<SEC-DOCUMENT>0001193125-19-149675.txt : 20190703
<SEC-HEADER>0001193125-19-149675.hdr.sgml : 20190703
<ACCEPTANCE-DATETIME>20190516201732
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-149675
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYNOPSYS INC
		CENTRAL INDEX KEY:			0000883241
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				561546236
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		690 E MIDDLEFIELD RD
		CITY:			MOUNTAIN VIEW
		STATE:			CA
		ZIP:			94043
		BUSINESS PHONE:		6505845000

	MAIL ADDRESS:	
		STREET 1:		690 E MIDDLEFIELD RD
		CITY:			MOUNTAIN VIEW
		STATE:			CA
		ZIP:			94043
</SEC-HEADER>
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<TYPE>CORRESP
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<IMG SRC="g749633g29q55.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;16, 2019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA
EDGAR </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Diane Fritz, Staff Accountant </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Laura Veator,
Staff Accountant </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Information
Technologies and Services </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>RE:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Synopsys, Inc. </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended October&nbsp;31, 2018
</B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Filed December&nbsp;17, 2018 </B></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;000-19807</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Fritz and Ms.&nbsp;Veator: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We respectfully submit
this letter in response to comments from the staff (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) received by letter dated May&nbsp;9, 2019 relating to the Annual Report on
Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended October&nbsp;31, 2018 filed by Synopsys, Inc. (the &#147;<B><I>Company</I></B>,&#148; &#147;we&#148; or &#147;our&#148;) with the Commission on December&nbsp;17, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For your convenience, we have reproduced the Staff&#146;s comments in bold type and have followed each comment with our response. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>General </U></I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please describe to us the tax restructuring that took place in the fourth quarter of 2018 in further detail,
including the nature of the intangible assets transferred, the entities involved in the transfer, and how the transfer results in a future U.S. tax deduction. Tell us the authoritative accounting literature upon which you relied in recording a
deferred tax asset and tax benefit and how you took into consideration the provisions of ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">740-10-25-3(e).</FONT></FONT></FONT>
</B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In the fourth quarter of 2018, the Company and its subsidiaries Synopsys Ireland Unlimited Corporation
(&#147;SIR&#148;) and Synopsys USIE Holdings, LLC (&#147;SUSIE&#148;) undertook a restructuring (the &#147;Tax Restructuring&#148;) to centralize the rights to the Company&#146;s intellectual property ownership in the United States. For US Federal
tax purposes, the Tax Restructuring was treated as an &#147;inbound&#148; <FONT STYLE="white-space:nowrap">tax-free</FONT> reorganization under Internal Revenue Code Section&nbsp;368(a)(1)(F) (&#147;SIR F Reorg&#148;). The SIR F Reorg effectively
resulted in bringing the tax basis of the assets and liabilities of SIR and its subsidiaries into the U.S. tax jurisdiction. This included the tax basis SIR held in the intangible assets immediately prior to the reorganization (i.e., SUSIE takes a
&#147;carryover basis&#148; in the intangible assets). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As a result of the SIR F Reorg, while SIR does not in and of itself change status
for <FONT STYLE="white-space:nowrap">non-U.S.</FONT> tax purposes (i.e. it is still a corporation for <FONT STYLE="white-space:nowrap">non-U.S.</FONT> tax purposes), the tax status of SIR was changed from a controlled foreign corporation to a
disregarded branch of a U.S. corporation. Under ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">740-10-25-32,</FONT></FONT></FONT> this change in tax status resulted in SIR&#146;s existing
temporary differences being treated as temporary differences of SUSIE and required the Company to recognize U.S. deferred taxes on those temporary differences. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Further, US&nbsp;GAAP ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">740-10-45-19</FONT></FONT></FONT> states <I>&#147;When deferred tax accounts are recognized or derecognized as required by paragraphs <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">740-10-25-32</FONT></FONT></FONT> and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">740-10-40-6</FONT></FONT></FONT> due to a change in tax status, the effect of recognizing or derecognizing the deferred tax liability or asset shall
be included in income from continuing operations.&#148;</I> </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As the deferred tax assets resulted from a change in tax status as part of a <FONT
STYLE="white-space:nowrap">tax-free</FONT> reorganization, the resulting deferred tax asset of $172&nbsp;million was included in income from continuing operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The deferred tax assets did not result from an intra-entity difference between the tax basis in the &#147;buyer&#146;s&#148; tax jurisdiction
and the cost as reported in the consolidated financial statements. Accordingly, we believe ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">740-10-25-3(e)</FONT></FONT></FONT> does not apply.
</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your disclosure that a portion of foreign taxes paid as a result of the changes to your
international tax structure in 2018 may result in a U.S. foreign tax credit, but the amount realized cannot be determined at this time. Please explain to us in more detail this disclosure and the basis in U.S. GAAP for not recognizing a deferred tax
asset for foreign tax credits. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In fiscal 2018, we recorded a deferred tax asset for the foreign tax credit and a
corresponding full valuation allowance resulting from the changes to our international tax structure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Tax Cuts and Jobs Act of 2017
(&#147;TCJA&#148;) added a limitation on foreign tax credits allocable to &#147;foreign branches&#148;. The Company determined that these limitations could potentially apply to the foreign taxes incurred as a result of the Tax Restructuring. As of
the end of our fiscal 2018, no guidance had been issued on the application of these new rules, and significant uncertainty existed with respect to the application of the foreign tax credit associated with transactions that occurred after the
enactment of the TCJA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As disclosed in Note 11 of the Consolidated Financial Statements, on November&nbsp;28, 2018, the U.S. Treasury
Department (&#147;Treasury&#148;) and the Internal Revenue Service (&#147;IRS&#148;) issued proposed regulations on changes made to the application of the foreign tax credit under the TCJA. However, because these regulations were issued in proposed
form following the end of the reporting period and were subject to revision by Treasury, they are not considered enacted tax law under ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">740-10-25-47.</FONT></FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In
evaluating the need for a valuation allowance on the foreign tax credit, the Company considered the potential application of the new foreign branch limitation, and assuming such limitation applied, whether it had sufficient ability to realize the
benefit through a carryback to a prior tax year or through future taxable income. The Company concluded there was no definitive authority which would have allowed for the carryback of the credit to a prior taxable year, and that it did not expect to
realize sufficient future foreign branch income to use the credit in the foreseeable future. Accordingly, the Company recorded a full valuation allowance for the foreign tax credit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">As disclosed in Note 11, if the proposed regulations were to be finalized in their current form, the Company could release all or a portion of
the valuation allowance on these foreign tax credits. The Company intends to evaluate the ability to use the credit when final guidance is issued by the IRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please contact me at (650) <FONT STYLE="white-space:nowrap">584-5000</FONT> or rrunkel@synopsys.com should you have additional comments or require additional
information. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ John F. Runkel, Jr.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">John F. Runkel, Jr.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Synopsys, Inc.</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Trac Pham, Chief Financial Officer </P></TD></TR></TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
