Document and Entity Information
Document and Entity Information Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 12, 2021 | Jun. 30, 2020 | |
Document And Entity Information [Abstract] | |||
Document Annual Report | true | ||
Document Transition Report | false | ||
Title of 12(b) Security | Common Stock, $0.001 par value per share | ||
Trading Symbol | VRSN | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Registrant Name | VERISIGN INC/CA | ||
Entity Central Index Key | 0001014473 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 113,094,561 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Entity Public Float | $ 15.1 | ||
Entity File Number | 000-23593 | ||
City Area Code | 703 | ||
Local Phone Number | 948-3200 | ||
Entity Tax Identification Number | 94-3221585 | ||
Entity Address, Address Line One | 12061 Bluemont Way, | ||
Entity Address, City or Town | Reston, | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 20190 | ||
Security Exchange Name | NASDAQ | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 401,194 | $ 508,196 |
Marketable securities | 765,713 | 709,863 |
Other current assets | 51,033 | 60,530 |
Total current assets | 1,217,940 | 1,278,589 |
Property and equipment, net | 245,571 | 250,283 |
Goodwill | 52,527 | 52,527 |
Deferred Income Tax Assets, Net | 67,914 | 87,798 |
Deposits Assets, Noncurrent | 145,000 | 145,000 |
Other long-term assets | 37,958 | 39,812 |
Total long-term assets | 548,970 | 575,420 |
Total assets | 1,766,910 | 1,854,009 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 208,642 | 209,988 |
Deferred revenues | 780,051 | 755,178 |
Total current liabilities | 988,693 | 965,166 |
Long-term deferred revenues | 282,838 | 278,702 |
Senior Notes | 1,790,083 | 1,787,565 |
Other long-term tax liabilities | 95,494 | 312,676 |
Total long-term liabilities | 2,168,415 | 2,378,943 |
Total liabilities | 3,157,108 | 3,344,109 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Preferred stock | 0 | 0 |
Common Stocks, Including Additional Paid in Capital | 14,275,160 | 14,990,011 |
Accumulated deficit | (15,662,602) | (16,477,490) |
Accumulated other comprehensive loss | (2,756) | (2,621) |
Total stockholders' deficit | (1,390,198) | (1,490,100) |
Total liabilities and stockholders' deficit | $ 1,766,910 | $ 1,854,009 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, authorized shares | 5,000 | 5,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 1,000,000 | 1,000,000 |
Common Stock, Shares, Issued | 353,789 | 353,157 |
Common stock, outstanding shares | 113,470 | 116,715 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
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 | 353,789 | 353,157 |
Common stock, outstanding shares | 113,470 | 116,715 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenues | $ 1,265,052 | $ 1,231,661 | $ 1,214,969 |
Costs and expenses: | |||
Cost of revenues | 180,177 | 180,467 | 192,134 |
Sales and marketing | 36,790 | 46,637 | 64,891 |
Research and development | 74,671 | 60,805 | 57,884 |
General and administrative | 149,213 | 137,625 | 132,668 |
Total costs and expenses | 440,851 | 425,534 | 447,577 |
Operating income | 824,201 | 806,127 | 767,392 |
Interest expense | (90,144) | (90,611) | (114,845) |
Non-operating income, net | 16,187 | 43,260 | 76,969 |
Income from continuing operations before income taxes | 750,244 | 758,776 | 729,516 |
Income tax (expense) benefit | 64,644 | (146,477) | (147,027) |
Net income | 814,888 | 612,299 | 582,489 |
Other Comprehensive Income (Loss), Net of Tax | (135) | 190 | 130 |
Comprehensive income | $ 814,753 | $ 612,489 | $ 582,619 |
Earnings per share | |||
Earnings Per Share, Basic | $ 7.08 | $ 5.17 | $ 5.13 |
Earnings Per Share, Diluted | $ 7.07 | $ 5.15 | $ 4.75 |
Shares used to compute net income per share | |||
Basic | 115,058 | 118,513 | 113,452 |
Diluted | 115,298 | 118,968 | 122,661 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total [Member] | Common Stock Including Additional Paid in Capital |
Balance at Dec. 31, 2017 | $ (17,694,790) | $ (2,941) | $ (1,260,271) | $ 16,437,460 | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | 12,836 | ||||
Stock Issued During Period, Value, Conversion of Convertible Securities | (159,592) | ||||
Net income | $ 582,489 | 582,489 | |||
Impact from adoption of ASU 2014-09 | (22,512) | ||||
Other Comprehensive Income (Loss), Net of Tax | 130 | 130 | |||
Stock-based compensation | 54,574 | ||||
Repurchase of common stock | 638,152 | ||||
Balance at Dec. 31, 2018 | (17,089,789) | (2,811) | (1,385,474) | 15,707,126 | |
Stock Issued During Period, Value, Employee Stock Purchase Plan | 13,152 | ||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | ||||
Net income | 612,299 | 612,299 | |||
Impact from adoption of ASU 2014-09 | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | 190 | 190 | |||
Stock-based compensation | 52,316 | ||||
Repurchase of common stock | 782,583 | ||||
Balance at Dec. 31, 2019 | (1,490,100) | (16,477,490) | (2,621) | (1,490,100) | 14,990,011 |
Stock Issued During Period, Value, Employee Stock Purchase Plan | 12,577 | ||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | ||||
Net income | 814,888 | 814,888 | |||
Impact from adoption of ASU 2014-09 | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | (135) | (135) | |||
Stock-based compensation | 50,026 | ||||
Repurchase of common stock | 777,454 | ||||
Balance at Dec. 31, 2020 | $ (1,390,198) | $ (15,662,602) | $ (2,756) | $ (1,390,198) | $ 14,275,160 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 814,888 | $ 612,299 | $ 582,489 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of property and equipment | 46,352 | 46,330 | 48,367 |
Stock-based compensation | 48,243 | 50,626 | 52,504 |
Investment Income, Amortization of Discount | (6,131) | (14,777) | (18,259) |
Gain (Loss) on Disposition of Business | (6,402) | (817) | (54,840) |
Other Operating Activities, Cash Flow Statement | 3,425 | 3,668 | 14,646 |
Changes in operating assets and liabilities | |||
Prepaid expenses and other assets | (9,214) | (3,279) | 1,041 |
Accounts payable and accrued liabilities | 2,227 | (24) | (2,130) |
Deferred revenues | 29,009 | 16,191 | 19,825 |
Net deferred income taxes and other long term tax liabilities | (192,214) | 43,675 | 54,124 |
Net Cash Provided by (Used in) Operating Activities | 730,183 | 753,892 | 697,767 |
Cash flows from investing activities: | |||
Proceeds from maturities and sales of marketable securities | 2,305,732 | 2,247,904 | 4,031,809 |
Purchases of marketable securities | (2,355,405) | (2,030,521) | (2,976,752) |
Purchases of property and equipment | (43,395) | (40,316) | (37,007) |
Payments for (Proceeds from) Businesses and Interest in Affiliates | 20,810 | (9,872) | 52,240 |
Other investing activities | 0 | 0 | (160) |
Net cash provided by (used in) investing activities | (72,258) | 167,195 | 1,070,130 |
Cash flows from financing activities: | |||
Repurchases of common stock | (777,454) | (782,583) | (638,152) |
Proceeds from issuance of common stock from option exercises and employee stock purchase plans | 12,577 | 13,152 | 12,836 |
Repayments of Subordinated Debt | 0 | 0 | (1,250,009) |
Proceeds from (Payments for) Other Financing Activities | 0 | (872) | 0 |
Net cash used in financing activities | (764,877) | (770,303) | (1,875,325) |
Effect of exchange rate changes on cash and cash equivalents | (48) | 64 | (958) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (107,000) | 150,848 | (108,386) |
Cash and cash equivalents at end of period | 401,194 | 508,196 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 410,601 | 517,601 | 366,753 |
Supplemental cash flow disclosures: | |||
Cash paid for interest, net of capitalized interest | 87,354 | 87,683 | 117,956 |
Cash paid for income taxes, net of refunds received | $ 132,683 | $ 89,974 | $ 84,906 |
Description Of Business And Sum
Description Of Business And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Description Of Business And Summary Of Significant Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies Description of Business VeriSign, Inc. (“Verisign” or “the Company”) was incorporated in Delaware on April 12, 1995. The Company has one reportable segment. The Company enables the security, stability, and resiliency of key internet infrastructure and services, including providing root zone maintainer services, operating two of the 13 global internet root servers, and providing registration services and authoritative resolution for the . com and . net top-level domains, which support the majority of global e-commerce. Basis of Presentation The accompanying consolidated financial statements of Verisign and its subsidiaries have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”). All significant intercompany accounts and transactions have been eliminated. The preparation of these consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. Reclassifications Certain reclassifications have been made to prior period amounts to conform to current period presentation. Such reclassifications have no effect on net income as previously reported. Significant Accounting Policies Cash and Cash Equivalents Verisign considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash and cash equivalents include certain money market funds, debt securities and various deposit accounts. Verisign maintains its cash and cash equivalents with financial institutions that have investment grade ratings and, as part of its cash management process, performs periodic evaluations of the relative credit standing of these financial institutions. Marketable Securities Marketable securities primarily consist of debt securities issued by the U.S. Treasury. All marketable securities are classified as available-for-sale and are carried at fair value. Unrealized gains and losses, net of taxes, are reported as a component of Accumulated other comprehensive loss. The specific identification method is used to determine the cost basis of the marketable securities sold. The Company classifies its marketable securities as current based on their nature and availability for use in current operations. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets of 35 to 47 years for buildings, 10 years for building improvements and three years to five years for computer equipment, software, office equipment, and furniture and fixtures. Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful lives of the assets or associated lease terms. Capitalized Software Software included in property and equipment includes amounts paid for purchased software and development costs for internally developed software. The Company capitalized $12.8 million and $11.9 million of costs related to internally developed software during 2020 and 2019, respectively. Goodwill and Other Long-lived Assets Goodwill represents the excess of purchase consideration over fair value of net assets of businesses acquired. The Company has only one reporting unit, which has a negative carrying value. Therefore, the goodwill is not subject to impairment. Long-lived assets, such as property, plant, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset, or asset group, may not be recoverable. Such events or circumstances include, but are not limited to, a significant decrease in the fair value of the underlying business. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset, or asset group, to estimated undiscounted future cash flows expected to be generated by the asset, or asset group. An impairment charge is recognized in the amount by which the carrying amount of the asset exceeds its fair value. As of December 31, 2020, the Company’s assets include a deposit related to the purchase of the contractual rights to the . web gTLD. The amount paid to date has been recorded as a deposit until such time that the contractual rights are transferred to the Company. This asset would be tested for recoverability if the Company were to determine that it is no longer probable that the rights will be transferred. At the time of the transfer of the contractual rights, the Company will record the amount as an indefinite-lived intangible asset subject to review for impairment on an annual basis or more frequently if events or changes in circumstances indicate that an impairment is more likely than not. Foreign Currency Remeasurement Verisign conducts business in several different countries and transacts in multiple currencies. The functional currency for all of Verisign’s international subsidiaries is the U.S. dollar. The Company’s subsidiaries’ financial statements are remeasured into U.S. dollars using a combination of current and historical exchange rates and any remeasurement gains and losses are included in Non-operating income, net. Remeasurement gains and losses were not significant in each of the last three years. Verisign maintains a foreign currency risk management program designed to mitigate foreign exchange risks associated with the monetary assets and liabilities that are denominated in currencies other than the U.S. dollar. The primary objective of this program is to minimize the gains and losses resulting from fluctuations in exchange rates. The Company does not enter into foreign currency transactions for trading or speculative purposes, nor does it hedge foreign currency exposures in a manner that entirely offsets the effects of changes in exchange rates. The program may entail the use of forward or option contracts, which are usually placed and adjusted monthly. These foreign currency forward contracts are derivatives and are recorded at fair market value. The Company records gains and losses on foreign currency forward contracts in Non-operating income, net. Gains and losses related to foreign currency forward contracts were not significant in each of the last three years. As of December 31, 2020, Verisign held foreign currency forward contracts in notional amounts totaling $27.5 million to mitigate the impact of exchange rate fluctuations associated with certain assets and liabilities held in foreign currencies. Revenue Recognition Revenues are recognized when control of the promised services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues primarily arise from fixed fees charged to registrars for the initial registration or renewal of .com , .net , and other domain names. Fees for domain name registrations and renewals are generally due at the time of registration or renewal. Domain name registration terms range from one year up to ten years. Most customers either maintain a deposit with Verisign or provide an irrevocable letter of credit in excess of the amounts owed. Verisign also offers promotional incentive-based discount programs to its registrars based upon market conditions and the business environment in which the registrars operate. Amounts payable for these programs are recorded as a reduction of revenue. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Each domain name registration or renewal is considered a separate optional purchase and represents a single performance obligation, which is to allow its registration and maintain that registration (by allowing updates, Domain Name System (“DNS”) resolution and Whois services, which allow users to find information about registered domain names) through the registration term. These services are provided continuously throughout each registration term, and as such, revenues from the initial registration or renewal of domain names are deferred and recognized ratably over the registration term. Fees for renewals and advance extensions to the existing term are deferred until the new incremental period commences. These fees are then recognized ratably over the renewal term. Costs Incurred to Obtain a Contract The Company recognizes the fees payable to ICANN for each annual term of domain name registrations and renewals, as an asset which is amortized on a straight-line basis over the related registration term. These assets are included in Other current assets and Other long-term assets. Advertising Expenses Advertising costs are expensed as incurred and are included in Sales and marketing expenses. Advertising expenses, including costs for advertising campaigns conducted jointly with our registrars were $7.5 million, $12.8 million, and $15.2 million in 2020, 2019, and 2018, respectively. Income Taxes Verisign uses the asset and liability method to account for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company records a valuation allowance to reduce deferred tax assets to an amount whose realization is more likely than not. For every tax-paying component and within each tax jurisdiction, all deferred tax liabilities and assets are offset and presented as a single net noncurrent asset or liability. The Company recognizes the U.S. income tax effect of future global intangible low-taxed income inclusions in the period in which they arise. The Company’s income taxes payable is reduced by the tax benefits from restricted stock unit (“RSU”) vestings equal to the fair market value of the stock at the vesting date. If the income tax benefit at the exercise or vesting date differs from the income tax benefit recorded based on the grant date fair value of the RSUs, the excess or shortfall of the tax benefit is recognized within income tax expense. Verisign operates in multiple tax jurisdictions in the United States and internationally. Tax laws and regulations in these jurisdictions are complex, interrelated, and periodically changing. Significant judgment or interpretation of these laws and regulations is often required in determining the Company’s worldwide provision for income taxes, including, for example, the calculations of taxable income in each jurisdiction, deferred taxes, and the availability and amount of deductions and tax credits. The final taxes payable are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from various tax examinations. The Company only recognizes tax positions taken or expected to be taken on its tax returns that are more likely than not to be sustained upon examination, and records a tax benefit amount that is more likely than not to be realized upon ultimate settlement with the taxing authority. The Company adjusts its estimate of unrecognized tax benefits in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in an outcome that is materially different from the estimate. See Note 10, “Income Taxes,” for a discussion of significant changes in unrecognized tax benefits during 2020. The Company’s assumptions, judgments and estimates relative to the value of a deferred tax asset take into account predictions of the amount and character of future taxable income, such as income from operations or capital gains income. Actual operating results and the underlying amount and character of income in future years could render the Company’s current assumptions, judgments and estimates of recoverable net deferred taxes inaccurate. Any of the assumptions, judgments and estimates mentioned above could cause the Company’s actual income tax obligations to differ from its estimates, thus materially impacting its financial condition and results of operations. Stock-based Compensation The Company’s stock-based compensation consists of RSUs granted to employees and the employee stock purchase plan (“ESPP”). Stock-based compensation expense is typically recognized ratably over the requisite service period. Forfeitures of stock-based awards are recognized as they occur. The Company also grants RSUs which include performance conditions, and in some cases market conditions, to certain executives. The expense for these performance-based RSUs is recognized based on the probable outcome of the performance conditions. The expense recognized for awards with market conditions is based on the grant date fair value of the awards including the impact of the market conditions, using a Monte Carlo simulation model. The Company uses the Black-Scholes option pricing model to determine the fair value of its ESPP offerings. The determination of the fair value of stock-based payment awards using the Monte Carlo simulation model or the Black-Scholes option-pricing model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. Earnings per Share The Company computes basic earnings per share by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share gives effect to dilutive potential common shares, including unvested RSUs, ESPP offerings and the conversion spread related to the subordinated convertible debentures, prior to conversion on May 1, 2018, using the treasury stock method. Fair Value of Financial Instruments The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3: Unobservable inputs reflecting the Company’s own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. 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. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Cash, Cash Equivalents And Marketable Securities [Abstract] | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | Financial Instruments Cash, Cash Equivalents, and Marketable Securities The following table summarizes the Company’s cash, cash equivalents, and marketable securities and the fair value categorization of the financial instruments measured at fair value on a recurring basis: As of December 31, 2020 2019 (In thousands) Cash $ 28,832 $ 33,238 Time deposits 4,176 3,924 Money market funds (Level 1) 129,627 149,624 Debt securities issued by the U.S. Treasury (Level 1) 1,013,679 1,040,678 Total $ 1,176,314 $ 1,227,464 Cash and cash equivalents $ 401,194 $ 508,196 Restricted cash (included in Other long-term assets) 9,407 9,405 Total Cash, cash equivalents, and restricted cash 410,601 517,601 Marketable securities 765,713 709,863 Total $ 1,176,314 $ 1,227,464 The fair value of the debt securities held as of December 31, 2020 was $1.01 billion, including less than $0.1 million of gross and net unrealized gains. All of the debt securities held as of December 31, 2020 have contractual maturities of less than one year. Fair Value Measurements 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. Debt securities purchased with original maturities less than three months are included in Cash and cash equivalents. |
Other Balance Sheet Items
Other Balance Sheet Items | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Details of Certain Balance Sheet Accounts Disclosure Block | Note 3. Selected Balance Sheet Items Other Current Assets Other current assets consist of the following: As of December 31, 2020 2019 (In thousands) Prepaid registry fees $ 22,654 $ 21,717 Prepaid expenses 17,920 19,818 Accounts receivable, net 4,642 1,524 Taxes receivable 3,572 1,111 Contingent consideration receivable — 14,721 Other 2,245 1,639 Total other current assets $ 51,033 $ 60,530 Property and Equipment, Net The following table presents the detail of property and equipment, net: As of December 31, 2020 2019 (In thousands) Computer equipment and software $ 415,086 $ 470,237 Buildings and building improvements 250,431 248,885 Land 31,141 31,141 Office equipment and furniture 9,179 8,437 Capital work in progress 4,330 6,779 Leasehold improvements 1,458 1,458 Total cost 711,625 766,937 Less: accumulated depreciation (466,054) (516,654) Total property and equipment, net $ 245,571 $ 250,283 Substantially all of the Company’s property and equipment were held in the U.S. for both periods presented. Goodwill The following table presents the detail of goodwill: As of December 31, 2020 2019 (In thousands) Goodwill, gross $ 1,537,843 $ 1,537,843 Accumulated goodwill impairment (1,485,316) (1,485,316) Total goodwill $ 52,527 $ 52,527 There was no impairment of goodwill or other long-lived assets recognized in any of the periods presented. Deposits to Acquire Intangible Assets The Company’s Deposit to acquire intangible assets represents the $145.0 million paid for the future assignment to the Company of contractual rights to the .web gTLD, pending resolution of objections by other applicants, and approval from ICANN. Upon assignment of the contractual rights, the Company will record the total investment as an indefinite-lived intangible asset. Other Long-Term Assets Other long-term assets consist of the following: As of December 31, 2020 2019 (In thousands) Operating lease right-of-use asset $ 11,277 $ 9,133 Restricted cash 9,407 9,405 Long-term prepaid registry fees 7,997 7,753 Other tax receivable 969 6,927 Long-term prepaid expenses and other assets 8,308 6,594 Total other long-term assets $ 37,958 $ 39,812 The prepaid registry fees in the tables above relate to the fees the Company pays to ICANN for each annual term of . com domain name registrations and renewals which are deferred and amortized over the domain name registration term. The amount of prepaid registry fees as of December 31, 2020 reflects amortization of $36.2 million during 2020 which was recorded in Cost of Revenues. Other tax receivables as of December 31, 2019 included indirect benefits related to the previously unrecognized tax benefits that were remeasured during 2020, as discussed in Note 10. “Income Taxes.” Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consist of the following: As of December 31, 2020 2019 (In thousands) Accounts payable and accrued expenses $ 12,340 $ 15,907 Accrued employee compensation 54,596 49,869 Customer deposits 53,631 52,804 Taxes payable and other tax liabilities 27,194 30,308 Interest Payable 24,408 24,318 Accrued registry fees 13,090 11,529 Customer incentives payable 12,556 13,547 Other accrued liabilities 10,827 11,706 Total accounts payable and accrued liabilities $ 208,642 $ 209,988 Long-term Tax and Other Liabilities Long-term tax and other liabilities consist of the following: As of December 31, 2020 2019 (In thousands) Long-term tax liabilities $ 90,335 $ 308,112 Long-term operating lease liabilities 5,159 4,564 Long-term tax and other liabilities $ 95,494 $ 312,676 Long-term tax liabilities include accruals for unrecognized tax benefits and the long-term portion of the U.S. income taxes payable on the Company’s accumulated foreign earnings (“Transition Tax”) as discussed in Note 10. “Income Taxes.” During 2020, the Company recognized an income tax benefit of $204.2 million, primarily as a result of the remeasurement of certain previously unrecognized income tax benefits as discussed in Note 10. “Income Taxes.” |
Debt And Interest Expense
Debt And Interest Expense | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt And Interest Expense | Debt and Interest Expense Senior Notes As of December 31, 2020, the Company had senior notes outstanding of $1.79 billion, net of unamortized issuance costs. All of the outstanding senior notes were issued at par and are senior unsecured obligations of the Company. Interest is payable on each of the senior notes semi-annually. Each of the senior notes issuances is redeemable, in whole or in part, at the Company’s option at times and redemption prices specified in the indentures. The following table summarizes information related to our Senior notes: Issuance Date Maturity Date Interest Rate Principal As of December 31, 2020 2019 (in thousands except interest rates) Senior notes due 2023 April 16, 2013 May 1, 2023 4.625 % $ 750,000 $ 750,000 Senior notes due 2025 March 27, 2015 April 1, 2025 5.250 % 500,000 500,000 Senior notes due 2027 July 5, 2017 July 15, 2027 4.750 % 550,000 550,000 Unamortized issuance costs (9,917) (12,435) Total senior notes $ 1,790,083 $ 1,787,565 The indenture governing the 2023 Senior Notes contains covenants that limit the ability of the Company and/or its restricted subsidiaries, under certain circumstances, to, among other things: (i) pay dividends or make distributions on, or redeem or repurchase, its capital stock; (ii) make certain investments; (iii) create liens on assets; (iv) enter into sale/leaseback transactions and (v) merge or consolidate or sell all or substantially all of its assets. These covenants are subject to a number of important limitations and exceptions. The Indenture also provides for events of default, which, if any of them occurs, may permit or, in certain circumstances, require the principal, premium, if any, accrued and unpaid interest and any other monetary obligations on all the then outstanding Notes to be due and payable immediately. The Company has remained in compliance with these covenants and no events of default have occurred over the term of the Notes. 2019 Credit Facility On December 12, 2019, the Company entered into a credit agreement for a $200.0 million committed unsecured revolving credit facility (the “2019 Credit Facility”). The 2019 Credit Facility includes a financial covenant requiring that the Company’s leverage ratio not exceed 4.0 to 1.0. As of December 31, 2020, there were no borrowings outstanding under the facility and the Company was in compliance with the financial covenants. The 2019 Credit Facility expires on December 12, 2024 at which time any outstanding borrowings are due. Verisign may from time to time request lenders to agree on a discretionary basis to increase the commitment amount by up to an aggregate of $150.0 million. Subordinated Convertible Debentures In 2018 the Company settled all of its outstanding subordinated convertible debentures, paying the $1.25 billion principal value in cash, and issuing 26.1 million shares of common stock for the excess of the conversion value over the principal amount. The Company recognized a loss of $6.6 million upon extinguishment of the subordinated convertible debentures based on the amount of the total consideration allocated to the liability component of the debentures. The following table presents the components of the Company’s interest expense: Year Ended December 31, 2020 2019 2018 (In thousands) Contractual interest on Senior Notes $ 87,063 $ 87,063 $ 87,063 Contractual interest on subordinated convertible debentures — — 20,015 Amortization of debt discount on the subordinated convertible debentures — — 4,236 Amortization of debt issuance costs and other interest expense 3,081 3,548 3,531 Total interest expense $ 90,144 $ 90,611 $ 114,845 |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Deficit | Stockholders’ Deficit Treasury Stock Treasury stock is accounted for under the cost method. Treasury stock includes shares repurchased under stock repurchase programs and shares withheld in lieu of the tax withholding due upon vesting of RSUs. Effective on February 6, 2020, the Company’s Board of Directors (“Board”) authorized the repurchase of its common stock in the amount of approximately $743.0 million, in addition to the $257.0 million that remained available for repurchases under the share repurchase program, for a total repurchase authorization of up to $1.0 billion under the program. The 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. As of December 31, 2020 there was approximately $335.6 million remaining available for repurchases under the program. Effective February 11, 2021, the Company’s Board authorized the repurchase of its common stock in the amount of $747.0 million, in addition to the $253.0 million that remained available for repurchases under the program, for a total repurchase authorization of up to $1.0 billion under the program. The summary of the Company’s common stock repurchases for 2020, 2019 and 2018 are as follows: 2020 2019 2018 Shares Average Price Shares Average Price Shares Average Price (In thousands, except average price amounts) Total repurchases under the repurchase plans 3,674 $ 200.06 3,911 $ 188.84 4,352 $ 137.86 Total repurchases for tax withholdings 204 $ 208.92 243 $ 181.07 309 $ 123.62 Total repurchases 3,878 $ 200.48 4,154 $ 188.39 4,661 $ 136.91 Total costs $ 777,454 $ 782,583 $ 638,152 Since inception, the Company has repurchased 240.3 million shares of its common stock for an aggregate cost of $10.98 billion, which is recorded as a reduction of Additional paid-in capital. Accumulated Other Comprehensive Loss The following table summarizes the changes in the components of Accumulated other comprehensive loss for 2020 and 2019: Foreign Currency Translation Adjustments Loss Unrealized Gain (Loss) On Investments Total Accumulated Other Comprehensive Loss (In thousands) Balance, December 31, 2018 $ (2,836) $ 25 $ (2,811) Changes — 190 190 Balance, December 31, 2019 (2,836) 215 (2,621) Changes — (135) (135) Balance, December 31, 2020 $ (2,836) $ 80 $ (2,756) |
Calculation Of Net Income Per S
Calculation Of Net Income Per Share | 12 Months Ended |
Dec. 31, 2020 | |
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: Year Ended December 31, 2020 2019 2018 (In thousands) Weighted-average shares of common stock outstanding 115,058 118,513 113,452 Weighted-average potential shares of common stock outstanding: Conversion spread related to subordinated convertible debentures — — 8,589 Unvested RSUs, and ESPP 240 455 620 Shares used to compute diluted earnings per share 115,298 118,968 122,661 The Company settled the subordinated convertible debentures in May 2018. The calculation of diluted weighted average shares outstanding, excludes potentially dilutive securities, the effect of which would have been anti-dilutive, as well as |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenues [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenues The Company generates revenues in the U.S.; Europe, the Middle East and Africa (“EMEA”); China; and certain other countries, including, but not limited to Canada, Australia, and Japan. The following table presents our revenues disaggregated by geography, based on the billing addresses of our customers: Year Ended December 31, 2020 2019 2018 (In thousands) U.S $ 804,647 $ 772,586 $ 756,907 EMEA 214,204 206,975 212,699 China 113,048 119,291 106,841 Other 133,153 132,809 138,522 Total revenues $ 1,265,052 $ 1,231,661 $ 1,214,969 Revenues in the table above are attributed to the country of domicile and the respective regions in which registrars are located; however, this may differ from the regions where the registrars operate or where registrants are located. Revenues for each region may be impacted by registrars reincorporating, relocating, or from acquisitions or changes in affiliations of resellers. Revenues for each region may also be impacted by registrars domiciled in one region, registering domain names in another region. Major Customers Our largest customer accounted for approximately 34%, 33%, and 32% of revenues in 2020, 2019, and 2018, respectively. Another customer accounted for 10% of revenues during 2018. The Company does not believe that the loss of these customers would have a material adverse effect on the Company’s business because, in that event, end-users of these customers would transfer to the Company’s other existing customers. Deferred Revenues As payment for domain name registrations and renewals are due in advance of our performance, we record these amounts as deferred revenues. The increase in the deferred revenues balance in 2020 is primarily driven by amounts billed in 2020 for domain name registrations and renewals to be recognized as revenues in future periods, offset by refunds for domain name renewals deleted during the 45-day grace period, and $729.0 million of revenues recognized that were included in the deferred revenues balance at December 31, 2019. The balance of deferred revenues as of December 31, 2020 represents our aggregate remaining performance obligations. Amounts included in current deferred revenues are all expected to be recognized in revenues within 12 months, except for a portion of deferred revenues that relates to domain name renewals that are deleted in the 45-day grace period following the transaction. The long-term deferred revenues amounts will be recognized in revenues over several years and in some cases up to ten years. |
Employee Benefits And Stock-Bas
Employee Benefits And Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Employee Benefits And Stock-Based Compensation | Employee Benefits and Stock-based Compensation 401(k) Plan The Company maintains a defined contribution 401(k) plan (the “401(k) Plan”) for substantially all of its U.S. employees. Under the 401(k) Plan, eligible employees may contribute up to 50% of their pre-tax salary, subject to the Internal Revenue Service (“IRS”) annual contribution limits. The Company matches 50% of up to the first 8% of the employee’s annual salary contributed to the plan. The Company contributed $5.0 million in 2020, $4.7 million in 2019, and $4.3 million in 2018 under the 401(k) Plan. The Company can terminate matching contributions at its discretion at any time. Equity Incentive Plan The majority of Verisign’s stock-based compensation relates to RSUs granted under the 2006 Equity Incentive Plan (the “2006 Plan”). As of December 31, 2020, a total of 8.4 million shares of common stock remain reserved for issuance upon the vesting of RSUs and for the future grant of equity awards. The 2006 Plan authorizes the award of incentive stock options to employees and non-qualified stock options, restricted stock awards, RSUs, stock bonus awards, stock appreciation rights and performance shares to eligible employees, officers, directors, consultants, independent contractors and advisers. The 2006 Plan is administered by the Compensation Committee which may delegate to a committee of one or more members of the Board or Verisign’s officers the ability to grant certain awards and take certain other actions with respect to participants who are not executive officers or non-employee directors. RSUs are awards covering a specified number of shares of Verisign common stock that may be settled by issuance of those shares (which may be restricted shares). RSUs generally vest over four years. Certain RSUs with performance and market conditions (“PSUs”), granted to the Company’s executives, vest over either three-or four-year terms. Additionally, the Company has granted fully vested RSUs to members of its Board in each of the last three years. The Compensation Committee may authorize grants with a different vesting schedule in the future. 2007 Employee Stock Purchase Plan Eligible employees of the Company may purchase common stock under the 2007 Employee Stock Purchase Plan through payroll deductions by electing to have between 2% and 25% of their compensation withheld to cover the purchase price. Each participant is granted an option to purchase common stock. This option is automatically exercised on the last day of each six-month purchase period during the offering period. The purchase price for the common stock under the ESPP is 85% of the lesser of the fair market value of the common stock on the first day of the applicable offering period or the last day of the applicable purchase period. Offering periods begin on the first business day of February and August of each year. As of December 31, 2020, 3.1 million shares of the Company’s common stock remain reserved for future issuance under this plan. Stock-based Compensation Stock-based compensation is classified in the Consolidated Statements of Comprehensive Income in the same expense line items as cash compensation. The following table presents the classification of stock-based compensation: Year Ended December 31, 2020 2019 2018 (In thousands) Cost of revenues $ 6,321 $ 6,739 $ 6,835 Sales and marketing 3,453 3,755 4,972 Research and development 7,137 6,370 6,728 General and administrative 31,332 33,762 33,969 Total stock-based compensation $ 48,243 $ 50,626 $ 52,504 The following table presents the nature of the Company’s total stock-based compensation: Year Ended December 31, 2020 2019 2018 (In thousands) RSUs $ 38,217 $ 36,930 $ 38,005 PSUs 7,380 10,522 12,403 ESPP 4,429 4,864 4,166 Capitalization (Included in Property and equipment, net) (1,783) (1,690) (2,070) Total stock-based compensation expenses $ 48,243 $ 50,626 $ 52,504 The income tax benefit that was included within Income tax expense related to these stock-based compensation expenses for 2020, 2019, and 2018 was $11.0 million, $11.7 million, and $12.3 million, respectively. RSUs Information The following table summarizes unvested RSUs activity for the year ended December 31, 2020: Shares Weighted-Average Grant-Date Fair Value (Shares in thousands) Unvested at beginning of period 876 $ 121.21 Granted 279 $ 205.61 PSU achievement adjustment 79 $ 20.41 Vested and settled (551) $ 95.70 Forfeited (22) $ 155.98 661 $ 164.83 The RSUs in the table above include PSUs. The unvested RSUs as of December 31, 2020 include approximately 0.2 million PSUs. The number of shares received upon vesting of these PSUs may range from zero to 0.4 million depending on the level of performance achieved and whether any market conditions are satisfied. |
Non-operating income, net
Non-operating income, net | 12 Months Ended |
Dec. 31, 2020 | |
Non-operating (loss) income, net [Abstract] | |
Non-operating Income, Net | Non-operating Income, Net The following table presents the components of Non-operating income, net: Year Ended December 31, 2020 2019 2018 (In thousands) Interest income $ 7,815 $ 26,596 $ 26,490 Gain on sale of business 6,402 817 54,840 Transition services income 2,100 15,600 1,132 Loss on extinguishment of subordinated convertible debentures — — (6,554) Other, net (130) 247 1,061 Total non-operating income, net $ 16,187 $ 43,260 $ 76,969 Interest income is earned principally from the Company’s surplus cash balances and marketable securities. The lower interest income in 2020 reflects a decline in interest rates on our investments in debt securities. Transition services income and gain on sale of business relate to the sale of our security services customer contracts. The transition services agreement ended in February 2020. The gain on sale of business in 2020 primarily represents the excess of the contingent consideration received related to the sale of our security services customer contracts compared to the estimated receivable. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes Income before income taxes is categorized geographically as follows: Year Ended December 31, 2020 2019 2018 (In thousands) United States $ 457,830 $ 452,793 $ 420,597 Foreign 292,414 305,983 308,919 Total income before income taxes $ 750,244 $ 758,776 $ 729,516 The provision for income taxes consisted of the following: Year Ended December 31, 2020 2019 2018 (In thousands) Current (benefit) expense: Federal $ (123,933) $ 74,283 $ 99,127 State 10,522 2,069 1,088 Foreign, including withholding tax 29,152 31,385 76,199 (84,259) 107,737 176,414 Deferred expense (benefit): Federal 4,348 30,462 (16,448) State 17,388 22,899 42,624 Foreign (2,121) (14,621) (55,563) 19,615 38,740 (29,387) Total income tax (benefit) expense $ (64,644) $ 146,477 $ 147,027 The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017, and most of its provisions became effective in 2018. The Tax Act made substantial changes to U.S. taxation of corporations, including lowering the U.S. federal corporate income tax rate from 35% to 21% and instituting a territorial tax system, along with a one-time Transition Tax. Federal current expense and federal deferred benefit for 2018 includes $96.4 million related to the Transition Tax, net of $106.7 million of carried forward and newly-generated foreign tax credits, payable as a result of the Tax Act. This amount is being paid in installments over an eight-year period which began in 2018, as allowed by the Tax Act. State tax expense for 2018 was increased by $10.0 million remeasurement of deferred tax assets because of changes in certain state apportionment rates, and $5.6 million change in estimate related to the 2017 state income tax returns. Foreign current expense and foreign deferred benefit for 2019 and 2018 includes $13.1 million and $60.7 million, respectively, of withholding taxes paid upon the repatriation of cash held by foreign subsidiaries. The difference between income tax (benefit) expense and the amount resulting from applying the federal statutory rate of 21% to Income before income taxes is attributable to the following: Year Ended December 31, 2020 2019 2018 (In thousands) Income tax expense at federal statutory rate $ 157,551 $ 159,343 $ 153,199 State taxes, net of federal benefit 23,167 20,573 35,852 Effect of non-U.S. operations (27,691) (25,178) (26,271) Stock-based compensation (8,643) (9,204) (7,032) Capital loss carryforwards expiration — — 769,706 Change in valuation allowance (987) (3,555) (773,737) Accrual for uncertain tax positions (204,673) 7,365 2,637 Other (3,368) (2,867) (7,327) Total income tax (benefit) expense $ (64,644) $ 146,477 $ 147,027 During 2020, the Company recognized an income tax benefit as a result of the remeasurement of certain previously unrecognized income tax benefits. The majority of these income tax benefits, related to the worthless stock deduction taken in 2013. These remeasurements were based on written confirmations from IRS, indicating no examination adjustments would be proposed related to the worthless stock deduction or certain other matters reviewed as part of the audit of the Company’s federal income tax returns for 2010 through 2014, and the lapse of statutes of limitations related to other unrecognized income tax benefits. Notwithstanding these written confirmations, the Company’s U.S. federal income tax returns for those years remain under examination by the IRS. Tax years 2015 and 2016 are closed to IRS audit as the statutes of limitations have lapsed. The Company qualified for a tax holiday in Switzerland until the end of 2019 which lowered tax rates on certain types of income and required certain thresholds of foreign source income. The tax holiday reduced our foreign income tax expense by $17.3 million ($0.15 per share), and $16.9 million ($0.14) in 2019, and 2018, respectively. The benefit from the tax holiday is calculated before consideration of any offsetting tax impact in the United States. Effective January 1, 2020, due to Swiss tax law changes, the tax holiday was eliminated, which was partially offset by a lowered statutory tax rate. The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities are as follows: As of December 31, 2020 2019 (In thousands) Deferred tax assets: Deferred revenues, accruals and reserves $ 66,926 $ 70,539 Net operating loss carryforwards 5,623 17,897 Tax credit carryforwards 5,078 5,516 Other 2,379 7,401 Total deferred tax assets 80,006 101,353 Valuation allowance (5,613) (6,598) Net deferred tax assets 74,393 94,755 Deferred tax liabilities: Property and equipment (4,167) (3,466) Other (2,394) (3,608) Total deferred tax liabilities (6,561) (7,074) Total net deferred tax assets $ 67,832 $ 87,681 With the exception of deferred tax assets related to certain state net operating loss carryforwards, management believes it is more likely than not that the tax effects of the deferred tax liabilities together with future taxable income, will be sufficient to fully recover the remaining deferred tax assets. As of December 31, 2020, the Company’s Other long-term tax liabilities include the $66.1 million noncurrent liability for Transition Tax, net of applicable foreign tax credits, while the $7.8 million current portion of the liability is included in Accounts payable and accrued liabilities. As of December 31, 2020, the Company’s deferred tax assets included $86.8 million of state net operating loss carryforwards, before applying tax rates for the respective jurisdictions. The tax credit carryforwards as of December 31, 2020 consisted primarily of foreign tax credit carryforwards. The state net operating loss carryforwards expire in various years from 2021 through 2034. The foreign tax credits will expire in 2028. The Company maintains liabilities for uncertain tax positions. These liabilities involve considerable judgment and estimation and are continuously monitored by management based on the best information available including changes in tax regulations and other information. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: As of December 31, 2020 2019 (In thousands) Beginning balance $ 231,339 $ 223,455 Increases in tax positions for prior years 7,138 4,467 Decreases in tax positions for prior years (199,107) (328) Increases in tax positions for current year 1,613 3,745 Lapse in statute of limitations (17,255) — Ending balance $ 23,728 $ 231,339 As of December 31, 2020, approximately $23.1 million of unrecognized tax benefits, including penalties and interest, could affect the Company’s tax provision and effective tax rate. The Company does not expect the balance of unrecognized tax benefits to change materially during the next twelve months. In accordance with its accounting policy, the Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. These accruals were not material in any period presented. The Company’s major taxing jurisdictions are the U.S., the Commonwealth of Virginia, and Switzerland. The Company’s U.S. federal income tax returns are currently under examination by the IRS for 2010 through 2014. The U.S. federal statutes of limitations are closed for the 2015 and 2016 tax years. The Company’s other material tax returns are not currently under examination by their respective taxing jurisdictions. Because the Company has previously used net operating loss carryforwards and other tax attributes to offset its taxable income in income tax returns for the U.S. and Virginia, such attributes can be adjusted by these taxing authorities until the statute of limitations closes on the year in which such attributes were utilized. The open years for examination in Switzerland are the 2012 tax year and forward. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Purchase Obligations and Contractual Agreements The following table represents the minimum payments required by Verisign under certain purchase obligations, certain U.S. income tax obligations, leases, and the interest payments and principal on the Senior Notes: Purchase Obligations Transition Tax Operating Leases Senior Notes Total (In thousands) 2021 $ 48,691 $ 7,772 $ 6,217 $ 87,063 $ 149,743 2022 10,462 7,772 3,401 87,063 108,698 2023 5,450 14,573 1,190 819,719 840,932 2024 4,095 19,430 353 52,375 76,253 2025 4,039 24,288 116 539,250 567,693 Thereafter — — — 602,250 602,250 Total $ 72,737 $ 73,835 $ 11,277 $ 2,187,720 $ 2,345,569 The amounts in the table above exclude $23.1 million of unrecognized tax benefits, as the Company is unable to reasonably estimate the ultimate amount or time of settlement of those liabilities. Verisign enters into certain purchase obligations with various vendors. The Company’s significant purchase obligations include firm commitments with telecommunication carriers, other service providers and the fixed portion of registry fees related to the operation of certain top-level domains. Registry fees for top-level domains that we operate where the amounts are variable or passed-through to registrars have been excluded from the table above. The Company does not have any significant purchase obligations beyond 2025. The Company has an agreement with Internet Corporation for Assigned Names and Numbers (“ICANN”) to be the sole registry operator for domain names in the .com registry through November 30, 2024. Under this agreement, the Company pays ICANN on a quarterly basis, $0.25 for each annual term of a domain name registered or renewed during such quarter. The Company incurred registry fees for the . com registry of $36.3 million in 2020, $34.7 million in 2019, and $33.0 million in 2018. In connection with the . com Registry Agreement with ICANN, the Company is required to make annual payments of $4.0 million to ICANN from 2021 through 2025 to support efforts to maintain the security and stability of the DNS. These payments are included in Purchase obligations in the table above. The Transition Tax relates to the U.S. income taxes payable on our accumulated foreign earnings pursuant to the Tax Act as discussed in Note 10 “Income Taxes.” As permitted by the Tax Act, the Company will continue to pay the Transition Tax in installments as shown in the table above. Verisign leases a small portion of its office space and a portion of its data center facilities under operating leases, the longest of which extends into 2025. Rental expenses under operating leases were not material in any period presented. Off-Balance Sheet Arrangements As of December 31, 2020 and 2019, the Company did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. As such, the Company is not exposed to any financing, liquidity, market or credit risk that could arise if the Company had engaged in such relationships. |
Description Of Business And S_2
Description Of Business And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2020 | |
Description Of Business And Summary Of Significant Accounting Policies [Abstract] | |
Cash And Cash Equivalents | Cash and Cash Equivalents Verisign considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash and cash equivalents include certain money market funds, debt securities and various deposit accounts. Verisign maintains its cash and cash equivalents with financial institutions that have investment grade ratings and, as part of its cash management process, performs periodic evaluations of the relative credit standing of these financial institutions. |
Marketable Securities | Marketable Securities Marketable securities primarily consist of debt securities issued by the U.S. Treasury. All marketable securities are classified as available-for-sale and are carried at fair value. Unrealized gains and losses, net of taxes, are reported as a component of Accumulated other comprehensive loss. The specific identification method is used to determine the cost basis of the marketable securities sold. The Company classifies its marketable securities as current based on their nature and availability for use in current operations. |
Property And Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets of 35 to 47 years for buildings, 10 years for building improvements and three years to five years for computer equipment, software, office equipment, and furniture and fixtures. Leasehold improvements are amortized using the straight-line method over the lesser of the estimated useful lives of the assets or associated lease terms. |
Capitalized Software | Capitalized Software Software included in property and equipment includes amounts paid for purchased software and development costs for internally developed software. The Company capitalized $12.8 million and $11.9 million of costs related to internally developed software during 2020 and 2019, respectively. |
Goodwill And Other Long-Lived Assets | Goodwill and Other Long-lived Assets Goodwill represents the excess of purchase consideration over fair value of net assets of businesses acquired. The Company has only one reporting unit, which has a negative carrying value. Therefore, the goodwill is not subject to impairment. Long-lived assets, such as property, plant, and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset, or asset group, may not be recoverable. Such events or circumstances include, but are not limited to, a significant decrease in the fair value of the underlying business. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset, or asset group, to estimated undiscounted future cash flows expected to be generated by the asset, or asset group. An impairment charge is recognized in the amount by which the carrying amount of the asset exceeds its fair value. As of December 31, 2020, the Company’s assets include a deposit related to the purchase of the contractual rights to the . web |
Foreign Currency Remeasurement | Foreign Currency Remeasurement Verisign conducts business in several different countries and transacts in multiple currencies. The functional currency for all of Verisign’s international subsidiaries is the U.S. dollar. The Company’s subsidiaries’ financial statements are remeasured into U.S. dollars using a combination of current and historical exchange rates and any remeasurement gains and losses are included in Non-operating income, net. Remeasurement gains and losses were not significant in each of the last three years. Verisign maintains a foreign currency risk management program designed to mitigate foreign exchange risks associated with the monetary assets and liabilities that are denominated in currencies other than the U.S. dollar. The primary objective of this program is to minimize the gains and losses resulting from fluctuations in exchange rates. The Company does not enter into foreign currency transactions for trading or speculative purposes, nor does it hedge foreign currency exposures in a manner that entirely offsets the effects of changes in exchange rates. The program may entail the use of forward or option contracts, which are usually placed and adjusted monthly. These foreign currency forward contracts are derivatives and are recorded at fair market value. The Company records gains and losses on foreign currency forward contracts in Non-operating income, net. Gains and losses related to foreign currency forward contracts were not significant in each of the last three years. |
Revenue Recognition | Revenue Recognition Revenues are recognized when control of the promised services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues primarily arise from fixed fees charged to registrars for the initial registration or renewal of .com , .net , and other domain names. Fees for domain name registrations and renewals are generally due at the time of registration or renewal. Domain name registration terms range from one year up to ten years. Most customers either maintain a deposit with Verisign or provide an irrevocable letter of credit in excess of the amounts owed. Verisign also offers promotional incentive-based discount programs to its registrars based upon market conditions and the business environment in which the registrars operate. Amounts payable for these programs are recorded as a reduction of revenue. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Each domain name registration or renewal is considered a separate optional purchase and represents a single performance obligation, which is to allow its registration and maintain that registration (by allowing updates, Domain Name System (“DNS”) resolution and Whois services, which allow users to find information about registered domain names) through the registration term. These services are provided continuously throughout each registration term, and as such, revenues from the initial registration or renewal of domain names are deferred and recognized ratably over the registration term. Fees for renewals and advance extensions to the existing term are deferred until the new incremental period commences. These fees are then recognized ratably over the renewal term. Costs Incurred to Obtain a Contract The Company recognizes the fees payable to ICANN for each annual term of domain name registrations and renewals, as an asset which is amortized on a straight-line basis over the related registration term. These assets are included in Other current assets and Other long-term assets. |
Advertising Expenses | Advertising Expenses Advertising costs are expensed as incurred and are included in Sales and marketing expenses. Advertising expenses, including costs for advertising campaigns conducted jointly with our registrars were $7.5 million, $12.8 million, and $15.2 million in 2020, 2019, and 2018, respectively. |
Income Taxes | Income Taxes Verisign uses the asset and liability method to account for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company records a valuation allowance to reduce deferred tax assets to an amount whose realization is more likely than not. For every tax-paying component and within each tax jurisdiction, all deferred tax liabilities and assets are offset and presented as a single net noncurrent asset or liability. The Company recognizes the U.S. income tax effect of future global intangible low-taxed income inclusions in the period in which they arise. The Company’s income taxes payable is reduced by the tax benefits from restricted stock unit (“RSU”) vestings equal to the fair market value of the stock at the vesting date. If the income tax benefit at the exercise or vesting date differs from the income tax benefit recorded based on the grant date fair value of the RSUs, the excess or shortfall of the tax benefit is recognized within income tax expense. Verisign operates in multiple tax jurisdictions in the United States and internationally. Tax laws and regulations in these jurisdictions are complex, interrelated, and periodically changing. Significant judgment or interpretation of these laws and regulations is often required in determining the Company’s worldwide provision for income taxes, including, for example, the calculations of taxable income in each jurisdiction, deferred taxes, and the availability and amount of deductions and tax credits. The final taxes payable are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from various tax examinations. The Company only recognizes tax positions taken or expected to be taken on its tax returns that are more likely than not to be sustained upon examination, and records a tax benefit amount that is more likely than not to be realized upon ultimate settlement with the taxing authority. The Company adjusts its estimate of unrecognized tax benefits in light of changing facts and circumstances; however, due to the complexity of some of these uncertainties, the ultimate resolution may result in an outcome that is materially different from the estimate. See Note 10, “Income Taxes,” for a discussion of significant changes in unrecognized tax benefits during 2020. |
Stock-Based Compensation | Stock-based Compensation The Company’s stock-based compensation consists of RSUs granted to employees and the employee stock purchase plan (“ESPP”). Stock-based compensation expense is typically recognized ratably over the requisite service period. Forfeitures of stock-based awards are recognized as they occur. The Company also grants RSUs which include performance conditions, and in some cases market conditions, to certain executives. The expense for these performance-based RSUs is recognized based on the probable outcome of the performance conditions. The expense recognized for awards with market conditions is based on the grant date fair value of the awards including the impact of the market conditions, using a Monte Carlo simulation model. The Company uses the Black-Scholes option pricing model to determine the fair value of its ESPP offerings. The determination of the fair value of stock-based payment awards using the Monte Carlo simulation model or the Black-Scholes option-pricing |
Earnings Per Share | Earnings per Share The Company computes basic earnings per share by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share gives effect to dilutive potential common shares, including unvested RSUs, ESPP offerings and the conversion spread related to the subordinated convertible debentures, prior to conversion on May 1, 2018, using the treasury stock method. |
Fair Value Of Financial Instruments | Fair Value of Financial Instruments The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
Commitments and Contingencies, Policy [Policy Text Block] | 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. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 and the fair value categorization of the financial instruments measured at fair value on a recurring basis: As of December 31, 2020 2019 (In thousands) Cash $ 28,832 $ 33,238 Time deposits 4,176 3,924 Money market funds (Level 1) 129,627 149,624 Debt securities issued by the U.S. Treasury (Level 1) 1,013,679 1,040,678 Total $ 1,176,314 $ 1,227,464 Cash and cash equivalents $ 401,194 $ 508,196 Restricted cash (included in Other long-term assets) 9,407 9,405 Total Cash, cash equivalents, and restricted cash 410,601 517,601 Marketable securities 765,713 709,863 Total $ 1,176,314 $ 1,227,464 |
Other Balance Sheet Items (Tabl
Other Balance Sheet Items (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Prepaid Expenses And Other Current Assets | Other current assets consist of the following: As of December 31, 2020 2019 (In thousands) Prepaid registry fees $ 22,654 $ 21,717 Prepaid expenses 17,920 19,818 Accounts receivable, net 4,642 1,524 Taxes receivable 3,572 1,111 Contingent consideration receivable — 14,721 Other 2,245 1,639 Total other current assets $ 51,033 $ 60,530 |
Property And Equipment, Net | The following table presents the detail of property and equipment, net: As of December 31, 2020 2019 (In thousands) Computer equipment and software $ 415,086 $ 470,237 Buildings and building improvements 250,431 248,885 Land 31,141 31,141 Office equipment and furniture 9,179 8,437 Capital work in progress 4,330 6,779 Leasehold improvements 1,458 1,458 Total cost 711,625 766,937 Less: accumulated depreciation (466,054) (516,654) Total property and equipment, net $ 245,571 $ 250,283 |
Goodwill | The following table presents the detail of goodwill: As of December 31, 2020 2019 (In thousands) Goodwill, gross $ 1,537,843 $ 1,537,843 Accumulated goodwill impairment (1,485,316) (1,485,316) Total goodwill $ 52,527 $ 52,527 |
Other Long-Term Assets | Other long-term assets consist of the following: As of December 31, 2020 2019 (In thousands) Operating lease right-of-use asset $ 11,277 $ 9,133 Restricted cash 9,407 9,405 Long-term prepaid registry fees 7,997 7,753 Other tax receivable 969 6,927 Long-term prepaid expenses and other assets 8,308 6,594 Total other long-term assets $ 37,958 $ 39,812 |
Components Of Accounts Payable And Accrued Liabilities | Accounts payable and accrued liabilities consist of the following: As of December 31, 2020 2019 (In thousands) Accounts payable and accrued expenses $ 12,340 $ 15,907 Accrued employee compensation 54,596 49,869 Customer deposits 53,631 52,804 Taxes payable and other tax liabilities 27,194 30,308 Interest Payable 24,408 24,318 Accrued registry fees 13,090 11,529 Customer incentives payable 12,556 13,547 Other accrued liabilities 10,827 11,706 Total accounts payable and accrued liabilities $ 208,642 $ 209,988 |
Other Noncurrent Liabilities [Table Text Block] | Long-term Tax and Other Liabilities Long-term tax and other liabilities consist of the following: As of December 31, 2020 2019 (In thousands) Long-term tax liabilities $ 90,335 $ 308,112 Long-term operating lease liabilities 5,159 4,564 Long-term tax and other liabilities $ 95,494 $ 312,676 |
Debt And Interest Expense (Tabl
Debt And Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | The following table summarizes information related to our Senior notes: Issuance Date Maturity Date Interest Rate Principal As of December 31, 2020 2019 (in thousands except interest rates) Senior notes due 2023 April 16, 2013 May 1, 2023 4.625 % $ 750,000 $ 750,000 Senior notes due 2025 March 27, 2015 April 1, 2025 5.250 % 500,000 500,000 Senior notes due 2027 July 5, 2017 July 15, 2027 4.750 % 550,000 550,000 Unamortized issuance costs (9,917) (12,435) Total senior notes $ 1,790,083 $ 1,787,565 |
Schedule of Components of Interest Expense | The following table presents the components of the Company’s interest expense: Year Ended December 31, 2020 2019 2018 (In thousands) Contractual interest on Senior Notes $ 87,063 $ 87,063 $ 87,063 Contractual interest on subordinated convertible debentures — — 20,015 Amortization of debt discount on the subordinated convertible debentures — — 4,236 Amortization of debt issuance costs and other interest expense 3,081 3,548 3,531 Total interest expense $ 90,144 $ 90,611 $ 114,845 |
Stockholders' Deficit Stockhold
Stockholders' Deficit Stockholders' Deficit (Equity) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Common Stock Repurchase | The summary of the Company’s common stock repurchases for 2020, 2019 and 2018 are as follows: 2020 2019 2018 Shares Average Price Shares Average Price Shares Average Price (In thousands, except average price amounts) Total repurchases under the repurchase plans 3,674 $ 200.06 3,911 $ 188.84 4,352 $ 137.86 Total repurchases for tax withholdings 204 $ 208.92 243 $ 181.07 309 $ 123.62 Total repurchases 3,878 $ 200.48 4,154 $ 188.39 4,661 $ 136.91 Total costs $ 777,454 $ 782,583 $ 638,152 |
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the changes in the components of Accumulated other comprehensive loss for 2020 and 2019: Foreign Currency Translation Adjustments Loss Unrealized Gain (Loss) On Investments Total Accumulated Other Comprehensive Loss (In thousands) Balance, December 31, 2018 $ (2,836) $ 25 $ (2,811) Changes — 190 190 Balance, December 31, 2019 (2,836) 215 (2,621) Changes — (135) (135) Balance, December 31, 2020 $ (2,836) $ 80 $ (2,756) |
Calculation Of Net Income Per_2
Calculation Of Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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: Year Ended December 31, 2020 2019 2018 (In thousands) Weighted-average shares of common stock outstanding 115,058 118,513 113,452 Weighted-average potential shares of common stock outstanding: Conversion spread related to subordinated convertible debentures — — 8,589 Unvested RSUs, and ESPP 240 455 620 Shares used to compute diluted earnings per share 115,298 118,968 122,661 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenues [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents our revenues disaggregated by geography, based on the billing addresses of our customers: Year Ended December 31, 2020 2019 2018 (In thousands) U.S $ 804,647 $ 772,586 $ 756,907 EMEA 214,204 206,975 212,699 China 113,048 119,291 106,841 Other 133,153 132,809 138,522 Total revenues $ 1,265,052 $ 1,231,661 $ 1,214,969 |
Employee Benefits And Stock-B_2
Employee Benefits And Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |
Classification Of Stock-Based Compensation | The following table presents the classification of stock-based compensation: Year Ended December 31, 2020 2019 2018 (In thousands) Cost of revenues $ 6,321 $ 6,739 $ 6,835 Sales and marketing 3,453 3,755 4,972 Research and development 7,137 6,370 6,728 General and administrative 31,332 33,762 33,969 Total stock-based compensation $ 48,243 $ 50,626 $ 52,504 |
Nature Of Total Stock-Based Compensation | The following table presents the nature of the Company’s total stock-based compensation: Year Ended December 31, 2020 2019 2018 (In thousands) RSUs $ 38,217 $ 36,930 $ 38,005 PSUs 7,380 10,522 12,403 ESPP 4,429 4,864 4,166 Capitalization (Included in Property and equipment, net) (1,783) (1,690) (2,070) Total stock-based compensation expenses $ 48,243 $ 50,626 $ 52,504 |
Summary Of Unvested RSUs Activity | The following table summarizes unvested RSUs activity for the year ended December 31, 2020: Shares Weighted-Average Grant-Date Fair Value (Shares in thousands) Unvested at beginning of period 876 $ 121.21 Granted 279 $ 205.61 PSU achievement adjustment 79 $ 20.41 Vested and settled (551) $ 95.70 Forfeited (22) $ 155.98 661 $ 164.83 |
Non-operating income, net Non-o
Non-operating income, net Non-operating income, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Non-operating (loss) income, net [Abstract] | |
Schedule of Non-operating Income, net | The following table presents the components of Non-operating income, net: Year Ended December 31, 2020 2019 2018 (In thousands) Interest income $ 7,815 $ 26,596 $ 26,490 Gain on sale of business 6,402 817 54,840 Transition services income 2,100 15,600 1,132 Loss on extinguishment of subordinated convertible debentures — — (6,554) Other, net (130) 247 1,061 Total non-operating income, net $ 16,187 $ 43,260 $ 76,969 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income From Continuing Operations Before Income Taxes | Income before income taxes is categorized geographically as follows: Year Ended December 31, 2020 2019 2018 (In thousands) United States $ 457,830 $ 452,793 $ 420,597 Foreign 292,414 305,983 308,919 Total income before income taxes $ 750,244 $ 758,776 $ 729,516 |
Components Of Provision For Income Taxes | The provision for income taxes consisted of the following: Year Ended December 31, 2020 2019 2018 (In thousands) Current (benefit) expense: Federal $ (123,933) $ 74,283 $ 99,127 State 10,522 2,069 1,088 Foreign, including withholding tax 29,152 31,385 76,199 (84,259) 107,737 176,414 Deferred expense (benefit): Federal 4,348 30,462 (16,448) State 17,388 22,899 42,624 Foreign (2,121) (14,621) (55,563) 19,615 38,740 (29,387) Total income tax (benefit) expense $ (64,644) $ 146,477 $ 147,027 |
Reconciliation Of Income Tax At Effective Income Tax Rate | The difference between income tax (benefit) expense and the amount resulting from applying the federal statutory rate of 21% to Income before income taxes is attributable to the following: Year Ended December 31, 2020 2019 2018 (In thousands) Income tax expense at federal statutory rate $ 157,551 $ 159,343 $ 153,199 State taxes, net of federal benefit 23,167 20,573 35,852 Effect of non-U.S. operations (27,691) (25,178) (26,271) Stock-based compensation (8,643) (9,204) (7,032) Capital loss carryforwards expiration — — 769,706 Change in valuation allowance (987) (3,555) (773,737) Accrual for uncertain tax positions (204,673) 7,365 2,637 Other (3,368) (2,867) (7,327) Total income tax (benefit) expense $ (64,644) $ 146,477 $ 147,027 |
Summary Of Deferred Tax Assets And Liabilities | The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities are as follows: As of December 31, 2020 2019 (In thousands) Deferred tax assets: Deferred revenues, accruals and reserves $ 66,926 $ 70,539 Net operating loss carryforwards 5,623 17,897 Tax credit carryforwards 5,078 5,516 Other 2,379 7,401 Total deferred tax assets 80,006 101,353 Valuation allowance (5,613) (6,598) Net deferred tax assets 74,393 94,755 Deferred tax liabilities: Property and equipment (4,167) (3,466) Other (2,394) (3,608) Total deferred tax liabilities (6,561) (7,074) Total net deferred tax assets $ 67,832 $ 87,681 |
Reconciliation Of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: As of December 31, 2020 2019 (In thousands) Beginning balance $ 231,339 $ 223,455 Increases in tax positions for prior years 7,138 4,467 Decreases in tax positions for prior years (199,107) (328) Increases in tax positions for current year 1,613 3,745 Lapse in statute of limitations (17,255) — Ending balance $ 23,728 $ 231,339 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum Payments Required Under Purchase Obligations | The following table represents the minimum payments required by Verisign under certain purchase obligations, certain U.S. income tax obligations, leases, and the interest payments and principal on the Senior Notes: Purchase Obligations Transition Tax Operating Leases Senior Notes Total (In thousands) 2021 $ 48,691 $ 7,772 $ 6,217 $ 87,063 $ 149,743 2022 10,462 7,772 3,401 87,063 108,698 2023 5,450 14,573 1,190 819,719 840,932 2024 4,095 19,430 353 52,375 76,253 2025 4,039 24,288 116 539,250 567,693 Thereafter — — — 602,250 602,250 Total $ 72,737 $ 73,835 $ 11,277 $ 2,187,720 $ 2,345,569 |
Description Of Business And S_3
Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Capitalized Computer Software, Additions | $ 12,800 | $ 11,900 | |
Advertising expenses | 7,500 | $ 12,800 | $ 15,200 |
Derivative, Notional Amount | $ 27,500 | ||
Building Improvements [Member] | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life of property and equipment (years) | 10 years | ||
Maximum [Member] | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
RegistrationTerm | ten | ||
Maximum [Member] | Buildings [Member] | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life of property and equipment (years) | 47 years | ||
Maximum [Member] | Computer Equipment, Purchased Software, Office Equipment, And Furniture And Fixtures [Member] | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life of property and equipment (years) | 5 years | ||
Minimum [Member] | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
RegistrationTerm | one | ||
Minimum [Member] | Buildings [Member] | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life of property and equipment (years) | 35 years | ||
Minimum [Member] | Computer Equipment, Purchased Software, Office Equipment, And Furniture And Fixtures [Member] | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life of property and equipment (years) | 3 years |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||||
Cash | $ 28,832 | $ 33,238 | ||
Time deposits | 4,176 | 3,924 | ||
Money market funds | 129,627 | 149,624 | ||
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 1,013,679 | 1,040,678 | ||
Total | 1,176,314 | 1,227,464 | ||
Included in Cash and cash equivalents | 401,194 | 508,196 | ||
Included in Other assets (Restricted cash) | 9,407 | 9,405 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 410,601 | 517,601 | $ 366,753 | $ 475,139 |
Included in Marketable securities | $ 765,713 | $ 709,863 |
Financial Instruments Financial
Financial Instruments Financial Instruments narrative (Details) $ in Millions | Dec. 31, 2020USD ($) |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | $ 1,010 |
Available-for-sale Debt Securities Gross Unrealized Gain | 0.1 |
Due 2023 [Member] | |
Debt Instrument, Fair Value Disclosure | 758.8 |
Due 2025 [Member] | |
Debt Instrument, Fair Value Disclosure | 569.1 |
Due 2027 | |
Debt Instrument, Fair Value Disclosure | $ 589.9 |
Other Balance Sheet Items (Prep
Other Balance Sheet Items (Prepaid Expenses And Other Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid registry fees, current | $ 22,654 | $ 21,717 |
Prepaid expenses | 17,920 | 19,818 |
Contingent Consideration receivable, Asset, Current | 0 | 14,721 |
Accounts Receivable, after Allowance for Credit Loss, Current | 4,642 | 1,524 |
Income Taxes Receivable | 3,572 | 1,111 |
Other | 2,245 | 1,639 |
Other current assets | $ 51,033 | $ 60,530 |
Other Balance Sheet Items (Prop
Other Balance Sheet Items (Property And Equipment, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Land | $ 31,141 | $ 31,141 |
Buildings and building improvements | 250,431 | 248,885 |
Computer equipment and software | 415,086 | 470,237 |
Capital work in progress | 4,330 | 6,779 |
Office equipment and furniture | 9,179 | 8,437 |
Leasehold improvements | 1,458 | 1,458 |
Total cost | 711,625 | 766,937 |
Less: accumulated depreciation and amortization | (466,054) | (516,654) |
Total property and equipment, net | $ 245,571 | $ 250,283 |
Other Balance Sheet Items Other
Other Balance Sheet Items Other Balance Sheet Items (Goodwill) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Goodwill, Gross | $ 1,537,843 | $ 1,537,843 |
Goodwill, Impaired, Accumulated Impairment Loss | (1,485,316) | (1,485,316) |
Goodwill | $ 52,527 | $ 52,527 |
Other Balance Sheet Items Oth_2
Other Balance Sheet Items Other balance Sheet items (Other long-term assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid registry fees, noncurent | $ 7,997 | $ 7,753 |
Nontrade Receivables, Noncurrent | 969 | 6,927 |
Operating Lease, Right-of-Use Asset | 11,277 | 9,133 |
Restricted Cash and Investments, Noncurrent | 9,407 | 9,405 |
Prepaid Expense and Other Assets, Noncurrent | 8,308 | 6,594 |
Total other long-term assets | $ 37,958 | $ 39,812 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets |
Other Balance Sheet Items (Comp
Other Balance Sheet Items (Components Of Accounts Payable And Accrued Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts payable | $ 12,340 | $ 15,907 |
Customer deposits, net | 53,631 | 52,804 |
Accrued employee compensation | 54,596 | 49,869 |
Taxes Payable, Current | 27,194 | 30,308 |
Interest Payable | 24,408 | 24,318 |
Customer incentives payable | 12,556 | 13,547 |
accrued fees | 13,090 | 11,529 |
Other accrued liabilities | 10,827 | 11,706 |
Total accounts payable and accrued liabilities | $ 208,642 | $ 209,988 |
Other Balance Sheet Items (Narr
Other Balance Sheet Items (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | ||
Amortization of Other Deferred Charges | $ 36,200 | |
Deposits Assets, Noncurrent | 145,000 | $ 145,000 |
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 204,200 |
Other Balance Sheet Items Oth_3
Other Balance Sheet Items Other Balance Sheet Non-Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Liabilities Disclosure [Abstract] | ||
Deferred Income Taxes and Other Liabilities, Noncurrent | $ 90,335 | $ 308,112 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Operating Lease, Liability, Noncurrent | $ 5,159 | $ 4,564 |
Other Liabilities, Noncurrent | $ 95,494 | $ 312,676 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets |
Debt And Interest Expense Debt
Debt And Interest Expense Debt and Interest Expense (Senior Notes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | May 01, 2018 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Dec. 12, 2024 | ||
Debt Instrument, Face Amount | $ 1,250,000 | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (9,917) | $ (12,435) | |
Senior Notes | $ 1,790,083 | 1,787,565 | |
Due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Offering Date | Apr. 16, 2013 | ||
Debt Instrument, Maturity Date | May 1, 2023 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | ||
Debt Instrument, Face Amount | $ 750,000 | 750,000 | |
Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Offering Date | Mar. 27, 2015 | ||
Debt Instrument, Maturity Date | Apr. 1, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||
Debt Instrument, Face Amount | $ 500,000 | 500,000 | |
Due 2027 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Offering Date | Jul. 5, 2017 | ||
Debt Instrument, Maturity Date | Jul. 15, 2027 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||
Debt Instrument, Face Amount | $ 550,000 | $ 550,000 |
Debt And Interest Expense Deb_2
Debt And Interest Expense Debt and Interest Expense (Senior Notes) (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Senior Notes | $ 1,790,083 | $ 1,787,565 |
Debt And Interest Expense (Cred
Debt And Interest Expense (Credit Facilities) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |
Borrowing capacity of senior unsecured revolving credit facility | $ 200,000,000 |
Credit facility, maturity date | Dec. 12, 2024 |
Aggregate increase of commitment amount available | $ 150,000,000 |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 4 |
Debt And Interest Expense (Conv
Debt And Interest Expense (Convertible Debentures) (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 01, 2018 | |
Debt Instrument [Line Items] | ||||
Loss on Extinguishment of Debt | $ 0 | $ 0 | $ 6,554 | |
Principal amount of debt | $ 1,250,000 | |||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 26,100 |
Debt And Interest Expense (Comp
Debt And Interest Expense (Components Of Interest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | |||
Contractual interest on Convertible Debentures | $ 0 | $ 0 | $ 20,015 |
Interest Expense, Debt | 87,063 | 87,063 | 87,063 |
Amortization of debt discount on the Convertible Debentures | 0 | 0 | 4,236 |
Other interest expense | 3,081 | 3,548 | 3,531 |
Total interest expense | $ 90,144 | $ 90,611 | $ 114,845 |
Stockholders' (Deficit) Equity
Stockholders' (Deficit) Equity (Narrative) (Details) - USD ($) shares in Millions | 1 Months Ended | ||
Feb. 11, 2021 | Feb. 06, 2020 | Dec. 31, 2020 | |
Treasury Stock Repurchase Programs [Line Items] | |||
Treasury Stock Shares Repurchased | 240.3 | ||
Additional share repurchase amount authorized | $ 747,000,000 | $ 743,000,000 | |
Stock Repurchase Program, Authorized Amount | 1,000,000,000 | 1,000,000,000 | |
Remaining common stock available for repurchase | $ 253,000,000 | $ 257,000,000 | |
Payments for Repurchase of Common Stock | $ 10,980,000,000 | ||
Share Buyback Program [Member] | |||
Treasury Stock Repurchase Programs [Line Items] | |||
Remaining common stock available for repurchase | $ 335,600,000 |
Stockholders' Deficit Stockho_2
Stockholders' Deficit Stockholders' (Deficit) Equity (Summary of Common Stock Repurchase) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Feb. 11, 2021 | Feb. 06, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |||||
Stock Repurchase Program, Authorized Amount | $ 1,000,000 | $ 1,000,000 | |||
Additional share repurchase amount authorized | $ 747,000 | $ 743,000 | |||
Treasury Stock Shares Repurchased | 3,674 | 3,911 | 4,352 | ||
Treasury Stock Shares Repurchased For Tax Withholdings And Other | 204 | 243 | 309 | ||
Treasury Stock, Shares, Acquired | 3,878 | 4,154 | 4,661 | ||
Treasury Stock Shares Repurchased, Average Cost Per Share | $ 200.06 | $ 188.84 | $ 137.86 | ||
Treasury stock shares repurchased for tax withholdings and other, average cost per share | 208.92 | 181.07 | 123.62 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 200.48 | $ 188.39 | $ 136.91 | ||
Payments for Repurchase of Common Stock | $ 777,454 | $ 782,583 | $ 638,152 |
Stockholders' Deficit Stockho_3
Stockholders' Deficit Stockholders' (Deficit) Equity (Changes In Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |||
Foreign Currency Translation Adjustmentss Loss, Changes | $ 0 | $ 0 | |
Foreign Currency Translation Adjustment, Balance | (2,836) | (2,836) | $ (2,836) |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | (135) | 190 | |
AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax | 80 | 215 | 25 |
Other Comprehensive Income (Loss), Net of Tax | (135) | 190 | 130 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (2,756) | $ (2,621) | $ (2,811) |
Calculation Of Net Income Per_3
Calculation Of Net Income Per Share (Weighted-Average Shares Used In Calculation Of Basic And Diluted EPS) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Weighted-average number of common shares outstanding | 115,058 | 118,513 | 113,452 |
Conversion spread related to Convertible Debentures | 0 | 0 | 8,589 |
Unvested restricted stock units | 240 | 455 | 620 |
Shares used to compute diluted net income per share | 115,298 | 118,968 | 122,661 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues [Abstract] | |||
Concentration risk, percentage | 34.00% | 33.00% | 32.00% |
Concentration risk second customer | 10.00% | ||
Deferred Revenue, Revenue Recognized | $ 729 |
Revenue Recognition (Comparison
Revenue Recognition (Comparison Of Geographic Revenues) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 1,265,052 | $ 1,231,661 | $ 1,214,969 |
U.S. [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 804,647 | 772,586 | 756,907 |
EMEA [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 214,204 | 206,975 | 212,699 |
CHINA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 113,048 | 119,291 | 106,841 |
Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 133,153 | $ 132,809 | $ 138,522 |
Employee Benefits And Stock-B_3
Employee Benefits And Stock-Based Compensation (401(k) Plan To 2007 Employee Stock Purchase Plan) (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employer contribution as a percentage of employee's annual salary | 8.00% | ||
Employer contribution under the plan | $ 5 | $ 4.7 | $ 4.3 |
Purchase price of common stock as percentage of lower of fair market value of common stock share on first day of offering period or last day of purchase period | 85.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3.1 | ||
401 (k) Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee's contribution under the plan | 50.00% | ||
Two Thousand Six Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock were reserved for issuance | 8.4 | ||
Minimum [Member] | Two Thousand Seven Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of compensation withheld to cover purchase price of common stock | 2.00% | ||
Maximum [Member] | Two Thousand Seven Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of compensation withheld to cover purchase price of common stock | 25.00% |
Employee Benefits And Stock-B_4
Employee Benefits And Stock-Based Compensation Employee Benefits and Stock-Based Compensation (Classification of Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | $ 48,243 | $ 50,626 | $ 52,504 |
Cost of Sales [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | 6,321 | 6,739 | 6,835 |
Selling and Marketing Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | 3,453 | 3,755 | 4,972 |
Research and Development Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | 7,137 | 6,370 | 6,728 |
General and Administrative Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | $ 31,332 | $ 33,762 | $ 33,969 |
Employee Benefits And Stock-B_5
Employee Benefits And Stock-Based Compensation Employee Benefits And Stock-Based Compensation (Share-based Compensation by award type) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | $ 48,243 | $ 50,626 | $ 52,504 |
Share-based Payment Arrangement, Amount Capitalized | (1,783) | (1,690) | (2,070) |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | 38,217 | 36,930 | 38,005 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | 7,380 | 10,522 | 12,403 |
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | $ 4,429 | $ 4,864 | $ 4,166 |
Employee Benefits And Stock-B_6
Employee Benefits And Stock-Based Compensation (Stock Based Compensation to Modifications) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing price of Verisign's stock | $ 216.40 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 205.61 | $ 172.87 | $ 112.74 |
Income Tax Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax benefit on stock-based compensation | $ 11 | $ 11.7 | $ 12.3 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost | $ 75.7 | ||
Weighted-average period of recognition for unrecognized compensation cost (in years) | 2 years 6 months | ||
Aggregate intrinsic value of unvested RSUs | $ 143.1 | ||
Fair values of vested RSUs | $ 115 | $ 124.1 | $ 107.2 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units with performance condition | 200,000 | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units with performance condition | 0 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units with performance condition | 400,000 |
Employee Benefits And Stock-B_7
Employee Benefits And Stock-Based Compensation (Summary Of Unvested RSUs Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested at beginning of period, Shares | 876 | ||
Granted, Shares | 279 | ||
Performance achievement adjustment | 79 | ||
Vested and settled, Shares | (551) | ||
Forfeited, Shares | (22) | ||
Unvested at end of period, Shares | 661 | 876 | |
Unvested at beginning of period, Weighted-Average Grant-Date Fair Value | $ 121.21 | ||
Granted, Weighted-Average Grant-Date Fair Value | 205.61 | $ 172.87 | $ 112.74 |
Weighted average grant date value Performance adjustment | 20.41 | ||
Vested and settled, Weighted-Average Grant-Date Fair Value | 95.70 | ||
Forfeited, Weighted-Average Grant-Date Fair Value | 155.98 | ||
Unvested at end of period, Weighted-Average Grant-Date Fair Value | $ 164.83 | $ 121.21 |
Non-operating income, net Non_2
Non-operating income, net Non-Operating income, net (Components of Non-operating income, net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-operating (loss) income, net [Abstract] | |||
Investment Income, Interest and Dividend | $ 7,815 | $ 26,596 | $ 26,490 |
income from transition services | 2,100 | 15,600 | 1,132 |
Gain (Loss) on Disposition of Business | 6,402 | 817 | 54,840 |
Loss on Extinguishment of Debt | 0 | 0 | 6,554 |
Other Nonoperating Income (Expense) | (130) | 247 | 1,061 |
Nonoperating Income (Expense) | $ 16,187 | $ 43,260 | $ 76,969 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | ||||
Transition tax on foreign earnings | $ 96.4 | |||
Foreign tax credit related to withholding taxes | 106.7 | |||
Change in state tax expense - remeasurement of deferred tax assets | $ 10 | |||
Transition tax, noncurrent liability | $ 66.1 | |||
Taxes Payable, Current | $ 7.8 | |||
Federal statutory rate | 21.00% | 21.00% | 21.00% | 35.00% |
Federal income tax rate after enactment of Tax reform (Percentage) | 21.00% | |||
Effective Income Tax Rate Reconciliation, Tax Holiday, Amount | $ 17.3 | $ 16.9 | ||
foreign withholding tax | $ 13.1 | $ 60.7 | ||
Impact of tax holiday on diluted earnings per share | $ 0.15 | $ 0.14 | ||
Liability for Uncertain Tax Positions, Noncurrent | $ 23.1 | |||
Change in state tax expense | $ 5.6 | |||
State [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | $ 86.8 | |||
Foreign [Member] | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforward expiration | 2028 | |||
Federal And State [Member] | ||||
Income Taxes [Line Items] | ||||
Operating Loss Carryforwards, Date | 2021 through 2034 |
Income Taxes (Income From Conti
Income Taxes (Income From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
United States | $ 457,830 | $ 452,793 | $ 420,597 |
Foreign | 292,414 | 305,983 | 308,919 |
Income from continuing operations before income taxes | $ 750,244 | $ 758,776 | $ 729,516 |
Income Taxes (Components Of Pro
Income Taxes (Components Of Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal, Current (expense) benefit | $ 123,933 | $ (74,283) | $ (99,127) |
State, Current (expense) benefit | (10,522) | (2,069) | (1,088) |
Foreign, including foreign withholding tax, Current (expense) benefit | (29,152) | (31,385) | (76,199) |
Current (expense) benefit | (84,259) | 107,737 | 176,414 |
Federal, Deferred (expense) benefit | (4,348) | (30,462) | 16,448 |
State, Deferred (expense) benefit | (17,388) | (22,899) | (42,624) |
Foreign, Deferred (expense) benefit | 2,121 | 14,621 | 55,563 |
Deferred (expense) benefit | 19,615 | 38,740 | (29,387) |
Income tax (expense) benefit | $ (64,644) | $ 146,477 | $ 147,027 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Income Tax At Effective Income Tax Rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Income tax expense at federal statutory rate | $ (157,551) | $ (159,343) | $ (153,199) |
State taxes, net of federal benefit | (23,167) | (20,573) | (35,852) |
Differences between statutory rate and foreign effective tax rate | 27,691 | 25,178 | 26,271 |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | (8,643) | (9,204) | (7,032) |
Capital loss carryforwards expiration | 0 | 0 | 769,706 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (987) | (3,555) | (773,737) |
Effective tax rate reconciliation, accrual for uncertain tax positions | (204,673) | 7,365 | 2,637 |
Other | 3,368 | 2,867 | 7,327 |
Income tax (expense) benefit | $ (64,644) | $ 146,477 | $ 147,027 |
Income Taxes (Summary Of Deferr
Income Taxes (Summary Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Net operating loss carryforwards | $ 5,623 | $ 17,897 |
Tax credit carryforwards | 5,078 | 5,516 |
Deferred revenue, accruals and reserves | 66,926 | 70,539 |
Other | 2,379 | 7,401 |
Total deferred tax assets | 80,006 | 101,353 |
Valuation allowance | (5,613) | (6,598) |
Net deferred tax assets | 74,393 | 94,755 |
Property and equipment | (4,167) | (3,466) |
Other | (2,394) | (3,608) |
Deferred Tax Liabilities, Gross | (6,561) | (7,074) |
Total deferred tax assets | $ 67,832 | $ 87,681 |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation Of Gross Unrecognized Tax Benefits) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Gross unrecognized tax benefits at January 1 | $ 231,339 | $ 223,455 |
Increases in tax positions for prior years | 7,138 | 4,467 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (199,107) | (328) |
Increases in tax positions for current year | 1,613 | 3,745 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (17,255) | 0 |
Gross unrecognized tax benefits at December 31 | $ 23,728 | $ 231,339 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Expiration Date of Registry Agreement | Nov. 30, 2024 | ||
Registry fee per transaction | $ 0.25 | ||
Uncertain tax positions | 23,100,000 | ||
Payments for registry fees | 36,300,000 | $ 34,700,000 | $ 33,000,000 |
ICANN SSR Payments | $ 4 |
Commitments And Contingencies_3
Commitments And Contingencies (Minimum Payments Required Under Purchase Obligations) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Purchase Obligations And Contractual Agreements [Line Items] | |
2021 | $ 149,743 |
2022 | 108,698 |
2023 | 840,932 |
2024 | 76,253 |
2025 | 567,693 |
Thereafter | 602,250 |
Total Commitment | 2,345,569 |
Purchase Obligations [Member] | |
Purchase Obligations And Contractual Agreements [Line Items] | |
2021 | 48,691 |
2022 | 10,462 |
2023 | 5,450 |
2024 | 4,095 |
2025 | 4,039 |
Thereafter | 0 |
Total Commitment | 72,737 |
transition tax commitment [Member] | |
Purchase Obligations And Contractual Agreements [Line Items] | |
2021 | 7,772 |
2022 | 7,772 |
2023 | 14,573 |
2024 | 19,430 |
2025 | 24,288 |
Thereafter | 0 |
Total Commitment | 73,835 |
Operating lease commitment [Member] | |
Purchase Obligations And Contractual Agreements [Line Items] | |
2021 | 6,217 |
2022 | 3,401 |
2023 | 1,190 |
2024 | 353 |
2025 | 116 |
Thereafter | 0 |
Total Commitment | 11,277 |
Senior Notes [Member] | |
Purchase Obligations And Contractual Agreements [Line Items] | |
2021 | 87,063 |
2022 | 87,063 |
2023 | 819,719 |
2024 | 52,375 |
2025 | 539,250 |
Thereafter | 602,250 |
Total Commitment | $ 2,187,720 |