VRSN » Topics » Assets Held for Sale

This excerpt taken from the VRSN 10-Q filed May 8, 2009.

Assets Held for Sale

The following table presents the carrying amounts of major classes of assets and liabilities related to assets held for sale as of March 31, 2009 and December 31, 2008:

 

     March 31,
2009
   December 31,
2008
     (In thousands)

Assets:

     

Accounts receivable

   $ 51,556    $ 58,588

Other current assets

     87,053      63,516

Goodwill

     234,677      237,177

Other long-lived assets

     132,574      124,559
             

Total assets held for sale

   $ 505,860    $ 483,840
             

Liabilities:

     

Accounts payable and accrued liabilities

   $ 51,115    $ 35,853

Deferred revenues

     9,426      13,307
             

Total liabilities related to assets held for sale

   $ 60,541    $ 49,160
             

As of March 31, 2009, businesses classified as held for sale and presented as discontinued operations are the following:

These excerpts taken from the VRSN 10-K filed Mar 3, 2009.

Assets Held for Sale

 

As of December 31, 2008, businesses classified as held for sale and presented as discontinued operations are the following:

 

Assets Held for Sale

 

The Company did not have any assets held for sale as of December 31, 2007. The following table presents the carrying amounts of major classes of assets and liabilities related to assets held for sale as of December 31, 2008. During 2008, the Company recorded net losses on disposals of $433.2 million, including $412.0 million of estimated losses on assets held for sale, which is included in discontinued operations. Gains on disposal are recorded on the date the sale of the disposal group is consummated.

 

     December 31,
2008
     (In thousands)

Assets:

  

Accounts receivable

   $ 58,588

Other current assets

     63,516

Goodwill (net of estimated losses on assets held for sale of $412.0 million)

     237,177

Other long-lived assets

     124,559
      

Total assets held for sale

   $ 483,840
      

Liabilities:

  

Accounts payable and accrued liabilities

   $ 35,853

Deferred revenues

     13,307
      

Total liabilities related to assets held for sale

   $ 49,160
      

 

 

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Table of Contents

VERISIGN, INC. AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

DECEMBER 31, 2008, 2007 AND 2006

 

As of December 31, 2008, businesses classified as held for sale and presented as discontinued operations are the following:

 

This excerpt taken from the VRSN 10-Q filed Nov 7, 2008.

Assets Held for Sale

The Company did not have any assets held for sale as of December 31, 2007. The following table presents the carrying amounts of major classes of assets and liabilities related to assets held for sale as of September 30, 2008. During the three and nine months ended September 30, 2008, the Company recorded losses on disposals, including estimated losses on disposal of $237.4 million and $308.8 million, respectively, which are included in discontinued operations. Gains on disposal are recorded on the date the sale of the disposal group is consummated.

 

     September 30,
2008
     (In thousands)

Assets:

  

Accounts receivable

   $ 104,173

Other current assets

     53,329

Goodwill

     379,986

Other long-lived assets

     155,493
      

Total assets held for sale

   $ 692,981
      

Liabilities:

  

Accounts payable and accrued liabilities

   $ 54,136

Deferred revenues

     22,729
      

Total liabilities related to assets held for sale

   $ 76,865
      

 

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Table of Contents

As of September 30, 2008, businesses classified as held for sale and presented as discontinued operations are the following:

This excerpt taken from the VRSN 10-Q filed Aug 8, 2008.

Assets Held for Sale

The Company did not have any assets held for sale as of December 31, 2007. The following table presents the carrying amounts of major classes of assets and liabilities related to assets held for sale as of June 30, 2008. During the three and six months ended June 30, 2008, the Company recorded losses on disposals, including estimated losses of $45.9 million and $71.4 million, respectively, which is included in discontinued operations. Gains on disposal are recorded on the date the sale of the disposal group is consummated.

 

     June 30,
2008
     (In thousands)

Assets:

  

Accounts receivable

   $ 46,629

Goodwill

   $ 355,383

Other long-lived assets

     64,192
      

Total assets held for sale

   $ 466,204
      

Liabilities:

  

Deferred revenues

   $ 9,041
      

Total liabilities related to assets held for sale

   $ 9,041
      

As of June 30, 2008, businesses classified as held for sale and presented as discontinued operations included the following. As the Company executes its divestiture strategy, additional businesses are likely to be classified as held for sale in future periods.

This excerpt taken from the VRSN 10-Q filed May 12, 2008.

Assets Held for Sale

The Company did not have any assets held for sale as of December 31, 2007. The following table presents the carrying amounts of major classes of assets and liabilities related to assets held for sale as of March 31, 2008. For the three months ended March 31, 2008, the Company recorded an estimated loss on disposal of $25.5 million, which is included in Restructuring, impairments and other charges, net. Gains on disposal are recorded on the date the sale of the disposal group is consummated.

 

     March 31,
2008
     (In thousands)

Assets:

  

Accounts receivable

   $ 33,954

Long-lived assets, including goodwill

     79,002
      

Total assets held for sale

   $ 112,956
      

Liabilities:

  

Deferred revenues

   $ 18,842
      

Total liabilities related to assets held for sale

   $ 18,842
      

 

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Table of Contents

VERISIGN, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

 

As of March 31, 2008, businesses classified as held for sale and presented as discontinued operations included the following. As the Company executes its divestiture strategy, additional businesses are likely to be classified as held for sale.

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