Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'CTXS | ' |
Entity Registrant Name | 'CITRIX SYSTEMS INC | ' |
Entity Central Index Key | '0000877890 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 163,863,398 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $298,519 | $280,740 |
Short-term investments, available-for-sale | 530,758 | 453,976 |
Accounts receivable, net of allowances of $4,960 and $5,354 at March 31, 2014 and December 31, 2013, respectively | 510,862 | 654,821 |
Inventories, net | 12,537 | 14,107 |
Prepaid expenses and other current assets | 138,389 | 110,981 |
Current portion of deferred tax assets, net | 47,836 | 48,470 |
Total current assets | 1,538,901 | 1,563,095 |
Long-term investments, available-for-sale | 998,831 | 855,700 |
Property and equipment, net | 336,740 | 338,996 |
Goodwill | 1,783,090 | 1,768,949 |
Other intangible assets, net | 487,771 | 509,595 |
Long-term portion of deferred tax assets, net | 70,779 | 115,418 |
Other assets | 53,361 | 60,496 |
Total assets | 5,269,473 | 5,212,249 |
Current liabilities: | ' | ' |
Accounts payable | 76,661 | 78,452 |
Accrued expenses and other current liabilities | 271,840 | 257,606 |
Income taxes payable | 8,458 | 29,322 |
Current portion of deferred revenues | 1,092,577 | 1,098,681 |
Total current liabilities | 1,449,536 | 1,464,061 |
Long-term portion of deferred revenues | 318,226 | 313,059 |
Other liabilities | 87,694 | 115,322 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock at $.01 par value: 5,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock at $.001 par value: 1,000,000 shares authorized; 292,798 and 291,078 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 293 | 291 |
Additional paid-in capital | 4,034,515 | 3,974,297 |
Retained earnings | 2,959,480 | 2,903,541 |
Accumulated other comprehensive income | 4,250 | 4,951 |
Stockholders' equity before treasury stock | 6,998,538 | 6,883,080 |
Less - common stock in treasury, at cost (108,158 and 107,789 shares at March 31, 2014 and December 31, 2013, respectively) | -3,584,521 | -3,563,273 |
Total stockholders' equity | 3,414,017 | 3,319,807 |
Total liabilities and equity | $5,269,473 | $5,212,249 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance | $4,960 | $5,354 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 292,798,000 | 291,078,000 |
Common stock, shares outstanding | 292,798,000 | 291,078,000 |
Common stock in treasury, shares | 108,158,000 | 107,789,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Revenues: | ' | ' | ||
Product and licenses | $207,424 | $193,083 | ||
Software as a service | 157,132 | 137,566 | ||
License updates and maintenance | 343,758 | 315,738 | ||
Professional services | 42,505 | 26,512 | ||
Total net revenues | 750,819 | 672,899 | ||
Cost of net revenues: | ' | ' | ||
Cost of product and license revenues | 31,337 | 25,794 | ||
Cost of services and maintenance revenues | 78,683 | 64,411 | ||
Amortization of product related intangible assets | 24,306 | 24,709 | ||
Total cost of net revenues | 134,326 | 114,914 | ||
Gross margin | 616,493 | 557,985 | ||
Operating expenses: | ' | ' | ||
Research and development | 133,618 | 130,492 | ||
Sales, marketing and services | 316,496 | 297,682 | ||
General and administrative | 72,388 | 62,785 | ||
Amortization of other intangible assets | 12,454 | 10,418 | ||
Restructuring | 9,650 | [1] | 0 | [1] |
Total operating expenses | 544,606 | 501,377 | ||
Income from operations | 71,887 | 56,608 | ||
Interest income | 2,153 | 1,962 | ||
Other expense, net | -5,285 | -766 | ||
Income before income taxes | 68,755 | 57,804 | ||
Income tax expense (benefit) | 12,816 | -1,884 | ||
Net income | $55,939 | $59,688 | ||
Earnings per share: | ' | ' | ||
Basic (in dollars per share) | $0.30 | $0.32 | ||
Diluted (in dollars per share) | $0.30 | $0.32 | ||
Weighted average shares outstanding: | ' | ' | ||
Basic (in shares) | 183,997 | 186,658 | ||
Diluted (in shares) | 185,681 | 189,011 | ||
[1] | Represents expenses presented to management on a consolidated basis only and not allocated to the operating segments. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $55,939 | $59,688 |
Other comprehensive loss: | ' | ' |
Change in foreign currency translation adjustment | -721 | -6,813 |
Available for sale securities: | ' | ' |
Change in net unrealized gains | 160 | -378 |
Less: reclassification adjustment for net gains included in net income | -163 | -85 |
Net change (net of tax effect) | -3 | -463 |
Loss on pension liability | 0 | -334 |
Cash flow hedges: | ' | ' |
Change in unrealized gains | 1,320 | -3,449 |
Less: reclassification adjustment for net (gains) losses included in net income | -1,297 | 524 |
Net change (net of tax effect) | 23 | -2,925 |
Other comprehensive loss | -701 | -10,535 |
Comprehensive income | $55,238 | $49,153 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Statement of Cash Flows [Abstract] | ' | ' | ||
Net income | $55,939 | $59,688 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ||
Amortization of intangible assets | 36,760 | [1] | 35,127 | [1] |
Depreciation and amortization of property and equipment | 33,271 | 29,409 | ||
Stock-based compensation expense | 40,701 | 43,556 | ||
Loss (gain) on investments | 5,133 | -85 | ||
Provision for doubtful accounts | 610 | 407 | ||
Provision for product returns | 584 | 1,619 | ||
Provision for inventory reserves | 453 | 331 | ||
Tax effect of stock-based compensation | -3,967 | 14,846 | ||
Excess tax benefit from stock-based compensation | -2,332 | -9,476 | ||
Deferred income tax benefit | -2,474 | -18,189 | ||
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies | -850 | -909 | ||
Other non-cash items | 39 | 175 | ||
Total adjustments to reconcile net income to net cash provided by operating activities | 107,928 | 96,811 | ||
Changes in operating assets and liabilities, net of the effects of acquisitions: | ' | ' | ||
Accounts receivable | 142,974 | 183,892 | ||
Inventories | 1,117 | -1,140 | ||
Prepaid expenses and other current assets | -28,276 | -35,158 | ||
Other assets | 2,101 | 811 | ||
Income taxes, net | -3,707 | -32,536 | ||
Accounts payable | -1,312 | -11,312 | ||
Accrued expenses and other current liabilities | 10,598 | -21,338 | ||
Deferred revenues | -938 | 21,448 | ||
Other liabilities | 1,452 | 5,632 | ||
Total changes in operating assets and liabilities, net of the effects of acquisitions | 124,009 | 110,299 | ||
Net cash provided by operating activities | 287,876 | 266,798 | ||
Investing Activities | ' | ' | ||
Purchases of available-for-sale investments | -607,892 | -636,792 | ||
Proceeds from sales of available-for-sale investments | 266,421 | 231,782 | ||
Proceeds from maturities of available-for-sale investments | 121,757 | 131,101 | ||
Purchases of property and equipment | -30,469 | -28,297 | ||
Proceeds from the sales of cost method investments | 803 | 0 | ||
Purchases of cost method investments | -766 | -1,102 | ||
Cash paid for acquisitions, net of cash acquired | -24,154 | -324,049 | ||
Cash paid for licensing agreements and product related intangible assets | -711 | -2,236 | ||
Net cash used in investing activities | -275,011 | -629,593 | ||
Financing Activities | ' | ' | ||
Proceeds from issuance of common stock under stock-based compensation plans | 7,958 | 25,251 | ||
Repayment of acquired debt | -3,766 | 0 | ||
Excess tax benefit from stock-based compensation | 2,332 | 9,476 | ||
Stock repurchases, net | 0 | -61,364 | ||
Cash paid for tax withholding on vested stock awards | -2,316 | -2,254 | ||
Net cash provided by (used in) financing activities | 4,208 | -28,891 | ||
Effect of exchange rate changes on cash and cash equivalents | 706 | -458 | ||
Change in cash and cash equivalents | 17,779 | -392,144 | ||
Cash and cash equivalents at beginning of period | 280,740 | 643,609 | ||
Cash and cash equivalents at end of period | $298,519 | $251,465 | ||
[1] | Represents expenses presented to management on a consolidated basis only and not allocated to the operating segments. |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
The accompanying unaudited condensed consolidated financial statements of Citrix Systems, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. All adjustments, which, in the opinion of management, are considered necessary for a fair presentation of the results of operations for the periods shown, are of a normal recurring nature and have been reflected in the condensed consolidated financial statements and accompanying notes. The results of operations for the periods presented are not necessarily indicative of the results expected for the full year or for any future period partially because of the seasonality of the Company’s business. Historically, the Company’s revenue for the fourth quarter of any year is typically higher than the revenue for the first quarter of the subsequent year. The information included in these condensed consolidated financial statements should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in this report and the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. The Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2013 reflects an adjustment that was previously reported of approximately $17.3 million made to net cash provided by operating activities and net cash used in financing activities. | |
The condensed consolidated financial statements of the Company include the accounts of its wholly-owned subsidiaries in the Americas, Europe, the Middle East and Africa (“EMEA”), and Asia-Pacific. All significant transactions and balances between the Company and its subsidiaries have been eliminated in consolidation. | |
The Company’s revenues are derived from its Enterprise and Service Provider products, which primarily include its Mobile and Desktop products, Networking and Cloud products and related license updates and maintenance and professional services and from its Software as a Service ("SaaS") products, which primarily include Communications and Documents Cloud, Remote Access and Remote IT Support products. Enterprise and Service Provider and SaaS divisions constitute the Company's two reportable segments. See Note 9 for more information on the Company's segments. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
SIGNIFICANT ACCOUNTING POLICIES | ' |
SIGNIFICANT ACCOUNTING POLICIES | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant estimates made by management include the provision for doubtful accounts receivable, the provision to reduce obsolete or excess inventory to market, the provision for estimated returns, as well as sales allowances, the assumptions used in the valuation of stock-based awards, the assumptions used in the discounted cash flows to mark certain of its investments to market, the valuation of the Company’s goodwill, net realizable value of product related and other intangible assets, the provision for income taxes and the amortization and depreciation periods for intangible and long-lived assets. While the Company believes that such estimates are fair when considered in conjunction with the condensed consolidated financial position and results of operations taken as a whole, the actual amounts of such items, when known, will vary from these estimates. | |
Investments | |
Short-term and long-term investments as of March 31, 2014 and December 31, 2013 primarily consist of agency securities, corporate securities, municipal securities and government securities. Investments classified as available-for-sale are stated at fair value with unrealized gains and losses, net of taxes, reported in Accumulated other comprehensive income. The Company classifies its available-for-sale investments as current and non-current based on their actual remaining time to maturity. The Company does not recognize changes in the fair value of its available-for-sale investments in income unless a decline in value is considered other-than-temporary in accordance with the authoritative guidance. | |
The Company’s investment policy is designed to limit exposure to any one issuer depending on credit quality. The Company uses information provided by third parties to adjust the carrying value of certain of its investments to fair value at the end of each period. Fair values are based on a variety of inputs and may include interest rates, known historical trades, yield curve information, benchmark data, prepayment speeds, credit quality and broker/dealer quotes. | |
Inventory | |
Inventories are stated at the lower of cost or market on a standard cost basis, which approximates actual cost. The Company’s inventories as of March 31, 2014 and December 31, 2013 primarily consist of finished goods. | |
Revenue Recognition | |
Net revenues include the following categories: Product and licenses, SaaS, License updates and maintenance and Professional services. Product and licenses revenues primarily represent fees related to the licensing of the Company’s software and hardware appliance products. These revenues are reflected net of sales allowances, cooperative advertising agreements, partner incentive programs and provisions for returns. Shipping charges billed to customers are included in Product and license revenue and the related shipping costs are included in Cost of product and license revenue. SaaS revenues consist primarily of fees related to online service agreements, which are recognized ratably over the contract term, which is typically 12 months. In addition, SaaS revenues may also include set-up fees, which are recognized ratably over the contract term or the expected customer life, whichever is longer. License updates and maintenance revenues consist of fees related to the Subscription Advantage program and maintenance fees, which include technical support and hardware and software maintenance. The Company licenses many of its virtualization products bundled with a one-year contract for its Subscription Advantage program. Subscription Advantage is a renewable program that provides subscribers with immediate access to software upgrades, enhancements and maintenance releases when and if they become available during the term of the contract. Subscription Advantage and maintenance fees are recognized ratably over the term of the contract, which is typically 12 to 24 months. The Company capitalizes certain third-party commissions related to Subscription Advantage renewals. The capitalized commissions are amortized to Sales, marketing and services expense at the time the related deferred revenue is recognized as revenue. Hardware and software maintenance and support contracts are typically sold separately. Hardware maintenance includes technical support, the latest software upgrades and replacement of malfunctioning appliances. Dedicated account management is available as an add-on to the program for a higher level of service. Software maintenance includes unlimited support with product version upgrades. Professional services revenues are comprised of fees from consulting services related to the implementation of the Company’s products and fees from product training and certification, which are recognized as the services are provided. | |
The Company recognizes revenue when it is earned and when all of the following criteria are met: persuasive evidence of the arrangement exists; delivery has occurred or the service has been provided and the Company has no remaining obligations; the fee is fixed or determinable; and collectability is probable. | |
The majority of the Company’s product and license revenue consists of revenue from the sale of stand-alone software products. Stand-alone software sales generally include a perpetual license to the Company’s software and is subject to the industry specific software revenue recognition guidance. In accordance with this guidance, the Company allocates revenue to license updates related to its stand-alone software and any other undelivered elements of the arrangement based on vendor specific objective evidence (“VSOE”) of fair value of each element and such amounts are deferred until the applicable delivery criteria and other revenue recognition criteria described above have been met. The balance of the revenues, net of any discounts inherent in the arrangement, is recognized at the outset of the arrangement using the residual method as the product licenses are delivered. If management cannot objectively determine the fair value of each undelivered element based on VSOE of fair value, revenue recognition is deferred until all elements are delivered, all services have been performed, or until fair value can be objectively determined. | |
For hardware appliance transactions, the arrangement consideration is allocated to stand-alone software deliverables as a group and the non-software deliverables based on the relative selling prices using the selling price hierarchy in the amended revenue recognition guidance. The selling price hierarchy for a deliverable is based on its VSOE if available, third-party evidence of selling price ("TPE") if VSOE is not available, or estimated selling price ("ESP") if neither VSOE nor TPE is available. The Company then recognizes revenue on each deliverable in accordance with its policies for product and service revenue recognition. VSOE of selling price is based on the price charged when the element is sold separately. In determining VSOE, the Company requires that a substantial majority of the selling prices fall within a reasonable range based on historical discounting trends for specific products and services. TPE of selling price is established by evaluating competitor products or services in stand-alone sales to similarly situated customers. However, as the Company’s products contain a significant element of proprietary technology and its solutions offer substantially different features and functionality, the comparable pricing of products with similar functionality typically cannot be obtained. Additionally, as the Company is unable to reliably determine what competitors products’ selling prices are on a stand-alone basis, the Company is not typically able to determine TPE. The estimate of selling price is established considering multiple factors including, but not limited to, pricing practices in different geographies and through different sales channels and competitor pricing strategies. | |
For the Company’s non-software deliverables, it allocates the arrangement consideration based on the relative selling price of the deliverables. For the Company’s hardware appliances, it uses ESP as its selling price. For the Company’s support and services, it generally uses VSOE as its selling price. When the Company is unable to establish selling price using VSOE for its support and services, the Company uses ESP in its allocation of arrangement consideration. | |
The Company’s SaaS products are considered service arrangements per the authoritative guidance; accordingly, the Company follows the provisions of Securities and Exchange Commission Staff Accounting Bulletin (“SAB”) No. 104, Revenue Recognition, when accounting for these service arrangements. Generally, the Company’s SaaS products are sold separately and not bundled with the Company's Enterprise and Service Provider products and services. | |
In the normal course of business, the Company is not obligated to accept product returns from its distributors under any conditions, unless the product item is defective in manufacture. The Company establishes provisions for estimated returns, as well as other sales allowances, concurrently with the recognition of revenue. The provisions are established based upon consideration of a variety of factors, including, among other things, recent and historical return rates for both specific products and distributors and the impact of any new product releases and projected economic conditions. Product returns are provided for in the condensed consolidated financial statements and have historically been within management’s expectations. Allowances for estimated product returns amounted to approximately $1.3 million and $2.1 million at March 31, 2014 and December 31, 2013, respectively. The Company also records estimated reductions to revenue for customer programs and incentive offerings, including volume-based incentives. The Company could take actions to increase its customer incentive offerings, which could result in an incremental reduction to revenue at the time the incentive is offered. | |
Foreign Currency | |
The functional currency for all of the Company’s wholly-owned foreign subsidiaries in its Enterprise and Service Provider segment is the U.S. dollar. Monetary assets and liabilities of such subsidiaries are remeasured into U.S. dollars at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at average rates prevailing during the year. The functional currency of the Company’s wholly-owned foreign subsidiaries of its SaaS segment is the currency of the country in which each subsidiary is located. The Company translates assets and liabilities of these foreign subsidiaries at exchange rates in effect at the balance sheet date. The Company includes accumulated net translation adjustments in equity as a component of Accumulated other comprehensive income. Foreign currency transaction gains and losses are the result of exchange rate changes on transactions denominated in currencies other than the functional currency, including U.S. dollars. The remeasurement of those foreign currency transactions is included in determining net income or loss for the period of exchange. See Note 9 for information on the Company's Enterprise and Service Provider and SaaS segments. | |
Accounting for Stock-Based Compensation Plans | |
The Company has various stock-based compensation plans for its employees and outside directors and accounts for stock-based compensation arrangements in accordance with the authoritative guidance, which requires the Company to measure and record compensation expense in its condensed consolidated financial statements using a fair value method. See Note 7 for further information regarding the Company’s stock-based compensation plans. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
EARNINGS PER SHARE | ' | |||||||
EARNINGS PER SHARE | ||||||||
Basic earnings per share is calculated by dividing income available to stockholders by the weighted-average number of common shares outstanding during each period. Diluted earnings per share is computed using the weighted-average number of common and dilutive common share equivalents outstanding during the period. Dilutive common share equivalents consist of shares issuable upon the exercise or settlement of stock awards (calculated using the treasury stock method) during the period they were outstanding. | ||||||||
The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share information): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income | $ | 55,939 | $ | 59,688 | ||||
Denominator: | ||||||||
Denominator for basic earnings per share - weighted-average shares outstanding | 183,997 | 186,658 | ||||||
Effect of dilutive employee stock awards | 1,684 | 2,353 | ||||||
Denominator for diluted earnings per share - weighted-average shares outstanding | 185,681 | 189,011 | ||||||
Basic earnings per share | $ | 0.3 | $ | 0.32 | ||||
Diluted earnings per share | $ | 0.3 | $ | 0.32 | ||||
Anti-dilutive weighted-average shares | 4,564 | 3,928 | ||||||
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2014 | |
Business Combination, Description [Abstract] | ' |
ACQUISITIONS | ' |
ACQUISITIONS | |
2014 Acquisitions | |
In January 2014, the Company acquired all of the issued and outstanding securities of Framehawk, Inc. ("Framehawk"). The Framehawk solution, which optimizes the delivery of virtual desktops and applications to mobile devices, will be combined with HDX technology in the Citrix XenApp and XenDesktop products to deliver an improved user experience under adverse network conditions. The total consideration for this transaction was approximately $24.2 million, net of $0.3 million of cash acquired, and was paid in cash. The Company recorded approximately $14.6 million of goodwill, which is not deductible for tax purposes, and acquired $28.9 million in assets including $14.0 million of identifiable product related intangible assets with a useful life of 7.0 years. The Company continues to evaluate certain income tax assets and liabilities related to this acquisition. Transaction costs associated with the acquisition were approximately $0.1 million, all of which the Company expensed during the three months ended March 31, 2014 and are included in General and administrative expense in the accompanying condensed consolidated statements of income. The Company has included the effect of this transaction in its results of operations prospectively from the date of the acquisition, which effect was not material to its consolidated results. | |
On May 2, 2014, the Company acquired all of the issued and outstanding securities of a privately held company. The total preliminary consideration for this transaction was approximately $17.2 million, net of $0.8 million of cash acquired, and was paid in cash. Transaction costs associated with the acquisition is currently estimated at $0.2 million, all of which the Company expensed during the three months ended March 31, 2014 and are included in General and administrative expense in the accompanying consolidated statements of income. | |
2013 Acquisitions | |
Zenprise | |
In January 2013, the Company acquired all of the issued and outstanding securities of Zenprise, Inc. ("Zenprise"), a | |
privately-held leader in mobile device management. Zenprise became part of the Company's Enterprise and Service Provider segment, in which Citrix has integrated the Zenprise offering for mobile device management into its XenMobile Enterprise edition. The total consideration for this transaction was approximately $324.0 million, net of $2.9 million of cash acquired, and was paid in cash. Transaction costs associated with the acquisition were approximately $0.6 million, of which the Company expensed approximately $0.1 million during the three months ended March 31, 2013 and are included in General and administrative expense in the accompanying condensed consolidated statements of income. In addition, in connection with the acquisition, the Company assumed certain stock options, which are exercisable for 285,817 shares of the Company's common stock, for which the vesting period reset fully upon the closing of the transaction. | |
2013 Other Acquisitions | |
During the third quarter of 2013, the Company acquired all of the issued and outstanding securities of a privately-held company. The total cash consideration for this transaction was approximately $5.3 million. The Company will pay contingent consideration of up to $3.0 million in cash upon the satisfaction of certain milestone achievements, as defined pursuant to the share purchase agreement. This business became part of the Company's SaaS division. Transaction costs associated with the acquisition were approximately $0.2 million, and are included in General and administrative expense in the accompanying condensed consolidated statements of income. No transaction costs were recorded during the three months ended March 31, 2014 and 2013. | |
During the fourth quarter of 2013, the Company acquired all of the issued and outstanding securities of a privately-held company. The total cash consideration for this transaction was approximately $5.5 million. This business became part of the Company's Enterprise and Service Provider division. Transaction costs associated with the acquisition were approximately $0.2 million, and are included in General and administrative expense in the accompanying condensed consolidated statements of income. No transaction costs were recorded during the three months ended March 31, 2014 and 2013. |
Investments
Investments | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||||||||||
INVESTMENTS | ' | |||||||||||||||||||||||||||||||
INVESTMENTS | ||||||||||||||||||||||||||||||||
Available-for-sale Investments | ||||||||||||||||||||||||||||||||
Investments in available-for-sale securities at fair value were as follows for the periods ended (in thousands): | ||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Description of the | Amortized | Gross | Gross | Fair Value | Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||||
Securities | Cost | Unrealized | Unrealized | Cost | Unrealized | Unrealized | ||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | |||||||||||||||||||||||||||||
Agency securities | $ | 637,562 | $ | 1,228 | $ | (456 | ) | $ | 638,334 | $ | 453,922 | $ | 1,177 | $ | (349 | ) | $ | 454,750 | ||||||||||||||
Corporate securities | 700,953 | 1,121 | (248 | ) | 701,826 | 643,360 | 947 | (216 | ) | 644,091 | ||||||||||||||||||||||
Municipal securities | 57,022 | 108 | (8 | ) | 57,122 | 53,698 | 81 | (23 | ) | 53,756 | ||||||||||||||||||||||
Government securities | 132,251 | 90 | (34 | ) | 132,307 | 156,930 | 196 | (47 | ) | 157,079 | ||||||||||||||||||||||
Total | $ | 1,527,788 | $ | 2,547 | $ | (746 | ) | $ | 1,529,589 | $ | 1,307,910 | $ | 2,401 | $ | (635 | ) | $ | 1,309,676 | ||||||||||||||
The change in net unrealized gains (losses) on available-for-sale securities recorded in Other comprehensive loss includes unrealized gains (losses) that arose from changes in market value of specifically identified securities that were held during the period, gains (losses) that were previously unrealized, but have been recognized in current period net income due to sales, as well as prepayments of available-for-sale investments purchased at a premium. This reclassification has no effect on total comprehensive income or equity and was not material for all periods presented. See Note 11 for more information related to comprehensive income. | ||||||||||||||||||||||||||||||||
The average remaining maturities of the Company’s short-term and long-term available-for-sale investments at March 31, 2014 were approximately seven months and three years, respectively. | ||||||||||||||||||||||||||||||||
Realized Gains and Losses on Available-for-sale Investments | ||||||||||||||||||||||||||||||||
For the three months ended March 31, 2014 and 2013, the Company received proceeds from the sales of available-for-sale investments of $266.4 million and $231.8 million, respectively. The Company had realized gains on the sales of available-for-sale investments during the three months ended March 31, 2014 and 2013 of $0.3 million and $0.2 million, respectively. For the three months ended March 31, 2014 and 2013, the Company had realized losses on available-for-sale investments of $0.1 million, primarily related to prepayments at par of securities purchased at a premium. | ||||||||||||||||||||||||||||||||
All realized gains and losses related to the sales of available-for-sale investments are included in Other expense, net, in the accompanying condensed consolidated statements of income. | ||||||||||||||||||||||||||||||||
Unrealized Losses on Available-for-Sale Investments | ||||||||||||||||||||||||||||||||
The gross unrealized losses on the Company’s available-for-sale investments that are not deemed to be other-than-temporarily impaired as of March 31, 2014 and December 31, 2013 were $0.7 million and $0.6 million, respectively. Because the Company does not intend to sell any of its investments in an unrealized loss position and it is more likely than not that it will not be required to sell the securities before the recovery of its amortized cost basis, which may not occur until maturity, it does not consider the securities to be other-than-temporarily impaired. | ||||||||||||||||||||||||||||||||
Cost Method Investments | ||||||||||||||||||||||||||||||||
The Company held direct investments in privately-held companies of approximately $18.5 million and $24.3 million as of March 31, 2014 and December 31, 2013, respectively, which are accounted for based on the cost method and are included in Other assets in the accompanying condensed consolidated balance sheets. The Company periodically reviews these investments for impairment. If the Company determines that an other-than-temporary impairment has occurred, it will write-down the investment to its fair value. The Company determined one of its cost method investments was impaired and recorded a charge of $5.2 million during the first quarter of 2014 which was included in Other expense, net in the accompanying condensed consolidated statements of income. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
The authoritative guidance defines fair value as an exit price, representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | ||||||||||||||||
• | Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities; | |||||||||||||||
• | Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | |||||||||||||||
• | Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||||||||||||||
Available-for-sale securities included in Level 2 are valued utilizing inputs obtained from an independent pricing service (the “Service”) which uses quoted market prices for identical or comparable instruments rather than direct observations of quoted prices in active markets. The Service gathers observable inputs for all of the Company’s fixed income securities from a variety of industry data providers including, for example, large custodial institutions and other third-party sources. Once the observable inputs are gathered by the Service, all data points are considered and an average price is determined. The Service’s providers utilize a variety of inputs to determine their quoted prices. These inputs may include interest rates, known historical trades, yield curve information, benchmark data, prepayment speeds, credit quality and broker/dealer quotes. Substantially all of the Company’s available-for-sale investments are valued utilizing inputs obtained from the Service and accordingly are categorized as Level 2 in the table below. The Company periodically independently assesses the pricing obtained from the Service and historically has not adjusted the Service's pricing as a result of this assessment. Available-for-sale securities are included in Level 3 when relevant observable inputs for a security are not available. | ||||||||||||||||
The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the classification of assets and liabilities within the fair value hierarchy. In certain instances, the inputs used to measure fair value may meet the definition of more than one level of the fair value hierarchy. The input with the lowest level priority is used to determine the applicable level in the fair value hierarchy. | ||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||
As of March 31, 2014 | Quoted | Significant | Significant | |||||||||||||
Prices In | Other | Unobservable | ||||||||||||||
Active Markets | Observable | Inputs (Level 3) | ||||||||||||||
for Identical | Inputs (Level 2) | |||||||||||||||
Assets (Level 1) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash | $ | 290,579 | $ | 290,579 | $ | — | $ | — | ||||||||
Money market funds | 5,942 | 5,942 | — | — | ||||||||||||
Corporate securities | 1,998 | — | 1,998 | — | ||||||||||||
Available-for-sale securities: | ||||||||||||||||
Agency securities | 638,334 | — | 638,334 | — | ||||||||||||
Corporate securities | 701,826 | — | 691,435 | 10,391 | ||||||||||||
Municipal securities | 57,122 | — | 57,122 | — | ||||||||||||
Government securities | 132,307 | — | 132,307 | — | ||||||||||||
Prepaid expenses and other current assets: | ||||||||||||||||
Foreign currency derivatives | 4,155 | — | 4,155 | — | ||||||||||||
Total assets | $ | 1,832,263 | $ | 296,521 | $ | 1,525,351 | $ | 10,391 | ||||||||
Accrued expenses and other current liabilities: | ||||||||||||||||
Foreign currency derivatives | 1,582 | — | 1,582 | — | ||||||||||||
Total liabilities | $ | 1,582 | $ | — | $ | 1,582 | $ | — | ||||||||
As of December 31, 2013 | Quoted | Significant | Significant | |||||||||||||
Prices In | Other | Unobservable | ||||||||||||||
Active Markets | Observable | Inputs (Level 3) | ||||||||||||||
for Identical | Inputs (Level 2) | |||||||||||||||
Assets (Level 1) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash | $ | 227,528 | $ | 227,528 | $ | — | $ | — | ||||||||
Money market funds | 52,823 | 52,823 | — | — | ||||||||||||
Corporate securities | 389 | — | 389 | — | ||||||||||||
Available-for-sale securities: | ||||||||||||||||
Agency securities | 454,750 | — | 454,750 | — | ||||||||||||
Corporate securities | 644,091 | — | 633,801 | 10,291 | ||||||||||||
Municipal securities | 53,756 | — | 53,756 | — | ||||||||||||
Government securities | 157,079 | — | 157,079 | — | ||||||||||||
Prepaid expenses and other current assets: | ||||||||||||||||
Foreign currency derivatives | 4,952 | — | 4,952 | — | ||||||||||||
Total assets | $ | 1,595,368 | $ | 280,351 | $ | 1,304,727 | $ | 10,291 | ||||||||
Accrued expenses and other current liabilities: | ||||||||||||||||
Foreign currency derivatives | 1,743 | — | 1,743 | — | ||||||||||||
Total liabilities | $ | 1,743 | $ | — | $ | 1,743 | $ | — | ||||||||
The Company’s fixed income available-for-sale security portfolio generally consists of investment grade securities from diverse issuers with a minimum credit rating of A-/A3 and a weighted-average credit rating of AA-/Aa3. The Company values these securities based on pricing from the Service, whose sources may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value, and accordingly, the Company classifies all of its fixed income available-for-sale securities as Level 2. | ||||||||||||||||
The Company measures its cash flow hedges, which are classified as Prepaid expenses and other current assets and Accrued expenses and other current liabilities, at fair value based on indicative prices in active markets (Level 2 inputs). | ||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||
The Company has invested in convertible debt securities of certain early-stage entities that are classified as available-for-sale investments. As quoted prices in active markets or other observable inputs were not available for these investments, in order to measure them at fair value, the Company utilized a discounted cash flow model using a discount rate reflecting the market risk inherent in holding securities of an early-stage enterprise, adjusted by the probability-weighted exit possibilities associated with the convertible debt securities. This methodology required the Company to make assumptions that were not directly or indirectly observable regarding the fair value of the convertible debt securities; accordingly they are a Level 3 valuation and are included in the table below. | ||||||||||||||||
Corporate Securities | ||||||||||||||||
(in thousands) | ||||||||||||||||
Balance at December 31, 2013 | $ | 10,291 | ||||||||||||||
Purchases of Level 3 securities | 100 | |||||||||||||||
Balance at March 31, 2014 | $ | 10,391 | ||||||||||||||
Additional Disclosures Regarding Fair Value Measurements | ||||||||||||||||
The carrying value of accounts receivable, accounts payable and accrued expenses approximate their fair value due to the short maturity of these items. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
STOCK-BASED COMPENSATION | ' | |||||||
STOCK-BASED COMPENSATION | ||||||||
The Company’s stock-based compensation program is a long-term retention program that is intended to attract and reward talented employees and align stockholder and employee interests. As of March 31, 2014, the Company had two stock-based compensation plans under which it was granting stock options and non-vested stock units. The Company is currently granting stock-based awards from its Amended and Restated 2005 Equity Incentive Plan (as amended, the “2005 Plan”) and its Amended and Restated 2005 Employee Stock Purchase Plan (as amended, the “2005 ESPP”). In February 2014, the Company's Board of Directors approved the 2014 Equity Incentive Plan, which is subject to stockholder approval at the Company Annual Meeting of Stockholders on May 22, 2014. There will be no grants under this plan until the plan is approved by the Company's stockholders. In connection with certain of the Company’s acquisitions, the Company has assumed certain plans from acquired companies. The Company’s Board of Directors has provided that no new awards will be granted under the Company’s acquired stock plans. Awards previously granted under the Company's superseded and expired stock plans that are still outstanding typically expire ten years from the date of grant and will continue to be subject to all the terms and conditions of such plans, as applicable. The Company’s superseded and expired stock plans include the Amended and Restated 1995 Stock Plan. | ||||||||
Under the terms of the 2005 Plan, the Company is authorized to grant incentive stock options (“ISOs”), non-qualified stock options (“NSOs”), non-vested stock, non-vested stock units, stock appreciation rights (“SARs”), and performance units and to make stock-based awards to full and part-time employees of the Company and its subsidiaries or affiliates, where legally eligible to participate, as well as to consultants and non-employee directors of the Company. Currently, the 2005 Plan provides for the issuance of a maximum of 48,600,000 shares of common stock. Under the 2005 Plan, ISOs must be granted at exercise prices no less than fair market value on the date of grant, except for ISOs granted to employees who own more than 10% of the Company’s combined voting power, for which the exercise prices must be no less than 110% of the fair market value at the date of grant. NSOs and SARs must be granted at no less than fair market value on the date of grant, or in the case of SARs in tandem with options, at the exercise price of the related option. Non-vested stock awards may be granted for such consideration in cash, other property or services, or a combination thereof, as determined by the Company’s Compensation Committee of its Board of Directors. Stock-based awards are generally exercisable or issuable upon vesting. The Company’s policy is to recognize compensation cost for awards with only service conditions and a graded vesting schedule on a straight-line basis over the requisite service period for the entire award. As of March 31, 2014, there were 25,544,821 shares of common stock reserved for issuance pursuant to the Company’s stock-based compensation plans and the Company had authorization under its 2005 Plan to grant 14,890,200 additional stock-based awards. | ||||||||
Under the 2005 ESPP, all full-time and certain part-time employees of the Company are eligible to purchase common stock of the Company twice per year at the end of a six-month payment period (a “Payment Period”). During each Payment Period, eligible employees who so elect may authorize payroll deductions in an amount no less than 1% nor greater than 10% of his or her base pay for each payroll period in the Payment Period. At the end of each Payment Period, the accumulated deductions are used to purchase shares of common stock from the Company up to a maximum of 12,000 shares for any one employee during a Payment Period. Shares are purchased at a price equal to 85% of the fair market value of the Company’s common stock on the last business day of a Payment Period. Employees who, after exercising their rights to purchase shares of common stock in the 2005 ESPP, would own shares representing 5% or more of the voting power of the Company’s common stock, are ineligible to participate under the 2005 ESPP. The 2005 ESPP provides for the issuance of a maximum of 10,000,000 shares of common stock. As of March 31, 2014, 3,305,371 shares had been issued under the 2005 ESPP. The Company recorded stock-based compensation costs related to the 2005 ESPP of $1.4 million and $1.3 million for the three months ended March 31, 2014 and 2013, respectively. | ||||||||
Stock-Based Compensation | ||||||||
The detail of the total stock-based compensation recognized by income statement classification is as follows (in thousands): | ||||||||
Three Months Ended | Three Months Ended | |||||||
Income Statement Classifications | March 31, 2014 | March 31, 2013 | ||||||
Cost of services and maintenance revenues | $ | 477 | $ | 634 | ||||
Research and development | 12,780 | 15,653 | ||||||
Sales, marketing and services | 16,016 | 15,174 | ||||||
General and administrative | 11,428 | 12,095 | ||||||
Total | $ | 40,701 | $ | 43,556 | ||||
Stock Options | ||||||||
Stock options granted under the 2005 Plan typically have a five-year life and vest over three years, with 33.3% of the shares underlying the option vesting on the first anniversary of the date of grant and the remainder of the underlying shares vesting in equal monthly installments at a rate of 2.78% thereafter (the "Standard Vesting Rate"). There were no stock options granted during the three months ended March 31, 2014 and 2013. The Company also assumes stock options from certain of its acquisitions for which the vesting period is typically reset to vest over three years at the Standard Vesting Rate. During the first quarter of 2013, the Company assumed in-the-money options from the Zenprise acquisition. See Note 4 for more information related to acquisitions. The Company currently uses the Black-Scholes option pricing model to determine the fair value of stock options. The determination of the fair value of stock-based payment awards on the date of grant or assumption using an option-pricing model is affected by the Company’s stock price and the options exercise prices, as well as assumptions regarding a number of complex and subjective variables. These variables include the Company’s expected stock price, volatility over the term of the awards, actual and historical employee exercise behaviors including historical exercise patterns of options with an exercise price less than the stock price on the date assumed, risk-free interest rate and expected dividends. For purposes of valuing stock options, the Company determined the expected volatility factor by considering the implied volatility in two-year market-traded options of the Company’s common stock based on third party volatility quotes in accordance with the provisions of SAB No. 107, Share Based Payment. The Company’s decision to use implied volatility was based upon the availability of actively traded options on the Company’s common stock and its assessment that implied volatility is more representative of future stock price trends than historical volatility. The approximate risk free interest rate was based on the implied yield available on U.S. Treasury zero-coupon issues with remaining terms equivalent to the Company’s expected terms on stock options. The expected term of stock options was based on the historical employee exercise patterns. The Company does not intend to pay dividends on its common stock in the foreseeable future. Accordingly, the Company used a dividend yield of zero in its option pricing model. | ||||||||
The total intrinsic value of options exercised during the three months ended March 31, 2014 and 2013 was $12.8 million and $30.5 million, respectively. The intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the shares. As of March 31, 2014, there was $19.9 million of total unrecognized compensation cost related to stock options. That cost is expected to be recognized over a weighted-average period of 1.14 years. | ||||||||
The assumptions used to value option grants are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, 2013 | ||||||||
Expected volatility factor | 0.39 | |||||||
Approximate risk free interest rate | 0.44 | % | ||||||
Expected term (in years) | 3.35 | |||||||
Expected dividend yield | 0 | % | ||||||
Non-vested Stock Units | ||||||||
Market Performance and Service Condition Stock Units | ||||||||
In March 2014 and 2013, the Company granted senior level employees non-vested stock unit awards representing, in the aggregate, 378,022 and 399,029 non-vested stock units, respectively, that vest based on certain target market performance and service conditions. The number of non-vested stock units underlying each award will be determined within sixty days of the calendar year following the end of a three-year performance period ending December 31, 2016 for the March 2014 awards and December 31, 2015 for the March 2013 awards. The attainment level under the award will be based on the Company's total return to stockholders over the performance period compared to the return on the Nasdaq Composite Total Return Index (the "XCMP"). If the Company's return is positive and meets or exceeds the indexed return, the number of non-vested stock units issued will be based on interpolation, with the maximum number of non-vested stock units issuable pursuant to the award capped at 200% of the target number of non-vested stock units set forth in the award agreement if the Company's return exceeds the indexed return by 40% or more. If the Company's return over the performance period is positive but underperforms the index, a number of non-vested stock units will be issued, below the target award, based on interpolation; however, no non-vested stock units will be issued if the Company's return underperforms the index by more than 20% over the performance period. In the event the Company's return to stockholders is negative but still meets or exceeds the indexed return, only 75% of the target award shall be issued. If the awardee is not employed by the Company at the end of the performance period; the extent to which the awardee will vest in the award, if at all, is dependent upon the timing and character of the termination as provided in the award agreement. Each non-vested stock unit, upon vesting, represents the right to receive one share of the Company's common stock. | ||||||||
The market condition requirements are reflected in the grant date fair value of the award, and the compensation expense for the award will be recognized assuming that the requisite service is rendered regardless of whether the market conditions are achieved. The grant date fair value of the non-vested performance stock unit awards was determined through the use of a Monte Carlo simulation model, which utilized multiple input variables that determined the probability of satisfying the market condition requirements applicable to each award as follows: | ||||||||
March 2014 Grant | March 2013 Grant | |||||||
Expected volatility factor | 0.19 - 0.38 | 0.16 - 0.42 | ||||||
Risk free interest rate | 0.81 | % | 0.33 | % | ||||
Expected dividend yield | 0 | % | 0 | % | ||||
The range of expected volatilities utilized was based on the historical volatilities of the Company's common stock and the XCMP. The Company chose to use historical volatility to value these awards because historical stock prices were used to develop the correlation coefficients between the Company and the XCMP in order to model the stock price movements. The volatilities used were calculated over a 2.76 year period, which was the remaining term of the performance period at the date of grant. The risk free interest rate was based on the implied yield available on U.S. Treasury zero-coupon issues with remaining terms equivalent to the remaining performance period. The Company does not intend to pay dividends on its common stock in the foreseeable future. Accordingly, the Company used a dividend yield of zero in its model. The estimated fair value of each award as of the date of grant was $56.94 for the March 2014 grant and $89.93 for the March 2013 grant. | ||||||||
Service Based Stock Units | ||||||||
The Company also awards senior level and certain other employees non-vested stock units granted under the 2005 Plan that vest based on service. The majority of these non-vested stock unit awards vest 33.33% on each anniversary subsequent to the date of the award. The remaining awards vest 100% on the third anniversary of the grant date. Each non-vested stock unit, upon vesting, represents the right to receive one share of the Company’s common stock. In addition, the Company awards non-vested stock units to all of its non-employee directors. These awards vest monthly in 12 equal installments based on service and, upon vesting, each stock unit represents the right to receive one share of the Company's common stock. | ||||||||
Unrecognized Compensation Related to Stock Units | ||||||||
As of March 31, 2014, the number of all non-vested stock units outstanding, including market performance and service condition awards and service-based awards, and including awards assumed in connection with acquisitions, were 5,423,734. As of March 31, 2014, there was $307.3 million of total unrecognized compensation cost related to non-vested stock units. The unrecognized cost is expected to be recognized over a weighted-average period of 2.18 years. See Note 4 for more information regarding the Company's acquisitions. |
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | |||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||
Goodwill | ||||||||||||||||||
The Company accounts for goodwill in accordance with the authoritative guidance, which requires that goodwill and certain intangible assets are not amortized, but are subject to an annual impairment test. There was no impairment of goodwill or indefinite lived intangible assets as a result of the annual impairment test analysis completed during the fourth quarter of 2013. There were no indicators of impairment during the three months ended March 31, 2014. In-process R&D acquired in connection with the Company's acquisitions was not material. See Note 4 for more information regarding the Company's acquisitions and Note 9 for more information regarding the Company's segments. | ||||||||||||||||||
The following table presents the change in goodwill allocated to the Company’s reportable segments during the three months ended March 31, 2014 (in thousands): | ||||||||||||||||||
Balance at January 1, 2014 | Additions | Other | Balance at March 31, 2014 | |||||||||||||||
Enterprise and Service Provider | $ | 1,402,156 | $ | 14,569 | $ | — | $ | 1,416,725 | ||||||||||
SaaS | 366,793 | — | (428 | ) | -2 | 366,365 | ||||||||||||
Consolidated | $ | 1,768,949 | $ | 14,569 | -1 | $ | (428 | ) | $ | 1,783,090 | ||||||||
-1 | Amount relates to Framehawk acquisition. See Note 4 for more information regarding the Company’s acquisitions. | |||||||||||||||||
-2 | Amount primarily relates to foreign currency translation. | |||||||||||||||||
Intangible Assets | ||||||||||||||||||
The Company has intangible assets with finite lives that are recorded at cost, less accumulated amortization. Amortization is computed over the estimated useful lives of the respective assets, generally three to seven years, except for patents, which are amortized over the lesser of their remaining life or ten years. Intangible assets consist of the following (in thousands): | ||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||||
Product related intangible assets | $ | 691,504 | $ | 450,283 | $ | 677,509 | $ | 428,418 | ||||||||||
Other | 479,391 | 232,841 | 482,918 | 222,414 | ||||||||||||||
Total | $ | 1,170,895 | $ | 683,124 | $ | 1,160,427 | $ | 650,832 | ||||||||||
Amortization of product related intangible assets, which consists primarily of product-related technologies and patents, was $24.3 million and $24.7 million for the three months ended March 31, 2014 and 2013, respectively, and is classified as a component of Cost of net revenues in the accompanying condensed consolidated statements of income. Amortization of other intangible assets, which consist primarily of customer relationships, trade names and covenants not to compete was $12.5 million and $10.4 million for the three months ended March 31, 2014 and 2013, respectively, and is classified as a component of Operating expenses in the accompanying condensed consolidated statements of income. The Company monitors its intangible assets for indicators of impairment. If the Company determines that an impairment has occurred, it will write-down the intangible asset to its fair value. | ||||||||||||||||||
Estimated future amortization expense for the next five years is as follows (in thousands): | ||||||||||||||||||
Year ending December 31, | ||||||||||||||||||
2014 | $ | 136,636 | ||||||||||||||||
2015 | 112,197 | |||||||||||||||||
2016 | 90,056 | |||||||||||||||||
2017 | 63,128 | |||||||||||||||||
2018 | 49,675 | |||||||||||||||||
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
SEGMENT INFORMATION | ' | |||||||
SEGMENT INFORMATION | ||||||||
The Enterprise and Service Provider division and SaaS division constitute the Company’s two reportable segments. The Company does not engage in intercompany revenue transfers between segments. The Company’s chief operating decision maker (“CODM”) evaluates the Company’s performance based primarily on profitability from its Enterprise and Service Provider and SaaS division products. Segment profit for each segment includes certain research and development, sales, marketing and services and general and administrative expenses directly attributable to the segment as well as other corporate costs allocated to the segment and excludes certain expenses that are managed outside of the reportable segments. Costs excluded from segment profit primarily consist of certain restructuring charges, stock-based compensation costs, amortization of product related intangible assets, amortization of other intangible assets, net interest and other expense, net. Accounting policies of the Company’s segments are the same as its consolidated accounting policies. | ||||||||
Net revenues and segment profit, classified by the Company’s two reportable segments were as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net revenues: | ||||||||
Enterprise and Service Provider division | $ | 593,687 | $ | 535,333 | ||||
SaaS division | 157,132 | 137,566 | ||||||
Consolidated | $ | 750,819 | $ | 672,899 | ||||
Segment profit: | ||||||||
Enterprise and Service Provider division | $ | 126,576 | $ | 113,256 | ||||
SaaS division | 32,422 | 22,035 | ||||||
Unallocated expenses (1): | ||||||||
Amortization of intangible assets | (36,760 | ) | (35,127 | ) | ||||
Restructuring | (9,650 | ) | — | |||||
Net interest and other expense | (3,132 | ) | 1,196 | |||||
Stock-based compensation | (40,701 | ) | (43,556 | ) | ||||
Consolidated income before income taxes | $ | 68,755 | $ | 57,804 | ||||
-1 | Represents expenses presented to management on a consolidated basis only and not allocated to the operating segments. | |||||||
Revenues by Product Grouping | ||||||||
Revenues by product grouping for the Company’s Enterprise and Service Provider division and SaaS division were as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net revenues: | ||||||||
Enterprise and Service Provider division | ||||||||
Mobile and Desktop revenues(1) | $ | 381,361 | $ | 357,990 | ||||
Networking and Cloud revenues(2) | 166,545 | 147,493 | ||||||
Professional services(3) | 42,505 | 26,512 | ||||||
Other | 3,276 | 3,338 | ||||||
Total Enterprise and Service Provider division revenues | 593,687 | 535,333 | ||||||
SaaS division revenues | 157,132 | 137,566 | ||||||
Total net revenues | $ | 750,819 | $ | 672,899 | ||||
-1 | Mobile and Desktop revenues are primarily comprised of sales from the Company’s desktop and application virtualization products, XenDesktop and XenApp, and the Company's Mobility products, which include XenMobile and related license updates and maintenance and support. | |||||||
-2 | Networking and Cloud revenues are primarily comprised of sales from the Company’s cloud networking products, which include NetScaler, CloudBridge and Bytemobile Smart Capacity, and the Company’s cloud platform products which include XenServer, CloudPlatform and CloudPortal and related license updates and maintenance and support. | |||||||
-3 | Professional services revenues are primarily comprised of revenues from consulting services and product training and certification services. | |||||||
Revenues by Geographic Location | ||||||||
The following table presents revenues by segment and geographic location, for the following periods (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net revenues: | ||||||||
Enterprise and Service Provider division | ||||||||
Americas | $ | 323,393 | $ | 296,434 | ||||
EMEA | 200,628 | 174,402 | ||||||
Asia-Pacific | 69,666 | 64,497 | ||||||
Total Enterprise and Service Provider division revenues | 593,687 | 535,333 | ||||||
SaaS division | ||||||||
Americas | 130,672 | 116,230 | ||||||
EMEA | 21,180 | 16,743 | ||||||
Asia-Pacific | 5,280 | 4,593 | ||||||
Total SaaS division revenues | 157,132 | 137,566 | ||||||
Total net revenues | $ | 750,819 | $ | 672,899 | ||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ' | |||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||||
As of March 31, 2014, the Company’s derivative assets and liabilities primarily resulted from cash flow hedges related to its forecasted operating expenses transacted in local currencies. A substantial portion of the Company’s overseas expenses are and will continue to be transacted in local currencies. To protect against fluctuations in operating expenses and the volatility of future cash flows caused by changes in currency exchange rates, the Company has established a program that uses foreign exchange forward contracts to hedge its exposure to these potential changes. The terms of these instruments, and the hedged transactions to which they relate, generally do not exceed 12 months. | ||||||||||||||||||
Generally, when the dollar is weak, foreign currency denominated expenses will be higher, and these higher expenses will be partially offset by the gains realized from the Company’s hedging contracts. Conversely, if the dollar is strong, foreign currency denominated expenses will be lower. These lower expenses will in turn be partially offset by the losses incurred from the Company’s hedging contracts. The change in the derivative component in Accumulated other comprehensive income includes unrealized gains or losses that arose from changes in market value of the effective portion of derivatives that were held during the period, and gains or losses that were previously unrealized but have been recognized in the same line item as the forecasted transaction in current period net income due to termination or maturities of derivative contracts. This reclassification has no effect on total comprehensive income or equity. | ||||||||||||||||||
The total cumulative unrealized gain on cash flow derivative instruments was $2.9 million at March 31, 2014 and December 31, 2013, and is included in Accumulated other comprehensive income in the accompanying condensed consolidated balance sheets. See Note 11 for more information related to comprehensive income. The net unrealized gain as of March 31, 2014 is expected to be recognized in income over the next 12 months at the same time the hedged items are recognized in income. | ||||||||||||||||||
Derivatives not Designated as Hedging Instruments | ||||||||||||||||||
A substantial portion of the Company’s overseas assets and liabilities are and will continue to be denominated in local currencies. To protect against fluctuations in earnings caused by changes in currency exchange rates when remeasuring the Company’s balance sheet, it utilizes foreign exchange forward contracts to hedge its exposure to this potential volatility. | ||||||||||||||||||
These contracts are not designated for hedge accounting treatment under the authoritative guidance. Accordingly, changes in the fair value of these contracts are recorded in Other expense, net. | ||||||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
(In thousands) | ||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | |||||||||||||||
Derivatives Designated as | Balance Sheet | Fair | Balance Sheet | Fair | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Hedging Instruments | Location | Value | Location | Value | Location | Value | Location | Value | ||||||||||
Foreign currency forward contracts | Prepaid | $3,720 | Prepaid | $4,559 | Accrued | $742 | Accrued | $1,578 | ||||||||||
expenses | expenses | expenses | expenses | |||||||||||||||
and other | and other | and other | and other | |||||||||||||||
current | current | current | current | |||||||||||||||
assets | assets | liabilities | liabilities | |||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
(In thousands) | ||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | |||||||||||||||
Derivatives Not Designated as | Balance Sheet | Fair | Balance Sheet | Fair | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Hedging Instruments | Location | Value | Location | Value | Location | Value | Location | Value | ||||||||||
Foreign currency forward contracts | Prepaid | $435 | Prepaid | $393 | Accrued | $840 | Accrued | $165 | ||||||||||
expenses | expenses | expenses | expenses | |||||||||||||||
and other | and other | and other | and other | |||||||||||||||
current | current | current | current | |||||||||||||||
assets | assets | liabilities | liabilities | |||||||||||||||
The Effect of Derivative Instruments on Financial Performance | ||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
Derivatives in Cash Flow | Amount of Gain/(Loss) Recognized in Other | Location of Gain/(Loss) Reclassified | Amount of Gain/(Loss) Reclassified from | |||||||||||||||
Hedging Relationships | Comprehensive Loss | from Accumulated Other | Accumulated Other | |||||||||||||||
(Effective Portion) | Comprehensive Income into | Comprehensive Income | ||||||||||||||||
Income | (Effective Portion) | |||||||||||||||||
(Effective Portion) | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Foreign currency forward contracts | $ | 23 | $ | (2,925 | ) | Operating expenses | $ | 1,297 | $ | (524 | ) | |||||||
There was no material ineffectiveness in the Company’s foreign currency hedging program in the periods presented. | ||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Loss Recognized in Income on | Amount of Loss Recognized in Income on Derivative | ||||||||||||||||
Derivative | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Foreign currency forward contracts | Other expense, net | $ | (985 | ) | $ | (456 | ) | |||||||||||
Outstanding Foreign Currency Forward Contracts | ||||||||||||||||||
As of March 31, 2014, the Company had the following net notional foreign currency forward contracts outstanding (in thousands): | ||||||||||||||||||
Foreign Currency | Currency | |||||||||||||||||
Denomination | ||||||||||||||||||
Australian Dollar | AUD 7,034 | |||||||||||||||||
Pounds Sterling | GBP 30,495 | |||||||||||||||||
Canadian Dollar | CAD 7,002 | |||||||||||||||||
Chinese Yuan Renminbi | CNY 84,500 | |||||||||||||||||
Danish Krone | DKK 8,000 | |||||||||||||||||
Euro | EUR 20,329 | |||||||||||||||||
Hong Kong Dollar | HKD 52,378 | |||||||||||||||||
Indian Rupee | INR 718,968 | |||||||||||||||||
Japanese Yen | JPY 120,535 | |||||||||||||||||
New Zealand Dollar | NZD 35 | |||||||||||||||||
Singapore Dollar | SGD 10,700 | |||||||||||||||||
Swiss Franc | CHF 25,250 |
Comprehensive_Income
Comprehensive Income | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
COMPREHENSIVE INCOME | ' | |||||||||||||||||||
COMPREHENSIVE INCOME | ||||||||||||||||||||
The changes in Accumulated other comprehensive income by component, net of tax, are as follows: | ||||||||||||||||||||
Foreign currency | Unrealized gain on available-for-sale securities | Unrealized gain on derivative instruments | Other comprehensive loss on pension liability | Total | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 5,458 | $ | 1,238 | $ | 2,852 | $ | (4,597 | ) | $ | 4,951 | |||||||||
Other comprehensive income before reclassifications | (721 | ) | 160 | 1,320 | — | 759 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (163 | ) | (1,297 | ) | — | (1,460 | ) | ||||||||||||
Net current period other comprehensive loss | (721 | ) | (3 | ) | 23 | — | (701 | ) | ||||||||||||
Balance at March 31, 2014 | $ | 4,737 | $ | 1,235 | $ | 2,875 | $ | (4,597 | ) | $ | 4,250 | |||||||||
Income tax expense or benefit allocated to each component of other comprehensive loss is not material. | ||||||||||||||||||||
Reclassifications out of accumulated other comprehensive income are as follows: | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income, net of tax | Affected line item in the Condensed Consolidated Statements of Income | ||||||||||||||||||
Unrealized net gains on available-for-sale securities | $ | 163 | Other expense, net | |||||||||||||||||
Unrealized net gains on cash flow hedges | 1,297 | Operating expenses * | ||||||||||||||||||
$ | 1,460 | |||||||||||||||||||
* Operating expenses amounts allocated to Research and development, Sales, marketing and services, and General and administrative are not individually significant. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The Company’s net unrecognized tax benefits totaled approximately $68.6 million and $63.8 million as of March 31, 2014 and December 31, 2013, respectively. All amounts included in the balance at March 31, 2014 for tax positions would affect the annual effective tax rate. The Company has no amounts accrued for the payment of interest and penalties as of March 31, 2014. | |
The Company and one or more of its subsidiaries is subject to federal income taxes in the United States, as well as income taxes of multiple state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years prior to 2009. | |
In the ordinary course of global business, there are transactions for which the ultimate tax outcome is uncertain; thus, judgment is required in determining the worldwide provision for income taxes. The Company provides for income taxes on transactions based on its estimate of the probable liability. The Company adjusts its provision as appropriate for changes that impact its underlying judgments. Changes that impact provision estimates include such items as jurisdictional interpretations on tax filing positions based on the results of tax audits and general tax authority rulings. Due to the evolving nature of tax rules combined with the large number of jurisdictions in which the Company operates, it is possible that the Company’s estimates of its tax liability and the realizability of its deferred tax assets could change in the future, which may result in additional tax liabilities and adversely affect the Company’s results of operations, financial condition and cash flows. | |
The Company is required to estimate its income taxes in each of the jurisdictions in which it operates as part of the process of preparing its condensed consolidated financial statements. At March 31, 2014, the Company had approximately $107.0 million in net deferred tax assets. The authoritative guidance requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of the evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company reviews deferred tax assets periodically for recoverability and makes estimates and judgments regarding the expected geographic sources of taxable income and gains from investments, as well as tax planning strategies in assessing the need for a valuation allowance. | |
The Company maintains certain strategic management and operational activities in overseas subsidiaries and its foreign earnings are taxed at rates that are generally lower than in the United States. The Company does not expect to remit earnings from its foreign subsidiaries. The Company’s effective tax rate was approximately 18.6% and (3.3)% for the three months ended March 31, 2014 and 2013, respectively. The increase in the effective tax rate when comparing the three months ended March 31, 2014 to the three months ended March 31, 2013 was primarily due to the impact of the federal research and development tax credit for the 2012 and 2013 taxable years that was extended during the three months ended March 31, 2013 but expired at the end of 2013 for future years. | |
The federal research and development tax credit expired on December 31, 2011. On January 2, 2013, the American Taxpayer Relief Act of 2012 was signed into law. Under this act, the federal research and development tax credit was retroactively extended for amounts paid or incurred after December 31, 2011 and before January 1, 2014. The effects of these changes in the tax law resulted in net tax benefits of approximately $9.4 million, which the Company recognized in the first quarter of 2013, the quarter in which the law was enacted. | |
In July 2013, the FASB issued an accounting standard update that provides explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. Under the new standard, the Company's unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The Company adopted this standard on January 1, 2014, and as of March 31, 2014 the Company is offsetting unrecognized tax benefits of $1.7 million against short-term deferred tax assets and $28.2 million against long-term deferred tax assets. | |
The Company’s effective tax rate generally differs from the U.S. federal statutory rate of 35% due primarily to lower tax rates on earnings generated by the Company’s foreign operations that are taxed primarily in Switzerland. The Company has not provided for U.S. taxes for those earnings because it plans to reinvest all of those earnings indefinitely outside the United States. |
Treasury_Stock
Treasury Stock | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
TREASURY STOCK | ' |
TREASURY STOCK | |
Stock Repurchase Programs | |
The Company’s Board of Directors authorized an ongoing stock repurchase program with a total repurchase authority granted to the Company of $5.4 billion, of which $1.5 billion was approved in April 2014. The Company may use the approved dollar authority to repurchase stock at any time until the approved amount is exhausted. The objective of the Company’s stock repurchase program is to improve stockholders’ returns. At March 31, 2014, approximately $429.3 million was available to repurchase common stock pursuant to the stock repurchase program. All shares repurchased are recorded as treasury stock. A portion of the funds used to repurchase stock over the course of the program was provided by proceeds from employee stock option exercises and the related tax benefit. | |
The Company is authorized to make open market purchases of its common stock using general corporate funds through open market purchases or pursuant to a Rule 10b5-1 plan. | |
During the three months ended March 31, 2014, the Company had no open market purchases. During the three months ended March 31, 2013, the Company expended approximately $61.4 million on open market purchases, repurchasing 860,500 shares of outstanding common stock at an average price of $71.31. | |
See Note 16 to the Company's condensed consolidated financial statements for detailed information on the Convertible Notes offering and the transactions related thereto, including the accelerated share repurchase program (the "ASR"). | |
Shares for Tax Withholding | |
During the three months ended March 31, 2014, the Company withheld 368,310 shares from stock units that vested, totaling $21.2 million, to satisfy minimum tax withholding obligations that arose on the vesting of stock units. During the three months ended March 31, 2013, the Company withheld 322,538 shares from stock units that vested, totaling $23.2 million, to satisfy minimum tax withholding obligations that arose on the vesting of stock units. These shares are reflected as treasury stock in the Company’s condensed consolidated balance sheets and the related cash outlays do not reduce the Company’s total stock repurchase authority. |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
Leases | |
The Company leases certain office space and equipment under various operating leases. In addition to rent, the leases require the Company to pay for taxes, insurance, maintenance and other operating expenses. Certain of these leases contain stated escalation clauses while others contain renewal options. The Company recognizes rent expense on a straight-line basis over the term of the lease, excluding renewal periods, unless renewal of the lease is reasonably assured. | |
Legal Matters | |
The Company accrues a liability for legal contingencies when it believes that it is both probable that a liability has been incurred and that it can reasonably estimate the amount of the loss. The Company reviews these accruals and adjusts them to reflect ongoing negotiations, settlements, rulings, advice of legal counsel and other relevant information. To the extent new information is obtained and the Company's views on the probable outcomes of claims, suits, assessments, investigations or legal proceedings change, changes in the Company's accrued liabilities would be recorded in the period in which such determination is made. For the Other Matters referenced below, the amount of liability is not probable or the amount cannot be reasonably estimated; and, therefore, accruals have not been made. In addition, in accordance with the relevant authoritative guidance, for matters in which the likelihood of material loss is at least reasonably possible, the Company provides disclosure of the possible loss or range of loss. If a reasonable estimate cannot be made, however, the Company will provide disclosure to that effect. | |
In April 2014, John Calma, ostensibly on behalf of the Company, filed a shareholder derivative complaint against the directors of the Company (and the Company as a nominal defendant) in the Court of Chancery of the State of Delaware. The complaint alleges breach of fiduciary duty, waste of corporate assets and unjust enrichment related to stock awards that they received under the Company's director compensation program. The complaint seeks the recovery of monetary damages and other relief for damages allegedly caused to the Company. The Company believes that its directors and the Company have meritorious defenses to these allegations and that it is not reasonably possible that the ultimate outcome of this suit will materially and adversely affect the Company's business, financial condition, results of operations or cash flows. | |
On April 11, 2008, SSL Services, LLC (“SSL Services”) filed a suit for patent infringement against the Company in the United States District Court for the Eastern District of Texas (the “SSL Matter”). SSL Services alleged that the Company infringed U.S. Patent Nos. 6,061,796 (the “'796 patent”) and 6,158,011 (the “'011 patent”). The Company denied infringement and asserted that the patents-in-suit were invalid. A jury trial was held on SSL Services' claims, and on June 18, 2012, the jury found that the Company does not infringe the '796 patent and found that the Company willfully infringes the '011 patent through the sale and use of certain products. The jury awarded SSL Services $10.0 million. On September 17, 2012, the court issued a final judgment confirming the jury award of $10.0 million in damages and added $5.0 million in enhanced damages and approximately $5.0 million in prejudgment interest on the damages award. The Company does not believe that any of its products infringe the '011 patent, and the Company believes that the '011 patent is invalid. Accordingly, no accrual has been made related to this matter. The Company has appealed the district court's judgment on the '011 patent. | |
In addition to the SSL Matter and due to the nature of the Company's business, the Company is subject to patent infringement claims, including current suits against it or one or more of its wholly-owned subsidiaries alleging infringement by various Company products and services (the "Other Matters"). The Company believes that it has meritorious defenses to the allegations made in its pending cases and intends to vigorously defend these lawsuits; however, it is currently unable to determine the ultimate outcome of these or similar matters. In addition, the Company is a defendant in various litigation matters generally arising out of the normal course of business. Although it is difficult to predict the ultimate outcomes of these cases, the Company believes that it is not reasonably possible that the ultimate outcomes will materially and adversely affect its business, financial position, results of operations or cash flows. | |
Guarantees | |
The authoritative guidance requires certain guarantees to be recorded at fair value and requires a guarantor to make disclosures, even when the likelihood of making any payments under the guarantee is remote. For those guarantees and indemnifications that do not fall within the initial recognition and measurement requirements of the authoritative guidance, the Company must continue to monitor the conditions that are subject to the guarantees and indemnifications, as required under existing generally accepted accounting principles, to identify if a loss has been incurred. If the Company determines that it is probable that a loss has been incurred, any such estimable loss would be recognized. The initial recognition and measurement requirements do not apply to the provisions contained in the majority of the Company’s software license agreements that indemnify licensees of the Company’s software from damages and costs resulting from claims alleging that the Company’s software infringes the intellectual property rights of a third party. The Company has not made payments pursuant to these provisions. The Company has not identified any losses that are probable under these provisions and, accordingly, the Company has not recorded a liability related to these indemnification provisions. |
Restructuring
Restructuring | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Restructuring and Related Activities [Abstract] | ' | |||
RESTRUCTURING | ' | |||
RESTRUCTURING | ||||
During the first quarter of 2014, the Company announced the implementation of the 2014 Restructuring Program to better align resources to strategic initiatives. As a result, the Company reduced its headcount by approximately 125 full-time positions during the three months ended March 31, 2014. It is anticipated the total severance and related costs of these actions will be approximately between $14.0 million to $15.0 million, which is expected to be completed by the end of 2014. | ||||
Restructuring charges related to the reduction of the Company's headcount by segment consists of the following (in thousands): | ||||
Three Months Ended | ||||
March 31, | ||||
2014 | ||||
Enterprise and Service Provider division | $ | 5,880 | ||
SaaS division | 3,770 | |||
Total restructuring charges | $ | 9,650 | ||
Restructuring accruals | ||||
The activity in the Company’s restructuring accruals for the three months ended March 31, 2014 is summarized as follows (in thousands): | ||||
Total | ||||
Balance at January 1, 2014 | $ | — | ||
Employee severance and related costs | 9,650 | |||
Payments | (2,068 | ) | ||
Balance at March 31, 2014 | $ | 7,582 | ||
As of March 31, 2014, the $7.6 million in outstanding restructuring liability primarily relates to employee severance and related costs. | ||||
As of March 31, 2014, restructuring accruals by segment consisted of the following (in thousands): | ||||
Total | ||||
Enterprise and Service Provider division | $ | 3,830 | ||
SaaS division | 3,752 | |||
Total restructuring charges | $ | 7,582 | ||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
Convertible Notes Offering | |
On April 30, 2014, the Company completed a private placement of $1.25 billion principal amount of 0.500% Convertible Senior Notes due 2019 (the “Convertible Notes”). The net proceeds from this offering were approximately $1.23 billion, after deducting the initial purchasers’ discounts and commissions and the estimated offering expenses payable by the Company. The Company used approximately $71.8 million of the net proceeds to pay the cost of the Initial Bond Hedges described below (after such cost was partially offset by the proceeds to the Company from the Initial Warrant Transactions described below). The Company used the remainder of the net proceeds from the offering and a portion of its existing cash and investments to purchase an aggregate of approximately $1.5 billion of its common stock, as authorized under its share repurchase program. The Company used approximately $101.0 million to purchase shares of common stock from certain purchasers of the Convertible Notes in privately negotiated transactions concurrently with the closing of the offering, and the remaining $1.4 billion to purchase additional shares of common stock through an ASR, which the Company entered into with Citibank, N.A. (the “ASR Counterparty”) on April 25, 2014 (the “ASR Agreement”). | |
On May 6, 2014, the Company issued an additional $187.5 million principal amount of Convertible Notes (such additional Convertible Notes, the "Additional Notes") pursuant to the full exercise of the over-allotment option granted to the initial purchasers in the offering, (the “Over-Allotment Option”). The net proceeds from the sale of the Additional Notes were approximately $184.9 million, after deducting the initial purchasers’ discounts and commissions payable by us. The Company used approximately $10.8 million of the net proceeds from the exercise of the Over-Allotment Option to pay the cost of Additional Bond Hedges (after such cost was partially offset by the proceeds to the Company from Additional Warrant Transactions), as defined below. The Company intends to use the remainder of the net proceeds for working capital and general corporate purposes. | |
The Convertible Notes are governed by the terms of an indenture, dated as of April 30, 2014 (the “Indenture”), between the Company and Wilmington Trust, National Association, as trustee (the “Trustee”). The Convertible Notes are the senior unsecured obligations of the Company and bear interest at a rate of 0.500% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, commencing October 15, 2014. The Convertible Notes will mature on April 15, 2019, unless earlier repurchased or converted. At any time prior to the close of business on the business day immediately preceding October 15, 2018, holders may convert their Convertible Notes at their option only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2014 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events. On or after October 15, 2018 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time, regardless of the foregoing circumstances. | |
Upon conversion, the Company will pay cash up to the aggregate principal amount of the Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted. Holders will not receive any additional cash payment or additional shares of the Company's common stock representing accrued and unpaid interest, if any, upon conversion of a Convertible Note, except in limited circumstances. Instead, interest will be deemed to be paid by the cash and shares, if any, of the Company’s common stock paid or delivered, as the case may be, to such holder upon conversion of a Convertible Note. | |
The conversion rate for the Convertible Notes will initially be 11.1111 shares of common stock per $1,000 principal amount of Convertible Notes, which corresponds to an initial conversion price of approximately $90.00 per share of common stock. The conversion rate is subject to adjustment from time to time upon the occurrence of certain events, including, but not limited to, the issuance of certain stock dividends on common stock, the issuance of certain rights or warrants, subdivisions, combinations, distributions of capital stock, indebtedness, or assets, the payment of cash dividends and certain issuer tender or exchange offers. | |
The Company may not redeem the Convertible Notes prior to the maturity date and no “sinking fund” is provided for the Convertible Notes, which means that the Company is not required to periodically redeem or retire the Convertible Notes. Upon the occurrence of certain fundamental changes involving the Company, holders of the Convertible Notes may require the Company to repurchase for cash all or part of their Convertible Notes in principal amounts of $1,000 or an integral multiple thereof at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. | |
The Indenture does not contain any financial or maintenance covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by the Company or any of its subsidiaries. The Indenture contains customary terms and covenants and events of default. If an event of default (other than certain events of bankruptcy, insolvency or reorganization involving the Company) occurs and is continuing, the Trustee by notice to the Company, or the holders of at least 25% in principal amount of the outstanding Convertible Notes by written notice to the Company and the Trustee, may declare 100% of the principal of and accrued and unpaid interest, if any, on all the Convertible Notes to be due and payable. Upon such a declaration of acceleration, such principal and accrued and unpaid interest, if any, will be due and payable immediately. Upon the occurrence of certain events of bankruptcy, insolvency or reorganization involving the Company, 100% of the principal of and accrued and unpaid interest, if any, on all of the Convertible Notes will become due and payable automatically. Notwithstanding the foregoing, the Indenture provides that, to the extent the Company elects and for up to 270 days, the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture consists exclusively of the right to receive additional interest on the Convertible Notes. | |
Convertible Note Hedge and Warrant Transactions | |
In connection with the pricing of the Convertible Notes, on April 24, 2014, the Company entered into convertible note hedge transactions relating to approximately 13.9 million shares of common stock (the “Initial Bond Hedges”) with JPMorgan Chase Bank, National Association, London Branch; Goldman, Sachs & Co.; Bank of America, N.A.; and Royal Bank of Canada (the “Option Counterparties”). On April 24, 2014, the Company also entered into separate warrant transactions (the “Initial Warrant Transactions”) with each of the Option Counterparties relating to approximately 13.9 million shares of common stock. | |
In connection with the exercise of the Over-Allotment Option, on May 1, 2014, the Company entered into additional convertible note hedge transactions (the “Additional Bond Hedges”, and together with the Initial Bond Hedges, the “Bond Hedges”) with the Option Counterparties relating to approximately 2.1 million shares of common stock. On May 1, 2014, the Company also entered into separate additional warrant transactions (the “Additional Warrant Transactions”, and together with the Initial Warrant Transactions, the “Warrant Transactions”) with each of the Option Counterparties relating to approximately 2.1 million shares of common stock. | |
The Bond Hedges are expected generally to reduce the potential dilution upon conversion of the Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of the Convertible Notes upon conversion of any Convertible Notes, as the case may be, in the event that the market price per share of common stock, as measured under the terms of the Bond Hedges, is greater than the strike price of the Bond Hedges, which initially corresponds to the conversion price of the Convertible Notes and is subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Convertible Notes. The Warrant Transactions will separately have a dilutive effect to the extent that the market value per share of common stock, as measured under the terms of the Warrant Transactions, exceeds the applicable strike price of the warrants issued pursuant to the Warrant Transactions (the “Warrants”). The initial strike price of the Warrants is $120.00 per share. | |
Aside from the initial payment of a premium to the Option Counterparties under the Bond Hedges, which amount is partially offset by the receipt of a premium under the Warrant Transactions, the Company is not required to make any cash payments to the Option Counterparties under the Bond Hedges and will not receive any proceeds if the Warrants are exercised. | |
Accelerated Share Repurchase Program | |
On April 25, 2014, the Company entered into the ASR Agreement as part of the Company’s previously announced share repurchase program. On April 30, 2014, under the ASR Agreement, the Company paid $1.4 billion to the ASR Counterparty and received approximately 19.2 million shares of its common stock from the ASR Counterparty. The total number of shares of common stock that the Company will repurchase under the ASR Agreement will be based on the average of the daily volume-weighted average prices of the common stock during the term of the ASR Agreement, less a discount. At settlement, the ASR Counterparty may be required to deliver additional shares of the Company’s common stock to the Company or, under certain circumstances, the Company may be required to deliver shares of its common stock or make a cash payment to the ASR Counterparty. Final settlement of the ASR Agreement is expected to be completed by the end of December 2014, although the settlement may be accelerated at the ASR Counterparty’s option. The ASR Agreement provides that the ASR Counterparty can terminate the transaction following the occurrence of certain specified events, including major corporate transactions involving the Company. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant estimates made by management include the provision for doubtful accounts receivable, the provision to reduce obsolete or excess inventory to market, the provision for estimated returns, as well as sales allowances, the assumptions used in the valuation of stock-based awards, the assumptions used in the discounted cash flows to mark certain of its investments to market, the valuation of the Company’s goodwill, net realizable value of product related and other intangible assets, the provision for income taxes and the amortization and depreciation periods for intangible and long-lived assets. While the Company believes that such estimates are fair when considered in conjunction with the condensed consolidated financial position and results of operations taken as a whole, the actual amounts of such items, when known, will vary from these estimates. | |
Investments | ' |
Investments | |
Short-term and long-term investments as of March 31, 2014 and December 31, 2013 primarily consist of agency securities, corporate securities, municipal securities and government securities. Investments classified as available-for-sale are stated at fair value with unrealized gains and losses, net of taxes, reported in Accumulated other comprehensive income. The Company classifies its available-for-sale investments as current and non-current based on their actual remaining time to maturity. The Company does not recognize changes in the fair value of its available-for-sale investments in income unless a decline in value is considered other-than-temporary in accordance with the authoritative guidance. | |
The Company’s investment policy is designed to limit exposure to any one issuer depending on credit quality. The Company uses information provided by third parties to adjust the carrying value of certain of its investments to fair value at the end of each period. Fair values are based on a variety of inputs and may include interest rates, known historical trades, yield curve information, benchmark data, prepayment speeds, credit quality and broker/dealer quotes. | |
Inventory | ' |
Inventory | |
Inventories are stated at the lower of cost or market on a standard cost basis, which approximates actual cost. The Company’s inventories as of March 31, 2014 and December 31, 2013 primarily consist of finished goods. | |
Revenue Recognition | ' |
Revenue Recognition | |
Net revenues include the following categories: Product and licenses, SaaS, License updates and maintenance and Professional services. Product and licenses revenues primarily represent fees related to the licensing of the Company’s software and hardware appliance products. These revenues are reflected net of sales allowances, cooperative advertising agreements, partner incentive programs and provisions for returns. Shipping charges billed to customers are included in Product and license revenue and the related shipping costs are included in Cost of product and license revenue. SaaS revenues consist primarily of fees related to online service agreements, which are recognized ratably over the contract term, which is typically 12 months. In addition, SaaS revenues may also include set-up fees, which are recognized ratably over the contract term or the expected customer life, whichever is longer. License updates and maintenance revenues consist of fees related to the Subscription Advantage program and maintenance fees, which include technical support and hardware and software maintenance. The Company licenses many of its virtualization products bundled with a one-year contract for its Subscription Advantage program. Subscription Advantage is a renewable program that provides subscribers with immediate access to software upgrades, enhancements and maintenance releases when and if they become available during the term of the contract. Subscription Advantage and maintenance fees are recognized ratably over the term of the contract, which is typically 12 to 24 months. The Company capitalizes certain third-party commissions related to Subscription Advantage renewals. The capitalized commissions are amortized to Sales, marketing and services expense at the time the related deferred revenue is recognized as revenue. Hardware and software maintenance and support contracts are typically sold separately. Hardware maintenance includes technical support, the latest software upgrades and replacement of malfunctioning appliances. Dedicated account management is available as an add-on to the program for a higher level of service. Software maintenance includes unlimited support with product version upgrades. Professional services revenues are comprised of fees from consulting services related to the implementation of the Company’s products and fees from product training and certification, which are recognized as the services are provided. | |
The Company recognizes revenue when it is earned and when all of the following criteria are met: persuasive evidence of the arrangement exists; delivery has occurred or the service has been provided and the Company has no remaining obligations; the fee is fixed or determinable; and collectability is probable. | |
The majority of the Company’s product and license revenue consists of revenue from the sale of stand-alone software products. Stand-alone software sales generally include a perpetual license to the Company’s software and is subject to the industry specific software revenue recognition guidance. In accordance with this guidance, the Company allocates revenue to license updates related to its stand-alone software and any other undelivered elements of the arrangement based on vendor specific objective evidence (“VSOE”) of fair value of each element and such amounts are deferred until the applicable delivery criteria and other revenue recognition criteria described above have been met. The balance of the revenues, net of any discounts inherent in the arrangement, is recognized at the outset of the arrangement using the residual method as the product licenses are delivered. If management cannot objectively determine the fair value of each undelivered element based on VSOE of fair value, revenue recognition is deferred until all elements are delivered, all services have been performed, or until fair value can be objectively determined. | |
For hardware appliance transactions, the arrangement consideration is allocated to stand-alone software deliverables as a group and the non-software deliverables based on the relative selling prices using the selling price hierarchy in the amended revenue recognition guidance. The selling price hierarchy for a deliverable is based on its VSOE if available, third-party evidence of selling price ("TPE") if VSOE is not available, or estimated selling price ("ESP") if neither VSOE nor TPE is available. The Company then recognizes revenue on each deliverable in accordance with its policies for product and service revenue recognition. VSOE of selling price is based on the price charged when the element is sold separately. In determining VSOE, the Company requires that a substantial majority of the selling prices fall within a reasonable range based on historical discounting trends for specific products and services. TPE of selling price is established by evaluating competitor products or services in stand-alone sales to similarly situated customers. However, as the Company’s products contain a significant element of proprietary technology and its solutions offer substantially different features and functionality, the comparable pricing of products with similar functionality typically cannot be obtained. Additionally, as the Company is unable to reliably determine what competitors products’ selling prices are on a stand-alone basis, the Company is not typically able to determine TPE. The estimate of selling price is established considering multiple factors including, but not limited to, pricing practices in different geographies and through different sales channels and competitor pricing strategies. | |
For the Company’s non-software deliverables, it allocates the arrangement consideration based on the relative selling price of the deliverables. For the Company’s hardware appliances, it uses ESP as its selling price. For the Company’s support and services, it generally uses VSOE as its selling price. When the Company is unable to establish selling price using VSOE for its support and services, the Company uses ESP in its allocation of arrangement consideration. | |
The Company’s SaaS products are considered service arrangements per the authoritative guidance; accordingly, the Company follows the provisions of Securities and Exchange Commission Staff Accounting Bulletin (“SAB”) No. 104, Revenue Recognition, when accounting for these service arrangements. Generally, the Company’s SaaS products are sold separately and not bundled with the Company's Enterprise and Service Provider products and services. | |
In the normal course of business, the Company is not obligated to accept product returns from its distributors under any conditions, unless the product item is defective in manufacture. The Company establishes provisions for estimated returns, as well as other sales allowances, concurrently with the recognition of revenue. The provisions are established based upon consideration of a variety of factors, including, among other things, recent and historical return rates for both specific products and distributors and the impact of any new product releases and projected economic conditions. Product returns are provided for in the condensed consolidated financial statements and have historically been within management’s expectations. Allowances for estimated product returns amounted to approximately $1.3 million and $2.1 million at March 31, 2014 and December 31, 2013, respectively. The Company also records estimated reductions to revenue for customer programs and incentive offerings, including volume-based incentives. The Company could take actions to increase its customer incentive offerings, which could result in an incremental reduction to revenue at the time the incentive is offered. | |
Foreign Currency | ' |
Foreign Currency | |
The functional currency for all of the Company’s wholly-owned foreign subsidiaries in its Enterprise and Service Provider segment is the U.S. dollar. Monetary assets and liabilities of such subsidiaries are remeasured into U.S. dollars at exchange rates in effect at the balance sheet date, and revenues and expenses are remeasured at average rates prevailing during the year. The functional currency of the Company’s wholly-owned foreign subsidiaries of its SaaS segment is the currency of the country in which each subsidiary is located. The Company translates assets and liabilities of these foreign subsidiaries at exchange rates in effect at the balance sheet date. The Company includes accumulated net translation adjustments in equity as a component of Accumulated other comprehensive income. Foreign currency transaction gains and losses are the result of exchange rate changes on transactions denominated in currencies other than the functional currency, including U.S. dollars. The remeasurement of those foreign currency transactions is included in determining net income or loss for the period of exchange. See Note 9 for information on the Company's Enterprise and Service Provider and SaaS segments. | |
Accounting for Stock-Based Compensation Plans | ' |
Accounting for Stock-Based Compensation Plans | |
The Company has various stock-based compensation plans for its employees and outside directors and accounts for stock-based compensation arrangements in accordance with the authoritative guidance, which requires the Company to measure and record compensation expense in its condensed consolidated financial statements using a fair value method. See Note 7 for further information regarding the Company’s stock-based compensation plans. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Net Income Per Share Basic And Diluted | ' | |||||||
The following table sets forth the computation of basic and diluted net income per share (in thousands, except per share information): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net income | $ | 55,939 | $ | 59,688 | ||||
Denominator: | ||||||||
Denominator for basic earnings per share - weighted-average shares outstanding | 183,997 | 186,658 | ||||||
Effect of dilutive employee stock awards | 1,684 | 2,353 | ||||||
Denominator for diluted earnings per share - weighted-average shares outstanding | 185,681 | 189,011 | ||||||
Basic earnings per share | $ | 0.3 | $ | 0.32 | ||||
Diluted earnings per share | $ | 0.3 | $ | 0.32 | ||||
Anti-dilutive weighted-average shares | 4,564 | 3,928 | ||||||
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of investments in available-for-sale securities at fair values | ' | |||||||||||||||||||||||||||||||
Investments in available-for-sale securities at fair value were as follows for the periods ended (in thousands): | ||||||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Description of the | Amortized | Gross | Gross | Fair Value | Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||||
Securities | Cost | Unrealized | Unrealized | Cost | Unrealized | Unrealized | ||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | |||||||||||||||||||||||||||||
Agency securities | $ | 637,562 | $ | 1,228 | $ | (456 | ) | $ | 638,334 | $ | 453,922 | $ | 1,177 | $ | (349 | ) | $ | 454,750 | ||||||||||||||
Corporate securities | 700,953 | 1,121 | (248 | ) | 701,826 | 643,360 | 947 | (216 | ) | 644,091 | ||||||||||||||||||||||
Municipal securities | 57,022 | 108 | (8 | ) | 57,122 | 53,698 | 81 | (23 | ) | 53,756 | ||||||||||||||||||||||
Government securities | 132,251 | 90 | (34 | ) | 132,307 | 156,930 | 196 | (47 | ) | 157,079 | ||||||||||||||||||||||
Total | $ | 1,527,788 | $ | 2,547 | $ | (746 | ) | $ | 1,529,589 | $ | 1,307,910 | $ | 2,401 | $ | (635 | ) | $ | 1,309,676 | ||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | |||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||
As of March 31, 2014 | Quoted | Significant | Significant | |||||||||||||
Prices In | Other | Unobservable | ||||||||||||||
Active Markets | Observable | Inputs (Level 3) | ||||||||||||||
for Identical | Inputs (Level 2) | |||||||||||||||
Assets (Level 1) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash | $ | 290,579 | $ | 290,579 | $ | — | $ | — | ||||||||
Money market funds | 5,942 | 5,942 | — | — | ||||||||||||
Corporate securities | 1,998 | — | 1,998 | — | ||||||||||||
Available-for-sale securities: | ||||||||||||||||
Agency securities | 638,334 | — | 638,334 | — | ||||||||||||
Corporate securities | 701,826 | — | 691,435 | 10,391 | ||||||||||||
Municipal securities | 57,122 | — | 57,122 | — | ||||||||||||
Government securities | 132,307 | — | 132,307 | — | ||||||||||||
Prepaid expenses and other current assets: | ||||||||||||||||
Foreign currency derivatives | 4,155 | — | 4,155 | — | ||||||||||||
Total assets | $ | 1,832,263 | $ | 296,521 | $ | 1,525,351 | $ | 10,391 | ||||||||
Accrued expenses and other current liabilities: | ||||||||||||||||
Foreign currency derivatives | 1,582 | — | 1,582 | — | ||||||||||||
Total liabilities | $ | 1,582 | $ | — | $ | 1,582 | $ | — | ||||||||
As of December 31, 2013 | Quoted | Significant | Significant | |||||||||||||
Prices In | Other | Unobservable | ||||||||||||||
Active Markets | Observable | Inputs (Level 3) | ||||||||||||||
for Identical | Inputs (Level 2) | |||||||||||||||
Assets (Level 1) | ||||||||||||||||
(in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash | $ | 227,528 | $ | 227,528 | $ | — | $ | — | ||||||||
Money market funds | 52,823 | 52,823 | — | — | ||||||||||||
Corporate securities | 389 | — | 389 | — | ||||||||||||
Available-for-sale securities: | ||||||||||||||||
Agency securities | 454,750 | — | 454,750 | — | ||||||||||||
Corporate securities | 644,091 | — | 633,801 | 10,291 | ||||||||||||
Municipal securities | 53,756 | — | 53,756 | — | ||||||||||||
Government securities | 157,079 | — | 157,079 | — | ||||||||||||
Prepaid expenses and other current assets: | ||||||||||||||||
Foreign currency derivatives | 4,952 | — | 4,952 | — | ||||||||||||
Total assets | $ | 1,595,368 | $ | 280,351 | $ | 1,304,727 | $ | 10,291 | ||||||||
Accrued expenses and other current liabilities: | ||||||||||||||||
Foreign currency derivatives | 1,743 | — | 1,743 | — | ||||||||||||
Total liabilities | $ | 1,743 | $ | — | $ | 1,743 | $ | — | ||||||||
Assets Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs | ' | |||||||||||||||
Corporate Securities | ||||||||||||||||
(in thousands) | ||||||||||||||||
Balance at December 31, 2013 | $ | 10,291 | ||||||||||||||
Purchases of Level 3 securities | 100 | |||||||||||||||
Balance at March 31, 2014 | $ | 10,391 | ||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||
Schedule of Total Stock-based Compensation Recognized by Income Statement Classification | ' | |||||||
The detail of the total stock-based compensation recognized by income statement classification is as follows (in thousands): | ||||||||
Three Months Ended | Three Months Ended | |||||||
Income Statement Classifications | March 31, 2014 | March 31, 2013 | ||||||
Cost of services and maintenance revenues | $ | 477 | $ | 634 | ||||
Research and development | 12,780 | 15,653 | ||||||
Sales, marketing and services | 16,016 | 15,174 | ||||||
General and administrative | 11,428 | 12,095 | ||||||
Total | $ | 40,701 | $ | 43,556 | ||||
Schedule of Assumptions Used to Value Option Grants | ' | |||||||
The assumptions used to value option grants are as follows: | ||||||||
Three Months Ended | ||||||||
March 31, 2013 | ||||||||
Expected volatility factor | 0.39 | |||||||
Approximate risk free interest rate | 0.44 | % | ||||||
Expected term (in years) | 3.35 | |||||||
Expected dividend yield | 0 | % | ||||||
Schedule of Assumptions Used to Value Nonvested Share Grants | ' | |||||||
The grant date fair value of the non-vested performance stock unit awards was determined through the use of a Monte Carlo simulation model, which utilized multiple input variables that determined the probability of satisfying the market condition requirements applicable to each award as follows: | ||||||||
March 2014 Grant | March 2013 Grant | |||||||
Expected volatility factor | 0.19 - 0.38 | 0.16 - 0.42 | ||||||
Risk free interest rate | 0.81 | % | 0.33 | % | ||||
Expected dividend yield | 0 | % | 0 | % |
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||
Schedule Of The Change In Goodwill | ' | |||||||||||||||||
The following table presents the change in goodwill allocated to the Company’s reportable segments during the three months ended March 31, 2014 (in thousands): | ||||||||||||||||||
Balance at January 1, 2014 | Additions | Other | Balance at March 31, 2014 | |||||||||||||||
Enterprise and Service Provider | $ | 1,402,156 | $ | 14,569 | $ | — | $ | 1,416,725 | ||||||||||
SaaS | 366,793 | — | (428 | ) | -2 | 366,365 | ||||||||||||
Consolidated | $ | 1,768,949 | $ | 14,569 | -1 | $ | (428 | ) | $ | 1,783,090 | ||||||||
-1 | Amount relates to Framehawk acquisition. See Note 4 for more information regarding the Company’s acquisitions. | |||||||||||||||||
-2 | Amount primarily relates to foreign currency translation. | |||||||||||||||||
Schedule Of Intangible Assets | ' | |||||||||||||||||
Intangible assets consist of the following (in thousands): | ||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||||
Product related intangible assets | $ | 691,504 | $ | 450,283 | $ | 677,509 | $ | 428,418 | ||||||||||
Other | 479,391 | 232,841 | 482,918 | 222,414 | ||||||||||||||
Total | $ | 1,170,895 | $ | 683,124 | $ | 1,160,427 | $ | 650,832 | ||||||||||
Schedule Of Estimated Future Amortization Expense | ' | |||||||||||||||||
Estimated future amortization expense for the next five years is as follows (in thousands): | ||||||||||||||||||
Year ending December 31, | ||||||||||||||||||
2014 | $ | 136,636 | ||||||||||||||||
2015 | 112,197 | |||||||||||||||||
2016 | 90,056 | |||||||||||||||||
2017 | 63,128 | |||||||||||||||||
2018 | 49,675 | |||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Net Revenues And Profit By Segment | ' | |||||||
Net revenues and segment profit, classified by the Company’s two reportable segments were as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net revenues: | ||||||||
Enterprise and Service Provider division | $ | 593,687 | $ | 535,333 | ||||
SaaS division | 157,132 | 137,566 | ||||||
Consolidated | $ | 750,819 | $ | 672,899 | ||||
Segment profit: | ||||||||
Enterprise and Service Provider division | $ | 126,576 | $ | 113,256 | ||||
SaaS division | 32,422 | 22,035 | ||||||
Unallocated expenses (1): | ||||||||
Amortization of intangible assets | (36,760 | ) | (35,127 | ) | ||||
Restructuring | (9,650 | ) | — | |||||
Net interest and other expense | (3,132 | ) | 1,196 | |||||
Stock-based compensation | (40,701 | ) | (43,556 | ) | ||||
Consolidated income before income taxes | $ | 68,755 | $ | 57,804 | ||||
-1 | Represents expenses presented to management on a consolidated basis only and not allocated to the operating segments. | |||||||
Revenues by Product Grouping | ' | |||||||
Revenues by product grouping for the Company’s Enterprise and Service Provider division and SaaS division were as follows (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net revenues: | ||||||||
Enterprise and Service Provider division | ||||||||
Mobile and Desktop revenues(1) | $ | 381,361 | $ | 357,990 | ||||
Networking and Cloud revenues(2) | 166,545 | 147,493 | ||||||
Professional services(3) | 42,505 | 26,512 | ||||||
Other | 3,276 | 3,338 | ||||||
Total Enterprise and Service Provider division revenues | 593,687 | 535,333 | ||||||
SaaS division revenues | 157,132 | 137,566 | ||||||
Total net revenues | $ | 750,819 | $ | 672,899 | ||||
-1 | Mobile and Desktop revenues are primarily comprised of sales from the Company’s desktop and application virtualization products, XenDesktop and XenApp, and the Company's Mobility products, which include XenMobile and related license updates and maintenance and support. | |||||||
-2 | Networking and Cloud revenues are primarily comprised of sales from the Company’s cloud networking products, which include NetScaler, CloudBridge and Bytemobile Smart Capacity, and the Company’s cloud platform products which include XenServer, CloudPlatform and CloudPortal and related license updates and maintenance and support. | |||||||
-3 | Professional services revenues are primarily comprised of revenues from consulting services and product training and certification services. | |||||||
Revenues By Geographic Location | ' | |||||||
The following table presents revenues by segment and geographic location, for the following periods (in thousands): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Net revenues: | ||||||||
Enterprise and Service Provider division | ||||||||
Americas | $ | 323,393 | $ | 296,434 | ||||
EMEA | 200,628 | 174,402 | ||||||
Asia-Pacific | 69,666 | 64,497 | ||||||
Total Enterprise and Service Provider division revenues | 593,687 | 535,333 | ||||||
SaaS division | ||||||||
Americas | 130,672 | 116,230 | ||||||
EMEA | 21,180 | 16,743 | ||||||
Asia-Pacific | 5,280 | 4,593 | ||||||
Total SaaS division revenues | 157,132 | 137,566 | ||||||
Total net revenues | $ | 750,819 | $ | 672,899 | ||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | |||||||||||||||||
Schedule Of The Fair Values Of Derivative Instruments | ' | |||||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
(In thousands) | ||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | |||||||||||||||
Derivatives Designated as | Balance Sheet | Fair | Balance Sheet | Fair | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Hedging Instruments | Location | Value | Location | Value | Location | Value | Location | Value | ||||||||||
Foreign currency forward contracts | Prepaid | $3,720 | Prepaid | $4,559 | Accrued | $742 | Accrued | $1,578 | ||||||||||
expenses | expenses | expenses | expenses | |||||||||||||||
and other | and other | and other | and other | |||||||||||||||
current | current | current | current | |||||||||||||||
assets | assets | liabilities | liabilities | |||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
(In thousands) | ||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | |||||||||||||||
Derivatives Not Designated as | Balance Sheet | Fair | Balance Sheet | Fair | Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Hedging Instruments | Location | Value | Location | Value | Location | Value | Location | Value | ||||||||||
Foreign currency forward contracts | Prepaid | $435 | Prepaid | $393 | Accrued | $840 | Accrued | $165 | ||||||||||
expenses | expenses | expenses | expenses | |||||||||||||||
and other | and other | and other | and other | |||||||||||||||
current | current | current | current | |||||||||||||||
assets | assets | liabilities | liabilities | |||||||||||||||
Schedule Of Effect Of Derivative Instruments On Financial Performance | ' | |||||||||||||||||
There was no material ineffectiveness in the Company’s foreign currency hedging program in the periods presented. | ||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Loss Recognized in Income on | Amount of Loss Recognized in Income on Derivative | ||||||||||||||||
Derivative | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Foreign currency forward contracts | Other expense, net | $ | (985 | ) | $ | (456 | ) | |||||||||||
The Effect of Derivative Instruments on Financial Performance | ||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
Derivatives in Cash Flow | Amount of Gain/(Loss) Recognized in Other | Location of Gain/(Loss) Reclassified | Amount of Gain/(Loss) Reclassified from | |||||||||||||||
Hedging Relationships | Comprehensive Loss | from Accumulated Other | Accumulated Other | |||||||||||||||
(Effective Portion) | Comprehensive Income into | Comprehensive Income | ||||||||||||||||
Income | (Effective Portion) | |||||||||||||||||
(Effective Portion) | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
Foreign currency forward contracts | $ | 23 | $ | (2,925 | ) | Operating expenses | $ | 1,297 | $ | (524 | ) | |||||||
Schedule Of Net Notional Foreign Currency Forward Contracts Outstanding | ' | |||||||||||||||||
As of March 31, 2014, the Company had the following net notional foreign currency forward contracts outstanding (in thousands): | ||||||||||||||||||
Foreign Currency | Currency | |||||||||||||||||
Denomination | ||||||||||||||||||
Australian Dollar | AUD 7,034 | |||||||||||||||||
Pounds Sterling | GBP 30,495 | |||||||||||||||||
Canadian Dollar | CAD 7,002 | |||||||||||||||||
Chinese Yuan Renminbi | CNY 84,500 | |||||||||||||||||
Danish Krone | DKK 8,000 | |||||||||||||||||
Euro | EUR 20,329 | |||||||||||||||||
Hong Kong Dollar | HKD 52,378 | |||||||||||||||||
Indian Rupee | INR 718,968 | |||||||||||||||||
Japanese Yen | JPY 120,535 | |||||||||||||||||
New Zealand Dollar | NZD 35 | |||||||||||||||||
Singapore Dollar | SGD 10,700 | |||||||||||||||||
Swiss Franc | CHF 25,250 |
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||
Schedule of changes in accumulated other comprehensive income by component | ' | |||||||||||||||||||
The changes in Accumulated other comprehensive income by component, net of tax, are as follows: | ||||||||||||||||||||
Foreign currency | Unrealized gain on available-for-sale securities | Unrealized gain on derivative instruments | Other comprehensive loss on pension liability | Total | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 5,458 | $ | 1,238 | $ | 2,852 | $ | (4,597 | ) | $ | 4,951 | |||||||||
Other comprehensive income before reclassifications | (721 | ) | 160 | 1,320 | — | 759 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | (163 | ) | (1,297 | ) | — | (1,460 | ) | ||||||||||||
Net current period other comprehensive loss | (721 | ) | (3 | ) | 23 | — | (701 | ) | ||||||||||||
Balance at March 31, 2014 | $ | 4,737 | $ | 1,235 | $ | 2,875 | $ | (4,597 | ) | $ | 4,250 | |||||||||
Schedule of reclassification out of accumulated other comprehensive income | ' | |||||||||||||||||||
Reclassifications out of accumulated other comprehensive income are as follows: | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Details about accumulated other comprehensive income components | Amount reclassified from accumulated other comprehensive income, net of tax | Affected line item in the Condensed Consolidated Statements of Income | ||||||||||||||||||
Unrealized net gains on available-for-sale securities | $ | 163 | Other expense, net | |||||||||||||||||
Unrealized net gains on cash flow hedges | 1,297 | Operating expenses * | ||||||||||||||||||
$ | 1,460 | |||||||||||||||||||
* Operating expenses amounts allocated to Research and development, Sales, marketing and services, and General and administrative are not individually significant. |
Restructuring_Tables
Restructuring (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Restructuring and Related Activities [Abstract] | ' | |||
Schedule of Restructuring Charges by Segment | ' | |||
Restructuring charges related to the reduction of the Company's headcount by segment consists of the following (in thousands): | ||||
Three Months Ended | ||||
March 31, | ||||
2014 | ||||
Enterprise and Service Provider division | $ | 5,880 | ||
SaaS division | 3,770 | |||
Total restructuring charges | $ | 9,650 | ||
Schedule of Restructuring Accruals | ' | |||
The activity in the Company’s restructuring accruals for the three months ended March 31, 2014 is summarized as follows (in thousands): | ||||
Total | ||||
Balance at January 1, 2014 | $ | — | ||
Employee severance and related costs | 9,650 | |||
Payments | (2,068 | ) | ||
Balance at March 31, 2014 | $ | 7,582 | ||
As of March 31, 2014, restructuring accruals by segment consisted of the following (in thousands): | ||||
Total | ||||
Enterprise and Service Provider division | $ | 3,830 | ||
SaaS division | 3,752 | |||
Total restructuring charges | $ | 7,582 | ||
Basis_Of_Presentation_Details
Basis Of Presentation (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Adjustment to excess tax benefit from stock-based compensation | $17.30 |
Significant_Accounting_Policie2
Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ' | ' |
Licensing agreement with subscription bundle, term | '1 year | ' |
Allowance for estimated product returns | $1.30 | $2.10 |
Weighted Average [Member] | Online Service Agreements [Member] | ' | ' |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ' | ' |
Revenue recognition, period for recognition | '12 months | ' |
Minimum [Member] | Licence Update [Member] | ' | ' |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ' | ' |
Revenue recognition, period for recognition | '12 months | ' |
Maximum [Member] | Licence Update [Member] | ' | ' |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ' | ' |
Revenue recognition, period for recognition | '24 months | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator: | ' | ' |
Net income | $55,939 | $59,688 |
Denominator: | ' | ' |
Denominator for basic earnings per share - weighted-average shares outstanding | 183,997 | 186,658 |
Effect of dilutive employee stock awards | 1,684 | 2,353 |
Denominator for diluted earnings per share - weighted-average shares outstanding | 185,681 | 189,011 |
Basic earnings per share (in dollars per share) | $0.30 | $0.32 |
Diluted earnings per share (in dollars per share) | $0.30 | $0.32 |
Anti-dilutive weighted-average shares | 4,564 | 3,928 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Apr. 28, 2014 | Jan. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||
Framehawk, Inc. [Member] | Framehawk, Inc. [Member] | Other 2014 Acquisition [Member] | Zenprise, Inc. [Member] | Zenprise, Inc. [Member] | Other 2013 Acquisitions [Member] | Other 2013 Acquisitions [Member] | Other 2013 Acquisitions [Member] | ||||
Product Related Technologies [Member] | Subsequent Event [Member] | Maximum [Member] | |||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total consideration in business acquisition, net of cash acquired | $24,154,000 | $324,049,000 | $24,200,000 | ' | $17,200,000 | ' | ' | ' | ' | ' | |
Cash acquired in business combination | ' | ' | 300,000 | ' | 800,000 | 2,900,000 | ' | ' | ' | ' | |
Goodwill acquired | 14,569,000 | [1] | ' | 14,600,000 | ' | ' | ' | ' | ' | ' | ' |
Assets acquired | ' | ' | 28,900,000 | ' | ' | ' | ' | ' | ' | ' | |
Identifiable intangible assets acquired | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | |
Useful life of intangible assets acquired | ' | ' | '7 years 0 months | ' | ' | ' | ' | ' | ' | ' | |
Contingent consideration amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | |
Transaction costs | ' | ' | 100,000 | ' | 200,000 | 600,000 | ' | 200,000 | 200,000 | ' | |
Transaction costs expensed during period | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | |
Stock options converted and assumed | ' | ' | ' | ' | ' | 285,817 | ' | ' | ' | ' | |
Total consideration in business acquisition | ' | ' | ' | ' | ' | $324,000,000 | ' | $5,500,000 | $5,300,000 | ' | |
[1] | Amount relates to Framehawk acquisition. See Note 4 for more information regarding the Companybs acquisitions. |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Investments [Abstract] | ' | ' | ' |
Average remaining maturities for short-term available for sale investments | '7 months | ' | ' |
Average remaining maturities for long-term available for sale investments | '3 years | ' | ' |
Proceeds from available-for-sale of investments | $266,400,000 | $231,800,000 | ' |
Realized gains on the sales of available-for-sale investments | 300,000 | 200,000 | ' |
Realized losses on the sales of available-for-sale investments | 100,000 | 100,000 | ' |
Gross unrealized loss on available-for-sale investments | 746,000 | ' | 635,000 |
Cost method investments | 18,500,000 | ' | 24,300,000 |
Cost method investment, impairment charge included other income | $5,200,000 | ' | ' |
Investments_Schedule_of_Availa
Investments (Schedule of Available-for-sale Securities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Amortized Cost | $1,527,788 | $1,307,910 |
Gross Unrealized Gains | 2,547 | 2,401 |
Gross Unrealized Losses | -746 | -635 |
Fair Value | 1,529,589 | 1,309,676 |
Agency Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 637,562 | 453,922 |
Gross Unrealized Gains | 1,228 | 1,177 |
Gross Unrealized Losses | -456 | -349 |
Fair Value | 638,334 | 454,750 |
Corporate Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 700,953 | 643,360 |
Gross Unrealized Gains | 1,121 | 947 |
Gross Unrealized Losses | -248 | -216 |
Fair Value | 701,826 | 644,091 |
Municipal Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 57,022 | 53,698 |
Gross Unrealized Gains | 108 | 81 |
Gross Unrealized Losses | -8 | -23 |
Fair Value | 57,122 | 53,756 |
Government Securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 132,251 | 156,930 |
Gross Unrealized Gains | 90 | 196 |
Gross Unrealized Losses | -34 | -47 |
Fair Value | $132,307 | $157,079 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Estimate of Fair Value Measurement [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Total assets | $1,832,263 | $1,595,368 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Total liabilities | 1,582 | 1,743 |
Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Total assets | 296,521 | 280,351 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Total liabilities | 0 | 0 |
Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Total assets | 1,525,351 | 1,304,727 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Total liabilities | 1,582 | 1,743 |
Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Total assets | 10,391 | 10,291 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Total liabilities | 0 | 0 |
Cash and Cash Equivalents [Member] | Cash [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash and cash equivalents | 290,579 | 227,528 |
Cash and Cash Equivalents [Member] | Cash [Member] | Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash and cash equivalents | 290,579 | 227,528 |
Cash and Cash Equivalents [Member] | Cash [Member] | Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Cash and Cash Equivalents [Member] | Cash [Member] | Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Cash and Cash Equivalents [Member] | Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash and cash equivalents | 5,942 | 52,823 |
Cash and Cash Equivalents [Member] | Money Market Funds [Member] | Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash and cash equivalents | 5,942 | 52,823 |
Cash and Cash Equivalents [Member] | Money Market Funds [Member] | Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Cash and Cash Equivalents [Member] | Money Market Funds [Member] | Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Cash and Cash Equivalents [Member] | Corporate Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash and cash equivalents | 1,998 | 389 |
Cash and Cash Equivalents [Member] | Corporate Securities [Member] | Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Cash and Cash Equivalents [Member] | Corporate Securities [Member] | Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash and cash equivalents | 1,998 | 389 |
Cash and Cash Equivalents [Member] | Corporate Securities [Member] | Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Available-for-sale Securities [Member] | Corporate Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale securities | 701,826 | 644,091 |
Available-for-sale Securities [Member] | Corporate Securities [Member] | Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale securities | 0 | 0 |
Available-for-sale Securities [Member] | Corporate Securities [Member] | Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale securities | 691,435 | 633,801 |
Available-for-sale Securities [Member] | Corporate Securities [Member] | Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale securities | 10,391 | 10,291 |
Available-for-sale Securities [Member] | Agency Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale securities | 638,334 | 454,750 |
Available-for-sale Securities [Member] | Agency Securities [Member] | Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale securities | 0 | 0 |
Available-for-sale Securities [Member] | Agency Securities [Member] | Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale securities | 638,334 | 454,750 |
Available-for-sale Securities [Member] | Agency Securities [Member] | Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale securities | 0 | 0 |
Available-for-sale Securities [Member] | Municipal Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale securities | 57,122 | 53,756 |
Available-for-sale Securities [Member] | Municipal Securities [Member] | Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale securities | 0 | 0 |
Available-for-sale Securities [Member] | Municipal Securities [Member] | Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale securities | 57,122 | 53,756 |
Available-for-sale Securities [Member] | Municipal Securities [Member] | Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale securities | 0 | 0 |
Available-for-sale Securities [Member] | Government Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale securities | 132,307 | 157,079 |
Available-for-sale Securities [Member] | Government Securities [Member] | Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale securities | 0 | 0 |
Available-for-sale Securities [Member] | Government Securities [Member] | Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale securities | 132,307 | 157,079 |
Available-for-sale Securities [Member] | Government Securities [Member] | Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Available-for-sale securities | 0 | 0 |
Prepaid Expenses and Other Current Assets [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Foreign currency derivatives | 4,155 | 4,952 |
Prepaid Expenses and Other Current Assets [Member] | Level 1 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Foreign currency derivatives | 0 | 0 |
Prepaid Expenses and Other Current Assets [Member] | Level 2 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Foreign currency derivatives | 4,155 | 4,952 |
Prepaid Expenses and Other Current Assets [Member] | Level 3 [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Foreign currency derivatives | 0 | 0 |
Accrued Expenses and Other Current Liabilities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Foreign currency derivatives | 1,582 | 1,743 |
Accrued Expenses and Other Current Liabilities [Member] | Level 1 [Member] | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Foreign currency derivatives | 0 | 0 |
Accrued Expenses and Other Current Liabilities [Member] | Level 2 [Member] | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Foreign currency derivatives | 1,582 | 1,743 |
Accrued Expenses and Other Current Liabilities [Member] | Level 3 [Member] | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Foreign currency derivatives | $0 | $0 |
Fair_Value_Measurements_Assets1
Fair Value Measurements (Assets Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs) (Details) (Convertible Debt Securities [Member], Level 3 [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Convertible Debt Securities [Member] | Level 3 [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Balance at December 31, 2013 | $10,291 |
Purchases of Level 3 securities | 100 |
Balance at March 31, 2014 | $10,391 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |||
plan | Stock Options [Member] | Stock Options [Member] | Market and Service Condition Stock Units [Member] | Market and Service Condition Stock Units [Member] | Market and Service Condition Stock Units [Member] | Non-vested Stock Units [Member] | Non-vested Stock Units [Member] | Vesting on first anniversary of date of grant [Member] | Vesting in equal monthly installments after first anniversary of date of grant [Member] | Annual vesting on each anniversary [Member] | Vesting on third anniversary [Member] | 2005 Plan [Member] | 2005 Plan [Member] | 2005 Plan [Member] | 2005 ESPP Plan [Member] | 2005 ESPP Plan [Member] | 2005 ESPP Plan [Member] | 2005 ESPP Plan [Member] | ||||
installment | Stock Options [Member] | Stock Options [Member] | Non-vested Stock Units [Member] | Non-vested Stock Units [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of stock-based compensation plans offered | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Shares authorized for issuance under 2005 Equity Incentive Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,600,000 | ' | ' | 10,000,000 | ' | ' | ' | ||
Ownership percentage of company where incentive stock options must be granted with an exercise price greater than fair market value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ||
Exercise price of incentive stock options granted to individuals owning 10% or more of the Company's common stock, as a percentage of fair market value of common stock on the date of grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' | ' | ||
Shares reserved for issuance under the 2005 Equity Incentive Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,544,821 | ' | ' | ' | ' | ' | ' | ||
Shares available for grant under the 2005 Equity Incentive Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,890,200 | ' | ' | ' | ' | ' | ' | ||
Employee Stock Purchase Plan, payment period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ||
Employee Stock Purchase Plan, option to purchase shares through payroll deduction, payroll deduction amount per pay period per employee, as a percentage of base pay | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 10.00% | ||
Employee Stock Purchase Plan, maximum number of shares per period that employees can purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000 | ' | ' | ' | ||
Employee Stock Purchase Plan, purchase price as a percentage of fair market value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ||
Employee Stock Purchase Plan, employee disqualification, ownership percent of outstanding stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ||
Employee Stock Purchase Plan, total shares issued under plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,305,371 | ' | ' | ' | ||
stock-based compensation cost | $40,701,000 | [1] | $43,556,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,400,000 | $1,300,000 | ' | ' |
Stock options vesting life assumed | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock option vesting period | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Award vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.30% | 2.78% | 33.33% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ||
Vesting period of options from acquisitions | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
The total intrinsic value of options exercised | ' | ' | 12,800,000 | 30,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total unrecognized compensation cost | ' | ' | 19,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total unrecognized compensation cost recognition period | ' | ' | '1 year 1 month 20 days | ' | ' | ' | ' | '2 years 2 months 4 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Non-vested stock unit awards granted to senior level employees | ' | ' | ' | ' | 378,022 | 399,029 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Period to determine actual stock grant following end of performance period | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Performance period for grants | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maximum percentage of market and service condition stock units that will ultimately vest | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage that Company's return exceeds indexed return | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage that Company's return underperforms index | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percent of award issued if return is negative but index is met | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of shares represented by each non-vested stock unit upon vesting | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
The estimated fair value of each award (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $56.94 | $89.93 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock-based compensation award vesting period, number of monthly installments | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share based awards granted and outstanding | ' | ' | ' | ' | ' | ' | ' | 5,423,734 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total unrecognized compensation cost related to stock-based compensation | ' | ' | ' | ' | ' | ' | ' | $307,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Represents expenses presented to management on a consolidated basis only and not allocated to the operating segments. |
StockBased_Compensation_Detail
Stock-Based Compensation (Detail Of The Total Stock-Based Compensation Recognized By Income Statement Classification) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ||
Stock-based compensation expense | $40,701 | [1] | $43,556 | [1] |
Cost of Services and Maintenance Revenues [Member] | ' | ' | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ||
Stock-based compensation expense | 477 | 634 | ||
Research and Development [Member] | ' | ' | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ||
Stock-based compensation expense | 12,780 | 15,653 | ||
Sales, Marketing and Services [Member] | ' | ' | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ||
Stock-based compensation expense | 16,016 | 15,174 | ||
General and Administrative [Member] | ' | ' | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ||
Stock-based compensation expense | $11,428 | $12,095 | ||
[1] | Represents expenses presented to management on a consolidated basis only and not allocated to the operating segments. |
StockBased_Compensation_Assump
Stock-Based Compensation (Assumptions Used To Value Option Grants and Stock Awards (Details) | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||
Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Stock Options [Member] | Non-vested Stock Units [Member] | Non-vested Stock Units [Member] | Non-vested Stock Units [Member] | Non-vested Stock Units [Member] | Non-vested Stock Units [Member] | Non-vested Stock Units [Member] | Non-vested Stock Units [Member] | |
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility factor | 39.00% | ' | ' | ' | 19.00% | 16.00% | 38.00% | 42.00% |
Approximate risk free interest rate | 0.44% | 0.81% | 0.33% | ' | ' | ' | ' | ' |
Expected term (in years) | '3 years 4 months 6 days | ' | ' | '2 years 9 months 3 days | ' | ' | ' | ' |
Expected dividend yield | 0.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Schedule Of Change In Goodwill) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | |
Goodwill [Roll Forward] | ' | |
Balance at January 1, 2014 | $1,768,949 | |
Additions | 14,569 | [1] |
Other | -428 | |
Balance at March 31, 2014 | 1,783,090 | |
Enterprise and Service Provider [Member] | ' | |
Goodwill [Roll Forward] | ' | |
Balance at January 1, 2014 | 1,402,156 | |
Additions | 14,569 | |
Other | 0 | |
Balance at March 31, 2014 | 1,416,725 | |
SaaS [Member] | ' | |
Goodwill [Roll Forward] | ' | |
Balance at January 1, 2014 | 366,793 | |
Additions | 0 | |
Other | -428 | [2] |
Balance at March 31, 2014 | $366,365 | |
[1] | Amount relates to Framehawk acquisition. See Note 4 for more information regarding the Companybs acquisitions. | |
[2] | Amount primarily relates to foreign currency translation. |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets) (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Statement [Line Items] | ' | ' | ' | ||
Gross carrying amount | $1,170,895 | ' | $1,160,427 | ||
Accumulated amortization | 683,124 | ' | 650,832 | ||
Amortization expense | 36,760 | [1] | 35,127 | [1] | ' |
Product Related Intangible Assets [Member] | ' | ' | ' | ||
Statement [Line Items] | ' | ' | ' | ||
Gross carrying amount | 691,504 | ' | 677,509 | ||
Accumulated amortization | 450,283 | ' | 428,418 | ||
Amortization expense | 24,300 | 24,700 | ' | ||
Other [Member] | ' | ' | ' | ||
Statement [Line Items] | ' | ' | ' | ||
Gross carrying amount | 479,391 | ' | 482,918 | ||
Accumulated amortization | 232,841 | ' | 222,414 | ||
Amortization expense | $12,500 | $10,400 | ' | ||
Minimum [Member] | ' | ' | ' | ||
Statement [Line Items] | ' | ' | ' | ||
Intangible asset life | '3 years | ' | ' | ||
Maximum [Member] | ' | ' | ' | ||
Statement [Line Items] | ' | ' | ' | ||
Intangible asset life | '7 years | ' | ' | ||
Maximum [Member] | Patents [Member] | ' | ' | ' | ||
Statement [Line Items] | ' | ' | ' | ||
Intangible asset life | '10 years | ' | ' | ||
[1] | Represents expenses presented to management on a consolidated basis only and not allocated to the operating segments. |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Estimated Future Amortization Expense) (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ' |
2014 | $136,636 |
2015 | 112,197 |
2016 | 90,056 |
2017 | 63,128 |
2018 | $49,675 |
Segment_Information_Net_Revenu
Segment Information (Net Revenues And Profit By Segment) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
segment | ||||
Segment Reporting Information [Line Items] | ' | ' | ||
Number of reportable segments | 2 | ' | ||
Net revenues | $750,819 | $672,899 | ||
Segment profit | 71,887 | 56,608 | ||
Amortization of intangible assets | -36,760 | [1] | -35,127 | [1] |
Restructuring Charges | -9,650 | [1] | 0 | [1] |
Net interest and other expense | -3,132 | [1] | 1,196 | [1] |
Stock-based compensation | -40,701 | [1] | -43,556 | [1] |
Consolidated income before income taxes | 68,755 | 57,804 | ||
Enterprise and Service Provider Division [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net revenues | 593,687 | 535,333 | ||
Segment profit | 126,576 | 113,256 | ||
SaaS Division [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net revenues | 157,132 | 137,566 | ||
Segment profit | $32,422 | $22,035 | ||
[1] | Represents expenses presented to management on a consolidated basis only and not allocated to the operating segments. |
Segment_Information_Revenues_B
Segment Information (Revenues By Product Grouping) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net revenues | $750,819 | $672,899 | ||
Enterprise and Service Provider Division [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net revenues | 593,687 | 535,333 | ||
Enterprise and Service Provider Division [Member] | Mobile and Desktop Revenues [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net revenues | 381,361 | [1] | 357,990 | [1] |
Enterprise and Service Provider Division [Member] | Networking and Cloud Revenues [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net revenues | 166,545 | [2] | 147,493 | [2] |
Enterprise and Service Provider Division [Member] | Professional Services [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net revenues | 42,505 | [3] | 26,512 | [3] |
Enterprise and Service Provider Division [Member] | Other [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net revenues | 3,276 | 3,338 | ||
SaaS Division [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net revenues | $157,132 | $137,566 | ||
[1] | Mobile and Desktop revenues are primarily comprised of sales from the Companybs desktop and application virtualization products, XenDesktop and XenApp, and the Company's Mobility products, which include XenMobile and related license updates and maintenance and support. | |||
[2] | Networking and Cloud revenues are primarily comprised of sales from the Companybs cloud networking products, which include NetScaler, CloudBridge and Bytemobile Smart Capacity, and the Companybs cloud platform products which include XenServer, CloudPlatform and CloudPortal and related license updates and maintenance and support. | |||
[3] | Professional services revenues are primarily comprised of revenues from consulting services and product training and certification services. |
Segment_Information_Revenues_B1
Segment Information (Revenues By Geographic Location) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net revenues | $750,819 | $672,899 |
Enterprise and Service Provider Division [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net revenues | 593,687 | 535,333 |
Enterprise and Service Provider Division [Member] | Americas [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net revenues | 323,393 | 296,434 |
Enterprise and Service Provider Division [Member] | EMEA [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net revenues | 200,628 | 174,402 |
Enterprise and Service Provider Division [Member] | Asia-Pacific [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net revenues | 69,666 | 64,497 |
SaaS Division [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net revenues | 157,132 | 137,566 |
SaaS Division [Member] | Americas [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net revenues | 130,672 | 116,230 |
SaaS Division [Member] | EMEA [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net revenues | 21,180 | 16,743 |
SaaS Division [Member] | Asia-Pacific [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net revenues | $5,280 | $4,593 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Cash flow hedge instrument term, maximum | '12 months | ' |
Cumulative unrealized loss on cash flow derivative instruments in accumulated other comprehensive loss | $2.90 | $2.90 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule Of The Fair Values Of Derivative Instruments) (Details) (Cash Flow Hedging [Member], Foreign Exchange Contract [Member], Forward Contracts [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ' | ' |
Asset Derivatives | ' | ' |
Asset derivatives | $3,720 | $4,559 |
Designated as Hedging Instrument [Member] | Accrued Expenses and Other Current Liabilities [Member] | ' | ' |
Liability Derivatives | ' | ' |
Liability derivatives | 742 | 1,578 |
Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ' | ' |
Asset Derivatives | ' | ' |
Asset derivatives | 435 | 393 |
Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Current Liabilities [Member] | ' | ' |
Liability Derivatives | ' | ' |
Liability derivatives | $840 | $165 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule Of Effect Of Derivative Instruments On Financial Performance) (Details) (Cash Flow Hedging [Member], Foreign Exchange Contract [Member], Forward Contracts [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Designated as Hedging Instrument [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain/(Loss) Recognized in Other Comprehensive Loss (Effective Portion) | $23 | ($2,925) |
Designated as Hedging Instrument [Member] | Operating Expense [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion) | 1,297 | -524 |
Not Designated as Hedging Instrument [Member] | Other Income (Expense), net [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Loss Recognized in Income on Derivative | ($985) | ($456) |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Schedule Of Net Notional Foreign Currency Forward Contracts Outstanding) (Details) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | AUD | CAD | CHF | CNY | DKK | EUR (€) | GBP (£) | HKD | INR | JPY (¥) | NZD | SGD |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net notional foreign currency forward contracts outstanding | 7,034 | 7,002 | 25,250 | 84,500 | 8,000 | € 20,329 | £ 30,495 | 52,378 | 718,968 | ¥ 120,535 | 35 | 10,700 |
Comprehensive_Income_Changes_i
Comprehensive Income (Changes in Accumulated Other Comprehensive Loss by Component) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Balance at December 31, 2013 | $4,951 | ' |
Other comprehensive income before reclassifications | 759 | ' |
Amounts reclassified from accumulated other comprehensive income | -1,460 | ' |
Other comprehensive loss | -701 | -10,535 |
Balance at March 31, 2014 | 4,250 | ' |
Foreign Currency [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Balance at December 31, 2013 | 5,458 | ' |
Other comprehensive income before reclassifications | -721 | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | ' |
Other comprehensive loss | -721 | ' |
Balance at March 31, 2014 | 4,737 | ' |
Unrealized Gain on Available-for-sale Securities [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Balance at December 31, 2013 | 1,238 | ' |
Other comprehensive income before reclassifications | 160 | ' |
Amounts reclassified from accumulated other comprehensive income | -163 | ' |
Other comprehensive loss | -3 | ' |
Balance at March 31, 2014 | 1,235 | ' |
Unrealized Gain on Derivative Instruments [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Balance at December 31, 2013 | 2,852 | ' |
Other comprehensive income before reclassifications | 1,320 | ' |
Amounts reclassified from accumulated other comprehensive income | -1,297 | ' |
Other comprehensive loss | 23 | ' |
Balance at March 31, 2014 | 2,875 | ' |
Other Comprehensive Loss on Pension Liability [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Balance at December 31, 2013 | -4,597 | ' |
Other comprehensive income before reclassifications | 0 | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | ' |
Other comprehensive loss | 0 | ' |
Balance at March 31, 2014 | ($4,597) | ' |
Comprehensive_Income_Reclassif
Comprehensive Income (Reclassifications out of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Unrealized net gains on available-for-sale securities | ($5,285) | ($766) | |
Unrealized net gains on cash flow hedges | 544,606 | 501,377 | |
Net income | 55,939 | 59,688 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Net income | 1,460 | ' | |
Unrealized Gain on Available-for-sale Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Unrealized net gains on available-for-sale securities | 163 | ' | |
Unrealized Gain on Derivative Instruments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | |
Unrealized net gains on cash flow hedges | $1,297 | [1] | ' |
[1] | * Operating expenses amounts allocated to Research and development, Sales, marketing and services, and General and administrative are not individually significant. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Net unrecognized tax benefit | $68,600,000 | ' | $63,800,000 |
Income tax interest and penalties accrued | 0 | ' | ' |
Deferred tax assets | 107,000,000 | ' | ' |
Effective tax rate | 18.60% | -3.30% | ' |
Tax benefit expected to be recognized in the first quarter of 2013 under the provisions of the American Taxpayer Relief Act of 2012 | ' | 9,400,000 | ' |
Unrecognized tax benefits offsetting against short-term deferred tax assets | 1,700,000 | ' | ' |
Unrecognized tax benefits offsetting against long-term deferred tax assets | $28,200,000 | ' | ' |
U.S. federal statutory rate | 35.00% | ' | ' |
Treasury_Stock_Details
Treasury Stock (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Equity, Class of Treasury Stock [Line Items] | ' | ' |
Stock repurchase program, authorized amount | $5,400,000,000 | ' |
Available to repurchase common stock | 429,300,000 | ' |
Amount expended on share repurchases in open market transactions | 0 | 61,400,000 |
Number of shares repurchased | ' | 860,500 |
Average per share price on share repurchases in open market transactions | ' | $71.31 |
Number of shares withheld to satisfy minimum tax withholding obligations | 368,310 | 322,538 |
Payment For Tax Withholding Related To Vested And Released Restricted Stock Units | $21,200,000 | $23,200,000 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (SSL Services [Member], USD $) | 0 Months Ended |
Sep. 17, 2012 | |
SSL Services [Member] | ' |
Loss Contingencies [Line Items] | ' |
Final damages awarded, confirmed by court | $10,000,000 |
Enhanced damages awarded | 5,000,000 |
Prejudgment interest on damages award | $5,000,000 |
Restructuring_Narrative_Detail
Restructuring (Narrative) (Details) (2014 Restructuring Program [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
position | |
Restructuring Cost and Reserve [Line Items] | ' |
Number of full-time positions eliminated | 125 |
Employee Severance and Related Costs [Member] | Minimum [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Total expected restructuring cost | 14 |
Employee Severance and Related Costs [Member] | Maximum [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Total expected restructuring cost | 15 |
Restructuring_Restructuring_Ch
Restructuring (Restructuring Charges by Segment) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Restructuring Cost and Reserve [Line Items] | ' | ' | ||
Restructuring | $9,650 | [1] | $0 | [1] |
2014 Restructuring Program [Member] | ' | ' | ||
Restructuring Cost and Reserve [Line Items] | ' | ' | ||
Restructuring | 9,650 | ' | ||
2014 Restructuring Program [Member] | Enterprise and Service Provider Division [Member] | ' | ' | ||
Restructuring Cost and Reserve [Line Items] | ' | ' | ||
Restructuring | 5,880 | ' | ||
2014 Restructuring Program [Member] | SaaS Division [Member] | ' | ' | ||
Restructuring Cost and Reserve [Line Items] | ' | ' | ||
Restructuring | $3,770 | ' | ||
[1] | Represents expenses presented to management on a consolidated basis only and not allocated to the operating segments. |
Restructuring_Activity_in_Rest
Restructuring (Activity in Restructuring Accruals) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Restructuring Reserve [Roll Forward] | ' | ' | ||
Balance at January 1, 2014 | $0 | ' | ||
Employee severance and related costs | 9,650 | [1] | 0 | [1] |
Payments | -2,068 | ' | ||
Balance at March 31, 2014 | 7,582 | ' | ||
Employee Severance and Related Costs [Member] | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ||
Balance at March 31, 2014 | 7,600 | ' | ||
2014 Restructuring Program [Member] | Employee Severance and Related Costs [Member] | ' | ' | ||
Restructuring Reserve [Roll Forward] | ' | ' | ||
Employee severance and related costs | $9,650 | ' | ||
[1] | Represents expenses presented to management on a consolidated basis only and not allocated to the operating segments. |
Restructuring_Restructuring_Ac
Restructuring (Restructuring Accruals by Segment) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total restructuring liability | $7,582 | $0 |
Enterprise and Service Provider Division [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total restructuring liability | 3,830 | ' |
SaaS Division [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Total restructuring liability | $3,752 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||||
Share data in Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | 6-May-14 | Apr. 30, 2014 | 6-May-14 | Apr. 30, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Purchase From Accelerated Share Repurchase [Member] | Senior Notes Due 2019 [Member] | Senior Notes Due 2019 [Member] | Senior Notes Due 2019 [Member] | Privately Negotiated Transaction [Member] | ||||
Over Allotment Option [Member] | ||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Days Of Additional Interest To Remedy Default | ' | ' | '270 days | ' | ' | ' | ' | ' |
Convertible debt | ' | ' | ' | ' | ' | $1,250,000,000 | ' | ' |
Stated interest rate percentage | ' | ' | ' | ' | ' | 0.50% | ' | ' |
Additional amount to cover over-allotment | ' | ' | ' | ' | 187,500,000 | ' | ' | ' |
Proceeds from convertible debt | ' | ' | ' | ' | ' | 1,230,000,000 | 184,900,000 | ' |
Payments for (proceeds from) hedge, investing activities | ' | ' | ' | ' | 10,800,000 | 71,800,000 | ' | ' |
Stock repurchase program, authorized amount | 5,400,000,000 | ' | ' | ' | ' | 1,500,000,000 | ' | ' |
Amount used to repurchase stock | 0 | 61,364,000 | ' | ' | ' | ' | ' | 101,000,000 |
Stock repurchased during period, value | ' | ' | ' | $1,400,000,000 | ' | ' | ' | ' |
Number of days out of 30 that common stock price exceeded conversion price | ' | ' | ' | ' | ' | '20 days | ' | ' |
Convertible debt, threshold consecutive trading days | ' | ' | ' | ' | ' | '30 days | ' | ' |
Convertible debt, threshold percentage of stock price trigger | ' | ' | ' | ' | ' | 130.00% | ' | ' |
Percentage of conversion rate | ' | ' | ' | ' | ' | 0.98 | ' | ' |
Convertible debt, conversion ratio | ' | ' | ' | ' | ' | 0.011111 | ' | ' |
Convertible debt, conversion price (in dollars per share) | ' | ' | ' | ' | ' | $90 | ' | ' |
Repurchase price as a percent of principal amount | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Holder of a percent of principal in event of default | ' | ' | ' | ' | ' | 25.00% | ' | ' |
Percentage Trustee May Declare | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Percent Of Principal And Accrued Interest Due | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Shares Of Common Stock Covered By Note Hedges | ' | ' | ' | ' | ' | 13.9 | ' | ' |
Additional warrant transaction | ' | ' | ' | ' | ' | 2.1 | ' | ' |
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | ' | ' | ' | ' | ' | 120 | ' | ' |
Stock repurchased during period, shares | ' | ' | ' | ' | ' | 19.2 | ' | ' |