Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended |
Mar. 31, 2014 | |
Entity Information [Line Items] | ' |
Entity Registrant Name | 'CONVERGYS CORP. |
Entity Central Index Key | '0001062047 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 101,474,257 |
Trading symbol | 'cvg |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Business Acquisition, Transaction Costs | $14.70 | ' |
Revenues | 605.7 | 493.5 |
Costs and Expenses: | ' | ' |
Cost of providing services and products sold | 380.1 | 318.2 |
Selling, general and administrative | 145 | 114.6 |
Research and development costs | 1.9 | 2.1 |
Depreciation | 26.5 | 20.9 |
Amortization | 3.4 | 1.2 |
Restructuring Charges | 1.7 | 0 |
Transaction and integration costs | 25.1 | 0 |
Total costs and expenses | 583.7 | 457 |
Operating Income (Loss) | 22 | 36.5 |
Other income (expense), net | -1.9 | 2.3 |
Interest expense | -4 | -2.9 |
Income (Loss) before Income Taxes | 16.1 | 35.9 |
Income tax (benefit) expense | 2.4 | 5.7 |
Income (Loss) from continuing operations | 13.7 | 30.2 |
Income (Loss) from Discontinued Operations, net of tax | 0.5 | -5.1 |
Net Income | $14.20 | $25.10 |
Basic Earnings Per Common Share: | ' | ' |
Continuing operations | $0.14 | $0.28 |
Discontinued operations | $0 | ($0.04) |
Basic Earnings per Common Share | $0.14 | $0.24 |
Diluted Earnings Per Common Share: | ' | ' |
Continuing operations | $0.13 | $0.27 |
Discontinued operations | $0 | ($0.04) |
Diluted Earnings per Common Share | $0.13 | $0.23 |
Weighted Average Common Shares Outstanding | ' | ' |
Basic | 101.1 | 105.7 |
Diluted | 107.3 | 110.3 |
Common Stock, Dividends, Per Share, Declared | $0.06 | $0.06 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Income | $14.20 | $25.10 |
Foreign currency translation adjustments | 0.5 | -1.8 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -1.1 | 0 |
Unrealized gain/(loss) on hedging activities | -0.2 | -1.8 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1.4 | -3.6 |
Total Comprehensive Income | $15.60 | $21.50 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $182.20 | $580.80 |
Short-term investments | 20.2 | 82.9 |
Receivables, net of allowances of $7.6 and $5.3 | 515.1 | 319.8 |
Deferred income tax assets | 46.6 | 6.2 |
Prepaid expenses | 34.1 | 25.2 |
Other current assets | 299.2 | 45.5 |
Total Current Assets | 1,097.40 | 1,060.40 |
Property and equipment, net | 395.8 | 246.4 |
Goodwill | 870.1 | 589.4 |
Other intangibles, net | 387.3 | 20.4 |
Deferred income tax assets | 5.8 | 8.9 |
Other assets | 45.7 | 31.2 |
Total Assets | 2,802.10 | 1,956.70 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Debt and capital lease obligations maturing within one year | 258.3 | 0.9 |
Payables and other current liabilities | 424.8 | 291.7 |
Total Current Liabilities | 683.1 | 292.6 |
Long-term debt and capital lease obligations | 425.6 | 60.2 |
Deferred income tax liabilities | 222.8 | 150.8 |
Accrued pension liabilities | 75.8 | 73.7 |
Other long-term liabilities | 98.5 | 89.8 |
Total Liabilities | 1,505.80 | 667.1 |
Shareholders' Equity | ' | ' |
Preferred shares - without par value, 5.0 authorized; none outstanding | 0 | 0 |
Common shares - without par value, 500.0 authorized; 189.6 and 188.9 issued, 101.5 and 100.8 outstanding, as of March 30, 2014 and December 31, 2013, respectively | 1,136.60 | 1,139.90 |
Treasury Stock - 88.1 and 88.2 as of March 31, 2014 and December 31, 2013, respectively | -1,445.10 | -1,445.60 |
Retained earnings | 1,622.90 | 1,614.80 |
Accumulated other comprehensive loss | -18.1 | -19.5 |
Total Shareholders' Equity | 1,296.30 | 1,289.60 |
Total Liabilities and Shareholders' Equity | $2,802.10 | $1,956.70 |
Balance_Sheet_Parenthetical_Pa
Balance Sheet Parenthetical (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $7.60 | $5.30 |
Preferred stock, par value | $0 | $0 |
Preferred stock, shares authorized | 5 | 5 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0 | $0 |
Common stock, shares authorized | 500 | 500 |
Common stock, shares issued | 189.6 | 188.9 |
Common stock, shares outstanding | 101.5 | 100.8 |
Treasury stock - shares | 88.1 | 88.2 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Income | $14.20 | $25.10 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0.5 | -5.1 |
Income (Loss) from continuing operations | 13.7 | 30.2 |
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities of continuing operations: | ' | ' |
Depreciation and amortization | 29.9 | 22.1 |
Deferred income tax expense (benefit) | -29.5 | 3.5 |
Stock compensation expense | 3 | 4.5 |
Changes in assets and liabilities: | ' | ' |
Change in receivables | -1.3 | -6.6 |
Change in other current assets | -5.9 | 4.1 |
Change in deferred charges, net | 1.1 | 0 |
Change in other assets and liabilities | -4.5 | -8.3 |
Change in payables and other current liabilities | 9.2 | -26.8 |
Net cash provided by operating activities | 15.7 | 22.7 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -18.3 | -12.1 |
Payments to acquire short-term investments | 0 | -28.3 |
Proceeds from maturity of short-term investments | 61.9 | 27.8 |
Acquisitions, net of cash acquired | -804.5 | 0 |
Net cash provided by (used in) investing activities | -760.9 | -12.6 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Repayments of credit facilities and other debt, net | 357.7 | 0 |
Repurchase of common shares | 0 | -38.8 |
Proceeds from exercise of stock options | 0.1 | 2.4 |
Payments of Dividends | -6 | -5.2 |
Cash paid for debt issuance costs | -7.1 | 0 |
Excess tax benefits from share-based payment arrangements | 1.9 | 1.8 |
Net cash used in financing activities | 346.6 | -39.8 |
Net increase (decrease) in cash and cash equivalents | -398.6 | -29.7 |
Cash and cash equivalents at beginning of period | 580.8 | 554.7 |
Cash and cash equivalents at end of period | $182.20 | $525 |
Background_And_Basis_Of_Presen
Background And Basis Of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure | ' |
BACKGROUND AND BASIS OF PRESENTATION | |
Convergys Corporation (the Company or Convergys) is a global leader in customer management, focused on bringing value to its clients through every customer interaction. | |
On March 3, 2014, Convergys completed its acquisition of SGS Holdings, Inc. (Stream), a global business process outsource provider specializing in customer relationship management, including technical support, customer care and sales, for Fortune 1000 companies. This acquisition expands the Company's geographic footprint and capabilities. Combined, Convergys now has 125,000 employees working out of more than 150 locations in 31 countries, interacting with our clients' customers in 47 languages. Stream's complementary client portfolio also diversifies Convergys' client base through the addition of leading technology, communications and other clients. Stream's operating results are included in Convergys' Consolidated Statements of Income beginning on March 3, 2014. See Note 3, "Business Combinations" for additional information on the Stream acquisition. | |
On April 30, 2013, the Company acquired New Zealand-based Datacom's contact center operations with facilities in Kuala Lumpur, Malaysia and Manila, Philippines for $20.0 AUD (approximately $20.0 USD). The acquisition added 15 Asian languages to Convergys' language capabilities and approximately 1,000 employees, working in three Southeast Asia contact centers, to Convergys' global operations. See Note 3, "Business Combinations" for additional information on the Datacom acquisition. | |
The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial reporting (U.S. GAAP) and U.S. Securities and Exchange Commission (SEC) regulations, and, in the opinion of management, include all adjustments necessary for a fair presentation of the results of operations, financial position and cash flows for each period shown. All adjustments are of a normal and recurring nature. Certain information and footnote disclosures normally included in Financial Statements prepared in accordance with generally accepted accounting principles in the United States have been condensed or omitted. Interim Consolidated Financial Statements are not necessarily indicative of the financial position or operating results for an entire year. These interim Consolidated Financial Statements should be read in conjunction with the audited Financial Statements and the Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, filed on February 28, 2014. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." The standard requires an entity to present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For reclassification items not required under U.S. GAAP to be reclassified directly to net income in their entirety in the same reporting period, an entity is required to cross-reference to other disclosures currently required under U.S. GAAP that provide additional detail about those amounts. ASU 2013-02 applies to all public and private companies that report items of other comprehensive income. ASU 2013-02 is effective for reporting periods beginning after December 15, 2012, with prospective adoption required. The Company adopted ASU 2013-02 effective January 1, 2013. See Note 16. |
Business_Combinations_Business
Business Combinations Business Combinations | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Business Combinations [Abstract] | ' | ||||||
Business Combination Disclosure [Text Block] | ' | ||||||
BUSINESS COMBINATIONS | |||||||
Stream Acquisition | |||||||
Background and Financing | |||||||
On January 6, 2014, the Company and its wholly-owned subsidiary (Merger Sub), entered into an Agreement and Plan of Merger (the "Merger Agreement") with Stream and, for limited purposes, other Sellers listed in the Merger Agreement. On March 3, 2014, Merger Sub was merged with and into Stream (the Merger), with Stream continuing as the surviving corporation and as a wholly owned subsidiary of Convergys. At the time of the Merger, each share of Stream common stock was converted into the right to receive an amount in cash, without interest. | |||||||
The total purchase price, net of cash acquired, was $804.5, which was funded using available cash, borrowings under the Accounts Receivable Securitization Facility and proceeds from a term loan under the February 28, 2014 Credit Agreement (the Credit Agreement). The Credit Agreement consists of a term loan in the amount of $350.0 and a revolving credit facility in the amount of $300.0 (see Note 9, "Debt and Capital Lease Obligations" for the definition of these terms and further discussion). | |||||||
The preliminary purchase price of Stream consisted of the following items: | |||||||
Cash consideration for Stream stock (1) | $ | 482.9 | |||||
Cash consideration for Stream stock options (2) | 16.1 | ||||||
Cash consideration for repayment of Stream 11.25% Senior Secured Notes (3) | 243 | ||||||
Cash consideration for repayment of Stream 10.0% Promissory Notes (4) | 19.3 | ||||||
Cash consideration for repayment of Stream Revolving Credit Facility (5) | 63.4 | ||||||
Cash consideration for transaction expenses of Stream (6) | 7.8 | ||||||
Total cash consideration | 832.5 | ||||||
Cash acquired (7) | (28.0 | ) | |||||
Net consideration transferred | $ | 804.5 | |||||
-1 | The cash consideration for the outstanding shares of Stream's common stock, which includes a preliminary estimate for future working capital settlement. Stream outstanding common shares totaled 0.7 as of March 3, 2014. | ||||||
-2 | The cash consideration paid per share of "in the money" stock option awards. | ||||||
-3 | The cash consideration to repay Stream's 11.25% Senior Secured Notes due 2014, which reflects the aggregate principal and interest amounts of $230.0 and $13.0, respectively, as of March 3, 2014. | ||||||
-4 | The cash consideration to repay Stream's 10.0% Promissory Notes, which reflects the aggregate principal and interest amounts of $16.1 and $3.2, respectively, as of March 3, 2014. | ||||||
-5 | The cash consideration to repay Stream's Revolving Credit Facility, which reflects the aggregate principal and interest amounts of $63.1 and $0.3, respectively, as of March 3, 2014. | ||||||
-6 | Pursuant to the Merger Agreement, Convergys reimbursed the holders of Stream common stock for expenses incurred by Stream in connection with the merger. These expenses primarily related to third-party consulting services. | ||||||
-7 | Represents the Stream cash balance acquired at acquisition. | ||||||
The Company incurred $14.7 of direct transaction costs for the three months ended March 31, 2014. These costs are included in selling, general and administrative expenses in the accompanying Consolidated Statements of Income. | |||||||
Preliminary Purchase Price Allocation | |||||||
The Company accounted for Stream using the acquisition method of accounting in accordance with applicable U.S. GAAP whereby the total purchase price was preliminarily allocated to tangible and intangible assets acquired and liabilities assumed based on respective fair values. The following table summarizes the preliminary values of the assets acquired and liabilities assumed at the date of acquisition: | |||||||
Preliminary purchase price allocation | At March 3, 2014 | ||||||
Assets: | |||||||
Receivables | $ | 199 | |||||
Other current assets | 11.7 | ||||||
Property and equipment | 160.1 | ||||||
Goodwill | 280.9 | ||||||
Intangible assets | 370.4 | ||||||
Other assets | 13.7 | ||||||
Liabilities: | |||||||
Accounts payable | (11.9 | ) | |||||
Accrued expenses | (99.6 | ) | |||||
Other current liabilities | (3.8 | ) | |||||
Debt | (34.6 | ) | |||||
Deferred tax - net | (70.5 | ) | |||||
Other long-term liabilities | (10.9 | ) | |||||
Total purchase price | $ | 804.5 | |||||
As of March 31, 2014, the purchase price allocation for the acquisition was preliminary and subject to completion. Adjustments to the current fair value estimates in the above table may occur as the process conducted for various valuations and assessments is finalized. Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The factors contributing to the recognition of goodwill are based on several strategic and synergistic benefits that are expected to be realized from the Stream acquisition. The benefits include an enhanced global footprint, attractive synergy opportunities of revenue streams and expanded language capabilities. None of the goodwill is expected to be deductible for income tax purposes and was entirely allocated to the Customer Management - Agent Services reporting unit. | |||||||
Intangible Assets Identified | |||||||
The following details the total intangible assets identified: | |||||||
Intangible asset type | Value | Life (years) | |||||
Customer relationship | $ | 352 | 17 | ||||
Trade name | 17 | 4 | |||||
Favorable lease contract | 1.4 | 1 | - | 7 | |||
Total | $ | 370.4 | |||||
The preliminary fair value of the customer relationship asset was determined using the income approach through an excess earnings analysis, with projected earnings being discounted at a rate of 11.0%. The customer relationship intangible asset represents relationships between Stream and its customers. Convergys applied the income approach through a relief-from-royalty analysis to determine the preliminary fair value of the Stream trade name asset. The determination of the useful lives was based upon consideration of market participant assumptions and transaction specific factors. | |||||||
Impact on Operating Results | |||||||
The results of Stream's operations have been included in Convergys' Consolidated Financial Statements since the March 3, 2014 date of acquisition. The following table provides sales and results of operations from the acquired Stream business included in Convergys' March 31, 2014 results: | |||||||
Stream results of operations | March 3, 2014 - March 31, 2014 | ||||||
Revenues | $ | 85.6 | |||||
Loss before income taxes | $ | (6.4 | ) | ||||
The following unaudited pro forma information assumes the acquisition of Stream occurred at the beginning of the respective periods presented. The unaudited pro forma information presented below is for illustrative purposes only, does not include the pro forma adjustments that would be required under Regulation S-X for pro forma financial information and does not reflect future events that may occur after March 31, 2014 or any operating efficiencies or inefficiencies that may result from the Stream acquisition and related financing. Additionally, this unaudited pro forma information for the three months ended March 31, 2014 includes certain one-time costs associated with the Company's integration of the acquired Stream operations. Therefore, the information is not necessarily indicative of results that would have been achieved had the business been combined during the periods presented or the results that the Company will experience going forward. | |||||||
Three months ended March 31, | |||||||
Unaudited pro forma information | 2014 | 2013 | |||||
Revenues | $ | 777.1 | $ | 746.6 | |||
Income from Continuing Operations, net of tax | $ | 7.9 | $ | 30.9 | |||
Earnings from Continuing Operations per share | |||||||
Basic | $ | 0.08 | $ | 0.29 | |||
Diluted | $ | 0.07 | $ | 0.28 | |||
Weighted average common shares outstanding | |||||||
Basic | 101.1 | 105.7 | |||||
Diluted | 107.3 | 110.3 | |||||
Datacom Acquisition | |||||||
On April 30, 2013, the Company acquired the business process outsourcing operations of New Zealand-based Datacom, including contact centers in Kuala Lumpur, Malaysia and Manila, Philippines. The purchase price of $20.0 AUD (approximately $20.0 USD) included $15.0 of cash paid at closing and $5.3 of debt obligations assumed, which were immediately paid by the Company, as well as working capital adjustments that were finalized during the third quarter of 2013. In connection with the acquisition, the Company recognized $12.2 of goodwill and $7.0 of customer relationship intangible asset. The customer relationship intangible asset will be amortized over an estimated economic useful life of 8 years. The determination of the useful life was based upon consideration of market participant and transaction specific factors. The Company included various industry studies, historical acquisition experience, economic factors, future cash flows of the combined company and the relative stability of the acquired customer base. The acquired goodwill is not expected to be deductible for tax purposes. |
Divestitures
Divestitures | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Divestitures | ' | |||||||
DIVESTITURES AND DISCONTINUED OPERATIONS | ||||||||
On May 16, 2012, the Company completed the sale of its Information Management line of business to NEC Corporation. During the three months ended March 31, 2014 and 2013, respectively, the Company recorded an additional gain of $0.5, net of tax, and a loss of $5.1, net of tax, as certain contingencies and tax positions related to Information Management were settled or adjusted. | ||||||||
The results of the Information Management business have been classified as discontinued operations for all periods presented. Certain costs previously allocated to the Information Management segment that do not qualify for discontinued operations accounting treatment are now reported as costs from continuing operations. The Company has taken action to reduce these costs and the transition services revenue from services provided to the buyer subsequent to completion of the sale substantially offset the remainder of these costs. During the three months ended March 31, 2014, the Company earned $4.0 in revenue under these transition services agreements, compared to $4.9 for the same period in 2013. While the transition services agreements vary in duration up to 24 months from the date of sale depending upon the type of service provided, the Company expects to substantially eliminate the underlying costs as the transition services are completed. | ||||||||
The results of the Information Management business included in discontinued operations for the three months ended March 31, 2014 and 2013 are summarized as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenue | $ | — | $ | — | ||||
Gain (loss) on disposition | 0.7 | (8.0 | ) | |||||
Income (loss) before income taxes | 0.7 | (8.0 | ) | |||||
Income tax expense (benefit): | ||||||||
Expense (benefit) related to gain on disposition | 0.2 | (2.9 | ) | |||||
Income (loss) from discontinued operations, net of tax | $ | 0.5 | $ | (5.1 | ) | |||
Earnings_Per_Share_And_Shareho
Earnings Per Share And Shareholders' Equity | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||||
Earnings Per Share And Shareholders' Equity | ' | |||||||||||||||||||||||
EARNINGS PER SHARE AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||
Earnings per Share | ||||||||||||||||||||||||
The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share (EPS) computations: | ||||||||||||||||||||||||
Continuing Operations | Discontinued Operations | Total | ||||||||||||||||||||||
Three Months Ended March 31, 2014 | Shares | Income | Per Share | Income (Loss) | Per Share | Per Share | ||||||||||||||||||
Amount | Amount | Amount | ||||||||||||||||||||||
Basic EPS | 101.1 | $ | 13.7 | $ | 0.14 | $ | 0.5 | $ | — | $ | 0.14 | |||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||
Stock-based compensation arrangements | 1.3 | — | — | — | — | — | ||||||||||||||||||
Convertible Debt | 4.9 | — | (0.01 | ) | — | — | (0.01 | ) | ||||||||||||||||
Diluted EPS | 107.3 | $ | 13.7 | $ | 0.13 | $ | 0.5 | $ | — | $ | 0.13 | |||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Basic EPS | 105.7 | $ | 30.2 | $ | 0.28 | $ | (5.1 | ) | $ | (0.04 | ) | $ | 0.24 | |||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||
Stock-based compensation arrangements | 1.4 | — | — | — | — | — | ||||||||||||||||||
Convertible Debt | 3.2 | — | (0.01 | ) | — | — | (0.01 | ) | ||||||||||||||||
Diluted EPS | 110.3 | $ | 30.2 | $ | 0.27 | $ | (5.1 | ) | $ | (0.04 | ) | $ | 0.23 | |||||||||||
The diluted EPS calculation excludes the effect of 0.6 outstanding stock options for the three months ended March 31, 2014 and 0.7 outstanding stock options for the three months ended March 31, 2013 because their effect is anti-dilutive. The calculation at March 31, 2014 also excludes 0.6 performance-based restricted stock units (0.3 granted in both 2014 and 2013) as the performance criteria have not yet been fully defined, thereby precluding a mutual understanding of the terms of the stock-based awards. | ||||||||||||||||||||||||
As described more fully in Note 9, the Company issued approximately $125.0 aggregate principal amount of 5.75% Junior Subordinated Convertible Debentures due 2029 (2029 Convertible Debentures). The 2029 Convertible Debentures were initially convertible, subject to certain conditions, into shares of the Company’s common stock at an initial conversion price of approximately $12.07 per share, or eighty-two and eighty-two hundredths shares per one thousand in principal amount of debentures. The conversion rate is subject to adjustment for certain events outlined in the indenture governing the Debentures (the Indenture), including payment of dividends. As of March 31, 2014, the implied conversion rate for the Convertible Debentures was $11.77 per share, or eighty-four and ninety-four hundredths shares per one thousand in principal amount of debentures. There were 4.9 dilutive shares related to the 2029 Convertible Debentures for the three months ended March 31, 2014. | ||||||||||||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||||||
As of March 31, 2014, the Company had the authority to repurchase an additional $133.3 of outstanding common shares pursuant to current authorizations. | ||||||||||||||||||||||||
Dividends | ||||||||||||||||||||||||
During 2013 and 2014, the Company's Board of Directors approved, and the Company has paid, the following dividends per common share: | ||||||||||||||||||||||||
Announcement Date | Record Date | Dividend Amount | Payment Date | |||||||||||||||||||||
October 23, 2012 | December 21, 2012 | $0.05 | January 4, 2013 | |||||||||||||||||||||
February 7, 2013 | March 22, 2013 | $0.06 | April 5, 2013 | |||||||||||||||||||||
April 30, 2013 | June 21, 2013 | $0.06 | July 5, 2013 | |||||||||||||||||||||
July 30, 2013 | September 20, 2013 | $0.06 | October 4, 2013 | |||||||||||||||||||||
November 6, 2013 | December 27, 2013 | $0.06 | January 10, 2014 | |||||||||||||||||||||
February 5, 2014 | March 21, 2014 | $0.06 | April 4, 2014 | |||||||||||||||||||||
On May 12, 2014, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.07 per common share to be paid on July 3, 2014 to shareholders of record as of June 19, 2014. | ||||||||||||||||||||||||
The Board expects that future cash dividends will be paid on a quarterly basis. However, any decision to pay future cash dividends will be subject to Board approval, and will depend on the Company's future earnings, cash flow, financial condition, financial covenants and other relevant factors. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||
Employee Benefit Plans | ' | |||||||
EMPLOYEE BENEFIT PLANS | ||||||||
The Company sponsors a frozen defined benefit pension plan, which includes both a qualified and non-qualified portion, for eligible employees (the Cash Balance Plan) in North America. The Company recorded a net liability of $33.8 and $33.7 as of March 31, 2014 and December 31, 2013, respectively, for the Cash Balance Plan. In addition, the Company sponsors unfunded defined benefit plans for certain eligible employees in the Philippines and France. The Company recorded a liability of $33.9 and $31.5 as of March 31, 2014 and December 31, 2013, respectively, for these non-U.S. plans. Components of pension cost for these plans are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Interest cost on projected benefit obligation | $ | 2.7 | $ | 2.8 | ||||
Service cost | 1.4 | 1.8 | ||||||
Expected return on plan assets | (2.3 | ) | (2.6 | ) | ||||
Amortization and deferrals, net | 2.1 | 3.5 | ||||||
Pension cost | $ | 3.9 | $ | 5.5 | ||||
The Company also sponsors a non-qualified, unfunded executive deferred compensation plan and a supplemental, non-qualified, unfunded plan for certain senior officers. Components of pension cost for the unfunded executive pension plans are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Interest cost on projected benefit obligation | $ | 0.1 | $ | 0.1 | ||||
Amortization and deferrals, net | — | 0.1 | ||||||
Pension cost | $ | 0.1 | $ | 0.2 | ||||
During the three months ended March 31, 2013, the Company recognized a settlement loss of $0.2 related to the supplemental, non-qualified, unfunded plan and a settlement gain of $0.2 related to the unfunded executive compensation plan. Subsequent to recognition of the settlement loss related to the supplemental, non-qualified, unfunded plan, this plan had been fully settled. | ||||||||
On July 25, 2013, the Company's Board of Directors authorized the Company to reinstate the Executive Deferred Compensation Plan (the “EDCP”), effective January 1, 2014, for eligible participants, including executive officers. This plan was previously frozen as of December 31, 2011. Under this authorization, the Company will match up to 100% of the first 3% of a participant's deferred amounts and 50% of a participant's next 2% of deferred amounts. The Company match under the EDCP is reduced by the Company match eligible to be received under the Company's Retirement and Savings Plan. |
Restructuring_Notes
Restructuring (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring and Related Activities Disclosure [Text Block] | ' |
RESTRUCTURING | |
2014 Restructuring | |
During 2014, the Company recorded a severance charge of $1.7 related to restructuring actions impacting approximately 400 employees. These actions were initiated to continue the Company's efforts to refine its operating model and reduce costs. The severance charge is expected to be substantially paid in cash by June 30, 2015. The total remaining liability under this severance-related restructuring plan, which is included within Payables and other current liabilities on the Company's Consolidated Balance Sheets, was $1.4 as of March 31, 2014. | |
The Company also recorded severance expense of $6.3 during 2014 related to certain executives as a result of the Company's integration of the Stream business. This charge is included within Transaction and integration costs on the Consolidated Statements of Income. The total remaining liability under this severance-related restructuring plan, which is included within Payables and other current liabilities on the Company's Consolidated Balance Sheets, was $2.6 as of March 31, 2014. | |
2013 Restructuring | |
During 2013, the Company recorded a severance charge of $4.3 related to restructuring actions impacting approximately 800 employees. These actions were initiated to continue the Company's efforts to refine its operating model and reduce costs. The severance charge is expected to be substantially paid in cash by June 30, 2014. The total remaining liability under this severance-related restructuring plan, which is included within Payables and other current liabilities on the Company's Consolidated Balance Sheets, was $0.6 as of March 31, 2014. The Company also recorded other restructuring expenses of $1.1 during 2013. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] | ' | ||||||||||||
Stock-Based Compensation Plans | ' | ||||||||||||
STOCK-BASED COMPENSATION PLANS | |||||||||||||
The Company’s operating results for the three months ended March 31, 2014 included stock compensation expense of $3.0 compared to $4.5 and for the same period in 2013. | |||||||||||||
Stock Options | |||||||||||||
A summary of stock option activity for the three months ended March 31, 2014 is presented below: | |||||||||||||
Shares in Millions Except Per Share Amounts | Shares | Weighted | Weighted | Weighted | |||||||||
Average | Average | Average | |||||||||||
Exercise Price | Remaining | Fair Value at | |||||||||||
Contractual Term | Date of Grant | ||||||||||||
(in years) | (per share) | ||||||||||||
Options outstanding at January 1, 2014 | 0.8 | $ | 13.11 | 7.2 | $ | 3.74 | |||||||
Options exercisable at January 1, 2014 | 0.2 | $ | 13.14 | 5.8 | $ | 4.01 | |||||||
Granted | — | ||||||||||||
Exercised | — | ||||||||||||
Forfeited | — | ||||||||||||
Options outstanding at March 31, 2014 | 0.8 | $ | 13.11 | 7 | $ | 3.74 | |||||||
Options exercisable at March 31, 2014 | 0.6 | $ | 13.22 | 6.7 | $ | 3.84 | |||||||
Stock compensation expense for the 2011 and 2012 stock option grants was $0.1 for the three months ended March 31, 2014. | |||||||||||||
Time-based Restricted Stock Units | |||||||||||||
During the three months ended March 31, 2014 and 2013, the Company granted 0.6 shares and 0.5 shares, respectively, of time-based restricted stock units. The weighted-average fair values of these grants were $20.03 and $16.15 per share, respectively. The 2014 and 2013 time-based grants are scheduled to vest 25% at the completion of year one after the grant date, 25% after year two and 50% after year three. The 2012 time-based grants are scheduled to vest 50% at the end of year two and 50% at the end of year three. | |||||||||||||
The total compensation cost related to non-vested time-based restricted stock units not yet recognized as of March 31, 2014 was approximately $18.9, which is expected to be recognized over a weighted average of 1.3 years. Changes to non-vested time-based restricted stock and restricted stock units for the three months ended March 31, 2014 were as follows: | |||||||||||||
Shares in Millions Except Per Share Amounts | Number of | Weighted | |||||||||||
Shares | Average Fair | ||||||||||||
Value at Date | |||||||||||||
of Grant | |||||||||||||
Non-vested at December 31, 2013 | 1.4 | $ | 14.62 | ||||||||||
Granted | 0.6 | 20.03 | |||||||||||
Vested | (0.6 | ) | 13.98 | ||||||||||
Forfeited | — | — | |||||||||||
Non-vested at March 31, 2014 | 1.4 | $ | 17.09 | ||||||||||
Performance-based Restricted Stock Units | |||||||||||||
During the three months ended March 31, 2014 and 2013, the Company granted 0.3 shares and 0.4 shares, respectively, of performance-based restricted stock units. The 2014 and 2013 grants each include 0.3 shares that provide for payout based upon the extent to which the Company achieves certain EPS targets, as determined by the Compensation and Benefits Committee of the Board of Directors, over three-year periods. Payout levels range from 50% to 200% of award shares earned. No payout can be earned if performance is below the minimum threshold level. As the targets for the third year of 2013 grants and second and third years of 2014 grants have not yet been set, the key terms have not been effectively communicated to the recipients, and as such the expense related to these grants cannot be recognized until the key terms are established. These grants have been excluded from the table below. The remaining 0.1 of performance-based shares granted in 2013 vested immediately at a fair value of $16.45 per share, equal to the Company's share price at grant date. | |||||||||||||
Changes to non-vested performance-based restricted stock and restricted stock units for the three months ended March 31, 2014 were as follows: | |||||||||||||
Shares in Millions Except Per Share Amounts | Number of | Weighted | |||||||||||
Shares | Average Fair | ||||||||||||
Value at Date | |||||||||||||
of Grant | |||||||||||||
Non-vested at December 31, 2013 | 0.3 | $ | 12.9 | ||||||||||
Granted | — | — | |||||||||||
Vested | (0.3 | ) | 12.9 | ||||||||||
Forfeited | — | — | |||||||||||
Non-vested at March 31, 2014 | — | $ | — | ||||||||||
Debt_And_Capital_Lease_Obligat
Debt And Capital Lease Obligations | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Long-term Debt and Capital Lease Obligations [Abstract] | ' | |||||||
Debt And Capital Lease Obligations | ' | |||||||
DEBT AND CAPITAL LEASE OBLIGATIONS | ||||||||
Debt and capital lease obligations consist of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
11.25% Senior Secured Notes | $ | 230 | $ | — | ||||
2014 Term Loan, due 2019 | 350 | — | ||||||
2009 Convertible Debentures, due 2029 | 59.7 | 59.5 | ||||||
Capital Lease Obligations | 34.2 | 1.6 | ||||||
Accounts Receivable Securitization | 10 | — | ||||||
Total debt | 683.9 | 61.1 | ||||||
Less current maturities | 258.3 | 0.9 | ||||||
Long-term debt | $ | 425.6 | $ | 60.2 | ||||
Senior Secured Notes | ||||||||
In connection with the acquisition of Strteam, Convergys entered into an in-substance defeasance to repay the Stream 11.25% Senior Secured Notes. The notes had a carrying value of $230.0 at March 31, 2014, an amount equal to the outstanding principal, and $13.0 of accrued and unpaid interest. Because the transaction was not a legal defeasance the funds were placed into a trust and exclusively restricted to the repayment related to the notes, which occurred on April 3, 2014. The funds were classified on the balance sheet within other current assets. | ||||||||
Credit Facility | ||||||||
On February 28, 2014, the Company entered into a Credit Agreement establishing an unsecured credit facility in the aggregate amount of $650.0 (Credit Agreement). In connection with entering into the Credit Agreement, Convergys terminated and repaid all outstanding obligations related to the $300.0 Four-Year Competitive Advance and Revolving Credit Facility Agreement dated March 11, 2011 (the 2011 Credit Facility). The Credit Agreement consists of term loans (the Term Loan) in the aggregate amount of $350.0 and a revolving credit facility (the Revolving Credit Facility) in the amount of $300.0. The conditions for the funding of the Term Loan and the Revolving Credit Facility were satisfied on March 3, 2014. Both mature on March 3, 2019, unless extended pursuant to the terms of the Credit Agreement. Outstanding amounts bear interest at one of the rates described in the Credit Agreement. While amounts borrowed and repaid under the Revolving Credit Facility may be re-borrowed subject to availability, amounts repaid under the Term Loan may not be borrowed again under the Credit Agreement. Total borrowing capacity remaining under the Revolving Credit Facility was $300.0, with $350.0 outstanding principal on the Term Loan as of March 31, 2014. The Credit Agreement contains certain affirmative and negative covenants, as well as terms and conditions that are customary for credit facilities of this type, including financial covenants for leverage and interest coverage ratios. The Company was in compliance with all covenants at March 31, 2014. | ||||||||
Convertible Debentures | ||||||||
In the fourth quarter of 2009, the Company announced an offer to exchange one thousand twenty dollars in principal amount of its 5.75% Junior Subordinated Convertible Debentures due September 2029 (2029 Convertible Debentures) for each one thousand dollars in principal amount of its 4.875% Unsecured Senior Notes (4.875% Senior Notes) due December 15, 2009. Convergys issued a total of $125.0 aggregate principal amount of the 2029 Convertible Debentures in exchange for $122.5 of the 4.875% Senior Notes. At the date of issuance, the Company recognized the liability component of the 2029 Convertible Debenture at its fair value of $56.3. The liability component is recognized as the fair value of a similar instrument that does not have a conversion feature at issuance. The equity component, which is the value of the conversion feature at issuance, was recognized as the difference between the proceeds from the issuance of the debentures and the fair value of the liability component, after adjusting for the deferred tax impact of $32.7. The 2029 Convertible Debentures were issued at a coupon rate of 5.75%, which was below that of a similar instrument that does not have a conversion feature. Therefore, the valuation of the debt component, using the income approach, resulted in a debt discount. The debt discount is being amortized over the life of a similar debt instrument without a conversion feature, which the Company determined to equal the contractual maturity of the 2029 Convertible Debentures. Amortization is based upon the effective interest rate method and is included within the interest expense caption in the accompanying Consolidated Statements of Income. | ||||||||
The 2029 Convertible Debentures were initially convertible, subject to certain conditions, into shares of the Company’s common stock at an initial conversion price of approximately $12.07 per share, or eighty-two and eighty-two hundredths shares of the Company’s common stock per one thousand dollars in principal amount of Debentures. As of March 31, 2014, the implied conversion rate for the Convertible Debentures was $11.77 per share, or eighty-four and ninety-four hundredths per one thousand in principal amount of debentures. Upon conversion, the Company will pay cash up to the aggregate principal amount of the converted 2029 Convertible Debentures and settle the remainder of the conversion value of the Debentures in cash or stock at the Company’s option. The conversion rate will be subject to adjustment for certain events outlined in the indenture governing the Debentures (the Indenture), including payment of dividends. The conversion rate will increase for a holder who elects to convert this Debenture in connection with certain share exchanges, mergers or consolidations involving the Company, as described in the Indenture. The 2029 Convertible Debentures, which pay a fixed rate of interest semi-annually, have a contingent interest component that will require the Company to pay interest based on the trading price of the Debentures exceeding a specified threshold at specified times, commencing on September 15, 2019, as outlined in the Indenture. The maximum amount of contingent interest that will accrue is 0.75% per annum of the average trading price of the Debentures during the periods specified in the Indenture. The fair value of this embedded derivative was not significant at March 31, 2014 or December 31, 2013. | ||||||||
Based on quoted market prices at March 31, 2014, the fair value of the $125.0 of the Company’s 2029 Convertible Debentures is $260.3. | ||||||||
Asset Securitization Facility | ||||||||
During January 2014, the Company extended the terms of an asset securitization facility collateralized by accounts receivable of certain of the Company's subsidiaries, with a purchase limit of $150.0 expiring in January 2017. The asset securitization program is conducted through Convergys Funding Inc., a wholly-owned bankruptcy remote subsidiary of the Company. As of March 31, 2014, Convergys had drawn $10.0 in available funding from qualified receivables as part of the financing related to the acquisition of Stream. Amounts have been classified under this facility as a short-term debt instrument within the Consolidated Balance Sheets. As of December 31, 2013, the facility was undrawn. | ||||||||
At March 31, 2014, future minimum payments of the Company’s debt arrangements are as follows: | ||||||||
Remainder of 2014 and 2015 | $ | 66.4 | ||||||
2016 | 35.9 | |||||||
2017 | 36.7 | |||||||
2018 | 35.6 | |||||||
2019 | 219.2 | |||||||
Thereafter | 125.4 | |||||||
Total | $ | 519.2 | ||||||
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
Commitments | |
At March 31, 2014, the Company had outstanding letters of credit of $38.8 and other bond obligations of $2.8 related to performance and payment guarantees. The Company believes that any guarantee obligation that may arise will not be material. The Company also has purchase commitments with telecommunications providers of $13.4 for the remainder of 2014. | |
At March 31, 2014, the Company had an outstanding performance bond obligation of $30.0 related to a performance and payment guarantee for the Company’s former HR Management line of business which was sold in 2010 to NorthgateArinso. Subsequent to completion of the sale of the HR Management business, the Company continues to be responsible for this bond obligation. As part of the gain on disposition, the Company recognized a liability equal to the present value of probability weighted cash flows of potential outcomes, a Level 3 fair value measurement. Although the buyer is obligated to indemnify the Company for any and all losses, costs, liabilities and expenses incurred related to these performance bonds, as of March 31, 2014, the Company maintains a liability of $0.6 for these obligations. The Company's guarantee for this bond obligation expires in August 2016. | |
Contingencies | |
The Company from time to time is involved in various loss contingencies, including tax and legal contingencies that arise in the ordinary course of business. The Company accrues for a loss contingency when it is probable that a liability has been incurred and the amount of such loss can be reasonably estimated. At this time, the Company believes that the results of any such contingencies, either individually or in the aggregate, will not have a materially adverse effect on the Company’s results of operations or financial condition. However, the outcome of any litigation cannot be predicted with certainty. An unfavorable resolution of one or more pending matters could have a materially adverse impact on the Company’s results of operations or financial condition in the future. | |
In November 2011, one of the Company's call center clients, Hyundai Motor America ("Hyundai"), tendered a contractual indemnity claim to Convergys Customer Management Group Inc., a subsidiary of the Company, relating to a putative class action captioned Brandon Wheelock, individually and on behalf of a class and subclass of similarly situated individuals, v. Hyundai Motor America, Orange County Superior Court, California, Case No. 30-2011-00522293-CU-BT-CJC. The lawsuit alleges that Hyundai violated California's telephone recording laws by recording telephone calls with customer service representatives without providing a disclosure that the calls might be recorded. Plaintiff is seeking, among other things, an order certifying the suit as a California class action, statutory damages, payment of attorneys' fees and pre- and post-judgment interest. Convergys Customer Management Group Inc. is not named as a defendant in the lawsuit. On March 5, 2012, the court sustained a demurrer filed by Hyundai to one of the Plaintiff's causes of action, but overruled the demurrer as the Plaintiff's other cause of action. On March 15, 2012, Plaintiff filed an amended complaint. Hyundai answered the amended complaint on April 16, 2012, by generally denying the allegations and asserting certain affirmative defenses. On February 5, 2013, the court denied a motion filed by Hyundai for summary judgment based on Hyundai's claim that an exemption under the California recording laws was intended to exempt the type of recording done by Hyundai's call centers. Hyundai sought appellate review and, on September 18, 2013, the Supreme Court of the State of California denied Hyundai’s petition to grant review. Discovery had been stayed while the Court’s ruling was under appellate review, but the stay was lifted on October 22, 2013. On February 3, 2014, the Court issued an order staying discovery until March 20, 2014. Hyundai, Convergys Customer Management Group Inc. and Plaintiff attended a mediation session on March 13, 2014. The case did not settle at the mediation but the parties and Convergys Customer Management Group Inc. continue to engage in settlement discussions. On March 25, 2014, the Court issued an order continuing the hearing date on class certification to September 29, 2014 and set a status conference for May 20, 2014. | |
Convergys Customer Management Group Inc. is not named as a defendant in the lawsuit, and there has been no determination as to whether Convergys Customer Management Group Inc. will be required to indemnify Hyundai. The Company believes Convergys Customer Management Group Inc. has meritorious defenses to Hyundai's demand for indemnification and also believes there are meritorious defenses to Plaintiff's claims in the lawsuit. Pursuant to a Memorandum of Understanding dated April 29, 2014, Hyundai, Plaintiff and Convergys Customer Management Group Inc. agreed in principal to settle the lawsuit. The agreement in principal is subject to execution of a formal settlement agreement and approval by the Court. As a result of the agreement in principal to settle the lawsuit, the Company recognized an accrual that is representative of the best estimate of the loss expected to be incurred with the resolution of Hyundai’s contractual indemnity claim. The ultimate resolution of the indemnity claim is not expected to have a material impact on the Company’s liquidity, results of operations or financial condition. |
Fair_Value_Disclosures
Fair Value Disclosures | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Disclosures | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
U.S. GAAP defines a hierarchy which prioritizes the inputs in measuring fair value. The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; and Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||||
At March 31, 2014 and December 31, 2013, the Company had foreign currency forward contracts measured at fair value on a recurring basis. The fair values of these instruments were measured using valuations based upon quoted prices for similar assets and liabilities in active markets (Level 2) and are valued by reference to similar financial instruments, adjusted for terms specific to the contracts. There were no transfers between the three levels of the fair value hierarchy during the three months ended March 31, 2014 and 2013. The assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||
March 31, 2014 | Quoted Prices | Significant | Significant | |||||||||||||
In Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Derivatives: | ||||||||||||||||
Foreign currency forward contracts (asset position) | $ | 4.1 | $ | — | $ | 4.1 | $ | — | ||||||||
Foreign currency forward contracts (liability position) | $ | 43.5 | $ | — | $ | 43.5 | $ | — | ||||||||
December 31, 2013 | Quoted Prices | Significant | Significant | |||||||||||||
In Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Derivatives: | ||||||||||||||||
Foreign currency forward contracts (asset position) | $ | 4.5 | $ | — | $ | 4.5 | $ | — | ||||||||
Foreign currency forward contracts (liability position) | $ | 41 | $ | — | $ | 41 | $ | — | ||||||||
The Company also had investment securities held in a grantor trust for the benefit of participants of the executive deferred compensation plan measured at fair value at March 31, 2014 and December 31, 2013. The fair value of these instruments was measured using the quoted prices in active markets for identical assets (Level 1). There were no transfers between the three levels of the fair value hierarchy during the three months ended March 31, 2014 and 2013. The assets measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||
March 31, 2014 | Quoted Prices | Significant | Significant | |||||||||||||
In Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Investment securities: | ||||||||||||||||
Mutual funds | $ | 10.6 | $ | 10.6 | $ | — | $ | — | ||||||||
Convergys common stock | 2.3 | 2.3 | — | — | ||||||||||||
Money market accounts | 0.6 | 0.6 | — | — | ||||||||||||
Total | $ | 13.5 | $ | 13.5 | $ | — | $ | — | ||||||||
December 31, 2013 | Quoted Prices | Significant | Significant | |||||||||||||
In Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Investment securities: | ||||||||||||||||
Mutual funds | $ | 11 | $ | 11 | $ | — | $ | — | ||||||||
Convergys common stock | 2.3 | 2.3 | — | — | ||||||||||||
Money market accounts | 0.9 | 0.9 | — | — | ||||||||||||
Total | $ | 14.2 | $ | 14.2 | $ | — | $ | — | ||||||||
At March 31, 2014, the Company held time deposits with maturities greater than 90 days and less than 180 days measured at fair value. The valuation technique used to measure the fair value of the time deposits was based on observable market data. There were no transfers between the three levels of the fair value hierarchy during the three months ended March 31, 2014 and 2013. The assets measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||
March 31, 2014 | Quoted Prices | Significant | Significant | |||||||||||||
In Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Short-term investments: | ||||||||||||||||
Cash time deposits | $ | 6.8 | $ | — | $ | 6.8 | $ | — | ||||||||
Total | $ | 6.8 | $ | — | $ | 6.8 | $ | — | ||||||||
December 31, 2013 | Quoted Prices | Significant | Significant | |||||||||||||
In Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Short-term investments: | ||||||||||||||||
Cash time deposits | $ | 68.7 | $ | — | $ | 68.7 | $ | — | ||||||||
Total | $ | 68.7 | $ | — | $ | 68.7 | $ | — | ||||||||
Fair values of cash equivalents and current accounts receivable and payable approximate the carrying amounts because of their short-term nature. |
Financial_Instruments
Financial Instruments | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Financial Instruments, Owned, at Fair Value [Abstract] | ' | |||||||||
Financial Instruments Disclosure [Text Block] | ' | |||||||||
FINANCIAL INSTRUMENTS | ||||||||||
Derivative Instruments | ||||||||||
The Company is exposed to a variety of market risks, including the effects of changes in foreign currency exchange rates and interest rates. Market risk is the potential loss arising from adverse changes in market rates and prices. The Company’s risk management strategy includes the use of derivative instruments to reduce the effects on its operating results and cash flows from fluctuations caused by volatility in currency exchange rates. | ||||||||||
The Company serves many of its U.S.-based clients using contact center capacity in various countries such as the Philippines, India, Canada and Colombia. Although the contracts with these clients are typically priced in U.S. dollars, a substantial portion of the costs incurred to render services under these contracts are denominated in Philippine pesos (PHP), Indian rupees (INR), Canadian dollars (CAD) or Colombian pesos (COP), which represents a foreign exchange exposure. The Company also maintains a contract with a client priced in Australian dollars (AUD). The Company has hedged a portion of its exposure related to the anticipated cash flow requirements denominated in these foreign currencies by entering into forward exchange contracts and options with several financial institutions to acquire a total of PHP 38,354.0 at a fixed price of $881.5 at various dates through March 2017, INR 10,424.0 at a fixed price of $168.0 at various dates through March 2017, CAD 41.3 at a fixed price of $39.2 at various dates through December 2015 and COP 15,300.0 at a fixed price of $8.0 at various dates through December 2014, and to sell a total of AUD 11.3 at a fixed price of $11.5 at various dates through September 2014. These instruments mature within the next 36 months and had a notional value of $1,108.2 at March 31, 2014 and $965.5 at December 31, 2013. The derivative instruments discussed above are designated and effective as cash flow hedges. The following table reflects the fair values of these derivative instruments: | ||||||||||
March 31, 2014 | December 31, 2013 | |||||||||
Forward exchange contracts and options designated as hedging instruments: | ||||||||||
Included within other current assets | $ | 2.1 | $ | 4.3 | ||||||
Included within other non-current assets | 2 | 0.2 | ||||||||
Included within other current liabilities | 24.4 | 21.2 | ||||||||
Included within other long-term liabilities | 19.1 | 19.8 | ||||||||
The Company recorded a deferred tax benefit of $14.1 related to these derivatives at March 31, 2014 and December 31, 2013. A total of $22.7 and $22.5 of deferred losses, net of tax, related to these cash flow hedges at March 31, 2014 and December 31, 2013, respectively, were included in accumulated other comprehensive loss (OCL). As of March 31, 2014, deferred losses of $19.5 ($12.1 net of tax), on derivative instruments included in accumulated OCL are expected to be reclassified into earnings during the next twelve months. The following table provides the effect of these derivative instruments on the Company’s Consolidated Financial Statements for the three months ended March 31, 2014 and 2013: | ||||||||||
Gain (Loss) | Gain (Loss) | Location of Gain (Loss) Reclassified | ||||||||
Recognized in OCL | Reclassified from | from Accumulated OCL into Income | ||||||||
on Derivative | Accumulated OCL | (Effective Portion) | ||||||||
(Effective Portion) | into Income | |||||||||
(Effective Portion) | ||||||||||
Three Months Ended March 31, 2014 | ||||||||||
Foreign exchange contracts | $ | (5.9 | ) | $ | (5.8 | ) | - Cost of providing services and products sold and Selling, general and administrative | |||
Three Months Ended March 31, 2013 | ||||||||||
Foreign exchange contracts | $ | 1.3 | $ | 4.2 | - Cost of providing services and products sold and Selling, general and administrative | |||||
The amount recognized related to the ineffective portion of the derivative instruments was not material for the three months ended March 31, 2014 and 2013. | ||||||||||
The Company also enters into derivative instruments (forwards) to economically hedge the foreign currency impact of assets and liabilities denominated in nonfunctional currencies. The Company recorded a net loss of $1.8 and a net gain of $0.2 during the three months ended March 31, 2014 and 2013, respectively, related to changes in fair value of these derivative instruments not designated as hedges. The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies. These gains and losses are classified within other income, net in the accompanying Consolidated Statements of Income. The fair value of these derivative instruments not designated as hedges at March 31, 2014 was less than $0.1. | ||||||||||
The aggregate fair value of all derivative instruments in a liability position on March 31, 2014 is $43.5. | ||||||||||
Short-Term Investments | ||||||||||
In December 2011, the Company made investments in certain securities, included within short-term investments in the Consolidated Balance Sheets, which are held in a grantor trust for the benefit of participants of the executive deferred compensation plan. This investment was made in securities reflecting the hypothetical investment balances of plan participants. As of March 31, 2014, the Company maintained investment securities with a fair value of $13.5 classified as trading securities. The investment securities include exchange-traded mutual funds, common stock of the Company and money market accounts. These securities are carried at fair value, with gains and losses, both realized and unrealized, reported in other income, net in the Consolidated Statements of Income. The cost of securities sold is based upon the specific identification method. Interest and dividends on securities classified as trading are included in other income, net. | ||||||||||
Additionally, during 2014 and 2013 the Company made investments in time deposits with maturities greater than 90 days and less than 180 days, included within short-term investments in the Consolidated Balance Sheets. As of March 31, 2014, the Company maintained short-term time deposits with a fair value of $6.8. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
The liability for unrecognized tax benefits was $59.5 and $52.1 at March 31, 2014 and December 31, 2013, respectively, and is included in other long-term liabilities in the accompanying Consolidated Balance Sheets. As a result of the Stream acquisition, Convergys recorded $6.4 of liabilities for unrecognized tax benefits in Stream's opening balance sheet. As of March 31, 2014, the total amount of unrecognized tax benefits that would affect income tax expense if recognized in the Consolidated Financial Statements is $50.9. This amount includes interest and penalties of $20.7. It is reasonably possible that the total amount of unrecognized tax benefits will decrease between approximately $2 and $10 in the next twelve months; however, actual developments in this area could differ from those currently expected. | |
The effective tax rate on net income from continuing operations was 14.9% and 15.9% for the three months ended March 31, 2014 and 2013, respectively. The change in tax rate for the period ended March 31, 2014 is primarily due to a shift in the geographic mix of worldwide income and certain discrete items, primarily driven by transaction costs incurred during the three months ended March 31, 2014. | |
During the fourth quarter of 2013, the Company changed the classification for a portion of undistributed earnings of its foreign subsidiaries to reflect management's plans to repatriate undistributed earnings of the Company's foreign subsidiaries to contribute funding to the acquisition of Stream. As a result of this change, the Company recognized $46.4 of additional income tax expense during 2013 to record the applicable deferred tax liability. As a result of the Stream acquisition, the Company recognized the benefit of certain tax attributes associated with Stream's foreign subsidiaries’ earnings and the overall acquisition. These tax attributes could not be taken into account in calculating the Company’s tax on the book to tax basis difference of its foreign subsidiaries until the Stream acquisition closed. As a result of the transaction and taking into consideration the application of these tax attributes for the three months ended March 31, 2014, the tax provision recognized on the repatriation transaction was approximately $41.6, based on the preliminary allocation of the purchase price related to the Stream acquisition. Consequently, the Company recorded a $4.8 tax benefit for the difference between that tax previously accrued on foreign earnings and the current estimate of taxes payable on the repatriation of such earnings. Conversely, the Company booked an additional $3.3 of income tax expense related to 2014 earnings that contributed to the funding to the acquisition of Stream. Accordingly, the Company has recorded a total tax provision of $44.9 related to the foreign cash repatriated in connection with the Stream acquisition. |
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Goodwill And Other Intangible Assets | ' | |||||||||||
GOODWILL AND OTHER INTANGIBLE AND LONG-LIVED ASSETS | ||||||||||||
Goodwill and Intangible Assets | ||||||||||||
Goodwill was $870.1 at March 31, 2014 compared to $589.4 at December 31, 2013. This increase was due to the Stream acquisition discussed in Note 3, as well as foreign currency translation. The Company tests goodwill for impairment annually as of October 1 and at other times if events have occurred or circumstances exist that indicate the carrying value of goodwill may no longer be recoverable. Goodwill impairment testing is performed at the reporting unit level. The Company's reporting units are Customer Management - Agent Services and Customer Management - Customer Interaction Technology (CIT). | ||||||||||||
The impairment test for goodwill involves a two-step process. The first step compares the fair value of a reporting unit with its carrying amount, including the goodwill allocated to each reporting unit. If the carrying amount is in excess of the fair value, the second step requires the comparison of the implied fair value of the reporting unit goodwill with the carrying amount of the reporting unit goodwill. Any excess of the carrying value of the reporting unit goodwill over the implied fair value of the reporting unit goodwill will be recorded as an impairment loss. Fair value of the reporting units is determined using a combination of the market approach and the income approach. Under the market approach, fair value is based on actual stock price or transaction prices of comparable companies. Under the income approach, value is dependent on the present value of net cash flows to be derived from the ownership. | ||||||||||||
Intangible assets increased to $396.6 at March 31, 2014 from $30.7 at December 31, 2013, primarily due to the Stream acquisition, offset by amortization. As of March 31, 2014, the Company’s total identifiable intangible assets consisted of the following: | ||||||||||||
Gross Carrying | Accumulated | Net | ||||||||||
Value | Amortization | |||||||||||
Software (classified with Property, Plant & Equipment) | $ | 41.3 | $ | (32.0 | ) | $ | 9.3 | |||||
Trademarks | 27 | (10.4 | ) | 16.6 | ||||||||
Customer relationships and other intangibles | 479.6 | (108.9 | ) | 370.7 | ||||||||
Total | $ | 547.9 | $ | (151.3 | ) | $ | 396.6 | |||||
The intangible assets are being amortized using the following amortizable lives: 4 years for trademarks, 8 years for software and 1 to 17 years for customer relationships and other intangibles. The remaining weighted average depreciation period for software is 2.40. The remaining weighted average amortization period for trademarks, customer relationships and other intangibles is 15.80. Amortization of software is included within depreciation expense as the underlying assets are classified within property, plant and equipment. | ||||||||||||
Trademarks, customer relationships, and other intangibles amortization expense was $3.4 and $1.2 for the three months ended March 31, 2014 and 2013, respectively, and is estimated to be approximately $24.8 for the year ended December 31, 2014. The related estimated expense for the five subsequent years ended December 31 is as follows: | ||||||||||||
2015 | $ | 29 | ||||||||||
2016 | 28 | |||||||||||
2017 | 28 | |||||||||||
2018 | 24 | |||||||||||
2019 | 24 | |||||||||||
Thereafter | 234 | |||||||||||
Long-Lived Assets | ||||||||||||
The Company evaluates its property and equipment when events or circumstances indicate a possible inability to recover their carrying amounts. During 2012, the Company committed to a plan to sell its Corporate office facilities in Cincinnati, Ohio. The facility met the "Held-for-Sale" criteria set forth in U.S. GAAP; the book value was adjusted to its fair value less costs to sell, resulting in an impairment charge of $42.6 ($27.0 after tax) recorded during the second quarter of 2012. During 2013, the Company committed to sell an additional facility in Dallas, Texas which also resulted in "Held-for-Sale" classification. During 2013, the Company recognized net impairment losses of $1.5 to adjust both facilities to fair value less costs to sell at the date of sale to a third-party buyer. The Company measured assets held-for-sale at the lower of net book value or fair value less cost to sell. Fair value and cost to sell estimates were based on corroborative market data, which is a Level 2 input of the fair value hierarchy under U.S. GAAP. The Company completed the sale of these facilities in July 2013 resulting in cash collections of $47.6. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income/(Loss) (Notes) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Text Block] | ' | |||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss): | ||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||||||||||||||||
Foreign Currency | Derivative Financial Instruments | Pension Liability | Total | |||||||||||||||
Balance at December 31, 2012 | $ | 36.4 | $ | 11.4 | $ | (58.3 | ) | $ | (10.5 | ) | ||||||||
Other comprehensive (loss) income before reclassifications, net of tax | (1.8 | ) | 0.8 | — | (1.0 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | — | (2.6 | ) | — | (2.6 | ) | ||||||||||||
Net current-period other comprehensive loss | (1.8 | ) | (1.8 | ) | — | (3.6 | ) | |||||||||||
Balance at March 31, 2013 | $ | 34.6 | $ | 9.6 | $ | (58.3 | ) | $ | (14.1 | ) | ||||||||
Balance at December 31, 2013 | $ | 35.1 | $ | (22.5 | ) | $ | (32.1 | ) | $ | (19.5 | ) | |||||||
Other comprehensive income (loss) before reclassifications, net of tax | 0.5 | (3.8 | ) | — | (3.3 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | — | 3.6 | 1.1 | 4.7 | ||||||||||||||
Net current-period other comprehensive income (loss) | 0.5 | (0.2 | ) | 1.1 | 1.4 | |||||||||||||
Balance at March 31, 2014 | $ | 35.6 | $ | (22.7 | ) | $ | (31.0 | ) | $ | (18.1 | ) | |||||||
The following table summarizes the reclassifications out of accumulated other comprehensive income (loss): | ||||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Consolidated Statements of Income | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(Loss) gain on derivative instruments | $ | (5.8 | ) | $ | 4.2 | Cost of providing services and products sold and Selling, general and administrative | ||||||||||||
Tax benefit (expense) | 2.2 | (1.6 | ) | Income tax expense | ||||||||||||||
(Loss) gain on derivative instruments, net of tax | (3.6 | ) | 2.6 | Net of tax | ||||||||||||||
Adjustment of pension and other post employment obligations | (1.8 | ) | — | Selling, general and administrative | ||||||||||||||
Tax benefit | 0.7 | — | Income tax expense | |||||||||||||||
Adjustment of pension and other post employment obligations, net of tax | (1.1 | ) | — | Net of tax | ||||||||||||||
Total reclassifications for the period | $ | (4.7 | ) | $ | 2.6 | |||||||||||||
Payables_And_Other_Current_Lia
Payables And Other Current Liabilities | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | |||||||
Payables And Other Current Liabilities | ' | |||||||
PAYABLES AND OTHER CURRENT LIABILITIES | ||||||||
At March 31, 2014 | At December 31, 2013 | |||||||
Accounts payable | $ | 47 | $ | 30.9 | ||||
Deferred tax liability | 38.3 | 37.4 | ||||||
Accrued income and other taxes | 32.3 | 22.3 | ||||||
Accrued payroll-related expenses | 155.5 | 85.9 | ||||||
Derivative liabilities | 24.4 | 21.2 | ||||||
Accrued expenses, other | 96.5 | 68.9 | ||||||
Deferred revenue and government grants | 26.2 | 22.8 | ||||||
Restructuring and exit costs | 4.6 | 2.3 | ||||||
$ | 424.8 | $ | 291.7 | |||||
Business_Combinations_Business1
Business Combinations Business Combinations (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Business Combinations [Abstract] | ' | ||||||
Business Combination, Purchase Price Consideration [Table Text Block] | ' | ||||||
The preliminary purchase price of Stream consisted of the following items: | |||||||
Cash consideration for Stream stock (1) | $ | 482.9 | |||||
Cash consideration for Stream stock options (2) | 16.1 | ||||||
Cash consideration for repayment of Stream 11.25% Senior Secured Notes (3) | 243 | ||||||
Cash consideration for repayment of Stream 10.0% Promissory Notes (4) | 19.3 | ||||||
Cash consideration for repayment of Stream Revolving Credit Facility (5) | 63.4 | ||||||
Cash consideration for transaction expenses of Stream (6) | 7.8 | ||||||
Total cash consideration | 832.5 | ||||||
Cash acquired (7) | (28.0 | ) | |||||
Net consideration transferred | $ | 804.5 | |||||
-1 | The cash consideration for the outstanding shares of Stream's common stock, which includes a preliminary estimate for future working capital settlement. Stream outstanding common shares totaled 0.7 as of March 3, 2014. | ||||||
-2 | The cash consideration paid per share of "in the money" stock option awards. | ||||||
-3 | The cash consideration to repay Stream's 11.25% Senior Secured Notes due 2014, which reflects the aggregate principal and interest amounts of $230.0 and $13.0, respectively, as of March 3, 2014. | ||||||
-4 | The cash consideration to repay Stream's 10.0% Promissory Notes, which reflects the aggregate principal and interest amounts of $16.1 and $3.2, respectively, as of March 3, 2014. | ||||||
-5 | The cash consideration to repay Stream's Revolving Credit Facility, which reflects the aggregate principal and interest amounts of $63.1 and $0.3, respectively, as of March 3, 2014. | ||||||
-6 | Pursuant to the Merger Agreement, Convergys reimbursed the holders of Stream common stock for expenses incurred by Stream in connection with the merger. These expenses primarily related to third-party consulting services. | ||||||
-7 | Represents the Stream cash balance acquired at acquisition. | ||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ' | ||||||
The following table summarizes the preliminary values of the assets acquired and liabilities assumed at the date of acquisition: | |||||||
Preliminary purchase price allocation | At March 3, 2014 | ||||||
Assets: | |||||||
Receivables | $ | 199 | |||||
Other current assets | 11.7 | ||||||
Property and equipment | 160.1 | ||||||
Goodwill | 280.9 | ||||||
Intangible assets | 370.4 | ||||||
Other assets | 13.7 | ||||||
Liabilities: | |||||||
Accounts payable | (11.9 | ) | |||||
Accrued expenses | (99.6 | ) | |||||
Other current liabilities | (3.8 | ) | |||||
Debt | (34.6 | ) | |||||
Deferred tax - net | (70.5 | ) | |||||
Other long-term liabilities | (10.9 | ) | |||||
Total purchase price | $ | 804.5 | |||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ' | ||||||
The following details the total intangible assets identified: | |||||||
Intangible asset type | Value | Life (years) | |||||
Customer relationship | $ | 352 | 17 | ||||
Trade name | 17 | 4 | |||||
Favorable lease contract | 1.4 | 1 | - | 7 | |||
Total | $ | 370.4 | |||||
Results of Stream Operations [Table Text Block] | ' | ||||||
The following table provides sales and results of operations from the acquired Stream business included in Convergys' March 31, 2014 results: | |||||||
Stream results of operations | March 3, 2014 - March 31, 2014 | ||||||
Revenues | $ | 85.6 | |||||
Loss before income taxes | $ | (6.4 | ) | ||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||
The following unaudited pro forma information assumes the acquisition of Stream occurred at the beginning of the respective periods presented. The unaudited pro forma information presented below is for illustrative purposes only, does not include the pro forma adjustments that would be required under Regulation S-X for pro forma financial information and does not reflect future events that may occur after March 31, 2014 or any operating efficiencies or inefficiencies that may result from the Stream acquisition and related financing. Additionally, this unaudited pro forma information for the three months ended March 31, 2014 includes certain one-time costs associated with the Company's integration of the acquired Stream operations. Therefore, the information is not necessarily indicative of results that would have been achieved had the business been combined during the periods presented or the results that the Company will experience going forward. | |||||||
Three months ended March 31, | |||||||
Unaudited pro forma information | 2014 | 2013 | |||||
Revenues | $ | 777.1 | $ | 746.6 | |||
Income from Continuing Operations, net of tax | $ | 7.9 | $ | 30.9 | |||
Earnings from Continuing Operations per share | |||||||
Basic | $ | 0.08 | $ | 0.29 | |||
Diluted | $ | 0.07 | $ | 0.28 | |||
Weighted average common shares outstanding | |||||||
Basic | 101.1 | 105.7 | |||||
Diluted | 107.3 | 110.3 | |||||
The following unaudited pro forma information assumes the acquisition of Stream occurred at the beginning of the respective periods presented. The unaudited pro forma information presented below is for illustrative purposes only, does not include the pro forma adjustments that would be required under Regulation S-X for pro forma financial information and does not reflect future events that may occur after March 31, 2014 or any operating efficiencies or inefficiencies that may result from the Stream acquisition and related financing. Additionally, this unaudited pro forma information for the three months ended March 31, 2014 includes certain one-time costs associated with the Company's integration of the acquired Stream operations. Therefore, the information is not necessarily indicative of results that would have been achieved had the business been combined during the periods presented or the results that the Company will experience going forward. | |||||||
Three months ended March 31, | |||||||
Unaudited pro forma information | 2014 | 2013 | |||||
Revenues | $ | 777.1 | $ | 746.6 | |||
Income from Continuing Operations, net of tax | $ | 7.9 | $ | 30.9 | |||
Earnings from Continuing Operations per share | |||||||
Basic | $ | 0.08 | $ | 0.29 | |||
Diluted | $ | 0.07 | $ | 0.28 | |||
Weighted average common shares outstanding | |||||||
Basic | 101.1 | 105.7 | |||||
Diluted | 107.3 | 110.3 | |||||
Divestitures_Tables
Divestitures (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Schedule Of Results Included In Discontinued Operations | ' | |||||||
The results of the Information Management business included in discontinued operations for the three months ended March 31, 2014 and 2013 are summarized as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Revenue | $ | — | $ | — | ||||
Gain (loss) on disposition | 0.7 | (8.0 | ) | |||||
Income (loss) before income taxes | 0.7 | (8.0 | ) | |||||
Income tax expense (benefit): | ||||||||
Expense (benefit) related to gain on disposition | 0.2 | (2.9 | ) | |||||
Income (loss) from discontinued operations, net of tax | $ | 0.5 | $ | (5.1 | ) | |||
Earnings_Per_Share_And_Shareho1
Earnings Per Share And Shareholders' Equity (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||||
Schedule of Dividends Declared and Paid [Table Text Block] | ' | |||||||||||||||||||||||
During 2013 and 2014, the Company's Board of Directors approved, and the Company has paid, the following dividends per common share: | ||||||||||||||||||||||||
Announcement Date | Record Date | Dividend Amount | Payment Date | |||||||||||||||||||||
October 23, 2012 | December 21, 2012 | $0.05 | January 4, 2013 | |||||||||||||||||||||
February 7, 2013 | March 22, 2013 | $0.06 | April 5, 2013 | |||||||||||||||||||||
April 30, 2013 | June 21, 2013 | $0.06 | July 5, 2013 | |||||||||||||||||||||
July 30, 2013 | September 20, 2013 | $0.06 | October 4, 2013 | |||||||||||||||||||||
November 6, 2013 | December 27, 2013 | $0.06 | January 10, 2014 | |||||||||||||||||||||
February 5, 2014 | March 21, 2014 | $0.06 | April 4, 2014 | |||||||||||||||||||||
Schedule Of Reconciliation Of The Numerator And Denominator Of The Basic And Diluted Earnings (Loss) Per Share (EPS) Computations | ' | |||||||||||||||||||||||
The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share (EPS) computations: | ||||||||||||||||||||||||
Continuing Operations | Discontinued Operations | Total | ||||||||||||||||||||||
Three Months Ended March 31, 2014 | Shares | Income | Per Share | Income (Loss) | Per Share | Per Share | ||||||||||||||||||
Amount | Amount | Amount | ||||||||||||||||||||||
Basic EPS | 101.1 | $ | 13.7 | $ | 0.14 | $ | 0.5 | $ | — | $ | 0.14 | |||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||
Stock-based compensation arrangements | 1.3 | — | — | — | — | — | ||||||||||||||||||
Convertible Debt | 4.9 | — | (0.01 | ) | — | — | (0.01 | ) | ||||||||||||||||
Diluted EPS | 107.3 | $ | 13.7 | $ | 0.13 | $ | 0.5 | $ | — | $ | 0.13 | |||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Basic EPS | 105.7 | $ | 30.2 | $ | 0.28 | $ | (5.1 | ) | $ | (0.04 | ) | $ | 0.24 | |||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||
Stock-based compensation arrangements | 1.4 | — | — | — | — | — | ||||||||||||||||||
Convertible Debt | 3.2 | — | (0.01 | ) | — | — | (0.01 | ) | ||||||||||||||||
Diluted EPS | 110.3 | $ | 30.2 | $ | 0.27 | $ | (5.1 | ) | $ | (0.04 | ) | $ | 0.23 | |||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Pension Plan, Defined Benefit [Member] | ' | |||||||
Schedule Of Components Of Pension Cost | ' | |||||||
Components of pension cost for these plans are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Interest cost on projected benefit obligation | $ | 2.7 | $ | 2.8 | ||||
Service cost | 1.4 | 1.8 | ||||||
Expected return on plan assets | (2.3 | ) | (2.6 | ) | ||||
Amortization and deferrals, net | 2.1 | 3.5 | ||||||
Pension cost | $ | 3.9 | $ | 5.5 | ||||
Unfunded Executive Pension Plans [Member] | ' | |||||||
Schedule Of Components Of Pension Cost | ' | |||||||
Components of pension cost for the unfunded executive pension plans are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Interest cost on projected benefit obligation | $ | 0.1 | $ | 0.1 | ||||
Amortization and deferrals, net | — | 0.1 | ||||||
Pension cost | $ | 0.1 | $ | 0.2 | ||||
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||
A summary of stock option activity for the three months ended March 31, 2014 is presented below: | |||||||||||||
Shares in Millions Except Per Share Amounts | Shares | Weighted | Weighted | Weighted | |||||||||
Average | Average | Average | |||||||||||
Exercise Price | Remaining | Fair Value at | |||||||||||
Contractual Term | Date of Grant | ||||||||||||
(in years) | (per share) | ||||||||||||
Options outstanding at January 1, 2014 | 0.8 | $ | 13.11 | 7.2 | $ | 3.74 | |||||||
Options exercisable at January 1, 2014 | 0.2 | $ | 13.14 | 5.8 | $ | 4.01 | |||||||
Granted | — | ||||||||||||
Exercised | — | ||||||||||||
Forfeited | — | ||||||||||||
Options outstanding at March 31, 2014 | 0.8 | $ | 13.11 | 7 | $ | 3.74 | |||||||
Options exercisable at March 31, 2014 | 0.6 | $ | 13.22 | 6.7 | $ | 3.84 | |||||||
Time-Based Restricted Stock [Member] | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||
Changes to non-vested time-based restricted stock and restricted stock units for the three months ended March 31, 2014 were as follows: | |||||||||||||
Shares in Millions Except Per Share Amounts | Number of | Weighted | |||||||||||
Shares | Average Fair | ||||||||||||
Value at Date | |||||||||||||
of Grant | |||||||||||||
Non-vested at December 31, 2013 | 1.4 | $ | 14.62 | ||||||||||
Granted | 0.6 | 20.03 | |||||||||||
Vested | (0.6 | ) | 13.98 | ||||||||||
Forfeited | — | — | |||||||||||
Non-vested at March 31, 2014 | 1.4 | $ | 17.09 | ||||||||||
Performance Shares [Member] | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||
Changes to non-vested performance-based restricted stock and restricted stock units for the three months ended March 31, 2014 were as follows: | |||||||||||||
Shares in Millions Except Per Share Amounts | Number of | Weighted | |||||||||||
Shares | Average Fair | ||||||||||||
Value at Date | |||||||||||||
of Grant | |||||||||||||
Non-vested at December 31, 2013 | 0.3 | $ | 12.9 | ||||||||||
Granted | — | — | |||||||||||
Vested | (0.3 | ) | 12.9 | ||||||||||
Forfeited | — | — | |||||||||||
Non-vested at March 31, 2014 | — | $ | — | ||||||||||
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans Schedule of Nonvested Restricted Stock Units Activity (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Time-Based Restricted Stock [Member] | ' | ||||||
Schedule of Nonvested Restricted Stock Units Activity [Abstract] | ' | ||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||
Changes to non-vested time-based restricted stock and restricted stock units for the three months ended March 31, 2014 were as follows: | |||||||
Shares in Millions Except Per Share Amounts | Number of | Weighted | |||||
Shares | Average Fair | ||||||
Value at Date | |||||||
of Grant | |||||||
Non-vested at December 31, 2013 | 1.4 | $ | 14.62 | ||||
Granted | 0.6 | 20.03 | |||||
Vested | (0.6 | ) | 13.98 | ||||
Forfeited | — | — | |||||
Non-vested at March 31, 2014 | 1.4 | $ | 17.09 | ||||
Performance Shares [Member] | ' | ||||||
Schedule of Nonvested Restricted Stock Units Activity [Abstract] | ' | ||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||
Changes to non-vested performance-based restricted stock and restricted stock units for the three months ended March 31, 2014 were as follows: | |||||||
Shares in Millions Except Per Share Amounts | Number of | Weighted | |||||
Shares | Average Fair | ||||||
Value at Date | |||||||
of Grant | |||||||
Non-vested at December 31, 2013 | 0.3 | $ | 12.9 | ||||
Granted | — | — | |||||
Vested | (0.3 | ) | 12.9 | ||||
Forfeited | — | — | |||||
Non-vested at March 31, 2014 | — | $ | — | ||||
Debt_And_Capital_Lease_Obligat1
Debt And Capital Lease Obligations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Instruments [Abstract] | ' | |||||||
Schedule Of Debt And Capital Lease Obligations | ' | |||||||
Debt and capital lease obligations consist of the following: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
11.25% Senior Secured Notes | $ | 230 | $ | — | ||||
2014 Term Loan, due 2019 | 350 | — | ||||||
2009 Convertible Debentures, due 2029 | 59.7 | 59.5 | ||||||
Capital Lease Obligations | 34.2 | 1.6 | ||||||
Accounts Receivable Securitization | 10 | — | ||||||
Total debt | 683.9 | 61.1 | ||||||
Less current maturities | 258.3 | 0.9 | ||||||
Long-term debt | $ | 425.6 | $ | 60.2 | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||
At March 31, 2014, future minimum payments of the Company’s debt arrangements are as follows: | ||||||||
Remainder of 2014 and 2015 | $ | 66.4 | ||||||
2016 | 35.9 | |||||||
2017 | 36.7 | |||||||
2018 | 35.6 | |||||||
2019 | 219.2 | |||||||
Thereafter | 125.4 | |||||||
Total | $ | 519.2 | ||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||
The assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||
March 31, 2014 | Quoted Prices | Significant | Significant | |||||||||||||
In Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Derivatives: | ||||||||||||||||
Foreign currency forward contracts (asset position) | $ | 4.1 | $ | — | $ | 4.1 | $ | — | ||||||||
Foreign currency forward contracts (liability position) | $ | 43.5 | $ | — | $ | 43.5 | $ | — | ||||||||
December 31, 2013 | Quoted Prices | Significant | Significant | |||||||||||||
In Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Derivatives: | ||||||||||||||||
Foreign currency forward contracts (asset position) | $ | 4.5 | $ | — | $ | 4.5 | $ | — | ||||||||
Foreign currency forward contracts (liability position) | $ | 41 | $ | — | $ | 41 | $ | — | ||||||||
Investments [Member] | ' | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||
The assets measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||
March 31, 2014 | Quoted Prices | Significant | Significant | |||||||||||||
In Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Investment securities: | ||||||||||||||||
Mutual funds | $ | 10.6 | $ | 10.6 | $ | — | $ | — | ||||||||
Convergys common stock | 2.3 | 2.3 | — | — | ||||||||||||
Money market accounts | 0.6 | 0.6 | — | — | ||||||||||||
Total | $ | 13.5 | $ | 13.5 | $ | — | $ | — | ||||||||
December 31, 2013 | Quoted Prices | Significant | Significant | |||||||||||||
In Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Investment securities: | ||||||||||||||||
Mutual funds | $ | 11 | $ | 11 | $ | — | $ | — | ||||||||
Convergys common stock | 2.3 | 2.3 | — | — | ||||||||||||
Money market accounts | 0.9 | 0.9 | — | — | ||||||||||||
Total | $ | 14.2 | $ | 14.2 | $ | — | $ | — | ||||||||
Interest-bearing Deposits [Member] | ' | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||
The assets measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||
March 31, 2014 | Quoted Prices | Significant | Significant | |||||||||||||
In Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Short-term investments: | ||||||||||||||||
Cash time deposits | $ | 6.8 | $ | — | $ | 6.8 | $ | — | ||||||||
Total | $ | 6.8 | $ | — | $ | 6.8 | $ | — | ||||||||
December 31, 2013 | Quoted Prices | Significant | Significant | |||||||||||||
In Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Short-term investments: | ||||||||||||||||
Cash time deposits | $ | 68.7 | $ | — | $ | 68.7 | $ | — | ||||||||
Total | $ | 68.7 | $ | — | $ | 68.7 | $ | — | ||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Financial Instruments, Owned, at Fair Value [Abstract] | ' | |||||||||
Fair Value Of Derivative Instruments | ' | |||||||||
The following table reflects the fair values of these derivative instruments: | ||||||||||
March 31, 2014 | December 31, 2013 | |||||||||
Forward exchange contracts and options designated as hedging instruments: | ||||||||||
Included within other current assets | $ | 2.1 | $ | 4.3 | ||||||
Included within other non-current assets | 2 | 0.2 | ||||||||
Included within other current liabilities | 24.4 | 21.2 | ||||||||
Included within other long-term liabilities | 19.1 | 19.8 | ||||||||
Effect Of Derivative Instruments On Consolidated Financial Statements | ' | |||||||||
The following table provides the effect of these derivative instruments on the Company’s Consolidated Financial Statements for the three months ended March 31, 2014 and 2013: | ||||||||||
Gain (Loss) | Gain (Loss) | Location of Gain (Loss) Reclassified | ||||||||
Recognized in OCL | Reclassified from | from Accumulated OCL into Income | ||||||||
on Derivative | Accumulated OCL | (Effective Portion) | ||||||||
(Effective Portion) | into Income | |||||||||
(Effective Portion) | ||||||||||
Three Months Ended March 31, 2014 | ||||||||||
Foreign exchange contracts | $ | (5.9 | ) | $ | (5.8 | ) | - Cost of providing services and products sold and Selling, general and administrative | |||
Three Months Ended March 31, 2013 | ||||||||||
Foreign exchange contracts | $ | 1.3 | $ | 4.2 | - Cost of providing services and products sold and Selling, general and administrative | |||||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Schedule Of Total Intangible Assets Primarily Acquired Through Business Combinations | ' | |||||||||||
As of March 31, 2014, the Company’s total identifiable intangible assets consisted of the following: | ||||||||||||
Gross Carrying | Accumulated | Net | ||||||||||
Value | Amortization | |||||||||||
Software (classified with Property, Plant & Equipment) | $ | 41.3 | $ | (32.0 | ) | $ | 9.3 | |||||
Trademarks | 27 | (10.4 | ) | 16.6 | ||||||||
Customer relationships and other intangibles | 479.6 | (108.9 | ) | 370.7 | ||||||||
Total | $ | 547.9 | $ | (151.3 | ) | $ | 396.6 | |||||
Schedule Of Estimated Amortization Expense | ' | |||||||||||
The related estimated expense for the five subsequent years ended December 31 is as follows: | ||||||||||||
2015 | $ | 29 | ||||||||||
2016 | 28 | |||||||||||
2017 | 28 | |||||||||||
2018 | 24 | |||||||||||
2019 | 24 | |||||||||||
Thereafter | 234 | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income/(Loss) (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||
The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss): | ||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | ||||||||||||||||||
Foreign Currency | Derivative Financial Instruments | Pension Liability | Total | |||||||||||||||
Balance at December 31, 2012 | $ | 36.4 | $ | 11.4 | $ | (58.3 | ) | $ | (10.5 | ) | ||||||||
Other comprehensive (loss) income before reclassifications, net of tax | (1.8 | ) | 0.8 | — | (1.0 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | — | (2.6 | ) | — | (2.6 | ) | ||||||||||||
Net current-period other comprehensive loss | (1.8 | ) | (1.8 | ) | — | (3.6 | ) | |||||||||||
Balance at March 31, 2013 | $ | 34.6 | $ | 9.6 | $ | (58.3 | ) | $ | (14.1 | ) | ||||||||
Balance at December 31, 2013 | $ | 35.1 | $ | (22.5 | ) | $ | (32.1 | ) | $ | (19.5 | ) | |||||||
Other comprehensive income (loss) before reclassifications, net of tax | 0.5 | (3.8 | ) | — | (3.3 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | — | 3.6 | 1.1 | 4.7 | ||||||||||||||
Net current-period other comprehensive income (loss) | 0.5 | (0.2 | ) | 1.1 | 1.4 | |||||||||||||
Balance at March 31, 2014 | $ | 35.6 | $ | (22.7 | ) | $ | (31.0 | ) | $ | (18.1 | ) | |||||||
The following table summarizes the reclassifications out of accumulated other comprehensive income (loss): | ||||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||
Details about Accumulated Other Comprehensive Income (Loss) Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Consolidated Statements of Income | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
(Loss) gain on derivative instruments | $ | (5.8 | ) | $ | 4.2 | Cost of providing services and products sold and Selling, general and administrative | ||||||||||||
Tax benefit (expense) | 2.2 | (1.6 | ) | Income tax expense | ||||||||||||||
(Loss) gain on derivative instruments, net of tax | (3.6 | ) | 2.6 | Net of tax | ||||||||||||||
Adjustment of pension and other post employment obligations | (1.8 | ) | — | Selling, general and administrative | ||||||||||||||
Tax benefit | 0.7 | — | Income tax expense | |||||||||||||||
Adjustment of pension and other post employment obligations, net of tax | (1.1 | ) | — | Net of tax | ||||||||||||||
Total reclassifications for the period | $ | (4.7 | ) | $ | 2.6 | |||||||||||||
Payables_And_Other_Current_Lia1
Payables And Other Current Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | |||||||
Schedule Of Payables And Other Current Liabilities | ' | |||||||
At March 31, 2014 | At December 31, 2013 | |||||||
Accounts payable | $ | 47 | $ | 30.9 | ||||
Deferred tax liability | 38.3 | 37.4 | ||||||
Accrued income and other taxes | 32.3 | 22.3 | ||||||
Accrued payroll-related expenses | 155.5 | 85.9 | ||||||
Derivative liabilities | 24.4 | 21.2 | ||||||
Accrued expenses, other | 96.5 | 68.9 | ||||||
Deferred revenue and government grants | 26.2 | 22.8 | ||||||
Restructuring and exit costs | 4.6 | 2.3 | ||||||
$ | 424.8 | $ | 291.7 | |||||
Background_And_Basis_Of_Presen1
Background And Basis Of Presentation (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
Number of Employees, Geographic Area [Member] | Number of Employees, Total [Member] | Australian Dollars [Member] | United States of America, Dollars [Member] | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $0.70 | ($8) | ' | ' | ' | ' | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0.5 | -5.1 | ' | ' | ' | ' | ' |
Business Acquisition, Transaction Costs | 14.7 | ' | ' | ' | ' | ' | ' |
Maximum period of agreement for earning transition services revenues for services provided to the buyer (in months) | 24 | ' | ' | ' | ' | ' | ' |
Number of employees added in business acquisition | ' | ' | ' | 1,000 | 125,000 | ' | ' |
Number of Countries in which Entity Operates | 31 | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | $804.50 | $0 | $15 | ' | ' | $20 | $20 |
Business_Combinations_Business2
Business Combinations Business Combinations (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 03, 2014 | Mar. 03, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Australian Dollars [Member] | United States of America, Dollars [Member] | Customer Relationships [Member] | 2014 Term Loan [Member] | 2014 Revolving Credit Facility [Member] | Convertible Debt [Member] | Revolving Credit Facility [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | 0.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | $804.50 | $0 | $15 | $20 | $20 | ' | ' | ' | ' | ' |
Repayments of Assumed Debt | ' | ' | ' | 5.3 | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | ' | 12.2 | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Customer Relationship Intangible Assets Acquired | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | '8 years | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | 350 | 300 | ' | ' |
Senior Notes | 230 | 230 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Interest Payable, Current | 13 | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.1 | ' |
Interest Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.2 | 0.3 |
Repayments of Lines of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63.1 |
Business Acquisition, Transaction Costs | 14.7 | 14.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 85.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Effective Date of Acquisition | ' | 3-Mar-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | ($6.40) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Combinations_Business3
Business Combinations Business Combinations (Purchase Price Allocation Table) (Details) (USD $) | Mar. 31, 2014 | Mar. 03, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | |||
Preliminary Purchase Price Allocation [Abstract] | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | ' | $199 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | ' | 11.7 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | ' | 160.1 | ' |
Goodwill | 870.1 | 280.9 | 589.4 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | ' | 370.4 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | ' | 13.7 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | ' | -11.9 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | ' | -99.6 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | ' | -3.8 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Long-term Debt | ' | -34.6 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | ' | -70.5 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | ' | -10.9 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | $804.50 | ' |
Business_Combinations_Business4
Business Combinations Business Combinations (Intangible Assets Identified) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 03, 2014 | Mar. 03, 2014 | Mar. 31, 2014 | Mar. 03, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Customer Relationships [Member] | Customer Relationships [Member] | Trade Names [Member] | Trademarks [Member] | Off-Market Favorable Lease [Member] | Stream Acquisition [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Customer Relationships [Member] | Contract-Based Intangible Assets [Member] | Customer Relationships [Member] | Trademarks [Member] | Contract-Based Intangible Assets [Member] | ||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount Rate | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | $547.90 | $479.60 | ' | ' | $27 | ' | $370.40 | ' | ' | ' | ' | ' |
Finite-Lived Customer Relationships, Gross | ' | ' | 352 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Trade Names, Gross | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | ' | ' | ' | ' | ' | $1.40 | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | '4 years | ' | ' | '1 year | '1 year | '17 years | '4 years | '7 years |
Business_Combinations_Business5
Business Combinations Business Combinations (Unaudited Pro forma Information) (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Unaudited Pro forma Information [Abstract] | ' | ' |
Business Acquisition, Pro Forma Information [Abstract] | $777.10 | $746.60 |
Business Acquisition, Pro Forma Net Income (Loss) | $7.90 | $30.90 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.08 | $0.29 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.07 | $0.28 |
Weighted Average Number of Shares Outstanding, Basic | 101.1 | 105.7 |
Weighted Average Number of Shares Outstanding, Diluted | 107.3 | 110.3 |
Business_Combinations_Business6
Business Combinations Business Combinations (Consideration Transferred) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | |
Business Combination, Purchase Price Consideration [Line Items] | ' | |
Payments to Acquire Businesses, Gross | $832.50 | |
Cash Acquired from Acquisition | -28 | [1] |
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | 804.5 | |
Common Class A [Member] | ' | |
Business Combination, Purchase Price Consideration [Line Items] | ' | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 482.9 | [2] |
Stock Option Awards [Member] | ' | |
Business Combination, Purchase Price Consideration [Line Items] | ' | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 16.1 | [3] |
Senior Notes [Member] | ' | |
Business Combination, Purchase Price Consideration [Line Items] | ' | |
Business Combination, Consideration Transferred, Liabilities Incurred | 243 | [4] |
Convertible Debt [Member] | ' | |
Business Combination, Purchase Price Consideration [Line Items] | ' | |
Business Combination, Consideration Transferred, Liabilities Incurred | 19.3 | [5] |
Revolving Credit Facility [Member] | ' | |
Business Combination, Purchase Price Consideration [Line Items] | ' | |
Business Combination, Consideration Transferred, Liabilities Incurred | 63.4 | [6] |
Acquisition-related Costs [Member] | ' | |
Business Combination, Purchase Price Consideration [Line Items] | ' | |
Business Combination, Consideration Transferred, Liabilities Incurred | $7.80 | [7] |
[1] | Represents the Stream cash balance acquired at acquisition. | |
[2] | The cash consideration for the outstanding shares of Stream's common stock, which includes a preliminary estimate for future working capital settlement. Stream outstanding common shares totaled 0.7 as of March 3, 2014. | |
[3] | The cash consideration paid per share of "in the money" stock option awards. | |
[4] | The cash consideration to repay Stream's 11.25% Senior Secured Notes due 2014, which reflects the aggregate principal and interest amounts of $230.0 and $13.0, respectively, as of March 3, 2014. | |
[5] | The cash consideration to repay Stream's 10.0% Promissory Notes, which reflects the aggregate principal and interest amounts of $16.1 and $3.2, respectively, as of March 3, 2014. | |
[6] | The cash consideration to repay Stream's Revolving Credit Facility, which reflects the aggregate principal and interest amounts of $63.1 and $0.3, respectively, as of March 3, 2014. | |
[7] | Pursuant to the Merger Agreement, Convergys reimbursed the holders of Stream common stock for expenses incurred by Stream in connection with the merger. These expenses primarily related to third-party consulting services. |
Divestitures_Narrative_Details
Divestitures (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $0.70 | ($8) |
Transition Services Revenue | 4 | 4.9 |
Federal, state and foreign income tax obligation | 0.2 | -2.9 |
Maximum period of agreement for earning transition services revenues for services provided to the buyer (in months) | 24 | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $0.50 | ($5.10) |
Divestitures_Schedule_Of_Resul
Divestitures (Schedule Of Results Included In Discontinued Operations) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Revenue | $0 | $0 |
Gain on disposition, before tax | 0.7 | -8 |
Income before income taxes | 0.7 | -8 |
Tax expense related to gain on disposition | 0.2 | -2.9 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $0.50 | ($5.10) |
Earnings_Per_Share_And_Shareho2
Earnings Per Share And Shareholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2009 | Mar. 31, 2014 |
Stock Options [Member] | Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | 5.75% Junior Subordinated Convertible Debentures [Member] | 5.75% Junior Subordinated Convertible Debentures [Member] | Performance Shares [Member] | ||||
2014 Performance grants [Domain] | 2013 Performance grants [Domain] | Restricted Stock Units (RSUs) [Member] | ||||||||
Antidilutive securities excluded from diluted EPS | ' | ' | ' | 0.6 | 0.7 | 0.3 | 0.3 | ' | ' | 0.6 |
Aggregate principal amount convertible debentures | ' | ' | ' | ' | ' | ' | ' | $125 | ' | ' |
Interest rate on unsecured senior notes | ' | ' | ' | ' | ' | ' | ' | 5.75% | ' | ' |
Junior subordinated convertible debentures convertible conversion price | ' | ' | ' | ' | ' | ' | ' | $11.77 | $12.07 | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | 15-Sep-29 | ' | ' |
Junior subordinated convertible debentures convertible equity instruments in conversion | ' | ' | ' | ' | ' | ' | ' | 84.94 | 82.82 | ' |
Debt Instrument, Convertible, Terms of Conversion Feature | ' | ' | ' | ' | ' | ' | ' | '1000 | '1000 | ' |
Incremental Common Shares Attributable to Conversion of Debt Securities | ' | 4.9 | 3.2 | ' | ' | ' | ' | ' | ' | ' |
Remaining Authorized Repurchase Amount | ' | $133.30 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | $0.07 | $0.06 | $0.06 | ' | ' | ' | ' | ' | ' | ' |
Earnings_Per_Share_And_Shareho3
Earnings Per Share And Shareholders' Equity (Schedule Of Reconciliation Of The Numerator And Denominator Of The Basic And Diluted Earnings (Loss) Per Share (EPS) Computations) (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share | ' | ' |
Basic | 101.1 | 105.7 |
Stock-based compensation arrangements | 1.3 | 1.4 |
Convertible Debt, Share | 4.9 | 3.2 |
Diluted EPS | 107.3 | 110.3 |
Income (Loss) from continuing operations | $13.70 | $30.20 |
Income from continuing operations, Diluted EPS | 13.7 | 30.2 |
Income (loss) from continuing operations, per basic share | $0.14 | $0.28 |
Stock-based compensation arrangements continuing operations, per share | $0 | $0 |
Convertible debt, continuing operations, per share | ($0.01) | ($0.01) |
Convertible Debt, Discontinued Operations, Per Share | $0 | ' |
Income (loss) from continuing operations, per diluted share | $0.13 | $0.27 |
Income (Loss) from Discontinued Operations, net of tax | 0.5 | -5.1 |
Income (loss) from discontinued operations, Diluted EPS | $0.50 | ($5.10) |
Income (loss) from discontinued operations, per basic share | $0 | ($0.04) |
Stock-based compensation arrangements discontinued operations, per share | $0 | $0 |
Income (loss) from discontinued operations, per diluted share | $0 | ($0.04) |
Basic Earnings per Common Share | $0.14 | $0.24 |
Stock-based compensation arrangements, per share | $0 | $0 |
Convertible debt, per share | ($0.01) | ($0.01) |
Diluted Earnings per Common Share | $0.13 | $0.23 |
Earnings_Per_Share_And_Shareho4
Earnings Per Share And Shareholders' Equity Earnings Per Share And Shareholders' Equity (Schedule of Dividends Declared and Paid) (Details) (USD $) | 3 Months Ended | |||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
Schedule of Dividends Declared and Paid [Line Items] | ' | ' | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.05 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | United States Pension Plans of US Entity, Defined Benefit [Member] | United States Pension Plans of US Entity, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Other Pension Plans, Postretirement or Supplemental Plans, Defined Benefit [Member] | Supplemental Employee Retirement Plans, Defined Benefit [Member] | 100% [Domain] | 50% [Domain] | 3% [Domain] | 2% [Domain] | |
Liabilities related to defined benefit pension plan | ' | $33.80 | $33.70 | $33.90 | $31.50 | ' | ' | ' | ' | ' | ' |
Trading Securities, Fair Value Disclosure | 13.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement (gain) loss recognized during the period | ' | ' | ' | ' | ' | $0.20 | ($0.20) | ' | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | ' | ' | ' | ' | ' | ' | ' | 100.00% | 50.00% | ' | ' |
Defined Contribution Plan, Contributions by Employee | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 2.00% |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule Of Components Of Pension Cost) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Plan, Defined Benefit [Member] | ' | ' |
Interest cost on projected benefit obligation | $2.70 | $2.80 |
Service cost | 1.4 | 1.8 |
Expected return on plan assets | -2.3 | -2.6 |
Amortization and deferrals - net | 2.1 | 3.5 |
Pension cost | 3.9 | 5.5 |
Unfunded Executive Pension Plans [Member] | ' | ' |
Interest cost on projected benefit obligation | 0.1 | 0.1 |
Amortization and deferrals - net | 0 | 0.1 |
Pension cost | $0.10 | $0.20 |
Restructuring_Details
Restructuring (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
2014 Restructuring Plan [Member] | 2013 Restructuring Plan [Member] | 2013 Restructuring Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Other Restructuring Costs | ' | ' | $1.10 | ' |
Severance Costs | 6.3 | 1.7 | 4.3 | ' |
Employees affected | ' | 400 | 800 | ' |
Restructuring Reserve | $2.60 | $1.40 | ' | $0.60 |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Stock compensation expense | $3 | $4.50 |
Stock Options [Member] | ' | ' |
Stock compensation expense | 0.1 | ' |
Performance Shares [Member] | ' | ' |
Granted, shares | 0.3 | 0.4 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $0 | ' |
Performance Shares [Member] | Maximum [Member] | ' | ' |
Payout range | 200.00% | ' |
Performance Shares [Member] | Minimum [Member] | ' | ' |
Payout range | 50.00% | ' |
Time-Based Restricted Stock [Member] | ' | ' |
Granted, shares | 0.6 | 0.5 |
Total unrecognized compensation cost related to non-vested restricted stock and restricted stock units | $18.90 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $20.03 | $16.15 |
Weighted average recognition period (in years) | 1.3 | ' |
2013 Performance grants [Domain] | Performance Shares [Member] | ' | ' |
Granted, shares | ' | 0.1 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | $16.45 |
Performance-based grants that provide for payout contingent upon certain EPS targets [Member] | 2013 Performance grants [Domain] | ' | ' |
Granted, shares | ' | 0.3 |
Performance-based grants that provide for payout contingent upon certain EPS targets [Member] | 2014 Performance grants [Domain] | ' | ' |
Granted, shares | 0.3 | ' |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans (Summary Of Stock Option Activity) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Outstanding, beginning balance, shares | 0.8 | ' |
Outstanding, beginning balance, weighted average exercise price | $13.11 | ' |
Outstanding, beginning balance weighted average remaining contractual term | '7 years | '7 years 2 months 12 days |
Outstanding, beginning balance, weighted average fair value at date of grant | $3.74 | $3.74 |
Exercisable, beginning balance, shares | 0.2 | ' |
Exercisable, beginning balance, weighted average exercise price | $13.14 | ' |
Exercisable, beginning balance, weighted average remaining contractual term | '6 years 8 months 12 days | '5 years 9 months 18 days |
Exercisable, beginning balance, weighted average fair value at grant date | $4.01 | ' |
Granted, shares | 0 | ' |
Exercised, shares | 0 | ' |
Forfeited/cancelled, shares | 0 | ' |
Outstanding, ending balance, shares | 0.8 | 0.8 |
Outstanding, ending balance, weighted average exercise price | $13.11 | $13.11 |
Outstanding, ending balance weighted average remaining contractual term | '7 years | '7 years 2 months 12 days |
Outstanding, ending balance, weighted average fair value at date of grant | $3.74 | $3.74 |
Exercisable, ending balance, shares | 0.6 | 0.2 |
Exercisable, ending balance, weighted average exercise price | $13.22 | $13.14 |
Exercisable, ending balance, weighted average remaining contractual term | '6 years 8 months 12 days | '5 years 9 months 18 days |
Exercisable, ending balance, weighted average fair value at grant date | $3.84 | $4.01 |
StockBased_Compensation_Plans_4
Stock-Based Compensation Plans (Time-Based Restricted Stock Units) (Details) (Time-Based Restricted Stock [Member], USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Time-Based Restricted Stock [Member] | ' | ' |
Non-vested, beginning balance, shares | 1.4 | ' |
Non-vested, beginning balance, weighted average fair value at date of grant | $14.62 | ' |
Granted, shares | 0.6 | 0.5 |
Granted, weighted average fair value at date of grant | $20.03 | $16.15 |
Vested, shares | -0.6 | ' |
Vested, weighted average fair value at date of grant | $13.98 | ' |
Forfeited, shares | 0 | ' |
Forfeited, weighted average fair value at date of grant | $0 | ' |
Non-vested, ending balance, shares | 1.4 | ' |
Non-vested, ending balance, weighted average fair value at date of grant | $17.09 | ' |
StockBased_Compensation_Plans_5
Stock-Based Compensation Plans (Performance-Based Restricted Stock-Units) (Details) (Performance Shares [Member], USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Performance Shares [Member] | ' |
Non-vested, beginning balance, shares | 0.3 |
Non-vested, beginning balance, weighted average fair value at date of grant | $12.90 |
Granted, shares | 0 |
Granted, weighted average fair value at date of grant | $0 |
Vested, shares | -0.3 |
Vested, weighted average fair value at date of grant | $12.90 |
Forfeited, shares | 0 |
Forfeited, weighted average fair value at date of grant | $0 |
Non-vested, ending balance, shares | 0 |
Non-vested, ending balance, weighted average fair value at date of grant | $0 |
Debt_And_Capital_Lease_Obligat2
Debt And Capital Lease Obligations (Revolving Credit Facility) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 11, 2013 | Mar. 03, 2014 | Mar. 03, 2014 | Mar. 31, 2014 | Mar. 03, 2014 |
In Millions, unless otherwise specified | 2011 Credit Facility [Member] | 2011 Credit Facility [Member] | 2014 Term Loan [Member] | 2014 Revolving Credit Facility [Member] | 2014 Credit Facility [Member] | 2014 Credit Facility [Member] | ||
Senior Notes | $230 | $0 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 350 | 0 | ' | ' | ' | ' | 350 | ' |
Interest Payable, Current | 13 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Expiration Date | ' | ' | 3-Mar-19 | ' | ' | ' | ' | ' |
Line of credit, maximum borrowing capacity | ' | ' | ' | $300 | $350 | $300 | $300 | $650 |
Debt_And_Capital_Lease_Obligat3
Debt And Capital Lease Obligations Debt And Captial Lease Obligations (Convertible Debentures) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2009 | Sep. 30, 2013 | Dec. 31, 2009 |
5.75% Junior Subordinated Convertible Debentures [Member] | 5.75% Junior Subordinated Convertible Debentures [Member] | 5.75% Junior Subordinated Convertible Debentures [Member] | 4.875% Unsecured Senior Notes [Member] | 4.875% Unsecured Senior Notes [Member] | |||
Debt Instrument | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | $11.77 | ' | $12.07 | ' | ' |
Debt Instrument, Convertible, Conversion Ratio | ' | ' | 84.94 | ' | 82.82 | ' | ' |
Terms of exchange offer | ' | ' | ' | ' | $1,020 | ' | $1,000 |
Debt Instrument, Convertible, Terms of Conversion Feature | ' | ' | ' | ' | '1000 | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | 125,000,000 | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | 122,500,000 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 5.75% | ' | ' | 4.88% |
Contingent Interest | ' | ' | ' | '0.0075 | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | 15-Sep-29 | ' | ' | 15-Dec-09 |
Liability component of convertible debt recognized at issuance | ' | ' | 0 | ' | 56,300,000 | ' | ' |
Deferred tax impact on convertible debt | $222,800,000 | $150,800,000 | ' | ' | $32,700,000 | ' | ' |
Debt_And_Capital_Lease_Obligat4
Debt And Capital Lease Obligations Debt And Capital Lease Obligations (Other) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Instrument | ' | ' | ' |
Asset Securitization Facility | ' | $150 | ' |
Asset Securitization Facility, Expiration Date | 'January 2017 | ' | ' |
Accounts Receivable Securitization | ' | $10 | $0 |
Debt_And_Capital_Lease_Obligat5
Debt And Capital Lease Obligations (Schedule Of Debt And Capital Lease Obligations) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument | ' | ' |
Senior Notes | $230 | $0 |
Line of Credit Facility, Amount Outstanding | 350 | 0 |
2029 Convertible debt | 59.7 | 59.5 |
Capital Lease Obligations | 34.2 | 1.6 |
Asset Securitization Facility | 10 | 0 |
Debt and Capital Lease Obligations | 683.9 | 61.1 |
Less current maturities | 258.3 | 0.9 |
Long-term debt | $425.60 | $60.20 |
Debt_And_Capital_Lease_Obligat6
Debt And Capital Lease Obligations (Schedule Of Future Minimum Payments) (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Long-term Debt and Capital Lease Obligations [Abstract] | ' |
Remainder of 2013 and 2014 | $66.40 |
2015 | 35.9 |
2016 | 36.7 |
2017 | 35.6 |
2018 | 219.2 |
Thereafter | 125.4 |
Total | $519.20 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Letters of credit outstanding amount | $38.80 |
Guarantee | 2.8 |
Purchase Commitments | 13.4 |
HRM Performance Bond Obligations [Member] | ' |
Guarantee | 30 |
Liability of obligations | $0.60 |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets, Fair Value Disclosure | $20.20 | $82.90 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Foreign currency forward contracts (asset position) | 4.1 | 4.5 |
Foreign currency forward contracts (liability position) | 43.5 | 41 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Foreign currency forward contracts (asset position) | 0 | 0 |
Foreign currency forward contracts (liability position) | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Foreign currency forward contracts (asset position) | 4.1 | 4.5 |
Foreign currency forward contracts (liability position) | 43.5 | 41 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Foreign currency forward contracts (asset position) | 0 | 0 |
Foreign currency forward contracts (liability position) | 0 | 0 |
Interest-bearing Deposits [Member] | ' | ' |
Assets, Fair Value Disclosure | 6.8 | 68.7 |
Interest-bearing Deposits [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 |
Interest-bearing Deposits [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets, Fair Value Disclosure | 6.8 | 68.7 |
Interest-bearing Deposits [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 |
Equity Funds [Member] | ' | ' |
Assets, Fair Value Disclosure | 10.6 | 11 |
Equity Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Assets, Fair Value Disclosure | 10.6 | 11 |
Equity Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 |
Equity Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 |
Common Stock [Member] | ' | ' |
Assets, Fair Value Disclosure | 2.3 | 2.3 |
Common Stock [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Assets, Fair Value Disclosure | 2.3 | 2.3 |
Common Stock [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 |
Common Stock [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 |
Money Market Funds [Member] | ' | ' |
Assets, Fair Value Disclosure | 0.6 | 0.9 |
Money Market Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Assets, Fair Value Disclosure | 0.6 | 0.9 |
Money Market Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 |
Money Market Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 |
Investment Securities Class [Domain] | ' | ' |
Assets, Fair Value Disclosure | 13.5 | 14.2 |
Investment Securities Class [Domain] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Assets, Fair Value Disclosure | 13.5 | 14.2 |
Investment Securities Class [Domain] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets, Fair Value Disclosure | 0 | 0 |
Investment Securities Class [Domain] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets, Fair Value Disclosure | $0 | $0 |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives | ' | ' | ' | ' |
Derivative instruments maturity period (in months) | '36 months | ' | ' | ' |
Derivative, Notional Amount | $1,108.20 | ' | $965.50 | ' |
Deferred tax expense (benefit) | -14.1 | ' | -14.1 | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -22.7 | 9.6 | -22.5 | 11.4 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | 19.5 | ' | ' | ' |
Deferred gain on derivative instruments reclassified from OCI to earnings during next twelve months, net of tax | 12.1 | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Loss | -1.8 | 0.2 | ' | ' |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | 0.1 | ' | ' | ' |
Aggregate fair value of derivative instruments in liability positions | 43.5 | ' | ' | ' |
Trading Securities | 13.5 | ' | ' | ' |
Interest-bearing deposits, fair value | 6.8 | ' | ' | ' |
Foreign Currency Derivative Purchase Contract [Domain] | Forward Contracts PHP [Member] | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' |
Derivative, Notional Amount | 38,354 | ' | ' | ' |
Foreign Currency Derivative Purchase Contract [Domain] | Forward Contracts INR [Member] | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' |
Derivative, Notional Amount | 10,424 | ' | ' | ' |
Foreign Currency Derivative Purchase Contract [Domain] | Forward Contracts CAD [Member] | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' |
Derivative, Notional Amount | 41.3 | ' | ' | ' |
Foreign Currency Derivative Purchase Contract [Domain] | Forward Contracts COP [Member] | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' |
Derivative, Notional Amount | 15,300 | ' | ' | ' |
Cash Flow Hedging [Member] | Forward Contracts PHP [Member] | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' |
Derivative, Notional Amount | 881.5 | ' | ' | ' |
Cash Flow Hedging [Member] | Forward Contracts INR [Member] | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' |
Derivative, Notional Amount | 168 | ' | ' | ' |
Cash Flow Hedging [Member] | Forward Contracts CAD [Member] | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' |
Derivative, Notional Amount | 39.2 | ' | ' | ' |
Cash Flow Hedging [Member] | Forward Contracts COP [Member] | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' |
Derivative, Notional Amount | 8 | ' | ' | ' |
Cash Flow Hedging [Member] | Forward Contracts AUD [Member] | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' |
Derivative, Notional Amount | 11.5 | ' | ' | ' |
Foreign Currency Derivative Sale Contract [Member] | Forward Contracts AUD [Member] | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' |
Derivative, Notional Amount | $11.30 | ' | ' | ' |
Financial_Instruments_Fair_Val
Financial Instruments (Fair Value of Derivative Instruments) (Details) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Other Current Assets [Member] | Other Current Assets [Member] | Other Assets [Member] | Other Assets [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Liabilities [Member] | Other Liabilities [Member] | Operating Expense [Member] | Operating Expense [Member] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($5.90) | $1.30 |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 5.8 | -4.2 | ' | ' | ' | ' | ' | ' | ' | ' | -5.8 | 4.2 |
Forward exchange contracts and options designated as hedging instruments, assets | ' | ' | 2.1 | 4.3 | 2 | 0.2 | ' | ' | ' | ' | ' | ' |
Forward exchange contracts and options designated as hedging instruments, liabilities | ' | ' | ' | ' | ' | ' | $24.40 | $21.20 | $19.10 | $19.80 | ' | ' |
Financial_Instruments_Effect_O
Financial Instruments (Effect Of Derivative Instruments On Consolidated Financial Statements) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) | ' | ' |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $5.80 | ($4.20) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 03, 2014 |
Liability for unrecognized tax benefits | $59.50 | ' | $52.10 | ' |
Unrecognized Tax Benefits | ' | ' | ' | 6.4 |
Unrecognized tax benefits that would affect income tax expense | 50.9 | ' | ' | ' |
Interest and penalties share in unrecognized tax benefits | 20.7 | ' | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 2 | ' | ' | ' |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 10 | ' | ' | ' |
Effective tax rate on net income from continuing operations | 14.90% | 15.90% | ' | ' |
Income tax expense | 2.4 | 5.7 | ' | ' |
Income (loss) from continuing opations before income taxes | 16.1 | 35.9 | ' | ' |
Foreign Earnings Repatriated | ' | ' | 46.4 | ' |
2013 Repatriation [Member] | ' | ' | ' | ' |
Foreign Earnings Repatriated | 41.6 | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 4.8 | ' | ' | ' |
2014 Repatriation [Member] | ' | ' | ' | ' |
Foreign Earnings Repatriated | 44.9 | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $3.30 | ' | ' | ' |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 03, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2012 |
Software [Member] | Trademarks [Member] | Customer Relationships And Other Intangibles [Member] | Customer Relationships And Other Intangibles [Member] | Other Intangible Assets [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Office Building [Member] | ||||||
Customer Relationships And Other Intangibles [Member] | Trademarks [Member] | Customer Relationships And Other Intangibles [Member] | ||||||||||||
Impairment of Long Lived Assets Held-for-Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $42.60 |
Proceeds from Sale of Property, Plant, and Equipment | ' | ' | ' | 47.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Transaction Costs | 14.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | 804.5 | 0 | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Assumed Debt | ' | ' | ' | 5.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Acquired During Period | ' | ' | ' | 12.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Customer Relationship Intangible Assets Acquired | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | ' |
Goodwill, net | 870.1 | ' | ' | 589.4 | 280.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, net | 396.6 | ' | ' | 30.7 | ' | 9.3 | 16.6 | ' | 370.7 | ' | ' | ' | ' | ' |
Intangible assets, useful life | ' | ' | ' | ' | ' | '8 years | '4 years | ' | ' | ' | '1 year | '4 years | '17 years | ' |
Weighted average depreciation period | ' | ' | ' | ' | ' | '2 years 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years 9 months 18 days | ' | ' | ' | ' |
Amortization | 3.4 | 1.2 | 24.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Lived Assets Held for Sale Impairment Charge, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27 |
Asset Impairment Charges | ' | ' | ' | $1.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Schedule Of Total Intangible Assets Primarily Acquired Through Business Combinations) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Gross Carrying Value | $547.90 | ' |
Accumulated Amortization | 151.3 | ' |
Intangible assets, net | 396.6 | 30.7 |
Software [Member] | ' | ' |
Gross Carrying Value | 41.3 | ' |
Accumulated Amortization | -32 | ' |
Intangible assets, net | 9.3 | ' |
Trademarks [Member] | ' | ' |
Gross Carrying Value | 27 | ' |
Accumulated Amortization | -10.4 | ' |
Intangible assets, net | 16.6 | ' |
Customer Relationships And Other Intangibles [Member] | ' | ' |
Gross Carrying Value | 479.6 | ' |
Accumulated Amortization | -108.9 | ' |
Intangible assets, net | $370.70 | ' |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Schedule Of Estimated Amortization Expense) (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $29 |
2015 | 28 |
2016 | 28 |
2017 | 24 |
2018 | 24 |
Thereafter | $234 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income/(Loss) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $35.10 | $36.40 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 0.5 | -1.8 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, Net of Tax | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 0.5 | -1.8 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 35.6 | 34.6 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -22.5 | 11.4 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -3.8 | 0.8 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 3.6 | -2.6 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -0.2 | -1.8 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -22.7 | 9.6 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -32.1 | -58.3 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 1.1 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -1.1 | 0 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -31 | -58.3 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -19.5 | -10.5 |
Other comprehensive income (loss) before relclassification | -3.3 | -1 |
Amounts reclassified from accumulated other comprehensive income | 4.7 | -2.6 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1.4 | -3.6 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -18.1 | -14.1 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Pension Obligation included in Net Income, before Tax | ($1.80) | $0 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income/(Loss) Reclassifications out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | ($5.80) | $4.20 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 2.2 | -1.6 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | -3.6 | 2.6 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Pension Obligation included in Net Income, before Tax | -1.8 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Pension Obligation included in Net Income, Tax | 0.7 | 0 |
Amounts reclassified from accumulated other comprehensive income | 1.1 | 0 |
Amounts reclassified from accumulated other comprehensive income | ($4.70) | $2.60 |
Payables_And_Other_Current_Lia2
Payables And Other Current Liabilities (Schedule Of Payables And Other Current Liabilities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | ' |
Accounts payable | $47 | $30.90 |
Deferred Tax Liabilities, Net, Current | 38.3 | 37.4 |
Accrued income and other taxes | 32.3 | 22.3 |
Accrued payroll-related expenses | 155.5 | 85.9 |
Derivative liabilities | 24.4 | 21.2 |
Accrued expenses, other | 96.5 | 68.9 |
Deferred revenue and government grants | 26.2 | 22.8 |
Restructuring and exit costs | 4.6 | 2.3 |
Payables and other current liabilities | $424.80 | $291.70 |