Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 26, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | EMCOR GROUP INC | |
Entity Central Index Key | 105,634 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 62,723,966 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 445,400 | $ 432,056 |
Accounts receivable, net | 1,333,823 | 1,234,187 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 128,828 | 103,201 |
Inventories | 47,843 | 46,854 |
Prepaid expenses and other | 59,252 | 70,305 |
Total current assets | 2,015,146 | 1,886,603 |
Investments, notes and other long-term receivables | 7,146 | 9,122 |
Property, plant and equipment, net | 117,039 | 122,178 |
Goodwill | 834,660 | 834,102 |
Identifiable intangible assets, net | 474,240 | 502,060 |
Other assets | 35,198 | 34,902 |
Total assets | 3,483,429 | 3,388,967 |
Current liabilities: | ||
Borrowings under revolving credit facility | 0 | 0 |
Current maturities of long-term debt and capital lease obligations | 18,712 | 19,041 |
Accounts payable | 423,260 | 460,478 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 389,727 | 368,555 |
Accrued payroll and benefits | 264,788 | 245,854 |
Other accrued expenses and liabilities | 212,743 | 189,489 |
Total current liabilities | 1,309,230 | 1,283,417 |
Long-term debt and capital lease obligations | 303,040 | 316,399 |
Other long-term obligations | 356,990 | 359,764 |
Total liabilities | 1,969,260 | 1,959,580 |
EMCOR Group, Inc. stockholders' equity: | ||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, zero issued and outstanding | 0 | 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized, 63,469,018 and 63,641,070 shares issued, respectively | 635 | 636 |
Capital surplus | 214,631 | 227,885 |
Accumulated other comprehensive loss | (81,629) | (83,197) |
Retained earnings | 1,386,977 | 1,280,991 |
Treasury stock, at cost 659,841 and 659,841 shares, respectively | (10,302) | (10,302) |
Total EMCOR Group, Inc. stockholders' equity | 1,510,312 | 1,416,013 |
Noncontrolling interests | 3,857 | 13,374 |
Total equity | 1,514,169 | 1,429,387 |
Total liabilities and equity | $ 3,483,429 | $ 3,388,967 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in US dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in US dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 63,469,018 | 63,641,070 |
Treasury stock, shares | 659,841 | 659,841 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenues | $ 1,699,128 | $ 1,566,711 | $ 4,940,900 | $ 4,710,169 |
Cost of sales | 1,463,726 | 1,344,482 | 4,249,042 | 4,051,496 |
Gross profit | 235,402 | 222,229 | 691,858 | 658,673 |
Selling, general and administrative expenses | 165,135 | 159,983 | 488,117 | 454,243 |
Restructuring expenses | 301 | 398 | 742 | 799 |
Gain on sale of building | 0 | 11,749 | 0 | 11,749 |
Operating income | 69,966 | 73,597 | 202,999 | 215,380 |
Interest expense | (2,226) | (2,397) | (6,650) | (6,887) |
Interest income | 157 | 186 | 515 | 641 |
Income from continuing operations before income taxes | 67,897 | 71,386 | 196,864 | 209,134 |
Income tax provision | 25,720 | 23,998 | 74,672 | 75,428 |
Income from continuing operations | 42,177 | 47,388 | 122,192 | 133,706 |
Loss from discontinued operation, net of income taxes | (270) | (611) | (739) | (4,087) |
Net income including noncontrolling interests | 41,907 | 46,777 | 121,453 | 129,619 |
Less: Net income attributable to noncontrolling interests | (385) | (1,753) | (233) | (3,421) |
Net income attributable to EMCOR Group, Inc. (in US dollars) | $ 41,522 | $ 45,024 | $ 121,220 | $ 126,198 |
Basic earnings (loss) per common share: | ||||
From continuing operations attributable to EMCOR Group, Inc. common stockholders (in US dollars per share) | $ 0.66 | $ 0.68 | $ 1.94 | $ 1.94 |
From discontinued operation (in US dollars per share) | 0 | (0.01) | (0.01) | (0.06) |
Net income attributable to EMCOR Group, Inc. common stockholders (in US dollars per share) | 0.66 | 0.67 | 1.93 | 1.88 |
Diluted earnings (loss) per common share: | ||||
From continuing operations attributable to EMCOR Group, Inc. common stockholders (in US dollars per share) | 0.66 | 0.68 | 1.92 | 1.92 |
From discontinued operation (in US dollars per share) | 0 | (0.01) | (0.01) | (0.06) |
Net income attributable to EMCOR Group, Inc. common stockholders (in US dollars per share) | 0.66 | 0.67 | 1.91 | 1.86 |
Dividends declared per common share (in US dollars per share) | $ 0.08 | $ 0.08 | $ 0.24 | $ 0.24 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income including noncontrolling interests | $ 41,907 | $ 46,777 | $ 121,453 | $ 129,619 | |
Other comprehensive income, net of tax: | |||||
Foreign currency translation adjustments | 110 | (312) | (78) | (246) | |
Post retirement plans, amortization of actuarial loss included in net income | [1] | 554 | 449 | 1,646 | 1,345 |
Other comprehensive income | 664 | 137 | 1,568 | 1,099 | |
Comprehensive income | 42,571 | 46,914 | 123,021 | 130,718 | |
Less: Comprehensive income attributable to noncontrolling interests | (385) | (1,753) | (233) | (3,421) | |
Comprehensive income attributable to EMCOR Group, Inc. | $ 42,186 | $ 45,161 | $ 122,788 | $ 127,297 | |
[1] | Net of tax of $0.2 million and $0.1 million for the three months ended September 30, 2015 and 2014, respectively, and net of tax of $0.5 million and $0.4 million for the nine months ended September 30, 2015 and 2014, respectively. |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Post retirement plans, amortization of actuarial loss included in net income, tax | $ 0.2 | $ 0.1 | $ 0.5 | $ 0.4 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows - operating activities: | ||
Net income including noncontrolling interests | $ 121,453 | $ 129,619 |
Depreciation and amortization | 26,806 | 27,211 |
Amortization of identifiable intangible assets | 28,391 | 28,497 |
Deferred income taxes | (3,598) | 4,434 |
Loss on sale of subsidiary | 0 | 608 |
Gain on sale of building | 0 | (11,749) |
Excess tax benefits from share-based compensation | (1,306) | (5,886) |
Equity income from unconsolidated entities | (1,634) | (1,349) |
Other non-cash items | 9,701 | 8,005 |
Distributions from unconsolidated entities | 3,316 | 1,640 |
Changes in operating assets and liabilities, excluding the effect of businesses acquired | (87,548) | (72,036) |
Net cash provided by operating activities | 95,581 | 108,994 |
Cash flows - investing activities: | ||
Payments for acquisitions of businesses, net of cash acquired | (2,357) | 0 |
Proceeds from sale of subsidiary | 0 | 1,108 |
Proceeds from sale of building | 0 | 11,885 |
Proceeds from sale of property, plant and equipment | 2,921 | 3,138 |
Purchase of property, plant and equipment | (22,862) | (27,574) |
Investments in and advances to unconsolidated entities and joint ventures | 0 | (1,865) |
Net cash used in investing activities | (22,298) | (13,308) |
Cash flows - financing activities: | ||
Repayments of long-term debt | (13,136) | (13,074) |
Repayments of capital lease obligations | (2,190) | (1,272) |
Dividends paid to stockholders | (15,078) | (16,109) |
Repurchase of common stock | (21,148) | (76,395) |
Proceeds from exercise of stock options | 2,378 | 5,044 |
Payments to satisfy minimum tax withholding | (3,866) | (1,481) |
Issuance of common stock under employee stock purchase plan | 3,147 | 2,677 |
Payments for contingent consideration arrangements | (403) | 0 |
Distributions to noncontrolling interests | (9,750) | (2,750) |
Excess tax benefits from share-based compensation | 1,306 | 5,886 |
Net cash used in financing activities | (58,740) | (97,474) |
Effect of exchange rate changes on cash and cash equivalents | (1,199) | (579) |
Increase (decrease) in cash and cash equivalents | 13,344 | (2,367) |
Cash and cash equivalents at beginning of year | 432,056 | 439,813 |
Cash and cash equivalents at end of period | 445,400 | 437,446 |
Cash paid for: | ||
Interest | 5,539 | 5,606 |
Income taxes | 72,277 | 60,276 |
Non-cash financing activities: | ||
Assets acquired under capital lease obligations | $ 1,686 | $ 93 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements Of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | [1] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interests [Member] | |
Balance at Dec. 31, 2013 | $ 1,479,626 | $ 676 | $ 408,083 | $ (65,777) | $ 1,133,873 | $ (10,590) | $ 13,361 | ||
Net income including noncontrolling interests | 129,619 | 126,198 | 3,421 | ||||||
Other comprehensive income | 1,099 | 1,099 | |||||||
Common stock issued under share-based compensation plans | [2] | 11,286 | 6 | 10,992 | 288 | ||||
Tax withholding for common stock issued under share-based compensation plans | (1,481) | (1,481) | |||||||
Common stock issued under employee stock purchase plan | 2,677 | 2,677 | |||||||
Common stock dividends | (16,109) | (16,309) | |||||||
Common stock dividends, accrued dividend shares | 200 | ||||||||
Repurchase of common stock | (84,565) | (20) | (84,545) | ||||||
Distributions to noncontrolling interests | (2,750) | (2,750) | |||||||
Share-based compensation expense | 6,321 | 6,321 | |||||||
Balance at Sep. 30, 2014 | 1,525,723 | 662 | 342,247 | (64,678) | 1,243,762 | (10,302) | 14,032 | ||
Balance at Dec. 31, 2014 | 1,429,387 | 636 | 227,885 | (83,197) | 1,280,991 | (10,302) | 13,374 | ||
Net income including noncontrolling interests | 121,453 | 121,220 | 233 | ||||||
Other comprehensive income | 1,568 | 1,568 | |||||||
Common stock issued under share-based compensation plans | [2] | 3,619 | 4 | 3,615 | |||||
Tax withholding for common stock issued under share-based compensation plans | (3,866) | (3,866) | |||||||
Common stock issued under employee stock purchase plan | 3,147 | 3,147 | |||||||
Common stock dividends | (15,078) | (15,234) | |||||||
Common stock dividends, accrued dividend shares | 156 | ||||||||
Repurchase of common stock | (22,972) | (5) | (22,967) | ||||||
Distributions to noncontrolling interests | (9,750) | (9,750) | |||||||
Share-based compensation expense | 6,661 | 6,661 | |||||||
Balance at Sep. 30, 2015 | $ 1,514,169 | $ 635 | $ 214,631 | $ (81,629) | $ 1,386,977 | $ (10,302) | $ 3,857 | ||
[1] | Represents cumulative foreign currency translation adjustments and post retirement liability adjustments. | ||||||||
[2] | Includes the tax benefit associated with share-based compensation of $1.2 million and $6.2 million for the nine months ended September 30, 2015 and 2014, respectively. |
Condensed Consolidated Stateme9
Condensed Consolidated Statements Of Equity (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Tax benefit associated with share-based compensation | $ 1.2 | $ 6.2 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. Consequently, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. References to the “Company,” “EMCOR,” “we,” “us,” “our” and similar words refer to EMCOR Group, Inc. and its consolidated subsidiaries unless the context indicates otherwise. Readers of this report should refer to the consolidated financial statements and the notes thereto included in our latest Annual Report on Form 10-K filed with the Securities and Exchange Commission. In our opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of a normal recurring nature) necessary to present fairly our financial position and the results of our operations. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015 . |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In September 2015, an accounting pronouncement was issued by the Financial Accounting Standards Board ("FASB") which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. This pronouncement is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. We intend to adopt this pronouncement on January 1, 2016, and the adoption will not have a material impact on our financial position and/or results of operations. In April 2015, an accounting pronouncement was issued by the FASB to update the guidance related to the presentation of debt issuance costs. This guidance requires debt issuance costs, related to a recognized debt liability, be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than being presented as an asset. This pronouncement is effective retrospectively for fiscal years beginning after December 15, 2015, with early adoption permitted. We intend to adopt this pronouncement on January 1, 2016, and the adoption will not have a material impact on our financial position and/or results of operations. On January 1, 2015, we adopted the accounting pronouncement issued by the FASB updating existing guidance on discontinued operations. This guidance raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This pronouncement is aimed at reducing the frequency of disposals reported as discontinued operations by focusing on strategic shifts that have or will have a major effect on an entity’s operations and financial results. We will consider this guidance in conjunction with future disposals, if any. In May 2014, an accounting pronouncement was issued by the FASB to clarify existing guidance on revenue recognition. This guidance includes the required steps to achieve the core principle that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This pronouncement is effective for fiscal years and interim periods beginning after December 15, 2017, with early adoption permitted. The guidance permits the use of one of two retrospective transition methods. We have not yet selected a transition method nor have we determined the effect that the adoption of the pronouncement may have on our financial position and/or results of operations. |
Acquisitions Of Businesses
Acquisitions Of Businesses | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions Of Businesses | Acquisitions of Businesses On June 1, 2015 , we acquired a company for an immaterial amount. This company primarily provides mechanical construction services and has been included in our United States mechanical construction and facilities services segment. The purchase price for this acquisition is subject to finalization based on certain contingencies provided for in the purchase agreement. The acquisition of this business was accounted for by the acquisition method, and the price paid for the acquired business has been allocated to its assets and liabilities, based upon the estimated fair value of its assets and liabilities at the date of the acquisition. During the three months ended September 30, 2015 and 2014 , respectively, there were no reversals of liabilities recorded resulting in non-cash income attributable to contingent consideration arrangements relating to prior acquisitions. During each of the nine months ended September 30, 2015 and 2014 , we recorded a net reversal of $0.2 million of liabilities resulting in non-cash income attributable to contingent consideration arrangements relating to prior acquisitions. |
Disposition of Assets
Disposition of Assets | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposition of Assets | Disposition of Assets In January 2014, we sold a subsidiary reported in our United States building services segment. Proceeds from the sale totaled approximately $1.1 million . Included in net income for the nine months ended September 30, 2014 was a loss of $0.6 million from this sale, which is classified as a component of "Selling, general and administrative expenses" in the Condensed Consolidated Statements of Operations. On July 22, 2014, we sold a building and land owned by one of our subsidiaries reported in the United States mechanical construction and facilities services segment. We recognized a gain of approximately $11.7 million for this transaction in the third quarter of 2014, which has been classified as a "Gain on sale of building" in the Condensed Consolidated Statements of Operations. Due to a historical pattern of losses in the construction operations of our United Kingdom segment and our negative assessment of construction market conditions in the United Kingdom for the foreseeable future, we announced during the quarter ended June 30, 2013 our decision to withdraw from the construction market in the United Kingdom. During the third quarter of 2014, we ceased construction operations in the United Kingdom. The results of the construction operations of our United Kingdom segment for all periods are presented in our Condensed Consolidated Financial Statements as discontinued operations. The results of discontinued operations are as follows (in thousands): For the three months ended September 30, For the nine months ended September 30, 2015 2014 2015 2014 Revenues $ 149 $ 3,166 $ 509 $ 17,149 Loss from discontinued operation, net of income taxes $ (270 ) $ (611 ) $ (739 ) $ (4,087 ) Diluted loss per share from discontinued operation $ (0.00 ) $ (0.01 ) $ (0.01 ) $ (0.06 ) Included in the Condensed Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 are the following major classes of assets and liabilities associated with the discontinued operation (in thousands): September 30, December 31, Assets of discontinued operation: Current assets $ 3,548 $ 6,265 Non-current assets $ 78 $ 278 Liabilities of discontinued operation: Current liabilities $ 6,688 $ 10,743 Non-current liabilities $ 31 $ 94 At September 30, 2015, the assets and liabilities of the discontinued operation consisted of accounts receivable, contract retentions and contract warranty obligations that are expected to be collected or fulfilled in the ordinary course of business. Additionally at September 30, 2015, there remained $0.9 million of obligations related to employee severance and the termination of leased facilities, the majority of which is expected to be paid in 2015. The settlement of the remaining assets and liabilities may result in additional income and/or expenses. Such income and/or expenses are expected to be immaterial and will be reflected as an additional component of “Loss from discontinued operation” as incurred. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Calculation of Basic and Diluted Earnings (Loss) per Common Share The following tables summarize our calculation of Basic and Diluted Earnings (Loss) per Common Share (“EPS”) for the three and nine months ended September 30, 2015 and 2014 (in thousands, except share and per share data): For the three months ended September 30, 2015 2014 Numerator: Income from continuing operations attributable to EMCOR Group, Inc. common stockholders $ 41,792 $ 45,635 Loss from discontinued operation, net of income taxes (270 ) (611 ) Net income attributable to EMCOR Group, Inc. common stockholders $ 41,522 $ 45,024 Denominator: Weighted average shares outstanding used to compute basic earnings (loss) per common share 62,901,923 66,714,641 Effect of dilutive securities—Share-based awards 490,560 702,906 Shares used to compute diluted earnings (loss) per common share 63,392,483 67,417,547 Basic earnings (loss) per common share: From continuing operations attributable to EMCOR Group, Inc. common stockholders $ 0.66 $ 0.68 From discontinued operation $ (0.00 ) $ (0.01 ) Net income attributable to EMCOR Group, Inc. common stockholders $ 0.66 $ 0.67 Diluted earnings (loss) per common share: From continuing operations attributable to EMCOR Group, Inc. common stockholders $ 0.66 $ 0.68 From discontinued operation $ (0.00 ) $ (0.01 ) Net income attributable to EMCOR Group, Inc. common stockholders $ 0.66 $ 0.67 For the nine months ended September 30, 2015 2014 Numerator: Income from continuing operations attributable to EMCOR Group, Inc. common stockholders $ 121,959 $ 130,285 Loss from discontinued operation, net of income taxes (739 ) (4,087 ) Net income attributable to EMCOR Group, Inc. common stockholders $ 121,220 $ 126,198 Denominator: Weighted average shares outstanding used to compute basic earnings (loss) per common share 62,921,956 67,062,732 Effect of dilutive securities—Share-based awards 521,071 739,874 Shares used to compute diluted earnings (loss) per common share 63,443,027 67,802,606 Basic earnings (loss) per common share: From continuing operations attributable to EMCOR Group, Inc. common stockholders $ 1.94 $ 1.94 From discontinued operation $ (0.01 ) $ (0.06 ) Net income attributable to EMCOR Group, Inc. common stockholders $ 1.93 $ 1.88 Diluted earnings (loss) per common share: From continuing operations attributable to EMCOR Group, Inc. common stockholders $ 1.92 $ 1.92 From discontinued operation $ (0.01 ) $ (0.06 ) Net income attributable to EMCOR Group, Inc. common stockholders $ 1.91 $ 1.86 There were no anti-dilutive awards for the three and nine months ended September 30, 2015 and 2014, respectively. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories in the accompanying Condensed Consolidated Balance Sheets consisted of the following amounts (in thousands): September 30, December 31, Raw materials and construction materials $ 23,152 $ 23,330 Work in process 24,691 23,524 $ 47,843 $ 46,854 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt in the accompanying Condensed Consolidated Balance Sheets consisted of the following amounts (in thousands): September 30, December 31, Term Loan $ 319,375 $ 332,500 Capitalized lease obligations 2,331 2,883 Other 46 57 321,752 335,440 Less: current maturities 18,712 19,041 $ 303,040 $ 316,399 Credit Facilities Until November 25, 2013, we had a revolving credit agreement (the "2011 Credit Agreement"), as amended, which provided for a revolving credit facility of $750.0 million . The 2011 Credit Agreement was effective November 21, 2011. Effective November 25, 2013, we amended and restated the 2011 Credit Agreement to provide for a $750.0 million revolving credit facility (the “2013 Revolving Credit Facility”) and a $350.0 million term loan (the "Term Loan") (collectively referred to as the "2013 Credit Agreement") expiring November 25, 2018 . The proceeds of the Term Loan were used to repay amounts drawn under the 2011 Credit Agreement. We may increase the 2013 Revolving Credit Facility to $1.05 billion if additional lenders are identified and/or existing lenders are willing to increase their current commitments. We may allocate up to $250.0 million of available capacity under the 2013 Revolving Credit Facility to letters of credit for our account or for the account of any of our subsidiaries. Obligations under the 2013 Credit Agreement are guaranteed by most of our direct and indirect subsidiaries and are secured by substantially all of our assets and most of the assets of most of our subsidiaries. The 2013 Revolving Credit Facility and the Term Loan contain various covenants providing for, among other things, maintenance of certain financial ratios and certain limitations on payment of dividends, common stock repurchases, investments, acquisitions, indebtedness and capital expenditures. We were in compliance with all such covenants as of September 30, 2015 and December 31, 2014 . A commitment fee is payable on the average daily unused amount of the 2013 Revolving Credit Facility, which ranges from 0.20% to 0.30% , based on certain financial tests. The fee is 0.20% of the unused amount as of September 30, 2015 . Borrowings under the 2013 Credit Agreement bear interest at (1) a rate which is the prime commercial lending rate announced by Bank of Montreal from time to time ( 3.25% at September 30, 2015 ) plus 0.25% to 0.75% , based on certain financial tests or (2) United States dollar LIBOR ( 0.19% at September 30, 2015 ) plus 1.25% to 1.75% , based on certain financial tests. The interest rate in effect at September 30, 2015 was 1.44% . Fees for letters of credit issued under the 2013 Revolving Credit Facility range from 1.25% to 1.75% of the respective face amounts of outstanding letters of credit and are computed based on certain financial tests. We capitalized approximately $3.0 million of debt issuance costs associated with the 2013 Credit Agreement. This amount is being amortized over the life of the agreement and is included as part of interest expense. We are required to make principal payments on the Term Loan in installments on the last day of March, June, September and December of each year, which commenced with the calendar quarter ended March 31, 2014, in the amount of $4.4 million , with a payment of all unpaid principal and interest due on November 25, 2018. As of September 30, 2015 and December 31, 2014 , the balance of the Term Loan was $319.4 million and $332.5 million , respectively. As of September 30, 2015 and December 31, 2014 , we had approximately $95.0 million and $95.5 million of letters of credit outstanding, respectively. There were no borrowings outstanding under the 2013 Revolving Credit Facility as of September 30, 2015 and December 31, 2014 . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We use a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy, which gives the highest priority to quoted prices in active markets, is comprised of the following three levels: Level 1 – Unadjusted quoted market prices in active markets for identical assets and liabilities. Level 2 – Observable inputs, other than Level 1 inputs. Level 2 inputs would typically include quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3 – Prices or valuations that require inputs that are both significant to the measurement and unobservable. The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2015 and December 31, 2014 (in thousands): Assets at Fair Value as of September 30, 2015 Asset Category Level 1 Level 2 Level 3 Total Cash and cash equivalents (1) $ 445,400 $ — $ — $ 445,400 Restricted cash (2) 4,407 — — 4,407 Deferred compensation plan assets (3) 6,698 — — 6,698 Total $ 456,505 $ — $ — $ 456,505 Assets at Fair Value as of December 31, 2014 Asset Category Level 1 Level 2 Level 3 Total Cash and cash equivalents (1) $ 432,056 $ — $ — $ 432,056 Restricted cash (2) 6,474 — — 6,474 Deferred compensation plan assets (3) 3,139 — — 3,139 Total $ 441,669 $ — $ — $ 441,669 ________ (1) Cash and cash equivalents include money market funds with original maturity dates of three months or less, which are Level 1 assets. At September 30, 2015 and December 31, 2014 , we had $151.7 million and $156.7 million , respectively, in money market funds. (2) Restricted cash is classified as “Prepaid expenses and other” in the Condensed Consolidated Balance Sheets. (3) Deferred compensation plan assets are classified as "Other assets" in the Condensed Consolidated Balance Sheets. We believe that the carrying values of our financial instruments, which include accounts receivable and other financing commitments, approximate their fair values due primarily to their short-term maturities and low risk of counterparty default. The carrying value of our debt associated with the 2013 Credit Agreement approximates its fair value due to the variable rate on such debt. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended September 30, 2015 and 2014 , our income tax provision from continuing operations was $25.7 million and $24.0 million , respectively, based on effective income tax rates, before discrete items and less amounts attributable to noncontrolling interests, of 38.0% and 37.6% , respectively. The actual income tax rates on income from continuing operations, less amounts attributable to noncontrolling interests, for the three months ended September 30, 2015 and 2014 , inclusive of discrete items, were 38.1% and 34.5% , respectively. For the nine months ended September 30, 2015 and 2014 , our income tax provision from continuing operations was $74.7 million and $75.4 million , respectively, based on effective income tax rates, before discrete items and less amounts attributable to noncontrolling interests, of 37.9% and 37.6% , respectively. The actual income tax rates on income from continuing operations, less amounts attributable to noncontrolling interests, for the nine months ended September 30, 2015 and 2014 , inclusive of discrete items, were 38.0% and 36.6% , respectively. The decrease in the income tax provision for the nine months ended September 30, 2015 was primarily due to decreased income before income taxes. The increase in the actual income tax rates on income from continuing operations was primarily due to changes in discrete items and the mix of earnings among various jurisdictions. As of September 30, 2015 and December 31, 2014 , the amount of unrecognized income tax benefits for each period was $5.2 million (of which $3.0 million , if recognized, would favorably affect our effective income tax rate). We report interest expense related to unrecognized income tax benefits in the income tax provision. As of September 30, 2015 and December 31, 2014 , we had approximately $0.4 million and $0.3 million of accrued interest related to unrecognized income tax benefits included as a liability in the Condensed Consolidated Balance Sheets, respectively. For each of the three months ended September 30, 2015 and 2014 , less than $0.1 million of interest expense was recognized. For the nine months ended September 30, 2015 and 2014 , less than $0.1 million of interest expense and less than $0.1 million of interest income was recognized, respectively. It is reasonably possible that approximately $4.1 million of unrecognized income tax benefits at September 30, 2015 , primarily relating to uncertain tax positions attributable to tax return filing positions, will significantly decrease in the next twelve months as a result of estimated settlements with taxing authorities and the expiration of applicable statutes of limitations. We file income tax returns with the Internal Revenue Service and various state, local and foreign tax agencies. The Company is currently under examination by various taxing authorities for the years 2008 through 2014. During the first quarter of 2014, the Internal Revenue Service finalized its audit of our federal income tax returns for the years 2010 through 2011. We agreed to and paid an assessment, for an immaterial amount, proposed by the Internal Revenue Service pursuant to such audit. |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | Common Stock As of September 30, 2015 and December 31, 2014 , there were 62,809,177 and 62,981,229 shares of our common stock outstanding, respectively. During the three months ended September 30, 2015 and 2014 , 66,223 and 66,126 shares of common stock, respectively, were issued primarily upon: (a) the exercise of stock options, (b) the purchase of common stock pursuant to our employee stock purchase plan and (c) the satisfaction of required conditions under certain of our share-based compensation plans. During the nine months ended September 30, 2015 and 2014 , 347,713 and 628,850 shares of common stock, respectively, were issued primarily upon: (a) the satisfaction of required conditions under certain of our share-based compensation plans, (b) the exercise of stock options and (c) the purchase of common stock pursuant to our employee stock purchase plan. On September 26, 2011, our Board of Directors authorized us to repurchase up to $100.0 million of our outstanding common stock. On December 5, 2013 and October 23, 2014, our Board of Directors authorized us to repurchase up to an additional $100.0 million and $250.0 million of our outstanding common stock, respectively. During 2015, we repurchased approximately 0.5 million shares of our common stock for approximately $23.0 million . Since the inception of the repurchase programs through September 30, 2015 , we have repurchased 8.1 million shares of our common stock for approximately $306.5 million . As of September 30, 2015 , there remained authorization for us to repurchase approximately $143.5 million of our shares. On October 28, 2015, our Board of Directors authorized us to repurchase up to an additional $200.0 million of our outstanding common stock. The repurchase programs do not obligate the Company to acquire any particular amount of common stock and may be suspended, recommenced or discontinued at any time or from time to time without prior notice. Repurchases may be made from time to time to the extent permitted by securities laws and other legal requirements, including provisions in our credit agreement placing limitations on such repurchases. The repurchase programs have been and will be funded from our operations. |
Retirement Plans
Retirement Plans | 9 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | Retirement Plans Our United Kingdom subsidiary has a defined benefit pension plan covering all eligible employees (the “UK Plan”); however, no individual joining the company after October 31, 2001 may participate in the plan. On May 31, 2010, we curtailed the future accrual of benefits for active employees under this plan. Components of Net Periodic Pension Cost The components of net periodic pension cost of the UK Plan for the three and nine months ended September 30, 2015 and 2014 were as follows (in thousands): For the three months ended September 30, For the nine months ended September 30, 2015 2014 2015 2014 Interest cost $ 2,938 $ 3,510 $ 8,718 $ 10,573 Expected return on plan assets (4,098 ) (4,226 ) (12,159 ) (12,729 ) Amortization of unrecognized loss 640 508 1,899 1,530 Net periodic pension cost $ (520 ) $ (208 ) $ (1,542 ) $ (626 ) Employer Contributions For the nine months ended September 30, 2015 , our United Kingdom subsidiary contributed approximately $4.0 million to its UK Plan. It anticipates contributing an additional $1.6 million during the remainder of 2015. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Government Contracts As a government contractor, we are subject to U.S. government audits and investigations relating to our operations, including claims for fines, penalties and compensatory and treble damages, and possible suspension or debarment from doing business with the government. Based on currently available information, we believe the outcome of ongoing government disputes and investigations will not have a material impact on our financial position, results of operations or liquidity. Legal Matters One of our subsidiaries was a subcontractor to a mechanical contractor (“Mechanical Contractor”) on a construction project where an explosion occurred. An investigation of the matter could not determine who was responsible for the explosion. As a result of the explosion, lawsuits have been commenced against various parties, but, to date, no lawsuits have been commenced against our subsidiary with respect to personal injury or damage to property as a consequence of the explosion. However, the Mechanical Contractor has asserted claims, in the context of an arbitration proceeding against our subsidiary, alleging that our subsidiary is responsible for a portion of the damages for which the Mechanical Contractor may be liable as a result of: (a) personal injury suffered by individuals as a result of the explosion and (b) the Mechanical Contractor’s legal fees and associated management costs in defending against any and all such claims. In the most recent filing with the Arbitrator, the Mechanical Contractor has stated claims against our subsidiary for alleged violations of the Connecticut and Massachusetts Unfair and Deceptive Trade Practices Acts in the ongoing arbitration proceeding. Further, the general contractor (as assignee of the Mechanical Contractor) on the construction project, and for whom the Mechanical Contractor worked, has alleged that our subsidiary is responsible for losses asserted by the owner of the project and/or the general contractor because of delays in completion of the project and for damages to the owner’s property. We believe, and have been advised by counsel, that we have a number of meritorious defenses to all such matters. We believe that the ultimate outcome of such matters will not have a material adverse effect on our consolidated financial position, results of operations or liquidity. Notwithstanding our assessment of the final impact of this matter, we are not able to estimate with any certainty the amount of loss, if any, which would be associated with an adverse resolution. One of our subsidiaries, USM, Inc. (“USM”), doing business in California provides, among other things, janitorial services to its customers by having those services performed by independent janitorial companies. USM and one of its customers, which owns retail stores (the “Customer”), are co-defendants in a federal class action lawsuit brought by six employees of USM’s California janitorial subcontractors. The action was commenced on September 5, 2013 in a Superior Court of California and was removed by USM on November 22, 2013 to the United States District Court for the Northern District of California. The employees allege in their complaint, among other things, that USM and the Customer, during a period that began before our acquisition of USM, violated a California statute that prohibits USM from entering into a contract with a janitorial subcontractor when it knows or should know that the contract does not include funds sufficient to allow the janitorial contractor to comply with all local, state and federal laws or regulations governing the labor or services to be provided. The employees have asserted that the amounts USM pays to its janitorial subcontractors are insufficient to allow those janitorial subcontractors to meet their obligations regarding, among other things, wages due for all hours their employees worked, minimum wages, overtime pay and meal and rest breaks. These employees seek to represent not only themselves, but also all other individuals who provided janitorial services at the Customer’s stores in California during the relevant four year time period. We do not believe USM or the Customer has violated the California statute or that the employees may bring the action as a class action on behalf of other employees of janitorial companies with whom USM subcontracted for the provision of janitorial services to the Customer. However, if the pending lawsuit is certified as a class action and USM is found to have violated the California statute, USM might have to pay significant damages and might be subject to similar lawsuits regarding the provision of janitorial services to its other customers in California. The plaintiffs seek a declaratory judgment that USM has violated the California statute, monetary damages, including all unpaid wages and thereon, restitution for unpaid wages, and an award of attorneys’ fees and costs. On February 17, 2015 , USM and its Customer entered into a consent decree which, subject to final approval of the consent decree by the federal judge in the United States District Court for the Northern District of California following a determination by the Court of the consent decree’s fairness, adequacy and reasonableness,will resolve the claims and defenses asserted in the class action. Under the terms of the consent decree, USM is to (a) pay an aggregate of $1.0 million (i) for monetary relief to the members of the class, (ii) for awards to the class representative plaintiffs, (iii) for California Labor Code Private Attorney General Act payments to the State of California for an immaterial amount, and (iv) for all costs of notice and administration of the claims process, (b) pay to counsel for the class an aggregate of $1.3 million , of which $0.2 million is to be allocated for their reimbursable costs and litigation expenses and $1.1 million is to be allocated for attorneys’ fees, and (c) establish procedures to monitor USM’s California subcontractors providing janitorial services to its Customer designed principally to ensure janitorial employees of those subcontractors are paid no less than minimum wage. The settlement amount was accrued for as of December 31, 2014. During 2015, a payment of $1.0 million was made to a third party claims administrator who is holding the funds pending approval by the Court of the consent decree, and the remainder is expected to be paid before the end of 2015. We are involved in several other proceedings in which damages and claims have been asserted against us. Other potential claims may exist that have not yet been asserted against us. We believe that we have a number of valid defenses to such proceedings and claims and intend to vigorously defend ourselves. We do not believe that any such matters will have a material adverse effect on our financial position, results of operations or liquidity. Litigation is subject to many uncertainties and the outcome of litigation is not predictable with assurance. It is possible that some litigation matters for which reserves have not been established could be decided unfavorably to us, and that any such unfavorable decisions could have a material adverse effect on our financial position, results of operations or liquidity. Restructuring expenses Restructuring expenses were $0.3 million and $0.7 million for the three and nine months ended September 30, 2015. Restructuring expenses for the three months ended September 30, 2015 included $0.3 million of employee severance obligations. Restructuring expenses for the nine months ended September 30, 2015 included $0.8 million of employee severance obligations and the reversal of $0.1 million relating to the termination of leased facilities. Restructuring expenses were $0.4 million and $0.8 million for the three and nine months ended September 30, 2014, respectively. Restructuring expenses for the three months ended September 30, 2014 included $0.4 million of employee severance obligations. Restructuring expenses for the nine months ended September 30, 2014 included $0.6 million of employee severance obligations and $0.2 million relating to the termination of leased facilities. As of September 30, 2015 , the balance of these restructuring obligations yet to be paid was $0.5 million , the majority of which is expected to be paid during 2015. No material expenses in connection with restructuring from continuing operations are expected to be incurred during the remainder of 2015. The changes in restructuring activity by reportable segments during the nine months ended September 30, 2015 and September 30, 2014 were as follows (in thousands): United States United States United States building services segment Corporate administration Total Balance at December 31, 2013 $ 30 $ 164 $ — $ — $ 194 Charges 375 124 — 300 799 Payments (405 ) (114 ) — (300 ) (819 ) Balance at September 30, 2014 $ — $ 174 $ — $ — $ 174 Balance at December 31, 2014 $ 255 $ 26 $ — $ — $ 281 Charges (106 ) 6 842 — 742 Payments (149 ) (32 ) (384 ) — (565 ) Balance at September 30, 2015 $ — $ — $ 458 $ — $ 458 A summary of restructuring expenses by reportable segments recognized for the nine months ended September 30, 2015 was as follows (in thousands): United States United States United States building services segment Corporate administration Total Severance $ — $ 6 $ 842 $ — $ 848 Leased facilities (106 ) — — — (106 ) Total charges $ (106 ) $ 6 $ 842 $ — $ 742 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We have the following reportable segments which provide services associated with the design, integration, installation, start-up, operation and maintenance of various systems: (a) United States electrical construction and facilities services (involving systems for electrical power transmission and distribution; premises electrical and lighting systems; low-voltage systems, such as fire alarm, security and process control; voice and data communication; roadway and transit lighting; and fiber optic lines); (b) United States mechanical construction and facilities services (involving systems for heating, ventilation, air conditioning, refrigeration and clean-room process ventilation; fire protection; plumbing, process and high-purity piping; controls and filtration; water and wastewater treatment; central plant heating and cooling; cranes and rigging; millwrighting; and steel fabrication, erection and welding); (c) United States building services; (d) United States industrial services; and (e) United Kingdom building services. The “United States building services” and "United Kingdom building services" segments principally consists of those operations which provide a portfolio of services needed to support the operation and maintenance of customers’ facilities, including commercial and government site-based operations and maintenance; facility maintenance and services, including reception, security and catering services; outage services to utilities and industrial plants; military base operations support services; mobile maintenance and services; floor care and janitorial services; landscaping, lot sweeping and snow removal; facilities management; vendor management; call center services; installation and support for building systems; program development, management and maintenance for energy systems; technical consulting and diagnostic services; infrastructure and building projects for federal, state and local governmental agencies and bodies; and small modification and retrofit projects, which services are not generally related to customers' construction programs. The segment "United States industrial services" principally consists of those operations which provide industrial maintenance and services, mainly for refineries and petrochemical plants, including on-site repairs, maintenance and service of heat exchangers, towers, vessels and piping; design, manufacturing, repair and hydro blast cleaning of shell and tube heat exchangers and related equipment; refinery turnaround planning and engineering services; specialty welding services; overhaul and maintenance of critical process units in refineries and petrochemical plants; and specialty technical services for refineries and petrochemical plants. The following tables present information about industry segments and geographic areas for the three and nine months ended September 30, 2015 and 2014 (in thousands): For the three months ended September 30, 2015 2014 Revenues from unrelated entities: United States electrical construction and facilities services $ 344,389 $ 314,666 United States mechanical construction and facilities services 587,522 565,227 United States building services 428,270 427,564 United States industrial services 241,946 172,452 Total United States operations 1,602,127 1,479,909 United Kingdom building services 97,001 86,802 Total worldwide operations $ 1,699,128 $ 1,566,711 Total revenues: United States electrical construction and facilities services $ 348,327 $ 316,409 United States mechanical construction and facilities services 592,077 569,794 United States building services 442,674 438,864 United States industrial services 242,335 172,608 Less intersegment revenues (23,286 ) (17,766 ) Total United States operations 1,602,127 1,479,909 United Kingdom building services 97,001 86,802 Total worldwide operations $ 1,699,128 $ 1,566,711 For the nine months ended September 30, 2015 2014 Revenues from unrelated entities: United States electrical construction and facilities services $ 1,009,585 $ 958,295 United States mechanical construction and facilities services 1,652,551 1,616,794 United States building services 1,303,389 1,293,750 United States industrial services 699,839 581,642 Total United States operations 4,665,364 4,450,481 United Kingdom building services 275,536 259,688 Total worldwide operations $ 4,940,900 $ 4,710,169 Total revenues: United States electrical construction and facilities services $ 1,016,013 $ 971,361 United States mechanical construction and facilities services 1,663,259 1,632,511 United States building services 1,341,392 1,324,816 United States industrial services 701,226 582,426 Less intersegment revenues (56,526 ) (60,633 ) Total United States operations 4,665,364 4,450,481 United Kingdom building services 275,536 259,688 Total worldwide operations $ 4,940,900 $ 4,710,169 For the three months ended September 30, 2015 2014 Operating income (loss): United States electrical construction and facilities services $ 25,528 $ 20,666 United States mechanical construction and facilities services 26,926 30,206 United States building services 16,027 19,388 United States industrial services 14,340 7,385 Total United States operations 82,821 77,645 United Kingdom building services 3,358 3,082 Corporate administration (15,912 ) (18,481 ) Restructuring expenses (301 ) (398 ) Gain on sale of building — 11,749 Total worldwide operations 69,966 73,597 Other corporate items: Interest expense (2,226 ) (2,397 ) Interest income 157 186 Income from continuing operations before income taxes $ 67,897 $ 71,386 For the nine months ended September 30, 2015 2014 Operating income (loss): United States electrical construction and facilities services $ 67,479 $ 67,162 United States mechanical construction and facilities services 80,191 78,052 United States building services 54,944 53,606 United States industrial services 44,588 43,155 Total United States operations 247,202 241,975 United Kingdom building services 8,570 12,647 Corporate administration (52,031 ) (50,192 ) Restructuring expenses (742 ) (799 ) Gain on sale of building — 11,749 Total worldwide operations 202,999 215,380 Other corporate items: Interest expense (6,650 ) (6,887 ) Interest income 515 641 Income from continuing operations before income taxes $ 196,864 $ 209,134 September 30, December 31, Total assets: United States electrical construction and facilities services $ 352,358 $ 332,150 United States mechanical construction and facilities services 830,456 793,056 United States building services 742,343 737,082 United States industrial services 936,771 954,018 Total United States operations 2,861,928 2,816,306 United Kingdom building services 136,370 130,340 Corporate administration 485,131 442,321 Total worldwide operations $ 3,483,429 $ 3,388,967 |
Subsequent Event (Notes)
Subsequent Event (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Event [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event In October 2015, we acquired a company for an immaterial amount. This company provides fire protection services primarily in the Midwestern United States and will be included in our United States mechanical construction and facilities services segment. |
Fair Value Measurements (Policy
Fair Value Measurements (Policy) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | We use a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy, which gives the highest priority to quoted prices in active markets, is comprised of the following three levels: Level 1 – Unadjusted quoted market prices in active markets for identical assets and liabilities. Level 2 – Observable inputs, other than Level 1 inputs. Level 2 inputs would typically include quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3 – Prices or valuations that require inputs that are both significant to the measurement and unobservable. |
Disposition of Assets (Tables)
Disposition of Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Components Of The Results of Discontinued Operations For The Construction Operations of the United Kingdom Segment | The results of discontinued operations are as follows (in thousands): For the three months ended September 30, For the nine months ended September 30, 2015 2014 2015 2014 Revenues $ 149 $ 3,166 $ 509 $ 17,149 Loss from discontinued operation, net of income taxes $ (270 ) $ (611 ) $ (739 ) $ (4,087 ) Diluted loss per share from discontinued operation $ (0.00 ) $ (0.01 ) $ (0.01 ) $ (0.06 ) Included in the Condensed Consolidated Balance Sheets at September 30, 2015 and December 31, 2014 are the following major classes of assets and liabilities associated with the discontinued operation (in thousands): September 30, December 31, Assets of discontinued operation: Current assets $ 3,548 $ 6,265 Non-current assets $ 78 $ 278 Liabilities of discontinued operation: Current liabilities $ 6,688 $ 10,743 Non-current liabilities $ 31 $ 94 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Calculation Of Basic And Diluted Earnings Per Common Share | The following tables summarize our calculation of Basic and Diluted Earnings (Loss) per Common Share (“EPS”) for the three and nine months ended September 30, 2015 and 2014 (in thousands, except share and per share data): For the three months ended September 30, 2015 2014 Numerator: Income from continuing operations attributable to EMCOR Group, Inc. common stockholders $ 41,792 $ 45,635 Loss from discontinued operation, net of income taxes (270 ) (611 ) Net income attributable to EMCOR Group, Inc. common stockholders $ 41,522 $ 45,024 Denominator: Weighted average shares outstanding used to compute basic earnings (loss) per common share 62,901,923 66,714,641 Effect of dilutive securities—Share-based awards 490,560 702,906 Shares used to compute diluted earnings (loss) per common share 63,392,483 67,417,547 Basic earnings (loss) per common share: From continuing operations attributable to EMCOR Group, Inc. common stockholders $ 0.66 $ 0.68 From discontinued operation $ (0.00 ) $ (0.01 ) Net income attributable to EMCOR Group, Inc. common stockholders $ 0.66 $ 0.67 Diluted earnings (loss) per common share: From continuing operations attributable to EMCOR Group, Inc. common stockholders $ 0.66 $ 0.68 From discontinued operation $ (0.00 ) $ (0.01 ) Net income attributable to EMCOR Group, Inc. common stockholders $ 0.66 $ 0.67 For the nine months ended September 30, 2015 2014 Numerator: Income from continuing operations attributable to EMCOR Group, Inc. common stockholders $ 121,959 $ 130,285 Loss from discontinued operation, net of income taxes (739 ) (4,087 ) Net income attributable to EMCOR Group, Inc. common stockholders $ 121,220 $ 126,198 Denominator: Weighted average shares outstanding used to compute basic earnings (loss) per common share 62,921,956 67,062,732 Effect of dilutive securities—Share-based awards 521,071 739,874 Shares used to compute diluted earnings (loss) per common share 63,443,027 67,802,606 Basic earnings (loss) per common share: From continuing operations attributable to EMCOR Group, Inc. common stockholders $ 1.94 $ 1.94 From discontinued operation $ (0.01 ) $ (0.06 ) Net income attributable to EMCOR Group, Inc. common stockholders $ 1.93 $ 1.88 Diluted earnings (loss) per common share: From continuing operations attributable to EMCOR Group, Inc. common stockholders $ 1.92 $ 1.92 From discontinued operation $ (0.01 ) $ (0.06 ) Net income attributable to EMCOR Group, Inc. common stockholders $ 1.91 $ 1.86 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories in the accompanying Condensed Consolidated Balance Sheets consisted of the following amounts (in thousands): September 30, December 31, Raw materials and construction materials $ 23,152 $ 23,330 Work in process 24,691 23,524 $ 47,843 $ 46,854 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | Debt in the accompanying Condensed Consolidated Balance Sheets consisted of the following amounts (in thousands): September 30, December 31, Term Loan $ 319,375 $ 332,500 Capitalized lease obligations 2,331 2,883 Other 46 57 321,752 335,440 Less: current maturities 18,712 19,041 $ 303,040 $ 316,399 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Carried At Fair Value Measured On A Recurring Basis | The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2015 and December 31, 2014 (in thousands): Assets at Fair Value as of September 30, 2015 Asset Category Level 1 Level 2 Level 3 Total Cash and cash equivalents (1) $ 445,400 $ — $ — $ 445,400 Restricted cash (2) 4,407 — — 4,407 Deferred compensation plan assets (3) 6,698 — — 6,698 Total $ 456,505 $ — $ — $ 456,505 Assets at Fair Value as of December 31, 2014 Asset Category Level 1 Level 2 Level 3 Total Cash and cash equivalents (1) $ 432,056 $ — $ — $ 432,056 Restricted cash (2) 6,474 — — 6,474 Deferred compensation plan assets (3) 3,139 — — 3,139 Total $ 441,669 $ — $ — $ 441,669 ________ (1) Cash and cash equivalents include money market funds with original maturity dates of three months or less, which are Level 1 assets. At September 30, 2015 and December 31, 2014 , we had $151.7 million and $156.7 million , respectively, in money market funds. (2) Restricted cash is classified as “Prepaid expenses and other” in the Condensed Consolidated Balance Sheets. (3) Deferred compensation plan assets are classified as "Other assets" in the Condensed Consolidated Balance Sheets. |
Retirement Plans (Tables)
Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Components Of Net Periodic Pension Cost | The components of net periodic pension cost of the UK Plan for the three and nine months ended September 30, 2015 and 2014 were as follows (in thousands): For the three months ended September 30, For the nine months ended September 30, 2015 2014 2015 2014 Interest cost $ 2,938 $ 3,510 $ 8,718 $ 10,573 Expected return on plan assets (4,098 ) (4,226 ) (12,159 ) (12,729 ) Amortization of unrecognized loss 640 508 1,899 1,530 Net periodic pension cost $ (520 ) $ (208 ) $ (1,542 ) $ (626 ) |
Commitments and Contingencies R
Commitments and Contingencies Restructuring and Related Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The changes in restructuring activity by reportable segments during the nine months ended September 30, 2015 and September 30, 2014 were as follows (in thousands): United States United States United States building services segment Corporate administration Total Balance at December 31, 2013 $ 30 $ 164 $ — $ — $ 194 Charges 375 124 — 300 799 Payments (405 ) (114 ) — (300 ) (819 ) Balance at September 30, 2014 $ — $ 174 $ — $ — $ 174 Balance at December 31, 2014 $ 255 $ 26 $ — $ — $ 281 Charges (106 ) 6 842 — 742 Payments (149 ) (32 ) (384 ) — (565 ) Balance at September 30, 2015 $ — $ — $ 458 $ — $ 458 |
Restructuring and Related Costs [Table Text Block] | A summary of restructuring expenses by reportable segments recognized for the nine months ended September 30, 2015 was as follows (in thousands): United States United States United States building services segment Corporate administration Total Severance $ — $ 6 $ 842 $ — $ 848 Leased facilities (106 ) — — — (106 ) Total charges $ (106 ) $ 6 $ 842 $ — $ 742 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Information About Industry Segments And Geographic Areas | The following tables present information about industry segments and geographic areas for the three and nine months ended September 30, 2015 and 2014 (in thousands): For the three months ended September 30, 2015 2014 Revenues from unrelated entities: United States electrical construction and facilities services $ 344,389 $ 314,666 United States mechanical construction and facilities services 587,522 565,227 United States building services 428,270 427,564 United States industrial services 241,946 172,452 Total United States operations 1,602,127 1,479,909 United Kingdom building services 97,001 86,802 Total worldwide operations $ 1,699,128 $ 1,566,711 Total revenues: United States electrical construction and facilities services $ 348,327 $ 316,409 United States mechanical construction and facilities services 592,077 569,794 United States building services 442,674 438,864 United States industrial services 242,335 172,608 Less intersegment revenues (23,286 ) (17,766 ) Total United States operations 1,602,127 1,479,909 United Kingdom building services 97,001 86,802 Total worldwide operations $ 1,699,128 $ 1,566,711 For the nine months ended September 30, 2015 2014 Revenues from unrelated entities: United States electrical construction and facilities services $ 1,009,585 $ 958,295 United States mechanical construction and facilities services 1,652,551 1,616,794 United States building services 1,303,389 1,293,750 United States industrial services 699,839 581,642 Total United States operations 4,665,364 4,450,481 United Kingdom building services 275,536 259,688 Total worldwide operations $ 4,940,900 $ 4,710,169 Total revenues: United States electrical construction and facilities services $ 1,016,013 $ 971,361 United States mechanical construction and facilities services 1,663,259 1,632,511 United States building services 1,341,392 1,324,816 United States industrial services 701,226 582,426 Less intersegment revenues (56,526 ) (60,633 ) Total United States operations 4,665,364 4,450,481 United Kingdom building services 275,536 259,688 Total worldwide operations $ 4,940,900 $ 4,710,169 For the three months ended September 30, 2015 2014 Operating income (loss): United States electrical construction and facilities services $ 25,528 $ 20,666 United States mechanical construction and facilities services 26,926 30,206 United States building services 16,027 19,388 United States industrial services 14,340 7,385 Total United States operations 82,821 77,645 United Kingdom building services 3,358 3,082 Corporate administration (15,912 ) (18,481 ) Restructuring expenses (301 ) (398 ) Gain on sale of building — 11,749 Total worldwide operations 69,966 73,597 Other corporate items: Interest expense (2,226 ) (2,397 ) Interest income 157 186 Income from continuing operations before income taxes $ 67,897 $ 71,386 For the nine months ended September 30, 2015 2014 Operating income (loss): United States electrical construction and facilities services $ 67,479 $ 67,162 United States mechanical construction and facilities services 80,191 78,052 United States building services 54,944 53,606 United States industrial services 44,588 43,155 Total United States operations 247,202 241,975 United Kingdom building services 8,570 12,647 Corporate administration (52,031 ) (50,192 ) Restructuring expenses (742 ) (799 ) Gain on sale of building — 11,749 Total worldwide operations 202,999 215,380 Other corporate items: Interest expense (6,650 ) (6,887 ) Interest income 515 641 Income from continuing operations before income taxes $ 196,864 $ 209,134 September 30, December 31, Total assets: United States electrical construction and facilities services $ 352,358 $ 332,150 United States mechanical construction and facilities services 830,456 793,056 United States building services 742,343 737,082 United States industrial services 936,771 954,018 Total United States operations 2,861,928 2,816,306 United Kingdom building services 136,370 130,340 Corporate administration 485,131 442,321 Total worldwide operations $ 3,483,429 $ 3,388,967 |
Acquisitions Of Businesses (Det
Acquisitions Of Businesses (Details) $ in Millions | Jun. 01, 2015Company | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) |
Business Acquisition [Line Items] | |||||
Business Acquisition, Effective Date of Acquisition | Jun. 1, 2015 | ||||
Number of businesses acquired | Company | 1 | ||||
Non-cash income from contingent consideration arrangements | $ 0 | $ 0 | $ 0.2 | $ 0.2 |
Disposition of Assets (Narrativ
Disposition of Assets (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | ||||||
Proceeds from sale of subsidiary | $ 0 | $ 1,108 | ||||
Loss on sale of subsidiary | 0 | 608 | ||||
Gain on sale of building | $ 0 | $ 11,749 | 0 | 11,749 | ||
Loss from discontinued operation, net of income taxes | $ (270) | $ (611) | $ (739) | $ (4,087) | ||
From discontinued operation (in US dollars per share) | $ 0 | $ (0.01) | $ (0.01) | $ (0.06) | ||
Restructuring reserve | $ 458 | $ 174 | $ 458 | $ 174 | $ 281 | $ 194 |
Gain on Sale of Building [Member] | United States Mechanical Construction And Facilities Services [Member] | ||||||
Income Statement [Abstract] | ||||||
Gain on sale of building | 11,700 | |||||
UNITED STATES | United States Building Services [Member] | United States Building Services Subsidiary [Member] | ||||||
Income Statement [Abstract] | ||||||
Proceeds from sale of subsidiary | 1,100 | |||||
UNITED STATES | Selling, General and Administrative Expenses [Member] | United States Building Services [Member] | United States Building Services Subsidiary [Member] | ||||||
Income Statement [Abstract] | ||||||
Loss on sale of subsidiary | 600 | |||||
UNITED KINGDOM | Discontinued Operations [Member] | United Kingdom Construction [Member] | ||||||
Income Statement [Abstract] | ||||||
Revenues | 149 | 3,166 | 509 | 17,149 | ||
Loss from discontinued operation, net of income taxes | $ (270) | $ (611) | $ (739) | $ (4,087) | ||
From discontinued operation (in US dollars per share) | $ 0 | $ (0.01) | $ (0.01) | $ (0.06) | ||
Assets of discontinued operation: | ||||||
Current assets | $ 3,548 | $ 3,548 | 6,265 | |||
Non-current assets | 78 | 78 | 278 | |||
Liabilities of discontinued operation: | ||||||
Current liabilities | 6,688 | 6,688 | 10,743 | |||
Non-current liabilities | 31 | 31 | $ 94 | |||
SeveranceandFacilityClosing [Member] | UNITED KINGDOM | Discontinued Operations [Member] | United Kingdom Construction [Member] | ||||||
Income Statement [Abstract] | ||||||
Restructuring reserve | $ 900 | $ 900 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator | ||||
Income from continuing operations attributable to EMCOR Group, Inc. common stockholders (in US dollars) | $ 41,792 | $ 45,635 | $ 121,959 | $ 130,285 |
Loss from discontinued operation, net of income taxes (in US dollars) | (270) | (611) | (739) | (4,087) |
Net income attributable to EMCOR Group, Inc. (in US dollars) | $ 41,522 | $ 45,024 | $ 121,220 | $ 126,198 |
Denominator | ||||
Weighted average shares outstanding used to compute basic earnings (loss) per common share (in shares) | 62,901,923 | 66,714,641 | 62,921,956 | 67,062,732 |
Effect of dilutive securities-Share-based awards (in shares) | 490,560 | 702,906 | 521,071 | 739,874 |
Shares used to compute diluted earnings (loss) per common share (in shares) | 63,392,483 | 67,417,547 | 63,443,027 | 67,802,606 |
Basic earnings (loss) per common share: | ||||
From continuing operations attributable to EMCOR Group, Inc. common stockholders (in US dollars per share) | $ 0.66 | $ 0.68 | $ 1.94 | $ 1.94 |
From discontinued operation (in US dollars per share) | 0 | (0.01) | (0.01) | (0.06) |
Net income attributable to EMCOR Group, Inc. common stockholders (in US dollars per share) | 0.66 | 0.67 | 1.93 | 1.88 |
Diluted earnings (loss) per common share: | ||||
From continuing operations attributable to EMCOR Group, Inc. common stockholders (in US dollars per share) | 0.66 | 0.68 | 1.92 | 1.92 |
From discontinued operation (in US dollars per share) | 0 | (0.01) | (0.01) | (0.06) |
Net income attributable to EMCOR Group, Inc. common stockholders (in US dollars per share) | $ 0.66 | $ 0.67 | $ 1.91 | $ 1.86 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive restricted stock units excluded from calculation of diluted earnings per share (in shares) | 0 | 0 | 0 | 0 |
Inventories (Inventories) (Deta
Inventories (Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials and construction materials | $ 23,152 | $ 23,330 |
Work in process | 24,691 | 23,524 |
Inventories | $ 47,843 | $ 46,854 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 24, 2013 | |
Line of Credit Facility [Line Items] | |||||
Interest rate description | Borrowings under the 2013 Credit Agreement bear interest at (1) a rate which is the prime commercial lending rate announced by Bank of Montreal from time to time (3.25% at September 30, 2015) plus 0.25% to 0.75%, based on certain financial tests or (2) United States dollar LIBOR (0.19% at September 30, 2015) plus 1.25% to 1.75%, based on certain financial tests. The interest rate in effect at September 30, 2015 was 1.44%. Fees for letters of credit issued under the 2013 Revolving Credit Facility range from 1.25% to 1.75% of the respective face amounts of outstanding letters of credit and are computed based on certain financial tests. | ||||
Letters of credit outstanding (in US dollars) | $ 95,000,000 | $ 95,000,000 | $ 95,500,000 | ||
2011 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility maximum borrowing capacity (in US dollars) | $ 750,000,000 | ||||
2013 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Expiration date of revolving credit facility | Nov. 25, 2018 | ||||
Interest rate | 1.44% | 1.44% | |||
Debt issuance costs, capitalized (in US dollars) | $ 3,000,000 | ||||
2013 Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility maximum borrowing capacity (in US dollars) | 750,000,000 | ||||
Increase in borrowing capacity (in US dollars) | 1,050,000,000 | ||||
Letters of credit maximum borrowing capacity (in US dollars) | 250,000,000 | ||||
Commitment fee percentage of unused amount | 0.20% | ||||
Borrowings under revolving credit facility (in US dollars) | $ 0 | $ 0 | 0 | ||
2013 Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Term Loan (in US dollars) | 319,375,000 | $ 319,375,000 | $ 332,500,000 | $ 350,000,000 | |
Periodic principal payment on term loan (in US dollars) | $ 4,400,000 | ||||
Minimum [Member] | 2013 Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Commitment fee percentage of unused amount | 0.20% | ||||
Letter of credit fees | 1.25% | 1.25% | |||
Maximum [Member] | 2013 Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Commitment fee percentage of unused amount | 0.30% | ||||
Letter of credit fees | 1.75% | 1.75% | |||
Prime Rate [Member] | 2013 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Commercial lending rate | 3.25% | 3.25% | |||
Prime Rate [Member] | Minimum [Member] | 2013 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.25% | ||||
Prime Rate [Member] | Maximum [Member] | 2013 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.75% | ||||
London Interbank Offered Rate (LIBOR) [Member] | 2013 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Commercial lending rate | 0.19% | 0.19% | |||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | 2013 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.25% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | 2013 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.75% |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||
Capitalized lease obligations | $ 2,331 | $ 2,883 | |
Other | 46 | 57 | |
Total debt | 321,752 | 335,440 | |
Less: current maturities | 18,712 | 19,041 | |
Total long-term debt | 303,040 | 316,399 | |
2013 Term Loan | |||
Debt Instrument [Line Items] | |||
Term Loan | $ 319,375 | $ 332,500 | $ 350,000 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Carried At Fair Value Measured On A Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | [1] | $ 445,400 | $ 432,056 |
Restricted cash | [2] | 4,407 | 6,474 |
Deferred compensation plan assets | [3] | 6,698 | 3,139 |
Total | 456,505 | 441,669 | |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | [1] | 445,400 | 432,056 |
Restricted cash | [2] | 4,407 | 6,474 |
Deferred compensation plan assets | [3] | 6,698 | 3,139 |
Total | 456,505 | 441,669 | |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | [1] | 0 | 0 |
Restricted cash | [2] | 0 | 0 |
Deferred compensation plan assets | [3] | 0 | 0 |
Total | 0 | 0 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | [1] | 0 | 0 |
Restricted cash | [2] | 0 | 0 |
Deferred compensation plan assets | [3] | 0 | 0 |
Total | 0 | 0 | |
Money Market Funds [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | $ 151,700 | $ 156,700 | |
[1] | Cash and cash equivalents include money market funds with original maturity dates of three months or less, which are Level 1 assets. At September 30, 2015 and December 31, 2014, we had $151.7 million and $156.7 million, respectively, in money market funds. | ||
[2] | Restricted cash is classified as “Prepaid expenses and other” in the Condensed Consolidated Balance Sheets. | ||
[3] | Deferred compensation plan assets are classified as "Other assets" in the Condensed Consolidated Balance Sheets. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | |||||
Income tax provision | $ 25,720 | $ 23,998 | $ 74,672 | $ 75,428 | |
Effective income tax rates | 38.00% | 37.60% | 37.90% | 37.60% | |
Actual income tax rates | 38.10% | 34.50% | 38.00% | 36.60% | |
Unrecognized income tax benefits | $ 5,200 | $ 5,200 | $ 5,200 | ||
Unrecognized income tax benefits, if recognized, that would favorably affect the effective income tax rate | 3,000 | 3,000 | 3,000 | ||
Accrued interest expense related to unrecognized income tax benefits | 400 | 400 | $ 300 | ||
Interest expense related to unrecognized income tax benefits | 100 | $ 100 | 100 | ||
Interest income related to unrecognized income tax benefits | $ 100 | ||||
Unrecognized income tax benefits to be recognized in the next twelve months | $ 4,100 | $ 4,100 |
Common Stock (Details)
Common Stock (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 48 Months Ended | |||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Oct. 28, 2015 | Dec. 31, 2014 | Oct. 23, 2014 | Dec. 05, 2013 | Sep. 26, 2011 | |
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Common stock, outstanding | 62,809,177 | 62,809,177 | 62,809,177 | 62,981,229 | ||||||
Common stock, issued | 66,223 | 66,126 | 347,713 | 628,850 | ||||||
Number of shares repurchased | 500,000 | 8,100,000 | ||||||||
Stock repurchased (in US dollars) | $ 22,972,000 | $ 84,565,000 | $ 306,500,000 | |||||||
RepurchaseProgramSep262011 | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Stock repurchase, authorized amount (in US dollars) | $ 100,000,000 | |||||||||
RepurchaseProgramDec052013 | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Stock repurchase, authorized amount (in US dollars) | $ 100,000,000 | |||||||||
RepurchaseProgramOct232014 | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Stock repurchase, authorized amount (in US dollars) | $ 250,000,000 | |||||||||
Remaining authorized repurchase amount (in US dollars) | $ 143,500,000 | $ 143,500,000 | $ 143,500,000 | |||||||
Subsequent Event | RepurchaseProgramOct282015 | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Stock repurchase, authorized amount (in US dollars) | $ 200,000,000 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) - United Kingdom Subsidiary [Member] - Foreign Pension Plans, Defined Benefit [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Contribution of U.K. subsidiary to its defined benefit pension plan | $ 4 |
Anticipated additional contribution | $ 1.6 |
Retirement Plans (Components Of
Retirement Plans (Components Of Net Periodic Pension Benefit Cost) (Details) - United Kingdom Subsidiary [Member] - Foreign Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 2,938 | $ 3,510 | $ 8,718 | $ 10,573 |
Expected return on plan assets | (4,098) | (4,226) | (12,159) | (12,729) |
Amortization of unrecognized loss | 640 | 508 | 1,899 | 1,530 |
Net periodic pension cost | $ (520) | $ (208) | $ (1,542) | $ (626) |
Commitments and Contingencies N
Commitments and Contingencies Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ||||||
Restructuring expenses | $ 301 | $ 398 | $ 742 | $ 799 | ||
Restructuring reserve | 458 | 174 | $ 458 | 174 | $ 281 | $ 194 |
Settlement agreement date | February 17, 2015 | |||||
Settlement agreement terms | Under the terms of the consent decree, USM is required to (a) pay an aggregate of $1.0 million (i) for monetary relief to the members of the class, (ii) for awards to the class representative plaintiffs, (iii) for California Labor Code Private Attorney General Act payments to the State of California for an immaterial amount, and (iv) for all costs of notice and administration of the claims process, (b) pay to counsel for the class an aggregate of $1.3 million, of which $0.2 million has been allocated for their reimbursable costs and litigation expenses and $1.1 million has been allocated for attorneys’ fees, and (c) establish procedures to monitor USM’s California subcontractors providing janitorial services to its Customer designed principally to ensure janitorial employees of those subcontractors are paid no less than minimum wage. | |||||
Class Action Aggregate Monetary Portion [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement, Amount | $ 1,000 | |||||
Payment for litigation settlement | 1,000 | |||||
Class Action Aggregate Counsel Portion [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement, Amount | 1,300 | |||||
Class Action Litigation Expenses [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement, Amount | 200 | |||||
Class Action Attorney Fees [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement, Amount | 1,100 | |||||
Employee Severance [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Restructuring expenses | $ 300 | $ 400 | 848 | 600 | ||
Facility Closing [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Restructuring expenses | $ 200 | |||||
Reversal of restructuring expenses | $ (106) |
Schedule of Restructuring Activ
Schedule of Restructuring Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring reserve | $ 458 | $ 174 | $ 458 | $ 174 | $ 281 | $ 194 |
Restructuring expenses | 301 | 398 | 742 | 799 | ||
Payments for restructuring | (565) | (819) | ||||
Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 300 | 400 | 848 | 600 | ||
Facility Closing [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 200 | |||||
Reversal of restructuring expenses | (106) | |||||
Corporate, Non-Segment [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring reserve | 0 | 0 | 0 | 0 | 0 | 0 |
Restructuring expenses | 0 | 300 | ||||
Payments for restructuring | 0 | (300) | ||||
Corporate, Non-Segment [Member] | Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 0 | |||||
Corporate, Non-Segment [Member] | Facility Closing [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 0 | |||||
UNITED STATES | Operating Segments [Member] | United States Electrical Construction And Facilities Services [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring reserve | 0 | 0 | 0 | 0 | 255 | 30 |
Restructuring expenses | 375 | |||||
Reversal of restructuring expenses | (106) | |||||
Payments for restructuring | (149) | (405) | ||||
UNITED STATES | Operating Segments [Member] | United States Mechanical Construction And Facilities Services [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring reserve | 0 | 174 | 0 | 174 | 26 | 164 |
Restructuring expenses | 6 | 124 | ||||
Payments for restructuring | (32) | (114) | ||||
UNITED STATES | Operating Segments [Member] | United States Building Services [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring reserve | $ 458 | $ 0 | 458 | 0 | $ 0 | $ 0 |
Restructuring expenses | 842 | 0 | ||||
Payments for restructuring | (384) | $ 0 | ||||
UNITED STATES | Operating Segments [Member] | Employee Severance [Member] | United States Electrical Construction And Facilities Services [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 0 | |||||
UNITED STATES | Operating Segments [Member] | Employee Severance [Member] | United States Mechanical Construction And Facilities Services [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 6 | |||||
UNITED STATES | Operating Segments [Member] | Employee Severance [Member] | United States Building Services [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 842 | |||||
UNITED STATES | Operating Segments [Member] | Facility Closing [Member] | United States Electrical Construction And Facilities Services [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Reversal of restructuring expenses | (106) | |||||
UNITED STATES | Operating Segments [Member] | Facility Closing [Member] | United States Mechanical Construction And Facilities Services [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | 0 | |||||
UNITED STATES | Operating Segments [Member] | Facility Closing [Member] | United States Building Services [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring expenses | $ 0 |
Segment Information (Informatio
Segment Information (Information About Industry Segments And Geographic Areas) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Revenues from unrelated entities | $ 1,699,128 | $ 1,566,711 | $ 4,940,900 | $ 4,710,169 | |
Total revenues | 1,699,128 | 1,566,711 | 4,940,900 | 4,710,169 | |
Operating income (loss) | 69,966 | 73,597 | 202,999 | 215,380 | |
Restructuring expenses | (301) | (398) | (742) | (799) | |
Gain on sale of building | 0 | 11,749 | 0 | 11,749 | |
Interest expense | (2,226) | (2,397) | (6,650) | (6,887) | |
Interest income | 157 | 186 | 515 | 641 | |
Income from continuing operations before income taxes | 67,897 | 71,386 | 196,864 | 209,134 | |
Total assets | 3,483,429 | 3,483,429 | $ 3,388,967 | ||
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | (23,286) | (17,766) | (56,526) | (60,633) | |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | (15,912) | (18,481) | (52,031) | (50,192) | |
Restructuring expenses | 0 | (300) | |||
Total assets | 485,131 | 485,131 | 442,321 | ||
UNITED STATES | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from unrelated entities | 1,602,127 | 1,479,909 | 4,665,364 | 4,450,481 | |
Total revenues | 1,602,127 | 1,479,909 | 4,665,364 | 4,450,481 | |
Operating income (loss) | 82,821 | 77,645 | 247,202 | 241,975 | |
Total assets | 2,861,928 | 2,861,928 | 2,816,306 | ||
UNITED STATES | United States Electrical Construction And Facilities Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from unrelated entities | 344,389 | 314,666 | 1,009,585 | 958,295 | |
UNITED STATES | United States Mechanical Construction And Facilities Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from unrelated entities | 587,522 | 565,227 | 1,652,551 | 1,616,794 | |
UNITED STATES | United States Building Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from unrelated entities | 428,270 | 427,564 | 1,303,389 | 1,293,750 | |
UNITED STATES | United States Industrial Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from unrelated entities | 241,946 | 172,452 | 699,839 | 581,642 | |
UNITED STATES | Operating Segments [Member] | United States Electrical Construction And Facilities Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 348,327 | 316,409 | 1,016,013 | 971,361 | |
Operating income (loss) | 25,528 | 20,666 | 67,479 | 67,162 | |
Restructuring expenses | (375) | ||||
Total assets | 352,358 | 352,358 | 332,150 | ||
UNITED STATES | Operating Segments [Member] | United States Mechanical Construction And Facilities Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 592,077 | 569,794 | 1,663,259 | 1,632,511 | |
Operating income (loss) | 26,926 | 30,206 | 80,191 | 78,052 | |
Restructuring expenses | (6) | (124) | |||
Total assets | 830,456 | 830,456 | 793,056 | ||
UNITED STATES | Operating Segments [Member] | United States Building Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 442,674 | 438,864 | 1,341,392 | 1,324,816 | |
Operating income (loss) | 16,027 | 19,388 | 54,944 | 53,606 | |
Restructuring expenses | (842) | 0 | |||
Total assets | 742,343 | 742,343 | 737,082 | ||
UNITED STATES | Operating Segments [Member] | United States Industrial Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 242,335 | 172,608 | 701,226 | 582,426 | |
Operating income (loss) | 14,340 | 7,385 | 44,588 | 43,155 | |
Total assets | 936,771 | 936,771 | 954,018 | ||
UNITED KINGDOM | United Kingdom Building Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from unrelated entities | 97,001 | 86,802 | 275,536 | 259,688 | |
UNITED KINGDOM | Operating Segments [Member] | United Kingdom Building Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 97,001 | 86,802 | 275,536 | 259,688 | |
Operating income (loss) | 3,358 | $ 3,082 | 8,570 | $ 12,647 | |
Total assets | $ 136,370 | $ 136,370 | $ 130,340 |