Cover page
Cover page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-50796 | |
Entity Registrant Name | SP Plus Corporation | |
Entity Central Index Key | 0001059262 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 16-1171179 | |
Entity Address, Address Line One | 200 E. Randolph Street, Suite 7700 | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60601-7702 | |
City Area Code | 312 | |
Local Phone Number | 274-2000 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | SP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 23,218,844 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 15.8 | $ 13.9 |
Accounts and notes receivable, net | 112.2 | 111.2 |
Prepaid expenses and other current assets | 34.2 | 26.8 |
Total current assets | 162.2 | 151.9 |
Leasehold improvements, equipment and construction in progress, net | 50.1 | 53.3 |
Right-of-use assets | 208.6 | 235.1 |
Goodwill | 526.7 | 526.6 |
Other intangible assets, net | 58.8 | 63.1 |
Deferred taxes | 58.6 | 63.8 |
Other noncurrent assets, net | 46.4 | 43.9 |
Total noncurrent assets | 949.2 | 985.8 |
Total assets | 1,111.4 | 1,137.7 |
Liabilities and stockholders’ equity | ||
Accounts payable | 108 | 97.8 |
Accrued and other current liabilities | 107.5 | 112.7 |
Short-term lease liabilities | 76.4 | 82.1 |
Current portion of long-term obligations under Senior Credit Facility and other long-term borrowings | 25.9 | 25 |
Total current liabilities | 317.8 | 317.6 |
Long-term borrowings, excluding current portion | 322.1 | 337.1 |
Long-term lease liabilities | 210.6 | 243.4 |
Other noncurrent liabilities | 63.1 | 58.2 |
Total noncurrent liabilities | 595.8 | 638.7 |
Total liabilities | 913.6 | 956.3 |
Stockholders’ equity | ||
Preferred stock, par value $0.01 per share; 5,000,000 shares authorized as of June 30, 2021 and December 31, 2020, respectively; no shares issued or outstanding | 0 | 0 |
Common stock, par value $0.001 per share; 50,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 25,253,586 and 23,218,844 shares issued and outstanding as of June 30, 2021, respectively, and 25,123,128 and 23,088,386 shares issued and outstanding as of December 31, 2020, respectively | 0 | 0 |
Treasury stock, at cost; 2,034,742 shares as of June 30, 2021 and December 31, 2020 | (70.6) | (70.6) |
Additional paid-in capital | 264.4 | 261.4 |
Accumulated other comprehensive loss | (3.5) | (4.4) |
Retained earnings (accumulated deficit) | 8 | (3.3) |
Total SP Plus Corporation stockholders’ equity | 198.3 | 183.1 |
Noncontrolling interest | (0.5) | (1.7) |
Total stockholders’ equity | 197.8 | 181.4 |
Total liabilities and stockholders’ equity | $ 1,111.4 | $ 1,137.7 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 25,253,586 | 25,123,128 |
Common stock, shares outstanding (in shares) | 23,218,844 | 23,088,386 |
Treasury stock, shares (in shares) | 2,034,742 | 2,034,742 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Services revenue | $ 275.7 | $ 203.4 | $ 522.4 | $ 613.1 |
Cost of services | 229.2 | 216.8 | 437.6 | 656.7 |
Gross profit | 46.5 | (13.4) | 84.8 | (43.6) |
General and administrative expenses | 22 | 22.8 | 43 | 43.5 |
Depreciation and amortization | 6.2 | 7.9 | 12.5 | 15.4 |
Impairment of intangible assets | 3.7 | 3.7 | ||
Operating income (loss) | 18.3 | (47.8) | 29.3 | (106.2) |
Other expense (income) | ||||
Interest expense | 5.1 | 5.3 | 10.9 | 9.7 |
Interest income | (0.1) | (0.1) | (0.2) | (0.2) |
Other expenses (income) | 0.2 | (0.1) | ||
Total other expenses | 5 | 5.4 | 10.7 | 9.4 |
Earnings (loss) before income taxes | 13.3 | (53.2) | 18.6 | (115.6) |
Income tax expense (benefit) | 3.5 | (13.4) | 4.9 | (30.2) |
Net income (loss) | 9.8 | (39.8) | 13.7 | (85.4) |
Less: Net income (loss) attributable to noncontrolling interest | 0.8 | (0.7) | 2.4 | (0.2) |
Net income (loss) attributable to SP Plus Corporation | $ 9 | $ (39.1) | $ 11.3 | $ (85.2) |
Net income (loss) per common share | ||||
Basic (in dollars per share) | $ 0.42 | $ (1.86) | $ 0.53 | $ (4.05) |
Diluted (in dollars per share) | $ 0.42 | $ (1.86) | $ 0.53 | $ (4.05) |
Weighted average shares outstanding | ||||
Basic (in shares) | 21,177,142 | 20,972,057 | 21,145,494 | 21,062,495 |
Diluted (in shares) | 21,390,609 | 20,972,057 | 21,347,514 | 21,062,495 |
Lease Type Contracts | ||||
Services revenue | $ 50.9 | $ 30.2 | $ 93.6 | $ 111.9 |
Cost of services | 39.5 | 43.1 | 74.8 | 123.3 |
Gross profit | 11.4 | (12.9) | 18.8 | (11.4) |
Management Type Contracts | ||||
Services revenue | 90.3 | 62.8 | 176.3 | 199.9 |
Cost of services | 55.2 | 46.6 | 110.2 | 137.9 |
Gross profit | 35.1 | 16.2 | 66.1 | 62 |
Lease and Management Type Contracts | ||||
Services revenue | 141.2 | 93 | 269.9 | 311.8 |
Cost of services | 94.7 | 89.7 | 185 | 261.2 |
Reimbursed Management Type Contract Revenue | ||||
Services revenue | 134.5 | 110.4 | 252.5 | 301.3 |
Cost of services | $ 134.5 | 110.4 | 252.5 | 301.3 |
Lease Impairment | ||||
Cost of services | 16.7 | 0.1 | 94.2 | |
Gross profit | $ (16.7) | $ (0.1) | $ (94.2) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 9.8 | $ (39.8) | $ 13.7 | $ (85.4) |
Change in fair value of interest rate collars | 0.4 | 0.2 | 0.8 | (2.6) |
Foreign currency translation gain (loss) | 0.1 | (0.1) | 0.1 | (0.3) |
Comprehensive income (loss) | 10.3 | (39.7) | 14.6 | (88.3) |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 0.8 | (0.7) | 2.4 | (0.2) |
Comprehensive income (loss) attributable to SP Plus Corporation | $ 9.5 | $ (39) | $ 12.2 | $ (88.1) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings (Accumulated Deficit) | Treasury Stock | Noncontrolling Interest |
Beginning balance (deficit) at Dec. 31, 2019 | $ 373.9 | $ 0 | $ 262.6 | $ (2.7) | $ 169.5 | $ (55.3) | $ (0.2) |
Beginning balance (deficit) (in shares) at Dec. 31, 2019 | 22,950,360 | ||||||
Net income (loss) | (45.6) | (46.1) | 0.5 | ||||
Foreign currency translation | (0.2) | (0.2) | |||||
Change in fair value of interest rate collars | (2.8) | (2.8) | |||||
Issuance of performance stock units | 0 | ||||||
Issuance of performance stock units (in shares) | 46,701 | ||||||
Non-cash stock-based compensation | (2.9) | (2.9) | |||||
Treasury stock | (15.3) | (15.3) | |||||
Distributions to noncontrolling interest | (0.5) | (0.5) | |||||
Ending balance (deficit) at Mar. 31, 2020 | 306.6 | 259.7 | (5.7) | 123.4 | (70.6) | (0.2) | |
Ending balance (deficit) (in shares) at Mar. 31, 2020 | 22,997,061 | ||||||
Beginning balance (deficit) at Dec. 31, 2019 | 373.9 | $ 0 | 262.6 | (2.7) | 169.5 | (55.3) | (0.2) |
Beginning balance (deficit) (in shares) at Dec. 31, 2019 | 22,950,360 | ||||||
Net income (loss) | (85.4) | ||||||
Foreign currency translation | (0.3) | ||||||
Treasury stock | (15.3) | ||||||
Ending balance (deficit) at Jun. 30, 2020 | 265.7 | 258.9 | (5.6) | 84.3 | (70.6) | (1.3) | |
Ending balance (deficit) (in shares) at Jun. 30, 2020 | 23,022,127 | ||||||
Beginning balance (deficit) at Mar. 31, 2020 | 306.6 | 259.7 | (5.7) | 123.4 | (70.6) | (0.2) | |
Beginning balance (deficit) (in shares) at Mar. 31, 2020 | 22,997,061 | ||||||
Net income (loss) | (39.8) | (39.1) | (0.7) | ||||
Foreign currency translation | (0.1) | (0.1) | |||||
Change in fair value of interest rate collars | 0.2 | 0.2 | |||||
Issuance of stock grants | 0.5 | 0.5 | |||||
Issuance of stock grants (in shares) | 25,066 | ||||||
Non-cash stock-based compensation | 0.4 | 0.4 | |||||
Noncontrolling interest buyout | (1.7) | (1.7) | |||||
Distributions to noncontrolling interest | (0.4) | (0.4) | |||||
Ending balance (deficit) at Jun. 30, 2020 | 265.7 | 258.9 | (5.6) | 84.3 | (70.6) | (1.3) | |
Ending balance (deficit) (in shares) at Jun. 30, 2020 | 23,022,127 | ||||||
Beginning balance (deficit) at Dec. 31, 2020 | $ 181.4 | 261.4 | (4.4) | (3.3) | (70.6) | (1.7) | |
Beginning balance (deficit) (in shares) at Dec. 31, 2020 | 23,088,386 | 23,088,386 | |||||
Net income (loss) | $ 3.9 | 2.3 | 1.6 | ||||
Change in fair value of interest rate collars | 0.4 | 0.4 | |||||
Issuance of restricted stock units | 0 | ||||||
Issuance of restricted stock units (in shares) | 35,902 | ||||||
Issuance of performance stock units | 0 | ||||||
Issuance of performance stock units (in shares) | 81,136 | ||||||
Non-cash stock-based compensation | 0.9 | 0.9 | |||||
Distributions to noncontrolling interest | (0.4) | (0.4) | |||||
Ending balance (deficit) at Mar. 31, 2021 | 186.2 | 262.3 | (4) | (1) | (70.6) | (0.5) | |
Ending balance (deficit) (in shares) at Mar. 31, 2021 | 23,205,424 | ||||||
Beginning balance (deficit) at Dec. 31, 2020 | $ 181.4 | 261.4 | (4.4) | (3.3) | (70.6) | (1.7) | |
Beginning balance (deficit) (in shares) at Dec. 31, 2020 | 23,088,386 | 23,088,386 | |||||
Net income (loss) | $ 13.7 | ||||||
Foreign currency translation | 0.1 | ||||||
Ending balance (deficit) at Jun. 30, 2021 | $ 197.8 | 264.4 | (3.5) | 8 | (70.6) | (0.5) | |
Ending balance (deficit) (in shares) at Jun. 30, 2021 | 23,218,844 | 23,218,844 | |||||
Beginning balance (deficit) at Mar. 31, 2021 | $ 186.2 | 262.3 | (4) | (1) | (70.6) | (0.5) | |
Beginning balance (deficit) (in shares) at Mar. 31, 2021 | 23,205,424 | ||||||
Net income (loss) | 9.8 | 9 | 0.8 | ||||
Foreign currency translation | 0.1 | 0.1 | |||||
Change in fair value of interest rate collars | 0.4 | 0.4 | |||||
Issuance of stock grants | 0.5 | 0.5 | |||||
Issuance of stock grants (in shares) | 13,420 | ||||||
Non-cash stock-based compensation | 1.6 | 1.6 | |||||
Distributions to noncontrolling interest | (0.8) | (0.8) | |||||
Ending balance (deficit) at Jun. 30, 2021 | $ 197.8 | $ 264.4 | $ (3.5) | $ 8 | $ (70.6) | $ (0.5) | |
Ending balance (deficit) (in shares) at Jun. 30, 2021 | 23,218,844 | 23,218,844 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities | ||
Net income (loss) | $ 13.7 | $ (85.4) |
Adjustments to reconcile net income (loss) to net cash provided by operations: | ||
Impairment | 0.1 | 97.9 |
Depreciation and amortization | 12.5 | 15.1 |
Non-cash stock-based compensation | 3 | (2) |
Provisions for credit losses on accounts receivable | 0.6 | 5.6 |
Deferred income taxes | 4.9 | (31.4) |
Other | 1.4 | 1.4 |
Changes in operating assets and liabilities | ||
Accounts and notes receivable | (1.6) | 56.4 |
Prepaid and other current assets | (7.4) | 8.5 |
Accounts payable | 10.2 | (16.2) |
Accrued liabilities and other | (14.1) | (23.9) |
Net cash provided by operating activities | 23.3 | 26 |
Investing activities | ||
Purchases of leasehold improvements and equipment | (4.5) | (8) |
Cost of contracts | (1) | (1.3) |
Proceeds from sale of other investments and equipment | 0.3 | 0.7 |
Net cash used in investing activities | (5.2) | (8.6) |
Financing activities | ||
Payments on credit facility revolver | (181.7) | (326.4) |
Proceeds from credit facility revolver | 179.1 | 328.4 |
Payments on credit facility term loan | (7) | (5.6) |
Payments of debt issuance costs | (1.3) | |
Payments on other long-term borrowings | (4.2) | (3.3) |
Distributions to noncontrolling interest | (1.2) | (0.9) |
Repurchases of common stock | (15.3) | |
Net cash used in financing activities | (16.3) | (23.1) |
Effect of exchange rate changes on cash and cash equivalents | 0.1 | (0.3) |
Increase (decrease) in cash and cash equivalents | 1.9 | (6) |
Cash and cash equivalents at beginning of year | 13.9 | 24.1 |
Cash and cash equivalents at end of period | 15.8 | 18.1 |
Cash paid (received) during the period for | ||
Interest | 9.8 | 8.7 |
Income taxes | $ 0.6 | $ (0.1) |
Significant Accounting Policies
Significant Accounting Policies and Practices | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Practices | 1. Significant Accounting Policies and Practices The Company SP Plus Corporation (the "Company") facilitates the efficient movement of people, vehicles and personal belongings with the goal of enhancing the consumer experience while improving bottom line results for the Company’s clients. The Company provides technology-driven mobility solutions, professional parking management, ground transportation, remote baggage check-in and handling, facility maintenance, security, and event logistics to aviation, commercial, hospitality, healthcare and government clients across North America. The Company typically enters into contractual relationships with property owners or managers as opposed to owning facilities. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures normally included in the Condensed Consolidated Balance Sheets, Statements of Income (Loss), Comprehensive Income (Loss), Stockholders' Equity and Cash Flows prepared in conformity with U.S. GAAP have been condensed or omitted as permitted by such rules and regulations. In the opinion of management, all adjustments (consisting only of adjustments of a normal and recurring nature) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that might be expected for any other interim period or the fiscal year ending December 31, 2021. The financial statements presented in this report should be read in conjunction with the Company’s annual Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K filed on February 22, 2021 with the Securities and Exchange Commission. Cash and Cash Equivalents Cash equivalents represent funds temporarily invested in money market instruments with maturities of three months or less. Cash equivalents are stated at cost, which approximates fair value. Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements were $0.5 million and $0.3 million as of June 30, 2021 and December 31, 2020, respectively, and are included within Cash and cash equivalents within the Condensed Consolidated Balance Sheets. Equity Investments in Unconsolidated Entities The Company has ownership interests in 31 active partnerships, joint ventures or similar arrangements that operate parking facilities, of which 26 are consolidated under the VIE or voting interest models and 5 are unconsolidated where the Company’s ownership interests range from 30-50 percent and for which there are no indicators of control. The Company accounts for such investments under the equity method of accounting, and its underlying share of each investee’s equity is included in Other noncurrent assets, net within the Condensed Consolidated Balance Sheets. As the operations of these entities are consistent with the Company’s underlying core business operations, the equity in earnings of these investments are included in Services revenue - lease type contracts within the Condensed Consolidated Statements of Income (Loss). The equity earnings in these related investments were $0.3 million and $0.2 million for the three months ended June 30, 2021 and 2020, respectively, and were $0.4 million and $0.8 million for the six months ended June 30, 2021 and 2020, respectively. Other Noncurrent Assets Other noncurrent assets consisted of advances and deposits and cost of contracts, net, as of June 30, 2021 and December 31, 2020. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of accrued rent, compensation, payroll withholdings, property, payroll and other taxes, insurance and other accrued expenses as of June 30, 2021 and December 31, 2020. Noncontrolling Interests Noncontrolling interests represent the noncontrolling holders’ percentage share of income or losses from the subsidiaries in which the Company holds a majority, but less than 100 percent, ownership interest and the results of which are consolidated and included within the Condensed Consolidated Financial Statements. Goodwill Goodwill represents the excess of the purchase price paid over the fair value of net assets acquired. In accordance with the Financial Accounting Standards Board's ("FASB") authoritative accounting guidance on goodwill, the Company evaluates goodwill for impairment on an annual basis, or more often if events or circumstances change that could cause goodwill to become impaired. The Company has elected to assess the impairment of goodwill annually on October 1 or at an interim date if there is an event or change in circumstances indicating the carrying value may not be recoverable. The goodwill impairment test is performed at the reporting unit level; the Company's reporting units represent its operating segments, consisting of Commercial and Aviation. Factors that could trigger an impairment review include significant under-performance relative to expected historical or projected future operating results, significant changes in the use of acquired assets or the Company’s business strategy, and significant negative industry or economic trends. The Company may perform a qualitative, rather than quantitative, assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines impairment is present, the Company would need to perform a quantitative assessment to determine the amount of impairment expense. The determination of fair value of a reporting unit utilizes cash flow projections that assume certain future revenue and cost levels, comparable marketplace data, assumed discount rates based upon current market conditions and other valuation factors, all of which involve the use of significant judgment and estimates. The Company also assesses critical areas that may impact its business including economic conditions, market related exposures, competition, changes in service offerings and changes in key personnel. Other Intangible Assets, net Other intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. The Company evaluates the remaining useful life of other intangible assets on a periodic basis to determine whether events or circumstances warrant a revision to their remaining useful lives. In addition, other intangible assets are reviewed for impairment when circumstances change that would indicate the carrying value may not be recoverable. Assumptions and estimates about future values and remaining useful lives of intangible assets are complex and subjective. They can be affected by a variety of factors, including external factors such as industry and economic trends, and internal factors, such as changes in the Company's business strategy and forecasts. Although management believes the historical assumptions and estimates are reasonable and appropriate, different assumptions and estimates could materially impact reported financial results. As a result of the impact of the COVID-19 pandemic (“COVID-19”) on the Company’s expected future operating cash flows, the Company determined certain impairment testing triggers had occurred related to the Company’s Proprietary know how intangible assets. Accordingly, the Company analyzed undiscounted cash flows for these intangible assets as of June 30, 2020. Based on that undiscounted cash flow analysis, the Company determined that estimated net carrying values exceeded undiscounted future cash flows for certain Proprietary know how intangible assets and therefore as of June 30, 2020, certain Proprietary know how intangible assets were impaired. See Note 6. Other Intangibles Assets, net For both goodwill and intangible assets, future events may indicate differences from management’s judgments and estimates which could, in turn, result in impairment charges. Future events that may result in impairment charges include extended unfavorable economic impacts of COVID-19, increases in interest rates, which would impact discount rates, or other factors which could decrease revenues and profitability of existing locations and changes in the cost structure of existing facilities. Long-Lived Assets The Company evaluates long-lived assets, including right-of-use ("ROU") assets, leasehold improvements, equipment and construction in progress, for impairment whenever events or circumstances indicate that the carrying value of an asset or asset group may not be recoverable. The Company groups assets at the lowest level for which cash flows are separately identified in order to measure an impairment. Events or circumstances that would result in an impairment review include a significant change in the use of an asset, the planned sale or disposal of an asset, or a projection or forecast that demonstrates continuing losses associated with the use of an asset or long-lived asset group. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to future undiscounted cash flows expected to be generated by the asset group. If the asset or asset group is determined to be impaired, the impairment recognized is measured by the amount by which the carrying value of the asset or asset group exceeds its fair value. As a result of the impact of COVID-19 on the Company's operating cash flows, the Company’s management determined certain impairment testing triggers had occurred for ROU assets associated with certain asset groups during the six months ended June 30, 2020. Accordingly, the Company analyzed undiscounted cash flows for ROU assets associated with certain asset groups during the six months ended June 30, 2020. Based on the undiscounted cash flow analysis, the Company determined that estimated net carrying values exceeded undiscounted cash flows for ROU assets associated with certain asset groups and therefore during the six months ended June 30, 2020, ROU assets associated with certain asset groups were impaired. The impairment recognized is measured by the amount by which the carrying value of the ROU asset associated with these asset groups exceeds its fair value. The Company determined there were no impairment testing triggers during the six months ended June 30, 2021. See Note 2. Leases Assumptions and estimates used to determine cash flows in the evaluation of impairment and the fair values used to determine the impairment are subject to a degree of judgment and complexity. Any future changes to the assumptions and estimates resulting from changes in actual results or market conditions from those anticipated may affect the carrying value of long-lived assets and could result in additional impairment charges. Future events that may result in impairment charges include extended unfavorable economic impacts of COVID-19, or other factors which could decrease revenues and profitability of existing locations and changes in the cost structure of existing facilities. Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements During the six months ended June 30, 2021, the Company adopted the following Accounting Standards Updates (“ASUs”) with no material impact on the Condensed Consolidated Financial Statements: ASU Topic Method of Adoption 2021-01 Reference Rate Reform (Topic 848): Scope Prospective 2020-10 Codification Improvements Prospective 2020-03 Codification Improvements to Financial Instruments Prospective 2019-11 Codification Improvements to Topic 326, Financial Instruments – Credit Losses Prospective Accounting Pronouncements to be Adopted Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Investments - equity securities; Investments-Equity Method and Joint Ventures; Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | 2. Leases The Company leases parking facilities, office space, warehouses, vehicles and equipment and determines if an arrangement is a lease at inception. The Company subleases certain real estate to third parties. The Company's sublease portfolio consists of operating leases for space within leased parking facilities. The Company accounts for leases in accordance with Topic 842. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent the Company's "right-of-use" over an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The ROU asset includes cumulative prepaid or accrued rent, as well as lease incentives, initial direct costs and acquired lease contracts. The short term lease exception has been applied to leases with an initial term of 12 months or less and therefore, these leases are not recorded on the balance sheet. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. Lease expense is recognized on a straight-line basis over the lease term. For leases that include one or more options to renew, the exercise of such renewal options is at the Company's sole discretion or mutual agreement. The Company’s lease term may include renewal options that are at the Company’s sole discretion and are reasonably certain to be exercised. Equipment and vehicle leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Variable lease components comprising of payments that are a percentage of parking services revenue based on contractual levels and rental payments adjusted periodically for inflation are not included in the lease liability. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. As discussed in Note 1. Significant Accounting Policies and Practices In April 2020, the FASB staff provided accounting elections for entities that receive or provide lease-related concessions to mitigate the economic effects of COVID-19 on lessees. The Company elected not to evaluate whether certain concessions provided by lessors in response to COVID-19, that are within the scope of additional interpretation provided by the FASB in April 2020, were lease modifications and also elected not to apply modification guidance under Topic 842. These concessions were recognized as a reduction of rent expense in the month they occurred and were recorded within Cost of parking services within the Condensed Consolidated Statements of Income (Loss). As a result of COVID-19, the Company was able to negotiate lease concessions with certain landlords. These rent concessions have been recorded in accordance with the guidance noted above. As a result, the Company recorded $6.1 million and $11.1 million related to rent concessions as a reduction to cost of services during the three and six months ended June 30, 2021. The Company recorded $8.9 million related to rent concessions as a reduction to cost of services during the three and six months ended June 30, 2020. Costs associated with the right to use the infrastructure on service concession arrangements are recorded as a reduction of revenue in accordance with the scope of ASU No. 2017-10, Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services Revenue The components of ROU assets and lease liabilities and the classification on the Condensed Consolidated Balance Sheet as of June 30, 2021 (unaudited) and December 31, 2020 were as follows: (millions) Classification June 30, 2021 December 31, 2020 Assets Operating Right-of-use assets $ 208.6 $ 235.1 Finance Leasehold improvements, equipment and construction in progress, net 25.8 28.8 Total leased assets $ 234.4 $ 263.9 Liabilities Current Operating Short-term lease liabilities $ 76.4 $ 82.1 Finance Current portion of long-term obligations under Senior Credit Facility and other long-term borrowings 7.0 7.8 Noncurrent Operating Long-term lease liabilities 210.6 243.4 Finance Long-term borrowings, excluding current portion 17.1 20.5 Total lease liabilities $ 311.1 $ 353.8 The components of lease cost and classification in the Condensed Consolidated Statement of Income (Loss) for the three and six months ended June 30, 2021 and 2020 (unaudited) were as follows: Three Months Ended Six Months Ended (millions) Classification June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Operating lease cost (a)(b) Cost of services - lease type contracts $ 13.3 $ 25.2 $ 27.3 $ 60.8 Short-term lease (a) Cost of services - lease type contracts 4.2 5.4 8.9 14.2 Variable lease Cost of services - lease type contracts 8.4 1.9 12.0 9.7 Operating lease cost 25.9 32.5 48.2 84.7 Finance lease cost Amortization of leased assets Depreciation and amortization 1.5 0.8 3.0 1.5 Interest on lease liabilities Interest expense 0.3 0.3 0.6 0.5 Lease impairment Lease impairment — 16.7 0.1 94.2 Net lease cost $ 27.7 $ 50.3 $ 51.9 $ 180.9 (a) Operating lease cost included in General and administrative expenses are related to leases for office space amounting to $1.0 million and $2.0 million for the three and six months ended June 30, 2021, respectively, compared to $1.5 million and $3.0 million for the three and six months ended June 30, 2020, respectively. (b) Includes rent concessions amounting to $6.1 and $11.1 million for the three and six months ended June 30, 2021, respectively, compared to $8.9 million for the three and six months ended June 30, 2020. Sublease income was $0.3 and $0.4 million during the three months ended June 30, 2021 and 2020, respectively, and $0.7 million and $0.8 million during the six months ended June 30, 2021 and 2020, respectively. The Company has not entered into operating lease arrangements as of June 30, 2021 that commence in future periods. Maturities of lease liabilities, lease term, and discount rate information as of June 30, 2021 (unaudited) were as follows: (millions) Operating Leases Liabilities Finance Leases Liabilities Total 2021 $ 46.1 $ 4.0 $ 50.1 2022 80.3 7.5 87.8 2023 60.3 5.3 65.6 2024 42.9 3.4 46.3 2025 30.5 1.7 32.2 After 2025 69.8 5.1 74.9 Total lease payments 329.9 27.0 356.9 Less: Imputed interest 42.9 2.9 45.8 Present value of lease liabilities $ 287.0 $ 24.1 $ 311.1 Weighted-average remaining lease term (years) 5.4 4.9 Weighted-average discount rate 5.0 % 4.3 % Future sublease income for the above periods shown was excluded as the amounts are not material. Supplemental cash flow information related to leases for the six months ended June 30, 2021 and 2020 (unaudited) was as follows: Six Months Ended (millions) June 30, 2021 June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows related to operating leases $ 47.1 $ 70.8 Operating cash outflows related to interest on finance leases 0.5 0.5 Financing cash outflows related to finance leases 4.2 1.7 Leased assets obtained in exchange for new operating liabilities 5.7 9.2 Leased assets obtained in exchange for new finance lease liabilities — 4.9 |
Restructuring and Other Integra
Restructuring and Other Integration Related Costs | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Restructuring and Other Integration Related Costs | 3. Restructuring and Other Integration Related Costs The Company has incurred certain restructuring and other integration related costs related to pre-acquisition matters that were expensed as incurred, which include: • Costs (primarily severance and relocation costs) related to a series of Company initiated workforce reductions to increase organizational effectiveness and provide cost savings that can be reinvested in the Company's growth initiatives, during 2021 and 2020 (included within Cost of services and General and administrative expenses within the Condensed Consolidated Statements of Income (Loss)); and • Other integration related costs related to pre-acquisition matters (included within Cost of services and General and administrative expenses within the Consolidated Statements of Income (Loss)). The restructuring and other integration related costs for the three and six months ended June 30, 2021 and 2020 (unaudited) were as follows: Three Months Ended Six Months Ended (millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Cost of services - lease type contracts $ — $ 0.2 $ 0.2 $ 0.4 Cost of services - management type contracts (0.1 ) 0.4 1.5 0.6 General and administrative expenses 0.1 3.7 0.8 4.2 The accrual for restructuring and other integration related costs related to pre-acquisition matters of $2.0 million and $1.2 million is included in Accrued and other current liabilities within the Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020, respectively. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 4. Revenue Contracts with customers and clients The Company accounts for a contract when it has the approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Once a contract is identified, the Company evaluates whether the contract should be accounted for as more than one performance obligation. Substantially all of the Company's revenues come from the following two types of arrangements: Lease type and Management type contracts. Lease type contracts Under lease type arrangements, the Company pays the property owner a fixed base rent, percentage rent that is tied to the facility’s financial performance, or a combination of both. The Company operates the parking facility and is responsible for most operating expenses, but typically is not responsible for major maintenance, capital expenditures or real estate taxes. Performance obligations related to lease type contracts include parking for transient and monthly parkers. Revenue is recognized over time as the Company provides services. Certain expenses, primarily rental expense for the contractual arrangements that meet the definition of service concession arrangements, are recorded as a reduction of revenue. Management type contracts Management type contract revenue consists of management fees, including both fixed and performance-based fees. In exchange for this consideration, the Company may have a bundle of integrated services that comprise one performance obligation and include services, such as managing the facility, as well as ancillary services such as accounting, equipment leasing, consulting, insurance and other value-added services. Management type contract revenues do not include gross customer collections at the managed facilities, as these revenues belong to the property owners rather than the Company. Management type contracts generally provide the Company with management fees regardless of the operating performance of the underlying facilities. Revenue is recognized over time as the Company provides services. Service concession arrangements Service concession agreements include both lease type and management type contracts. Revenue generated from service concession arrangements is accounted for under the guidance of Topics 606 and 853. Certain expenses (primarily rental expense) related to service concession arrangements and depreciation and amortization, have been recorded as a reduction of Service revenue - lease type contracts. As a result of COVID-19, the Company was able to negotiate cost reductions on certain lease type contracts related to service concession arrangements. The Company recorded $4.2 million and $17.6 million related to cost concessions during the three and six months ended June 30, 2021, respectively. The Company recorded $18.3 million related to cost concessions during the three and six months ended June 30, 2020. Contract modifications and taxes Contracts are often modified to account for changes in contract specifications and requirements. The Company considers contract modifications to exist when the parties to the contract have approved changes to or new enforceable rights and obligations, which may include changes to the contract consideration due to the Company or creates new performance obligations. The Company assesses whether a contract modification results in either a new separate contract, the termination of the existing contract and creation of a new contract, or modifies the existing contract. Typically, modifications are accounted for prospectively. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, which are collected by the Company from a customer, are excluded from revenue. Reimbursed management type contract revenue and expense The Company recognizes both revenues and expenses, in equal amounts, that are directly reimbursed from the property owner for operating expenses incurred under a management type contract. The Company has determined it is the principal in these transactions, as the nature of its performance obligations is for the Company to provide the services on behalf of the customer. As the principal to these related transactions, the Company has control of the promised services before they are transferred to the client. Disaggregation of revenue The Company disaggregates its revenue from contracts with customers by type of arrangement for each of the reportable segments. The Company has concluded that such disaggregation of revenue best depicts the overall economic nature, timing and uncertainty of the Company's revenue and cash flows affected by the economic factors of the respective contractual arrangement. See Note 14. Segment Information Performance obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer or client, and is the unit of account under Topic 606. The contract transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of the Company's contracts have a single performance obligation that is not separately identifiable from other promises in the contract and therefore not distinct, comprising the promise to provide a bundle of monthly services or parking services for transient or monthly parkers. The contract price is generally deemed to be the transaction price. Some management type contracts include performance incentives that are based on variable performance measures. These incentives are constrained at contract inception and recognized once the customer has confirmed that the Company has met the contractually agreed upon performance measures as defined in the contract. The Company's performance obligations are primarily satisfied over time as the Company provides the related services. Typically, revenue is recognized over time on a straight-line basis as the Company satisfies the related performance obligation. There are certain management type contracts where revenue is recognized based on costs incurred to date plus a reasonable margin. The Company has concluded this is a faithful depiction of how control is transferred to the customer. The time between completion of the performance obligation and collection of cash is typically not more than 30 - 60 days. In certain contractual arrangements, such as monthly parker contracts, the payment is typically collected in advance of the Company commencing its performance obligations under the contractual arrangement. On June 30, 2021, the Company had $135.4 million related to performance obligations that were unsatisfied or partially unsatisfied for which the Company expects to recognize revenue. This amount excludes variable consideration primarily related to contracts where the Company and customer share the gross revenues or operating profit for the location and contracts where transaction prices include performance incentives that are constrained at contract inception. These performance incentives are based on measures that are ascertained exclusively by future performance and therefore cannot be estimated at contract inception by the Company. The Company applies the practical expedient that permits exclusion of information about the remaining performance obligations that have original expected durations of one year or less. The Company expects to recognize the remaining performance obligations as revenue in future periods as follows: (millions) (unaudited) Remaining Performance Obligations 2021 $ 29.0 2022 38.6 2023 26.5 2024 15.4 2025 8.7 2026 and thereafter 17.2 Total $ 135.4 Contract balances The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets and contract liabilities. Accounts receivable represent amounts where the Company has an unconditional right to the consideration and therefore only the passage of time is required for the Company to receive consideration due from the customer. Both lease and management type contracts have customers and clients where amounts are billed as work progresses or in advance in accordance with agreed-upon contractual terms. Billing may occur subsequent to or prior to revenue recognition, resulting in contract assets and contract liabilities. The Company, on occasion, receives advances or deposits from customers and clients, on both lease and management type contracts, before revenue is recognized, resulting in the recognition of contract liabilities. Contract assets and liabilities are reported on a contract-by-contract basis and are included in Accounts and notes receivable, net, and Accrued and other current liabilities, respectively, on the Condensed Consolidated Balance Sheets. There were no impairment charges recorded on contract assets and contract liabilities for the three and six months ended June 30, 2021 and 2020. The following table provides information about accounts receivable, contract assets and contract liabilities with customers and clients as of June 30, 2021 (unaudited) and December 31, 2020: (millions) June 30, 2021 December 31, 2020 Accounts receivable $ 104.5 $ 102.7 Contract asset 7.7 8.6 Contract liability (9.9 ) (12.5 ) Changes in contract assets which include recognition of additional consideration due from the customer are offset by reclassifications of contract asset balances to accounts receivable when the Company obtains an unconditional right to consideration, thereby establishing an accounts receivable. The following table provides information about changes to contract assets during the six months ended June 30, 2021 and 2020 (unaudited): Six Months Ended (millions) June 30, 2021 June 30, 2020 Balance, beginning of period $ 8.6 $ 11.0 Additional contract assets 7.7 7.0 Reclassification to accounts receivable (8.6 ) (11.0 ) Balance, end of period $ 7.7 $ 7.0 Changes in contract liabilities primarily include additional contract liabilities and reductions of contract liabilities when revenue is recognized. The following table provides information about changes to contract liabilities during the six months ended June 30, 2021 and 2020 (unaudited): Six Months Ended (millions) June 30, 2021 June 30, 2020 Balance, beginning of period $ (12.5 ) $ (19.4 ) Additional contract liabilities (9.9 ) (11.3 ) Recognition of revenue from contract liabilities 12.5 19.4 Balance, end of period $ (9.9 ) $ (11.3 ) Cost of contracts, net Cost of contracts, net, represents the cost of obtaining contractual rights associated with providing services for management type contracts. Incremental costs incurred to obtain service contracts are amortized on a straight line basis over the estimated life of the contracts, including anticipated renewals and terminations. The amortization period is consistent with the timing of when the Company satisfies the related performance obligations. Estimated lives are based on the contract life. Amortization expense related to cost of contracts not considered service concession arrangements is included within Depreciation and amortization in the Condensed Consolidated Statements of Income (Loss). Amortization expense of cost of contracts related to service concession arrangements within the scope of Topic 853 and certain management type contracts are recorded as a reduction of revenue and were not significant for the three and six months ended June 30, 2021 and 2020, respectively. Amortization expense related to cost of contracts for the three and six months ended June 30, 2021 and 2020 (unaudited) was as follows: Three Months Ended Six Months Ended (millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Amortization expense $ 0.4 $ 0.3 $ 0.7 $ 0.7 As of June 30, 2021 and December 31, 2020, cost of contracts net of accumulated amortization included on the Condensed Consolidated Balance Sheets within Other noncurrent assets was $4.5 million and $4.8 million, respectively. No impairment charges were recorded for the three and six months ended June 30, 2021 and 2020, respectively. |
Legal and Other Commitments and
Legal and Other Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal and Other Commitments and Contingencies | 5. Legal and Other Commitments and Contingencies The Company is subject to claims and litigation in the normal course of its business, including those related to labor and employment, contracts, personal injury and other related matters, some of which allege substantial monetary damages and claims. Some of these actions may be brought as class actions on behalf of a class or purported class of employees. While the outcomes of claims and legal proceedings brought against the Company are subject to significant uncertainty, management believes the final outcome will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. The Company accrues a charge when management determines that it is probable that an asset has been impaired or a liability has been incurred and the amount of loss can be reasonably estimated. When a loss is probable, the Company records an accrual based on the reasonably estimable loss or range of loss. When no point of loss is more likely than another, the Company records the lowest amount in the estimated range of loss, and if material, discloses the estimated range. The Company does not record liabilities for reasonably possible loss contingencies, but does disclose a range of reasonably possible losses if they are material and the Company is able to estimate such a range. If the Company cannot provide a range of reasonably possible losses, the Company explains the factors that prevent the Company from determining such a range. In addition, the Company accrues for the authoritative judgments or assertions made against the Company by government agencies at the time of their rendering regardless of the Company’s intent to appeal. The Company regularly evaluates current information available to the Company to determine whether an accrual should be established or adjusted. Estimating the probability that a loss will occur and estimating the amount of a loss or a range of loss involves significant estimation and judgment. |
Other Intangible Assets, net
Other Intangible Assets, net | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets, net | 6. Other Intangible Assets, net The components of other intangible assets, net, at June 30, 2021 (unaudited) and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 (millions) Weighted Average Life (Years) Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Covenant not to compete 1.8 $ 2.9 $ (1.8 ) $ 1.1 $ 2.9 $ (1.3 ) $ 1.6 Trade names and trademarks 2.4 0.9 (0.3 ) 0.6 0.9 (0.2 ) 0.7 Proprietary know how 3.2 3.8 (0.9 ) 2.9 3.8 (0.4 ) 3.4 Management contract rights 7.6 81.0 (45.1 ) 35.9 81.0 (42.6 ) 38.4 Customer relationships 12.4 21.5 (3.2 ) 18.3 21.5 (2.5 ) 19.0 Other intangible assets, net 8.8 $ 110.1 $ (51.3 ) $ 58.8 $ 110.1 $ (47.0 ) $ 63.1 Amortization expense related to intangible assets for the three and six months ended June 30, 2021 and 2020, (unaudited), respectively, which was included in Depreciation and amortization within the Condensed Consolidated Statements of Income (Loss), was as follows: Three Months Ended Six Months Ended (millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Amortization expense $ 2.2 $ 3.9 $ 4.3 $ 7.8 As discussed in Note 1. Significant Accounting Policies and Practices $3.7 |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 7. Goodwill The changes to the carrying amount of goodwill for the six months ended June 30, 2021 (unaudited) were as follows: (millions) Commercial Aviation Total Net book value as of December 31, 2020 Goodwill $ 377.1 $ 209.0 $ 586.1 Accumulated impairment losses — (59.5 ) (59.5 ) Total $ 377.1 $ 149.5 $ 526.6 Foreign currency translation 0.1 — 0.1 Net book value as of June 30, 2021 Goodwill $ 377.2 $ 209.0 $ 586.2 Accumulated impairment losses — (59.5 ) (59.5 ) Total $ 377.2 $ 149.5 $ 526.7 |
Borrowing Arrangements
Borrowing Arrangements | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | 8. Borrowing Arrangements Long-term borrowings as of June 30, 2021 (unaudited) and December 31, 2020, in order of preference, were as follows: Amount Outstanding (millions) June 30, 2021 December 31, 2020 Senior Credit Facility, net of original discount on borrowings (1) $ 322.8 $ 332.3 Other borrowings 27.1 31.5 Deferred financing costs (1.9 ) (1.7 ) Total obligations 348.0 362.1 Less: Current portion of long-term obligations under Senior Credit Facility and other long-term borrowings 25.9 25.0 Total long-term borrowings, excluding current portion $ 322.1 $ 337.1 (1) Includes discount on borrowings of $0.7 million and $0.9 million as of June 30, 2021 and December 31, 2020, respectively. Senior Credit Facility On February 16, 2021 (the “Fourth Amendment Effective Date”), the Company entered into the fourth amendment (the “Fourth Amendment”) to the Company’s credit agreement (as amended prior to the Fourth Amendment Effective Date (as defined below), the “Credit Agreement”) with Bank of America, N.A. (“Bank of America”), as Administrative Agent, swing-line lender and a letter of credit issuer; Wells Fargo Bank, N.A., as syndication agent; BMO Harris Bank N.A., JPMorgan Chase Bank, N.A., KeyBank National Association and U.S. Bank National Association, as co-documentation agents; Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC, as joint lead arrangers and bookrunners; and the lenders party thereto (the “Lenders”), pursuant to which the Lenders have made available to the Company a senior secured credit facility (the “Senior Credit Facility”). Prior to the Fourth Amendment Effective Date and pursuant to the third amendment (the “Third Amendment”) to the Credit Agreement, which was entered into on May 6, 2020, the Senior Credit Facility permitted aggregate borrowings of $595.0 million consisting of (i) a revolving credit facility of up to $370.0 million at any time outstanding, which includes a letter of credit facility that is limited to $100.0 million at any time outstanding, and (ii) a term loan facility of $225.0 million (the entire principal amount of which the Company withdrew November 30, 2018). Pursuant to the Credit Agreement as amended by the Fourth Amendment (the “Amended Credit Agreement”), the aggregate commitments under the revolving credit facility decreased by $45.0 million to $325.0 million. Borrowings under the Senior Credit Facility bear interest, at the Company’s option, at a rate per annum based on the Company’s consolidated total debt to EBITDA ratio for the 12-month period ending as of the last day of the immediately preceding fiscal quarter, determined in accordance with (i) the applicable pricing levels set forth in the Credit Agreement (the “Applicable Margin”) for London Interbank Offered Rate (“LIBOR”) loans, subject to a “floor” on LIBOR of 1.00%, or a comparable or successor rate to LIBOR approved by Bank of America, plus the applicable LIBOR rate, or (ii) the Applicable Margin for base rate loans plus the highest of (x) the federal funds rate plus 0.5%, (y) the Bank of America prime rate and (z) a daily rate equal to the applicable LIBOR rate plus 1.0%, except that the Fourth Amendment provided that, for the period from May 6, 2020 until the date on which the Company delivers a compliance certificate for the fiscal quarter ending June 30, 2022, (i) the interest rate applicable to both the term loan and revolving credit facilities was fixed at LIBOR plus 2.75% per annum and (ii) the per annum rate applicable to unused revolving credit facility commitments was fixed at 0.375% (the “Fixed Margin Rates”). Also pursuant to the Fourth Amendment, (a) the Company is subject to a Minimum Liquidity test (as described in the Amended Credit Agreement) that required the Company to have liquidity of at least $40.0 million at each of March 31, 2021 and June 30, 2021, and (b) the Company is subject to a requirement that, at any time cash on hand exceeds $40.0 million for a period of three consecutive business days, the Company must repay revolving loans in an amount equal to such excess. Certain other negative and financial covenants were amended, which included restrictions on certain Investments, Permitted Acquisitions, Restricted Payments and Prepayments of Subordinated Debt (each as defined in the Amended Credit Agr eement ), through the delivery of the compliance certificate for the fiscal quarters ending March 31, 2022 or June 30, 2022, as applicable. Prior to the Fourth Amendment Effective Date, the Company was required to maintain a maximum consolidated total debt to EBITDA ratio of between 5.50:1.0 and 3.50:1.0 (with such ratio being waived for the fiscal quarter ended June 30, 2020 and with certain step-ups and step-downs described in, and as calculated in accordance with, the Amended Credit Agreement). In addition, the Company was required to maintain a minimum consolidated fixed charge coverage ratio of not less than 3.50:1.0 (with certain step-ups and step-downs described in the Amended Credit Agreement). Under the terms of the Fourth Amendment, the maximum consolidated debt to EBITDA ratio was waived for each of the quarters ending March 31, 2021 and June 30, 2021. Starting with the quarter ending September 30, 2021, the Company will be required to maintain a maximum consolidated total debt to EBITDA ratio (as calculated in accordance with the Fourth Amendment) of not greater than 5.25:1.0 (with certain step-downs described in the Amended Credit Agreement). As of June 30, 2021, the Company was required to maintain a minimum consolidated fixed coverage ratio of not less than 2.75:1:0 (with certain step-ups and step-downs described in the Amended Credit Agreement). During the six months ended June 30, 2021, the Company incurred approximately $1.2 million for fees and other customary closing costs in connection with the Amended Credit Agreement. Under the terms of the Amended Credit Agreement, term loans under the Senior Credit Facility are subject to scheduled quarterly payments of principal in installments equal to 1.875% of initial aggregate principal amount of such term loan. Events of default under the Credit Agreement include failure to pay principal or interest when due, failure to comply with the financial and operational covenants, the occurrence of any cross default event, non-compliance with other loan documents, the occurrence of a change of control event, and bankruptcy and other insolvency events. If an event of default occurs and is continuing, the Administrative Agent can, with the consent of the required Lenders, among others, (i) terminate the commitments under the Credit Agreement, (ii) accelerate and require the Company to repay all the outstanding amounts owed under the Credit Agreement, and (iii) require the Company to cash collateralize any outstanding letters of credit. Each wholly owned domestic subsidiary of the Company (subject to certain exceptions set forth in the Credit Agreement) has guaranteed all existing and future indebtedness and liabilities of the other guarantors and the Company arising under the Credit Agreement. The Company’s obligations under the Credit Agreement and such domestic subsidiaries’ guaranty obligations are secured by substantially all of their respective assets. The Senior Credit Facility matures on November 30, 2023. The proceeds from the Senior Credit Facility may be used to finance working capital, capital expenditures and acquisitions, as well as for other general corporate purposes. The Amended Credit Agreement did not change the guarantors, collateral, maturity date or permitted uses of proceeds, except as otherwise described above. As of June 30, 2021, the Company was in compliance with its debt covenants under the Credit Agreement. At June 30, 2021, the Company had $49.0 million of letters of credit outstanding under the Senior Credit Facility and borrowings against the Senior Credit Facility aggregated to $323.5 million. The weighted average interest rate on the Company's Senior Credit Facility was 3.6% and 3.5% for the periods ended June 30, 2021 and 2020, respectively. That rate included all outstanding LIBOR contracts and letters of credit. The weighted average interest rate on all outstanding borrowings, not including letters of credit, was 3.8% at June 30, 2021 and 2020. Interest Rate Collars In May 2019, the Company entered into three-year On May 6, 2020, concurrent with entering into the Third Amendment, the Company de-designated the three-year interest rate collars. Prior to de-designation, the effective portion of the change in the fair value of the interest rate collars was reported in Accumulated other comprehensive loss. Upon de-designation, the balance in Accumulated other comprehensive loss is being reclassified to Other expense (income) in the Condensed Consolidated Statements of Income (Loss) on a straight-line basis through April 2022, which is over the remaining life for which the interest rate collars had previously been designated as cash flow hedges. See Note 13. Comprehensive Income (Loss) Subordinated Convertible Debentures The Company acquired Subordinated Convertible Debentures ("Convertible Debentures") as a result of the October 2, 2012 acquisition of Central Parking Corporation. The subordinated debenture holders have the right to redeem the Convertible Debentures for $19.18 per share upon acceleration or earlier repayment of the Convertible Debentures. The Convertible Debentures mature April 1, 2028 at $25 per share. There were no redemptions of Convertible Debentures during the periods ended June 30, 2021 and December 31, 2020, respectively. The approximate redemption value of the Convertible Debentures outstanding at each of June 30, 2021 and December 31, 2020 was $1.1 million. |
Stock Repurchase Program
Stock Repurchase Program | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stock Repurchase Program | 9. Stock Repurchase Program In July 2019, the Company's Board of Directors (“Board”) authorized the Company to repurchase, on the open market, shares of the Company’s outstanding common stock in an amount not to exceed $50.0 million in aggregate. During the six months ended June 30, 2020, the Company repurchased 393,975 shares of common stock at an average price of $38.78 under this program. During the six months ended June 30, 2021, no shares were repurchased under this program. In March 2020, the Board authorized the Company to repurchase, on the open market, shares of the Company’s outstanding common stock in an amount not to exceed $50.0 million in aggregate. No shares have been repurchased under this program. As of June 30, 2021, $50.0 million and $9.4 million remained available for repurchase under the March 2020 and July 2019 stock repurchase programs, respectively. Under the programs, repurchases of the Company's common stock may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades or by other means in accordance with Rules 10b-18, to the extent relied upon, and 10b5-1 under the Exchange Act, at times and prices considered to be appropriate at the Company's discretion. The stock repurchase programs do not obligate the Company to repurchase any particular amount of common stock, have no fixed termination date, and may be suspended at any time at the Company's discretion. On March 10, 2020 and continuing through June 30, 2021, in order to improve the Company's liquidity during COVID-19, the Company suspended repurchases under the stock repurchase programs. Share repurchase activity under the stock repurchase programs during the three and six months ended June 30, 2021 and 2020 (unaudited) was as follows: Three Months Ended Six Months Ended (millions, except for share and per share data) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Total number of shares repurchased — — — 393,975 Average price paid per share $ — $ — $ — $ 38.78 Total value of shares repurchased $ — $ — $ — $ 15.3 The remaining authorized repurchase amounts in the aggregate under the July 2019 and March 2020 repurchase programs as of June 30, 2021 (unaudited) was as follows: (millions) June 30, 2021 Total authorized repurchase amount $ 100.0 Total value of shares repurchased 40.6 Total remaining authorized repurchase amount $ 59.4 |
Bradley Agreement
Bradley Agreement | 6 Months Ended |
Jun. 30, 2021 | |
Contractors [Abstract] | |
Bradley Agreement | 10. Bradley Agreement In February 2000, the Company, through a partnership agreement with a minority partner (the “Partnership”), entered into a 25-year agreement (the "Bradley Agreement") with the State of Connecticut (the “State”) that was due to expire on April 6, 2025, under which the Company would operate garage and surface parking spaces at Bradley International Airport (“Bradley”) located in the Hartford, Connecticut metropolitan area. Under the terms of the Bradley Agreement, the parking garage was financed through the issuance of State of Connecticut special facility revenue bonds and provided that the Company deposited, with the trustee for the bondholders, all gross revenues collected from operations of the garage and surface parking. From those gross revenues, the trustee paid debt service on the special facility revenue bonds outstanding, operating and capital maintenance expenses of the garage and surface parking facilities, and specific annual guaranteed minimum payments to the State. All of the cash flows from the parking facilities were pledged as the security of the special facility revenue bonds and were collected and deposited with the bond trustee. Each month the bond trustee made certain required monthly distributions, which were characterized as “Guaranteed Payments.” To the extent the monthly gross receipts generated by the parking facilities were not sufficient for the bond trustee to make the required Guaranteed Payments, the Company was obligated to deliver the deficiency amount to the bond trustee, with such deficiency payments representing interest bearing advances to the bond trustee. On June 30, 2020, the Company and the State agreed to terminate the Bradley A greement, with an effective date of May 31, 2020 (the “Termination Agreement”) . The Company then entered into a management type contract with the Connectic ut Airport Authority , effective June 1, 2020 ( the “Bradley Management Agreement”) , under which the Company will provide the same parking services for Bradley. Under the terms of the Bradley Management Agreement, the Company is no longer required to make deficiency payments. In addition, other than the contingent consideration discussed below, the Company has no other ongoing obligations under the Bradley Agreement. On June 30, 2020, concurrent with the termination of the Bradley Agreement and effective as of May 31, 2020, the Company entered into an agreement to purchase the minority partners’ share in the Partnership previously established to execute the Bradley Agreement for a total cash consideration of $1.7 million, which was paid in cash during the year ended December 31, 2020. Under the terms of the Termination Agreement, the Company may be required to pay additional consideration (“contingent consideration”) to the minority partner, that is contingent on the performance of the operations of Bradley. The contingent consideration is not capped and if any amount is due, would be payable to the minority partner in April 2025. Based on a probability weighting of potential payouts, the criteria to accrue for such potential payments had not been met and the contingent consideration was estimated to have no fair value as of June 30, 2021. The Company will continue to evaluate the criteria for making these payments in the future and accrue for such potential payments if deemed necessary. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 11. Stock-Based Compensation Stock Grants There were 13,420 and 25,066 stock grants granted during the six months ended June 30, 2021 and 2020, respectively. The Company recognized $0.5 million of stock-based compensation expense related to stock grants for the three and six months ended June 30, 2021 and 2020. Restricted Stock Units During the six months ended June 30, 2021, the Company granted 160,843 and 152,659 restricted stock units to certain executives and employees that vest over two and three years, respectively. Nonvested restricted stock units as of June 30, 2021, and changes during the six months ended June 30, 2021 (unaudited) were as follows: Shares Weighted Average Grant-Date Fair Value Nonvested as of December 31, 2020 51,276 $ 33.24 Granted 313,502 34.45 Nonvested as of June 30, 2021 364,778 $ 34.28 The Company's stock-based compensation expense related to the restricted stock units for the three and six months ended June 30, 2021 and 2020 (unaudited), respectively, which is included in General and administrative expenses within the Condensed Consolidated Statements of Income (Loss), was as follows: Three Months Ended Six Months Ended (millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Stock-based compensation expense $ 1.3 $ 0.3 $ 2.1 $ 0.6 As of June 30, 2021, there was $9.3 million of unrecognized stock-based compensation costs related to the restricted stock units that are expected to be recognized over a weighted average remaining period of approximately 1.9 years. Performance Share Units (“PSU’s”) During the six months ended June 30, 2021, the Company granted 50,868 performance share units to certain executives. The performance target is based on the achievement of a certain level income from operations, excluding depreciation and amortization, as well as certain other discretionary adjustments by the Board, over the three-year Due to the impact of COVID-19 on the Company’s operations, the Company expects the targets for the PSU awards granted in 2019 (“2019 PSU’s) and 2020 (“2020 PSU’s) to not be achieved, which are based on the achievement of certain free cash flow targets before cash tax and interest payments, subject to certain discretionary adjustments by the Board, over the three-year performance periods of 2019 through 2021 and 2020 through 2022, respectively. As such, during the six months ended June 30, 2020, the Company reversed $1.4 million of compensation expense related to the 2019 PSU’s. In addition, during the six months ended June 30 , 2020, the Company reversed $ 1.8 million of compensation expense related to the PSU awards granted in 2018 ( “ 2018 PSU’s ” ), as the targets were not expected to be achieved as of June 30 , 2020 ; however, during December 2020, the Compensation Committee of the Board modified the p erformance target for the 2018 PSU’s, as well as evaluated qualitative performance factors for the Company for 2020, which resulted in achievement of 95 % of the target. The 2018 PSU’s vested as of December 31, 2020. Nonvested PSU’s as of June 30, 2021, and changes during the year ended June 30, 2021 (unaudited) were as follows: Shares Weighted Average Grant-Date Fair Value Nonvested as of December 31, 2020 200,218 $ 35.27 Granted 50,868 34.97 Forfeited (3,375 ) 35.96 Nonvested as of June 30, 2021 247,711 $ 35.20 The Company's stock-based compensation expense (net reduction of expense) related to PSU’s during the three and six months ended June 30, 2021 and 2020 (unaudited), respectively, which is included in General and administrative expenses within the Condensed Consolidated Statements of Income (Loss), was as follows: Three Months Ended Six Months Ended (millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Stock-based compensation expense $ 0.3 $ 0.1 $ 0.4 $ (3.1 ) As of June 30, 2021, there was $3.1 million of unrecognized compensation costs related to PSU awards that are expected to be recognized over a weighted average remaining period of approximately 2.4 years. Since the Company no longer expects the required performance targets to be achieved for the 2019 and 2020 PSU’s, no future compensation expense is expected to be recognized; however, future compensation expense for the 2019 and 2020 PSU’s could reach a maximum of $14.1 million if certain performance targets are achieved. |
Net Income (Loss) per Common Sh
Net Income (Loss) per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Common Share | 12. Net Income (Loss) per Common Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted daily average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is based upon the weighted daily average number of shares of common stock outstanding for the period plus dilutive potential common shares, including restricted stock units, using the treasury-stock method. Basic and diluted net income (loss) per common share and a reconciliation of the weighted average basic common shares outstanding to the weighted average diluted common shares outstanding for the three and six months ended June 30, 2021 and 2020 (unaudited) was as follows: Three Months Ended Six Months Ended (millions, except share and per share data) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net income (loss) attributable to SP Plus Corporation $ 9.0 $ (39.1 ) $ 11.3 $ (85.2 ) Basic weighted average common shares outstanding 21,177,142 20,972,057 21,145,494 21,062,495 Dilutive impact of share-based awards 213,467 — 202,020 — Diluted weighted average common shares outstanding 21,390,609 20,972,057 21,347,514 21,062,495 Net income (loss) per common share Basic $ 0.42 $ (1.86 ) $ 0.53 $ (4.05 ) Diluted $ 0.42 $ (1.86 ) $ 0.53 $ (4.05 ) Due to the net loss during the three and six months ended June 30, 2020, common stock equivalents arising from 153,442 restricted stock units were excluded from the computation. There were no additional securities that could dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share, other than those disclosed. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
Comprehensive Income Net Of Tax [Abstract] | |
Comprehensive Income (Loss) | 13. Comprehensive Income (Loss) The components of other comprehensive income (loss) and income tax benefit allocated to each component for the three and six months ended June 30, 2021 and 2020 (unaudited) were as follows: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (millions) Before Tax Amount Income Tax Net of Tax Amount Before Tax Amount Income Tax Net of Tax Amount Translation adjustments $ 0.1 $ — $ 0.1 $ 0.1 $ — $ 0.1 Change in fair value of interest rate collars 0.5 0.1 0.4 1.1 0.3 0.8 Other comprehensive income $ 0.6 $ 0.1 $ 0.5 $ 1.2 $ 0.3 $ 0.9 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 (millions) Before Tax Amount Income Tax Net of Tax Amount Before Tax Amount Income Tax Net of Tax Amount Translation adjustments $ (0.1 ) $ — $ (0.1 ) $ (0.3 ) $ — $ (0.3 ) Change in fair value of interest rate collars 0.2 — 0.2 (3.6 ) (1.0 ) (2.6 ) Other comprehensive income (loss) $ 0.1 $ — $ 0.1 $ (3.9 ) $ (1.0 ) $ (2.9 ) The changes to accumulated other comprehensive loss by component for the six months ended June 30, 2021 (unaudited), were as follows: (millions) Foreign Currency Translation Adjustments Change in Fair Value of Interest Rate Collars Total Accumulated Other Comprehensive Loss Balance as of December 31, 2020 $ (2.2 ) $ (2.2 ) $ (4.4 ) Other comprehensive loss before reclassification 0.1 - 0.1 Amounts reclassified from accumulated other comprehensive loss - 0.8 0.8 Balance as of June 30, 2021 $ (2.1 ) $ (1.4 ) $ (3.5 ) The changes to accumulated other comprehensive loss by component for the six months ended June 30, 2020 (unaudited), were as follows: (millions) Foreign Currency Translation Adjustments Change in Fair Value of Interest Rate Collars Total Accumulated Other Comprehensive Loss Balance as of December 31, 2019 $ (2.3 ) $ (0.4 ) $ (2.7 ) Other comprehensive loss before reclassification (0.3 ) (2.9 ) (3.2 ) Amounts reclassified from accumulated other comprehensive loss — 0.3 0.3 Balance as of June 30, 2020 $ (2.6 ) $ (3.0 ) $ (5.6 ) Reclassifications from accumulated other comprehensive loss for the three and six months ended June 30, 2021 and 2020 (unaudited) were as follows: (millions) Three Months Ended June 30 Six Months Ended June 30 Classification in the Condensed Consolidated Statements of Income (Loss) Interest Rate Collars: 2021 2020 2021 2020 Net realized loss $ 0.5 $ 0.4 $ 1.1 $ 0.4 Other expenses (income) Reclassifications before tax 0.5 0.4 1.1 0.4 Income tax benefit 0.1 0.1 0.3 0.1 Reclassifications, net of tax $ 0.4 $ 0.3 $ 0.8 $ 0.3 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 14. Segment Information Segment information is presented in accordance with a “management approach,” which designates the internal reporting used by the Company's Chief Operating Decision Maker (“CODM”) for making decisions and assessing performance as the source of the Company’s reportable segments. The Company’s segments are organized in a manner consistent with which discrete financial information is available and evaluated regularly by the CODM in deciding how to allocate resources and assess performance. An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenue and incur expenses, and about which separate financial information is regularly evaluated by the CODM. The CODM is the Company’s chief executive officer. Each of the operating segments are directly responsible for revenue and expenses related to their operations including direct segment administrative costs. Finance, information technology, human resources and legal are shared functions that are not allocated back to the two operating segments. The CODM assesses the performance of each operating segment using information about its revenue and gross profit as its primary measure of performance, but does not evaluate segments using discrete asset information. There are no inter-segment transactions and the Company does not allocate other income, interest expense, depreciation and amortization or income taxes to the operating segments. The accounting policies for segment reporting are the same as for the Company as a whole. In July 2020, the Company changed its internal reporting segment information reported to the CODM. Certain hospitality locations previously reported under Aviation are now included in Commercial. All prior year amounts have been reclassified to conform to the Company’s current reporting structure. • Commercial encompasses the Company's services in healthcare facilities, municipalities, including meter revenue collection and enforcement services, government facilities, hotels, commercial real estate, residential communities, retail, colleges and universities, as well as ancillary services such as shuttle and ground transportation services, valet services, taxi and livery dispatch services and event planning, including shuttle and transportation services. • Aviation encompasses the Company's services in aviation (i.e., airports, airline and certain hospitality clients with baggage and parking services) as well as ancillary services, which include shuttle and ground transportation services, valet services, baggage handling, baggage repair and replacement, remote air check-in services, wheelchair assist services and other services. • “Other” consists of ancillary revenue and certain unallocated items, such as and including certain insurance reserve adjustments and other corporate items. Revenue and gross profit by segment for the three and six months ended June 30, 2021 and 2020 (unaudited) were as follows: Three Months Ended Six Months Ended (millions) June 30, 2021 Gross Margin % June 30, 2020 Gross Margin % June 30, 2021 Gross Margin % June 30, 2020 Gross Margin % Services Revenue Commercial Lease type contracts $ 48.7 $ 28.8 $ 90.0 $ 105.1 Management type contracts 53.7 41.7 108.7 116.2 Total Commercial 102.4 70.5 198.7 221.3 Aviation Lease type contracts 2.1 1.3 3.4 6.5 Management type contracts 34.7 19.6 64.1 79.8 Total Aviation 36.8 20.9 67.5 86.3 Other Lease type contracts 0.1 0.1 0.2 0.3 Management type contracts 1.9 1.5 3.5 3.9 Total Other 2.0 1.6 3.7 4.2 Reimbursed management type contract revenue 134.5 110.4 252.5 301.3 Total services revenue $ 275.7 $ 203.4 $ 522.4 $ 613.1 Gross Profit Commercial Lease type contracts $ 9.5 19.5 % $ (13.8 ) (47.9 )% $ 15.7 17.4 % $ (14.7 ) (14.0 )% Management type contracts 21.8 40.6 % 11.8 28.3 % 42.7 39.3 % 37.5 32.3 % Lease impairment — N/M (16.7 ) N/M — N/M (94.2 ) N/M Total Commercial 31.3 (18.7 ) 58.4 (71.4 ) Aviation Lease type contracts 0.9 42.9 % (0.3 ) (23.1 )% 1.3 38.2 % — 0.0 % Management type contracts 9.0 25.9 % 2.2 11.2 % 15.8 24.6 % 16.5 20.7 % Lease Impairment — N/M — N/M (0.1 ) N/M — N/M Total Aviation 9.9 1.9 17.0 16.5 Other Lease type contracts 1.0 N/M 1.2 N/M 1.8 N/M 3.3 N/M Management type contracts 4.3 N/M 2.2 N/M 7.6 N/M 8.0 N/M Total Other 5.3 3.4 9.4 11.3 Total gross profit $ 46.5 $ (13.4 ) $ 84.8 $ (43.6 ) N/M - Not Meaningful |
Significant Accounting Polici_2
Significant Accounting Policies and Practices (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures normally included in the Condensed Consolidated Balance Sheets, Statements of Income (Loss), Comprehensive Income (Loss), Stockholders' Equity and Cash Flows prepared in conformity with U.S. GAAP have been condensed or omitted as permitted by such rules and regulations. In the opinion of management, all adjustments (consisting only of adjustments of a normal and recurring nature) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that might be expected for any other interim period or the fiscal year ending December 31, 2021. The financial statements presented in this report should be read in conjunction with the Company’s annual Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K filed on February 22, 2021 with the Securities and Exchange Commission. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents represent funds temporarily invested in money market instruments with maturities of three months or less. Cash equivalents are stated at cost, which approximates fair value. Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements were $0.5 million and $0.3 million as of June 30, 2021 and December 31, 2020, respectively, and are included within Cash and cash equivalents within the Condensed Consolidated Balance Sheets. |
Equity Investments in Unconsolidated Entities | Equity Investments in Unconsolidated Entities The Company has ownership interests in 31 active partnerships, joint ventures or similar arrangements that operate parking facilities, of which 26 are consolidated under the VIE or voting interest models and 5 are unconsolidated where the Company’s ownership interests range from 30-50 percent and for which there are no indicators of control. The Company accounts for such investments under the equity method of accounting, and its underlying share of each investee’s equity is included in Other noncurrent assets, net within the Condensed Consolidated Balance Sheets. As the operations of these entities are consistent with the Company’s underlying core business operations, the equity in earnings of these investments are included in Services revenue - lease type contracts within the Condensed Consolidated Statements of Income (Loss). The equity earnings in these related investments were $0.3 million and $0.2 million for the three months ended June 30, 2021 and 2020, respectively, and were $0.4 million and $0.8 million for the six months ended June 30, 2021 and 2020, respectively. |
Other Noncurrent Assets | Other Noncurrent Assets Other noncurrent assets consisted of advances and deposits and cost of contracts, net, as of June 30, 2021 and December 31, 2020. |
Accrued and Other Current Liabilities | Accrued and Other Current Liabilities Accrued and other current liabilities consisted of accrued rent, compensation, payroll withholdings, property, payroll and other taxes, insurance and other accrued expenses as of June 30, 2021 and December 31, 2020. |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests represent the noncontrolling holders’ percentage share of income or losses from the subsidiaries in which the Company holds a majority, but less than 100 percent, ownership interest and the results of which are consolidated and included within the Condensed Consolidated Financial Statements. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price paid over the fair value of net assets acquired. In accordance with the Financial Accounting Standards Board's ("FASB") authoritative accounting guidance on goodwill, the Company evaluates goodwill for impairment on an annual basis, or more often if events or circumstances change that could cause goodwill to become impaired. The Company has elected to assess the impairment of goodwill annually on October 1 or at an interim date if there is an event or change in circumstances indicating the carrying value may not be recoverable. The goodwill impairment test is performed at the reporting unit level; the Company's reporting units represent its operating segments, consisting of Commercial and Aviation. Factors that could trigger an impairment review include significant under-performance relative to expected historical or projected future operating results, significant changes in the use of acquired assets or the Company’s business strategy, and significant negative industry or economic trends. The Company may perform a qualitative, rather than quantitative, assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines impairment is present, the Company would need to perform a quantitative assessment to determine the amount of impairment expense. The determination of fair value of a reporting unit utilizes cash flow projections that assume certain future revenue and cost levels, comparable marketplace data, assumed discount rates based upon current market conditions and other valuation factors, all of which involve the use of significant judgment and estimates. The Company also assesses critical areas that may impact its business including economic conditions, market related exposures, competition, changes in service offerings and changes in key personnel. |
Other Intangible Assets, Net | Other Intangible Assets, net Other intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. The Company evaluates the remaining useful life of other intangible assets on a periodic basis to determine whether events or circumstances warrant a revision to their remaining useful lives. In addition, other intangible assets are reviewed for impairment when circumstances change that would indicate the carrying value may not be recoverable. Assumptions and estimates about future values and remaining useful lives of intangible assets are complex and subjective. They can be affected by a variety of factors, including external factors such as industry and economic trends, and internal factors, such as changes in the Company's business strategy and forecasts. Although management believes the historical assumptions and estimates are reasonable and appropriate, different assumptions and estimates could materially impact reported financial results. As a result of the impact of the COVID-19 pandemic (“COVID-19”) on the Company’s expected future operating cash flows, the Company determined certain impairment testing triggers had occurred related to the Company’s Proprietary know how intangible assets. Accordingly, the Company analyzed undiscounted cash flows for these intangible assets as of June 30, 2020. Based on that undiscounted cash flow analysis, the Company determined that estimated net carrying values exceeded undiscounted future cash flows for certain Proprietary know how intangible assets and therefore as of June 30, 2020, certain Proprietary know how intangible assets were impaired. See Note 6. Other Intangibles Assets, net For both goodwill and intangible assets, future events may indicate differences from management’s judgments and estimates which could, in turn, result in impairment charges. Future events that may result in impairment charges include extended unfavorable economic impacts of COVID-19, increases in interest rates, which would impact discount rates, or other factors which could decrease revenues and profitability of existing locations and changes in the cost structure of existing facilities. |
Long-Lived Assets | Long-Lived Assets The Company evaluates long-lived assets, including right-of-use ("ROU") assets, leasehold improvements, equipment and construction in progress, for impairment whenever events or circumstances indicate that the carrying value of an asset or asset group may not be recoverable. The Company groups assets at the lowest level for which cash flows are separately identified in order to measure an impairment. Events or circumstances that would result in an impairment review include a significant change in the use of an asset, the planned sale or disposal of an asset, or a projection or forecast that demonstrates continuing losses associated with the use of an asset or long-lived asset group. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to future undiscounted cash flows expected to be generated by the asset group. If the asset or asset group is determined to be impaired, the impairment recognized is measured by the amount by which the carrying value of the asset or asset group exceeds its fair value. As a result of the impact of COVID-19 on the Company's operating cash flows, the Company’s management determined certain impairment testing triggers had occurred for ROU assets associated with certain asset groups during the six months ended June 30, 2020. Accordingly, the Company analyzed undiscounted cash flows for ROU assets associated with certain asset groups during the six months ended June 30, 2020. Based on the undiscounted cash flow analysis, the Company determined that estimated net carrying values exceeded undiscounted cash flows for ROU assets associated with certain asset groups and therefore during the six months ended June 30, 2020, ROU assets associated with certain asset groups were impaired. The impairment recognized is measured by the amount by which the carrying value of the ROU asset associated with these asset groups exceeds its fair value. The Company determined there were no impairment testing triggers during the six months ended June 30, 2021. See Note 2. Leases Assumptions and estimates used to determine cash flows in the evaluation of impairment and the fair values used to determine the impairment are subject to a degree of judgment and complexity. Any future changes to the assumptions and estimates resulting from changes in actual results or market conditions from those anticipated may affect the carrying value of long-lived assets and could result in additional impairment charges. Future events that may result in impairment charges include extended unfavorable economic impacts of COVID-19, or other factors which could decrease revenues and profitability of existing locations and changes in the cost structure of existing facilities. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements During the six months ended June 30, 2021, the Company adopted the following Accounting Standards Updates (“ASUs”) with no material impact on the Condensed Consolidated Financial Statements: ASU Topic Method of Adoption 2021-01 Reference Rate Reform (Topic 848): Scope Prospective 2020-10 Codification Improvements Prospective 2020-03 Codification Improvements to Financial Instruments Prospective 2019-11 Codification Improvements to Topic 326, Financial Instruments – Credit Losses Prospective Accounting Pronouncements to be Adopted Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Investments - equity securities; Investments-Equity Method and Joint Ventures; Derivatives and Hedging In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) |
Significant Accounting Polici_3
Significant Accounting Policies and Practices (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | During the six months ended June 30, 2021, the Company adopted the following Accounting Standards Updates (“ASUs”) with no material impact on the Condensed Consolidated Financial Statements: ASU Topic Method of Adoption 2021-01 Reference Rate Reform (Topic 848): Scope Prospective 2020-10 Codification Improvements Prospective 2020-03 Codification Improvements to Financial Instruments Prospective 2019-11 Codification Improvements to Topic 326, Financial Instruments – Credit Losses Prospective |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Components of ROU Assets and Lease Liabilities | The components of ROU assets and lease liabilities and the classification on the Condensed Consolidated Balance Sheet as of June 30, 2021 (unaudited) and December 31, 2020 were as follows: (millions) Classification June 30, 2021 December 31, 2020 Assets Operating Right-of-use assets $ 208.6 $ 235.1 Finance Leasehold improvements, equipment and construction in progress, net 25.8 28.8 Total leased assets $ 234.4 $ 263.9 Liabilities Current Operating Short-term lease liabilities $ 76.4 $ 82.1 Finance Current portion of long-term obligations under Senior Credit Facility and other long-term borrowings 7.0 7.8 Noncurrent Operating Long-term lease liabilities 210.6 243.4 Finance Long-term borrowings, excluding current portion 17.1 20.5 Total lease liabilities $ 311.1 $ 353.8 |
Schedule of Components of Lease Cost | The components of lease cost and classification in the Condensed Consolidated Statement of Income (Loss) for the three and six months ended June 30, 2021 and 2020 (unaudited) were as follows: Three Months Ended Six Months Ended (millions) Classification June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Operating lease cost (a)(b) Cost of services - lease type contracts $ 13.3 $ 25.2 $ 27.3 $ 60.8 Short-term lease (a) Cost of services - lease type contracts 4.2 5.4 8.9 14.2 Variable lease Cost of services - lease type contracts 8.4 1.9 12.0 9.7 Operating lease cost 25.9 32.5 48.2 84.7 Finance lease cost Amortization of leased assets Depreciation and amortization 1.5 0.8 3.0 1.5 Interest on lease liabilities Interest expense 0.3 0.3 0.6 0.5 Lease impairment Lease impairment — 16.7 0.1 94.2 Net lease cost $ 27.7 $ 50.3 $ 51.9 $ 180.9 (a) Operating lease cost included in General and administrative expenses are related to leases for office space amounting to $1.0 million and $2.0 million for the three and six months ended June 30, 2021, respectively, compared to $1.5 million and $3.0 million for the three and six months ended June 30, 2020, respectively. (b) Includes rent concessions amounting to $6.1 and $11.1 million for the three and six months ended June 30, 2021, respectively, compared to $8.9 million for the three and six months ended June 30, 2020. |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities, lease term, and discount rate information as of June 30, 2021 (unaudited) were as follows: (millions) Operating Leases Liabilities Finance Leases Liabilities Total 2021 $ 46.1 $ 4.0 $ 50.1 2022 80.3 7.5 87.8 2023 60.3 5.3 65.6 2024 42.9 3.4 46.3 2025 30.5 1.7 32.2 After 2025 69.8 5.1 74.9 Total lease payments 329.9 27.0 356.9 Less: Imputed interest 42.9 2.9 45.8 Present value of lease liabilities $ 287.0 $ 24.1 $ 311.1 Weighted-average remaining lease term (years) 5.4 4.9 Weighted-average discount rate 5.0 % 4.3 % |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases for the six months ended June 30, 2021 and 2020 (unaudited) was as follows: Six Months Ended (millions) June 30, 2021 June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows related to operating leases $ 47.1 $ 70.8 Operating cash outflows related to interest on finance leases 0.5 0.5 Financing cash outflows related to finance leases 4.2 1.7 Leased assets obtained in exchange for new operating liabilities 5.7 9.2 Leased assets obtained in exchange for new finance lease liabilities — 4.9 |
Restructuring and Other Integ_2
Restructuring and Other Integration Related Costs (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Schedule of Restructuring and Other Integration Related Costs | The restructuring and other integration related costs for the three and six months ended June 30, 2021 and 2020 (unaudited) were as follows: Three Months Ended Six Months Ended (millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Cost of services - lease type contracts $ — $ 0.2 $ 0.2 $ 0.4 Cost of services - management type contracts (0.1 ) 0.4 1.5 0.6 General and administrative expenses 0.1 3.7 0.8 4.2 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Remaining Performance Obligations | The Company expects to recognize the remaining performance obligations as revenue in future periods as follows: (millions) (unaudited) Remaining Performance Obligations 2021 $ 29.0 2022 38.6 2023 26.5 2024 15.4 2025 8.7 2026 and thereafter 17.2 Total $ 135.4 |
Schedule of Contract with Customer, Asset and Liabilities | The following table provides information about accounts receivable, contract assets and contract liabilities with customers and clients as of June 30, 2021 (unaudited) and December 31, 2020: (millions) June 30, 2021 December 31, 2020 Accounts receivable $ 104.5 $ 102.7 Contract asset 7.7 8.6 Contract liability (9.9 ) (12.5 ) Six Months Ended (millions) June 30, 2021 June 30, 2020 Balance, beginning of period $ 8.6 $ 11.0 Additional contract assets 7.7 7.0 Reclassification to accounts receivable (8.6 ) (11.0 ) Balance, end of period $ 7.7 $ 7.0 Six Months Ended (millions) June 30, 2021 June 30, 2020 Balance, beginning of period $ (12.5 ) $ (19.4 ) Additional contract liabilities (9.9 ) (11.3 ) Recognition of revenue from contract liabilities 12.5 19.4 Balance, end of period $ (9.9 ) $ (11.3 ) |
Schedule of Amortization Expense Related to Cost of Contracts | Amortization expense of cost of contracts related to service concession arrangements within the scope of Topic 853 and certain management type contracts are recorded as a reduction of revenue and were not significant for the three and six months ended June 30, 2021 and 2020, respectively. Amortization expense related to cost of contracts for the three and six months ended June 30, 2021 and 2020 (unaudited) was as follows: Three Months Ended Six Months Ended (millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Amortization expense $ 0.4 $ 0.3 $ 0.7 $ 0.7 |
Other Intangible Assets, net (T
Other Intangible Assets, net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Components of Intangible Assets, Net | The components of other intangible assets, net, at June 30, 2021 (unaudited) and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 (millions) Weighted Average Life (Years) Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Covenant not to compete 1.8 $ 2.9 $ (1.8 ) $ 1.1 $ 2.9 $ (1.3 ) $ 1.6 Trade names and trademarks 2.4 0.9 (0.3 ) 0.6 0.9 (0.2 ) 0.7 Proprietary know how 3.2 3.8 (0.9 ) 2.9 3.8 (0.4 ) 3.4 Management contract rights 7.6 81.0 (45.1 ) 35.9 81.0 (42.6 ) 38.4 Customer relationships 12.4 21.5 (3.2 ) 18.3 21.5 (2.5 ) 19.0 Other intangible assets, net 8.8 $ 110.1 $ (51.3 ) $ 58.8 $ 110.1 $ (47.0 ) $ 63.1 |
Summary of Amortization of Intangible Assets | Amortization expense related to intangible assets for the three and six months ended June 30, 2021 and 2020, (unaudited), respectively, which was included in Depreciation and amortization within the Condensed Consolidated Statements of Income (Loss), was as follows: Three Months Ended Six Months Ended (millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Amortization expense $ 2.2 $ 3.9 $ 4.3 $ 7.8 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amounts of Goodwill | The changes to the carrying amount of goodwill for the six months ended June 30, 2021 (unaudited) were as follows: (millions) Commercial Aviation Total Net book value as of December 31, 2020 Goodwill $ 377.1 $ 209.0 $ 586.1 Accumulated impairment losses — (59.5 ) (59.5 ) Total $ 377.1 $ 149.5 $ 526.6 Foreign currency translation 0.1 — 0.1 Net book value as of June 30, 2021 Goodwill $ 377.2 $ 209.0 $ 586.2 Accumulated impairment losses — (59.5 ) (59.5 ) Total $ 377.2 $ 149.5 $ 526.7 |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Borrowings | Long-term borrowings as of June 30, 2021 (unaudited) and December 31, 2020, in order of preference, were as follows: Amount Outstanding (millions) June 30, 2021 December 31, 2020 Senior Credit Facility, net of original discount on borrowings (1) $ 322.8 $ 332.3 Other borrowings 27.1 31.5 Deferred financing costs (1.9 ) (1.7 ) Total obligations 348.0 362.1 Less: Current portion of long-term obligations under Senior Credit Facility and other long-term borrowings 25.9 25.0 Total long-term borrowings, excluding current portion $ 322.1 $ 337.1 (1) Includes discount on borrowings of $0.7 million and $0.9 million as of June 30, 2021 and December 31, 2020, respectively. |
Stock Repurchase Program (Table
Stock Repurchase Program (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Summary of Share Repurchase Activity and Remaining Authorized Repurchase Amounts | Share repurchase activity under the stock repurchase programs during the three and six months ended June 30, 2021 and 2020 (unaudited) was as follows: Three Months Ended Six Months Ended (millions, except for share and per share data) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Total number of shares repurchased — — — 393,975 Average price paid per share $ — $ — $ — $ 38.78 Total value of shares repurchased $ — $ — $ — $ 15.3 The remaining authorized repurchase amounts in the aggregate under the July 2019 and March 2020 repurchase programs as of June 30, 2021 (unaudited) was as follows: (millions) June 30, 2021 Total authorized repurchase amount $ 100.0 Total value of shares repurchased 40.6 Total remaining authorized repurchase amount $ 59.4 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Nonvested Restricted Stock Units and Changes During the Period | Nonvested restricted stock units as of June 30, 2021, and changes during the six months ended June 30, 2021 (unaudited) were as follows: Shares Weighted Average Grant-Date Fair Value Nonvested as of December 31, 2020 51,276 $ 33.24 Granted 313,502 34.45 Nonvested as of June 30, 2021 364,778 $ 34.28 |
Schedule of Stock-Based Compensation Expense | The Company's stock-based compensation expense related to the restricted stock units for the three and six months ended June 30, 2021 and 2020 (unaudited), respectively, which is included in General and administrative expenses within the Condensed Consolidated Statements of Income (Loss), was as follows: Three Months Ended Six Months Ended (millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Stock-based compensation expense $ 1.3 $ 0.3 $ 2.1 $ 0.6 The Company's stock-based compensation expense (net reduction of expense) related to PSU’s during the three and six months ended June 30, 2021 and 2020 (unaudited), respectively, which is included in General and administrative expenses within the Condensed Consolidated Statements of Income (Loss), was as follows: Three Months Ended Six Months Ended (millions) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Stock-based compensation expense $ 0.3 $ 0.1 $ 0.4 $ (3.1 ) |
Summary of Nonvested PSU's and Changes During the Period | Nonvested PSU’s as of June 30, 2021, and changes during the year ended June 30, 2021 (unaudited) were as follows: Shares Weighted Average Grant-Date Fair Value Nonvested as of December 31, 2020 200,218 $ 35.27 Granted 50,868 34.97 Forfeited (3,375 ) 35.96 Nonvested as of June 30, 2021 247,711 $ 35.20 |
Net Income (Loss) per Common _2
Net Income (Loss) per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Income (Loss) per Common Share and Reconciliation of Weighted Average Shares | Basic and diluted net income (loss) per common share and a reconciliation of the weighted average basic common shares outstanding to the weighted average diluted common shares outstanding for the three and six months ended June 30, 2021 and 2020 (unaudited) was as follows: Three Months Ended Six Months Ended (millions, except share and per share data) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net income (loss) attributable to SP Plus Corporation $ 9.0 $ (39.1 ) $ 11.3 $ (85.2 ) Basic weighted average common shares outstanding 21,177,142 20,972,057 21,145,494 21,062,495 Dilutive impact of share-based awards 213,467 — 202,020 — Diluted weighted average common shares outstanding 21,390,609 20,972,057 21,347,514 21,062,495 Net income (loss) per common share Basic $ 0.42 $ (1.86 ) $ 0.53 $ (4.05 ) Diluted $ 0.42 $ (1.86 ) $ 0.53 $ (4.05 ) |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Comprehensive Income Net Of Tax [Abstract] | |
Components of Other Comprehensive Income (Loss) and Income Tax Benefit Allocated | The components of other comprehensive income (loss) and income tax benefit allocated to each component for the three and six months ended June 30, 2021 and 2020 (unaudited) were as follows: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (millions) Before Tax Amount Income Tax Net of Tax Amount Before Tax Amount Income Tax Net of Tax Amount Translation adjustments $ 0.1 $ — $ 0.1 $ 0.1 $ — $ 0.1 Change in fair value of interest rate collars 0.5 0.1 0.4 1.1 0.3 0.8 Other comprehensive income $ 0.6 $ 0.1 $ 0.5 $ 1.2 $ 0.3 $ 0.9 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 (millions) Before Tax Amount Income Tax Net of Tax Amount Before Tax Amount Income Tax Net of Tax Amount Translation adjustments $ (0.1 ) $ — $ (0.1 ) $ (0.3 ) $ — $ (0.3 ) Change in fair value of interest rate collars 0.2 — 0.2 (3.6 ) (1.0 ) (2.6 ) Other comprehensive income (loss) $ 0.1 $ — $ 0.1 $ (3.9 ) $ (1.0 ) $ (2.9 ) |
Components of Accumulated Other Comprehensive Loss | The changes to accumulated other comprehensive loss by component for the six months ended June 30, 2021 (unaudited), were as follows: (millions) Foreign Currency Translation Adjustments Change in Fair Value of Interest Rate Collars Total Accumulated Other Comprehensive Loss Balance as of December 31, 2020 $ (2.2 ) $ (2.2 ) $ (4.4 ) Other comprehensive loss before reclassification 0.1 - 0.1 Amounts reclassified from accumulated other comprehensive loss - 0.8 0.8 Balance as of June 30, 2021 $ (2.1 ) $ (1.4 ) $ (3.5 ) The changes to accumulated other comprehensive loss by component for the six months ended June 30, 2020 (unaudited), were as follows: (millions) Foreign Currency Translation Adjustments Change in Fair Value of Interest Rate Collars Total Accumulated Other Comprehensive Loss Balance as of December 31, 2019 $ (2.3 ) $ (0.4 ) $ (2.7 ) Other comprehensive loss before reclassification (0.3 ) (2.9 ) (3.2 ) Amounts reclassified from accumulated other comprehensive loss — 0.3 0.3 Balance as of June 30, 2020 $ (2.6 ) $ (3.0 ) $ (5.6 ) |
Reclassification from Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the three and six months ended June 30, 2021 and 2020 (unaudited) were as follows: (millions) Three Months Ended June 30 Six Months Ended June 30 Classification in the Condensed Consolidated Statements of Income (Loss) Interest Rate Collars: 2021 2020 2021 2020 Net realized loss $ 0.5 $ 0.4 $ 1.1 $ 0.4 Other expenses (income) Reclassifications before tax 0.5 0.4 1.1 0.4 Income tax benefit 0.1 0.1 0.3 0.1 Reclassifications, net of tax $ 0.4 $ 0.3 $ 0.8 $ 0.3 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Revenues and Gross Profit by Regions | Revenue and gross profit by segment for the three and six months ended June 30, 2021 and 2020 (unaudited) were as follows: Three Months Ended Six Months Ended (millions) June 30, 2021 Gross Margin % June 30, 2020 Gross Margin % June 30, 2021 Gross Margin % June 30, 2020 Gross Margin % Services Revenue Commercial Lease type contracts $ 48.7 $ 28.8 $ 90.0 $ 105.1 Management type contracts 53.7 41.7 108.7 116.2 Total Commercial 102.4 70.5 198.7 221.3 Aviation Lease type contracts 2.1 1.3 3.4 6.5 Management type contracts 34.7 19.6 64.1 79.8 Total Aviation 36.8 20.9 67.5 86.3 Other Lease type contracts 0.1 0.1 0.2 0.3 Management type contracts 1.9 1.5 3.5 3.9 Total Other 2.0 1.6 3.7 4.2 Reimbursed management type contract revenue 134.5 110.4 252.5 301.3 Total services revenue $ 275.7 $ 203.4 $ 522.4 $ 613.1 Gross Profit Commercial Lease type contracts $ 9.5 19.5 % $ (13.8 ) (47.9 )% $ 15.7 17.4 % $ (14.7 ) (14.0 )% Management type contracts 21.8 40.6 % 11.8 28.3 % 42.7 39.3 % 37.5 32.3 % Lease impairment — N/M (16.7 ) N/M — N/M (94.2 ) N/M Total Commercial 31.3 (18.7 ) 58.4 (71.4 ) Aviation Lease type contracts 0.9 42.9 % (0.3 ) (23.1 )% 1.3 38.2 % — 0.0 % Management type contracts 9.0 25.9 % 2.2 11.2 % 15.8 24.6 % 16.5 20.7 % Lease Impairment — N/M — N/M (0.1 ) N/M — N/M Total Aviation 9.9 1.9 17.0 16.5 Other Lease type contracts 1.0 N/M 1.2 N/M 1.8 N/M 3.3 N/M Management type contracts 4.3 N/M 2.2 N/M 7.6 N/M 8.0 N/M Total Other 5.3 3.4 9.4 11.3 Total gross profit $ 46.5 $ (13.4 ) $ 84.8 $ (43.6 ) N/M - Not Meaningful |
Significant Accounting Polici_4
Significant Accounting Policies and Practices - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)partnershipvariable_interest_entityvoting_interest_model_entity | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Significant Accounting Policies and Practices | |||||
Restricted cash and cash equivalents | $ 0.5 | $ 0.5 | $ 0.3 | ||
Number of ownership interest entities | partnership | 31 | ||||
Equity earnings in related investments | $ 0.3 | $ 0.2 | $ 0.4 | $ 0.8 | |
ASU 2021-01 | |||||
Significant Accounting Policies and Practices | |||||
Change in accounting principle, accounting standards update, adopted [true false] | true | true | |||
Change in accounting principle, accounting standards update, immaterial effect | true | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | Jan. 1, 2020 | |||
ASU 2020-10 | |||||
Significant Accounting Policies and Practices | |||||
Change in accounting principle, accounting standards update, adopted [true false] | true | true | |||
Change in accounting principle, accounting standards update, immaterial effect | true | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | Jan. 1, 2020 | |||
ASU 2020-03 | |||||
Significant Accounting Policies and Practices | |||||
Change in accounting principle, accounting standards update, adopted [true false] | true | true | |||
Change in accounting principle, accounting standards update, immaterial effect | true | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | Jan. 1, 2020 | |||
ASU 2019-11 | |||||
Significant Accounting Policies and Practices | |||||
Change in accounting principle, accounting standards update, adopted [true false] | true | true | |||
Change in accounting principle, accounting standards update, immaterial effect | true | true | |||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | Jan. 1, 2020 | |||
Minimum | |||||
Significant Accounting Policies and Practices | |||||
Ownership interests percentage | 30.00% | 30.00% | |||
Maximum | |||||
Significant Accounting Policies and Practices | |||||
Ownership interests percentage | 50.00% | 50.00% | |||
Primary Beneficiary | |||||
Significant Accounting Policies and Practices | |||||
Number of ownership interest entities | variable_interest_entity | 26 | ||||
Not Primary Beneficiary | |||||
Significant Accounting Policies and Practices | |||||
Number of ownership interest entities | voting_interest_model_entity | 5 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Lessor, Lease, Description [Line Items] | |||||
Right-of-use assets | $ 208.6 | $ 208.6 | $ 235.1 | ||
Lease impairment | $ 16.7 | 0.1 | $ 94.2 | ||
Rent concessions cares act | 6.1 | 8.9 | 11.1 | 8.9 | |
Sublease income | $ 0.3 | 0.4 | $ 0.7 | 0.8 | |
Commercial | |||||
Lessor, Lease, Description [Line Items] | |||||
Lease impairment | 94.2 | ||||
Level 3 | |||||
Lessor, Lease, Description [Line Items] | |||||
Right-of-use assets | 267.8 | 267.8 | |||
Right-of-use asset, fair value | $ 173.6 | $ 173.6 |
Leases - Schedule of Components
Leases - Schedule of Components of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Right-of-use assets | $ 208.6 | $ 235.1 |
Leasehold improvements, equipment and construction in progress, net | 25.8 | 28.8 |
Total leased assets | 234.4 | 263.9 |
Current | ||
Short-term lease liabilities | 76.4 | 82.1 |
Current portion of long-term obligations under Senior Credit Facility and other long-term borrowings | 7 | 7.8 |
Noncurrent | ||
Long-term lease liabilities | 210.6 | 243.4 |
Long-term borrowings, excluding current portion | 17.1 | 20.5 |
Total lease liabilities | $ 311.1 | $ 353.8 |
Leases - Schedule of Componen_2
Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 13.3 | $ 25.2 | $ 27.3 | $ 60.8 |
Short-term lease | 4.2 | 5.4 | 8.9 | 14.2 |
Variable lease | 8.4 | 1.9 | 12 | 9.7 |
Operating lease cost | 25.9 | 32.5 | 48.2 | 84.7 |
Amortization of leased assets | 1.5 | 0.8 | 3 | 1.5 |
Interest on lease liabilities | 0.3 | 0.3 | 0.6 | 0.5 |
Lease impairment | 16.7 | 0.1 | 94.2 | |
Net lease cost | $ 27.7 | $ 50.3 | $ 51.9 | $ 180.9 |
Leases - Schedule of Componen_3
Leases - Schedule of Components of Lease Cost (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lessor, Lease, Description [Line Items] | ||||
Operating lease cost | $ 13.3 | $ 25.2 | $ 27.3 | $ 60.8 |
Rent concessions cares act | 6.1 | 8.9 | 11.1 | 8.9 |
Office Space | ||||
Lessor, Lease, Description [Line Items] | ||||
Operating lease cost | $ 1 | $ 1.5 | $ 2 | $ 3 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Millions | Jun. 30, 2021USD ($) |
Operating Leases Liabilities | |
2021 | $ 46.1 |
2022 | 80.3 |
2023 | 60.3 |
2024 | 42.9 |
2025 | 30.5 |
After 2025 | 69.8 |
Total lease payments | 329.9 |
Less: Imputed interest | 42.9 |
Present value of lease liabilities | $ 287 |
Weighted-average remaining lease term (years) | 5 years 4 months 24 days |
Weighted-average discount rate | 5.00% |
Finance Leases Liabilities | |
2021 | $ 4 |
2022 | 7.5 |
2023 | 5.3 |
2024 | 3.4 |
2025 | 1.7 |
After 2025 | 5.1 |
Total lease payments | 27 |
Less: Imputed interest | 2.9 |
Present value of lease liabilities | $ 24.1 |
Weighted-average remaining lease term (years) | 4 years 10 months 24 days |
Weighted-average discount rate | 4.30% |
Total | |
2021 | $ 50.1 |
2022 | 87.8 |
2023 | 65.6 |
2024 | 46.3 |
2025 | 32.2 |
After 2025 | 74.9 |
Total lease payments | 356.9 |
Less: Imputed interest | 45.8 |
Present value of lease liabilities | $ 311.1 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash outflows related to operating leases | $ 47.1 | $ 70.8 |
Operating cash outflows related to interest on finance leases | 0.5 | 0.5 |
Financing cash outflows related to finance leases | 4.2 | 1.7 |
Leased assets obtained in exchange for new operating liabilities | $ 5.7 | 9.2 |
Leased assets obtained in exchange for new finance lease liabilities | $ 4.9 |
Restructuring and Other Integ_3
Restructuring and Other Integration Related Costs - Schedule of Restructuring and Other Integration Related Costs (Details) - Central Merger - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cost of Services - Lease Type Contracts | ||||
Business Acquisition [Line Items] | ||||
Restructuring, and integration related costs | $ 0 | $ 0.2 | $ 0.2 | $ 0.4 |
Cost of Services - Management Type Contracts | ||||
Business Acquisition [Line Items] | ||||
Restructuring, and integration related costs | (0.1) | 0.4 | 1.5 | 0.6 |
General and Administrative Expenses | ||||
Business Acquisition [Line Items] | ||||
Restructuring, and integration related costs | $ 0.1 | $ 3.7 | $ 0.8 | $ 4.2 |
Restructuring and Other Integ_4
Restructuring and Other Integration Related Costs - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued and Other Current Liabilities | ||
Business Acquisition [Line Items] | ||
Accrual for restructuring and other integration related costs | $ 2 | $ 1.2 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |||||
Negotiable cost reductions cares act | $ 4,200,000 | $ 18,300,000 | $ 17,600,000 | $ 18,300,000 | |
Performance obligation unsatisfied or partially satisfied | 135,400,000 | 135,400,000 | |||
Impairment charges | 0 | 0 | 0 | 0 | |
Cost of contracts net of accumulated amortization | 4,500,000 | 4,500,000 | $ 4,800,000 | ||
Contract cost, accumulated impairment | $ 0 | $ 0 | $ 0 | $ 0 |
Revenue - Schedule of Performan
Revenue - Schedule of Performance Obligations (Details) $ in Millions | Jun. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligations | $ 135.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligations | $ 29 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligations | $ 38.6 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligations | $ 26.5 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligations | $ 15.4 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligations | $ 8.7 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligations | $ 17.2 |
Revenue, remaining performance obligation, expected timing of satisfaction, period |
Revenue - Schedule of Perform_2
Revenue - Schedule of Performance Obligations (Details 1) $ in Millions | Jun. 30, 2021USD ($) |
Revenue From Contract With Customer [Abstract] | |
Remaining Performance Obligations | $ 135.4 |
Revenue - Schedule of Contract
Revenue - Schedule of Contract Asset and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Revenue From Contract With Customer [Abstract] | ||||
Accounts receivable | $ 104.5 | $ 102.7 | ||
Contract asset | 7.7 | 8.6 | $ 7 | $ 11 |
Contract liability | $ (9.9) | $ (12.5) | $ (11.3) | $ (19.4) |
Revenue - Schedule of Contrac_2
Revenue - Schedule of Contract Assets (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Contract Asset Balances with Customer | ||
Balance, beginning of period | $ 8.6 | $ 11 |
Additional contract assets | 7.7 | 7 |
Reclassification to accounts receivable | (8.6) | (11) |
Balance, end of period | $ 7.7 | $ 7 |
Revenue - Schedule of Contrac_3
Revenue - Schedule of Contract Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Contract Liability Balances with Customer | ||
Balance, beginning of period | $ (12.5) | $ (19.4) |
Additional contract liabilities | (9.9) | (11.3) |
Recognition of revenue from contract liabilities | 12.5 | 19.4 |
Balance, end of period | $ (9.9) | $ (11.3) |
Revenue - Schedule of Amortizat
Revenue - Schedule of Amortization Expense Related to Cost of Contracts (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | ||||
Amortization expense | $ 0.4 | $ 0.3 | $ 0.7 | $ 0.7 |
Legal and Other Commitments a_2
Legal and Other Commitments and Contingencies - Narrative (Details) $ in Millions | Jun. 30, 2021USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Liabilities for reasonably possible loss contingencies | $ 0 |
Other Intangible Assets, net -
Other Intangible Assets, net - Components of Intangible Assets, Net (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Life (Years) | 8 years 9 months 18 days | |
Intangible Assets, Gross | $ 110.1 | $ 110.1 |
Accumulated Amortization | (51.3) | (47) |
Intangible Assets, Net | $ 58.8 | 63.1 |
Covenant Not to Compete | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Life (Years) | 1 year 9 months 18 days | |
Intangible Assets, Gross | $ 2.9 | 2.9 |
Accumulated Amortization | (1.8) | (1.3) |
Intangible Assets, Net | $ 1.1 | 1.6 |
Trade Names and Trademarks | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Life (Years) | 2 years 4 months 24 days | |
Intangible Assets, Gross | $ 0.9 | 0.9 |
Accumulated Amortization | (0.3) | (0.2) |
Intangible Assets, Net | $ 0.6 | 0.7 |
Proprietary Know How | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Life (Years) | 3 years 2 months 12 days | |
Intangible Assets, Gross | $ 3.8 | 3.8 |
Accumulated Amortization | (0.9) | (0.4) |
Intangible Assets, Net | $ 2.9 | 3.4 |
Management Contract Rights | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Life (Years) | 7 years 7 months 6 days | |
Intangible Assets, Gross | $ 81 | 81 |
Accumulated Amortization | (45.1) | (42.6) |
Intangible Assets, Net | $ 35.9 | 38.4 |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Life (Years) | 12 years 4 months 24 days | |
Intangible Assets, Gross | $ 21.5 | 21.5 |
Accumulated Amortization | (3.2) | (2.5) |
Intangible Assets, Net | $ 18.3 | $ 19 |
Other Intangible Assets, net _2
Other Intangible Assets, net - Summary of Amortization of Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 2.2 | $ 3.9 | $ 4.3 | $ 7.8 |
Other Intangible Assets, net _3
Other Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Finite Lived Intangible Assets [Line Items] | ||||
Carrying amount | $ 58.8 | $ 63.1 | ||
Impairment of intangible assets | $ 3.7 | $ 3.7 | ||
Proprietary Know How | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Carrying amount | $ 2.9 | $ 3.4 | ||
Proprietary Know How | Aviation | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Impairment of intangible assets | 3.7 | 3.7 | ||
Proprietary Know How | Level 3 | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Carrying amount | 7.6 | 7.6 | ||
Fair value | $ 3.9 | $ 3.9 |
Goodwill - Schedule of Changes
Goodwill - Schedule of Changes in Carrying Amounts of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Jun. 30, 2021 | |
Goodwill [Line Items] | ||
Goodwill | $ 586.1 | $ 586.2 |
Accumulated impairment losses | (59.5) | (59.5) |
Total | 526.6 | 526.7 |
Foreign currency translation | 0.1 | |
Commercial | ||
Goodwill [Line Items] | ||
Goodwill | 377.1 | 377.2 |
Accumulated impairment losses | 0 | 0 |
Total | 377.1 | 377.2 |
Foreign currency translation | 0.1 | |
Aviation | ||
Goodwill [Line Items] | ||
Goodwill | 209 | 209 |
Accumulated impairment losses | (59.5) | (59.5) |
Total | 149.5 | $ 149.5 |
Foreign currency translation | $ 0 |
Borrowing Arrangements - Schedu
Borrowing Arrangements - Schedule of Long-Term Borrowing (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total obligations | $ 348 | $ 362.1 |
Other borrowings | 27.1 | 31.5 |
Deferred financing costs | (1.9) | (1.7) |
Less: Current portion of long-term obligations under Senior Credit Facility and other long-term borrowings | 25.9 | 25 |
Long-term borrowings, excluding current portion | 322.1 | 337.1 |
Senior Credit Facility, Net of Original Discount on Borrowings | ||
Debt Instrument [Line Items] | ||
Total obligations | $ 322.8 | $ 332.3 |
Borrowing Arrangements - Sche_2
Borrowing Arrangements - Schedule of Long-Term Borrowing (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Discount on borrowings | $ 0.7 | $ 0.9 |
Borrowing Arrangements - Narrat
Borrowing Arrangements - Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
May 31, 2019USD ($) | Sep. 30, 2021 | Jun. 30, 2021USD ($)$ / shares | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Feb. 16, 2021USD ($) | May 06, 2020USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Debt instrument, covenant compliance | As of June 30, 2021, the Company was in compliance with its debt covenants under the Credit Agreement. | |||||||||
Long-term borrowings | $ 348,000,000 | $ 348,000,000 | $ 362,100,000 | |||||||
Redemptions of convertible debentures | 0 | 0 | ||||||||
Approximate redemption value of convertible debentures | 1,100,000 | 1,100,000 | ||||||||
Interest Rate Contract | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate collar, term | 3 years | |||||||||
Notional amount | $ 222,300,000 | |||||||||
Interest rate collar contract maturity date | 2022-04 | |||||||||
Derivative, cap interest rate | 2.50% | |||||||||
Liability | 1,900,000 | 1,900,000 | 3,100,000 | |||||||
Interest rate collars paid | 600,000 | $ 400,000 | $ 1,200,000 | $ 400,000 | ||||||
Senior Credit Facility, Net of Discount | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior credit facility maturity date | Nov. 30, 2023 | |||||||||
Long-term borrowings | $ 322,800,000 | $ 322,800,000 | $ 332,300,000 | |||||||
Weighted average interest rate | 3.60% | 3.50% | 3.60% | 3.50% | ||||||
Convertible Subordinated Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price upon stated maturity (in dollars per share) | $ / shares | $ 19.18 | |||||||||
Redemptions stated maturity date | Apr. 1, 2028 | |||||||||
Convertible debentures maturity per share | $ / shares | $ 25 | $ 25 | ||||||||
Amended Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | $ 595,000,000 | |||||||||
Percentage principal installments | 1.875% | |||||||||
Amended Credit Agreement | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | $ 325,000,000 | 370,000,000 | ||||||||
Decrease to borrowing capacity | 45,000,000 | |||||||||
Liquidity test minimum | $ 40,000,000 | $ 40,000,000 | $ 40,000,000 | |||||||
Additional liquidity test minimum | $ 40,000,000 | |||||||||
Amended Credit Agreement | Letter of Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | 100,000,000 | |||||||||
Amended Credit Agreement | Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | $ 225,000,000 | |||||||||
Amended Credit Agreement | Senior Credit Facility, Net of Discount | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fees and other closing cost | 1,200,000 | |||||||||
Letters of credit outstanding | 49,000,000 | 49,000,000 | ||||||||
Long-term borrowings | $ 323,500,000 | $ 323,500,000 | ||||||||
Amended Credit Agreement | Senior Credit Facility, Net of Discount | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt to EBITDA ratio that is required to be maintained | 5.50 | |||||||||
Amended Credit Agreement | Senior Credit Facility, Net of Discount | Maximum | Forecast | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt to EBITDA ratio that is required to be maintained | 5.25 | |||||||||
Amended Credit Agreement | Senior Credit Facility, Net of Discount | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total debt to EBITDA ratio that is required to be maintained | 3.50 | |||||||||
Fixed charge coverage ratio that is required to be maintained | 3.50 | 2.75 | ||||||||
Amended Credit Agreement | Senior Credit Facility, Net of Discount | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 0.375% | 0.375% | ||||||||
Amended Credit Agreement | Senior Credit Facility, Net of Discount | L I B O R Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Period of total debt to EBITDA ratio | 12 months | |||||||||
Amended Credit Agreement | Senior Credit Facility, Net of Discount | Base Rate Loans | Federal Funds | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate margin on variable rate basis | 0.50% | |||||||||
Amended Credit Agreement | Senior Credit Facility, Net of Discount | Base Rate Loans | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate margin on variable rate basis | 2.75% | |||||||||
Floor interest rate | 1.00% | |||||||||
Senior Credit Facility | Senior Credit Facility, Net of Discount | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Weighted average interest rate | 3.80% | 3.80% | 3.80% | 3.80% |
Stock Repurchase Program - Narr
Stock Repurchase Program - Narrative (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jul. 31, 2019 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Amount authorized by the company's Board of Directors (not to exceed) | $ 100,000,000 | |||
Number of shares repurchased | 393,975 | |||
Average price paid per share (in dollars per share) | $ 38.78 | |||
Remaining authorized repurchase amount | $ 59,400,000 | |||
July 2019 Share Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Amount authorized by the company's Board of Directors (not to exceed) | $ 50,000,000 | |||
Number of shares repurchased | 0 | 393,975 | ||
Average price paid per share (in dollars per share) | $ 38.78 | |||
Remaining authorized repurchase amount | $ 9,400,000 | |||
March 2020 Stock Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Amount authorized by the company's Board of Directors (not to exceed) | $ 50,000,000 | |||
Number of shares repurchased | 0 | |||
Remaining authorized repurchase amount | $ 50,000,000 |
Stock Repurchase Program - Summ
Stock Repurchase Program - Summary of Share Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2020 | Jun. 30, 2020 | |
Equity [Abstract] | ||
Total number of shares repurchased | 393,975 | |
Average price paid per share | $ 38.78 | |
Total value of shares repurchased | $ 15.3 | $ 15.3 |
Stock Repurchase Program - Su_2
Stock Repurchase Program - Summary of Remaining Authorized Repurchase Amounts (Details) | Jun. 30, 2021USD ($) |
Equity [Abstract] | |
Total authorized repurchase amount | $ 100,000,000 |
Total value of shares repurchased | 40,600,000 |
Total remaining authorized repurchase amount | $ 59,400,000 |
Bradley Agreement - Narrative (
Bradley Agreement - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Feb. 29, 2000 | Jun. 30, 2021 | Dec. 31, 2020 | |
Bradley International Airport Parking Facilities Operating Agreement | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Agreement period for operation of parking spaces | 25 years | ||
Effective date of agreement termination | May 31, 2020 | ||
Cash consideration to minority partners | $ 1.7 | ||
Connecticut Airport Authority | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Agreement effective date | Jun. 1, 2020 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-Based Payment Arrangement | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period (in shares) | 13,420 | 25,066 | ||||
Recognized stock-based compensation expense | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 | ||
Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period (in shares) | 313,502 | |||||
Recognized stock-based compensation expense | 1,300,000 | 300,000 | $ 2,100,000 | 600,000 | ||
Unrecognized stock-based compensation costs | 9,300,000 | $ 9,300,000 | ||||
Weighted average remaining recognition period of unrecognized stock-based compensation costs | 1 year 10 months 24 days | |||||
Restricted Stock Units | Executive Management | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period (in shares) | 160,843 | |||||
Vesting period | 2 years | |||||
Restricted Stock Units | Employees | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period (in shares) | 152,659 | |||||
Vesting period | 3 years | |||||
Performance Share Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period (in shares) | 50,868 | |||||
Recognized stock-based compensation expense | $ 300,000 | $ 100,000 | $ 400,000 | (3,100,000) | ||
Weighted average remaining recognition period of unrecognized stock-based compensation costs | 2 years 4 months 24 days | |||||
Maximum number of shares of common stock available for awards (in shares) | 101,736 | 101,736 | ||||
Share-based compensation arrangement by share-based payment award percentage of target achieved | 95.00% | |||||
Unrecognized compensation costs | $ 3,100,000 | $ 3,100,000 | ||||
Performance Share Units | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized stock-based compensation costs | $ 14,100,000 | $ 14,100,000 | ||||
Performance Share Units | Executive Management | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period (in shares) | 50,868 | |||||
Share-based compensation arrangement by share based payment award performance period | 3 years | |||||
2019 Performance Share Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reversed of expense related to PSU’s | 1,400,000 | |||||
2018 Performance Share Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reversed of expense related to PSU’s | $ 1,800,000 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted and Performance Stock Units Rollforward (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Restricted Stock Units | |
Shares | |
Nonvested as of December 31, 2020 | shares | 51,276 |
Grants in period (in shares) | shares | 313,502 |
Nonvested as of June 30, 2021 | shares | 364,778 |
Weighted Average Grant-Date Fair Value | |
Nonvested as of December 31, 2020 | $ / shares | $ 33.24 |
Granted (in dollars per share) | $ / shares | 34.45 |
Nonvested as of June 30, 2021 | $ / shares | $ 34.28 |
Performance Shares | |
Shares | |
Nonvested as of December 31, 2020 | shares | 200,218 |
Grants in period (in shares) | shares | 50,868 |
Forfeited (in shares) | shares | (3,375) |
Nonvested as of June 30, 2021 | shares | 247,711 |
Weighted Average Grant-Date Fair Value | |
Nonvested as of December 31, 2020 | $ / shares | $ 35.27 |
Granted (in dollars per share) | $ / shares | 34.97 |
Forfeited (in dollars per share) | $ / shares | 35.96 |
Nonvested as of June 30, 2021 | $ / shares | $ 35.20 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1.3 | $ 0.3 | $ 2.1 | $ 0.6 |
Performance Share Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 0.3 | $ 0.1 | $ 0.4 | $ (3.1) |
Net Income (Loss) per Common _3
Net Income (Loss) per Common Share - Basic and Diluted Net Income (Loss) per Common Share and Weighted Average Common Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to SP Plus Corporation | $ 9 | $ (39.1) | $ 11.3 | $ (85.2) |
Basic weighted average common shares outstanding | 21,177,142 | 20,972,057 | 21,145,494 | 21,062,495 |
Dilutive impact of share-based awards | 213,467 | 202,020 | ||
Diluted weighted average common shares outstanding | 21,390,609 | 20,972,057 | 21,347,514 | 21,062,495 |
Net income (loss) per common share | ||||
Basic | $ 0.42 | $ (1.86) | $ 0.53 | $ (4.05) |
Diluted | $ 0.42 | $ (1.86) | $ 0.53 | $ (4.05) |
Net Income (Loss) per Common _4
Net Income (Loss) per Common Share - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potential shares of common stock attributable to stock options excluded from net income per common share calculation (in shares) | 0 | ||
Restricted Stock Units | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potential shares of common stock attributable to stock options excluded from net income per common share calculation (in shares) | 153,442 | 153,442 |
Comprehensive Income (Loss) - C
Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) and Income Tax Benefit Allocated (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive income (loss), Before Tax Amount | $ 0.6 | $ 0.1 | $ 1.2 | $ (3.9) |
Other Comprehensive income (loss), Income Tax | 0.1 | 0.3 | (1) | |
Other Comprehensive income (loss), Net of Tax Amount | 0.5 | 0.1 | 0.9 | (2.9) |
Change in Fair Value of Interest Rate Collars | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive income (loss), Before Tax Amount | 0.5 | 0.2 | 1.1 | (3.6) |
Other Comprehensive income (loss), Income Tax | 0.1 | 0.3 | (1) | |
Other Comprehensive income (loss), Net of Tax Amount | 0.4 | 0.2 | 0.8 | (2.6) |
Translation Adjustments | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive income (loss), Before Tax Amount | 0.1 | (0.1) | 0.1 | (0.3) |
Other Comprehensive income (loss), Net of Tax Amount | $ 0.1 | $ (0.1) | $ 0.1 | $ (0.3) |
Comprehensive Income (Loss) -_2
Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax | ||
Beginning Balance | $ 183.1 | |
Other comprehensive loss before reclassification | 0.1 | $ (3.2) |
Amounts reclassified from accumulated other comprehensive loss | 0.8 | 0.3 |
Ending Balance | 198.3 | |
Foreign Currency Translation Adjustments | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning Balance | (2.2) | (2.3) |
Other comprehensive loss before reclassification | 0.1 | (0.3) |
Ending Balance | (2.1) | (2.6) |
Change in Fair Value of Interest Rate Collars | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning Balance | (2.2) | (0.4) |
Other comprehensive loss before reclassification | (2.9) | |
Amounts reclassified from accumulated other comprehensive loss | 0.8 | 0.3 |
Ending Balance | (1.4) | (3) |
Accumulated Other Comprehensive Loss | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning Balance | (4.4) | (2.7) |
Ending Balance | $ (3.5) | $ (5.6) |
Comprehensive Income (Loss) - R
Comprehensive Income (Loss) - Reclassifications from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Net realized loss | $ (5) | $ (5.4) | $ (10.7) | $ (9.4) |
Reclassifications from Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Reclassifications before tax | 0.5 | 0.4 | 1.1 | 0.4 |
Income tax benefit | 0.1 | 0.1 | 0.3 | 0.1 |
Reclassifications, net of tax | 0.4 | 0.3 | 0.8 | 0.3 |
Reclassifications from Accumulated Other Comprehensive Loss | Change in Fair Value of Interest Rate Collars | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Net realized loss | $ 0.5 | $ 0.4 | $ 1.1 | $ 0.4 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of Revenues and Gross Profit by Regions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Services Revenue | ||||
Services Revenue | $ 275.7 | $ 203.4 | $ 522.4 | $ 613.1 |
Gross Profit | ||||
Gross profit | 46.5 | (13.4) | 84.8 | (43.6) |
Operating Segments | Commercial | ||||
Services Revenue | ||||
Services Revenue | 102.4 | 70.5 | 198.7 | 221.3 |
Gross Profit | ||||
Gross profit | 31.3 | (18.7) | 58.4 | (71.4) |
Operating Segments | Aviation | ||||
Services Revenue | ||||
Services Revenue | 36.8 | 20.9 | 67.5 | 86.3 |
Gross Profit | ||||
Gross profit | 9.9 | 1.9 | 17 | 16.5 |
Segment Reconciling Items | ||||
Services Revenue | ||||
Services Revenue | 2 | 1.6 | 3.7 | 4.2 |
Gross Profit | ||||
Gross profit | 5.3 | 3.4 | 9.4 | 11.3 |
Lease Type Contracts | ||||
Services Revenue | ||||
Services Revenue | 50.9 | 30.2 | 93.6 | 111.9 |
Gross Profit | ||||
Gross profit | 11.4 | (12.9) | 18.8 | (11.4) |
Lease Type Contracts | Operating Segments | Commercial | ||||
Services Revenue | ||||
Services Revenue | 48.7 | 28.8 | 90 | 105.1 |
Gross Profit | ||||
Gross profit | $ 9.5 | $ (13.8) | $ 15.7 | $ (14.7) |
Gross margin percentage | 19.50% | (47.90%) | 17.40% | (14.00%) |
Lease Type Contracts | Operating Segments | Aviation | ||||
Services Revenue | ||||
Services Revenue | $ 2.1 | $ 1.3 | $ 3.4 | $ 6.5 |
Gross Profit | ||||
Gross profit | $ 0.9 | $ (0.3) | $ 1.3 | |
Gross margin percentage | 42.90% | (23.10%) | 38.20% | 0.00% |
Lease Type Contracts | Segment Reconciling Items | ||||
Services Revenue | ||||
Services Revenue | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.3 |
Gross Profit | ||||
Gross profit | 1 | 1.2 | 1.8 | 3.3 |
Management Type Contracts | ||||
Services Revenue | ||||
Services Revenue | 90.3 | 62.8 | 176.3 | 199.9 |
Gross Profit | ||||
Gross profit | 35.1 | 16.2 | 66.1 | 62 |
Management Type Contracts | Operating Segments | Commercial | ||||
Services Revenue | ||||
Services Revenue | 53.7 | 41.7 | 108.7 | 116.2 |
Gross Profit | ||||
Gross profit | $ 21.8 | $ 11.8 | $ 42.7 | $ 37.5 |
Gross margin percentage | 40.60% | 28.30% | 39.30% | 32.30% |
Management Type Contracts | Operating Segments | Aviation | ||||
Services Revenue | ||||
Services Revenue | $ 34.7 | $ 19.6 | $ 64.1 | $ 79.8 |
Gross Profit | ||||
Gross profit | $ 9 | $ 2.2 | $ 15.8 | $ 16.5 |
Gross margin percentage | 25.90% | 11.20% | 24.60% | 20.70% |
Management Type Contracts | Segment Reconciling Items | ||||
Services Revenue | ||||
Services Revenue | $ 1.9 | $ 1.5 | $ 3.5 | $ 3.9 |
Gross Profit | ||||
Gross profit | 4.3 | 2.2 | 7.6 | 8 |
Reimbursed Management Type Contract Revenue | ||||
Services Revenue | ||||
Services Revenue | $ 134.5 | 110.4 | 252.5 | 301.3 |
Lease Impairment | ||||
Gross Profit | ||||
Gross profit | (16.7) | (0.1) | (94.2) | |
Lease Impairment | Operating Segments | ||||
Gross Profit | ||||
Gross profit | $ (16.7) | $ (0.1) | $ (94.2) |