Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CTXS | |
Entity Registrant Name | CITRIX SYSTEMS INC | |
Entity Central Index Key | 877,890 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 153,824,447 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 527,594 | $ 260,149 |
Short-term investments, available-for-sale | 545,206 | 529,260 |
Accounts receivable, net of allowances of $6,417 and $5,976 at September 30, 2015 and December 31, 2014, respectively | 467,815 | 674,401 |
Inventories, net | 10,863 | 12,617 |
Prepaid expenses and other current assets | 141,742 | 166,005 |
Current portion of deferred tax assets, net | 43,918 | 45,892 |
Total current assets | 1,737,138 | 1,688,324 |
Long-term investments, available-for-sale | 792,262 | 1,073,110 |
Property and equipment, net | 371,101 | 367,779 |
Goodwill | 1,957,436 | 1,796,851 |
Other intangible assets, net | 366,048 | 390,717 |
Long-term portion of deferred tax assets, net | 113,184 | 128,198 |
Other assets | 68,314 | 67,028 |
Total assets | 5,405,483 | 5,512,007 |
Current liabilities: | ||
Accounts payable | 143,299 | 79,884 |
Accrued expenses and other current liabilities | 263,840 | 298,079 |
Income taxes payable | 2,575 | 12,053 |
Current portion of deferred revenues | 1,137,828 | 1,200,093 |
Total current liabilities | 1,547,542 | 1,590,109 |
Long-term portion of deferred revenues | 372,052 | 357,771 |
Convertible notes | 1,316,892 | 1,292,953 |
Other liabilities | $ 84,305 | $ 97,529 |
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; 298,112 and 294,674 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | 298 | 295 |
Additional paid-in capital | 4,492,313 | 4,292,706 |
Retained earnings | 3,343,352 | 3,155,264 |
Accumulated other comprehensive loss | (29,464) | (36,790) |
Stockholders' equity before treasury stock | 7,806,499 | 7,411,475 |
Less - common stock in treasury, at cost (140,987 and 133,898 shares at September 30, 2015 and December 31, 2014, respectively) | (5,721,807) | (5,237,830) |
Total stockholders' equity | 2,084,692 | 2,173,645 |
Total liabilities and stockholders' equity | $ 5,405,483 | $ 5,512,007 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 6,417 | $ 5,976 |
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) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 298,112,000 | 294,674,000 |
Common stock, shares outstanding | 298,112,000 | 294,674,000 |
Common stock in treasury, shares | 140,987,000 | 133,898,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | ||||
Product and licenses | $ 206,252 | $ 193,153 | $ 594,507 | $ 632,369 |
Software as a service | 190,757 | 165,253 | 537,705 | 483,164 |
License updates and maintenance | 379,585 | 358,266 | 1,128,043 | 1,049,065 |
Professional services | 36,676 | 42,322 | 110,576 | 126,775 |
Total net revenues | 813,270 | 758,994 | 2,370,831 | 2,291,373 |
Cost of net revenues: | ||||
Cost of product and license revenues | 34,859 | 24,045 | 83,833 | 88,144 |
Cost of services and maintenance revenues | 91,295 | 87,981 | 270,218 | 254,763 |
Amortization of product related intangible assets | 20,100 | 23,959 | 57,560 | 102,660 |
Total cost of net revenues | 146,254 | 135,985 | 411,611 | 445,567 |
Gross margin | 667,016 | 623,009 | 1,959,220 | 1,845,806 |
Operating expenses: | ||||
Research and development | 139,128 | 137,877 | 423,972 | 411,870 |
Sales, marketing and services | 293,587 | 318,252 | 896,250 | 956,287 |
General and administrative | 79,799 | 95,203 | 241,697 | 242,606 |
Amortization and impairment of other intangible assets | 76,938 | 9,956 | 97,371 | 32,855 |
Restructuring | 13,766 | 3,124 | 62,251 | 17,285 |
Total operating expenses | 603,218 | 564,412 | 1,721,541 | 1,660,903 |
Income from operations | 63,798 | 58,597 | 237,679 | 184,903 |
Interest income | 3,004 | 2,411 | 8,679 | 6,705 |
Interest expense | 11,075 | 10,551 | 33,196 | 17,601 |
Other expense, net | (2,369) | (2,235) | (13,480) | (6,002) |
Income before income taxes | 53,358 | 48,222 | 199,682 | 168,005 |
Income tax (benefit) expense | (2,567) | 690 | 11,595 | 11,510 |
Net income | $ 55,925 | $ 47,532 | $ 188,087 | $ 156,495 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.35 | $ 0.29 | $ 1.17 | $ 0.91 |
Diluted (in dollars per share) | $ 0.35 | $ 0.29 | $ 1.16 | $ 0.90 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 160,359 | 164,229 | 160,359 | 172,622 |
Diluted (in shares) | 161,777 | 165,713 | 161,716 | 174,023 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unuaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 55,925 | $ 47,532 | $ 188,087 | $ 156,495 |
Other comprehensive (loss) income: | ||||
Change in foreign currency translation adjustment | 0 | (12,890) | 0 | (15,617) |
Available for sale securities: | ||||
Change in net unrealized gains (losses) | 94 | (911) | 1,392 | (182) |
Less: reclassification adjustment for net gains included in net income | 232 | (96) | 164 | (961) |
Net change (net of tax effect) | 326 | (1,007) | 1,556 | (1,143) |
Loss on pension liability | 0 | (45) | 0 | (45) |
Cash flow hedges: | ||||
Change in unrealized losses | (2,348) | (6,809) | (5,692) | (4,197) |
Less: reclassification adjustment for net losses (gains) included in net income | 1,794 | (1,500) | 11,462 | (4,448) |
Net change (net of tax effect) | (554) | (8,309) | 5,770 | (8,645) |
Other comprehensive (loss) income | (228) | (22,251) | 7,326 | (25,450) |
Comprehensive income | $ 55,697 | $ 25,281 | $ 195,413 | $ 131,045 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities | ||
Net income | $ 188,087 | $ 156,495 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and other | 295,810 | 251,320 |
Stock-based compensation expense | 103,674 | 128,440 |
Excess tax benefit from stock-based compensation | (2,236) | (5,122) |
Deferred income tax benefit | (31,873) | (25,114) |
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies | 13,382 | 825 |
Other non-cash items | 11,155 | 9,722 |
Total adjustments to reconcile net income to net cash provided by operating activities | 389,912 | 360,071 |
Changes in operating assets and liabilities, net of the effects of acquisitions: | ||
Accounts receivable | 198,075 | 182,542 |
Inventories | 1,084 | (4,342) |
Prepaid expenses and other current assets | (7,375) | (5,763) |
Other assets | (1,460) | 1,651 |
Income taxes, net | 21,088 | (87,180) |
Accounts payable | 6,658 | 7,526 |
Accrued expenses and other current liabilities | (674) | 53,846 |
Deferred revenues | (47,982) | (8,183) |
Other liabilities | 5,400 | (1,113) |
Total changes in operating assets and liabilities, net of the effects of acquisitions | 174,814 | 138,984 |
Net cash provided by operating activities | 752,813 | 655,550 |
Investing Activities | ||
Purchases of available-for-sale investments | (1,806,781) | (1,891,045) |
Proceeds from sales of available-for-sale investments | 1,552,983 | 1,342,500 |
Proceeds from maturities of available-for-sale investments | 518,755 | 282,711 |
Purchases of property and equipment | (119,591) | (115,442) |
(Purchases) proceeds from cost method investments, net | (3,400) | 1,084 |
Cash paid for acquisitions, net of cash acquired | (250,986) | (43,342) |
Cash paid for licensing agreements and product related intangible assets | (10,666) | (12,712) |
Net cash used in investing activities | (119,686) | (436,246) |
Financing Activities | ||
Proceeds from issuance of common stock under stock-based compensation plans | 79,338 | 38,674 |
Proceeds from issuance of convertible notes, net of issuance costs | 0 | 1,415,717 |
Purchase of convertible note hedges | 0 | (184,288) |
Proceeds from issuance of warrants | 0 | 101,775 |
Proceeds from credit facility | 95,000 | 0 |
Repayment of credit facility | (95,000) | 0 |
Repayment of acquired debt | (7,569) | (3,766) |
Excess tax benefit from stock-based compensation | 2,236 | 5,122 |
Stock repurchases, net | (398,070) | (1,600,986) |
Cash paid for tax withholding on vested stock awards | (32,351) | (27,777) |
Net cash used in financing activities | (356,416) | (255,529) |
Effect of exchange rate changes on cash and cash equivalents | (9,266) | (1,728) |
Change in cash and cash equivalents | 267,445 | (37,953) |
Cash and cash equivalents at beginning of period | 260,149 | 280,740 |
Cash and cash equivalents at end of period | $ 527,594 | $ 242,787 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
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, 2014 . 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 Workspace Services products, Delivery Networking products and related license updates and maintenance and professional services and from its Mobility Apps products, which primarily include Communications Cloud and Workflow Cloud products. Enterprise and Service Provider and Mobility Apps business units constitute the Company's two reportable segments. See Note 9 for more information on the Company's segments. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
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 fair value of convertible senior notes, 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. Available-for-sale Investments Short-term and long-term available-for-sale investments as of September 30, 2015 and December 31, 2014 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 loss. 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. See Note 5 for investment information. 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 appliances. These revenues are reflected net of sales allowances, cooperative advertising agreements, partner incentive programs and provisions for returns. 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. 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, maintenance and support 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 technical support, immediate access to software upgrades, enhancements and maintenance releases when and if they become available during the term of the contract. 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 software products. 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 and software 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 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. Our Citrix Service Provider ("CSP") program provides subscription-based services in which the CSP partners host software services to their end users. The fees from the CSP program are recognized based on usage and as the CSP services are provided to their end users. For the Company’s non-software transactions, 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 Mobility Apps products are considered hosted service arrangements per the authoritative guidance, or SaaS. Generally, the Company’s Mobility Apps products are sold separately and not bundled with the Enterprise and Service Provider business unit’s 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 $1.1 million and $2.2 million at September 30, 2015 and December 31, 2014 , 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 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. Effective January 1, 2015, the functional currency of the Company’s wholly-owned foreign subsidiaries of its Mobility Apps business unit became the U.S. dollar as a result of a reorganization in the foreign subsidiaries' operations. Prior to January 1, 2015, the functional currency of the Company’s wholly-owned foreign subsidiaries of its Mobility Apps business unit was the currency of the country in which each subsidiary is located. The Company translated assets and liabilities of these foreign subsidiaries at exchange rates in effect at the balance sheet date and included accumulated net translation adjustments in equity as a component of Accumulated other comprehensive loss. The change in functional currency is applied on a prospective basis, therefore a ny gains and losses that were previously recorded in Accumulated other comprehensive loss remain unchanged from January 1, 2015. 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 Mobility Apps business units. 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 | 9 Months Ended |
Sep. 30, 2015 | |
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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator: Net income $ 55,925 $ 47,532 $ 188,087 $ 156,495 Denominator: Denominator for basic earnings per share - weighted-average shares outstanding 160,359 164,229 160,359 172,622 Effect of dilutive employee stock awards 1,418 1,484 1,357 1,401 Denominator for diluted earnings per share - weighted-average shares outstanding 161,777 165,713 161,716 174,023 Basic earnings per share $ 0.35 $ 0.29 $ 1.17 $ 0.91 Diluted earnings per share $ 0.35 $ 0.29 $ 1.16 $ 0.90 Anti-dilutive weighted-average shares from stock awards 1,572 2,807 2,416 3,287 The weighted-average number of shares outstanding used in the computation of basic and diluted earnings per share does not include the effect of the potential outstanding common stock from the Company's convertible senior notes and warrants. The effects of these potentially outstanding shares were not included in the calculation of diluted earnings per share because the effect would have been anti-dilutive. The Company uses the treasury stock method for calculating any potential dilutive effect of the conversion spread on its Convertible Senior Notes (the "Convertible Notes") on diluted earnings per share, if applicable, as 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. The conversion spread will have a dilutive impact on diluted earnings per share when the average market price of the Company’s common shares for a given period exceeds the conversion price of $90.00 per share. For the three and nine months ended September 30, 2015 , the Convertible Notes have been excluded from the computation of diluted earnings per share as the effect would be anti-dilutive since the conversion price of the Convertible Notes exceeded the average market price of the Company’s common stock. In addition, the Company uses the treasury stock method for calculating any potential dilutive effect related to the warrants. See Note 10 to the Company's condensed consolidated financial statements for detailed information on the Convertible Notes offering. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS 2015 Acquisitions Sanbolic On January 8, 2015, the Company acquired all of the issued and outstanding securities of Sanbolic, Inc. (“Sanbolic”). Sanbolic is an innovator and leader in workload-oriented storage virtualization technologies. The Sanbolic technology, combined with XenDesktop, XenApp, and XenMobile products will enable the Company to develop a range of differentiated solutions that will reduce the complexity of Microsoft Windows application delivery and desktop virtualization deployments. Sanbolic became part of the Company's Enterprise and Service Provider segment. The total cash consideration for this transaction was approximately $89.4 million , net of $0.2 million cash acquired. Transaction costs associated with the acquisition were $0.5 million . No transaction costs were recorded during the three months ended September 30, 2015 and the Company expensed $0.2 million during the nine months ended September 30, 2015 , which is included in General and administrative expense in the accompanying condensed consolidated statements of income. In addition, in connection with the acquisition, the Company assumed non-vested stock units which were converted into the right to receive, in the aggregate, up to 37,057 shares of the Company's common stock, for which the vesting period began on the closing of the transaction. Grasshopper On May 18, 2015, the Company acquired all of the membership interests of Grasshopper Group, LLC (“Grasshopper”), a leading provider of cloud-based phone solutions for small businesses. With the acquisition, the Company will expand its breadth of communication and collaboration solutions for small businesses, including GoToMeeting, GoToTraining, GoToWebinar, OpenVoice and ShareFile. Grasshopper became part of the Mobility Apps segment. Total cash consideration for this transaction was approximately $161.5 million , net of $3.6 million cash acquired. Transaction costs associated with the acquisition were $0.3 million . No transaction costs were recorded during the three months ended September 30, 2015 and the Company expensed $0.3 million during the nine months ended September 30, 2015 , which is included in General and administrative expense in the accompanying condensed consolidated statements of income. In addition, in connection with the acquisition, the Company assumed non-vested stock units which were converted into the right to receive, in the aggregate, up to 105,765 shares of the Company's common stock, for which the vesting period commenced on the closing of the transaction. Purchase Accounting for the 2015 Acquisitions The purchase prices for companies acquired during the nine months ended September 30, 2015 , which include Sanbolic and Grasshopper (collectively, the "2015 Acquisitions"), were allocated to the acquired net tangible and intangible assets based on estimated fair values as of the date of each acquisition. The allocation of the total purchase prices is summarized below (in thousands): Sanbolic Grasshopper Purchase Price Allocation Asset Life Purchase Price Allocation Asset Life Current assets $ 581 $ 4,818 Property and equipment — 467 Various Intangible assets 45,300 Various 71,400 Various Goodwill 61,639 Indefinite 99,686 Indefinite Other assets — 80 Assets acquired 107,520 176,451 Current liabilities assumed 1,454 11,181 Long-term liabilities assumed 3,175 158 Deferred tax liabilities, non-current 13,295 — Net assets acquired $ 89,596 $ 165,112 The company continues to evaluate certain income tax assets and liabilities related to the Sanbolic acquisition. Current assets acquired in connection with the 2015 Acquisitions consisted primarily of cash, accounts receivable, deferred tax assets and other short term assets. Current liabilities assumed in connection with the 2015 Acquisitions consisted primarily of accounts payable, other accrued expenses and short-term debt. Long-term liabilities assumed in connection with the 2015 Acquisitions consisted of long-term debt and other long-term liabilities. Both short-term and long-term debt were paid in full subsequent to the Sanbolic and Grasshopper acquisition dates. Goodwill from the Sanbolic acquisition was assigned to the Enterprise and Service Provider segment whereas goodwill from the Grasshopper acquisition was assigned to the Mobility Apps segment. The goodwill related to the Sanbolic acquisition is not deductible for tax purposes and the goodwill related to the Grasshopper acquisition is deductible for tax purposes. See Note 9 for segment information. The goodwill amount from the 2015 Acquisitions is comprised primarily of expected synergies from combining operations and other intangible assets that do not qualify for separate recognition. Revenue from the Sanbolic acquisition is included in the Enterprise and Service Provider segment and revenue from the Grasshopper acquisition is included in the Mobility Apps segment. The Company has included the effect of the 2015 Acquisitions in its results of operations prospectively from the respective dates of acquisitions. Identifiable intangible assets acquired in connection with the 2015 Acquisitions (in thousands) and the weighted-average lives are as follows: Sanbolic Asset Life Grasshopper Asset Life Core and product technologies $ 43,800 5 and 6 years $ 25,000 7 years Customer relationships 1,500 2 years 37,900 5 years Telecommunication carrier relationships — 7,900 2 years Trade name — 600 2 years Total $ 45,300 $ 71,400 The following unaudited pro-forma information combines the consolidated results of the operations of the Company and the 2015 Acquisitions as if the acquisitions had occurred on January 1, 2014, the first day of the Company's fiscal year 2014 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ 813,309 $ 766,282 $ 2,384,428 $ 2,310,979 Income from operations 63,837 53,260 229,379 166,384 Net income 55,949 44,005 182,685 144,398 Per share - basic 0.35 0.27 1.14 0.84 Per share - diluted 0.35 0.27 1.13 0.83 2014 Acquisitions Framehawk 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, was combined with HDX technology in the Citrix XenApp and XenDesktop products to deliver an improved user experience under adverse network conditions. Framehawk became part of the Company's Enterprise and Service Provider segment. The total cash consideration for this transaction was approximately $24.2 million , net of $0.2 million of cash acquired. Transaction costs associated with the acquisition were approximately $0.1 million , all of which the Company expensed during the nine months ended September 30, 2014 and are included in General and administrative expense in the accompanying condensed consolidated statements of income. RightSignature In October 2014, the Company acquired all of the membership interests of RightSignature, LLC. ("RightSignature”). The RightSignature technology expands the Workflow Cloud beyond storage and file transfer to supporting e-signature and approval workflows. RightSignature became a part of the Company's Mobility Apps segment. The total cash consideration for this transaction was approximately $37.8 million , net of $1.1 million of cash acquired. Transaction costs associated with the acquisition were approximately $0.2 million , of which the Company expensed $ 0.1 million during the nine months ended September 30, 2014 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 non-vested stock units which were converted into the right to receive, in the aggregate, up to 67,500 of the Company's common stock, for which the vesting period began on the closing of the transaction. 2014 Other Acquisitions During the second quarter of 2014, the Company acquired all of the issued and outstanding securities of a privately-held company. The total cash consideration for this transaction was approximately $17.2 million , net of $0.8 million of cash acquired. This business became part of the Company's Enterprise and Service Provider segment. Transaction costs associated with the acquisition were approximately $0.1 million , all of which the Company expensed during the nine months ended September 30, 2014 and are included in General and administrative expense in the accompanying condensed consolidated statements of income. In the fourth quarter of 2014, the Company acquired all of the issued and outstanding securities of two privately-held companies for total cash consideration of approximately $19.9 million , net of $0.2 million of cash acquired. The businesses became part of the Company's Enterprise and Service Provider segment. In addition, in connection with one of the acquisitions, the Company assumed non-vested stock units which were converted into the right to receive, in the aggregate, up to 23,430 shares of the Company's common stock, for which the vesting period began on the closing of the transaction. Transaction costs associated with the acquisitions were not significant. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2015 | |
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): September 30, 2015 December 31, 2014 Description of the Securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Agency securities $ 577,539 $ 1,422 $ (80 ) $ 578,881 $ 637,474 $ 1,296 $ (457 ) $ 638,313 Corporate securities 679,887 396 (928 ) 679,355 795,255 232 (1,372 ) 794,115 Municipal securities 15,466 28 (1 ) 15,493 48,744 17 (31 ) 48,730 Government securities 63,596 143 — 63,739 121,431 37 (256 ) 121,212 Total $ 1,336,488 $ 1,989 $ (1,009 ) $ 1,337,468 $ 1,602,904 $ 1,582 $ (2,116 ) $ 1,602,370 The change in net unrealized gains (losses) on available-for-sale securities recorded in Other comprehensive (loss) income 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 13 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 September 30, 2015 were approximately six months and three years, respectively. Realized Gains and Losses on Available-for-sale Investments For the three and nine months ended September 30, 2015 , the Company received proceeds from the sales of available-for-sale investments of $718.4 million and $1.55 billion , respectively, and for the three and nine months ended September 30, 2014 , it received proceeds from the sales of available-for-sale investments of $469.6 million and $1.34 billion , respectively. The Company had realized gains on the sales of available-for-sale investments during the three and nine months ended September 30, 2015 of $0.3 million and $0.7 million , respectively, and for the three and nine months ended September 30, 2014 , it had realized gains on the sales of available-for-sale investments of $0.2 million and $1.4 million , respectively. For the three and nine months ended September 30, 2015 , the Company had realized losses on available-for-sale investments of $0.6 million and $0.9 million , respectively, and for the three and nine months ended September 30, 2014 , it had realized losses on available-for-sale investments of $0.1 million and $0.4 million , respectively, 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 September 30, 2015 and December 31, 2014 were $1.0 million and $2.1 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 $17.2 million and $16.6 million as of September 30, 2015 and December 31, 2014 , 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. For the three months ended September 30, 2015 , no cost method investments were determined to be impaired. For the nine months ended September 30, 2015 , the Company determined that certain cost method investments were impaired and recorded a charge of $3.0 million which was included in Other expense, net in the accompanying condensed consolidated statements of income. For the three and nine months ended September 30, 2014 , the Company determined that certain cost method investments were impaired and recorded a charge of $3.2 million and $8.3 million , respectively, which were included in Other expense, net in the accompanying condensed consolidated statements of income. During the three and nine months ended September 30, 2015 , no gains were recorded on cost method investments. During the three and nine months ended September 30, 2014 , certain early-stage entities in which the Company held direct investments were acquired by third parties and as a result of such sale transactions, the Company recorded gains of $1.2 million and $2.7 million , respectively, which were included in Other expense, net in the accompanying condensed consolidated statements of income. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
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 applies a four level hierarchical pricing methodology to all of the Company’s fixed income securities based on the circumstances. The hierarchy starts with the highest priority pricing source, then subsequently uses inputs obtained from other third-party sources and large custodial institutions. 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 September 30, 2015 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets: Cash and cash equivalents: Cash $ 295,170 $ 295,170 $ — $ — Money market funds 220,004 220,004 — — Corporate securities 12,420 — 12,420 — Available-for-sale securities: Agency securities 578,881 — 578,881 — Corporate securities 679,355 — 673,193 6,162 Municipal securities 15,493 — 15,493 — Government securities 63,739 — 63,739 — Prepaid expenses and other current assets: Foreign currency derivatives 1,191 — 1,191 — Total assets $ 1,866,253 $ 515,174 $ 1,344,917 $ 6,162 Accrued expenses and other current liabilities: Foreign currency derivatives 3,783 — 3,783 — Total liabilities $ 3,783 $ — $ 3,783 $ — As of December 31, 2014 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets: Cash and cash equivalents: Cash $ 230,370 $ 230,370 $ — $ — Money market funds 29,512 29,512 — — Corporate securities 267 — 267 — Available-for-sale securities: Agency securities 638,313 — 638,313 — Corporate securities 794,115 — 788,042 6,073 Municipal securities 48,730 — 48,730 — Government securities 121,212 — 121,212 — Prepaid expenses and other current assets: Foreign currency derivatives 1,206 — 1,206 — Total assets $ 1,863,725 $ 259,882 $ 1,597,770 $ 6,073 Accrued expenses and other current liabilities: Foreign currency derivatives 9,692 — 9,692 — Total liabilities $ 9,692 $ — $ 9,692 $ — 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, 2014 $ 6,073 Purchases of Level 3 securities 1,475 Proceeds received on Level 3 securities (101 ) Total net realized losses included in earnings (838 ) Transfers out of Level 3 (447 ) Balance at September 30, 2015 $ 6,162 Transfers out of Level 3 relate to certain of the Company's investments in convertible debt securities of early-stage entities that were reclassified from available-for-sale investments to cost method investments upon conversion to equity ownership. These amounts are included in Other assets in the accompanying consolidated balance sheets. Realized losses included in earnings for the period are reported in Other expense, net in the accompanying consolidated statements of income. Assets Measured at Fair Value on a Non-recurring Basis Using Significant Unobservable Inputs (Level 3) During the nine months ended September 30, 2015 , certain cost method investments with a combined carrying value of $3.0 million were determined to be impaired and written down to zero . The impairment charge is included in Other expense, net in the accompanying condensed consolidated financial statements. For the nine months ended September 30, 2014 , the Company determined that certain cost method investments were impaired and recorded a charge of $8.3 million which was included in Other expense, net in the accompanying condensed consolidated financial statements. In determining the fair value of cost method investments, the Company considers many factors including but not limited to operating performance of the investee, the amount of cash that the investee has on-hand, the ability to obtain additional financing and the overall market conditions in which the investee operates. The fair value of the cost method investments represent a Level 3 valuation as the assumptions used in valuing these investments were not directly or indirectly observable. For certain intangible assets where the unamortized balances exceeded the undiscounted future net cash flows, the Company measures the amount of the impairment by calculating the amount by which the carrying values exceed the estimated fair values, which are based on projected discounted future net cash flows. These non-recurring fair value measurements are categorized as Level 3 significant unobservable inputs. See Note 8 to the Company's condensed consolidated financial statements for detailed information related to Goodwill and Other Intangible Assets. 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. As of September 30, 2015 , the fair value of the Convertible Notes, which was determined based on inputs that are observable in the market (Level 2) based on the closing trading price per $100 as of the last day of trading for the quarter ended September 30, 2015 , and carrying value of debt instruments (carrying value excludes the equity component of the Company’s Convertible Notes classified in equity) was as follows (in thousands): Fair Value Carrying Value Convertible Senior Notes $ 1,541,719 $ 1,316,892 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 , 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 2014 Equity Incentive Plan (the "2014 Plan"). In December 2014, the Company's Board of Directors approved the 2015 Employee Stock Purchase Plan (the “2015 ESPP”), which was approved by stockholders at the Company's Annual Meeting of Stockholders held on May 28, 2015. The 2015 ESPP has replaced the Company's Amended and Restated 2005 Employee Stock Purchase Plan (as amended, the "2005 ESPP"). 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 between five and 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 and the Amended and Restated 2005 Equity Incentive Plan and the 2005 ESPP. Under the terms of the 2014 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. SARs and ISOs are not currently being granted. Currently, the 2014 Plan provides for the issuance of 29,000,000 shares of common stock. In addition, shares of common stock underlying any awards granted under the Company’s Amended and Restated 2005 Equity Incentive Plan, as amended, that are forfeited, canceled or otherwise terminated (other than by exercise) are added to its shares of common stock available for issuance under the 2014 Plan. Under the 2014 Plan, NSOs must be granted at exercise prices no less than fair market value on the date of grant. 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 September 30, 2015 , there were 28,949,258 shares of common stock reserved for issuance pursuant to the Company’s stock-based compensation plans and the Company had authorization under its 2014 Plan to grant stock-based awards covering 21,163,715 shares of common stock. Under the 2015 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 2015 ESPP, would own shares representing 5% or more of the voting power of the Company’s common stock, are ineligible to continue to participate under the 2015 ESPP. The 2015 ESPP provides for the issuance of a maximum of 16,000,000 shares of common stock. As of September 30, 2015 , 3,872,661 shares had been issued under the 2005 ESPP. As of September 30, 2015 , 245,029 shares have been issued under the 2015 ESPP. The Company recorded stock-based compensation costs related to its employee stock purchase plans of $2.3 million and $5.2 million for the three and nine months ended September 30, 2015 , respectively, and the Company recorded stock-based compensation costs of $1.3 million and $4.0 million for the three and nine months ended September 30, 2014 , respectively. Effective with the Payment Period beginning in July 2015, the purchase price to participating employees will be 85% of the fair market value of the Company's common stock, on either the first business day of the Payment Period or the last business day of the Payment Period, whichever is lower. The Company used the Black-Scholes model to estimate the fair value of its Employee Stock Purchase Plan awards with the following weighted-average assumptions: Three Months Ended September 30, 2015 Expected volatility factor 0.35 Risk free interest rate 0.25 % Expected dividend yield 0 % Expected life (in years) 0.5 The Company determined the expected volatility factor by considering the implied volatility in six-month market-traded options of the Company's common stock based on third party volatility quotes. 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 risk-free interest rate was based on a U.S. Treasury instrument whose term is consistent with the expected term of the stock options. The Company's expected dividend yield input was zero as it has not historically paid, nor expects in the future to pay, cash dividends on its common stock. The expected term is based on the term of the purchase period for grants made under the ESPP. 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 Nine Months Ended Nine Months Ended Income Statement Classifications September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Cost of services and maintenance revenues $ 803 $ 673 $ 2,095 $ 1,854 Research and development 9,118 13,989 31,454 42,102 Sales, marketing and services 16,922 15,073 38,083 46,885 General and administrative 11,828 12,714 32,042 37,599 Total $ 38,671 $ 42,449 $ 103,674 $ 128,440 Non-vested Stock Units Market Performance and Service Condition Stock Units In March 2015 and 2014, the Company granted senior level employees non-vested stock unit awards representing, in the aggregate, 393,464 and 378,022 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, 2017 for the March 2015 awards and December 31, 2016 for the March 2014 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 2015 Grant March 2014 Grant Expected volatility factor 0.14 - 0.29 0.19 - 0.38 Risk free interest rate 0.85 % 0.81 % 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 $61.01 for the March 2015 grant and $56.94 for the March 2014 grant. Service Based Stock Units The Company also awards senior level, certain other employees and new non-employee directors non-vested stock units granted under the 2014 Plan that vest based on service. These non-vested stock unit awards generally vest 33.33% on each anniversary subsequent to the date of the award. The Company also assumes non-vested stock units in connection with certain of its acquisitions. The assumed awards have the same three year vesting schedule. 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 continuing 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 September 30, 2015 , the number of all non-vested stock units outstanding, including market performance and service condition awards and service-based awards, including service-based awards assumed in connection with acquisitions, were 5,633,512 . As of September 30, 2015 , there was $264.2 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 1.93 years. See Note 4 for more information regarding the Company's acquisitions. Stock Options Stock options granted under the 2014 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"). The Company may assume 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. The Company uses the Black-Scholes option pricing model to determine the fair value of stock options. There were no stock options granted or assumed during the three and nine months ended September 30, 2015 and 2014 . The total intrinsic value of options exercised during the three and nine months ended September 30, 2015 was $4.4 million and $18.2 million , respectively and the total intrinsic value of options exercised during the three and nine months ended September 30, 2014 was $11.3 million and $31.3 million . 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 September 30, 2015 , there was $0.4 million of total unrecognized compensation cost related to stock options. That cost is expected to be recognized over a weighted-average period of 0.36 years. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
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 2014 . There were no indicators of impairment during the nine months ended September 30, 2015 . In-process R&D acquired in connection with the Company's acquisitions was not significant. 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 nine months ended September 30, 2015 (in thousands): Balance at January 1, 2015 Additions Other Balance at September 30, 2015 Enterprise and Service Provider $ 1,434,369 $ 61,639 $ (740 ) (2) $ 1,495,268 Mobility Apps 362,482 99,686 — 462,168 Consolidated $ 1,796,851 $ 161,325 (1) $ (740 ) $ 1,957,436 (1) Amounts relate to 2015 acquisitions. See Note 4 for more information regarding the Company’s acquisitions. (2) Amount relates to adjustments to the preliminary purchase price allocation associated with 2014 acquisitions. Intangible Assets The Company has intangible assets which were primarily acquired in conjunction with business combinations and technology purchases. Intangible assets with finite lives 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. In-process R&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. When in-process R&D projects are completed, the corresponding amount is reclassified as an amortizable intangible asset and is amortized over the asset's estimated useful life. Intangible assets consist of the following (in thousands): September 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Product related intangible assets $ 683,695 $ 500,282 $ 618,336 $ 454,830 Other 455,862 273,227 492,960 265,749 Total $ 1,139,557 $ 773,509 $ 1,111,296 $ 720,579 Amortization of product related intangible assets, which consists primarily of product-related technologies and patents, was $20.1 million and $24.0 million for the three months ended September 30, 2015 and 2014 , respectively, and $57.6 million and $102.7 million for the nine months ended September 30, 2015 and 2014 , respectively, and is classified as a component of Cost of net revenues in the accompanying condensed consolidated statements of income. Amortization and impairment of other intangible assets, which consist primarily of customer relationships, trade names and covenants not to compete was $76.9 million and $10.0 million for the three months ended September 30, 2015 and 2014 , respectively, and $97.4 million and $32.9 million for the nine months ended September 30, 2015 and 2014 , 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. For certain intangible assets where the unamortized balances exceeded the undiscounted future net cash flows, the Company measures the amount of the impairment by calculating the amount by which the carrying values exceed the estimated fair values, which are based on projected discounted future net cash flows. During the nine months ended September 30, 2015 , due to disruptions in the business as a result of the announced plan to explore strategic alternatives, the Company identified certain definite-lived intangible assets, primarily customer relationships from the acquisition of ByteMobile, that were impaired within our Enterprise and Service Provider business unit and recorded non-cash impairment charges of $65.4 million to write down the intangible assets to their estimated fair value of $27.6 million . Of the impairment charge, $64.4 million is included in Amortization and impairment of other intangible assets and $1.0 million is included in Amortization of product related intangible assets in the accompanying condensed consolidated statements of income. This non-recurring fair value measurement was categorized as Level 3, as significant unobservable inputs were used in the valuation analysis. Key assumptions used in the valuation include forecasts of revenue and expenses over an extended period of time, customer retention rates, tax rates, and estimated costs of debt and equity capital to discount the projected cash flows. Certain of these assumptions involve significant judgment, are based on management’s estimate of current and forecasted market conditions and are sensitive and susceptible to change, therefore , further disruptions in the business could result in additional amounts becoming impaired. Estimated future amortization expense of intangible assets with finite lives as of September 30, 2015 is as follows (in thousands): Year ending December 31, Amount 2015 (remaining three months) $ 27,251 2016 98,586 2017 74,536 2018 62,561 2019 43,012 Thereafter 60,102 Total $ 366,048 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Enterprise and Service Provider and the Mobility Apps business units 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 Mobility Apps 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, charges or benefits related to significant litigation that are not anticipated to be ongoing costs, amortization of product related intangible assets, amortization and impairment 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net revenues: Enterprise and Service Provider $ 622,513 $ 593,741 $ 1,833,126 $ 1,808,209 Mobility Apps 190,757 165,253 537,705 483,164 Consolidated $ 813,270 $ 758,994 $ 2,370,831 $ 2,291,373 Segment profit (1) : Enterprise and Service Provider $ 190,372 $ 131,409 $ 497,351 $ 394,536 Mobility Apps 22,901 27,402 60,202 92,333 Unallocated expenses (2) : Amortization and impairment of intangible assets (97,038 ) (33,915 ) (154,931 ) (135,515 ) Patent litigation charge — (20,727 ) — (20,727 ) Other — — 982 — Restructuring (13,766 ) (3,124 ) (62,251 ) (17,285 ) Net interest and other expense, net (10,440 ) (10,374 ) (37,997 ) (16,897 ) Stock-based compensation (38,671 ) (42,449 ) (103,674 ) (128,440 ) Consolidated income before income taxes $ 53,358 $ 48,222 $ 199,682 $ 168,005 (1) The Company revised its methodology for allocating certain corporate costs within General and administrative expenses to more closely align these costs to the employees directly utilizing the related services within each of its reporting segments, thereby impacting Segment profit for the nine months ended September 30, 2015. Accordingly, the adjusted Segment profit for the Enterprise and Service Provider and Mobility Apps segments is $132.1 million and $15.0 million , respectively for the three months ended March 31, 2015 and $174.9 million and $22.3 million , respectively for the three months ended June 30, 2015. This change in presentation does not affect the Company's consolidated financial position, results from operations or cash flows. (2) 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 and Mobility Apps business units were as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net revenues: Enterprise and Service Provider Workspace Services revenues (1) $ 396,167 $ 392,875 $ 1,193,178 $ 1,170,103 Delivery Networking revenues (2) 187,447 155,388 521,488 501,231 Professional services (3) 36,676 42,322 110,576 126,775 Other 2,223 3,156 7,884 10,100 Total Enterprise and Service Provider revenues 622,513 593,741 1,833,126 1,808,209 Mobility Apps revenues 190,757 165,253 537,705 483,164 Total net revenues $ 813,270 $ 758,994 $ 2,370,831 $ 2,291,373 (1) Workspace Services revenues are primarily comprised of sales from the Company’s windows app delivery products, which include XenDesktop and XenApp, and the Company's mobile app delivery products, which include XenMobile and related license updates and maintenance and support. (2) Delivery Networking revenues primarily include NetScaler, ByteMobile Smart Capacity and CloudBridge products 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net revenues: Enterprise and Service Provider Americas $ 345,417 $ 318,180 $ 1,005,967 $ 977,166 EMEA 206,377 202,557 616,558 610,254 Asia-Pacific 70,719 73,004 210,601 220,789 Total Enterprise and Service Provider revenues 622,513 593,741 1,833,126 1,808,209 Mobility Apps Americas 160,079 137,031 452,672 400,580 EMEA 24,480 22,407 67,843 65,780 Asia-Pacific 6,198 5,815 17,190 16,804 Total Mobility Apps revenues 190,757 165,253 537,705 483,164 Total net revenues $ 813,270 $ 758,994 $ 2,370,831 $ 2,291,373 |
Convertible Senior Notes
Convertible Senior Notes | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE SENIOR NOTES | CONVERTIBLE SENIOR NOTES Convertible Notes Offering During 2014, the Company completed a private placement of approximately $1.44 billion principal amount of 0.500% Convertible Notes due 2019. The net proceeds from this offering were approximately $1.42 billion , after deducting the initial purchasers’ discounts and commissions and the estimated offering expenses payable by the Company. The Company used approximately $82.6 million of the net proceeds to pay the cost of the Bond Hedges described below (after such cost was partially offset by the proceeds to the Company from the 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 Accelerated Share Repurchase ("ASR") which the Company entered into with Citibank, N.A. (the “ASR Counterparty”) on April 25, 2014 (the “ASR Agreement”). 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. The Convertible Notes will mature on April 15, 2019, unless earlier repurchased or converted. 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. As of September 30, 2015 , none of the conditions allowing holders of the Notes to convert had been met. The conversion rate for the Convertible Notes is 11.1111 shares of common stock per $1,000 principal amount of Convertible Notes, which corresponds to a 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. In accounting for the issuance of the Convertible Notes, the Company separated the Convertible Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the estimated fair value of a similar liability that does not have an associated convertible feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the face value of the Convertible Notes as a whole. The excess of the principal amount of the liability component over its carrying amount ("debt discount") is amortized to interest expense over the term of the Convertible Notes using the effective interest method with an effective interest rate of 3.0 percent per annum. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the transaction costs related to the Convertible Note issuance, the Company allocated the total amount incurred to the liability and equity components based on their relative values. Issuance costs attributable to the $1.3 billion liability component are being amortized to expense over the term of the Convertible Notes, and issuance costs attributable to the $162.9 million equity component are included along with the equity component in stockholders' equity. Additionally, a deferred tax liability of $8.2 million related to a portion of the equity component transaction costs which are deductible for tax purposes is included in Other liabilities in the accompanying condensed consolidated balance sheets. The Convertible Notes consist of the following (in thousands): September 30, 2015 Liability component Principal $ 1,437,500 Less: note discount (120,608 ) Net carrying amount 1,316,892 Equity component * $ 162,869 * Recorded in the condensed consolidated balance sheet within additional paid-in capital. The following table includes total interest expense recognized related to the Convertible Notes (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Contractual interest expense $ 1,797 $ 1,797 $ 5,391 $ 2,995 Amortization of debt issuance costs 997 922 2,971 1,533 Amortization of debt discount 8,039 7,802 23,939 12,971 $ 10,833 $ 10,521 $ 32,301 $ 17,499 See Note 6 to the Company's condensed consolidated financial statements for fair value disclosures related to the Company's Convertible Notes. Convertible Note Hedge and Warrant Transactions In connection with the pricing of the Convertible Notes, the Company entered into convertible note hedge transactions relating to approximately 16.0 million shares of common stock (the "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”) and also entered into separate warrant transactions (the "Initial Warrant Transactions") with each of the Option Counterparties relating to approximately 16.0 million shares of common stock. The Bond Hedges are generally expected to reduce the potential dilution upon conversion of the Convertible Notes and/or offset any payments in cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, that 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. The Warrants will expire in ratable portions on a series of expiration dates commencing after the maturity of the Convertible Notes. The Bond Hedges and Warrants are not marked to market. The value of the Bond Hedges and Warrants were initially recorded in stockholders' equity and continue to be classified within stockholders' equity. 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. |
Credit Facility
Credit Facility | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
CREDIT FACILITY | CREDIT FACILITY Effective January 7, 2015, the Company entered into a Credit Facility with a group of financial institutions (the “Lenders”). The Credit Facility provides for a five year revolving line of credit in the aggregate amount of $250.0 million , subject to continued covenant compliance. The Company may elect to increase the revolving credit facility by up to $250.0 million if existing or new lenders provide additional revolving commitments in accordance with the terms of the Credit Agreement. A portion of the revolving line of credit (i) in the aggregate amount of $25.0 million may be available for issuances of letters of credit and (ii) in the aggregate amount of $10.0 million may be available for swing line loans, as part of, not in addition to, the aggregate revolving commitments. The Credit Facility bears interest at the LIBOR plus 1.10% and adjusts in the range of 1.00% to 1.30% above LIBOR based on the ratio of the Company’s total debt to its adjusted earnings before interest, taxes, depreciation, amortization and certain other items (“EBITDA”) as defined in the agreement. In addition, the Company is required to pay a quarterly facility fee ranging from 0.125% to 0.20% of the aggregate revolving commitments under the Credit Facility and based on the ratio of the Company’s total debt to the Company’s consolidated EBITDA. The weighted average interest rate for the period that amounts were outstanding under the Credit Facility was 1.82% . As of September 30, 2015 , there were no amounts outstanding under the Credit Facility. The Credit Agreement contains certain financial covenants that require the Company to maintain a consolidated leverage ratio of not more than 3.5 :1.0 and a consolidated interest coverage ratio of not less than 3.0 :1.0. In addition, the Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the ability of the Company to grant liens, merge, dissolve or consolidate, dispose of all or substantially all of its assets, pay dividends during the existence of a default under the Credit Agreement, change its business and incur subsidiary indebtedness, in each case subject to customary exceptions for a credit facility of this size and type. The Company was in compliance with these covenants as of September 30, 2015 . |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Derivatives Designated as Hedging Instruments As of September 30, 2015 , 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 loss 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 loss on cash flow derivative instruments was $2.6 million at September 30, 2015 and the total cumulative unrealized loss on cash flow derivative instruments was $8.3 million at December 31, 2014 , and is included in Accumulated other comprehensive loss in the accompanying condensed consolidated balance sheets. See Note 13 for more information related to comprehensive income. The net unrealized loss as of September 30, 2015 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) September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign currency forward contracts Prepaid expenses and other current assets $462 Prepaid expenses and other current assets $435 Accrued expenses and other current liabilities $3,297 Accrued expenses and other current liabilities $9,364 Asset Derivatives Liability Derivatives (In thousands) September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Derivatives Not Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign currency forward contracts Prepaid expenses and other current assets $729 Prepaid expenses and other current assets $771 Accrued expenses and other current liabilities $486 Accrued expenses and other current liabilities $328 The Effect of Derivative Instruments on Financial Performance For the Three Months Ended September 30, (In thousands) Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized in Other Comprehensive (Loss) Income (Effective Portion) Location of (Loss)/Gain Reclassified Amount of (Loss)/Gain Reclassified from Accumulated Other Comprehensive Loss (Effective Portion) 2015 2014 2015 2014 Foreign currency forward contracts $ (554 ) $ (8,309 ) Operating expenses $ (1,794 ) $ 1,500 For the Nine Months Ended September 30, (In thousands) Derivatives in Cash Flow Hedging Relationships Amount of Gain/(Loss) Recognized in Other Comprehensive (Loss) Income (Effective Portion) Location of (Loss)/Gain Reclassified Amount of (Loss)/Gain Reclassified from Accumulated Other Comprehensive Loss (Effective Portion) 2015 2014 2015 2014 Foreign currency forward contracts $ 5,770 $ (8,645 ) Operating expenses $ (11,462 ) $ 4,448 There was no material ineffectiveness in the Company’s foreign currency hedging program in the periods presented. For the Three Months Ended September 30, (In thousands) Derivatives Not Designated as Hedging Instruments Location of Gain Recognized in Income on Derivative Amount of Gain Recognized in Income on Derivative 2015 2014 Foreign currency forward contracts Other expense, net $ 1,238 $ 2,626 For the Nine Months Ended September 30, (In thousands) Derivatives Not Designated as Hedging Instruments Location of Gain Recognized in Income on Derivative Amount of Gain Recognized in Income on Derivative 2015 2014 Foreign currency forward contracts Other expense, net $ 1,727 $ 1,064 Outstanding Foreign Currency Forward Contracts As of September 30, 2015 , the Company had the following net notional foreign currency forward contracts outstanding (in thousands): Foreign Currency Currency Denomination Australian Dollar AUD 10,332 Brazilian Real BRL 5,100 Pounds Sterling GBP 8,550 Canadian Dollar CAD 2,600 Chinese Yuan Renminbi CNY 12,217 Danish Krone DKK 21,300 Euro EUR 6,300 Hong Kong Dollar HKD 51,268 Indian Rupee INR 615,751 Japanese Yen JPY 731,342 Singapore Dollar SGD 11,615 Swiss Franc CHF 22,700 |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME The changes in Accumulated other comprehensive loss by component, net of tax, are as follows: Foreign currency Unrealized gain (loss) on available-for-sale securities Unrealized (loss) gain on derivative instruments Other comprehensive loss on pension liability Total (In thousands) Balance at December 31, 2014 $ (16,346 ) $ (990 ) $ (8,345 ) $ (11,109 ) $ (36,790 ) Other comprehensive income before reclassifications — 1,392 (5,692 ) — (4,300 ) Amounts reclassified from accumulated other comprehensive loss — 164 11,462 — 11,626 Net current period other comprehensive income — 1,556 5,770 — 7,326 Balance at September 30, 2015 $ (16,346 ) $ 566 $ (2,575 ) $ (11,109 ) $ (29,464 ) Income tax expense or benefit allocated to each component of other comprehensive (loss) income is not material. Reclassifications out of Accumulated other comprehensive loss are as follows: For the Three Months Ended September 30, 2015 (In thousands) Details about accumulated other comprehensive loss components Amount reclassified from accumulated other comprehensive loss, net of tax Affected line item in the Condensed Consolidated Statements of Income Unrealized net losses on available-for-sale securities $ 232 Other expense, net Unrealized net losses on cash flow hedges 1,794 Operating expenses * $ 2,026 For the Nine Months Ended September 30, 2015 (In thousands) Details about accumulated other comprehensive loss components Amount reclassified from accumulated other comprehensive loss, net of tax Affected line item in the Condensed Consolidated Statements of Income Unrealized net losses on available-for-sale securities $ 164 Other expense, net Unrealized net losses on cash flow hedges 11,462 Operating expenses * $ 11,626 * Operating expenses amounts allocated to Research and development, Sales, marketing and services, and General and administrative are not individually significant. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company’s net unrecognized tax benefits totaled approximately $48.3 million and $66.9 million as of September 30, 2015 and December 31, 2014 , respectively. All amounts included in the balance at September 30, 2015 for tax positions would affect the annual effective tax rate if recognized. The Company has $0.5 million accrued for the payment of interest and penalties as of September 30, 2015 . The Company and one or more of its subsidiaries are subject to federal income taxes in the United States, as well as income taxes of multiple state and foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years prior to 2013. With few exceptions, the Company is no longer subject to state and local tax or non-U.S. income tax examinations by tax authorities for years prior to 2011. During the quarter ended June 30, 2015, the Internal Revenue Service (“IRS”) concluded its field examination of the Company’s 2011 and 2012 tax years and issued proposed adjustments primarily related to transfer pricing and the research and development tax credit. In June 2015, the Company finalized its tax deficiency calculations and formally closed the audit with the IRS for the 2011 and 2012 tax years. As a result, the Company recognized a net tax benefit of $20.3 million during the second quarter of 2015 related to the settlement. 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. At September 30, 2015 , the Company had approximately $152.0 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. During the quarter ended September 30, 2015 , the Company did not record a change in the Company's valuation allowance. 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. 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 (4.8)% and 1.4% for the three months ended September 30, 2015 and 2014 , respectively and 5.8% and 6.9% for the nine months ended September 30, 2015 and 2014, respectively. The decrease in the effective tax rate when comparing the three months ended September 30, 2015 to the three months ended September 30, 2014 was primarily due to a change in the mix of income between the Company's U.S. and foreign operations driven by impairment charges of certain domestic intangible assets from the acquisition of ByteMobile recorded in the third quarter of 2015. The decrease in the effective tax rate when comparing the nine months ended September 30, 2015 to the nine months ended September 30, 2014 was due to the impact of settling the IRS examination for the tax years 2011 and 2012 that closed during the three months ended June 30, 2015, and the impact of the intangible asset impairment recorded in the three months ended September 30, 2015. 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. From time to time, there may be other items that impact our effective tax rate, such as the items specific to the current period discussed above. |
Treasury Stock
Treasury Stock | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
TREASURY STOCK | TREASURY STOCK Stock Repurchase Program The Company’s Board of Directors authorized an ongoing stock repurchase program with a total repurchase authority granted to the Company of $5.9 billion , of which $500.0 million was approved in September 2015. 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 September 30, 2015 , approximately $336.8 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 net proceeds from the Convertible Notes offering, as well as 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, pursuant to a Rule 10b5-1 plan or in privately negotiated transactions. During the three months ended September 30, 2015 , the Company expended approximately $279.5 million on open market purchases under the stock repurchase program, repurchasing 3,895,283 shares of outstanding common stock at an average price of $71.75 . During the nine months ended September 30, 2015 , the Company expended approximately $451.6 million on open market purchases under the stock repurchase program, repurchasing 6,588,783 shares of outstanding common stock at an average price of $68.54 . Of the amount expended, $53.6 million had not yet settled as of September 30, 2015 and therefore was excluded from the amount reflected in Stock repurchases, net in the Condensed Consolidated Statements of Cash Flows as it is considered a non-cash item. In October 2015, the Company repurchased an additional 3.6 million shares under the stock repurchase program. During the second quarter of 2014, the Company used a portion of the net proceeds from the Convertible Notes offering and existing cash and investments to repurchase an aggregate of approximately $1.5 billion of its common stock as authorized under the stock repurchase program. Of this $1.5 billion , the Company used approximately $101.0 million to purchase 1.7 million shares 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 under an Accelerated Share Repurchase ("ASR") which the Company entered into with Citibank, N.A. ("Citibank") on April 25, 2014 (the "ASR Agreement"). Under the ASR agreement, the Company paid $1.4 billion to Citibank upon consummation of the ASR and received, in the aggregate, approximately 21.8 million shares of its common stock from Citibank, including approximately 2.6 million shares delivered in October 2014 in final settlement in connection with Citibank's election to accelerate the ASR. The total number of shares of common stock that the Company repurchased under the ASR Agreement was 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. During the three and nine months ended September 30, 2014 , the Company expended approximately $99.9 million on open market purchases under the stock repurchase program, repurchasing 1,434,400 shares of outstanding common stock at an average price of $69.71 . Shares for Tax Withholding During the three months ended September 30, 2015 , the Company withheld 55,963 shares from stock units that vested, totaling $4.1 million , to satisfy minimum tax withholding obligations that arose on the vesting of stock units. During the nine months ended September 30, 2015 , the Company withheld 501,785 shares from stock units that vested, totaling $32.4 million , to satisfy minimum tax withholding obligations that arose on the vesting of stock units. During the three months ended September 30, 2014 , the Company withheld 75,797 shares from stock units that vested, totaling $4.9 million , to satisfy minimum tax withholding obligations that arose on the vesting of stock units. During the nine months ended September 30, 2014 , the Company withheld 470,567 shares from stock units that vested, totaling $27.8 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 | 9 Months Ended |
Sep. 30, 2015 | |
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 certain of 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 the directors received under the Company's director compensation program. The complaint seeks among other things the recovery of monetary damages and other relief for damages allegedly caused to the Company. A reasonable estimate cannot be made at this time. 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. 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 | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | RESTRUCTURING 2015 Restructuring Program On January 28, 2015, the Company announced the implementation of a restructuring program designed to increase strategic focus and operational efficiency and began to execute against the program in February 2015. As a result, the Company eliminated approximately 700 full-time positions in the first half of 2015. During the three and nine months ended September 30, 2015 , the Company incurred $14.0 million and $60.5 million , respectively, primarily related to employee severance arrangements and the consolidation of leased facilities. It is anticipated that the aggregate total pre-tax restructuring charges will be in the range of $66.0 million to $70.0 million . Included in these pre-tax charges are approximately $49.0 million to $51.0 million related to employee severance arrangements and approximately $17.0 million to $19.0 million related to the consolidation of leased facilities during fiscal year 2015. The majority of the activities related to the 2015 Restructuring Program are anticipated to be completed by the end of 2015. 2014 Restructuring Program 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 325 full-time positions since inception. The pre-tax charges incurred were primarily related to severance and other costs directly related to the reduction of the Company's workforce. The activities under the 2014 Restructuring Program were substantially completed as of the end of the first quarter of 2015. As of September 30, 2015 , total charges related to the 2014 Restructuring Program incurred since inception were $22.2 million , primarily related to employee severance and related costs. Restructuring Charges by Segment Restructuring charges by segment consists of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 2014 Restructuring Program Enterprise and Service Provider $ (263 ) $ 3,122 $ 1,747 $ 11,093 Mobility Apps — 2 50 6,192 2015 Restructuring Program Enterprise and Service Provider 13,714 — 59,580 — Mobility Apps 315 — 874 — Total restructuring charges $ 13,766 $ 3,124 $ 62,251 $ 17,285 Restructuring accruals The activity in the Company’s restructuring accruals for the nine months ended September 30, 2015 is summarized as follows (in thousands): 2014 Restructuring Program 2015 Restructuring Program Total Balance at January 1, 2015 $ 2,780 $ — $ 2,780 Employee severance and related costs 2,060 44,696 46,756 Consolidation of leased facilities — 14,703 14,703 Payments (3,433 ) (40,405 ) (43,838 ) Reversal of previous charges (263 ) — (263 ) Balance at September 30, 2015 $ 1,144 $ 18,994 $ 20,138 As of September 30, 2015 , the $20.1 million in outstanding restructuring accruals primarily relates to the Enterprise and Service Provider segment. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In September 2015, the Financial Accounting Standards Board issued an accounting standard update on business combinations. The new guidance requires that an acquirer in a business combination recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount as if the accounting had been completed as of the acquisition date. The adjustments related to previous reporting periods since the acquisition date must be disclosed by income statement line item either on the face of the income statement or in the notes. The guidance becomes effective for fiscal years and interim reporting periods beginning on or after December 15, 2015, with early adoption permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial position, results of operations and cash flows. In April 2015, the Financial Accounting Standards Board issued an accounting standard update on the presentation of debt issuance costs. The new guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance becomes effective for fiscal years and interim reporting periods beginning on or after December 15, 2015, with early adoption permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial position, results of operations and cash flows. In May 2014, the Financial Accounting Standards Board issued an accounting standard update on revenue recognition . The new guidance creates a single, principle-based model for revenue recognition and expands and improves disclosures about revenue. In July 2015, the Financial Accounting Standards Board issued an accounting standard update that defers the effective date of the new revenue recognition standard by one year. The new guidance is effective for annual reporting periods beginning on or after December 15, 2017, and must be adopted using either a full retrospective approach for all periods presented in the period of adoption or a modified retrospective approach. The Company is currently evaluating the potential impact of this standard on its financial position and results of operations. |
Significant Accounting Polici25
Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2015 | |
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 fair value of convertible senior notes, 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. |
Available-for-sale Investments | Available-for-sale Investments Short-term and long-term available-for-sale investments as of September 30, 2015 and December 31, 2014 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 loss. 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. See Note 5 for investment information. |
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 appliances. These revenues are reflected net of sales allowances, cooperative advertising agreements, partner incentive programs and provisions for returns. 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. 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, maintenance and support 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 technical support, immediate access to software upgrades, enhancements and maintenance releases when and if they become available during the term of the contract. 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 software products. 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 and software 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 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. Our Citrix Service Provider ("CSP") program provides subscription-based services in which the CSP partners host software services to their end users. The fees from the CSP program are recognized based on usage and as the CSP services are provided to their end users. For the Company’s non-software transactions, 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 Mobility Apps products are considered hosted service arrangements per the authoritative guidance, or SaaS. Generally, the Company’s Mobility Apps products are sold separately and not bundled with the Enterprise and Service Provider business unit’s 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 $1.1 million and $2.2 million at September 30, 2015 and December 31, 2014 , 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 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. Effective January 1, 2015, the functional currency of the Company’s wholly-owned foreign subsidiaries of its Mobility Apps business unit became the U.S. dollar as a result of a reorganization in the foreign subsidiaries' operations. Prior to January 1, 2015, the functional currency of the Company’s wholly-owned foreign subsidiaries of its Mobility Apps business unit was the currency of the country in which each subsidiary is located. The Company translated assets and liabilities of these foreign subsidiaries at exchange rates in effect at the balance sheet date and included accumulated net translation adjustments in equity as a component of Accumulated other comprehensive loss. The change in functional currency is applied on a prospective basis, therefore a ny gains and losses that were previously recorded in Accumulated other comprehensive loss remain unchanged from January 1, 2015. 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 Mobility Apps business units. |
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) | 9 Months Ended |
Sep. 30, 2015 | |
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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator: Net income $ 55,925 $ 47,532 $ 188,087 $ 156,495 Denominator: Denominator for basic earnings per share - weighted-average shares outstanding 160,359 164,229 160,359 172,622 Effect of dilutive employee stock awards 1,418 1,484 1,357 1,401 Denominator for diluted earnings per share - weighted-average shares outstanding 161,777 165,713 161,716 174,023 Basic earnings per share $ 0.35 $ 0.29 $ 1.17 $ 0.91 Diluted earnings per share $ 0.35 $ 0.29 $ 1.16 $ 0.90 Anti-dilutive weighted-average shares from stock awards 1,572 2,807 2,416 3,287 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Allocation of Purchase Price | The allocation of the total purchase prices is summarized below (in thousands): Sanbolic Grasshopper Purchase Price Allocation Asset Life Purchase Price Allocation Asset Life Current assets $ 581 $ 4,818 Property and equipment — 467 Various Intangible assets 45,300 Various 71,400 Various Goodwill 61,639 Indefinite 99,686 Indefinite Other assets — 80 Assets acquired 107,520 176,451 Current liabilities assumed 1,454 11,181 Long-term liabilities assumed 3,175 158 Deferred tax liabilities, non-current 13,295 — Net assets acquired $ 89,596 $ 165,112 |
Schedule of Finite-Lived Intangible Assets Acquired | Identifiable intangible assets acquired in connection with the 2015 Acquisitions (in thousands) and the weighted-average lives are as follows: Sanbolic Asset Life Grasshopper Asset Life Core and product technologies $ 43,800 5 and 6 years $ 25,000 7 years Customer relationships 1,500 2 years 37,900 5 years Telecommunication carrier relationships — 7,900 2 years Trade name — 600 2 years Total $ 45,300 $ 71,400 |
Schedule of Pro Forma Information | The following unaudited pro-forma information combines the consolidated results of the operations of the Company and the 2015 Acquisitions as if the acquisitions had occurred on January 1, 2014, the first day of the Company's fiscal year 2014 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ 813,309 $ 766,282 $ 2,384,428 $ 2,310,979 Income from operations 63,837 53,260 229,379 166,384 Net income 55,949 44,005 182,685 144,398 Per share - basic 0.35 0.27 1.14 0.84 Per share - diluted 0.35 0.27 1.13 0.83 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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): September 30, 2015 December 31, 2014 Description of the Securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Agency securities $ 577,539 $ 1,422 $ (80 ) $ 578,881 $ 637,474 $ 1,296 $ (457 ) $ 638,313 Corporate securities 679,887 396 (928 ) 679,355 795,255 232 (1,372 ) 794,115 Municipal securities 15,466 28 (1 ) 15,493 48,744 17 (31 ) 48,730 Government securities 63,596 143 — 63,739 121,431 37 (256 ) 121,212 Total $ 1,336,488 $ 1,989 $ (1,009 ) $ 1,337,468 $ 1,602,904 $ 1,582 $ (2,116 ) $ 1,602,370 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets: Cash and cash equivalents: Cash $ 295,170 $ 295,170 $ — $ — Money market funds 220,004 220,004 — — Corporate securities 12,420 — 12,420 — Available-for-sale securities: Agency securities 578,881 — 578,881 — Corporate securities 679,355 — 673,193 6,162 Municipal securities 15,493 — 15,493 — Government securities 63,739 — 63,739 — Prepaid expenses and other current assets: Foreign currency derivatives 1,191 — 1,191 — Total assets $ 1,866,253 $ 515,174 $ 1,344,917 $ 6,162 Accrued expenses and other current liabilities: Foreign currency derivatives 3,783 — 3,783 — Total liabilities $ 3,783 $ — $ 3,783 $ — As of December 31, 2014 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets: Cash and cash equivalents: Cash $ 230,370 $ 230,370 $ — $ — Money market funds 29,512 29,512 — — Corporate securities 267 — 267 — Available-for-sale securities: Agency securities 638,313 — 638,313 — Corporate securities 794,115 — 788,042 6,073 Municipal securities 48,730 — 48,730 — Government securities 121,212 — 121,212 — Prepaid expenses and other current assets: Foreign currency derivatives 1,206 — 1,206 — Total assets $ 1,863,725 $ 259,882 $ 1,597,770 $ 6,073 Accrued expenses and other current liabilities: Foreign currency derivatives 9,692 — 9,692 — Total liabilities $ 9,692 $ — $ 9,692 $ — |
Assets Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs | 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, 2014 $ 6,073 Purchases of Level 3 securities 1,475 Proceeds received on Level 3 securities (101 ) Total net realized losses included in earnings (838 ) Transfers out of Level 3 (447 ) Balance at September 30, 2015 $ 6,162 |
Fair Value, by Balance Sheet Grouping | As of September 30, 2015 , the fair value of the Convertible Notes, which was determined based on inputs that are observable in the market (Level 2) based on the closing trading price per $100 as of the last day of trading for the quarter ended September 30, 2015 , and carrying value of debt instruments (carrying value excludes the equity component of the Company’s Convertible Notes classified in equity) was as follows (in thousands): Fair Value Carrying Value Convertible Senior Notes $ 1,541,719 $ 1,316,892 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The Company used the Black-Scholes model to estimate the fair value of its Employee Stock Purchase Plan awards with the following weighted-average assumptions: Three Months Ended September 30, 2015 Expected volatility factor 0.35 Risk free interest rate 0.25 % Expected dividend yield 0 % Expected life (in years) 0.5 |
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 Nine Months Ended Nine Months Ended Income Statement Classifications September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Cost of services and maintenance revenues $ 803 $ 673 $ 2,095 $ 1,854 Research and development 9,118 13,989 31,454 42,102 Sales, marketing and services 16,922 15,073 38,083 46,885 General and administrative 11,828 12,714 32,042 37,599 Total $ 38,671 $ 42,449 $ 103,674 $ 128,440 |
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 2015 Grant March 2014 Grant Expected volatility factor 0.14 - 0.29 0.19 - 0.38 Risk free interest rate 0.85 % 0.81 % Expected dividend yield 0 % 0 % |
Goodwill And Other Intangible31
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 nine months ended September 30, 2015 (in thousands): Balance at January 1, 2015 Additions Other Balance at September 30, 2015 Enterprise and Service Provider $ 1,434,369 $ 61,639 $ (740 ) (2) $ 1,495,268 Mobility Apps 362,482 99,686 — 462,168 Consolidated $ 1,796,851 $ 161,325 (1) $ (740 ) $ 1,957,436 (1) Amounts relate to 2015 acquisitions. See Note 4 for more information regarding the Company’s acquisitions. (2) Amount relates to adjustments to the preliminary purchase price allocation associated with 2014 acquisitions. |
Schedule Of Intangible Assets | Intangible assets consist of the following (in thousands): September 30, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Product related intangible assets $ 683,695 $ 500,282 $ 618,336 $ 454,830 Other 455,862 273,227 492,960 265,749 Total $ 1,139,557 $ 773,509 $ 1,111,296 $ 720,579 |
Schedule Of Estimated Future Amortization Expense | Estimated future amortization expense of intangible assets with finite lives as of September 30, 2015 is as follows (in thousands): Year ending December 31, Amount 2015 (remaining three months) $ 27,251 2016 98,586 2017 74,536 2018 62,561 2019 43,012 Thereafter 60,102 Total $ 366,048 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net revenues: Enterprise and Service Provider $ 622,513 $ 593,741 $ 1,833,126 $ 1,808,209 Mobility Apps 190,757 165,253 537,705 483,164 Consolidated $ 813,270 $ 758,994 $ 2,370,831 $ 2,291,373 Segment profit (1) : Enterprise and Service Provider $ 190,372 $ 131,409 $ 497,351 $ 394,536 Mobility Apps 22,901 27,402 60,202 92,333 Unallocated expenses (2) : Amortization and impairment of intangible assets (97,038 ) (33,915 ) (154,931 ) (135,515 ) Patent litigation charge — (20,727 ) — (20,727 ) Other — — 982 — Restructuring (13,766 ) (3,124 ) (62,251 ) (17,285 ) Net interest and other expense, net (10,440 ) (10,374 ) (37,997 ) (16,897 ) Stock-based compensation (38,671 ) (42,449 ) (103,674 ) (128,440 ) Consolidated income before income taxes $ 53,358 $ 48,222 $ 199,682 $ 168,005 (1) The Company revised its methodology for allocating certain corporate costs within General and administrative expenses to more closely align these costs to the employees directly utilizing the related services within each of its reporting segments, thereby impacting Segment profit for the nine months ended September 30, 2015. Accordingly, the adjusted Segment profit for the Enterprise and Service Provider and Mobility Apps segments is $132.1 million and $15.0 million , respectively for the three months ended March 31, 2015 and $174.9 million and $22.3 million , respectively for the three months ended June 30, 2015. This change in presentation does not affect the Company's consolidated financial position, results from operations or cash flows. (2) 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 and Mobility Apps business units were as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net revenues: Enterprise and Service Provider Workspace Services revenues (1) $ 396,167 $ 392,875 $ 1,193,178 $ 1,170,103 Delivery Networking revenues (2) 187,447 155,388 521,488 501,231 Professional services (3) 36,676 42,322 110,576 126,775 Other 2,223 3,156 7,884 10,100 Total Enterprise and Service Provider revenues 622,513 593,741 1,833,126 1,808,209 Mobility Apps revenues 190,757 165,253 537,705 483,164 Total net revenues $ 813,270 $ 758,994 $ 2,370,831 $ 2,291,373 (1) Workspace Services revenues are primarily comprised of sales from the Company’s windows app delivery products, which include XenDesktop and XenApp, and the Company's mobile app delivery products, which include XenMobile and related license updates and maintenance and support. (2) Delivery Networking revenues primarily include NetScaler, ByteMobile Smart Capacity and CloudBridge products 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net revenues: Enterprise and Service Provider Americas $ 345,417 $ 318,180 $ 1,005,967 $ 977,166 EMEA 206,377 202,557 616,558 610,254 Asia-Pacific 70,719 73,004 210,601 220,789 Total Enterprise and Service Provider revenues 622,513 593,741 1,833,126 1,808,209 Mobility Apps Americas 160,079 137,031 452,672 400,580 EMEA 24,480 22,407 67,843 65,780 Asia-Pacific 6,198 5,815 17,190 16,804 Total Mobility Apps revenues 190,757 165,253 537,705 483,164 Total net revenues $ 813,270 $ 758,994 $ 2,370,831 $ 2,291,373 |
Convertible Senior Notes (Table
Convertible Senior Notes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Convertible Debt | The Convertible Notes consist of the following (in thousands): September 30, 2015 Liability component Principal $ 1,437,500 Less: note discount (120,608 ) Net carrying amount 1,316,892 Equity component * $ 162,869 * Recorded in the condensed consolidated balance sheet within additional paid-in capital. |
Schedule of Interest Expense Recognized Related to Convertible Notes | The following table includes total interest expense recognized related to the Convertible Notes (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Contractual interest expense $ 1,797 $ 1,797 $ 5,391 $ 2,995 Amortization of debt issuance costs 997 922 2,971 1,533 Amortization of debt discount 8,039 7,802 23,939 12,971 $ 10,833 $ 10,521 $ 32,301 $ 17,499 |
Derivative Financial Instrume34
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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) September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign currency forward contracts Prepaid expenses and other current assets $462 Prepaid expenses and other current assets $435 Accrued expenses and other current liabilities $3,297 Accrued expenses and other current liabilities $9,364 Asset Derivatives Liability Derivatives (In thousands) September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Derivatives Not Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Foreign currency forward contracts Prepaid expenses and other current assets $729 Prepaid expenses and other current assets $771 Accrued expenses and other current liabilities $486 Accrued expenses and other current liabilities $328 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The Effect of Derivative Instruments on Financial Performance For the Three Months Ended September 30, (In thousands) Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized in Other Comprehensive (Loss) Income (Effective Portion) Location of (Loss)/Gain Reclassified Amount of (Loss)/Gain Reclassified from Accumulated Other Comprehensive Loss (Effective Portion) 2015 2014 2015 2014 Foreign currency forward contracts $ (554 ) $ (8,309 ) Operating expenses $ (1,794 ) $ 1,500 For the Nine Months Ended September 30, (In thousands) Derivatives in Cash Flow Hedging Relationships Amount of Gain/(Loss) Recognized in Other Comprehensive (Loss) Income (Effective Portion) Location of (Loss)/Gain Reclassified Amount of (Loss)/Gain Reclassified from Accumulated Other Comprehensive Loss (Effective Portion) 2015 2014 2015 2014 Foreign currency forward contracts $ 5,770 $ (8,645 ) Operating expenses $ (11,462 ) $ 4,448 |
Schedule Of Effect Of Derivative Instruments On Financial Performance | For the Three Months Ended September 30, (In thousands) Derivatives Not Designated as Hedging Instruments Location of Gain Recognized in Income on Derivative Amount of Gain Recognized in Income on Derivative 2015 2014 Foreign currency forward contracts Other expense, net $ 1,238 $ 2,626 For the Nine Months Ended September 30, (In thousands) Derivatives Not Designated as Hedging Instruments Location of Gain Recognized in Income on Derivative Amount of Gain Recognized in Income on Derivative 2015 2014 Foreign currency forward contracts Other expense, net $ 1,727 $ 1,064 |
Schedule Of Net Notional Foreign Currency Forward Contracts Outstanding | As of September 30, 2015 , the Company had the following net notional foreign currency forward contracts outstanding (in thousands): Foreign Currency Currency Denomination Australian Dollar AUD 10,332 Brazilian Real BRL 5,100 Pounds Sterling GBP 8,550 Canadian Dollar CAD 2,600 Chinese Yuan Renminbi CNY 12,217 Danish Krone DKK 21,300 Euro EUR 6,300 Hong Kong Dollar HKD 51,268 Indian Rupee INR 615,751 Japanese Yen JPY 731,342 Singapore Dollar SGD 11,615 Swiss Franc CHF 22,700 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Schedule of changes in accumulated other comprehensive income by component | The changes in Accumulated other comprehensive loss by component, net of tax, are as follows: Foreign currency Unrealized gain (loss) on available-for-sale securities Unrealized (loss) gain on derivative instruments Other comprehensive loss on pension liability Total (In thousands) Balance at December 31, 2014 $ (16,346 ) $ (990 ) $ (8,345 ) $ (11,109 ) $ (36,790 ) Other comprehensive income before reclassifications — 1,392 (5,692 ) — (4,300 ) Amounts reclassified from accumulated other comprehensive loss — 164 11,462 — 11,626 Net current period other comprehensive income — 1,556 5,770 — 7,326 Balance at September 30, 2015 $ (16,346 ) $ 566 $ (2,575 ) $ (11,109 ) $ (29,464 ) |
Schedule of reclassification out of accumulated other comprehensive income | Reclassifications out of Accumulated other comprehensive loss are as follows: For the Three Months Ended September 30, 2015 (In thousands) Details about accumulated other comprehensive loss components Amount reclassified from accumulated other comprehensive loss, net of tax Affected line item in the Condensed Consolidated Statements of Income Unrealized net losses on available-for-sale securities $ 232 Other expense, net Unrealized net losses on cash flow hedges 1,794 Operating expenses * $ 2,026 For the Nine Months Ended September 30, 2015 (In thousands) Details about accumulated other comprehensive loss components Amount reclassified from accumulated other comprehensive loss, net of tax Affected line item in the Condensed Consolidated Statements of Income Unrealized net losses on available-for-sale securities $ 164 Other expense, net Unrealized net losses on cash flow hedges 11,462 Operating expenses * $ 11,626 * Operating expenses amounts allocated to Research and development, Sales, marketing and services, and General and administrative are not individually significant. |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Charges by Segment | Restructuring charges by segment consists of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 2014 Restructuring Program Enterprise and Service Provider $ (263 ) $ 3,122 $ 1,747 $ 11,093 Mobility Apps — 2 50 6,192 2015 Restructuring Program Enterprise and Service Provider 13,714 — 59,580 — Mobility Apps 315 — 874 — Total restructuring charges $ 13,766 $ 3,124 $ 62,251 $ 17,285 |
Schedule of Restructuring Accruals | The activity in the Company’s restructuring accruals for the nine months ended September 30, 2015 is summarized as follows (in thousands): 2014 Restructuring Program 2015 Restructuring Program Total Balance at January 1, 2015 $ 2,780 $ — $ 2,780 Employee severance and related costs 2,060 44,696 46,756 Consolidation of leased facilities — 14,703 14,703 Payments (3,433 ) (40,405 ) (43,838 ) Reversal of previous charges (263 ) — (263 ) Balance at September 30, 2015 $ 1,144 $ 18,994 $ 20,138 |
Basis Of Presentation (Details)
Basis Of Presentation (Details) | 9 Months Ended |
Sep. 30, 2015segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Reportable Segments | 2 |
Significant Accounting Polici38
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||
Allowance for estimated product returns | $ 1.1 | $ 2.2 |
Weighted Average [Member] | Online Service Agreements [Member] | ||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||
Revenue recognition, period for recognition | 12 months | |
Minimum [Member] | License Update [Member] | ||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||
Revenue recognition, period for recognition | 12 months | |
Maximum [Member] | License 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 ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator: | ||||
Net income | $ 55,925 | $ 47,532 | $ 188,087 | $ 156,495 |
Denominator: | ||||
Denominator for basic earnings per share - weighted-average shares outstanding | 160,359 | 164,229 | 160,359 | 172,622 |
Effect of dilutive employee stock awards | 1,418 | 1,484 | 1,357 | 1,401 |
Denominator for diluted earnings per share - weighted-average shares outstanding | 161,777 | 165,713 | 161,716 | 174,023 |
Basic earnings per share (in dollars per share) | $ 0.35 | $ 0.29 | $ 1.17 | $ 0.91 |
Diluted earnings per share (in dollars per share) | $ 0.35 | $ 0.29 | $ 1.16 | $ 0.90 |
Anti-dilutive weighted-average shares from stock awards | 1,572 | 2,807 | 2,416 | 3,287 |
Senior Notes Due 2019 [Member] | ||||
Denominator: | ||||
Convertible debt, conversion price (in dollars per share) | $ 90 | $ 90 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) | May. 18, 2015USD ($)shares | Jan. 08, 2015USD ($)shares | Oct. 31, 2014USD ($)shares | Jan. 31, 2014USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($)Companyshares | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) |
Sanbolic, Inc. [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Preliminary consideration | $ 89,400,000 | |||||||||
Cash acquired in business combination | 200,000 | |||||||||
Transaction costs | $ 500,000 | |||||||||
Acquisition related costs | $ 0 | |||||||||
Conversion of assumed non-vested stock units to shares of Company stock (shares) | shares | 37,057 | |||||||||
Grasshopper Group, LLC [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Preliminary consideration | $ 161,500,000 | |||||||||
Cash acquired in business combination | 3,600,000 | |||||||||
Transaction costs | $ 300,000 | |||||||||
Conversion of assumed non-vested stock units to shares of Company stock (shares) | shares | 105,765 | |||||||||
Framehawk, Inc. [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Preliminary consideration | $ 24,200,000 | |||||||||
Cash acquired in business combination | 200,000 | |||||||||
Transaction costs | $ 100,000 | |||||||||
RightSignature, LLC [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Preliminary consideration | $ 37,800,000 | |||||||||
Cash acquired in business combination | 1,100,000 | |||||||||
Transaction costs | $ 200,000 | |||||||||
Conversion of assumed non-vested stock units to shares of Company stock (shares) | shares | 67,500 | |||||||||
Other 2014 Acquisition [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Preliminary consideration | $ 19,900,000 | $ 17,200,000 | ||||||||
Cash acquired in business combination | $ 200,000 | 800,000 | ||||||||
Transaction costs | $ 100,000 | |||||||||
Conversion of assumed non-vested stock units to shares of Company stock (shares) | shares | 23,430 | |||||||||
Number of privately-held companies acquired | Company | 2 | |||||||||
General and Administrative Expense [Member] | Sanbolic, Inc. [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Acquisition related costs | $ 0 | $ 200,000 | ||||||||
General and Administrative Expense [Member] | Grasshopper Group, LLC [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Acquisition related costs | $ 0 | $ 300,000 | ||||||||
General and Administrative Expense [Member] | Framehawk, Inc. [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Acquisition related costs | $ 100,000 | |||||||||
General and Administrative Expense [Member] | RightSignature, LLC [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Acquisition related costs | 100,000 | |||||||||
General and Administrative Expense [Member] | Other 2014 Acquisition [Member] | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Acquisition related costs | $ 100,000 |
Acquisitions - Allocation of Pu
Acquisitions - Allocation of Purchase Price (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | May. 18, 2015 | Jan. 08, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,957,436 | $ 1,796,851 | ||
Sanbolic, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | $ 581 | |||
Property and equipment | 0 | |||
Intangible assets | 45,300 | |||
Goodwill | 61,639 | |||
Other assets | 0 | |||
Assets acquired | 107,520 | |||
Current liabilities assumed | 1,454 | |||
Long-term liabilities assumed | 3,175 | |||
Deferred tax liabilities, non-current | 13,295 | |||
Net assets acquired | $ 89,596 | |||
Grasshopper Group, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | $ 4,818 | |||
Property and equipment | 467 | |||
Intangible assets | 71,400 | |||
Goodwill | 99,686 | |||
Other assets | 80 | |||
Assets acquired | 176,451 | |||
Current liabilities assumed | 11,181 | |||
Long-term liabilities assumed | 158 | |||
Deferred tax liabilities, non-current | 0 | |||
Net assets acquired | $ 165,112 |
Acquisitions Acquisitions - Int
Acquisitions Acquisitions - Intangible Assets Acquired (Details) - USD ($) $ in Thousands | May. 18, 2015 | Jan. 08, 2015 |
Sanbolic, Inc. [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 45,300 | |
Sanbolic, Inc. [Member] | Core and Product Technologies [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 43,800 | |
Sanbolic, Inc. [Member] | Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 1,500 | |
Useful life of intangible assets acquired | 2 years | |
Sanbolic, Inc. [Member] | Telecommunication Carrier Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 0 | |
Sanbolic, Inc. [Member] | Trade Name [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 0 | |
Grasshopper Group, LLC [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 71,400 | |
Grasshopper Group, LLC [Member] | Core and Product Technologies [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 25,000 | |
Useful life of intangible assets acquired | 7 years | |
Grasshopper Group, LLC [Member] | Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 37,900 | |
Useful life of intangible assets acquired | 5 years | |
Grasshopper Group, LLC [Member] | Telecommunication Carrier Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 7,900 | |
Useful life of intangible assets acquired | 2 years | |
Grasshopper Group, LLC [Member] | Trade Name [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 600 | |
Useful life of intangible assets acquired | 2 years | |
Minimum [Member] | Sanbolic, Inc. [Member] | Core and Product Technologies [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful life of intangible assets acquired | 5 years | |
Maximum [Member] | Sanbolic, Inc. [Member] | Core and Product Technologies [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful life of intangible assets acquired | 6 years |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - Sanbolic, Inc. and Grasshopper Group, LLC [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Business Acquisition [Line Items] | ||||
Revenues | $ 813,309 | $ 766,282 | $ 2,384,428 | $ 2,310,979 |
Income from operations | 63,837 | 53,260 | 229,379 | 166,384 |
Net income | $ 55,949 | $ 44,005 | $ 182,685 | $ 144,398 |
Per share - basic (USD per share) | $ 0.35 | $ 0.27 | $ 1.14 | $ 0.84 |
Per share - diluted (USD per share) | $ 0.35 | $ 0.27 | $ 1.13 | $ 0.83 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Investment [Line Items] | |||||
Proceeds from available-for-sale of investments | $ 718,400,000 | $ 469,600,000 | $ 1,550,000,000 | $ 1,340,000,000 | |
Average remaining maturities for short-term available for sale investments | 6 months | ||||
Average remaining maturities for long-term available for sale investments | 3 years | ||||
Gross unrealized losses on available-for-sale investments | 1,009,000 | $ 1,009,000 | $ 2,116,000 | ||
Cost method investments, gain recorded on cost method investments | 0 | 0 | |||
Other Assets [Member] | |||||
Investment [Line Items] | |||||
Cost method investments | 17,200,000 | 17,200,000 | $ 16,600,000 | ||
Other Income (Expense) [Member] | |||||
Investment [Line Items] | |||||
Realized gains on the sales of available-for-sale investments | 300,000 | 200,000 | 700,000 | 1,400,000 | |
Realized losses on the sales of available-for-sale investments | $ 600,000 | 100,000 | 900,000 | 400,000 | |
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Other Income (Expense) [Member] | |||||
Investment [Line Items] | |||||
Cost method investment, impairment charge included other income | 3,200,000 | $ 3,000,000 | 8,300,000 | ||
Cost method investments, gain recorded on cost method investments | $ 1,200,000 | $ 2,700,000 |
Investments (Schedule of Availa
Investments (Schedule of Available-for-sale Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment [Line Items] | ||
Amortized Cost | $ 1,336,488 | $ 1,602,904 |
Gross Unrealized Gains | 1,989 | 1,582 |
Gross Unrealized Losses | (1,009) | (2,116) |
Fair Value | 1,337,468 | 1,602,370 |
Agency securities [Member] | ||
Investment [Line Items] | ||
Amortized Cost | 577,539 | 637,474 |
Gross Unrealized Gains | 1,422 | 1,296 |
Gross Unrealized Losses | (80) | (457) |
Fair Value | 578,881 | 638,313 |
Corporate securities [Member] | ||
Investment [Line Items] | ||
Amortized Cost | 679,887 | 795,255 |
Gross Unrealized Gains | 396 | 232 |
Gross Unrealized Losses | (928) | (1,372) |
Fair Value | 679,355 | 794,115 |
Municipal securities [Member] | ||
Investment [Line Items] | ||
Amortized Cost | 15,466 | 48,744 |
Gross Unrealized Gains | 28 | 17 |
Gross Unrealized Losses | (1) | (31) |
Fair Value | 15,493 | 48,730 |
Government securities [Member] | ||
Investment [Line Items] | ||
Amortized Cost | 63,596 | 121,431 |
Gross Unrealized Gains | 143 | 37 |
Gross Unrealized Losses | 0 | (256) |
Fair Value | $ 63,739 | $ 121,212 |
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 ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total assets | $ 515,174 | $ 259,882 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Total liabilities | 0 | 0 |
Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total assets | 1,344,917 | 1,597,770 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Total liabilities | 3,783 | 9,692 |
Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total assets | 6,162 | 6,073 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Total liabilities | 0 | 0 |
Cash and Cash Equivalents [Member] | Cash [Member] | Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents | 295,170 | 230,370 |
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] | Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents | 220,004 | 29,512 |
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] | 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 | 12,420 | 267 |
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] | 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 | 673,193 | 788,042 |
Available-for-sale Securities [Member] | Corporate Securities [Member] | Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale securities | 6,162 | 6,073 |
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 | 578,881 | 638,313 |
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] | 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 | 15,493 | 48,730 |
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] | 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 | 63,739 | 121,212 |
Available-for-sale Securities [Member] | Government securities [Member] | Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale securities | 0 | 0 |
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 | 3,783 | 9,692 |
Accrued Expenses and Other Current Liabilities [Member] | Level 3 [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Foreign currency derivatives | 0 | 0 |
Foreign Exchange Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Prepaid expenses and other current assets | 0 | 0 |
Foreign Exchange Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Prepaid expenses and other current assets | 1,191 | 1,206 |
Foreign Exchange Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Prepaid expenses and other current assets | 0 | 0 |
Estimate of Fair Value Measurement [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total assets | 1,866,253 | 1,863,725 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Total liabilities | 3,783 | 9,692 |
Estimate of Fair Value Measurement [Member] | Cash and Cash Equivalents [Member] | Cash [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents | 295,170 | 230,370 |
Estimate of Fair Value Measurement [Member] | Cash and Cash Equivalents [Member] | Money Market Funds [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents | 220,004 | 29,512 |
Estimate of Fair Value Measurement [Member] | Cash and Cash Equivalents [Member] | Corporate Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents | 12,420 | 267 |
Estimate of Fair Value Measurement [Member] | Available-for-sale Securities [Member] | Corporate Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale securities | 679,355 | 794,115 |
Estimate of Fair Value Measurement [Member] | Available-for-sale Securities [Member] | Agency Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale securities | 578,881 | 638,313 |
Estimate of Fair Value Measurement [Member] | Available-for-sale Securities [Member] | Municipal securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale securities | 15,493 | 48,730 |
Estimate of Fair Value Measurement [Member] | Available-for-sale Securities [Member] | Government securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Available-for-sale securities | 63,739 | 121,212 |
Estimate of Fair Value Measurement [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Foreign currency derivatives | 3,783 | 9,692 |
Estimate of Fair Value Measurement [Member] | Foreign Exchange Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Prepaid expenses and other current assets | $ 1,191 | $ 1,206 |
Fair Value Measurements (Asse47
Fair Value Measurements (Assets Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs) (Details) - Convertible Debt Securities [Member] - Level 3 [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at December 31, 2014 | $ 6,073 |
Purchases of Level 3 securities | 1,475 |
Proceeds received on Level 3 securities | (101) |
Total net realized losses included in earnings | (838) |
Transfers out of Level 3 | (447) |
Balance at September 30, 2015 | $ 6,162 |
Fair Value Measurements (Asse48
Fair Value Measurements (Assets and Liabilities on a Nonrecurring Basis) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cost Method Investments, Fair Value Disclosure | $ 0 | ||
Other Income (Expense) [Member] | Nonrecurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cost method investment, impairment charge included other income | $ 3,200,000 | $ 3,000,000 | $ 8,300,000 |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Information Regarding Fair Value Measurements) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Senior Notes | $ 1,316,892,000 | $ 1,292,953,000 |
Level 2 [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Closing trading price per $100 as of the last day of trading for the quarter | 100 | |
Convertible Senior Notes | 1,541,719,000 | |
Senior Notes Due 2019 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Senior Notes | 1,316,892,000 | |
Senior Notes Due 2019 [Member] | Level 2 [Member] | Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Convertible Senior Notes | $ 1,316,892,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2015$ / sharesshares | Mar. 31, 2014$ / sharesshares | Sep. 30, 2015USD ($)planshares | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)installmentplanshares | Sep. 30, 2014USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of stock-based compensation plans offered | plan | 2 | 2 | ||||
Stock-based compensation cost | $ | $ 38,671 | $ 42,449 | $ 103,674 | $ 128,440 | ||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options vesting life assumed | 5 years | |||||
Stock option vesting period | 3 years | |||||
Total unrecognized compensation cost recognition period | 4 months 10 days | |||||
Vesting period of options from acquisitions | 3 years | |||||
The total intrinsic value of options exercised | $ | 4,400 | 11,300 | $ 18,200 | 31,300 | ||
Total unrecognized compensation cost | $ | $ 400 | $ 400 | ||||
Market and Service Condition Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-vested stock unit awards granted to senior level employees | 393,464 | 378,022 | ||||
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% | |||||
Non-vested Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares represented by each non-vested stock unit upon vesting | 1 | |||||
The estimated fair value of each award (in dollars per share) | $ / shares | $ 61.01 | $ 56.94 | ||||
Stock option vesting period | 3 years | |||||
Number of shares per non-vested stock unit | 1 | |||||
Stock-based compensation award vesting period, number of monthly installments | installment | 12 | |||||
Share based awards granted and outstanding | 5,633,512 | 5,633,512 | ||||
Total unrecognized compensation cost related to stock-based compensation | $ | $ 264,200 | $ 264,200 | ||||
Total unrecognized compensation cost recognition period | 1 year 11 months 5 days | |||||
Vesting on first anniversary of date of grant [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 33.30% | |||||
Vesting in equal monthly installments after first anniversary of date of grant [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 2.78% | |||||
Annual vesting on each anniversary [Member] | Non-vested Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 33.33% | |||||
Superseded and Expired Stock Plans [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options vesting life assumed | 5 years | |||||
Superseded and Expired Stock Plans [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options vesting life assumed | 10 years | |||||
2015 ESPP [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized for issuance under the Plan | 16,000,000 | 16,000,000 | ||||
Employee Stock Purchase Plan, payment period | 6 months | |||||
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 | 245,029 | 245,029 | ||||
2015 ESPP [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
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% | |||||
2015 ESPP [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
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 | 10.00% | |||||
ESPPs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation cost | $ | $ 2,300 | $ 1,300 | $ 5,200 | $ 4,000 | ||
2005 ESPP [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employee Stock Purchase Plan, total shares issued under plan | 3,872,661 | 3,872,661 | ||||
Common Stock [Member] | 2014 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized for issuance under the Plan | 29,000,000 | 29,000,000 | ||||
Shares reserved for issuance under the stock-based compensation plans | 28,949,258 | 28,949,258 | ||||
Shares available for grant under the 2014 Plan | 21,163,715 | 21,163,715 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Detail Of The Total Stock-Based Compensation Recognized By Income Statement Classification) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 38,671 | $ 42,449 | $ 103,674 | $ 128,440 |
Cost of Services and Maintenance Revenues [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 803 | 673 | 2,095 | 1,854 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 9,118 | 13,989 | 31,454 | 42,102 |
Sales, Marketing and Services [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 16,922 | 15,073 | 38,083 | 46,885 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 11,828 | $ 12,714 | $ 32,042 | $ 37,599 |
Stock-Based Compensation (Assum
Stock-Based Compensation (Assumptions Used To Value Option Grants, Stock Awards and ESPP Shares(Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2015 | |
Non-vested Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Risk free interest rate | 0.85% | 0.81% | ||
Expected dividend yield | 0.00% | 0.00% | ||
Expected life (in years) | 2 years 9 months 3 days | |||
Non-vested Stock Units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Expected volatility factor | 14.00% | 19.00% | ||
Non-vested Stock Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Expected volatility factor | 29.00% | 38.00% | ||
2015 ESPP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Expected volatility factor | 35.00% | |||
Risk free interest rate | 0.25% | |||
Expected dividend yield | 0.00% | |||
Expected life (in years) | 6 months |
Goodwill And Other Intangible53
Goodwill And Other Intangible Assets (Schedule Of Change In Goodwill) (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($) | ||
Goodwill [Roll Forward] | ||
Balance at January 1, 2015 | $ 1,796,851 | |
Additions | 161,325 | [1] |
Other | (740) | |
Balance at September 30, 2015 | 1,957,436 | |
Enterprise and Service Provider [Member] | ||
Goodwill [Roll Forward] | ||
Balance at January 1, 2015 | 1,434,369 | |
Additions | 61,639 | |
Other | (740) | [2] |
Balance at September 30, 2015 | 1,495,268 | |
Mobility Apps [Member] | ||
Goodwill [Roll Forward] | ||
Balance at January 1, 2015 | 362,482 | |
Additions | 99,686 | |
Other | 0 | |
Balance at September 30, 2015 | $ 462,168 | |
[1] | Amounts relate to 2015 acquisitions. See Note 4 for more information regarding the Company’s acquisitions. | |
[2] | Amount relates to adjustments to the preliminary purchase price allocation associated with 2014 acquisitions. |
Goodwill And Other Intangible54
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Intangible Assets [Abstract] | |||||
Gross carrying amount | $ 1,139,557 | $ 1,139,557 | $ 1,111,296 | ||
Accumulated amortization | 773,509 | 773,509 | 720,579 | ||
Intangible assets, fair value | 366,048 | 366,048 | |||
Product Related Intangible Assets [Member] | |||||
Intangible Assets [Abstract] | |||||
Gross carrying amount | 683,695 | 683,695 | 618,336 | ||
Accumulated amortization | 500,282 | 500,282 | 454,830 | ||
Other [Member] | |||||
Intangible Assets [Abstract] | |||||
Gross carrying amount | 455,862 | 455,862 | 492,960 | ||
Accumulated amortization | 273,227 | $ 273,227 | $ 265,749 | ||
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 | ||||
Cost of net revenues [Member] | Product Related Intangible Assets [Member] | |||||
Intangible Assets [Abstract] | |||||
Amortization expense | 20,100 | $ 24,000 | $ 57,600 | $ 102,700 | |
Operating Expense [Member] | Other [Member] | |||||
Intangible Assets [Abstract] | |||||
Amortization expense | 76,900 | $ 10,000 | 97,400 | $ 32,900 | |
ByteMobile [Member] | Enterprise and Service Provider Division [Member] | |||||
Intangible Assets [Abstract] | |||||
Impairment of intangible assets | 65,400 | ||||
ByteMobile [Member] | Enterprise and Service Provider Division [Member] | Amortization of Product Related Intangibles [Member] | |||||
Intangible Assets [Abstract] | |||||
Impairment of intangible assets | 1,000 | ||||
ByteMobile [Member] | Enterprise and Service Provider Division [Member] | Amortization and Impairment of Other Intangible Assets [Member] | |||||
Intangible Assets [Abstract] | |||||
Impairment of intangible assets | 64,400 | ||||
ByteMobile [Member] | Estimate of Fair Value Measurement [Member] | Enterprise and Service Provider Division [Member] | |||||
Intangible Assets [Abstract] | |||||
Intangible assets, fair value | $ 27,600 | $ 27,600 |
Goodwill And Other Intangible55
Goodwill And Other Intangible Assets (Schedule Of Estimated Future Amortization Expense) (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2015 (remaining three months) | $ 27,251 |
2,016 | 98,586 |
2,017 | 74,536 |
2,018 | 62,561 |
2,019 | 43,012 |
Thereafter | 60,102 |
Total | $ 366,048 |
Segment Information (Net Revenu
Segment Information (Net Revenues And Profit By Segment) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)segment | Sep. 30, 2014USD ($) | ||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Reportable Segments | segment | 2 | ||||||||||
Net revenues | $ 813,270 | $ 758,994 | $ 2,370,831 | $ 2,291,373 | |||||||
Segment profit | 63,798 | 58,597 | 237,679 | 184,903 | |||||||
Restructuring | (13,766) | (3,124) | (62,251) | (17,285) | |||||||
Stock-based compensation | (38,671) | (42,449) | (103,674) | (128,440) | |||||||
Consolidated income before income taxes | 53,358 | 48,222 | 199,682 | 168,005 | |||||||
Operating Segments [Member] | Enterprise and Service Provider Division [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 622,513 | 593,741 | 1,833,126 | 1,808,209 | |||||||
Segment profit | 190,372 | [1] | $ 174,900 | $ 132,100 | 131,409 | [1] | 497,351 | [1] | 394,536 | [1] | |
Operating Segments [Member] | Mobility Apps [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net revenues | 190,757 | 165,253 | 537,705 | 483,164 | |||||||
Segment profit | 22,901 | [1] | $ 22,300 | $ 15,000 | 27,402 | [1] | 60,202 | [1] | 92,333 | [1] | |
Segment Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Amortization and impairment of intangible assets | [2] | (97,038) | (33,915) | (154,931) | (135,515) | ||||||
Patent litigation charge | [2] | 0 | (20,727) | 0 | (20,727) | ||||||
Other | [2] | 0 | 0 | 982 | 0 | ||||||
Restructuring | [2] | (13,766) | (3,124) | (62,251) | (17,285) | ||||||
Net interest and other expense, net | [2] | (10,440) | (10,374) | (37,997) | (16,897) | ||||||
Stock-based compensation | [2] | $ (38,671) | $ (42,449) | $ (103,674) | $ (128,440) | ||||||
[1] | The Company revised its methodology for allocating certain corporate costs within General and administrative expenses to more closely align these costs to the employees directly utilizing the related services within each of its reporting segments, thereby impacting Segment profit for the nine months ended September 30, 2015. Accordingly, the adjusted Segment profit for the Enterprise and Service Provider and Mobility Apps segments is $132.1 million and $15.0 million, respectively for the three months ended March 31, 2015 and $174.9 million and $22.3 million, respectively for the three months ended June 30, 2015. This change in presentation does not affect the Company's consolidated financial position, results from operations or cash flows. | ||||||||||
[2] | Represents expenses presented to management on a consolidated basis only and not allocated to the operating segments. |
Segment Information (Revenues B
Segment Information (Revenues By Product Grouping) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Net revenues | $ 813,270 | $ 758,994 | $ 2,370,831 | $ 2,291,373 | |
Operating Segments [Member] | Enterprise and Service Provider Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 622,513 | 593,741 | 1,833,126 | 1,808,209 | |
Operating Segments [Member] | Mobility Apps [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 190,757 | 165,253 | 537,705 | 483,164 | |
Operating Segments [Member] | Workspace Services revenues [Member] | Enterprise and Service Provider Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | [1] | 396,167 | 392,875 | 1,193,178 | 1,170,103 |
Operating Segments [Member] | Delivery Networking revenues [Member] | Enterprise and Service Provider Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | [2] | 187,447 | 155,388 | 521,488 | 501,231 |
Operating Segments [Member] | Professional Services [Member] | Enterprise and Service Provider Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | [3] | 36,676 | 42,322 | 110,576 | 126,775 |
Operating Segments [Member] | Other [Member] | Enterprise and Service Provider Division [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | $ 2,223 | $ 3,156 | $ 7,884 | $ 10,100 | |
[1] | Workspace Services revenues are primarily comprised of sales from the Company’s windows app delivery products, which include XenDesktop and XenApp, and the Company's mobile app delivery products, which include XenMobile and related license updates and maintenance and support. | ||||
[2] | Delivery Networking revenues primarily include NetScaler, ByteMobile Smart Capacity and CloudBridge products 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 (Revenues58
Segment Information (Revenues By Geographic Location) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenues | $ 813,270 | $ 758,994 | $ 2,370,831 | $ 2,291,373 |
Operating Segments [Member] | Enterprise and Service Provider Division [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenues | 622,513 | 593,741 | 1,833,126 | 1,808,209 |
Operating Segments [Member] | Enterprise and Service Provider Division [Member] | Americas [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenues | 345,417 | 318,180 | 1,005,967 | 977,166 |
Operating Segments [Member] | Enterprise and Service Provider Division [Member] | EMEA [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenues | 206,377 | 202,557 | 616,558 | 610,254 |
Operating Segments [Member] | Enterprise and Service Provider Division [Member] | Asia-Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenues | 70,719 | 73,004 | 210,601 | 220,789 |
Operating Segments [Member] | Mobility Apps [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenues | 190,757 | 165,253 | 537,705 | 483,164 |
Operating Segments [Member] | Mobility Apps [Member] | Americas [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenues | 160,079 | 137,031 | 452,672 | 400,580 |
Operating Segments [Member] | Mobility Apps [Member] | EMEA [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenues | 24,480 | 22,407 | 67,843 | 65,780 |
Operating Segments [Member] | Mobility Apps [Member] | Asia-Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenues | $ 6,198 | $ 5,815 | $ 17,190 | $ 16,804 |
Convertible Senior Notes (Narra
Convertible Senior Notes (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions | Apr. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||||
Proceeds from convertible debt | $ 0 | $ 1,415,717,000 | ||||
Amount used to repurchase stock | 398,070,000 | $ 1,600,986,000 | ||||
Convertible notes | $ 1,316,892,000 | $ 1,292,953,000 | ||||
Purchase From Accelerated Share Repurchase [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stock repurchased during period, value | $ 1,400,000,000 | |||||
Senior Notes Due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible debt | $ 1,440,000,000 | |||||
Stated interest rate percentage | 0.50% | |||||
Proceeds from convertible debt | $ 1,420,000,000 | |||||
Payments for (proceeds from) hedge, investing activities | $ 82,600,000 | |||||
Stock repurchased during period, value | 1,500,000,000 | |||||
Convertible debt, conversion ratio | 0.0111111 | |||||
Debt instrument, face amount | $ 1,000 | |||||
Convertible debt, conversion price (in dollars per share) | $ 90 | |||||
Repurchase price as a percent of principal amount | 100.00% | |||||
Amortization of debt discount, effective interest method, percent | 3.00% | |||||
Convertible notes | $ 1,316,892,000 | |||||
Equity component | [1] | 162,869,000 | ||||
Deferred tax liability, equity component | $ 8,200,000 | |||||
Shares Of Common Stock Covered By Note Hedges | 16 | |||||
Warrant transaction | 16 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 120 | |||||
Privately Negotiated Transaction [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount used to repurchase stock | $ 101,000,000 | |||||
[1] | Recorded in the condensed consolidated balance sheet within additional paid-in capital. |
Convertible Senior Notes (Detai
Convertible Senior Notes (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Net carrying amount | $ 1,316,892 | $ 1,292,953 | |
Senior Notes Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 1,437,500 | ||
Less: note discount | (120,608) | ||
Net carrying amount | 1,316,892 | ||
Equity component | [1] | $ 162,869 | |
[1] | Recorded in the condensed consolidated balance sheet within additional paid-in capital. |
Convertible Notes - Schedule of
Convertible Notes - Schedule of Interest Expense (Details) - Senior Notes Due 2019 [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Debt Instrument [Line Items] | ||||
Contractual interest expense | $ 1,797 | $ 1,797 | $ 5,391 | $ 2,995 |
Amortization of debt issuance costs | 997 | 922 | 2,971 | 1,533 |
Amortization of debt discount | 8,039 | 7,802 | 23,939 | 12,971 |
Debt Instrument, Interest Expense, Total | $ 10,833 | $ 10,521 | $ 32,301 | $ 17,499 |
Credit Facility (Details)
Credit Facility (Details) - Line of Credit [Member] | Jan. 07, 2015USD ($) | Sep. 30, 2015USD ($) |
Line of Credit Facility [Line Items] | ||
Term of credit facility | 5 years | |
Aggregate amount | $ 250,000,000 | |
Additional borrowing capacity | $ 250,000,000 | |
Weighted average interest rate (percent) | 1.82% | |
Amount outstanding | $ 0 | |
Consolidated leverage ratio | 3.5 | |
Consolidated interest coverage ratio | 3 | |
Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Aggregate amount | $ 25,000,000 | |
Swing Line Loans [Member] | ||
Line of Credit Facility [Line Items] | ||
Aggregate amount | $ 10,000,000 | |
LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on LIBOR (percent) | 1.10% | |
Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Quarterly facility fee (percent) | 0.125% | |
Minimum [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on LIBOR (percent) | 1.00% | |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Quarterly facility fee (percent) | 0.20% | |
Maximum [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Basis spread on LIBOR (percent) | 1.30% |
Derivative Financial Instrume63
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
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 | $ 2.6 | $ 8.3 |
Derivative Financial Instrume64
Derivative Financial Instruments (Schedule Of The Fair Values Of Derivative Instruments) (Details) - Cash Flow Hedging [Member] - Foreign Exchange Contract [Member] - Forward Contracts [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Asset Derivatives | ||
Asset derivatives | $ 462 | $ 435 |
Designated as Hedging Instrument [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Liability Derivatives | ||
Liability derivatives | 3,297 | 9,364 |
Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Asset Derivatives | ||
Asset derivatives | 729 | 771 |
Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Current Liabilities [Member] | ||
Liability Derivatives | ||
Liability derivatives | $ 486 | $ 328 |
Derivative Financial Instrume65
Derivative Financial Instruments (Schedule Of Effect Of Derivative Instruments On Financial Performance) (Details) - Foreign Exchange Contract [Member] - Forward Contracts [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Not Designated as Hedging Instrument [Member] | Other Expense, Net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain Recognized in Income on Derivative | $ 1,238 | $ 2,626 | $ 1,727 | $ 1,064 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Recognized in Other Comprehensive (Loss) Income (Effective Portion) | (554) | (8,309) | 5,770 | (8,645) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Operating Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss)/Gain Reclassified from Accumulated Other Comprehensive Loss (Effective Portion) | $ (1,794) | $ 1,500 | $ (11,462) | $ 4,448 |
Derivative Financial Instrume66
Derivative Financial Instruments (Schedule Of Net Notional Foreign Currency Forward Contracts Outstanding) (Details) - Sep. 30, 2015 € in Thousands, ₨ in Thousands, ¥ in Thousands, ¥ in Thousands, £ in Thousands, SGD in Thousands, SFr in Thousands, HKD in Thousands, DKK in Thousands, CAD in Thousands, BRL in Thousands, AUD in Thousands | INR (₨) | DKK | GBP (£) | JPY (¥) | CHF (SFr) | AUD | HKD | BRL | EUR (€) | SGD | CAD | CNY (¥) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||
Net notional foreign currency forward contracts outstanding | ₨ 615,751 | DKK 21,300 | £ 8,550 | ¥ 731,342 | SFr 22,700 | AUD 10,332 | HKD 51,268 | BRL 5,100 | € 6,300 | SGD 11,615 | CAD 2,600 | ¥ 12,217 |
Comprehensive Income (Changes i
Comprehensive Income (Changes in Accumulated Other Comprehensive Loss by Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at December 31, 2014 | $ (36,790) | |||
Other comprehensive income before reclassifications | (4,300) | |||
Amounts reclassified from accumulated other comprehensive loss | 11,626 | |||
Other comprehensive (loss) income | $ (228) | $ (22,251) | 7,326 | $ (25,450) |
Balance at September 30, 2015 | (29,464) | (29,464) | ||
Foreign Currency [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at December 31, 2014 | (16,346) | |||
Other comprehensive income before reclassifications | 0 | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Other comprehensive (loss) income | 0 | |||
Balance at September 30, 2015 | (16,346) | (16,346) | ||
Unrealized Gain (Loss) on Available-for-sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at December 31, 2014 | (990) | |||
Other comprehensive income before reclassifications | 1,392 | |||
Amounts reclassified from accumulated other comprehensive loss | 164 | |||
Other comprehensive (loss) income | 1,556 | |||
Balance at September 30, 2015 | 566 | 566 | ||
Unrealized (Loss) Gain on Derivative Instruments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at December 31, 2014 | (8,345) | |||
Other comprehensive income before reclassifications | (5,692) | |||
Amounts reclassified from accumulated other comprehensive loss | 11,462 | |||
Other comprehensive (loss) income | 5,770 | |||
Balance at September 30, 2015 | (2,575) | (2,575) | ||
Other Comprehensive Loss on Pension Liability [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance at December 31, 2014 | (11,109) | |||
Other comprehensive income before reclassifications | 0 | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Other comprehensive (loss) income | 0 | |||
Balance at September 30, 2015 | $ (11,109) | $ (11,109) |
Comprehensive Income (Reclassif
Comprehensive Income (Reclassifications out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Unrealized net losses on available-for-sale securities | $ 2,369 | $ 2,235 | $ 13,480 | $ 6,002 | |
Unrealized net losses on cash flow hedges | 603,218 | 564,412 | 1,721,541 | 1,660,903 | |
Net income | (55,925) | $ (47,532) | (188,087) | $ (156,495) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Net income | 2,026 | 11,626 | |||
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 losses on available-for-sale securities | 232 | 164 | |||
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 losses on cash flow hedges | [1] | $ 1,794 | $ 11,462 | ||
[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 ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||||
Net unrecognized tax benefit | $ 48.3 | $ 48.3 | $ 66.9 | |||
Income tax interest and penalties accrued | 0.5 | 0.5 | ||||
Net tax benefit recognized due to settlement of tax issues | $ 20.3 | |||||
Deferred tax assets | $ 152 | $ 152 | ||||
Effective tax rate | (4.80%) | 1.40% | 5.80% | 6.90% | ||
U.S. federal statutory rate | 35.00% |
Treasury Stock (Details)
Treasury Stock (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2015 | Oct. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 5,900,000,000 | $ 5,900,000,000 | |||||
Available to repurchase common stock | 336,800,000 | 336,800,000 | |||||
Amount expended on share repurchases in open market transactions | $ 279,500,000 | $ 99,900,000 | $ 451,600,000 | $ 99,900,000 | |||
Number of shares repurchased | 3,895,283 | 1,434,400 | 6,588,783 | 1,434,400 | |||
Average per share price on share repurchases in open market transactions (in dollars per share) | $ 71.75 | $ 69.71 | $ 68.54 | $ 69.71 | |||
Stock repurchased, but not yet settled at period end | $ 53,600,000 | ||||||
Amount used to repurchase stock | $ 398,070,000 | $ 1,600,986,000 | |||||
Number of shares withheld to satisfy minimum tax withholding obligations | 55,963 | 75,797 | 501,785 | 470,567 | |||
Payment for tax withholding related to vested stock units | $ 4,100,000 | $ 4,900,000 | $ 32,400,000 | $ 27,800,000 | |||
Senior Notes Due 2019 [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchased during period, value | $ 1,500,000,000 | ||||||
Stock repurchased during the period, shares | 1,700,000 | ||||||
Privately Negotiated Transaction [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Amount used to repurchase stock | $ 101,000,000 | ||||||
Purchase From Accelerated Share Repurchase [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchased during period, value | $ 1,400,000,000 | ||||||
Stock repurchased during the period, shares | 2,600,000 | 21,800,000 | |||||
Subsequent Event [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of shares repurchased | 3,600,000 | ||||||
Amount Authorized in September 2015 [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchase program, authorized amount | $ 500,000,000 | $ 500,000,000 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)position | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | $ 13,766 | $ 3,124 | $ 62,251 | $ 17,285 | |
Restructuring Reserve | 20,138 | 20,138 | $ 2,780 | ||
Employee Severance and Related Costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 46,756 | ||||
Consolidation of Leased Facilities [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | $ 14,703 | ||||
2014 Restructuring Program [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of full-time positions eliminated | position | 325 | ||||
Restructuring costs incurred since inception | 22,200 | $ 22,200 | |||
Restructuring Reserve | 1,144 | 1,144 | 2,780 | ||
2014 Restructuring Program [Member] | Employee Severance and Related Costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 2,060 | ||||
2014 Restructuring Program [Member] | Consolidation of Leased Facilities [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | $ 0 | ||||
2015 Restructuring Program [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of full-time positions eliminated | position | 700 | ||||
Restructuring | 14,000 | $ 60,500 | |||
Restructuring Reserve | 18,994 | 18,994 | $ 0 | ||
2015 Restructuring Program [Member] | Minimum [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring cost | 66,000 | 66,000 | |||
2015 Restructuring Program [Member] | Maximum [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring cost | 70,000 | 70,000 | |||
2015 Restructuring Program [Member] | Employee Severance and Related Costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 44,696 | ||||
2015 Restructuring Program [Member] | Employee Severance and Related Costs [Member] | Minimum [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring cost | 49,000 | 49,000 | |||
2015 Restructuring Program [Member] | Employee Severance and Related Costs [Member] | Maximum [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring cost | 51,000 | 51,000 | |||
2015 Restructuring Program [Member] | Consolidation of Leased Facilities [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | 14,703 | ||||
2015 Restructuring Program [Member] | Consolidation of Leased Facilities [Member] | Minimum [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring cost | 17,000 | 17,000 | |||
2015 Restructuring Program [Member] | Consolidation of Leased Facilities [Member] | Maximum [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total expected restructuring cost | 19,000 | 19,000 | |||
Enterprise and Service Provider Division [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 20,100 | 20,100 | |||
Enterprise and Service Provider Division [Member] | 2014 Restructuring Program [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | (263) | 3,122 | 1,747 | 11,093 | |
Enterprise and Service Provider Division [Member] | 2015 Restructuring Program [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring | $ 13,714 | $ 0 | $ 59,580 | $ 0 |
Restructuring (Restructuring Ch
Restructuring (Restructuring Charges by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | $ 13,766 | $ 3,124 | $ 62,251 | $ 17,285 |
2014 Restructuring Program [Member] | Enterprise and Service Provider Division [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | (263) | 3,122 | 1,747 | 11,093 |
2014 Restructuring Program [Member] | Mobility Apps [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | 0 | 2 | 50 | 6,192 |
2015 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | 14,000 | 60,500 | ||
2015 Restructuring Program [Member] | Enterprise and Service Provider Division [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | 13,714 | 0 | 59,580 | 0 |
2015 Restructuring Program [Member] | Mobility Apps [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring | $ 315 | $ 0 | $ 874 | $ 0 |
Restructuring (Activity in Rest
Restructuring (Activity in Restructuring Accruals) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Restructuring Reserve [Roll Forward] | ||||
Balance at January 1, 2015 | $ 2,780 | |||
Employee severance and related costs | $ 13,766 | $ 3,124 | 62,251 | $ 17,285 |
Payments | (43,838) | |||
Reversal of previous charges | (263) | |||
Balance at September 30, 2015 | 20,138 | 20,138 | ||
Employee Severance and Related Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Employee severance and related costs | 46,756 | |||
Consolidation of Leased Facilities [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Employee severance and related costs | 14,703 | |||
2014 Restructuring Program [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at January 1, 2015 | 2,780 | |||
Payments | (3,433) | |||
Balance at September 30, 2015 | 1,144 | 1,144 | ||
2014 Restructuring Program [Member] | Employee Severance and Related Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Employee severance and related costs | 2,060 | |||
2014 Restructuring Program [Member] | Consolidation of Leased Facilities [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Employee severance and related costs | 0 | |||
2015 Restructuring Program [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at January 1, 2015 | 0 | |||
Employee severance and related costs | 14,000 | 60,500 | ||
Payments | (40,405) | |||
Reversal of previous charges | 0 | |||
Balance at September 30, 2015 | $ 18,994 | 18,994 | ||
2015 Restructuring Program [Member] | Employee Severance and Related Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Employee severance and related costs | 44,696 | |||
2015 Restructuring Program [Member] | Consolidation of Leased Facilities [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Employee severance and related costs | $ 14,703 |