Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 17, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | VERISIGN INC/CA | |
Entity Central Index Key | 1,014,473 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 113,492,925 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 187,286 | $ 191,608 |
Marketable securities | 1,697,523 | 1,233,076 |
Accounts receivable, net | 14,418 | 13,448 |
Other Assets, Current | 31,280 | 41,905 |
Total current assets | 1,930,507 | 1,480,037 |
Property and equipment, net | 304,360 | 319,028 |
Goodwill | 52,527 | 52,527 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 260,892 | 266,954 |
Other long-term assets | 22,378 | 15,918 |
Total long-term assets | 640,157 | 654,427 |
Total assets | 2,570,664 | 2,134,464 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 166,558 | 190,278 |
Deferred revenues | 653,773 | 621,307 |
Convertible Debentures, including contingent interest derivative | 624,767 | 620,620 |
Deferred Tax Liabilities, Net, Current | 500,433 | 477,781 |
Total current liabilities | 1,945,531 | 1,909,986 |
Long-term deferred revenues | 277,828 | 269,047 |
Senior Notes | 1,234,368 | 740,175 |
Other long-term liabilities | 107,253 | 98,722 |
Total long-term liabilities | 1,619,449 | 1,107,944 |
Total liabilities | $ 3,564,980 | $ 3,017,930 |
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: 322,781 at June 30, 2015 and 321,699 at December 31, 2014; Outstanding shares: 114,028 at June 30, 2015 and 118,452 at December 31, 2014 | 323 | 322 |
Additional paid-in capital | 17,828,075 | 18,120,045 |
Accumulated deficit | (18,819,586) | (19,000,835) |
Accumulated other comprehensive loss | (3,128) | (2,998) |
Total stockholders' deficit | (994,316) | (883,466) |
Total liabilities and stockholders' deficit | $ 2,570,664 | $ 2,134,464 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, authorized shares | 5,000 | 5,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 1,000,000 | 1,000,000 |
Common Stock, Shares, Issued | 322,781 | 321,699 |
Common stock, outstanding shares | 114,028 | 118,452 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenues | $ 262,539 | $ 250,382 | $ 520,961 | $ 499,178 |
Costs and expenses: | ||||
Cost of revenues | 48,221 | 45,989 | 96,574 | 94,015 |
Sales and marketing | 24,329 | 23,651 | 46,711 | 43,940 |
Research and development | 16,347 | 15,694 | 33,499 | 34,133 |
General and administrative | 24,677 | 21,927 | 50,975 | 44,384 |
Total costs and expenses | 113,574 | 107,261 | 227,759 | 216,472 |
Operating income | 148,965 | 143,121 | 293,202 | 282,706 |
Interest expense | (28,503) | (21,490) | (50,520) | (42,875) |
Non-operating income (loss), net | 3,201 | 4,994 | (2,354) | 11,510 |
Income before income taxes | 123,663 | 126,625 | 240,328 | 251,341 |
Income tax expense | (30,652) | (26,449) | (59,079) | (56,742) |
Net Income | 93,011 | 100,176 | 181,249 | 194,599 |
Realized foreign currency translation adjustments, included in net income | (291) | 0 | (291) | 0 |
Change in unrealized gain on investments, net of tax | 147 | (33) | 234 | (25) |
Realized gain on investments, net of tax, included in net income | (69) | (2) | (73) | 3 |
Other comprehensive income (loss) | (213) | (35) | (130) | (22) |
Comprehensive Income | $ 92,798 | $ 100,141 | $ 181,119 | $ 194,577 |
Basic income (loss) per share | ||||
Continuing operations | $ 0.80 | $ 0.77 | $ 1.56 | $ 1.48 |
Diluted income (loss) per share | ||||
Continuing operations | $ 0.70 | $ 0.71 | $ 1.36 | $ 1.34 |
Shares used to compute net income per share | ||||
Basic | 115,656 | 129,350 | 116,394 | 131,372 |
Diluted | 133,251 | 141,142 | 133,546 | 144,861 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 181,249 | $ 194,599 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of property and equipment and amortization of other intangible assets | 31,620 | 32,115 |
Stock-based compensation | 22,129 | 19,365 |
Excess tax benefit associated with stock-based compensation | (11,366) | (15,309) |
Unrealized Gain (Loss) on Derivatives | 4,311 | (10,515) |
contingent interest payment for debenture | (5,225) | 0 |
Other, net | 4,842 | 3,802 |
Changes in operating assets and liabilities | ||
Accounts receivable | (1,018) | (233) |
Prepaid expenses and other assets | 7,369 | 26,414 |
Accounts payable and accrued liabilities | (4,778) | (869) |
Deferred revenues | 41,247 | 34,615 |
Deferred Income Taxes | 37,245 | (21,246) |
Net cash provided by operating activities | 307,625 | 262,738 |
Net Cash Provided By Used In Investing Activities Abstract | ||
Proceeds from maturities and sales of marketable securities | 1,283,367 | 2,118,861 |
Purchases of marketable securities | (1,747,025) | (2,042,657) |
Purchases of property and equipment | (21,891) | (18,747) |
Other investing activities | (3,736) | 74 |
Net cash used in investing activities | (489,285) | 57,531 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock from option exercises and employee stock purchase plans | 9,014 | 8,970 |
Repurchases of common stock | (335,885) | (446,676) |
Proceeds from Issuance of Senior Long-term Debt | 492,237 | 0 |
Excess tax benefit associated with stock-based compensation | 11,366 | 15,309 |
Net cash used in financing activities | 176,732 | (422,397) |
Effect of exchange rate changes on cash and cash equivalents | 606 | 266 |
Net decrease in cash and cash equivalents | (4,322) | (101,862) |
Cash and cash equivalents at beginning of period | 191,608 | 339,223 |
Cash and cash equivalents at end of period | 187,286 | 237,361 |
Supplemental cash flow disclosures: | ||
Cash paid for interest, net of capitalized interest | 42,839 | 37,507 |
Cash paid for income taxes, net of refunds received | $ 14,342 | $ 34,464 |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 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 Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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, 2018, based on the FASB’s recent announcement of a one year deferral of the effective date. Early application before the original effective date 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. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a reduction of the related liability rather than an asset. The Company elected to adopt this ASU effective June 30, 2015. Upon adoption, the Company reclassified approximately $26.1 million of debt issuance costs as of June 30, 2015, to be presented as a reduction of the related debt obligations. All prior period amounts presented have been adjusted to be comparative to the current period presentation. |
Cash, Cash Equivalents, And Mar
Cash, Cash Equivalents, And Marketable Securities | 6 Months Ended |
Jun. 30, 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: June 30, December 31, 2015 2014 (In thousands) Cash $ 81,462 $ 110,799 Money market funds 113,416 85,453 Time deposits 4,172 3,384 Debt securities issued by the U.S. Treasury 1,697,434 1,233,076 Equity securities of public companies 89 — Total $ 1,896,573 $ 1,432,712 Included in Cash and cash equivalents $ 187,286 $ 191,608 Included in Marketable securities $ 1,697,523 $ 1,233,076 Included in Other long-term assets (Restricted cash) $ 11,764 $ 8,028 The fair value of the debt securities held as of June 30, 2015 was $1.7 billion , including less than $0.3 million of gross and net unrealized gains. All of the debt securities held as of June 30, 2015 are scheduled to mature in less than one year. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014 : Fair Value Measurement Using Total Fair Value (Level 1) (Level 2) (Level 3) (In thousands) As of June 30, 2015: Assets: Investments in money market funds $ 113,416 $ 113,416 $ — $ — Debt securities issued by the U.S. Treasury 1,697,434 1,697,434 — — Equity securities of public companies 89 89 — — Foreign currency forward contracts (1) 122 — 122 — Total $ 1,811,061 $ 1,810,939 $ 122 $ — Liabilities: Contingent interest derivative on the Subordinated Convertible Debentures $ 25,841 $ — $ — $ 25,841 Foreign currency forward contracts (2) 449 — 449 — Total $ 26,290 $ — $ 449 $ 25,841 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 June 30, 2015 , the valuation of the contingent interest derivative assumed a volatility rate of approximately 28% . 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 June 30, 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 and six months ended June 30, 2015 and 2014: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Beginning balance $ 28,549 $ 23,735 $ 26,755 $ 29,004 Payment of contingent interest — — (5,225 ) — Unrealized (gain) loss (2,708 ) (5,246 ) 4,311 (10,515 ) Ending balance $ 25,841 $ 18,489 $ 25,841 $ 18,489 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 June 30, 2015. Other The Company’s other financial instruments include cash, accounts receivable, restricted cash, and accounts payable. As of June 30, 2015 , the carrying value of these financial instruments approximated their fair value. The fair value of the Company’s Subordinated Convertible Debentures was $ 2.3 billion as of June 30, 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 $ 721.9 million and $498.8 million , respectively, as of June 30, 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 | 6 Months Ended |
Jun. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Other Balance Sheet Items | Other Balance Sheet Items Other Current Assets Other current assets consist of the following: June 30, December 31, 2015 2014 (In thousands) Income tax and other receivables $ 14,372 $ 24,821 Prepaid expenses 16,060 16,190 Deferred tax assets and other assets 848 894 Total other current assets $ 31,280 $ 41,905 Other Long-Term Assets Other long-term assets consist of the following: June 30, December 31, 2015 2014 (In thousands) Long-term restricted cash 11,764 8,028 Other tax receivable 5,673 5,673 Long-term prepaid expenses and other assets 4,941 2,217 Total other long-term assets $ 22,378 $ 15,918 Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: June 30, December 31, 2015 2014 (In thousands) Accounts payable $ 24,140 $ 29,335 Accrued employee compensation 34,719 49,470 Customer deposits 32,085 30,103 Income taxes payable and other tax liabilities 33,728 47,079 Other accrued liabilities 41,886 34,291 Total accounts payable and accrued liabilities $ 166,558 $ 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 six months ended June 30, 2015 . Income taxes payable and other tax liabilities as of June 30, 2015, reflects payments made during the first half of 2015 for income taxes in certain non-U.S. jurisdictions. Other accrued liabilities includes miscellaneous vendor payables, and coupon interest on the Subordinated Convertible Debentures, the 2023 Senior Notes and the 2025 Senior Notes. |
Stockholders' Deficit
Stockholders' Deficit | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015 the Company repurchased 2.5 million and 5.2 million shares of its common stock, respectively, at an average stock price of $63.65 and $60.84 , respectively. The aggregate cost of the repurchases in the three and six months ended June 30, 2015 was $156.0 million and $315.7 million , respectively. As of June 30, 2015, $760.6 million remained available for further repurchases under the share buyback program. During the six months ended June 30, 2015 , the Company placed 0.3 million shares, at an average stock price of $63.55 , and for an aggregate cost of $20.1 million , into treasury stock for purposes related to tax withholding upon vesting of Restricted Stock Units (“RSUs”). Since inception the Company has repurchased 208.8 million shares of its common stock for an aggregate cost of $7.1 billion , which is presented as a reduction of Additional paid-in capital. |
Calculation Of Net Income Per S
Calculation Of Net Income Per Share | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Weighted-average shares of common stock outstanding 115,656 129,350 116,394 131,372 Weighted-average potential shares of common stock outstanding: Conversion spread related to the Subordinated Convertible Debentures 16,973 11,291 16,392 12,788 Unvested RSUs 580 462 725 640 Employee stock purchase plan and stock options 42 39 35 61 Shares used to compute diluted net income per share 133,251 141,142 133,546 144,861 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. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Cost of revenues $ 1,741 $ 1,532 $ 3,480 $ 3,130 Sales and marketing 1,818 1,820 3,117 3,668 Research and development 1,691 1,639 3,412 3,511 General and administrative 6,751 4,381 12,120 9,056 Total stock-based compensation expense $ 12,001 $ 9,372 $ 22,129 $ 19,365 The following table presents the nature of the Company’s total stock-based compensation: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) RSUs $ 9,210 $ 7,066 $ 17,504 $ 14,781 Performance-based RSUs 2,385 2,030 3,838 3,898 Employee stock purchase plan 1,113 1,038 2,194 2,078 Capitalization (Included in Property and equipment, net) (707 ) (762 ) (1,407 ) (1,392 ) Total stock-based compensation expense $ 12,001 $ 9,372 $ 22,129 $ 19,365 |
Interest Expense
Interest Expense | 6 Months Ended |
Jun. 30, 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 are presented as a reduction of the Senior Notes liability subsequent to the adoption of ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs . 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 provided holders of the notes certain rights relating to registration of the notes under the Securities Act of 1933, as amended. In July 2015, the Company completed an exchange of $499.8 million of its outstanding 2025 Senior Notes, which were not registered under the Securities Act, for an equal principal amount of its 2025 Senior Notes, 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. 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 June 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Contractual interest on the Subordinated Convertible Debentures $ 10,156 $ 10,156 $ 20,312 $ 20,312 Contractual interest on 2023 Senior Notes 8,672 8,672 17,344 17,344 Contractual interest on 2025 Senior Notes 6,562 — 6,927 — Amortization of debt discount on the Subordinated Convertible Debentures 2,527 2,329 5,004 4,611 Credit facility fees and amortization of debt issuance costs 735 494 1,239 985 Interest capitalized to Property and equipment, net (149 ) (161 ) (306 ) (377 ) Total interest expense $ 28,503 $ 21,490 $ 50,520 $ 42,875 |
Non-operating (loss) income
Non-operating (loss) income | 6 Months Ended |
Jun. 30, 2015 | |
Non-operating (loss) income, net [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Non-operating Income (Loss), Net The following table presents the components of Non-operating income (loss), net: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Unrealized gain (loss) on contingent interest derivative on Subordinated Convertible Debentures $ 2,708 $ 5,246 $ (4,311 ) $ 10,515 Interest income 373 195 632 511 Other, net 120 (447 ) 1,325 484 Total non-operating income (loss), net $ 3,201 $ 4,994 $ (2,354 ) $ 11,510 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 | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents income tax expense and the effective tax rate: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Income tax expense $ 30,652 $ 26,449 $ 59,079 $ 56,742 Effective tax rate 25 % 21 % 25 % 23 % The effective tax rate for the three and six months ended June 30, 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. During the three months ended June 30, 2014, the Company recognized a discrete tax benefit of $ 5.2 million due to changes in estimates of U.S. income taxes related to the 2013 worthless stock deduction and the 2014 repatriation of earnings from foreign subsidiaries. Current deferred tax liabilities and Other long-term tax liabilities as of June 30, 2015 reflect the use of a portion of U.S. foreign tax credits during the first half of 2015, an increase in the deferred tax liability related to the Subordinated Convertible Debentures, and the reclassification of unrecognized tax benefits. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 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 M17
Cash, Cash Equivalents, And Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, December 31, 2015 2014 (In thousands) Cash $ 81,462 $ 110,799 Money market funds 113,416 85,453 Time deposits 4,172 3,384 Debt securities issued by the U.S. Treasury 1,697,434 1,233,076 Equity securities of public companies 89 — Total $ 1,896,573 $ 1,432,712 Included in Cash and cash equivalents $ 187,286 $ 191,608 Included in Marketable securities $ 1,697,523 $ 1,233,076 Included in Other long-term assets (Restricted cash) $ 11,764 $ 8,028 |
Fair Value Of Financial Instr18
Fair Value Of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and December 31, 2014 : Fair Value Measurement Using Total Fair Value (Level 1) (Level 2) (Level 3) (In thousands) As of June 30, 2015: Assets: Investments in money market funds $ 113,416 $ 113,416 $ — $ — Debt securities issued by the U.S. Treasury 1,697,434 1,697,434 — — Equity securities of public companies 89 89 — — Foreign currency forward contracts (1) 122 — 122 — Total $ 1,811,061 $ 1,810,939 $ 122 $ — Liabilities: Contingent interest derivative on the Subordinated Convertible Debentures $ 25,841 $ — $ — $ 25,841 Foreign currency forward contracts (2) 449 — 449 — Total $ 26,290 $ — $ 449 $ 25,841 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 and six months ended June 30, 2015 and 2014: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Beginning balance $ 28,549 $ 23,735 $ 26,755 $ 29,004 Payment of contingent interest — — (5,225 ) — Unrealized (gain) loss (2,708 ) (5,246 ) 4,311 (10,515 ) Ending balance $ 25,841 $ 18,489 $ 25,841 $ 18,489 |
Other Balance Sheet Items (Tabl
Other Balance Sheet Items (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Income Tax Receivables And Other Current Assets | Other current assets consist of the following: June 30, December 31, 2015 2014 (In thousands) Income tax and other receivables $ 14,372 $ 24,821 Prepaid expenses 16,060 16,190 Deferred tax assets and other assets 848 894 Total other current assets $ 31,280 $ 41,905 |
Schedule of Other Assets, Noncurrent [Table Text Block] | Other long-term assets consist of the following: June 30, December 31, 2015 2014 (In thousands) Long-term restricted cash 11,764 8,028 Other tax receivable 5,673 5,673 Long-term prepaid expenses and other assets 4,941 2,217 Total other long-term assets $ 22,378 $ 15,918 |
Components Of Accounts Payable And Accrued Liabilities | Accounts payable and accrued liabilities consist of the following: June 30, December 31, 2015 2014 (In thousands) Accounts payable $ 24,140 $ 29,335 Accrued employee compensation 34,719 49,470 Customer deposits 32,085 30,103 Income taxes payable and other tax liabilities 33,728 47,079 Other accrued liabilities 41,886 34,291 Total accounts payable and accrued liabilities $ 166,558 $ 190,278 |
Calculation Of Net Income Per20
Calculation Of Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Weighted-average shares of common stock outstanding 115,656 129,350 116,394 131,372 Weighted-average potential shares of common stock outstanding: Conversion spread related to the Subordinated Convertible Debentures 16,973 11,291 16,392 12,788 Unvested RSUs 580 462 725 640 Employee stock purchase plan and stock options 42 39 35 61 Shares used to compute diluted net income per share 133,251 141,142 133,546 144,861 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation [Abstract] | |
Classification Of Stock-Based Compensation | The following table presents the classification of stock-based compensation: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Cost of revenues $ 1,741 $ 1,532 $ 3,480 $ 3,130 Sales and marketing 1,818 1,820 3,117 3,668 Research and development 1,691 1,639 3,412 3,511 General and administrative 6,751 4,381 12,120 9,056 Total stock-based compensation expense $ 12,001 $ 9,372 $ 22,129 $ 19,365 |
Nature Of Total Stock-Based Compensation | The following table presents the nature of the Company’s total stock-based compensation: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) RSUs $ 9,210 $ 7,066 $ 17,504 $ 14,781 Performance-based RSUs 2,385 2,030 3,838 3,898 Employee stock purchase plan 1,113 1,038 2,194 2,078 Capitalization (Included in Property and equipment, net) (707 ) (762 ) (1,407 ) (1,392 ) Total stock-based compensation expense $ 12,001 $ 9,372 $ 22,129 $ 19,365 |
Interest Expense (Tables)
Interest Expense (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Interest Expense [Abstract] | |
Interest Expense Schedule | The following table presents the components of the Company’s interest expense: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Contractual interest on the Subordinated Convertible Debentures $ 10,156 $ 10,156 $ 20,312 $ 20,312 Contractual interest on 2023 Senior Notes 8,672 8,672 17,344 17,344 Contractual interest on 2025 Senior Notes 6,562 — 6,927 — Amortization of debt discount on the Subordinated Convertible Debentures 2,527 2,329 5,004 4,611 Credit facility fees and amortization of debt issuance costs 735 494 1,239 985 Interest capitalized to Property and equipment, net (149 ) (161 ) (306 ) (377 ) Total interest expense $ 28,503 $ 21,490 $ 50,520 $ 42,875 |
Non-operating (loss) income (Ta
Non-operating (loss) income (Tables) | 6 Months Ended |
Jun. 30, 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 income (loss), net: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Unrealized gain (loss) on contingent interest derivative on Subordinated Convertible Debentures $ 2,708 $ 5,246 $ (4,311 ) $ 10,515 Interest income 373 195 632 511 Other, net 120 (447 ) 1,325 484 Total non-operating income (loss), net $ 3,201 $ 4,994 $ (2,354 ) $ 11,510 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Income tax expense $ 30,652 $ 26,449 $ 59,079 $ 56,742 Effective tax rate 25 % 21 % 25 % 23 % |
Basis Of Presentation Basis of
Basis Of Presentation Basis of Presentation (Narrative) (Details) $ in Millions | Jun. 30, 2015USD ($) |
Basis of Presentation (Narrative) [Abstract] | |
Debt issuance costs reclassified | $ 26.1 |
Cash, Cash Equivalents, And M26
Cash, Cash Equivalents, And Marketable Securities (Cash, Cash Equivalents, And Marketable Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash | $ 81,462 | $ 110,799 | ||
Money market funds | 113,416 | 85,453 | ||
Time deposits | 4,172 | 3,384 | ||
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 1,697,434 | 1,233,076 | ||
Available-for-sale Securities, Equity Securities | 89 | 0 | ||
Total | 1,896,573 | 1,432,712 | ||
Included in Cash and cash equivalents | 187,286 | 191,608 | $ 237,361 | $ 339,223 |
Included in Marketable securities | 1,697,523 | 1,233,076 | ||
Included in Other assets (Restricted cash) | $ 11,764 | $ 8,028 |
Cash, Cash Equivalents, And M27
Cash, Cash Equivalents, And Marketable Securities Cash, Cash Equivalents, And Marketable Securities narrative (Details) $ in Millions | Jun. 30, 2015USD ($) |
Cash, Cash Equivalents And Marketable Securities [Abstract] | |
Available-for-sale Securities | $ 1,700 |
Debt securities gross unrealized gains | $ 0.3 |
Fair Value Of Financial Instr28
Fair Value Of Financial Instruments (Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details) - Measured On A Recurring Basis [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Total Fair Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total fair value of assets | $ 1,811,061 | $ 1,318,859 |
Total fair of value of liabilities | 26,290 | 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 | 25,841 | 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 | 113,416 | 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 | 1,697,434 | 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 | 89 | |
Total Fair Value [Member] | Forward Contracts [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Foreign currency forward contracts assets | 122 | 330 |
Foreign currency forward contracts liabilities | 449 | 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 | 1,810,939 | 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 | 113,416 | 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 | 1,697,434 | 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 | 89 | |
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 | 122 | 330 |
Total fair of value of liabilities | 449 | 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 | 122 | 330 |
Foreign currency forward contracts liabilities | 449 | 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 | 25,841 | 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 | 25,841 | 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 Instr29
Fair Value Of Financial Instruments (Changes In Fair Value Measurement Of Level 3 Items) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 28,549 | $ 23,735 | $ 26,755 | $ 29,004 |
contingent interest payment for debenture | 0 | 0 | (5,225) | 0 |
Unrealized (gain) loss on contingent interest derivative on Convertible Debentures | (2,708) | (5,246) | 4,311 | (10,515) |
Ending balance | $ 25,841 | $ 18,489 | $ 25,841 | $ 18,489 |
Fair Value Of Financial Instr30
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
contingent interest payment for debenture | $ 0 | $ 0 | $ (5,225) | $ 0 |
Interest Payable | 5,500 | $ 5,500 | ||
Fair value assumptions expected volatility rate | 28.00% | |||
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 | 2,300,000 | $ 2,300,000 | ||
Debt instrument fair value senior notes 2023 | 721,900 | 721,900 | ||
Debt instrument fair value senior notes 2025 | $ 498,800 | $ 498,800 |
Other Balance Sheet Items (Inco
Other Balance Sheet Items (Income Tax Receivables And Other Current Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Income tax and other receivables | $ 14,372 | $ 24,821 |
Prepaid expenses | 16,060 | 16,190 |
Deferred Tax Assets, Net of Valuation Allowance, Current | 848 | 894 |
Other Assets, Current | $ 31,280 | $ 41,905 |
Other Balance Sheet Items (Comp
Other Balance Sheet Items (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts payable | $ 24,140 | $ 29,335 |
Accrued employee compensation | 34,719 | 49,470 |
Customer deposits, net | 32,085 | 30,103 |
Taxes payable and other tax liabilities | 33,728 | 47,079 |
Other accrued liabilities | 41,886 | 34,291 |
Total accounts payable and accrued liabilities | $ 166,558 | $ 190,278 |
Other Balance Sheet Items Other
Other Balance Sheet Items Other Balance Sheet Items (Other long-term assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Long-term restricted cash | $ 11,764 | $ 8,028 |
Other tax receivable | 5,673 | 5,673 |
Long-term prepaid expenses and other assets | 4,941 | 2,217 |
Total other long-term assets | $ 22,378 | $ 15,918 |
Stockholders' Deficit (Narrativ
Stockholders' Deficit (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Jan. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2015 | |
Treasury Stock Repurchase Programs [Line Items] | |||
Additional share repurchase amount authorized | $ 452.9 | ||
Remaining common stock available for repurchase | $ 547.1 | $ 760.6 | $ 760.6 |
Common stock, held in treasury | 208.8 | 208.8 | |
Common stock repurchased | $ 7,100 | $ 7,100 | |
Share Buyback Program [Member] | |||
Treasury Stock Repurchase Programs [Line Items] | |||
Common stock authorized to repurchase | $ 1,000 | $ 1,000 | |
Common stock repurchase, share | 2.5 | 5.2 | |
Average stock price | $ 63.65 | $ 60.84 | |
Aggregate cost of share | $ 156 | $ 315.7 | |
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 | $ 20.1 |
Calculation Of Net Income Per35
Calculation Of Net Income Per Share (Weighted-Average Shares Used In Calculation Of Basic And Diluted EPS) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Weighted-average number of common shares outstanding | 115,656 | 129,350 | 116,394 | 131,372 |
Conversion spread related to Convertible Debentures | 16,973 | 11,291 | 16,392 | 12,788 |
Unvested restricted stock units | 580 | 462 | 725 | 640 |
Employee stock purchase plan | 42 | 39 | 35 | 61 |
Shares used to compute diluted net income per share | 133,251 | 141,142 | 133,546 | 144,861 |
Stock-Based Compensation (Class
Stock-Based Compensation (Classification Of Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 12,001 | $ 9,372 | $ 22,129 | $ 19,365 |
Cost Of Revenues [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 1,741 | 1,532 | 3,480 | 3,130 |
Sales And Marketing [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 1,818 | 1,820 | 3,117 | 3,668 |
Research And Development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 1,691 | 1,639 | 3,412 | 3,511 |
General And Administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 6,751 | $ 4,381 | $ 12,120 | $ 9,056 |
Stock-Based Compensation (Natur
Stock-Based Compensation (Nature Of Total Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ (707) | $ (762) | $ 1,407 | $ 1,392 |
Stock-based compensation | 12,001 | 9,372 | 22,129 | 19,365 |
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 9,210 | 7,066 | 17,504 | 14,781 |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 2,385 | 2,030 | 3,838 | 3,898 |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 1,113 | $ 1,038 | $ 2,194 | $ 2,078 |
Interest Expense (Interest Expe
Interest Expense (Interest Expense Schedule) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Contractual interest on Convertible Debentures | $ 10,156 | $ 10,156 | $ 20,312 | $ 20,312 |
Amortization of debt discount on the Convertible Debentures | 2,527 | 2,329 | 5,004 | 4,611 |
Credit facility and other interest expense | 735 | 494 | 1,239 | 985 |
Interest capitalized to Property and equipment, net | (149) | (161) | (306) | (377) |
Total interest expense | 28,503 | 21,490 | 50,520 | 42,875 |
Due 2023 [Member] | ||||
Contractual interest on Notes | 8,672 | 8,672 | 17,344 | 17,344 |
Due 2025 [Member] | ||||
Contractual interest on Notes | $ 6,562 | $ 0 | $ 6,927 | $ 0 |
Debt and Interest Expense Debt
Debt and Interest Expense Debt and Interest Expense (Narrative) (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2015USD ($) | Mar. 27, 2015USD ($)Rate | |
Debt Instrument [Line Items] | ||
Debt Instrument, Offering Date | Mar. 27, 2015 | |
Debt Instrument, Face Amount | $ 500 | |
Debt Instrument, Interest Rate, Stated Percentage | Rate | 5.25% | |
Debt Instrument, Maturity Date | Apr. 1, 2025 | |
Sr. Notes Exchanged | $ 499.8 | |
issuance cost on senior note | $ 6.5 | |
Debt Instrument, Term Length | 10 years | |
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] | ||
Leverage Ratio | 2.5 |
Non-operating (loss) income (De
Non-operating (loss) income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Non-operating (loss) income, net [Abstract] | ||||
Unrealized Gain (Loss) on Derivatives | $ 2,708 | $ 5,246 | $ (4,311) | $ 10,515 |
Interest and Dividend Income, Securities | 373 | 195 | 632 | 511 |
Other Nonoperating Income (Expense) | 120 | (447) | 1,325 | 484 |
Nonoperating (loss) Income | $ 3,201 | $ 4,994 | $ (2,354) | $ 11,510 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Statutory federal rate | 35.00% | 35.00% | 35.00% | 35.00% |
income tax benefit, related to worthless stock deduction | $ 5.2 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense From Continuing Operations And Effective Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense from continuing operations | $ 30,652 | $ 26,449 | $ 59,079 | $ 56,742 |
Effective tax rate | 25.00% | 21.00% | 25.00% | 23.00% |
Contingencies (Details)
Contingencies (Details) - Jun. 30, 2015 $ in Millions | USD ($) |
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 |