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Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Aug. 30, 2019
Impact of ASC 606 Adoption on Opening Balance Sheets
We recognized the following cumulative effects of initially applying the new revenue standard as of December 1, 2018:
(in thousands)
As of
November 30, 2018
 
ASC 606 Adoption Adjustments
 
As of
December 1,
2018
Assets
 
 
 
 
 
Trade receivables, net of allowances for doubtful accounts
$
1,315,578

 
$
43,028

 
$
1,358,606

Prepaid expenses and other current assets
312,499

 
186,220

 
498,719

Other assets
186,522

 
273,421

 
459,943

Liabilities and Stockholders’ Equity
 
 
 
 
 
Accrued expenses
1,163,185

 
30,358

 
1,193,543

Deferred revenue, current
2,915,974

 
(52,842
)
 
2,863,132

Deferred income taxes
46,702

 
82,834

 
129,536

Retained earnings
$
11,815,597

 
$
442,319

 
$
12,257,916
Accounting Standards Update 2014-09  
Impact of ASC 606 Adoption on Condensed Statements of Income
Adoption of the new revenue standard impacted our condensed consolidated statement of income for the three months ended August 30, 2019 as follows:
(in thousands, except per share amounts)
As reported
 
Adjustments
 
Balances without ASC 606 adoption impact
Revenue
 
 
 
 
 
Subscription
$
2,546,571

 
$
825

 
$
2,547,396

Product
157,321

 
(32,908
)
 
124,413

Services and support
130,234

 
(3,499
)
 
126,735

Total revenue
2,834,126

 
(35,582
)
 
2,798,544

 Operating expenses
 
 
 
 
 
Sales and marketing
812,314

 
7,211

 
819,525

Provision for income taxes
41,725

 
(2,140
)
 
39,585

Net income
$
792,763

 
$
(40,653
)
 
$
752,110

Basic net income per share
$
1.63

 
$
(0.08
)
 
$
1.55

Diluted net income per share
$
1.61

 
$
(0.08
)
 
$
1.53

Adoption of the new revenue standard impacted our condensed consolidated statement of income for the nine months ended August 30, 2019 as follows:
(in thousands, except per share amounts)
As reported
 
Adjustments
 
Balances without ASC 606 adoption impact
Revenue
 
 
 
 
 
Subscription
$
7,307,635

 
$
(3,412
)
 
$
7,304,223

Product
480,691

 
(74,936
)
 
405,755

Services and support
391,026

 
(4,574
)
 
386,452

Total revenue
8,179,352

 
(82,922
)
 
8,096,430

 Operating expenses
 
 
 
 
 
Sales and marketing
2,442,759

 
24,147

 
2,466,906

Provision for income taxes
147,997

 
(7,097
)
 
140,900

Net income
$
2,099,597

 
$
(100,076
)
 
$
1,999,521

Basic net income per share
$
4.31

 
$
(0.21
)
 
$
4.10

Diluted net income per share
$
4.26

 
$
(0.20
)
 
$
4.06
Impact of ASC 606 Adoption on Condensed Balance Sheets
Adoption of the new revenue standard impacted our condensed consolidated balance sheets as of August 30, 2019 as follows:
(in thousands)
As reported
 
Adjustments
 
Balances without ASC 606 adoption impact
Assets
 
 
 
 
 
Trade receivables, net of allowances for doubtful accounts
$
1,371,697

 
$
(51,514
)
 
$
1,320,183

Prepaid expenses and other current assets
727,611

 
(209,056
)
 
518,555

Other assets
557,080

 
(342,451
)
 
214,629

Liabilities and Stockholders’ Equity
 
 
 
 
 
Accrued expenses
1,302,753

 
(41,129
)
 
1,261,624

Deferred revenue, current
3,120,186

 
80,432

 
3,200,618

Deferred revenue, long-term
135,750

 
(9,998
)
 
125,752

Deferred income taxes
129,401

 
(89,931
)
 
39,470

Retained earnings
$
13,976,701

 
$
(542,395
)
 
$
13,434,306