Cover page
Cover page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 25, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 | FY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Chicago, Illinois, United States | ||
Auditor Firm ID | 42 | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 23,224,459 | ||
Entity Public Float | $ 710.3 | ||
Documents Incorporated by Reference | Portions of the registrant's definitive proxy statement to be delivered to stockholders in connection with the Annual Meeting of Stockholders to be held on May 11, 2022 are incorporated by reference into Part III of this Form 10-K. The 2022 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. Audit Firm Id: 42 Ernst & Young LLP Chicago, Illinois, United States |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 15.7 | $ 13.9 |
Accounts and notes receivable, net | 139.6 | 111.2 |
Prepaid expenses and other current assets | 32.2 | 26.8 |
Total current assets | 187.5 | 151.9 |
Leasehold improvements, equipment and construction in progress, net | 48.9 | 53.3 |
Right-of-use assets | 201.2 | 235.1 |
Goodwill | 526.6 | 526.6 |
Other intangible assets, net | 54.4 | 63.1 |
Deferred taxes | 50.6 | 63.8 |
Other noncurrent assets, net | 47 | 43.9 |
Total noncurrent assets | 928.7 | 985.8 |
Total assets | 1,116.2 | 1,137.7 |
Liabilities and stockholders' equity | ||
Accounts payable | 118.5 | 97.8 |
Accrued and other current liabilities | 123.3 | 112.7 |
Short-term lease liabilities | 65.4 | 82.1 |
Current portion of long-term borrowings | 25.6 | 25 |
Total current liabilities | 332.8 | 317.6 |
Long-term borrowings, excluding current portion | 298.4 | 337.1 |
Long-term lease liabilities | 200.3 | 243.4 |
Other noncurrent liabilities | 62.6 | 58.2 |
Total noncurrent liabilities | 561.3 | 638.7 |
Total liabilities | 894.1 | 956.3 |
Stockholders' equity | ||
Preferred Stock, par value $0.01 per share; 5,000,000 shares authorized as of December 31, 2021 and 2020, respectively; no shares issued or outstanding | 0 | 0 |
Common stock, par value $0.001 per share; 50,000,000 shares authorized as of December 31, 2021 and 2020; 25,259,201 and 23,224,459 shares issued and outstanding as of December 31, 2021, respectively, and 25,123,128 and 23,088,386 issued and outstanding as of December 31, 2020, respectively | 0 | 0 |
Treasury stock at cost; 2,034,742 shares as of December 31, 2021 and 2020 | (70.6) | (70.6) |
Additional paid-in capital | 267.5 | 261.4 |
Accumulated other comprehensive loss | (2.8) | (4.4) |
Retained earnings (accumulated deficit) | 28.4 | (3.3) |
Total SP Plus Corporation stockholders' equity | 222.5 | 183.1 |
Noncontrolling interest | (0.4) | (1.7) |
Total stockholders' equity | 222.1 | 181.4 |
Total liabilities and stockholders' equity | $ 1,116.2 | $ 1,137.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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) | 25,259,201 | 25,123,128 |
Common stock, shares outstanding (in shares) | 23,224,459 | 23,088,386 |
Treasury stock, shares (in shares) | 2,034,742 | 2,034,742 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Services revenue | $ 1,177.2 | $ 1,086.9 | $ 1,663.7 |
Cost of services (exclusive of depreciation and amortization) | 997.4 | 1,056.5 | 1,435.6 |
General and administrative expenses | 88.2 | 85.4 | 109 |
Depreciation and amortization | 25.1 | 29.3 | 29.4 |
Impairment of goodwill and intangible assets | 0 | 135.3 | 0 |
Operating income (loss) | 66.5 | (219.6) | 89.7 |
Other expense (income) | |||
Interest expense | 21.2 | 21.5 | 18.9 |
Interest income | (0.4) | (0.5) | (0.3) |
Other income | (0.1) | (0.2) | 0 |
Total other expenses | 20.7 | 20.8 | 18.6 |
Earnings (loss) before income taxes | 45.8 | (240.4) | 71.1 |
Income tax expense (benefit) | 10.5 | (67.5) | 19.4 |
Net income (loss) | 35.3 | (172.9) | 51.7 |
Less: Net income (loss) attributable to noncontrolling interest | 3.6 | (0.1) | 2.9 |
Net income (loss) attributable to SP Plus Corporation | $ 31.7 | $ (172.8) | $ 48.8 |
Net income (loss) per common share | |||
Basic (in dollars per share) | $ 1.50 | $ (8.21) | $ 2.21 |
Diluted (in dollars per share) | $ 1.48 | $ (8.21) | $ 2.20 |
Weighted average shares outstanding | |||
Basic (in shares) | 21,166,323 | 21,056,061 | 22,080,025 |
Diluted (in shares) | 21,379,983 | 21,056,061 | 22,208,032 |
Lease and Management Type Contracts | |||
Services revenue | $ 601.5 | $ 549 | $ 934.9 |
Cost of services (exclusive of depreciation and amortization) | 421.7 | 518.6 | 706.8 |
Lease Type Contracts | |||
Services revenue | 215.6 | 189.4 | 408.9 |
Cost of services (exclusive of depreciation and amortization) | 170.6 | 195 | 366.9 |
Management Type Contracts | |||
Services revenue | 385.9 | 359.6 | 526 |
Cost of services (exclusive of depreciation and amortization) | 247.5 | 226.5 | 339.9 |
Lease Impairment | |||
Cost of services (exclusive of depreciation and amortization) | 3.6 | 97.1 | 0 |
Reimbursed Management Type Contract Revenue | |||
Services revenue | 575.7 | 537.9 | 728.8 |
Cost of services (exclusive of depreciation and amortization) | $ 575.7 | $ 537.9 | $ 728.8 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ 35.3 | $ (172.9) | $ 51.7 |
Reclassification of de-designated interest rate collars | 1.7 | 1.1 | |
Change in fair value of interest rate collars | (2.9) | (0.4) | |
Foreign currency translation (loss) gain | (0.1) | 0.1 | 0.1 |
Comprehensive income (loss) | 36.9 | (174.6) | 51.4 |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 3.6 | (0.1) | 2.9 |
Comprehensive income (loss) attributable to SP Plus Corporation | $ 33.3 | $ (174.5) | $ 48.5 |
Consolidated Statements of Stoc
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, 2018 | $ 368.6 | $ 257.7 | $ (2.4) | $ 120.7 | $ (7.5) | $ 0.1 | |
Beginning balance (deficit) (in shares) at Dec. 31, 2018 | 22,783,976 | ||||||
Net income (loss) | 51.7 | 48.8 | 2.9 | ||||
Foreign currency translation | 0.1 | 0.1 | |||||
Change in fair value of interest rate collars | (0.4) | (0.4) | |||||
Issuance of stock grants | 0.8 | 0.8 | |||||
Issuance of stock grants (in shares) | 14,076 | ||||||
Issuance of restricted stock units | 0 | ||||||
Issuance of restricted stock units (in shares) | 90,214 | ||||||
Issuance of performance stock units | 0 | ||||||
Issuance of performance stock units (in shares) | 62,094 | ||||||
Non-cash stock-based compensation | 4.1 | 4.1 | |||||
Repurchases of common stock | (47.8) | (47.8) | |||||
Distributions to noncontrolling interest | (3.2) | (3.2) | |||||
Ending balance (deficit) at Dec. 31, 2019 | 373.9 | 262.6 | (2.7) | 169.5 | (55.3) | (0.2) | |
Ending balance (deficit) (in shares) at Dec. 31, 2019 | 22,950,360 | ||||||
Net income (loss) | (172.9) | (172.8) | (0.1) | ||||
Foreign currency translation | 0.1 | 0.1 | |||||
Reclassification of de-designated interest rate collars | 1.1 | 1.1 | |||||
Change in fair value of interest rate collars | (2.9) | (2.9) | |||||
Issuance of stock grants | 0.5 | 0.5 | |||||
Issuance of stock grants (in shares) | 25,066 | ||||||
Issuance of restricted stock units | 0 | ||||||
Issuance of restricted stock units (in shares) | 66,259 | ||||||
Issuance of performance stock units | 0 | ||||||
Issuance of performance stock units (in shares) | 46,701 | ||||||
Noncontrolling interest buyout | (1.7) | (1.7) | |||||
Repurchases of common stock | (15.3) | (15.3) | |||||
Distributions to noncontrolling interest | (1.4) | (1.4) | |||||
Ending balance (deficit) at Dec. 31, 2020 | $ 181.4 | 261.4 | (4.4) | (3.3) | (70.6) | (1.7) | |
Ending balance (deficit) (in shares) at Dec. 31, 2020 | 23,088,386 | 23,088,386 | |||||
Net income (loss) | $ 35.3 | 31.7 | 3.6 | ||||
Foreign currency translation | (0.1) | (0.1) | |||||
Reclassification of de-designated interest rate collars | 1.7 | 1.7 | |||||
Issuance of stock grants | 0.5 | 0.5 | |||||
Issuance of stock grants (in shares) | 13,420 | ||||||
Issuance of restricted stock units | 0 | ||||||
Issuance of restricted stock units (in shares) | 41,517 | ||||||
Issuance of performance stock units | 0 | ||||||
Issuance of performance stock units (in shares) | 81,136 | ||||||
Non-cash stock-based compensation | 5.6 | 5.6 | |||||
Distributions to noncontrolling interest | (2.3) | (2.3) | |||||
Ending balance (deficit) at Dec. 31, 2021 | $ 222.1 | $ 267.5 | $ (2.8) | $ 28.4 | $ (70.6) | $ (0.4) | |
Ending balance (deficit) (in shares) at Dec. 31, 2021 | 23,224,459 | 23,224,459 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net income (loss) | $ 35.3 | $ (172.9) | $ 51.7 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Impairment | 3.6 | 234 | 0 |
Depreciation and amortization | 25.1 | 29.3 | 29.3 |
Non-cash stock-based compensation | 6.1 | 0.5 | 4.9 |
Provisions for credit losses on accounts receivable | 0.8 | 6.4 | 1.1 |
Deferred income taxes | 12.6 | (52.5) | 4.2 |
Other | 0.2 | 2 | 0.5 |
Changes in operating assets and liabilities | |||
Accounts and notes receivable | (29.2) | 44.6 | (12.7) |
Prepaid expenses and other current assets | (5.4) | (2.1) | (6.9) |
Accounts payable | 20.7 | (17.5) | 5.2 |
Accrued liabilities and other | (16.4) | (31.6) | (1.3) |
Net cash provided by operating activities | 53.4 | 40.2 | 76 |
Investing activities | |||
Purchases of leasehold improvements and equipment | (9.6) | (8.4) | (10.2) |
Cost of contracts | 0 | (2.6) | (2.6) |
Proceeds from sale of other investments and equipment | 0.5 | 1.2 | 0.3 |
Noncontrolling interest buyout | 0 | (1.7) | 0 |
Net cash used in investing activities | (9.1) | (11.5) | (12.5) |
Financing activities | |||
Proceeds from credit facility revolver | 371.6 | 484.1 | 455.6 |
Payments on credit facility revolver | (387.2) | (488.4) | (470.6) |
Payments on credit facility term loan | (15.5) | (11.3) | (11.3) |
Payments of debt issuance costs | (1.3) | (1.7) | 0 |
Payments on other long-term borrowings | (7.7) | (5) | (2.3) |
Distributions to noncontrolling interest | (2.3) | (1.4) | (3.2) |
Repurchases of common stock | 0 | (15.3) | (47.6) |
Net cash used in financing activities | (42.4) | (39) | (79.4) |
Effect of exchange rate changes on cash and cash equivalents | (0.1) | 0.1 | 0.1 |
Increase (decrease) in cash and cash equivalents | 1.8 | (10.2) | (15.8) |
Cash and cash equivalents at beginning of year | 13.9 | 24.1 | 39.9 |
Cash and cash equivalents at end of year | 15.7 | 13.9 | 24.1 |
Cash paid during the period for | |||
Interest | 19.4 | 18.8 | 17.9 |
Income taxes | $ 0.5 | $ 2.4 | $ 15.3 |
Significant Accounting Policies
Significant Accounting Policies and Practices | 12 Months Ended |
Dec. 31, 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 arrangements with property owners or managers as opposed to owning facilities. Substantially all of the Company’s operations are conducted in the United States. Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries, and Variable Interest Entities ("VIEs") in which the Company is the primary beneficiary. The Company is the primary beneficiary of a VIE when the Company has the power to direct activities that most significantly affect the economic performance of the VIE. If the Company is not the primary beneficiary in a VIE, the Company accounts for the investment in the VIE in accordance with applicable accounting principles generally accepted in the United States (“U.S. GAAP”). As of December 31, 2021 and 2020, assets related to consolidated VIEs were $54.9 million and $38.7 million, respectively, which were primarily related to right-of-use (“ROU”) assets and leasehold improvements, equipment and construction in progress, net. As of December 31, 2021 and 2020, liabilities related to consolidated VIEs were $52.7 million and $45.1 million, respectively, which were primarily related to operating and finance lease liabilities. All significant intercompany profits, transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current environment. Foreign Currency Translation The functional currency of the Company's Canadian operations is the Canadian dollar. Accordingly, assets and liabilities of the Company's Canadian operations are translated into U.S. dollars at the rate in effect on the respective balance sheet date while income and expenses are translated at the weighted-average rates during the respective periods. Translation adjustments resulting from the fluctuations of the Canadian dollar are recorded as a separate component of accumulated other comprehensive loss within the stockholders’ equity. Deferred taxes are not recorded on cumulative Canadian dollar translation adjustments when we expect the Canadian earnings to be permanently reinvested. 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 $0.2 million and $0.3 million as of December 31, 2021 and 2020, respectively, and are included within Cash and cash equivalents within the Consolidated Balance Sheets. Allowance for Doubtful Accounts Accounts receivable, net of the allowance for doubtful accounts, represents the Company's estimate of the amount that ultimately will be realized in cash. Management reviews the adequacy of its allowance for doubtful accounts on an ongoing basis, primarily using a review of specific accounts, as well as historical collection trends and aging of receivables, and records adjustments to the allowance as necessary. Changes in economic conditions or other circumstances could have an impact on the collection of existing receivable balances or future allowance considerations. Transactions affecting the allowance for doubtful accounts receivable for the years ended December 31, 2021, 2020 and 2019 were as follows: (millions) December 31, 2021 December 31, 2020 December 31, 2019 Beginning Balance $ 5.1 $ 1.9 $ 1.0 Provision for credit losses 0.8 6.4 1.1 Write offs and other (2.4 ) (3.2 ) (0.2 ) Ending Balance $ 3.5 $ 5.1 $ 1.9 Leasehold Improvements, Equipment and Construction in Progress, net Leasehold improvements, equipment, software, vehicles, and other fixed assets are stated at cost less accumulated depreciation and amortization. Equipment is depreciated on a straight-line basis over the estimated useful lives ranging from 1 to 10 years. Expenditures for major renewals and improvements that extend the useful life of property and equipment are capitalized. Leasehold improvements are amortized on a straight-line basis over the terms of the respective leases or the service lives of the improvements, whichever is shorter (weighted average remaining life of approximately 3.9 years). Certain costs incurred in the planning and evaluation stage of internal-use software projects are recorded to expense as incurred. Costs associated with directly obtaining, developing or upgrading internal-use software are capitalized and included as Software within Leasehold improvements, equipment and construction in progress, net, within the Consolidated Balance Sheets. When the internal-use software is ready for its intended use, it is amortized on a straight-line basis over the estimated useful life of the internal-use software, which is typically 3 years. Cost of Contracts, Net Cost of contracts, net, represents the cost of obtaining contractual rights associated with providing services for a managed type or lease-type contract. 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 when the Company satisfies the related performance obligations. Estimated lives are based on the contract life. Effective January 1, 2019, cost of contracts associated with leases within the scope of Accounting Standards Update (“ASU”) No. 2016-02 Leases (Topic 842) are included in the right-of-use (“ROU”) assets balance. 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 may be present, the Company would need to perform a quantitative assessment. The determination of fair value of a reporting unit utilizes cash flow projections that assume certain future revenue and cost levels, comparable marketplace data, comparable company market valuations, assumed discount rates based upon current market conditions and other valuation factors, all of which involve the use of significant judgement 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. The Company completed a quantitative test of goodwill as of October 1, 2021, and concluded that the estimated fair values of each of the Company’s reporting units exceeded its carrying amount of net assets assigned to each reporting unit. Due to the impacts of the COVID-19 pandemic (“COVID-19”) on the Company’s operations during 2020, revenues for certain markets in which the Company operates decreased significantly as compared to expectations as of the October 1, 2019 annual impairment test. In addition, certain Aviation contracts were terminated during August 2020. The termination of these contracts and the ongoing impacts of COVID-19 on the Company’s expected future operating cash flows triggered the Company to complete a quantitative goodwill impairment analysis for the Aviation reporting unit as of August 31, 2020. Based on the quantitative analysis, the Company determined that the estimated carrying value exceeded implied fair value for the Aviation reporting unit and goodwill was impaired. See Note 11. Goodwill Other Intangible Assets, net Other intangible assets represent assets with finite lives that 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 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, difference assumptions and estimates could materially impact reported financial results. As a result of the impact of COVID-19 on the Company’s expected future operating cash flows, the Company determined certain impairment triggers had occurred related to the Company’s Proprietary know how intangible assets within the Aviation segment as of June 30, 2020. Accordingly, the Company analyzed undiscounted cash flows for these intangible assets as of June 30, 2020. Based on the 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. Additionally, as a result of the termination of certain contracts within the Aviation reporting unit during August 2020 and the ongoing impact of 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 customer relationships and trade names and trademarks intangible assets. Accordingly, the Company analyzed undiscounted cash flows for these intangible assets as of August 31, 2020. Based on the undiscounted cash flow analysis, the Company determined that estimated net carrying values exceeded undiscounted future cash flows for certain customer relationships and trade names and trademarks intangible assets and therefore, as of August 31, 2020, certain customer relationships and trade names and trademarks intangible assets were impaired. The impairments recognized were measured by the amount by which the carrying value of the intangible assets exceeded their fair value. See Note 10. Other Intangible Assets, net For both goodwill and intangible assets, future events may indicate differences from management’s judgements 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, such as increasing labor and benefit costs. Long-Lived Assets The Company evaluates long-lived assets, including 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 a long-lived asset or 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 or 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. The Company’s management determined impairment testing triggers had occurred for ROU assets associated with certain asset groups as of September 30, 2021. Accordingly, the Company analyzed undiscounted cash flows for these ROU assets as of September 30, 2021. Based on the undiscounted cash flow analysis, the Company determined that the estimated net carrying value exceeded undiscounted cash flows for one ROU asset and therefore this ROU asset was impaired as of September 30, 2021. The impairment recognized was measured by the amount by which the carrying value of this ROU asset exceeds its fair value. See Note 2. Leases Additionally, the Company’s management determined impairment testing triggers had occurred for ROU assets associated with certain asset groups during the year ended December 31, 2020. Accordingly, the Company analyzed undiscounted cash flows for these ROU assets during the year ended December 31, 2020. Based on the undiscounted cash flow analysis, the Company determined that estimated net carrying values exceeded undiscounted cash flows for these ROU assets and therefore during the year ended December 3 1 , 2020, certain ROU asset groups were impaired. See Note 2. Leases in the notes to the Condensed Consolidated Financial Statements for further discussion. 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. Accrued and Other Current Liabilities Components of accrued and other current liabilities for the years ended December 31, 2021 and 2020 were as follows: (millions) December 31, 2021 December 31, 2020 Accrued rent $ 19.0 $ 17.3 Compensation and payroll withholdings 25.6 32.0 Property, payroll and other taxes 6.9 4.8 Accrued insurance 20.0 20.1 Accrued expenses 51.8 38.5 Accrued and other current liabilities $ 123.3 $ 112.7 Financial Instruments The carrying values of cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. Book overdrafts of $27.9 million and $23.2 million are included within Accounts payable within the Consolidated Balance Sheets as of December 31, 2021 and 2020, respectively. Long-term debt has a carrying value that approximates fair value because the instruments bear interest at variable market rates. Insurance Reserves The Company purchases comprehensive casualty insurance covering certain claims that arise in connection with the Company’s operations. In addition, the Company purchases umbrella/excess liability coverage. Under the various liability and workers' compensation insurance policies, the Company is obligated to pay directly or reimburse the insurance carrier for the deductible / retention amount of each loss covered by the Company’s general / garage, automobile, workers' compensation and garage keepers legal liability policies. As a result, the Company is, effectively self-insured for all claims within the deductible / retention amount of each loss. Any loss over the deductible / retention is the responsibility of the third-party insurer. The expense recognition is based upon the Company's determination of an unfavorable outcome of a claim being deemed as probable and capable of being reasonably estimated, as defined in the guidance related to accounting for contingencies. This determination requires the use of judgment in both the estimation of probability and the amount to be recognized as an expense. The Company utilizes historical claims experience and exposures specific to each type of insurance, along with actuarial methods performed quarterly Legal and Other Commitments and Contingencies The Company is subject to litigation in the normal course of its business. Management uses guidance from internal and external legal counsel on the potential outcome of litigation in determining the need to record liabilities for potential losses and the disclosure for pending legal claims. See Note 18. Legal and Other Commitments and Contingencies Services Revenue The Company's revenues are primarily derived from management type and lease type contracts; whereby the Company provides parking services, parking management, ground transportation services, baggage handling services and other ancillary services to commercial, hospitality, institutional, municipal and aviation clients. Ancillary services include on-site parking management, facility maintenance, ground transportation services, event logistics, remote airline check-in, security services, municipal meter revenue collection and enforcement services, and scheduling and supervising all service personnel, as well as providing customer service, marketing, accounting and revenue control functions necessary to complete such services. Ancillary services also include fees associated with using the Company’s technology-driven mobility solutions, payments received for exercising termination rights, consulting development fees, gains on sales of contracts, insurance (general, workers' compensation and health care) and other value-added services. In accordance with the guidance related to revenue recognition, entities are required to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company recognizes gross receipts (net of taxes collected from customers) as revenue from lease type contracts, and management fees for services, as the related services are performed. Ancillary services are included in management type contracts and are recognized as revenue as those services are provided. Reimbursed Management Type Contract Revenue and Expense The Company recognizes both revenues and expenses, in equal amounts, that are directly reimbursed by the Company’s clients for operating expenses incurred under a management type contract. The Company has determined it is the principal in these transactions as the nature of our 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 provided to the customer. Cost of Services The Company recognizes costs for lease type contracts, non-reimbursed costs from management type contracts and reimbursed management type contract expenses as cost of services. Cost of services consists primarily of rent and payroll related costs. Stock-Based Compensation Stock-based payments to employees, including grants of restricted stock and performance-based share units, are measured at the grant date, based on the estimated fair value of the award, and the related expense is recognized over the requisite employee service period or performance period (generally the vesting period) for awards expected to vest. The Company also grants stock to its Board of Directors (“Board”) on an annual basis, which is recorded as expense at the grant date, based on the fair value of the award. The Company accounts for forfeitures of stock-based awards as they occur. See Note 6. Stock-Based Compensation for further discussion. Equity Investment in Unconsolidated Entities The Company has ownership interests in 31 active partnerships, joint ventures or similar arrangements that operate parking facilities, of which 25 are consolidated under the VIE or voting interest models and 6 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 the Company’s underlying share of each investee’s equity of $10.8 million and $10.1 million as of December 31, 2021 and 2020, respectively, was included in Other noncurrent assets, net within the 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 Consolidated Statements of Income (Loss). The equity earnings in these related investments were $1.4 million, $1.3 million, and $3.2 million during the years ended December 31, 2021, 2020 and 2019, respectively. Noncontrolling Interests Noncontrolling interests represent the noncontrolling holders' percentage share of income (losses) from the subsidiaries in which the Company holds a controlling interest, but less than 100 percent, ownership interest. The results are consolidated and included in the Company’s Consolidated Financial Statements. Income Taxes Deferred income taxes are computed using the asset and liability method, such that deferred tax assets and liabilities are recognized for deductible temporary differences between US GAAP amounts and the tax basis of existing assets and liabilities based on currently enacted tax laws and tax rates in effect for the periods in which these temporary differences are expected to reverse or be settled. Income tax expense is the tax payable for the period plus the change during the period in deferred income taxes. The Company has certain state net operating loss (“NOL”) carry forwards which expire in 2041. The Company considers a number of factors in its assessment of the recoverability of its NOL carryforwards including their expiration dates and the limitations imposed due to the change in ownership as well as future projections of income. Future changes in the Company's operating performance, along with these considerations, may significantly impact the amount of NOLs ultimately recovered, and the Company’s assessment of their recoverability. The Company recognizes deferred tax liabilities related to taxes on certain foreign earnings that were not considered to be permanently reinvested. No deferred tax liabilities were recognized for foreign earnings that were considered to be permanently reinvested. The Company’s foreign operations are not material. When evaluating the Company’s tax positions, the Company accounts for uncertainty in income taxes in its Consolidated Financial Statements. The evaluation of a tax position by the Company is a two-step process, the first step being recognition. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon tax examination, including resolution of any related appeals or litigation processes, based on only the technical merits of the position and the weight of available evidence. If a tax position does not meet the more-likely-than-not threshold, which is more than 50% likely of being realized, the benefit of that position is not recognized in the Company’s financial statements. The second step is measurement of the tax benefit. The tax position is measured as the largest amount of benefit that is more-likely-than-not of being realized, which is more than 50% likely of being realized upon ultimate resolution with a taxing authority. Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements During the year ended December 31, 2021, the Company adopted the following ASUs, all of which did not have a material impact on the Consolidated Financial Statements or financial statement disclosures. 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 2020-01 Investments - equity securities; Investment-Equity Method and Joint Ventures; Derivatives and Hedging Prospective Accounting Pronouncements to be Adopted Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Revenue from Contracts with Customers Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. |
Leases
Leases | 12 Months Ended |
Dec. 31, 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 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 Due to the impact of COVID-19 on the Company's expected future operating cash flows, the Company determined impairment testing triggers had occurred within certain asset groups during the year ended December 31, 2020. Accordingly, the Company performed undiscounted cash flow analyses on certain operating lease ROU assets during the year ended December 31, 2020. Based on the undiscounted cash flow analyses as of March 31, 2020, June 30, 2020, September 30, 2020, and December 31, 2020, the Company determined that certain ROU asset groups had net carrying values that exceeded their estimated undiscounted future cash flows and fair value for these asset groups was determined. The estimated fair values were compared to the net carrying values, and, as a result, ROU assets held and used with a carrying amount of $278.9 million were determined to have a fair value of $180.2 million. Accordingly, the Company recorded impairment charges of $98.7 million in the Commercial and Aviation segments for the year ended December 31, 2020, of which $97.1 million is included within Lease impairment in the Consolidated Statements of Income (Loss) and $1.6 million is included within General and administrative expenses in the Consolidated Statements of Income (Loss). No lease impairment charges were recognized during the year ended December 31, 2019. 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 the COVID-19 pandemic, that are within the scope of additional interpretation provided by the FASB in April 2020, were lease modifications and has 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 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 $16.6 million and $26.0 million as a reduction to cost of services during the years ended December 31, 2021 and 2020, respectively. As COVID-19 subsides, the Company expects these lease concessions to gradually go away. 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 Consolidated Balance Sheets as of December 31, 2021 and 2020 were as follows: (millions) Classification 2021 2020 Assets Operating Right-of-use assets $ 201.2 $ 235.1 Finance Leasehold improvements, equipment and construction in progress, net 22.4 28.8 Total leased assets $ 223.6 $ 263.9 Liabilities Current Operating Short-term lease liabilities $ 65.4 $ 82.1 Finance Current portion of long-term borrowings 6.7 7.8 Noncurrent Operating Long-term lease liabilities 200.3 243.4 Finance Long-term borrowings, excluding current portion 14.0 20.5 Total lease liabilities $ 286.4 $ 353.8 The components of lease cost and classification on the Consolidated Statement of Income (Loss) for the years ended December 31, 2021 and 2020 were as follows: (millions) Classification 2021 2020 Operating lease (a)(b) Cost of services - lease type contracts $ 57.5 $ 81.1 Short-term lease (a) Cost of services - lease type contracts 15.9 22.6 Variable lease Cost of services - lease type contracts 36.7 20.1 Operating lease cost 110.1 123.8 Finance lease cost Amortization of leased assets Depreciation and amortization 5.7 4.2 Interest on lease liabilities Interest expense 1.0 1.1 Lease Impairment Lease impairment 3.6 97.1 Lease Impairment General and administrative expenses — 1.6 Net lease cost $ 120.4 $ 227.8 (a) Operating lease cost (b) Includes rent concessions amounting to $16.6 and $26.0 million for the years ended December 31, 2021 and 2020, respectively. Sublease income during the years ended December 31, 2021 and 2020 was $1.4 million and $1.6 million, respectively. The Company has entered into new operating lease arrangements as of December 31, 2021 that commence in future periods. The total amount of ROU assets and lease liabilities related to these arrangements are immaterial. Maturities, lease term and discount rate information of lease liabilities as of December 31, 2021 were as follows: Operating Finance (millions) Leases Leases Total 2022 $ 76.9 $ 7.5 $ 84.4 2023 62.1 5.4 67.5 2024 46.3 3.5 49.8 2025 35.9 1.7 37.6 2026 28.6 1.1 29.7 After 2026 59.6 4.0 63.6 Total lease payments 309.4 23.2 332.6 Less: Imputed interest 43.7 2.5 46.2 Present value of lease liabilities $ 265.7 $ 20.7 $ 286.4 Weighted-average remaining lease term (years) 5.7 4.8 Weighted-average discount rate 5.2 % 4.3 % Future sublease income for the periods shown above was excluded as the amounts are not material. Supplemental cash flow information related to leases for the years ended December 31, 2021 and 2020 were as follows: (millions) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows related to operating leases $ 96.4 $ 120.3 Operating cash outflows related to interest on finance leases 1.0 1.1 Financing cash outflows related to finance leases 7.7 5.2 Leased assets obtained in exchange for new operating lease liabilities 40.7 38.2 Leased assets obtained in exchange for new finance lease liabilities 0.4 16.5 |
Restructuring and Other Costs
Restructuring and Other Costs | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Restructuring and Other Costs | 3. Restructuring and Other Costs The Company has incurred certain restructuring and other costs that were expensed as incurred, which included: • Restructuring costs - 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 (included within Cost of services and General and administrative expenses within the Consolidated Statements of Income (Loss)); and • Other costs - legal and other miscellaneous expenses related to pre-acquisition matters (included within Cost of services and General and administrative expenses within the Consolidated Statements of Income (Loss)). Restructuring and other costs during the years ended December 31, 2021, 2020 and 2019, were as follows: Year Ended December 31, (millions) 2021 2020 2019 Cost of services - lease type contracts (1) $ 0.2 $ 0.4 $ — Cost of services - management type contracts (2) 1.8 0.7 — General and administrative expenses (3) 1.2 6.5 1.3 (1) Includes severance costs of $0.4 million during the year ended December 31, 2020 (2) Includes severance costs of $0.2 million and $0.7 million during the years ended December 31, 2021 and 2020, respectively. (3) Includes severance costs of $0.2 million and $4.0 million during the years ended December 31, 2021 and 2020, respectively. The accrual for restructuring and other costs of $1.1 million and $1.2 million is included in Accrued and other current liabilities within the Consolidated Balance Sheets as of December 31, 2021 and 2020, respectively. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 4. Revenue The Company accounts for revenue in accordance with Topics 606 and 853. Topic 606 requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. 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. As noted in Note 1. Significant Accounting Policies and Practices 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 to 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, 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 $24.4 million and $31.3 million of cost concessions related to service concession arrangements (recognized as an increase to revenue) during the years ended December 31, 2021 and 2020, respectively. 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 have 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 the 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 client. 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 19. 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 an integrated 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. As of December 31, 2021, the Company had $166.7 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: Remaining Performance (millions) Obligations 2022 $ 66.9 2023 46.8 2024 29.8 2025 12.2 2026 5.8 2027 and thereafter 5.2 Total $ 166.7 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 type 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 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 Consolidated Balance Sheets. See Note 1. Significant Accounting Policies and Practices The following table provides information about accounts receivable, contract assets and contract liabilities with customers and clients as of December 31, 2021 and 2020: (millions) 2021 2020 Accounts receivable $ 137.3 $ 102.7 Contract asset 2.3 8.6 Contract liability (15.7 ) (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 asset balances during the years ended December 31, 2021 and 2020: (millions) 2021 2020 Balance, beginning of year $ 8.6 $ 11.0 Additional contract assets 2.3 8.6 Reclassification to accounts receivable (8.6 ) (11.0 ) Balance, end of year $ 2.3 $ 8.6 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 years ended December 31, 2021 and 2020: (millions) 2021 2020 Balance, beginning of year $ (12.5 ) $ (19.4 ) Additional contract liabilities (15.7 ) (12.5 ) Recognition of revenue from contract liabilities 12.5 19.4 Balance, end of year $ (15.7 ) $ (12.5 ) 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. See Note 8. Cost of Contracts, net, 8. Cost of Contracts, net Cost of contracts, net, as of December 31, 2021 and 2020 was as follows: December 31, (millions) 2021 2020 Cost of contracts $ 23.3 $ 26.0 Accumulated amortization (19.5 ) (21.2 ) Cost of contracts, net $ 3.8 $ 4.8 The Company's amortization expense related to costs of contracts for the years ended December 31, 2021, 2020 and 2019, which was included in Services revenue within the Consolidated Statements of Income (Loss), was as follows: Year Ended December 31, (millions) 2021 2020 2019 Cost of contracts expense $ 1.0 $ 1.0 $ 0.7 Weighted average life (years) 7.0 7.8 10.0 |
Net Income (Loss) per Common Sh
Net Income (Loss) per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Common Share | 5. Net Income (Loss) per Common Share Basic net income (loss) per common 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 common share is based upon the weighted daily average number of shares of common stock outstanding for the period plus all potentially dilutive stock-based awards, including restricted stock and performance share units, using the treasury-stock method. Unvested performance share units are excluded from the computation of weighted average diluted common shares outstanding if the performance targets upon which the issuance of the shares is contingent have not been achieved and the respective performance period has not been completed as of the end of the period. In periods where the Company has a net loss, stock-based awards are excluded from the calculation of net income (loss) per diluted common share, as their inclusion would be anti-dilutive. 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 years ending December 31, 2021, 2020 and 2019 was as follows: Year Ended December 31, (millions, except share and per share data) 2021 2020 2019 Net income (loss) attributable to SP Plus Corporation $ 31.7 $ (172.8 ) $ 48.8 Basic weighted average common shares outstanding 21,166,323 21,056,061 22,080,025 Dilutive impact of share-based awards 213,660 — 128,007 Diluted weighted average common shares outstanding 21,379,983 21,056,061 22,208,032 Net income (loss) per common share Basic $ 1.50 $ (8.21 ) $ 2.21 Diluted $ 1.48 $ (8.21 ) $ 2.20 Due to the net loss during the year ended December 31, 2020, common stock equivalents arising from 51,276 restricted stock units were excluded from the computation. There were no additional securities that could dilute basic earnings per common share in the future that were not included in the computation of diluted earnings per common share, other than those disclosed. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 6. Stock-Based Compensation The Company measures stock-based compensation expense at the grant date, based on the estimated fair value of the award based on assumptions, primarily the stock price, as of the grant date. The expense is recognized on a straight-line basis over the requisite employee service period or performance period (generally the vesting period) for awards expected to vest. For stock grants in which there is no requisite service period, the Company immediately recognizes the compensation expense. If an award is later modified, the Company may measure the award based on the estimated fair value at the modification date and recognize expense over the remaining requisite employee service period or performance period. The Company accounts for forfeitures of stock-based awards as they occur. The Company has an amended and restated long-term incentive plan (the "Plan") under which the Company may grant future awards. On March 7, 2018, the Company’s Board of Directors (the “Board”) approved an amendment to the Plan that increased the number of shares of common stock available under the Plan from 2,975,000 to 3,775,000. Company stockholders approved the Plan amendment on May 8, 2018. Forfeited awards under the Plan become generally available for reissuance. At December 31, 2021, 389,545 shares remained available for grant under the Plan. Stock Grants Stock-based compensation expense related to vested stock grants are included in General and administrative expenses within the Consolidated Statements of Income (Loss). The Company’s vested stock grants to the Board and related expense for the years ended December 31, 2021, 2020 and 2019, was as follows: Year Ended December 31, (millions, except stock grants) 2021 2020 2019 Vested stock grants 13,420 25,066 14,076 Stock-based compensation expense $ 0.5 $ 0.5 $ 0.5 Restricted Stock Units During the year ended December 31, 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. No restricted stock units were granted during the year ended December 31, 2020. During the year ended December 31, 2019, the Company granted of 37,235 restricted stock units, at a weighted average grant date fair value of $33.61, to certain executives that vest over three years from the grant date. Nonvested restricted stock units as of December 31, 2021, and changes during the year ended December 31, 2021 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 Vested (5,615 ) 26.71 Forfeited (3,729 ) 33.95 Nonvested as of December 31, 2021 355,434 $ 34.40 The Company's stock-based compensation expense related to restricted stock units for the years ended December 31, 2021, 2020 and 2019, which was included in General and administrative expenses within the Consolidated Statements of Income (Loss), was as follows: Year Ended December 31, (millions) 2021 2020 2019 Stock-based compensation expense $ 4.6 $ 1.1 $ 1.1 Unrecognized stock-based compensation expense related to restricted stock units and the respective weighted average periods in which the expense will be recognized as of December 31, 2021 was as follows: Year Ended December 31, (millions) 2021 Unrecognized stock-based compensation $ 6.6 Weighted average (years) 1.5 Performance Share Units (“PSU’s”) In September 2014, the Board authorized a performance-based incentive program under the Plan (“Performance-based Incentive Program”), whereby the Company may issue PSU’s to certain individuals that represent shares potentially issuable in the future. The objective of the Performance-Based Incentive Program is to link compensation to business performance, encourage the ownership of the Company’s common stock, retain key employees and reward management’s performance. The Performance-Based Incentive Program provides participants with the opportunity to earn vested common stock if certain performance targets are achieved over the cumulative three-year period starting in the year of grant and the participants satisfy service-based vesting requirements. The stock-based compensation expense associated with PSU’s is recognized on a straight-line basis over the shorter of the vesting period or minimum service period and dependent upon the probable outcome of the number of shares that will ultimately be issued based on the achievement of the performance target defined in the award over the cumulative three-year period. The Company granted awards during the years ended December 31, 2021, 2020 and 2019 of 50,868, 96,056 and 125,232, respectively, under the Performance-Based Incentive Program. The performance target for the PSU awards granted in 2021 (“2021 PSU’s”) is based on the achievement of a certain level of operating income, excluding depreciation and amortization, as well as certain other discretionary adjustments by the Board, over the three-year performance period from 2021 through 2023. The performance target for the awards granted in 2020 (“2020 PSU’s”) and 2019 (“2019 PSU’s”) is based on the achievement of free cash flow before cash taxes and interest payments over the cumulative three-year period starting in the year of grant, subject to certain discretionary adjustments by the Board. Due to the impact of COVID-19 on the Company’s operations, the 2019 PSU’s, which had a weighted average grant date fair value of $33.28, expired in December 31, 2021 and no awards vested, as the target for these awards was not met. In addition, the Company expects that the target for the 2020 PSU’s, which have a weighted average grant date fair value of $37.89, will not be achieved. Therefore, no compensation expense was recognized for the 2020 PSU’s and 2019 PSU’s during the years ended December 31, 2021 and 2020. Additionally, during the year ended December 31, 2020, the Company reversed $1.4 million of compensation expense related to the 2019 PSU’s, which had previously been recognized during the year ended December 31, 2019. The ultimate number of shares issued under the Performance-Based Incentive Program could change depending on the Company’s results over the performance period. The maximum amount of shares that could be issued for the 2021 PSU’s and 2020 PSU’s are 101,736 and 181,504, respectively. The Company is currently recognizing expense for the 2021 PSU’s based on the maximum payout of 101,736 shares. Due to the impact of COVID-19 on the Company’s operations, during the year ended December 31, 2020, the Compensation Committee of the Board modified the performance target for the awards granted in 2018 (“2018 PSU’s”), as well as evaluated qualitative performance factors for the Company during 2020, which resulted in achievement of 95% of the target for the 2018 PSU’s. The 2018 PSU’s vested as of December 31, 2020. The Company concluded this determination was a Type III modification and compensation expense was recorded based on the fair value of the awards at the date of modification. Had the Compensation Committee not made this determination, the Company would have recorded no compensation expense related to the 2018 PSU’s. The performance targets for the 2019 and 2020 PSU’s were not amended. Nonvested PSU’s as of December 31, 2021, and changes during the year ended December 31, 2021 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 Expired (112,328 ) 33.28 Nonvested as of December 31, 2021 135,383 $ 36.79 The Company's stock-based compensation expense (net reduction of expense) related to PSU’s during the years ended December 31, 2021, 2020 and 2019, which is included in General and administrative expenses within the Consolidated Statements of Income (Loss), was as follows: Year Ended December 31, (millions) 2021 2020 2019 Stock-based compensation expense $ 1.0 $ (1.0 ) $ 3.3 Unrecognized stock-based compensation expense related to PSU’s and the respective weighted average periods in which the expense will be recognized as of December 31, 2021 was as follows: Year Ended December 31, (millions) 2021 Unrecognized stock-based compensation $ 2.5 Weighted average (years) 2.0 Since the Company no longer expects the required performance targets to be achieved for the 2020 PSU’s, no future compensation expense is expected to be recognized for these awards; however, future compensation expense for the 2020 PSU’s could reach a maximum of $6.4 million if certain performance targets are achieved. |
Leasehold Improvements, Equipme
Leasehold Improvements, Equipment and Construction in Progress, net | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Leasehold Improvements, Equipment and Construction in Progress, net | 7. Leasehold Improvements, Equipment and Construction in Progress, net Leasehold improvements, equipment, and construction in progress and related accumulated depreciation and amortization for the years ended December 31, 2021 and 2020, were as follows: December 31 (millions) Estimated Useful Life 2021 2020 Equipment 1 - 10 Years $ 51.0 $ 50.1 Software 2 - 5 Years 48.8 42.3 Vehicles 1 - 10 Years 36.2 37.3 Other 3 Years 1.0 0.8 Shorter of lease term or economic life up to Leasehold improvements 10 years 16.8 18.0 Construction in progress 7.4 6.8 161.2 155.3 Accumulated depreciation and amortization (112.3 ) (102.0 ) Leasehold improvements, equipment and construction in progress, net $ 48.9 $ 53.3 Asset additions are recorded at cost, which includes interest on significant projects. Depreciation is recorded on a straight-line basis over their estimated useful lives or the terms of the respective leases, whichever is shorter. Leasehold improvements, equipment and construction in progress are reviewed for impairment when conditions indicate an impairment may be present. If the assets are determined to be impaired, they are either written down or the useful life is adjusted to the remaining period of estimated useful life. The Company's depreciation and amortization expense related to leasehold improvements and equipment for the years ended December 31, 2021, 2020 and 2019, which was included in Depreciation and amortization expense within the Consolidated Statements of Income (Loss), was as follows: Year Ended December 31, (millions) 2021 2020 2019 Depreciation expense and amortization $ 16.4 $ 15.3 $ 12.8 |
Cost of Contracts, net
Cost of Contracts, net | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 4. Revenue The Company accounts for revenue in accordance with Topics 606 and 853. Topic 606 requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. 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. As noted in Note 1. Significant Accounting Policies and Practices 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 to 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, 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 $24.4 million and $31.3 million of cost concessions related to service concession arrangements (recognized as an increase to revenue) during the years ended December 31, 2021 and 2020, respectively. 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 have 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 the 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 client. 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 19. 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 an integrated 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. As of December 31, 2021, the Company had $166.7 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: Remaining Performance (millions) Obligations 2022 $ 66.9 2023 46.8 2024 29.8 2025 12.2 2026 5.8 2027 and thereafter 5.2 Total $ 166.7 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 type 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 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 Consolidated Balance Sheets. See Note 1. Significant Accounting Policies and Practices The following table provides information about accounts receivable, contract assets and contract liabilities with customers and clients as of December 31, 2021 and 2020: (millions) 2021 2020 Accounts receivable $ 137.3 $ 102.7 Contract asset 2.3 8.6 Contract liability (15.7 ) (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 asset balances during the years ended December 31, 2021 and 2020: (millions) 2021 2020 Balance, beginning of year $ 8.6 $ 11.0 Additional contract assets 2.3 8.6 Reclassification to accounts receivable (8.6 ) (11.0 ) Balance, end of year $ 2.3 $ 8.6 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 years ended December 31, 2021 and 2020: (millions) 2021 2020 Balance, beginning of year $ (12.5 ) $ (19.4 ) Additional contract liabilities (15.7 ) (12.5 ) Recognition of revenue from contract liabilities 12.5 19.4 Balance, end of year $ (15.7 ) $ (12.5 ) 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. See Note 8. Cost of Contracts, net, 8. Cost of Contracts, net Cost of contracts, net, as of December 31, 2021 and 2020 was as follows: December 31, (millions) 2021 2020 Cost of contracts $ 23.3 $ 26.0 Accumulated amortization (19.5 ) (21.2 ) Cost of contracts, net $ 3.8 $ 4.8 The Company's amortization expense related to costs of contracts for the years ended December 31, 2021, 2020 and 2019, which was included in Services revenue within the Consolidated Statements of Income (Loss), was as follows: Year Ended December 31, (millions) 2021 2020 2019 Cost of contracts expense $ 1.0 $ 1.0 $ 0.7 Weighted average life (years) 7.0 7.8 10.0 |
Other Intangible Assets, net
Other Intangible Assets, net | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets, net | 9. Other Intangible Assets, net The components of other intangible assets, net, as of December 31, 2021 and 2020, were as follows: December 31, 2021 2020 Weighted Average Intangible Intangible Intangible Intangible Life Assets, Accumulated Assets, Assets, Accumulated Assets, (millions) (Years) Gross Amortization Net Gross Amortization Net Covenant not to compete 1.9 $ 2.9 $ (2.3 ) $ 0.6 $ 2.9 $ (1.3 ) $ 1.6 Trade names and trademarks 2.0 0.9 (0.5 ) 0.4 0.9 (0.2 ) 0.7 Proprietary know how 2.8 3.8 (1.3 ) 2.5 3.8 (0.4 ) 3.4 Management contract rights 7.2 81.0 (47.7 ) 33.3 81.0 (42.6 ) 38.4 Customer relationships 12.1 21.5 (3.9 ) 17.6 21.5 (2.5 ) 19.0 Other intangible assets, net 8.5 $ 110.1 $ (55.7 ) $ 54.4 $ 110.1 $ (47.0 ) $ 63.1 Amortization expense related to intangible assets for the years ended December 31, 2021, 2020 and 2019, which was included in Depreciation and amortization within the Consolidated Statements of Income (Loss), was as follows: Year Ended December 31, (millions) 2021 2020 2019 Amortization expense $ 8.7 $ 13.2 $ 15.1 The expected future amortization of intangible assets as of December 31, 2021 was as follows: (millions) Intangible asset amortization 2022 $ 8.1 2023 8.0 2024 7.3 2025 6.6 2026 6.1 2027 and thereafter 18.3 Total $ 54.4 As discussed in Note 1. Significant Accounting Policies and Practices Accordingly, the Company analyzed undiscounted cash flows for these intangible assets as of June 30, 2020 and determined the carrying value for the Proprietary know how assets was higher than their projected undiscounted cash flows. As a result, the Company recorded $3.7 million of impairment charges within the Aviation segment during the year ended December 31, 2020, which was recognized within Impairment of goodwill and intangible assets in the Consolidated Statements of Income (Loss) Additionally, due to the termination of certain contracts within the Aviation segment during August 2020 and the impact of COVID-19 on the Company's expected future operating cash flows, the Company analyzed undiscounted cash flows for customer relationships and trade names and trademarks as of August 31, 2020. The Company determined the carrying values for certain customer relationships and trade names and trademarks were higher than their projected undiscounted cash flows. As a result, the Company recorded $72.1 million of impairment charges within the Aviation segment during the year ended December 31, 2020, which was recognized within Impairment of goodwill and intangible assets in the Consolidated Statements of Income (Loss) The fair value of these intangible assets were classified as Level 3 in the fair value hierarchy. See Note 11. Fair Value Measurement No impairment charges were recorded during the years ended December 31, 2021 and 2019. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 10. Goodwill The changes in the carrying amounts of goodwill for the years ended December 31, 2021 and 2020 were as follows: (millions) Commercial Aviation Total Net book values as of January 1, 2020 Goodwill $ 377.0 $ 209.0 $ 586.0 Accumulated impairment losses — — — Total $ 377.0 $ 209.0 $ 586.0 Impairment — (59.5 ) (59.5 ) Foreign currency translation $ 0.1 $ — $ 0.1 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 Net book value as of December 31, 2021 Goodwill $ 377.1 $ 209.0 $ 586.1 Accumulated impairment losses — (59.5 ) (59.5 ) Total $ 377.1 $ 149.5 $ 526.6 As discussed in Note 1. Significant Accounting Policies and Practices Fair Value Measurement No impairment charges were recorded during the years ended December 31, 2021 and 2019. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 11. Fair Value Measurement Fair Value Measurements-Recurring Basis In determining fair value, the Company uses various valuation approaches within the fair value measurement framework. Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. Applicable accounting literature establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The fair value hierarchy is based on observable or unobservable inputs to valuation techniques that are used to measure fair value. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon its own market assumptions. Applicable accounting literature defines levels within the hierarchy based on the reliability of inputs as follows: • Level 1: Inputs are quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable and market-corroborated inputs, which are derived principally from or corroborated by observable market data. • Level 3: Inputs that are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. Cash and cash equivalents are financial assets measured at fair value on a recurring basis. See Note 1. Significant Accounting Policies and Practices Borrowing Arrangements Nonrecurring Fair Value Measurements Certain assets are measured at fai r value on a nonrecurring basis, generally as a result of acquisitions or the remeasurement of assets resulting in impairment charges . The purchase price of business acquisitions is primarily allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition dates, with the excess recorded as goodwill. The Company utilizes Level 3 inputs in the determination of the initial fair value using certain assumptions. Non-financial assets, such as goodwill, intangible assets, and leasehold improvements, equipment and construction in progress are subsequently measured at fair value when there is an indicator of impairment and recorded at fair value when impairment is recognized. The Company assesses the impairment of intangible assets annually or whenever events or changes in circumstances indicate that the carrying amount of an intangible asset may not be recoverable. The fair value of the Company’s goodwill and intangible assets are not estimated if there is no change in events or circumstances that indicate the carrying amount of the goodwill and intangible assets may not be recoverable. During the years ended December 31, 2021 and 2020, the Company measured certain assets at fair value, which resulted in impairment charges. The fair value of these assets were determined using a discounted cash flow (“DCF”) model, which estimated the present value of net cash flows that the asset or asset group was expected to generate. The key inputs to the DCF model included the Company’s future projections of cash operating income, capital expenditures and current discount rates. For those assets and asset groups for which impairment was recorded, the fair value as of the measurement date, net book value as of December 31, 2021 and related impairment charges during the years ended December 31, 2021 and 2020, were as follows: Year ended December 31, 2021 As of December 31, 2021 As of Measurement Date (millions) Measurement Date Impairment Charge Fair Value Measurement (Level 3) Net Book Value of Assets Assessed for Impairment ROU assets March 31, 2021 $ 0.1 $ — ROU assets September 30, 2021 3.5 2.0 Total of ROU assets impaired $ 3.6 $ 2.0 $ 1.9 Year ended December 31, 2020 As of December 31, 2020 As of Measurement Date (millions) Measurement Date Impairment Charge Fair Value Measurement (Level 3) Net Book Value of Assets Assessed for Impairment ROU assets March 31, 2020 $ 77.5 $ 147.4 ROU assets June 30, 2020 16.7 26.2 ROU assets September 30, 2020 1.6 1.6 ROU assets December 31, 2020 2.9 5.0 Total of ROU assets impaired 98.7 180.2 121.4 Goodwill - Aviation reporting unit August 31, 2020 59.5 149.5 149.5 Proprietary know how June 30, 2020 3.7 3.9 Customer relationships August 31, 2020 69.2 4.6 Trade names and trademarks August 31, 2020 2.9 0.5 Total Other intangible assets, net 75.8 9.0 8.3 There were no impairment charges during the years ended December 31, 2019. Financial Instruments Not Measured at Fair Value The fair value of the Senior Credit Facility and other obligations approximates the carrying amount due to variable interest rates and would be classified as Level 2. See Note 12. Borrowing Arrangements |
Borrowing Arrangements
Borrowing Arrangements | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowing Arrangements | 12. Borrowing Arrangements Long-term borrowings, as of December 31, 2021 and 2020, in order of preference, were as follows: Amount Outstanding December 31, (millions) Maturity Date 2021 2020 Senior Credit Facility, net of original discount on borrowings (1) November 30, 2023 $ 301.6 $ 332.3 Other borrowings (2) Various 23.9 31.5 Deferred financing costs (1.5 ) (1.7 ) Total obligations 324.0 362.1 Less: Current portion of long-term borrowings 25.6 25.0 Total long-term obligations, excluding current portion $ 298.4 $ 337.1 (1) Includes discount on borrowings of $0.5 million and $0.9 million as of December 31, 2021 and 2020, respectively (2) Includes finance lease liabilities of $20.7 million and $28.3 million as of December 31, 2021 and 2020, respectively. See Note 2. Leases for further discussion. At December 31, 2021, the future maturities of debt, including capitalized leases, were as follows: (millions) 2022 $ 26.7 2023 290.1 2024 3.2 2025 1.5 2026 0.9 Thereafter 3.6 Total $ 326.0 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”). 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 on 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 was 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, (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 Agreement and described in the Fourth Amendment), through the delivery of the compliance certificate for the fiscal quarters ending March 31, 2022 or June 30, 2022, as applicable. As of December 31, 2021, under the terms of the Fourth Amendment, the Company was required to maintain a maximum consolidated total debt to EBITDA ratio (as calculated in accordance with the Fourth Amendment) of not greater than 4.75:1.0 (with certain step-downs described in the Amended Credit Agreement). In addition, as of December 31, 2021, the Company was required to maintain a minimum consolidated fixed coverage ratio of not less than 3.0:1.0 (with certain step-ups described in the Amended Credit Agreement). 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 Amended 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. Each wholly owned domestic subsidiary of the Company (subject to certain exceptions set forth in the Amended Credit Agreement) has guaranteed all existing and future indebtedness and liabilities of the other guarantors and the Company arising under the Amended Credit Agreement. The Company’s obligations under the Amended 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 December 31, 2021, the Company was in compliance with its debt covenants under the Amended Credit Agreement. At December 31, 2021, the Company had $46.4 million of letters of credit outstanding under the Senior Credit Facility and borrowings against the Senior Credit Facility aggregated to $302.1 million. The weighted average interest rate on the Company's Senior Credit Facility and Former Restated Credit Facility was 3.6% for the years ended December 31, 2021 and 2020. That rate included all outstanding LIBOR contracts and letters of credit. The weighted average interest rate on outstanding borrowings, not including letters of credit, was 3.8% at December 31, 2021 and 2020. Interest Rate Collars The Company seeks to minimize risks from interest rate fluctuations in the ordinary course of business through the use of interest rate collar contracts. Interest rate collars, which are considered derivative instruments, are used to manage interest rate risk associated with the Company’s floating rate debt. The Company accounts for its derivative instruments at fair value. Derivatives held by the Company are usually designated as hedges of specific exposures at inception, with an expectation that changes in the fair value will essentially offset the change in the underlying exposure. Discontinuance of hedge accounting is required whenever it is subsequently determined that an underlying transaction is not going to occur, with any gains or losses recognized in the Consolidated Statements of Income (Loss) on a straight-line basis over the life of the original designation period, with any subsequent changes in fair value recognized in earnings. 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 in the 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 17. Comprehensive Income (Loss) Summarized information about the Company’s interest rate collars was as follows: Interest Rate Collars December 31, 2021 Interest Rate Parameters (millions) Maturity Date Notional Amount LIBOR Ceiling LIBOR Floor Collar 1 April 2022 $ 74.1 2.5 % 1.2 % Collar 2 April 2022 74.1 2.5 % 1.3 % Collar 3 April 2022 74.1 2.5 % 1.4 % Total $ 222.3 Subordinated Convertible Debentures The Company acquired Subordinated Convertible Debentures ("Convertible Debentures") as a result of the October 2, 2012 acquisition of Central Parking Corporation. As of October 2, 2012, the convertible debentures were no longer redeemable for shares. 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 years ended December 31, 2021 and 2020, respectively. The approximate redemption value of the Convertible Debentures outstanding as of December 31, 2021 and December 31, 2020 was $1.1 million. |
Stock Repurchase Program
Stock Repurchase Program | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stock Repurchase Program | 13. Stock Repurchase Program In July 2019, 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. During the year ended December 31, 2020, the Company repurchased 393,975 shares of common stock at an average price of $38.78 under this program. During the year ended December 31, 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 plan. As of December 31, 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 December 31, 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 for the years ended December 31, 2021 and 2020 was as follows: (millions, except for share and per share data) December 31, 2021 December 31, 2020 Total number of shares repurchased — 393,975 Average price paid per share $ — $ 38.78 Total value of stock repurchased $ — $ 15.3 The remaining authorized repurchase amounts in the aggregate under the July 2019 and March 2020 repurchase programs as of December 31, 2021 was as follows: (millions) December 31, 2021 Total authorized repurchase amount $ 100.00 Total value of shares repurchased 40.6 Total remaining authorized repurchase amount $ 59.4 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes Earnings (loss) before income taxes during the years ended December 31, 2021, 2020 and 2019, was as follows: Year Ended December 31, (millions) 2021 2020 2019 United States $ 44.8 $ (240.1 ) $ 69.7 Foreign (1) 1.0 (0.3 ) 1.4 Total $ 45.8 $ (240.4 ) $ 71.1 (1) Canada and Puerto Rico The components of income tax expense (benefit) during the years ended December 31, 2021, 2020 and 2019 were as follows: Year Ended December 31, (millions) 2021 2020 2019 Current U.S. Federal $ (3.2 ) $ (15.3 ) $ 9.6 Foreign (1) 0.2 0.2 0.9 State 1.0 0.1 4.7 Total current (2.0 ) (15.0 ) 15.2 Deferred U.S. Federal 9.7 (40.7 ) 2.9 Foreign (1) 0.1 — (0.1 ) State 2.7 (11.8 ) 1.4 Total deferred 12.5 (52.5 ) 4.2 Income tax expense (benefit) $ 10.5 $ (67.5 ) $ 19.4 (1) Canada and Puerto Rico Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for U.S. GAAP purposes and the amount used for income tax purposes. Components of the Company's deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows: December 31, (millions) 2021 2020 Deferred tax assets NOL carry forwards and tax credits $ 23.9 $ 23.5 Lease liability 71.7 87.9 Accrued expenses 14.9 15.2 Accrued compensation 9.3 8.4 Depreciation 24.6 17.2 Other 1.4 3.4 Total deferred tax assets 145.8 155.6 Valuation allowances (10.9 ) (10.7 ) Net deferred tax assets 134.9 144.9 Deferred tax liabilities Prepaid expenses (0.1 ) (0.2 ) ROU asset (53.7 ) (62.8 ) Undistributed foreign earnings (0.2 ) (0.2 ) Depreciation and amortization (9.4 ) — Goodwill amortization (16.3 ) (13.0 ) Equity investments in unconsolidated entities (4.6 ) (4.9 ) Total deferred tax liabilities (84.3 ) (81.1 ) Total net deferred tax asset $ 50.6 $ 63.8 Changes affecting the valuation allowances on deferred tax assets during the years ended December 2021, 2020, and 2019, were as follows: December 31, (millions) 2021 2020 2019 Beginning Balance $ 10.7 $ 8.3 $ 8.1 Current year expense 0.2 2.4 0.2 Ending Balance $ 10.9 $ 10.7 $ 8.3 The accounting guidance for income taxes requires that the Company assess the realizability of deferred tax assets at each reporting period. These assessments generally consider several factors including the reversal of existing temporary differences, projected future taxable income and potential tax planning strategies. The Company has valuation allowances of $10.9 million and $10.7 million as of December 31, 2021 and 2020, respectively, primarily related to the Company’s state NOLs, foreign tax credits and state tax credits that the Company believes are not likely to be realized based on its estimates of future foreign and state taxable income, limitations on the uses of its state NOLs and the carryforward life over which the state tax benefit is realized. The Company has $21.2 million of tax effected state NOLs as of December 31, 2021, which will expire in the years 2022 through 2041. As noted above, the utilization of NOLs of the Company are limited. A reconciliation of the Company's reported income tax provision to the amount computed by multiplying earnings (loss) before income taxes by the statutory United States federal income tax rate for the years ended December 31, 2021, 2020 and 2019, was as follows: Year Ended December 31, (percentages) 2021 2020 2019 Tax at statutory rate 21.0 % 21.0 % 21.0 % Permanent differences 1.4 % (0.3 )% 1.1 % State taxes, net of federal benefit 6.8 % 5.8 % 6.3 % Effect of foreign tax rates 0.5 % (0.1 )% 0.8 % Federal net operating loss carryback rate differential (4.4 )% 2.5 % — Noncontrolling interest (1.7 )% — (0.8 )% Current year adjustment to deferred taxes — — 1.1 % Recognition of tax credits (1.0 )% 0.2 % (2.5 )% 22.6 % 29.1 % 27.0 % Change in valuation allowance 0.3 % (1.0 )% 0.3 % Effective tax rate 22.9 % 28.1 % 27.3 % Due to the Coronavirus Aid, Relief, and Economic Security Act in 2020, the Company was able to carry back its 2020 U.S. Federal taxable loss to the 2015 and 2016 tax years, which had a higher corporate tax rate. As a result, based on the Company’s initial estimates as of December 31, 2020, the Company recorded an income tax refund receivable of $15.4 as of December 31, 2020, which was included in Prepaid and other current assets within the Consolidated Balance Sheets. During the year ended December 31, 2021, the Company finalized its 2020 U.S. Federal income tax return, which resulted in a $5.1 million increase of the income tax refund receivable, of which $2.0 million related to the additional benefit recognized due to the ability to carryback the Company’s 2020 U.S. Federal taxable loss to tax years 2015 and 2016. The $20.5 million income tax refund receivable was included in Prepaid and other current assets within the Consolidated Balance Sheets as of December 31, 2021. Taxes paid were $0.5 million, $2.4 million and $15.3 million in the years ended December 31, 2021, 2020 and 2019, respectively. The Company has elected the period cost method to account for any tax liability subject to Global Intangible Low Taxes Income (“GILTI”). The GILTI amount recognized during the years ended December 31, 2021 and 2020, was not significant. As of December 31, 2021 and 2020, the Company had not identified any uncertain tax positions that would have a material impact on the Company's financial position. The Company would recognize potential interest and penalties related to uncertain tax positions, if any, in income tax expense. The tax years that remain subject to examination for the Company's major tax jurisdictions as of December 31, 2021 were as follows: 2018 - 2021 United States - federal income tax 2017 - 2021 United States - state and local income tax 2017 - 2021 Foreign - Canada and Puerto Rico |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | 15. Benefit Plans Deferred Compensation Arrangements The Company offers deferred compensation arrangements for certain key executives. Certain employees are offered supplemental pension arrangements, subject to their continued employment by the Company, in which the employees will receive a defined monthly benefit upon attaining age 65. At December 31, 2021 and 2020, the Company had $3.1 million and $3.4 million, respectively, recorded as Other noncurrent liabilities within the Consolidated Balance Sheets, representing the present value of the future benefit payments. Expenses related to these plans amounted to $0.2 million for the years ended December 31, 2021, 2020 and 2019. The Company also has agreements with certain former key executives that provide for aggregate annual payments over periods ranging from 10 years to life, beginning when the executive retires or upon death or disability. Under certain conditions, the amount of deferred benefits can be reduced. Compensation cost was $0.2 for the year ended December 31, 2021 and $0.3 million for both the years ended December 31, 2020 and 2019. Life insurance contracts with a face value of approximately $4.8 million as of December 31, 2021 and 2020 have been purchased to fund, as necessary, the benefits under the Company's deferred compensation agreements. The cash surrender value of the life insurance contracts was approximately $3.5 million and $3.4 million as of December 31, 2021 and 2020, respectively, and classified as Other noncurrent assets, net, within the Consolidated Balance Sheets. The plan is a non-qualified plan and not subject to ERISA funding requirements. Defined Contribution Plans The Company sponsors savings and retirement plans whereby the participants may elect to contribute a portion of their compensation to the plans. The plan is a qualified defined contribution plan 401(k). The Company contributes an amount in cash or other property as a Company match equal to 50% of the first 6% of contributions as they occur. As a result of COVID-19, during the second quarter of 2020 and through September 30, 2021, the Company suspended the Company match under the plan. The Company reinstituted the Company match during the fourth quarter of 2021. Expenses related to the Company's 401(k) match amounted to $0.6 million, $0.9 million, and $2.0 million during the years ended December 31, 2021, 2020 and 2019, respectively. The Company also offers a non-qualified deferred compensation plan to those employees whose participation in the 401(k) plan is limited by statute or regulation. This plan allows certain employees to defer a portion of their compensation, limited to a maximum of $0.1 million per year, to be paid to the participants upon separation of employment or distribution date selected by employee. To support the non-qualified deferred compensation plan, the Company has elected to purchase Company Owned Life Insurance ("COLI") policies on certain plan participants. The cash surrender value of the COLI policies is designed to provide a source for funding the non-qualified deferred compensation liability. As of December 31, 2021 and 2020, the cash surrender value of the COLI policies was $23.9 million and $20.3 million, respectively, and classified as Other noncurrent assets, net, within the Consolidated Balance Sheets. The liability for the non-qualified deferred compensation plan is included in Other noncurrent liabilities within the Consolidated Balance Sheets and was $23.2 million and $20.3 million as of December 31, 20 21 and 20 20 , respectively. As a result of COVID-19, during the second quarter of 2020, the Company suspended participation in the non-qualified deferred compensation plan. The Company reinstituted the participation for employees in the non-qualifi ed deferred compensation plan as of January 1 , 2021 . Multi-Employer Defined Benefit and Contribution Plans The Company contributes to a number of multiemployer defined benefit plans under the terms of collective-bargaining agreements that cover its union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If the Company chooses to stop participating in one of its multiemployer plans, it may be required to pay the plan an amount based on the underfunded status of the plan, referred to as withdrawal liability. The Company's contributions represented more than 5% of total contributions to the Teamsters Local Union No. 727 and Local 272 Labor Management Benefit Funds for the plan years ending February 28, 2021 and November 30, 2021, respectively. The Company does not represent more than five percent to any other fund. The Company's participation in these plans for the annual periods ended December 31, 2021, 2020 and 2019, is discussed in the table below. The "EIN/Pension Plan Number" column provides the Employee Identification Number ("EIN") and the three-digit plan number, if applicable. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The "FIP/RP Status Pending/Implementation" column indicates plans for which a Financial Improvement Plan ("FIP") or a Rehabilitation Plan ("RP") is either pending or has been implemented. Finally, the " Expiration Date of Collective Bargaining Agreement Zone Status Pension Protection as of the Expiration EIN/ Zone Status Contributions (millions) Most Date of Pension FIP/FR Recent Collective Plan Pending Surcharge Annual Bargaining Pension Number 2021 2020 2019 Implementation 2021 2020 2019 Imposed Report Agreement Teamsters Local Union 727 36-61023973 Green Green Green N/A $ 2.9 $ 0.3 $ 3.1 No 2021 3/6/2022 Local 272 Labor Management 13-5673836 Green Green Green N/A $ 0.9 $ 1.1 $ 1.3 No 2021 10/31/2026 Net expenses for contributions not reimbursed by clients and related to multiemployer defined benefit and defined contribution benefit plans were $0.8 million, $1.2 million and $2.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Company currently does not have any intentions to cease participating in these multiemployer pension plans. |
Bradley Agreement
Bradley Agreement | 12 Months Ended |
Dec. 31, 2021 | |
Contractors [Abstract] | |
Bradley Agreement | 16. 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 Agreement, with an effective date of May 31, 2020 (the “Termination Agreement”). The Company then entered into a management type contract with the Connecticut Airport Authority, effective June 1, 2020 (“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. The total deficiency repayments (net of payments made), interest and premium received and recognized under the Bradley Agreement for the years ended December 31, 2021, 2020 and 2019, were as follows: Year Ended December 31 (millions) 2021 2020 2019 Deficiency repayments — $ 0.1 $ 3.8 Interest — 0.1 1.0 Premium — — 0.4 Deficiency payments made under the Bradley Agreement were recorded as an increase in Cost of services - management type contracts and deficiency repayments, interest and premium received under the Bradley Agreement were recorded as reductions to Cost of services - management type contracts. The reimbursement of principal, interest and premium was recognized when received. 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. 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 has not been met and the contingent consideration was estimated to have no fair value as of December 31, 2021 and 2020. The Company will continue to evaluate the criteria for making these payments in the future and accrue for such potential payments if deemed necessary. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Comprehensive Income Net Of Tax [Abstract] | |
Comprehensive Income (Loss) | 17. Comprehensive Income (Loss) The components of other comprehensive income (loss) and the income tax benefit allocated to each component for the years ended December 31, 2021, 2020, and 2019, were as follows: 2021 2020 2019 (millions) Before Tax Amount Income Tax Net of Tax Amount 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 $ 0.1 $ — $ 0.1 De-designation of interest rate collars 2.3 0.6 1.7 1.5 0.4 1.1 — — — Change in fair value of interest rate collars — — — (4.0 ) (1.1 ) (2.9 ) (0.6 ) (0.2 ) (0.4 ) Other Comprehensive income (loss) $ 2.2 $ 0.6 $ 1.6 $ (2.4 ) $ (0.7 ) $ (1.7 ) $ (0.5 ) $ (0.2 ) $ (0.3 ) The changes to accumulated other comprehensive loss by component for the years ended December 31, 2021, 2020, and 2019, were as follows: Total Foreign Accumulated Currency Other Translation Interest Rate Comprehensive (millions) Adjustments Collars Loss Balance as of January 1, 2019 $ (2.4 ) $ — $ (2.4 ) Other comprehensive (loss) income before reclassification 0.1 (0.4 ) (0.3 ) Balance as of December 31, 2019 (2.3 ) (0.4 ) (2.7 ) Other comprehensive (loss) income before reclassification 0.1 (2.9 ) (2.8 ) Amounts reclassified from accumulated other comprehensive loss — 1.1 1.1 Balance as of December 31, 2020 (2.2 ) (2.2 ) (4.4 ) Other comprehensive (loss) income before reclassification (0.1 ) — (0.1 ) Amounts reclassified from accumulated other comprehensive loss — 1.7 1.7 Balance as of December 31, 2021 $ (2.3 ) $ (0.5 ) $ (2.8 ) Reclassifications from accumulated other comprehensive loss for the years ended December 31, 2021, 2020, and 2019, were as follows: (millions) 2021 2020 2019 Classification in the Consolidated Statements of (Loss) Income Interest Rate Collars: Net realized loss $ 2.3 $ 1.5 $ — Other expenses Reclassifications before tax 2.3 1.5 — Income tax benefit 0.6 0.4 — Reclassifications, net of tax $ 1.7 $ 1.1 $ — |
Legal and Other Commitments and
Legal and Other Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal and Other Commitments and Contingencies | 18. 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 it 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. 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. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 19. 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 Company’s 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 general and administrative expenses . The CODM assesses the performance of each operating segment using information about operating income (loss) 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 expense ( income ) , interest expense (benefit) or income tax expense (benefit) to the operating segments. The accounting policies for segment reporting are the same as for the Company as a whole. In December 2021, due to the Company’s continued focus on managing costs as a result of COVID-19, the Company changed its internal metric for how the CODM evaluates the business and allocates resources to operating income. In addition, the Company changed its internal segment information reported to the CODM. Certain revenue and expenses previously reported under Other are now included in Commercial and Aviation. All prior year amounts have been reclassified to conform to the Company’s current reporting structure. The Company’s operating segments are Commercial and Aviation: • 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 includes shuttle and ground transportation services, valet services, baggage handling, baggage repair and replacement, remote air check-in services, wheelchair assist services and other services. The Other segment includes costs related to our operational support teams and costs related to the common and shared infrastructure, including finance, accounting, information technology, human resources, procurement and purchasing, legal and corporate development. Revenue, cost of services, general and administrative expenses, depreciation and amortization, impairment of goodwill and intangible assets and operating income (loss) by operating segment for the years ended December 31, 2021, 2020 and 2019 were as follows: Year Ended December 31, (millions) 2021 2020 2019 Services revenue Commercial Lease type contracts $ 206.5 $ 180.8 $ 378.2 Management type contracts 232.5 218.1 273.0 Total Commercial 439.0 398.9 651.2 Aviation Lease type contracts 9.1 8.6 30.7 Management type contracts 153.4 141.5 253.0 Total Aviation 162.5 150.1 283.7 Reimbursed management type contract revenue 575.7 537.9 728.8 Total services revenue $ 1,177.2 $ 1,086.9 $ 1,663.7 Cost of services (exclusive of depreciation and amortization) Commercial Lease type contracts $ 165.4 $ 187.7 $ 345.1 Management type contracts 132.3 128.8 159.6 Lease impairment 3.5 97.1 — Total Commercial 301.2 413.6 504.7 Aviation Lease type contracts 5.2 7.3 21.8 Management type contracts 115.2 97.7 180.3 Lease impairment 0.1 — — Total Aviation 120.5 105.0 202.1 Reimbursed management type contract expense 575.7 537.9 728.8 Total cost of services (exclusive of depreciation and amortization) $ 997.4 $ 1,056.5 $ 1,435.6 General and administrative expenses Commercial $ 21.4 $ 18.6 $ 31.9 Aviation 11.8 12.0 18.3 Other 55.0 54.8 58.8 Total general and administrative expenses $ 88.2 $ 85.4 $ 109.0 Depreciation and amortization Commercial (1) $ 13.5 $ 13.5 $ 12.4 Aviation (2) 8.4 12.7 14.0 Other 3.2 3.1 3.0 Total depreciation and amortization $ 25.1 $ 29.3 $ 29.4 Impairment of goodwill and intangible assets Aviation — 135.3 — Total impairment of goodwill and intangible assets $ — $ 135.3 $ — Operating income (loss) Commercial $ 102.9 $ (46.8 ) $ 102.2 Aviation 21.8 (114.9 ) 49.3 Other (58.2 ) (57.9 ) (61.8 ) Total operating income (loss) $ 66.5 $ (219.6 ) $ 89.7 (1) Includes depreciation and amortization expenses related to cost of services activities of $7.9 million, $7.6 million and $6.6 million during the years ended December 31, 2021, 2020 and 2019, respectively. (2) Includes depreciation and amortization expenses related to cost of services activities of $4.6 million, $4.1 million and $3.0 million during the years ended December 31, 2021, 2020, and 2019 respectively. |
Significant Accounting Polici_2
Significant Accounting Policies and Practices (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company, its wholly owned subsidiaries, and Variable Interest Entities ("VIEs") in which the Company is the primary beneficiary. The Company is the primary beneficiary of a VIE when the Company has the power to direct activities that most significantly affect the economic performance of the VIE. If the Company is not the primary beneficiary in a VIE, the Company accounts for the investment in the VIE in accordance with applicable accounting principles generally accepted in the United States (“U.S. GAAP”). As of December 31, 2021 and 2020, assets related to consolidated VIEs were $54.9 million and $38.7 million, respectively, which were primarily related to right-of-use (“ROU”) assets and leasehold improvements, equipment and construction in progress, net. As of December 31, 2021 and 2020, liabilities related to consolidated VIEs were $52.7 million and $45.1 million, respectively, which were primarily related to operating and finance lease liabilities. All significant intercompany profits, transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current environment. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company's Canadian operations is the Canadian dollar. Accordingly, assets and liabilities of the Company's Canadian operations are translated into U.S. dollars at the rate in effect on the respective balance sheet date while income and expenses are translated at the weighted-average rates during the respective periods. Translation adjustments resulting from the fluctuations of the Canadian dollar are recorded as a separate component of accumulated other comprehensive loss within the stockholders’ equity. Deferred taxes are not recorded on cumulative Canadian dollar translation adjustments when we expect the Canadian earnings to be permanently reinvested. |
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 $0.2 million and $0.3 million as of December 31, 2021 and 2020, respectively, and are included within Cash and cash equivalents within the Consolidated Balance Sheets. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts Accounts receivable, net of the allowance for doubtful accounts, represents the Company's estimate of the amount that ultimately will be realized in cash. Management reviews the adequacy of its allowance for doubtful accounts on an ongoing basis, primarily using a review of specific accounts, as well as historical collection trends and aging of receivables, and records adjustments to the allowance as necessary. Changes in economic conditions or other circumstances could have an impact on the collection of existing receivable balances or future allowance considerations. Transactions affecting the allowance for doubtful accounts receivable for the years ended December 31, 2021, 2020 and 2019 were as follows: (millions) December 31, 2021 December 31, 2020 December 31, 2019 Beginning Balance $ 5.1 $ 1.9 $ 1.0 Provision for credit losses 0.8 6.4 1.1 Write offs and other (2.4 ) (3.2 ) (0.2 ) Ending Balance $ 3.5 $ 5.1 $ 1.9 |
Leasehold Improvements, Equipment and Construction in Progress, net | Leasehold Improvements, Equipment and Construction in Progress, net Leasehold improvements, equipment, software, vehicles, and other fixed assets are stated at cost less accumulated depreciation and amortization. Equipment is depreciated on a straight-line basis over the estimated useful lives ranging from 1 to 10 years. Expenditures for major renewals and improvements that extend the useful life of property and equipment are capitalized. Leasehold improvements are amortized on a straight-line basis over the terms of the respective leases or the service lives of the improvements, whichever is shorter (weighted average remaining life of approximately 3.9 years). Certain costs incurred in the planning and evaluation stage of internal-use software projects are recorded to expense as incurred. Costs associated with directly obtaining, developing or upgrading internal-use software are capitalized and included as Software within Leasehold improvements, equipment and construction in progress, net, within the Consolidated Balance Sheets. When the internal-use software is ready for its intended use, it is amortized on a straight-line basis over the estimated useful life of the internal-use software, which is typically 3 years. |
Cost of Contracts, Net | Cost of Contracts, Net Cost of contracts, net, represents the cost of obtaining contractual rights associated with providing services for a managed type or lease-type contract. 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 when the Company satisfies the related performance obligations. Estimated lives are based on the contract life. Effective January 1, 2019, cost of contracts associated with leases within the scope of Accounting Standards Update (“ASU”) No. 2016-02 Leases (Topic 842) are included in the right-of-use (“ROU”) assets balance. |
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 may be present, the Company would need to perform a quantitative assessment. The determination of fair value of a reporting unit utilizes cash flow projections that assume certain future revenue and cost levels, comparable marketplace data, comparable company market valuations, assumed discount rates based upon current market conditions and other valuation factors, all of which involve the use of significant judgement 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. The Company completed a quantitative test of goodwill as of October 1, 2021, and concluded that the estimated fair values of each of the Company’s reporting units exceeded its carrying amount of net assets assigned to each reporting unit. Due to the impacts of the COVID-19 pandemic (“COVID-19”) on the Company’s operations during 2020, revenues for certain markets in which the Company operates decreased significantly as compared to expectations as of the October 1, 2019 annual impairment test. In addition, certain Aviation contracts were terminated during August 2020. The termination of these contracts and the ongoing impacts of COVID-19 on the Company’s expected future operating cash flows triggered the Company to complete a quantitative goodwill impairment analysis for the Aviation reporting unit as of August 31, 2020. Based on the quantitative analysis, the Company determined that the estimated carrying value exceeded implied fair value for the Aviation reporting unit and goodwill was impaired. See Note 11. Goodwill |
Other Intangible Assets, net | Other Intangible Assets, net Other intangible assets represent assets with finite lives that 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 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, difference assumptions and estimates could materially impact reported financial results. As a result of the impact of COVID-19 on the Company’s expected future operating cash flows, the Company determined certain impairment triggers had occurred related to the Company’s Proprietary know how intangible assets within the Aviation segment as of June 30, 2020. Accordingly, the Company analyzed undiscounted cash flows for these intangible assets as of June 30, 2020. Based on the 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. Additionally, as a result of the termination of certain contracts within the Aviation reporting unit during August 2020 and the ongoing impact of 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 customer relationships and trade names and trademarks intangible assets. Accordingly, the Company analyzed undiscounted cash flows for these intangible assets as of August 31, 2020. Based on the undiscounted cash flow analysis, the Company determined that estimated net carrying values exceeded undiscounted future cash flows for certain customer relationships and trade names and trademarks intangible assets and therefore, as of August 31, 2020, certain customer relationships and trade names and trademarks intangible assets were impaired. The impairments recognized were measured by the amount by which the carrying value of the intangible assets exceeded their fair value. See Note 10. Other Intangible Assets, net For both goodwill and intangible assets, future events may indicate differences from management’s judgements 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, such as increasing labor and benefit costs. |
Long-Lived Assets | Long-Lived Assets The Company evaluates long-lived assets, including 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 a long-lived asset or 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 or 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. The Company’s management determined impairment testing triggers had occurred for ROU assets associated with certain asset groups as of September 30, 2021. Accordingly, the Company analyzed undiscounted cash flows for these ROU assets as of September 30, 2021. Based on the undiscounted cash flow analysis, the Company determined that the estimated net carrying value exceeded undiscounted cash flows for one ROU asset and therefore this ROU asset was impaired as of September 30, 2021. The impairment recognized was measured by the amount by which the carrying value of this ROU asset exceeds its fair value. See Note 2. Leases Additionally, the Company’s management determined impairment testing triggers had occurred for ROU assets associated with certain asset groups during the year ended December 31, 2020. Accordingly, the Company analyzed undiscounted cash flows for these ROU assets during the year ended December 31, 2020. Based on the undiscounted cash flow analysis, the Company determined that estimated net carrying values exceeded undiscounted cash flows for these ROU assets and therefore during the year ended December 3 1 , 2020, certain ROU asset groups were impaired. See Note 2. Leases in the notes to the Condensed Consolidated Financial Statements for further discussion. 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. |
Accrued and Other Current Liabilities | Accrued and Other Current Liabilities Components of accrued and other current liabilities for the years ended December 31, 2021 and 2020 were as follows: (millions) December 31, 2021 December 31, 2020 Accrued rent $ 19.0 $ 17.3 Compensation and payroll withholdings 25.6 32.0 Property, payroll and other taxes 6.9 4.8 Accrued insurance 20.0 20.1 Accrued expenses 51.8 38.5 Accrued and other current liabilities $ 123.3 $ 112.7 |
Financial Instruments | Financial Instruments The carrying values of cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. Book overdrafts of $27.9 million and $23.2 million are included within Accounts payable within the Consolidated Balance Sheets as of December 31, 2021 and 2020, respectively. Long-term debt has a carrying value that approximates fair value because the instruments bear interest at variable market rates. |
Insurance Reserves | Insurance Reserves The Company purchases comprehensive casualty insurance covering certain claims that arise in connection with the Company’s operations. In addition, the Company purchases umbrella/excess liability coverage. Under the various liability and workers' compensation insurance policies, the Company is obligated to pay directly or reimburse the insurance carrier for the deductible / retention amount of each loss covered by the Company’s general / garage, automobile, workers' compensation and garage keepers legal liability policies. As a result, the Company is, effectively self-insured for all claims within the deductible / retention amount of each loss. Any loss over the deductible / retention is the responsibility of the third-party insurer. The expense recognition is based upon the Company's determination of an unfavorable outcome of a claim being deemed as probable and capable of being reasonably estimated, as defined in the guidance related to accounting for contingencies. This determination requires the use of judgment in both the estimation of probability and the amount to be recognized as an expense. The Company utilizes historical claims experience and exposures specific to each type of insurance, along with actuarial methods performed quarterly |
Legal and Other Commitments and Contingencies | Legal and Other Commitments and Contingencies The Company is subject to litigation in the normal course of its business. Management uses guidance from internal and external legal counsel on the potential outcome of litigation in determining the need to record liabilities for potential losses and the disclosure for pending legal claims. See Note 18. Legal and Other Commitments and Contingencies |
Revenue From Contract With Customer | Services Revenue The Company's revenues are primarily derived from management type and lease type contracts; whereby the Company provides parking services, parking management, ground transportation services, baggage handling services and other ancillary services to commercial, hospitality, institutional, municipal and aviation clients. Ancillary services include on-site parking management, facility maintenance, ground transportation services, event logistics, remote airline check-in, security services, municipal meter revenue collection and enforcement services, and scheduling and supervising all service personnel, as well as providing customer service, marketing, accounting and revenue control functions necessary to complete such services. Ancillary services also include fees associated with using the Company’s technology-driven mobility solutions, payments received for exercising termination rights, consulting development fees, gains on sales of contracts, insurance (general, workers' compensation and health care) and other value-added services. In accordance with the guidance related to revenue recognition, entities are required to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company recognizes gross receipts (net of taxes collected from customers) as revenue from lease type contracts, and management fees for services, as the related services are performed. Ancillary services are included in management type contracts and are recognized as revenue as those services are provided. Reimbursed Management Type Contract Revenue and Expense The Company recognizes both revenues and expenses, in equal amounts, that are directly reimbursed by the Company’s clients for operating expenses incurred under a management type contract. The Company has determined it is the principal in these transactions as the nature of our 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 provided to the customer. Cost of Services The Company recognizes costs for lease type contracts, non-reimbursed costs from management type contracts and reimbursed management type contract expenses as cost of services. Cost of services consists primarily of rent and payroll related costs. |
Stock-Based Compensation | Stock-Based Compensation Stock-based payments to employees, including grants of restricted stock and performance-based share units, are measured at the grant date, based on the estimated fair value of the award, and the related expense is recognized over the requisite employee service period or performance period (generally the vesting period) for awards expected to vest. The Company also grants stock to its Board of Directors (“Board”) on an annual basis, which is recorded as expense at the grant date, based on the fair value of the award. The Company accounts for forfeitures of stock-based awards as they occur. See Note 6. Stock-Based Compensation for further discussion. |
Equity Investments in Unconsolidated Entities | Equity Investment in Unconsolidated Entities The Company has ownership interests in 31 active partnerships, joint ventures or similar arrangements that operate parking facilities, of which 25 are consolidated under the VIE or voting interest models and 6 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 the Company’s underlying share of each investee’s equity of $10.8 million and $10.1 million as of December 31, 2021 and 2020, respectively, was included in Other noncurrent assets, net within the 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 Consolidated Statements of Income (Loss). The equity earnings in these related investments were $1.4 million, $1.3 million, and $3.2 million during the years ended December 31, 2021, 2020 and 2019, respectively. |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests represent the noncontrolling holders' percentage share of income (losses) from the subsidiaries in which the Company holds a controlling interest, but less than 100 percent, ownership interest. The results are consolidated and included in the Company’s Consolidated Financial Statements. |
Income Taxes | Income Taxes Deferred income taxes are computed using the asset and liability method, such that deferred tax assets and liabilities are recognized for deductible temporary differences between US GAAP amounts and the tax basis of existing assets and liabilities based on currently enacted tax laws and tax rates in effect for the periods in which these temporary differences are expected to reverse or be settled. Income tax expense is the tax payable for the period plus the change during the period in deferred income taxes. The Company has certain state net operating loss (“NOL”) carry forwards which expire in 2041. The Company considers a number of factors in its assessment of the recoverability of its NOL carryforwards including their expiration dates and the limitations imposed due to the change in ownership as well as future projections of income. Future changes in the Company's operating performance, along with these considerations, may significantly impact the amount of NOLs ultimately recovered, and the Company’s assessment of their recoverability. The Company recognizes deferred tax liabilities related to taxes on certain foreign earnings that were not considered to be permanently reinvested. No deferred tax liabilities were recognized for foreign earnings that were considered to be permanently reinvested. The Company’s foreign operations are not material. When evaluating the Company’s tax positions, the Company accounts for uncertainty in income taxes in its Consolidated Financial Statements. The evaluation of a tax position by the Company is a two-step process, the first step being recognition. The first step is to determine whether it is more-likely-than-not that a tax position will be sustained upon tax examination, including resolution of any related appeals or litigation processes, based on only the technical merits of the position and the weight of available evidence. If a tax position does not meet the more-likely-than-not threshold, which is more than 50% likely of being realized, the benefit of that position is not recognized in the Company’s financial statements. The second step is measurement of the tax benefit. The tax position is measured as the largest amount of benefit that is more-likely-than-not of being realized, which is more than 50% likely of being realized upon ultimate resolution with a taxing authority. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements During the year ended December 31, 2021, the Company adopted the following ASUs, all of which did not have a material impact on the Consolidated Financial Statements or financial statement disclosures. 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 2020-01 Investments - equity securities; Investment-Equity Method and Joint Ventures; Derivatives and Hedging Prospective Accounting Pronouncements to be Adopted Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Revenue from Contracts with Customers Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. |
Significant Accounting Polici_3
Significant Accounting Policies and Practices (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Transactions Affecting Allowance for Doubtful Accounts Receivable | Transactions affecting the allowance for doubtful accounts receivable for the years ended December 31, 2021, 2020 and 2019 were as follows: (millions) December 31, 2021 December 31, 2020 December 31, 2019 Beginning Balance $ 5.1 $ 1.9 $ 1.0 Provision for credit losses 0.8 6.4 1.1 Write offs and other (2.4 ) (3.2 ) (0.2 ) Ending Balance $ 3.5 $ 5.1 $ 1.9 |
Components of Accrued and Other Current Liabilities | Components of accrued and other current liabilities for the years ended December 31, 2021 and 2020 were as follows: (millions) December 31, 2021 December 31, 2020 Accrued rent $ 19.0 $ 17.3 Compensation and payroll withholdings 25.6 32.0 Property, payroll and other taxes 6.9 4.8 Accrued insurance 20.0 20.1 Accrued expenses 51.8 38.5 Accrued and other current liabilities $ 123.3 $ 112.7 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Recently Adopted Accounting Pronouncements During the year ended December 31, 2021, the Company adopted the following ASUs, all of which did not have a material impact on the Consolidated Financial Statements or financial statement disclosures. 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 2020-01 Investments - equity securities; Investment-Equity Method and Joint Ventures; Derivatives and Hedging Prospective |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 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 Consolidated Balance Sheets as of December 31, 2021 and 2020 were as follows: (millions) Classification 2021 2020 Assets Operating Right-of-use assets $ 201.2 $ 235.1 Finance Leasehold improvements, equipment and construction in progress, net 22.4 28.8 Total leased assets $ 223.6 $ 263.9 Liabilities Current Operating Short-term lease liabilities $ 65.4 $ 82.1 Finance Current portion of long-term borrowings 6.7 7.8 Noncurrent Operating Long-term lease liabilities 200.3 243.4 Finance Long-term borrowings, excluding current portion 14.0 20.5 Total lease liabilities $ 286.4 $ 353.8 |
Schedule of Components of Lease Cost | The components of lease cost and classification on the Consolidated Statement of Income (Loss) for the years ended December 31, 2021 and 2020 were as follows: (millions) Classification 2021 2020 Operating lease (a)(b) Cost of services - lease type contracts $ 57.5 $ 81.1 Short-term lease (a) Cost of services - lease type contracts 15.9 22.6 Variable lease Cost of services - lease type contracts 36.7 20.1 Operating lease cost 110.1 123.8 Finance lease cost Amortization of leased assets Depreciation and amortization 5.7 4.2 Interest on lease liabilities Interest expense 1.0 1.1 Lease Impairment Lease impairment 3.6 97.1 Lease Impairment General and administrative expenses — 1.6 Net lease cost $ 120.4 $ 227.8 (a) Operating lease cost (b) Includes rent concessions amounting to $16.6 and $26.0 million for the years ended December 31, 2021 and 2020, respectively. |
Schedule of Maturities of Lease Liabilities | Maturities, lease term and discount rate information of lease liabilities as of December 31, 2021 were as follows: Operating Finance (millions) Leases Leases Total 2022 $ 76.9 $ 7.5 $ 84.4 2023 62.1 5.4 67.5 2024 46.3 3.5 49.8 2025 35.9 1.7 37.6 2026 28.6 1.1 29.7 After 2026 59.6 4.0 63.6 Total lease payments 309.4 23.2 332.6 Less: Imputed interest 43.7 2.5 46.2 Present value of lease liabilities $ 265.7 $ 20.7 $ 286.4 Weighted-average remaining lease term (years) 5.7 4.8 Weighted-average discount rate 5.2 % 4.3 % |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases for the years ended December 31, 2021 and 2020 were as follows: (millions) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows related to operating leases $ 96.4 $ 120.3 Operating cash outflows related to interest on finance leases 1.0 1.1 Financing cash outflows related to finance leases 7.7 5.2 Leased assets obtained in exchange for new operating lease liabilities 40.7 38.2 Leased assets obtained in exchange for new finance lease liabilities 0.4 16.5 |
Restructuring and Other Costs (
Restructuring and Other Costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Restructuring and Other Costs | Restructuring and other costs during the years ended December 31, 2021, 2020 and 2019, were as follows: Year Ended December 31, (millions) 2021 2020 2019 Cost of services - lease type contracts (1) $ 0.2 $ 0.4 $ — Cost of services - management type contracts (2) 1.8 0.7 — General and administrative expenses (3) 1.2 6.5 1.3 (1) Includes severance costs of $0.4 million during the year ended December 31, 2020 (2) Includes severance costs of $0.2 million and $0.7 million during the years ended December 31, 2021 and 2020, respectively. (3) Includes severance costs of $0.2 million and $4.0 million during the years ended December 31, 2021 and 2020, respectively. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 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: Remaining Performance (millions) Obligations 2022 $ 66.9 2023 46.8 2024 29.8 2025 12.2 2026 5.8 2027 and thereafter 5.2 Total $ 166.7 |
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 December 31, 2021 and 2020: (millions) 2021 2020 Accounts receivable $ 137.3 $ 102.7 Contract asset 2.3 8.6 Contract liability (15.7 ) (12.5 ) (millions) 2021 2020 Balance, beginning of year $ 8.6 $ 11.0 Additional contract assets 2.3 8.6 Reclassification to accounts receivable (8.6 ) (11.0 ) Balance, end of year $ 2.3 $ 8.6 (millions) 2021 2020 Balance, beginning of year $ (12.5 ) $ (19.4 ) Additional contract liabilities (15.7 ) (12.5 ) Recognition of revenue from contract liabilities 12.5 19.4 Balance, end of year $ (15.7 ) $ (12.5 ) |
Net Income (Loss) per Common _2
Net Income (Loss) per Common Share (Tables) | 12 Months Ended |
Dec. 31, 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 years ending December 31, 2021, 2020 and 2019 was as follows: Year Ended December 31, (millions, except share and per share data) 2021 2020 2019 Net income (loss) attributable to SP Plus Corporation $ 31.7 $ (172.8 ) $ 48.8 Basic weighted average common shares outstanding 21,166,323 21,056,061 22,080,025 Dilutive impact of share-based awards 213,660 — 128,007 Diluted weighted average common shares outstanding 21,379,983 21,056,061 22,208,032 Net income (loss) per common share Basic $ 1.50 $ (8.21 ) $ 2.21 Diluted $ 1.48 $ (8.21 ) $ 2.20 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Compensation Arrangements, Vested Stock Grants | Stock-based compensation expense related to vested stock grants are included in General and administrative expenses within the Consolidated Statements of Income (Loss). The Company’s vested stock grants to the Board and related expense for the years ended December 31, 2021, 2020 and 2019, was as follows: Year Ended December 31, (millions, except stock grants) 2021 2020 2019 Vested stock grants 13,420 25,066 14,076 Stock-based compensation expense $ 0.5 $ 0.5 $ 0.5 |
Summary of Nonvested Restricted Stock Units and Changes During the Period | Nonvested restricted stock units as of December 31, 2021, and changes during the year ended December 31, 2021 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 Vested (5,615 ) 26.71 Forfeited (3,729 ) 33.95 Nonvested as of December 31, 2021 355,434 $ 34.40 |
Summary of Compensation Expense Related to Restricted Stock Units | The Company's stock-based compensation expense related to restricted stock units for the years ended December 31, 2021, 2020 and 2019, which was included in General and administrative expenses within the Consolidated Statements of Income (Loss), was as follows: Year Ended December 31, (millions) 2021 2020 2019 Stock-based compensation expense $ 4.6 $ 1.1 $ 1.1 The Company's stock-based compensation expense (net reduction of expense) related to PSU’s during the years ended December 31, 2021, 2020 and 2019, which is included in General and administrative expenses within the Consolidated Statements of Income (Loss), was as follows: Year Ended December 31, (millions) 2021 2020 2019 Stock-based compensation expense $ 1.0 $ (1.0 ) $ 3.3 |
Summary of Unrecognized Compensation Expense Related to Share Based Payment | Unrecognized stock-based compensation expense related to restricted stock units and the respective weighted average periods in which the expense will be recognized as of December 31, 2021 was as follows: Year Ended December 31, (millions) 2021 Unrecognized stock-based compensation $ 6.6 Weighted average (years) 1.5 |
Summary of Nonvested PSU's and Changes During the Period | Nonvested PSU’s as of December 31, 2021, and changes during the year ended December 31, 2021 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 Expired (112,328 ) 33.28 Nonvested as of December 31, 2021 135,383 $ 36.79 |
Performance Shares | |
Summary of Unrecognized Compensation Expense Related to Share Based Payment | Unrecognized stock-based compensation expense related to PSU’s and the respective weighted average periods in which the expense will be recognized as of December 31, 2021 was as follows: Year Ended December 31, (millions) 2021 Unrecognized stock-based compensation $ 2.5 Weighted average (years) 2.0 |
Leasehold Improvements, Equip_2
Leasehold Improvements, Equipment and Construction in Progress, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of leasehold improvements, equipment, and construction in progress and related accumulated depreciation and amortization | Leasehold improvements, equipment, and construction in progress and related accumulated depreciation and amortization for the years ended December 31, 2021 and 2020, were as follows: December 31 (millions) Estimated Useful Life 2021 2020 Equipment 1 - 10 Years $ 51.0 $ 50.1 Software 2 - 5 Years 48.8 42.3 Vehicles 1 - 10 Years 36.2 37.3 Other 3 Years 1.0 0.8 Shorter of lease term or economic life up to Leasehold improvements 10 years 16.8 18.0 Construction in progress 7.4 6.8 161.2 155.3 Accumulated depreciation and amortization (112.3 ) (102.0 ) Leasehold improvements, equipment and construction in progress, net $ 48.9 $ 53.3 The Company's depreciation and amortization expense related to leasehold improvements and equipment for the years ended December 31, 2021, 2020 and 2019, which was included in Depreciation and amortization expense within the Consolidated Statements of Income (Loss), was as follows: Year Ended December 31, (millions) 2021 2020 2019 Depreciation expense and amortization $ 16.4 $ 15.3 $ 12.8 |
Cost of Contracts, net (Tables)
Cost of Contracts, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Contract Cost | Cost of contracts, net, as of December 31, 2021 and 2020 was as follows: December 31, (millions) 2021 2020 Cost of contracts $ 23.3 $ 26.0 Accumulated amortization (19.5 ) (21.2 ) Cost of contracts, net $ 3.8 $ 4.8 |
Schedule of Amortization Expense Related to Cost of Contracts | The Company's amortization expense related to costs of contracts for the years ended December 31, 2021, 2020 and 2019, which was included in Services revenue within the Consolidated Statements of Income (Loss), was as follows: Year Ended December 31, (millions) 2021 2020 2019 Cost of contracts expense $ 1.0 $ 1.0 $ 0.7 Weighted average life (years) 7.0 7.8 10.0 |
Other Intangible Assets, net (T
Other Intangible Assets, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Components of Intangible Assets, Net | The components of other intangible assets, net, as of December 31, 2021 and 2020, were as follows: December 31, 2021 2020 Weighted Average Intangible Intangible Intangible Intangible Life Assets, Accumulated Assets, Assets, Accumulated Assets, (millions) (Years) Gross Amortization Net Gross Amortization Net Covenant not to compete 1.9 $ 2.9 $ (2.3 ) $ 0.6 $ 2.9 $ (1.3 ) $ 1.6 Trade names and trademarks 2.0 0.9 (0.5 ) 0.4 0.9 (0.2 ) 0.7 Proprietary know how 2.8 3.8 (1.3 ) 2.5 3.8 (0.4 ) 3.4 Management contract rights 7.2 81.0 (47.7 ) 33.3 81.0 (42.6 ) 38.4 Customer relationships 12.1 21.5 (3.9 ) 17.6 21.5 (2.5 ) 19.0 Other intangible assets, net 8.5 $ 110.1 $ (55.7 ) $ 54.4 $ 110.1 $ (47.0 ) $ 63.1 |
Summary of Amortization of Intangible Assets | Amortization expense related to intangible assets for the years ended December 31, 2021, 2020 and 2019, which was included in Depreciation and amortization within the Consolidated Statements of Income (Loss), was as follows: Year Ended December 31, (millions) 2021 2020 2019 Amortization expense $ 8.7 $ 13.2 $ 15.1 |
Schedule of Expected Future Amortization of Intangible Assets | The expected future amortization of intangible assets as of December 31, 2021 was as follows: (millions) Intangible asset amortization 2022 $ 8.1 2023 8.0 2024 7.3 2025 6.6 2026 6.1 2027 and thereafter 18.3 Total $ 54.4 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amounts of Goodwill | The changes in the carrying amounts of goodwill for the years ended December 31, 2021 and 2020 were as follows: (millions) Commercial Aviation Total Net book values as of January 1, 2020 Goodwill $ 377.0 $ 209.0 $ 586.0 Accumulated impairment losses — — — Total $ 377.0 $ 209.0 $ 586.0 Impairment — (59.5 ) (59.5 ) Foreign currency translation $ 0.1 $ — $ 0.1 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 Net book value as of December 31, 2021 Goodwill $ 377.1 $ 209.0 $ 586.1 Accumulated impairment losses — (59.5 ) (59.5 ) Total $ 377.1 $ 149.5 $ 526.6 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Measurement Date, Net Book Value and Related Impairment Charges for Assets | For those assets and asset groups for which impairment was recorded, the fair value as of the measurement date, net book value as of December 31, 2021 and related impairment charges during the years ended December 31, 2021 and 2020, were as follows: Year ended December 31, 2021 As of December 31, 2021 As of Measurement Date (millions) Measurement Date Impairment Charge Fair Value Measurement (Level 3) Net Book Value of Assets Assessed for Impairment ROU assets March 31, 2021 $ 0.1 $ — ROU assets September 30, 2021 3.5 2.0 Total of ROU assets impaired $ 3.6 $ 2.0 $ 1.9 Year ended December 31, 2020 As of December 31, 2020 As of Measurement Date (millions) Measurement Date Impairment Charge Fair Value Measurement (Level 3) Net Book Value of Assets Assessed for Impairment ROU assets March 31, 2020 $ 77.5 $ 147.4 ROU assets June 30, 2020 16.7 26.2 ROU assets September 30, 2020 1.6 1.6 ROU assets December 31, 2020 2.9 5.0 Total of ROU assets impaired 98.7 180.2 121.4 Goodwill - Aviation reporting unit August 31, 2020 59.5 149.5 149.5 Proprietary know how June 30, 2020 3.7 3.9 Customer relationships August 31, 2020 69.2 4.6 Trade names and trademarks August 31, 2020 2.9 0.5 Total Other intangible assets, net 75.8 9.0 8.3 |
Borrowing Arrangements (Tables)
Borrowing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Borrowings | Long-term borrowings, as of December 31, 2021 and 2020, in order of preference, were as follows: Amount Outstanding December 31, (millions) Maturity Date 2021 2020 Senior Credit Facility, net of original discount on borrowings (1) November 30, 2023 $ 301.6 $ 332.3 Other borrowings (2) Various 23.9 31.5 Deferred financing costs (1.5 ) (1.7 ) Total obligations 324.0 362.1 Less: Current portion of long-term borrowings 25.6 25.0 Total long-term obligations, excluding current portion $ 298.4 $ 337.1 (1) Includes discount on borrowings of $0.5 million and $0.9 million as of December 31, 2021 and 2020, respectively (2) Includes finance lease liabilities of $20.7 million and $28.3 million as of December 31, 2021 and 2020, respectively. See Note 2. Leases for further discussion. |
Schedule of Future Maturities of Debt Including Capitalized Leases | At December 31, 2021, the future maturities of debt, including capitalized leases, were as follows: (millions) 2022 $ 26.7 2023 290.1 2024 3.2 2025 1.5 2026 0.9 Thereafter 3.6 Total $ 326.0 |
Schedule of Interest Rate Collars | Summarized information about the Company’s interest rate collars was as follows: Interest Rate Collars December 31, 2021 Interest Rate Parameters (millions) Maturity Date Notional Amount LIBOR Ceiling LIBOR Floor Collar 1 April 2022 $ 74.1 2.5 % 1.2 % Collar 2 April 2022 74.1 2.5 % 1.3 % Collar 3 April 2022 74.1 2.5 % 1.4 % Total $ 222.3 |
Stock Repurchase Program (Table
Stock Repurchase Program (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Summary of Share Repurchase Activity and Remaining Authorized Repurchase Amounts | Share repurchase activity under the stock repurchase programs for the years ended December 31, 2021 and 2020 was as follows: (millions, except for share and per share data) December 31, 2021 December 31, 2020 Total number of shares repurchased — 393,975 Average price paid per share $ — $ 38.78 Total value of stock repurchased $ — $ 15.3 The remaining authorized repurchase amounts in the aggregate under the July 2019 and March 2020 repurchase programs as of December 31, 2021 was as follows: (millions) December 31, 2021 Total authorized repurchase amount $ 100.00 Total value of shares repurchased 40.6 Total remaining authorized repurchase amount $ 59.4 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Earnings (Loss) Before Income Taxes | Earnings (loss) before income taxes during the years ended December 31, 2021, 2020 and 2019, was as follows: Year Ended December 31, (millions) 2021 2020 2019 United States $ 44.8 $ (240.1 ) $ 69.7 Foreign (1) 1.0 (0.3 ) 1.4 Total $ 45.8 $ (240.4 ) $ 71.1 (1) Canada and Puerto Rico |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) during the years ended December 31, 2021, 2020 and 2019 were as follows: Year Ended December 31, (millions) 2021 2020 2019 Current U.S. Federal $ (3.2 ) $ (15.3 ) $ 9.6 Foreign (1) 0.2 0.2 0.9 State 1.0 0.1 4.7 Total current (2.0 ) (15.0 ) 15.2 Deferred U.S. Federal 9.7 (40.7 ) 2.9 Foreign (1) 0.1 — (0.1 ) State 2.7 (11.8 ) 1.4 Total deferred 12.5 (52.5 ) 4.2 Income tax expense (benefit) $ 10.5 $ (67.5 ) $ 19.4 (1) Canada and Puerto Rico |
Schedule of Components of Company's Deferred Tax Assets and Liabilities | Components of the Company's deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows: December 31, (millions) 2021 2020 Deferred tax assets NOL carry forwards and tax credits $ 23.9 $ 23.5 Lease liability 71.7 87.9 Accrued expenses 14.9 15.2 Accrued compensation 9.3 8.4 Depreciation 24.6 17.2 Other 1.4 3.4 Total deferred tax assets 145.8 155.6 Valuation allowances (10.9 ) (10.7 ) Net deferred tax assets 134.9 144.9 Deferred tax liabilities Prepaid expenses (0.1 ) (0.2 ) ROU asset (53.7 ) (62.8 ) Undistributed foreign earnings (0.2 ) (0.2 ) Depreciation and amortization (9.4 ) — Goodwill amortization (16.3 ) (13.0 ) Equity investments in unconsolidated entities (4.6 ) (4.9 ) Total deferred tax liabilities (84.3 ) (81.1 ) Total net deferred tax asset $ 50.6 $ 63.8 |
Schedule of Changes Affecting the Valuation Allowances on Deferred Tax Assets | Changes affecting the valuation allowances on deferred tax assets during the years ended December 2021, 2020, and 2019, were as follows: December 31, (millions) 2021 2020 2019 Beginning Balance $ 10.7 $ 8.3 $ 8.1 Current year expense 0.2 2.4 0.2 Ending Balance $ 10.9 $ 10.7 $ 8.3 |
Schedule of Reconciliation of the Reported Income Tax Provision | A reconciliation of the Company's reported income tax provision to the amount computed by multiplying earnings (loss) before income taxes by the statutory United States federal income tax rate for the years ended December 31, 2021, 2020 and 2019, was as follows: Year Ended December 31, (percentages) 2021 2020 2019 Tax at statutory rate 21.0 % 21.0 % 21.0 % Permanent differences 1.4 % (0.3 )% 1.1 % State taxes, net of federal benefit 6.8 % 5.8 % 6.3 % Effect of foreign tax rates 0.5 % (0.1 )% 0.8 % Federal net operating loss carryback rate differential (4.4 )% 2.5 % — Noncontrolling interest (1.7 )% — (0.8 )% Current year adjustment to deferred taxes — — 1.1 % Recognition of tax credits (1.0 )% 0.2 % (2.5 )% 22.6 % 29.1 % 27.0 % Change in valuation allowance 0.3 % (1.0 )% 0.3 % Effective tax rate 22.9 % 28.1 % 27.3 % |
Schedule of Tax Years that Remain Subject to Examination for the Company's Major Tax Jurisdictions | The tax years that remain subject to examination for the Company's major tax jurisdictions as of December 31, 2021 were as follows: 2018 - 2021 United States - federal income tax 2017 - 2021 United States - state and local income tax 2017 - 2021 Foreign - Canada and Puerto Rico |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Schedule of Participation in Multiemployer Defined Benefit Pension Plans | Zone Status Pension Protection as of the Expiration EIN/ Zone Status Contributions (millions) Most Date of Pension FIP/FR Recent Collective Plan Pending Surcharge Annual Bargaining Pension Number 2021 2020 2019 Implementation 2021 2020 2019 Imposed Report Agreement Teamsters Local Union 727 36-61023973 Green Green Green N/A $ 2.9 $ 0.3 $ 3.1 No 2021 3/6/2022 Local 272 Labor Management 13-5673836 Green Green Green N/A $ 0.9 $ 1.1 $ 1.3 No 2021 10/31/2026 |
Bradley Agreement (Tables)
Bradley Agreement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Contractors [Abstract] | |
Schedule of Deficiency Payments made, Net of Reimbursements | The total deficiency repayments (net of payments made), interest and premium received and recognized under the Bradley Agreement for the years ended December 31, 2021, 2020 and 2019, were as follows: Year Ended December 31 (millions) 2021 2020 2019 Deficiency repayments — $ 0.1 $ 3.8 Interest — 0.1 1.0 Premium — — 0.4 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders Equity Note [Abstract] | |
Components of Other Comprehensive Income (Loss) and Income Tax Benefit Allocated | The components of other comprehensive income (loss) and the income tax benefit allocated to each component for the years ended December 31, 2021, 2020, and 2019, were as follows: 2021 2020 2019 (millions) Before Tax Amount Income Tax Net of Tax Amount 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 $ 0.1 $ — $ 0.1 De-designation of interest rate collars 2.3 0.6 1.7 1.5 0.4 1.1 — — — Change in fair value of interest rate collars — — — (4.0 ) (1.1 ) (2.9 ) (0.6 ) (0.2 ) (0.4 ) Other Comprehensive income (loss) $ 2.2 $ 0.6 $ 1.6 $ (2.4 ) $ (0.7 ) $ (1.7 ) $ (0.5 ) $ (0.2 ) $ (0.3 ) |
Components of Accumulated Other Comprehensive Loss | The changes to accumulated other comprehensive loss by component for the years ended December 31, 2021, 2020, and 2019, were as follows: Total Foreign Accumulated Currency Other Translation Interest Rate Comprehensive (millions) Adjustments Collars Loss Balance as of January 1, 2019 $ (2.4 ) $ — $ (2.4 ) Other comprehensive (loss) income before reclassification 0.1 (0.4 ) (0.3 ) Balance as of December 31, 2019 (2.3 ) (0.4 ) (2.7 ) Other comprehensive (loss) income before reclassification 0.1 (2.9 ) (2.8 ) Amounts reclassified from accumulated other comprehensive loss — 1.1 1.1 Balance as of December 31, 2020 (2.2 ) (2.2 ) (4.4 ) Other comprehensive (loss) income before reclassification (0.1 ) — (0.1 ) Amounts reclassified from accumulated other comprehensive loss — 1.7 1.7 Balance as of December 31, 2021 $ (2.3 ) $ (0.5 ) $ (2.8 ) |
Reclassification from Accumulated Other Comprehensive Loss | Reclassifications from accumulated other comprehensive loss for the years ended December 31, 2021, 2020, and 2019, were as follows: (millions) 2021 2020 2019 Classification in the Consolidated Statements of (Loss) Income Interest Rate Collars: Net realized loss $ 2.3 $ 1.5 $ — Other expenses Reclassifications before tax 2.3 1.5 — Income tax benefit 0.6 0.4 — Reclassifications, net of tax $ 1.7 $ 1.1 $ — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information by Regions | Revenue, cost of services, general and administrative expenses, depreciation and amortization, impairment of goodwill and intangible assets and operating income (loss) by operating segment for the years ended December 31, 2021, 2020 and 2019 were as follows: Year Ended December 31, (millions) 2021 2020 2019 Services revenue Commercial Lease type contracts $ 206.5 $ 180.8 $ 378.2 Management type contracts 232.5 218.1 273.0 Total Commercial 439.0 398.9 651.2 Aviation Lease type contracts 9.1 8.6 30.7 Management type contracts 153.4 141.5 253.0 Total Aviation 162.5 150.1 283.7 Reimbursed management type contract revenue 575.7 537.9 728.8 Total services revenue $ 1,177.2 $ 1,086.9 $ 1,663.7 Cost of services (exclusive of depreciation and amortization) Commercial Lease type contracts $ 165.4 $ 187.7 $ 345.1 Management type contracts 132.3 128.8 159.6 Lease impairment 3.5 97.1 — Total Commercial 301.2 413.6 504.7 Aviation Lease type contracts 5.2 7.3 21.8 Management type contracts 115.2 97.7 180.3 Lease impairment 0.1 — — Total Aviation 120.5 105.0 202.1 Reimbursed management type contract expense 575.7 537.9 728.8 Total cost of services (exclusive of depreciation and amortization) $ 997.4 $ 1,056.5 $ 1,435.6 General and administrative expenses Commercial $ 21.4 $ 18.6 $ 31.9 Aviation 11.8 12.0 18.3 Other 55.0 54.8 58.8 Total general and administrative expenses $ 88.2 $ 85.4 $ 109.0 Depreciation and amortization Commercial (1) $ 13.5 $ 13.5 $ 12.4 Aviation (2) 8.4 12.7 14.0 Other 3.2 3.1 3.0 Total depreciation and amortization $ 25.1 $ 29.3 $ 29.4 Impairment of goodwill and intangible assets Aviation — 135.3 — Total impairment of goodwill and intangible assets $ — $ 135.3 $ — Operating income (loss) Commercial $ 102.9 $ (46.8 ) $ 102.2 Aviation 21.8 (114.9 ) 49.3 Other (58.2 ) (57.9 ) (61.8 ) Total operating income (loss) $ 66.5 $ (219.6 ) $ 89.7 (1) Includes depreciation and amortization expenses related to cost of services activities of $7.9 million, $7.6 million and $6.6 million during the years ended December 31, 2021, 2020 and 2019, respectively. (2) Includes depreciation and amortization expenses related to cost of services activities of $4.6 million, $4.1 million and $3.0 million during the years ended December 31, 2021, 2020, and 2019 respectively. |
Significant Accounting Polici_4
Significant Accounting Policies and Practices - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)partnershipvariable_interest_entityvoting_interest_model_entity | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Significant Accounting Policies and Practices | |||
Assets related to consolidated VIEs | $ 1,116.2 | $ 1,137.7 | |
Liabilities related to consolidated VIEs | 894.1 | 956.3 | |
Restricted cash and cash equivalents | 0.2 | 0.3 | |
Book overdrafts | 27.9 | 23.2 | |
Insurance reserve for general, garage, automobile and workers’ compensation liabilities | $ 47.6 | 43.5 | |
Number of ownership interest entities | partnership | 31 | ||
Investments under the equity method of accounting | $ 10.8 | 10.1 | |
Equity earnings in related investments | 1.4 | 1.3 | $ 3.2 |
Deferred tax liability, undistributed earnings of foreign subsidiaries | $ 0 | ||
ASU 2021-01 | |||
Significant Accounting Policies and Practices | |||
Change in accounting principle, accounting standards update, adopted [true false] | true | ||
Change in accounting principle, accounting standards update, immaterial effect | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||
ASU 2020-10 | |||
Significant Accounting Policies and Practices | |||
Change in accounting principle, accounting standards update, adopted [true false] | true | ||
Change in accounting principle, accounting standards update, immaterial effect | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||
ASU 2020-03 | |||
Significant Accounting Policies and Practices | |||
Change in accounting principle, accounting standards update, adopted [true false] | true | ||
Change in accounting principle, accounting standards update, immaterial effect | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||
ASU 2020-01 | |||
Significant Accounting Policies and Practices | |||
Change in accounting principle, accounting standards update, adopted [true false] | true | ||
Change in accounting principle, accounting standards update, immaterial effect | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 | ||
ASU 2021-08 | |||
Significant Accounting Policies and Practices | |||
Change in accounting principle, accounting standards update, immaterial effect | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2022 | ||
Change in accounting principle, accounting standards update, early adoption [true false] | true | ||
ASU 2021-10 | |||
Significant Accounting Policies and Practices | |||
Change in accounting principle, accounting standards update, immaterial effect | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2022 | ||
Change in accounting principle, accounting standards update, early adoption [true false] | true | ||
Accrued and Other Current Liabilities | |||
Significant Accounting Policies and Practices | |||
Insurance reserve for general, garage, automobile and workers’ compensation liabilities | $ 20 | 20.1 | |
Other Noncurrent Liabilities | |||
Significant Accounting Policies and Practices | |||
Insurance reserve for general, garage, automobile and workers’ compensation liabilities | $ 27.6 | 23.4 | |
Minimum | |||
Significant Accounting Policies and Practices | |||
Ownership interests percentage | 30.00% | ||
Maximum | |||
Significant Accounting Policies and Practices | |||
Ownership interests percentage | 50.00% | ||
Equipment | Minimum | |||
Significant Accounting Policies and Practices | |||
Ranges of estimated useful life | 1 year | ||
Equipment | Maximum | |||
Significant Accounting Policies and Practices | |||
Ranges of estimated useful life | 10 years | ||
Leasehold improvements | Maximum | |||
Significant Accounting Policies and Practices | |||
Ranges of estimated useful life | 10 years | ||
Leasehold improvements | Average | |||
Significant Accounting Policies and Practices | |||
Ranges of estimated useful life | 3 years 10 months 24 days | ||
Internal-use Software | |||
Significant Accounting Policies and Practices | |||
Ranges of estimated useful life | 3 years | ||
Primary Beneficiary | |||
Significant Accounting Policies and Practices | |||
Assets related to consolidated VIEs | $ 54.9 | 38.7 | |
Liabilities related to consolidated VIEs | $ 52.7 | $ 45.1 | |
Number of ownership interest entities | variable_interest_entity | 25 | ||
Not Primary Beneficiary | |||
Significant Accounting Policies and Practices | |||
Number of ownership interest entities | voting_interest_model_entity | 6 |
Significant Accounting Polici_5
Significant Accounting Policies and Practices - Schedule of Transactions Affecting Allowance for Doubtful Accounts Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Beginning Balance | $ 5.1 | $ 1.9 | $ 1 |
Provision for credit losses | 0.8 | 6.4 | 1.1 |
Write offs and other | (2.4) | (3.2) | (0.2) |
Ending Balance | $ 3.5 | $ 5.1 | $ 1.9 |
Significant Accounting Polici_6
Significant Accounting Policies and Practices - Components of Accrued and Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued And Other Current Liabilities [Abstract] | ||
Accrued rent | $ 19 | $ 17.3 |
Compensation and payroll withholdings | 25.6 | 32 |
Property, payroll and other taxes | 6.9 | 4.8 |
Accrued insurance | 20 | 20.1 |
Accrued expenses | 51.8 | 38.5 |
Accrued and other current liabilities | $ 123.3 | $ 112.7 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessor, Lease, Description [Line Items] | |||
Right-of-use assets | $ 201.2 | $ 235.1 | |
Lease impairment | 3.6 | 97.1 | $ 0 |
Rent concessions cares act | 16.6 | 26 | |
Sublease income | 1.4 | 1.6 | |
Lease Impairment | |||
Lessor, Lease, Description [Line Items] | |||
Lease impairment | 3.6 | ||
General and Administrative Expense | |||
Lessor, Lease, Description [Line Items] | |||
Lease impairment | 1.6 | ||
Commercial | |||
Lessor, Lease, Description [Line Items] | |||
Lease impairment | 3.5 | ||
Aviation | |||
Lessor, Lease, Description [Line Items] | |||
Lease impairment | 0.1 | ||
Commercial and Aviation | |||
Lessor, Lease, Description [Line Items] | |||
Lease impairment | 98.7 | ||
Level 3 | |||
Lessor, Lease, Description [Line Items] | |||
Right-of-use assets | 5.6 | 278.9 | |
Right-of-use asset, fair value | $ 2 | $ 180.2 |
Leases - Schedule of Components
Leases - Schedule of Components of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Right-of-use assets | $ 201.2 | $ 235.1 |
Leasehold improvements, equipment and construction in progress, net | $ 22.4 | $ 28.8 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Leasehold improvements, equipment and construction in progress, net | Leasehold improvements, equipment and construction in progress, net |
Total leased assets | $ 223.6 | $ 263.9 |
Current | ||
Short-term lease liabilities | 65.4 | 82.1 |
Current portion of long-term borrowings | $ 6.7 | $ 7.8 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term borrowings | Current portion of long-term borrowings |
Noncurrent | ||
Long-term lease liabilities | $ 200.3 | $ 243.4 |
Long-term borrowings, excluding current portion | $ 14 | $ 20.5 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term borrowings, excluding current portion | Long-term borrowings, excluding current portion |
Total lease liabilities | $ 286.4 | $ 353.8 |
Leases - Schedule of Componen_2
Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessor, Lease, Description [Line Items] | |||
Operating lease cost | $ 57.5 | $ 81.1 | |
Short-term lease | 15.9 | 22.6 | |
Variable lease | 36.7 | 20.1 | |
Operating lease cost | 110.1 | 123.8 | |
Amortization of leased assets | 5.7 | 4.2 | |
Interest on lease liabilities | 1 | 1.1 | |
Lease impairment | 3.6 | 97.1 | $ 0 |
Net lease cost | $ 120.4 | 227.8 | |
General and Administrative Expense | |||
Lessor, Lease, Description [Line Items] | |||
Lease impairment | $ 1.6 |
Leases - Schedule of Componen_3
Leases - Schedule of Components of Lease Cost (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lessor, Lease, Description [Line Items] | ||
Operating lease cost | $ 57.5 | $ 81.1 |
Rent concessions cares act | 16.6 | 26 |
Office Space | ||
Lessor, Lease, Description [Line Items] | ||
Operating lease cost | $ 4.1 | $ 5.7 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2022 | $ 76.9 | |
2023 | 62.1 | |
2024 | 46.3 | |
2025 | 35.9 | |
2026 | 28.6 | |
After 2026 | 59.6 | |
Total lease payments | 309.4 | |
Less: Imputed interest | 43.7 | |
Present value of lease liabilities | $ 265.7 | |
Weighted-average remaining lease term (years) | 5 years 8 months 12 days | |
Weighted-average discount rate | 5.20% | |
Finance Leases | ||
2022 | $ 7.5 | |
2023 | 5.4 | |
2024 | 3.5 | |
2025 | 1.7 | |
2026 | 1.1 | |
After 2026 | 4 | |
Total lease payments | 23.2 | |
Less: Imputed interest | 2.5 | |
Present value of lease liabilities | $ 20.7 | $ 28.3 |
Weighted-average remaining lease term (years) | 4 years 9 months 18 days | |
Weighted-average discount rate | 4.30% | |
Total | ||
2022 | $ 84.4 | |
2023 | 67.5 | |
2024 | 49.8 | |
2025 | 37.6 | |
2026 | 29.7 | |
After 2026 | 63.6 | |
Total lease payments | 332.6 | |
Less: Imputed interest | 46.2 | |
Present value of lease liabilities | $ 286.4 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash outflows related to operating leases | $ 96.4 | $ 120.3 |
Operating cash outflows related to interest on finance leases | 1 | 1.1 |
Financing cash outflows related to finance leases | 7.7 | 5.2 |
Leased assets obtained in exchange for new operating lease liabilities | 40.7 | 38.2 |
Leased assets obtained in exchange for new finance lease liabilities | $ 0.4 | $ 16.5 |
Restructuring and Other Costs -
Restructuring and Other Costs - Schedule of Restructuring and Other Costs (Details) - Central Merger - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cost of Services - Lease Type Contracts | |||
Business Acquisition [Line Items] | |||
Restructuring and other costs | $ 0.2 | $ 0.4 | |
Cost of Services - Management Type Contracts | |||
Business Acquisition [Line Items] | |||
Restructuring and other costs | 1.8 | 0.7 | |
General and Administrative Expenses | |||
Business Acquisition [Line Items] | |||
Restructuring and other costs | $ 1.2 | $ 6.5 | $ 1.3 |
Restructuring and Other Costs_2
Restructuring and Other Costs - Schedule of Restructuring and Other Costs (Parenthetical) (Details) - Central Merger - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cost of Services - Lease Type Contracts | ||
Business Acquisition [Line Items] | ||
Severance costs | $ 0.4 | |
Cost of Services - Management Type Contracts | ||
Business Acquisition [Line Items] | ||
Severance costs | $ 0.2 | 0.7 |
General and Administrative Expense | ||
Business Acquisition [Line Items] | ||
Severance costs | $ 0.2 | $ 4 |
Restructuring and Other Costs_3
Restructuring and Other Costs - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued and Other Current Liabilities | ||
Business Acquisition [Line Items] | ||
Accrual for restructuring and other costs | $ 1.1 | $ 1.2 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |||
Negotiable cost reductions cares act | $ 24,400,000 | $ 31,300,000 | |
Performance obligation unsatisfied or partially satisfied | 166,700,000 | ||
Impairment charges | $ 0 | $ 0 | $ 0 |
Revenue - Schedule of Performan
Revenue - Schedule of Performance Obligations (Details) $ in Millions | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligations | $ 166.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligations | $ 66.9 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligations | $ 46.8 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligations | $ 29.8 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligations | $ 12.2 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligations | $ 5.8 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining Performance Obligations | $ 5.2 |
Revenue, remaining performance obligation, expected timing of satisfaction, period |
Revenue - Schedule of Perform_2
Revenue - Schedule of Performance Obligations (Details 1) $ in Millions | Dec. 31, 2021USD ($) |
Revenue From Contract With Customer [Abstract] | |
Remaining Performance Obligations | $ 166.7 |
Revenue - Schedule of Contract
Revenue - Schedule of Contract Asset and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue From Contract With Customer [Abstract] | |||
Accounts receivable | $ 137.3 | $ 102.7 | |
Contract asset | 2.3 | 8.6 | $ 11 |
Contract liability | $ (15.7) | $ (12.5) | $ (19.4) |
Revenue - Schedule of Contrac_2
Revenue - Schedule of Contract Asset Balances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Contract Asset Balances with Customer | ||
Balance, beginning of year | $ 8.6 | $ 11 |
Additional contract assets | 2.3 | 8.6 |
Reclassification to accounts receivable | (8.6) | (11) |
Balance, end of year | $ 2.3 | $ 8.6 |
Revenue - Schedule of Contrac_3
Revenue - Schedule of Contract Liabilities Balances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Contract Liability Balances with Customer | ||
Balance, beginning of year | $ (12.5) | $ (19.4) |
Additional contract liabilities | (15.7) | (12.5) |
Recognition of revenue from contract liabilities | 12.5 | 19.4 |
Balance, end of year | $ (15.7) | $ (12.5) |
Net Income (Loss) per Common _3
Net Income (Loss) per Common Share - Basic and Diluted Net (Loss) Income per Common Share and Weighted Average Common Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net income (loss) attributable to SP Plus Corporation | $ 31.7 | $ (172.8) | $ 48.8 |
Basic weighted average common shares outstanding | 21,166,323 | 21,056,061 | 22,080,025 |
Dilutive impact of share-based awards | 213,660 | 128,007 | |
Diluted weighted average common shares outstanding | 21,379,983 | 21,056,061 | 22,208,032 |
Net income (loss) per common share | |||
Basic (in dollars per share) | $ 1.50 | $ (8.21) | $ 2.21 |
Diluted (in dollars per share) | $ 1.48 | $ (8.21) | $ 2.20 |
Net Income (Loss) per Common _4
Net Income (Loss) per Common Share - Narrative (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 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) | 51,276 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 07, 2018 | Mar. 06, 2018 | |
Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted awards (in shares) | 313,502 | 0 | 37,235 | ||
Grants in period, weighted average grant date fair value | $ 34.45 | $ 33.61 | |||
Vested awards (in shares) | 5,615 | ||||
Unrecognized compensation costs related to unvested options | $ 6.6 | ||||
Restricted Stock Units | Executive Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted awards (in shares) | 160,843 | ||||
Vesting period | 2 years | 3 years | |||
Restricted Stock Units | Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted awards (in shares) | 152,659 | ||||
Vesting period | 3 years | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares of common stock available for awards (in shares) | 101,736 | 181,504 | |||
Granted awards (in shares) | 50,868 | 96,056 | 125,232 | ||
Grants in period, weighted average grant date fair value | $ 34.97 | $ 37.89 | $ 33.28 | ||
Vested awards (in shares) | 0 | ||||
Share-based compensation arrangement by share-based payment award percentage of target achieved | 95.00% | ||||
Reversed of expense related to 2019 PSU's | $ 1.4 | ||||
Unrecognized compensation costs related to unvested options | $ 2.5 | ||||
Performance Shares | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation costs related to unvested options | $ 6.4 | ||||
Long-term incentive plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares of common stock available for awards (in shares) | 3,775,000 | 2,975,000 | |||
Shares remaining available for grant (in shares) | 389,545 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Vested Stock Grants (Details) - Directors - Stock Options - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested stock grants | 13,420 | 25,066 | 14,076 |
Stock-based compensation expense | $ 0.5 | $ 0.5 | $ 0.5 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted and Performance Stock Units Rollforward (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock Units | |||
Shares | |||
Nonvested at the beginning of the period (in shares) | 51,276 | ||
Granted (in shares) | 313,502 | 0 | 37,235 |
Vested (in shares) | (5,615) | ||
Forfeited (in shares) | (3,729) | ||
Nonvested at the end of the period (in shares) | 355,434 | 51,276 | |
Weighted Average Grant-Date Fair Value | |||
Nonvested at the beginning of the period (in dollars per share) | $ 33.24 | ||
Grants in period, weighted average grant date fair value | 34.45 | $ 33.61 | |
Vested (in dollars per share) | 26.71 | ||
Forfeited (in dollars per share) | 33.95 | ||
Nonvested at the end of the period (in dollars per share) | $ 34.40 | $ 33.24 | |
Performance Shares | |||
Shares | |||
Nonvested at the beginning of the period (in shares) | 200,218 | ||
Granted (in shares) | 50,868 | 96,056 | 125,232 |
Vested (in shares) | 0 | ||
Forfeited (in shares) | (3,375) | ||
Expired (in shares) | (112,328) | ||
Nonvested at the end of the period (in shares) | 135,383 | 200,218 | |
Weighted Average Grant-Date Fair Value | |||
Nonvested at the beginning of the period (in dollars per share) | $ 35.27 | ||
Grants in period, weighted average grant date fair value | 34.97 | $ 37.89 | $ 33.28 |
Forfeited (in dollars per share) | 35.96 | ||
Expired (in dollars per share) | 33.28 | ||
Nonvested at the end of the period (in dollars per share) | $ 36.79 | $ 35.27 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 4.6 | $ 1.1 | $ 1.1 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 1 | $ (1) | $ 3.3 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Unrecognized Compensation Expense (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation | $ 6.6 |
Weighted average (years) | 1 year 6 months |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation | $ 2.5 |
Weighted average (years) | 2 years |
Leasehold Improvements, Equip_3
Leasehold Improvements, Equipment and Construction in Progress, net - Schedule of Leasehold Improvements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leasehold Improvements, Equipment, Land and Construction in Progress, Net | ||
Leasehold improvements, equipment and construction in progress, gross | $ 161.2 | $ 155.3 |
Accumulated depreciation and amortization | (112.3) | (102) |
Leasehold improvements, equipment and construction in progress, net | 48.9 | 53.3 |
Equipment | ||
Leasehold Improvements, Equipment, Land and Construction in Progress, Net | ||
Leasehold improvements, equipment and construction in progress, gross | $ 51 | 50.1 |
Equipment | Minimum | ||
Leasehold Improvements, Equipment, Land and Construction in Progress, Net | ||
Ranges of estimated useful life | 1 year | |
Equipment | Maximum | ||
Leasehold Improvements, Equipment, Land and Construction in Progress, Net | ||
Ranges of estimated useful life | 10 years | |
Software | ||
Leasehold Improvements, Equipment, Land and Construction in Progress, Net | ||
Leasehold improvements, equipment and construction in progress, gross | $ 48.8 | 42.3 |
Software | Minimum | ||
Leasehold Improvements, Equipment, Land and Construction in Progress, Net | ||
Ranges of estimated useful life | 2 years | |
Software | Maximum | ||
Leasehold Improvements, Equipment, Land and Construction in Progress, Net | ||
Ranges of estimated useful life | 5 years | |
Vehicles | ||
Leasehold Improvements, Equipment, Land and Construction in Progress, Net | ||
Leasehold improvements, equipment and construction in progress, gross | $ 36.2 | 37.3 |
Vehicles | Minimum | ||
Leasehold Improvements, Equipment, Land and Construction in Progress, Net | ||
Ranges of estimated useful life | 1 year | |
Vehicles | Maximum | ||
Leasehold Improvements, Equipment, Land and Construction in Progress, Net | ||
Ranges of estimated useful life | 10 years | |
Other | ||
Leasehold Improvements, Equipment, Land and Construction in Progress, Net | ||
Leasehold improvements, equipment and construction in progress, gross | $ 1 | 0.8 |
Ranges of estimated useful life | 3 years | |
Leasehold improvements | ||
Leasehold Improvements, Equipment, Land and Construction in Progress, Net | ||
Leasehold improvements, equipment and construction in progress, gross | $ 16.8 | 18 |
Leasehold improvements | Maximum | ||
Leasehold Improvements, Equipment, Land and Construction in Progress, Net | ||
Ranges of estimated useful life | 10 years | |
Construction in progress | ||
Leasehold Improvements, Equipment, Land and Construction in Progress, Net | ||
Leasehold improvements, equipment and construction in progress, gross | $ 7.4 | $ 6.8 |
Leasehold Improvements, Equip_4
Leasehold Improvements, Equipment and Construction in Progress, net - Schedule of Depreciation and Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property Plant And Equipment [Line Items] | |||
Depreciation expense and amortization | $ 25.1 | $ 29.3 | $ 29.4 |
Leasehold Improvements and Equipment | |||
Property Plant And Equipment [Line Items] | |||
Depreciation expense and amortization | $ 16.4 | $ 15.3 | $ 12.8 |
Cost of Contracts, net - Summar
Cost of Contracts, net - Summary of Cost of Contracts (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue From Contract With Customer [Abstract] | ||
Cost of contracts | $ 23.3 | $ 26 |
Accumulated amortization | (19.5) | (21.2) |
Cost of contracts, net | $ 3.8 | $ 4.8 |
Cost of Contracts, net - Schedu
Cost of Contracts, net - Schedule of Amortization Expense Related to Cost of Contracts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |||
Cost of contracts expense | $ 1 | $ 1 | $ 0.7 |
Weighted average life (years) | 7 years | 7 years 9 months 18 days | 10 years |
Other Intangible Assets, net -
Other Intangible Assets, net - Components of Intangible Assets, Net (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Life (Years) | 8 years 6 months | |
Intangible Assets, Gross | $ 110.1 | $ 110.1 |
Accumulated Amortization | (55.7) | (47) |
Intangible Assets, Net | $ 54.4 | 63.1 |
Covenant Not to Compete | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Life (Years) | 1 year 10 months 24 days | |
Intangible Assets, Gross | $ 2.9 | 2.9 |
Accumulated Amortization | (2.3) | (1.3) |
Intangible Assets, Net | $ 0.6 | 1.6 |
Trade Names and Trademarks | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Life (Years) | 2 years | |
Intangible Assets, Gross | $ 0.9 | 0.9 |
Accumulated Amortization | (0.5) | (0.2) |
Intangible Assets, Net | $ 0.4 | 0.7 |
Proprietary Know How | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Life (Years) | 2 years 9 months 18 days | |
Intangible Assets, Gross | $ 3.8 | 3.8 |
Accumulated Amortization | (1.3) | (0.4) |
Intangible Assets, Net | $ 2.5 | 3.4 |
Management Contract Rights | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Life (Years) | 7 years 2 months 12 days | |
Intangible Assets, Gross | $ 81 | 81 |
Accumulated Amortization | (47.7) | (42.6) |
Intangible Assets, Net | $ 33.3 | 38.4 |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Weighted Average Life (Years) | 12 years 1 month 6 days | |
Intangible Assets, Gross | $ 21.5 | 21.5 |
Accumulated Amortization | (3.9) | (2.5) |
Intangible Assets, Net | $ 17.6 | $ 19 |
Other Intangible Assets, net _2
Other Intangible Assets, net - Summary of Amortization of Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 8.7 | $ 13.2 | $ 15.1 |
Other Intangible Assets, net _3
Other Intangible Assets, net - Schedule of Future Amortization (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Expected future amortization of intangible assets | ||
2022 | $ 8.1 | |
2023 | 8 | |
2024 | 7.3 | |
2025 | 6.6 | |
2026 | 6.1 | |
2027 and thereafter | 18.3 | |
Intangible Assets, Net | $ 54.4 | $ 63.1 |
Other Intangible Assets, net _4
Other Intangible Assets, net - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite Lived Intangible Assets [Line Items] | |||
Impairment charges | $ 0 | $ 0 | |
Aviation | Proprietary Know How | |||
Finite Lived Intangible Assets [Line Items] | |||
Impairment charges | $ 3,700,000 | ||
Aviation | Customer Relationships and Tradenames and Trademarks | |||
Finite Lived Intangible Assets [Line Items] | |||
Impairment charges | $ 72,100,000 |
Goodwill - Schedule of Changes
Goodwill - Schedule of Changes in Carrying Amounts of Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | |||
Goodwill | $ 586,100,000 | $ 586,100,000 | $ 586,000,000 |
Accumulated impairment losses | (59,500,000) | (59,500,000) | |
Total | 526,600,000 | 526,600,000 | 586,000,000 |
Impairment | (59,500,000) | 0 | |
Foreign currency translation | 100,000 | ||
Commercial | |||
Goodwill [Line Items] | |||
Goodwill | 377,100,000 | 377,100,000 | 377,000,000 |
Total | 377,100,000 | 377,100,000 | 377,000,000 |
Foreign currency translation | 100,000 | ||
Aviation | |||
Goodwill [Line Items] | |||
Goodwill | 209,000,000 | 209,000,000 | 209,000,000 |
Accumulated impairment losses | (59,500,000) | (59,500,000) | |
Total | 149,500,000 | 149,500,000 | 209,000,000 |
Impairment | $ 0 | (59,500,000) | $ 0 |
Foreign currency translation | $ 0 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | |||
Impairment loss as a result of goodwill | $ 59,500,000 | $ 0 | |
Aviation | |||
Goodwill [Line Items] | |||
Impairment loss as a result of goodwill | $ 0 | $ 59,500,000 | $ 0 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Measurement Date, Net Book Value and Related Impairment Charges for Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total of ROU assets impaired | $ 3,600,000 | $ 97,100,000 | $ 0 |
Total ROU assets, net book value assets assessed for impairment | 201,200,000 | 235,100,000 | |
Goodwill, impairment charge | 59,500,000 | 0 | |
Other intangible assets, net, impairment charge | 0 | 0 | |
Goodwill, net book value assets assessed for impairment | 526,600,000 | 526,600,000 | 586,000,000 |
Other intangible assets, net book value | 54,400,000 | 63,100,000 | |
Aviation | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total of ROU assets impaired | 100,000 | ||
Goodwill, impairment charge | 0 | 59,500,000 | 0 |
Goodwill, net book value assets assessed for impairment | 149,500,000 | 149,500,000 | $ 209,000,000 |
Proprietary Know How | Aviation | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Other intangible assets, net, impairment charge | 3,700,000 | ||
Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total ROU assets, net book value assets assessed for impairment | 5,600,000 | 278,900,000 | |
Fair Value, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total of ROU assets impaired | 3,600,000 | 98,700,000 | |
Total ROU assets, net book value assets assessed for impairment | 1,900,000 | 121,400,000 | |
Other intangible assets, net, impairment charge | 75,800,000 | ||
Goodwill, net book value assets assessed for impairment | 149,500,000 | ||
Other intangible assets, net book value | 8,300,000 | ||
Fair Value, Nonrecurring | Aviation | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Goodwill, impairment charge | $ 59,500,000 | ||
Fair Value, Nonrecurring | Proprietary Know How | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Measurement Date | Jun. 30, 2020 | ||
Other intangible assets, net, impairment charge | $ 3,700,000 | ||
Fair Value, Nonrecurring | Customer Relationships | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Measurement Date | Aug. 31, 2020 | ||
Other intangible assets, net, impairment charge | $ 69,200,000 | ||
Fair Value, Nonrecurring | Trade Names and Trademarks | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Measurement Date | Aug. 31, 2020 | ||
Other intangible assets, net, impairment charge | $ 2,900,000 | ||
Fair Value, Nonrecurring | Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total of ROU assets impaired | $ 2,000,000 | 180,200,000 | |
Other intangible assets, net, fair value | 9,000,000 | ||
Fair Value, Nonrecurring | Level 3 | Aviation | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Goodwill, fair value | 149,500,000 | ||
Fair Value, Nonrecurring | Level 3 | Proprietary Know How | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Other intangible assets, net, fair value | 3,900,000 | ||
Fair Value, Nonrecurring | Level 3 | Customer Relationships | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Other intangible assets, net, fair value | 4,600,000 | ||
Fair Value, Nonrecurring | Level 3 | Trade Names and Trademarks | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Other intangible assets, net, fair value | $ 500,000 | ||
Fair Value, Nonrecurring | ROU Assets | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Measurement Date | Mar. 31, 2021 | Mar. 31, 2020 | |
Total of ROU assets impaired | $ 100,000 | $ 77,500,000 | |
Fair Value, Nonrecurring | ROU Assets | Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total of ROU assets impaired | $ 147,400,000 | ||
Fair Value, Nonrecurring | ROU Assets | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Measurement Date | Sep. 30, 2021 | Jun. 30, 2020 | |
Total of ROU assets impaired | $ 3,500,000 | $ 16,700,000 | |
Fair Value, Nonrecurring | ROU Assets | Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total of ROU assets impaired | $ 2,000,000 | $ 26,200,000 | |
Fair Value, Nonrecurring | ROU Assets | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Measurement Date | Sep. 30, 2020 | ||
Total of ROU assets impaired | $ 1,600,000 | ||
Fair Value, Nonrecurring | ROU Assets | Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total of ROU assets impaired | $ 1,600,000 | ||
Fair Value, Nonrecurring | ROU Assets | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Measurement Date | Dec. 31, 2020 | ||
Total of ROU assets impaired | $ 2,900,000 | ||
Fair Value, Nonrecurring | ROU Assets | Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Total of ROU assets impaired | $ 5,000,000 | ||
Fair Value, Nonrecurring | Goodwill | Aviation | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Measurement Date | Aug. 31, 2020 |
Fair Value Measurement - Narrat
Fair Value Measurement - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Impairment loss as a result of goodwill | $ 59,500,000 | $ 0 |
Borrowing Arrangements - Schedu
Borrowing Arrangements - Schedule of Long-Term Borrowing (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Other borrowings | $ 23.9 | $ 31.5 |
Deferred financing costs | $ (1.5) | (1.7) |
Other borrowings, Maturity Date | Various | |
Total obligations under Senior Credit Facility and other borrowings | $ 324 | 362.1 |
Less: Current portion of long-term borrowings | 25.6 | 25 |
Total long-term obligations, excluding current portion | 298.4 | 337.1 |
Senior Credit Facility, Net of Original Discount on Borrowings | ||
Debt Instrument [Line Items] | ||
Total obligations under Senior Credit Facility and other borrowings | $ 301.6 | $ 332.3 |
Maturity Date | Nov. 30, 2023 |
Borrowing Arrangements - Sche_2
Borrowing Arrangements - Schedule of Long-Term Borrowing (Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Discount on borrowings | $ 0.5 | $ 0.9 |
Finance lease, liability | $ 20.7 | $ 28.3 |
Borrowing Arrangements - Sche_3
Borrowing Arrangements - Schedule of Future Maturities of Debt, Including Capitalized Leases (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 26.7 |
2023 | 290.1 |
2024 | 3.2 |
2025 | 1.5 |
2026 | 0.9 |
Thereafter | 3.6 |
Total | $ 326 |
Borrowing Arrangements - Narrat
Borrowing Arrangements - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
May 31, 2019USD ($) | Sep. 30, 2021 | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Feb. 16, 2021USD ($) | May 06, 2020USD ($) | |
Debt Instrument [Line Items] | ||||||||
Debt instrument, covenant compliance | As of December 31, 2021, the Company was in compliance with its debt covenants under the Amended Credit Agreement. | |||||||
Long-term borrowings | $ 324,000,000 | $ 362,100,000 | ||||||
Notional amount | 222,300,000 | |||||||
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 | |||||||
Derivative, cap interest rate | 2.50% | |||||||
Liability | $ 700,000 | 3,100,000 | ||||||
Interest paid | $ 2,500,000 | 1,600,000 | ||||||
Senior Credit Facility, Net of Discount | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity Date | Nov. 30, 2023 | |||||||
Long-term borrowings | $ 301,600,000 | $ 332,300,000 | ||||||
Weighted average interest rate | 3.60% | 3.60% | ||||||
Convertible Subordinated Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price upon stated maturity (in dollars per share) | $ / shares | $ 19.18 | |||||||
Convertible debentures maturity per share | $ / shares | $ 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 | ||||||
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 Amount | 46,400,000 | |||||||
Long-term borrowings | $ 302,100,000 | |||||||
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 | 4.75 | 3 | ||||||
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 | 1 | |||||||
Fixed coverage ratio that is required to be maintained | 1 | |||||||
Amended Credit Agreement | Senior Credit Facility, Net of Discount | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 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% |
Borrowing Arrangements - Sche_4
Borrowing Arrangements - Schedule of Interest Rate Collars (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Debt Instrument [Line Items] | |
Notional amount | $ 222.3 |
Collar 1 | |
Debt Instrument [Line Items] | |
Maturity Date | 2022-04 |
Notional amount | $ 74.1 |
LIBOR Ceiling | 2.50% |
LIBOR Floor | 1.20% |
Collar 2 | |
Debt Instrument [Line Items] | |
Maturity Date | 2022-04 |
Notional amount | $ 74.1 |
LIBOR Ceiling | 2.50% |
LIBOR Floor | 1.30% |
Collar 3 | |
Debt Instrument [Line Items] | |
Maturity Date | 2022-04 |
Notional amount | $ 74.1 |
LIBOR Ceiling | 2.50% |
LIBOR Floor | 1.40% |
Stock Repurchase Program - Narr
Stock Repurchase Program - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 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 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 | 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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | ||
Total number of shares repurchased | 393,975 | |
Average price paid per share (in dollars per share) | $ 38.78 | |
Total value of stock repurchased | $ 15.3 | $ 47.8 |
Stock Repurchase Program - Su_2
Stock Repurchase Program - Summary of Remaining Authorized Repurchase Amounts (Details) | Dec. 31, 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 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Earnings (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Components of income before taxes | |||
United States | $ 44.8 | $ (240.1) | $ 69.7 |
Foreign | 1 | (0.3) | 1.4 |
Earnings (loss) before income taxes | $ 45.8 | $ (240.4) | $ 71.1 |
Income Taxes - Schedule of Co_2
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | |||
U.S. Federal | $ (3.2) | $ (15.3) | $ 9.6 |
Foreign | 0.2 | 0.2 | 0.9 |
State | 1 | 0.1 | 4.7 |
Total current | (2) | (15) | 15.2 |
Deferred | |||
U.S. Federal | 9.7 | (40.7) | 2.9 |
Foreign | 0.1 | (0.1) | |
State | 2.7 | (11.8) | 1.4 |
Total deferred | 12.5 | (52.5) | 4.2 |
Income tax expense (benefit) | $ 10.5 | $ (67.5) | $ 19.4 |
Income Taxes - Schedule of Co_3
Income Taxes - Schedule of Components of Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||
NOL carry forwards and tax credits | $ 23.9 | $ 23.5 |
Lease liability | 71.7 | 87.9 |
Accrued expenses | 14.9 | 15.2 |
Accrued compensation | 9.3 | 8.4 |
Depreciation | 24.6 | 17.2 |
Other | 1.4 | 3.4 |
Total deferred tax assets | 145.8 | 155.6 |
Valuation allowances | (10.9) | (10.7) |
Net deferred tax assets | 134.9 | 144.9 |
Deferred tax liabilities | ||
Prepaid expenses | (0.1) | (0.2) |
ROU asset | (53.7) | (62.8) |
Undistributed foreign earnings | (0.2) | (0.2) |
Depreciation and amortization | (9.4) | |
Goodwill amortization | (16.3) | (13) |
Equity investments in unconsolidated entities | (4.6) | (4.9) |
Total deferred tax liabilities | (84.3) | (81.1) |
Total net deferred tax asset | $ 50.6 | $ 63.8 |
Income Taxes - Schedule of Chan
Income Taxes - Schedule of Changes Affecting the Valuation Allowances on Deferred Tax Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation Allowance [Line Items] | |||
Beginning Balance | $ 10.7 | ||
Ending Balance | 10.9 | $ 10.7 | |
Valuation Allowance Deferred Tax Assets | |||
Valuation Allowance [Line Items] | |||
Beginning Balance | 10.7 | 8.3 | $ 8.1 |
Current year expense | 0.2 | 2.4 | 0.2 |
Ending Balance | $ 10.9 | $ 10.7 | $ 8.3 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | |||
Valuation allowance | $ 10.9 | $ 10.7 | |
Income tax refund receivable related to CARES Act | 20.5 | 15.4 | |
Increase (decrease) in income taxes refund receivable | 5.1 | ||
Additional tax benefit related to carryback the federal taxable loss | 2 | ||
Income taxes | 0.5 | $ 2.4 | $ 15.3 |
State | |||
Income Taxes | |||
Operating loss carryforwards, amount | $ 21.2 | ||
State | Minimum | |||
Income Taxes | |||
Operating loss carryforwards, expiration year | 2022 | ||
State | Maximum | |||
Income Taxes | |||
Operating loss carryforwards, expiration year | 2041 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of the Reported Income Tax Provision (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of income tax provision (benefit) to the amount computed by multiplying book income/(loss) before income taxes by federal income tax rate | |||
Tax at statutory rate | 21.00% | 21.00% | 21.00% |
Permanent differences | 1.40% | (0.30%) | 1.10% |
State taxes, net of federal benefit | 6.80% | 5.80% | 6.30% |
Effect of foreign tax rates | 0.50% | (0.10%) | 0.80% |
Federal net operating loss carryback rate differential | (4.40%) | 2.50% | 0.00% |
Noncontrolling interest | (1.70%) | 0.00% | (0.80%) |
Current year adjustment to deferred taxes | 0.00% | 0.00% | 1.10% |
Recognition of tax credits | (1.00%) | 0.20% | (2.50%) |
Income tax expense before change in valuation allowance | 22.60% | 29.10% | 27.00% |
Change in valuation allowance | 0.30% | (1.00%) | 0.30% |
Effective tax rate | 22.90% | 28.10% | 27.30% |
Income Taxes - Schedule of Tax
Income Taxes - Schedule of Tax Years that Remain Subject to Examination for the Company's Major Tax Jurisdictions (Details) | 12 Months Ended |
Dec. 31, 2021 | |
United States - federal income tax | Minimum | |
Income Taxes | |
Tax years subject to examination | 2018 |
United States - federal income tax | Maximum | |
Income Taxes | |
Tax years subject to examination | 2021 |
United States - state and local income tax | Minimum | |
Income Taxes | |
Tax years subject to examination | 2017 |
United States - state and local income tax | Maximum | |
Income Taxes | |
Tax years subject to examination | 2021 |
Foreign - Canada and Puerto Rico | Minimum | |
Income Taxes | |
Tax years subject to examination | 2017 |
Foreign - Canada and Puerto Rico | Maximum | |
Income Taxes | |
Tax years subject to examination | 2021 |
Benefit Plans - Narrative (Deta
Benefit Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Benefit Plans | |||
Employee's eligibility age to receive a defined monthly benefit | 65 years | ||
Accrual for present value of future benefit payments | $ 3.1 | $ 3.4 | |
Expenses related to the plan | 0.2 | 0.2 | $ 0.2 |
Expenses related to the savings and retirement plan | 0.6 | 0.9 | 2 |
Expenses for contributions not reimbursed by clients and related to multiemployer defined benefit and defined contribution plans | 0.8 | 1.2 | 2 |
Non-qualified deferred compensation plan | |||
Benefit Plans | |||
Cash surrender value of life insurance contracts | 23.9 | 20.3 | |
Maximum annual contribution an employee is permitted to defer | 0.1 | ||
Deferred compensation liability | 23.2 | 20.3 | |
Deferred benefits for certain former key executives | Central | |||
Benefit Plans | |||
Accrual for present value of future benefit payments | 2 | 2.2 | |
Expenses related to the plan | $ 0.2 | 0.3 | $ 0.3 |
Minimum period over which the annual payments will be made when the executives retire or upon death or disability | 10 years | ||
Face value of life insurance contracts | $ 4.8 | 4.8 | |
Cash surrender value of life insurance contracts | $ 3.5 | $ 3.4 | |
Savings and Retirement 401K Plan | |||
Benefit Plans | |||
Employer match of first tier of employee contributions (in percentage) | 50.00% | ||
First tier percentage of compensation eligible for match by employer | 6.00% |
Benefit Plans - Multiemployer D
Benefit Plans - Multiemployer Defined Benefit Pension Plans (Details) - Multiemployer Defined Benefit Pension Plans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Teamsters Local Union 727 | |||
Multiemployer plans | |||
Pension Protection Zone Status | Green | Green | Green |
Contributions | $ 2.9 | $ 0.3 | $ 3.1 |
Local 272 Labor Management | |||
Multiemployer plans | |||
Pension Protection Zone Status | Green | Green | Green |
Contributions | $ 0.9 | $ 1.1 | $ 1.3 |
Bradley Agreement - Narrative (
Bradley Agreement - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Feb. 29, 2000 | Dec. 31, 2021 | |
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 |
Bradley Agreement - Schedule of
Bradley Agreement - Schedule of Interest and Premium Received and Deficiency Payments (Details) - Bradley International Airport Parking Facilities Operating Agreement - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loss Contingencies [Line Items] | ||
Deficiency repayments | $ 0.1 | $ 3.8 |
Interest | $ 0.1 | 1 |
Premium | $ 0.4 |
Comprehensive Income (Loss) - C
Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) and Income Tax Benefit Allocated (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive income (loss) before tax amount | $ 2.2 | $ (2.4) | $ (0.5) |
Other comprehensive income (loss) tax amount | 0.6 | (0.7) | (0.2) |
Other comprehensive income (loss) net of tax amount | 1.6 | (1.7) | (0.3) |
Translation Adjustments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive income (loss) before tax amount | (0.1) | 0.1 | 0.1 |
Other comprehensive income (loss) net of tax amount | (0.1) | 0.1 | 0.1 |
De-designation of interest rate collars | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive income (loss) before tax amount | 2.3 | 1.5 | |
Other comprehensive income (loss) tax amount | 0.6 | 0.4 | |
Other comprehensive income (loss) net of tax amount | $ 1.7 | 1.1 | |
Change in Fair Value of Interest Rate Collars | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive income (loss) before tax amount | (4) | (0.6) | |
Other comprehensive income (loss) tax amount | (1.1) | (0.2) | |
Other comprehensive income (loss) net of tax amount | $ (2.9) | $ (0.4) |
Comprehensive Income (Loss) -_2
Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax | |||
Beginning Balance | $ 183.1 | ||
Other comprehensive (loss) income before reclassification | (0.1) | $ (2.8) | $ (0.3) |
Amounts reclassified from accumulated other comprehensive loss | 1.7 | 1.1 | |
Ending Balance | 222.5 | 183.1 | |
Foreign Currency Translation Adjustments | |||
AOCI Attributable to Parent, Net of Tax | |||
Beginning Balance | (2.2) | (2.3) | (2.4) |
Other comprehensive (loss) income before reclassification | (0.1) | 0.1 | 0.1 |
Ending Balance | (2.3) | (2.2) | (2.3) |
Interest Rate Collars | |||
AOCI Attributable to Parent, Net of Tax | |||
Beginning Balance | (2.2) | (0.4) | |
Other comprehensive (loss) income before reclassification | (2.9) | (0.4) | |
Amounts reclassified from accumulated other comprehensive loss | 1.7 | 1.1 | |
Ending Balance | (0.5) | (2.2) | (0.4) |
Accumulated Other Comprehensive Loss | |||
AOCI Attributable to Parent, Net of Tax | |||
Beginning Balance | (4.4) | (2.7) | (2.4) |
Other comprehensive (loss) income before reclassification | (0.3) | ||
Ending Balance | $ (2.8) | $ (4.4) | $ (2.7) |
Comprehensive Income (Loss) - R
Comprehensive Income (Loss) - Reclassifications from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Net realized loss | $ (20.7) | $ (20.8) | $ (18.6) |
Reclassifications from Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Reclassifications before tax | 2.3 | 1.5 | |
Income tax benefit | 0.6 | 0.4 | |
Reclassifications, net of tax | 1.7 | 1.1 | |
Reclassifications from Accumulated Other Comprehensive Loss | Interest Rate Collars: Net Realized Loss | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Net realized loss | $ 2.3 | $ 1.5 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information by Regions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Services revenue | |||
Services revenue | $ 1,177.2 | $ 1,086.9 | $ 1,663.7 |
Cost of services (exclusive of depreciation and amortization) | 997.4 | 1,056.5 | 1,435.6 |
General and administrative expenses | |||
General and administrative expenses | 88.2 | 85.4 | 109 |
Depreciation and amortization | |||
Depreciation expense and amortization | 25.1 | 29.3 | 29.4 |
Impairment of goodwill and intangible assets | |||
Impairment of goodwill and intangible assets | 0 | 135.3 | 0 |
Operating income (loss) | |||
Total operating income (loss) | 66.5 | (219.6) | 89.7 |
Lease Type Contracts | |||
Services revenue | |||
Services revenue | 215.6 | 189.4 | 408.9 |
Cost of services (exclusive of depreciation and amortization) | 170.6 | 195 | 366.9 |
Management Type Contracts | |||
Services revenue | |||
Services revenue | 385.9 | 359.6 | 526 |
Cost of services (exclusive of depreciation and amortization) | 247.5 | 226.5 | 339.9 |
Reimbursed Management Type Contract Revenue | |||
Services revenue | |||
Services revenue | 575.7 | 537.9 | 728.8 |
Cost of services (exclusive of depreciation and amortization) | 575.7 | 537.9 | 728.8 |
Lease Impairment | |||
Services revenue | |||
Cost of services (exclusive of depreciation and amortization) | 3.6 | 97.1 | 0 |
Operating Segments | Commercial | |||
Services revenue | |||
Services revenue | 439 | 398.9 | 651.2 |
Cost of services (exclusive of depreciation and amortization) | 301.2 | 413.6 | 504.7 |
General and administrative expenses | |||
General and administrative expenses | 21.4 | 18.6 | 31.9 |
Depreciation and amortization | |||
Depreciation expense and amortization | 13.5 | 13.5 | 12.4 |
Operating income (loss) | |||
Total operating income (loss) | 102.9 | (46.8) | 102.2 |
Operating Segments | Commercial | Lease Type Contracts | |||
Services revenue | |||
Services revenue | 206.5 | 180.8 | 378.2 |
Cost of services (exclusive of depreciation and amortization) | 165.4 | 187.7 | 345.1 |
Operating Segments | Commercial | Management Type Contracts | |||
Services revenue | |||
Services revenue | 232.5 | 218.1 | 273 |
Cost of services (exclusive of depreciation and amortization) | 132.3 | 128.8 | 159.6 |
Operating Segments | Commercial | Lease Impairment | |||
Services revenue | |||
Cost of services (exclusive of depreciation and amortization) | 3.5 | 97.1 | |
Operating Segments | Aviation | |||
Services revenue | |||
Services revenue | 162.5 | 150.1 | 283.7 |
Cost of services (exclusive of depreciation and amortization) | 120.5 | 105 | 202.1 |
General and administrative expenses | |||
General and administrative expenses | 11.8 | 12 | 18.3 |
Depreciation and amortization | |||
Depreciation expense and amortization | 8.4 | 12.7 | 14 |
Impairment of goodwill and intangible assets | |||
Impairment of goodwill and intangible assets | 135.3 | ||
Operating income (loss) | |||
Total operating income (loss) | 21.8 | (114.9) | 49.3 |
Operating Segments | Aviation | Lease Type Contracts | |||
Services revenue | |||
Services revenue | 9.1 | 8.6 | 30.7 |
Cost of services (exclusive of depreciation and amortization) | 5.2 | 7.3 | 21.8 |
Operating Segments | Aviation | Management Type Contracts | |||
Services revenue | |||
Services revenue | 153.4 | 141.5 | 253 |
Cost of services (exclusive of depreciation and amortization) | 115.2 | 97.7 | 180.3 |
Operating Segments | Aviation | Lease Impairment | |||
Services revenue | |||
Cost of services (exclusive of depreciation and amortization) | 0.1 | ||
Segment Reconciling Items | |||
General and administrative expenses | |||
General and administrative expenses | 55 | 54.8 | 58.8 |
Depreciation and amortization | |||
Depreciation expense and amortization | 3.2 | 3.1 | 3 |
Operating income (loss) | |||
Total operating income (loss) | $ (58.2) | $ (57.9) | $ (61.8) |
Segment Information - Schedul_2
Segment Information - Schedule of Segment Information by Regions (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commercial | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expenses related to cost of services | $ 7.9 | $ 7.6 | $ 6.6 |
Aviation | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization expenses related to cost of services | $ 4.6 | $ 4.1 | $ 3 |