GODADDY INC., 10-Q filed on 8/2/2019
Quarterly Report
v3.19.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2019
Jul. 26, 2019
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2019  
Document Transition Report false  
Entity File Number 001-36904  
Entity Registrant Name GoDaddy Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 46-5769934  
Entity Address, Address Line One 14455 N. Hayden Road  
Entity Address, City or Town Scottsdale  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85260  
City Area Code 480  
Local Phone Number 505-8800  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Title of 12(b) Security Class A Common Stock  
Trading Symbol GDDY  
Security Exchange Name NYSE  
Amendment Flag false  
Entity Central Index Key 0001609711  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   176,970,256
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   1,546,018
v3.19.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 1,198.8 $ 932.4
Short-term investments 23.6 18.9
Accounts and other receivables 24.8 26.4
Registry deposits 24.2 28.3
Prepaid domain name registry fees 385.7 363.2
Prepaid expenses and other current assets 63.3 58.1
Total current assets 1,720.4 1,427.3
Property and equipment, net 260.1 299.0
Operating lease assets 148.3  
Prepaid domain name registry fees, net of current portion 185.7 183.6
Goodwill 2,965.8 2,948.0
Intangible assets, net 1,153.1 1,211.5
Other assets 15.5 14.0
Total assets 6,448.9 6,083.4
Current liabilities:    
Accounts payable 82.9 61.6
Accrued expenses and other current liabilities 396.7 414.3
Deferred revenue 1,521.3 1,393.7
Long-term debt 19.2 16.6
Total current liabilities 2,020.1 1,886.2
Deferred revenue, net of current portion 652.4 623.8
Long-term debt, net of current portion 2,387.7 2,394.2
Operating lease liabilities, net of current portion 134.3  
Payable to related parties pursuant to tax receivable agreements 175.3 174.3
Other long-term liabilities 14.9 63.2
Deferred tax liabilities 107.5 117.2
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value - 50,000 shares authorized; none issued and outstanding 0.0 0.0
Additional paid-in capital 894.1 699.8
Retained earnings 168.4 164.8
Accumulated other comprehensive loss (117.6) (72.1)
Total stockholders' equity attributable to GoDaddy Inc. 945.1 792.7
Non-controlling interests 11.6 31.8
Total stockholders' equity 956.7 824.5
Total liabilities and stockholders' equity 6,448.9 6,083.4
Class A Common Stock    
Stockholders' equity:    
Common stock 0.2 0.2
Class B Common Stock    
Stockholders' equity:    
Common stock $ 0.0 $ 0.0
v3.19.2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Jun. 30, 2019
Dec. 31, 2018
Preferred stock par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock shares authorized (in shares) 50,000,000 50,000,000
Preferred stock shares issued (in shares) 0 0
Preferred stock outstanding (in shares) 0 0
Class A Common Stock    
Par value (in dollars per share) $ 0.001 $ 0.001
Common stock shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock shares issued (in shares) 176,727,000 168,549,000
Common stock outstanding (in shares) 176,727,000 168,549,000
Class B Common Stock    
Par value (in dollars per share) $ 0.001 $ 0.001
Common stock shares authorized (in shares) 500,000,000 500,000,000
Common stock shares issued (in shares) 1,566,000 6,254,000
Common stock outstanding (in shares) 1,566,000 6,254,000
v3.19.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenue:        
Revenue $ 737.2 $ 651.6 $ 1,447.2 $ 1,284.8
Costs and operating expenses        
Cost of revenue (excluding depreciation and amortization) [1] 254.6 221.3 491.0 436.6
Technology and development [1] 127.2 105.1 251.2 207.1
Marketing and advertising [1] 90.3 67.4 180.6 141.9
Customer care [1] 87.6 76.3 177.9 156.7
General and administrative [1] 104.8 81.0 197.8 157.4
Depreciation and amortization [1] 53.8 57.0 111.0 114.8
Total costs and operating expenses [1] 718.3 608.1 1,409.5 1,214.5
Operating income 18.9 43.5 37.7 70.3
Interest expense (23.1) (24.7) (47.5) (48.5)
Tax receivable agreements liability adjustment 0.0 0.0 8.7 (0.1)
Loss on debt extinguishment (14.5) 0.0 (14.5) 0.0
Other income (expense), net 5.2 0.2 11.4 1.2
Income (loss) before income taxes (13.5) 19.0 (4.2) 22.9
Benefit for income taxes 0.8 1.2 4.7 1.5
Net income (loss) (12.7) 20.2 0.5 24.4
Less: net income (loss) attributable to non-controlling interests (0.1) 2.1 0.2 3.0
Net income (loss) attributable to GoDaddy Inc. (12.6) 18.1 0.3 21.4
Weighted-average shares of Class A common stock outstanding:        
Equity-based compensation expense 41.6 28.2 88.5 59.7
Domains        
Revenue:        
Revenue 334.4 304.8 654.0 596.5
Hosting and presence        
Revenue:        
Revenue 279.8 244.6 548.7 484.4
Business applications        
Revenue:        
Revenue $ 123.0 $ 102.2 $ 244.5 $ 203.9
Class A Common Stock        
Net income (loss) attributable to GoDaddy Inc. per share of Class A common stock:        
Basic (in USD per share) $ (0.07) $ 0.12 $ 0 $ 0.15
Diluted (in USD per share) $ (0.07) $ 0.11 $ 0 $ 0.14
Weighted-average shares of Class A common stock outstanding:        
Basic (in shares) 176,007 152,577 173,517 145,249
Diluted (in shares) 176,007 180,881 183,874 179,955
Cost of revenue        
Weighted-average shares of Class A common stock outstanding:        
Equity-based compensation expense $ 0.2 $ 0.0 $ 0.2 $ 0.0
Technology and development        
Weighted-average shares of Class A common stock outstanding:        
Equity-based compensation expense 20.3 13.6 40.3 27.3
Marketing and advertising        
Weighted-average shares of Class A common stock outstanding:        
Equity-based compensation expense 4.1 2.1 8.4 5.0
Customer care        
Weighted-average shares of Class A common stock outstanding:        
Equity-based compensation expense 2.6 1.3 5.2 2.5
General and administrative        
Weighted-average shares of Class A common stock outstanding:        
Equity-based compensation expense $ 14.4 $ 11.2 $ 34.4 $ 24.9
[1] Costs and operating expenses include equity-based compensation expense as follows:Cost of revenue$0.2$—$0.2$—Technology and development$20.3$13.6$40.3$27.3Marketing and advertising4.12.18.45.0Customer care2.61.35.22.5General and administrative14.411.234.424.9Total equity-based compensation41.628.288.559.7
v3.19.2
Condensed Consolidated Statements of Operations (Unaudited) Parenthetical - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Equity-based compensation expense $ 41.6 $ 28.2 $ 88.5 $ 59.7
Technology and development        
Equity-based compensation expense 20.3 13.6 40.3 27.3
Marketing and advertising        
Equity-based compensation expense 4.1 2.1 8.4 5.0
Customer care        
Equity-based compensation expense 2.6 1.3 5.2 2.5
General and administrative        
Equity-based compensation expense $ 14.4 $ 11.2 $ 34.4 $ 24.9
v3.19.2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (12.7) $ 20.2 $ 0.5 $ 24.4
Foreign exchange forward contracts gain (loss), net 0.0 7.7 0.8 7.0
Unrealized swap gain (loss), net (10.1) 8.6 (11.1) 11.6
Change in foreign currency translation adjustment (21.5) (2.0) 6.3 3.6
Comprehensive income (loss) (44.3) 34.5 (3.5) 46.6
Less: comprehensive income (loss) attributable to non-controlling interests (0.4) 3.8 0.6 7.3
Comprehensive income (loss) attributable to GoDaddy Inc. $ (43.9) $ 30.7 $ (4.1) $ 39.3
v3.19.2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($)
shares in Thousands, $ in Millions
Total
Class A Common Stock
Class B Common Stock
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income
Non- Controlling Interest
Common stock outstanding (in shares) at Dec. 31, 2017       132,993 35,006        
Equity at beginning of period at Dec. 31, 2017 $ 546.5     $ 0.1 $ 0.0 $ 484.4 $ 87.7 $ (85.7) $ 60.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 4.2           3.3   0.9
Equity-based compensation 31.5         31.5      
Stock option exercises (in shares)       1,632          
Stock option exercises 20.7         24.4     (3.7)
Exchanges of LLC Units (in shares)       12,925 (12,925)        
Exchanges of LLC Units 0.0         11.8     (11.8)
Liability pursuant to tax receivable agreements resulting from exchanges of LLC Units (14.5)         (14.5)      
Impact of derivatives, net 2.3             2.3  
Change in foreign currency translation adjustment 5.6             5.6  
Attribution of AOCI to non-controlling interests 0.0             (2.6) 2.6
Vesting of restricted stock units (in shares)       809          
Vesting of restricted stock units 0.0                
Common stock outstanding (in shares) at Mar. 31, 2018       148,359 22,081        
Equity at end of period at Mar. 31, 2018 596.3     $ 0.1 $ 0.0 537.6 91.0 (80.4) 48.0
Common stock outstanding (in shares) at Dec. 31, 2017       132,993 35,006        
Equity at beginning of period at Dec. 31, 2017 546.5     $ 0.1 $ 0.0 484.4 87.7 (85.7) 60.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 24.4                
Change in foreign currency translation adjustment 3.6                
Common stock outstanding (in shares) at Jun. 30, 2018       158,098 13,906        
Equity at end of period at Jun. 30, 2018 674.3     $ 0.2 $ 0.0 590.1 109.1 (67.8) 42.7
Common stock outstanding (in shares) at Mar. 31, 2018       148,359 22,081        
Equity at beginning of period at Mar. 31, 2018 596.3     $ 0.1 $ 0.0 537.6 91.0 (80.4) 48.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 20.2           18.1   2.1
Equity-based compensation 28.2         28.2      
Stock option exercises (in shares)       1,020          
Stock option exercises 15.0     $ 0.1   16.1     (1.2)
Issuance of Class A common stock under employee stock purchase plan (in shares)       286          
Issuance of Class A common stock under ESPP 11.9         11.9      
Exchanges of LLC Units (in shares)       8,175 (8,175)        
Exchanges of LLC Units 0.0         7.9     (7.9)
Liability pursuant to tax receivable agreements resulting from exchanges of LLC Units (11.6)         (11.6)      
Impact of derivatives, net 16.3             16.3  
Change in foreign currency translation adjustment (2.0)             (2.0)  
Attribution of AOCI to non-controlling interests 0.0             (1.7) 1.7
Vesting of restricted stock units (in shares)       258          
Vesting of restricted stock units 0.0                
Common stock outstanding (in shares) at Jun. 30, 2018       158,098 13,906        
Equity at end of period at Jun. 30, 2018 674.3     $ 0.2 $ 0.0 590.1 109.1 (67.8) 42.7
Common stock outstanding (in shares) at Dec. 31, 2018   168,549 6,254 168,549 6,254        
Equity at beginning of period at Dec. 31, 2018 824.5     $ 0.2 $ 0.0 699.8 164.8 (72.1) 31.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 13.2           12.9   0.3
Equity-based compensation 46.9         46.9      
Sales of Class common stock, net of issuance costs (in shares)       8          
Sales of Class A common stock, net of issuance costs 0.0                
Stock option exercises (in shares)       894          
Stock option exercises 17.6         18.3     (0.7)
Exchanges of LLC Units (in shares)       4,601 (4,601)        
Exchanges of LLC Units 0.0         8.5   (2.6) (5.9)
Liability pursuant to tax receivable agreements resulting from exchanges of LLC Units (9.7)         (9.7)      
Impact of derivatives, net (0.2)             (0.2)  
Change in foreign currency translation adjustment 27.8             27.8  
Attribution of AOCI to non-controlling interests 0.0             (0.7) 0.7
Vesting of restricted stock units (in shares)       1,063          
Vesting of restricted stock units 0.0                
Adjustment to prior period allocations of non-controlling interests 0.0         51.7   (38.5) (13.2)
Common stock outstanding (in shares) at Mar. 31, 2019       175,115 1,653        
Equity at end of period at Mar. 31, 2019 923.4     $ 0.2 $ 0.0 815.5 181.0 (86.3) 13.0
Common stock outstanding (in shares) at Dec. 31, 2018   168,549 6,254 168,549 6,254        
Equity at beginning of period at Dec. 31, 2018 824.5     $ 0.2 $ 0.0 699.8 164.8 (72.1) 31.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 0.5                
Change in foreign currency translation adjustment 6.3                
Common stock outstanding (in shares) at Jun. 30, 2019   176,727 1,566 176,727 1,566        
Equity at end of period at Jun. 30, 2019 956.7     $ 0.2 $ 0.0 894.1 168.4 (117.6) 11.6
Common stock outstanding (in shares) at Mar. 31, 2019       175,115 1,653        
Equity at beginning of period at Mar. 31, 2019 923.4     $ 0.2 $ 0.0 815.5 181.0 (86.3) 13.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) (12.7)           (12.6)   (0.1)
Equity-based compensation 41.6         41.6      
Stock option exercises (in shares)       867          
Stock option exercises 19.4         20.1     (0.7)
Issuance of Class A common stock under employee stock purchase plan (in shares)       303          
Issuance of Class A common stock under ESPP 16.6         16.6      
Exchanges of LLC Units (in shares)       87 (87)        
Exchanges of LLC Units 0.0         0.3     (0.3)
Impact of derivatives, net (10.1)             (10.1)  
Change in foreign currency translation adjustment (21.5)             (21.5)  
Attribution of AOCI to non-controlling interests 0.0             0.3 (0.3)
Vesting of restricted stock units (in shares)       355          
Vesting of restricted stock units 0.0                
Common stock outstanding (in shares) at Jun. 30, 2019   176,727 1,566 176,727 1,566        
Equity at end of period at Jun. 30, 2019 $ 956.7     $ 0.2 $ 0.0 $ 894.1 $ 168.4 $ (117.6) $ 11.6
v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities    
Net income (loss) $ 0.5 $ 24.4
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 111.0 114.8
Equity-based compensation 88.5 59.7
Loss on debt extinguishment 14.5 0.0
Tax receivable agreements liability adjustment (8.7) 0.1
Other 11.4 (6.5)
Changes in operating assets and liabilities, net of amounts acquired:    
Registry deposits 4.0 (11.5)
Prepaid domain name registry fees (25.7) (26.6)
Deferred revenue 157.2 154.2
Other operating assets and liabilities 8.3 (31.3)
Net cash provided by operating activities 361.0 277.3
Investing activities    
Purchases of short-term investments (40.6) (6.9)
Maturities of short-term investments 36.3 0.4
Business acquisitions, net of cash acquired (37.0) (14.1)
Purchases of property and equipment (45.9) (35.9)
Other investing activities (1.3) (14.3)
Net cash used in investing activities (88.5) (70.8)
Proceeds received from:    
Issuance of Senior Notes 600.0 0.0
Stock option exercises 37.0 35.7
Issuance of Class A common stock under ESPP 16.6 11.9
Payments made for:    
Repayment of term loans (612.5) (12.5)
Contingent consideration for business acquisitions (33.5) (9.2)
Financing-related costs (10.9) 0.0
Leases and other financing obligations (2.1) (4.0)
Net cash provided by (used in) financing activities (5.4) 21.9
Effect of exchange rate changes on cash and cash equivalents (0.7) (1.4)
Net increase in cash and cash equivalents 266.4 227.0
Cash and cash equivalents, beginning of period 932.4 582.7
Cash and cash equivalents, end of period 1,198.8 809.7
Supplemental cash flow information:    
Interest on long-term debt, net of swap benefit 39.8 40.5
Income taxes, net of refunds received 4.2 15.7
Supplemental information for non-cash investing and financing activities:    
Acquisition date fair value of contingent consideration 0.0 2.2
Accrued capital expenditures at period end $ 5.1 $ 4.2
v3.19.2
Organization and Background
 6 Months Ended
Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Background Organization and Background
Organization
We are the sole managing member of Desert Newco, and as a result, we consolidate its financial results and report non-controlling interests representing the economic interests held by its other members. Non-controlling interests exclude any net income (loss) attributable directly to GoDaddy Inc. We owned approximately 99% of Desert Newco's limited liability company units (LLC Units) as of June 30, 2019.
Basis of Presentation
Our financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP), and include our accounts and the accounts of our subsidiaries. All material intercompany accounts and transactions have been eliminated.
Our interim financial statements are unaudited, and in our opinion, include all adjustments of a normal recurring nature necessary for the fair presentation of the periods presented. The results for interim periods are not necessarily indicative of the results to be expected for any subsequent period or for the year ending December 31, 2019.
These financial statements should be read in conjunction with our audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2018 (the 2018 Form 10-K).
Prior Period Reclassifications
Reclassifications of certain immaterial prior period amounts have been made to conform to the current period presentation.
Use of Estimates
GAAP requires us to make estimates and assumptions affecting amounts reported in our financial statements. We periodically evaluate our estimates and adjust prospectively, if necessary. We believe our estimates and assumptions are reasonable; however, actual results may differ.
Segment
As of June 30, 2019, our chief operating decision maker function was comprised of our Chief Executive Officer who reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance for the entire company. Accordingly, we have a single operating and reportable segment.
v3.19.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Assets Recognized from Contract Costs
Fees paid to various registries at the inception of a domain registration or renewal represent costs to fulfill a contract. We capitalize and amortize these prepaid domain name registry fees to cost of revenue consistent with the pattern of transfer of the service to which the asset relates. During the three months ended June 30, 2019 and 2018, amortization expense of such asset was $151.7 million and $148.7 million, respectively. During the six months ended June 30, 2019 and 2018, amortization expense of such asset was $302.3 million and $294.0 million, respectively.
No other material contract costs were capitalized during any of the periods presented.
Leases
Adoption of New Standard on Leases
On January 1, 2019, we adopted the Financial Accounting Standards Board's (FASB) new lease accounting standard using a modified retrospective transition and recorded a $3.3 million cumulative-effect adjustment to beginning retained earnings (the effective date method). Under the effective date method, comparative period financial information is not adjusted. The new standard requires lessees to recognize a right-of-use (ROU) asset and lease liability on the balance sheet for operating leases while the accounting for finance leases is substantially unchanged. We recognized $111.3 million and $108.0 million of additional assets and liabilities, respectively, upon adoption of the new standard. The impact to deferred taxes was immaterial.
The increases to assets and liabilities resulting from the recognition of ROU assets and operating lease liabilities included the derecognition of existing assets and liabilities related to leases. The most significant impact resulted from the derecognition of our lease financing obligation and related building asset. At adoption, we were required to reassess whether the failed sale-leaseback transaction that resulted in the recognition of a lease financing obligation and related building asset would have met the sale criteria under the new standard. We concluded that the sale criteria would have been met and recognized a $3.3 million adjustment to beginning retained earnings as a result of the derecognition of the lease financing obligation and related building asset. The previously recognized lease financing obligation is now classified as an operating lease and was included in the initial measurement of the ROU assets and operating lease liabilities.
We have adopted the package of practical expedients allowing us to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. Adoption of this standard did not have a material impact to our statements of operations or cash flows.
We determine whether a contract contains a lease at contract inception. We have lease agreements with lease and non-lease components and have elected the practical expedient to account for such components as a single lease component. This election must be made by class of underlying asset and was elected for our leases of office space, data center space and server equipment. We initially recognize and measure contracts containing a lease and determine lease classification at commencement. ROU assets and operating lease liabilities are measured based on the estimated present value of lease payments over the lease term. In determining the present value of lease payments, we use our estimated incremental borrowing rate when the rate implicit in the lease cannot be readily determined. The estimated incremental borrowing rate is based upon information available at lease commencement including publicly available data for debt instruments. The lease term includes periods covered by options to extend when it is reasonably certain we will exercise such options as well as periods subsequent to an option to terminate the lease if it is reasonably certain we will not exercise the termination option. Operating lease costs
are recognized on a straight-line basis over the lease term while finance leases result in a front-loaded expense pattern. Variable lease costs are recognized as incurred. On our balance sheets, assets and liabilities associated with operating leases are included within operating lease assets, accrued expenses and other current liabilities and operating lease liabilities. Assets and liabilities associated with finance leases are included in property and equipment, net, accrued expenses and other current liabilities and other long-term liabilities.
See Note 10 for additional information regarding leases.
Fair Value Measurements
The following tables set forth assets and liabilities measured at fair value on a recurring basis:
 
June 30, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 Cash and cash equivalents:
 
 
 
 
 
 
 
Reverse repurchase agreements(1)
$
—

 
$
70.0

 
$
—

 
$
70.0

Commercial paper
—

 
100.5

 
—

 
100.5

Money market funds
373.1

 
—

 
—

 
373.1

 Short-term investments:
 
 
 
 
 
 

Certificates of deposit and time deposits
0.7

 
—

 
—

 
0.7

Commercial paper
—

 
22.9

 
—

 
22.9

 Derivative assets
—

 
1.7

 
—

 
1.7

Total assets measured and recorded at fair value
$
373.8

 
$
195.1

 
$
—

 
$
568.9

Liabilities:
 
 
 
 
 
 
 
 Contingent consideration liabilities
$
—

 
$
—

 
$
28.0

 
$
28.0

 Derivative liabilities
—

 
122.9

 
—

 
122.9

Total liabilities measured and recorded at fair value
$
—

 
$
122.9

 
$
28.0

 
$
150.9

 
 
(1)
Reverse repurchase agreements include a $70.0 million repurchase agreement with Morgan Stanley, callable with 31 days notice.
 
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 Cash and cash equivalents:
 
 
 
 
 
 
 
Reverse repurchase agreements(1)
$
—

 
$
70.0

 
$
—

 
$
70.0

Commercial paper
—

 
71.4

 
—

 
71.4

Money market funds
338.6

 
—

 
—

 
338.6

 Short-term investments:
 
 
 
 
 
 
 
Certificates of deposit and time deposits
1.0

 
—

 
—

 
1.0

Commercial paper
—

 
18.0

 
—

 
18.0

Total assets measured and recorded at fair value
$
339.6

 
$
159.4

 
$
—

 
$
499.0

Liabilities:
 
 
 
 
 
 
 
 Contingent consideration liabilities
$
—

 
$
—

 
$
67.9

 
$
67.9

 Derivative liabilities
—

 
120.5

 
—

 
120.5

Total liabilities measured and recorded at fair value
$
—

 
$
120.5

 
$
67.9

 
$
188.4

 
 
(1)
Reverse repurchase agreements include a $70.0 million repurchase agreement with Morgan Stanley, callable with 31 days notice.
Our contingent consideration liabilities, which relate to future earn-out payments associated with our business acquisitions, are classified within Level 3 and valued using discounted cash flow valuation methods encompassing significant unobservable inputs. The inputs include estimated operating results scenarios for the applicable performance periods, probability weightings assigned to operating results scenarios (generally assessed at 100% probability) and the discount rates applied (generally ranging from 14% to 25%). The fair values of our contingent consideration arrangements are sensitive to changes in forecasts and discount rates. A reconciliation of these liabilities is as follows:
 
Six Months Ended June 30,
 
2019
 
2018
Balance at beginning of period
$
67.9

 
$
20.7

Acquisition date fair value of contingent consideration
—

 
2.2

Adjustments to fair value recognized in earnings
1.4

 
6.7

Contingent consideration payments
(41.3
)
 
(10.0
)
Impact of foreign currency translation and other
—

 
(0.2
)
Balance at end of period
$
28.0

 
$
19.4


We have no other material assets or liabilities measured at fair value on a recurring basis.
Recent Accounting Pronouncements
In June 2016, the FASB issued new guidance for the accounting for credit losses on instruments that will require entities to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial instruments measured at amortized cost and also applies to some off-balance sheet credit exposures. We expect this guidance to impact our accounting for allowances for doubtful accounts and other assets subject to credit risk. We plan to adopt this guidance on January 1, 2020 and are currently evaluating its expected impact.
In January 2017, the FASB issued new guidance simplifying the goodwill impairment test, eliminating the requirement for an entity to determine the fair value of its assets and liabilities (including unrecognized assets and liabilities) at the impairment testing date following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, an entity will be required to perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity will be required to recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. Our adoption of this guidance on January 1, 2019 did not have a material impact.
In August 2018, the FASB issued new guidance to modify or eliminate certain fair value disclosures and require additional disclosures for Level 3 measurements. We do not expect our adoption of this guidance on January 1, 2020 to have a material impact.
In August 2018, the FASB issued new guidance aligning the accounting for implementation costs incurred in cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the timing of our adoption and the expected impact of this new guidance.
v3.19.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The following table summarizes changes in goodwill:
Balance at December 31, 2018
$
2,948.0

Goodwill related to acquisitions
21.0

Impact of foreign currency translation
(3.2
)
Balance at June 30, 2019
$
2,965.8


Intangible assets, net are as follows:
 
June 30, 2019
 
Gross 
Carrying
Amount
 
Accumulated
Amortization
 
Net Carrying
Amount
Indefinite-lived intangible assets:
 
 
 
 
 
Trade names and branding
$
445.0

 
n/a

 
$
445.0

Domain portfolio
151.4

 
n/a

 
151.4

Finite-lived intangible assets:
 
 
 
 
 
Customer-related
831.8

 
$
(432.5
)
 
399.3

Developed technology
150.5

 
(54.0
)
 
96.5

Trade names
80.3

 
(19.4
)
 
60.9

 
$
1,659.0

 
$
(505.9
)
 
$
1,153.1

 
December 31, 2018
 
Gross 
Carrying
Amount
 
Accumulated
Amortization
 
Net Carrying
Amount
Indefinite-lived intangible assets:
 
 
 
 
 
Trade names and branding
$
445.0

 
n/a

 
$
445.0

Domain portfolio
152.4

 
n/a

 
152.4

Finite-lived intangible assets:
 
 
 
 
 
Customer-related
850.5

 
$
(407.5
)
 
443.0

Developed technology
206.9

 
(103.1
)
 
103.8

Trade names and other
92.9

 
(25.6
)
 
67.3

 
$
1,747.7

 
$
(536.2
)
 
$
1,211.5


Amortization expense was $31.2 million and $32.8 million for the three months ended June 30, 2019 and 2018, respectively and was $62.0 million and $66.0 million for the six months ended June 30, 2019 and 2018, respectively. The weighted-average remaining amortization period for amortizable intangible assets was 72 months as of June 30, 2019.
Based on the balance of finite-lived intangible assets at June 30, 2019, expected future amortization expense is as follows:
Year Ending December 31:
 
2019 (remainder of)
$
58.0

2020
110.7

2021
87.4

2022
85.6

2023
70.4

Thereafter
144.6

 
$
556.7
v3.19.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Secondary Offering
In February 2019, we completed an underwritten public offering in which KKR and SLP sold shares of our Class A common stock. We did not receive any proceeds from the shares sold by the selling stockholders. We used the net proceeds from the shares sold by us to pay expenses incurred in connection with the offering. The offering included the exchange of LLC Units (together with the corresponding shares of Class B common stock) for Class A common stock by the selling stockholders,
which resulted in an increase in additional paid-in capital, with an offsetting reduction in non-controlling interests, and a material increase to the liability under the TRAs (see Note 13). Significant details for the offering are as follows:
Offering Date
 
Offering Price Per Share ($)
 
Shares Sold by GoDaddy (#)
 
Proceeds Received by GoDaddy ($)
 
Aggregate Shares Sold by Selling Stockholders (#)
 
LLC Units Exchanged by Selling Stockholders (#)
 
Increase in Additional Paid-in Capital ($)
February 2019(1)
 
75.40

 
8

 
0.6

 
8,539

 
4,278

 
5.7

 
 
(1)
Following the offering, KKR and SLP no longer own shares of GoDaddy's common stock.
Share Repurchase Program
In November 2018, our Board approved the repurchase of up to $500.0 million of our Class A common stock. We may purchase shares from time to time in open market purchases, block transactions and privately negotiated transactions, in accordance with applicable federal securities laws. The share repurchase program has no time limit, does not obligate us to make any repurchases and may be modified, suspended or terminated by us at any time without prior notice. The amount and timing of repurchases are subject to a variety of factors including liquidity, share price, market conditions and legal requirements, and will be funded by available cash and cash equivalents. As of June 30, 2019, no shares have been repurchased.
v3.19.2
Equity-Based Compensation Plans
 6 Months Ended
Jun. 30, 2019
Share-based Payment Arrangement [Abstract]  
Equity-Based Compensation Plans Equity-Based Compensation Plans
As of December 31, 2018, 19,195 shares of Class A common stock were available for issuance as future awards under the 2015 Equity Incentive Plan (the 2015 Plan). On January 1, 2019, an additional 6,992 shares were reserved for issuance pursuant to the automatic increase provisions of the 2015 Plan. As of June 30, 2019, 23,263 shares were available for issuance as future awards under the 2015 Plan.
As of December 31, 2018, 3,082 shares of Class A common stock were available for issuance under the 2015 Employee Stock Purchase Plan (the ESPP). On January 1, 2019, an additional 1,000 shares were reserved for issuance pursuant to the ESPP. As of June 30, 2019, 3,780 shares were available for issuance under the ESPP.
We grant options at exercise prices equal to the fair market value of our Class A common stock on the grant date. We grant both options and restricted stock units (RSUs) vesting solely upon the continued service of the recipient as well as awards vesting upon the achievement of annual or cumulative financial-based targets. We recognize the grant date fair value of equity-based awards as compensation expense over the required service period of each award, taking into account the probability of our achievement of associated performance targets.
The following table summarizes option activity:
 
Number of
Shares of Class A Common Stock (#)
 
Weighted-
Average
Grant-
Date Fair
Value ($)
 
Weighted-
Average
Exercise
Price ($)
Outstanding at December 31, 2018
9,527

 
 
 
25.77

Granted
981

 
26.30

 
74.88

Exercised
(1,761
)
 
 
 
20.97

Forfeited
(176
)
 
 
 
49.67

Outstanding at June 30, 2019
8,571

 
 
 
31.88

Vested at June 30, 2019
5,430

 
 
 
19.60

The following table summarizes RSU activity:
 
Number of
Shares of Class A Common Stock (#)
 
Weighted-
Average
Grant-
Date Fair
Value ($)
Outstanding at December 31, 2018
5,356

 
 
Granted
2,401

 
74.30

Vested
(1,418
)
 
 
Forfeited
(281
)
 
 
Outstanding at June 30, 2019
6,058

 
 

At June 30, 2019, total unrecognized compensation expense related to non-vested stock options and RSUs was $42.6 million and $243.6 million, respectively, with expected remaining weighted-average recognition periods of 2.3 years and 2.5 years, respectively. We currently believe the performance targets related to the vesting of performance awards will be achieved. If such targets are not achieved, or are subsequently determined to not be probable of being achieved, we will not recognize any compensation expense for performance awards not expected to vest, and will reverse any previously recognized expense on such awards.
v3.19.2
Deferred Revenue
 6 Months Ended
Jun. 30, 2019
Revenue from Contract with Customer [Abstract]  
Deferred Revenue Deferred Revenue
Deferred revenue consisted of the following:
 
June 30, 2019
 
December 31, 2018
Current:
 
 
 
Domains
$
746.0

 
$
686.3

Hosting and presence
524.1

 
483.3

Business applications
251.2

 
224.1

 
$
1,521.3

 
$
1,393.7

Noncurrent:
 
 
 
Domains
$
384.4

 
$
365.8

Hosting and presence
185.3

 
180.6

Business applications
82.7

 
77.4

 
$
652.4

 
$
623.8


The increase in the deferred revenue balance is primarily driven by payments received in advance of satisfying our performance obligations, offset by $416.7 million and $962.0 million of revenue recognized during the three and six months ended June 30, 2019, respectively, that was included in the deferred revenue balance as of December 31, 2018. The deferred revenue balance as of June 30, 2019 represents our aggregate remaining performance obligations that will be recognized as revenue over the period in which the performance obligations are satisfied.
Deferred revenue as of June 30, 2019 is expected to be recognized as revenue as follows:
 
Remainder of 2019
 
2020
 
2021
 
2022
 
2023
 
Thereafter
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domains
$
486.0

 
$
384.5

 
$
121.1

 
$
58.6

 
$
34.7

 
$
45.5

 
$
1,130.4

Hosting and presence
354.5

 
244.4

 
69.8

 
22.8

 
10.4

 
7.5

 
709.4

Business applications
171.6

 
113.6

 
34.5

 
9.3

 
2.9

 
2.0

 
333.9

 
$
1,012.1

 
$
742.5

 
$
225.4

 
$
90.7

 
$
48.0

 
$
55.0

 
$
2,173.7
v3.19.2
Accrued Expenses and Other Current Liabilities
 6 Months Ended
Jun. 30, 2019
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
 
June 30, 2019
 
December 31, 2018
Derivative liabilities
$
122.9

 
$
120.5

Accrued payroll and employee benefits
85.8

 
105.9

Current portion of operating lease liabilities
37.4

 
—

Tax-related accruals
36.1

 
38.4

Accrued acquisition-related expenses and acquisition consideration payable
32.4

 
74.4

Accrued legal and professional fees
29.9

 
10.9

Accrued marketing and advertising expenses
15.1

 
19.4

Accrued other
37.1

 
44.8

 
$
396.7


$
414.3
v3.19.2
Long-Term Debt
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following:
 
June 30, 2019
 
December 31, 2018
Term Loans (effective interest rate of 5.0% at June 30, 2019 and 4.6% at December 31, 2018)
$
1,844.8

 
$
2,457.3

Senior Notes (effective interest rate of 5.6% at June 30, 2019)
600.0

 
—

Revolver
—

 
—

Total
2,444.8

 
2,457.3

Less: unamortized original issue discount on long-term debt(1)
(12.4
)
 
(27.9
)
Less: unamortized debt issuance costs(1)
(25.5
)
 
(18.6
)
Less: current portion of long-term debt
(19.2
)
 
(16.6
)
 
$
2,387.7

 
$
2,394.2

 
 

(1)
Original issue discount and debt issuance costs are amortized to interest expense over the life of the related debt instruments using the effective interest method.
Credit Facility
As of December 31, 2018, our secured credit agreement (the Credit Facility) included an aggregate of $2,497.5 million original balance term loans (the Term Loans) and a $200.0 million revolving credit facility (the Revolver).
As further described below, in June 2019 we issued unsecured senior notes (the Senior Notes) in an aggregate principal amount of $600.0 million, the proceeds of which were used to prepay $600.0 million of the outstanding principal balance of the Term Loans. The partial prepayment was made in accordance with the contractual terms of the Credit Facility and the terms of the remaining Term Loans were not modified. As such, the prepayment was considered a partial extinguishment and we wrote off a proportionate amount of the unamortized debt issuance costs and original issue discount on the Term Loans, recognizing a $14.5 million loss on debt extinguishment.
Concurrent with the issuance of the Senior Notes, we amended the Revolver to increase its borrowing capacity to $600.0 million, reduce its interest rate margins and extend its maturity date, as described below. In addition, the amendment provided that compliance relating to the maximum net leverage ratio occurs upon our usage exceeding 20% of the Revolver, a reduction from the previous level of 35%. In connection with this amendment, we capitalized aggregate fees of $3.4 million as debt issuance costs.
The Term Loans mature on February 15, 2024 and bear interest at a rate equal to, at our option, either (a) LIBOR plus 2.00% per annum or (b) 1.00% per annum plus the highest of (i) the Federal Funds Rate plus 0.5%, (ii) the Prime Rate or (iii) one-month LIBOR plus 1.0%. A portion of the Term Loans are hedged by an interest rate swap. See Note 9 for discussion of this hedging instrument and its impact on the interest rate associated with the Term Loans.
The amended Revolver matures on February 15, 2024 and bears interest at a rate equal to, at our option, either (a) LIBOR plus a margin ranging from 1.25% to 1.75% per annum or (b) the higher of (i) the Federal Funds Rate plus 0.5%, (ii) the Prime Rate or (iii) the one-month LIBOR rate plus 1.0% plus a margin ranging from 0.25% to 0.75% per annum, with the margins determined based on our first lien net leverage ratio.
At June 30, 2019, we had $600.0 million available for borrowing under the Revolver and were not in violation of any covenants of the Credit Facility.
Senior Notes
In June 2019, we issued the Senior Notes in an aggregate principal amount of $600.0 million in a private placement offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The Senior Notes were issued at par and bear interest at a rate of 5.25% per annum, with interest payable semiannually on June 1 and December 1, commencing on December 1, 2019. The full principal balance is payable at maturity on December 1, 2027, subject to earlier repurchase or optional redemption as described below.
As described above, the proceeds from the issuance of the Senior Notes were used to prepay $600.0 million in aggregate principal amount of our existing Term Loans. In conjunction with the issuance of the Senior Notes, we recognized $9.7 million in debt issuance costs.
The Senior Notes are redeemable at our option, in whole or in part, at any time prior to June 1, 2022 at a redemption price equal to 100.0% of the principal amount, plus accrued and unpaid interest, plus an applicable premium of not less than 1.0%. In the event of an equity offering prior to June 1, 2022, the Senior Notes may be partially redeemed at our option at an amount equal to 105.25% of the principal amount, plus accrued and unpaid interest. On and after June 1, 2022, we may redeem the Senior Notes, in whole or in part, at an amount equal to 102.625% of the principal amount, decreasing to 101.75% at June 1, 2023, 100.875% at June 1, 2024 and 100.0% thereafter, plus accrued and unpaid interest. Upon the occurrence of a change of control, we are required to offer to repurchase the Senior Notes from the holders at a price equal to 101.0% of the principal amount, plus accrued and unpaid interest.
Significant terms of the Senior Notes are as follows:
•
they are subordinated to our existing secured debt, including the Credit Facility, and any future secured debt we may issue;
•
all obligations are unconditionally guaranteed by all of our material domestic subsidiaries;
•
we are restricted by certain covenants, including limitations on our ability to incur additional indebtedness, incur additional liens, consolidate with or merge with or into another entity and sell substantially all of our assets; and
•
the covenants may be suspended if we are able to obtain and maintain investment grade ratings and no event of default has occurred.
At June 30, 2019, we were not in violation of any covenants of the Senior Notes.
Fair Value
The estimated fair values of the Term Loans and Senior Notes were $1,846.0 million and $622.5 million, respectively, at June 30, 2019 based on observable market prices for these loans, which are traded in less active markets and therefore classified as Level 2 fair value measurements.
Future Debt Maturities
Aggregate principal payments, exclusive of any unamortized original issue discount and debt issuance costs, due on long-term debt as of June 30, 2019 are as follows:
Year Ending December 31:
 
2019 (remainder of)
$
12.5

2020
25.0

2021
25.0

2022
25.0

2023
25.0

Thereafter
2,332.3

 
$
2,444.8
v3.19.2
Derivatives and Hedging
 6 Months Ended
Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Derivatives and Hedging
We are exposed to changes in foreign currency exchange rates, primarily relating to intercompany debt and certain forecasted sales transactions denominated in currencies other than the U.S. dollar, as well as to changes in interest rates as a result of our variable-rate debt. Consequently, we use derivative financial instruments to manage and mitigate such risk. We do not enter into derivative transactions for speculative or trading purposes.
The following table summarizes our outstanding derivative instruments on a gross basis:
 
Notional Amount
 
Fair Value of Derivative Assets(3)
 
Fair Value of Derivative Liabilities(3)
 
June 30, 2019
 
December 31, 2018
 
June 30, 2019
 
December 31, 2018
 
June 30, 2019
 
December 31, 2018
Derivative Instrument:
 
 
 
 
 
 
 
 
 
 
 
Level 2:
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts(1)
$
101.8

 
$
—

 
$
1.7

 
$
—

 
$
0.4

 
$
—

Cross-currency swap(2)
1,382.0

 
1,397.8

 
—

 
—

 
93.5

 
119.1

Interest rate swap
1,295.6

 
1,302.3

 
—

 
—

 
29.0

 
1.4

 
$
2,779.4

 
$
2,700.1

 
$
1.7

 
$
—

 
$
122.9

 
$
120.5

 
 
(1)
The notional amount includes $13.3 million of foreign exchange forward contracts not designated as cash flow hedges, the aggregate fair value of which was $0.2 million at June 30, 2019.
(2)
The notional values of the cross-currency swap have been translated from Euros to U.S. dollars at the foreign currency rates in effect at June 30, 2019 and December 31, 2018 of approximately 1.14 and 1.14, respectively.
(3)
In our balance sheets, all derivative assets are recorded within prepaid expenses and other current assets and all derivative liabilities are recorded within accrued expenses and other current liabilities.
The following table summarizes the effect of our designated cash flow hedging derivative instruments on accumulated other comprehensive income (loss) (AOCI):
 
Unrealized Gains (Losses) Recognized in Other Comprehensive Income
 
Three Months Ended
 
Six Months Ended
 
June 30, 2019
 
June 30, 2018
 
June 30, 2019
 
June 30, 2018
Derivative Instrument:
 
 
 
 
 
 
 
Foreign exchange forward contracts(1)
$
—

 
$
7.7

 
$
0.8

 
$
7.0

Cross-currency swap
7.9

 
(0.6
)
 
16.5

 
(18.4
)
Interest rate swap
(18.0
)
 
9.2

 
(27.6
)
 
30.0

 
$
(10.1
)
 
$
16.3

 
$
(10.3
)
 
$
18.6

 
 
(1)
Amounts include gains and losses realized upon contract settlement but not yet recognized into earnings from AOCI.
The following tables summarize the locations and amounts of gains (losses) recognized within earnings related to our derivative instruments:
 
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Revenue
 
Interest Expense
 
Other Income (Expense), Net
 
Revenue
 
Interest Expense
 
Other Income (Expense), Net
Foreign Exchange Forward Contracts:
 
 
 
 
 
 
 
 
 
 
 
Reclassified from AOCI into income
$
0.8

 
$
—

 
$
—

 
$
(1.0
)
 
$
—

 
$
—

Cross Currency Swap:
 
 
 
 
 
 
 
 
 
 
 
Reclassified from AOCI into income(1)
—

 
7.4

 
(18.7
)
 
—

 
7.1

 
82.6

Interest Rate Swap:
 
 
 
 
 
 
 
 
 
 
 
Reclassified from AOCI into income
—

 
0.1

 
—

 
—

 
(1.8
)
 
—

 
$
0.8

 
$
7.5

 
$
(18.7
)
 
$
(1.0
)
 
$
5.3

 
$
82.6

 
 
(1)
The amount reflected in other income (expense), net includes $18.5 million and $(82.9) million reclassified from AOCI to offset the earnings impact of the remeasurement of the Euro-denominated intercompany loan hedged by the cross-currency swap for the three months ended June 30, 2019 and 2018, respectively.
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
 
Revenue
 
Interest Expense
 
Other Income (Expense), Net
 
Revenue
 
Interest Expense
 
Other Income (Expense), Net
Foreign Exchange Forward Contracts:
 
 
 
 
 
 
 
 
 
 
 
Reclassified from AOCI into income
$
1.3

 
$
—

 
$
—

 
$
(1.9
)
 
$
—

 
$
—

Cross Currency Swap:
 
 
 
 
 
 
 
 
 
 
 
Reclassified from AOCI into income(1)
—

 
14.6

 
8.8

 
—

 
13.6

 
40.6

Interest Rate Swap:
 
 
 
 
 
 
 
 
 
 
 
Reclassified from AOCI into income
—

 
0.2

 
—

 
—

 
(4.7
)
 
—

 
$
1.3

 
$
14.8

 
$
8.8

 
$
(1.9
)
 
$
8.9

 
$
40.6

 
 
(1)
The amount reflected in other income (expense), net includes $(9.2) million and $(41.5) million reclassified from AOCI to offset the earnings impact of the remeasurement of the Euro-denominated intercompany loan hedged by the cross-currency swap for the six months ended June 30, 2019 and 2018, respectively.
As of June 30, 2019, we estimate that approximately $30.9 million of net deferred gains related to our designated cash flow hedges will be recognized in earnings over the next 12 months. No amounts were excluded from our effectiveness testing during any of the periods presented.
Risk Management Strategies
Foreign Exchange Forward Contracts
From time-to-time, we may enter into foreign exchange forward contracts with financial institutions to hedge certain forecasted sales transactions denominated in foreign currency. We generally designate these forward contracts as cash flow hedges, which are recognized as either assets or liabilities at fair value. At June 30, 2019, all such contracts had maturities of six months or less.
Cross-Currency Swap Contract
In April 2017, in order to manage variability due to movements in foreign currency rates related to a Euro-denominated intercompany loan, we entered into a five-year cross-currency swap arrangement (the Cross-Currency Swap). The Cross-Currency Swap, which matures on April 3, 2022, had an amortizing notional amount of €1,243.3 million at inception (approximately $1,325.4 million). It converts the 3.00% fixed rate Euro-denominated interest and principal receipts on the intercompany loan into fixed U.S. dollar interest and principal receipts at a rate of 5.44%. Pursuant to the contract, the Euro notional value will be exchanged for the U.S. dollar notional value at maturity. The Cross-Currency Swap has been designated as a cash flow hedge. Accordingly, it is recognized as an asset or liability at fair value and the unrealized gains and losses on the contract are included in gain (loss) on swaps and foreign currency hedging, net within AOCI. Gains and losses are reclassified to interest income or expense over the period the hedged loan affects earnings. As such, amounts recorded in other comprehensive income (loss) (OCI) will be recognized in earnings within or against interest expense when the hedged interest payment is accrued each month. In addition, an amount is reclassified from AOCI to other income (expense), net each reporting period, to offset the earnings impact of the hedged instrument.
Interest Rate Swap Contract
In April 2017, we entered into a five-year pay-fixed rate, receive-floating rate interest rate swap arrangement (the Interest Rate Swap) to effectively convert a portion of the variable-rate debt to fixed. The Interest Rate Swap, which matures on April 3, 2022, had an amortizing notional amount of $1,325.4 million at inception and swaps the variable interest rate on our LIBOR-based borrowings for a fixed rate of 5.44%. The objective of the Interest Rate Swap, which is designated as a cash flow hedge and recognized as an asset or liability at fair value, is to manage the variability of cash flows in the interest payments related to the portion of the variable-rate debt designated as being hedged. The unrealized gains and losses on the contract are included in gain (loss) on swaps and foreign currency hedging, net within AOCI, and will be recognized in earnings within or against interest expense when the hedged interest payment is accrued each month.
v3.19.2
Leases
 6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Leases Leases
Our operating leases primarily consist of office and data center space expiring at various dates through November 2036. Certain leases include options to renew or terminate at our discretion. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of June 30, 2019, operating leases have a remaining weighted average lease term of 5.7 years and our operating lease liabilities were measured using a weighted average discount rate of 6.2%. Finance leases are immaterial.
The components of operating lease expense were as follows:
 
Three Months Ended June 30, 2019
 
Six Months Ended June 30, 2019
Operating lease costs
$
12.8

 
25.5

Variable lease costs
2.1

 
4.6

Sublease income
(1.1
)
 
(1.6
)
Net lease costs
$
13.8

 
$
28.5

Supplemental cash flow information related to operating leases was as follows:
 
Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of operating lease liabilities
$
23.5

ROU assets obtained in exchange for operating lease obligations
$
39.3


Operating lease liabilities are included in our balance sheets as follows:
 
June 30, 2019
Accrued expenses and other current liabilities
$
37.4

Operating lease liabilities, net of current portion
134.3

 
$
171.7


As of June 30, 2019, we have $87.8 million of additional operating lease commitments commencing in future periods.
Maturities of operating lease liabilities as of June 30, 2019 were as follows:
2019 (remainder of)
$
24.9

2020
41.0

2021
36.7

2022
27.6

2023
21.4

Thereafter
54.5

Total lease payments
206.1

Less: imputed interest
(34.4
)
 
$
171.7
v3.19.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation
From time-to-time, we are a party to litigation and subject to claims incident to the ordinary course of business, including intellectual property claims, putative and certified class actions, commercial and consumer protection claims, labor and employment claims, breach of contract claims and other asserted and unasserted claims. We investigate claims as they arise and accrue estimates for resolution of legal and other contingencies when losses are probable and estimable.
On June 13, 2019, we entered into an agreement in principle to settle the class action complaint, Jason Bennett v. GoDaddy.com (Case No. 2:16-cv-03908-DLR)(U.S.D.C.)(D.AZ), filed on June 20, 2016. The complaint alleges violation of the Telephone Consumer Protection Act of 1991. The settlement remains subject to both parties' execution of a written settlement agreement and Court approval of such settlement. Under the terms of the proposed settlement, we would make available a total of up to $35.0 million to pay: (i) class members, at their election, either a cash settlement or a credit to be used for future purchases of products from us, (ii) an incentive payment to the class representative, (iii) notice and administration costs in connection with the settlement, and (iv) attorneys' fees and expenses to legal counsel representing the class. If approved, we would receive a full release from the settlement class (other than from those class members who timely elect to opt out of the settlement) concerning the claims asserted, or that could have been asserted, with respect to the claims released in the settlement agreement.
During the three months ended June 30, 2019, we recorded an estimated loss provision of $18.1 million to general and administrative expense, which represents our best estimate of the total cash settlement to be paid to class members, the incentive payment to the class representative and attorneys’ fees and expenses to be paid to legal counsel representing the class in connection with the settlement agreement. Settlement credits used for future purchases of products will result in reduced revenue in the periods in which they are utilized. Our legal fees and expenses associated with this matter have been recorded to general and administrative expense as incurred and were not material.
We have denied and continue to deny the allegations in the complaint. Nothing in the settlement agreement shall be deemed to assign or reflect any admission of fault, wrongdoing or liability, or of the appropriateness of a class action in such litigation.
The amounts currently accrued for other matters are not material. While the results of such normal course claims and legal proceedings, regardless of the underlying nature of the claims, cannot be predicted with certainty, management does not believe, based on current knowledge and the likely timing of resolution of various matters, any additional reasonably possible potential losses above the amounts accrued for such matters would be material. Regardless of the outcome, claims and legal proceedings may have an adverse effect on us because of defense costs, diversion of management resources and other factors. We may also receive unfavorable preliminary or interim rulings in the course of litigation, and there can be no assurances that favorable final outcomes will be obtained. The final outcome of any current or future claims or lawsuits could adversely affect our business, financial condition or results of operations.
Indemnifications
In the normal course of business, we have made indemnities under which we may be required to make payments in relation to certain transactions, including to our directors and officers to the maximum extent permitted under applicable state laws and indemnifications related to certain lease agreements. In addition, certain advertiser and reseller partner agreements contain indemnification provisions, which are generally consistent with those prevalent in the industry. We have not incurred material obligations under indemnification provisions historically, and do not expect to incur material obligations in the future. Accordingly, we have not recorded any liabilities related to such indemnities as of June 30, 2019 and December 31, 2018.
We include service level commitments to our customers guaranteeing certain levels of uptime reliability and performance for our hosting and premium DNS products. These guarantees permit those customers to receive credits in the event we fail to meet those levels, with exceptions for certain service interruptions including but not limited to periodic maintenance. We have not incurred any material costs as a result of such commitments during any of the periods presented, and have not recorded any liabilities related to such obligations as of June 30, 2019 and December 31, 2018.
Indirect Taxes
We are subject to indirect taxation in some, but not all, of the various states and foreign jurisdictions in which we conduct business. Laws and regulations attempting to subject communications and commerce conducted over the Internet to various indirect taxes are becoming more prevalent, both in the U.S. and internationally, and may impose additional burdens on us in the future. Increased regulation could negatively affect our business directly, as well as the businesses of our customers. Taxing authorities may impose indirect taxes on the Internet-related revenue we generate based on regulations currently being applied to similar, but not directly comparable, industries. There are many transactions and calculations where the ultimate indirect tax determination is uncertain. In addition, domestic and international indirect taxation laws are complex and subject to change. We may be audited in the future, which could result in changes to our indirect tax estimates. We continually evaluate those jurisdictions in which nexus exists, and believe we maintain adequate indirect tax accruals.
As of June 30, 2019 and December 31, 2018, our accrual for estimated indirect tax liabilities was $11.6 million and $11.6 million, respectively, reflecting our best estimate of the probable liability based on an analysis of our business activities, revenues subject to indirect taxes and applicable regulations. Although we believe our indirect tax estimates and associated liabilities are reasonable, the final determination of indirect tax audits, litigation or settlements could be materially different than the amounts established for indirect tax contingencies.
v3.19.2
Income Taxes
 6 Months Ended
Jun. 30, 2019
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We are subject to U.S. federal, state and foreign income taxes with respect to our allocable share of any taxable income or loss of Desert Newco, as well as any stand-alone income or loss we generate. Desert Newco is treated as a partnership for U.S. income tax purposes and for most applicable state and local income tax purposes and generally does not pay income taxes in most jurisdictions. Instead, Desert Newco's taxable income or loss is passed through to its members, including us. Despite its partnership treatment, Desert Newco is liable for income taxes in certain foreign jurisdictions in which it operates, in those states not recognizing its pass-through status and for certain of its subsidiaries not taxed as pass-through entities. We have acquired the outstanding stock of various domestic and foreign entities taxed as corporations, which are now wholly-owned by us or our subsidiaries. Where required or allowed, these subsidiaries also file and pay tax as a consolidated group for U.S. federal and state income tax purposes and internationally, primarily within the United Kingdom and Germany. We anticipate this structure to remain in existence for the foreseeable future.
Our effective tax rates for the three and six months ended June 30, 2019 of 5.9% and 111.9%, respectively, differ from the U.S. federal statutory rate primarily due to changes in valuation allowances based on current year earnings and adjustments resulting from finalizing prior year tax returns.
Based primarily on our limited operating history and our historical losses, we believe there is significant uncertainty as to when we will be able to utilize our net operating losses (NOLs) and other deferred tax assets (DTAs). Therefore, we have recorded a valuation allowance against the DTAs for which we have concluded it is more-likely-than-not they will not be realized.
Based on our analysis of tax positions taken on income tax returns filed, we have determined no material liabilities related to uncertain income tax positions were required. Although we believe the amounts reflected in our tax returns substantially comply with applicable U.S. federal, state and foreign tax regulations, the respective taxing authorities may take contrary positions based on their interpretation of the law. A tax position successfully challenged by a taxing authority could result in an adjustment to our provision or benefit for income taxes in the period in which a final determination is made.
v3.19.2
Payable to Related Parties Pursuant to the TRAs
 6 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
Payable to Related Parties Pursuant to the TRAs Payable to Related Parties Pursuant to the TRAs
As of December 31, 2018, our liability under the TRAs was $174.3 million, representing approximately 85% of the calculated tax savings based on the portion of the original basis adjustments we anticipated being able to utilize in future years. During the six months ended June 30, 2019, we increased this liability through an aggregate $9.7 million reduction in additional paid-in capital resulting from the exchanges of LLC Units in the secondary offering discussed in Note 4, partially offset by a benefit to our statements of operations of $8.7 million primarily resulting from additional tax deductible equity-based compensation. As of June 30, 2019, our liability under the TRAs was $175.3 million.
The projection of future taxable income involves significant judgment. Actual taxable income may differ from our estimates, which could significantly impact the liability under the TRAs. We have determined it is more-likely-than-not we will be unable to utilize all of our DTAs subject to the TRAs; therefore, we have not recorded a liability under the TRAs related to the tax savings we may realize from the utilization of NOL carryforwards and the amortization related to basis adjustments created by exchanges of LLC Units. If utilization of these DTAs becomes more-likely-than-not in the future, at such time, we will record liabilities under the TRAs of up to an additional $1,173.3 million as a result of basis adjustments under the Internal Revenue Code and up to an additional $417.5 million related to the utilization of NOL and credit carryforwards, which will be recorded through charges to our statements of operations. However, if the tax attributes are not utilized in future years, it is reasonably possible no amounts would be paid under the TRAs. In this scenario, the reduction of the liability under the TRAs would result in a benefit to our statements of operations.
Related Party Transactions
As of June 30, 2019, affiliates of KKR held $7.8 million of the outstanding principal balance of our Term Loans as part of the lending syndicate. No material amounts have been paid to KKR during any of the periods presented.
v3.19.2
Income (Loss) Per Share
 6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Income (Loss) Per Share Income (Loss) Per Share
Basic income (loss) per share is computed by dividing net income (loss) attributable to GoDaddy Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted income (loss) per share is computed giving effect to all potentially dilutive shares unless their effect is antidilutive.
A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per share is as follows:
 
Three Months Ended   June 30,

Six Months Ended   June 30,
 
2019
 
2018
 
2019
 
2018
Numerator:
 
 
 
 
 
 
 
Net income (loss)
$
(12.7
)
 
$
20.2

 
$
0.5

 
$
24.4

Less: net income (loss) attributable to non-controlling interests
(0.1
)
 
2.1

 
0.2

 
3.0

Net income (loss) attributable to GoDaddy Inc.
$
(12.6
)
 
$
18.1

 
$
0.3

 
$
21.4

Denominator:
 
 
 
 
 
 
 
Weighted-average shares of Class A common stock outstanding—basic
176,007

 
152,577

 
173,517

 
145,249

Effect of dilutive securities:
 
 
 
 
 
 
 
Class B common stock
—

 
18,662

 
3,124

 
24,933

Stock options
—

 
7,409

 
5,066

 
7,564

RSUs and ESPP shares
—

 
2,233

 
2,167

 
2,209

Weighted-average shares of Class A Common stock outstanding—diluted
176,007

 
180,881

 
183,874

 
179,955

 
 
 
 
 
 
 
 
Net income (loss) attributable to GoDaddy Inc. per share of Class A common stock—basic
$
(0.07
)
 
$
0.12

 
$
—

 
$
0.15

Net income (loss) attributable to GoDaddy Inc. per share of Class A common stock—diluted(1):
$
(0.07
)
 
$
0.11

 
$
—

 
$
0.14


 
 
(1)
The diluted income (loss) per share calculations exclude net income (loss) attributable to non-controlling interests.
The following number of weighted-average potentially dilutive shares were excluded from the calculation of diluted income (loss) per share because the effect of including such potentially dilutive shares would have been antidilutive:
 
Three Months Ended   June 30,
 
Six Months Ended   June 30,
 
2019
 
2018
 
2019
 
2018
Class B common stock
1,601

 
—

 
—

 
—

Options
6,581

 
788

 
1,539

 
832

RSUs and ESPP shares
1,955

 
34

 
49

 
44

 
10,137

 
822

 
1,588

 
876


Shares of Class B common stock do not share in our earnings and are not participating securities. Accordingly, separate presentation of income (loss) per share of Class B common stock under the two-class method has not been presented. Each share of Class B common stock (together with a corresponding LLC Unit) is exchangeable for one share of Class A common stock.
v3.19.2
Geographic Information
 6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
Geographic Information Geographic Information
Revenue by geography is based on the customer's billing address and was as follows:
 
Three Months Ended   June 30,
 
Six Months Ended   June 30,
 
2019
 
2018
 
2019
 
2018
U.S.
$
489.5

 
$
418.3

 
$
954.4

 
$
824.9

International
247.7

 
233.3

 
492.8

 
459.9

 
$
737.2

 
$
651.6

 
$
1,447.2

 
$
1,284.8


No individual international country represented more than 10% of total revenue in any period presented.
Property and equipment, net by geography was as follows:
 
June 30, 2019
 
December 31, 2018
U.S.
$
199.9

 
$
231.0

All other international
60.2

 
68.0

 
$
260.1

 
$
299.0


No individual international country represented more than 10% of property and equipment, net in any period presented.
v3.19.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
Related Party Transactions Payable to Related Parties Pursuant to the TRAs
As of December 31, 2018, our liability under the TRAs was $174.3 million, representing approximately 85% of the calculated tax savings based on the portion of the original basis adjustments we anticipated being able to utilize in future years. During the six months ended June 30, 2019, we increased this liability through an aggregate $9.7 million reduction in additional paid-in capital resulting from the exchanges of LLC Units in the secondary offering discussed in Note 4, partially offset by a benefit to our statements of operations of $8.7 million primarily resulting from additional tax deductible equity-based compensation. As of June 30, 2019, our liability under the TRAs was $175.3 million.
The projection of future taxable income involves significant judgment. Actual taxable income may differ from our estimates, which could significantly impact the liability under the TRAs. We have determined it is more-likely-than-not we will be unable to utilize all of our DTAs subject to the TRAs; therefore, we have not recorded a liability under the TRAs related to the tax savings we may realize from the utilization of NOL carryforwards and the amortization related to basis adjustments created by exchanges of LLC Units. If utilization of these DTAs becomes more-likely-than-not in the future, at such time, we will record liabilities under the TRAs of up to an additional $1,173.3 million as a result of basis adjustments under the Internal Revenue Code and up to an additional $417.5 million related to the utilization of NOL and credit carryforwards, which will be recorded through charges to our statements of operations. However, if the tax attributes are not utilized in future years, it is reasonably possible no amounts would be paid under the TRAs. In this scenario, the reduction of the liability under the TRAs would result in a benefit to our statements of operations.
Related Party Transactions
As of June 30, 2019, affiliates of KKR held $7.8 million of the outstanding principal balance of our Term Loans as part of the lending syndicate. No material amounts have been paid to KKR during any of the periods presented.
v3.19.2
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
The following table presents AOCI activity in equity:
 
Foreign Currency Translation Adjustments
 
Net Unrealized Gains (Losses) on Cash Flow Hedges(1)
 
Total Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2018(2)
$
(92.2
)
 
$
(22.4
)
 
$
(114.6
)
Other comprehensive income (loss) before reclassifications
6.3

 
(35.2
)
 
(28.9
)
Amounts reclassified from AOCI
—

 
24.9

 
24.9

Other comprehensive income (loss)
6.3

 
(10.3
)
 
(4.0
)
 
$
(85.9
)
 
$
(32.7
)
 
(118.6
)
Less: AOCI attributable to non-controlling interests
 
 
 
 
1.0

Balance as of June 30, 2019
 
 
 
 
$
(117.6
)
 
 
 
 
 
 
Balance as of December 31, 2017(2)
$
(86.8
)
 
$
(45.5
)
 
$
(132.3
)
Other comprehensive income before reclassifications
3.6

 
(29.0
)
 
(25.4
)
Amounts reclassified from AOCI
—

 
47.6

 
47.6

Other comprehensive income
3.6

 
18.6

 
22.2

 
$
(83.2
)
 
$
(26.9
)
 
(110.1
)
Less: AOCI attributable to non-controlling interests
 
 
 
 
(42.3
)
Balance as of June 30, 2018
 
 
 
 
$
(67.8
)
 
 
(1)
Amounts shown for our foreign exchange forward contracts include gains and losses realized upon contract settlement but not yet recognized into earnings from AOCI.
(2)
Beginning balance is presented on a gross basis, excluding the allocation of AOCI attributable to non-controlling interests.
See Note 9 for the effect on net income (loss) of amounts reclassified from AOCI related to our cash flow hedging instruments. The income tax impact associated with these reclassified amounts was not material in any period presented.
v3.19.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
Our financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP), and include our accounts and the accounts of our subsidiaries. All material intercompany accounts and transactions have been eliminated.
Our interim financial statements are unaudited, and in our opinion, include all adjustments of a normal recurring nature necessary for the fair presentation of the periods presented. The results for interim periods are not necessarily indicative of the results to be expected for any subsequent period or for the year ending December 31, 2019.
These financial statements should be read in conjunction with our audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2018 (the 2018 Form 10-K).
Prior Period Reclassification
Prior Period Reclassifications
Reclassifications of certain immaterial prior period amounts have been made to conform to the current period presentation.
Use of Estimates
Use of Estimates
GAAP requires us to make estimates and assumptions affecting amounts reported in our financial statements. We periodically evaluate our estimates and adjust prospectively, if necessary. We believe our estimates and assumptions are reasonable; however, actual results may differ.
Segment
Segment
As of June 30, 2019, our chief operating decision maker function was comprised of our Chief Executive Officer who reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance for the entire company. Accordingly, we have a single operating and reportable segment.
Revenue Recognition
Assets Recognized from Contract Costs
Fees paid to various registries at the inception of a domain registration or renewal represent costs to fulfill a contract. We capitalize and amortize these prepaid domain name registry fees to cost of revenue consistent with the pattern of transfer of the service to which the asset relates.
Leases
Leases
Adoption of New Standard on Leases
On January 1, 2019, we adopted the Financial Accounting Standards Board's (FASB) new lease accounting standard using a modified retrospective transition and recorded a $3.3 million cumulative-effect adjustment to beginning retained earnings (the effective date method). Under the effective date method, comparative period financial information is not adjusted. The new standard requires lessees to recognize a right-of-use (ROU) asset and lease liability on the balance sheet for operating leases while the accounting for finance leases is substantially unchanged. We recognized $111.3 million and $108.0 million of additional assets and liabilities, respectively, upon adoption of the new standard. The impact to deferred taxes was immaterial.
The increases to assets and liabilities resulting from the recognition of ROU assets and operating lease liabilities included the derecognition of existing assets and liabilities related to leases. The most significant impact resulted from the derecognition of our lease financing obligation and related building asset. At adoption, we were required to reassess whether the failed sale-leaseback transaction that resulted in the recognition of a lease financing obligation and related building asset would have met the sale criteria under the new standard. We concluded that the sale criteria would have been met and recognized a $3.3 million adjustment to beginning retained earnings as a result of the derecognition of the lease financing obligation and related building asset. The previously recognized lease financing obligation is now classified as an operating lease and was included in the initial measurement of the ROU assets and operating lease liabilities.
We have adopted the package of practical expedients allowing us to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. Adoption of this standard did not have a material impact to our statements of operations or cash flows.
We determine whether a contract contains a lease at contract inception. We have lease agreements with lease and non-lease components and have elected the practical expedient to account for such components as a single lease component. This election must be made by class of underlying asset and was elected for our leases of office space, data center space and server equipment. We initially recognize and measure contracts containing a lease and determine lease classification at commencement. ROU assets and operating lease liabilities are measured based on the estimated present value of lease payments over the lease term. In determining the present value of lease payments, we use our estimated incremental borrowing rate when the rate implicit in the lease cannot be readily determined. The estimated incremental borrowing rate is based upon information available at lease commencement including publicly available data for debt instruments. The lease term includes periods covered by options to extend when it is reasonably certain we will exercise such options as well as periods subsequent to an option to terminate the lease if it is reasonably certain we will not exercise the termination option. Operating lease costs
are recognized on a straight-line basis over the lease term while finance leases result in a front-loaded expense pattern. Variable lease costs are recognized as incurred. On our balance sheets, assets and liabilities associated with operating leases are included within operating lease assets, accrued expenses and other current liabilities and operating lease liabilities. Assets and liabilities associated with finance leases are included in property and equipment, net, accrued expenses and other current liabilities and other long-term liabilities.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
In June 2016, the FASB issued new guidance for the accounting for credit losses on instruments that will require entities to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial instruments measured at amortized cost and also applies to some off-balance sheet credit exposures. We expect this guidance to impact our accounting for allowances for doubtful accounts and other assets subject to credit risk. We plan to adopt this guidance on January 1, 2020 and are currently evaluating its expected impact.
In January 2017, the FASB issued new guidance simplifying the goodwill impairment test, eliminating the requirement for an entity to determine the fair value of its assets and liabilities (including unrecognized assets and liabilities) at the impairment testing date following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, an entity will be required to perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity will be required to recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. Our adoption of this guidance on January 1, 2019 did not have a material impact.
In August 2018, the FASB issued new guidance to modify or eliminate certain fair value disclosures and require additional disclosures for Level 3 measurements. We do not expect our adoption of this guidance on January 1, 2020 to have a material impact.
In August 2018, the FASB issued new guidance aligning the accounting for implementation costs incurred in cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the timing of our adoption and the expected impact of this new guidance.
v3.19.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables set forth assets and liabilities measured at fair value on a recurring basis:
 
June 30, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 Cash and cash equivalents:
 
 
 
 
 
 
 
Reverse repurchase agreements(1)
$
—

 
$
70.0

 
$
—

 
$
70.0

Commercial paper
—

 
100.5

 
—

 
100.5

Money market funds
373.1

 
—

 
—

 
373.1

 Short-term investments:
 
 
 
 
 
 

Certificates of deposit and time deposits
0.7

 
—

 
—

 
0.7

Commercial paper
—

 
22.9

 
—

 
22.9

 Derivative assets
—

 
1.7

 
—

 
1.7

Total assets measured and recorded at fair value
$
373.8

 
$
195.1

 
$
—

 
$
568.9

Liabilities:
 
 
 
 
 
 
 
 Contingent consideration liabilities
$
—

 
$
—

 
$
28.0

 
$
28.0

 Derivative liabilities
—

 
122.9

 
—

 
122.9

Total liabilities measured and recorded at fair value
$
—

 
$
122.9

 
$
28.0

 
$
150.9

 
 
(1)
Reverse repurchase agreements include a $70.0 million repurchase agreement with Morgan Stanley, callable with 31 days notice.
 
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 Cash and cash equivalents:
 
 
 
 
 
 
 
Reverse repurchase agreements(1)
$
—

 
$
70.0

 
$
—

 
$
70.0

Commercial paper
—

 
71.4

 
—

 
71.4

Money market funds
338.6

 
—

 
—

 
338.6

 Short-term investments:
 
 
 
 
 
 
 
Certificates of deposit and time deposits
1.0

 
—

 
—

 
1.0

Commercial paper
—

 
18.0

 
—

 
18.0

Total assets measured and recorded at fair value
$
339.6

 
$
159.4

 
$
—

 
$
499.0

Liabilities:
 
 
 
 
 
 
 
 Contingent consideration liabilities
$
—

 
$
—

 
$
67.9

 
$
67.9

 Derivative liabilities
—

 
120.5

 
—

 
120.5

Total liabilities measured and recorded at fair value
$
—

 
$
120.5

 
$
67.9

 
$
188.4

 
 
(1)
Reverse repurchase agreements include a $70.0 million repurchase agreement with Morgan Stanley, callable with 31 days notice.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation The fair values of our contingent consideration arrangements are sensitive to changes in forecasts and discount rates. A reconciliation of these liabilities is as follows:
 
Six Months Ended June 30,
 
2019
 
2018
Balance at beginning of period
$
67.9

 
$
20.7

Acquisition date fair value of contingent consideration
—

 
2.2

Adjustments to fair value recognized in earnings
1.4

 
6.7

Contingent consideration payments
(41.3
)
 
(10.0
)
Impact of foreign currency translation and other
—

 
(0.2
)
Balance at end of period
$
28.0

 
$
19.4
v3.19.2
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table summarizes changes in goodwill:
Balance at December 31, 2018
$
2,948.0

Goodwill related to acquisitions
21.0

Impact of foreign currency translation
(3.2
)
Balance at June 30, 2019
$
2,965.8
Schedule of Indefinite-Lived Intangible Assets
Intangible assets, net are as follows:
 
June 30, 2019
 
Gross 
Carrying
Amount
 
Accumulated
Amortization
 
Net Carrying
Amount
Indefinite-lived intangible assets:
 
 
 
 
 
Trade names and branding
$
445.0

 
n/a

 
$
445.0

Domain portfolio
151.4

 
n/a

 
151.4

Finite-lived intangible assets:
 
 
 
 
 
Customer-related
831.8

 
$
(432.5
)
 
399.3

Developed technology
150.5

 
(54.0
)
 
96.5

Trade names
80.3

 
(19.4
)
 
60.9

 
$
1,659.0

 
$
(505.9
)
 
$
1,153.1

 
December 31, 2018
 
Gross 
Carrying
Amount
 
Accumulated
Amortization
 
Net Carrying
Amount
Indefinite-lived intangible assets:
 
 
 
 
 
Trade names and branding
$
445.0

 
n/a

 
$
445.0

Domain portfolio
152.4

 
n/a

 
152.4

Finite-lived intangible assets:
 
 
 
 
 
Customer-related
850.5

 
$
(407.5
)
 
443.0

Developed technology
206.9

 
(103.1
)
 
103.8

Trade names and other
92.9

 
(25.6
)
 
67.3

 
$
1,747.7

 
$
(536.2
)
 
$
1,211.5
Schedule of Finite-Lived Intangible Assets
Intangible assets, net are as follows:
 
June 30, 2019
 
Gross 
Carrying
Amount
 
Accumulated
Amortization
 
Net Carrying
Amount
Indefinite-lived intangible assets:
 
 
 
 
 
Trade names and branding
$
445.0

 
n/a

 
$
445.0

Domain portfolio
151.4

 
n/a

 
151.4

Finite-lived intangible assets:
 
 
 
 
 
Customer-related
831.8

 
$
(432.5
)
 
399.3

Developed technology
150.5

 
(54.0
)
 
96.5

Trade names
80.3

 
(19.4
)
 
60.9

 
$
1,659.0

 
$
(505.9
)
 
$
1,153.1

 
December 31, 2018
 
Gross 
Carrying
Amount
 
Accumulated
Amortization
 
Net Carrying
Amount
Indefinite-lived intangible assets:
 
 
 
 
 
Trade names and branding
$
445.0

 
n/a

 
$
445.0

Domain portfolio
152.4

 
n/a

 
152.4

Finite-lived intangible assets:
 
 
 
 
 
Customer-related
850.5

 
$
(407.5
)
 
443.0

Developed technology
206.9

 
(103.1
)
 
103.8

Trade names and other
92.9

 
(25.6
)
 
67.3

 
$
1,747.7

 
$
(536.2
)
 
$
1,211.5
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Based on the balance of finite-lived intangible assets at June 30, 2019, expected future amortization expense is as follows:
Year Ending December 31:
 
2019 (remainder of)
$
58.0

2020
110.7

2021
87.4

2022
85.6

2023
70.4

Thereafter
144.6

 
$
556.7
v3.19.2
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Schedule of Secondary Offerings Significant details for the offering are as follows:
Offering Date
 
Offering Price Per Share ($)
 
Shares Sold by GoDaddy (#)
 
Proceeds Received by GoDaddy ($)
 
Aggregate Shares Sold by Selling Stockholders (#)
 
LLC Units Exchanged by Selling Stockholders (#)
 
Increase in Additional Paid-in Capital ($)
February 2019(1)
 
75.40

 
8

 
0.6

 
8,539

 
4,278

 
5.7

 
 
(1)
Following the offering, KKR and SLP no longer own shares of GoDaddy's common stock.
v3.19.2
Equity-Based Compensation Plans (Tables)
 6 Months Ended
Jun. 30, 2019
Share-based Payment Arrangement [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
The following table summarizes option activity:
 
Number of
Shares of Class A Common Stock (#)
 
Weighted-
Average
Grant-
Date Fair
Value ($)
 
Weighted-
Average
Exercise
Price ($)
Outstanding at December 31, 2018
9,527

 
 
 
25.77

Granted
981

 
26.30

 
74.88

Exercised
(1,761
)
 
 
 
20.97

Forfeited
(176
)
 
 
 
49.67

Outstanding at June 30, 2019
8,571

 
 
 
31.88

Vested at June 30, 2019
5,430

 
 
 
19.60

The following table summarizes RSU activity:
 
Number of
Shares of Class A Common Stock (#)
 
Weighted-
Average
Grant-
Date Fair
Value ($)
Outstanding at December 31, 2018
5,356

 
 
Granted
2,401

 
74.30

Vested
(1,418
)
 
 
Forfeited
(281
)
 
 
Outstanding at June 30, 2019
6,058

 
 
v3.19.2
Deferred Revenue (Tables)
 6 Months Ended
Jun. 30, 2019
Revenue from Contract with Customer [Abstract]  
Schedule of Deferred Revenue
Deferred revenue consisted of the following:
 
June 30, 2019
 
December 31, 2018
Current:
 
 
 
Domains
$
746.0

 
$
686.3

Hosting and presence
524.1

 
483.3

Business applications
251.2

 
224.1

 
$
1,521.3

 
$
1,393.7

Noncurrent:
 
 
 
Domains
$
384.4

 
$
365.8

Hosting and presence
185.3

 
180.6

Business applications
82.7

 
77.4

 
$
652.4

 
$
623.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Deferred revenue as of June 30, 2019 is expected to be recognized as revenue as follows:
 
Remainder of 2019
 
2020
 
2021
 
2022
 
2023
 
Thereafter
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domains
$
486.0

 
$
384.5

 
$
121.1

 
$
58.6

 
$
34.7

 
$
45.5

 
$
1,130.4

Hosting and presence
354.5

 
244.4

 
69.8

 
22.8

 
10.4

 
7.5

 
709.4

Business applications
171.6

 
113.6

 
34.5

 
9.3

 
2.9

 
2.0

 
333.9

 
$
1,012.1

 
$
742.5

 
$
225.4

 
$
90.7

 
$
48.0

 
$
55.0

 
$
2,173.7
v3.19.2
Accrued Expenses and Other Current Liabilities (Tables)
 6 Months Ended
Jun. 30, 2019
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
 
June 30, 2019
 
December 31, 2018
Derivative liabilities
$
122.9

 
$
120.5

Accrued payroll and employee benefits
85.8

 
105.9

Current portion of operating lease liabilities
37.4

 
—

Tax-related accruals
36.1

 
38.4

Accrued acquisition-related expenses and acquisition consideration payable
32.4

 
74.4

Accrued legal and professional fees
29.9

 
10.9

Accrued marketing and advertising expenses
15.1

 
19.4

Accrued other
37.1

 
44.8

 
$
396.7


$
414.3
v3.19.2
Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt consisted of the following:
 
June 30, 2019
 
December 31, 2018
Term Loans (effective interest rate of 5.0% at June 30, 2019 and 4.6% at December 31, 2018)
$
1,844.8

 
$
2,457.3

Senior Notes (effective interest rate of 5.6% at June 30, 2019)
600.0

 
—

Revolver
—

 
—

Total
2,444.8

 
2,457.3

Less: unamortized original issue discount on long-term debt(1)
(12.4
)
 
(27.9
)
Less: unamortized debt issuance costs(1)
(25.5
)
 
(18.6
)
Less: current portion of long-term debt
(19.2
)
 
(16.6
)
 
$
2,387.7

 
$
2,394.2

 
 

(1)
Original issue discount and debt issuance costs are amortized to interest expense over the life of the related debt instruments using the effective interest method.
Schedule of Maturities of Long-term Debt
Aggregate principal payments, exclusive of any unamortized original issue discount and debt issuance costs, due on long-term debt as of June 30, 2019 are as follows:
Year Ending December 31:
 
2019 (remainder of)
$
12.5

2020
25.0

2021
25.0

2022
25.0

2023
25.0

Thereafter
2,332.3

 
$
2,444.8
v3.19.2
Derivatives and Hedging (Tables)
 6 Months Ended
Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes our outstanding derivative instruments on a gross basis:
 
Notional Amount
 
Fair Value of Derivative Assets(3)
 
Fair Value of Derivative Liabilities(3)
 
June 30, 2019
 
December 31, 2018
 
June 30, 2019
 
December 31, 2018
 
June 30, 2019
 
December 31, 2018
Derivative Instrument:
 
 
 
 
 
 
 
 
 
 
 
Level 2:
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts(1)
$
101.8

 
$
—

 
$
1.7

 
$
—

 
$
0.4

 
$
—

Cross-currency swap(2)
1,382.0

 
1,397.8

 
—

 
—

 
93.5

 
119.1

Interest rate swap
1,295.6

 
1,302.3

 
—

 
—

 
29.0

 
1.4

 
$
2,779.4

 
$
2,700.1

 
$
1.7

 
$
—

 
$
122.9

 
$
120.5

 
 
(1)
The notional amount includes $13.3 million of foreign exchange forward contracts not designated as cash flow hedges, the aggregate fair value of which was $0.2 million at June 30, 2019.
(2)
The notional values of the cross-currency swap have been translated from Euros to U.S. dollars at the foreign currency rates in effect at June 30, 2019 and December 31, 2018 of approximately 1.14 and 1.14, respectively.
(3)
In our balance sheets, all derivative assets are recorded within prepaid expenses and other current assets and all derivative liabilities are recorded within accrued expenses and other current liabilities.
Derivative Instruments, Gain (Loss)
The following table summarizes the effect of our designated cash flow hedging derivative instruments on accumulated other comprehensive income (loss) (AOCI):
 
Unrealized Gains (Losses) Recognized in Other Comprehensive Income
 
Three Months Ended
 
Six Months Ended
 
June 30, 2019
 
June 30, 2018
 
June 30, 2019
 
June 30, 2018
Derivative Instrument:
 
 
 
 
 
 
 
Foreign exchange forward contracts(1)
$
—

 
$
7.7

 
$
0.8

 
$
7.0

Cross-currency swap
7.9

 
(0.6
)
 
16.5

 
(18.4
)
Interest rate swap
(18.0
)
 
9.2

 
(27.6
)
 
30.0

 
$
(10.1
)
 
$
16.3

 
$
(10.3
)
 
$
18.6

 
 
(1)
Amounts include gains and losses realized upon contract settlement but not yet recognized into earnings from AOCI.
The following tables summarize the locations and amounts of gains (losses) recognized within earnings related to our derivative instruments:
 
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Revenue
 
Interest Expense
 
Other Income (Expense), Net
 
Revenue
 
Interest Expense
 
Other Income (Expense), Net
Foreign Exchange Forward Contracts:
 
 
 
 
 
 
 
 
 
 
 
Reclassified from AOCI into income
$
0.8

 
$
—

 
$
—

 
$
(1.0
)
 
$
—

 
$
—

Cross Currency Swap:
 
 
 
 
 
 
 
 
 
 
 
Reclassified from AOCI into income(1)
—

 
7.4

 
(18.7
)
 
—

 
7.1

 
82.6

Interest Rate Swap:
 
 
 
 
 
 
 
 
 
 
 
Reclassified from AOCI into income
—

 
0.1

 
—

 
—

 
(1.8
)
 
—

 
$
0.8

 
$
7.5

 
$
(18.7
)
 
$
(1.0
)
 
$
5.3

 
$
82.6

 
 
(1)
The amount reflected in other income (expense), net includes $18.5 million and $(82.9) million reclassified from AOCI to offset the earnings impact of the remeasurement of the Euro-denominated intercompany loan hedged by the cross-currency swap for the three months ended June 30, 2019 and 2018, respectively.
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
 
Revenue
 
Interest Expense
 
Other Income (Expense), Net
 
Revenue
 
Interest Expense
 
Other Income (Expense), Net
Foreign Exchange Forward Contracts:
 
 
 
 
 
 
 
 
 
 
 
Reclassified from AOCI into income
$
1.3

 
$
—

 
$
—

 
$
(1.9
)
 
$
—

 
$
—

Cross Currency Swap:
 
 
 
 
 
 
 
 
 
 
 
Reclassified from AOCI into income(1)
—

 
14.6

 
8.8

 
—

 
13.6

 
40.6

Interest Rate Swap:
 
 
 
 
 
 
 
 
 
 
 
Reclassified from AOCI into income
—

 
0.2

 
—

 
—

 
(4.7
)
 
—

 
$
1.3

 
$
14.8

 
$
8.8

 
$
(1.9
)
 
$
8.9

 
$
40.6

 
 
(1)
The amount reflected in other income (expense), net includes $(9.2) million and $(41.5) million reclassified from AOCI to offset the earnings impact of the remeasurement of the Euro-denominated intercompany loan hedged by the cross-currency swap for the six months ended June 30, 2019 and 2018, respectively.
v3.19.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2019
Leases [Abstract]  
Components of Lease Expenses
The components of operating lease expense were as follows:
 
Three Months Ended June 30, 2019
 
Six Months Ended June 30, 2019
Operating lease costs
$
12.8

 
25.5

Variable lease costs
2.1

 
4.6

Sublease income
(1.1
)
 
(1.6
)
Net lease costs
$
13.8

 
$
28.5

Supplemental cash flow information related to operating leases was as follows:
 
Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of operating lease liabilities
$
23.5

ROU assets obtained in exchange for operating lease obligations
$
39.3
Maturities of Lease Liabilities
Maturities of operating lease liabilities as of June 30, 2019 were as follows:
2019 (remainder of)
$
24.9

2020
41.0

2021
36.7

2022
27.6

2023
21.4

Thereafter
54.5

Total lease payments
206.1

Less: imputed interest
(34.4
)
 
$
171.7
Operating Lease Liabilities, Balance Sheet Information
Operating lease liabilities are included in our balance sheets as follows:
 
June 30, 2019
Accrued expenses and other current liabilities
$
37.4

Operating lease liabilities, net of current portion
134.3

 
$
171.7
v3.19.2
Income (Loss) Per Share (Tables)
 6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Schedule of Earnings (Loss) Per Share, Basic and Diluted
A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per share is as follows:
 
Three Months Ended   June 30,

Six Months Ended   June 30,
 
2019
 
2018
 
2019
 
2018
Numerator:
 
 
 
 
 
 
 
Net income (loss)
$
(12.7
)
 
$
20.2

 
$
0.5

 
$
24.4

Less: net income (loss) attributable to non-controlling interests
(0.1
)
 
2.1

 
0.2

 
3.0

Net income (loss) attributable to GoDaddy Inc.
$
(12.6
)
 
$
18.1

 
$
0.3

 
$
21.4

Denominator:
 
 
 
 
 
 
 
Weighted-average shares of Class A common stock outstanding—basic
176,007

 
152,577

 
173,517

 
145,249

Effect of dilutive securities:
 
 
 
 
 
 
 
Class B common stock
—

 
18,662

 
3,124

 
24,933

Stock options
—

 
7,409

 
5,066

 
7,564

RSUs and ESPP shares
—

 
2,233

 
2,167

 
2,209

Weighted-average shares of Class A Common stock outstanding—diluted
176,007

 
180,881

 
183,874

 
179,955

 
 
 
 
 
 
 
 
Net income (loss) attributable to GoDaddy Inc. per share of Class A common stock—basic
$
(0.07
)
 
$
0.12

 
$
—

 
$
0.15

Net income (loss) attributable to GoDaddy Inc. per share of Class A common stock—diluted(1):
$
(0.07
)
 
$
0.11

 
$
—

 
$
0.14


 
 
(1)
The diluted income (loss) per share calculations exclude net income (loss) attributable to non-controlling interests.
Schedule of Antidilutive Securities Excluded from Computation of Earnings (Loss) Per Share
The following number of weighted-average potentially dilutive shares were excluded from the calculation of diluted income (loss) per share because the effect of including such potentially dilutive shares would have been antidilutive:
 
Three Months Ended   June 30,
 
Six Months Ended   June 30,
 
2019
 
2018
 
2019
 
2018
Class B common stock
1,601

 
—

 
—

 
—

Options
6,581

 
788

 
1,539

 
832

RSUs and ESPP shares
1,955

 
34

 
49

 
44

 
10,137

 
822

 
1,588

 
876
v3.19.2
Geographic Information (Tables)
 6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
Revenue from External Customers by Geographic Areas
Revenue by geography is based on the customer's billing address and was as follows:
 
Three Months Ended   June 30,
 
Six Months Ended   June 30,
 
2019
 
2018
 
2019
 
2018
U.S.
$
489.5

 
$
418.3

 
$
954.4

 
$
824.9

International
247.7

 
233.3

 
492.8

 
459.9

 
$
737.2

 
$
651.6

 
$
1,447.2

 
$
1,284.8
Property and Equipment, Net by Geography
Property and equipment, net by geography was as follows:
 
June 30, 2019
 
December 31, 2018
U.S.
$
199.9

 
$
231.0

All other international
60.2

 
68.0

 
$
260.1

 
$
299.0
v3.19.2
Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
OCI Activity Accumulated in Equity
The following table presents AOCI activity in equity:
 
Foreign Currency Translation Adjustments
 
Net Unrealized Gains (Losses) on Cash Flow Hedges(1)
 
Total Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2018(2)
$
(92.2
)
 
$
(22.4
)
 
$
(114.6
)
Other comprehensive income (loss) before reclassifications
6.3

 
(35.2
)
 
(28.9
)
Amounts reclassified from AOCI
—

 
24.9

 
24.9

Other comprehensive income (loss)
6.3

 
(10.3
)
 
(4.0
)
 
$
(85.9
)
 
$
(32.7
)
 
(118.6
)
Less: AOCI attributable to non-controlling interests
 
 
 
 
1.0

Balance as of June 30, 2019
 
 
 
 
$
(117.6
)
 
 
 
 
 
 
Balance as of December 31, 2017(2)
$
(86.8
)
 
$
(45.5
)
 
$
(132.3
)
Other comprehensive income before reclassifications
3.6

 
(29.0
)
 
(25.4
)
Amounts reclassified from AOCI
—

 
47.6

 
47.6

Other comprehensive income
3.6

 
18.6

 
22.2

 
$
(83.2
)
 
$
(26.9
)
 
(110.1
)
Less: AOCI attributable to non-controlling interests
 
 
 
 
(42.3
)
Balance as of June 30, 2018
 
 
 
 
$
(67.8
)
 
 
(1)
Amounts shown for our foreign exchange forward contracts include gains and losses realized upon contract settlement but not yet recognized into earnings from AOCI.
(2)
Beginning balance is presented on a gross basis, excluding the allocation of AOCI attributable to non-controlling interests.
v3.19.2
Organization and Background (Details)
 6 Months Ended
Jun. 30, 2019
segment
Class of Stock [Line Items]  
Number of reporting units 1
Number of operating segments 1
Desert Newco, LLC  
Class of Stock [Line Items]  
LLC units held (as a percent) 99.00%
v3.19.2
Summary of Significant Accounting Policies - Asset Recognized from Contract Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Accounting Policies [Abstract]        
Amortization expense, contract costs $ 151.7 $ 148.7 $ 302.3 $ 294.0
v3.19.2
Summary of Significant Accounting Policies - Leases (Details) - USD ($)
$ in Millions
Jun. 30, 2019
Jan. 01, 2019
Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Operating lease assets $ 148.3    
Operating lease liabilities 171.7    
Retained earnings $ 168.4   $ 164.8
Accounting Standards Update 2016-02      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Operating lease assets   $ 111.3  
Operating lease liabilities   108.0  
Retained earnings   $ 3.3  
v3.19.2
Summary of Significant Accounting Policies - Fair Value Measurements (Details)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2019
USD ($)
Dec. 31, 2018
USD ($)
Morgan Stanley    
Liabilities:    
Repurchase agreement amount $ 70.0 $ 70.0
Repurchase agreement callable notice period 31 days 31 days
Fair Value, Measurements, Recurring    
Short-term investments:    
Derivative assets $ 1.7  
Total assets measured and recorded at fair value 568.9 $ 499.0
Liabilities:    
Contingent consideration liabilities 28.0 67.9
Derivative liabilities 122.9 120.5
Total liabilities measured and recorded at fair value 150.9 188.4
Fair Value, Measurements, Recurring | Level 1    
Short-term investments:    
Derivative assets 0.0  
Total assets measured and recorded at fair value 373.8 339.6
Liabilities:    
Contingent consideration liabilities 0.0 0.0
Derivative liabilities 0.0 0.0
Total liabilities measured and recorded at fair value 0.0 0.0
Fair Value, Measurements, Recurring | Level 2    
Short-term investments:    
Derivative assets 1.7  
Total assets measured and recorded at fair value 195.1 159.4
Liabilities:    
Contingent consideration liabilities 0.0 0.0
Derivative liabilities 122.9 120.5
Total liabilities measured and recorded at fair value 122.9 120.5
Fair Value, Measurements, Recurring | Level 3    
Short-term investments:    
Derivative assets 0.0  
Total assets measured and recorded at fair value 0.0 0.0
Liabilities:    
Contingent consideration liabilities 28.0 67.9
Derivative liabilities 0.0 0.0
Total liabilities measured and recorded at fair value 28.0 67.9
Reverse Repurchase Agreements | Fair Value, Measurements, Recurring    
Cash and cash equivalents:    
Cash and cash equivalents, fair value 70.0 70.0
Reverse Repurchase Agreements | Fair Value, Measurements, Recurring | Level 1    
Cash and cash equivalents:    
Cash and cash equivalents, fair value 0.0 0.0
Reverse Repurchase Agreements | Fair Value, Measurements, Recurring | Level 2    
Cash and cash equivalents:    
Cash and cash equivalents, fair value 70.0 70.0
Reverse Repurchase Agreements | Fair Value, Measurements, Recurring | Level 3    
Cash and cash equivalents:    
Cash and cash equivalents, fair value 0.0 0.0
Commercial paper | Fair Value, Measurements, Recurring    
Cash and cash equivalents:    
Cash and cash equivalents, fair value 100.5 71.4
Short-term investments:    
Short-term investments, fair value 22.9 18.0
Commercial paper | Fair Value, Measurements, Recurring | Level 1    
Cash and cash equivalents:    
Cash and cash equivalents, fair value 0.0 0.0
Short-term investments:    
Short-term investments, fair value 0.0 0.0
Commercial paper | Fair Value, Measurements, Recurring | Level 2    
Cash and cash equivalents:    
Cash and cash equivalents, fair value 100.5 71.4
Short-term investments:    
Short-term investments, fair value 22.9 18.0
Commercial paper | Fair Value, Measurements, Recurring | Level 3    
Cash and cash equivalents:    
Cash and cash equivalents, fair value 0.0 0.0
Short-term investments:    
Short-term investments, fair value 0.0 0.0
Money market funds | Fair Value, Measurements, Recurring    
Cash and cash equivalents:    
Cash and cash equivalents, fair value 373.1 338.6
Money market funds | Fair Value, Measurements, Recurring | Level 1    
Cash and cash equivalents:    
Cash and cash equivalents, fair value 373.1 338.6
Money market funds | Fair Value, Measurements, Recurring | Level 2    
Cash and cash equivalents:    
Cash and cash equivalents, fair value 0.0 0.0
Money market funds | Fair Value, Measurements, Recurring | Level 3    
Cash and cash equivalents:    
Cash and cash equivalents, fair value 0.0 0.0
Certificates of deposit and time deposits | Fair Value, Measurements, Recurring    
Short-term investments:    
Short-term investments, fair value 0.7 1.0
Certificates of deposit and time deposits | Fair Value, Measurements, Recurring | Level 1    
Short-term investments:    
Short-term investments, fair value 0.7 1.0
Certificates of deposit and time deposits | Fair Value, Measurements, Recurring | Level 2    
Short-term investments:    
Short-term investments, fair value 0.0 0.0
Certificates of deposit and time deposits | Fair Value, Measurements, Recurring | Level 3    
Short-term investments:    
Short-term investments, fair value $ 0.0 $ 0.0
Measurement Input, Probability Weightings Assigned | Level 3    
Liabilities:    
Measurement input of contingent consideration liability 1  
Minimum | Measurement Input, Discount Rate | Level 3    
Liabilities:    
Measurement input of contingent consideration liability 0.14  
Maximum | Measurement Input, Discount Rate | Level 3    
Liabilities:    
Measurement input of contingent consideration liability 0.25  
v3.19.2
Summary of Significant Accounting Policies - Schedule of Unobservable Inputs (Details) - Contingent Consideration Liability - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period $ 67.9 $ 20.7
Acquisition date fair value of contingent consideration 0.0 2.2
Adjustments to fair value recognized in earnings 1.4 6.7
Contingent consideration payments (41.3) (10.0)
Impact of foreign currency translation and other 0.0 (0.2)
Balance at end of period $ 28.0 $ 19.4
v3.19.2
Goodwill and Intangible Assets - Schedule of Goodwill (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2019
USD ($)
Goodwill [Roll Forward]  
Balance at December 31, 2018 $ 2,948.0
Goodwill related to acquisitions 21.0
Impact of foreign currency translation (3.2)
Balance at June 30, 2019 $ 2,965.8
v3.19.2
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2019
Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, accumulated amortization $ (505.9) $ (536.2)
Finite-lived intangible assets, net 556.7  
Indefinite-lived Intangible Assets [Line Items]    
Intangible assets, gross (excluding goodwill) 1,659.0 1,747.7
Intangible asset, net (excluding goodwill) 1,153.1 1,211.5
Trade names and branding    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets (excluding goodwill) 445.0 445.0
Domain portfolio    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets (excluding goodwill), gross 151.4 152.4
Indefinite-lived intangible assets (excluding goodwill) 151.4 152.4
Customer-related    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross 831.8 850.5
Finite-lived intangible assets, accumulated amortization (432.5) (407.5)
Finite-lived intangible assets, net 399.3 443.0
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross 150.5 206.9
Finite-lived intangible assets, accumulated amortization (54.0) (103.1)
Finite-lived intangible assets, net 96.5 103.8
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross 80.3  
Finite-lived intangible assets, accumulated amortization (19.4)  
Finite-lived intangible assets, net $ 60.9  
Trade names and other    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, gross   92.9
Finite-lived intangible assets, accumulated amortization   (25.6)
Finite-lived intangible assets, net   $ 67.3
v3.19.2
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]        
Amortization expense $ 31.2 $ 32.8 $ 62.0 $ 66.0
Weighted Average        
Finite-Lived Intangible Assets [Line Items]        
Weighted average remaining amortization period     72 months  
v3.19.2
Goodwill and Intangible Assets - Future Amortization of Finite Lived Intangible Assets (Details)
$ in Millions
Jun. 30, 2019
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2019 (remainder of) $ 58.0
2020 110.7
2021 87.4
2022 85.6
2023 70.4
Thereafter 144.6
Finite-lived intangible assets, net $ 556.7
v3.19.2
Stockholders' Equity - Schedule of Offerings (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 1 Months Ended 3 Months Ended
Feb. 28, 2019
Mar. 31, 2019
Jun. 30, 2018
Mar. 31, 2018
Class of Stock [Line Items]        
Change in TRA, increase to additional paid in capital   $ (9.7) $ (11.6) $ (14.5)
Underwritten Public Offering | Class A Common Stock        
Class of Stock [Line Items]        
Sale of stock, price per share (in dollars per share) $ 75.40      
Proceeds received $ 0.6      
Conversion of stock, amount converted (in shares) 8,539      
Secondary Offering        
Class of Stock [Line Items]        
Change in TRA, increase to additional paid in capital $ 5.7      
Secondary Offering | Class A Common Stock        
Class of Stock [Line Items]        
Sale of stock, number of shares issued (in shares) 8      
LLC Units | Secondary Offering        
Class of Stock [Line Items]        
Conversion of stock, amount converted (in shares) 4,278      
v3.19.2
Stockholders' Equity - Narrative (Details)
Nov. 30, 2018
USD ($)
Class A Common Stock  
Class of Stock [Line Items]  
Share repurchase program, approved amount $ 500,000,000.0
v3.19.2
Equity-Based Compensation Plans - Narrative (Details) - USD ($)
shares in Thousands, $ in Millions
 6 Months Ended
Jun. 30, 2019
Jan. 01, 2019
Dec. 31, 2018
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation costs $ 42.6    
Weighted average recognition period 2 years 3 months 18 days    
Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation costs $ 243.6    
Weighted average recognition period 2 years 6 months    
2015 Equity Incentive Plan | Class A Common Stock | Stock Compensation Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares reserved for future issuance (in shares)     19,195
Additional shares reserved for future issuance (in shares)   6,992  
Shares reserved for issuance (in shares) 23,263    
2015 Employee Stock Purchase Plan | Class A Common Stock | Employee Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares reserved for future issuance (in shares)     3,082
Additional shares reserved for future issuance (in shares)   1,000  
Shares reserved for issuance (in shares) 3,780    
v3.19.2
Equity-Based Compensation Plans - Equity-based Award Activity (Details)
shares in Thousands
 6 Months Ended
Jun. 30, 2019
$ / shares
shares
Stock options  
Number of Shares of Class A Common Stock ()  
Outstanding at beginning of period (in shares) 9,527
Granted (in shares) 981
Exercised (in shares) (1,761)
Forfeited (in shares) (176)
Outstanding at end of period (in shares) 8,571
Vested at end of period (in shares) 5,430
Weighted- Average Exercise Price ($)  
Outstanding weighted average exercise price (in dollars per share) | $ / shares $ 25.77
Granted (in dollars per share) | $ / shares 74.88
Exercised (in dollars per share) | $ / shares 20.97
Forfeited (in dollars per share) | $ / shares 49.67
Outstanding weighted average exercise price (in dollars per share) | $ / shares 31.88
Vested at end of period (in dollars per share) | $ / shares 19.60
Weighted-average grant date fair value of options granted (in dollars per share) | $ / shares $ 26.30
Restricted Stock Units (RSUs)  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Outstanding at beginning of period (in shares) 5,356
Granted (in shares) 2,401
Vested (in shares) (1,418)
Forfeited (in shares) (281)
Outstanding at end of period (in shares) 6,058
Weighted-average grant date fair value of RSUs granted (in dollar per share) | $ / shares $ 74.30
v3.19.2
Deferred Revenue - Schedule of Deferred Revenue (Details) - USD ($)
$ in Millions
Jun. 30, 2019
Dec. 31, 2018
Disaggregation of Revenue [Line Items]    
Deferred revenue, current $ 1,521.3 $ 1,393.7
Deferred revenue, noncurrent 652.4 623.8
Domains    
Disaggregation of Revenue [Line Items]    
Deferred revenue, current 746.0 686.3
Deferred revenue, noncurrent 384.4 365.8
Hosting and presence    
Disaggregation of Revenue [Line Items]    
Deferred revenue, current 524.1 483.3
Deferred revenue, noncurrent 185.3 180.6
Business applications    
Disaggregation of Revenue [Line Items]    
Deferred revenue, current 251.2 224.1
Deferred revenue, noncurrent $ 82.7 $ 77.4
v3.19.2
Deferred Revenue - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2019
Revenue from Contract with Customer [Abstract]    
Revenue recognized $ 416.7 $ 962.0
v3.19.2
Deferred Revenue - Remaining Performance Obligation (Details)
$ in Millions
Jun. 30, 2019
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 1,012.1
Expected timing of satisfaction, period 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | Domains  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 486.0
Expected timing of satisfaction, period 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | Hosting and presence  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 354.5
Expected timing of satisfaction, period 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | Business applications  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 171.6
Expected timing of satisfaction, period 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 742.5
Expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Domains  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 384.5
Expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Hosting and presence  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 244.4
Expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | Business applications  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 113.6
Expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 225.4
Expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Domains  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 121.1
Expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Hosting and presence  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 69.8
Expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Business applications  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 34.5
Expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 90.7
Expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Domains  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 58.6
Expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Hosting and presence  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 22.8
Expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Business applications  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 9.3
Expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 48.0
Expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Domains  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 34.7
Expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Hosting and presence  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 10.4
Expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Business applications  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 2.9
Expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 55.0
Expected timing of satisfaction, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Domains  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 45.5
Expected timing of satisfaction, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Hosting and presence  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 7.5
Expected timing of satisfaction, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Business applications  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 2.0
Expected timing of satisfaction, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil)  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 2,173.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Domains  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation 1,130.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Hosting and presence  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation 709.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Business applications  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Aggregate remaining performance obligation $ 333.9
v3.19.2
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2019
Dec. 31, 2018
Payables and Accruals [Abstract]    
Derivative liabilities $ 122.9 $ 120.5
Accrued payroll and employee benefits 85.8 105.9
Current portion of operating lease liabilities 37.4  
Tax-related accruals 36.1 38.4
Accrued acquisition-related expenses and acquisition consideration payable 32.4 74.4
Accrued legal and professional fees 29.9 10.9
Accrued marketing and advertising expenses 15.1 19.4
Accrued other 37.1 44.8
Accrued expenses and other current liabilities $ 396.7 $ 414.3
v3.19.2
Long-Term Debt - Schedule of Long Term Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2019
Dec. 31, 2018
Debt Instrument [Line Items]    
Long-term Debt $ 2,444.8 $ 2,457.3
Less unamortized original issue discount on long-term debt (12.4) (27.9)
Less unamortized debt issuance costs (25.5) (18.6)
Less current portion of long-term debt (19.2) (16.6)
Long-term debt, net of current portion $ 2,387.7 $ 2,394.2
Secured Debt | Term Loan    
Debt Instrument [Line Items]    
Effective interest rate 5.00% 4.60%
Long-term Debt $ 1,844.8 $ 2,457.3
Secured Debt | Senior Notes    
Debt Instrument [Line Items]    
Effective interest rate 5.60%  
Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Long-term Debt $ 600.0 0.0
Line of Credit | Revolver | Revolving Credit Facility    
Debt Instrument [Line Items]    
Long-term Debt $ 0.0 $ 0.0
v3.19.2
Long-Term Debt - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2019
Jun. 30, 2019
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Debt Instrument [Line Items]              
Loss on debt extinguishment     $ 14,500,000 $ 0 $ 14,500,000 $ 0  
Term Loan | London Interbank Offered Rate (LIBOR)              
Debt Instrument [Line Items]              
Basis spread on variable rate   2.00%          
Term Loan | London Interbank Offered Rate (LIBOR) | Option 1              
Debt Instrument [Line Items]              
Basis spread on variable rate   1.00%          
Term Loan | Base Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate   1.00%          
Term Loan | Federal Funds Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate   0.50%          
Secured Debt | Term Loan              
Debt Instrument [Line Items]              
Long-term debt             $ 2,497,500,000
Prepayment of debt   $ 600,000,000.0          
Loss on debt extinguishment   14,500,000          
Secured Debt | Term Loan | Level 2              
Debt Instrument [Line Items]              
Debt, fair value   1,846,000,000.0 1,846,000,000.0   1,846,000,000.0    
Secured Debt | Senior Notes | Level 2              
Debt Instrument [Line Items]              
Debt, fair value   622,500,000 622,500,000   622,500,000    
Line of Credit | Refinanced Revolving Credit Loan | Revolving Credit Facility              
Debt Instrument [Line Items]              
Maximum borrowing capacity             $ 200,000,000.0
Line of Credit | Revolver | Revolving Credit Facility              
Debt Instrument [Line Items]              
Maximum borrowing capacity   $ 600,000,000.0 600,000,000.0   600,000,000.0    
Maximum net leverage ratio 35.00% 20.00%          
Debt issuance costs   $ 3,400,000 3,400,000   3,400,000    
Available borrowing capacity   $ 600,000,000.0 600,000,000.0   600,000,000.0    
Line of Credit | Revolver | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum              
Debt Instrument [Line Items]              
Basis spread on variable rate   1.25%          
Line of Credit | Revolver | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum              
Debt Instrument [Line Items]              
Basis spread on variable rate   1.75%          
Line of Credit | Revolver | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Option 1              
Debt Instrument [Line Items]              
Basis spread on variable rate   1.00%          
Line of Credit | Revolver | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Option 1 | Minimum              
Debt Instrument [Line Items]              
Basis spread on variable rate   0.25%          
Line of Credit | Revolver | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Option 1 | Maximum              
Debt Instrument [Line Items]              
Basis spread on variable rate   0.75%          
Line of Credit | Revolver | Revolving Credit Facility | Federal Funds Rate              
Debt Instrument [Line Items]              
Basis spread on variable rate   0.50%          
Senior Notes | Senior Notes              
Debt Instrument [Line Items]              
Long-term debt   $ 600,000,000.0 600,000,000.0   600,000,000.0    
Debt issuance costs   $ 9,700,000 $ 9,700,000   $ 9,700,000    
Stated interest rate   5.25% 5.25%   5.25%    
Redemption price, change of control, percent   101.00%          
Prior to June 1, 2022 | Senior Notes | Senior Notes              
Debt Instrument [Line Items]              
Redemption price, percent   100.00%          
Accrued and unpaid interest, plus applicable premium (not less than)   1.00%          
Redemption price, partial redemption, percent   105.25%          
June 1, 2022 - May 31, 2023 | Senior Notes | Senior Notes              
Debt Instrument [Line Items]              
Redemption price, percent   102.625%          
June 1, 2023 - May 31, 2024 | Senior Notes | Senior Notes              
Debt Instrument [Line Items]              
Redemption price, percent   101.75%          
June 1, 2024 - May 31, 2025 | Senior Notes | Senior Notes              
Debt Instrument [Line Items]              
Redemption price, percent   100.875%          
Thereafter | Senior Notes | Senior Notes              
Debt Instrument [Line Items]              
Redemption price, percent   100.00%          
v3.19.2
Long-Term Debt - Schedule of Debt Maturities (Details) - USD ($)
$ in Millions
Jun. 30, 2019
Dec. 31, 2018
Debt Disclosure [Abstract]    
2019 (remainder of) $ 12.5  
2020 25.0  
2021 25.0  
2022 25.0  
2023 25.0  
Thereafter 2,332.3  
Long-term Debt $ 2,444.8 $ 2,457.3
v3.19.2
Derivatives and Hedging - Schedule of Derivative Instruments (Details)
€ in Millions, $ in Millions
Jun. 30, 2019
USD ($)
€ / $
Dec. 31, 2018
USD ($)
€ / $
Apr. 30, 2017
USD ($)
Apr. 30, 2017
EUR (€)
Not Designated as Hedging Instrument | Foreign exchange forward contracts        
Derivative [Line Items]        
Derivative notional amount $ 13.3      
Derivative assets $ 0.2      
Cash Flow Hedging | Designated as Hedging Instrument | Cross-currency swap        
Derivative [Line Items]        
Derivative notional amount     $ 1,325.4 € 1,243.3
Euro to U.S. dollar exchange rate for translation | € / $ 1.14 1.14    
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swap        
Derivative [Line Items]        
Derivative notional amount     $ 1,325.4  
Level 2 | Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Derivative notional amount $ 2,779.4 $ 2,700.1    
Derivative assets 1.7 0.0    
Derivative liabilities 122.9 120.5    
Level 2 | Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange forward contracts        
Derivative [Line Items]        
Derivative notional amount 101.8 0.0    
Level 2 | Cash Flow Hedging | Designated as Hedging Instrument | Cross-currency swap        
Derivative [Line Items]        
Derivative notional amount 1,382.0 1,397.8    
Level 2 | Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swap        
Derivative [Line Items]        
Derivative notional amount 1,295.6 1,302.3    
Level 2 | Prepaid Expenses and Other Current Assets | Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange forward contracts        
Derivative [Line Items]        
Derivative assets 1.7 0.0    
Level 2 | Prepaid Expenses and Other Current Assets | Cash Flow Hedging | Designated as Hedging Instrument | Cross-currency swap        
Derivative [Line Items]        
Derivative assets 0.0 0.0    
Level 2 | Prepaid Expenses and Other Current Assets | Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swap        
Derivative [Line Items]        
Derivative assets 0.0 0.0    
Level 2 | Accrued Expenses and Other Current Liabilities | Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange forward contracts        
Derivative [Line Items]        
Derivative liabilities 0.4 0.0    
Level 2 | Accrued Expenses and Other Current Liabilities | Cash Flow Hedging | Designated as Hedging Instrument | Cross-currency swap        
Derivative [Line Items]        
Derivative liabilities 93.5 119.1    
Level 2 | Accrued Expenses and Other Current Liabilities | Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swap        
Derivative [Line Items]        
Derivative liabilities $ 29.0 $ 1.4    
v3.19.2
Derivatives and Hedging - Schedule of Derivative Instruments, Gain (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Derivative [Line Items]        
Unrealized Gains (Losses) Recognized in Other Comprehensive Income $ (10.1) $ 8.6 $ (11.1) $ 11.6
Revenue 737.2 651.6 1,447.2 1,284.8
Interest expense 23.1 24.7 47.5 48.5
Other income (expense), net 5.2 0.2 11.4 1.2
Cash Flow Hedging | Designated as Hedging Instrument        
Derivative [Line Items]        
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (10.1) 16.3 (10.3) 18.6
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange forward contracts        
Derivative [Line Items]        
Unrealized Gains (Losses) Recognized in Other Comprehensive Income 0.0 7.7 0.8 7.0
Cash Flow Hedging | Designated as Hedging Instrument | Cross-currency swap        
Derivative [Line Items]        
Unrealized Gains (Losses) Recognized in Other Comprehensive Income 7.9 (0.6) 16.5 (18.4)
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swap        
Derivative [Line Items]        
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (18.0) 9.2 (27.6) 30.0
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized Gains (Losses) on Cash Flow Hedges        
Derivative [Line Items]        
Revenue 0.8 (1.0) 1.3 (1.9)
Interest expense 7.5 5.3 14.8 8.9
Other income (expense), net (18.7) 82.6 8.8 40.6
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized Gains (Losses) on Cash Flow Hedges | Foreign exchange forward contracts        
Derivative [Line Items]        
Revenue 0.8 (1.0) 1.3 (1.9)
Interest expense 0.0 0.0 0.0 0.0
Other income (expense), net 0.0 0.0 0.0 0.0
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized Gains (Losses) on Cash Flow Hedges | Cross-currency swap        
Derivative [Line Items]        
Revenue 0.0 0.0 0.0 0.0
Interest expense 7.4 7.1 14.6 13.6
Other income (expense), net (18.7) 82.6 8.8 40.6
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized Gains (Losses) on Cash Flow Hedges | Interest rate swap        
Derivative [Line Items]        
Revenue 0.0 0.0 0.0 0.0
Interest expense 0.1 (1.8) 0.2 (4.7)
Other income (expense), net 0.0 0.0 0.0 0.0
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized Gains (Losses) on Cash Flow Hedges | Euro-Denominated Intercompany Loan | Cross-currency swap        
Derivative [Line Items]        
Other income (expense), net $ 18.5 $ (82.9) $ (9.2) $ (41.5)
v3.19.2
Derivatives and Hedging - Narrative (Details)
€ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Apr. 30, 2017
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
Apr. 30, 2017
EUR (€)
Derivative [Line Items]            
Net deferred gains from cash flow hedges   $ 30,900,000   $ 30,900,000    
Amounts excluded from effectiveness testing   $ 0 $ 0 $ 0 $ 0  
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange forward contracts            
Derivative [Line Items]            
Derivative remaining maturity       6 months    
Cash Flow Hedging | Designated as Hedging Instrument | Cross-currency swap            
Derivative [Line Items]            
Derivative notional amount $ 1,325,400,000         € 1,243.3
Derivative, fixed interest rate 5.44%         5.44%
Derivative contract term 5 years          
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swap            
Derivative [Line Items]            
Derivative notional amount $ 1,325,400,000          
Derivative, fixed interest rate 5.44%         5.44%
Derivative contract term 5 years          
Euro-Denominated Intercompany Loan            
Derivative [Line Items]            
Base rate 3.00%         3.00%
v3.19.2
Leases - Narrative (Details)
$ in Millions
Jun. 30, 2019
USD ($)
Leases [Abstract]  
Operating lease, remaining weighted average lease term 5 years 8 months 12 days
Operating lease, weighted average discount rate 6.20%
Operating lease commitments that have not yet commenced $ 87.8
v3.19.2
Leases - Components of Lease Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2019
Leases [Abstract]    
Operating lease costs $ 12.8 $ 25.5
Variable lease costs 2.1 4.6
Sublease income (1.1) (1.6)
Net lease costs $ 13.8 $ 28.5
v3.19.2
Leases - Cash Paid and ROU Assets Obtained in Exchange for Lease Obligations (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2019
USD ($)
Leases [Abstract]  
Cash paid for amounts included in the measurement of operating lease liabilities $ 23.5
ROU assets obtained in exchange for operating lease obligations $ 39.3
v3.19.2
Leases - Operating Lease Liabilities, Balance Sheet Information (Details)
$ in Millions
Jun. 30, 2019
USD ($)
Leases [Abstract]  
Accrued expenses and other current liabilities $ 37.4
Operating lease liabilities, net of current portion 134.3
Total operating lease liabilities $ 171.7
v3.19.2
Leases - Maturities of Lease Liabilities (Details)
$ in Millions
Jun. 30, 2019
USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]  
2019 $ 24.9
2020 41.0
2021 36.7
2022 27.6
2023 21.4
Thereafter 54.5
Total lease payments 206.1
Less: imputed interest (34.4)
Operating lease liabilities $ 171.7
v3.19.2
Commitments and Contingencies (Details) - USD ($)
 3 Months Ended
Jun. 13, 2019
Jun. 30, 2019
Dec. 31, 2018
Loss Contingencies [Line Items]      
Estimated loss provision recorded   $ 18,100,000  
Indirect Taxation      
Loss Contingencies [Line Items]      
Estimated tax liability   $ 11,600,000 $ 11,600,000
Class Action Complaint | Pending Litigation | Maximum      
Loss Contingencies [Line Items]      
Proposed settlement amount $ 35,000,000.0    
v3.19.2
Income Taxes - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2019
Income Tax Disclosure [Abstract]    
Effective tax rate 5.90% 111.90%
v3.19.2
Payable to Related Parties Pursuant to the TRAs (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Related Party Transaction [Line Items]              
Liability pursuant to tax receivable agreements resulting from exchanges of LLC Units   $ (9.7) $ (11.6) $ (14.5)      
Tax receivable agreements liability adjustment $ 0.0   $ 0.0   $ 8.7 $ (0.1)  
Reorganization Parties and Continuing LLC Owners | Investor | Tax Receivable Agreement              
Related Party Transaction [Line Items]              
Due to related parties 175.3       175.3   $ 174.3
Percent of tax benefits owed under tax receivable agreement             85.00%
Maximum TRA liability related to basis adjustment 1,173.3       1,173.3    
Maximum TRA liability related to pre-IPO organizational transactions $ 417.5       417.5    
LLC Units | Reorganization Parties and Continuing LLC Owners | Investor | Tax Receivable Agreement              
Related Party Transaction [Line Items]              
Liability pursuant to tax receivable agreements resulting from exchanges of LLC Units         9.7    
Tax receivable agreements liability adjustment         $ 8.7    
v3.19.2
Income (Loss) Per Share - Reconciliation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Numerator            
Net income (loss) $ (12.7) $ 13.2 $ 20.2 $ 4.2 $ 0.5 $ 24.4
Less: net income (loss) attributable to non-controlling interests (0.1)   2.1   0.2 3.0
Net income (loss) attributable to GoDaddy Inc. $ (12.6)   $ 18.1   $ 0.3 $ 21.4
Class A Common Stock            
Denominator [Abstract]            
Weighted-average shares of Class A common stock outstanding—basic (in shares) 176,007   152,577   173,517 145,249
Weighted-average shares of Class A Common stock outstanding—diluted (in shares) 176,007   180,881   183,874 179,955
Net income (loss) attributable to GoDaddy Inc. per share of Class A common stock—basic (in USD per share) $ (0.07)   $ 0.12   $ 0 $ 0.15
Net income (loss) attributable to GoDaddy Inc. per share of Class A common stock—diluted (in USD per share) $ (0.07)   $ 0.11   $ 0 $ 0.14
Class B Common Stock            
Denominator [Abstract]            
Effect of dilutive securities (in shares) 0   18,662   3,124 24,933
Stock options            
Denominator [Abstract]            
Effect of dilutive securities (in shares) 0   7,409   5,066 7,564
RSUs and ESPP shares            
Denominator [Abstract]            
Effect of dilutive securities (in shares) 0   2,233   2,167 2,209
v3.19.2
Income (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 10,137 822 1,588 876
Class B Common Stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 1,601 0 0 0
Stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 6,581 788 1,539 832
RSUs and ESPP shares        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities (in shares) 1,955 34 49 44
v3.19.2
Income (Loss) Per Share - Narrative (Details)
Jun. 30, 2019
shares
Class B Common Stock  
Class of Stock [Line Items]  
Conversion feature of Class B common stock, number of Class A common shares 1
v3.19.2
Geographic Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]          
Revenue $ 737.2 $ 651.6 $ 1,447.2 $ 1,284.8  
Property and equipment, net 260.1   260.1   $ 299.0
U.S.          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Revenue 489.5 418.3 954.4 824.9  
Property and equipment, net 199.9   199.9   231.0
International          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Revenue 247.7 $ 233.3 492.8 $ 459.9  
Property and equipment, net $ 60.2   $ 60.2   $ 68.0
v3.19.2
Related Party Transactions - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2019
Dec. 31, 2018
Related Party Transaction [Line Items]    
Long-term Debt $ 2,444.8 $ 2,457.3
Kohlberg Kravis Roberts & Co LP | Term Loan | Affiliated Entity | Loans Held by Related Parties    
Related Party Transaction [Line Items]    
Long-term Debt $ 7.8  
v3.19.2
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Dec. 31, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Equity at beginning of period $ 824.5 $ 546.5    
Equity at beginning of period 792.7      
Equity at end of period 956.7 674.3    
Less: AOCI attributable to non-controlling interests     $ (11.6) $ (31.8)
Total stockholders' equity attributable to GoDaddy Inc. 792.7   945.1 $ 792.7
Foreign Currency Translation Adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Equity at beginning of period (92.2) (86.8)    
Other comprehensive income (loss) before reclassifications 6.3 3.6    
Amounts reclassified from AOCI 0.0 0.0    
Other comprehensive income (loss) 6.3 3.6    
Equity at end of period (85.9) (83.2)    
Net Unrealized Gains (Losses) on Cash Flow Hedges        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Equity at beginning of period (22.4) (45.5)    
Other comprehensive income (loss) before reclassifications (35.2) (29.0)    
Amounts reclassified from AOCI 24.9 47.6    
Other comprehensive income (loss) (10.3) 18.6    
Equity at end of period (32.7) (26.9)    
AOCI Including Portion Attributable to Noncontrolling Interest        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Equity at beginning of period (114.6) (132.3)    
Other comprehensive income (loss) before reclassifications (28.9) (25.4)    
Amounts reclassified from AOCI 24.9 47.6    
Other comprehensive income (loss) (4.0) 22.2    
Equity at end of period (118.6) (110.1)    
AOCI Attributable to Noncontrolling Interest        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Less: AOCI attributable to non-controlling interests   (42.3) 1.0  
AOCI Attributable to Parent        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Equity at beginning of period (72.1) (85.7)    
Equity at end of period $ (117.6) (67.8)    
Total stockholders' equity attributable to GoDaddy Inc.   $ (67.8) $ (117.6)  
v3.19.2
Label Element Value
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption $ 3,300,000
Retained Earnings [Member]  
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption $ 3,300,000