Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ANSS | |
Entity Registrant Name | ANSYS INC | |
Entity Central Index Key | 1,013,462 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 85,496,576 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 866,188 | $ 822,479 |
Short-term investments | 368 | 381 |
Accounts receivable, less allowance for doubtful accounts of $6,700 and $5,700, respectively | 92,332 | 107,192 |
Other receivables and current assets | 223,181 | 239,349 |
Total current assets | 1,182,069 | 1,169,401 |
Property and equipment, net | 54,513 | 54,677 |
Goodwill | 1,340,391 | 1,337,215 |
Other intangible assets, net | 164,112 | 172,619 |
Other long-term assets | 19,122 | 24,287 |
Deferred income taxes | 34,486 | 42,327 |
Total assets | 2,794,693 | 2,800,526 |
Current liabilities: | ||
Accounts payable | 4,839 | 7,395 |
Accrued bonuses and commissions | 21,005 | 49,487 |
Accrued income taxes | 6,688 | 5,263 |
Other accrued expenses and liabilities | 81,486 | 73,676 |
Deferred revenue | 414,708 | 403,279 |
Total current liabilities | 528,726 | 539,100 |
Long-term liabilities: | ||
Deferred income taxes | 2,227 | 2,259 |
Other long-term liabilities | 52,295 | 50,762 |
Total long-term liabilities | 54,522 | 53,021 |
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 | 853,478 | 883,010 |
Retained earnings | 2,120,971 | 2,057,665 |
Treasury stock, at cost: 7,786,800 and 7,548,188 shares, respectively | (713,853) | (675,550) |
Accumulated other comprehensive loss | (50,083) | (57,652) |
Total stockholders' equity | 2,211,445 | 2,208,405 |
Total liabilities and stockholders' equity | $ 2,794,693 | $ 2,800,526 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts | $ 6,700 | $ 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 | 7,786,800 | 7,548,188 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue: | ||
Software licenses | $ 141,908 | $ 126,051 |
Maintenance and service | 111,497 | 99,855 |
Total revenue | 253,405 | 225,906 |
Cost of sales: | ||
Software licenses | 9,277 | 6,738 |
Amortization | 8,936 | 9,511 |
Maintenance and service | 18,818 | 19,036 |
Total cost of sales | 37,031 | 35,285 |
Gross profit | 216,374 | 190,621 |
Operating expenses: | ||
Selling, general and administrative | 73,417 | 57,769 |
Research and development | 54,378 | 44,672 |
Amortization | 3,107 | 3,158 |
Total operating expenses | 130,902 | 105,599 |
Operating income | 85,472 | 85,022 |
Interest income | 1,249 | 950 |
Other expense, net | (1,154) | (194) |
Income before income tax provision | 85,567 | 85,778 |
Income tax provision | 22,261 | 29,310 |
Net income | $ 63,306 | $ 56,468 |
Earnings per share - basic: | ||
Earnings per share | $ 0.74 | $ 0.64 |
Weighted average shares | 85,456 | 88,114 |
Earnings per share - diluted: | ||
Earnings per share | $ 0.73 | $ 0.63 |
Weighted average shares | 87,224 | 90,084 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income | $ 63,306 | $ 56,468 |
Other comprehensive income: | ||
Foreign currency translation adjustments | 7,569 | 11,071 |
Comprehensive income | $ 70,875 | $ 67,539 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 63,306 | $ 56,468 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 16,591 | 17,432 |
Deferred income tax expense | 9,291 | 8,676 |
Provision for bad debts | 1,040 | 127 |
Stock-based compensation expense | 10,513 | 7,078 |
Other | (363) | (225) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 15,060 | 9,860 |
Other receivables and current assets | 18,203 | 29,810 |
Other long-term assets | 6,046 | (92) |
Accounts payable, accrued expenses and current liabilities | (23,335) | (32,258) |
Accrued income taxes | 1,303 | 14,602 |
Deferred revenue | 7,176 | 5,387 |
Other long-term liabilities | 1,062 | (6,142) |
Net cash provided by operating activities | 125,893 | 110,723 |
Cash flows from investing activities: | ||
Acquisitions, net of cash acquired | (5,864) | 0 |
Capital expenditures | (4,057) | (2,695) |
Other investing activities | (964) | 4 |
Net cash used in investing activities | (10,885) | (2,691) |
Cash flows from financing activities: | ||
Purchase of treasury stock | (100,352) | (42,684) |
Restricted stock withholding taxes paid in lieu of issued shares | (8,480) | (4,752) |
Contingent consideration payments | 0 | (1,048) |
Proceeds from shares issued for stock-based compensation | 30,498 | 10,136 |
Other financing activities | 0 | (1) |
Net cash used in financing activities | (78,334) | (38,349) |
Effect of exchange rate fluctuations on cash and cash equivalents | 7,035 | 9,584 |
Net increase in cash and cash equivalents | 43,709 | 79,267 |
Cash and cash equivalents, beginning of period | 822,479 | 784,168 |
Cash and cash equivalents, end of period | 866,188 | 863,435 |
Supplemental disclosures of cash flow information: | ||
Income taxes paid | 2,376 | 6,037 |
Interest paid | $ 1 | $ 435 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2017 | |
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 and defense, automotive, industrial equipment, electronics, biomedical, energy, materials and chemical processing, and semiconductors. As defined by the accounting guidance for segment reporting, the Company operates as one segment. 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 | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by ANSYS in accordance with accounting principles generally accepted in the United States for interim financial information for commercial and industrial companies and the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, the accompanying statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements (and notes thereto) included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 . The condensed consolidated December 31, 2016 balance sheet presented is derived from the audited December 31, 2016 balance sheet included in the most recent Annual Report on Form 10-K. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements have been included, and all adjustments are of a normal and recurring nature. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for any future period. Cash and Cash Equivalents Cash and cash equivalents consist primarily of highly liquid investments such as deposits held at major banks and money market funds. Cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalent balances comprise the following: March 31, 2017 December 31, 2016 (in thousands, except percentages) Amount % of Total Amount % of Total Cash accounts $ 511,200 59.0 $ 488,504 59.4 Money market funds 354,988 41.0 333,975 40.6 Total $ 866,188 $ 822,479 The Company's money market fund balances are held in various funds of a single issuer. |
Other Receivables and Current A
Other Receivables and Current Assets | 3 Months Ended |
Mar. 31, 2017 | |
Prepaid Expense and Other Assets, Current [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) March 31, December 31, Receivables related to unrecognized revenue $ 186,512 $ 199,119 Income taxes receivable, including overpayments and refunds 9,512 15,718 Prepaid expenses and other current assets 27,157 24,512 Total other receivables and current assets $ 223,181 $ 239,349 Receivables for unrecognized revenue represent the current portion of billings made for annual lease licenses and software maintenance that have not yet been recognized as revenue. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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: Three Months Ended (in thousands, except per share data) March 31, March 31, Net income $ 63,306 $ 56,468 Weighted average shares outstanding – basic 85,456 88,114 Dilutive effect of stock plans 1,768 1,970 Weighted average shares outstanding – diluted 87,224 90,084 Basic earnings per share $ 0.74 $ 0.64 Diluted earnings per share $ 0.73 $ 0.63 Anti-dilutive shares 309 287 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company's intangible assets and estimated useful lives are classified as follows: March 31, 2017 December 31, 2016 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Developed software and core technologies (3 – 11 years) $ 341,377 $ (280,557 ) $ 338,594 $ (275,130 ) Customer lists and contract backlog (5 – 15 years) 161,728 (92,928 ) 159,549 (88,414 ) Trade names (2 – 10 years) 128,000 (93,865 ) 127,952 (90,289 ) Total $ 631,105 $ (467,350 ) $ 626,095 $ (453,833 ) Indefinite-lived intangible asset: Trade name $ 357 $ 357 Amortization expense for the intangible assets reflected above was $12.0 million and $12.7 million for the three months ended March 31, 2017 and 2016 , respectively. As of March 31, 2017 , estimated future amortization expense for the intangible assets reflected above is as follows: (in thousands) Remainder of 2017 $ 36,079 2018 35,099 2019 21,844 2020 20,873 2021 16,706 2022 12,161 Thereafter 20,993 Total intangible assets subject to amortization 163,755 Indefinite-lived trade name 357 Other intangible assets, net $ 164,112 The changes in goodwill during the three months ended March 31, 2017 and 2016 were as follows: (in thousands) 2017 2016 Beginning balance – January 1 $ 1,337,215 $ 1,332,348 Acquisition 2,586 — Currency translation 590 1,781 Ending balance – March 31 $ 1,340,391 $ 1,334,129 During the first quarter of 2017 , the Company completed the annual impairment test for goodwill and the indefinite-lived intangible asset and determined that these assets had not been impaired as of the test date, January 1, 2017 . No other events or circumstances changed during the three months ended March 31, 2017 that would indicate that the fair values of the Company's reporting unit and indefinite-lived intangible asset are below their carrying amounts. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2017 | |
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) March 31, Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents $ 354,988 $ 354,988 $ — $ — Short-term investments $ 368 $ — $ 368 $ — Deferred compensation plan investments $ 994 $ 994 $ — $ — Fair Value Measurements at Reporting Date Using: (in thousands) December 31, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents $ 333,975 $ 333,975 $ — $ — Short-term investments $ 381 $ — $ 381 $ — Deferred compensation plan investments $ 459 $ 459 $ — $ — The cash equivalents in the preceding tables represent money market 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 deferred compensation plan investments in the preceding tables represent trading securities held in a rabbi trust for the benefit of the non-affiliate independent directors. These securities consist of mutual funds traded in an active market with quoted prices. As a result, the plan assets were classified as Level 1 in the fair value hierarchy. The plan assets are recorded within other long-term assets on the Company's condensed consolidated balance sheets. 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. |
Geographic Information
Geographic Information | 3 Months Ended |
Mar. 31, 2017 | |
Segments, Geographical Areas [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: Three Months Ended (in thousands) March 31, March 31, United States $ 100,819 $ 85,377 Japan 31,438 27,855 Germany 22,692 23,367 South Korea 13,676 11,891 France 13,512 11,714 Canada 3,357 3,383 Other European 33,534 33,989 Other international 34,377 28,330 Total revenue $ 253,405 $ 225,906 Property and equipment by geographic area is as follows: (in thousands) March 31, December 31, United States $ 43,945 $ 43,810 Europe 4,676 4,753 India 3,112 3,033 Other international 2,780 3,081 Total property and equipment, net $ 54,513 $ 54,677 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Total stock-based compensation expense and its net impact on basic and diluted earnings per share are as follows: Three Months Ended (in thousands, except per share data) March 31, March 31, Cost of sales: Software licenses $ 250 $ 155 Maintenance and service 426 367 Operating expenses: Selling, general and administrative 5,956 2,924 Research and development 3,881 3,632 Stock-based compensation expense before taxes 10,513 7,078 Related income tax benefits (10,421 ) (2,043 ) Stock-based compensation expense, net of taxes $ 92 $ 5,035 Net impact on earnings per share: Basic earnings per share $ — $ (0.06 ) Diluted earnings per share $ — $ (0.06 ) As a result of new accounting guidance further discussed in Note 12, the three months ended March 31, 2017 related income tax benefits above include $7.0 million of excess tax benefits that in prior years had been recorded to additional paid-in capital. If such tax benefits were excluded, the impact on both basic and diluted earnings per share would have been $0.08 . |
Stock Repurchase Program
Stock Repurchase Program | 3 Months Ended |
Mar. 31, 2017 | |
Class of Stock Disclosures [Abstract] | |
Stock Repurchase Program | Stock Repurchase Program Under the Company's stock repurchase program, the Company repurchased shares as follows: Three Months Ended (in thousands, except per share data) March 31, March 31, Number of shares repurchased 1,000 500 Average price paid per share $ 100.35 $ 85.37 Total cost $ 100,352 $ 42,684 In February 2017, the Company's Board of Directors increased the number of shares authorized for repurchase to a total of 5.0 million shares under the stock repurchase program. As of March 31, 2017 , 4.5 million shares remained available for repurchase under the program. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring During the fourth quarter of 2016, the Company initiated workforce realignment activities to reallocate resources to align with the Company's future strategic plans. The Company incurred related restructuring charges as follows: (in thousands) Gross Net of Tax Q4 2016 $ 3,419 $ 2,355 Q1 2017 $ 9,273 $ 6,176 Total restructuring charges $ 12,692 $ 8,531 The restructuring charges are included in the presentation of cost of software licenses; cost of maintenance and service; research and development expense; and selling, general and administrative expense. As of March 31, 2017 , $6.8 million of the charges incurred to date remains unpaid. The Company expects to incur additional charges of $2.0 million - $4.0 million , or $1.3 million - $2.8 million net of tax, primarily during the second quarter of 2017. |
Contingencies and Commitments
Contingencies and Commitments | 3 Months Ended |
Mar. 31, 2017 | |
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 has several service tax audits pending that have resulted in formal inquiries being received on transactions through mid-2012. The Company could incur tax charges and related liabilities, including those related to the service tax audit case, of approximately $7 million . The service tax issues raised in the Company’s notices and inquiries 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 favorable ruling 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 present Microsoft case’s decision will have on the Company’s cases. The Company is uncertain as to when these service tax matters will be concluded. A French subsidiary of the Company received notice that the French taxing authority rejected the Company's 2012 research and development credit. The Company has contested the decision. However, if the Company does not receive a favorable outcome, it could incur charges of approximately $0.8 million . In addition, an unfavorable outcome could result in the authorities reviewing or rejecting $3.8 million of similar research and development credits for 2013 through the current quarter that are currently reflected as an asset. The Company can provide no assurances on the timing or outcome of this matter. 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 March 31, 2017 . 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. |
New Accounting Guidance
New Accounting Guidance | 3 Months Ended |
Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Guidance | New Accounting Guidance Revenue from contracts with customers: In May 2014, the 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. The standard also requires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , delayed the effective date of ASU 2014-09 to annual periods beginning after December 15, 2017, including interim periods within that reporting period. This standard is effective for the Company on January 1, 2018. Entities have the option of using a full retrospective, cumulative effect or modified approach to adopt ASU 2014-09. The Company expects to utilize the full retrospective method to restate each prior period presented upon adoption. This update will impact the timing and amounts of revenue recognized, which will result in increased volatility in the amount of revenue recognized each period. The Company's preliminary assessment is that the adoption of this standard will have a material impact on the Company’s consolidated financial statements. While the Company expects that the standard will impact various elements of its business, the Company's initial assessment is that the most significant impact will be on the recognition of revenue related to software lease licenses. These licenses include the right to use the software and PCS over the term of the license. These licenses are currently recognized as revenue ratably over the term of the license. Under the new standard and the existing interpretations, the Company expects to recognize a meaningful portion of the revenue related to these licenses up-front at the time the license is delivered. However, the Company's preliminary assessment could change as additional interpretations relating to the new standard are provided and as issues identified by software industry groups are addressed. Business combinations: In January 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01). This update narrows the definition of a business. If substantially all the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the acquiree is not a business. The update also requires a business to include an input and a substantive process that significantly contributes to the ability to create outputs. This definition is expected to reduce the number of acquisitions accounted for as business combinations, which will impact the accounting treatment of certain items, including the accounting treatment of contingent consideration and transaction expenses. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted and the update will be applied prospectively. The effect of the implementation will depend upon the nature of the Company's future acquisitions, if any. Historically, the Company has entered into acquisitions that would meet the definition of a business under ASU 2017-01. Income taxes: In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (ASU 2016-16). Previous guidance requires the tax effects from intra-entity asset transfers to be deferred until that asset is sold to a third party or recovered through use. ASU 2016-16 eliminates this deferral for all intra-entity asset transfers other than inventory. The standard is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted and a modified retrospective transition is required upon adoption. The Company plans to adopt ASU 2016-16 beginning in 2018 and expects adoption to have an immaterial effect, if any, on its financial results. Credit losses: In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). Previous guidance requires the allowance for doubtful accounts to be estimated based on an incurred loss model, which considers past and current conditions. ASU 2016-13 requires companies to use an expected loss model that also considers reasonable and supportable forecasts of future conditions. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within that reporting period. Early adoption is permitted for annual periods beginning after December 15, 2018, including interim periods within that reporting period. The standard requires a cumulative-effect adjustment to the statement of financial position as of the beginning of the first reporting period in which the guidance is effective. The Company is currently evaluating the effect that this update will have on its financial results upon adoption. Employee share-based payment accounting: In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09). This update includes various areas for simplification related to aspects of the accounting for share-based payment transactions. One simplification is that the tax effects of share-based payment settlements will be recorded in the income statement. Prior guidance required tax windfalls at settlement, and tax shortfalls to the extent of previous windfalls, to be recorded in equity. This provision was required to be adopted prospectively. These tax effects were reported retrospectively as operating cash flows according to the new guidance as opposed to financing cash flows in the prior guidance. The Company adopted the guidance during the quarter ended March 31, 2017. The primary impact of adoption was the recognition of excess tax benefits in the Company's provision for income taxes rather than paid-in capital, which resulted in the recognition of excess tax benefits in the provision for income taxes of $7.0 million during the quarter ended March 31, 2017 . This increased diluted EPS by $0.08 . In addition, the Company applied the change in classification of such benefits on the consolidated statements of cash flows on a retrospective basis resulting in an increase to both net cash provided by operating activities and net cash used in financing activities of $2.1 million for the three months ended March 31, 2016 . Leases: In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02). ASU 2016-02 requires virtually all leases, other than leases that meet the definition of a short-term lease, to be recorded on the balance sheet with a right-of-use asset and corresponding lease liability. As a result, the Company's assets and liabilities will increase upon adoption. Leases will be classified as either operating or finance leases based on certain criteria. This classification will determine the timing and presentation of expenses on the income statement, as well as the presentation of related cash flows. The standard is effective for annual periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted and a modified retrospective transition is required upon adoption. The Company does not expect to early adopt and is currently evaluating the effect that this update will have on its financial results upon adoption. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by ANSYS in accordance with accounting principles generally accepted in the United States for interim financial information for commercial and industrial companies and the instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, the accompanying statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements (and notes thereto) included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 . The condensed consolidated December 31, 2016 balance sheet presented is derived from the audited December 31, 2016 balance sheet included in the most recent Annual Report on Form 10-K. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements have been included, and all adjustments are of a normal and recurring nature. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for any future period. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist primarily of highly liquid investments such as deposits held at major banks and money market funds. Cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalent balances comprise the following: March 31, 2017 December 31, 2016 (in thousands, except percentages) Amount % of Total Amount % of Total Cash accounts $ 511,200 59.0 $ 488,504 59.4 Money market funds 354,988 41.0 333,975 40.6 Total $ 866,188 $ 822,479 The Company's money market fund balances are held in various funds of a single issuer. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | The Company’s cash and cash equivalent balances comprise the following: March 31, 2017 December 31, 2016 (in thousands, except percentages) Amount % of Total Amount % of Total Cash accounts $ 511,200 59.0 $ 488,504 59.4 Money market funds 354,988 41.0 333,975 40.6 Total $ 866,188 $ 822,479 |
Other Receivables and Current21
Other Receivables and Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Other Receivables and Current Assets | The Company's other receivables and current assets comprise the following balances: (in thousands) March 31, December 31, Receivables related to unrecognized revenue $ 186,512 $ 199,119 Income taxes receivable, including overpayments and refunds 9,512 15,718 Prepaid expenses and other current assets 27,157 24,512 Total other receivables and current assets $ 223,181 $ 239,349 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Details of Basic and Diluted EPS | The details of basic and diluted EPS are as follows: Three Months Ended (in thousands, except per share data) March 31, March 31, Net income $ 63,306 $ 56,468 Weighted average shares outstanding – basic 85,456 88,114 Dilutive effect of stock plans 1,768 1,970 Weighted average shares outstanding – diluted 87,224 90,084 Basic earnings per share $ 0.74 $ 0.64 Diluted earnings per share $ 0.73 $ 0.63 Anti-dilutive shares 309 287 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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: March 31, 2017 December 31, 2016 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets: Developed software and core technologies (3 – 11 years) $ 341,377 $ (280,557 ) $ 338,594 $ (275,130 ) Customer lists and contract backlog (5 – 15 years) 161,728 (92,928 ) 159,549 (88,414 ) Trade names (2 – 10 years) 128,000 (93,865 ) 127,952 (90,289 ) Total $ 631,105 $ (467,350 ) $ 626,095 $ (453,833 ) Indefinite-lived intangible asset: Trade name $ 357 $ 357 |
Estimated Future Amortization Expense for Intangible Assets | As of March 31, 2017 , estimated future amortization expense for the intangible assets reflected above is as follows: (in thousands) Remainder of 2017 $ 36,079 2018 35,099 2019 21,844 2020 20,873 2021 16,706 2022 12,161 Thereafter 20,993 Total intangible assets subject to amortization 163,755 Indefinite-lived trade name 357 Other intangible assets, net $ 164,112 |
Changes in Goodwill | The changes in goodwill during the three months ended March 31, 2017 and 2016 were as follows: (in thousands) 2017 2016 Beginning balance – January 1 $ 1,337,215 $ 1,332,348 Acquisition 2,586 — Currency translation 590 1,781 Ending balance – March 31 $ 1,340,391 $ 1,334,129 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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) March 31, Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents $ 354,988 $ 354,988 $ — $ — Short-term investments $ 368 $ — $ 368 $ — Deferred compensation plan investments $ 994 $ 994 $ — $ — Fair Value Measurements at Reporting Date Using: (in thousands) December 31, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Cash equivalents $ 333,975 $ 333,975 $ — $ — Short-term investments $ 381 $ — $ 381 $ — Deferred compensation plan investments $ 459 $ 459 $ — $ — |
Geographic Information (Tables)
Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segments, Geographical Areas [Abstract] | |
Revenue by Geographic Area | Revenue by geographic area is as follows: Three Months Ended (in thousands) March 31, March 31, United States $ 100,819 $ 85,377 Japan 31,438 27,855 Germany 22,692 23,367 South Korea 13,676 11,891 France 13,512 11,714 Canada 3,357 3,383 Other European 33,534 33,989 Other international 34,377 28,330 Total revenue $ 253,405 $ 225,906 |
Property and Equipment by Geographic Area | Property and equipment by geographic area is as follows: (in thousands) March 31, December 31, United States $ 43,945 $ 43,810 Europe 4,676 4,753 India 3,112 3,033 Other international 2,780 3,081 Total property and equipment, net $ 54,513 $ 54,677 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Expense and Its Net Impact on Basic and Diluted Earnings Per Share | Total stock-based compensation expense and its net impact on basic and diluted earnings per share are as follows: Three Months Ended (in thousands, except per share data) March 31, March 31, Cost of sales: Software licenses $ 250 $ 155 Maintenance and service 426 367 Operating expenses: Selling, general and administrative 5,956 2,924 Research and development 3,881 3,632 Stock-based compensation expense before taxes 10,513 7,078 Related income tax benefits (10,421 ) (2,043 ) Stock-based compensation expense, net of taxes $ 92 $ 5,035 Net impact on earnings per share: Basic earnings per share $ — $ (0.06 ) Diluted earnings per share $ — $ (0.06 ) |
Stock Repurchase Program (Table
Stock Repurchase Program (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Class of Stock Disclosures [Abstract] | |
Stock Repurchase Program | Under the Company's stock repurchase program, the Company repurchased shares as follows: Three Months Ended (in thousands, except per share data) March 31, March 31, Number of shares repurchased 1,000 500 Average price paid per share $ 100.35 $ 85.37 Total cost $ 100,352 $ 42,684 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | The Company incurred related restructuring charges as follows: (in thousands) Gross Net of Tax Q4 2016 $ 3,419 $ 2,355 Q1 2017 $ 9,273 $ 6,176 Total restructuring charges $ 12,692 $ 8,531 |
Organization - Additional Infor
Organization - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 1 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||||
Cash accounts, Amount | $ 511,200 | $ 488,504 | ||
Money market funds, Amount | 354,988 | 333,975 | ||
Total | $ 866,188 | $ 822,479 | $ 863,435 | $ 784,168 |
Cash accounts, % of Total | 59.02% | 59.39% | ||
Money market funds, % of Total | 40.98% | 40.61% |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) | Mar. 31, 2017 | Dec. 31, 2016 |
Money Market Funds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
Other Receivables and Current32
Other Receivables and Current Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Other receivables and current assets | $ 223,181 | $ 239,349 |
Deferred Accounts Receivable Current Portion Of Annual Lease Licenses And Software Maintenance [Member] | ||
Other receivables and current assets | 186,512 | 199,119 |
Taxes Receivable Related To Overpayments And Refunds [Member] | ||
Other receivables and current assets | 9,512 | 15,718 |
Prepaid Expenses and Other Current Assets [Member] | ||
Other receivables and current assets | $ 27,157 | $ 24,512 |
Details of Basic and Diluted EP
Details of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net income | $ 63,306 | $ 56,468 |
Weighted average shares outstanding - basic | 85,456 | 88,114 |
Dilutive effect of stock plans | 1,768 | 1,970 |
Weighted average shares outstanding - diluted | 87,224 | 90,084 |
Basic earnings per share | $ 0.74 | $ 0.64 |
Diluted earnings per share | $ 0.73 | $ 0.63 |
Anti-dilutive shares | 309 | 287 |
Intangible Assets (Detail)
Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Intangible Assets [Line Items] | ||
Amortized intangible assets, gross carrying amount | $ 631,105 | $ 626,095 |
Amortized intangible assets, accumulated amortization | (467,350) | (453,833) |
Indefinite-lived intangible assets (excluding goodwill) | 357 | |
Trade Names | ||
Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets (excluding goodwill) | 357 | 357 |
Developed Software and Core Technologies | ||
Intangible Assets [Line Items] | ||
Amortized intangible assets, gross carrying amount | 341,377 | 338,594 |
Amortized intangible assets, accumulated amortization | (280,557) | (275,130) |
Customer Lists and Contract Backlog | ||
Intangible Assets [Line Items] | ||
Amortized intangible assets, gross carrying amount | 161,728 | 159,549 |
Amortized intangible assets, accumulated amortization | (92,928) | (88,414) |
Trade Names | ||
Intangible Assets [Line Items] | ||
Amortized intangible assets, gross carrying amount | 128,000 | 127,952 |
Amortized intangible assets, accumulated amortization | $ (93,865) | $ (90,289) |
Estimated Useful Lives (Detail)
Estimated Useful Lives (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
Minimum [Member] | Developed Software and Core Technologies | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 3 years |
Minimum [Member] | Customer Lists and Contract Backlog | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 5 years |
Minimum [Member] | Trade Names | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 2 years |
Maximum [Member] | Developed Software and Core Technologies | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 11 years |
Maximum [Member] | Customer Lists and Contract Backlog | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 15 years |
Maximum [Member] | Trade Names | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible asset, useful life | 10 years |
Goodwill and Intangible Asset36
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization | $ 12,043 | $ 12,669 |
Estimated Future Amortization E
Estimated Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2017 | $ 36,079 | |
2,018 | 35,099 | |
2,019 | 21,844 | |
2,020 | 20,873 | |
2,021 | 16,706 | |
2,022 | 12,161 | |
Thereafter | 20,993 | |
Total intangible assets subject to amortization | 163,755 | |
Indefinite-lived intangible assets (excluding goodwill) | 357 | |
Other intangible assets, net | $ 164,112 | $ 172,619 |
Changes in Goodwill (Detail)
Changes in Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 1,337,215 | $ 1,332,348 |
Acquisition | 2,586 | 0 |
Currency translation | 590 | 1,781 |
Ending balance | $ 1,340,391 | $ 1,334,129 |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 354,988 | $ 333,975 |
Short-term investments | 368 | 381 |
Deferred compensation plan investments | 994 | 459 |
Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 354,988 | 333,975 |
Short-term investments | 0 | 0 |
Deferred compensation plan investments | 994 | 459 |
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 | 368 | 381 |
Deferred compensation plan investments | 0 | 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 |
Deferred compensation plan investments | $ 0 | $ 0 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Short-term investments maturity | 3 months |
Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Short-term investments maturity | 1 year |
Revenue by Geographic Area (Det
Revenue by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 253,405 | $ 225,906 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 100,819 | 85,377 |
Japan | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 31,438 | 27,855 |
Germany | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 22,692 | 23,367 |
South Korea | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 13,676 | 11,891 |
France | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 13,512 | 11,714 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 3,357 | 3,383 |
Other European | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 33,534 | 33,989 |
Other international | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 34,377 | $ 28,330 |
Property and Equipment by Geogr
Property and Equipment by Geographic Area (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | $ 54,513 | $ 54,677 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | 43,945 | 43,810 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | 4,676 | 4,753 |
India | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | 3,112 | 3,033 |
Other international | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | $ 2,780 | $ 3,081 |
Stock-Based Compensation Expens
Stock-Based Compensation Expense and Its Net Impact on Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense before taxes | $ 10,513 | $ 7,078 |
Related income tax benefits | (10,421) | (2,043) |
Stock-based compensation expense, net of taxes | $ 92 | $ 5,035 |
Basic earnings per share | $ 0 | $ (0.06) |
Diluted earnings per share | $ 0 | $ (0.06) |
Software Licenses | ||
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense before taxes | $ 250 | $ 155 |
Maintenance and Service | ||
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense before taxes | 426 | 367 |
Selling, General and Administrative | ||
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense before taxes | 5,956 | 2,924 |
Research and Development | ||
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense before taxes | $ 3,881 | $ 3,632 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Income tax provision | $ 22,261 | $ 29,310 |
Reduction In Basic Earnings Per Share Impact Of Stock Based Compensation | $ 0 | $ (0.06) |
Reduction In Diluted Earnings Per Share Impact Of Stock Based Compensation | $ 0 | $ (0.06) |
Adjustments for New Accounting Pronouncement [Member] | ||
Employee Service Share-Based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Income tax provision | $ (7,000) | |
Reduction In Basic Earnings Per Share Impact Of Stock Based Compensation | $ 0.08 | |
Reduction In Diluted Earnings Per Share Impact Of Stock Based Compensation | $ 0.08 |
Stock Repurchase Program (Detai
Stock Repurchase Program (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Class of Stock Disclosures [Abstract] | ||
Number of shares repurchased | 1,000 | 500 |
Average price paid per share | $ 100.35 | $ 85.37 |
Total cost | $ 100,352 | $ 42,684 |
Stock Repurchase Program - Addi
Stock Repurchase Program - Additional Information (Detail) shares in Thousands | Mar. 31, 2017shares |
Class of Stock Disclosures [Abstract] | |
Stock repurchase program, repurchase authorization | 5,000 |
Stock repurchase program, remaining number of shares authorized to be repurchased | 4,500 |
Restructuring (Detail)
Restructuring (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 6,176 | $ 2,355 | $ 8,531 |
Operating Income (Loss) [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 9,273 | $ 3,419 | $ 12,692 |
Restructuring - Additional Info
Restructuring - Additional Information (Details) $ in Millions | Mar. 31, 2017USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges, unpaid | $ 6.8 |
Minimum [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges, expected cost remaining | 1.3 |
Minimum [Member] | Operating Income (Loss) [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges, expected cost remaining | 2 |
Maximum [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges, expected cost remaining | 2.8 |
Maximum [Member] | Operating Income (Loss) [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges, expected cost remaining | $ 4 |
Contingencies and Commitments -
Contingencies and Commitments - Additional Information (Detail) $ in Millions | Mar. 31, 2017USD ($) |
India Service Tax Audit [Member] | |
Loss Contingencies [Line Items] | |
Loss contingency, estimate of possible loss | $ 7.1 |
French Research and Development Tax Credit, Denied by Tax Authority [Member] | |
Loss Contingencies [Line Items] | |
Loss contingency, estimate of possible loss | 0.8 |
French Research and Development Tax Credit, Claimed Credits with Risk of Denial by Tax Authority [Member] | |
Loss Contingencies [Line Items] | |
Loss contingency, estimate of possible loss | $ 3.8 |
New Accounting Guidance - Addit
New Accounting Guidance - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Income tax provision | $ 22,261 | $ 29,310 |
Diluted earnings per share | $ 0.73 | $ 0.63 |
Net cash provided by operating activities | $ 125,893 | $ 110,723 |
Net cash used in financing activities | (78,334) | (38,349) |
Adjustments for New Accounting Pronouncement [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Income tax provision | $ (7,000) | |
Diluted earnings per share | $ 0.08 | |
Net cash provided by operating activities | 2,100 | |
Net cash used in financing activities | $ (2,100) |