VeriSign (VRSN) 10-Q 28 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2016	Jul. 22, 2016
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, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		106,766,527

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 170,966	$ 228,659
Marketable securities	1,736,030	1,686,771
Accounts receivable, net	15,086	12,638
Other Assets, Current	22,573	39,856
Total current assets	1,944,655	1,967,924
Property and equipment, net	277,942	295,570
Goodwill	52,527	52,527
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent	13,205	17,361
Other long-term assets	25,844	24,355
Total long-term assets	369,518	389,813
Total assets	2,314,173	2,357,737
Current liabilities:
Accounts payable and accrued liabilities	144,361	188,171
Deferred revenues	699,456	680,483
Convertible Debentures, including contingent interest derivative	632,308	634,326
Total current liabilities	1,476,125	1,502,980
Long-term deferred revenues	288,232	280,859
Senior Notes	1,236,272	1,235,354
Deferred Tax Liabilities, Net	326,112	294,194
Other long-term liabilities	114,762	114,797
Total long-term liabilities	1,965,378	1,925,204
Total liabilities	3,441,503	3,428,184
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: 323,941 at June 30, 2016 and 322,990 at December 31, 2015; Outstanding shares: 107,180 at June 30, 2016 and 110,072 at December 31, 2015	324	323
Additional paid-in capital	17,279,468	17,558,822
Accumulated deficit	(18,404,933)	(18,625,599)
Accumulated other comprehensive loss	(2,189)	(3,993)
Total stockholders' deficit	(1,127,330)	(1,070,447)
Total liabilities and stockholders' deficit	$ 2,314,173	$ 2,357,737

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2016	Dec. 31, 2015
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	323,941	322,990
Common stock, outstanding shares	107,180	110,072

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues	$ 286,466	$ 262,539	$ 568,342	$ 520,961
Costs and expenses:
Cost of revenues	48,753	48,221	99,335	96,574
Sales and marketing	19,757	24,329	39,784	46,711
Research and development	14,288	16,347	31,031	33,499
General and administrative	27,401	24,677	55,158	50,975
Total costs and expenses	110,199	113,574	225,308	227,759
Operating income	176,267	148,965	343,034	293,202
Interest expense	(28,859)	(28,503)	(57,663)	(50,520)
Non-operating income (loss), net	1,709	3,201	4,830	(2,354)
Income before income taxes	149,117	123,663	290,201	240,328
Income tax expense	(35,907)	(30,652)	(69,535)	(59,079)
Net Income	113,210	93,011	220,666	181,249
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	(85)	291	(85)	291
Change in unrealized gain on investments, net of tax	851	147	1,786	234
Realized gain on investments, net of tax, included in net income	(1)	(69)	(67)	(73)
Other comprehensive income (loss)	935	(213)	1,804	(130)
Comprehensive Income	$ 114,145	$ 92,798	$ 222,470	$ 181,119
Basic income (loss) per share
Net Income	$ 1.05	$ 0.80	$ 2.03	$ 1.56
Diluted income (loss) per share
Net Income	$ 0.87	$ 0.70	$ 1.68	$ 1.36
Shares used to compute net income per share
Basic	108,067	115,656	108,829	116,394
Diluted	130,588	133,251	131,084	133,546

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 220,666	$ 181,249
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment	29,417	31,620
Stock-based compensation	22,891	22,129
Excess tax benefit associated with stock-based compensation	(12,708)	(11,366)
Unrealized Gain (Loss) on Derivatives	(971)	4,311
Contingent interest payment for debenture	(6,544)	(5,225)
Amortization of Debt Issuance Costs and Discounts	6,590	5,941
Other, net	(1,414)	(1,099)
Changes in operating assets and liabilities
Accounts receivable	(2,798)	(1,018)
Prepaid expenses and other assets	15,430	7,369
Accounts payable and accrued liabilities	(28,653)	(4,778)
Deferred revenues	26,346	41,247
Deferred Income Taxes	36,039	37,245
Net cash provided by operating activities	304,291	307,625
Net Cash Provided by (Used in) Investing Activities [Abstract]
Proceeds from maturities and sales of marketable securities	2,056,607	1,283,367
Purchases of marketable securities	(2,101,863)	(1,747,025)
Purchases of property and equipment	(13,458)	(21,891)
Other investing activities	206	(3,736)
Net cash used in investing activities	(58,508)	(489,285)
Cash flows from financing activities:
Proceeds from issuance of common stock from option exercises and employee stock purchase plans	8,084	9,014
Repurchases of common stock	(324,235)	(335,885)
Proceeds from Issuance of Senior Long-term Debt	0	492,237
Excess tax benefit associated with stock-based compensation	12,708	11,366
Net cash used in financing activities	(303,443)	176,732
Effect of exchange rate changes on cash and cash equivalents	(33)	606
Net decrease in cash and cash equivalents	(57,693)	(4,322)
Cash and cash equivalents at beginning of period	228,659	191,608
Cash and cash equivalents at end of period	170,966	187,286
Supplemental cash flow disclosures:
Cash paid for interest, net of capitalized interest	57,636	42,839
Cash paid for income taxes, net of refunds received	$ 13,994	$ 14,342

Basis Of Presentation

Basis Of Presentation	6 Months Ended
	Jun. 30, 2016
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 2015 Annual Report on Form 10-K (the “ 2015 Form 10-K”) filed with the SEC on February 19, 2016. Recent Accounting Pronouncements In May 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 will become effective for the Company on January 1, 2018. 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 February 2016, the FASB issued ASU No. 2016-02, Leases . The guidance introduces a lessee model that requires most leases to be reported on the balance sheet. This ASU will become effective for the Company on January 1, 2019 and requires the modified retrospective transition method. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of the accounting for share-based payment award transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The ASU requires that excess tax benefits and tax deficiencies (the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes) be recognized as income tax expense or benefit in the Consolidated Statement of Comprehensive Income. This change may lead to increased volatility in the provision for income taxes. There are different transition methods for different aspects of the standard. The new standard will be effective for the Company on January 1, 2017 with early adoption permitted. The Company is evaluating the timing of adoption, transition methods and the effect that this ASU will have on its consolidated financial statements and related disclosures.

Cash, Cash Equivalents, And Mar

Cash, Cash Equivalents, And Marketable Securities	6 Months Ended
	Jun. 30, 2016
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, 2016 2015 (In thousands) Cash $ 37,588 $ 99,027 Money market funds 141,209 137,593 Time deposits 3,932 4,007 Debt securities issued by the U.S. Treasury 1,733,258 1,685,882 Equity securities of public companies 2,772 890 Total $ 1,918,759 $ 1,927,399 Included in Cash and cash equivalents $ 170,966 $ 228,659 Included in Marketable securities $ 1,736,030 $ 1,686,771 Included in Other long-term assets (Restricted cash) $ 11,763 $ 11,969 The fair value of the debt securities held as of June 30, 2016 was $1.7 billion , including less than $0.6 million of gross and net unrealized gains. All of the debt securities held as of June 30, 2016 are scheduled to mature in less than one year.

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	6 Months Ended
	Jun. 30, 2016
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, 2016 and December 31, 2015 : Fair Value Measurement Using Total Fair Value (Level 1) (Level 2) (Level 3) (In thousands) As of June 30, 2016: Assets: Investments in money market funds $ 141,209 $ 141,209 $ — $ — Debt securities issued by the U.S. Treasury 1,733,258 1,733,258 — — Equity securities of public companies $ 2,772 $ 2,772 $ — $ — Foreign currency forward contracts (1) 563 — 563 — Total $ 1,877,802 $ 1,877,239 $ 563 $ — Liabilities: Contingent interest derivative on the Subordinated Convertible Debentures $ 22,611 $ — $ — $ 22,611 Foreign currency forward contracts (2) 65 — 65 — Total $ 22,676 $ — $ 65 $ 22,611 As of December 31, 2015: Assets: Investments in money market funds $ 137,593 $ 137,593 $ — $ — Debt securities issued by the U.S. Treasury 1,685,882 1,685,882 — — Equity securities of public companies 890 890 — — Foreign currency forward contracts (1) 230 — 230 — Total $ 1,824,595 $ 1,824,365 $ 230 $ — Liabilities: Contingent interest derivative on the Subordinated Convertible Debentures $ 30,126 $ — $ — $ 30,126 Foreign currency forward contracts (2) 164 — 164 — Total $ 30,290 $ — $ 164 $ 30,126 (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, 2016 , the valuation of the contingent interest derivative assumed a volatility rate of approximately 26% and a credit spread of approximately 6% . The fair value of the contingent interest derivative would not have significantly changed using a volatility rate of either 21% or 31% , or a credit spread of either 5% or 7% . 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, 2016 and 2015: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Beginning balance $ 22,517 $ 28,549 $ 30,126 $ 26,755 Payment of contingent interest — — (6,544 ) (5,225 ) Unrealized loss (gain) 94 (2,708 ) (971 ) 4,311 Ending balance $ 22,611 $ 25,841 $ 22,611 $ 25,841 On February 15, 2016, the Company paid contingent interest of $6.5 million in addition to the normal coupon interest to holders of record of the Subordinated Convertible Debentures as of February 1, 2016. In February 2016, the upside trigger on the Subordinated Convertible Debentures was met for the six month interest period ending in August 2016. On August 15, 2016, the Company will pay contingent interest of $6.8 million in addition to the normal coupon interest to holders of record of the Subordinated Convertible Debentures as of August 1, 2016. The $ 6.8 million contingent interest payable in August 2016 is included in the balance of the contingent interest derivative on the Subordinated Convertible Debentures as of June 30, 2016 . The Company’s other financial instruments include cash, accounts receivable, restricted cash, and accounts payable. As of June 30, 2016 , the carrying value of these financial instruments approximated their fair value. The fair value of the Company’s Subordinated Convertible Debentures was $ 3.1 billion as of June 30, 2016 . The fair values of the senior notes due 2023 (the “2023 Senior Notes”) and the senior notes due 2025 (the “2025 Senior Notes”) were $ 761.3 million and $512.8 million , respectively, as of June 30, 2016 . 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, 2016
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, 2016 2015 (In thousands) Prepaid expenses $ 18,194 $ 14,823 Income tax receivables 2,104 23,098 Other 2,275 1,935 Total other current assets $ 22,573 $ 39,856 The Income tax receivables as of December 31, 2015 primarily consists of the remaining U.S. federal income tax overpayment from prior years. As of June 30, 2016, substantially all of the remaining overpayment has been used to offset current year income taxes. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: June 30, December 31, 2016 2015 (In thousands) Accounts payable $ 17,661 $ 23,298 Accrued employee compensation 40,118 51,851 Customer deposits, net 39,558 48,307 Interest Payable 27,701 27,701 Income taxes payable and other tax liabilities 4,485 16,943 Other accrued liabilities 14,838 20,071 Total accounts payable and accrued liabilities $ 144,361 $ 188,171 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, 2015 , was paid during the six months ended June 30, 2016 . Income taxes payable and other tax liabilities decreased in the six months ended June 30, 2016 as a result of payments made for income taxes in certain non-U.S. jurisdictions. Interest payable includes 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, 2016
Stockholders' Equity Note [Abstract]
Stockholders' (Deficit) Equity	Stockholders’ Deficit On February 11, 2016, the Company’s Board of Directors authorized the repurchase of approximately $ 611.2 million of its common stock, in addition to the $ 388.8 million remaining available for repurchase under the previous share repurchase program for a total repurchase authorization of up to $1.0 billion of its common stock. The share repurchase 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, 2016 the Company repurchased 1.7 million and 3.5 million shares of its common stock, respectively, at an average stock price of $86.46 and $84.63 , respectively. The aggregate cost of the repurchases in the three and six months ended June 30, 2016 was $149.9 million and $299.8 million , respectively. As of June 30, 2016 , $765.9 million remained available for further repurchases under the share repurchase program. During the six months ended June 30, 2016 , the Company placed 0.3 million shares, at an average stock price of $80.92 , and for an aggregate cost of $24.4 million , into treasury stock for purposes related to tax withholding upon vesting of Restricted Stock Units (“RSUs”). Since inception the Company has repurchased 216.8 million shares of its common stock for an aggregate cost of $7.8 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, 2016
Earnings Per Share [Abstract]
Calculation Of Net Income Per Share Attributable To Verisign Stockholders	Calculation of Earnings per Share The following table presents the computation of weighted-average shares used in the calculation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Weighted-average shares of common stock outstanding 108,067 115,656 108,829 116,394 Weighted-average potential shares of common stock outstanding: Conversion spread related to Convertible Debentures 21,872 16,973 21,472 16,392 Unvested RSUs, stock options, and ESPP 649 622 783 760 Shares used to compute diluted earnings per share 130,588 133,251 131,084 133,546 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, 2016
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, 2016 2015 2016 2015 (In thousands) Cost of revenues $ 1,747 $ 1,741 $ 3,588 $ 3,480 Sales and marketing 1,457 1,818 3,090 3,117 Research and development 1,587 1,691 3,290 3,412 General and administrative 6,341 6,751 12,923 12,120 Total stock-based compensation expense $ 11,132 $ 12,001 $ 22,891 $ 22,129 The following table presents the nature of the Company’s total stock-based compensation: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) RSUs $ 8,625 $ 9,210 $ 17,758 $ 17,504 Performance-based RSUs 2,285 2,385 4,662 3,838 ESPP 822 1,113 1,670 2,194 Capitalization (Included in Property and equipment, net) (600 ) (707 ) (1,199 ) (1,407 ) Total stock-based compensation expense $ 11,132 $ 12,001 $ 22,891 $ 22,129

Interest Expense

Interest Expense	6 Months Ended
	Jun. 30, 2016
Interest Expense [Abstract]
Interest Expense	Interest Expense The following table presents the components of the Company’s interest expense: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Contractual interest on Subordinated Convertible Debentures $ 10,156 $ 10,156 $ 20,312 $ 20,312 Contractual interest on Senior Notes 15,234 15,234 30,469 24,271 Amortization of debt discount on the Subordinated Convertible Debentures 2,744 2,527 5,433 5,004 Credit facility fees and other interest expense 725 586 1,449 933 Total interest expense $ 28,859 $ 28,503 $ 57,663 $ 50,520

Non-operating (loss) income

Non-operating (loss) income	6 Months Ended
	Jun. 30, 2016
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, 2016 2015 2016 2015 (In thousands) Unrealized (loss) gain on contingent interest derivative on Subordinated Convertible Debentures $ (94 ) $ 2,708 $ 971 $ (4,311 ) Interest income 1,522 373 2,564 632 Other, net 281 120 1,295 1,325 Total non-operating income (loss), net $ 1,709 $ 3,201 $ 4,830 $ (2,354 ) Unrealized gains and losses 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.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
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, 2016 2015 2016 2015 (Dollars in thousands) Income tax expense $ 35,907 $ 30,652 $ 69,535 $ 59,079 Effective tax rate 24 % 25 % 24 % 25 % The effective tax rate for the three and six months ended June 30, 2016 and 2015 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. Deferred tax liabilities as of June 30, 2016 reflect the use of a portion of U.S. foreign tax credits during the six months ended June 30, 2016 , and an increase in the deferred tax liability related to the Subordinated Convertible Debentures.

Subsequent Event (Notes)

Subsequent Event (Notes)	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 11. Subsequent Event Subsequent to June 30, 2016, the Company incurred a commitment to pay approximately $130.0 million for the future assignment of contractual rights, which are subject to third-party consent. The payment is expected to occur during the third quarter of 2016.

Cash, Cash Equivalents, And M17

Cash, Cash Equivalents, And Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 2015 (In thousands) Cash $ 37,588 $ 99,027 Money market funds 141,209 137,593 Time deposits 3,932 4,007 Debt securities issued by the U.S. Treasury 1,733,258 1,685,882 Equity securities of public companies 2,772 890 Total $ 1,918,759 $ 1,927,399 Included in Cash and cash equivalents $ 170,966 $ 228,659 Included in Marketable securities $ 1,736,030 $ 1,686,771 Included in Other long-term assets (Restricted cash) $ 11,763 $ 11,969

Fair Value Of Financial Instr18

Fair Value Of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 and December 31, 2015 : Fair Value Measurement Using Total Fair Value (Level 1) (Level 2) (Level 3) (In thousands) As of June 30, 2016: Assets: Investments in money market funds $ 141,209 $ 141,209 $ — $ — Debt securities issued by the U.S. Treasury 1,733,258 1,733,258 — — Equity securities of public companies $ 2,772 $ 2,772 $ — $ — Foreign currency forward contracts (1) 563 — 563 — Total $ 1,877,802 $ 1,877,239 $ 563 $ — Liabilities: Contingent interest derivative on the Subordinated Convertible Debentures $ 22,611 $ — $ — $ 22,611 Foreign currency forward contracts (2) 65 — 65 — Total $ 22,676 $ — $ 65 $ 22,611 As of December 31, 2015: Assets: Investments in money market funds $ 137,593 $ 137,593 $ — $ — Debt securities issued by the U.S. Treasury 1,685,882 1,685,882 — — Equity securities of public companies 890 890 — — Foreign currency forward contracts (1) 230 — 230 — Total $ 1,824,595 $ 1,824,365 $ 230 $ — Liabilities: Contingent interest derivative on the Subordinated Convertible Debentures $ 30,126 $ — $ — $ 30,126 Foreign currency forward contracts (2) 164 — 164 — Total $ 30,290 $ — $ 164 $ 30,126 (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, 2016 and 2015: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Beginning balance $ 22,517 $ 28,549 $ 30,126 $ 26,755 Payment of contingent interest — — (6,544 ) (5,225 ) Unrealized loss (gain) 94 (2,708 ) (971 ) 4,311 Ending balance $ 22,611 $ 25,841 $ 22,611 $ 25,841

Other Balance Sheet Items (Tabl

Other Balance Sheet Items (Tables)	6 Months Ended
	Jun. 30, 2016
Balance Sheet Related Disclosures [Abstract]
Other Current Assets	Other current assets consist of the following: June 30, December 31, 2016 2015 (In thousands) Prepaid expenses $ 18,194 $ 14,823 Income tax receivables 2,104 23,098 Other 2,275 1,935 Total other current assets $ 22,573 $ 39,856
Components Of Accounts Payable And Accrued Liabilities	Accounts payable and accrued liabilities consist of the following: June 30, December 31, 2016 2015 (In thousands) Accounts payable $ 17,661 $ 23,298 Accrued employee compensation 40,118 51,851 Customer deposits, net 39,558 48,307 Interest Payable 27,701 27,701 Income taxes payable and other tax liabilities 4,485 16,943 Other accrued liabilities 14,838 20,071 Total accounts payable and accrued liabilities $ 144,361 $ 188,171

Calculation Of Net Income Per20

Calculation Of Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
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 earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Weighted-average shares of common stock outstanding 108,067 115,656 108,829 116,394 Weighted-average potential shares of common stock outstanding: Conversion spread related to Convertible Debentures 21,872 16,973 21,472 16,392 Unvested RSUs, stock options, and ESPP 649 622 783 760 Shares used to compute diluted earnings per share 130,588 133,251 131,084 133,546

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 2015 2016 2015 (In thousands) Cost of revenues $ 1,747 $ 1,741 $ 3,588 $ 3,480 Sales and marketing 1,457 1,818 3,090 3,117 Research and development 1,587 1,691 3,290 3,412 General and administrative 6,341 6,751 12,923 12,120 Total stock-based compensation expense $ 11,132 $ 12,001 $ 22,891 $ 22,129
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, 2016 2015 2016 2015 (In thousands) RSUs $ 8,625 $ 9,210 $ 17,758 $ 17,504 Performance-based RSUs 2,285 2,385 4,662 3,838 ESPP 822 1,113 1,670 2,194 Capitalization (Included in Property and equipment, net) (600 ) (707 ) (1,199 ) (1,407 ) Total stock-based compensation expense $ 11,132 $ 12,001 $ 22,891 $ 22,129

Interest Expense (Tables)

Interest Expense (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 2015 2016 2015 (In thousands) Contractual interest on Subordinated Convertible Debentures $ 10,156 $ 10,156 $ 20,312 $ 20,312 Contractual interest on Senior Notes 15,234 15,234 30,469 24,271 Amortization of debt discount on the Subordinated Convertible Debentures 2,744 2,527 5,433 5,004 Credit facility fees and other interest expense 725 586 1,449 933 Total interest expense $ 28,859 $ 28,503 $ 57,663 $ 50,520

Non-operating (loss) income (Ta

Non-operating (loss) income (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 2015 2016 2015 (In thousands) Unrealized (loss) gain on contingent interest derivative on Subordinated Convertible Debentures $ (94 ) $ 2,708 $ 971 $ (4,311 ) Interest income 1,522 373 2,564 632 Other, net 281 120 1,295 1,325 Total non-operating income (loss), net $ 1,709 $ 3,201 $ 4,830 $ (2,354 )

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 2015 2016 2015 (Dollars in thousands) Income tax expense $ 35,907 $ 30,652 $ 69,535 $ 59,079 Effective tax rate 24 % 25 % 24 % 25 %

Cash, Cash Equivalents, And M25

Cash, Cash Equivalents, And Marketable Securities (Cash, Cash Equivalents, And Marketable Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cash	$ 37,588	$ 99,027
Money market funds	141,209	137,593
Time deposits	3,932	4,007
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	1,733,258	1,685,882
Available-for-sale Securities, Equity Securities	2,772	890
Total	1,918,759	1,927,399
Included in Cash and cash equivalents	170,966	228,659	$ 187,286	$ 191,608
Included in Marketable securities	1,736,030	1,686,771
Included in Other assets (Restricted cash)	$ 11,763	$ 11,969

Cash, Cash Equivalents, And M26

Cash, Cash Equivalents, And Marketable Securities Cash, Cash Equivalents, And Marketable Securities narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Cash, Cash Equivalents And Marketable Securities [Abstract]
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	$ 1,733,258	$ 1,685,882
Debt securities gross unrealized gains	$ 600

Fair Value Of Financial Instr27

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, 2016	Dec. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total fair value of assets	$ 1,877,802	$ 1,824,595
Total fair of value of liabilities	22,676	30,290
Embedded Derivative Financial Instruments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Financial Instruments, Liabilities, Fair Value Disclosure	22,611	30,126
Money Market Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments in money market funds	141,209	137,593
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	1,733,258	1,685,882
Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, Fair Value Disclosure	2,772	890
Forward Contracts [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Foreign currency forward contracts assets	563	230
Foreign currency forward contracts liabilities	65	164
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	1,877,239	1,824,365
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	141,209	137,593
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	1,733,258	1,685,882
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	2,772	890
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	563	230
Total fair of value of liabilities	65	164
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	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	563	230
Foreign currency forward contracts liabilities	65	164
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	22,611	30,126
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	22,611	30,126
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] | 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 Instr28

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, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 22,517	$ 28,549	$ 30,126	$ 26,755
Contingent interest payment for debenture	0	0	(6,544)	(5,225)
Unrealized (gain) loss on contingent interest derivative on Convertible Debentures	94	(2,708)	(971)	4,311
Ending balance	$ 22,611	$ 25,841	$ 22,611	$ 25,841

Fair Value Of Financial Instr29

Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Contingent interest payment for debenture	$ 0	$ 0	$ (6,544)	$ (5,225)
Interest Payable	6,800		$ 6,800
Fair value assumptions expected volatility rate			26.00%
fair value assumptions credit spread			6.00%
Convertible Debt, Fair Value Disclosures	3,100,000		$ 3,100,000
Debt instrument fair value senior notes 2023	761,300		761,300
Debt instrument fair value senior notes 2025	$ 512,800		$ 512,800
Minimum [Member]
fair value hypothetical increase decrease in volatility rate			21.00%
fair value hypothetical increase decrease in credit spread			5.00%
Maximum [Member]
fair value hypothetical increase decrease in volatility rate			31.00%
fair value hypothetical increase decrease in credit spread			7.00%

Other Balance Sheet Items (Othe

Other Balance Sheet Items (Other Current Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 18,194	$ 14,823
Income Taxes Receivable, Current	2,104	23,098
Other Assets, Miscellaneous, Current	2,275	1,935
Other Assets, Current	$ 22,573	$ 39,856

Other Balance Sheet Items (Comp

Other Balance Sheet Items (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Balance Sheet Related Disclosures [Abstract]
Accounts payable	$ 17,661	$ 23,298
Accrued employee compensation	40,118	51,851
Customer deposits, net	39,558	48,307
Interest Payable, Current	27,701	27,701
Taxes Payable, Current	4,485	16,943
Other accrued liabilities	14,838	20,071
Total accounts payable and accrued liabilities	$ 144,361	$ 188,171

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
	Feb. 11, 2016	Jun. 30, 2016	Jun. 30, 2016
Treasury Stock Repurchase Programs [Line Items]
Additional share repurchase amount authorized	$ 611.2
Remaining common stock available for repurchase	$ 388.8	$ 765.9	$ 765.9
Common stock, held in treasury		216.8	216.8
Common stock repurchased		$ 7,800	$ 7,800
Share Buyback Program [Member]
Treasury Stock Repurchase Programs [Line Items]
Common stock authorized to repurchase		$ 1,000	$ 1,000
Common stock repurchase, share		1.7	3.5
Average stock price		$ 86.46	$ 84.63
Aggregate cost of share		$ 149.9	$ 299.8
Restricted Stock Units [Member]
Treasury Stock Repurchase Programs [Line Items]
Common stock repurchase, share			0.3
Average stock price			$ 80.92
Aggregate cost of share			$ 24.4

Calculation Of Net Income Per33

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, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Weighted-average number of common shares outstanding	108,067	115,656	108,829	116,394
Conversion spread related to Convertible Debentures	21,872	16,973	21,472	16,392
Unvested RSUs, stock options, and ESPP	649	622	783	760
Shares used to compute diluted net income per share	130,588	133,251	131,084	133,546

Stock-Based Compensation (Class

Stock-Based Compensation (Classification Of Stock-Based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 11,132	$ 12,001	$ 22,891	$ 22,129
Cost Of Revenues [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	1,747	1,741	3,588	3,480
Sales And Marketing [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	1,457	1,818	3,090	3,117
Research And Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	1,587	1,691	3,290	3,412
General And Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 6,341	$ 6,751	$ 12,923	$ 12,120

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, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount	$ (600)	$ (707)	$ (1,199)	$ (1,407)
Stock-based compensation	11,132	12,001	22,891	22,129
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	8,625	9,210	17,758	17,504
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	2,285	2,385	4,662	3,838
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 822	$ 1,113	$ 1,670	$ 2,194

Interest Expense (Interest Expe

Interest Expense (Interest Expense Schedule) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Contractual interest on Convertible Debentures	$ 10,156	$ 10,156	$ 20,312	$ 20,312
Contractual interest on Notes	15,234	15,234	30,469	24,271
Amortization of debt discount on the Convertible Debentures	2,744	2,527	5,433	5,004
Credit facility and other interest expense	725	586	1,449	933
Total interest expense	$ 28,859	$ 28,503	$ 57,663	$ 50,520

Non-operating (loss) income (De

Non-operating (loss) income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Non-operating (loss) income, net [Abstract]
Unrealized Gain (Loss) on Derivatives	$ (94)	$ 2,708	$ 971	$ (4,311)
Interest Income	1,522	373	2,564	632
Other Nonoperating Income (Expense)	281	120	1,295	1,325
Nonoperating (loss) Income	$ 1,709	$ 3,201	$ 4,830	$ (2,354)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016Rate	Jun. 30, 2015Rate	Jun. 30, 2016Rate	Jun. 30, 2015Rate
Income Tax Disclosure [Abstract]
Statutory federal rate	35.00%	35.00%	35.00%	35.00%

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, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income tax expense from continuing operations	$ 35,907	$ 30,652	$ 69,535	$ 59,079
Effective tax rate	24.00%	25.00%	24.00%	25.00%

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	Jun. 30, 2016USD ($)
Subsequent Events [Abstract]
Other Commitment	$ 130