Document and Entity Information
Document and Entity Information | 12 Months Ended |
Sep. 30, 2015shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
Trading Symbol | DOX |
Entity Registrant Name | AMDOCS LTD |
Entity Central Index Key | 1,062,579 |
Current Fiscal Year End Date | --09-30 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 151,150,169 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 1,035,573 | $ 1,103,269 |
Short-term interest-bearing investments | 318,439 | 321,196 |
Accounts receivable, net | 714,784 | 715,837 |
Deferred income taxes and taxes receivable | 193,207 | 148,346 |
Prepaid expenses and other current assets | 116,159 | 135,326 |
Total current assets | 2,378,162 | 2,423,974 |
Equipment and leasehold improvements, net | 309,320 | 288,956 |
Goodwill | 2,049,093 | 1,925,225 |
Intangible assets, net | 252,517 | 181,227 |
Other noncurrent assets | 335,560 | 365,895 |
Total assets | 5,324,652 | 5,185,277 |
Current liabilities: | ||
Accounts payable | 111,974 | 142,627 |
Accrued expenses and other current liabilities | 535,349 | 422,291 |
Accrued personnel costs | 224,232 | 220,630 |
Short-term financing arrangements | 220,000 | 210,000 |
Deferred revenue | 198,470 | 156,743 |
Deferred income taxes and taxes payable | 73,478 | 48,456 |
Total current liabilities | 1,363,503 | 1,200,747 |
Deferred income taxes and taxes payable | 305,985 | 311,134 |
Other noncurrent liabilities | 248,322 | 277,560 |
Total liabilities | $ 1,917,810 | $ 1,789,441 |
Shareholders' equity: | ||
Preferred Shares - Authorized 25,000 shares; £0.01 par value; 0 shares issued and outstanding | ||
Ordinary Shares - Authorized 700,000 shares; £0.01 par value; 267,777 and 264,735 issued and 151,150 and 156,704 outstanding, in 2015 and 2014, respectively | $ 4,331 | $ 4,284 |
Additional paid-in capital | 3,182,573 | 3,054,780 |
Treasury stock, at cost - 116,627 and 108,031 ordinary shares in 2015 and 2014, respectively | (3,611,105) | (3,157,085) |
Accumulated other comprehensive (loss) income | (16,753) | (9,972) |
Retained earnings | 3,847,796 | 3,503,829 |
Total shareholders' equity | 3,406,842 | 3,395,836 |
Total liabilities and shareholders' equity | $ 5,324,652 | $ 5,185,277 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - £ / shares | Sep. 30, 2015 | Sep. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred Shares, authorized | 25,000,000 | 25,000,000 |
Preferred Shares, par value | £ 0.01 | £ 0.01 |
Preferred Shares, issued | 0 | 0 |
Preferred Shares, outstanding | 0 | 0 |
Ordinary Shares, authorized | 700,000,000 | 700,000,000 |
Ordinary Shares, par value | £ 0.01 | £ 0.01 |
Ordinary Shares, issued | 267,777,000 | 264,735,000 |
Ordinary Shares, outstanding | 151,150,000 | 156,704,000 |
Treasury stock, at cost, ordinary shares | 116,627,000 | 108,031,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Statement [Abstract] | |||
Revenue | $ 3,643,538 | $ 3,563,637 | $ 3,345,854 |
Operating expenses: | |||
Cost of revenue | 2,349,488 | 2,306,892 | 2,167,052 |
Research and development | 254,944 | 257,896 | 240,266 |
Selling, general and administrative | 440,085 | 445,134 | 418,574 |
Amortization of purchased intangible assets and other | 70,073 | 58,067 | 38,410 |
Restructuring charges | 13,000 | ||
Total operating expenses | 3,127,590 | 3,067,989 | 2,864,302 |
Operating income | 515,948 | 495,648 | 481,552 |
Interest and other expense, net | 2,544 | 6,098 | 6,075 |
Income before income taxes | 513,404 | 489,550 | 475,477 |
Income taxes | 67,241 | 67,428 | 63,038 |
Net income | $ 446,163 | $ 422,122 | $ 412,439 |
Basic earnings per share | $ 2.89 | $ 2.65 | $ 2.56 |
Diluted earnings per share | $ 2.85 | $ 2.62 | $ 2.53 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 446,163 | $ 422,122 | $ 412,439 | |
Other comprehensive (loss) income, net of tax: | ||||
Net change in fair value of cash flow hedges | [1] | (6,630) | (10,218) | 22,638 |
Net change in fair value of available-for-sale securities | [2] | 358 | (283) | 190 |
Net actuarial (losses) gains on defined benefit plan | [3] | (509) | (103) | 3,305 |
Other comprehensive (loss) income, net of tax | (6,781) | (10,604) | 26,133 | |
Comprehensive income | $ 439,382 | $ 411,518 | $ 438,572 | |
[1] | Net of tax benefit (expense) of $2,627, $4,413 and $(7,413) for the fiscal years ended September 30, 2015, 2014 and 2013, respectively. | |||
[2] | Net of tax benefit (expense) of $5, $2 and $(49) for the fiscal years ended September 30, 2015, 2014 and 2013, respectively. | |||
[3] | Net of tax (expense) benefit of $(81), $38 and $(1,196) for the fiscal years ended September 30, 2015, 2014 and 2013, respectively. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Tax benefit (expense) on change in fair value of cash flow hedges | $ 2,627 | $ 4,413 | $ (7,413) |
Tax benefit (expense) on change in fair value of available-sale-of securities | 5 | 2 | (49) |
Tax benefit (expense) on unrealized gains (losses) on defined benefit plan | $ (81) | $ 38 | $ (1,196) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Ordinary Shares | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive (Loss) Income | [1] | Retained Earnings |
Beginning balance at Sep. 30, 2012 | $ 3,033,202 | $ 4,077 | $ 2,625,250 | $ (2,418,010) | $ (25,501) | $ 2,847,386 | |
Beginning balance, Shares at Sep. 30, 2012 | 162,454 | ||||||
Comprehensive income: | |||||||
Net income | 412,439 | 412,439 | |||||
Other comprehensive income (loss) | 26,133 | 26,133 | |||||
Comprehensive income | 438,572 | ||||||
Employee stock options exercised | 213,420 | $ 112 | 213,308 | ||||
Employee stock options exercised, Shares | 7,243 | ||||||
Repurchase of shares | (367,061) | (367,061) | |||||
Repurchase of shares, Shares | (10,370) | ||||||
Cash dividends declared | (83,700) | (83,700) | |||||
Issuance of restricted stock, net of forfeitures | 10 | $ 10 | |||||
Issuance of restricted stock, net of forfeitures, Shares | 735 | ||||||
Equity-based compensation expense related to employees | 40,340 | 40,340 | |||||
Ending balance at Sep. 30, 2013 | 3,274,783 | $ 4,199 | 2,878,898 | (2,785,071) | 632 | 3,176,125 | |
Ending balance, Shares at Sep. 30, 2013 | 160,062 | ||||||
Comprehensive income: | |||||||
Net income | 422,122 | 422,122 | |||||
Other comprehensive income (loss) | (10,604) | (10,604) | |||||
Comprehensive income | 411,518 | ||||||
Employee stock options exercised | 128,136 | $ 73 | 128,063 | ||||
Employee stock options exercised, Shares | 4,395 | ||||||
Repurchase of shares | (372,014) | (372,014) | |||||
Repurchase of shares, Shares | (8,425) | ||||||
Tax benefit from equity-based awards | 3,241 | 3,241 | |||||
Cash dividends declared | (94,418) | (94,418) | |||||
Issuance of restricted stock, net of forfeitures | 12 | $ 12 | |||||
Issuance of restricted stock, net of forfeitures, Shares | 672 | ||||||
Equity-based compensation expense related to employees | 44,578 | 44,578 | |||||
Ending balance at Sep. 30, 2014 | $ 3,395,836 | $ 4,284 | 3,054,780 | (3,157,085) | (9,972) | 3,503,829 | |
Ending balance, Shares at Sep. 30, 2014 | 156,704 | 156,704 | |||||
Comprehensive income: | |||||||
Net income | $ 446,163 | 446,163 | |||||
Other comprehensive income (loss) | (6,781) | (6,781) | |||||
Comprehensive income | 439,382 | ||||||
Employee stock options exercised | $ 78,582 | $ 39 | 78,543 | ||||
Employee stock options exercised, Shares | 2,540 | 2,540 | |||||
Repurchase of shares | $ (454,020) | (454,020) | |||||
Repurchase of shares, Shares | (8,596) | (8,596) | |||||
Tax benefit from equity-based awards | $ 4,690 | 4,690 | |||||
Cash dividends declared | (102,196) | (102,196) | |||||
Issuance of restricted stock, net of forfeitures | 8 | $ 8 | |||||
Issuance of restricted stock, net of forfeitures, Shares | 502 | ||||||
Equity-based compensation expense related to employees | 44,560 | 44,560 | |||||
Ending balance at Sep. 30, 2015 | $ 3,406,842 | $ 4,331 | $ 3,182,573 | $ (3,611,105) | $ (16,753) | $ 3,847,796 | |
Ending balance, Shares at Sep. 30, 2015 | 151,150 | 151,150 | |||||
[1] | As of September 30, 2015, 2014 and 2013, accumulated other comprehensive (loss) income is comprised of unrealized (loss) gain on derivatives, net of tax, of $(12,152), $(5,522) and $4,696, unrealized gain (loss) on short-term interest-bearing investments, net of tax, of $319, $(39) and $244 and unrealized (loss) on defined benefit plan, net of tax, of $(4,920), $(4,411) and $(4,308). |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared per ordinary share | $ 0.665 | $ 0.595 | $ 0.520 |
Unrealized (loss) gain on derivatives, net of tax | $ (12,152) | $ (5,522) | $ 4,696 |
Unrealized gain (loss) on short-term interest-bearing investments, net of tax | 319 | (39) | 244 |
Unrealized (loss) on defined benefit plan, net of tax | $ (4,920) | $ (4,411) | $ (4,308) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Cash Flow from Operating Activities: | |||
Net income | $ 446,163 | $ 422,122 | $ 412,439 |
Reconciliation of net income to net cash provided by operating activities: | |||
Depreciation and amortization | 174,795 | 162,772 | 140,776 |
Equity-based compensation expense | 44,560 | 44,578 | 40,340 |
Deferred income taxes | (26,887) | (6,510) | 12,485 |
Excess tax benefit from equity-based compensation | (5,949) | (3,925) | (366) |
Loss from short-term interest-bearing investments | 476 | 1,023 | 2,269 |
Net changes in operating assets and liabilities, net of amounts acquired: | |||
Accounts receivable, net | 39,829 | 5,540 | 29,999 |
Prepaid expenses and other current assets | 22,690 | (1,769) | (86) |
Other noncurrent assets | 7,406 | 7,434 | 29,384 |
Accounts payable, accrued expenses and accrued personnel | 63,894 | 73,949 | (4,104) |
Deferred revenue | 2,434 | (1,967) | (15,078) |
Income taxes payable, net | 23,474 | 1,106 | (5,268) |
Other noncurrent liabilities | (20,263) | 4,905 | 27,757 |
Net cash provided by operating activities | 772,622 | 709,258 | 670,547 |
Cash Flow from Investing Activities: | |||
Payments for purchase of equipment and leasehold improvements, net | (120,503) | (111,569) | (106,724) |
Proceeds from sale of short-term interest-bearing investments | 252,818 | 379,484 | 311,677 |
Purchase of short-term interest-bearing investments | (250,184) | (389,800) | (386,876) |
Net cash paid for acquisitions | (263,193) | (180,540) | (112,405) |
Other | 1,408 | 3,872 | (2,801) |
Net cash used in investing activities | (379,654) | (298,553) | (297,129) |
Cash Flow from Financing Activities: | |||
Borrowings under financing arrangements | 220,000 | 210,000 | 200,000 |
Payments under financing arrangements | (210,000) | (200,000) | (200,000) |
Repurchase of shares | (454,020) | (372,014) | (367,061) |
Proceeds from employee stock option exercises | 78,206 | 128,125 | 213,430 |
Payments of dividends | (100,790) | (90,939) | (84,008) |
Excess tax benefit from equity-based compensation | 5,949 | 3,925 | 366 |
Other | (9) | (725) | (1,111) |
Net cash used in financing activities | (460,664) | (321,628) | (238,384) |
Net (decrease) increase in cash and cash equivalents | (67,696) | 89,077 | 135,034 |
Cash and cash equivalents at beginning of year | 1,103,269 | 1,014,192 | 879,158 |
Cash and cash equivalents at end of year | 1,035,573 | 1,103,269 | 1,014,192 |
Cash paid for: | |||
Income taxes, net of refunds | 51,141 | 59,216 | 38,441 |
Interest | $ 548 | $ 628 | $ 468 |
Nature of Entity
Nature of Entity | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Nature of Entity | Note 1 — Nature of Entity Amdocs Limited (the “Company”) is a leading provider of software and services for communications, entertainment and media industry service providers. The Company and its subsidiaries operate in one segment, providing integrated products and services. The Company designs, develops, markets, supports, implements and operates customer experience solutions primarily for leading wireless, wireline, cable and satellite service providers throughout the world. Amdocs also offers a full range of advertising and media solutions for local marketing service providers and search and directory publishers. The Company is a Guernsey corporation, which directly or indirectly holds numerous wholly-owned subsidiaries around the world. The majority of the Company’s customers are in North America, Europe, Latin America and the Asia-Pacific region. The Company’s main development facilities are located in Brazil, Canada, Cyprus, India, Ireland, Israel, Mexico, the Philippines, the United Kingdom and the United States. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles, or GAAP. Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications From time to time, certain immaterial amounts in prior years’ financial statements may be reclassified to conform to the current year’s presentation. Effective October 1, 2014, the Company combined the presentation of license and service revenue, as well as the related costs, since license revenue comprises an insignificant portion of total revenue. Functional Currency The Company manages its foreign subsidiaries as integral direct components of its operations. The operations of the Company’s foreign subsidiaries provide the same type of services with the same type of expenditures throughout the Amdocs group. The Company has determined that its functional currency is the U.S. dollar. The Company periodically assesses the applicability of the U.S. dollar as the Company’s functional currency by reviewing the salient indicators as indicated in the authoritative guidance for foreign currency matters. Cash and Cash Equivalents Cash and cash equivalents consist of cash and interest-bearing investments with insignificant interest rate risk and maturities from acquisition date of 90 days or less. Investments The Company classifies all of its short-term interest-bearing investments as available-for-sale securities. Such short-term interest-bearing investments consist primarily of money market funds, U.S. government treasuries, corporate bonds and U.S. agency securities, which are stated at market value. Unrealized gains and losses are comprised of the difference between market value and amortized costs of such securities and are reflected, net of tax, as “accumulated other comprehensive (loss) income” in shareholders’ equity, unless a security is other than temporarily impaired. The Company recognizes an impairment charge in earnings when a decline in the fair value of its investments below the cost basis is judged to be other-than-temporary. For securities with an unrealized loss that the Company intends to sell, or it is more likely than not that the Company will be required to sell before recovery of their amortized cost basis, the entire difference between amortized cost and fair value is recognized in earnings. For securities that do not meet these criteria, the amount of impairment recognized in earnings is limited to the amount related to credit losses, while other declines in fair value related to other factors are recognized in other comprehensive (loss) income. The Company uses a discounted cash flow analysis to determine the portion of the impairment that relates to the credit losses. To the extent that the net present value of the projected cash flows is less than the amortized cost of the security, the difference is considered credit loss. Realized gains and losses on short-term interest-bearing investments are included in earnings and are derived using the first-in-first-out (FIFO) method for determining the cost of securities. Equipment and Leasehold Improvements Equipment and leasehold improvements are stated at cost. Depreciation is computed using the straight-line method over the estimated useful life of the asset, which primarily ranges from three to ten years. Leasehold improvements are amortized over the shorter of the estimated useful lives or the term of the related lease. The Company capitalizes certain expenditures for software that is internally developed for use in the business, which is classified as computer equipment. Amortization of internal use software begins when the software is ready for service and continues on the straight-line method over the estimated useful life. Goodwill, Intangible Assets and Long-Lived Assets Goodwill and intangible assets deemed to have indefinite lives are subject to an annual impairment test or more frequently if impairment indicators are present. Goodwill impairment is deemed to exist if the net book value of a reporting unit exceeds its estimated fair value. The goodwill impairment test involves a two-step process. The first step, identifying a potential impairment, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying value of the reporting unit exceeds its fair value, the second step would need to be conducted; otherwise, no further steps are necessary as no potential impairment exists. The second step, measuring the impairment loss, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Any excess of the reporting unit goodwill carrying value over the respective implied fair value is recognized as an impairment loss. The total purchase price of business acquisitions accounted for using the purchase method is allocated first to identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the fair value of net assets of purchased businesses is recorded as goodwill. Other definite-life intangible assets consist primarily of core technology and customer relationships. Core technology acquired by the Company is amortized over its estimated useful life on a straight-line basis. Some of the acquired customer relationships are amortized over their estimated useful lives in proportion to the economic benefits realized. This accounting policy generally results in accelerated amortization of such customer relationships as compared to the straight-line method. All other acquired customer relationships are amortized over their estimated useful lives on a straight-line basis. The Company tests long-lived assets, including definite life intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability of long-lived assets is based on an estimate of the undiscounted future cash flows resulting from the use of the cash generating unit and its eventual disposition. Measurement of an impairment loss for long-lived assets, including definite life intangible assets that management expects to hold and use is based on the fair value of the cash generating unit. Long-lived assets, including definite life intangible assets, to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. Comprehensive Income Comprehensive income, net of related taxes where applicable, includes, in addition to net income: (i) net change in fair value of available-for-sale securities; (ii) net change in fair value of cash flow hedges; and (iii) net actuarial gains and losses on defined benefit plans. Treasury Stock The Company repurchases its ordinary shares from time to time on the open market or in other transactions and holds such shares as treasury stock. The Company presents the cost to repurchase treasury stock as a reduction of shareholders’ equity. Business Combinations In accordance with business combination accounting, assets acquired and liabilities assumed, as well as any contingent consideration that may be part of the acquisition agreement, are recorded at their respective fair values at the date of acquisition. For acquisitions that include contingent consideration, the fair value is estimated on the acquisition date as the present value of the expected contingent payments, determined using weighted probabilities of possible payments. The Company remeasures the fair value of the contingent consideration at each reporting period until the contingency is resolved. Except for measurement period adjustments, the changes in fair value are recognized in the consolidated statements of income. In accordance with business combination accounting, the Company allocates the purchase price of acquired companies to the tangible and intangible assets acquired and liabilities assumed, as well as to in-process research and development based on their estimated fair values. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. As a result of the significant judgments that need to be made, the Company obtains the assistance of independent valuation firms. The Company completes these assessments as soon as practical after the closing dates. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Although the Company believes the assumptions and estimates of fair value it has made in the past have been reasonable and appropriate, they are based in part on historical experience and information obtained from the management of the acquired companies and are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the Company’s consolidated statements of income. Critical estimates in valuing certain assets acquired and liabilities assumed include, but are not limited to: future expected cash flows from license and service sales, maintenance, customer contracts and acquired developed technologies, expected costs to develop the in-process research and development into commercially viable products and estimated cash flows from the projects when completed and the acquired company’s brand awareness and discount rate. Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results. The Company estimates the fair values of its services, hardware, software license and maintenance obligations assumed. The estimated fair values of these performance obligations are determined utilizing a cost build-up approach. The cost build-up approach determines fair value by estimating the costs related to fulfilling the obligations plus a normal profit margin. The Company may establish a valuation allowance for certain deferred tax assets and estimate the value of uncertain tax positions of a newly acquired entity. This process requires significant judgment and analysis. Income Taxes The Company records deferred income taxes to reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes. Deferred taxes are computed based on tax rates anticipated to be in effect when the deferred taxes are expected to be paid or realized. A valuation allowance is provided for deferred tax assets if it is more likely than not, the Company will not be able to realize their benefit. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting, or according to the expected reversal dates of the specific temporary differences if not related to an asset or liability for financial reporting, and also include anticipated withholding taxes due on subsidiaries’ earnings when paid as dividends to the Company. The Company recognizes the tax benefit from an uncertain tax position only if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The tax benefits recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company will classify the liability for unrecognized tax benefits as current to the extent that the Company anticipates payment of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes. Please see Note 10 to the consolidated financial statements. Revenue Recognition Revenue is recognized only when all of the following conditions have been met: (i) there is persuasive evidence of an arrangement; (ii) delivery has occurred; (iii) the fee is fixed or determinable; and (iv) collectibility of the fee is reasonably assured. The Company usually sells its software licenses as part of an overall solution offered to a customer that combines the sale of software licenses with a broad range of services, which normally include significant customization, modification, implementation and integration. Those services are deemed essential to the software. As a result, revenue is generally recognized over the course of these long-term projects, using the percentage of completion method of accounting, usually based on a percentage that incurred labor effort to date bears to total projected labor effort. When total cost estimates for these types of arrangements exceed revenues in a fixed-price arrangement, the estimated losses are recognized immediately based upon the cost applicable to the delivering unit. Significant judgment is required when estimating total labor effort and progress to completion on these arrangements, as well as whether a loss is expected to be incurred on the project. Initial license fee for software revenue is recognized as work is performed, under the percentage of completion method of accounting. Contingent subsequent license fee revenue is recognized upon completion of specified conditions in each contract, based on a customer’s subscriber level or transaction volume or other measurements when greater than the level specified in the contract for the initial license fee. Revenue from sales of hardware that functions together with the software licenses to provide the essential functionality of the product and that includes significant customization, modification, implementation and integration, is recognized as work is performed, under the percentage of completion method of accounting. Revenue that involves significant ongoing obligations, including fees for software customization, modification, implementation and integration as part of a long-term contract, is recognized as work is performed, under the percentage of completion method of accounting. Revenue from software solutions that do not require significant customization, implementation and modification is recognized upon delivery. Revenue that does not involve significant ongoing obligations is recognized as services are rendered. Fees are generally considered fixed and determinable unless a significant portion (more than 10%) of the license and related service fee is due more than 12 months after delivery, in which case license and related services fees are recognized when payments are due. In managed services contracts and in other long term contracts, revenue from the operation of a customer’s system is recognized either as services are performed based on time elapsed, output produced, volume of data processed or subscriber count, depending on the specific contract terms of the managed services arrangement. Typically, managed services contracts are long term in duration and are not subject to seasonality. Revenue from ongoing support services is recognized as work is performed. Revenue from third-party hardware sales is recognized upon delivery and installation, and revenue from third-party software sales is recognized upon delivery. Revenue from third-party hardware and software sales is recorded at gross amount for transactions in which the Company is the primary obligor under the arrangement as well as, in some cases, possesses other attributes such as latitude in determining prices and selecting suppliers. In specific circumstances where the Company does not meet the above criteria, particularly when the contract stipulates that the Company is not the primary obligor, the Company recognizes revenue on a net basis. Revenue from third-party sales was less than 10% of revenue in each of fiscal 2015, 2014 and 2013. In certain arrangements, the Company may earn revenue from other third-party services which is recorded at a gross amount as the Company is the primary obligor under the arrangement. Maintenance revenue is recognized ratably over the term of the maintenance agreement, which in most cases is one year. As a result of a significant portion of the Company’s revenue being subject to the percentage of completion accounting method, the Company’s annual and quarterly operating results may be significantly affected by the size and timing of customer projects and the Company’s progress in completing such projects. Many of the Company’s agreements include multiple deliverables. The Company’s multiple element arrangements are comprised of a variety of different combinations of the deliverables mentioned above. For multiple element arrangements within the scope of software revenue recognition guidance, the Company allocates revenue to each element based upon its relative fair value as determined by Vendor Specific Objective Evidence (“VSOE”). In the absence of fair value for a delivered element the Company uses the residual method. The residual method requires that the Company first allocate revenue to the fair value of the undelivered elements and residual revenue to delivered elements. If VSOE of any undelivered items does not exist, revenue from the entire arrangement is deferred and recognized at the earlier of (i) delivery of those elements for which VSOE does not exist or (ii) when VSOE can be established. However, in limited cases where maintenance is the only undelivered element without VSOE, the entire arrangement fee is recognized ratably upon commencement of the maintenance services. The residual method is used mainly in multiple element arrangements that include license for the sale of software solutions that do not require significant customization, modification, implementation and integration and maintenance to determine the appropriate value for the license component. Under the guidance for revenue arrangements with multiple deliverables that are outside the scope of the software revenue recognition guidance, the Company allocates revenue to each element based upon the relative fair value. Fair value would be allocated by using a hierarchy of 1) VSOE, 2) third-party evidence of selling price for that element, or 3) estimated selling price, or ESP, for individual elements of an arrangement when VSOE or third-party evidence of selling price is unavailable. This results in the elimination of the residual method of allocating revenue consideration. The Company determines ESP for the purposes of allocating the consideration to individual elements of an arrangement by considering several external and internal factors including, but not limited to, pricing practices, margin objectives, geographies in which the Company offers its services and internal costs. The determination of ESP is judgmental and is made through consultation with and approval by management. In certain circumstances where the Company enters into a contract with a customer for the provision of managed services for a defined period of time, the Company defers certain direct costs incurred at the inception of the contract. These costs include expenses incurred in association with the origination of a contract. In addition, if the revenue for a delivered item is not recognized because it is not separable from the undelivered item, then the Company also defers the cost of the delivered item. The deferred costs are amortized on a straight-line basis over the managed services period, or over the recognition period of the undelivered item. Revenue associated with these capitalized costs is deferred and is recognized over the same period. Deferred revenue represents billings to customers for licenses and services for which revenue has not been recognized. Deferred revenue that is expected to be recognized beyond the next 12 months is considered long-term deferred revenue. Unbilled accounts receivable include all revenue amounts that had not been billed as of the balance sheet date due to contractual or other arrangements with customers. Unbilled accounts receivable that are expected to be billed beyond the next 12 months are considered long-term unbilled receivables. Cost of Revenue Cost of revenue consists of all costs associated with providing software licenses and services to customers, including identified losses on contracts. Estimated losses on contracts accounted for using the percentage of completion method of accounting are recognized in the period in which the loss is identified. Cost of license includes license fees and royalty payments to software suppliers. Cost of revenue also includes costs of third-party products associated with reselling third-party computer hardware and software products to customers and other third-party services, when the related revenue is recorded at the gross amount. Customers purchasing third-party products and services from the Company generally do so in conjunction with the purchase of the Company’s software and services. Research and Development Research and development expenditures consist of costs incurred in the development of new software modules and product offerings, either as part of the Company’s internal product development programs, which are sold, leased or otherwise marketed. Research and development costs are expensed as incurred. Based on the Company’s product development process, technological feasibility is established upon completion of a detailed program design or, in the absence thereof, completion of a working model. Costs incurred by the Company after achieving technological feasibility and before the product is ready for customer release have been insignificant. Equity-Based Compensation The Company measures and recognizes the compensation expense for all equity-based payments to employees and directors based on their estimated fair values. The Company estimates the fair value of employee stock options at the date of grant using a Black-Scholes valuation model and values restricted stock based on the market value of the underlying shares at the date of grant. The Company recognizes compensation costs using the graded vesting attribution method that results in an accelerated recognition of compensation costs in comparison to the straight-line method. The Company uses a combination of implied volatility of the Company’s traded options and historical stock price volatility (“blended volatility”) as the expected volatility assumption required in the Black-Scholes option valuation model. As equity-based compensation expense recognized in the Company’s consolidated statements of income is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents, short-term interest-bearing investments, and trade receivables. Cash and cash equivalents are maintained with several financial institutions. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate its credit risks by spreading such risks across multiple financial institutions and monitoring the risk profiles of these counterparties. The Company has conservative investment policy guidelines under which it invests its excess cash primarily in highly liquid U.S. dollar-denominated securities. The Company’s revenue is generated primarily in North America. To a lesser extent, revenue is generated in Europe, the Asia-Pacific region and Latin America. Most of the Company’s customers are among the largest communications and directory publishing companies in the world (or are owned by them). The Company’s business is subject to the effects of general global economic conditions and market conditions in the communications industry. The Company performs ongoing credit analyses of its customer base and generally does not require collateral. The Company evaluates accounts receivable to determine if they will ultimately be collected. Significant judgments and estimates are involved in performing this evaluation, which are based on factors that may affect a customer’s ability to pay, such as past experience, credit quality of the customer, age of the receivable balance and current economic conditions. The allowance for doubtful accounts is for estimated losses resulting from accounts receivable for which their collection is not reasonably probable. As of September 30, 2015, the Company had one customer with an accounts receivable balance of more than 10% of total accounts receivable, amounting to 35%, which was higher than its respective portion of total revenue. As of September 30, 2014, the Company had one customer with an accounts receivable balance of more than 10% of total accounts receivable, amounting to 32%, which was lower than its respective portion of total revenue. Earnings per Share Basic earnings per share is calculated using the weighted average number of shares outstanding during the period. Diluted earnings per share is computed on the basis of the weighted average number of shares outstanding, the effect of dilutive outstanding equity-based awards using the treasury stock method and the effect of dilutive outstanding convertible notes using the if-converted method. Derivatives and Hedging The Company carries out transactions involving foreign currency exchange derivative financial instruments. The transactions are designed to hedge the Company’s exposure in currencies other than the U.S. dollar. The Company recognizes derivative instruments as either assets or liabilities and measures those instruments at fair value. If a derivative meets the definition of a cash flow hedge and is so designated, changes in the fair value of the derivative are recognized in other comprehensive (loss) income until the hedged item is recognized in earnings as interest and other expense, net. The ineffective portion of a derivative designated as a cash flow hedge is recognized in earnings. If a derivative does not meet the definition of a cash flow hedge, the changes in the fair value are included in earnings. Recent Accounting Standards In November 2015, the Financial Accounting Standards Board, or FASB, issued an Accounting Standard Update, or ASU, that requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. This ASU, which may be adopted either prospectively or retrospectively, will be effective for the Company on October 1, 2017, and early adoption is permitted. Adoption of the ASU may result in changes in the Company’s financial statements presentation but will not affect the substantive content of the Company’s consolidated financial statements. In September 2015, the FASB issued an ASU on simplifying the accounting for measurement-period adjustments. The ASU eliminates the requirement to restate prior period financial statements for measurement-period adjustments and requires that the cumulative impact of a measurement-period adjustment be recognized in the reporting period in which the adjustment is identified. This ASU will be effective for the Company with respect to measurement-period adjustments that occur after October 1, 2017. In May 2014, the FASB issued an ASU on revenue from contracts with customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. In August 2015, the FASB deferred the effective date of this ASU by one year, to fiscal years beginning after December 15, 2017; however, early adoption as of the original effective date, fiscal years beginning after December 15, 2016, will be permitted. The Company is currently evaluating the methods and its timing of adoption, as well as the effect that adoption of this ASU will have on its consolidated financial statements. Adoption of New Accounting Standard In 2013, the FASB issued an ASU that requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, in the absence of certain conditions. This ASU became effective for the Company in the first quarter of fiscal 2015 and its adoption resulted in a reclassification of $15,000 from noncurrent taxes payable to assets under noncurrent deferred income taxes as of December 31, 2014. |
Acquisitions
Acquisitions | 12 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3 — Acquisitions Entities acquired by the Company during the last three fiscal years have been consolidated into the Company’s results of operations since their respective acquisition dates. These acquisitions, individually and in the aggregate, were not material in any fiscal year. During fiscal 2013, the Company acquired Actix International Limited (“Actix”), a provider of software for mobile network optimization, for $112,405, net of cash. During fiscal 2014, the Company acquired substantially all of the assets of Celcite Management Solutions LLC (“Celcite”), a provider of network management and self-optimizing network solutions, for $142,077 in cash, with the potential for additional consideration to be paid in the future if certain performance metrics are achieved. On July 2, 2015, the Company acquired a substantial majority of the assets of the business support systems (BSS) business unit of Comverse, Inc. (“Comverse”) for $268,073 in cash, of which a total of $13,000 was attributable to a restructuring activity initiated by the Company and was recorded in the consolidated statements of income, in accordance with authoritative guidance for business combinations. Upon this acquisition, the Company and Comverse signed a transition services agreement for services to be performed by Comverse for an agreed period following the acquisition date. This acquisition geographically complements the Company’s market focus by expanding and diversifying its global customer base, particularly in Asia Pacific, Latin America and Europe. Please see Note 9 to the consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4 — Fair Value Measurements The Company accounts for certain assets and liabilities at fair value. Fair value is the price that would be received from selling an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of inputs that may be used to measure fair value are as follows: Level 1: Level 2: Level 3: The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 and 2014: As of September 30, 2015 Level 1 Level 2 Level 3 Total Available-for-sale securities: Money market funds $ 470,286 $ — $ — $ 470,286 U.S. government treasuries 117,452 — — 117,452 Corporate bonds — 101,603 — 101,603 U.S. agency securities — 45,181 — 45,181 Asset backed obligations — 29,215 — 29,215 Commercial paper and certificates of deposit 2,015 25,487 — 27,502 Supranational and sovereign debt — 10,443 — 10,443 Total available-for-sale securities 589,753 211,929 — 801,682 Derivative financial instruments, net — (13,097 ) — (13,097 ) Other liabilities — — (3,266 ) (3,266 ) Total $ 589,753 $ 198,832 $ (3,266 ) $ 785,319 As of September 30, 2014 Level 1 Level 2 Level 3 Total Available-for-sale securities: Money market funds $ 649,745 $ — $ — $ 649,745 U.S. government treasuries 118,708 — — 118,708 Corporate bonds — 102,420 — 102,420 U.S. agency securities — 41,649 — 41,649 Asset backed obligations — 29,095 — 29,095 Commercial paper and certificates of deposit 2,007 26,502 — 28,509 Supranational and sovereign debt — 5,799 — 5,799 Government-guaranteed debt — 1,187 — 1,187 Mortgages — 527 — 527 Total available-for-sale securities 770,460 207,179 — 977,639 Derivative financial instruments, net — (1,358 ) — (1,358 ) Other liabilities — — (35,944 ) (35,944 ) Total $ 770,460 $ 205,821 $ (35,944 ) $ 940,337 Available-for-sale securities that are classified as Level 2 assets are priced using observable data that may include quoted market prices for similar instruments, market dealer quotes, market spreads, non-binding market prices that are corroborated by observable market data and other observable market information. The Company’s derivative instruments are classified as Level 2 as they represent foreign currency forward and option contracts valued primarily based on observable inputs including forward rates and yield curves. The Company did not have any transfers between Level 1 and Level 2 fair value measurements during fiscal 2015 or fiscal 2014. Level 3 amounts relate to certain acquisition-related liabilities, which were valued using a Monte-Carlo simulation model. These liabilities were included in accrued expenses and other current liabilities as of September 30, 2015, and in both accrued expenses and other current liabilities and other noncurrent liabilities as of September 30, 2014. The reduction in Level 3 liabilities during fiscal 2015 was recorded in the consolidated statements of income. Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued personnel costs, short-term financing arrangements and other current liabilities approximate their fair value because of the relatively short maturity of these items. |
Available-For-Sale Securities
Available-For-Sale Securities | 12 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-For-Sale Securities | Note 5 — Available-For-Sale Securities Available-for-sale securities consist of the following interest-bearing investments: As of September 30, 2015 Amortized Gross Gross Fair Value Money market funds $ 470,286 $ — $ — $ 470,286 U.S. government treasuries 117,235 217 — 117,452 Corporate bonds 101,613 123 133 101,603 U.S. agency securities 45,105 76 — 45,181 Asset backed obligations 29,195 20 — 29,215 Commercial paper and certificates of deposit 27,502 — — 27,502 Supranational and sovereign debt 10,423 20 — 10,443 Total(1) $ 801,359 $ 456 $ 133 $ 801,682 (1) Available-for-sale securities with maturities longer than 90 days from the date of acquisition were classified as short term interest-bearing investments and available-for-sale securities with maturities of 90 days or less from the date of acquisition were included in cash and cash equivalents on the Company’s balance sheet. As of September 30, 2015, $318,439 of securities were classified as short term interest-bearing investments and $483,243 of securities were classified as cash and cash equivalents. As of September 30, 2014 Amortized Gross Gross Fair Value Money market funds $ 649,745 $ — $ — $ 649,745 U.S. government treasuries 118,652 88 32 118,708 Corporate bonds 102,387 152 119 102,420 U.S. agency securities 41,658 — 9 41,649 Asset backed obligations 29,160 — 65 29,095 Commercial paper and certificates of deposit 28,509 — — 28,509 Supranational and sovereign debt 5,804 — 5 5,799 Government-guaranteed debt 1,185 2 — 1,187 Mortgages 569 — 42 527 Total(2) $ 977,669 $ 242 $ 272 $ 977,639 (2) As of September 30, 2014, $321,196 of securities were classified as short term interest-bearing investments and $656,443 of securities were classified as cash and cash equivalents. As of September 30, 2015, the unrealized losses attributable to the Company’s available-for-sale securities were primarily due to credit spreads and interest rate movements. The Company assessed whether such unrealized losses for the investments in its portfolio were other-than-temporary. Based on this assessment, the Company recognized immaterial credit losses in fiscal 2015, 2014 and 2013. As of September 30, 2015, the Company’s available-for-sale securities had the following maturity dates: Market Value Due within one year $ 596,762 1 to 2 years 118,196 2 to 3 years 67,140 3 to 4 years 13,209 Thereafter 6,375 $ 801,682 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 6 — Derivative Financial Instruments The Company’s risk management strategy includes the use of derivative financial instruments to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The Company does not enter into derivative transactions for trading purposes. The Company’s derivatives expose it to credit risks from possible non-performance by counterparties. The Company utilizes standard counterparty master netting agreements that net certain foreign currency transactions in the event of the insolvency of one of the parties to the transaction. These master netting arrangements permit the Company to net amounts due from the Company to a counterparty with amounts due to the Company from the same counterparty. Although all of the Company’s recognized derivative assets and liabilities are subject to enforceable master netting arrangements, the Company has elected to present these assets and liabilities on a gross basis. Taking into account the Company’s right to net certain gains with losses, the maximum amount of loss due to credit risk that the Company would incur if all counterparties to the derivative financial instruments failed completely to perform, according to the terms of the contracts, based on the gross fair value of the Company’s derivative contracts that are favorable to the Company, was approximately $2,706 as of September 30, 2015. The Company has limited its credit risk by entering into derivative transactions exclusively with investment-grade rated financial institutions and monitors the creditworthiness of these financial institutions on an ongoing basis. The Company classifies cash flows from its derivative transactions as cash flows from operating activities in the consolidated statements of cash flow. The table below presents the total volume or notional amounts of the Company’s derivative instruments as of September 30, 2015. Notional values are in U.S. dollars and are translated and calculated based on forward rates as of September 30, 2015 for forward contracts, and based on spot rates as of September 30, 2015 for options. Notional Value* Foreign exchange contracts $ 1,284,959 (*) Gross notional amounts do not quantify risk or represent assets or liabilities of the Company, but are used in the calculation of settlements under the contracts. The Company records all derivative instruments on the balance sheet at fair value. For further information, please see Note 4 to the consolidated financial statements. The fair value of the open foreign exchange contracts recorded as an asset or a liability by the Company on its consolidated balance sheets as of September 30, 2015 and September 30, 2014, is as follows: As of September 30, 2015 2014 Derivatives designated as hedging instruments Prepaid expenses and other current assets $ 3,631 $ 5,936 Other noncurrent assets 533 2,485 Accrued expenses and other current liabilities (14,640 ) (9,686 ) Other noncurrent liabilities (3,990 ) (1,908 ) (14,466 ) (3,173 ) Derivatives not designated as hedging instruments Prepaid expenses and other current assets 4,508 7,551 Other noncurrent assets — 26 Accrued expenses and other current liabilities (3,139 ) (5,736 ) Other noncurrent liabilities — (26 ) 1,369 1,815 Net fair value $ (13,097 ) $ (1,358 ) Cash Flow Hedges In order to reduce the impact of changes in foreign currency exchange rates on its results, the Company enters into foreign currency exchange forward and option contracts to purchase and sell foreign currencies to hedge a significant portion of its foreign currency net exposure resulting from revenue and expense transactions denominated in currencies other than the U.S. dollar. The Company designates these contracts for accounting purposes as cash flow hedges. The Company currently hedges its exposure to the variability in future cash flows for a maximum period of two years. A significant portion of the forward and option contracts outstanding as of September 30, 2015 is scheduled to mature within the next 12 months. The effective portion of the gain or loss on the derivative instruments is initially recorded as a component of other comprehensive (loss) income, a separate component of shareholders’ equity, and subsequently reclassified into earnings in the same line item as the related forecasted transaction and in the same period or periods during which the hedged exposure affects earnings. The cash flow hedges are evaluated for effectiveness at least quarterly. As the critical terms of the forward contract or option and the hedged transaction are matched at inception, the hedge effectiveness is assessed generally based on changes in the fair value for cash flow hedges, as compared to the changes in the fair value of the cash flows associated with the underlying hedged transactions. Hedge ineffectiveness, if any, and hedge components, such as time value, excluded from assessment of effectiveness testing for hedges of estimated revenue from customers, are recognized immediately in interest and other expense, net. The effect of the Company’s cash flow hedging instruments in the consolidated statements of income for the fiscal years ended September 30, 2015, 2014 and 2013, respectively, which partially offsets the foreign currency impact from the underlying exposures, is summarized as follows: (Losses) Gains Reclassified from 2015 2014 2013 Line item in consolidated statements of income: Revenue $ 1,077 $ 539 $ (66 ) Cost of revenue (13,624 ) 15,424 (2,945 ) Research and development (3,621 ) 4,056 803 Selling, general and administrative (4,074 ) 4,072 661 Total $ (20,242 ) $ 24,091 $ (1,547 ) The activity related to the changes in net unrealized (losses) gains on cash flow hedges recorded in accumulated other comprehensive (loss) income, net of tax, is as follows: Year Ended September 30, 2015 2014 2013 Net unrealized (losses) gains on cash flow hedges, net of tax, beginning of period $ (5,522 ) $ 4,696 $ (17,942 ) Changes in fair value of cash flow hedges, net of tax (23,432 ) 9,162 20,035 Reclassification of losses (gains) into earnings, net of tax 16,802 (19,380 ) 2,603 Net unrealized (losses) gains on cash flow hedges, net of tax, end of period $ (12,152 ) $ (5,522 ) $ 4,696 (Losses) gains from cash flow hedges recognized in other comprehensive (loss) income were $(29,499), $9,460 and $28,504, or $(23,432), $9,162 and $20,035, net of taxes, during the fiscal years ended September 30, 2015, 2014 and 2013, respectively. Of the net losses related to derivatives designated as cash flow hedges and recorded in accumulated other comprehensive (loss) income as of September 30, 2015, a net loss of $9,578 will be reclassified into earnings during fiscal 2016 and will partially offset the foreign currency impact from the underlying exposures. The amount ultimately realized in earnings will likely differ due to future changes in foreign exchange rates. The ineffective portion of the change in fair value of a cash flow hedge, including the time value portion excluded from effectiveness testing for the fiscal years ended September 30, 2015, 2014 and 2013, was not material. Cash flow hedges are required to be discontinued in the event it becomes probable that the underlying forecasted hedged transaction will not occur. The Company did not discontinue any cash flow hedges during any of the periods presented nor does the Company anticipate any such discontinuance in the normal course of business. Other Risk Management Derivatives The Company also enters into foreign currency exchange forward and option contracts that are not designated as hedging instruments under hedge accounting and are used to reduce the impact of foreign currency on certain balance sheet exposures and certain revenue and expense transactions. These instruments are generally short-term in nature, with typical maturities of less than 12 months, and are subject to fluctuations in foreign exchange rates. The effect of the Company’s derivative instruments not designated as hedging instruments in the consolidated statements of income for the fiscal years ended September 30, 2015, 2014 and 2013, respectively, which partially offsets the foreign currency impact from the underlying exposure, is summarized as follows: Gains (Losses) 2015 2014 2013 Line item in statements of income: Revenue $ 339 $ 18 $ 362 Cost of revenue (8,668 ) (3,446 ) 4,666 Research and development (830 ) (432 ) 1,136 Selling, general and administrative (1,827 ) (821 ) 1,276 Interest and other expense, net 30,150 9,080 4,145 Income taxes 1,822 657 (1,179 ) Total $ 20,986 $ 5,056 $ 10,406 |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Accounts Receivable, Net | Note 7 — Accounts Receivable, Net Accounts receivable, net consists of the following: As of September 30, 2015 2014 Accounts receivable — billed $ 668,424 $ 617,712 Accounts receivable — unbilled 80,197 134,523 Less — allowances (33,837 ) (36,398 ) Accounts receivable, net $ 714,784 $ 715,837 |
Equipment and Leasehold Improve
Equipment and Leasehold Improvements, Net | 12 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Equipment and Leasehold Improvements, Net | Note 8 — Equipment and Leasehold Improvements, Net Components of equipment and leasehold improvements, net are: As of September 30, 2015 2014 Computer equipment $ 1,132,152 $ 1,071,720 Leasehold improvements 201,765 192,007 Furniture, fixtures and other 60,904 65,071 1,394,821 1,328,798 Less accumulated depreciation (1,085,501 ) (1,039,842 ) $ 309,320 $ 288,956 Total depreciation expense on equipment and leasehold improvements for fiscal 2015, 2014 and 2013, was $108,169, $105,364 and $104,624, respectively. As of September 30, 2015 and 2014, the unamortized software assets developed for internal use were $85,957 and $73,813, respectively, and are presented under Computer equipment in the table above. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Note 9 — Goodwill and Intangible Assets, Net The following table presents details of the Company’s total goodwill: As of October 1, 2013 $ 1,818,334 Goodwill resulting from acquisitions(1) 100,935 Other 5,956 As of September 30, 2014 1,925,225 Goodwill resulting from acquisitions(2) 123,987 Other (119 ) As of September 30, 2015 $ 2,049,093 (1) Mainly relates to the acquisition of Celcite. In allocating the total preliminary purchase price of Celcite based on estimated fair values, the Company recorded $78,142 of goodwill, $46,432 of customer relationships to be amortized over approximately four years, $22,372 of core technology to be amortized over approximately three years and $1,781 of other intangible assets to be amortized over approximately three years. (2) Mainly relates to the acquisition of a substantial majority of the BSS assets of Comverse. In allocating the total preliminary purchase price of the acquired assets based on estimated fair values, the Company recorded $118,101 of goodwill, $97,000 of core technology to be amortized over a weighted average of approximately four years and $38,639 of customer relationships to be amortized over a weighted average of approximately five years. The Company performs an annual goodwill impairment test during the fourth quarter of each fiscal year, or more frequently if impairment indicators are present. The Company operates in one operating segment, and this segment comprises its only reporting unit. In calculating the fair value of the reporting unit, the Company uses its market capitalization and a discounted cash flow methodology. There was no impairment of goodwill in fiscal 2015, 2014 or 2013. The following table presents details regarding the Company’s total definite-lived purchased intangible assets: Estimated Gross Accumulated Net September 30, 2015 Core technology 2-8 $ 531,669 $ (398,898 ) $ 132,771 Customer relationships 3-15 439,435 (328,747 ) 110,688 Intellectual property rights and purchased computer software — 51,996 (51,996 ) — Other 3-10 31,666 (22,608 ) 9,058 Total $ 1,054,766 $ (802,249 ) $ 252,517 September 30, 2014 Core technology 3-8 $ 434,669 $ (367,609 ) $ 67,060 Customer relationships 4-15 398,519 (297,791 ) 100,728 Intellectual property rights and purchased computer software — 51,996 (51,996 ) — Other 1-10 31,666 (18,227 ) 13,439 Total $ 916,850 $ (735,623 ) $ 181,227 The following table presents the amortization expense of the Company’s definite-lived purchased intangible assets, included in each financial statement caption reported in the consolidated statements of income: Year Ended September 30, 2015 2014 2013 Cost of revenue $ 1,609 $ 1,609 $ 1,609 Amortization of definite-lived purchased intangible assets 65,017 55,799 34,543 Total $ 66,626 $ 57,408 $ 36,152 The estimated future amortization expense of definite-lived purchased intangible assets as of September 30, 2015 is as follows: Amount Fiscal year: 2016 $ 90,488 2017 76,742 2018 46,958 2019 22,863 2020 10,707 Thereafter 4,759 Total $ 252,517 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 — Income Taxes The provision (benefit) for income taxes consists of the following: Year Ended September 30, 2015 2014 2013 Current $ 94,128 $ 73,938 $ 50,553 Deferred (26,887 ) (6,510 ) 12,485 $ 67,241 $ 67,428 $ 63,038 All income taxes are from continuing operations reported by the Company in the applicable taxing jurisdiction. Income taxes also include anticipated withholding taxes due on subsidiaries’ earnings when paid as dividends to the Company. During fiscal years 2014 and 2013, the Company recognized $4,179 and $14,671, respectively, of deferred income tax expense as a result of enacted changes in tax laws or rates. During fiscal 2015, the Company recognized immaterial deferred income tax expense as a result of enacted changes in tax laws or rates. Deferred income taxes are comprised of the following components: As of September 30, 2015 2014 Deferred tax assets: Deferred revenue $ 69,680 $ 49,624 Employee compensation and benefits 75,401 72,832 Intangible assets, computer software and intellectual property 14,937 11,481 Tax credits, net capital and operating loss carryforwards 114,709 163,913 Other 68,300 47,301 Total deferred tax assets 343,027 345,151 Valuation allowances (112,165 ) (128,207 ) Total deferred tax assets, net 230,862 216,944 Deferred tax liabilities: Anticipated withholdings on subsidiaries’ earnings (58,774 ) (56,868 ) Intangible assets, computer software and intellectual property (118,650 ) (113,920 ) Other (19,886 ) (24,262 ) Total deferred tax liabilities (197,310 ) (195,050 ) Net deferred tax assets $ 33,552 $ 21,894 The effective income tax rate varied from the statutory Guernsey tax rate as follows: Year Ended September 30, 2015 2014 2013 Statutory Guernsey tax rate 0 % 0 % 0 % Foreign taxes(1) 13 14 13 Effective income tax rate 13 % 14 % 13 % (1) In fiscal 2015, foreign taxes included a net benefit of $7,594 due to settlements of tax audits in certain jurisdictions that resulted in a reduction to the Company’s provision for gross unrecognized tax benefits, partially offset by an increase to the Company’s taxes payable. Foreign taxes in fiscal 2015 also included a decrease of $17,232 that was attributable to the expiration of statutes of limitations related to unrecognized tax benefits accumulated over several years in certain jurisdictions, which was partially offset by a provision for a new uncertain tax position of $6,000 recognized during fiscal 2015. In addition, foreign taxes in fiscal 2015 included a net benefit of $22,895 resulting from the release of valuation allowances on deferred tax assets at several of the Company’s subsidiaries, which will, more likely than not, be realized due to the Company’s projections of future taxable income. In fiscal 2014, foreign taxes included a benefit of $18,709 attributable to the expiration during fiscal 2014 of statutes of limitations related to unrecognized tax benefits accumulated over several years in certain jurisdictions, as well as a benefit of $14,557 as a result of a tax position settled during fiscal 2014. In fiscal 2013, foreign taxes included a benefit of $29,786 attributable to the expiration during fiscal 2013 of statutes of limitations related to unrecognized tax benefits accumulated over several years in certain jurisdictions. As a Guernsey company subject to a corporate tax rate of zero percent, the Company’s overall effective tax rate is attributable to foreign taxes. The Company’s income before income tax expense is considered to be foreign income. During fiscal 2015, the net decrease in valuation allowances was $16,042, which related to the uncertainty of realizing tax benefits primarily for tax credits, net capital and operating loss carryforwards related to certain of the Company’s subsidiaries. As of September 30, 2015, the Company had tax credits, net capital and operating loss carryforwards of $451,247, of which $98,912 have expiration dates through 2035, and the remainder do not expire. During fiscal 2014, the net increase in valuation allowances was $1,005, which related to the uncertainty of realizing tax benefits primarily for tax credits, net capital and operating loss carryforwards related to certain of the Company’s subsidiaries. As of September 30, 2014, the Company had tax credits, net capital and operating loss carryforwards of $541,666, of which $133,345 have expiration dates through 2034, and the remainder do not expire. The aggregate changes in the balance of the Company’s gross unrecognized tax benefits were as follows: Year Ended September 30, 2015 2014 2013 Balance at beginning of fiscal year $ 123,942 $ 130,371 $ 133,874 Additions based on tax positions related to the current year 22,314 22,821 19,527 Additions for tax positions of prior years 11,125 4,016 10,750 Reductions for tax positions of prior years — — — Settlements with tax authorities (13,443 ) (14,557 ) (3,994 ) Lapse of statute of limitations (17,232 ) (18,709 ) (29,786 ) Balance at end of fiscal year $ 126,706 $ 123,942 $ 130,371 The total amount of unrecognized tax benefits, which includes interest and penalties, was $126,706 as of September 30, 2015, and $123,942 as of September 30, 2014, all of which would affect the effective tax rate if realized. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. As of September 30, 2015, the Company had accrued $22,219 in income taxes payable for interest and penalties relating to unrecognized tax benefits, of which $1,364 was recognized in the statements of income in fiscal 2015. As of September 30, 2014, the Company had accrued $20,855 in income taxes payable for interest and penalties relating to unrecognized tax benefits, of which $1,729 was recognized in the statements of income in fiscal 2014. The Company is currently under audit in several jurisdictions for the tax years 2007 and onwards. Timing of the resolution of audits is highly uncertain and therefore, as of September 30, 2015, the Company cannot estimate the change in unrecognized tax benefits resulting from these audits within the next 12 months. It is reasonably possible that the amount of unrecognized tax benefits may decrease by $3,660 during fiscal 2016 as a result of lapse of statutes of limitations in jurisdictions in which the Company operates. |
Repurchase of Shares
Repurchase of Shares | 12 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Repurchase of Shares | Note 11 — Repurchase of Shares From time to time, the Company’s Board of Directors has adopted share repurchase plans authorizing the repurchase of the Company’s outstanding ordinary shares. The current share repurchase plan, adopted by the Company’s Board of Directors on April 30, 2014, authorizes the repurchase of up to $750,000 of the Company’s outstanding ordinary shares with no expiration date. In fiscal 2015, the Company repurchased approximately 8,596 ordinary shares at an average price of $52.80 per share (excluding broker and transaction fees). As of September 30, 2015, the Company had remaining authority to repurchase up to $260,088 of its outstanding ordinary shares. The authorization permits the Company to purchase its ordinary shares in open market or privately negotiated transactions at times and prices that it considers appropriate. |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Note 12 — Financing Arrangements In December 2011, the Company entered into a $500,000 five-year revolving credit facility with a syndicate of banks. The credit facility is available for general corporate purposes, including acquisitions and repurchases of ordinary shares that the Company may consider from time to time. The interest rate for borrowings under the revolving credit facility is chosen at the Company’s option from several pre-defined alternatives, depends on the circumstances of any advance and is based in part on the Company’s credit ratings. In December 2014, the credit facility was amended and restated to, among other things, extend the maturity date of the facility to December 2019. As of September 30, 2015, the Company was in compliance with the financial covenants under the revolving credit facility. In September 2015, the Company borrowed an aggregate of $220,000 under the facility and repaid it in October 2015. In September 2014, the Company borrowed an aggregate of $210,000 under the facility and repaid it in October 2014. As of September 30, 2015, the Company had additional uncommitted lines of credit available for general corporate and other specific purposes and had outstanding letters of credit and bank guarantees from various banks totaling $73,706. These were supported by a combination of the uncommitted lines of credit that the Company maintains with various banks. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Accrued Expenses and Other Current Liabilities | Note 13 — Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: As of September 30, 2015 2014 Project-related provisions $ 201,719 $ 126,037 Dividends payable(1) 25,697 24,291 Derivative instruments(2) 17,779 15,422 Acquisition-related liabilities(3) 3,266 15,397 Other 286,888 241,144 $ 535,349 $ 422,291 (1) The amounts payable as a result of the July 29, 2015 and the July 29, 2014 dividend declarations. Please see Note 18 to the consolidated financial statements. (2) Includes derivatives that are designated as hedging instruments and derivatives that are not designated as hedging instruments. Please see Note 6 to the consolidated financial statements. (3) Classified as a Level 3 liability. Please see Note 4 to the consolidated financial statements. |
Interest and Other Expense, Net
Interest and Other Expense, Net | 12 Months Ended |
Sep. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Interest and Other Expense, Net | Note 14 — Interest and other expense, net Interest and other expense, net, consists of the following: Year Ended September 30, 2015 2014 2013 Interest income $ (4,615 ) $ (4,075 ) $ (4,915 ) Interest expense 3,142 3,483 3,557 Foreign exchange loss 8,130 3,447 4,279 Other, net (4,113 ) 3,243 3,154 $ 2,544 $ 6,098 $ 6,075 |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Note 15 — Contingencies and Commitments Commitments The Company leases office space and vehicles under non-cancelable operating leases in various countries in which it does business. Future minimum non-cancelable lease payments, which include rent and other payments the Company is obligated to make, based on the Company’s contractual obligations as of September 30, 2015 are as follows: For the year ended September 30, 2016 $ 62,178 2017 50,257 2018 44,731 2019 39,282 2020 19,225 Thereafter 31,318 $ 246,991 Future minimum non-cancelable lease payments, as stated above, do not reflect committed future sublease income of $1,067, $306, $317 and $219 for the years ended September 30, 2016, 2017, 2018, and 2019, respectively. Rent expense net of sublease income was approximately $47,032, $45,032 and $45,610 for fiscal 2015, 2014 and 2013, respectively. Legal Proceedings The Company is involved in various legal claims and proceedings arising in the normal course of its business. The Company accrues for a loss contingency when it determines that it is probable, after consultation with counsel, that a liability has been incurred and the amount of such loss can be reasonably estimated. At this time, the Company believes that the results of any such contingencies, either individually or in the aggregate, will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. Guarantor’s Accounting and Disclosure Requirements for Guarantees In the ordinary course of its business, the Company provides certain customers with financial performance guarantees which, in certain cases, are backed by lines of credit. The Company is only liable for the amounts of those guarantees in the event of the Company’s nonperformance, which would permit the customer to exercise the guarantee. The Company generally offers its products with a limited warranty for a period of 90 days or more. The Company’s policy is to accrue for warranty costs, if needed, based on historical trends in product failure. Based on the Company’s experience, only minimal warranty charges have been required after revenue was fully recognized and, as a result, the Company did not accrue any amounts for product warranty liability during fiscal 2015, 2014 and 2013. The Company generally indemnifies its customers against claims of intellectual property infringement made by third parties arising from the use of the Company’s software. To date, the Company has incurred and recorded immaterial costs as a result of such obligations in its consolidated financial statements. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | Note 16 — Employee Benefits The Company accrues severance pay for the employees of its Israeli operations in accordance with Israeli law and certain employment procedures on the basis of the latest monthly salary paid to these employees and the length of time that they have worked for the Israeli operations. The severance pay liability amounted to $216,946 and $212,803 as of September 30, 2015 and 2014, respectively, and is included as accrued employee costs in other noncurrent liabilities. This liability is partially funded by amounts on deposit with insurance companies that totaled $170,816 and $172,906 as of September 30, 2015 and 2014, respectively, and are included in other noncurrent assets. The accrued severance expenses were $31,086, $27,490 and $22,326 for fiscal 2015, 2014 and 2013, respectively. The Company sponsors defined contribution plans covering certain of its employees around the world. The plans primarily provide for Company matching contributions based upon a percentage of the employees’ contributions. The Company’s contributions in fiscal 2015, 2014 and 2013 under such plans were not material compared to total operating expenses. The Company maintains non-contributory defined benefit plans that provide for pension, other retirement and post-employment benefits for certain employees of a Canadian subsidiary based on length of service and rate of pay. The Company accrues its obligations to these employees under employee benefit plans and the related costs net of returns on plan assets. Pension expense and other retirement benefits earned by employees are actuarially determined using the projected benefit method pro-rated on service and based on management’s best estimates of expected plan investments performance, salary escalation, retirement ages of employees, discount rate, inflation and expected health care costs. The fair value of the employee benefit plans’ assets is based on market values. The plan assets are valued at market value for the purpose of calculating the expected return on plan assets and the amortization of experienced gains and losses. The Company recognized the funded status of such plans in the balance sheet. The pension and other benefits costs related to the non-contributory defined benefit plans were immaterial in fiscal 2015, 2014 and 2013. |
Stock Option and Incentive Plan
Stock Option and Incentive Plan | 12 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option and Incentive Plan | Note 17 — Stock Option and Incentive Plan In January 1998, the Company adopted the 1998 Stock Option and Incentive Plan, or Equity Incentive Plan, which provides for the grant of restricted stock awards, stock options and other equity-based awards to employees, officers, directors, and consultants. The purpose of the Equity Incentive Plan is to enable the Company to attract and retain qualified personnel and to motivate such persons by providing them with an equity participation in the Company. Since its adoption, the Equity Incentive Plan has been amended on several occasions to, among other things, increase the number of ordinary shares issuable under the Equity Incentive Plan and extend its term. The maximum number of ordinary shares currently authorized to be granted under the Equity Incentive Plan is 62,300. Awards granted under the Equity Incentive Plan generally vest over a period of four years and stock options have a term of ten years. The following table summarizes information about options to purchase the Company ’ Number of Weighted Average Outstanding as of October 1, 2014 9,563 $ 33.72 Granted 2,418 49.49 Exercised (2,540 ) 30.94 Forfeited (569 ) 37.40 Outstanding as of September 30, 2015(1) 8,872 $ 38.58 Exercisable as of September 30, 2015(1) 3,230 $ 31.99 (1) As of September 30, 2015, the weighted average remaining contractual life of outstanding and exercisable options was 7.26 and 5.37 years, respectively. The following table summarizes information relating to awards of restricted shares, as well as changes during the fiscal year ended September 30, 2015: Number of Weighted Average Outstanding as of October 1, 2014 1,886 $ 36.09 Granted 665 49.80 Vested (810 ) 34.62 Forfeited (130 ) 38.10 Outstanding as of September 30, 2015 1,611 $ 42.33 The total intrinsic value of options exercised during fiscal 2015, 2014 and 2013 was $51,812, $62,640 and $44,604, respectively. The value of restricted shares vested during fiscal 2015, 2014 and 2013 was $39,734, $26,737 and $20,891, respectively. The aggregate intrinsic value of outstanding and exercisable stock options as of September 30, 2015 was $162,416 and $80,411, respectively. Employee equity-based compensation pre-tax expense for the years ended September 30, 2015, 2014 and 2013 was as follows: Year Ended September 30, 2015 2014 2013 Cost of revenue $ 15,621 $ 17,496 $ 18,284 Research and development 3,400 3,599 3,805 Selling, general and administrative 25,539 23,483 18,251 Total $ 44,560 $ 44,578 $ 40,340 The total income tax benefit recognized in the consolidated statements of income for stock-based compensation (including restricted shares) for fiscal 2015, 2014 and 2013 was $5,490, $5,295 and $4,150, respectively. As of September 30, 2015, there was $38,547 of unrecognized compensation expense related to unvested stock options and unvested restricted stock awards. The Company recognizes compensation costs using the graded vesting attribution method, which results in a weighted average period of approximately one year over which the unrecognized compensation expense is expected to be recognized. The fair value of options granted was estimated on the date of grant using the Black-Scholes pricing model with the assumptions noted in the following table (all in weighted averages for options granted during the year): Year Ended September 30, 2015 2014 2013 Risk-free interest rate(1) 1.26 % 1.30 % 0.74 % Expected life of stock options(2) 4.50 4.50 4.50 Expected volatility(3) 15.6 % 17.3 % 22.7 % Expected dividend yield(4) 1.37 % 1.45 % 1.48 % Fair value per option $ 5.97 $ 5.56 $ 5.74 (1) Risk-free interest rate is based upon U.S. Treasury yield curve appropriate for the term of the Company’s employee stock options. (2) Expected life of stock options is based upon historical experience. (3) Expected volatility is based on blended volatility. Please see Note 2 to the consolidated financial statements. (4) Expected dividend yield is based on the Company’s history and future expectation of dividend payouts. |
Dividends
Dividends | 12 Months Ended |
Sep. 30, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Dividends | Note 18 — Dividends The Company’s Board of Directors declared the following dividends during the fiscal years ended September 30, 2015, 2014 and 2013: Declaration Date Dividends Per Record Date Total Amount Payment Date July 29, 2015 $ 0.170 September 30, 2015 $ 25,697 October 16, 2015 April 29, 2015 $ 0.170 June 30, 2015 $ 26,127 July 17, 2015 January 27, 2015 $ 0.170 March 31, 2015 $ 26,286 April 16, 2015 November 4, 2014 $ 0.155 December 31, 2014 $ 24,086 January 16, 2015 July 29, 2014 $ 0.155 September 30, 2014 $ 24,291 October 17, 2014 April 30, 2014 $ 0.155 June 30, 2014 $ 24,576 July 18, 2014 January 29, 2014 $ 0.155 March 31, 2014 $ 24,799 April 17, 2014 November 5, 2013 $ 0.130 December 31, 2013 $ 20,752 January 17, 2014 July 31, 2013 $ 0.130 September 30, 2013 $ 20,812 October 18, 2013 April 30, 2013 $ 0.130 June 28, 2013 $ 20,929 July 19, 2013 January 30, 2013 $ 0.130 March 28, 2013 $ 20,927 April 19, 2013 November 6, 2012 $ 0.130 December 31, 2012 $ 21,032 January 18, 2013 The amount payable as a result of the July 29, 2015 declaration was included in accrued expenses and other current liabilities as of September 30, 2015. On November 10, 2015, the Company’s Board of Directors approved the next quarterly dividend payment, at the rate of $0.170 per share, and set December 31, 2015 as the record date for determining the shareholders entitled to receive the dividend, which is payable on January 15, 2016. On November 10, 2015, the Company’s Board of Directors also approved, subject to shareholder approval at the February 2016 annual general meeting of shareholders, an increase in the quarterly cash dividend to $0.195 per share, anticipated to be paid in April 2016. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 19 — Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Year Ended September 30, 2015 2014 2013 Numerator: Numerator for basic and diluted earnings per share $ 441,596 $ 422,122 $ 412,439 Denominator: Denominator for basic earnings per share — weighted average number of shares outstanding 152,832 159,012 161,330 Effect of assumed conversion of 0.50% convertible notes 14 20 24 Effect of dilutive stock options granted 2,372 2,334 1,764 Denominator for dilutive earnings per share — adjusted weighted average shares and assumed conversions 155,218 161,366 163,118 Basic earnings per share $ 2.89 $ 2.65 $ 2.56 Diluted earnings per share $ 2.85 $ 2.62 $ 2.53 The numerator for basic and diluted earnings per share excludes income attributable to participating restricted shares, and the denominator for basic and diluted earnings per share does not include shares attributable to participating restricted shares. The weighted average effect of the repurchase of ordinary shares by the Company has been included in the calculation of basic earnings per share. For the fiscal years ended September 30, 2015, 2014 and 2013, 724, 1,064 and 3,005 shares, respectively, on a weighted average basis, were attributable to antidilutive outstanding stock options and therefore were not included in the calculation of diluted earnings per share. |
Segment Information and Sales t
Segment Information and Sales to Significant Customers | 12 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information and Sales to Significant Customers | Note 20 — Segment Information and Sales to Significant Customers The Company and its subsidiaries operate in one operating segment, providing software products and services for the communications, entertainment and media industry service providers. Geographic Information The following is a summary of revenue and long-lived assets by geographic area. Revenue is attributed to geographic region based on the location of the customers. Year Ended September 30, 2015 2014 2013 Revenue North America (mainly United States) $ 2,555,539 $ 2,589,613 $ 2,423,067 Europe 422,095 450,669 398,400 Rest of the world 665,904 523,355 524,387 Total $ 3,643,538 $ 3,563,637 $ 3,345,854 As of September 30, 2015 2014 Long-lived Assets(1) Europe $ 102,434 $ 88,218 North America (mainly United States) 79,693 77,273 Rest of the world: Israel 59,581 56,289 India 34,472 27,479 Others 33,140 39,697 Total $ 309,320 $ 288,956 (1) Equipment and leasehold improvements. Revenue and Customer Information Customer experience solutions include the following offerings: revenue and customer management, operational support systems (OSS), network control, optimization and virtualization, digital lifestyle services, big data analytics, machine-to-machine (M2M) solutions and mobile financial services. Customer experience solutions also include a comprehensive line of services such as strategic business consulting, systems integration and transformation, managed services and testing. Directory includes comprehensive set of products and services for local marketing service providers and search and directory publishers. Year Ended September 30, 2015 2014 2013 Customer experience solutions $ 3,542,531 $ 3,435,478 $ 3,185,637 Directory 101,007 128,159 160,217 Total $ 3,643,538 $ 3,563,637 $ 3,345,854 Sales to Significant Customers The Company had one customer that accounted for at least ten percent of its total revenue in each of fiscal 2015, 2014 and 2013. The percentage of revenue from this customer out of total revenue during fiscal 2015, 2014 and 2013 was 34%, 33% and 28%, respectively. |
Selected Quarterly Results of O
Selected Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Results of Operations (Unaudited) | Note 21 — Selected Quarterly Results of Operations (Unaudited) The following are details of the unaudited quarterly results of operations for the three months ended: September 30, June 30, March 31, December 31, 2015 Revenue $ 926,776 $ 907,897 $ 902,578 $ 906,287 Operating income 109,700 126,727 138,000 141,521 Net income 91,130 107,782 116,261 130,990 Basic earnings per share 0.60 0.70 0.75 0.84 Diluted earnings per share 0.59 0.69 0.74 0.83 2014 Revenue $ 900,261 $ 902,477 $ 896,854 $ 864,045 Operating income 126,107 125,003 123,848 120,690 Net income 100,503 109,827 110,357 101,435 Basic earnings per share 0.64 0.69 0.69 0.64 Diluted earnings per share 0.63 0.68 0.68 0.63 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Sep. 30, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | VALUATION AND QUALIFYING ACCOUNTS (In thousands) Accounts Receivable Valuation Allowances on Balance as of October 1, 2012 $ 16,564 $ 117,011 Charged to costs and expenses 5,851 23,199 (1) Charged to other accounts 1,176 (3) 2,552 (2) Deductions (3,256 ) (15,560 )(4) Balance as of September 30, 2013 20,335 127,202 Charged to costs and expenses 6,100 12,725 (5) Charged to other accounts 12,754 4,418 (6) Deductions (2,791 ) (16,138 )(7) Balance as of September 30, 2014 36,398 128,207 Charged to costs and expenses 13,328 24,040 (8) Charged to other accounts 552 — Deductions (16,441 ) (40,082 )(9) Balance as of September 30, 2015 $ 33,837 $ 112,165 (1) Valuation allowances recorded on deferred tax assets during fiscal 2013. (2) Valuation allowances on deferred tax assets recorded in connection with an immaterial acquisition in fiscal 2013. (3) $109 was related to an immaterial acquisition in fiscal 2013 and was charged to other accounts during fiscal 2013. (4) $7,707 of valuation allowances on deferred tax assets were written off against the related deferred tax assets, and the remaining deductions in the valuation allowances on net deferred tax assets were released primarily to earnings. (5) Valuation allowances recorded on deferred tax assets during fiscal 2014. (6) Includes mainly valuation allowances on deferred tax assets incurred in connection with an immaterial acquisition in fiscal 2014. (7) $9,641 of valuation allowances on deferred tax assets were written off against the related deferred tax assets, and the remaining deductions in the valuation allowances on net deferred tax assets were released to earnings. (8) Valuation allowances recorded on deferred tax assets during fiscal 2015. (9) $2,235 of valuation allowances on deferred tax assets were written off against the related deferred tax assets, and the remaining deductions in the valuation allowances on net deferred tax assets were released to earnings. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles, or GAAP. |
Consolidation | Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Reclassifications | Reclassifications From time to time, certain immaterial amounts in prior years’ financial statements may be reclassified to conform to the current year’s presentation. Effective October 1, 2014, the Company combined the presentation of license and service revenue, as well as the related costs, since license revenue comprises an insignificant portion of total revenue. |
Functional Currency | Functional Currency The Company manages its foreign subsidiaries as integral direct components of its operations. The operations of the Company’s foreign subsidiaries provide the same type of services with the same type of expenditures throughout the Amdocs group. The Company has determined that its functional currency is the U.S. dollar. The Company periodically assesses the applicability of the U.S. dollar as the Company’s functional currency by reviewing the salient indicators as indicated in the authoritative guidance for foreign currency matters. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash and interest-bearing investments with insignificant interest rate risk and maturities from acquisition date of 90 days or less. |
Investments | Investments The Company classifies all of its short-term interest-bearing investments as available-for-sale securities. Such short-term interest-bearing investments consist primarily of money market funds, U.S. government treasuries, corporate bonds and U.S. agency securities, which are stated at market value. Unrealized gains and losses are comprised of the difference between market value and amortized costs of such securities and are reflected, net of tax, as “accumulated other comprehensive (loss) income” in shareholders’ equity, unless a security is other than temporarily impaired. The Company recognizes an impairment charge in earnings when a decline in the fair value of its investments below the cost basis is judged to be other-than-temporary. For securities with an unrealized loss that the Company intends to sell, or it is more likely than not that the Company will be required to sell before recovery of their amortized cost basis, the entire difference between amortized cost and fair value is recognized in earnings. For securities that do not meet these criteria, the amount of impairment recognized in earnings is limited to the amount related to credit losses, while other declines in fair value related to other factors are recognized in other comprehensive (loss) income. The Company uses a discounted cash flow analysis to determine the portion of the impairment that relates to the credit losses. To the extent that the net present value of the projected cash flows is less than the amortized cost of the security, the difference is considered credit loss. Realized gains and losses on short-term interest-bearing investments are included in earnings and are derived using the first-in-first-out (FIFO) method for determining the cost of securities. |
Equipment and Leasehold Improvements | Equipment and Leasehold Improvements Equipment and leasehold improvements are stated at cost. Depreciation is computed using the straight-line method over the estimated useful life of the asset, which primarily ranges from three to ten years. Leasehold improvements are amortized over the shorter of the estimated useful lives or the term of the related lease. The Company capitalizes certain expenditures for software that is internally developed for use in the business, which is classified as computer equipment. Amortization of internal use software begins when the software is ready for service and continues on the straight-line method over the estimated useful life. |
Goodwill, Intangible Assets and Long-Lived Assets | Goodwill, Intangible Assets and Long-Lived Assets Goodwill and intangible assets deemed to have indefinite lives are subject to an annual impairment test or more frequently if impairment indicators are present. Goodwill impairment is deemed to exist if the net book value of a reporting unit exceeds its estimated fair value. The goodwill impairment test involves a two-step process. The first step, identifying a potential impairment, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying value of the reporting unit exceeds its fair value, the second step would need to be conducted; otherwise, no further steps are necessary as no potential impairment exists. The second step, measuring the impairment loss, compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. Any excess of the reporting unit goodwill carrying value over the respective implied fair value is recognized as an impairment loss. The total purchase price of business acquisitions accounted for using the purchase method is allocated first to identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the fair value of net assets of purchased businesses is recorded as goodwill. Other definite-life intangible assets consist primarily of core technology and customer relationships. Core technology acquired by the Company is amortized over its estimated useful life on a straight-line basis. Some of the acquired customer relationships are amortized over their estimated useful lives in proportion to the economic benefits realized. This accounting policy generally results in accelerated amortization of such customer relationships as compared to the straight-line method. All other acquired customer relationships are amortized over their estimated useful lives on a straight-line basis. The Company tests long-lived assets, including definite life intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability of long-lived assets is based on an estimate of the undiscounted future cash flows resulting from the use of the cash generating unit and its eventual disposition. Measurement of an impairment loss for long-lived assets, including definite life intangible assets that management expects to hold and use is based on the fair value of the cash generating unit. Long-lived assets, including definite life intangible assets, to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. |
Comprehensive Income | Comprehensive Income Comprehensive income, net of related taxes where applicable, includes, in addition to net income: (i) net change in fair value of available-for-sale securities; (ii) net change in fair value of cash flow hedges; and (iii) net actuarial gains and losses on defined benefit plans. |
Treasury Stock | Treasury Stock The Company repurchases its ordinary shares from time to time on the open market or in other transactions and holds such shares as treasury stock. The Company presents the cost to repurchase treasury stock as a reduction of shareholders’ equity. |
Business Combinations | Business Combinations In accordance with business combination accounting, assets acquired and liabilities assumed, as well as any contingent consideration that may be part of the acquisition agreement, are recorded at their respective fair values at the date of acquisition. For acquisitions that include contingent consideration, the fair value is estimated on the acquisition date as the present value of the expected contingent payments, determined using weighted probabilities of possible payments. The Company remeasures the fair value of the contingent consideration at each reporting period until the contingency is resolved. Except for measurement period adjustments, the changes in fair value are recognized in the consolidated statements of income. In accordance with business combination accounting, the Company allocates the purchase price of acquired companies to the tangible and intangible assets acquired and liabilities assumed, as well as to in-process research and development based on their estimated fair values. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. As a result of the significant judgments that need to be made, the Company obtains the assistance of independent valuation firms. The Company completes these assessments as soon as practical after the closing dates. Any excess of the purchase price over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Although the Company believes the assumptions and estimates of fair value it has made in the past have been reasonable and appropriate, they are based in part on historical experience and information obtained from the management of the acquired companies and are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the Company’s consolidated statements of income. Critical estimates in valuing certain assets acquired and liabilities assumed include, but are not limited to: future expected cash flows from license and service sales, maintenance, customer contracts and acquired developed technologies, expected costs to develop the in-process research and development into commercially viable products and estimated cash flows from the projects when completed and the acquired company’s brand awareness and discount rate. Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results. The Company estimates the fair values of its services, hardware, software license and maintenance obligations assumed. The estimated fair values of these performance obligations are determined utilizing a cost build-up approach. The cost build-up approach determines fair value by estimating the costs related to fulfilling the obligations plus a normal profit margin. The Company may establish a valuation allowance for certain deferred tax assets and estimate the value of uncertain tax positions of a newly acquired entity. This process requires significant judgment and analysis. |
Income Taxes | Income Taxes The Company records deferred income taxes to reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes. Deferred taxes are computed based on tax rates anticipated to be in effect when the deferred taxes are expected to be paid or realized. A valuation allowance is provided for deferred tax assets if it is more likely than not, the Company will not be able to realize their benefit. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting, or according to the expected reversal dates of the specific temporary differences if not related to an asset or liability for financial reporting, and also include anticipated withholding taxes due on subsidiaries’ earnings when paid as dividends to the Company. The Company recognizes the tax benefit from an uncertain tax position only if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The tax benefits recognized in the financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company will classify the liability for unrecognized tax benefits as current to the extent that the Company anticipates payment of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes. Please see Note 10 to the consolidated financial statements. |
Revenue Recognition | Revenue Recognition Revenue is recognized only when all of the following conditions have been met: (i) there is persuasive evidence of an arrangement; (ii) delivery has occurred; (iii) the fee is fixed or determinable; and (iv) collectibility of the fee is reasonably assured. The Company usually sells its software licenses as part of an overall solution offered to a customer that combines the sale of software licenses with a broad range of services, which normally include significant customization, modification, implementation and integration. Those services are deemed essential to the software. As a result, revenue is generally recognized over the course of these long-term projects, using the percentage of completion method of accounting, usually based on a percentage that incurred labor effort to date bears to total projected labor effort. When total cost estimates for these types of arrangements exceed revenues in a fixed-price arrangement, the estimated losses are recognized immediately based upon the cost applicable to the delivering unit. Significant judgment is required when estimating total labor effort and progress to completion on these arrangements, as well as whether a loss is expected to be incurred on the project. Initial license fee for software revenue is recognized as work is performed, under the percentage of completion method of accounting. Contingent subsequent license fee revenue is recognized upon completion of specified conditions in each contract, based on a customer’s subscriber level or transaction volume or other measurements when greater than the level specified in the contract for the initial license fee. Revenue from sales of hardware that functions together with the software licenses to provide the essential functionality of the product and that includes significant customization, modification, implementation and integration, is recognized as work is performed, under the percentage of completion method of accounting. Revenue that involves significant ongoing obligations, including fees for software customization, modification, implementation and integration as part of a long-term contract, is recognized as work is performed, under the percentage of completion method of accounting. Revenue from software solutions that do not require significant customization, implementation and modification is recognized upon delivery. Revenue that does not involve significant ongoing obligations is recognized as services are rendered. Fees are generally considered fixed and determinable unless a significant portion (more than 10%) of the license and related service fee is due more than 12 months after delivery, in which case license and related services fees are recognized when payments are due. In managed services contracts and in other long term contracts, revenue from the operation of a customer’s system is recognized either as services are performed based on time elapsed, output produced, volume of data processed or subscriber count, depending on the specific contract terms of the managed services arrangement. Typically, managed services contracts are long term in duration and are not subject to seasonality. Revenue from ongoing support services is recognized as work is performed. Revenue from third-party hardware sales is recognized upon delivery and installation, and revenue from third-party software sales is recognized upon delivery. Revenue from third-party hardware and software sales is recorded at gross amount for transactions in which the Company is the primary obligor under the arrangement as well as, in some cases, possesses other attributes such as latitude in determining prices and selecting suppliers. In specific circumstances where the Company does not meet the above criteria, particularly when the contract stipulates that the Company is not the primary obligor, the Company recognizes revenue on a net basis. Revenue from third-party sales was less than 10% of revenue in each of fiscal 2015, 2014 and 2013. In certain arrangements, the Company may earn revenue from other third-party services which is recorded at a gross amount as the Company is the primary obligor under the arrangement. Maintenance revenue is recognized ratably over the term of the maintenance agreement, which in most cases is one year. As a result of a significant portion of the Company’s revenue being subject to the percentage of completion accounting method, the Company’s annual and quarterly operating results may be significantly affected by the size and timing of customer projects and the Company’s progress in completing such projects. Many of the Company’s agreements include multiple deliverables. The Company’s multiple element arrangements are comprised of a variety of different combinations of the deliverables mentioned above. For multiple element arrangements within the scope of software revenue recognition guidance, the Company allocates revenue to each element based upon its relative fair value as determined by Vendor Specific Objective Evidence (“VSOE”). In the absence of fair value for a delivered element the Company uses the residual method. The residual method requires that the Company first allocate revenue to the fair value of the undelivered elements and residual revenue to delivered elements. If VSOE of any undelivered items does not exist, revenue from the entire arrangement is deferred and recognized at the earlier of (i) delivery of those elements for which VSOE does not exist or (ii) when VSOE can be established. However, in limited cases where maintenance is the only undelivered element without VSOE, the entire arrangement fee is recognized ratably upon commencement of the maintenance services. The residual method is used mainly in multiple element arrangements that include license for the sale of software solutions that do not require significant customization, modification, implementation and integration and maintenance to determine the appropriate value for the license component. Under the guidance for revenue arrangements with multiple deliverables that are outside the scope of the software revenue recognition guidance, the Company allocates revenue to each element based upon the relative fair value. Fair value would be allocated by using a hierarchy of 1) VSOE, 2) third-party evidence of selling price for that element, or 3) estimated selling price, or ESP, for individual elements of an arrangement when VSOE or third-party evidence of selling price is unavailable. This results in the elimination of the residual method of allocating revenue consideration. The Company determines ESP for the purposes of allocating the consideration to individual elements of an arrangement by considering several external and internal factors including, but not limited to, pricing practices, margin objectives, geographies in which the Company offers its services and internal costs. The determination of ESP is judgmental and is made through consultation with and approval by management. In certain circumstances where the Company enters into a contract with a customer for the provision of managed services for a defined period of time, the Company defers certain direct costs incurred at the inception of the contract. These costs include expenses incurred in association with the origination of a contract. In addition, if the revenue for a delivered item is not recognized because it is not separable from the undelivered item, then the Company also defers the cost of the delivered item. The deferred costs are amortized on a straight-line basis over the managed services period, or over the recognition period of the undelivered item. Revenue associated with these capitalized costs is deferred and is recognized over the same period. Deferred revenue represents billings to customers for licenses and services for which revenue has not been recognized. Deferred revenue that is expected to be recognized beyond the next 12 months is considered long-term deferred revenue. Unbilled accounts receivable include all revenue amounts that had not been billed as of the balance sheet date due to contractual or other arrangements with customers. Unbilled accounts receivable that are expected to be billed beyond the next 12 months are considered long-term unbilled receivables. |
Cost of Revenue | Cost of Revenue Cost of revenue consists of all costs associated with providing software licenses and services to customers, including identified losses on contracts. Estimated losses on contracts accounted for using the percentage of completion method of accounting are recognized in the period in which the loss is identified. Cost of license includes license fees and royalty payments to software suppliers. Cost of revenue also includes costs of third-party products associated with reselling third-party computer hardware and software products to customers and other third-party services, when the related revenue is recorded at the gross amount. Customers purchasing third-party products and services from the Company generally do so in conjunction with the purchase of the Company’s software and services. |
Research and Development | Research and Development Research and development expenditures consist of costs incurred in the development of new software modules and product offerings, either as part of the Company’s internal product development programs, which are sold, leased or otherwise marketed. Research and development costs are expensed as incurred. Based on the Company’s product development process, technological feasibility is established upon completion of a detailed program design or, in the absence thereof, completion of a working model. Costs incurred by the Company after achieving technological feasibility and before the product is ready for customer release have been insignificant. |
Equity-Based Compensation | Equity-Based Compensation The Company measures and recognizes the compensation expense for all equity-based payments to employees and directors based on their estimated fair values. The Company estimates the fair value of employee stock options at the date of grant using a Black-Scholes valuation model and values restricted stock based on the market value of the underlying shares at the date of grant. The Company recognizes compensation costs using the graded vesting attribution method that results in an accelerated recognition of compensation costs in comparison to the straight-line method. The Company uses a combination of implied volatility of the Company’s traded options and historical stock price volatility (“blended volatility”) as the expected volatility assumption required in the Black-Scholes option valuation model. As equity-based compensation expense recognized in the Company’s consolidated statements of income is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents, short-term interest-bearing investments, and trade receivables. Cash and cash equivalents are maintained with several financial institutions. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with reputable credit and therefore bear minimal credit risk. The Company seeks to mitigate its credit risks by spreading such risks across multiple financial institutions and monitoring the risk profiles of these counterparties. The Company has conservative investment policy guidelines under which it invests its excess cash primarily in highly liquid U.S. dollar-denominated securities. The Company’s revenue is generated primarily in North America. To a lesser extent, revenue is generated in Europe, the Asia-Pacific region and Latin America. Most of the Company’s customers are among the largest communications and directory publishing companies in the world (or are owned by them). The Company’s business is subject to the effects of general global economic conditions and market conditions in the communications industry. The Company performs ongoing credit analyses of its customer base and generally does not require collateral. The Company evaluates accounts receivable to determine if they will ultimately be collected. Significant judgments and estimates are involved in performing this evaluation, which are based on factors that may affect a customer’s ability to pay, such as past experience, credit quality of the customer, age of the receivable balance and current economic conditions. The allowance for doubtful accounts is for estimated losses resulting from accounts receivable for which their collection is not reasonably probable. As of September 30, 2015, the Company had one customer with an accounts receivable balance of more than 10% of total accounts receivable, amounting to 35%, which was higher than its respective portion of total revenue. As of September 30, 2014, the Company had one customer with an accounts receivable balance of more than 10% of total accounts receivable, amounting to 32%, which was lower than its respective portion of total revenue. |
Earnings per Share | Earnings per Share Basic earnings per share is calculated using the weighted average number of shares outstanding during the period. Diluted earnings per share is computed on the basis of the weighted average number of shares outstanding, the effect of dilutive outstanding equity-based awards using the treasury stock method and the effect of dilutive outstanding convertible notes using the if-converted method. |
Derivatives and Hedging | Derivatives and Hedging The Company carries out transactions involving foreign currency exchange derivative financial instruments. The transactions are designed to hedge the Company’s exposure in currencies other than the U.S. dollar. The Company recognizes derivative instruments as either assets or liabilities and measures those instruments at fair value. If a derivative meets the definition of a cash flow hedge and is so designated, changes in the fair value of the derivative are recognized in other comprehensive (loss) income until the hedged item is recognized in earnings as interest and other expense, net. The ineffective portion of a derivative designated as a cash flow hedge is recognized in earnings. If a derivative does not meet the definition of a cash flow hedge, the changes in the fair value are included in earnings. |
Recent Accounting Standards | Recent Accounting Standards In November 2015, the Financial Accounting Standards Board, or FASB, issued an Accounting Standard Update, or ASU, that requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. This ASU, which may be adopted either prospectively or retrospectively, will be effective for the Company on October 1, 2017, and early adoption is permitted. Adoption of the ASU may result in changes in the Company’s financial statements presentation but will not affect the substantive content of the Company’s consolidated financial statements. In September 2015, the FASB issued an ASU on simplifying the accounting for measurement-period adjustments. The ASU eliminates the requirement to restate prior period financial statements for measurement-period adjustments and requires that the cumulative impact of a measurement-period adjustment be recognized in the reporting period in which the adjustment is identified. This ASU will be effective for the Company with respect to measurement-period adjustments that occur after October 1, 2017. In May 2014, the FASB issued an ASU on revenue from contracts with customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. In August 2015, the FASB deferred the effective date of this ASU by one year, to fiscal years beginning after December 15, 2017; however, early adoption as of the original effective date, fiscal years beginning after December 15, 2016, will be permitted. The Company is currently evaluating the methods and its timing of adoption, as well as the effect that adoption of this ASU will have on its consolidated financial statements. |
Adoption of New Accounting Standard | Adoption of New Accounting Standard In 2013, the FASB issued an ASU that requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, in the absence of certain conditions. This ASU became effective for the Company in the first quarter of fiscal 2015 and its adoption resulted in a reclassification of $15,000 from noncurrent taxes payable to assets under noncurrent deferred income taxes as of December 31, 2014. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement on Company's Assets and Liabilities | The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 and 2014: As of September 30, 2015 Level 1 Level 2 Level 3 Total Available-for-sale securities: Money market funds $ 470,286 $ — $ — $ 470,286 U.S. government treasuries 117,452 — — 117,452 Corporate bonds — 101,603 — 101,603 U.S. agency securities — 45,181 — 45,181 Asset backed obligations — 29,215 — 29,215 Commercial paper and certificates of deposit 2,015 25,487 — 27,502 Supranational and sovereign debt — 10,443 — 10,443 Total available-for-sale securities 589,753 211,929 — 801,682 Derivative financial instruments, net — (13,097 ) — (13,097 ) Other liabilities — — (3,266 ) (3,266 ) Total $ 589,753 $ 198,832 $ (3,266 ) $ 785,319 As of September 30, 2014 Level 1 Level 2 Level 3 Total Available-for-sale securities: Money market funds $ 649,745 $ — $ — $ 649,745 U.S. government treasuries 118,708 — — 118,708 Corporate bonds — 102,420 — 102,420 U.S. agency securities — 41,649 — 41,649 Asset backed obligations — 29,095 — 29,095 Commercial paper and certificates of deposit 2,007 26,502 — 28,509 Supranational and sovereign debt — 5,799 — 5,799 Government-guaranteed debt — 1,187 — 1,187 Mortgages — 527 — 527 Total available-for-sale securities 770,460 207,179 — 977,639 Derivative financial instruments, net — (1,358 ) — (1,358 ) Other liabilities — — (35,944 ) (35,944 ) Total $ 770,460 $ 205,821 $ (35,944 ) $ 940,337 |
Available-For-Sale Securities (
Available-For-Sale Securities (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Interest-Bearing Investments in Available-for-Sale Securities | Available-for-sale securities consist of the following interest-bearing investments: As of September 30, 2015 Amortized Gross Gross Fair Value Money market funds $ 470,286 $ — $ — $ 470,286 U.S. government treasuries 117,235 217 — 117,452 Corporate bonds 101,613 123 133 101,603 U.S. agency securities 45,105 76 — 45,181 Asset backed obligations 29,195 20 — 29,215 Commercial paper and certificates of deposit 27,502 — — 27,502 Supranational and sovereign debt 10,423 20 — 10,443 Total(1) $ 801,359 $ 456 $ 133 $ 801,682 (1) Available-for-sale securities with maturities longer than 90 days from the date of acquisition were classified as short term interest-bearing investments and available-for-sale securities with maturities of 90 days or less from the date of acquisition were included in cash and cash equivalents on the Company’s balance sheet. As of September 30, 2015, $318,439 of securities were classified as short term interest-bearing investments and $483,243 of securities were classified as cash and cash equivalents. As of September 30, 2014 Amortized Gross Gross Fair Value Money market funds $ 649,745 $ — $ — $ 649,745 U.S. government treasuries 118,652 88 32 118,708 Corporate bonds 102,387 152 119 102,420 U.S. agency securities 41,658 — 9 41,649 Asset backed obligations 29,160 — 65 29,095 Commercial paper and certificates of deposit 28,509 — — 28,509 Supranational and sovereign debt 5,804 — 5 5,799 Government-guaranteed debt 1,185 2 — 1,187 Mortgages 569 — 42 527 Total(2) $ 977,669 $ 242 $ 272 $ 977,639 (2) As of September 30, 2014, $321,196 of securities were classified as short term interest-bearing investments and $656,443 of securities were classified as cash and cash equivalents. |
Available-for-Sale Securities Debt Maturities Market Value | As of September 30, 2015, the Company’s available-for-sale securities had the following maturity dates: Market Value Due within one year $ 596,762 1 to 2 years 118,196 2 to 3 years 67,140 3 to 4 years 13,209 Thereafter 6,375 $ 801,682 |
Derivative Financial Instrume35
Derivative Financial Instruments (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amounts of Derivative Instruments | The table below presents the total volume or notional amounts of the Company’s derivative instruments as of September 30, 2015. Notional values are in U.S. dollars and are translated and calculated based on forward rates as of September 30, 2015 for forward contracts, and based on spot rates as of September 30, 2015 for options. Notional Value* Foreign exchange contracts $ 1,284,959 (*) Gross notional amounts do not quantify risk or represent assets or liabilities of the Company, but are used in the calculation of settlements under the contracts. |
Fair Value of Open Foreign Currency Exchange Contracts | The fair value of the open foreign exchange contracts recorded as an asset or a liability by the Company on its consolidated balance sheets as of September 30, 2015 and September 30, 2014, is as follows: As of September 30, 2015 2014 Derivatives designated as hedging instruments Prepaid expenses and other current assets $ 3,631 $ 5,936 Other noncurrent assets 533 2,485 Accrued expenses and other current liabilities (14,640 ) (9,686 ) Other noncurrent liabilities (3,990 ) (1,908 ) (14,466 ) (3,173 ) Derivatives not designated as hedging instruments Prepaid expenses and other current assets 4,508 7,551 Other noncurrent assets — 26 Accrued expenses and other current liabilities (3,139 ) (5,736 ) Other noncurrent liabilities — (26 ) 1,369 1,815 Net fair value $ (13,097 ) $ (1,358 ) |
Effect of Cash Flow Hedging Instruments | The effect of the Company’s cash flow hedging instruments in the consolidated statements of income for the fiscal years ended September 30, 2015, 2014 and 2013, respectively, which partially offsets the foreign currency impact from the underlying exposures, is summarized as follows: (Losses) Gains Reclassified from 2015 2014 2013 Line item in consolidated statements of income: Revenue $ 1,077 $ 539 $ (66 ) Cost of revenue (13,624 ) 15,424 (2,945 ) Research and development (3,621 ) 4,056 803 Selling, general and administrative (4,074 ) 4,072 661 Total $ (20,242 ) $ 24,091 $ (1,547 ) |
Changes in Net Unrealized (Losses) Gains on Cash Flow Hedges | The activity related to the changes in net unrealized (losses) gains on cash flow hedges recorded in accumulated other comprehensive (loss) income, net of tax, is as follows: Year Ended September 30, 2015 2014 2013 Net unrealized (losses) gains on cash flow hedges, net of tax, beginning of period $ (5,522 ) $ 4,696 $ (17,942 ) Changes in fair value of cash flow hedges, net of tax (23,432 ) 9,162 20,035 Reclassification of losses (gains) into earnings, net of tax 16,802 (19,380 ) 2,603 Net unrealized (losses) gains on cash flow hedges, net of tax, end of period $ (12,152 ) $ (5,522 ) $ 4,696 |
Effect of Non-Designated as Hedging Instruments | The effect of the Company’s derivative instruments not designated as hedging instruments in the consolidated statements of income for the fiscal years ended September 30, 2015, 2014 and 2013, respectively, which partially offsets the foreign currency impact from the underlying exposure, is summarized as follows: Gains (Losses) 2015 2014 2013 Line item in statements of income: Revenue $ 339 $ 18 $ 362 Cost of revenue (8,668 ) (3,446 ) 4,666 Research and development (830 ) (432 ) 1,136 Selling, general and administrative (1,827 ) (821 ) 1,276 Interest and other expense, net 30,150 9,080 4,145 Income taxes 1,822 657 (1,179 ) Total $ 20,986 $ 5,056 $ 10,406 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Accounts Receivable, Net | Accounts receivable, net consists of the following: As of September 30, 2015 2014 Accounts receivable — billed $ 668,424 $ 617,712 Accounts receivable — unbilled 80,197 134,523 Less — allowances (33,837 ) (36,398 ) Accounts receivable, net $ 714,784 $ 715,837 |
Equipment and Leasehold Impro37
Equipment and Leasehold Improvements, Net (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Components of Equipment and Leasehold Improvements, Net | Components of equipment and leasehold improvements, net are: As of September 30, 2015 2014 Computer equipment $ 1,132,152 $ 1,071,720 Leasehold improvements 201,765 192,007 Furniture, fixtures and other 60,904 65,071 1,394,821 1,328,798 Less accumulated depreciation (1,085,501 ) (1,039,842 ) $ 309,320 $ 288,956 |
Goodwill and Intangible Asset38
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Details of Total Goodwill | The following table presents details of the Company’s total goodwill: As of October 1, 2013 $ 1,818,334 Goodwill resulting from acquisitions(1) 100,935 Other 5,956 As of September 30, 2014 1,925,225 Goodwill resulting from acquisitions(2) 123,987 Other (119 ) As of September 30, 2015 $ 2,049,093 (1) Mainly relates to the acquisition of Celcite. In allocating the total preliminary purchase price of Celcite based on estimated fair values, the Company recorded $78,142 of goodwill, $46,432 of customer relationships to be amortized over approximately four years, $22,372 of core technology to be amortized over approximately three years and $1,781 of other intangible assets to be amortized over approximately three years. (2) Mainly relates to the acquisition of a substantial majority of the BSS assets of Comverse. In allocating the total preliminary purchase price of the acquired assets based on estimated fair values, the Company recorded $118,101 of goodwill, $97,000 of core technology to be amortized over a weighted average of approximately four years and $38,639 of customer relationships to be amortized over a weighted average of approximately five years. |
Details Regarding Total Definite-Lived Purchased Intangible Assets | The following table presents details regarding the Company’s total definite-lived purchased intangible assets: Estimated Gross Accumulated Net September 30, 2015 Core technology 2-8 $ 531,669 $ (398,898 ) $ 132,771 Customer relationships 3-15 439,435 (328,747 ) 110,688 Intellectual property rights and purchased computer software — 51,996 (51,996 ) — Other 3-10 31,666 (22,608 ) 9,058 Total $ 1,054,766 $ (802,249 ) $ 252,517 September 30, 2014 Core technology 3-8 $ 434,669 $ (367,609 ) $ 67,060 Customer relationships 4-15 398,519 (297,791 ) 100,728 Intellectual property rights and purchased computer software — 51,996 (51,996 ) — Other 1-10 31,666 (18,227 ) 13,439 Total $ 916,850 $ (735,623 ) $ 181,227 |
Amortization Expense on Definite-Lived Intangible Assets | The following table presents the amortization expense of the Company’s definite-lived purchased intangible assets, included in each financial statement caption reported in the consolidated statements of income: Year Ended September 30, 2015 2014 2013 Cost of revenue $ 1,609 $ 1,609 $ 1,609 Amortization of definite-lived purchased intangible assets 65,017 55,799 34,543 Total $ 66,626 $ 57,408 $ 36,152 |
Estimated Future Amortization Expense | The estimated future amortization expense of definite-lived purchased intangible assets as of September 30, 2015 is as follows: Amount Fiscal year: 2016 $ 90,488 2017 76,742 2018 46,958 2019 22,863 2020 10,707 Thereafter 4,759 Total $ 252,517 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes consists of the following: Year Ended September 30, 2015 2014 2013 Current $ 94,128 $ 73,938 $ 50,553 Deferred (26,887 ) (6,510 ) 12,485 $ 67,241 $ 67,428 $ 63,038 |
Components of Deferred Tax Assets and Liabilities | Deferred income taxes are comprised of the following components: As of September 30, 2015 2014 Deferred tax assets: Deferred revenue $ 69,680 $ 49,624 Employee compensation and benefits 75,401 72,832 Intangible assets, computer software and intellectual property 14,937 11,481 Tax credits, net capital and operating loss carryforwards 114,709 163,913 Other 68,300 47,301 Total deferred tax assets 343,027 345,151 Valuation allowances (112,165 ) (128,207 ) Total deferred tax assets, net 230,862 216,944 Deferred tax liabilities: Anticipated withholdings on subsidiaries’ earnings (58,774 ) (56,868 ) Intangible assets, computer software and intellectual property (118,650 ) (113,920 ) Other (19,886 ) (24,262 ) Total deferred tax liabilities (197,310 ) (195,050 ) Net deferred tax assets $ 33,552 $ 21,894 |
Effective Income Tax Rate Varied from Statutory Guernsey Tax Rate | The effective income tax rate varied from the statutory Guernsey tax rate as follows: Year Ended September 30, 2015 2014 2013 Statutory Guernsey tax rate 0 % 0 % 0 % Foreign taxes(1) 13 14 13 Effective income tax rate 13 % 14 % 13 % (1) In fiscal 2015, foreign taxes included a net benefit of $7,594 due to settlements of tax audits in certain jurisdictions that resulted in a reduction to the Company’s provision for gross unrecognized tax benefits, partially offset by an increase to the Company’s taxes payable. Foreign taxes in fiscal 2015 also included a decrease of $17,232 that was attributable to the expiration of statutes of limitations related to unrecognized tax benefits accumulated over several years in certain jurisdictions, which was partially offset by a provision for a new uncertain tax position of $6,000 recognized during fiscal 2015. In addition, foreign taxes in fiscal 2015 included a net benefit of $22,895 resulting from the release of valuation allowances on deferred tax assets at several of the Company’s subsidiaries, which will, more likely than not, be realized due to the Company’s projections of future taxable income. In fiscal 2014, foreign taxes included a benefit of $18,709 attributable to the expiration during fiscal 2014 of statutes of limitations related to unrecognized tax benefits accumulated over several years in certain jurisdictions, as well as a benefit of $14,557 as a result of a tax position settled during fiscal 2014. In fiscal 2013, foreign taxes included a benefit of $29,786 attributable to the expiration during fiscal 2013 of statutes of limitations related to unrecognized tax benefits accumulated over several years in certain jurisdictions. |
Aggregate Changes in Balance of Company's Gross Unrecognized Tax Benefits | The aggregate changes in the balance of the Company’s gross unrecognized tax benefits were as follows: Year Ended September 30, 2015 2014 2013 Balance at beginning of fiscal year $ 123,942 $ 130,371 $ 133,874 Additions based on tax positions related to the current year 22,314 22,821 19,527 Additions for tax positions of prior years 11,125 4,016 10,750 Reductions for tax positions of prior years — — — Settlements with tax authorities (13,443 ) (14,557 ) (3,994 ) Lapse of statute of limitations (17,232 ) (18,709 ) (29,786 ) Balance at end of fiscal year $ 126,706 $ 123,942 $ 130,371 |
Accrued Expenses and Other Cu40
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: As of September 30, 2015 2014 Project-related provisions $ 201,719 $ 126,037 Dividends payable(1) 25,697 24,291 Derivative instruments(2) 17,779 15,422 Acquisition-related liabilities(3) 3,266 15,397 Other 286,888 241,144 $ 535,349 $ 422,291 (1) The amounts payable as a result of the July 29, 2015 and the July 29, 2014 dividend declarations. Please see Note 18 to the consolidated financial statements. (2) Includes derivatives that are designated as hedging instruments and derivatives that are not designated as hedging instruments. Please see Note 6 to the consolidated financial statements. (3) Classified as a Level 3 liability. Please see Note 4 to the consolidated financial statements. |
Interest and Other Expense, N41
Interest and Other Expense, Net (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Interest and Other Expense, Net | Interest and other expense, net, consists of the following: Year Ended September 30, 2015 2014 2013 Interest income $ (4,615 ) $ (4,075 ) $ (4,915 ) Interest expense 3,142 3,483 3,557 Foreign exchange loss 8,130 3,447 4,279 Other, net (4,113 ) 3,243 3,154 $ 2,544 $ 6,098 $ 6,075 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Non-Cancelable Lease Payments | Future minimum non-cancelable lease payments, which include rent and other payments the Company is obligated to make, based on the Company’s contractual obligations as of September 30, 2015 are as follows: For the year ended September 30, 2016 $ 62,178 2017 50,257 2018 44,731 2019 39,282 2020 19,225 Thereafter 31,318 $ 246,991 |
Stock Option and Incentive Pl43
Stock Option and Incentive Plan (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Option Activity | The following table summarizes information about options to purchase the Company ’ Number of Weighted Average Outstanding as of October 1, 2014 9,563 $ 33.72 Granted 2,418 49.49 Exercised (2,540 ) 30.94 Forfeited (569 ) 37.40 Outstanding as of September 30, 2015(1) 8,872 $ 38.58 Exercisable as of September 30, 2015(1) 3,230 $ 31.99 (1) As of September 30, 2015, the weighted average remaining contractual life of outstanding and exercisable options was 7.26 and 5.37 years, respectively. |
Summary of Restricted Shares Activity | The following table summarizes information relating to awards of restricted shares, as well as changes during the fiscal year ended September 30, 2015: Number of Weighted Average Outstanding as of October 1, 2014 1,886 $ 36.09 Granted 665 49.80 Vested (810 ) 34.62 Forfeited (130 ) 38.10 Outstanding as of September 30, 2015 1,611 $ 42.33 |
Employee Equity-Based Compensation Pre-Tax Expense | Employee equity-based compensation pre-tax expense for the years ended September 30, 2015, 2014 and 2013 was as follows: Year Ended September 30, 2015 2014 2013 Cost of revenue $ 15,621 $ 17,496 $ 18,284 Research and development 3,400 3,599 3,805 Selling, general and administrative 25,539 23,483 18,251 Total $ 44,560 $ 44,578 $ 40,340 |
Assumptions Used in Calculating Fair Value of Options | The fair value of options granted was estimated on the date of grant using the Black-Scholes pricing model with the assumptions noted in the following table (all in weighted averages for options granted during the year): Year Ended September 30, 2015 2014 2013 Risk-free interest rate(1) 1.26 % 1.30 % 0.74 % Expected life of stock options(2) 4.50 4.50 4.50 Expected volatility(3) 15.6 % 17.3 % 22.7 % Expected dividend yield(4) 1.37 % 1.45 % 1.48 % Fair value per option $ 5.97 $ 5.56 $ 5.74 (1) Risk-free interest rate is based upon U.S. Treasury yield curve appropriate for the term of the Company’s employee stock options. (2) Expected life of stock options is based upon historical experience. (3) Expected volatility is based on blended volatility. Please see Note 2 to the consolidated financial statements. (4) Expected dividend yield is based on the Company’s history and future expectation of dividend payouts. |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Dividends Declared by Board of directors | The Company’s Board of Directors declared the following dividends during the fiscal years ended September 30, 2015, 2014 and 2013: Declaration Date Dividends Per Record Date Total Amount Payment Date July 29, 2015 $ 0.170 September 30, 2015 $ 25,697 October 16, 2015 April 29, 2015 $ 0.170 June 30, 2015 $ 26,127 July 17, 2015 January 27, 2015 $ 0.170 March 31, 2015 $ 26,286 April 16, 2015 November 4, 2014 $ 0.155 December 31, 2014 $ 24,086 January 16, 2015 July 29, 2014 $ 0.155 September 30, 2014 $ 24,291 October 17, 2014 April 30, 2014 $ 0.155 June 30, 2014 $ 24,576 July 18, 2014 January 29, 2014 $ 0.155 March 31, 2014 $ 24,799 April 17, 2014 November 5, 2013 $ 0.130 December 31, 2013 $ 20,752 January 17, 2014 July 31, 2013 $ 0.130 September 30, 2013 $ 20,812 October 18, 2013 April 30, 2013 $ 0.130 June 28, 2013 $ 20,929 July 19, 2013 January 30, 2013 $ 0.130 March 28, 2013 $ 20,927 April 19, 2013 November 6, 2012 $ 0.130 December 31, 2012 $ 21,032 January 18, 2013 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Year Ended September 30, 2015 2014 2013 Numerator: Numerator for basic and diluted earnings per share $ 441,596 $ 422,122 $ 412,439 Denominator: Denominator for basic earnings per share — weighted average number of shares outstanding 152,832 159,012 161,330 Effect of assumed conversion of 0.50% convertible notes 14 20 24 Effect of dilutive stock options granted 2,372 2,334 1,764 Denominator for dilutive earnings per share — adjusted weighted average shares and assumed conversions 155,218 161,366 163,118 Basic earnings per share $ 2.89 $ 2.65 $ 2.56 Diluted earnings per share $ 2.85 $ 2.62 $ 2.53 |
Segment Information and Sales46
Segment Information and Sales to Significant Customers (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Summary of Revenue by Geographic Area | The following is a summary of revenue and long-lived assets by geographic area. Revenue is attributed to geographic region based on the location of the customers. Year Ended September 30, 2015 2014 2013 Revenue North America (mainly United States) $ 2,555,539 $ 2,589,613 $ 2,423,067 Europe 422,095 450,669 398,400 Rest of the world 665,904 523,355 524,387 Total $ 3,643,538 $ 3,563,637 $ 3,345,854 |
Summary of Long-Lived Assets by Geographic Area | As of September 30, 2015 2014 Long-lived Assets(1) Europe $ 102,434 $ 88,218 North America (mainly United States) 79,693 77,273 Rest of the world: Israel 59,581 56,289 India 34,472 27,479 Others 33,140 39,697 Total $ 309,320 $ 288,956 (1) Equipment and leasehold improvements. |
Revenue and Customer Information | Customer experience solutions include the following offerings: revenue and customer management, operational support systems (OSS), network control, optimization and virtualization, digital lifestyle services, big data analytics, machine-to-machine (M2M) solutions and mobile financial services. Customer experience solutions also include a comprehensive line of services such as strategic business consulting, systems integration and transformation, managed services and testing. Directory includes comprehensive set of products and services for local marketing service providers and search and directory publishers. Year Ended September 30, 2015 2014 2013 Customer experience solutions $ 3,542,531 $ 3,435,478 $ 3,185,637 Directory 101,007 128,159 160,217 Total $ 3,643,538 $ 3,563,637 $ 3,345,854 |
Selected Quarterly Results of47
Selected Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | The following are details of the unaudited quarterly results of operations for the three months ended: September 30, June 30, March 31, December 31, 2015 Revenue $ 926,776 $ 907,897 $ 902,578 $ 906,287 Operating income 109,700 126,727 138,000 141,521 Net income 91,130 107,782 116,261 130,990 Basic earnings per share 0.60 0.70 0.75 0.84 Diluted earnings per share 0.59 0.69 0.74 0.83 2014 Revenue $ 900,261 $ 902,477 $ 896,854 $ 864,045 Operating income 126,107 125,003 123,848 120,690 Net income 100,503 109,827 110,357 101,435 Basic earnings per share 0.64 0.69 0.69 0.64 Diluted earnings per share 0.63 0.68 0.68 0.63 |
Nature of Entity - Additional I
Nature of Entity - Additional Information (Detail) | 12 Months Ended |
Sep. 30, 2015Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segment | 1 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Equipment and Leasehold Improvements - Additional Information (Detail) | 12 Months Ended |
Sep. 30, 2015 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | 3 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of assets | 10 years |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Revenue Recognition and Concentrations of Credit Risk - Additional Information (Detail) - Customer | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Concentration Risk [Line Items] | ||
Number of customers with an account receivable balance of more than 10% of total accounts receivable | 1 | 1 |
Accounts Receivable [Member] | Customer [Member] | ||
Concentration Risk [Line Items] | ||
Aggregate account receivable of more than 10% of total accounts receivable | 35.00% | 32.00% |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Dec. 31, 2014USD ($) | |
Accounting Policies [Abstract] | |
Reclassification of noncurrent taxes payable to assets under noncurrent deferred income taxes | $ 15,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 02, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Business Acquisition [Line Items] | ||||
Restructuring charges | $ 13,000 | |||
Actix [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition | $ 112,405 | |||
Celcite [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition | $ 142,077 | |||
Comverse [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition | $ 268,073 | |||
Restructuring charges | $ 13,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurement on Company's Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | $ 801,682 | $ 977,639 |
Derivative financial instruments, net | (13,097) | (1,358) |
Other liabilities | (3,266) | (35,944) |
Total | 785,319 | 940,337 |
Level 1 [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 589,753 | 770,460 |
Total | 589,753 | 770,460 |
Level 2 [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 211,929 | 207,179 |
Derivative financial instruments, net | (13,097) | (1,358) |
Total | 198,832 | 205,821 |
Level 3 [Member] | ||
Available-for-sale securities: | ||
Other liabilities | (3,266) | (35,944) |
Total | (3,266) | (35,944) |
Recurring [Member] | Money Market Funds [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 470,286 | 649,745 |
Recurring [Member] | U.S. Government Treasuries [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 117,452 | 118,708 |
Recurring [Member] | Corporate Bonds [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 101,603 | 102,420 |
Recurring [Member] | U.S. Agency Securities [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 45,181 | 41,649 |
Recurring [Member] | Asset Backed Obligations [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 29,215 | 29,095 |
Recurring [Member] | Commercial Paper and Certificates of Deposit [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 27,502 | 28,509 |
Recurring [Member] | Supranational and Sovereign Debt [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 10,443 | 5,799 |
Recurring [Member] | Government-Guaranteed Debt [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 1,187 | |
Recurring [Member] | Mortgages [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 527 | |
Recurring [Member] | Level 1 [Member] | Money Market Funds [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 470,286 | 649,745 |
Recurring [Member] | Level 1 [Member] | U.S. Government Treasuries [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 117,452 | 118,708 |
Recurring [Member] | Level 1 [Member] | Commercial Paper and Certificates of Deposit [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 2,015 | 2,007 |
Recurring [Member] | Level 2 [Member] | Corporate Bonds [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 101,603 | 102,420 |
Recurring [Member] | Level 2 [Member] | U.S. Agency Securities [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 45,181 | 41,649 |
Recurring [Member] | Level 2 [Member] | Asset Backed Obligations [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 29,215 | 29,095 |
Recurring [Member] | Level 2 [Member] | Commercial Paper and Certificates of Deposit [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 25,487 | 26,502 |
Recurring [Member] | Level 2 [Member] | Supranational and Sovereign Debt [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | $ 10,443 | 5,799 |
Recurring [Member] | Level 2 [Member] | Government-Guaranteed Debt [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | 1,187 | |
Recurring [Member] | Level 2 [Member] | Mortgages [Member] | ||
Available-for-sale securities: | ||
Fair value, Measured on recurring basis, Investments | $ 527 |
Available-for-Sale Securities -
Available-for-Sale Securities - Interest-bearing Investments in Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 801,359 | $ 977,669 |
Gross Unrealized Gains | 456 | 242 |
Gross Unrealized Losses | 133 | 272 |
Fair Value | 801,682 | 977,639 |
Money Market Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 470,286 | 649,745 |
Fair Value | 470,286 | 649,745 |
U.S. Government Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 117,235 | 118,652 |
Gross Unrealized Gains | 217 | 88 |
Gross Unrealized Losses | 32 | |
Fair Value | 117,452 | 118,708 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 101,613 | 102,387 |
Gross Unrealized Gains | 123 | 152 |
Gross Unrealized Losses | 133 | 119 |
Fair Value | 101,603 | 102,420 |
U.S. Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 45,105 | 41,658 |
Gross Unrealized Gains | 76 | |
Gross Unrealized Losses | 9 | |
Fair Value | 45,181 | 41,649 |
Asset Backed Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 29,195 | 29,160 |
Gross Unrealized Gains | 20 | |
Gross Unrealized Losses | 65 | |
Fair Value | 29,215 | 29,095 |
Commercial Paper and Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 27,502 | 28,509 |
Fair Value | 27,502 | 28,509 |
Supranational and Sovereign Debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,423 | 5,804 |
Gross Unrealized Gains | 20 | |
Gross Unrealized Losses | 5 | |
Fair Value | $ 10,443 | 5,799 |
Government-Guaranteed Debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,185 | |
Gross Unrealized Gains | 2 | |
Fair Value | 1,187 | |
Mortgages [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 569 | |
Gross Unrealized Losses | 42 | |
Fair Value | $ 527 |
Available-for-Sale Securities55
Available-for-Sale Securities - Interest-bearing Investments in Available-for-Sale Securities (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | $ 801,682 | $ 977,639 |
Short Term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | $ 318,439 | 321,196 |
Maturity period of short term interest-bearing securities included in cash and cash equivalents | Longer than 90 days | |
Cash and Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | $ 483,243 | $ 656,443 |
Maturity period of short term interest-bearing securities included in cash and cash equivalents | 90 days or less |
Available-for-Sale Securities56
Available-for-Sale Securities - Available-for-Sale Securities Debt Maturities Market Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due within one year | $ 596,762 | |
1 to 2 years | 118,196 | |
2 to 3 years | 67,140 | |
3 to 4 years | 13,209 | |
Thereafter | 6,375 | |
Fair Value | $ 801,682 | $ 977,639 |
Derivative Financial Instrume57
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Maximum amount of loss due to credit risk | $ 2,706 | ||
Maximum length of time hedged in cash flow hedges | 2 years | ||
Maximum maturity period of significant portion of forward and option contracts outstanding | 12 months | ||
Typical maturity period of other risk management derivatives | Less than 12 months | ||
Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Losses) gains from cash flow hedges recognized in other comprehensive (loss) income | $ (29,499) | $ 9,460 | $ 28,504 |
(Losses) gains from cash flow hedges recognized in other comprehensive (loss) income, net of taxes | (23,432) | $ 9,162 | $ 20,035 |
Foreign currency cash flow hedge, reclassified into earnings during fiscal year 2016 | $ 9,578 |
Derivative Financial Instrume58
Derivative Financial Instruments - Notional Amounts of Derivative Instruments (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Foreign exchange contracts | $ 1,284,959 |
Derivative Financial Instrume59
Derivative Financial Instruments - Fair Value of Open Foreign Currency Exchange Contracts (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Derivatives, Fair Value [Line Items] | ||
Net fair value | $ (13,097) | $ (1,358) |
Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net fair value | (13,097) | (1,358) |
Foreign Exchange Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net fair value | (14,466) | (3,173) |
Foreign Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instruments [member] | ||
Derivatives, Fair Value [Line Items] | ||
Net fair value | 1,369 | 1,815 |
Foreign Exchange Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 3,631 | 5,936 |
Foreign Exchange Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Not Designated as Hedging Instruments [member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 4,508 | 7,551 |
Foreign Exchange Contracts [Member] | Other Noncurrent Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 533 | 2,485 |
Foreign Exchange Contracts [Member] | Other Noncurrent Assets [Member] | Derivatives Not Designated as Hedging Instruments [member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 26 | |
Foreign Exchange Contracts [Member] | Accrued Expenses and Other Current Liabilities [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (14,640) | (9,686) |
Foreign Exchange Contracts [Member] | Accrued Expenses and Other Current Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (3,139) | (5,736) |
Foreign Exchange Contracts [Member] | Other Noncurrent Liabilities [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ (3,990) | (1,908) |
Foreign Exchange Contracts [Member] | Other Noncurrent Liabilities [Member] | Derivatives Not Designated as Hedging Instruments [member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ (26) |
Derivative Financial Instrume60
Derivative Financial Instruments - Effect of Cash Flow Hedging Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from Other Comprehensive (Loss) Income (Effective Portion) | $ (20,242) | $ 24,091 | $ (1,547) |
Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from Other Comprehensive (Loss) Income (Effective Portion) | 1,077 | 539 | (66) |
Cost of Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from Other Comprehensive (Loss) Income (Effective Portion) | (13,624) | 15,424 | (2,945) |
Research and Development [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from Other Comprehensive (Loss) Income (Effective Portion) | (3,621) | 4,056 | 803 |
Selling, General and Administrative [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from Other Comprehensive (Loss) Income (Effective Portion) | $ (4,074) | $ 4,072 | $ 661 |
Derivative Financial Instrume61
Derivative Financial Instruments - Changes in Net Unrealized (Losses) Gains on Cash Flow Hedges (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net unrealized (losses) gains on cash flow hedges, net of tax, beginning of period | $ (5,522) | $ 4,696 | |
Net unrealized (losses) gains on cash flow hedges, net of tax, end of period | (12,152) | (5,522) | $ 4,696 |
Foreign Exchange Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net unrealized (losses) gains on cash flow hedges, net of tax, beginning of period | (5,522) | 4,696 | (17,942) |
Changes in fair value of cash flow hedges, net of tax | (23,432) | 9,162 | 20,035 |
Reclassification of losses (gains) into earnings, net of tax | 16,802 | (19,380) | 2,603 |
Net unrealized (losses) gains on cash flow hedges, net of tax, end of period | $ (12,152) | $ (5,522) | $ 4,696 |
Derivative Financial Instrume62
Derivative Financial Instruments - Effect of Non-Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) Recognized in Income | $ 20,986 | $ 5,056 | $ 10,406 |
Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) Recognized in Income | 339 | 18 | 362 |
Cost of Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) Recognized in Income | (8,668) | (3,446) | 4,666 |
Research and Development [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) Recognized in Income | (830) | (432) | 1,136 |
Selling, General and Administrative [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) Recognized in Income | (1,827) | (821) | 1,276 |
Interest and Other Expense, Net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) Recognized in Income | 30,150 | 9,080 | 4,145 |
Income Taxes [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (losses) Recognized in Income | $ 1,822 | $ 657 | $ (1,179) |
Accounts Receivable, Net - Acco
Accounts Receivable, Net - Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Receivables [Abstract] | ||
Accounts receivable - billed | $ 668,424 | $ 617,712 |
Accounts receivable - unbilled | 80,197 | 134,523 |
Less - allowances | (33,837) | (36,398) |
Accounts receivable, net | $ 714,784 | $ 715,837 |
Equipment and Leasehold Impro64
Equipment and Leasehold Improvements, Net - Components of Equipment and Leasehold Improvements, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Equipment and leasehold improvements, gross | $ 1,394,821 | $ 1,328,798 |
Less accumulated depreciation | (1,085,501) | (1,039,842) |
Equipment and leasehold improvements, net | 309,320 | 288,956 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment and leasehold improvements, gross | 1,132,152 | 1,071,720 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment and leasehold improvements, gross | 201,765 | 192,007 |
Furniture, Fixtures and Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment and leasehold improvements, gross | $ 60,904 | $ 65,071 |
Equipment and Leasehold Impro65
Equipment and Leasehold Improvements, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 108,169 | $ 105,364 | $ 104,624 |
Unamortized software assets | $ 85,957 | $ 73,813 |
Goodwill and Intangible Asset66
Goodwill and Intangible Assets, Net - Details of Total Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, Beginning Balance | $ 1,925,225 | $ 1,818,334 |
Goodwill resulting from acquisitions | 123,987 | 100,935 |
Other | (119) | 5,956 |
Goodwill, Ending Balance | $ 2,049,093 | $ 1,925,225 |
Goodwill and Intangible Asset67
Goodwill and Intangible Assets, Net - Details of Total Goodwill (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill [Line Items] | ||
Goodwill resulting from immaterial acquisitions | $ 123,987 | $ 100,935 |
Value of intangible asset | 252,517 | 181,227 |
Core Technology [Member] | ||
Goodwill [Line Items] | ||
Value of intangible asset | 132,771 | 67,060 |
Customer Relationships [Member] | ||
Goodwill [Line Items] | ||
Value of intangible asset | 110,688 | 100,728 |
Other [Member] | ||
Goodwill [Line Items] | ||
Value of intangible asset | 9,058 | $ 13,439 |
Celcite [Member] | ||
Goodwill [Line Items] | ||
Goodwill resulting from immaterial acquisitions | 78,142 | |
Celcite [Member] | Core Technology [Member] | ||
Goodwill [Line Items] | ||
Value of intangible asset | $ 22,372 | |
Useful life of intangible assets | 3 years | |
Celcite [Member] | Customer Relationships [Member] | ||
Goodwill [Line Items] | ||
Value of intangible asset | $ 46,432 | |
Useful life of intangible assets | 4 years | |
Celcite [Member] | Other [Member] | ||
Goodwill [Line Items] | ||
Value of intangible asset | $ 1,781 | |
Useful life of intangible assets | 3 years | |
Comverse [Member] | ||
Goodwill [Line Items] | ||
Goodwill resulting from immaterial acquisitions | $ 118,101 | |
Comverse [Member] | Core Technology [Member] | ||
Goodwill [Line Items] | ||
Value of intangible asset | $ 97,000 | |
Useful life of intangible assets | 4 years | |
Comverse [Member] | Customer Relationships [Member] | ||
Goodwill [Line Items] | ||
Value of intangible asset | $ 38,639 | |
Useful life of intangible assets | 5 years |
Goodwill and Intangible Asset68
Goodwill and Intangible Assets, Net - Additional Information (Detail) | 12 Months Ended | ||
Sep. 30, 2015USD ($)Segment | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment of goodwill | $ | $ 0 | $ 0 | $ 0 |
Number of operating segment | Segment | 1 |
Goodwill and Intangible Asset69
Goodwill and Intangible Assets, Net - Details Regarding Total Definite-Lived Purchased Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 1,054,766 | $ 916,850 |
Accumulated Amortization | (802,249) | (735,623) |
Total | 252,517 | 181,227 |
Core Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 531,669 | 434,669 |
Accumulated Amortization | (398,898) | (367,609) |
Total | $ 132,771 | $ 67,060 |
Core Technology [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 2 years | 3 years |
Core Technology [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 8 years | 8 years |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 439,435 | $ 398,519 |
Accumulated Amortization | (328,747) | (297,791) |
Total | $ 110,688 | $ 100,728 |
Customer Relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 3 years | 4 years |
Customer Relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 15 years | 15 years |
Intellectual Property Rights and Purchased Computer Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 51,996 | $ 51,996 |
Accumulated Amortization | (51,996) | (51,996) |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 31,666 | 31,666 |
Accumulated Amortization | (22,608) | (18,227) |
Total | $ 9,058 | $ 13,439 |
Other [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 3 years | 1 year |
Other [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 10 years | 10 years |
Goodwill and Intangible Asset70
Goodwill and Intangible Assets, Net - Amortization Expense on Definite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Cost of revenue | $ 1,609 | $ 1,609 | $ 1,609 |
Amortization of definite-lived purchased intangible assets | 65,017 | 55,799 | 34,543 |
Total | $ 66,626 | $ 57,408 | $ 36,152 |
Goodwill and Intangible Asset71
Goodwill and Intangible Assets, Net - Estimated Future Amortization Expense (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,016 | $ 90,488 | |
2,017 | 76,742 | |
2,018 | 46,958 | |
2,019 | 22,863 | |
2,020 | 10,707 | |
Thereafter | 4,759 | |
Total | $ 252,517 | $ 181,227 |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 94,128 | $ 73,938 | $ 50,553 |
Deferred | (26,887) | (6,510) | 12,485 |
Income taxes | $ 67,241 | $ 67,428 | $ 63,038 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes [Line Items] | ||||
Deferred income tax expenses as a result of enacted changes in tax laws or rates | $ 4,179 | $ 14,671 | ||
Corporate tax rate of the company | 0.00% | 0.00% | 0.00% | |
Net increase (decrease) in valuation allowances | $ (16,042) | $ 1,005 | ||
Tax credits, net capital and operating loss carryforwards | 451,247 | 541,666 | ||
Tax credits, net capital and operating loss carryforwards having expiration date | $ 98,912 | 133,345 | ||
Tax credits, net capital and operating loss carryforwards expiration date | Through 2035 for $98,912 in net operating losses | |||
Gross unrecognized tax benefits | $ 126,706 | 123,942 | $ 130,371 | $ 133,874 |
Accrued income taxes payable for interest and penalties relating to unrecognized tax benefits | 22,219 | 20,855 | ||
Accrued income taxes payable recognized in the statements of income | 1,364 | $ 1,729 | ||
Expected decrease in unrecognized tax benefits within next 12 months | $ 3,660 | |||
September 30, 2014 [Member] | ||||
Income Taxes [Line Items] | ||||
Tax credits, net capital and operating loss carryforwards expiration date | Through 2034 for $133,345 in net operating losses |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Deferred tax assets: | ||
Deferred revenue | $ 69,680 | $ 49,624 |
Employee compensation and benefits | 75,401 | 72,832 |
Intangible assets, computer software and intellectual property | 14,937 | 11,481 |
Tax credits, net capital and operating loss carryforwards | 114,709 | 163,913 |
Other | 68,300 | 47,301 |
Total deferred tax assets | 343,027 | 345,151 |
Valuation allowances | (112,165) | (128,207) |
Total deferred tax assets, net | 230,862 | 216,944 |
Deferred tax liabilities: | ||
Anticipated withholdings on subsidiaries' earnings | (58,774) | (56,868) |
Intangible assets, computer software and intellectual property | (118,650) | (113,920) |
Other | (19,886) | (24,262) |
Total deferred tax liabilities | (197,310) | (195,050) |
Net deferred tax assets | $ 33,552 | $ 21,894 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Varied from Statutory Guernsey Tax Rate (Detail) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory Guernsey tax rate | 0.00% | 0.00% | 0.00% |
Foreign taxes (percentage) | 13.00% | 14.00% | 13.00% |
Effective income tax rate | 13.00% | 14.00% | 13.00% |
Income Taxes - Effective Inco76
Income Taxes - Effective Income Tax Rate Varied from Statutory Guernsey Tax Rate (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Lapse of statute of limitations | $ 17,232 | $ 18,709 | $ 29,786 |
Tax benefit, settlement | 7,594 | $ 14,557 | |
Net benefit from release of valuation allowances on deferred tax assets | 22,895 | ||
Provision for uncertain foreign tax position | $ 6,000 | ||
Unrecognized tax benefits, statute of limitations expiry period | 2,015 | 2,014 | 2,013 |
Income Taxes - Aggregate Change
Income Taxes - Aggregate Changes in Balance of Company's Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits, Beginning balance | $ 123,942 | $ 130,371 | $ 133,874 |
Additions based on tax positions related to the current year | 22,314 | 22,821 | 19,527 |
Additions for tax positions of prior years | 11,125 | 4,016 | 10,750 |
Reduction for tax positions of prior years | 0 | 0 | 0 |
Settlements with tax authorities | (13,443) | (14,557) | (3,994) |
Lapse of statute of limitations | (17,232) | (18,709) | (29,786) |
Unrecognized tax benefits, Ending balance | $ 126,706 | $ 123,942 | $ 130,371 |
Repurchase of Shares - Addition
Repurchase of Shares - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | |
Sep. 30, 2015 | Apr. 30, 2014 | |
Equity [Abstract] | ||
Share repurchase program, Authorized amount | $ 750,000,000 | |
Repurchase of shares, Shares | 8,596 | |
Average price at which ordinary shares are repurchased | $ 52.80 | |
Remaining authority to repurchase outstanding ordinary shares | $ 260,088,000 |
Financing Arrangements - Additi
Financing Arrangements - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Oct. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2011 | |
Line of Credit Facility [Line Items] | |||||||
Revolving credit facility, maturity date | 2019-12 | ||||||
Borrowings under the revolving credit facility | $ 220,000,000 | $ 210,000,000 | |||||
Payments under financing arrangements | $ 210,000,000 | 210,000,000 | $ 200,000,000 | $ 200,000,000 | |||
Outstanding letters of credit and bank guarantees | $ 73,706,000 | ||||||
Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Five-year revolving credit facility | $ 500,000,000 | ||||||
Revolving credit facility, maturity term | 5 years | ||||||
Subsequent Event [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Payments under financing arrangements | $ 220,000,000 |
Accrued Expenses and Other Cu80
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Payables and Accruals [Abstract] | ||
Project-related provisions | $ 201,719 | $ 126,037 |
Dividends payable | 25,697 | 24,291 |
Derivative instruments | 17,779 | 15,422 |
Acquisition-related liabilities | 3,266 | 15,397 |
Other | 286,888 | 241,144 |
Total accrued expenses and other current liabilities | $ 535,349 | $ 422,291 |
Interest and Other Expense, N81
Interest and Other Expense, Net - Interest and Other Expense, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Other Income and Expenses [Abstract] | |||
Interest income | $ (4,615) | $ (4,075) | $ (4,915) |
Interest expense | 3,142 | 3,483 | 3,557 |
Foreign exchange loss | 8,130 | 3,447 | 4,279 |
Other, net | (4,113) | 3,243 | 3,154 |
Total | $ 2,544 | $ 6,098 | $ 6,075 |
Contingencies and Commitments -
Contingencies and Commitments - Future Minimum Non-Cancelable Lease Payments (Detail) - Office Space [Member] $ in Thousands | Sep. 30, 2015USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | $ 62,178 |
2,017 | 50,257 |
2,018 | 44,731 |
2,019 | 39,282 |
2,020 | 19,225 |
Thereafter | 31,318 |
Total | $ 246,991 |
Contingencies and Commitments83
Contingencies and Commitments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Committed future sublease income, 2016 | $ 1,067 | ||
Committed future sublease income, 2017 | 306 | ||
Committed future sublease income, 2018 | 317 | ||
Committed future sublease income, 2019 | 219 | ||
Rent expense, net of sublease income | $ 47,032 | $ 45,032 | $ 45,610 |
Product warranty, limited warranty period offered | 90 days |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Severance pay liability | $ 216,946 | $ 212,803 | |
Deposit with insurance companies | 170,816 | 172,906 | |
Severance expenses | $ 31,086 | $ 27,490 | $ 22,326 |
Stock Option and Incentive Pl85
Stock Option and Incentive Plan - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Maximum number of shares authorized to be granted | 62,300,000 | ||
Stock option awards, vesting period | 4 years | ||
Stock option awards, term | 10 years | ||
Total intrinsic value of options exercised | $ 51,812 | $ 62,640 | $ 44,604 |
Value of restricted shares vested | 39,734 | 26,737 | 20,891 |
Aggregate intrinsic value of stock options outstanding | 162,416 | ||
Aggregate intrinsic value of stock options exercisable | 80,411 | ||
Total income tax benefit recognized for stock-based compensation | 5,490 | $ 5,295 | $ 4,150 |
Unrecognized compensation expense related to unvested stock options and unvested restricted stock awards | $ 38,547 | ||
Unrecognized compensation expense weighted average period of recognition | 1 year |
Stock Option and Incentive Pl86
Stock Option and Incentive Plan - Summary of Option Activity (Detail) shares in Thousands | 12 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Share Options, Outstanding, Beginning Balance | shares | 9,563 |
Number of Share Options, Granted | shares | 2,418 |
Number of Share Options, Exercised | shares | (2,540) |
Number of Share Options, Forfeited | shares | (569) |
Number of Share Options, Outstanding, Ending Balance | shares | 8,872 |
Number of Share Options, Exercisable | shares | 3,230 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares | $ 33.72 |
Weighted Average Exercise Price, Granted | $ / shares | 49.49 |
Weighted Average Exercise Price, Exercised | $ / shares | 30.94 |
Weighted Average Exercise Price, Forfeited | $ / shares | 37.40 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares | 38.58 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 31.99 |
Stock Option and Incentive Pl87
Stock Option and Incentive Plan - Summary of Option Activity (Parenthetical) (Detail) | 12 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted average remaining contractual life of outstanding options | 7 years 3 months 4 days |
Weighted average remaining contractual life of exercisable options | 5 years 4 months 13 days |
Stock Option and Incentive Pl88
Stock Option and Incentive Plan - Summary of Restricted Shares Activity (Detail) shares in Thousands | 12 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Restricted Shares, Outstanding, Beginning Balance | shares | 1,886 |
Number of Restricted Shares, Granted | shares | 665 |
Number of Restricted Shares, Vested | shares | (810) |
Number of Restricted Shares, Forfeited | shares | (130) |
Number of Restricted Shares, Ending Balance | shares | 1,611 |
Restricted Shares, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 36.09 |
Restricted Shares, Weighted Average Grant Date Fair Value, Granted | $ / shares | 49.80 |
Restricted Shares, Weighted Average Grant Date Fair Value, Vested | $ / shares | 34.62 |
Restricted Shares, Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 38.10 |
Restricted Shares, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 42.33 |
Stock Option and Incentive Pl89
Stock Option and Incentive Plan - Employee Equity-Based Compensation Pre-Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Equity-based compensation pre-tax expense | $ 44,560 | $ 44,578 | $ 40,340 |
Cost of Revenue [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Equity-based compensation pre-tax expense | 15,621 | 17,496 | 18,284 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Equity-based compensation pre-tax expense | 3,400 | 3,599 | 3,805 |
Selling, General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Equity-based compensation pre-tax expense | $ 25,539 | $ 23,483 | $ 18,251 |
Stock Option and Incentive Pl90
Stock Option and Incentive Plan - Assumptions Used in Calculating Fair Value of Options (Detail) - $ / shares | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 1.26% | 1.30% | 0.74% |
Expected life of stock options | 4 years 6 months | 4 years 6 months | 4 years 6 months |
Expected volatility | 15.60% | 17.30% | 22.70% |
Expected dividend yield | 1.37% | 1.45% | 1.48% |
Fair value per option | $ 5.97 | $ 5.56 | $ 5.74 |
Dividends - Summary of Dividend
Dividends - Summary of Dividends Declared by Board of directors (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 29, 2015 | Apr. 29, 2015 | Jan. 27, 2015 | Nov. 04, 2014 | Jul. 29, 2014 | Apr. 30, 2014 | Jan. 29, 2014 | Nov. 05, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 30, 2013 | Nov. 06, 2012 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Dividends Payable [Line Items] | |||||||||||||||
Dividends Per Ordinary Share | $ 0.665 | $ 0.595 | $ 0.520 | ||||||||||||
Declaration Date, July 29, 2015 [Member] | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Declaration Date | Jul. 29, 2015 | ||||||||||||||
Record Date | Sep. 30, 2015 | ||||||||||||||
Payment Date | Oct. 16, 2015 | ||||||||||||||
Dividends Per Ordinary Share | $ 0.170 | ||||||||||||||
Total Amount | $ 25,697 | ||||||||||||||
Declaration Date, April 29, 2015 [Member] | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Declaration Date | Apr. 29, 2015 | ||||||||||||||
Record Date | Jun. 30, 2015 | ||||||||||||||
Payment Date | Jul. 17, 2015 | ||||||||||||||
Dividends Per Ordinary Share | $ 0.170 | ||||||||||||||
Total Amount | $ 26,127 | ||||||||||||||
Declaration Date, January 27, 2015 [Member] | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Declaration Date | Jan. 27, 2015 | ||||||||||||||
Record Date | Mar. 31, 2015 | ||||||||||||||
Payment Date | Apr. 16, 2015 | ||||||||||||||
Dividends Per Ordinary Share | $ 0.170 | ||||||||||||||
Total Amount | $ 26,286 | ||||||||||||||
Declaration Date, November 04, 2014 [Member] | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Declaration Date | Nov. 4, 2014 | ||||||||||||||
Record Date | Dec. 31, 2014 | ||||||||||||||
Payment Date | Jan. 16, 2015 | ||||||||||||||
Dividends Per Ordinary Share | $ 0.155 | ||||||||||||||
Total Amount | $ 24,086 | ||||||||||||||
Declaration Date, July 29, 2014 [Member] | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Declaration Date | Jul. 29, 2014 | ||||||||||||||
Record Date | Sep. 30, 2014 | ||||||||||||||
Payment Date | Oct. 17, 2014 | ||||||||||||||
Dividends Per Ordinary Share | $ 0.155 | ||||||||||||||
Total Amount | $ 24,291 | ||||||||||||||
Declaration Date, April 30, 2014 [Member] | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Declaration Date | Apr. 30, 2014 | ||||||||||||||
Record Date | Jun. 30, 2014 | ||||||||||||||
Payment Date | Jul. 18, 2014 | ||||||||||||||
Dividends Per Ordinary Share | $ 0.155 | ||||||||||||||
Total Amount | $ 24,576 | ||||||||||||||
Declaration Date, January 29, 2014 [Member] | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Declaration Date | Jan. 29, 2014 | ||||||||||||||
Record Date | Mar. 31, 2014 | ||||||||||||||
Payment Date | Apr. 17, 2014 | ||||||||||||||
Dividends Per Ordinary Share | $ 0.155 | ||||||||||||||
Total Amount | $ 24,799 | ||||||||||||||
Declaration Date, November 5, 2013 [Member] | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Declaration Date | Nov. 5, 2013 | ||||||||||||||
Record Date | Dec. 31, 2013 | ||||||||||||||
Payment Date | Jan. 17, 2014 | ||||||||||||||
Dividends Per Ordinary Share | $ 0.130 | ||||||||||||||
Total Amount | $ 20,752 | ||||||||||||||
Declaration Date, July 31, 2013 [Member] | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Declaration Date | Jul. 31, 2013 | ||||||||||||||
Record Date | Sep. 30, 2013 | ||||||||||||||
Payment Date | Oct. 18, 2013 | ||||||||||||||
Dividends Per Ordinary Share | $ 0.130 | ||||||||||||||
Total Amount | $ 20,812 | ||||||||||||||
Declaration Date, April 30, 2013 [Member] | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Declaration Date | Apr. 30, 2013 | ||||||||||||||
Record Date | Jun. 28, 2013 | ||||||||||||||
Payment Date | Jul. 19, 2013 | ||||||||||||||
Dividends Per Ordinary Share | $ 0.130 | ||||||||||||||
Total Amount | $ 20,929 | ||||||||||||||
Declaration Date, January 30, 2013 [Member] | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Declaration Date | Jan. 30, 2013 | ||||||||||||||
Record Date | Mar. 28, 2013 | ||||||||||||||
Payment Date | Apr. 19, 2013 | ||||||||||||||
Dividends Per Ordinary Share | $ 0.130 | ||||||||||||||
Total Amount | $ 20,927 | ||||||||||||||
Declaration Date, November 6, 2012 [Member] | |||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||
Declaration Date | Nov. 6, 2012 | ||||||||||||||
Record Date | Dec. 31, 2012 | ||||||||||||||
Payment Date | Jan. 18, 2013 | ||||||||||||||
Dividends Per Ordinary Share | $ 0.130 | ||||||||||||||
Total Amount | $ 21,032 |
Dividends - Additional Informat
Dividends - Additional Information (Detail) - Subsequent Event [Member] | Nov. 10, 2015$ / shares |
Dividends Payable [Line Items] | |
Quarterly dividend payment per share | $ 0.195 |
Cash dividend anticipated payable date | 2016-04 |
First Installment [Member] | |
Dividends Payable [Line Items] | |
Dividends payable date declared | Nov. 10, 2015 |
Quarterly dividend payment per share | $ 0.170 |
Record Date | Dec. 31, 2015 |
Cash dividend payable date | Jan. 15, 2016 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Numerator | |||||||||||
Numerator for basic and diluted earnings per share | $ 441,596 | $ 422,122 | $ 412,439 | ||||||||
Denominator | |||||||||||
Denominator for basic earnings per share - weighted average number of shares outstanding | 152,832 | 159,012 | 161,330 | ||||||||
Effect of assumed conversion of 0.50% convertible notes | 14 | 20 | 24 | ||||||||
Effect of dilutive stock options granted | 2,372 | 2,334 | 1,764 | ||||||||
Denominator for dilutive earnings per share - adjusted weighted average shares and assumed conversions | 155,218 | 161,366 | 163,118 | ||||||||
Basic earnings per share | $ 0.60 | $ 0.70 | $ 0.75 | $ 0.84 | $ 0.64 | $ 0.69 | $ 0.69 | $ 0.64 | $ 2.89 | $ 2.65 | $ 2.56 |
Diluted earnings per share | $ 0.59 | $ 0.69 | $ 0.74 | $ 0.83 | $ 0.63 | $ 0.68 | $ 0.68 | $ 0.63 | $ 2.85 | $ 2.62 | $ 2.53 |
Earnings Per Share - Computat94
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | |||
Interest rate on convertible senior notes | 0.50% | 0.50% | 0.50% |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share [Abstract] | |||
Weighted average number of shares attributable to antidilutive outstanding stock options not included in the calculation of diluted earnings per share | 724 | 1,064 | 3,005 |
Segment Information and Sales96
Segment Information and Sales to Significant Customers - Summary of Revenue by Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | $ 3,643,538 | $ 3,563,637 | $ 3,345,854 |
North America (Mainly United States) [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 2,555,539 | 2,589,613 | 2,423,067 |
Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 422,095 | 450,669 | 398,400 |
Rest of the World [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | $ 665,904 | $ 523,355 | $ 524,387 |
Segment Information and Sales97
Segment Information and Sales to Significant Customers - Summary of Long-lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Sep. 30, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 309,320 | $ 288,956 |
North America (Mainly United States) [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 79,693 | 77,273 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 102,434 | 88,218 |
Israel [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 59,581 | 56,289 |
India [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 34,472 | 27,479 |
Others [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 33,140 | $ 39,697 |
Segment Information and Sales98
Segment Information and Sales to Significant Customers - Revenue and Customer Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenue from External Customer [Line Items] | |||
Total revenue | $ 3,643,538 | $ 3,563,637 | $ 3,345,854 |
Customer Experience Solutions [Member] | |||
Revenue from External Customer [Line Items] | |||
Total revenue | 3,542,531 | 3,435,478 | 3,185,637 |
Directory [Member] | |||
Revenue from External Customer [Line Items] | |||
Total revenue | $ 101,007 | $ 128,159 | $ 160,217 |
Segment Information and Sales99
Segment Information and Sales to Significant Customers - Additional Information (Detail) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenue, Major Customer [Line Items] | |||
Minimum percentage of total revenue accounted for one customer | 10.00% | 10.00% | 10.00% |
Revenue [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Customer | The Company had one customer that accounted for at least ten percent of its total revenue | ||
Revenue [Member] | Customer [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of revenue from significant customer | 34.00% | 33.00% | 28.00% |
Selected Quarterly Results o100
Selected Quarterly Results of Operations - Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 926,776 | $ 907,897 | $ 902,578 | $ 906,287 | $ 900,261 | $ 902,477 | $ 896,854 | $ 864,045 | $ 3,643,538 | $ 3,563,637 | $ 3,345,854 |
Operating income | 109,700 | 126,727 | 138,000 | 141,521 | 126,107 | 125,003 | 123,848 | 120,690 | 515,948 | 495,648 | 481,552 |
Net income | $ 91,130 | $ 107,782 | $ 116,261 | $ 130,990 | $ 100,503 | $ 109,827 | $ 110,357 | $ 101,435 | $ 446,163 | $ 422,122 | $ 412,439 |
Basic earnings per share | $ 0.60 | $ 0.70 | $ 0.75 | $ 0.84 | $ 0.64 | $ 0.69 | $ 0.69 | $ 0.64 | $ 2.89 | $ 2.65 | $ 2.56 |
Diluted earnings per share | $ 0.59 | $ 0.69 | $ 0.74 | $ 0.83 | $ 0.63 | $ 0.68 | $ 0.68 | $ 0.63 | $ 2.85 | $ 2.62 | $ 2.53 |
Schedule - Valuation and Qualif
Schedule - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Accounts Receivable Allowances [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 36,398 | $ 20,335 | $ 16,564 |
Charged to costs and expenses | 13,328 | 6,100 | 5,851 |
Charged to other accounts | 552 | 12,754 | 1,176 |
Deductions | (16,441) | (2,791) | (3,256) |
Ending Balance | 33,837 | 36,398 | 20,335 |
Valuation Allowances on Net Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 128,207 | 127,202 | 117,011 |
Charged to costs and expenses | 24,040 | 12,725 | 23,199 |
Charged to other accounts | 4,418 | 2,552 | |
Deductions | (40,082) | (16,138) | (15,560) |
Ending Balance | $ 112,165 | $ 128,207 | $ 127,202 |
Schedule - Valuation and Qua102
Schedule - Valuation and Qualifying Accounts (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation allowances on deferred tax assets written off against the deferred tax assets | $ 7,707 | $ 2,235 | $ 9,641 |
Series of Individually Immaterial Business Acquisitions [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Allowances for accounts receivable acquired | $ 109 |