Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 31, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000891103 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 000-20570 | ||
Entity Registrant Name | IAC/INTERACTIVECORP | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 59-2712887 | ||
Entity Address, Address Line One | 555 West 18th Street | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10011 | ||
City Area Code | 212 | ||
Local Phone Number | 314-7300 | ||
Title of 12(b) Security | Common Stock, par value $0.001 | ||
Trading Symbol | IAC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 16,892,708,488 | ||
Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 78,970,141 | ||
Class B Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 5,789,499 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 3,139,295 | $ 2,131,632 |
Marketable securities | 19,993 | 123,665 |
Accounts receivable, net of allowance and reserves of $24,726 and $18,860, respectively | 298,334 | 279,189 |
Other current assets | 249,367 | 228,253 |
Total current assets | 3,706,989 | 2,762,739 |
Right-of-use assets, net | 167,801 | 0 |
Property and equipment, net | 371,353 | 318,800 |
Goodwill | 2,854,462 | 2,726,859 |
Intangible assets, net | 578,474 | 631,422 |
Long-term investments | 353,052 | 235,055 |
Deferred income taxes | 167,054 | 64,786 |
Other non-current assets | 133,640 | 134,924 |
TOTAL ASSETS | 8,332,825 | 6,874,585 |
LIABILITIES: | ||
Current portion of long-term debt | 13,750 | 13,750 |
Accounts payable, trade | 94,356 | 74,907 |
Deferred revenue | 397,490 | 360,015 |
Accrued expenses and other current liabilities | 502,003 | 434,886 |
Total current liabilities | 1,007,599 | 883,558 |
Long-term debt, net | 3,121,572 | 2,245,548 |
Income taxes payable | 36,489 | 37,584 |
Deferred income taxes | 21,388 | 23,600 |
Other long-term liabilities | 202,932 | 66,807 |
Redeemable noncontrolling interests | 44,527 | 65,687 |
Commitments and contingencies | ||
SHAREHOLDERS' EQUITY: | ||
Additional paid-in capital | 11,683,799 | 12,022,387 |
Retained earnings | 1,689,925 | 1,258,794 |
Accumulated other comprehensive loss | (136,349) | (128,722) |
Treasury stock 194,708 shares | (10,309,612) | (10,309,612) |
Total IAC shareholders' equity | 2,928,042 | 2,843,125 |
Noncontrolling interests | 970,276 | 708,676 |
Total shareholders' equity | 3,898,318 | 3,551,801 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 8,332,825 | 6,874,585 |
Common stock $.001 par value; authorized 1,600,000 shares; issued 263,230 and 262,303 shares, respectively, and outstanding 78,890 and 77,963 shares, respectively | ||
SHAREHOLDERS' EQUITY: | ||
Common stock | 263 | 262 |
Class B convertible common stock $.001 par value; authorized 400,000 shares; issued 16,157 shares and outstanding 5,789 shares | ||
SHAREHOLDERS' EQUITY: | ||
Common stock | $ 16 | $ 16 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance and reserves of accounts receivable | $ 24,726 | $ 18,860 |
Treasury stock (shares) | 194,708,000 | 194,708,000 |
Common Stock | ||
Common stock, par value (USD per share) | $ 0.001 | $ 0.001 |
Common stock authorized (shares) | 1,600,000,000 | 1,600,000,000 |
Common stock issued (shares) | 263,230,000 | 262,303,000 |
Common stock outstanding (shares) | 78,890,000 | 77,963,000 |
Class B Convertible Common Stock | ||
Common stock, par value (USD per share) | $ 0.001 | $ 0.001 |
Common stock authorized (shares) | 400,000,000 | 400,000,000 |
Common stock issued (shares) | 16,157,000 | 16,157,000 |
Common stock outstanding (shares) | 5,789,000 | 5,789,000 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | $ 4,757,055 | $ 4,262,892 | $ 3,307,239 |
Operating costs and expenses: | |||
Cost of revenue (exclusive of depreciation shown separately below) | 1,127,420 | 911,146 | 651,008 |
Selling and marketing expense | 1,629,623 | 1,519,440 | 1,381,221 |
General and administrative expense | 888,950 | 774,079 | 719,257 |
Product development expense | 345,417 | 309,329 | 250,879 |
Depreciation | 88,399 | 75,360 | 74,265 |
Amortization of intangibles | 92,595 | 108,399 | 42,143 |
Goodwill impairment | 3,318 | 0 | 0 |
Total operating costs and expenses | 4,175,722 | 3,697,753 | 3,118,773 |
Operating income | 581,333 | 565,139 | 188,466 |
Interest expense | (153,563) | (109,327) | (105,295) |
Other income (expense), net | 66,741 | 305,746 | (16,213) |
Earnings before income taxes | 494,511 | 761,558 | 66,958 |
Income tax benefit (provision) | 49,309 | (3,811) | 291,050 |
Net earnings | 543,820 | 757,747 | 358,008 |
Net earnings attributable to noncontrolling interests | (112,689) | (130,786) | (53,084) |
Net earnings attributable to IAC shareholders | $ 431,131 | $ 626,961 | $ 304,924 |
Per share information attributable to IAC shareholders: | |||
Basic earnings per share (USD per share) | $ 5.12 | $ 7.52 | $ 3.81 |
Diluted earnings per share (USD per share) | $ 4.50 | $ 6.59 | $ 3.18 |
Stock-based compensation expense by function: | |||
Total stock-based compensation expense | $ 240,788 | $ 238,420 | $ 264,618 |
Cost of revenue | |||
Stock-based compensation expense by function: | |||
Total stock-based compensation expense | 3,767 | 2,482 | 1,881 |
Selling and marketing expense | |||
Stock-based compensation expense by function: | |||
Total stock-based compensation expense | 10,298 | 7,943 | 31,318 |
General and administrative expense | |||
Stock-based compensation expense by function: | |||
Total stock-based compensation expense | 178,298 | 188,510 | 192,957 |
Product development expense | |||
Stock-based compensation expense by function: | |||
Total stock-based compensation expense | $ 48,425 | $ 39,485 | $ 38,462 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 543,820 | $ 757,747 | $ 358,008 |
Other comprehensive (loss) income, net of income taxes: | |||
Change in foreign currency translation adjustment | (9,961) | (31,411) | 80,269 |
Change in unrealized gains and losses on available-for-sale securities (net of tax benefit of $3,846 in 2017) | (5) | 5 | (4,026) |
Total other comprehensive (loss) income, net of income taxes | (9,966) | (31,406) | 76,243 |
Comprehensive income, net of income taxes | 533,854 | 726,341 | 434,251 |
Components of comprehensive (income) loss attributable to noncontrolling interests: | |||
Net earnings attributable to noncontrolling interests | (112,689) | (130,786) | (53,084) |
Change in foreign currency translation adjustment attributable to noncontrolling interests | 2,023 | 6,129 | (13,797) |
Change in unrealized gains and losses of available-for-sale securities attributable to noncontrolling interests | 1 | (1) | 0 |
Comprehensive income attributable to noncontrolling interests | (110,665) | (124,658) | (66,881) |
Comprehensive income attributable to IAC shareholders | $ 423,189 | $ 601,683 | $ 367,370 |
CONSOLIDATED STATEMENT OF COM_2
CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Statement of Comprehensive Income [Abstract] | |
Change in unrealized gains and losses on available-for-sale securities, tax provision (benefit) | $ (3,846) |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Total IAC Shareholders' Equity | Redeemable Noncontrolling Interests | Common StockCommon Stock | Common StockClass B Convertible Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Noncontrolling Interests |
Balance at beginning of period at Dec. 31, 2016 | $ 32,827 | ||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||
Net earnings | 3,620 | ||||||||||
Other comprehensive income, net of income tax | 1,291 | ||||||||||
Stock-based compensation expense | 2,017 | ||||||||||
Distributions to and purchases of redeemable noncontrolling interests | (20,461) | ||||||||||
Adjustment of redeemable noncontrolling interests to fair value | 6,341 | ||||||||||
Noncontrolling interests created in acquisitions | 17,758 | ||||||||||
Other | (526) | ||||||||||
Balance at end of period at Dec. 31, 2017 | 42,867 | ||||||||||
Balance at beginning of period at Dec. 31, 2016 | $ 2,010,670 | $ 1,869,222 | $ 256 | $ 16 | $ 11,921,559 | $ 290,114 | $ (166,123) | $ (10,176,600) | $ 141,448 | ||
Balance at beginning of period (shares) at Dec. 31, 2016 | 255,672,000 | 16,157,000 | |||||||||
Increase (Decrease) in Shareholders' Equity | |||||||||||
Net earnings | 354,388 | 304,924 | 304,924 | 49,464 | |||||||
Other comprehensive income, net of income tax | 74,952 | 62,446 | 62,446 | 12,506 | |||||||
Stock-based compensation expense | 246,388 | 66,333 | 66,333 | 180,055 | |||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | (10,504) | (10,504) | $ 5 | (10,509) | |||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (shares) | 4,952,000 | ||||||||||
Purchase of treasury stock | (50,121) | $ (50,100) | (50,121) | (50,121) | |||||||
Distributions to and purchases of noncontrolling interests | (848) | 0 | (848) | ||||||||
Adjustment of redeemable noncontrolling interests to fair value | 6,341 | (6,341) | (6,341) | ||||||||
Issuance of Match Group and ANGI Homeservices common stock pursuant to stock-based awards, net of withholding taxes | (472,702) | (471,997) | (472,106) | 109 | (705) | ||||||
Acquisition of Angie's List and creation of noncontrolling interests in ANGI Homeservices | 779,471 | 645,475 | 645,475 | 133,996 | |||||||
Noncontrolling interests created in acquisitions | 17,758 | ||||||||||
Purchase of exchangeable note hedge | (74,365) | (74,365) | (74,365) | ||||||||
Equity component of exchangeable debt issuance, net of deferred financing costs and deferred tax asset | 71,158 | 71,158 | 71,158 | ||||||||
Issuance of warrants | 23,650 | 23,650 | 23,650 | ||||||||
Other | 1,027 | 148 | 148 | 879 | |||||||
Balance at end of period at Dec. 31, 2017 | 2,946,823 | 2,430,028 | $ 261 | $ 16 | 12,165,002 | 595,038 | (103,568) | (10,226,721) | 516,795 | ||
Balance at end of period (shares) at Dec. 31, 2017 | 260,624,000 | 16,157,000 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||
Net earnings | 33,897 | ||||||||||
Other comprehensive income, net of income tax | (702) | ||||||||||
Stock-based compensation expense | 1,138 | ||||||||||
Distributions to and purchases of redeemable noncontrolling interests | (14,785) | ||||||||||
Adjustment of redeemable noncontrolling interests to fair value | 4,098 | ||||||||||
Noncontrolling interests created in acquisitions | 14,307 | 2,261 | 14,307 | ||||||||
Other | (3,087) | ||||||||||
Balance at end of period at Dec. 31, 2018 | 65,687 | 65,687 | |||||||||
Increase (Decrease) in Shareholders' Equity | |||||||||||
Net earnings | 723,850 | 626,961 | 626,961 | 96,889 | |||||||
Other comprehensive income, net of income tax | (30,704) | (25,278) | (25,278) | (5,426) | |||||||
Stock-based compensation expense | 237,282 | 75,311 | 75,311 | 161,971 | |||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | 21,786 | 21,786 | $ 1 | 21,785 | |||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (shares) | 1,679,000 | ||||||||||
Purchase of treasury stock | (82,891) | $ (82,900) | (82,891) | (82,891) | |||||||
Distributions to and purchases of noncontrolling interests | (9,364) | (9,364) | |||||||||
Adjustment of redeemable noncontrolling interests to fair value | (4,098) | (4,098) | (4,098) | ||||||||
Issuance of Match Group and ANGI Homeservices common stock pursuant to stock-based awards, net of withholding taxes | (200,694) | (236,253) | (236,377) | 124 | 35,559 | ||||||
Noncontrolling interests created in acquisitions | 14,307 | 2,261 | 14,307 | ||||||||
Dividends paid to Match Group noncontrolling interests | (105,126) | (105,126) | |||||||||
Other | 425 | 764 | 764 | (339) | |||||||
Balance at end of period at Dec. 31, 2018 | 3,551,801 | 2,843,125 | $ 262 | $ 16 | 12,022,387 | 1,258,794 | (128,722) | (10,309,612) | 708,676 | ||
Balance at end of period (shares) at Dec. 31, 2018 | 262,303,000 | 16,157,000 | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||
Net earnings | 2,835 | ||||||||||
Other comprehensive income, net of income tax | 39 | ||||||||||
Stock-based compensation expense | 148 | ||||||||||
Distributions to and purchases of redeemable noncontrolling interests | (40,432) | ||||||||||
Adjustment of redeemable noncontrolling interests to fair value | 11,554 | ||||||||||
Noncontrolling interests created in acquisitions | 4,781 | ||||||||||
Other | (85) | ||||||||||
Balance at end of period at Dec. 31, 2019 | 44,527 | 44,527 | |||||||||
Increase (Decrease) in Shareholders' Equity | |||||||||||
Net earnings | 540,985 | 431,131 | 431,131 | 109,854 | |||||||
Other comprehensive income, net of income tax | (10,005) | (7,942) | (7,942) | (2,063) | |||||||
Stock-based compensation expense | 238,076 | 82,619 | 82,619 | 155,457 | |||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes | (82,462) | (82,462) | $ 1 | (82,463) | |||||||
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (shares) | 927,000 | ||||||||||
Purchase of treasury stock | (274,302) | (274,302) | (274,302) | ||||||||
Adjustment of redeemable noncontrolling interests to fair value | (11,554) | (11,554) | (11,554) | ||||||||
Issuance of Match Group and ANGI Homeservices common stock pursuant to stock-based awards, net of withholding taxes | (238,376) | (236,582) | (236,897) | 315 | (1,794) | ||||||
Noncontrolling interests created in acquisitions | $ 4,781 | ||||||||||
Purchase of exchangeable note hedge | (303,428) | (303,428) | (303,428) | ||||||||
Equity component of exchangeable debt issuance, net of deferred financing costs and deferred tax asset | 320,998 | 320,998 | 320,998 | ||||||||
Issuance of warrants | 166,520 | 166,520 | 166,520 | ||||||||
Other | 65 | (81) | (81) | 146 | |||||||
Balance at end of period at Dec. 31, 2019 | $ 3,898,318 | $ 2,928,042 | $ 263 | $ 16 | $ 11,683,799 | $ 1,689,925 | $ (136,349) | $ (10,309,612) | $ 970,276 | ||
Balance at end of period (shares) at Dec. 31, 2019 | 263,230,000 | 16,157,000 |
CONSOLIDATED STATEMENT OF SHA_2
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Common Stock | |||
Common stock, par value (USD per share) | $ 0.001 | $ 0.001 | |
Class B Convertible Common Stock | |||
Common stock, par value (USD per share) | 0.001 | 0.001 | |
Common Stock | Common Stock | |||
Common stock, par value (USD per share) | 1 | 1 | $ 1 |
Common Stock | Class B Convertible Common Stock | |||
Common stock, par value (USD per share) | $ 1 | $ 1 | $ 1 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net earnings | $ 543,820 | $ 757,747 | $ 358,008 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Stock-based compensation expense | 240,788 | 238,420 | 264,618 |
Amortization of intangibles | 92,595 | 108,399 | 42,143 |
Depreciation | 88,399 | 75,360 | 74,265 |
Bad debt expense | 65,803 | 48,445 | 28,930 |
Goodwill impairment | 3,318 | 0 | 0 |
Deferred income taxes | (80,101) | (34,679) | (285,278) |
Gains on equity securities, net | (37,581) | (152,044) | (34,927) |
Losses (gains) from the sale of businesses, net | 8,239 | (119,955) | 2,254 |
Other adjustments, net | 45,546 | 15,763 | 61,647 |
Changes in assets and liabilities, net of effects of acquisitions and dispositions: | |||
Accounts receivable | (91,435) | (34,828) | (115,169) |
Other assets | (17,661) | (44,557) | 5,688 |
Accounts payable and other liabilities | 41,882 | 53,555 | (25,289) |
Income taxes payable and receivable | (3,287) | 27,034 | 655 |
Deferred revenue | 37,614 | 49,468 | 39,154 |
Net cash provided by operating activities | 937,939 | 988,128 | 416,699 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | (205,726) | (64,496) | (146,553) |
Capital expenditures | (136,652) | (85,634) | (75,523) |
Proceeds from maturities of marketable debt securities | 163,500 | 333,600 | 114,350 |
Purchases of marketable debt securities | (59,639) | (449,676) | (29,891) |
Net proceeds from the sale of businesses and investments | 165,124 | 136,719 | 185,778 |
Purchases of investments | (253,663) | (52,980) | (9,106) |
Other, net | (2,473) | 9,027 | 2,994 |
Net cash (used in) provided by investing activities | (329,529) | (173,440) | 42,049 |
Cash flows from financing activities: | |||
Purchase of exchangeable note hedges | (303,428) | 0 | (74,365) |
Proceeds from issuance of warrants | 166,520 | 0 | 23,650 |
Debt issuance costs | (27,815) | (5,449) | (33,744) |
Dividends paid to Match Group noncontrolling interests | 0 | (105,126) | 0 |
Distributions to and purchases of noncontrolling interests | (29,184) | (22,498) | (20,184) |
Acquisition-related contingent consideration payments | 0 | (185) | (27,289) |
Other, net | (3,868) | 1,060 | (255) |
Net cash provided by (used in) financing activities | 399,831 | (312,798) | (196,869) |
Total cash provided | 1,008,241 | 501,890 | 261,879 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (1,568) | (1,887) | 11,604 |
Net increase in cash and cash equivalents and restricted cash | 1,006,673 | 500,003 | 273,483 |
Cash and cash equivalents and restricted cash at beginning of period | 2,133,685 | 1,633,682 | 1,360,199 |
Cash and cash equivalents and restricted cash at end of period | 3,140,358 | 2,133,685 | 1,633,682 |
IAC/InterActiveCorp | |||
Cash flows from financing activities: | |||
Proceeds from issuance of debt | 1,150,000 | 0 | 517,500 |
Repurchases of IAC debt | (35,035) | (363) | (393,464) |
Purchase of treasury stock | 0 | (82,891) | (56,424) |
Proceeds from the exercise of stock options | 10,682 | 41,700 | 82,397 |
Withholding taxes paid on behalf of employees on net settled stock-based awards | (93,145) | (18,982) | (93,832) |
Match Group and ANGI Homeservices | |||
Cash flows from financing activities: | |||
Purchase of treasury stock | (273,258) | (133,455) | 0 |
Proceeds from the exercise of stock options | 573 | 4,705 | 61,095 |
Withholding taxes paid on behalf of employees on net settled stock-based awards | (238,461) | (237,564) | (264,323) |
Match Group | |||
Cash flows from financing activities: | |||
Proceeds from issuance of debt | 350,000 | 260,000 | 525,000 |
Purchase of exchangeable note hedges | 0 | 0 | (445,172) |
Borrowing under credit facility / term loan | 40,000 | ||
Principal payments on debt | (300,000) | 0 | 0 |
Purchase of Match Group stock-based awards | 0 | 0 | (272,459) |
ANGI Homeservices | |||
Cash flows from financing activities: | |||
Borrowing under credit facility / term loan | 275,000 | ||
Principal payments on debt | $ (13,750) | $ (13,750) | $ 0 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION IAC operates Vimeo and Dotdash, among many other online businesses, and also has majority ownership of both Match Group, which includes Tinder, Match, PlentyOfFish, OkCupid and Hinge, and ANGI Homeservices, which includes HomeAdvisor, Angie’s List and Handy. Separation On December 19, 2019, IAC/InterActiveCorp ("IAC") entered into a Transaction Agreement (the "Transaction Agreement") with Match Group, Inc. ("MTCH"), IAC Holdings, Inc., a direct wholly owned subsidiary of IAC ("New IAC"), and Valentine Merger Sub LLC, an indirect wholly owned subsidiary of IAC. Subject to the terms and conditions set forth in the Transaction Agreement, the businesses of MTCH will be separated from the remaining businesses of IAC through a series of transactions that will result in the pre-transaction stockholders of IAC owning shares in two, separate public companies—(1) IAC, which will be renamed Match Group, Inc. ("New Match") and which will own the businesses of MTCH and certain IAC financing subsidiaries, and (2) New IAC, which will be renamed IAC/InterActiveCorp and which will own IAC's other businesses—and the pre-transaction stockholders of MTCH (other than IAC) owning shares in New Match. Completion of the Separation, which is expected to occur in mid-second quarter of 2020, is subject to a number of conditions, including approval by a majority of the disinterested shareholders of MTCH, approval of IAC’s shareholders and other customary conditions and approvals. We refer to the full separation as the "Separation". As used herein, "IAC," the "Company," "we," "our" or "us" and similar terms refer to IAC/InterActiveCorp and its subsidiaries (unless the context requires otherwise). Match Group Our Match Group segment consists of the businesses and operations of Match Group, Inc. ("Match Group" or "MTCH"). MTCH completed its initial public offering ("IPO") on November 24, 2015. At December 31, 2019 , IAC’s economic interest and voting interest in MTCH were 80.7% and 97.5% , respectively. MTCH is a leading provider of dating products available in over 40 languages to our users all over the world through applications and websites that we own and operate. MTCH operates a portfolio of dating brands, including Tinder, Match, Meetic, OkCupid, Hinge, Pairs, PlentyOfFish and OurTime, as well as a number of other brands, each designed to increase users' likelihood of finding a meaningful connection. Through our portfolio of trusted brands, we provide tailored products to meet the varying preferences of our users. ANGI Homeservices Our ANGI Homeservices segment includes the North American (United States and Canada) and European businesses and operations of ANGI Homeservices Inc. ("ANGI"). On September 29, 2017, the Company's HomeAdvisor business and Angie's List Inc. ("Angie's List") combined under a new publicly traded company called ANGI Homeservices Inc. (the "Combination"). At December 31, 2019 , IAC’s economic interest and voting interest in ANGI were 84.1% and 98.1% , respectively. ANGI connects quality home service professionals across 500 different categories, from repairing and remodeling to cleaning and landscaping, with consumers. Over 250,000 domestic service professionals find work through ANGI and consumers turn to at least one of our brands to find a professional for more than 25 million projects each year. We established category-transforming products with brands such as HomeAdvisor, Angie's List, Handy and Fixd Repair. On January 25, 2019, ANGI completed the acquisition of Fixd Repair, a home warranty and service company. On October 19, 2018, ANGI acquired Handy, a leading platform in the United States for connecting individuals looking for household services (primarily cleaning and handyman services) with top-quality, pre-screened independent service professionals. ANGI also owns and operates mHelpDesk, a provider of cloud-based field service software for small to mid-size businesses. Prior to its sale on December 31, 2018, ANGI also operated Felix, a pay-per-call advertising service business. In addition to its market-leading U.S. operations, ANGI owns leading home services online marketplaces in France (Travaux), Germany (MyHammer), Netherlands (Werkspot), United Kingdom (MyBuilder Limited or "MyBuilder," which we acquired a controlling interest in on March 24, 2017), Canada (HomeStars Inc. or "HomeStars," which we acquired a controlling interest in on February 8, 2017) and Italy (Instapro), as well as operations in Austria (MyHammer). Vimeo Vimeo operates a global video platform for creative professionals, small and medium businesses ("SMBs"), organizations and enterprises to connect with their audiences, customers and employees. Vimeo provides cloud-based Software-as-a-Service ("SaaS") offerings that allow customers to create, host, stream, monetize, analyze and distribute videos online and across devices. Vimeo also sold live streaming accessories through its hardware business, which was sold on March 29, 2019. On May 28, 2019, Vimeo completed the acquisition of Magisto, a video creation service enabling consumers and businesses to create short-form videos. Dotdash Dotdash is a portfolio of digital publishing brands providing expert information and inspiration in select vertical content categories. Applications Our Applications segment consists of our Desktop business and Mosaic Group, our mobile business. Through these businesses, we are a leading provider of global, advertising-driven desktop and subscription-based mobile applications. Through our Desktop business, we own and operate a portfolio of desktop browser applications that provide users with access to a wide variety of online content, tools and services. We provide users who download our desktop browser applications with new tab search services, as well as the option of default browser search services. We distribute our desktop browser applications to consumers free of charge on an opt-in basis directly through direct-to-consumer (primarily Chrome Web Store) and partnership distribution channels. Through Mosaic Group, we are a leading provider of global subscription mobile applications. Mosaic Group's products are developed by the following owned and operated businesses: Apalon, iTranslate, acquired in March 2018, TelTech, acquired in October 2018, and, effective April 1, 2018 upon its transfer from Emerging & Other, Daily Burn. Apalon is a leading mobile development company with one of the largest and most popular application portfolios worldwide. iTranslate develops and distributes some of the world's most downloaded mobile translation applications, enabling users to read, write, speak and learn foreign languages anywhere in the world. TelTech develops and distributes unique and innovative mobile communications applications that help protect consumer privacy. Daily Burn is a health and fitness business that provides streaming fitness and workout videos across a variety of platforms (including mobile, web and other Internet-enabled television platforms). Emerging & Other Our Emerging & Other segment primarily includes: • Ask Media Group, a collection of websites providing general search services, and to a lesser extent, content that help users find the information they need; • Bluecrew, a technology driven staffing platform exclusively for flexible W-2 work, which we acquired a controlling interest in on February 26, 2018; • NurseFly, a platform to efficiently connect temporary healthcare professionals with job opportunities, which we acquired a controlling interest in on June 26, 2019; • The Daily Beast, a website dedicated to news, commentary, culture and entertainment that publishes original reporting and opinion from its roster of full-time journalists and contributors; • College Humor Media, a provider of digital content, including its subscription only property, Dropout.tv; • IAC Films, a provider of production and producer services for feature films, primarily for initial sale and distribution through theatrical releases and video-on-demand services in the United States and internationally; and • For periods prior to their sales: ◦ CityGrid, an advertising network that integrated local content and advertising for distribution to affiliated and third-party publishers across web and mobile platforms, sold December 31, 2018. ◦ Dictionary.com, an online and mobile dictionary and thesaurus service, sold November 13, 2018. ◦ Electus, including Notional, a provider of production and producer services for both unscripted and scripted television and digital content, primarily for initial sale and distribution in the United States, sold October 29, 2018. ◦ The Princeton Review, a provider of educational test preparation, academic tutoring and college counseling services, sold on March 31, 2017. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation The Company prepares its consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"). The consolidated financial statements include the accounts of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. Intercompany transactions and accounts have been eliminated. Accounting for Investments in Equity Securities Investments in the common stock or in-substance common stock of entities in which the Company has the ability to exercise significant influence over the operating and financial matters of the investee, but does not have a controlling financial interest, are accounted for using the equity method and are included in "Long-term investments" in the accompanying consolidated balance sheet. At December 31, 2019 and 2018, the Company did not have any investments accounted for using the equity method. Investments in equity securities, other than those of our consolidated subsidiaries and those accounted for under the equity method, are accounted for at fair value or under the measurement alternative of Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , following its adoption on January 1, 2018, with any changes to fair value recognized within other income (expense), net each reporting period. Under the measurement alternative, equity investments without readily determinable fair values are carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar securities of the same issuer; value is generally determined based on a market approach as of the transaction date. A security will be considered identical or similar if it has identical or similar rights to the equity securities held by the Company. The Company reviews its investments in equity securities without readily determinable fair values for impairment each reporting period when there are qualitative factors or events that indicate possible impairment. Factors we consider in making this determination include negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. When indicators of impairment exist, the Company prepares quantitative assessments of the fair value of our investments in equity securities, which require judgment and the use of estimates. When our assessment indicates that the fair value of the investment is below its carrying value, the Company writes down the investment to its fair value and records the corresponding charge within other income (expense), net. Accounting Estimates Management of the Company is required to make certain estimates, judgments and assumptions during the preparation of its consolidated financial statements in accordance with GAAP. These estimates, judgments and assumptions impact the reported amounts of assets, liabilities, revenue and expenses and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates. On an ongoing basis, the Company evaluates its estimates and judgments, including those related to: the fair values of cash equivalents and marketable debt securities; the carrying value of accounts receivable, including the determination of the allowance for doubtful accounts; the determination of revenue reserves; the carrying value of right-of-use assets ("ROU assets"); the useful lives and recoverability of definite-lived intangible assets and property and equipment; the recoverability of goodwill and indefinite-lived intangible assets; the fair value of equity securities without readily determinable fair values; contingencies; the fair value of acquisition-related contingent consideration arrangements; unrecognized tax benefits; the valuation allowance for deferred income tax assets; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates and judgments on historical experience, its forecasts and budgets and other factors that the Company considers relevant. Revenue Recognition The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers, effective January 1, 2018 using the modified retrospective transition method for open contracts as of the date of initial application. The cumulative effect to the Company's retained earnings at January 1, 2018 was an increase of $40.2 million , of which $3.4 million was related to the noncontrolling interest in ANGI; the adjustment to retained earnings was principally related to the Company’s ANGI and Applications segments. • Within ANGI, the effect of the adoption of ASU No. 2014-09 was that commissions paid to employees pursuant to certain sales incentive programs, which represent the incremental direct costs of obtaining a service professional contract, are now capitalized and amortized over the estimated life of a service professional (also referred to as the estimated customer relationship period). These costs were expensed as incurred prior to January 1, 2018. The cumulative effect of the adoption of ASU No. 2014-09 was the establishment of a current and non-current asset for capitalized sales commissions of $29.7 million and $4.2 million , respectively, and a related deferred tax liability of $8.0 million , resulting in a net increase to retained earnings of $25.9 million on January 1, 2018. • Within Applications, the primary effect of the adoption of ASU No. 2014-09 was to accelerate the recognition of the portion of the revenue of certain desktop applications sold by SlimWare that qualify as functional intellectual property ("functional IP") under ASU No. 2014-09. This revenue was previously deferred and recognized over the applicable subscription term. The cumulative effect of the adoption of ASU No. 2014-09 for SlimWare was a reduction in deferred revenue of $20.3 million and the establishment of a deferred tax liability of $4.9 million , resulting in a net increase to retained earnings of $15.5 million on January 1, 2018. The Company's disaggregated revenue disclosures are presented in " Note 12—Segment Information ." The following table presents the impact of the adoption of ASU No. 2014-09 by segment under Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers , as reported, and ASC 605, Revenue Recognition , for the year ended December 31, 2018. Under ASC 606 Under ASC 605 Effect of adoption of ASU No. 2014-09 (In thousands) Revenue by segment: Match Group $ 1,729,850 $ 1,729,850 $ — ANGI Homeservices 1,132,241 1,132,241 — Vimeo 159,641 160,931 (1,290 ) Dotdash 130,991 130,991 — Applications 582,287 581,492 795 Emerging & Other 528,250 528,250 — Inter-segment eliminations (368 ) (368 ) — Total $ 4,262,892 $ 4,263,387 $ (495 ) Operating costs and expenses by segment: Match Group $ 1,176,556 $ 1,176,556 $ — ANGI Homeservices 1,068,335 1,073,275 (4,940 ) Vimeo 195,235 196,212 (977 ) Dotdash 112,213 112,213 — Applications 487,453 484,644 2,809 Emerging & Other 498,286 498,286 — Corporate 159,675 159,675 — Total $ 3,697,753 $ 3,700,861 $ (3,108 ) Operating income (loss) by segment: Match Group $ 553,294 $ 553,294 $ — ANGI Homeservices 63,904 58,964 4,940 Vimeo (35,594 ) (35,281 ) (313 ) Dotdash 18,778 18,778 — Applications 94,834 96,848 (2,014 ) Emerging & Other 29,964 29,964 — Corporate (160,043 ) (160,043 ) — Total $ 565,137 $ 562,524 $ 2,613 Net earnings $ 757,747 $ 755,741 $ 2,006 The Company accounts for a contract with a customer when it has approval and commitment from all parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised services or goods is transferred to our customers and in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or goods. Transaction Price The objective of determining the transaction price is to estimate the amount of consideration the Company is due in exchange for its services or goods, including amounts that are variable. The Company determines the total transaction price, including an estimate of any variable consideration, at contract inception and reassesses this estimate each reporting period. The Company excludes from the measurement of transaction price all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of revenue. For contracts that have an original duration of one year or less, the Company uses the practical expedient available under ASU No. 2014-09, applicable to such contracts and does not consider the time value of money. Arrangements with Multiple Performance Obligations The Company’s contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers, which are directly observable or based on an estimate if not directly observable. For our multiple performance obligation arrangements that include functional IP, which comprise the downloadable apps and software of the Applications segment, the Company uses a residual approach to determine standalone selling prices for the functional IP. Assets Recognized from the Costs to Obtain a Contract with a Customer The Company has determined that certain costs, primarily commissions paid to employees pursuant to certain sales incentive programs and mobile app store fees, meet the requirements to be capitalized as a cost of obtaining a contract. Commissions paid to employees pursuant to certain sales incentive programs are amortized over the estimated customer relationship period. The Company calculates the estimated customer relationship period as the average customer life, which is based on historical data. When customer renewals are expected and the renewal commission is not commensurate with the initial commission, the average customer life includes renewal periods. For sales incentive programs where the customer relationship period is one year or less, the Company has elected the practical expedient to expense the costs as incurred. The Company generally capitalizes and amortizes mobile app store fees over the term of the applicable subscription. During the years ended December 31, 2019 and 2018 , the Company recognized expense of $464.6 million and $355.3 million related to the amortization of these costs. The current contract asset balances are $71.5 million , $69.8 million and $53.4 million at December 31, 2019 and 2018 , and January 1, 2018 , respectively. The non-current contract asset balances are $6.2 million , $4.5 million and $4.7 million at December 31, 2019 and 2018 , and January 1, 2018 , respectively. The current and non-current contract assets are included in "Other current assets" and "Other non-current assets," respectively, in the accompanying consolidated balance sheet. Performance Obligations As permitted under the practical expedient available under ASU No. 2014-09, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is allocated entirely to unsatisfied performance obligations or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which the Company recognizes revenue at the amount which we have the right to invoice for services performed. Match Group Match Group revenue is primarily derived directly from users in the form of recurring subscriptions. Subscription revenue is presented net of credits and credit card chargebacks. Subscribers pay in advance, primarily by credit card or through mobile app stores, and, subject to certain conditions identified in our terms and conditions, generally all purchases are final and nonrefundable. Revenue is initially deferred and is recognized using the straight-line method over the term of the applicable subscription period, which generally ranges from one to six months . Revenue is also earned from online advertising, the purchase of à la carte features and offline events. Online advertising revenue is recognized when an advertisement is displayed. Revenue from the purchase of à la carte features is recognized based on usage. Revenue associated with offline events is recognized when each event occurs. ANGI Homeservices ANGI revenue is primarily derived from (i) consumer connection revenue, which comprises fees paid by HomeAdvisor service professionals for consumer matches (regardless of whether the service professional ultimately provides the requested service) and fees from completed jobs sourced through the HomeAdvisor and Handy platforms, and (ii) HomeAdvisor service professional membership subscription fees. Consumer connection revenue varies based upon several factors, including the service requested, product experience offered and geographic location of service. The Company’s consumer connection revenue is generated and recognized when an in-network service professional is delivered a consumer match or when a job sourced through the HomeAdvisor and Handy platforms are completed. Service professional membership subscription revenue is initially deferred and is recognized using the straight-line method over the applicable subscription period, which is typically one year . Consumer connection revenue is generally billed one week following a consumer match, with payment due upon receipt of invoice or collected when a consumer schedules a job through the HomeAdvisor and Handy platforms. The Company maintains revenue reserves for potential credits for services provided by Handy service professionals to consumers. ANGI revenue is also derived from (i) sales of time-based website, mobile and call center advertising to service professionals, (ii) membership subscription fees from consumers and (iii) service warranty subscription and other services. Angie's List service professionals generally pay for advertisements in advance on a monthly or annual basis at the option of the service professional, with the average advertising contract term being approximately one year. Angie's List website, mobile and call center advertising revenue is recognized ratably over the contract term. Revenue from the sale of advertising in the Angie’s List Magazine is recognized in the period in which the publication is distributed. Angie's List prepaid consumer membership subscription fees are recognized as revenue using the straight-line method over the term of the applicable subscription period, which is typically one year . Prior to January 1, 2020, Handy recorded revenue on a net basis. Effective January 1, 2020, we modified the Handy terms and conditions so that Handy, rather than the service professional, has the contractual relationship with the consumer to deliver the service and Handy, rather than the consumer, has the contractual relationship with the service professional. Consumers request services and pay for such services directly through the Handy platform and then Handy fulfills the request with independently established home services providers engaged in a trade, occupation and/or business that customarily provides such services. This change in contractual terms requires gross revenue accounting treatment effective January 1, 2020. Also, in the case of certain tasks, HomeAdvisor provides a pre-priced product offering, pursuant to which consumers can request services through a HomeAdvisor platform and pay HomeAdvisor for the services directly. HomeAdvisor then fulfills the request with independently established home services providers engaged in a trade, occupation and/or business that customarily provides such services. Revenue from HomeAdvisor’s pre-priced product offering is also recorded on a gross basis effective January 1, 2020. In addition to changing the presentation of revenue to gross from net, the timing of revenue recognition will change for pre-priced jobs and will be later than the timing of existing consumer connection revenue for HomeAdvisor because we will not be able to record revenue, generally, until the service professional completes the job on our behalf. Vimeo Vimeo revenue is derived primarily from annual and monthly SaaS subscription fees paid by subscribers for self-serve and enterprise subscription plans. Subscription revenue is recognized over the terms of the applicable subscription period, which are typically one month or one year . Dotdash Dotdash revenue consists principally of display advertising revenue and performance marketing revenue. Display advertising revenue is generated primarily through digital display advertisements sold directly by our sales team and through programmatic advertising networks. Performance marketing revenue includes affiliate commerce and performance marketing commissions. Affiliate commerce commission revenue is generated when Dotdash refers users to commerce partner websites resulting in a purchase or transaction. Performance marketing commissions are generated on a cost-per-click or cost-per-new account basis. Applications Desktop revenue largely consists of advertising revenue generated principally through the display of paid listings in response to search queries. Paid listings are advertisements displayed on search results pages that generally contain a link to advertiser websites. The substantial majority of the paid listings displayed by our Desktop businesses is supplied to us by Google Inc. ("Google") pursuant to our services agreement with Google. Pursuant to this agreement, Desktop businesses that provide search services transmit search queries to Google, which in turn transmits a set of relevant and responsive paid listings back to these businesses for display in search results. This ad-serving process occurs independently of, but concurrently with, the generation of algorithmic search results for the same search queries. Google paid listings are displayed separately from algorithmic search results and are identified as sponsored listings on search results pages. Paid listings are priced on a price per click basis and when a user submits a search query through a Desktop business and then clicks on a Google paid listing displayed in response to the query, Google bills the advertiser that purchased the paid listing and shares a portion of the fee charged to the advertiser with the Desktop business. The Company recognizes paid listing revenue from Google when it delivers the user's click. In cases where the user’s click is generated due to the efforts of a third-party distributor, we recognize the amount due from Google as revenue and record a revenue share or other payment obligation to the third-party distributor as traffic acquisition costs. To a lesser extent, Desktop revenue also includes fees related to subscription-based downloadable desktop applications as well as display advertisements. Fees related to subscription downloadable desktop applications are generally recognized over the term of the applicable subscription period, which is primarily one or two years . Fees related to display advertisements are recognized when an advertisement is displayed. Mosaic Group revenue consists primarily of fees related to subscription downloadable mobile applications distributed through the Apple App Store and Google Play Store, as well as display advertisements. Fees related to subscription downloadable mobile applications are generally recognized at the time of the sale when the software license is delivered. To the extent updates or maintenance is required or expected, revenue is recognized over the term of the applicable subscription period, which is primarily one or two years . Fees related to display advertisements are recognized when an advertisement is displayed. Emerging & Other Revenue of Ask Media Group consists principally of advertising revenue generated principally through the display of paid listings in response to search queries, as well as from display advertisements appearing alongside content on its various websites and, to a lesser extent, affiliate commerce commission revenue. The majority of the paid listings displayed are supplied to us by Google in the manner, and pursuant to the services agreement with Google, described above under "Applications." Revenue from display advertising is generated through advertisements sold through programmatic advertising networks. Affiliate commerce commission revenue is generated when an Ask Media Group property refers users to commerce partner websites resulting in a purchase or transaction. Bluecrew revenue consists of service revenue, which is generated through staffing workers and recognized as control of the promised services is transferred to our customers. NurseFly revenue consists of subscription revenue, which is generated through recruiting agencies that seek access to qualified healthcare professionals and is recognized at the earlier of the full delivery of the promised services or the length of the subscription period. The Daily Beast revenue consists of advertising revenue, which is generated primarily through display advertisements (sold directly and through programmatic ad sales), and to a lesser extent, affiliate commerce commission revenue. Revenue of College Humor Media and IAC Films is generated primarily through media production and distribution and advertising. Production revenue is recognized when control is transferred to the customer to broadcast or exhibit, and advertising revenue is recognized when an advertisement is displayed or over the advertising period. Accounts Receivables, Net of Allowance for Doubtful Accounts and Revenue Reserves Accounts receivable include amounts billed and currently due from customers. The Company maintains an allowance for doubtful accounts to provide for the estimated amount of accounts receivable that will not be collected. The allowance for doubtful accounts is based upon a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history and the specific customer’s ability to pay its obligation. The time between the Company issuance of an invoice and payment due date is not significant; customer payments that are not collected in advance of the transfer of promised services or goods are generally due no later than 30 days from invoice date. The Company also maintains allowances to reserve for potential credits issued to consumers or other revenue adjustments. The amounts of these reserves are based primarily upon historical experience. Deferred Revenue Deferred revenue consists of advance payments that are received or are contractually due in advance of the Company's performance. The Company’s deferred revenue is reported on a contract by contract basis at the end of each reporting period. The Company classifies deferred revenue as current when the term of the applicable subscription period or expected completion of our performance obligation is one year or less. The deferred revenue balance is $398.8 million , $361.7 million and $332.2 million at December 31, 2019 and 2018 , and January 1, 2018 , respectively. During the years ended December 31, 2019 and 2018 , the Company recognized $356.4 million and $330.2 million of revenue that was included in the deferred revenue balance as of December 31, 2018 and January 1, 2018 , respectively. The current deferred revenue balances are $397.5 million and $360.0 million at December 31, 2019 and 2018 , respectively. The non-current deferred revenue balances are $1.3 million and $1.7 million at December 31, 2019 and 2018 , respectively. Non-current deferred revenue is included in "Other long-term liabilities" in the accompanying consolidated balance sheet. Cash and Cash Equivalents Cash and cash equivalents include cash and short-term investments, with maturities of less than 91 days from the date of purchase. Domestically, cash equivalents primarily consist of AAA rated government money market funds, treasury discount notes, time deposits and commercial paper rated A1/P1 or better. Internationally, cash equivalents primarily consist of AAA rated government money market funds and time deposits. Investments in Debt Securities The Company invests in marketable debt securities with active secondary or resale markets to ensure portfolio liquidity to fund current operations or satisfy other cash requirements as needed. Marketable debt securities are adjusted to fair value each quarter, and the unrealized gains and losses, net of tax, are included in accumulated other comprehensive income (loss) as a separate component of shareholders' equity. The specific-identification method is used to determine the cost of debt securities sold and the amount of unrealized gains and losses reclassified out of accumulated other comprehensive income (loss) into earnings. The Company also invests in non-marketable debt securities as part of its investment strategy. We review our debt securities for impairment each reporting period. The Company recognizes an unrealized loss on debt securities in net earnings when the impairment is determined to be other-than-temporary. Factors we consider in making such determination include the duration, severity and reason for the decline in value and the potential recovery and our intent to sell the debt security. We also consider whether we will be required to sell the security before recovery of its amortized cost basis and whether the amortized cost basis cannot be recovered because of credit losses. If an impairment is considered to be other-than-temporary, the debt security will be written down to its fair value and the loss will be recognized within other income (expense), net. At December 31, 2019 and 2018 , marketable debt securities consist of commercial paper rated A1/P1 or better and treasury discount notes. Certain Risks and Concentrations A meaningful portion of the Company's revenue is attributable to a services agreement with Google (the "Services Agreement"). In addition, the Company earns certain other advertising revenue from Google that is not attributable to the Services Agreement. For the years ended December 31, 2019 , 2018 and 2017 , consolidated revenue earned from Google was $733.5 million , $825.2 million and $740.7 million , respectively, representing 15% , 19% , and 22% , respectively, of the Company's consolidated revenue. Accounts receivable related to revenue earned from Google totaled $53.0 million and $69.1 million at December 31, 2019 and 2018 , respectively. Revenue attributable to the Services Agreement is earned by the Desktop business within the Applications segment and Ask Media Group within the Emerging & Other segment. For the years ended December 31, 2019 , 2018 and 2017 , revenue earned from the Services Agreement was $291.1 million , $426.5 million and $480.6 million , respectively, within the Applications segment and $385.9 million , $339.0 million and $203.5 million , respectively, within the Emerging & Other segment. The current Services Agreement expires on March 31, 2020. On February 11, 2019, the Company and Google amended the Services Agreement, effective as of April 1, 2020. The amendment extends the expiration date of the agreement to March 31, 2023; provided that during September 2020 and during each September thereafter, either party may, after discussion with the other party, terminate the services agreement, effective on September 30 of the year following the year such notice is given. The Company believes that the amended agreement, taken as a whole, is comparable to the Company’s currently existing agreement with Google. The Services Agreement requires that the Company comply with certain guidelines promulgated by Google. Google may generally unilaterally update its policies and guidelines without advance notice. These updates may be specific to the Services Agreement or could be more general and thereby impact the Company as well as other companies. These policy and guideline updates could in turn require modifications to, or prohibit and/or render obsolete certain of our products, services and/or business practices, which could be costly to address or otherwise have an adverse effect on our consolidated financial condition and results of operations, particularly our Desktop business and Ask Media Group. As described below, Google has made changes to the policies under the Services Agreement and has also made industry-wide changes that have negatively impacted the Desktop business during both 2018 and 2019. Google’s policy changes related to its Chrome browser, which became effective on September 12, 2018, negatively impacted the distribution of our B2C downloadable desktop products. The resultant reduction in projected profits and revenues of this business resulted in a $27.7 million impairment of the B2C trade name, which was recorded in the fourth quarter of 2018. On May 31, 2019, Google announced industry-wide policy changes, which became effective on July 1, 2019, related to all extensions distributed through the Chrome Web Store. These industry-wide changes, combined with other changes to polices under the Services Agreement during the second half of 2019, have had a negative impact on the historical and expected future results of operations of the Desktop business. As of December 31, 2019 , the goodwill balance of the Desktop reporting unit and the carrying value of the related intangible asset are $265.1 million and $28.9 million , respectively. The fair values of the Desktop reporting unit and the related intangible asset approximate their carrying values; therefore, a modest reduction in the fair values of the Desktop reporting unit or the related intangible asset would result in an impairment charge, which would be equal to the excess of the carrying value over the fair value of such assets. The Company’s business is subject to certain risks and concentrations including dependence on third-party technology providers, exposure to risks associated with online commerce security and credit card fraud. Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and marketable debt securities. Cash and cash equivalents are maintained with financial institutions and are in excess of Federal Deposit Insurance Corporation insurance limits. Property and Equipment Property and equipment, including significant improvements, are recorded at cost. Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, or, in the case of leasehold improvements, the lease term, if shorter. Asset Category Estimated Useful Lives Buildings and leasehold improvements 3 to 39 Years Capitalized software and computer equipment 2 to 3 Years Furniture and other equipment 3 to 12 Years The Company capitalizes certain internal use software costs including external direct costs utilized in developing or obtaining the software and compensation for personnel directly associated with the development of the software. Capitalization of such costs begins when the preliminary project stage is complete and ceases when the project is substantially complete and ready for its intended purpose. The net book value of capitalized internal use software is $83.8 million and $58.1 million at December 31, 2019 and 2018 , respectively. Business Combinations The purchase price of each acquisition is attributed to the assets acquired and liabilities assumed based on their fair values at the date of acquisition, including identifiable intangible assets that either arise from a contractual or legal right or are separable from goodwill. The Company usually uses the assistance of outside valuation experts to assist in the allocation of purchase price to the identifiable intangible assets acquired. While outside valuation experts may be used, management has ultimate responsibility for the valuation methods, models and |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES U.S. and foreign earnings (loss) before income taxes and noncontrolling interests are as follows: Years Ended December 31, 2019 2018 2017 (In thousands) U.S. $ 370,073 $ 630,417 $ (52,606 ) Foreign 124,438 131,141 119,564 Total $ 494,511 $ 761,558 $ 66,958 The components of the income tax provision (benefit) are as follows: Years Ended December 31, 2019 2018 2017 (In thousands) Current income tax provision (benefit): Federal $ 278 $ (2,849 ) $ (31,844 ) State 807 2,569 1,964 Foreign 29,707 38,770 24,108 Current income tax provision (benefit) 30,792 38,490 (5,772 ) Deferred income tax provision (benefit): Federal (52,985 ) (21,792 ) (255,477 ) State (25,128 ) 172 (28,364 ) Foreign (1,988 ) (13,059 ) (1,437 ) Deferred income tax benefit (80,101 ) (34,679 ) (285,278 ) Income tax (benefit) provision $ (49,309 ) $ 3,811 $ (291,050 ) The tax effects of cumulative temporary differences that give rise to significant deferred tax assets and deferred tax liabilities are presented below. The valuation allowance relates to deferred tax assets for which it is more likely than not that the tax benefit will not be realized. December 31, 2019 2018 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 340,472 $ 291,639 Tax credit carryforwards 117,286 89,397 Stock-based compensation 79,108 82,698 Long-term lease liabilities 52,748 — Other 71,328 53,631 Total deferred tax assets 660,942 517,365 Less valuation allowance (129,620 ) (115,853 ) Net deferred tax assets 531,322 401,512 Deferred tax liabilities: Investment in subsidiaries (235,920 ) (238,650 ) Intangible assets (70,830 ) (77,669 ) Right-of-use assets (39,226 ) — Investment in Pinterest — (22,927 ) Other (39,680 ) (21,080 ) Total deferred tax liabilities (385,656 ) (360,326 ) Net deferred tax assets $ 145,666 $ 41,186 At December 31, 2019 , the Company has federal and state net operating losses ("NOLs") of $990.3 million and $827.2 million , respectively. If not utilized, $80.2 million of federal NOLs can be carried forward indefinitely, and the remainder will expire at various times primarily between 2027 and 2037, and the state NOLs, if not utilized, will expire at various times between 2020 and 2039. Federal and state NOLs of $617.5 million and $457.4 million , respectively, can be used against future taxable income without restriction and the remaining NOLs will be subject to limitations under Section 382 of the Internal Revenue Code, separate return limitations, and applicable state law. At December 31, 2019 , the Company has foreign NOLs of $436.2 million available to offset future income. Of these foreign NOLs, $402.7 million can be carried forward indefinitely and $33.5 million will expire at various times between 2020 and 2039. During 2019 , the Company recognized tax benefits related to NOLs of $40.8 million . Included in this amount is $26.9 million of tax benefits of acquired attributes which was recorded as a reduction to goodwill. At December 31, 2019 , the Company has federal and foreign disallowed interest carryforwards of $95.1 million and $46.4 million , respectively, that can be carried forward indefinitely and can be used against future taxable income. At December 31, 2019 , the Company has tax credit carryforwards of $159.5 million . Of this amount, $108.4 million relates to credits for research activities, $48.7 million relates to credits for foreign taxes, and $2.4 million relates to various other credits. Of these credit carryforwards, $41.2 million can be carried forward indefinitely and $118.3 million will expire between 2020 and 2039. The Company regularly assesses the realizability of deferred tax assets considering all available evidence including, to the extent applicable, the nature, frequency and severity of prior cumulative losses, forecasts of future taxable income, tax filing status, the duration of statutory carryforward periods, available tax planning and historical experience. During 2019 , the Company's valuation allowance increased by $13.8 million primarily due to an increase in foreign net operating losses, partially offset by a net decrease in unbenefited capital losses. At December 31, 2019 , the Company has a valuation allowance of $129.6 million related to the portion of tax loss carryforwards, foreign tax credits and other items for which it is more likely than not that the tax benefit will not be realized. A reconciliation of the income tax (benefit) provision to the amounts computed by applying the statutory federal income tax rate to earnings before income taxes is shown as follows: Years Ended December 31, 2019 2018 2017 (In thousands) Income tax provision at the federal statutory rate of 21% (35% for 2017) $ 103,847 $ 159,927 $ 23,435 State income taxes, net of effect of federal tax benefit 6,146 16,794 782 Stock-based compensation (135,179 ) (129,654 ) (358,901 ) Research credits (33,377 ) (14,276 ) (6,947 ) Realization of certain deferred tax assets (9,281 ) (13,200 ) (3,133 ) Foreign income taxed at a different statutory tax rate (3,333 ) (3,206 ) (14,725 ) Deferred tax adjustment for enacted changes in tax laws and rates 890 (7,488 ) 705 Non-deductible impairments for certain cost method investments — — 2,669 Transition tax — (9,190 ) 62,667 Withholding taxes 7,304 5,165 562 Other, net 13,674 (1,061 ) 1,836 Income tax (benefit) provision $ (49,309 ) $ 3,811 $ (291,050 ) A reconciliation of the beginning and ending amount of unrecognized tax benefits, including penalties but excluding interest, is as follows: December 31, 2019 2018 2017 (In thousands) Balance at January 1 $ 48,875 $ 36,732 $ 38,372 Additions based on tax positions related to the current year 14,000 10,334 2,050 Additions for tax positions of prior years 8,949 4,716 1,994 Reductions for tax positions of prior years (289 ) (400 ) (3,761 ) Settlements — — — Expiration of applicable statutes of limitations (1,302 ) (2,507 ) (1,923 ) Balance at December 31 $ 70,233 $ 48,875 $ 36,732 The Company recognizes interest and, if applicable, penalties related to unrecognized tax benefits in the income tax provision. Included in the income tax provision for the years ended December 31, 2019 , 2018 and 2017 is a $0.5 million benefit, $0.3 million benefit and $0.1 million expense, respectively, net of related deferred taxes of $0.2 million , less than $0.1 million and $0.1 million , respectively, for interest on unrecognized tax benefits. At December 31, 2019 and 2018 , the Company has accrued $4.1 million and $3.4 million , respectively, for the payment of interest. At December 31, 2019 and 2018 , the Company has accrued $1.1 million and $1.4 million , respectively, for penalties. The Company is routinely under audit by federal, state, local and foreign authorities in the area of income tax. These audits include questioning the timing and the amount of income and deductions and the allocation of income and deductions among various tax jurisdictions. The Internal Revenue Service ("IRS") is currently auditing the Company’s federal income tax returns for the years ended December 31, 2010 through 2016. The statute of limitations for the years 2010 through 2012 has been extended to November 30, 2020 and the statute of limitations for the years 2013 through 2015 has been extended to December 31, 2020. Returns filed in various other jurisdictions are open to examination for tax years beginning with 2009. Income taxes payable include unrecognized tax benefits considered sufficient to pay assessments that may result from examination of prior year tax returns. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may not accurately anticipate actual outcomes and, therefore, may require periodic adjustment. Although management currently believes changes in unrecognized tax benefits from period to period and differences between amounts paid, if any, upon resolution of issues raised in audits and amounts previously provided will not have a material impact on the liquidity, results of operations, or financial condition of the Company, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future. At December 31, 2019 and 2018 , unrecognized tax benefits, including interest and penalties, were $74.4 million and $52.3 million , respectively. If unrecognized tax benefits at December 31, 2019 are subsequently recognized, $69.2 million , net of related deferred tax assets and interest, would reduce income tax expense. The comparable amount as of December 31, 2018 was $49.1 million . The Company believes that it is reasonably possible that its unrecognized tax benefits could decrease by $24.5 million by December 31, 2020 , due to expirations of statutes of limitations or other settlements; $24.3 million of which would reduce the income tax provision. On December 22, 2017, the U.S. enacted the Tax Act. The Tax Act subjected to U.S. taxation certain previously deferred earnings of foreign subsidiaries as of December 31, 2017 ("Transition Tax") and implemented a number of changes that took effect on January 1, 2018, including but not limited to, a reduction of the U.S. federal corporate tax rate from 35% to 21% and a new minimum tax on GILTI earned by foreign subsidiaries. The Company was able to make a reasonable estimate of the Transition Tax and recorded a provisional tax expense in the fourth quarter of 2018. In the third quarter of 2018, the Company finalized this calculation, which resulted in a $9.2 million reduction in the Transition Tax. The net reduction in the Transition Tax was due primarily to the utilization of additional foreign tax credits and a reduction in state taxes, partially offset by additional taxable earnings and profits of our foreign subsidiaries based on guidance issued by the IRS subsequent to December 31, 2017. The Company has not provided for approximately $2.1 million of deferred taxes on $41.8 million of international cash earnings that are indefinitely reinvested outside the U.S. The remaining $171.2 million |
BUSINESS COMBINATION
BUSINESS COMBINATION | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATION | BUSINESS COMBINATION Through the Combination, ANGI acquired 100% of the common stock of Angie's List on September 29, 2017 for a total purchase price valued at $781.4 million . The purchase price of $781.4 million was determined based on the sum of (i) the fair value of the 61.3 million shares of Angie's List common stock outstanding immediately prior to the Combination based on the closing stock price of Angie's List common stock on the NASDAQ on September 29, 2017 of $12.46 per share; (ii) the cash consideration of $1.9 million paid to holders of Angie's List common stock who elected to receive $8.50 in cash per share; and (iii) the fair value of vested equity awards (including the pro rata portion of unvested awards attributable to pre-combination services) outstanding under Angie's List stock plans on September 29, 2017 . Each stock option to purchase shares of Angie's List common stock that was outstanding immediately prior to the effective time of the Combination was, as of the effective time of the Combination, converted into an option to purchase (i) that number of Class A shares of ANGI Homeservices equal to the total number of shares of Angie's List common stock subject to such Angie's List option immediately prior to the effective time of the Combination, (ii) at a per-share exercise price equal to the exercise price per share of Angie's List common stock at which such Angie's List option was exercisable immediately prior to the effective time of the Combination. Each award of Angie's List restricted stock units that was outstanding immediately prior to the effective time of the Combination was, as of the effective time of the Combination, converted into an ANGI Homeservices restricted stock unit award with respect to a number of Class A shares of ANGI Homeservices equal to the total number of shares of Angie's List common stock subject to such Angie's List restricted stock unit award immediately prior to the effective time of the Combination. The table below summarizes the purchase price: Angie's List (In thousands) Class A common stock $ 763,684 Cash consideration for holders who elected to receive $8.50 in cash per share of Angie's List common stock 1,913 Fair value of vested and pro rata portion of unvested stock options attributable to pre-combination services 11,749 Fair value of the pro rata portion of unvested restricted stock units attributable to pre-combination services 4,038 Total purchase price $ 781,384 The financial results of Angie's List are included in the Company's consolidated financial statements, within the ANGI Homeservices segment, beginning September 29, 2017 . For the year ended December 31, 2017 , the Company included $58.9 million of revenue and $21.8 million of net loss in its consolidated statement of operations related to Angie's List. The net loss of Angie's List reflects $28.7 million in stock-based compensation expense related to (i) the acceleration of previously issued Angie's List equity awards held by employees terminated in connection with the Combination and (ii) the expense related to previously issued Angie's List equity awards, severance and retention costs of $19.8 million related to the Combination and a reduction in revenue of $7.8 million due to the write-off of deferred revenue related to the Combination. The table below summarizes the fair values of the assets acquired and liabilities assumed at the date of combination: Angie's List (In thousands) Cash and cash equivalents $ 44,270 Other current assets 11,280 Property and equipment 16,341 Goodwill 543,674 Intangible assets 317,300 Total assets 932,865 Deferred revenue (32,595 ) Other current liabilities (46,150 ) Long-term debt—related party (61,498 ) Deferred income taxes (9,833 ) Other long-term liabilities (1,405 ) Net assets acquired $ 781,384 The purchase price was based on the expected financial performance of Angie's List, not on the value of the net identifiable assets at the time of combination. This resulted in a significant portion of the purchase price being attributed to goodwill because Angie's List is complementary and synergistic to the other North America businesses of ANGI Homeservices. The fair values of the identifiable intangible assets acquired at the date of combination are as follows: Angie's List (In thousands) Weighted-Average Useful Life (Years) Indefinite-lived trade name and trademarks $ 137,000 Indefinite Service professionals 90,500 3 Developed technology 63,900 6 Memberships 15,900 3 User base 10,000 1 Total identifiable intangible assets acquired $ 317,300 Other current assets, current liabilities and other long-term liabilities of Angie's List were reviewed and adjusted to their fair values at the date of combination, as necessary. The fair value of deferred revenue was determined using an income approach that utilized a cost to fulfill analysis. The fair value of the trade name and trademarks was determined using an income approach that utilized the relief from royalty methodology. The fair values of developed technology and user base were determined using a cost approach that utilized the cost to replace methodology. The fair values of the service professionals and memberships were determined using an income approach that utilized the excess earnings methodology. The valuations of deferred revenue and intangible assets incorporate significant unobservable inputs and require significant judgment and estimates, including the amount and timing of future cash flows, cost and profit margins related to deferred revenue and the determination of royalty and discount rates. The amount attributed to goodwill is not tax deductible. Unaudited Pro Forma Financial Information The unaudited pro forma financial information in the table below presents the combined results of the Company and Angie's List as if the Combination had occurred on January 1, 2016. The unaudited pro forma financial information includes adjustments required under the acquisition method of accounting and is presented for informational purposes only and is not necessarily indicative of the results that would have been achieved had the Combination actually occurred on January 1, 2016. For the year ended December 31, 2017, pro forma adjustments include (i) reductions in stock-based compensation expense of $77.1 million and transaction related costs of $34.1 million because they are one-time in nature and will not have a continuing impact on operations; and (ii) an increase in amortization of intangibles of $31.9 million . The stock-based compensation expense is related to the modification of previously issued HomeAdvisor equity awards and previously issued Angie's List equity awards, both of which were converted into ANGI Homeservices' equity awards in the Combination, and the acceleration of certain converted equity awards resulting from the termination of Angie's List employees in connection with the Combination. The transaction related costs include severance and retention costs of $19.8 million related to the Combination. Year Ended December 31, 2017 (In thousands, except per share data) Revenue $ 3,529,600 Net earnings attributable to IAC shareholders $ 364,496 Basic earnings per share attributable to IAC shareholders $ 4.55 Diluted earnings per share attributable to IAC shareholders $ 4.27 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets, net are as follows: December 31, 2019 2018 (In thousands) Goodwill $ 2,854,462 $ 2,726,859 Intangible assets with indefinite lives 446,495 458,104 Intangible assets with definite lives, net of accumulated amortization 131,979 173,318 Total goodwill and intangible assets, net $ 3,432,936 $ 3,358,281 The following table presents the balance of goodwill by reportable segment, including the changes in the carrying value of goodwill, for the year ended December 31, 2019 : Balance at Additions (Deductions) Impairment Foreign Balance at (In thousands) Match Group $ 1,245,013 $ 3,553 $ — $ — $ (8,726 ) $ 1,239,840 ANGI Homeservices 892,800 18,326 (29,267 ) — 192 882,051 Vimeo 77,152 142,222 — — — 219,374 Applications: Desktop 265,146 — — — — 265,146 Mosaic Group 239,746 — — — (144 ) 239,602 Total Applications 504,892 — — — (144 ) 504,748 Emerging & Other 7,002 4,765 — (3,318 ) — 8,449 Total $ 2,726,859 $ 168,866 $ (29,267 ) $ (3,318 ) $ (8,678 ) $ 2,854,462 Additions primarily relate to the acquisitions of Magisto (included in the Vimeo segment) and Fixd Repair (included in the ANGI Homeservices segment). Deductions primarily relate to tax benefits of acquired attributes related to the acquisition of Handy (included in the ANGI Homeservices segment). During the fourth quarter of 2019, the Company recorded an impairment charge of $3.3 million related to the goodwill of the College Humor Media business (included in the Emerging & Other Segment). The following table presents the balance of goodwill by reportable segment, including the changes in the carrying value of goodwill, for the year ended December 31, 2018 : Balance at Additions (Deductions) Transfers In/(Out) Foreign Balance at (In thousands) Match Group $ 1,247,899 $ 11,187 $ — $ — $ (14,073 ) $ 1,245,013 ANGI Homeservices 768,317 142,768 (14,373 ) — (3,912 ) 892,800 Vimeo 77,303 — (151 ) — — 77,152 Applications: Desktop 265,146 — — — — 265,146 Mosaic Group 182,096 50,784 — 7,323 $ (457 ) 239,746 Total Applications 447,242 50,784 — 7,323 (457 ) 504,892 Emerging & Other 18,305 3,684 (7,664 ) (7,323 ) — 7,002 Total $ 2,559,066 $ 208,423 $ (22,188 ) $ — $ (18,442 ) $ 2,726,859 Additions primarily relate to the acquisitions of Handy (included in the ANGI Homeservices segment), TelTech and iTranslate (included in the Applications segment), Hinge (included in the Match Group segment), and Bluecrew (included in the Emerging & Other segment). Deductions relate to the sales of Felix (included in the ANGI Homeservices segment) and Electus (included in the Emerging & Other segment). Prior to the fourth quarter of 2018, IAC Publishing was a reportable segment consisting of one operating segment and one reporting unit. In the fourth quarter of 2018, IAC Publishing was split into the Dotdash and the Emerging & Other segments (related to the remaining businesses previously included in the IAC Publishing segment). The accumulated goodwill impairment of IAC Publishing was allocated to these businesses based upon their relative fair values as of October 1, 2018. The December 31, 2019 and 2018 goodwill balances reflect accumulated impairment losses of $529.1 million , $399.7 million and $198.3 million at Applications, the businesses previously included in the IAC Publishing segment (excluding Dotdash, included in the Emerging & Other segment) and Dotdash, respectively. The December 31, 2019 and 2018 goodwill balances also reflect accumulated impairment losses of $14.9 million and $11.6 million , respectively, at College Humor Media (included in the Emerging & Other segment). Intangible assets with indefinite lives are trade names and trademarks acquired in various acquisitions. At December 31, 2019 and 2018 , intangible assets with definite lives are as follows: December 31, 2019 Gross Accumulated Net Weighted-Average (In thousands) Technology $ 154,052 $ (79,358 ) $ 74,694 4.6 Service professional relationships 99,651 (76,445 ) 23,206 2.9 Customer lists and user base 44,548 (24,488 ) 20,060 3.3 Trade names 19,074 (13,068 ) 6,006 3.2 Memberships 15,900 (11,940 ) 3,960 3.0 Other 13,952 (9,899 ) 4,053 3.7 Total $ 347,177 $ (215,198 ) $ 131,979 3.8 December 31, 2018 Gross Accumulated Net Weighted-Average (In thousands) Technology $ 143,303 $ (53,199 ) $ 90,104 4.7 Service professional relationships 99,528 (44,674 ) 54,854 2.9 Customer lists and user base 30,099 (15,126 ) 14,973 2.9 Memberships 15,900 (6,640 ) 9,260 3.0 Trade names 12,393 (9,393 ) 3,000 3.3 Other 8,500 (7,373 ) 1,127 4.8 Total $ 309,723 $ (136,405 ) $ 173,318 3.8 At December 31, 2019 , amortization of intangible assets with definite lives for each of the next five years and thereafter is estimated to be as follows: Years Ending December 31, (In thousands) 2020 $ 63,844 2021 27,454 2022 22,781 2023 12,870 2024 1,766 Thereafter 3,264 Total $ 131,979 |
FINANCIAL INSTRUMENTS AND FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Marketable Securities At December 31, 2019 and 2018 , the fair value of marketable securities are as follows: December 31, 2019 2018 (In thousands) Available-for-sale marketable debt securities $ 19,993 $ 123,246 Marketable equity security — 419 Total marketable securities $ 19,993 $ 123,665 At December 31, 2019 , current available-for-sale marketable debt securities are as follows: Amortized Gross Gross Fair Value (In thousands) Commercial paper $ 19,993 $ — $ — $ 19,993 Total available-for-sale marketable debt securities $ 19,993 $ — $ — $ 19,993 The contractual maturities of debt securities classified as current available-for-sale at December 31, 2019 are within one year . There are no investments in available-for-sale marketable debt securities that have been in a continuous unrealized loss position for longer than twelve months as of December 31, 2019 and 2018 . At December 31, 2018 , current available-for-sale marketable debt securities are as follows: Amortized Gross Gross Fair Value (In thousands) Treasury discount notes $ 112,291 $ 3 $ (3 ) $ 112,291 Commercial paper 10,955 — — 10,955 Total available-for-sale marketable debt securities $ 123,246 $ 3 $ (3 ) $ 123,246 The following table presents the proceeds from maturities of available-for-sale marketable debt securities: December 31, 2019 2018 2017 (In thousands) Proceeds from maturities of available-for-sale marketable debt securities $ 163,500 $ 333,600 $ 114,350 There were no gross realized gains or losses from the sales of available-for-sale marketable debt securities for the years ended December 31, 2019 , 2018 , and 2017 . Long-term investments Long-term investments consist of: December 31, 2019 2018 (In thousands) Equity securities without readily determinable fair values $ 353,052 $ 235,055 Total long-term investments $ 353,052 $ 235,055 Equity securities without readily determinable fair values In the third quarter of 2019, the Company made a $250 million investment in Turo, a peer-to-peer car sharing marketplace. As part of its investment, the Company received a warrant that is net settleable at the Company's option and is recorded at fair value each reporting period with any change included in "Other income, net" in the accompany consolidated statement of operations. The warrant is measured using significant unobservable inputs and is classified in the fair value hierarchy table below as Level 3. The warrant is included in "Other non-current assets" in the accompanying consolidated balance sheet. The Company had an investment in Pinterest, which was carried at fair value following the initial public offering of Pinterest in April 2019. Prior to this, the Company accounted for its investment in Pinterest as an equity security without a readily determinable fair value. The Company sold its remaining shares in Pinterest during the fourth quarter of 2019. For the year ended December 31, 2019 , the Company recognized a net gain of $20.5 million related to its investment in Pinterest, which is included in "Other income, net" in the accompanying consolidated statement of operations. The following table presents a summary of realized and unrealized gains and losses recorded in other income (expense), net, as adjustments to the carrying value of equity securities without readily determinable fair values held as of December 31, 2019 and 2018 . Years Ended December 31, 2019 2018 (In thousands) Upward adjustments (gross unrealized gains) $ 19,698 $ 128,986 Downward adjustments including impairments (gross unrealized losses) (5,193 ) (4,931 ) Total $ 14,505 $ 124,055 The cumulative upward and downward adjustments (including impairments) to the carrying value of equity securities without readily determinable fair values held at December 31, 2019 were $19.9 million and $7.0 million , respectively. Realized and unrealized gains and losses for the Company's marketable equity security and investments without readily determinable fair values for the years ended December 31, 2019 and 2018 are as follows: Years Ended December 31, 2019 2018 (In thousands) Realized gains, net, for equity securities sold $ 23,076 $ 27,874 Unrealized gains, net, on equity securities held 14,505 124,170 Total gains recognized, net, in other income (expense), net $ 37,581 $ 152,044 Equity method investments In 2018 and 2017 , the Company recorded other-than-temporary impairment charges on certain of its investments of $0.6 million and $2.7 million , respectively. These charges are included in "Other income (expense), net" in the accompanying consolidated statement of operations. Cost method investments (prior to the adoption of ASU No. 2016-01) In 2017 , the Company recorded $9.5 million of other-than-temporary impairment charges for certain of its investments as a result of our assessment of the near-term prospects and financial condition of the investees. This charge is included in "Other income (expense), net" in the accompanying consolidated statement of operations. On October 23, 2017, Match Group sold a cost method investment for net proceeds of $60.2 million . The gain on sale of $9.1 million is included in "Other income (expense), net" in the accompanying consolidated statement of operations. Fair Value Measurements The following tables present the Company's financial instruments that are measured at fair value on a recurring basis: December 31, 2019 Quoted Market Significant Significant Total (In thousands) Assets: Cash equivalents: Money market funds $ 2,164,576 $ — $ — $ 2,164,576 Treasury discount notes — 199,896 — 199,896 Time deposits — 128,075 — 128,075 Commercial paper — 29,960 — 29,960 Marketable securities: Commercial paper — 19,993 — 19,993 Other non-current assets: Warrant — — 8,495 8,495 Total $ 2,164,576 $ 377,924 $ 8,495 $ 2,550,995 Liabilities: Contingent consideration arrangements $ — $ — $ (6,918 ) $ (6,918 ) December 31, 2018 Quoted Market Significant Significant Total (In thousands) Assets: Cash equivalents: Money market funds $ 880,815 $ — $ — $ 880,815 Treasury discount notes — 561,733 — 561,733 Commercial paper — 162,417 — 162,417 Time deposits — 90,036 — 90,036 Marketable securities: Treasury discount notes — 112,291 — 112,291 Commercial paper — 10,955 — 10,955 Marketable equity security 419 — — 419 Total $ 881,234 $ 937,432 $ — $ 1,818,666 Liabilities: Contingent consideration arrangements $ — $ — $ (28,631 ) $ (28,631 ) The following table presents the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Years Ended December 31, 2019 2018 Warrant Contingent Contingent (In thousands) Balance at January 1 $ — $ (28,631 ) $ (2,647 ) Fair value at date of acquisition 17,618 — (25,521 ) Total net (losses) gains: Included in earnings: Fair value adjustments (9,123 ) 19,739 (1,456 ) Included in other comprehensive (loss) income — (14 ) 45 Settlements — 1,988 948 Balance at December 31 $ 8,495 $ (6,918 ) $ (28,631 ) Contingent consideration arrangements At December 31, 2019 , the Company has one outstanding contingent consideration arrangement related to a business acquisition. The arrangement has a total maximum contingent payment of $45.0 million . At December 31, 2019 , the gross fair value of this arrangement, before unamortized discount, is $12.5 million . During the first quarter of 2019, the Company paid $2.0 million to settle a contingent consideration arrangement that was outstanding at December 31, 2018. Generally, our contingent consideration arrangements are based upon financial performance and/or operating metric targets and the Company generally determines the fair value of the contingent consideration arrangements by using probability-weighted analyses to determine the amounts of the gross liability, and, if the arrangements are initially long-term in nature, applying a discount rate that appropriately captures the risks associated with the obligations to determine the net amount reflected in the consolidated financial statements. The fair value of the contingent consideration arrangement at December 31, 2019 reflects a discount rate of 25% . The fair values of the contingent consideration arrangements at December 31, 2018 reflect discount rates ranging from 12% to 25% . The fair value of contingent consideration arrangements is sensitive to changes in the expected achievement of the applicable targets and changes in discount rates. The Company remeasures the fair value of the contingent consideration arrangements each reporting period, including the accretion of the discount, if applicable, and changes are recognized in "General and administrative expense" in the accompanying consolidated statement of operations. The contingent consideration arrangement liability at December 31, 2019 includes a non-current portion of $6.9 million . The contingent consideration arrangement liability at December 31, 2018 includes a current portion of $2.0 million and a non-current portion of $26.6 million , respectively. The current and non-current portions of the contingent consideration liability are included in “Accrued expenses and other current liabilities” and “Other long-term liabilities,” respectively, in the accompanying consolidated balance sheet. Financial instruments measured at fair value only for disclosure purposes The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes: December 31, 2019 December 31, 2018 Carrying Fair Carrying Fair (In thousands) Current portion of long-term debt $ (13,750 ) $ (13,681 ) $ (13,750 ) $ (12,753 ) Long-term debt, net (a) (3,121,572 ) (4,136,988 ) (2,245,548 ) (2,460,204 ) _________________ (a) At December 31, 2019 and 2018 , the carrying value of long-term debt, net includes unamortized original issue discount and debt issuance costs of $404.7 million and $88.9 million , respectively . At December 31, 2019 and 2018 , the fair value of long-term debt is estimated using observable market prices or indices for similar liabilities, which are Level 2 inputs. At December 31, 2018, the Company considered the outstanding borrowings under the MTCH's $500 million revolving credit facility ("MTCH Credit Facility"), which has a variable interest rate, to have a fair value equal to its carrying value. The outstanding borrowings under the MTCH Credit Facility were repaid with a portion of the net proceeds from MTCH's $350 million aggregate principal amount of its 5.625% Senior Notes issued on February 15, 2019. See " Note 7—Long-Term Debt " for additional information on the repayment of the MTCH Credit Facility. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consists of: December 31, 2019 2018 (In thousands) MTCH Debt: MTCH Term Loan due November 16, 2022 $ 425,000 $ 425,000 MTCH Credit Facility due December 7, 2023 — 260,000 6.375% Senior Notes due June 1, 2024 (the "6.375% MTCH Senior Notes"); interest payable each June 1 and December 1 400,000 400,000 5.00% Senior Notes due December 15, 2027 (the "5.00% MTCH Senior Notes"); interest payable each June 15 and December 15 450,000 450,000 5.625% Senior Notes due February 15, 2029 (the "5.625% MTCH Senior Notes"); interest payable each February 15 and August 15 350,000 — Total MTCH long-term debt 1,625,000 1,535,000 Less: unamortized original issue discount 6,282 7,352 Less: unamortized debt issuance costs 15,235 11,737 Total MTCH debt, net 1,603,483 1,515,911 ANGI Debt: ANGI Term Loan due November 5, 2023 247,500 261,250 Less: current portion of ANGI Term Loan 13,750 13,750 Less: unamortized debt issuance costs 1,804 2,529 Total ANGI debt, net 231,946 244,971 IAC Debt: 0.875% Exchangeable Senior Notes due October 1, 2022 (the "2022 Exchangeable Notes"); interest payable each April 1 and October 1 517,500 517,500 0.875% Exchangeable Senior Notes due June 15, 2026 (the "2026 Exchangeable Notes"); interest payable each June 15 and December 15 575,000 — 2.00% Exchangeable Senior Notes due January 15, 2030 (the "2030 Exchangeable Notes"); interest payable each January 15 and July 15; commencing on January 15, 2020 575,000 — 4.75% Senior Notes due December 15, 2022 (the "4.75% Senior Notes"); interest payable each June 15 and December 15 — 34,489 Total IAC long-term debt 1,667,500 551,989 Less: unamortized original issue discount 351,605 54,025 Less: unamortized debt issuance costs 29,752 13,298 Total IAC debt, net 1,286,143 484,666 Total long-term debt, net $ 3,121,572 $ 2,245,548 MTCH Senior Notes The 6.375% MTCH Senior Notes were issued on June 1, 2016, and are currently redeemable. These notes may be redeemed at redemption prices set forth below, together with accrued and unpaid interest thereon to the applicable redemption date, if redeemed during the twelve-month period beginning on June 1 of the years indicated below: Year Percentage 2019 104.781 % 2020 103.188 % 2021 101.594 % 2022 and thereafter 100.000 % The 5.00% MTCH Senior Notes were issued on December 4, 2017. The proceeds from these notes, along with cash on hand, were used to redeem the $445.2 million outstanding balance of the 6.75% MTCH Senior Notes, which were due on December 15, 2022, and pay the related call premium. At any time prior to December 15, 2022, the 5.00% MTCH Senior Notes may be redeemed at a redemption price equal to the sum of the principal amount thereof, plus accrued and unpaid interest and a make-whole premium set forth in the indenture governing the notes. Thereafter, these notes may be redeemed at the redemption prices set forth below, together with accrued and unpaid interest thereon to the applicable redemption date, if redeemed during the twelve-month period beginning on December 15 of the years indicated below: Year Percentage 2022 102.500 % 2023 101.667 % 2024 100.833 % 2025 and thereafter 100.000 % The 5.625% MTCH Senior Notes were issued on February 15, 2019. The proceeds were used to repay outstanding borrowings under the MTCH Credit Facility, to pay expenses associated with the offering, and for general corporate purposes. At any time prior to February 15, 2024, these notes may be redeemed at a redemption price equal to the sum of the principal amount thereof, plus accrued and unpaid interest and a make-whole premium set forth in the indenture governing the notes. Thereafter, these notes may be redeemed at redemption prices set forth in the indenture governing the notes, together with accrued and unpaid interest thereon to the applicable redemption date, if redeemed during the twelve-month period beginning on February 15 of the years indicated below: Year Percentage 2024 102.813 % 2025 101.875 % 2026 100.938 % 2027 and thereafter 100.000 % The indentures governing the 6.375% and 5.00% MTCH Senior Notes contain covenants that would limit MTCH's ability to pay dividends, make distributions or repurchase MTCH stock in the event a default has occurred or MTCH's consolidated leverage ratio (as defined in the indentures) exceeds 5.0 to 1.0 . At December 31, 2019 , there were no limitations pursuant thereto. There are additional covenants in these indentures that limit MTCH's ability and the ability of its subsidiaries to, among other things, (i) incur indebtedness, make investments, or sell assets in the event MTCH is not in compliance with certain ratios set forth in the indentures, and (ii) incur liens, enter into agreements restricting MTCH subsidiaries' ability to pay dividends, enter into transactions with affiliates and consolidate, merge or sell substantially all of their assets. The indenture governing the 5.625% MTCH Senior Notes is less restrictive than the indentures governing the 6.375% and 5.00% MTCH Senior Notes and generally only limits MTCH's ability and the ability of its subsidiaries to, among other things, create liens on assets and limits MTCH's ability to consolidate, merge, sell or otherwise dispose of all or substantially all of its assets. MTCH's Senior Notes are ranked equally with each other. MTCH Term Loan and MTCH Credit Facility At both December 31, 2019 and 2018 , the outstanding balance on the MTCH Term Loan was $425 million . The MTCH Term Loan bears interest at LIBOR plus 2.50% and was 4.44% and 5.09% at December 31, 2019 and 2018 , respectively. The MTCH Term Loan provides for annual principal payments as part of an excess cash flow sweep provision, the amount of which, if any, is governed by the secured net leverage ratio contained in the credit agreement. Interest payments are due at least quarterly through the term of the loan. On December 7, 2018, the MTCH $500 million revolving credit facility (the "MTCH Credit Facility") was amended and restated, and is due on December 7, 2023. At December 31, 2019 , there were no outstanding borrowings under the MTCH Credit Facility. At December 31, 2018 , the outstanding borrowings under the MTCH Credit Facility were $260.0 million , which bore interest at LIBOR plus 1.50% , or approximately 4.00% . The annual commitment fee on undrawn funds is based on the current consolidated net leverage ratio and is 25 basis points at both December 31, 2019 and 2018 , respectively. Borrowings under the MTCH Credit Facility bear interest, at MTCH's option, at a base rate or LIBOR, in each case plus an applicable margin, which is based on MTCH's consolidated net leverage ratio. The terms of the MTCH Credit Facility require MTCH to maintain a consolidated net leverage ratio of not more than 5.0 to 1.0 and a minimum interest coverage ratio of not less than 2.0 to 1.0 (in each case as defined in the agreement). The MTCH Term Loan and MTCH Credit Facility contain covenants that would limit MTCH’s ability to pay dividends, make distributions or repurchase MTCH stock in the event MTCH’s secured net leverage ratio exceeds 2.0 to 1.0 , while the MTCH Term Loan remains outstanding and, thereafter, if the consolidated net leverage ratio exceeds 4.0 to 1.0 , or in the event a default has occurred. There are additional covenants under these MTCH debt agreements that limit the ability of MTCH and its subsidiaries to, among other things, incur indebtedness, pay dividends or make distributions. Obligations under the MTCH Credit Facility and MTCH Term Loan are unconditionally guaranteed by certain MTCH wholly-owned domestic subsidiaries and are also secured by the stock of certain MTCH domestic and foreign subsidiaries. The MTCH Term Loan and outstanding borrowings, if any, under the MTCH Credit Facility rank equally with each other, and have priority over the MTCH Senior Notes to the extent of the value of the assets securing the borrowings under the MTCH credit agreement. ANGI Term Loan and ANGI Credit Facility On November 1, 2017, ANGI borrowed $275 million under a five -year term loan facility ("ANGI Term Loan"). On November 5, 2018, the ANGI Term Loan was amended and restated, and is now due on November 5, 2023. At both December 31, 2019 and 2018 , the ANGI Term Loan bears interest at LIBOR plus 1.50% . The spread over LIBOR is subject to change in future periods based on ANGI's consolidated net leverage ratio. The interest rate was 3.25% and approximately 4.00% at December 31, 2019 and 2018 , respectively. Interest payments are due at least quarterly through the term of the loan. Additionally, there are quarterly principal payments of $3.4 million through December 31, 2021, $6.9 million for the one-year period ending December 31, 2022 and $10.3 million through maturity of the loan when the final amount of $161.6 million is due. The terms of the ANGI Term Loan require ANGI to maintain a consolidated net leverage ratio of not more than 4.5 to 1.0 and a minimum interest coverage ratio of not less than 2.0 to 1.0 (in each case as defined in the credit agreement). The ANGI Term Loan also contains covenants that would limit ANGI’s ability to pay dividends, make distributions or repurchase ANGI stock in the event a default has occurred or ANGI’s consolidated net leverage ratio exceeds 4.25 to 1.0 . There are additional covenants under the ANGI Term Loan that limit the ability of ANGI and its subsidiaries to, among other things, incur indebtedness, pay dividends or make distributions. On November 5, 2018, ANGI entered into a five -year $250 million revolving credit facility (the "ANGI Credit Facility"). At December 31, 2019 and 2018 , there were no outstanding borrowings under the ANGI Credit Facility. The annual commitment fee on undrawn funds is based on the consolidated net leverage ratio most recently reported and is 25 basis points at both December 31, 2019 and 2018 . Borrowings under the ANGI Credit Facility bear interest, at ANGI's option, at either a base rate or LIBOR, in each case plus an applicable margin, which is based on ANGI's consolidated net leverage ratio. The financial and other covenants are the same as those for the ANGI Term Loan. The ANGI Term Loan and ANGI Credit Facility are guaranteed by ANGI's wholly-owned material domestic subsidiaries and are secured by substantially all assets of ANGI and the guarantors, subject to certain exceptions. IAC Exchangeable Notes On October 2, 2017, IAC FinanceCo, Inc., a direct, wholly-owned subsidiary of the Company, issued $517.5 million aggregate principal amount of its 2022 Exchangeable Notes. During 2019, IAC FinanceCo 2, Inc. and IAC FinanceCo 3, Inc., direct, wholly-owned subsidiaries of the Company, issued $575.0 million aggregate principal amount of its 2026 Exchangeable Notes and $575.0 million aggregate principal amount of its 2030 Exchangeable Notes, respectively. The net proceeds from the sales of the 2026 Exchangeable Notes and the 2030 Exchangeable Notes were approximately $1.1 billion , after deducting fees and expenses. A portion of the net proceeds from the offerings were used to pay the net premium of $136.9 million on the 2026 Exchangeable Notes Hedge and Warrants and the 2030 Exchangeable Notes Hedge and Warrants (described below). The remainder will be used for general corporate purposes. The 2022, 2026 and 2030 Exchangeable Notes (collectively the "Exchangeable Notes") are guaranteed by the Company. At December 31, 2019 , the Company, excluding MTCH and ANGI, held $2.3 billion in cash and cash equivalents and marketable securities, which is in excess of $1.7 billion of the Exchangeable Notes outstanding. The following table presents detail of the exchangeable feature: Number of shares of the Company's Common Stock into which each $1,000 of Principal of the Exchangeable Notes is Exchangeable* Approximate Equivalent Exchange Price per Share* Exchangeable Date 2022 Exchangeable Notes 6.5713 $ 152.18 July 1, 2022 2026 Exchangeable Notes 3.3028 $ 302.77 March 15, 2026 2030 Exchangeable Notes 3.4323 $ 291.35 October 15, 2029 _________________ * Subject to adjustment upon the occurrence of specific events. The Exchangeable Notes are exchangeable under the following circumstances: (1) during any calendar quarter (and only during such calendar quarter), if the last reported sale price of the Company's common stock for at least 20 trading days during the period of 30 consecutive trading days during the immediately preceding calendar quarter is greater than or equal to 130% of the exchange price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the exchange rate on each such trading day; (3) if the issuer calls the notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events as further described under the indenture governing the Exchangeable Notes. On or after the respective exchangeable dates noted in the table above, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may exchange all or any portion of their Exchangeable Notes regardless of the foregoing conditions. Upon exchange, the Company, in its sole discretion, has the option to settle the Exchangeable Notes with any of the three following alternatives: (1) shares of the Company's common stock, (2) cash or (3) a combination of cash and shares of the Company's common stock. It is the Company's intention to settle the Exchangeable Notes with cash equal to the face amount of the notes upon exchange; any shares issued would be offset by shares received upon exercise of the Exchangeable Note Hedges (described below). The Company’s 2022 Exchangeable Notes are currently exchangeable; during year ended December 31, 2019, no notes were exchanged. The if-converted value of the 2022 Exchangeable Notes exceeded its principal amount of $517.5 million by $329.6 million and $105.0 million based on the Company's stock price on December 31, 2019 and 2018 , respectively. Any dilution arising from the 2022 Exchangeable Notes would be mitigated by the 2022 Exchangeable Notes Hedge. Additionally, each of IAC FinanceCo 2, Inc. and IAC FinanceCo 3, Inc. may redeem for cash all or any portion of its applicable notes, at its option, on or after June 20, 2023 and July 20, 2026, respectively, if the last reported sale price of the common stock underlying the respective notes has been at least 130% of the exchange price then in effect for at least 20 trading days (whether or not consecutive), including at least one of the five trading days immediately preceding the date on which the notice of redemption is provided, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the applicable issuer provides notice of redemption, at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. We separately account for the debt and the equity components of the Exchangeable Notes and therefore, the Company recorded an original issue discount and corresponding increase to additional paid-in capital, which is the fair value attributed to the exchange feature of each series of debt at issuance. The Company is amortizing the original issue discount and debt issuance costs utilizing the effective interest method over the life of the Exchangeable Notes. The effective interest rates for the 2022, 2026 and 2030 Exchangeable Notes are 4.73% , 5.35% and 6.59% , respectively. The following table sets forth the components of the Exchangeable Notes as of December 31, 2019 and 2018 (in thousands): 2022 Exchangeable Notes 2026 Exchangeable Notes 2030 Exchangeable Notes December 31, 2019 Liability component: Principal $ 517,500 $ 575,000 $ 575,000 Less: unamortized original issue discount 40,768 129,037 181,800 Net carrying value of the liability component $ 476,732 $ 445,963 $ 393,200 Equity component $ 70,363 $ 138,796 $ 189,213 2022 Exchangeable Notes December 31, 2018 Liability component: Principal $ 517,500 Less: unamortized original issue discount 54,025 Net carrying value of the liability component $ 463,475 Equity component $ 70,363 The following table sets forth interest expense recognized related to Exchangeable Notes (in thousands): Year Ended December 31, 2019 2022 Exchangeable Notes 2026 Exchangeable Notes 2030 Exchangeable Notes Contractual interest expense $ 4,528 $ 2,963 $ 6,772 Amortization of original issue discount 13,256 9,759 7,413 Amortization of debt issuance costs 2,981 758 420 Total interest expense recognized $ 20,765 $ 13,480 $ 14,605 Year Ended December 31, 2018 2022 Exchangeable Notes Contractual interest expense $ 4,528 Amortization of original issue discount 13,134 Amortization of debt issuance costs 3,489 Total interest expense recognized $ 21,151 Exchangeable Notes Hedge and Warrants In connection with the Exchange Notes offerings, the Company purchased call options allowing the Company to purchase initially (subject to adjustment upon the occurrence of specified events) the same number of shares that would be issuable upon the exchange of the applicable Exchangeable Notes at the price per share set forth below (the "Exchangeable Notes Hedge"), and sold warrants allowing the counterparty to purchase (subject to adjustment upon the occurrence of specified events) shares at the per share price set forth below (the "Exchangeable Notes Warrants"). Exchangeable Notes Hedges are expected to reduce the potential dilutive effect on the Company's common stock upon any exchange of notes and/or offset any cash payment IAC FinanceCo, Inc., IAC FinanceCo 2, Inc. or IAC FinanceCo 3, Inc. is required to make in excess of the principal amount of the exchanged notes. The Exchangeable Notes Warrants have a dilutive effect on the Company's common stock to the extent that the market price per share of the Company common stock exceeds their respective strike prices. The following tables presents details of the Exchangeable Notes Hedges and Warrants (shares in millions): Number of Shares* Approximate Equivalent Exchange Price per Share* 2022 Exchangeable Notes Hedge 3.4 $ 152.18 2026 Exchangeable Notes Hedge 1.9 $ 302.77 2030 Exchangeable Notes Hedge 2.0 $ 291.35 Number of Shares* Strike Price per Share* 2022 Exchangeable Notes Warrants 3.4 $ 229.70 2026 Exchangeable Notes Warrants 1.9 $ 457.02 2030 Exchangeable Notes Warrants 2.0 $ 457.02 _________________ * Subject to adjustment upon occurrence of specific events. IAC Senior Notes On August 23, 2019, the Company redeemed all outstanding 4.75% Senior Notes for $34.5 million plus a premium of $0.5 million and accrued interest of $0.3 million . IAC Credit Facility At December 31, 2019, IAC has a $250 million revolving credit facility (the "IAC Credit Facility"), under which IAC Group, LLC, a subsidiary of the Company is the borrower ("Borrower"), that expires on November 5, 2023. At December 31, 2019 and 2018 , there were no outstanding borrowings under the IAC Credit Facility. The annual commitment fee on undrawn funds is based on the consolidated net leverage ratio (as defined in the agreement) most recently reported and is 20 basis points at both December 31, 2019 and 2018 . Borrowings under the IAC Credit Facility bear interest, at the Borrower's option, at a base rate or LIBOR, in each case, plus an applicable margin, which is based on the Borrower's consolidated net leverage ratio. The terms of the IAC Credit Facility require that the Borrower maintains a consolidated net leverage ratio of not more than 3.25 to 1.0 before the date on which the Borrower no longer holds majority of the outstanding voting stock of each of ANGI and MTCH ("Trigger Date") and no greater than 2.75 to 1.0 on or after the Trigger Date. The terms of the IAC Credit Facility also restrict our ability to incur additional indebtedness. Borrowings under the IAC Credit Facility are unconditionally guaranteed by certain of our wholly-owned domestic subsidiaries and are also secured by the stock of certain of our domestic and foreign subsidiaries, including the shares of MTCH and ANGI owned by the Borrower. Long-term debt maturities: Years Ending December 31, (In thousands) 2020 $ 13,750 2021 13,750 2022 970,000 2023 192,500 2024 400,000 Thereafter 1,950,000 Total 3,540,000 Less: current portion of long-term debt 13,750 Less: unamortized original issue discount 357,887 Less: unamortized debt issuance costs 46,791 Total long-term debt, net $ 3,121,572 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY Description of Common Stock and Class B Convertible Common Stock Except as described herein, shares of IAC common stock and IAC Class B common stock are identical. Each holder of shares of IAC common stock and IAC Class B common stock vote together as a single class with respect to matters that may be submitted to a vote or for the consent of IAC's shareholders generally, including the election of directors. In connection with any such vote, each holder of IAC common stock is entitled to one vote for each share of IAC common stock held and each holder of IAC Class B common stock is entitled to ten votes for each share of IAC Class B common stock held. Notwithstanding the foregoing, the holders of shares of IAC common stock, acting as a single class, are entitled to elect 25% of the total number of IAC's directors, and, in the event that 25% of the total number of directors shall result in a fraction of a director, then the holders of shares of IAC common stock, acting as a single class, are entitled to elect the next higher whole number of IAC's directors. In addition, Delaware law requires that certain matters be approved by the holders of shares of IAC common stock or holders of IAC Class B common stock voting as a separate class. Shares of IAC Class B common stock are convertible into shares of IAC common stock at the option of the holder thereof, at any time, on a share-for-share basis. Such conversion ratio will in all events be equitably preserved in the event of any recapitalization of IAC by means of a stock dividend on, or a stock split or combination of, outstanding shares of IAC common stock or IAC Class B common stock, or in the event of any merger, consolidation or other reorganization of IAC with another corporation. Upon the conversion of shares of IAC Class B common stock into shares of IAC common stock, those shares of IAC Class B common stock will be retired and will not be subject to reissue. Shares of IAC common stock are not convertible into shares of IAC Class B common stock. The holders of shares of IAC common stock and the holders of shares of IAC Class B common stock are entitled to receive, share for share, such dividends as may be declared by IAC's Board of Directors out of funds legally available therefor. In the event of a liquidation, dissolution, distribution of assets or winding-up of IAC, the holders of shares of IAC common stock and the holders of shares of IAC Class B common stock are entitled to receive, share for share, all the assets of IAC available for distribution to its stockholders, after the rights of the holders of any IAC preferred stock have been satisfied. Reserved Common Shares In connection with equity compensation plans, the Exchangeable Notes and warrants, 33.7 million shares of IAC common stock are reserved at December 31, 2019 . Exchangeable Notes and Warrants During the years ended December 31, 2019 , 2018 and 2017 , no warrants were exercised and no Exchangeable Notes were exchanged. See " Note 7—Long-term Debt " for additional information on the Exchangeable Notes Warrants. Common Stock Repurchases There were no common stock repurchases during the year ended December 31, 2019 . During the years ended December 31, 2018 and 2017 , the Company repurchased 0.5 million and 0.7 million shares of IAC common stock for aggregate consideration, on a trade date basis, of $82.9 million and $50.1 million , respectively. At December 31, 2019 , the Company has approximately 8.0 million shares remaining in its share repurchase authorization. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables present the components of accumulated other comprehensive (loss) income and items reclassified out of accumulated other comprehensive loss into earnings: Year Ended December 31, 2019 Foreign Currency Translation Adjustment Unrealized Gains On Available-For-Sale Securities Accumulated Other Comprehensive Loss (In thousands) Balance at January 1 $ (128,726 ) $ 4 $ (128,722 ) Other comprehensive loss (7,938 ) (4 ) (7,942 ) Net current period other comprehensive loss (7,938 ) (4 ) (7,942 ) Allocation of accumulated other comprehensive loss related to noncontrolling interests 315 — 315 Balance at December 31 $ (136,349 ) $ — $ (136,349 ) Year Ended December 31, 2018 Foreign Currency Translation Adjustment Unrealized Gains On Available-For-Sale Securities Accumulated Other Comprehensive Loss (In thousands) Balance at January 1 $ (103,568 ) $ — $ (103,568 ) Other comprehensive (loss) income before reclassifications (25,230 ) 4 (25,226 ) Amounts reclassified to earnings (52 ) — (52 ) Net current period other comprehensive (loss) income (25,282 ) 4 (25,278 ) Allocation of accumulated other comprehensive loss related to noncontrolling interests 124 — 124 Balance at December 31 $ (128,726 ) $ 4 $ (128,722 ) Year Ended December 31, 2017 Foreign Currency Translation Adjustment Unrealized Gains On Available-For-Sale Securities Accumulated Other Comprehensive (Loss) Income (In thousands) Balance at January 1 $ (170,149 ) $ 4,026 $ (166,123 ) Other comprehensive income before reclassifications 65,799 7 65,806 Amounts reclassified to earnings 673 (4,033 ) (3,360 ) Net current period other comprehensive income (loss) 66,472 (4,026 ) 62,446 Allocation of accumulated other comprehensive loss related to noncontrolling interests 109 — 109 Balance at December 31 $ (103,568 ) $ — $ (103,568 ) The amounts reclassified out of foreign currency translation adjustment into earnings for the years ended 2018 and 2017 relate to the liquidation of international subsidiaries. The amount reclassified out of unrealized gains on available-for-sale securities into earnings for the year ended December 31, 2017 , include a tax benefit of $3.8 million . |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share attributable to IAC shareholders: Years Ended December 31, 2019 2018 2017 Basic Diluted Basic Diluted Basic Diluted (In thousands, except per share data) Numerator: Net earnings $ 543,820 $ 543,820 $ 757,747 $ 757,747 $ 358,008 $ 358,008 Net earnings attributable to noncontrolling interests (112,689 ) (112,689 ) (130,786 ) (130,786 ) (53,084 ) (53,084 ) Impact from public subsidiaries' dilutive securities (a) — (26,063 ) — (25,228 ) — (33,531 ) Net earnings attributable to IAC shareholders $ 431,131 $ 405,068 $ 626,961 $ 601,733 $ 304,924 $ 271,393 Denominator: Weighted average basic shares outstanding 84,261 84,261 83,407 83,407 80,089 80,089 Dilutive securities (a) (b) (c) (d) (e) — 5,782 — 7,915 — 5,221 Denominator for earnings per share—weighted average shares (a) (b) (c) (d) (e) 84,261 90,043 83,407 91,322 80,089 85,310 Earnings per share attributable to IAC shareholders: Earnings per share $ 5.12 $ 4.50 $ 7.52 $ 6.59 $ 3.81 $ 3.18 __________________________________________________________________ (a) IAC has the option to settle certain MTCH and ANGI stock-based awards in its shares. For the years ended December 31, 2019 and 2017 , it is more dilutive for MTCH to settle these MTCH equity awards. For the year ended December 31, 2018 , it is more dilutive for IAC to settle these MTCH equity awards. For the years ended December 31, 2019 , 2018 and 2017 , it is more dilutive for IAC to settle these ANGI equity awards. (b) If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options, warrants and subsidiary denominated equity, exchange of the Company's Exchangeable Notes and vesting of restricted stock units ("RSUs"). For the years ended December 31, 2019 , 2018 and 2017 , 11.1 million , 3.5 million , and 6.9 million potentially dilutive securities, respectively, are excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. (c) Market-based awards and performance-based stock units ("PSUs") are considered contingently issuable shares. Shares issuable upon exercise or vesting of market-based awards and PSUs are included in the denominator for earnings per share if (i) the applicable market or performance condition(s) has been met and (ii) the inclusion of the market-based awards and PSUs is dilutive for the respective reporting periods. For the years ended December 31, 2019 , 2018 and 2017 , 0.2 million , 0.1 million and 0.1 million shares underlying market-based awards and PSUs were excluded from the calculation of diluted earnings per share because the market or performance conditions had not been met. (d) It is the Company's intention to settle the Exchangeable Notes through a combination of cash, equal to the face amount of the notes, and shares; therefore, the Exchangeable Notes are only dilutive for periods during which the average price of IAC common stock exceeds the approximate $152.18 , $302.77 and $291.35 per share exchange price per $1,000 principal amount of the 2022 Exchangeable Notes, the 2026 Exchangeable Notes and the 2030 Exchangeable Notes, respectively. The average price of IAC common stock was $223.89 and $167.61 for the years ended December 31, 2019 and 2018, respectively, and the dilutive impact of the 2022 Exchangeable Notes, which is the only series of Exchangeable Notes that is currently dilutive, was 1.1 million and 0.3 million shares, respectively. For the year ended December 31, 2017 , the 2022 Exchangeable Notes were anti-dilutive as the average price of IAC common stock was $100.54 . (e) See " Note 11—Stock-based Compensation " for additional information on equity instruments denominated in the shares of certain subsidiaries. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION IAC currently has two active plans under which awards denominated in shares of IAC common stock have been granted. These plans cover stock options to acquire shares of IAC common stock, RSUs, including those that are linked to the achievement of the Company's stock price, known as market-based awards ("MSUs") and those that are linked to the achievement of a performance target, known as performance-based awards ("PSUs"), denominated in shares of IAC common stock, as well as provide for the future grant of these and other equity awards. These plans authorize the Company to grant awards to its employees, officers, directors and consultants. At December 31, 2019 , there are 12.6 million shares available for grant under the plans. The plans were adopted in 2013 and 2018, have a stated term of ten years , and provide that the exercise price of stock options granted will not be less than the market price of the Company's common stock on the grant date. The plans do not specify grant dates or vesting schedules of awards as those determinations have been delegated to the Compensation and Human Resources Committee of IAC's Board of Directors (the "Committee"). Each grant agreement reflects the vesting schedule for that particular grant as determined by the Committee. Broad-based stock option awards issued to date have generally vested in equal annual installments over a four -year period and RSU awards currently outstanding generally vest in either equal annual installments over a four -year period or cliff-vest after a three -year period, in each case, from the grant date. MSU awards currently outstanding cliff-vest after the market condition has been met either within a three -year or five -year period from the date of grant. PSU awards issued to date cliff-vest after a three -year period from the date of grant. The amount of stock-based compensation expense recognized in the consolidated statement of operations is net of estimated forfeitures. The forfeiture rate is estimated at the grant date based on historical experience and revised, if necessary, in subsequent periods if actual forfeitures differ from the estimated rate. The expense ultimately recorded is for the awards that vest. At December 31, 2019 , there is $272.6 million of unrecognized compensation cost, net of estimated forfeitures, related to all equity-based awards, which is expected to be recognized over a weighted average period of approximately 2.3 years. The total income tax benefit recognized in the accompanying consolidated statement of operations for the years ended December 31, 2019 , 2018 and 2017 related to all stock-based compensation is $189.8 million , $189.0 million and $423.0 million , respectively. The aggregate income tax benefit recognized related to the exercise of stock options for the years ended December 31, 2019 , 2018 and 2017 , is $137.2 million , $169.0 million , and $411.6 million , respectively. As the Company is currently in a NOL position, there will be some delay in the timing of the realization of the cash benefit of the income tax deductions related to stock-based compensation because it will be dependent upon the amount and timing of future taxable income and the timing of estimated income tax payments. IAC Stock Options Stock options outstanding at December 31, 2019 and changes during the year ended December 31, 2019 are as follows: December 31, 2019 Shares Weighted Weighted Aggregate (Shares and intrinsic value in thousands) Options outstanding at January 1, 2019 5,814 $ 62.97 Granted — — Exercised (911 ) 53.41 Forfeited (15 ) 101.01 Expired (1 ) 124.29 Options outstanding at December 31, 2019 4,887 $ 64.63 5.3 $ 901,629 Options exercisable 3,851 $ 62.83 4.9 $ 717,388 The aggregate intrinsic value in the table above represents the difference between IAC's closing stock price on the last trading day of 2019 and the exercise price, multiplied by the number of in-the-money options that would have been exercised had all option holders exercised their options on December 31, 2019 . The total intrinsic value of stock options exercised during the years ended December 31, 2019 , 2018 and 2017 is $167.4 million , $83.7 million and $164.6 million , respectively. The following table summarizes the information about stock options outstanding and exercisable at December 31, 2019 : Options Outstanding Options Exercisable Range of Exercise Prices Outstanding at Weighted- Weighted- Exercisable at Weighted- Weighted- (Shares in thousands) $20.01 to $30.00 3 0.1 $ 21.60 3 0.1 $ 21.60 $30.01 to $40.00 363 1.3 32.39 363 1.3 32.39 $40.01 to $50.00 1,124 5.2 42.96 840 4.8 43.32 $50.01 to $60.00 142 2.2 59.89 141 2.2 59.90 $60.01 to $70.00 916 5.4 65.87 796 5.1 65.97 $70.01 to $80.00 1,755 6.4 75.29 1,206 6.0 74.99 $80.01 to $90.00 500 5.3 84.31 500 5.3 84.31 Greater than $90.01 84 8.2 150.23 2 7.6 104.13 4,887 5.3 $ 64.63 3,851 4.9 $ 62.83 There were no stock options granted by the Company during 2019. Less than 0.1 million and approximately 1.2 million stock options were granted by the Company during the years ended December 31, 2018 and 2017 , respectively. During 2018, the Company granted market-based stock options that only vest if the price of IAC common stock exceeds the relevant price threshold for a twenty -day consecutive period and the service requirement is met. The market-based vesting condition was achieved in the fourth quarter of 2018. The service requirement provides that this award vests in two installments, the first 50% in 2021 and the second 50% in 2022. The fair value of stock option awards, with the exception of market-based awards, is estimated on the grant date using the Black-Scholes option pricing model. The Black-Scholes option pricing model incorporates various assumptions, including expected volatility and expected term. During 2018 and 2017 , expected stock price volatilities were estimated based on the Company's historical volatility. The risk-free interest rates are based on U.S. Treasuries with comparable terms as the awards, in effect at the grant date. Expected term is based upon the historical exercise behavior of our employees and the dividend yields are based on IAC's historical dividend payments. The following are the weighted average assumptions used in the Black-Scholes option pricing model: Years Ended December 31, 2018 2017 Expected volatility 27 % 29 % Risk-free interest rate 2.7 % 2.0 % Expected term 6.2 years 5.2 years Dividend yield — % — % The weighted average fair value of stock options granted during the years ended December 31, 2018 and 2017 are $53.94 and $22.94 , respectively. Cash received from stock option exercises for the years ended December 31, 2019 , 2018 and 2017 was $10.7 million , $41.7 million and $82.4 million , respectively. The Company currently settles all stock options on a net basis. Assuming all stock options outstanding on December 31, 2019 were net settled on that date, the Company would have issued 1.8 million common shares (of which 1.4 million is related to vested stock options and 0.4 million is related to unvested stock options) and would have remitted $450.8 million (of which $358.7 million is related to vested stock options and $92.1 million is related to unvested stock options) in cash for withholding taxes (assuming a 50% withholding rate). IAC Restricted Stock Units, Market-based Stock Units and Performance-based Stock Units RSUs, MSUs and PSUs are awards in the form of phantom shares or units denominated in a hypothetical equivalent number of shares of IAC common stock and with the value of each RSU and PSU equal to the fair value of IAC common stock at the date of grant. The value of each MSU is estimated using a lattice model that incorporates a Monte Carlo simulation of IAC's stock price. Each RSU and PSU grant is subject to service-based vesting, where a specific period of continued employment must pass before an award vests. PSUs also include performance-based vesting, where certain performance targets set at the time of grant must be achieved before an award vests. The vesting of MSUs is tied to the stock price of IAC. For RSU grants, the expense is measured at the grant date as the fair value of IAC common stock and expensed as stock-based compensation over the vesting term. For MSU grants, the expense is measured using a lattice model and expensed as stock-based compensation over the derived service period. For PSU grants, the expense is measured at the grant date as the fair value of IAC common stock and expensed as stock-based compensation over the vesting term if the performance targets are considered probable of being achieved. Unvested RSUs, MSUs and PSUs outstanding at December 31, 2019 and changes during the year ended December 31, 2019 are as follows: RSUs MSUs PSUs Number Weighted Number Weighted Number Weighted (Shares in thousands) Unvested at January 1, 2019 459 $ 115.12 — $ — 113 $ 76.00 Granted 63 220.77 159 153.43 — — Vested (304 ) 118.25 — — — — Forfeited (16 ) 194.10 — — (113 ) 76.00 Unvested at December 31, 2019 202 $ 132.37 159 $ 153.43 — $ — The weighted average fair value of RSUs and PSUs granted during the years ended December 31, 2019 , 2018 and 2017 based on market prices of IAC's common stock on the grant date was $220.77 , $178.29 and $90.04 , respectively. The weighted average fair value of MSUs granted during the year ended December 31, 2019 based on the lattice model was $153.43 . There were no MSUs granted or outstanding during the years ended December 31, 2018 and 2017. The total fair value of RSUs and PSUs that vested during the years ended December 31, 2019 , 2018 and 2017 was $69.3 million , $8.9 million and $32.5 million , respectively. There were no MSUs that vested during the year ended December 31, 2019 . Equity Instruments Denominated in the Shares of Certain Subsidiaries Non-publicly-traded Subsidiaries The following description excludes awards denominated in the shares of the Company's publicly-traded subsidiaries, MTCH and ANGI. MTCH and ANGI stock-based awards are issued pursuant to their respective stock incentive plans. The Company has granted stock settled stock appreciation rights denominated in the equity of certain non-publicly traded subsidiaries to employees and management of those subsidiaries. These equity awards vest over a period of years or upon the occurrence of certain prescribed events. The value of the stock settled stock appreciation rights is tied to the value of the common stock of these subsidiaries. Accordingly, these interests only have value to the extent the relevant business appreciates in value above the initial value utilized to determine the exercise price. These interests can have significant value in the event of significant appreciation. The fair value of these interest is generally determined by negotiation or arbitration when settled, which will occur at various dates through 2026. These equity awards are settled on a net basis, with the award holder entitled to receive a payment in IAC common shares equal to the intrinsic value of the award at exercise less an amount equal to the required cash tax withholding payment. The number of IAC common shares ultimately needed to settle these awards may vary significantly from the estimated number below as a result of both movements in our stock price and a determination of fair value of the relevant subsidiary that is different than our estimate. The expense associated with these equity awards is initially measured at fair value at the grant date and is expensed as stock-based compensation over the vesting term. The number of IAC common shares that would be required to settle these interests at current estimated fair values, including vested and unvested interests, at December 31, 2019 is 0.1 million shares. Withholding taxes, which will be paid by the Company on behalf of the employees upon exercise, would have been $20.2 million at December 31, 2019 , assuming a 50% wit hholding rate. MTCH MTCH currently settles substantially all equity awards on a net basis. Assuming all MTCH equity awards outstanding on December 31, 2019 were net settled on that date, MTCH would have issued 8.0 million common shares (of which 2.6 million is related to vested shares and 5.4 million is related to unvested shares) and would have remitted $655.9 million (of which $209.5 million is related to vested shares and $446.4 million is related to unvested shares) in cash for withholding taxes (assuming a 50% withholding rate). If MTCH decided to issue a sufficient number of shares to cover the $655.9 million employee withholding tax obligation, 8.0 million additional shares would be issued by MTCH. Following the completion of the MTCH IPO, certain subsidiary denominated equity awards, including those issued by Tinder, Inc., were settleable, at IAC's election, in shares of IAC common stock or MTCH common stock. Pursuant to the Employee Matters Agreement between IAC and MTCH, to the extent shares of IAC common stock are issued in settlement of these awards, MTCH reimburses IAC for the cost of those shares in cash or by issuing IAC shares of MTCH common stock. In July 2017, Tinder was merged into MTCH and as a result, all Tinder denominated equity awards were converted into MTCH tandem stock options ("Tandem Awards"). All of the MTCH Tandem Awards exercised during 2019, 2018 and 2017 were exercised on a net basis and were settled in IAC common shares; the Company issued 0.2 million , 0.7 million and 2.0 million shares, respectively, of its common stock to settle these awards and MTCH issued 0.6 million , 2.5 million and 11.3 million shares, respectively, of its common stock to IAC as reimbursement. The Company is no longer settling the Tandem Awards in IAC common stock. During 2017, MTCH also purchased certain fully vested Tandem Awards, and made cash payments of approximately $520 million to cover both the withholding taxes paid on behalf of employees exercising these converted awards and the purchase of certain fully vested awards. ANGI In connection with the Combination, previously issued stock appreciation rights related to the common stock of HomeAdvisor (US) were converted into ANGI stock appreciation rights that are settleable, at ANGI's option, on a net basis with ANGI remitting withholding taxes on behalf of the employee or on a gross basis with ANGI issuing a sufficient number of Class A shares to cover the withholding taxes. While these awards can be settled in either Class A shares of ANGI or shares of IAC common stock at IAC's option, these awards are currently being settled in shares of ANGI. If settled in IAC common stock, ANGI reimburses IAC in either cash or through the issuance of Class A shares to IAC. Assuming all of the stock appreciation rights outstanding on December 31, 2019 were net settled on that date, ANGI would have issued 6.8 million shares of ANGI Class A stock and ANGI would have remitted $57.3 million in cash for withholding taxes (assuming a 50% withholding rate). If ANGI decided to issue a sufficient number of shares to cover the $57.3 million employee withholding tax obligation, 6.8 million additional Class A shares would be issued by ANGI. Assuming all other ANGI equity awards outstanding on December 31, 2019 were net settled on that date, including stock options, RSUs and subsidiary denominated equity, ANGI would have issued 5.1 million shares and would have remitted $43.4 million in cash for withholding taxes (assuming a 50% withholding rate). Prior to the Combination in 2017, the Company issued a number of IAC denominated PSUs to certain ANGI employees. Vesting of the PSUs was contingent upon ANGI's performance for the year ended December 31, 2019 . These awards did not vest because the performance conditions were not achieved. Modification of awards During 2019, the Company modified certain equity awards and recognized modification charges of $13.1 million . During 2018 , the Company modified certain equity awards and recognized modification charges of $7.9 million . In addition, in connection with the ANGI chief executive officer transition during the fourth quarter of 2018, ANGI accelerated $3.9 million of expense into 2018 from 2019. In connection with the Combination, the previously issued HomeAdvisor (US) stock appreciation rights were converted into ANGI equity awards resulting in a modification charge of $217.7 million of which $29.0 million , $56.9 million , and $93.4 million were recognized as stock-based compensation expense in the years ended December 31, 2019 , 2018 , and 2017 respectively, and the remaining charge will be recognized over the vesting period of the modified awards. During the second quarter of 2017, the Company modified certain HomeAdvisor (US) denominated equity awards and recognized a modification charge of $6.6 million . During 2014, the Company granted an equity award denominated in shares of a subsidiary of the Company to a non-employee, which was marked to market each reporting period. In the third quarter of 2017, the award was modified and MTCH settled the remaining portion of the award for cash of $33.9 million . |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The overall concept that IAC employs in determining its operating segments is to present the financial information in a manner consistent with: how the chief operating decision maker views the businesses; how the businesses are organized as to segment management; and the focus of the businesses with regards to the types of services or products offered or the target market. Operating segments are combined for reporting purposes if they meet certain aggregation criteria, which principally relate to the similarity of their economic characteristics or, in the case of the Emerging & Other reportable segment, do not meet the quantitative thresholds that require presentation as separate reportable segments. The following table presents revenue by reportable segment: Years Ended December 31, 2019 2018 2017 (In thousands) Revenue: Match Group $ 2,051,258 $ 1,729,850 $ 1,330,661 ANGI Homeservices 1,326,205 1,132,241 736,386 Vimeo 196,015 159,641 103,332 Dotdash 167,594 130,991 90,890 Applications 519,459 582,287 577,998 Emerging & Other 496,832 528,250 468,589 Inter-segment elimination (308 ) (368 ) (617 ) Total $ 4,757,055 $ 4,262,892 $ 3,307,239 The following table presents the revenue of the Company's segments disaggregated by type of service: Years Ended December 31, 2019 2018 2017 (In thousands) Match Group Direct revenue: North America $ 1,024,161 $ 902,478 $ 741,334 Years Ended December 31, 2019 2018 2017 (In thousands) International 983,013 774,693 539,915 Total Direct revenue 2,007,174 1,677,171 1,281,249 Indirect revenue (principally advertising revenue) 44,084 52,679 49,412 Total Match Group revenue $ 2,051,258 $ 1,729,850 $ 1,330,661 Supplemental information on Direct revenue Tinder $ 1,152,045 $ 805,316 $ 403,216 Other brands 855,129 871,855 878,033 Total Direct revenue $ 2,007,174 $ 1,677,171 $ 1,281,249 ANGI Homeservices Marketplace: Consumer connection revenue $ 913,533 $ 704,341 $ 521,481 Service professional membership subscription revenue 64,706 66,214 56,135 Other revenue 6,971 3,940 3,798 Total Marketplace revenue 985,210 774,495 581,414 Advertising and other revenue 264,682 287,676 97,483 Total North America revenue 1,249,892 1,062,171 678,897 Consumer connection revenue 59,611 50,913 40,009 Service professional membership subscription revenue 14,231 17,362 16,596 Advertising and other revenue 2,471 1,795 884 Total Europe revenue 76,313 70,070 57,489 Total ANGI Homeservices revenue $ 1,326,205 $ 1,132,241 $ 736,386 Vimeo Platform revenue $ 193,736 $ 146,665 $ 99,650 Hardware revenue 2,279 12,976 3,682 Total Vimeo revenue $ 196,015 $ 159,641 $ 103,332 Dotdash Display advertising revenue $ 126,487 $ 103,704 $ 76,316 Performance marketing revenue 41,107 27,287 14,574 Total Dotdash revenue $ 167,594 $ 130,991 $ 90,890 Applications Desktop: Advertising revenue: Google advertising revenue $ 291,215 $ 426,964 $ 480,774 Non-Google advertising revenue 13,162 10,992 6,762 Total advertising revenue 304,377 437,956 487,536 Subscription and other revenue 15,858 20,815 34,613 Total Desktop revenue 320,235 458,771 522,149 Mosaic Group: Subscription and other revenue 189,878 104,975 27,980 Advertising revenue 9,346 18,541 27,869 Total Mosaic Group revenue 199,224 123,516 55,849 Total Applications revenue $ 519,459 $ 582,287 $ 577,998 Years Ended December 31, 2019 2018 2017 (In thousands) Emerging & Other Advertising revenue: Google advertising revenue $ 391,709 $ 357,752 $ 225,576 Non-Google advertising revenue 45,750 66,733 53,911 Total advertising revenue 437,459 424,485 279,487 Other revenue 59,373 103,765 169,497 Test preparation revenue — — 19,605 Total Emerging & Other revenue $ 496,832 $ 528,250 $ 468,589 Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below: Years Ended December 31, 2019 2018 2017 (In thousands) Revenue: United States $ 3,070,487 $ 2,824,928 $ 2,323,050 All other countries 1,686,568 1,437,964 984,189 Total $ 4,757,055 $ 4,262,892 $ 3,307,239 December 31, 2019 2018 (In thousands) Long-lived assets (excluding goodwill and intangible assets): United States $ 345,937 $ 289,756 All other countries 25,416 29,044 Total $ 371,353 $ 318,800 The following tables present operating income (loss) and Adjusted EBITDA by reportable segment: Years Ended December 31, 2019 2018 2017 (In thousands) Operating income (loss): Match Group $ 648,531 $ 553,294 $ 360,517 ANGI Homeservices 38,645 63,906 (149,176 ) Vimeo (51,921 ) (35,594 ) (27,328 ) Dotdash 29,021 18,778 (15,694 ) Applications 113,569 94,834 130,176 Emerging & Other (13,012 ) 29,964 17,412 Corporate (183,500 ) (160,043 ) (127,441 ) Total $ 581,333 $ 565,139 $ 188,466 Years Ended December 31, 2019 2018 2017 (In thousands) Adjusted EBITDA: (a) Match Group $ 779,432 $ 653,931 $ 468,941 ANGI Homeservices $ 202,297 $ 247,506 $ 37,858 Vimeo $ (41,790 ) $ (28,045 ) $ (23,607 ) Dotdash $ 39,601 $ 21,384 $ (2,763 ) Applications $ 103,551 $ 131,837 $ 136,757 Emerging & Other $ (7,756 ) $ 36,178 $ 25,862 Corporate $ (88,640 ) $ (74,017 ) $ (67,755 ) _______________________________________________________________________________ (a) The Company's primary financial measure is Adjusted EBITDA, which is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets, if applicable, and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements. The Company believes this measure is useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature. Adjusted EBITDA has certain limitations because it excludes the impact of these expenses. The following tables reconcile operating income (loss) for the Company's reportable segments and net earnings attributable to IAC shareholders to Adjusted EBITDA: Year Ended December 31, 2019 Operating Stock-Based Depreciation Amortization Acquisition-related Contingent Consideration Fair Value Adjustments Goodwill Impairment Adjusted EBITDA (In thousands) Match Group $ 648,531 $ 89,724 $ 32,450 $ 8,727 $ — $ — $ 779,432 ANGI Homeservices 38,645 $ 68,255 $ 39,915 $ 55,482 $ — $ — $ 202,297 Vimeo (51,921 ) $ — $ 478 $ 9,653 $ — $ — $ (41,790 ) Dotdash 29,021 $ — $ 974 $ 9,606 $ — $ — $ 39,601 Applications 113,569 $ — $ 1,443 $ 8,277 $ (19,738 ) $ — $ 103,551 Emerging & Other (13,012 ) $ — $ 1,088 $ 850 $ — $ 3,318 $ (7,756 ) Corporate (183,500 ) $ 82,809 $ 12,051 $ — $ — $ — $ (88,640 ) Total 581,333 Interest expense (153,563 ) Other income, net 66,741 Earnings before income taxes 494,511 Income tax benefit 49,309 Net earnings 543,820 Net earnings attributable to noncontrolling interests (112,689 ) Net earnings attributable to IAC shareholders $ 431,131 Year Ended December 31, 2018 Operating Income (Loss) Stock-Based Compensation Expense Depreciation Amortization of Intangibles Acquisition-related Contingent Consideration Fair Value Adjustments Adjusted EBITDA (In thousands) Match Group $ 553,294 $ 66,031 $ 32,968 $ 1,318 $ 320 $ 653,931 ANGI Homeservices 63,906 $ 97,078 $ 24,310 $ 62,212 $ — $ 247,506 Vimeo (35,594 ) $ — $ 1,200 $ 6,349 $ — $ (28,045 ) Dotdash 18,778 $ — $ 969 $ 1,637 $ — $ 21,384 Applications 94,834 $ — $ 2,601 $ 33,266 1,136 $ 131,837 Emerging & Other 29,964 $ 919 $ 1,678 $ 3,617 $ — $ 36,178 Corporate (160,043 ) $ 74,392 $ 11,634 $ — $ — $ (74,017 ) Total 565,139 Interest expense (109,327 ) Other income, net 305,746 Earnings before income taxes 761,558 Income tax provision (3,811 ) Net earnings 757,747 Net earnings attributable to noncontrolling interests (130,786 ) Net earnings attributable to IAC shareholders $ 626,961 Year Ended December 31, 2017 Operating Income (Loss) Stock-Based Depreciation Amortization of Intangibles Acquisition-related Contingent Consideration Fair Value Adjustments Adjusted EBITDA (In thousands) Match Group $ 360,517 $ 69,090 $ 32,613 $ 1,468 $ 5,253 $ 468,941 ANGI Homeservices (149,176 ) $ 149,230 $ 14,543 $ 23,261 $ — $ 37,858 Vimeo (27,328 ) $ — $ 1,408 $ 2,313 $ — $ (23,607 ) Dotdash (15,694 ) $ — $ 2,255 $ 10,676 $ — $ (2,763 ) Applications 130,176 $ — $ 3,863 $ 2,170 $ 548 $ 136,757 Emerging & Other 17,412 $ 2,130 $ 4,065 $ 2,255 $ — $ 25,862 Corporate (127,441 ) $ 44,168 $ 15,518 $ — $ — $ (67,755 ) Total 188,466 Interest expense (105,295 ) Other expense, net (16,213 ) Earnings before income taxes 66,958 Income tax benefit 291,050 Net earnings 358,008 Net earnings attributable to noncontrolling interests (53,084 ) Net earnings attributable to IAC shareholders $ 304,924 The following table presents capital expenditures by reportable segment: Years Ended December 31, 2019 2018 2017 (In thousands) Capital expenditures: Match Group $ 38,754 $ 30,954 $ 28,833 ANGI Homeservices 68,804 46,976 26,837 Vimeo 2,801 209 109 Dotdash — 102 825 Applications 85 111 227 Emerging & Other 345 1,119 852 Corporate 25,863 6,163 17,840 Total $ 136,652 $ 85,634 $ 75,523 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
LEASES | LEASES The Company leases land, office space, data center facilities and equipment used in connection with its operations under various operating leases, the majority of which contain escalation clauses. ROU assets represent the Company’s right to use the underlying assets for the lease term and lease liabilities represent the present value of the Company’s obligation to make payments arising from these leases. ROU assets and related lease liabilities are based on the present value of fixed lease payments over the lease term using the Company's and its publicly-traded subsidiaries' respective incremental borrowing rates on the lease commencement date or January 1, 2019 for leases that commenced prior to that date. The Company combines the lease and non-lease components of lease payments in determining ROU assets and related lease liabilities. If the lease includes one or more options to extend the term of the lease, the renewal option is considered in the lease term if it is reasonably certain the Company will exercise the option(s). Lease expense is recognized on a straight-line basis over the term of the lease. As permitted by ASC 842, leases with an initial term of twelve months or less ("short-term leases") are not recorded on the accompanying consolidated balance sheet. Variable lease payments consist primarily of common area maintenance, utilities and taxes, which are not included in the recognition of ROU assets and related lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leases Balance Sheet Classification December 31, 2019 (In thousands) Assets: Right-of-use assets Right-of-use assets, net $ 167,801 Liabilities: Current lease liabilities Accrued expenses and other current liabilities 33,118 Long-term lease liabilities Other long-term liabilities 190,772 Total lease liabilities $ 223,890 Lease Cost Income Statement Classification Year Ended December 31, 2019 (In thousands) Fixed lease cost Cost of revenue $ 4,106 Fixed lease cost Selling and marketing expense 10,641 Fixed lease cost General and administrative expense 34,639 Fixed lease cost Product development expense 1,541 Total fixed lease cost (a) 50,927 Variable lease cost Cost of revenue 441 Variable lease cost Selling and marketing expense 1,573 Variable lease cost General and administrative expense 7,853 Variable lease cost Product development expense 391 Total variable lease cost 10,258 Net lease cost $ 61,185 _____________________ (a) Includes approximately $5.3 million of short-term lease cost and $2.1 million of sublease income for the year ended December 31, 2019 . Maturities of lease liabilities as of December 31, 2019 (in thousands) (b) : Years Ended December 31, 2020 $ 43,902 2021 40,567 2022 32,135 2023 28,607 2024 25,594 Thereafter 226,734 Total 397,539 Less: Interest 173,649 Present value of lease liabilities $ 223,890 _____________________ (b) Lease payments exclude $37.7 million of legally binding minimum lease payments for leases signed but not yet commenced. The following are the weighted average assumptions used for lease term and discount rate as of December 31, 2019 : Remaining lease term 15.4 years Discount rate 6.00 % Year Ended December 31, 2019 (In thousands) Other information: Right-of-use assets obtained in exchange for lease liabilities $ 66,408 Cash paid for amounts included in the measurement of lease liabilities $ 49,117 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments The Company has entered into certain off-balance sheet commitments that require the future purchase of services ("purchase obligations"). Future payments under noncancelable unconditional purchase obligations as of December 31, 2019 are as follows: Amount of Commitment Expiration Per Period Less Than 1 Year 1-3 Years 3-5 Years More Than 5 Years Total Amounts Committed (In thousands) Purchase obligations $ 119,116 $ 81,423 $ — $ — $ 200,539 Purchase obligations include (i) a $150.0 million three-year cloud computing contract, of which $50.0 million was paid in 2019 and had a related prepaid asset of $40.3 million at December 31, 2019 included in "Other current assets" on the consolidated balance sheet, and two remaining minimum payments of $50.0 million each that are due in 2020 and 2021, (ii) remaining payments of $59.3 million related to a two-year cloud computing contract, which $40.9 million and $18.3 million are estimated to be paid in 2020 and 2021, respectively, (iii) remaining payments of $23.8 million related to advertising commitments to be made in 2020, and (iv) a remaining payment of $13.1 million related to the purchase of a 50% interest in a corporate aircraft that is expected to be made in 2021. Contingencies In the ordinary course of business, the Company is a party to various lawsuits. The Company establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. Management has also identified certain other legal matters where we believe an unfavorable outcome is not probable and, therefore, no reserve is established. Although management currently believes that resolving claims against us, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations, or financial condition of the Company, these matters are subject to inherent uncertainties and management's view of these matters may change in the future. The Company also evaluates other contingent matters, including income and non-income tax contingencies, to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on the liquidity, results of operations, or financial condition of the Company. See " Note 3—Income Taxes " for additional information related to income tax contingencies. Tinder Optionholder Litigation against IAC and Match Group On August 14, 2018, ten then-current and former employees of Match Group, LLC or Tinder, Inc. ("Tinder"), an operating business of Match Group, filed a lawsuit in New York state court against IAC and Match Group. See Sean Rad et al. v. IAC/InterActiveCorp and Match Group, Inc. , No. 654038/2018 (Supreme Court, New York County). The complaint alleges that in 2017, the defendants: (i) wrongfully interfered with a contractually established process for the independent valuation of Tinder by certain investment banks, resulting in a substantial undervaluation of Tinder and a consequent underpayment to the plaintiffs upon exercise of their Tinder stock options, and (ii) then wrongfully merged Tinder into Match Group, thereby depriving certain of the plaintiffs of their contractual right to later valuations of Tinder on a stand-alone basis. The complaint asserts claims for breach of contract, breach of the implied covenant of good faith and fair dealing, unjust enrichment, interference with contractual relations (as against Match Group only), and interference with prospective economic advantage, and seeks compensatory damages in the amount of at least $2 billion , as well as punitive damages. On August 31, 2018, four plaintiffs who were still employed by Match Group filed a notice of discontinuance of their claims without prejudice, leaving the six former employees as the remaining plaintiffs. On October 9, 2018, the defendants filed a motion to dismiss the complaint on various grounds, including that the 2017 valuation of Tinder by the investment banks was an expert determination any challenge to which is both time-barred under applicable law and available only on narrow substantive grounds that the plaintiffs have not pleaded in their complaint; the plaintiffs opposed the motion. On June 13, 2019, the court issued a decision and order (i) granting the motion to dismiss the claims for breach of the implied covenant of good faith and fair dealing and for unjust enrichment, (ii) granting the motion to dismiss the merger-related claim for breach of contract as to two of the remaining six plaintiffs, and (iii) otherwise denying the motion to dismiss. On June 21, 2019, the defendants filed a notice of appeal from the trial court’s partial denial of their motion to dismiss, and the parties thereafter briefed the appeal. On October 29, 2019, the Appellate Division, First Department, issued an order affirming the lower court’s decision. On November 22, 2019, the defendants filed a motion for reargument or, in the alternative, leave to appeal the Appellate Division's order to the New York Court of Appeals; the plaintiffs opposed the motion, which remains pending. On June 3, 2019, the defendants filed a second motion to dismiss based upon certain provisions of the plaintiffs' agreement with a litigation funding firm; the plaintiffs have opposed the motion, which remains pending. Document discovery in the case is substantially complete, and deposition discovery is underway. On January 30, 2020, the parties participated in a mediation that did not result in resolution of the matter. IAC and Match Group believe that the allegations in this lawsuit are without merit and will continue to defend vigorously against it. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS IAC and MTCH: IAC and MTCH, in connection with MTCH's IPO, entered into the following agreements: • A Master Transaction Agreement, under which MTCH agrees to assume all of the assets and liabilities related to its business and agrees to indemnify IAC against any losses arising out of any breach by MTCH of the Master Transaction Agreement or other IPO related agreements; • An Investor Rights Agreement that provides IAC with (i) specified registration and other rights relating to shares of MTCH common stock and (ii) anti-dilution rights with respect to MTCH common stock; • An Employee Matters Agreement, which governs the respective rights, responsibilities and obligations of IAC and MTCH after the IPO with respect to a range of compensation (including stock-based compensation) and benefit issues; • A Tax Sharing Agreement, which governs the respective rights, responsibilities and obligations of IAC and MTCH with respect to tax liabilities and benefits, entitlement to refunds, preparation of tax returns, tax contests and other tax matters regarding U.S. federal, state, local and foreign income taxes; and • A Services Agreement, under which IAC has agreed to provide a range of services to MTCH, including, among others, (i) assistance with certain legal, finance, internal audit, treasury, information technology support, insurance and tax affairs, including assistance with certain public company reporting obligations; (ii) payroll processing services; (iii) tax compliance services; and (iv) such other services as to which IAC and MTCH may agree, and MTCH agrees to provide IAC informational technology services and such other services as to which IAC and MTCH may agree. During the years ended December 31, 2019 , 2018 and 2017 , 0.8 million , 3.0 million and 11.9 million shares, respectively, of MTCH common stock were issued to IAC pursuant to the employee matters agreement; 0.7 million , 2.5 million and 11.3 million , respectively, of which were issued as reimbursement for shares of IAC common stock issued in connection with the exercise and settlement of MTCH tandem stock options and equity awards denominated in shares of a subsidiary of MTCH, respectively; and 0.1 million , 0.5 million and 0.6 million , respectively, of which were issued as reimbursement for shares of IAC common stock issued in connection with the exercise and vesting of IAC equity awards held by MTCH employees. For the years ended December 31, 2019 , 2018 and 2017 , MTCH was charged $7.9 million , $7.6 million and $9.9 million , respectively, by the Company for services rendered pursuant to a services agreement. Included in these amounts are $5.8 million , $5.2 million and $5.1 million , respectively, for leasing of office space for certain of MTCH's businesses at properties owned by IAC. These amounts were paid in full by MTCH at December 31, 2019 , 2018 and 2017 , respectively. At December 31, 2019 , MTCH had taxes payable of $0.2 million due to the Company pursuant to the tax sharing agreement. At December 31, 2018 , there were no outstanding receivables or payables pursuant to the tax sharing agreement. Refunds made by the Company during 2018 and 2017 pursuant to this agreement were $7.0 million and $10.9 million , respectively. For the year ended December 31, 2019 , there were no payments to or refunds from MTCH pursuant to the tax sharing agreement. In December 2017, certain international subsidiaries of MTCH agreed to sell NOLs that were not expected to be utilized to an IAC subsidiary for $0.9 million . IAC and ANGI: IAC and ANGI, in connection with the Combination, entered into the following agreements: • A Contribution Agreement under which the Company separated its HomeAdvisor business from its other businesses and caused the HomeAdvisor business to be transferred to ANGI prior to the Combination. Under the Contribution Agreement, ANGI agrees to indemnify IAC against any losses arising out of any breach by ANGI of the Contribution Agreement; • An Investor Rights Agreement that provides IAC with (i) specified registration and other rights relating to shares of ANGI common stock owned by IAC; (ii) anti-dilution rights with respect to ANGI common stock; and (iii) specified board matters with respect to designation of ANGI directors; • A Services Agreement, under which IAC has agreed to provide a range of services to ANGI, including, among others, (i) assistance with certain legal, M&A, human resources, finance, risk management, internal audit and treasury functions, health and wellness, information security services and insurance and tax affairs, including assistance with certain public company and unclaimed property reporting obligations; (ii) accounting, controllership and payroll processing services; (iii) investor relations services; (iv) tax compliance services; and (v) such other services as to which IAC and ANGI may agree. • A Tax Sharing Agreement, which governs the respective rights, responsibilities and obligations of IAC and ANGI with respect to tax matters, including taxes attributable to ANGI, entitlement to refunds, allocation of tax attributes, preparation of tax returns, certain tax elections, control of tax contests and other tax matters regarding U.S. federal, state, local and foreign income taxes; and • An Employee Matters Agreement, which governs the respective rights, responsibilities and obligations of IAC and ANGI after the closing of the Combination w ith respect to a range of compensation (including stock-based compensation) and benefit issues. Pursuant to this agreement, t he Compensation Committee of the IAC Board of Directors has the exclusive authority to determine the treatment of outstanding IAC equity awards in the event of a distribution of ANGI capital stock to IAC stockholders in a transaction intended to qualify as tax-free for U.S. federal income tax purposes. Such authority includes (but is not limited to) the ability to convert all or part of IAC equity awards outstanding immediately prior to the distribution into equity awards denominated in shares of ANGI Class A Common Stock, which ANGI would be obligated to assume and which would be dilutive to ANGI's stockholders. Additionally, on September 29, 2017, the Company and ANGI entered into two intercompany notes (collectively referred to as "Intercompany Notes") to ANGI as follows: (i) a Payoff Intercompany Note, which provided the funds necessary to repay the outstanding balance under Angie's List's previously existing credit agreement, totaling $61.5 million ; and (ii) a Working Capital Intercompany Note, which provided ANGI with $15 million for working capital purposes. These Intercompany Notes were repaid on November 1, 2017, with a portion of the proceeds from the ANGI Term Loan that were received on the same date. For the years ended December 31, 2019 and 2018 , and for the period subsequent to the Combination through December 31, 2017, 0.5 million , 0.9 million and 0.4 million shares, respectively, of ANGI Class B common stock were issued to IAC pursuant to the employee matters agreement as reimbursement for shares of IAC common stock issued in connection with the exercise and vesting of IAC equity awards held by ANGI employees. On October 10, 2018, IAC was issued 5.1 million shares of Class B common stock of ANGI pursuant to the post-closing adjustment provision of the Angie's List merger agreement. For the years ended December 31, 2019 and 2018 , and for the period subsequent to the Combination through December 31, 2017, ANGI was charged $4.8 million , $5.7 million and $1.7 million , respectively, by the Company for services rendered pursuant to the services agreement. There were no outstanding receivables or payables pursuant to the services agreement as of December 31, 2019 . At December 31, 2018 , the Company had a $0.1 million outstanding payable to ANGI, pursuant to the services agreement. This amount was deducted from the charges due from ANGI pursuant to the services agreement discussed above during the first quarter of 2019. At December 31, 2019 and 2018 , ANGI had taxes payable of $0.2 million and $12.1 million , respectively, due to the Company pursuant to the tax sharing agreement. During the first quarter of 2019, $11.4 million was paid to the Company pursuant to this agreement. The Company subleases office space from ANGI and was charged $1.4 million of rent for the year ended December 31, 2019 . There were outstanding payables of $0.9 million due to ANGI at December 31, 2019 , pursuant to sublease agreements. IAC and Expedia: Each of IAC and Expedia has a 50% ownership interest in two aircraft that may be used by both companies. The Company and Expedia purchased an aircraft during the second quarter of 2017 to replace a previously owned aircraft, which was subsequently sold on February 13, 2018. The Company paid $17.4 million ( 50% of the total purchase price and refurbish costs) for its interest in the new aircraft. In addition, in 2019 , the Company and Expedia entered into an agreement to jointly acquire a new corporate aircraft for a total expected cost of $72.3 million (including purchase price and related costs), with each company to bear 50% of such expected cost. The Company paid approximately $23 million in 2019 in connection with our joint entry into the purchase agreement, and the respective share of the balance is due upon delivery of the new aircraft, which is expected to occur in early 2021. Members of the aircraft flight crews are employed by an entity in which each of the Company and Expedia has a 50% ownership interest. The Company and Expedia have agreed to share costs relating to flight crew compensation and benefits pro-rata according to each company's respective usage of the aircraft, for which they are separately billed by the entity described above. The Company and Expedia are related parties since they are under common control, given that Mr. Diller serves as Chairman and Senior Executive of both IAC and Expedia. For the years ended December 31, 2019 , 2018 and 2017 , total payments made to this entity by the Company were not material. |
BENEFIT PLANS
BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
BENEFIT PLANS | BENEFIT PLANS IAC has a retirement savings plan in the United States that qualifies under Section 401(k) of the Internal Revenue Code. Under the IAC/InterActiveCorp Retirement Savings Plan ("the Plan"), participating employees may contribute up to 50% of their pre-tax earnings, but not more than statutory limits. Prior to July 2019, IAC contributed a dollar for each dollar a participant contributed in this plan, with a maximum contribution of 3% of a participant's eligible earnings. In June 2019, the Company approved a change to its matching contribution to 100% of the first 10% of compensation, subject to IRS limits on the Company's matching contribution, that a participant contributes to the Plan. This change is being phased in beginning July 1, 2019 and will be fully implemented by all IAC subsidiaries participating in the Plan no later than January 1, 2020. Matching contributions for the Plan for the years ended December 31, 2019 , 2018 and 2017 are $21.0 million , $12.9 million and $11.1 million , respectively. Matching contributions are invested in the same manner as each participant's voluntary contributions in the investment options provided under the Plan. An investment option in the Plan is IAC common stock, but neither participant nor matching contributions are required to be invested in IAC common stock. The increase in matching contributions in 2019 is due primarily to the aforementioned change to the Company's matching contribution. The increase in matching contributions in 2018 is due primarily to an increase in participation in the Plan due to increases in headcount from the Combination and continued corporate growth at ANGI, MTCH, Vimeo and Dotdash. IAC also has or participates in various benefit plans, principally defined contribution plans, for its international employees. IAC's contributions for these plans for the years ended December 31, 2019 , 2018 and 2017 are $4.0 million , $3.4 million and $2.5 million |
CONSOLIDATED FINANCIAL STATEMEN
CONSOLIDATED FINANCIAL STATEMENT DETAILS | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONSOLIDATED FINANCIAL STATEMENT DETAILS | CONSOLIDATED FINANCIAL STATEMENT DETAILS December 31, 2019 2018 (In thousands) Other current assets: Prepaid expenses $ 97,609 $ 55,586 Capitalized costs to obtain a contract with a customer 71,548 69,817 Capitalized downloadable search toolbar costs, net 21,985 33,365 Income taxes receivable 9,308 10,132 Other 48,917 59,353 Other current assets $ 249,367 $ 228,253 December 31, 2019 2018 (In thousands) Property and equipment, net: Buildings and leasehold improvements $ 270,509 $ 249,026 Capitalized software and computer equipment 268,927 229,083 Furniture and other equipment 93,082 86,694 Land 11,591 11,591 Projects in progress 51,603 29,204 Property and equipment 695,712 605,598 Accumulated depreciation and amortization (324,359 ) (286,798 ) Property and equipment, net $ 371,353 $ 318,800 December 31, 2019 2018 (In thousands) Accrued expenses and other current liabilities: Accrued employee compensation and benefits $ 153,705 $ 137,583 Accrued advertising expense 91,470 105,520 Other 256,828 191,783 Accrued expenses and other current liabilities $ 502,003 $ 434,886 Years Ended December 31, 2019 2018 2017 (In thousands) Other income (expense), net $ 66,741 $ 305,746 $ (16,213 ) Other income, net in 2019 includes: $55.0 million of interest income; a $20.5 million gain related to the sale of our investment in Pinterest; $14.5 million in net upward adjustments related to investments in equity securities without readily determinable fair values; a unrealized reduction of $9.1 million in the estimated fair value of a warrant; a realized loss of $8.2 million related to the sale of Vimeo's hardware business in the first quarter of 2019; and a $1.7 million mark-to-market charge pertaining to a subsidiary denominated equity instrument. Other income, net in 2018 includes: $26.8 million realized gain on the sale of certain Pinterest shares held by the Company and a $128.8 million unrealized gain to adjust our remaining interest in Pinterest to fair value in accordance with ASU No. 2016-01, which was adopted effective January 1, 2018; $120.6 million in gains related to the sales of Dictionary.com, Electus, Felix and CityGrid; $30.4 million of interest income; and $5.3 million in net foreign currency exchange gains due primarily to the strengthening of the U.S. dollar relative to the British Pound ("GBP") during the year ended December 31, 2019. Other expense, net in 2017 includes: $16.8 million in net foreign currency exchange losses due primarily to the weakening of the U.S. dollar relative to the GBP; $15.4 million expense related to the extinguishment of the 6.75% MTCH Senior Notes and repricing of the MTCH Term Loan; $13.0 million mark-to-market charge principally pertaining to a subsidiary denominated equity award held by a non-employee; $12.2 million in other-than-temporary impairment charges related to certain investments; $1.2 million expense related to the write-off of deferred financing costs associated with the repayment of the 4.875% Senior Notes; $34.9 million in realized gains related to the sales of certain investments; and $11.4 million of interest income. Cash and Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheet to the total amounts shown in the consolidated statement of cash flows: December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016 (In thousands) Cash and cash equivalents $ 3,139,295 $ 2,131,632 $ 1,630,809 $ 1,329,187 Restricted cash included in other current assets 654 1,633 2,873 20,464 Restricted cash included in other assets 409 420 — 10,548 Total cash and cash equivalents and restricted cash as shown on the consolidated statement of cash flows $ 3,140,358 $ 2,133,685 $ 1,633,682 $ 1,360,199 Restricted cash at December 31, 2019 primarily consists of a deposit related to corporate credit cards. Restricted cash at December 31, 2018 primarily consists of a cash collateralized letter of credit and a deposit related to corporate credit cards. Restricted cash at December 31, 2017 primarily supports a letter of credit to a supplier, which was released to the Company in the second quarter of 2018. Restricted cash at December 31, 2016 primarily included funds held in escrow for the redemption and repurchase of IAC Senior Notes and the MyHammer tender offer. In the first quarter of 2018, the Senior Notes were redeemed and repurchased and the funds held in escrow for the MyHammer tender offer were returned to the Company. Supplemental Disclosure of Non-Cash Transactions: The Company recorded an acquisition-related contingent consideration liability of $25.5 million during the year ended December 31, 2018 , in connection with an acquisition. There were no acquisition-related contingent consideration liabilities recorded for the years ended December 31, 2019 and 2017. See " Note 6—Financial Instruments and Fair Value Measurements " for additional information on contingent consideration arrangements. On October 19, 2018, ANGI issued 8.6 million shares of its Class A common stock valued at $165.8 million in connection with the acquisition of Handy. On September 29, 2017, ANGI issued 61.3 million shares of its Class A common stock valued at $763.7 million in connection with the Combination. Supplemental Disclosure of Cash Flow Information: Years Ended December 31, 2019 2018 2017 (In thousands) Cash paid (received) during the year for: Interest $ 96,730 $ 90,485 $ 92,461 Income tax payments 39,515 45,154 35,598 Income tax refunds (5,436 ) (33,698 ) (42,025 ) |
QUARTERLY RESULTS (UNAUDITED)
QUARTERLY RESULTS (UNAUDITED) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS (UNAUDITED) | QUARTERLY RESULTS (UNAUDITED) Quarter Ended March 31 (a) Quarter Ended June 30 (a) Quarter Ended September 30 (a) Quarter Ended December 31 (a) (In thousands, except per share data) Year Ended December 31, 2019 Revenue $ 1,105,843 $ 1,186,658 $ 1,246,874 $ 1,217,680 Cost of revenue 260,071 276,389 296,385 294,575 Operating income 79,873 154,310 185,852 161,298 Net earnings 112,985 146,791 159,772 124,272 Net earnings attributable to IAC shareholders 88,695 113,467 128,544 100,425 Per share information attributable to IAC shareholders: Basic earnings per share (f) $ 1.06 $ 1.35 $ 1.52 $ 1.19 Diluted earnings per share (f) $ 0.91 $ 1.19 $ 1.35 $ 1.05 Quarter Ended March 31 (b) Quarter Ended June 30 (c) Quarter Ended September 30 (d) Quarter Ended December 31 (e) (In thousands, except per share data) Year Ended December 31, 2018 Revenue $ 995,075 $ 1,059,122 $ 1,104,592 $ 1,104,103 Cost of revenue 201,962 218,224 237,238 253,722 Operating income 89,950 168,437 172,832 133,920 Net earnings 87,839 280,854 171,577 217,477 Net earnings attributable to IAC shareholders 71,082 218,353 145,774 191,752 Per share information attributable to IAC shareholders: Basic earnings per share (f) $ 0.86 $ 2.61 $ 1.75 $ 2.29 Diluted earnings per share (f) $ 0.71 $ 2.32 $ 1.49 $ 2.04 _______________________________________________________________________________ (a) The first, second, third and fourth quarters of 2019 include after-tax stock-based compensation expense of $2.2 million , $1.9 million , $1.7 million , and $1.7 million , respectively, related to the modification of previously issued HomeAdvisor equity awards and previously issued Angie's List equity awards, both of which were converted into ANGI Homeservices' equity awards in the Combination. (b) The first quarter of 2018 includes after-tax stock-based compensation expense of $14.6 million related to the modification of previously issued HomeAdvisor equity awards and previously issued Angie's List equity awards, both of which were converted into ANGI Homeservices' equity awards in the Combination, and the acceleration of certain converted equity awards resulting from the termination of Angie's List employees in connection with the Combination, as well as after-tax costs of $4.1 million related to the Combination (including $2.8 million of deferred revenue write-offs). (c) The second quarter of 2018 includes: i. after-tax stock-based compensation expense of $12.8 million related to the modification of previously issued HomeAdvisor equity awards and previously issued Angie's List equity awards, both of which were converted into ANGI Homeservices' equity awards in the Combination, and the acceleration of certain converted equity awards resulting from the termination of Angie's List employees in connection with the Combination, as well as after-tax costs of $2.0 million related to the Combination (including $1.8 million of deferred revenue write-offs). ii. after-tax realized and unrealized gains of $133.3 million related to the sale of a certain equity investment. (d) The third quarter of 2018 includes after-tax stock-based compensation expense of $12.3 million related to the modification of previously issued HomeAdvisor equity awards and previously issued Angie's List equity awards, both of which were converted into ANGI Homeservices' equity awards in the Combination. (e) The fourth quarter of 2018 includes: i. after-tax stock-based compensation expense of $14.4 million related to the modification of previously issued HomeAdvisor equity awards and previously issued Angie's List equity awards, both of which were converted into ANGI Homeservices' equity awards in the Combination. ii. combined after-tax gains of $92.5 million related to the sales of Dictionary.com, Electus, Felix and CityGrid. iii. after-tax impairment charges related to indefinite-lived intangible assets of $21.3 million . (f) Quarterly per share amounts may not add to the related annual per share amount because of differences in the average common shares outstanding during each period. |
SUBSEQUENT EVENTS SUBSEQUENT EV
SUBSEQUENT EVENTS SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On January 31, 2020 , the Company received 1.4 million shares of Match Group common stock in exchange for the contribution of certain real estate to Match Group. On February 11, 2020 , the Company completed the acquisition of Care.com, a leading global platform for finding and managing family care, for approximately $500 million , net of cash acquired. Care.com will be reflected in the consolidated financial statements of the Company from the date of its acquisition. On February 11, 2020, MTCH completed a private offering of $500 million aggregate principal amount of 4.125% Senior Notes due August 1, 2030 . The net proceeds from the offering, in the event the Separation is consummated, will be used to fund the cash consideration of $3.00 per MTCH common share that will be payable in connection with the Separation. If the Separation is not consummated, the net proceeds will be used by MTCH for general corporate purposes. On February 13, 2020 , the $500 million MTCH Credit Facility was amended to, among other things, increase the available borrowing capacity to $750 million , reduce the interest rate to LIBOR plus 1.375% , and extend its maturity to February 13, 2025 . Additionally, the $425 million MTCH Term Loan was amended to reprice the outstanding balance to LIBOR plus 1.75% and extend its maturity to February 13, 2027 . |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | Schedule II IAC/INTERACTIVECORP AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS Description Balance at Beginning of Period Charges to Earnings Charges to Other Accounts Deductions Balance at End of Period (In thousands) 2019 Allowance for doubtful accounts and revenue reserves $ 18,860 $ 65,803 (a) $ 238 $ (60,175 ) (b) $ 24,726 Deferred tax valuation allowance 115,853 15,404 (c) (1,637 ) (d) — 129,620 Other reserves 7,734 7,961 2018 Allowance for doubtful accounts and revenue reserves $ 11,489 $ 48,445 (a) $ (573 ) $ (40,501 ) (b) $ 18,860 Deferred tax valuation allowance 132,598 (20,746 ) (e) 4,001 (f) — 115,853 Other reserves 2,544 7,734 2017 Allowance for doubtful accounts and revenue reserves $ 16,405 $ 28,930 (a) $ (1,006 ) $ (32,840 ) (b) $ 11,489 Sales returns accrual 80 — (80 ) — — Deferred tax valuation allowance 88,170 38,144 (g) 6,284 (h) — 132,598 Other reserves 2,822 2,544 _________________________________________________________ (a) Additions to the allowance for doubtful accounts are charged to expense. (b) Write-off of fully reserved accounts receivable. (c) Amount is primarily related to an increase in foreign NOLs partially offset by a net decrease in unbenefited capital losses. (d) Amount is primarily related to currency translation adjustments on foreign NOLs. (e) Amount is primarily related to a decrease in foreign tax credits subject to a valuation allowance and the realization of previously unbenefited capital losses, partially offset by an increase in state NOLs and foreign interest deduction carryforwards. (f) Amount is primarily related to acquired federal and state NOLs, partially offset by currency translation adjustments on foreign NOLs. (g) Amount is due primarily to the establishment of foreign NOLs related to an acquisition. (h) Amount is primarily related to acquired state NOLs, acquired foreign tax credits and currency translation adjustments on foreign NOLs. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The Company prepares its consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"). |
Basis of Consolidation and Accounting for Investments in Equity Securities | The consolidated financial statements include the accounts of the Company, all entities that are wholly-owned by the Company and all entities in which the Company has a controlling financial interest. Intercompany transactions and accounts have been eliminated. Accounting for Investments in Equity Securities Investments in the common stock or in-substance common stock of entities in which the Company has the ability to exercise significant influence over the operating and financial matters of the investee, but does not have a controlling financial interest, are accounted for using the equity method and are included in "Long-term investments" in the accompanying consolidated balance sheet. At December 31, 2019 and 2018, the Company did not have any investments accounted for using the equity method. Investments in equity securities, other than those of our consolidated subsidiaries and those accounted for under the equity method, are accounted for at fair value or under the measurement alternative of Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , following its adoption on January 1, 2018, with any changes to fair value recognized within other income (expense), net each reporting period. Under the measurement alternative, equity investments without readily determinable fair values are carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar securities of the same issuer; value is generally determined based on a market approach as of the transaction date. A security will be considered identical or similar if it has identical or similar rights to the equity securities held by the Company. The Company reviews its investments in equity securities without readily determinable fair values for impairment each reporting period when there are qualitative factors or events that indicate possible impairment. Factors we consider in making this determination include negative changes in industry and market conditions, financial performance, business prospects, and other relevant events and factors. When indicators of impairment exist, the Company prepares quantitative assessments of the fair value of our investments in equity securities, which require judgment and the use of estimates. When our assessment indicates that the fair value of the investment is below its carrying value, the Company writes down the investment to its fair value and records the corresponding charge within other income (expense), net. |
Accounting Estimates | Accounting Estimates Management of the Company is required to make certain estimates, judgments and assumptions during the preparation of its consolidated financial statements in accordance with GAAP. These estimates, judgments and assumptions impact the reported amounts of assets, liabilities, revenue and expenses and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates. On an ongoing basis, the Company evaluates its estimates and judgments, including those related to: the fair values of cash equivalents and marketable debt securities; the carrying value of accounts receivable, including the determination of the allowance for doubtful accounts; the determination of revenue reserves; the carrying value of right-of-use assets ("ROU assets"); the useful lives and recoverability of definite-lived intangible assets and property and equipment; the recoverability of goodwill and indefinite-lived intangible assets; the fair value of equity securities without readily determinable fair values; contingencies; the fair value of acquisition-related contingent consideration arrangements; unrecognized tax benefits; the valuation allowance for deferred income tax assets; and the fair value of and forfeiture rates for stock-based awards, among others. The Company bases its estimates and judgments on historical experience, its forecasts and budgets and other factors that the Company considers relevant. |
Revenue Recognition | Revenue Recognition The Company adopted ASU No. 2014-09, Revenue from Contracts with Customers, effective January 1, 2018 using the modified retrospective transition method for open contracts as of the date of initial application. The cumulative effect to the Company's retained earnings at January 1, 2018 was an increase of $40.2 million , of which $3.4 million was related to the noncontrolling interest in ANGI; the adjustment to retained earnings was principally related to the Company’s ANGI and Applications segments. • Within ANGI, the effect of the adoption of ASU No. 2014-09 was that commissions paid to employees pursuant to certain sales incentive programs, which represent the incremental direct costs of obtaining a service professional contract, are now capitalized and amortized over the estimated life of a service professional (also referred to as the estimated customer relationship period). These costs were expensed as incurred prior to January 1, 2018. The cumulative effect of the adoption of ASU No. 2014-09 was the establishment of a current and non-current asset for capitalized sales commissions of $29.7 million and $4.2 million , respectively, and a related deferred tax liability of $8.0 million , resulting in a net increase to retained earnings of $25.9 million on January 1, 2018. • Within Applications, the primary effect of the adoption of ASU No. 2014-09 was to accelerate the recognition of the portion of the revenue of certain desktop applications sold by SlimWare that qualify as functional intellectual property ("functional IP") under ASU No. 2014-09. This revenue was previously deferred and recognized over the applicable subscription term. The cumulative effect of the adoption of ASU No. 2014-09 for SlimWare was a reduction in deferred revenue of $20.3 million and the establishment of a deferred tax liability of $4.9 million , resulting in a net increase to retained earnings of $15.5 million on January 1, 2018. The Company's disaggregated revenue disclosures are presented in " Note 12—Segment Information ." The following table presents the impact of the adoption of ASU No. 2014-09 by segment under Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers , as reported, and ASC 605, Revenue Recognition , for the year ended December 31, 2018. Under ASC 606 Under ASC 605 Effect of adoption of ASU No. 2014-09 (In thousands) Revenue by segment: Match Group $ 1,729,850 $ 1,729,850 $ — ANGI Homeservices 1,132,241 1,132,241 — Vimeo 159,641 160,931 (1,290 ) Dotdash 130,991 130,991 — Applications 582,287 581,492 795 Emerging & Other 528,250 528,250 — Inter-segment eliminations (368 ) (368 ) — Total $ 4,262,892 $ 4,263,387 $ (495 ) Operating costs and expenses by segment: Match Group $ 1,176,556 $ 1,176,556 $ — ANGI Homeservices 1,068,335 1,073,275 (4,940 ) Vimeo 195,235 196,212 (977 ) Dotdash 112,213 112,213 — Applications 487,453 484,644 2,809 Emerging & Other 498,286 498,286 — Corporate 159,675 159,675 — Total $ 3,697,753 $ 3,700,861 $ (3,108 ) Operating income (loss) by segment: Match Group $ 553,294 $ 553,294 $ — ANGI Homeservices 63,904 58,964 4,940 Vimeo (35,594 ) (35,281 ) (313 ) Dotdash 18,778 18,778 — Applications 94,834 96,848 (2,014 ) Emerging & Other 29,964 29,964 — Corporate (160,043 ) (160,043 ) — Total $ 565,137 $ 562,524 $ 2,613 Net earnings $ 757,747 $ 755,741 $ 2,006 The Company accounts for a contract with a customer when it has approval and commitment from all parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised services or goods is transferred to our customers and in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or goods. Transaction Price The objective of determining the transaction price is to estimate the amount of consideration the Company is due in exchange for its services or goods, including amounts that are variable. The Company determines the total transaction price, including an estimate of any variable consideration, at contract inception and reassesses this estimate each reporting period. The Company excludes from the measurement of transaction price all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of revenue. For contracts that have an original duration of one year or less, the Company uses the practical expedient available under ASU No. 2014-09, applicable to such contracts and does not consider the time value of money. Arrangements with Multiple Performance Obligations The Company’s contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers, which are directly observable or based on an estimate if not directly observable. For our multiple performance obligation arrangements that include functional IP, which comprise the downloadable apps and software of the Applications segment, the Company uses a residual approach to determine standalone selling prices for the functional IP. Assets Recognized from the Costs to Obtain a Contract with a Customer The Company has determined that certain costs, primarily commissions paid to employees pursuant to certain sales incentive programs and mobile app store fees, meet the requirements to be capitalized as a cost of obtaining a contract. Commissions paid to employees pursuant to certain sales incentive programs are amortized over the estimated customer relationship period. The Company calculates the estimated customer relationship period as the average customer life, which is based on historical data. When customer renewals are expected and the renewal commission is not commensurate with the initial commission, the average customer life includes renewal periods. For sales incentive programs where the customer relationship period is one year or less, the Company has elected the practical expedient to expense the costs as incurred. The Company generally capitalizes and amortizes mobile app store fees over the term of the applicable subscription. During the years ended December 31, 2019 and 2018 , the Company recognized expense of $464.6 million and $355.3 million related to the amortization of these costs. The current contract asset balances are $71.5 million , $69.8 million and $53.4 million at December 31, 2019 and 2018 , and January 1, 2018 , respectively. The non-current contract asset balances are $6.2 million , $4.5 million and $4.7 million at December 31, 2019 and 2018 , and January 1, 2018 , respectively. The current and non-current contract assets are included in "Other current assets" and "Other non-current assets," respectively, in the accompanying consolidated balance sheet. Performance Obligations As permitted under the practical expedient available under ASU No. 2014-09, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is allocated entirely to unsatisfied performance obligations or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which the Company recognizes revenue at the amount which we have the right to invoice for services performed. Match Group Match Group revenue is primarily derived directly from users in the form of recurring subscriptions. Subscription revenue is presented net of credits and credit card chargebacks. Subscribers pay in advance, primarily by credit card or through mobile app stores, and, subject to certain conditions identified in our terms and conditions, generally all purchases are final and nonrefundable. Revenue is initially deferred and is recognized using the straight-line method over the term of the applicable subscription period, which generally ranges from one to six months . Revenue is also earned from online advertising, the purchase of à la carte features and offline events. Online advertising revenue is recognized when an advertisement is displayed. Revenue from the purchase of à la carte features is recognized based on usage. Revenue associated with offline events is recognized when each event occurs. ANGI Homeservices ANGI revenue is primarily derived from (i) consumer connection revenue, which comprises fees paid by HomeAdvisor service professionals for consumer matches (regardless of whether the service professional ultimately provides the requested service) and fees from completed jobs sourced through the HomeAdvisor and Handy platforms, and (ii) HomeAdvisor service professional membership subscription fees. Consumer connection revenue varies based upon several factors, including the service requested, product experience offered and geographic location of service. The Company’s consumer connection revenue is generated and recognized when an in-network service professional is delivered a consumer match or when a job sourced through the HomeAdvisor and Handy platforms are completed. Service professional membership subscription revenue is initially deferred and is recognized using the straight-line method over the applicable subscription period, which is typically one year . Consumer connection revenue is generally billed one week following a consumer match, with payment due upon receipt of invoice or collected when a consumer schedules a job through the HomeAdvisor and Handy platforms. The Company maintains revenue reserves for potential credits for services provided by Handy service professionals to consumers. ANGI revenue is also derived from (i) sales of time-based website, mobile and call center advertising to service professionals, (ii) membership subscription fees from consumers and (iii) service warranty subscription and other services. Angie's List service professionals generally pay for advertisements in advance on a monthly or annual basis at the option of the service professional, with the average advertising contract term being approximately one year. Angie's List website, mobile and call center advertising revenue is recognized ratably over the contract term. Revenue from the sale of advertising in the Angie’s List Magazine is recognized in the period in which the publication is distributed. Angie's List prepaid consumer membership subscription fees are recognized as revenue using the straight-line method over the term of the applicable subscription period, which is typically one year . Prior to January 1, 2020, Handy recorded revenue on a net basis. Effective January 1, 2020, we modified the Handy terms and conditions so that Handy, rather than the service professional, has the contractual relationship with the consumer to deliver the service and Handy, rather than the consumer, has the contractual relationship with the service professional. Consumers request services and pay for such services directly through the Handy platform and then Handy fulfills the request with independently established home services providers engaged in a trade, occupation and/or business that customarily provides such services. This change in contractual terms requires gross revenue accounting treatment effective January 1, 2020. Also, in the case of certain tasks, HomeAdvisor provides a pre-priced product offering, pursuant to which consumers can request services through a HomeAdvisor platform and pay HomeAdvisor for the services directly. HomeAdvisor then fulfills the request with independently established home services providers engaged in a trade, occupation and/or business that customarily provides such services. Revenue from HomeAdvisor’s pre-priced product offering is also recorded on a gross basis effective January 1, 2020. In addition to changing the presentation of revenue to gross from net, the timing of revenue recognition will change for pre-priced jobs and will be later than the timing of existing consumer connection revenue for HomeAdvisor because we will not be able to record revenue, generally, until the service professional completes the job on our behalf. Vimeo Vimeo revenue is derived primarily from annual and monthly SaaS subscription fees paid by subscribers for self-serve and enterprise subscription plans. Subscription revenue is recognized over the terms of the applicable subscription period, which are typically one month or one year . Dotdash Dotdash revenue consists principally of display advertising revenue and performance marketing revenue. Display advertising revenue is generated primarily through digital display advertisements sold directly by our sales team and through programmatic advertising networks. Performance marketing revenue includes affiliate commerce and performance marketing commissions. Affiliate commerce commission revenue is generated when Dotdash refers users to commerce partner websites resulting in a purchase or transaction. Performance marketing commissions are generated on a cost-per-click or cost-per-new account basis. Applications Desktop revenue largely consists of advertising revenue generated principally through the display of paid listings in response to search queries. Paid listings are advertisements displayed on search results pages that generally contain a link to advertiser websites. The substantial majority of the paid listings displayed by our Desktop businesses is supplied to us by Google Inc. ("Google") pursuant to our services agreement with Google. Pursuant to this agreement, Desktop businesses that provide search services transmit search queries to Google, which in turn transmits a set of relevant and responsive paid listings back to these businesses for display in search results. This ad-serving process occurs independently of, but concurrently with, the generation of algorithmic search results for the same search queries. Google paid listings are displayed separately from algorithmic search results and are identified as sponsored listings on search results pages. Paid listings are priced on a price per click basis and when a user submits a search query through a Desktop business and then clicks on a Google paid listing displayed in response to the query, Google bills the advertiser that purchased the paid listing and shares a portion of the fee charged to the advertiser with the Desktop business. The Company recognizes paid listing revenue from Google when it delivers the user's click. In cases where the user’s click is generated due to the efforts of a third-party distributor, we recognize the amount due from Google as revenue and record a revenue share or other payment obligation to the third-party distributor as traffic acquisition costs. To a lesser extent, Desktop revenue also includes fees related to subscription-based downloadable desktop applications as well as display advertisements. Fees related to subscription downloadable desktop applications are generally recognized over the term of the applicable subscription period, which is primarily one or two years . Fees related to display advertisements are recognized when an advertisement is displayed. Mosaic Group revenue consists primarily of fees related to subscription downloadable mobile applications distributed through the Apple App Store and Google Play Store, as well as display advertisements. Fees related to subscription downloadable mobile applications are generally recognized at the time of the sale when the software license is delivered. To the extent updates or maintenance is required or expected, revenue is recognized over the term of the applicable subscription period, which is primarily one or two years . Fees related to display advertisements are recognized when an advertisement is displayed. Emerging & Other Revenue of Ask Media Group consists principally of advertising revenue generated principally through the display of paid listings in response to search queries, as well as from display advertisements appearing alongside content on its various websites and, to a lesser extent, affiliate commerce commission revenue. The majority of the paid listings displayed are supplied to us by Google in the manner, and pursuant to the services agreement with Google, described above under "Applications." Revenue from display advertising is generated through advertisements sold through programmatic advertising networks. Affiliate commerce commission revenue is generated when an Ask Media Group property refers users to commerce partner websites resulting in a purchase or transaction. Bluecrew revenue consists of service revenue, which is generated through staffing workers and recognized as control of the promised services is transferred to our customers. NurseFly revenue consists of subscription revenue, which is generated through recruiting agencies that seek access to qualified healthcare professionals and is recognized at the earlier of the full delivery of the promised services or the length of the subscription period. The Daily Beast revenue consists of advertising revenue, which is generated primarily through display advertisements (sold directly and through programmatic ad sales), and to a lesser extent, affiliate commerce commission revenue. Revenue of College Humor Media and IAC Films is generated primarily through media production and distribution and advertising. Production revenue is recognized when control is transferred to the customer to broadcast or exhibit, and advertising revenue is recognized when an advertisement is displayed or over the advertising period. Accounts Receivables, Net of Allowance for Doubtful Accounts and Revenue Reserves Accounts receivable include amounts billed and currently due from customers. The Company maintains an allowance for doubtful accounts to provide for the estimated amount of accounts receivable that will not be collected. The allowance for doubtful accounts is based upon a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history and the specific customer’s ability to pay its obligation. The time between the Company issuance of an invoice and payment due date is not significant; customer payments that are not collected in advance of the transfer of promised services or goods are generally due no later than 30 days from invoice date. The Company also maintains allowances to reserve for potential credits issued to consumers or other revenue adjustments. The amounts of these reserves are based primarily upon historical experience. Deferred Revenue Deferred revenue consists of advance payments that are received or are contractually due in advance of the Company's performance. The Company’s deferred revenue is reported on a contract by contract basis at the end of each reporting period. The Company classifies deferred revenue as current when the term of the applicable subscription period or expected completion of our performance obligation is one year or less. The deferred revenue balance is $398.8 million , $361.7 million and $332.2 million at December 31, 2019 and 2018 , and January 1, 2018 , respectively. During the years ended December 31, 2019 and 2018 , the Company recognized $356.4 million and $330.2 million of revenue that was included in the deferred revenue balance as of December 31, 2018 and January 1, 2018 , respectively. The current deferred revenue balances are $397.5 million and $360.0 million at December 31, 2019 and 2018 , respectively. The non-current deferred revenue balances are $1.3 million and $1.7 million at December 31, 2019 and 2018 , respectively. Non-current deferred revenue is included in "Other long-term liabilities" in the accompanying consolidated balance sheet. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and short-term investments, with maturities of less than 91 days from the date of purchase. Domestically, cash equivalents primarily consist of AAA rated government money market funds, treasury discount notes, time deposits and commercial paper rated A1/P1 or better. Internationally, cash equivalents primarily consist of AAA rated government money market funds and time deposits. |
Investments in Debt Securities | Investments in Debt Securities The Company invests in marketable debt securities with active secondary or resale markets to ensure portfolio liquidity to fund current operations or satisfy other cash requirements as needed. Marketable debt securities are adjusted to fair value each quarter, and the unrealized gains and losses, net of tax, are included in accumulated other comprehensive income (loss) as a separate component of shareholders' equity. The specific-identification method is used to determine the cost of debt securities sold and the amount of unrealized gains and losses reclassified out of accumulated other comprehensive income (loss) into earnings. The Company also invests in non-marketable debt securities as part of its investment strategy. We review our debt securities for impairment each reporting period. The Company recognizes an unrealized loss on debt securities in net earnings when the impairment is determined to be other-than-temporary. Factors we consider in making such determination include the duration, severity and reason for the decline in value and the potential recovery and our intent to sell the debt security. We also consider whether we will be required to sell the security before recovery of its amortized cost basis and whether the amortized cost basis cannot be recovered because of credit losses. If an impairment is considered to be other-than-temporary, the debt security will be written down to its fair value and the loss will be recognized within other income (expense), net. At December 31, 2019 and 2018 , marketable debt securities consist of commercial paper rated A1/P1 or better and treasury discount notes. |
Certain Risks and Concentrations | Certain Risks and Concentrations A meaningful portion of the Company's revenue is attributable to a services agreement with Google (the "Services Agreement"). In addition, the Company earns certain other advertising revenue from Google that is not attributable to the Services Agreement. For the years ended December 31, 2019 , 2018 and 2017 , consolidated revenue earned from Google was $733.5 million , $825.2 million and $740.7 million , respectively, representing 15% , 19% , and 22% , respectively, of the Company's consolidated revenue. Accounts receivable related to revenue earned from Google totaled $53.0 million and $69.1 million at December 31, 2019 and 2018 , respectively. Revenue attributable to the Services Agreement is earned by the Desktop business within the Applications segment and Ask Media Group within the Emerging & Other segment. For the years ended December 31, 2019 , 2018 and 2017 , revenue earned from the Services Agreement was $291.1 million , $426.5 million and $480.6 million , respectively, within the Applications segment and $385.9 million , $339.0 million and $203.5 million , respectively, within the Emerging & Other segment. The current Services Agreement expires on March 31, 2020. On February 11, 2019, the Company and Google amended the Services Agreement, effective as of April 1, 2020. The amendment extends the expiration date of the agreement to March 31, 2023; provided that during September 2020 and during each September thereafter, either party may, after discussion with the other party, terminate the services agreement, effective on September 30 of the year following the year such notice is given. The Company believes that the amended agreement, taken as a whole, is comparable to the Company’s currently existing agreement with Google. The Services Agreement requires that the Company comply with certain guidelines promulgated by Google. Google may generally unilaterally update its policies and guidelines without advance notice. These updates may be specific to the Services Agreement or could be more general and thereby impact the Company as well as other companies. These policy and guideline updates could in turn require modifications to, or prohibit and/or render obsolete certain of our products, services and/or business practices, which could be costly to address or otherwise have an adverse effect on our consolidated financial condition and results of operations, particularly our Desktop business and Ask Media Group. As described below, Google has made changes to the policies under the Services Agreement and has also made industry-wide changes that have negatively impacted the Desktop business during both 2018 and 2019. Google’s policy changes related to its Chrome browser, which became effective on September 12, 2018, negatively impacted the distribution of our B2C downloadable desktop products. The resultant reduction in projected profits and revenues of this business resulted in a $27.7 million impairment of the B2C trade name, which was recorded in the fourth quarter of 2018. On May 31, 2019, Google announced industry-wide policy changes, which became effective on July 1, 2019, related to all extensions distributed through the Chrome Web Store. These industry-wide changes, combined with other changes to polices under the Services Agreement during the second half of 2019, have had a negative impact on the historical and expected future results of operations of the Desktop business. As of December 31, 2019 , the goodwill balance of the Desktop reporting unit and the carrying value of the related intangible asset are $265.1 million and $28.9 million , respectively. The fair values of the Desktop reporting unit and the related intangible asset approximate their carrying values; therefore, a modest reduction in the fair values of the Desktop reporting unit or the related intangible asset would result in an impairment charge, which would be equal to the excess of the carrying value over the fair value of such assets. The Company’s business is subject to certain risks and concentrations including dependence on third-party technology providers, exposure to risks associated with online commerce security and credit card fraud. Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and marketable debt securities. Cash and cash equivalents are maintained with financial institutions and are in excess of Federal Deposit Insurance Corporation insurance limits. |
Property and Equipment | Property and Equipment Property and equipment, including significant improvements, are recorded at cost. Repairs and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, or, in the case of leasehold improvements, the lease term, if shorter. |
Business Combinations | Business Combinations The purchase price of each acquisition is attributed to the assets acquired and liabilities assumed based on their fair values at the date of acquisition, including identifiable intangible assets that either arise from a contractual or legal right or are separable from goodwill. The Company usually uses the assistance of outside valuation experts to assist in the allocation of purchase price to the identifiable intangible assets acquired. While outside valuation experts may be used, management has ultimate responsibility for the valuation methods, models and inputs used and the resulting purchase price allocation. The excess purchase price over the net tangible and identifiable intangible assets is recorded as goodwill and is assigned to the reporting unit(s) that is expected to benefit from the combination as of the acquisition date. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets The Company assesses goodwill and indefinite-lived intangible assets for impairment annually as of October 1, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit or the fair value of an indefinite-lived intangible asset below its carrying value. When the Company elects to perform a qualitative assessment and concludes it is not more likely than not that the fair value of the reporting unit is less than its carrying value, no further assessment of that reporting unit's goodwill is necessary; otherwise, a quantitative assessment is performed and the fair value of the reporting unit is determined. If the carrying value of the reporting unit exceeds its fair value, an impairment equal to the excess is recorded. For the Company's annual goodwill test at October 1, 2019, a qualitative assessment of the MTCH, ANGI, Vimeo, Mosaic Group (included in the Applications segment), College Humor Media, Bluecrew and Nursefly reporting units' goodwill was performed because the Company concluded it was more likely than not that the fair value of these reporting units was in excess of their respective carrying values. The primary factors that the Company considered in its qualitative assessment for each of these reporting units are described below: • MTCH's October 1, 2019 market capitalization of $20.0 billion exceeded its carrying value by approximately $19.8 billion and MTCH's strong operating performance. • ANGI's October 1, 2019 market capitalization of $3.6 billion exceeded its carrying value by approximately $2.2 billion . • The Company prepared valuations of the Vimeo, Mosaic Group, Bluecrew and Nursefly reporting units primarily in connection with the issuance and/or settlement of equity awards that are denominated in the equity of these businesses subsequent to January 1, 2019. The valuations were prepared time proximate to, however, not as of, October 1, 2019. The fair value of each of these businesses was in excess of its October 1, 2019 carrying value. The Company quantitatively tests goodwill for impairment as of October 1 when it concludes that it is more likely than not that there may be an impairment. For the Company's annual goodwill test at October 1, 2019, the Company quantitatively tested the Desktop reporting unit (included in the Applications segment). The Company's quantitative test indicated that there was no impairment. The Company's Dotdash, Ask Media Group and The Daily Beast reporting units have no goodwill. The aggregate goodwill balance for the Desktop reporting unit for which the most recent estimate of fair value is less than 10% over its carrying value is approximately $265.1 million . The fair value of the Company's reporting units (except for MTCH and ANGI described above) is determined using both an income approach based on discounted cash flows ("DCF") and a market approach when it tests goodwill for impairment, either on an interim basis or annual basis as of October 1 each year. The Company uses the same approach in determining the fair value of its businesses in connection with its non-public subsidiary denominated stock-based compensation plans, which can be a significant factor in the decision to apply the qualitative assessment rather than a quantitative test. Determining fair value using a DCF analysis requires the exercise of significant judgment with respect to several items, including the amount and timing of expected future cash flows and appropriate discount rates. The expected cash flows used in the DCF analyses are based on the Company's most recent forecast and budget and, for years beyond the budget, the Company's estimates, which are based, in part, on forecasted growth rates. The discount rates used in the DCF analyses are intended to reflect the risks inherent in the expected future cash flows of the respective reporting units. Assumptions used in the DCF analyses, including the discount rate, are assessed based on each reporting unit's current results and forecasted future performance, as well as macroeconomic and industry specific factors. The discount rates used in the quantitative test for determining the fair value of the Company's reporting units was 12.5% in 2019 and ranged from 12.5% to 15% in 2018 . Determining fair value using a market approach considers multiples of financial metrics based on both acquisitions and trading multiples of a selected peer gr oup of companies. From the comparable companies, a representative market multiple is determined which is applied to financial metrics to estimate the fair value of a reporting unit. To determine a peer group of companies for our respective reporting units, we considered companies relevant in terms of consumer use, monetization model, margin and growth characteristics, and brand strength operating in their respective sectors. While the Company has the option to qualitatively assess whether it is more likely than not that the fair values of its indefinite-lived intangible assets are less than their carrying values, the Company's policy is to determine the fair value of each of its indefinite-lived intangible assets annually as of October 1, in part, because the level of effort required to perform the quantitative and qualitative assessments is essentially equivalent. The Company determines the fair value of indefinite-lived intangible assets using an avoided royalty DCF valuation analysis. Significant judgments inherent in this analysis include the selection of appropriate royalty and discount rates and estimating the amount and timing of expected future cash flows. The discount rates used in the DCF analyses are intended to reflect the risks inherent in the expected future cash flows generated by the respective intangible assets. The royalty rates used in the DCF analyses are based upon an estimate of the royalty rates that a market participant would pay to license the Company's trade names and trademarks. The future cash flows are based on the Company's most recent forecast and budget and, for years beyond the budget, the Company's estimates, which are based, in part, on forecasted growth rates. Assumptions used in the avoided royalty DCF analyses, including the discount rate and royalty rate, are assessed annually based on the actual and projected cash flows related to the asset, as well as macroeconomic and industry specific factors. The discount rates used in the Company's annual indefinite-lived impairment assessment ranged from 10.5% to 27.5% in 2019 and 10.5% to 35% in 2018 , and the royalty rates used ranged from 1% to 8% in 2019 and 0.75% to 8% in 2018. If the carrying value of an indefinite-lived intangible asset exceeds its estimated fair value, an impairment equal to the excess is recorded. The aggregate carrying value of indefinite-lived intangible assets for which the most recent estimate of the excess of fair value over carrying value is less than 10% is approximately $121.2 million . The 2019 annual assessment of goodwill and indefinite-lived intangible assets identified a $3.3 million goodwill impairment charge and $0.7 million trade name impairment, both related to the College Humor Media business, and a $6.6 million impairment charge related to a trade name at MTCH. The 2018 annual assessment of goodwill did not identify any impairments. The 2018 annual assessment of indefinite-lived intangible assets identified impairment charges of $27.7 million and $1.1 million related to certain Desktop and College Humor Media indefinite-lived trade names, respectively. The indefinite-lived intangible asset impairment charge at Desktop was due to Google’s policy changes related to its Chrome browser which became effective on September 12, 2018 and have negatively impacted the distribution of our B2C downloadable desktop products. The impairment charge related to the B2C trade name was identified in our annual impairment assessment as of October 1, 2018 and reflects the projected reduction in profits and revenues and the resultant reduction in the assumed royalty rate from these policy changes. The impairment charges are included in "Amortization of intangibles" in the accompanying consolidated statement of operations. The 2017 annual assessment of goodwill and indefinite-lived intangible assets did not identify any impairments. |
Long-Lived Assets and Intangible Assets with Definite Lives | Long-Lived Assets and Intangible Assets with Definite Lives Long-lived assets, which consist of ROU assets, property and equipment and intangible assets with definite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the carrying value is deemed not to be recoverable, an impairment loss is recorded equal to the amount by which the carrying value of the long-lived asset exceeds its fair value. Amortization of definite-lived intangible assets is computed either on a straight-line basis or based on the pattern in which the economic benefits of the asset will be realized. |
Fair Value Measurements | Fair Value Measurements The Company categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are: • Level 1: Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets. • Level 2: Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair values of the Company's Level 2 financial assets are primarily obtained from observable market prices for identical underlying securities that may not be actively traded. Certain of these securities may have different market prices from multiple market data sources, in which case an average market price is used. • Level 3: Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities. See " Note 6—Financial Instruments and Fair Value Measurements " for a discussion of fair value measurements made using Level 3 inputs. The Company's non-financial assets, such as goodwill, intangible assets, ROU assets and property and equipment are adjusted to fair value only when an impairment is recognized. The Company's financial assets, comprising equity securities without readily determinable fair values, are adjusted to fair value when observable price changes are identified or an impairment is recognized. Such fair value measurements are based predominantly on Level 3 inputs. |
Traffic Acquisition Costs | Traffic Acquisition Costs Traffic acquisition costs consist of (i) the amortization of fees paid to Apple and Google related to the distribution and the facilitation of in-app purchases and (ii) payments made to partners who direct traffic to our Ask Media Group websites, who distribute our business-to-business customized browser-based applications and who integrate our paid listings into their websites. These payments include amounts based on revenue share and other arrangements. The Company expenses these payments in the period incurred as a component of cost of revenue. |
Advertising Costs | Advertising Costs Advertising costs are expensed in the period incurred (when the advertisement first runs for production costs that are initially capitalized) and represent online marketing, including fees paid to search engines, social media sites and third parties that distribute our B2C downloadable applications, offline marketing, which is primarily television advertising, and partner-related payments to those who direct traffic to the brands within our MTCH and ANGI segments. Advertising expense is $1.2 billion , $1.2 billion and $1.1 billion for the years ended December 31, 2019 , 2018 and 2017 , respectively. The Company capitalizes and amortizes the costs associated with certain distribution arrangements that require us to pay a fee per access point delivered. These access points are generally in the form of downloadable applications associated with our direct-to consumer operations. These fees are amortized over the estimated useful lives of the access points to the extent the Company can reasonably estimate a probable future economic benefit and the period over which such benefit will be realized (generally 18 months). Otherwise, the fees are charged to expense as incurred. |
Legal Costs | Legal Costs Legal costs are expensed as incurred. |
Income Taxes | Income Taxes The Company accounts for income taxes under the liability method, and deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided if it is determined that it is more likely than not that the deferred tax asset will not be realized. The Company records interest, net of any applicable related income tax benefit, on potential income tax contingencies as a component of income tax expense. The Company evaluates and accounts for uncertain tax positions using a two-step approach. Recognition (step one) occurs when the Company concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustainable upon examination. Measurement (step two) determines the amount of benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. De-recognition of a tax position that was previously recognized would occur when the Company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act (the "Tax Act"). The Tax Act imposes a new minimum tax on global intangible low-taxed income ("GILTI") earned by foreign subsidiaries beginning in 2018. The FASB Staff Q&A, Topic 740 No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity may make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. The Company has elected to recognize the tax on GILTI as a period expense in the period the tax is incurred. |
Earnings Per Share | Earnings Per Share |
Foreign Currency Translation and Transaction Gains and Losses | Foreign Currency Translation and Transaction Gains and Losses The financial position and operating results of foreign entities whose primary economic environment is based on their local currency are consolidated using the local currency as the functional currency. These local currency assets and liabilities are translated at the rates of exchange as of the balance sheet date, and local currency revenue and expenses of these operations are translated at average rates of exchange during the period. Translation gains and losses are included in accumulated other comprehensive income as a component of shareholders' equity. Transaction gains and losses resulting from assets and liabilities denominated in a currency other than the functional currency are included in the consolidated statement of operations as a component of other income (expense), net. See " Note 17—Consolidated Financial Statement Details " for additional information regarding foreign currency exchange gains and losses. |
Stock-Based Compensation | Stock-Based Compensation |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests Noncontrolling interests in the consolidated subsidiaries of the Company are ordinarily reported on the consolidated balance sheet within shareholders' equity, separately from the Company's equity. However, securities that are redeemable at the option of the holder and not solely within the control of the issuer must be classified outside of shareholders' equity. Accordingly, all noncontrolling interests that are redeemable at the option of the holder are presented outside of shareholders' equity in the accompanying consolidated balance sheet. In connection with the acquisition of certain subsidiaries, management of these businesses has retained an ownership interest. The Company is party to fair value put and call arrangements with respect to these interests. These put and call arrangements allow management of these businesses to require the Company to purchase their interests or allow the Company to acquire such interests at fair value, respectively. The put arrangements do not meet the definition of a derivative instrument as the put agreements do not provide for net settlement. These put and call arrangements become exercisable by the Company and the counter-party at various dates in the future. One of these arrangements was exercised during the year ended December 31, 2019 and two of these arrangements were exercised during both of the years ended December 31, 2018 and 2017 . These put arrangements are exercisable by the counter-party outside the control of the Company. Accordingly, to the extent that the fair value of these interests exceeds the value determined by normal noncontrolling interest accounting, the value of such interests is adjusted to fair value with a corresponding adjustment to additional paid-in capital. During the years ended December 31, 2019 , 2018 and 2017 , the Company recorded adjustments of $11.6 million , $4.1 million and $6.3 million , respectively, to increase these interests to fair value. Fair value determinations require high levels of judgment and are based on various valuation techniques, including market comparables and discounted cash flow projections. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncement adopted by the Company Adoption of ASU No. 2016-02, Leases (Topic 842) The Company adopted ASU No. 2016-02, Leases (Topic 842) ("ASC 842") effective January 1, 2019. ASC 842 superseded previously existing guidance on accounting for leases and generally requires all leases to be recognized in the statement of financial position. The adoption of ASC 842 resulted in the recognition of $154.7 million of ROU assets and related lease liabilities as of January 1, 2019, with no cumulative effect adjustment. The adoption of ASC 842 had no impact on the Company’s consolidated results of operations or cash flows. The Company adopted ASC 842 prospectively and, therefore, did not revise comparative period information or disclosure. In addition, the Company elected the package of practical expedients permitted under ASC 842. See " Note 13—Leases " for additional information on the adoption of ASC 842. Accounting Pronouncement Not Yet Adopted by the Company ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes , |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Property and Equipment | Asset Category Estimated Useful Lives Buildings and leasehold improvements 3 to 39 Years Capitalized software and computer equipment 2 to 3 Years Furniture and other equipment 3 to 12 Years December 31, 2019 2018 (In thousands) Property and equipment, net: Buildings and leasehold improvements $ 270,509 $ 249,026 Capitalized software and computer equipment 268,927 229,083 Furniture and other equipment 93,082 86,694 Land 11,591 11,591 Projects in progress 51,603 29,204 Property and equipment 695,712 605,598 Accumulated depreciation and amortization (324,359 ) (286,798 ) Property and equipment, net $ 371,353 $ 318,800 |
Schedule of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheet to the total amounts shown in the consolidated statement of cash flows: December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016 (In thousands) Cash and cash equivalents $ 3,139,295 $ 2,131,632 $ 1,630,809 $ 1,329,187 Restricted cash included in other current assets 654 1,633 2,873 20,464 Restricted cash included in other assets 409 420 — 10,548 Total cash and cash equivalents and restricted cash as shown on the consolidated statement of cash flows $ 3,140,358 $ 2,133,685 $ 1,633,682 $ 1,360,199 |
Schedule of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheet to the total amounts shown in the consolidated statement of cash flows: December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016 (In thousands) Cash and cash equivalents $ 3,139,295 $ 2,131,632 $ 1,630,809 $ 1,329,187 Restricted cash included in other current assets 654 1,633 2,873 20,464 Restricted cash included in other assets 409 420 — 10,548 Total cash and cash equivalents and restricted cash as shown on the consolidated statement of cash flows $ 3,140,358 $ 2,133,685 $ 1,633,682 $ 1,360,199 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Taxes | U.S. and foreign earnings (loss) before income taxes and noncontrolling interests are as follows: Years Ended December 31, 2019 2018 2017 (In thousands) U.S. $ 370,073 $ 630,417 $ (52,606 ) Foreign 124,438 131,141 119,564 Total $ 494,511 $ 761,558 $ 66,958 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the income tax provision (benefit) are as follows: Years Ended December 31, 2019 2018 2017 (In thousands) Current income tax provision (benefit): Federal $ 278 $ (2,849 ) $ (31,844 ) State 807 2,569 1,964 Foreign 29,707 38,770 24,108 Current income tax provision (benefit) 30,792 38,490 (5,772 ) Deferred income tax provision (benefit): Federal (52,985 ) (21,792 ) (255,477 ) State (25,128 ) 172 (28,364 ) Foreign (1,988 ) (13,059 ) (1,437 ) Deferred income tax benefit (80,101 ) (34,679 ) (285,278 ) Income tax (benefit) provision $ (49,309 ) $ 3,811 $ (291,050 ) |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of cumulative temporary differences that give rise to significant deferred tax assets and deferred tax liabilities are presented below. The valuation allowance relates to deferred tax assets for which it is more likely than not that the tax benefit will not be realized. December 31, 2019 2018 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 340,472 $ 291,639 Tax credit carryforwards 117,286 89,397 Stock-based compensation 79,108 82,698 Long-term lease liabilities 52,748 — Other 71,328 53,631 Total deferred tax assets 660,942 517,365 Less valuation allowance (129,620 ) (115,853 ) Net deferred tax assets 531,322 401,512 Deferred tax liabilities: Investment in subsidiaries (235,920 ) (238,650 ) Intangible assets (70,830 ) (77,669 ) Right-of-use assets (39,226 ) — Investment in Pinterest — (22,927 ) Other (39,680 ) (21,080 ) Total deferred tax liabilities (385,656 ) (360,326 ) Net deferred tax assets $ 145,666 $ 41,186 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the income tax (benefit) provision to the amounts computed by applying the statutory federal income tax rate to earnings before income taxes is shown as follows: Years Ended December 31, 2019 2018 2017 (In thousands) Income tax provision at the federal statutory rate of 21% (35% for 2017) $ 103,847 $ 159,927 $ 23,435 State income taxes, net of effect of federal tax benefit 6,146 16,794 782 Stock-based compensation (135,179 ) (129,654 ) (358,901 ) Research credits (33,377 ) (14,276 ) (6,947 ) Realization of certain deferred tax assets (9,281 ) (13,200 ) (3,133 ) Foreign income taxed at a different statutory tax rate (3,333 ) (3,206 ) (14,725 ) Deferred tax adjustment for enacted changes in tax laws and rates 890 (7,488 ) 705 Non-deductible impairments for certain cost method investments — — 2,669 Transition tax — (9,190 ) 62,667 Withholding taxes 7,304 5,165 562 Other, net 13,674 (1,061 ) 1,836 Income tax (benefit) provision $ (49,309 ) $ 3,811 $ (291,050 ) |
Schedule of Income Tax Contingencies | A reconciliation of the beginning and ending amount of unrecognized tax benefits, including penalties but excluding interest, is as follows: December 31, 2019 2018 2017 (In thousands) Balance at January 1 $ 48,875 $ 36,732 $ 38,372 Additions based on tax positions related to the current year 14,000 10,334 2,050 Additions for tax positions of prior years 8,949 4,716 1,994 Reductions for tax positions of prior years (289 ) (400 ) (3,761 ) Settlements — — — Expiration of applicable statutes of limitations (1,302 ) (2,507 ) (1,923 ) Balance at December 31 $ 70,233 $ 48,875 $ 36,732 |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Purchase Price | The table below summarizes the purchase price: Angie's List (In thousands) Class A common stock $ 763,684 Cash consideration for holders who elected to receive $8.50 in cash per share of Angie's List common stock 1,913 Fair value of vested and pro rata portion of unvested stock options attributable to pre-combination services 11,749 Fair value of the pro rata portion of unvested restricted stock units attributable to pre-combination services 4,038 Total purchase price $ 781,384 |
Schedule of Preliminary Estimated Fair Value of Assets Acquired and Liabilities Assumed | The table below summarizes the fair values of the assets acquired and liabilities assumed at the date of combination: Angie's List (In thousands) Cash and cash equivalents $ 44,270 Other current assets 11,280 Property and equipment 16,341 Goodwill 543,674 Intangible assets 317,300 Total assets 932,865 Deferred revenue (32,595 ) Other current liabilities (46,150 ) Long-term debt—related party (61,498 ) Deferred income taxes (9,833 ) Other long-term liabilities (1,405 ) Net assets acquired $ 781,384 |
Schedule of Preliminary Estimated Fair Value of Intangible Assets Acquired | The fair values of the identifiable intangible assets acquired at the date of combination are as follows: Angie's List (In thousands) Weighted-Average Useful Life (Years) Indefinite-lived trade name and trademarks $ 137,000 Indefinite Service professionals 90,500 3 Developed technology 63,900 6 Memberships 15,900 3 User base 10,000 1 Total identifiable intangible assets acquired $ 317,300 |
Schedule of Pro Forma Financial Information | Year Ended December 31, 2017 (In thousands, except per share data) Revenue $ 3,529,600 Net earnings attributable to IAC shareholders $ 364,496 Basic earnings per share attributable to IAC shareholders $ 4.55 Diluted earnings per share attributable to IAC shareholders $ 4.27 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets, Net | Goodwill and intangible assets, net are as follows: December 31, 2019 2018 (In thousands) Goodwill $ 2,854,462 $ 2,726,859 Intangible assets with indefinite lives 446,495 458,104 Intangible assets with definite lives, net of accumulated amortization 131,979 173,318 Total goodwill and intangible assets, net $ 3,432,936 $ 3,358,281 |
Schedule of Goodwill by Reporting Unit | The following table presents the balance of goodwill by reportable segment, including the changes in the carrying value of goodwill, for the year ended December 31, 2019 : Balance at Additions (Deductions) Impairment Foreign Balance at (In thousands) Match Group $ 1,245,013 $ 3,553 $ — $ — $ (8,726 ) $ 1,239,840 ANGI Homeservices 892,800 18,326 (29,267 ) — 192 882,051 Vimeo 77,152 142,222 — — — 219,374 Applications: Desktop 265,146 — — — — 265,146 Mosaic Group 239,746 — — — (144 ) 239,602 Total Applications 504,892 — — — (144 ) 504,748 Emerging & Other 7,002 4,765 — (3,318 ) — 8,449 Total $ 2,726,859 $ 168,866 $ (29,267 ) $ (3,318 ) $ (8,678 ) $ 2,854,462 The following table presents the balance of goodwill by reportable segment, including the changes in the carrying value of goodwill, for the year ended December 31, 2018 : Balance at Additions (Deductions) Transfers In/(Out) Foreign Balance at (In thousands) Match Group $ 1,247,899 $ 11,187 $ — $ — $ (14,073 ) $ 1,245,013 ANGI Homeservices 768,317 142,768 (14,373 ) — (3,912 ) 892,800 Vimeo 77,303 — (151 ) — — 77,152 Applications: Desktop 265,146 — — — — 265,146 Mosaic Group 182,096 50,784 — 7,323 $ (457 ) 239,746 Total Applications 447,242 50,784 — 7,323 (457 ) 504,892 Emerging & Other 18,305 3,684 (7,664 ) (7,323 ) — 7,002 Total $ 2,559,066 $ 208,423 $ (22,188 ) $ — $ (18,442 ) $ 2,726,859 |
Schedule of Intangible Assets with Definite Lives | Intangible assets with indefinite lives are trade names and trademarks acquired in various acquisitions. At December 31, 2019 and 2018 , intangible assets with definite lives are as follows: December 31, 2019 Gross Accumulated Net Weighted-Average (In thousands) Technology $ 154,052 $ (79,358 ) $ 74,694 4.6 Service professional relationships 99,651 (76,445 ) 23,206 2.9 Customer lists and user base 44,548 (24,488 ) 20,060 3.3 Trade names 19,074 (13,068 ) 6,006 3.2 Memberships 15,900 (11,940 ) 3,960 3.0 Other 13,952 (9,899 ) 4,053 3.7 Total $ 347,177 $ (215,198 ) $ 131,979 3.8 December 31, 2018 Gross Accumulated Net Weighted-Average (In thousands) Technology $ 143,303 $ (53,199 ) $ 90,104 4.7 Service professional relationships 99,528 (44,674 ) 54,854 2.9 Customer lists and user base 30,099 (15,126 ) 14,973 2.9 Memberships 15,900 (6,640 ) 9,260 3.0 Trade names 12,393 (9,393 ) 3,000 3.3 Other 8,500 (7,373 ) 1,127 4.8 Total $ 309,723 $ (136,405 ) $ 173,318 3.8 |
Schedule of Expected Amortization of Intangible Assets | At December 31, 2019 , amortization of intangible assets with definite lives for each of the next five years and thereafter is estimated to be as follows: Years Ending December 31, (In thousands) 2020 $ 63,844 2021 27,454 2022 22,781 2023 12,870 2024 1,766 Thereafter 3,264 Total $ 131,979 |
FINANCIAL INSTRUMENTS AND FAI_2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Marketable Securities | At December 31, 2019 and 2018 , the fair value of marketable securities are as follows: December 31, 2019 2018 (In thousands) Available-for-sale marketable debt securities $ 19,993 $ 123,246 Marketable equity security — 419 Total marketable securities $ 19,993 $ 123,665 |
Schedule of Current Available-for-sale Marketable Securities | At December 31, 2018 , current available-for-sale marketable debt securities are as follows: Amortized Gross Gross Fair Value (In thousands) Treasury discount notes $ 112,291 $ 3 $ (3 ) $ 112,291 Commercial paper 10,955 — — 10,955 Total available-for-sale marketable debt securities $ 123,246 $ 3 $ (3 ) $ 123,246 At December 31, 2019 , current available-for-sale marketable debt securities are as follows: Amortized Gross Gross Fair Value (In thousands) Commercial paper $ 19,993 $ — $ — $ 19,993 Total available-for-sale marketable debt securities $ 19,993 $ — $ — $ 19,993 |
Schedule of Proceeds from Maturities and Sales of Current Available-for-sale Marketable Securities | The following table presents the proceeds from maturities of available-for-sale marketable debt securities: December 31, 2019 2018 2017 (In thousands) Proceeds from maturities of available-for-sale marketable debt securities $ 163,500 $ 333,600 $ 114,350 |
Schedule of Long-term Investments | Long-term investments consist of: December 31, 2019 2018 (In thousands) Equity securities without readily determinable fair values $ 353,052 $ 235,055 Total long-term investments $ 353,052 $ 235,055 |
Schedule of Realized and Unrealized Gains (Losses) on Investments | Years Ended December 31, 2019 2018 (In thousands) Upward adjustments (gross unrealized gains) $ 19,698 $ 128,986 Downward adjustments including impairments (gross unrealized losses) (5,193 ) (4,931 ) Total $ 14,505 $ 124,055 The cumulative upward and downward adjustments (including impairments) to the carrying value of equity securities without readily determinable fair values held at December 31, 2019 were $19.9 million and $7.0 million , respectively. Realized and unrealized gains and losses for the Company's marketable equity security and investments without readily determinable fair values for the years ended December 31, 2019 and 2018 are as follows: Years Ended December 31, 2019 2018 (In thousands) Realized gains, net, for equity securities sold $ 23,076 $ 27,874 Unrealized gains, net, on equity securities held 14,505 124,170 Total gains recognized, net, in other income (expense), net $ 37,581 $ 152,044 |
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis | The following tables present the Company's financial instruments that are measured at fair value on a recurring basis: December 31, 2019 Quoted Market Significant Significant Total (In thousands) Assets: Cash equivalents: Money market funds $ 2,164,576 $ — $ — $ 2,164,576 Treasury discount notes — 199,896 — 199,896 Time deposits — 128,075 — 128,075 Commercial paper — 29,960 — 29,960 Marketable securities: Commercial paper — 19,993 — 19,993 Other non-current assets: Warrant — — 8,495 8,495 Total $ 2,164,576 $ 377,924 $ 8,495 $ 2,550,995 Liabilities: Contingent consideration arrangements $ — $ — $ (6,918 ) $ (6,918 ) December 31, 2018 Quoted Market Significant Significant Total (In thousands) Assets: Cash equivalents: Money market funds $ 880,815 $ — $ — $ 880,815 Treasury discount notes — 561,733 — 561,733 Commercial paper — 162,417 — 162,417 Time deposits — 90,036 — 90,036 Marketable securities: Treasury discount notes — 112,291 — 112,291 Commercial paper — 10,955 — 10,955 Marketable equity security 419 — — 419 Total $ 881,234 $ 937,432 $ — $ 1,818,666 Liabilities: Contingent consideration arrangements $ — $ — $ (28,631 ) $ (28,631 ) |
Schedule of Unobservable Inputs in Fair Value Measurement | The following table presents the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Years Ended December 31, 2019 2018 Warrant Contingent Contingent (In thousands) Balance at January 1 $ — $ (28,631 ) $ (2,647 ) Fair value at date of acquisition 17,618 — (25,521 ) Total net (losses) gains: Included in earnings: Fair value adjustments (9,123 ) 19,739 (1,456 ) Included in other comprehensive (loss) income — (14 ) 45 Settlements — 1,988 948 Balance at December 31 $ 8,495 $ (6,918 ) $ (28,631 ) |
Schedule of Carrying Value and the Fair Value of Financial Instruments Measured at Fair Value Only for Disclosure Purposes | The following table presents the carrying value and the fair value of financial instruments measured at fair value only for disclosure purposes: December 31, 2019 December 31, 2018 Carrying Fair Carrying Fair (In thousands) Current portion of long-term debt $ (13,750 ) $ (13,681 ) $ (13,750 ) $ (12,753 ) Long-term debt, net (a) (3,121,572 ) (4,136,988 ) (2,245,548 ) (2,460,204 ) _________________ (a) At December 31, 2019 and 2018 , the carrying value of long-term debt, net includes unamortized original issue discount and debt issuance costs of $404.7 million and $88.9 million , respectively . |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The following table sets forth the components of the Exchangeable Notes as of December 31, 2019 and 2018 (in thousands): 2022 Exchangeable Notes 2026 Exchangeable Notes 2030 Exchangeable Notes December 31, 2019 Liability component: Principal $ 517,500 $ 575,000 $ 575,000 Less: unamortized original issue discount 40,768 129,037 181,800 Net carrying value of the liability component $ 476,732 $ 445,963 $ 393,200 Equity component $ 70,363 $ 138,796 $ 189,213 2022 Exchangeable Notes December 31, 2018 Liability component: Principal $ 517,500 Less: unamortized original issue discount 54,025 Net carrying value of the liability component $ 463,475 Equity component $ 70,363 The following table sets forth interest expense recognized related to Exchangeable Notes (in thousands): Year Ended December 31, 2019 2022 Exchangeable Notes 2026 Exchangeable Notes 2030 Exchangeable Notes Contractual interest expense $ 4,528 $ 2,963 $ 6,772 Amortization of original issue discount 13,256 9,759 7,413 Amortization of debt issuance costs 2,981 758 420 Total interest expense recognized $ 20,765 $ 13,480 $ 14,605 Year Ended December 31, 2018 2022 Exchangeable Notes Contractual interest expense $ 4,528 Amortization of original issue discount 13,134 Amortization of debt issuance costs 3,489 Total interest expense recognized $ 21,151 The following table presents detail of the exchangeable feature: Number of shares of the Company's Common Stock into which each $1,000 of Principal of the Exchangeable Notes is Exchangeable* Approximate Equivalent Exchange Price per Share* Exchangeable Date 2022 Exchangeable Notes 6.5713 $ 152.18 July 1, 2022 2026 Exchangeable Notes 3.3028 $ 302.77 March 15, 2026 2030 Exchangeable Notes 3.4323 $ 291.35 October 15, 2029 _________________ * Subject to adjustment upon the occurrence of specific events. Long-term debt consists of: December 31, 2019 2018 (In thousands) MTCH Debt: MTCH Term Loan due November 16, 2022 $ 425,000 $ 425,000 MTCH Credit Facility due December 7, 2023 — 260,000 6.375% Senior Notes due June 1, 2024 (the "6.375% MTCH Senior Notes"); interest payable each June 1 and December 1 400,000 400,000 5.00% Senior Notes due December 15, 2027 (the "5.00% MTCH Senior Notes"); interest payable each June 15 and December 15 450,000 450,000 5.625% Senior Notes due February 15, 2029 (the "5.625% MTCH Senior Notes"); interest payable each February 15 and August 15 350,000 — Total MTCH long-term debt 1,625,000 1,535,000 Less: unamortized original issue discount 6,282 7,352 Less: unamortized debt issuance costs 15,235 11,737 Total MTCH debt, net 1,603,483 1,515,911 ANGI Debt: ANGI Term Loan due November 5, 2023 247,500 261,250 Less: current portion of ANGI Term Loan 13,750 13,750 Less: unamortized debt issuance costs 1,804 2,529 Total ANGI debt, net 231,946 244,971 IAC Debt: 0.875% Exchangeable Senior Notes due October 1, 2022 (the "2022 Exchangeable Notes"); interest payable each April 1 and October 1 517,500 517,500 0.875% Exchangeable Senior Notes due June 15, 2026 (the "2026 Exchangeable Notes"); interest payable each June 15 and December 15 575,000 — 2.00% Exchangeable Senior Notes due January 15, 2030 (the "2030 Exchangeable Notes"); interest payable each January 15 and July 15; commencing on January 15, 2020 575,000 — 4.75% Senior Notes due December 15, 2022 (the "4.75% Senior Notes"); interest payable each June 15 and December 15 — 34,489 Total IAC long-term debt 1,667,500 551,989 Less: unamortized original issue discount 351,605 54,025 Less: unamortized debt issuance costs 29,752 13,298 Total IAC debt, net 1,286,143 484,666 Total long-term debt, net $ 3,121,572 $ 2,245,548 |
Schedule of Debt Instrument Redemption | These notes may be redeemed at redemption prices set forth below, together with accrued and unpaid interest thereon to the applicable redemption date, if redeemed during the twelve-month period beginning on June 1 of the years indicated below: Year Percentage 2019 104.781 % 2020 103.188 % 2021 101.594 % 2022 and thereafter 100.000 % Year Percentage 2022 102.500 % 2023 101.667 % 2024 100.833 % 2025 and thereafter 100.000 % Year Percentage 2024 102.813 % 2025 101.875 % 2026 100.938 % 2027 and thereafter 100.000 % |
Schedule of Exchangeable Notes Hedges and Warrants | The following tables presents details of the Exchangeable Notes Hedges and Warrants (shares in millions): Number of Shares* Approximate Equivalent Exchange Price per Share* 2022 Exchangeable Notes Hedge 3.4 $ 152.18 2026 Exchangeable Notes Hedge 1.9 $ 302.77 2030 Exchangeable Notes Hedge 2.0 $ 291.35 Number of Shares* Strike Price per Share* 2022 Exchangeable Notes Warrants 3.4 $ 229.70 2026 Exchangeable Notes Warrants 1.9 $ 457.02 2030 Exchangeable Notes Warrants 2.0 $ 457.02 _________________ * Subject to adjustment upon occurrence of specific events. |
Schedule of Aggregate Contractual Maturities of Long-term Debt | Long-term debt maturities: Years Ending December 31, (In thousands) 2020 $ 13,750 2021 13,750 2022 970,000 2023 192,500 2024 400,000 Thereafter 1,950,000 Total 3,540,000 Less: current portion of long-term debt 13,750 Less: unamortized original issue discount 357,887 Less: unamortized debt issuance costs 46,791 Total long-term debt, net $ 3,121,572 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following tables present the components of accumulated other comprehensive (loss) income and items reclassified out of accumulated other comprehensive loss into earnings: Year Ended December 31, 2019 Foreign Currency Translation Adjustment Unrealized Gains On Available-For-Sale Securities Accumulated Other Comprehensive Loss (In thousands) Balance at January 1 $ (128,726 ) $ 4 $ (128,722 ) Other comprehensive loss (7,938 ) (4 ) (7,942 ) Net current period other comprehensive loss (7,938 ) (4 ) (7,942 ) Allocation of accumulated other comprehensive loss related to noncontrolling interests 315 — 315 Balance at December 31 $ (136,349 ) $ — $ (136,349 ) Year Ended December 31, 2018 Foreign Currency Translation Adjustment Unrealized Gains On Available-For-Sale Securities Accumulated Other Comprehensive Loss (In thousands) Balance at January 1 $ (103,568 ) $ — $ (103,568 ) Other comprehensive (loss) income before reclassifications (25,230 ) 4 (25,226 ) Amounts reclassified to earnings (52 ) — (52 ) Net current period other comprehensive (loss) income (25,282 ) 4 (25,278 ) Allocation of accumulated other comprehensive loss related to noncontrolling interests 124 — 124 Balance at December 31 $ (128,726 ) $ 4 $ (128,722 ) Year Ended December 31, 2017 Foreign Currency Translation Adjustment Unrealized Gains On Available-For-Sale Securities Accumulated Other Comprehensive (Loss) Income (In thousands) Balance at January 1 $ (170,149 ) $ 4,026 $ (166,123 ) Other comprehensive income before reclassifications 65,799 7 65,806 Amounts reclassified to earnings 673 (4,033 ) (3,360 ) Net current period other comprehensive income (loss) 66,472 (4,026 ) 62,446 Allocation of accumulated other comprehensive loss related to noncontrolling interests 109 — 109 Balance at December 31 $ (103,568 ) $ — $ (103,568 ) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings per Share | The following table sets forth the computation of basic and diluted earnings per share attributable to IAC shareholders: Years Ended December 31, 2019 2018 2017 Basic Diluted Basic Diluted Basic Diluted (In thousands, except per share data) Numerator: Net earnings $ 543,820 $ 543,820 $ 757,747 $ 757,747 $ 358,008 $ 358,008 Net earnings attributable to noncontrolling interests (112,689 ) (112,689 ) (130,786 ) (130,786 ) (53,084 ) (53,084 ) Impact from public subsidiaries' dilutive securities (a) — (26,063 ) — (25,228 ) — (33,531 ) Net earnings attributable to IAC shareholders $ 431,131 $ 405,068 $ 626,961 $ 601,733 $ 304,924 $ 271,393 Denominator: Weighted average basic shares outstanding 84,261 84,261 83,407 83,407 80,089 80,089 Dilutive securities (a) (b) (c) (d) (e) — 5,782 — 7,915 — 5,221 Denominator for earnings per share—weighted average shares (a) (b) (c) (d) (e) 84,261 90,043 83,407 91,322 80,089 85,310 Earnings per share attributable to IAC shareholders: Earnings per share $ 5.12 $ 4.50 $ 7.52 $ 6.59 $ 3.81 $ 3.18 __________________________________________________________________ (a) IAC has the option to settle certain MTCH and ANGI stock-based awards in its shares. For the years ended December 31, 2019 and 2017 , it is more dilutive for MTCH to settle these MTCH equity awards. For the year ended December 31, 2018 , it is more dilutive for IAC to settle these MTCH equity awards. For the years ended December 31, 2019 , 2018 and 2017 , it is more dilutive for IAC to settle these ANGI equity awards. (b) If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options, warrants and subsidiary denominated equity, exchange of the Company's Exchangeable Notes and vesting of restricted stock units ("RSUs"). For the years ended December 31, 2019 , 2018 and 2017 , 11.1 million , 3.5 million , and 6.9 million potentially dilutive securities, respectively, are excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. (c) Market-based awards and performance-based stock units ("PSUs") are considered contingently issuable shares. Shares issuable upon exercise or vesting of market-based awards and PSUs are included in the denominator for earnings per share if (i) the applicable market or performance condition(s) has been met and (ii) the inclusion of the market-based awards and PSUs is dilutive for the respective reporting periods. For the years ended December 31, 2019 , 2018 and 2017 , 0.2 million , 0.1 million and 0.1 million shares underlying market-based awards and PSUs were excluded from the calculation of diluted earnings per share because the market or performance conditions had not been met. (d) It is the Company's intention to settle the Exchangeable Notes through a combination of cash, equal to the face amount of the notes, and shares; therefore, the Exchangeable Notes are only dilutive for periods during which the average price of IAC common stock exceeds the approximate $152.18 , $302.77 and $291.35 per share exchange price per $1,000 principal amount of the 2022 Exchangeable Notes, the 2026 Exchangeable Notes and the 2030 Exchangeable Notes, respectively. The average price of IAC common stock was $223.89 and $167.61 for the years ended December 31, 2019 and 2018, respectively, and the dilutive impact of the 2022 Exchangeable Notes, which is the only series of Exchangeable Notes that is currently dilutive, was 1.1 million and 0.3 million shares, respectively. For the year ended December 31, 2017 , the 2022 Exchangeable Notes were anti-dilutive as the average price of IAC common stock was $100.54 . (e) See " Note 11—Stock-based Compensation " for additional information on equity instruments denominated in the shares of certain subsidiaries. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Changes in Outstanding Stock Options | Stock options outstanding at December 31, 2019 and changes during the year ended December 31, 2019 are as follows: December 31, 2019 Shares Weighted Weighted Aggregate (Shares and intrinsic value in thousands) Options outstanding at January 1, 2019 5,814 $ 62.97 Granted — — Exercised (911 ) 53.41 Forfeited (15 ) 101.01 Expired (1 ) 124.29 Options outstanding at December 31, 2019 4,887 $ 64.63 5.3 $ 901,629 Options exercisable 3,851 $ 62.83 4.9 $ 717,388 |
Schedule of Information for Stock Options Outstanding and Exercisable | The following table summarizes the information about stock options outstanding and exercisable at December 31, 2019 : Options Outstanding Options Exercisable Range of Exercise Prices Outstanding at Weighted- Weighted- Exercisable at Weighted- Weighted- (Shares in thousands) $20.01 to $30.00 3 0.1 $ 21.60 3 0.1 $ 21.60 $30.01 to $40.00 363 1.3 32.39 363 1.3 32.39 $40.01 to $50.00 1,124 5.2 42.96 840 4.8 43.32 $50.01 to $60.00 142 2.2 59.89 141 2.2 59.90 $60.01 to $70.00 916 5.4 65.87 796 5.1 65.97 $70.01 to $80.00 1,755 6.4 75.29 1,206 6.0 74.99 $80.01 to $90.00 500 5.3 84.31 500 5.3 84.31 Greater than $90.01 84 8.2 150.23 2 7.6 104.13 4,887 5.3 $ 64.63 3,851 4.9 $ 62.83 |
Schedule of Weighted Average Assumptions | The following are the weighted average assumptions used in the Black-Scholes option pricing model: Years Ended December 31, 2018 2017 Expected volatility 27 % 29 % Risk-free interest rate 2.7 % 2.0 % Expected term 6.2 years 5.2 years Dividend yield — % — % |
Schedule of Outstanding Unvested RSUs and PSUs | Unvested RSUs, MSUs and PSUs outstanding at December 31, 2019 and changes during the year ended December 31, 2019 are as follows: RSUs MSUs PSUs Number Weighted Number Weighted Number Weighted (Shares in thousands) Unvested at January 1, 2019 459 $ 115.12 — $ — 113 $ 76.00 Granted 63 220.77 159 153.43 — — Vested (304 ) 118.25 — — — — Forfeited (16 ) 194.10 — — (113 ) 76.00 Unvested at December 31, 2019 202 $ 132.37 159 $ 153.43 — $ — |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following table presents revenue by reportable segment: Years Ended December 31, 2019 2018 2017 (In thousands) Revenue: Match Group $ 2,051,258 $ 1,729,850 $ 1,330,661 ANGI Homeservices 1,326,205 1,132,241 736,386 Vimeo 196,015 159,641 103,332 Dotdash 167,594 130,991 90,890 Applications 519,459 582,287 577,998 Emerging & Other 496,832 528,250 468,589 Inter-segment elimination (308 ) (368 ) (617 ) Total $ 4,757,055 $ 4,262,892 $ 3,307,239 The following table presents the revenue of the Company's segments disaggregated by type of service: Years Ended December 31, 2019 2018 2017 (In thousands) Match Group Direct revenue: North America $ 1,024,161 $ 902,478 $ 741,334 Years Ended December 31, 2019 2018 2017 (In thousands) International 983,013 774,693 539,915 Total Direct revenue 2,007,174 1,677,171 1,281,249 Indirect revenue (principally advertising revenue) 44,084 52,679 49,412 Total Match Group revenue $ 2,051,258 $ 1,729,850 $ 1,330,661 Supplemental information on Direct revenue Tinder $ 1,152,045 $ 805,316 $ 403,216 Other brands 855,129 871,855 878,033 Total Direct revenue $ 2,007,174 $ 1,677,171 $ 1,281,249 ANGI Homeservices Marketplace: Consumer connection revenue $ 913,533 $ 704,341 $ 521,481 Service professional membership subscription revenue 64,706 66,214 56,135 Other revenue 6,971 3,940 3,798 Total Marketplace revenue 985,210 774,495 581,414 Advertising and other revenue 264,682 287,676 97,483 Total North America revenue 1,249,892 1,062,171 678,897 Consumer connection revenue 59,611 50,913 40,009 Service professional membership subscription revenue 14,231 17,362 16,596 Advertising and other revenue 2,471 1,795 884 Total Europe revenue 76,313 70,070 57,489 Total ANGI Homeservices revenue $ 1,326,205 $ 1,132,241 $ 736,386 Vimeo Platform revenue $ 193,736 $ 146,665 $ 99,650 Hardware revenue 2,279 12,976 3,682 Total Vimeo revenue $ 196,015 $ 159,641 $ 103,332 Dotdash Display advertising revenue $ 126,487 $ 103,704 $ 76,316 Performance marketing revenue 41,107 27,287 14,574 Total Dotdash revenue $ 167,594 $ 130,991 $ 90,890 Applications Desktop: Advertising revenue: Google advertising revenue $ 291,215 $ 426,964 $ 480,774 Non-Google advertising revenue 13,162 10,992 6,762 Total advertising revenue 304,377 437,956 487,536 Subscription and other revenue 15,858 20,815 34,613 Total Desktop revenue 320,235 458,771 522,149 Mosaic Group: Subscription and other revenue 189,878 104,975 27,980 Advertising revenue 9,346 18,541 27,869 Total Mosaic Group revenue 199,224 123,516 55,849 Total Applications revenue $ 519,459 $ 582,287 $ 577,998 Years Ended December 31, 2019 2018 2017 (In thousands) Emerging & Other Advertising revenue: Google advertising revenue $ 391,709 $ 357,752 $ 225,576 Non-Google advertising revenue 45,750 66,733 53,911 Total advertising revenue 437,459 424,485 279,487 Other revenue 59,373 103,765 169,497 Test preparation revenue — — 19,605 Total Emerging & Other revenue $ 496,832 $ 528,250 $ 468,589 |
Schedule of Revenue by Geographic Areas | Revenue by geography is based on where the customer is located. Geographic information about revenue and long-lived assets is presented below: Years Ended December 31, 2019 2018 2017 (In thousands) Revenue: United States $ 3,070,487 $ 2,824,928 $ 2,323,050 All other countries 1,686,568 1,437,964 984,189 Total $ 4,757,055 $ 4,262,892 $ 3,307,239 |
Schedule of Long-lived Assets by Geographic Areas | December 31, 2019 2018 (In thousands) Long-lived assets (excluding goodwill and intangible assets): United States $ 345,937 $ 289,756 All other countries 25,416 29,044 Total $ 371,353 $ 318,800 |
Schedule of Reconciliation of Adjusted EBITDA to Operating Income (Loss) | The following tables present operating income (loss) and Adjusted EBITDA by reportable segment: Years Ended December 31, 2019 2018 2017 (In thousands) Operating income (loss): Match Group $ 648,531 $ 553,294 $ 360,517 ANGI Homeservices 38,645 63,906 (149,176 ) Vimeo (51,921 ) (35,594 ) (27,328 ) Dotdash 29,021 18,778 (15,694 ) Applications 113,569 94,834 130,176 Emerging & Other (13,012 ) 29,964 17,412 Corporate (183,500 ) (160,043 ) (127,441 ) Total $ 581,333 $ 565,139 $ 188,466 Years Ended December 31, 2019 2018 2017 (In thousands) Adjusted EBITDA: (a) Match Group $ 779,432 $ 653,931 $ 468,941 ANGI Homeservices $ 202,297 $ 247,506 $ 37,858 Vimeo $ (41,790 ) $ (28,045 ) $ (23,607 ) Dotdash $ 39,601 $ 21,384 $ (2,763 ) Applications $ 103,551 $ 131,837 $ 136,757 Emerging & Other $ (7,756 ) $ 36,178 $ 25,862 Corporate $ (88,640 ) $ (74,017 ) $ (67,755 ) _______________________________________________________________________________ (a) The Company's primary financial measure is Adjusted EBITDA, which is defined as operating income excluding: (1) stock-based compensation expense; (2) depreciation; and (3) acquisition-related items consisting of (i) amortization of intangible assets and impairments of goodwill and intangible assets, if applicable, and (ii) gains and losses recognized on changes in the fair value of contingent consideration arrangements. The Company believes this measure is useful for analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature. Adjusted EBITDA has certain limitations because it excludes the impact of these expenses. The following tables reconcile operating income (loss) for the Company's reportable segments and net earnings attributable to IAC shareholders to Adjusted EBITDA: Year Ended December 31, 2019 Operating Stock-Based Depreciation Amortization Acquisition-related Contingent Consideration Fair Value Adjustments Goodwill Impairment Adjusted EBITDA (In thousands) Match Group $ 648,531 $ 89,724 $ 32,450 $ 8,727 $ — $ — $ 779,432 ANGI Homeservices 38,645 $ 68,255 $ 39,915 $ 55,482 $ — $ — $ 202,297 Vimeo (51,921 ) $ — $ 478 $ 9,653 $ — $ — $ (41,790 ) Dotdash 29,021 $ — $ 974 $ 9,606 $ — $ — $ 39,601 Applications 113,569 $ — $ 1,443 $ 8,277 $ (19,738 ) $ — $ 103,551 Emerging & Other (13,012 ) $ — $ 1,088 $ 850 $ — $ 3,318 $ (7,756 ) Corporate (183,500 ) $ 82,809 $ 12,051 $ — $ — $ — $ (88,640 ) Total 581,333 Interest expense (153,563 ) Other income, net 66,741 Earnings before income taxes 494,511 Income tax benefit 49,309 Net earnings 543,820 Net earnings attributable to noncontrolling interests (112,689 ) Net earnings attributable to IAC shareholders $ 431,131 Year Ended December 31, 2018 Operating Income (Loss) Stock-Based Compensation Expense Depreciation Amortization of Intangibles Acquisition-related Contingent Consideration Fair Value Adjustments Adjusted EBITDA (In thousands) Match Group $ 553,294 $ 66,031 $ 32,968 $ 1,318 $ 320 $ 653,931 ANGI Homeservices 63,906 $ 97,078 $ 24,310 $ 62,212 $ — $ 247,506 Vimeo (35,594 ) $ — $ 1,200 $ 6,349 $ — $ (28,045 ) Dotdash 18,778 $ — $ 969 $ 1,637 $ — $ 21,384 Applications 94,834 $ — $ 2,601 $ 33,266 1,136 $ 131,837 Emerging & Other 29,964 $ 919 $ 1,678 $ 3,617 $ — $ 36,178 Corporate (160,043 ) $ 74,392 $ 11,634 $ — $ — $ (74,017 ) Total 565,139 Interest expense (109,327 ) Other income, net 305,746 Earnings before income taxes 761,558 Income tax provision (3,811 ) Net earnings 757,747 Net earnings attributable to noncontrolling interests (130,786 ) Net earnings attributable to IAC shareholders $ 626,961 Year Ended December 31, 2017 Operating Income (Loss) Stock-Based Depreciation Amortization of Intangibles Acquisition-related Contingent Consideration Fair Value Adjustments Adjusted EBITDA (In thousands) Match Group $ 360,517 $ 69,090 $ 32,613 $ 1,468 $ 5,253 $ 468,941 ANGI Homeservices (149,176 ) $ 149,230 $ 14,543 $ 23,261 $ — $ 37,858 Vimeo (27,328 ) $ — $ 1,408 $ 2,313 $ — $ (23,607 ) Dotdash (15,694 ) $ — $ 2,255 $ 10,676 $ — $ (2,763 ) Applications 130,176 $ — $ 3,863 $ 2,170 $ 548 $ 136,757 Emerging & Other 17,412 $ 2,130 $ 4,065 $ 2,255 $ — $ 25,862 Corporate (127,441 ) $ 44,168 $ 15,518 $ — $ — $ (67,755 ) Total 188,466 Interest expense (105,295 ) Other expense, net (16,213 ) Earnings before income taxes 66,958 Income tax benefit 291,050 Net earnings 358,008 Net earnings attributable to noncontrolling interests (53,084 ) Net earnings attributable to IAC shareholders $ 304,924 |
Schedule of Capital Expenditures by Segment | The following table presents capital expenditures by reportable segment: Years Ended December 31, 2019 2018 2017 (In thousands) Capital expenditures: Match Group $ 38,754 $ 30,954 $ 28,833 ANGI Homeservices 68,804 46,976 26,837 Vimeo 2,801 209 109 Dotdash — 102 825 Applications 85 111 227 Emerging & Other 345 1,119 852 Corporate 25,863 6,163 17,840 Total $ 136,652 $ 85,634 $ 75,523 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Information of Leases | Leases Balance Sheet Classification December 31, 2019 (In thousands) Assets: Right-of-use assets Right-of-use assets, net $ 167,801 Liabilities: Current lease liabilities Accrued expenses and other current liabilities 33,118 Long-term lease liabilities Other long-term liabilities 190,772 Total lease liabilities $ 223,890 |
Schedule of Lease Cost and Other Information | Year Ended December 31, 2019 (In thousands) Other information: Right-of-use assets obtained in exchange for lease liabilities $ 66,408 Cash paid for amounts included in the measurement of lease liabilities $ 49,117 Lease Cost Income Statement Classification Year Ended December 31, 2019 (In thousands) Fixed lease cost Cost of revenue $ 4,106 Fixed lease cost Selling and marketing expense 10,641 Fixed lease cost General and administrative expense 34,639 Fixed lease cost Product development expense 1,541 Total fixed lease cost (a) 50,927 Variable lease cost Cost of revenue 441 Variable lease cost Selling and marketing expense 1,573 Variable lease cost General and administrative expense 7,853 Variable lease cost Product development expense 391 Total variable lease cost 10,258 Net lease cost $ 61,185 _____________________ (a) Includes approximately $5.3 million of short-term lease cost and $2.1 million of sublease income for the year ended December 31, 2019 . |
Schedule of Maturities of Operating Lease Liabilities | Maturities of lease liabilities as of December 31, 2019 (in thousands) (b) : Years Ended December 31, 2020 $ 43,902 2021 40,567 2022 32,135 2023 28,607 2024 25,594 Thereafter 226,734 Total 397,539 Less: Interest 173,649 Present value of lease liabilities $ 223,890 _____________________ (b) Lease payments exclude $37.7 million of legally binding minimum lease payments for leases signed but not yet commenced. |
Schedule of Weighted-Average Lease Term and Discount Rate of Leases | The following are the weighted average assumptions used for lease term and discount rate as of December 31, 2019 : Remaining lease term 15.4 years Discount rate 6.00 % |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commercial Commitments Outstanding | Future payments under noncancelable unconditional purchase obligations as of December 31, 2019 are as follows: Amount of Commitment Expiration Per Period Less Than 1 Year 1-3 Years 3-5 Years More Than 5 Years Total Amounts Committed (In thousands) Purchase obligations $ 119,116 $ 81,423 $ — $ — $ 200,539 |
CONSOLIDATED FINANCIAL STATEM_2
CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Current Assets | December 31, 2019 2018 (In thousands) Other current assets: Prepaid expenses $ 97,609 $ 55,586 Capitalized costs to obtain a contract with a customer 71,548 69,817 Capitalized downloadable search toolbar costs, net 21,985 33,365 Income taxes receivable 9,308 10,132 Other 48,917 59,353 Other current assets $ 249,367 $ 228,253 |
Schedule of Property and Equipment, Net | Asset Category Estimated Useful Lives Buildings and leasehold improvements 3 to 39 Years Capitalized software and computer equipment 2 to 3 Years Furniture and other equipment 3 to 12 Years December 31, 2019 2018 (In thousands) Property and equipment, net: Buildings and leasehold improvements $ 270,509 $ 249,026 Capitalized software and computer equipment 268,927 229,083 Furniture and other equipment 93,082 86,694 Land 11,591 11,591 Projects in progress 51,603 29,204 Property and equipment 695,712 605,598 Accumulated depreciation and amortization (324,359 ) (286,798 ) Property and equipment, net $ 371,353 $ 318,800 |
Schedule of Accrued Expenses and Other Current Liabilities | December 31, 2019 2018 (In thousands) Accrued expenses and other current liabilities: Accrued employee compensation and benefits $ 153,705 $ 137,583 Accrued advertising expense 91,470 105,520 Other 256,828 191,783 Accrued expenses and other current liabilities $ 502,003 $ 434,886 |
Schedule of Other (Expense) Income, Net | Years Ended December 31, 2019 2018 2017 (In thousands) Other income (expense), net $ 66,741 $ 305,746 $ (16,213 ) |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheet to the total amounts shown in the consolidated statement of cash flows: December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016 (In thousands) Cash and cash equivalents $ 3,139,295 $ 2,131,632 $ 1,630,809 $ 1,329,187 Restricted cash included in other current assets 654 1,633 2,873 20,464 Restricted cash included in other assets 409 420 — 10,548 Total cash and cash equivalents and restricted cash as shown on the consolidated statement of cash flows $ 3,140,358 $ 2,133,685 $ 1,633,682 $ 1,360,199 |
Schedule of Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheet to the total amounts shown in the consolidated statement of cash flows: December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016 (In thousands) Cash and cash equivalents $ 3,139,295 $ 2,131,632 $ 1,630,809 $ 1,329,187 Restricted cash included in other current assets 654 1,633 2,873 20,464 Restricted cash included in other assets 409 420 — 10,548 Total cash and cash equivalents and restricted cash as shown on the consolidated statement of cash flows $ 3,140,358 $ 2,133,685 $ 1,633,682 $ 1,360,199 |
Schedule of Supplemental Disclosure of Cash Flow Information | Years Ended December 31, 2019 2018 2017 (In thousands) Cash paid (received) during the year for: Interest $ 96,730 $ 90,485 $ 92,461 Income tax payments 39,515 45,154 35,598 Income tax refunds (5,436 ) (33,698 ) (42,025 ) |
QUARTERLY RESULTS (UNAUDITED) (
QUARTERLY RESULTS (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Results | Quarter Ended March 31 (a) Quarter Ended June 30 (a) Quarter Ended September 30 (a) Quarter Ended December 31 (a) (In thousands, except per share data) Year Ended December 31, 2019 Revenue $ 1,105,843 $ 1,186,658 $ 1,246,874 $ 1,217,680 Cost of revenue 260,071 276,389 296,385 294,575 Operating income 79,873 154,310 185,852 161,298 Net earnings 112,985 146,791 159,772 124,272 Net earnings attributable to IAC shareholders 88,695 113,467 128,544 100,425 Per share information attributable to IAC shareholders: Basic earnings per share (f) $ 1.06 $ 1.35 $ 1.52 $ 1.19 Diluted earnings per share (f) $ 0.91 $ 1.19 $ 1.35 $ 1.05 Quarter Ended March 31 (b) Quarter Ended June 30 (c) Quarter Ended September 30 (d) Quarter Ended December 31 (e) (In thousands, except per share data) Year Ended December 31, 2018 Revenue $ 995,075 $ 1,059,122 $ 1,104,592 $ 1,104,103 Cost of revenue 201,962 218,224 237,238 253,722 Operating income 89,950 168,437 172,832 133,920 Net earnings 87,839 280,854 171,577 217,477 Net earnings attributable to IAC shareholders 71,082 218,353 145,774 191,752 Per share information attributable to IAC shareholders: Basic earnings per share (f) $ 0.86 $ 2.61 $ 1.75 $ 2.29 Diluted earnings per share (f) $ 0.71 $ 2.32 $ 1.49 $ 2.04 _______________________________________________________________________________ (a) The first, second, third and fourth quarters of 2019 include after-tax stock-based compensation expense of $2.2 million , $1.9 million , $1.7 million , and $1.7 million , respectively, related to the modification of previously issued HomeAdvisor equity awards and previously issued Angie's List equity awards, both of which were converted into ANGI Homeservices' equity awards in the Combination. (b) The first quarter of 2018 includes after-tax stock-based compensation expense of $14.6 million related to the modification of previously issued HomeAdvisor equity awards and previously issued Angie's List equity awards, both of which were converted into ANGI Homeservices' equity awards in the Combination, and the acceleration of certain converted equity awards resulting from the termination of Angie's List employees in connection with the Combination, as well as after-tax costs of $4.1 million related to the Combination (including $2.8 million of deferred revenue write-offs). (c) The second quarter of 2018 includes: i. after-tax stock-based compensation expense of $12.8 million related to the modification of previously issued HomeAdvisor equity awards and previously issued Angie's List equity awards, both of which were converted into ANGI Homeservices' equity awards in the Combination, and the acceleration of certain converted equity awards resulting from the termination of Angie's List employees in connection with the Combination, as well as after-tax costs of $2.0 million related to the Combination (including $1.8 million of deferred revenue write-offs). ii. after-tax realized and unrealized gains of $133.3 million related to the sale of a certain equity investment. (d) The third quarter of 2018 includes after-tax stock-based compensation expense of $12.3 million related to the modification of previously issued HomeAdvisor equity awards and previously issued Angie's List equity awards, both of which were converted into ANGI Homeservices' equity awards in the Combination. (e) The fourth quarter of 2018 includes: i. after-tax stock-based compensation expense of $14.4 million related to the modification of previously issued HomeAdvisor equity awards and previously issued Angie's List equity awards, both of which were converted into ANGI Homeservices' equity awards in the Combination. ii. combined after-tax gains of $92.5 million related to the sales of Dictionary.com, Electus, Felix and CityGrid. iii. after-tax impairment charges related to indefinite-lived intangible assets of $21.3 million . (f) Quarterly per share amounts may not add to the related annual per share amount because of differences in the average common shares outstanding during each period. |
ORGANIZATION - Narrative (Detai
ORGANIZATION - Narrative (Details) | Dec. 31, 2019 |
Match Group | |
Noncontrolling Interest [Line Items] | |
Ownership interest (as a percent) | 80.70% |
Voting interest (as a percent) | 97.50% |
ANGI Homeservices | |
Noncontrolling Interest [Line Items] | |
Ownership interest (as a percent) | 84.10% |
Voting interest (as a percent) | 98.10% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) | Jan. 01, 2018USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)arrangement | Jan. 01, 2019USD ($) | Oct. 01, 2018USD ($) |
Intangible Assets and Goodwill | ||||||||||||||
Amortization of capitalized contract costs | $ 464,600,000 | $ 355,300,000 | ||||||||||||
Current capitalized contract costs | $ 53,400,000 | $ 71,548,000 | $ 69,817,000 | 71,548,000 | 69,817,000 | |||||||||
Non-current capitalized contract costs | 4,700,000 | 6,200,000 | 4,500,000 | $ 6,200,000 | 4,500,000 | |||||||||
Period of payment due from customers for accounts receivable | 30 days | |||||||||||||
Deferred revenue | 332,200,000 | 398,800,000 | 361,700,000 | $ 398,800,000 | 361,700,000 | |||||||||
Deferred revenue recognized during period | 356,400,000 | 330,200,000 | ||||||||||||
Current deferred revenue | 397,490,000 | 360,015,000 | 397,490,000 | 360,015,000 | ||||||||||
Non-current deferred revenue | 1,300,000 | 1,700,000 | $ 1,300,000 | 1,700,000 | ||||||||||
Maturity period at purchase (less than) | 91 days | |||||||||||||
Revenue | 1,217,680,000 | $ 1,246,874,000 | $ 1,186,658,000 | $ 1,105,843,000 | 1,104,103,000 | $ 1,104,592,000 | $ 1,059,122,000 | $ 995,075,000 | $ 4,757,055,000 | 4,262,892,000 | $ 3,307,239,000 | |||
Goodwill | 2,854,462,000 | 2,726,859,000 | 2,854,462,000 | 2,726,859,000 | 2,559,066,000 | |||||||||
Intangible assets, net | 578,474,000 | 631,422,000 | 578,474,000 | 631,422,000 | ||||||||||
Accounts receivable, net of allowance and reserves | 298,334,000 | 279,189,000 | $ 298,334,000 | 279,189,000 | ||||||||||
Estimated weighted-average useful life (in years) | 18 months | |||||||||||||
Property and equipment, net | $ 371,353,000 | 318,800,000 | $ 371,353,000 | 318,800,000 | ||||||||||
Excess of goodwill fair value over carrying value (less than) (as a percent) | 10.00% | 10.00% | ||||||||||||
Goodwill | $ 265,100,000 | $ 265,100,000 | ||||||||||||
Goodwill Impairment | 3,318,000 | 0 | 0 | |||||||||||
Indefinite-lived intangible assets | 121,200,000 | 121,200,000 | ||||||||||||
Advertising expense | 1,200,000,000 | 1,200,000,000 | 1,100,000,000 | |||||||||||
Gains (losses) reclassified to earnings | 52,000 | $ 3,360,000 | ||||||||||||
Put and call arrangements exercised | arrangement | 2 | |||||||||||||
Purchase of noncontrolling interests | 1 | 2 | ||||||||||||
Retained earnings | 1,689,925,000 | 1,258,794,000 | 1,689,925,000 | 1,258,794,000 | ||||||||||
Deferred income taxes | 21,388,000 | 23,600,000 | 21,388,000 | 23,600,000 | ||||||||||
Increase (decrease) in deferred revenue | 37,614,000 | 49,468,000 | $ 39,154,000 | |||||||||||
Cumulative effect of adoption of new accounting pronouncement | 40,205,000 | |||||||||||||
Unrealized gains, net, on equity securities held | 14,505,000 | 124,170,000 | ||||||||||||
Right-of-use assets, net | 167,801,000 | 0 | 167,801,000 | 0 | ||||||||||
Lease liability | 223,890,000 | 223,890,000 | ||||||||||||
Accounting Standards Update 2014-09 | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | 4,262,892,000 | |||||||||||||
Retained earnings | 40,200,000 | |||||||||||||
Accounting Standards Update 2016-02 | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Right-of-use assets, net | $ 154,700,000 | |||||||||||||
Noncontrolling Interests | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Cumulative effect of adoption of new accounting pronouncement | 3,410,000 | |||||||||||||
Foreign Currency Translation Adjustment | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Gains (losses) reclassified to earnings | 52,000 | (673,000) | ||||||||||||
Foreign Currency Translation Adjustment | Other (Expense) Income, Net | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Gains (losses) reclassified to earnings | 0 | (100,000) | 700,000 | |||||||||||
Redeemable Noncontrolling Interest | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Purchase of noncontrolling interests | 11,600,000 | 4,100,000 | $ 6,300,000 | |||||||||||
Trade Names | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Impairment charges on indefinite-lived intangible assets | 27,700,000 | |||||||||||||
Software and software development costs | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Property and equipment, net | 83,800,000 | 58,100,000 | 83,800,000 | 58,100,000 | ||||||||||
Google Inc. | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Accounts receivable, net of allowance and reserves | $ 53,000,000 | $ 69,100,000 | $ 53,000,000 | $ 69,100,000 | ||||||||||
Google Inc. | Revenue | Customer Concentration Risk | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Concentration risk (as a percent) | 15.00% | 19.00% | 22.00% | |||||||||||
Desktop | Trade Names | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Impairment charges on indefinite-lived intangible assets | $ 700,000 | $ 27,700,000 | ||||||||||||
College Humor Media | Trade Names | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Impairment charges on indefinite-lived intangible assets | $ 6,600,000 | $ 1,100,000 | ||||||||||||
Minimum | Discount Rate | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Measurement input (as a percent) | 0.125 | 0.125 | 0.125 | 0.125 | ||||||||||
Minimum | Discount Rate | Indefinite-lived Intangible Assets | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Measurement input (as a percent) | 0.105 | 0.105 | 0.105 | 0.105 | ||||||||||
Minimum | Royalty Rate | Indefinite-lived Intangible Assets | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Measurement input (as a percent) | 0.01 | 0.0075 | 0.01 | 0.0075 | ||||||||||
Maximum | Discount Rate | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Measurement input (as a percent) | 0.15 | 0.15 | ||||||||||||
Maximum | Discount Rate | Indefinite-lived Intangible Assets | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Measurement input (as a percent) | 0.275 | 0.35 | 0.275 | 0.35 | ||||||||||
Maximum | Royalty Rate | Indefinite-lived Intangible Assets | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Measurement input (as a percent) | 0.08 | 0.08 | 0.08 | 0.08 | ||||||||||
Match Group | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Goodwill | $ 1,239,840,000 | $ 1,245,013,000 | $ 1,239,840,000 | $ 1,245,013,000 | $ 1,247,899,000 | |||||||||
Market capitalization | $ 20,000,000,000 | |||||||||||||
Amount by which market capitalization exceeds carrying value | 19,800,000,000 | |||||||||||||
Match Group | Operating Segments | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | 2,051,258,000 | 1,729,850,000 | 1,330,661,000 | |||||||||||
Goodwill Impairment | $ 0 | |||||||||||||
Match Group | Operating Segments | Accounting Standards Update 2014-09 | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | 1,729,850,000 | |||||||||||||
Match Group | Minimum | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Period of membership subscription | 1 month | |||||||||||||
Match Group | Maximum | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Period of membership subscription | 6 months | |||||||||||||
ANGI Homeservices | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Period of membership subscription | 1 year | |||||||||||||
Goodwill | 882,051,000 | 892,800,000 | $ 882,051,000 | 892,800,000 | 768,317,000 | |||||||||
Market capitalization | 3,600,000,000 | |||||||||||||
Amount by which market capitalization exceeds carrying value | $ 2,200,000,000 | |||||||||||||
Goodwill Impairment | 0 | |||||||||||||
ANGI Homeservices | Accounting Standards Update 2014-09 | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Current capitalized contract costs | 29,700,000 | |||||||||||||
Non-current capitalized contract costs | 4,200,000 | |||||||||||||
Retained earnings | 25,900,000 | |||||||||||||
Deferred income taxes | 8,000,000 | |||||||||||||
ANGI Homeservices | Noncontrolling Interests | Accounting Standards Update 2014-09 | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Retained earnings | 3,400,000 | |||||||||||||
ANGI Homeservices | Operating Segments | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | 1,326,205,000 | 1,132,241,000 | 736,386,000 | |||||||||||
Goodwill Impairment | $ 0 | |||||||||||||
ANGI Homeservices | Operating Segments | Accounting Standards Update 2014-09 | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | 1,132,241,000 | |||||||||||||
ANGI Homeservices | Angie's List | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Period of membership subscription | 1 year | |||||||||||||
Vimeo | Operating Segments | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | $ 196,015,000 | 159,641,000 | 103,332,000 | |||||||||||
Goodwill Impairment | $ 0 | |||||||||||||
Vimeo | Operating Segments | Accounting Standards Update 2014-09 | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | 159,641,000 | |||||||||||||
Vimeo | Minimum | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Period of membership subscription | 1 month | |||||||||||||
Vimeo | Maximum | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Period of membership subscription | 1 year | |||||||||||||
Publishing and Applications | Google Inc. | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | $ 733,500,000 | 825,200,000 | 740,700,000 | |||||||||||
Applications | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Goodwill | 504,748,000 | 504,892,000 | 504,748,000 | 504,892,000 | 447,242,000 | |||||||||
Goodwill Impairment | 0 | |||||||||||||
Applications | Accounting Standards Update 2014-09 | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Retained earnings | 15,500,000 | |||||||||||||
Deferred income taxes | 4,900,000 | |||||||||||||
Increase (decrease) in deferred revenue | $ (20,300,000) | |||||||||||||
Applications | Desktop | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Goodwill | 265,100,000 | 28,900,000 | 265,100,000 | 28,900,000 | ||||||||||
Applications | Operating Segments | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | 519,459,000 | 582,287,000 | 577,998,000 | |||||||||||
Goodwill Impairment | 0 | |||||||||||||
Applications | Operating Segments | Accounting Standards Update 2014-09 | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | 582,287,000 | |||||||||||||
Applications | Operating Segments | Desktop | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | 320,235,000 | 458,771,000 | 522,149,000 | |||||||||||
Applications | Google Inc. | Revenue | Customer Concentration Risk | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | 291,100,000 | 426,500,000 | 480,600,000 | |||||||||||
Applications | Desktop | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Goodwill | 265,146,000 | 265,146,000 | 265,146,000 | 265,146,000 | 265,146,000 | |||||||||
Goodwill Impairment | 0 | |||||||||||||
Applications | Mosaic Group | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Goodwill | 239,602,000 | 239,746,000 | 239,602,000 | 239,746,000 | 182,096,000 | |||||||||
Goodwill Impairment | 0 | |||||||||||||
Applications | Mosaic Group | Operating Segments | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | $ 199,224,000 | 123,516,000 | 55,849,000 | |||||||||||
Applications | Minimum | Desktop | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Period of membership subscription | 1 year | |||||||||||||
Applications | Minimum | Mosaic Group | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Period of membership subscription | 1 year | |||||||||||||
Applications | Maximum | Desktop | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Period of membership subscription | 2 years | |||||||||||||
Applications | Maximum | Mosaic Group | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Period of membership subscription | 2 years | |||||||||||||
Emerging & Other | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Goodwill | $ 8,449,000 | $ 7,002,000 | $ 8,449,000 | 7,002,000 | 18,305,000 | |||||||||
Emerging & Other | Operating Segments | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | 496,832,000 | 528,250,000 | 468,589,000 | |||||||||||
Goodwill Impairment | 3,318,000 | |||||||||||||
Emerging & Other | Operating Segments | Accounting Standards Update 2014-09 | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | 528,250,000 | |||||||||||||
Emerging & Other | Google Inc. | Revenue | Customer Concentration Risk | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | 385,900,000 | 339,000,000 | 203,500,000 | |||||||||||
Emerging & Other | College Humor Media | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Goodwill Impairment | 3,318,000 | |||||||||||||
Dotdash | Operating Segments | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | 167,594,000 | 130,991,000 | $ 90,890,000 | |||||||||||
Goodwill Impairment | $ 0 | |||||||||||||
Dotdash | Operating Segments | Accounting Standards Update 2014-09 | ||||||||||||||
Intangible Assets and Goodwill | ||||||||||||||
Revenue | $ 130,991,000 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings and leasehold improvements | Minimum | |
Property and equipment, net: | |
Estimated useful lives, minimum (in years) | 3 years |
Buildings and leasehold improvements | Maximum | |
Property and equipment, net: | |
Estimated useful lives, minimum (in years) | 39 years |
Capitalized software and computer equipment | Minimum | |
Property and equipment, net: | |
Estimated useful lives, minimum (in years) | 2 years |
Capitalized software and computer equipment | Maximum | |
Property and equipment, net: | |
Estimated useful lives, minimum (in years) | 3 years |
Furniture and other equipment | Minimum | |
Property and equipment, net: | |
Estimated useful lives, minimum (in years) | 3 years |
Furniture and other equipment | Maximum | |
Property and equipment, net: | |
Estimated useful lives, minimum (in years) | 12 years |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Effect of Adoption of ASU 2014-09 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 1,217,680 | $ 1,246,874 | $ 1,186,658 | $ 1,105,843 | $ 1,104,103 | $ 1,104,592 | $ 1,059,122 | $ 995,075 | $ 4,757,055 | $ 4,262,892 | $ 3,307,239 |
Operating costs and expenses | 4,175,722 | 3,697,753 | 3,118,773 | ||||||||
Operating income (loss) | 161,298 | 185,852 | 154,310 | 79,873 | 133,920 | 172,832 | 168,437 | 89,950 | 581,333 | 565,139 | 188,466 |
Net earnings | $ 124,272 | $ 159,772 | $ 146,791 | $ 112,985 | $ 217,477 | $ 171,577 | $ 280,854 | $ 87,839 | 543,820 | 757,747 | 358,008 |
Operating segments | Match Group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 2,051,258 | 1,729,850 | 1,330,661 | ||||||||
Operating income (loss) | 648,531 | 553,294 | 360,517 | ||||||||
Operating segments | ANGI Homeservices | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,326,205 | 1,132,241 | 736,386 | ||||||||
Operating income (loss) | 38,645 | 63,906 | (149,176) | ||||||||
Operating segments | Vimeo | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 196,015 | 159,641 | 103,332 | ||||||||
Operating income (loss) | (51,921) | (35,594) | (27,328) | ||||||||
Operating segments | Dotdash | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 167,594 | 130,991 | 90,890 | ||||||||
Operating income (loss) | 29,021 | 18,778 | (15,694) | ||||||||
Operating segments | Applications | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 519,459 | 582,287 | 577,998 | ||||||||
Operating income (loss) | 113,569 | 94,834 | 130,176 | ||||||||
Operating segments | Emerging & Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 496,832 | 528,250 | 468,589 | ||||||||
Operating income (loss) | (13,012) | 29,964 | 17,412 | ||||||||
Inter-segment eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | (308) | (368) | (617) | ||||||||
Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating income (loss) | $ (183,500) | (160,043) | $ (127,441) | ||||||||
Accounting Standards Update 2014-09 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 4,262,892 | ||||||||||
Operating costs and expenses | 3,697,753 | ||||||||||
Operating income (loss) | 565,137 | ||||||||||
Net earnings | 757,747 | ||||||||||
Accounting Standards Update 2014-09 | Operating segments | Match Group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,729,850 | ||||||||||
Operating costs and expenses | 1,176,556 | ||||||||||
Operating income (loss) | 553,294 | ||||||||||
Accounting Standards Update 2014-09 | Operating segments | ANGI Homeservices | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,132,241 | ||||||||||
Operating costs and expenses | 1,068,335 | ||||||||||
Operating income (loss) | 63,904 | ||||||||||
Accounting Standards Update 2014-09 | Operating segments | Vimeo | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 159,641 | ||||||||||
Operating costs and expenses | 195,235 | ||||||||||
Operating income (loss) | (35,594) | ||||||||||
Accounting Standards Update 2014-09 | Operating segments | Dotdash | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 130,991 | ||||||||||
Operating costs and expenses | 112,213 | ||||||||||
Operating income (loss) | 18,778 | ||||||||||
Accounting Standards Update 2014-09 | Operating segments | Applications | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 582,287 | ||||||||||
Operating costs and expenses | 487,453 | ||||||||||
Operating income (loss) | 94,834 | ||||||||||
Accounting Standards Update 2014-09 | Operating segments | Emerging & Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 528,250 | ||||||||||
Operating costs and expenses | 498,286 | ||||||||||
Operating income (loss) | 29,964 | ||||||||||
Accounting Standards Update 2014-09 | Inter-segment eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | (368) | ||||||||||
Accounting Standards Update 2014-09 | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating costs and expenses | 159,675 | ||||||||||
Operating income (loss) | (160,043) | ||||||||||
Accounting Standards Update 2014-09 | Under ASC 605 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 4,263,387 | ||||||||||
Operating costs and expenses | 3,700,861 | ||||||||||
Operating income (loss) | 562,524 | ||||||||||
Net earnings | 755,741 | ||||||||||
Accounting Standards Update 2014-09 | Under ASC 605 | Operating segments | Match Group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,729,850 | ||||||||||
Operating costs and expenses | 1,176,556 | ||||||||||
Operating income (loss) | 553,294 | ||||||||||
Accounting Standards Update 2014-09 | Under ASC 605 | Operating segments | ANGI Homeservices | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,132,241 | ||||||||||
Operating costs and expenses | 1,073,275 | ||||||||||
Operating income (loss) | 58,964 | ||||||||||
Accounting Standards Update 2014-09 | Under ASC 605 | Operating segments | Vimeo | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 160,931 | ||||||||||
Operating costs and expenses | 196,212 | ||||||||||
Operating income (loss) | (35,281) | ||||||||||
Accounting Standards Update 2014-09 | Under ASC 605 | Operating segments | Dotdash | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 130,991 | ||||||||||
Operating costs and expenses | 112,213 | ||||||||||
Operating income (loss) | 18,778 | ||||||||||
Accounting Standards Update 2014-09 | Under ASC 605 | Operating segments | Applications | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 581,492 | ||||||||||
Operating costs and expenses | 484,644 | ||||||||||
Operating income (loss) | 96,848 | ||||||||||
Accounting Standards Update 2014-09 | Under ASC 605 | Operating segments | Emerging & Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 528,250 | ||||||||||
Operating costs and expenses | 498,286 | ||||||||||
Operating income (loss) | 29,964 | ||||||||||
Accounting Standards Update 2014-09 | Under ASC 605 | Inter-segment eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | (368) | ||||||||||
Accounting Standards Update 2014-09 | Under ASC 605 | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating costs and expenses | 159,675 | ||||||||||
Operating income (loss) | (160,043) | ||||||||||
Accounting Standards Update 2014-09 | Effect of adoption of ASU No. 2014-09 | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | (495) | ||||||||||
Operating costs and expenses | (3,108) | ||||||||||
Operating income (loss) | 2,613 | ||||||||||
Net earnings | 2,006 | ||||||||||
Accounting Standards Update 2014-09 | Effect of adoption of ASU No. 2014-09 | Operating segments | Match Group | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 0 | ||||||||||
Operating costs and expenses | 0 | ||||||||||
Operating income (loss) | 0 | ||||||||||
Accounting Standards Update 2014-09 | Effect of adoption of ASU No. 2014-09 | Operating segments | ANGI Homeservices | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 0 | ||||||||||
Operating costs and expenses | (4,940) | ||||||||||
Operating income (loss) | 4,940 | ||||||||||
Accounting Standards Update 2014-09 | Effect of adoption of ASU No. 2014-09 | Operating segments | Vimeo | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | (1,290) | ||||||||||
Operating costs and expenses | (977) | ||||||||||
Operating income (loss) | (313) | ||||||||||
Accounting Standards Update 2014-09 | Effect of adoption of ASU No. 2014-09 | Operating segments | Dotdash | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 0 | ||||||||||
Operating costs and expenses | 0 | ||||||||||
Operating income (loss) | 0 | ||||||||||
Accounting Standards Update 2014-09 | Effect of adoption of ASU No. 2014-09 | Operating segments | Applications | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 795 | ||||||||||
Operating costs and expenses | 2,809 | ||||||||||
Operating income (loss) | (2,014) | ||||||||||
Accounting Standards Update 2014-09 | Effect of adoption of ASU No. 2014-09 | Operating segments | Emerging & Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 0 | ||||||||||
Operating costs and expenses | 0 | ||||||||||
Operating income (loss) | 0 | ||||||||||
Accounting Standards Update 2014-09 | Effect of adoption of ASU No. 2014-09 | Inter-segment eliminations | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 0 | ||||||||||
Accounting Standards Update 2014-09 | Effect of adoption of ASU No. 2014-09 | Corporate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Operating costs and expenses | 0 | ||||||||||
Operating income (loss) | $ 0 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | ||||
Income tax benefit related to net operating loss carryforwards | $ 40.8 | |||
Income tax benefit related to net operating loss carryforwards recorded as a reduction to goodwill | 26.9 | |||
Tax credit carryforwards | 159.5 | |||
Tax credit carryforwards that can be carried forward indefinitely | 41.2 | |||
Tax credit carryforwards expiring primarily by 2018 and 2037 | 118.3 | |||
Valuation Allowance | ||||
Decrease in valuation allowance | 13.8 | |||
Valuation allowance at end of period | 129.6 | |||
Income Taxes Paid, Net [Abstract] | ||||
Interest on income taxes accrued | 4.1 | $ 3.4 | ||
Income tax penalties accrued | 1.1 | 1.4 | ||
Unrecognized tax benefits including tax interest accrued | 74.4 | 52.3 | ||
Tax positions for which the ultimate deductibility is highly certain but timing is uncertain | 69.2 | 49.1 | ||
Change in unrecognized tax benefits unrelated to Federal income taxes statute of limitations expiring within twelve months of current reporting period | 24.5 | |||
Tax benefits that would impact effective tax rate | 24.3 | |||
Reduction in the Transition Tax | $ 9.2 | |||
Undistributed foreign earnings with no provision | 2.1 | |||
Undistributed foreign earnings indefinitely reinvested outside of domestic country | 41.8 | |||
Undistributed foreign earnings | 171.2 | |||
Federal Tax Authority | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | ||||
Net operating loss carryforwards | 990.3 | |||
Net operating loss carryforwards not subject to expiration | 80.2 | |||
Net operating loss carryforwards without restrictions | 617.5 | |||
Interest carryforwards | 95.1 | |||
State Tax Authority | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | ||||
Net operating loss carryforwards | 827.2 | |||
Net operating loss carryforwards without restrictions | 457.4 | |||
Tax credit carryforwards | 2.4 | |||
Foreign Tax Authority | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Components [Abstract] | ||||
Net operating loss carryforwards | 436.2 | |||
Net operating loss carryforwards not subject to expiration | 402.7 | |||
Net operating loss carryforwards subject to expiration within 20 years | 33.5 | |||
Interest carryforwards | 46.4 | |||
Tax credit carryforwards | 48.7 | |||
Tax credit carryforwards related to research and development | 108.4 | |||
Continuing Operations | ||||
Income Taxes Paid, Net [Abstract] | ||||
Unrecognized tax benefit (expense), net of related deferred taxes | 0.5 | 0.3 | $ (0.1) | |
Deferred taxes for interest on unrecognized tax benefits (continuing operations) | $ 0.2 | $ 0.1 | $ 0.1 |
INCOME TAXES - Income before In
INCOME TAXES - Income before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 370,073 | $ 630,417 | $ (52,606) |
Foreign | 124,438 | 131,141 | 119,564 |
Earnings (loss) before income taxes | $ 494,511 | $ 761,558 | $ 66,958 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current income tax provision (benefit): | |||
Federal | $ 278 | $ (2,849) | $ (31,844) |
State | 807 | 2,569 | 1,964 |
Foreign | 29,707 | 38,770 | 24,108 |
Current income tax provision (benefit) | 30,792 | 38,490 | (5,772) |
Deferred income tax provision (benefit): | |||
Federal | (52,985) | (21,792) | (255,477) |
State | (25,128) | 172 | (28,364) |
Foreign | (1,988) | (13,059) | (1,437) |
Deferred income tax benefit | (80,101) | (34,679) | (285,278) |
Income tax (benefit) provision | $ (49,309) | $ 3,811 | $ (291,050) |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 340,472 | $ 291,639 |
Tax credit carryforwards | 117,286 | 89,397 |
Stock-based compensation | 79,108 | 82,698 |
Long-term lease liabilities | 52,748 | |
Other | 71,328 | 53,631 |
Total deferred tax assets | 660,942 | 517,365 |
Less valuation allowance | (129,620) | (115,853) |
Net deferred tax assets | 531,322 | 401,512 |
Deferred tax liabilities: | ||
Investment in subsidiaries | (235,920) | (238,650) |
Intangible assets | (70,830) | (77,669) |
Right-of-use assets | (39,226) | |
Investment in Pinterest | 0 | (22,927) |
Other | (39,680) | (21,080) |
Total deferred tax liabilities | (385,656) | (360,326) |
Net deferred tax assets | $ 145,666 | $ 41,186 |
INCOME TAXES - Effective Income
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision at the federal statutory rate of 21% (35% for 2017) | $ 103,847 | $ 159,927 | $ 23,435 |
State income taxes, net of effect of federal tax benefit | 6,146 | 16,794 | 782 |
Stock-based compensation | (135,179) | (129,654) | (358,901) |
Research credits | (33,377) | (14,276) | (6,947) |
Realization of certain deferred tax assets | (9,281) | (13,200) | (3,133) |
Foreign income taxed at a different statutory tax rate | (3,333) | (3,206) | (14,725) |
Deferred tax adjustment for enacted changes in tax laws and rates | 890 | (7,488) | 705 |
Non-deductible impairments for certain cost method investments | 2,669 | ||
Transition tax | 0 | (9,190) | 62,667 |
Withholding taxes | 7,304 | 5,165 | 562 |
Other, net | 13,674 | (1,061) | 1,836 |
Income tax (benefit) provision | $ (49,309) | $ 3,811 | $ (291,050) |
INCOME TAXES - Income Tax Conti
INCOME TAXES - Income Tax Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Balance at beginning of the period | $ 48,875 | $ 36,732 | $ 38,372 |
Additions based on tax positions related to the current year | 14,000 | 10,334 | 2,050 |
Additions for tax positions of prior years | 8,949 | 4,716 | 1,994 |
Reductions for tax positions of prior years | (289) | (400) | (3,761) |
Settlements | 0 | 0 | |
Expiration of applicable statutes of limitations | (1,302) | (2,507) | (1,923) |
Balance at end of the period | $ 70,233 | $ 48,875 | $ 36,732 |
BUSINESS COMBINATION - Narrativ
BUSINESS COMBINATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Sep. 29, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Angie's List | |||
Business Acquisition [Line Items] | |||
Proportion of voting interests acquired (as a percent) | 100.00% | ||
Total purchase price | $ 781,384 | ||
Basis of purchase price (shares) | 61.3 | ||
Share price (USD per share) | $ 12.46 | ||
Cash acquisition price | $ 1,900 | ||
Cash per share paid to acquiree shareholders who elected payout (USD per share) | $ 8.50 | ||
Revenue | $ 58,900 | ||
Net earnings (loss) | (21,800) | ||
Modification of Equity Awards | |||
Business Acquisition [Line Items] | |||
Adjustment to increase (decrease) in share-based compensation | 77,100 | ||
Deferred Revenue Write Off Adjustment | |||
Business Acquisition [Line Items] | |||
Adjustment to decrease in revenues | 34,100 | ||
Amortization Adjustment | |||
Business Acquisition [Line Items] | |||
Adjustment to decrease in amortization of intangible assets | 31,900 | ||
One-Time Acquisition-related Costs | |||
Business Acquisition [Line Items] | |||
Severance costs | $ 19,800 | 28,700 | |
Severance and retention costs | 19,800 | ||
Write-off due to deferred revenue | $ 7,800 |
BUSINESS COMBINATION - Purchase
BUSINESS COMBINATION - Purchase Price (Details) - Angie's List $ in Thousands | Sep. 29, 2017USD ($) |
Business Acquisition [Line Items] | |
Cash consideration for holders who elected to receive $8.50 in cash per share of Angie's List common stock | $ 1,900 |
Total purchase price | 781,384 |
Common Stock | |
Business Acquisition [Line Items] | |
Consideration transferred, equity interests | 763,684 |
Cash consideration for holders who elected to receive $8.50 in cash per share of Angie's List common stock | 1,913 |
Common Stock | Fair value of vested and pro rata portion of unvested stock options attributable to pre-combination services | |
Business Acquisition [Line Items] | |
Consideration transferred, equity interests | 11,749 |
Common Stock | Fair value of the pro rata portion of unvested restricted stock units attributable to pre-combination services | |
Business Acquisition [Line Items] | |
Consideration transferred, equity interests | $ 4,038 |
BUSINESS COMBINATION - Prelimin
BUSINESS COMBINATION - Preliminary Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 29, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 2,854,462 | $ 2,726,859 | $ 2,559,066 | |
Angie's List | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 44,270 | |||
Other current assets | 11,280 | |||
Property and equipment | 16,341 | |||
Goodwill | 543,674 | |||
Intangible assets | 317,300 | |||
Total assets | 932,865 | |||
Deferred revenue | (32,595) | |||
Other current liabilities | (46,150) | |||
Long-term debt—related party | (61,498) | |||
Deferred income taxes | (9,833) | |||
Other long-term liabilities | (1,405) | |||
Net assets acquired | $ 781,384 |
BUSINESS COMBINATION - Prelim_2
BUSINESS COMBINATION - Preliminary Estimated Fair Value of Intangible Assets Acquired (Details) - USD ($) $ in Thousands | Sep. 29, 2017 | Dec. 31, 2019 |
Acquired Intangible Assets [Line Items] | ||
Weighted-Average Useful Life (Years) | 18 months | |
Angie's List | ||
Acquired Intangible Assets [Line Items] | ||
Total identifiable intangible assets acquired | $ 317,300 | |
Angie's List | Service professionals | ||
Acquired Intangible Assets [Line Items] | ||
Finite-lived intangible assets acquired | $ 90,500 | |
Weighted-Average Useful Life (Years) | 3 years | |
Angie's List | Developed technology | ||
Acquired Intangible Assets [Line Items] | ||
Finite-lived intangible assets acquired | $ 63,900 | |
Weighted-Average Useful Life (Years) | 6 years | |
Angie's List | Memberships | ||
Acquired Intangible Assets [Line Items] | ||
Finite-lived intangible assets acquired | $ 15,900 | |
Weighted-Average Useful Life (Years) | 3 years | |
Angie's List | User base | ||
Acquired Intangible Assets [Line Items] | ||
Finite-lived intangible assets acquired | $ 10,000 | |
Weighted-Average Useful Life (Years) | 1 year | |
Angie's List | Indefinite-lived trade name and trademarks | ||
Acquired Intangible Assets [Line Items] | ||
Indefinite-lived trade name and trademarks | $ 137,000 |
BUSINESS COMBINATION - Pro-Form
BUSINESS COMBINATION - Pro-Forma Financial Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / shares | |
Business Acquisition, Pro Forma Information [Abstract] | |
Revenue | $ | $ 3,529,600 |
Net earnings (loss) attributable to IAC shareholders | $ | $ 364,496 |
Basic earnings (loss) per share attributable to ANGI Homeservices Inc. shareholders (USD per share) | $ / shares | $ 4.55 |
Diluted earnings (loss) per share attributable to ANGI Homeservices Inc. shareholders (USD per share) | $ / shares | $ 4.27 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 2,854,462 | $ 2,726,859 | $ 2,559,066 |
Intangible assets with indefinite lives | 446,495 | 458,104 | |
Intangible assets with definite lives, net of accumulated amortization | 131,979 | 173,318 | |
Total goodwill and intangible assets, net | $ 3,432,936 | $ 3,358,281 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Goodwill by Reporting Unit (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018USD ($)operating_segmentreportingunit | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Goodwill | ||||
Balance at beginning of period | $ 2,559,066 | $ 2,726,859 | $ 2,559,066 | |
Additions | 168,866 | 208,423 | ||
(Deductions) | (29,267) | (22,188) | ||
Impairment | (3,318) | 0 | $ 0 | |
Foreign Exchange Translation | (8,678) | (18,442) | ||
Balance at end of period | 2,854,462 | 2,726,859 | 2,559,066 | |
Match Group | ||||
Goodwill | ||||
Balance at beginning of period | 1,247,899 | 1,245,013 | 1,247,899 | |
Additions | 3,553 | 11,187 | ||
(Deductions) | 0 | 0 | ||
Foreign Exchange Translation | (8,726) | (14,073) | ||
Balance at end of period | 1,239,840 | 1,245,013 | 1,247,899 | |
ANGI Homeservices | ||||
Goodwill | ||||
Balance at beginning of period | 768,317 | 892,800 | 768,317 | |
Additions | 18,326 | 142,768 | ||
(Deductions) | (29,267) | (14,373) | ||
Transfers In/(Out) | 0 | |||
Impairment | 0 | |||
Foreign Exchange Translation | 192 | (3,912) | ||
Balance at end of period | 882,051 | 892,800 | 768,317 | |
Vimeo | ||||
Goodwill | ||||
Balance at beginning of period | 77,303 | 77,152 | 77,303 | |
Additions | 142,222 | 0 | ||
(Deductions) | 0 | (151) | ||
Transfers In/(Out) | 0 | |||
Impairment | 0 | |||
Foreign Exchange Translation | 0 | 0 | ||
Balance at end of period | 219,374 | 77,152 | 77,303 | |
Applications | ||||
Goodwill | ||||
Balance at beginning of period | 447,242 | 504,892 | 447,242 | |
Additions | 0 | 50,784 | ||
(Deductions) | 0 | 0 | ||
Transfers In/(Out) | 7,323 | |||
Impairment | 0 | |||
Foreign Exchange Translation | (144) | (457) | ||
Balance at end of period | 504,748 | 504,892 | 447,242 | |
Accumulated goodwill impairment loss | 529,100 | |||
Applications | Desktop | ||||
Goodwill | ||||
Balance at beginning of period | 265,146 | 265,146 | 265,146 | |
Additions | 0 | 0 | ||
(Deductions) | 0 | 0 | ||
Transfers In/(Out) | 0 | |||
Impairment | 0 | |||
Foreign Exchange Translation | 0 | 0 | ||
Balance at end of period | 265,146 | 265,146 | 265,146 | |
Applications | Mosaic Group | ||||
Goodwill | ||||
Balance at beginning of period | 182,096 | 239,746 | 182,096 | |
Additions | 0 | 50,784 | ||
(Deductions) | 0 | 0 | ||
Transfers In/(Out) | 7,323 | |||
Impairment | 0 | |||
Foreign Exchange Translation | (144) | |||
Balance at end of period | 239,602 | 239,746 | 182,096 | |
Emerging & Other | ||||
Goodwill | ||||
Balance at beginning of period | $ 18,305 | 7,002 | 18,305 | |
Additions | 4,765 | 3,684 | ||
(Deductions) | 0 | (7,664) | ||
Transfers In/(Out) | (7,323) | |||
Balance at end of period | 8,449 | 7,002 | $ 18,305 | |
Emerging & Other | Ask Media Group | ||||
Goodwill | ||||
Accumulated goodwill impairment loss | 399,700 | |||
Emerging & Other | College Humor Media | ||||
Goodwill | ||||
Impairment | (3,318) | |||
Accumulated goodwill impairment loss | $ 14,900 | 11,600 | ||
Dotdash | ||||
Goodwill | ||||
Accumulated goodwill impairment loss | $ 198,300 | |||
Publishing | ||||
Goodwill | ||||
Number of operating segments | operating_segment | 1 | |||
Number of reporting units | reportingunit | 1 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets with Definite Lives (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible assets with definite lives | ||
Gross Carrying Amount | $ 347,177 | $ 309,723 |
Accumulated Amortization | (215,198) | (136,405) |
Total | $ 131,979 | $ 173,318 |
Weighted-Average Useful Life (Years) | 3 years 9 months 18 days | 3 years 9 months 18 days |
Technology | ||
Intangible assets with definite lives | ||
Gross Carrying Amount | $ 154,052 | $ 143,303 |
Accumulated Amortization | (79,358) | (53,199) |
Total | $ 74,694 | $ 90,104 |
Weighted-Average Useful Life (Years) | 4 years 7 months 6 days | 4 years 8 months 12 days |
Service professional relationships | ||
Intangible assets with definite lives | ||
Gross Carrying Amount | $ 99,651 | $ 99,528 |
Accumulated Amortization | (76,445) | (44,674) |
Total | $ 23,206 | $ 54,854 |
Weighted-Average Useful Life (Years) | 2 years 10 months 24 days | 2 years 10 months 24 days |
Customer lists and user base | ||
Intangible assets with definite lives | ||
Gross Carrying Amount | $ 44,548 | $ 30,099 |
Accumulated Amortization | (24,488) | (15,126) |
Total | $ 20,060 | $ 14,973 |
Weighted-Average Useful Life (Years) | 3 years 3 months 18 days | 2 years 10 months 24 days |
Trade names | ||
Intangible assets with definite lives | ||
Gross Carrying Amount | $ 19,074 | $ 12,393 |
Accumulated Amortization | (13,068) | (9,393) |
Total | $ 6,006 | $ 3,000 |
Weighted-Average Useful Life (Years) | 3 years 2 months 12 days | 3 years 3 months 18 days |
Memberships | ||
Intangible assets with definite lives | ||
Gross Carrying Amount | $ 15,900 | $ 15,900 |
Accumulated Amortization | (11,940) | (6,640) |
Total | $ 3,960 | $ 9,260 |
Weighted-Average Useful Life (Years) | 3 years | 3 years |
Other | ||
Intangible assets with definite lives | ||
Gross Carrying Amount | $ 13,952 | $ 8,500 |
Accumulated Amortization | (9,899) | (7,373) |
Total | $ 4,053 | $ 1,127 |
Weighted-Average Useful Life (Years) | 3 years 8 months 12 days | 4 years 9 months 18 days |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Expected Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2020 | $ 63,844 | |
2021 | 27,454 | |
2022 | 22,781 | |
2023 | 12,870 | |
2024 | 1,766 | |
Thereafter | 3,264 | |
Total | $ 131,979 | $ 173,318 |
FINANCIAL INSTRUMENTS AND FAI_3
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Narrative (Details) | Oct. 23, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019USD ($) | Feb. 15, 2019USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Contractual maturity of current available-for-sale debt securities | 1 year | |||||
Available-for-sale marketable debt securities in a continuous unrealized loss position for longer than twelve months | $ 0 | |||||
Gross realized gains (losses) from available-for-sale securities | 0 | $ 0 | $ 0 | |||
Upward adjustments to equity securities without readily determinable fair value | 19,900,000 | |||||
Downward adjustments to equity securities without readily determinable fair value | 7,000,000 | |||||
Other-than-temporary impairment charges on equity method investments | 600,000 | 2,700,000 | ||||
Other-than-temporary impairment charges on cost-method investments | $ 9,500,000 | |||||
Proceeds from sale of cost-method investment | $ 60,200,000 | |||||
Gain (loss) from sale of cost-method investment | $ 9,100,000 | |||||
Maximum contingent payment | 45,000,000 | |||||
Gross fair value of contingent consideration arrangement | 12,500,000 | |||||
Non-current portion of contingent consideration arrangement liability | 6,900,000 | 26,600,000 | ||||
Current portion of contingent consideration arrangement liability | 2,000,000 | |||||
Face amount of debt instrument | 500,000,000 | |||||
Turo | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Equity method investments | $ 250,000,000 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Realized gain (loss) on disposal of equity method investments | 20,500,000 | |||||
Contingent Consideration Arrangements | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Settlements | 1,988,000 | 948,000 | ||||
Match Group | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Aggregate principal amount | 1,625,000,000 | 1,535,000,000 | ||||
Match Group | Match Group Senior Notes, 5.625% February 15, 2029 | Senior Notes | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Aggregate principal amount | $ 350,000,000 | $ 0 | $ 350,000,000 | |||
Stated interest rate (as a percent) | 5.625% | 5.625% | 5.625% | |||
Discount Rate | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Measurement input (as a percent) | 0.125 | 0.125 | ||||
Discount Rate | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Measurement input (as a percent) | 0.15 | |||||
Discount Rate | Contingent Consideration Arrangements | Minimum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Measurement input (as a percent) | 0.25 | 0.12 | ||||
Discount Rate | Contingent Consideration Arrangements | Maximum | ||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||||
Measurement input (as a percent) | 0.25 |
FINANCIAL INSTRUMENTS AND FAI_4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Fair Value of Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Available-for-sale marketable debt securities | $ 19,993 | $ 123,246 |
Marketable equity security | 0 | 419 |
Total marketable securities | $ 19,993 | $ 123,665 |
FINANCIAL INSTRUMENTS AND FAI_5
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Current Available-for-Sale Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 19,993 | $ 123,246 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | 0 | (3) |
Fair Value | 19,993 | 123,246 |
Treasury discount notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 112,291 | |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | (3) | |
Fair Value | 112,291 | |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 19,993 | 10,955 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 19,993 | $ 10,955 |
FINANCIAL INSTRUMENTS AND FAI_6
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Proceeds from Maturities and Sales of Current Available-for-Sale Marketable Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |||
Proceeds from maturities of available-for-sale marketable debt securities | $ 163,500 | $ 333,600 | $ 114,350 |
FINANCIAL INSTRUMENTS AND FAI_7
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Long-Term Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Equity securities without readily determinable fair values | $ 353,052 | $ 235,055 |
Total long-term investments | $ 353,052 | $ 235,055 |
FINANCIAL INSTRUMENTS AND FAI_8
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Realized and Unrealized Gains and Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Adjustments to Carrying Value of Equity Securities without Readily Determinable Fair Value [Abstract] | ||
Upward adjustments (gross unrealized gains) | $ 19,698 | $ 128,986 |
Downward adjustments including impairments (gross unrealized losses) | (5,193) | (4,931) |
Total | 14,505 | 124,055 |
Adjustments to Carrying Value of Non-Marketable Equity Securities [Abstract] | ||
Realized gains, net, for equity securities sold | 23,076 | 27,874 |
Unrealized gains, net, on equity securities held | 14,505 | 124,170 |
Total gains recognized, net, in other income (expense), net | $ 37,581 | $ 152,044 |
FINANCIAL INSTRUMENTS AND FAI_9
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities: | $ 19,993 | $ 123,246 |
Marketable equity security | 0 | 419 |
Other non-current assets | 133,640 | 134,924 |
Total | 2,550,995 | 1,818,666 |
Contingent consideration arrangements | (6,918) | (28,631) |
Quoted Market Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 2,164,576 | 881,234 |
Contingent consideration arrangements | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 377,924 | 937,432 |
Contingent consideration arrangements | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 8,495 | 0 |
Contingent consideration arrangements | (6,918) | (28,631) |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 2,164,576 | 880,815 |
Money market funds | Quoted Market Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 2,164,576 | 880,815 |
Money market funds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Money market funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Treasury discount notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 199,896 | 561,733 |
Marketable securities: | 112,291 | |
Treasury discount notes | Quoted Market Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Marketable securities: | 0 | |
Treasury discount notes | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 199,896 | 561,733 |
Marketable securities: | 112,291 | |
Treasury discount notes | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Marketable securities: | 0 | |
Time deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 128,075 | 90,036 |
Time deposits | Quoted Market Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Time deposits | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 128,075 | 90,036 |
Time deposits | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 29,960 | 162,417 |
Marketable securities: | 19,993 | 10,955 |
Commercial paper | Quoted Market Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Marketable securities: | 0 | 0 |
Commercial paper | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 29,960 | 162,417 |
Marketable securities: | 19,993 | 10,955 |
Commercial paper | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: | 0 | 0 |
Marketable securities: | 0 | 0 |
Warrant | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other non-current assets | 8,495 | |
Warrant | Quoted Market Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other non-current assets | 0 | |
Warrant | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other non-current assets | 0 | |
Warrant | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other non-current assets | $ 8,495 | |
Marketable equity security | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity security | 419 | |
Marketable equity security | Quoted Market Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity security | 419 | |
Marketable equity security | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity security | 0 | |
Marketable equity security | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity security | $ 0 |
FINANCIAL INSTRUMENTS AND FA_10
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Unobservable Inputs of Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Warrant | ||
Warrant | ||
Balance at January 1 | $ 0 | |
Fair value at date of acquisition | 17,618 | |
Fair value adjustments | (9,123) | |
Included in other comprehensive (loss) income | 0 | |
Settlements | 0 | |
Balance at December 31 | 8,495 | $ 0 |
Contingent Consideration Arrangements | ||
Contingent Consideration Arrangements | ||
Balance at January 1 | (28,631) | (2,647) |
Fair value at date of acquisition | 0 | (25,521) |
Fair value adjustments | 19,739 | (1,456) |
Included in other comprehensive income (loss) | (14) | 45 |
Settlements | 1,988 | 948 |
Balance at December 31 | $ (6,918) | $ (28,631) |
FINANCIAL INSTRUMENTS AND FA_11
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS - Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Current portion of long-term debt | $ (13,750) | $ (13,750) |
Long-term debt, net | (3,121,572) | (2,245,548) |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Current portion of long-term debt | (13,750) | (13,750) |
Long-term debt, net | (3,121,572) | (2,245,548) |
Unamortized original issue discount and debt issuance costs | (404,700) | (88,900) |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Current portion of long-term debt | (13,681) | (12,753) |
Long-term debt, net | $ (4,136,988) | $ (2,460,204) |
LONG-TERM DEBT - Summary (Detai
LONG-TERM DEBT - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Aug. 23, 2019 | Feb. 15, 2019 | Dec. 31, 2018 | Dec. 04, 2017 | Oct. 02, 2017 | Jun. 01, 2016 |
Debt Instrument [Line Items] | |||||||
Less: unamortized original issue discount | $ 357,887 | ||||||
Less: Current portion of long-term debt | 13,750 | $ 13,750 | |||||
Less: unamortized debt issuance costs | 46,791 | ||||||
Long-term debt, net | 3,121,572 | 2,245,548 | |||||
IAC | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 1,667,500 | 551,989 | |||||
Less: unamortized original issue discount | 351,605 | 54,025 | |||||
Less: unamortized debt issuance costs | 29,752 | 13,298 | |||||
Long-term debt, net | 1,286,143 | 484,666 | |||||
IAC | Senior Notes | 0.875% Exchangeable Senior Notes due October 1, 2022 (the 2022 Exchangeable Notes); interest payable each April 1 and October 1 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 517,500 | 517,500 | $ 517,500 | ||||
Less: unamortized original issue discount | $ 40,768 | $ 54,025 | |||||
Stated interest rate (as a percent) | 0.875% | 0.875% | |||||
IAC | Senior Notes | 0.875% Exchangeable Senior Notes due June 15, 2026 (the 2026 Exchangeable Notes); interest payable each June 15 and December 15 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 575,000 | $ 0 | |||||
Less: unamortized original issue discount | $ 129,037 | ||||||
Stated interest rate (as a percent) | 0.875% | 0.875% | |||||
IAC | Senior Notes | 2.00% Exchangeable Senior Notes due January 15, 2030 (the 2030 Exchangeable Notes); interest payable each January 15 and July 15; commencing on January 15, 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 575,000 | $ 0 | |||||
Less: unamortized original issue discount | $ 181,800 | ||||||
Stated interest rate (as a percent) | 2.00% | 2.00% | |||||
IAC | Senior Notes | 4.75% Senior Notes due December 15, 2022 (the 4.75% Senior Notes); interest payable each June 15 and December 15 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 0 | $ 34,500 | $ 34,489 | ||||
Stated interest rate (as a percent) | 4.75% | 4.75% | 4.75% | ||||
Match Group | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 1,625,000 | $ 1,535,000 | |||||
Less: unamortized original issue discount | 6,282 | 7,352 | |||||
Less: unamortized debt issuance costs | 15,235 | 11,737 | |||||
Long-term debt, net | 1,603,483 | 1,515,911 | |||||
Match Group | Term Loan | MTCH Term Loan due November 16, 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 425,000 | 425,000 | |||||
Match Group | Credit Facility | MTCH Credit Facility due December 7, 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 0 | 260,000 | |||||
Match Group | Senior Notes | 6.375% Senior Notes due June 1, 2024 (the 6.375% MTCH Senior Notes); interest payable each June 1 and December 1 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 400,000 | $ 400,000 | |||||
Stated interest rate (as a percent) | 6.375% | 6.375% | 6.375% | ||||
Match Group | Senior Notes | 5.00% Senior Notes due December 15, 2027 (the 5.00% MTCH Senior Notes); interest payable each June 15 and December 15 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 450,000 | $ 450,000 | |||||
Stated interest rate (as a percent) | 5.00% | 5.00% | 5.00% | ||||
Match Group | Senior Notes | 5.625% Senior Notes due February 15, 2029 (the 5.625% MTCH Senior Notes); interest payable each February 15 and August 15 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 350,000 | $ 350,000 | $ 0 | ||||
Stated interest rate (as a percent) | 5.625% | 5.625% | 5.625% | ||||
ANGI Homeservices | |||||||
Debt Instrument [Line Items] | |||||||
Less: Current portion of long-term debt | $ 13,750 | $ 13,750 | |||||
Less: unamortized debt issuance costs | 1,804 | 2,529 | |||||
Long-term debt, net | 231,946 | 244,971 | |||||
ANGI Homeservices | Term Loan | ANGI Term Loan due November 5, 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 247,500 | $ 261,250 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) | Aug. 23, 2019USD ($) | May 21, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 05, 2018USD ($) | Oct. 02, 2017USD ($) | Sep. 30, 2019 | Nov. 05, 2023USD ($) | Nov. 05, 2022USD ($) | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Nov. 05, 2021USD ($) | Feb. 15, 2019USD ($) | Dec. 07, 2018USD ($) | Dec. 04, 2017 | Nov. 01, 2017USD ($) | Jun. 01, 2016 |
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt | $ 3,540,000,000 | ||||||||||||||||
Face amount of debt instrument | $ 500,000,000 | $ 500,000,000 | |||||||||||||||
Unamortized discount | 357,887,000 | ||||||||||||||||
Cash, cash equivalents and marketable securities | $ 2,300,000,000 | ||||||||||||||||
Senior Notes | 2022 Exchangeable Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount of debt instrument | $ 517,500,000 | ||||||||||||||||
Approximate Equivalent Exchange Price per Share | $ / shares | $ 152.18 | ||||||||||||||||
Senior Notes | 2026 Exchangeable Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Approximate Equivalent Exchange Price per Share | $ / shares | $ 302.77 | ||||||||||||||||
Senior Notes | 2030 Exchangeable Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Approximate Equivalent Exchange Price per Share | $ / shares | $ 291.35 | ||||||||||||||||
Revolving Credit Facility | IAC Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 250,000,000 | ||||||||||||||||
Credit facility, borrowings outstanding | $ 0 | $ 0 | $ 0 | ||||||||||||||
Commitment fee rate (as a percent) | 0.20% | 0.20% | |||||||||||||||
Revolving Credit Facility | IAC Credit Facility | Minimum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum leverage ratio (not more than) | 1 | 1 | |||||||||||||||
Revolving Credit Facility | IAC Credit Facility | Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum leverage ratio (not more than) | 2.75 | 3.25 | |||||||||||||||
IAC | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Unamortized discount | $ 54,025,000 | $ 351,605,000 | $ 54,025,000 | ||||||||||||||
Aggregate principal amount | $ 551,989,000 | 1,667,500,000 | 551,989,000 | ||||||||||||||
IAC | Senior Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt | 1,700,000,000 | ||||||||||||||||
Period of reported sale price of common stock | 20 days | 5 days | |||||||||||||||
Period of consecutive reported sale price of common stock | 30 days | 5 days | |||||||||||||||
Percentage of exchange price on applicable trading day | 130.00% | ||||||||||||||||
Percentage of product of last reported price | 98.00% | ||||||||||||||||
If-converted value in excess of principal | $ 329,600,000 | $ 105,000,000 | |||||||||||||||
IAC | Senior Notes | 2022 Exchangeable Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate (as a percent) | 0.875% | 0.875% | 0.875% | ||||||||||||||
Long-term debt | $ 463,475,000 | $ 476,732,000 | $ 463,475,000 | ||||||||||||||
Effective interest rate (as a percent) | 4.73% | ||||||||||||||||
Approximate Equivalent Exchange Price per Share | $ / shares | $ 152.18 | ||||||||||||||||
Unamortized discount | 54,025,000 | $ 40,768,000 | 54,025,000 | ||||||||||||||
Debt interest expense | 20,765,000 | 21,151,000 | |||||||||||||||
Amortization of debt discount (premium) | 13,256,000 | 13,134,000 | |||||||||||||||
Amortization of debt issuance costs | 2,981,000 | 3,489,000 | |||||||||||||||
Aggregate principal amount | $ 517,500,000 | $ 517,500,000 | $ 517,500,000 | $ 517,500,000 | |||||||||||||
IAC | Senior Notes | 4.75% Senior Notes due December 15, 2022 (the 4.75% Senior Notes); interest payable each June 15 and December 15 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate (as a percent) | 4.75% | 4.75% | 4.75% | 4.75% | |||||||||||||
Aggregate principal amount | $ 34,500,000 | $ 34,489,000 | $ 0 | $ 34,489,000 | |||||||||||||
Premium for debt redeemed | 500,000 | ||||||||||||||||
Accrued interest paid | $ 300,000 | ||||||||||||||||
IAC | Senior Notes | Senior Notes, 0.875% due June 15, 2026 & Senior Notes, 2.00% due January 15, 2030] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Proceeds from issuance of debt after fees and expenses | $ 1,100,000,000 | ||||||||||||||||
Unamortized discount | $ (136,900,000) | ||||||||||||||||
IAC | Senior Notes | 2026 Exchangeable Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate (as a percent) | 0.875% | 0.875% | 0.875% | ||||||||||||||
Long-term debt | $ 445,963,000 | ||||||||||||||||
Face amount of debt instrument | 575,000,000 | ||||||||||||||||
Effective interest rate (as a percent) | 5.35% | ||||||||||||||||
Approximate Equivalent Exchange Price per Share | $ / shares | $ 302.77 | ||||||||||||||||
Unamortized discount | $ 129,037,000 | ||||||||||||||||
Debt interest expense | 13,480,000 | ||||||||||||||||
Amortization of debt discount (premium) | 9,759,000 | ||||||||||||||||
Amortization of debt issuance costs | 758,000 | ||||||||||||||||
Aggregate principal amount | $ 0 | $ 575,000,000 | $ 0 | ||||||||||||||
IAC | Senior Notes | 2030 Exchangeable Notes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate (as a percent) | 2.00% | 2.00% | 2.00% | ||||||||||||||
Long-term debt | $ 393,200,000 | ||||||||||||||||
Face amount of debt instrument | $ 575,000,000 | ||||||||||||||||
Effective interest rate (as a percent) | 6.59% | ||||||||||||||||
Approximate Equivalent Exchange Price per Share | $ / shares | $ 291.35 | ||||||||||||||||
Unamortized discount | $ 181,800,000 | ||||||||||||||||
Debt interest expense | 14,605,000 | ||||||||||||||||
Amortization of debt discount (premium) | 7,413,000 | ||||||||||||||||
Amortization of debt issuance costs | 420,000 | ||||||||||||||||
Aggregate principal amount | $ 0 | 575,000,000 | $ 0 | ||||||||||||||
Match Group | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Unamortized discount | 7,352,000 | 6,282,000 | 7,352,000 | ||||||||||||||
Aggregate principal amount | $ 1,535,000,000 | $ 1,625,000,000 | $ 1,535,000,000 | ||||||||||||||
Match Group | Senior Notes | 6.375% Senior Notes due June 1, 2024 (the 6.375% MTCH Senior Notes); interest payable each June 1 and December 1 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate (as a percent) | 6.375% | 6.375% | 6.375% | 6.375% | |||||||||||||
Aggregate principal amount | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||||||||||
Match Group | Senior Notes | 6.375% Senior Notes due June 1, 2024 (the 6.375% MTCH Senior Notes); interest payable each June 1 and December 1 | Minimum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum leverage ratio (not more than) | 1 | ||||||||||||||||
Match Group | Senior Notes | 6.375% Senior Notes due June 1, 2024 (the 6.375% MTCH Senior Notes); interest payable each June 1 and December 1 | Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum leverage ratio (not more than) | 5 | ||||||||||||||||
Match Group | Senior Notes | 5.00% Senior Notes due December 15, 2027 (the 5.00% MTCH Senior Notes); interest payable each June 15 and December 15 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate (as a percent) | 5.00% | 5.00% | 5.00% | 5.00% | |||||||||||||
Aggregate principal amount | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | ||||||||||||||
Match Group | Senior Notes | Match Group Senior Notes, 6.75% due December 15, 2020 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate (as a percent) | 6.75% | 6.75% | |||||||||||||||
Long-term debt | $ 445,200,000 | ||||||||||||||||
Match Group | Senior Notes | Match Group Senior Notes, 5.625% February 15, 2029 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate (as a percent) | 5.625% | 5.625% | 5.625% | 5.625% | |||||||||||||
Aggregate principal amount | $ 0 | $ 350,000,000 | $ 0 | $ 350,000,000 | |||||||||||||
Match Group | Term Loan | MTCH Term Loan due November 16, 2022 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount of debt instrument | $ 425,000,000 | ||||||||||||||||
Effective interest rate (as a percent) | 5.09% | 4.44% | 5.09% | ||||||||||||||
Aggregate principal amount | $ 425,000,000 | $ 425,000,000 | $ 425,000,000 | ||||||||||||||
Match Group | Term Loan | MTCH Term Loan due November 16, 2022 | LIBOR | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Effective interest rate (as a percent) | 2.50% | ||||||||||||||||
Match Group | Credit Facility | Match Group Credit Facility Due December 7, 2023 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Long-term debt | $ 260,000,000 | $ 0 | $ 260,000,000 | ||||||||||||||
Effective interest rate (as a percent) | 4.00% | 4.00% | |||||||||||||||
Aggregate principal amount | $ 260,000,000 | $ 0 | $ 260,000,000 | ||||||||||||||
Match Group | Revolving Credit Facility | MTCH Term Loan due November 16, 2022 | Minimum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Net leverage ratio affecting ability to pay dividends, make distributions, or repurchase stock | 1 | ||||||||||||||||
Match Group | Revolving Credit Facility | MTCH Term Loan due November 16, 2022 | Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Net leverage ratio affecting ability to pay dividends, make distributions, or repurchase stock | 4 | ||||||||||||||||
Match Group | Revolving Credit Facility | Match Group Credit Agreement | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 500,000,000 | ||||||||||||||||
Commitment fee rate (as a percent) | 0.25% | 0.25% | |||||||||||||||
Match Group | Revolving Credit Facility | Match Group Credit Agreement | Minimum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum leverage ratio (not more than) | 1 | ||||||||||||||||
Minimum interest coverage ratio (not less than) | 1 | ||||||||||||||||
Net leverage ratio affecting ability to pay dividends, make distributions, or repurchase stock | 1 | ||||||||||||||||
Match Group | Revolving Credit Facility | Match Group Credit Agreement | Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum leverage ratio (not more than) | 5 | ||||||||||||||||
Minimum interest coverage ratio (not less than) | 2 | ||||||||||||||||
Net leverage ratio affecting ability to pay dividends, make distributions, or repurchase stock | 2 | ||||||||||||||||
Match Group | Revolving Credit Facility | Match Group Credit Agreement | LIBOR | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate (as a percent) | 1.50% | ||||||||||||||||
ANGI Homeservices | Term Loan | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Face amount of debt instrument | $ 275,000,000 | ||||||||||||||||
ANGI Homeservices | Term Loan | ANGI Term Loan due November 5, 2023 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate (as a percent) | 3.25% | 4.00% | |||||||||||||||
Aggregate principal amount | $ 261,250,000 | $ 247,500,000 | $ 261,250,000 | ||||||||||||||
ANGI Homeservices | Term Loan | ANGI Term Loan due November 5, 2023 | Minimum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum leverage ratio (not more than) | 1 | ||||||||||||||||
Minimum interest coverage ratio (not less than) | 1 | ||||||||||||||||
Net leverage ratio affecting ability to pay dividends, make distributions, or repurchase stock | 1 | ||||||||||||||||
ANGI Homeservices | Term Loan | ANGI Term Loan due November 5, 2023 | Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum leverage ratio (not more than) | 4.5 | ||||||||||||||||
Minimum interest coverage ratio (not less than) | 2 | ||||||||||||||||
Net leverage ratio affecting ability to pay dividends, make distributions, or repurchase stock | 4.25 | ||||||||||||||||
ANGI Homeservices | Term Loan | ANGI Term Loan due November 5, 2023 | LIBOR | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread on variable rate (as a percent) | 1.50% | ||||||||||||||||
ANGI Homeservices | Revolving Credit Facility | ANGI Homeservices Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maximum borrowing capacity | $ 250,000,000 | ||||||||||||||||
Credit facility, borrowings outstanding | $ 0 | ||||||||||||||||
Term of debt instrument | 5 years | ||||||||||||||||
Commitment fee rate (as a percent) | 0.25% | 0.25% | |||||||||||||||
IAC FinanceCo 2, Inc.& IAC FinanceCo 3, Inc. | IAC | Senior Notes | Senior Notes, 0.875% due June 15, 2026 & Senior Notes, 2.00% due January 15, 2030] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Period of reported sale price of common stock | 20 days | ||||||||||||||||
Period of consecutive reported sale price of common stock | 30 days | ||||||||||||||||
Redemption rate (as a percent) | 100.00% | ||||||||||||||||
Percentage of exchange price on applicable trading day | 130.00% | ||||||||||||||||
Forecast | ANGI Homeservices | Term Loan | ANGI Term Loan due November 5, 2023 | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Quarterly principal repayments | $ 10,300,000 | $ 6,900,000 | $ 3,400,000 | ||||||||||||||
Final principal payment | $ 161,600,000 |
LONG-TERM DEBT - Debt Instrumen
LONG-TERM DEBT - Debt Instrument Redemption (Details) - Senior Notes | 12 Months Ended |
Dec. 31, 2019 | |
6.375% Senior Notes due June 1, 2024 (the 6.375% MTCH Senior Notes); interest payable each June 1 and December 1 | Period One | |
Debt Instrument [Line Items] | |
Redemption rate (as a percent) | 104.781% |
6.375% Senior Notes due June 1, 2024 (the 6.375% MTCH Senior Notes); interest payable each June 1 and December 1 | Period Two | |
Debt Instrument [Line Items] | |
Redemption rate (as a percent) | 103.188% |
6.375% Senior Notes due June 1, 2024 (the 6.375% MTCH Senior Notes); interest payable each June 1 and December 1 | Period Three | |
Debt Instrument [Line Items] | |
Redemption rate (as a percent) | 101.594% |
6.375% Senior Notes due June 1, 2024 (the 6.375% MTCH Senior Notes); interest payable each June 1 and December 1 | Period Four | |
Debt Instrument [Line Items] | |
Redemption rate (as a percent) | 100.00% |
5.00% Senior Notes due December 15, 2027 (the 5.00% MTCH Senior Notes); interest payable each June 15 and December 15 | Period One | |
Debt Instrument [Line Items] | |
Redemption rate (as a percent) | 102.50% |
5.00% Senior Notes due December 15, 2027 (the 5.00% MTCH Senior Notes); interest payable each June 15 and December 15 | Period Two | |
Debt Instrument [Line Items] | |
Redemption rate (as a percent) | 101.667% |
5.00% Senior Notes due December 15, 2027 (the 5.00% MTCH Senior Notes); interest payable each June 15 and December 15 | Period Three | |
Debt Instrument [Line Items] | |
Redemption rate (as a percent) | 100.833% |
5.00% Senior Notes due December 15, 2027 (the 5.00% MTCH Senior Notes); interest payable each June 15 and December 15 | Period Four | |
Debt Instrument [Line Items] | |
Redemption rate (as a percent) | 100.00% |
5.625% Senior Notes due February 15, 2029 (the 5.625% MTCH Senior Notes); interest payable each February 15 and August 15 | Period One | |
Debt Instrument [Line Items] | |
Redemption rate (as a percent) | 102.813% |
5.625% Senior Notes due February 15, 2029 (the 5.625% MTCH Senior Notes); interest payable each February 15 and August 15 | Period Two | |
Debt Instrument [Line Items] | |
Redemption rate (as a percent) | 101.875% |
5.625% Senior Notes due February 15, 2029 (the 5.625% MTCH Senior Notes); interest payable each February 15 and August 15 | Period Three | |
Debt Instrument [Line Items] | |
Redemption rate (as a percent) | 100.938% |
5.625% Senior Notes due February 15, 2029 (the 5.625% MTCH Senior Notes); interest payable each February 15 and August 15 | Period Four | |
Debt Instrument [Line Items] | |
Redemption rate (as a percent) | 100.00% |
LONG-TERM DEBT - Exchangeable N
LONG-TERM DEBT - Exchangeable Notes (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 02, 2017 | |
Components of Exchangeable Notes [Abstract] | ||||
Less: unamortized original issue discount | $ 357,887 | |||
Net carrying value of the liability component | $ 3,540,000 | |||
Senior Notes | 2022 Exchangeable Notes | ||||
Details of Exchangeable Feature [Abstract] | ||||
Approximate Equivalent Exchange Price per Share (USD per share) | $ 152.18 | |||
Senior Notes | 2026 Exchangeable Notes | ||||
Details of Exchangeable Feature [Abstract] | ||||
Approximate Equivalent Exchange Price per Share (USD per share) | $ 302.77 | |||
Senior Notes | 2030 Exchangeable Notes | ||||
Details of Exchangeable Feature [Abstract] | ||||
Approximate Equivalent Exchange Price per Share (USD per share) | $ 291.35 | |||
IAC | ||||
Components of Exchangeable Notes [Abstract] | ||||
Principal | $ 1,667,500 | $ 551,989 | ||
Less: unamortized original issue discount | 351,605 | 54,025 | ||
IAC | Senior Notes | ||||
Components of Exchangeable Notes [Abstract] | ||||
Net carrying value of the liability component | $ 1,700,000 | |||
IAC | Senior Notes | 2022 Exchangeable Notes | ||||
Details of Exchangeable Feature [Abstract] | ||||
Number of shares of the Company's Common Stock into which each $1,000 of Principal of the Exchangeable Notes is Exchangeable (shares) | 6.5713 | |||
Approximate Equivalent Exchange Price per Share (USD per share) | $ 152.18 | |||
Components of Exchangeable Notes [Abstract] | ||||
Principal | $ 517,500 | 517,500 | $ 517,500 | |
Less: unamortized original issue discount | 40,768 | 54,025 | ||
Net carrying value of the liability component | 476,732 | 463,475 | ||
Equity component | 70,363 | 70,363 | ||
Interest Expense on Exchangeable Notes [Abstract] | ||||
Contractual interest expense | 4,528 | 4,528 | ||
Amortization of original issue discount | 13,256 | 13,134 | ||
Amortization of debt issuance costs | 2,981 | 3,489 | ||
Total interest expense recognized | $ 20,765 | 21,151 | ||
IAC | Senior Notes | 2022 Exchangeable Notes | Exchangeable Notes Hedge | ||||
Interest Expense on Exchangeable Notes [Abstract] | ||||
Class of warrant outstanding (shares) | 3,400,000 | |||
Exercise price of warrants (USD per share) | $ 152.18 | |||
IAC | Senior Notes | 2022 Exchangeable Notes | Exchangeable Notes Warrants | ||||
Interest Expense on Exchangeable Notes [Abstract] | ||||
Class of warrant outstanding (shares) | 3,400,000 | |||
Exercise price of warrants (USD per share) | $ 229.70 | |||
IAC | Senior Notes | 2026 Exchangeable Notes | ||||
Details of Exchangeable Feature [Abstract] | ||||
Number of shares of the Company's Common Stock into which each $1,000 of Principal of the Exchangeable Notes is Exchangeable (shares) | 3.3028 | |||
Approximate Equivalent Exchange Price per Share (USD per share) | $ 302.77 | |||
Components of Exchangeable Notes [Abstract] | ||||
Principal | $ 575,000 | 0 | ||
Less: unamortized original issue discount | 129,037 | |||
Net carrying value of the liability component | 445,963 | |||
Equity component | 138,796 | |||
Interest Expense on Exchangeable Notes [Abstract] | ||||
Contractual interest expense | 2,963 | |||
Amortization of original issue discount | 9,759 | |||
Amortization of debt issuance costs | 758 | |||
Total interest expense recognized | $ 13,480 | |||
IAC | Senior Notes | 2026 Exchangeable Notes | Exchangeable Notes Hedge | ||||
Interest Expense on Exchangeable Notes [Abstract] | ||||
Class of warrant outstanding (shares) | 1,900,000 | |||
Exercise price of warrants (USD per share) | $ 302.77 | |||
IAC | Senior Notes | 2026 Exchangeable Notes | Exchangeable Notes Warrants | ||||
Interest Expense on Exchangeable Notes [Abstract] | ||||
Class of warrant outstanding (shares) | 1,900,000 | |||
Exercise price of warrants (USD per share) | $ 457.02 | |||
IAC | Senior Notes | 2030 Exchangeable Notes | ||||
Details of Exchangeable Feature [Abstract] | ||||
Number of shares of the Company's Common Stock into which each $1,000 of Principal of the Exchangeable Notes is Exchangeable (shares) | 3.4323 | |||
Approximate Equivalent Exchange Price per Share (USD per share) | $ 291.35 | |||
Components of Exchangeable Notes [Abstract] | ||||
Principal | $ 575,000 | $ 0 | ||
Less: unamortized original issue discount | 181,800 | |||
Net carrying value of the liability component | 393,200 | |||
Equity component | 189,213 | |||
Interest Expense on Exchangeable Notes [Abstract] | ||||
Contractual interest expense | 6,772 | |||
Amortization of original issue discount | 7,413 | |||
Amortization of debt issuance costs | 420 | |||
Total interest expense recognized | $ 14,605 | |||
IAC | Senior Notes | 2030 Exchangeable Notes | Exchangeable Notes Hedge | ||||
Interest Expense on Exchangeable Notes [Abstract] | ||||
Class of warrant outstanding (shares) | 2,000,000 | |||
Exercise price of warrants (USD per share) | $ 291.35 | |||
IAC | Senior Notes | 2030 Exchangeable Notes | Exchangeable Notes Warrants | ||||
Interest Expense on Exchangeable Notes [Abstract] | ||||
Class of warrant outstanding (shares) | 2,000,000 | |||
Exercise price of warrants (USD per share) | $ 457.02 |
LONG-TERM DEBT - Aggregate Cont
LONG-TERM DEBT - Aggregate Contractual Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 13,750 | |
2021 | 13,750 | |
2022 | 970,000 | |
2023 | 192,500 | |
2024 | 400,000 | |
Thereafter | 1,950,000 | |
Total long-term debt | 3,540,000 | |
Less: Current portion of long-term debt | 13,750 | $ 13,750 |
Less: unamortized original issue discount | 357,887 | |
Less: unamortized debt issuance costs | 46,791 | |
Long-term debt, net | $ 3,121,572 | $ 2,245,548 |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)votewarrantexchangeable_noteshares | Dec. 31, 2018USD ($)warrantexchangeable_noteshares | Dec. 31, 2017USD ($)shares | |
Class of Stock | |||
Directors elected (as a percent) | 25.00% | ||
Warrants exercised during period | warrant | 0 | 0 | |
Exchangeable notes exchanged during period | exchangeable_note | 0 | 0 | |
Trade date fair value of shares acquired during period | $ | $ 274,302 | $ 82,891 | $ 50,121 |
Stock authorized for repurchase (shares) | 8 | ||
Class B Convertible Common Stock | |||
Class of Stock | |||
Number of votes | vote | 10 | ||
Common Stock | |||
Class of Stock | |||
Number of votes | vote | 1 | ||
Common stock reserved (shares) | 33.7 | ||
Treasury stock acquired during period (shares) | 0 | 0.5 | 0.7 |
Trade date fair value of shares acquired during period | $ | $ 82,900 | $ 50,100 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Loss | |||
Balance at beginning of period | $ 3,551,801 | $ 2,946,823 | $ 2,010,670 |
Other comprehensive (loss) income before reclassifications | (7,942) | (25,226) | 65,806 |
Amounts reclassified to earnings | (52) | (3,360) | |
Other comprehensive loss | (7,942) | (25,278) | 62,446 |
Allocation of accumulated other comprehensive loss related to noncontrolling interests | (315) | (124) | (109) |
Balance at end of period | 3,898,318 | 3,551,801 | 2,946,823 |
Foreign Currency Translation Adjustment | |||
Accumulated Other Comprehensive Loss | |||
Balance at beginning of period | (128,726) | (103,568) | (170,149) |
Other comprehensive (loss) income before reclassifications | (7,938) | (25,230) | 65,799 |
Amounts reclassified to earnings | (52) | 673 | |
Other comprehensive loss | (7,938) | (25,282) | 66,472 |
Allocation of accumulated other comprehensive loss related to noncontrolling interests | (315) | (124) | (109) |
Balance at end of period | (136,349) | (128,726) | (103,568) |
Unrealized Gains On Available-For-Sale Securities | |||
Accumulated Other Comprehensive Loss | |||
Balance at beginning of period | 4 | 0 | 4,026 |
Other comprehensive (loss) income before reclassifications | (4) | 4 | 7 |
Amounts reclassified to earnings | 0 | (4,033) | |
Other comprehensive loss | (4) | 4 | (4,026) |
Allocation of accumulated other comprehensive loss related to noncontrolling interests | 0 | 0 | 0 |
Balance at end of period | 0 | 4 | 0 |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Loss | |||
Balance at beginning of period | (128,722) | (103,568) | (166,123) |
Balance at end of period | $ (136,349) | $ (128,722) | $ (103,568) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE LOSS - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Equity [Abstract] | |
Tax (benefit) provision related to unrealized gains/losses on available-for-sale securities | $ 3.8 |
EARNINGS PER SHARE - Summary (D
EARNINGS PER SHARE - Summary (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net earnings | $ 543,820 | $ 757,747 | $ 358,008 | ||||||||
Net earnings attributable to noncontrolling interests | (112,689) | (130,786) | (53,084) | ||||||||
Impact from public subsidiaries' dilutive securities | (26,063) | (25,228) | (33,531) | ||||||||
Net earnings (loss) attributable to IAC shareholders | $ 100,425 | $ 128,544 | $ 113,467 | $ 88,695 | $ 191,752 | $ 145,774 | $ 218,353 | $ 71,082 | 431,131 | 626,961 | 304,924 |
Net earnings attributable to IAC shareholders | $ 405,068 | $ 601,733 | $ 271,393 | ||||||||
Weighted average basic shares outstanding (shares) | 84,261 | 83,407 | 80,089 | ||||||||
Dilutive securities including subsidiary denominated equity, stock options and RSUs (shares) | 5,782 | 7,915 | 5,221 | ||||||||
Weighted average diluted shares outstanding (shares) | 90,043 | 91,322 | 85,310 | ||||||||
Earnings (loss) per share attributable to IAC shareholders: Basic | |||||||||||
Basic earnings (loss) per share (USD per share) | $ 1.19 | $ 1.52 | $ 1.35 | $ 1.06 | $ 2.29 | $ 1.75 | $ 2.61 | $ 0.86 | $ 5.12 | $ 7.52 | $ 3.81 |
Earnings (loss) per share attributable to IAC shareholders: Diluted | |||||||||||
Diluted earnings (loss) per share (USD per share) | $ 1.05 | $ 1.35 | $ 1.19 | $ 0.91 | $ 2.04 | $ 1.49 | $ 2.32 | $ 0.71 | 4.50 | 6.59 | $ 3.18 |
Anti-dilutive weighted average common shares | |||||||||||
Potentially dilutive securities excluded from calculation of diluted earnings per share (shares) | 100 | ||||||||||
Average stock price during period | $ 223.89 | $ 167.61 | $ 100.54 | ||||||||
RSUs | |||||||||||
Anti-dilutive weighted average common shares | |||||||||||
Potentially dilutive securities excluded from calculation of diluted earnings per share (shares) | 11,100 | 3,500 | 6,900 | ||||||||
PSUs | |||||||||||
Anti-dilutive weighted average common shares | |||||||||||
Potentially dilutive securities excluded from calculation of diluted earnings per share (shares) | 200 | 100 | |||||||||
0.875% Exchangeable Senior Notes due October 1, 2022 (the 2022 Exchangeable Notes); interest payable each April 1 and October 1 | Senior Notes | |||||||||||
Anti-dilutive weighted average common shares | |||||||||||
Potentially dilutive securities excluded from calculation of diluted earnings per share (shares) | 1,100 | 300 | |||||||||
Approximate Equivalent Exchange Price per Share (USD per share) | $ 152.18 | ||||||||||
2026 Exchangeable Notes | Senior Notes | |||||||||||
Anti-dilutive weighted average common shares | |||||||||||
Approximate Equivalent Exchange Price per Share (USD per share) | $ 302.77 | ||||||||||
2030 Exchangeable Notes | Senior Notes | |||||||||||
Anti-dilutive weighted average common shares | |||||||||||
Approximate Equivalent Exchange Price per Share (USD per share) | $ 291.35 |
STOCK-BASED COMPENSATION - Narr
STOCK-BASED COMPENSATION - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017USD ($) | Dec. 31, 2019USD ($)installmentplan$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Number of active stock-based compensation plans | plan | 2 | ||||
Shares available for grant (shares) | shares | 12,600 | ||||
Unrecognized compensation cost, net of estimated forfeitures | $ 272,600 | ||||
Weighted-average period over which cost is expected to be recognized | 2 years 3 months 18 days | ||||
Income tax benefit | $ 49,309 | $ (3,811) | $ 291,050 | ||
Intrinsic value of stock options exercised | $ 167,400 | $ 83,700 | $ 164,600 | ||
Stock options granted in period (shares) | shares | 0 | ||||
Weighted average grant date fair value of stock options granted (USD per share) | $ / shares | $ 53.94 | $ 22.94 | |||
Number of shares required to settle vested and unvested interests at fair value (shares) | shares | 100 | ||||
Cash required to settle vested and unvested interests at fair value | $ 20,200 | ||||
Withholding rate (as a percent) | 50.00% | ||||
Incremental compensation cost | $ 6,600 | ||||
2013 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stated term (in years) | 10 years | ||||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Vesting period | 4 years | ||||
Income tax benefit | $ 189,800 | $ 189,000 | $ 423,000 | ||
Expected volatility (as a percent) | 27.00% | 29.00% | |||
Risk-free interest rate (as a percent) | 2.70% | 2.00% | |||
Expected term | 6 years 2 months 12 days | 5 years 2 months 12 days | |||
Stock options granted in period (shares) | shares | 0 | 100 | 1,200 | ||
Consecutive days of price over threshold for vesting requirement | 20 days | ||||
Number of installments | installment | 2 | ||||
Cash received from stock option exercises | $ 10,700 | $ 41,700 | $ 82,400 | ||
Employee Stock Options, Net Settled | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Income tax benefit | $ (137,200) | $ (169,000) | $ (411,600) | ||
Market-Based Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Withholding rate (as a percent) | 50.00% | ||||
Stock issued in conversion (shares) | shares | 1,800 | ||||
Excess tax benefit attributable to stock-based compensation | $ 450,800 | ||||
Market-Based Stock Options - Vested | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock issued in conversion (shares) | shares | 1,400 | ||||
Excess tax benefit attributable to stock-based compensation | $ 358,700 | ||||
Market-Based Stock Options - Unvested | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock issued in conversion (shares) | shares | 400 | ||||
Excess tax benefit attributable to stock-based compensation | $ 92,100 | ||||
RSUs and PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Weighted average grant date fair value of RSUs and PSUs granted (USD per share) | $ / shares | $ 220.77 | $ 178.29 | $ 90.04 | ||
Fair value of RSUs and PSUs that vested during the period | $ 69,300 | $ 8,900 | $ 32,500 | ||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Weighted average grant date fair value of RSUs and PSUs granted (USD per share) | $ / shares | $ 220.77 | ||||
PSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Vesting period | 3 years | ||||
Weighted average grant date fair value of RSUs and PSUs granted (USD per share) | $ / shares | $ 0 | ||||
MSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Weighted average grant date fair value of RSUs and PSUs granted (USD per share) | $ / shares | $ 153.43 | $ 0 | $ 0 | ||
Fair value of RSUs and PSUs that vested during the period | $ 0 | ||||
Vesting period one | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Award vesting rights rate (as a percent) | 50.00% | ||||
Vesting period one | RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Award vesting rights rate (as a percent) | 33.00% | ||||
Vesting period two | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Award vesting rights rate (as a percent) | 50.00% | ||||
Vesting period two | RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Award vesting rights rate (as a percent) | 33.00% | ||||
Vesting period three | RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Award vesting rights rate (as a percent) | 33.00% | ||||
IAC | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Common stock issued (shares) | shares | 200 | 700 | 2,000 | ||
Match Group | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Common stock issued (shares) | shares | 600 | 2,500 | 11,300 | ||
Cash payments made to cover withholding taxes and exercise of awards | $ 520,000 | ||||
Vested equity awards settled in cash | $ 33,900 | ||||
Match Group | Market Based Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Withholding rate (as a percent) | 50.00% | ||||
Stock issued in conversion (shares) | shares | 8,000 | ||||
Excess tax benefit attributable to stock-based compensation | $ 655,900 | ||||
Match Group | Market Based Awards - Vested | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock issued in conversion (shares) | shares | 2,600 | ||||
Excess tax benefit attributable to stock-based compensation | $ 209,500 | ||||
Match Group | Market Based Awards - Unvested | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Stock issued in conversion (shares) | shares | 5,400 | ||||
Excess tax benefit attributable to stock-based compensation | $ 446,400 | ||||
ANGI Homeservices | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Cash required to settle vested and unvested interests at fair value | $ 57,300 | ||||
Withholding rate (as a percent) | 50.00% | ||||
Common stock issued (shares) | shares | 6,800 | ||||
Cash withholding obligation | $ 43,400 | ||||
Cash withholding obligation equivalent (shares) | shares | 5,100 | ||||
Incremental compensation cost | $ 13,100 | $ 7,900 | |||
Incremental compensation cost from modification recognized in year of modification | 3,900 | ||||
ANGI Homeservices | Stock Appreciation Rights (SARs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Incremental compensation cost | 217,700 | ||||
Incremental compensation cost from modification recognized in year of modification | $ 29,000 | $ 56,900 | $ 93,400 | ||
Maximum | RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Vesting period | 4 years | ||||
Maximum | MSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Vesting period | 5 years | ||||
Minimum | RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Vesting period | 3 years | ||||
Minimum | MSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Vesting period | 3 years |
STOCK-BASED COMPENSATION - Chan
STOCK-BASED COMPENSATION - Changes in Outstanding Stock Options (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Number of Shares | |
Balance at beginning of period (shares) | shares | 5,814 |
Granted (shares) | shares | 0 |
Exercised (shares) | shares | (911) |
Forfeited (shares) | shares | (15) |
Expired (shares) | shares | (1) |
Balance at end of period (shares) | shares | 4,887 |
Options exercisable (shares) | shares | 3,851 |
Weighted Average Exercise Price | |
Balance at beginning of period (USD per share) | $ / shares | $ 62.97 |
Granted (USD per share) | $ / shares | 0 |
Exercised (USD per share) | $ / shares | 53.41 |
Forfeited (USD per share) | $ / shares | 101.01 |
Expired (USD per share) | $ / shares | 124.29 |
Balance at end of period (USD per share) | $ / shares | 64.63 |
Options exercisable (USD per share) | $ / shares | $ 62.83 |
Weighted Average Remaining Contractual Term (In Years) | |
Remaining term at end of period | 5 years 3 months 18 days |
Term of options exercisable | 4 years 10 months 24 days |
Aggregate Intrinsic Value | |
Balance at end of period | $ | $ 901,629 |
Options exercisable | $ | $ 717,388 |
STOCK-BASED COMPENSATION - Stoc
STOCK-BASED COMPENSATION - Stock Options Outstanding and Exercisable (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Options Outstanding | |
Options outstanding (shares) | shares | 4,887 |
Weighted- Average Remaining Contractual Life in Years | 5 years 3 months 18 days |
Weighted-average exercise price (USD per share) | $ 64.63 |
Options Exercisable | |
Options exercisable (shares) | shares | 3,851 |
Weighted- Average Remaining Contractual Life in Years | 4 years 10 months 24 days |
Weighted-average exercise price (USD per share) | $ 62.83 |
$20.01 to $30.00 | |
Options Outstanding | |
Options outstanding (shares) | shares | 3 |
Weighted- Average Remaining Contractual Life in Years | 3 days |
Weighted-average exercise price (USD per share) | $ 21.60 |
Options Exercisable | |
Options exercisable (shares) | shares | 3 |
Weighted- Average Remaining Contractual Life in Years | 3 days |
Weighted-average exercise price (USD per share) | $ 21.60 |
$30.01 to $40.00 | |
Options Outstanding | |
Options outstanding (shares) | shares | 363 |
Weighted- Average Remaining Contractual Life in Years | 1 year 3 months 18 days |
Weighted-average exercise price (USD per share) | $ 32.39 |
Options Exercisable | |
Options exercisable (shares) | shares | 363 |
Weighted- Average Remaining Contractual Life in Years | 1 year 3 months 18 days |
Weighted-average exercise price (USD per share) | $ 32.39 |
$40.01 to $50.00 | |
Options Outstanding | |
Options outstanding (shares) | shares | 1,124 |
Weighted- Average Remaining Contractual Life in Years | 5 years 2 months 12 days |
Weighted-average exercise price (USD per share) | $ 42.96 |
Options Exercisable | |
Options exercisable (shares) | shares | 840 |
Weighted- Average Remaining Contractual Life in Years | 4 years 9 months 18 days |
Weighted-average exercise price (USD per share) | $ 43.32 |
$50.01 to $60.00 | |
Options Outstanding | |
Options outstanding (shares) | shares | 142 |
Weighted- Average Remaining Contractual Life in Years | 2 years 2 months 12 days |
Weighted-average exercise price (USD per share) | $ 59.89 |
Options Exercisable | |
Options exercisable (shares) | shares | 141 |
Weighted- Average Remaining Contractual Life in Years | 2 years 2 months 12 days |
Weighted-average exercise price (USD per share) | $ 59.90 |
$60.01 to $70.00 | |
Options Outstanding | |
Options outstanding (shares) | shares | 916 |
Weighted- Average Remaining Contractual Life in Years | 5 years 4 months 24 days |
Weighted-average exercise price (USD per share) | $ 65.87 |
Options Exercisable | |
Options exercisable (shares) | shares | 796 |
Weighted- Average Remaining Contractual Life in Years | 5 years 1 month 6 days |
Weighted-average exercise price (USD per share) | $ 65.97 |
$70.01 to $80.00 | |
Options Outstanding | |
Options outstanding (shares) | shares | 1,755 |
Weighted- Average Remaining Contractual Life in Years | 6 years 4 months 24 days |
Weighted-average exercise price (USD per share) | $ 75.29 |
Options Exercisable | |
Options exercisable (shares) | shares | 1,206 |
Weighted- Average Remaining Contractual Life in Years | 6 years |
Weighted-average exercise price (USD per share) | $ 74.99 |
$80.01 to $90.00 | |
Options Outstanding | |
Options outstanding (shares) | shares | 500 |
Weighted- Average Remaining Contractual Life in Years | 5 years 3 months 18 days |
Weighted-average exercise price (USD per share) | $ 84.31 |
Options Exercisable | |
Options exercisable (shares) | shares | 500 |
Weighted- Average Remaining Contractual Life in Years | 5 years 3 months 18 days |
Weighted-average exercise price (USD per share) | $ 84.31 |
Greater than $90.01 | |
Options Outstanding | |
Options outstanding (shares) | shares | 84 |
Weighted- Average Remaining Contractual Life in Years | 8 years 2 months 12 days |
Weighted-average exercise price (USD per share) | $ 150.23 |
Options Exercisable | |
Options exercisable (shares) | shares | 2 |
Weighted- Average Remaining Contractual Life in Years | 7 years 7 months 6 days |
Weighted-average exercise price (USD per share) | $ 104.13 |
Minimum | $20.01 to $30.00 | |
Options Exercisable | |
Exercise price range, lower limit (USD per share) | 20.01 |
Minimum | $30.01 to $40.00 | |
Options Exercisable | |
Exercise price range, lower limit (USD per share) | 30.01 |
Minimum | $40.01 to $50.00 | |
Options Exercisable | |
Exercise price range, lower limit (USD per share) | 40.01 |
Minimum | $50.01 to $60.00 | |
Options Exercisable | |
Exercise price range, lower limit (USD per share) | 50.01 |
Minimum | $60.01 to $70.00 | |
Options Exercisable | |
Exercise price range, lower limit (USD per share) | 60.01 |
Minimum | $70.01 to $80.00 | |
Options Exercisable | |
Exercise price range, lower limit (USD per share) | 70.01 |
Minimum | $80.01 to $90.00 | |
Options Exercisable | |
Exercise price range, lower limit (USD per share) | 80.01 |
Minimum | Greater than $90.01 | |
Options Exercisable | |
Exercise price range, lower limit (USD per share) | 90.01 |
Maximum | $20.01 to $30.00 | |
Options Exercisable | |
Exercise price range, upper limit (USD per share) | 30 |
Maximum | $30.01 to $40.00 | |
Options Exercisable | |
Exercise price range, upper limit (USD per share) | 40 |
Maximum | $40.01 to $50.00 | |
Options Exercisable | |
Exercise price range, upper limit (USD per share) | 50 |
Maximum | $50.01 to $60.00 | |
Options Exercisable | |
Exercise price range, upper limit (USD per share) | 60 |
Maximum | $60.01 to $70.00 | |
Options Exercisable | |
Exercise price range, upper limit (USD per share) | 70 |
Maximum | $70.01 to $80.00 | |
Options Exercisable | |
Exercise price range, upper limit (USD per share) | 80 |
Maximum | $80.01 to $90.00 | |
Options Exercisable | |
Exercise price range, upper limit (USD per share) | $ 90 |
STOCK-BASED COMPENSATION - Weig
STOCK-BASED COMPENSATION - Weighted-Average Assumptions (Details) - Stock Options | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Expected volatility (as a percent) | 27.00% | 29.00% |
Risk-free interest rate (as a percent) | 2.70% | 2.00% |
Expected term | 6 years 2 months 12 days | 5 years 2 months 12 days |
Dividend yield (as a percent) | 0.00% | 0.00% |
STOCK-BASED COMPENSATION - Outs
STOCK-BASED COMPENSATION - Outstanding and Unvested RSUs and PSUs (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
RSUs | |||
Number of Shares | |||
Balance at beginning of the period (shares) | 459 | ||
Granted (shares) | 63 | ||
Vested (shares) | (304) | ||
Forfeited (shares) | (16) | ||
Balance at end of the period (shares) | 202 | 459 | |
Weighted Average Grant Date Fair Value | |||
Balance at beginning of the period (USD per share) | $ 115.12 | ||
Granted (USD per share) | 220.77 | ||
Vested (USD per share) | 118.25 | ||
Forfeited (USD per share) | 194.10 | ||
Balance at end of the period (USD per share) | $ 132.37 | $ 115.12 | |
MSUs | |||
Number of Shares | |||
Balance at beginning of the period (shares) | 0 | ||
Granted (shares) | 159 | ||
Vested (shares) | 0 | ||
Balance at end of the period (shares) | 159 | 0 | |
Weighted Average Grant Date Fair Value | |||
Balance at beginning of the period (USD per share) | $ 0 | ||
Granted (USD per share) | 153.43 | $ 0 | $ 0 |
Vested (USD per share) | 0 | ||
Balance at end of the period (USD per share) | $ 153.43 | $ 0 | |
PSUs | |||
Number of Shares | |||
Balance at beginning of the period (shares) | 113 | ||
Granted (shares) | 0 | ||
Vested (shares) | 0 | ||
Forfeited (shares) | (113) | ||
Balance at end of the period (shares) | 0 | 113 | |
Weighted Average Grant Date Fair Value | |||
Balance at beginning of the period (USD per share) | $ 76 | ||
Granted (USD per share) | 0 | ||
Vested (USD per share) | 0 | ||
Forfeited (USD per share) | 76 | ||
Balance at end of the period (USD per share) | $ 0 | $ 76 | |
Vesting period | 3 years |
SEGMENT INFORMATION - Segment R
SEGMENT INFORMATION - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 1,217,680 | $ 1,246,874 | $ 1,186,658 | $ 1,105,843 | $ 1,104,103 | $ 1,104,592 | $ 1,059,122 | $ 995,075 | $ 4,757,055 | $ 4,262,892 | $ 3,307,239 |
Operating Segments | Match Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,051,258 | 1,729,850 | 1,330,661 | ||||||||
Operating Segments | ANGI Homeservices | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,326,205 | 1,132,241 | 736,386 | ||||||||
Operating Segments | Vimeo | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 196,015 | 159,641 | 103,332 | ||||||||
Operating Segments | Dotdash | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 167,594 | 130,991 | 90,890 | ||||||||
Operating Segments | Applications | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 519,459 | 582,287 | 577,998 | ||||||||
Operating Segments | Emerging & Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 496,832 | 528,250 | 468,589 | ||||||||
Inter-segment elimination | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ (308) | $ (368) | $ (617) |
SEGMENT INFORMATION - Revenue D
SEGMENT INFORMATION - Revenue Disaggregated by Service (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 1,217,680 | $ 1,246,874 | $ 1,186,658 | $ 1,105,843 | $ 1,104,103 | $ 1,104,592 | $ 1,059,122 | $ 995,075 | $ 4,757,055 | $ 4,262,892 | $ 3,307,239 |
Operating Segments | Match Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,051,258 | 1,729,850 | 1,330,661 | ||||||||
Operating Segments | ANGI Homeservices | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,326,205 | 1,132,241 | 736,386 | ||||||||
Operating Segments | Vimeo | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 196,015 | 159,641 | 103,332 | ||||||||
Operating Segments | Dotdash | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 167,594 | 130,991 | 90,890 | ||||||||
Operating Segments | Applications | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 519,459 | 582,287 | 577,998 | ||||||||
Operating Segments | Applications | Mosaic Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 199,224 | 123,516 | 55,849 | ||||||||
Operating Segments | Emerging & Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 496,832 | 528,250 | 468,589 | ||||||||
North America | Operating Segments | ANGI Homeservices | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,249,892 | 1,062,171 | 678,897 | ||||||||
Europe | Operating Segments | ANGI Homeservices | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 76,313 | 70,070 | 57,489 | ||||||||
Direct | Operating Segments | Match Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,007,174 | 1,677,171 | 1,281,249 | ||||||||
Direct | Operating Segments | Match Group | Tinder | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,152,045 | 805,316 | 403,216 | ||||||||
Direct | Operating Segments | Match Group | Other brands | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 855,129 | 871,855 | 878,033 | ||||||||
Direct | North America | Operating Segments | Match Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,024,161 | 902,478 | 741,334 | ||||||||
Direct | International | Operating Segments | Match Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 983,013 | 774,693 | 539,915 | ||||||||
Indirect | Operating Segments | Match Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 44,084 | 52,679 | 49,412 | ||||||||
Marketplace | North America | Operating Segments | ANGI Homeservices | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 985,210 | 774,495 | 581,414 | ||||||||
Consumer connection revenue | North America | Operating Segments | ANGI Homeservices | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 913,533 | 704,341 | 521,481 | ||||||||
Service professional membership subscription revenue | North America | Operating Segments | ANGI Homeservices | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 64,706 | 66,214 | 56,135 | ||||||||
Other revenue | North America | Operating Segments | ANGI Homeservices | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 6,971 | 3,940 | 3,798 | ||||||||
Advertising and other revenue | North America | Operating Segments | ANGI Homeservices | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 264,682 | 287,676 | 97,483 | ||||||||
Advertising and other revenue | Europe | Operating Segments | ANGI Homeservices | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,471 | 1,795 | 884 | ||||||||
Consumer connection revenue | Europe | Operating Segments | ANGI Homeservices | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 59,611 | 50,913 | 40,009 | ||||||||
Service professional membership subscription revenue | Europe | Operating Segments | ANGI Homeservices | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 14,231 | 17,362 | 16,596 | ||||||||
Platform revenue | Operating Segments | Vimeo | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 193,736 | 146,665 | 99,650 | ||||||||
Hardware revenue | Operating Segments | Vimeo | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,279 | 12,976 | 3,682 | ||||||||
Advertising | Operating Segments | Dotdash | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 126,487 | 103,704 | 76,316 | ||||||||
Advertising | Operating Segments | Applications | Mosaic Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 9,346 | 18,541 | 27,869 | ||||||||
Advertising | Operating Segments | Emerging & Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 437,459 | 424,485 | 279,487 | ||||||||
Google advertising revenue | Operating Segments | Emerging & Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 391,709 | 357,752 | 225,576 | ||||||||
Non-Google advertising revenue | Operating Segments | Emerging & Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 45,750 | 66,733 | 53,911 | ||||||||
Affiliate Commerce Commission | Operating Segments | Dotdash | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 41,107 | 27,287 | 14,574 | ||||||||
Other revenue | Operating Segments | Emerging & Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 59,373 | 103,765 | 169,497 | ||||||||
Desktop | Operating Segments | Applications | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 320,235 | 458,771 | 522,149 | ||||||||
Advertising | Operating Segments | Applications | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 304,377 | 437,956 | 487,536 | ||||||||
Google advertising revenue | Operating Segments | Applications | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 291,215 | 426,964 | 480,774 | ||||||||
Non-Google advertising revenue | Operating Segments | Applications | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 13,162 | 10,992 | 6,762 | ||||||||
Subscription and other revenue | Operating Segments | Applications | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 15,858 | 20,815 | 34,613 | ||||||||
Subscription and other revenue | Operating Segments | Applications | Mosaic Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 189,878 | 104,975 | 27,980 | ||||||||
Test preparation revenue | Operating Segments | Emerging & Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 0 | $ 0 | $ 19,605 |
SEGMENT INFORMATION - Revenue a
SEGMENT INFORMATION - Revenue and Long-Lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue and Long-lived Assets by Geography | |||
Revenue: | $ 4,757,055 | $ 4,262,892 | $ 3,307,239 |
Long-lived assets (excluding goodwill and intangible assets) | 371,353 | 318,800 | |
United States | |||
Revenue and Long-lived Assets by Geography | |||
Revenue: | 3,070,487 | 2,824,928 | 2,323,050 |
Long-lived assets (excluding goodwill and intangible assets) | 345,937 | 289,756 | |
All other countries | |||
Revenue and Long-lived Assets by Geography | |||
Revenue: | 1,686,568 | 1,437,964 | $ 984,189 |
Long-lived assets (excluding goodwill and intangible assets) | $ 25,416 | $ 29,044 |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of Adjusted EBITDA to Operating Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting, Other Significant Reconciling Item | |||||||||||
Operating income | $ 161,298 | $ 185,852 | $ 154,310 | $ 79,873 | $ 133,920 | $ 172,832 | $ 168,437 | $ 89,950 | $ 581,333 | $ 565,139 | $ 188,466 |
Stock-Based Compensation Expense | 240,788 | 238,420 | 264,618 | ||||||||
Depreciation | 88,399 | 75,360 | 74,265 | ||||||||
Amortization of intangibles | 92,595 | 108,399 | 42,143 | ||||||||
Goodwill Impairment | 3,318 | 0 | 0 | ||||||||
Interest expense | (153,563) | (109,327) | (105,295) | ||||||||
Other expense, net | 66,741 | 305,746 | (16,213) | ||||||||
Earnings before income taxes | 494,511 | 761,558 | 66,958 | ||||||||
Income tax benefit | 49,309 | (3,811) | 291,050 | ||||||||
Net earnings | 124,272 | 159,772 | 146,791 | 112,985 | 217,477 | 171,577 | 280,854 | 87,839 | 543,820 | 757,747 | 358,008 |
Net earnings attributable to noncontrolling interests | (112,689) | (130,786) | (53,084) | ||||||||
Net earnings attributable to IAC shareholders | $ 100,425 | $ 128,544 | $ 113,467 | $ 88,695 | $ 191,752 | $ 145,774 | $ 218,353 | $ 71,082 | 431,131 | 626,961 | 304,924 |
ANGI Homeservices | |||||||||||
Segment Reporting, Other Significant Reconciling Item | |||||||||||
Goodwill Impairment | 0 | ||||||||||
Applications | |||||||||||
Segment Reporting, Other Significant Reconciling Item | |||||||||||
Goodwill Impairment | 0 | ||||||||||
Operating Segments | Match Group | |||||||||||
Segment Reporting, Other Significant Reconciling Item | |||||||||||
Operating income | 648,531 | 553,294 | 360,517 | ||||||||
Stock-Based Compensation Expense | 89,724 | 66,031 | 69,090 | ||||||||
Depreciation | 32,450 | 32,968 | 32,613 | ||||||||
Amortization of intangibles | 8,727 | 1,318 | 1,468 | ||||||||
Acquisition-related Contingent Consideration Fair Value Adjustments | 0 | 320 | 5,253 | ||||||||
Goodwill Impairment | 0 | ||||||||||
Adjusted EBITDA | 779,432 | 653,931 | 468,941 | ||||||||
Operating Segments | ANGI Homeservices | |||||||||||
Segment Reporting, Other Significant Reconciling Item | |||||||||||
Operating income | 38,645 | 63,906 | (149,176) | ||||||||
Stock-Based Compensation Expense | 68,255 | 97,078 | 149,230 | ||||||||
Depreciation | 39,915 | 24,310 | 14,543 | ||||||||
Amortization of intangibles | 55,482 | 62,212 | 23,261 | ||||||||
Acquisition-related Contingent Consideration Fair Value Adjustments | 0 | 0 | 0 | ||||||||
Goodwill Impairment | 0 | ||||||||||
Adjusted EBITDA | 202,297 | 247,506 | 37,858 | ||||||||
Operating Segments | Vimeo | |||||||||||
Segment Reporting, Other Significant Reconciling Item | |||||||||||
Operating income | (51,921) | (35,594) | (27,328) | ||||||||
Stock-Based Compensation Expense | 0 | 0 | 0 | ||||||||
Depreciation | 478 | 1,200 | 1,408 | ||||||||
Amortization of intangibles | 9,653 | 6,349 | 2,313 | ||||||||
Acquisition-related Contingent Consideration Fair Value Adjustments | 0 | 0 | 0 | ||||||||
Goodwill Impairment | 0 | ||||||||||
Adjusted EBITDA | (41,790) | (28,045) | (23,607) | ||||||||
Operating Segments | Dotdash | |||||||||||
Segment Reporting, Other Significant Reconciling Item | |||||||||||
Operating income | 29,021 | 18,778 | (15,694) | ||||||||
Stock-Based Compensation Expense | 0 | 0 | 0 | ||||||||
Depreciation | 974 | 969 | 2,255 | ||||||||
Amortization of intangibles | 9,606 | 1,637 | 10,676 | ||||||||
Acquisition-related Contingent Consideration Fair Value Adjustments | 0 | 0 | 0 | ||||||||
Goodwill Impairment | 0 | ||||||||||
Adjusted EBITDA | 39,601 | 21,384 | (2,763) | ||||||||
Operating Segments | Applications | |||||||||||
Segment Reporting, Other Significant Reconciling Item | |||||||||||
Operating income | 113,569 | 94,834 | 130,176 | ||||||||
Stock-Based Compensation Expense | 0 | 0 | 0 | ||||||||
Depreciation | 1,443 | 2,601 | 3,863 | ||||||||
Amortization of intangibles | 8,277 | 33,266 | 2,170 | ||||||||
Acquisition-related Contingent Consideration Fair Value Adjustments | (19,738) | 1,136 | 548 | ||||||||
Goodwill Impairment | 0 | ||||||||||
Adjusted EBITDA | 103,551 | 131,837 | 136,757 | ||||||||
Operating Segments | Emerging & Other | |||||||||||
Segment Reporting, Other Significant Reconciling Item | |||||||||||
Operating income | (13,012) | 29,964 | 17,412 | ||||||||
Stock-Based Compensation Expense | 0 | 919 | 2,130 | ||||||||
Depreciation | 1,088 | 1,678 | 4,065 | ||||||||
Amortization of intangibles | 850 | 3,617 | 2,255 | ||||||||
Acquisition-related Contingent Consideration Fair Value Adjustments | 0 | 0 | 0 | ||||||||
Goodwill Impairment | 3,318 | ||||||||||
Adjusted EBITDA | (7,756) | 36,178 | 25,862 | ||||||||
Corporate | |||||||||||
Segment Reporting, Other Significant Reconciling Item | |||||||||||
Operating income | (183,500) | (160,043) | (127,441) | ||||||||
Stock-Based Compensation Expense | 82,809 | 74,392 | 44,168 | ||||||||
Depreciation | 12,051 | 11,634 | 15,518 | ||||||||
Amortization of intangibles | 0 | 0 | 0 | ||||||||
Acquisition-related Contingent Consideration Fair Value Adjustments | 0 | 0 | 0 | ||||||||
Goodwill Impairment | 0 | ||||||||||
Adjusted EBITDA | $ (88,640) | $ (74,017) | $ (67,755) |
SEGMENT INFORMATION - Capital E
SEGMENT INFORMATION - Capital Expenditures by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures: | $ 136,652 | $ 85,634 | $ 75,523 |
Operating Segments | Match Group | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures: | 38,754 | 30,954 | 28,833 |
Operating Segments | ANGI Homeservices | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures: | 68,804 | 46,976 | 26,837 |
Operating Segments | Vimeo | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures: | 2,801 | 209 | 109 |
Operating Segments | Dotdash | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures: | 102 | 825 | |
Operating Segments | Applications | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures: | 85 | 111 | 227 |
Operating Segments | Emerging & Other | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures: | 345 | 1,119 | 852 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures: | $ 25,863 | $ 6,163 | $ 17,840 |
LEASES - Balance Sheet Informat
LEASES - Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Right-of-use assets, net | $ 167,801 | $ 0 |
Liabilities: | ||
Current lease liabilities | 33,118 | |
Long-term lease liabilities | 190,772 | |
Total lease liabilities | $ 223,890 |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating lease cost | $ 50,927 |
Variable lease cost | 10,258 |
Lease cost | 61,185 |
Short-term lease cost | $ 5,300 |
Schedule of Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheet to the total amounts shown in the consolidated statement of cash flows: December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016 (In thousands) Cash and cash equivalents $ 3,139,295 $ 2,131,632 $ 1,630,809 $ 1,329,187 Restricted cash included in other current assets 654 1,633 2,873 20,464 Restricted cash included in other assets 409 420 — 10,548 Total cash and cash equivalents and restricted cash as shown on the consolidated statement of cash flows $ 3,140,358 $ 2,133,685 $ 1,633,682 $ 1,360,199 |
Sublease income | $ 2,100 |
Cost of sales | |
Lessee, Lease, Description [Line Items] | |
Operating lease cost | 4,106 |
Variable lease cost | 441 |
Selling and marketing expense | |
Lessee, Lease, Description [Line Items] | |
Operating lease cost | 10,641 |
Variable lease cost | 1,573 |
General and administrative expense | |
Lessee, Lease, Description [Line Items] | |
Operating lease cost | 34,639 |
Variable lease cost | 7,853 |
Product development expense | |
Lessee, Lease, Description [Line Items] | |
Operating lease cost | 1,541 |
Variable lease cost | $ 391 |
LEASES - Operating Lease Liabil
LEASES - Operating Lease Liabilities Maturities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 43,902 |
2021 | 40,567 |
2022 | 32,135 |
2023 | 28,607 |
2024 | 25,594 |
Thereafter | 226,734 |
Total | 397,539 |
Less: Interest | 173,649 |
Present value of lease liabilities | 223,890 |
Lease payments for leases signed but not yet commenced | $ 37,700 |
LEASES - Weighted-Average Remai
LEASES - Weighted-Average Remaining Term and Discount Rate (Details) | Dec. 31, 2019 |
Leases [Abstract] | |
Remaining lease term | 15 years 4 months 24 days |
Discount rate (as a percent) | 6.00% |
LEASES - Other Information (Det
LEASES - Other Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Right-of-use assets obtained in exchange for lease liabilities | $ 66,408 |
Cash paid for amounts included in the measurement of lease liabilities | $ 49,117 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Commercial Commitments Outstanding (Details) - Purchase obligations $ in Thousands | Dec. 31, 2019USD ($) |
Other Commitments | |
Less Than 1 Year | $ 119,116 |
1-3 Years | 81,423 |
3-5 Years | 0 |
More Than 5 Years | 0 |
Total Amounts Committed | $ 200,539 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Narrative (Details) | Jun. 13, 2019plaintiff | Aug. 31, 2018plaintiff | Aug. 14, 2018USD ($)plaintiff | Dec. 31, 2019USD ($)minimum_payment |
Loss Contingencies [Line Items] | ||||
Loss contingency accrual | $ 0 | |||
Tinder Optionholder Litigation | ||||
Loss Contingencies [Line Items] | ||||
Number of plaintiffs | plaintiff | 6 | 10 | ||
Number of plaintiffs who filed a discontinuance of claims | plaintiff | 2 | 4 | ||
Tinder Optionholder Litigation | Pending Litigation | ||||
Loss Contingencies [Line Items] | ||||
Damages sought | $ 2,000,000,000 | |||
Purchase Commitment - Three Year Cloud Computing | ||||
Loss Contingencies [Line Items] | ||||
Purchase obligations | 150,000,000 | |||
Payments of commercial commitments | 50,000,000 | |||
Prepaid asset | $ 40,300,000 | |||
Number of remaining minimum payments | minimum_payment | 2 | |||
Commercial commitments due in the next two years | $ 50,000,000 | |||
Purchase Commitment - Two Year Cloud Computing | ||||
Loss Contingencies [Line Items] | ||||
Commercial commitments due in the next two years | 59,300,000 | |||
Commercial commitments due in the next twelve months | 40,900,000 | |||
Commercial commitments due in Year Two | 18,300,000 | |||
Purchase Commitments - Advertising | ||||
Loss Contingencies [Line Items] | ||||
Commercial commitments due in the next twelve months | 23,800,000 | |||
Purchase obligations | ||||
Loss Contingencies [Line Items] | ||||
Purchase obligations | 200,539,000 | |||
Commercial commitments due in the next twelve months | 119,116,000 | |||
Commercial commitments due between Year One and Year Three | $ 81,423,000 | |||
Expedia | Corporate Aircraft Purchase | ||||
Loss Contingencies [Line Items] | ||||
Proportion of total purchase price and refurbish costs paid in related party transaction (as a percent) | 50.00% | |||
Expedia | Corporate Aircraft Purchase | Purchase obligations | ||||
Loss Contingencies [Line Items] | ||||
Commercial commitments due between Year One and Year Three | $ 13,100,000 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) shares in Millions | Oct. 10, 2018shares | Dec. 31, 2017USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)aircraftshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Sep. 29, 2017USD ($)intercompany_note |
Match Group | Employee Matters Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Shares received from related party pursuant to employee matters agreement (in shares) | shares | 0.8 | 3 | 11.9 | ||||
Shares received from related party as reimbursement for exercise and settlement of equity awards denominated in shares of subsidiary (in shares) | shares | 0.7 | 2.5 | 11.3 | ||||
Shares received from related party as reimbursement for exercise and vesting of equity awards denominated in shares of parent (in shares) | shares | 0.1 | 0.5 | 0.6 | ||||
Match Group | Services Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Payments received from related parties | $ 7,900,000 | $ 7,600,000 | $ 9,900,000 | ||||
Match Group | Leased Office Space | |||||||
Related Party Transaction [Line Items] | |||||||
Expenses from transactions with related parties | 5,800,000 | 5,200,000 | 5,100,000 | ||||
Match Group | Tax Sharing Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Payments received from related parties | 0 | 7,000,000 | $ 10,900,000 | ||||
Due from related parties | $ 200,000 | $ 0 | |||||
Match Group | Net Operating Loss Sold | |||||||
Related Party Transaction [Line Items] | |||||||
Expenses from transactions with related parties | $ 900,000 | ||||||
ANGI Homeservices | Employee Matters Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Shares received from related party pursuant to employee matters agreement (in shares) | shares | 0.5 | 0.9 | 0.4 | ||||
ANGI Homeservices | Services Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Payments received from related parties | $ 4,800,000 | $ 5,700,000 | $ 1,700,000 | ||||
Due to related parties | 0 | 100,000 | |||||
ANGI Homeservices | Tax Sharing Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Current notes receivable due from related party | 200,000 | $ 12,100,000 | |||||
Payments received from related party tax expense | $ 11,400,000 | ||||||
ANGI Homeservices | Intercompany Notes | |||||||
Related Party Transaction [Line Items] | |||||||
Number of related party debt instruments | intercompany_note | 2 | ||||||
ANGI Homeservices | Payoff Intercompany Note | |||||||
Related Party Transaction [Line Items] | |||||||
Current notes receivable due from related party | $ 61,500,000 | ||||||
ANGI Homeservices | Working Capital Intercompany Note | |||||||
Related Party Transaction [Line Items] | |||||||
Current notes receivable due from related party | $ 15,000,000 | ||||||
ANGI Homeservices | Sublease Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Due to related parties | 900,000 | ||||||
Related party costs | $ 1,400,000 | ||||||
Other Affiliates | |||||||
Related Party Transaction [Line Items] | |||||||
Ownership interest held by each of the Company and Expedia in aircraft (as a percent) | 50.00% | ||||||
Number of aircraft operated | aircraft | 2 | ||||||
IAC's total purchase price and refurbish costs in aircraft | $ 17,400,000 | ||||||
Proportion of total purchase price and refurbish costs paid in related party transaction (as a percent) | 50.00% | ||||||
Ownership interest held by each of the Company and Expedia in an entity employing aircraft flight crew (as a percent) | 50.00% | ||||||
Expedia | Corporate Aircraft Purchase | |||||||
Related Party Transaction [Line Items] | |||||||
Expenses from transactions with related parties | $ 23,000,000 | ||||||
Proportion of total purchase price and refurbish costs paid in related party transaction (as a percent) | 50.00% | ||||||
Expected costs from transactions with related party | $ 72,300,000 | ||||||
Class B Common Stock | ANGI Homeservices | Angie's List Merger Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Stock received from related party (shares) | shares | 5.1 |
BENEFIT PLANS - Narrative (Deta
BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan Disclosure | |||||
Employee contribution limit per calendar year (up to) (as a percent of pre-tax earnings) | 50.00% | ||||
Employer contribution limit per calendar year (as a percent of compensation) | 10.00% | 3.00% | |||
Employer contribution per dollar employee contributes up to contribution limit | 100.00% | ||||
United States | |||||
Defined Contribution Plan Disclosure | |||||
Defined contribution plan contributions | $ 21 | $ 12.9 | $ 11.1 | ||
Foreign Plan | |||||
Defined Contribution Plan Disclosure | |||||
Defined contribution plan contributions | $ 4 | $ 3.4 | $ 2.5 |
CONSOLIDATED FINANCIAL STATEM_3
CONSOLIDATED FINANCIAL STATEMENT DETAILS - Narrative (Details) - USD ($) shares in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 19, 2018 | Dec. 04, 2017 | Sep. 29, 2017 | |
Additional consolidated financial statement details | ||||||||
Unrealized gains, net, on equity securities held | $ 14,505,000 | $ 124,170,000 | ||||||
Upward adjustments to equity securities without readily determinable fair value | 19,900,000 | |||||||
Fair value of contingent consideration at date of acquisition | $ 0 | $ 25,500,000 | $ 0 | |||||
Match Group | ||||||||
Additional consolidated financial statement details | ||||||||
Common stock issued (shares) | 2,500 | 600 | 2,500 | 11,300 | ||||
ANGI Homeservices | ||||||||
Additional consolidated financial statement details | ||||||||
Common stock issued (shares) | 6,800 | |||||||
Senior Notes | 4.875% Senior Notes due November 30, 2018 (the 4.875% Senior Notes); interest payable each May 30 and November 30 | ||||||||
Additional consolidated financial statement details | ||||||||
Stated interest rate (as a percent) | 4.875% | |||||||
Senior Notes | Match Group | 6.75% Senior Notes due December 15, 2022 (the Match Group 6.75% Senior Notes); interest payable each June 15 and December 15 | ||||||||
Additional consolidated financial statement details | ||||||||
Stated interest rate (as a percent) | 6.75% | 6.75% | ||||||
Other Income (Expense) | ||||||||
Additional consolidated financial statement details | ||||||||
Interest income | $ 55,000,000 | $ 30,400,000 | $ 11,400,000 | |||||
Upward adjustments to equity securities without readily determinable fair value | 14,500,000 | |||||||
Mark-to-market charge pertaining to subsidiary denominated equity instrument | 1,700,000 | |||||||
Realized foreign currency transaction gain (loss) | 5,300,000 | |||||||
Foreign currency exchange gain (loss) | (16,800,000) | |||||||
Gain (loss) on mark-to-market adjustment | (13,000,000) | |||||||
Gain on sale of long-term investments | 34,900,000 | |||||||
Other Income (Expense) | Senior Notes | 4.875% Senior Notes due November 30, 2018 (the 4.875% Senior Notes); interest payable each May 30 and November 30 | ||||||||
Additional consolidated financial statement details | ||||||||
Write-off of proportionate share of original issue discount and deferred financing costs | (1,200,000) | |||||||
Other Income (Expense) | Senior Notes | Match Group | 6.75% Senior Notes due December 15, 2022 (the Match Group 6.75% Senior Notes); interest payable each June 15 and December 15 | ||||||||
Additional consolidated financial statement details | ||||||||
Expense related to extinguishment of debt | (15,400,000) | |||||||
Dictionary.com, Electus, Felix, and CityGrid | Other Income (Expense) | ||||||||
Additional consolidated financial statement details | ||||||||
Gain (loss) on sale of business | 120,600,000 | |||||||
Pinterest | Other Income (Expense) | ||||||||
Additional consolidated financial statement details | ||||||||
Gain (loss) on sale of business | 26,800,000 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Dictionary.com, Electus, Felix, and CityGrid | ||||||||
Additional consolidated financial statement details | ||||||||
Gain (loss) on sale of business | $ 92,500,000 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Dictionary.com, Electus, Felix, and CityGrid | Other Income (Expense) | ||||||||
Additional consolidated financial statement details | ||||||||
Gain (loss) on sale of business | $ (8,200,000) | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Pinterest | Other Income (Expense) | ||||||||
Additional consolidated financial statement details | ||||||||
Gain (loss) on sale of business | (20,500,000) | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ASKfm | Other Income (Expense) | ||||||||
Additional consolidated financial statement details | ||||||||
Gain on other-than-temporary impairment charges | $ (12,200,000) | |||||||
Pinterest | Other Income (Expense) | ||||||||
Additional consolidated financial statement details | ||||||||
Unrealized gains, net, on equity securities held | $ 128,800,000 | |||||||
Unrealized reduction in estimated fair value of warrants | $ 9,100,000 | |||||||
Common Stock | ||||||||
Additional consolidated financial statement details | ||||||||
Common stock issued (shares) | 262,303 | 263,230 | 262,303 | |||||
Common stock | $ 262,000 | $ 263,000 | $ 262,000 | |||||
Common Stock | ANGI Homeservices | ||||||||
Additional consolidated financial statement details | ||||||||
Common stock issued (shares) | 8,600 | 61,300 | ||||||
Common stock | $ 165,800,000 | $ 763,700,000 |
CONSOLIDATED FINANCIAL STATEM_4
CONSOLIDATED FINANCIAL STATEMENT DETAILS - Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Other current assets: | |||
Prepaid expenses | $ 97,609 | $ 55,586 | |
Capitalized costs to obtain a contract with a customer | 71,548 | 69,817 | $ 53,400 |
Capitalized downloadable search toolbar costs, net | 21,985 | 33,365 | |
Income taxes receivable | 9,308 | 10,132 | |
Other | 48,917 | 59,353 | |
Other current assets | $ 249,367 | $ 228,253 |
CONSOLIDATED FINANCIAL STATEM_5
CONSOLIDATED FINANCIAL STATEMENT DETAILS - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property and equipment, net: | ||
Property and equipment, gross | $ 695,712 | $ 605,598 |
Accumulated depreciation and amortization | (324,359) | (286,798) |
Property and equipment, net | 371,353 | 318,800 |
Buildings and leasehold improvements | ||
Property and equipment, net: | ||
Property and equipment, gross | 270,509 | 249,026 |
Capitalized software and computer equipment | ||
Property and equipment, net: | ||
Property and equipment, gross | 268,927 | 229,083 |
Furniture and other equipment | ||
Property and equipment, net: | ||
Property and equipment, gross | 93,082 | 86,694 |
Land | ||
Property and equipment, net: | ||
Property and equipment, gross | 11,591 | 11,591 |
Projects in progress | ||
Property and equipment, net: | ||
Property and equipment, gross | $ 51,603 | $ 29,204 |
CONSOLIDATED FINANCIAL STATEM_6
CONSOLIDATED FINANCIAL STATEMENT DETAILS - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued expenses and other current liabilities: | ||
Accrued employee compensation and benefits | $ 153,705 | $ 137,583 |
Accrued advertising expense | 91,470 | 105,520 |
Other | 256,828 | 191,783 |
Accrued expenses and other current liabilities | $ 502,003 | $ 434,886 |
CONSOLIDATED FINANCIAL STATEM_7
CONSOLIDATED FINANCIAL STATEMENT DETAILS - Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other income (expense), net: | |||
Other income (expense), net | $ 66,741 | $ 305,746 | $ (16,213) |
CONSOLIDATED FINANCIAL STATEM_8
CONSOLIDATED FINANCIAL STATEMENT DETAILS - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 3,139,295 | $ 2,131,632 | $ 1,630,809 | $ 1,329,187 |
Restricted cash included in other current assets | 654 | 1,633 | 2,873 | 20,464 |
Restricted cash included in other assets | 409 | 420 | 0 | 10,548 |
Total cash and cash equivalents and restricted cash as shown on the consolidated statement of cash flows | $ 3,140,358 | $ 2,133,685 | $ 1,633,682 | $ 1,360,199 |
CONSOLIDATED FINANCIAL STATEM_9
CONSOLIDATED FINANCIAL STATEMENT DETAILS - Supplemental Disclosure of Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash paid (received) during the year for: | |||
Interest | $ 96,730 | $ 90,485 | $ 92,461 |
Income tax payments | 39,515 | 45,154 | 35,598 |
Income tax refunds | $ (5,436) | $ (33,698) | $ (42,025) |
QUARTERLY RESULTS (UNAUDITED) -
QUARTERLY RESULTS (UNAUDITED) - Summary (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenue | $ 1,217,680 | $ 1,246,874 | $ 1,186,658 | $ 1,105,843 | $ 1,104,103 | $ 1,104,592 | $ 1,059,122 | $ 995,075 | $ 4,757,055 | $ 4,262,892 | $ 3,307,239 |
Cost of revenue | 294,575 | 296,385 | 276,389 | 260,071 | 253,722 | 237,238 | 218,224 | 201,962 | 1,127,420 | 911,146 | 651,008 |
Operating income | 161,298 | 185,852 | 154,310 | 79,873 | 133,920 | 172,832 | 168,437 | 89,950 | 581,333 | 565,139 | 188,466 |
Net earnings | 124,272 | 159,772 | 146,791 | 112,985 | 217,477 | 171,577 | 280,854 | 87,839 | 543,820 | 757,747 | 358,008 |
Net earnings attributable to IAC shareholders | $ 100,425 | $ 128,544 | $ 113,467 | $ 88,695 | $ 191,752 | $ 145,774 | $ 218,353 | $ 71,082 | $ 431,131 | $ 626,961 | $ 304,924 |
Per share information attributable to IAC shareholders: | |||||||||||
Basic earnings per share (USD per share) | $ 1.19 | $ 1.52 | $ 1.35 | $ 1.06 | $ 2.29 | $ 1.75 | $ 2.61 | $ 0.86 | $ 5.12 | $ 7.52 | $ 3.81 |
Diluted earnings per share (USD per share) | $ 1.05 | $ 1.35 | $ 1.19 | $ 0.91 | $ 2.04 | $ 1.49 | $ 2.32 | $ 0.71 | $ 4.50 | $ 6.59 | $ 3.18 |
Stock-based compensation expense | $ 240,788 | $ 238,420 | $ 264,618 | ||||||||
Impairment of intangible assets | $ 21,300 | ||||||||||
Dictionary.com, Electus, Felix, and CityGrid | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Per share information attributable to IAC shareholders: | |||||||||||
Gain on sale of business | 92,500 | ||||||||||
HomeAdvisor | |||||||||||
Per share information attributable to IAC shareholders: | |||||||||||
Stock-based compensation expense | $ 1,700 | $ 1,700 | $ 1,900 | $ 2,200 | $ 14,400 | $ 12,300 | $ 12,800 | $ 14,600 | |||
After-tax costs | 2,000 | 4,100 | |||||||||
Write-off due to deferred revenue | 1,800 | $ 2,800 | |||||||||
Gain (loss) on sale of equity investments | $ 133,300 |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions | Feb. 13, 2020 | Feb. 11, 2020 | Jan. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 07, 2018 |
Subsequent Event [Line Items] | ||||||
Face amount of debt instrument | $ 500,000,000 | |||||
Match Group Credit Agreement | Match Group | Revolving Credit Facility | ||||||
Subsequent Event [Line Items] | ||||||
Maximum borrowing capacity | $ 500,000,000 | |||||
Term Loan | MTCH Term Loan due November 16, 2022 | Match Group | ||||||
Subsequent Event [Line Items] | ||||||
Face amount of debt instrument | $ 425,000,000 | |||||
LIBOR | Match Group Credit Agreement | Match Group | Revolving Credit Facility | ||||||
Subsequent Event [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 1.50% | |||||
Subsequent Event | Match Group Credit Agreement | Match Group | Revolving Credit Facility | ||||||
Subsequent Event [Line Items] | ||||||
Maximum borrowing capacity | $ 750,000,000 | |||||
Subsequent Event | Senior Notes | Match Group Senior Notes, 4.125% August 1, 2030 | Match Group | ||||||
Subsequent Event [Line Items] | ||||||
Face amount of debt instrument | $ 500,000,000 | |||||
Stated interest rate (as a percent) | 4.125% | |||||
Subsequent Event | LIBOR | Match Group Credit Agreement | Match Group | Revolving Credit Facility | ||||||
Subsequent Event [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 1.375% | |||||
Subsequent Event | LIBOR | Term Loan | MTCH Term Loan due November 16, 2022 | Match Group | ||||||
Subsequent Event [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 1.75% | |||||
Subsequent Event | Subsidiaries | ||||||
Subsequent Event [Line Items] | ||||||
Stock received from related party (shares) | 1.4 | |||||
Subsequent Event | Match Group | ||||||
Subsequent Event [Line Items] | ||||||
Cash per share paid to related party's shareholders who elected payout (USD per share) | $ 3 | |||||
Subsequent Event | Care.com | ||||||
Subsequent Event [Line Items] | ||||||
Total purchase price | $ 500,000,000 |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for doubtful accounts and revenue reserves | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of period | $ 18,860 | $ 11,489 | $ 16,405 |
Charges to Earnings | 65,803 | 48,445 | 28,930 |
Charges to Other Accounts | 238 | (573) | (1,006) |
Deductions | (60,175) | (40,501) | (32,840) |
Balance at end of period | 24,726 | 18,860 | 11,489 |
Sales returns accrual | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of period | 0 | 80 | |
Charges to Earnings | 0 | ||
Charges to Other Accounts | (80) | ||
Deductions | 0 | ||
Balance at end of period | 0 | ||
Deferred tax valuation allowance | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of period | 115,853 | 132,598 | 88,170 |
Charges to Earnings | 15,404 | (20,746) | 38,144 |
Charges to Other Accounts | (1,637) | 4,001 | 6,284 |
Deductions | 0 | 0 | 0 |
Balance at end of period | 129,620 | 115,853 | 132,598 |
Other reserves | |||
Movement in Valuation Allowances and Reserves | |||
Balance at beginning of period | 7,734 | 2,544 | 2,822 |
Balance at end of period | $ 7,961 | $ 7,734 | $ 2,544 |
Uncategorized Items - iac-20191
Label | Element | Value |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 36,795,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 36,795,000 |