Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | Apr. 17, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | VERISIGN INC/CA | |
Entity Central Index Key | 1014473 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 116,434,450 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $705,879 | $191,608 |
Marketable securities | 1,165,443 | 1,233,076 |
Accounts receivable, net | 14,656 | 13,448 |
Other Assets, Current | 54,006 | 52,475 |
Total current assets | 1,939,984 | 1,490,607 |
Property and equipment, net | 311,870 | 319,028 |
Goodwill | 52,527 | 52,527 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 266,508 | 266,954 |
Other long-term assets | 36,821 | 25,743 |
Total long-term assets | 667,726 | 664,252 |
Total assets | 2,607,710 | 2,154,859 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 150,482 | 190,278 |
Deferred revenues | 648,439 | 621,307 |
Convertible Debentures, including contingent interest derivative | 635,453 | 631,190 |
Deferred Tax Liabilities, Net, Current | 487,817 | 477,781 |
Total current liabilities | 1,922,191 | 1,920,556 |
Long-term deferred revenues | 276,497 | 269,047 |
Senior Notes | 1,250,000 | 750,000 |
Other long-term liabilities | 106,899 | 98,722 |
Total long-term liabilities | 1,633,396 | 1,117,769 |
Total liabilities | 3,555,587 | 3,038,325 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Preferred stock-par value $.001 per share; Authorized shares: 5,000; Issued and outstanding shares: none | 0 | 0 |
Common stock-par value $.001 per share; Authorized shares: 1,000,000; Issued shares: 322,707 at March 31, 2015 and 321,699 at December 31, 2014; Outstanding shares: 116,429 at March 31, 2015 and 118,452 at December 31, 2014 | 323 | 322 |
Additional paid-in capital | 17,967,312 | 18,120,045 |
Accumulated deficit | -18,912,597 | -19,000,835 |
Accumulated other comprehensive loss | -2,915 | -2,998 |
Total stockholders' deficit | -947,877 | -883,466 |
Total liabilities and stockholders' deficit | $2,607,710 | $2,154,859 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 322,707 | 321,699 |
Common stock, outstanding shares | 116,429 | 118,452 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Revenues | $258,422 | $248,796 |
Costs and expenses: | ||
Cost of revenues | 48,353 | 48,026 |
Sales and marketing | 22,382 | 20,289 |
Research and development | 17,152 | 18,439 |
General and administrative | 26,298 | 22,457 |
Total costs and expenses | 114,185 | 109,211 |
Operating income | 144,237 | 139,585 |
Interest expense | -22,017 | -21,385 |
Non-operating income (loss), net | -5,555 | 6,516 |
Income before income taxes | 116,665 | 124,716 |
Income tax expense | -28,427 | -30,293 |
Net Income | 88,238 | 94,423 |
Change in unrealized gain on investments, net of tax | 87 | 8 |
Realized gain on investments, net of tax, included in net income | -4 | 5 |
Other comprehensive income (loss) | 83 | 13 |
Comprehensive Income | $88,321 | $94,436 |
Basic income (loss) per share | ||
Continuing operations | $0.75 | $0.71 |
Diluted income (loss) per share | ||
Continuing operations | $0.66 | $0.64 |
Shares used to compute net income per share | ||
Basic | 117,139 | 133,417 |
Diluted | 133,850 | 148,600 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $88,238 | $94,423 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property and equipment and amortization of other intangible assets | 15,747 | 16,008 |
Stock-based compensation | 10,128 | 9,993 |
Excess tax benefit associated with stock-based compensation | -5,993 | 0 |
Unrealized Gain (Loss) on Derivatives | 7,019 | -5,269 |
contingent interest payment for debenture | -5,225 | 0 |
Other, net | 2,701 | 1,004 |
Changes in operating assets and liabilities | ||
Accounts receivable | -1,282 | -1,806 |
Prepaid expenses and other assets | -3,084 | 7,925 |
Accounts payable and accrued liabilities | -28,816 | -34,579 |
Deferred revenues | 34,582 | 30,384 |
Deferred Income Taxes | 18,654 | 23,546 |
Net cash provided by operating activities | 132,669 | 141,629 |
Cash flows from investing activities: | ||
Proceeds from maturities and sales of marketable securities | 325,399 | 718,177 |
Purchases of marketable securities | -257,415 | -784,090 |
Purchases of property and equipment | -13,042 | -11,262 |
Other investing activities | -3,787 | 34 |
Net cash used in investing activities | 51,155 | -77,141 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock from option exercises and employee stock purchase plans | 8,776 | 8,668 |
Repurchases of common stock | -178,330 | -145,556 |
Proceeds from Issuance of Senior Long-term Debt | 493,824 | 0 |
Excess tax benefit associated with stock-based compensation | 5,993 | 0 |
Net cash used in financing activities | 330,263 | -136,888 |
Effect of exchange rate changes on cash and cash equivalents | 184 | 230 |
Net decrease in cash and cash equivalents | 514,271 | -72,170 |
Cash and cash equivalents at beginning of period | 191,608 | 339,223 |
Cash and cash equivalents at end of period | 705,879 | 267,053 |
Supplemental cash flow disclosures: | ||
Cash paid for interest, net of capitalized interest | 25,494 | 20,209 |
Cash paid for income taxes, net of refunds received | $12,970 | $7,651 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Basis of Presentation |
Interim Financial Statements | |
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by VeriSign, Inc. (“Verisign” or the “Company”) in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, therefore, do not include all information and notes normally provided in audited financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and other adjustments) considered necessary for a fair presentation have been included. The results of operations for any interim period are not necessarily indicative of, nor comparable to, the results of operations for any other interim period or for a full fiscal year. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes contained in Verisign’s fiscal 2014 Annual Report on Form 10-K (the “2014 Form 10-K”) filed with the SEC on February 13, 2015. | |
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. | |
Recent Accounting Pronouncements | |
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is expected to become effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Cash_Cash_Equivalents_And_Mark
Cash, Cash Equivalents, And Marketable Securities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Cash | $ | 108,021 | $ | 110,799 | ||||
Money market funds | 605,413 | 85,453 | ||||||
Time deposits | 4,259 | 3,384 | ||||||
Debt securities issued by the U.S. Treasury | 1,165,235 | 1,233,076 | ||||||
Equity securities of public companies | 209 | — | ||||||
Total | $ | 1,883,137 | $ | 1,432,712 | ||||
Included in Cash and cash equivalents | $ | 705,879 | $ | 191,608 | ||||
Included in Marketable securities | $ | 1,165,443 | $ | 1,233,076 | ||||
Included in Other long-term assets (Restricted cash) | $ | 11,815 | $ | 8,028 | ||||
The fair value of the debt securities held as of March 31, 2015 was $1.2 billion, including less than $0.1 million of gross and net unrealized losses. All of the debt securities held as of March 31, 2015 are scheduled to mature in less than one year. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 March 31, 2015 and December 31, 2014: | ||||||||||||||||
Fair Value Measurement Using | ||||||||||||||||
Total Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
(In thousands) | ||||||||||||||||
As of March 31, 2015: | ||||||||||||||||
Assets: | ||||||||||||||||
Investments in money market funds | $ | 605,413 | $ | 605,413 | $ | — | $ | — | ||||||||
Debt securities issued by the U.S. Treasury | 1,165,235 | 1,165,235 | — | — | ||||||||||||
Equity securities of public companies | 209 | 209 | — | — | ||||||||||||
Foreign currency forward contracts (1) | 729 | — | 729 | — | ||||||||||||
Total | $ | 1,771,586 | $ | 1,770,857 | $ | 729 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Contingent interest derivative on the Subordinated Convertible Debentures | $ | 28,549 | $ | — | $ | — | $ | 28,549 | ||||||||
Foreign currency forward contracts (2) | 112 | — | 112 | — | ||||||||||||
Total | $ | 28,661 | $ | — | $ | 112 | $ | 28,549 | ||||||||
As of December 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Investments in money market funds | $ | 85,453 | $ | 85,453 | $ | — | $ | — | ||||||||
Debt securities issued by the U.S. Treasury | 1,233,076 | 1,233,076 | — | — | ||||||||||||
Foreign currency forward contracts (1) | 330 | — | 330 | — | ||||||||||||
Total | $ | 1,318,859 | $ | 1,318,529 | $ | 330 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Contingent interest derivative on the Subordinated Convertible Debentures | $ | 26,755 | $ | — | $ | — | $ | 26,755 | ||||||||
Foreign currency forward contracts (2) | 169 | — | 169 | — | ||||||||||||
Total | $ | 26,924 | $ | — | $ | 169 | $ | 26,755 | ||||||||
-1 | Included in 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. Debt securities purchased with original maturities in excess of three months are included in Marketable securities. | ||||||||||||||||
The fair value of the equity securities of public companies is based on quoted market prices and are classified as Level 1. Investments in equity securities of public companies 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 due 2037 (“the Subordinated Convertible Debentures”). The inputs to the model include stock price, bond price, risk free 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 March 31, 2015, the valuation of the contingent interest derivative assumed a volatility rate of approximately 24%. 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 March 31, 2015. 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 the Subordinated Convertible Debentures during the three months ended March 31, 2015 and 2014: | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
(In thousands) | ||||||||||||||||
Beginning balance | $ | 26,755 | $ | 29,004 | ||||||||||||
Payment of contingent interest | (5,225 | ) | — | |||||||||||||
Unrealized loss (gain) | 7,019 | (5,269 | ) | |||||||||||||
Ending balance | $ | 28,549 | $ | 23,735 | ||||||||||||
On February 15, 2015, the Company paid contingent interest of $5.2 million in addition to the normal coupon interest to holders of record of the Subordinated Convertible Debentures as of February 1, 2015. In February 2015, the upside trigger on the Subordinated Convertible Debentures was met for the six month interest period from February 15, 2015 through August 15, 2015. The $5.5 million contingent interest payable in August 2015 is included in the balance of the contingent interest derivative on the Subordinated Convertible Debentures as of March 31, 2015. | ||||||||||||||||
Other | ||||||||||||||||
The Company’s other financial instruments include cash, accounts receivable, restricted cash, and accounts payable. As of March 31, 2015, the carrying value of these financial instruments approximated their fair value. The fair value of the Company’s Subordinated Convertible Debentures was $2.5 billion as of March 31, 2015. The fair values of the senior notes due 2023 (the “2023 Senior Notes”) and the senior notes due 2025 (the “2025 Senior Notes”) were $750.0 million and $512.5 million, respectively, as of March 31, 2015. The fair values of these debt instruments are based on available market information from public data sources and are classified as Level 2. |
Other_Balance_Sheet_Items
Other Balance Sheet Items | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Other Balance Sheet Items | Other Balance Sheet Items | |||||||
Other Current Assets | ||||||||
Other current assets consist of the following: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Income tax and other receivables | $ | 20,839 | $ | 24,821 | ||||
Prepaid expenses | 21,401 | 16,190 | ||||||
Debt issuance costs | 10,534 | 10,570 | ||||||
Deferred tax assets | 252 | 247 | ||||||
Other | 980 | 647 | ||||||
Total other current assets | $ | 54,006 | $ | 52,475 | ||||
Other Long-Term Assets | ||||||||
Other long-term assets consist of the following: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Debt issuance costs | 17,631 | 10,160 | ||||||
Long-term restricted cash | 11,815 | 8,028 | ||||||
Other tax receivable | 5,673 | 5,673 | ||||||
Long-term prepaid expenses and other assets | 1,702 | 1,882 | ||||||
Total other long-term assets | $ | 36,821 | $ | 25,743 | ||||
The Company recorded $6.5 million of debt issuance costs in connection with the offering of the 2025 Senior Notes and $1.3 million of debt issuance costs related to the new unsecured revolving credit facility during the three months ended March 31, 2015. The 2025 Senior Notes and the new credit facility are discussed in Note 8 “Debt and Interest Expense.” | ||||||||
Accounts Payable and Accrued Liabilities | ||||||||
Accounts payable and accrued liabilities consist of the following: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Accounts payable | $ | 22,778 | $ | 29,335 | ||||
Accrued employee compensation | 28,193 | 49,470 | ||||||
Customer deposits | 28,654 | 30,103 | ||||||
Income taxes payable and other tax liabilities | 33,792 | 47,079 | ||||||
Other accrued liabilities | 37,065 | 34,291 | ||||||
Total accounts payable and accrued liabilities | $ | 150,482 | $ | 190,278 | ||||
Accrued employee compensation primarily consists of liabilities for employee leave, salaries, payroll taxes, employee contributions to the employee stock purchase plan, and incentive compensation. Accrued employee incentive compensation as of December 31, 2014, was paid during the three months ended March 31, 2015. Income taxes payable and other tax liabilities as of March 31, 2015, reflects payments made during the first quarter of 2015 for income taxes in certain non-U.S. jurisdictions. Other accrued liabilities include miscellaneous vendor payables, coupon interest on the Subordinated Convertible Debentures which is paid semi-annually in arrears on August 15 and February 15, and interest on the 2023 Senior Notes which is paid semi-annually in arrears on May 1 and November 1. |
Stockholders_Deficit
Stockholders' Deficit | 3 Months Ended |
Mar. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' (Deficit) Equity | Stockholders’ Deficit |
On January 30, 2015, the Company’s Board of Directors approved an additional authorization for share repurchases of approximately $452.9 million of its common stock in addition to the $547.1 million remaining available for repurchases of its common stock under the previous share buyback program for a total repurchase authorization of up to $1.0 billion of its common stock. The share buyback program has no expiration date. Purchases made under the program could be effected through open market transactions, block purchases, accelerated share repurchase agreements or other negotiated transactions. During the three months ended March 31, 2015 the Company repurchased 2.7 million shares of its common stock, at an average stock price of $58.32 for an aggregate cost of $159.8 million. As of March 31, 2015, $916.6 million remained available for further repurchases under the share buyback program. | |
During three months ended March 31, 2015, the Company placed 0.3 million shares, at an average stock price of $63.55, and for an aggregate cost of $18.5 million, into treasury stock for purposes related to tax withholding upon vesting of Restricted Stock Units (“RSUs”). | |
Since inception the Company has repurchased 206.3 million shares of its common stock for an aggregate cost of $7.0 billion, which is presented as a reduction of Additional paid-in capital. |
Calculation_Of_Net_Income_Per_
Calculation Of Net Income Per Share | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
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: | |||||
Three Months Ended March 31, | |||||
2015 | 2014 | ||||
(In thousands) | |||||
Weighted-average shares of common stock outstanding | 117,139 | 133,417 | |||
Weighted-average potential shares of common stock outstanding: | |||||
Conversion spread related to the Subordinated Convertible Debentures | 15,812 | 14,286 | |||
Unvested RSUs | 869 | 817 | |||
Stock options | 8 | 37 | |||
Employee stock purchase plan | 22 | 43 | |||
Shares used to compute diluted net income per share | 133,850 | 148,600 | |||
The calculation of diluted weighted average shares outstanding, excludes potentially dilutive securities, the effect of which would have been anti-dilutive, as well as performance based RSUs granted by the Company for which the relevant performance criteria have not been achieved. The number of potential shares excluded from the calculation was not significant in any period presented. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Share-based Compensation [Abstract] | ||||||||
Stock-Based Compensation | Stock-based Compensation | |||||||
Stock-based compensation is classified in the Condensed Consolidated Statements of Comprehensive Income in the same expense line items as cash compensation. The following table presents the classification of stock-based compensation: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Cost of revenues | $ | 1,739 | $ | 1,598 | ||||
Sales and marketing | 1,299 | 1,848 | ||||||
Research and development | 1,721 | 1,872 | ||||||
General and administrative | 5,369 | 4,675 | ||||||
Total stock-based compensation expense | $ | 10,128 | $ | 9,993 | ||||
The following table presents the nature of the Company’s total stock-based compensation: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
RSUs | $ | 8,294 | $ | 7,715 | ||||
Performance-based RSUs | 1,453 | 1,868 | ||||||
Employee stock purchase plan | 1,081 | 1,040 | ||||||
Capitalization (Included in Property and equipment, net) | (700 | ) | (630 | ) | ||||
Total stock-based compensation expense | $ | 10,128 | $ | 9,993 | ||||
Interest_Expense
Interest Expense | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Interest Expense [Abstract] | ||||||||
Interest Expense | Interest Expense | |||||||
Senior Notes due 2025 | ||||||||
On March 27, 2015, the Company issued $500.0 million principal amount of 5.25% senior unsecured notes due April 1, 2025. The Company intends to use the proceeds for general corporate purposes, including, but not limited to, the repurchase of shares of its common stock under its share buyback program. In connection with the offering the Company incurred $6.5 million of issuance costs which were deferred and included in Other long-term assets. The issuance costs will be amortized to Interest expense over the 10 year term of the notes. The Company will pay interest on the notes semi-annually on April 1 and October 1, commencing on October 1, 2015. | ||||||||
The Company may redeem the 2025 Senior Notes, in whole or in part, at any time at the Company’s option at specified redemption prices. The Company entered into a registration rights agreement (the “Registration Rights Agreement”) with the initial purchasers that provides holders of the notes certain rights relating to registration of the notes under the Securities Act of 1933, as amended. If the Company does not complete the registration of the 2025 Senior Notes pursuant to the terms of the Registration Rights Agreement (a “Registration Default”), the annual interest rate of the notes will be increased by 0.25% per annum during the 90-day period immediately following such Registration Default and will increase by 0.25% per annum at the end of each subsequent 90-day period, but in no event shall such increase exceed 1.0% per annum. | ||||||||
2015 Credit Facility | ||||||||
On March 31, 2015, the Company entered into a new credit agreement for a $200.0 million committed senior unsecured revolving credit facility (the “2015 Credit Facility”), The 2015 Credit Facility replaces the Company’s 2011 Credit Facility which was set to expire in November 2016. The terms of the 2015 Credit Facility are substantially similar to the terms of the previous 2011 Credit Facility. The 2015 Credit 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 2.5 to 1.0. As of March 31, 2015, there were no borrowings outstanding under the facility and the Company was in compliance with the financial covenants. The 2015 Credit Facility expires on April 1, 2020 at which time any outstanding borrowings are due. | ||||||||
The following table presents the components of the Company’s interest expense: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Contractual interest on the Subordinated Convertible Debentures | $ | 10,156 | $ | 10,156 | ||||
Contractual interest on 2023 Senior Notes | 8,672 | 8,672 | ||||||
Contractual interest on 2025 Senior Notes | 365 | — | ||||||
Amortization of debt discount on the Subordinated Convertible Debentures | 2,477 | 2,282 | ||||||
Credit facility fees and amortization of debt issuance costs | 504 | 491 | ||||||
Interest capitalized to Property and equipment, net | (157 | ) | (216 | ) | ||||
Total interest expense | $ | 22,017 | $ | 21,385 | ||||
Nonoperating_loss_income
Non-operating (loss) income | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Non-operating (loss) income, net [Abstract] | ||||||||
Other Income and Other Expense Disclosure [Text Block] | Non-operating (Loss) Income, Net | |||||||
The following table presents the components of Non-operating (loss) income, net: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Unrealized (loss) gain on contingent interest derivative on Subordinated Convertible Debentures | $ | (7,019 | ) | $ | 5,269 | |||
Interest income | 259 | 316 | ||||||
Other, net | 1,205 | 931 | ||||||
Total non-operating (loss) income, net | $ | (5,555 | ) | $ | 6,516 | |||
Unrealized losses and gains on the contingent interest derivative on the Subordinated Convertible Debentures reflect the change in value of the derivative that results primarily from changes in the Company’s stock price. Interest income is earned principally from the Company’s surplus cash balances and marketable securities. |
Income_Taxes
Income Taxes | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Income Taxes | Income Taxes | |||||||
The following table presents income tax expense and the effective tax rate: | ||||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Income tax expense | $ | 28,427 | $ | 30,293 | ||||
Effective tax rate | 24 | % | 24 | % | ||||
The effective tax rate for the three months ended March 31, 2015 and 2014 is lower than the statutory federal rate of 35% primarily due to tax benefits from foreign income taxed at lower rates, partially offset by state income taxes and non-deductible stock-based compensation. | ||||||||
Current deferred tax liabilities and Other long-term tax liabilities as of March 31, 2015 reflect the use of a portion of U.S. foreign tax credits during the first quarter of 2015, an increase in the deferred tax liability related to the Subordinated Convertible Debentures, and the reclassification of unrecognized tax benefits. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies |
Legal Proceedings | |
Verisign is involved in various 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. | |
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. | |
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. |
Cash_Cash_Equivalents_And_Mark1
Cash, Cash Equivalents, And Marketable Securities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Cash | $ | 108,021 | $ | 110,799 | ||||
Money market funds | 605,413 | 85,453 | ||||||
Time deposits | 4,259 | 3,384 | ||||||
Debt securities issued by the U.S. Treasury | 1,165,235 | 1,233,076 | ||||||
Equity securities of public companies | 209 | — | ||||||
Total | $ | 1,883,137 | $ | 1,432,712 | ||||
Included in Cash and cash equivalents | $ | 705,879 | $ | 191,608 | ||||
Included in Marketable securities | $ | 1,165,443 | $ | 1,233,076 | ||||
Included in Other long-term assets (Restricted cash) | $ | 11,815 | $ | 8,028 | ||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||
Fair Value Measurement Using | ||||||||||||||||
Total Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
(In thousands) | ||||||||||||||||
As of March 31, 2015: | ||||||||||||||||
Assets: | ||||||||||||||||
Investments in money market funds | $ | 605,413 | $ | 605,413 | $ | — | $ | — | ||||||||
Debt securities issued by the U.S. Treasury | 1,165,235 | 1,165,235 | — | — | ||||||||||||
Equity securities of public companies | 209 | 209 | — | — | ||||||||||||
Foreign currency forward contracts (1) | 729 | — | 729 | — | ||||||||||||
Total | $ | 1,771,586 | $ | 1,770,857 | $ | 729 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Contingent interest derivative on the Subordinated Convertible Debentures | $ | 28,549 | $ | — | $ | — | $ | 28,549 | ||||||||
Foreign currency forward contracts (2) | 112 | — | 112 | — | ||||||||||||
Total | $ | 28,661 | $ | — | $ | 112 | $ | 28,549 | ||||||||
As of December 31, 2014: | ||||||||||||||||
Assets: | ||||||||||||||||
Investments in money market funds | $ | 85,453 | $ | 85,453 | $ | — | $ | — | ||||||||
Debt securities issued by the U.S. Treasury | 1,233,076 | 1,233,076 | — | — | ||||||||||||
Foreign currency forward contracts (1) | 330 | — | 330 | — | ||||||||||||
Total | $ | 1,318,859 | $ | 1,318,529 | $ | 330 | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Contingent interest derivative on the Subordinated Convertible Debentures | $ | 26,755 | $ | — | $ | — | $ | 26,755 | ||||||||
Foreign currency forward contracts (2) | 169 | — | 169 | — | ||||||||||||
Total | $ | 26,924 | $ | — | $ | 169 | $ | 26,755 | ||||||||
-1 | Included in 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 the Subordinated Convertible Debentures during the three months ended March 31, 2015 and 2014: | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
(In thousands) | ||||||||||||||||
Beginning balance | $ | 26,755 | $ | 29,004 | ||||||||||||
Payment of contingent interest | (5,225 | ) | — | |||||||||||||
Unrealized loss (gain) | 7,019 | (5,269 | ) | |||||||||||||
Ending balance | $ | 28,549 | $ | 23,735 | ||||||||||||
Other_Balance_Sheet_Items_Tabl
Other Balance Sheet Items (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||
Income Tax Receivables And Other Current Assets | Other current assets consist of the following: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Income tax and other receivables | $ | 20,839 | $ | 24,821 | ||||
Prepaid expenses | 21,401 | 16,190 | ||||||
Debt issuance costs | 10,534 | 10,570 | ||||||
Deferred tax assets | 252 | 247 | ||||||
Other | 980 | 647 | ||||||
Total other current assets | $ | 54,006 | $ | 52,475 | ||||
Schedule of Other Assets, Noncurrent [Table Text Block] | Other long-term assets consist of the following: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Debt issuance costs | 17,631 | 10,160 | ||||||
Long-term restricted cash | 11,815 | 8,028 | ||||||
Other tax receivable | 5,673 | 5,673 | ||||||
Long-term prepaid expenses and other assets | 1,702 | 1,882 | ||||||
Total other long-term assets | $ | 36,821 | $ | 25,743 | ||||
Components Of Accounts Payable And Accrued Liabilities | Accounts payable and accrued liabilities consist of the following: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Accounts payable | $ | 22,778 | $ | 29,335 | ||||
Accrued employee compensation | 28,193 | 49,470 | ||||||
Customer deposits | 28,654 | 30,103 | ||||||
Income taxes payable and other tax liabilities | 33,792 | 47,079 | ||||||
Other accrued liabilities | 37,065 | 34,291 | ||||||
Total accounts payable and accrued liabilities | $ | 150,482 | $ | 190,278 | ||||
Calculation_Of_Net_Income_Per_1
Calculation Of Net Income Per Share (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
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: | ||||
Three Months Ended March 31, | |||||
2015 | 2014 | ||||
(In thousands) | |||||
Weighted-average shares of common stock outstanding | 117,139 | 133,417 | |||
Weighted-average potential shares of common stock outstanding: | |||||
Conversion spread related to the Subordinated Convertible Debentures | 15,812 | 14,286 | |||
Unvested RSUs | 869 | 817 | |||
Stock options | 8 | 37 | |||
Employee stock purchase plan | 22 | 43 | |||
Shares used to compute diluted net income per share | 133,850 | 148,600 | |||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Share-based Compensation [Abstract] | ||||||||
Classification Of Stock-Based Compensation | The following table presents the classification of stock-based compensation: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Cost of revenues | $ | 1,739 | $ | 1,598 | ||||
Sales and marketing | 1,299 | 1,848 | ||||||
Research and development | 1,721 | 1,872 | ||||||
General and administrative | 5,369 | 4,675 | ||||||
Total stock-based compensation expense | $ | 10,128 | $ | 9,993 | ||||
Nature Of Total Stock-Based Compensation | The following table presents the nature of the Company’s total stock-based compensation: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
RSUs | $ | 8,294 | $ | 7,715 | ||||
Performance-based RSUs | 1,453 | 1,868 | ||||||
Employee stock purchase plan | 1,081 | 1,040 | ||||||
Capitalization (Included in Property and equipment, net) | (700 | ) | (630 | ) | ||||
Total stock-based compensation expense | $ | 10,128 | $ | 9,993 | ||||
Interest_Expense_Tables
Interest Expense (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Interest Expense [Abstract] | ||||||||
Interest Expense Schedule | The following table presents the components of the Company’s interest expense: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Contractual interest on the Subordinated Convertible Debentures | $ | 10,156 | $ | 10,156 | ||||
Contractual interest on 2023 Senior Notes | 8,672 | 8,672 | ||||||
Contractual interest on 2025 Senior Notes | 365 | — | ||||||
Amortization of debt discount on the Subordinated Convertible Debentures | 2,477 | 2,282 | ||||||
Credit facility fees and amortization of debt issuance costs | 504 | 491 | ||||||
Interest capitalized to Property and equipment, net | (157 | ) | (216 | ) | ||||
Total interest expense | $ | 22,017 | $ | 21,385 | ||||
Nonoperating_loss_income_Table
Non-operating (loss) income (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Non-operating (loss) income, net [Abstract] | ||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | The following table presents the components of Non-operating (loss) income, net: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands) | ||||||||
Unrealized (loss) gain on contingent interest derivative on Subordinated Convertible Debentures | $ | (7,019 | ) | $ | 5,269 | |||
Interest income | 259 | 316 | ||||||
Other, net | 1,205 | 931 | ||||||
Total non-operating (loss) income, net | $ | (5,555 | ) | $ | 6,516 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Income Tax Expense From Continuing Operations And The Effective Tax Rate | The following table presents income tax expense and the effective tax rate: | |||||||
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Income tax expense | $ | 28,427 | $ | 30,293 | ||||
Effective tax rate | 24 | % | 24 | % |
Cash_Cash_Equivalents_And_Mark2
Cash, Cash Equivalents, And Marketable Securities (Cash, Cash Equivalents, And Marketable Securities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash | $108,021 | $110,799 | ||
Money market funds | 605,413 | 85,453 | ||
Time deposits | 4,259 | 3,384 | ||
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 1,165,235 | 1,233,076 | ||
Available-for-sale Securities, Equity Securities | 209 | 0 | ||
Total | 1,883,137 | 1,432,712 | ||
Included in Cash and cash equivalents | 705,879 | 191,608 | 267,053 | 339,223 |
Included in Marketable securities | 1,165,443 | 1,233,076 | ||
Included in Other assets (Restricted cash) | $11,815 | $8,028 |
Cash_Cash_Equivalents_And_Mark3
Cash, Cash Equivalents, And Marketable Securities Cash, Cash Equivalents, And Marketable Securities narrative (Details) (USD $) | Mar. 31, 2015 |
Cash, Cash Equivalents And Marketable Securities [Abstract] | |
Available-for-sale Securities | $1,200,000,000 |
Debt securities gross unrealized gains | $100,000 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details) (Measured On A Recurring Basis [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Total Fair Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total fair value of assets | $1,771,586 | $1,318,859 |
Total fair of value of liabilities | 28,661 | 26,924 |
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 | 28,549 | 26,755 |
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 | 605,413 | 85,453 |
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 | 1,165,235 | 1,233,076 |
Total Fair Value [Member] | Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investments, Fair Value Disclosure | 209 | |
Total Fair Value [Member] | Forward Contracts [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Foreign currency forward contracts assets | 729 | 330 |
Foreign currency forward contracts liabilities | 112 | 169 |
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 | 1,770,857 | 1,318,529 |
Total fair of value of liabilities | 0 | 0 |
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 |
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 | 605,413 | 85,453 |
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 | 1,165,235 | 1,233,076 |
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 | 209 | |
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 assets | 0 | 0 |
Foreign currency forward contracts liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total fair value of assets | 729 | 330 |
Total fair of value of liabilities | 112 | 169 |
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 |
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 |
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 | 0 |
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 | 0 | |
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 assets | 729 | 330 |
Foreign currency forward contracts liabilities | 112 | 169 |
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 | 28,549 | 26,755 |
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 | 28,549 | 26,755 |
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 |
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 |
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 | |
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 assets | 0 | 0 |
Foreign currency forward contracts liabilities | $0 | $0 |
Fair_Value_Of_Financial_Instru3
Fair Value Of Financial Instruments (Changes In Fair Value Measurement Of Level 3 Items) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $26,755 | $29,004 |
contingent interest payment for debenture | -5,225 | 0 |
Unrealized (gain) loss on contingent interest derivative on Convertible Debentures | 7,019 | -5,269 |
Ending balance | $28,549 | $23,735 |
Fair_Value_Of_Financial_Instru4
Fair Value Of Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
contingent interest payment for debenture | ($5,225,000) | $0 |
Fair value assumptions expected volatility rate | 24.00% | |
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 | 2,500,000,000 | |
Debt instrument fair value senior notes 2023 | 750,000,000 | |
Debt instrument fair value senior notes 2025 | $512,500,000 |
Other_Balance_Sheet_Items_Inco
Other Balance Sheet Items (Income Tax Receivables And Other Current Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ||
Income tax and other receivables | $20,839 | $24,821 |
Prepaid expenses | 21,401 | 16,190 |
Deferred Finance Costs, Current, Net | 10,534 | 10,570 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 252 | 247 |
Other Assets, Miscellaneous, Current | 980 | 647 |
Other Assets, Current | $54,006 | $52,475 |
Other_Balance_Sheet_Items_Comp
Other Balance Sheet Items (Components Of Accounts Payable And Accrued Liabilities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ||
Accounts payable | $22,778 | $29,335 |
Accrued employee compensation | 28,193 | 49,470 |
Customer deposits, net | 28,654 | 30,103 |
Taxes payable and other tax liabilities | 33,792 | 47,079 |
Other accrued liabilities | 37,065 | 34,291 |
Total accounts payable and accrued liabilities | $150,482 | $190,278 |
Other_Balance_Sheet_Items_Othe
Other Balance Sheet Items Other Balance Sheet Items (Other long-term assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ||
Debt issuance costs | $17,631 | $10,160 |
Long-term restricted cash | 11,815 | 8,028 |
Other tax receivable | 5,673 | 5,673 |
Long-term prepaid expenses and other assets | 1,702 | 1,882 |
Total other long-term assets | $36,821 | $25,743 |
Other_Balance_Sheet_Items_Othe1
Other Balance Sheet Items Other Balance Sheet (Narrative) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Senior Notes [Member] | |
Senior notes [Line Items] | |
Debt Issuance Cost | $6,500 |
Revolving Credit Facility [Member] | |
Senior notes [Line Items] | |
Debt Issuance Cost | $1,300 |
Stockholders_Deficit_Narrative
Stockholders' Deficit (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended |
Share data in Millions, except Per Share data, unless otherwise specified | Jul. 23, 2014 | Mar. 31, 2015 |
Treasury Stock Repurchase Programs [Line Items] | ||
Additional share repurchase amount authorized | $452,900,000 | |
Remaining common stock available for repurchase | 547,100,000 | 916,600,000 |
Common stock, held in treasury | 206.3 | |
Common stock repurchased | 7,000,000,000 | |
Share Buyback Program [Member] | ||
Treasury Stock Repurchase Programs [Line Items] | ||
Common stock authorized to repurchase | 1,000,000,000 | |
Common stock repurchase, share | 2.7 | |
Average stock price | $58.32 | |
Aggregate cost of share | 159,800,000 | |
Restricted Stock Units [Member] | ||
Treasury Stock Repurchase Programs [Line Items] | ||
Common stock repurchase, share | 0.3 | |
Average stock price | $63.55 | |
Aggregate cost of share | $18,500,000 |
Calculation_Of_Net_Income_Per_2
Calculation Of Net Income Per Share (Weighted-Average Shares Used In Calculation Of Basic And Diluted EPS) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Weighted-average number of common shares outstanding | 117,139 | 133,417 |
Conversion spread related to Convertible Debentures | 15,812 | 14,286 |
Unvested restricted stock units | 869 | 817 |
Stock options | 8 | 37 |
Employee stock purchase plan | 22 | 43 |
Shares used to compute diluted net income per share | 133,850 | 148,600 |
StockBased_Compensation_Classi
Stock-Based Compensation (Classification Of Stock-Based Compensation) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $10,128 | $9,993 |
Cost Of Revenues [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 1,739 | 1,598 |
Sales And Marketing [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 1,299 | 1,848 |
Research And Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 1,721 | 1,872 |
General And Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $5,369 | $4,675 |
StockBased_Compensation_Nature
Stock-Based Compensation (Nature Of Total Stock-Based Compensation) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | ($700) | ($630) |
Stock-based compensation | 10,128 | 9,993 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 8,294 | 7,715 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 1,453 | 1,868 |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $1,081 | $1,040 |
Interest_Expense_Interest_Expe
Interest Expense (Interest Expense Schedule) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Contractual interest on Convertible Debentures | $10,156 | $10,156 |
Amortization of debt discount on the Convertible Debentures | 2,477 | 2,282 |
Credit facility and other interest expense | 504 | 491 |
Interest capitalized to Property and equipment, net | -157 | -216 |
Total interest expense | 22,017 | 21,385 |
Due 2023 [Member] | ||
Contractual interest on Notes | 8,672 | 8,672 |
Due 2025 [Member] | ||
Contractual interest on Notes | $365 | $0 |
Debt_and_Interest_Expense_Debt
Debt and Interest Expense Debt and Interest Expense (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 27, 2015 |
Rate | Rate | |
Debt Instrument [Line Items] | ||
Debt Instrument, Offering Date | 27-Mar-15 | |
Debt Instrument, Face Amount | $500 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |
Debt Instrument, Maturity Date | 1-Apr-25 | |
issuance cost on senior note | 6.5 | |
Debt Instrument, Term Length | 10 years | |
increase in note interest rate | 0.25% | |
maximum increase in rate | 1.00% | |
Line of Credit Facility [Abstract] | ||
Debt Instrument, Unused Borrowing Capacity, Amount | $200 | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Coverage Ratio | 3 | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Coverage Ratio | 2.5 |
Nonoperating_loss_income_Detai
Non-operating (loss) income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Non-operating (loss) income, net [Abstract] | ||
Unrealized Gain (Loss) on Derivatives | ($7,019) | $5,269 |
Interest and Dividend Income, Securities | 259 | 316 |
Other Nonoperating Income (Expense) | 1,205 | 931 |
Nonoperating (loss) Income | ($5,555) | $6,516 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Rate | Rate | |
Income Tax Disclosure [Abstract] | ||
Statutory federal rate | 35.00% | 35.00% |
Income_Taxes_Income_Tax_Expens
Income Taxes (Income Tax Expense From Continuing Operations And Effective Tax Rate) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Rate | Rate | |
Income Tax Disclosure [Abstract] | ||
Income tax expense from continuing operations | $28,427 | $30,293 |
Effective tax rate | 24.00% | 24.00% |
Contingencies_Details
Contingencies (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | |
Indemnification period (months) | 60 |
Claims threshold amount to trigger indemnification obligation | $4 |
Percentage of claims to be indemnified | 50.00% |
Maximum indemnification obligation | $50 |