Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 17, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SSNC | ||
Entity Registrant Name | SS&C TECHNOLOGIES HOLDINGS, INC. | ||
Entity Central Index Key | 0001402436 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 257,696,131 | ||
Entity Public Float | $ 12,728,401,143 | ||
Entity File Number | 001-34675 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 71-0987913 | ||
Entity Address, Address Line One | 80 Lamberton Road | ||
Entity Address, City or Town | Windsor | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06095 | ||
City Area Code | 860 | ||
Local Phone Number | 298-4500 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Security12b Title | Common Stock, $0.01 par value per share | ||
Security Exchange Name | NASDAQ | ||
Documents Incorporated by Reference | Part III of this annual report on Form 10-K incorporates by reference certain information from the registrant’s definitive proxy statement for the 2021 annual meeting of stockholders, which the registrant intends to file pursuant to Regulation 14A with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year end of December 31, 2020. With the exception of the sections of the definitive proxy statement specifically incorporated herein by reference, the definitive proxy statement is not deemed to be filed as part of this annual report on Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 209.3 | $ 152.8 |
Funds receivable and funds held on behalf of clients | 1,227.4 | 1,729.9 |
Accounts receivable, net of allowance for doubtful accounts of $16.8 and $13.2, respectively (Note 3) | 648 | 669.7 |
Contract asset | 20.4 | 20 |
Prepaid expenses and other current assets | 187.5 | 204.5 |
Restricted cash and cash equivalents | 5.9 | 9 |
Total current assets | 2,298.5 | 2,785.9 |
Property, plant and equipment, net (Note 4) | 412.8 | 466.4 |
Operating lease right-of-use assets (Note 5) | 350.8 | 375.3 |
Investments (Note 6) | 183.5 | 160.1 |
Unconsolidated affiliates (Note 7) | 225.6 | 234.8 |
Contract asset | 82 | 78.6 |
Goodwill (Note 9) | 8,078.7 | 7,959.9 |
Intangible and other assets, net of accumulated amortization of $2,655.6 and $2,022.0, respectively (Note 9) | 4,291.7 | 4,680.1 |
Total assets | 15,923.6 | 16,741.1 |
Current liabilities: | ||
Current portion of long-term debt (Note 10) | 53.9 | 76.3 |
Client funds obligations | 1,227.4 | 1,729.9 |
Accounts payable | 28.1 | 36.9 |
Income taxes payable | 9.3 | 13.3 |
Accrued employee compensation and benefits | 311.5 | 290.6 |
Interest payable | 27.5 | 27.6 |
Other accrued expenses | 293.1 | 268.4 |
Deferred revenues | 332.5 | 333.2 |
Total current liabilities | 2,283.3 | 2,776.2 |
Long-term debt, net of current portion (Note 10) | 6,388.5 | 7,077.8 |
Operating lease liabilities (Note 5) | 323.6 | 348.6 |
Other long-term liabilities | 287.9 | 333.7 |
Deferred income taxes | 923.8 | 1,088.7 |
Total liabilities | 10,207.1 | 11,625 |
Commitments and contingencies (Note 17) | ||
Stockholders’ equity (Note 11): | ||
Preferred stock, $0.01 par value per share, 5.0 million shares authorized; no shares issued | ||
Common stock | 2.6 | 2.6 |
Additional paid-in capital | 4,544 | 4,266.9 |
Accumulated other comprehensive loss | (201) | (253) |
Retained earnings | 1,667 | 1,177.9 |
Stockholders' equity before treasury stock | 6,012.6 | 5,194.4 |
Less: cost of common stock in treasury, 6.3 and 2.9 million shares, respectively | (296.1) | (78.3) |
Total stockholders’ equity | 5,716.5 | 5,116.1 |
Total liabilities and stockholders’ equity | 15,923.6 | 16,741.1 |
Class A Non-Voting Common Stock [Member] | ||
Stockholders’ equity (Note 11): | ||
Common stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for doubtful accounts receivable | $ 16.8 | $ 13.2 |
Accumulated amortization of finite-lived intangible assets | $ 2,655.6 | $ 2,022 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 263,900,000 | 257,600,000 |
Common stock, shares outstanding | 257,600,000 | 254,600,000 |
Treasury stock, shares | 6,300,000 | 2,900,000 |
Class A Non-Voting Common Stock [Member] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 0 | 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Total revenues | $ 4,667.9 | $ 4,632.9 | $ 3,421.1 |
Cost of revenues: | |||
Total cost of revenues | 2,574.1 | 2,611.7 | 2,051.1 |
Gross profit | 2,093.8 | 2,021.2 | 1,370 |
Operating expenses: | |||
Selling and marketing | 356.3 | 353.9 | 211 |
Research and development | 399.4 | 383.7 | 318.2 |
General and administrative | 352.3 | 369.2 | 313.9 |
Transaction expenses | 97.8 | ||
Total operating expenses | 1,108 | 1,106.8 | 940.9 |
Operating income | 985.8 | 914.4 | 429.1 |
Interest income | 4 | 4.7 | 9.1 |
Interest expense | (249.9) | (409.6) | (280.1) |
Other income, net | 41.6 | 25.7 | 8.2 |
Equity in earnings of unconsolidated affiliates, net | (1.5) | 3.6 | 2.1 |
Loss on extinguishment of debt, net | (4.2) | (7.1) | (43.3) |
Income before income taxes | 775.8 | 531.7 | 125.1 |
Provision for income taxes | 150.6 | 93.2 | 21.9 |
Net income | $ 625.2 | $ 438.5 | $ 103.2 |
Basic earnings per share | $ 2.44 | $ 1.73 | $ 0.44 |
Diluted earnings per share | $ 2.35 | $ 1.66 | $ 0.42 |
Basic weighted-average number of common shares outstanding | 256.4 | 252.9 | 232.5 |
Diluted weighted-average number of common and common equivalent shares outstanding | 266.6 | 264.2 | 243.7 |
Net income | $ 625.2 | $ 438.5 | $ 103.2 |
Other comprehensive income (loss), net of tax: | |||
Change in unrealized loss on interest rate swaps | (2.7) | (2.8) | |
Defined benefit pension adjustment | (3.2) | ||
Foreign currency exchange translation adjustment | 57.9 | 92.8 | (260.3) |
Total other comprehensive income (loss), net of tax | 52 | 90 | (260.3) |
Comprehensive income (loss) | 677.2 | 528.5 | (157.1) |
Software-enabled Services [Member] | |||
Revenues: | |||
Total revenues | 3,891.3 | 3,869.2 | 2,798.9 |
Cost of revenues: | |||
Total cost of revenues | 2,257.3 | 2,305.7 | 1,753 |
License, Maintenance and Related [Member] | |||
Revenues: | |||
Total revenues | 776.6 | 763.7 | 622.2 |
Cost of revenues: | |||
Total cost of revenues | $ 316.8 | $ 306 | $ 298.1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flow from operating activities: | |||
Net income | $ 625.2 | $ 438.5 | $ 103.2 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 725.3 | 775.2 | 518.5 |
Equity in earnings of unconsolidated affiliates, net | 1.5 | (3.6) | (2.1) |
Cash distributions received from unconsolidated affiliates | 8 | 2.5 | 4.2 |
Stock-based compensation expense | 87.8 | 72.4 | 96.9 |
Net gains on investments | (24.2) | (35.1) | (0.9) |
Amortization and write-offs of loan origination costs and original issue discounts | 13.8 | 28.4 | 13.6 |
Loss on extinguishment of debt, net | 4.1 | 43.3 | |
Loss on sale or disposition of property and equipment | 4.6 | 2.6 | 0.3 |
Deferred income taxes | (155.4) | (87.1) | (105.8) |
Provision for doubtful accounts | 7.7 | 6.2 | 4 |
Changes in operating assets and liabilities, excluding effects from acquisitions: | |||
Accounts receivable | 24.3 | 9.9 | 50.4 |
Prepaid expenses and other assets | (86.9) | 49.1 | 31.9 |
Contract assets | (2.5) | (48.1) | (22.3) |
Accounts payable | (13.1) | (0.7) | (91) |
Accrued expenses and other liabilities | (8.2) | (43.2) | (2.9) |
Income taxes prepaid and payable | 31.4 | (35) | (17.4) |
Deferred revenue | (58.7) | 196.3 | 16.2 |
Net cash provided by operating activities | 1,184.7 | 1,328.3 | 640.1 |
Cash flow from investing activities: | |||
Cash paid for business acquisitions, net of cash acquired | (116) | (94.1) | (7,066.7) |
Additions to property and equipment | (34.8) | (63) | (33.6) |
Proceeds from sale of property and equipment | 2.3 | 6.2 | 9.7 |
Additions to capitalized software | (71.6) | (67.4) | (55.5) |
Investments in securities | (60.9) | (0.3) | (16.4) |
Proceeds from sales / maturities of investments | 60.3 | 65.1 | 45.1 |
(Contributions to) distributions received from unconsolidated affiliates | (0.1) | 2.8 | 7.8 |
Collection of other non-current receivables | 10.3 | 10.2 | 7 |
Net cash used in investing activities | (210.5) | (140.5) | (7,102.6) |
Cash flow from financing activities: | |||
Cash received from debt borrowings, net of original issue discount | 286 | 2,241 | 8,744 |
Repayments of debt and acquired debt | (1,024.2) | (3,364.8) | (3,141) |
Fees paid for debt extinguishment and refinancing activities | (6.1) | (86.4) | |
Net (decrease) increase in client funds obligations | (504.9) | 681.6 | 604.8 |
Proceeds from exercise of stock options | 189.7 | 125.7 | 84.9 |
Withholding taxes paid related to equity award net share settlement | (10.9) | (22.8) | (17.5) |
Proceeds from common stock issuance, net | 1,399.1 | ||
Purchases of common stock for treasury | (227.7) | (60.3) | |
Dividends paid on common stock | (136.1) | (107.7) | (70.9) |
Net cash (used in) provided by financing activities | (1,428.1) | (513.4) | 7,517 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2.4 | 1.7 | (5.9) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (451.5) | 676.1 | 1,048.6 |
Cash, cash equivalents and restricted cash, beginning of period | 1,789.4 | 1,113.3 | 64.7 |
Cash, cash equivalents and restricted cash and cash equivalents, end of period | 1,337.9 | 1,789.4 | 1,113.3 |
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents: | |||
Cash and cash equivalents | 209.3 | 152.8 | 166.7 |
Restricted cash and cash equivalents | 5.9 | 9 | 6.4 |
Restricted cash and cash equivalents included in funds receivable and funds held on behalf of clients | 1,122.7 | 1,627.6 | 940.2 |
Cash and cash equivalents and restricted cash | 1,337.9 | 1,789.4 | 1,113.3 |
Supplemental disclosure of cash paid for: | |||
Interest | 236.2 | 353.7 | 249.8 |
Income taxes, net of refunds | 277.4 | 222.7 | 143.4 |
Supplemental disclosure of non-cash investing activities: | |||
Property and equipment acquired through tenant improvement allowances | $ 4.4 | $ 2.8 | $ 0.7 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock [Member] |
Beginning balance at Dec. 31, 2017 | $ 2,686.4 | $ 2.1 | $ 2,018.1 | $ 766.9 | $ (82.7) | $ (18) | ||
Beginning balance, shares at Dec. 31, 2017 | 208.1 | |||||||
Net income | 103.2 | 103.2 | ||||||
Foreign exchange translation adjustment (Note 11) | (260.3) | (260.3) | ||||||
Stock-based compensation expense (Note 13) | 91.1 | 91.1 | ||||||
Exercise of options, net of withholding taxes (Note 13) | 67.4 | 67.4 | ||||||
Exercise of options, net of withholding taxes, shares | 4.1 | |||||||
Non-cash purchase price consideration (Note 8) | 48.1 | 48.1 | ||||||
Cumulative effect of accounting change (Note 12) (ASU 2014-09 [Member]) at Dec. 31, 2017 | $ 47.9 | $ 47.9 | ||||||
Issuance of common stock (Note 11) | 1,867.1 | $ 0.4 | 1,866.7 | |||||
Issuance of common stock, shares | 40.2 | |||||||
Dividends declared (Note 11) | (70.9) | (70.9) | ||||||
Ending balance at Dec. 31, 2018 | 4,580 | $ 2.5 | 4,091.4 | 847.1 | (343) | (18) | ||
Ending balance, shares at Dec. 31, 2018 | 252.4 | |||||||
Net income | 438.5 | 438.5 | ||||||
Foreign exchange translation adjustment (Note 11) | 92.8 | 92.8 | ||||||
Net change in interest rate swaps (Note 11) | (2.8) | (2.8) | ||||||
Stock-based compensation expense (Note 13) | 72.4 | 72.4 | ||||||
Exercise of options, net of withholding taxes (Note 13) | 102.9 | $ 0.1 | 102.8 | |||||
Exercise of options, net of withholding taxes, shares | 5.2 | |||||||
Dividends declared (Note 11) | (107.4) | 0.3 | (107.7) | |||||
Purchase of common stock (Note 11) | (60.3) | (60.3) | ||||||
Ending balance at Dec. 31, 2019 | $ 5,116.1 | $ 2.6 | 4,266.9 | 1,177.9 | (253) | (78.3) | ||
Ending balance, shares at Dec. 31, 2019 | 257.6 | 257.6 | ||||||
Net income | $ 625.2 | 625.2 | ||||||
Foreign exchange translation adjustment (Note 11) | 57.9 | 57.9 | ||||||
Net change in interest rate swaps (Note 11) | (2.7) | (2.7) | ||||||
Defined benefit pension adjustment (Note 11) | (3.2) | (3.2) | ||||||
Stock-based compensation expense (Note 13) | 87.8 | 87.8 | ||||||
Exercise of options, net of withholding taxes (Note 13) | 178.8 | 178.8 | ||||||
Exercise of options, net of withholding taxes, shares | 6.3 | |||||||
Non-cash purchase price consideration (Note 8) | 20.1 | 10.2 | 9.9 | |||||
Cumulative effect of accounting change (Note 12) at Dec. 31, 2019 | 1,177.9 | |||||||
Dividends declared (Note 11) | (135.8) | 0.3 | (136.1) | |||||
Purchase of common stock (Note 11) | (227.7) | (227.7) | ||||||
Ending balance at Dec. 31, 2020 | $ 5,716.5 | $ 2.6 | $ 4,544 | $ 1,667 | $ (201) | $ (296.1) | ||
Ending balance, shares at Dec. 31, 2020 | 263.9 | 263.9 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
Dividends declared per share | $ 0.53 | $ 0.425 | $ 0.30 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Note 1—Organization We provide software products and software-enabled services to the financial services and healthcare industries, primarily in North America. We also have operations in Europe, Asia, Australia, South America and Africa. Our portfolio of products and software-enabled services allows our financial services clients to automate and integrate front-office functions such as trading and modeling, middle-office functions such as portfolio management and reporting and back-office functions such as accounting, performance measurement, reconciliation, reporting, processing and clearing. Our products and software-enabled services in the healthcare industry support claims adjudication, benefit management, care management and business intelligence services. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2—Summary of Significant Accounting Policies Use of Estimates The preparation of the Consolidated Financial Statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for, but not limited to, collectability of accounts receivable, valuation of non-marketable securities, costs to complete certain contracts, valuation of acquired assets and liabilities, valuation of stock options, income tax accruals and the value of deferred tax assets and liabilities. Estimates are also used to determine the remaining economic lives and carrying value of fixed assets, goodwill and intangible assets. Actual results could differ from those estimates. The inputs into our estimates also considered the economic implications of COVID-19 on our estimates. Principles of Consolidation The Consolidated Financial Statements include the accounts of us and our subsidiaries. All significant accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. We consolidate any entity in which we have a controlling financial interest. Under the voting interest model, generally the investor that has voting control (usually more than 50% of an entity’s voting interests) consolidates the entity. Under the variable interest entity (“VIE”) model, the party that has the power to direct the entity’s most significant economic activities and the ability to participate in the entity’s economics consolidates the entity. An entity is considered a VIE if it possesses any one or more of the following characteristics: 1) the entity is thinly capitalized; 2) residual equity holders do not control the entity; 3) equity holders are shielded from economic losses; 4) equity holders do not participate fully in an entity’s residual economics; and 5) the entity was established with non-substantive voting interests. Our investments in private equity funds meet the definition of a VIE; however, the private equity fund investments are not consolidated as we do not have the power to direct the entities’ most significant economic activities. We are the lessee in a series of operating leases covering a large portion of our Kansas City, Missouri-based leased office facilities. The lessors are generally joint ventures (in which we have 50% ownership) that have been established specifically to purchase, finance and engage in leasing activities with the joint venture partners and unrelated third parties. Our analysis of our real estate joint ventures for all periods presented indicate that none qualified as a VIE and, accordingly, they have not been consolidated. Unconsolidated investments in entities over which we do not have control but have the ability to exercise influence over operating and financial policies, if any, are accounted for under the equity method of accounting. Earnings and losses from such investments are recorded on a pre-tax basis, if any. Revenue Recognition We account for the recognition of our revenue in accordance with the relevant accounting literature, primarily Accounting Standards Update (“ASU”) Revenue from Contracts with Customers (ASC 606). Software-enabled Services Revenue We primarily offer software-enabled outsourcing services in which we utilize our own software to offer comprehensive fund administration services for alternative investment managers, including fund manager services, transfer agency services, funds-of-funds services, tax processing and accounting. We also use our own software applications to provide healthcare organizations a variety of medical and pharmacy benefit solutions to satisfy their information processing, quality of care, cost management concerns and payment integrity programs. Our healthcare solutions include claims adjudication, benefit management, care management, business intelligence and other ancillary services. We also offer subscription-based on-demand software applications that are managed and hosted at our facilities. The software-enabled services arrangements provide an alternative for clients who do not wish to install, run and maintain complicated financial software. Under these arrangements, the client does not have the right to take possession of the software, rather, we agree to provide access to our applications, remote use of our equipment to process transactions, access to client’s data stored on our equipment and connectivity between our environment and the client’s computing systems. Software-enabled services are generally provided under contracts with initial terms of one to five years that require monthly or quarterly payments, and are subject to automatic annual renewal at the end of the initial term unless terminated by either party. In software-enabled services arrangements, the arrangement is a single performance obligation or a stand-ready performance obligation, which in either case is comprised of a series of distinct services that are substantially the same and have the same pattern of transfer to the customer (i.e. distinct days or months of service). We apply a measure of progress (typically time-based) to any fixed consideration and allocate variable consideration to the distinct periods of service based on usage or summarization of account information. These variable payments relate specifically to our efforts to perform the services in the period in which the fee applies. This variability is solely attributed to and resolved as a result of the transfer of these services; these fees are independent of the transfer of past or future goods or services. These fees meet the allocation objective of Accounting Standards Codification (“ASC”) 606 because they represent the amount of consideration we are entitled to for these services. For our software-enabled services contracts, which are cancelable with 90 days’ notice or meet the allocation objective for a series of performance obligations under ASC 606, we have not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when we expect to recognize this revenue. License, Maintenance and Related Revenue Agreements We generate revenues in the form of software license fees and related maintenance and services fees. License fees include perpetual license fees and term license fees that differ mainly in the duration over which the customer benefits from the software. Maintenance and services primarily consist of fees for maintenance services (including support and unspecified upgrades and enhancements when and if they are available) and, in some cases, professional services which focus on both deployment and training our customers to fully leverage the use of our products. Under ASC 606, we identify a contract with a customer, we identify the performance obligations in the contract, we determine the transaction price, we allocate the transaction price to each performance obligation in the contract and recognize revenues when (or as) we satisfy a performance obligation. Software license performance obligations are functional intellectual property that are distinct as the user can benefit from the software on its own as defined under ASC 606. Software license revenues are recognized at the point of time when the software license has been delivered. Term license fees are typically due in annual installments at the beginning of each annual period and we record a contract asset for amounts recognized as revenue in excess of amounts billed. We recognize maintenance revenues ratably over the term of the underlying contract term because we transfer control evenly by providing a stand-ready service Revenues from professional services consist mostly of services provided on a time and materials basis. The performance obligations are satisfied, and revenues are recognized, over time as the services are provided. In contracts with multiple performance obligations, we account for individual performance obligations separately if they are distinct. We allocate the transaction price to each performance obligation based on our relative standalone selling price out of total consideration of the contract. Standalone selling price is determined utilizing observable prices to the extent available. If the standalone selling price for a performance obligation is not directly observable, we estimate it maximizing the use of observable inputs. For maintenance and support, we determine the standalone selling price based on the price at which we separately sell a renewal contract and the economic relationship between licenses and maintenance. We primarily determine the standalone sel ling price for sales of license arrangements using the residual approach. For professional services, we determine the standalone selling prices based on the price at which we separately sell those services. We occasionally enter into license agreements requiring significant customization of our software that are not material to our results of operations. We account for the license and professional service fees under these agreements as a single performance obligation, recognized over time using an input method during the development of the license. This method requires estimates to be made for costs to complete the agreement utilizing an estimate of development man-hours remaining. Revenue is recognized each period based on the hours incurred to date compared to the total hours expected to complete the project. Due to uncertainties inherent in the estimation process, it is at least reasonably possible that completion costs will be revised. Such revisions are recognized in the period in which the revisions are determined. Provisions for estimated losses on uncompleted contracts are determined on a contract-by-contract basis, and are made in the period in which such losses are first estimated or determined. We do not account for significant financing components if the period between when we transfer the promised product or service to the client and when the client pays for that product or service will be one year or less. We record revenue net of any taxes assessed by governmental authorities. Accounts Receivable, net is primarily comprised of billed and unbilled receivables for which we have an unconditional right to consideration, net of an allowance for doubtful accounts. Costs of Revenues Costs of revenues include all costs, including depreciation and amortization, incurred to produce revenues. Incremental costs of obtaining a contract (e.g., sales commissions) are capitalized and amortized on a basis consistent with the pattern of transfer of goods or services to the customer to which the asset relates over the expected customer relationship period if we expect to recover those costs. The expected customer relationship period is determined based on average historical customer relationship periods, including expected renewals. Expected renewal periods are only included in the expected customer relationship period if commission amounts paid upon renewal are not commensurate with amounts paid on the initial contract. Incremental costs of obtaining a contract include only those costs we incur to obtain a contract that we would not have incurred if the contract had not been obtained. We have determined that certain commissions programs meet the requirements to be capitalized. Certain sales commissions associated with multi-year contracts are subject to an employee service requirement. As an action other than each party approving the contract is required to trigger payment of these sales commissions, they are not considered incremental costs to obtain a contract and are expensed as incurred. We expense sales commissions as incurred when the amortization period would have been one year or less. Research and Development Research and development costs associated with computer software are charged to expense as incurred. Capitalization of internally developed computer software costs in the case of software to be sold begins upon the establishment of technological feasibility based on a working model. Capitalization of internally developed computer software costs in the case of internal use software begins when management authorizes and commits funding to a project and the preliminary design stage has been completed. Our policy is to amortize these costs upon a product’s general release to the client. Amortization of capitalized software costs is calculated by the greater of (a) the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product or (b) the straight-line method over the remaining estimated economic life of the product, including the period being reported on, typically two to five years. Stock-based Compensation Using the fair value recognition provisions of relevant accounting literature, stock-based compensation cost is measured at the grant date based on the estimated fair value of the award and is recognized as expense over the appropriate service period. Determining the fair value of stock-based awards requires considerable judgment, including estimating the expected term of stock options and the expected volatility of our stock price. Differences between actual results and these estimates could have a material effect on our financial results. Forfeitures are accounted for as they occur. A deferred income tax asset is recorded over the vesting period as stock compensation expense is recorded for non-qualified option awards. The realizability of the deferred tax asset is ultimately based on the actual value of the stock-based award upon exercise. If the actual value is lower than the fair value determined on the date of grant, then there would be an income tax expense for the portion of the deferred tax asset that is not realizable. Transaction Expenses Transaction expenses are those costs that were directly related to our acquisition of DST Systems, Inc. (“DST”), as described in Note 8, “Acquisitions.” Transaction expenses consist primarily of certain costs associated with the amendment and restatement of our Credit Agreement, as described in Note 10, “Debt”, investment banker advisory fees, legal fees and other fees. Income Taxes We account for income taxes in accordance with the relevant accounting literature. An asset and liability approach is used to recognize deferred tax assets and liabilities for the future tax consequences of items that are recognized in our financial statements and tax returns in different years. A valuation allowance is established against net deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. We account for uncertain tax positions using a two-step approach. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates 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 second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. We consider many factors when evaluating and estimating tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. Cash and Cash Equivalents We consider all highly liquid marketable securities with original maturities of three months or less at the date of acquisition to be cash equivalents. Funds Receivable and Funds Held on Behalf of Clients We hold client funds on behalf of transfer agency clients and pharmacy processing clients in connection with providing our data processing services. End-of-day available client bank balances for full service mutual fund transfer agency clients are invested overnight in credit quality government money market funds, bank deposits and repurchase agreements. Invested balances are returned to the full service mutual fund transfer agency clients’ accounts the following business day. Funds received from clients for the payment of pharmacy claims incurred by its members are invested in credit quality government money market funds, bank deposits and repurchase agreements until the paid claims are settled. Client funding receivables represent amounts due to us for pharmacy claims paid in advance of receiving client funding and for pharmacy claims processed for which client funding requests have not been made. Funds held on behalf of clients in the form of cash, cash equivalents and certificates of deposit with a maturity of less than twelve months are included in funds receivable and funds held on behalf of clients in the Consolidated Balance Sheet. Funds held on behalf of clients in the form of certificates of deposit with a maturity of greater than twelve months are classified as investments on the Consolidated Balance Sheets. All funds held on behalf of clients represent assets that are restricted for use. We have included funds held on behalf of clients that meet the definition of restricted cash and restricted cash equivalents in the beginning and end of period balances in the Consolidated Statements of Cash Flows. Cash inflows and outflows related to investment of funds held on behalf of clients are reported on a gross basis as “Investments in securities” and “Proceeds from sales / maturities of investments” in the investing section of the Consolidated Statements of Cash Flows. Client Funds Obligations Client funds obligations represent funds owed to full service mutual fund transfer agency clients for cash balances invested overnight, and our contractual obligations to satisfy client pharmacy claim obligations that are recorded on the balance sheet when incurred, generally after we have processed a claim on behalf of its pharmacy clients. Restricted Cash Restricted cash primarily includes amounts held by a bank as security for letters of credit issued due to lease requirements for office space. The letters of credit are expected to be renewed within the next twelve months, and as such, the restricted cash is classified as a current asset on the Consolidated Balance Sheets. Investments and Unconsolidated Affiliates We hold various investments, including investments in marketable securities, non-marketable securities and partnership interests in private equity funds, joint ventures and other similar entities. The equity method of accounting is used for investments in entities, partnerships and similar interests (including investments in private equity funds where we are a limited partner and hold a greater than 5% partnership interest in the fund) in which we have significant influence but do not control. Under the equity method, we recognize income or losses from our pro-rata share of these unconsolidated affiliates’ net income or loss, which changes the carrying value of the investment of the unconsolidated affiliate. We measure equity investments in marketable securities, seed capital investments and other investments, other than those accounted for under the equity method of accounting or those that result in consolidation of the investee, at fair value, with changes in the fair value recognized in earnings. We use net asset value as a practical expedient for the fair value of partnership interests in private equity funds that are not accounted for under the equity method of accounting. Investments in non-marketable equity securities that do not have readily determinable fair values and do not qualify for the practical expedient to measure the investment using a net asset value per share are recorded using the measurement alternative in ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities We have certain investments in unconsolidated affiliates accounted for under the equity method of accounting in which our carrying value exceeds our proportionate share of net assets of the unconsolidated affiliate. The total investment in unconsolidated affiliates, including basis differences, is included in unconsolidated affiliates on the Consolidated Balance Sheet. We record our proportionate share of the results of the unconsolidated affiliates and amortization expense related to basis differences in equity in earnings of unconsolidated affiliates, net on the Consolidated Statements of Comprehensive Income (Loss). Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment is calculated using a combination of straight-line and accelerated methods over the estimated useful lives of the assets as follows: Description Useful Life Land — Buildings and improvements 40 years Equipment and software 3-5 years Furniture and fixtures 7-10 years Leasehold improvements Shorter of lease term or estimated useful life Maintenance and repairs are expensed as incurred. The costs of sold or retired assets are removed from the related asset and accumulated depreciation accounts and any gain or loss is included in the Consolidated Statements of Comprehensive Income (Loss). Leases We adopted ASC 842 as of January 1, 2019 using the modified retrospective transition method. We determine if our contractual agreements contain a lease at inception. A lease is identified when a contract allows us the right to control an identified asset for a period of time in exchange for consideration. Our lease agreements consist primarily of operating leases for office space. Our operating leases are included on the Consolidated Balance Sheets as operating lease assets and operating lease liabilities, under ASC 842. An operating lease asset represents our right to use an underlying asset over the term of a lease while an operating lease liability represents our obligation to make lease payments arising from the lease. Operating lease liabilities are recognized at the commencement date at the present value of the base minimum rent payments. Operating lease assets are also recognized at the commencement date as the total operating lease liability adjusted for prepaid rents, deferred rent liabilities and lease fair value adjustments that existed under ASC 840. As most of our leases do not provide an implicit rate, we use our estimated secured incremental borrowing rate within each of the significant geographic regions in which we operate based on the information available at lease commencement date in determining the present value of lease payments. Our lease agreements typically do not contain variable lease payments, residual value guarantees or restrictive covenants. Many of our leases include the option to renew, however we do not believe it is reasonably certain that we will exercise the options as each individual lease is evaluated and further negotiated prior to the end of the current lease terms. Generally, our lease agreements include required separate payments for non-lease components (e.g. payments for common area maintenance, real estate taxes and/or utilities) which are expensed as incurred. We do have certain lease agreements that contain bundled minimum payments for lease components (e.g. payments for rent) and non-lease components. In these situations, we have applied the practical expedient available under ASC 842 to not separate the lease and non-lease components for purposes of the right-of-use asset and lease payment obligation calculations. Goodwill and Intangible Assets We test goodwill annually for impairment as of December 31 st Customer relationships, completed technology, trade names and other identifiable intangible assets are amortized over lives ranging from two to 17 years based on the ratio that cash flows for the intangible asset bear to the total of expected future cash flows for the intangible asset. Impairment of Long-Lived Assets We evaluate the recoverability of our long-lived assets when there is evidence that events or changes in circumstances have made recovery of the carrying value of the asset or asset group unlikely. An impairment loss would be recognized when the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset or asset group. We have identified no such impairment losses in the years ended December 31, 2020 and 2019. Concentration of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash, cash equivalents, marketable securities and trade receivables. We have cash investment policies that limit investments to investment grade securities. Concentrations of credit risk, with respect to trade receivables, are limited due to the fact that our client base is highly diversified. As of December 31, 2020 and 2019, we had no significant concentrations of credit. International Operations and Foreign Currency The functional currency of each foreign subsidiary is generally the local currency. Accordingly, assets and liabilities of foreign subsidiaries are translated to U.S. dollars at period-end exchange rates, and capital stock accounts are translated at historical rates. Revenues and expenses are translated using the average rates during the period. The resulting translation adjustments are excluded from net earnings and accumulated as a separate component of stockholders’ equity. Foreign currency transaction gains and losses are included within other income (expense) in the Consolidated Statements of Comprehensive Income (Loss) in the periods in which they occur. Comprehensive Income (Loss) Our comprehensive income (loss) consists of net income, foreign currency translation adjustments, a defined benefit pension plan and our proportionate share of the change in value of an interest rate swap agreement that one of our unconsolidated affiliates is a party to, which are presented in the Consolidated Statements of Comprehensive Income (Loss), net of tax and reclassifications to earnings. The accumulated balance of other comprehensive income (loss) is reported separately from retained earnings and additional paid-in capital in the stockholders’ equity section of the Consolidated Balance Sheets. Total comprehensive income (loss) consists of net income and other accumulated comprehensive income (loss) disclosed in the equity section of the Consolidated Balance Sheets. Treasury Stock Treasury stock purchases are accounted for under the cost method and are included as a deduction from equity in the stockholders’ equity section of the Consolidated Balance Sheets. Under the cost method, the price paid for the stock is charged to the treasury stock account. We use the average cost method to reduce the value of the treasury stock account if treasury stock is re-issued. Contingencies Loss contingencies from legal proceedings and claims may occur from government investigations, shareholder lawsuits, contractual claims, tax and other matters. Accruals are recognized when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. Gain contingencies are not recognized until realized. Legal fees are expensed as incurred. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments Recent Accounting Pronouncements Not Yet Effective In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. Reference Rate Reform (Topic 848): Scope |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Note 3—Accounts Receivable, net Accounts receivable are as follows (in millions): December 31, 2020 2019 Accounts receivable $ 478.9 $ 488.5 Unbilled accounts receivable 185.9 194.4 Allowance for doubtful accounts (16.8 ) (13.2 ) Total accounts receivable, net $ 648.0 $ 669.7 The following table represents the activity for the allowance for doubtful accounts (in millions): Year Ended December 31, 2020 2019 2018 Balance at beginning of period $ 13.2 $ 9.4 $ 6.7 Charge to costs and expenses 7.7 6.2 4.0 Write-offs, net of recoveries (4.2 ) (2.4 ) (1.3 ) Foreign currency impact 0.1 — — Balance at end of period $ 16.8 $ 13.2 $ 9.4 Management establishes the allowance for doubtful accounts based on historical bad debt experience. In addition, management analyzes client accounts, client concentrations, client creditworthiness, current economic trends and changes in client payment terms when evaluating the adequacy of the allowance for doubtful accounts. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note 4—Property, Plant and Equipment, net Property, plant and equipment and the related accumulated depreciation are as follows (in millions): December 31, 2020 2019 Land $ 48.0 $ 47.5 Building and improvements 307.4 302.2 Equipment, furniture, and fixtures 463.1 427.1 818.5 776.8 Less: accumulated depreciation and amortization (405.7 ) (310.4 ) Total property, plant and equipment, net $ 412.8 $ 466.4 Depreciation expense for the years ended December 31, 2020, 2019 and 2018 was $105.7 million, $123.2 million and $100.1 million, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 5—Leases Our total operating lease costs were $77.4 million and $79.0 million during the years ended December 31, 2020 and 2019, respectively. Cash paid for amounts included in operating lease liabilities was $77.7 million and $73.8 million during the years ended December 31, 2020 and 2019, respectively, and is included in operating cash flows. Total right-of-use assets obtained in exchange for operating lease liabilities was $36.3 million and $41.5 million for the years ended December 31, 2020 and 2019, respectively. Our weighted-average remaining lease term and weighted-average discount rates as of December 31, 2020 were 7.9 years and 4.8%, respectively. Lease liabilities as of December 31, 2020 are as follows (in millions): Maturity of Lease Liabilities 2021 $ 80.4 2022 69.8 2023 60.1 2024 52.0 2025 41.2 Thereafter 163.0 Total lease payments $ 466.5 Less: interest (79.5 ) Present value of lease liabilities $ 387.0 We have certain lease agreements with our unconsolidated real estate joint ventures. We recognized operating lease expense of $2.4 million, $2.9 million and $2.0 million for the years ended December 31, 2020, 2019 and 2018, respectively, related to these lease agreements. We have certain sublease agreements in place with third parties to lease portions of our office space. In addition, we serve as a lessor in other lease agreements for real estate and storage facilities. Total gross sublease and other rental income recognized for the years ended December 31, 2020, 2019 and 2018 was approximately $10.4 million, $9.1 million and $5.4 million, respectively. Lease payments to be received as of December 31, 2020 are as follows (in millions): Lease Payments to be Received 2021 $ 8.7 2022 6.2 2023 5.7 2024 2.7 2025 1.7 Thereafter 10.2 Total lease payments $ 35.2 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | Note 6—Investments Investments are as follows (in millions): December 31, 2020 2019 Non-marketable equity securities $ 84.5 $ 45.5 Partnership interests in private equity funds 39.8 76.7 Marketable equity securities 38.0 37.9 Seed capital investments 21.2 — Total investments $ 183.5 $ 160.1 Realized and unrealized gains and losses for our equity securities are as follows (in millions): Year Ended December 31, 2020 2019 2018 Unrealized gains (losses) on equity securities held as of the end of the period $ 7.2 $ 22.0 $ (4.5 ) Realized gains for equity securities sold during the period 18.6 11.3 0.9 Total gains (losses) recognized in other income (expense), net $ 25.8 $ 33.3 $ (3.6 ) Fair Value Measurement Authoritative accounting guidance on fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of December 31, 2020 and 2019, we held certain investment assets and certain liabilities that are required to be measured at fair value on a recurring basis. These investments include money market funds, marketable equity securities and seed capital investments, each of which determines fair value using quoted prices in active markets. Accordingly, the fair value measurements of these investments have been classified as Level 1 in the tables below. Investments for which we elected net asset value as a practical expedient for fair value and investments measured using the fair value measurement alternative are excluded from the table below. Fair value for deferred compensation liabilities that are credited with deemed gains or losses of the underlying hypothetical investments, primarily equity securities, have been classified as Level 1 in the tables below. The following tables present assets and liabilities measured at fair value on a recurring basis (in millions): Fair Value Measurements at Reporting Date Using December 31, 2020 Quoted prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds (1) $ 698.9 $ 698.9 $ — $ — Marketable equity securities (2) 38.0 38.0 — — Seed capital investments (2) 21.2 21.2 — — Deferred compensation liabilities (3) (20.3 ) (20.3 ) — — Total $ 737.8 $ 737.8 $ — $ — _____________________________________________________ (1) Included in cash and cash equivalents and funds receivable and funds held on behalf of clients on the Consolidated Balance Sheet. (2) Included in investments on the Consolidated Balance Sheet. (3) Included in other long-term liabilities on the Consolidated Balance Sheet. Fair Value Measurements at Reporting Date Using December 31, 2019 Quoted prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds (1) $ 1,051.1 $ 1,051.1 $ — $ — Marketable equity securities (2) 37.9 37.9 — — Deferred compensation liabilities (3) (20.8 ) (20.8 ) — — Total $ 1,068.2 $ 1,068.2 $ — $ — _____________________________________________________ (1) Included in cash and cash equivalents and funds receivable and funds held on behalf of clients on the Consolidated Balance Sheet. (2) Included in investments on the Consolidated Balance Sheet. (3) Included in other long-term liabilities on the Consolidated Balance Sheet. During the year ended December 31, 2020 and 2019, the fair value of our non-marketable equity securities was adjusted downward by $1.0 million and upward by $0.5 million, respectively. During the year ended December 31, 2020, we provided $10.0 million in seed capital funding to each of two mutual funds issued by one of our subsidiaries. We have partnership interests in various private equity funds that are not included in the table above. Our investments in private equity funds were $39.8 million and $76.7 million at December 31, 2020 and 2019, respectively, of which $35.7 million and $72.1 million, respectively, were measured using net asset value as a practical expedient for fair value and $4.1 million and $4.6 million, respectively, were accounted for under the equity method of accounting. The investments in private equity funds represent underlying investments in domestic and international markets across various industry sectors. At December 31, 2020 and 2019, one of our investments in private equity funds, representing 57% and 75%, respectively, of the total value of the private equity fund investments, was primarily invested in real estate. We have no management rights associated with our partnership interests in this fund and withdrawals from this fund are subject to general partner consent. We expect to receive distributions from this fund upon liquidation of the underlying investments over the next several years, however the exact timing of the distributions is unknown. We have no unfunded commitments related to this fund. Generally, our investments in private equity funds are non-transferable or are subject to long holding periods, and withdrawals from the private equity firm partnerships are typically not permitted. The maximum risk of loss related to our private equity fund investments is limited to the carrying value of our investments in the entities. |
Unconsolidated Affiliates
Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Unconsolidated Affiliates | Note 7—Unconsolidated Affiliates Investments in unconsolidated affiliates are as follows (in millions): December 31, 2020 December 31, 2019 Ownership Percentage Carrying Value Excess carrying value of investment over proportionate share of net assets Carrying Value Excess carrying value of investment over proportionate share of net assets International Financial Data Services L.P. 50% $ 97.5 $ 41.5 $ 97.4 $ 44.9 Pershing Road Development Company, LLC 50% 74.1 72.7 77.0 75.2 Broadway Square Partners, LLP 50% 52.6 29.6 51.0 32.8 Other unconsolidated affiliates 1.4 — 9.4 — Total $ 225.6 $ 143.8 $ 234.8 $ 152.9 Investments in unconsolidated affiliates are accounted for under the equity method of accounting. The total investment in unconsolidated affiliates, including basis differences, is included in unconsolidated affiliates on the Consolidated Balance Sheets. We record our proportionate share of the results of the unconsolidated affiliates and amortization expense related to basis differences in equity in earnings of unconsolidated affiliates, net on the Consolidated Statements of Comprehensive Income (Loss). Equity in earnings of unconsolidated affiliates is as follows (in millions): Year Ended December 31, 2020 2019 2018 International Financial Data Services L.P. $ 3.6 $ 3.6 $ 2.9 Pershing Road Development Company, LLC 2.8 1.7 0.2 Broadway Square Partners, LLP 1.6 1.3 (1.5 ) Other unconsolidated affiliates (9.5 ) (3.0 ) 0.5 Total $ (1.5 ) $ 3.6 $ 2.1 International Financial Data Services L.P. (“IFDS L.P.”) is a 50% owned joint venture with State Street Corporation with operations in Canada, Ireland and Luxembourg. Pershing Road Development Company, LLC (“PRDC LLC”) is a 50% owned special-purpose entity formed to develop and lease office space to the U.S. government. Broadway Square Partners, LLP (“Broadway Square Partners”) is a 50% owned real estate joint venture formed to purchase, finance and engage in leasing activities with us and unrelated third parties. The difference between the amount at which each of IFDS L.P., PRDC LLC and Broadway Square Partners is carried and the amount of underlying equity in net assets, will be amortized as a component of equity in earnings of unconsolidated affiliates over approximately 15 years, 28 years and 40 years, respectively. The following tables summarize related party transactions and balances outstanding with our related parties, which is entirely comprised of transactions with our unconsolidated affiliates (in millions): Year Ended December 31, 2020 2019 2018 Operating revenues from related parties $ 44.4 $ 3.7 $ 5.6 Amounts paid to related parties (1) 43.0 20.4 14.4 Distributions received from related parties 8.1 3.3 11.8 December 31, 2020 2019 Outstanding advances/loans to related parties $ 1.9 $ 1.9 Trade accounts receivable from related parties 13.9 1.1 Total amounts receivable from related parties $ 15.8 $ 3.0 Amounts payable to related parties $ 2.1 $ 0.4 (1) Excludes amounts paid to our unconsolidated joint ventures related to loans, advancements and other capital investments. Operating revenues from related parties were primarily generated from services provided for the use of our proprietary software and software development services. Payments to our related parties primarily included payments for rent and other facility and maintenance costs pursuant to the properties we lease from our unconsolidated real estate joint ventures. Distributions received include $8.0 million and $2.5 million return on investment and $0.0 million and $3.1 million return of investment for the years ended December 31, 2020 and 2019, respectively, primarily related to our investments in IFDS L.P., Broadway Square Partners and PRDC LLC. We, along with the investor of one of our unconsolidated affiliates, have guaranteed debt of one of our unconsolidated affiliates of $5.0 million as of December 31, 2020. The term of the guarantee is through 2023 and the maximum amount of the guarantee may increase to $8.0 million. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Note 8—Acquisitions 2020 Acquisitions Innovest On May 15, 2020, we purchased all of the outstanding stock of Innovest Systems, Inc. (“Innovest”) for approximately $99.1 million in cash, net of cash acquired, and 0.4 million shares of our common stock, plus the costs of effecting the transaction and the assumption of certain liabilities. Innovest provides web-based technology systems for trust accounting and unique asset servicing. Innovest's product InnoTrust offers solutions to support the accounting and reporting needs of trust companies, banks, private banks, retirement plan administrators and others. The net assets and results of operations of Innovest have been included in our Consolidated Financial Statements from May 15, 2020. The fair value of intangible assets, consisting of customer relationships, completed technology and trade names, was determined using the income approach. Specifically, the relief-from-royalty method was utilized for the completed technology and trade names and the excess earnings method was utilized for the customer relationships. The intangible assets are amortized each year based on the ratio that the projected cash flows for the intangible assets bear to the total of current and expected future cash flows for the intangible assets. The customer relationships, trade names and completed technology are expected to be amortized over approximately 14, 13 and seven years, respectively, in each case the estimated lives of the assets. The remainder of the purchase price was allocated to goodwill and is primarily tax deductible. The Consolidated Statements of Comprehensive Income (Loss) for the year ended December 31, 2020 includes $28.1 million in revenues from Innovest’s operations. Captricity On March 24, 2020, we purchased all of the outstanding stock of Captricity, Inc. (“Captricity”) for approximately $15.1 million in cash, net of cash acquired, plus the costs of effecting the transaction and the assumption of certain liabilities. Captricity’s data transformation platform, Vidado, provides an enterprise-grade cloud-based machine learning solution that enables fast, scalable and highly accurate extraction of handwritten and machine-printed data from paper documents. The net assets and results of operations of Captricity have been included in our Condensed Consolidated Financial Statements from March 24, 2020. The fair value of intangible assets, consisting of customer relationships and completed technology, was determined using the income approach. Specifically, the relief from-royalty method was utilized for the completed technology and the excess earnings method was utilized for the customer relationships. The intangible assets are amortized each year based on the ratio that the projected cash flows for the intangible assets bear to the total of current and expected future cash flows for the intangible assets. The customer relationships and the completed technology are expected to be amortized over approximately 15 and seven years, respectively, in each case the estimated lives of the assets. The fair value of deferred revenue was determined using the market approach. The remainder of the purchase price was allocated to goodwill and is not tax deductible. The Consolidated Statements of Comprehensive Income (Loss) for the year ended December 31, 2020 includes $4.7 million in revenues from Captricity’s operations. 2019 Acquisitions Algorithmics On November 29, 2019, we purchased the Algorithmics business (“Algorithmics”) for approximately $87.6 million in cash, plus the costs of effecting the transaction and the assumption of certain liabilities. Algorithmics provides cloud-based risk analytics and regulatory offerings. Algorithmics’ solutions and technology address market, credit and liquidity risk, as well as capital management. The net assets and results of operations of Algorithmics have been included in our Consolidated Financial Statements from November 29, 2019. The fair value of the intangible assets, consisting of customer relationships, completed technology and trade names, was determined using the income approach. Specifically, the relief from-royalty method was utilized for the completed technology and trade names and the excess earnings method was utilized for the customer relationships. The intangible assets are amortized each year based on the ratio that the projected cash flows for the intangible assets bear to the total of current and expected future cash flows for the intangible assets. The completed technology is amortized over approximately seven years, customer relationships are amortized over approximately 12 years, the trade names are amortized over approximately nine years, in each case the estimated lives of the assets. The fair value of deferred revenue was determined using the market approach. The remainder of the purchase price was allocated to goodwill and is tax deductible. The following summarizes the preliminary allocation of the purchase price for the 2020 acquisitions of Innovest and Captricity. The assets and liabilities pending finalization include the valuation of acquired tangible and intangible assets and the evaluation of taxes. The following also summarizes the final allocation of the purchase price for the 2019 acquisition of Algorithmics (in millions): Innovest Captricity Algorithmics Accounts receivable $ 6.2 $ 0.3 $ — Fixed assets 1.6 — 0.2 Other assets 3.2 2.1 2.0 Acquired client relationships and contracts 39.2 3.6 28.7 Completed technology 20.1 7.0 19.6 Trade names 3.6 0.2 2.0 Goodwill 53.8 5.5 68.7 Accounts payable (1.1 ) (0.4 ) — Accrued employee compensation and benefits (1.1 ) (0.3 ) (0.5 ) Deferred revenue (1.4 ) (2.1 ) (19.1 ) Other liabilities assumed (4.9 ) (0.8 ) (14.0 ) Consideration paid, net of cash acquired $ 119.2 $ 15.1 $ 87.6 Additionally, we acquired Millennium Consulting Services in December 2020 and Investrack in October 2019 for approximately $2.7 million and $8.8 million, respectively. The goodwill associated with each of the transactions above is a result of expected synergies from combining the operations of businesses acquired with us and intangible assets that do not qualify for separate recognition, such as an assembled workforce. We recorded severance expense related to reductions in headcount in connection with the integration efforts associated with our 2018 acquisitions of DST, Eze, Intralinks along with our acquisition of Captricity. The amount of severance expense recognized in our Consolidated Statements of Comprehensive Income (Loss) was as follows (in millions): For the Year Ended December 31, Consolidated Statements of Comprehensive Income (Loss) Classification 2020 2019 2018 Cost of software-enabled services $ 21.0 $ 4.4 $ 38.3 Cost of license, maintenance and other related 1.1 — 0.5 Total cost of revenues 22.1 4.4 38.8 Selling and marketing 1.5 6.8 3.5 Research and development 5.2 1.5 12.7 General and administrative 3.3 3.2 7.6 Total operating expenses 10.0 11.5 23.8 Total severance expense $ 32.1 $ 15.9 $ 62.6 The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the acquisitions of Innovest and Captricity occurred on January 1, 2019 and Algorithmics occurred on January 1, 2018, after giving effect to certain adjustments, including amortization of intangibles, interest, transaction costs and tax effects. This unaudited pro forma information (in millions) should not be relied upon as being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on those dates, nor of the results that may be obtained in the future. Year Ended December 31, 2020 2019 2018 Revenues $ 4,695.6 $ 4,776.9 $ 4,719.4 Net income $ 632.9 $ 454.8 $ 109.3 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 9—Goodwill and Intangible Assets The following table summarizes changes in goodwill (in millions): Balance at December 31, 2018 $ 7,858.0 2019 acquisitions 62.4 Adjustments to prior acquisitions (24.2 ) Effect of foreign currency translation 63.7 Balance at December 31, 2019 $ 7,959.9 2020 acquisitions 60.4 Adjustments to prior acquisitions 11.6 Effect of foreign currency translation 46.8 Balance at December 31, 2020 $ 8,078.7 A summary of the components of intangible assets is as follows (in millions): December 31, 2020 2019 Customer relationships $ 4,728.7 $ 4,666.8 Completed technology 1,438.1 1,406.8 Trade names 262.0 258.3 Other 45.8 45.8 Total intangible assets 6,474.6 6,377.7 Less: accumulated amortization (2,572.9 ) (1,980.5 ) Total intangible assets, net $ 3,901.7 $ 4,397.2 Total estimated amortization expense, related to intangible assets, for each of the next five years and thereafter, as of December 31, 2020, is expected to approximate (in millions): Year Ending December 31, 2021 $ 526.0 2022 492.8 2023 458.7 2024 420.4 2025 383.1 Thereafter 1,620.7 Total $ 3,901.7 Amortization expense associated with customer relationships, completed technology and other amortizable intangible assets was $580.1 million, $633.0 million and $410.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. Net capitalized software costs of $132.7 million and $98.3 million are included in the December 31, 2020 and 2019 Consolidated Balance Sheets, respectively, under “Intangible and other assets”. Amortization expense related to capitalized software development costs was $39.5 million, $19.0 million and $7.7 million for each of the years ended December 31, 2020, 2019, and 2018, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Note 10—Debt At December 31, 2020 and 2019, debt consisted of the following (in millions): December 31, 2020 2019 Senior secured credit facilities, weighted-average interest rate of 1.90% and 4.05%, respectively $ 4,485.9 $ 5,198.7 5.5% senior notes due 2027 2,000.0 2,000.0 Other indebtedness 10.1 25.6 Unamortized original issue discount and debt issuance costs (53.6 ) (70.2 ) 6,442.4 7,154.1 Less: current portion of long-term debt 53.9 76.3 Long-term debt $ 6,388.5 $ 7,077.8 Senior Secured Credit Facilities On April 16, 2018, in connection with our acquisition of DST, we entered into an amended and restated credit agreement with SS&C Technologies, Inc. (“SS&C”), SS&C European Holdings SARL, an indirect wholly-owned subsidiary of SS&C (“SS&C SARL”) and SS&C Technologies Holdings Europe SARL, an indirect wholly-owned subsidiary of SS&C (“SS&C Tech SARL”) as the borrowers (“Credit Agreement”). The Credit Agreement includes four tranches of term loans (together the “Initial Term Loans”): (i) a $518.6 million term B-1 facility for SS&C (“Term B-1 Loan”), which was repaid in full in 2019; (ii) a $5.9 million term B-2 facility for SS&C SARL (“Term B-2 Loan”), which was repaid in full in 2018; (iii) a $5.046 billion term B-3 facility, which matures on April 16, 2025 for SS&C (“Term B-3 Loan”); and (iv) a $1.8 billion term B-4 facility, which matures on April 16, 2025 for SS&C SARL (“Term B-4 Loan”). In addition, the Credit Agreement has a revolving credit facility with a five-year The majority of the initial proceeds from the Initial Term Loans was used to satisfy the consideration required to fund the acquisition of DST, repay certain amounts outstanding under our then-existing credit agreement (“Prior Credit Agreement”), repay all of the outstanding principal amount of our 5.875 % Senior Notes due 2023 (“ Prior Senior Notes”) and to repay acquired debt associated with DST. The refinancing of the Prior Credit Agreement was evaluated in accordance with FASB ASC 470-50, Debt-Modifications and Extinguishments Loss on extinguishment of debt On October 1, 2018, in connection with our acquisition of Eze, we entered into an amendment (the “Commitment Increase Amendment”) to the Credit Agreement. Pursuant to the Commitment Increase Amendment, a new $875.0 million senior secured term B-5 facility (“Term B-5 Loan”, and together with the Initial Term Loans, the “Term Loans”) was made available to us, the proceeds of which were used to finance, in part, the Eze acquisition. On November 16, 2018, in connection with our acquisition of Intralinks, we entered into an amendment (the “Incremental Term Loan Amendment”) to the Credit Agreement. Pursuant to the Incremental Term Loan Amendment, an additional $1.0 billion senior secured term B-5 facility (“Term B-5 Loan”, and together with the Initial Term Loans, the “Term Loans”) was made available to us, the proceeds of which were used to finance, in part, the Intralinks acquisition. On January 31, 2020, we entered into an amendment (the “Pricing Amendment”) to our Credit Agreement dated April 16, 2018. Pursuant to the Pricing Amendment, the interest rate margin applicable to Term Loan B was reduced from LIBOR plus 2.25% to LIBOR plus 1.75%. No changes were made to the financial covenants, outstanding principal amounts or the scheduled amortization. The Pricing Amendment was evaluated in accordance with FASB ASC 470-50, Debt-Modifications and Extinguishments , for modification and extinguishment accounting. We accounted for the debt re-pricing as a debt modification with respect to amounts that remained obligations of the same lender in the syndicate with minor changes in cash flows and as a debt extinguishment with respect to amounts that were obligations of lenders that exited the syndicate or remained in the syndicate but experienced a change in cash flows of greater than 10%. The Term Loans and Revolving Credit Facility bear interest, at the election of the borrowers, at the base rate (as defined in the Credit Agreement) or LIBOR, plus the applicable interest rate margin for the credit facility. Amounts drawn on the Revolving Credit Facility initially bear interest at either LIBOR plus 2.25% or at the base rate plus 1.25%, and is subject to a step-down at any time our consolidated net secured leverage ratio is less than 4.75 times, to 2.00% in the case of the LIBOR margin and 1.00% in the case of the base rate margin. The Term B-3 Loan, Term B-4 Loan and Term B-5 Loan initially incurred interest at either LIBOR plus 2.50% or at the base rate plus 1.50%, and were subject to a step-down at any time our consolidated net secured leverage ratio was less than 4.75 times, to 2.25% in the case of the LIBOR margin and 1.25% in the case of the base rate margin. In January 2020, we entered into the Pricing Amendment, whereby the interest rate margin applicable to the term loans was reduced from LIBOR plus 2.25% to LIBOR plus 1.75%. As of December 31, 2020, there was $1,537.0 million in principal amount outstanding under the Term B-3 Loan, $1,189.3 million in principal amount outstanding under the Term B-4 Loan and $1,759.6 million in principal amount outstanding under the Term B-5 Loan. There were no principal amounts outstanding under the Term B-1 Loan and Term B-2 Loan. SS&C and SS&C SARL SS&C’s and SS&C SARL The obligations of the U.S. loan parties under the Credit Agreement are secured by substantially all of the assets of such persons (subject to customary exceptions and limitations), including a pledge of all of the capital stock of substantially all of the U.S. wholly-owned restricted subsidiaries of such persons (with customary exceptions and limitations) and 65% of the capital stock of certain foreign restricted subsidiaries of such persons (with customary exceptions and limitations). All obligations of the non-U.S. loan parties under the Credit Agreement are secured by substantially all of our and the other guarantors’ assets (subject to customary exceptions and limitations), including a pledge of all of the capital stock of substantially all of our wholly-owned restricted subsidiaries (with customary exceptions and limitations). The Credit Agreement includes negative covenants that, among other things and subject to certain thresholds and exceptions, limit our ability and the ability of its restricted subsidiaries to incur debt or liens, make investments (including in the form of loans and acquisitions), merge, liquidate or dissolve, sell property and assets, including capital stock of its subsidiaries, pay dividends on its capital stock or redeem, repurchase or retire its capital stock, alter the business we conduct, amend, prepay, redeem or purchase subordinated debt, or engage in transactions with its affiliates. The Credit Agreement also contains customary representations and warranties, affirmative covenants and events of default, subject to customary thresholds and exceptions. In addition, the Credit Agreement contains a financial covenant for the benefit of the Revolving Credit Facility requiring us to maintain a minimum consolidated net secured leverage ratio. In addition, under the Credit Agreement, certain defaults under agreements governing other material indebtedness could result in an event of default under the Credit Agreement, in which case the lenders could elect to accelerate payments under the Credit Agreement and terminate any commitments they have to provide future borrowings. Senior Notes On March 28, 2019, we issued $2.0 billion aggregate principal amount of 5.5% Senior Notes due 2027 (“Senior Notes”), the proceeds of which were used to repay a portion of the outstanding Term B-3 Loan under our Credit Agreement. The Senior Notes are guaranteed, jointly and severally, by Holdings and all of its existing and future domestic restricted subsidiaries that guarantee our existing senior secured credit facilities or certain other indebtedness. The Senior Notes are unsecured senior obligations that are equal in right of payment to all of our existing and future senior unsecured indebtedness. Interest on the Senior Notes is payable on March 30 and September 30 of each year. At any time prior to March 30, 2022, we may, at our option, redeem the Senior Notes, in whole or in part, at a price equal to 100% of the principal amount of the Senior Notes, plus an applicable “make-whole” premium, plus accrued and unpaid interest to the redemption date. At any time on or after March 30, 2022, we may redeem some or all of the Senior Notes, in whole or in part, at the redemption prices set forth in the indenture governing the Senior Notes plus accrued and unpaid interest to the redemption date. In addition, at any time on or before March 30, 2022, we may to redeem up to 40% of the aggregate principal amount of the Senior Notes at a redemption price equal to 105.5% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of one or more equity offerings. We may also, from time to time in our sole discretion, purchase, redeem, or retire our existing senior notes, through tender offers, in privately negotiated or open market transactions, or otherwise. The indenture governing the Senior Notes contains a number of covenants that restrict, subject to certain thresholds and exceptions, our ability and the ability of our domestic restricted subsidiaries to incur debt or liens, make certain investments, pay dividends, dispose of certain assets, or enter into transactions with its affiliates. Any event of default under the Credit Agreement that leads to an acceleration of those amounts due also results in a default under the indenture governing the Senior Notes. As of December 31, 2020, there was $2.0 billion in principal amount of Senior Notes outstanding. On April 16, 2018, we redeemed all of the outstanding principal amount of our Prior Senior Notes utilizing a portion of the proceeds from the Initial Term Loans described above. The redemption of the Prior Senior Notes required the payment of a “make-whole” premium calculated pursuant to the indenture governing the Prior Senior Notes. See Loss on extinguishment of debt Debt Issuance Costs and Loss on Extinguishment of Debt We accounted for the Pricing Amendment as a debt modification with respect to amounts that were obligations of lenders that exited the syndicate or remained in the syndicate but experienced a change in cash flows of greater than 10% in accordance with FASB Accounting Standards Codification 470-50, Debt-Modifications and Extinguishments write-off of a portion of the unamortized capitalized financing fees and the unamortized original issue discount We capitalized an aggregate of $6.1 million in financing costs in connection with the issuance of our Senior Notes and repayment of a portion of our Term B-3 Loan in 2019, in accordance with FASB Accounting Standards Codification 470-50, Debt-Modifications and Extinguishments $7.1 million Consolidated Statements of Comprehensive Income (Loss) during 2019. We capitalized an aggregate of $55.3 million in financing costs in 2018 in connection with the Credit Agreement. Other costs incurred in connection with the Credit Agreement, which did not meet the criteria for capitalization, are included in transaction expenses in the Consolidated Statements of Comprehensive Income (Loss). We recorded a $44.4 million loss on extinguishment of debt in connection with the entry into the Credit Agreement and redemption of the Prior Senior Notes during 2018. The loss on extinguishment of debt includes the write-off of a portion of the unamortized capitalized financing fees and the unamortized original issue discount related to the Prior Credit Agreement for amounts accounted for as a debt extinguishment, a make-whole premium paid in connection with the redemption of the Prior Senior Notes and the write-off of all unamortized capitalized financing fees and unamortized original issue discount related to the Prior Senior Notes. During the fourth quarter of 2018, we purchased $45.0 million principal amount of our Term Loans in privately negotiated transactions, which resulted in a gain on extinguishment of debt totaling $1.1 million. Fair Value of Debt The carrying amounts and fair values of financial instruments are as follows (in millions): December 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Amount Value Amount Value Financial liabilities: Senior secured credit facilities $ 4,485.9 $ 4,426.0 $ 5,198.7 $ 5,231.7 5.5% senior notes due 2027 2,000.0 2,136.0 2,000.0 2,135.0 Other indebtedness 10.1 10.2 25.6 25.9 The above fair values, which are Level 2 liabilities, were computed based on comparable quoted market prices. The fair values of cash, accounts receivable, net, short-term borrowings and accounts payable approximate the carrying amounts due to the short-term maturities of these instruments. Future Maturities of Debt At December 31, 2020, annual maturities of long-term debt during the next five years and thereafter are as follows (in millions): Year ending December 31, 2021 $ 52.7 2022 52.7 2023 48.8 2024 48.0 2025 4,293.8 Thereafter 2,000.0 Total $ 6,496.0 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Note 11—Stockholders’ Equity Public Offering In April 2018, we completed a public offering of our common stock. The offering included 30.3 million newly issued shares of common stock sold by us (including 3.9 million shares of common stock sold pursuant to the underwriters’ option to purchase additional shares) at an offering price to the public of $47.50 per share for which we received total net proceeds of approximately $1.4 billion. Other Common Stock Issuance In May 2020, we used 0.4 million shares from treasury stock in connection with our acquisition of Innovest. In November 2018, we issued 9.9 million shares in connection with our acquisition of Intralinks. Dividends In 2020, we paid a quarterly cash dividend of $0.125 per share of common stock in March and June and $0.14 per share of common stock in September and December, totaling $136.1 million. In 2019, we paid a quarterly cash dividend of $0.10 per share of common stock in March, June and September and $0.125 per share of common stock in December, totaling $107.7 million. In 2018, we paid a . Stock Repurchase Program In August 2019, our Board of Directors authorized the repurchase of up to $500 million of our common stock on the open market or in privately negotiated transactions. In July 2020, our Board of Directors authorized the renewal and increase of our stock repurchase program, which enables us to repurchase up to $750 million in the aggregate of our outstanding common stock. Our authority to repurchase shares under the renewed program will continue until the one-year anniversary of the Board’s authorization, unless earlier terminated by the Board. During 2020 and 2019, we repurchased 3.7 million and 1.3 million shares of common stock for approximately $227.7 million and $60.3 million, respectively. Other Comprehensive Income (Loss) Accumulated other comprehensive loss balances, net of tax consist of the following (in millions): Interest Rate Swap Foreign Currency Translation Defined Benefit Obligation Accumulated Other Comprehensive Loss Balance, December 31, 2018 $ — $ (343.0 ) $ — $ (343.0 ) Net current period other comprehensive (loss) income (2.8 ) 92.8 — 90.0 Balance, December 31, 2019 $ (2.8 ) $ (250.2 ) $ — $ (253.0 ) Net current period other comprehensive (loss) income (2.7 ) 57.9 (3.2 ) 52.0 Balance, December 31, 2020 $ (5.5 ) $ (192.3 ) $ (3.2 ) $ (201.0 ) Adjustments to accumulated other comprehensive income (loss) attributable to us are as follows (in millions): Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Pretax Tax Effect Pretax Tax Effect Pretax Tax Effect Interest Rate Swap Unrealized loss on interest rate swaps $ (3.7 ) $ 1.0 $ (5.6 ) $ 1.0 $ — $ — Reclassification of losses into net earnings on interest rate swaps — — 1.8 — — — Net change in cash flow hedges (3.7 ) 1.0 (3.8 ) 1.0 — — Defined Benefit Pension Unrealized net losses on defined benefit pension plan (3.9 ) 0.7 — — — — Net change in defined benefit pension (3.9 ) 0.7 — — — — Foreign Currency Translation Current period translation adjustments 58.8 (0.9 ) 92.8 — (260.9 ) 0.6 Net cumulative translation adjustments 58.8 (0.9 ) 92.8 — (260.9 ) 0.6 Total other comprehensive income (loss) $ 51.2 $ 0.8 $ 89.0 $ 1.0 $ (260.9 ) $ 0.6 |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenues | Note 12—Revenue Adoption of ASC Topic 606, “Revenue from Contracts with Customers” On January 1, 2018, we adopted ASC 606 using the modified retrospective method for those contracts that were not completed as of the date of adoption. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts continue to be reported in accordance with ASC 605 and 985. The most significant impact of the standard to us relates to the timing of revenue recognition for arrangements involving term licenses. Under ASC 606, we are required to recognize term license revenues upon the transfer of the license and recognize the associated maintenance revenues over the contract period, as opposed to our prior practice of recognizing both the term license and maintenance revenues ratably over the contract period. In addition, we are required to capitalize and amortize incremental costs of obtaining a contract, such as certain sales commission costs, over the expected customer relationship period if we expect to recover those costs. We previously expensed these costs over the length of the initial contract excluding any renewals. We recorded an increase to retained earnings of $65.8 million, or $47.9 million net of tax, as of January 1, 2018 due to the cumulative impact of adopting ASC 606, with the impact primarily related to our term license revenues. The impact to revenues for the year ended December 31, 2018 related to these adjustments was a decrease of $39.9 million. The adoption of ASC 606 had no impact on our total cash flows from operations. Deferred revenues primarily represents unrecognized fees billed or collected for maintenance and professional services. Deferred revenues are recognized as (or when) we perform under the contract. Deferred revenues are recorded on a net basis with contract assets at the contract level. Accordingly, as of December 31, 2020 and 2019, approximately $53.9 million and $51.8 million, respectively, of deferred revenue is presented net within contract assets arising from the same contracts. The amount of revenues recognized in the period that was included in the opening deferred revenues balance was $289.7 million, $204.3 million and $208.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, revenue of approximately $595.4 million is expected to be recognized from remaining performance obligations for license, maintenance and related revenues, of which $301.9 million is expected to be recognized over the next twelve months. As of December 31, 2019, revenue of approximately $654.4 million is expected to be recognized from remaining performance obligations for license, maintenance and related revenues, of which $312.7 million is expected to be recognized over the next twelve months. Revenue Disaggregation The following table disaggregates our revenues by geography (in millions): Year Ended December 31, 2020 2019 2018 United States $ 3,427.4 $ 3,383.6 $ 2,479.8 United Kingdom 569.9 652.9 503.9 Europe (excluding United Kingdom), Middle East and Africa 251.3 216.5 145.4 Asia-Pacific and Japan 193.3 207.6 145.8 Canada 148.7 107.5 96.3 Americas, excluding United States and Canada 77.3 64.8 49.9 Total $ 4,667.9 $ 4,632.9 $ 3,421.1 The following table disaggregates our revenues by source (in millions): Year Ended December 31, 2020 2019 2018 Software-enabled services $ 3,891.3 $ 3,869.2 $ 2,798.9 Maintenance and term licenses 663.1 644.2 508.8 Professional services 90.5 84.7 83.9 Perpetual licenses 23.0 34.8 29.5 Total $ 4,667.9 $ 4,632.9 $ 3,421.1 |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stock-based Compensation | Note 13—Stock-based Compensation In March 2019, our Board of Directors adopted the Second Amended and Restated 2014 Stock Incentive Plan, which amends and restates our Amended and Restated 2014 Stock Incentive Plan (the “Amended 2014 Plan”) (together with the Amended 2014 Plan, the “2014 Plans”), which became effective in May 2019 upon stockholder approval. The Second Amended and Restated 2014 Stock Incentive Plan was adopted to increase the shares available for equity awards by an additional 34.0 million shares. In February 2016, our Board of Directors adopted the Amended 2014 Plan, which became effective in May 2016 upon stockholder approval and which amended and restated our 2014 Stock Option Plan. The Amended 2014 Plan was adopted with an initial share capacity of 24.0 million shares available for the grant of awards. The Amended 2014 Plan authorizes the issuance of equity awards, including stock options, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) and allows the class of participants to include non-employee directors. Since the adoption of the Amended 2014 Plan, we have not made any grants of equity or equity-based awards under the 2008 Stock Incentive Plan or the 2006 Equity Incentive Plan. The 2014 Stock Option Plan authorizes stock options to be granted for up to 6.0 million shares of our common stock. We have granted time-based stock options under the 2014 Stock Option Plan. In April 2008, our Board of Directors adopted, and our stockholders approved, an equity-based incentive plan (“the 2008 Plan”), which authorizes equity awards to be granted for up to 21.8 million shares of our common stock. We have granted time-based stock options and RSUs under the 2008 Plan. In August 2006, our Board of Directors adopted an equity-based incentive plan (“the 2006 Plan”), which authorizes equity awards to be granted for up to 22.3 million shares of our common stock. We have granted RSAs of our common stock and both time-based and performance-based stock options under the 2006 Plan. Under the terms of the 2014 Plans, the 2008 Plan and 2006 Plan, the exercise price of awards is set on the grant date and may not be less than the fair market value per share on such date. Generally, awards expire ten years from the date of grant. We generally settle RSUs, RSAs, stock appreciation rights (“SARs”) and stock option exercises with newly issued common shares. Restricted Stock Units At December 31, 2020 and 2019, there was approximately $0.8 million and $6.0 million, respectively, of unearned non-cash stock-based compensation related to the RSUs that we expect to recognize as expense over a remaining period of approximately 0.2 and 1.1 years, respectively. Time-based Stock Options and SARs Time-based stock options and SARs granted under the 2006 Plan, the 2008 Plan and the 2014 Plans generally vest 25% on the first anniversary of the grant date and 1/36th For the time-based stock options and SARs valued using the Black-Scholes option-pricing model, we used the following weighted-average assumptions: Time-based Awards 2020 2019 2018 Expected term to exercise (years) 4.0 4.0 4.0 Expected volatility 34.85 % 30.35 % 25.26 % Risk-free interest rate 0.28 % 1.71 % 2.67 % Expected dividend yield 0.80 % 0.82 % 0.70 % Total Stock Options, SARs, RSUs and RSAs The amount of stock-based compensation expense recognized in our Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2020, 2019 and 2018 was as follows (in millions): Year Ended December 31, 2020 2019 2018 Consolidated Statements of Comprehensive Income (Loss) Classification Options, SARs RSUs Total Options, SARs RSUs Total Options, SARs RSUs Total Cost of software-enabled services $ 32.2 $ 2.3 $ 34.5 $ 24.9 $ 4.6 $ 29.5 $ 25.7 $ 13.7 $ 39.4 Cost of license, maintenance and other related 5.3 — 5.3 4.5 0.2 4.7 3.9 0.8 4.7 Total cost of revenues 37.5 2.3 39.8 29.4 4.8 34.2 29.6 14.5 44.1 Selling and marketing 13.1 0.7 13.8 10.5 0.6 11.1 7.3 4.5 11.8 Research and development 11.1 0.2 11.3 9.2 0.1 9.3 8.0 1.0 9.0 General and administrative 21.4 1.5 22.9 16.2 1.6 17.8 16.1 15.9 32.0 Total operating expenses 45.6 2.4 48.0 35.9 2.3 38.2 31.4 21.4 52.8 Total stock-based compensation expense $ 83.1 $ 4.7 $ 87.8 $ 65.3 $ 7.1 $ 72.4 $ 61.0 $ 35.9 $ 96.9 The associated future income tax benefit recognized was $17.4 million, $13.8 million and $33.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. For the year ended December 31, 2020, the amount of cash received from the exercise of stock options was $189.7 million, with an associated tax benefit from stock awards realized of $48.6 million. The intrinsic value of stock options and SARs exercised during the year ended December 31, 2020 was approximately $196.9 million. For the year ended December 31, 2019, the amount of cash received from the exercise of stock options was $125.7 million, with an associated tax benefit from stock awards realized of $48.7 million. The intrinsic value of stock options and SARs exercised during the year ended December 31, 2019 was approximately $156.8 million. For the year ended December 31, 2018, the amount of cash received from the exercise of stock options was $84.9 million, with an associated tax benefit from stock awards realized of $34.6 million. The intrinsic value of stock options and SARs exercised during the year ended December 31, 2018 was approximately $107.6 million. In connection with our acquisition of DST in April 2018, we converted DST’s unvested stock options, unvested RSUs and unvested performance stock units into equity awards and rights to receive our common stock. The unvested stock options vest and generally become fully exercisable over three years of continued employment and generally have a ten-year The following table summarizes stock option and SAR activity as well as RSU activity as of and for the years ended December 31, 2020, 2019 and 2018 (share data in millions): Stock Options and SARs RSUs Shares Weighted- Average Exercise Price Shares Weighted-Average Grant Date Fair Value Outstanding at December 31, 2017 31.3 $ 28.92 0.2 $ 31.04 Granted 13.2 $ 47.50 — $ 50.62 Equity awards assumed from DST 0.7 $ 48.85 2.0 $ 50.71 Cancelled/forfeited (1.4 ) $ 38.56 — $ 48.71 Vested — $ — (0.8 ) $ 46.45 Exercised (4.0 ) $ 24.71 — $ — Outstanding at December 31, 2018 39.8 $ 35.48 1.4 $ 50.44 Granted 9.0 $ 60.82 — $ — Cancelled/forfeited (1.7 ) $ 46.84 (0.1 ) $ 40.69 Vested — $ — (0.8 ) $ 45.89 Exercised (5.0 ) $ 27.76 — $ — Outstanding at December 31, 2019 42.1 $ 41.37 0.5 $ 44.94 Granted 8.4 $ 70.35 — $ — Cancelled/forfeited (1.4 ) $ 52.45 — $ — Vested — $ — (0.3 ) $ 45.42 Exercised (6.4 ) $ 31.57 — $ — Outstanding at December 31, 2020 42.7 $ 48.16 0.2 $ 44.96 The following table summarizes information about vested stock options and SARs outstanding that are currently exercisable and stock options and SARs outstanding that are expected to vest at December 31, 2020: Outstanding, Vested Stock Options and SARs Currently Exercisable Outstanding Stock Options and SARs Expected to Vest Weighted- Weighted- Weighted- Average Weighted- Average Average Aggregate Remaining Average Aggregate Remaining Exercise Intrinsic Contractual Exercise Intrinsic Contractual Shares Price Value Term Shares Price Value Term (In millions) (In millions) (Years) (In millions) (In millions) (Years) 21.8 $ 36.86 $ 783.9 5.9 42.7 $ 48.16 $ 1,050.3 7.4 |
Defined Contribution Plans
Defined Contribution Plans | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Contribution Plans | Note 14—Benefit Plans We sponsor defined contribution plans that cover our domestic and international employees following the completion of an eligibility period. During the years ended December 31, 2020, 2019 and 2018, we incurred $92.0 million, $91.4 million and $60.8 million, respectively, of employer contribution expenses under these plans. Additionally, we sponsor a defined benefit pension plan, which has total assets of $25.1 million and a net liability of $1.2 million as of December 31, 2020. |
Basic and Diluted Earnings per
Basic and Diluted Earnings per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings per Share | Note 15—Basic and Diluted Earnings per Share Earnings per share (“EPS”) is calculated in accordance with the relevant standards. Basic EPS includes no dilution and is computed by dividing income available to our common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted-average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of stock options, SARs, RSUs and RSAs using the treasury stock method. Common equivalent shares are excluded from the computation of diluted earnings per share if the effect of including such common equivalent shares would be anti-dilutive because their total assumed proceeds exceed the average fair value of common stock for the period. We have two classes of common stock, each with identical participation rights to earnings and liquidation preferences, and therefore the calculation of EPS as described above is identical to the calculation under the two-class method. The following table sets forth the computation of basic and diluted EPS (in millions, except per share amounts): Year Ended December 31, 2020 2019 2018 Net income $ 625.2 $ 438.5 $ 103.2 Shares: Weighted-average common shares outstanding – used in calculation of basic EPS 256.4 252.9 232.5 Weighted-average common stock equivalents – stock options and restricted shares 10.2 11.3 11.2 Weighted-average common and common equivalent shares outstanding – used in calculation of diluted EPS 266.6 264.2 243.7 Earnings per share – Basic $ 2.44 $ 1.73 $ 0.44 Earnings per share – Diluted $ 2.35 $ 1.66 $ 0.42 Weighted-average stock options, SARs, RSUs and RSAs representing 9.6 million, 4.5 million and 5.5 million shares were outstanding for the years ended December 31, 2020, 2019 and 2018, respectively, but were not included in the computation of diluted EPS because the effect of including them would be anti-dilutive. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 16—Income Taxes The sources of income before income taxes were as follows (in millions): Year Ended December 31, 2020 2019 2018 U.S. $ 593.4 $ 342.7 $ (10.9 ) Foreign 182.4 189.0 136.0 Income before income taxes $ 775.8 $ 531.7 $ 125.1 The income tax provision consists of the following (in millions): Year Ended December 31, 2020 2019 2018 Current: Federal $ 190.0 $ 84.6 $ 66.4 Foreign 43.5 44.9 37.8 State 72.5 50.8 23.5 Total 306.0 180.3 127.7 Deferred: Federal (97.7 ) (50.7 ) (75.4 ) Foreign (3.8 ) (8.9 ) 0.2 State (53.9 ) (27.5 ) (30.6 ) Total (155.4 ) (87.1 ) (105.8 ) Total $ 150.6 $ 93.2 $ 21.9 The reconciliation between the expected tax expense and the actual tax provision is computed by applying the U.S. federal corporate income tax rate of 21% to income before income taxes as follows (in millions): Year Ended December 31, 2020 2019 2018 Computed “expected” tax expense $ 162.9 $ 111.7 $ 26.3 Increase (decrease) in income tax expense resulting from: State income taxes (net of federal income tax benefit) 14.0 18.0 (6.0 ) Foreign operations 8.0 1.7 10.7 Effects of stock based compensation (25.7 ) (21.8 ) (14.6 ) Effect of valuation allowance 0.3 (6.5 ) 4.6 Uncertain tax positions (4.6 ) (8.0 ) (0.9 ) Tax credits (7.9 ) (9.4 ) (4.0 ) Other 3.6 7.5 5.8 Provision for income taxes $ 150.6 $ 93.2 $ 21.9 The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States. We evaluated the provisions of the CARES Act as of March 31, 2020, with no material effect on income taxes in the financial statements. Certain tax provisions of the CARES Act resulted in immaterial cash tax benefits. The components of deferred income taxes at December 31, 2020 and 2019 are as follows (in millions): 2020 2019 Deferred Deferred Deferred Deferred Tax Tax Tax Tax Assets Liabilities Assets Liabilities Net operating loss carryforwards 25.2 — 31.3 — Deferred compensation 46.1 — 44.6 — Tax credit carryforwards 36.6 — 38.2 — Accrued expenses 13.4 — 11.5 — Leases 97.5 88.5 92.1 83.8 Other 87.7 12.9 42.0 17.8 Depreciable and amortizable property — 971.5 — 1,072.5 Investments — 117.1 — 136.9 Total 306.5 1,190.0 259.7 1,311.0 Valuation allowance (31.8 ) — (30.3 ) — Total $ 274.7 $ 1,190.0 $ 229.4 $ 1,311.0 At December 31, 2020 and 2019, we had accrued a deferred income tax liability for foreign withholding taxes of $10.2 million and $10.3 million, respectively, on the unremitted earnings of our major Canadian subsidiary and certain unconsolidated foreign affiliates we do not control and whose earnings cannot be considered permanently reinvested. We have not accrued any deferred income taxes for withholding, foreign local or U.S. state income taxes on the unremitted earnings of other foreign subsidiaries as those earnings are permanently reinvested. At December 31, 2020, we have domestic federal net operating loss carryforwards of $47.4 million, which will begin to expire in 2026 and state net operating loss carryforwards of $106.0 million, which will begin to expire in 2021. At December 31, 2020, we have foreign net operating loss carryforwards of $44.5 million, of which $37.5 million can be carried forward indefinitely. The remaining $7.0 million will begin to expire in 2021. At December 31, 2020, we have tax credit carryforwards of $36.6 million relating to domestic and foreign jurisdictions, of which $22.3 million relate to domestic tax credits that are expected to be utilized before they begin to expire in 2021, $10.9 million relate to domestic tax credits that are not expected to be utilized before they begin to expire in 2021, $2.7 million relate to foreign jurisdictions that are expected to be utilized before they begin to expire in 2025 and $0.7 million relate to foreign jurisdictions that are not expected to be utilized before they begin to expire in 2025. The domestic credits consist primarily of federal and state research and development credits and foreign tax credits, while the foreign credits consist primarily of minimum alternative tax credit carryforwards related to our India operations. A valuation allowance is recorded against deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. We have recorded valuation allowances of $31.8 million at December 31, 2020 related primarily to certain foreign and state net operating loss carryforwards and tax credit carryforwards and $30.3 million at December 31, 2019 related to certain foreign net operating loss carryforwards and tax credit carryforwards. Of the $31.8 million valuation allowance recorded at December 31, 2020, $5.9 million relates to foreign net operating losses that do not expire. The following table summarizes the activity related to our unrecognized tax benefits for the years ended December 31, 2020 and 2019 (in millions): Balance at December 31, 2018 $ 140.5 Increases related to current year tax positions 9.5 Decreases related to prior tax positions (10.1 ) Increases related to acquired tax positions 2.4 Lapse in statute of limitation (10.0 ) Foreign exchange translation adjustment (0.1 ) Balance at December 31, 2019 $ 132.2 Increases related to current year tax positions 11.6 Decreases related to prior tax positions (0.9 ) Lapse in statute of limitation (15.2 ) Balance at December 31, 2020 $ 127.7 We accrued potential penalties and interest on the unrecognized tax benefits of $0.3 million and $1.7 million during 2020 and 2019, respectively, and have recorded a total liability for potential penalties and interest, including penalties and interest related to unrecognized tax benefits, of $29.9 million and $27.2 million at December 31, 2020 and 2019, respectively. Our unrecognized tax benefits decreased from 2018 to 2019 due to a lapse in the statute of limitations for certain domestic and foreign tax filings, settlements with federal and state tax authorities, decreases in prior year tax positions and a decrease in acquired uncertain tax positions, offset partially by an increase in current year tax positions. Our unrecognized tax benefits decreased from 2019 to 2020 due to a lapse in the statute of limitations for certain domestic tax filings, settlements with state tax authorities and decreases in prior year tax positions, offset partially by an increase in current year tax positions. Our unrecognized tax benefits as of December 31, 2020 relate to domestic and foreign taxing jurisdictions and are recorded in other long-term liabilities on our Consolidated Balance Sheet at December 31, 2020. We are subject to examination by tax authorities throughout the world, including such major jurisdictions as the U.S., United Kingdom, India, California, Massachusetts, Missouri, New Jersey and New York. In these major jurisdictions, we are no longer subject to examination by tax authorities prior to tax years ending 2015, 2019, 2013, 2007, 2017, 2017, 2016 and 2015, respectively. Our U.S. federal income tax returns are currently under audit for the tax periods ended December 31, 2015 through December 31, 2018. Our India income tax returns are currently under audit or in appeals for tax periods ending March 31, 2013, March 31, 2014, March 31, 2016, March 31, 2017 and March 31, 2018. Our California income tax returns are currently under audit or in appeals for the tax periods ended December 31, 2007 through 2016. Our New York income tax returns are currently under audit for the tax periods ended December 31, 2015 through 2017. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17—Commitments and Contingencies Purchase Obligations Our contractual cash obligations for our committed purchase obligations as of December 31, 2020 are as follows (in millions): Year Ending December 31, 2021 $ 105.9 2022 34.6 2023 14.2 2024 0.2 2025 and thereafter 0.1 Total $ 155.0 Legal Proceedings From time to time, we are subject to legal proceedings and claims. In our opinion, we are not involved in any litigation or proceedings that would have a material adverse effect on us or our business. A putative representative action suit was filed against DST, the Compensation Committee of DST’s Board of Directors, the Advisory Committee of DST Systems, Inc. 401(k) Profit Sharing Plan (the “Plan”) and certain of DST’s present and/or former officers and directors, alleging breach of fiduciary duties and other violations of the Employee Retirement Income Security Act (“ERISA”). On September 1, 2017, a complaint was filed purportedly on behalf of the Plan in the United States District Court for the Southern District of New York, captioned Ferguson, et al v. Ruane Cunniff & Goldfarb Inc., et al., (“Ferguson”), naming as defendants DST, the Compensation Committee of DST’s Board of Directors, the Advisory Committee of the Plan and certain of DST’s present and/or former officers and directors (collectively the “DST Defendants”). On September 18, 2019, the United States District Court for the Southern District of New York granted a partial dismissal related to certain claims against the DST Defendants concerning the 401k portion of the Plan. On October 31, 2019, the DST Defendants filed an answer to the amended complaint and asserted crossclaims for contribution and/or indemnification against Ruane, Cunniff & Goldfarb Inc. (“Ruane”). On January 9, 2020, Ruane filed an amended answer to the amended complaint asserting crossclaims for contribution and/or indemnification against DST. Both DST and Ruane have filed answers denying the crossclaims asserted against them. On April 10, 2020, Plaintiffs filed a motion for leave to file a third amended complaint as well as a motion to certify a class. The DST Defendants did not oppose those motions. The Court ordered supplemental briefing on Plaintiffs’ motion for class certification, which was completed on July 29, 2020. Plaintiffs’ motions for leave to file a third amended complaint and motion to certify a class remain pending as of February 18, 2021. On July 10, 2020, Plaintiffs and the DST Defendants disclosed an agreement in principle to settle the putative class claims for $27 million, subject to the occurrence of certain conditions, including: Court certification of a “non-opt-out” class in the case that includes as class members all participants of the Plan, Court approval of the settlement in accordance with applicable law (i.e., including finding there was adequacy of class representation, fairness, adequacy of relief and equal treatment of class members) and the satisfactory resolution of claims made by certain other litigants. On September 18, 2020, the Parties submitted a letter to the Court disclosing that Plaintiffs and Ruane also had reached a settlement in principle, subject to Court approval. Plaintiffs and the DST Defendants entered into a settlement agreement dated January 8, 2021 memorializing the terms of their proposed settlement, which was filed by Plaintiffs with the Court on the same date. On January 12, 2021, Plaintiffs moved for preliminary approval of the settlement with the DST Defendants, as well as preliminary approval of a separate settlement reached between Plaintiffs and Ruane. The Arbitration Claimants, as defined below, and the U.S. Department of Labor (“DOL”) objected to various aspects of those settlements in filings dated January 15, 2021, January 27, 2021, and February 5, 2021. The objectors argue, among other things, that the proposed settlement should not be approved because they believe the settlement payment is inadequate in view of potential damages and the likelihood of success on the merits, that the certification of a “non-opt-out” class is impermissible, and that the Court cannot bar other litigants, including DOL, from pursuing related claims against DST. On February 11, 2021, Plaintiffs and the DST Defendants filed responses in support of preliminary approval of the settlement. Plaintiffs’ motions for preliminary approval remain pending. Whether the settlement will be approved by the Court on the proposed terms or at all is uncertain, and there can be no assurance as to how the Court will rule. If a settlement by the DST Defendants concludes or becomes probable we would recognize a charge for the expected loss in the amount of the settlement. We would also expect to offset that loss in the amount of any remaining insurance covering such loss. If a settlement, including as described above, does not receive Court approval, we will continue to vigorously defend these matters. Due to the inherent uncertainties associated with the resolution of this litigation, including, in view of the objections, whether the proposed settlement receives Court approval on a preliminary or final basis, the ultimate resolution of and any potential exposure related to this matter is uncertain at this time. On September 28, 2018, a complaint was filed in the United States District Court for the Southern District of New York captioned Robert Canfield, et al. v. SS&C Technologies Holdings, Inc., et al., on behalf of five individual plaintiffs. On November 5, 2018, a similar complaint was filed in the United States District Court for the Southern District of New York captioned Mark Mendon, et al. v. SS&C Technologies Holdings, Inc., et al., on behalf of two individual plaintiffs. These complaints name as defendants SS&C, DST, the Advisory Committee of the Plan, the Compensation Committee of DST’s Board of Directors, and Ruane. The underlying claim in each complaint is the same as in the above-described Ferguson matter, with the exception that these actions purport to be brought as individual actions and not putative class actions. On February 18, 2020, the DST Defendants moved to disqualify plaintiffs’ counsel in these actions and in nearly all of the arbitrations described below. Those motions were fully briefed on March 24, 2020. On July 6, 2020, plaintiffs filed a notice of voluntary dismissal, in which they sought to dismiss claims against Ruane with prejudice. On July 10, 2020, the Court entered an order granting the DST Defendants’ motion to disqualify plaintiffs’ counsel from the U.S. federal court cases (the “Cases”). On July 24, 2020, the parties filed memoranda of law addressing the Court’s authority to disqualify plaintiffs’ counsel from the arbitrations described below, in addition to the Cases. The Court has not yet resolved that issue. On July 24, 2020, plaintiffs moved for reconsideration of the Court’s July 10, 2020 order disqualifying plaintiffs’ counsel in the Cases. Plaintiffs’ motion for reconsideration was fully briefed on August 14, 2020 and remains pending. DST, the Advisory Committee of the Plan, and the Compensation Committee of DST’s Board of Directors have been named in 487 substantially similar individual demands for arbitration through February 18, 2021, by former and current DST employees demanding arbitration under the DST Employee Arbitration Program and Agreement (the “Arbitration Claimants”). The underlying claim in each is the same as in the above-described Ferguson matter, with the exception that the arbitrations purport to be brought as individual actions and not putative class actions. As of February 18, 2021, the parties have jointly submitted 468 of the demands for arbitration to the American Arbitration Association (the “AAA”). The remaining demands for arbitration have not yet been submitted. The individual arbitrations are at various stages depending on the particular proceeding. Certain of the arbitrations have resulted in awards against DST and others have resulted in decisions finding no liability as against DST. Many of these decisions are subject to further appeal within the AAA. Certain of the arbitration proceedings have been resolved in whole or in part by settlement. On October 8, 2019, a substantially similar action to the above-described Ferguson, Canfield, Mendon and arbitration matters captioned Scalia v. Ruane, Cunniff & Goldfarb Inc. was filed by the DOL in the United States District Court for the Southern District of New York naming as defendants DST, the Advisory Committee of the Plan, the Compensation Committee of DST’s Board of Directors and certain of DST’s former officers and directors (“DST DOL Defendants”), and alleging that the DST DOL Defendants breached fiduciary duties in violation of ERISA in connection with the Plan. The complaint also names as defendants Ruane and its former Chairman and Chief Executive Officer Robert D. Goldfarb. In the complaint, the DOL seeks disgorgement, damages and any other appropriate injunctive or equitable relief. The DST DOL Defendants moved to dismiss the complaint on December 4, 2020 on the ground that the DOL’s complaint is time-barred. Other defendants also filed motions to dismiss on the same and other grounds. Briefing on the motions to dismiss was completed on February 5, 2021. All defendants’ motions to dismiss remain pending. On June 25, 2020, a complaint was filed against DST in the Circuit Court of Jackson County, Missouri, captioned Ostrander et al. v. DST Systems, Inc., on behalf of five individual plaintiffs. The underlying claim is the same as in the above-described Canfield and Mendon matters. DST removed the action to the United States District Court for the Western District of Missouri on December 10, 2020. On December 28, 2020, DST moved to dismiss the case or, in the alternative, transfer it to the United States District Court for the Southern District of New York. Plaintiffs opposed that motion on January 21, 2021. DST’s motion was fully briefed on February 4, 2021, and remains pending. On November 11, 2020, DST, the Compensation Committee of DST’s Board of Directors, and the Advisory Committee of the Plan filed a complaint in the United States District Court for the Southern District of New York against Ruane, certain of its related entities, and certain of its current and former employees. The complaint asserts claims for contribution, indemnification, and breach of contract arising out of Ruane’s management of the Plan’s investments. The complaint also asserts claims for actual and constructive fraudulent conveyances. The defendants have not yet answered or otherwise responded to the complaint. We continue to vigorously defend these matters. We have not yet determined the extent to which these matters will impact our financial position or results of operations. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Note 18—Segment and Geographic Information We operate in one operating segment. Our geographic regions consist of the (a) United States, (b) Europe, Middle East and Africa, (c) Asia Pacific and Japan, (d) Canada and (e) the Americas, excluding the United States and Canada. Long-lived assets as of December 31, were (in millions): 2020 2019 2018 United States $ 307.1 $ 350.2 $ 425.2 Europe, Middle East and Africa 86.6 95.7 108.5 Asia-Pacific and Japan 25.0 25.5 24.7 Canada 5.4 6.1 6.0 Americas, excluding United States and Canada 0.4 0.5 0.4 Total $ 424.5 $ 478.0 $ 564.8 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 19—Subsequent Events Dividend Declared On February 24, 2021, our Board of Directors declared a quarterly cash dividend of $0.16 per share of common stock payable on March 15, 2021 to stockholders of record as of the close of business on March 1, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of the Consolidated Financial Statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for, but not limited to, collectability of accounts receivable, valuation of non-marketable securities, costs to complete certain contracts, valuation of acquired assets and liabilities, valuation of stock options, income tax accruals and the value of deferred tax assets and liabilities. Estimates are also used to determine the remaining economic lives and carrying value of fixed assets, goodwill and intangible assets. Actual results could differ from those estimates. The inputs into our estimates also considered the economic implications of COVID-19 on our estimates. |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of us and our subsidiaries. All significant accounts, transactions and profits between the consolidated companies have been eliminated in consolidation. We consolidate any entity in which we have a controlling financial interest. Under the voting interest model, generally the investor that has voting control (usually more than 50% of an entity’s voting interests) consolidates the entity. Under the variable interest entity (“VIE”) model, the party that has the power to direct the entity’s most significant economic activities and the ability to participate in the entity’s economics consolidates the entity. An entity is considered a VIE if it possesses any one or more of the following characteristics: 1) the entity is thinly capitalized; 2) residual equity holders do not control the entity; 3) equity holders are shielded from economic losses; 4) equity holders do not participate fully in an entity’s residual economics; and 5) the entity was established with non-substantive voting interests. Our investments in private equity funds meet the definition of a VIE; however, the private equity fund investments are not consolidated as we do not have the power to direct the entities’ most significant economic activities. We are the lessee in a series of operating leases covering a large portion of our Kansas City, Missouri-based leased office facilities. The lessors are generally joint ventures (in which we have 50% ownership) that have been established specifically to purchase, finance and engage in leasing activities with the joint venture partners and unrelated third parties. Our analysis of our real estate joint ventures for all periods presented indicate that none qualified as a VIE and, accordingly, they have not been consolidated. Unconsolidated investments in entities over which we do not have control but have the ability to exercise influence over operating and financial policies, if any, are accounted for under the equity method of accounting. Earnings and losses from such investments are recorded on a pre-tax basis, if any. |
Revenue Recognition | Revenue Recognition We account for the recognition of our revenue in accordance with the relevant accounting literature, primarily Accounting Standards Update (“ASU”) Revenue from Contracts with Customers (ASC 606). Software-enabled Services Revenue We primarily offer software-enabled outsourcing services in which we utilize our own software to offer comprehensive fund administration services for alternative investment managers, including fund manager services, transfer agency services, funds-of-funds services, tax processing and accounting. We also use our own software applications to provide healthcare organizations a variety of medical and pharmacy benefit solutions to satisfy their information processing, quality of care, cost management concerns and payment integrity programs. Our healthcare solutions include claims adjudication, benefit management, care management, business intelligence and other ancillary services. We also offer subscription-based on-demand software applications that are managed and hosted at our facilities. The software-enabled services arrangements provide an alternative for clients who do not wish to install, run and maintain complicated financial software. Under these arrangements, the client does not have the right to take possession of the software, rather, we agree to provide access to our applications, remote use of our equipment to process transactions, access to client’s data stored on our equipment and connectivity between our environment and the client’s computing systems. Software-enabled services are generally provided under contracts with initial terms of one to five years that require monthly or quarterly payments, and are subject to automatic annual renewal at the end of the initial term unless terminated by either party. In software-enabled services arrangements, the arrangement is a single performance obligation or a stand-ready performance obligation, which in either case is comprised of a series of distinct services that are substantially the same and have the same pattern of transfer to the customer (i.e. distinct days or months of service). We apply a measure of progress (typically time-based) to any fixed consideration and allocate variable consideration to the distinct periods of service based on usage or summarization of account information. These variable payments relate specifically to our efforts to perform the services in the period in which the fee applies. This variability is solely attributed to and resolved as a result of the transfer of these services; these fees are independent of the transfer of past or future goods or services. These fees meet the allocation objective of Accounting Standards Codification (“ASC”) 606 because they represent the amount of consideration we are entitled to for these services. For our software-enabled services contracts, which are cancelable with 90 days’ notice or meet the allocation objective for a series of performance obligations under ASC 606, we have not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when we expect to recognize this revenue. License, Maintenance and Related Revenue Agreements We generate revenues in the form of software license fees and related maintenance and services fees. License fees include perpetual license fees and term license fees that differ mainly in the duration over which the customer benefits from the software. Maintenance and services primarily consist of fees for maintenance services (including support and unspecified upgrades and enhancements when and if they are available) and, in some cases, professional services which focus on both deployment and training our customers to fully leverage the use of our products. Under ASC 606, we identify a contract with a customer, we identify the performance obligations in the contract, we determine the transaction price, we allocate the transaction price to each performance obligation in the contract and recognize revenues when (or as) we satisfy a performance obligation. Software license performance obligations are functional intellectual property that are distinct as the user can benefit from the software on its own as defined under ASC 606. Software license revenues are recognized at the point of time when the software license has been delivered. Term license fees are typically due in annual installments at the beginning of each annual period and we record a contract asset for amounts recognized as revenue in excess of amounts billed. We recognize maintenance revenues ratably over the term of the underlying contract term because we transfer control evenly by providing a stand-ready service Revenues from professional services consist mostly of services provided on a time and materials basis. The performance obligations are satisfied, and revenues are recognized, over time as the services are provided. In contracts with multiple performance obligations, we account for individual performance obligations separately if they are distinct. We allocate the transaction price to each performance obligation based on our relative standalone selling price out of total consideration of the contract. Standalone selling price is determined utilizing observable prices to the extent available. If the standalone selling price for a performance obligation is not directly observable, we estimate it maximizing the use of observable inputs. For maintenance and support, we determine the standalone selling price based on the price at which we separately sell a renewal contract and the economic relationship between licenses and maintenance. We primarily determine the standalone sel ling price for sales of license arrangements using the residual approach. For professional services, we determine the standalone selling prices based on the price at which we separately sell those services. We occasionally enter into license agreements requiring significant customization of our software that are not material to our results of operations. We account for the license and professional service fees under these agreements as a single performance obligation, recognized over time using an input method during the development of the license. This method requires estimates to be made for costs to complete the agreement utilizing an estimate of development man-hours remaining. Revenue is recognized each period based on the hours incurred to date compared to the total hours expected to complete the project. Due to uncertainties inherent in the estimation process, it is at least reasonably possible that completion costs will be revised. Such revisions are recognized in the period in which the revisions are determined. Provisions for estimated losses on uncompleted contracts are determined on a contract-by-contract basis, and are made in the period in which such losses are first estimated or determined. We do not account for significant financing components if the period between when we transfer the promised product or service to the client and when the client pays for that product or service will be one year or less. We record revenue net of any taxes assessed by governmental authorities. Accounts Receivable, net is primarily comprised of billed and unbilled receivables for which we have an unconditional right to consideration, net of an allowance for doubtful accounts. |
Costs of Revenues | Costs of Revenues Costs of revenues include all costs, including depreciation and amortization, incurred to produce revenues. Incremental costs of obtaining a contract (e.g., sales commissions) are capitalized and amortized on a basis consistent with the pattern of transfer of goods or services to the customer to which the asset relates over the expected customer relationship period if we expect to recover those costs. The expected customer relationship period is determined based on average historical customer relationship periods, including expected renewals. Expected renewal periods are only included in the expected customer relationship period if commission amounts paid upon renewal are not commensurate with amounts paid on the initial contract. Incremental costs of obtaining a contract include only those costs we incur to obtain a contract that we would not have incurred if the contract had not been obtained. We have determined that certain commissions programs meet the requirements to be capitalized. Certain sales commissions associated with multi-year contracts are subject to an employee service requirement. As an action other than each party approving the contract is required to trigger payment of these sales commissions, they are not considered incremental costs to obtain a contract and are expensed as incurred. We expense sales commissions as incurred when the amortization period would have been one year or less. |
Research and Development | Research and Development Research and development costs associated with computer software are charged to expense as incurred. Capitalization of internally developed computer software costs in the case of software to be sold begins upon the establishment of technological feasibility based on a working model. Capitalization of internally developed computer software costs in the case of internal use software begins when management authorizes and commits funding to a project and the preliminary design stage has been completed. Our policy is to amortize these costs upon a product’s general release to the client. Amortization of capitalized software costs is calculated by the greater of (a) the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product or (b) the straight-line method over the remaining estimated economic life of the product, including the period being reported on, typically two to five years. |
Stock-based Compensation | Stock-based Compensation Using the fair value recognition provisions of relevant accounting literature, stock-based compensation cost is measured at the grant date based on the estimated fair value of the award and is recognized as expense over the appropriate service period. Determining the fair value of stock-based awards requires considerable judgment, including estimating the expected term of stock options and the expected volatility of our stock price. Differences between actual results and these estimates could have a material effect on our financial results. Forfeitures are accounted for as they occur. A deferred income tax asset is recorded over the vesting period as stock compensation expense is recorded for non-qualified option awards. The realizability of the deferred tax asset is ultimately based on the actual value of the stock-based award upon exercise. If the actual value is lower than the fair value determined on the date of grant, then there would be an income tax expense for the portion of the deferred tax asset that is not realizable. |
Transaction Expenses | Transaction Expenses Transaction expenses are those costs that were directly related to our acquisition of DST Systems, Inc. (“DST”), as described in Note 8, “Acquisitions.” Transaction expenses consist primarily of certain costs associated with the amendment and restatement of our Credit Agreement, as described in Note 10, “Debt”, investment banker advisory fees, legal fees and other fees. |
Income Taxes | Income Taxes We account for income taxes in accordance with the relevant accounting literature. An asset and liability approach is used to recognize deferred tax assets and liabilities for the future tax consequences of items that are recognized in our financial statements and tax returns in different years. A valuation allowance is established against net deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the net deferred tax assets will not be realized. We account for uncertain tax positions using a two-step approach. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates 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 second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. We consider many factors when evaluating and estimating tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid marketable securities with original maturities of three months or less at the date of acquisition to be cash equivalents. |
Funds Receivable and Funds Held on Behalf of Clients | Funds Receivable and Funds Held on Behalf of Clients We hold client funds on behalf of transfer agency clients and pharmacy processing clients in connection with providing our data processing services. End-of-day available client bank balances for full service mutual fund transfer agency clients are invested overnight in credit quality government money market funds, bank deposits and repurchase agreements. Invested balances are returned to the full service mutual fund transfer agency clients’ accounts the following business day. Funds received from clients for the payment of pharmacy claims incurred by its members are invested in credit quality government money market funds, bank deposits and repurchase agreements until the paid claims are settled. Client funding receivables represent amounts due to us for pharmacy claims paid in advance of receiving client funding and for pharmacy claims processed for which client funding requests have not been made. Funds held on behalf of clients in the form of cash, cash equivalents and certificates of deposit with a maturity of less than twelve months are included in funds receivable and funds held on behalf of clients in the Consolidated Balance Sheet. Funds held on behalf of clients in the form of certificates of deposit with a maturity of greater than twelve months are classified as investments on the Consolidated Balance Sheets. All funds held on behalf of clients represent assets that are restricted for use. We have included funds held on behalf of clients that meet the definition of restricted cash and restricted cash equivalents in the beginning and end of period balances in the Consolidated Statements of Cash Flows. Cash inflows and outflows related to investment of funds held on behalf of clients are reported on a gross basis as “Investments in securities” and “Proceeds from sales / maturities of investments” in the investing section of the Consolidated Statements of Cash Flows. |
Client Funds Obligations | Client Funds Obligations Client funds obligations represent funds owed to full service mutual fund transfer agency clients for cash balances invested overnight, and our contractual obligations to satisfy client pharmacy claim obligations that are recorded on the balance sheet when incurred, generally after we have processed a claim on behalf of its pharmacy clients. |
Restricted Cash | Restricted Cash Restricted cash primarily includes amounts held by a bank as security for letters of credit issued due to lease requirements for office space. The letters of credit are expected to be renewed within the next twelve months, and as such, the restricted cash is classified as a current asset on the Consolidated Balance Sheets. |
Investments and Unconsolidated Affiliates | Investments and Unconsolidated Affiliates We hold various investments, including investments in marketable securities, non-marketable securities and partnership interests in private equity funds, joint ventures and other similar entities. The equity method of accounting is used for investments in entities, partnerships and similar interests (including investments in private equity funds where we are a limited partner and hold a greater than 5% partnership interest in the fund) in which we have significant influence but do not control. Under the equity method, we recognize income or losses from our pro-rata share of these unconsolidated affiliates’ net income or loss, which changes the carrying value of the investment of the unconsolidated affiliate. We measure equity investments in marketable securities, seed capital investments and other investments, other than those accounted for under the equity method of accounting or those that result in consolidation of the investee, at fair value, with changes in the fair value recognized in earnings. We use net asset value as a practical expedient for the fair value of partnership interests in private equity funds that are not accounted for under the equity method of accounting. Investments in non-marketable equity securities that do not have readily determinable fair values and do not qualify for the practical expedient to measure the investment using a net asset value per share are recorded using the measurement alternative in ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities We have certain investments in unconsolidated affiliates accounted for under the equity method of accounting in which our carrying value exceeds our proportionate share of net assets of the unconsolidated affiliate. The total investment in unconsolidated affiliates, including basis differences, is included in unconsolidated affiliates on the Consolidated Balance Sheet. We record our proportionate share of the results of the unconsolidated affiliates and amortization expense related to basis differences in equity in earnings of unconsolidated affiliates, net on the Consolidated Statements of Comprehensive Income (Loss). |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation of property, plant and equipment is calculated using a combination of straight-line and accelerated methods over the estimated useful lives of the assets as follows: Description Useful Life Land — Buildings and improvements 40 years Equipment and software 3-5 years Furniture and fixtures 7-10 years Leasehold improvements Shorter of lease term or estimated useful life Maintenance and repairs are expensed as incurred. The costs of sold or retired assets are removed from the related asset and accumulated depreciation accounts and any gain or loss is included in the Consolidated Statements of Comprehensive Income (Loss). |
Leases | Leases We adopted ASC 842 as of January 1, 2019 using the modified retrospective transition method. We determine if our contractual agreements contain a lease at inception. A lease is identified when a contract allows us the right to control an identified asset for a period of time in exchange for consideration. Our lease agreements consist primarily of operating leases for office space. Our operating leases are included on the Consolidated Balance Sheets as operating lease assets and operating lease liabilities, under ASC 842. An operating lease asset represents our right to use an underlying asset over the term of a lease while an operating lease liability represents our obligation to make lease payments arising from the lease. Operating lease liabilities are recognized at the commencement date at the present value of the base minimum rent payments. Operating lease assets are also recognized at the commencement date as the total operating lease liability adjusted for prepaid rents, deferred rent liabilities and lease fair value adjustments that existed under ASC 840. As most of our leases do not provide an implicit rate, we use our estimated secured incremental borrowing rate within each of the significant geographic regions in which we operate based on the information available at lease commencement date in determining the present value of lease payments. Our lease agreements typically do not contain variable lease payments, residual value guarantees or restrictive covenants. Many of our leases include the option to renew, however we do not believe it is reasonably certain that we will exercise the options as each individual lease is evaluated and further negotiated prior to the end of the current lease terms. Generally, our lease agreements include required separate payments for non-lease components (e.g. payments for common area maintenance, real estate taxes and/or utilities) which are expensed as incurred. We do have certain lease agreements that contain bundled minimum payments for lease components (e.g. payments for rent) and non-lease components. In these situations, we have applied the practical expedient available under ASC 842 to not separate the lease and non-lease components for purposes of the right-of-use asset and lease payment obligation calculations. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets We test goodwill annually for impairment as of December 31 st Customer relationships, completed technology, trade names and other identifiable intangible assets are amortized over lives ranging from two to 17 years based on the ratio that cash flows for the intangible asset bear to the total of expected future cash flows for the intangible asset. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We evaluate the recoverability of our long-lived assets when there is evidence that events or changes in circumstances have made recovery of the carrying value of the asset or asset group unlikely. An impairment loss would be recognized when the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset or asset group. We have identified no such impairment losses in the years ended December 31, 2020 and 2019. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments, which potentially subject us to concentrations of credit risk, consist principally of cash, cash equivalents, marketable securities and trade receivables. We have cash investment policies that limit investments to investment grade securities. Concentrations of credit risk, with respect to trade receivables, are limited due to the fact that our client base is highly diversified. As of December 31, 2020 and 2019, we had no significant concentrations of credit. |
International Operations and Foreign Currency | International Operations and Foreign Currency The functional currency of each foreign subsidiary is generally the local currency. Accordingly, assets and liabilities of foreign subsidiaries are translated to U.S. dollars at period-end exchange rates, and capital stock accounts are translated at historical rates. Revenues and expenses are translated using the average rates during the period. The resulting translation adjustments are excluded from net earnings and accumulated as a separate component of stockholders’ equity. Foreign currency transaction gains and losses are included within other income (expense) in the Consolidated Statements of Comprehensive Income (Loss) in the periods in which they occur. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Our comprehensive income (loss) consists of net income, foreign currency translation adjustments, a defined benefit pension plan and our proportionate share of the change in value of an interest rate swap agreement that one of our unconsolidated affiliates is a party to, which are presented in the Consolidated Statements of Comprehensive Income (Loss), net of tax and reclassifications to earnings. The accumulated balance of other comprehensive income (loss) is reported separately from retained earnings and additional paid-in capital in the stockholders’ equity section of the Consolidated Balance Sheets. Total comprehensive income (loss) consists of net income and other accumulated comprehensive income (loss) disclosed in the equity section of the Consolidated Balance Sheets. |
Treasury Stock | Treasury Stock Treasury stock purchases are accounted for under the cost method and are included as a deduction from equity in the stockholders’ equity section of the Consolidated Balance Sheets. Under the cost method, the price paid for the stock is charged to the treasury stock account. We use the average cost method to reduce the value of the treasury stock account if treasury stock is re-issued. |
Contingencies | Contingencies Loss contingencies from legal proceedings and claims may occur from government investigations, shareholder lawsuits, contractual claims, tax and other matters. Accruals are recognized when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. Gain contingencies are not recognized until realized. Legal fees are expensed as incurred. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments |
Recent Accounting Pronouncements Not Yet Effective | Recent Accounting Pronouncements Not Yet Effective In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. Reference Rate Reform (Topic 848): Scope |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of the Assets | Depreciation of property, plant and equipment is calculated using a combination of straight-line and accelerated methods over the estimated useful lives of the assets as follows: Description Useful Life Land — Buildings and improvements 40 years Equipment and software 3-5 years Furniture and fixtures 7-10 years Leasehold improvements Shorter of lease term or estimated useful life |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | Accounts receivable are as follows (in millions): December 31, 2020 2019 Accounts receivable $ 478.9 $ 488.5 Unbilled accounts receivable 185.9 194.4 Allowance for doubtful accounts (16.8 ) (13.2 ) Total accounts receivable, net $ 648.0 $ 669.7 |
Schedule of Allowance for Doubtful Accounts | The following table represents the activity for the allowance for doubtful accounts (in millions): Year Ended December 31, 2020 2019 2018 Balance at beginning of period $ 13.2 $ 9.4 $ 6.7 Charge to costs and expenses 7.7 6.2 4.0 Write-offs, net of recoveries (4.2 ) (2.4 ) (1.3 ) Foreign currency impact 0.1 — — Balance at end of period $ 16.8 $ 13.2 $ 9.4 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment and Related Accumulated Depreciation | Property, plant and equipment and the related accumulated depreciation are as follows (in millions): December 31, 2020 2019 Land $ 48.0 $ 47.5 Building and improvements 307.4 302.2 Equipment, furniture, and fixtures 463.1 427.1 818.5 776.8 Less: accumulated depreciation and amortization (405.7 ) (310.4 ) Total property, plant and equipment, net $ 412.8 $ 466.4 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Maturities of Lease Liabilities | Lease liabilities as of December 31, 2020 are as follows (in millions): Maturity of Lease Liabilities 2021 $ 80.4 2022 69.8 2023 60.1 2024 52.0 2025 41.2 Thereafter 163.0 Total lease payments $ 466.5 Less: interest (79.5 ) Present value of lease liabilities $ 387.0 |
Schedule of Lease Payments to be Received | Lease payments to be received as of December 31, 2020 are as follows (in millions): Lease Payments to be Received 2021 $ 8.7 2022 6.2 2023 5.7 2024 2.7 2025 1.7 Thereafter 10.2 Total lease payments $ 35.2 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Investments | Investments are as follows (in millions): December 31, 2020 2019 Non-marketable equity securities $ 84.5 $ 45.5 Partnership interests in private equity funds 39.8 76.7 Marketable equity securities 38.0 37.9 Seed capital investments 21.2 — Total investments $ 183.5 $ 160.1 |
Schedule of Realized and Unrealized Gains and Losses on Investments | Realized and unrealized gains and losses for our equity securities are as follows (in millions): Year Ended December 31, 2020 2019 2018 Unrealized gains (losses) on equity securities held as of the end of the period $ 7.2 $ 22.0 $ (4.5 ) Realized gains for equity securities sold during the period 18.6 11.3 0.9 Total gains (losses) recognized in other income (expense), net $ 25.8 $ 33.3 $ (3.6 ) |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present assets and liabilities measured at fair value on a recurring basis (in millions): Fair Value Measurements at Reporting Date Using December 31, 2020 Quoted prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds (1) $ 698.9 $ 698.9 $ — $ — Marketable equity securities (2) 38.0 38.0 — — Seed capital investments (2) 21.2 21.2 — — Deferred compensation liabilities (3) (20.3 ) (20.3 ) — — Total $ 737.8 $ 737.8 $ — $ — _____________________________________________________ (1) Included in cash and cash equivalents and funds receivable and funds held on behalf of clients on the Consolidated Balance Sheet. (2) Included in investments on the Consolidated Balance Sheet. (3) Included in other long-term liabilities on the Consolidated Balance Sheet. Fair Value Measurements at Reporting Date Using December 31, 2019 Quoted prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds (1) $ 1,051.1 $ 1,051.1 $ — $ — Marketable equity securities (2) 37.9 37.9 — — Deferred compensation liabilities (3) (20.8 ) (20.8 ) — — Total $ 1,068.2 $ 1,068.2 $ — $ — _____________________________________________________ (1) Included in cash and cash equivalents and funds receivable and funds held on behalf of clients on the Consolidated Balance Sheet. (2) Included in investments on the Consolidated Balance Sheet. (3) Included in other long-term liabilities on the Consolidated Balance Sheet. |
Unconsolidated Affiliates (Tabl
Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Investments in Unconsolidated Affiliates | Investments in unconsolidated affiliates are as follows (in millions): December 31, 2020 December 31, 2019 Ownership Percentage Carrying Value Excess carrying value of investment over proportionate share of net assets Carrying Value Excess carrying value of investment over proportionate share of net assets International Financial Data Services L.P. 50% $ 97.5 $ 41.5 $ 97.4 $ 44.9 Pershing Road Development Company, LLC 50% 74.1 72.7 77.0 75.2 Broadway Square Partners, LLP 50% 52.6 29.6 51.0 32.8 Other unconsolidated affiliates 1.4 — 9.4 — Total $ 225.6 $ 143.8 $ 234.8 $ 152.9 |
Schedule of Equity in Earnings of Unconsolidated Affiliates | Equity in earnings of unconsolidated affiliates is as follows (in millions): Year Ended December 31, 2020 2019 2018 International Financial Data Services L.P. $ 3.6 $ 3.6 $ 2.9 Pershing Road Development Company, LLC 2.8 1.7 0.2 Broadway Square Partners, LLP 1.6 1.3 (1.5 ) Other unconsolidated affiliates (9.5 ) (3.0 ) 0.5 Total $ (1.5 ) $ 3.6 $ 2.1 |
Schedule of Related Party Transactions and Balances Outstanding With Our Related Parties | The following tables summarize related party transactions and balances outstanding with our related parties, which is entirely comprised of transactions with our unconsolidated affiliates (in millions): Year Ended December 31, 2020 2019 2018 Operating revenues from related parties $ 44.4 $ 3.7 $ 5.6 Amounts paid to related parties (1) 43.0 20.4 14.4 Distributions received from related parties 8.1 3.3 11.8 December 31, 2020 2019 Outstanding advances/loans to related parties $ 1.9 $ 1.9 Trade accounts receivable from related parties 13.9 1.1 Total amounts receivable from related parties $ 15.8 $ 3.0 Amounts payable to related parties $ 2.1 $ 0.4 (1) Excludes amounts paid to our unconsolidated joint ventures related to loans, advancements and other capital investments. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Summary of Allocation of Purchase Price for Acquisitions of Acquiree | The following summarizes the preliminary allocation of the purchase price for the 2020 acquisitions of Innovest and Captricity. The assets and liabilities pending finalization include the valuation of acquired tangible and intangible assets and the evaluation of taxes. The following also summarizes the final allocation of the purchase price for the 2019 acquisition of Algorithmics (in millions): Innovest Captricity Algorithmics Accounts receivable $ 6.2 $ 0.3 $ — Fixed assets 1.6 — 0.2 Other assets 3.2 2.1 2.0 Acquired client relationships and contracts 39.2 3.6 28.7 Completed technology 20.1 7.0 19.6 Trade names 3.6 0.2 2.0 Goodwill 53.8 5.5 68.7 Accounts payable (1.1 ) (0.4 ) — Accrued employee compensation and benefits (1.1 ) (0.3 ) (0.5 ) Deferred revenue (1.4 ) (2.1 ) (19.1 ) Other liabilities assumed (4.9 ) (0.8 ) (14.0 ) Consideration paid, net of cash acquired $ 119.2 $ 15.1 $ 87.6 |
Schedule of Severance Expense Recognized | The amount of severance expense recognized in our Consolidated Statements of Comprehensive Income (Loss) was as follows (in millions): For the Year Ended December 31, Consolidated Statements of Comprehensive Income (Loss) Classification 2020 2019 2018 Cost of software-enabled services $ 21.0 $ 4.4 $ 38.3 Cost of license, maintenance and other related 1.1 — 0.5 Total cost of revenues 22.1 4.4 38.8 Selling and marketing 1.5 6.8 3.5 Research and development 5.2 1.5 12.7 General and administrative 3.3 3.2 7.6 Total operating expenses 10.0 11.5 23.8 Total severance expense $ 32.1 $ 15.9 $ 62.6 |
Summary of Unaudited Pro Forma Information | The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the acquisitions of Innovest and Captricity occurred on January 1, 2019 and Algorithmics occurred on January 1, 2018, after giving effect to certain adjustments, including amortization of intangibles, interest, transaction costs and tax effects. This unaudited pro forma information (in millions) should not be relied upon as being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on those dates, nor of the results that may be obtained in the future. Year Ended December 31, 2020 2019 2018 Revenues $ 4,695.6 $ 4,776.9 $ 4,719.4 Net income $ 632.9 $ 454.8 $ 109.3 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Goodwill | The following table summarizes changes in goodwill (in millions): Balance at December 31, 2018 $ 7,858.0 2019 acquisitions 62.4 Adjustments to prior acquisitions (24.2 ) Effect of foreign currency translation 63.7 Balance at December 31, 2019 $ 7,959.9 2020 acquisitions 60.4 Adjustments to prior acquisitions 11.6 Effect of foreign currency translation 46.8 Balance at December 31, 2020 $ 8,078.7 |
Summary of the Components of Intangible Assets | A summary of the components of intangible assets is as follows (in millions): December 31, 2020 2019 Customer relationships $ 4,728.7 $ 4,666.8 Completed technology 1,438.1 1,406.8 Trade names 262.0 258.3 Other 45.8 45.8 Total intangible assets 6,474.6 6,377.7 Less: accumulated amortization (2,572.9 ) (1,980.5 ) Total intangible assets, net $ 3,901.7 $ 4,397.2 |
Schedule of Estimated Amortization Expense, Related to Intangible Assets | Total estimated amortization expense, related to intangible assets, for each of the next five years and thereafter, as of December 31, 2020, is expected to approximate (in millions): Year Ending December 31, 2021 $ 526.0 2022 492.8 2023 458.7 2024 420.4 2025 383.1 Thereafter 1,620.7 Total $ 3,901.7 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Component of Debt | At December 31, 2020 and 2019, debt consisted of the following (in millions): December 31, 2020 2019 Senior secured credit facilities, weighted-average interest rate of 1.90% and 4.05%, respectively $ 4,485.9 $ 5,198.7 5.5% senior notes due 2027 2,000.0 2,000.0 Other indebtedness 10.1 25.6 Unamortized original issue discount and debt issuance costs (53.6 ) (70.2 ) 6,442.4 7,154.1 Less: current portion of long-term debt 53.9 76.3 Long-term debt $ 6,388.5 $ 7,077.8 |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of financial instruments are as follows (in millions): December 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Amount Value Amount Value Financial liabilities: Senior secured credit facilities $ 4,485.9 $ 4,426.0 $ 5,198.7 $ 5,231.7 5.5% senior notes due 2027 2,000.0 2,136.0 2,000.0 2,135.0 Other indebtedness 10.1 10.2 25.6 25.9 |
Schedule of Annual Maturities of Long-Term Debt During Next Five Years and Thereafter | At December 31, 2020, annual maturities of long-term debt during the next five years and thereafter are as follows (in millions): Year ending December 31, 2021 $ 52.7 2022 52.7 2023 48.8 2024 48.0 2025 4,293.8 Thereafter 2,000.0 Total $ 6,496.0 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss Balances, Net of Tax | Other Comprehensive Income (Loss) Accumulated other comprehensive loss balances, net of tax consist of the following (in millions): Interest Rate Swap Foreign Currency Translation Defined Benefit Obligation Accumulated Other Comprehensive Loss Balance, December 31, 2018 $ — $ (343.0 ) $ — $ (343.0 ) Net current period other comprehensive (loss) income (2.8 ) 92.8 — 90.0 Balance, December 31, 2019 $ (2.8 ) $ (250.2 ) $ — $ (253.0 ) Net current period other comprehensive (loss) income (2.7 ) 57.9 (3.2 ) 52.0 Balance, December 31, 2020 $ (5.5 ) $ (192.3 ) $ (3.2 ) $ (201.0 ) |
Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss) | Adjustments to accumulated other comprehensive income (loss) attributable to us are as follows (in millions): Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Pretax Tax Effect Pretax Tax Effect Pretax Tax Effect Interest Rate Swap Unrealized loss on interest rate swaps $ (3.7 ) $ 1.0 $ (5.6 ) $ 1.0 $ — $ — Reclassification of losses into net earnings on interest rate swaps — — 1.8 — — — Net change in cash flow hedges (3.7 ) 1.0 (3.8 ) 1.0 — — Defined Benefit Pension Unrealized net losses on defined benefit pension plan (3.9 ) 0.7 — — — — Net change in defined benefit pension (3.9 ) 0.7 — — — — Foreign Currency Translation Current period translation adjustments 58.8 (0.9 ) 92.8 — (260.9 ) 0.6 Net cumulative translation adjustments 58.8 (0.9 ) 92.8 — (260.9 ) 0.6 Total other comprehensive income (loss) $ 51.2 $ 0.8 $ 89.0 $ 1.0 $ (260.9 ) $ 0.6 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Revenues by Geography and Source | The following table disaggregates our revenues by geography (in millions): Year Ended December 31, 2020 2019 2018 United States $ 3,427.4 $ 3,383.6 $ 2,479.8 United Kingdom 569.9 652.9 503.9 Europe (excluding United Kingdom), Middle East and Africa 251.3 216.5 145.4 Asia-Pacific and Japan 193.3 207.6 145.8 Canada 148.7 107.5 96.3 Americas, excluding United States and Canada 77.3 64.8 49.9 Total $ 4,667.9 $ 4,632.9 $ 3,421.1 The following table disaggregates our revenues by source (in millions): Year Ended December 31, 2020 2019 2018 Software-enabled services $ 3,891.3 $ 3,869.2 $ 2,798.9 Maintenance and term licenses 663.1 644.2 508.8 Professional services 90.5 84.7 83.9 Perpetual licenses 23.0 34.8 29.5 Total $ 4,667.9 $ 4,632.9 $ 3,421.1 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Stock-Based Compensation Expense Recognized | Total Stock Options, SARs, RSUs and RSAs The amount of stock-based compensation expense recognized in our Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2020, 2019 and 2018 was as follows (in millions): Year Ended December 31, 2020 2019 2018 Consolidated Statements of Comprehensive Income (Loss) Classification Options, SARs RSUs Total Options, SARs RSUs Total Options, SARs RSUs Total Cost of software-enabled services $ 32.2 $ 2.3 $ 34.5 $ 24.9 $ 4.6 $ 29.5 $ 25.7 $ 13.7 $ 39.4 Cost of license, maintenance and other related 5.3 — 5.3 4.5 0.2 4.7 3.9 0.8 4.7 Total cost of revenues 37.5 2.3 39.8 29.4 4.8 34.2 29.6 14.5 44.1 Selling and marketing 13.1 0.7 13.8 10.5 0.6 11.1 7.3 4.5 11.8 Research and development 11.1 0.2 11.3 9.2 0.1 9.3 8.0 1.0 9.0 General and administrative 21.4 1.5 22.9 16.2 1.6 17.8 16.1 15.9 32.0 Total operating expenses 45.6 2.4 48.0 35.9 2.3 38.2 31.4 21.4 52.8 Total stock-based compensation expense $ 83.1 $ 4.7 $ 87.8 $ 65.3 $ 7.1 $ 72.4 $ 61.0 $ 35.9 $ 96.9 |
Summary of Stock Option and SAR Activity as well as RSU Activity | The following table summarizes stock option and SAR activity as well as RSU activity as of and for the years ended December 31, 2020, 2019 and 2018 (share data in millions): Stock Options and SARs RSUs Shares Weighted- Average Exercise Price Shares Weighted-Average Grant Date Fair Value Outstanding at December 31, 2017 31.3 $ 28.92 0.2 $ 31.04 Granted 13.2 $ 47.50 — $ 50.62 Equity awards assumed from DST 0.7 $ 48.85 2.0 $ 50.71 Cancelled/forfeited (1.4 ) $ 38.56 — $ 48.71 Vested — $ — (0.8 ) $ 46.45 Exercised (4.0 ) $ 24.71 — $ — Outstanding at December 31, 2018 39.8 $ 35.48 1.4 $ 50.44 Granted 9.0 $ 60.82 — $ — Cancelled/forfeited (1.7 ) $ 46.84 (0.1 ) $ 40.69 Vested — $ — (0.8 ) $ 45.89 Exercised (5.0 ) $ 27.76 — $ — Outstanding at December 31, 2019 42.1 $ 41.37 0.5 $ 44.94 Granted 8.4 $ 70.35 — $ — Cancelled/forfeited (1.4 ) $ 52.45 — $ — Vested — $ — (0.3 ) $ 45.42 Exercised (6.4 ) $ 31.57 — $ — Outstanding at December 31, 2020 42.7 $ 48.16 0.2 $ 44.96 |
Summary of Vested Stock Options and SARs Outstanding that are Currently Exercisable and Stock Options and SARs Outstanding that are Expected to Vest | The following table summarizes information about vested stock options and SARs outstanding that are currently exercisable and stock options and SARs outstanding that are expected to vest at December 31, 2020: Outstanding, Vested Stock Options and SARs Currently Exercisable Outstanding Stock Options and SARs Expected to Vest Weighted- Weighted- Weighted- Average Weighted- Average Average Aggregate Remaining Average Aggregate Remaining Exercise Intrinsic Contractual Exercise Intrinsic Contractual Shares Price Value Term Shares Price Value Term (In millions) (In millions) (Years) (In millions) (In millions) (Years) 21.8 $ 36.86 $ 783.9 5.9 42.7 $ 48.16 $ 1,050.3 7.4 |
Time-Based Stock Options and SARs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Weighted-Average Assumptions Using Black-Scholes Option-Pricing Model | For the time-based stock options and SARs valued using the Black-Scholes option-pricing model, we used the following weighted-average assumptions: Time-based Awards 2020 2019 2018 Expected term to exercise (years) 4.0 4.0 4.0 Expected volatility 34.85 % 30.35 % 25.26 % Risk-free interest rate 0.28 % 1.71 % 2.67 % Expected dividend yield 0.80 % 0.82 % 0.70 % |
Basic and Diluted Earnings pe_2
Basic and Diluted Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted EPS | The following table sets forth the computation of basic and diluted EPS (in millions, except per share amounts): Year Ended December 31, 2020 2019 2018 Net income $ 625.2 $ 438.5 $ 103.2 Shares: Weighted-average common shares outstanding – used in calculation of basic EPS 256.4 252.9 232.5 Weighted-average common stock equivalents – stock options and restricted shares 10.2 11.3 11.2 Weighted-average common and common equivalent shares outstanding – used in calculation of diluted EPS 266.6 264.2 243.7 Earnings per share – Basic $ 2.44 $ 1.73 $ 0.44 Earnings per share – Diluted $ 2.35 $ 1.66 $ 0.42 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Sources of Income Before Income Taxes | The sources of income before income taxes were as follows (in millions): Year Ended December 31, 2020 2019 2018 U.S. $ 593.4 $ 342.7 $ (10.9 ) Foreign 182.4 189.0 136.0 Income before income taxes $ 775.8 $ 531.7 $ 125.1 |
Component of Income Tax Provision | The income tax provision consists of the following (in millions): Year Ended December 31, 2020 2019 2018 Current: Federal $ 190.0 $ 84.6 $ 66.4 Foreign 43.5 44.9 37.8 State 72.5 50.8 23.5 Total 306.0 180.3 127.7 Deferred: Federal (97.7 ) (50.7 ) (75.4 ) Foreign (3.8 ) (8.9 ) 0.2 State (53.9 ) (27.5 ) (30.6 ) Total (155.4 ) (87.1 ) (105.8 ) Total $ 150.6 $ 93.2 $ 21.9 |
Summary of Reconciliation Between Expected Tax Expense and Actual Tax Provision | The reconciliation between the expected tax expense and the actual tax provision is computed by applying the U.S. federal corporate income tax rate of 21% to income before income taxes as follows (in millions): Year Ended December 31, 2020 2019 2018 Computed “expected” tax expense $ 162.9 $ 111.7 $ 26.3 Increase (decrease) in income tax expense resulting from: State income taxes (net of federal income tax benefit) 14.0 18.0 (6.0 ) Foreign operations 8.0 1.7 10.7 Effects of stock based compensation (25.7 ) (21.8 ) (14.6 ) Effect of valuation allowance 0.3 (6.5 ) 4.6 Uncertain tax positions (4.6 ) (8.0 ) (0.9 ) Tax credits (7.9 ) (9.4 ) (4.0 ) Other 3.6 7.5 5.8 Provision for income taxes $ 150.6 $ 93.2 $ 21.9 |
Components of Deferred Income Taxes | The components of deferred income taxes at December 31, 2020 and 2019 are as follows (in millions): 2020 2019 Deferred Deferred Deferred Deferred Tax Tax Tax Tax Assets Liabilities Assets Liabilities Net operating loss carryforwards 25.2 — 31.3 — Deferred compensation 46.1 — 44.6 — Tax credit carryforwards 36.6 — 38.2 — Accrued expenses 13.4 — 11.5 — Leases 97.5 88.5 92.1 83.8 Other 87.7 12.9 42.0 17.8 Depreciable and amortizable property — 971.5 — 1,072.5 Investments — 117.1 — 136.9 Total 306.5 1,190.0 259.7 1,311.0 Valuation allowance (31.8 ) — (30.3 ) — Total $ 274.7 $ 1,190.0 $ 229.4 $ 1,311.0 |
Summary of Activity Related to Company's Unrecognized Tax Benefits | The following table summarizes the activity related to our unrecognized tax benefits for the years ended December 31, 2020 and 2019 (in millions): Balance at December 31, 2018 $ 140.5 Increases related to current year tax positions 9.5 Decreases related to prior tax positions (10.1 ) Increases related to acquired tax positions 2.4 Lapse in statute of limitation (10.0 ) Foreign exchange translation adjustment (0.1 ) Balance at December 31, 2019 $ 132.2 Increases related to current year tax positions 11.6 Decreases related to prior tax positions (0.9 ) Lapse in statute of limitation (15.2 ) Balance at December 31, 2020 $ 127.7 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Committed Purchase Obligations | Purchase Obligations Our contractual cash obligations for our committed purchase obligations as of December 31, 2020 are as follows (in millions): Year Ending December 31, 2021 $ 105.9 2022 34.6 2023 14.2 2024 0.2 2025 and thereafter 0.1 Total $ 155.0 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Long-lived Assets | Long-lived assets as of December 31, were (in millions): 2020 2019 2018 United States $ 307.1 $ 350.2 $ 425.2 Europe, Middle East and Africa 86.6 95.7 108.5 Asia-Pacific and Japan 25.0 25.5 24.7 Canada 5.4 6.1 6.0 Americas, excluding United States and Canada 0.4 0.5 0.4 Total $ 424.5 $ 478.0 $ 564.8 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2020USD ($)ReportingUnit | Dec. 31, 2019USD ($)ReportingUnit | |
Accounting Policies [Line Items] | ||
Term of maintenance contract | 1 year | |
Cash equivalents, maturity period | 3 months | |
Goodwill impairment loss | $ 0 | $ 0 |
Number of reporting units | ReportingUnit | 2 | 2 |
Goodwill and intangible assets reporting units description | As of December 31, 2019 and through June 30, 2020, we had two reporting units, one which includes the DST business, and one which includes the rest of our operations. | |
Indefinite lived intangible assets | $ 0 | $ 0 |
Impairment of long-lived assets held for use | $ 0 | $ 0 |
Credit Concentration Risk [Member] | Trade Receivables [Member] | ||
Accounting Policies [Line Items] | ||
Concentration of credit risk | 0.00% | 0.00% |
Software-enabled Services [Member] | ||
Accounting Policies [Line Items] | ||
Revenue remaining performance obligation, explanation | For our software-enabled services contracts, which are cancelable with 90 days’ notice or meet the allocation objective for a series of performance obligations under ASC 606, we have not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when we expect to recognize this revenue. | |
Kansas City, Missouri [Member] | Joint Venture in Leasing Arrangement [Member] | ||
Accounting Policies [Line Items] | ||
Ownership percentage | 50.00% | |
Minimum [Member] | ||
Accounting Policies [Line Items] | ||
Percentage of voting interest held for consolidation | 50.00% | |
Tax benefit realized upon settlement | 50.00% | |
Minimum [Member] | Limited Partner [Member] | Partnership Interests in Private Equity Funds [Member] | ||
Accounting Policies [Line Items] | ||
Ownership percentage | 5.00% | |
Minimum [Member] | Perpetual License [Member] | ||
Accounting Policies [Line Items] | ||
Duration of maintenance contract | 1 year | |
Minimum [Member] | Software Development [Member] | ||
Accounting Policies [Line Items] | ||
Completed technology, trade names and other identifiable intangible assets are amortized over lives | 2 years | |
Minimum [Member] | Completed Technology, Trade Names and Other [Member] | ||
Accounting Policies [Line Items] | ||
Completed technology, trade names and other identifiable intangible assets are amortized over lives | 2 years | |
Minimum [Member] | Software-enabled Services [Member] | ||
Accounting Policies [Line Items] | ||
Revenue recognition period | 1 year | |
Maximum [Member] | Perpetual License [Member] | ||
Accounting Policies [Line Items] | ||
Duration of maintenance contract | 5 years | |
Maximum [Member] | Software Development [Member] | ||
Accounting Policies [Line Items] | ||
Completed technology, trade names and other identifiable intangible assets are amortized over lives | 5 years | |
Maximum [Member] | Completed Technology, Trade Names and Other [Member] | ||
Accounting Policies [Line Items] | ||
Completed technology, trade names and other identifiable intangible assets are amortized over lives | 17 years | |
Maximum [Member] | Software-enabled Services [Member] | ||
Accounting Policies [Line Items] | ||
Revenue recognition period | 5 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of the Assets (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 40 years |
Equipment and Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 3 years |
Equipment and Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 7 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Useful Life | 10 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, Estimated Useful Lives | Shorter of lease term or estimated useful life |
Accounts Receivable, Net - Summ
Accounts Receivable, Net - Summary of Accounts Receivable (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Accounts receivable | $ 478.9 | $ 488.5 |
Unbilled accounts receivable | 185.9 | 194.4 |
Allowance for doubtful accounts | (16.8) | (13.2) |
Total accounts receivable, net | $ 648 | $ 669.7 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | |||
Balance at beginning of period | $ 13.2 | $ 9.4 | $ 6.7 |
Charge to costs and expenses | 7.7 | 6.2 | 4 |
Write-offs, net of recoveries | (4.2) | (2.4) | (1.3) |
Foreign currency impact | 0.1 | ||
Balance at end of period | $ 16.8 | $ 13.2 | $ 9.4 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment and Related Accumulated Depreciation (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 818.5 | $ 776.8 |
Less: accumulated depreciation and amortization | (405.7) | (310.4) |
Total property, plant and equipment, net | 412.8 | 466.4 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 48 | 47.5 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 307.4 | 302.2 |
Equipment, Furniture, and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 463.1 | $ 427.1 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 105.7 | $ 123.2 | $ 100.1 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee Lease Description [Line Items] | |||
Operating lease costs | $ 77.4 | $ 79 | |
Cash paid for operating lease liabilities included in operating cashflows | 77.7 | 73.8 | |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 36.3 | 41.5 | |
Weighted average remaining lease term | 7 years 10 months 24 days | ||
Weighted average discount rates | 4.80% | ||
Real Estate Office Space [Member] | |||
Lessee Lease Description [Line Items] | |||
Total gross sublease and other rental income | $ 10.4 | 9.1 | $ 5.4 |
Lease Agreements [Member] | |||
Lessee Lease Description [Line Items] | |||
Operating lease expense | $ 2.4 | $ 2.9 | $ 2 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Maturity of Lease Liabilities | |
2021 | $ 80.4 |
2022 | 69.8 |
2023 | 60.1 |
2024 | 52 |
2025 | 41.2 |
Thereafter | 163 |
Total lease payments | 466.5 |
Less: interest | (79.5) |
Present value of lease liabilities | $ 387 |
Leases - Schedule of Lease Paym
Leases - Schedule of Lease Payments to be Received (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Lease Payments to be Received | |
2021 | $ 8.7 |
2022 | 6.2 |
2023 | 5.7 |
2024 | 2.7 |
2025 | 1.7 |
Thereafter | 10.2 |
Total lease payments | $ 35.2 |
Investments - Summary of Invest
Investments - Summary of Investments (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Total investments | $ 183.5 | $ 160.1 |
Non Marketable Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 84.5 | 45.5 |
Partnership Interests in Private Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 39.8 | 76.7 |
Marketable Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 38 | $ 37.9 |
Seed Capital Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | $ 21.2 |
Investments - Schedule of Reali
Investments - Schedule of Realized and Unrealized Gains and Losses on Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |||
Unrealized gains (losses) on equity securities held as of the end of the period | $ 7.2 | $ 22 | $ (4.5) |
Realized gains for equity securities sold during the period | 18.6 | 11.3 | 0.9 |
Total gains (losses) recognized in other income (expense), net | $ 25.8 | $ 33.3 | $ (3.6) |
Investments - Summary of Assets
Investments - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Deferred compensation liabilities | $ (20.3) | $ (20.8) |
Total | 737.8 | 1,068.2 |
Quoted prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Schedule of Investments [Line Items] | ||
Deferred compensation liabilities | (20.3) | (20.8) |
Total | 737.8 | 1,068.2 |
Money Market Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Investments measured at fair value | 698.9 | 1,051.1 |
Money Market Funds [Member] | Quoted prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Schedule of Investments [Line Items] | ||
Investments measured at fair value | 698.9 | 1,051.1 |
Marketable Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investments measured at fair value | 38 | 37.9 |
Marketable Equity Securities [Member] | Quoted prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Schedule of Investments [Line Items] | ||
Investments measured at fair value | 38 | $ 37.9 |
Seed Capital Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Investments measured at fair value | 21.2 | |
Seed Capital Investments [Member] | Quoted prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Schedule of Investments [Line Items] | ||
Investments measured at fair value | $ 21.2 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | ||
Total investments | $ 183,500,000 | $ 160,100,000 |
Investments in private equity funds percentage | 57.00% | 75.00% |
Unfunded commitments | $ 0 | |
Non Marketable Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair value, adjusted upward | $ 500,000 | |
Fair value, adjusted downward | 1,000,000 | |
Total investments | 84,500,000 | 45,500,000 |
Seed Capital Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 21,200,000 | |
Seed Capital Investments [Member] | Mutual Fund [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 10,000,000 | |
Partnership Interests in Private Equity Funds [Member] | ||
Schedule of Investments [Line Items] | ||
Total investments | 39,800,000 | 76,700,000 |
Investments, fair value | 35,700,000 | 72,100,000 |
Equity method investments, fair value | $ 4,100,000 | $ 4,600,000 |
Unconsolidated Affiliates - Sch
Unconsolidated Affiliates - Schedule of Investments in Unconsolidated Affiliates (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Carrying Value | $ 225.6 | $ 234.8 |
Excess carrying value of investment over proportionate share of net assets | $ 143.8 | 152.9 |
International Financial Data Services L.P. [Member] | ||
Schedule of Investments [Line Items] | ||
Ownership Percentage | 50.00% | |
Carrying Value | $ 97.5 | 97.4 |
Excess carrying value of investment over proportionate share of net assets | $ 41.5 | 44.9 |
Pershing Road Development Company, LLC [Member] | ||
Schedule of Investments [Line Items] | ||
Ownership Percentage | 50.00% | |
Carrying Value | $ 74.1 | 77 |
Excess carrying value of investment over proportionate share of net assets | $ 72.7 | 75.2 |
Broadway Square Partners, LLP [Member] | ||
Schedule of Investments [Line Items] | ||
Ownership Percentage | 50.00% | |
Carrying Value | $ 52.6 | 51 |
Excess carrying value of investment over proportionate share of net assets | 29.6 | 32.8 |
Other Unconsolidated Affiliates [Member] | ||
Schedule of Investments [Line Items] | ||
Carrying Value | $ 1.4 | $ 9.4 |
Unconsolidated Affiliates - S_2
Unconsolidated Affiliates - Schedule of Equity in Earnings of Unconsolidated Affiliates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | $ (1.5) | $ 3.6 | $ 2.1 |
International Financial Data Services L.P. [Member] | |||
Schedule of Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 3.6 | 3.6 | 2.9 |
Pershing Road Development Company, LLC [Member] | |||
Schedule of Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 2.8 | 1.7 | 0.2 |
Broadway Square Partners, LLP [Member] | |||
Schedule of Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 1.6 | 1.3 | (1.5) |
Other Unconsolidated Affiliates [Member] | |||
Schedule of Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | $ (9.5) | $ (3) | $ 0.5 |
Unconsolidated Affiliates - Add
Unconsolidated Affiliates - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Investments [Line Items] | |||
Distributions received return on investment | $ 8 | $ 2.5 | $ 4.2 |
Guaranteed debt of unconsolidated affiliates | 5 | ||
Maximum potential guaranteed debt repayments of unconsolidated equity affiliates | $ 8 | ||
International Financial Data Services L.P. [Member] | |||
Schedule of Investments [Line Items] | |||
Ownership Percentage | 50.00% | ||
Amortization period | 15 years | ||
Distributions received return on investment | $ 8 | 2.5 | |
International Financial Data Services L.P. [Member] | State Street [Member] | |||
Schedule of Investments [Line Items] | |||
Ownership Percentage | 50.00% | ||
PRDC, LLC [Member] | |||
Schedule of Investments [Line Items] | |||
Ownership Percentage | 50.00% | ||
Amortization period | 28 years | ||
Distributions received return on investment | $ 0 | $ 3.1 | |
Broadway Square Partners [Member] | |||
Schedule of Investments [Line Items] | |||
Ownership Percentage | 50.00% | ||
Amortization period | 40 years |
Unconsolidated Affiliates - S_3
Unconsolidated Affiliates - Schedule of Related Party Transactions and Balances Outstanding With Our Related Parties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |||
Operating revenues from related parties | $ 44.4 | $ 3.7 | $ 5.6 |
Amounts paid to related parties | 43 | 20.4 | 14.4 |
Distributions received from related parties | 8.1 | 3.3 | $ 11.8 |
Outstanding advances/loans to related parties | 1.9 | 1.9 | |
Trade accounts receivable from related parties | 13.9 | 1.1 | |
Total amounts receivable from related parties | 15.8 | 3 | |
Amounts payable to related parties | $ 2.1 | $ 0.4 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | May 15, 2020 | Mar. 24, 2020 | Nov. 29, 2019 | Dec. 31, 2020 | Oct. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||||||
Revenues | $ 4,667.9 | $ 4,632.9 | $ 3,421.1 | |||||
Innovest [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, effective date of acquisition | May 15, 2020 | |||||||
Consideration paid, net of cash plus the costs of transaction | $ 99.1 | |||||||
Revenues | $ 28.1 | |||||||
Innovest [Member] | Completed Technology [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized period | 7 years | |||||||
Innovest [Member] | Customer Relationships [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized period | 14 years | |||||||
Innovest [Member] | Trade Names [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized period | 13 years | |||||||
Captricity [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, effective date of acquisition | Mar. 24, 2020 | |||||||
Consideration paid, net of cash plus the costs of transaction | $ 15.1 | |||||||
Revenues | $ 4.7 | |||||||
Captricity [Member] | Completed Technology [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized period | 15 years | |||||||
Captricity [Member] | Customer Relationships [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized period | 7 years | |||||||
Algorithmics [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, effective date of acquisition | Nov. 29, 2019 | |||||||
Consideration paid, net of cash plus the costs of transaction | $ 87.6 | |||||||
Algorithmics [Member] | Completed Technology [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized period | 7 years | |||||||
Algorithmics [Member] | Customer Relationships [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized period | 12 years | |||||||
Algorithmics [Member] | Trade Names [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Amortized period | 9 years | |||||||
Investrack [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration paid, net of cash plus the costs of transaction | $ 8.8 | |||||||
Millenium Consulting Services [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration paid, net of cash plus the costs of transaction | $ 2.7 | |||||||
Common Stock [Member] | Innovest [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, common stock shares issued | 0.4 |
Acquisitions - Summary of Alloc
Acquisitions - Summary of Allocation of Purchase Price for Acquisitions of Acquiree (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | May 18, 2020 | Mar. 24, 2020 | Dec. 31, 2019 | Dec. 02, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 8,078.7 | $ 7,959.9 | $ 7,858 | |||
Innovest [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Accounts receivable | $ 6.2 | |||||
Fixed assets | 1.6 | |||||
Other assets | 3.2 | |||||
Goodwill | 53.8 | |||||
Accounts payable | (1.1) | |||||
Accrued employee compensation and benefits | (1.1) | |||||
Deferred revenue | (1.4) | |||||
Other liabilities assumed | (4.9) | |||||
Consideration paid, net of cash acquired | 119.2 | |||||
Algorithmics [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Fixed assets | $ 0.2 | |||||
Other assets | 2 | |||||
Goodwill | 68.7 | |||||
Accrued employee compensation and benefits | (0.5) | |||||
Deferred revenue | (19.1) | |||||
Other liabilities assumed | (14) | |||||
Consideration paid, net of cash acquired | 87.6 | |||||
Captricity [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Accounts receivable | $ 0.3 | |||||
Other assets | 2.1 | |||||
Goodwill | 5.5 | |||||
Accounts payable | (0.4) | |||||
Accrued employee compensation and benefits | (0.3) | |||||
Deferred revenue | (2.1) | |||||
Other liabilities assumed | (0.8) | |||||
Consideration paid, net of cash acquired | 15.1 | |||||
Acquired Client Relationships and Contracts [Member] | Innovest [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | 39.2 | |||||
Acquired Client Relationships and Contracts [Member] | Algorithmics [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | 28.7 | |||||
Acquired Client Relationships and Contracts [Member] | Captricity [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | 3.6 | |||||
Completed Technology [Member] | Innovest [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | 20.1 | |||||
Completed Technology [Member] | Algorithmics [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | 19.6 | |||||
Completed Technology [Member] | Captricity [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | 7 | |||||
Trade Names [Member] | Innovest [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | $ 3.6 | |||||
Trade Names [Member] | Algorithmics [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | $ 2 | |||||
Trade Names [Member] | Captricity [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets acquired | $ 0.2 |
Acquisitions - Schedule of Seve
Acquisitions - Schedule of Severance Expense Recognized (Detail) - DST, Eze, Intralinks and Captricity [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Combination Separately Recognized Transactions [Line Items] | |||
Total severance expense | $ 32.1 | $ 15.9 | $ 62.6 |
Total Cost of Revenues [Member] | |||
Business Combination Separately Recognized Transactions [Line Items] | |||
Total severance expense | 22.1 | 4.4 | 38.8 |
Total Cost of Revenues [Member] | Software-enabled Services [Member] | |||
Business Combination Separately Recognized Transactions [Line Items] | |||
Total severance expense | 21 | 4.4 | 38.3 |
Total Cost of Revenues [Member] | License, Maintenance and Related [Member] | |||
Business Combination Separately Recognized Transactions [Line Items] | |||
Total severance expense | 1.1 | 0.5 | |
Selling and Marketing [Member] | |||
Business Combination Separately Recognized Transactions [Line Items] | |||
Total severance expense | 1.5 | 6.8 | 3.5 |
Research and Development [Member] | |||
Business Combination Separately Recognized Transactions [Line Items] | |||
Total severance expense | 5.2 | 1.5 | 12.7 |
General and Administrative [Member] | |||
Business Combination Separately Recognized Transactions [Line Items] | |||
Total severance expense | 3.3 | 3.2 | 7.6 |
Total Operating Expenses [Member] | |||
Business Combination Separately Recognized Transactions [Line Items] | |||
Total severance expense | $ 10 | $ 11.5 | $ 23.8 |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Combinations [Abstract] | |||
Revenues | $ 4,695.6 | $ 4,776.9 | $ 4,719.4 |
Net income | $ 632.9 | $ 454.8 | $ 109.3 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Changes in Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Beginning balance | $ 7,959.9 | $ 7,858 |
2019/2020 acquisitions | 60.4 | 62.4 |
Adjustments to prior acquisitions | 11.6 | (24.2) |
Effect of foreign currency translation | 46.8 | 63.7 |
Ending balance | $ 8,078.7 | $ 7,959.9 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of the Components of Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | $ 6,474.6 | $ 6,377.7 |
Less: accumulated amortization | (2,572.9) | (1,980.5) |
Total intangible assets, net | 3,901.7 | 4,397.2 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 4,728.7 | 4,666.8 |
Completed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 1,438.1 | 1,406.8 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | 262 | 258.3 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible assets | $ 45.8 | $ 45.8 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense, Related to Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
2021 | $ 526 | |
2022 | 492.8 | |
2023 | 458.7 | |
2024 | 420.4 | |
2025 | 383.1 | |
Thereafter | 1,620.7 | |
Total intangible assets, net | $ 3,901.7 | $ 4,397.2 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Net capitalized software costs | $ 132.7 | $ 98.3 | |
Amortization expense related to capitalized software development costs | 39.5 | 19 | $ 7.7 |
Completed Technology and Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense associated with completed technology and other amortizable intangible assets | $ 580.1 | $ 633 | $ 410.7 |
Debt - Component of Debt (Detai
Debt - Component of Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Other indebtedness | $ 10.1 | $ 25.6 |
Unamortized original issue discount and debt issuance costs | (53.6) | (70.2) |
Debt | 6,442.4 | 7,154.1 |
Less: current portion of long-term debt | 53.9 | 76.3 |
Long-term debt | 6,388.5 | 7,077.8 |
Secured Debt [Member] | Senior Secured Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt gross | 4,485.9 | 5,198.7 |
Senior Notes [Member] | 5.5% Senior Notes due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt gross | $ 2,000 | $ 2,000 |
Debt - Component of Debt (Paren
Debt - Component of Debt (Parenthetical) (Detail) | Mar. 28, 2019 | Dec. 31, 2019 | Dec. 31, 2020 |
Secured Debt [Member] | Senior Secured Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Debt, weighted-average interest rate of credit facility | 4.05% | 1.90% | |
Senior Notes [Member] | 5.5% Senior Notes due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Debt, interest rate | 5.50% | 5.50% | 5.50% |
Debt, due date | 2027 | 2027 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jan. 31, 2020 | Jan. 30, 2020 | Mar. 28, 2019USD ($) | Oct. 01, 2018USD ($) | May 01, 2018USD ($) | Apr. 16, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)Tranche | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 16, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Number of tranche of term loan | Tranche | 4 | |||||||||||
Debt instrument, interest rate terms | The Term Loans and Revolving Credit Facility bear interest, at the election of the borrowers, at the base rate (as defined in the Credit Agreement) or LIBOR, plus the applicable interest rate margin for the credit facility. Amounts drawn on the Revolving Credit Facility initially bear interest at either LIBOR plus 2.25% or at the base rate plus 1.25%, and is subject to a step-down at any time our consolidated net secured leverage ratio is less than 4.75 times, to 2.00% in the case of the LIBOR margin and 1.00% in the case of the base rate margin. The Term B-3 Loan, Term B-4 Loan and Term B-5 Loan initially incurred interest at either LIBOR plus 2.50% or at the base rate plus 1.50%, and were subject to a step-down at any time our consolidated net secured leverage ratio was less than 4.75 times, to 2.25% in the case of the LIBOR margin and 1.25% in the case of the base rate margin. In January 2020, we entered into the Pricing Amendment, whereby the interest rate margin applicable to the term loans was reduced from LIBOR plus 2.25% to LIBOR plus 1.75%. | |||||||||||
Debt instrument, basis spread on variable rate | 2.25% | |||||||||||
Redemption/Repayment of debt | $ 1,024,200,000 | $ 3,364,800,000 | $ 3,141,000,000 | |||||||||
Gain (loss) on extinguishment of debt | (2,800,000) | |||||||||||
Gain (loss) on extinguishment of debt | $ (44,400,000) | $ (4,200,000) | $ (7,100,000) | (43,300,000) | ||||||||
LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||||||||
Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of change in cash flows due to debt extinguishment obligation | 10.00% | 10.00% | ||||||||||
Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gain (loss) on extinguishment of debt | $ (7,100,000) | |||||||||||
Capitalized financing costs, aggregate amount | $ 6,100,000 | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument term available for borrowings | 5 years | |||||||||||
Debt principal amount | $ 250,000,000 | |||||||||||
Credit facility, amount available | $ 246,100,000 | |||||||||||
Company amortized to interest expense | $ 0 | |||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 2.00% | |||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.00% | |||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Secured leverage ratio | 4.75 | |||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 2.25% | |||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.25% | |||||||||||
Letter of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt principal amount | $ 25,000,000 | |||||||||||
Letter of credit sub-facility, outstanding amount | $ 3,900,000 | |||||||||||
Senior Secured Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility, frequency of payments | quarterly | |||||||||||
Senior Secured Credit Facilities [Member] | Secured Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility collateral, percentage of capital stock of foreign restricted subsidiaries | 65.00% | |||||||||||
Term B-1 Loan [Member] | Senior Secured Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt principal amount | $ 518,600,000 | |||||||||||
Debt repayment year | 2019 | |||||||||||
Term B-1 Loan [Member] | Senior Secured Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount outstanding | $ 0 | |||||||||||
Term B-2 Loan [Member] | Senior Secured Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt principal amount | 5,900,000 | |||||||||||
Debt repayment year | 2018 | |||||||||||
Term B-2 Loan [Member] | Senior Secured Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount outstanding | $ 0 | |||||||||||
Term B-3 Loan [Member] | Senior Secured Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt principal amount | $ 5,046,000,000 | |||||||||||
Debt maturity date | Apr. 16, 2025 | |||||||||||
Secured leverage ratio | 4.75 | |||||||||||
Term B-3 Loan [Member] | Senior Secured Credit Facilities [Member] | Minimum [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 2.25% | |||||||||||
Term B-3 Loan [Member] | Senior Secured Credit Facilities [Member] | Minimum [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.25% | |||||||||||
Term B-3 Loan [Member] | Senior Secured Credit Facilities [Member] | Maximum [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||||||||
Term B-3 Loan [Member] | Senior Secured Credit Facilities [Member] | Maximum [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||||||||
Term B-3 Loan [Member] | Senior Secured Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount outstanding | 1,537,000,000 | |||||||||||
Quarterly payments percentage on original principal amount | 0.25% | |||||||||||
Term B-4 Loan [Member] | Senior Secured Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt principal amount | $ 1,800,000,000 | |||||||||||
Debt maturity date | Apr. 16, 2025 | |||||||||||
Secured leverage ratio | 4.75 | |||||||||||
Term B-4 Loan [Member] | Senior Secured Credit Facilities [Member] | Minimum [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 2.25% | |||||||||||
Term B-4 Loan [Member] | Senior Secured Credit Facilities [Member] | Minimum [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.25% | |||||||||||
Term B-4 Loan [Member] | Senior Secured Credit Facilities [Member] | Maximum [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||||||||
Term B-4 Loan [Member] | Senior Secured Credit Facilities [Member] | Maximum [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||||||||
Term B-4 Loan [Member] | Senior Secured Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount outstanding | $ 1,189,300,000 | |||||||||||
Quarterly payments percentage on original principal amount | 0.25% | |||||||||||
5.875% Senior Notes due 2023 [Member] | Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, interest rate | 5.875% | |||||||||||
Debt, due date | 2023 | |||||||||||
Term B-5 Loan [Member] | Senior Secured Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt principal amount | $ 875,000,000 | $ 1,000,000,000 | ||||||||||
Term B-5 Loan [Member] | Senior Secured Credit Facilities [Member] | Minimum [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 2.25% | |||||||||||
Term B-5 Loan [Member] | Senior Secured Credit Facilities [Member] | Minimum [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.25% | |||||||||||
Term B-5 Loan [Member] | Senior Secured Credit Facilities [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Secured leverage ratio | 4.75 | |||||||||||
Term B-5 Loan [Member] | Senior Secured Credit Facilities [Member] | Maximum [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||||||||
Term B-5 Loan [Member] | Senior Secured Credit Facilities [Member] | Maximum [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||||||||
Term B-5 Loan [Member] | Senior Secured Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount outstanding | $ 1,759,600,000 | |||||||||||
Quarterly payments percentage on original principal amount | 0.25% | |||||||||||
Term Loan B [Member] | Senior Secured Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, interest rate terms | Pursuant to the Pricing Amendment, the interest rate margin applicable to Term Loan B was reduced from LIBOR plus 2.25% to LIBOR plus 1.75%. | |||||||||||
Debt instrument, basis spread on variable rate | 2.25% | |||||||||||
Term Loan B [Member] | Senior Secured Credit Facilities [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||||||||
5.5% Senior Notes due 2027 [Member] | Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt principal amount | $ 2,000,000,000 | $ 2,000,000,000 | ||||||||||
Debt, interest rate | 5.50% | 5.50% | 5.50% | |||||||||
Debt, due date | 2027 | 2027 | ||||||||||
Principal amount outstanding | $ 2,000,000,000 | $ 2,000,000,000 | ||||||||||
Debt instrument, redemption of aggregate principal amount, percentage | 40.00% | |||||||||||
5.5% Senior Notes due 2027 [Member] | Senior Notes [Member] | On or Before March 30, 2022, Redemption May Up to 40% [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, redemption price equal to principal amount, percentage | 105.50% | |||||||||||
5.5% Senior Notes due 2027 [Member] | Senior Notes [Member] | Prior to March 30, 2022, Rdemption May Whole or in Part [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, redemption price equal to principal amount, percentage | 100.00% | |||||||||||
Term Loans [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gain (loss) on extinguishment of debt | $ (2,200,000) | |||||||||||
Term Loans [Member] | Senior Secured Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption/Repayment of debt | $ 45,000,000 | 184,800,000 | ||||||||||
Gain (loss) on extinguishment of debt | 1,100,000 | $ 800,000 | ||||||||||
Senior Secured Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Capitalized financing costs, aggregate amount | $ 55,300,000 | $ 55,300,000 | $ 55,300,000 | |||||||||
DST [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Business acquisition, effective date of acquisition | Apr. 16, 2018 | |||||||||||
DST [Member] | Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption/Repayment of debt | $ 600,400,000 |
Debt - Schedule of Carrying Amo
Debt - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying Amount [Member] | Senior Secured Credit Facilities [Member] | ||
Financial liabilities: | ||
Credit facility | $ 4,485.9 | $ 5,198.7 |
Carrying Amount [Member] | 5.5% Senior Notes due 2027 [Member] | ||
Financial liabilities: | ||
Senior notes | 2,000 | 2,000 |
Carrying Amount [Member] | Other Indebtedness [Member] | ||
Financial liabilities: | ||
Credit facility | 10.1 | 25.6 |
Fair Value [Member] | Senior Secured Credit Facilities [Member] | ||
Financial liabilities: | ||
Credit facility | 4,426 | 5,231.7 |
Fair Value [Member] | 5.5% Senior Notes due 2027 [Member] | ||
Financial liabilities: | ||
Credit facility | 2,136 | 2,135 |
Fair Value [Member] | Other Indebtedness [Member] | ||
Financial liabilities: | ||
Credit facility | $ 10.2 | $ 25.9 |
Debt - Schedule of Annual Matur
Debt - Schedule of Annual Maturities of Long-Term Debt During Next Five Years and Thereafter (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 52.7 |
2022 | 52.7 |
2023 | 48.8 |
2024 | 48 |
2025 | 4,293.8 |
Thereafter | 2,000 |
Senior Secured Credit Facilities and Senior Notes Member [Member] | |
Debt Instrument [Line Items] | |
Total | $ 6,496 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | May 15, 2020 | May 31, 2020 | Nov. 30, 2018 | Apr. 30, 2018 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 31, 2020 | Aug. 31, 2019 |
Class of Stock [Line Items] | |||||||||||||||||||||
Proceeds from common stock issuance, net | $ 1,400,000,000 | $ 1,399,100,000 | |||||||||||||||||||
Quarterly cash dividend paid | $ 0.14 | $ 0.14 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.08 | $ 0.08 | $ 0.07 | $ 0.07 | |||||||||
Dividends paid on common stock | $ 136,100,000 | $ 107,700,000 | $ 70,900,000 | ||||||||||||||||||
Payments for repurchase of common stock | 227,700,000 | 60,300,000 | |||||||||||||||||||
Stock Repurchase Program [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Payments for repurchase of common stock | $ 227,700,000 | $ 60,300,000 | |||||||||||||||||||
Repurchase of common stock , shares | 3,700,000 | 1,300,000 | |||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Stock repurchase program, authorized amount | $ 750,000,000 | $ 500,000,000 | |||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Common stock shares issued | 30,300,000 | 40,200,000 | |||||||||||||||||||
Common stock offering price to public | $ 47.50 | ||||||||||||||||||||
Common Stock [Member] | Intralinks Holdings, Inc. [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Business acquisition, common stock shares issued | 9,900,000 | ||||||||||||||||||||
Common Stock [Member] | Innovest [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Business acquisition, common stock shares issued | 400,000 | ||||||||||||||||||||
Common Stock [Member] | Underwriters' Option [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Common stock shares issued | 3,900,000 | ||||||||||||||||||||
Treasury Stock [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Payments for repurchase of common stock | $ 227,700,000 | $ 60,300,000 | |||||||||||||||||||
Treasury Stock [Member] | Innovest [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Business acquisition, common stock shares issued | 400,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Loss Balances, Net of Tax (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | $ 5,116.1 | $ 4,580 | $ 2,686.4 |
Net current period other comprehensive (loss) income | 52 | 90 | (260.3) |
Ending balance | 5,716.5 | 5,116.1 | 4,580 |
Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (2.8) | ||
Net current period other comprehensive (loss) income | (2.7) | (2.8) | |
Ending balance | (5.5) | (2.8) | |
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (250.2) | (343) | |
Net current period other comprehensive (loss) income | 57.9 | 92.8 | |
Ending balance | (192.3) | (250.2) | (343) |
Accumulated Other Comprehensive (Loss) Income [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (253) | (343) | (82.7) |
Net current period other comprehensive (loss) income | 52 | 90 | |
Ending balance | (201) | $ (253) | $ (343) |
Defined Benefit Obligation [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Net current period other comprehensive (loss) income | (3.2) | ||
Ending balance | $ (3.2) |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Adjustments to Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive income (loss), Pretax | $ 51.2 | $ 89 | $ (260.9) |
Other comprehensive income (loss), Tax Effect | 0.8 | 1 | 0.6 |
Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive income (loss), before reclassifications, Pretax | (3.7) | (5.6) | |
Reclassification of losses into net earnings on interest rate swaps, Pretax | 1.8 | ||
Other comprehensive income (loss), Pretax | (3.7) | (3.8) | |
Other comprehensive income (loss) before reclassifications, Tax Effect | 1 | 1 | |
Other comprehensive income (loss), Tax Effect | 1 | 1 | |
Defined Benefit Obligation [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive income (loss), Pretax | (3.9) | ||
Other Comprehensive Income (Loss), before defined benefit pension, Pretax | (3.9) | ||
Other comprehensive income (loss), Tax Effect | 0.7 | ||
Reclassification of losses into net earnings on defined benefit pension, Tax Effect | 0.7 | ||
Foreign Currency Translation [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive income (loss), before reclassifications, Pretax | 58.8 | 92.8 | (260.9) |
Other comprehensive income (loss), Pretax | 58.8 | $ 92.8 | (260.9) |
Other comprehensive income (loss) before reclassifications, Tax Effect | (0.9) | 0.6 | |
Other comprehensive income (loss), Tax Effect | $ (0.9) | $ 0.6 |
Revenues - Additional Informati
Revenues - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Deferred Revenue Arrangement [Line Items] | |||||
Retained earnings | $ 1,667 | $ 1,177.9 | |||
Deferred revenue presented net within contract assets arising from contract | 53.9 | 51.8 | |||
Deferred revenue recognized | 289.7 | 204.3 | $ 208.7 | ||
Revenue expected to be recognized from remaining performance obligations | 595.4 | 654.4 | |||
Revenue expected to be recognized from remaining performance obligations in next twelve months | $ 301.9 | $ 312.7 | |||
Effect of Change [Member] | ASU 2014-09 [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Retained earnings | $ 65.8 | ||||
Decrease in revenue | $ (39.9) | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2014-09 [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Retained earnings | $ 47.9 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Effect of Change [Member] | ASU 2014-09 [Member] | |||||
Deferred Revenue Arrangement [Line Items] | |||||
Retained earnings | $ 47.9 |
Revenues - Disaggregation of Re
Revenues - Disaggregation of Revenues by Geography (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of revenue | $ 4,667.9 | $ 4,632.9 | $ 3,421.1 |
United States [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of revenue | 3,427.4 | 3,383.6 | 2,479.8 |
United Kingdom [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of revenue | 569.9 | 652.9 | 503.9 |
Europe (excluding United Kingdom), Middle East and Africa [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of revenue | 251.3 | 216.5 | 145.4 |
Asia-Pacific and Japan [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of revenue | 193.3 | 207.6 | 145.8 |
Canada [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of revenue | 148.7 | 107.5 | 96.3 |
Americas, excluding United States and Canada [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of revenue | $ 77.3 | $ 64.8 | $ 49.9 |
Revenues - Disaggregation of _2
Revenues - Disaggregation of Revenues by Source (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of revenue | $ 4,667.9 | $ 4,632.9 | $ 3,421.1 |
Software-enabled Services [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of revenue | 3,891.3 | 3,869.2 | 2,798.9 |
Maintenance and Term Licenses [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of revenue | 663.1 | 644.2 | 508.8 |
Professional Services [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of revenue | 90.5 | 84.7 | 83.9 |
Perpetual Licenses [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Disaggregation of revenue | $ 23 | $ 34.8 | $ 29.5 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 31, 2016 | Apr. 30, 2008 | Aug. 31, 2006 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Tax benefit from compensation expense | $ 17.4 | $ 13.8 | $ 33.7 | ||||
Cash received from exercise of stock options | 189.7 | 125.7 | 84.9 | ||||
Stock-based compensation expense | 87.8 | 72.4 | 96.9 | ||||
DST [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | 49.3 | ||||||
One-time charges for accelerated vesting awards | 31.1 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 4.7 | $ 7.1 | $ 35.9 | ||||
Time-Based Stock Options and SARs [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity-based incentive plan, description | Time-based stock options and SARs granted under the 2006 Plan, the 2008 Plan and the 2014 Plans generally vest 25% on the first anniversary of the grant date and 1/36th of the remaining balance each month thereafter for 36 months. All outstanding time-based stock options and SARs vest upon a change in control, subject to certain conditions. | ||||||
Employee service share-based compensation period for recognition of expense | 3 years 1 month 6 days | 3 years 3 months 18 days | |||||
Option vesting period | 36 months | ||||||
Awards granted, weighted average granted fair value | $ 18.06 | $ 14.85 | $ 10.38 | ||||
Awards vested, fair value | $ 81.1 | $ 75.5 | $ 50.4 | ||||
Non-cash stock-based compensation expense not yet recognized | 302.7 | 250.9 | |||||
Total intrinsic value of the awards | $ 196.9 | 156.8 | 107.6 | ||||
Time-Based Stock Options and SARs [Member] | Tranche One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity based incentive plan vesting percentage | 25.00% | ||||||
Time-Based Stock Options and SARs [Member] | Tranche Two and Thereafter [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity based incentive plan vesting percentage | 0.0208% | ||||||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Tax benefit from compensation expense | $ 48.6 | 48.7 | $ 34.6 | ||||
Unvested Stock Options [Member] | DST [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Option vesting period | 3 years | ||||||
Options contractual life | 10 years | ||||||
Second Amended and Restated 2014 Stock Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Additional shares available for equity awards | 34,000,000 | ||||||
2014 Stock Option Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock based Compensation not yet Recognized | $ 0.8 | $ 6 | |||||
Employee service share-based compensation period for recognition of expense | 2 months 12 days | 1 year 1 month 6 days | |||||
2014 Stock Option Plan [Member] | Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized under equity-based incentive plan | 6 | ||||||
Amended 2014 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Initial authorized shares | 24,000,000 | ||||||
2008 Plan [Member] | Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized under equity-based incentive plan | 21.8 | ||||||
Equity-based incentive plan, description | We have granted time-based stock options and RSUs under the 2008 Plan. | ||||||
2006 Plan [Member] | Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized under equity-based incentive plan | 22.3 | ||||||
2014 Plan, 2008 Plan and 2006 Plan [Member] | Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity-based incentive plan, description | Under the terms of the 2014 Plans, the 2008 Plan and 2006 Plan, the exercise price of awards is set on the grant date and may not be less than the fair market value per share on such date. | ||||||
Equity based incentive plan expiry period from date of grant | 10 years |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Weighted-Average Assumptions Using Black-Scholes Option-Pricing Model (Detail) - Time-Based Stock Options and SARs [Member] | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term to exercise (years), Time-Based awards | 4 years | 4 years | 4 years |
Expected volatility, Time-Based awards | 34.85% | 30.35% | 25.26% |
Risk-free interest rate, Time-Based awards | 0.28% | 1.71% | 2.67% |
Expected dividend yield, Time-Based awards | 0.80% | 0.82% | 0.70% |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $ 87.8 | $ 72.4 | $ 96.9 |
Stock Options, (SARs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 83.1 | 65.3 | 61 |
Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 4.7 | 7.1 | 35.9 |
Total Cost of Revenues [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 39.8 | 34.2 | 44.1 |
Total Cost of Revenues [Member] | Software-enabled Services [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 34.5 | 29.5 | 39.4 |
Total Cost of Revenues [Member] | License, Maintenance and Other Related [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 5.3 | 4.7 | 4.7 |
Total Cost of Revenues [Member] | Stock Options, (SARs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 37.5 | 29.4 | 29.6 |
Total Cost of Revenues [Member] | Stock Options, (SARs) [Member] | Software-enabled Services [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 32.2 | 24.9 | 25.7 |
Total Cost of Revenues [Member] | Stock Options, (SARs) [Member] | License, Maintenance and Other Related [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 5.3 | 4.5 | 3.9 |
Total Cost of Revenues [Member] | Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 2.3 | 4.8 | 14.5 |
Total Cost of Revenues [Member] | Restricted Stock Units (RSUs) [Member] | Software-enabled Services [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 2.3 | 4.6 | 13.7 |
Total Cost of Revenues [Member] | Restricted Stock Units (RSUs) [Member] | License, Maintenance and Other Related [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 0.2 | 0.8 | |
Selling and Marketing [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 13.8 | 11.1 | 11.8 |
Selling and Marketing [Member] | Stock Options, (SARs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 13.1 | 10.5 | 7.3 |
Selling and Marketing [Member] | Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 0.7 | 0.6 | 4.5 |
Research and Development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 11.3 | 9.3 | 9 |
Research and Development [Member] | Stock Options, (SARs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 11.1 | 9.2 | 8 |
Research and Development [Member] | Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 0.2 | 0.1 | 1 |
General and Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 22.9 | 17.8 | 32 |
General and Administrative [Member] | Stock Options, (SARs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 21.4 | 16.2 | 16.1 |
General and Administrative [Member] | Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 1.5 | 1.6 | 15.9 |
Total Operating Expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 48 | 38.2 | 52.8 |
Total Operating Expenses [Member] | Stock Options, (SARs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | 45.6 | 35.9 | 31.4 |
Total Operating Expenses [Member] | Restricted Stock Units (RSUs) [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Total stock-based compensation expense | $ 2.4 | $ 2.3 | $ 21.4 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Stock Option and SAR Activity as well as RSU Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Outstanding Opening | 42,100,000 | 39,800,000 | 31,300,000 |
Granted | 8,400,000 | 9,000,000 | 13,200,000 |
Equity awards assumed from DST | 700,000 | ||
Cancelled/forfeited | (1,400,000) | (1,700,000) | (1,400,000) |
Exercised | (6,400,000) | (5,000,000) | (4,000,000) |
Number of Shares, Outstanding Closing | 42,700,000 | 42,100,000 | 39,800,000 |
Weighted Average Exercise Price, Outstanding Opening | $ 41.37 | $ 35.48 | $ 28.92 |
Granted , Weighted Average Exercise Price | 70.35 | 60.82 | 47.50 |
Weighted Average Exercise Price, Equity awards assumed | 48.85 | ||
Cancelled/forfeited, Weighted Average Exercise Price | 52.45 | 46.84 | 38.56 |
Exercised, Weighted Average Exercise Price | 31.57 | 27.76 | 24.71 |
Weighted Average Exercise Price, Outstanding closing | $ 48.16 | $ 41.37 | $ 35.48 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Outstanding Opening | 500,000 | 1,400,000 | 200,000 |
Equity awards assumed from DST | 2,000,000 | ||
Cancelled/forfeited | (100,000) | ||
Vested | (300,000) | (800,000) | (800,000) |
Number of Shares, Outstanding Closing | 200,000 | 500,000 | 1,400,000 |
Weighted Average Grant Date Fair Value, Outstanding Opening | $ 44.94 | $ 50.44 | $ 31.04 |
Granted, Weighted Average Grant Date Fair Value | 50.62 | ||
Weighted Average Grant Date Fair Value, Equity awards assumed | 50.71 | ||
Cancelled/forfeited, Weighted Average Grant Date Fair Value | 40.69 | 48.71 | |
Vested, Weighted Average Grant Date Fair Value | 45.42 | 45.89 | 46.45 |
Weighted Average Grant Date Fair Value, Outstanding closing | $ 44.96 | $ 44.94 | $ 50.44 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Vested Stock Options and SARs Outstanding that are Currently Exercisable and Stock Options and SARs Outstanding that are Expected to Vest (Detail) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Outstanding, Vested Stock Options and SARs Currently Exercisable, Shares | shares | 21.8 |
Outstanding, Vested Stock Options and SARs Currently Exercisable, Weighted Average Exercise Price | $ / shares | $ 36.86 |
Outstanding, Vested Stock Options and SARs Currently Exercisable, Aggregate Intrinsic Value | $ | $ 783.9 |
Outstanding, Vested Stock Options and SARs Currently Exercisable, Weighted Average Remaining Contractual Term (Years) | 5 years 10 months 24 days |
Outstanding Stock Options and SARs Expected to Vest, Shares | shares | 42.7 |
Outstanding Stock Options and SARs Expected to Vest, Weighted Average Exercise Price | $ / shares | $ 48.16 |
Outstanding Stock Options and SARs Expected to Vest, Aggregate Intrinsic Value | $ | $ 1,050.3 |
Outstanding Stock Options and SARs Expected to Vest, Weighted Average Remaining Contractual Term (Years) | 7 years 4 months 24 days |
Defined Contribution Plans - Ad
Defined Contribution Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |||
Company incurred matching contribution expenses | $ 92 | $ 91.4 | $ 60.8 |
Defined benefit plan, assets | 25.1 | ||
Defined benefit plan, liabilities | $ 1.2 |
Basic and Diluted Earnings pe_3
Basic and Diluted Earnings per Share - Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Net income | $ 625.2 | $ 438.5 | $ 103.2 |
Shares: | |||
Basic weighted-average number of common shares outstanding | 256.4 | 252.9 | 232.5 |
Weighted-average common stock equivalents – stock options and restricted shares | 10.2 | 11.3 | 11.2 |
Weighted-average common and common equivalent shares outstanding – used in calculation of diluted EPS | 266.6 | 264.2 | 243.7 |
Earnings per share – Basic | $ 2.44 | $ 1.73 | $ 0.44 |
Earnings per share – Diluted | $ 2.35 | $ 1.66 | $ 0.42 |
Basic and Diluted Earnings pe_4
Basic and Diluted Earnings per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Options, SARs, RSUs, and RSAs [Member] | |||
Earnings Per Share [Line Items] | |||
Anti-dilutive shares not included in computation of diluted EPS | 9.6 | 4.5 | 5.5 |
Income Taxes - Schedule of Sour
Income Taxes - Schedule of Sources of Income Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 593.4 | $ 342.7 | $ (10.9) |
Foreign | 182.4 | 189 | 136 |
Income before income taxes | $ 775.8 | $ 531.7 | $ 125.1 |
Income Taxes - Component of Inc
Income Taxes - Component of Income Tax Provision (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ 190 | $ 84.6 | $ 66.4 |
Foreign | 43.5 | 44.9 | 37.8 |
State | 72.5 | 50.8 | 23.5 |
Total | 306 | 180.3 | 127.7 |
Deferred: | |||
Federal | (97.7) | (50.7) | (75.4) |
Foreign | (3.8) | (8.9) | 0.2 |
State | (53.9) | (27.5) | (30.6) |
Total | (155.4) | (87.1) | (105.8) |
Provision for income taxes | $ 150.6 | $ 93.2 | $ 21.9 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes [Line Items] | |||
U.S. federal corporate income tax rate | 21.00% | ||
Federal net loss carryforwards | 2026 | ||
State net loss carryforwards | 2021 | ||
Foreign net operating loss carryforwards | $ 44,500,000 | $ 44,500,000 | |
Remaining foreign net operating loss carryforwards | $ 7,000,000 | 7,000,000 | |
Foreign net operating loss carryforwards expiry period | 2021 | ||
Tax credit carryforwards relating to domestic and foreign jurisdiction | $ 36,600,000 | 36,600,000 | |
Valuation allowance | 31,800,000 | 31,800,000 | $ 30,300,000 |
Potential penalties and interest on unrecognized tax benefits | 300,000 | 1,700,000 | |
Potential penalties and interest | 29,900,000 | 29,900,000 | 27,200,000 |
Domestic [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 47,400,000 | 47,400,000 | |
Tax credit carryforwards relating to domestic and foreign jurisdiction | $ 22,300,000 | 22,300,000 | |
Tax credit carryforward expiration period | 2021 | ||
Domestic [Member] | 2021 [Member] | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards relating to domestic and foreign jurisdiction | $ 10,900,000 | 10,900,000 | |
Tax credit carryforward expiration period | 2021 | ||
State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 106,000,000 | 106,000,000 | |
Foreign [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 37,500,000 | 37,500,000 | |
Valuation allowance | 31,800,000 | 31,800,000 | 30,300,000 |
Foreign net operating loss carryforwards | 5,900,000 | 5,900,000 | |
Foreign [Member] | 2025 [Member] | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards relating to domestic and foreign jurisdiction | $ 2,700,000 | 2,700,000 | |
Tax credit carryforward expiration period | 2025 | ||
Foreign [Member] | Tax Period Expire Before Being Utilized in 2025 [Member] | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards relating to domestic and foreign jurisdiction | $ 700,000 | 700,000 | |
Tax credit carryforward expiration period | 2025 | ||
Foreign and State [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance | $ 31,800,000 | $ 31,800,000 | |
India Income Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Income tax returns are currently in audit | March 31, 2013, March 31, 2014, March 31, 2016, March 31, 2017 and March 31, 2018 | ||
US Federal Income Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Income tax returns are currently in audit | December 31, 2015 through December 31, 2018 | ||
California State Income Tax [Member] | |||
Income Taxes [Line Items] | |||
Income tax returns are currently in audit | December 31, 2007 through 2016 | ||
New York State Division of Taxation and Finance [Member] | |||
Income Taxes [Line Items] | |||
Income tax returns are currently in audit | December 31, 2015 through 2017 | ||
Canadian Subsidiary [Member] | |||
Income Taxes [Line Items] | |||
Deferred income taxes on unremitted earnings | 10,200,000 | $ 10,200,000 | $ 10,300,000 |
Foreign Subsidiary [Member] | |||
Income Taxes [Line Items] | |||
Deferred income taxes on unremitted earnings | $ 0 | $ 0 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation Between Expected Tax Expense and Actual Tax Provision (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Computed “expected” tax expense | $ 162.9 | $ 111.7 | $ 26.3 |
Increase (decrease) in income tax expense resulting from: | |||
State income taxes (net of federal income tax benefit) | 14 | 18 | (6) |
Foreign operations | 8 | 1.7 | 10.7 |
Effects of stock based compensation | (25.7) | (21.8) | (14.6) |
Effect of valuation allowance | 0.3 | (6.5) | 4.6 |
Uncertain tax positions | (4.6) | (8) | (0.9) |
Tax credits | (7.9) | (9.4) | (4) |
Other | 3.6 | 7.5 | 5.8 |
Provision for income taxes | $ 150.6 | $ 93.2 | $ 21.9 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Taxes (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Tax Assets | ||
Net operating loss carryforwards | $ 25.2 | $ 31.3 |
Deferred compensation | 46.1 | 44.6 |
Tax credit carryforwards | 36.6 | 38.2 |
Accrued expenses | 13.4 | 11.5 |
Leases | 97.5 | 92.1 |
Other | 87.7 | 42 |
Total | 306.5 | 259.7 |
Valuation allowance | (31.8) | (30.3) |
Total | 274.7 | 229.4 |
Deferred Tax Liabilities | ||
Leases | 88.5 | 83.8 |
Other | 12.9 | 17.8 |
Depreciable and amortizable property | 971.5 | 1,072.5 |
Investments | 117.1 | 136.9 |
Total | 1,190 | 1,311 |
Total | $ 1,190 | $ 1,311 |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activity Related to Company's Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Beginning Balance | $ 132.2 | $ 140.5 |
Increases related to current year tax positions | 11.6 | 9.5 |
Decreases related to prior tax positions | (0.9) | (10.1) |
Increases related to acquired tax positions | 2.4 | |
Lapse in statute of limitation | (15.2) | (10) |
Decreases related to Foreign exchange translation adjustment | (0.1) | |
Ending Balance | $ 127.7 | $ 132.2 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Committed Purchase Obligations (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Purchase Obligations | |
2021 | $ 105.9 |
2022 | 34.6 |
2023 | 14.2 |
2024 | 0.2 |
2025 and thereafter | 0.1 |
Total | $ 155 |
Segment and Geographic Inform_3
Segment and Geographic Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of operating segment | 1 |
Segment and Geographic Inform_4
Segment and Geographic Information - Summary of Long-lived Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Long-lived Assets | $ 424.5 | $ 478 | $ 564.8 |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Long-lived Assets | 307.1 | 350.2 | 425.2 |
Europe, Middle East and Africa [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Long-lived Assets | 86.6 | 95.7 | 108.5 |
Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Long-lived Assets | 5.4 | 6.1 | 6 |
Americas, Excluding United States and Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Long-lived Assets | 0.4 | 0.5 | 0.4 |
Asia-Pacific and Japan [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Long-lived Assets | $ 25 | $ 25.5 | $ 24.7 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | Feb. 24, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 |
Subsequent Event [Line Items] | |||||||||||||
Cash dividends declared per share | $ 0.14 | $ 0.14 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.08 | $ 0.08 | $ 0.07 | $ 0.07 | |
Subsequent Event [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Cash dividends declared per share | $ 0.16 | ||||||||||||
Dividend declared date | Feb. 24, 2021 | ||||||||||||
Dividend payable date | Mar. 15, 2021 | ||||||||||||
Dividend record date | Mar. 1, 2021 |