Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'VERISIGN INC/CA | ' | ' |
Entity Central Index Key | '0001014473 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q4 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 133,662,937 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $4.20 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $339,223 | $130,736 |
Marketable securities | 1,384,062 | 1,425,700 |
Accounts receivable, net | 13,631 | 11,477 |
Deferred Tax Assets | 1,743 | 44,756 |
Prepaid expenses and other current assets | 64,540 | 30,795 |
Total current assets | 1,803,199 | 1,643,464 |
Property and equipment, net | 339,653 | 333,861 |
Goodwill | 52,527 | 52,527 |
Long-term deferred tax assets | 437,643 | 7,299 |
Other long-term assets | 27,745 | 25,325 |
Total long-term assets | 857,568 | 419,012 |
Total assets | 2,660,767 | 2,062,476 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 149,276 | 130,391 |
Convertible Debentures, including contingent interest derivative | 624,056 | 0 |
Deferred revenues | 595,221 | 564,627 |
Deferred Tax Liabilities, Net, Current | 660,633 | 0 |
Total current liabilities | 2,029,186 | 695,018 |
Long-term deferred revenues | 260,615 | 247,955 |
Senior Notes | 750,000 | 0 |
Convertible debentures, including contingent interest derivative | 0 | 597,614 |
Long-term Debt | 0 | 100,000 |
Long-term deferred tax liabilities | 0 | 386,914 |
Other long-term tax liabilities | 44,524 | 44,298 |
Total long-term liabilities | 1,055,139 | 1,376,781 |
Total liabilities | 3,084,325 | 2,071,799 |
Commitments and contingencies | ' | ' |
Stockholders' deficit: | ' | ' |
Preferred stock | 0 | 0 |
Common stock | 320 | 319 |
Additional paid-in capital | 18,935,302 | 19,891,291 |
Accumulated deficit | -19,356,095 | -19,900,545 |
Accumulated other comprehensive loss | -3,085 | -388 |
Total stockholders' deficit | -423,558 | -9,323 |
Total liabilities and stockholders' deficit | $2,660,767 | $2,062,476 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, authorized shares | 5,000 | 5,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized shares | 1,000,000 | 1,000,000 |
Common Stock, Shares, Issued | 320,358 | 318,722 |
Common stock, outstanding shares | 133,724 | 153,392 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenues | $965,087 | $873,592 | $771,978 |
Costs and expenses: | ' | ' | ' |
Cost of revenues | 187,013 | 167,600 | 165,246 |
Sales and marketing | 89,337 | 97,809 | 97,432 |
Research and development | 70,297 | 61,694 | 53,277 |
General and administrative | 90,208 | 89,927 | 111,122 |
Restructuring charges | 0 | -765 | 15,512 |
Total costs and expenses | 436,855 | 416,265 | 442,589 |
Operating income | 528,232 | 457,327 | 329,389 |
Interest expense | -74,761 | -50,196 | -147,332 |
Non-operating income, net | 3,300 | 5,564 | 11,530 |
Income from continuing operations before income taxes | 456,771 | 412,695 | 193,587 |
Income tax expense | 87,679 | -100,210 | -55,031 |
Income from continuing operations, net of tax | 544,450 | 312,485 | 138,556 |
Income from discontinued operations, net of tax | 0 | 7,547 | 4,335 |
Net income | 544,450 | 320,032 | 142,891 |
Foreign currency translation adjustments | 0 | 0 | 110 |
Realized foreign currency translation adjustments, included in net income | 81 | 0 | 0 |
Change in unrealized gain on investments, net of tax | -369 | 2,757 | 688 |
Realized gain on investments, net of tax, included in net income | -2,409 | -61 | -2,548 |
Other comprehensive income (loss) | -2,697 | 2,696 | -1,750 |
Comprehensive income | $541,753 | $322,728 | $141,141 |
Basic income per share | ' | ' | ' |
Continuing operations | $3.77 | $1.99 | $0.84 |
Discontinued operations | $0 | $0.05 | $0.03 |
Net income | $3.77 | $2.04 | $0.87 |
Diluted income per share | ' | ' | ' |
Continuing operations | $3.49 | $1.91 | $0.83 |
Discontinued operations | $0 | $0.04 | $0.03 |
Net income | $3.49 | $1.95 | $0.86 |
Shares used to compute net income per share | ' | ' | ' |
Basic | 144,591 | 156,953 | 165,408 |
Diluted | 155,786 | 163,909 | 166,887 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (Deficit) And Comprehensive Income (Loss) (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total [Member] |
In Thousands | ||||||
Balance at Dec. 31, 2010 | ' | $313 | $21,040,919 | ($20,363,468) | ($1,334) | $676,430 |
Balance, shares at Dec. 31, 2010 | ' | 172,736 | ' | ' | ' | ' |
Net income | 142,891 | 0 | 0 | 142,891 | 0 | 142,891 |
Other Comprehensive Income (Loss), Net of Tax | -1,750 | 0 | 0 | 0 | -1,750 | -1,750 |
Issuance of common stock under stock plans | ' | 4 | 49,979 | 0 | 0 | 49,983 |
Issuance of common stock under stock plans, shares | ' | 3,469 | ' | ' | ' | ' |
Stock-based compensation | ' | 0 | 46,438 | 0 | 0 | 46,438 |
Special dividend paid | ' | 0 | -463,498 | 0 | 0 | -463,498 |
Net excess income tax benefits associated with stock-based compensation and other | ' | 0 | 11,496 | 0 | 0 | 11,496 |
Repurchase of common stock | ' | 0 | -550,097 | 0 | 0 | -550,097 |
Repurchase of common stock, shares | ' | -16,783 | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | ' | 317 | 20,135,237 | -20,220,577 | -3,084 | -88,107 |
Balance, shares at Dec. 31, 2011 | ' | 159,422 | ' | ' | ' | ' |
Net income | 320,032 | 0 | 0 | 320,032 | 0 | 320,032 |
Other Comprehensive Income (Loss), Net of Tax | 2,696 | 0 | 0 | 0 | 2,696 | 2,696 |
Issuance of common stock under stock plans | ' | 2 | 29,301 | 0 | 0 | 29,303 |
Issuance of common stock under stock plans, shares | ' | 1,941 | ' | ' | ' | ' |
Stock-based compensation | ' | 0 | 36,199 | 0 | 0 | 36,199 |
Special dividend paid | -463,500 | ' | ' | ' | ' | ' |
Net excess income tax benefits associated with stock-based compensation and other | ' | 0 | 16,045 | 0 | 0 | 16,045 |
Repurchase of common stock | ' | 0 | -325,680 | 0 | 0 | -325,680 |
Repurchase of common stock, shares | ' | -7,971 | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | -9,323 | 319 | 19,891,291 | -19,900,545 | -388 | -9,323 |
Balance, shares at Dec. 31, 2012 | 153,392 | 153,392 | ' | ' | ' | ' |
Net income | 544,450 | 0 | 0 | 544,450 | 0 | 544,450 |
Other Comprehensive Income (Loss), Net of Tax | -2,697 | 0 | 0 | 0 | -2,697 | -2,697 |
Issuance of common stock under stock plans | ' | 1 | 20,666 | 0 | 0 | 20,667 |
Issuance of common stock under stock plans, shares | ' | 1,636 | ' | ' | ' | ' |
Stock-based compensation | ' | 0 | 39,642 | 0 | 0 | 39,642 |
Net excess income tax benefits associated with stock-based compensation and other | ' | 0 | 19,320 | 0 | 0 | 19,320 |
Repurchase of common stock | ' | 0 | -1,035,617 | 0 | 0 | -1,035,617 |
Repurchase of common stock, shares | ' | -21,304 | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | ($423,558) | $320 | $18,935,302 | ($19,356,095) | ($3,085) | ($423,558) |
Balance, shares at Dec. 31, 2013 | 133,724 | 133,724 | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $544,450 | $320,032 | $142,891 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation of property and equipment and amortization of other intangible assets | 60,655 | 54,819 | 55,706 |
Stock-based compensation | 36,649 | 33,362 | 43,272 |
Excess tax benefit associated with stock-based compensation | -19,320 | -18,436 | -13,420 |
Deferred Income Tax Expense | -112,688 | 71,800 | 24,779 |
Unrealized Gain (Loss) on Derivatives | 17,801 | -422 | 1,125 |
Gain on Sale of Investments | -18,861 | -102 | -4,246 |
Other, net | -13,360 | -11,505 | -16,086 |
Changes in operating assets and liabilities | ' | ' | ' |
Accounts receivable | -2,500 | 3,327 | -251 |
Prepaid expenses and other assets | -2,694 | -9,344 | 7,895 |
Accounts payable and accrued liabilities | 19,291 | -12,922 | -3,469 |
Deferred revenues | 43,254 | 84,011 | 65,533 |
Net cash provided by operating activities | 579,397 | 537,630 | 335,901 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from maturities and sales of marketable securities | 3,508,569 | 1,234,156 | 546,006 |
Purchases of marketable securities | -3,450,068 | -2,622,898 | -78,975 |
Purchases of property and equipment | -65,594 | -53,023 | -192,660 |
Other investing activities | -3,969 | -588 | -1,129 |
Net cash (used in) provided by investing activities | -11,062 | -1,442,353 | 273,242 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of common stock from option exercises and employee stock purchase plans | 20,667 | 29,303 | 49,983 |
Repurchases of common stock | -1,035,617 | -325,680 | -550,097 |
Payments of dividends to stockholders | 0 | 0 | -463,498 |
Proceeds received from borrowing | 738,297 | 0 | 0 |
Proceeds from Lines of Credit | 0 | 0 | 100,000 |
Repayments of borrowings | -100,000 | 0 | -1,067 |
Excess tax benefit associated with stock-based compensation | 19,320 | 18,436 | 13,420 |
Other financing activities | 0 | 189 | -939 |
Net cash used in financing activities | -357,333 | -277,752 | -852,198 |
Effect of exchange rate changes on cash and cash equivalents | -2,515 | -138 | -3,224 |
Net (decrease) increase in cash and cash equivalents | 208,487 | -1,182,613 | -246,279 |
Cash and cash equivalents at beginning of period | 130,736 | 1,313,349 | 1,559,628 |
Cash and cash equivalents at end of period | 339,223 | 130,736 | 1,313,349 |
Supplemental cash flow disclosures: | ' | ' | ' |
Cash paid for interest, net of capitalized interest | 58,928 | 41,276 | 140,193 |
Cash paid for income taxes, net of refunds received | $26,133 | $19,436 | $6,567 |
Description_Of_Business_And_Su
Description Of Business And Summary Of Significant Accounting Policies | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Description Of Business And Summary Of Significant Accounting Policies [Abstract] | ' | |||||||
Description of Business and Summary of Significant Accounting Policies | ' | |||||||
Description of Business and Summary of Significant Accounting Policies | ||||||||
Description of Business | ||||||||
VeriSign, Inc. (“Verisign” or “the Company”) was incorporated in Delaware on April 12, 1995. The Company has one reportable segment, which consists of Registry Services and Network Intelligence and Availability (“NIA”) Services. Registry Services provides domain name registry services which power the navigation of the Internet by operating a global infrastructure for a portfolio of top-level domains (“TLDs”) that includes .com, .net, .tv, .edu, .gov, .jobs, .name and .cc as well as two of the world’s 13 Internet root servers (“Registry Services”). NIA Services provides infrastructure assurance services consisting of Distributed Denial of Services (“DDoS”) Protection Services, Verisign iDefense Security Intelligence Services (“iDefense”) and Managed Domain Name System (“Managed DNS”). | ||||||||
Basis of Presentation | ||||||||
The accompanying consolidated financial statements of Verisign and its subsidiaries have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”). All significant intercompany accounts and transactions have been eliminated. | ||||||||
The preparation of these consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. | ||||||||
Unless noted otherwise, discussions in the Notes to Consolidated Financial Statements pertain to continuing operations. | ||||||||
Reclassifications | ||||||||
Certain reclassifications have been made to prior period amounts to conform to current period presentation. Such reclassifications have no effect on net income as previously reported. | ||||||||
Significant Accounting Policies | ||||||||
Cash and Cash Equivalents | ||||||||
Verisign considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash and cash equivalents include certain money market funds, commercial paper, debt securities and various deposit accounts. Verisign maintains its cash and cash equivalents with financial institutions that have investment grade ratings and, as part of its cash management process, performs periodic evaluations of the relative credit standing of these financial institutions. | ||||||||
Marketable Securities | ||||||||
Marketable securities consist of debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies, and equity securities of a public company. All marketable securities are classified as available-for-sale and are carried at fair value. Unrealized gains and losses, net of taxes, are reported as a component of Accumulated other comprehensive loss. The specific identification method is used to determine the cost basis of the marketable securities sold. The Company classifies its marketable securities as current based on their nature and availability for use in current operations. | ||||||||
Property and Equipment | ||||||||
Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets of 35 to 47 years for buildings, 10 years for building improvements and three to five years for computer equipment, purchased software, office equipment, and furniture and fixtures. Beginning in 2012, the Company changed its estimate of the useful life of its computer equipment and hardware assets from 3 years to 4 years. The impact of this change was not material to any period presented. Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful lives of the assets or associated lease terms. The Company capitalizes interest on facility assets under construction and on significant software development projects. | ||||||||
Capitalized Software | ||||||||
Software included in property and equipment includes amounts paid for purchased software and development costs for software used internally that have been capitalized. The following table summarizes the capitalized costs related to third-party implementation and consulting services as well as costs related to internally developed software. | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Third-party implementation and consulting services | $ | 6,361 | $ | 3,172 | ||||
Internally developed software | $ | 22,138 | $ | 21,733 | ||||
Goodwill and Other Long-lived Assets | ||||||||
Goodwill represents the excess of purchase consideration over fair value of net assets of businesses acquired. Goodwill is not amortized, but instead tested for impairment. All of the Company’s goodwill is included in the Registry Services reporting unit which has a negative carrying value. The Company performs a qualitative analysis at the end of each reporting period to determine if any events have occurred or circumstances exist that would indicate that it is more likely than not that a goodwill impairment exists. The qualitative factors the Company reviews include, but are not limited to: (a) macroeconomic conditions; (b) industry and market considerations such as a deterioration in the environment in which an entity operates; (c) a significant adverse change in legal factors or in the business climate; (d) an adverse action or assessment by a regulator; (e) unanticipated competition; (f) loss of key personnel; (g) a more-likely-than-not expectation of sale or disposal of a reporting unit or a significant portion thereof; or (h) testing for recoverability of a significant asset group within a reporting unit. | ||||||||
Long-lived assets, such as property, plant, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset, or asset group, may not be recoverable. Such events or circumstances include, but are not limited to, a significant decrease in the fair value of the underlying business, a significant decrease in the benefits realized from an acquired business, difficulties or delays in integrating the business or a significant change in the operations of an acquired business. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset, or asset group, to estimated undiscounted future cash flows expected to be generated by the asset, or asset group. An impairment charge is recognized in the amount by which the carrying amount of the asset exceeds its fair value. | ||||||||
3.25% Junior Subordinated Convertible Debentures Due 2037 (“Subordinated Convertible Debentures”) | ||||||||
Verisign separately accounts for the liability (debt) and equity (conversion option) components of the Subordinated Convertible Debentures in a manner that reflects the borrowing rate for a similar non-convertible debt. The liability component is recognized at fair value on the issuance date, based on the fair value of a similar instrument that does not have a conversion feature at issuance. The excess of the principal amount of the Subordinated Convertible Debentures over the fair value of the liability component is the equity component or debt discount. Such excess represents the estimated fair value of the conversion feature and is recorded as Additional paid-in capital. The debt discount is amortized using the Company’s effective interest rate over the term of the Subordinated Convertible Debentures as a non-cash charge to interest expense. The Subordinated Convertible Debentures also have a contingent interest payment provision that may require the Company to pay interest based on certain thresholds, beginning with the semi-annual interest period commencing on August 15, 2014, and upon the occurrence of certain events, as outlined in the Indenture governing the Subordinated Convertible Debentures. The contingent interest payment provision has been identified as an embedded derivative, to be accounted for separately at fair value, and is marked to market at the end of each reporting period, with any gains and losses recorded in Non-operating income, net. | ||||||||
Foreign Currency Remeasurement | ||||||||
Verisign conducts business throughout the world and transacts in multiple currencies. The functional currency for all of Verisign’s international subsidiaries is the U.S. Dollar. The Company’s subsidiaries’ financial statements are remeasured into U.S. Dollars using a combination of current and historical exchange rates and any remeasurement gains and losses are included in Non-operating income, net. The Company recorded a net remeasurement loss of $3.1 million in 2013, $0.9 million in 2012, and $3.4 million in 2011. | ||||||||
Verisign maintains a foreign currency risk management program designed to mitigate foreign exchange risks associated with the monetary assets and liabilities that are denominated in non-functional currencies. The primary objective of this program is to minimize the gains and losses resulting from fluctuations in exchange rates. The Company does not enter into foreign currency transactions for trading or speculative purposes, nor does it hedge foreign currency exposures in a manner that entirely offsets the effects of changes in exchange rates. The program may entail the use of forward or option contracts, which are usually placed and adjusted monthly. These foreign currency forward contracts are derivatives and are recorded at fair market value. The Company records gains and losses on foreign currency forward contracts in Non-operating income, net. The Company recorded net gains of $1.5 million in 2013, and $0.8 million in 2012, and a net loss of $1.4 million in 2011, related to foreign currency forward contracts. | ||||||||
As of December 31, 2013, Verisign held foreign currency forward contracts in notional amounts totaling $27.0 million to mitigate the impact of exchange rate fluctuations associated with certain assets and liabilities held in foreign currencies. | ||||||||
Revenue Recognition | ||||||||
Verisign recognizes revenues when the following four criteria are met: | ||||||||
• | Persuasive evidence of an arrangement exists: It is the Company’s customary practice to have a written contract, signed by both the customer and Verisign or a service order form from those customers who have previously negotiated a standard master services agreement with Verisign. | |||||||
• | Delivery has occurred or services have been rendered: The Company’s services are usually delivered continuously from service activation date through the term of the arrangement. | |||||||
• | The fee is fixed or determinable: Substantially all of the Company’s revenue arrangements have fixed or determinable fees. | |||||||
• | Collectability is reasonably assured: Collectability is assessed on a customer-by-customer basis. Verisign typically sells to customers for whom there is a history of successful collection. The majority of customers either maintains a deposit with Verisign or provides an irrevocable letter of credit in excess of the amounts owed. New customers are subjected to a credit review process that evaluates the customer’s financial condition and, ultimately, their ability to pay. If Verisign determines from the outset of an arrangement that collectability is not probable based upon its credit review process, revenues are recognized as cash is collected. | |||||||
Substantially all of the Company’s revenue arrangements have multiple service deliverables. However, all service deliverables in those arrangements are usually delivered over the same term and, in the absence of a discernible pattern of performance, are presumed to be delivered ratably over that service term. | ||||||||
If the Company enters into an arrangement with multiple elements where standalone value exists for each element and the delivery of the elements occur at different times, revenue for such arrangement is allocated to the elements based on the best estimate of selling prices of the elements and recognized based on applicable service term for each element. | ||||||||
Registry Services | ||||||||
Registry Services revenues primarily arise from fixed fees charged to registrars for the initial registration or renewal of .com, .net, .tv, .name, .cc, .gov or .jobs domain names. Revenues from the initial registration or renewal of domain names are deferred and recognized ratably over the registration term, generally one year and up to ten years. Fees for renewals and advance extensions to the existing term are deferred until the new incremental period commences. These fees are then recognized ratably over the renewal term. | ||||||||
Verisign also offers promotional marketing programs to its registrars based upon market conditions and the business environment in which the registrars operate. Amounts payable to these registrars for such promotional marketing programs are usually recorded as a reduction of revenue. If Verisign obtains an identifiable benefit separate from the services it provides to the registrars, then amounts payable up to the fair value of the benefit received are recorded as advertising expenses and the excess, if any, is recorded as a reduction of revenue. | ||||||||
NIA Services | ||||||||
Following the revenue recognition criteria above, revenues from NIA Services are usually deferred and recognized over the service term, generally one to two years. | ||||||||
Advertising Expenses | ||||||||
Advertising costs are expensed as incurred and are included in Sales and marketing expenses. Advertising expenses were $13.2 million, $10.2 million, and $17.2 million in 2013, 2012, and 2011, respectively. | ||||||||
Income Taxes | ||||||||
Verisign uses the asset and liability method to account for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance to reduce deferred tax assets to an amount whose realization is more likely than not. The Company allocates valuation allowances between current deferred tax assets and long-term deferred tax assets in proportion to the related classification of gross deferred tax assets for each tax jurisdiction. | ||||||||
Deferred tax liabilities and assets are classified as current or noncurrent based on the financial reporting classification of the related asset or liability, or, for deferred tax liabilities or assets that are not related to an asset or liability for financial reporting, according to the expected reversal date of the temporary difference. For every tax-paying component and within each tax jurisdiction, (a) all current deferred tax liabilities and assets are offset and presented as a single amount and (b) all noncurrent deferred tax liabilities and assets are offset and presented as a single amount. | ||||||||
The Company’s income taxes payable is reduced by the tax benefits from employee stock option exercises and restricted stock unit (“RSU”) vesting. The Company’s income tax benefit related to stock options is calculated as the tax effect of the difference between the fair market value of the stock and the exercise price at the time of option exercise. The Company’s income tax benefit related to RSUs is equal to the fair market value of the stock at the vesting date. If the income tax benefit at exercise or vesting date is greater than the income tax benefit recorded based on the grant date fair value of the stock options or RSUs, such excess tax benefit is recognized as an increase to Additional paid-in capital. If the income tax benefit at exercise or vesting date is less than the income tax benefit recorded based on the grant date fair value of the stock options or RSUs, the shortfall is recognized as a reduction of Additional paid-in capital to the extent of previously recognized excess tax benefits. | ||||||||
Verisign’s global operations involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The final taxes payable are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from U.S. federal, state, and international tax audits. The Company may only recognize or continue to recognize tax positions that are more likely than not to be sustained upon examination. The Company adjusts these reserves in light of changing facts and circumstances; however, due to the complexity | ||||||||
of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from its current estimate of the tax liabilities. | ||||||||
The Company’s assumptions, judgments and estimates relative to the value of a deferred tax asset take into account predictions of the amount and character of future taxable income, such as income from operations or capital gains income. Actual operating results and the underlying amount and character of income in future years could render the Company’s current assumptions, judgments and estimates of recoverable net deferred taxes inaccurate. Any of the assumptions, judgments and estimates mentioned above could cause the Company’s actual income tax obligations to differ from its estimates, thus materially impacting its financial condition and results of operations. | ||||||||
Stock-based Compensation | ||||||||
During 2013, the Company’s stock-based compensation was primarily related to RSUs granted to employees. There were no stock options granted in 2013, 2012 or 2011. The Company used the Black-Scholes option pricing model to determine the fair value of stock options granted in prior years and also uses the Black-Scholes model to determine the fair value of its employee stock purchase plan (“ESPP”) offerings. The determination of the fair value of stock-based payment awards using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. For the awards that are expected to vest, after considering estimated forfeitures, stock-based compensation expense is typically recognized on a straight-line basis over the requisite service period for each such award. The Company also grants RSUs which include performance conditions, and in some cases market conditions, to certain executives. The expense for these performance-based RSUs is recognized on a graded vesting schedule over the term of the award based on the probable outcome of the performance conditions, The expense recognized for awards with market conditions is based on the grant date fair value of the awards including the impact of the market conditions. | ||||||||
Earnings per Share | ||||||||
The Company computes basic net income per share by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share gives effect to dilutive potential common shares, including outstanding stock options, unvested RSUs, ESPP offerings and the conversion spread related to the Subordinated Convertible Debentures using the treasury stock method. | ||||||||
Discontinued Operations | ||||||||
The results of operations of businesses that have been divested are presented as discontinued operations when the underlying operations and cash flows of the disposal group have been eliminated from the Company’s continuing operations and the Company will no longer have any significant continuing involvement in the operations of the divested business after the disposal transaction. Subsequent to the divestitures, the Company has resolved certain contingent liabilities that related to the operations of the divested businesses. The effects of these items are presented in discontinued operations. | ||||||||
Fair Value of Financial Instruments | ||||||||
The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: | ||||||||
• | Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||
• | Level 2: Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |||||||
• | Level 3: Unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. | |||||||
The Company measures and reports certain financial assets and liabilities at fair value on a recurring basis, including its investments in money market funds classified as Cash and cash equivalents, marketable debt and equity securities, foreign currency forward contracts, and the contingent interest derivative associated with the Subordinated Convertible Debentures. |
Cash_Cash_Equivalents_And_Mark
Cash, Cash Equivalents, And Marketable Securities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Cash, Cash Equivalents And Marketable Securities [Abstract] | ' | |||||||
Cash, Cash Equivalents, And Marketable Securities | ' | |||||||
Cash, Cash Equivalents, and Marketable Securities | ||||||||
The following table summarizes the Company’s cash, cash equivalents, and marketable securities: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Cash | $ | 72,232 | $ | 63,578 | ||||
Money market funds | 246,492 | 38,054 | ||||||
Time deposits | 3,978 | 3,614 | ||||||
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 1,409,062 | 1,452,358 | ||||||
Equity securities of a public company | — | 3,341 | ||||||
Total | $ | 1,731,764 | $ | 1,560,945 | ||||
Included in Cash and cash equivalents | $ | 339,223 | $ | 130,736 | ||||
Included in Marketable securities | $ | 1,384,062 | $ | 1,425,700 | ||||
Included in Other long-term assets (Restricted cash) | $ | 8,479 | $ | 4,509 | ||||
The fair value of the debt securities held as of December 31, 2013 was $1.4 billion, including less than $0.1 million of gross and net unrealized gains. All of the debt securities held as of December 31, 2013 have contractual maturities of less than one year. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Of Financial Instruments | ' | |||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and December 31, 2012: | ||||||||||||||||
Fair Value Measurement Using | ||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
As of December 31, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Investments in money market funds | $ | 246,492 | $ | 246,492 | $ | — | $ | — | ||||||||
Debt securities issued by the U.S. Treasury | 1,409,062 | 1,409,062 | — | — | ||||||||||||
Foreign currency forward contracts (1) | 141 | — | 141 | — | ||||||||||||
Total | $ | 1,655,695 | $ | 1,655,554 | $ | 141 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Contingent interest derivative on Subordinated Convertible Debentures | $ | 29,004 | $ | — | $ | — | $ | 29,004 | ||||||||
Foreign currency forward contracts (2) | 131 | — | 131 | — | ||||||||||||
Total | $ | 29,135 | $ | — | $ | 131 | $ | 29,004 | ||||||||
As of December 31, 2012: | ||||||||||||||||
Assets: | ||||||||||||||||
Investments in money market funds | $ | 38,054 | $ | 38,054 | $ | — | $ | — | ||||||||
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 1,452,358 | 1,419,280 | 33,078 | — | ||||||||||||
Equity securities of public company | 3,341 | — | 3,341 | — | ||||||||||||
Foreign currency forward contracts (1) | 71 | — | 71 | — | ||||||||||||
Total | $ | 1,493,824 | $ | 1,457,334 | $ | 36,490 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Contingent interest derivative on Subordinated Convertible Debentures | $ | 11,203 | $ | — | $ | — | $ | 11,203 | ||||||||
Foreign currency forward contracts (2) | 765 | — | 765 | — | ||||||||||||
Total | $ | 11,968 | $ | — | $ | 765 | $ | 11,203 | ||||||||
-1 | Included in Prepaid expenses and other current assets | |||||||||||||||
-2 | Included in Accounts payable and accrued liabilities | |||||||||||||||
The fair value of the Company’s investments in money market funds approximates their face value. Such instruments are classified as Level 1 and are included in Cash and cash equivalents. | ||||||||||||||||
The fair value of the debt securities consisting of U.S. Treasury bills is based on their quoted market prices and are classified as Level 1. The fair value of the Company’s investments in other debt securities are obtained using the weighted average price of available market prices for the underlying securities from various industry standard data providers, large financial institutions and other third-party sources and are classified as Level 2. Debt securities purchased with original maturities in excess of three months are included in Marketable securities. | ||||||||||||||||
The fair value of the Company’s foreign currency forward contracts is based on foreign currency rates quoted by banks or foreign currency dealers and other public data sources. | ||||||||||||||||
The Company utilizes a valuation model to estimate the fair value of the contingent interest derivative on the Subordinated Convertible Debentures. The inputs to the model include stock price, bond price, risk adjusted interest rates, volatility, and credit spread observations. As several significant inputs are not observable, the overall fair value measurement of the derivative is classified as Level 3. The volatility and credit spread assumptions used in the calculation are the most significant unobservable inputs. As of December 31, 2013, the valuation of the contingent interest derivative assumed a volatility rate of approximately 25%. A hypothetical 5% increase or decrease in the volatility rate would not significantly change the fair value of the contingent interest derivative. The credit spread assumed in the valuation was approximately 4% at December 31, 2013. A hypothetical 1% increase or decrease in the credit spread would not significantly change the fair value of the contingent interest derivative. | ||||||||||||||||
The following table summarizes the change in the fair value of the Company’s contingent interest derivative on Subordinated Convertible Debentures during the year ended December 31, 2013 and 2012: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||
Beginning balance | $ | 11,203 | $ | 11,625 | ||||||||||||
Unrealized loss (gain) on contingent interest derivative on Subordinated Convertible Debentures | 17,801 | (422 | ) | |||||||||||||
Ending balance | $ | 29,004 | $ | 11,203 | ||||||||||||
Other | ||||||||||||||||
As of December 31, 2013, the Company’s other financial instruments include cash, accounts receivable, restricted cash, and accounts payable whose carrying values approximated their fair values. The fair values of the Company’s Subordinated Convertible Debentures and the Company’s senior notes due 2023 (the “Senior Notes”) as of December 31, 2013, were $2.2 billion and $723.3 million, respectively, and are based on available market information from public data sources. These fair value measurements are classified as Level 2. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2013 | |
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | ' |
Discontinued Operations | ' |
Discontinued Operations | |
In 2011, the Company completed a four-year restructuring plan which included the divesting or winding down of the Company’s non-core businesses and the sale of the Authentication Services business. Income from discontinued operations in 2012 is primarily related to the reimbursement of previously incurred litigation and legal defense costs received upon the settlement of indemnification claims with selling shareholders of a previously acquired business that was later divested. Income from discontinued operations in 2012 also represents the reversal of certain retained liabilities and the reversal of certain accruals for retained litigation related to the prior operations of a divested business. Loss from discontinued operations before income taxes for 2011 represents the effects of certain retained litigation of the divested businesses. Income tax benefit for discontinued operations for 2011 includes a benefit from the settlement of a foreign income tax liability that had resulted from the sale of the Authentication Services business in 2010. |
Other_Balance_Sheet_Items
Other Balance Sheet Items | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Other Balance Sheet Items | ' | |||||||
Other Balance Sheet Items | ||||||||
Prepaid Expenses and Other Current Assets | ||||||||
Prepaid expenses and other current assets consist of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Prepaid expenses | $ | 13,502 | $ | 15,413 | ||||
Income tax and other receivables | 39,884 | 15,056 | ||||||
Debt issuance costs | 10,705 | — | ||||||
Other | 449 | 326 | ||||||
Total prepaid expenses and other current assets | $ | 64,540 | $ | 30,795 | ||||
Income tax and other receivables as of December 31, 2013, includes a federal income tax receivable recognized in connection with a worthless stock deduction for the Company’s 2013 federal income tax return as discussed in Note 13, “Income Taxes.” Debt issuance costs related to the Company’s Subordinated Convertible Debentures were reclassified to Prepaid expenses and other current assets from Other long-term assets during 2013, as the related Subordinated Convertible Debentures were reclassified from long-term liabilities to current liabilities due to the fact that they are convertible at the option of each holder. Refer to Note 7, “Debt and Interest Expense” for further discussion of the Senior Notes and Subordinated Convertible Debentures. | ||||||||
Property and Equipment, Net | ||||||||
The following table presents the detail of property and equipment, net: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Land | $ | 31,141 | $ | 31,141 | ||||
Buildings and building improvements | 240,572 | 236,171 | ||||||
Computer equipment and software | 359,331 | 315,654 | ||||||
Capital work in progress | 16,213 | 11,393 | ||||||
Office equipment and furniture | 6,305 | 6,420 | ||||||
Leasehold improvements | 2,189 | 2,223 | ||||||
Total cost | 655,751 | 603,002 | ||||||
Less: accumulated depreciation | (316,098 | ) | (269,141 | ) | ||||
Total property and equipment, net | $ | 339,653 | $ | 333,861 | ||||
Goodwill | ||||||||
The following table presents the detail of goodwill: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Goodwill, gross | $ | 1,537,843 | $ | 1,537,843 | ||||
Accumulated goodwill impairment | (1,485,316 | ) | (1,485,316 | ) | ||||
Total goodwill | $ | 52,527 | $ | 52,527 | ||||
There was no impairment of goodwill or other long-lived assets recognized in any of the periods presented. | ||||||||
Other Long-Term Assets | ||||||||
Other long-term assets consist of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Other tax receivable | $ | 5,811 | $ | 5,811 | ||||
Long-term investments | — | 413 | ||||||
Debt issuance costs | 11,521 | 11,516 | ||||||
Long-term restricted cash | 8,479 | 4,509 | ||||||
Long-term prepaid expenses and other assets | 1,934 | 3,076 | ||||||
Total other long-term assets | $ | 27,745 | $ | 25,325 | ||||
Debt issuance costs included in Other long-term assets at December 31, 2013 relate primarily to the Senior Notes which were issued in April 2013. | ||||||||
Accounts Payable and Accrued Liabilities | ||||||||
Accounts payable and accrued liabilities consist of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Accounts payable | $ | 24,843 | $ | 23,519 | ||||
Accrued employee compensation | 49,974 | 38,778 | ||||||
Customer deposits, net | 20,869 | 19,321 | ||||||
Taxes payable and other tax liabilities | 19,853 | 21,918 | ||||||
Other accrued liabilities | 33,737 | 26,855 | ||||||
Total accounts payable and accrued liabilities | $ | 149,276 | $ | 130,391 | ||||
Accrued employee compensation primarily consists of liabilities for employee leave, salaries, payroll taxes, employee contributions to the employee stock purchase plan, and incentive compensation. Other accrued liabilities include miscellaneous vendor payables, interest on the Subordinated Convertible Debentures which is paid semi-annually in arrears on August 15 and February 15, and interest on the Senior Notes which is paid semi-annually in arrears on May 1 and November 1. |
Restructuring_Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring Charges [Abstract] | ' |
Restructuring Charges | ' |
Restructuring Charges | |
2010 Restructuring Plan | |
In connection with the sale of the Authentication Services business and the migration of its corporate functions from California to Virginia, the Company initiated a restructuring plan in 2010, including workforce reductions, abandonment of excess facilities and other exit costs (the “2010 Restructuring Plan”). Under the 2010 Restructuring Plan, the Company incurred pre-tax cash severance charges of $21.3 million, stock-based compensation expenses of $16.2 million upon acceleration of stock-based awards, and excess facility exit costs of $8.0 million, inclusive of amounts reported in discontinued operations. The 2010 Restructuring Plan was completed in 2011 and all expenses incurred under the plan have been paid or settled. |
Debt_And_Interest_Expense
Debt And Interest Expense | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt And Interest Expense | ' | |||||||||||
Debt and Interest Expense | ||||||||||||
Senior Notes due 2023 | ||||||||||||
On April 16, 2013, the Company issued $750.0 million principal amount of 4.625% senior notes due May 1, 2023 at an issue price of 100%. The Senior Notes were issued pursuant to an indenture, dated as of April 16, 2013 (the “Indenture”), among the Company, each of the subsidiary guarantors party thereto and U.S. Bank National Association. The Indenture provides that the Senior Notes are general unsecured obligations of the Company. VeriSign Information Services, Inc. which was previously the sole guarantor of the Senior Notes at the time of issuance, was merged with VeriSign Inc. during the third quarter of 2013. The Company’s Restricted Subsidiaries (as defined in the Indenture) may be required to guarantee the Senior Notes if they incur or guarantee certain indebtedness. The Company used a portion of the net proceeds from the sale of the Senior Notes to repay in full the $100.0 million of outstanding indebtedness under its unsecured credit facility (“Unsecured Credit Facility”) and to pay accrued and unpaid interest thereunder. The Company has used the remaining amount of the net proceeds for general corporate purposes, including, but not limited to, the repurchase of shares under its share repurchase program. In connection with the offering the Company incurred $12.0 million of issuance costs which were deferred and included in Other long-term assets. The issuance costs are being amortized to Interest expense over the 10 year term of the Senior Notes. | ||||||||||||
The Company will pay interest on the Senior Notes at 4.625% per annum, semi-annually on May 1 and November 1, commencing on November 1, 2013. The Company may redeem all or a portion of the Senior Notes at any time prior to May 1, 2018 at a price equal to 100% of the principal amount of the Senior Notes plus a make-whole premium, plus accrued and unpaid interest, if any, to the redemption date. In addition, on or before May 1, 2018, the Company may redeem up to 35% of the aggregate principal amount of the Senior Notes with the net proceeds of certain equity offerings at a redemption price of 104.625% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, subject to compliance with certain conditions. The Company may redeem all or a portion of the Senior Notes at any time on or after May 1, 2018 at the applicable redemption prices set forth in the Indenture plus accrued and unpaid interest, if any, to the redemption date. If the Company experiences specific kinds of changes in control and if the Senior Notes are rated below investment grade by both rating agencies that rate the Senior Notes, the Company will be required to make an offer to purchase the Senior Notes at a price equal to 101% of the principal amount of the Senior Notes, plus accrued and unpaid interest, if any, to the date of purchase. | ||||||||||||
The Indenture contains covenants that limit the ability of the Company and/or its Restricted Subsidiaries, under certain circumstances, to, among other things: (i) pay dividends or make distributions on, or redeem or repurchase, its capital stock; (ii) make certain investments; (iii) create liens on assets; (iv) enter into sale/leaseback transactions and (v) merge or consolidate or sell all or substantially all of its assets. These covenants are subject to a number of important limitations and exceptions. The Indenture also provides for events of default, which, if any of them occurs, may permit or, in certain circumstances, require the principal, premium, if any, accrued and unpaid interest and any other monetary obligations on all the then outstanding Notes to be due and payable immediately. | ||||||||||||
On April 16, 2013, the Company, and VeriSign Information Services, Inc., which was previously the sole guarantor of the Senior Notes at the time of issuance, entered into a registration rights agreement (the “Registration Rights Agreement”) with the Initial Purchasers that provided holders of the Senior Notes certain rights relating to registration of the Senior Notes under the Securities Act of 1933, as amended (the “Securities Act”). | ||||||||||||
In October 2013, the Company completed an exchange offer for all of its outstanding 4.625% Senior Notes due May 1, 2023, which were not registered under the Securities Act, for an equal principal amount of its 4.625% Senior Notes due May 1, 2023, which have been registered under the Securities Act on an effective exchange offer registration statement filed by the Company pursuant to the Registration Rights Agreement. | ||||||||||||
2011 Credit Facility | ||||||||||||
On November 22, 2011, Verisign entered into a credit agreement with a syndicate of lenders led by JPMorgan Chase Bank, N.A., as the administrative agent. The credit agreement provides for a $200.0 million committed senior unsecured revolving credit facility, under which Verisign and certain designated subsidiaries may be borrowers. Loans under the 2011 Facility may be denominated in U.S. dollars and certain other currencies. The Company has the option under the Unsecured Credit Facility to invite lenders to make competitive bid loans at negotiated interest rates. The facility expires on November 22, 2016 at which time any outstanding borrowings are due. | ||||||||||||
On November 28, 2011, the Company borrowed $100.0 million as a LIBOR revolving loan denominated in US dollars to be used in connection with the purchase of Verisign’s headquarters facility in Reston, Virginia and for general corporate purposes. In April 2013, the company repaid the $100.0 million of borrowings that were outstanding under the Unsecured Credit Facility using proceeds from the issuance of the Senior Notes. The Unsecured Credit Facility remains open with a borrowing capacity of $200.0 million available to the Company. | ||||||||||||
The Company is required to pay a commitment fee between 0.2% and 0.3% per year of the amount committed under the facility, depending on the Company’s leverage ratio. The credit agreement contains customary representations and warranties, as well as covenants limiting the Company’s ability to, among other things, incur additional indebtedness, merge or consolidate with others, change its business, sell or dispose of assets. The covenants also include limitations on investments, limitations on dividends, share redemptions and other restricted payments, limitations on entering into certain types of restrictive agreements, limitations on entering into hedging agreements, limitations on amendments, waivers or prepayments of the Subordinated Convertible Debentures, limitations on transactions with affiliates and limitations on the use of proceeds from the facility. | ||||||||||||
The facility includes financial covenants requiring that the Company’s interest coverage ratio not be less than 3.0 to 1.0 for any period of four consecutive quarters and the Company’s leverage ratio not exceed 2.0 to 1.0. As of December 31, 2013, the Company was in compliance with the financial covenants of the Unsecured Credit Facility. | ||||||||||||
Verisign may from time to time request lenders to agree on a discretionary basis to increase the commitment amount by up to an aggregate of $150.0 million during the term of the Unsecured Credit Facility. | ||||||||||||
Subordinated Convertible Debentures | ||||||||||||
In August 2007, Verisign issued $1.25 billion principal amount of 3.25% subordinated convertible debentures due August 15, 2037, in a private offering. The Subordinated Convertible Debentures are initially convertible, subject to certain conditions, into shares of the Company’s common stock at a conversion rate of 29.0968 shares of common stock per $1,000 principal amount of Subordinated Convertible Debentures, representing an initial effective conversion price of approximately $34.37 per share of common stock. The conversion rate will be subject to adjustment for certain events as outlined in the Indenture governing the Subordinated Convertible Debentures but will not be adjusted for accrued interest. As of December 31, 2013, approximately 36.4 million shares of common stock were reserved for issuance upon conversion or repurchase of the Subordinated Convertible Debentures. | ||||||||||||
On or after August 15, 2017, the Company may redeem all or part of the Subordinated Convertible Debentures for the principal amount plus any accrued and unpaid interest if the closing price of the Company’s common stock has been at least 150% of the conversion price then in effect for at least 20 trading days during any 30 consecutive trading-day period prior to the date on which the Company provides notice of redemption. | ||||||||||||
Holders of the debentures may convert their Subordinated Convertible Debentures at the applicable conversion rate, in multiples of $1,000 principal amount, only under the following circumstances: | ||||||||||||
• | during any fiscal quarter beginning after December 31, 2007, if the last reported sale price of the Company’s common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price in effect on the last trading day of such preceding fiscal quarter (the “Conversion Price Threshold Trigger”). The Conversion Price Threshold Trigger is currently $44.68; | |||||||||||
• | during the five business-day period after any 10 consecutive trading-day period in which the trading price per $1,000 principal amount of Subordinated Convertible Debentures for each day of that 10 consecutive trading-day period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on such day; | |||||||||||
• | if the Company calls any or all of the Subordinated Convertible Debentures for redemption pursuant to the terms of the Indenture, at any time prior to the close of business on the trading day immediately preceding the redemption date; | |||||||||||
• | upon the occurrence of any of several specified corporate transactions as specified in the Indenture governing the Subordinated Convertible Debentures; or | |||||||||||
• | at any time on or after May 15, 2037, and prior to the maturity date. | |||||||||||
The Company’s common stock price exceeded the Conversion Price Threshold Trigger during the fourth quarter of 2013. Accordingly, the Subordinated Convertible Debentures were convertible at the option of each holder during the first quarter of 2014. Further, in the event of conversion, the Company intends, and has the ability, to settle the principal amount of the Subordinated Convertible Debentures in cash, and therefore, classified the debt component of the Subordinated Convertible Debentures, the embedded contingent interest derivative and the related deferred tax liability as current liabilities, and also classified the related debt issuance costs as a current asset as of December 31, 2013. The determination of whether or not the Subordinated Convertible Debentures are convertible, and accordingly, the classification of the related liabilities and assets as long-term or current, must continue to be performed quarterly. As of December 31, 2013, the if-converted value of the Subordinated Convertible Debentures exceeded its principal amount. Based on the if-converted value of the Subordinated Convertible Debentures as of December 31, 2013, the conversion spread could have required the Company to issue up to an additional 15.5 million shares of common stock. | ||||||||||||
In addition, holders of the Subordinated Convertible Debentures who convert their Subordinated Convertible Debentures in connection with a fundamental change may be entitled to a make-whole premium in the form of an increase in the conversion rate. Additionally, in the event of a fundamental change, the holders of the Subordinated Convertible Debentures may require Verisign to purchase all or a portion of their Subordinated Convertible Debentures at a purchase price equal to 100% of the principal amount of Subordinated Convertible Debentures, plus accrued and unpaid interest, if any. | ||||||||||||
The Company calculated the carrying value of the liability component at issuance as the present value of its cash flows using a discount rate of 8.5% (borrowing rate for similar non-convertible debt with no contingent payment options), adjusted for the fair value of the contingent interest feature, yielding an effective interest rate of 8.39%. The excess of the principal amount of the debt over the carrying value of the liability component is also referred to as the “debt discount” or “equity component” of the Subordinated Convertible Debentures. The debt discount is being amortized using the Company’s effective interest rate of 8.39% over the term of the Subordinated Convertible Debentures as a non-cash charge included in Interest expense. As of December 31, 2013, the remaining term of the Subordinated Convertible Debentures is 23.6 years. Interest is payable semiannually in arrears on August 15 and February 15. | ||||||||||||
Proceeds upon issuance of the Subordinated Convertible Debentures were as follows (in thousands): | ||||||||||||
Principal value of Subordinated Convertible Debentures | $ | 1,250,000 | ||||||||||
Less: Issuance costs | (25,777 | ) | ||||||||||
Net proceeds, Subordinated Convertible Debentures | $ | 1,224,223 | ||||||||||
Amounts recognized at issuance: | ||||||||||||
Subordinated Convertible Debentures, including contingent interest derivative | $ | 558,243 | ||||||||||
Additional paid-in capital | 418,996 | |||||||||||
Long-term deferred tax liabilities | 267,225 | |||||||||||
Other long-term assets | (11,328 | ) | ||||||||||
Non-operating loss | (8,913 | ) | ||||||||||
Net proceeds, Subordinated Convertible Debentures | $ | 1,224,223 | ||||||||||
The table below presents the carrying amounts of the liability and equity components: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Debt discount upon issuance (net of issuance costs of $14,449) | $ | 686,221 | $ | 686,221 | ||||||||
Deferred taxes associated with the debt discount upon issuance | (267,225 | ) | (267,225 | ) | ||||||||
Carrying amount of equity component | $ | 418,996 | $ | 418,996 | ||||||||
Principal amount of Subordinated Convertible Debentures | $ | 1,250,000 | $ | 1,250,000 | ||||||||
Unamortized discount of liability component | (654,948 | ) | (663,589 | ) | ||||||||
Carrying amount of liability component | 595,052 | 586,411 | ||||||||||
Contingent interest derivative | 29,004 | 11,203 | ||||||||||
Subordinated Convertible Debentures, including contingent interest derivative | $ | 624,056 | $ | 597,614 | ||||||||
The following table presents the components of the Company’s interest expense: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Contractual interest on Subordinated Convertible Debentures | $ | 40,625 | $ | 40,625 | $ | 40,625 | ||||||
Contractual interest on Senior Notes | 24,570 | — | — | |||||||||
Amortization of debt discount on the Subordinated Convertible Debentures | 8,670 | 7,986 | 7,355 | |||||||||
Contingent interest to holders of Subordinated Convertible Debentures | — | — | 100,020 | |||||||||
Interest capitalized to Property and equipment, net | (1,218 | ) | (934 | ) | (980 | ) | ||||||
Credit facility and other interest expense | 2,114 | 2,519 | 312 | |||||||||
Total interest expense | $ | 74,761 | $ | 50,196 | $ | 147,332 | ||||||
The Indenture governing the Subordinated Convertible Debentures requires the payment of contingent interest to the holders of the Subordinated Convertible Debentures if the Board of Directors (the “Board”) declares a dividend to its stockholders that is designated by the Board as an extraordinary dividend. The contingent interest is calculated as the amount derived by multiplying the per share declared dividend with the if-converted number of shares applicable to the Subordinated Convertible Debentures. The Board declared an extraordinary dividend in April 2011, and consequently, the Company paid contingent interest of $100.0 million to holders of the Subordinated Convertible Debentures. |
Stockholders_Deficit
Stockholders' Deficit | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||
Stockholders' Deficit | ' | |||||||||||||||||||||||
Stockholders’ Deficit | ||||||||||||||||||||||||
Treasury Stock | ||||||||||||||||||||||||
Treasury stock is accounted for under the cost method. Treasury stock includes shares repurchased under Stock Repurchase Programs and shares withheld in lieu of tax withholdings due upon vesting of RSUs. | ||||||||||||||||||||||||
On July 24, 2013, the Board authorized the repurchase of up to $518.7 million of the Company’s common stock, in addition to $481.3 million remaining available under the previous 2012 Share Buyback Program for a total repurchase authorization of $1.0 billion of the Company’s common stock (collectively “the 2013 Share Buyback Program”). The 2013 Share Buyback Program has no expiration date. Purchases made under the 2013 Share Buyback Program could be effected through open market transactions, block purchases, accelerated share repurchase agreements or other negotiated transactions. | ||||||||||||||||||||||||
On January 31, 2014, the Board authorized the repurchase of up to $527.6 million of common stock, in addition to the $472.4 million of our common stock remaining available for repurchase under the 2013 Share Buyback Program, for a total repurchase authorization of up to $1.0 billion of our common stock (collectively “the 2014 Share Buyback Program”). The 2014 Share Buyback Program has no expiration date. Purchases made under the 2014 Share Buyback Program could be effected through open market transactions, block purchases, accelerated share repurchase agreements or other negotiated transactions. | ||||||||||||||||||||||||
Tax Withholdings | ||||||||||||||||||||||||
Upon vesting of RSUs, the Company places a portion of the vested RSUs into treasury stock sufficient to cover tax withholdings due, and makes a cash payment to tax authorities to cover the applicable withholding taxes. | ||||||||||||||||||||||||
The summary of the Company’s common stock repurchases for 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Shares | Average Price | Shares | Average Price | Shares | Average Price | |||||||||||||||||||
(In thousands, except average price amounts) | ||||||||||||||||||||||||
Total repurchases under the repurchase plans | 21,006 | $ | 48.65 | 7,692 | $ | 40.9 | 16,318 | $ | 32.76 | |||||||||||||||
Total repurchases for tax witholdings | 298 | $ | 46.16 | 279 | $ | 39.63 | 465 | $ | 33.37 | |||||||||||||||
Total repurchases | 21,304 | $ | 48.61 | 7,971 | $ | 40.86 | 16,783 | $ | 32.78 | |||||||||||||||
Total costs | $ | 1,035,617 | $ | 325,680 | $ | 550,097 | ||||||||||||||||||
Since inception, the Company has repurchased 186.6 million shares of its common stock for an aggregate cost of $6.0 billion, which is recorded as a reduction of Additional paid-in capital. | ||||||||||||||||||||||||
Special Dividends | ||||||||||||||||||||||||
On April 27, 2011, the Board declared a special dividend of $2.75 per share of the Company’s common stock, totaling $463.5 million, which was paid on May 18, 2011. The special dividend was accounted for as a reduction of Additional paid-in capital. The Company did not pay any dividends during 2012 and 2013. | ||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||
The following table summarizes the changes in the components of Accumulated other comprehensive loss for 2013 and 2012: | ||||||||||||||||||||||||
Foreign Currency Translation Adjustments Loss | Unrealized Gain On Investments, net of tax | Total Accumulated Other Comprehensive Loss | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Balance, December 31, 2011 | $ | (3,241 | ) | $ | 157 | $ | (3,084 | ) | ||||||||||||||||
Changes | — | 2,696 | 2,696 | |||||||||||||||||||||
Balance, December 31, 2012 | (3,241 | ) | 2,853 | (388 | ) | |||||||||||||||||||
Changes | 81 | (2,778 | ) | (2,697 | ) | |||||||||||||||||||
Balance, December 31, 2013 | $ | (3,160 | ) | $ | 75 | $ | (3,085 | ) | ||||||||||||||||
The change in the unrealized gain on investments, net of tax during 2013 was due primarily to the sale of the Company’s investment in the equity securities of a public company and the reclassification of the related gain out of Accumulated other comprehensive loss and into net income. This gain is included in Non-operating income, net as discussed in Note 12, “Non-Operating Income, net”. |
Calculation_Of_Net_Income_Per_
Calculation Of Net Income Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Calculation Of Net Income Per Share Attributable To Verisign Stockholders | ' | |||||||||||
Calculation of Net Income per Share | ||||||||||||
The following table presents the computation of weighted-average shares used in the calculation of basic and diluted net income per share: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Weighted-average shares of common stock outstanding | 144,591 | 156,953 | 165,408 | |||||||||
Weighted-average potential shares of common stock outstanding: | ||||||||||||
Conversion spread related to Subordinated Convertible Debentures | 10,361 | 5,944 | 416 | |||||||||
Unvested RSUs | 709 | 763 | 736 | |||||||||
Stock Options | 92 | 174 | 309 | |||||||||
Employee stock purchase plan | 33 | 75 | 18 | |||||||||
Shares used to compute diluted net income per share | 155,786 | 163,909 | 166,887 | |||||||||
The following table presents the weighted-average potential shares of common stock that were excluded from the above calculation because their effect was anti-dilutive, and the respective weighted-average exercise prices of the weighted-average stock options outstanding: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands, except per share data) | ||||||||||||
Weighted-average stock options outstanding | — | 30 | 366 | |||||||||
Weighted-average exercise price | $ | — | $ | 40.81 | $ | 35.7 | ||||||
Weighted-average RSUs outstanding | 76 | 17 | 35 | |||||||||
Employee stock purchase plan | 148 | 96 | 434 | |||||||||
Performance based RSUs granted by the Company are excluded from the above calculation of diluted weighted average shares outstanding until the relevant performance criteria are achieved. There were less than 0.2 million shares excluded from the calculation for 2013. |
Geographic_And_Customer_Inform
Geographic And Customer Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Geographic And Customer Information | ' | |||||||||||
Geographic and Customer Information | ||||||||||||
The Company generates revenue in the U.S.; Europe, the Middle East and Africa (“EMEA”); Australia, China, India, and other Asia Pacific countries (“APAC”); and certain other countries, including Canada and Latin American countries. | ||||||||||||
The following table presents a comparison of the Company’s geographic revenues: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
U.S | $ | 585,201 | $ | 530,111 | $ | 472,700 | ||||||
EMEA | 169,767 | 135,084 | 109,680 | |||||||||
APAC | 129,664 | 130,648 | 116,999 | |||||||||
Other | 80,455 | 77,749 | 72,599 | |||||||||
Total revenues | $ | 965,087 | $ | 873,592 | $ | 771,978 | ||||||
Revenues for our Registry Services business are generally attributed to the country of domicile and the respective regions in which the Company’s registrars are located, however, this may differ from the regions where the registrars operate or where registrants are located. | ||||||||||||
The following table presents a comparison of property and equipment, net of accumulated depreciation, by geographic region: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
U.S | $ | 325,636 | $ | 323,564 | ||||||||
EMEA | 13,317 | 9,450 | ||||||||||
APAC | 700 | 847 | ||||||||||
Total property and equipment, net | $ | 339,653 | $ | 333,861 | ||||||||
Major Customers | ||||||||||||
One customer accounted for approximately 30% of revenues in each of the last three years. The Company does not believe that the loss of this customer would have a material adverse effect on the Company’s business because, in that event, end-users of this customer would transfer to the Company’s other existing customers. |
Employee_Benefits_And_StockBas
Employee Benefits And Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||||||
Employee Benefits And Stock-Based Compensation | ' | ||||||||||||||||||||
Employee Benefits and Stock-based Compensation | |||||||||||||||||||||
401(k) Plan | |||||||||||||||||||||
The Company maintains a defined contribution 401(k) plan (the “401(k) Plan”) for substantially all of its U.S. employees. Under the 401(k) Plan, eligible employees may contribute up to 50% of their pre-tax salary, subject to the Internal Revenue Service (“IRS”) annual contribution limits. In 2013, 2012 and 2011, the Company matched 50% of the employee’s contribution up to a total of 6% of the employee’s annual salary. The Company contributed $3.1 million in 2013, $2.8 million in 2012, and $2.9 million in 2011 under the 401(k) Plan. The Company can terminate matching contributions at its discretion at any time. | |||||||||||||||||||||
Stock Option and Restricted Stock Plans | |||||||||||||||||||||
The majority of Verisign’s stock-based compensation relates to RSUs. Stock options granted in prior years were granted only to upper management level employees. As of December 31, 2013, a total of 14.3 million shares of common stock were reserved for issuance upon the exercise of stock options and for the future grant of stock options or awards under Verisign’s stock option and restricted stock plans. | |||||||||||||||||||||
On May 26, 2006, the stockholders of Verisign approved the 2006 Equity Incentive Plan (the “2006 Plan”). The 2006 Plan replaces Verisign’s previous 1998 Directors Plan, 1998 Equity Incentive Plan, and 2001 Stock Incentive Plan. The 2006 Plan authorizes the award of incentive stock options to employees and non-qualified stock options, restricted stock awards, RSUs, stock bonus awards, stock appreciation rights and performance shares to eligible employees, officers, directors, consultants, independent contractors and advisers. The 2006 Plan is administered by the Compensation Committee which may delegate to a committee of one or more members of the Board or Verisign’s officers the ability to grant certain awards and take certain other actions with respect to participants who are not executive officers or non-employee directors. RSUs are awards covering a specified number of shares of Verisign common stock that may be settled by issuance of those shares (which may be restricted shares). RSUs generally vest in four installments with 25% of the shares vesting on each anniversary of the first four anniversaries of the grant date. Certain performance-based RSUs, granted to the Company’s executives, vest over two and three year terms. Additionally, the Company has granted fully vested RSUs to members of its Board of Directors in each of the last two years. The Compensation Committee may authorize grants with a different vesting schedule in the future. A total of 27.0 million common shares were authorized and reserved for issuance under the 2006 Plan. The 2006 Plan was amended by shareholder approval in 2011 to allow for equitable adjustment of stock options outstanding under the plan in the event of any future special dividends paid by the Company. This amendment to the 2006 Plan was approved after the Company declared the May 2011 special dividend. The modification of the plan did not result in any additional stock-based compensation. | |||||||||||||||||||||
2007 Employee Stock Purchase Plan | |||||||||||||||||||||
On August 30, 2007, the Company’s stockholders approved the 2007 Employee Stock Purchase Plan which replaced the previous 1998 Employee Stock Purchase Plan. A total of 6.0 million common shares were authorized and reserved for issuance under the ESPP. Eligible employees may purchase common stock through payroll deductions by electing to have between 2% and 25% of their compensation withheld to cover the purchase price. Each participant is granted an option to purchase common stock on the first day of each 24-month offering period and this option is automatically exercised on the last day of each six-month purchase period during the offering period. The purchase price for the common stock under the ESPP is 85% of the lesser of the fair market value of the common stock on the first day of the applicable offering period or the last day of the applicable purchase period. Offering periods begin on the first business day of February and August of each year. As of December 31, 2013, 2.1 million shares of the Company’s common stock are reserved for issuance under this plan. | |||||||||||||||||||||
Stock-based Compensation | |||||||||||||||||||||
Stock-based compensation is classified in the Consolidated Statements of Comprehensive Income in the same expense line items as cash compensation. The following table presents the classification of stock-based compensation: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Stock-based compensation: | |||||||||||||||||||||
Cost of revenues | $ | 6,156 | $ | 5,754 | $ | 6,655 | |||||||||||||||
Sales and marketing | 6,252 | 6,091 | 6,062 | ||||||||||||||||||
Research and development | 7,199 | 6,023 | 4,926 | ||||||||||||||||||
General and administrative | 17,042 | 15,494 | 19,928 | ||||||||||||||||||
Restructuring charges | — | — | 5,701 | ||||||||||||||||||
Total stock-based compensation | $ | 36,649 | $ | 33,362 | $ | 43,272 | |||||||||||||||
The following table presents the nature of the Company’s total stock-based compensation: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
RSUs | $ | 29,123 | $ | 28,874 | $ | 32,501 | |||||||||||||||
Performance-based RSUs | 5,033 | 1,933 | 804 | ||||||||||||||||||
ESPP | 5,307 | 4,436 | 3,904 | ||||||||||||||||||
Stock options | 179 | 956 | 3,528 | ||||||||||||||||||
RSUs/Stock options acceleration | — | — | 5,701 | ||||||||||||||||||
Capitalization (Included in Property and equipment, net) | (2,993 | ) | (2,837 | ) | (3,166 | ) | |||||||||||||||
Total stock-based compensation expense | $ | 36,649 | $ | 33,362 | $ | 43,272 | |||||||||||||||
The income tax benefit recognized on stock-based compensation within Income tax expense for 2013, 2012, and 2011 was $11.9 million, $9.4 million, and $13.1 million, respectively. | |||||||||||||||||||||
The following table sets forth the weighted-average assumptions used to estimate the fair value of ESPP awards: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Volatility | 26 | % | 26 | % | 26 | % | |||||||||||||||
Risk-free interest rate | 0.14 | % | 0.16 | % | 0.3 | % | |||||||||||||||
Expected term | 1.25 years | 1.25 years | 1.25 years | ||||||||||||||||||
Dividend yield | Zero | Zero | Zero | ||||||||||||||||||
The Company’s expected volatility is based on the average of the historical volatility over the period commensurate with the expected term of the options and the mean historical implied volatility of traded options. The risk-free interest rates are derived from the average U.S. Treasury constant maturity rates during the respective periods commensurate with the expected term. The expected terms are based on an analysis of the observed and expected time to post-vesting exercise and/or cancellation of options. On the ESPP offering dates, the Company did not anticipate paying any cash dividends and therefore used an expected dividend yield of zero. The Company estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting forfeitures and records stock-based compensation only for those awards that are expected to vest. | |||||||||||||||||||||
RSUs Information | |||||||||||||||||||||
The following table summarizes unvested RSUs activity: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Weighted-Average Grant-Date Fair Value | Shares | Weighted-Average Grant-Date Fair Value | Shares | Weighted-Average Grant-Date Fair Value | ||||||||||||||||
(Shares in thousands) | |||||||||||||||||||||
Unvested at beginning of period | 2,478 | $ | 32.07 | 2,345 | $ | 27.33 | 2,719 | $ | 23.5 | ||||||||||||
Granted | 1,132 | 45.08 | 1,341 | 38.2 | 1,860 | 34.29 | |||||||||||||||
Vested and settled | (900 | ) | 30.73 | (881 | ) | 27.57 | (1,411 | ) | 27 | ||||||||||||
Forfeited | (268 | ) | 36.09 | (327 | ) | 32.34 | (1,025 | ) | 24.94 | ||||||||||||
Dividend equivalents | — | — | — | — | 202 | — | |||||||||||||||
2,442 | $ | 38 | 2,478 | $ | 32.07 | 2,345 | $ | 27.33 | |||||||||||||
The RSUs in the table above include certain RSUs granted to the Company’s executives that are subject to performance conditions, and in some cases, market conditions. The unvested RSUs as of December 31, 2013 include approximately 0.2 million RSUs subject to performance and/or market conditions. The number of RSUs that ultimately vest may range from zero to a maximum of 0.4 million RSUs depending on the level of performance achieved and whether any market conditions are satisfied. | |||||||||||||||||||||
All RSU agreements have anti-dilution provisions, in the event a dividend is declared, that require the Company to issue additional dividend equivalent RSUs (“dividend equivalents”) calculated based on the number of unvested RSUs, the per share dividend declared, and the stock price on the dividend payment date. The dividend equivalents are subject to the same vesting requirements as applicable to unvested RSUs in respect of which such additional dividend equivalents are issued. | |||||||||||||||||||||
At the time the May 2011 special dividend was declared, the 2006 Plan did not have the same anti-dilution provisions for outstanding stock options. Because the option holders did not participate in the special dividends, the Company granted option holders additional RSUs equivalent to the amount of the dividend. The RSUs granted were either fully vested or on a two year cliff vesting, depending on whether the corresponding stock options were vested or unvested. The Company recognized $9.2 million of stock-based compensation expense related to the fully vested RSUs granted in 2011. | |||||||||||||||||||||
The closing price of Verisign’s stock was $59.78 on December 31, 2013. As of December 31, 2013, the aggregate intrinsic value of unvested RSUs was $145.9 million. The fair values of RSUs that vested during 2013, 2012, and 2011 were $41.5 million, $31.7 million, and $44.2 million, respectively. As of December 31, 2013, total unrecognized compensation cost related to unvested RSUs was $56.9 million which is expected to be recognized over a weighted-average period of 2.3 years. | |||||||||||||||||||||
Stock Options Information | |||||||||||||||||||||
The Company has not granted any stock options in each of the last three years. The number of remaining options outstanding is not material. As of December 31, 2013, all of the compensation cost related to the Company’s stock options has been recognized. | |||||||||||||||||||||
Modifications | |||||||||||||||||||||
In 2011, the Company modified certain stock-based awards held by employees affected by divestitures and workforce reductions to accelerate the vesting of twenty-five percent (25%) of each such individual’s unvested “in-the-money” stock options and 25% of each such individual’s unvested RSUs on the termination dates of such individual’s employment. The Company remeasured the fair value of these modified awards and recorded the charges over the requisite future service periods, if any. The modification charges are included as restructuring costs for continuing operations as well as for discontinued operations. 217 employees were affected by these modifications and the Company recognized $5.7 million of acceleration cost in Restructuring charges during 2011. | |||||||||||||||||||||
Under the ESPP, if the market price of the stock at the end of any six-month purchase period is lower than the stock price at the offering date, the plan is immediately cancelled after that purchase date and a new two-year plan is established using the then-current stock price as the base purchase price. The Company also allows its employees to increase their payroll withholdings during the offering period. The Company accounts for these increases in employee payroll withholdings and the plan rollover as modifications. Modification expenses for the ESPP were not material in any period presented. |
Nonoperating_income_net
Non-operating income, net | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Non-operating (loss) income, net [Abstract] | ' | |||||||||||
Non-operating Income, Net | ' | |||||||||||
Non-operating Income, Net | ||||||||||||
The following table presents the components of Non-operating income, net: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Realized net gain on investments | $ | 18,861 | $ | 102 | $ | 4,246 | ||||||
Unrealized (loss) gain on contingent interest derivative on Subordinated Convertible Debentures | (17,801 | ) | 422 | (1,125 | ) | |||||||
Interest and dividend income | 1,897 | 2,957 | 5,017 | |||||||||
Income from transition services agreements | — | 2,541 | 8,083 | |||||||||
Other, net | 343 | (458 | ) | (4,691 | ) | |||||||
Total non-operating income, net | $ | 3,300 | $ | 5,564 | $ | 11,530 | ||||||
The realized net gain on investments in 2013 included gains of $15.8 million from the sale of certain cost method investments, and $3.0 million from the sale of the Company’s investment in the equity securities of a public company. The unrealized losses and gains on the contingent interest derivative on the Subordinated Convertible Debentures reflects the change in value of the derivative that results primarily from the changes in the Company’s stock price. Interest and dividend income is earned principally from the Company’s surplus cash balances and marketable securities. Income from transition services agreements includes fees generated from services provided to the purchasers of divested businesses for a certain period of time to facilitate the transfer of business operations. All transition services were completed in 2012. Other, net, in 2011, includes a $3.9 million out-of-period adjustment recorded for certain non-income taxes related to investments. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Taxes [Abstract] | ' | |||||||||||
Income Tax Disclosure [Text Block] | ' | |||||||||||
Income Taxes | ||||||||||||
Income from continuing operations before income taxes is categorized geographically as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
United States | $ | 250,041 | $ | 245,745 | $ | 62,287 | ||||||
Foreign | 206,730 | 166,950 | 131,300 | |||||||||
Total income from continuing operations before income taxes | $ | 456,771 | $ | 412,695 | $ | 193,587 | ||||||
The provision for income taxes consisted of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Continuing Operations: | ||||||||||||
Current (expense) benefit: | ||||||||||||
Federal | $ | (1,104 | ) | $ | (13,553 | ) | $ | (30,325 | ) | |||
State | (8,150 | ) | (7,960 | ) | (1,963 | ) | ||||||
Foreign, including foreign witholding tax | (13,613 | ) | (8,498 | ) | (1,146 | ) | ||||||
(22,867 | ) | (30,011 | ) | (33,434 | ) | |||||||
Deferred (expense) benefit: | ||||||||||||
Federal | 53,629 | (67,700 | ) | (17,047 | ) | |||||||
State | 66,701 | (6,760 | ) | (1,501 | ) | |||||||
Foreign | (9,784 | ) | 4,261 | (3,049 | ) | |||||||
110,546 | (70,199 | ) | (21,597 | ) | ||||||||
Total income tax expense from continuing operations | $ | 87,679 | $ | (100,210 | ) | $ | (55,031 | ) | ||||
Income tax (expense) benefit from discontinued operations | $ | — | $ | (3,594 | ) | $ | 4,422 | |||||
The difference between income tax expense and the amount resulting from applying the federal statutory rate of 35% to Income from continuing operations before income taxes is attributable to the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Income tax expense at federal statutory rate | $ | (159,870 | ) | $ | (144,443 | ) | $ | (67,755 | ) | |||
State taxes, net of federal benefit | (13,821 | ) | (10,003 | ) | (2,280 | ) | ||||||
Differences between statutory rate and foreign effective tax rate | 51,016 | 51,780 | 43,591 | |||||||||
Tax benefit from worthless stock deduction | 1,717,466 | — | — | |||||||||
Change in valuation allowance | (1,195,303 | ) | 5,760 | (350 | ) | |||||||
Deferred taxes on unremitted foreign earnings | (167,115 | ) | — | — | ||||||||
Accrual for uncertain tax positions | (140,596 | ) | (306 | ) | (23,265 | ) | ||||||
Other | (4,098 | ) | (2,998 | ) | (4,972 | ) | ||||||
$ | 87,679 | $ | (100,210 | ) | $ | (55,031 | ) | |||||
During 2013, the Company liquidated for tax purposes one of its domestic subsidiaries, which will allow the Company to claim a worthless stock deduction on its 2013 federal income tax return. During the fourth quarter of 2013 the Company recorded an income tax benefit of $375.3 million related to the worthless stock deduction, net of valuation allowances and accrual for uncertain tax positions. The financial statement carrying value of this subsidiary was not material. The worthless stock deduction may be subject to audit and adjustment by the IRS, which could result in reversal of all, part or none of the income tax benefit, or could result in a benefit higher than the net amount recorded. If the IRS rejects or reduces the amount of the income tax benefit related to the worthless stock deduction, the Company may have to pay additional cash income taxes, which could adversely affect the Company’s results of operations, financial condition and cash flows. The Company cannot guarantee what the ultimate outcome or amount of benefit it receives, if any, will be. | ||||||||||||
During 2014 the Company intends to repatriate approximately $700.0 million to $800.0 million of cash held by foreign subsidiaries, in a tax efficient manner by using the tax benefits resulting from the worthless stock deduction to offset the taxable income generated in the U.S. as a result of the intended repatriation. The repatriation amount is expected to utilize substantially all of the projected available distributable capital reserves of the Company’s foreign subsidiaries under applicable foreign statutes. During the fourth quarter of 2013, the Company recorded income tax expense of $167.1 million related to taxable income generated in the U.S. as a result of the intended repatriation. For funds remaining in the foreign subsidiaries after the repatriation that have not been previously taxed in the U.S., the Company’s intention remains to indefinitely reinvest those funds outside of the U.S. and accordingly deferred U.S. taxes have not been provided. As of December 31, 2013, the amount of undistributed earnings of foreign subsidiaries for which deferred income taxes have not been provided was $153.3 million. | ||||||||||||
During 2011, we repatriated $86.4 million of funds that had been previously taxed in the U.S. from our foreign subsidiaries, which included the realization of a foreign currency gain of $17.7 million for tax purposes. The Company recorded an income tax expense of $6.2 million related to the foreign currency gain. | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities are as follows: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforwards | $ | 260,253 | $ | 34,422 | ||||||||
Deductible goodwill and intangible assets | 48,365 | 7,761 | ||||||||||
Tax credit carryforwards | 4,432 | — | ||||||||||
Deferred revenue, accruals and reserves | 99,934 | 87,235 | ||||||||||
Capital loss carryforwards and book impairment of investments | 1,210,529 | 3,400 | ||||||||||
Other | 5,060 | 5,234 | ||||||||||
Total deferred tax assets | 1,628,573 | 138,052 | ||||||||||
Valuation allowance | (1,203,870 | ) | (20,815 | ) | ||||||||
Net deferred tax assets | 424,703 | 117,237 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment | (19,354 | ) | (21,522 | ) | ||||||||
Unremitted foreign earnings | (167,115 | ) | — | |||||||||
Subordinated Convertible debentures | (453,825 | ) | (424,488 | ) | ||||||||
Other | (5,656 | ) | (5,984 | ) | ||||||||
Total deferred tax liabilities | (645,950 | ) | (451,994 | ) | ||||||||
Total net deferred tax liabilities | $ | (221,247 | ) | $ | (334,757 | ) | ||||||
With the exception of deferred tax assets related to capital loss carryforwards, book and tax basis differences of certain investments and certain foreign net operating loss carryforwards, management believes it is more likely than not that the tax effects of the deferred tax liabilities together with future taxable income, will be sufficient to fully recover the remaining deferred tax assets. | ||||||||||||
As of December 31, 2013, the Company had federal, state and foreign net operating loss carryforwards of approximately $986.5 million, $1.6 billion, and $37.8 million, respectively, before applying tax rates for the respective jurisdictions. As of December 31, 2013, the Company had federal and state research tax credits of $41.3 million and $2.0 million, respectively, and alternative minimum tax credits of $12.7 million available for future years. Certain net operating loss carryforwards and credits are subject to an annual limitation under Internal Revenue Code Section 382, but are expected to be fully realized. In future periods, an aggregate, tax effected amount of $70.1 million will be recorded to Additional paid-in capital when carried forward excess tax benefits from stock-based compensation are utilized to reduce future cash tax payments. The federal and state net operating loss and federal tax credit carryforwards expire in various years from 2014 through 2033. The majority of the foreign net operating loss carryforwards will expire in 2015 through 2017. | ||||||||||||
The deferred tax liability related to the Subordinated Convertible Debentures is driven by the excess of the tax deduction taken for interest expense over the amount of interest expense recognized in the consolidated financial statements. The interest expense deducted for tax purposes is based on the adjusted issue price of the Subordinated Convertible Debentures, while the interest expense recognized in accordance with GAAP is based only on the liability portion of the Subordinated Convertible Debentures. The adjusted issue price of the Subordinated Convertible Debentures grows over the term due to the difference between the interest deduction taken for income tax, using a comparable yield of 8.5%, and the coupon rate of 3.25%, compounded annually. | ||||||||||||
The Company qualifies for two tax holidays in Switzerland. The tax holidays provide reduced rates of taxation on certain types of income and also require certain thresholds of investment and employment. One of the tax holidays is effective through December 31, 2015, the other is effective through December 31, 2014. Upon expiration the tax holidays may be extended if certain additional requirements are satisfied. These tax holidays increased the Company’s earnings per share by $0.18 in 2013, $0.11 in 2012, and $0.06 in 2011. | ||||||||||||
The Company maintains liabilities for uncertain tax positions. These liabilities involve considerable judgment and estimation and are continuously monitored by management based on the best information available including changes in tax regulations and other information. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Gross unrecognized tax benefits at January 1 | $ | 56,593 | $ | 55,933 | ||||||||
Increases in tax positions for prior years | 83 | 420 | ||||||||||
Increases in tax positions for current year | 140,513 | 240 | ||||||||||
Gross unrecognized tax benefits at December 31 | $ | 197,189 | $ | 56,593 | ||||||||
As of December 31, 2013, approximately $187.2 million of unrecognized tax benefits, including penalties and interest, could affect the Company’s tax provision and effective tax rate. The gross unrecognized tax benefit amount is not expected to materially change in the next 12 months. | ||||||||||||
In accordance with its accounting policy, the Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. These accruals were not material in any period presented. | ||||||||||||
The Company’s major taxing jurisdictions are the U.S., the state of Virginia, and Switzerland. The Company’s federal income tax returns are currently under examination by the Internal Revenue Service for the years ended December 31, 2010, 2011 and 2012. The Company’s other tax returns are not currently under examination by their respective taxing jurisdictions. Because the Company uses historic net operating loss carryforwards and other tax attributes to offset its taxable income in current and future years’ income tax returns for the U.S. and Virginia, such attributes can be adjusted by these taxing authorities until the statute closes on the year in which such attributes were utilized. The open years in Switzerland are the 2012 tax year and forward. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||
Commitments And Contingencies | ' | |||||||||||||||||||||||
Commitments and Contingencies | ||||||||||||||||||||||||
Purchase Obligations and Contractual Agreements | ||||||||||||||||||||||||
The following table represents the minimum payments required by Verisign under certain purchase obligations, leases, the .tv Agreement with the Government of Tuvalu, and the interest payments and principal on the Subordinated Convertible Debentures and the Senior Notes: | ||||||||||||||||||||||||
Purchase Obligations | Leases | .tv Agreement | Senior Notes | Subordinated Convertible Debentures | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
2014 | $ | 33,256 | $ | 1,766 | $ | 4,500 | $ | 34,688 | $ | 40,625 | $ | 114,835 | ||||||||||||
2015 | 6,705 | 1,525 | 5,000 | 34,688 | 40,625 | 88,543 | ||||||||||||||||||
2016 | 3,612 | 1,369 | 5,000 | 34,688 | 40,625 | 85,294 | ||||||||||||||||||
2017 | 393 | 249 | 5,000 | 34,688 | 40,625 | 80,955 | ||||||||||||||||||
2018 | — | — | 5,000 | 34,688 | 40,625 | 80,313 | ||||||||||||||||||
Thereafter | — | — | 15,000 | 923,435 | 2,006,641 | 2,945,076 | ||||||||||||||||||
Total | $ | 43,966 | $ | 4,909 | $ | 39,500 | $ | 1,096,875 | $ | 2,209,766 | $ | 3,395,016 | ||||||||||||
The amounts in the table above exclude $187.2 million of income tax related uncertain tax positions, as the Company is unable to reasonably estimate the ultimate amount or time of settlement of those liabilities. | ||||||||||||||||||||||||
Verisign enters into certain purchase obligations with various vendors. The Company’s significant purchase obligations primarily consist of firm commitments with telecommunication carriers and other service providers. The Company does not have any significant purchase obligations beyond 2017. | ||||||||||||||||||||||||
Verisign leases a portion of its facilities under operating leases that extend through 2017. Rental expenses under operating leases were $1.9 million in 2013, $3.0 million in 2012, and $10.6 million in 2011. | ||||||||||||||||||||||||
On November 29, 2012, the Company renewed its agreement with Internet Corporation for Assigned Name and Numbers (“ICANN”) to be the sole registry operator for domain names in the .com TLD through November 30, 2018. Under this agreement, the Company pays ICANN on a quarterly basis, $0.25 for each annual increment of a domain name registered or renewed during such quarter. As of December 31, 2013, there were 112.0 million domain names in the .com TLD. However, the number of domain names registered and renewed each quarter may vary significantly. The Company incurred registry fees for the .com TLD of $27.9 million in 2013, $18.7 million in 2012, and $18.0 million in 2011. Registry fees for other generic TLDs have been excluded from the table above because the amounts are variable or passed through to registrars. | ||||||||||||||||||||||||
In 2011, the Company renewed its agreement with the Government of Tuvalu to be the sole registry operator for .tv domain names through December 31, 2021. Registry fees were $4.5 million in 2013, $4.0 million in 2012, and $2.5 million in 2011. | ||||||||||||||||||||||||
In April 2013, the Company issued $750 million principal amount of Senior Notes. The Company will pay cash interest at an annual rate of 4.625% payable semi-annually on May 1 and November 1 of each year until maturity on May 1, 2023. | ||||||||||||||||||||||||
In August 2007, the Company issued $1.25 billion principal amount of Subordinated Convertible Debentures. The Company will pay cash interest at an annual rate of 3.25% payable semi-annually on February 15 and August 15 of each year, until maturity on August 15, 2037. | ||||||||||||||||||||||||
Legal Proceedings | ||||||||||||||||||||||||
On March 5, 2012, a complaint entitled Warhanek v. Bidzos, et al., No. 12-263-RGA, was filed in the United States District Court for the District of Delaware. The complaint asserts derivative claims on behalf of Verisign against current directors D. James Bidzos, William L. Chenevich, Roger H. Moore, Kathleen A. Cote, John D. Roach, Louis A. Simpson, Timothy Tomlinson and a former director, President and Chief Executive Officer Mark D. McLaughlin (the “Director Defendants”). The complaint also asserts one derivative claim against officers and certain former officers Richard H. Goshorn, Christine C. Brennan, and Kevin A. Werner (the “Executive Defendants,” and together with the Director Defendants and nominal defendant Verisign, the “Defendants”). | ||||||||||||||||||||||||
The complaint alleges that the Director Defendants fraudulently obtained shareholder approval of certain incentive-based compensation plans by misrepresenting the tax deductibility of certain compensation paid to Verisign’s executive officers, including the Executive Defendants. Verisign adopted and obtained shareholder approval of several incentive-based compensation plans, including a 2010 Annual Incentive Compensation Plan (“AICP”), and an Amended and Restated VeriSign, Inc. 2006 Equity Incentive Plan (“2006 Plan”) and these plans were submitted to shareholders for approval in the 2010 and 2011 Proxy Statements (the “Prior Proxy Statements”), respectively. The complaint alleges that the Prior Proxy Statements falsely disclosed, or failed to adequately disclose, the material terms under which performance-based compensation would be paid under the AICP and the 2006 Plan. The complaint further alleges that the Prior Proxy Statements falsely represented that certain compensation paid to certain employees in excess of $1 million would be tax deductible. | ||||||||||||||||||||||||
The complaint asserts derivative claims against the Director Defendants for (1) violations of Section 14(a) of the Exchange Act for making false statements in and omitting material facts from the Prior Proxy Statements; (2) breach of fiduciary duty; and (3) waste of corporate assets. The complaint asserts an additional derivative claim against the Director Defendants and Executive Defendants for unjust enrichment based on compensation payments they received under the AICP or the 2006 Plan, as disclosed in the Prior Proxy Statements. No demand was made on the Board to institute this action, and the complaint alleges that any such demand would be futile because each director is either interested or lacks independence with respect to the challenges to the AICP and 2006 Plan. The relief sought by the complaint includes, among other things, an order nullifying the shareholder approval of the AICP and the 2006 Plan, an injunction requiring correction of the alleged misrepresentations in the Company’s Prior Proxy Statements, and an order requiring equitable accounting, with disgorgement, in favor of the Company for the purported losses it has and will sustain. On May 25, 2012, the defendants filed motions to dismiss this action in its entirety. Oral arguments on the motions to dismiss took place on November 16, 2012. On September 18, 2013, the Magistrate Judge issued a Report and Recommendation recommending that the motions to dismiss be granted and that the plaintiff be permitted leave to amend the complaint. Thereafter, on October 17, 2013, the plaintiff filed a Notice of Voluntary Dismissal. On October 22, 2013, the Court issued an order holding the dismissal in abeyance and stating that the dismissal would be granted (without prejudice) twenty-one days after notice is made public if no shareholder intervenes. On January 15, 2014, the court entered an order dismissing the case. | ||||||||||||||||||||||||
Indemnifications | ||||||||||||||||||||||||
In connection with the sale of the Authentication Services business to Symantec in August 2010, the Company has agreed to indemnify Symantec for certain potential legal claims arising from the operation of the Authentication Services business for a period of sixty months after the closing of the sale transaction. The Company’s indemnification obligations in this regard are triggered only when indemnifiable claims exceed in the aggregate $4.0 million. Thereafter, the Company is obligated to indemnify Symantec for 50% of all indemnifiable claims. The Company’s maximum indemnification obligation with respect to these claims is capped at $50.0 million. | ||||||||||||||||||||||||
While certain legal proceedings and related indemnification obligations to which the Company is a party specify the amounts claimed, such claims may not represent reasonably possible losses. Given the inherent uncertainties of the litigation, the ultimate outcome of these matters cannot be predicted at this time, nor can the amount of possible loss or range of loss, if any, be reasonably estimated, except in circumstances where an aggregate litigation accrual has been recorded for probable and reasonably estimable loss contingencies. A determination of the amount of accrual required, if any, for these contingencies is made after careful analysis of each matter. The required accrual may change in the future due to new developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters. The Company does not believe that any such matter currently being reviewed will have a material adverse effect on its financial condition, results of operations, or cash flows. | ||||||||||||||||||||||||
Verisign is involved in various other investigations, claims and lawsuits arising in the normal conduct of its business, none of which, in its opinion, will have a material adverse effect on its financial condition, results of operations, or cash flows. The Company cannot assure you that it will prevail in any litigation. Regardless of the outcome, any litigation may require the Company to incur significant litigation expense and may result in significant diversion of management attention. | ||||||||||||||||||||||||
Off-Balance Sheet Arrangements | ||||||||||||||||||||||||
As of December 31, 2013 and 2012, the Company did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. As such, the Company is not exposed to any financing, liquidity, market or credit risk that could arise if the Company had engaged in such relationships. | ||||||||||||||||||||||||
It is not the Company’s business practice to enter into off-balance sheet arrangements. However, in the normal course of business, the Company does enter into contracts in which it makes representations and warranties that guarantee the performance of the Company’s products and services. Historically, there have been no significant losses related to such guarantees. |
Description_Of_Business_And_Su1
Description Of Business And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Description Of Business And Summary Of Significant Accounting Policies [Abstract] | ' | |||||||
Cash And Cash Equivalents | ' | |||||||
Cash and Cash Equivalents | ||||||||
Verisign considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash and cash equivalents include certain money market funds, commercial paper, debt securities and various deposit accounts. Verisign maintains its cash and cash equivalents with financial institutions that have investment grade ratings and, as part of its cash management process, performs periodic evaluations of the relative credit standing of these financial institutions. | ||||||||
Marketable Securities | ' | |||||||
Marketable Securities | ||||||||
Marketable securities consist of debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies, and equity securities of a public company. All marketable securities are classified as available-for-sale and are carried at fair value. Unrealized gains and losses, net of taxes, are reported as a component of Accumulated other comprehensive loss. The specific identification method is used to determine the cost basis of the marketable securities sold. The Company classifies its marketable securities as current based on their nature and availability for use in current operations. | ||||||||
Property And Equipment | ' | |||||||
Property and Equipment | ||||||||
Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets of 35 to 47 years for buildings, 10 years for building improvements and three to five years for computer equipment, purchased software, office equipment, and furniture and fixtures. Beginning in 2012, the Company changed its estimate of the useful life of its computer equipment and hardware assets from 3 years to 4 years. The impact of this change was not material to any period presented. Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful lives of the assets or associated lease terms. The Company capitalizes interest on facility assets under construction and on significant software development projects. | ||||||||
Capitalized Software | ' | |||||||
Capitalized Software | ||||||||
Software included in property and equipment includes amounts paid for purchased software and development costs for software used internally that have been capitalized. The following table summarizes the capitalized costs related to third-party implementation and consulting services as well as costs related to internally developed software. | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Third-party implementation and consulting services | $ | 6,361 | $ | 3,172 | ||||
Internally developed software | $ | 22,138 | $ | 21,733 | ||||
Goodwill And Other Long-Lived Assets | ' | |||||||
Goodwill and Other Long-lived Assets | ||||||||
Goodwill represents the excess of purchase consideration over fair value of net assets of businesses acquired. Goodwill is not amortized, but instead tested for impairment. All of the Company’s goodwill is included in the Registry Services reporting unit which has a negative carrying value. The Company performs a qualitative analysis at the end of each reporting period to determine if any events have occurred or circumstances exist that would indicate that it is more likely than not that a goodwill impairment exists. The qualitative factors the Company reviews include, but are not limited to: (a) macroeconomic conditions; (b) industry and market considerations such as a deterioration in the environment in which an entity operates; (c) a significant adverse change in legal factors or in the business climate; (d) an adverse action or assessment by a regulator; (e) unanticipated competition; (f) loss of key personnel; (g) a more-likely-than-not expectation of sale or disposal of a reporting unit or a significant portion thereof; or (h) testing for recoverability of a significant asset group within a reporting unit. | ||||||||
Long-lived assets, such as property, plant, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset, or asset group, may not be recoverable. Such events or circumstances include, but are not limited to, a significant decrease in the fair value of the underlying business, a significant decrease in the benefits realized from an acquired business, difficulties or delays in integrating the business or a significant change in the operations of an acquired business. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset, or asset group, to estimated undiscounted future cash flows expected to be generated by the asset, or asset group. An impairment charge is recognized in the amount by which the carrying amount of the asset exceeds its fair value. | ||||||||
3.25% Junior Subordinated Convertible Debentures Due 2037 ("Convertible Debentures") | ' | |||||||
3.25% Junior Subordinated Convertible Debentures Due 2037 (“Subordinated Convertible Debentures”) | ||||||||
Verisign separately accounts for the liability (debt) and equity (conversion option) components of the Subordinated Convertible Debentures in a manner that reflects the borrowing rate for a similar non-convertible debt. The liability component is recognized at fair value on the issuance date, based on the fair value of a similar instrument that does not have a conversion feature at issuance. The excess of the principal amount of the Subordinated Convertible Debentures over the fair value of the liability component is the equity component or debt discount. Such excess represents the estimated fair value of the conversion feature and is recorded as Additional paid-in capital. The debt discount is amortized using the Company’s effective interest rate over the term of the Subordinated Convertible Debentures as a non-cash charge to interest expense. The Subordinated Convertible Debentures also have a contingent interest payment provision that may require the Company to pay interest based on certain thresholds, beginning with the semi-annual interest period commencing on August 15, 2014, and upon the occurrence of certain events, as outlined in the Indenture governing the Subordinated Convertible Debentures. The contingent interest payment provision has been identified as an embedded derivative, to be accounted for separately at fair value, and is marked to market at the end of each reporting period, with any gains and losses recorded in Non-operating income, net. | ||||||||
Foreign Currency Remeasurement | ' | |||||||
Foreign Currency Remeasurement | ||||||||
Verisign conducts business throughout the world and transacts in multiple currencies. The functional currency for all of Verisign’s international subsidiaries is the U.S. Dollar. The Company’s subsidiaries’ financial statements are remeasured into U.S. Dollars using a combination of current and historical exchange rates and any remeasurement gains and losses are included in Non-operating income, net. The Company recorded a net remeasurement loss of $3.1 million in 2013, $0.9 million in 2012, and $3.4 million in 2011. | ||||||||
Verisign maintains a foreign currency risk management program designed to mitigate foreign exchange risks associated with the monetary assets and liabilities that are denominated in non-functional currencies. The primary objective of this program is to minimize the gains and losses resulting from fluctuations in exchange rates. The Company does not enter into foreign currency transactions for trading or speculative purposes, nor does it hedge foreign currency exposures in a manner that entirely offsets the effects of changes in exchange rates. The program may entail the use of forward or option contracts, which are usually placed and adjusted monthly. These foreign currency forward contracts are derivatives and are recorded at fair market value. The Company records gains and losses on foreign currency forward contracts in Non-operating income, net. The Company recorded net gains of $1.5 million in 2013, and $0.8 million in 2012, and a net loss of $1.4 million in 2011, related to foreign currency forward contracts. | ||||||||
As of December 31, 2013, Verisign held foreign currency forward contracts in notional amounts totaling $27.0 million to mitigate the impact of exchange rate fluctuations associated with certain assets and liabilities held in foreign currencies. | ||||||||
Revenue Recognition | ' | |||||||
Revenue Recognition | ||||||||
Verisign recognizes revenues when the following four criteria are met: | ||||||||
• | Persuasive evidence of an arrangement exists: It is the Company’s customary practice to have a written contract, signed by both the customer and Verisign or a service order form from those customers who have previously negotiated a standard master services agreement with Verisign. | |||||||
• | Delivery has occurred or services have been rendered: The Company’s services are usually delivered continuously from service activation date through the term of the arrangement. | |||||||
• | The fee is fixed or determinable: Substantially all of the Company’s revenue arrangements have fixed or determinable fees. | |||||||
• | Collectability is reasonably assured: Collectability is assessed on a customer-by-customer basis. Verisign typically sells to customers for whom there is a history of successful collection. The majority of customers either maintains a deposit with Verisign or provides an irrevocable letter of credit in excess of the amounts owed. New customers are subjected to a credit review process that evaluates the customer’s financial condition and, ultimately, their ability to pay. If Verisign determines from the outset of an arrangement that collectability is not probable based upon its credit review process, revenues are recognized as cash is collected. | |||||||
Substantially all of the Company’s revenue arrangements have multiple service deliverables. However, all service deliverables in those arrangements are usually delivered over the same term and, in the absence of a discernible pattern of performance, are presumed to be delivered ratably over that service term. | ||||||||
If the Company enters into an arrangement with multiple elements where standalone value exists for each element and the delivery of the elements occur at different times, revenue for such arrangement is allocated to the elements based on the best estimate of selling prices of the elements and recognized based on applicable service term for each element. | ||||||||
Registry Services | ||||||||
Registry Services revenues primarily arise from fixed fees charged to registrars for the initial registration or renewal of .com, .net, .tv, .name, .cc, .gov or .jobs domain names. Revenues from the initial registration or renewal of domain names are deferred and recognized ratably over the registration term, generally one year and up to ten years. Fees for renewals and advance extensions to the existing term are deferred until the new incremental period commences. These fees are then recognized ratably over the renewal term. | ||||||||
Verisign also offers promotional marketing programs to its registrars based upon market conditions and the business environment in which the registrars operate. Amounts payable to these registrars for such promotional marketing programs are usually recorded as a reduction of revenue. If Verisign obtains an identifiable benefit separate from the services it provides to the registrars, then amounts payable up to the fair value of the benefit received are recorded as advertising expenses and the excess, if any, is recorded as a reduction of revenue. | ||||||||
NIA Services | ||||||||
Following the revenue recognition criteria above, revenues from NIA Services are usually deferred and recognized over the service term, generally one to two years. | ||||||||
Advertising Expenses | ' | |||||||
Advertising Expenses | ||||||||
Advertising costs are expensed as incurred and are included in Sales and marketing expenses. Advertising expenses were $13.2 million, $10.2 million, and $17.2 million in 2013, 2012, and 2011, respectively. | ||||||||
Income Taxes | ' | |||||||
Income Taxes | ||||||||
Verisign uses the asset and liability method to account for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance to reduce deferred tax assets to an amount whose realization is more likely than not. The Company allocates valuation allowances between current deferred tax assets and long-term deferred tax assets in proportion to the related classification of gross deferred tax assets for each tax jurisdiction. | ||||||||
Deferred tax liabilities and assets are classified as current or noncurrent based on the financial reporting classification of the related asset or liability, or, for deferred tax liabilities or assets that are not related to an asset or liability for financial reporting, according to the expected reversal date of the temporary difference. For every tax-paying component and within each tax jurisdiction, (a) all current deferred tax liabilities and assets are offset and presented as a single amount and (b) all noncurrent deferred tax liabilities and assets are offset and presented as a single amount. | ||||||||
The Company’s income taxes payable is reduced by the tax benefits from employee stock option exercises and restricted stock unit (“RSU”) vesting. The Company’s income tax benefit related to stock options is calculated as the tax effect of the difference between the fair market value of the stock and the exercise price at the time of option exercise. The Company’s income tax benefit related to RSUs is equal to the fair market value of the stock at the vesting date. If the income tax benefit at exercise or vesting date is greater than the income tax benefit recorded based on the grant date fair value of the stock options or RSUs, such excess tax benefit is recognized as an increase to Additional paid-in capital. If the income tax benefit at exercise or vesting date is less than the income tax benefit recorded based on the grant date fair value of the stock options or RSUs, the shortfall is recognized as a reduction of Additional paid-in capital to the extent of previously recognized excess tax benefits. | ||||||||
Verisign’s global operations involve dealing with uncertainties and judgments in the application of complex tax regulations in multiple jurisdictions. The final taxes payable are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from U.S. federal, state, and international tax audits. The Company may only recognize or continue to recognize tax positions that are more likely than not to be sustained upon examination. The Company adjusts these reserves in light of changing facts and circumstances; however, due to the complexity | ||||||||
of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from its current estimate of the tax liabilities. | ||||||||
The Company’s assumptions, judgments and estimates relative to the value of a deferred tax asset take into account predictions of the amount and character of future taxable income, such as income from operations or capital gains income. Actual operating results and the underlying amount and character of income in future years could render the Company’s current assumptions, judgments and estimates of recoverable net deferred taxes inaccurate. Any of the assumptions, judgments and estimates mentioned above could cause the Company’s actual income tax obligations to differ from its estimates, thus materially impacting its financial condition and results of operations. | ||||||||
Stock-Based Compensation | ' | |||||||
Stock-based Compensation | ||||||||
During 2013, the Company’s stock-based compensation was primarily related to RSUs granted to employees. There were no stock options granted in 2013, 2012 or 2011. The Company used the Black-Scholes option pricing model to determine the fair value of stock options granted in prior years and also uses the Black-Scholes model to determine the fair value of its employee stock purchase plan (“ESPP”) offerings. The determination of the fair value of stock-based payment awards using an option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. For the awards that are expected to vest, after considering estimated forfeitures, stock-based compensation expense is typically recognized on a straight-line basis over the requisite service period for each such award. The Company also grants RSUs which include performance conditions, and in some cases market conditions, to certain executives. The expense for these performance-based RSUs is recognized on a graded vesting schedule over the term of the award based on the probable outcome of the performance conditions, The expense recognized for awards with market conditions is based on the grant date fair value of the awards including the impact of the market conditions. | ||||||||
Earnings Per Share | ' | |||||||
Earnings per Share | ||||||||
The Company computes basic net income per share by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share gives effect to dilutive potential common shares, including outstanding stock options, unvested RSUs, ESPP offerings and the conversion spread related to the Subordinated Convertible Debentures using the treasury stock method. | ||||||||
Discontinued Operations | ' | |||||||
Discontinued Operations | ||||||||
The results of operations of businesses that have been divested are presented as discontinued operations when the underlying operations and cash flows of the disposal group have been eliminated from the Company’s continuing operations and the Company will no longer have any significant continuing involvement in the operations of the divested business after the disposal transaction. Subsequent to the divestitures, the Company has resolved certain contingent liabilities that related to the operations of the divested businesses. The effects of these items are presented in discontinued operations. | ||||||||
Fair Value Of Financial Instruments | ' | |||||||
Fair Value of Financial Instruments | ||||||||
The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: | ||||||||
• | Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||
• | Level 2: Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |||||||
• | Level 3: Unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. | |||||||
The Company measures and reports certain financial assets and liabilities at fair value on a recurring basis, including its investments in money market funds classified as Cash and cash equivalents, marketable debt and equity securities, foreign currency forward contracts, and the contingent interest derivative associated with the Subordinated Convertible Debentures. |
Description_Of_Business_And_Su2
Description Of Business And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Description Of Business And Summary Of Significant Accounting Policies [Abstract] | ' | |||||||
Summary Of Capitalized Costs | ' | |||||||
The following table summarizes the capitalized costs related to third-party implementation and consulting services as well as costs related to internally developed software. | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Third-party implementation and consulting services | $ | 6,361 | $ | 3,172 | ||||
Internally developed software | $ | 22,138 | $ | 21,733 | ||||
Cash_Cash_Equivalents_And_Mark1
Cash, Cash Equivalents, And Marketable Securities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Cash, Cash Equivalents And Marketable Securities [Abstract] | ' | |||||||
Cash, Cash Equivalents, And Marketable Securities | ' | |||||||
The following table summarizes the Company’s cash, cash equivalents, and marketable securities: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Cash | $ | 72,232 | $ | 63,578 | ||||
Money market funds | 246,492 | 38,054 | ||||||
Time deposits | 3,978 | 3,614 | ||||||
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 1,409,062 | 1,452,358 | ||||||
Equity securities of a public company | — | 3,341 | ||||||
Total | $ | 1,731,764 | $ | 1,560,945 | ||||
Included in Cash and cash equivalents | $ | 339,223 | $ | 130,736 | ||||
Included in Marketable securities | $ | 1,384,062 | $ | 1,425,700 | ||||
Included in Other long-term assets (Restricted cash) | $ | 8,479 | $ | 4,509 | ||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis | ' | |||||||||||||||
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and December 31, 2012: | ||||||||||||||||
Fair Value Measurement Using | ||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
As of December 31, 2013: | ||||||||||||||||
Assets: | ||||||||||||||||
Investments in money market funds | $ | 246,492 | $ | 246,492 | $ | — | $ | — | ||||||||
Debt securities issued by the U.S. Treasury | 1,409,062 | 1,409,062 | — | — | ||||||||||||
Foreign currency forward contracts (1) | 141 | — | 141 | — | ||||||||||||
Total | $ | 1,655,695 | $ | 1,655,554 | $ | 141 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Contingent interest derivative on Subordinated Convertible Debentures | $ | 29,004 | $ | — | $ | — | $ | 29,004 | ||||||||
Foreign currency forward contracts (2) | 131 | — | 131 | — | ||||||||||||
Total | $ | 29,135 | $ | — | $ | 131 | $ | 29,004 | ||||||||
As of December 31, 2012: | ||||||||||||||||
Assets: | ||||||||||||||||
Investments in money market funds | $ | 38,054 | $ | 38,054 | $ | — | $ | — | ||||||||
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 1,452,358 | 1,419,280 | 33,078 | — | ||||||||||||
Equity securities of public company | 3,341 | — | 3,341 | — | ||||||||||||
Foreign currency forward contracts (1) | 71 | — | 71 | — | ||||||||||||
Total | $ | 1,493,824 | $ | 1,457,334 | $ | 36,490 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Contingent interest derivative on Subordinated Convertible Debentures | $ | 11,203 | $ | — | $ | — | $ | 11,203 | ||||||||
Foreign currency forward contracts (2) | 765 | — | 765 | — | ||||||||||||
Total | $ | 11,968 | $ | — | $ | 765 | $ | 11,203 | ||||||||
-1 | Included in Prepaid expenses and other current assets | |||||||||||||||
-2 | Included in Accounts payable and accrued liabilities | |||||||||||||||
Changes In Fair Value Measurement Of Level 3 Items | ' | |||||||||||||||
The following table summarizes the change in the fair value of the Company’s contingent interest derivative on Subordinated Convertible Debentures during the year ended December 31, 2013 and 2012: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||
Beginning balance | $ | 11,203 | $ | 11,625 | ||||||||||||
Unrealized loss (gain) on contingent interest derivative on Subordinated Convertible Debentures | 17,801 | (422 | ) | |||||||||||||
Ending balance | $ | 29,004 | $ | 11,203 | ||||||||||||
Other_Balance_Sheet_Items_Tabl
Other Balance Sheet Items (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Prepaid Expenses And Other Current Assets | ' | |||||||
Prepaid expenses and other current assets consist of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Prepaid expenses | $ | 13,502 | $ | 15,413 | ||||
Income tax and other receivables | 39,884 | 15,056 | ||||||
Debt issuance costs | 10,705 | — | ||||||
Other | 449 | 326 | ||||||
Total prepaid expenses and other current assets | $ | 64,540 | $ | 30,795 | ||||
Property And Equipment, Net | ' | |||||||
The following table presents the detail of property and equipment, net: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Land | $ | 31,141 | $ | 31,141 | ||||
Buildings and building improvements | 240,572 | 236,171 | ||||||
Computer equipment and software | 359,331 | 315,654 | ||||||
Capital work in progress | 16,213 | 11,393 | ||||||
Office equipment and furniture | 6,305 | 6,420 | ||||||
Leasehold improvements | 2,189 | 2,223 | ||||||
Total cost | 655,751 | 603,002 | ||||||
Less: accumulated depreciation | (316,098 | ) | (269,141 | ) | ||||
Total property and equipment, net | $ | 339,653 | $ | 333,861 | ||||
Goodwill | ' | |||||||
The following table presents the detail of goodwill: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Goodwill, gross | $ | 1,537,843 | $ | 1,537,843 | ||||
Accumulated goodwill impairment | (1,485,316 | ) | (1,485,316 | ) | ||||
Total goodwill | $ | 52,527 | $ | 52,527 | ||||
Other Long-Term Assets | ' | |||||||
Other long-term assets consist of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Other tax receivable | $ | 5,811 | $ | 5,811 | ||||
Long-term investments | — | 413 | ||||||
Debt issuance costs | 11,521 | 11,516 | ||||||
Long-term restricted cash | 8,479 | 4,509 | ||||||
Long-term prepaid expenses and other assets | 1,934 | 3,076 | ||||||
Total other long-term assets | $ | 27,745 | $ | 25,325 | ||||
Components Of Accounts Payable And Accrued Liabilities | ' | |||||||
Accounts payable and accrued liabilities consist of the following: | ||||||||
As of December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Accounts payable | $ | 24,843 | $ | 23,519 | ||||
Accrued employee compensation | 49,974 | 38,778 | ||||||
Customer deposits, net | 20,869 | 19,321 | ||||||
Taxes payable and other tax liabilities | 19,853 | 21,918 | ||||||
Other accrued liabilities | 33,737 | 26,855 | ||||||
Total accounts payable and accrued liabilities | $ | 149,276 | $ | 130,391 | ||||
Debt_And_Interest_Expense_Tabl
Debt And Interest Expense (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Proceeds upon issuance of the Convertible Debentures | ' | |||||||||||
Proceeds upon issuance of the Subordinated Convertible Debentures were as follows (in thousands): | ||||||||||||
Principal value of Subordinated Convertible Debentures | $ | 1,250,000 | ||||||||||
Less: Issuance costs | (25,777 | ) | ||||||||||
Net proceeds, Subordinated Convertible Debentures | $ | 1,224,223 | ||||||||||
Amounts recognized at issuance: | ||||||||||||
Subordinated Convertible Debentures, including contingent interest derivative | $ | 558,243 | ||||||||||
Additional paid-in capital | 418,996 | |||||||||||
Long-term deferred tax liabilities | 267,225 | |||||||||||
Other long-term assets | (11,328 | ) | ||||||||||
Non-operating loss | (8,913 | ) | ||||||||||
Net proceeds, Subordinated Convertible Debentures | $ | 1,224,223 | ||||||||||
Schedule of Carrying Amounts of Liability and Equity Components | ' | |||||||||||
The table below presents the carrying amounts of the liability and equity components: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Debt discount upon issuance (net of issuance costs of $14,449) | $ | 686,221 | $ | 686,221 | ||||||||
Deferred taxes associated with the debt discount upon issuance | (267,225 | ) | (267,225 | ) | ||||||||
Carrying amount of equity component | $ | 418,996 | $ | 418,996 | ||||||||
Principal amount of Subordinated Convertible Debentures | $ | 1,250,000 | $ | 1,250,000 | ||||||||
Unamortized discount of liability component | (654,948 | ) | (663,589 | ) | ||||||||
Carrying amount of liability component | 595,052 | 586,411 | ||||||||||
Contingent interest derivative | 29,004 | 11,203 | ||||||||||
Subordinated Convertible Debentures, including contingent interest derivative | $ | 624,056 | $ | 597,614 | ||||||||
Schedule of Components of Interest Expense | ' | |||||||||||
The following table presents the components of the Company’s interest expense: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Contractual interest on Subordinated Convertible Debentures | $ | 40,625 | $ | 40,625 | $ | 40,625 | ||||||
Contractual interest on Senior Notes | 24,570 | — | — | |||||||||
Amortization of debt discount on the Subordinated Convertible Debentures | 8,670 | 7,986 | 7,355 | |||||||||
Contingent interest to holders of Subordinated Convertible Debentures | — | — | 100,020 | |||||||||
Interest capitalized to Property and equipment, net | (1,218 | ) | (934 | ) | (980 | ) | ||||||
Credit facility and other interest expense | 2,114 | 2,519 | 312 | |||||||||
Total interest expense | $ | 74,761 | $ | 50,196 | $ | 147,332 | ||||||
Stockholders_Deficit_Stockhold
Stockholders' Deficit Stockholders' Deficit (Equity) (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||
Schedule of Common Stock Repurchase | ' | |||||||||||||||||||||||
The summary of the Company’s common stock repurchases for 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Shares | Average Price | Shares | Average Price | Shares | Average Price | |||||||||||||||||||
(In thousands, except average price amounts) | ||||||||||||||||||||||||
Total repurchases under the repurchase plans | 21,006 | $ | 48.65 | 7,692 | $ | 40.9 | 16,318 | $ | 32.76 | |||||||||||||||
Total repurchases for tax witholdings | 298 | $ | 46.16 | 279 | $ | 39.63 | 465 | $ | 33.37 | |||||||||||||||
Total repurchases | 21,304 | $ | 48.61 | 7,971 | $ | 40.86 | 16,783 | $ | 32.78 | |||||||||||||||
Total costs | $ | 1,035,617 | $ | 325,680 | $ | 550,097 | ||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | ' | |||||||||||||||||||||||
The following table summarizes the changes in the components of Accumulated other comprehensive loss for 2013 and 2012: | ||||||||||||||||||||||||
Foreign Currency Translation Adjustments Loss | Unrealized Gain On Investments, net of tax | Total Accumulated Other Comprehensive Loss | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Balance, December 31, 2011 | $ | (3,241 | ) | $ | 157 | $ | (3,084 | ) | ||||||||||||||||
Changes | — | 2,696 | 2,696 | |||||||||||||||||||||
Balance, December 31, 2012 | (3,241 | ) | 2,853 | (388 | ) | |||||||||||||||||||
Changes | 81 | (2,778 | ) | (2,697 | ) | |||||||||||||||||||
Balance, December 31, 2013 | $ | (3,160 | ) | $ | 75 | $ | (3,085 | ) | ||||||||||||||||
Calculation_Of_Net_Income_Per_1
Calculation Of Net Income Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | |||||||||||
The following table presents the computation of weighted-average shares used in the calculation of basic and diluted net income per share: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Weighted-average shares of common stock outstanding | 144,591 | 156,953 | 165,408 | |||||||||
Weighted-average potential shares of common stock outstanding: | ||||||||||||
Conversion spread related to Subordinated Convertible Debentures | 10,361 | 5,944 | 416 | |||||||||
Unvested RSUs | 709 | 763 | 736 | |||||||||
Stock Options | 92 | 174 | 309 | |||||||||
Employee stock purchase plan | 33 | 75 | 18 | |||||||||
Shares used to compute diluted net income per share | 155,786 | 163,909 | 166,887 | |||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | |||||||||||
The following table presents the weighted-average potential shares of common stock that were excluded from the above calculation because their effect was anti-dilutive, and the respective weighted-average exercise prices of the weighted-average stock options outstanding: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands, except per share data) | ||||||||||||
Weighted-average stock options outstanding | — | 30 | 366 | |||||||||
Weighted-average exercise price | $ | — | $ | 40.81 | $ | 35.7 | ||||||
Weighted-average RSUs outstanding | 76 | 17 | 35 | |||||||||
Employee stock purchase plan | 148 | 96 | 434 | |||||||||
Performance based RSUs granted by the Company are excluded from the above calculation of diluted weighted average shares outstanding until the relevant performance criteria are achieved. There were less than 0.2 million shares excluded from the calculation for 2013. |
Geographic_And_Customer_Inform1
Geographic And Customer Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Comparison of Geographic Revenues | ' | |||||||||||
The following table presents a comparison of the Company’s geographic revenues: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
U.S | $ | 585,201 | $ | 530,111 | $ | 472,700 | ||||||
EMEA | 169,767 | 135,084 | 109,680 | |||||||||
APAC | 129,664 | 130,648 | 116,999 | |||||||||
Other | 80,455 | 77,749 | 72,599 | |||||||||
Total revenues | $ | 965,087 | $ | 873,592 | $ | 771,978 | ||||||
Comparison of Property and Equipment, Net, by Geographic Region | ' | |||||||||||
The following table presents a comparison of property and equipment, net of accumulated depreciation, by geographic region: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
U.S | $ | 325,636 | $ | 323,564 | ||||||||
EMEA | 13,317 | 9,450 | ||||||||||
APAC | 700 | 847 | ||||||||||
Total property and equipment, net | $ | 339,653 | $ | 333,861 | ||||||||
Employee_Benefits_And_StockBas1
Employee Benefits And Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||||||||||
Classification Of Stock-Based Compensation | ' | ||||||||||||||||||||
The following table presents the classification of stock-based compensation: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Stock-based compensation: | |||||||||||||||||||||
Cost of revenues | $ | 6,156 | $ | 5,754 | $ | 6,655 | |||||||||||||||
Sales and marketing | 6,252 | 6,091 | 6,062 | ||||||||||||||||||
Research and development | 7,199 | 6,023 | 4,926 | ||||||||||||||||||
General and administrative | 17,042 | 15,494 | 19,928 | ||||||||||||||||||
Restructuring charges | — | — | 5,701 | ||||||||||||||||||
Total stock-based compensation | $ | 36,649 | $ | 33,362 | $ | 43,272 | |||||||||||||||
Nature Of Total Stock-Based Compensation | ' | ||||||||||||||||||||
The following table presents the nature of the Company’s total stock-based compensation: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
RSUs | $ | 29,123 | $ | 28,874 | $ | 32,501 | |||||||||||||||
Performance-based RSUs | 5,033 | 1,933 | 804 | ||||||||||||||||||
ESPP | 5,307 | 4,436 | 3,904 | ||||||||||||||||||
Stock options | 179 | 956 | 3,528 | ||||||||||||||||||
RSUs/Stock options acceleration | — | — | 5,701 | ||||||||||||||||||
Capitalization (Included in Property and equipment, net) | (2,993 | ) | (2,837 | ) | (3,166 | ) | |||||||||||||||
Total stock-based compensation expense | $ | 36,649 | $ | 33,362 | $ | 43,272 | |||||||||||||||
Weighted-Average Assumptions Used To Estimate Fair Value | ' | ||||||||||||||||||||
The following table sets forth the weighted-average assumptions used to estimate the fair value of ESPP awards: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Volatility | 26 | % | 26 | % | 26 | % | |||||||||||||||
Risk-free interest rate | 0.14 | % | 0.16 | % | 0.3 | % | |||||||||||||||
Expected term | 1.25 years | 1.25 years | 1.25 years | ||||||||||||||||||
Dividend yield | Zero | Zero | Zero | ||||||||||||||||||
Summary Of Unvested RSUs Activity | ' | ||||||||||||||||||||
The following table summarizes unvested RSUs activity: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Weighted-Average Grant-Date Fair Value | Shares | Weighted-Average Grant-Date Fair Value | Shares | Weighted-Average Grant-Date Fair Value | ||||||||||||||||
(Shares in thousands) | |||||||||||||||||||||
Unvested at beginning of period | 2,478 | $ | 32.07 | 2,345 | $ | 27.33 | 2,719 | $ | 23.5 | ||||||||||||
Granted | 1,132 | 45.08 | 1,341 | 38.2 | 1,860 | 34.29 | |||||||||||||||
Vested and settled | (900 | ) | 30.73 | (881 | ) | 27.57 | (1,411 | ) | 27 | ||||||||||||
Forfeited | (268 | ) | 36.09 | (327 | ) | 32.34 | (1,025 | ) | 24.94 | ||||||||||||
Dividend equivalents | — | — | — | — | 202 | — | |||||||||||||||
2,442 | $ | 38 | 2,478 | $ | 32.07 | 2,345 | $ | 27.33 | |||||||||||||
Nonoperating_income_net_Nonope
Non-operating income, net Non-operating income, net (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Non-operating (loss) income, net [Abstract] | ' | |||||||||||
Schedule of Non-operating Income, net | ' | |||||||||||
The following table presents the components of Non-operating income, net: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Realized net gain on investments | $ | 18,861 | $ | 102 | $ | 4,246 | ||||||
Unrealized (loss) gain on contingent interest derivative on Subordinated Convertible Debentures | (17,801 | ) | 422 | (1,125 | ) | |||||||
Interest and dividend income | 1,897 | 2,957 | 5,017 | |||||||||
Income from transition services agreements | — | 2,541 | 8,083 | |||||||||
Other, net | 343 | (458 | ) | (4,691 | ) | |||||||
Total non-operating income, net | $ | 3,300 | $ | 5,564 | $ | 11,530 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | |||||||||||
Income From Continuing Operations Before Income Taxes | ' | |||||||||||
Income from continuing operations before income taxes is categorized geographically as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
United States | $ | 250,041 | $ | 245,745 | $ | 62,287 | ||||||
Foreign | 206,730 | 166,950 | 131,300 | |||||||||
Total income from continuing operations before income taxes | $ | 456,771 | $ | 412,695 | $ | 193,587 | ||||||
Components Of Provision For Income Taxes | ' | |||||||||||
The provision for income taxes consisted of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Continuing Operations: | ||||||||||||
Current (expense) benefit: | ||||||||||||
Federal | $ | (1,104 | ) | $ | (13,553 | ) | $ | (30,325 | ) | |||
State | (8,150 | ) | (7,960 | ) | (1,963 | ) | ||||||
Foreign, including foreign witholding tax | (13,613 | ) | (8,498 | ) | (1,146 | ) | ||||||
(22,867 | ) | (30,011 | ) | (33,434 | ) | |||||||
Deferred (expense) benefit: | ||||||||||||
Federal | 53,629 | (67,700 | ) | (17,047 | ) | |||||||
State | 66,701 | (6,760 | ) | (1,501 | ) | |||||||
Foreign | (9,784 | ) | 4,261 | (3,049 | ) | |||||||
110,546 | (70,199 | ) | (21,597 | ) | ||||||||
Total income tax expense from continuing operations | $ | 87,679 | $ | (100,210 | ) | $ | (55,031 | ) | ||||
Income tax (expense) benefit from discontinued operations | $ | — | $ | (3,594 | ) | $ | 4,422 | |||||
Reconciliation Of Income Tax At Effective Income Tax Rate | ' | |||||||||||
The difference between income tax expense and the amount resulting from applying the federal statutory rate of 35% to Income from continuing operations before income taxes is attributable to the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Income tax expense at federal statutory rate | $ | (159,870 | ) | $ | (144,443 | ) | $ | (67,755 | ) | |||
State taxes, net of federal benefit | (13,821 | ) | (10,003 | ) | (2,280 | ) | ||||||
Differences between statutory rate and foreign effective tax rate | 51,016 | 51,780 | 43,591 | |||||||||
Tax benefit from worthless stock deduction | 1,717,466 | — | — | |||||||||
Change in valuation allowance | (1,195,303 | ) | 5,760 | (350 | ) | |||||||
Deferred taxes on unremitted foreign earnings | (167,115 | ) | — | — | ||||||||
Accrual for uncertain tax positions | (140,596 | ) | (306 | ) | (23,265 | ) | ||||||
Other | (4,098 | ) | (2,998 | ) | (4,972 | ) | ||||||
$ | 87,679 | $ | (100,210 | ) | $ | (55,031 | ) | |||||
Summary Of Deferred Tax Assets And Liabilities | ' | |||||||||||
The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities are as follows: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Net operating loss carryforwards | $ | 260,253 | $ | 34,422 | ||||||||
Deductible goodwill and intangible assets | 48,365 | 7,761 | ||||||||||
Tax credit carryforwards | 4,432 | — | ||||||||||
Deferred revenue, accruals and reserves | 99,934 | 87,235 | ||||||||||
Capital loss carryforwards and book impairment of investments | 1,210,529 | 3,400 | ||||||||||
Other | 5,060 | 5,234 | ||||||||||
Total deferred tax assets | 1,628,573 | 138,052 | ||||||||||
Valuation allowance | (1,203,870 | ) | (20,815 | ) | ||||||||
Net deferred tax assets | 424,703 | 117,237 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment | (19,354 | ) | (21,522 | ) | ||||||||
Unremitted foreign earnings | (167,115 | ) | — | |||||||||
Subordinated Convertible debentures | (453,825 | ) | (424,488 | ) | ||||||||
Other | (5,656 | ) | (5,984 | ) | ||||||||
Total deferred tax liabilities | (645,950 | ) | (451,994 | ) | ||||||||
Total net deferred tax liabilities | $ | (221,247 | ) | $ | (334,757 | ) | ||||||
Reconciliation Of Gross Unrecognized Tax Benefits | ' | |||||||||||
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: | ||||||||||||
As of December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Gross unrecognized tax benefits at January 1 | $ | 56,593 | $ | 55,933 | ||||||||
Increases in tax positions for prior years | 83 | 420 | ||||||||||
Increases in tax positions for current year | 140,513 | 240 | ||||||||||
Gross unrecognized tax benefits at December 31 | $ | 197,189 | $ | 56,593 | ||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||
Minimum Payments Required Under Purchase Obligations | ' | |||||||||||||||||||||||
The following table represents the minimum payments required by Verisign under certain purchase obligations, leases, the .tv Agreement with the Government of Tuvalu, and the interest payments and principal on the Subordinated Convertible Debentures and the Senior Notes: | ||||||||||||||||||||||||
Purchase Obligations | Leases | .tv Agreement | Senior Notes | Subordinated Convertible Debentures | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
2014 | $ | 33,256 | $ | 1,766 | $ | 4,500 | $ | 34,688 | $ | 40,625 | $ | 114,835 | ||||||||||||
2015 | 6,705 | 1,525 | 5,000 | 34,688 | 40,625 | 88,543 | ||||||||||||||||||
2016 | 3,612 | 1,369 | 5,000 | 34,688 | 40,625 | 85,294 | ||||||||||||||||||
2017 | 393 | 249 | 5,000 | 34,688 | 40,625 | 80,955 | ||||||||||||||||||
2018 | — | — | 5,000 | 34,688 | 40,625 | 80,313 | ||||||||||||||||||
Thereafter | — | — | 15,000 | 923,435 | 2,006,641 | 2,945,076 | ||||||||||||||||||
Total | $ | 43,966 | $ | 4,909 | $ | 39,500 | $ | 1,096,875 | $ | 2,209,766 | $ | 3,395,016 | ||||||||||||
Description_Of_Business_And_Su3
Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Aug. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 16, 2013 | Aug. 15, 2007 |
Rate | Rate | Rate | ||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life of property and equipment (years) | ' | '4 years | '3 years | ' | ' | ' |
Convertible debenture, interest rate | 3.25% | ' | ' | ' | 4.63% | 3.25% |
Convertible debenture, maturity date | 15-Aug-37 | ' | ' | ' | ' | ' |
Net remeasurement gain (loss) on foreign currency translation | ' | ($3.10) | ($0.90) | ($3.40) | ' | ' |
Gains (losses) on foreign currency forward contracts | ' | 1.5 | 0.8 | -1.4 | ' | ' |
Advertising expenses | ' | 13.2 | 10.2 | 17.2 | ' | ' |
Derivative, Notional Amount | ' | $27 | ' | ' | ' | ' |
Building Improvements [Member] | ' | ' | ' | ' | ' | ' |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life of property and equipment (years) | ' | '10 years | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Registration term, years | ' | '10 years | ' | ' | ' | ' |
Average service term, years | ' | '2 years | ' | ' | ' | ' |
Maximum [Member] | Buildings [Member] | ' | ' | ' | ' | ' | ' |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life of property and equipment (years) | ' | '47 years | ' | ' | ' | ' |
Maximum [Member] | Computer Equipment, Purchased Software, Office Equipment, And Furniture And Fixtures [Member] | ' | ' | ' | ' | ' | ' |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life of property and equipment (years) | ' | '5 years | ' | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Registration term, years | ' | '1 year | ' | ' | ' | ' |
Average service term, years | ' | '1 year | ' | ' | ' | ' |
Minimum [Member] | Buildings [Member] | ' | ' | ' | ' | ' | ' |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life of property and equipment (years) | ' | '35 years | ' | ' | ' | ' |
Minimum [Member] | Computer Equipment, Purchased Software, Office Equipment, And Furniture And Fixtures [Member] | ' | ' | ' | ' | ' | ' |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Estimated useful life of property and equipment (years) | ' | '3 years | ' | ' | ' | ' |
Description_Of_Business_And_Su4
Description Of Business And Summary Of Significant Accounting Policies (Summary Of Capitalized Costs) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Internally Used Third-Party Software And Consulting Fees [Member] | ' | ' |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Capitalized software cost | $6,361 | $3,172 |
Internally Developed Software [Member] | ' | ' |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Capitalized software cost | $22,138 | $21,733 |
Cash_Cash_Equivalents_And_Mark2
Cash, Cash Equivalents, And Marketable Securities (Cash, Cash Equivalents, And Marketable Securities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cash | $72,232 | $63,578 | ' | ' |
Money market funds | 246,492 | 38,054 | ' | ' |
Time deposits | 3,978 | 3,614 | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 1,409,062 | ' | ' | ' |
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | ' | 1,452,358 | ' | ' |
Available-for-sale Securities, Equity Securities | 0 | 3,341 | ' | ' |
Total | 1,731,764 | 1,560,945 | ' | ' |
Included in Cash and cash equivalents | 339,223 | 130,736 | 1,313,349 | 1,559,628 |
Included in Marketable securities | 1,384,062 | 1,425,700 | ' | ' |
Included in Other assets (Restricted cash) | $8,479 | $4,509 | ' | ' |
Cash_Cash_Equivalents_And_Mark3
Cash, Cash Equivalents, And Marketable Securities Cash, Cash Equivalents, And Marketable Securities narrative (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Cash, Cash Equivalents And Marketable Securities [Abstract] | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | $1,409,062,000 |
Available-for-sale Debt Securities Gross Unrealized Gain | $100,000 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | $29,004 | $11,203 |
Measured On A Recurring Basis [Member] | Total Fair Value [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total fair value of assets | 1,655,695 | 1,493,824 |
Total fair of value of liabilities | 29,135 | 11,968 |
Measured On A Recurring Basis [Member] | Total Fair Value [Member] | Embedded Derivative Financial Instruments [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 29,004 | 11,203 |
Measured On A Recurring Basis [Member] | Total Fair Value [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Investments in money market funds | 246,492 | 38,054 |
Measured On A Recurring Basis [Member] | Total Fair Value [Member] | Debt Securities Issued By The U.S. Treasury And Other U.S. Government Corporations And Agencies [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 1,409,062 | 1,452,358 |
Measured On A Recurring Basis [Member] | Total Fair Value [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Investments, Fair Value Disclosure | ' | 3,341 |
Measured On A Recurring Basis [Member] | Total Fair Value [Member] | Forward Contracts [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Foreign currency forward contracts | 141 | 71 |
Foreign currency forward contracts | 131 | 765 |
Measured On A Recurring Basis [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total fair value of assets | 1,655,554 | 1,457,334 |
Total fair of value of liabilities | 0 | 0 |
Measured On A Recurring Basis [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Embedded Derivative Financial Instruments [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 |
Measured On A Recurring Basis [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Investments in money market funds | 246,492 | 38,054 |
Measured On A Recurring Basis [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Debt Securities Issued By The U.S. Treasury And Other U.S. Government Corporations And Agencies [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 1,409,062 | 1,419,280 |
Measured On A Recurring Basis [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Investments, Fair Value Disclosure | ' | 0 |
Measured On A Recurring Basis [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Forward Contracts [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Foreign currency forward contracts | 0 | 0 |
Foreign currency forward contracts | 0 | ' |
Measured On A Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total fair value of assets | 141 | 36,490 |
Total fair of value of liabilities | 131 | 765 |
Measured On A Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Embedded Derivative Financial Instruments [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 |
Measured On A Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Investments in money market funds | 0 | 0 |
Measured On A Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Debt Securities Issued By The U.S. Treasury And Other U.S. Government Corporations And Agencies [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 33,078 |
Measured On A Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Investments, Fair Value Disclosure | ' | 3,341 |
Measured On A Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Forward Contracts [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Foreign currency forward contracts | 141 | 71 |
Foreign currency forward contracts | 131 | 765 |
Measured On A Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total fair value of assets | 0 | 0 |
Total fair of value of liabilities | 29,004 | 11,203 |
Measured On A Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Embedded Derivative Financial Instruments [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 29,004 | 11,203 |
Measured On A Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Investments in money market funds | 0 | 0 |
Measured On A Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Debt Securities Issued By The U.S. Treasury And Other U.S. Government Corporations And Agencies [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Measured On A Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Investments, Fair Value Disclosure | ' | 0 |
Measured On A Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Forward Contracts [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Foreign currency forward contracts | 0 | 0 |
Foreign currency forward contracts | $0 | $0 |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Changes In Fair Value Measurement Of Level 3 Items) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | $11,203 | $11,625 |
Unrealized (gain) loss on contingent interest derivative on Convertible Debentures | 17,801 | -422 |
Ending balance | $29,004 | $11,203 |
Fair_Value_Of_Financial_Instru4
Fair Value Of Financial Instruments (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Fair value assumptions expected volatility rate | 25.00% |
fair value hypothetical increase decrease in volatility rate | 5.00% |
fair value assumptions credit spread | 4.00% |
fair value hypothetical increase decrease in credit spread | 1.00% |
Convertible Debt, Fair Value Disclosures | $2,200,000,000 |
Debt Instrument, Fair Value Disclosure | $723,300,000 |
Other_Balance_Sheet_Items_Prep
Other Balance Sheet Items (Prepaid Expenses And Other Current Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ' | ' |
Prepaid expenses | $13,502 | $15,413 |
Non-trade receivables | 39,884 | 15,056 |
Deferred Finance Costs, Current, Net | 10,705 | 0 |
Other | 449 | 326 |
Prepaid expenses and other current assets | $64,540 | $30,795 |
Other_Balance_Sheet_Items_Prop
Other Balance Sheet Items (Property And Equipment, Net) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ' | ' |
Land | $31,141 | $31,141 |
Buildings and building improvements | 240,572 | 236,171 |
Computer equipment and software | 359,331 | 315,654 |
Capital work in progress | 16,213 | 11,393 |
Office equipment and furniture | 6,305 | 6,420 |
Leasehold improvements | 2,189 | 2,223 |
Total cost | 655,751 | 603,002 |
Less: accumulated depreciation and amortization | -316,098 | -269,141 |
Total property and equipment, net | $339,653 | $333,861 |
Other_Balance_Sheet_Items_Othe
Other Balance Sheet Items Other Balance Sheet Items (Goodwill) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ' | ' |
Goodwill, Gross | $1,537,843 | $1,537,843 |
Goodwill, Impaired, Accumulated Impairment Loss | -1,485,316 | -1,485,316 |
Goodwill | $52,527 | $52,527 |
Other_Balance_Sheet_Items_Othe1
Other Balance Sheet Items Other balance Sheet items (Other long-term assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ' | ' |
Income Taxes Receivable, Noncurrent | $5,811 | $5,811 |
Long-term Investments | 0 | 413 |
Deferred Finance Costs, Noncurrent, Net | 11,521 | 11,516 |
Restricted Cash and Cash Equivalents, Noncurrent | 8,479 | 4,509 |
Security Deposit | 1,934 | 3,076 |
Total other long-term assets | $27,745 | $25,325 |
Other_Balance_Sheet_Items_Comp
Other Balance Sheet Items (Components Of Accounts Payable And Accrued Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ' | ' |
Accounts payable | $24,843 | $23,519 |
Accrued employee compensation | 49,974 | 38,778 |
Customer deposits, net | 20,869 | 19,321 |
Taxes payable and other tax liabilities | 19,853 | 21,918 |
Other accrued liabilities | 33,737 | 26,855 |
Total accounts payable and accrued liabilities | $149,276 | $130,391 |
Restructuring_Charges_Narrativ
Restructuring Charges (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Excess Facilities [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges incurred to date | $8 |
Stock Based Compensation Expense [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges incurred to date | 16.2 |
Workforce Reduction [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges incurred to date | $21.30 |
Debt_And_Interest_Expense_Cred
Debt And Interest Expense (Credit Facilities) (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2013 | Dec. 31, 2013 | Nov. 28, 2011 | Nov. 22, 2011 |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Borrowing capacity of senior unsecured revolving credit facility | ' | ' | ' | $200 |
Credit facility, maturity date | 1-May-23 | ' | ' | ' |
Credit facility, termination date | ' | 22-Nov-16 | ' | ' |
Line of Credit Facility, Amount Borrowed | ' | ' | 100 | ' |
Aggregate increase of commitment amount available | ' | $150 | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Commitment fee percentage | ' | 0.20% | ' | ' |
Interest coverage ratio | ' | 3 | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Commitment fee percentage | ' | 0.30% | ' | ' |
Leverage ratio | ' | 2 | ' | ' |
Debt_And_Interest_Expense_Conv
Debt And Interest Expense (Convertible Debentures) (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 16, 2013 | Aug. 15, 2007 | |
Rate | Rate | Rate | Rate | ||
Debt Disclosure [Abstract] | ' | ' | ' | ' | ' |
Debt Instrument, Term Length | ' | '10 years | ' | ' | ' |
Principal amount of convertible debentures | ' | $1,250,000,000 | $1,250,000,000 | $750,000,000 | $1,250,000,000 |
Convertible debenture, interest rate | 3.25% | ' | ' | 4.63% | 3.25% |
Convertible debenture, maturity date | 15-Aug-37 | ' | ' | ' | ' |
Conversion rate per 1000 principal amount | 29.0968 | ' | ' | ' | ' |
Denominator of principal value upon which conversion is based | 1,000 | ' | ' | ' | ' |
Conversion price | ' | ' | ' | ' | $34.37 |
stock reserved for issuance | ' | 36.4 | ' | ' | ' |
Minimum required sales price as a percentage of conversion price | 150.00% | ' | ' | ' | ' |
Conversion threshold minimum stock price as a percentage of conversion price | 130.00% | ' | ' | ' | ' |
Debt Instrument, Convertible, Stock Price Trigger | $44.68 | ' | ' | ' | ' |
Percentage of maximum required trading price per convertible debentures | 98.00% | ' | ' | ' | ' |
Latest conversion date | 15-May-37 | ' | ' | ' | ' |
Additional common shares potentially issuable based on if-converted value of convertible debentures | ' | 15,500,000 | ' | ' | ' |
Purchase price as percentage of principal amount of convertible debt | 100.00% | ' | ' | ' | ' |
Net proceeds from issuance of convertible debenture | 1,224,223,000 | ' | ' | ' | ' |
Debt issuance costs | 25,777,000 | ' | ' | ' | ' |
Discount rate | 8.50% | 8.50% | ' | ' | ' |
Debt Instrument, Convertible, Remaining Discount Amortization Period | ' | '23 years 227 days | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | 8.39% |
Contingent interest on convertible debentures | ' | ' | $100,000,000 | ' | ' |
Debt_And_Interest_Expense_Debt
Debt And Interest Expense Debt And Interest Expense (Proceeds Upon Issuance Of Convertible Debt) (Details) (USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Aug. 31, 2007 |
Debt Instrument [Line Items] | ' |
Debt Instrument, Face Amount | $1,250,000 |
Payments of Debt Issuance Costs | -25,777 |
Proceeds from Convertible Debt | 1,224,223 |
Convertible Debt [Member] | ' |
Debt Instrument [Line Items] | ' |
Proceeds from Convertible Debt | 558,243 |
Additional Paid-In Capital [Member] | ' |
Debt Instrument [Line Items] | ' |
Proceeds from Convertible Debt | 418,996 |
Long-term deferred tax liability | ' |
Debt Instrument [Line Items] | ' |
Proceeds from Convertible Debt | 267,225 |
Other long-term assets [Member] | ' |
Debt Instrument [Line Items] | ' |
Proceeds from Convertible Debt | -11,328 |
Non-operating loss [Member] | ' |
Debt Instrument [Line Items] | ' |
Proceeds from Convertible Debt | ($8,913) |
Debt_And_Interest_Expense_Carr
Debt And Interest Expense (Carrying Amounts Of Liability And Equity Components) (Details) (USD $) | Dec. 31, 2013 | Apr. 16, 2013 | Dec. 31, 2012 | Aug. 15, 2007 |
In Thousands, unless otherwise specified | ||||
Debt Disclosure [Abstract] | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount (Premium), Net | $686,221 | ' | $686,221 | ' |
deferred tax on debenture discount | -267,225 | ' | 267,225 | ' |
Carrying amount of equity component (net of issuance costs of $14,449) | 418,996 | ' | 418,996 | ' |
Principal amount of convertible debentures | 1,250,000 | 750,000 | 1,250,000 | 1,250,000 |
Unamortized discount of liability component | -654,948 | ' | -663,589 | ' |
Carrying amount of liability component | 595,052 | ' | 586,411 | ' |
Contingent interest derivative | 29,004 | ' | 11,203 | ' |
Convertible Debt | $624,056 | ' | $597,614 | ' |
Debt_And_Interest_Expense_Comp
Debt And Interest Expense (Components Of Interest Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Contractual interest on Convertible Debentures | $40,625 | $40,625 | $40,625 |
Interest Expense, Debt | 24,570 | 0 | 0 |
Amortization of debt discount on the Convertible Debentures | 8,670 | 7,986 | 7,355 |
Contingent interest to holders of the Convertible Debentures | 0 | 0 | 100,020 |
Interest capitalized to property and equipment, net | -1,218 | -934 | -980 |
Other interest expense | 2,114 | 2,519 | 312 |
Total interest expense | $74,761 | $50,196 | $147,332 |
Debt_And_Interest_Expense_Debt1
Debt And Interest Expense Debt and Interest Expense (Senior Notes) (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2013 | Dec. 31, 2013 | Apr. 16, 2013 | Dec. 31, 2012 | Aug. 31, 2007 | Aug. 15, 2007 | |
Rate | Rate | Rate | Rate | |||
Debt Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | $200,000,000 | ' | ' | ' | ' |
Debt Instrument, Offering Date | 16-Apr-13 | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | 1,250,000,000 | 750,000,000 | 1,250,000,000 | ' | 1,250,000,000 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 4.63% | ' | 3.25% | 3.25% |
Debt Instrument, Maturity Date | 1-May-23 | ' | ' | ' | ' | ' |
Issue price of debt instrument as percentage of face amount | ' | ' | 100.00% | ' | ' | ' |
Repayments of Lines of Credit | ' | 100,000,000 | ' | ' | ' | ' |
issuance cost on senior note | ' | $12,000,000 | ' | ' | ' | ' |
Maximum percentage of Senior Notes redemmable on or before 2018 | 35.00% | ' | ' | ' | ' | ' |
Redemption Price Percentage For Redemption On Before 2018 | 104.63% | ' | ' | ' | ' | ' |
Redemption Price Of Senior Notes If Change Of Control | 101.00% | ' | ' | ' | ' | ' |
Debt Instrument, Term Length | ' | '10 years | ' | ' | ' | ' |
Stockholders_Deficit_Equity_Na
Stockholders' (Deficit) Equity (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 7 Months Ended | |||
Share data in Millions, except Per Share data, unless otherwise specified | Jan. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Jul. 24, 2013 | Jul. 24, 2013 |
Two Thousand Fourteen Share Buyback Program [Member] | Two Thousand Thirteen Share Buyback Program [Member] | Two Thousand Thirteen Share Buyback Program [Member] | Two Thousand Twelve Share Buyback Program [Member] | ||||
Treasury Stock Repurchase Programs [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Additional share repurchase amount authorized | $527,600,000 | ' | ' | ' | ' | $518,700,000 | ' |
Common stock authorized to repurchase | ' | ' | ' | 1,000,000,000 | ' | 1,000,000,000 | ' |
Remaining common stock available for repurchase | ' | ' | ' | ' | 472,400,000 | ' | 481,300,000 |
Special dividend declared, per share | ' | $2.75 | ' | ' | ' | ' | ' |
Special dividend paid | ' | 463,500,000 | ' | ' | ' | ' | ' |
Special dividends declaration date | ' | 27-Apr-11 | ' | ' | ' | ' | ' |
Special dividends payable date | ' | 18-May-11 | ' | ' | ' | ' | ' |
Common stock, held in treasury | ' | ' | 186.6 | ' | ' | ' | ' |
Common stock repurchased | ' | ' | $6,000,000,000 | ' | ' | ' | ' |
Stockholders_Deficit_Stockhold1
Stockholders' Deficit Stockholders' (Deficit) Equity (Summary of Common Stock Repurchase) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity Note [Abstract] | ' | ' | ' |
Treasury Stock Shares Repurchased | 21,006 | 7,692 | 16,318 |
Treasury Stock Shares Repurchased For Tax Withholdings And Other | 298 | 279 | 465 |
Treasury Stock, Shares, Acquired | 21,304 | 7,971 | 16,783 |
Treasury Stock, Value, Acquired, Cost Method | $1,035,617 | $325,680 | $550,097 |
Treasury Stock Shares Repurchased, Average Cost Per Share | $48.65 | $40.90 | $32.76 |
Treasury stock shares repurchased for tax withholdings and other, average cost per share | $46.16 | $39.63 | $33.37 |
Treasury Stock Acquired, Average Cost Per Share | $48.61 | $40.86 | $32.78 |
Stockholders_Deficit_Stockhold2
Stockholders' Deficit Stockholders' (Deficit) Equity (Changes In Components Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity Note [Abstract] | ' | ' | ' |
Foreign Currency Translation Adjustment, Balance | ($3,241) | ($3,241) | ' |
Foreign Currency Translation Adjustmentss Loss, Changes | 81 | 0 | ' |
Foreign Currency Translation Adjustment, Balance | -3,160 | -3,241 | -3,241 |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 2,853 | 157 | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | -2,778 | 2,696 | ' |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 75 | 2,853 | 157 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -388 | -3,084 | ' |
Other Comprehensive Income (Loss), Net of Tax | -2,697 | 2,696 | -1,750 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($3,085) | ($388) | ($3,084) |
Calculation_Of_Net_Income_Per_2
Calculation Of Net Income Per Share (Weighted-Average Shares Used In Calculation Of Basic And Diluted EPS) (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Weighted-average number of common shares outstanding | 144,591 | 156,953 | 165,408 |
Stock options | 92 | 174 | 309 |
Unvested restricted stock units | 709 | 763 | 736 |
Conversion spread related to Convertible Debentures | 10,361 | 5,944 | 416 |
Employee stock purchase plan | 33 | 75 | 18 |
Shares used to compute diluted net income per share | 155,786 | 163,909 | 166,887 |
Geographic_And_Customer_Inform2
Geographic And Customer Information (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Rate | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Concentration risk, percentage | 30.00% | ' | ' |
Number of customers accounting for concentration of risk | 1 | 1 | 1 |
Calculation_Of_Net_Income_Per_3
Calculation Of Net Income Per Share (Schedule Of Weighted-Average Potential Shares Excluded From Computation Of EPS) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Weighted-average exercise price | $0 | $40.81 | $35.70 |
Stock Options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Weighted-average potential shares excluded from computation of EPS | 0 | 30 | 366 |
Restricted Stock Units [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Weighted-average potential shares excluded from computation of EPS | 76 | 17 | 35 |
Employee Stock Purchase Plan [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Weighted-average potential shares excluded from computation of EPS | 148 | 96 | 434 |
Geographic_And_Customer_Inform3
Geographic And Customer Information (Comparison Of Geographic Revenues) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total revenues | $965,087 | $873,592 | $771,978 |
U.S. [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total revenues | 585,201 | 530,111 | 472,700 |
EMEA [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total revenues | 169,767 | 135,084 | 109,680 |
Asia Pacific [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total revenues | 129,664 | 130,648 | 116,999 |
Other [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Total revenues | $80,455 | $77,749 | $72,599 |
Calculation_Of_Net_Income_Per_4
Calculation Of Net Income Per Share Calculation of Net Income Per Share (Narrative) (Detail) (Details) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Earnings Per Share [Abstract] | ' |
Performance based shares not included in calculation of diluted weighted average shares outstanding | 0.2 |
Geographic_And_Customer_Inform4
Geographic And Customer Information (Comparison Of Property And Equipment, Net, By Geographic Region) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total property and equipment, net | $339,653 | $333,861 |
U.S. [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total property and equipment, net | 325,636 | 323,564 |
EMEA [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total property and equipment, net | 13,317 | 9,450 |
APAC [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Total property and equipment, net | $700 | $847 |
Employee_Benefits_And_StockBas2
Employee Benefits And Stock-Based Compensation (401(k) Plan To 2007 Employee Stock Purchase Plan) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Rate | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employer contribution under the plan | $3.10 | $2.80 | $2.90 |
Common stock were reserved for issuance | 14.3 | ' | ' |
Stock-based compensation expense related to vested RSUs | $9.20 | ' | ' |
Purchase price of common stock as percentage of lower of fair market value of common stock share on first day of offering period or last day of purchase period | 85.00% | ' | ' |
401 (k) Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Employer Contribution As A Percentage Of Employee Contribution | 50.00% | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting percentage of Options/RSUs | 25.00% | ' | ' |
Employee Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common stock were reserved for issuance | 2.1 | ' | ' |
Two Thousand Seven Employee Stock Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common stock were reserved for issuance | 6 | ' | ' |
Two Thousand Six Equity Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Common stock were reserved for issuance | 27 | ' | ' |
Minimum [Member] | Employee Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of compensation withheld to cover purchase price of common stock | 2.00% | ' | ' |
Maximum [Member] | 401 (k) Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee's contribution under the plan | 50.00% | ' | ' |
Employer contribution as a percentage of employee's annual salary | 6.00% | ' | ' |
Maximum [Member] | Employee Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of compensation withheld to cover purchase price of common stock | 25.00% | ' | ' |
Employee_Benefits_And_StockBas3
Employee Benefits And Stock-Based Compensation Employee Benefits and Stock-Based Compensation (Classification of Share-based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based Compensation | $36,649 | $33,362 | $43,272 |
Cost of Sales [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based Compensation | 6,156 | 5,754 | 6,655 |
Selling and Marketing Expense [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based Compensation | 6,252 | 6,091 | 6,062 |
Research and Development Expense [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based Compensation | 7,199 | 6,023 | 4,926 |
General and Administrative Expense [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based Compensation | 17,042 | 15,494 | 19,928 |
Restructuring Charges [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based Compensation | $0 | $0 | $5,701 |
Employee_Benefits_And_StockBas4
Employee Benefits And Stock-Based Compensation Employee Benefits And Stock-Based Compensation (Share-based Compensation by award type) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation | $36,649 | $33,362 | $43,272 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | -2,993 | -2,837 | -3,166 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation | 29,123 | 28,874 | 32,501 |
Employee Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation | 5,307 | 4,436 | 3,904 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation | 179 | 956 | 3,528 |
Restricted Stock Units Stock Option Acceleration Member | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation | $0 | $0 | $5,701 |
Employee_Benefits_And_StockBas5
Employee Benefits And Stock-Based Compensation (Stock Based Compensation to Modifications) (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,442,000 | 2,478,000 | 2,345,000 | 2,719,000 |
Closing price of Verisign's stock | $59.78 | ' | ' | ' |
Employees affected by plan modifications | ' | ' | 217 | ' |
Acceleration cost recognized due to plan modification | ' | ' | $5,700,000 | ' |
Share-based Compensation | 36,649,000 | 33,362,000 | 43,272,000 | ' |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation | 179,000 | 956,000 | 3,528,000 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation | 29,123,000 | 28,874,000 | 32,501,000 | ' |
Employee Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Volatility | 26.00% | 26.00% | 26.00% | ' |
Risk-free interest rate | 0.14% | 0.16% | 0.30% | ' |
Expected term (in years) | ' | '1 year 90 days | '1 year 90 days | ' |
Share-based Compensation | 5,307,000 | 4,436,000 | 3,904,000 | ' |
Dividend Yield | 0.00% | 0.00% | 0.00% | ' |
Income Tax Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Income tax benefit on stock-based compensation | 11,900,000 | 9,400,000 | 13,100,000 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total unrecognized compensation cost | 56,900,000 | ' | ' | ' |
Weighted-average period of recognition for unrecognized compensation cost (in years) | '2 years 3 months | ' | ' | ' |
Aggregate intrinsic value of unvested RSUs | 145,900,000 | ' | ' | ' |
Fair values of vested RSUs | $41,500,000 | $31,700,000 | $44,200,000 | ' |
Performance Shares [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 200,000 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock units with performance condition | 0 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock units with performance condition | 400,000 | ' | ' | ' |
Employee_Benefits_And_StockBas6
Employee Benefits And Stock-Based Compensation (Summary Of Unvested RSUs Activity) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Share-based Compensation [Abstract] | ' | ' | ' | ' |
Granted, Shares | 1,132 | 1,341 | 1,860 | ' |
Vested and settled, Shares | -900 | -881 | -1,411 | ' |
Forfeited, Shares | -268 | -327 | -1,025 | ' |
Dividend equivalents, Shares | 0 | 0 | 202 | ' |
Unvested at end of period, Shares | 2,442 | 2,478 | 2,345 | 2,719 |
Unvested at beginning of period, Weighted-Average Grant-Date Fair Value | $32.07 | $27.33 | $23.50 | ' |
Granted, Weighted-Average Grant-Date Fair Value | $45.08 | $38.20 | $34.29 | ' |
Vested and settled, Weighted-Average Grant-Date Fair Value | $30.73 | $27.57 | $27 | ' |
Forfeited, Weighted-Average Grant-Date Fair Value | $36.09 | $32.34 | $24.94 | ' |
Dividend equivalents, Weighted-Average Grant-Date Fair Value | $0 | $0 | $0 | ' |
Unvested at end of period, Weighted-Average Grant-Date Fair Value | $38 | $32.07 | $27.33 | ' |
Recovered_Sheet1
Non-operating income, net Non-Operating income, net (Components of Non-operating income, net) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Non-operating (loss) income, net [Abstract] | ' | ' | ' |
Interest and Dividend Income, Securities | $1,897 | $2,957 | $5,017 |
Unrealized Gain (Loss) on Derivatives | -17,801 | 422 | -1,125 |
Income From Transition Services Agreements | 0 | 2,541 | 8,083 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 18,861 | 102 | 4,246 |
Other Nonoperating Income (Expense) | 343 | -458 | -4,691 |
Nonoperating Income (Expense) | $3,300 | $5,564 | $11,530 |
Nonoperating_income_net_NonOpe1
Non-operating income, net Non-Operating Income, net (Narrative) (Details) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 |
Non-Operating Income, Net [Abstract] | ' | ' |
Realized Gain (Loss) on Disposal | $3 | ' |
Cost-method Investments, Realized Gain (Loss) | 15.8 | ' |
Out Of Period Adjustment Recorded For Certain Non Income Taxes | ' | $3.90 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Aug. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | |
Rate | Rate | Rate | Rate | Federal [Member] | State [Member] | Foreign [Member] | Federal And State [Member] | Minimum [Member] | Maximum [Member] | ||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal statutory rate | ' | ' | 35.00% | 35.00% | 35.00% | ' | ' | ' | ' | ' | ' |
income tax benefit, related to worthless stock deduction | ' | $375,300,000 | ($1,717,466,000) | $0 | $0 | ' | ' | ' | ' | ' | ' |
Foreign Earnings Repatriated | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700 | 800 |
Income Tax Expense (Benefit) repatriation | ' | ' | 167,115,000 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Repatriated of previously taxed income | ' | ' | ' | 86,400,000 | ' | ' | ' | ' | ' | ' | ' |
Realization of foreign currency gain | ' | ' | ' | 17,700,000 | ' | ' | ' | ' | ' | ' | ' |
Net operating loss carryforwards | ' | ' | ' | ' | ' | 986,500,000 | 1,600,000,000 | 37,800,000 | ' | ' | ' |
Federal research tax credits | ' | ' | ' | ' | ' | 41,300,000 | 2,000,000 | ' | ' | ' | ' |
Alternative minimum tax credits | ' | 12,700,000 | 12,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax-affected amount recorded in equity | ' | 70,100,000 | 70,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards, Date | ' | ' | ' | ' | ' | ' | ' | '2015 through 2017 | '2014 through 2033 | ' | ' |
Undistributed earnings of foreign subsidiaries | ' | 153.3 | 153.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Impact of tax holiday on diluted earnings per share | ' | ' | $0.18 | $0.11 | $0.06 | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits, including penalties and interest, that would affect the Company's effective tax rate if realized | ' | 187,200,000 | 187,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instruments, Discount Rate | 8.50% | ' | 8.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Tax credit carryforward expiration | ' | ' | '2014 through 2033 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax expense related to foreign currency gain on distribution of previously taxed income | ' | ' | ' | $6,207,000 | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Income_From_Conti
Income Taxes (Income From Continuing Operations Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
United States | $250,041 | $245,745 | $62,287 |
Foreign | 206,730 | 166,950 | 131,300 |
Income from continuing operations before income taxes | $456,771 | $412,695 | $193,587 |
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, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Federal, Current (expense) benefit | ($1,104) | ($13,553) | ($30,325) |
State, Current (expense) benefit | -8,150 | -7,960 | -1,963 |
Foreign, including foreign withholding tax, Current (expense) benefit | -13,613 | -8,498 | -1,146 |
Current (expense) benefit | -22,867 | -30,011 | -33,434 |
Federal, Deferred (expense) benefit | 53,629 | -67,700 | -17,047 |
State, Deferred (expense) benefit | 66,701 | -6,760 | -1,501 |
Foreign, Deferred (expense) benefit | -9,784 | 4,261 | -3,049 |
Deferred (expense) benefit | 110,546 | -70,199 | -21,597 |
Total income tax expense from continuing operations | -87,679 | 100,210 | 55,031 |
Income tax benefit (expense) from discontinued operations | $0 | ($3,594) | $4,422 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Income Tax At Effective Income Tax Rate) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' | ' |
Income tax expense at federal statutory rate | ' | ($159,870) | ($144,443) | ($67,755) |
State taxes, net of federal benefit | ' | -13,821 | -10,003 | -2,280 |
Differences between statutory rate and foreign effective tax rate | ' | 51,016 | 51,780 | 43,591 |
income tax benefit, related to worthless stock deduction | -375,300 | 1,717,466 | 0 | 0 |
Change in valuation allowance | ' | -1,195,303 | 5,760 | -350 |
Repatriation of Foreign Earnings, Income tax | ' | 167,115 | 0 | 0 |
Accrual for uncertain tax positions | ' | -140,596 | -306 | -23,265 |
Other | ' | -4,098 | -2,998 | -4,972 |
Income tax (expense) benefit | ' | $87,679 | ($100,210) | ($55,031) |
Income_Taxes_Summary_Of_Deferr
Income Taxes (Summary Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' |
Net operating loss carryforwards | $260,253 | $34,422 |
Deductible goodwill and intangible assets | 48,365 | 7,761 |
Tax credit carryforwards | 4,432 | 0 |
Deferred revenue, accruals and reserves | 99,934 | 87,235 |
Capital loss carryforwards and book impairment of investments | 1,210,529 | 3,400 |
Other | 5,060 | 5,234 |
Total deferred tax assets | 1,628,573 | 138,052 |
Valuation allowance | -1,203,870 | -20,815 |
Net deferred tax assets | 424,703 | 117,237 |
Property and equipment | -19,354 | -21,522 |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 167,115 | 0 |
Convertible debentures | -453,825 | -424,488 |
Other | -5,656 | -5,984 |
Deferred Tax Liabilities, Gross | 645,950 | 451,994 |
Total deferred tax liabilities | $221,247 | $334,757 |
Income_Taxes_Reconciliation_Of1
Income Taxes (Reconciliation Of Gross Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' |
Gross unrecognized tax benefits at January 1 | $56,593 | $55,933 |
Increases in tax positions for prior years | 83 | 420 |
Increases in tax positions for current year | 140,513 | 240 |
Gross unrecognized tax benefits at December 31 | $197,189 | $56,593 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 16, 2013 | Nov. 28, 2011 | Nov. 22, 2011 | Aug. 31, 2007 | Aug. 15, 2007 | |
Rate | Rate | Rate | ||||||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Rental expenses under operating leases | $1,900,000 | $3,000,000 | $10,600,000 | ' | ' | ' | ' | ' |
Number of domain names registered | 112,000,000 | ' | ' | ' | ' | ' | ' | ' |
Uncertain tax positions | 187,200,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | 200,000,000 | ' | ' |
Borrowing capacity of senior unsecured revolving credit facility | 200,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Borrowed | ' | ' | ' | ' | 100,000,000 | ' | ' | ' |
Principal amount of convertible debentures | 1,250,000,000 | 1,250,000,000 | ' | 750,000,000 | ' | ' | ' | 1,250,000,000 |
Convertible debenture, interest rate | ' | ' | ' | 4.63% | ' | ' | 3.25% | 3.25% |
Limit of Tax Deductible Compensation | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Indemnification period (months) | 60 | ' | ' | ' | ' | ' | ' | ' |
Claims threshold amount to trigger indemnification obligation | 4,000,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of claims to be indemnified | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Maximum indemnification obligation | 50,000,000 | ' | ' | ' | ' | ' | ' | ' |
ICANN Agreement [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration Date of Registry Agreement | 'NovemberB 30, 2018 | ' | ' | ' | ' | ' | ' | ' |
Registry fee per transaction | 0.25 | ' | ' | ' | ' | ' | ' | ' |
Payments for registry fees | 27,900,000 | 18,700,000 | 18,000,000 | ' | ' | ' | ' | ' |
.TV Agreement [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
renewed agreement fees | $4,500,000 | $4,000,000 | $2,500,000 | ' | ' | ' | ' | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Minimum Payments Required Under Purchase Obligations) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Purchase Obligations And Contractual Agreements [Line Items] | ' |
2013 | $114,835 |
2014 | 88,543 |
2015 | 85,294 |
2016 | 80,955 |
2017 | 80,313 |
Thereafter | 2,945,076 |
Purchase Obligation | 3,395,016 |
Purchase Obligations [Member] | ' |
Purchase Obligations And Contractual Agreements [Line Items] | ' |
2013 | 33,256 |
2014 | 6,705 |
2015 | 3,612 |
2016 | 393 |
2017 | 0 |
Thereafter | 0 |
Purchase Obligation | 43,966 |
.TV Agreement [Member] | ' |
Purchase Obligations And Contractual Agreements [Line Items] | ' |
2013 | 4,500 |
2014 | 5,000 |
2015 | 5,000 |
2016 | 5,000 |
2017 | 5,000 |
Thereafter | 15,000 |
Purchase Obligation | 39,500 |
Convertible Debt [Member] | ' |
Purchase Obligations And Contractual Agreements [Line Items] | ' |
2013 | 40,625 |
2014 | 40,625 |
2015 | 40,625 |
2016 | 40,625 |
2017 | 40,625 |
Thereafter | 2,006,641 |
Purchase Obligation | 2,209,766 |
Senior Notes [Member] | ' |
Purchase Obligations And Contractual Agreements [Line Items] | ' |
2013 | 34,688 |
2014 | 34,688 |
2015 | 34,688 |
2016 | 34,688 |
2017 | 34,688 |
Thereafter | 923,435 |
Purchase Obligation | 1,096,875 |
Lease Agreements [Member] | ' |
Purchase Obligations And Contractual Agreements [Line Items] | ' |
2013 | 1,766 |
2014 | 1,525 |
2015 | 1,369 |
2016 | 249 |
2017 | 0 |
Thereafter | 0 |
Purchase Obligation | $4,909 |