred Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred stock units earned during the period | 44,800 | 160,642 | |||
Stock-based compensation expense | 3,500,000 | 2,500,000 | 1,900,000 | ||
Apache Performance Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Value of the restricted stock units on the grant date | $50.30 | 50.3 | $82.39 | ||
Stock-based compensation expense | $4,700,000 | $3,800,000 | $3,900,000 | ||
Restricted stock units earned | 56,731 |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Stock Options) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, beginning of year, Options | 6,166 | 7,122 | 7,545 |
Granted, Options | 150 | 103 | 1,109 |
Issued pursuant to SpaceClaim Acquisition, Options | 21 | 0 | 0 |
Exercised, Options | -1,266 | -993 | -1,464 |
Forfeited, Options | -139 | -66 | -68 |
Outstanding, end of year, Options | 4,932 | 6,166 | 7,122 |
Vested and Exercisable, end of year, Options | 3,958 | 4,351 | 4,094 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Outstanding, beginning of period, Weighted Average Exercise Price | $44.77 | $42.85 | $35.10 |
Granted, Weighted Average Exercise Price | $81.09 | $81.87 | $67.53 |
Issued pursuant to SpaceClaim Acquisition, Weighted Average Exercise Price | $23.26 | $0 | $0 |
Exercised, Weighted Average Exercise Price | $31.36 | $34.26 | $21.85 |
Forfeited, Weighted Average Exercise Price | $61.11 | $53.75 | $36.90 |
Outstanding, end of period, Weighted Average Exercise Price | $48.76 | $44.77 | $42.85 |
Vested and Exercisable, end of period, Weighted Average Exercise Price | $44.22 | $38.18 | $33.91 |
Outstanding, Weighted Average Remaining Contractual Term (in years) | 5 years 6 months 11 days | 5 years 11 months 26 days | 6 years 9 months 11 days |
Vested and Exercisable, Weighted Average Remaining Contractual Term (in years) | 5 years | 5 years 1 month 17 days | 5 years 5 months 23 days |
Outstanding, Aggregate Intrinsic Value | $163,932 | $261,601 | $174,383 |
Vested and Exercisable, Aggregate Intrinsic Value | $149,536 | $213,304 | $136,851 |
StockBased_Compensation_StockB
Stock-Based Compensation (Stock-Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense before taxes | $36,861 | $35,298 | $32,415 |
Stock-based compensation expense | 36,861 | 35,298 | 32,415 |
Related income tax benefits | -10,927 | -11,096 | -8,509 |
Stock-based compensation expense, net of taxes | 25,934 | 24,202 | 23,906 |
Basic earnings per share | ($0.28) | ($0.26) | ($0.26) |
Diluted earnings per share | ($0.28) | ($0.25) | ($0.25) |
Software Licenses | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense before taxes | 1,776 | 1,349 | 1,478 |
Maintenance And Service [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense before taxes | 2,035 | 2,293 | 2,232 |
Selling, General And Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense before taxes | 17,073 | 16,847 | 15,278 |
Research And Development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense before taxes | $15,977 | $14,809 | $13,427 |
StockBased_Compensation_Assump
Stock-Based Compensation (Assumptions To Estimate Fair Value Of Stock Awards) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate, minimum | 1.49% | 0.68% | 0.59% |
Risk-free interest rate, maximum | 1.76% | 1.48% | 1.04% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 35.00% | 37.00% | 38.00% |
Expected term (in years) | 5 years 8 months 7 days | 5 years 9 months 6 days | 6 years |
Weighted average fair value per share | $32.26 | $29.85 | $24.82 |
Restricted Stock Unit Compensation Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.70% | 0.35% | 0.16% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected term (in years) | 2 years 9 months 18 days | 2 years 9 months 18 days | 2 years 9 months 18 days |
Correlation factor | 0.7 | 0.7 | 0.75 |
Restricted Stock Unit Compensation Expense [Member] | ANSYS Stock Price [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 25.00% | 25.00% | 28.00% |
Restricted Stock Unit Compensation Expense [Member] | NASDAQ Composite Index [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 15.00% | 20.00% | 20.00% |
StockBased_Compensation_Inform
Stock-Based Compensation (Information Regarding Stock Options Outstanding) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
$5.91 - $28.40 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $5.91 |
Range of Exercise Prices, Upper Limit | $28.40 |
Options Outstanding, Options | 1,022 |
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 3 years 6 months 9 days |
Options Outstanding, Weighted Average Exercise Price | $24.51 |
Options Exercisable, Options | 998 |
Options Exercisable, Weighted Average Exercise Price | $24.54 |
$30.02 - $40.89 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $30.02 |
Range of Exercise Prices, Upper Limit | $40.89 |
Options Outstanding, Options | 1,029 |
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 3 years 9 months 22 days |
Options Outstanding, Weighted Average Exercise Price | $39.60 |
Options Exercisable, Options | 1,029 |
Options Exercisable, Weighted Average Exercise Price | $39.60 |
$41.33 - $58.67 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $41.33 |
Range of Exercise Prices, Upper Limit | $58.67 |
Options Outstanding, Options | 1,703 |
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 6 years 1 month 24 days |
Options Outstanding, Weighted Average Exercise Price | $53.92 |
Options Exercisable, Options | 1,460 |
Options Exercisable, Weighted Average Exercise Price | $53.15 |
$60.49 - $88.35 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Limit | $60.49 |
Range of Exercise Prices, Upper Limit | $88.35 |
Options Outstanding, Options | 1,178 |
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 7 years 9 months 22 days |
Options Outstanding, Weighted Average Exercise Price | $70.37 |
Options Exercisable, Options | 471 |
Options Exercisable, Weighted Average Exercise Price | $68.34 |
Stock_Repurchase_Program_Addit
Stock Repurchase Program - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 | Feb. 20, 2015 |
Equity, Class of Treasury Stock [Line Items] | |||||
Remaining number of shares authorized to be repurchased under stock repurchase program | 3,500,000 | ||||
Number of shares repurchased under stock repurchase program | 2,976,885 | 1,494,001 | 1,500,000 | ||
Average repurchase price per share | $78.54 | $77.73 | $63.65 | ||
Payments for repurchase of common stock | $233,793 | $116,132 | $95,477 | ||
Subsequent Event [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchase program, number of shares authorized to be repurchased | 5,000,000 | ||||
Number of shares repurchased under stock repurchase program | 900,000 | ||||
Payments for repurchase of common stock | $75,200 |
Employee_Stock_Purchase_Plan_E
Employee Stock Purchase Plan Employee Stock Purchase Plan (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 30,400,000 | ||
Stock-based compensation expense | $36,861 | $35,298 | $32,415 |
Employee Stock | ANSYS 1996 Employee Stock Purchase Plan [Member] | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 1,600,000 | ||
Share-Based compensation arrangement by share-based payment award, maximum employee subscription rate | 10.00% | ||
Maximum number of shares per employee | 3,840 | ||
Maximum employee subscription rate, value | 25 | ||
Share-based compensation arrangement by share-based payment award, shares issued in period | 1,300,000 | ||
Stock-based compensation expense | $876 | $765 | $706 |
Maximum [Member] | Employee Stock | ANSYS 1996 Employee Stock Purchase Plan [Member] | |||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Eligibility, ownership percentage of voting power of all classes of stock of the company | 5.00% | ||
Purchase price of common stock, percent | 90.00% |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
San Jose Office | |||
Operating Leased Assets [Line Items] | |||
Future minimum lease payments | $7.50 | ||
Global Office Space | |||
Operating Leased Assets [Line Items] | |||
Lease rental expense incurred | 15.8 | 14.1 | 13.7 |
Operating leases, future minimum payments due, next twelve months | 13.7 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 10.9 | ||
Future minimum lease payments, Year 3 | 9 | ||
Future minimum lease payments, Year 4 | 6.7 | ||
Future minimum lease payments, Year 5 | 6.4 | ||
Apache Design Inc [Member] | San Jose Office | |||
Operating Leased Assets [Line Items] | |||
Area of real estate property | 52,000 | ||
Operating leases, future minimum payments due, next twelve months | 0.9 | ||
Lease Agreement Effective September 14, 2012 | Canonsburg Office, New Company Headquarters | |||
Operating Leased Assets [Line Items] | |||
Area of real estate property | 186,000 | ||
Lease rental expense incurred | 0.8 | ||
Period of leased property | 183 months | ||
Base rent, years one through five | 4.3 | ||
Base rent, years six through ten | 4.5 | ||
Base rent, years eleven through fifteen | 4.7 | ||
Amended Lease Agreement Effective January 1, 2004 | Canonsburg Office | |||
Operating Leased Assets [Line Items] | |||
Lease rental expense incurred | $1.40 | $1.40 | $1.40 |
Royalty_Agreements_Details
Royalty Agreements (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Royalty Agreements [Abstract] | |||
Royalty fees reported in cost of goods sold | $11.50 | $10.30 | $9.30 |
Revenue_by_Geographic_Area_Det
Revenue by Geographic Area (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | $936,021 | $861,260 | $798,018 |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 320,327 | 292,323 | 265,436 |
Japan | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 108,757 | 108,064 | 122,437 |
Germany | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 99,714 | 93,525 | 82,008 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 14,034 | 14,163 | 12,384 |
Other European | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 217,796 | 201,614 | 177,069 |
Other International | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | $175,393 | $151,571 | $138,684 |
Property_and_Equipment_by_Geog
Property and Equipment by Geographic Area (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment | $64,643 | $60,538 |
UNITED STATES | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment | 49,957 | 45,116 |
India | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment | 3,123 | 3,226 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment | 7,840 | 9,095 |
Other International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment | $3,723 | $3,101 |
Unconditional_Purchase_Obligat1
Unconditional Purchase Obligations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Unconditional Purchase Obligations (Excluding Capital Stock Redemptions) [Abstract] | |||
Unconditional purchase obligations, beginning of year | $2,900,000 | $3,300,000 | $4,000,000 |
Future expenditures under purchase obligations, Next Twelve Months | 5,300,000 | ||
Future expenditures under purchase obligations, Year Two | 3,500,000 | ||
Future expenditures under purchase obligations, Year Three | $1,100,000 |
Contingencies_and_Commitments_1
Contingencies and Commitments - Additional Information (Detail) (Maximum [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Maximum [Member] | |
Other Commitments And Contingencies [Line Items] | |
Tax charges and related liabilities if the ruling is unfavorable | $6 |
Subsequent_Events_Details
Subsequent Events (Details) (Newmerical Technologies International [Member], Subsequent Event [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Feb. 03, 2015 |
Newmerical Technologies International [Member] | Subsequent Event [Member] | |
Subsequent Events [Line Items] | |
Total consideration transferred at fair value | $10,500 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Provisions for doubtful accounts | $2,104 | $1,465 | $938 |
Allowance for Doubtful Accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 5,700 | 4,800 | 4,101 |
Provisions for doubtful accounts | 2,104 | 1,465 | 938 |
Deductions - Returns and Write-Offs | 2,304 | 565 | 239 |
Balance at End of Year | $5,500 | $5,700 | $4,800 |