Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 9 Months Ended | ||
Oct. 26, 2014 | Nov. 14, 2014 | Jul. 28, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'NVIDIA CORP | ' | ' |
Entity Central Index Key | '0001045810 | ' | ' |
Current Fiscal Year End Date | '--01-25 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 26-Oct-14 | ' | ' |
Document Fiscal Year Focus | '2015 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 543,536,901 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $7,820,789,330 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 26, 2014 | Oct. 27, 2013 | Oct. 26, 2014 | Oct. 27, 2013 |
Revenue | $1,225,382 | $1,053,967 | $3,430,993 | $2,985,944 |
Cost of revenue | 548,684 | 469,552 | 1,531,119 | 1,337,423 |
Gross profit | 676,698 | 584,415 | 1,899,874 | 1,648,521 |
Operating expenses | ' | ' | ' | ' |
Research and development | 340,085 | 340,294 | 1,011,472 | 999,193 |
Sales, general and administrative | 123,298 | 103,133 | 360,549 | 320,025 |
Total operating expenses | 463,383 | 443,427 | 1,372,021 | 1,319,218 |
Income from operations | 213,315 | 140,988 | 527,853 | 329,303 |
Interest income | 7,422 | 4,022 | 19,961 | 12,963 |
Interest expense | 11,542 | 819 | 34,539 | 2,508 |
Other income (expense), net | -125 | -2,707 | 13,702 | 1,608 |
Income before income tax expense | 209,070 | 141,484 | 526,977 | 341,366 |
Income tax expense | 36,103 | 22,750 | 89,518 | 48,293 |
Net income | $172,967 | $118,734 | $437,459 | $293,073 |
Basic net income per share | $0.32 | $0.20 | $0.79 | $0.49 |
Diluted net income per share | $0.31 | $0.20 | $0.77 | $0.49 |
Shares used in basic per share computation | 547,789 | 580,870 | 555,035 | 594,363 |
Shares used in diluted per share computation | 558,201 | 588,752 | 565,653 | 600,108 |
Cash dividends declared and paid per common share | $0.09 | $0.08 | $0.26 | $0.23 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 26, 2014 | Oct. 27, 2013 | Oct. 26, 2014 | Oct. 27, 2013 |
Net income | $172,967 | $118,734 | $437,459 | $293,073 |
Net change in unrealized gains (losses) on available-for-sale securities, net of tax | 5,283 | 8 | 5,036 | -2,978 |
Reclassification adjustments for net realized gains (losses)on available-for-sale securities included in net income, net of tax | 100 | -43 | -152 | -1,141 |
Other comprehensive income (loss) | 5,383 | -35 | 4,884 | -4,119 |
Total comprehensive income | $178,350 | $118,699 | $442,343 | $288,954 |
Recovered_Sheet1
Condensed Consolidated Statement of Comprehensive Income (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 26, 2014 | Oct. 27, 2013 | Oct. 26, 2014 | Oct. 27, 2013 |
Other comprehensive income (loss), unrealized holding gain (loss) on securities arising during period, tax | ($502) | ($126) | ($852) | ($47) |
Tax effect of reclassification adjustment for sale of securities | ($54) | $24 | $82 | $615 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Oct. 26, 2014 | Jan. 26, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $394,683 | $1,151,587 |
Marketable securities | 3,846,114 | 3,520,223 |
Accounts receivable, net | 563,400 | 426,357 |
Inventories | 408,081 | 387,765 |
Prepaid expenses and other current assets | 67,333 | 70,285 |
Deferred income taxes | 61,498 | 68,494 |
Total current assets | 5,341,109 | 5,624,711 |
Property and equipment, net | 566,601 | 582,740 |
Goodwill | 643,179 | 643,179 |
Intangible assets, net | 241,301 | 296,012 |
Other assets | 93,679 | 104,252 |
Total assets | 6,885,869 | 7,250,894 |
Current liabilities: | ' | ' |
Accounts payable | 328,097 | 324,391 |
Accrued liabilities and other current liabilities | 605,810 | 621,105 |
Total current liabilities | 933,907 | 945,496 |
Long-term debt | 1,377,259 | 1,356,375 |
Other long-term liabilities | 355,133 | 475,125 |
Capital lease obligations, long-term | 14,977 | 17,500 |
Commitments and contingencies - see Note 12 | 0 | 0 |
Stockholders' equity | ' | ' |
Preferred stock | 0 | 0 |
Common stock | 752 | 732 |
Additional paid-in capital | 3,783,099 | 3,483,342 |
Treasury stock, at cost | -3,390,985 | -2,537,295 |
Accumulated other comprehensive income | 9,761 | 4,877 |
Retained earnings | 3,801,966 | 3,504,742 |
Total stockholders' equity | 4,204,593 | 4,456,398 |
Total liabilities and stockholders' equity | $6,885,869 | $7,250,894 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 26, 2014 | Oct. 27, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $437,459 | $293,073 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 166,170 | 184,310 |
Stock-based compensation expense | 115,371 | 100,091 |
Amortization of debt discount | 20,884 | 0 |
Net gain on sale and disposal of long-lived assets and investments | -17,654 | -258 |
Deferred income taxes | 62,081 | 7,914 |
Tax benefits from stock based compensation | -11,744 | -23,743 |
Others | 19,343 | 11,569 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -138,729 | 7,806 |
Inventories | -19,875 | 32,178 |
Prepaid expenses and other assets | 5,024 | 2,898 |
Accounts payable | 9,827 | -38,376 |
Accrued liabilities and other current liabilities | -23,356 | 34,296 |
Other long-term liabilities | -161,874 | -177,324 |
Net cash provided by operating activities | 462,927 | 434,434 |
Cash flows from investing activities: | ' | ' |
Purchases of marketable securities | -2,126,079 | -1,420,471 |
Proceeds from sale of marketable securities | 1,100,014 | 1,475,403 |
Proceeds from maturities of marketable securities | 688,168 | 447,134 |
Proceeds from sale of long-lived assets and investments | 20,862 | 0 |
Purchases of property and equipment and intangible assets | -91,336 | -188,812 |
Acquisition of business | 0 | -17,145 |
Other | -500 | -2,450 |
Net cash provided by (used in) investing activities | -408,871 | 293,659 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of common stock under employee stock plans | 129,691 | 64,749 |
Payments under capital lease obligations | -2,160 | -1,780 |
Tax benefits from stock-based compensation | 11,744 | 23,743 |
Payments for repurchase of common stock | -810,000 | -850,000 |
Dividends paid | -140,235 | -133,007 |
Other | 0 | -2,500 |
Net cash used in financing activities | -810,960 | -898,795 |
Change in cash and cash equivalents | -756,904 | -170,702 |
Cash and cash equivalents at beginning of period | 1,151,587 | 732,786 |
Cash and cash equivalents at end of period | 394,683 | 562,084 |
Other non-cash activity: | ' | ' |
Assets acquired by assuming related liabilities | $14,498 | $28,963 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Oct. 26, 2014 | |
Notes to financial statements [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission, or SEC, Regulation S-X. In the opinion of management, all adjustments, consisting only of normal recurring adjustments except as otherwise noted, considered necessary for a fair statement of results of operations and financial position have been included. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 26, 2014. | |
Significant Accounting Policies | |
For a description of significant accounting policies, see Note 1, Organization and Summary of Significant Accounting Policies, of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 26, 2014. There have been no material changes to our significant accounting policies since the filing of the Annual Report on Form 10-K. | |
Fiscal Year | |
We operate on a 52- or 53-week year, ending on the last Sunday in January. Fiscal year 2015 and fiscal year 2014 are both 52-week years. The third quarters of fiscal years 2015 and 2014 are both 13-week quarters. | |
Principles of Consolidation | |
Our condensed consolidated financial statements include the accounts of NVIDIA Corporation and its wholly-owned subsidiaries. All material inter-company balances and transactions have been eliminated in consolidation. | |
Reclassifications | |
Certain prior fiscal year balances have been reclassified to conform to the current fiscal year presentation. | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an on-going basis, we evaluate our estimates, including those related to revenue recognition, cash equivalents and marketable securities, accounts receivable, inventories, income taxes, goodwill, stock-based compensation, warranty liabilities, litigation, investigation and settlement costs and other contingencies. These estimates are based on historical facts and various other assumptions that we believe are reasonable. | |
Adoption of New and Recently Issued Accounting Pronouncements | |
In August 2014, the Financial Accounting Standards Board, or FASB, issued new guidance related to our responsibility to evaluate whether there is substantial doubt about our ability to continue ongoing business operations and to provide relevant footnote disclosures. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on our financial statements. | |
In June 2014, the FASB issued new guidance related to stock-based compensation. The new guidance requires that a performance target that affects vesting, and that could be achieved after the requisite service period is rendered, be treated as a performance condition. The new guidance is effective for interim periods within and those fiscal years, beginning after December 15, 2015. We currently do not have awards with a performance target where the employee would be eligible to vest in the award regardless of whether the employee is rendering service on the date the performance target is achieved. Therefore, we believe, the adoption of this new accounting guidance will not have an impact on our consolidated financial statements. | |
In May 2014, the FASB issued a new accounting standard update that creates a single source of revenue guidance under U.S. GAAP for all companies, in all industries. Under the new standard, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new guidance requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including significant judgments and estimates used. This new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. We will adopt this guidance either by using a full retrospective approach for all periods presented in the period of adoption or a modified retrospective approach. We are currently evaluating the impact of this accounting guidance on our consolidated financial statements and have not yet determined which transition method we will apply. |
Stock_Based_Compensation
Stock Based Compensation | 9 Months Ended | |||||||||||||||
Oct. 26, 2014 | ||||||||||||||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | |||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
Stock-Based Compensation | ||||||||||||||||
Our stock-based compensation expense is associated with stock options, restricted stock units, or RSUs, performance stock units, or PSUs, and our employee stock purchase plan, or ESPP. | ||||||||||||||||
We estimate the fair value of employee stock options on the date of grant using a binomial model and recognize the expense using a straight-line attribution method over the requisite employee service period. We use the closing trading price of our common stock on the date of grant, minus a dividend yield discount, as the fair value of awards of RSUs and PSUs. The compensation expense for the RSUs is recognized using a straight-line attribution method over the requisite employee service period while compensation expense for PSUs is recognized using an accelerated amortization model. We estimate the fair value of shares to be issued under our ESPP using the Black-Scholes model at the commencement of an offering period in March and September of each year. Stock-based compensation for our employee stock purchase plan is expensed using an accelerated amortization model. | ||||||||||||||||
Our condensed consolidated statements of income include stock-based compensation expense, net of amounts capitalized as inventory, as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 26, | October 27, | October 26, | October 27, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Cost of revenue | $ | 3,021 | $ | 3,090 | $ | 8,596 | $ | 7,911 | ||||||||
Research and development | 22,680 | 20,902 | 64,636 | 61,392 | ||||||||||||
Sales, general and administrative | 15,734 | 10,307 | 42,139 | 30,788 | ||||||||||||
Total | $ | 41,435 | $ | 34,299 | $ | 115,371 | $ | 100,091 | ||||||||
Equity Award Activity | ||||||||||||||||
The following summarizes the stock option, RSU and PSU activity under our equity incentive plans: | ||||||||||||||||
Options Outstanding | Weighted Average Exercise Price | |||||||||||||||
Stock Options | (In thousands) | (Per share) | ||||||||||||||
Balances, January 26, 2014 | 32,504 | $14.22 | ||||||||||||||
Granted | 86 | $18.66 | ||||||||||||||
Exercised | (7,945 | ) | $12.59 | |||||||||||||
Cancelled | (1,361 | ) | $19.49 | |||||||||||||
Balances, October 26, 2014 | 23,284 | $14.48 | ||||||||||||||
RSUs and PSUs Outstanding | Weighted Average Grant-Date Fair Value | |||||||||||||||
RSUs and PSUs | (In thousands) | (Per share) | ||||||||||||||
Balances, January 26, 2014 | 18,852 | $13.82 | ||||||||||||||
Granted (1) | 12,506 | $17.63 | ||||||||||||||
Vested | (7,138 | ) | $13.75 | |||||||||||||
Cancelled | (1,089 | ) | $14.21 | |||||||||||||
Balances, October 26, 2014 | 23,131 | $15.88 | ||||||||||||||
(1) Includes the total number of PSUs issuable if the maximum corporate financial performance target level for fiscal year 2015 is achieved. Depending on the actual level of achievement of the corporate performance goal at the end of fiscal year 2015, the range of PSUs issued could be from 1.3 million to 2.5 million shares. The PSUs were granted during the first quarter of fiscal year 2015 to our CEO and senior management as approved by our Compensation Committee. | ||||||||||||||||
Of the total grant-date fair value, we estimated the stock-based compensation expense related to the stock options, RSUs and PSUs that were not expected to vest was $35.2 million for the nine months ended October 26, 2014. As of October 26, 2014 and January 26, 2014, the aggregate amount of unearned stock-based compensation expense related to our stock options, RSUs and PSUs was $322.6 million and $241.3 million, respectively, adjusted for estimated forfeitures. As of October 26, 2014 and January 26, 2014, we expected to recognize the unearned stock-based compensation expense related to stock options over an estimated weighted average amortization period of 2.0 years and 2.5 years, respectively. As of October 26, 2014 and January 26, 2014, we expected to recognize the unearned stock-based compensation expense related to RSUs and PSUs over an estimated weighted average amortization period of 3.0 years and 2.7 years, respectively. |
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | |||||||||||||||
Oct. 26, 2014 | ||||||||||||||||
Notes to financial statements [Abstract] | ' | |||||||||||||||
Net Income Per Share | ' | |||||||||||||||
Net Income Per Share | ||||||||||||||||
The following is a reconciliation of the numerator and denominator of the basic and diluted net income per share computations for the periods presented: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 26, | October 27, | October 26, | October 27, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 172,967 | $ | 118,734 | $ | 437,459 | $ | 293,073 | ||||||||
Denominator: | ||||||||||||||||
Denominator for basic net income per share, weighted average shares | 547,789 | 580,870 | 555,035 | 594,363 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Equity awards outstanding | 10,412 | 7,882 | 10,618 | 5,745 | ||||||||||||
Denominator for diluted net income per share, weighted average shares | 558,201 | 588,752 | 565,653 | 600,108 | ||||||||||||
Net income per share: | ||||||||||||||||
Basic net income per share | $ | 0.32 | $ | 0.2 | $ | 0.79 | $ | 0.49 | ||||||||
Diluted net income per share | $ | 0.31 | $ | 0.2 | $ | 0.77 | $ | 0.49 | ||||||||
Potentially dilutive securities excluded from diluted net income per share because their effect would have been anti-dilutive | 11,324 | 21,870 | 16,155 | 27,351 | ||||||||||||
The denominator for diluted net income per share for the three and nine months ended October 26, 2014 did not include any effect from the 1.00% Convertible Senior Notes due 2018, or the Notes. The calculation of the dilution impact is based on the treasury stock method in accordance with Accounting Standards Codification, or ASC 260, Earnings per Share. Commencing after the fiscal quarter ended on April 27, 2014, the Notes will not impact the denominator for diluted net income per share unless the average price of our common stock, as calculated under the terms of the Notes, exceeds the conversion price of $20.16 per share. Likewise, the denominator for diluted net income per share will not include any effect from the warrants that were issued simultaneously with the Notes unless the average price of our common stock, as calculated under the terms of the warrants, exceeds $27.14 per share. Please refer to Note 11 of these Notes to Condensed Consolidated Financial Statements for additional discussion regarding the Notes. | ||||||||||||||||
The denominator for diluted net income per share for the three and nine months ended October 26, 2014 also did not include any effect from the note hedges that were issued simultaneously with the Notes. In future periods, the denominator for diluted net income per share will exclude any effect of the note hedges, unless in the event an actual conversion of any or all of the Notes occurs, the shares that would be delivered to us under the note hedges are designed to neutralize the dilutive effect of the shares that we would issue under the Notes. |
Income_Taxes
Income Taxes | 9 Months Ended |
Oct. 26, 2014 | |
Notes to financial statements [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
We recognized income tax expense of $36.1 million and $89.5 million for the three and nine months ended October 26, 2014, respectively, and $22.8 million and $48.3 million for the three and nine months ended October 27, 2013, respectively. Income tax expense as a percentage of income before taxes, or our effective tax rate, was 17.3% and 17.0% for the three and nine months ended October 26, 2014, respectively, and 16.1% and 14.2% for the three and nine months ended October 27, 2013, respectively. | |
The increase in our effective tax rate in fiscal year 2015 as compared to the same period in the prior fiscal year was primarily related to the expiration of the U.S. federal research tax credit on December 31, 2013 which resulted in no tax benefit in the nine months ended October 26, 2014. | |
Our effective tax rate on income before tax for the first nine months of fiscal year 2015 of 17.0% was lower than the United States federal statutory rate of 35% due primarily to income earned in jurisdictions where the tax rate is lower than the United States federal statutory tax rate. Further, our effective tax rate for the first nine months of fiscal year 2015 of 17.0% differs from our annual projected effective tax rate for the first nine months of fiscal year 2015 of 18.5% due to discrete events that occurred in the first nine months of fiscal year 2015 primarily attributable to the tax benefits recognized upon the expiration of statutes of limitations in certain non-U.S. jurisdictions. | |
Our effective tax rate on income before tax for the first nine months of fiscal year 2014 of 14.2% was lower than the United States federal statutory rate of 35% due primarily to income earned in jurisdictions where the tax rate is lower than the United States federal statutory tax and the benefit of the U.S. federal research tax credit. | |
For the nine months ended October 26, 2014, there have been no material changes to our tax years that remain subject to examination by major tax jurisdictions. Additionally, there have been no other material changes to our unrecognized tax benefits and any related interest or penalties since the fiscal year ended January 26, 2014, other than the recognition of tax benefits upon the expiration of statute of limitation in certain non-U.S. jurisdictions in the nine months ended October 26, 2014. | |
While we believe that we have adequately provided for all uncertain tax positions, or tax positions where it is believed not more-likely-than-not that the position will be sustained upon examination, amounts asserted by tax authorities could be greater or less than our accrued position. Accordingly, our provisions on federal, state and foreign tax related matters to be recorded in the future may change as revised estimates are made or the underlying matters are settled or otherwise resolved with the respective tax authorities. As of October 26, 2014, we do not believe that our estimates, as otherwise provided for, on such tax positions will significantly increase or decrease within the next twelve months. |
Marketable_Securities
Marketable Securities | 9 Months Ended | |||||||||||||||||||||||
Oct. 26, 2014 | ||||||||||||||||||||||||
Notes to financial statements [Abstract] | ' | |||||||||||||||||||||||
Marketable Securities | ' | |||||||||||||||||||||||
Marketable Securities | ||||||||||||||||||||||||
All of our cash equivalents and marketable securities are classified as “available-for-sale” securities. These securities are reported at fair value, with the related unrealized gains and losses included in accumulated other comprehensive income, a component of stockholders’ equity, net of tax, and net realized gains and losses recorded in other income, net, on the Condensed Consolidated Statements of Income. | ||||||||||||||||||||||||
We performed an impairment review of our investment portfolio as of October 26, 2014. Based on our quarterly impairment review and having considered the guidance in the relevant accounting literature, we concluded that our investments were appropriately valued and that no other than temporary impairment charges were necessary on our portfolio as of October 26, 2014. | ||||||||||||||||||||||||
The following is a summary of cash equivalents and marketable securities at October 26, 2014 and January 26, 2014: | ||||||||||||||||||||||||
October 26, 2014 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
Cost | Gain | Loss | Fair Value | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Corporate debt securities | $ | 1,954,162 | $ | 3,418 | $ | (520 | ) | $ | 1,957,060 | |||||||||||||||
Debt securities of United States government agencies | 585,391 | 787 | (53 | ) | 586,125 | |||||||||||||||||||
Debt securities issued by United States Treasury | 575,188 | 2,891 | (66 | ) | 578,013 | |||||||||||||||||||
Asset-backed securities | 437,791 | 159 | (199 | ) | 437,751 | |||||||||||||||||||
Mortgage-backed securities issued by United States government-sponsored enterprises | 273,812 | 4,590 | (718 | ) | 277,684 | |||||||||||||||||||
Foreign government bonds | 85,259 | 135 | (16 | ) | 85,378 | |||||||||||||||||||
Money market funds | 72,881 | — | — | 72,881 | ||||||||||||||||||||
Total | $ | 3,984,484 | $ | 11,980 | $ | (1,572 | ) | $ | 3,994,892 | |||||||||||||||
Classified as: | ||||||||||||||||||||||||
Cash equivalents | $ | 148,778 | ||||||||||||||||||||||
Marketable securities | 3,846,114 | |||||||||||||||||||||||
Total | $ | 3,994,892 | ||||||||||||||||||||||
January 26, 2014 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
Cost | Gain | Loss | Fair Value | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Corporate debt securities | $ | 1,762,833 | $ | 1,837 | $ | (945 | ) | $ | 1,763,725 | |||||||||||||||
Debt securities of United States government agencies | 1,012,740 | 848 | (261 | ) | 1,013,327 | |||||||||||||||||||
Debt securities issued by United States Treasury | 495,889 | 621 | (57 | ) | 496,453 | |||||||||||||||||||
Money market funds | 307,865 | — | — | 307,865 | ||||||||||||||||||||
Asset-backed securities | 258,017 | 15 | (315 | ) | 257,717 | |||||||||||||||||||
Mortgage-backed securities issued by United States government-sponsored enterprises | 185,594 | 3,837 | (725 | ) | 188,706 | |||||||||||||||||||
Foreign government bonds | 64,955 | 20 | (120 | ) | 64,855 | |||||||||||||||||||
Total | $ | 4,087,893 | $ | 7,178 | $ | (2,423 | ) | $ | 4,092,648 | |||||||||||||||
Classified as: | ||||||||||||||||||||||||
Cash equivalents | $ | 572,425 | ||||||||||||||||||||||
Marketable securities | 3,520,223 | |||||||||||||||||||||||
Total | $ | 4,092,648 | ||||||||||||||||||||||
The following table provides the breakdown of the investments with unrealized losses at October 26, 2014: | ||||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | ||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | |||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Corporate debt securities | $ | 698,851 | $ | (83 | ) | $ | 1,258,209 | $ | (437 | ) | $ | 1,957,060 | $ | (520 | ) | |||||||||
Debt securities of United States government agencies | 278,703 | (8 | ) | 307,422 | (45 | ) | 586,125 | (53 | ) | |||||||||||||||
Debt securities issued by United States Treasury | 71,564 | (66 | ) | 506,449 | — | 578,013 | (66 | ) | ||||||||||||||||
Asset-backed securities | 224,100 | (27 | ) | 213,651 | (173 | ) | 437,751 | (200 | ) | |||||||||||||||
Mortgage-backed securities issued by United States government-sponsored enterprises | — | — | 277,684 | (717 | ) | 277,684 | (717 | ) | ||||||||||||||||
Foreign government bonds | 33,606 | — | 51,772 | (16 | ) | 85,378 | (16 | ) | ||||||||||||||||
Total | $ | 1,306,824 | $ | (184 | ) | $ | 2,615,187 | $ | (1,388 | ) | $ | 3,922,011 | $ | (1,572 | ) | |||||||||
The gross unrealized losses related to fixed income securities were due to changes in interest rates. We have determined that the gross unrealized losses on investment securities at October 26, 2014 are temporary in nature. Currently, we have the intent and ability to hold our investments with impairment indicators until maturity. | ||||||||||||||||||||||||
The amortized cost and estimated fair value of cash equivalents and marketable securities, which are primarily debt instruments, are classified as available-for-sale at October 26, 2014 and January 26, 2014 and are shown below by contractual maturity. | ||||||||||||||||||||||||
October 26, 2014 | January 26, 2014 | |||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Less than 1 year | $ | 1,378,709 | $ | 1,379,705 | $ | 1,883,132 | $ | 1,883,753 | ||||||||||||||||
Due in 1 - 5 years | 2,490,537 | 2,497,644 | 2,114,289 | 2,117,387 | ||||||||||||||||||||
Mortgage-backed securities issued by government-sponsored enterprises not due at a single maturity date | 115,238 | 117,543 | 90,472 | 91,508 | ||||||||||||||||||||
Total | $ | 3,984,484 | $ | 3,994,892 | $ | 4,087,893 | $ | 4,092,648 | ||||||||||||||||
Net realized gains and losses for the three and nine months ended October 26, 2014, and for the three months ended October 27, 2013, were not significant. Net realized gains for the nine months ended October 27, 2013 were $1.8 million. |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities | 9 Months Ended | |||||||||||
Oct. 26, 2014 | ||||||||||||
Notes to financial statements [Abstract] | ' | |||||||||||
Fair Value of Financial Assets and Liabilities | ' | |||||||||||
Fair Value of Financial Assets and Liabilities | ||||||||||||
Financial assets measured at fair value | ||||||||||||
We measure our cash equivalents and marketable securities at fair value. The fair values of our financial assets and liabilities are determined using quoted market prices of identical assets or quoted market prices of similar assets from active markets. Our Level 1 assets consist of our money market funds. We classify securities within Level 1 assets when the fair value is obtained from real time quotes for transactions in active exchange markets involving identical assets. Our available-for-sale securities are classified as having Level 2 inputs. Our Level 2 assets are valued utilizing a market approach where the market prices of similar assets are provided by a variety of independent industry standard data providers to our investment custodian. We review the fair value hierarchy classification on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. There were no significant transfers between Levels 1 and 2 assets for the three and nine months ended October 26, 2014. | ||||||||||||
Financial assets measured at fair value are summarized below: | ||||||||||||
Fair Value Measurement as of October 26, 2014 Using | ||||||||||||
Quoted Prices | Significant Other Observable Inputs | |||||||||||
in Active Markets for Identical Assets | ||||||||||||
October 26, 2014 | (Level 1) | (Level 2) | ||||||||||
(In thousands) | ||||||||||||
Corporate debt securities (1) | $ | 1,957,060 | $ | — | $ | 1,957,060 | ||||||
Debt securities of United States government agencies (2) | 586,125 | — | 586,125 | |||||||||
Debt securities issued by United States Treasury (2) | 578,013 | — | 578,013 | |||||||||
Asset-backed securities (2) | 437,751 | — | 437,751 | |||||||||
Mortgage-backed securities issued by government-sponsored enterprises (2) | 277,684 | — | 277,684 | |||||||||
Foreign government bonds (2) | 85,378 | — | 85,378 | |||||||||
Money market funds (3) | 72,881 | 72,881 | — | |||||||||
Total cash equivalents and marketable securities | $ | 3,994,892 | $ | 72,881 | $ | 3,922,011 | ||||||
-1 | Includes $75.9 million in cash equivalents and $1.88 billion in marketable securities on the Condensed Consolidated Balance Sheets. | |||||||||||
(2) | Included in marketable securities on the Condensed Consolidated Balance Sheets. | |||||||||||
-3 | Included in cash equivalents on the Condensed Consolidated Balance Sheets. | |||||||||||
Financial liabilities measured at fair value | ||||||||||||
We issued $1.50 billion Convertible Senior Notes, or Notes, in December 2013. The Notes are carried at their original issuance value, net of unamortized debt discount, and are not marked to market each period. The estimated fair value of the Notes was $1.70 billion and $1.53 billion as of October 26, 2014 and January 26, 2014, respectively. The estimated fair value of the Notes was determined on the basis of market prices observable for similar instruments and is considered Level 2 in the fair value hierarchy. Please refer to Note 11 of these Notes to Condensed Consolidated Financial Statements for discussion regarding the Notes. |
3dfx
3dfx | 9 Months Ended | ||||||
Oct. 26, 2014 | |||||||
Notes to financial statements [Abstract] | ' | ||||||
3dfx | ' | ||||||
3dfx | |||||||
During fiscal year 2002, we completed the purchase of certain assets from 3dfx Interactive, Inc., or 3dfx, for an aggregate purchase price of $74.2 million. On December 15, 2000, NVIDIA Corporation and one of our indirect subsidiaries entered into an Asset Purchase Agreement, or the APA, which closed on April 18, 2001, to purchase certain graphics chip assets from 3dfx. | |||||||
In October 2002, 3dfx filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Northern District of California. In March 2003, the Trustee appointed by the Bankruptcy Court to represent 3dfx’s bankruptcy estate served his complaint on NVIDIA. The Trustee’s complaint asserted claims for, among other things, successor liability and fraudulent transfer and sought additional payments from us. In early November 2005, NVIDIA and the Official Committee of Unsecured Creditors, or the Creditors’ Committee, agreed to a Plan of Liquidation of 3dfx, which included a conditional settlement of the Trustee’s claims against us. This conditional settlement was subject to a confirmation process through a vote of creditors and the review and approval of the Bankruptcy Court. The conditional settlement called for a payment by NVIDIA of $30.6 million to the 3dfx estate. Under the settlement, $5.6 million related to various administrative expenses and Trustee fees, and $25.0 million related to the satisfaction of debts and liabilities owed to the general unsecured creditors of 3dfx. Accordingly, during the three month period ended October 30, 2005, we recorded $5.6 million as a charge to settlement costs and $25.0 million as additional purchase price for 3dfx. The Trustee advised that he intended to object to the settlement. | |||||||
The conditional settlement reached in November 2005 never progressed through the confirmation process and the Trustee’s case still remains pending appeal. As such, we have not reversed the accrual of $30.6 million - $5.6 million as a charge to settlement costs and $25.0 million as additional purchase price for 3dfx – that we recorded during the three months ended October 30, 2005, pending resolution of the appeal of the Trustee’s case. | |||||||
The 3dfx asset purchase price of $95.0 million and $4.2 million of direct transaction costs were allocated based on fair values presented below. The final allocation of the purchase price of the 3dfx assets is contingent upon the outcome of all of the 3dfx litigation. Please refer to Note 12 of these Notes to Condensed Consolidated Financial Statements for further information regarding this litigation. | |||||||
Fair Market Value | Straight-Line Amortization Period | ||||||
(In thousands) | (In years) | ||||||
Property and equipment | $ | 2,433 | 2-Jan | ||||
Trademarks | 11,310 | 5 | |||||
Goodwill | 85,418 | — | |||||
Total | $ | 99,161 | |||||
Intangible_Assets
Intangible Assets | 9 Months Ended | |||||||||||||||||||||||
Oct. 26, 2014 | ||||||||||||||||||||||||
Notes to financial statements [Abstract] | ' | |||||||||||||||||||||||
Intangible Assets | ' | |||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
The components of our amortizable intangible assets are as follows: | ||||||||||||||||||||||||
October 26, 2014 | January 26, 2014 | |||||||||||||||||||||||
Gross | Accumulated | Net Carrying | Gross | Accumulated Amortization | Net Carrying | |||||||||||||||||||
Carrying | Amortization | Amount | Carrying | Amount | ||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Acquisition-related intangible assets | $ | 189,239 | $ | (129,073 | ) | $ | 60,166 | $ | 189,239 | $ | (114,104 | ) | $ | 75,135 | ||||||||||
Patents and licensed technology | 449,204 | (268,069 | ) | 181,135 | 446,196 | (225,319 | ) | 220,877 | ||||||||||||||||
Total intangible assets | $ | 638,443 | $ | (397,142 | ) | $ | 241,301 | $ | 635,435 | $ | (339,423 | ) | $ | 296,012 | ||||||||||
Amortization expense associated with intangible assets for the three and nine months ended October 26, 2014 was $19.3 million and $57.7 million, respectively. Amortization expense associated with intangible assets for the three and nine months ended October 27, 2013 was $19.6 million and $55.6 million, respectively. Future amortization expense related to the net carrying amount of intangible assets at October 26, 2014 is estimated to be $19.3 million for the remainder of fiscal year 2015, $71.9 million in fiscal year 2016, $63.8 million in fiscal year 2017, $49.1 million in fiscal year 2018, $20.5 million in fiscal year 2019 and a total of $16.7 million in fiscal year 2020 and beyond. |
Balance_Sheet_Components
Balance Sheet Components | 9 Months Ended | |||||||
Oct. 26, 2014 | ||||||||
Notes to financial statements [Abstract] | ' | |||||||
Balance Sheet Components | ' | |||||||
Balance Sheet Components | ||||||||
Certain balance sheet components are as follows: | ||||||||
October 26, | January 26, | |||||||
2014 | 2014 | |||||||
Inventories: | (In thousands) | |||||||
Raw materials | $ | 128,588 | $ | 126,896 | ||||
Work in-process | 78,849 | 94,844 | ||||||
Finished goods | 200,644 | 166,025 | ||||||
Total inventories | $ | 408,081 | $ | 387,765 | ||||
At October 26, 2014, we had outstanding inventory purchase obligations totaling $512.2 million. | ||||||||
October 26, | January 26, | |||||||
2014 | 2014 | |||||||
Accrued Liabilities and Other Current Liabilities: | (In thousands) | |||||||
Deferred revenue, short-term | $ | 240,829 | $ | 265,616 | ||||
Accrued customer programs (1) | 154,185 | 157,840 | ||||||
Accrued payroll and related expenses | 98,870 | 109,721 | ||||||
Accrued legal settlement (2) | 30,600 | 30,600 | ||||||
Customer advances | 17,806 | 9,297 | ||||||
Professional service fees | 12,368 | 13,572 | ||||||
Warranty accrual (3) | 7,222 | 7,571 | ||||||
Coupon interest on Notes | 6,292 | 2,500 | ||||||
Taxes payable, short-term | 5,512 | 2,378 | ||||||
Facilities related liabilities | 15,781 | 5,216 | ||||||
Other | 16,345 | 16,794 | ||||||
Total accrued liabilities and other current liabilities | $ | 605,810 | $ | 621,105 | ||||
(1) Please refer to Note 1 of the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended January 26, 2014, for discussion regarding the nature of accrued customer programs and their accounting treatment related to our revenue recognition policies and estimates. | ||||||||
(2) Please refer to Note 12 of these Notes to Condensed Consolidated Financial Statements for discussion regarding the 3dfx litigation. | ||||||||
(3) Please refer to Note 10 of these Notes to Condensed Consolidated Financial Statements for discussion regarding the warranty accrual. | ||||||||
October 26, | January 26, | |||||||
2014 | 2014 | |||||||
Other Long-Term Liabilities: | (In thousands) | |||||||
Deferred income tax liability | $ | 210,388 | $ | 157,953 | ||||
Income taxes payable, long-term | 122,854 | 119,977 | ||||||
Deferred revenue, long-term (1) | — | 172,199 | ||||||
Asset retirement obligation | 7,406 | 11,056 | ||||||
Other | 14,485 | 13,940 | ||||||
Total other long-term liabilities | $ | 355,133 | $ | 475,125 | ||||
(1) Consists primarily of annual consideration received in advance of our performance obligation under our patent cross licensing agreement with Intel Corporation entered into in January 2011. The decrease in deferred revenue, long-term, is a result of revenue recognized during the nine months ended October 26, 2014. |
Guarantees
Guarantees | 9 Months Ended | |||||||||||||||
Oct. 26, 2014 | ||||||||||||||||
Notes to financial statements [Abstract] | ' | |||||||||||||||
Guarantees | ' | |||||||||||||||
Guarantees | ||||||||||||||||
U.S. GAAP requires that upon issuance of a guarantee, the guarantor must recognize a liability for the fair value of the obligation it assumes under that guarantee. In addition, U.S. GAAP requires disclosures about the guarantees that an entity has issued, including a tabular reconciliation of the changes of the entity’s product warranty liabilities. | ||||||||||||||||
Accrual for Product Warranty Liabilities | ||||||||||||||||
We record a reduction to revenue for estimated product returns at the time revenue is recognized primarily based on historical return rates. Cost of revenue includes the estimated cost of product warranties. Under limited circumstances, we may offer an extended limited warranty to customers for certain products. Additionally, we accrue for known warranty and indemnification issues if a loss is probable and can be reasonably estimated. The estimated product warranty liabilities for the three and nine months ended October 26, 2014 and October 27, 2013 were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 26, | October 27, | October 26, | October 27, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Balance at beginning of period | $ | 8,202 | $ | 17,474 | $ | 7,571 | $ | 14,874 | ||||||||
Additions | 988 | 1,143 | 4,177 | 6,043 | ||||||||||||
Deductions | (1,968 | ) | (2,655 | ) | (4,526 | ) | (4,955 | ) | ||||||||
Balance at end of period | $ | 7,222 | $ | 15,962 | $ | 7,222 | $ | 15,962 | ||||||||
In connection with certain agreements that we have executed in the past, we have at times provided indemnities to cover the indemnified party for matters such as tax, product and employee liabilities. We have also on occasion included intellectual property indemnification provisions in our technology related agreements with third parties. Maximum potential future payments cannot be estimated because many of these agreements do not have a maximum stated liability. As such, we have not recorded any liability in our Condensed Consolidated Financial Statements for such indemnifications. |
Longterm_debt
Long-term debt | 9 Months Ended | ||||||||||||||||
Oct. 26, 2014 | |||||||||||||||||
Debt Instrument [Line Items] | ' | ||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||
Long-Term Debt | |||||||||||||||||
1.00 % Convertible Senior Notes Due 2018 | |||||||||||||||||
On December 2, 2013, we issued $1.50 billion of 1.00% convertible senior notes due 2018, or the Notes. The Notes are unsecured, unsubordinated obligations of the Company, which pay interest in cash semi-annually at a rate of 1.00% per annum. The Notes will mature on December 1, 2018 unless earlier repurchased or converted in accordance with their terms prior to such date. The Notes may be converted, under the conditions specified below, based on an initial conversion rate of 49.60 shares of common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of $20.16 per share of common stock), subject to adjustment as described in the indenture governing the Notes. | |||||||||||||||||
Holders may convert their notes at their option at any time prior to August 1, 2018 only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ended on April 27, 2014 (and only during such fiscal quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the measurement period) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events. On or after August 1, 2018 to the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes regardless of the foregoing conditions. Upon conversion, we will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount of the notes being converted. | |||||||||||||||||
As of October 26, 2014, none of the conditions allowing holders of the Notes to convert had been met. The determination of whether or not the Notes are convertible must be performed quarterly. If the Notes become convertible at the option of the holder, the difference between the principal amount and the carrying value of the Notes would be reflected as convertible debt in the mezzanine equity section on our Condensed Consolidated Balance Sheets. | |||||||||||||||||
In accordance with ASC 470-20 Debt with Conversion and Other Options, all cash-settled convertible debt should be separated into debt and equity components at issuance and be assigned a fair value. The value assigned to the debt component is the estimated fair value, as of the issuance date, of a similar debt without the conversion feature. The difference between the net cash proceeds and this estimated fair value, represents the value assigned to the equity component and is recorded as a debt discount. The debt discount is amortized using the effective interest method from the origination date through its stated contractual maturity date. | |||||||||||||||||
The initial debt component of the Notes was valued at $1,351.8 million based on the contractual cash flows discounted at an appropriate market rate for a non-convertible debt at the date of issuance, which was determined to be 3.15%. The carrying value of the permanent equity component reported in additional paid-in-capital was valued at $125.7 million and recorded as a debt discount. This amount, together with the $22.5 million purchaser's discount to the par value of the Notes represents the total unamortized debt discount of $148.2 million we recorded at the time of issuance of the Notes. The aggregate debt discount is amortized as interest expense over the contractual term of the Notes using the effective interest method using an interest rate of 3.15%. | |||||||||||||||||
The following table presents the carrying amounts of the liability and equity components: | |||||||||||||||||
October 26, | January 26, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Amount of the equity component | $ | 125,725 | $ | 125,725 | |||||||||||||
1.00% convertible senior notes due 2018 | $ | 1,500,000 | $ | 1,500,000 | |||||||||||||
Unamortized debt discount (1) | (122,741 | ) | (143,625 | ) | |||||||||||||
Net carrying amount | $ | 1,377,259 | $ | 1,356,375 | |||||||||||||
(1) As of October 26, 2014, the unamortized debt discount will be amortized over a remaining period of 4.1 years. | |||||||||||||||||
The following table presents interest expense for the contractual interest and the accretion of debt discount and issuance costs: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
October 26, | October 27, | October 26, | October 27, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Contractual coupon interest expense | $ | 3,750 | $ | — | $ | 11,250 | $ | — | |||||||||
Amortization of debt discount | 7,010 | — | 20,884 | — | |||||||||||||
Amortization of debt issuance costs | 49 | — | 146 | — | |||||||||||||
Total interest expense related to Notes | $ | 10,809 | $ | — | $ | 32,280 | $ | — | |||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 26, 2014 | |
Notes to financial statements [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
3dfx | |
On December 15, 2000, NVIDIA and one of our indirect subsidiaries entered into an Asset Purchase Agreement, or APA, to purchase certain graphics chip assets from 3dfx. The transaction closed on April 18, 2001. In October 2002, 3dfx filed for bankruptcy. | |
Following the bankruptcy, in March 2003, the Trustee appointed by the Bankruptcy Court to represent 3dfx's bankruptcy estate served a complaint on NVIDIA asserting claims for, among other things, successor liability and fraudulent transfer and seeking additional payments from us. The Trustee's fraudulent transfer theory alleged that NVIDIA had failed to pay reasonably equivalent value for 3dfx's assets, and sought recovery of the difference between the $70.0 million paid and the alleged fair value, which difference the Trustee estimated to exceed $50.0 million. The Trustee's successor liability theory alleged NVIDIA was effectively 3dfx's legal successor and therefore was responsible for all of 3dfx's unpaid liabilities. | |
In early November 2005, after several months of mediation, NVIDIA and the Official Committee of Unsecured Creditors, or the Creditors' Committee, agreed to a Plan of Liquidation of 3dfx, which included a conditional settlement of the Trustee's claims against us. This conditional settlement was subject to a confirmation process through a vote of creditors and the review and approval of the Bankruptcy Court. The conditional settlement called for a payment by NVIDIA of $30.6 million to the 3dfx estate. Under the settlement, $5.6 million related to various administrative expenses and Trustee fees, and $25.0 million related to the satisfaction of debts and liabilities owed to the general unsecured creditors of 3dfx. Accordingly, during the three month period ended October 30, 2005, we recorded $5.6 million as a charge to settlement costs and $25.0 million as additional purchase price for 3dfx. The Trustee advised that he intended to object to the settlement. The conditional settlement never progressed substantially through the confirmation process, and because the Trustee's case remains pending on appeal, we have not reversed the $30.6 million accrual - $5.6 million as a charge to settlement costs and $25.0 million as additional purchase price for 3dfx - that we recorded during the three months ended October 30, 2005. | |
In March 2007, a trial was held regarding certain valuation issues in the Trustee's constructive fraudulent transfer claims against NVIDIA. On April 30, 2008, the Bankruptcy Court issued its Memorandum Decision After Trial, in which it provided a detailed summary of the trial proceedings and the parties' contentions and evidence and concluded that “the creditors of 3dfx were not injured by the Transaction.” This decision did not entirely dispose of the Trustee's action, however, as the Trustee's claims for successor liability and intentional fraudulent conveyance were still pending. On June 19, 2008, NVIDIA filed a motion for summary judgment to convert the Memorandum Decision After Trial to a final judgment. That motion was granted in its entirety and judgment was entered in NVIDIA's favor on September 11, 2008. The Trustee filed a Notice of Appeal from that judgment on September 22, 2008, and on September 25, 2008, NVIDIA exercised its election to have the appeal heard by the United States District Court. | |
On December 20, 2010, the District Court issued an Order affirming the Bankruptcy Court's entry of summary judgment in NVIDIA's favor, and on January 19, 2011, the Trustee filed a Notice of Appeal to the United States Court of Appeals for the Ninth Circuit. Oral argument on the appeal was held on October 8, 2014. On November 6, 2014, the Ninth Circuit affirmed the District Court’s decision upholding the ruling of the Bankruptcy Court. The Trustee has until November 20, 2014 to seek a rehearing. | |
Securities Cases | |
In September 2008, three putative securities class actions were filed in the United States District Court for the Northern District of California arising out of our announcements on July 2, 2008, that we would take a charge against cost of revenue to cover anticipated costs and expenses arising from a weak die/packaging material set in certain versions of our previous generation MCP and GPU products and that we were revising financial guidance for our second quarter of fiscal year 2009. The actions purport to be brought on behalf of purchasers of NVIDIA stock and assert claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. | |
On January 22, 2010, Plaintiffs filed a Consolidated Amended Class Action Complaint, asserting claims for violations of Section 10(b), Rule 10b-5, and Section 20(a) of the Securities Exchange Act and seeking unspecified compensatory damages. We moved to dismiss the consolidated complaint and on October 19, 2010, Judge Seeborg granted our motion with leave to amend. On December 2, 2010, Plaintiffs filed a Second Consolidated Amended Complaint. We again moved to dismiss and on October 12, 2011, Judge Seeborg again granted our motion to dismiss, this time denying Plaintiffs leave to amend. On November 8, 2011, Plaintiffs filed a Notice of Appeal to the Ninth Circuit. Oral argument was held on January 14, 2014. On October 2, 2014, the Ninth Circuit issued an order affirming the dismissal. On October 16, 2014, Plaintiffs requested a rehearing or en banc review of the Ninth Circuit’s opinion affirming the dismissal. Plaintiffs’ request was denied on November 10, 2014. Plaintiffs have until February 9, 2015 to file a petition for writ of certiorari to the United States Supreme Court. | |
Patent Infringement Cases | |
On September 4, 2014, NVIDIA filed complaints against Qualcomm, Inc., or Qualcomm, and various Samsung entities with both the United States International Trade Commission, or ITC, and the United States District Court for the District of Delaware for alleged infringement of seven patents relating to graphics processing. In the ITC action, NVIDIA seeks to block shipments of Samsung Galaxy mobile phones and tablets containing Qualcomm’s Adreno, ARM’s Mali or Imagination’s PowerVR graphics architectures. On October 6, 2014, the ITC initiated an investigation of NVIDIA’s claim and the investigation is currently underway. | |
In the Delaware action, NVIDIA seeks unspecified damages for Samsung and Qualcomm’s alleged patent infringement. On October 22, 2014, Samsung and Qualcomm moved to stay the Delaware proceedings in light of the pending ITC action. The court granted the motion to stay on October 23, 2014. | |
On November 10, 2014, Samsung filed a complaint against NVIDIA and Velocity Micro, Inc., in the United States District Court for the Eastern District of Virginia. The complaint alleges that NVIDIA infringed six patents and falsely advertised that the Tegra K1 processor is the world’s fastest mobile processor. Samsung seeks unspecified damages and an injunction prohibiting NVIDIA from any future violations. NVIDIA has not yet responded to the complaint. | |
Accounting for Loss Contingencies | |
While there can be no assurance of favorable outcomes, we believe the claims made by other parties in the above ongoing matters are without merit and we intend to vigorously defend the actions. With the exception of the 3dfx case, we have not recorded any accrual for contingent liabilities associated with the legal proceedings described above based on our belief that liabilities, while possible, are not probable. Further, any possible range of loss in these matters cannot be reasonably estimated at this time. We are engaged in other legal actions not described above arising in the ordinary course of its business and, while there can be no assurance of favorable outcomes, we believe that the ultimate outcome of these actions will not have a material adverse effect on our operating results, liquidity or financial position. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Oct. 26, 2014 | |
Notes to financial statements [Abstract] | ' |
Stockholders' Equity | ' |
Stockholders’ Equity | |
Stock Repurchase Program | |
Beginning August 2004, our Board of Directors authorized us, subject to certain specifications, to repurchase shares of our common stock. In November 2013, the Board extended the previously authorized repurchase program through January 2016 and authorized an additional $1.00 billion for an aggregate of $3.70 billion under the repurchase program. Through October 26, 2014, we have repurchased an aggregate of 205.4 million shares under our stock repurchase program for a total cost of $3.26 billion. As of October 26, 2014, we are authorized, subject to certain specifications, to repurchase shares of our common stock up to $438.4 million through January 2016. | |
The repurchases will be made in the open market, in privately negotiated transactions, or in structured stock repurchase programs, in compliance with Rule 10b-18 of the Exchange Act, subject to market conditions, applicable legal requirements, and other factors. The program does not obligate NVIDIA to acquire any particular amount of common stock and the program may be suspended at any time at our discretion. As part of our share repurchase program, we have entered into, and we may continue to enter into, structured share repurchase transactions. These agreements generally require that we make an up-front payment in exchange for the right to receive a fixed number of shares of our common stock upon execution of the agreement, and a potential incremental number of shares of our common stock, within a pre-determined range, at the end of the term of the agreement. | |
In November 2013, we announced the intention to return $1.00 billion to shareholders in fiscal year 2015 in the form of share repurchases and cash dividends. In February 2014, we executed an accelerated share repurchase, or ASR, agreement for $500.0 million that was completed in July 2014. Under this ASR, we repurchased 27.4 million shares in aggregate at an average price of $18.23 per share. In August 2014, we executed another ASR for $310.0 million that was completed in October 2014. Under this ASR, we repurchased 16.8 million shares in aggregate at an average price of $18.47 per share. The shares delivered under these ASRs resulted in a reduction, on the delivery date, of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. As of October 26, 2014, all shares delivered from these ASRs have been placed into treasury stock. | |
Cash Dividends | |
During the three and nine months ended October 26, 2014, we paid $46.1 million and $140.2 million, respectively, in cash dividends to our common shareholders. These dividends were equivalent to $0.085 per share on a quarterly basis, or $0.34 per share on an annual basis. | |
Convertible Preferred Stock | |
There are no shares of preferred stock outstanding. | |
Common Stock | |
We are authorized to issue up to 2,000,000,000 shares of our common stock at $0.001 per share par value. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Oct. 26, 2014 | ||||||||||||||||
Notes to financial statements [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
Our Chief Executive Officer, who is considered to be our chief operating decision maker, or CODM, reviews financial information presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. Our operating segments are equivalent to our reportable segments. We report our business in two primary reporting segments - the GPU business and the Tegra Processor business. | ||||||||||||||||
Our GPU business leverages our GPU technology across multiple end markets. It comprises four primary product lines: GeForce for consumer desktop and notebook PCs; Quadro for professional workstations; Tesla for high-performance computing; and NVIDIA GRID to provide the power of NVIDIA graphics through the cloud. It also includes other related products, licenses and revenue supporting the GPU business, such as memory products. | ||||||||||||||||
Our Tegra Processor business comprises primarily product lines based on our Tegra SOC and modem processor technologies, including Tegra for tablets, smartphones and gaming devices; Icera baseband processors and RF transceivers; automotive computers, including infotainment and navigation systems; and gaming devices, such as SHIELD. It also includes embedded products and license and other revenue associated with game consoles. | ||||||||||||||||
During the fourth quarter of fiscal year 2014, our CODM completed a refinement of the methodology utilized to assign expenses to the GPU and Tegra Processor businesses to align to the Company’s product architecture and roadmap. With the announcement of our Tegra K1 processor, we now have a single unifying architecture for our GPU and Tegra Processors. This architecture unification prompted a methodology change that leverages our visual computing expertise by charging the operating expenses of certain core engineering functions to the GPU business, while charging the Tegra Processor business for the incremental cost of the teams working directly for that business. In instances where the operating expenses of certain functions benefit both reporting segments, our CODM assigns 100% of those expenses to the reporting segment that benefits the most. The revenue and cost of revenue of the reporting segments was not affected, and comparative periods presented below reflect the impact of this change. | ||||||||||||||||
The “All Other” category presented below represents the revenue and expenses that our CODM does not assign to either the GPU business or the Tegra Processor business for purposes of making operating decisions or assessing financial performance. The revenue includes patent licensing revenue and the expenses include corporate infrastructure and support costs, stock-based compensation costs, amortization of acquisition-related intangible assets, other acquisition-related costs, and other non-recurring charges and benefits that our CODM deems to be enterprise in nature. | ||||||||||||||||
Our CODM does not review any information regarding total assets on a reporting segment basis. We do not have intersegment revenue. The accounting policies for segment reporting are the same as for the Company as a whole. | ||||||||||||||||
GPU | Tegra Processor | All Other | Consolidated | |||||||||||||
(In thousands) | ||||||||||||||||
Three Months Ended October 26, 2014 | ||||||||||||||||
Revenue | $ | 991,217 | $ | 168,165 | $ | 66,000 | $ | 1,225,382 | ||||||||
Depreciation and amortization expense | $ | 29,175 | $ | 14,665 | $ | 11,640 | $ | 55,480 | ||||||||
Operating income (loss) | $ | 294,289 | $ | (53,291 | ) | $ | (27,683 | ) | $ | 213,315 | ||||||
Three Months Ended October 27, 2013 | ||||||||||||||||
Revenue | $ | 876,833 | $ | 111,134 | $ | 66,000 | $ | 1,053,967 | ||||||||
Depreciation and amortization expense | $ | 38,677 | $ | 13,164 | $ | 10,885 | $ | 62,726 | ||||||||
Operating income (loss) | $ | 220,351 | $ | (64,219 | ) | $ | (15,144 | ) | $ | 140,988 | ||||||
Nine Months Ended October 26, 2014 | ||||||||||||||||
Revenue | $ | 2,766,560 | $ | 466,433 | $ | 198,000 | $ | 3,430,993 | ||||||||
Depreciation and amortization expense | $ | 88,193 | $ | 43,395 | $ | 34,582 | $ | 166,170 | ||||||||
Operating income (loss) | $ | 770,393 | $ | (169,274 | ) | $ | (73,266 | ) | $ | 527,853 | ||||||
Nine Months Ended October 27, 2013 | ||||||||||||||||
Revenue | $ | 2,521,058 | $ | 266,886 | $ | 198,000 | $ | 2,985,944 | ||||||||
Depreciation and amortization expense | $ | 116,389 | $ | 36,479 | $ | 31,442 | $ | 184,310 | ||||||||
Operating income (loss) | $ | 586,791 | $ | (202,770 | ) | $ | (54,718 | ) | $ | 329,303 | ||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 26, | October 27, | October 26, | October 27, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Reconciling items included in "All Other" category : | ||||||||||||||||
Revenue not allocated to reporting segments | $ | 66,000 | $ | 66,000 | $ | 198,000 | $ | 198,000 | ||||||||
Unallocated corporate operating expenses | (42,676 | ) | (40,033 | ) | (127,709 | ) | (125,700 | ) | ||||||||
Stock-based compensation | (41,435 | ) | (34,299 | ) | (115,371 | ) | (100,091 | ) | ||||||||
Acquisition-related costs | (9,572 | ) | (4,577 | ) | (28,186 | ) | (22,402 | ) | ||||||||
Other non-recurring expenses | — | (2,235 | ) | — | (4,525 | ) | ||||||||||
Total | $ | (27,683 | ) | $ | (15,144 | ) | $ | (73,266 | ) | $ | (54,718 | ) | ||||
Revenue by geographic region is allocated to individual countries based on the location to which the products are initially billed even if our customers’ revenue is attributable to end customers that are located in a different location. The following table summarizes information pertaining to our revenue from customers based on invoicing address in different geographic regions: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 26, | October 27, | October 26, | October 27, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Revenue: | ||||||||||||||||
Taiwan | $ | 405,612 | $ | 319,018 | $ | 1,109,388 | $ | 927,903 | ||||||||
China | 238,212 | 206,374 | 713,442 | 565,504 | ||||||||||||
United States | 215,484 | 195,529 | 594,541 | 545,303 | ||||||||||||
Other Asia Pacific | 169,793 | 174,691 | 475,442 | 507,065 | ||||||||||||
Other Americas | 100,531 | 79,382 | 275,355 | 220,920 | ||||||||||||
Europe | 95,750 | 78,973 | 262,825 | 219,249 | ||||||||||||
Total revenue | $ | 1,225,382 | $ | 1,053,967 | $ | 3,430,993 | $ | 2,985,944 | ||||||||
The following table summarizes information pertaining to our revenue from significant customers, those representing 10% or more of total revenue for the respective dates: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 26, | October 27, | October 26, | October 27, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue: | ||||||||||||||||
Customer A | 10 | % | 9 | % | 10 | % | 10 | % | ||||||||
Customer B | 8 | % | 11 | % | 9 | % | 11 | % | ||||||||
Revenue from Customer A was attributable primarily to the GPU business for the three and nine months ended October 26, 2014 and to both the GPU and Tegra Processor businesses for the three and nine months ended October 27, 2013. Revenue from Customer B was attributable to the GPU business for all comparative periods presented. | ||||||||||||||||
The following table summarizes information pertaining to our accounts receivable from significant customers, those representing 10% or more of total accounts receivable for the respective periods: | ||||||||||||||||
October 26, | January 26, | |||||||||||||||
2014 | 2014 | |||||||||||||||
Accounts Receivable: | ||||||||||||||||
Customer B | 17 | % | 23 | % |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 26, 2014 | |
Notes to financial statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission, or SEC, Regulation S-X. In the opinion of management, all adjustments, consisting only of normal recurring adjustments except as otherwise noted, considered necessary for a fair statement of results of operations and financial position have been included. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 26, 2014. | |
Significant Accounting Policies | |
For a description of significant accounting policies, see Note 1, Organization and Summary of Significant Accounting Policies, of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 26, 2014. There have been no material changes to our significant accounting policies since the filing of the Annual Report on Form 10-K. | |
New Accounting Pronouncements | ' |
Adoption of New and Recently Issued Accounting Pronouncements | |
In August 2014, the Financial Accounting Standards Board, or FASB, issued new guidance related to our responsibility to evaluate whether there is substantial doubt about our ability to continue ongoing business operations and to provide relevant footnote disclosures. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on our financial statements. | |
In June 2014, the FASB issued new guidance related to stock-based compensation. The new guidance requires that a performance target that affects vesting, and that could be achieved after the requisite service period is rendered, be treated as a performance condition. The new guidance is effective for interim periods within and those fiscal years, beginning after December 15, 2015. We currently do not have awards with a performance target where the employee would be eligible to vest in the award regardless of whether the employee is rendering service on the date the performance target is achieved. Therefore, we believe, the adoption of this new accounting guidance will not have an impact on our consolidated financial statements. | |
In May 2014, the FASB issued a new accounting standard update that creates a single source of revenue guidance under U.S. GAAP for all companies, in all industries. Under the new standard, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new guidance requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including significant judgments and estimates used. This new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. We will adopt this guidance either by using a full retrospective approach for all periods presented in the period of adoption or a modified retrospective approach. We are currently evaluating the impact of this accounting guidance on our consolidated financial statements and have not yet determined which transition method we will apply. | |
Fiscal Period, Policy [Policy Text Block] | ' |
Fiscal Year | |
We operate on a 52- or 53-week year, ending on the last Sunday in January. Fiscal year 2015 and fiscal year 2014 are both 52-week years. The third quarters of fiscal years 2015 and 2014 are both 13-week quarters. | |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation | |
Our condensed consolidated financial statements include the accounts of NVIDIA Corporation and its wholly-owned subsidiaries. All material inter-company balances and transactions have been eliminated in consolidation. | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications | |
Certain prior fiscal year balances have been reclassified to conform to the current fiscal year presentation. | |
Use of Estimates, Policy [Policy Text Block] | ' |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an on-going basis, we evaluate our estimates, including those related to revenue recognition, cash equivalents and marketable securities, accounts receivable, inventories, income taxes, goodwill, stock-based compensation, warranty liabilities, litigation, investigation and settlement costs and other contingencies. These estimates are based on historical facts and various other assumptions that we believe are reasonable. |
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Oct. 26, 2014 | ||||||||||||||||
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | ' | |||||||||||||||
Stock-based compensation expense, net of amounts capitalized as inventory | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 26, | October 27, | October 26, | October 27, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Cost of revenue | $ | 3,021 | $ | 3,090 | $ | 8,596 | $ | 7,911 | ||||||||
Research and development | 22,680 | 20,902 | 64,636 | 61,392 | ||||||||||||
Sales, general and administrative | 15,734 | 10,307 | 42,139 | 30,788 | ||||||||||||
Total | $ | 41,435 | $ | 34,299 | $ | 115,371 | $ | 100,091 | ||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | ' | |||||||||||||||
Options Outstanding | Weighted Average Exercise Price | |||||||||||||||
Stock Options | (In thousands) | (Per share) | ||||||||||||||
Balances, January 26, 2014 | 32,504 | $14.22 | ||||||||||||||
Granted | 86 | $18.66 | ||||||||||||||
Exercised | (7,945 | ) | $12.59 | |||||||||||||
Cancelled | (1,361 | ) | $19.49 | |||||||||||||
Balances, October 26, 2014 | 23,284 | $14.48 | ||||||||||||||
RSUs and PSUs Outstanding | Weighted Average Grant-Date Fair Value | |||||||||||||||
RSUs and PSUs | (In thousands) | (Per share) | ||||||||||||||
Balances, January 26, 2014 | 18,852 | $13.82 | ||||||||||||||
Granted (1) | 12,506 | $17.63 | ||||||||||||||
Vested | (7,138 | ) | $13.75 | |||||||||||||
Cancelled | (1,089 | ) | $14.21 | |||||||||||||
Balances, October 26, 2014 | 23,131 | $15.88 | ||||||||||||||
(1) Includes the total number of PSUs issuable if the maximum corporate financial performance target level for fiscal year 2015 is achieved. Depending on the actual level of achievement of the corporate performance goal at the end of fiscal year 2015, the range of PSUs issued could be from 1.3 million to 2.5 million shares. The PSUs were granted during the first quarter of fiscal year 2015 to our CEO and senior management as approved by our Compensation Committee. |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | |||||||||||||||
Oct. 26, 2014 | ||||||||||||||||
Notes to financial statements [Abstract] | ' | |||||||||||||||
Reconciliation of numerators and denominators of basic and diluted net income (loss) per share computations | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 26, | October 27, | October 26, | October 27, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 172,967 | $ | 118,734 | $ | 437,459 | $ | 293,073 | ||||||||
Denominator: | ||||||||||||||||
Denominator for basic net income per share, weighted average shares | 547,789 | 580,870 | 555,035 | 594,363 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Equity awards outstanding | 10,412 | 7,882 | 10,618 | 5,745 | ||||||||||||
Denominator for diluted net income per share, weighted average shares | 558,201 | 588,752 | 565,653 | 600,108 | ||||||||||||
Net income per share: | ||||||||||||||||
Basic net income per share | $ | 0.32 | $ | 0.2 | $ | 0.79 | $ | 0.49 | ||||||||
Diluted net income per share | $ | 0.31 | $ | 0.2 | $ | 0.77 | $ | 0.49 | ||||||||
Potentially dilutive securities excluded from diluted net income per share because their effect would have been anti-dilutive | 11,324 | 21,870 | 16,155 | 27,351 | ||||||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | |||||||||||||||||||||||
Oct. 26, 2014 | ||||||||||||||||||||||||
Notes to financial statements [Abstract] | ' | |||||||||||||||||||||||
Cash Equivalents and Marketable Securities | ' | |||||||||||||||||||||||
October 26, 2014 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
Cost | Gain | Loss | Fair Value | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Corporate debt securities | $ | 1,954,162 | $ | 3,418 | $ | (520 | ) | $ | 1,957,060 | |||||||||||||||
Debt securities of United States government agencies | 585,391 | 787 | (53 | ) | 586,125 | |||||||||||||||||||
Debt securities issued by United States Treasury | 575,188 | 2,891 | (66 | ) | 578,013 | |||||||||||||||||||
Asset-backed securities | 437,791 | 159 | (199 | ) | 437,751 | |||||||||||||||||||
Mortgage-backed securities issued by United States government-sponsored enterprises | 273,812 | 4,590 | (718 | ) | 277,684 | |||||||||||||||||||
Foreign government bonds | 85,259 | 135 | (16 | ) | 85,378 | |||||||||||||||||||
Money market funds | 72,881 | — | — | 72,881 | ||||||||||||||||||||
Total | $ | 3,984,484 | $ | 11,980 | $ | (1,572 | ) | $ | 3,994,892 | |||||||||||||||
Classified as: | ||||||||||||||||||||||||
Cash equivalents | $ | 148,778 | ||||||||||||||||||||||
Marketable securities | 3,846,114 | |||||||||||||||||||||||
Total | $ | 3,994,892 | ||||||||||||||||||||||
January 26, 2014 | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
Cost | Gain | Loss | Fair Value | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Corporate debt securities | $ | 1,762,833 | $ | 1,837 | $ | (945 | ) | $ | 1,763,725 | |||||||||||||||
Debt securities of United States government agencies | 1,012,740 | 848 | (261 | ) | 1,013,327 | |||||||||||||||||||
Debt securities issued by United States Treasury | 495,889 | 621 | (57 | ) | 496,453 | |||||||||||||||||||
Money market funds | 307,865 | — | — | 307,865 | ||||||||||||||||||||
Asset-backed securities | 258,017 | 15 | (315 | ) | 257,717 | |||||||||||||||||||
Mortgage-backed securities issued by United States government-sponsored enterprises | 185,594 | 3,837 | (725 | ) | 188,706 | |||||||||||||||||||
Foreign government bonds | 64,955 | 20 | (120 | ) | 64,855 | |||||||||||||||||||
Total | $ | 4,087,893 | $ | 7,178 | $ | (2,423 | ) | $ | 4,092,648 | |||||||||||||||
Classified as: | ||||||||||||||||||||||||
Cash equivalents | $ | 572,425 | ||||||||||||||||||||||
Marketable securities | 3,520,223 | |||||||||||||||||||||||
Total | $ | 4,092,648 | ||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | |||||||||||||||||||||||
Less than 12 months | 12 months or greater | Total | ||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | |||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Corporate debt securities | $ | 698,851 | $ | (83 | ) | $ | 1,258,209 | $ | (437 | ) | $ | 1,957,060 | $ | (520 | ) | |||||||||
Debt securities of United States government agencies | 278,703 | (8 | ) | 307,422 | (45 | ) | 586,125 | (53 | ) | |||||||||||||||
Debt securities issued by United States Treasury | 71,564 | (66 | ) | 506,449 | — | 578,013 | (66 | ) | ||||||||||||||||
Asset-backed securities | 224,100 | (27 | ) | 213,651 | (173 | ) | 437,751 | (200 | ) | |||||||||||||||
Mortgage-backed securities issued by United States government-sponsored enterprises | — | — | 277,684 | (717 | ) | 277,684 | (717 | ) | ||||||||||||||||
Foreign government bonds | 33,606 | — | 51,772 | (16 | ) | 85,378 | (16 | ) | ||||||||||||||||
Total | $ | 1,306,824 | $ | (184 | ) | $ | 2,615,187 | $ | (1,388 | ) | $ | 3,922,011 | $ | (1,572 | ) | |||||||||
Schedule of Cash Equivalents and Marketable Securities Available for Sale | ' | |||||||||||||||||||||||
October 26, 2014 | January 26, 2014 | |||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Less than 1 year | $ | 1,378,709 | $ | 1,379,705 | $ | 1,883,132 | $ | 1,883,753 | ||||||||||||||||
Due in 1 - 5 years | 2,490,537 | 2,497,644 | 2,114,289 | 2,117,387 | ||||||||||||||||||||
Mortgage-backed securities issued by government-sponsored enterprises not due at a single maturity date | 115,238 | 117,543 | 90,472 | 91,508 | ||||||||||||||||||||
Total | $ | 3,984,484 | $ | 3,994,892 | $ | 4,087,893 | $ | 4,092,648 | ||||||||||||||||
Fair_Value_of_Financial_Assets1
Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended | |||||||||||
Oct. 26, 2014 | ||||||||||||
Notes to financial statements [Abstract] | ' | |||||||||||
Financial assets measured at Fair Value | ' | |||||||||||
Fair Value Measurement as of October 26, 2014 Using | ||||||||||||
Quoted Prices | Significant Other Observable Inputs | |||||||||||
in Active Markets for Identical Assets | ||||||||||||
October 26, 2014 | (Level 1) | (Level 2) | ||||||||||
(In thousands) | ||||||||||||
Corporate debt securities (1) | $ | 1,957,060 | $ | — | $ | 1,957,060 | ||||||
Debt securities of United States government agencies (2) | 586,125 | — | 586,125 | |||||||||
Debt securities issued by United States Treasury (2) | 578,013 | — | 578,013 | |||||||||
Asset-backed securities (2) | 437,751 | — | 437,751 | |||||||||
Mortgage-backed securities issued by government-sponsored enterprises (2) | 277,684 | — | 277,684 | |||||||||
Foreign government bonds (2) | 85,378 | — | 85,378 | |||||||||
Money market funds (3) | 72,881 | 72,881 | — | |||||||||
Total cash equivalents and marketable securities | $ | 3,994,892 | $ | 72,881 | $ | 3,922,011 | ||||||
-1 | Includes $75.9 million in cash equivalents and $1.88 billion in marketable securities on the Condensed Consolidated Balance Sheets. | |||||||||||
(2) | Included in marketable securities on the Condensed Consolidated Balance Sheets. | |||||||||||
-3 | Included in cash equivalents on the Condensed Consolidated Balance Sheet |
3dfx_Tables
3dfx (Tables) | 9 Months Ended | ||||||
Oct. 26, 2014 | |||||||
Notes to financial statements [Abstract] | ' | ||||||
Purchase Price Allocation of Assets Acquired from 3dfx | ' | ||||||
Fair Market Value | Straight-Line Amortization Period | ||||||
(In thousands) | (In years) | ||||||
Property and equipment | $ | 2,433 | 2-Jan | ||||
Trademarks | 11,310 | 5 | |||||
Goodwill | 85,418 | — | |||||
Total | $ | 99,161 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||||||
Oct. 26, 2014 | ||||||||||||||||||||||||
Notes to financial statements [Abstract] | ' | |||||||||||||||||||||||
Amortizable Intangible Assets Components | ' | |||||||||||||||||||||||
October 26, 2014 | January 26, 2014 | |||||||||||||||||||||||
Gross | Accumulated | Net Carrying | Gross | Accumulated Amortization | Net Carrying | |||||||||||||||||||
Carrying | Amortization | Amount | Carrying | Amount | ||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Acquisition-related intangible assets | $ | 189,239 | $ | (129,073 | ) | $ | 60,166 | $ | 189,239 | $ | (114,104 | ) | $ | 75,135 | ||||||||||
Patents and licensed technology | 449,204 | (268,069 | ) | 181,135 | 446,196 | (225,319 | ) | 220,877 | ||||||||||||||||
Total intangible assets | $ | 638,443 | $ | (397,142 | ) | $ | 241,301 | $ | 635,435 | $ | (339,423 | ) | $ | 296,012 | ||||||||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 9 Months Ended | |||||||
Oct. 26, 2014 | ||||||||
Notes to financial statements [Abstract] | ' | |||||||
Inventories | ' | |||||||
October 26, | January 26, | |||||||
2014 | 2014 | |||||||
Inventories: | (In thousands) | |||||||
Raw materials | $ | 128,588 | $ | 126,896 | ||||
Work in-process | 78,849 | 94,844 | ||||||
Finished goods | 200,644 | 166,025 | ||||||
Total inventories | $ | 408,081 | $ | 387,765 | ||||
Accrued Liabilities | ' | |||||||
October 26, | January 26, | |||||||
2014 | 2014 | |||||||
Accrued Liabilities and Other Current Liabilities: | (In thousands) | |||||||
Deferred revenue, short-term | $ | 240,829 | $ | 265,616 | ||||
Accrued customer programs (1) | 154,185 | 157,840 | ||||||
Accrued payroll and related expenses | 98,870 | 109,721 | ||||||
Accrued legal settlement (2) | 30,600 | 30,600 | ||||||
Customer advances | 17,806 | 9,297 | ||||||
Professional service fees | 12,368 | 13,572 | ||||||
Warranty accrual (3) | 7,222 | 7,571 | ||||||
Coupon interest on Notes | 6,292 | 2,500 | ||||||
Taxes payable, short-term | 5,512 | 2,378 | ||||||
Facilities related liabilities | 15,781 | 5,216 | ||||||
Other | 16,345 | 16,794 | ||||||
Total accrued liabilities and other current liabilities | $ | 605,810 | $ | 621,105 | ||||
(1) Please refer to Note 1 of the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended January 26, 2014, for discussion regarding the nature of accrued customer programs and their accounting treatment related to our revenue recognition policies and estimates. | ||||||||
(2) Please refer to Note 12 of these Notes to Condensed Consolidated Financial Statements for discussion regarding the 3dfx litigation. | ||||||||
(3) Please refer to Note 10 of these Notes to Condensed Consolidated Financial Statements for discussion regarding the warranty accrual. | ||||||||
Other Long-term Liabilities | ' | |||||||
October 26, | January 26, | |||||||
2014 | 2014 | |||||||
Other Long-Term Liabilities: | (In thousands) | |||||||
Deferred income tax liability | $ | 210,388 | $ | 157,953 | ||||
Income taxes payable, long-term | 122,854 | 119,977 | ||||||
Deferred revenue, long-term (1) | — | 172,199 | ||||||
Asset retirement obligation | 7,406 | 11,056 | ||||||
Other | 14,485 | 13,940 | ||||||
Total other long-term liabilities | $ | 355,133 | $ | 475,125 | ||||
(1) Consists primarily of annual consideration received in advance of our performance obligation under our patent cross licensing agreement with Intel Corporation entered into in January 2011. The decrease in deferred revenue, long-term, is a result of revenue recognized during the nine months ended October 26, 2014. |
Guarantees_Tables
Guarantees (Tables) | 9 Months Ended | |||||||||||||||
Oct. 26, 2014 | ||||||||||||||||
Notes to financial statements [Abstract] | ' | |||||||||||||||
Guarantees | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 26, | October 27, | October 26, | October 27, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Balance at beginning of period | $ | 8,202 | $ | 17,474 | $ | 7,571 | $ | 14,874 | ||||||||
Additions | 988 | 1,143 | 4,177 | 6,043 | ||||||||||||
Deductions | (1,968 | ) | (2,655 | ) | (4,526 | ) | (4,955 | ) | ||||||||
Balance at end of period | $ | 7,222 | $ | 15,962 | $ | 7,222 | $ | 15,962 | ||||||||
Longterm_debt_Tables
Long-term debt (Tables) | 9 Months Ended | ||||||||||||||||
Oct. 26, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||||||||||
October 26, | January 26, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Amount of the equity component | $ | 125,725 | $ | 125,725 | |||||||||||||
1.00% convertible senior notes due 2018 | $ | 1,500,000 | $ | 1,500,000 | |||||||||||||
Unamortized debt discount (1) | (122,741 | ) | (143,625 | ) | |||||||||||||
Net carrying amount | $ | 1,377,259 | $ | 1,356,375 | |||||||||||||
(1) As of October 26, 2014, the unamortized debt discount will be amortized over a remaining period of 4.1 years. | |||||||||||||||||
The following table presents interest expense for the contractual interest and the accretion of debt discount and issuance costs: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
October 26, | October 27, | October 26, | October 27, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Contractual coupon interest expense | $ | 3,750 | $ | — | $ | 11,250 | $ | — | |||||||||
Amortization of debt discount | 7,010 | — | 20,884 | — | |||||||||||||
Amortization of debt issuance costs | 49 | — | 146 | — | |||||||||||||
Total interest expense related to Notes | $ | 10,809 | $ | — | $ | 32,280 | $ | — | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Oct. 26, 2014 | ||||||||||||||||
Notes to financial statements [Abstract] | ' | |||||||||||||||
Financial Information by Operating Segment | ' | |||||||||||||||
GPU | Tegra Processor | All Other | Consolidated | |||||||||||||
(In thousands) | ||||||||||||||||
Three Months Ended October 26, 2014 | ||||||||||||||||
Revenue | $ | 991,217 | $ | 168,165 | $ | 66,000 | $ | 1,225,382 | ||||||||
Depreciation and amortization expense | $ | 29,175 | $ | 14,665 | $ | 11,640 | $ | 55,480 | ||||||||
Operating income (loss) | $ | 294,289 | $ | (53,291 | ) | $ | (27,683 | ) | $ | 213,315 | ||||||
Three Months Ended October 27, 2013 | ||||||||||||||||
Revenue | $ | 876,833 | $ | 111,134 | $ | 66,000 | $ | 1,053,967 | ||||||||
Depreciation and amortization expense | $ | 38,677 | $ | 13,164 | $ | 10,885 | $ | 62,726 | ||||||||
Operating income (loss) | $ | 220,351 | $ | (64,219 | ) | $ | (15,144 | ) | $ | 140,988 | ||||||
Nine Months Ended October 26, 2014 | ||||||||||||||||
Revenue | $ | 2,766,560 | $ | 466,433 | $ | 198,000 | $ | 3,430,993 | ||||||||
Depreciation and amortization expense | $ | 88,193 | $ | 43,395 | $ | 34,582 | $ | 166,170 | ||||||||
Operating income (loss) | $ | 770,393 | $ | (169,274 | ) | $ | (73,266 | ) | $ | 527,853 | ||||||
Nine Months Ended October 27, 2013 | ||||||||||||||||
Revenue | $ | 2,521,058 | $ | 266,886 | $ | 198,000 | $ | 2,985,944 | ||||||||
Depreciation and amortization expense | $ | 116,389 | $ | 36,479 | $ | 31,442 | $ | 184,310 | ||||||||
Operating income (loss) | $ | 586,791 | $ | (202,770 | ) | $ | (54,718 | ) | $ | 329,303 | ||||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 26, | October 27, | October 26, | October 27, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Reconciling items included in "All Other" category : | ||||||||||||||||
Revenue not allocated to reporting segments | $ | 66,000 | $ | 66,000 | $ | 198,000 | $ | 198,000 | ||||||||
Unallocated corporate operating expenses | (42,676 | ) | (40,033 | ) | (127,709 | ) | (125,700 | ) | ||||||||
Stock-based compensation | (41,435 | ) | (34,299 | ) | (115,371 | ) | (100,091 | ) | ||||||||
Acquisition-related costs | (9,572 | ) | (4,577 | ) | (28,186 | ) | (22,402 | ) | ||||||||
Other non-recurring expenses | — | (2,235 | ) | — | (4,525 | ) | ||||||||||
Total | $ | (27,683 | ) | $ | (15,144 | ) | $ | (73,266 | ) | $ | (54,718 | ) | ||||
Revenue from customers based in different geographic regions | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 26, | October 27, | October 26, | October 27, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||
Revenue: | ||||||||||||||||
Taiwan | $ | 405,612 | $ | 319,018 | $ | 1,109,388 | $ | 927,903 | ||||||||
China | 238,212 | 206,374 | 713,442 | 565,504 | ||||||||||||
United States | 215,484 | 195,529 | 594,541 | 545,303 | ||||||||||||
Other Asia Pacific | 169,793 | 174,691 | 475,442 | 507,065 | ||||||||||||
Other Americas | 100,531 | 79,382 | 275,355 | 220,920 | ||||||||||||
Europe | 95,750 | 78,973 | 262,825 | 219,249 | ||||||||||||
Total revenue | $ | 1,225,382 | $ | 1,053,967 | $ | 3,430,993 | $ | 2,985,944 | ||||||||
Revenue from significant customers,10% or more of total revenue [Table Text Block] | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
October 26, | October 27, | October 26, | October 27, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenue: | ||||||||||||||||
Customer A | 10 | % | 9 | % | 10 | % | 10 | % | ||||||||
Customer B | 8 | % | 11 | % | 9 | % | 11 | % | ||||||||
Accounts receivable from significant customers, 10% or more of total A/R [Table Text Block] | ' | |||||||||||||||
October 26, | January 26, | |||||||||||||||
2014 | 2014 | |||||||||||||||
Accounts Receivable: | ||||||||||||||||
Customer B | 17 | % | 23 | % |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 26, 2014 | Oct. 27, 2013 | Oct. 26, 2014 | Oct. 27, 2013 | Jan. 26, 2014 | ||
Share-based Compensation | ' | ' | ' | ' | ' | |
Cost of revenue | $3,021,000 | $3,090,000 | $8,596,000 | $7,911,000 | ' | |
Research and development | 22,680,000 | 20,902,000 | 64,636,000 | 61,392,000 | ' | |
Sales, general and administrative | 15,734,000 | 10,307,000 | 42,139,000 | 30,788,000 | ' | |
Stock-based compensation expense | 41,435,000 | 34,299,000 | 115,371,000 | 100,091,000 | ' | |
Stock Options | ' | ' | ' | ' | ' | |
Stock options beginning balance (in shares) | ' | ' | 32,504,000 | ' | ' | |
Stock Options granted (in shares) | ' | ' | 86,000 | ' | ' | |
Stock options exercised (in shares) | ' | ' | -7,945,000 | ' | ' | |
Stock options cancelled (in shares) | ' | ' | -1,361,000 | ' | ' | |
Stock options ending balance (in shares) | 23,284,000 | ' | 23,284,000 | ' | 32,504,000 | |
Weighted average exercise price of stock options at beginning of period | ' | ' | $14.22 | ' | ' | |
Weighted average exercise price of stock options granted | ' | ' | $18.66 | ' | ' | |
Weighted average exercise price of stock options exercised | ' | ' | $12.59 | ' | ' | |
Weighted average exercise price of stock options cancelled | ' | ' | $19.49 | ' | ' | |
Weighted average exercise price of stock options at end of period | $14.48 | ' | $14.48 | ' | $14.22 | |
RSUs/PSUs | ' | ' | ' | ' | ' | |
RSUs/PSUs beginning balance (in shares) | ' | ' | 18,852,000 | ' | ' | |
RSUs and PSUs granted (in shares) | ' | ' | 12,506,000 | [1] | ' | ' |
RSUs/PSUs vested (in shares) | ' | ' | -7,138,000 | ' | ' | |
RSUs/PSUs cancelled (in shares) | ' | ' | -1,089,000 | ' | ' | |
RSUs/PSUs ending balance (in shares) | 23,131,000 | ' | 23,131,000 | ' | 18,852,000 | |
Weighted average grant date fair value of RSUs/PSUs at beginning of period | ' | ' | $13.82 | ' | ' | |
Weighted average grant-date fair value of RSUs and PSUs | ' | ' | $17.63 | ' | ' | |
Weighted average grant-date fair value of RSUs/PSUs vested | ' | ' | $13.75 | ' | ' | |
Weighted average grant date fair value of RSUs/PSUs cancelled | ' | ' | $14.21 | ' | ' | |
Weighted average grant date fair value of RSUs/PSUs at end of period | $15.88 | ' | $15.88 | ' | $13.82 | |
Minimum number of PSUs issuable | 1,300,000 | ' | 1,300,000 | ' | ' | |
Maximum number of PSUs issuable | 2,500,000 | ' | 2,500,000 | ' | ' | |
Stock-based compensation expense related to equity awards not expected to vest | ' | ' | 35,200,000 | ' | ' | |
Aggregate amount of unearned stock-based compensation expense related to equity awards, adjusted for estimated forfeitures | $322,600,000 | ' | $322,600,000 | ' | $241,300,000 | |
Unearned stock-based compensation expense related to stock options weighted average amortization period (in years) | ' | ' | '2 years 0 months 0 days | ' | '2 years 6 months 0 days | |
Unearned stock-based compensation expense related to RSUs/PSUs weighted average amortization period (in years) | ' | ' | '3 years 0 months 0 days | ' | '2 years 8 months 12 days | |
[1] | Includes the total number of PSUs issuable if the maximum corporate financial performance target level for fiscal year 2015 is achieved. Depending on the actual level of achievement of the corporate performance goal at the end of fiscal year 2015, the range of PSUs issued could be from 1.3 million to 2.5 million shares. The PSUs were granted during the first quarter of fiscal year 2015 to our CEO and senior management as approved by our Compensation Committee. |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 26, 2014 | Oct. 27, 2013 | Oct. 26, 2014 | Oct. 27, 2013 |
Numerator: | ' | ' | ' | ' |
Net income | $172,967 | $118,734 | $437,459 | $293,073 |
Denominator: | ' | ' | ' | ' |
Denominator for basic net income per share, weighted average shares | 547,789 | 580,870 | 555,035 | 594,363 |
Effect of dilutive securities: | ' | ' | ' | ' |
Equity awards outstanding | 10,412 | 7,882 | 10,618 | 5,745 |
Denominator for diluted net income per share, weighted average shares | 558,201 | 588,752 | 565,653 | 600,108 |
Net income per share: | ' | ' | ' | ' |
Basic net income per share | $0.32 | $0.20 | $0.79 | $0.49 |
Diluted net income per share | $0.31 | $0.20 | $0.77 | $0.49 |
Antidilutive securities excluded from computation of earnings per share | 11,324 | 21,870 | 16,155 | 27,351 |
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ' | 1.00% | ' |
Debt Instrument, Convertible, Conversion Price | $20.16 | ' | $20.16 | ' |
Warrant Strike Price | ' | ' | $27.14 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 26, 2014 | Oct. 27, 2013 | Oct. 26, 2014 | Oct. 27, 2013 |
Income Taxes | ' | ' | ' | ' |
Income tax expense | $36,103 | $22,750 | $89,518 | $48,293 |
Effective Income Tax Rate, Continuing Operations | 17.30% | 16.10% | 17.00% | 14.20% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | ' | ' | 35.00% | ' |
Annual projected effective tax rate as of the first nine months of fiscal year 2015 | ' | ' | 18.50% | ' |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Oct. 26, 2014 | Oct. 27, 2013 | Jan. 26, 2014 | |
Summary of cash equivalents and marketable securities: | ' | ' | ' |
Realized Investment Gains (Losses) | ' | $1,800,000 | ' |
Available-for-sale Securities, Amortized Cost Basis | 3,984,484,000 | ' | 4,087,893,000 |
Unrealized Gain | 11,980,000 | ' | 7,178,000 |
Unrealized Loss | -1,572,000 | ' | -2,423,000 |
Estimated Fair Value | 3,994,892,000 | ' | 4,092,648,000 |
Classified as: | ' | ' | ' |
Cash equivalents | 148,778,000 | ' | 572,425,000 |
Marketable securities | 3,846,114,000 | ' | 3,520,223,000 |
Total cash equivalents and marketable securities | 3,994,892,000 | ' | 4,092,648,000 |
Amortized Cost | ' | ' | ' |
Less than one year | 1,378,709,000 | ' | 1,883,132,000 |
Due in 1-5 years | 2,490,537,000 | ' | 2,114,289,000 |
Mortgage-backed securities issued by government-sponsored enterprises not due to a single maturity date | 115,238,000 | ' | 90,472,000 |
Total | 3,984,484,000 | ' | 4,087,893,000 |
Estimated Fair Value | ' | ' | ' |
Less than one year | 1,379,705,000 | ' | 1,883,753,000 |
Due in 1-5 years | 2,497,644,000 | ' | 2,117,387,000 |
Mortgage-backed securities issued by government-sponsored enterprises not due to a single maturity date | 117,543,000 | ' | 91,508,000 |
Total | 3,994,892,000 | ' | 4,092,648,000 |
Unrealized Loss Position, Fair Value | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,306,824,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,615,187,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,922,011,000 | ' | ' |
Unrealized Loss Position, Aggregate Losses | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -184,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -1,388,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -1,572,000 | ' | ' |
Corporate debt securities | ' | ' | ' |
Summary of cash equivalents and marketable securities: | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 1,954,162,000 | ' | 1,762,833,000 |
Unrealized Gain | 3,418,000 | ' | 1,837,000 |
Unrealized Loss | -520,000 | ' | -945,000 |
Estimated Fair Value | 1,957,060,000 | ' | 1,763,725,000 |
Classified as: | ' | ' | ' |
Total cash equivalents and marketable securities | 1,957,060,000 | ' | 1,763,725,000 |
Unrealized Loss Position, Fair Value | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 698,851,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,258,209,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,957,060,000 | ' | ' |
Unrealized Loss Position, Aggregate Losses | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -83,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -437,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -520,000 | ' | ' |
Debt securities of United States government agencies | ' | ' | ' |
Summary of cash equivalents and marketable securities: | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 585,391,000 | ' | 1,012,740,000 |
Unrealized Gain | 787,000 | ' | 848,000 |
Unrealized Loss | -53,000 | ' | -261,000 |
Estimated Fair Value | 586,125,000 | ' | 1,013,327,000 |
Classified as: | ' | ' | ' |
Total cash equivalents and marketable securities | 586,125,000 | ' | 1,013,327,000 |
Unrealized Loss Position, Fair Value | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 278,703,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 307,422,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 586,125,000 | ' | ' |
Unrealized Loss Position, Aggregate Losses | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -8,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -45,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -53,000 | ' | ' |
Debt securities issued by United States Treasury | ' | ' | ' |
Summary of cash equivalents and marketable securities: | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 575,188,000 | ' | 495,889,000 |
Unrealized Gain | 2,891,000 | ' | 621,000 |
Unrealized Loss | -66,000 | ' | -57,000 |
Estimated Fair Value | 578,013,000 | ' | 496,453,000 |
Classified as: | ' | ' | ' |
Total cash equivalents and marketable securities | 578,013,000 | ' | 496,453,000 |
Unrealized Loss Position, Fair Value | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 71,564,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 506,449,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 578,013,000 | ' | ' |
Unrealized Loss Position, Aggregate Losses | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -66,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -66,000 | ' | ' |
Asset-backed Securities | ' | ' | ' |
Summary of cash equivalents and marketable securities: | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 437,791,000 | ' | 258,017,000 |
Unrealized Gain | 159,000 | ' | 15,000 |
Unrealized Loss | -199,000 | ' | -315,000 |
Estimated Fair Value | 437,751,000 | ' | 257,717,000 |
Classified as: | ' | ' | ' |
Total cash equivalents and marketable securities | 437,751,000 | ' | 257,717,000 |
Unrealized Loss Position, Fair Value | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 224,100,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 213,651,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 437,751,000 | ' | ' |
Unrealized Loss Position, Aggregate Losses | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -27,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -173,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -200,000 | ' | ' |
Mortgage backed securities issued by United Sates government-sponsored enterprises | ' | ' | ' |
Summary of cash equivalents and marketable securities: | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 273,812,000 | ' | 185,594,000 |
Unrealized Gain | 4,590,000 | ' | 3,837,000 |
Unrealized Loss | -718,000 | ' | -725,000 |
Estimated Fair Value | 277,684,000 | ' | 188,706,000 |
Classified as: | ' | ' | ' |
Total cash equivalents and marketable securities | 277,684,000 | ' | 188,706,000 |
Unrealized Loss Position, Fair Value | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 277,684,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 277,684,000 | ' | ' |
Unrealized Loss Position, Aggregate Losses | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -717,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -717,000 | ' | ' |
Foreign government bonds | ' | ' | ' |
Summary of cash equivalents and marketable securities: | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 85,259,000 | ' | 64,955,000 |
Unrealized Gain | 135,000 | ' | 20,000 |
Unrealized Loss | -16,000 | ' | -120,000 |
Estimated Fair Value | 85,378,000 | ' | 64,855,000 |
Classified as: | ' | ' | ' |
Total cash equivalents and marketable securities | 85,378,000 | ' | 64,855,000 |
Unrealized Loss Position, Fair Value | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 33,606,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 51,772,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 85,378,000 | ' | ' |
Unrealized Loss Position, Aggregate Losses | ' | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 0 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -16,000 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -16,000 | ' | ' |
Money market funds | ' | ' | ' |
Summary of cash equivalents and marketable securities: | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 72,881,000 | ' | 307,865,000 |
Unrealized Gain | 0 | ' | 0 |
Unrealized Loss | 0 | ' | 0 |
Estimated Fair Value | 72,881,000 | ' | 307,865,000 |
Classified as: | ' | ' | ' |
Total cash equivalents and marketable securities | $72,881,000 | ' | $307,865,000 |
Fair_Value_of_Financial_Assets2
Fair Value of Financial Assets and Liabilities (Details) (USD $) | Oct. 26, 2014 | Jan. 26, 2014 | |
Financial assets and liabilities measured at fair value: | ' | ' | |
Estimated Fair Value | $3,994,892,000 | $4,092,648,000 | |
Cash equivalents of corporate debt securities | 75,900,000 | ' | |
Marketable securities of corporate debt securities | 1,880,000,000 | ' | |
Debt Instrument, Face Amount | 1,500,000,000 | 1,500,000,000 | |
Convertible Debt, Fair Value Disclosures | 1,700,000,000 | 1,530,000,000 | |
Estimate of Fair Value | ' | ' | |
Financial assets and liabilities measured at fair value: | ' | ' | |
Total cash equivalents and marketable securities | 3,994,892,000 | ' | |
Quoted Price in Active Markets for Identical Assets (Level 1) | ' | ' | |
Financial assets and liabilities measured at fair value: | ' | ' | |
Money market funds | 72,881,000 | [1] | ' |
Total cash equivalents and marketable securities | 72,881,000 | ' | |
Significant Other Observable Inputs (Level 2) | ' | ' | |
Financial assets and liabilities measured at fair value: | ' | ' | |
Corporate debt securities | 1,957,060,000 | [2] | ' |
Debt securities issued by US Government agencies | 586,125,000 | ' | |
Debt securities issued by United States Treasury | 578,013,000 | [3] | ' |
Asset-backed securities | 437,751,000 | ' | |
Mortgage-backed securities issued by government-sponsored agencies | 277,684,000 | [3] | ' |
Foreign government bonds | 85,378,000 | [3] | ' |
Money market funds | 0 | ' | |
Total cash equivalents and marketable securities | 3,922,011,000 | ' | |
Corporate debt securities | ' | ' | |
Financial assets and liabilities measured at fair value: | ' | ' | |
Estimated Fair Value | 1,957,060,000 | 1,763,725,000 | |
Debt securities of United States government agencies | ' | ' | |
Financial assets and liabilities measured at fair value: | ' | ' | |
Estimated Fair Value | 586,125,000 | 1,013,327,000 | |
Debt securities issued by United States Treasury | ' | ' | |
Financial assets and liabilities measured at fair value: | ' | ' | |
Estimated Fair Value | 578,013,000 | 496,453,000 | |
Asset-backed Securities | ' | ' | |
Financial assets and liabilities measured at fair value: | ' | ' | |
Estimated Fair Value | 437,751,000 | 257,717,000 | |
Mortgage backed securities issued by United Sates government-sponsored enterprises | ' | ' | |
Financial assets and liabilities measured at fair value: | ' | ' | |
Estimated Fair Value | 277,684,000 | 188,706,000 | |
Foreign government bonds | ' | ' | |
Financial assets and liabilities measured at fair value: | ' | ' | |
Estimated Fair Value | 85,378,000 | 64,855,000 | |
Money market funds | ' | ' | |
Financial assets and liabilities measured at fair value: | ' | ' | |
Estimated Fair Value | $72,881,000 | $307,865,000 | |
[1] | Included in cash equivalents on the Condensed Consolidated Balance Sheets. | ||
[2] | Includes $75.9 million in cash equivalents and $1.88 billion in marketable securities on the Condensed Consolidated Balance Sheets. | ||
[3] | Included in marketable securities on the Condensed ConsolidatedB Balance Sheets. |
3dfx_Details
3dfx (Details) (USD $) | 9 Months Ended | |||
Oct. 26, 2014 | Jan. 26, 2014 | |||
Notes to financial statements [Abstract] | ' | ' | ||
Aggregate purchase price of acquisition paid initially | $74,200,000 | ' | ||
Accrued legal settlement | 30,600,000 | [1] | 30,600,000 | [1] |
Various administrative expenses and Trustee fees included in conditional settlement payment | 5,600,000 | ' | ||
Conditional settlement assessed to satisfy debts and liabilities owed to the general unsecured creditors of 3dfx | 25,000,000 | ' | ||
Aggregate purchase price of acquisition assessed after conditional settlement | 95,000,000 | ' | ||
Direct transaction costs for acquisition | 4,200,000 | ' | ||
Fair Market Value | ' | ' | ||
Property and equipment | 2,433,000 | ' | ||
Trademarks | 11,310,000 | ' | ||
Goodwill | 85,418,000 | ' | ||
Total | $99,161,000 | ' | ||
Straight-Line Amortization Period | ' | ' | ||
Property and equipment | '1-2 | ' | ||
Trademarks | '5 years 0 months 0 days | ' | ||
[1] | Please refer to Note 12 of these Notes to Condensed Consolidated Financial Statements for discussion regarding the 3dfx litigation. |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
Oct. 26, 2014 | Oct. 27, 2013 | Oct. 26, 2014 | Oct. 27, 2013 | Oct. 26, 2014 | Jan. 26, 2014 | Oct. 26, 2014 | Jan. 26, 2014 | Oct. 26, 2014 | Jan. 26, 2014 | |
Acquisition-related intangible assets | Acquisition-related intangible assets | Patents and Licensed Technology | Patents and Licensed Technology | Total intangible assets | Total intangible assets | |||||
Amortizable intangible assets components | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | ' | ' | ' | ' | $189,239,000 | $189,239,000 | $449,204,000 | $446,196,000 | $638,443,000 | $635,435,000 |
Accumulated Amortization | ' | ' | ' | ' | -129,073,000 | -114,104,000 | -268,069,000 | -225,319,000 | -397,142,000 | -339,423,000 |
Net Carrying Amount | ' | ' | ' | ' | 60,166,000 | 75,135,000 | 181,135,000 | 220,877,000 | 241,301,000 | 296,012,000 |
Future amortization expense associated with intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remainder of fiscal 2015 | 19,300,000 | ' | 19,300,000 | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2016 | 71,900,000 | ' | 71,900,000 | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2017 | 63,800,000 | ' | 63,800,000 | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2018 | 49,100,000 | ' | 49,100,000 | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2019 | 20,500,000 | ' | 20,500,000 | ' | ' | ' | ' | ' | ' | ' |
Fiscal 2020 and beyond | 16,700,000 | ' | 16,700,000 | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | $19,300,000 | $19,600,000 | $57,700,000 | $55,600,000 | ' | ' | ' | ' | ' | ' |
Balance_Sheet_Components_Detai
Balance Sheet Components (Details) (USD $) | Oct. 26, 2014 | Jan. 26, 2014 | ||
Inventories | ' | ' | ||
Raw materials | $128,588,000 | $126,896,000 | ||
Work in-process | 78,849,000 | 94,844,000 | ||
Finished goods | 200,644,000 | 166,025,000 | ||
Total inventories | 408,081,000 | 387,765,000 | ||
Outstanding Inventory Purchase Obligations | 512,200,000 | ' | ||
Accrued Liabilities and Other Current Liabilities | ' | ' | ||
Deferred revenue, short-term | 240,829,000 | 265,616,000 | ||
Accrued customer programs | 154,185,000 | [1] | 157,840,000 | [1] |
Accrued payroll and related expenses | 98,870,000 | 109,721,000 | ||
Accrued legal settlement | 30,600,000 | [2] | 30,600,000 | [2] |
Customer advances | 17,806,000 | 9,297,000 | ||
Professional service fees | 12,368,000 | 13,572,000 | ||
Warranty accrual | 7,222,000 | [3] | 7,571,000 | [3] |
Coupon interest on Notes | 6,292,000 | 2,500,000 | ||
Taxes payable, short-term | 5,512,000 | 2,378,000 | ||
Facilities related liabilities | 15,781,000 | 5,216,000 | ||
Other | 16,345,000 | 16,794,000 | ||
Total accrued liabilities and other current liabilities | 605,810,000 | 621,105,000 | ||
Other Long-Term Liabilities | ' | ' | ||
Deferred income tax liability | 210,388,000 | 157,953,000 | ||
Income taxes payable, long-term | 122,854,000 | 119,977,000 | ||
Deferred Revenue, long-term | 0 | [4] | 172,199,000 | |
Asset retirement obligation | 7,406,000 | 11,056,000 | ||
Other | 14,485,000 | 13,940,000 | ||
Total other long-term liabilities | $355,133,000 | $475,125,000 | ||
[1] | Please refer to Note 1 of the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended January 26, 2014, for discussion regarding the nature of accrued customer programs and their accounting treatment related to our revenue recognition policies and estimates. | |||
[2] | Please refer to Note 12 of these Notes to Condensed Consolidated Financial Statements for discussion regarding the 3dfx litigation. | |||
[3] | Please refer to Note 10 of these Notes to Condensed Consolidated Financial Statements for discussion regarding the warranty accrual. | |||
[4] | Consists primarily of annual consideration received in advance of our performance obligation under our patent cross licensing agreement with Intel Corporation entered into in January 2011. The decrease in deferred revenue, long-term, is a result of revenue recognized during the nine months ended October 26, 2014. |
Guarantees_Details
Guarantees (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 26, 2014 | Oct. 27, 2013 | Oct. 26, 2014 | Oct. 27, 2013 |
Estimated product warranty liabilities | ' | ' | ' | ' |
Balance at beginning of period | $8,202 | $17,474 | $7,571 | $14,874 |
Additions | 988 | 1,143 | 4,177 | 6,043 |
Deductions | -1,968 | -2,655 | -4,526 | -4,955 |
Balance at end of period | $7,222 | $15,962 | $7,222 | $15,962 |
Longterm_debt_Details
Long-term debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Oct. 26, 2014 | Oct. 27, 2013 | Oct. 26, 2014 | Oct. 27, 2013 | Jan. 26, 2014 | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ||
Debt Instrument, Face Amount | $1,500,000,000 | ' | $1,500,000,000 | ' | $1,500,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ' | 1.00% | ' | ' | ||
Debt Instrument, Convertible, Conversion Ratio | ' | ' | 49.6 | ' | ' | ||
Debt Instrument, Convertible, Conversion Price | $20.16 | ' | $20.16 | ' | ' | ||
Debt Instrument, Convertible, Terms of Conversion Feature | ' | ' | '(1) during any fiscal quarter commencing after the fiscal quarter ended on April 27, 2014 (and only during such fiscal quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the measurement period) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events. On or after August 1, 2018 to the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes regardless of the foregoing conditions. Upon conversion, we will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount of the notes being converted. | ' | ' | ||
Debt Instrument, Convertible, Initial Liability Amount | ' | ' | 1,351,800,000 | ' | ' | ||
Debt Instrument, Effective Interest Rate | 3.15% | ' | 3.15% | ' | ' | ||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 125,725,000 | ' | 125,725,000 | ' | 125,725,000 | ||
Purchaser's Discount of Convertible Notes | ' | ' | 22,500,000 | ' | ' | ||
Initial unamortized debt discount at issuance | ' | ' | 148,200,000 | ' | ' | ||
Debt Instrument, Unamortized Discount | -122,741,000 | [1] | ' | -122,741,000 | [1] | ' | -143,625,000 |
Long-term debt | 1,377,259,000 | ' | 1,377,259,000 | ' | 1,356,375,000 | ||
Debt Instrument, Convertible, Remaining Discount Amortization Period | ' | ' | '4 years 1 month 5 days | ' | ' | ||
Coupon Interest Expense | 3,750,000 | 0 | 11,250,000 | 0 | ' | ||
Amortization of debt discount | 7,010,000 | 0 | 20,884,000 | 0 | ' | ||
Amortization of Financing Costs | 49,000 | 0 | 146,000 | 0 | ' | ||
Debt Instrument, Convertible, Interest Expense | $10,809,000 | $0 | $32,280,000 | $0 | ' | ||
[1] | As of OctoberB 26, 2014, the unamortized debt discount will be amortized over a remaining period of 4.1 years. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | |||
Oct. 26, 2014 | Jan. 26, 2014 | |||
Notes to financial statements [Abstract] | ' | ' | ||
Aggregate purchase price of acquisition paid initially, net of direct costs | $70,000,000 | ' | ||
Excess of assessed fair value over acquisition price paid | 50,000,000 | ' | ||
Accrued legal settlement | 30,600,000 | [1] | 30,600,000 | [1] |
Various administrative expenses and Trustee fees included in conditional settlement payment | 5,600,000 | ' | ||
Conditional settlement assessed to satisfy debts and liabilities owed to the general unsecured creditors of 3dfx | $25,000,000 | ' | ||
[1] | Please refer to Note 12 of these Notes to Condensed Consolidated Financial Statements for discussion regarding the 3dfx litigation. |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Oct. 26, 2014 | Oct. 27, 2013 | Jul. 27, 2014 | Oct. 26, 2014 | Oct. 27, 2013 | Jan. 26, 2014 | |
Accelerated Share Repurchases [Line Items] | ' | ' | ' | ' | ' | ' |
Cost of shares repurchased under stock repurchase program | ' | ' | ' | $3,260,000,000 | ' | ' |
Aggregate maximum amount of common stock to be repurchased | 3,700,000,000 | ' | ' | 3,700,000,000 | ' | ' |
Stock repurchase program, additional authorized amount | ' | ' | ' | 1,000,000,000 | ' | ' |
Aggregate number of shares repurchased under stock repurchase program (in shares) | ' | ' | ' | 205,400,000 | ' | ' |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 438,400,000 | ' | ' | 438,400,000 | ' | ' |
Intended return to shareholder in FY2015 | ' | ' | ' | ' | ' | 1,000,000,000 |
Treasury Stock, Shares, Acquired | 16,800,000 | ' | 27,400,000 | ' | ' | ' |
Treasury Stock Acquired, Average Cost Per Share | $18.47 | ' | $18.23 | ' | ' | ' |
Payments for repurchase of common stock | 310,000,000 | ' | 500,000,000 | 810,000,000 | 850,000,000 | ' |
Dividends, Cash [Abstract] | ' | ' | ' | ' | ' | ' |
Payments of Dividends | $46,100,000 | ' | ' | $140,235,000 | $133,007,000 | ' |
Cash dividends declared and paid per common share | $0.09 | $0.08 | ' | $0.26 | $0.23 | ' |
Cash dividend per share - annual | ' | ' | ' | $0.34 | ' | ' |
Authorized number of shares of common stock (in shares) | 2,000,000,000 | ' | ' | 2,000,000,000 | ' | ' |
Par value of common stock | $0.00 | ' | ' | $0.00 | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 26, 2014 | Oct. 27, 2013 | Oct. 26, 2014 | Oct. 27, 2013 | Jan. 26, 2014 |
Revenue by Operating Segment and Geographic Region | ' | ' | ' | ' | ' |
Revenue | 1,225,382 | 1,053,967 | 3,430,993 | 2,985,944 | ' |
Depreciation and amortization expense | 55,480 | 62,726 | 166,170 | 184,310 | ' |
Operating income (loss) | 213,315 | 140,988 | 527,853 | 329,303 | ' |
Reconciling items included in All Other category | ' | ' | ' | ' | ' |
Unallocated corporate operating expenses | -42,676 | -40,033 | -127,709 | -125,700 | ' |
Stock-based compensation expense | -41,435 | -34,299 | -115,371 | -100,091 | ' |
Acquisition-related costs | -9,572 | -4,577 | -28,186 | -22,402 | ' |
Other non-recurring expenses | 0 | -2,235 | 0 | -4,525 | ' |
Taiwan | ' | ' | ' | ' | ' |
Revenue by Operating Segment and Geographic Region | ' | ' | ' | ' | ' |
Revenue | 405,612 | 319,018 | 1,109,388 | 927,903 | ' |
China | ' | ' | ' | ' | ' |
Revenue by Operating Segment and Geographic Region | ' | ' | ' | ' | ' |
Revenue | 238,212 | 206,374 | 713,442 | 565,504 | ' |
United States | ' | ' | ' | ' | ' |
Revenue by Operating Segment and Geographic Region | ' | ' | ' | ' | ' |
Revenue | 215,484 | 195,529 | 594,541 | 545,303 | ' |
Other Asia Pacific | ' | ' | ' | ' | ' |
Revenue by Operating Segment and Geographic Region | ' | ' | ' | ' | ' |
Revenue | 169,793 | 174,691 | 475,442 | 507,065 | ' |
Other Americas | ' | ' | ' | ' | ' |
Revenue by Operating Segment and Geographic Region | ' | ' | ' | ' | ' |
Revenue | 100,531 | 79,382 | 275,355 | 220,920 | ' |
Europe | ' | ' | ' | ' | ' |
Revenue by Operating Segment and Geographic Region | ' | ' | ' | ' | ' |
Revenue | 95,750 | 78,973 | 262,825 | 219,249 | ' |
Customer A | ' | ' | ' | ' | ' |
Revenue by Operating Segment and Geographic Region | ' | ' | ' | ' | ' |
Revenue from significant customers (in percent) | 10.00% | 9.00% | 10.00% | 10.00% | ' |
Customer B | ' | ' | ' | ' | ' |
Revenue by Operating Segment and Geographic Region | ' | ' | ' | ' | ' |
Revenue from significant customers (in percent) | 8.00% | 11.00% | 9.00% | 11.00% | ' |
Accounts receivable from significant customers (in percent) | 17.00% | ' | 17.00% | ' | 23.00% |
GPU | ' | ' | ' | ' | ' |
Revenue by Operating Segment and Geographic Region | ' | ' | ' | ' | ' |
Revenue | 991,217 | 876,833 | 2,766,560 | 2,521,058 | ' |
Depreciation and amortization expense | 29,175 | 38,677 | 88,193 | 116,389 | ' |
Operating income (loss) | 294,289 | 220,351 | 770,393 | 586,791 | ' |
Tegra Processor | ' | ' | ' | ' | ' |
Revenue by Operating Segment and Geographic Region | ' | ' | ' | ' | ' |
Revenue | 168,165 | 111,134 | 466,433 | 266,886 | ' |
Depreciation and amortization expense | 14,665 | 13,164 | 43,395 | 36,479 | ' |
Operating income (loss) | -53,291 | -64,219 | -169,274 | -202,770 | ' |
All Other | ' | ' | ' | ' | ' |
Revenue by Operating Segment and Geographic Region | ' | ' | ' | ' | ' |
Revenue | 66,000 | 66,000 | 198,000 | 198,000 | ' |
Depreciation and amortization expense | 11,640 | 10,885 | 34,582 | 31,442 | ' |
Operating income (loss) | -27,683 | -15,144 | -73,266 | -54,718 | ' |