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VRSN » Topics » Note 18. Other Income

This excerpt taken from the VRSN 10-K filed Jul 12, 2007.

Note 18.    Other Income

 

The following table presents the components of other income, net for periods presented:

 

     Year Ended December 31,  
     2006     2005    2004  
           As Restated (1)    As Restated (1)  
     (In thousands)  

Interest income

    $ 27,537     $ 30,041    $ 18,325  

Interest Expense

      (7,838 )     —        —    

Net gain (loss) on sale of investments, net of impairments

      21,258       11,310      (10,131 )

Gain on sale of VeriSign Japan stock

      —         —        74,925  

Other, net

      2,783       9,860      401  
                       

Total other income, net

    $ 43,740     $ 51,211    $ 83,520  
                       
(1) See Note 2, “Restatement of Consolidated Financial Statements,” of the Notes to Consolidated Financial Statements.

 

Interest income is derived principally from the investment of VeriSign’s surplus cash balances. Interest expense is derived principally from interest payments for VeriSign’s outstanding balance from its credit facility. During 2006, VeriSign recorded a $21.7 million gain on the sale of the remaining equity stake in Network Solutions. During 2005, VeriSign recognized a gain of $8.2 million on the sale of an equity investment that was previously impaired. During 2004, VeriSign sold 18,000 ordinary shares of its Tokyo-based, majority owned consolidated subsidiary, VeriSign Japan K.K., representing a gain of approximately $74.9 million related to the sale. Other, net primarily consists of foreign exchange rate gains and losses and in 2005 it includes approximately $6.0 million of other income related to a litigation settlement with a telecommunication carrier.

 

"Note 18. Other Income" elsewhere:

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