Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 10, 2014 | Jun. 28, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Entity Registrant Name | 'NAVIGANT CONSULTING INC | ' | ' |
Entity Central Index Key | '0001019737 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 49,074,534 | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Public Float | ' | ' | $590.90 |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Trading Symbol | 'nci | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $1,968 | $1,052 |
Accounts receivable, net | 167,066 | 198,709 |
Prepaid expenses and other current assets | 24,554 | 25,054 |
Deferred income tax assets | 17,314 | 17,821 |
Total current assets | 210,902 | 242,636 |
Property and equipment, net | 44,338 | 45,342 |
Intangible assets, net | 10,778 | 16,123 |
Goodwill | 615,343 | 619,932 |
Other Assets | 22,836 | 30,417 |
Total assets | 904,197 | 954,450 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 13,415 | 18,042 |
Accrued liabilities | 12,691 | 11,557 |
Accrued compensation-related costs | 78,610 | 84,813 |
Income tax payable | 1,137 | 7,129 |
Other current liabilities | 32,009 | 35,754 |
Total current liabilities | 137,862 | 157,295 |
Non-current liabilities: | ' | ' |
Deferred income tax liabilities | 86,571 | 67,623 |
Other non-current liabilities | 26,016 | 35,606 |
Bank debt - non-current | 56,673 | 134,183 |
Total non-current liabilities | 169,260 | 237,412 |
Total liabilities | 307,122 | 394,707 |
Stockholders' equity: | ' | ' |
Common stock | 63 | 62 |
Additional paid-in capital | 598,724 | 582,363 |
Treasury stock | -247,106 | -216,500 |
Retained earnings | 254,735 | 202,542 |
Accumulated other comprehensive loss | -9,341 | -8,724 |
Stockholders' equity | 597,075 | 559,743 |
Total liabilities and stockholders' equity | $904,197 | $954,450 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Paranthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Common Stock Shares Issued | 62,802 | 62,104 |
Common Stock, Shares Authorized | 150,000 | ' |
Common Stock, Par or Stated Value Per Share | $0.00 | ' |
Treasury Stock, Shares | 13,770 | 11,587 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Income [Abstract] | ' | ' | ' |
Revenues before reimbursements | $734,433 | $722,190 | $671,289 |
Reimbursements | 101,152 | 96,007 | 83,425 |
Total revenues | 835,585 | 818,197 | 754,714 |
Cost of services before reimbursable expenses | 487,967 | 476,344 | 449,417 |
Reimbursable expenses | 101,152 | 96,007 | 83,425 |
Total costs of services | 589,119 | 572,351 | 532,842 |
General and administrative expenses | 127,079 | 141,195 | 130,430 |
Depreciation expense | 16,180 | 14,986 | 13,303 |
Amortization expense | 6,826 | 6,767 | 8,658 |
Gain on disposition of assets | -1,715 | ' | ' |
Office consolidation | 348 | 580 | ' |
Contingent acquisition liability adjustment | -5,399 | 1,065 | ' |
Operating income | 103,147 | 81,253 | 69,481 |
Interest expense | 4,433 | 5,453 | 7,292 |
Interest income | -463 | -872 | -1,447 |
Other expense (income), net | 175 | -78 | -279 |
Income from continuing operations before income tax expense | 99,002 | 76,750 | 63,915 |
Income tax expense | 43,890 | 32,518 | 27,770 |
Net income from continuing operations | 55,112 | 44,232 | 36,145 |
(Loss) income from discontinued operations, net of tax | -2,919 | 1,937 | 4,985 |
Net income | 52,193 | 46,169 | 41,130 |
Income (Loss) from Continuing Operations, Per Basic Share | $1.11 | $0.87 | $0.71 |
(Loss) income from discontinued operations, net of tax per basic share | ($0.06) | $0.04 | $0.10 |
Basic net income per share | $1.05 | $0.91 | $0.81 |
Shares used in computing net income per basic share | 49,771 | 50,894 | 50,820 |
Income (Loss) from Continuing Operations, net of tax per diluted share | $1.08 | $0.86 | $0.70 |
(Loss) Income from Discontnued operations, net of tax, per diluted share | ($0.06) | $0.04 | $0.10 |
Diluted net income per share | $1.02 | $0.90 | $0.80 |
Shares used in computing net income per diluted share | 50,951 | 51,572 | 51,371 |
Other comprehensive income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Net income | 52,193 | 46,169 | 41,130 |
Unrealized net gail (loss), foreign currency translation | -711 | 4,088 | -750 |
Unrealized net gain on interest rate derivatives, net of income taxes | -39 | -339 | -159 |
Reclassification adjustment on interest rate derivatives included in net income | 133 | 308 | 763 |
Other Comprehensive Income (Loss), Net of Tax, Total | -617 | 4,057 | -146 |
Total comprehensive income, net of tax | $51,576 | $50,226 | $40,984 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data | ||||||
Stockholders' equity at Dec. 31, 2010 | $61 | $564,214 | ($206,162) | ($12,635) | $115,243 | $460,721 |
Shares, Issued, Beginning Balance at Dec. 31, 2010 | 60,606,000 | ' | -10,469,000 | ' | ' | ' |
Comprehensive income (loss) | ' | ' | ' | ' | ' | -146 |
Comprehensive Income | ' | ' | ' | -146 | 41,130 | 40,984 |
Issuance of common stock related to business combinations | ' | -5,630 | 11,642 | ' | ' | 6,012 |
Issuance of common stock related to business combinations, shares | ' | ' | ' | ' | ' | 591,320 |
Other issuances of common stock | ' | 1,534 | 331 | ' | ' | 1,865 |
Number of Shares, Stock options, Exercised | 261,000 | ' | 17,000 | ' | ' | ' |
Tax benefits (deficits) on stock options exercised and restricted stock vested | ' | -943 | ' | ' | ' | -943 |
Vesting of restricted stock, net of forfeitures and tax withholdings | ' | -340 | -855 | ' | ' | -1,195 |
Vesting of restricted stock, net of forfeitures and tax withholdings, shares | 365,000 | ' | -43,000 | ' | ' | ' |
Share-based compensation expense | ' | 8,792 | ' | ' | ' | 8,792 |
Repurchases of common stock | ' | ' | -2,558 | ' | ' | -2,558 |
Repurchases of common stock, shares | ' | ' | -234,300 | ' | ' | ' |
Stockholders' equity at Dec. 31, 2011 | 61 | 567,627 | -197,602 | -12,781 | 156,373 | 513,678 |
Shares, Issued, Ending Balance at Dec. 31, 2011 | 61,232,000 | ' | -10,138,000 | ' | ' | ' |
Comprehensive income (loss) | ' | ' | ' | ' | ' | 4,057 |
Comprehensive Income | ' | ' | ' | 4,057 | 46,169 | 50,226 |
Issuance of common stock related to business combinations | ' | ' | 2,551 | ' | ' | 2,600 |
Issuance of common stock related to business combinations, shares | ' | ' | ' | ' | ' | 288,884 |
Other issuances of common stock | 1 | 3,001 | 281 | ' | ' | 3,283 |
Number of Shares, Stock options, Exercised | 385,000 | ' | 14,000 | ' | ' | ' |
Tax benefits (deficits) on stock options exercised and restricted stock vested | ' | -99 | ' | ' | ' | -99 |
Vesting of restricted stock, net of forfeitures and tax withholdings | ' | 503 | -2,306 | ' | ' | -1,803 |
Vesting of restricted stock, net of forfeitures and tax withholdings, shares | 458,000 | ' | -121,000 | ' | ' | ' |
Share-based compensation expense | ' | 10,581 | -554 | ' | ' | 10,027 |
Share-based compensation expense adjustment | 29,000 | ' | -29,000 | ' | ' | ' |
Additional paid-in capital recorded through compensation-related costs | ' | 750 | ' | ' | ' | 750 |
Repurchases of common stock | ' | ' | -18,870 | ' | ' | -18,870 |
Repurchases of common stock, shares | ' | ' | -1,601,906 | ' | ' | ' |
Stockholders' equity at Dec. 31, 2012 | 62 | 582,363 | -216,500 | -8,724 | 202,542 | 559,743 |
Shares, Issued, Ending Balance at Dec. 31, 2012 | 62,104,000 | ' | -11,587,000 | ' | ' | ' |
Comprehensive income (loss) | ' | ' | ' | ' | ' | -617 |
Comprehensive Income | ' | ' | ' | -617 | 52,193 | 51,576 |
Other issuances of common stock | 1 | 3,049 | 94 | ' | ' | 3,144 |
Number of Shares, Stock options, Exercised | 244,000 | ' | 5,000 | ' | ' | -94,000 |
Tax benefits (deficits) on stock options exercised and restricted stock vested | ' | -438 | ' | ' | ' | -438 |
Vesting of restricted stock, net of forfeitures and tax withholdings | ' | -261 | -1,783 | ' | ' | -2,044 |
Vesting of restricted stock, net of forfeitures and tax withholdings, shares | 422,000 | ' | -97,000 | ' | ' | ' |
Share-based compensation expense | ' | 11,671 | -592 | ' | ' | 11,079 |
Share-based compensation expense adjustment | 32,000 | ' | -32,000 | ' | ' | ' |
Additional paid-in capital recorded through compensation-related costs | ' | 2,340 | ' | ' | ' | 2,340 |
Repurchases of common stock | ' | ' | -28,325 | ' | ' | -28,325 |
Repurchases of common stock, shares | ' | ' | -2,059,220 | ' | ' | ' |
Stockholders' equity at Dec. 31, 2013 | $63 | $598,724 | ($247,106) | ($9,341) | $254,735 | $597,075 |
Shares, Issued, Ending Balance at Dec. 31, 2013 | 62,802,000 | ' | -13,770,000 | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $52,193 | $46,169 | $41,130 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' | ' |
Depreciation expense | 16,180 | 14,986 | 13,303 |
Office consolidation - accelerated depreciation | 498 | ' | ' |
Amortization expense | 6,826 | 6,767 | 8,658 |
Amortization expense - external use software | 459 | ' | ' |
Share-based compensation expense | 11,079 | 10,027 | 8,792 |
Accretion of interest expense | 942 | 630 | 836 |
Deferred income taxes | 18,421 | 11,123 | 11,264 |
Allowance for doubtful accounts receivable | -107 | 6,329 | 6,910 |
Gain on disposition of assets | -1,715 | ' | ' |
Loss on disposition of discontinued operations | 3,675 | ' | ' |
Contingent acquisition liability adjustment | -5,399 | 1,065 | ' |
Changes in assets and liabilities (net of acquisitions): | ' | ' | ' |
Accounts receivable | 19,604 | -22,821 | -5,817 |
Prepaid expenses and other assets | 12,260 | -2,668 | 208 |
Accounts payable | -4,623 | 1,754 | 5,353 |
Accrued liabilities | -382 | 2,879 | 491 |
Accrued compensation-related costs | -3,470 | -10,794 | 22,720 |
Income tax payable | -6,386 | 4,385 | 1,705 |
Other liabilities | -286 | 6,131 | -4,186 |
Net cash used in operating activities | 119,769 | 75,962 | 111,367 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of property and equipment | -14,217 | -20,052 | -10,375 |
Proceeds from disposition, net of selling costs | 16,973 | ' | ' |
Acquisitions of businesses, net of cash acquired | -2,989 | -27,479 | -9,246 |
Payments of acquisition liabilities | -6,866 | -4,856 | -14,967 |
Capitalized external use software | -3,285 | -1,934 | ' |
Other, net | ' | -300 | -225 |
Net cash used in (provided by) investing activities | -10,384 | -54,621 | -34,813 |
Cash flows from financing activities: | ' | ' | ' |
Issuances of common stock | 3,144 | 3,283 | 1,865 |
Repurchases of common stock | -28,325 | -18,870 | -2,558 |
Payments of contingent acquisition liabilities | -3,287 | -8,580 | ' |
Payment Upon Termination Of Credit Agreement | ' | ' | -250,613 |
Proceeds from new credit agreement | ' | ' | 250,613 |
Repayments to banks | -382,045 | -347,877 | -284,456 |
Borrowings from banks | 304,499 | 349,729 | 218,078 |
Payments of term loan | ' | ' | -4,599 |
Payments of debt issuance costs | -731 | ' | -2,814 |
Other, net | -1,692 | -1,071 | -907 |
Net cash provided by (used in) financing activities | -108,437 | -23,386 | -75,391 |
Effect of exchange rate changes on cash and cash equivalents | -32 | 128 | -175 |
Net increase (decrease) in cash and cash equivalents | 916 | -1,917 | 988 |
Cash and cash equivalents at beginning of the period | 1,052 | 2,969 | 1,981 |
Cash and cash equivalents at end of the period | 1,968 | 1,052 | 2,969 |
Interest paid | 2,912 | 4,149 | 5,818 |
Income taxes paid, net of refunds | $30,782 | $15,935 | $15,501 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Basis of Presentation [Abstract] | ' |
Description of business and basis of presentation | ' |
1.DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | |
Navigant Consulting, Inc. (“we,” “us,” or “our”) is an independent specialty consulting firm that combines deep industry knowledge with technical expertise to enable companies to create and protect value in the face of complex and critical business risks and opportunities. Our professional service offerings include dispute, investigative, economic, operational, risk management and financial and regulatory advisory solutions. We provide our services to companies, legal counsel and governmental agencies facing the challenges of uncertainty, risk, distress and significant change. We provide services to and focus on industries undergoing substantial regulatory or structural change and highly technical, complex and legal issues affecting our clients that result from these transformations. Our business is organized in four reporting segments — Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy, which were realigned during the second quarter of 2012. | |
We do not believe that any material subsequent events occurred during this period that requires disclosure in the notes to the consolidated financial statements. | |
We are headquartered in Chicago, Illinois and have offices in various cities within the United States, as well as offices in the United Kingdom, Canada, China, and United Arab Emirates and other countries outside the U.S. Our non-U.S. subsidiaries, in the aggregate, represented approximately 7%, 8% and 9% of our total revenues in 2013, 2012 and 2011, respectively. | |
Discontinued Operations | |
On July 8, 2013, we sold the United Kingdom financial services advisory business within our Financial, Risk & Compliance segment (see Note 4 – Dispositions and Discontinued Operations). As a result of the sale, all significant cash flows from this business were eliminated, and we have no continuing involvement in the operations of this business. In accordance with FASB ASC Topic 205 “Presentation of Financial Statements” (ASC Topic 205) and to allow for meaningful comparison of our continuing operations, the operating results of this business are reported as “discontinued operations.” All other operations are considered “continuing operations.” Amounts previously reported in the consolidated statements of comprehensive income have been reclassified to conform to this presentation. Amounts associated with the discontinued operations included in the consolidated balance sheet as of December 31, 2012 are not considered to be material. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | ' |
2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Principles of Consolidation | |
The consolidated financial statements include our accounts and those of our subsidiaries. All significant intercompany transactions have been eliminated in consolidation. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes. Actual results could differ from those estimates and may affect future results of operations and cash flows. Examples include: determination of the allowance for doubtful accounts, accruals for incentive compensation, the fair value of acquisition-related contingent consideration, revenue-related percentage of completion estimates, the measurement of deferred tax assets, estimating future performance for recording expense associated with our performance based long-term incentive plan, and the assessment of recoverability of intangible assets and goodwill. We base our estimates on historical trends, current experience and other assumptions that we believe are reasonable. | |
Cash and Cash Equivalents | |
Cash equivalents are comprised of liquid instruments with original maturity dates of 90 days or less. | |
Fair Value of Financial Instruments | |
We consider the recorded value of our financial assets and liabilities, which consist primarily of cash and cash equivalents, accounts receivable, and accounts payable, to approximate the fair value of the respective assets and liabilities at December 31, 2013 and 2012 based upon the short-term nature of the assets and liabilities. In addition, the fair value of our bank debt considers counterparty credit risk and as of December 31, 2013, approximated carrying value as it bears interest at variable rates. As noted below, we maintain interest rate derivatives which are recorded at fair value (see Note 16 — Fair Value). | |
Accounts Receivable Realization | |
We maintain allowances for doubtful accounts for estimated losses resulting from our clients’ inability to make required cash payments of amounts due to us or for disputes that affect our ability to fully collect our billed accounts receivable or for potential fee reductions negotiated by clients. Our estimation is based on historical collection and our review and assessment of our clients’ likelihood to make required cash payments of amounts due to us. Estimated losses may vary from actual results. If our clients’ financial condition were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. If the collectability of billed amounts is not assured, an allowance is recorded to general and administrative expense. If the collectability of unbilled amounts is not assured or certain pricing adjustments are made, an allowance is recorded as a reduction to revenue. | |
Property and Equipment, Net | |
We record property and equipment at cost. We compute depreciation using the straight-line method based on the estimated useful lives of the assets, ranging from three to seven years for software, furniture, fixtures and equipment. We compute amortization of leasehold improvements over the shorter of the remaining lease term or the estimated useful life of the asset. The lease term of our leaseholds expire at various dates through 2022. During the years ended December 31, 2013, 2012 and 2011, we capitalized compensation costs related to internally developed software for internal use of $0.9 million, $0.9 million and $0.5 million, respectively. We capitalize internally developed software costs during the development stage. | |
Capitalized Software Utilized in Service Delivery | |
Prepaid expenses and other assets also include investments in capitalized external use software which is utilized to deliver services to or licensed to our clients. These amounts are amortized into cost of services before reimbursable expenses over their estimated remaining useful life. | |
Operating Leases | |
We lease office space under operating leases. Some of the lease agreements contain one or more of the following provisions or clauses: tenant allowances, rent holidays, lease premiums, and rent escalation clauses. For the purpose of recognizing these provisions on a straight-line basis over the terms of the leases, we use the date of initial possession to begin amortization, which is generally when we enter the space and begin to make improvements in preparation of intended use. | |
For tenant allowances and rent holidays, we record a deferred rent liability and amortize the deferred rent over the terms of the leases as reductions to rent expense. For scheduled rent escalation clauses during the lease term or for rental payments commencing at a date other than the date of initial occupancy, we record minimum rental expenses on a straight-line basis over the terms of the leases. | |
In addition, some of our operating leases contain exit clauses, which include termination fees associated with exiting a lease prior to the expiration of the lease term. We record termination obligations when we give notice to the landlord that we have elected to exercise the early termination clause of such agreement. | |
Notes Receivable, Prepaid Sign-on and Retention Bonuses | |
We grant and pay sign-on and retention bonuses to attract and retain certain senior-level consultants and administrative personnel. Generally, we require grantees to sign incentive recovery agreements, which obligate the grantees to fulfill a service term, typically between one to five years. If such service term is not fulfilled, the monetary equivalent of the uncompleted service term is required to be paid back to us. We record paid sign-on and retention bonuses to current and non-current other assets and the bonuses are amortized as compensation expense over the service period as defined by the incentive recovery agreements. Certain sign-on and retention bonuses of relatively low amounts are expensed to compensation expense when paid. | |
We also issue notes receivable in the form of unsecured employee loans with terms that are generally three to five years. These loans are issued to recruit and retain certain senior-level consultants. The principal amount and accrued interest is either paid by the consultant or forgiven by us over the terms of the loans, so long as the consultant continues employment and complies with certain contractual requirements. The expense associated with the forgiveness of the principal amount of the loans and accrued interest is recorded as compensation expense over the service period, which is consistent with the term of the loans. The accrued interest is calculated based on the loan’s effective interest rate and is recorded as interest income. | |
Goodwill and Intangible Assets | |
Goodwill represents the difference between the purchase price of the acquired business and the related fair value of the net assets acquired, which is accounted for by the acquisition method of accounting. Intangible assets consist of identifiable intangibles other than goodwill. Identifiable intangible assets, other than goodwill, include customer lists and relationships, employee non-compete agreements, backlog revenue and trade names. These assets are subject to changes in events or circumstances that could impact their carrying value. | |
Goodwill is tested for impairment annually during the second quarter. In addition to our annual goodwill test, on a periodic basis, we are required to consider whether it is more likely than not that the fair value has fallen below the carrying amount of an asset and thus requiring us to perform an interim goodwill impairment test. We consider elements and other factors including, but not limited to: | |
•adverse changes in the business climate in which we operate; | |
•attrition of key personnel; | |
•unanticipated competition; | |
•our market capitalization in excess of our book value; | |
•our recent operating performance; and/or | |
•our financial projections. | |
The goodwill impairment test is performed at a reporting unit level. A reporting unit, as defined by Accounting Standard Codification (ASC) 350, is an operating segment of a business or one level below an operating segment if discrete financial information is available and regularly reviewed by segment management. At December 31, 2013, we had four operating segments which were also considered to be our reporting units, as follows: Disputes, Investigations & Economics, Financial, Risk & Compliance, Healthcare and Energy. | |
On January 1, 2012, we adopted the principles prescribed in Financial Accounting Standards Board Accounting Standards Update (ASU) No. 2011-08, “Intangibles — Goodwill and Other (Topic 350): Testing Goodwill for Impairment” (“ASU Topic 350”) which permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying a two-step goodwill impairment test. This step is referred to as “step zero.” If an entity concludes that it is not likely that the fair value of the reporting unit is less than its carrying amount, it would not be required to perform a two-step impairment test for that reporting unit. The guidance lists certain factors to consider when making the qualitative assessment. In the event that the conclusion requires the two-step test, the first step compares the fair value of a reporting unit to its carrying value. The fair value is determined using a discounted cash flow analysis (income approach) and a comparable company analysis (market approach). The second step is performed only if the carrying value exceeds the fair value determined in step one. | |
We determine the fair value of a reporting unit by using an equal weighting of estimated fair value using the income and market approaches. The income approach uses estimated future cash flows and terminal values. Assumptions used to determine future cash flows include: forecasted growth rates; profit margins; longer-term historical performance and cost of capital. Our assumptions are consistent with our internal projections and operating plans. Our internal projections and operating plans and thus our estimated fair value may be impacted by the overall economic environment. Our assumptions may change as a result of, among other things: changes in our estimated business future growth rate; profit margin; long-term outlook; market valuations of comparable companies; the ability to retain key personnel; changes in operating segments; competitive environment and weighted average cost of capital. Under the market approach for determining fair value, we adopt certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk or the risks inherent in the inputs to the valuation. Inputs to the valuation can be readily observable, market-corroborated or unobservable. Wherever possible, we use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs; however, due to the use of our own assumptions about the inputs in measuring fair value, our goodwill impairment testing also makes use of significant unobservable inputs. The fair value of our reporting units is also impacted by our overall market capitalization and may be impacted by volatility in our stock price and assumed control premium, among other things. | |
If the carrying value exceeds the fair value determined in step one, step two is performed. Step two requires us to calculate the implied fair value of a reporting unit’s goodwill. This is accomplished by performing a hypothetical purchase price allocation for the reporting unit as of the measurement date, similar to the purchase price allocation used when purchasing a new business. We estimate the fair value of the reporting unit’s assets and liabilities and deem the residual fair value of the reporting unit as the implied fair value of the reporting unit’s goodwill. To the extent that the implied fair value of goodwill is below our carrying value, an impairment charge is recorded to reduce the carrying value to the implied fair value. The resulting impairment charge may be significantly higher than the difference between the carrying value and fair value determined in step one as a result of fair value assigned to other assets and liabilities in the hypothetical purchase price allocation completed in step two. | |
Our annual goodwill impairment test was completed in the second quarter of 2013 for each of our four reporting units. At that time, we completed the first step of the goodwill impairment test and determined that the estimated fair value of each reporting unit exceeded its net asset carrying value. Accordingly, there was no indication of impairment and the second step was not performed. | |
Intangible assets with definite lives are amortized based on the estimated period of consumption. We review these assets for impairment whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. | |
Further information regarding our goodwill balances and current year impairment testing and review can be found in Note 6 — Goodwill and Intangible Assets, Net. | |
Revenue Recognition | |
We recognize revenues when evidence of an arrangement exists, the price of work is fixed or determinable, work is performed and collectability is reasonably assured. We generate the majority of our revenues from providing services under the following types of billing arrangements: time and material, fixed-fee and transaction/event-based. | |
For our time and material billing arrangements, clients are invoiced based on the number of hours worked by our consultants at the contracted bill rates or on units of service delivered, which are reviewed on a periodic basis. Revenue is recognized as work is performed on our time and material engagements. Additionally, revenue is recognized on our units of production engagements in a similar manner based on measures such as the number of items processed at agreed-upon rates. | |
With our fixed-fee billing engagements, we are contracted to complete a pre-determined set of professional services for a pre-determined fee. However, the fee and engagement scope can be adjusted based on a mutual agreement between us and the client. In many cases, the recording of fixed revenue amounts requires us to make an estimate of the total amount of work to be performed, and revenues are then recognized as efforts are expended based on (i) objectively determinable output measures, (ii) input measures if output measures are not reliable or (iii) the straight-line method over the term of the arrangement. | |
In transaction or event-based billing arrangements, fees are tied to the completion of contractually defined requirements. In many cases, this contingent fee is earned in addition to an hourly or fixed fee, but is not recognized until certain milestones or objectives are met. We also recognize revenue from business referral fees or commissions on certain contractual outcomes. Revenue recognized by transaction or event-based billing arrangements may cause unusual variations in quarterly revenues and operating results. | |
In connection with recording revenues, estimates and assumptions are required in determining the expected conversion of the revenues to cash. We may provide multiple services under the terms of an arrangement and are required to assess whether one or more units of accounting are present. | |
Reimbursable expenses for our engagements include travel, out-of-pocket and independent contractor costs. Such expenses are included in our revenues as applicable and are passed through to other cost of services. Typically, reimbursable expenses are recognized as revenue during the period in which the expense is incurred. | |
Revenues recognized for services performed but not yet billed are recorded as unbilled receivables on our consolidated balance sheet. Advance payments and retainers are recorded as deferred revenue and are recognized as services are provided. Any taxes assessed on revenues relating to services provided to our clients are recorded on a net basis. | |
Legal | |
We record legal expenses as incurred. Potential exposures related to unfavorable outcomes of legal matters are accrued for when they become probable and reasonably estimable. | |
Share-Based Compensation | |
We recognize the cost resulting from all share-based compensation arrangements, including stock options, restricted stock and restricted stock units that we grant under our long-term incentive plans in our consolidated financial statements based on their grant date fair value. The expense is recognized over the requisite service period or performance period of the award. Awards with a graded vesting period based on service are expensed on a straight-line basis for the entire award. Awards with performance-based vesting requiring the achievement of a specific financial performance goal at the end of the performance period and required service period are recognized over the performance period Each reporting period, we reassess the probability of achieving the respective performance goal. If the goals are not expected to be met, no compensation cost is recognized and any previously recognized amount recorded is reversed. If the award contains market-based vesting conditions, the compensation cost is based on the grant date fair value and expected achievement of market condition and is not subsequently reversed if it is later determined that the condition is not likely to be met or are expected to be lower than initial expectations. | |
Stock options grant date fair value is based on the Black-Scholes pricing model. The Black-Scholes-Merton option-pricing model requires judgmental assumptions including volatility and expected term, both based on historical experience. The risk-free interest rate is based on U.S. Treasury interest rates whose term is consistent with the expected term of the option. | |
Restricted stock and restricted stock unit fair value is based on the closing price of the underlying stock on the date of the grant. | |
At the time of the grant, we make an estimation of expected forfeitures based upon past experience. Compensation expense is recorded only for those awards expected to vest. Our forfeiture rate is reviewed periodically and may change from year to year. | |
Income Taxes | |
We account for income taxes in accordance with FASB ASC Topic 740, “Income Taxes”. Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. We are subject to income taxes in the United States and a number of foreign jurisdictions. Significant judgments and estimates are required in determining the consolidated income tax expense. | |
Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. When appropriate, we evaluate the need for a valuation allowance to reduce deferred tax assets. The evaluation of the need for a valuation allowance requires management judgment and could impact our financial results and effective tax rate. We record interest and penalties as a component of our income tax provision. Such amounts were not material during any of the years ended December 31, 2013, 2012 or 2011. | |
Treasury Stock | |
We account for treasury stock transactions at cost and for the reissuance of treasury stock using the average cost method. | |
Foreign Currency Translation | |
The balance sheets of our foreign subsidiaries are translated into United States dollars using the period-end exchange rates, and revenues and expenses are translated using the average exchange rates for each period. The resulting translation gains or losses are recorded in stockholders’ equity as a component of accumulated other comprehensive income. Gains and losses resulting from foreign exchange transactions are recorded in the consolidated statements of comprehensive income. Such amounts were $0.4 million and $0.1 million losses for the years ended December 31, 2013 and 2012, respectively, and a $0.3 million gain for the year ended December 31, 2011. | |
Interest Rate Derivatives | |
We maintain interest rate swaps that are designated as cash flow hedges to manage the market risk from changes in interest rates on a portion of our variable rate loans. We recognize derivative instruments which are cash flow hedges as assets or liabilities at fair value, with the related gain or loss reflected within stockholders’ equity as a component of accumulated other comprehensive income. Such instruments are recorded at fair value at each reporting date on a recurring basis. Changes in fair value as calculated are recorded in other comprehensive income (see Note 11 — Derivatives and Hedging Activity) only to the extent of effectiveness. Any ineffectiveness on the instruments would be recognized in the consolidated statements of comprehensive income. The differentials to be received or paid under the instruments are recognized in earnings over the life of the contract as adjustments to interest expense. During the years ended December 31, 2013, 2012 and 2011, we recorded no gain or loss due to ineffectiveness and recorded $0.2 million, $0.5 million and $1.3 million, respectively, in interest expense associated with differentials paid under the instrument. Based on the net fair value of our interest rate swaps at December 31, 2013, we expect no material expense related to these instruments in the year ending December 31, 2014. | |
Accounting for Business Combinations | |
We use the acquisition method of accounting under the authoritative guidance on business combinations. Each acquired company’s operating results are included in our consolidated financial statements starting on the date of acquisition. The purchase price is equivalent to the fair value of consideration transferred. Tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition are recorded at fair value as of the acquisition date. Goodwill is recognized for the excess of purchase price over the net fair value of assets acquired and liabilities assumed. Contingent consideration, which is primarily based on the business achieving certain performance targets, is recognized at its fair value on the acquisition date, and changes in fair value are recognized in earnings until settled. For the years ended December 31, 2013, 2012 and 2011, we recorded $5.4 million of operating benefit, $1.1 million of operating costs and zero, respectively, for these fair value adjustments. The fair value of the contingent consideration is based on our estimations of future performance of the business and is determined based on Level 3 observable inputs. Further information regarding our contingent acquisition liability balances can be found in Note 16 — Fair Value. | |
Impairment of Long-Lived Assets | |
We review long-lived assets such as property and equipment and definite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans such as a disposition, or changes in anticipated future cash flows. If an impairment indicator is present, we evaluate recoverability of assets to be held and used by a comparison of the carrying value of the assets to future undiscounted net cash flows expected to be generated by the assets. We group assets at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the total of the expected undiscounted future cash flows is less than the carrying amount of the asset group, we estimate the fair value of the asset group to determine whether an impairment loss should be recognized. An impairment loss is recognized for the difference between the fair value and carrying value of the asset group. | |
Comprehensive Income | |
Comprehensive income consists of net income, unrealized foreign currency translation adjustments and unrealized net loss and/or gain on interest rate derivatives. | |
Discontinued operations | |
The results of operations for business components meeting the criteria for discontinued operations are presented as such in our consolidated statements of income. For periods prior to the designation as discontinued operations, we reclassify the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the disposal is presented as discontinued operations when recognized. The change in presentation for discontinued operations does not have any impact on our financial condition or results of operations. We combine the cash flows and assets and liabilities attributable to discontinued operations with the respective cash flows and assets and liabilities from continuing operations to the extent that they are immaterial. On July 8, 2013, we sold the United Kingdom financial services advisory business within our Financial, Risk & Compliance segment. All significant cash flows from this business were eliminated as a result of the sale, and we have no continuing involvement in the operations of this business, and as such, the results of operations for this business have been reclassified and presented as discontinued operations for all periods presented. See Note 4 – Dispositions and Discontinued Operations for further information. | |
Acquisitions
Acquisitions | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Acquisitions [Abstract] | ' | |||||
Acquistions | ' | |||||
3.ACQUISITIONS | ||||||
2013 Acquisition | ||||||
On July 1, 2013, we acquired the assets of The Anson Group, LLC for an aggregate purchase price of $5.0 million, of which $3.0 million was paid in cash at closing and $2.0 million in deferred cash payments is payable in three equal installments on each of the first, second and third anniversaries of closing. Anson can also earn up to $3.0 million of additional payments based on the business achieving certain performance targets over a three-year period following the closing. We estimated the fair value of the contingent consideration on the date of closing to be $1.0 million. As part of the purchase price allocation, we recorded $0.1 million in property and equipment, $1.6 million in intangible assets and $4.3 million in goodwill. The acquired business was integrated into our Disputes, Investigations & Economics segment. The purchase price paid in cash at closing was funded with borrowings under our credit facility. | ||||||
2012 Acquisitions | ||||||
On December 3, 2012, we acquired the assets of PFEC LLC (doing business as AFE Consulting) (AFE) to expand our economics consulting business. AFE provides expert and advisory services to clients with legal, business and other analytical challenges. This acquisition included 30 professionals and was integrated into our Disputes, Investigations & Economics segment. We paid $15.0 million in cash at closing, issued $2.5 million in common stock at closing, and have settled $2.5 million of the $5.0 million in deferred cash payments payable evenly on the first and second anniversaries of closing. The common stock issued at closing has a two-year restriction on sale or transfer. We considered the transfer restrictions on the common stock and estimated the fair value of the stock to be $2.2 million. AFE can also earn up to $10.0 million in one additional payment based on the business achieving certain performance targets over the four calendar years following the year of closing. The additional payment is due on the fourth anniversary of closing. We estimated the fair value of the contingent consideration on the date of closing to be $4.4 million. The common stock and deferred payments were recorded at fair value, and the deferred payments were recorded in other current and non-current liabilities at net present value. During the year ended December 31, 2013, we recorded $2.2 million of other operating benefit reflecting a fair value adjustment (see Note 16 – Fair Value) to reduce the estimated contingent consideration obligation during the year ended December 31, 2013. As part of the purchase price allocation, we recorded $3.1 million in identifiable intangible assets and $23.4 million in goodwill. The purchase price paid in cash at closing was funded with borrowings under our credit facility. | ||||||
On October 2, 2012, we acquired the assets of Easton Associates, LLC to expand our life science services in our healthcare advisory business within our Healthcare segment. Easton provides product and business strategy advisory services to companies in the life sciences and pharmaceutical industries. This acquisition included 47 professionals and has been integrated into our Healthcare segment. We paid $8.0 million in cash at closing and have a $4.1 million deferred cash payment payable in three equal installments on the first, second and third anniversary of closing. We paid $1.4 million of the deferred consideration in the fourth quarter 2013. As part of the purchase price allocation, we recorded $0.1 million in property and equipment, $1.9 million in identifiable intangible assets and $9.8 million in goodwill. The purchase price paid in cash at closing was funded with borrowings under our credit facility. | ||||||
On August 24, 2012, we acquired the assets of Empath Consulting, Inc. to expand our healthcare advisory services. Empath provides hospital work flow management and process control systems. This acquisition included eight professionals and has been integrated into our Healthcare segment. We paid $0.7 million in cash at closing and $0.8 million was subsequently paid in the third quarter 2013. Empath can earn up to $4.5 million in additional payments based on the business achieving certain performance targets over the 46 month period after closing. We estimated the fair value of the contingent consideration on the date of purchase to be $3.2 million. The deferred payments were recorded as other current and non-current liabilities. During the year ended December 31, 2013, we recorded $0.9 million of other operating benefit reflecting a fair value adjustment (see Note 16 – Fair Value) to reduce the estimated contingent consideration obligation in the year ended December 31, 2013. As part of the purchase price allocation, we recorded $0.7 million in other assets, $0.1 million in identifiable intangible assets and $3.9 million in goodwill. The purchase price paid in cash at closing was funded with borrowings under our credit facility. | ||||||
On July 2, 2012, we acquired the assets of Pike Research, LLC to expand our energy advisory services. Pike Research is a market intelligence firm that provides in-depth analysis of global clean energy and smart technology markets. This acquisition included 33 professionals and has been integrated into our Energy segment. We paid $1.9 million in cash at closing and $0.7 million was subsequently paid during the three months ended September 30, 2013. Pike Research can earn up to $4.0 million of additional payments based on the business achieving certain performance targets over the three-year period after closing. We estimated the fair value of the contingent consideration on the date of purchase to be $2.5 million. The deferred payments were recorded as other current and non-current liabilities. During the year ended December 31, 2013, we recorded $2.3 million of other operating benefit reflecting a fair value adjustment (see Note 16 – Fair Value) to reduce the estimated contingent consideration obligation during the year ended December 31, 2013. As part of the purchase price allocation, we recorded $0.4 million in current assets, $0.7 million in liabilities, $0.1 million in identifiable intangible assets and $5.3 million in goodwill. The purchase price paid in cash at closing was funded with borrowings under our credit facility. | ||||||
Also, in November 2012, we acquired one small business, for a purchase price of $4.2 million, of which $2.6 million was paid in cash at closing. The acquired business was integrated into our Disputes, Investigations & Economics segment. | ||||||
2011 Acquisitions | ||||||
On July 15, 2011, we acquired the assets of Ignited Solutions, LLC to expand our technology advisory solutions services. Ignited was a discovery services consulting group specializing in electronic discovery data collection, data processing and data hosting. This acquisition included 27 professionals and has been integrated into our Disputes, Investigations & Economics segment. We paid $6.3 million in cash at closing, and Ignited could earn up to $3.0 million of additional payments based on the business achieving certain performance targets over the 30 months after closing. We estimated the fair value of the contingent consideration on the date of purchase to be $2.6 million. The liability was recorded as other current and non-current liabilities. During the year ended December 31, 2012, we paid $1.0 million of the contingent consideration and recorded $0.4 million of other operating costs reflecting a fair value adjustment (see Note 16 – Fair Value) of the contingent consideration. During the first quarter 2013, we paid the remaining $2.0 million contingent consideration. As part of the purchase price allocation, we recorded $1.2 million in accounts receivable, $0.5 million in property and equipment, $1.5 million in identifiable intangible assets and $5.8 million in goodwill. The purchase price paid in cash at closing was funded with borrowings under our credit facility. | ||||||
Also, during 2011, we acquired two small businesses, one in May 2011 and one in October 2011, for an aggregate purchase price of $4.6 million, of which $2.9 million was paid in cash at closing. One of the acquired businesses was integrated into our Disputes, Investigations & Economics segment and the other was integrated into our Healthcare segment. | ||||||
Pro Forma Information | ||||||
The following supplemental pro forma financial information was prepared as if the 2013 and 2012 acquisitions noted above had occurred as of January 1, 2012. The following table was prepared for comparative purposes only and does not purport to be indicative of what would have occurred had the acquisitions been made at that time or of results which may occur in the future (in thousands, except per share data). | ||||||
For the Year Ended December 31, | ||||||
2013 | 2012 | |||||
Total revenues | $ | 840,083 | $ | 862,915 | ||
Income from continuing operations | $ | 55,758 | $ | 50,116 | ||
Basic net income from continuing operations per basic share | $ | 1.12 | $ | 0.98 | ||
Shares used in computing net income per basic share | 49,771 | 51,182 | ||||
Diluted net income from continuing operations per diluted share | $ | 1.09 | $ | 0.97 | ||
Shares used in computing net income per diluted share | 50,951 | 51,860 | ||||
Dispositions_and_Discontinued_
Dispositions and Discontinued Operations | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||
Dispositions and Discontinued Operations | ' | ||||||||
4.DISPOSITIONS AND DISCONTINUED OPERATIONS | |||||||||
On July 8, 2013, we sold the United Kingdom financial services advisory business within our Financial, Risk & Compliance segment. The transaction included the transition of 45 employees to the purchaser. We received $1.4 million in cash, net of selling costs and a holdback for post-closing working capital adjustments. The sale agreement also allowed for contingent deferred proceeds of $2.5 million due to us on the 13th month anniversary after closing based on the achievement of certain performance targets. At the date of closing, we estimated the contingent deferred proceeds to be zero. As part of the transaction, we recorded a $3.7 million loss which has been included in (loss) income from discontinued operations, net of tax which reflected a reduction of $1.5 million in goodwill and $4.3 million in net assets. All significant cash flows from this business were eliminated as a result of the sale and we have no continuing involvement in the operations of this business. No tax benefit was recorded in connection with the sale as it was a non-taxable transaction. | |||||||||
The operating results of the United Kingdom financial services advisory business are reported in accordance with ASC Topic 205 as “discontinued operations.” All other operations are considered “continuing operations.” Summarized operating results of the discontinued operations are presented in the following table (in thousands): | |||||||||
For the year ended | |||||||||
December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Revenues before reimbursements | $ | 6,904 | $ | 21,193 | $ | 24,425 | |||
Total revenues | $ | 9,035 | $ | 26,444 | $ | 29,970 | |||
(Loss) income from discontinued operations before income tax expense | $ | -2,680 | $ | 2,605 | $ | 6,812 | |||
Income tax expense from discontinued operations | $ | 239 | $ | 668 | $ | 1,827 | |||
(Loss) income from discontinued operations, net of tax | $ | -2,919 | $ | 1,937 | $ | 4,985 | |||
On January 31, 2013, we sold a portion of the economics business within our Disputes, Investigations & Economics segment. This disposition facilitated the transition of four experts and certain engagements and approximately 40 other employees to the purchaser. We received $15.6 million in cash, net of selling costs, for the sale. As part of the transaction, we recorded a $1.7 million gain in other operating benefit, which reflected a reduction of $7.4 million in goodwill and $6.5 million in working capital. The economics business remains a continuing operation and, as such, this transaction did not qualify as discontinued operations. | |||||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Segment Information [Abstract] | ' | |||||||||||||
Segment Information | ' | |||||||||||||
5.SEGMENT INFORMATION | ||||||||||||||
During the year ended December 31, 2012, we realigned our business segments. For further information regarding the realignment, see Item 1. Business included within this report. | ||||||||||||||
Our business is assessed and resources are allocated based on the following four reportable segments: | ||||||||||||||
•The Disputes, Investigations & Economics segment provides accounting, financial and economic analysis, as well as discovery support, data management and analytics, on a wide range of legal and business issues including disputes, investigations and regulatory matters. The clients of this segment are principally companies, along with their in-house counsel and law firms, as well as accounting firms, corporate boards and government agencies. | ||||||||||||||
•The Financial, Risk & Compliance segment provides strategic, operational, valuation, risk management, investigative and compliance consulting to clients in the highly regulated financial services industry, including major financial and insurance institutions. This segment also provides anti-corruption solutions, anti-money laundering, valuation and restructuring consulting to clients in a broad variety of industries. | ||||||||||||||
•The Healthcare segment provides strategy consulting, revenue cycle management, performance improvement, program management, physician practice management and outsourcing, and technology solutions to health systems, physician practice groups, health insurance providers, governmental agencies and life sciences companies. | ||||||||||||||
•The Energy segment provides management advisory services to existing and prospective owners of energy supply and delivery assets which allow them to evaluate, plan, develop, and enhance the value of their investments within evolving market and regulatory structures. In addition, the segment provides energy efficiency and energy related market research services. Clients include utilities, independent power producers, financial entities, law firms, regulators, governmental agencies and energy equipment providers. | ||||||||||||||
The following information includes segment revenues before reimbursements, segment total revenues and segment operating profit. Certain unallocated expense amounts related to specific reporting segments have been excluded from segment operating profit to be consistent with the information used by management to evaluate segment performance. Segment operating profit represents total revenues less cost of services excluding long-term compensation expense attributable to consultants. Long-term compensation expense attributable to consultants includes share-based compensation expense and compensation expense attributed to certain retention incentives (see Note 9 — Share-based Compensation Expense and Note 10 — Supplemental Consolidated Balance Sheet Information). During the year ended December 31, 2013, we disposed of a portion of our Financial, Risk & Compliance segment and the results of operations from the disposed business have been classified as discontinued operations. As such, the segment information reflects results of segment operations on a continuing basis (see Note 4 – Dispositions and Discontinued Operations). | ||||||||||||||
The information presented does not necessarily reflect the results of segment operations that would have occurred had the segments been stand-alone businesses. | ||||||||||||||
Information on the segment operations has been summarized as follows (in thousands): | ||||||||||||||
For the year ended | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Revenues before reimbursements: | ||||||||||||||
Disputes, Investigations & Economics | $ | 301,545 | $ | 340,036 | $ | 338,965 | ||||||||
Financial, Risk & Compliance | 155,656 | 141,421 | 112,047 | |||||||||||
Healthcare | 182,783 | 151,065 | 134,611 | |||||||||||
Energy | 94,449 | 89,668 | 85,666 | |||||||||||
Total revenues before reimbursements | $ | 734,433 | $ | 722,190 | $ | 671,289 | ||||||||
Total revenues: | ||||||||||||||
Disputes, Investigations & Economics | $ | 326,130 | $ | 364,426 | $ | 370,850 | ||||||||
Financial, Risk & Compliance | 190,116 | 177,722 | 129,693 | |||||||||||
Healthcare | 205,215 | 170,150 | 151,841 | |||||||||||
Energy | 114,124 | 105,899 | 102,330 | |||||||||||
Total revenues | $ | 835,585 | $ | 818,197 | $ | 754,714 | ||||||||
Segment operating profit: | ||||||||||||||
Disputes, Investigations & Economics | $ | 99,828 | $ | 123,288 | $ | 122,672 | ||||||||
Financial, Risk & Compliance | 62,487 | 55,926 | 38,079 | |||||||||||
Healthcare | 67,696 | 50,959 | 42,739 | |||||||||||
Energy | 31,280 | 31,721 | 32,882 | |||||||||||
Total segment operating profit | 261,291 | 261,894 | 236,372 | |||||||||||
Segment reconciliation to income from continuing operations before income tax expense: | ||||||||||||||
Unallocated: | ||||||||||||||
General and administrative expenses | 127,079 | 141,195 | 130,430 | |||||||||||
Depreciation expense | 16,180 | 14,986 | 13,303 | |||||||||||
Amortization expense | 6,826 | 6,767 | 8,658 | |||||||||||
Other operating costs (benefit), net | -6,766 | 1,645 | - | |||||||||||
Long-term compensation expense attributable to consultants (including share-based compensation expense) | 14,825 | 16,048 | 14,500 | |||||||||||
Operating income | 103,147 | 81,253 | 69,481 | |||||||||||
Interest and other expense, net | 4,145 | 4,503 | 5,566 | |||||||||||
Income from continuing operations before income tax expense | $ | 99,002 | $ | 76,750 | $ | 63,915 | ||||||||
Total assets allocated by segment include accounts receivable (net), certain retention-related prepaid assets, intangible assets and goodwill. The remaining assets are unallocated. Allocated assets by segment were as follows (in thousands): | ||||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
Disputes, Investigations & Economics | $ | 443,417 | $ | 476,640 | ||||||||||
Financial, Risk & Compliance | 89,498 | 99,269 | ||||||||||||
Healthcare | 173,066 | 175,430 | ||||||||||||
Energy | 101,851 | 102,487 | ||||||||||||
Unallocated assets | 96,365 | 100,624 | ||||||||||||
Total assets | $ | 904,197 | $ | 954,450 | ||||||||||
Geographic data | ||||||||||||||
Total revenues and assets by geographic region were as follows (shown in thousands): | ||||||||||||||
For the year ended | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Total revenue: | ||||||||||||||
United States | $ | 777,108 | $ | 754,925 | ||||||||||
United Kingdom | 44,530 | 50,446 | ||||||||||||
Other | 13,947 | 12,826 | ||||||||||||
Total | $ | 835,585 | $ | 818,197 | ||||||||||
December 31, | December 31, | |||||||||||||
Total assets: | 2013 | 2012 | ||||||||||||
United States | $ | 773,331 | $ | 809,027 | ||||||||||
United Kingdom | 100,603 | 114,149 | ||||||||||||
Other | 30,263 | 31,274 | ||||||||||||
Total | $ | 904,197 | $ | 954,450 | ||||||||||
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets, Net | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Goodwill And Intangible Assets, Net [Abstract] | ' | ||||||||||||||
Goodwill And Intangible Assets, Net | ' | ||||||||||||||
6.GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||||||||
Goodwill consisted of (in thousands): | |||||||||||||||
December 31, | December 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||
Goodwill | $ | 620,768 | $ | 625,357 | |||||||||||
Less - accumulated amortization | -5,425 | -5,425 | |||||||||||||
Goodwill, net | $ | 615,343 | $ | 619,932 | |||||||||||
On January 1, 2012, we adopted the principles prescribed in FASB ASU No. 2011-08, "Intangibles — Goodwill and Other (Topic 350): Testing Goodwill for Impairment," which provides an entity the option to first assess qualitative factors to determine whether it is necessary to perform the two-step test for goodwill impairment, including an annual goodwill impairment test. | |||||||||||||||
In the second quarter of 2012, we realigned our segments. As a result of the realignment, the composition of our reporting units changed. Our four reporting units are the same as our operating segments. In connection with the segment realignment, we re-assigned our goodwill balances using the relative fair value approach. The changes made to the January 1, 2012 goodwill balances of our reporting units, including as a result of the realignment, can be found in our Form 10-K for the year ended December 31, 2012. Changes made to our goodwill balances during the years ended December 31, 2013 and 2012 were as follows (in thousands): | |||||||||||||||
Disputes, | Financial, | ||||||||||||||
Investigations | Risk & | Total | |||||||||||||
& Economics | Compliance | Healthcare | Energy | Company | |||||||||||
Goodwill, net as of January 1, 2012 | $ | 326,458 | $ | 56,962 | $ | 115,527 | $ | 71,333 | $ | 570,280 | |||||
Acquisitions | 26,900 | - | 13,704 | 5,266 | 45,870 | ||||||||||
Adjustments | -142 | -47 | - | - | -189 | ||||||||||
Foreign currency | 3,875 | 67 | - | 29 | 3,971 | ||||||||||
Goodwill, net as of December 31, 2012 | $ | 357,091 | $ | 56,982 | $ | 129,231 | $ | 76,628 | $ | 619,932 | |||||
Acquisitions | 4,302 | - | - | - | 4,302 | ||||||||||
Adjustments | -156 | -6 | -40 | - | -202 | ||||||||||
Disposition | -7,350 | -1,519 | - | - | -8,869 | ||||||||||
Foreign currency | 334 | -127 | - | -27 | 180 | ||||||||||
Goodwill, net as of December 31, 2013 | $ | 354,221 | $ | 55,330 | $ | 129,191 | $ | 76,601 | $ | 615,343 | |||||
We performed our annual goodwill impairment test as of May 31, 2013. The key assumptions used in our annual goodwill impairment test included: internal projections completed during our most recent quarterly forecasting process; profit margin improvement generally consistent with our longer-term historical performance; revenue growth rates consistent with our longer-term historical performance also considering our near term investment plans and growth objectives; discount rates that were determined based on comparable discount rates for our peer group; company specific risk considerations; and cost of capital based on our historical experience. Each reporting unit’s estimated fair value depends on various factors including its expected ability to achieve profitable growth. Based on our assumptions, the estimated fair value of each reporting unit as of May 31, 2013 exceeded its net asset carrying value. Accordingly, there was no indication of impairment of our goodwill. | |||||||||||||||
Based on our fair value assumptions as of May 31, 2013, the excess of estimated fair value over net asset carrying value of each of our reporting units approximated 7% for Disputes, Investigations & Economics, 54% for Financial, Risk & Compliance, 34% for Healthcare and 39% for Energy. If the estimated fair value of our Disputes, Investigations & Economics reporting unit decreases in future periods, there is risk that in future periods the second step of the goodwill impairment test will be required, and an impairment could result. Our assumptions for this reporting unit include growth assumptions for newly acquired businesses and future investments. Our results are dependent on the success of those businesses and investments and their future growth at the anticipated levels. | |||||||||||||||
We have reviewed our most recent financial projections and considered the impact of changes to our business and market conditions on our goodwill valuation and determined that no events or conditions have occurred or are expected to occur that would trigger a need to perform an interim goodwill impairment test. In addition we performed a sensitivity analysis based on current projections and evaluated various likelihoods of meeting the projections and the potential impact on our fair value. During the year ended December 31, 2013, we made certain adjustments to our contingent acquisition liabilities due to reduced performance expectations of the underlying acquired businesses. We reviewed the impact of both the reduced performance expectations and the reduced expected contingent acquisition liabilities owed to the sellers and determined that the resulting net impact on our reporting units was immaterial. We will continue to monitor the factors and key assumptions used in determining the fair value of each of our reporting units. There can be no assurance that goodwill or intangible assets will not be impaired in the future. | |||||||||||||||
As we review our portfolio of services in the future, we may exit certain markets or reposition certain service offerings within our business. Consistent with past evaluations, further evaluations may result in redefining our operating segments and may impact a significant portion of one or more of our reporting units. As noted above, if such actions occur, they may be considered triggering events that would result in our performing an interim impairment test of our goodwill and an impairment test of our intangible assets. | |||||||||||||||
Intangible assets consisted of (in thousands): | |||||||||||||||
December 31, | December 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||
Intangible assets: | |||||||||||||||
Customer lists and relationships | $ | 79,514 | $ | 78,462 | |||||||||||
Non-compete agreements | 22,557 | 22,236 | |||||||||||||
Other | 24,297 | 24,570 | |||||||||||||
Intangible assets, at cost | 126,368 | 125,268 | |||||||||||||
Less: accumulated amortization | -115,590 | -109,145 | |||||||||||||
Intangible assets, net | $ | 10,778 | $ | 16,123 | |||||||||||
Our intangible assets have estimated remaining useful lives ranging up to eight years which approximate the estimated periods of consumption. We will amortize the remaining net book values of intangible assets over their remaining useful lives. At December 31, 2013, our intangible assets consisted of the following (in thousands, except year data): | |||||||||||||||
Weighted Average | |||||||||||||||
Category | Remaining Years | Amount | |||||||||||||
Customer lists and relationships, net | 3.3 | $ | 7,934 | ||||||||||||
Non-compete agreements, net | 4 | 1,610 | |||||||||||||
Other intangible assets, net | 1.9 | 1,234 | |||||||||||||
Total intangible assets, net | 3.2 | $ | 10,778 | ||||||||||||
Total amortization expense was $6.8 million, $6.8 million and $8.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. Below is the estimated annual aggregate amortization expense to be recorded in future years related to intangible assets at December 31, 2013 (in thousands): | |||||||||||||||
Year Ending December 31, | Amount | ||||||||||||||
2014 | $ | 4,858 | |||||||||||||
2015 | 2,891 | ||||||||||||||
2016 | 1,478 | ||||||||||||||
2017 | 802 | ||||||||||||||
2018 | 505 | ||||||||||||||
Thereafter | 244 | ||||||||||||||
Total | $ | 10,778 | |||||||||||||
Net_Income_Per_Share_EPS
Net Income Per Share (EPS) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Net Income Per Share (EPS) [Abstract] | ' | ||||||
Net Income Per Share (EPS) | ' | ||||||
7.NET INCOME PER SHARE (EPS) | |||||||
Basic net income per share (EPS) is computed by dividing net income by the number of basic shares. Basic shares are the total number of shares of common stock outstanding and the equivalent shares from obligations presumed payable in shares of common stock, both weighted for the average days outstanding for the period. Basic shares exclude the dilutive effect of common stock that could potentially be issued due to the exercise of stock options, vesting of restricted stock and restricted stock units, or satisfaction of necessary conditions for contingently issuable shares. Diluted EPS is computed by dividing net income by the number of diluted shares, which are the total of the basic shares outstanding and all potentially issuable shares, based on the weighted average days outstanding for the period. | |||||||
The components of basic and diluted shares (in thousands and based on the weighted average days outstanding for the periods) are as follows: | |||||||
For the year ended | |||||||
December 31, | |||||||
2013 | 2012 | 2011 | |||||
Basic shares | 49,771 | 50,894 | 50,820 | ||||
Employee stock options | 117 | 92 | 87 | ||||
Restricted stock and restricted stock units | 949 | 562 | 264 | ||||
Business combination obligations payable in fixed dollar amount of shares | - | - | 200 | ||||
Contingently issuable shares | 114 | 24 | - | ||||
Diluted shares | 50,951 | 51,572 | 51,371 | ||||
Antidilutive shares (1) | 349 | 589 | 843 | ||||
(1) Shares subject to stock options with exercise prices greater than the average market price of our common stock during the respective time periods were excluded from the computation of diluted shares because the impact of including the shares subject to these stock options in the diluted share calculation would have been antidilutive. | |||||||
We use the treasury stock method to calculate the dilutive effect of our common stock equivalents should they vest. The exercise of stock options or vesting of restricted stock and restricted stock units triggers excess tax benefits or tax deficiencies that reduce or increase the dilutive effect of such common stock being issued. The excess tax benefits or deficiencies are based on the difference between the market price of our common stock on the date the equity award is exercised or vested and the cumulative compensation cost of the stock options, restricted stock and restricted stock units. These excess tax benefits are recorded as a component of additional paid-in capital in the accompanying consolidated balance sheets and as a component of financing cash flows in the accompanying consolidated statements of cash flows. The excess tax deficiencies are recorded as a component of additional paid-in capital in the accompanying consolidated balance sheets and as a component of operating cash flows in the accompanying consolidated statements of cash flows. | |||||||
ShareBased_Compensation_Expens
Share-Based Compensation Expense | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Share-Based Compensation Expense [Abstract] | ' | |||||||||
Share-Based Compensation Expense | ' | |||||||||
9.SHARE-BASED COMPENSATION EXPENSE | ||||||||||
Summary | ||||||||||
On May 22, 2012, our shareholders approved the Navigant Consulting, Inc. 2012 Long-Term Incentive Plan (2012 Plan). The purposes of the 2012 Plan are: (i) to align the interests of our shareholders and recipients of awards under the 2012 Plan by increasing the proprietary interest of such recipients in our growth and success; (ii) to attract and retain officers, other employees, non-employee directors, consultants, independent contractors and agents; and (iii) to motivate such persons to act in the long-term best interests of our shareholders. The 2012 Plan allows for awards of stock options, stock appreciation rights, restricted stock and restricted stock units, and performance awards. | ||||||||||
The maximum number of shares of our common stock available for awards under the 2012 Plan is 6.2 million, reduced by the number of shares of our common stock subject to awards granted under 2005 Long-Term Incentive Plan, as amended on or after January 1, 2012. | ||||||||||
As of December 31, 2013, there were 4.2 million shares available for future issuance under the 2012 Plan. | ||||||||||
We record share-based compensation expense for restricted stock, restricted stock units, stock options and the discount given on employee stock purchase plan transactions. Our long-term incentive program for our senior-level consultants currently provides for either an award of restricted stock units or deferred cash. The value of the awards granted to eligible recipients is determined based on our financial performance for the prior fiscal year. In 2013, we recorded $2.0 million in other compensation expense. The share- based expense attributable to this program has not been included in the table below as the final form of the grant has not yet been determined. These awards will have an approximate grant date fair value of $8.0 million and will have a three year cliff vesting schedule from grant date beginning in 2014. | ||||||||||
The following table shows the amounts attributable to each category (in thousands): | ||||||||||
For the year ended | ||||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Amortization of restricted stock and restricted stock units awards | $ | 9,977 | $ | 8,513 | $ | 7,536 | ||||
Amortization of stock option awards | 828 | 1,216 | 1,034 | |||||||
Discount given on employee stock purchase transactions through our Employee Stock Purchase Plan | 233 | 247 | 192 | |||||||
Total share-based compensation expense | $ | 11,038 | $ | 9,976 | $ | 8,762 | ||||
Total share-based compensation expense consisted of the following (in thousands): | ||||||||||
For the year ended | ||||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Cost of services before reimbursable expenses | $ | 5,854 | $ | 5,646 | $ | 5,184 | ||||
General and administrative expenses | 5,184 | 4,330 | 3,578 | |||||||
Total share-based compensation expense | $ | 11,038 | $ | 9,976 | $ | 8,762 | ||||
Share-based compensation expense attributable to consultants was included in cost of services before reimbursable expenses. Share-based compensation expense attributable to corporate management and support personnel was included in general and administrative expenses. Amounts are presented on a continuing operations basis. | ||||||||||
Income tax benefits recorded in the accompanying consolidated statements of comprehensive income related to share-based compensation expense for the years ended December 31, 2013 and 2012 were $4.9 million and $4.2 million, respectively, using an effective income tax rate of 44 percent and 42 percent for the years ended December 31, 2013 and 2012, respectively. | ||||||||||
At December 31, 2013, we had $10.5 million of total compensation costs related to unvested share-based awards that have not been recognized as share-based compensation expense. The compensation costs will be recognized as an expense over the remaining vesting periods. The weighted average remaining vesting period is approximately two years. During the year ended December 31, 2013 we granted an aggregate of 1,166,975 share-based awards, consisting of restricted stock units and stock options with an aggregate fair value of $13.5 million at the time of grant. These grants include certain awards that vest based on relative achievement of pre-established performance criteria. | ||||||||||
Restricted Stock and Restricted Stock Units Outstanding | ||||||||||
The measurement price of our restricted stock and restricted stock units is the market price of our common stock at the date of grant of the awards. | ||||||||||
At December 31, 2013, we had $9.4 million of total compensation costs related to our unvested restricted stock and restricted stock units that have not been recognized as share-based compensation expense. Those compensation costs will be recognized as an expense over the remaining vesting periods. The weighted average remaining vesting period is approximately two years. | ||||||||||
The following table summarizes information regarding restricted stock outstanding as of December 31, 2013: | ||||||||||
Weighted | ||||||||||
Outstanding | Average | |||||||||
Shares | Measurement | |||||||||
Range of Measurement Date Prices | (000s) | Date Price | ||||||||
$0.00 — $9.99 | 38 | $ | 9.51 | |||||||
$10.00 — $14.99 | 39 | 11.44 | ||||||||
$15.00 — $19.99 | 130 | 18.68 | ||||||||
$20.00 and above | 10 | 20.21 | ||||||||
Total restricted stock outstanding | 217 | $ | 15.84 | |||||||
The median measurement price of the restricted stock outstanding at December 31, 2013 was $18.56. | ||||||||||
The following table summarizes restricted stock activity for the year ended December 31, 2013: | ||||||||||
Number of | Weighted Average | |||||||||
Shares | Measurement Date | |||||||||
(000s) | Price | |||||||||
Restricted stock outstanding at beginning of the period | 590 | $ | 15.05 | |||||||
Granted | - | - | ||||||||
Vested | -346 | 14.62 | ||||||||
Forfeited | -27 | 15.74 | ||||||||
Restricted stock outstanding at end of period | 217 | $ | 15.84 | |||||||
The following table summarizes information regarding restricted stock units outstanding as of December 31, 2013: | ||||||||||
Weighted | ||||||||||
Outstanding | Average | |||||||||
Shares | Measurement | |||||||||
Range of Measurement Date Prices | (000s) | Date Price | ||||||||
$0.00 — $9.99 | 453 | $ | 9.83 | |||||||
$10.00 — $14.99 | 1,416 | 12.59 | ||||||||
$15.00 — $19.99 | 10 | 15.91 | ||||||||
Total restricted stock units outstanding | 1,879 | $ | 11.94 | |||||||
The median measurement price of outstanding restricted stock units at December 31, 2013 was $11.84. | ||||||||||
The following table summarizes restricted stock unit activity for the year ended December 31, 2013: | ||||||||||
Number of | Weighted Average | |||||||||
Shares | Measurement Date | |||||||||
(000s) | Price | |||||||||
Restricted stock units outstanding at beginning of the period | 1,192 | $ | 11.56 | |||||||
Granted | 1,028 | 12.29 | ||||||||
Vested | -156 | 11.61 | ||||||||
Forfeited | -185 | 11.68 | ||||||||
Restricted stock units outstanding at end of period | 1,879 | $ | 11.94 | |||||||
During the year ended December 31, 2013, we granted 1,028,236 restricted stock units. At the time of grant, the awards had a fair value of $12.6 million. Of the restricted stock units granted, 210,474 shares vest based upon the achievement of certain performance criteria or market conditions. The fair value of these awards based on an assessment of performance achievement at the time of grant was estimated to be $2.5 million. | ||||||||||
Stock Options Outstanding | ||||||||||
At December 31, 2013, the intrinsic value of the stock options outstanding and stock options exercisable was $5.3 million and $3.7 million, respectively, based on a market price of $19.20 per share for our common stock at December 31, 2013. | ||||||||||
The following table summarizes stock option activity for the year ended December 31, 2013: | ||||||||||
Number of | Weighted Average | |||||||||
Shares | Exercise | |||||||||
(000s) | Price | |||||||||
Options outstanding beginning of the period | 864 | $ | 13.08 | |||||||
Granted | 139 | 13.17 | ||||||||
Exercised | -94 | 13.05 | ||||||||
Forfeited | -129 | 17.46 | ||||||||
Options outstanding at end of the period | 780 | $ | 12.37 | |||||||
Options exercisable at end of the period | 521 | $ | 12.21 | |||||||
The following table summarizes information regarding stock options outstanding at December 31, 2013: | ||||||||||
Range of Measurement Date Prices | Outstanding | Average | Remaining | |||||||
Shares | Measurement | Exercise | ||||||||
(000s) | Date Price | Period (years) | ||||||||
$0.00 — $9.99 | 102 | $ | 9.56 | 3.3 | ||||||
$10.00 — $14.99 | 655 | 12.58 | 2.9 | |||||||
$15.00 — $19.99 | 14 | 17.67 | 0.3 | |||||||
$20.00 and above | 9 | 20.56 | 0.2 | |||||||
Total | 780 | $ | 12.37 | 2.9 | ||||||
The following table summarizes information regarding stock options exercisable at December 31, 2013: | ||||||||||
Outstanding | Weighted Average | Remaining | ||||||||
Shares | Exercise | Exercise | ||||||||
Range of Exercise Prices | (000s) | Price | Period (years) | |||||||
$0.00 — $9.99 | 67 | $ | 9.56 | 3.3 | ||||||
$10.00 — $14.99 | 431 | 12.26 | 1.9 | |||||||
$15.00 — $19.99 | 14 | 17.67 | 0.3 | |||||||
$20.00 and above | 9 | 20.56 | 0.2 | |||||||
Total | 521 | $ | 12.21 | 2.0 | ||||||
The following table summarizes the information regarding stock options outstanding under each plan at December 31, 2013: | ||||||||||
Shares | ||||||||||
Remaining | ||||||||||
Weighted | Available | |||||||||
Outstanding | Average | for Future | ||||||||
Shares | Exercise | Issuances | ||||||||
Plan Category | (000s) | Price | (000s) | |||||||
2005 and 2012 Long-Term Incentive Plans | 771 | $ | 12.28 | 4,170 | ||||||
Supplemental Equity Incentive Plan | 9 | 20.56 | - | |||||||
Total | 780 | $ | 12.37 | 4,170 | ||||||
Shares of our common stock issued in connection with either the vesting of restricted stock units, or the exercise of stock options, granted under the 2005 or 2012 Long-Term Incentive Plan are new issuances, and shares of our common stock issued in connection with the exercise of stock options granted under our Supplemental Equity Incentive Plan are issued from treasury. | ||||||||||
Stock Option Grants | ||||||||||
The fair value of each option grant is estimated at the grant date using the Black-Scholes-Merton option-pricing model. The weighted average fair value of options granted and the assumptions used in the Black-Scholes-Merton option-pricing model were as follows: | ||||||||||
2013 | 2012 | 2011 | ||||||||
Fair value of options granted | $ | $ | $ | |||||||
5.89 | 6.14 | 4.63 | ||||||||
Expected volatility | 55 | % | 56 | % | 57 | % | ||||
Risk free interest rate | 0.7 | % | 1.0 | % | 2.1 | % | ||||
Forfeiture rate | 0 | % | 0 | % | 0 | % | ||||
Dividend yield | 0 | % | 0 | % | 0 | % | ||||
Contractual or expected lives (years) | 4.5 | 4.5 | 4.5 | |||||||
We estimated a zero forfeiture rate for these stock option grants as the awards have short vesting terms or have a low probability of forfeiture based on the recipients of the stock options. | ||||||||||
Employee Stock Purchase Plan | ||||||||||
On May 3, 2006, our shareholders approved a new employee stock purchase plan that became effective on January 1, 2007. The employee stock purchase plan permits employees to purchase shares of our common stock each quarter at 90 percent of the market value. The market value of shares purchased for this purpose is determined to be the closing market price on the last day of each calendar quarter. The plan is considered compensatory and, as such, the purchase discount from market price purchased by employees is recorded as compensation expense. During each of the years ended December 31, 2013, 2012 and 2011, we recorded $0.2 million of compensation expense, respectively, related to the discount given on employee stock purchases through our employee stock purchase plan. During the years ended December 31, 2013, 2012 and 2011, we issued 164,941, 198,956 and 189,813 shares, respectively, of our common stock related to this plan. | ||||||||||
The maximum number of shares of our common stock remaining at December 31, 2013 that can be issued under the employee stock purchase plan was 0.8 million shares, subject to certain adjustments. The employee stock purchase plan will expire on the date that all of the shares available under it are purchased by or issued to employees. | ||||||||||
During the years ended December 31, 2013, 2012, and 2011, we received $3.1 million, $3.3 million, and $2.3 million, respectively, of cash from employee stock option exercises and employee stock purchases. Additionally, during the years ended December 31, 2013, 2012, and 2011, we generated tax benefits of $0.1 million, $0.2 million, and $0.3 million, respectively, related to employee stock option exercises. | ||||||||||
Supplemental_Consolidated_Bala
Supplemental Consolidated Balance Sheet Information | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ||||||
Supplemental Consolidated Balance Sheet Information | ' | ||||||
10.SUPPLEMENTAL CONSOLIDATED BALANCE SHEET INFORMATION | |||||||
Accounts Receivable, net | |||||||
The components of accounts receivable were as follows (in thousands): | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Billed amounts | $ | 121,335 | $ | 159,399 | |||
Engagements in process | 55,650 | 54,685 | |||||
Allowance for uncollectible accounts | -9,919 | -15,375 | |||||
Accounts receivable, net | $ | 167,066 | $ | 198,709 | |||
Receivables attributable to engagements in process represent balances for services that have been performed and earned but have not been billed to the client. Services are generally billed on a monthly basis for the prior month’s services. Our allowance for uncollectible accounts is based on historical experience and management judgment and may change based on market conditions or specific client circumstances. During the year ended December 31, 2013, we experienced improved collections mainly during the fourth quarter resulting in a lower balance as of December 31, 2013. | |||||||
Prepaid Expenses and Other Current Assets | |||||||
The components of prepaid expenses and other current assets were as follows (in thousands): | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Notes receivable - current | $ | 4,906 | $ | 7,701 | |||
Other prepaid expenses and other current assets | 19,648 | 17,353 | |||||
Prepaid expenses and other current assets | $ | 24,554 | $ | 25,054 | |||
Other Assets | |||||||
The components of other assets were as follows (in thousands): | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Notes receivable - non-current | $ | 7,155 | $ | 13,916 | |||
Prepaid expenses and other non-current assets | 15,681 | 16,501 | |||||
Other assets | $ | 22,836 | $ | 30,417 | |||
Notes receivable current and non-current represent unsecured employee loans. These loans were issued to recruit or retain certain senior-level consultants. No such loans were issued during the year ended December 31, 2013, and we issued $11.4 million in principal amount during the year ended December 31, 2012. The principal amount and accrued interest on these loans is either paid by the consultant or forgiven by us over the term of the loans so long as the consultant remains continuously employed by us and complies with certain contractual requirements. The expense associated with the forgiveness of the principal amount of the loans is amortized as compensation expense over the service period, which is consistent with the term of the loans. | |||||||
Prepaid expenses and other assets include sign-on and retention bonuses that are generally recoverable from an employee if the employee terminates employment prior to fulfilling his or her obligations to us. These amounts are amortized as compensation expense over the period in which they are recoverable from the employee generally in periods up to six years. During the year ended December 31, 2013 and 2012, we granted $7.3 million and $11.0 million, respectively, of sign-on and retention bonuses. At December 31, 2013, we had a balance of $14.8 million in unamortized sign-on and retention bonuses included in prepaid expenses and other current and non-current assets. | |||||||
Current and non-current prepaid expenses and other assets also include investments in capitalized external use software which is marketed or licensed to our clients. These amounts are amortized into cost of services before reimbursable expenses over their estimated remaining useful life. During the years ended December 31, 2013 and 2012, we made investments of $3.3 million and $1.9 million, respectively, in capitalized external use software. At December 31, 2013, we had a balance of $5.6 million, net of accumulated amortization, included in current and non-current prepaid expenses and other assets. | |||||||
Property and Equipment, net | |||||||
Property and equipment, net consisted of (in thousands): | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Furniture, fixtures and equipment | $ | 62,486 | $ | 63,497 | |||
Software | 43,867 | 39,608 | |||||
Leasehold improvements | 32,416 | 40,052 | |||||
Property and equipment, at cost | 138,769 | 143,157 | |||||
Less: accumulated depreciation and amortization | -94,431 | -97,815 | |||||
Property and equipment, net | $ | 44,338 | $ | 45,342 | |||
During the year ended December 31, 2013, we invested $12.7 million in our technology infrastructure and software which represents the majority of our property and equipment spending in the year. In addition, we made a cash payment of $2.7 million relating to additions accrued in prior years and accrued $4.0 million in net liabilities relating to additions made in 2013. Additionally, we disposed of $20.0 million in fully depreciated assets. During the same period, accelerated depreciation in the amount of $0.5 million was recorded in relation to the consolidation of two of our offices (see Note 13 – Other Operating Costs (Benefit)). | |||||||
Other Current Liabilities | |||||||
The components of other current liabilities were as follows (in thousands): | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Deferred acquisition liabilities | $ | 5,773 | $ | 10,863 | |||
Deferred revenue | 19,503 | 17,366 | |||||
Deferred rent - short term | 997 | 2,995 | |||||
Commitments on abandoned real estate | 205 | 748 | |||||
Other current liabilities | 5,531 | 3,782 | |||||
Total other current liabilities | $ | 32,009 | $ | 35,754 | |||
Deferred acquisition liabilities at December 31, 2013 consisted of cash obligations related to definitive and contingent purchase price considerations recorded at net present value and fair value, respectively. During the year ended December 31, 2013, we made cash payments of $10.2 million in connection with deferred definitive and contingent acquisition liabilities relating to prior period acquisitions. Additionally, during the year ended December 31, 2013, we reduced the fair value of certain contingent acquisition liabilities by $2.5 million (see Note 16 – Fair Value). | |||||||
The current portion of deferred rent relates to rent allowances and incentives on lease arrangements for our office facilities that expire at various dates through 2022. | |||||||
Deferred revenue represents advance billings to our clients for services that have not yet been performed and earned. | |||||||
Other Non-Current Liabilities | |||||||
The components of other non-current liabilities were as follows (in thousands): | |||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Deferred acquisition liabilities | $ | 8,038 | $ | 14,783 | |||
Deferred rent - long term | 10,642 | 11,034 | |||||
Commitments on abandoned real estate | 195 | 487 | |||||
Interest rate swap liability (see Note 11) | 355 | 515 | |||||
Other non-current liabilities | 6,786 | 8,787 | |||||
Total other non-current liabilities | $ | 26,016 | $ | 35,606 | |||
Deferred acquisition liabilities at December 31, 2013 consisted of cash obligations related to definitive and contingent purchase price considerations recorded at net present value and fair value, respectively. As obligations become payable within the year these are moved to other current liabilities. Additionally, during the year ended December 31, 2013, we reduced the fair value of certain contingent acquisition liabilities by $2.9 million (see Note 16 – Fair Value). | |||||||
The long-term portion of deferred rent relates to rent allowances and incentives on lease arrangements for our office facilities that expire at various dates through 2022. At December 31, 2013, other non-current liabilities included $2.0 million of other compensation liabilities. As part of our long term incentive plan, we intend to issue long term restricted stock units to select senior-level consultants and leaders for achieving certain performance targets in 2013 (see Note 9 – Share-Based Compensation Expense). | |||||||
Derivatives_And_Hedging_Activi
Derivatives And Hedging Activity | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Derivatives And Hedging Activity [Abstract] | ' | |||||
Derivatives And Hedging Activity | ' | |||||
11.DERIVATIVES AND HEDGING ACTIVITY | ||||||
During the year ended December 31, 2013, the following interest rate derivatives were outstanding (summarized based on month of execution): | ||||||
Number of | Total Notional Amount | |||||
Month executed | Contracts | Beginning Date | Maturity Date | Rate | (millions) | |
Nov-11 | 1 | 31-May-12 | 31-May-15 | 0.98% | $10.00 | |
Dec-11 | 2 | 31-Dec-12 | 31-Dec-15 | 1.17% | $10.00 | |
Mar-12 | 1 | 29-Jun-12 | 30-Jun-15 | 1.01% | $5.00 | |
May-12 | 1 | 28-Jun-13 | 27-May-16 | 1.15% | $5.00 | |
We expect the interest rate derivatives to be highly effective against changes in cash flows related to changes in interest rates and have recorded the derivatives as a cash flow hedge. As a result, gains or losses related to fluctuations in the fair value of the interest rate derivatives are recorded as a component of accumulated other comprehensive (loss) income and reclassified into interest expense as the variable interest expense on our bank debt is recorded. There was no ineffectiveness related to the interest rate derivatives during the year ended December 31, 2013. For the years ended December 31, 2013 and 2012, we recorded $0.2 million and $0.5 million, respectively, in interest expense associated with differentials received or paid under the interest rate derivatives. In May 2012, $90.0 million in notional amount interest rate derivatives matured. | ||||||
At December 31, 2013, we had a $0.4 million net liability related to the interest rate derivatives. | ||||||
Bank_Debt
Bank Debt | 12 Months Ended |
Dec. 31, 2013 | |
Bank Debt [Abstract] | ' |
Bank Debt | ' |
12.BANK DEBT | |
Our credit agreement provides a $400.0 million revolving credit facility. At our option, subject to the terms and conditions in the credit agreement, we may elect to increase commitments under the credit facility up to an aggregate amount of $500.0 million. During the year ended December 31, 2013, we amended the agreement to extend the maturity. The credit facility becomes due and payable in full upon maturity in September 2018. Borrowings and repayments under the credit facility may be made in multiple currencies including U.S. Dollars, Canadian Dollars, United Kingdom Pound Sterling and Euro. At December 31, 2013, we had aggregate borrowings outstanding of $56.7 million, compared to $134.2 million at December 31, 2012. Based on our financial covenants at December 31, 2013, approximately $325.0 million in additional borrowings were available to us under the credit facility. | |
At our option, borrowings under the credit facility bear interest at a variable rate equal to an applicable base rate or LIBOR, in each case plus an applicable margin. For LIBOR loans, the applicable margin varies depending upon our consolidated leverage ratio (the ratio of total funded debt to adjusted EBITDA, as defined in the credit agreement). At December 31, 2013, the applicable margins on LIBOR and base rate loans were 1.00% and zero, respectively. Depending upon our performance and financial condition, our LIBOR loans will have applicable margins varying between 1.00% and 2.00%, and our base rate loans have applicable margins varying between zero and 1.00%. Our average borrowing rate (including the impact of our interest rate derivatives; see Note 11 — Derivatives and Hedging Activity) was 2.5% and 2.7% for the years ended December 31, 2013 and 2012, respectively. | |
Our credit agreement contains certain financial covenants, including covenants that require that we maintain a consolidated leverage ratio of not greater than 3.25:1 (except for the first quarter of each calendar year when the covenant requires us to maintain a consolidated leverage ratio of not greater than 3.5:1) and a consolidated interest coverage ratio (the ratio of the sum of adjusted EBITDA (as defined in the credit agreement) and rental expense to the sum of cash interest expense and rental expense) of not less than 2.0:1. At December 31, 2013, under the definitions in the credit agreement, our consolidated leverage ratio was 0.6 and our consolidated interest coverage ratio was 5.3. In addition, the credit agreement contains customary affirmative and negative covenants (subject to customary exceptions), including covenants that limit our ability to incur liens or other encumbrances, make investments, incur indebtedness, enter into mergers, consolidations and asset sales, change the nature of our business and engage in transactions with affiliates, as well as customary provisions with respect to events of default. We were in compliance with the terms of our credit agreement at December 31, 2013; however, there can be no assurances that we will remain in compliance in the future. | |
Other_Operating_Costs_Benefit
Other Operating Costs (Benefit) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Supplemental Income Statement Elements [Abstract] | ' | |||||||
Other Operating Costs (Benefit) | ' | |||||||
13.OTHER OPERATING COSTS (BENEFIT) | ||||||||
Other operating costs (benefit) for the years ended December 31, 2013 and 2012 consisted of the following (shown in thousands): | ||||||||
2013 | 2012 | |||||||
Office consolidation: | ||||||||
Adjustments to office closure obligations, discounted and net of expected sublease income | $ | -150 | $ | 580 | ||||
Accelerated depreciation | 498 | - | ||||||
Contingent acquisition liability adjustments, net | -5,399 | 1,065 | ||||||
Gain on disposition of assets | -1,715 | - | ||||||
Other operating costs (benefit) | $ | -6,766 | $ | 1,645 | ||||
Office Consolidation | ||||||||
During the year ended December 31, 2013, we consolidated two office spaces and recorded an additional $0.5 million of depreciation expense as a result of accelerating the useful life for the leasehold improvements related to those offices. We have no additional obligations for these office consolidations. In addition, we subleased our New York office space, acquired from our AFE acquisition, ahead of our estimated sublease date which resulted in a benefit of $0.2 million. | ||||||||
During the year ended December 31, 2012, we recorded a $0.6 million liability related to a New York office lease acquired with our AFE acquisition which was abandoned as acquired employees assumed space at our existing New York office. | ||||||||
During the year ended December 31, 2011, we recorded no office consolidation charges. | ||||||||
Balance Sheet — At December 31, 2013, we have recorded $0.4 million in current and non-current liabilities for restructured real estate. The activity for the years ended December 31, 2013 and 2012 is as follows (shown in thousands): | ||||||||
Office Space Reductions | ||||||||
Balance at December 31, 2011 | $ | 1,675 | ||||||
Cost to operations during the year ended December 31, 2012 | 580 | |||||||
Utilized during the year ended December 31, 2012 | -1,020 | |||||||
Balance at December 31, 2012 | $ | 1,235 | ||||||
Benefit to operations during the year ended December 31, 2013 | -150 | |||||||
Utilized during the year ended December 31, 2013 | -685 | |||||||
Balance at December 31, 2013 | $ | 400 | ||||||
We monitor our estimates for office closure obligations and related expected sublease income periodically. Additionally, we continue to consider all options with respect to the abandoned offices, including settlements with the property owners and the timing of termination clauses under the lease. Such estimates are subject to market conditions and may be adjusted in future periods as necessary. Of the $0.4 million liability recorded at December 31, 2013, we expect to pay $0.2 million in cash relating to these obligations during the next twelve months. The office closure obligations have been discounted to net present value. | ||||||||
Gain on Disposition of Assets | ||||||||
During the year ended December 31, 2013, we recorded a $1.7 million gain relating to the January 31, 2013 sale of a portion of the economics business within our Disputes, Investigations & Economics segment (see Note 4 – Dispositions and Discontinued Operations). | ||||||||
Contingent Acquisition Liability Adjustment | ||||||||
During the year ended December 31, 2013, we recorded a $5.4 million benefit relating to net adjustments to our contingent acquisition liabilities. Contingent acquisition liabilities are initially estimated based on expected performance at the acquisition date and subsequently reviewed each quarter (see Note 16 – Fair Value). | ||||||||
Fair_Value
Fair Value | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Fair Value [Abstract] | ' | |||||||||||
Fair Value | ' | |||||||||||
16.FAIR VALUE | ||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy: | ||||||||||||
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities | ||||||||||||
Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability | ||||||||||||
Level 3: Unobservable inputs for the asset or liability | ||||||||||||
We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | ||||||||||||
Our interest rate derivatives (see Note 11 — Derivatives and Hedging Activity) are valued using counterparty quotations in over-the-counter markets. In addition, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk. The credit valuation adjustments associated with our interest rate derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by ourselves and our counterparties. However, at December 31, 2013, we assessed the significance of the impact on the overall valuation and believe that these adjustments are not significant. As such, our interest rate derivatives are classified within Level 2. | ||||||||||||
For acquisitions consummated on or after January 1, 2009, we estimate the fair value of deferred contingent acquisition liabilities using a probability-weighted discounted cash flow model. This fair value measure is based on significant inputs not observed in the market and thus represents a Level 3 measurement. Fair value measurements characterized within Level 3 of the fair value hierarchy are measured based on unobservable inputs that are supported by little or no market activity and reflect our own assumptions in measuring fair value. | ||||||||||||
The significant unobservable inputs used in the fair value measurements of our deferred contingent acquisition liabilities are our measures of the future profitability and related cash flows and discount rates. The fair value of the deferred contingent acquisition liabilities is reassessed on a quarterly basis based on assumptions used in our latest projections in conjunction with input provided by segment and business area leaders and our business development and finance departments. Any change in the fair value estimate is recorded in the earnings of that period. During the year ended December 31, 2013, we recorded $5.4 million in other operating benefit for a reduction in the liability reflecting changes in the fair value estimate of the contingent consideration for certain businesses acquired in 2012 (see Note 3 – Acquisitions). During the year ended December 31, 2013, we settled $3.3 million of the liability and recorded $0.6 million of imputed interest. In addition, as part of the purchase price allocation for an acquisition consummated in July 2013, we recorded an additional $1.0 million liability reflecting the fair value of the contingent consideration for an acquisition during that period. | ||||||||||||
At December 31, 2013, the carrying value of our bank debt approximated fair value as it bears interest at variable rates. We consider the recorded value of our other financial assets and liabilities, which consist primarily of cash and cash equivalents, accounts receivable and accounts payable, to approximate the fair value of the respective assets and liabilities at December 31, 2013 based upon the short-term nature of the assets and liabilities. | ||||||||||||
The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis at December 31, 2013 and December 31, 2012 (in thousands): | ||||||||||||
Quoted Prices in | ||||||||||||
Active Markets for | Significant Other | Significant | ||||||||||
Identical Assets | Observable Inputs | Unobservable Inputs | ||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||
At December 31, 2013 | ||||||||||||
Interest rate derivatives, net | $ | — | $ | 355 | $ | — | $ | 355 | ||||
Deferred contingent acquisition liabilities | $ | — | $ | — | $ | 6,322 | $ | 6,322 | ||||
At December 31, 2012 | ||||||||||||
Interest rate derivatives, net | $ | — | $ | 515 | $ | — | $ | 515 | ||||
Deferred contingent acquisition liabilities | $ | — | $ | — | $ | 13,384 | $ | 13,384 | ||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The consolidated financial statements include our accounts and those of our subsidiaries. All significant intercompany transactions have been eliminated in consolidation. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes. Actual results could differ from those estimates and may affect future results of operations and cash flows. Examples include: determination of the allowance for doubtful accounts, accruals for incentive compensation, the fair value of acquisition-related contingent consideration, revenue-related percentage of completion estimates, the measurement of deferred tax assets, estimating future performance for recording expense associated with our performance based long-term incentive plan, and the assessment of recoverability of intangible assets and goodwill. We base our estimates on historical trends, current experience and other assumptions that we believe are reasonable. | |
Cash and Cash Equivelants | ' |
Cash and Cash Equivalents | |
Cash equivalents are comprised of liquid instruments with original maturity dates of 90 days or less. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
We consider the recorded value of our financial assets and liabilities, which consist primarily of cash and cash equivalents, accounts receivable, and accounts payable, to approximate the fair value of the respective assets and liabilities at December 31, 2013 and 2012 based upon the short-term nature of the assets and liabilities. In addition, the fair value of our bank debt considers counterparty credit risk and as of December 31, 2013, approximated carrying value as it bears interest at variable rates. As noted below, we maintain interest rate derivatives which are recorded at fair value (see Note 16 — Fair Value). | |
Accounts Receivable Realization | ' |
Accounts Receivable Realization | |
We maintain allowances for doubtful accounts for estimated losses resulting from our clients’ inability to make required cash payments of amounts due to us or for disputes that affect our ability to fully collect our billed accounts receivable or for potential fee reductions negotiated by clients. Our estimation is based on historical collection and our review and assessment of our clients’ likelihood to make required cash payments of amounts due to us. Estimated losses may vary from actual results. If our clients’ financial condition were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. If the collectability of billed amounts is not assured, an allowance is recorded to general and administrative expense. If the collectability of unbilled amounts is not assured or certain pricing adjustments are made, an allowance is recorded as a reduction to revenue. | |
Property and Equipment | ' |
Property and Equipment, Net | |
We record property and equipment at cost. We compute depreciation using the straight-line method based on the estimated useful lives of the assets, ranging from three to seven years for software, furniture, fixtures and equipment. We compute amortization of leasehold improvements over the shorter of the remaining lease term or the estimated useful life of the asset. The lease term of our leaseholds expire at various dates through 2022. During the years ended December 31, 2013, 2012 and 2011, we capitalized compensation costs related to internally developed software for internal use of $0.9 million, $0.9 million and $0.5 million, respectively. We capitalize internally developed software costs during the development stage. | |
Capitalized Software Utilized in Service Delivery Policy Text Block | ' |
Capitalized Software Utilized in Service Delivery | |
Prepaid expenses and other assets also include investments in capitalized external use software which is utilized to deliver services to or licensed to our clients. These amounts are amortized into cost of services before reimbursable expenses over their estimated remaining useful life. | |
Operating Leases | ' |
Operating Leases | |
We lease office space under operating leases. Some of the lease agreements contain one or more of the following provisions or clauses: tenant allowances, rent holidays, lease premiums, and rent escalation clauses. For the purpose of recognizing these provisions on a straight-line basis over the terms of the leases, we use the date of initial possession to begin amortization, which is generally when we enter the space and begin to make improvements in preparation of intended use. | |
For tenant allowances and rent holidays, we record a deferred rent liability and amortize the deferred rent over the terms of the leases as reductions to rent expense. For scheduled rent escalation clauses during the lease term or for rental payments commencing at a date other than the date of initial occupancy, we record minimum rental expenses on a straight-line basis over the terms of the leases. | |
In addition, some of our operating leases contain exit clauses, which include termination fees associated with exiting a lease prior to the expiration of the lease term. We record termination obligations when we give notice to the landlord that we have elected to exercise the early termination clause of such agreement. | |
Notes Receivable and Prepaid Sign-on and Retention Bonuses | ' |
Notes Receivable, Prepaid Sign-on and Retention Bonuses | |
We grant and pay sign-on and retention bonuses to attract and retain certain senior-level consultants and administrative personnel. Generally, we require grantees to sign incentive recovery agreements, which obligate the grantees to fulfill a service term, typically between one to five years. If such service term is not fulfilled, the monetary equivalent of the uncompleted service term is required to be paid back to us. We record paid sign-on and retention bonuses to current and non-current other assets and the bonuses are amortized as compensation expense over the service period as defined by the incentive recovery agreements. Certain sign-on and retention bonuses of relatively low amounts are expensed to compensation expense when paid. | |
We also issue notes receivable in the form of unsecured employee loans with terms that are generally three to five years. These loans are issued to recruit and retain certain senior-level consultants. The principal amount and accrued interest is either paid by the consultant or forgiven by us over the terms of the loans, so long as the consultant continues employment and complies with certain contractual requirements. The expense associated with the forgiveness of the principal amount of the loans and accrued interest is recorded as compensation expense over the service period, which is consistent with the term of the loans. The accrued interest is calculated based on the loan’s effective interest rate and is recorded as interest income. | |
Goodwill and Intangible Assets | ' |
Goodwill and Intangible Assets | |
Goodwill represents the difference between the purchase price of the acquired business and the related fair value of the net assets acquired, which is accounted for by the acquisition method of accounting. Intangible assets consist of identifiable intangibles other than goodwill. Identifiable intangible assets, other than goodwill, include customer lists and relationships, employee non-compete agreements, backlog revenue and trade names. These assets are subject to changes in events or circumstances that could impact their carrying value. | |
Goodwill is tested for impairment annually during the second quarter. In addition to our annual goodwill test, on a periodic basis, we are required to consider whether it is more likely than not that the fair value has fallen below the carrying amount of an asset and thus requiring us to perform an interim goodwill impairment test. We consider elements and other factors including, but not limited to: | |
•adverse changes in the business climate in which we operate; | |
•attrition of key personnel; | |
•unanticipated competition; | |
•our market capitalization in excess of our book value; | |
•our recent operating performance; and/or | |
•our financial projections. | |
The goodwill impairment test is performed at a reporting unit level. A reporting unit, as defined by Accounting Standard Codification (ASC) 350, is an operating segment of a business or one level below an operating segment if discrete financial information is available and regularly reviewed by segment management. At December 31, 2013, we had four operating segments which were also considered to be our reporting units, as follows: Disputes, Investigations & Economics, Financial, Risk & Compliance, Healthcare and Energy. | |
On January 1, 2012, we adopted the principles prescribed in Financial Accounting Standards Board Accounting Standards Update (ASU) No. 2011-08, “Intangibles — Goodwill and Other (Topic 350): Testing Goodwill for Impairment” (“ASU Topic 350”) which permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying a two-step goodwill impairment test. This step is referred to as “step zero.” If an entity concludes that it is not likely that the fair value of the reporting unit is less than its carrying amount, it would not be required to perform a two-step impairment test for that reporting unit. The guidance lists certain factors to consider when making the qualitative assessment. In the event that the conclusion requires the two-step test, the first step compares the fair value of a reporting unit to its carrying value. The fair value is determined using a discounted cash flow analysis (income approach) and a comparable company analysis (market approach). The second step is performed only if the carrying value exceeds the fair value determined in step one. | |
We determine the fair value of a reporting unit by using an equal weighting of estimated fair value using the income and market approaches. The income approach uses estimated future cash flows and terminal values. Assumptions used to determine future cash flows include: forecasted growth rates; profit margins; longer-term historical performance and cost of capital. Our assumptions are consistent with our internal projections and operating plans. Our internal projections and operating plans and thus our estimated fair value may be impacted by the overall economic environment. Our assumptions may change as a result of, among other things: changes in our estimated business future growth rate; profit margin; long-term outlook; market valuations of comparable companies; the ability to retain key personnel; changes in operating segments; competitive environment and weighted average cost of capital. Under the market approach for determining fair value, we adopt certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk or the risks inherent in the inputs to the valuation. Inputs to the valuation can be readily observable, market-corroborated or unobservable. Wherever possible, we use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs; however, due to the use of our own assumptions about the inputs in measuring fair value, our goodwill impairment testing also makes use of significant unobservable inputs. The fair value of our reporting units is also impacted by our overall market capitalization and may be impacted by volatility in our stock price and assumed control premium, among other things. | |
If the carrying value exceeds the fair value determined in step one, step two is performed. Step two requires us to calculate the implied fair value of a reporting unit’s goodwill. This is accomplished by performing a hypothetical purchase price allocation for the reporting unit as of the measurement date, similar to the purchase price allocation used when purchasing a new business. We estimate the fair value of the reporting unit’s assets and liabilities and deem the residual fair value of the reporting unit as the implied fair value of the reporting unit’s goodwill. To the extent that the implied fair value of goodwill is below our carrying value, an impairment charge is recorded to reduce the carrying value to the implied fair value. The resulting impairment charge may be significantly higher than the difference between the carrying value and fair value determined in step one as a result of fair value assigned to other assets and liabilities in the hypothetical purchase price allocation completed in step two. | |
Our annual goodwill impairment test was completed in the second quarter of 2013 for each of our four reporting units. At that time, we completed the first step of the goodwill impairment test and determined that the estimated fair value of each reporting unit exceeded its net asset carrying value. Accordingly, there was no indication of impairment and the second step was not performed. | |
Intangible assets with definite lives are amortized based on the estimated period of consumption. We review these assets for impairment whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. | |
Further information regarding our goodwill balances and current year impairment testing and review can be found in Note 6 — Goodwill and Intangible Assets, Net. | |
Revenue Recognition | ' |
Revenue Recognition | |
We recognize revenues when evidence of an arrangement exists, the price of work is fixed or determinable, work is performed and collectability is reasonably assured. We generate the majority of our revenues from providing services under the following types of billing arrangements: time and material, fixed-fee and transaction/event-based. | |
For our time and material billing arrangements, clients are invoiced based on the number of hours worked by our consultants at the contracted bill rates or on units of service delivered, which are reviewed on a periodic basis. Revenue is recognized as work is performed on our time and material engagements. Additionally, revenue is recognized on our units of production engagements in a similar manner based on measures such as the number of items processed at agreed-upon rates. | |
With our fixed-fee billing engagements, we are contracted to complete a pre-determined set of professional services for a pre-determined fee. However, the fee and engagement scope can be adjusted based on a mutual agreement between us and the client. In many cases, the recording of fixed revenue amounts requires us to make an estimate of the total amount of work to be performed, and revenues are then recognized as efforts are expended based on (i) objectively determinable output measures, (ii) input measures if output measures are not reliable or (iii) the straight-line method over the term of the arrangement. | |
In transaction or event-based billing arrangements, fees are tied to the completion of contractually defined requirements. In many cases, this contingent fee is earned in addition to an hourly or fixed fee, but is not recognized until certain milestones or objectives are met. We also recognize revenue from business referral fees or commissions on certain contractual outcomes. Revenue recognized by transaction or event-based billing arrangements may cause unusual variations in quarterly revenues and operating results. | |
In connection with recording revenues, estimates and assumptions are required in determining the expected conversion of the revenues to cash. We may provide multiple services under the terms of an arrangement and are required to assess whether one or more units of accounting are present. | |
Reimbursable expenses for our engagements include travel, out-of-pocket and independent contractor costs. Such expenses are included in our revenues as applicable and are passed through to other cost of services. Typically, reimbursable expenses are recognized as revenue during the period in which the expense is incurred. | |
Revenues recognized for services performed but not yet billed are recorded as unbilled receivables on our consolidated balance sheet. Advance payments and retainers are recorded as deferred revenue and are recognized as services are provided. Any taxes assessed on revenues relating to services provided to our clients are recorded on a net basis. | |
Legal | ' |
Legal | |
We record legal expenses as incurred. Potential exposures related to unfavorable outcomes of legal matters are accrued for when they become probable and reasonably estimable. | |
Share-based Compensation | ' |
Share-Based Compensation | |
We recognize the cost resulting from all share-based compensation arrangements, including stock options, restricted stock and restricted stock units that we grant under our long-term incentive plans in our consolidated financial statements based on their grant date fair value. The expense is recognized over the requisite service period or performance period of the award. Awards with a graded vesting period based on service are expensed on a straight-line basis for the entire award. Awards with performance-based vesting requiring the achievement of a specific financial performance goal at the end of the performance period and required service period are recognized over the performance period Each reporting period, we reassess the probability of achieving the respective performance goal. If the goals are not expected to be met, no compensation cost is recognized and any previously recognized amount recorded is reversed. If the award contains market-based vesting conditions, the compensation cost is based on the grant date fair value and expected achievement of market condition and is not subsequently reversed if it is later determined that the condition is not likely to be met or are expected to be lower than initial expectations. | |
Stock options grant date fair value is based on the Black-Scholes pricing model. The Black-Scholes-Merton option-pricing model requires judgmental assumptions including volatility and expected term, both based on historical experience. The risk-free interest rate is based on U.S. Treasury interest rates whose term is consistent with the expected term of the option. | |
Restricted stock and restricted stock unit fair value is based on the closing price of the underlying stock on the date of the grant. | |
At the time of the grant, we make an estimation of expected forfeitures based upon past experience. Compensation expense is recorded only for those awards expected to vest. Our forfeiture rate is reviewed periodically and may change from year to year. | |
Income Taxes | ' |
Income Taxes | |
We account for income taxes in accordance with FASB ASC Topic 740, “Income Taxes”. Our income tax expense, deferred tax assets and liabilities, and reserves for unrecognized tax benefits reflect management’s best assessment of estimated future taxes to be paid. We are subject to income taxes in the United States and a number of foreign jurisdictions. Significant judgments and estimates are required in determining the consolidated income tax expense. | |
Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. When appropriate, we evaluate the need for a valuation allowance to reduce deferred tax assets. The evaluation of the need for a valuation allowance requires management judgment and could impact our financial results and effective tax rate. We record interest and penalties as a component of our income tax provision. Such amounts were not material during any of the years ended December 31, 2013, 2012 or 2011. | |
Treasury Stock | ' |
Treasury Stock | |
We account for treasury stock transactions at cost and for the reissuance of treasury stock using the average cost method. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
The balance sheets of our foreign subsidiaries are translated into United States dollars using the period-end exchange rates, and revenues and expenses are translated using the average exchange rates for each period. The resulting translation gains or losses are recorded in stockholders’ equity as a component of accumulated other comprehensive income. Gains and losses resulting from foreign exchange transactions are recorded in the consolidated statements of comprehensive income. Such amounts were $0.4 million and $0.1 million losses for the years ended December 31, 2013 and 2012, respectively, and a $0.3 million gain for the year ended December 31, 2011. | |
Interest Rate Derivatives | 'Interest Rate Derivatives We maintain interest rate swaps that are designated as cash flow hedges to manage the market risk from changes in interest rates on a portion of our variable rate loans. We recognize derivative instruments which are cash flow hedges as assets or liabilities at fair value, with the related gain or loss reflected within stockholders' equity as a component of accumulated other comprehensive income. Such instruments are recorded at fair value at each reporting date on a recurring basis. Changes in fair value as calculated are recorded in other comprehensive income (see NoteB 11B - Derivatives and Hedging Activity) only to the extent of effectiveness. Any ineffectiveness on the instruments would be recognized in the consolidated statements of comprehensive income. The differentials to be received or paid under the instruments are recognized in earnings over the life of the contract as adjustments to interest expense. During the years ended December 31, 2013, 2012 and 2011, we recorded no gain or loss due to ineffectiveness and recorded $0.2B million, $0.5B million and $1.3B million, respectively, in interest expense associated with differentials paid under the instrument. Based on the net fair value of our interest rate swaps at DecemberB 31, 2013, we expect no material expense related to these instruments in the year ending December 31, 2014. |
Accounting for Business Acquisition | ' |
Accounting for Business Combinations | |
We use the acquisition method of accounting under the authoritative guidance on business combinations. Each acquired company’s operating results are included in our consolidated financial statements starting on the date of acquisition. The purchase price is equivalent to the fair value of consideration transferred. Tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition are recorded at fair value as of the acquisition date. Goodwill is recognized for the excess of purchase price over the net fair value of assets acquired and liabilities assumed. Contingent consideration, which is primarily based on the business achieving certain performance targets, is recognized at its fair value on the acquisition date, and changes in fair value are recognized in earnings until settled. For the years ended December 31, 2013, 2012 and 2011, we recorded $5.4 million of operating benefit, $1.1 million of operating costs and zero, respectively, for these fair value adjustments. The fair value of the contingent consideration is based on our estimations of future performance of the business and is determined based on Level 3 observable inputs. Further information regarding our contingent acquisition liability balances can be found in Note 16 — Fair Value. | |
Impairment of Long-Lived Assets | ' |
Impairment of Long-Lived Assets | |
We review long-lived assets such as property and equipment and definite-lived intangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans such as a disposition, or changes in anticipated future cash flows. If an impairment indicator is present, we evaluate recoverability of assets to be held and used by a comparison of the carrying value of the assets to future undiscounted net cash flows expected to be generated by the assets. We group assets at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows generated by other asset groups. If the total of the expected undiscounted future cash flows is less than the carrying amount of the asset group, we estimate the fair value of the asset group to determine whether an impairment loss should be recognized. An impairment loss is recognized for the difference between the fair value and carrying value of the asset group. | |
Comprehensive Income | ' |
Comprehensive Income | |
Comprehensive income consists of net income, unrealized foreign currency translation adjustments and unrealized net loss and/or gain on interest rate derivatives. | |
Discontinued Operations | ' |
Discontinued operations | |
The results of operations for business components meeting the criteria for discontinued operations are presented as such in our consolidated statements of income. For periods prior to the designation as discontinued operations, we reclassify the results of operations to discontinued operations. In addition, the net gain or loss (including any impairment loss) on the disposal is presented as discontinued operations when recognized. The change in presentation for discontinued operations does not have any impact on our financial condition or results of operations. We combine the cash flows and assets and liabilities attributable to discontinued operations with the respective cash flows and assets and liabilities from continuing operations to the extent that they are immaterial. On July 8, 2013, we sold the United Kingdom financial services advisory business within our Financial, Risk & Compliance segment. All significant cash flows from this business were eliminated as a result of the sale, and we have no continuing involvement in the operations of this business, and as such, the results of operations for this business have been reclassified and presented as discontinued operations for all periods presented. See Note 4 – Dispositions and Discontinued Operations for further information. | |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Acquisitions [Abstract] | ' | |||||
Schedule of Supplemental Unaudited Pro Forma Financial Information | ' | |||||
For the Year Ended December 31, | ||||||
2013 | 2012 | |||||
Total revenues | $ | 840,083 | $ | 862,915 | ||
Income from continuing operations | $ | 55,758 | $ | 50,116 | ||
Basic net income from continuing operations per basic share | $ | 1.12 | $ | 0.98 | ||
Shares used in computing net income per basic share | 49,771 | 51,182 | ||||
Diluted net income from continuing operations per diluted share | $ | 1.09 | $ | 0.97 | ||
Shares used in computing net income per diluted share | 50,951 | 51,860 | ||||
Dispositions_and_Discontinued_1
Dispositions and Discontinued Operations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||
For the year ended | |||||||||
December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Revenues before reimbursements | $ | 6,904 | $ | 21,193 | $ | 24,425 | |||
Total revenues | $ | 9,035 | $ | 26,444 | $ | 29,970 | |||
(Loss) income from discontinued operations before income tax expense | $ | -2,680 | $ | 2,605 | $ | 6,812 | |||
Income tax expense from discontinued operations | $ | 239 | $ | 668 | $ | 1,827 | |||
(Loss) income from discontinued operations, net of tax | $ | -2,919 | $ | 1,937 | $ | 4,985 | |||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Segment Information [Abstract] | ' | ||||||||||
Segment Revenues Before Reimbursements, Segment Total Revenues and Segment Operating Profit | ' | ||||||||||
For the year ended | |||||||||||
December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Revenues before reimbursements: | |||||||||||
Disputes, Investigations & Economics | $ | 301,545 | $ | 340,036 | $ | 338,965 | |||||
Financial, Risk & Compliance | 155,656 | 141,421 | 112,047 | ||||||||
Healthcare | 182,783 | 151,065 | 134,611 | ||||||||
Energy | 94,449 | 89,668 | 85,666 | ||||||||
Total revenues before reimbursements | $ | 734,433 | $ | 722,190 | $ | 671,289 | |||||
Total revenues: | |||||||||||
Disputes, Investigations & Economics | $ | 326,130 | $ | 364,426 | $ | 370,850 | |||||
Financial, Risk & Compliance | 190,116 | 177,722 | 129,693 | ||||||||
Healthcare | 205,215 | 170,150 | 151,841 | ||||||||
Energy | 114,124 | 105,899 | 102,330 | ||||||||
Total revenues | $ | 835,585 | $ | 818,197 | $ | 754,714 | |||||
Segment operating profit: | |||||||||||
Disputes, Investigations & Economics | $ | 99,828 | $ | 123,288 | $ | 122,672 | |||||
Financial, Risk & Compliance | 62,487 | 55,926 | 38,079 | ||||||||
Healthcare | 67,696 | 50,959 | 42,739 | ||||||||
Energy | 31,280 | 31,721 | 32,882 | ||||||||
Total segment operating profit | 261,291 | 261,894 | 236,372 | ||||||||
Segment reconciliation to income from continuing operations before income tax expense: | |||||||||||
Unallocated: | |||||||||||
General and administrative expenses | 127,079 | 141,195 | 130,430 | ||||||||
Depreciation expense | 16,180 | 14,986 | 13,303 | ||||||||
Amortization expense | 6,826 | 6,767 | 8,658 | ||||||||
Other operating costs (benefit), net | -6,766 | 1,645 | - | ||||||||
Long-term compensation expense attributable to consultants (including share-based compensation expense) | 14,825 | 16,048 | 14,500 | ||||||||
Operating income | 103,147 | 81,253 | 69,481 | ||||||||
Interest and other expense, net | 4,145 | 4,503 | 5,566 | ||||||||
Income from continuing operations before income tax expense | $ | 99,002 | $ | 76,750 | $ | 63,915 | |||||
Total Assets by Segment | ' | ||||||||||
December 31, | December 31, | ||||||||||
2013 | 2012 | ||||||||||
Disputes, Investigations & Economics | $ | 443,417 | $ | 476,640 | |||||||
Financial, Risk & Compliance | 89,498 | 99,269 | |||||||||
Healthcare | 173,066 | 175,430 | |||||||||
Energy | 101,851 | 102,487 | |||||||||
Unallocated assets | 96,365 | 100,624 | |||||||||
Total assets | $ | 904,197 | $ | 954,450 | |||||||
Revenue by Geographic Region | ' | ||||||||||
For the year ended | |||||||||||
December 31, | |||||||||||
2013 | 2012 | ||||||||||
Total revenue: | |||||||||||
United States | $ | 777,108 | $ | 754,925 | |||||||
United Kingdom | 44,530 | 50,446 | |||||||||
Other | 13,947 | 12,826 | |||||||||
Total | $ | 835,585 | $ | 818,197 | |||||||
Assets by Geographic Region | ' | ||||||||||
December 31, | December 31, | ||||||||||
Total assets: | 2013 | 2012 | |||||||||
United States | $ | 773,331 | $ | 809,027 | |||||||
United Kingdom | 100,603 | 114,149 | |||||||||
Other | 30,263 | 31,274 | |||||||||
Total | $ | 904,197 | $ | 954,450 | |||||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets, Net (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Goodwill And Intangible Assets, Net [Abstract] | ' | ||||||||||||||
Schedule Of Goodwill Balance | ' | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||
Goodwill | $ | 620,768 | $ | 625,357 | |||||||||||
Less - accumulated amortization | -5,425 | -5,425 | |||||||||||||
Goodwill, net | $ | 615,343 | $ | 619,932 | |||||||||||
Schedule Of Change In Carrying Values Of Goodwill Assets By Segment | ' | ||||||||||||||
Disputes, | Financial, | ||||||||||||||
Investigations | Risk & | Total | |||||||||||||
& Economics | Compliance | Healthcare | Energy | Company | |||||||||||
Goodwill, net as of January 1, 2012 | $ | 326,458 | $ | 56,962 | $ | 115,527 | $ | 71,333 | $ | 570,280 | |||||
Acquisitions | 26,900 | - | 13,704 | 5,266 | 45,870 | ||||||||||
Adjustments | -142 | -47 | - | - | -189 | ||||||||||
Foreign currency | 3,875 | 67 | - | 29 | 3,971 | ||||||||||
Goodwill, net as of December 31, 2012 | $ | 357,091 | $ | 56,982 | $ | 129,231 | $ | 76,628 | $ | 619,932 | |||||
Acquisitions | 4,302 | - | - | - | 4,302 | ||||||||||
Adjustments | -156 | -6 | -40 | - | -202 | ||||||||||
Disposition | -7,350 | -1,519 | - | - | -8,869 | ||||||||||
Foreign currency | 334 | -127 | - | -27 | 180 | ||||||||||
Goodwill, net as of December 31, 2013 | $ | 354,221 | $ | 55,330 | $ | 129,191 | $ | 76,601 | $ | 615,343 | |||||
Intangible Assets by Type as of the balance sheet date | ' | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2013 | 2012 | ||||||||||||||
Intangible assets: | |||||||||||||||
Customer lists and relationships | $ | 79,514 | $ | 78,462 | |||||||||||
Non-compete agreements | 22,557 | 22,236 | |||||||||||||
Other | 24,297 | 24,570 | |||||||||||||
Intangible assets, at cost | 126,368 | 125,268 | |||||||||||||
Less: accumulated amortization | -115,590 | -109,145 | |||||||||||||
Intangible assets, net | $ | 10,778 | $ | 16,123 | |||||||||||
Schedule Of Intangible Assets Estimated Useful Lives | ' | ||||||||||||||
Weighted Average | |||||||||||||||
Category | Remaining Years | Amount | |||||||||||||
Customer lists and relationships, net | 3.3 | $ | 7,934 | ||||||||||||
Non-compete agreements, net | 4 | 1,610 | |||||||||||||
Other intangible assets, net | 1.9 | 1,234 | |||||||||||||
Total intangible assets, net | 3.2 | $ | 10,778 | ||||||||||||
Schedule Of Amortization Expense | ' | ||||||||||||||
Year Ending December 31, | Amount | ||||||||||||||
2014 | $ | 4,858 | |||||||||||||
2015 | 2,891 | ||||||||||||||
2016 | 1,478 | ||||||||||||||
2017 | 802 | ||||||||||||||
2018 | 505 | ||||||||||||||
Thereafter | 244 | ||||||||||||||
Total | $ | 10,778 | |||||||||||||
Net_Income_Per_Share_EPS_Table
Net Income Per Share (EPS) (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Net Income Per Share (EPS) [Abstract] | ' | ||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||
For the year ended | |||||||
December 31, | |||||||
2013 | 2012 | 2011 | |||||
Basic shares | 49,771 | 50,894 | 50,820 | ||||
Employee stock options | 117 | 92 | 87 | ||||
Restricted stock and restricted stock units | 949 | 562 | 264 | ||||
Business combination obligations payable in fixed dollar amount of shares | - | - | 200 | ||||
Contingently issuable shares | 114 | 24 | - | ||||
Diluted shares | 50,951 | 51,572 | 51,371 | ||||
Antidilutive shares (1) | 349 | 589 | 843 | ||||
ShareBased_Compensation_Expens1
Share-Based Compensation Expense (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Share-Based Compensation Expense [Abstract] | ' | |||||||||
Schedule Of Share Based Compensation Shares Restricted Stock By Exercise Price Range [Table Text Block] | ' | |||||||||
Weighted | ||||||||||
Outstanding | Average | |||||||||
Shares | Measurement | |||||||||
Range of Measurement Date Prices | (000s) | Date Price | ||||||||
$0.00 — $9.99 | 38 | $ | 9.51 | |||||||
$10.00 — $14.99 | 39 | 11.44 | ||||||||
$15.00 — $19.99 | 130 | 18.68 | ||||||||
$20.00 and above | 10 | 20.21 | ||||||||
Total restricted stock outstanding | 217 | $ | 15.84 | |||||||
Schedule Of Total Share-Based Compensation Expense | ' | |||||||||
For the year ended | ||||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Amortization of restricted stock and restricted stock units awards | $ | 9,977 | $ | 8,513 | $ | 7,536 | ||||
Amortization of stock option awards | 828 | 1,216 | 1,034 | |||||||
Discount given on employee stock purchase transactions through our Employee Stock Purchase Plan | 233 | 247 | 192 | |||||||
Total share-based compensation expense | $ | 11,038 | $ | 9,976 | $ | 8,762 | ||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | |||||||||
Number of | Weighted Average | |||||||||
Shares | Measurement Date | |||||||||
(000s) | Price | |||||||||
Restricted stock outstanding at beginning of the period | 590 | $ | 15.05 | |||||||
Granted | - | - | ||||||||
Vested | -346 | 14.62 | ||||||||
Forfeited | -27 | 15.74 | ||||||||
Restricted stock outstanding at end of period | 217 | $ | 15.84 | |||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | |||||||||
Weighted | ||||||||||
Outstanding | Average | |||||||||
Shares | Measurement | |||||||||
Range of Measurement Date Prices | (000s) | Date Price | ||||||||
$0.00 — $9.99 | 453 | $ | 9.83 | |||||||
$10.00 — $14.99 | 1,416 | 12.59 | ||||||||
$15.00 — $19.99 | 10 | 15.91 | ||||||||
Total restricted stock units outstanding | 1,879 | $ | 11.94 | |||||||
Schedule Of Share-Based Compensation Expense Showing Amount Attributable To Each Category | ' | |||||||||
For the year ended | ||||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Cost of services before reimbursable expenses | $ | 5,854 | $ | 5,646 | $ | 5,184 | ||||
General and administrative expenses | 5,184 | 4,330 | 3,578 | |||||||
Total share-based compensation expense | $ | 11,038 | $ | 9,976 | $ | 8,762 | ||||
Schedule of Stock options oustanding by plan | ' | |||||||||
Shares | ||||||||||
Remaining | ||||||||||
Weighted | Available | |||||||||
Outstanding | Average | for Future | ||||||||
Shares | Exercise | Issuances | ||||||||
Plan Category | (000s) | Price | (000s) | |||||||
2005 and 2012 Long-Term Incentive Plans | 771 | $ | 12.28 | 4,170 | ||||||
Supplemental Equity Incentive Plan | 9 | 20.56 | - | |||||||
Total | 780 | $ | 12.37 | 4,170 | ||||||
Schedule of stock options exercisable | ' | |||||||||
Outstanding | Weighted Average | Remaining | ||||||||
Shares | Exercise | Exercise | ||||||||
Range of Exercise Prices | (000s) | Price | Period (years) | |||||||
$0.00 — $9.99 | 67 | $ | 9.56 | 3.3 | ||||||
$10.00 — $14.99 | 431 | 12.26 | 1.9 | |||||||
$15.00 — $19.99 | 14 | 17.67 | 0.3 | |||||||
$20.00 and above | 9 | 20.56 | 0.2 | |||||||
Total | 521 | $ | 12.21 | 2.0 | ||||||
Schedule of Stock Option valuation inputs [Table Text Block] | ' | |||||||||
2013 | 2012 | 2011 | ||||||||
Fair value of options granted | $ | $ | $ | |||||||
5.89 | 6.14 | 4.63 | ||||||||
Expected volatility | 55 | % | 56 | % | 57 | % | ||||
Risk free interest rate | 0.7 | % | 1.0 | % | 2.1 | % | ||||
Forfeiture rate | 0 | % | 0 | % | 0 | % | ||||
Dividend yield | 0 | % | 0 | % | 0 | % | ||||
Contractual or expected lives (years) | 4.5 | 4.5 | 4.5 | |||||||
Supplemental_Consolidated_Bala1
Supplemental Consolidated Balance Sheet Information (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ||||||
Components of Accounts Receivable | ' | ||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Billed amounts | $ | 121,335 | $ | 159,399 | |||
Engagements in process | 55,650 | 54,685 | |||||
Allowance for uncollectible accounts | -9,919 | -15,375 | |||||
Accounts receivable, net | $ | 167,066 | $ | 198,709 | |||
Components of Prepaid Expenses and Other Current Assets | ' | ||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Notes receivable - current | $ | 4,906 | $ | 7,701 | |||
Other prepaid expenses and other current assets | 19,648 | 17,353 | |||||
Prepaid expenses and other current assets | $ | 24,554 | $ | 25,054 | |||
Components of Other Assets | ' | ||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Notes receivable - non-current | $ | 7,155 | $ | 13,916 | |||
Prepaid expenses and other non-current assets | 15,681 | 16,501 | |||||
Other assets | $ | 22,836 | $ | 30,417 | |||
Property and Equipment | ' | ||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Furniture, fixtures and equipment | $ | 62,486 | $ | 63,497 | |||
Software | 43,867 | 39,608 | |||||
Leasehold improvements | 32,416 | 40,052 | |||||
Property and equipment, at cost | 138,769 | 143,157 | |||||
Less: accumulated depreciation and amortization | -94,431 | -97,815 | |||||
Property and equipment, net | $ | 44,338 | $ | 45,342 | |||
Components of Other Current Liabilities | ' | ||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Deferred acquisition liabilities | $ | 5,773 | $ | 10,863 | |||
Deferred revenue | 19,503 | 17,366 | |||||
Deferred rent - short term | 997 | 2,995 | |||||
Commitments on abandoned real estate | 205 | 748 | |||||
Other current liabilities | 5,531 | 3,782 | |||||
Total other current liabilities | $ | 32,009 | $ | 35,754 | |||
Components of Other Non-Current Liabilities | ' | ||||||
December 31, | December 31, | ||||||
2013 | 2012 | ||||||
Deferred acquisition liabilities | $ | 8,038 | $ | 14,783 | |||
Deferred rent - long term | 10,642 | 11,034 | |||||
Commitments on abandoned real estate | 195 | 487 | |||||
Interest rate swap liability (see Note 11) | 355 | 515 | |||||
Other non-current liabilities | 6,786 | 8,787 | |||||
Total other non-current liabilities | $ | 26,016 | $ | 35,606 | |||
Description_of_Business_And_Ba
Description of Business And Basis of Presentation (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Basis of Presentation [Abstract] | ' | ' | ' |
Concentration of total revenues outside of the United States | 7.00% | 8.00% | 9.00% |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narrative)(Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary of Significant Accounting Policies | ' | ' | ' |
Capitalized Compensation for Software Development | $900,000 | $900,000 | $500,000 |
Contingent acquisition liability adjustment | 5,399,000 | -1,065,000 | ' |
Interest differentials paid | $200,000 | $500,000 | $1,300,000 |
Acquisitions_Schedule_Of_Suppl
Acquisitions (Schedule Of Supplemental Unaudited Pro Forma Financial Information) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Acquisitions [Abstract] | ' | ' |
Total revenues | $840,083 | $862,915 |
Net income from continuing operations | $55,758 | $50,116 |
Basic net income from continuing operations per basic share - proforma | $1.12 | $0.98 |
Shares used in computing basic proforma net income per share | 49,771 | 51,182 |
Diluted net income from continuing operations per diluted share - proforma | $1.09 | $0.97 |
Shares used in computing diluted proforma net income per share | 50,951 | 51,860 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | ' | ' |
Contingent acquisition liability adjustment | ($5,399,000) | $1,065,000 |
Contingent consideration, fair value | 1,000,000 | ' |
Purchase Price, Goodwill acquired during the period | 4,302,000 | 45,870,000 |
Deferred Acquisition Liability | 2,500,000 | ' |
Disputes, Investigations & Economics [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Purchase Price, Goodwill acquired during the period | 4,302,000 | 26,900,000 |
Healthcare [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Purchase Price, Goodwill acquired during the period | ' | 13,704,000 |
Energy [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Purchase Price, Goodwill acquired during the period | ' | 5,266,000 |
The Anson Group [Member] | Disputes, Investigations & Economics [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Contingent consideration, maximum target | 3,000,000 | ' |
Contingent consideration, target period | 3 | ' |
Contingent consideration, fair value | 1,000,000 | ' |
Purchase Price, Property and equipment acquired | 100,000 | ' |
Purchase price allocation of identifiable intangible assets | 1,600,000 | ' |
Purchase Price, Goodwill acquired during the period | 4,300,000 | ' |
Purchase price | 5,000,000 | ' |
Cash paid, at closing | 3,000,000 | ' |
Deferred Acquisition Liability | 2,000,000 | ' |
Period of time deferred acquisition payments are made over | '3 years | ' |
Date of Acquisition | 1-Jul-13 | ' |
AFE Consulting [Member] | Disputes, Investigations & Economics [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Contingent consideration, maximum target | 10,000,000 | ' |
Contingent consideration, target period | 4 | ' |
Contingent Consideration, adjustment | 2,200,000 | ' |
Contingent consideration, fair value | 4,400,000 | ' |
Purchase price allocation of identifiable intangible assets | 3,100,000 | ' |
Purchase Price, Goodwill acquired during the period | 23,400,000 | ' |
Cash paid, at closing | 15,000,000 | ' |
Payments To Aquire Business, Deferred | 2,500,000 | ' |
Deferred Acquisition Liability | 5,000,000 | ' |
Restricted common stock issued, fair value | -2,200,000 | ' |
Restrictive Period of Common Stock | '2 years | ' |
Total number of consulting professional acquired | 30 | ' |
Common stock issued to acquiree | 2,500,000 | ' |
Date of Acquisition | 3-Dec-12 | ' |
Easton Associates, LLC [Member] | Healthcare [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Purchase Price, Property and equipment acquired | 100,000 | ' |
Purchase price allocation of identifiable intangible assets | 1,900,000 | ' |
Purchase Price, Goodwill acquired during the period | 9,800,000 | ' |
Cash paid, at closing | 8,000,000 | ' |
Payments To Aquire Business, Deferred | 1,400,000 | ' |
Deferred Acquisition Liability | 4,100,000 | ' |
Total number of consulting professional acquired | 47 | ' |
Date of Acquisition | 2-Oct-12 | ' |
Empath Consulting, Inc. [Member] | Healthcare [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Contingent consideration, maximum target | 4,500,000 | ' |
Contingent consideration, target period | 46 | ' |
Contingent Consideration, adjustment | -900,000 | ' |
Contingent consideration, fair value | 3,200,000 | ' |
Purchase price allocation of identifiable intangible assets | 100,000 | ' |
Purchase Price, Goodwill acquired during the period | 3,900,000 | ' |
Purchase price, allocation of current assets | 700,000 | ' |
Cash paid, at closing | 700,000 | ' |
Payments To Aquire Business, Deferred | 800,000 | ' |
Total number of consulting professional acquired | 8 | ' |
Date of Acquisition | 24-Aug-12 | ' |
Pike Research, LLC [ Member] | Energy [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Contingent consideration, maximum target | 4,000,000 | ' |
Contingent consideration, target period | 3 | ' |
Contingent Consideration, adjustment | -2,300,000 | ' |
Contingent consideration, fair value | 2,500,000 | ' |
Purchase price allocation of identifiable intangible assets | 100,000 | ' |
Purchase Price, Goodwill acquired during the period | 5,300,000 | ' |
Purchase price, allocation of other current liabilities | 700,000 | ' |
Purchase price, allocation of current assets | 400,000 | ' |
Cash paid, at closing | 1,900,000 | ' |
Payments To Aquire Business, Deferred | 700,000 | ' |
Total number of consulting professional acquired | 33 | ' |
Date of Acquisition | 2-Jul-12 | ' |
Ignited Solutions [Member] | Disputes, Investigations & Economics [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Contingent consideration, maximum target | 3,000,000 | ' |
Contingent consideration, target period | 30 | ' |
Contingent Consideration, adjustment | ' | 400,000 |
Contingent consideration, fair value | 2,600,000 | ' |
Purchase Price, Accounts receivable acquired | 1,200,000 | ' |
Purchase Price, Property and equipment acquired | 500,000 | ' |
Purchase price allocation of identifiable intangible assets | 1,500,000 | ' |
Purchase Price, Goodwill acquired during the period | 5,800,000 | ' |
Cash paid, at closing | 6,300,000 | ' |
Payments To Aquire Business, Deferred | 2,000,000 | 1,000,000 |
Total number of consulting professional acquired | 27 | ' |
Date of Acquisition | 15-Jul-11 | ' |
Series of Individually Immaterial Business Acquisitions [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Purchase price | 4,600,000 | ' |
Cash paid, at closing | 2,900,000 | ' |
Series of Individually Immaterial Business Acquisitions [Member] | Disputes, Investigations & Economics [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Purchase price | 4,200,000 | ' |
Cash paid, at closing | $2,600,000 | ' |
Date of Acquisition | 1-Nov-12 | ' |
Recovered_Sheet1
Dispositions and discontinued operations (Narrative) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Gain on disposition of assets | ($1,715,000) |
Proceeds from disposition, net of selling costs | 16,973,000 |
Goodwill disposition | -8,869,000 |
Financial Services UK [Member] | ' |
Value of Contingent Proceeds | 0 |
Contingent consideration, target period | 13 |
Contingent proceeds | 2,500,000 |
Employees Sold with Disposition | 45 |
Working Capital Included in the Sale of Portion of a Business | 4,300,000 |
Proceeds from disposition, net of selling costs | 1,400,000 |
Goodwill disposition | 1,500,000 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 3,700,000 |
Disputes, Investigations & Economics [Member] | ' |
Goodwill disposition | -7,350,000 |
Disputes, Investigations & Economics [Member] | Economics Group [Member] | ' |
Employees Sold with Disposition | 40 |
Gain on disposition of assets | 1,700,000 |
Working Capital Included in the Sale of Portion of a Business | 6,500,000 |
Proceeds from disposition, net of selling costs | 15,600,000 |
Goodwill disposition | 7,400,000 |
Financial, Risk & Compliance [Member] | ' |
Goodwill disposition | ($1,519,000) |
Recovered_Sheet2
Dispositions and discontinued operations (Schedule of Discontinued Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' |
Revenue before reimbursements | $6,904 | $21,193 | $24,425 |
Total Revenues | 9,035 | 26,444 | 29,970 |
(Loss) income from discontinued operations before income tax expense | -2,680 | 2,605 | 6,812 |
Income tax expense from discontinued operations | 239 | 668 | 1,827 |
(Loss) income from discontinued operations, net of tax | ($2,919) | $1,937 | $4,985 |
Segment_Information_Schedule_O
Segment Information (Schedule Of Segment Revenues Before Reimbursements, Segment Total Revenues And Segment Operating Profit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues before reimbursements | $734,433 | $722,190 | $671,289 |
Total revenues | 835,585 | 818,197 | 754,714 |
Total segment operating profit | 261,291 | 261,894 | 236,372 |
General and administrative expenses | 127,079 | 141,195 | 130,430 |
Depreciation expense | 16,180 | 14,986 | 13,303 |
Amortization expense | 6,826 | 6,767 | 8,658 |
Other Operating Costs Benefit | -6,766 | 1,645 | ' |
Long-term compensation expense related to consulting personnel (including share-based compensation) | 14,825 | 16,048 | 14,500 |
Operating income | 103,147 | 81,253 | 69,481 |
Interest and other expense, net | 4,145 | 4,503 | 5,566 |
Income from continuing operations before income tax expense | 99,002 | 76,750 | 63,915 |
Disputes, Investigations & Economics [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues before reimbursements | 301,545 | 340,036 | 338,965 |
Total revenues | 326,130 | 364,426 | 370,850 |
Total segment operating profit | 99,828 | 123,288 | 122,672 |
Financial, Risk & Compliance [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues before reimbursements | 155,656 | 141,421 | 112,047 |
Total revenues | 190,116 | 177,722 | 129,693 |
Total segment operating profit | 62,487 | 55,926 | 38,079 |
Healthcare [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues before reimbursements | 182,783 | 151,065 | 134,611 |
Total revenues | 205,215 | 170,150 | 151,841 |
Total segment operating profit | 67,696 | 50,959 | 42,739 |
Energy [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues before reimbursements | 94,449 | 89,668 | 85,666 |
Total revenues | 114,124 | 105,899 | 102,330 |
Total segment operating profit | $31,280 | $31,721 | $32,882 |
Segment_Information_Total_Asse
Segment Information (Total Assets By Segment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $904,197 | $954,450 |
Unallocated Assets [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 96,365 | 100,624 |
Disputes, Investigations & Economics [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 443,417 | 476,640 |
Financial, Risk & Compliance [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 89,498 | 99,269 |
Healthcare [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 173,066 | 175,430 |
Energy [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $101,851 | $102,487 |
Recovered_Sheet3
Segment Information (Schedule of Revenue by Geographic Region)(Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total revenues | $835,585 | $818,197 | $754,714 |
All other [Member] | ' | ' | ' |
Total revenues | 13,947 | 12,826 | ' |
United Kingdom [Member] | ' | ' | ' |
Total revenues | 44,530 | 50,446 | ' |
United States [Member] | ' | ' | ' |
Total revenues | $777,108 | $754,925 | ' |
Segment_Information_Schedule_o1
Segment Information (Schedule of Assets by Geographic Region)(Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total assets | $904,197 | $954,450 |
All other [Member] | ' | ' |
Total assets | 30,263 | 31,274 |
United Kingdom [Member] | ' | ' |
Total assets | 100,603 | 114,149 |
United States [Member] | ' | ' |
Total assets | $773,331 | $809,027 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets, Net (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | $6,826 | $6,767 | $8,658 |
Disputes, Investigations & Economics [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 7.00% | ' | ' |
Financial, Risk & Compliance [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 54.00% | ' | ' |
Healthcare [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 34.00% | ' | ' |
Energy [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 39.00% | ' | ' |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets, Net (Schedule Of Goodwill ) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Goodwill And Intangible Assets, Net [Abstract] | ' | ' | ' |
Goodwill | $620,768 | $625,357 | ' |
Less - accumulated amortization | -5,425 | -5,425 | ' |
Goodwill, net | $615,343 | $619,932 | $570,280 |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets, Net (Schedule Of Change In Carrying Values Of Goodwill Assets By Segment) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Balance as of the beginning of the period - Goodwill, net | $619,932 | $570,280 |
Purchase Price, Goodwill acquired during the period | 4,302 | 45,870 |
Adjustments to goodwill | -202 | -189 |
Goodwill disposition | -8,869 | ' |
Foreign currency translation - Goodwill, net | 180 | 3,971 |
Balance as of the end of the period - Goodwill, net | 615,343 | 619,932 |
Disputes, Investigations & Economics [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance as of the beginning of the period - Goodwill, net | 357,091 | 326,458 |
Purchase Price, Goodwill acquired during the period | 4,302 | 26,900 |
Adjustments to goodwill | -156 | -142 |
Goodwill disposition | -7,350 | ' |
Foreign currency translation - Goodwill, net | 334 | 3,875 |
Balance as of the end of the period - Goodwill, net | 354,221 | 357,091 |
Financial, Risk & Compliance [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance as of the beginning of the period - Goodwill, net | 56,982 | 56,962 |
Adjustments to goodwill | -6 | -47 |
Goodwill disposition | -1,519 | ' |
Foreign currency translation - Goodwill, net | -127 | 67 |
Balance as of the end of the period - Goodwill, net | 55,330 | 56,982 |
Healthcare [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance as of the beginning of the period - Goodwill, net | 129,231 | 115,527 |
Purchase Price, Goodwill acquired during the period | ' | 13,704 |
Adjustments to goodwill | -40 | ' |
Balance as of the end of the period - Goodwill, net | 129,191 | 129,231 |
Energy [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance as of the beginning of the period - Goodwill, net | 76,628 | 71,333 |
Purchase Price, Goodwill acquired during the period | ' | 5,266 |
Foreign currency translation - Goodwill, net | -27 | 29 |
Balance as of the end of the period - Goodwill, net | $76,601 | $76,628 |
Recovered_Sheet4
Goodwill and Intangible Assets, Net (Schedule of Finite Lived Intangible Assets by Major Category) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets, Net [Abstract] | ' | ' |
Customer lists and relationships | $79,514 | $78,462 |
Non-compete agreements | 22,557 | 22,236 |
Other | 24,297 | 24,570 |
Intangible assets, at cost | 126,368 | 125,268 |
Less - accumulated amortization | -115,590 | -109,145 |
Intangible assets, net | $10,778 | $16,123 |
Goodwill_And_Intangible_Assets5
Goodwill And Intangible Assets, Net (Schedule Of Intangible Assets Estimated Useful Lives) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets remaining amortization, Weighted Average Remaining Years | '3 years 2 months 12 days | ' |
Intangible assets remaining amortization, Amount | $10,778 | $16,123 |
Customer Lists and Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets remaining amortization, Weighted Average Remaining Years | '3 years 3 months 18 days | ' |
Intangible assets remaining amortization, Amount | 7,934 | ' |
Non-compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets remaining amortization, Weighted Average Remaining Years | '4 years | ' |
Intangible assets remaining amortization, Amount | 1,610 | ' |
Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets remaining amortization, Weighted Average Remaining Years | '1 year 10 months 24 days | ' |
Intangible assets remaining amortization, Amount | $1,234 | ' |
Goodwill_And_Intangible_Assets6
Goodwill And Intangible Assets, Net (Schedule Of Amortization Expense) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets, Net [Abstract] | ' |
2014 | $4,858 |
2018 | 505 |
2015 | 2,891 |
2016 | 1,478 |
2017 | 802 |
Thereafter | 244 |
Total | $10,778 |
Net_Income_Per_Share_EPS_Sched
Net Income Per Share (EPS) (Schedule) (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Basic shares | 49,771 | 50,894 | 50,820 |
Business combination obligations payable in a fixed dollar amount of shares | ' | ' | 200 |
Contingently issuable shares | 114 | 24 | ' |
Diluted shares | 50,951 | 51,572 | 51,371 |
Antidilutive shares (in thousands) | 349 | 589 | 843 |
Method of calculating diluted stock | 'We use the treasury stock method to calculate the dilutive effect of our common stock equivalents should they vest. | ' | ' |
Restricted Stock And Restricted Stock Units [Member] | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Share-based Awards | 949 | 562 | 264 |
Employee Stock Options [Member] | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Share-based Awards | 117 | 92 | 87 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Issuance of common stock related to business combinations | ' | $2,600,000 | $6,012,000 |
Issuance of common stock related to business combinations, shares | ' | 288,884 | 591,320 |
Additional paid-in capital recorded through compensation-related costs | 2,340,000 | 750,000 | ' |
Share repurchases, weighted average share price | $13.76 | $11.78 | $10.92 |
Accumulated other comprehensive loss | -9,341,000 | -8,724,000 | ' |
Unrealized net foreign currency translation gain (loss) | -9,100,000 | ' | ' |
Unrealized net loss on interest rate derivatives | -200,000 | ' | ' |
Treasury Stock Acquired, Repurchase Authorization | ' | ' | '$100 |
Additional Paid-in Capital [Member] | ' | ' | ' |
Issuance of common stock related to business combinations | ' | ' | -5,630,000 |
Additional paid-in capital recorded through compensation-related costs | 2,340,000 | 750,000 | ' |
Treasury Stock [Member] | ' | ' | ' |
Issuance of common stock related to business combinations | ' | $2,551,000 | $11,642,000 |
Stock Repurchased During Period, Shares | 2,059,220 | 1,601,906 | 234,300 |
ShareBased_Compensation_Expens2
Share-Based Compensation Expense (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options, Market Price of Common Stock | $19.20 | ' | ' |
ESPP Percent of Market Price Purchased At | 90.00% | ' | ' |
ESPP, Compensation Expense | $200,000 | ' | ' |
ESPP, Stock Issued During Period, Shares | 164,941 | 198,956 | 189,813 |
ESPP, Maximum number of shares allowable | 800,000 | ' | ' |
ESPP and SO, Cash Received | 3,100,000 | 3,300,000 | 2,300,000 |
ESPP and SO exercises, Excess Tax Benefits | 100,000 | 200,000 | 300,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 4,900,000 | 4,200,000 | ' |
Performance Based Compensation Expense Issuable in Stock or Cash | 2,000,000 | ' | ' |
Performance Based Stock Compensation Award Expected Fair Value | 8,000,000 | ' | ' |
Total compensation cost related to the outstanding or unvested stock-based compensation awards | 10,500,000 | ' | ' |
Weighted-average remaining vesting period | '2 years | ' | ' |
Number of Shares, Stock options, Granted | 139,000 | ' | ' |
Intrinsic value of stock options outstanding | 5,300,000 | ' | ' |
Intrinsic value of stock options exercisable | 3,700,000 | ' | ' |
Market price for common stock | $12.37 | $13.08 | ' |
Share Based Awards Granted, Fair Value | 13,500,000 | ' | ' |
Share-based Awards, Grants | 1,166,975 | ' | ' |
Number of shares available for grant under incentive plan | 4,170,000 | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares in plan for Grant | 6,200,000 | ' | ' |
Restricted Stock Units (RSU's) Performance Based Vesting [Member] | ' | ' | ' |
Restricted Stock Units, Grants | 210,474 | ' | ' |
Restricted Stock Unit Grants, Fair Value | 2,500,000 | ' | ' |
Restricted Stock And Restricted Stock Units [Member] | ' | ' | ' |
Total compensation cost related to the outstanding or unvested stock-based compensation awards | 9,400,000 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Median Price, Outstanding, Period End | 18.56 | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Restricted Stock Units, Grants | 1,028,236 | ' | ' |
Restricted Stock Unit Grants, Fair Value | 12,600,000 | ' | ' |
Median Price, Outstanding, Period End | $11.84 | ' | ' |
ShareBased_Compensation_Expens3
Share-Based Compensation Expense (Schedule Of Total Share-Based Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-Based Compensation Expense [Abstract] | ' | ' | ' |
Restricted Stock or Unit Expense | $9,977 | $8,513 | $7,536 |
Stock or Unit Option Plan Expense | 828 | 1,216 | 1,034 |
Share Based Compensation Discount To Employees On ESOP | 233 | 247 | 192 |
Total share-based compensation | $11,038 | $9,976 | $8,762 |
ShareBased_Compensation_Expens4
Share-Based Compensation Expense (Schedule Of Share-Based Compensation Expense Showing Amount Attributable To Different Categories) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-Based Compensation Expense [Abstract] | ' | ' | ' |
Cost of services before reimbursable expenses | $5,854 | $5,646 | $5,184 |
General and administrative expenses | 5,184 | 4,330 | 3,578 |
Total share-based compensation | $11,038 | $9,976 | $8,762 |
ShareBased_Compensation_Expens5
Share-Based Compensation Expense (Schedule of Restricted Stock and Restricted Stock Unit by Price Range (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Restricted Stock [Member] | ' | ' |
Weighted average measurement date price, Restricted stock outstanding at end of the period | $15.84 | $15.05 |
Number of shares, Restricted stock and restricted stock units outstanding at end of the period | 217 | 590 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Weighted average measurement date price, Restricted stock outstanding at end of the period | $11.94 | $11.56 |
Number of shares, Restricted stock and restricted stock units outstanding at end of the period | 1,879 | 1,192 |
$0.00 - $9.99 [Member] | Restricted Stock [Member] | ' | ' |
Weighted average measurement date price, Restricted stock outstanding at end of the period | $9.51 | ' |
Number of shares, Restricted stock and restricted stock units outstanding at end of the period | 38 | ' |
$0.00 - $9.99 [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' |
Weighted average measurement date price, Restricted stock outstanding at end of the period | $9.83 | ' |
Number of shares, Restricted stock and restricted stock units outstanding at end of the period | 453 | ' |
$10.00-$14.99 [Member] | Restricted Stock [Member] | ' | ' |
Weighted average measurement date price, Restricted stock outstanding at end of the period | $11.44 | ' |
Number of shares, Restricted stock and restricted stock units outstanding at end of the period | 39 | ' |
$10.00-$14.99 [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' |
Weighted average measurement date price, Restricted stock outstanding at end of the period | $12.59 | ' |
Number of shares, Restricted stock and restricted stock units outstanding at end of the period | 1,416 | ' |
$15.00-$19.99 [Member] | Restricted Stock [Member] | ' | ' |
Weighted average measurement date price, Restricted stock outstanding at end of the period | $18.68 | ' |
Number of shares, Restricted stock and restricted stock units outstanding at end of the period | 130 | ' |
$15.00-$19.99 [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' |
Weighted average measurement date price, Restricted stock outstanding at end of the period | $15.91 | ' |
Number of shares, Restricted stock and restricted stock units outstanding at end of the period | 10 | ' |
$20.00 and above [Member] | Restricted Stock [Member] | ' | ' |
Weighted average measurement date price, Restricted stock outstanding at end of the period | $20.21 | ' |
Number of shares, Restricted stock and restricted stock units outstanding at end of the period | 10 | ' |
ShareBased_Compensation_Expens6
Share-Based Compensation Expense (Summary of Restricted Stock and Restricted Stock Unit Awards Activity) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Restricted Stock [Member] | ' |
Number of shares, Restricted stock and restricted stock units outstanding at beginning of the period | 590 |
Number of shares, Vested | 346 |
Number of shares, Forfeited | -27 |
Number of shares, Restricted stock and restricted stock units outstanding at end of the period | 217 |
Weighted average measurement date price, Restricted stock and restricted stock units outstanding at beginning of the period | $15.05 |
Weighted average measurement date price, Vested | $14.62 |
Weighted average measurement date price, Forfeited | $15.74 |
Weighted average measurement date price, Restricted stock outstanding at end of the period | $15.84 |
Restricted Stock Units (RSUs) [Member] | ' |
Number of shares, Restricted stock and restricted stock units outstanding at beginning of the period | 1,192 |
Number of shares, Granted | 1,028 |
Number of shares, Vested | -156 |
Number of shares, Forfeited | -185 |
Number of shares, Restricted stock and restricted stock units outstanding at end of the period | 1,879 |
Weighted average measurement date price, Restricted stock and restricted stock units outstanding at beginning of the period | $11.56 |
Weighted average measurement date price, Granted | $12.29 |
Weighted average measurement date price, Vested | $11.61 |
Weighted average measurement date price, Forfeited | $11.68 |
Weighted average measurement date price, Restricted stock outstanding at end of the period | $11.94 |
ShareBased_Compensation_Expens7
Share-Based Compensation Expense (Schedule of Stock Option Activity)(Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Share-Based Compensation Expense [Abstract] | ' |
Number of Shares, Oustanding Options Beginning | 864 |
Number of Shares, Stock options, Granted | 139 |
Number of Shares, Stock options, Exercised | -94 |
Number of shares, Stock options, Forfeitures | -129 |
Number of Shares, Outstanding Options, Ending | 780 |
Number of shares, Exercisable Stock Options Outstanding | 521 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $13.08 |
Weighted Average Exercise Price, Options Granted | $13.17 |
Weighted Average Exercise Price, Options Exercised | $13.05 |
Weighted Average Exercise Price, Options Forfeited | $17.46 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $12.37 |
Weighted Average Exercise Price, Exercisable | $12.21 |
ShareBased_Compensation_Expens8
Share-Based Compensation Expense (Schedule of Options Oustanding)(Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Number of Shares, Outstanding Options | 780 | 864 |
Weighted Average Exercise Price, Outstanding Options | $12.37 | $13.08 |
Remaining Contractual Term | '2 years 10 months 24 days | ' |
$0.00 - $9.99 [Member] | ' | ' |
Number of Shares, Outstanding Options | 102 | ' |
Weighted Average Exercise Price, Outstanding Options | $9.56 | ' |
Remaining Contractual Term | '3 years 3 months 18 days | ' |
$10.00-$14.99 [Member] | ' | ' |
Number of Shares, Outstanding Options | 655 | ' |
Weighted Average Exercise Price, Outstanding Options | $12.58 | ' |
Remaining Contractual Term | '2 years 10 months 24 days | ' |
$15.00-$19.99 [Member] | ' | ' |
Number of Shares, Outstanding Options | 14 | ' |
Weighted Average Exercise Price, Outstanding Options | $17.67 | ' |
Remaining Contractual Term | '3 months 18 days | ' |
$20.00 and above [Member] | ' | ' |
Number of Shares, Outstanding Options | 9 | ' |
Weighted Average Exercise Price, Outstanding Options | $20.56 | ' |
Remaining Contractual Term | '2 months 12 days | ' |
ShareBased_Compensation_Expens9
Share-Based Compensation Expense (Schedule of Stock Options Exercisable) (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Number of shares, Exercisable Stock Options Outstanding | 521 |
Weighted Average Exercise Price, Exercisable | $12.21 |
Exercisable Stock Options Weighted Average Remaining Life | '2 years |
$0.00 - $9.99 [Member] | ' |
Number of shares, Exercisable Stock Options Outstanding | 67 |
Weighted Average Exercise Price, Exercisable | $9.56 |
Exercisable Stock Options Weighted Average Remaining Life | '3 years 3 months 18 days |
$10.00-$14.99 [Member] | ' |
Number of shares, Exercisable Stock Options Outstanding | 431 |
Weighted Average Exercise Price, Exercisable | $12.26 |
Exercisable Stock Options Weighted Average Remaining Life | '1 year 10 months 24 days |
$15.00-$19.99 [Member] | ' |
Number of shares, Exercisable Stock Options Outstanding | 14 |
Weighted Average Exercise Price, Exercisable | $17.67 |
Exercisable Stock Options Weighted Average Remaining Life | '3 months 18 days |
$20.00 and above [Member] | ' |
Number of shares, Exercisable Stock Options Outstanding | 9 |
Weighted Average Exercise Price, Exercisable | $20.56 |
Exercisable Stock Options Weighted Average Remaining Life | '2 months 12 days |
Share_Based_Compensation_Sched
Share Based Compensation (Schedule of Stock Options by plan)(Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Number of shares, options outstanding | 780 | ' |
Weighted Average Exercise Price, Outstanding Options | $12.37 | $13.08 |
Number of shares available for grant under incentive plan | 4,170 | ' |
Supplemental Equity Incentive Plan [Member] | ' | ' |
Number of shares, options outstanding | 9 | ' |
Weighted Average Exercise Price, Outstanding Options | $20.56 | ' |
Long-Term Incentive Plan [Member] | ' | ' |
Number of shares, options outstanding | 771 | ' |
Weighted Average Exercise Price, Outstanding Options | $12.28 | ' |
Number of shares available for grant under incentive plan | 4,170 | ' |
ShareBased_Compensation_Schedu
Share-Based Compensation (Schedule of Assumptions used in Fair Value of Options)(Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Forfeiture rate | 0 | 0 | 0 |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 55.00% | 56.00% | 57.00% |
Risk free interest rate | 0.70% | 1.00% | 2.10% |
Contractual or expected lives (years) | '4 years 6 months | '4 years 6 months | '4 years 6 months |
Weighted Average Exercise Price, Options Granted | $5.89 | $6.14 | $4.63 |
Supplemental_Consolidated_Bala2
Supplemental Consolidated Balance Sheet Information (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ' | ' | ' | ' |
Accrued LTIP Compensation Expense, Cash Portion | ' | ' | $2,000,000 | ' | ' |
Office consolidation - accelerated depreciation | ' | ' | 498,000 | ' | ' |
Notes receivable represent unsecured forgivable loans with terms | ' | ' | 'No | '$11.4 | ' |
Sign-on and retention bonuses issued | 7,300,000 | ' | 7,300,000 | 11,000,000 | ' |
Unamortized sign-on and retention bonuses | ' | 14,800,000 | 14,800,000 | ' | ' |
External use Software | ' | ' | 5,600,000 | ' | ' |
Capitalized Computer Software, Additions | ' | ' | 3,300,000 | 1,900,000 | ' |
Major PPE acquisitions | ' | ' | 12,700,000 | ' | ' |
Payments of debt issuance costs | ' | ' | 731,000 | ' | 2,814,000 |
Other current liabilities - information technology build-out | ' | ' | 4,000,000 | ' | ' |
Cash payments towards liabilities related to additions | ' | ' | 2,700,000 | ' | ' |
Property, Plant and Equipment, Disposals | ' | ' | 20,000,000 | ' | ' |
Cash payments in connection with deferred acquisition liabilities | ' | ' | 10,200,000 | ' | ' |
Deferred business acquisition obligations | ' | ' | 5,773,000 | 10,863,000 | ' |
Deferred Acquistion Liability, Long Term | ' | ' | 2,900,000 | ' | ' |
Liabilities Fair Value Adjustment, Current | ' | ' | $2,500,000 | ' | ' |
Supplemental_Consolidated_Bala3
Supplemental Consolidated Balance Sheet Information (Components Of Accounts Receivable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ' |
Billed amounts | $121,335 | $159,399 |
Engagements in process | 55,650 | 54,685 |
Allowance for doubtful accounts | -9,919 | -15,375 |
Accounts receivable, net | $167,066 | $198,709 |
Supplemental_Consolidated_Bala4
Supplemental Consolidated Balance Sheet Information (Components Of Prepaid Expenses And Other Current Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ' |
Notes receivable - current | $4,906 | $7,701 |
Other prepaid expenses and other current assets | 19,648 | 17,353 |
Prepaid expenses and other current assets | $24,554 | $25,054 |
Supplemental_Consolidated_Bala5
Supplemental Consolidated Balance Sheet Information (Components Of Other Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ' |
Notes receivable - non-current | $7,155 | $13,916 |
Prepaid expenses and other non-current assets | 15,681 | 16,501 |
Other assets | $22,836 | $30,417 |
Supplemental_Consolidated_Bala6
Supplemental Consolidated Balance Sheet Information (Property And Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ' |
Furniture, fixtures and equipment | $62,486 | $63,497 |
Software | 43,867 | 39,608 |
Leasehold improvements | 32,416 | 40,052 |
Property and equipment, at cost | 138,769 | 143,157 |
Less: accumulated depreciation and amortization | -94,431 | -97,815 |
Property and equipment, net | $44,338 | $45,342 |
Supplemental_Consolidated_Bala7
Supplemental Consolidated Balance Sheet Information (Components Of Other Current Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ' |
Deferred revenue | $19,503 | $17,366 |
Deferred acquisition liabilities | 5,773 | 10,863 |
Deferred rent | 997 | 2,995 |
Commitments on abandoned real estate | 205 | 748 |
Other liabilities | 5,531 | 3,782 |
Other current liabilities | $32,009 | $35,754 |
Supplemental_Consolidated_Bala8
Supplemental Consolidated Balance Sheet Information (Components Of Other Non-Current Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ' |
Deferred acquisition liabilities - long term | $8,038 | $14,783 |
Deferred rent - long-term | 10,642 | 11,034 |
Commitments on abandoned real estate | 195 | 487 |
Interest rate swap liabilities (see Note 9) | 355 | 515 |
Other non-current liabilities | 6,786 | 8,787 |
Total other non-current liabilities | $26,016 | $35,606 |
Derivatives_And_Hedging_Activi1
Derivatives And Hedging Activity (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest expense | $4,433 | $5,453 | $7,292 |
Interest Rate Derivatives [Member] | ' | ' | ' |
Interest expense | $200 | $500 | ' |
Derivatives_And_Hedging_Activi2
Derivatives And Hedging Activity (Schedule Of Interest Rate Swaps)(Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | 31-May-12 | Mar. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
contract | contract | contract | contract | |||
Derivatives And Hedging Activity [Abstract] | ' | ' | ' | ' | ' | ' |
Date executed | 1-May-12 | 1-Mar-12 | 1-Dec-11 | 1-Nov-11 | ' | ' |
Beginning date | 28-Jun-13 | 29-Jun-12 | 31-Dec-12 | 31-May-12 | ' | ' |
Maturity date | 27-May-16 | 30-Jun-15 | 31-Dec-15 | 31-May-15 | 1-May-12 | ' |
Rate | 1.15% | 1.01% | 1.17% | 0.98% | ' | ' |
Total notional amount | $5 | $5 | $10 | $10 | ' | $90 |
Number of contracts | 1 | 1 | 2 | 1 | ' | ' |
Bank_Debt_Narrative_Details
Bank Debt (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Increase in revolving credit facility | $500 | ' |
Unsecured term loan facility | 400 | ' |
Maturity date of bank borrowings | 1-Sep-18 | ' |
Aggregate bank borrowings | $56.70 | $134.20 |
Consolidated leverage ratio | '0.6 | ' |
Consolidated interest coverage ratio | '5.3 | ' |
Credit agreement, average borrowing rate | 2.50% | 2.70% |
Minimum [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Consolidated interest coverage ratio | '2.0 | ' |
Revolving Credit Facility [Member] | Maximum [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Consolidated leverage ratio | '3.25 | ' |
Base Rate Loans [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt facility, applicable margin | 0.00% | ' |
Base Rate Loans [Member] | Maximum [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt facility, applicable margin | 1.00% | ' |
Base Rate Loans [Member] | Minimum [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt facility, applicable margin | 0.00% | ' |
LIBOR [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt facility, applicable margin | 1.00% | ' |
LIBOR [Member] | Maximum [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt facility, applicable margin | 2.00% | ' |
LIBOR [Member] | Minimum [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt facility, applicable margin | 1.00% | ' |
First Quarter Leverage Ratio [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum consolidated leverage ratio | '3.5 | ' |
Other_Operating_Costs_Benefit_
Other Operating Costs (Benefit) (Narrative) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Supplemental Income Statement Elements [Abstract] | ' | ' |
Accelerated Depreciation On Leasehold Improvements Due to Expected Office Closures | $498,000 | ' |
Cash payments relating to office closure obligations | 200,000 | ' |
Adjustments to office closures obligations, discounted and net of expected sublease income | -150,000 | 580,000 |
Contingent acquisition liability adjustment | -5,399,000 | 1,065,000 |
Gain on disposition of assets | -1,715,000 | ' |
Office consolidation - accelerated depreciation | $498,000 | ' |
Other_Operating_Costs_Benefits
Other Operating Costs (Benefits) (Components of Other Operating Costs (Benefit)) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other Operating Costs (Benefit) | ' | ' |
Gain on disposition of assets | ($1,715) | ' |
Adjustments to office closures obligations, discounted and net of expected sublease income | -150 | 580 |
Contingent acquisition liability adjustment | -5,399 | 1,065 |
Accelerated Depreciation On Leasehold Improvements Due to Expected Office Closures | 498 | ' |
Other operating costs | ($6,766) | $1,645 |
Other_Operating_Costs_Benefit_1
Other Operating Costs (Benefit) (Activity For Office Space Reductions) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other Operating Costs (Benefit) | ' | ' |
Cost to operations during the year | ' | $580 |
Beginning Balance | 1,235 | 1,675 |
Benefit to operations during the year | -150 | ' |
Utilized during the year | -685 | -1,020 |
Ending Balance | $400 | $1,235 |
Lease_Commitments_Narrative_De
Lease Commitments (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Leases [Abstract] | ' | ' | ' |
Operating Leases, Future Minimum Payments Due | $90,709,000 | ' | ' |
Lease Obligations Maturity | '2022 | ' | ' |
Operating Leases Future Minimum Payments Due Future Minimum Abandoned Leases | 1,800,000 | ' | ' |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 2,000,000 | ' | ' |
Operating Leases, Rent Expense, Minimum Rentals | $27,600,000 | $28,700,000 | $27,800,000 |
Lease_Commitments_Schedule_of_
Lease Commitments (Schedule of Future Minimum Rentals) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $21,146 |
2015 | 18,419 |
2016 | 14,458 |
2017 | 11,519 |
2018 | 8,491 |
Thereafter | 16,676 |
Operating Leases, Future Minimum Payments Due | $90,709 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes | ' | ' | ' |
Effective income tax rate | 44.30% | 42.40% | 43.50% |
Cumulative amount of undistributed earnings, foreign subsidiaries | $19.40 | ' | ' |
Income_Taxes_Sources_of_Income
Income Taxes (Sources of Income Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes | ' | ' | ' |
United States | $109,089 | $84,220 | $71,059 |
Other | -10,087 | -7,470 | -7,144 |
Income from continuing operations before income tax expense | $99,002 | $76,750 | $63,915 |
Income_Taxes_Income_Tax_Expens
Income Taxes (Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes | ' | ' | ' |
Federal, Current | $21,458 | $18,667 | $13,697 |
Federal, Deferred | 14,703 | 9,136 | 9,788 |
Federal, Total | 36,161 | 27,803 | 23,485 |
State, Current | 4,440 | 4,349 | 3,323 |
State, Deferred | 3,752 | 2,331 | 2,498 |
State, Total | 8,192 | 6,680 | 5,821 |
Foreign, Current | -429 | -1,621 | -487 |
Foreign, Deferred | -34 | -344 | -1,049 |
Foreign, Total | -463 | -1,965 | -1,536 |
Income tax expense | $43,890 | $32,518 | $27,770 |
Income_Taxes_Effective_Income_
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes | ' | ' | ' |
Federal tax expense at the statutory rate | 35.00% | 35.00% | 35.00% |
State tax expense at the statutory rate, net of federal tax benefits | 6.00% | 6.00% | 6.00% |
Foreign taxes | 1.10% | 0.90% | 1.00% |
Effect of valuation allowances | 2.10% | ' | ' |
Effect of non-deductible meals and entertainment expense | 0.60% | 0.80% | 0.80% |
Effect of other transactions, net | -0.50% | -0.30% | 0.70% |
Effective income tax rate | 44.30% | 42.40% | 43.50% |
Income_Taxes_Deferred_Income_T
Income Taxes (Deferred Income Tax Reconciliation) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes | ' | ' |
Allowance for uncollectible receivables | $4,055 | $5,744 |
Deferred revenue | 4,942 | 2,464 |
Accrued compensation | 4,329 | 5,677 |
Accrued office consolidation costs | 105 | 383 |
Interest rate derivatives | 143 | 208 |
Share-based compensation | 7,697 | 5,468 |
Forgivable loans | 2,349 | 3,692 |
Foreign net operating losses | 2,688 | 1,705 |
Other | 271 | 305 |
Deferred tax assets | 26,579 | 25,646 |
Deferred Tax Assets, Valuation Allowance | -3,222 | -1,102 |
Acquisition costs - domestic acquisitions | -83,227 | -67,654 |
Acquisition costs - foreign acquistions | -1,627 | -2,147 |
Deferred tax liabilities, prepaid expenses | -1,838 | -1,528 |
Deferred tax liability - depreciation and amortization | -5,922 | -3,017 |
Deferred tax liabilities | -92,614 | -74,346 |
Net deferred tax liabilities | ($69,257) | ($49,802) |
Fair_Value_Schedule_Of_Liabili
Fair Value (Schedule Of Liability Measured At Fair Value On Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swaps (recorded in other liabilities) | $355 | $515 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total deferred contingent acquisition liabilities | $6,322 | $13,384 |
Fair_Value_Narrative_Details
Fair Value (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value [Abstract] | ' | ' |
Contingent consideration, fair value | $1,000,000 | ' |
Contingent acquisition liability adjustment | -5,399,000 | 1,065,000 |
Imputed Interest on Deferred Acquisition Payments | 600,000 | ' |
Payments of contingent acquisition liabilities | ($3,287,000) | ($8,580,000) |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Benefit Plans | ' | ' | ' |
Percentage of employee's current contributions matched by employer | 100.00% | ' | ' |
Maximum percentage of employee's total eligible compensation that can be matched by employer | 3.00% | ' | ' |
Maximum amount of employee contributions that can be matched by employer per participant per year | $260,000 | ' | ' |
Employer matching contributions | 6,500,000 | 6,000,000 | 5,500,000 |
Expenses related to retirement savings-related plans for foreign subsidiaries | $2,000,000 | $2,200,000 | $2,500,000 |