Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 23, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SYKE | |
Entity Registrant Name | SYKES ENTERPRISES INC | |
Entity Central Index Key | 1,010,612 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 43,521,251 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 222,350 | $ 215,137 |
Receivables, net | 272,430 | 290,397 |
Prepaid expenses | 15,865 | 14,896 |
Other current assets | 41,807 | 29,656 |
Total current assets | 552,452 | 550,086 |
Property and equipment, net | 104,219 | 109,880 |
Goodwill, net | 190,866 | 193,831 |
Intangibles, net | 53,095 | 60,620 |
Deferred charges and other assets | 27,937 | 30,083 |
Total assets | 928,569 | 944,500 |
Current liabilities: | ||
Accounts payable | 20,384 | 25,523 |
Accrued employee compensation and benefits | 80,891 | 82,072 |
Current deferred income tax liabilities | 311 | 144 |
Income taxes payable | 2,425 | 3,662 |
Deferred revenue | 29,940 | 34,245 |
Other accrued expenses and current liabilities | 23,733 | 22,216 |
Total current liabilities | 157,684 | 167,862 |
Deferred grants | 5,144 | 5,110 |
Long-term debt | 65,000 | 75,000 |
Long-term income tax liabilities | 22,282 | 20,630 |
Other long-term liabilities | 17,689 | 17,680 |
Total liabilities | $ 267,799 | $ 286,282 |
Commitments and loss contingency (Note 14) | ||
Shareholders' equity: | ||
Preferred stock, $0.01 par value per share, 10,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.01 par value per share, 200,000 shares authorized; 43,521 and 43,291 shares issued, respectively | $ 435 | $ 433 |
Additional paid-in capital | 281,631 | 279,288 |
Retained earnings | 429,065 | 400,514 |
Accumulated other comprehensive income (loss) | (36,775) | (20,561) |
Treasury stock at cost: 639 and 132 shares, respectively | (13,586) | (1,456) |
Total shareholders' equity | 660,770 | 658,218 |
Total liabilities and shareholders' equity | $ 928,569 | $ 944,500 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 43,521,000 | 43,291,000 |
Treasury stock, shares | 639,000 | 132,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenues | $ 307,453 | $ 320,498 | $ 631,138 | $ 644,927 |
Operating expenses: | ||||
Direct salaries and related costs | 202,143 | 221,085 | 416,070 | 442,710 |
General and administrative | 72,651 | 74,005 | 145,378 | 147,382 |
Depreciation, net | 11,007 | 11,322 | 22,066 | 22,620 |
Amortization of intangibles | 3,435 | 3,659 | 6,866 | 7,310 |
Total operating expenses | 289,236 | 310,071 | 590,380 | 620,022 |
Income from operations | 18,217 | 10,427 | 40,758 | 24,905 |
Other income (expense): | ||||
Interest income | 151 | 237 | 317 | 468 |
Interest (expense) | (610) | (552) | (1,049) | (1,051) |
Other income (expense) | (167) | (399) | (996) | 264 |
Total other income (expense) | (626) | (714) | (1,728) | (319) |
Income before income taxes | 17,591 | 9,713 | 39,030 | 24,586 |
Income taxes | 4,679 | 1,376 | 10,479 | 5,936 |
Net income | $ 12,912 | $ 8,337 | $ 28,551 | $ 18,650 |
Net income per common share: | ||||
Basic | $ 0.31 | $ 0.20 | $ 0.68 | $ 0.44 |
Diluted | $ 0.31 | $ 0.19 | $ 0.67 | $ 0.44 |
Weighted average common shares outstanding: | ||||
Basic | 42,008 | 42,711 | 42,095 | 42,726 |
Diluted | 42,216 | 42,810 | 42,328 | 42,845 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 12,912 | $ 8,337 | $ 28,551 | $ 18,650 |
Other comprehensive income (loss), net of taxes: | ||||
Foreign currency translation gain (loss), net of taxes | 7,058 | 3,480 | (20,066) | (2,079) |
Unrealized gain (loss) on net investment hedges, net of taxes | (1,135) | 70 | 2,768 | 105 |
Unrealized actuarial gain (loss) related to pension liability, net of taxes | (20) | 42 | (28) | 21 |
Unrealized gain (loss) on cash flow hedging instruments, net of taxes | (347) | 4,029 | 1,068 | 1,287 |
Unrealized gain (loss) on postretirement obligation, net of taxes | 59 | 12 | 44 | 18 |
Other comprehensive income (loss), net of taxes | 5,615 | 7,633 | (16,214) | (648) |
Comprehensive income (loss) | $ 18,527 | $ 15,970 | $ 12,337 | $ 18,002 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Changes in Shareholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2014 | $ 658,218 | $ 433 | $ 279,288 | $ 400,514 | $ (20,561) | $ (1,456) |
Beginning Balance, shares at Dec. 31, 2014 | 43,291 | |||||
Issuance of common stock | 0 | $ 0 | 0 | 0 | 0 | 0 |
Issuance of common stock, shares | 30 | |||||
Stock-based compensation expense | 3,284 | 3,284 | ||||
Excess tax benefit (deficiency) from stock-based compensation | 169 | 169 | ||||
Net vesting (forfeitures) of common stock and restricted stock under equity award plans | (1,269) | $ 2 | (1,110) | (161) | ||
Net vesting (forfeitures) of common stock and restricted stock under equity award plans, shares | 200 | |||||
Repurchase of common stock | (11,969) | (11,969) | ||||
Comprehensive income (loss) | 12,337 | 28,551 | (16,214) | |||
Ending Balance at Jun. 30, 2015 | $ 660,770 | $ 435 | $ 281,631 | $ 429,065 | $ (36,775) | $ (13,586) |
Ending Balance, shares at Jun. 30, 2015 | 43,521 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 28,551 | $ 18,650 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 22,458 | 23,090 |
Amortization of intangibles | 6,866 | 7,310 |
Amortization of deferred grants | (441) | (829) |
Unrealized foreign currency transaction (gains) losses, net | (1,093) | (449) |
Stock-based compensation expense | 3,284 | 1,691 |
Excess tax (benefit) from stock-based compensation | (169) | |
Deferred income tax provision (benefit) | 3,127 | 2,619 |
Net (gain) loss on disposal of property and equipment | 105 | 59 |
Bad debt expense (reversals) | (207) | (389) |
Unrealized (gains) losses on financial instruments, net | 88 | 2,503 |
Amortization of deferred loan fees | 269 | 130 |
Other | 15 | (360) |
Changes in assets and liabilities: | ||
Receivables | 13,029 | (13,322) |
Prepaid expenses | (1,212) | (2,754) |
Other current assets | (11,895) | (5,542) |
Deferred charges and other assets | 1,753 | 7,852 |
Accounts payable | (3,487) | 2,481 |
Income taxes receivable / payable | (3,992) | (3,536) |
Accrued employee compensation and benefits | 363 | 2,789 |
Other accrued expenses and current liabilities | 1,777 | (176) |
Deferred revenue | (2,341) | 780 |
Other long-term liabilities | 256 | (3,255) |
Net cash provided by operating activities | 57,104 | 39,342 |
Cash flows from investing activities: | ||
Capital expenditures | (19,476) | (24,236) |
Proceeds from sale of property and equipment | 53 | 81 |
Investment in restricted cash | (5) | (3) |
Release of restricted cash | 168 | |
Proceeds from insurance settlement | 500 | |
Net cash (used for) investing activities | (18,928) | (23,990) |
Cash flows from financing activities: | ||
Payments of long-term debt | (10,000) | (19,000) |
Excess tax benefit from stock-based compensation | 169 | |
Cash paid for repurchase of common stock | (11,969) | (2,605) |
Proceeds from grants | 472 | 107 |
Shares repurchased for minimum tax withholding on equity awards | (1,269) | (422) |
Cash paid for loan fees related to long-term debt | (962) | |
Net cash (used for) financing activities | (23,559) | (21,920) |
Effects of exchange rates on cash and cash equivalents | (7,404) | (919) |
Net increase (decrease) in cash and cash equivalents | 7,213 | (7,487) |
Cash and cash equivalents - beginning | 215,137 | 211,985 |
Cash and cash equivalents - ending | 222,350 | 204,498 |
Supplemental disclosures of cash flow information: | ||
Cash paid during period for interest | 735 | 904 |
Cash paid during period for income taxes | 14,231 | 9,341 |
Non-cash transactions: | ||
Property and equipment additions in accounts payable | 4,324 | 2,804 |
Unrealized gain (loss) on postretirement obligation in accumulated other comprehensive income (loss) | 44 | $ 18 |
Shares repurchased for minimum tax withholding on common stock and restricted stock under equity awards included in other accrued expenses and current liabilities | $ 126 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview and Basis of Presentation | Note 1. Overview and Basis of Presentation Business — Basis of Presentation — Principles of Consolidation — Use of Estimates — Subsequent Events — New Accounting Standards Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 “ Revenue from Contracts with Customers (Topic 606)” In June 2014, the FASB issued ASU 2014-12 “ Compensation – Stock Compensation (Topic 718) Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” Compensation — Stock Compensation In January 2015, the FASB issued ASU 2015-01 “ Income Statement – Extraordinary and Unusual Items (Subtopic 225-20) Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” In February 2015, the FASB issued ASU 2015-02 “ Consolidation (Topic 810) Amendments to the Consolidation Analysis ” In April 2015, the FASB issued ASU 2015-03 “ Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs” In April 2015, the FASB issued ASU 2015-05 “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” New Accounting Standards Recently Adopted In April 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-08 “ Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) – Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” |
Costs Associated with Exit or D
Costs Associated with Exit or Disposal Activities | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Costs Associated with Exit or Disposal Activities | Note 2. Costs Associated with Exit or Disposal Activities During 2011 and 2010, the Company announced several initiatives to streamline excess capacity through targeted seat reductions (the “Exit Plans”) in an on-going effort to manage and optimize capacity utilization. These Exit Plans included, but were not limited to, closing customer contact management centers in The Philippines, the United Kingdom, Ireland and South Africa and consolidating leased space in various locations in the U.S. and the Netherlands. These Exit Plans impacted approximately 800 employees. The Company has paid $14.9 million in cash through June 30, 2015 under these Exit Plans. The cumulative costs expected and incurred as a result of the Exit Plans were as follows as of June 30, 2015 (in thousands): Americas EMEA EMEA Americas Total Lease obligations and facility exit costs $ 1,365 $ 19 $ 1,914 $ 6,729 $ 10,027 Severance and related costs — 5,857 185 — 6,042 Legal-related costs — 110 — — 110 Non-cash impairment charges 480 474 159 3,847 4,960 Total $ 1,845 $ 6,460 $ 2,258 $ 10,576 $ 21,139 The following table summarizes the accrued liability associated with the Exit Plans’ exit or disposal activities and related charges for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Beginning accrual $ 1,346 $ 2,731 $ 1,558 $ 2,974 Lease obligations and facility exit costs (1) — (185 ) — (185 ) Severance and related costs — — — — Legal-related costs — — — — Cash payments (2) (196 ) (428 ) (408 ) (673 ) Other non-cash changes (3) — (7 ) — (5 ) Ending accrual $ 1,150 $ 2,111 $ 1,150 $ 2,111 (1) During 2014, the Company reversed accruals related to the final settlement of lease obligations and facility exit costs for one of the Ireland sites, included in the EMEA segment, which reduced “General and administrative” costs in the accompanying Condensed Consolidated Statements of Operations. (2) Related to lease obligations and facility exit costs. (3) Effect of foreign currency translation. Restructuring Liability Classification The following table summarizes the Company’s short-term and long-term accrued liabilities associated with its exit and disposal activities, by plan, as of June 30, 2015 and December 31, 2014 (in thousands): Americas Americas Total June 30, 2015 Short-term accrued restructuring liability (1) $ 140 $ 487 $ 627 Long-term accrued restructuring liability (2) 115 408 523 Ending accrual at June 30, 2015 $ 255 $ 895 $ 1,150 December 31, 2014 Short-term accrued restructuring liability (1) $ 109 $ 521 $ 630 Long-term accrued restructuring liability (2) 203 725 928 Ending accrual at December 31, 2014 $ 312 $ 1,246 $ 1,558 (1) Included in “Other accrued expenses and current liabilities” in the accompanying Condensed Consolidated Balance Sheets. (2) Included in “Other long-term liabilities” in the accompanying Condensed Consolidated Balance Sheets. The remaining restructuring liability relates to future rent obligations to be paid through the remainder of the lease terms, the last of which ends in February 2017. The EMEA Fourth Quarter 2011 and EMEA Fourth Quarter 2010 Exit Plans were settled during 2014. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 3. Fair Value ASC 820 “ Fair Value Measurements and Disclosures • Level 1 — • Level 2 — • Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Fair Value of Financial Instruments — • Cash, Short-Term and Other Investments, Investments Held in Rabbi Trust and Accounts Payable — • Foreign Currency Forward Contracts and Options — • Long-Term Debt — Fair Value Measurements ASC 825 “ Financial Instruments” Determination of Fair Value If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters, such as interest rates, currency rates, etc. Assets or liabilities valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. The following section describes the valuation methodologies used by the Company to measure assets and liabilities at fair value on a recurring basis, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified. Money Market and Open-End Mutual Funds Foreign Currency Forward Contracts and Options Investments Held in Rabbi Trust Guaranteed Investment Certificates The Company’s assets and liabilities measured at fair value on a recurring basis subject to the requirements of ASC 820 consist of the following (in thousands): Fair Value Measurements at June 30, 2015 Using: Balance at Quoted Prices Significant Significant Level (1) Level (2) Level (3) Assets: Foreign currency forward and option contracts included in “Other current assets” (1) $ 10,704 $ — $ 10,704 $ — Equity investments held in a rabbi trust for the Deferred Compensation Plan (2) 6,184 6,184 — — Debt investments held in a rabbi trust for the Deferred Compensation Plan (2) 1,555 1,555 — — Guaranteed investment certificates (3) 86 — 86 — $ 18,529 $ 7,739 $ 10,790 $ — Liabilities: Long-term debt (4) $ 65,000 $ — $ 65,000 $ — Foreign currency forward and option contracts included in “Other accrued expenses and current liabilities” (1) 471 — 471 — $ 65,471 $ — $ 65,471 $ — Fair Value Measurements at December 31, 2014 Using: Balance at Quoted Prices Significant Significant Level (1) Level (2) Level (3) Assets: Money market funds and open-end mutual funds included in “Cash and cash equivalents” (5) $ 100,915 $ 100,915 $ — $ — Money market funds and open-end mutual funds included in “Deferred charges and other assets” (5) 10 10 — — Foreign currency forward and option contracts included in “Other current assets” (1) 1,489 — 1,489 — Foreign currency forward contracts included in “Deferred charges and other assets” (1) 4,060 — 4,060 — Equity investments held in a rabbi trust for the Deferred Compensation Plan (2) 5,589 5,589 — — Debt investments held in a rabbi trust for the Deferred Compensation Plan (2) 1,363 1,363 — — Guaranteed investment certificates (3) 79 — 79 — $ 113,505 $ 107,877 $ 5,628 $ — Liabilities: Long-term debt (4) $ 75,000 $ — $ 75,000 $ — Foreign currency forward and option contracts included in “Other accrued expenses and current liabilities” (1) 1,261 — 1,261 — $ 76,261 $ — $ 76,261 $ — (1) In the accompanying Condensed Consolidated Balance Sheets. See Note 5, Financial Derivatives. (2) Included in “Other current assets” in the accompanying Condensed Consolidated Balance Sheets. See Note 6, Investments Held in Rabbi Trust. (3) Included in “Deferred charges and other assets” in the accompanying Condensed Consolidated Balance Sheets. (4) The carrying value of long-term debt approximates its estimated fair value as it re-prices at varying interest rates. See Note 10, Borrowings. (5) In the accompanying Condensed Consolidated Balance Sheets. Certain assets, under certain conditions, are measured at fair value on a nonrecurring basis utilizing Level 3 inputs, like those associated with acquired businesses, including goodwill, other intangible assets and other long-lived assets. For these assets, measurement at fair value in periods subsequent to their initial recognition would be applicable if these assets were determined to be impaired. The adjusted carrying values for assets measured at fair value on a nonrecurring basis (no liabilities) subject to the requirements of ASC 820 were not material at June 30, 2015 and December 31, 2014. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 4. Intangible Assets The following table presents the Company’s purchased intangible assets as of June 30, 2015 (in thousands): Gross Intangibles Accumulated Net Intangibles Weighted Average Customer relationships $ 99,268 $ (52,982 ) $ 46,286 8 Trade name 11,600 (4,791 ) 6,809 8 Non-compete agreements 1,201 (1,201 ) — 2 Proprietary software 850 (850 ) — 2 Favorable lease agreement 449 (449 ) — 2 $ 113,368 $ (60,273 ) $ 53,095 8 The following table presents the Company’s purchased intangible assets as of December 31, 2014 (in thousands): Gross Intangibles Accumulated Net Intangibles Weighted Average Customer relationships $ 100,719 $ (47,571 ) $ 53,148 8 Trade name 11,600 (4,128 ) 7,472 8 Non-compete agreements 1,209 (1,209 ) — 2 Proprietary software 850 (850 ) — 2 Favorable lease agreement 449 (449 ) — 2 $ 114,827 $ (54,207 ) $ 60,620 8 The Company’s estimated future amortization expense for the succeeding years relating to the purchased intangible assets resulting from acquisitions completed prior to June 30, 2015, is as follows (in thousands): Years Ending December 31, Amount 2015 (remaining six months) $ 6,836 2016 13,702 2017 13,702 2018 7,509 2019 6,917 2020 4,429 2021 and thereafter — |
Financial Derivatives
Financial Derivatives | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Derivatives | Note 5. Financial Derivatives Cash Flow Hedges Derivatives and Hedging The deferred gains (losses) and related taxes on the Company’s cash flow hedges recorded in “Accumulated other comprehensive income (loss)” (“AOCI”) in the accompanying Condensed Consolidated Balance Sheets are as follows (in thousands): June 30, 2015 December 31, 2014 Deferred gains (losses) in AOCI $ 946 $ (157 ) Tax on deferred gains (losses) in AOCI 11 46 Deferred gains (losses) in AOCI, net of taxes $ 957 $ (111 ) Deferred gains (losses) expected to be reclassified to “Revenues” from AOCI during the next twelve months $ 946 Deferred gains (losses) and other future reclassifications from AOCI will fluctuate with movements in the underlying market price of the forward contracts and options. Net Investment Hedge Non-Designated Hedges The Company had the following outstanding foreign currency forward contracts and options (in thousands): As of June 30, 2015 As of December 31, 2014 Contract Type Notional Settle Through Notional Settle Through Cash flow hedges: (1) Options: Philippine Pesos $ 81,000 June 2016 $ 73,000 December 2015 Forwards: Philippine Pesos 1,000 October 2015 9,000 March 2015 Costa Rican Colones 45,900 March 2016 51,600 October 2015 Hungarian Forints 1,377 December 2015 — — Romanian Leis 5,194 December 2015 10,414 December 2015 Net investment hedges: (2) Forwards: Euros 63,470 March 2016 51,648 March 2016 Non-designated hedges: (3) Forwards 58,243 December 2015 64,541 March 2015 (1) Cash flow hedge as defined under ASC 815. Purpose is to protect against the risk that eventual cash flows resulting from such transactions will be adversely affected by changes in exchange rates. (2) Net investment hedge as defined under ASC 815. Purpose is to protect against the risk that the net assets of certain of our international subsidiaries will be adversely affected by changes in exchange rates and economic exposures related to our foreign currency-based investments in these subsidiaries. (3) Foreign currency hedge contract not designated as a hedge as defined under ASC 815. Purpose is to reduce the effects on the Company’s operating results and cash flows from fluctuations caused by volatility in currency exchange rates, primarily related to intercompany receivables and payables, and cash held in non-functional currencies. Master netting agreements exist with each respective counterparty to reduce credit risk by permitting net settlement of derivative positions. In the event of default by the Company or one of its counterparties, these agreements include a set-off clause that provides the non-defaulting party the right to net settle all derivative transactions, regardless of the currency and settlement date. The maximum amount of loss due to credit risk that, based on gross fair value, the Company would incur if parties to the derivative transactions that make up the concentration failed to perform according to the terms of the contracts was $10.7 million and $5.5 million as of June 30, 2015 and December 31, 2014, respectively. After consideration of these netting arrangements and offsetting positions by counterparty, the total net settlement amount as it relates to these positions are asset positions of $10.4 million and $4.4 million as of June 30, 2015 and December 31, 2014, respectively, and liability positions of $0.2 million and $0.1 million as of June 30, 2015 and December 31, 2014, respectively. Although legally enforceable master netting arrangements exist between the Company and each counterparty, the Company has elected to present the derivative assets and derivative liabilities on a gross basis in the accompanying Condensed Consolidated Balance Sheets. Additionally, the Company is not required to pledge, nor is it entitled to receive, cash collateral related to these derivative transactions. The following tables present the fair value of the Company’s derivative instruments included in the accompanying Condensed Consolidated Balance Sheets (in thousands): Derivative Assets June 30, 2015 December 31, 2014 Fair Value Fair Value Derivatives designated as cash flow hedging instruments under ASC 815: Foreign currency forward and option contracts (1) $ 1,872 $ 974 Derivatives designated as net investment hedging instruments under ASC 815: Foreign currency forward contracts (1) 8,570 — Foreign currency forward contracts (2) — 4,060 10,442 5,034 Derivatives not designated as hedging instruments under ASC 815: Foreign currency forward contracts (1) 262 515 Total derivative assets $ 10,704 $ 5,549 Derivative Liabilities June 30, 2015 December 31, 2014 Fair Value Fair Value Derivatives designated as cash flow hedging instruments under ASC 815: Foreign currency forward and option contracts (3) $ 123 $ 406 Derivatives not designated as hedging instruments under ASC 815: Foreign currency forward contracts (3) 348 855 Total derivative liabilities $ 471 $ 1,261 (1) Included in “Other current assets” in the accompanying Condensed Consolidated Balance Sheets. (2) Included in “Deferred charges and other assets” in the accompanying Condensed Consolidated Balance Sheets. (3) Included in “Other accrued expenses and current liabilities” in the accompanying Condensed Consolidated Balance Sheets. The following tables present the effect of the Company’s derivative instruments included in the accompanying Condensed Consolidated Financial Statements for the three months ended June 30, 2015 and 2014 (in thousands): Gain (Loss) Recognized Gain (Loss) Reclassified Gain (Loss) Recognized in June 30, June 30, June 30, 2015 2014 2015 2014 2015 2014 Derivatives designated as cash flow hedging instruments under ASC 815: Foreign currency forward and option contracts $ 357 $ 2,475 $ 739 $ (1,755 ) $ 1 $ (1 ) Derivatives designated as net investment hedging instruments under ASC 815: Foreign currency forward contracts (1,848 ) 108 — — — — $ (1,491 ) $ 2,583 $ 739 $ (1,755 ) $ 1 $ (1 ) Statement of Gain (Loss) Recognized June 30, 2015 2014 Derivatives not designated as hedging instruments under ASC 815: Foreign currency forward contracts Other income and (expense) $ 67 $ (1,331 ) Foreign currency forward contracts Revenues 4 — $ 71 $ (1,331 ) The following tables present the effect of the Company’s derivative instruments included in the accompanying Condensed Consolidated Financial Statements for the six months ended June 30, 2015 and 2014 (in thousands): Gain (Loss) Recognized Gain (Loss) Reclassified Gain (Loss) Recognized in June 30, June 30, June 30, 2015 2014 2015 2014 2015 2014 Derivatives designated as cash flow hedging instruments under ASC 815: Foreign currency forward and option contracts $ 2,412 $ (2,543 ) $ 1,328 $ (4,129 ) $ 2 $ (4 ) Derivatives designated as net investment hedging instruments under ASC 815: Foreign currency forward contracts 4,510 162 — — — — $ 6,922 $ (2,381 ) $ 1,328 $ (4,129 ) $ 2 $ (4 ) Statement of Gain (Loss) Recognized on Derivatives June 30, 2015 2014 Derivatives not designated as hedging instruments under ASC 815: Foreign currency forward contracts Other income $ (97 ) $ (608 ) Foreign currency forward contracts Revenues 4 — $ (93 ) $ (608 ) |
Investments Held in Rabbi Trust
Investments Held in Rabbi Trust | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments Held in Rabbi Trust | Note 6. Investments Held in Rabbi Trust The Company’s investments held in rabbi trust, classified as trading securities and included in “Other current assets” in the accompanying Condensed Consolidated Balance Sheets, at fair value, consist of the following (in thousands): June 30, 2015 December 31, 2014 Cost Fair Value Cost Fair Value Mutual funds $ 5,853 $ 7,739 $ 5,160 $ 6,952 The mutual funds held in rabbi trust were 80% equity-based and 20% debt-based as of June 30, 2015. Net investment income (losses), included in “Other income (expense)” in the accompanying Condensed Consolidated Statements of Operations consists of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Gross realized gains from sale of trading securities $ 17 $ — $ 20 $ 3 Gross realized (losses) from sale of trading securities — — (1 ) — Dividend and interest income 13 9 18 18 Net unrealized holding gains (losses) (50 ) 204 73 279 Net investment income (losses) $ (20 ) $ 213 $ 110 $ 300 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 7. Property and Equipment In February 2015, customer contact management centers (the “facilities”) located in Perry County, Kentucky, Buchanan County, Virginia and Wise, Virginia experienced damage to the buildings and contents as a result of winter storms. The Company filed an insurance claim with its property insurance company to recover losses of $1.6 million. In April 2015, the insurance company paid $0.5 million to the Company for costs to clean up and repair the facility. The Company received $1.1 million from the insurance company in July 2015 and finalized the claim during the third quarter of 2015. The Company is in the process of completing the repairs to the facilities. |
Deferred Revenue
Deferred Revenue | 6 Months Ended |
Jun. 30, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue | Note 8. Deferred Revenue The components of deferred revenue consist of the following (in thousands): June 30, 2015 December 31, 2014 Future service $ 23,525 $ 25,222 Estimated potential penalties and holdbacks 6,415 9,023 $ 29,940 $ 34,245 |
Deferred Grants
Deferred Grants | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Deferred Grants | Note 9. Deferred Grants The components of deferred grants, net of accumulated amortization, consist of the following (in thousands): June 30, 2015 December 31, 2014 Property grants $ 4,717 $ 5,110 Lease grants 427 — Employment grants 190 207 Total deferred grants 5,334 5,317 Less: Property grants - short-term (1) — — Less: Lease grants - short-term (1) — — Less: Employment grants - short-term (1) (190 ) (207 ) Total long-term deferred grants (2) $ 5,144 $ 5,110 (1) Included in “Other accrued expenses and current liabilities” in the accompanying Condensed Consolidated Balance Sheets. (2) Included in “Deferred grants” in the accompanying Condensed Consolidated Balance Sheets. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 10. Borrowings On May 12, 2015, the Company entered into a $440 million revolving credit facility (the “2015 Credit Agreement”) with a group of lenders and KeyBank National Association, as Lead Arranger, Sole Book Runner, Administrative Agent, Swing Line Lender and Issuing Lender (“KeyBank”). The 2015 Credit Agreement replaced the Company’s previous $245 million revolving credit facility dated May 3, 2012 (the “2012 Credit Agreement”), as amended, which agreement was terminated simultaneous with entering into the 2015 Credit Agreement. The 2015 Credit Agreement is subject to certain borrowing limitations and includes certain customary financial and restrictive covenants. The 2015 Credit Agreement includes a $200 million alternate-currency sub-facility, a $10 million swingline sub-facility and a $35 million letter of credit sub-facility, and may be used for general corporate purposes including acquisitions, share repurchases, working capital support and letters of credit, subject to certain limitations. The Company is not currently aware of any inability of its lenders to provide access to the full commitment of funds that exist under the revolving credit facility, if necessary. However, there can be no assurance that such facility will be available to the Company, even though it is a binding commitment of the financial institutions. Borrowings consist of the following (in thousands): June 30, 2015 December 31, 2014 Revolving credit facility $ 65,000 $ 75,000 Less: Current portion — — Total long-term debt $ 65,000 $ 75,000 The 2015 Credit Agreement matures on May 12, 2020 and has no varying installments due. Borrowings under the 2015 Credit Agreement will bear interest at either LIBOR or the base rate plus, in each case, an applicable margin based on the Company’s leverage ratio. The applicable interest rate will be determined quarterly based on the Company’s leverage ratio at such time. The base rate is a rate per annum equal to the greatest of (i) the rate of interest established by KeyBank, from time to time, as its “prime rate”; (ii) the Federal Funds effective rate in effect from time to time, plus 1/2 of 1% per annum; and (iii) the then-applicable LIBOR rate for one month interest periods, plus 1.00%. Swingline loans will bear interest only at the base rate plus the base rate margin. In addition, the Company is required to pay certain customary fees, including a commitment fee of 0.125%, which is due quarterly in arrears and calculated on the average unused amount of the 2015 Credit Agreement. The 2015 Credit Agreement is guaranteed by all of the Company’s existing and future direct and indirect material U.S. subsidiaries and secured by a pledge of 100% of the non-voting and 65% of the voting capital stock of all the direct foreign subsidiaries of the Company and those of the guarantors. In May 2015, the Company paid an underwriting fee of $0.9 million for the 2015 Credit Agreement, which was deferred and will be amortized over the term of the loan. The Company then expensed $0.1 million of the deferred loan fees related to the 2012 Credit Agreement and the remaining $0.4 million will be amortized over the term of the 2015 Credit Agreement. The following table presents information related to our credit agreements (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Average daily utilization $ 70,198 $ 90,242 $ 72,249 $ 93,271 Interest expense, including commitment fee (1) $ 320 $ 368 $ 638 $ 749 Weighted average interest rate 1.8 % 1.6 % 1.8 % 1.6 % (1) Excludes the amortization of deferred loan fees. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 11. Accumulated Other Comprehensive Income (Loss) The Company presents data in the Condensed Consolidated Statements of Changes in Shareholders’ Equity in accordance with ASC 220 “ Comprehensive Income Foreign Unrealized Unrealized Unrealized (Loss) on Unrealized Total Balance at January 1, 2014 $ 12,751 $ (3,683 ) $ 1,150 $ (2,535 ) $ 314 $ 7,997 Pre-tax amount (34,947 ) 6,344 (50 ) (2,790 ) 77 (31,366 ) Tax (provision) benefit — (2,385 ) 57 (17 ) — (2,345 ) Reclassification of (gain) loss to net income — — (35 ) 5,237 (49 ) 5,153 Foreign currency translation 120 — (114 ) (6 ) — — Balance at December 31, 2014 (22,076 ) 276 1,008 (111 ) 342 (20,561 ) Pre-tax amount (20,055 ) 4,510 — 2,414 72 (13,059 ) Tax (provision) benefit — (1,742 ) — (23 ) — (1,765 ) Reclassification of (gain) loss to net income — — (21 ) (1,341 ) (28 ) (1,390 ) Foreign currency translation (11 ) — (7 ) 18 — — Balance at June 30, 2015 $ (42,142 ) $ 3,044 $ 980 $ 957 $ 386 $ (36,775 ) The following table summarizes the amounts reclassified to net income from accumulated other comprehensive income (loss) and the associated line item in the accompanying Condensed Consolidated Statements of Operations (in thousands): Three Months Ended Six Months Ended Statements of Operations Location 2015 2014 2015 2014 Actuarial Gain (Loss) Related to Pension Liability: (1) Pre-tax amount $ 10 $ 13 $ 21 $ 25 Direct salaries and related costs Tax (provision) benefit — — — — Income taxes Reclassification to net income 10 13 21 25 Gain (Loss) on Cash Flow Hedging Instruments: (2) Pre-tax amount 740 (1,756 ) 1,330 (4,133 ) Revenues Tax (provision) benefit 5 17 11 113 Income taxes Reclassification to net income 745 (1,739 ) 1,341 (4,020 ) Gain (Loss) on Post Retirement Obligation: (1) Pre-tax amount 14 12 28 23 General and administrative Tax (provision) benefit — — — — Income taxes Reclassification to net income 14 12 28 23 Total reclassification of gain (loss) to net income $ 769 $ (1,714 ) $ 1,390 $ (3,972 ) (1) See Note 15, Defined Benefit Pension Plan and Postretirement Benefits, for further information. (2) See Note 5, Financial Derivatives, for further information. Except as discussed in Note 12, Income Taxes, earnings associated with the Company’s investments in its foreign subsidiaries are considered to be indefinitely reinvested and no provision for income taxes on those earnings or translation adjustments have been provided. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12. Income Taxes The Company’s effective tax rate was 26.6% and 14.2% for the three months ended June 30, 2015 and 2014, respectively. The increase in the effective tax rate is predominately due to a shift in earnings to higher tax rate jurisdictions as well as several factors that are not individually material. The difference between the Company’s effective tax rate of 26.6% as compared to the U.S. statutory federal income tax rate of 35.0% was primarily due to the recognition of tax benefits resulting from foreign tax rate differentials, income earned in certain tax holiday jurisdictions, changes in uncertain tax positions, adjustments of valuation allowances and tax credits, partially offset by the tax impact of permanent differences and foreign withholding taxes. The Company’s effective tax rate was 26.8% and 24.1% for the six months ended June 30, 2015 and 2014, respectively. The increase in the effective tax rate is due to several factors, including fluctuations in earnings among the various jurisdictions in which the Company operates, none of which are individually material. The difference between the Company’s effective tax rate of 26.8% as compared to the U.S. statutory federal income tax rate of 35.0% was primarily due to the recognition of tax benefits resulting from foreign tax rate differentials, income earned in certain tax holiday jurisdictions, changes in uncertain tax positions, adjustments of valuation allowances and tax credits, partially offset by the tax impact of permanent differences and foreign withholding taxes. The Company has accrued $12.0 million and $13.3 million as of June 30, 2015 and December 31, 2014, respectively, excluding penalties and interest, for the liability for unrecognized tax benefits. As of December 31, 2014, $2.7 million of unrecognized tax benefits was recorded to “Deferred charges and other assets” in the accompanying Condensed Consolidated Balance Sheet in accordance with ASU 2013-11 “ Income Taxes (Topic 740) – Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” Earnings associated with the investments in the Company’s foreign subsidiaries are considered to be indefinitely reinvested outside of the U.S. Therefore, a U.S. provision for income taxes on those earnings or translation adjustments has not been recorded, as permitted by criterion outlined in ASC 740 “ Income Taxes. The Company is currently under audit in several tax jurisdictions. The Company received assessments for the Canadian 2003-2009 audit. Requests for Competent Authority Assistance were filed with both the Canadian Revenue Agency and the U.S. Internal Revenue Service and the Company paid mandatory security deposits to Canada as part of this process. The total amount of deposits, net of fluctuations in the foreign exchange rate, are $14.9 million and $15.9 million as of June 30, 2015 and December 31, 2014, respectively, and are included in “Deferred charges and other assets” in the accompanying Condensed Consolidated Balance Sheets. Although the outcome of examinations by taxing authorities is always uncertain, the Company believes it is adequately reserved for these audits and resolution is not expected to have a material impact on its financial condition and results of operations. The significant tax jurisdictions currently under audit are as follows: Tax Jurisdiction Tax Year Ended Canada 2003 to 2009 The Philippines 2010 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 13. Earnings Per Share Basic earnings per share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per share includes the weighted average number of common shares outstanding during the respective periods and the further dilutive effect, if any, from stock appreciation rights, restricted stock, restricted stock units and shares held in a rabbi trust using the treasury stock method. The numbers of shares used in the earnings per share computation are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Basic: Weighted average common shares outstanding 42,008 42,711 42,095 42,726 Diluted: Dilutive effect of stock appreciation rights, restricted stock, restricted stock units and shares held in a rabbi trust 208 99 233 119 Total weighted average diluted shares outstanding 42,216 42,810 42,328 42,845 Anti-dilutive shares excluded from the diluted earnings per share calculation 27 49 24 70 On August 18, 2011, the Company’s Board of Directors (the “Board”) authorized the Company to purchase up to 5.0 million shares of its outstanding common stock (the “2011 Share Repurchase Program”). A total of 4.5 million shares have been repurchased under the 2011 Share Repurchase Program since inception. The shares are purchased, from time to time, through open market purchases or in negotiated private transactions, and the purchases are based on factors, including but not limited to, the stock price, management discretion and general market conditions. The 2011 Share Repurchase Program has no expiration date. The shares repurchased under the Company’s share repurchase programs were as follows (in thousands, except per share amounts): Total Number of Shares Repurchased Range of Prices Paid Per Share Total Cost of Shares Repurchased Low High Three Months Ended: June 30, 2015 279 $ 24.14 $ 24.79 $ 6,833 June 30, 2014 — $ — $ — $ — Six Months Ended: June 30, 2015 500 $ 22.81 $ 24.79 $ 11,969 June 30, 2014 130 $ 19.92 $ 19.98 $ 2,605 |
Commitments and Loss Contingenc
Commitments and Loss Contingency | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Loss Contingency | Note 14. Commitments and Loss Contingency Commitments During the six months ended June 30, 2015, the Company entered into several leases in the ordinary course of business. The following is a schedule of future minimum rental payments required under operating leases that have noncancelable lease terms as of June 30, 2015 (in thousands): Amount 2015 (remaining six months) $ 2,153 2016 9,527 2017 9,320 2018 9,271 2019 9,530 2020 8,677 2021 and thereafter 18,932 Total minimum payments required $ 67,410 During the six months ended June 30, 2015, the Company entered into agreements with third-party vendors in the ordinary course of business whereby the Company committed to purchase goods and services used in its normal operations. These agreements, which are not cancelable, generally range from one to five year periods and contain fixed or minimum annual commitments. Certain of these agreements allow for renegotiation of the minimum annual commitments based on certain conditions. The following is a schedule of the future minimum purchases remaining under the agreements as of June 30, 2015 (in thousands): Amount 2015 (remaining six months) $ 2,681 2016 787 2017 633 2018 — 2019 — 2020 — 2021 and thereafter — Total minimum payments required $ 4,101 Except as outlined above, there have not been any material changes to the outstanding contractual obligations from the disclosure in our Annual Report on Form 10-K for the year ended December 31, 2014. Loss Contingency The Company from time to time is involved in legal actions arising in the ordinary course of business. With respect to these matters, management believes that the Company has adequate legal defenses and/or when possible and appropriate, provided adequate accruals related to those matters such that the ultimate outcome will not have a material adverse effect on the Company’s financial position or results of operations. |
Defined Benefit Pension Plan an
Defined Benefit Pension Plan and Postretirement Benefits | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Defined Benefit Pension Plan and Postretirement Benefits | Note 15. Defined Benefit Pension Plan and Postretirement Benefits Defined Benefit Pension Plans The following table provides information about the net periodic benefit cost for the Company’s pension plans (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Service cost $ 113 $ 101 $ 228 $ 201 Interest cost 35 31 71 61 Recognized actuarial (gains) (10 ) (13 ) (21 ) (25 ) Net periodic benefit cost $ 138 $ 119 $ 278 $ 237 Employee Retirement Savings Plans The Company maintains a 401(k) plan covering defined employees who meet established eligibility requirements. Under the plan provisions, the Company matches 50% of participant contributions to a maximum matching amount of 2% of participant compensation. The Company’s contributions included in the accompanying Condensed Consolidated Statements of Operations were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 401(k) plan contributions $ 188 $ 221 $ 471 $ 480 Split-Dollar Life Insurance Arrangement In 1996, the Company entered into a split-dollar life insurance arrangement to benefit the former Chairman and Chief Executive Officer of the Company. Under the terms of the arrangement, the Company retained a collateral interest in the policy to the extent of the premiums paid by the Company. The postretirement benefit obligation included in “Other long-term liabilities” and the unrealized gains (losses) included in “Accumulated other comprehensive income” in the accompanying Condensed Consolidated Balance Sheets were as follows (in thousands): June 30, 2015 December 31, 2014 Postretirement benefit obligation $ 25 $ 46 Unrealized gains (losses) in AOCI (1) $ 386 $ 342 (1) Unrealized gains (losses) are impacted by changes in discount rates related to the postretirement obligation. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Note 16. Stock-Based Compensation The Company’s stock-based compensation plans include the 2011 Equity Incentive Plan, the Non-Employee Director Fee Plan and the Deferred Compensation Plan. The following table summarizes the stock-based compensation expense (primarily in the Americas), income tax benefits related to the stock-based compensation and excess tax benefits (deficiencies) (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stock-based compensation (expense) (1) $ (1,288 ) $ (937 ) $ (3,284 ) $ (1,691 ) Income tax benefit (2) 486 328 1,215 592 Excess tax benefit (deficiency) from stock-based compensation (3) — (84 ) 169 (30 ) (1) Included in “General and administrative” costs in the accompanying Condensed Consolidated Statements of Operations. (2) Included in “Income taxes” in the accompanying Condensed Consolidated Statements of Operations. (3) Included in “Additional paid-in capital” in the accompanying Condensed Consolidated Statements of Changes in Shareholders’ Equity. There were no capitalized stock-based compensation costs as of June 30, 2015 and December 31, 2014. 2011 Equity Incentive Plan — Stock Appreciation Rights The following table summarizes the assumptions used to estimate the fair value of SARs granted: Six Months Ended June 30, 2015 2014 Expected volatility 34.1 % 38.9 % Weighted-average volatility 34.1 % 38.9 % Expected dividend rate 0.0 % 0.0 % Expected term (in years) 5.0 5.0 Risk-free rate 1.6 % 1.7 % The following table summarizes SARs activity as of June 30, 2015 and for the six months then ended: Stock Appreciation Rights Shares (000s) Weighted Weighted Aggregate Outstanding at January 1, 2015 959 $ — Granted 217 $ — Exercised (81 ) $ — Forfeited or expired — $ — Outstanding at June 30, 2015 1,095 $ — 7.1 $ 5,158 Vested or expected to vest at June 30, 2015 1,095 $ — 7.1 $ 5,158 Exercisable at June 30, 2015 670 $ — 5.8 $ 3,895 The following table summarizes information regarding SARs granted and exercised (in thousands, except per SAR amounts): Six Months Ended June 30, 2015 2014 Number of SARs granted 217 246 Weighted average grant-date fair value per SAR $ 8.17 $ 7.20 Intrinsic value of SARs exercised $ 734 $ 333 Fair value of SARs vested $ 1,302 $ 1,553 The following table summarizes nonvested SARs activity as of June 30, 2015 and for the six months then ended: Nonvested Stock Appreciation Rights Shares (000s) Weighted Nonvested at January 1, 2015 411 $ 6.61 Granted 217 $ 8.17 Vested (203 ) $ 6.41 Forfeited or expired — $ — Nonvested at June 30, 2015 425 $ 7.50 As of June 30, 2015, there was $2.8 million of total unrecognized compensation cost, net of estimated forfeitures, related to nonvested SARs granted under the 2011 Plan. This cost is expected to be recognized over a weighted average period of 1.5 years. Restricted Shares – Changes in the probability of achieving the performance goals from period to period will result in corresponding changes in compensation expense. The employment-based restricted shares currently outstanding vest one-third on each of the first three anniversaries of the date of grant, provided the participant is employed by the Company on such date. The following table summarizes nonvested restricted shares/RSUs activity as of June 30, 2015 and for the six months then ended: Nonvested Restricted Shares and RSUs Shares (000s) Weighted Nonvested at January 1, 2015 1,194 $ 16.80 Granted 441 $ 25.06 Vested (125 ) $ 16.10 Forfeited or expired (264 ) $ 15.71 Nonvested at June 30, 2015 1,246 $ 20.03 The following table summarizes information regarding restricted shares/RSUs granted and vested (in thousands, except per restricted share/RSU amounts): Six Months Ended June 30, 2015 2014 Number of restricted shares/RSUs granted 441 500 Weighted average grant-date fair value per restricted share/RSU $ 25.06 $ 19.77 Fair value of restricted shares/RSUs vested $ 2,019 $ 895 As of June 30, 2015, based on the probability of achieving the performance goals, there was $18.8 million of total unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted shares/RSUs granted under the 2011 Plan. This cost is expected to be recognized over a weighted average period of 2.0 years. Non-Employee Director Fee Plan — The 2004 Fee Plan also provided that each non-employee director would receive, on the day after the annual shareholders meeting, an annual retainer for service as a non-employee director (the “Annual Retainer”). Prior to May 17, 2012, the Annual Retainer was $95,000, of which $50,000 was payable in cash, and the remainder was paid in stock. The annual grant of cash vested in four equal quarterly installments, one-fourth on the day following the annual meeting of shareholders, and an additional one-fourth on each successive third monthly anniversary of the date of grant. The annual grant of shares paid to non-employee directors prior to May 17, 2012 vests in eight equal quarterly installments, one-eighth on the day following the annual meeting of shareholders, and an additional one-eighth on each successive third monthly anniversary of the date of grant. On May 17, 2012, upon the recommendation of the Compensation Committee, the Board adopted the Fifth Amended and Restated Non-Employee Director Fee Plan (the “Amendment”), which increased the common stock component of the Annual Retainer by $30,000, resulting in a total Annual Retainer of $125,000, of which $50,000 was payable in cash and the remainder paid in stock. In addition, the Amendment also changed the vesting period for the annual equity award, from a two-year vesting period, to a one-year vesting period (consisting of four equal quarterly installments, one-fourth on the date of grant and an additional one-fourth on each successive third monthly anniversary of the date of grant). The award lapses with respect to all unpaid cash and unvested shares in the event the non-employee director ceases to be a director of the Company, and any unvested shares and unpaid cash are forfeited. In addition to the Annual Retainer award, the 2004 Fee Plan also provided for any non-employee Chairman of the Board to receive an additional annual cash award of $100,000, and each non-employee director serving on a committee of the Board to receive an additional annual cash award. The additional annual cash award for the Chairperson of the Audit Committee is $20,000 and Audit Committee members’ are entitled to an annual cash award of $10,000. Prior to May 20, 2011, the annual cash awards for the Chairpersons of the Compensation Committee, Finance Committee and Nominating and Corporate Governance Committee were $12,500 and the members of such committees were entitled to an annual cash award of $7,500. On May 20, 2011, the Board increased the additional annual cash award to the Chairperson of the Compensation Committee to $15,000. All other additional cash awards remained unchanged. The 2004 Fee Plan expired in May 2014, prior to the 2014 Annual Shareholder Meeting. In March 2014, upon the recommendation of the Compensation Committee, the Board determined that, following the expiration of the 2004 Fee Plan, the compensation of non-employee Directors should continue on the same terms as provided in the Fifth Amended and Restated Non-Employee Director Fee Plan, and that the stock portion of such compensation would be issued under the 2011 Plan. At the Board’s regularly scheduled meeting on December 9, 2014, upon the recommendation of the Compensation Committee, the Board determined that the amount of the cash and equity compensation payable to non-employee directors beginning on the date of the 2015 annual shareholder meeting would be increased as follows: cash compensation would be increased by $5,000 per year to a total of $55,000 and equity compensation would be increased by $25,000 per year to a total of $100,000. No change would be made in the additional amounts payable to the Chairman of the Board or the Chairs or members of the various Board committees for their service on such committees, and no changes would be made in the payment terms described above for such cash and equity compensation. The Board may pay additional cash compensation to any non-employee director for services on behalf of the Board over and above those typically expected of directors, including but not limited to service on a special committee of the Board. The following table summarizes nonvested common stock share award activity as of June 30, 2015 and for the six months then ended: Nonvested Common Stock Share Awards Shares (000s) Weighted Nonvested at January 1, 2015 12 $ 20.24 Granted 32 $ 24.70 Vested (16 ) $ 22.36 Forfeited or expired — $ — Nonvested at June 30, 2015 28 $ 24.19 The following table summarizes information regarding common stock share awards granted and vested (in thousands, except per share award amounts): Six Months Ended June 30, 2015 2014 Number of share awards granted 32 36 Weighted average grant-date fair value per share award $ 24.70 $ 20.15 Fair value of share awards vested $ 370 $ 310 As of June 30, 2015, there was $0.6 million of total unrecognized compensation cost, net of estimated forfeitures, related to nonvested common stock share awards granted under the Fee Plan. This cost is expected to be recognized over a weighted average period of 0.5 years. Deferred Compensation Plan — Additionally, the Company’s common stock match associated with the Deferred Compensation Plan, with a carrying value of approximately $1.6 million and $1.5 million at June 30, 2015 and December 31, 2014, respectively, is included in “Treasury stock” in the accompanying Condensed Consolidated Balance Sheets. The following table summarizes nonvested common stock activity as of June 30, 2015 and for the six months then ended: Nonvested Common Stock Shares (000s) Weighted Nonvested at January 1, 2015 5 $ 17.88 Granted 6 $ 24.69 Vested (7 ) $ 23.56 Forfeited or expired — $ — Nonvested at June 30, 2015 4 $ 18.81 The following table summarizes information regarding shares of common stock granted and vested (in thousands, except per common stock amounts): Six Months Ended June 30, 2015 2014 Number of shares of common stock granted 6 8 Weighted average grant-date fair value per common stock $ 24.69 $ 20.43 Fair value of common stock vested $ 169 $ 146 Cash used to settle the obligation $ 65 $ 21 As of June 30, 2015, there was less than $0.1 million of total unrecognized compensation cost, net of estimated forfeitures, related to nonvested common stock granted under the Deferred Compensation Plan. This cost is expected to be recognized over a weighted average period of 2.1 years. |
Segments and Geographic Informa
Segments and Geographic Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segments and Geographic Information | Note 17. Segments and Geographic Information The Company operates within two regions, the Americas and EMEA. Each region represents a reportable segment comprised of aggregated regional operating segments, which portray similar economic characteristics. The Company aligns its business into two segments to effectively manage the business and support the customer care needs of every client and to respond to the demands of the Company’s global customers. The reportable segments consist of (1) the Americas, which includes the United States, Canada, Latin America, Australia and the Asia Pacific Rim, and provides outsourced customer contact management solutions (with an emphasis on technical support and customer service) and technical staffing and (2) EMEA, which includes Europe, the Middle East and Africa, and provides outsourced customer contact management solutions (with an emphasis on technical support and customer service) and fulfillment services. The sites within Latin America, Australia and the Asia Pacific Rim are included in the Americas segment given the nature of the business and client profile, which is primarily made up of U.S.-based companies that are using the Company’s services in these locations to support their customer contact management needs. Information about the Company’s reportable segments is as follows (in thousands): Americas EMEA Other (1) Consolidated Three Months Ended June 30, 2015: Revenues $ 249,682 $ 57,752 $ 19 $ 307,453 Percentage of revenues 81.2 % 18.8 % 0.0 % 100.0 % Depreciation, net $ 9,605 $ 1,084 $ 318 $ 11,007 Amortization of intangibles $ 3,435 $ — $ — $ 3,435 Income (loss) from operations $ 28,669 $ 2,969 $ (13,421 ) $ 18,217 Other (expense), net (626 ) (626 ) Income taxes (4,679 ) (4,679 ) Net income $ 12,912 Total assets as of June 30, 2015 $ 1,067,801 $ 1,394,836 $ (1,534,068 ) $ 928,569 Three Months Ended June 30, 2014: Revenues $ 256,663 $ 63,835 $ — $ 320,498 Percentage of revenues 80.1 % 19.9 % 0.0 % 100.0 % Depreciation, net $ 10,107 $ 1,215 $ — $ 11,322 Amortization of intangibles $ 3,659 $ — $ — $ 3,659 Income (loss) from operations $ 21,135 $ 1,561 $ (12,269 ) $ 10,427 Other (expense), net (714 ) (714 ) Income taxes (1,376 ) (1,376 ) Net income $ 8,337 Total assets as of June 30, 2014 $ 1,093,003 $ 1,444,643 $ (1,591,697 ) $ 945,949 Americas EMEA Other (1) Consolidated Six Months Ended June 30, 2015: Revenues $ 513,855 $ 117,247 $ 36 $ 631,138 Percentage of revenues 81.4 % 18.6 % 0.0 % 100.0 % Depreciation, net $ 19,185 $ 2,227 $ 654 $ 22,066 Amortization of intangibles $ 6,866 $ — $ — $ 6,866 Income (loss) from operations $ 61,210 $ 6,757 $ (27,209 ) $ 40,758 Other (expense), net (1,728 ) (1,728 ) Income taxes (10,479 ) (10,479 ) Net income $ 28,551 Six Months Ended June 30, 2014: Revenues $ 517,909 $ 127,018 $ — $ 644,927 Percentage of revenues 80.3 % 19.7 % 0.0 % 100.0 % Depreciation, net $ 20,248 $ 2,372 $ — $ 22,620 Amortization of intangibles $ 7,310 $ — $ — $ 7,310 Income (loss) from operations $ 43,782 $ 4,445 $ (23,322 ) $ 24,905 Other (expense), net (319 ) (319 ) Income taxes (5,936 ) (5,936 ) Net income $ 18,650 (1) Other items (including corporate and other costs, impairment costs, other income and expense, and income taxes) are shown for purposes of reconciling to the Company’s consolidated totals as shown in the tables above for the three and six months ended June 30, 2015 and 2014. Inter-segment revenues are not material to the Americas and EMEA segment results. The Company evaluates the performance of its geographic segments based on revenues and income (loss) from operations, and does not include segment assets or other income and expense items for management reporting purposes. |
Other Income (Expense)
Other Income (Expense) | 6 Months Ended |
Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense) | Note 18. Other Income (Expense) Other income (expense) consists of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Foreign currency transaction gains (losses) $ (90 ) $ 759 $ (1,025 ) $ 631 Gains (losses) on foreign currency derivative instruments not designated as hedges 67 (1,331 ) (97 ) (608 ) Other miscellaneous income (expense) (144 ) 173 126 241 $ (167 ) $ (399 ) $ (996 ) $ 264 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 19. Related Party Transactions In January 2008, the Company entered into a lease for a customer contact management center located in Kingstree, South Carolina. The landlord, Kingstree Office One, LLC, is an entity controlled by John H. Sykes, the founder, former Chairman and Chief Executive Officer of the Company and the father of Charles Sykes, President and Chief Executive Officer of the Company. The lease payments on the 20-year lease were negotiated at or below market rates, and the lease is cancellable at the option of the Company. There are significant penalties for early cancellation which decrease over time. The Company paid $0.1 million to the landlord during both the three months ended June 30, 2015 and 2014 and $0.2 million during both the six months ended June 30, 2015 and 2014 under the terms of the lease. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 20. Subsequent Event On July 2, 2015, the Company’s wholly-owned subsidiaries, Sykes Enterprises Incorporated B.V. and Sykes Enterprises Incorporated Holdings B.V., both Netherlands companies, entered into a definitive Share Sale and Purchase Agreement (the “Purchase Agreement”) with MobileTimes B.V., Yarra B.V., From The Mountain Consultancy B.V. and Sticting Administratiekantoor Qelp (the “Sellers”), all of which are Netherlands companies, to acquire all of the outstanding shares of Qelp B.V. and Qelp Do Brasil Software E Conteudo Digital LTDA (together, known as “Qelp”.) The strategic acquisition of Qelp is to further broaden and strengthen the Company’s service portfolio around digital customer support and extend its reach into adjacent, but complementary, markets. The consideration consists of an initial purchase price and a contingent purchase price. The initial purchase price of $9.9 million, paid at the closing of the transaction on July 2, 2015, is subject to certain post-closing adjustments relating to Qelp’s working capital. Approximately $0.9 million of the initial purchase price has been placed in an escrow account as security for the indemnification obligations of the Sellers under the Purchase Agreement. The contingent purchase price, which in total will not exceed EUR 10.0 million (U.S. Dollar equivalent of $11.1 million as of July 2, 2015), is based on achieving targets tied to revenues and EBITDA for the years ended December 31, 2016, 2017 and 2018, as defined by the Purchase Agreement. The initial purchase price was funded through cash on hand. The Purchase Agreement contains customary representations and warranties, indemnification obligations and covenants. The Purchase Agreement was approved by the Board of Directors of the Company, the Board of Directors of Qelp and the requisite shareholders of Qelp. |
Overview and Basis of Present28
Overview and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business — |
Basis of Presentation | Basis of Presentation — |
Principles of Consolidation | Principles of Consolidation — |
Use of Estimates | Use of Estimates — |
Subsequent Events | Subsequent Events — |
New Accounting Standards Not Yet Adopted | New Accounting Standards Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 “ Revenue from Contracts with Customers (Topic 606)” In June 2014, the FASB issued ASU 2014-12 “ Compensation – Stock Compensation (Topic 718) Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” Compensation — Stock Compensation In January 2015, the FASB issued ASU 2015-01 “ Income Statement – Extraordinary and Unusual Items (Subtopic 225-20) Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items” In February 2015, the FASB issued ASU 2015-02 “ Consolidation (Topic 810) Amendments to the Consolidation Analysis ” In April 2015, the FASB issued ASU 2015-03 “ Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs” In April 2015, the FASB issued ASU 2015-05 “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” |
New Accounting Standards Recently Adopted | New Accounting Standards Recently Adopted In April 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-08 “ Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) – Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” |
Fair Value Measurements | ASC 820 “ Fair Value Measurements and Disclosures • Level 1 — • Level 2 — • Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Fair Value of Financial Instruments — • Cash, Short-Term and Other Investments, Investments Held in Rabbi Trust and Accounts Payable — • Foreign Currency Forward Contracts and Options — • Long-Term Debt — Fair Value Measurements |
Financial Instruments | ASC 825 “ Financial Instruments” |
Foreign Currency and Derivative Instruments | Cash Flow Hedges Derivatives and Hedging |
Income Taxes | Earnings associated with the investments in the Company’s foreign subsidiaries are considered to be indefinitely reinvested outside of the U.S. Therefore, a U.S. provision for income taxes on those earnings or translation adjustments has not been recorded, as permitted by criterion outlined in ASC 740 “ Income Taxes. |
Earnings Per Share | Basic earnings per share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per share includes the weighted average number of common shares outstanding during the respective periods and the further dilutive effect, if any, from stock appreciation rights, restricted stock, restricted stock units and shares held in a rabbi trust using the treasury stock method. |
Segments and Geographic Information | The Company operates within two regions, the Americas and EMEA. Each region represents a reportable segment comprised of aggregated regional operating segments, which portray similar economic characteristics. The Company aligns its business into two segments to effectively manage the business and support the customer care needs of every client and to respond to the demands of the Company’s global customers. |
Costs Associated with Exit or29
Costs Associated with Exit or Disposal Activities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Cumulative Costs Expected and Incurred as a Result of Exit Plans | The cumulative costs expected and incurred as a result of the Exit Plans were as follows as of June 30, 2015 (in thousands): Americas EMEA EMEA Americas Total Lease obligations and facility exit costs $ 1,365 $ 19 $ 1,914 $ 6,729 $ 10,027 Severance and related costs — 5,857 185 — 6,042 Legal-related costs — 110 — — 110 Non-cash impairment charges 480 474 159 3,847 4,960 Total $ 1,845 $ 6,460 $ 2,258 $ 10,576 $ 21,139 |
Summary of Accrued Liability Associated with Exit Plans' Exit or Disposal Activities and Related Charges | The following table summarizes the accrued liability associated with the Exit Plans’ exit or disposal activities and related charges for the three and six months ended June 30, 2015 and 2014 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Beginning accrual $ 1,346 $ 2,731 $ 1,558 $ 2,974 Lease obligations and facility exit costs (1) — (185 ) — (185 ) Severance and related costs — — — — Legal-related costs — — — — Cash payments (2) (196 ) (428 ) (408 ) (673 ) Other non-cash changes (3) — (7 ) — (5 ) Ending accrual $ 1,150 $ 2,111 $ 1,150 $ 2,111 (1) During 2014, the Company reversed accruals related to the final settlement of lease obligations and facility exit costs for one of the Ireland sites, included in the EMEA segment, which reduced “General and administrative” costs in the accompanying Condensed Consolidated Statements of Operations. (2) Related to lease obligations and facility exit costs. (3) Effect of foreign currency translation. |
Summary of Accrued Liability Associated with the Company's Exit Plans | The following table summarizes the Company’s short-term and long-term accrued liabilities associated with its exit and disposal activities, by plan, as of June 30, 2015 and December 31, 2014 (in thousands): Americas Americas Total June 30, 2015 Short-term accrued restructuring liability (1) $ 140 $ 487 $ 627 Long-term accrued restructuring liability (2) 115 408 523 Ending accrual at June 30, 2015 $ 255 $ 895 $ 1,150 December 31, 2014 Short-term accrued restructuring liability (1) $ 109 $ 521 $ 630 Long-term accrued restructuring liability (2) 203 725 928 Ending accrual at December 31, 2014 $ 312 $ 1,246 $ 1,558 (1) Included in “Other accrued expenses and current liabilities” in the accompanying Condensed Consolidated Balance Sheets. (2) Included in “Other long-term liabilities” in the accompanying Condensed Consolidated Balance Sheets. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The Company’s assets and liabilities measured at fair value on a recurring basis subject to the requirements of ASC 820 consist of the following (in thousands): Fair Value Measurements at June 30, 2015 Using: Balance at Quoted Prices Significant Significant Level (1) Level (2) Level (3) Assets: Foreign currency forward and option contracts included in “Other current assets” (1) $ 10,704 $ — $ 10,704 $ — Equity investments held in a rabbi trust for the Deferred Compensation Plan (2) 6,184 6,184 — — Debt investments held in a rabbi trust for the Deferred Compensation Plan (2) 1,555 1,555 — — Guaranteed investment certificates (3) 86 — 86 — $ 18,529 $ 7,739 $ 10,790 $ — Liabilities: Long-term debt (4) $ 65,000 $ — $ 65,000 $ — Foreign currency forward and option contracts included in “Other accrued expenses and current liabilities” (1) 471 — 471 — $ 65,471 $ — $ 65,471 $ — Fair Value Measurements at December 31, 2014 Using: Balance at Quoted Prices Significant Significant Level (1) Level (2) Level (3) Assets: Money market funds and open-end mutual funds included in “Cash and cash equivalents” (5) $ 100,915 $ 100,915 $ — $ — Money market funds and open-end mutual funds included in “Deferred charges and other assets” (5) 10 10 — — Foreign currency forward and option contracts included in “Other current assets” (1) 1,489 — 1,489 — Foreign currency forward contracts included in “Deferred charges and other assets” (1) 4,060 — 4,060 — Equity investments held in a rabbi trust for the Deferred Compensation Plan (2) 5,589 5,589 — — Debt investments held in a rabbi trust for the Deferred Compensation Plan (2) 1,363 1,363 — — Guaranteed investment certificates (3) 79 — 79 — $ 113,505 $ 107,877 $ 5,628 $ — Liabilities: Long-term debt (4) $ 75,000 $ — $ 75,000 $ — Foreign currency forward and option contracts included in “Other accrued expenses and current liabilities” (1) 1,261 — 1,261 — $ 76,261 $ — $ 76,261 $ — (1) In the accompanying Condensed Consolidated Balance Sheets. See Note 5, Financial Derivatives. (2) Included in “Other current assets” in the accompanying Condensed Consolidated Balance Sheets. See Note 6, Investments Held in Rabbi Trust. (3) Included in “Deferred charges and other assets” in the accompanying Condensed Consolidated Balance Sheets. (4) The carrying value of long-term debt approximates its estimated fair value as it re-prices at varying interest rates. See Note 10, Borrowings. (5) In the accompanying Condensed Consolidated Balance Sheets. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Company's Purchased Intangible Assets | The following table presents the Company’s purchased intangible assets as of June 30, 2015 (in thousands): Gross Intangibles Accumulated Net Intangibles Weighted Average Customer relationships $ 99,268 $ (52,982 ) $ 46,286 8 Trade name 11,600 (4,791 ) 6,809 8 Non-compete agreements 1,201 (1,201 ) — 2 Proprietary software 850 (850 ) — 2 Favorable lease agreement 449 (449 ) — 2 $ 113,368 $ (60,273 ) $ 53,095 8 The following table presents the Company’s purchased intangible assets as of December 31, 2014 (in thousands): Gross Intangibles Accumulated Net Intangibles Weighted Average Customer relationships $ 100,719 $ (47,571 ) $ 53,148 8 Trade name 11,600 (4,128 ) 7,472 8 Non-compete agreements 1,209 (1,209 ) — 2 Proprietary software 850 (850 ) — 2 Favorable lease agreement 449 (449 ) — 2 $ 114,827 $ (54,207 ) $ 60,620 8 |
Estimated Future Amortization Expense | The Company’s estimated future amortization expense for the succeeding years relating to the purchased intangible assets resulting from acquisitions completed prior to June 30, 2015, is as follows (in thousands): Years Ending December 31, Amount 2015 (remaining six months) $ 6,836 2016 13,702 2017 13,702 2018 7,509 2019 6,917 2020 4,429 2021 and thereafter — |
Financial Derivatives (Tables)
Financial Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Deferred Gains (Losses) and Related Taxes on Cash Flow Hedges | The deferred gains (losses) and related taxes on the Company’s cash flow hedges recorded in “Accumulated other comprehensive income (loss)” (“AOCI”) in the accompanying Condensed Consolidated Balance Sheets are as follows (in thousands): June 30, 2015 December 31, 2014 Deferred gains (losses) in AOCI $ 946 $ (157 ) Tax on deferred gains (losses) in AOCI 11 46 Deferred gains (losses) in AOCI, net of taxes $ 957 $ (111 ) Deferred gains (losses) expected to be reclassified to “Revenues” from AOCI during the next twelve months $ 946 |
Outstanding Foreign Currency Forward Contracts and Options | The Company had the following outstanding foreign currency forward contracts and options (in thousands): As of June 30, 2015 As of December 31, 2014 Contract Type Notional Settle Through Notional Settle Through Cash flow hedges: (1) Options: Philippine Pesos $ 81,000 June 2016 $ 73,000 December 2015 Forwards: Philippine Pesos 1,000 October 2015 9,000 March 2015 Costa Rican Colones 45,900 March 2016 51,600 October 2015 Hungarian Forints 1,377 December 2015 — — Romanian Leis 5,194 December 2015 10,414 December 2015 Net investment hedges: (2) Forwards: Euros 63,470 March 2016 51,648 March 2016 Non-designated hedges: (3) Forwards 58,243 December 2015 64,541 March 2015 (1) Cash flow hedge as defined under ASC 815. Purpose is to protect against the risk that eventual cash flows resulting from such transactions will be adversely affected by changes in exchange rates. (2) Net investment hedge as defined under ASC 815. Purpose is to protect against the risk that the net assets of certain of our international subsidiaries will be adversely affected by changes in exchange rates and economic exposures related to our foreign currency-based investments in these subsidiaries. (3) Foreign currency hedge contract not designated as a hedge as defined under ASC 815. Purpose is to reduce the effects on the Company’s operating results and cash flows from fluctuations caused by volatility in currency exchange rates, primarily related to intercompany receivables and payables, and cash held in non-functional currencies. |
Derivative Instruments Fair Value | The following tables present the fair value of the Company’s derivative instruments included in the accompanying Condensed Consolidated Balance Sheets (in thousands): Derivative Assets June 30, 2015 December 31, 2014 Fair Value Fair Value Derivatives designated as cash flow hedging instruments under ASC 815: Foreign currency forward and option contracts (1) $ 1,872 $ 974 Derivatives designated as net investment hedging instruments under ASC 815: Foreign currency forward contracts (1) 8,570 — Foreign currency forward contracts (2) — 4,060 10,442 5,034 Derivatives not designated as hedging instruments under ASC 815: Foreign currency forward contracts (1) 262 515 Total derivative assets $ 10,704 $ 5,549 Derivative Liabilities June 30, 2015 December 31, 2014 Fair Value Fair Value Derivatives designated as cash flow hedging instruments under ASC 815: Foreign currency forward and option contracts (3) $ 123 $ 406 Derivatives not designated as hedging instruments under ASC 815: Foreign currency forward contracts (3) 348 855 Total derivative liabilities $ 471 $ 1,261 (1) Included in “Other current assets” in the accompanying Condensed Consolidated Balance Sheets. (2) Included in “Deferred charges and other assets” in the accompanying Condensed Consolidated Balance Sheets. (3) Included in “Other accrued expenses and current liabilities” in the accompanying Condensed Consolidated Balance Sheets. |
Effect of the Company's Derivative Instruments | The following tables present the effect of the Company’s derivative instruments included in the accompanying Condensed Consolidated Financial Statements for the three months ended June 30, 2015 and 2014 (in thousands): Gain (Loss) Recognized Gain (Loss) Reclassified Gain (Loss) Recognized in June 30, June 30, June 30, 2015 2014 2015 2014 2015 2014 Derivatives designated as cash flow hedging instruments under ASC 815: Foreign currency forward and option contracts $ 357 $ 2,475 $ 739 $ (1,755 ) $ 1 $ (1 ) Derivatives designated as net investment hedging instruments under ASC 815: Foreign currency forward contracts (1,848 ) 108 — — — — $ (1,491 ) $ 2,583 $ 739 $ (1,755 ) $ 1 $ (1 ) Statement of Gain (Loss) Recognized June 30, 2015 2014 Derivatives not designated as hedging instruments under ASC 815: Foreign currency forward contracts Other income and (expense) $ 67 $ (1,331 ) Foreign currency forward contracts Revenues 4 — $ 71 $ (1,331 ) The following tables present the effect of the Company’s derivative instruments included in the accompanying Condensed Consolidated Financial Statements for the six months ended June 30, 2015 and 2014 (in thousands): Gain (Loss) Recognized Gain (Loss) Reclassified Gain (Loss) Recognized in June 30, June 30, June 30, 2015 2014 2015 2014 2015 2014 Derivatives designated as cash flow hedging instruments under ASC 815: Foreign currency forward and option contracts $ 2,412 $ (2,543 ) $ 1,328 $ (4,129 ) $ 2 $ (4 ) Derivatives designated as net investment hedging instruments under ASC 815: Foreign currency forward contracts 4,510 162 — — — — $ 6,922 $ (2,381 ) $ 1,328 $ (4,129 ) $ 2 $ (4 ) Statement of Gain (Loss) Recognized on Derivatives June 30, 2015 2014 Derivatives not designated as hedging instruments under ASC 815: Foreign currency forward contracts Other income $ (97 ) $ (608 ) Foreign currency forward contracts Revenues 4 — $ (93 ) $ (608 ) |
Investments Held in Rabbi Tru33
Investments Held in Rabbi Trust (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments Held in Rabbi Trust, Classified as Trading | The Company’s investments held in rabbi trust, classified as trading securities and included in “Other current assets” in the accompanying Condensed Consolidated Balance Sheets, at fair value, consist of the following (in thousands): June 30, 2015 December 31, 2014 Cost Fair Value Cost Fair Value Mutual funds $ 5,853 $ 7,739 $ 5,160 $ 6,952 |
Components of Investment Income (Losses), Included in Other Income (Expense) in Accompanying Consolidated Statements of Operations | The mutual funds held in rabbi trust were 80% equity-based and 20% debt-based as of June 30, 2015. Net investment income (losses), included in “Other income (expense)” in the accompanying Condensed Consolidated Statements of Operations consists of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Gross realized gains from sale of trading securities $ 17 $ — $ 20 $ 3 Gross realized (losses) from sale of trading securities — — (1 ) — Dividend and interest income 13 9 18 18 Net unrealized holding gains (losses) (50 ) 204 73 279 Net investment income (losses) $ (20 ) $ 213 $ 110 $ 300 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Components of Deferred Revenue | The components of deferred revenue consist of the following (in thousands): June 30, 2015 December 31, 2014 Future service $ 23,525 $ 25,222 Estimated potential penalties and holdbacks 6,415 9,023 $ 29,940 $ 34,245 |
Deferred Grants (Tables)
Deferred Grants (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Schedule of Deferred Grants, Net of Accumulated Amortization | The components of deferred grants, net of accumulated amortization, consist of the following (in thousands): June 30, 2015 December 31, 2014 Property grants $ 4,717 $ 5,110 Lease grants 427 — Employment grants 190 207 Total deferred grants 5,334 5,317 Less: Property grants - short-term (1) — — Less: Lease grants - short-term (1) — — Less: Employment grants - short-term (1) (190 ) (207 ) Total long-term deferred grants (2) $ 5,144 $ 5,110 (1) Included in “Other accrued expenses and current liabilities” in the accompanying Condensed Consolidated Balance Sheets. (2) Included in “Deferred grants” in the accompanying Condensed Consolidated Balance Sheets. |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Components of Borrowings | Borrowings consist of the following (in thousands): June 30, 2015 December 31, 2014 Revolving credit facility $ 65,000 $ 75,000 Less: Current portion — — Total long-term debt $ 65,000 $ 75,000 |
Information Related to Credit Agreements | The following table presents information related to our credit agreements (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Average daily utilization $ 70,198 $ 90,242 $ 72,249 $ 93,271 Interest expense, including commitment fee (1) $ 320 $ 368 $ 638 $ 749 Weighted average interest rate 1.8 % 1.6 % 1.8 % 1.6 % (1) Excludes the amortization of deferred loan fees. |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The Company presents data in the Condensed Consolidated Statements of Changes in Shareholders’ Equity in accordance with ASC 220 “ Comprehensive Income Foreign Unrealized Unrealized Unrealized (Loss) on Unrealized Total Balance at January 1, 2014 $ 12,751 $ (3,683 ) $ 1,150 $ (2,535 ) $ 314 $ 7,997 Pre-tax amount (34,947 ) 6,344 (50 ) (2,790 ) 77 (31,366 ) Tax (provision) benefit — (2,385 ) 57 (17 ) — (2,345 ) Reclassification of (gain) loss to net income — — (35 ) 5,237 (49 ) 5,153 Foreign currency translation 120 — (114 ) (6 ) — — Balance at December 31, 2014 (22,076 ) 276 1,008 (111 ) 342 (20,561 ) Pre-tax amount (20,055 ) 4,510 — 2,414 72 (13,059 ) Tax (provision) benefit — (1,742 ) — (23 ) — (1,765 ) Reclassification of (gain) loss to net income — — (21 ) (1,341 ) (28 ) (1,390 ) Foreign currency translation (11 ) — (7 ) 18 — — Balance at June 30, 2015 $ (42,142 ) $ 3,044 $ 980 $ 957 $ 386 $ (36,775 ) |
Amounts Reclassified to Net Income from Accumulated Other Comprehensive Income (Loss) | The following table summarizes the amounts reclassified to net income from accumulated other comprehensive income (loss) and the associated line item in the accompanying Condensed Consolidated Statements of Operations (in thousands): Three Months Ended Six Months Ended Statements of Operations Location 2015 2014 2015 2014 Actuarial Gain (Loss) Related to Pension Liability: (1) Pre-tax amount $ 10 $ 13 $ 21 $ 25 Direct salaries and related costs Tax (provision) benefit — — — — Income taxes Reclassification to net income 10 13 21 25 Gain (Loss) on Cash Flow Hedging Instruments: (2) Pre-tax amount 740 (1,756 ) 1,330 (4,133 ) Revenues Tax (provision) benefit 5 17 11 113 Income taxes Reclassification to net income 745 (1,739 ) 1,341 (4,020 ) Gain (Loss) on Post Retirement Obligation: (1) Pre-tax amount 14 12 28 23 General and administrative Tax (provision) benefit — — — — Income taxes Reclassification to net income 14 12 28 23 Total reclassification of gain (loss) to net income $ 769 $ (1,714 ) $ 1,390 $ (3,972 ) (1) See Note 15, Defined Benefit Pension Plan and Postretirement Benefits, for further information. (2) See Note 5, Financial Derivatives, for further information. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Summary of Significant Tax Jurisdictions Currently under Audit | The significant tax jurisdictions currently under audit are as follows: Tax Jurisdiction Tax Year Ended Canada 2003 to 2009 The Philippines 2010 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Numbers of Shares Used in Earnings Per Share Computation | The numbers of shares used in the earnings per share computation are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Basic: Weighted average common shares outstanding 42,008 42,711 42,095 42,726 Diluted: Dilutive effect of stock appreciation rights, restricted stock, restricted stock units and shares held in a rabbi trust 208 99 233 119 Total weighted average diluted shares outstanding 42,216 42,810 42,328 42,845 Anti-dilutive shares excluded from the diluted earnings per share calculation 27 49 24 70 |
Shares Repurchased | The shares repurchased under the Company’s share repurchase programs were as follows (in thousands, except per share amounts): Total Number of Shares Repurchased Range of Prices Paid Per Share Total Cost of Shares Repurchased Low High Three Months Ended: June 30, 2015 279 $ 24.14 $ 24.79 $ 6,833 June 30, 2014 — $ — $ — $ — Six Months Ended: June 30, 2015 500 $ 22.81 $ 24.79 $ 11,969 June 30, 2014 130 $ 19.92 $ 19.98 $ 2,605 |
Commitments and Loss Continge40
Commitments and Loss Contingency (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The following is a schedule of future minimum rental payments required under operating leases that have noncancelable lease terms as of June 30, 2015 (in thousands): Amount 2015 (remaining six months) $ 2,153 2016 9,527 2017 9,320 2018 9,271 2019 9,530 2020 8,677 2021 and thereafter 18,932 Total minimum payments required $ 67,410 |
Schedule of Future Minimum Purchases Remaining under Agreements | The following is a schedule of the future minimum purchases remaining under the agreements as of June 30, 2015 (in thousands): Amount 2015 (remaining six months) $ 2,681 2016 787 2017 633 2018 — 2019 — 2020 — 2021 and thereafter — Total minimum payments required $ 4,101 |
Defined Benefit Pension Plan 41
Defined Benefit Pension Plan and Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Net Periodic Benefit Cost and Other Accumulated Comprehensive Income for Pension Plans | The following table provides information about the net periodic benefit cost for the Company’s pension plans (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Service cost $ 113 $ 101 $ 228 $ 201 Interest cost 35 31 71 61 Recognized actuarial (gains) (10 ) (13 ) (21 ) (25 ) Net periodic benefit cost $ 138 $ 119 $ 278 $ 237 |
Company's Contributions to Employee Retirement Savings Plans | The Company’s contributions included in the accompanying Condensed Consolidated Statements of Operations were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 401(k) plan contributions $ 188 $ 221 $ 471 $ 480 |
Post-Retirement Benefit Obligation and Unrealized Gain (Losses) | The postretirement benefit obligation included in “Other long-term liabilities” and the unrealized gains (losses) included in “Accumulated other comprehensive income” in the accompanying Condensed Consolidated Balance Sheets were as follows (in thousands): June 30, 2015 December 31, 2014 Postretirement benefit obligation $ 25 $ 46 Unrealized gains (losses) in AOCI (1) $ 386 $ 342 (1) Unrealized gains (losses) are impacted by changes in discount rates related to the postretirement obligation. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Expense, Income Tax Benefits Related to Stock-Based Compensation and Excess Tax Benefits (Provision) Recorded by Company | The following table summarizes the stock-based compensation expense (primarily in the Americas), income tax benefits related to the stock-based compensation and excess tax benefits (deficiencies) (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Stock-based compensation (expense) (1) $ (1,288 ) $ (937 ) $ (3,284 ) $ (1,691 ) Income tax benefit (2) 486 328 1,215 592 Excess tax benefit (deficiency) from stock-based compensation (3) — (84 ) 169 (30 ) (1) Included in “General and administrative” costs in the accompanying Condensed Consolidated Statements of Operations. (2) Included in “Income taxes” in the accompanying Condensed Consolidated Statements of Operations. (3) Included in “Additional paid-in capital” in the accompanying Condensed Consolidated Statements of Changes in Shareholders’ Equity. |
Summary of Assumptions Used to Estimate Fair Value | The following table summarizes the assumptions used to estimate the fair value of SARs granted: Six Months Ended June 30, 2015 2014 Expected volatility 34.1 % 38.9 % Weighted-average volatility 34.1 % 38.9 % Expected dividend rate 0.0 % 0.0 % Expected term (in years) 5.0 5.0 Risk-free rate 1.6 % 1.7 % |
Summary of Stock Appreciation Rights Activity | The following table summarizes SARs activity as of June 30, 2015 and for the six months then ended: Stock Appreciation Rights Shares (000s) Weighted Weighted Aggregate Outstanding at January 1, 2015 959 $ — Granted 217 $ — Exercised (81 ) $ — Forfeited or expired — $ — Outstanding at June 30, 2015 1,095 $ — 7.1 $ 5,158 Vested or expected to vest at June 30, 2015 1,095 $ — 7.1 $ 5,158 Exercisable at June 30, 2015 670 $ — 5.8 $ 3,895 |
Weighted Average Grant Date of SARs Granted and Total Intrinsic Value of SARs Exercised | The following table summarizes information regarding SARs granted and exercised (in thousands, except per SAR amounts): Six Months Ended June 30, 2015 2014 Number of SARs granted 217 246 Weighted average grant-date fair value per SAR $ 8.17 $ 7.20 Intrinsic value of SARs exercised $ 734 $ 333 Fair value of SARs vested $ 1,302 $ 1,553 |
Summary of Nonvested Stock Appreciation Rights | The following table summarizes nonvested SARs activity as of June 30, 2015 and for the six months then ended: Nonvested Stock Appreciation Rights Shares (000s) Weighted Nonvested at January 1, 2015 411 $ 6.61 Granted 217 $ 8.17 Vested (203 ) $ 6.41 Forfeited or expired — $ — Nonvested at June 30, 2015 425 $ 7.50 |
Summary of Nonvested Restricted Shares and Restricted Stock Units | The following table summarizes nonvested restricted shares/RSUs activity as of June 30, 2015 and for the six months then ended: Nonvested Restricted Shares and RSUs Shares (000s) Weighted Nonvested at January 1, 2015 1,194 $ 16.80 Granted 441 $ 25.06 Vested (125 ) $ 16.10 Forfeited or expired (264 ) $ 15.71 Nonvested at June 30, 2015 1,246 $ 20.03 |
Summary of Weighted Average Grant-Date Fair Value Granted and Total Fair Value of Restricted Shares and Restricted Stock Units Vested | The following table summarizes information regarding restricted shares/RSUs granted and vested (in thousands, except per restricted share/RSU amounts): Six Months Ended June 30, 2015 2014 Number of restricted shares/RSUs granted 441 500 Weighted average grant-date fair value per restricted share/RSU $ 25.06 $ 19.77 Fair value of restricted shares/RSUs vested $ 2,019 $ 895 |
Summary of Nonvested Common Stock Units and Share Awards | The following table summarizes nonvested common stock share award activity as of June 30, 2015 and for the six months then ended: Nonvested Common Stock Share Awards Shares (000s) Weighted Nonvested at January 1, 2015 12 $ 20.24 Granted 32 $ 24.70 Vested (16 ) $ 22.36 Forfeited or expired — $ — Nonvested at June 30, 2015 28 $ 24.19 |
Summary of Weighted Average Grant-Date Fair Value of Common Stock Units and Share Awards Granted and Total Fair Value of Common Stock Units and Share Awards Vested | The following table summarizes information regarding common stock share awards granted and vested (in thousands, except per share award amounts): Six Months Ended June 30, 2015 2014 Number of share awards granted 32 36 Weighted average grant-date fair value per share award $ 24.70 $ 20.15 Fair value of share awards vested $ 370 $ 310 |
Summary of Nonvested Common Stock | The following table summarizes nonvested common stock activity as of June 30, 2015 and for the six months then ended: Nonvested Common Stock Shares (000s) Weighted Nonvested at January 1, 2015 5 $ 17.88 Granted 6 $ 24.69 Vested (7 ) $ 23.56 Forfeited or expired — $ — Nonvested at June 30, 2015 4 $ 18.81 |
Summary of Weighted Average Grant-Date Fair Value of Common Stock Awarded and Cash Used to Settle Company's Obligation under Deferred Compensation | The following table summarizes information regarding shares of common stock granted and vested (in thousands, except per common stock amounts): Six Months Ended June 30, 2015 2014 Number of shares of common stock granted 6 8 Weighted average grant-date fair value per common stock $ 24.69 $ 20.43 Fair value of common stock vested $ 169 $ 146 Cash used to settle the obligation $ 65 $ 21 |
Segments and Geographic Infor43
Segments and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Company's Reportable Segments | Information about the Company’s reportable segments is as follows (in thousands): Americas EMEA Other (1) Consolidated Three Months Ended June 30, 2015: Revenues $ 249,682 $ 57,752 $ 19 $ 307,453 Percentage of revenues 81.2 % 18.8 % 0.0 % 100.0 % Depreciation, net $ 9,605 $ 1,084 $ 318 $ 11,007 Amortization of intangibles $ 3,435 $ — $ — $ 3,435 Income (loss) from operations $ 28,669 $ 2,969 $ (13,421 ) $ 18,217 Other (expense), net (626 ) (626 ) Income taxes (4,679 ) (4,679 ) Net income $ 12,912 Total assets as of June 30, 2015 $ 1,067,801 $ 1,394,836 $ (1,534,068 ) $ 928,569 Three Months Ended June 30, 2014: Revenues $ 256,663 $ 63,835 $ — $ 320,498 Percentage of revenues 80.1 % 19.9 % 0.0 % 100.0 % Depreciation, net $ 10,107 $ 1,215 $ — $ 11,322 Amortization of intangibles $ 3,659 $ — $ — $ 3,659 Income (loss) from operations $ 21,135 $ 1,561 $ (12,269 ) $ 10,427 Other (expense), net (714 ) (714 ) Income taxes (1,376 ) (1,376 ) Net income $ 8,337 Total assets as of June 30, 2014 $ 1,093,003 $ 1,444,643 $ (1,591,697 ) $ 945,949 Americas EMEA Other (1) Consolidated Six Months Ended June 30, 2015: Revenues $ 513,855 $ 117,247 $ 36 $ 631,138 Percentage of revenues 81.4 % 18.6 % 0.0 % 100.0 % Depreciation, net $ 19,185 $ 2,227 $ 654 $ 22,066 Amortization of intangibles $ 6,866 $ — $ — $ 6,866 Income (loss) from operations $ 61,210 $ 6,757 $ (27,209 ) $ 40,758 Other (expense), net (1,728 ) (1,728 ) Income taxes (10,479 ) (10,479 ) Net income $ 28,551 Six Months Ended June 30, 2014: Revenues $ 517,909 $ 127,018 $ — $ 644,927 Percentage of revenues 80.3 % 19.7 % 0.0 % 100.0 % Depreciation, net $ 20,248 $ 2,372 $ — $ 22,620 Amortization of intangibles $ 7,310 $ — $ — $ 7,310 Income (loss) from operations $ 43,782 $ 4,445 $ (23,322 ) $ 24,905 Other (expense), net (319 ) (319 ) Income taxes (5,936 ) (5,936 ) Net income $ 18,650 (1) Other items (including corporate and other costs, impairment costs, other income and expense, and income taxes) are shown for purposes of reconciling to the Company’s consolidated totals as shown in the tables above for the three and six months ended June 30, 2015 and 2014. Inter-segment revenues are not material to the Americas and EMEA segment results. The Company evaluates the performance of its geographic segments based on revenues and income (loss) from operations, and does not include segment assets or other income and expense items for management reporting purposes. |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Expense) | Other income (expense) consists of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Foreign currency transaction gains (losses) $ (90 ) $ 759 $ (1,025 ) $ 631 Gains (losses) on foreign currency derivative instruments not designated as hedges 67 (1,331 ) (97 ) (608 ) Other miscellaneous income (expense) (144 ) 173 126 241 $ (167 ) $ (399 ) $ (996 ) $ 264 |
Overview and Basis of Present45
Overview and Basis of Presentation - Additional Information (Detail) - Segment | 6 Months Ended | |
Jun. 30, 2015 | Jul. 02, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Number of reportable segments | 2 | |
Subsequent Event [Member] | Qelp B.V. [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Percentage of outstanding capital stock acquired | 100.00% |
Costs Associated with Exit or46
Costs Associated with Exit or Disposal Activities - Additional Information (Detail) - Jun. 30, 2015 $ in Millions | USD ($)Employees |
Restructuring and Related Activities [Abstract] | |
Estimated employee rationalization associated with exit or disposal activities | Employees | 800 |
Cash payment related to restructuring plan | $ 14.9 |
Lease termination date | Feb. 28, 2017 |
Costs Associated with Exit or47
Costs Associated with Exit or Disposal Activities - Cumulative Costs Expected and Incurred as a Result of Exit Plans (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | $ 21,139 |
Lease Obligations and Facility Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 10,027 |
Severance and Related Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 6,042 |
Legal-Related Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 110 |
Non-cash Impairment Charges [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 4,960 |
Fourth Quarter 2011 Exit Plan [Member] | Americas [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 1,845 |
Fourth Quarter 2011 Exit Plan [Member] | Americas [Member] | Lease Obligations and Facility Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 1,365 |
Fourth Quarter 2011 Exit Plan [Member] | Americas [Member] | Non-cash Impairment Charges [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 480 |
Fourth Quarter 2011 Exit Plan [Member] | EMEA [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 6,460 |
Fourth Quarter 2011 Exit Plan [Member] | EMEA [Member] | Lease Obligations and Facility Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 19 |
Fourth Quarter 2011 Exit Plan [Member] | EMEA [Member] | Severance and Related Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 5,857 |
Fourth Quarter 2011 Exit Plan [Member] | EMEA [Member] | Legal-Related Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 110 |
Fourth Quarter 2011 Exit Plan [Member] | EMEA [Member] | Non-cash Impairment Charges [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 474 |
Fourth Quarter 2010 Exit Plan [Member] | EMEA [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 2,258 |
Fourth Quarter 2010 Exit Plan [Member] | EMEA [Member] | Lease Obligations and Facility Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 1,914 |
Fourth Quarter 2010 Exit Plan [Member] | EMEA [Member] | Severance and Related Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 185 |
Fourth Quarter 2010 Exit Plan [Member] | EMEA [Member] | Non-cash Impairment Charges [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 159 |
Third Quarter 2010 Exit Plan [Member] | Americas [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 10,576 |
Third Quarter 2010 Exit Plan [Member] | Americas [Member] | Lease Obligations and Facility Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | 6,729 |
Third Quarter 2010 Exit Plan [Member] | Americas [Member] | Non-cash Impairment Charges [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Estimated total costs, some of which may have already been incurred, under the restructuring plan | $ 3,847 |
Costs Associated with Exit or48
Costs Associated with Exit or Disposal Activities - Summary of Accrued Liability Associated with Exit Plans' Exit or Disposal Activities and Related Charges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Beginning accrual | $ 1,346 | $ 2,731 | $ 1,558 | $ 2,974 |
Cash payments | (196) | (428) | (408) | (673) |
Other non-cash changes | (7) | (5) | ||
Ending accrual | $ 1,150 | 2,111 | $ 1,150 | 2,111 |
General and Administrative [Member] | EMEA [Member] | Lease Obligations and Facility Exit Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges (reversals) of exit or disposal activities and related charges | $ (185) | $ (185) |
Costs Associated with Exit or49
Costs Associated with Exit or Disposal Activities - Summary of Accrued Liability Associated with Company's Exit Plans (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Other accrued expenses and current liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Short-term accrued restructuring liability | $ 627 | $ 630 |
Other long-term liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Long-term accrued restructuring liability | 523 | 928 |
Fourth Quarter 2011 Exit Plan [Member] | Americas [Member] | Other accrued expenses and current liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Short-term accrued restructuring liability | 140 | 109 |
Fourth Quarter 2011 Exit Plan [Member] | Americas [Member] | Other long-term liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Long-term accrued restructuring liability | 115 | 203 |
Third Quarter 2010 Exit Plan [Member] | Americas [Member] | Other accrued expenses and current liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Short-term accrued restructuring liability | 487 | 521 |
Third Quarter 2010 Exit Plan [Member] | Americas [Member] | Other long-term liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Long-term accrued restructuring liability | $ 408 | $ 725 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Foreign currency forward and option contracts | $ 10,704 | $ 5,549 |
Total assets | 18,529 | 113,505 |
Liabilities: | ||
Long-term debt | 65,000 | 75,000 |
Foreign currency forward and option contracts | 471 | 1,261 |
Total liabilities | 65,471 | 76,261 |
Foreign Currency Forward and Option Contracts [Member] | Other Current Assets [Member] | ||
Assets: | ||
Foreign currency forward and option contracts | 10,704 | 1,489 |
Foreign Currency Forward and Option Contracts [Member] | Other accrued expenses and current liabilities | ||
Liabilities: | ||
Foreign currency forward and option contracts | 471 | 1,261 |
Equity Investments Held in a Rabbi Trust for the Deferred Compensation Plan [Member] | Other Current Assets [Member] | ||
Assets: | ||
Investments held in a rabbi trust for the Deferred Compensation Plan | 6,184 | 5,589 |
Debt Investments Held in a Rabbi Trust for the Deferred Compensation Plan [Member] | Other Current Assets [Member] | ||
Assets: | ||
Investments held in a rabbi trust for the Deferred Compensation Plan | 1,555 | 1,363 |
Guaranteed Investment Certificates [Member] | Deferred Charges and Other Assets [Member] | ||
Assets: | ||
"Money market funds, open-end mutual funds and guaranteed investment certificates included in "Deferred charges and other assets" | 86 | 79 |
Money Market Funds and Open-End Mutual Funds [Member] | ||
Assets: | ||
Money market funds and open-end mutual funds included in "Cash and cash equivalents" | 100,915 | |
"Money market funds, open-end mutual funds and guaranteed investment certificates included in "Deferred charges and other assets" | 10 | |
Foreign Currency Forward Contracts [Member] | Deferred Charges and Other Assets [Member] | ||
Assets: | ||
Foreign currency forward and option contracts | 4,060 | |
Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | ||
Assets: | ||
Total assets | 7,739 | 107,877 |
Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | Equity Investments Held in a Rabbi Trust for the Deferred Compensation Plan [Member] | Other Current Assets [Member] | ||
Assets: | ||
Investments held in a rabbi trust for the Deferred Compensation Plan | 6,184 | 5,589 |
Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | Debt Investments Held in a Rabbi Trust for the Deferred Compensation Plan [Member] | Other Current Assets [Member] | ||
Assets: | ||
Investments held in a rabbi trust for the Deferred Compensation Plan | 1,555 | 1,363 |
Quoted Prices in Active Markets For Identical Assets Level 1 [Member] | Money Market Funds and Open-End Mutual Funds [Member] | ||
Assets: | ||
Money market funds and open-end mutual funds included in "Cash and cash equivalents" | 100,915 | |
"Money market funds, open-end mutual funds and guaranteed investment certificates included in "Deferred charges and other assets" | 10 | |
Significant Other Observable Inputs Level 2 [Member] | ||
Assets: | ||
Total assets | 10,790 | 5,628 |
Liabilities: | ||
Long-term debt | 65,000 | 75,000 |
Total liabilities | 65,471 | 76,261 |
Significant Other Observable Inputs Level 2 [Member] | Foreign Currency Forward and Option Contracts [Member] | Other Current Assets [Member] | ||
Assets: | ||
Foreign currency forward and option contracts | 10,704 | 1,489 |
Significant Other Observable Inputs Level 2 [Member] | Foreign Currency Forward and Option Contracts [Member] | Other accrued expenses and current liabilities | ||
Liabilities: | ||
Foreign currency forward and option contracts | 471 | 1,261 |
Significant Other Observable Inputs Level 2 [Member] | Guaranteed Investment Certificates [Member] | Deferred Charges and Other Assets [Member] | ||
Assets: | ||
"Money market funds, open-end mutual funds and guaranteed investment certificates included in "Deferred charges and other assets" | $ 86 | 79 |
Significant Other Observable Inputs Level 2 [Member] | Foreign Currency Forward Contracts [Member] | Deferred Charges and Other Assets [Member] | ||
Assets: | ||
Foreign currency forward and option contracts | $ 4,060 |
Intangible Assets - Company's P
Intangible Assets - Company's Purchased Intangible Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangibles | $ 113,368 | $ 114,827 |
Accumulated Amortization | (60,273) | (54,207) |
Net Intangibles | $ 53,095 | $ 60,620 |
Weighted Average Amortization Period (years) | 8 years | 8 years |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangibles | $ 99,268 | $ 100,719 |
Accumulated Amortization | (52,982) | (47,571) |
Net Intangibles | $ 46,286 | $ 53,148 |
Weighted Average Amortization Period (years) | 8 years | 8 years |
Trade Name [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangibles | $ 11,600 | $ 11,600 |
Accumulated Amortization | (4,791) | (4,128) |
Net Intangibles | $ 6,809 | $ 7,472 |
Weighted Average Amortization Period (years) | 8 years | 8 years |
Non-Compete Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangibles | $ 1,201 | $ 1,209 |
Accumulated Amortization | $ (1,201) | $ (1,209) |
Weighted Average Amortization Period (years) | 2 years | 2 years |
Proprietary Software [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangibles | $ 850 | $ 850 |
Accumulated Amortization | $ (850) | $ (850) |
Weighted Average Amortization Period (years) | 2 years | 2 years |
Favorable Lease Agreement [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangibles | $ 449 | $ 449 |
Accumulated Amortization | $ (449) | $ (449) |
Weighted Average Amortization Period (years) | 2 years | 2 years |
Intangible Assets - Estimated F
Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2015 (remaining six months) | $ 6,836 |
2,016 | 13,702 |
2,017 | 13,702 |
2,018 | 7,509 |
2,019 | 6,917 |
2,020 | 4,429 |
2021 and thereafter | $ 0 |
Financial Derivatives - Deferre
Financial Derivatives - Deferred Gains (Losses) and Related Taxes on Cash Flow Hedges (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Deferred gains (losses) in AOCI | $ 946 | $ (157) |
Tax on deferred gains (losses) in AOCI | 11 | 46 |
Deferred gains (losses) in AOCI, net of taxes | 957 | $ (111) |
Deferred gains (losses) expected to be reclassified to "Revenues" from AOCI during the next twelve months | $ 946 |
Financial Derivatives - Additio
Financial Derivatives - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Maximum period of foreign currency hedge contracts | 180 days | |
Maximum amount of loss due to credit risk | $ 10.7 | $ 5.5 |
Total net settlement amount asset positions | 10.4 | 4.4 |
Total net settlement amount liability positions | $ 0.2 | $ 0.1 |
Financial Derivatives - Outstan
Financial Derivatives - Outstanding Foreign Currency Forward Contracts and Options (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Derivatives Designated as Cash Flow Hedging Instruments under ASC 815 [Member] | Option Contracts [Member] | Philippine Pesos [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 81,000 | $ 73,000 |
Settle Through Date | Jun. 30, 2016 | Dec. 31, 2015 |
Derivatives Designated as Cash Flow Hedging Instruments under ASC 815 [Member] | Forwards [Member] | Philippine Pesos [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 1,000 | $ 9,000 |
Settle Through Date | Oct. 31, 2015 | Mar. 31, 2015 |
Derivatives Designated as Cash Flow Hedging Instruments under ASC 815 [Member] | Forwards [Member] | Costa Rican Colones [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 45,900 | $ 51,600 |
Settle Through Date | Mar. 31, 2016 | Oct. 31, 2015 |
Derivatives Designated as Cash Flow Hedging Instruments under ASC 815 [Member] | Forwards [Member] | Hungarian Forints [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 1,377 | |
Settle Through Date | Dec. 31, 2015 | |
Derivatives Designated as Cash Flow Hedging Instruments under ASC 815 [Member] | Forwards [Member] | Romanian Leis [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 5,194 | $ 10,414 |
Settle Through Date | Dec. 31, 2015 | Dec. 31, 2015 |
Derivatives Designated as Net Investment Hedging Instruments under ASC 815 [Member] | Forwards [Member] | Euros [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 63,470 | $ 51,648 |
Settle Through Date | Mar. 31, 2016 | Mar. 31, 2016 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 58,243 | $ 64,541 |
Settle Through Date | Dec. 31, 2015 | Mar. 31, 2015 |
Financial Derivatives - Derivat
Financial Derivatives - Derivative Instruments Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 10,704 | $ 5,549 |
Derivative Liabilities | 471 | 1,261 |
Derivatives Designated as Cash Flow Hedging Instruments under ASC 815 [Member] | Foreign Currency Forward Contracts [Member] | Other Current Assets [Member] | Option Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,872 | 974 |
Derivatives Designated as Cash Flow Hedging Instruments under ASC 815 [Member] | Foreign Currency Forward Contracts [Member] | Other accrued expenses and current liabilities | Option Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 123 | 406 |
Derivatives Designated as Net Investment Hedging Instruments under ASC 815 [Member] | Foreign Currency Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 8,570 | |
Derivatives Designated as Net Investment Hedging Instruments under ASC 815 [Member] | Foreign Currency Forward Contracts [Member] | Deferred Charges and Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 4,060 | |
Derivatives Designated as Hedging Instruments under ASC 815 [Member] | Foreign Currency Forward Contracts [Member] | Option Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 10,442 | 5,034 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Currency Forward Contracts [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 262 | 515 |
Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Currency Forward Contracts [Member] | Other accrued expenses and current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 348 | $ 855 |
Financial Derivatives - Effect
Financial Derivatives - Effect of Company's Derivative Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | $ (1,491) | $ 2,583 | $ 6,922 | $ (2,381) |
Gain (Loss) Reclassified From Accumulated AOCI Into "Revenues" (Effective Portion) | 739 | (1,755) | 1,328 | (4,129) |
Gain (Loss) Recognized in "Revenues" on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 1 | (1) | 2 | (4) |
Gain (Loss) Recognized on Derivatives | 71 | (1,331) | (93) | (608) |
Derivatives Designated as Cash Flow Hedging Instruments under ASC 815 [Member] | Foreign Currency Forward Contracts [Member] | Option Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | 357 | 2,475 | 2,412 | (2,543) |
Derivatives Designated as Net Investment Hedging Instruments under ASC 815 [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | (1,848) | 108 | 4,510 | 162 |
Revenues [Member] | Derivatives Designated as Cash Flow Hedging Instruments under ASC 815 [Member] | Foreign Currency Forward Contracts [Member] | Option Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified From Accumulated AOCI Into "Revenues" (Effective Portion) | 739 | (1,755) | 1,328 | (4,129) |
Gain (Loss) Recognized in "Revenues" on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 1 | (1) | 2 | (4) |
Revenues [Member] | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized on Derivatives | 4 | 4 | ||
Other Income (Expense) | Derivatives Not Designated as Hedging Instruments under ASC 815 [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized on Derivatives | $ 67 | $ (1,331) | $ (97) | $ (608) |
Investments Held in Rabbi Tru58
Investments Held in Rabbi Trust - Investments Held in Rabbi Trust, Classified as Trading (Detail) - Mutual Funds [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Mutual funds, Cost | $ 5,853 | $ 5,160 |
Other Current Assets [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Mutual funds, Fair Value | $ 7,739 | $ 6,952 |
Investments Held in Rabbi Tru59
Investments Held in Rabbi Trust - Additional Information (Detail) | Jun. 30, 2015 |
Equity-Based Securities [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Mutual funds held in rabbi trust | 80.00% |
Debt-Based Securities [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Mutual funds held in rabbi trust | 20.00% |
Investments Held in Rabbi Tru60
Investments Held in Rabbi Trust - Components of Investment Income (Losses), Included in Other Income (Expense) in Accompanying Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gross realized gains from sale of trading securities | $ 17 | $ 20 | $ 3 | |
Gross realized (losses) from sale of trading securities | (1) | |||
Dividend and interest income | 13 | $ 9 | 18 | 18 |
Net unrealized holding gains (losses) | (50) | 204 | 73 | 279 |
Other Income (Expense) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Net investment income (losses) | $ (20) | $ 213 | $ 110 | $ 300 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - Perry County Kentucky Buchanan County Virginia And Wise Virginia Facilities [Member] - USD ($) $ in Millions | 1 Months Ended | ||
Jul. 31, 2015 | Apr. 30, 2015 | Feb. 28, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Estimated amount of losses to be recovered | $ 1.6 | ||
Insurance recoveries for clean up and repairs | $ 0.5 | ||
Subsequent Event [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Insurance recoveries for clean up and repairs | $ 1.1 |
Deferred Revenue - Components o
Deferred Revenue - Components of Deferred Revenue (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Deferred Revenue Disclosure [Abstract] | ||
Future service | $ 23,525 | $ 25,222 |
Estimated potential penalties and holdbacks | 6,415 | 9,023 |
Deferred revenue | $ 29,940 | $ 34,245 |
Deferred Grants - Schedule of D
Deferred Grants - Schedule of Deferred Grants (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Deferred Revenue Arrangement [Line Items] | ||
Total deferred grants | $ 5,334 | $ 5,317 |
Less: Property grants - short-term | 0 | 0 |
Less: Lease grants - short-term | 0 | 0 |
Less: Employment grants - short-term | (190) | (207) |
Total long-term deferred grants | 5,144 | 5,110 |
Total deferred grants | 5,334 | 5,317 |
Other long-term liabilities | ||
Deferred Revenue Arrangement [Line Items] | ||
Property grants | 4,717 | 5,110 |
Lease grants | 427 | |
Other accrued expenses and current liabilities | ||
Deferred Revenue Arrangement [Line Items] | ||
Employment grants | $ 190 | $ 207 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | ||
May. 31, 2015 | Jun. 30, 2015 | May. 12, 2015 | May. 03, 2012 | |
2015 Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 440,000,000 | |||
Line of credit facility, expiration date | May 12, 2020 | |||
Varying installments due | $ 0 | |||
Credit agreement interest rate description | Borrowings under the 2015 Credit Agreement will bear interest at either LIBOR or the base rate plus, in each case, an applicable margin based on the Company’s leverage ratio. The applicable interest rate will be determined quarterly based on the Company’s leverage ratio at such time. The base rate is a rate per annum equal to the greatest of (i) the rate of interest established by KeyBank, from time to time, as its “prime rate”; (ii) the Federal Funds effective rate in effect from time to time, plus 1/2 of 1% per annum; and (iii) the then-applicable LIBOR rate for one month interest periods, plus 1.00%. Swingline loans will bear interest only at the base rate plus the base rate margin. | |||
Fixed component added to federal fund effective rate to compute base rate | 0.50% | |||
Fixed component added to LIBOR to compute base rate | 1.00% | |||
Commitment fee | 0.125% | |||
Credit agreement customary fees description | The Company is required to pay certain customary fees, including a commitment fee of 0.125%, which is due quarterly in arrears and calculated on the average unused amount of the 2015 Credit Agreement. | |||
Underwriting fee for credit agreement | $ 900,000 | |||
2015 Credit Agreement [Member] | Non-Voting Capital Stock Direct Foreign Subsidiaries [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Percentage of capital stock pledged under credit agreement | 100.00% | |||
2015 Credit Agreement [Member] | Voting Capital Stock Direct Foreign Subsidiaries [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Percentage of capital stock pledged under credit agreement | 65.00% | |||
2012 Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 245,000,000 | |||
Underwriting fee for credit agreement | $ 400,000 | |||
Deferred loan fees expensed | $ 100,000 | |||
2015 Credit Agreement Alternate-Currency Sub-Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 200,000,000 | |||
2015 Credit Agreement Swingline Sub-Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | 10,000,000 | |||
2015 Credit Agreement Letter of Credit Sub-Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 35,000,000 |
Borrowings - Components of Borr
Borrowings - Components of Borrowings (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | ||
Total long-term debt | $ 65,000 | $ 75,000 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility | 65,000 | 75,000 |
Less: Current portion | 0 | 0 |
Total long-term debt | $ 65,000 | $ 75,000 |
Borrowings - Information Relate
Borrowings - Information Related to Credit Agreements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Line of Credit Facility [Abstract] | ||||
Average daily utilization of borrowings | $ 70,198 | $ 90,242 | $ 72,249 | $ 93,271 |
Interest expense including commitment fees, excluding amortization of deferred loan fees | $ 320 | $ 368 | $ 638 | $ 749 |
Weighted average interest rate | 1.80% | 1.60% | 1.80% | 1.60% |
Accumulated Other Comprehensi67
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, accumulated other comprehensive income (loss) | $ (20,561) | $ 7,997 |
Pre-tax amount | (13,059) | (31,366) |
Tax (provision) benefit | (1,765) | (2,345) |
Reclassification of (gain) loss to net income | (1,390) | 5,153 |
Ending balance, accumulated other comprehensive income (loss) | (36,775) | (20,561) |
Foreign Currency Translation Gain (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, accumulated other comprehensive income (loss) | (22,076) | 12,751 |
Pre-tax amount | (20,055) | (34,947) |
Foreign currency translation | (11) | 120 |
Ending balance, accumulated other comprehensive income (loss) | (42,142) | (22,076) |
Unrealized Gain (Loss) on Net Investment Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, accumulated other comprehensive income (loss) | 276 | (3,683) |
Pre-tax amount | 4,510 | 6,344 |
Tax (provision) benefit | (1,742) | (2,385) |
Ending balance, accumulated other comprehensive income (loss) | 3,044 | 276 |
Unrealized Actuarial Gain (Loss) Related to Pension Liability [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, accumulated other comprehensive income (loss) | 1,008 | 1,150 |
Pre-tax amount | (50) | |
Tax (provision) benefit | 57 | |
Reclassification of (gain) loss to net income | (21) | (35) |
Foreign currency translation | (7) | (114) |
Ending balance, accumulated other comprehensive income (loss) | 980 | 1,008 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, accumulated other comprehensive income (loss) | (111) | (2,535) |
Pre-tax amount | 2,414 | (2,790) |
Tax (provision) benefit | (23) | (17) |
Reclassification of (gain) loss to net income | (1,341) | 5,237 |
Foreign currency translation | 18 | (6) |
Ending balance, accumulated other comprehensive income (loss) | 957 | (111) |
Unrealized Gain (Loss) on Post Retirement Obligation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance, accumulated other comprehensive income (loss) | 342 | 314 |
Pre-tax amount | 72 | 77 |
Reclassification of (gain) loss to net income | (28) | (49) |
Ending balance, accumulated other comprehensive income (loss) | $ 386 | $ 342 |
Accumulated Other Comprehensi68
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified to Net Income from Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Pre-tax amount | $ 17,591 | $ 9,713 | $ 39,030 | $ 24,586 |
Tax (provision) benefit | 4,679 | 1,376 | 10,479 | 5,936 |
Reclassification of gain (loss) to net income | 12,912 | 8,337 | 28,551 | 18,650 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification of gain (loss) to net income | 769 | (1,714) | 1,390 | (3,972) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Actuarial Gain (Loss) Related to Pension Liability [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification of gain (loss) to net income | 10 | 13 | 21 | 25 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Cash Flow Hedging Instruments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax (provision) benefit | 5 | 17 | 11 | 113 |
Reclassification of gain (loss) to net income | 745 | (1,739) | 1,341 | (4,020) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Post Retirement Obligation [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification of gain (loss) to net income | 14 | 12 | 28 | 23 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Direct Salaries and Related Costs [Member] | Actuarial Gain (Loss) Related to Pension Liability [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Pre-tax amount | 10 | 13 | 21 | 25 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Revenues [Member] | Gain (Loss) on Cash Flow Hedging Instruments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Pre-tax amount | 740 | (1,756) | 1,330 | (4,133) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | General and Administrative [Member] | Gain (Loss) on Post Retirement Obligation [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Pre-tax amount | $ 14 | $ 12 | $ 28 | $ 23 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Income Tax [Line Items] | |||||
Effective rate of tax | 26.60% | 14.20% | 26.80% | 24.10% | |
Statutory federal income tax rate | 35.00% | 35.00% | |||
Unrecognized tax benefits | $ 12 | $ 12 | $ 13.3 | ||
Amount of mandatory security deposit paid related to Notice of Objection | 14.9 | 14.9 | 15.9 | ||
Deferred Charges and Other Assets [Member] | |||||
Income Tax [Line Items] | |||||
Unrecognized tax benefits | 2.7 | ||||
Long-Term Income Tax Liabilities [Member] | |||||
Income Tax [Line Items] | |||||
Unrecognized tax benefits | $ 12 | $ 12 | $ 10.6 |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Tax Jurisdictions Currently under Audit (Detail) | 6 Months Ended |
Jun. 30, 2015 | |
Canada [Member] | |
Income Tax Examination [Line Items] | |
Significant tax jurisdictions currently under audit | 2003 to 2009 |
The Philippines [Member] | |
Income Tax Examination [Line Items] | |
Significant tax jurisdictions currently under audit | 2,010 |
Earnings Per Share - Numbers of
Earnings Per Share - Numbers of Shares Used in Earnings Per Share Computation (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Basic: | ||||
Weighted average common shares outstanding | 42,008 | 42,711 | 42,095 | 42,726 |
Diluted: | ||||
Dilutive effect of stock appreciation rights, restricted stock, restricted stock units and shares held in a rabbi trust | 208 | 99 | 233 | 119 |
Total weighted average diluted shares outstanding | 42,216 | 42,810 | 42,328 | 42,845 |
Anti-dilutive shares excluded from the diluted earnings per share calculation | 27 | 49 | 24 | 70 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Aug. 18, 2011 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Total Number of Shares Repurchased | 279,000 | 500,000 | 130,000 | |
2011 Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Maximum amount of shares authorized for repurchase | 5,000,000 | |||
Total Number of Shares Repurchased | 4,500,000 |
Earnings Per Share - Shares Rep
Earnings Per Share - Shares Repurchased (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule Of Shares Repurchased [Line Items] | |||
Total Number of Shares Repurchased | 279 | 500 | 130 |
Total Cost of Shares Repurchased | $ 6,833 | $ 11,969 | $ 2,605 |
Minimum [Member] | |||
Schedule Of Shares Repurchased [Line Items] | |||
Range of Prices Paid Per Share | $ 24.14 | $ 22.81 | $ 19.92 |
Maximum [Member] | |||
Schedule Of Shares Repurchased [Line Items] | |||
Range of Prices Paid Per Share | $ 24.79 | $ 24.79 | $ 19.98 |
Commitments and Loss Continge74
Commitments and Loss Contingency - Schedule of Future Minimum Rental Payments under Operating Leases (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2015 (remaining six months) | $ 2,153 |
2,016 | 9,527 |
2,017 | 9,320 |
2,018 | 9,271 |
2,019 | 9,530 |
2,020 | 8,677 |
2021 and thereafter | 18,932 |
Total minimum payments required | $ 67,410 |
Commitments and Loss Continge75
Commitments and Loss Contingency - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015 | |
Minimum [Member] | |
Long-term Purchase Commitment [Line Items] | |
Term of agreements with third party vendors | 1 year |
Maximum [Member] | |
Long-term Purchase Commitment [Line Items] | |
Term of agreements with third party vendors | 5 years |
Commitments and Loss Continge76
Commitments and Loss Contingency - Schedule of Future Minimum Purchases Remaining under Agreements (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Unrecorded Unconditional Purchase Obligation [Abstract] | |
2015 (remaining six months) | $ 2,681 |
2,016 | 787 |
2,017 | 633 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2021 and thereafter | 0 |
Total minimum payments required | $ 4,101 |
Defined Benefit Pension Plan 77
Defined Benefit Pension Plan and Postretirement Benefits - Net Periodic Benefit Cost for Pension Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||||
Service cost | $ 113 | $ 101 | $ 228 | $ 201 |
Interest cost | 35 | 31 | 71 | 61 |
Recognized actuarial (gains) | (10) | (13) | (21) | (25) |
Net periodic benefit cost | $ 138 | $ 119 | $ 278 | $ 237 |
Defined Benefit Pension Plan 78
Defined Benefit Pension Plan and Postretirement Benefits - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Percentage of employer's contribution based on participants contribution | 50.00% |
Maximum [Member] | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |
Percentage of employer's contribution based on participants compensation | 2.00% |
Defined Benefit Pension Plan 79
Defined Benefit Pension Plan and Postretirement Benefits - Company's Contributions to Employee Retirement Savings Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||||
401(k) plan contributions | $ 188 | $ 221 | $ 471 | $ 480 |
Defined Benefit Pension Plan 80
Defined Benefit Pension Plan and Postretirement Benefits - Post-Retirement Benefit Obligation and Unrealized Gain (Losses) (Detail) - Split-Dollar Life Insurance Arrangement [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Postretirement benefit obligation | $ 25 | $ 46 |
Unrealized gains (losses) in AOCI | $ 386 | $ 342 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense, Income Tax Benefits Related to Stock-Based Compensation and Excess Tax Benefits (Provision) Recorded by Company (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation (expense) | $ (1,288) | $ (937) | $ (3,284) | $ (1,691) |
Income Taxes [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Income tax benefit | $ 486 | 328 | 1,215 | 592 |
Additional Paid-in Capital [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Excess tax benefit (deficiency) from stock-based compensation | $ (84) | $ 169 | $ (30) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | May. 20, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Capitalized stock-based compensation costs | $ 0 | $ 0 | |
Deferred Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average period | 2 years 1 month 6 days | ||
Total unrecognized compensation cost | $ 100,000 | ||
2011 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock available under the 2011 plan | 4,000,000 | ||
2001 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
2001 equity incentive plan | Mar. 14, 2011 | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation plan expiration | 10 years | ||
Share-based compensation vesting period | One-third on each of the first three anniversaries of the date of grant | ||
Weighted average period | 1 year 6 months | ||
Total unrecognized compensation cost | $ 2,800,000 | ||
Restricted Shares [Member] | Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation vesting period | One-third on each of the first three anniversaries of the date of grant | ||
Weighted average period | 2 years | ||
Total unrecognized compensation cost | $ 18,800,000 | ||
Restricted Shares [Member] | Restricted Stock Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Range of vesting possibilities | 0.00% | ||
Restricted Shares [Member] | Restricted Stock Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Range of vesting possibilities | 100.00% | ||
May 19, 2015 Nonvested Common Stock Share Awards under Non-Employee Director Fee Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual Retainer payable in cash to Non Employee Director | $ 55,000 | ||
Increased stock component of annual retainer | 25,000 | ||
Annual Retainer payable in stock to Non Employee Director | 100,000 | ||
Increased cash component of annual retainer | $ 5,000 | ||
Deferred Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of contribution in respect of amounts deferred by certain senior management participants | 50.00% | ||
Vesting period of matching contributions and associated earnings | 7 years | ||
Deferred Compensation Plan [Member] | President, Chief Executive Officer and Executive Vice Presidents [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Amounts deferred by certain senior management personnel | $ 12,000 | ||
Deferred Compensation Plan [Member] | Senior Vice President, Global Vice Presidents and Vice Presidents [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Amounts deferred by certain senior management personnel | 7,500 | ||
Deferred Compensation Plan [Member] | Treasury Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock match associated with the deferred compensation plan carrying value | 1,600,000 | 1,500,000 | |
Deferred Compensation Plan [Member] | Accrued employee compensation and benefits | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Accrued employee compensation and benefits | $ 7,700,000 | $ 7,000,000 | |
Nonvested Common Stock Share Awards under Non-Employee Director Fee Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
2001 equity incentive plan | May 31, 2014 | ||
Value of initial granted shares of common stock to new non employee director | $ 60,000 | ||
Vesting period of initial granted shares of common stock to new non employee director | |||
Amended vesting period of cash Annual retainer to non-employee chairman and committee members | |||
Vesting period of annual granted shares of common stock to non-employee director | |||
Amended vesting period of annual granted shares of common stock to non-employee director | Four equal quarterly installments, one-fourth on the date of grant and an additional one-fourth on each successive third monthly anniversary of the date of grant | ||
Additional annual cash award to be given to any non employee chairman of board | $ 100,000 | ||
Additional annual cash award to be given to Chairperson of the audit committee | 20,000 | ||
Additional annual cash award to be given to audit committee members | 10,000 | ||
Annual cash awards for the Chairpersons of the Compensation Committee, Finance Committee and Nominating and Corporate Governance Committee | 12,500 | ||
Annual cash awards for the members of the Compensation Committee, Finance Committee and Nominating and Corporate Governance Committee | 7,500 | ||
Increased additional annual cash award to Chairperson of Compensation Committee | $ 15,000 | ||
May 17, 2012 Nonvested Common Stock Share Awards under Non-Employee Director Fee Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Value of Annual Retainer to Non-Employee Director | 125,000 | ||
Annual Retainer payable in cash to Non Employee Director | 50,000 | ||
Increased stock component of annual retainer | $ 30,000 | ||
Vesting period for the annual equity award | 1 year | ||
May 20, 2011 Nonvested Common Stock Share Awards under Non-Employee Director Fee Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Value of Annual Retainer to Non-Employee Director | $ 95,000 | ||
Annual Retainer payable in cash to Non Employee Director | $ 50,000 | ||
Vesting period for the annual equity award | 2 years | ||
Nonvested Common Stock Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average period | 6 months | ||
Total unrecognized compensation cost | $ 600,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Assumptions Used to Estimate Fair Value (Detail) - Stock Appreciation Rights (SARs) [Member] | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 34.10% | 38.90% |
Weighted-average volatility | 34.10% | 38.90% |
Expected dividend rate | 0.00% | 0.00% |
Expected term (in years) | 5 years | 5 years |
Risk-free rate | 1.60% | 1.70% |
Stock-Based Compensation - Su84
Stock-Based Compensation - Summary of Stock Appreciation Rights Activity (Detail) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested Shares, beginning balance | 959 | |
Granted, Shares | 217 | 246 |
Exercised, Shares | (81) | |
Forfeited or expired, Shares | 0 | |
Nonvested Shares, ending balance | 1,095 | |
Vested or expected to vest, Shares | 1,095 | |
Exercisable, Shares | 670 | |
Nonvested, Weighted Average Exercise Price, beginning balance | $ 0 | |
Granted, Weighted Average Exercise Price | 0 | |
Exercised, Weighted Average Exercise Price | 0 | |
Forfeited or expired, Weighted Average Exercise Price | 0 | |
Nonvested, Weighted Average Exercise price, ending balance | 0 | |
Vested or expected to vest, Weighted Average Exercise Price | 0 | |
Exercisable, Weighted Average Exercise Price | $ 0 | |
Nonvested, Weighted Average Remaining Contractual Term | 7 years 1 month 6 days | |
Vested or expected to vest, Weighted Average Remaining Contractual Term | 7 years 1 month 6 days | |
Exercisable, Weighted Average Remaining Contractual Term | 5 years 9 months 18 days | |
Outstanding, Aggregate Intrinsic Value | $ 5,158 | |
Vested or expected to vest, Aggregate Intrinsic Value | 5,158 | |
Exercisable, Aggregate Intrinsic Value | $ 3,895 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Grant Date of SARs Granted and Total Intrinsic Value of SARs Exercised (Detail) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Shares | 217 | 246 |
Weighted average grant-date fair value per SAR | $ 8.17 | $ 7.20 |
Intrinsic value of SARs exercised | $ 734 | $ 333 |
Fair value of vested | $ 1,302 | $ 1,553 |
Stock-Based Compensation - Su86
Stock-Based Compensation - Summary of Nonvested Stock Appreciation Rights (Detail) - 6 months ended Jun. 30, 2015 - Nonvested Stock Appreciation Rights (SARs) [Member] - $ / shares shares in Thousands | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested Shares, beginning balance | 411 |
Granted, Shares | 217 |
Vested, Shares | (203) |
Forfeited or expired, Shares | 0 |
Nonvested Shares, ending balance | 425 |
Nonvested, Weighted Average Grant-Date Fair Value, beginning balance | $ 6.61 |
Granted, Weighted Average Grant-Date Fair Value | 8.17 |
Vested, Weighted Average Grant-Date Fair Value | 6.41 |
Forfeited or expired, Weighted Average Grant-Date Fair Value | 0 |
Nonvested, Weighted Average Grant-Date Fair Value, ending balance | $ 7.50 |
Stock-Based Compensation - Su87
Stock-Based Compensation - Summary of Nonvested Restricted Shares and Restricted Stock Units (Detail) - Restricted Shares [Member] - Restricted Stock Units [Member] - $ / shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested Shares, beginning balance | 1,194 | |
Granted, Shares | 441 | 500 |
Vested, Shares | (125) | |
Forfeited or expired, Shares | (264) | |
Nonvested Shares, ending balance | 1,246 | |
Nonvested, Weighted Average Grant-Date Fair Value, beginning balance | $ 16.80 | |
Granted, Weighted Average Grant-Date Fair Value | 25.06 | $ 19.77 |
Vested, Weighted Average Grant-Date Fair Value | 16.10 | |
Forfeited or expired, Weighted Average Grant-Date Fair Value | 15.71 | |
Nonvested, Weighted Average Grant-Date Fair Value, ending balance | $ 20.03 |
Stock-Based Compensation - Su88
Stock-Based Compensation - Summary of Weighted Average Grant-Date Fair Value Granted and Total Fair Value of Restricted Shares and Restricted Stock Units Vested (Detail) - Restricted Shares [Member] - Restricted Stock Units [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Shares | 441 | 500 |
Weighted average grant-date fair value | $ 25.06 | $ 19.77 |
Fair value of vested | $ 2,019 | $ 895 |
Stock-Based Compensation - Su89
Stock-Based Compensation - Summary of Nonvested Common Stock Units and Share Awards (Detail) - Nonvested Common Stock Share Awards [Member] - $ / shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested Shares, beginning balance | 12 | |
Granted, Shares | 32 | 36 |
Vested, Shares | (16) | |
Forfeited or expired, Shares | 0 | |
Nonvested Shares, ending balance | 28 | |
Nonvested, Weighted Average Grant-Date Fair Value, beginning balance | $ 20.24 | |
Granted, Weighted Average Grant-Date Fair Value | 24.70 | $ 20.15 |
Vested, Weighted Average Grant-Date Fair Value | 22.36 | |
Forfeited or expired, Weighted Average Grant-Date Fair Value | 0 | |
Nonvested, Weighted Average Grant-Date Fair Value, ending balance | $ 24.19 |
Stock-Based Compensation - Su90
Stock-Based Compensation - Summary of Weighted Average Grant-Date Fair Value of Common Stock Units and Share Awards Granted and Total Fair Value of Common Stock Units and Share Awards Vested (Detail) - Nonvested Common Stock Share Awards [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Shares | 32 | 36 |
Weighted average grant-date fair value | $ 24.70 | $ 20.15 |
Fair value of vested | $ 370 | $ 310 |
Stock-Based Compensation - Su91
Stock-Based Compensation - Summary of Nonvested Common Stock (Detail) - Common Stock [Member] - $ / shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested Shares, beginning balance | 5 | |
Granted, Shares | 6 | 8 |
Vested, Shares | (7) | |
Forfeited or expired, Shares | 0 | |
Nonvested Shares, ending balance | 4 | |
Nonvested, Weighted Average Grant-Date Fair Value, beginning balance | $ 17.88 | |
Granted, Weighted Average Grant-Date Fair Value | 24.69 | $ 20.43 |
Vested, Weighted Average Grant-Date Fair Value | 23.56 | |
Forfeited or expired, Weighted Average Grant-Date Fair Value | 0 | |
Nonvested, Weighted Average Grant-Date Fair Value, ending balance | $ 18.81 |
Stock-Based Compensation - Su92
Stock-Based Compensation - Summary of Weighted Average Grant-Date Fair Value of Common Stock Awarded and Cash Used to Settle Company's Obligation under Deferred Compensation (Detail) - Common Stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Shares | 6 | 8 |
Weighted average grant-date fair value | $ 24.69 | $ 20.43 |
Fair value of vested | $ 169 | $ 146 |
Cash used to settle the obligation | $ 65 | $ 21 |
Segments and Geographic Infor93
Segments and Geographic Information - Additional Information (Detail) - 6 months ended Jun. 30, 2015 | RegionSegment |
Segment Reporting [Abstract] | |
Number of operating regions | 2 |
Number of reportable segments | Segment | 2 |
Segments and Geographic Infor94
Segments and Geographic Information - Company's Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 307,453 | $ 320,498 | $ 631,138 | $ 644,927 | |
Percentage of revenues | 100.00% | 100.00% | 100.00% | 100.00% | |
Depreciation, net | $ 11,007 | $ 11,322 | $ 22,066 | $ 22,620 | |
Amortization of intangibles | 3,435 | 3,659 | 6,866 | 7,310 | |
Income (loss) from operations | 18,217 | 10,427 | 40,758 | 24,905 | |
Other (expense), net | (626) | (714) | (1,728) | (319) | |
Income taxes | (4,679) | (1,376) | (10,479) | (5,936) | |
Net income | 12,912 | 8,337 | 28,551 | 18,650 | |
Total assets | 928,569 | 945,949 | 928,569 | 945,949 | $ 944,500 |
Operating Segments [Member] | Americas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 249,682 | $ 256,663 | $ 513,855 | $ 517,909 | |
Percentage of revenues | 81.20% | 80.10% | 81.40% | 80.30% | |
Depreciation, net | $ 9,605 | $ 10,107 | $ 19,185 | $ 20,248 | |
Amortization of intangibles | 3,435 | 3,659 | 6,866 | 7,310 | |
Income (loss) from operations | 28,669 | 21,135 | 61,210 | 43,782 | |
Total assets | 1,067,801 | 1,093,003 | 1,067,801 | 1,093,003 | |
Operating Segments [Member] | EMEA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 57,752 | $ 63,835 | $ 117,247 | $ 127,018 | |
Percentage of revenues | 18.80% | 19.90% | 18.60% | 19.70% | |
Depreciation, net | $ 1,084 | $ 1,215 | $ 2,227 | $ 2,372 | |
Income (loss) from operations | 2,969 | 1,561 | 6,757 | 4,445 | |
Total assets | 1,394,836 | $ 1,444,643 | 1,394,836 | $ 1,444,643 | |
Other Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 19 | $ 36 | |||
Percentage of revenues | 0.00% | 0.00% | 0.00% | 0.00% | |
Depreciation, net | $ 318 | $ 654 | |||
Income (loss) from operations | (13,421) | $ (12,269) | (27,209) | $ (23,322) | |
Other (expense), net | (626) | (714) | (1,728) | (319) | |
Income taxes | (4,679) | (1,376) | (10,479) | (5,936) | |
Total assets | $ (1,534,068) | $ (1,591,697) | $ (1,534,068) | $ (1,591,697) |
Other Income (Expense) - Schedu
Other Income (Expense) - Schedule of Other Income (Expense) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other Income (Expense) [Abstract] | ||||
Foreign currency transaction gains (losses) | $ (90) | $ 759 | $ (1,025) | $ 631 |
Gains (losses) on foreign currency derivative instruments not designated as hedges | 67 | (1,331) | (97) | (608) |
Other miscellaneous income (expense) | (144) | 173 | 126 | 241 |
Other income (expense) | $ (167) | $ (399) | $ (996) | $ 264 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2008 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Related Party Transactions [Abstract] | |||||
Duration of lease | 20 years | ||||
Payment to landlord under the lease terms | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Qelp B.V. [Member] | Jul. 02, 2015USD ($)Installments | Jun. 30, 2015 | Jul. 02, 2015EUR (€) |
Subsequent Event [Line Items] | |||
Contingent consideration description | The contingent purchase price, which in total will not exceed EUR 10.0 million (U.S. Dollar equivalent of $11.1 million as of July 2, 2015), is based on achieving targets tied to revenues and EBITDA for the years ended December 31, 2016, 2017 and 2018, as defined by the Purchase Agreement. | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Consideration by cash | $ 9,900,000 | ||
Funds placed in escrow as security for indemnifications | 900,000 | ||
Maximum amount of contingent consideration | $ 11,100,000 | € 10,000,000 | |
Number of installments for payment of contingent consideration | Installments | 3 |
Uncategorized Items - syke-2015
Label | Element | Value |
Fourth Quarter Two Thousand Eleven Exit Plan [Member] | Americas [Member] | ||
Restructuring Reserve | us-gaap_RestructuringReserve | $ 255 |
Restructuring Reserve | us-gaap_RestructuringReserve | 312 |
Third Quarter Two Thousand Ten Exit Plan [Member] | Americas [Member] | ||
Restructuring Reserve | us-gaap_RestructuringReserve | 1,246 |
Restructuring Reserve | us-gaap_RestructuringReserve | $ 895 |