DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 17, 2015 | Jun. 30, 2014 |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CBI | ||
Entity Registrant Name | CHICAGO BRIDGE & IRON CO N V | ||
Entity Central Index Key | 1027884 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 108,011,548 | ||
Entity Public Float | $7.40 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Revenue | $12,974,930 | $11,094,527 | $5,485,206 |
Cost of revenue | 11,508,521 | 9,895,517 | 4,786,499 |
Gross profit | 1,466,409 | 1,199,010 | 698,707 |
Selling and administrative expense | 405,208 | 379,485 | 227,948 |
Intangibles amortization | 66,506 | 61,111 | 22,613 |
Equity earnings | -25,225 | -23,474 | -17,931 |
Other operating (income) expense, net | -2,373 | 1,643 | -566 |
Acquisition and integration related costs | 39,685 | 95,737 | 11,000 |
Income from operations | 982,608 | 684,508 | 455,643 |
Interest expense | -83,590 | -87,578 | -19,606 |
Interest income | 8,524 | 6,930 | 8,029 |
Income before taxes | 907,542 | 603,860 | 444,066 |
Income tax expense | -271,417 | -91,270 | -127,003 |
Net income | 636,125 | 512,590 | 317,063 |
Less: Net income attributable to noncontrolling interests | -92,518 | -58,470 | -15,408 |
Net income attributable to CB&I | 543,607 | 454,120 | 301,655 |
Net income attributable to CB&I per share: | |||
Basic (in dollars per share) | $5.03 | $4.29 | $3.12 |
Diluted (in dollars per share) | $4.98 | $4.23 | $3.07 |
Cash dividends on shares: | |||
Amount | $30,246 | $21,453 | $19,394 |
Per share (in dollars per share) | $0.28 | $0.20 | $0.20 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $636,125 | $512,590 | $317,063 |
Other comprehensive (loss) income, net of tax: | |||
Change in cumulative translation adjustment (net of tax of ($43), ($12,601) and ($3,322)) | -99,391 | -24,854 | 7,659 |
Change in unrealized fair value of cash flow hedges (net of tax of $1,171, $112 and ($442)) | -4,484 | 1,475 | 1,093 |
Change in unrecognized prior service pension credits/costs (net of tax of ($730), $120 and $140) | 2,354 | -523 | -539 |
Change in unrecognized actuarial pension gains/losses (net of tax of $22,793, $5,235 and $13,377) | -53,127 | 4,884 | -45,311 |
Comprehensive income | 481,477 | 493,572 | 279,965 |
Net income attributable to noncontrolling interests (net of tax of ($2,877), ($2,266) and $400) | -92,518 | -58,470 | -15,408 |
Change in cumulative translation adjustment attributable to noncontrolling interests (net of tax of $0, $0 and $0) | 12,184 | 117 | -2,782 |
Comprehensive income attributable to CB&I | $401,143 | $435,219 | $261,775 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Change in cumulative translation adjustment, Net | ($43) | ($12,601) | ($3,322) |
Change in unrealized fair value of cash flow hedges, tax | 1,171 | 112 | -442 |
Change in unrecognized prior service pension (credits) costs, tax | -730 | 120 | 140 |
Change in unrecognized actuarial pension (gains) losses, tax | 22,793 | 5,235 | 13,377 |
Net income attributable to noncontrolling interests, tax | -2,877 | -2,266 | 400 |
Change in cumulative translation adjustment attributable to noncontrolling interests, tax | $0 | $0 | $0 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents ($191,464 and $153,485 related to variable interest entities (VIEs)) | $351,323 | $420,502 |
Accounts receivable, net ($235,018 and $151,241 related to VIEs) | 1,306,567 | 1,385,448 |
Inventory | 286,155 | 302,987 |
Costs and estimated earnings in excess of billings ($29,677 and $59,092 related to VIEs) | 774,644 | 566,718 |
Deferred income taxes | 572,987 | 555,589 |
Other current assets ($104,447 and $31,487 related to VIEs) | 238,783 | 158,321 |
Total current assets | 3,530,459 | 3,389,565 |
Equity investments | 107,984 | 101,754 |
Property and equipment, net ($21,868 and $24,655 related to VIEs) | 771,651 | 788,797 |
Deferred income taxes | 89,196 | 110,142 |
Goodwill | 4,195,231 | 4,226,468 |
Other intangibles, net | 556,454 | 627,723 |
Other non-current assets | 130,056 | 145,144 |
Total assets | 9,381,031 | 9,389,593 |
Liabilities | ||
Revolving facility and other short-term borrowings | 164,741 | 115,000 |
Current maturities of long-term debt | 105,997 | 100,000 |
Accounts payable ($279,597 and $200,721 related to VIEs) | 1,256,854 | 1,157,478 |
Other current liabilities | 804,294 | 699,506 |
Billings in excess of costs and estimated earnings ($282,351 and $29,670 related to VIEs) | 1,985,488 | 2,720,251 |
Deferred income taxes | 4,856 | 5,389 |
Total current liabilities | 4,322,230 | 4,797,624 |
Long-term debt | 1,564,158 | 1,625,000 |
Other non-current liabilities | 450,626 | 387,555 |
Deferred income taxes | 167,714 | 71,976 |
Total liabilities | 6,504,728 | 6,882,155 |
Commitments and contingencies | 0 | 0 |
Shareholders’ Equity | ||
Common stock, Euro .01 par value; shares authorized: 250,000; shares issued: 108,407 and 107,857; shares outstanding: 107,806 and 107,478 | 1,283 | 1,275 |
Additional paid-in capital | 776,864 | 753,742 |
Retained earnings | 2,246,770 | 1,733,409 |
Treasury stock, at cost: 601 and 379 shares | -24,428 | -23,914 |
Accumulated other comprehensive loss | -262,397 | -119,933 |
Total CB&I shareholders’ equity | 2,738,092 | 2,344,579 |
Noncontrolling interests | 138,211 | 162,859 |
Total shareholders’ equity | 2,876,303 | 2,507,438 |
Total liabilities and shareholders’ equity | $9,381,031 | $9,389,593 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | USD ($) | EUR (€) | USD ($) | EUR (€) | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary |
USD ($) | USD ($) | |||||
Cash and cash equivalents related to variable interest entities (VIEs)) | $351,323 | $420,502 | $191,464 | $153,485 | ||
Accounts receivable, net related to VIE | 1,306,567 | 1,385,448 | 235,018 | 151,241 | ||
Costs and estimated earnings in excess of billings related to VIEs) | 29,677 | 59,092 | ||||
Other current assets - VIE | 238,783 | 158,321 | 104,447 | 31,487 | ||
Property and equipment, net | 771,651 | 788,797 | 21,868 | 24,655 | ||
Accounts payable related to VIEs | 1,256,854 | 1,157,478 | 279,597 | 200,721 | ||
Billings in excess of costs and estimated earnings related to VIEs | $282,351 | $29,670 | ||||
Common stock, par value | € 0.01 | € 0.01 | ||||
Common stock, shares authorized | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | ||
Common stock, shares issued | 108,407,000 | 108,407,000 | 107,857,000 | 107,857,000 | ||
Common stock, shares outstanding | 107,806,000 | 107,806,000 | 107,478,000 | 107,478,000 | ||
Treasury stock, shares | 601,000 | 601,000 | 379,000 | 379,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities | |||
Net income | $636,125 | $512,590 | $317,063 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 181,398 | 180,026 | 66,421 |
Deferred taxes | 138,847 | 48,553 | 63,402 |
Stock-based compensation expense | 65,588 | 63,315 | 41,000 |
Equity earnings | -25,225 | -23,474 | -17,931 |
Gain on property and equipment transactions | -2,373 | -2,531 | -566 |
Unrealized loss (gain) on foreign currency hedge ineffectiveness | 8,551 | -1,317 | 3,838 |
Excess tax benefits from stock-based compensation | -15,282 | -12,404 | -18,467 |
Changes in operating assets and liabilities: | |||
Decrease (increase) in receivables, net | 78,881 | -154,143 | -258,132 |
Change in contracts in progress, net | -942,689 | -619,336 | -222,133 |
Decrease in inventory | 16,832 | 1,504 | 2,339 |
Increase (decrease) in accounts payable | 99,376 | -43,491 | 135,755 |
Decrease in other current and non-current assets | 6,155 | 65,500 | 19,365 |
(Decrease) increase in other current and non-current liabilities | -20,247 | -146,214 | 59,118 |
Decrease in equity investments | 17,034 | 33,984 | 20,286 |
Change in other, net | 21,076 | -15,398 | -8,854 |
Net cash provided by (used in) operating activities | 264,047 | -112,836 | 202,504 |
Cash Flows from Investing Activities | |||
Acquisitions, net of unrestricted cash acquired of $1,137,927 | 0 | -1,774,158 | 0 |
Capital expenditures | -117,624 | -90,492 | -72,279 |
Advances to partners of proportionately consolidated ventures | -71,158 | 0 | 0 |
Proceeds from sale of property and equipment | 14,117 | 11,180 | 5,494 |
Change in other, net | -7,612 | 28,161 | 0 |
Net cash used in investing activities | -182,277 | -1,825,309 | -66,785 |
Cash Flows from Financing Activities | |||
Revolving facility and other short-term borrowings, net | 49,741 | 115,000 | 0 |
Long-term borrowings | 48,081 | 1,000,000 | 0 |
Senior note borrowings | 0 | 0 | 800,000 |
Advances from proportionately consolidated ventures | 108,658 | 0 | 0 |
Cash withdrawn from (deposited into) restricted cash | 0 | 0 | -800,000 |
Excess tax benefits from stock-based compensation | 15,282 | 12,404 | 18,467 |
Purchase of treasury stock | -85,903 | -36,352 | -123,255 |
Issuance of stock | 26,772 | 34,940 | 11,325 |
Dividends paid | -30,246 | -21,453 | -19,394 |
Distributions to noncontrolling interests | -104,982 | -19,527 | -8,329 |
Revolving facility and deferred financing costs | 0 | -32,528 | -12,925 |
Net cash (used in) provided by financing activities | -75,523 | 1,732,812 | -174,111 |
Effect of exchange rate changes on cash and cash equivalents | -75,426 | -17,560 | 9,976 |
Decrease in cash and cash equivalents | -69,179 | -222,893 | -28,416 |
Cash and cash equivalents, beginning of the year | 420,502 | 643,395 | 671,811 |
Cash and cash equivalents, end of the year | 351,323 | 420,502 | 643,395 |
Supplemental Cash Flow Disclosures | |||
Cash paid for interest | 74,267 | 91,607 | 6,866 |
Cash paid (received) for income taxes, net | 167,277 | -46,236 | 66,385 |
Senior Notes | |||
Cash Flows from Financing Activities | |||
Cash withdrawn from (deposited into) restricted cash | 0 | 800,000 | 0 |
Westinghouse Bonds | |||
Cash Flows from Financing Activities | |||
Cash withdrawn from (deposited into) restricted cash | 0 | 1,309,022 | 0 |
Repayments on long-term debt and Westinghouse-related debt | 0 | -1,353,694 | 0 |
Term Loan | |||
Cash Flows from Financing Activities | |||
Repayments on long-term debt and Westinghouse-related debt | ($102,926) | ($75,000) | ($40,000) |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (Shaw Group Inc, USD $) | 0 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 13, 2013 | Dec. 31, 2013 |
Shaw Group Inc | ||
Cash acquired | $1,137,927 | $1,137,927 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Stock Held In Trust | Treasury Stock | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest |
In Thousands, unless otherwise specified | ||||||||
Beginning Balance at Dec. 31, 2011 | $1,196,430 | $1,190 | $371,669 | $1,018,481 | ($9,788) | ($142,666) | ($61,152) | $18,696 |
Beginning Balance (in shares) at Dec. 31, 2011 | 97,596 | 752 | 3,927 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income attributable to CB&I | 301,655 | 301,655 | ||||||
Net income | 317,063 | 15,408 | ||||||
Change in cumulative translation adjustment, net | 7,659 | 4,877 | 2,782 | |||||
Change in unrealized fair value of cash flow hedges, net | 1,093 | 1,093 | ||||||
Change in unrecognized prior service pension credits/costs, net | -539 | -539 | ||||||
Change in unrecognized actuarial pension gains/losses, net | -45,311 | -45,311 | ||||||
Distributions to noncontrolling interests | -8,329 | -8,329 | ||||||
Dividends paid ($0.20, $0.20, and $0.28 per share) | -19,394 | -19,394 | ||||||
Stock-based compensation expense | 41,000 | 41,000 | ||||||
Release of trust shares (in shares) | 0 | -436 | 0 | |||||
Release of trust shares | 5,035 | -1,722 | 6,757 | 0 | ||||
Purchase of treasury stock (in shares) | -2,779 | 2,779 | ||||||
Purchase of treasury stock | -123,255 | -123,255 | ||||||
Issuance of stock (in shares) | 2,018 | -2,018 | ||||||
Issuance of stock | 24,858 | -47,530 | 72,388 | |||||
Ending Balance at Dec. 31, 2012 | 1,396,310 | 1,190 | 363,417 | 1,300,742 | -3,031 | -193,533 | -101,032 | 28,557 |
Ending Balance (in shares) at Dec. 31, 2012 | 96,835 | 316 | 4,688 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income attributable to CB&I | 454,120 | 454,120 | ||||||
Net income | 512,590 | 58,470 | ||||||
Change in cumulative translation adjustment, net | -24,854 | -24,737 | -117 | |||||
Change in unrealized fair value of cash flow hedges, net | 1,475 | 1,475 | ||||||
Change in unrecognized prior service pension credits/costs, net | -523 | -523 | ||||||
Change in unrecognized actuarial pension gains/losses, net | 4,884 | 4,884 | ||||||
Distributions to noncontrolling interests | -19,527 | -19,527 | ||||||
Dividends paid ($0.20, $0.20, and $0.28 per share) | -21,453 | -21,453 | ||||||
Stock-based compensation expense | 63,315 | 63,315 | ||||||
The Shaw Acquisition (in shares) | 8,893 | -2,559 | ||||||
The Shaw Acquisition | 584,286 | 85 | 388,600 | 100,125 | 95,476 | |||
Issuance of treasury stock to trust (in shares) | 98 | 98 | -98 | |||||
Issuance of treasury stock to trust | 0 | 896 | -5,245 | 4,349 | ||||
Release of trust shares (in shares) | -15 | -414 | 15 | |||||
Release of trust shares | 4,065 | -3,355 | 8,276 | -856 | ||||
Purchase of treasury stock (in shares) | -613 | 613 | ||||||
Purchase of treasury stock | -36,352 | -36,352 | ||||||
Issuance of stock (in shares) | 2,280 | -2,280 | ||||||
Issuance of stock | 43,222 | -59,131 | 102,353 | |||||
Ending Balance at Dec. 31, 2013 | 2,507,438 | 1,275 | 753,742 | 1,733,409 | 0 | -23,914 | -119,933 | 162,859 |
Ending Balance (in shares) at Dec. 31, 2013 | 107,478 | 0 | 379 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income attributable to CB&I | 543,607 | 543,607 | ||||||
Net income | 636,125 | 92,518 | ||||||
Change in cumulative translation adjustment, net | -99,391 | -87,207 | -12,184 | |||||
Change in unrealized fair value of cash flow hedges, net | -4,484 | -4,484 | ||||||
Change in unrecognized prior service pension credits/costs, net | 2,354 | 2,354 | ||||||
Change in unrecognized actuarial pension gains/losses, net | -53,127 | -53,127 | ||||||
Distributions to noncontrolling interests | -104,982 | -104,982 | ||||||
Dividends paid ($0.20, $0.20, and $0.28 per share) | -30,246 | -30,246 | ||||||
Stock-based compensation expense | 65,588 | 65,588 | ||||||
Issuance to treasury stock (in shares) | 0 | 0 | 550 | |||||
Issuance to treasury stock | 0 | 8 | 40,818 | 0 | -40,826 | |||
Purchase of treasury stock (in shares) | -1,369 | 1,369 | ||||||
Purchase of treasury stock | -85,903 | -85,903 | ||||||
Issuance of stock (in shares) | 1,697 | -1,697 | ||||||
Issuance of stock | 42,931 | -83,284 | 126,215 | |||||
Ending Balance at Dec. 31, 2014 | $2,876,303 | $1,283 | $776,864 | $2,246,770 | $0 | ($24,428) | ($262,397) | $138,211 |
Ending Balance (in shares) at Dec. 31, 2014 | 107,806 | 0 | 601 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dividends paid, per share | $0.28 | $0.20 | $0.20 |
ORGANIZATION_AND_NATURE_OF_OPE
ORGANIZATION AND NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF OPERATIONS | 1. ORGANIZATION AND NATURE OF OPERATIONS |
Organization and Nature of Operations—Founded in 1889, Chicago Bridge & Iron Company N.V. (“CB&I” or the "Company”) provides a wide range of services, including conceptual design, technology, engineering, procurement, fabrication, modularization, construction, commissioning, maintenance, program management and environmental services to customers in the energy infrastructure market throughout the world, and is a provider of diversified government services. Our business is aligned into four principal operating groups: (1) Engineering, Construction and Maintenance, (2) Fabrication Services, (3) Technology, and (4) Environmental Solutions (formerly Government Solutions). Natural gas, petroleum, power and petrochemical projects for the worldwide energy and natural resource industries accounted for a majority of our revenue in 2014, 2013 and 2012. See Note 18 for a description of our operating groups and related financial information. |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||
Basis of Accounting and Consolidation—The accompanying Consolidated Financial Statements (“Financial Statements”) are prepared in accordance with the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (the “SEC”) and accounting principles generally accepted in the United States of America (“U.S. GAAP”). These Financial Statements include all wholly-owned subsidiaries and those entities which we are required to consolidate. See the “Partnering Arrangements” section of this footnote for further discussion of our consolidation policy for those entities that are not wholly-owned. Significant intercompany balances and transactions are eliminated in consolidation. | |||||||||||||||||
Use of Estimates—The preparation of our Financial Statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosures of contingent assets and liabilities. We believe the most significant estimates and judgments are associated with revenue recognition for our contracts, including estimating costs and the recognition of incentive fees and unapproved change orders and claims; fair value and recoverability assessments that must be periodically performed with respect to long-lived tangible assets, goodwill and other intangible assets; valuation of deferred tax assets and financial instruments; the determination of liabilities related to self-insurance programs and income taxes; and consolidation determinations with respect to our partnering arrangements. If the underlying estimates and assumptions upon which our Financial Statements are based change in the future, actual amounts may differ from those included in the accompanying Financial Statements. | |||||||||||||||||
Revenue Recognition—Our revenue is primarily derived from long-term contracts and is generally recognized using the percentage of completion (“POC”) method, primarily based on the percentage that actual costs-to-date bear to total estimated costs to complete each contract. We follow the guidance of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Revenue Recognition Topic 605-35 for accounting policies relating to our use of the POC method, estimating costs, and revenue recognition, including the recognition of incentive fees, unapproved change orders and claims, and combining and segmenting contracts. We primarily utilize the cost-to-cost approach to estimate POC as we believe this method is less subjective than relying on assessments of physical progress. Under the cost-to-cost approach, the use of estimated costs to complete each contract is a significant variable in the process of determining recognized revenue and is a significant factor in the accounting for contracts. Significant estimates that impact the cost to complete each contract are costs of engineering, materials, components, equipment, labor and subcontracts; labor productivity; schedule durations, including subcontractor or supplier progress; liquidated damages; contract disputes, including claims; achievement of contractual performance requirements; and contingency, among others. The cumulative impact of revisions in total cost estimates during the progress of work is reflected in the period in which these changes become known, including, to the extent required, the reversal of profit recognized in prior periods and the recognition of losses expected to be incurred on contracts in progress. Due to the various estimates inherent in our contract accounting, actual results could differ from those estimates. Backlog for each of our operating groups generally consists of several hundred contracts, and although our results are impacted by changes in estimated project margins, for 2014 and 2013, individual projects with significant changes in estimated margins did not have a material net impact on our income from operations. For 2012, individual projects with significant changes in estimated margins resulted in a net reduction to income from operations of approximately $25,000. | |||||||||||||||||
Our long-term contracts are awarded on a competitively bid and negotiated basis and the timing of revenue recognition may be impacted by the terms of such contracts. We use a range of contracting options, including cost-reimbursable, fixed-price and hybrid, which has both cost-reimbursable and fixed-price characteristics. Fixed-price contracts, and hybrid contracts with a more significant fixed-price component, tend to provide us with greater control over project schedule and the timing of when work is performed and costs are incurred, and accordingly, when revenue is recognized. Cost-reimbursable contracts, and hybrid contracts with a more significant cost-reimbursable component, generally provide our customers with greater influence over the timing of when we perform our work, and accordingly, such contracts often result in less predictability with respect to the timing of revenue recognition. Contract revenue for our long-term contracts recognized under the POC method reflects the original contract price adjusted for approved change orders and estimated recoveries for incentive fees, unapproved change orders and claims. We recognize revenue associated with incentive fees when the value can be reliably estimated and recovery is probable. We recognize revenue associated with unapproved change orders and claims to the extent the related costs have been incurred, the value can be reliably estimated and recovery is probable. Our recorded incentive fees, unapproved change orders and claims reflect our best estimate of recovery amounts; however, the ultimate resolution and amounts received could differ from these estimates. See Note 17 for additional discussion of our recorded unapproved change orders, claims, incentives and other contract recoveries. | |||||||||||||||||
With respect to our engineering, procurement, and construction ("EPC") services, our contracts are not segmented between types of services, such as engineering and construction, if each of the EPC components is negotiated concurrently or if the pricing of any such services is subject to the ultimate negotiation and agreement of the entire EPC contract. However, an EPC contract including technology or fabrication services may be segmented if we satisfy the segmenting criteria in ASC 605-35. Revenue recorded in these situations is based on our prices and terms for similar services to third party customers. Segmenting a contract may result in different interim rates of profitability for each scope of service than if we had recognized revenue without segmenting. In some instances, we may combine contracts that are entered into in multiple phases, but are interdependent and include pricing considerations by us and the customer that are impacted by all phases of the project. Otherwise, if each phase is independent of the other and pricing considerations do not give effect to another phase, the contracts will not be combined. | |||||||||||||||||
Cost of revenue for our long-term contracts includes direct contract costs, such as materials and labor, and indirect costs that are attributable to contract activity. The timing of when we bill our customers is generally dependent upon advance billing terms, milestone billings based on the completion of certain phases of the work, or when services are provided. Projects with costs and estimated earnings recognized to date in excess of cumulative billings is reported on the Consolidated Balance Sheet (“Balance Sheet”) as costs and estimated earnings in excess of billings. Projects with cumulative billings in excess of costs and estimated earnings recognized to date is reported on the Balance Sheet as billings in excess of costs and estimated earnings. The net balances on our Balance Sheet are collectively referred to as Contracts in Progress, net and the components of these balances at December 31, 2014 and December 31, 2013 were as follows: | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||
Costs and estimated earnings on contracts in progress | $ | 20,119,444 | $ | 26,052,767 | $ | 16,694,373 | $ | 23,377,143 | |||||||||
Billings on contracts in progress | (19,344,800 | ) | (27,479,495 | ) | (16,127,655 | ) | (25,422,746 | ) | |||||||||
Margin fair value liability for acquired contracts (1) | — | (558,760 | ) | — | (674,648 | ) | |||||||||||
Contracts in Progress, net | $ | 774,644 | $ | (1,985,488 | ) | $ | 566,718 | $ | (2,720,251 | ) | |||||||
-1 | The balance represents a margin fair value liability associated with long-term contracts acquired in connection with our acquisition of The Shaw Group Inc. ("Shaw") (the "Shaw Acquisition" or the "Acquisition") on February 13, 2013 (the "Acquisition Closing Date") (see Note 4). The margin fair value liability was approximately $745,500 at the Acquisition Closing Date and is recognized as revenue on a POC basis as the applicable projects progress. We anticipate the remaining liability will be recognized as revenue over the next five to six years. Revenue and the related income from operations recognized during 2014 and 2013 was approximately $115,900 and $70,800, respectively. | ||||||||||||||||
Any uncollected billed amounts, including contract retentions, are reported as accounts receivable. At December 31, 2014 and 2013, accounts receivable included contract retentions of approximately $53,000 and $68,600, respectively. Contract retentions due beyond one year were not material at December 31, 2014 or 2013. | |||||||||||||||||
Revenue for our service contracts that do not satisfy the criteria for revenue recognition under the POC method is recorded at the time services are performed. Revenue associated with incentive fees for these contracts is recognized when earned. Unbilled receivables for our service contracts are recorded within accounts receivable and were approximately $66,900 and $80,000 at December 31, 2014 and 2013, respectively. | |||||||||||||||||
Revenue for our pipe and steel fabrication and catalyst manufacturing contracts that are independent of an EPC contract, or for which we satisfy the segmentation criteria discussed above, is recognized upon shipment of the fabricated or manufactured units. During the fabrication or manufacturing process, all related direct and allocable indirect costs are capitalized as work in process inventory and such costs are recorded as cost of revenue at the time of shipment. | |||||||||||||||||
Our billed and unbilled revenue may be exposed to potential credit risk if our customers should encounter financial difficulties, and we maintain reserves for specifically-identified potential uncollectible receivables. At December 31, 2014 and 2013, our allowances for doubtful accounts were not material. | |||||||||||||||||
Precontract Costs—Precontract costs are generally charged to cost of revenue as incurred, but, in certain cases their recognition may be deferred if specific probability criteria are met. We had no significant deferred precontract costs at December 31, 2014 or 2013. | |||||||||||||||||
Research and Development—Expenditures for research and development activities are charged to cost of revenue as incurred and were $28,432 in 2014, $27,071 in 2013 and $27,606 in 2012. | |||||||||||||||||
Other Operating Expense (Income), Net—Other operating expense (income), net, generally represents losses (gains) associated with the sale or disposition of property and equipment. | |||||||||||||||||
Acquisition and Integration Related Costs—Acquisition and integration related costs were $39,685 in 2014, $95,737 in 2013 and $11,000 in 2012. For 2014 and 2013, integration related costs primarily related to facility consolidations, including the associated accrued future lease costs for vacated facilities and unutilized capacity, personnel relocation and severance related costs, and systems integration costs. For 2013 and 2012, acquisition related costs primarily related to transaction costs, professional fees, and change-in-control and severance related costs associated with the Shaw Acquisition. | |||||||||||||||||
Depreciation Expense—Property and equipment are recorded at cost and depreciated on a straight-line basis over their estimated useful lives, including buildings and improvements (10 to 40 years) and plant and field equipment (1 to 15 years). Renewals and betterments that substantially extend the useful life of an asset are capitalized and depreciated. Leasehold improvements are depreciated over the lesser of the useful life of the asset or the applicable lease term. Depreciation expense is primarily included within cost of revenue and was $114,892 in 2014, $118,915 in 2013 and $43,808 in 2012. See Note 8 for disclosure of the components of property and equipment. | |||||||||||||||||
Recoverability of Goodwill—Goodwill is not amortized to earnings, but instead is reviewed for impairment at least annually at a reporting unit level, absent any indicators of impairment. Our Engineering, Construction and Maintenance operating group includes three reporting units (Oil & Gas, Power and Plant Services); our Fabrication Services operating group includes two reporting units (Steel Plate Structures and Fabrication and Manufacturing), and our Technology and Environmental Solutions operating groups each represent a reporting unit. We perform our annual impairment assessment during the fourth quarter of each year based upon balances as of October 1. As part of our annual impairment assessment, in the fourth quarter of 2014, we performed a quantitative assessment of goodwill for each of our reporting units. To determine the fair value of our reporting units and test for impairment, we utilized an income approach (discounted cash flow method) as we believe this is the most direct approach to incorporate the specific economic attributes and risk profiles of our reporting units into our valuation model. This is consistent with the methodology used to determine the fair value of our reporting units in previous years. We generally do not utilize a market approach given the lack of relevant information generated by market transactions involving comparable businesses. Based upon this quantitative assessment, the fair value of each of our reporting units exceeded their respective net book values and accordingly, no impairment charge was necessary during 2014. If, based on future assessments, our goodwill is deemed to be impaired, the impairment would result in a charge to earnings in the year of impairment. | |||||||||||||||||
Recoverability of Other Long-Lived Assets—We amortize our finite-lived intangible assets on a straight-line basis with lives ranging from 2 to 20 years, absent any indicators of impairment. We review tangible assets and finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. If a recoverability assessment is required, the estimated future cash flow associated with the asset or asset group will be compared to the asset's carrying amount to determine if an impairment exists. We noted no indicators of impairment in 2014 or 2013. See Note 6 for further discussion regarding goodwill and other intangible assets. | |||||||||||||||||
Earnings Per Share (“EPS”)—Basic EPS is calculated by dividing net income attributable to CB&I by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the assumed conversion of dilutive securities, consisting of restricted shares, performance shares (where performance criteria have been met), stock options and directors’ deferred-fee shares. See Note 3 for calculations associated with basic and diluted EPS. | |||||||||||||||||
Cash Equivalents—Cash equivalents are considered to be all highly liquid securities with original maturities of three months or less. | |||||||||||||||||
Inventory—Inventory is recorded at the lower of cost or market and cost is determined using the first-in-first-out or weighted-average cost method. The cost of inventory includes acquisition costs, production or conversion costs, and other costs incurred to bring the inventory to a current location and condition. An allowance for excess or inactive inventory is recorded based upon an analysis that considers current inventory levels, historical usage patterns, estimates of future sales expectations and salvage value. See Note 5 for additional disclosures associated with our inventory. | |||||||||||||||||
Foreign Currency—The nature of our business activities involves the management of various financial and market risks, including those related to changes in foreign currency exchange rates. The effects of translating financial statements of foreign operations into our reporting currency are recognized as a cumulative translation adjustment in accumulated other comprehensive income (loss) (“AOCI”) which is net of tax, where applicable. Foreign currency exchange gains (losses) are included within cost of revenue and were not material in 2014, 2013 and 2012. | |||||||||||||||||
Financial Instruments—We utilize derivative instruments in certain circumstances to mitigate the effects of changes in foreign currency exchange rates and interest rates, as described below: | |||||||||||||||||
• | Foreign Currency Exchange Rate Derivatives—We do not engage in currency speculation; however, we utilize foreign currency exchange rate derivatives on an ongoing basis to hedge against certain foreign currency-related operating exposures. We generally seek hedge accounting treatment for contracts used to hedge operating exposures and designate them as cash flow hedges. Therefore, gains and losses, exclusive of credit risk and forward points (which represent the time-value component of the fair value of our derivative positions), are included in AOCI until the associated underlying operating exposure impacts our earnings. Changes in the fair value of (1) credit risk and forward points, (2) instruments deemed ineffective during the period, and (3) instruments that we do not designate as cash flow hedges, are recognized within cost of revenue. | ||||||||||||||||
• | Interest Rate Derivatives—At December 31, 2014, we continued to utilize a swap arrangement to hedge against interest rate variability associated with $416,625 of our outstanding $825,000 unsecured term loan (the “Term Loan”). The swap arrangement has been designated as a cash flow hedge as its critical terms matched those of the Term Loan at inception and through December 31, 2014. Accordingly, changes in the fair value of the swap arrangement are included in AOCI until the associated underlying exposure impacts our earnings. | ||||||||||||||||
For those contracts designated as cash flow hedges, we document all relationships between the derivative instruments and associated hedged items, as well as our risk-management objectives and strategy for undertaking hedge transactions. This process includes linking all derivatives to specific firm commitments or highly-probable forecasted transactions. We continually assess, at inception and on an on-going basis, the effectiveness of derivative instruments in offsetting changes in the cash flow of the designated hedged items. Hedge accounting designation is discontinued when (1) it is determined that the derivative is no longer highly effective in offsetting changes in the cash flow of the hedged item, including firm commitments or forecasted transactions, (2) the derivative is sold, terminated, exercised, or expires, (3) it is no longer probable that the forecasted transaction will occur, or (4) we determine that designating the derivative as a hedging instrument is no longer appropriate. See Note 11 for additional discussion of our financial instruments. | |||||||||||||||||
Income Taxes—Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis using currently enacted income tax rates for the years in which the differences are expected to reverse. A valuation allowance is provided to offset any net deferred tax assets ("DTA(s)") if, based upon the available evidence, it is more likely than not that some or all of the DTAs will not be realized. The final realization of DTAs depends upon our ability to generate sufficient future taxable income of the appropriate character and in the appropriate jurisdictions. | |||||||||||||||||
Income tax and associated interest reserves, where applicable, are recorded in those instances where we consider it more likely than not that additional tax will be due in excess of amounts reflected in income tax returns filed worldwide, irrespective of whether or not we have received tax assessments. We continually review our exposure to additional income tax obligations and, as further information is known or events occur, changes in our tax and interest reserves may be recorded within income tax expense and interest expense, respectively. See Note 16 for additional discussion of our income taxes. | |||||||||||||||||
Partnering Arrangements—In the ordinary course of business, we execute specific projects and conduct certain operations through joint venture, consortium and other collaborative arrangements (collectively referred to as "venture(s)"). We have various ownership interests in these ventures, with such ownership typically being proportionate to our decision-making and distribution rights. The ventures generally contract directly with the third party customer; however, services may be performed directly by the ventures, or may be performed by us, our partners, or a combination thereof. | |||||||||||||||||
Venture net assets consist primarily of working capital and property and equipment, and assets may be restricted from being used to fund obligations outside of the venture. These ventures typically have limited third party debt or have debt that is non-recourse in nature; however, they may provide for capital calls to fund operations or require participants in the venture to provide additional financial support, including advance payment or retention letters of credit. | |||||||||||||||||
Each venture is assessed at inception and on an ongoing basis as to whether it qualifies as a VIE under the consolidations guidance in ASC 810. A venture generally qualifies as a VIE when it (1) meets the definition of a legal entity, (2) absorbs the operational risk of the projects being executed, creating a variable interest, and (3) lacks sufficient capital investment from the partners, potentially resulting in the venture requiring additional subordinated financial support, if necessary, to finance its future activities. | |||||||||||||||||
If at any time a venture qualifies as a VIE, we perform a qualitative assessment to determine whether we are the primary beneficiary of the VIE and therefore, need to consolidate the VIE. We are the primary beneficiary if we have (1) the power to direct the economically significant activities of the VIE and (2) the right to receive benefits from, and obligation to absorb losses of, the VIE. If the venture is a VIE and we are the primary beneficiary, or we otherwise have the ability to control the venture, we consolidate the venture. If we are not determined to be the primary beneficiary of the VIE, or only have the ability to significantly influence, rather than control the venture, we do not consolidate the venture. We account for unconsolidated ventures using proportionate consolidation for both our Balance Sheet and Statement of Operations when we meet the applicable accounting criteria to do so and utilize the equity method otherwise. See Note 7 for additional discussion of our material partnering arrangements. | |||||||||||||||||
New Accounting Standards—In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, which provides a single comprehensive accounting standard for revenue recognition for contracts with customers and supersedes current industry-specific guidance, including ASC 605-35. Upon adoption of ASU 2014-09, entities are required to recognize revenue using the following comprehensive model: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue as the entity satisfies each performance obligation. ASU 2014-09 is effective for us beginning in the first quarter of 2017 and will result in retrospective application, either in the form of recasting all prior periods presented or a cumulative adjustment to equity in the period of adoption. We are currently assessing the impact that the new standard will have on our Financial Statements. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
EARNINGS PER SHARE | 3. EARNINGS PER SHARE | ||||||||||||
A reconciliation of weighted average basic shares outstanding to weighted average diluted shares outstanding and the computation of basic and diluted EPS are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income attributable to CB&I | $ | 543,607 | $ | 454,120 | $ | 301,655 | |||||||
Weighted average shares outstanding—basic | 108,047 | 105,935 | 96,633 | ||||||||||
Effect of restricted shares/performance shares/stock options (1) | 1,045 | 1,447 | 1,528 | ||||||||||
Effect of directors’ deferred-fee shares | 30 | 70 | 70 | ||||||||||
Weighted average shares outstanding—diluted | 109,122 | 107,452 | 98,231 | ||||||||||
Net income attributable to CB&I per share: | |||||||||||||
Basic | $ | 5.03 | $ | 4.29 | $ | 3.12 | |||||||
Diluted | $ | 4.98 | $ | 4.23 | $ | 3.07 | |||||||
(1) Antidilutive shares excluded from diluted EPS were not material for 2014, 2013 or 2012. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
ACQUISITIONS | 4. ACQUISITIONS | |||||||
Shaw Acquisition | ||||||||
General—As more fully described in our 2013 Annual Report on Form 10-K, on the Acquisition Closing Date, we acquired Shaw for a gross purchase price of $3,340,070, comprised of $2,851,260 in cash consideration and $488,810 in equity consideration. The cash consideration was funded using $1,051,260 from existing cash balances of CB&I and Shaw on the Acquisition Closing Date, and the remainder was funded using debt financing. Shaw’s unrestricted cash balance on the Acquisition Closing Date totaled $1,137,927, and accordingly, the cash portion of our purchase price, net of cash acquired, was $1,713,333 and our total purchase price, net of cash acquired, was $2,202,143. The results from the Shaw Acquisition were incorporated within our expanded operating groups beginning on the Acquisition Closing Date. See Note 18 for a discussion of our operating groups. | ||||||||
Supplemental Pro Forma Information—The following pro forma condensed combined financial information (“the pro forma financial information”) presented for 2013 and 2012 gives effect to the acquisition of Shaw by CB&I, accounted for as a business combination using the purchase method of accounting. CB&I’s fiscal year ends on December 31, while Shaw’s ended on August 31, prior to the Acquisition. To give effect to the Shaw Acquisition for pro forma financial information purposes, Shaw’s historical results were brought to within one month of CB&I’s interim results for the twelve month period ended December 31, 2012, and included the twelve month period ended November 30, 2012. The pro forma financial information reflects the Acquisition and related events as if they occurred on January 1, 2012, and gives effect to pro forma events that are directly attributable to the Acquisition, factually supportable, and expected to have a continuing impact on the combined results of CB&I and Shaw following the Acquisition. The pro forma financial information includes adjustments to: (1) exclude transaction costs, professional fees, and change-in-control and severance-related costs that were included in CB&I's and Shaw’s historical results and are not expected to be recurring; (2) exclude the results of portions of the Shaw business that were not acquired by CB&I or are not expected to have a continuing impact; (3) include additional intangibles amortization and net interest expense associated with the Shaw Acquisition; and (4) include the pro forma results of Shaw from January 1, 2013 through the Acquisition Closing Date for the twelve month period ended December 31, 2013. Adjustments, net of tax, included in the pro forma net income below that were of a non-recurring nature totaled approximately $73,300 for 2013, reflecting the elimination of financing and acquisition and integration related costs. Non-recurring adjustments for the 2012 period below totaled approximately $84,300, reflecting the exclusion of net income generated from portions of the Shaw business that were not acquired, as well as the elimination of acquisition and integration related costs. This pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved had the pro forma events taken place on the dates indicated. Further, the pro forma financial information does not purport to project the future operating results of the combined company following the Acquisition. | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Pro forma revenue | $ | 11,583,997 | $ | 10,858,142 | ||||
Pro forma net income attributable to CB&I | $ | 529,942 | $ | 354,908 | ||||
Pro forma net income attributable to CB&I per share: | ||||||||
Basic | $ | 4.95 | $ | 3.36 | ||||
Diluted | $ | 4.88 | $ | 3.31 | ||||
Other Acquisitions | ||||||||
On May 17, 2013, we acquired a coal gasification technology ("E-Gas") for cash consideration of approximately $60,800. The E-Gas acquisition primarily consisted of process technology intangible assets that have an estimated life of 15 years and are amortized on a straight-line basis. The impact of the acquisition was not material to our results and therefore, pro forma information has not been presented. We had no acquisitions in 2014 or 2012. |
INVENTORY
INVENTORY | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
INVENTORY | 5. INVENTORY | |||||||
The components of inventory at December 31, 2014 and 2013 were as follows: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 162,451 | $ | 184,586 | ||||
Work in process | 38,232 | 31,764 | ||||||
Finished goods | 85,472 | 86,637 | ||||||
Total | $ | 286,155 | $ | 302,987 | ||||
GOODWILL_AND_OTHER_INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLES | 6. GOODWILL AND OTHER INTANGIBLES | |||||||||||||||||||
Goodwill—At December 31, 2014 and 2013, our goodwill balances were $4,195,231 and $4,226,468, respectively, attributable to the excess of the purchase price over the fair value of net assets acquired in connection with our acquisitions. The change in goodwill by reporting segment for 2014 and 2013 was as follows: | ||||||||||||||||||||
Engineering, Construction and Maintenance | Fabrication Services | Technology | Environmental Solutions | Total | ||||||||||||||||
Balance at December 31, 2012 | $ | 447,651 | $ | 48,224 | $ | 430,836 | $ | — | $ | 926,711 | ||||||||||
Shaw Acquisition | 2,315,340 | 497,368 | — | 483,822 | 3,296,530 | |||||||||||||||
Amortization of tax goodwill in excess of book goodwill | (4,135 | ) | (318 | ) | (2,179 | ) | — | (6,632 | ) | |||||||||||
Foreign currency translation and other | 9,859 | — | — | — | 9,859 | |||||||||||||||
Balance at December 31, 2013 | $ | 2,768,715 | $ | 545,274 | $ | 428,657 | $ | 483,822 | $ | 4,226,468 | ||||||||||
Amortization of tax goodwill in excess of book goodwill | 953 | 141 | (2,694 | ) | — | (1,600 | ) | |||||||||||||
Foreign currency translation and other | (23,937 | ) | — | — | (5,700 | ) | (29,637 | ) | ||||||||||||
Balance at December 31, 2014 | $ | 2,745,731 | $ | 545,415 | $ | 425,963 | $ | 478,122 | $ | 4,195,231 | ||||||||||
As discussed in Note 2, as part of our annual impairment assessment, we performed a quantitative assessment of goodwill in the fourth quarter of 2014 by comparing an estimate of discounted future cash flows to the net book value of each applicable reporting unit. Based upon this quantitative assessment, no impairment charge was necessary during 2014 as the fair value of each of our reporting units exceeded their respective net book values. There can be no assurance that future goodwill impairment tests will not result in charges to earnings. | ||||||||||||||||||||
Other Intangible Assets—The following table provides a summary of our acquired finite-lived intangible assets at December 31, 2014 and 2013, including weighted-average useful lives for each major intangible asset class and in total: | ||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||
Weighted Average Life | Gross | Accumulated | Gross | Accumulated | ||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
Finite-lived intangible assets | ||||||||||||||||||||
Backlog and customer relationships | 16 Years | $ | 380,586 | $ | (71,257 | ) | $ | 380,586 | $ | (33,735 | ) | |||||||||
Process technologies | 15 Years | 287,459 | (105,646 | ) | 295,726 | (90,282 | ) | |||||||||||||
Tradenames | 10 Years | 85,613 | (20,301 | ) | 86,042 | (11,126 | ) | |||||||||||||
Lease agreements (1) | 6 Years | — | — | 7,718 | (7,627 | ) | ||||||||||||||
Non-compete agreements (1) | 7 Years | — | — | 3,012 | (2,591 | ) | ||||||||||||||
Total (2) | 15 Years | $ | 753,658 | $ | (197,204 | ) | $ | 773,084 | $ | (145,361 | ) | |||||||||
(1) | Lease agreement and non-compete intangibles became fully amortized during 2014 and were therefore removed from the December 31, 2014 gross carrying and accumulated amortization balances above. | |||||||||||||||||||
(2) | The decrease in other intangibles, net during 2014 primarily related to amortization expense of $66,506 and the impact of foreign currency translation. Amortization expense for our intangibles existing at December 31, 2014 is anticipated to be approximately $61,500, $55,100, $46,000, $44,400 and $42,300 for 2015, 2016, 2017, 2018 and 2019, respectively. |
PARTNERING_ARRANGEMENTS
PARTNERING ARRANGEMENTS | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||
PARTNERING ARRANGEMENTS | 7. PARTNERING ARRANGEMENTS | ||||||||
As discussed in Note 2, we account for our unconsolidated ventures using either proportionate consolidation or the equity method. Further, we consolidate any venture that is determined to be a VIE for which we are the primary beneficiary, or which we otherwise effectively control. | |||||||||
Proportionately Consolidated Ventures—The following is a summary description of our significant unconsolidated joint ventures which have been accounted for using proportionate consolidation: | |||||||||
• | CB&I/Zachry—We have a venture with Zachry (CB&I—50% / Zachry—50%) to perform EPC work for two liquefied natural gas (“LNG”) liquefaction trains in Freeport, Texas. Our proportionate share of the venture project value is approximately $2,600,000. In addition, we have subcontract and risk sharing arrangements with Chiyoda to support our responsibilities to the venture. The costs of these arrangements are recorded in cost of revenue. | ||||||||
• | CB&I/Chiyoda—We have a venture with Chiyoda (CB&I—50% / Chiyoda—50%) to perform EPC work for three LNG liquefaction trains in Hackberry, Louisiana. Our proportionate share of the venture project value is approximately $3,100,000. | ||||||||
The following table presents summarized balance sheet information for our proportionately consolidated VIEs: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
CB&I/Zachry | |||||||||
Current assets (1) | $ | 85,484 | $ | — | |||||
Current liabilities | $ | 149,891 | $ | — | |||||
CB&I/Chiyoda | |||||||||
Current assets (1) | $ | 102,035 | $ | — | |||||
Current liabilities | $ | 124,367 | $ | — | |||||
(1) | Our venture arrangements allow for excess working capital of the ventures to be advanced to the venture partners. Such advances are returned to the venture for working capital needs as necessary. Accordingly, at a reporting period end a venture may have advances to its partners which are reflected as an advance receivable within current assets of the venture. At December 31, 2014, current assets for the CB&I/Zachry venture includes approximately $71,200 related to our proportionate share of advances from the venture to our venture partner. Such amounts are reflected within other current assets on the Balance Sheet. In addition, as summarized in Note 8, other current liabilities on the Balance Sheet includes approximately $108,700 related to advances to CB&I from the CB&I/Zachary and CB&I/Chiyoda ventures. | ||||||||
Equity Method Ventures—The following is a summary description of our significant unconsolidated joint ventures which have been accounted for using the equity method: | |||||||||
• | Chevron-Lummus Global ("CLG")—We have a venture with Chevron (CB&I—50% / Chevron—50%), which provides licenses, engineering services and catalyst, primarily for the refining industry. As sufficient capital investments in CLG have been made by the venture partners, it does not qualify as a VIE. Additionally, we do not effectively control CLG and therefore do not consolidate the venture. | ||||||||
• | NET Power LLC (“NET Power”)—We have a venture with Exelon and 8 Rivers Capital (CB&I—33.3% / Exelon—33.3% / 8 Rivers Capital—33.3%), which was formed for the purpose of developing, commercializing and monetizing a new natural gas power system that produces zero atmospheric emissions, including carbon dioxide. NET Power is building a first-of-its-kind demonstration plant which will be funded by contributions and services from the venture partners and other parties. Our cash commitment for NET Power totals $47,300 and at December 31, 2014, we had cumulatively invested cash of approximately $11,700. | ||||||||
Dividends received from equity method joint ventures were $17,034, $33,984 and $20,286 during 2014, 2013 and 2012, respectively. We have no other material unconsolidated ventures. | |||||||||
Consolidated Ventures—The following is a summary description of our significant joint ventures we consolidate due to their designation as VIEs for which we are the primary beneficiary: | |||||||||
• | CB&I/Kentz—We have a venture with Kentz (CB&I—65% / Kentz—35%) to perform the structural, mechanical, piping, electrical and instrumentation work on, and to provide commissioning support for, three LNG trains, including associated utilities and a gas processing and compression plant, for the Gorgon LNG project, located on Barrow Island, Australia. Our venture project value is approximately $5,000,000. | ||||||||
• | CB&I/Clough—We have a venture with Clough (CB&I—65% / Clough—35%) to perform the EPC work for a gas conditioning plant, nearby wellheads, and associated piping and infrastructure for the Papua New Guinea LNG project, located in the Southern Highlands of Papua New Guinea. Our venture project value is approximately $2,000,000 and the project was substantially complete at December 31, 2014. | ||||||||
• | CB&I/AREVA—We have a venture with AREVA (CB&I—52% / AREVA—48%) to design, license and construct a mixed oxide fuel fabrication facility in Aiken, South Carolina, which will be used to convert weapons-grade plutonium into fuel for nuclear power plants for the U.S. Department of Energy. Our venture project value is approximately $5,000,000. | ||||||||
The following table presents summarized balance sheet information for our consolidated VIEs: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
CB&I/Kentz | |||||||||
Current assets | $ | 220,930 | $ | 156,974 | |||||
Current liabilities | $ | 196,277 | $ | 72,741 | |||||
CB&I/Clough | |||||||||
Current assets | $ | 33,098 | $ | 122,179 | |||||
Current liabilities | $ | 6,408 | $ | 48,933 | |||||
CB&I/AREVA | |||||||||
Current assets | $ | 27,006 | $ | 34,547 | |||||
Current liabilities | $ | 73,124 | $ | 98,478 | |||||
All Other (1) | |||||||||
Current assets | $ | 97,360 | $ | 83,370 | |||||
Non-current assets | $ | 22,045 | $ | 24,802 | |||||
Total assets | $ | 119,405 | $ | 108,172 | |||||
Current liabilities | $ | 30,126 | $ | 26,879 | |||||
(1) | Other ventures that we consolidate due to their designation as VIEs are not individually material to our financial results and are therefore aggregated as "All Other". | ||||||||
Other—The use of these ventures exposes us to a number of risks, including the risk that our partners may be unable or unwilling to provide their share of capital investment to fund the operations of the venture or to complete their obligations to us, the venture, or ultimately, our customer. This could result in unanticipated costs to complete the projects, liquidated damages or contract disputes, including claims against our partners. |
SUPPLEMENTAL_BALANCE_SHEET_DET
SUPPLEMENTAL BALANCE SHEET DETAIL | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
SUPPLEMENTAL BALANCE SHEET DETAIL | 8. SUPPLEMENTAL BALANCE SHEET DETAIL | ||||||||
The components of property and equipment, and other current and non-current liabilities at December 31, 2014 and 2013 were as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Property and Equipment | |||||||||
Land and improvements | $ | 87,085 | $ | 90,884 | |||||
Buildings and improvements | 405,603 | 360,720 | |||||||
Plant, field equipment and other | 781,076 | 733,089 | |||||||
Total property and equipment | $ | 1,273,764 | $ | 1,184,693 | |||||
Accumulated depreciation | (502,113 | ) | (395,896 | ) | |||||
Property and equipment, net | $ | 771,651 | $ | 788,797 | |||||
Other Current Liabilities | |||||||||
Payroll-related obligations | $ | 371,764 | $ | 336,889 | |||||
Advances from proportionately consolidated ventures (1) | 108,658 | — | |||||||
Income taxes payable | 57,186 | 91,049 | |||||||
Self-insurance and other insurance reserves | 25,243 | 24,575 | |||||||
Pension obligations | 2,975 | 3,284 | |||||||
Postretirement medical benefit obligations | 2,895 | 3,139 | |||||||
Other (2) | 235,573 | 240,570 | |||||||
Other current liabilities | $ | 804,294 | $ | 699,506 | |||||
Other Non-Current Liabilities | |||||||||
Pension obligations | $ | 173,852 | $ | 119,236 | |||||
Self-insurance and other insurance reserves | 51,904 | 51,848 | |||||||
Postretirement medical benefit obligations | 48,563 | 43,498 | |||||||
Income tax reserves | 13,458 | 14,281 | |||||||
Other (3) | 162,849 | 158,692 | |||||||
Other non-current liabilities | $ | 450,626 | $ | 387,555 | |||||
(1) | Represents advances from our proportionately consolidated ventures as discussed in Note 7. | ||||||||
(2) | Represents various accruals that are each individually less than 5% of total current liabilities, including accruals for non-contract payables, taxes other than income taxes, country-specific employee benefits, operating lease obligations, derivatives, and medical and legal obligations. | ||||||||
(3) | Represents various accruals that are each individually less than 5% of total liabilities, including accruals for non-contract payables, taxes other than income taxes, operating lease obligations, deferred rent, and country-specific employee benefits. |
FACILITY_REALIGNMENT_AND_CHANG
FACILITY REALIGNMENT AND CHANGE-IN-CONTROL LIABILITIES (Notes) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | |||||||||
FACILITY REALIGNMENT AND CHANGE-IN-CONTROL LIABILITIES | 9. FACILITY REALIGNMENT AND CHANGE-IN-CONTROL LIABILITIES | ||||||||
At December 31, 2014 and 2013, we had a facility realignment liability related to the recognition of future operating lease expense for vacated facility capacity where we remain contractually obligated to a lessor. The liability was recognized within other current and non-current liabilities, as applicable, based upon the anticipated timing of payments. Additionally, at the Acquisition Closing Date, we assumed change-in-control obligations of approximately $37,000 in connection with the Shaw Acquisition that were paid during 2013. The following table summarizes the movements in the facility realignment and change-in-control liabilities during 2014 and 2013: | |||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Beginning Balance | $ | 12,111 | $ | 12,752 | |||||
Charges (1) | 14,287 | 6,804 | |||||||
Shaw Acquisition-related obligations | — | 37,000 | |||||||
Cash payments | (12,044 | ) | (44,472 | ) | |||||
Foreign exchange and other | — | 27 | |||||||
Ending Balance (2) | $ | 14,354 | $ | 12,111 | |||||
(1) | During 2014 and 2013, charges of $14,287 and $6,804, respectively, were recognized within acquisition and integration related costs related to facility consolidations and the associated accelerated lease costs for vacated facilities. The charges in 2014 were associated with vacated facilities primarily in our Engineering, Construction and Maintenance and Environmental Solutions operating groups, and the charges in 2013 were associated with vacated facilities in our Engineering, Construction and Maintenance and Technology operating groups. | ||||||||
(2) | Future cash payments for our existing obligations at December 31, 2014 are anticipated to be approximately $6,200, $2,100, $1,100, $1,000, $1,000 and $3,000 in 2015, 2016, 2017, 2018, 2019, and thereafter, respectively. |
DEBT
DEBT | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
DEBT | 10. DEBT | ||||||||
Our outstanding debt at December 31, 2014 and 2013 was as follows: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Current | |||||||||
Revolving facility and other short-term borrowings | $ | 164,741 | $ | 115,000 | |||||
Current maturities of long-term debt | 105,997 | 100,000 | |||||||
Current debt | $ | 270,738 | $ | 215,000 | |||||
Long-Term | |||||||||
Term Loan: $1,000,000 term loan (interest at LIBOR plus an applicable floating margin) | $ | 825,000 | $ | 925,000 | |||||
Senior Notes: $800,000 senior notes, series A-D (fixed interest ranging from 4.15% to 5.30%) | 800,000 | 800,000 | |||||||
Other long-term debt | 45,155 | — | |||||||
Less: current maturities of long-term debt | (105,997 | ) | (100,000 | ) | |||||
Long-term debt | $ | 1,564,158 | $ | 1,625,000 | |||||
Committed Facilities—We have a five-year, $1,350,000, committed and unsecured revolving facility (the "Revolving Facility") with Bank of America ("BofA"), as administrative agent, and BNP Paribas Securities Corp., BBVA Compass, Credit Agricole Corporate and Investment Bank ("Credit Agricole") and The Royal Bank of Scotland plc, each as syndication agents, which expires in October 2018. The Revolving Facility has a $675,000 aggregate borrowing and financial letter of credit sublimit (with financial letters of credit not to exceed $270,000) and certain financial covenants, including a maximum leverage ratio of 3.00, a minimum fixed charge coverage ratio of 1.75, and a minimum net worth level calculated as $1,989,452 at December 31, 2014. The Revolving Facility also includes customary restrictions regarding subsidiary indebtedness, sales of assets, liens, investments, type of business conducted, and mergers and acquisitions, and includes a trailing twelve-month limitation of $250,000 for dividend payments and share repurchases if our leverage ratio exceeds 1.50 (unlimited if our leverage ratio is equal to or below 1.50), among other restrictions. In addition to interest on debt borrowings, we are assessed quarterly commitment fees on the unutilized portion of the facility as well as letter of credit fees on outstanding instruments. The interest, commitment fee, and letter of credit fee percentages are based upon our quarterly leverage ratio. In the event we borrow funds under the facility, interest is assessed at either prime plus an applicable floating margin (3.25% and 0.75%, respectively at December 31, 2014), or LIBOR plus an applicable floating margin (0.17% and 1.75%, respectively at December 31, 2014). At December 31, 2014, we had no outstanding borrowings under the facility; however, we had $228,241 of outstanding letters of credit under the facility (none of which were financial letters of credit), providing $1,121,759 of available capacity, of which $675,000 may be utilized for borrowings. During 2014, our weighted average interest rate on borrowings under the facility was approximately 1.9%, inclusive of the applicable floating margin. | |||||||||
We also have a five-year, $650,000, committed and unsecured revolving credit facility (the “Second Revolving Facility”) with BofA, as administrative agent, and Credit Agricole, as syndication agent, which expires in February 2018. The Second Revolving Facility, which supplements our Revolving Facility, has a $487,500 borrowing and financial letter of credit sublimit and includes financial and restrictive covenants similar to those noted above for the Revolving Facility. In addition to interest on debt borrowings, we are assessed quarterly commitment fees on the unutilized portion of the facility as well as letter of credit fees on outstanding instruments. The interest, commitment fee, and letter of credit fee percentages are based upon our quarterly leverage ratio. In the event we borrow funds under the facility, interest is assessed at either prime plus an applicable floating margin (3.25% and 0.75%, respectively at December 31, 2014) or LIBOR plus an applicable floating margin (0.17% and 1.75%, respectively at December 31, 2014). At December 31, 2014, we had $66,000 of outstanding borrowings and $32,489 of outstanding letters of credit under the facility (including $8,130 of financial letters of credit), providing $551,511 of available capacity, of which $413,370 may be utilized for borrowings. During 2014, our weighted average interest rate on borrowings under the facility was approximately 3.3%, inclusive of the applicable floating margin. | |||||||||
Uncommitted Facilities—We also have various short-term, uncommitted letter of credit and borrowing facilities (the “Uncommitted Facilities”) across several geographic regions of approximately $3,221,851, of which $310,000 may be utilized for borrowings ($308,882 at December 31, 2014, net of letter of credit utilization of $1,118 under certain facilities). At December 31, 2014, we had $98,740 of outstanding borrowings and $1,187,937 of outstanding letters of credit under these facilities, providing $1,935,174 of available capacity, of which $210,142 may be utilized for borrowings. During 2014, our weighted average interest rate on borrowings under the facility was approximately 1.2%. | |||||||||
Term Loan—At December 31, 2014, we had $825,000 outstanding on our four-year, $1,000,000 unsecured term loan (the "Term Loan") with BofA as administrative agent, which was used to fund a portion of the Shaw Acquisition. Interest and principal under the Term Loan is payable quarterly in arrears and bears interest at LIBOR plus an applicable floating margin (0.17% and 1.75%, respectively at December 31, 2014). However, we continue to utilize an interest rate swap to hedge against $416,625 of the outstanding $825,000 Term Loan, which resulted in a weighted average interest rate of approximately 2.2% during 2014, inclusive of the applicable floating margin. Future annual maturities for the Term Loan are $100,000, $150,000 and $575,000 in 2015, 2016 and 2017, respectively. The Term Loan includes financial and restrictive covenants similar to those noted above for the Revolving Facility. | |||||||||
Senior Notes—We have a series of senior notes totaling $800,000 in the aggregate (the “Senior Notes”), with Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Credit Agricole, as administrative agents, which were used to fund a portion of the Shaw Acquisition. The Senior Notes have financial and restrictive covenants similar to those noted above for the Revolving Facility. The Senior Notes include Series A through D, which contain the following terms: | |||||||||
• | Series A—Interest due semi-annually at a fixed rate of 4.15%, with principal of $150,000 due in December 2017 | ||||||||
• | Series B—Interest due semi-annually at a fixed rate of 4.57%, with principal of $225,000 due in December 2019 | ||||||||
• | Series C—Interest due semi-annually at a fixed rate of 5.15%, with principal of $275,000 due in December 2022 | ||||||||
• | Series D—Interest due semi-annually at a fixed rate of 5.30%, with principal of $150,000 due in December 2024 | ||||||||
Other Long-Term Debt—At December 31, 2014, we also had $45,155 outstanding on a $48,081 six-year secured (construction equipment) term loan. Interest and principal under the loan is payable monthly in arrears and bears interest at 3.26%. Future annual maturities are $5,997, $6,196, $6,401, $6,613, $6,832 and $13,116 for 2015, 2016, 2017, 2018, 2019, and 2020, respectively. | |||||||||
Westinghouse Bonds—In conjunction with the Shaw Acquisition, in the first quarter of 2013, we paid approximately 128,980,000 Japanese Yen (approximately $1,353,700) to settle bond obligations associated with Shaw's former 20% investment in Westinghouse Electric Company (“WEC”). The bond holders were repaid from proceeds of a trust account (approximately $1,309,000) established by Shaw prior to the Acquisition Closing Date and a payment by CB&I (approximately $44,700). The bond obligations, and the associated trust account cash, were included in the Acquisition Closing Date Balance Sheet. | |||||||||
Compliance and Other—During 2014, maximum outstanding borrowings under our revolving credit and other facilities were approximately $929,240. In addition to providing letters of credit, we also issue surety bonds in the ordinary course of business to support our contract performance. At December 31, 2014, we had $530,642 of outstanding surety bonds. At December 31, 2014, we were in compliance with all of our restrictive and financial covenants associated with our debt and revolving credit and other facilities. Capitalized interest was insignificant in 2014, 2013 and 2012. |
FINANCIAL_INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS | 11. FINANCIAL INSTRUMENTS | |||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Foreign Currency Exchange Rate Derivatives —At December 31, 2014, the notional value of our outstanding forward contracts to hedge certain foreign exchange-related operating exposures was approximately $144,300. These contracts vary in duration, maturing up to five years from period-end. We designate certain of these hedges as cash flow hedges and accordingly, changes in their fair value are recognized in AOCI until the associated underlying operating exposure impacts our earnings. We exclude forward points, which are recognized as ineffectiveness within cost of revenue and are not material to our earnings, from our hedge assessment analysis. | ||||||||||||||||||||||||||||||||
Interest Rate Derivatives —We continue to utilize a swap arrangement to hedge against interest rate variability associated with $416,625 of our outstanding $825,000 Term Loan. The swap arrangement has been designated as a cash flow hedge as its critical terms matched those of the Term Loan at inception and through December 31, 2014. Accordingly, changes in the fair value of the swap arrangement are recognized in AOCI until the associated underlying exposure impacts our earnings. | ||||||||||||||||||||||||||||||||
Financial Instruments Disclosures | ||||||||||||||||||||||||||||||||
Fair Value—Financial instruments are required to be categorized within a valuation hierarchy based upon the lowest level of input that is significant to the fair value measurement. The three levels of the valuation hierarchy are as follows: | ||||||||||||||||||||||||||||||||
• | Level 1—Fair value is based upon quoted prices in active markets. Our cash and cash equivalents are classified within Level 1 of the valuation hierarchy as they are valued at cost, which approximates fair value. | |||||||||||||||||||||||||||||||
• | Level 2—Fair value is based upon internally-developed models that use, as their basis, readily observable market parameters. Our derivative positions are classified within Level 2 of the valuation hierarchy as they are valued using quoted market prices for similar assets and liabilities in active markets. These level 2 derivatives are valued utilizing an income approach, which discounts future cash flow based upon current market expectations and adjusts for credit risk. | |||||||||||||||||||||||||||||||
• | Level 3—Fair value is based upon internally-developed models that use, as their basis, significant unobservable market parameters. We did not have any Level 3 classifications at December 31, 2014 or 2013. | |||||||||||||||||||||||||||||||
The following table presents the fair value of our cash and cash equivalents, foreign currency exchange rate derivatives and interest rate derivatives at December 31, 2014 and 2013, respectively, by valuation hierarchy and balance sheet classification: | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 351,323 | $ | — | $ | — | $ | 351,323 | $ | 420,502 | $ | — | $ | — | $ | 420,502 | ||||||||||||||||
Derivatives (1) | ||||||||||||||||||||||||||||||||
Other current assets | — | 852 | — | 852 | — | 2,155 | — | 2,155 | ||||||||||||||||||||||||
Other non-current assets | — | 2,248 | — | 2,248 | — | 4,705 | — | 4,705 | ||||||||||||||||||||||||
Total assets at fair value | $ | 351,323 | $ | 3,100 | $ | — | $ | 354,423 | $ | 420,502 | $ | 6,860 | $ | — | $ | 427,362 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Other current liabilities | $ | — | $ | (12,728 | ) | $ | — | $ | (12,728 | ) | $ | — | $ | (3,818 | ) | $ | — | $ | (3,818 | ) | ||||||||||||
Other non-current liabilities | — | (1,873 | ) | — | (1,873 | ) | — | (450 | ) | — | (450 | ) | ||||||||||||||||||||
Total liabilities at fair value | $ | — | $ | (14,601 | ) | $ | — | $ | (14,601 | ) | $ | — | $ | (4,268 | ) | $ | — | $ | (4,268 | ) | ||||||||||||
(1) | We are exposed to credit risk on our hedging instruments associated with potential counterparty non-performance, and the fair value of our derivatives reflects this credit risk. The total level 2 assets at fair value above represent the maximum loss that we would incur on our outstanding hedges if the applicable counterparties failed to perform according to the hedge contracts. To help mitigate counterparty credit risk, we transact only with counterparties that are rated as investment grade or higher and monitor all counterparties on a continuous basis. | |||||||||||||||||||||||||||||||
The carrying values of our accounts receivable and accounts payable approximate their fair values because of the short-term nature of these instruments. At December 31, 2014, the fair value of our Term Loan, based upon the current market rates for debt with similar credit risk and maturity, approximated its carrying value as interest is based upon LIBOR plus an applicable floating margin. Our Senior Notes are categorized within level 2 of the valuation hierarchy and had a total fair value of approximately $785,100 and $753,700 at December 31, 2014 and 2013, respectively, based on the current market rates for debt with similar credit risk and maturities. | ||||||||||||||||||||||||||||||||
Derivatives Disclosures | ||||||||||||||||||||||||||||||||
Fair Value—The following table presents the total fair value by underlying risk and balance sheet classification for derivatives designated as cash flow hedges and derivatives not designated as cash flow hedges at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||
Balance Sheet | December 31, | December 31, | Balance Sheet | December 31, | December 31, | |||||||||||||||||||||||||||
Classification | 2014 | 2013 | Classification | 2014 | 2013 | |||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||||||||||||||||||||
Interest rate | Other current | $ | 2,258 | $ | 3,772 | Other current and non-current | $ | (1,229 | ) | $ | (2,233 | ) | ||||||||||||||||||||
and non-current | liabilities | |||||||||||||||||||||||||||||||
assets | ||||||||||||||||||||||||||||||||
Foreign currency | Other current | 39 | 861 | Other current and non-current | (4,996 | ) | (853 | ) | ||||||||||||||||||||||||
and non-current | liabilities | |||||||||||||||||||||||||||||||
assets | ||||||||||||||||||||||||||||||||
$ | 2,297 | $ | 4,633 | $ | (6,225 | ) | $ | (3,086 | ) | |||||||||||||||||||||||
Derivatives not designated as cash flow hedges | ||||||||||||||||||||||||||||||||
Interest rate | Other current | $ | — | $ | — | Other current and non-current | $ | — | $ | — | ||||||||||||||||||||||
and non-current | liabilities | |||||||||||||||||||||||||||||||
assets | ||||||||||||||||||||||||||||||||
Foreign currency | Other current | 803 | 2,227 | Other current and non-current | (8,376 | ) | (1,182 | ) | ||||||||||||||||||||||||
and non-current | liabilities | |||||||||||||||||||||||||||||||
assets | ||||||||||||||||||||||||||||||||
$ | 803 | $ | 2,227 | $ | (8,376 | ) | $ | (1,182 | ) | |||||||||||||||||||||||
Total fair value | $ | 3,100 | $ | 6,860 | $ | (14,601 | ) | $ | (4,268 | ) | ||||||||||||||||||||||
Master Netting Arrangements ("MNAs")—Our derivatives are executed under International Swaps and Derivatives Association MNAs, which generally allow us and our counterparties to net settle, in a single net payable or receivable, obligations due on the same day, in the same currency and for the same type of derivative instrument. We have elected the option to record all derivatives on a gross basis in our Balance Sheet. The following table presents our derivative assets and liabilities at December 31, 2014 on a gross basis and a net settlement basis: | ||||||||||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts | Gross Amounts Not Offset on | Net Amount | ||||||||||||||||||||||||||||
Amounts | Offset on the | Presented on the | the Balance Sheet (iv) | (v) =160;(iii) - (iv) | ||||||||||||||||||||||||||||
Recognized | Balance Sheet | Balance Sheet | ||||||||||||||||||||||||||||||
(i) | (ii) | (iii) =i) - (ii) | Financial | Cash | ||||||||||||||||||||||||||||
Instruments | Collateral | |||||||||||||||||||||||||||||||
Received | ||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Interest rate | $ | 2,258 | $ | — | $ | 2,258 | $ | — | $ | — | $ | 2,258 | ||||||||||||||||||||
Foreign currency | 842 | — | 842 | (500 | ) | — | 342 | |||||||||||||||||||||||||
Total assets | $ | 3,100 | $ | — | $ | 3,100 | $ | (500 | ) | $ | — | $ | 2,600 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Interest rate | $ | (1,229 | ) | — | $ | (1,229 | ) | — | — | (1,229 | ) | |||||||||||||||||||||
Foreign currency | (13,372 | ) | — | (13,372 | ) | 500 | — | (12,872 | ) | |||||||||||||||||||||||
Total liabilities | $ | (14,601 | ) | $ | — | $ | (14,601 | ) | $ | 500 | $ | — | $ | (14,101 | ) | |||||||||||||||||
AOCI/Other—The following table presents the total value, by underlying risk, recognized in other comprehensive income (“OCI”) and reclassified from AOCI to interest expense (interest rate derivatives) and cost of revenue (foreign currency derivatives) during 2014 and 2013 for derivatives designated as cash flow hedges: | ||||||||||||||||||||||||||||||||
Amount of Gain (Loss) on Effective | ||||||||||||||||||||||||||||||||
Derivative Portion | ||||||||||||||||||||||||||||||||
Recognized in | Reclassified from | |||||||||||||||||||||||||||||||
OCI | AOCI into Earnings (1) | |||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||||||||||||||||||||
Interest rate | $ | (2,649 | ) | $ | (278 | ) | $ | (2,139 | ) | $ | (1,817 | ) | ||||||||||||||||||||
Foreign currency | (4,913 | ) | 228 | (1,519 | ) | 1,304 | ||||||||||||||||||||||||||
Total | $ | (7,562 | ) | $ | (50 | ) | $ | (3,658 | ) | $ | (513 | ) | ||||||||||||||||||||
(1) | Net unrealized losses totaling $5,414 are anticipated to be reclassified from AOCI into earnings during the next 12 months due to settlement of the associated underlying obligations. | |||||||||||||||||||||||||||||||
The following table presents the total value recognized in cost of revenue for 2014 and 2013 for foreign currency derivatives not designated as cash flow hedges: | ||||||||||||||||||||||||||||||||
Amount of Gain (Loss) | ||||||||||||||||||||||||||||||||
Recognized in Earnings | ||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Derivatives not designated as cash flow hedges | ||||||||||||||||||||||||||||||||
Foreign currency | $ | (5,114 | ) | $ | 2,607 | |||||||||||||||||||||||||||
Total | $ | (5,114 | ) | $ | 2,607 | |||||||||||||||||||||||||||
RETIREMENT_BENEFITS
RETIREMENT BENEFITS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
RETIREMENT BENEFITS | 12. RETIREMENT BENEFITS | ||||||||||||||||||||||||
Defined Contribution Plans | |||||||||||||||||||||||||
We sponsor multiple defined contribution plans for eligible employees with various features including voluntary pre-tax salary deferrals, matching contributions, and savings plan contributions in the form of cash or our common stock, to be determined annually. During 2014, 2013 and 2012, we expensed $73,444, $82,655 and $53,189, respectively, for these plans. In addition, we sponsor several other defined contribution plans that cover salaried and hourly employees for which we do not provide contributions. The cost of these plans was not significant to us in 2014, 2013 or 2012. | |||||||||||||||||||||||||
Defined Benefit Pension and Other Postretirement Plans | |||||||||||||||||||||||||
We sponsor various defined benefit pension plans covering certain employees and provide specific health care and life insurance benefits for eligible retired U.S. employees through health care and life insurance benefit programs. These plans may be changed or terminated by us at any time. The following tables provide combined information for our defined benefit pension and other postretirement plans: | |||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Service cost | $ | 9,113 | $ | 6,795 | $ | 3,862 | $ | 1,037 | $ | 1,244 | $ | 1,124 | |||||||||||||
Interest cost | 33,530 | 31,159 | 26,623 | 2,279 | 2,064 | 2,571 | |||||||||||||||||||
Expected return on plan assets | (36,577 | ) | (30,611 | ) | (23,856 | ) | — | — | — | ||||||||||||||||
Amortization of prior service credits | (465 | ) | (466 | ) | (452 | ) | — | (266 | ) | (269 | ) | ||||||||||||||
Recognized net actuarial losses (gains) | 4,649 | 4,555 | 2,718 | (863 | ) | (517 | ) | (348 | ) | ||||||||||||||||
Settlement/curtailment (1) | — | — | — | — | — | (2,841 | ) | ||||||||||||||||||
Net periodic benefit cost | $ | 10,250 | $ | 11,432 | $ | 8,895 | $ | 2,453 | $ | 2,525 | $ | 237 | |||||||||||||
Change in Projected Benefit Obligation | |||||||||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 882,471 | $ | 673,686 | $ | 46,637 | $ | 50,603 | |||||||||||||||||
Acquisition (2) | — | 154,311 | — | — | |||||||||||||||||||||
Service cost | 9,113 | 6,795 | 1,037 | 1,244 | |||||||||||||||||||||
Interest cost | 33,530 | 31,159 | 2,279 | 2,064 | |||||||||||||||||||||
Actuarial loss (gain) (3) | 153,887 | 15,767 | 3,199 | (5,242 | ) | ||||||||||||||||||||
Plan participants’ contributions | 3,443 | 3,306 | 1,625 | 1,517 | |||||||||||||||||||||
Amendments | (4,119 | ) | — | — | — | ||||||||||||||||||||
Benefits paid | (35,945 | ) | (34,672 | ) | (3,319 | ) | (3,549 | ) | |||||||||||||||||
Currency translation (4) | (96,858 | ) | 32,119 | — | — | ||||||||||||||||||||
Projected benefit obligation at end of year | $ | 945,522 | $ | 882,471 | $ | 51,458 | $ | 46,637 | |||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 779,626 | $ | 565,707 | $ | — | $ | — | |||||||||||||||||
Acquisition (2) | — | 157,591 | — | — | |||||||||||||||||||||
Actual return on plan assets | 95,294 | 39,604 | — | — | |||||||||||||||||||||
Benefits paid | (35,945 | ) | (34,672 | ) | (3,319 | ) | (3,549 | ) | |||||||||||||||||
Employer contributions (5) | 19,957 | 18,908 | 1,694 | 2,032 | |||||||||||||||||||||
Plan participants’ contributions | 3,443 | 3,306 | 1,625 | 1,517 | |||||||||||||||||||||
Currency translation (4) | (79,156 | ) | 29,182 | — | — | ||||||||||||||||||||
Fair value of plan assets at end of year | $ | 783,219 | $ | 779,626 | $ | — | $ | — | |||||||||||||||||
Funded status | $ | (162,303 | ) | $ | (102,845 | ) | $ | (51,458 | ) | $ | (46,637 | ) | |||||||||||||
Balance Sheet Position | |||||||||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Prepaid benefit cost within other non-current assets | $ | 14,524 | $ | 19,675 | $ | — | $ | — | |||||||||||||||||
Accrued benefit cost within other current liabilities | (2,975 | ) | (3,284 | ) | (2,895 | ) | (3,139 | ) | |||||||||||||||||
Accrued benefit cost within other non-current liabilities | (173,852 | ) | (119,236 | ) | (48,563 | ) | (43,498 | ) | |||||||||||||||||
Net funded status recognized | $ | (162,303 | ) | $ | (102,845 | ) | $ | (51,458 | ) | $ | (46,637 | ) | |||||||||||||
Unrecognized net prior service credits | $ | (5,111 | ) | $ | (2,026 | ) | $ | — | $ | — | |||||||||||||||
Unrecognized net actuarial losses (gains) | 186,838 | 114,976 | (13,360 | ) | (17,419 | ) | |||||||||||||||||||
Accumulated other comprehensive loss (income), before taxes (6) | $ | 181,727 | $ | 112,950 | $ | (13,360 | ) | $ | (17,419 | ) | |||||||||||||||
(1) | The settlement/curtailment amount was associated with termination of benefits for our United Kingdom ("U.K.") postretirement plan in 2012. | ||||||||||||||||||||||||
(2) | The acquisition amounts include the projected benefit obligation and plan asset balances at the Acquisition Closing Date associated with pension plans acquired in the Shaw Acquisition. | ||||||||||||||||||||||||
(3) | The actuarial pension plan loss for 2014 was primarily associated with a decrease in discount rate assumptions for our pension plans. | ||||||||||||||||||||||||
(4) | The currency translation loss for 2014 was primarily associated with the strengthening of the U.S. Dollar against the currencies associated with our international pension plans, primarily the Euro and British Pound. | ||||||||||||||||||||||||
(5) | During 2015, we expect to contribute approximately $18,545 and $2,895 to our pension and other postretirement plans, respectively. | ||||||||||||||||||||||||
(6) | During 2015, we expect to recognize $675 and $7,506 of previously unrecognized net prior service pension credits and net actuarial pension losses, respectively. | ||||||||||||||||||||||||
Accumulated Benefit Obligation—At December 31, 2014 and 2013, the accumulated benefit obligation for all defined benefit pension plans was $926,365 and $868,230, respectively. The following table includes summary information for those defined benefit plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Projected benefit obligation | $ | 824,988 | $ | 758,452 | |||||||||||||||||||||
Accumulated benefit obligation | $ | 805,830 | $ | 744,211 | |||||||||||||||||||||
Fair value of plan assets | $ | 648,162 | $ | 635,935 | |||||||||||||||||||||
Plan Assumptions—The following table reflects the weighted-average assumptions used to measure our defined benefit pension and other postretirement plans: | |||||||||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31, | |||||||||||||||||||||||||
Discount rate | 2.64 | % | 3.97 | % | 4.13 | % | 4.94 | % | |||||||||||||||||
Rate of compensation increase (1) | 2.76 | % | 2.78 | % | n/a | n/a | |||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, | |||||||||||||||||||||||||
Discount rate | 3.97 | % | 3.95 | % | 4.94 | % | 4.05 | % | |||||||||||||||||
Expected long-term rate of return on plan assets (2) | 4.8 | % | 4.45 | % | n/a | n/a | |||||||||||||||||||
Rate of compensation increase (1) | 2.76 | % | 2.78 | % | n/a | n/a | |||||||||||||||||||
(1) | The rate of compensation increase relates solely to the defined benefit plans that factor compensation increases into the valuation. | ||||||||||||||||||||||||
(2) | The expected long-term rate of return on plan assets was derived using historical returns by asset category and expectations of future performance. | ||||||||||||||||||||||||
Benefit Payments—The following table includes the expected defined benefit and other postretirement plan payments for the next 10 years: | |||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||
Year | Plans | Plans | |||||||||||||||||||||||
2015 | $ | 36,099 | $ | 2,895 | |||||||||||||||||||||
2016 | $ | 36,960 | $ | 3,204 | |||||||||||||||||||||
2017 | $ | 42,409 | $ | 3,400 | |||||||||||||||||||||
2018 | $ | 37,873 | $ | 3,555 | |||||||||||||||||||||
2019 | $ | 38,431 | $ | 3,633 | |||||||||||||||||||||
2020-2024 | $ | 206,234 | $ | 18,163 | |||||||||||||||||||||
Plan Assets—Our investment strategy for defined benefit plan assets seeks to optimize the proper risk-return relationship considered appropriate for each respective plan’s investment goals, using a global portfolio of various asset classes diversified by market segment, economic sector and issuer. The primary goal is to optimize the asset mix to fund future benefit obligations, while managing various risk factors and each plan’s investment return objectives. | |||||||||||||||||||||||||
Our defined benefit plan assets in the U.S. are invested in well-diversified portfolios of equity (including U.S. large, mid and small-capitalization and international equities) and fixed income securities (including corporate and government bonds). Non-U.S. defined benefit plan assets are similarly invested in well-diversified portfolios of equity, fixed income and other securities. At December 31, 2014, our target weighted-average asset allocations by asset category were: equity securities (35%-40%), fixed income securities (60%-65%), and other investments (0%-5%). | |||||||||||||||||||||||||
The following tables present the fair value of our plan assets by investment category and valuation hierarchy level at December 31, 2014 and 2013: | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Quoted Market | Internal Models | Internal Models | Total Carrying | ||||||||||||||||||||||
Prices In Active | With Significant | With Significant | Value On The | ||||||||||||||||||||||
Markets (Level 1) | Observable Market | Unobservable Market | Consolidated | ||||||||||||||||||||||
Parameters (Level 2) | Parameters (Level 3) | Balance Sheet | |||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||
Global Equities | $ | 4,661 | $ | — | $ | — | $ | 4,661 | |||||||||||||||||
International Funds (a) | — | 194,336 | — | 194,336 | |||||||||||||||||||||
Emerging Markets Growth Funds | — | 17,584 | — | 17,584 | |||||||||||||||||||||
U.S. Large-Cap Growth Funds | — | 11,796 | — | 11,796 | |||||||||||||||||||||
U.S. Mid-Cap Growth Funds | — | 886 | — | 886 | |||||||||||||||||||||
U.S. Small-Cap Growth Funds | — | 498 | — | 498 | |||||||||||||||||||||
U.S. Small-Cap Value Funds | — | 505 | — | 505 | |||||||||||||||||||||
Fixed Income Securities: | |||||||||||||||||||||||||
Euro Government Bonds (b) | — | 184,979 | — | 184,979 | |||||||||||||||||||||
Euro Corporate Bonds (c) | — | 89,356 | — | 89,356 | |||||||||||||||||||||
U.K. Government Index-Linked Bonds (d) | — | 101,779 | — | 101,779 | |||||||||||||||||||||
U.K. Corporate Bonds (e) | — | 17,989 | — | 17,989 | |||||||||||||||||||||
Other International Bonds (f) | — | 69,455 | — | 69,455 | |||||||||||||||||||||
U.S. Corporate and Government Bonds | — | 3,046 | — | 3,046 | |||||||||||||||||||||
Guaranteed Investment Contracts | — | 821 | — | 821 | |||||||||||||||||||||
Other Investments: | |||||||||||||||||||||||||
Commodities | — | 9,278 | — | 9,278 | |||||||||||||||||||||
Asset Allocation Funds (g) | — | 76,250 | — | 76,250 | |||||||||||||||||||||
Total Assets at Fair Value | $ | 4,661 | $ | 778,558 | $ | — | $ | 783,219 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Quoted Market | Internal Models | Internal Models | Total Carrying | ||||||||||||||||||||||
Prices In Active | With Significant | With Significant | Value On The | ||||||||||||||||||||||
Markets (Level 1) | Observable Market | Unobservable Market | Consolidated | ||||||||||||||||||||||
Parameters (Level 2) | Parameters (Level 3) | Balance Sheet | |||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||
Global Equities | $ | 6,027 | $ | — | $ | — | $ | 6,027 | |||||||||||||||||
International Funds (a) | — | 209,553 | — | 209,553 | |||||||||||||||||||||
Emerging Markets Growth Funds | — | 21,258 | — | 21,258 | |||||||||||||||||||||
U.S. Large-Cap Growth Funds | — | 11,677 | — | 11,677 | |||||||||||||||||||||
U.S. Mid-Cap Growth Funds | — | 843 | — | 843 | |||||||||||||||||||||
U.S. Small-Cap Growth Funds | — | 492 | — | 492 | |||||||||||||||||||||
U.S. Small-Cap Value Funds | — | 493 | — | 493 | |||||||||||||||||||||
Fixed Income Securities: | |||||||||||||||||||||||||
Euro Government Bonds (b) | — | 202,324 | — | 202,324 | |||||||||||||||||||||
Euro Corporate Bonds (c) | — | 82,096 | — | 82,096 | |||||||||||||||||||||
U.K. Government Index-Linked Bonds (d) | — | 93,540 | — | 93,540 | |||||||||||||||||||||
U.K. Corporate Bonds (e) | — | 18,212 | — | 18,212 | |||||||||||||||||||||
Other International Bonds (f) | — | 69,820 | — | 69,820 | |||||||||||||||||||||
U.S. Corporate and Government Bonds | — | 2,741 | — | 2,741 | |||||||||||||||||||||
Guaranteed Investment Contracts | — | 852 | — | 852 | |||||||||||||||||||||
Other Investments: | |||||||||||||||||||||||||
Commodities | — | 10,920 | — | 10,920 | |||||||||||||||||||||
Asset Allocation Funds (g) | — | 48,778 | $ | — | 48,778 | ||||||||||||||||||||
Total Assets at Fair Value | $ | 6,027 | $ | 773,599 | $ | — | $ | 779,626 | |||||||||||||||||
The following provides descriptions for plan asset categories with significant balances in the tables above: | |||||||||||||||||||||||||
(a) | Investments in various funds that track international indices. | ||||||||||||||||||||||||
(b) | Investments in European Union government securities with credit ratings of primarily AAA. | ||||||||||||||||||||||||
(c) | Investments in European fixed interest securities with credit ratings of primarily BBB and above. | ||||||||||||||||||||||||
(d) | Investments predominantly in U.K. Treasury securities with credit ratings of primarily AAA. | ||||||||||||||||||||||||
(e) | Investments predominantly in U.K. fixed interest securities with credit ratings of primarily BBB and above. | ||||||||||||||||||||||||
(f) | Investments predominantly in various international fixed income obligations that are individually insignificant. | ||||||||||||||||||||||||
(g) | Investments in fixed income securities, equities and alternative asset classes, including commodities and property assets. | ||||||||||||||||||||||||
Our pension assets are categorized within the valuation hierarchy based upon the lowest level of input that is significant to the fair value measurement. Assets that are valued using quoted prices are classified within level 1 of the valuation hierarchy, assets that are valued using internally-developed models that use, as their basis, readily observable market parameters, are classified within level 2 of the valuation hierarchy and assets that are valued based upon models with significant unobservable market parameters are classified within level 3 of the valuation hierarchy. | |||||||||||||||||||||||||
Health Care Cost Inflation—As noted above, we provide specific medical benefits for certain groups of retirees and their dependents in the U.S., subject to vesting requirements. Under our program in the U.S., certain eligible current and future retirees are covered by a defined fixed dollar benefit, under which our costs for each participant are fixed, based upon prior years of service of each retired employee. Additionally, there is a closed group of U.S. retirees for which we assume some or all of the cost of coverage. For this group, health care cost trend rates are projected at annual rates ranging from 7% in 2015 down to 5% in 2019 and beyond. Under the U.S. program, since 2012, new employees are not eligible for post-retirement medical benefits. During 2013, benefits under our former U.K. plan were terminated. | |||||||||||||||||||||||||
Increasing (decreasing) the assumed health care cost trends by one percentage point for our U.S. program is estimated to increase (decrease) the total of the service and interest cost components of net postretirement health care cost for 2014 and the accumulated postretirement benefit obligation at December 31, 2014, as follows: | |||||||||||||||||||||||||
1-Percentage- | 1-Percentage- | ||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost | $ | 63 | $ | (56 | ) | ||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 1,430 | $ | (1,283 | ) | ||||||||||||||||||||
Multi-Employer Pension Plans—We contribute to certain union sponsored multi-employer defined benefit pension plans in the U.S. and Canada. Benefits under these plans are generally based upon years of service and compensation levels. Under U.S. legislation regarding such pension plans, the risks of participation are different than single-employer pension plans as (1) assets contributed to the plan by a company may be used to provide benefits to participants of other companies, (2) if a participating company discontinues contributions to a plan, other participating companies may have to cover any unfunded liability that may exist, and (3) a company is required to continue funding its proportionate share of a plan’s unfunded vested benefits in the event of withdrawal (as defined by the legislation) from a plan or plan termination. The following table provides additional information regarding our significant multi-employer defined benefit pension plans, including the funding level of each plan (or zone status, as defined by the Pension Protection Act), whether actions to improve the funding level of the plan have been implemented, where required (a funding improvement plan (“FIP”) or rehabilitation plan (“RP”)), and our contributions to each plan and total contributions for 2014, 2013 and 2012, among other disclosures: | |||||||||||||||||||||||||
EIN/Plan | Plan Year End | Pension Protection | FIP/RP | Total Company Contributions (2) | Expiration | ||||||||||||||||||||
Number | Plan (1) | Date of | |||||||||||||||||||||||
Act (% Funded) (1) | Collective- | ||||||||||||||||||||||||
Bargaining | |||||||||||||||||||||||||
Pension Fund | 2014 | 2013 | 2014 | 2013 | 2012 | Agreement (4) | |||||||||||||||||||
Boilermaker-Blacksmith National Pension Trust | 48-6168020-001 | 31-Dec | 65%-80% | 65%-80% | Yes | $ | 33,105 | $ | 20,549 | $ | 6,910 | Various | |||||||||||||
Twin City Carpenters and Joiners Pension Fund | 41-6043137-001 | 31-Dec | 65%-80% | 65%-80% | Yes | 6,010 | 2,752 | 1,665 | 16-Apr | ||||||||||||||||
Middle Tennessee Carpenters And Millwrights Pension Fund | 62-6101275-001 | 30-Apr | >80% | >80% | No | 4,729 | 1,297 | — | Various | ||||||||||||||||
Plumbers and Pipefitters National Pension Fund | 52-6152779-001 | 30-Jun | 65%-80% | 65%-80% | Yes | 3,895 | 3,336 | — | Various | ||||||||||||||||
Twin City Iron Workers Pension Plan | 41-6084127-001 | 31-Dec | 65%-80% | 65%-80% | Yes | 2,791 | 1,272 | 657 | 16-Apr | ||||||||||||||||
Minnesota Laborers Pension Plan | 41-6159599-001 | 31-Dec | >80% | >80% | No | 2,584 | 1,444 | 745 | 16-Apr | ||||||||||||||||
Plumbers and Steamfitters Local 150 Pension Fund | 58-6116699-001 | 31-Dec | 65%-80% | < 65% | Yes | 2,154 | 1,788 | — | Various | ||||||||||||||||
Southern Ironworkers Pension Fund | 59-6227091-001 | 31-Dec | >80% | >80% | No | 2,150 | 612 | — | Various | ||||||||||||||||
EIN/Plan | Plan Year End | Pension Protection | FIP/RP | Total Company Contributions (2) | Expiration | ||||||||||||||||||||
Number | Plan (1) | Date of | |||||||||||||||||||||||
Act (% Funded) (1) | Collective- | ||||||||||||||||||||||||
Bargaining | |||||||||||||||||||||||||
Pension Fund | 2014 | 2013 | 2014 | 2013 | 2012 | Agreement (4) | |||||||||||||||||||
Central Laborers Pension Fund | 37-6052379-001 | 31-Dec | <65% | < 65% | Yes | 1,881 | 1,609 | — | Various | ||||||||||||||||
Upstate New York Engineers Pension Fund | 15-0614642-001 | 31-Mar | 65%-80% | <65% | Yes | 1,806 | 1,667 | — | Various | ||||||||||||||||
IBEW Local 1579 Pension Plan | 58-1254974-001 | 30-Sep | >80% | 65%-80% | No | 1,401 | 1,114 | — | Various | ||||||||||||||||
National Electrical Benefit Fund | 53-0181657-001 | 31-Dec | >80% | 65%-80% | No | 1,359 | 2,300 | — | Various | ||||||||||||||||
Ironworkers Mid-America Pension Plan | 36-6488227-001 | 31-Dec | >80% | 65%-80% | No | 1,227 | 2,073 | — | Various | ||||||||||||||||
Plumbers & Pipefitters Local Union 421 Pension Fund Trust | 57-0524232-001 | 31-Aug | >80% | >80% | No | 1,134 | 913 | — | Various | ||||||||||||||||
Plumbers & Steamfitters Local 577 Pension Plan | 31-6134953-001 | 31-Aug | 65%-80% | 65%-80% | Yes | 1,075 | 500 | — | Various | ||||||||||||||||
Boilermakers’ National Pension Plan (Canada) | 366708 | 31-Dec | N/A | N/A | N/A | 10,795 | 14,033 | 9,748 | 15-Apr | ||||||||||||||||
Edmonton Pipe Industry Pension Plan (Canada) | 546028 | 31-Dec | N/A | N/A | N/A | 2,896 | 5,612 | 5,623 | 15-Apr | ||||||||||||||||
Alberta Ironworkers Pension Fund (Canada) | 555656 | 31-Dec | N/A | N/A | N/A | 787 | 2,775 | 1,480 | 15-Apr | ||||||||||||||||
Alberta Carpenters Pension Fund (Canada) | 381723 | 31-Dec | N/A | N/A | N/A | 40 | 1,087 | 142 | 15-Apr | ||||||||||||||||
All Other (3) | 36,268 | 32,262 | 423 | ||||||||||||||||||||||
$ | 118,087 | $ | 98,995 | $ | 27,393 | ||||||||||||||||||||
(1) | Pension Protection Act Zone Status and FIP/RP plans are applicable to our U.S.-registered plans only, as these terms are not defined within Canadian pension legislation. In the U.S., plans funded less than 65% are in the red zone, plans funded at least 65%, but less than 80% are in the yellow zone, and plans funded at least 80% are in the green zone. The requirement for FIP or RP plans in the U.S. is based on the funding level or zone status of the applicable plan. | ||||||||||||||||||||||||
(2) | Our 2014 contributions as a percentage of total plan contributions were not available for any of our plans. For 2013, our contributions to the Plumbers & Streamfitters Local 150 Pension Fund, the Southern Ironworkers Pension Fund, the IBEW Local 1579 Pension Plan, the Iron Workers' Mid-America Pension Plan, the Plumbers & Pipefitters Local Union 421 Pension Fund Trust, the Plumbers & Steamfitters Local 577 Pension Plan, the Boilermakers’ National Pension Plan (Canada) and the Edmonton Pipe Industry Pension Plan (Canada) exceeded 5% of total plan contributions. For 2012, our contributions to the Boilermakers’ National Pension Plan (Canada), the Alberta Ironworkers Pension Fund (Canada) and the Edmonton Pipe Industry Pension Plan (Canada) exceeded 5% of total plan contributions. The level of our contributions to each plan noted above varies from period to period based upon the level of work being performed that is covered under the applicable collective-bargaining agreement. | ||||||||||||||||||||||||
(3) | Our remaining contributions are to various U.S. and Canadian plans, which are individually immaterial. | ||||||||||||||||||||||||
(4) | The expiration dates of our labor agreements associated with the plans noted as "Various" above vary based upon the duration of the applicable projects. | ||||||||||||||||||||||||
We also contribute to our multi-employer plans for annuity benefits covered under the defined contribution portion of the plans as well as health benefits. We made contributions to our multi-employer plans of $110,743, $102,025 and $13,271 during 2014, 2013, and 2012, respectively, for these additional benefits. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
COMMITMENTS AND CONTINGENCIES | 13. COMMITMENTS AND CONTINGENCIES | |||
Leases—Certain facilities and equipment, including project-related field equipment, are rented under operating leases that expire at various dates through 2035. Rent expense for operating leases was $144,288, $147,100 and $76,880 in 2014, 2013 and 2012, respectively. Future minimum payments under non-cancelable operating leases having initial terms of one year or more are as follows: | ||||
Year | Amount | |||
2015 | $ | 109,589 | ||
2016 | 79,253 | |||
2017 | 58,580 | |||
2018 | 47,835 | |||
2019 | 36,501 | |||
Thereafter | 104,258 | |||
Total (1) | $ | 436,016 | ||
(1) | Approximately $9,413 of minimum lease payments above are contractually recoverable through our cost-reimbursable projects. | |||
Certain lease agreements contain escalation provisions based upon specific future inflation indices which could impact the future minimum payments presented above. The costs related to leases with an initial term of less than one year have been reflected in rent expense but have been excluded from the future minimum payments presented above. | ||||
Legal Proceedings—We have been and may from time to time be named as a defendant in legal actions claiming damages in connection with engineering and construction projects, technology licenses, other services we provide, and other matters. These are typically claims that arise in the normal course of business, including employment-related claims and contractual disputes or claims for personal injury or property damage which occur in connection with services performed relating to project or construction sites. Contractual disputes normally involve claims relating to the timely completion of projects, performance of equipment or technologies, design or other engineering services or project construction services provided by us. We do not believe that any of our pending contractual, employment-related personal injury or property damage claims and disputes will have a material adverse effect on our future results of operations, financial position or cash flow. See Note 17 for additional discussion of claims associated with our projects. | ||||
Asbestos Litigation—We are a defendant in lawsuits wherein plaintiffs allege exposure to asbestos due to work we may have performed at various locations. We have never been a manufacturer, distributor or supplier of asbestos products. Over the past several decades and through December 31, 2014, we have been named a defendant in lawsuits alleging exposure to asbestos involving approximately 5,700 plaintiffs and, of those claims, approximately 1,700 claims were pending and 4,000 have been closed through dismissals or settlements. Over the past several decades and through December 31, 2014, the claims alleging exposure to asbestos that have been resolved have been dismissed or settled for an average settlement amount of approximately two thousand dollars per claim. We review each case on its own merits and make accruals based upon the probability of loss and our estimates of the amount of liability and related expenses, if any. While we have seen an increase in the number of recent filings, especially in one specific venue, we do not believe that the increase or any unresolved asserted claims will have a material adverse effect on our future results of operations, financial position or cash flow, and at December 31, 2014, we had approximately $5,000 accrued for liability and related expenses. With respect to unasserted asbestos claims, we cannot identify a population of potential claimants with sufficient certainty to determine the probability of a loss and to make a reasonable estimate of liability, if any. While we continue to pursue recovery for recognized and unrecognized contingent losses through insurance, indemnification arrangements or other sources, we are unable to quantify the amount, if any, that we may expect to recover because of the variability in coverage amounts, limitations and deductibles, or the viability of carriers, with respect to our insurance policies for the years in question. | ||||
Environmental Matters—Our operations are subject to extensive and changing U.S. federal, state and local laws and regulations, as well as the laws of other countries, that establish health and environmental quality standards. These standards, among others, relate to air and water pollutants and the management and disposal of hazardous substances and wastes. We are exposed to potential liability for personal injury or property damage caused by any release, spill, exposure or other accident involving such pollutants, substances or wastes. | ||||
In connection with the historical operation of our facilities, including those associated with acquired operations, substances which currently are or might be considered hazardous were used or disposed of at some sites that will or may require us to make expenditures for remediation. In addition, we have agreed to indemnify parties from whom we have purchased or to whom we have sold facilities for certain environmental liabilities arising from acts occurring before the dates those facilities were transferred. | ||||
We believe we are in compliance, in all material respects, with environmental laws and regulations and maintain insurance coverage to mitigate our exposure to environmental liabilities. We do not believe any environmental matters will have a material adverse effect on our future results of operations, financial position or cash flow. We do not anticipate we will incur material capital expenditures for environmental controls or for the investigation or remediation of environmental conditions during 2015 or 2016. | ||||
Letters of Credit/Surety Bonds—In the ordinary course of business, we may obtain surety bonds and letters of credit, which we provide to our customers to secure advance payment or our performance under our contracts, or in lieu of retention being withheld on our contracts. In the event of our non-performance under a contract and an advance being made by a bank pursuant to a draw on a letter of credit, the advance would become a borrowing under a credit facility and thus our direct obligation. Where a surety incurs such a loss, an indemnity agreement between the parties and us may require payment from our excess cash or a borrowing under our credit facilities. When a contract is completed, the contingent obligation terminates and the bonds or letters of credit are returned. At December 31, 2014, we had provided $1,896,161 of surety bonds and letters of credit to support our contracting activities in the ordinary course of business. This amount fluctuates based upon the mix and level of contracting activity. | ||||
Insurance—We have elected to retain portions of future losses, if any, through the use of deductibles and self-insured retentions for our exposures related to third party liability and workers’ compensation. Liabilities in excess of these amounts are the responsibilities of an insurance carrier. To the extent we are self-insured for these exposures, reserves (see Note 8) have been provided based upon our best estimates, with input from our legal and insurance advisors. Changes in assumptions, as well as changes in actual experience, could cause these estimates to change in the near-term. We believe that reasonably possible losses, if any, for these matters, to the extent not otherwise disclosed and net of recorded reserves, will not have a material adverse effect on our future results of operations, financial position or cash flow. At December 31, 2014, we had outstanding surety bonds and letters of credit of $83,148 relating to our insurance programs. | ||||
Income Taxes—Income tax and associated interest reserves, where applicable, are recorded in those instances where we consider it more likely than not that additional tax will be due in excess of amounts reflected in income tax returns filed worldwide, irrespective of whether or not we receive tax assessments. We continually review our exposure to additional income tax obligations and, as further information is known or events occur, changes in our tax and interest reserves may be recorded within income tax expense and interest expense, respectively. |
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
SHAREHOLDERS' EQUITY | 14. SHAREHOLDERS' EQUITY | ||||||||||||||||
Treasury Stock—Under Dutch law and our Articles of Association, we may hold no more than 10% of our issued share capital at any time. | |||||||||||||||||
AOCI—The following tables present changes in AOCI, net of tax, by component, and reclassification of AOCI into earnings, net of tax, for each component, during 2014: | |||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Currency | Unrealized | Defined Benefit | Total | ||||||||||||||
Translation | Fair Value Of | Pension and Other | |||||||||||||||
Adjustment (1) | Cash Flow Hedges | Postretirement Plans | |||||||||||||||
Balance at December 31, 2013 | $ | (46,580 | ) | $ | 1,771 | $ | (75,124 | ) | $ | (119,933 | ) | ||||||
OCI before reclassifications | (87,207 | ) | (7,061 | ) | (56,950 | ) | (151,218 | ) | |||||||||
Amounts reclassified from AOCI | — | 2,577 | 6,177 | 8,754 | |||||||||||||
Net OCI | (87,207 | ) | (4,484 | ) | (50,773 | ) | (142,464 | ) | |||||||||
Balance at December 31, 2014 | $ | (133,787 | ) | $ | (2,713 | ) | $ | (125,897 | ) | $ | (262,397 | ) | |||||
(1) | The currency translation adjustment component of AOCI was impacted during 2014 primarily by movements in the Euro, British Pound, and Australian Dollar exchange rates against the U.S. Dollar. | ||||||||||||||||
Amounts | |||||||||||||||||
Reclassified | |||||||||||||||||
AOCI Components | From AOCI | ||||||||||||||||
Unrealized Fair Value Of Cash Flow Hedges (1) | |||||||||||||||||
Interest rate derivatives (interest expense) | $ | 2,139 | |||||||||||||||
Foreign currency derivatives (cost of revenue) | 1,519 | ||||||||||||||||
Total, before taxes | $ | 3,658 | |||||||||||||||
Taxes | (1,081 | ) | |||||||||||||||
Total, net of taxes | $ | 2,577 | |||||||||||||||
Defined Benefit Pension and Other Postretirement Plans (2) | |||||||||||||||||
Amortization of prior service credits | $ | (465 | ) | ||||||||||||||
Recognized net actuarial losses | 3,786 | ||||||||||||||||
Total, before taxes | $ | 3,321 | |||||||||||||||
Taxes | 2,856 | ||||||||||||||||
Total, net of taxes | $ | 6,177 | |||||||||||||||
(1) | See Note 11 for further discussion of our cash flow hedges, including the total value reclassified from AOCI to earnings. | ||||||||||||||||
(2) | See Note 12 for further discussion of our defined benefit and other postretirement plans, including the components of net periodic benefit cost. | ||||||||||||||||
Other—Changes in common stock, additional paid-in capital, stock held in trust and treasury stock during 2014 and 2013 primarily relate to activity associated with our stock-based compensation plans and share repurchases. Changes during 2013 also included the impact of shares issued in connection with the Shaw Acquisition. |
STOCKSETTLED_AND_CASHSETTLED_E
STOCK-SETTLED AND CASH-SETTLED EQUITY BASED PLANS | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
STOCK-SETTLED AND CASH-SETTLED EQUITY BASED PLANS | 15. STOCK-SETTLED AND CASH-SETTLED EQUITY-BASED PLANS | |||||||||||||
General—Under our Long-Term Incentive Plan, we can issue shares to employees and directors in the form of restricted stock units ("RSUs"), performance shares and stock options. Additionally, in conjunction with the Shaw Acquisition, at the Acquisition Closing Date we converted certain Shaw stock-settled equity-based awards (including RSUs and stock options) and cash-settled equity-based awards (including RSUs and stock appreciation rights ("SARs")) to equivalent CB&I awards. Our cash-settled equity-based awards only relate to the unvested Shaw awards existing at the Acquisition Closing Date that were replaced with CB&I equivalent awards. We had no additional cash-settled equity-based grants during 2013 or 2014. | ||||||||||||||
Our Long-Term Incentive Plan and the aforementioned awards converted in conjunction with the Shaw Acquisition (collectively our "Incentive Plans") are administered by the Organization and Compensation Committee of our Board of Supervisory Directors, which selects those employees eligible to receive awards and determines the number of shares or options subject to each award, as well as the terms, conditions, performance measures, and other provisions of the award. | ||||||||||||||
Compensation expense related to our Incentive Plans was $64,613, $62,251 and $39,526 for 2014, 2013 and 2012, respectively. At December 31, 2014, 5,222 authorized shares remained available under the Incentive Plans for future restricted share, performance share, or stock option grants. | ||||||||||||||
Under our employee stock purchase plan (“ESPP”), employees may make quarterly purchases of shares at a discount through regular payroll deductions for up to 8% of their compensation. The shares are purchased at 85% of the closing price per share on the first trading day following the end of the calendar quarter. Compensation expense related to our ESPP, representing the difference between the fair value on the date of purchase and the price paid, was $3,143, $2,188 and $1,474 for 2014, 2013 and 2012, respectively. At December 31, 2014, 3,735 authorized shares remained available for purchase under the ESPP. | ||||||||||||||
Total stock-based compensation expense for the Incentive Plans and ESPP was $67,756, $64,439 and $41,000 during 2014, 2013 and 2012, respectively. At December 31, 2014, there was $59,679 of unrecognized compensation cost related to share-based grants, which is expected to be recognized over a weighted-average period of 1.4 years. | ||||||||||||||
We receive a tax deduction during the period in which certain options are exercised, generally for the difference in the option exercise price and the price of the shares at the date of exercise (“intrinsic value”). Additionally, we receive a tax deduction upon the vesting of RSUs and performance shares for the price of the shares at the date of vesting. The total recognized tax benefit based on our compensation expense was $19,394, $25,123 and $13,309 for 2014, 2013 and 2012, respectively. The amount of tax deductions in excess of accumulated tax benefits recognized is reflected as a financing cash flow. | ||||||||||||||
Stock Options—Stock options are generally granted at the market value on the date of grant and expire after 10 years. Options granted to employees generally vest over a period ranging from three to seven years; however, Shaw stock options converted to CB&I stock options in conjunction with the Shaw Acquisition continue to vest annually on a ratable basis over a four-year period from the original grant date. Total initial fair value for all option awards was determined based upon the calculated Black-Scholes fair value of each stock option at the date of grant applied to the total number of options that were anticipated to fully vest. This fair value is recognized as compensation expense on a straight-line basis over the estimated vesting period, subject to retirement eligibility expense acceleration, where applicable. | ||||||||||||||
There were no options granted during 2014 or 2012. For options granted during 2013, the Black-Scholes option-pricing model was utilized and the weighted-average fair value per share was $20.05. The weighted-average fair value for options granted during 2013 was estimated on the grant date based upon a risk-free interest rate of 0.16%, expected dividend yield of 0.38%, expected volatility of 50% and an expected life of 5 years. The risk-free interest rate was based on the U.S. Treasury yield curve on the grant date, expected dividend yield was based on dividend levels at the grant date, expected volatility was based on the historical volatility of our stock, and the expected life of options granted represents the period of time that they are expected to be outstanding. We also use historical information to estimate option exercises and forfeitures. | ||||||||||||||
The aggregate intrinsic value of options exercised during 2014, 2013 and 2012 was $12,218, $23,546 and $9,551, respectively. From the exercise of stock options in 2014, we received net cash proceeds of $9,332 and realized an actual income tax benefit of $4,906. | ||||||||||||||
The following table represents stock option activity for 2014: | ||||||||||||||
Number of | Weighted Average | Weighted Average | Aggregate | |||||||||||
Shares | Exercise Price | Remaining Contractual | Intrinsic | |||||||||||
per Share | Life (in Years) | Value | ||||||||||||
Outstanding options at December 31, 2013 | 1,063 | $ | 25.26 | |||||||||||
Exercised | (294 | ) | $ | 31.78 | ||||||||||
Forfeited / Expired | (16 | ) | $ | 46.47 | ||||||||||
Outstanding options at December 31, 2014 (1) | 753 | $ | 22.36 | 3.9 | $ | 16,226 | ||||||||
Exercisable options at December 31, 2014 | 654 | $ | 20.87 | 3.8 | $ | 15,095 | ||||||||
(1) | We estimate that 736 of these options will ultimately vest. These options have a weighted-average exercise price per share of $22.01, a weighted-average remaining contractual life of 3.8 years and a current aggregate intrinsic value of $16,061. | |||||||||||||
RSUs—Our Incentive Plans allow for the issuance of RSUs that may not be sold or otherwise transferred until certain restrictions have lapsed, which is generally over a four-year graded vesting period; however, unvested RSUs converted to CB&I RSUs at the Acquisition Closing Date continue to vest over the three-year period from the original grant date. Total initial fair value for our RSUs was determined based upon the market price of our stock at the grant date applied to the total number of shares that we anticipate will fully vest. This fair value is recognized as compensation expense on a straight-line basis over the vesting period, subject to retirement eligibility expense acceleration, where applicable. RSUs granted to directors vest, and are recognized as compensation expense, over one year. The following table presents RSU activity for 2014: | ||||||||||||||
Shares | Weighted-Average | |||||||||||||
Grant-Date Fair | ||||||||||||||
Value per Share | ||||||||||||||
Nonvested RSUs | ||||||||||||||
Balance at December 31, 2013 | 908 | $ | 43.94 | |||||||||||
Granted | 517 | $ | 80.41 | |||||||||||
Vested | (409 | ) | $ | 39.27 | ||||||||||
Forfeited | (43 | ) | $ | 62.48 | ||||||||||
Balance at December 31, 2014 | 973 | $ | 64.15 | |||||||||||
Directors’ RSUs | ||||||||||||||
Balance at December 31, 2013 | 18 | $ | 57.25 | |||||||||||
Granted | 17 | $ | 80.45 | |||||||||||
Vested | (18 | ) | $ | 57.25 | ||||||||||
Balance at December 31, 2014 | 17 | $ | 80.45 | |||||||||||
During 2013, 718 restricted shares (including 18 directors' shares subject to restrictions) were granted with a weighted-average grant date value per share of $53.09. During 2012, 381 restricted shares (including 27 directors’ shares subject to restrictions) were granted with a weighted-average grant-date fair value per share of $44.22. The total fair value of restricted shares that vested during 2014, 2013, and 2012 was $17,093, $32,041 and $32,212, respectively. | ||||||||||||||
Performance Shares—Our Incentive Plans allow for the issuance of performance share awards that are subject to achievement of specific Company performance goals and generally vest over three years. Total initial fair value for these awards is determined based upon the market price of our stock at the grant date applied to the total number of shares that we anticipate will fully vest. This fair value is expensed ratably over the vesting term, subject to retirement eligibility expense acceleration, where applicable. As a result of performance conditions being met during 2014, we recognized $33,133 of compensation expense. During 2014, 312 performance shares were granted with a weighted-average grant-date fair value per share of $79.86. During 2013, 366 performance shares were granted with a weighted-average grant-date fair value per share of $57.40. During 2012, 301 performance shares were granted with a weighted-average grant-date fair value per share of $44.42. During 2014, we distributed 629 performance shares upon vesting and achievement of certain performance goals. The total fair value of performance shares that vested during 2014 was $50,244. | ||||||||||||||
Cash-Settled Equity-Based Awards—As noted above, in conjunction with the Shaw Acquisition, we converted certain Shaw cash-settled equity-based awards into comparable CB&I awards, with generally the same terms and conditions as prior to the Acquisition Closing Date. Cash-settled RSUs allow the holder to receive cash equal to the value of the underlying RSUs at pre-determined vesting dates and they vest over a three-year period from the original grant date. Cash-settled SARs allow the holder to receive cash equal to the difference between CB&I’s equivalent exercise price and the market value of our stock on the exercise date, and they vest over a four-year period from the original grant date and expire ten years from the original grant date. | ||||||||||||||
Compensation cost for cash-settled RSUs and SARs is re-measured each reporting period and recognized as expense over the requisite service period. These awards are re-measured based on CB&I’s closing stock price on the last business day of each reporting period (cash-settled RSUs) and using a Black-Scholes valuation model (SARs). | ||||||||||||||
The following table presents cash-settled RSU activity for 2014: | ||||||||||||||
Shares | Weighted-Average | |||||||||||||
Grant-Date Fair | ||||||||||||||
Value per Share | ||||||||||||||
Nonvested Cash-Settled RSUs | ||||||||||||||
Balance at December 31, 2013 | 137 | $ | 52.11 | |||||||||||
Granted | — | $ | — | |||||||||||
Vested | (71 | ) | $ | 52.11 | ||||||||||
Forfeited | (12 | ) | $ | 52.11 | ||||||||||
Balance at December 31, 2014 | 54 | $ | 52.11 | |||||||||||
Cash paid upon the vesting of cash-settled RSUs during 2014 totaled $3,920, and at December 31, 2014, the liability associated with nonvested cash-settled RSUs totaled $405. | ||||||||||||||
The following table presents cash-settled SAR activity for 2014: | ||||||||||||||
Number of | Weighted Average | Weighted Average | Aggregate | |||||||||||
Shares | Exercise Price | Remaining Contractual | Intrinsic | |||||||||||
per Share | Life (in Years) | Value | ||||||||||||
Outstanding at December 31, 2013 | 118 | $ | 33.39 | |||||||||||
Granted | — | $ | — | |||||||||||
Exercised | (58 | ) | $ | 33.38 | ||||||||||
Forfeited / Expired | (4 | ) | $ | 33.38 | ||||||||||
Outstanding at December 31, 2014 (1) | 56 | $ | 33.39 | 5.4 | $ | 478 | ||||||||
Exercisable at December 31, 2014 | 30 | $ | 33.38 | 5.1 | $ | 259 | ||||||||
(1) | We estimate that 51 of these options will ultimately vest. These SARs have a weighted-average exercise price per share of $33.39, a weighted-average remaining contractual life of 5.4 and a current aggregate intrinsic value of $440. | |||||||||||||
Cash paid upon the vesting of cash-settled SARs during 2014 totaled $2,765, and at December 31, 2014, the liability associated with cash-settled SARs totaled $1,349. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
INCOME TAXES | 16. INCOME TAXES | ||||||||||||
Income Tax Expense—The following table presents the sources of income before taxes and income tax expense, by tax jurisdiction for 2014, 2013 and 2012: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Sources of Income Before Taxes | |||||||||||||
U.S. | $ | 390,853 | $ | 170,641 | $ | 126,438 | |||||||
Non-U.S. | 516,689 | 433,219 | 317,628 | ||||||||||
Total | $ | 907,542 | $ | 603,860 | $ | 444,066 | |||||||
Sources of Income Tax Expense | |||||||||||||
Current income taxes | |||||||||||||
U.S. Federal (1) | $ | (31,274 | ) | $ | (19,754 | ) | $ | (28,327 | ) | ||||
U.S. State | (8,227 | ) | 15,290 | (5,532 | ) | ||||||||
Non-U.S. | (114,485 | ) | (93,839 | ) | (51,645 | ) | |||||||
Total current income taxes | $ | (153,986 | ) | $ | (98,303 | ) | $ | (85,504 | ) | ||||
Deferred income taxes | |||||||||||||
U.S. Federal | $ | (102,101 | ) | $ | (7,098 | ) | $ | (22,634 | ) | ||||
U.S. State | 10,142 | (28,050 | ) | (953 | ) | ||||||||
Non-U.S. | (25,472 | ) | 42,181 | (17,912 | ) | ||||||||
Total deferred income taxes | $ | (117,431 | ) | $ | 7,033 | $ | (41,499 | ) | |||||
Total income tax expense | $ | (271,417 | ) | $ | (91,270 | ) | $ | (127,003 | ) | ||||
(1) | Tax benefits of $14,021, $13,043 and $17,963 associated with share-based compensation were recorded in additional paid-in capital in 2014, 2013 and 2012, respectively. | ||||||||||||
The following is a reconciliation of income taxes at The Netherlands’ (our country of domicile) statutory rate to income tax expense for 2014, 2013 and 2012: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax expense at statutory rate (25.0% for 2014, 2013 and 2012) | $ | (226,885 | ) | $ | (150,965 | ) | $ | (111,016 | ) | ||||
U.S. state income taxes | (13,561 | ) | (4,356 | ) | (5,495 | ) | |||||||
Non-deductible meals and entertainment | (8,549 | ) | (4,878 | ) | (2,750 | ) | |||||||
Valuation allowance established | (12,875 | ) | (13,952 | ) | (11,375 | ) | |||||||
Valuation allowance utilized | 15,899 | 87,609 | 7,814 | ||||||||||
Statutory tax rate differential | (40,990 | ) | (16,587 | ) | (7,717 | ) | |||||||
Branch and withholding taxes (net of tax benefit) | (1,941 | ) | 9,195 | (12,335 | ) | ||||||||
Previously unrecognized tax (expense) benefit | (5,412 | ) | (1,568 | ) | 10,899 | ||||||||
Noncontrolling interests | 22,122 | 13,238 | 6,719 | ||||||||||
Acquisition-related costs | — | (2,869 | ) | (2,757 | ) | ||||||||
Manufacturer's production exclusion/R&D credit | 1,968 | 3,106 | 1,451 | ||||||||||
Tax rate changes on deferred taxes | 3,456 | 2,527 | (1,221 | ) | |||||||||
Contingent liability accrual | 823 | (2,667 | ) | 2,205 | |||||||||
Other, net | (5,472 | ) | (9,103 | ) | (1,425 | ) | |||||||
Income tax expense | $ | (271,417 | ) | $ | (91,270 | ) | $ | (127,003 | ) | ||||
Effective tax rate | 29.9 | % | 15.1 | % | 28.6 | % | |||||||
Deferred Taxes—The principal temporary differences included in deferred income taxes reported on the December 31, 2014 and 2013 Balance Sheets were as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Current Deferred Taxes | |||||||||||||
U.S. Federal operating losses and credits | $ | 83,678 | $ | — | |||||||||
U.S. State operating losses and credits | 4,000 | — | |||||||||||
Non-U.S. operating losses | 2,035 | 6,610 | |||||||||||
Contract revenue and cost | 424,779 | 512,621 | |||||||||||
Employee compensation and benefit plan reserves | 33,214 | 29,397 | |||||||||||
Legal reserves | 10,102 | 6,009 | |||||||||||
Other | 43,701 | 27,854 | |||||||||||
Current deferred tax asset | $ | 601,509 | $ | 582,491 | |||||||||
Less: valuation allowance | (33,378 | ) | (32,291 | ) | |||||||||
Net current deferred tax asset | $ | 568,131 | $ | 550,200 | |||||||||
Non-Current Deferred Taxes | |||||||||||||
U.S. Federal operating losses and credits | $ | 124,534 | $ | 178,859 | |||||||||
U.S. State operating losses and credits | 69,028 | 58,791 | |||||||||||
Non-U.S. operating losses | 77,935 | 96,474 | |||||||||||
Non-U.S. credits | — | 3,621 | |||||||||||
Contract revenue and cost | 3,767 | 5,221 | |||||||||||
Employee compensation and benefit plan reserves | 68,384 | 26,497 | |||||||||||
Pensions and other | 1,171 | 21,504 | |||||||||||
Insurance and legal reserves | 14,011 | 28,398 | |||||||||||
Disallowed interest | 31,859 | 31,859 | |||||||||||
Investment in foreign subsidiaries | (68,652 | ) | (7,162 | ) | |||||||||
Depreciation and amortization | (351,670 | ) | (354,034 | ) | |||||||||
Other | 22,151 | 26,733 | |||||||||||
Non-current deferred tax (liability) asset | $ | (7,482 | ) | $ | 116,761 | ||||||||
Less: valuation allowance | (71,036 | ) | (78,595 | ) | |||||||||
Net non-current deferred tax (liability) asset | $ | (78,518 | ) | $ | 38,166 | ||||||||
Net total deferred tax asset | $ | 489,613 | $ | 588,366 | |||||||||
At December 31, 2014, we had approximately $1,200,000 of undistributed earnings that are permanently reinvested. With respect to tax consequences of repatriating our foreign earnings, distributions from our European Union subsidiaries to their Netherlands parent companies are not subject to taxation. Further, for our non-European Union companies and their subsidiaries and our U.S. companies, to the extent taxes apply, the amount of permanently reinvested earnings becomes taxable upon repatriation of assets from the subsidiary or liquidation of the subsidiary. We have accrued taxes on undistributed earnings that we intend to repatriate and we intend to permanently reinvest the remaining undistributed earnings in their respective businesses and, accordingly, have accrued no taxes on such amounts. The determination of any deferred tax liability related to permanently reinvested earnings is not practicable. | |||||||||||||
On a periodic and ongoing basis we evaluate our DTAs and assess the appropriateness of our valuation allowances ("VA"). In assessing the need for a VA, we consider both positive and negative evidence related to the likelihood of realization of the DTAs. If, based on the weight of available evidence, our assessment indicates that it is more likely than not that a DTA will not be realized, we record a VA. Our assessments include, among other things, the value and quality of our backlog, evaluations of existing and anticipated market conditions, analysis of recent and historical operating results and projections of future results, strategic plans and alternatives for associated operations, as well as asset expiration dates, where applicable. If the factors upon which we based our assessment of realizability of the DTAs differ materially from our expectations, including future operating results being lower than our current estimates, our future assessments could be impacted and result in an increase in VA and increase in tax expense. For 2014, our VA decreased by $6,472 due to the net impact of the release of $15,899 of VA and the establishment of $12,875 of VA, with the remaining decrease primarily due to the impact of foreign currency translation. | |||||||||||||
At December 31, 2012, we had a recorded net operating loss ("NOL") DTA for our operations in the U.K. of $21,900, net of a VA against $74,600 of U.K. NOL DTAs for which we believed it was more likely than not that the NOLs would not be utilized. The U.K. NOL DTA was recorded in 2007 and 2008 and related to losses incurred during those years on two large fixed-price projects that were completed in the first quarter of 2010. Prior to 2013, the negative evidence with respect to the uncertainty of future earnings for our U.K. operations out-weighed the positive evidence of recent periods of profitability, and therefore, we previously had no release of VA since the U.K. NOL DTA was recorded. However, during 2013 our results for the U.K. significantly exceeded our previous expectations, due primarily to growth on existing projects, new awards for 2013, and better recovery of fixed overhead costs, such that in 2013 we fully utilized our recorded U.K. NOL DTA, and accordingly, a release of VA was required. In determining the amount of VA to release, we gave consideration to the aforementioned factors, and more specifically, the heavily weighted positive evidence of the sustained U.K. operating results, including operating results significantly exceeding 2013 plan expectations, and a stronger than previously anticipated backlog and outlook for our U.K. operations as derived from our annual fourth quarter planning process. Based on this assessment, and considering the indefinite-lived nature of the U.K. NOLs, we concluded that the positive evidence out-weighed the negative evidence with respect to realization of the unrecorded U.K. NOL DTA and determined it was more likely than not that the unrecorded U.K. NOL DTA was realizable. Therefore, in the fourth quarter of 2013, our full VA related to the U.K. NOL DTA was reversed, resulting in a decrease in tax expense of $62,800. | |||||||||||||
At December 31, 2014, we had total Non-U.S. NOLs of $353,600, including $200,000 in the U.K. and $153,600 in other jurisdictions. We believe it is more likely than not that $142,600 of Non-U.S. NOLs in jurisdictions other than the U.K., will not be utilized and have placed a VA against these NOLs. Accordingly, at December 31, 2014, our net DTA associated with Non-U.S. NOLs was $40,100. Excluding NOLs having an indefinite carryforward, principally in the U.K., the Non-U.S. NOLs will expire from 2015 to 2034. | |||||||||||||
At December 31, 2014, we had U.S.-Federal NOLs of $541,400. Of the U.S.-Federal NOLs, $18,400 were generated prior to 2013 and will expire in 2021. The remaining $523,000 of U.S.-Federal NOLs will expire from 2032 to 2033. We believe it is more likely than not that all of the U.S. Federal NOLs will be utilized. Accordingly, at December 31, 2014, our DTA associated with the U.S. Federal NOLs was $189,500. | |||||||||||||
At December 31, 2014, we had U.S.-State NOL DTAs of $73,000. We believe it is more likely than not that $55,200 of the U.S.-State NOL DTAs will not be utilized and have placed a VA against these NOL DTAs. Accordingly, at December 31, 2014, our net DTA associated with U.S.-State NOLs was $17,800. The U.S.-State NOLs will expire from 2015 to 2034. | |||||||||||||
At December 31, 2014, we had foreign tax credits ("FTCs") and other tax credits of $12,200 and $6,500, respectively. We believe it is more likely than not that the credits will be realized within the carryforward periods. | |||||||||||||
Unrecognized Income Tax Benefits—At December 31, 2014 and 2013, our unrecognized income tax benefits totaled $13,458 and $14,281, respectively, and we do not anticipate significant changes in this balance in the next twelve months. The following is a reconciliation of our unrecognized income tax benefits for the years ended December 31, 2014 and 2013: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Unrecognized income tax benefits at the beginning of the year | $ | 14,281 | $ | 5,169 | |||||||||
Increase as a result of: | |||||||||||||
Shaw Acquisition | — | 6,445 | |||||||||||
Tax positions taken during the current period | 922 | 3,333 | |||||||||||
Decreases as a result of: | |||||||||||||
Lapse of applicable statute of limitations | (1,745 | ) | (241 | ) | |||||||||
Settlements with taxing authorities | — | (425 | ) | ||||||||||
Unrecognized income tax benefits at the end of the year (1) | $ | 13,458 | $ | 14,281 | |||||||||
(1) | If these income tax benefits were ultimately recognized, approximately $10,300 and $11,100 of the December 31, 2014 and 2013 balances, respectively, would benefit tax expense as we are contractually indemnified for the remaining balances. | ||||||||||||
We have operations, and are subject to taxation, in various jurisdictions, including significant operations in the U.S., The Netherlands, Canada, the U.K., Australia, South America and the Middle East. Tax years remaining subject to examination by worldwide tax jurisdictions vary by country and legal entity, but are generally open for tax years ending after 2005. To the extent penalties and associated interest are assessed on any underpayment of income tax, such amounts are accrued and classified as a component of income tax expense and interest expense, respectively. For 2014, 2013, and 2012, interest and penalties were not significant. |
UNAPPROVED_CHANGE_ORDERS_AND_C
UNAPPROVED CHANGE ORDERS AND CLAIMS | 12 Months Ended |
Dec. 31, 2014 | |
Contractors [Abstract] | |
UNAPPROVED CHANGE ORDERS, CLAIMS, INCENTIVES AND OTHER CONTRACT RECOVERIES | 17. UNAPPROVED CHANGE ORDERS, CLAIMS, INCENTIVES AND OTHER CONTRACT RECOVERIES |
We recognize revenue associated with unapproved change orders and claims to the extent the related costs have been incurred, the value can be reliably estimated and recovery is probable, and we recognize revenue associated with incentive fees when the value can be reliably estimated and recovery is probable. In addition, we include in contract price amounts contractually recoverable from our customers and consortium partners. | |
Nuclear Projects—We have consortium agreements (the “Consortium Agreements”) with WEC under which we have contracted with two separate customers (the “Customer Contracts”) for the construction of two nuclear power plants in Georgia (the “Georgia Nuclear Project”) and South Carolina (the "South Carolina Nuclear Project") (collectively, the “Nuclear Projects”). The results of the Nuclear Projects are reflected within our Engineering, Construction and Maintenance and Fabrication Services operating groups. Under the scope of work provided in each of the Consortium Agreements, WEC is primarily responsible for engineering and procurement activities associated with the nuclear island component of the Nuclear Projects, while we are responsible for engineering, procurement and fabrication for the balance of plant and substantially all of the construction activities for the Nuclear Projects. The Customer Contracts provide WEC and us contractual entitlement (“Customer Obligation(s)”) for recovery of certain estimated costs in excess of contractually stipulated amounts. In addition to the aforementioned protections for us under the Customer Contracts, the Consortium Agreements also provide contractual entitlement for us to recover from WEC (“WEC Obligation(s)”) certain estimated costs in excess of contractually stipulated amounts, to the extent not recoverable from our customers. Project price for the Nuclear Projects includes estimated amounts recoverable under the aforementioned Customer Obligations and WEC Obligations. | |
At December 31, 2014 and 2013, we also had approximately $838,600 of unapproved change orders and claims included in project price related to claims with our customer for the Georgia Nuclear Project resulting from increased engineering, equipment supply, material and fabrication and construction costs resulting from regulatory-required design changes and delays in our customer’s obtaining the combined operating license (“COL”) for the project. Specifically, we have entered into a formal dispute resolution process on certain claims associated with the shield building, large structural modules and COL issuance delays. To the extent we are unsuccessful recovering these amounts from our customer, the amounts are contractually recoverable under the aforementioned WEC Obligations. | |
At December 31, 2014, we also had approximately $373,000 of unapproved change orders and claims included in project price related to a portion of the forecast cost impacts for the South Carolina Nuclear Project associated with extensions of schedule during 2014 and prior periods. | |
Through December 31, 2014, approximately $313,300 had been recognized as revenue on a cumulative POC basis related to the unapproved change orders and claims for the Nuclear Projects. Although we have not reached resolution on the aforementioned matters, at December 31, 2014, we had received contractually required partial payments totaling approximately $116,900. | |
We believe the amounts included in project price related to the unapproved change orders and claims, and the Customer Obligations and WEC Obligations, are recoverable under the aforementioned provisions of our contractual arrangements and reflect our best estimate of recovery amounts. The Nuclear Projects have long construction durations and the cost estimates cover costs that will be incurred over several years. It is anticipated that these commercial matters may not be resolved in the near term. If we do not resolve these matters for the amounts recorded, or to the extent we are not successful in recovering amounts contractually due under the Customer Obligations or WEC Obligations, or to the extent there are future cost increases on the Nuclear Projects that we cannot recover under either the Customer Obligations or WEC Obligations, it could have an adverse effect on our results of operations, financial position and cash flow. | |
Other—At December 31, 2014 and 2013, we had additional unapproved change orders and claims included in project price totaling approximately $98,100 and $97,000, respectively, for other projects primarily within our Engineering, Construction and Maintenance and Fabrication Services operating groups. We also had incentives included in project price of approximately $32,600 and $49,200 at December 31, 2014 and 2013, respectively, for projects in our Engineering, Construction and Maintenance and Environmental Solutions operating groups. Of these aforementioned amounts, approximately $99,500 had been recognized as revenue on a cumulative POC basis through December 31, 2014. | |
At December 31, 2014, we also had approximately $25,500 of past due receivables outstanding for one of our large cost reimbursable projects. Although the amounts may not be received in the near term, we believe they are contractually due under the provisions of our contract. | |
The aforementioned amounts recorded in project price and receivables reflect our best estimate of recovery amounts; however, the ultimate resolution and amounts received could differ from these estimates and could have a material adverse effect on our results of operations, financial position and cash flow. |
SEGMENT_AND_RELATED_INFORMATIO
SEGMENT AND RELATED INFORMATION | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
SEGMENT AND RELATED INFORMATION | 18. SEGMENT AND RELATED INFORMATION | ||||||||||||
Segment Information | |||||||||||||
Our management structure and internal and public segment reporting are aligned based upon the services offered by the following four operating groups, which represent our reportable segments: | |||||||||||||
Engineering, Construction and Maintenance—Engineering, Construction and Maintenance provides EPC services for major energy infrastructure facilities, as well as comprehensive and integrated maintenance services. Revenue of $441,172 and income from operations of $21,606 for 2013 for a large EPC project in the U.S. that was previously reported within our Environmental Solutions (formerly Government Solutions) operating group were reclassified to our Engineering, Construction and Maintenance operating group to conform to its classification in 2014. | |||||||||||||
Fabrication Services—Fabrication Services provides fabrication of piping systems, process and nuclear modules; fabrication and erection of steel plate structures; and manufacturing and distribution of pipe and fittings for the oil and gas, petrochemicals, water and wastewater, mining, mineral processing and power generation industries. | |||||||||||||
Technology—Technology provides licensed process technologies, catalysts, and engineered products (including heat transfer and proprietary equipment and engineering, procurement and fabrication for certain process technologies) for use in petrochemical facilities, oil refineries and gas processing plants, and offers process planning and project development services and a comprehensive program of aftermarket support. Technology also has a 50% owned unconsolidated joint venture with CLG that provides licensed technologies, engineering services and catalyst, primarily for the refining industry. | |||||||||||||
Environmental Solutions—Environmental Solutions provides full-scale environmental services for government and private sector customers, including remediation and restoration of contaminated sites, site preparation, emergency response and disaster recovery, and also leads large, high-profile programs and projects, including design-build infrastructure projects, for federal, state and local governments. As discussed above, the 2013 results of a large EPC project in the U.S. that was previously reported within our Environmental Solutions operating group were reclassified to our Engineering, Construction and Maintenance operating group to conform to its classification in 2014. | |||||||||||||
Our Chief Executive Officer evaluates the performance of these operating groups based upon revenue and income from operations. Each operating group's income from operations reflects corporate costs, allocated based primarily upon revenue. Intersegment revenue is netted against the revenue of the segment receiving the intersegment services. For 2014 and 2013, intersegment revenue totaled approximately $469,400 and $229,300, respectively, and primarily related to services provided by our Fabrication Services operating group to our Engineering, Construction and Maintenance operating group. Intersegment revenue for 2012 was not significant. | |||||||||||||
The following tables present total revenue, depreciation and amortization, equity earnings, income from operations, capital expenditures and total assets by reporting segment (with 2014 and 2013 amounts including the results of the Shaw Acquisition): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | |||||||||||||
Engineering, Construction and Maintenance | $ | 9,001,982 | $ | 7,165,739 | $ | 3,305,377 | |||||||
Fabrication Services | 2,521,594 | 2,575,597 | 1,692,533 | ||||||||||
Technology | 602,513 | 599,195 | 487,296 | ||||||||||
Environmental Solutions | 848,841 | 753,996 | — | ||||||||||
Total revenue | $ | 12,974,930 | $ | 11,094,527 | $ | 5,485,206 | |||||||
Depreciation And Amortization | |||||||||||||
Engineering, Construction and Maintenance | $ | 69,844 | $ | 70,926 | $ | 16,722 | |||||||
Fabrication Services | 58,195 | 57,660 | 27,062 | ||||||||||
Technology | 26,852 | 24,267 | 22,637 | ||||||||||
Environmental Solutions | 26,507 | 27,173 | — | ||||||||||
Total depreciation and amortization | $ | 181,398 | $ | 180,026 | $ | 66,421 | |||||||
Equity Earnings | |||||||||||||
Engineering, Construction and Maintenance | $ | — | $ | — | $ | — | |||||||
Fabrication Services | (77 | ) | 248 | — | |||||||||
Technology | 24,613 | 22,356 | 17,931 | ||||||||||
Environmental Solutions | 689 | 870 | — | ||||||||||
Total equity earnings | $ | 25,225 | $ | 23,474 | $ | 17,931 | |||||||
Income From Operations | |||||||||||||
Engineering, Construction and Maintenance | $ | 560,563 | $ | 350,525 | $ | 168,467 | |||||||
Fabrication Services | 234,884 | 259,750 | 170,780 | ||||||||||
Technology | 187,385 | 156,835 | 127,396 | ||||||||||
Environmental Solutions | 39,461 | 13,135 | — | ||||||||||
Total operating groups | $ | 1,022,293 | $ | 780,245 | $ | 466,643 | |||||||
Acquisition and integration related costs | (39,685 | ) | (95,737 | ) | (11,000 | ) | |||||||
Total income from operations | $ | 982,608 | $ | 684,508 | $ | 455,643 | |||||||
Capital Expenditures | |||||||||||||
Engineering, Construction and Maintenance | $ | 42,208 | $ | 16,866 | $ | 6,395 | |||||||
Fabrication Services | 44,543 | 38,529 | 36,963 | ||||||||||
Technology | 9,781 | 16,397 | 28,921 | ||||||||||
Environmental Solutions | 21,092 | 18,700 | — | ||||||||||
Total capital expenditures | $ | 117,624 | $ | 90,492 | $ | 72,279 | |||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Engineering, Construction and Maintenance | $ | 5,219,623 | $ | 5,197,190 | $ | 1,907,455 | |||||||
Fabrication Services | 1,988,333 | 2,116,245 | 1,102,791 | ||||||||||
Technology | 1,078,458 | 1,077,414 | 1,319,429 | ||||||||||
Environmental Solutions | 1,094,617 | 998,744 | — | ||||||||||
Total assets | $ | 9,381,031 | $ | 9,389,593 | $ | 4,329,675 | |||||||
Geographic Information | |||||||||||||
The following table presents total revenue by country for those countries with revenue in excess of 10% of consolidated revenue during a given year based upon the location of the applicable projects: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue by Country | |||||||||||||
United States | $ | 6,682,054 | $ | 5,007,899 | $ | 1,114,148 | |||||||
Australia | 2,498,848 | 1,574,253 | 666,688 | ||||||||||
Colombia | 1,094,887 | 1,035,450 | 917,553 | ||||||||||
Canada | 547,623 | 820,243 | 665,907 | ||||||||||
Papua New Guinea | 307,389 | 757,657 | 606,532 | ||||||||||
Other (1) | 1,844,129 | 1,899,025 | 1,514,378 | ||||||||||
Total revenue | $ | 12,974,930 | $ | 11,094,527 | $ | 5,485,206 | |||||||
(1) | Revenue earned in other countries, including The Netherlands (our country of domicile), was not individually greater than 10% of our consolidated revenue in 2014, 2013 or 2012. | ||||||||||||
Our long-lived assets are primarily goodwill, other intangible assets and property and equipment. At December 31, 2014, 2013 and 2012, approximately 80%, 80% and 65% of property and equipment were located in the U.S., respectively, while our remaining assets were strategically located throughout the world. Our long-lived assets attributable to operations in The Netherlands were not significant at December 31, 2014, 2013, or 2012. | |||||||||||||
Significant Customers | |||||||||||||
For 2014 and 2013, revenue for a customer in our Engineering, Construction and Maintenance and Fabrication Services operating groups was $1,955,774 and $1,190,787, respectively (approximately 15% and 11%, respectively, of our total 2014 and 2013 revenue). For 2012, revenue for one of our Engineering, Construction and Maintenance customers was $914,970 (approximately 17% of our total 2012 revenue). |
QUARTERLY_OPERATING_RESULTS_UN
QUARTERLY OPERATING RESULTS (UNAUDITED) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
QUARTERLY OPERATING RESULTS (UNAUDITED) | 19. QUARTERLY OPERATING RESULTS (UNAUDITED) | ||||||||||||||||
The following table presents selected unaudited consolidated financial information on a quarterly basis for 2014 and 2013: | |||||||||||||||||
Quarter Ended 2014 | |||||||||||||||||
March 31 | June 30 | 30-Sep | 31-Dec | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Revenue | $ | 2,928,132 | $ | 3,294,379 | $ | 3,380,733 | $ | 3,371,686 | |||||||||
Gross profit | $ | 301,402 | $ | 381,175 | $ | 393,194 | $ | 390,638 | |||||||||
Acquisition and integration related costs (1) | $ | 8,067 | $ | 9,537 | $ | 4,563 | $ | 17,518 | |||||||||
Net income | $ | 102,746 | $ | 167,066 | $ | 183,890 | $ | 182,423 | |||||||||
Net income attributable to CB&I | $ | 88,951 | $ | 142,404 | $ | 161,842 | $ | 150,410 | |||||||||
Net income attributable to CB&I per share—basic | $ | 0.83 | $ | 1.32 | $ | 1.5 | $ | 1.39 | |||||||||
Net income attributable to CB&I per share—diluted | $ | 0.82 | $ | 1.31 | $ | 1.48 | $ | 1.37 | |||||||||
(1) | For 2014, integration related costs primarily related to facility consolidations costs, including the associated accrued future lease costs for vacated facilities and unutilized capacity, personnel relocation and severance-related costs, and systems integration costs. | ||||||||||||||||
Quarter Ended 2013 (1) | |||||||||||||||||
March 31 | June 30 | 30-Sep | December 31 (3) | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Revenue | $ | 2,251,429 | $ | 2,850,791 | $ | 2,992,050 | $ | 3,000,257 | |||||||||
Gross profit | $ | 246,144 | $ | 297,091 | $ | 316,569 | $ | 339,206 | |||||||||
Acquisition and integration related costs (2) | $ | 61,256 | $ | 9,964 | $ | 5,257 | $ | 19,260 | |||||||||
Net income | $ | 42,872 | $ | 119,700 | $ | 132,963 | $ | 217,055 | |||||||||
Net income attributable to CB&I | $ | 33,608 | $ | 106,043 | $ | 117,688 | $ | 196,781 | |||||||||
Net income attributable to CB&I per share—basic | $ | 0.33 | $ | 0.99 | $ | 1.1 | $ | 1.83 | |||||||||
Net income attributable to CB&I per share—diluted | $ | 0.32 | $ | 0.98 | $ | 1.08 | $ | 1.8 | |||||||||
(1) | The operating results of the Shaw Acquisition were included in our 2013 results of operations from the Acquisition Closing Date. | ||||||||||||||||
(2) | For 2013, acquisition costs primarily related to transaction costs, professional fees, and change-in-control and severance-related costs associated with the Shaw Acquisition. Integration costs primarily related to facility consolidations costs, including the associated accrued future lease costs for vacated facilities and unutilized capacity, personnel relocation and severance-related costs, and systems integration costs. | ||||||||||||||||
(3) | Net income for the fourth quarter 2013 included a benefit of $77,800 resulting from the reversal of VA associated with our U.K. NOL DTA and certain U.S. foreign tax credits. |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Basis of Accounting and Consolidation | Basis of Accounting and Consolidation—The accompanying Consolidated Financial Statements (“Financial Statements”) are prepared in accordance with the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (the “SEC”) and accounting principles generally accepted in the United States of America (“U.S. GAAP”). These Financial Statements include all wholly-owned subsidiaries and those entities which we are required to consolidate. See the “Partnering Arrangements” section of this footnote for further discussion of our consolidation policy for those entities that are not wholly-owned. Significant intercompany balances and transactions are eliminated in consolidation. | ||||||||||||||||
Use of Estimates | Use of Estimates—The preparation of our Financial Statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosures of contingent assets and liabilities. We believe the most significant estimates and judgments are associated with revenue recognition for our contracts, including estimating costs and the recognition of incentive fees and unapproved change orders and claims; fair value and recoverability assessments that must be periodically performed with respect to long-lived tangible assets, goodwill and other intangible assets; valuation of deferred tax assets and financial instruments; the determination of liabilities related to self-insurance programs and income taxes; and consolidation determinations with respect to our partnering arrangements. If the underlying estimates and assumptions upon which our Financial Statements are based change in the future, actual amounts may differ from those included in the accompanying Financial Statements. | ||||||||||||||||
Revenue Recognition | Revenue Recognition—Our revenue is primarily derived from long-term contracts and is generally recognized using the percentage of completion (“POC”) method, primarily based on the percentage that actual costs-to-date bear to total estimated costs to complete each contract. We follow the guidance of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Revenue Recognition Topic 605-35 for accounting policies relating to our use of the POC method, estimating costs, and revenue recognition, including the recognition of incentive fees, unapproved change orders and claims, and combining and segmenting contracts. We primarily utilize the cost-to-cost approach to estimate POC as we believe this method is less subjective than relying on assessments of physical progress. Under the cost-to-cost approach, the use of estimated costs to complete each contract is a significant variable in the process of determining recognized revenue and is a significant factor in the accounting for contracts. Significant estimates that impact the cost to complete each contract are costs of engineering, materials, components, equipment, labor and subcontracts; labor productivity; schedule durations, including subcontractor or supplier progress; liquidated damages; contract disputes, including claims; achievement of contractual performance requirements; and contingency, among others. The cumulative impact of revisions in total cost estimates during the progress of work is reflected in the period in which these changes become known, including, to the extent required, the reversal of profit recognized in prior periods and the recognition of losses expected to be incurred on contracts in progress. Due to the various estimates inherent in our contract accounting, actual results could differ from those estimates. Backlog for each of our operating groups generally consists of several hundred contracts, and although our results are impacted by changes in estimated project margins, for 2014 and 2013, individual projects with significant changes in estimated margins did not have a material net impact on our income from operations. For 2012, individual projects with significant changes in estimated margins resulted in a net reduction to income from operations of approximately $25,000. | ||||||||||||||||
Our long-term contracts are awarded on a competitively bid and negotiated basis and the timing of revenue recognition may be impacted by the terms of such contracts. We use a range of contracting options, including cost-reimbursable, fixed-price and hybrid, which has both cost-reimbursable and fixed-price characteristics. Fixed-price contracts, and hybrid contracts with a more significant fixed-price component, tend to provide us with greater control over project schedule and the timing of when work is performed and costs are incurred, and accordingly, when revenue is recognized. Cost-reimbursable contracts, and hybrid contracts with a more significant cost-reimbursable component, generally provide our customers with greater influence over the timing of when we perform our work, and accordingly, such contracts often result in less predictability with respect to the timing of revenue recognition. Contract revenue for our long-term contracts recognized under the POC method reflects the original contract price adjusted for approved change orders and estimated recoveries for incentive fees, unapproved change orders and claims. We recognize revenue associated with incentive fees when the value can be reliably estimated and recovery is probable. We recognize revenue associated with unapproved change orders and claims to the extent the related costs have been incurred, the value can be reliably estimated and recovery is probable. Our recorded incentive fees, unapproved change orders and claims reflect our best estimate of recovery amounts; however, the ultimate resolution and amounts received could differ from these estimates. See Note 17 for additional discussion of our recorded unapproved change orders, claims, incentives and other contract recoveries. | |||||||||||||||||
With respect to our engineering, procurement, and construction ("EPC") services, our contracts are not segmented between types of services, such as engineering and construction, if each of the EPC components is negotiated concurrently or if the pricing of any such services is subject to the ultimate negotiation and agreement of the entire EPC contract. However, an EPC contract including technology or fabrication services may be segmented if we satisfy the segmenting criteria in ASC 605-35. Revenue recorded in these situations is based on our prices and terms for similar services to third party customers. Segmenting a contract may result in different interim rates of profitability for each scope of service than if we had recognized revenue without segmenting. In some instances, we may combine contracts that are entered into in multiple phases, but are interdependent and include pricing considerations by us and the customer that are impacted by all phases of the project. Otherwise, if each phase is independent of the other and pricing considerations do not give effect to another phase, the contracts will not be combined. | |||||||||||||||||
Cost of revenue for our long-term contracts includes direct contract costs, such as materials and labor, and indirect costs that are attributable to contract activity. The timing of when we bill our customers is generally dependent upon advance billing terms, milestone billings based on the completion of certain phases of the work, or when services are provided. Projects with costs and estimated earnings recognized to date in excess of cumulative billings is reported on the Consolidated Balance Sheet (“Balance Sheet”) as costs and estimated earnings in excess of billings. Projects with cumulative billings in excess of costs and estimated earnings recognized to date is reported on the Balance Sheet as billings in excess of costs and estimated earnings. The net balances on our Balance Sheet are collectively referred to as Contracts in Progress, net and the components of these balances at December 31, 2014 and December 31, 2013 were as follows: | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||
Costs and estimated earnings on contracts in progress | $ | 20,119,444 | $ | 26,052,767 | $ | 16,694,373 | $ | 23,377,143 | |||||||||
Billings on contracts in progress | (19,344,800 | ) | (27,479,495 | ) | (16,127,655 | ) | (25,422,746 | ) | |||||||||
Margin fair value liability for acquired contracts (1) | — | (558,760 | ) | — | (674,648 | ) | |||||||||||
Contracts in Progress, net | $ | 774,644 | $ | (1,985,488 | ) | $ | 566,718 | $ | (2,720,251 | ) | |||||||
-1 | The balance represents a margin fair value liability associated with long-term contracts acquired in connection with our acquisition of The Shaw Group Inc. ("Shaw") (the "Shaw Acquisition" or the "Acquisition") on February 13, 2013 (the "Acquisition Closing Date") (see Note 4). The margin fair value liability was approximately $745,500 at the Acquisition Closing Date and is recognized as revenue on a POC basis as the applicable projects progress. We anticipate the remaining liability will be recognized as revenue over the next five to six years. Revenue and the related income from operations recognized during 2014 and 2013 was approximately $115,900 and $70,800, respectively. | ||||||||||||||||
Any uncollected billed amounts, including contract retentions, are reported as accounts receivable. At December 31, 2014 and 2013, accounts receivable included contract retentions of approximately $53,000 and $68,600, respectively. Contract retentions due beyond one year were not material at December 31, 2014 or 2013. | |||||||||||||||||
Revenue for our service contracts that do not satisfy the criteria for revenue recognition under the POC method is recorded at the time services are performed. Revenue associated with incentive fees for these contracts is recognized when earned. Unbilled receivables for our service contracts are recorded within accounts receivable and were approximately $66,900 and $80,000 at December 31, 2014 and 2013, respectively. | |||||||||||||||||
Revenue for our pipe and steel fabrication and catalyst manufacturing contracts that are independent of an EPC contract, or for which we satisfy the segmentation criteria discussed above, is recognized upon shipment of the fabricated or manufactured units. During the fabrication or manufacturing process, all related direct and allocable indirect costs are capitalized as work in process inventory and such costs are recorded as cost of revenue at the time of shipment. | |||||||||||||||||
Our billed and unbilled revenue may be exposed to potential credit risk if our customers should encounter financial difficulties, and we maintain reserves for specifically-identified potential uncollectible receivables. At December 31, 2014 and 2013, our allowances for doubtful accounts were not material. | |||||||||||||||||
Precontract Costs | Precontract Costs—Precontract costs are generally charged to cost of revenue as incurred, but, in certain cases their recognition may be deferred if specific probability criteria are met. We had no significant deferred precontract costs at December 31, 2014 or 2013. | ||||||||||||||||
Research and Development | Research and Development—Expenditures for research and development activities are charged to cost of revenue as incurred and were $28,432 in 2014, $27,071 in 2013 and $27,606 in 2012. | ||||||||||||||||
Other Operating Expense (Income), Net | Other Operating Expense (Income), Net—Other operating expense (income), net, generally represents losses (gains) associated with the sale or disposition of property and equipment. | ||||||||||||||||
Acquisition and Integration-Related Costs | Acquisition and Integration Related Costs—Acquisition and integration related costs were $39,685 in 2014, $95,737 in 2013 and $11,000 in 2012. For 2014 and 2013, integration related costs primarily related to facility consolidations, including the associated accrued future lease costs for vacated facilities and unutilized capacity, personnel relocation and severance related costs, and systems integration costs. | ||||||||||||||||
Depreciation Expense | Depreciation Expense—Property and equipment are recorded at cost and depreciated on a straight-line basis over their estimated useful lives, including buildings and improvements (10 to 40 years) and plant and field equipment (1 to 15 years). Renewals and betterments that substantially extend the useful life of an asset are capitalized and depreciated. Leasehold improvements are depreciated over the lesser of the useful life of the asset or the applicable lease term. Depreciation expense is primarily included within cost of revenue and was $114,892 in 2014, $118,915 in 2013 and $43,808 in 2012. See Note 8 for disclosure of the components of property and equipment. | ||||||||||||||||
Recoverability of Goodwill | Recoverability of Goodwill—Goodwill is not amortized to earnings, but instead is reviewed for impairment at least annually at a reporting unit level, absent any indicators of impairment. Our Engineering, Construction and Maintenance operating group includes three reporting units (Oil & Gas, Power and Plant Services); our Fabrication Services operating group includes two reporting units (Steel Plate Structures and Fabrication and Manufacturing), and our Technology and Environmental Solutions operating groups each represent a reporting unit. We perform our annual impairment assessment during the fourth quarter of each year based upon balances as of October 1. As part of our annual impairment assessment, in the fourth quarter of 2014, we performed a quantitative assessment of goodwill for each of our reporting units. To determine the fair value of our reporting units and test for impairment, we utilized an income approach (discounted cash flow method) as we believe this is the most direct approach to incorporate the specific economic attributes and risk profiles of our reporting units into our valuation model. This is consistent with the methodology used to determine the fair value of our reporting units in previous years. We generally do not utilize a market approach given the lack of relevant information generated by market transactions involving comparable businesses. Based upon this quantitative assessment, the fair value of each of our reporting units exceeded their respective net book values and accordingly, no impairment charge was necessary during 2014. If, based on future assessments, our goodwill is deemed to be impaired, the impairment would result in a charge to earnings in the year of impairment. | ||||||||||||||||
Recoverability of Other Long-Lived Assets—We amortize our finite-lived intangible assets on a straight-line basis with lives ranging from 2 to 20 years, absent any indicators of impairment. We review tangible assets and finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. If a recoverability assessment is required, the estimated future cash flow associated with the asset or asset group will be compared to the asset's carrying amount to determine if an impairment exists. We noted no indicators of impairment in 2014 or 2013. See Note 6 for further discussion regarding goodwill and other intangible assets. | |||||||||||||||||
Earnings Per Share ("EPS") | Earnings Per Share (“EPS”)—Basic EPS is calculated by dividing net income attributable to CB&I by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the assumed conversion of dilutive securities, consisting of restricted shares, performance shares (where performance criteria have been met), stock options and directors’ deferred-fee shares. See Note 3 for calculations associated with basic and diluted EPS. | ||||||||||||||||
Cash Equivalents | Cash Equivalents—Cash equivalents are considered to be all highly liquid securities with original maturities of three months or less. | ||||||||||||||||
Inventory | Inventory—Inventory is recorded at the lower of cost or market and cost is determined using the first-in-first-out or weighted-average cost method. The cost of inventory includes acquisition costs, production or conversion costs, and other costs incurred to bring the inventory to a current location and condition. An allowance for excess or inactive inventory is recorded based upon an analysis that considers current inventory levels, historical usage patterns, estimates of future sales expectations and salvage value. See Note 5 for additional disclosures associated with our inventory. | ||||||||||||||||
Foreign Currency | Foreign Currency—The nature of our business activities involves the management of various financial and market risks, including those related to changes in foreign currency exchange rates. The effects of translating financial statements of foreign operations into our reporting currency are recognized as a cumulative translation adjustment in accumulated other comprehensive income (loss) (“AOCI”) which is net of tax, where applicable. Foreign currency exchange gains (losses) are included within cost of revenue and were not material in 2014, 2013 and 2012. | ||||||||||||||||
Financial Instruments | Financial Instruments—We utilize derivative instruments in certain circumstances to mitigate the effects of changes in foreign currency exchange rates and interest rates, as described below: | ||||||||||||||||
• | Foreign Currency Exchange Rate Derivatives—We do not engage in currency speculation; however, we utilize foreign currency exchange rate derivatives on an ongoing basis to hedge against certain foreign currency-related operating exposures. We generally seek hedge accounting treatment for contracts used to hedge operating exposures and designate them as cash flow hedges. Therefore, gains and losses, exclusive of credit risk and forward points (which represent the time-value component of the fair value of our derivative positions), are included in AOCI until the associated underlying operating exposure impacts our earnings. Changes in the fair value of (1) credit risk and forward points, (2) instruments deemed ineffective during the period, and (3) instruments that we do not designate as cash flow hedges, are recognized within cost of revenue. | ||||||||||||||||
• | Interest Rate Derivatives—At December 31, 2014, we continued to utilize a swap arrangement to hedge against interest rate variability associated with $416,625 of our outstanding $825,000 unsecured term loan (the “Term Loan”). The swap arrangement has been designated as a cash flow hedge as its critical terms matched those of the Term Loan at inception and through December 31, 2014. Accordingly, changes in the fair value of the swap arrangement are included in AOCI until the associated underlying exposure impacts our earnings. | ||||||||||||||||
For those contracts designated as cash flow hedges, we document all relationships between the derivative instruments and associated hedged items, as well as our risk-management objectives and strategy for undertaking hedge transactions. This process includes linking all derivatives to specific firm commitments or highly-probable forecasted transactions. We continually assess, at inception and on an on-going basis, the effectiveness of derivative instruments in offsetting changes in the cash flow of the designated hedged items. Hedge accounting designation is discontinued when (1) it is determined that the derivative is no longer highly effective in offsetting changes in the cash flow of the hedged item, including firm commitments or forecasted transactions, (2) the derivative is sold, terminated, exercised, or expires, (3) it is no longer probable that the forecasted transaction will occur, or (4) we determine that designating the derivative as a hedging instrument is no longer appropriate. See Note 11 for additional discussion of our financial instruments. | |||||||||||||||||
Income Taxes | Income Taxes—Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis using currently enacted income tax rates for the years in which the differences are expected to reverse. A valuation allowance is provided to offset any net deferred tax assets ("DTA(s)") if, based upon the available evidence, it is more likely than not that some or all of the DTAs will not be realized. The final realization of DTAs depends upon our ability to generate sufficient future taxable income of the appropriate character and in the appropriate jurisdictions. | ||||||||||||||||
Income tax and associated interest reserves, where applicable, are recorded in those instances where we consider it more likely than not that additional tax will be due in excess of amounts reflected in income tax returns filed worldwide, irrespective of whether or not we have received tax assessments. We continually review our exposure to additional income tax obligations and, as further information is known or events occur, changes in our tax and interest reserves may be recorded within income tax expense and interest expense, respectively. See Note 16 for additional discussion of our income taxes. | |||||||||||||||||
Partnering Arrangements | Partnering Arrangements—In the ordinary course of business, we execute specific projects and conduct certain operations through joint venture, consortium and other collaborative arrangements (collectively referred to as "venture(s)"). We have various ownership interests in these ventures, with such ownership typically being proportionate to our decision-making and distribution rights. The ventures generally contract directly with the third party customer; however, services may be performed directly by the ventures, or may be performed by us, our partners, or a combination thereof. | ||||||||||||||||
Venture net assets consist primarily of working capital and property and equipment, and assets may be restricted from being used to fund obligations outside of the venture. These ventures typically have limited third party debt or have debt that is non-recourse in nature; however, they may provide for capital calls to fund operations or require participants in the venture to provide additional financial support, including advance payment or retention letters of credit. | |||||||||||||||||
Each venture is assessed at inception and on an ongoing basis as to whether it qualifies as a VIE under the consolidations guidance in ASC 810. A venture generally qualifies as a VIE when it (1) meets the definition of a legal entity, (2) absorbs the operational risk of the projects being executed, creating a variable interest, and (3) lacks sufficient capital investment from the partners, potentially resulting in the venture requiring additional subordinated financial support, if necessary, to finance its future activities. | |||||||||||||||||
If at any time a venture qualifies as a VIE, we perform a qualitative assessment to determine whether we are the primary beneficiary of the VIE and therefore, need to consolidate the VIE. We are the primary beneficiary if we have (1) the power to direct the economically significant activities of the VIE and (2) the right to receive benefits from, and obligation to absorb losses of, the VIE. If the venture is a VIE and we are the primary beneficiary, or we otherwise have the ability to control the venture, we consolidate the venture. If we are not determined to be the primary beneficiary of the VIE, or only have the ability to significantly influence, rather than control the venture, we do not consolidate the venture. We account for unconsolidated ventures using proportionate consolidation for both our Balance Sheet and Statement of Operations when we meet the applicable accounting criteria to do so and utilize the equity method otherwise. See Note 7 for additional discussion of our material partnering arrangements. | |||||||||||||||||
New Accounting Standards | New Accounting Standards—In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, which provides a single comprehensive accounting standard for revenue recognition for contracts with customers and supersedes current industry-specific guidance, including ASC 605-35. Upon adoption of ASU 2014-09, entities are required to recognize revenue using the following comprehensive model: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue as the entity satisfies each performance obligation. ASU 2014-09 is effective for us beginning in the first quarter of 2017 and will result in retrospective application, either in the form of recasting all prior periods presented or a cumulative adjustment to equity in the period of adoption. We are currently assessing the impact that the new standard will have on our Financial Statements. |
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES - (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Contracts In Progress | The net balances on our Balance Sheet are collectively referred to as Contracts in Progress, net and the components of these balances at December 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Asset | Liability | Asset | Liability | ||||||||||||||
Costs and estimated earnings on contracts in progress | $ | 20,119,444 | $ | 26,052,767 | $ | 16,694,373 | $ | 23,377,143 | |||||||||
Billings on contracts in progress | (19,344,800 | ) | (27,479,495 | ) | (16,127,655 | ) | (25,422,746 | ) | |||||||||
Margin fair value liability for acquired contracts (1) | — | (558,760 | ) | — | (674,648 | ) | |||||||||||
Contracts in Progress, net | $ | 774,644 | $ | (1,985,488 | ) | $ | 566,718 | $ | (2,720,251 | ) | |||||||
-1 | The balance represents a margin fair value liability associated with long-term contracts acquired in connection with our acquisition of The Shaw Group Inc. ("Shaw") (the "Shaw Acquisition" or the "Acquisition") on February 13, 2013 (the "Acquisition Closing Date") (see Note 4). The margin fair value liability was approximately $745,500 at the Acquisition Closing Date and is recognized as revenue on a POC basis as the applicable projects progress. We anticipate the remaining liability will be recognized as revenue over the next five to six years. Revenue and the related income from operations recognized during 2014 and 2013 was approximately $115,900 and $70,800, respectively. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Reconciliation of Weighted Average Basic Shares Outstanding to Diluted Shares Outstanding and Computation of Basic and Diluted EPS | A reconciliation of weighted average basic shares outstanding to weighted average diluted shares outstanding and the computation of basic and diluted EPS are as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income attributable to CB&I | $ | 543,607 | $ | 454,120 | $ | 301,655 | |||||||
Weighted average shares outstanding—basic | 108,047 | 105,935 | 96,633 | ||||||||||
Effect of restricted shares/performance shares/stock options (1) | 1,045 | 1,447 | 1,528 | ||||||||||
Effect of directors’ deferred-fee shares | 30 | 70 | 70 | ||||||||||
Weighted average shares outstanding—diluted | 109,122 | 107,452 | 98,231 | ||||||||||
Net income attributable to CB&I per share: | |||||||||||||
Basic | $ | 5.03 | $ | 4.29 | $ | 3.12 | |||||||
Diluted | $ | 4.98 | $ | 4.23 | $ | 3.07 | |||||||
(1) Antidilutive shares excluded from diluted EPS were not material for 2014, 2013 or 2012. |
ACQUISITIONS_Tables
ACQUISITIONS - (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Pro Forma Condensed Combined Financial Information | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
Pro forma revenue | $ | 11,583,997 | $ | 10,858,142 | ||||
Pro forma net income attributable to CB&I | $ | 529,942 | $ | 354,908 | ||||
Pro forma net income attributable to CB&I per share: | ||||||||
Basic | $ | 4.95 | $ | 3.36 | ||||
Diluted | $ | 4.88 | $ | 3.31 | ||||
INVENTORY_Tables
INVENTORY (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Components of Inventory | The components of inventory at December 31, 2014 and 2013 were as follows: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 162,451 | $ | 184,586 | ||||
Work in process | 38,232 | 31,764 | ||||||
Finished goods | 85,472 | 86,637 | ||||||
Total | $ | 286,155 | $ | 302,987 | ||||
GOODWILL_AND_OTHER_INTANGIBLES1
GOODWILL AND OTHER INTANGIBLES (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Change in Goodwill by Business Sector | he change in goodwill by reporting segment for 2014 and 2013 was as follows: | |||||||||||||||||||
Engineering, Construction and Maintenance | Fabrication Services | Technology | Environmental Solutions | Total | ||||||||||||||||
Balance at December 31, 2012 | $ | 447,651 | $ | 48,224 | $ | 430,836 | $ | — | $ | 926,711 | ||||||||||
Shaw Acquisition | 2,315,340 | 497,368 | — | 483,822 | 3,296,530 | |||||||||||||||
Amortization of tax goodwill in excess of book goodwill | (4,135 | ) | (318 | ) | (2,179 | ) | — | (6,632 | ) | |||||||||||
Foreign currency translation and other | 9,859 | — | — | — | 9,859 | |||||||||||||||
Balance at December 31, 2013 | $ | 2,768,715 | $ | 545,274 | $ | 428,657 | $ | 483,822 | $ | 4,226,468 | ||||||||||
Amortization of tax goodwill in excess of book goodwill | 953 | 141 | (2,694 | ) | — | (1,600 | ) | |||||||||||||
Foreign currency translation and other | (23,937 | ) | — | — | (5,700 | ) | (29,637 | ) | ||||||||||||
Balance at December 31, 2014 | $ | 2,745,731 | $ | 545,415 | $ | 425,963 | $ | 478,122 | $ | 4,195,231 | ||||||||||
A | ||||||||||||||||||||
Finite- Lived Intangible Assets Balances Including Weighted- Average Useful Lives | The following table provides a summary of our acquired finite-lived intangible assets at December 31, 2014 and 2013, including weighted-average useful lives for each major intangible asset class and in total: | |||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||
Weighted Average Life | Gross | Accumulated | Gross | Accumulated | ||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
Finite-lived intangible assets | ||||||||||||||||||||
Backlog and customer relationships | 16 Years | $ | 380,586 | $ | (71,257 | ) | $ | 380,586 | $ | (33,735 | ) | |||||||||
Process technologies | 15 Years | 287,459 | (105,646 | ) | 295,726 | (90,282 | ) | |||||||||||||
Tradenames | 10 Years | 85,613 | (20,301 | ) | 86,042 | (11,126 | ) | |||||||||||||
Lease agreements (1) | 6 Years | — | — | 7,718 | (7,627 | ) | ||||||||||||||
Non-compete agreements (1) | 7 Years | — | — | 3,012 | (2,591 | ) | ||||||||||||||
Total (2) | 15 Years | $ | 753,658 | $ | (197,204 | ) | $ | 773,084 | $ | (145,361 | ) | |||||||||
(1) | Lease agreement and non-compete intangibles became fully amortized during 2014 and were therefore removed from the December 31, 2014 gross carrying and accumulated amortization balances above. | |||||||||||||||||||
(2) | The decrease in other intangibles, net during 2014 primarily related to amortization expense of $66,506 and the impact of foreign currency translation. Amortization expense for our intangibles existing at December 31, 2014 is anticipated to be approximately $61,500, $55,100, $46,000, $44,400 and $42,300 for 2015, 2016, 2017, 2018 and 2019, respectively. |
PARTNERING_ARRANGEMENTS_Tables
PARTNERING ARRANGEMENTS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||
Proportionately Consolidated Variable Interest Entities Summarized Balance Sheet Information | The following table presents summarized balance sheet information for our proportionately consolidated VIEs: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
CB&I/Zachry | |||||||||
Current assets (1) | $ | 85,484 | $ | — | |||||
Current liabilities | $ | 149,891 | $ | — | |||||
CB&I/Chiyoda | |||||||||
Current assets (1) | $ | 102,035 | $ | — | |||||
Current liabilities | $ | 124,367 | $ | — | |||||
(1) | Our venture arrangements allow for excess working capital of the ventures to be advanced to the venture partners. Such advances are returned to the venture for working capital needs as necessary. Accordingly, at a reporting period end a venture may have advances to its partners which are reflected as an advance receivable within current assets of the venture. At December 31, 2014, current assets for the CB&I/Zachry venture includes approximately $71,200 related to our proportionate share of advances from the venture to our venture partner. Such amounts are reflected within other current assets on the Balance Sheet. In addition, as summarized in Note 8, other current liabilities on the Balance Sheet includes approximately $108,700 related to advances to CB&I from the CB&I/Zachary and CB&I/Chiyoda ventures. | ||||||||
Summarized Balance Sheet Information of Variable Interest Entities | The following table presents summarized balance sheet information for our consolidated VIEs: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
CB&I/Kentz | |||||||||
Current assets | $ | 220,930 | $ | 156,974 | |||||
Current liabilities | $ | 196,277 | $ | 72,741 | |||||
CB&I/Clough | |||||||||
Current assets | $ | 33,098 | $ | 122,179 | |||||
Current liabilities | $ | 6,408 | $ | 48,933 | |||||
CB&I/AREVA | |||||||||
Current assets | $ | 27,006 | $ | 34,547 | |||||
Current liabilities | $ | 73,124 | $ | 98,478 | |||||
All Other (1) | |||||||||
Current assets | $ | 97,360 | $ | 83,370 | |||||
Non-current assets | $ | 22,045 | $ | 24,802 | |||||
Total assets | $ | 119,405 | $ | 108,172 | |||||
Current liabilities | $ | 30,126 | $ | 26,879 | |||||
(1) | Other ventures that we consolidate due to their designation as VIEs are not individually material to our financial results and are therefore aggregated as "All Other". |
SUPPLEMENTAL_BALANCE_SHEET_DET1
SUPPLEMENTAL BALANCE SHEET DETAIL (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Components of Property and Equipment, Accrued Liabilities and Other Non-current Liabilities | The components of property and equipment, and other current and non-current liabilities at December 31, 2014 and 2013 were as follows: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Property and Equipment | |||||||||
Land and improvements | $ | 87,085 | $ | 90,884 | |||||
Buildings and improvements | 405,603 | 360,720 | |||||||
Plant, field equipment and other | 781,076 | 733,089 | |||||||
Total property and equipment | $ | 1,273,764 | $ | 1,184,693 | |||||
Accumulated depreciation | (502,113 | ) | (395,896 | ) | |||||
Property and equipment, net | $ | 771,651 | $ | 788,797 | |||||
Other Current Liabilities | |||||||||
Payroll-related obligations | $ | 371,764 | $ | 336,889 | |||||
Advances from proportionately consolidated ventures (1) | 108,658 | — | |||||||
Income taxes payable | 57,186 | 91,049 | |||||||
Self-insurance and other insurance reserves | 25,243 | 24,575 | |||||||
Pension obligations | 2,975 | 3,284 | |||||||
Postretirement medical benefit obligations | 2,895 | 3,139 | |||||||
Other (2) | 235,573 | 240,570 | |||||||
Other current liabilities | $ | 804,294 | $ | 699,506 | |||||
Other Non-Current Liabilities | |||||||||
Pension obligations | $ | 173,852 | $ | 119,236 | |||||
Self-insurance and other insurance reserves | 51,904 | 51,848 | |||||||
Postretirement medical benefit obligations | 48,563 | 43,498 | |||||||
Income tax reserves | 13,458 | 14,281 | |||||||
Other (3) | 162,849 | 158,692 | |||||||
Other non-current liabilities | $ | 450,626 | $ | 387,555 | |||||
(1) | Represents advances from our proportionately consolidated ventures as discussed in Note 7. | ||||||||
(2) | Represents various accruals that are each individually less than 5% of total current liabilities, including accruals for non-contract payables, taxes other than income taxes, country-specific employee benefits, operating lease obligations, derivatives, and medical and legal obligations. | ||||||||
(3) | Represents various accruals that are each individually less than 5% of total liabilities, including accruals for non-contract payables, taxes other than income taxes, operating lease obligations, deferred rent, and country-specific employee benefits. |
FACILITY_REALIGNMENT_AND_CHANG1
FACILITY REALIGNMENT AND CHANGE-IN-CONTROL LIABILITIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Restructuring and Related Activities [Abstract] | |||||||||
Schedule of Restructuring Related Costs | The following table summarizes the movements in the facility realignment and change-in-control liabilities during 2014 and 2013: | ||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Beginning Balance | $ | 12,111 | $ | 12,752 | |||||
Charges (1) | 14,287 | 6,804 | |||||||
Shaw Acquisition-related obligations | — | 37,000 | |||||||
Cash payments | (12,044 | ) | (44,472 | ) | |||||
Foreign exchange and other | — | 27 | |||||||
Ending Balance (2) | $ | 14,354 | $ | 12,111 | |||||
(1) | During 2014 and 2013, charges of $14,287 and $6,804, respectively, were recognized within acquisition and integration related costs related to facility consolidations and the associated accelerated lease costs for vacated facilities. The charges in 2014 were associated with vacated facilities primarily in our Engineering, Construction and Maintenance and Environmental Solutions operating groups, and the charges in 2013 were associated with vacated facilities in our Engineering, Construction and Maintenance and Technology operating groups. | ||||||||
(2) | Future cash payments for our existing obligations at December 31, 2014 are anticipated to be approximately $6,200, $2,100, $1,100, $1,000, $1,000 and $3,000 in 2015, 2016, 2017, 2018, 2019, and thereafter, respectively. |
DEBT_Tables
DEBT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Outstanding Debt | Our outstanding debt at December 31, 2014 and 2013 was as follows: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Current | |||||||||
Revolving facility and other short-term borrowings | $ | 164,741 | $ | 115,000 | |||||
Current maturities of long-term debt | 105,997 | 100,000 | |||||||
Current debt | $ | 270,738 | $ | 215,000 | |||||
Long-Term | |||||||||
Term Loan: $1,000,000 term loan (interest at LIBOR plus an applicable floating margin) | $ | 825,000 | $ | 925,000 | |||||
Senior Notes: $800,000 senior notes, series A-D (fixed interest ranging from 4.15% to 5.30%) | 800,000 | 800,000 | |||||||
Other long-term debt | 45,155 | — | |||||||
Less: current maturities of long-term debt | (105,997 | ) | (100,000 | ) | |||||
Long-term debt | $ | 1,564,158 | $ | 1,625,000 | |||||
FINANCIAL_INSTRUMENTS_Tables
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Financial Instruments Carried at Fair Value | The following table presents the fair value of our cash and cash equivalents, foreign currency exchange rate derivatives and interest rate derivatives at December 31, 2014 and 2013, respectively, by valuation hierarchy and balance sheet classification: | |||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 351,323 | $ | — | $ | — | $ | 351,323 | $ | 420,502 | $ | — | $ | — | $ | 420,502 | ||||||||||||||||
Derivatives (1) | ||||||||||||||||||||||||||||||||
Other current assets | — | 852 | — | 852 | — | 2,155 | — | 2,155 | ||||||||||||||||||||||||
Other non-current assets | — | 2,248 | — | 2,248 | — | 4,705 | — | 4,705 | ||||||||||||||||||||||||
Total assets at fair value | $ | 351,323 | $ | 3,100 | $ | — | $ | 354,423 | $ | 420,502 | $ | 6,860 | $ | — | $ | 427,362 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Other current liabilities | $ | — | $ | (12,728 | ) | $ | — | $ | (12,728 | ) | $ | — | $ | (3,818 | ) | $ | — | $ | (3,818 | ) | ||||||||||||
Other non-current liabilities | — | (1,873 | ) | — | (1,873 | ) | — | (450 | ) | — | (450 | ) | ||||||||||||||||||||
Total liabilities at fair value | $ | — | $ | (14,601 | ) | $ | — | $ | (14,601 | ) | $ | — | $ | (4,268 | ) | $ | — | $ | (4,268 | ) | ||||||||||||
(1) | We are exposed to credit risk on our hedging instruments associated with potential counterparty non-performance, and the fair value of our derivatives reflects this credit risk. The total level 2 assets at fair value above represent the maximum loss that we would incur on our outstanding hedges if the applicable counterparties failed to perform according to the hedge contracts. To help mitigate counterparty credit risk, we transact only with counterparties that are rated as investment grade or higher and monitor all counterparties on a continuous basis. | |||||||||||||||||||||||||||||||
Total Fair Value by Underlying Risk and Balance Sheet Classification | The following table presents the total fair value by underlying risk and balance sheet classification for derivatives designated as cash flow hedges and derivatives not designated as cash flow hedges at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||
Balance Sheet | December 31, | December 31, | Balance Sheet | December 31, | December 31, | |||||||||||||||||||||||||||
Classification | 2014 | 2013 | Classification | 2014 | 2013 | |||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||||||||||||||||||||
Interest rate | Other current | $ | 2,258 | $ | 3,772 | Other current and non-current | $ | (1,229 | ) | $ | (2,233 | ) | ||||||||||||||||||||
and non-current | liabilities | |||||||||||||||||||||||||||||||
assets | ||||||||||||||||||||||||||||||||
Foreign currency | Other current | 39 | 861 | Other current and non-current | (4,996 | ) | (853 | ) | ||||||||||||||||||||||||
and non-current | liabilities | |||||||||||||||||||||||||||||||
assets | ||||||||||||||||||||||||||||||||
$ | 2,297 | $ | 4,633 | $ | (6,225 | ) | $ | (3,086 | ) | |||||||||||||||||||||||
Derivatives not designated as cash flow hedges | ||||||||||||||||||||||||||||||||
Interest rate | Other current | $ | — | $ | — | Other current and non-current | $ | — | $ | — | ||||||||||||||||||||||
and non-current | liabilities | |||||||||||||||||||||||||||||||
assets | ||||||||||||||||||||||||||||||||
Foreign currency | Other current | 803 | 2,227 | Other current and non-current | (8,376 | ) | (1,182 | ) | ||||||||||||||||||||||||
and non-current | liabilities | |||||||||||||||||||||||||||||||
assets | ||||||||||||||||||||||||||||||||
$ | 803 | $ | 2,227 | $ | (8,376 | ) | $ | (1,182 | ) | |||||||||||||||||||||||
Total fair value | $ | 3,100 | $ | 6,860 | $ | (14,601 | ) | $ | (4,268 | ) | ||||||||||||||||||||||
Schedule Of Derivative Assets And Liabilities On Gross And Net Settlement Basis Table | The following table presents our derivative assets and liabilities at December 31, 2014 on a gross basis and a net settlement basis: | |||||||||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts | Gross Amounts Not Offset on | Net Amount | ||||||||||||||||||||||||||||
Amounts | Offset on the | Presented on the | the Balance Sheet (iv) | (v) =160;(iii) - (iv) | ||||||||||||||||||||||||||||
Recognized | Balance Sheet | Balance Sheet | ||||||||||||||||||||||||||||||
(i) | (ii) | (iii) =i) - (ii) | Financial | Cash | ||||||||||||||||||||||||||||
Instruments | Collateral | |||||||||||||||||||||||||||||||
Received | ||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Interest rate | $ | 2,258 | $ | — | $ | 2,258 | $ | — | $ | — | $ | 2,258 | ||||||||||||||||||||
Foreign currency | 842 | — | 842 | (500 | ) | — | 342 | |||||||||||||||||||||||||
Total assets | $ | 3,100 | $ | — | $ | 3,100 | $ | (500 | ) | $ | — | $ | 2,600 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Interest rate | $ | (1,229 | ) | — | $ | (1,229 | ) | — | — | (1,229 | ) | |||||||||||||||||||||
Foreign currency | (13,372 | ) | — | (13,372 | ) | 500 | — | (12,872 | ) | |||||||||||||||||||||||
Total liabilities | $ | (14,601 | ) | $ | — | $ | (14,601 | ) | $ | 500 | $ | — | $ | (14,101 | ) | |||||||||||||||||
Total Value, by Underlying Risk, Recognized in Other Comprehensive Income and Reclassified from Accumulated Other Comprehensive Income to Interest Expense and Cost of Revenue | The following table presents the total value, by underlying risk, recognized in other comprehensive income (“OCI”) and reclassified from AOCI to interest expense (interest rate derivatives) and cost of revenue (foreign currency derivatives) during 2014 and 2013 for derivatives designated as cash flow hedges: | |||||||||||||||||||||||||||||||
Amount of Gain (Loss) on Effective | ||||||||||||||||||||||||||||||||
Derivative Portion | ||||||||||||||||||||||||||||||||
Recognized in | Reclassified from | |||||||||||||||||||||||||||||||
OCI | AOCI into Earnings (1) | |||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | ||||||||||||||||||||||||||||||||
Interest rate | $ | (2,649 | ) | $ | (278 | ) | $ | (2,139 | ) | $ | (1,817 | ) | ||||||||||||||||||||
Foreign currency | (4,913 | ) | 228 | (1,519 | ) | 1,304 | ||||||||||||||||||||||||||
Total | $ | (7,562 | ) | $ | (50 | ) | $ | (3,658 | ) | $ | (513 | ) | ||||||||||||||||||||
(1) | Net unrealized losses totaling $5,414 are anticipated to be reclassified from AOCI into earnings during the next 12 months due to settlement of the associated underlying obligations. | |||||||||||||||||||||||||||||||
Total Value Recognized in Cost of Revenue for Derivatives which Do Not Seek Hedge Accounting Treatment, by Underlying Risk | The following table presents the total value recognized in cost of revenue for 2014 and 2013 for foreign currency derivatives not designated as cash flow hedges: | |||||||||||||||||||||||||||||||
Amount of Gain (Loss) | ||||||||||||||||||||||||||||||||
Recognized in Earnings | ||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Derivatives not designated as cash flow hedges | ||||||||||||||||||||||||||||||||
Foreign currency | $ | (5,114 | ) | $ | 2,607 | |||||||||||||||||||||||||||
Total | $ | (5,114 | ) | $ | 2,607 | |||||||||||||||||||||||||||
RETIREMENT_BENEFITS_Tables
RETIREMENT BENEFITS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The following tables provide combined information for our defined benefit pension and other postretirement plans: | ||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Service cost | $ | 9,113 | $ | 6,795 | $ | 3,862 | $ | 1,037 | $ | 1,244 | $ | 1,124 | |||||||||||||
Interest cost | 33,530 | 31,159 | 26,623 | 2,279 | 2,064 | 2,571 | |||||||||||||||||||
Expected return on plan assets | (36,577 | ) | (30,611 | ) | (23,856 | ) | — | — | — | ||||||||||||||||
Amortization of prior service credits | (465 | ) | (466 | ) | (452 | ) | — | (266 | ) | (269 | ) | ||||||||||||||
Recognized net actuarial losses (gains) | 4,649 | 4,555 | 2,718 | (863 | ) | (517 | ) | (348 | ) | ||||||||||||||||
Settlement/curtailment (1) | — | — | — | — | — | (2,841 | ) | ||||||||||||||||||
Net periodic benefit cost | $ | 10,250 | $ | 11,432 | $ | 8,895 | $ | 2,453 | $ | 2,525 | $ | 237 | |||||||||||||
Change in Benefit Obligation | Change in Projected Benefit Obligation | ||||||||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 882,471 | $ | 673,686 | $ | 46,637 | $ | 50,603 | |||||||||||||||||
Acquisition (2) | — | 154,311 | — | — | |||||||||||||||||||||
Service cost | 9,113 | 6,795 | 1,037 | 1,244 | |||||||||||||||||||||
Interest cost | 33,530 | 31,159 | 2,279 | 2,064 | |||||||||||||||||||||
Actuarial loss (gain) (3) | 153,887 | 15,767 | 3,199 | (5,242 | ) | ||||||||||||||||||||
Plan participants’ contributions | 3,443 | 3,306 | 1,625 | 1,517 | |||||||||||||||||||||
Amendments | (4,119 | ) | — | — | — | ||||||||||||||||||||
Benefits paid | (35,945 | ) | (34,672 | ) | (3,319 | ) | (3,549 | ) | |||||||||||||||||
Currency translation (4) | (96,858 | ) | 32,119 | — | — | ||||||||||||||||||||
Projected benefit obligation at end of year | $ | 945,522 | $ | 882,471 | $ | 51,458 | $ | 46,637 | |||||||||||||||||
Change in Plan Assets | Change in Plan Assets | ||||||||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 779,626 | $ | 565,707 | $ | — | $ | — | |||||||||||||||||
Acquisition (2) | — | 157,591 | — | — | |||||||||||||||||||||
Actual return on plan assets | 95,294 | 39,604 | — | — | |||||||||||||||||||||
Benefits paid | (35,945 | ) | (34,672 | ) | (3,319 | ) | (3,549 | ) | |||||||||||||||||
Employer contributions (5) | 19,957 | 18,908 | 1,694 | 2,032 | |||||||||||||||||||||
Plan participants’ contributions | 3,443 | 3,306 | 1,625 | 1,517 | |||||||||||||||||||||
Currency translation (4) | (79,156 | ) | 29,182 | — | — | ||||||||||||||||||||
Fair value of plan assets at end of year | $ | 783,219 | $ | 779,626 | $ | — | $ | — | |||||||||||||||||
Funded status | $ | (162,303 | ) | $ | (102,845 | ) | $ | (51,458 | ) | $ | (46,637 | ) | |||||||||||||
Balance Sheet Position | |||||||||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Prepaid benefit cost within other non-current assets | $ | 14,524 | $ | 19,675 | $ | — | $ | — | |||||||||||||||||
Accrued benefit cost within other current liabilities | (2,975 | ) | (3,284 | ) | (2,895 | ) | (3,139 | ) | |||||||||||||||||
Accrued benefit cost within other non-current liabilities | (173,852 | ) | (119,236 | ) | (48,563 | ) | (43,498 | ) | |||||||||||||||||
Net funded status recognized | $ | (162,303 | ) | $ | (102,845 | ) | $ | (51,458 | ) | $ | (46,637 | ) | |||||||||||||
Unrecognized net prior service credits | $ | (5,111 | ) | $ | (2,026 | ) | $ | — | $ | — | |||||||||||||||
Unrecognized net actuarial losses (gains) | 186,838 | 114,976 | (13,360 | ) | (17,419 | ) | |||||||||||||||||||
Accumulated other comprehensive loss (income), before taxes (6) | $ | 181,727 | $ | 112,950 | $ | (13,360 | ) | $ | (17,419 | ) | |||||||||||||||
(1) | The settlement/curtailment amount was associated with termination of benefits for our United Kingdom ("U.K.") postretirement plan in 2012. | ||||||||||||||||||||||||
(2) | The acquisition amounts include the projected benefit obligation and plan asset balances at the Acquisition Closing Date associated with pension plans acquired in the Shaw Acquisition. | ||||||||||||||||||||||||
(3) | The actuarial pension plan loss for 2014 was primarily associated with a decrease in discount rate assumptions for our pension plans. | ||||||||||||||||||||||||
(4) | The currency translation loss for 2014 was primarily associated with the strengthening of the U.S. Dollar against the currencies associated with our international pension plans, primarily the Euro and British Pound. | ||||||||||||||||||||||||
(5) | During 2015, we expect to contribute approximately $18,545 and $2,895 to our pension and other postretirement plans, respectively. | ||||||||||||||||||||||||
(6) | During 2015, we expect to recognize $675 and $7,506 of previously unrecognized net prior service pension credits and net actuarial pension losses, respectively. | ||||||||||||||||||||||||
Defined Benefit Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | The following table includes summary information for those defined benefit plans with an accumulated benefit obligation in excess of plan assets: | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Projected benefit obligation | $ | 824,988 | $ | 758,452 | |||||||||||||||||||||
Accumulated benefit obligation | $ | 805,830 | $ | 744,211 | |||||||||||||||||||||
Fair value of plan assets | $ | 648,162 | $ | 635,935 | |||||||||||||||||||||
Weighted-Average Assumptions Used to Measure Defined Benefit Pension and Other Postretirement Plans | The following table reflects the weighted-average assumptions used to measure our defined benefit pension and other postretirement plans: | ||||||||||||||||||||||||
Pension Plans | Other Postretirement Plans | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31, | |||||||||||||||||||||||||
Discount rate | 2.64 | % | 3.97 | % | 4.13 | % | 4.94 | % | |||||||||||||||||
Rate of compensation increase (1) | 2.76 | % | 2.78 | % | n/a | n/a | |||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, | |||||||||||||||||||||||||
Discount rate | 3.97 | % | 3.95 | % | 4.94 | % | 4.05 | % | |||||||||||||||||
Expected long-term rate of return on plan assets (2) | 4.8 | % | 4.45 | % | n/a | n/a | |||||||||||||||||||
Rate of compensation increase (1) | 2.76 | % | 2.78 | % | n/a | n/a | |||||||||||||||||||
(1) | The rate of compensation increase relates solely to the defined benefit plans that factor compensation increases into the valuation. | ||||||||||||||||||||||||
(2) | The expected long-term rate of return on plan assets was derived using historical returns by asset category and expectations of future performance. | ||||||||||||||||||||||||
Expected Defined Benefit Pension and Other Postretirement Plan Payments | The following table includes the expected defined benefit and other postretirement plan payments for the next 10 years: | ||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||
Year | Plans | Plans | |||||||||||||||||||||||
2015 | $ | 36,099 | $ | 2,895 | |||||||||||||||||||||
2016 | $ | 36,960 | $ | 3,204 | |||||||||||||||||||||
2017 | $ | 42,409 | $ | 3,400 | |||||||||||||||||||||
2018 | $ | 37,873 | $ | 3,555 | |||||||||||||||||||||
2019 | $ | 38,431 | $ | 3,633 | |||||||||||||||||||||
2020-2024 | $ | 206,234 | $ | 18,163 | |||||||||||||||||||||
Plan Assets at Fair Value by Investment Category and Valuation Hierarchy Level | following tables present the fair value of our plan assets by investment category and valuation hierarchy level at December 31, 2014 and 2013: | ||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Quoted Market | Internal Models | Internal Models | Total Carrying | ||||||||||||||||||||||
Prices In Active | With Significant | With Significant | Value On The | ||||||||||||||||||||||
Markets (Level 1) | Observable Market | Unobservable Market | Consolidated | ||||||||||||||||||||||
Parameters (Level 2) | Parameters (Level 3) | Balance Sheet | |||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||
Global Equities | $ | 4,661 | $ | — | $ | — | $ | 4,661 | |||||||||||||||||
International Funds (a) | — | 194,336 | — | 194,336 | |||||||||||||||||||||
Emerging Markets Growth Funds | — | 17,584 | — | 17,584 | |||||||||||||||||||||
U.S. Large-Cap Growth Funds | — | 11,796 | — | 11,796 | |||||||||||||||||||||
U.S. Mid-Cap Growth Funds | — | 886 | — | 886 | |||||||||||||||||||||
U.S. Small-Cap Growth Funds | — | 498 | — | 498 | |||||||||||||||||||||
U.S. Small-Cap Value Funds | — | 505 | — | 505 | |||||||||||||||||||||
Fixed Income Securities: | |||||||||||||||||||||||||
Euro Government Bonds (b) | — | 184,979 | — | 184,979 | |||||||||||||||||||||
Euro Corporate Bonds (c) | — | 89,356 | — | 89,356 | |||||||||||||||||||||
U.K. Government Index-Linked Bonds (d) | — | 101,779 | — | 101,779 | |||||||||||||||||||||
U.K. Corporate Bonds (e) | — | 17,989 | — | 17,989 | |||||||||||||||||||||
Other International Bonds (f) | — | 69,455 | — | 69,455 | |||||||||||||||||||||
U.S. Corporate and Government Bonds | — | 3,046 | — | 3,046 | |||||||||||||||||||||
Guaranteed Investment Contracts | — | 821 | — | 821 | |||||||||||||||||||||
Other Investments: | |||||||||||||||||||||||||
Commodities | — | 9,278 | — | 9,278 | |||||||||||||||||||||
Asset Allocation Funds (g) | — | 76,250 | — | 76,250 | |||||||||||||||||||||
Total Assets at Fair Value | $ | 4,661 | $ | 778,558 | $ | — | $ | 783,219 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Quoted Market | Internal Models | Internal Models | Total Carrying | ||||||||||||||||||||||
Prices In Active | With Significant | With Significant | Value On The | ||||||||||||||||||||||
Markets (Level 1) | Observable Market | Unobservable Market | Consolidated | ||||||||||||||||||||||
Parameters (Level 2) | Parameters (Level 3) | Balance Sheet | |||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Equity Securities: | |||||||||||||||||||||||||
Global Equities | $ | 6,027 | $ | — | $ | — | $ | 6,027 | |||||||||||||||||
International Funds (a) | — | 209,553 | — | 209,553 | |||||||||||||||||||||
Emerging Markets Growth Funds | — | 21,258 | — | 21,258 | |||||||||||||||||||||
U.S. Large-Cap Growth Funds | — | 11,677 | — | 11,677 | |||||||||||||||||||||
U.S. Mid-Cap Growth Funds | — | 843 | — | 843 | |||||||||||||||||||||
U.S. Small-Cap Growth Funds | — | 492 | — | 492 | |||||||||||||||||||||
U.S. Small-Cap Value Funds | — | 493 | — | 493 | |||||||||||||||||||||
Fixed Income Securities: | |||||||||||||||||||||||||
Euro Government Bonds (b) | — | 202,324 | — | 202,324 | |||||||||||||||||||||
Euro Corporate Bonds (c) | — | 82,096 | — | 82,096 | |||||||||||||||||||||
U.K. Government Index-Linked Bonds (d) | — | 93,540 | — | 93,540 | |||||||||||||||||||||
U.K. Corporate Bonds (e) | — | 18,212 | — | 18,212 | |||||||||||||||||||||
Other International Bonds (f) | — | 69,820 | — | 69,820 | |||||||||||||||||||||
U.S. Corporate and Government Bonds | — | 2,741 | — | 2,741 | |||||||||||||||||||||
Guaranteed Investment Contracts | — | 852 | — | 852 | |||||||||||||||||||||
Other Investments: | |||||||||||||||||||||||||
Commodities | — | 10,920 | — | 10,920 | |||||||||||||||||||||
Asset Allocation Funds (g) | — | 48,778 | $ | — | 48,778 | ||||||||||||||||||||
Total Assets at Fair Value | $ | 6,027 | $ | 773,599 | $ | — | $ | 779,626 | |||||||||||||||||
The following provides descriptions for plan asset categories with significant balances in the tables above: | |||||||||||||||||||||||||
(a) | Investments in various funds that track international indices. | ||||||||||||||||||||||||
(b) | Investments in European Union government securities with credit ratings of primarily AAA. | ||||||||||||||||||||||||
(c) | Investments in European fixed interest securities with credit ratings of primarily BBB and above. | ||||||||||||||||||||||||
(d) | Investments predominantly in U.K. Treasury securities with credit ratings of primarily AAA. | ||||||||||||||||||||||||
(e) | Investments predominantly in U.K. fixed interest securities with credit ratings of primarily BBB and above. | ||||||||||||||||||||||||
(f) | Investments predominantly in various international fixed income obligations that are individually insignificant. | ||||||||||||||||||||||||
(g) | Investments in fixed income securities, equities and alternative asset classes, including commodities and property assets. | ||||||||||||||||||||||||
Assumed Health Care Cost Trends by One Percentage Point | Increasing (decreasing) the assumed health care cost trends by one percentage point for our U.S. program is estimated to increase (decrease) the total of the service and interest cost components of net postretirement health care cost for 2014 and the accumulated postretirement benefit obligation at December 31, 2014, as follows: | ||||||||||||||||||||||||
1-Percentage- | 1-Percentage- | ||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost | $ | 63 | $ | (56 | ) | ||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 1,430 | $ | (1,283 | ) | ||||||||||||||||||||
Additional Information Regarding Significant Multi-Employer Pension Plans | The following table provides additional information regarding our significant multi-employer defined benefit pension plans, including the funding level of each plan (or zone status, as defined by the Pension Protection Act), whether actions to improve the funding level of the plan have been implemented, where required (a funding improvement plan (“FIP”) or rehabilitation plan (“RP”)), and our contributions to each plan and total contributions for 2014, 2013 and 2012, among other disclosures: | ||||||||||||||||||||||||
EIN/Plan | Plan Year End | Pension Protection | FIP/RP | Total Company Contributions (2) | Expiration | ||||||||||||||||||||
Number | Plan (1) | Date of | |||||||||||||||||||||||
Act (% Funded) (1) | Collective- | ||||||||||||||||||||||||
Bargaining | |||||||||||||||||||||||||
Pension Fund | 2014 | 2013 | 2014 | 2013 | 2012 | Agreement (4) | |||||||||||||||||||
Boilermaker-Blacksmith National Pension Trust | 48-6168020-001 | 31-Dec | 65%-80% | 65%-80% | Yes | $ | 33,105 | $ | 20,549 | $ | 6,910 | Various | |||||||||||||
Twin City Carpenters and Joiners Pension Fund | 41-6043137-001 | 31-Dec | 65%-80% | 65%-80% | Yes | 6,010 | 2,752 | 1,665 | 16-Apr | ||||||||||||||||
Middle Tennessee Carpenters And Millwrights Pension Fund | 62-6101275-001 | 30-Apr | >80% | >80% | No | 4,729 | 1,297 | — | Various | ||||||||||||||||
Plumbers and Pipefitters National Pension Fund | 52-6152779-001 | 30-Jun | 65%-80% | 65%-80% | Yes | 3,895 | 3,336 | — | Various | ||||||||||||||||
Twin City Iron Workers Pension Plan | 41-6084127-001 | 31-Dec | 65%-80% | 65%-80% | Yes | 2,791 | 1,272 | 657 | 16-Apr | ||||||||||||||||
Minnesota Laborers Pension Plan | 41-6159599-001 | 31-Dec | >80% | >80% | No | 2,584 | 1,444 | 745 | 16-Apr | ||||||||||||||||
Plumbers and Steamfitters Local 150 Pension Fund | 58-6116699-001 | 31-Dec | 65%-80% | < 65% | Yes | 2,154 | 1,788 | — | Various | ||||||||||||||||
Southern Ironworkers Pension Fund | 59-6227091-001 | 31-Dec | >80% | >80% | No | 2,150 | 612 | — | Various | ||||||||||||||||
EIN/Plan | Plan Year End | Pension Protection | FIP/RP | Total Company Contributions (2) | Expiration | ||||||||||||||||||||
Number | Plan (1) | Date of | |||||||||||||||||||||||
Act (% Funded) (1) | Collective- | ||||||||||||||||||||||||
Bargaining | |||||||||||||||||||||||||
Pension Fund | 2014 | 2013 | 2014 | 2013 | 2012 | Agreement (4) | |||||||||||||||||||
Central Laborers Pension Fund | 37-6052379-001 | 31-Dec | <65% | < 65% | Yes | 1,881 | 1,609 | — | Various | ||||||||||||||||
Upstate New York Engineers Pension Fund | 15-0614642-001 | 31-Mar | 65%-80% | <65% | Yes | 1,806 | 1,667 | — | Various | ||||||||||||||||
IBEW Local 1579 Pension Plan | 58-1254974-001 | 30-Sep | >80% | 65%-80% | No | 1,401 | 1,114 | — | Various | ||||||||||||||||
National Electrical Benefit Fund | 53-0181657-001 | 31-Dec | >80% | 65%-80% | No | 1,359 | 2,300 | — | Various | ||||||||||||||||
Ironworkers Mid-America Pension Plan | 36-6488227-001 | 31-Dec | >80% | 65%-80% | No | 1,227 | 2,073 | — | Various | ||||||||||||||||
Plumbers & Pipefitters Local Union 421 Pension Fund Trust | 57-0524232-001 | 31-Aug | >80% | >80% | No | 1,134 | 913 | — | Various | ||||||||||||||||
Plumbers & Steamfitters Local 577 Pension Plan | 31-6134953-001 | 31-Aug | 65%-80% | 65%-80% | Yes | 1,075 | 500 | — | Various | ||||||||||||||||
Boilermakers’ National Pension Plan (Canada) | 366708 | 31-Dec | N/A | N/A | N/A | 10,795 | 14,033 | 9,748 | 15-Apr | ||||||||||||||||
Edmonton Pipe Industry Pension Plan (Canada) | 546028 | 31-Dec | N/A | N/A | N/A | 2,896 | 5,612 | 5,623 | 15-Apr | ||||||||||||||||
Alberta Ironworkers Pension Fund (Canada) | 555656 | 31-Dec | N/A | N/A | N/A | 787 | 2,775 | 1,480 | 15-Apr | ||||||||||||||||
Alberta Carpenters Pension Fund (Canada) | 381723 | 31-Dec | N/A | N/A | N/A | 40 | 1,087 | 142 | 15-Apr | ||||||||||||||||
All Other (3) | 36,268 | 32,262 | 423 | ||||||||||||||||||||||
$ | 118,087 | $ | 98,995 | $ | 27,393 | ||||||||||||||||||||
(1) | Pension Protection Act Zone Status and FIP/RP plans are applicable to our U.S.-registered plans only, as these terms are not defined within Canadian pension legislation. In the U.S., plans funded less than 65% are in the red zone, plans funded at least 65%, but less than 80% are in the yellow zone, and plans funded at least 80% are in the green zone. The requirement for FIP or RP plans in the U.S. is based on the funding level or zone status of the applicable plan. | ||||||||||||||||||||||||
(2) | Our 2014 contributions as a percentage of total plan contributions were not available for any of our plans. For 2013, our contributions to the Plumbers & Streamfitters Local 150 Pension Fund, the Southern Ironworkers Pension Fund, the IBEW Local 1579 Pension Plan, the Iron Workers' Mid-America Pension Plan, the Plumbers & Pipefitters Local Union 421 Pension Fund Trust, the Plumbers & Steamfitters Local 577 Pension Plan, the Boilermakers’ National Pension Plan (Canada) and the Edmonton Pipe Industry Pension Plan (Canada) exceeded 5% of total plan contributions. For 2012, our contributions to the Boilermakers’ National Pension Plan (Canada), the Alberta Ironworkers Pension Fund (Canada) and the Edmonton Pipe Industry Pension Plan (Canada) exceeded 5% of total plan contributions. The level of our contributions to each plan noted above varies from period to period based upon the level of work being performed that is covered under the applicable collective-bargaining agreement. | ||||||||||||||||||||||||
(3) | Our remaining contributions are to various U.S. and Canadian plans, which are individually immaterial. | ||||||||||||||||||||||||
(4) | The expiration dates of our labor agreements associated with the plans noted as "Various" above vary based upon the duration of the applicable projects. |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Future Minimum Payments under Non-cancelable Operating Leases | Future minimum payments under non-cancelable operating leases having initial terms of one year or more are as follows: | |||
Year | Amount | |||
2015 | $ | 109,589 | ||
2016 | 79,253 | |||
2017 | 58,580 | |||
2018 | 47,835 | |||
2019 | 36,501 | |||
Thereafter | 104,258 | |||
Total (1) | $ | 436,016 | ||
(1) | Approximately $9,413 of minimum lease payments above are contractually recoverable through our cost-reimbursable projects. |
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Changes in AOCI Balances by Component | The following tables present changes in AOCI, net of tax, by component, and reclassification of AOCI into earnings, net of tax, for each component, during 2014: | ||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Currency | Unrealized | Defined Benefit | Total | ||||||||||||||
Translation | Fair Value Of | Pension and Other | |||||||||||||||
Adjustment (1) | Cash Flow Hedges | Postretirement Plans | |||||||||||||||
Balance at December 31, 2013 | $ | (46,580 | ) | $ | 1,771 | $ | (75,124 | ) | $ | (119,933 | ) | ||||||
OCI before reclassifications | (87,207 | ) | (7,061 | ) | (56,950 | ) | (151,218 | ) | |||||||||
Amounts reclassified from AOCI | — | 2,577 | 6,177 | 8,754 | |||||||||||||
Net OCI | (87,207 | ) | (4,484 | ) | (50,773 | ) | (142,464 | ) | |||||||||
Balance at December 31, 2014 | $ | (133,787 | ) | $ | (2,713 | ) | $ | (125,897 | ) | $ | (262,397 | ) | |||||
(1) | The currency translation adjustment component of AOCI was impacted during 2014 primarily by movements in the Euro, British Pound, and Australian Dollar exchange rates against the U.S. Dollar. | ||||||||||||||||
Significant Items Reclassified From AOCI Into Earnings | |||||||||||||||||
Amounts | |||||||||||||||||
Reclassified | |||||||||||||||||
AOCI Components | From AOCI | ||||||||||||||||
Unrealized Fair Value Of Cash Flow Hedges (1) | |||||||||||||||||
Interest rate derivatives (interest expense) | $ | 2,139 | |||||||||||||||
Foreign currency derivatives (cost of revenue) | 1,519 | ||||||||||||||||
Total, before taxes | $ | 3,658 | |||||||||||||||
Taxes | (1,081 | ) | |||||||||||||||
Total, net of taxes | $ | 2,577 | |||||||||||||||
Defined Benefit Pension and Other Postretirement Plans (2) | |||||||||||||||||
Amortization of prior service credits | $ | (465 | ) | ||||||||||||||
Recognized net actuarial losses | 3,786 | ||||||||||||||||
Total, before taxes | $ | 3,321 | |||||||||||||||
Taxes | 2,856 | ||||||||||||||||
Total, net of taxes | $ | 6,177 | |||||||||||||||
(1) | See Note 11 for further discussion of our cash flow hedges, including the total value reclassified from AOCI to earnings. | ||||||||||||||||
(2) | See Note 12 for further discussion of our defined benefit and other postretirement plans, including the components of net periodic benefit cost. |
STOCKSETTLED_AND_CASHSETTLED_E1
STOCK-SETTLED AND CASH-SETTLED EQUITY BASED PLANS (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Stock Option Activity | The following table represents stock option activity for 2014: | |||||||||||||
Number of | Weighted Average | Weighted Average | Aggregate | |||||||||||
Shares | Exercise Price | Remaining Contractual | Intrinsic | |||||||||||
per Share | Life (in Years) | Value | ||||||||||||
Outstanding options at December 31, 2013 | 1,063 | $ | 25.26 | |||||||||||
Exercised | (294 | ) | $ | 31.78 | ||||||||||
Forfeited / Expired | (16 | ) | $ | 46.47 | ||||||||||
Outstanding options at December 31, 2014 (1) | 753 | $ | 22.36 | 3.9 | $ | 16,226 | ||||||||
Exercisable options at December 31, 2014 | 654 | $ | 20.87 | 3.8 | $ | 15,095 | ||||||||
(1) | We estimate that 736 of these options will ultimately vest. These options have a weighted-average exercise price per share of $22.01, a weighted-average remaining contractual life of 3.8 years and a current aggregate intrinsic value of $16,061. | |||||||||||||
Restricted Share Activity | The following table presents RSU activity for 2014: | |||||||||||||
Shares | Weighted-Average | |||||||||||||
Grant-Date Fair | ||||||||||||||
Value per Share | ||||||||||||||
Nonvested RSUs | ||||||||||||||
Balance at December 31, 2013 | 908 | $ | 43.94 | |||||||||||
Granted | 517 | $ | 80.41 | |||||||||||
Vested | (409 | ) | $ | 39.27 | ||||||||||
Forfeited | (43 | ) | $ | 62.48 | ||||||||||
Balance at December 31, 2014 | 973 | $ | 64.15 | |||||||||||
Directors’ RSUs | ||||||||||||||
Balance at December 31, 2013 | 18 | $ | 57.25 | |||||||||||
Granted | 17 | $ | 80.45 | |||||||||||
Vested | (18 | ) | $ | 57.25 | ||||||||||
Balance at December 31, 2014 | 17 | $ | 80.45 | |||||||||||
Nonvested Cash-Settled RSU Activity | The following table presents cash-settled RSU activity for 2014: | |||||||||||||
Shares | Weighted-Average | |||||||||||||
Grant-Date Fair | ||||||||||||||
Value per Share | ||||||||||||||
Nonvested Cash-Settled RSUs | ||||||||||||||
Balance at December 31, 2013 | 137 | $ | 52.11 | |||||||||||
Granted | — | $ | — | |||||||||||
Vested | (71 | ) | $ | 52.11 | ||||||||||
Forfeited | (12 | ) | $ | 52.11 | ||||||||||
Balance at December 31, 2014 | 54 | $ | 52.11 | |||||||||||
Cash-Settled SAR Activity | The following table presents cash-settled SAR activity for 2014: | |||||||||||||
Number of | Weighted Average | Weighted Average | Aggregate | |||||||||||
Shares | Exercise Price | Remaining Contractual | Intrinsic | |||||||||||
per Share | Life (in Years) | Value | ||||||||||||
Outstanding at December 31, 2013 | 118 | $ | 33.39 | |||||||||||
Granted | — | $ | — | |||||||||||
Exercised | (58 | ) | $ | 33.38 | ||||||||||
Forfeited / Expired | (4 | ) | $ | 33.38 | ||||||||||
Outstanding at December 31, 2014 (1) | 56 | $ | 33.39 | 5.4 | $ | 478 | ||||||||
Exercisable at December 31, 2014 | 30 | $ | 33.38 | 5.1 | $ | 259 | ||||||||
(1) | We estimate that 51 of these options will ultimately vest. These SARs have a weighted-average exercise price per share of $33.39, a weighted-average remaining contractual life of 5.4 and a current aggregate intrinsic value of $440. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Expense | The following table presents the sources of income before taxes and income tax expense, by tax jurisdiction for 2014, 2013 and 2012: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Sources of Income Before Taxes | |||||||||||||
U.S. | $ | 390,853 | $ | 170,641 | $ | 126,438 | |||||||
Non-U.S. | 516,689 | 433,219 | 317,628 | ||||||||||
Total | $ | 907,542 | $ | 603,860 | $ | 444,066 | |||||||
Sources of Income Tax Expense | |||||||||||||
Current income taxes | |||||||||||||
U.S. Federal (1) | $ | (31,274 | ) | $ | (19,754 | ) | $ | (28,327 | ) | ||||
U.S. State | (8,227 | ) | 15,290 | (5,532 | ) | ||||||||
Non-U.S. | (114,485 | ) | (93,839 | ) | (51,645 | ) | |||||||
Total current income taxes | $ | (153,986 | ) | $ | (98,303 | ) | $ | (85,504 | ) | ||||
Deferred income taxes | |||||||||||||
U.S. Federal | $ | (102,101 | ) | $ | (7,098 | ) | $ | (22,634 | ) | ||||
U.S. State | 10,142 | (28,050 | ) | (953 | ) | ||||||||
Non-U.S. | (25,472 | ) | 42,181 | (17,912 | ) | ||||||||
Total deferred income taxes | $ | (117,431 | ) | $ | 7,033 | $ | (41,499 | ) | |||||
Total income tax expense | $ | (271,417 | ) | $ | (91,270 | ) | $ | (127,003 | ) | ||||
(1) | Tax benefits of $14,021, $13,043 and $17,963 associated with share-based compensation were recorded in additional paid-in capital in 2014, 2013 and 2012, respectively. | ||||||||||||
Reconciliation of Income Taxes at the Netherlands' Statutory Rate and Income Tax Expense | The following is a reconciliation of income taxes at The Netherlands’ (our country of domicile) statutory rate to income tax expense for 2014, 2013 and 2012: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax expense at statutory rate (25.0% for 2014, 2013 and 2012) | $ | (226,885 | ) | $ | (150,965 | ) | $ | (111,016 | ) | ||||
U.S. state income taxes | (13,561 | ) | (4,356 | ) | (5,495 | ) | |||||||
Non-deductible meals and entertainment | (8,549 | ) | (4,878 | ) | (2,750 | ) | |||||||
Valuation allowance established | (12,875 | ) | (13,952 | ) | (11,375 | ) | |||||||
Valuation allowance utilized | 15,899 | 87,609 | 7,814 | ||||||||||
Statutory tax rate differential | (40,990 | ) | (16,587 | ) | (7,717 | ) | |||||||
Branch and withholding taxes (net of tax benefit) | (1,941 | ) | 9,195 | (12,335 | ) | ||||||||
Previously unrecognized tax (expense) benefit | (5,412 | ) | (1,568 | ) | 10,899 | ||||||||
Noncontrolling interests | 22,122 | 13,238 | 6,719 | ||||||||||
Acquisition-related costs | — | (2,869 | ) | (2,757 | ) | ||||||||
Manufacturer's production exclusion/R&D credit | 1,968 | 3,106 | 1,451 | ||||||||||
Tax rate changes on deferred taxes | 3,456 | 2,527 | (1,221 | ) | |||||||||
Contingent liability accrual | 823 | (2,667 | ) | 2,205 | |||||||||
Other, net | (5,472 | ) | (9,103 | ) | (1,425 | ) | |||||||
Income tax expense | $ | (271,417 | ) | $ | (91,270 | ) | $ | (127,003 | ) | ||||
Effective tax rate | 29.9 | % | 15.1 | % | 28.6 | % | |||||||
Principal Temporary Differences Included in Deferred Income Taxes | The principal temporary differences included in deferred income taxes reported on the December 31, 2014 and 2013 Balance Sheets were as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Current Deferred Taxes | |||||||||||||
U.S. Federal operating losses and credits | $ | 83,678 | $ | — | |||||||||
U.S. State operating losses and credits | 4,000 | — | |||||||||||
Non-U.S. operating losses | 2,035 | 6,610 | |||||||||||
Contract revenue and cost | 424,779 | 512,621 | |||||||||||
Employee compensation and benefit plan reserves | 33,214 | 29,397 | |||||||||||
Legal reserves | 10,102 | 6,009 | |||||||||||
Other | 43,701 | 27,854 | |||||||||||
Current deferred tax asset | $ | 601,509 | $ | 582,491 | |||||||||
Less: valuation allowance | (33,378 | ) | (32,291 | ) | |||||||||
Net current deferred tax asset | $ | 568,131 | $ | 550,200 | |||||||||
Non-Current Deferred Taxes | |||||||||||||
U.S. Federal operating losses and credits | $ | 124,534 | $ | 178,859 | |||||||||
U.S. State operating losses and credits | 69,028 | 58,791 | |||||||||||
Non-U.S. operating losses | 77,935 | 96,474 | |||||||||||
Non-U.S. credits | — | 3,621 | |||||||||||
Contract revenue and cost | 3,767 | 5,221 | |||||||||||
Employee compensation and benefit plan reserves | 68,384 | 26,497 | |||||||||||
Pensions and other | 1,171 | 21,504 | |||||||||||
Insurance and legal reserves | 14,011 | 28,398 | |||||||||||
Disallowed interest | 31,859 | 31,859 | |||||||||||
Investment in foreign subsidiaries | (68,652 | ) | (7,162 | ) | |||||||||
Depreciation and amortization | (351,670 | ) | (354,034 | ) | |||||||||
Other | 22,151 | 26,733 | |||||||||||
Non-current deferred tax (liability) asset | $ | (7,482 | ) | $ | 116,761 | ||||||||
Less: valuation allowance | (71,036 | ) | (78,595 | ) | |||||||||
Net non-current deferred tax (liability) asset | $ | (78,518 | ) | $ | 38,166 | ||||||||
Net total deferred tax asset | $ | 489,613 | $ | 588,366 | |||||||||
Reconciliation of Unrecognized Income Tax Benefits | The following is a reconciliation of our unrecognized income tax benefits for the years ended December 31, 2014 and 2013: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Unrecognized income tax benefits at the beginning of the year | $ | 14,281 | $ | 5,169 | |||||||||
Increase as a result of: | |||||||||||||
Shaw Acquisition | — | 6,445 | |||||||||||
Tax positions taken during the current period | 922 | 3,333 | |||||||||||
Decreases as a result of: | |||||||||||||
Lapse of applicable statute of limitations | (1,745 | ) | (241 | ) | |||||||||
Settlements with taxing authorities | — | (425 | ) | ||||||||||
Unrecognized income tax benefits at the end of the year (1) | $ | 13,458 | $ | 14,281 | |||||||||
(1) | If these income tax benefits were ultimately recognized, approximately $10,300 and $11,100 of the December 31, 2014 and 2013 balances, respectively, would benefit tax expense as we are contractually indemnified for the remaining balances. |
Recovered_Sheet1
Segment and Related Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Total Revenue, Depreciation and Amortization, Equity Earnings, Income from Operations, Capital Expenditures and Tangible Assets by Reporting Segment | The following tables present total revenue, depreciation and amortization, equity earnings, income from operations, capital expenditures and total assets by reporting segment (with 2014 and 2013 amounts including the results of the Shaw Acquisition): | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | |||||||||||||
Engineering, Construction and Maintenance | $ | 9,001,982 | $ | 7,165,739 | $ | 3,305,377 | |||||||
Fabrication Services | 2,521,594 | 2,575,597 | 1,692,533 | ||||||||||
Technology | 602,513 | 599,195 | 487,296 | ||||||||||
Environmental Solutions | 848,841 | 753,996 | — | ||||||||||
Total revenue | $ | 12,974,930 | $ | 11,094,527 | $ | 5,485,206 | |||||||
Depreciation And Amortization | |||||||||||||
Engineering, Construction and Maintenance | $ | 69,844 | $ | 70,926 | $ | 16,722 | |||||||
Fabrication Services | 58,195 | 57,660 | 27,062 | ||||||||||
Technology | 26,852 | 24,267 | 22,637 | ||||||||||
Environmental Solutions | 26,507 | 27,173 | — | ||||||||||
Total depreciation and amortization | $ | 181,398 | $ | 180,026 | $ | 66,421 | |||||||
Equity Earnings | |||||||||||||
Engineering, Construction and Maintenance | $ | — | $ | — | $ | — | |||||||
Fabrication Services | (77 | ) | 248 | — | |||||||||
Technology | 24,613 | 22,356 | 17,931 | ||||||||||
Environmental Solutions | 689 | 870 | — | ||||||||||
Total equity earnings | $ | 25,225 | $ | 23,474 | $ | 17,931 | |||||||
Income From Operations | |||||||||||||
Engineering, Construction and Maintenance | $ | 560,563 | $ | 350,525 | $ | 168,467 | |||||||
Fabrication Services | 234,884 | 259,750 | 170,780 | ||||||||||
Technology | 187,385 | 156,835 | 127,396 | ||||||||||
Environmental Solutions | 39,461 | 13,135 | — | ||||||||||
Total operating groups | $ | 1,022,293 | $ | 780,245 | $ | 466,643 | |||||||
Acquisition and integration related costs | (39,685 | ) | (95,737 | ) | (11,000 | ) | |||||||
Total income from operations | $ | 982,608 | $ | 684,508 | $ | 455,643 | |||||||
Capital Expenditures | |||||||||||||
Engineering, Construction and Maintenance | $ | 42,208 | $ | 16,866 | $ | 6,395 | |||||||
Fabrication Services | 44,543 | 38,529 | 36,963 | ||||||||||
Technology | 9,781 | 16,397 | 28,921 | ||||||||||
Environmental Solutions | 21,092 | 18,700 | — | ||||||||||
Total capital expenditures | $ | 117,624 | $ | 90,492 | $ | 72,279 | |||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Engineering, Construction and Maintenance | $ | 5,219,623 | $ | 5,197,190 | $ | 1,907,455 | |||||||
Fabrication Services | 1,988,333 | 2,116,245 | 1,102,791 | ||||||||||
Technology | 1,078,458 | 1,077,414 | 1,319,429 | ||||||||||
Environmental Solutions | 1,094,617 | 998,744 | — | ||||||||||
Total assets | $ | 9,381,031 | $ | 9,389,593 | $ | 4,329,675 | |||||||
Total Revenue by Country | The following table presents total revenue by country for those countries with revenue in excess of 10% of consolidated revenue during a given year based upon the location of the applicable projects: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue by Country | |||||||||||||
United States | $ | 6,682,054 | $ | 5,007,899 | $ | 1,114,148 | |||||||
Australia | 2,498,848 | 1,574,253 | 666,688 | ||||||||||
Colombia | 1,094,887 | 1,035,450 | 917,553 | ||||||||||
Canada | 547,623 | 820,243 | 665,907 | ||||||||||
Papua New Guinea | 307,389 | 757,657 | 606,532 | ||||||||||
Other (1) | 1,844,129 | 1,899,025 | 1,514,378 | ||||||||||
Total revenue | $ | 12,974,930 | $ | 11,094,527 | $ | 5,485,206 | |||||||
(1) | Revenue earned in other countries, including The Netherlands (our country of domicile), was not individually greater than 10% of our consolidated revenue in 2014, 2013 or 2012. |
QUARTERLY_OPERATING_RESULTS_UN1
QUARTERLY OPERATING RESULTS (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Consolidated Financial Information On A Quarterly Basis | The following table presents selected unaudited consolidated financial information on a quarterly basis for 2014 and 2013: | ||||||||||||||||
Quarter Ended 2014 | |||||||||||||||||
March 31 | June 30 | 30-Sep | 31-Dec | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Revenue | $ | 2,928,132 | $ | 3,294,379 | $ | 3,380,733 | $ | 3,371,686 | |||||||||
Gross profit | $ | 301,402 | $ | 381,175 | $ | 393,194 | $ | 390,638 | |||||||||
Acquisition and integration related costs (1) | $ | 8,067 | $ | 9,537 | $ | 4,563 | $ | 17,518 | |||||||||
Net income | $ | 102,746 | $ | 167,066 | $ | 183,890 | $ | 182,423 | |||||||||
Net income attributable to CB&I | $ | 88,951 | $ | 142,404 | $ | 161,842 | $ | 150,410 | |||||||||
Net income attributable to CB&I per share—basic | $ | 0.83 | $ | 1.32 | $ | 1.5 | $ | 1.39 | |||||||||
Net income attributable to CB&I per share—diluted | $ | 0.82 | $ | 1.31 | $ | 1.48 | $ | 1.37 | |||||||||
(1) | For 2014, integration related costs primarily related to facility consolidations costs, including the associated accrued future lease costs for vacated facilities and unutilized capacity, personnel relocation and severance-related costs, and systems integration costs. | ||||||||||||||||
Quarter Ended 2013 (1) | |||||||||||||||||
March 31 | June 30 | 30-Sep | December 31 (3) | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Revenue | $ | 2,251,429 | $ | 2,850,791 | $ | 2,992,050 | $ | 3,000,257 | |||||||||
Gross profit | $ | 246,144 | $ | 297,091 | $ | 316,569 | $ | 339,206 | |||||||||
Acquisition and integration related costs (2) | $ | 61,256 | $ | 9,964 | $ | 5,257 | $ | 19,260 | |||||||||
Net income | $ | 42,872 | $ | 119,700 | $ | 132,963 | $ | 217,055 | |||||||||
Net income attributable to CB&I | $ | 33,608 | $ | 106,043 | $ | 117,688 | $ | 196,781 | |||||||||
Net income attributable to CB&I per share—basic | $ | 0.33 | $ | 0.99 | $ | 1.1 | $ | 1.83 | |||||||||
Net income attributable to CB&I per share—diluted | $ | 0.32 | $ | 0.98 | $ | 1.08 | $ | 1.8 | |||||||||
ORGANIZATION_AND_NATURE_OF_OPE1
ORGANIZATION AND NATURE OF OPERATIONS - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Date founded | 1889 |
Number of Operating Segments | 4 |
SIGNIFICANT_ACCOUNTING_POLICIE3
SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | ||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Estimated Net Margin, Increase (Decrease) to Operating Income | ($25,000) | |||||||||||||||||||
Contract retentions | 53,000 | 68,600 | 53,000 | 68,600 | 53,000 | |||||||||||||||
Research and development expenditures | 28,432 | 27,071 | 27,606 | |||||||||||||||||
Acquisition and integration related costs | 17,518 | [1] | 4,563 | [1] | 9,537 | [1] | 8,067 | [1] | 19,260 | [2],[3] | 5,257 | [2] | 9,964 | [2] | 61,256 | [2] | 39,685 | 95,737 | 11,000 | |
Depreciation | 114,892 | 118,915 | 43,808 | |||||||||||||||||
Minimum | ||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Finite-lived identifiable intangible assets, estimated useful lives, (in years) | 2 years | |||||||||||||||||||
Minimum | Buildings and improvements | ||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Property and equipment, estimated useful lives (in years) | 10 years | |||||||||||||||||||
Minimum | Plant and field equipment | ||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Property and equipment, estimated useful lives (in years) | 1 year | |||||||||||||||||||
Maximum | ||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Finite-lived identifiable intangible assets, estimated useful lives, (in years) | 20 years | |||||||||||||||||||
Maximum | Buildings and improvements | ||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Property and equipment, estimated useful lives (in years) | 40 years | |||||||||||||||||||
Maximum | Plant and field equipment | ||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Property and equipment, estimated useful lives (in years) | 15 years | |||||||||||||||||||
Term Loan | ||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Unsecured term loan remaining | 825,000 | 925,000 | 825,000 | 925,000 | 825,000 | |||||||||||||||
Term Loan | Interest rate | ||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Hedge against interest rate variability | 416,625 | |||||||||||||||||||
Costs and estimated earnings on contracts in progress | ||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Cost And Estimated Earnings In Excess Of Billings On Service Contracts | $66,900 | $80,000 | ||||||||||||||||||
Engineering, Construction and Maintenance | ||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Number of Reporting Units | 3 | |||||||||||||||||||
Fabrication Services | ||||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||||
Number of Reporting Units | 2 | |||||||||||||||||||
[1] | For 2014, integration related costs primarily related to facility consolidations costs, including the associated accrued future lease costs for vacated facilities and unutilized capacity, personnel relocation and severance-related costs, and systems integration costs. | |||||||||||||||||||
[2] | For 2013, acquisition costs primarily related to transaction costs, professional fees, and change-in-control and severance-related costs associated with the Shaw Acquisition. Integration costs primarily related to facility consolidations costs, including the associated accrued future lease costs for vacated facilities and unutilized capacity, personnel relocation and severance-related costs, and systems integration costs. | |||||||||||||||||||
[3] | Net income for the fourth quarter 2013 included a benefit of $77,800 resulting from the reversal of VA associated with our U.K. NOL DTA and certain U.S. foreign tax credits. |
SIGNIFICANT_ACCOUNTING_POLICIE4
SIGNIFICANT ACCOUNTING POLICIES - Contracts in Progress (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 13, 2013 | ||
Contracts in Progress, Assets | $774,644 | $566,718 | |||
Contracts in Progress, Liability | -1,985,488 | -2,720,251 | |||
Margin Fair Value Recognized As Revenue | 115,900 | 70,800 | |||
Asset | |||||
Costs and estimated earnings on contracts in progress | 20,119,444 | 16,694,373 | |||
Billings on contracts in progress | -19,344,800 | -16,127,655 | |||
Liability | |||||
Costs and estimated earnings on contracts in progress | 26,052,767 | 23,377,143 | |||
Billings on contracts in progress | -27,479,495 | -25,422,746 | |||
Margin fair value liability for acquired contracts | -558,760 | [1] | -674,648 | [1] | -745,500 |
Costs and estimated earnings on contracts in progress | |||||
Contracts in Progress, Assets | 774,644 | 566,718 | |||
Billings on contracts in progress | |||||
Contracts in Progress, Liability | ($1,985,488) | ($2,720,251) | |||
Minimum | |||||
Recognition Period Of Margin Fair Value Liability | 5 years | ||||
Maximum | |||||
Recognition Period Of Margin Fair Value Liability | 6 years | ||||
[1] | The balance represents a margin fair value liability associated with long-term contracts acquired in connection with our acquisition of The Shaw Group Inc. ("Shaw") (the "Shaw Acquisition" or the "Acquisition") on February 13, 2013 (the "Acquisition Closing Date") (see Note 4). The margin fair value liability was approximately $745,500 at the Acquisition Closing Date and is recognized as revenue on a POC basis as the applicable projects progress. We anticipate the remaining liability will be recognized as revenue over the next five to six years. Revenue and the related income from operations recognized during 2014 and 2013 was approximately $115,900 and $70,800, respectively. |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Earnings Per Share [Abstract] | |||||||||||||||
Net income attributable to CB&I | $150,410 | $161,842 | $142,404 | $88,951 | $196,781 | [1] | $117,688 | $106,043 | $33,608 | $543,607 | $454,120 | $301,655 | |||
Weighted average shares outstanding- basic (in shares) | 108,047 | 105,935 | 96,633 | ||||||||||||
Effect of restricted shares/performance shares/stock options (in shares) | 1,045 | [2] | 1,447 | [2] | 1,528 | [2] | |||||||||
Effect of directors’ deferred-fee shares (in shares) | 30 | 70 | 70 | ||||||||||||
Weighted average shares outstanding—diluted (in shares) | 109,122 | 107,452 | 98,231 | ||||||||||||
Net income attributable to CB&I per share: | |||||||||||||||
Basic (in dollars per share) | $1.39 | $1.50 | $1.32 | $0.83 | $1.83 | [1] | $1.10 | $0.99 | $0.33 | $5.03 | $4.29 | $3.12 | |||
Diluted (in dollars per share) | $1.37 | $1.48 | $1.31 | $0.82 | $1.80 | [1] | $1.08 | $0.98 | $0.32 | $4.98 | $4.23 | $3.07 | |||
[1] | Net income for the fourth quarter 2013 included a benefit of $77,800 resulting from the reversal of VA associated with our U.K. NOL DTA and certain U.S. foreign tax credits. | ||||||||||||||
[2] | Antidilutive shares excluded from diluted EPS were not material for 2014, 2013 or 2012. |
ACQUISITIONS_Additional_Inform
ACQUISITIONS - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 13, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 17-May-13 |
Business Acquisition [Line Items] | |||||
Cash purchase price, net of cash acquired | $1,713,333 | $0 | $1,774,158 | $0 | |
Non-recurring adjustments, net of tax | 73,300 | 84,300 | |||
Process technologies (15 years) | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible assets (weighted average life) | 15 years | ||||
Shaw Group Inc | |||||
Business Acquisition [Line Items] | |||||
Total purchase price | 3,340,070 | ||||
Business acquisition, purchase price cash | 2,851,260 | ||||
Business acquisition, cost of acquired entity, equity consideration | 488,810 | ||||
Cash consideration funded using existing cash balance | 1,051,260 | ||||
Cash acquired | 1,137,927 | 1,137,927 | |||
Total purchase price, net of unrestricted cash acquired | 2,202,143 | ||||
Phillips 66's E-Gas | |||||
Business Acquisition [Line Items] | |||||
Finite-lived Intangible Assets Acquired | 60,800 |
ACQUISITIONS_Unaudited_Pro_For
ACQUISITIONS - Unaudited Pro Forma Condensed Combined Financial Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Combinations [Abstract] | ||
Pro forma revenue | $11,583,997 | $10,858,142 |
Pro forma net income attributable to CB&I | $529,942 | $354,908 |
Pro forma net income attributable to CB&I per share: | ||
Basic (in usd per share) | $4.95 | $3.36 |
Diluted (in usd per share) | $4.88 | $3.31 |
INVENTORY_Components_of_Invent
INVENTORY - Components of Inventory (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $162,451 | $184,586 |
Work in process | 38,232 | 31,764 |
Finished goods | 85,472 | 86,637 |
Total | $286,155 | $302,987 |
GOODWILL_AND_OTHER_INTANGIBLES2
GOODWILL AND OTHER INTANGIBLES - Additional Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $4,195,231,000 | $4,226,468,000 | $926,711,000 |
Goodwill, Impairment Charge | $0 |
GOODWILL_AND_OTHER_INTANGIBLES3
GOODWILL AND OTHER INTANGIBLES - Change in Goodwill by Business Sector (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ||
Beginning Balance | $4,226,468 | $926,711 |
Shaw Acquisition | 3,296,530 | |
Amortization of tax goodwill in excess of book goodwill | -1,600 | -6,632 |
Foreign currency translation and other | -29,637 | 9,859 |
Ending Balance | 4,195,231 | 4,226,468 |
Engineering, Construction and Maintenance | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 2,768,715 | 447,651 |
Shaw Acquisition | 2,315,340 | |
Amortization of tax goodwill in excess of book goodwill | 953 | -4,135 |
Foreign currency translation and other | -23,937 | 9,859 |
Ending Balance | 2,745,731 | 2,768,715 |
Fabrication Services | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 545,274 | 48,224 |
Shaw Acquisition | 497,368 | |
Amortization of tax goodwill in excess of book goodwill | 141 | -318 |
Foreign currency translation and other | 0 | 0 |
Ending Balance | 545,415 | 545,274 |
Technology | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 428,657 | 430,836 |
Shaw Acquisition | 0 | |
Amortization of tax goodwill in excess of book goodwill | -2,694 | -2,179 |
Foreign currency translation and other | 0 | 0 |
Ending Balance | 425,963 | 428,657 |
Environmental Solutions | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 483,822 | 0 |
Shaw Acquisition | 483,822 | |
Amortization of tax goodwill in excess of book goodwill | 0 | 0 |
Foreign currency translation and other | -5,700 | 0 |
Ending Balance | $478,122 | $483,822 |
GOODWILL_AND_OTHER_INTANGIBLES4
GOODWILL AND OTHER INTANGIBLES - Finite-Lived Intangible Asset Balances Including Weighted-Average Useful Lives (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | $753,658 | [1] | $773,084 | [1] | |
Accumulated Amortization | -197,204 | [1] | -145,361 | [1] | |
Finite-lived intangible assets (weighted average life) | 15 years | 15 years | |||
Amortization of Intangible Assets | 66,506 | 61,111 | 22,613 | ||
Amortization expense for intangible assets | |||||
2015 | 61,500 | ||||
2016 | 55,100 | ||||
2017 | 46,000 | ||||
2018 | 44,400 | ||||
2019 | 42,300 | ||||
Backlog and customer relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 380,586 | 380,586 | |||
Accumulated Amortization | -71,257 | -33,735 | |||
Finite-lived intangible assets (weighted average life) | 16 years | 16 years | |||
Process technologies | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 287,459 | 295,726 | |||
Accumulated Amortization | -105,646 | -90,282 | |||
Finite-lived intangible assets (weighted average life) | 15 years | 15 years | |||
Tradenames | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 85,613 | 86,042 | |||
Accumulated Amortization | -20,301 | -11,126 | |||
Finite-lived intangible assets (weighted average life) | 10 years | 10 years | |||
Lease agreements | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 0 | [2] | 7,718 | [2] | |
Accumulated Amortization | 0 | [2] | -7,627 | [2] | |
Finite-lived intangible assets (weighted average life) | 6 years | 6 years | |||
Non-compete agreements | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross Carrying Amount | 0 | [2] | 3,012 | [2] | |
Accumulated Amortization | $0 | [2] | ($2,591) | [2] | |
Finite-lived intangible assets (weighted average life) | 7 years | 7 years | |||
[1] | The decrease in other intangibles, net during 2014 primarily related to amortization expense of $66,506 and the impact of foreign currency translation. Amortization expense for our intangibles existing at December 31, 2014 is anticipated to be approximately $61,500, $55,100, $46,000, $44,400 and $42,300 for 2015, 2016, 2017, 2018 and 2019, respectively. | ||||
[2] | Lease agreement and non-compete intangibles became fully amortized during 2014 and were therefore removed from the December 31, 2014 gross carrying and accumulated amortization balances above. |
PARTNERING_ARRANGEMENTS_Additi
PARTNERING ARRANGEMENTS - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Investments [Line Items] | |||
Dividends received from equity method joint ventures | $17,034 | $33,984 | $20,286 |
CB&I/Chiyoda | |||
Schedule of Investments [Line Items] | |||
Joint venture contract value | 2,600,000 | ||
CB&I/Zachry | |||
Schedule of Investments [Line Items] | |||
Joint venture contract value | 3,100,000 | ||
CB&I/Kentz Joint Venture | |||
Schedule of Investments [Line Items] | |||
Joint venture contract value | 5,000,000 | ||
CB&I/Clough Joint Venture | |||
Schedule of Investments [Line Items] | |||
Joint venture contract value | 2,000,000 | ||
CB&I/Areva Joint Venture | |||
Schedule of Investments [Line Items] | |||
Joint venture contract value | 5,000,000 | ||
Areva | CB&I/Areva Joint Venture | |||
Schedule of Investments [Line Items] | |||
Percentage of ownership in joint venture | 48.00% | ||
Clough | CB&I/Clough Joint Venture | |||
Schedule of Investments [Line Items] | |||
Percentage of ownership in joint venture | 35.00% | ||
Kentz | CB&I/Kentz Joint Venture | |||
Schedule of Investments [Line Items] | |||
Percentage of ownership in joint venture | 35.00% | ||
Net Power | |||
Schedule of Investments [Line Items] | |||
Commitment to invest | 47,300 | ||
Equity method invested | $11,700 | ||
Net Power | Maximum | |||
Schedule of Investments [Line Items] | |||
Expected Percentage of ownership interest | 33.30% | ||
CB&I | CB&I/Chiyoda | |||
Schedule of Investments [Line Items] | |||
Proportionate Consolidation Ownership Percentage | 50.00% | ||
CB&I | CB&I/Zachry | |||
Schedule of Investments [Line Items] | |||
Proportionate Consolidation Ownership Percentage | 50.00% | ||
CB&I | CB&I/Kentz Joint Venture | |||
Schedule of Investments [Line Items] | |||
Percentage of ownership in joint venture | 65.00% | ||
CB&I | CB&I/Clough Joint Venture | |||
Schedule of Investments [Line Items] | |||
Percentage of ownership in joint venture | 65.00% | ||
CB&I | CB&I/Areva Joint Venture | |||
Schedule of Investments [Line Items] | |||
Percentage of ownership in joint venture | 52.00% | ||
CB&I | CLG | |||
Schedule of Investments [Line Items] | |||
Percentage of equity investment | 50.00% | ||
Corporate Joint Venture | CLG | |||
Schedule of Investments [Line Items] | |||
Percentage of equity investment | 50.00% | ||
Zachary | CB&I/Chiyoda | |||
Schedule of Investments [Line Items] | |||
Proportionate Consolidation Ownership Percentage | 50.00% | ||
Chiyoda | CB&I/Zachry | |||
Schedule of Investments [Line Items] | |||
Proportionate Consolidation Ownership Percentage | 50.00% |
PARTNERING_ARRANGEMENTS_Propor
PARTNERING ARRANGEMENTS - Proportionately Consolidated Variable Interest Entities Summarized Balance Sheet Information (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Due To Affiliate Current Rounded | $108,700 | |||
CB&I/Zachry | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Current assets | 102,035 | [1] | 0 | [1] |
Current liabilities | 124,367 | 0 | ||
CB&I/Chiyoda | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Current assets | 85,484 | [1] | 0 | [1] |
Current liabilities | 149,891 | 0 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $71,200 | |||
[1] | Other ventures that we consolidate due to their designation as VIEs are not individually material to our financial results and are therefore aggregated as "All Other". |
PARTNERING_ARRANGEMENTS_Summar
PARTNERING ARRANGEMENTS - Summarized Balance Sheet Information of Variable Interest Entities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
CB&I/Kentz Joint Venture | ||||
Variable Interest Entity [Line Items] | ||||
Current assets | $220,930 | $156,974 | ||
Current liabilities | 196,277 | 72,741 | ||
CB&I/Clough Joint Venture | ||||
Variable Interest Entity [Line Items] | ||||
Current assets | 33,098 | 122,179 | ||
Current liabilities | 6,408 | 48,933 | ||
CB&I/AREVA Joint Venture | ||||
Variable Interest Entity [Line Items] | ||||
Current assets | 27,006 | 34,547 | ||
Current liabilities | 73,124 | 98,478 | ||
All Other Joint Ventures | ||||
Variable Interest Entity [Line Items] | ||||
Current assets | 97,360 | [1] | 83,370 | [1] |
Current liabilities | 30,126 | 26,879 | ||
Non-current assets | 22,045 | [1] | 24,802 | [1] |
Total assets | $119,405 | $108,172 | ||
[1] | Other ventures that we consolidate due to their designation as VIEs are not individually material to our financial results and are therefore aggregated as "All Other". |
SUPPLEMENTAL_BALANCE_SHEET_DET2
SUPPLEMENTAL BALANCE SHEET DETAIL - Components of Property and Equipment, Accrued Liabilities and Other Non-current Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | |||||
Property and Equipment | |||||
Property and equipment, gross | $1,273,764 | $1,184,693 | |||
Accumulated depreciation | -502,113 | -395,896 | |||
Property and equipment, net | 771,651 | 788,797 | |||
Other Current Liabilities | |||||
Payroll-related obligations | 371,764 | 336,889 | |||
Advances from proportionately consolidated ventures | 108,658 | [1] | 0 | [1] | |
Income taxes payable | 57,186 | 91,049 | |||
Self-insurance and other insurance reserves | 25,243 | 24,575 | |||
Pension obligations | 2,975 | 3,284 | |||
Postretirement medical benefit obligations | 2,895 | 3,139 | |||
Other | 235,573 | [2] | 240,570 | [2] | |
Other current liabilities | 804,294 | 699,506 | |||
Other Non-Current Liabilities | |||||
Pension obligations | 173,852 | 119,236 | |||
Self-insurance and other insurance reserves | 51,904 | 51,848 | |||
Postretirement medical benefit obligations | 48,563 | 43,498 | |||
Income tax reserves | 13,458 | [3] | 14,281 | [3] | 5,169 |
Other | 162,849 | [4] | 158,692 | [4] | |
Other non-current liabilities | 450,626 | 387,555 | |||
Land and improvements | |||||
Property and Equipment | |||||
Property and equipment, gross | 87,085 | 90,884 | |||
Buildings and improvements | |||||
Property and Equipment | |||||
Property and equipment, gross | 405,603 | 360,720 | |||
Plant, field equipment and other | |||||
Property and Equipment | |||||
Property and equipment, gross | $781,076 | $733,089 | |||
Accrued Liabilities | |||||
Other Non-Current Liabilities | |||||
Percentage of liability accruals | 5.00% | 5.00% | |||
Other Noncurrent Liabilities | |||||
Other Non-Current Liabilities | |||||
Percentage of liability accruals | 5.00% | 5.00% | |||
[1] | Represents advances from our proportionately consolidated ventures as discussed in Note 7. | ||||
[2] | Represents various accruals that are each individually less than 5% of total current liabilities, including accruals for non-contract payables, taxes other than income taxes, country-specific employee benefits, operating lease obligations, derivatives, and medical and legal obligations. | ||||
[3] | If these income tax benefits were ultimately recognized, approximately $10,300 and $11,100 of the December 31, 2014 and 2013 balances, respectively, would benefit tax expense as we are contractually indemnified for the remaining balances. | ||||
[4] | Represents various accruals that are each individually less than 5% of total liabilities, including accruals for non-contract payables, taxes other than income taxes, operating lease obligations, deferred rent, and country-specific employee benefits. |
FACILITY_REALIGNMENT_AND_CHANG2
FACILITY REALIGNMENT AND CHANGE-IN-CONTROL LIABILITIES (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Restructuring Reserve | ||||
Beginning Balance | $12,111 | [1] | $12,752 | |
Shaw Acquisition-related obligations | 0 | 37,000 | ||
Cash payments | -12,044 | -44,472 | ||
Foreign exchange and other | 0 | 27 | ||
Ending Balance | 14,354 | [1] | 12,111 | [1] |
Future cash payments: | ||||
2015 | 6,200 | |||
2016 | 2,100 | |||
2017 | 1,100 | |||
2018 | 1,000 | |||
2019 | 1,000 | |||
Restructuring Reserve Settled With Cash Beyond Year Five | 3,000 | |||
Acquisition and integration-related costs | ||||
Restructuring Reserve | ||||
Charges | $14,287 | [2] | $6,804 | [2] |
[1] | Future cash payments for our existing obligations at December 31, 2014 are anticipated to be approximately $6,200, $2,100, $1,100, $1,000, $1,000 and $3,000 in 2015, 2016, 2017, 2018, 2019, and thereafter, respectively. | |||
[2] | During 2014 and 2013, charges of $14,287 and $6,804, respectively, were recognized within acquisition and integration related costs related to facility consolidations and the associated accelerated lease costs for vacated facilities. The charges in 2014 were associated with vacated facilities primarily in our Engineering, Construction and Maintenance and Environmental Solutions operating groups, and the charges in 2013 were associated with vacated facilities in our Engineering, Construction and Maintenance and Technology operating groups. |
DEBT_Outstanding_Debt_Detail
DEBT - Outstanding Debt (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Current | ||
Revolving facility and other short-term borrowings | 164,741,000 | 115,000,000 |
Current maturities of long-term debt | 105,997,000 | 100,000,000 |
Less: current maturities of long-term debt | -105,997,000 | -100,000,000 |
Current debt | 270,738,000 | 215,000,000 |
Long-Term | ||
Senior Notes: $800,000 senior notes, series A-D (fixed interest ranging from 4.15% to 5.30%) | 800,000,000 | 800,000,000 |
Less: current maturities of long-term debt | -105,997,000 | -100,000,000 |
Long-term debt | 1,564,158,000 | 1,625,000,000 |
Minimum | ||
Long-Term | ||
Debt instrument fixed interest rate | 4.15% | 4.15% |
Maximum | ||
Long-Term | ||
Debt instrument fixed interest rate | 5.30% | 5.30% |
Term Loan | ||
Long-Term | ||
Term Loan: $1,000,000 term loan (interest at LIBOR plus an applicable floating margin) | 825,000,000 | 925,000,000 |
Unsecured term loan | 1,000,000,000 | 1,000,000,000 |
Debt instrument, interest rate terms | Interest at LIBOR plus an applicable floating margin | Interest at LIBOR plus an applicable floating margin |
Secured Debt | ||
Long-Term | ||
Other long-term debt | 45,155,000 | 0 |
Unsecured term loan | 48,081,000 |
DEBT_Additional_Information_De
DEBT - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | Series A Senior Notes | Series B Senior Notes | Series C Senior Notes | Series D Senior Notes | Term Loan | Term Loan | Term Loan | Secured Debt | Secured Debt | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Uncommitted Credit Facility | Shaw Group Inc | Shaw Group Inc | Toshiba Corporation | CB&I | Westinghouse Electric Company | Maximum | Minimum | Prime Rate | Prime Rate | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | Surety Bond | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Interest rate | USD ($) | USD ($) | Revolving Credit Facility One Amended | Total Revolving Credit Facilities Member | Revolving Credit Facility Two | Revolving Credit Facility Three | USD ($) | Westinghouse Bonds | Westinghouse Bonds | Westinghouse Bonds | Westinghouse Bonds | Shaw Group Inc | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | Term Loan | Unsecured Revolving Credit Facility | Unsecured Revolving Credit Facility | USD ($) | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | JPY (¥) | USD ($) | USD ($) | Revolving Credit Facility One Amended | Revolving Credit Facility One Amended | Revolving Credit Facility One Amended | Revolving Credit Facility Two | Revolving Credit Facility One Amended | Revolving Credit Facility Two | ||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||||||||||||||
Line of credit facility, original term | 4 years | 5 years | 5 years | ||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $1,350,000,000 | $650,000,000 | |||||||||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 675,000,000 | 487,500,000 | 310,000,000 | ||||||||||||||||||||||||||
Financial Letters Line Of Credit Capacity | 270,000,000 | ||||||||||||||||||||||||||||
Debt Instrument Covenant Leverage Ratio | 3 | ||||||||||||||||||||||||||||
Debt Instrument Covenant Fixed Charge Coverage Ratio | 1.75 | ||||||||||||||||||||||||||||
Minimum net worth requirement | 1,989,452,000 | ||||||||||||||||||||||||||||
Maximum Amount Available For Dividends And Stock Repurchase | 250,000,000 | ||||||||||||||||||||||||||||
Debt Instrument Covenant Leverage Ratio For Dividend Payments and Share Repurchases | 1.5 | ||||||||||||||||||||||||||||
Debt Instrument Basis For Variable Rate | 3.25% | 3.25% | 0.17% | 0.17% | 0.17% | ||||||||||||||||||||||||
Debt Instrument Spread On Variable Rate | 0.75% | 0.75% | 1.75% | 1.75% | |||||||||||||||||||||||||
Credit facilities utilized | 228,241,000 | 32,489,000 | 1,187,937,000 | ||||||||||||||||||||||||||
Available borrowing capacity under credit facility | 1,121,759,000 | 551,511,000 | 1,935,174,000 | ||||||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 675,000,000 | 413,370,000 | 210,142,000 | ||||||||||||||||||||||||||
Long-term Debt, Weighted Average Interest Rate | 1.90% | ||||||||||||||||||||||||||||
Line of Credit Facility, Amount Outstanding | 66,000,000 | 98,740,000 | |||||||||||||||||||||||||||
Financial Letters Of Credit Outstanding Amount | 8,130,000 | ||||||||||||||||||||||||||||
Interest rate swap, interest rate | 2.20% | 3.30% | 1.20% | ||||||||||||||||||||||||||
Credit Facility Total Capacity | 3,221,851,000 | ||||||||||||||||||||||||||||
Line Of Credit Facility Current Borrowing Capacity Net Of Letters Of Credit | 308,882,000 | ||||||||||||||||||||||||||||
Reduction Of Borrowing Capacity Amount Due To Letters Of Credit Utilization | 1,118,000 | ||||||||||||||||||||||||||||
Unsecured term loan remaining | 825,000,000 | 925,000,000 | |||||||||||||||||||||||||||
Unsecured term loan | 1,000,000,000 | 1,000,000,000 | 48,081,000 | 1,353,700,000 | 128,980,000,000 | ||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||||||||||||||||||||
Hedge against interest rate variability | 416,625,000 | ||||||||||||||||||||||||||||
Repayment of unsecured term loan in year one | 100,000,000 | ||||||||||||||||||||||||||||
Repayment of unsecured term loan in year two | 150,000,000 | 5,997,000 | |||||||||||||||||||||||||||
Repayment of unsecured term loan in year three | 575,000,000 | 6,196,000 | |||||||||||||||||||||||||||
Semi annually fixed rate payable | 3.26% | 4.15% | 4.57% | 5.15% | 5.30% | ||||||||||||||||||||||||
Senior notes | 800,000,000 | 800,000,000 | 150,000,000 | 225,000,000 | 275,000,000 | 150,000,000 | |||||||||||||||||||||||
Other long-term debt | 45,155,000 | 0 | |||||||||||||||||||||||||||
Debt Instrument, Term | 6 years | ||||||||||||||||||||||||||||
Repayment of unsecured term loan in year four | 6,401,000 | ||||||||||||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 6,613,000 | ||||||||||||||||||||||||||||
Long-term Debt Maturities Repayments Of Principal In Year Six | 6,832,000 | ||||||||||||||||||||||||||||
Long-term Debt Maturities Repayments Of Principal In Year Seven | 13,116,000 | ||||||||||||||||||||||||||||
Percentage of equity investment | 20.00% | ||||||||||||||||||||||||||||
Funding to repay Westinghouse bonds | 1,309,000,000 | 44,700,000 | |||||||||||||||||||||||||||
Maximum Credit Facility Borrowings | 929,240,000 | ||||||||||||||||||||||||||||
Guarantor Obligations, Current Carrying Value | $530,642,000 | ||||||||||||||||||||||||||||
Debt Instrument Maturity Month And Year | 2017-12 | 2019-12 | 2022-12 | 2024-12 | |||||||||||||||||||||||||
Line Of Credit Facility Expiration Dates | 2018-02 | 2018-10 |
FINANCIAL_INSTRUMENTS_Addition
FINANCIAL INSTRUMENTS - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | |||
Senior notes | $800,000 | 800,000 | $800,000 |
Level 2 | |||
Derivative [Line Items] | |||
Senior notes | 785,100 | 785,100 | 753,700 |
Term Loan | |||
Derivative [Line Items] | |||
Unsecured term loan remaining | 825,000 | 825,000 | 925,000 |
Term Loan | Interest rate | |||
Derivative [Line Items] | |||
Hedge against interest rate variability | 416,625 | ||
Foreign Exchange Contract Operating Exposure | |||
Derivative [Line Items] | |||
Notional value of outstanding forward contracts | $144,300 | 144,300 | |
Foreign Exchange Contract Operating Exposure | Maximum | |||
Derivative [Line Items] | |||
Maturity of foreign currency derivatives from period-end | 5 years |
FINANCIAL_INSTRUMENTS_Carried_
FINANCIAL INSTRUMENTS - Carried at Fair Value (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $351,323 | $420,502 | ||
Derivatives: | ||||
Other current assets | 852 | [1] | 2,155 | [1] |
Other non-current assets | 2,248 | [1] | 4,705 | [1] |
Total assets at fair value | 354,423 | [1] | 427,362 | [1] |
Derivatives | ||||
Other current liabilities | -12,728 | [1] | -3,818 | [1] |
Other non-current liabilities | -1,873 | [1] | -450 | [1] |
Total liabilities at fair value | -14,601 | [1] | -4,268 | [1] |
Level 1 | ||||
Assets | ||||
Cash and cash equivalents | 351,323 | 420,502 | ||
Derivatives: | ||||
Other current assets | 0 | [1] | 0 | [1] |
Other non-current assets | 0 | [1] | 0 | [1] |
Total assets at fair value | 351,323 | [1] | 420,502 | [1] |
Derivatives | ||||
Other current liabilities | 0 | [1] | 0 | [1] |
Other non-current liabilities | 0 | [1] | 0 | [1] |
Total liabilities at fair value | 0 | [1] | 0 | [1] |
Level 2 | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Derivatives: | ||||
Other current assets | 852 | [1] | 2,155 | [1] |
Other non-current assets | 2,248 | [1] | 4,705 | [1] |
Total assets at fair value | 3,100 | [1] | 6,860 | [1] |
Derivatives | ||||
Other current liabilities | -12,728 | [1] | -3,818 | [1] |
Other non-current liabilities | -1,873 | [1] | -450 | [1] |
Total liabilities at fair value | -14,601 | [1] | -4,268 | [1] |
Level 3 | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Derivatives: | ||||
Other current assets | 0 | [1] | 0 | [1] |
Other non-current assets | 0 | [1] | 0 | [1] |
Total assets at fair value | 0 | [1] | 0 | [1] |
Derivatives | ||||
Other current liabilities | 0 | [1] | 0 | [1] |
Other non-current liabilities | 0 | [1] | 0 | [1] |
Total liabilities at fair value | $0 | [1] | $0 | [1] |
[1] | We are exposed to credit risk on our hedging instruments associated with potential counterparty non-performance, and the fair value of our derivatives reflects this credit risk. The total level 2 assets at fair value above represent the maximum loss that we would incur on our outstanding hedges if the applicable counterparties failed to perform according to the hedge contracts. To help mitigate counterparty credit risk, we transact only with counterparties that are rated as investment grade or higher and monitor all counterparties on a continuous basis. |
FINANCIAL_INSTRUMENTS_Total_Fa
FINANCIAL INSTRUMENTS - Total Fair Value by Underlying Risk and Balance Sheet Classification (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | $3,100 | |
Liability Derivatives, Fair Value | -14,601 | |
Interest rate | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 2,258 | |
Liability Derivatives, Fair Value | -1,229 | |
Foreign currency | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 842 | |
Liability Derivatives, Fair Value | -13,372 | |
Cash flow hedging | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 3,100 | 6,860 |
Liability Derivatives, Fair Value | -14,601 | -4,268 |
Cash flow hedging | Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 2,297 | 4,633 |
Liability Derivatives, Fair Value | -6,225 | -3,086 |
Cash flow hedging | Designated as hedging instrument | Interest rate | Other current and non-current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 2,258 | 3,772 |
Cash flow hedging | Designated as hedging instrument | Interest rate | Other current and non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | -1,229 | -2,233 |
Cash flow hedging | Designated as hedging instrument | Foreign currency | Other current and non-current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 39 | 861 |
Cash flow hedging | Designated as hedging instrument | Foreign currency | Other current and non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | -4,996 | -853 |
Cash flow hedging | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 803 | 2,227 |
Liability Derivatives, Fair Value | -8,376 | -1,182 |
Cash flow hedging | Not designated as hedging instrument | Interest rate | Other current and non-current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 0 | 0 |
Cash flow hedging | Not designated as hedging instrument | Interest rate | Other current and non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | 0 | 0 |
Cash flow hedging | Not designated as hedging instrument | Foreign currency | Other current and non-current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 803 | 2,227 |
Cash flow hedging | Not designated as hedging instrument | Foreign currency | Other current and non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Fair Value | ($8,376) | ($1,182) |
FINANCIAL_INSTRUMENTS_Derivati
FINANCIAL INSTRUMENTS - Derivative Assets and Liabilities on Gross Basis and Net Settlement Basis (Detail) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Assets: | |
Gross Amounts Recognized | $3,100 |
Gross Amounts Offset on the Balance Sheet | 0 |
Net Amounts Presented on the Balance Sheet | 3,100 |
Gross Amounts Not Offset on the Balance Sheet - Financial Instruments | -500 |
Gross Amounts Not Offset on the Balance Sheet - Cash Collateral Received | 0 |
Net Amount | 2,600 |
Liabilities: | |
Gross Amounts Recognized | -14,601 |
Gross Amounts Offset on the Balance Sheet | 0 |
Net Amounts Presented on the Balance Sheet | -14,601 |
Gross Amounts Not Offset on the Balance Sheet - Financial Instruments | 500 |
Gross Amounts Not Offset on the Balance Sheet - Cash Collateral Received | 0 |
Net Amount | -14,101 |
Interest rate | |
Assets: | |
Gross Amounts Recognized | 2,258 |
Gross Amounts Offset on the Balance Sheet | 0 |
Net Amounts Presented on the Balance Sheet | 2,258 |
Gross Amounts Not Offset on the Balance Sheet - Financial Instruments | 0 |
Gross Amounts Not Offset on the Balance Sheet - Cash Collateral Received | 0 |
Net Amount | 2,258 |
Liabilities: | |
Gross Amounts Recognized | -1,229 |
Gross Amounts Offset on the Balance Sheet | 0 |
Net Amounts Presented on the Balance Sheet | -1,229 |
Gross Amounts Not Offset on the Balance Sheet - Financial Instruments | 0 |
Gross Amounts Not Offset on the Balance Sheet - Cash Collateral Received | 0 |
Net Amount | -1,229 |
Foreign currency | |
Assets: | |
Gross Amounts Recognized | 842 |
Gross Amounts Offset on the Balance Sheet | 0 |
Net Amounts Presented on the Balance Sheet | 842 |
Gross Amounts Not Offset on the Balance Sheet - Financial Instruments | -500 |
Gross Amounts Not Offset on the Balance Sheet - Cash Collateral Received | 0 |
Net Amount | 342 |
Liabilities: | |
Gross Amounts Recognized | -13,372 |
Gross Amounts Offset on the Balance Sheet | 0 |
Net Amounts Presented on the Balance Sheet | -13,372 |
Gross Amounts Not Offset on the Balance Sheet - Financial Instruments | 500 |
Gross Amounts Not Offset on the Balance Sheet - Cash Collateral Received | 0 |
Net Amount | ($12,872) |
FINANCIAL_INSTRUMENTS_Total_Va
FINANCIAL INSTRUMENTS - Total Value, by Underlying Risk, Recognized in Other Comprehensive Income and Reclassified from Accumulated Other Comprehensive Income to Interest Expense and Cost of Revenue (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||||
Amount of Gain (Loss) on Effective Derivative Portion Reclassified from AOCI into Earnings | $182,423 | $183,890 | $167,066 | $102,746 | $217,055 | [1] | $132,963 | $119,700 | $42,872 | $636,125 | $512,590 | $317,063 | ||
Designated as hedging instrument | ||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||||
Net unrealized gains(losses) anticipated to be reclassified into earnings during the next 12 months | 5,414 | |||||||||||||
Cash flow hedging | Designated as hedging instrument | ||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||||
Amount of Gain (Loss) on Effective Derivative Portion Recognized in OCI | -7,562 | -50 | ||||||||||||
Amount of Gain (Loss) on Effective Derivative Portion Reclassified from AOCI into Earnings | -3,658 | [2] | -513 | [2] | ||||||||||
Cash flow hedging | Designated as hedging instrument | Interest rate | ||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||||
Amount of Gain (Loss) on Effective Derivative Portion Recognized in OCI | -2,649 | -278 | ||||||||||||
Amount of Gain (Loss) on Effective Derivative Portion Reclassified from AOCI into Earnings | -2,139 | [2] | -1,817 | [2] | ||||||||||
Cash flow hedging | Designated as hedging instrument | Foreign currency | ||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||||||
Amount of Gain (Loss) on Effective Derivative Portion Recognized in OCI | -4,913 | 228 | ||||||||||||
Amount of Gain (Loss) on Effective Derivative Portion Reclassified from AOCI into Earnings | ($1,519) | [2] | $1,304 | [2] | ||||||||||
[1] | Net income for the fourth quarter 2013 included a benefit of $77,800 resulting from the reversal of VA associated with our U.K. NOL DTA and certain U.S. foreign tax credits. | |||||||||||||
[2] | Net unrealized losses totaling $5,414 are anticipated to be reclassified from AOCI into earnings during the next 12 months due to settlement of the associated underlying obligations. |
FINANCIAL_INSTRUMENTS_Total_Va1
FINANCIAL INSTRUMENTS - Total Value Recognized in Cost of Revenue for Derivatives which Do Not Seek Hedge Accounting Treatment, by Underlying Risk (Detail) (Cash flow hedging, Not designated as hedging instrument, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Cost of Revenue on Derivatives | ($5,114) | $2,607 |
Foreign currency | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Cost of Revenue on Derivatives | ($5,114) | $2,607 |
RETIREMENT_BENEFITS_Retirement
RETIREMENT BENEFITS - Retirement Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined contribution plan cost recognized | $73,444 | $82,655 | $53,189 | |||
Accumulated benefit obligation for all defined benefit plans | 926,365 | 868,230 | ||||
Contributions to multi-employer plans for additional benefits | 118,087 | [1] | 98,995 | [1] | 27,393 | [1] |
Multiemployer Plans, Postretirement Benefit | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Contributions to multi-employer plans for additional benefits | $110,743 | $102,025 | $13,271 | |||
United States Postretirement Benefit Plans of US Entity, Defined Benefit | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Health care cost trend rates projected at annual rates in 2012 fiscal year | 7.00% | |||||
Health care cost trend rates projected at annual rates | 5.00% | |||||
Equity Securities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Weighted average asset allocation in securities, minimum | 35.00% | |||||
Weighted average asset allocation in securities, maximum | 40.00% | |||||
Debt Securities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Weighted average asset allocation in securities, minimum | 60.00% | |||||
Weighted average asset allocation in securities, maximum | 65.00% | |||||
Other Investments | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Weighted average asset allocation in securities, minimum | 0.00% | |||||
Weighted average asset allocation in securities, maximum | 5.00% | |||||
[1] | Our 2014 contributions as a percentage of total plan contributions were not available for any of our plans. For 2013, our contributions to the Plumbers & Streamfitters Local 150 Pension Fund, the Southern Ironworkers Pension Fund, the IBEW Local 1579 Pension Plan, the Iron Workers' Mid-America Pension Plan, the Plumbers & Pipefitters Local Union 421 Pension Fund Trust, the Plumbers & Steamfitters Local 577 Pension Plan, the Boilermakers’ National Pension Plan (Canada) and the Edmonton Pipe Industry Pension Plan (Canada) exceeded 5% of total plan contributions. For 2012, our contributions to the Boilermakers’ National Pension Plan (Canada), the Alberta Ironworkers Pension Fund (Canada) and the Edmonton Pipe Industry Pension Plan (Canada) exceeded 5% of total plan contributions. The level of our contributions to each plan noted above varies from period to period based upon the level of work being performed that is covered under the applicable collective-bargaining agreement. |
RETIREMENT_BENEFITS_Components
RETIREMENT BENEFITS - Components of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Pension Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | $9,113 | $6,795 | $3,862 | |||
Interest cost | 33,530 | 31,159 | 26,623 | |||
Expected return on plan assets | -36,577 | -30,611 | -23,856 | |||
Amortization of prior service credits | -465 | -466 | -452 | |||
Recognized net actuarial losses (gains) | 4,649 | 4,555 | 2,718 | |||
Settlement/curtailment | 0 | [1] | 0 | [1] | 0 | [1] |
Net periodic benefit cost | 10,250 | 11,432 | 8,895 | |||
Other Postretirement Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 1,037 | 1,244 | 1,124 | |||
Interest cost | 2,279 | 2,064 | 2,571 | |||
Expected return on plan assets | 0 | 0 | 0 | |||
Amortization of prior service credits | 0 | -266 | -269 | |||
Recognized net actuarial losses (gains) | -863 | -517 | -348 | |||
Settlement/curtailment | 0 | [1] | 0 | [1] | -2,841 | [1] |
Net periodic benefit cost | $2,453 | $2,525 | $237 | |||
[1] | The settlement/curtailment amount was associated with termination of benefits for our United Kingdom ("U.K.") postretirement plan in 2012. |
RETIREMENT_BENEFITS_Change_in_
RETIREMENT BENEFITS - Change in Projected Benefit Obligation and Plan Assets (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Amendments | ($4,119) | $0 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 779,626 | ||||
Fair value of plan assets at end of year | 783,219 | 779,626 | |||
Pension Plans | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Projected benefit obligation at beginning of year | 882,471 | 673,686 | |||
Acquisition | 0 | [1] | 154,311 | [1] | |
Service cost | 9,113 | 6,795 | 3,862 | ||
Interest cost | 33,530 | 31,159 | 26,623 | ||
Actuarial loss (gain) | 153,887 | [2] | 15,767 | [2] | |
Plan participants’ contributions | 3,443 | 3,306 | |||
Benefits paid | -35,945 | -34,672 | |||
Currency translation | -96,858 | [3] | 32,119 | [3] | |
Projected benefit obligation at end of year | 945,522 | 882,471 | 673,686 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 779,626 | 565,707 | |||
Acquisition | 0 | [1] | 157,591 | [1] | |
Actual return on plan assets | 95,294 | 39,604 | |||
Benefits paid | -35,945 | -34,672 | |||
Employer contributions | 19,957 | [4] | 18,908 | [4] | |
Plan participants’ contributions | 3,443 | 3,306 | |||
Currency translation | -79,156 | [3] | 29,182 | [3] | |
Fair value of plan assets at end of year | 783,219 | 779,626 | 565,707 | ||
Funded status | -162,303 | -102,845 | |||
Amounts recognized in the balance sheet consist of: | |||||
Prepaid benefit cost within other non-current assets | 14,524 | 19,675 | |||
Accrued benefit cost within other current liabilities | -2,975 | -3,284 | |||
Accrued benefit cost within other non-current liabilities | -173,852 | -119,236 | |||
Net funded status recognized | -162,303 | -102,845 | |||
Unrecognized net prior service credits | -5,111 | -2,026 | |||
Unrecognized net actuarial losses (gains) | 186,838 | 114,976 | |||
Accumulated other comprehensive loss (income), before taxes | 181,727 | [5] | 112,950 | [5] | |
Expected contribution in 2015 fiscal year | 18,545 | ||||
Previously unrecognized net prior service cost expected to be recognized in 2015 fiscal year | 675 | ||||
Previously unrecognized net actuarial losses expected to be recognized in 2015 fiscal year | 7,506 | ||||
Other Postretirement Plans | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Projected benefit obligation at beginning of year | 46,637 | 50,603 | |||
Service cost | 1,037 | 1,244 | 1,124 | ||
Interest cost | 2,279 | 2,064 | 2,571 | ||
Actuarial loss (gain) | 3,199 | [2] | -5,242 | [2] | |
Plan participants’ contributions | 1,625 | 1,517 | |||
Benefits paid | -3,319 | -3,549 | |||
Currency translation | 0 | [3] | 0 | [3] | |
Projected benefit obligation at end of year | 51,458 | 46,637 | 50,603 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets at beginning of year | 0 | 0 | |||
Acquisition | 0 | [1] | 0 | [1] | |
Actual return on plan assets | 0 | 0 | |||
Benefits paid | -3,319 | -3,549 | |||
Employer contributions | 1,694 | [4] | 2,032 | [4] | |
Plan participants’ contributions | 1,625 | 1,517 | |||
Currency translation | 0 | [3] | 0 | [3] | |
Fair value of plan assets at end of year | 0 | 0 | 0 | ||
Funded status | -51,458 | -46,637 | |||
Amounts recognized in the balance sheet consist of: | |||||
Prepaid benefit cost within other non-current assets | 0 | 0 | |||
Accrued benefit cost within other current liabilities | -2,895 | -3,139 | |||
Accrued benefit cost within other non-current liabilities | -48,563 | -43,498 | |||
Net funded status recognized | -51,458 | -46,637 | |||
Unrecognized net prior service credits | 0 | 0 | |||
Unrecognized net actuarial losses (gains) | -13,360 | -17,419 | |||
Accumulated other comprehensive loss (income), before taxes | -13,360 | [5] | -17,419 | [5] | |
Expected contribution in 2015 fiscal year | $2,895 | ||||
[1] | The acquisition amounts include the projected benefit obligation and plan asset balances at the Acquisition Closing Date associated with pension plans acquired in the Shaw Acquisition. | ||||
[2] | The actuarial pension plan loss for 2014 was primarily associated with a decrease in discount rate assumptions for our pension plans. | ||||
[3] | The currency translation loss for 2014 was primarily associated with the strengthening of the U.S. Dollar against the currencies associated with our international pension plans, primarily the Euro and British Pound. | ||||
[4] | During 2015, we expect to contribute approximately $18,545 and $2,895 to our pension and other postretirement plans, respectively. | ||||
[5] | During 2015, we expect to recognize $675 and $7,506 of previously unrecognized net prior service pension credits and net actuarial pension losses, respectively. |
RETIREMENT_BENEFITS_Defined_Be
RETIREMENT BENEFITS - Defined Benefit Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Projected benefit obligation | $824,988 | $758,452 |
Accumulated benefit obligation | 805,830 | 744,211 |
Fair value of plan assets | $648,162 | $635,935 |
RETIREMENT_BENEFITS_WeightedAv
RETIREMENT BENEFITS - Weighted-Average Assumptions Used to Measure Defined Benefit Pension and Other Postretirement Plans (Detail) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Pension Plans | ||||
Weighted-average assumptions used to determine benefit obligations at December 31, | ||||
Discount rate | 2.64% | 3.97% | ||
Rate of compensation increase | 2.76% | [1] | 2.78% | [1] |
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, | ||||
Discount rate | 3.97% | 3.95% | ||
Expected long-term rate of return on plan assets | 4.80% | [2] | 4.45% | [2] |
Rate of compensation increase | 2.76% | [1] | 2.78% | [1] |
Other Postretirement Plans | ||||
Weighted-average assumptions used to determine benefit obligations at December 31, | ||||
Discount rate | 4.13% | 4.94% | ||
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, | ||||
Discount rate | 4.94% | 4.05% | ||
[1] | The rate of compensation increase relates solely to the defined benefit plans that factor compensation increases into the valuation. | |||
[2] | The expected long-term rate of return on plan assets was derived using historical returns by asset category and expectations of future performance. |
RETIREMENT_BENEFITS_Expected_D
RETIREMENT BENEFITS - Expected Defined Benefit Pension and Other Postretirement Plan Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $36,099 |
2016 | 36,960 |
2017 | 42,409 |
2018 | 37,873 |
2019 | 38,431 |
2020-2024 | 206,234 |
Other Postretirement Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 2,895 |
2016 | 3,204 |
2017 | 3,400 |
2018 | 3,555 |
2019 | 3,633 |
2020-2024 | $18,163 |
RETIREMENT_BENEFITS_Plan_Asset
RETIREMENT BENEFITS - Plan Assets at Fair Value by Investment Category and Valuation Hierarchy Level (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | $783,219 | $779,626 | ||
Global Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 4,661 | 6,027 | ||
International Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 194,336 | [1] | 209,553 | [1] |
Emerging Markets Growth Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 17,584 | 21,258 | ||
U.S. Large-Cap Growth Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 11,796 | 11,677 | ||
U.S. Mid-Cap Growth Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 886 | 843 | ||
U.S. Small-Cap Growth Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 498 | 492 | ||
U.S. Small-Cap Value Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 505 | 493 | ||
Euro Government Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 184,979 | [2] | 202,324 | [2] |
Euro Corporate Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 89,356 | [3] | 82,096 | [3] |
U.K. Government Index-Linked Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 101,779 | [4] | 93,540 | [4] |
U.K. Corporate Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 17,989 | [5] | 18,212 | [5] |
Other International Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 69,455 | [6] | 69,820 | [6] |
U.S. Corporate and Government Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 3,046 | 2,741 | ||
Guaranteed Investment Contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 821 | 852 | ||
Commodities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 9,278 | 10,920 | ||
Asset Allocation Fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 76,250 | [7] | 48,778 | [7] |
Quoted Market Prices In Active Markets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 4,661 | 6,027 | ||
Quoted Market Prices In Active Markets (Level 1) | Global Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 4,661 | 6,027 | ||
Quoted Market Prices In Active Markets (Level 1) | International Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | [1] | 0 | [1] |
Quoted Market Prices In Active Markets (Level 1) | Emerging Markets Growth Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Quoted Market Prices In Active Markets (Level 1) | U.S. Large-Cap Growth Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Quoted Market Prices In Active Markets (Level 1) | U.S. Mid-Cap Growth Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Quoted Market Prices In Active Markets (Level 1) | U.S. Small-Cap Growth Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Quoted Market Prices In Active Markets (Level 1) | U.S. Small-Cap Value Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Quoted Market Prices In Active Markets (Level 1) | Euro Government Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | [2] | 0 | [2] |
Quoted Market Prices In Active Markets (Level 1) | Euro Corporate Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | [3] | 0 | [3] |
Quoted Market Prices In Active Markets (Level 1) | U.K. Government Index-Linked Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | [4] | 0 | [4] |
Quoted Market Prices In Active Markets (Level 1) | U.K. Corporate Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | [5] | 0 | [5] |
Quoted Market Prices In Active Markets (Level 1) | Other International Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | [6] | 0 | [6] |
Quoted Market Prices In Active Markets (Level 1) | U.S. Corporate and Government Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Quoted Market Prices In Active Markets (Level 1) | Guaranteed Investment Contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Quoted Market Prices In Active Markets (Level 1) | Commodities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Quoted Market Prices In Active Markets (Level 1) | Asset Allocation Fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | [7] | 0 | [7] |
Internal Models With Significant Observable Market Parameters (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 778,558 | 773,599 | ||
Internal Models With Significant Observable Market Parameters (Level 2) | Global Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Internal Models With Significant Observable Market Parameters (Level 2) | International Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 194,336 | [1] | 209,553 | [1] |
Internal Models With Significant Observable Market Parameters (Level 2) | Emerging Markets Growth Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 17,584 | 21,258 | ||
Internal Models With Significant Observable Market Parameters (Level 2) | U.S. Large-Cap Growth Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 11,796 | 11,677 | ||
Internal Models With Significant Observable Market Parameters (Level 2) | U.S. Mid-Cap Growth Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 886 | 843 | ||
Internal Models With Significant Observable Market Parameters (Level 2) | U.S. Small-Cap Growth Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 498 | 492 | ||
Internal Models With Significant Observable Market Parameters (Level 2) | U.S. Small-Cap Value Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 505 | 493 | ||
Internal Models With Significant Observable Market Parameters (Level 2) | Euro Government Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 184,979 | [2] | 202,324 | [2] |
Internal Models With Significant Observable Market Parameters (Level 2) | Euro Corporate Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 89,356 | [3] | 82,096 | [3] |
Internal Models With Significant Observable Market Parameters (Level 2) | U.K. Government Index-Linked Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 101,779 | [4] | 93,540 | [4] |
Internal Models With Significant Observable Market Parameters (Level 2) | U.K. Corporate Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 17,989 | [5] | 18,212 | [5] |
Internal Models With Significant Observable Market Parameters (Level 2) | Other International Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 69,455 | [6] | 69,820 | [6] |
Internal Models With Significant Observable Market Parameters (Level 2) | U.S. Corporate and Government Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 3,046 | 2,741 | ||
Internal Models With Significant Observable Market Parameters (Level 2) | Guaranteed Investment Contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 821 | 852 | ||
Internal Models With Significant Observable Market Parameters (Level 2) | Commodities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 9,278 | 10,920 | ||
Internal Models With Significant Observable Market Parameters (Level 2) | Asset Allocation Fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 76,250 | [7] | 48,778 | [7] |
Internal Models With Significant Unobservable Market Parameters (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Internal Models With Significant Unobservable Market Parameters (Level 3) | Global Equities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Internal Models With Significant Unobservable Market Parameters (Level 3) | International Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | [1] | 0 | [1] |
Internal Models With Significant Unobservable Market Parameters (Level 3) | Emerging Markets Growth Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Internal Models With Significant Unobservable Market Parameters (Level 3) | U.S. Large-Cap Growth Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Internal Models With Significant Unobservable Market Parameters (Level 3) | U.S. Mid-Cap Growth Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Internal Models With Significant Unobservable Market Parameters (Level 3) | U.S. Small-Cap Growth Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Internal Models With Significant Unobservable Market Parameters (Level 3) | U.S. Small-Cap Value Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Internal Models With Significant Unobservable Market Parameters (Level 3) | Euro Government Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | [2] | 0 | [2] |
Internal Models With Significant Unobservable Market Parameters (Level 3) | Euro Corporate Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | [3] | 0 | [3] |
Internal Models With Significant Unobservable Market Parameters (Level 3) | U.K. Government Index-Linked Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | [4] | 0 | [4] |
Internal Models With Significant Unobservable Market Parameters (Level 3) | U.K. Corporate Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | [5] | 0 | [5] |
Internal Models With Significant Unobservable Market Parameters (Level 3) | Other International Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | [6] | 0 | [6] |
Internal Models With Significant Unobservable Market Parameters (Level 3) | U.S. Corporate and Government Bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Internal Models With Significant Unobservable Market Parameters (Level 3) | Guaranteed Investment Contracts | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Internal Models With Significant Unobservable Market Parameters (Level 3) | Commodities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | 0 | 0 | ||
Internal Models With Significant Unobservable Market Parameters (Level 3) | Asset Allocation Fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan assets at fair value | $0 | [7] | $0 | [7] |
[1] | Investments in various funds that track international indices. | |||
[2] | Investments in European Union government securities with credit ratings of primarily AAA. | |||
[3] | Investments in European fixed interest securities with credit ratings of primarily BBB and above. | |||
[4] | Investments predominantly in U.K. Treasury securities with credit ratings of primarily AAA. | |||
[5] | Investments predominantly in U.K. fixed interest securities with credit ratings of primarily BBB and above. | |||
[6] | Investments predominantly in various international fixed income obligations that are individually insignificant. | |||
[7] | Investments in fixed income securities, equities and alternative asset classes, including commodities and property assets. |
RETIREMENT_BENEFITS_Assumed_He
RETIREMENT BENEFITS - Assumed Health Care Cost Trends by One Percentage Point (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | |
1-Percentage Point Increase, Effect on total of service and interest cost | $63 |
1-Percentage Point Increase, Effect on postretirement benefit obligation | 1,430 |
1-Percentage Point Decrease, Effect on total of service and interest cost | -56 |
1-Percentage Point Decrease, Effect on postretirement benefit obligation | ($1,283) |
RETIREMENT_BENEFITS_Additional
RETIREMENT BENEFITS - Additional Information Regarding Significant Multi-Employer Pension Plans (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Multi Employer Pension Plans [Line Items] | ||||||
Total Company Contributions | $118,087 | [1] | $98,995 | [1] | $27,393 | [1] |
Boilermaker-Blacksmith National Pension Trust | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 48-6168020-001 | |||||
Pension Protection Act (% Funded) | Between 65 and less than 80 percent | [2] | Between 65 and less than 80 percent | [2] | ||
FIP/RP Plan | Implemented | [2] | ||||
Total Company Contributions | 33,105 | [1] | 20,549 | [1] | 6,910 | [1] |
Twin City Carpenters and Joiners Pension Fund | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 41-6043137-001 | |||||
Pension Protection Act (% Funded) | Between 65 and less than 80 percent | [2] | Between 65 and less than 80 percent | [2] | ||
FIP/RP Plan | Implemented | [2] | ||||
Expiration Date of Collective- Bargaining Agreement (4) | 2016-04 | [3] | ||||
Total Company Contributions | 6,010 | [1] | 2,752 | [1] | 1,665 | [1] |
Middle Tennessee Carpenters And Millwrights Pension Fund | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 62-6101275-001 | |||||
Pension Protection Act (% Funded) | At least 80 percent | [2] | At least 80 percent | [2] | ||
FIP/RP Plan | No | [2] | ||||
Total Company Contributions | 4,729 | [1] | 1,297 | [1] | 0 | [1] |
Plumbers and Pipefitters National Pension Fund | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 52-6152779-001 | |||||
Pension Protection Act (% Funded) | Between 65 and less than 80 percent | [2] | Between 65 and less than 80 percent | [2] | ||
FIP/RP Plan | Implemented | [2] | ||||
Total Company Contributions | 3,895 | [1] | 3,336 | [1] | 0 | [1] |
Twin City Iron Workers Pension Plan | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 41-6084127-001 | |||||
Pension Protection Act (% Funded) | Between 65 and less than 80 percent | [2] | Between 65 and less than 80 percent | [2] | ||
FIP/RP Plan | Implemented | [2] | ||||
Expiration Date of Collective- Bargaining Agreement (4) | 2016-04 | [3] | ||||
Total Company Contributions | 2,791 | [1] | 1,272 | [1] | 657 | [1] |
Minnesota Laborers Pension Plan | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 41-6159599-001 | |||||
Pension Protection Act (% Funded) | At least 80 percent | [2] | At least 80 percent | [2] | ||
FIP/RP Plan | No | [2] | ||||
Expiration Date of Collective- Bargaining Agreement (4) | 2016-04 | [3] | ||||
Total Company Contributions | 2,584 | [1] | 1,444 | [1] | 745 | [1] |
Plumbers and Steamfitters Local 150 Pension Fund | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 58-6116699-001 | |||||
Pension Protection Act (% Funded) | Between 65 and less than 80 percent | [2] | Less than 65 percent | [2] | ||
FIP/RP Plan | Implemented | [2] | ||||
Total Company Contributions | 2,154 | [1] | 1,788 | [1] | 0 | [1] |
Southern Ironworkers Pension Fund | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 59-6227091-001 | |||||
Pension Protection Act (% Funded) | At least 80 percent | [2] | At least 80 percent | [2] | ||
FIP/RP Plan | No | [2] | ||||
Total Company Contributions | 2,150 | [1] | 612 | [1] | 0 | [1] |
Central Laborers Pension Fund | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 37-6052379-001 | |||||
Pension Protection Act (% Funded) | Less than 65 percent | [2] | Less than 65 percent | [2] | ||
FIP/RP Plan | Implemented | [2] | ||||
Total Company Contributions | 1,881 | [1] | 1,609 | [1] | 0 | [1] |
Upstate New York Engineers Pension Fund | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 15-0614642-001 | |||||
Pension Protection Act (% Funded) | Between 65 and less than 80 percent | [2] | Less than 65 percent | [2] | ||
FIP/RP Plan | Implemented | [2] | ||||
Total Company Contributions | 1,806 | [1] | 1,667 | [1] | 0 | [1] |
IBEW Local 1579 Pension Plan | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 58-1254974-001 | |||||
Pension Protection Act (% Funded) | At least 80 percent | [2] | Between 65 and less than 80 percent | [2] | ||
FIP/RP Plan | No | [2] | ||||
Total Company Contributions | 1,401 | [1] | 1,114 | [1] | 0 | [1] |
National Electrical Benefit Fund | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 53-0181657-001 | |||||
Pension Protection Act (% Funded) | At least 80 percent | [2] | Between 65 and less than 80 percent | [2] | ||
FIP/RP Plan | No | [2] | ||||
Total Company Contributions | 1,359 | [1] | 2,300 | [1] | 0 | [1] |
Ironworkers Mid-America Pension Plan | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 36-6488227-001 | |||||
Pension Protection Act (% Funded) | At least 80 percent | [2] | Between 65 and less than 80 percent | [2] | ||
FIP/RP Plan | No | [2] | ||||
Total Company Contributions | 1,227 | [1] | 2,073 | [1] | 0 | [1] |
Plumbers & Pipefitters Local Union 421 Pension Fund Trust | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 57-0524232-001 | |||||
Pension Protection Act (% Funded) | At least 80 percent | [2] | At least 80 percent | [2] | ||
FIP/RP Plan | No | [2] | ||||
Total Company Contributions | 1,134 | [1] | 913 | [1] | 0 | [1] |
Plumbers & Steamfitters Local 577 Pension Plan | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 31-6134953-001 | |||||
Pension Protection Act (% Funded) | Between 65 and less than 80 percent | [2] | Between 65 and less than 80 percent | [2] | ||
FIP/RP Plan | Implemented | [2] | ||||
Total Company Contributions | 1,075 | 500 | 0 | |||
Boilermakers’ National Pension Plan (Canada) | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 366708 | |||||
Pension Protection Act (% Funded) | NA | [2] | NA | [2] | ||
FIP/RP Plan | NA | [2] | ||||
Expiration Date of Collective- Bargaining Agreement (4) | 2015-04 | [3] | ||||
Total Company Contributions | 10,795 | [1] | 14,033 | [1] | 9,748 | [1] |
Edmonton Pipe Industry Pension Plan (Canada) | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 546028 | |||||
Pension Protection Act (% Funded) | NA | [2] | NA | [2] | ||
FIP/RP Plan | NA | [2] | ||||
Expiration Date of Collective- Bargaining Agreement (4) | 2015-04 | [3] | ||||
Total Company Contributions | 2,896 | [1] | 5,612 | [1] | 5,623 | [1] |
Alberta Ironworkers Pension Fund (Canada) | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 555656 | |||||
Pension Protection Act (% Funded) | NA | [2] | NA | [2] | ||
FIP/RP Plan | NA | [2] | ||||
Expiration Date of Collective- Bargaining Agreement (4) | 2015-04 | [3] | ||||
Total Company Contributions | 787 | [1] | 2,775 | [1] | 1,480 | [1] |
Alberta Carpenters Pension Fund (Canada) | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
EIN/Plan Number | 381723 | |||||
Pension Protection Act (% Funded) | NA | [2] | NA | [2] | ||
FIP/RP Plan | NA | [2] | ||||
Expiration Date of Collective- Bargaining Agreement (4) | 2015-04 | [3] | ||||
Total Company Contributions | 40 | [1] | 1,087 | [1] | 142 | [1] |
All Other | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
Total Company Contributions | 36,268 | [1],[4] | 32,262 | [1],[4] | 423 | [1],[4] |
Minimum | Plumbers and Steamfitters Local 150 Pension Fund | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
Percentage of company contributions for pension plan of total plan contributions | 5.00% | |||||
Minimum | Southern Ironworkers Pension Fund | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
Percentage of company contributions for pension plan of total plan contributions | 5.00% | |||||
Minimum | IBEW Local 1579 Pension Plan | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
Percentage of company contributions for pension plan of total plan contributions | 5.00% | |||||
Minimum | Ironworkers Mid-America Pension Plan | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
Percentage of company contributions for pension plan of total plan contributions | 5.00% | |||||
Minimum | Plumbers & Pipefitters Local Union 421 Pension Fund Trust | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
Percentage of company contributions for pension plan of total plan contributions | 5.00% | |||||
Minimum | Plumbers & Steamfitters Local 577 Pension Plan | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
Percentage of company contributions for pension plan of total plan contributions | 5.00% | |||||
Minimum | Boilermakers’ National Pension Plan (Canada) | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
Percentage of company contributions for pension plan of total plan contributions | 5.00% | 5.00% | ||||
Minimum | Edmonton Pipe Industry Pension Plan (Canada) | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
Percentage of company contributions for pension plan of total plan contributions | 5.00% | 5.00% | ||||
Minimum | Alberta Ironworkers Pension Fund (Canada) | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
Percentage of company contributions for pension plan of total plan contributions | 5.00% | |||||
Multiemployer Plans, Postretirement Benefit | ||||||
Multi Employer Pension Plans [Line Items] | ||||||
Total Company Contributions | $110,743 | $102,025 | $13,271 | |||
[1] | Our 2014 contributions as a percentage of total plan contributions were not available for any of our plans. For 2013, our contributions to the Plumbers & Streamfitters Local 150 Pension Fund, the Southern Ironworkers Pension Fund, the IBEW Local 1579 Pension Plan, the Iron Workers' Mid-America Pension Plan, the Plumbers & Pipefitters Local Union 421 Pension Fund Trust, the Plumbers & Steamfitters Local 577 Pension Plan, the Boilermakers’ National Pension Plan (Canada) and the Edmonton Pipe Industry Pension Plan (Canada) exceeded 5% of total plan contributions. For 2012, our contributions to the Boilermakers’ National Pension Plan (Canada), the Alberta Ironworkers Pension Fund (Canada) and the Edmonton Pipe Industry Pension Plan (Canada) exceeded 5% of total plan contributions. The level of our contributions to each plan noted above varies from period to period based upon the level of work being performed that is covered under the applicable collective-bargaining agreement. | |||||
[2] | Pension Protection Act Zone Status and FIP/RP plans are applicable to our U.S.-registered plans only, as these terms are not defined within Canadian pension legislation. In the U.S., plans funded less than 65% are in the red zone, plans funded at least 65%, but less than 80% are in the yellow zone, and plans funded at least 80% are in the green zone. The requirement for FIP or RP plans in the U.S. is based on the funding level or zone status of the applicable plan. | |||||
[3] | The expiration dates of our labor agreements associated with the plans noted as "Various" above vary based upon the duration of the applicable projects. | |||||
[4] | Our remaining contributions are to various U.S. and Canadian plans, which are individually immaterial. |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Line Items] | |||
Rent expense for operating leases | $144,288 | $147,100 | $76,880 |
Surety bonds and letters of credit contracting activities | 1,896,161 | ||
Surety bonds and letters of credit insurance program | 83,148 | ||
Asbestos Litigation | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Number of plaintiffs | 5,700 | ||
Number of plaintiffs whose claims pending | 1,700 | ||
Number of plaintiffs whose claims closed through dismissals or settlements | 4,000 | ||
Settlement amount per claim | 2,000 | ||
Accrued litigation liability and related expenses | $5,000 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Future Minimum Payments under Non-cancelable Operating Leases (Detail) (USD $) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
2015 | $109,589 | |
2016 | 79,253 | |
2017 | 58,580 | |
2018 | 47,835 | |
2019 | 36,501 | |
Thereafter | 104,258 | |
Total | 436,016 | [1] |
Minimum lease payments, contractually recoverable through cost-reimbursable projects amount | $9,413 | |
[1] | Approximately $9,413 of minimum lease payments above are contractually recoverable through our cost-reimbursable projects. |
SHAREHOLDERS_EQUITY_Additional
SHAREHOLDERS' EQUITY - Additional Information (Detail) | Dec. 31, 2014 |
Equity [Abstract] | |
Treasury stock restrictions, percentage of issued share capital, maximum (no more than 10%) | 10.00% |
Components_of_Accumulated_Othe
- Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at December 31, 2013 | ($119,933) | |
OCI before reclassifications | -151,218 | |
Amounts reclassified from AOCI | 8,754 | |
Net OCI | -142,464 | |
Balance at December 31, 2014 | -262,397 | |
Currency Translation Adjustment | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at December 31, 2013 | -46,580 | [1] |
OCI before reclassifications | -87,207 | [1] |
Amounts reclassified from AOCI | 0 | [1] |
Net OCI | -87,207 | [1] |
Balance at December 31, 2014 | -133,787 | [1] |
Unrealized Fair Value Of Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at December 31, 2013 | 1,771 | |
OCI before reclassifications | -7,061 | |
Amounts reclassified from AOCI | 2,577 | |
Net OCI | -4,484 | |
Balance at December 31, 2014 | -2,713 | |
Defined Benefit Pension and Other Postretirement Plans | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at December 31, 2013 | -75,124 | |
OCI before reclassifications | -56,950 | |
Amounts reclassified from AOCI | 6,177 | |
Net OCI | -50,773 | |
Balance at December 31, 2014 | ($125,897) | |
[1] | The currency translation adjustment component of AOCI was impacted during 2014 primarily by movements in the Euro, British Pound, and Australian Dollar exchange rates against the U.S. Dollar. |
SHAREHOLDERS_EQUITY_Significan
SHAREHOLDERS' EQUITY - Significant Items Reclassified Into Earnings (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||||||
Interest rate derivatives (interest expense) | $83,590 | $87,578 | $19,606 | ||||||||||
Foreign currency derivatives (cost of revenue) | 11,508,521 | 9,895,517 | 4,786,499 | ||||||||||
Total, before taxes | 907,542 | 603,860 | 444,066 | ||||||||||
Taxes | -271,417 | -91,270 | -127,003 | ||||||||||
Net income | 182,423 | 183,890 | 167,066 | 102,746 | 217,055 | [1] | 132,963 | 119,700 | 42,872 | 636,125 | 512,590 | 317,063 | |
Defined Benefit Pension and Other Postretirement Plans, Accumulated Other Comprehensive Income [Abstract] | |||||||||||||
Income before taxes | 907,542 | 603,860 | 444,066 | ||||||||||
Taxes | -271,417 | -91,270 | -127,003 | ||||||||||
Net income | 182,423 | 183,890 | 167,066 | 102,746 | 217,055 | [1] | 132,963 | 119,700 | 42,872 | 636,125 | 512,590 | 317,063 | |
Amounts Reclassified From AOCI | Unrealized Fair Value Of Cash Flow Hedges | |||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||||||
Total, before taxes | 3,658 | [2] | |||||||||||
Taxes | -1,081 | [2] | |||||||||||
Net income | 2,577 | [2] | |||||||||||
Defined Benefit Pension and Other Postretirement Plans, Accumulated Other Comprehensive Income [Abstract] | |||||||||||||
Income before taxes | 3,658 | [2] | |||||||||||
Taxes | -1,081 | [2] | |||||||||||
Net income | 2,577 | [2] | |||||||||||
Amounts Reclassified From AOCI | Defined Benefit Pension and Other Postretirement Plans | |||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||||||
Total, before taxes | 3,321 | [3] | |||||||||||
Taxes | 2,856 | [3] | |||||||||||
Net income | 6,177 | [3] | |||||||||||
Defined Benefit Pension and Other Postretirement Plans, Accumulated Other Comprehensive Income [Abstract] | |||||||||||||
Amortization of prior service credits | -465 | [3] | |||||||||||
Recognized net actuarial losses | 3,786 | [3] | |||||||||||
Income before taxes | 3,321 | [3] | |||||||||||
Taxes | 2,856 | [3] | |||||||||||
Net income | 6,177 | [3] | |||||||||||
Interest rate derivatives | Amounts Reclassified From AOCI | Unrealized Fair Value Of Cash Flow Hedges | |||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||||||
Interest rate derivatives (interest expense) | 2,139 | [2] | |||||||||||
Foreign currency derivatives | Amounts Reclassified From AOCI | Unrealized Fair Value Of Cash Flow Hedges | |||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||||||
Foreign currency derivatives (cost of revenue) | $1,519 | [2] | |||||||||||
[1] | Net income for the fourth quarter 2013 included a benefit of $77,800 resulting from the reversal of VA associated with our U.K. NOL DTA and certain U.S. foreign tax credits. | ||||||||||||
[2] | See Note 11 for further discussion of our cash flow hedges, including the total value reclassified from AOCI to earnings. | ||||||||||||
[3] | See Note 12 for further discussion of our defined benefit and other postretirement plans, including the components of net periodic benefit cost. |
STOCKSETTLED_AND_CASHSETTLED_E2
STOCK-SETTLED AND CASH-SETTLED EQUITY BASED PLANS - Stock Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation expense | $65,588 | $63,315 | $41,000 |
Recurring Share Based Compensation | 67,756 | 64,439 | 41,000 |
Unrecognized compensation cost related to share-based grants | 59,679 | ||
Weighted-average period for unrecognized compensation costs to be recognized | 1 year 4 months 24 days | ||
Recognized tax benefit related to share-based compensation | 19,394 | 25,123 | 13,309 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.16% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.38% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 50.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | ||
Directors’ RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted vesting period (in years) | 1 year | ||
Shares granted (in shares) | 17,000 | 18,000 | 27,000 |
Weighted-average grant-date fair value per share (in usd per share) | $80.45 | ||
Shares distributed during the year (in shares) | 18,000 | ||
Long Term Incentive Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation expense | 64,613 | 62,251 | 39,526 |
Shares available for future stock option, restricted share or performance share grants | 5,222,000 | ||
Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation expense | 33,133 | ||
Options granted vesting period (in years) | 3 years | ||
Shares granted (in shares) | 312,000 | 366,000 | 301,000 |
Weighted-average grant-date fair value per share (in usd per share) | $79.86 | $57.40 | $44.42 |
Shares distributed during the year (in shares) | 629,000 | ||
Total fair value of vested shares | 50,244 | ||
Nonvested Cash-Settled Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value per share (in usd per share) | $0 | ||
Shares distributed during the year (in shares) | 71,000 | ||
Liability Associated With Nonvested Cash Settled Restricted Stock Units RSUs | 405 | ||
ESPP shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation expense | 3,143 | 2,188 | 1,474 |
Employee stock purchase plan, percentage of maximum compensation to purchase share | 8.00% | ||
Employee stock purchase plan, percentage of share purchase price to closing price per share | 85.00% | ||
Employee stock purchase plan, authorized shares remained available for purchase | 3,735,000 | ||
Stock Appreciation Rights (SARs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted vesting period (in years) | 4 years | ||
Weighted-average grant-date fair value per share (in usd per share) | $0 | ||
Expiration period from the original grant date | 10 years | ||
Cash Settled Equity Liability Awards | 2,765 | ||
Nonvested cash-settled SARs liability | 1,349 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted vesting period (in years) | 4 years | ||
Shares granted (in shares) | 718,000 | 381,000 | |
Weighted-average grant-date fair value per share (in usd per share) | $53.09 | $44.22 | |
Total fair value of vested shares | 17,093 | 32,041 | 32,212 |
Cash Paid Upon Vesting Of Cash Settled RSUs | 3,920 | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |
Weighted-average fair value per share of options granted | $20.05 | ||
Aggregate intrinsic value of options exercised | 12,218 | 23,546 | 9,551 |
Net cash proceeds from exercise of stock options | 9,332 | ||
Realized actual income tax benefit from exercise of stock options | $4,906 | ||
Stock options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options expiration term | 10 years | ||
Options granted vesting period (in years) | 3 years | ||
Stock options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted vesting period (in years) | 7 years | ||
Shaw Group Inc | Nonvested Cash-Settled Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 0 | ||
Shaw Group Inc | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted vesting period (in years) | 3 years | ||
Shaw Group Inc | Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted vesting period (in years) | 4 years |
STOCKSETTLED_AND_CASHSETTLED_E3
STOCK-SETTLED AND CASH-SETTLED EQUITY BASED PLANS - Stock Option Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Number of Shares | |
Outstanding options at beginning of year (in shares) | 1,063 |
Exercised (in shares) | -294 |
Forfeited / Expired (in shares) | -16 |
Outstanding options at end of year (in shares) | 753 |
Exercisable options at end of year (in shares) | 654 |
Weighted Average Exercise Price per Share | |
Outstanding options at beginning of year (in usd per share) | $25.26 |
Exercised (in usd per share) | $31.78 |
Forfeited / Expired (in usd per share) | $46.47 |
Outstanding options at end of year (in usd per share) | $22.36 |
Exercisable options at end of year (in usd per share) | $20.87 |
Weighted Average Remaining Contractual Life (in Years) | |
Outstanding options at end of year (in years) | 3 years 10 months 7 days |
Exercisable options at end of year (in years) | 3 years 9 months 28 days |
Aggregate Intrinsic Value | |
Outstanding options at end of year | $16,226 |
Exercisable options at end of year | 15,095 |
Unvested option outstanding (in shares) | 736 |
Weighted-average exercise price of unvested option (in usd per share) | $22.01 |
Weighted-average remaining contractual life of unvested option (in years) | 3 years 10 months 6 days |
Aggregate intrinsic value of unvested option | $16,061 |
STOCKSETTLED_AND_CASHSETTLED_E4
STOCK-SETTLED AND CASH-SETTLED EQUITY BASED PLANS - Restricted Share Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Nonvested RSUs | |||
Nonvested RSUs | |||
Balance at beginning of year (in shares) | 908,000 | ||
Granted (in shares) | 517,000 | ||
Vested (in shares) | -409,000 | ||
Forfeited (in shares) | -43,000 | ||
Balance at end of year (in shares) | 973,000 | ||
Directors’ RSUs | |||
Balance at beginning of year (in usd per share) | $43.94 | ||
Granted (in usd per share) | $80.41 | ||
Vested (in usd per share) | $39.27 | ||
Forfeited (in usd per share) | $62.48 | ||
Balance at end of year (in usd per share) | $64.15 | ||
Directors’ RSUs | |||
Nonvested RSUs | |||
Balance at beginning of year (in shares) | 18,000 | ||
Granted (in shares) | 17,000 | 18,000 | 27,000 |
Vested (in shares) | -18,000 | ||
Balance at end of year (in shares) | 17,000 | 18,000 | |
Directors’ RSUs | |||
Balance at beginning of year (in usd per share) | $57.25 | ||
Granted (in usd per share) | $80.45 | ||
Vested (in usd per share) | $57.25 | ||
Balance at end of year (in usd per share) | $80.45 | $57.25 |
STOCKSETTLED_AND_CASHSETTLED_E5
STOCK-SETTLED AND CASH-SETTLED EQUITY BASED PLANS - Nonvested Cash-Settled RSU Activity (Details) (Nonvested Cash-Settled Restricted Stock Units, USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Nonvested RSUs | |
Balance at beginning of year (in shares) | 137,000 |
Vested (in shares) | -71,000 |
Forfeited (in shares) | -12,000 |
Balance at end of year (in shares) | 54,000 |
Directors’ RSUs | |
Balance at beginning of year (in usd per share) | $52.11 |
Granted (in usd per share) | $0 |
Vested (in usd per share) | $52.11 |
Forfeited (in usd per share) | $52.11 |
Balance at end of year (in usd per share) | $52.11 |
Shaw Group Inc | |
Nonvested RSUs | |
Granted (in shares) | 0 |
STOCKSETTLED_AND_CASHSETTLED_E6
STOCK-SETTLED AND CASH-SETTLED EQUITY BASED PLANS - Cash-Settled SAR Activity (Details) (Stock Appreciation Rights (SARs), USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | |
Number of Shares | |||
Outstanding at beginning of year (in shares) | 118 | ||
Exercised (in shares) | -58 | ||
Forfeited/Expired (in shares) | -4 | ||
Outstanding at end of year (in shares) | 56 | ||
Exercisable at end of year (in shares) | 30 | ||
Weighted Average Exercise Price per Share | |||
Balance at beginning of year (in usd per share) | $33.39 | ||
Granted (in usd per share) | $0 | ||
Exercised | $33.38 | ||
Forfeited / Expired (in usd per share) | $33.38 | ||
Balance at end of year (in usd per share) | $33.39 | ||
Exercisable at end of year | $33.38 | ||
Weighted Average Remaining Contractual Life (in Years) | |||
Outstanding at end of year (in years) | 5 years 4 months 27 days | ||
Exercisable at end of year (in years) | 5 years 21 days | ||
Aggregate Intrinsic Value | |||
Outstanding at end of year | $478 | ||
Exercisable at end of year | 259 | ||
SARs outstanding at year end, expected to vest (in shares) | 51 | ||
Aggregate intrinsic value of SARs expected to vest | $440 | [1] | |
Shaw Group Inc | |||
Number of Shares | |||
Granted (in shares) | 0 | ||
[1] | estimate that 51 of these options will ultimately vest. These SARs have a weighted-average exercise price per share of $33.39, a weighted-average remaining contractual life of 5.4 and a current aggregate intrinsic value of $440. |
INCOME_TAXES_Income_Tax_Expens
INCOME TAXES - Income Tax Expense by Tax Jurisdiction (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Sources of Income Before Taxes | ||||||
U.S. | $390,853 | $170,641 | $126,438 | |||
Non-U.S. | 516,689 | 433,219 | 317,628 | |||
Income before taxes | 907,542 | 603,860 | 444,066 | |||
Current income taxes | ||||||
U.S. Federal | -31,274 | [1] | -19,754 | [1] | -28,327 | [1] |
U.S. State | -8,227 | 15,290 | -5,532 | |||
Non-U.S. | -114,485 | -93,839 | -51,645 | |||
Total current income taxes | -153,986 | -98,303 | -85,504 | |||
Deferred income taxes | ||||||
U.S. Federal | -102,101 | -7,098 | -22,634 | |||
U.S. State | 10,142 | -28,050 | -953 | |||
Non-U.S. | -25,472 | 42,181 | -17,912 | |||
Total deferred income taxes | -117,431 | 7,033 | -41,499 | |||
Total income tax expense | -271,417 | -91,270 | -127,003 | |||
Tax expense (benefit) associated with share-based compensation recorded in additional paid-in capital | $14,021 | $13,043 | $17,963 | |||
[1] | Tax benefits of $14,021, $13,043 and $17,963 associated with share-based compensation were recorded in additional paid-in capital in 2014, 2013 and 2012, respectively. |
INCOME_TAXES_Reconciliation_of
INCOME TAXES - Reconciliation of Income Taxes at Netherlands' Statutory Rate and Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Income Taxes at The Netherlands' Statutory Rate and Income Tax Expense | |||
Income tax expense at statutory rate (25.0% for 2014, 2013 and 2012) | ($226,885) | ($150,965) | ($111,016) |
U.S. state income taxes | -13,561 | -4,356 | -5,495 |
Non-deductible meals and entertainment | -8,549 | -4,878 | -2,750 |
Valuation allowance established | -12,875 | -13,952 | -11,375 |
Valuation allowance utilized | 15,899 | 87,609 | 7,814 |
Statutory tax rate differential | -40,990 | -16,587 | -7,717 |
Branch and withholding taxes (net of tax benefit) | -1,941 | 9,195 | -12,335 |
Previously unrecognized tax (expense) benefit | -5,412 | -1,568 | 10,899 |
Noncontrolling interests | 22,122 | 13,238 | 6,719 |
Acquisition-related costs | -2,869 | -2,757 | |
Manufacturer's production exclusion/R&D credit | 1,968 | 3,106 | 1,451 |
Tax rate changes on deferred taxes | 3,456 | 2,527 | -1,221 |
Contingent liability accrual | 823 | -2,667 | 2,205 |
Other, net | -5,472 | -9,103 | -1,425 |
Total income tax expense | ($271,417) | ($91,270) | ($127,003) |
Effective tax rate | 29.90% | 15.10% | 28.60% |
Effective Income Tax Rate Reconciliation At Parent Company Income Tax Rate | 25.00% | 25.00% | 25.00% |
INCOME_TAXES_Principal_Tempora
INCOME TAXES - Principal Temporary Differences Included in Deferred Income Taxes (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Non-Current Deferred Taxes | ||
Less: valuation allowance | ($71,036) | ($78,595) |
Net non-current deferred tax liability | -78,518 | |
Net non-current deferred tax liability | 38,166 | |
Net total deferred tax asset | 489,613 | 588,366 |
Current Assets | ||
Current Deferred Taxes | ||
U.S. Federal operating losses and credits | 83,678 | 0 |
U.S. State operating losses and credits | 4,000 | |
Non-U.S. operating losses | 2,035 | 6,610 |
Contract revenue and cost | 424,779 | 512,621 |
Employee compensation and benefit plan reserves | 33,214 | 29,397 |
Legal reserves | 10,102 | 6,009 |
Other | 43,701 | 27,854 |
Current deferred tax asset | 601,509 | 582,491 |
Less: valuation allowance | -33,378 | -32,291 |
Net current deferred tax asset | 568,131 | 550,200 |
Non-Current Deferred Taxes | ||
U.S. Federal operating losses and credits | 83,678 | 0 |
U.S. State operating losses and credits | 4,000 | |
Noncurrent Assets | ||
Current Deferred Taxes | ||
U.S. Federal operating losses and credits | 124,534 | 178,859 |
U.S. State operating losses and credits | 69,028 | 58,791 |
Employee compensation and benefit plan reserves | 68,384 | 26,497 |
Non-Current Deferred Taxes | ||
U.S. Federal operating losses and credits | 124,534 | 178,859 |
U.S. State operating losses and credits | 69,028 | 58,791 |
Non-U.S. operating losses | 77,935 | 96,474 |
Non-U.S. credits | 3,621 | |
Contract revenue and cost | 3,767 | 5,221 |
Pensions and other | 1,171 | 21,504 |
Insurance and legal reserves | 14,011 | 28,398 |
Disallowed interest | 31,859 | 31,859 |
Investment in foreign subsidiaries | -68,652 | -7,162 |
Depreciation and amortization | -351,670 | -354,034 |
Other | 22,151 | 26,733 |
Non-current deferred tax liability | -7,482 | |
Non-current deferred tax asset | $116,761 |
INCOME_TAXES_Additional_Inform
INCOME TAXES - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | ||
Schedule of Unrecognized Tax Benefits [Line Items] | |||||
Undistributed Earnings, Domestic and Foreign Subsidiaries | $1,200,000 | ||||
Decrease in valuation allowance related to the UK NOL DTA | 77,800 | 6,472 | |||
Non-U.S. NOLs | 353,600 | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 12,200 | ||||
Other tax credit | 6,500 | ||||
Unrecognized income tax benefits | 14,281 | [1] | 13,458 | [1] | 5,169 |
Unrecognized income tax benefits that would affect the effective tax rate if recognized | 11,100 | 10,300 | |||
Tax years remaining subject to examination, earliest year | 2005 | ||||
Federal | |||||
Schedule of Unrecognized Tax Benefits [Line Items] | |||||
NOL deferred tax asset | 189,500 | ||||
Net operating loss carryforwards | 541,400 | ||||
U.S.-State NOLs | 73,000 | ||||
State NOL, net of apportionment that will not be utilized | 55,200 | ||||
State and Local Operating Loss Carryforward, Net | 17,800 | ||||
Federal | Minimum | |||||
Schedule of Unrecognized Tax Benefits [Line Items] | |||||
Expiration period for NOLs | 2032 | ||||
Federal | Maximum | |||||
Schedule of Unrecognized Tax Benefits [Line Items] | |||||
Expiration period for NOLs | 2033 | ||||
Outside United States | |||||
Schedule of Unrecognized Tax Benefits [Line Items] | |||||
NOL, net of apportionment that will not be utilized | 142,600 | ||||
NOL deferred tax asset | 40,100 | ||||
UK | |||||
Schedule of Unrecognized Tax Benefits [Line Items] | |||||
Deferred tax assets | 21,900 | ||||
Decrease in valuation allowance related to the UK NOL DTA | 62,800 | ||||
Valuation allowance against UK NOL DTAs | 74,600 | ||||
Non-U.S. NOLs | 200,000 | ||||
UK | Minimum | |||||
Schedule of Unrecognized Tax Benefits [Line Items] | |||||
Expiration period for NOLs | 2015 | ||||
UK | Maximum | |||||
Schedule of Unrecognized Tax Benefits [Line Items] | |||||
Expiration period for NOLs | 2034 | ||||
Other Foreign Jurisdiction | |||||
Schedule of Unrecognized Tax Benefits [Line Items] | |||||
Non-U.S. NOLs | 153,600 | ||||
Expiration Year, 2021 | Federal | |||||
Schedule of Unrecognized Tax Benefits [Line Items] | |||||
Net operating loss carryforwards | 18,400 | ||||
Expiration Year, 2033 | Federal | |||||
Schedule of Unrecognized Tax Benefits [Line Items] | |||||
Net operating loss carryforwards | 523,000 | ||||
Valuation Allowance Establishment | |||||
Schedule of Unrecognized Tax Benefits [Line Items] | |||||
Valuation Allowance, Deferred Tax Asset, Explanation of Changes | 12,875 | ||||
Release of valuation allowance, net impact | |||||
Schedule of Unrecognized Tax Benefits [Line Items] | |||||
Valuation Allowance, Deferred Tax Asset, Explanation of Changes | $15,899 | ||||
[1] | If these income tax benefits were ultimately recognized, approximately $10,300 and $11,100 of the December 31, 2014 and 2013 balances, respectively, would benefit tax expense as we are contractually indemnified for the remaining balances. |
INCOME_TAXES_Reconciliation_of1
INCOME TAXES - Reconciliation of Unrecognized Income Tax Benefits (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Unrecognized income tax benefits at the beginning of the year | $14,281 | [1] | $5,169 | |
Increase as a result of: | ||||
Shaw Acquisition | 0 | 6,445 | ||
Tax positions taken during the current period | 922 | 3,333 | ||
Decreases as a result of: | ||||
Lapse of applicable statute of limitations | -1,745 | -241 | ||
Settlements with taxing authorities | -425 | |||
Unrecognized income tax benefits at the end of the year | $13,458 | [1] | $14,281 | [1] |
[1] | If these income tax benefits were ultimately recognized, approximately $10,300 and $11,100 of the December 31, 2014 and 2013 balances, respectively, would benefit tax expense as we are contractually indemnified for the remaining balances. |
UNAPPROVED_CHANGE_ORDERS_AND_C1
UNAPPROVED CHANGE ORDERS AND CLAIMS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Unapproved Claims And Change Orders [Line Items] | ||
Receivables significantly past due | $25,500 | |
Engineering, Construction and Maintenance | ||
Schedule Of Unapproved Claims And Change Orders [Line Items] | ||
Claims against customer | 838,600 | |
Amounts Recorded In Revenues On Percentage Of Completion Basis Associated With Unapproved Change Orders And Claims Cumulative To Date | 313,300 | |
Cumulative partial payments | 116,900 | |
All Other | ||
Schedule Of Unapproved Claims And Change Orders [Line Items] | ||
Claims against customer | 98,100 | 97,000 |
Amounts Recorded In Revenues On Percentage Of Completion Basis Associated With Unapproved Change Orders And Claims Cumulative To Date | 99,500 | |
Incentive Amounts Included in Contract Price | 32,600 | 49,200 |
Georgia Nuclear Project | Engineering, Construction and Maintenance | ||
Schedule Of Unapproved Claims And Change Orders [Line Items] | ||
Claims against customer | 838,600 | |
South Carolina Nuclear Project | Engineering, Construction and Maintenance | ||
Schedule Of Unapproved Claims And Change Orders [Line Items] | ||
Claims against customer | $373,000 |
Segment_and_Related_Informatio1
Segment and Related Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of business sectors | 4 | |||||||||||
Revenue | $3,371,686 | $3,380,733 | $3,294,379 | $2,928,132 | $3,000,257 | [1] | $2,992,050 | $2,850,791 | $2,251,429 | $12,974,930 | $11,094,527 | $5,485,206 |
Income From Operations | 982,608 | 684,508 | 455,643 | |||||||||
Engineering, Construction and Maintenance | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 9,001,982 | 7,165,739 | 3,305,377 | |||||||||
Income From Operations | 560,563 | 350,525 | 168,467 | |||||||||
Intersegment Eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 469,400 | 229,300 | ||||||||||
All Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 1,955,774 | 1,190,787 | ||||||||||
Percentage of total revenue from one customer within CB&I Lummus | 15.00% | 11.00% | ||||||||||
United States | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 6,682,054 | 5,007,899 | 1,114,148 | |||||||||
Gorgon MEI | Engineering, Construction and Maintenance | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 441,172 | |||||||||||
Income From Operations | 21,606 | |||||||||||
Major Customer(s) | Engineering, Construction and Maintenance | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | $914,970 | |||||||||||
Percentage of total revenue from one customer within CB&I Lummus | 17.00% | |||||||||||
Chicago Bridge And Iron | Chevron Lummus Global | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||||
[1] | Net income for the fourth quarter 2013 included a benefit of $77,800 resulting from the reversal of VA associated with our U.K. NOL DTA and certain U.S. foreign tax credits. |
Recovered_Sheet2
SEGMENT AND RELATED INFORMATION - Total Revenue and Income from Operations by Reporting Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | $3,371,686 | $3,380,733 | $3,294,379 | $2,928,132 | $3,000,257 | [1] | $2,992,050 | $2,850,791 | $2,251,429 | $12,974,930 | $11,094,527 | $5,485,206 |
Depreciation and amortization | 181,398 | 180,026 | 66,421 | |||||||||
Equity Earnings | 25,225 | 23,474 | 17,931 | |||||||||
Income From Operations | 982,608 | 684,508 | 455,643 | |||||||||
Capital Expenditures | 117,624 | 90,492 | 72,279 | |||||||||
Assets | 9,381,031 | 9,389,593 | 9,381,031 | 9,389,593 | 4,329,675 | |||||||
Engineering, Construction and Maintenance | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 9,001,982 | 7,165,739 | 3,305,377 | |||||||||
Depreciation and amortization | 69,844 | 70,926 | 16,722 | |||||||||
Equity Earnings | 0 | 0 | 0 | |||||||||
Income From Operations | 560,563 | 350,525 | 168,467 | |||||||||
Capital Expenditures | 42,208 | 16,866 | 6,395 | |||||||||
Assets | 5,219,623 | 5,197,190 | 5,219,623 | 5,197,190 | 1,907,455 | |||||||
Fabrication Services | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 2,521,594 | 2,575,597 | 1,692,533 | |||||||||
Depreciation and amortization | 58,195 | 57,660 | 27,062 | |||||||||
Equity Earnings | -77 | 248 | 0 | |||||||||
Income From Operations | 234,884 | 259,750 | 170,780 | |||||||||
Capital Expenditures | 44,543 | 38,529 | 36,963 | |||||||||
Assets | 1,988,333 | 2,116,245 | 1,988,333 | 2,116,245 | 1,102,791 | |||||||
Technology | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 602,513 | 599,195 | 487,296 | |||||||||
Depreciation and amortization | 26,852 | 24,267 | 22,637 | |||||||||
Equity Earnings | 24,613 | 22,356 | 17,931 | |||||||||
Income From Operations | 187,385 | 156,835 | 127,396 | |||||||||
Capital Expenditures | 9,781 | 16,397 | 28,921 | |||||||||
Assets | 1,078,458 | 1,077,414 | 1,078,458 | 1,077,414 | 1,319,429 | |||||||
Environmental Solutions | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue | 848,841 | 753,996 | 0 | |||||||||
Depreciation and amortization | 26,507 | 27,173 | 0 | |||||||||
Equity Earnings | 689 | 870 | 0 | |||||||||
Income From Operations | 39,461 | 13,135 | 0 | |||||||||
Capital Expenditures | 21,092 | 18,700 | 0 | |||||||||
Assets | 1,094,617 | 998,744 | 1,094,617 | 998,744 | 0 | |||||||
Total operating groups | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Income From Operations | 1,022,293 | 780,245 | 466,643 | |||||||||
Acquisition and integration related costs | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Income From Operations | ($39,685) | ($95,737) | ($11,000) | |||||||||
[1] | Net income for the fourth quarter 2013 included a benefit of $77,800 resulting from the reversal of VA associated with our U.K. NOL DTA and certain U.S. foreign tax credits. |
SEGMENT_AND_RELATED_INFORMATIO2
SEGMENT AND RELATED INFORMATION - Total Revenue by Country (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Geographic Reporting Disclosure [Line Items] | |||||||||||||||
Revenue | $3,371,686 | $3,380,733 | $3,294,379 | $2,928,132 | $3,000,257 | [1] | $2,992,050 | $2,850,791 | $2,251,429 | $12,974,930 | $11,094,527 | $5,485,206 | |||
United States | |||||||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||||||
Revenue | 6,682,054 | 5,007,899 | 1,114,148 | ||||||||||||
Percentage Of Company Assets | 80.00% | 80.00% | 80.00% | 80.00% | 65.00% | ||||||||||
Australia | |||||||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||||||
Revenue | 2,498,848 | 1,574,253 | 666,688 | ||||||||||||
Colombia | |||||||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||||||
Revenue | 1,094,887 | 1,035,450 | 917,553 | ||||||||||||
Canada | |||||||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||||||
Revenue | 547,623 | 820,243 | 665,907 | ||||||||||||
Papua New Guinea | |||||||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||||||
Revenue | 307,389 | 757,657 | 606,532 | ||||||||||||
Other | |||||||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||||||
Revenue | $1,844,129 | [2] | $1,899,025 | [2] | $1,514,378 | [2] | |||||||||
Other | Maximum | |||||||||||||||
Geographic Reporting Disclosure [Line Items] | |||||||||||||||
Maximum percentage of revenue earned in other individual country | 10.00% | 10.00% | 10.00% | ||||||||||||
[1] | Net income for the fourth quarter 2013 included a benefit of $77,800 resulting from the reversal of VA associated with our U.K. NOL DTA and certain U.S. foreign tax credits. | ||||||||||||||
[2] | Revenue earned in other countries, including The Netherlands (our country of domicile), was not individually greater than 10% of our consolidated revenue in 2014, 2013 or 2012. |
QUARTERLY_OPERATING_RESULTS_UN2
QUARTERLY OPERATING RESULTS (UNAUDITED) - Consolidated Financial Information on a Quarterly Basis (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenue | $3,371,686 | $3,380,733 | $3,294,379 | $2,928,132 | $3,000,257 | [1] | $2,992,050 | $2,850,791 | $2,251,429 | $12,974,930 | $11,094,527 | $5,485,206 | |||||||
Gross profit | 390,638 | 393,194 | 381,175 | 301,402 | 339,206 | [1] | 316,569 | 297,091 | 246,144 | 1,466,409 | 1,199,010 | 698,707 | |||||||
Acquisition and integration related costs | 17,518 | [2] | 4,563 | [2] | 9,537 | [2] | 8,067 | [2] | 19,260 | [1],[3] | 5,257 | [3] | 9,964 | [3] | 61,256 | [3] | 39,685 | 95,737 | 11,000 |
Net income | 182,423 | 183,890 | 167,066 | 102,746 | 217,055 | [1] | 132,963 | 119,700 | 42,872 | 636,125 | 512,590 | 317,063 | |||||||
Net income attributable to CB&I | 150,410 | 161,842 | 142,404 | 88,951 | 196,781 | [1] | 117,688 | 106,043 | 33,608 | 543,607 | 454,120 | 301,655 | |||||||
Net income attributable to CB&I per share—basic (in dollars per share) | $1.39 | $1.50 | $1.32 | $0.83 | $1.83 | [1] | $1.10 | $0.99 | $0.33 | $5.03 | $4.29 | $3.12 | |||||||
Net income attributable to CB&I per share—diluted (in dollars per share) | $1.37 | $1.48 | $1.31 | $0.82 | $1.80 | [1] | $1.08 | $0.98 | $0.32 | $4.98 | $4.23 | $3.07 | |||||||
Decrease in valuation allowance related to the UK NOL DTA | $77,800 | $6,472 | |||||||||||||||||
[1] | Net income for the fourth quarter 2013 included a benefit of $77,800 resulting from the reversal of VA associated with our U.K. NOL DTA and certain U.S. foreign tax credits. | ||||||||||||||||||
[2] | For 2014, integration related costs primarily related to facility consolidations costs, including the associated accrued future lease costs for vacated facilities and unutilized capacity, personnel relocation and severance-related costs, and systems integration costs. | ||||||||||||||||||
[3] | For 2013, acquisition costs primarily related to transaction costs, professional fees, and change-in-control and severance-related costs associated with the Shaw Acquisition. Integration costs primarily related to facility consolidations costs, including the associated accrued future lease costs for vacated facilities and unutilized capacity, personnel relocation and severance-related costs, and systems integration costs. |