Document and Entity Information
Document and Entity Information Document | 9 Months Ended |
Sep. 30, 2015shares | |
Entity Information [Line Items] | |
Entity Registrant Name | CONVERGYS CORP. |
Entity Central Index Key | 1,062,047 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 97,532,765 |
Trading symbol | cvg |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues | $ 741.6 | $ 749.5 | $ 2,198.8 | $ 2,091.6 |
Costs and Expenses: | ||||
Cost of providing services and products sold | 471.1 | 476.1 | 1,406.6 | 1,327.4 |
Selling, general and administrative | 175.9 | 177.5 | 513.5 | 499.1 |
Research and development costs | 1.8 | 1.9 | 5.4 | 5.7 |
Depreciation | 35.2 | 38.8 | 108.1 | 104.8 |
Amortization | 6.6 | 7.3 | 20.6 | 17.6 |
Restructuring Charges | 0.1 | 0.5 | 3.5 | 2.2 |
Asset Impairment Charges | 0 | 0 | 0 | (1.6) |
Transaction and integration costs | 3.1 | 5.4 | 7.8 | 35.5 |
Total costs and expenses | 693.8 | 707.5 | 2,065.5 | 1,990.7 |
Operating Income (Loss) | 47.8 | 42 | 133.3 | 100.9 |
Other income (expense), net | (2.6) | 0.3 | 0.3 | (1.6) |
Interest expense | (4.6) | (5.9) | (13.9) | (15.6) |
Income (Loss) before Income Taxes | 40.6 | 36.4 | 119.7 | 83.7 |
Income tax (benefit) expense | (17) | 6.4 | (6.1) | 15.2 |
Income (Loss) from continuing operations | 57.6 | 30 | 125.8 | 68.5 |
Income (Loss) from Discontinued Operations, net of tax | 0.5 | 2.8 | 0.6 | 3.2 |
Net Income | $ 58.1 | $ 32.8 | $ 126.4 | $ 71.7 |
Basic Earnings Per Common Share: | ||||
Continuing operations | $ 0.59 | $ 0.30 | $ 1.28 | $ 0.68 |
Discontinued operations | 0 | 0.03 | 0 | 0.03 |
Basic Earnings per Common Share | 0.59 | 0.33 | 1.28 | 0.71 |
Diluted Earnings Per Common Share: | ||||
Continuing operations | 0.55 | 0.28 | 1.20 | 0.65 |
Discontinued operations | 0.01 | 0.03 | 0.01 | 0.03 |
Diluted Earnings per Common Share | $ 0.56 | $ 0.31 | $ 1.21 | $ 0.68 |
Weighted Average Common Shares Outstanding | ||||
Basic | 97.9 | 100.7 | 98.4 | 101 |
Diluted | 104.1 | 105.2 | 104.6 | 105.7 |
Common Stock, Dividends, Per Share, Declared | $ 0.08 | $ 0.07 | $ 0.23 | $ 0.20 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net Income | $ 58.1 | $ 32.8 | $ 126.4 | $ 71.7 |
Foreign currency translation adjustments | (8.9) | (28) | (27.7) | (21.6) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 1.6 | (6.1) | 4.8 | (3.7) |
Unrealized gain/(loss) on hedging activities | (17.5) | (21.3) | (14.6) | (1.3) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (24.8) | (55.4) | (37.5) | (26.6) |
Total Comprehensive Income | $ 33.3 | $ (22.6) | $ 88.9 | $ 45.1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 175.8 | $ 198.9 |
Short-term Investments | 11.7 | 13 |
Receivables, net of allowances of $5.0 and $8.1 | 556.4 | 511.1 |
Deferred income tax assets | 107.3 | 107.2 |
Prepaid expenses | 50.5 | 28.9 |
Other current assets | 36.2 | 31.8 |
Total Current Assets | 937.9 | 890.9 |
Property and equipment, net | 349.2 | 367.8 |
Goodwill | 834.8 | 850.7 |
Other intangibles, net | 327.1 | 355.2 |
Deferred income tax assets | 11.3 | 8.2 |
Other assets | 42.5 | 43.7 |
Total Assets | 2,502.8 | 2,516.5 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Debt and capital lease obligations maturing within one year | 4 | 7.5 |
Payables and other current liabilities | 407.2 | 361 |
Total Current Liabilities | 411.2 | 368.5 |
Long-term debt and capital lease obligations | 327.7 | 368.4 |
Deferred income tax liabilities | 268.4 | 275.6 |
Accrued pension liabilities | 94.8 | 116.9 |
Other long-term liabilities | 84.5 | 95.6 |
Total Liabilities | 1,186.6 | 1,225 |
Temporary Equity, Par Value | 63.3 | 64.3 |
Shareholders' Equity | ||
Preferred shares - without par value, 5.0 authorized; none outstanding | 0 | 0 |
Common shares - without par value, 500.0 authorized; 190.2 and 189.8 issued, 98.3 and 99.4 outstanding, as of June 30, 2015 and December 31, 2014, respectively | 1,089.7 | 1,077.5 |
Treasury Stock - 91.9 and 90.4 as of June 30, 2015 and December 31, 2014, respectively | (1,544) | (1,491.2) |
Retained earnings | 1,811.4 | 1,707.6 |
Accumulated other comprehensive loss | (104.2) | (66.7) |
Total Shareholders' Equity | 1,252.9 | 1,227.2 |
Total Liabilities and Shareholders' Equity | $ 2,502.8 | $ 2,516.5 |
Balance Sheet Parenthetical (Pa
Balance Sheet Parenthetical (Parentheticals) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Allowance for doubtful accounts | $ 5.6 | $ 8.1 |
Stockholders' Equity: | ||
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 | 190.3 | 189.8 |
Common stock, shares outstanding | 97.5 | 99.4 |
Treasury stock - shares | 92.8 | 90.4 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 126.4 | $ 71.7 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0.6 | 3.2 |
Income (Loss) from continuing operations | 125.8 | 68.5 |
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities of continuing operations: | ||
Depreciation and amortization | 128.7 | 122.4 |
Asset Impairment Charges | 0 | (1.6) |
Deferred income tax expense (benefit) | 0.9 | (42.2) |
Stock compensation expense | 11.5 | 7.6 |
Changes in assets and liabilities: | ||
Change in receivables | (51.4) | 5.1 |
Change in other current assets | (26.3) | 9.5 |
Change in deferred charges, net | 1.4 | 2.1 |
Change in other assets and liabilities | (44.9) | 6.7 |
Change in payables and other current liabilities | 37 | 29.3 |
Net cash provided by operating activities | 182.7 | 207.4 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Capital expenditures | (88.4) | (86.5) |
Payments to acquire short-term investments | 0 | (7.2) |
Proceeds from maturity of short-term investments | 0 | 68.7 |
Acquisitions, net of cash acquired | 0 | (802.6) |
Net cash provided by (used in) investing activities | (88.4) | (827.6) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayments of credit facilities and other debt, net | 0 | 344.9 |
Repayments of Long-term Debt | (56) | (104.1) |
Proceeds from Accounts Receivable Securitization | 599 | 318 |
Repayments of Accounts Receivable Securitization | (589) | (248) |
Repurchase of common shares | (52.5) | (24.9) |
Proceeds from exercise of stock options | 2.4 | 1.4 |
Payments of Dividends | (21.8) | (19.2) |
Cash paid for debt issuance costs | 0 | (2) |
Excess tax benefits from share-based payment arrangements | 0.5 | 1.9 |
Net cash used in financing activities | (117.4) | 268 |
Net increase (decrease) in cash and cash equivalents | (23.1) | (352.2) |
Cash and cash equivalents at beginning of period | 198.9 | 580.8 |
Cash and cash equivalents at end of period | $ 175.8 | $ 228.6 |
Background And Basis Of Present
Background And Basis Of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
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. Convergys has approximately 125,000 employees working in more than 150 locations in 31 countries, interacting with our clients' customers in 47 languages. On March 3, 2014, Convergys completed its acquisition of SGS Holdings, Inc. (Stream), a global customer management leader, providing technical support, customer care and sales for Fortune 1000 companies. This acquisition expanded the Company's geographic footprint and capabilities, adding approximately 40,000 employees in 22 countries. Stream's complementary client portfolio diversified Convergys' client base through the addition of leading technology, communications and other clients. Stream operating results are included in Convergys' Consolidated Statements of Income beginning March 3, 2014. The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial reporting 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 U.S. GAAP 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, 2014, filed with the SEC on February 18, 2015. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements Recent Accounting Pronouncements (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This ASU requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. This update is effective for interim and annual periods beginning after December 15, 2015 and is required to be applied retrospectively. This standard is not expected to have a material effect on the Company's consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (Topic 718)." This ASU requires a reporting entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition, and apply existing guidance under the Stock Compensation Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. This update will be applied prospectively and is effective for interim and annual periods beginning after December 15, 2015. This standard is not expected to have a material effect on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)." The standard will apply one comprehensive revenue recognition model across all contracts, entities and sectors. The core principal of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Once effective, this ASU will replace most of the existing revenue recognition requirements in U.S. GAAP. This update is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently assessing the effect that adoption of the new standard, including possible adoption alternatives, will have on its consolidated financial statements. In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU changes the criteria for a disposal to qualify as discontinued operations and requires new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. Under the new standard, companies report discontinued operations when they have a disposal that represents a strategic shift that has or will have a major impact on operations or financial results. This update was applied prospectively and became effective for annual periods, and interim periods within those years, beginning after December 15, 2014. This standard did not have a material effect on the Company's consolidated financial statements, but will impact the reporting of any future dispositions. |
Business Combination Business C
Business Combination Business Combinations | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | BUSINESS COMBINATION 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 $802.6 , 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 consisted 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 purchase price of Stream consisted of the following items: Cash consideration for Stream stock (1) $ 481.0 Cash consideration for Stream stock options (2) 16.1 Cash consideration for repayment of Stream 11.25% Senior Secured Notes (3) 243.0 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 830.6 Cash acquired (7) (28.0 ) Net consideration transferred $ 802.6 (1) The cash consideration for the outstanding shares of Stream's common stock, which includes final settlement for working capital. 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 during 2014. These costs are included in Transaction and integration costs in the accompanying Consolidated Statements of Income. 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 allocated to tangible and intangible assets acquired and liabilities assumed based on respective fair values. The following table summarizes the assets acquired and liabilities assumed at the date of acquisition: Purchase price allocation At March 3, 2014 Assets: Receivables $ 197.9 Other current assets 13.5 Property and equipment 159.3 Goodwill 276.5 Intangible assets 370.4 Other assets 7.9 Liabilities: Accounts payable (12.3 ) Accrued expenses (100.3 ) Other current liabilities (3.6 ) Debt (34.6 ) Deferred tax - net (59.4 ) Other long-term liabilities (12.7 ) Total purchase price $ 802.6 As of March 31, 2015, the purchase price allocation for the acquisition was final. Goodwill was 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 were based on several strategic and synergistic benefits that are expected to be realized from the Stream acquisition. The benefits include an enhanced global footprint and expanded language capabilities. None of the goodwill is expected to be deductible for income tax purposes and goodwill was entirely allocated to the Customer Management - Agent Services reporting unit for purposes of the evaluation for any future goodwill impairment. Intangible Assets Identified The following details the total intangible assets identified: Intangible asset type Value Life (years) Customer relationship $ 352.0 17 Trade name 17.0 4 Favorable lease contract 1.4 1 - 7 Total $ 370.4 The fair value of the customer relationship asset was determined using the income approach through an excess earnings analysis, with projected earnings 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 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 revenue and results of operations from the acquired Stream business included in Convergys' results: Stream results of operations Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Revenues $ 247.4 $ 581.5 Income before income taxes $ 7.2 $ 2.0 The following unaudited pro forma information assumes the acquisition of Stream occurred at the beginning of the Company's prior year, January 1, 2014. The unaudited pro forma information presented below is for illustrative purposes only and does not reflect future events that may occur or any operating efficiencies or inefficiencies that may result from the Stream acquisition and related financing. Additionally, this unaudited pro forma information for the nine months ended September 30, 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. Nine Months Ended September 30, 2014 Unaudited pro forma information Revenues $ 2,263.0 Income from Continuing Operations, net of tax $ 62.8 Earnings from Continuing Operations per share Basic $ 0.62 Diluted $ 0.59 Weighted average common shares outstanding Basic 101.0 Diluted 105.7 |
Divestitures and Discontinued O
Divestitures and Discontinued Operations | 9 Months Ended |
Sep. 30, 2015 | |
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 and nine months ended September 30, 2015 and 2014 , the Company recorded additional gains and losses 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. During the nine months ended September 30, 2014 , the Company earned $8.2 in revenue under transition services agreements. All transition services agreements expired by June 30, 2014, and the Company has substantially eliminated the related costs. The results of the Information Management business included in discontinued operations for the three and nine months ended September 30, 2015 and 2014 are summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue $ — $ — $ — $ — (Loss) gain on disposition (0.2 ) — 0.1 0.5 (Loss) income before income taxes (0.2 ) — 0.1 0.5 Income tax benefit: Benefit related to gain on disposition 0.7 2.8 0.5 2.7 Income from discontinued operations, net of tax $ 0.5 $ 2.8 $ 0.6 $ 3.2 |
Earnings Per Share And Sharehol
Earnings Per Share And Shareholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 Shares Income Per Share Amount Income Per Share Amount Per Share Amount Basic EPS 97.9 $ 57.6 $ 0.59 $ 0.5 $ — $ 0.59 Effect of dilutive securities: Stock-based compensation arrangements 0.8 — (0.01 ) — — (0.01 ) Convertible Debt 5.4 — (0.03 ) — 0.01 (0.02 ) Diluted EPS 104.1 $ 57.6 $ 0.55 $ 0.5 $ 0.01 $ 0.56 Nine Months Ended September 30, 2015 Basic EPS 98.4 $ 125.8 $ 1.28 $ 0.6 $ — $ 1.28 Effect of dilutive securities: Stock-based compensation arrangements 0.8 — (0.01 ) — — (0.01 ) Convertible Debt 5.4 — (0.07 ) — 0.01 (0.06 ) Diluted EPS 104.6 $ 125.8 $ 1.20 $ 0.6 $ 0.01 $ 1.21 Three Months Ended September 30, 2014 Basic EPS 100.7 $ 30.0 $ 0.30 $ 2.8 $ 0.03 $ 0.33 Effect of dilutive securities: Stock-based compensation arrangements 0.8 — (0.01 ) — — (0.01 ) Convertible Debt 3.7 — (0.01 ) — — (0.01 ) Diluted EPS 105.2 $ 30.0 $ 0.28 $ 2.8 $ 0.03 $ 0.31 Nine Months Ended September 30, 2014 Basic EPS 101.0 $ 68.5 $ 0.68 $ 3.2 $ 0.03 $ 0.71 Effect of dilutive securities: Stock-based compensation arrangements 1.0 — (0.01 ) — — (0.01 ) Convertible Debt 3.7 — (0.02 ) — — (0.02 ) Diluted EPS 105.7 $ 68.5 $ 0.65 $ 3.2 $ 0.03 $ 0.68 The diluted EPS calculation for the three and nine months ended September 30, 2015 excludes the effect of 0.3 performance-based restricted stock units as the minimum performance criteria has not yet been achieved, as well as 0.7 performance-based restricted stock units ( 0.4 and 0.3 granted in 2015 and 2014, respectively) as the performance criteria for the third year of the 2014 grants and the second and third years of the 2015 grants have not yet been fully defined, thereby precluding a mutual understanding of the terms of the stock-based awards under U.S. GAAP. As described more fully in Note 9, during 2009, 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 convertible, subject to certain conditions, into common shares of the Company at an initial conversion price of $12.07 per share, or eighty-two and eighty-two hundredths shares per one thousand dollars 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 September 30, 2015 , the implied conversion price for the 2029 Convertible Debentures was $11.54 per share, or eighty-six and sixty-seven hundredths shares per one thousand dollars in principal amount of debentures. There were 5.4 dilutive shares related to the 2029 Convertible Debentures for the three and nine months ended September 30, 2015 . Shareholders’ Equity The Company repurchased 0.9 and 2.3 of its common shares during the three and nine months ended September 30, 2015 at average prices of $23.38 and $22.68 per share for total repurchases of $20.1 and $52.8 under the standing share repurchase authorizations approved by the Company's Board of Directors. Based upon timing of the transactions, $1.2 of shares repurchased had not settled as of September 30, 2015 . These shares are excluded from outstanding shares at the end of the current quarter and were settled in cash during the fourth quarter of 2015. On August 4, 2015, the Company's Board of Directors approved an increase in the Company's share repurchase authorization to $250.0 of common shares in the aggregate. As of September 30, 2015 , the Company had the authority to repurchase an additional $234.4 of outstanding common shares pursuant to current authorizations. Dividends During 2014 and 2015 , 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 November 6, 2013 December 27, 2013 $0.06 January 10, 2014 February 5, 2014 March 21, 2014 $0.06 April 4, 2014 May 12, 2014 June 19, 2014 $0.07 July 3, 2014 August 11, 2014 September 19, 2014 $0.07 October 3, 2014 November 5, 2014 December 26, 2014 $0.07 January 9, 2015 February 18, 2015 March 20, 2015 $0.07 April 3, 2015 May 5, 2015 June 18, 2015 $0.08 July 2, 2015 August 4, 2015 September 18, 2015 $0.08 October 2, 2015 On November 4, 2015 , the Company announced that its Board of Directors declared a quarterly cash dividend of $0.08 per common share to be paid on January 8, 2016 to shareholders of record as of December 24, 2015 . 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 | 9 Months Ended |
Sep. 30, 2015 | |
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 in the U.S. (the Cash Balance Plan). The Company recorded a net liability of $47.9 and $69.1 as of September 30, 2015 and December 31, 2014 , respectively, for the Cash Balance Plan. The Company contributed $20.0 to fund the Cash Balance Plan during the nine months ended September 30, 2015 . In addition, the Company sponsors unfunded defined benefit plans for certain eligible employees in the Philippines and France. The Company recorded a liability of $39.1 and $40.0 as of September 30, 2015 and December 31, 2014 , respectively, for these non-U.S. pension plans. Components of pension cost for the Cash Balance and the non-U.S. pension plans are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest cost on projected benefit obligation $ 2.4 $ 2.4 $ 7.8 $ 7.7 Service cost 1.9 1.7 5.7 5.0 Expected return on plan assets (2.4 ) (2.3 ) (7.6 ) (6.9 ) Amortization and deferrals, net 2.3 2.1 7.7 6.0 Settlement charge — 2.9 — 2.9 Total cost $ 4.2 $ 6.8 $ 13.6 $ 14.7 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 plan, the Company matches 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 available under the Company's Retirement and Savings Plan. Components of pension cost for the EDCP are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest cost on projected benefit obligation $ 0.1 $ 0.1 $ 0.3 $ 0.4 Service cost 0.3 0.3 1.1 0.9 Total cost $ 0.4 $ 0.4 $ 1.4 $ 1.3 |
Restructuring Restructuring (No
Restructuring Restructuring (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING 2015 Restructuring The Company recorded severance expense of $0.1 and $3.5 , respectively, for the three and nine months ended September 30, 2015 , related to the Company's ongoing efforts to refine its operating model and reduce costs. The 2015 actions impacted approximately 200 employees. The severance expense is included in Restructuring charges on the Consolidated Statements of Income and is expected to be substantially paid in cash by June 30, 2016. The total remaining liability under these severance-related actions, which is included in Payables and other current liabilities on the Company's Consolidated Balance Sheet, was $0.9 as of September 30, 2015 , $1.4 as of June 30, 2015 and $1.0 as of March 31, 2015. The Company also recorded restructuring expenses of $0.1 and $0.4 , respectively, for the three and nine months ended September 30, 2015 , related to the integration of Stream. These amounts are included in Transaction and integration costs in the Consolidated Statements of Income and are expected to be substantially paid in cash by March 31, 2016. The total remaining liability under these severance-related actions, which is included in Payables and other current liabilities on the Company's Consolidated Balance Sheets, was $0.1 as of September 30, 2015, $0.3 as of June 30, 2015 and $0.3 as of March 31, 2015. 2014 Restructuring During 2014, the Company recorded severance charges of $11.0 related to the elimination of certain redundant executive and non-executive positions as a result of the Company's integration of the Stream business. This severance activity impacted approximately 150 employees. These severance-related charges were fully paid in cash by September 30, 2015, pursuant to the Company's severance policies. The total remaining liability was $2.6 at December 31, 2014. During 2014, the Company also 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 charges are included in Restructuring charges on the Consolidated Statement of Income and are expected to be substantially paid in cash by December 31, 2015. The total remaining liability under this severance-related restructuring plan, which is included in Payables and other current liabilities in the Consolidated Balance Sheets, was $0.3 as of September 30, 2015 , $0.7 as of June 30, 2015, $0.8 as of March 31, 2015 and $1.3 as of December 31, 2014. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2015 | |
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 and nine months ended September 30, 2015 included stock compensation expense of $4.3 and $12.6 , respectively, compared to $2.4 and $7.6 , respectively, for the same period in 2014 . The increased expense in 2015 is primarily a result of expense related to the performance-based restricted stock units granted in 2013. Expense for the three and nine months ended September 30, 2015 included $0.5 and $1.1 , respectively, related to awards classified as liabilities that will ultimately settle in cash. Stock Options The Company granted stock options to certain employees during 2012 and 2011. A summary of stock option activity for the nine months ended September 30, 2015 is presented below: Shares in Millions Except Per Share Amounts Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Weighted Average Fair Value at Date of Grant (per share) Options outstanding at January 1, 2015 0.7 $ 13.24 6.6 $ 3.72 Options exercisable at January 1, 2015 0.5 $ 13.41 6.5 $ 3.84 Granted — — Exercised (0.2 ) 13.13 Forfeited — — Options outstanding at September 30, 2015 0.5 $ 13.28 5.9 $ 3.75 Options exercisable at September 30, 2015 0.5 $ 13.28 5.9 $ 3.75 Time-based Restricted Stock Units During the nine months ended September 30, 2015 and 2014 , the Company granted 0.7 shares of time-based restricted stock units in each year. The weighted-average fair values of these grants were $22.31 and $20.53 per share, respectively. The 2015, 2014 and 2013 time-based grants are scheduled to vest 25% at the first anniversary of the grant date, 25% at the second anniversary and 50% at the third anniversary. The total compensation cost related to non-vested time-based restricted stock units not yet recognized as of September 30, 2015 was approximately $18.3 , which is expected to be recognized over a weighted average period of 1.1 years. Changes to non-vested time-based restricted stock and restricted stock units for the nine months ended September 30, 2015 were as follows: Shares in Millions Except Per Share Amounts Number of Shares Weighted Average Fair Value at Date of Grant Non-vested at December 31, 2014 1.3 $ 17.66 Granted 0.7 22.31 Vested (0.5 ) 16.42 Forfeited (0.1 ) 20.55 Non-vested at September 30, 2015 1.4 $ 20.13 Performance-based Restricted Stock Units During the nine months ended September 30, 2015 and 2014 , the Company granted 0.4 and 0.3 shares, respectively, of performance-based restricted stock units. These grants 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 2014 grants and the second and third years of 2015 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. During the three months ended March 31, 2015, the Company established and communicated to participants the final key terms of the 2013 grant, resulting in a grant for accounting purposes with a grant date fair value of $21.84 per share. The total compensation cost related to non-vested performance-based restricted stock units not yet recognized as of September 30, 2015 was approximately $1.6 , which is expected to be recognized ratably over the remaining vesting period ending in February 2016. Changes to non-vested performance-based restricted stock and restricted stock units for the nine months ended September 30, 2015 were as follows: Shares in Millions Except Per Share Amounts Number of Shares Weighted Average Fair Value at Date of Grant Non-vested at December 31, 2014 — $ — Granted 0.3 21.84 Vested — — Forfeited — — Non-vested at September 30, 2015 0.3 $ 21.84 |
Debt And Capital Lease Obligati
Debt And Capital Lease Obligations | 9 Months Ended |
Sep. 30, 2015 | |
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: September 30, 2015 December 31, 2014 Term Loan, due 2019 $ 211.8 $ 261.0 Convertible Debentures, due 2029 61.7 60.7 Capital Lease Obligations 8.2 14.2 Accounts Receivable Securitization 50.0 40.0 Total debt 331.7 375.9 Less current maturities 4.0 7.5 Long-term debt $ 327.7 $ 368.4 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 its $300.0 Four-Year Competitive Advance and Revolving Credit Facility Agreement dated March 11, 2011. The Credit Agreement consists of unsecured term loans (the Term Loan) in the initial aggregate amount of $350.0 , and an unsecured revolving credit facility (the Revolving Credit Facility) in the amount of $300.0 . The Company recorded the initial carrying amount of the Term Loan at $344.9 , reflecting a discount of $5.1 resulting from fees paid directly to the lenders at issuance. The discount will be amortized over the life of the Term Loan using the effective interest rate method ( 2.5% as of September 30, 2015 ), and is included in interest expense in the Consolidated Statements of Income. The Term Loan and the Revolving Credit Facility mature on March 3, 2019 , unless extended pursuant to the terms of the Credit Agreement. Outstanding amounts bear interest at the applicable rate described in the Credit Agreement. During 2015 and 2014, the Company made voluntary Term Loan principal payments of $50.0 and $85.0 , respectively. The next required principal payment is due March 3, 2019. While amounts borrowed and repaid under the Revolving Credit Facility may be re-borrowed, 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 $215.0 outstanding principal on the Term Loan, as of September 30, 2015 . The Credit Agreement contains certain affirmative and negative covenants, as well as other 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 September 30, 2015 . Convertible Debentures During 2009, Convergys issued a total of $125.0 aggregate principal amount of 5.75% Junior Subordinated Convertible Debentures due September 2029 (2029 Convertible Debentures) in exchange for $122.5 of 4.875% Unsecured Senior Notes ( 4.875% Senior Notes) due December 15, 2009 , pursuant to an exchange offer. 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 in interest expense in the Consolidated Statements of Income. 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 additional interest if the trading price of the Debentures exceeds 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 September 30, 2015 or December 31, 2014. The Company is not entitled to redeem the 2029 Convertible Debentures prior to September 15, 2019. On or after September 15, 2019, the Company may redeem for cash all or part of the 2029 Convertible Debentures at par value plus accrued but unpaid interest if certain trading conditions of the Company’s common stock are satisfied. The holders of the 2029 Convertible Debentures have the option to require redemption at par value plus accrued but unpaid interest upon the occurrence of a fundamental change, a defined term in the Indenture. The 2029 Convertible Debentures are convertible at the option of the holders on or after September 15, 2028 and prior to that date only under the following circumstances: (1) during any calendar quarter commencing after December 31, 2009, if the last reported sales price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter is greater than or equal to 130% of the applicable conversion price (currently $15.00 ) for the 2029 Convertible Debentures on each applicable trading day (hereinafter referred to as the Sales Price Condition); (2) during the five business day period immediately following any five consecutive trading day period (the Measurement Period) in which, as determined following a request by a holder of 2029 Convertible Debentures as provided in the Indenture, the trading price per $1,000 principal amount of 2029 Convertible Debentures for each trading day of such Measurement Period was less than 98% of the product of the last reported sale price of the Company’s common shares and the applicable conversion rate for the 2029 Convertible Debentures on each such trading day; (3) if the Company elects to redeem any or all of the 2029 Convertible Debentures; or (4) upon the occurrence of specified corporate events pursuant to the terms of the Indenture. Upon conversion, the Company will pay cash up to the aggregate principal amount of the 2029 Convertible Debentures to be converted and pay or deliver, as the case may be, cash, common shares of the Company or a combination of cash and common shares of the Company, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the 2029 Convertible Debentures being converted. The 2029 Convertible Debentures were convertible, subject to certain conditions, into common shares of the Company at an initial conversion price of approximately $12.07 per share, or eighty-two and eighty-two hundredths shares per one thousand dollars in principal amount of debentures. As of September 30, 2015 , the implied conversion price for the 2029 Convertible Debentures was $11.54 per share, or eighty-six and sixty-seven hundredths shares per one thousand dollars in principal amount of debentures. The conversion rate is subject to adjustment for certain events outlined in the Indenture, including payment of dividends. As of September 30, 2015 and December 31, 2014, the 2029 Convertible Debentures were convertible at the option of the holders. This conversion right was triggered upon satisfaction of the Sales Price Condition (the closing price of the Company’s common shares was greater than or equal to $15.00 , 130% of the conversion price of the 2029 Convertible Debentures at September 30, 2015 , for at least 20 of the last 30 consecutive trading days ending on September 30, 2015 ). As a result, the equity component of the 2029 Convertible Debentures equal to $63.3 (the difference between the par value and carrying value of the 2029 Convertible Debentures at September 30, 2015 ) has been classified as temporary equity within the September 30, 2015 Consolidated Balance Sheet since this amount was considered redeemable. The Company will reassess the convertibility of the 2029 Convertible Debentures and the related balance sheet classification on a prospective basis. There have been no conversions of the 2029 Convertible Debentures through the date of this filing. Based on quoted market prices at September 30, 2015 , the fair value of the $125.0 aggregate principal amount of the Company’s 2029 Convertible Debentures is $264.6 . 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 . During June 2015, the Company amended the asset securitization facility to include the receivables of certain of the Company's Stream subsidiaries. The asset securitization program is conducted through Convergys Funding Inc., a wholly-owned bankruptcy remote subsidiary of the Company. On March 13, 2015, the Company entered into an amendment to the asset securitization facility to adjust the maximum Debt-to-EBITDA ratio permitted under the terms of the facility. As of September 30, 2015 and December 31, 2014, Convergys had drawn $50.0 and $40.0 , respectively, in available funding from qualified receivables. Amounts drawn under this facility have been classified as long-term debt within the Consolidated Balance Sheets. At September 30, 2015 , future minimum payments of the Company’s debt and capital lease arrangements (exclusive of any debt discounts) are as follows: 2015 $ 2.0 2016 3.8 2017 50.9 2018 0.7 2019 215.4 2020 0.4 Thereafter 125.0 Total $ 398.2 |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Commitments At September 30, 2015 , the Company had outstanding letters of credit of $23.5 and other bond obligations of $2.7 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 $1.4 for the remainder of 2015 . At September 30, 2015 , 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 of the HR Management business, the Company recognized a liability equal to the then 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 this performance bond, as of September 30, 2015 , the Company maintains a liability of $0.3 for this obligation. The Company's guarantee for this bond obligation expires in August 2016. Contingencies The Company from time to time is subject to 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 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 litigation cannot be predicted with certainty, and 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 alleged 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. An amended settlement agreement was executed by the plaintiff, Hyundai and Convergys Customer Management Group, Inc., and received preliminary approval from the Court during the second quarter of 2015. The Court will hold a hearing during the fourth quarter of 2015 to determine whether to give final approval of the settlement. The Company’s liability with respect to the proposed settlement was fully accrued at September 30, 2015, and did not have a material impact on the Company’s liquidity, results of operations or financial condition. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 and December 31, 2014 , 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 nine months ended September 30, 2015 and 2014 . The assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Derivatives: Foreign currency forward contracts (asset position) $ 1.1 $ — $ 1.1 $ — Foreign currency forward contracts (liability position) $ 56.2 $ — $ 56.2 $ — December 31, 2014 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Derivatives: Foreign currency forward contracts (asset position) $ 3.3 $ — $ 3.3 $ — Foreign currency forward contracts (liability position) $ 32.7 $ — $ 32.7 $ — The Company also had investment securities held in a grantor trust for the benefit of participants of the EDCP measured at fair value at September 30, 2015 and December 31, 2014 . 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 nine months ended September 30, 2015 and 2014 . The assets measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investment securities: Mutual funds $ 9.3 $ 9.3 $ — $ — Convergys common stock 1.7 1.7 — — Money market accounts 0.7 0.7 — — Total $ 11.7 $ 11.7 $ — $ — December 31, 2014 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investment securities: Mutual funds $ 10.3 $ 10.3 $ — $ — Convergys common stock 2.1 2.1 — — Money market accounts 0.6 0.6 — — Total $ 13.0 $ 13.0 $ — $ — |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
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. 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, China, Malaysia, Egypt, Costa Rica, Colombia, Dominican Republic, El Salvador, Nicaragua and Honduras. Although the contracts with these clients are typically priced in U.S. dollars, a substantial portion of the costs incurred to deliver services under these contracts are denominated in the local currency of the country where services are provided, which represents a foreign exchange exposure. The Company has hedged a portion of its exposure related to the anticipated cash flow requirements denominated in some of the aforementioned foreign currencies by entering into forward exchange contracts with several financial institutions to acquire a total of PHP 37,149.0 at a fixed price of $825.9 at various dates through September 2018 , INR 10,347.0 at a fixed price of $150.4 at various dates through September 2018 , CAD 41.8 at a fixed price of $33.8 at various dates through April 2018 and COP 16,000.0 at a fixed price of $5.2 at various dates through May 2016 . These instruments mature within the next 36 months and had a notional value of $1,015.3 at September 30, 2015 and $1,131.7 at December 31, 2014 . The derivative instruments discussed above are designated and effective as cash flow hedges. The following table reflects the fair values of these derivative instruments: September 30, 2015 December 31, 2014 Forward exchange contracts and options designated as hedging instruments: Included within other current assets $ 0.9 $ 1.7 Included within other non-current assets 0.2 1.3 Included within other current liabilities 32.0 21.4 Included within other long-term liabilities 22.4 11.3 The Company recorded a net deferred tax benefit of $20.5 and $11.3 related to these derivatives at September 30, 2015 and December 31, 2014 , respectively. A total of $32.9 and $18.3 of deferred losses, net of tax, related to these cash flow hedges at September 30, 2015 and December 31, 2014 , respectively, were included in accumulated other comprehensive income (loss) (OCI). As of September 30, 2015 , deferred losses of $31.2 ( $19.2 net of tax) on derivative instruments included in accumulated OCI 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 and nine months ended September 30, 2015 and 2014 : Loss Recognized in OCI on Derivative (Effective Portion) Loss Reclassified from Accumulated OCI into Income (Effective Portion) Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Three Months Ended September 30, 2015 Foreign exchange contracts $ (36.4 ) $ (7.9 ) - Cost of providing services and products sold and Selling, general and administrative Nine Months Ended September 30, 2015 Foreign exchange contracts $ (39.5 ) $ (15.8 ) - Cost of providing services and products sold and Selling, general and administrative Three Months Ended September 30, 2014 Foreign exchange contracts $ (36.5 ) $ (1.3 ) - Cost of providing services and products sold and Selling, general and administrative Nine Months Ended September 30, 2014 Foreign exchange contracts $ (11.6 ) $ (9.9 ) - 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 nine months ended September 30, 2015 and 2014 . 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 gain of $0.7 and $0.2 during the nine months ended September 30, 2015 and 2014 , 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 (expense), net in the accompanying Consolidated Statements of Income. The fair value of these derivative instruments not designated as hedges at September 30, 2015 was a $1.8 payable. 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 EDCP. This investment reflects the hypothetical investment balances of plan participants. As of September 30, 2015 , the Company maintained investment securities with a fair value of $11.7 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. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | INCOME TAXES The effective tax rate on net income from continuing operations was a benefit of 41.9% and 5.1% for the three and nine months ended September 30, 2015 compared to expense of 17.6% and 18.2% , respectively, in the same periods last year. The change in the effective tax rates for the periods ended September 30, 2015 is primarily due to a shift in the geographic mix of worldwide income and certain discrete items, including a $17.5 net tax benefit recognized during the third quarter as a result of statute expirations for previous uncertain non-U.S. tax positions and a $3.7 net tax benefit for a change in estimate between tax previously accrued for the repatriation of foreign earnings and the actual taxes paid on the ultimate repatriation of such earnings. The effective tax rate for the nine months ended September 30, 2014 was impacted by a $1.5 net tax benefit associated with the repatriation of certain foreign earnings. This included $4.8 of tax benefit for a change in estimate between tax previously accrued on foreign earnings and estimated taxes payable on the ultimate repatriation of such earnings, partially offset by an additional $3.3 of income tax expense related to 2014 foreign earnings that contributed to the funding of the Stream acquisition. The liability for unrecognized tax benefits was $32.5 and $59.9 at September 30, 2015 and December 31, 2014 , respectively, and is included in other long-term liabilities in the accompanying Consolidated Balance Sheets. As of September 30, 2015 , the total amount of unrecognized tax benefits that would affect income tax expense if recognized in the Consolidated Financial Statements is $28.6 . This amount includes interest and penalties of $7.2 . It is reasonably possible that the total amount of unrecognized tax benefits will decrease between approximately $4.0 and $27.0 in the next twelve months; however, actual developments in this area could differ from those currently expected. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
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 $834.8 at September 30, 2015 compared to $850.7 at December 31, 2014 . This decrease was primarily due to 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). As of September 30, 2015 and December 31, 2014 , all goodwill was held by the Customer Management - Agent Services reporting unit. 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 decreased to $330.9 at September 30, 2015 from $361.7 at December 31, 2014 , primarily due to amortization and foreign currency translation. As of September 30, 2015 , the Company’s total identifiable intangible assets consisted of the following: Gross Carrying Value Accumulated Amortization Net Software (classified within Property and Equipment, net) $ 41.3 $ (37.5 ) $ 3.8 Trademarks 26.1 (16.3 ) 9.8 Customer relationships and other intangibles 460.8 (143.5 ) 317.3 Total $ 528.2 $ (197.3 ) $ 330.9 The intangible assets are being amortized using the following amortizable lives: 4 years for trademarks, 8 to 10 years for software and 1 to 17 years for customer relationships and other intangibles. The remaining weighted average depreciation period for software is approximately 1 year . The remaining weighted average amortization period for trademarks, customer relationships and other intangibles is approximately 15 years . 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 $20.6 and $17.6 for the nine months ended September 30, 2015 and 2014 , respectively, and is estimated to be approximately $27.3 for the year ended December 31, 2015 . The related estimated expense for the five subsequent years ended December 31 is as follows: 2016 $ 27 2017 27 2018 23 2019 22 2020 21 Thereafter 200 |
Payables And Other Current Liab
Payables And Other Current Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Payables And Other Current Liabilities | PAYABLES AND OTHER CURRENT LIABILITIES At September 30, 2015 At December 31, 2014 Accounts payable $ 73.6 $ 40.1 Deferred tax liability 0.3 0.6 Accrued income and other taxes 36.5 34.6 Accrued payroll-related expenses 166.5 156.4 Derivative liabilities 33.8 21.4 Accrued expenses, other 77.5 84.5 Deferred revenue and government grants 17.7 19.5 Restructuring and severance costs 1.3 3.9 $ 407.2 $ 361.0 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
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, 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 ) Other comprehensive income before reclassifications, net of tax 5.9 18.3 — 24.2 Amounts reclassified from accumulated other comprehensive loss, net of tax — 1.9 1.3 3.2 Net current-period other comprehensive income 5.9 20.2 1.3 27.4 Balance at June 30, 2014 $ 41.5 $ (2.5 ) $ (29.7 ) $ 9.3 Other comprehensive loss before reclassifications, net of tax (28.0 ) (22.2 ) (8.9 ) (59.1 ) Settlement of pension obligation, net of tax — — 1.8 1.8 Amounts reclassified from accumulated other comprehensive income, net of tax — 0.9 1.0 1.9 Net current-period other comprehensive loss (28.0 ) (21.3 ) (6.1 ) (55.4 ) Balance at September 30, 2014 $ 13.5 $ (23.8 ) $ (35.8 ) $ (46.1 ) Balance at December 31, 2014 $ (1.1 ) $ (18.3 ) $ (47.3 ) $ (66.7 ) Other comprehensive (loss) income before reclassifications, net of tax (28.9 ) 2.4 — (26.5 ) Amounts reclassified from accumulated other comprehensive loss, net of tax — 2.3 1.6 3.9 Net current-period other comprehensive (loss) income (28.9 ) 4.7 1.6 (22.6 ) Balance at March 31, 2015 $ (30.0 ) $ (13.6 ) $ (45.7 ) $ (89.3 ) Other comprehensive income (loss) before reclassifications, net of tax 10.1 (4.4 ) — 5.7 Amounts reclassified from accumulated other comprehensive loss, net of tax — 2.6 1.6 4.2 Net current-period other comprehensive income (loss) 10.1 (1.8 ) 1.6 9.9 Balance at June 30, 2015 $ (19.9 ) $ (15.4 ) $ (44.1 ) $ (79.4 ) Other comprehensive loss before reclassifications, net of tax (8.9 ) (22.4 ) — (31.3 ) Amounts reclassified from accumulated other comprehensive loss, net of tax — 4.9 1.6 6.5 Net current-period other comprehensive (loss) income (8.9 ) (17.5 ) 1.6 (24.8 ) Balance at September 30, 2015 $ (28.8 ) $ (32.9 ) $ (42.5 ) $ (104.2 ) The following table summarizes the reclassifications out of accumulated other comprehensive income (loss): Reclassifications from 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 September 30, 2015 Nine Months Ended September 30, 2015 Loss on derivative instruments $ (7.9 ) $ (15.8 ) Cost of providing services and products sold and Selling, general and administrative Tax benefit 3.0 6.0 Income tax expense Loss on derivative instruments, net of tax (4.9 ) (9.8 ) Income from Continuing Operations, net of tax Adjustment of pension and other post employment obligations (2.5 ) (7.5 ) Selling, general and administrative Tax benefit 0.9 2.7 Income tax expense Adjustment of pension and other post employment obligations, net of tax (1.6 ) (4.8 ) Income from Continuing Operations, net of tax Total reclassifications for the period $ (6.5 ) $ (14.6 ) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Loss on derivative instruments $ (1.3 ) $ (9.9 ) Cost of providing services and products sold and Selling, general and administrative Tax benefit 0.4 3.5 Income tax (benefit) expense Loss on derivative instruments, net of tax (0.9 ) (6.4 ) Settlement of pension obligations, net of tax (2.9 ) (2.9 ) Selling, general and administrative Tax benefit 1.1 1.1 Income tax (benefit) expense Settlement of pension obligation, net of tax (1.8 ) (1.8 ) Adjustment of pension and other post employment obligations $ (1.6 ) $ (5.5 ) Selling, general and administrative Tax benefit $ 0.6 $ 2.1 Income tax (benefit) expense Adjustment of pension and other post employment obligations, net of tax $ (1.0 ) $ (3.4 ) Settlement and adjustment of pension and other post employment obligations, net of tax $ (2.8 ) $ (5.2 ) Total reclassifications for the period $ (3.7 ) $ (11.6 ) |
Business Combination Business23
Business Combination Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination, Purchase Price Consideration [Table Text Block] | The purchase price of Stream consisted of the following items: Cash consideration for Stream stock (1) $ 481.0 Cash consideration for Stream stock options (2) 16.1 Cash consideration for repayment of Stream 11.25% Senior Secured Notes (3) 243.0 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 830.6 Cash acquired (7) (28.0 ) Net consideration transferred $ 802.6 (1) The cash consideration for the outstanding shares of Stream's common stock, which includes final settlement for working capital. 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 assets acquired and liabilities assumed at the date of acquisition: Purchase price allocation At March 3, 2014 Assets: Receivables $ 197.9 Other current assets 13.5 Property and equipment 159.3 Goodwill 276.5 Intangible assets 370.4 Other assets 7.9 Liabilities: Accounts payable (12.3 ) Accrued expenses (100.3 ) Other current liabilities (3.6 ) Debt (34.6 ) Deferred tax - net (59.4 ) Other long-term liabilities (12.7 ) Total purchase price $ 802.6 |
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 $ 352.0 17 Trade name 17.0 4 Favorable lease contract 1.4 1 - 7 Total $ 370.4 |
Results of Stream Operations [Table Text Block] | The following table provides revenue and results of operations from the acquired Stream business included in Convergys' results: Stream results of operations Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Revenues $ 247.4 $ 581.5 Income before income taxes $ 7.2 $ 2.0 |
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 Company's prior year, January 1, 2014. The unaudited pro forma information presented below is for illustrative purposes only and does not reflect future events that may occur or any operating efficiencies or inefficiencies that may result from the Stream acquisition and related financing. Additionally, this unaudited pro forma information for the nine months ended September 30, 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. Nine Months Ended September 30, 2014 Unaudited pro forma information Revenues $ 2,263.0 Income from Continuing Operations, net of tax $ 62.8 Earnings from Continuing Operations per share Basic $ 0.62 Diluted $ 0.59 Weighted average common shares outstanding Basic 101.0 Diluted 105.7 |
Divestitures and Discontinued24
Divestitures and Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 and nine months ended September 30, 2015 and 2014 are summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenue $ — $ — $ — $ — (Loss) gain on disposition (0.2 ) — 0.1 0.5 (Loss) income before income taxes (0.2 ) — 0.1 0.5 Income tax benefit: Benefit related to gain on disposition 0.7 2.8 0.5 2.7 Income from discontinued operations, net of tax $ 0.5 $ 2.8 $ 0.6 $ 3.2 |
Earnings Per Share And Shareh25
Earnings Per Share And Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
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 September 30, 2015 Shares Income Per Share Amount Income Per Share Amount Per Share Amount Basic EPS 97.9 $ 57.6 $ 0.59 $ 0.5 $ — $ 0.59 Effect of dilutive securities: Stock-based compensation arrangements 0.8 — (0.01 ) — — (0.01 ) Convertible Debt 5.4 — (0.03 ) — 0.01 (0.02 ) Diluted EPS 104.1 $ 57.6 $ 0.55 $ 0.5 $ 0.01 $ 0.56 Nine Months Ended September 30, 2015 Basic EPS 98.4 $ 125.8 $ 1.28 $ 0.6 $ — $ 1.28 Effect of dilutive securities: Stock-based compensation arrangements 0.8 — (0.01 ) — — (0.01 ) Convertible Debt 5.4 — (0.07 ) — 0.01 (0.06 ) Diluted EPS 104.6 $ 125.8 $ 1.20 $ 0.6 $ 0.01 $ 1.21 Three Months Ended September 30, 2014 Basic EPS 100.7 $ 30.0 $ 0.30 $ 2.8 $ 0.03 $ 0.33 Effect of dilutive securities: Stock-based compensation arrangements 0.8 — (0.01 ) — — (0.01 ) Convertible Debt 3.7 — (0.01 ) — — (0.01 ) Diluted EPS 105.2 $ 30.0 $ 0.28 $ 2.8 $ 0.03 $ 0.31 Nine Months Ended September 30, 2014 Basic EPS 101.0 $ 68.5 $ 0.68 $ 3.2 $ 0.03 $ 0.71 Effect of dilutive securities: Stock-based compensation arrangements 1.0 — (0.01 ) — — (0.01 ) Convertible Debt 3.7 — (0.02 ) — — (0.02 ) Diluted EPS 105.7 $ 68.5 $ 0.65 $ 3.2 $ 0.03 $ 0.68 |
Schedule of Dividends Declared and Paid [Table Text Block] | During 2014 and 2015 , 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 November 6, 2013 December 27, 2013 $0.06 January 10, 2014 February 5, 2014 March 21, 2014 $0.06 April 4, 2014 May 12, 2014 June 19, 2014 $0.07 July 3, 2014 August 11, 2014 September 19, 2014 $0.07 October 3, 2014 November 5, 2014 December 26, 2014 $0.07 January 9, 2015 February 18, 2015 March 20, 2015 $0.07 April 3, 2015 May 5, 2015 June 18, 2015 $0.08 July 2, 2015 August 4, 2015 September 18, 2015 $0.08 October 2, 2015 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Pension Plan [Member] | |
Schedule Of Components Of Pension Cost | Components of pension cost for the Cash Balance and the non-U.S. pension plans are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest cost on projected benefit obligation $ 2.4 $ 2.4 $ 7.8 $ 7.7 Service cost 1.9 1.7 5.7 5.0 Expected return on plan assets (2.4 ) (2.3 ) (7.6 ) (6.9 ) Amortization and deferrals, net 2.3 2.1 7.7 6.0 Settlement charge — 2.9 — 2.9 Total cost $ 4.2 $ 6.8 $ 13.6 $ 14.7 |
Unfunded Executive Pension Plans [Member] | |
Schedule Of Components Of Pension Cost | Components of pension cost for the EDCP are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest cost on projected benefit obligation $ 0.1 $ 0.1 $ 0.3 $ 0.4 Service cost 0.3 0.3 1.1 0.9 Total cost $ 0.4 $ 0.4 $ 1.4 $ 1.3 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 nine months ended September 30, 2015 is presented below: Shares in Millions Except Per Share Amounts Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Weighted Average Fair Value at Date of Grant (per share) Options outstanding at January 1, 2015 0.7 $ 13.24 6.6 $ 3.72 Options exercisable at January 1, 2015 0.5 $ 13.41 6.5 $ 3.84 Granted — — Exercised (0.2 ) 13.13 Forfeited — — Options outstanding at September 30, 2015 0.5 $ 13.28 5.9 $ 3.75 Options exercisable at September 30, 2015 0.5 $ 13.28 5.9 $ 3.75 |
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 nine months ended September 30, 2015 were as follows: Shares in Millions Except Per Share Amounts Number of Shares Weighted Average Fair Value at Date of Grant Non-vested at December 31, 2014 1.3 $ 17.66 Granted 0.7 22.31 Vested (0.5 ) 16.42 Forfeited (0.1 ) 20.55 Non-vested at September 30, 2015 1.4 $ 20.13 |
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 nine months ended September 30, 2015 were as follows: Shares in Millions Except Per Share Amounts Number of Shares Weighted Average Fair Value at Date of Grant Non-vested at December 31, 2014 — $ — Granted 0.3 21.84 Vested — — Forfeited — — Non-vested at September 30, 2015 0.3 $ 21.84 |
Stock-Based Compensation Plan28
Stock-Based Compensation Plans Schedule of Nonvested Restricted Stock Units Activity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Time-Based Restricted Stock [Member] | |
Schedule of Nonvested Restricted Stock Units Activity [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 nine months ended September 30, 2015 were as follows: Shares in Millions Except Per Share Amounts Number of Shares Weighted Average Fair Value at Date of Grant Non-vested at December 31, 2014 1.3 $ 17.66 Granted 0.7 22.31 Vested (0.5 ) 16.42 Forfeited (0.1 ) 20.55 Non-vested at September 30, 2015 1.4 $ 20.13 |
Performance Shares [Member] | |
Schedule of Nonvested Restricted Stock Units Activity [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 nine months ended September 30, 2015 were as follows: Shares in Millions Except Per Share Amounts Number of Shares Weighted Average Fair Value at Date of Grant Non-vested at December 31, 2014 — $ — Granted 0.3 21.84 Vested — — Forfeited — — Non-vested at September 30, 2015 0.3 $ 21.84 |
Debt And Capital Lease Obliga29
Debt And Capital Lease Obligations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Instruments [Abstract] | |
Schedule Of Debt And Capital Lease Obligations | Debt and capital lease obligations consist of the following: September 30, 2015 December 31, 2014 Term Loan, due 2019 $ 211.8 $ 261.0 Convertible Debentures, due 2029 61.7 60.7 Capital Lease Obligations 8.2 14.2 Accounts Receivable Securitization 50.0 40.0 Total debt 331.7 375.9 Less current maturities 4.0 7.5 Long-term debt $ 327.7 $ 368.4 |
Schedule of Maturities of Long-term Debt [Table Text Block] | At September 30, 2015 , future minimum payments of the Company’s debt and capital lease arrangements (exclusive of any debt discounts) are as follows: 2015 $ 2.0 2016 3.8 2017 50.9 2018 0.7 2019 215.4 2020 0.4 Thereafter 125.0 Total $ 398.2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Derivatives: Foreign currency forward contracts (asset position) $ 1.1 $ — $ 1.1 $ — Foreign currency forward contracts (liability position) $ 56.2 $ — $ 56.2 $ — December 31, 2014 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Derivatives: Foreign currency forward contracts (asset position) $ 3.3 $ — $ 3.3 $ — Foreign currency forward contracts (liability position) $ 32.7 $ — $ 32.7 $ — |
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 September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investment securities: Mutual funds $ 9.3 $ 9.3 $ — $ — Convergys common stock 1.7 1.7 — — Money market accounts 0.7 0.7 — — Total $ 11.7 $ 11.7 $ — $ — December 31, 2014 Quoted Prices In Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investment securities: Mutual funds $ 10.3 $ 10.3 $ — $ — Convergys common stock 2.1 2.1 — — Money market accounts 0.6 0.6 — — Total $ 13.0 $ 13.0 $ — $ — |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Fair Value Of Derivative Instruments | The following table reflects the fair values of these derivative instruments: September 30, 2015 December 31, 2014 Forward exchange contracts and options designated as hedging instruments: Included within other current assets $ 0.9 $ 1.7 Included within other non-current assets 0.2 1.3 Included within other current liabilities 32.0 21.4 Included within other long-term liabilities 22.4 11.3 |
Financial Instruments Derivativ
Financial Instruments Derivative Instruments Gain (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table provides the effect of these derivative instruments on the Company’s Consolidated Financial Statements for the three and nine months ended September 30, 2015 and 2014 : Loss Recognized in OCI on Derivative (Effective Portion) Loss Reclassified from Accumulated OCI into Income (Effective Portion) Location of Loss Reclassified from Accumulated OCI into Income (Effective Portion) Three Months Ended September 30, 2015 Foreign exchange contracts $ (36.4 ) $ (7.9 ) - Cost of providing services and products sold and Selling, general and administrative Nine Months Ended September 30, 2015 Foreign exchange contracts $ (39.5 ) $ (15.8 ) - Cost of providing services and products sold and Selling, general and administrative Three Months Ended September 30, 2014 Foreign exchange contracts $ (36.5 ) $ (1.3 ) - Cost of providing services and products sold and Selling, general and administrative Nine Months Ended September 30, 2014 Foreign exchange contracts $ (11.6 ) $ (9.9 ) - Cost of providing services and products sold and Selling, general and administrative |
Goodwill And Other Intangible33
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Total Intangible Assets Primarily Acquired Through Business Combinations | As of September 30, 2015 , the Company’s total identifiable intangible assets consisted of the following: Gross Carrying Value Accumulated Amortization Net Software (classified within Property and Equipment, net) $ 41.3 $ (37.5 ) $ 3.8 Trademarks 26.1 (16.3 ) 9.8 Customer relationships and other intangibles 460.8 (143.5 ) 317.3 Total $ 528.2 $ (197.3 ) $ 330.9 |
Schedule Of Estimated Amortization Expense | The related estimated expense for the five subsequent years ended December 31 is as follows: 2016 $ 27 2017 27 2018 23 2019 22 2020 21 Thereafter 200 |
Payables And Other Current Li34
Payables And Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Schedule Of Payables And Other Current Liabilities | At September 30, 2015 At December 31, 2014 Accounts payable $ 73.6 $ 40.1 Deferred tax liability 0.3 0.6 Accrued income and other taxes 36.5 34.6 Accrued payroll-related expenses 166.5 156.4 Derivative liabilities 33.8 21.4 Accrued expenses, other 77.5 84.5 Deferred revenue and government grants 17.7 19.5 Restructuring and severance costs 1.3 3.9 $ 407.2 $ 361.0 |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Income/(Loss) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 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 ) Other comprehensive income before reclassifications, net of tax 5.9 18.3 — 24.2 Amounts reclassified from accumulated other comprehensive loss, net of tax — 1.9 1.3 3.2 Net current-period other comprehensive income 5.9 20.2 1.3 27.4 Balance at June 30, 2014 $ 41.5 $ (2.5 ) $ (29.7 ) $ 9.3 Other comprehensive loss before reclassifications, net of tax (28.0 ) (22.2 ) (8.9 ) (59.1 ) Settlement of pension obligation, net of tax — — 1.8 1.8 Amounts reclassified from accumulated other comprehensive income, net of tax — 0.9 1.0 1.9 Net current-period other comprehensive loss (28.0 ) (21.3 ) (6.1 ) (55.4 ) Balance at September 30, 2014 $ 13.5 $ (23.8 ) $ (35.8 ) $ (46.1 ) Balance at December 31, 2014 $ (1.1 ) $ (18.3 ) $ (47.3 ) $ (66.7 ) Other comprehensive (loss) income before reclassifications, net of tax (28.9 ) 2.4 — (26.5 ) Amounts reclassified from accumulated other comprehensive loss, net of tax — 2.3 1.6 3.9 Net current-period other comprehensive (loss) income (28.9 ) 4.7 1.6 (22.6 ) Balance at March 31, 2015 $ (30.0 ) $ (13.6 ) $ (45.7 ) $ (89.3 ) Other comprehensive income (loss) before reclassifications, net of tax 10.1 (4.4 ) — 5.7 Amounts reclassified from accumulated other comprehensive loss, net of tax — 2.6 1.6 4.2 Net current-period other comprehensive income (loss) 10.1 (1.8 ) 1.6 9.9 Balance at June 30, 2015 $ (19.9 ) $ (15.4 ) $ (44.1 ) $ (79.4 ) Other comprehensive loss before reclassifications, net of tax (8.9 ) (22.4 ) — (31.3 ) Amounts reclassified from accumulated other comprehensive loss, net of tax — 4.9 1.6 6.5 Net current-period other comprehensive (loss) income (8.9 ) (17.5 ) 1.6 (24.8 ) Balance at September 30, 2015 $ (28.8 ) $ (32.9 ) $ (42.5 ) $ (104.2 ) The following table summarizes the reclassifications out of accumulated other comprehensive income (loss): Reclassifications from 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 September 30, 2015 Nine Months Ended September 30, 2015 Loss on derivative instruments $ (7.9 ) $ (15.8 ) Cost of providing services and products sold and Selling, general and administrative Tax benefit 3.0 6.0 Income tax expense Loss on derivative instruments, net of tax (4.9 ) (9.8 ) Income from Continuing Operations, net of tax Adjustment of pension and other post employment obligations (2.5 ) (7.5 ) Selling, general and administrative Tax benefit 0.9 2.7 Income tax expense Adjustment of pension and other post employment obligations, net of tax (1.6 ) (4.8 ) Income from Continuing Operations, net of tax Total reclassifications for the period $ (6.5 ) $ (14.6 ) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Loss on derivative instruments $ (1.3 ) $ (9.9 ) Cost of providing services and products sold and Selling, general and administrative Tax benefit 0.4 3.5 Income tax (benefit) expense Loss on derivative instruments, net of tax (0.9 ) (6.4 ) Settlement of pension obligations, net of tax (2.9 ) (2.9 ) Selling, general and administrative Tax benefit 1.1 1.1 Income tax (benefit) expense Settlement of pension obligation, net of tax (1.8 ) (1.8 ) Adjustment of pension and other post employment obligations $ (1.6 ) $ (5.5 ) Selling, general and administrative Tax benefit $ 0.6 $ 2.1 Income tax (benefit) expense Adjustment of pension and other post employment obligations, net of tax $ (1.0 ) $ (3.4 ) Settlement and adjustment of pension and other post employment obligations, net of tax $ (2.8 ) $ (5.2 ) Total reclassifications for the period $ (3.7 ) $ (11.6 ) |
Background And Basis Of Prese36
Background And Basis Of Presentation (Details) | Sep. 30, 2015 | Mar. 03, 2014 |
Entity Number of Employees | 125,000 | |
Area of Real Estate Property | 150 | |
Number of Countries in which Entity Operates | 31 | |
Number of Languages | 47 | |
Number of Employees, Total [Member] | ||
Entity Number of Employees | 40,000 | |
Geographical [Domain] | ||
Number of Countries in which Entity Operates | 22 |
Business Combination Business37
Business Combination Business Combinations (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 03, 2014 | |
Business Acquisition [Line Items] | |||||
Business Acquisition, Effective Date of Acquisition | Mar. 3, 2014 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 802.6 | $ 0 | $ 802.6 | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 247.4 | 581.5 | |||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 7.2 | $ 2 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 0.7 | ||||
Senior Notes | $ 230 | ||||
Interest Payable, Current | 13 | ||||
Business Acquisition, Transaction Costs | 14.7 | ||||
2014 Term Loan [Member] | |||||
Business Acquisition [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 350 | ||||
2014 Revolving Credit Facility [Member] | |||||
Business Acquisition [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 | $ 300 | |||
Convertible Debt [Member] | |||||
Business Acquisition [Line Items] | |||||
Repayments of Convertible Debt | $ 16.1 | ||||
Interest Paid | 3.2 | ||||
Revolving Credit Facility [Member] | |||||
Business Acquisition [Line Items] | |||||
Repayments of Lines of Credit | 63.1 | ||||
Interest Paid | $ 0.3 |
Business Combination Business38
Business Combination Business Combination (Consideration Transferred) (Details) $ in Millions | 1 Months Ended | |
Mar. 31, 2014USD ($) | ||
Business Combination, Purchase Price Consideration [Line Items] | ||
Payments to Acquire Businesses, Gross | $ 830.6 | |
Cash Acquired from Acquisition | 28 | [1] |
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | 802.6 | |
Common Class A [Member] | ||
Business Combination, Purchase Price Consideration [Line Items] | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 481 | [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 | $ 7.8 | [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 final settlement for working capital. 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 $0.3, respectively, as of March 3, 2014. | |
[7] | Pursuant to the Merger Agreement, Convergys reimbursed the holders of Stream common stock for expenses incurred by Stream in connection with the merger. These expenses primarily related to third-party consulting services. |
Business Combination Business39
Business Combination Business Combinations (Purchase Price Allocation Table) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Mar. 03, 2014 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 197.9 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 13.5 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 159.3 | ||
Goodwill | $ 834.8 | $ 850.7 | 276.5 |
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 | 7.9 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (12.3) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (100.3) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (3.6) | ||
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 | (59.4) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (12.7) | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 802.6 |
Business Combination Business40
Business Combination Business Combinations (Intangible Assets Identified) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 03, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 528.2 | |||
Fair Value Inputs, Discount Rate | 11.00% | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 802.6 | 0 | $ 802.6 | |
Customer Relationships [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 460.8 | |||
Finite-Lived Customer Relationships, Gross | $ 352 | |||
Trade Names [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Trade Names, Gross | 17 | |||
Trademarks [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 26.1 | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||
Off-Market Favorable Lease [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 1.4 | |||
Stream Acquisition [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 370.4 | |||
Minimum [Member] | Customer Relationships [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 1 year | |||
Minimum [Member] | Contract-Based Intangible Assets [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 1 year | |||
Maximum [Member] | Customer Relationships [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 17 years | |||
Maximum [Member] | Trademarks [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||
Maximum [Member] | Contract-Based Intangible Assets [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 7 years |
Business Combination Business41
Business Combination Business Combinations (Unaudited Pro forma Information) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Business Acquisition, Pro Forma Information [Abstract] | ||||
Business Acquisition, Pro Forma Information [Abstract] | $ 2,263 | |||
Business Acquisition, Pro Forma Net Income (Loss) | $ 62.8 | |||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.62 | |||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 0.59 | |||
Weighted Average Number of Shares Outstanding, Basic | 97.9 | 100.7 | 98.4 | 101 |
Weighted Average Number of Shares Outstanding, Diluted | 104.1 | 105.2 | 104.6 | 105.7 |
Divestitures and Discontinued42
Divestitures and Discontinued Operations (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2014USD ($) | |
Transition Services Revenue | $ 8.2 |
Divestitures and Discontinued43
Divestitures and Discontinued Operations (Schedule Of Results Included In Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Gain on disposition, before tax | (0.2) | 0 | 0.1 | 0.5 |
Income before income taxes | (0.2) | 0 | 0.1 | 0.5 |
Tax expense related to gain on disposition | 0.7 | 2.8 | 0.5 | 2.7 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 0.5 | $ 2.8 | $ 0.6 | $ 3.2 |
Earnings Per Share And Shareh44
Earnings Per Share And Shareholders' Equity (Narrative) (Details) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014$ / sharesshares | Dec. 31, 2009$ / shares | |
Incremental Common Shares Attributable to Conversion of Debt Securities | 5.4 | 3.7 | 5.4 | 3.7 | |
Stock Repurchased During Period, Shares | 0.9 | 2.3 | |||
Repurchase of shares, average price per share | $ / shares | $ 23.38 | $ 22.68 | |||
Stock Repurchased During Period, Value | $ | $ 20.1 | $ 52.8 | |||
Stock repurchased but not settled in cash | $ | 1.2 | ||||
Remaining Authorized Repurchase Amount | $ | $ 234.4 | $ 234.4 | |||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.08 | $ 0.07 | $ 0.23 | $ 0.20 | |
Restricted Stock Units (RSUs) [Member] | 2014 Performance grants [Domain] | |||||
Antidilutive securities excluded from diluted EPS | 0.3 | ||||
Restricted Stock Units (RSUs) [Member] | 2013 Performance grants [Domain] | |||||
Antidilutive securities excluded from diluted EPS | 0.3 | ||||
Restricted Stock Units (RSUs) [Member] | 2015 Performance grants [Domain] | |||||
Antidilutive securities excluded from diluted EPS | 0.4 | ||||
5.75% Junior Subordinated Convertible Debentures [Member] | |||||
Aggregate principal amount convertible debentures | $ | $ 125 | $ 125 | |||
Interest rate on unsecured senior notes | 5.75% | 5.75% | |||
Junior subordinated convertible debentures convertible conversion price | $ / shares | $ 12.07 | ||||
Maturity date | Sep. 15, 2029 | ||||
Junior subordinated convertible debentures convertible equity instruments in conversion | 82.82 | ||||
Debt Instrument, Convertible, Terms of Conversion Feature | 1,000 | ||||
Performance Shares [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Antidilutive securities excluded from diluted EPS | 0.7 |
Earnings Per Share And Shareh45
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 ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share | ||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.08 | $ 0.08 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.06 | $ 0.06 | ||
Basic | 97.9 | 100.7 | 98.4 | 101 | ||||||
Stock-based compensation arrangements | 0.8 | 0.8 | 0.8 | 1 | ||||||
Convertible Debt, Share | 5.4 | 3.7 | 5.4 | 3.7 | ||||||
Diluted EPS | 104.1 | 105.2 | 104.6 | 105.7 | ||||||
Income (Loss) from continuing operations | $ 57.6 | $ 30 | $ 125.8 | $ 68.5 | ||||||
Income from continuing operations, Diluted EPS | $ 57.6 | $ 30 | $ 125.8 | $ 68.5 | ||||||
Income (loss) from continuing operations, per basic share | $ 0.59 | $ 0.30 | $ 1.28 | $ 0.68 | ||||||
Stock-based compensation arrangements continuing operations, per share | (0.01) | (0.01) | (0.01) | (0.01) | ||||||
Convertible debt, continuing operations, per share | (0.03) | (0.01) | (0.07) | (0.02) | ||||||
Income (loss) from continuing operations, per diluted share | $ 0.55 | $ 0.28 | $ 1.20 | $ 0.65 | ||||||
Income (Loss) from Discontinued Operations, net of tax | $ 0.5 | $ 2.8 | $ 0.6 | $ 3.2 | ||||||
Income (loss) from discontinued operations, Diluted EPS | $ 0.5 | $ 2.8 | $ 0.6 | $ 3.2 | ||||||
Income (loss) from discontinued operations, per basic share | $ 0 | $ 0.03 | $ 0 | $ 0.03 | ||||||
Stock-based compensation arrangements discontinued operations, per share | 0 | 0 | 0 | 0 | ||||||
Convertible Debt, Discontinued Operations, Per Share | 0.01 | 0 | 0.01 | 0 | ||||||
Income (loss) from discontinued operations, per diluted share | 0.01 | 0.03 | 0.01 | 0.03 | ||||||
Basic Earnings per Common Share | 0.59 | 0.33 | 1.28 | 0.71 | ||||||
Stock-based compensation arrangements, per share | (0.01) | (0.01) | (0.01) | (0.01) | ||||||
Convertible debt, per share | (0.02) | (0.01) | (0.06) | (0.02) | ||||||
Diluted Earnings per Common Share | $ 0.56 | $ 0.31 | $ 1.21 | $ 0.68 |
Earnings Per Share And Shareh46
Earnings Per Share And Shareholders' Equity Earnings Per Share And Shareholders' Equity (Schedule of Dividends Declared and Paid) (Details) - $ / shares | 3 Months Ended | |||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Schedule of Dividends Declared and Paid [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.08 | $ 0.08 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.06 | $ 0.06 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Trading Securities, Fair Value Disclosure | $ 11.7 | $ 11.7 | |||
Defined Benefit Plan, Contributions by Employer | 20 | ||||
Pension Plan [Member] | |||||
Settlement (gain) loss recognized during the period | 0 | $ 2.9 | 0 | $ 2.9 | |
United States Pension Plans of US Entity, Defined Benefit [Member] | |||||
Liabilities related to defined benefit pension plan | 47.9 | 47.9 | $ 69.1 | ||
Foreign Pension Plans, Defined Benefit [Member] | |||||
Liabilities related to defined benefit pension plan | $ 39.1 | $ 39.1 | $ 40 | ||
100% [Domain] | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||||
50% [Domain] | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||||
3% [Domain] | |||||
Defined Contribution Plan, Contributions by Employee | 3.00% | ||||
2% [Domain] | |||||
Defined Contribution Plan, Contributions by Employee | 2.00% |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule Of Components Of Pension Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pension Plan [Member] | ||||
Interest cost on projected benefit obligation | $ 2.4 | $ 2.4 | $ 7.8 | $ 7.7 |
Service cost | 1.9 | 1.7 | 5.7 | 5 |
Expected return on plan assets | (2.4) | (2.3) | (7.6) | (6.9) |
Defined Benefit Plan, Amortization of Gains (Losses) | 2.3 | 2.1 | 7.7 | 6 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | 2.9 | 0 | 2.9 |
Pension cost | 4.2 | 6.8 | 13.6 | 14.7 |
Unfunded Executive Pension Plans [Member] | ||||
Interest cost on projected benefit obligation | 0.1 | 0.1 | 0.3 | 0.4 |
Service cost | 0.3 | 0.3 | 1.1 | 0.9 |
Pension cost | $ 0.4 | $ 0.4 | $ 1.4 | $ 1.3 |
Restructuring Restructuring (De
Restructuring Restructuring (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014 | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||
Severance Costs | $ 11 | |||||
Restructuring Reserve | 2.6 | |||||
2015 Restructure Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance Costs | $ 0.1 | $ 3.5 | ||||
Restructuring and Related Cost, Number of Positions Eliminated | 200 | |||||
Restructuring Reserve | 0.9 | $ 0.9 | $ 1.4 | $ 1 | ||
2014 Restructuring Plan [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance Costs | 1.7 | |||||
Restructuring and Related Cost, Number of Positions Eliminated | 400 | |||||
Restructuring Reserve | 0.3 | 0.3 | $ 1.3 | 0.7 | 0.8 | |
Business Acquisition, Acquiree 2015 [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Severance Costs | 0.1 | 0.4 | ||||
Restructuring and Related Cost, Number of Positions Eliminated | 150 | |||||
Restructuring Reserve | $ 0.1 | $ 0.1 | $ 0.3 | $ 0.3 |
Stock-Based Compensation Plan50
Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stock compensation expense | $ 4.3 | $ 2.4 | $ 12.6 | $ 7.6 |
Awards settled in cash [Member] | ||||
Stock compensation expense | 0.5 | $ 1.1 | ||
Performance Shares [Member] | ||||
Granted, shares | 0.4 | 0.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 21.84 | |||
Performance Shares [Member] | Maximum [Member] | ||||
Payout range | 200.00% | |||
Performance Shares [Member] | Minimum [Member] | ||||
Payout range | 50.00% | |||
Performance Based Restricted Stock [Member] | ||||
Total unrecognized compensation cost related to non-vested restricted stock and restricted stock units | 1.6 | $ 1.6 | ||
Time-Based Restricted Stock [Member] | ||||
Granted, shares | 0.7 | 0.7 | ||
Total unrecognized compensation cost related to non-vested restricted stock and restricted stock units | $ 18.3 | $ 18.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 22.31 | $ 20.53 | ||
Weighted average recognition period (in years) | 1 year 1 month | |||
2013 Performance grants [Domain] | Performance Based Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 21.84 | |||
Performance-based grants that provide for payout contingent upon certain EPS targets [Member] | 2013 Performance grants [Domain] | ||||
Granted, shares | 0.3 |
Stock-Based Compensation Plan51
Stock-Based Compensation Plans (Summary Of Stock Option Activity) (Details) - $ / shares shares in Millions | 3 Months Ended | 9 Months Ended |
Dec. 31, 2014 | Sep. 30, 2015 | |
Outstanding, beginning balance, shares | 0.7 | |
Outstanding, beginning balance, weighted average exercise price | $ 13.24 | |
Outstanding, beginning balance weighted average remaining contractual term | 6 years 7 months 6 days | 5 years 10 months 9 days |
Outstanding, beginning balance, weighted average fair value at date of grant | $ 3.72 | $ 3.75 |
Exercisable, beginning balance, shares | 0.5 | |
Exercisable, beginning balance, weighted average exercise price | $ 13.41 | |
Exercisable, beginning balance, weighted average remaining contractual term | 6 years 6 months | 5 years 10 months 9 days |
Exercisable, beginning balance, weighted average fair value at grant date | $ 3.84 | |
Granted, shares | 0 | |
Exercised, shares | (0.2) | |
Forfeited/cancelled, shares | 0 | |
Outstanding, ending balance, shares | 0.7 | 0.5 |
Outstanding, ending balance, weighted average exercise price | $ 13.24 | $ 13.28 |
Outstanding, ending balance weighted average remaining contractual term | 6 years 7 months 6 days | 5 years 10 months 9 days |
Outstanding, ending balance, weighted average fair value at date of grant | $ 3.72 | $ 3.75 |
Exercisable, ending balance, shares | 0.5 | 0.5 |
Exercisable, ending balance, weighted average exercise price | $ 13.41 | $ 13.28 |
Exercisable, ending balance, weighted average remaining contractual term | 6 years 6 months | 5 years 10 months 9 days |
Exercisable, ending balance, weighted average fair value at grant date | $ 3.84 | $ 3.75 |
Share Based Compensation Arrangements by Share Based Payment Award Options Exercised in Period Weighted Average Exercise Price | $ 13.13 |
Stock-Based Compensation Plan52
Stock-Based Compensation Plans (Time-Based Restricted Stock Units) (Details) - Time-Based Restricted Stock [Member] $ / shares in Units, shares in Millions, $ in Millions | 9 Months Ended | |
Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014$ / sharesshares | |
Non-vested, beginning balance, shares | shares | 1.3 | |
Granted, shares | shares | 0.7 | 0.7 |
Vested, shares | shares | (0.5) | |
Forfeited, shares | shares | (0.1) | |
Non-vested, ending balance, shares | shares | 1.4 | |
Non-vested, beginning balance, weighted average fair value at date of grant | $ 17.66 | |
Granted, weighted average fair value at date of grant | 22.31 | $ 20.53 |
Vested, weighted average fair value at date of grant | 16.42 | |
Forfeited, weighted average fair value at date of grant | 20.55 | |
Non-vested, ending balance, weighted average fair value at date of grant | $ 20.13 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 18.3 |
Stock-Based Compensation Plan53
Stock-Based Compensation Plans (Performance-Based Restricted Stock-Units) (Details) $ / shares in Units, shares in Millions, $ in Millions | 9 Months Ended | |
Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014shares | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0.4 | 0.3 |
Non-vested, beginning balance, shares | 0 | |
Granted, shares | 0.3 | |
Vested, shares | 0 | |
Forfeited, shares | 0 | |
Non-vested, ending balance, shares | 0.3 | |
Non-vested, beginning balance, weighted average fair value at date of grant | $ / shares | $ 0 | |
Granted, weighted average fair value at date of grant | $ / shares | 21.84 | |
Vested, weighted average fair value at date of grant | $ / shares | 0 | |
Forfeited, weighted average fair value at date of grant | $ / shares | 0 | |
Non-vested, ending balance, weighted average fair value at date of grant | $ / shares | $ 21.84 | |
Performance Based Restricted Stock [Member] | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 1.6 | |
Minimum [Member] | Performance Shares [Member] | ||
Share Based Compensation Award Target Percentage Rate | 50.00% | |
Maximum [Member] | Performance Shares [Member] | ||
Share Based Compensation Award Target Percentage Rate | 200.00% |
Debt And Capital Lease Obliga54
Debt And Capital Lease Obligations (Schedule Of Debt And Capital Lease Obligations) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument | ||
Line of Credit Facility, Amount Outstanding | $ 211.8 | $ 261 |
2029 Convertible debt | 61.7 | 60.7 |
Capital Lease Obligations | 8.2 | 14.2 |
Asset Securitization Facility | 50 | 40 |
Debt and Capital Lease Obligations | 331.7 | 375.9 |
Less current maturities | 4 | 7.5 |
Long-term debt | $ 327.7 | $ 368.4 |
Debt And Capital Lease Obliga55
Debt And Capital Lease Obligations (Revolving Credit Facility) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Mar. 03, 2014 | Mar. 11, 2013 | |
Line of Credit Facility, Amount Outstanding | $ 211.8 | $ 261 | |||
Repayments of Debt | 50 | 85 | |||
Proceeds from (Repayments of) Debt | $ 0 | $ 344.9 | 344.9 | ||
Debt Instrument, Unamortized Discount | $ 5.1 | ||||
Debt Instrument, Interest Rate, Basis for Effective Rate | 0.025 | ||||
2011 Credit Facility [Member] | |||||
Line of credit, maximum borrowing capacity | $ 300 | ||||
2014 Term Loan [Member] | |||||
Line of Credit Facility, Amount Outstanding | $ 215 | ||||
Line of credit, maximum borrowing capacity | $ 350 | ||||
2014 Revolving Credit Facility [Member] | |||||
Line of credit, maximum borrowing capacity | $ 300 | 300 | |||
2014 Credit Facility [Member] | |||||
Line of Credit Facility, Expiration Date | Mar. 3, 2019 | ||||
Line of credit, maximum borrowing capacity | $ 650 |
Debt And Capital Lease Obliga56
Debt And Capital Lease Obligations Debt And Captial Lease Obligations (Convertible Debentures) (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015USD ($)$ / shares | Dec. 31, 2009USD ($)$ / shares | Dec. 31, 2014USD ($) | |
Debt Instrument | |||
Debt Instrument, Interest Rate, Basis for Effective Rate | 0.025 | ||
Temporary Equity, Par Value | $ 63,300,000 | $ 64,300,000 | |
Debt Instrument, Convertible, Stock Price Trigger | $ / shares | $ 15 | ||
Contingent Interest | 0.0075 | ||
Debt Instrument, Convertible, Threshold Trading Days | 20 | ||
Deferred tax impact on convertible debt | $ 268,400,000 | $ 275,600,000 | |
5.75% Junior Subordinated Convertible Debentures [Member] | |||
Debt Instrument | |||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 11.54 | $ 12.07 | |
Debt Instrument, Convertible, Conversion Ratio | 86.67 | 82.82 | |
Debt Instrument, Convertible, Terms of Conversion Feature | 1,000 | 1,000 | |
Debt Instrument, Face Amount | $ 125,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 days | ||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130.00% | ||
Maximum percentage of debenture trading price | 98.00% | ||
Debt Instrument, Maturity Date | Sep. 15, 2029 | ||
Liability component of convertible debt recognized at issuance | $ 264.6 | $ 56,300,000 | |
Deferred tax impact on convertible debt | 32,700,000 | ||
4.875% Unsecured Senior Notes [Member] | |||
Debt Instrument | |||
Extinguishment of Debt, Amount | $ 122,500,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | ||
Debt Instrument, Maturity Date | Dec. 15, 2009 |
Debt And Capital Lease Obliga57
Debt And Capital Lease Obligations Debt And Capital Lease Obligations (Other) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument | ||
Asset Securitization Facility | $ 150 | |
Asset Securitization Facility, Expiration Date | January 2,017 | |
Accounts Receivable Securitization | $ 50 | $ 40 |
Debt And Capital Lease Obliga58
Debt And Capital Lease Obligations (Schedule Of Future Minimum Payments) (Details) $ in Millions | Sep. 30, 2015USD ($) |
Long-term Debt and Capital Lease Obligations [Abstract] | |
Remainder of 2015 | $ 2 |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months 2016 | 3.8 |
Long-term Debt, Maturities, Repayments of Principal in Year Two 2017 | 50.9 |
Long-term Debt, Maturities, Repayments of Principal in Year Three 2018 | 0.7 |
Long-term Debt, Maturities, Repayments of Principal in Year Four 2019 | 215.4 |
Long-term Debt, Maturities, Repayments of Principal in Year Four 2020 | 0.4 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 125 |
Total | $ 398.2 |
Commitments And Contingencies (
Commitments And Contingencies (Details) $ in Millions | Sep. 30, 2015USD ($) |
Letters of credit outstanding amount | $ 23.5 |
Guarantee | 2.7 |
Purchase Commitments | 1.4 |
HRM Performance Bond Obligations [Member] | |
Guarantee | 30 |
Liability of obligations | $ 0.3 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Estimate Of Fair Value, Fair Value Disclosure [Member] | ||
Foreign currency forward contracts (asset position) | $ 1.1 | $ 3.3 |
Foreign currency forward contracts (liability position) | 56.2 | 32.7 |
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) | 1.1 | 3.3 |
Foreign currency forward contracts (liability position) | 56.2 | 32.7 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Foreign currency forward contracts (asset position) | 0 | 0 |
Foreign currency forward contracts (liability position) | 0 | 0 |
Equity Funds [Member] | ||
Assets, Fair Value Disclosure | 9.3 | 10.3 |
Equity Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Assets, Fair Value Disclosure | 9.3 | 10.3 |
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 | 1.7 | 2.1 |
Common Stock [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Assets, Fair Value Disclosure | 1.7 | 2.1 |
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 | 0.7 | 0.6 |
Money Market Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Assets, Fair Value Disclosure | 0.7 | 0.6 |
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 | 11.7 | 13 |
Investment Securities Class [Domain] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Assets, Fair Value Disclosure | 11.7 | 13 |
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 ($) $ in Millions | 9 Months Ended | |||||||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Derivatives | ||||||||
Derivative instruments maturity period (in months) | 36 months | |||||||
Derivative, Notional Amount | $ 1,015.3 | $ 1,131.7 | ||||||
Deferred tax expense (benefit) | 20.5 | (11.3) | ||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 32.9 | $ 23.8 | $ 15.4 | $ 13.6 | 18.3 | $ 2.5 | $ 22.7 | $ 22.5 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | (31.2) | |||||||
Deferred gain on derivative instruments reclassified from OCI to earnings during next twelve months, net of tax | (19.2) | |||||||
Derivative Instruments Not Designated as Hedging Instruments, Loss | 0.7 | $ 0.2 | ||||||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | 1.8 | |||||||
Trading Securities | 11.7 | |||||||
Interest-bearing deposits, fair value | 11.7 | $ 13 | ||||||
Foreign Currency Derivative Purchase Contract [Domain] | Forward Contracts PHP [Member] | ||||||||
Derivatives | ||||||||
Derivative, Notional Amount | 37,149 | |||||||
Foreign Currency Derivative Purchase Contract [Domain] | Forward Contracts INR [Member] | ||||||||
Derivatives | ||||||||
Derivative, Notional Amount | 10,347 | |||||||
Foreign Currency Derivative Purchase Contract [Domain] | Forward Contracts CAD [Member] | ||||||||
Derivatives | ||||||||
Derivative, Notional Amount | 41.8 | |||||||
Foreign Currency Derivative Purchase Contract [Domain] | Forward Contracts COP [Member] | ||||||||
Derivatives | ||||||||
Derivative, Notional Amount | 16,000 | |||||||
Cash Flow Hedging [Member] | Forward Contracts PHP [Member] | ||||||||
Derivatives | ||||||||
Derivative, Notional Amount | 825.9 | |||||||
Cash Flow Hedging [Member] | Forward Contracts INR [Member] | ||||||||
Derivatives | ||||||||
Derivative, Notional Amount | 150.4 | |||||||
Cash Flow Hedging [Member] | Forward Contracts CAD [Member] | ||||||||
Derivatives | ||||||||
Derivative, Notional Amount | 33.8 | |||||||
Cash Flow Hedging [Member] | Forward Contracts COP [Member] | ||||||||
Derivatives | ||||||||
Derivative, Notional Amount | $ 5.2 |
Financial Instruments (Fair Val
Financial Instruments (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Other Current Assets [Member] | ||
Forward exchange contracts and options designated as hedging instruments, assets | $ 0.9 | $ 1.7 |
Other Assets [Member] | ||
Forward exchange contracts and options designated as hedging instruments, assets | 0.2 | 1.3 |
Other Current Liabilities [Member] | ||
Forward exchange contracts and options designated as hedging instruments, liabilities | 32 | 21.4 |
Other Liabilities [Member] | ||
Forward exchange contracts and options designated as hedging instruments, liabilities | $ 22.4 | $ 11.3 |
Financial Instruments (Effect O
Financial Instruments (Effect Of Derivative Instruments On Consolidated Financial Statements) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments, Gain (Loss) | ||||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ 7.9 | $ 1.3 | $ 15.8 | $ 9.9 |
Operating Expense [Member] | ||||
Derivative Instruments, Gain (Loss) | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (36.4) | (36.5) | (39.5) | (11.6) |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ (7.9) | $ (1.3) | $ (15.8) | $ (9.9) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Liability for unrecognized tax benefits | $ 32.5 | $ 32.5 | $ 59.9 | ||
Unrecognized tax benefits that would affect income tax expense | 28.6 | 28.6 | |||
Interest and penalties share in unrecognized tax benefits | 7.2 | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 4 | 4 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | $ 27 | $ 27 | |||
Effective tax rate on net income from continuing operations | (41.90%) | 17.60% | (5.10%) | 18.20% | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 17.5 | ||||
Income tax expense | (17) | $ 6.4 | $ (6.1) | $ 15.2 | |
Income (loss) from continuing opations before income taxes | $ 40.6 | $ 36.4 | 119.7 | 83.7 | |
Net tax benefit on foreign earnings [Member] | |||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 1.5 | ||||
Tax benefit on foreign earnings [Member] | |||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 4.8 | ||||
Income tax expense on foreign earnings [Member] | |||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 3.7 | $ 3.3 |
Goodwill And Other Intangible65
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 03, 2014 | |
Business Acquisition, Transaction Costs | $ 14.7 | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 802.6 | $ 0 | $ 802.6 | |||||
Goodwill, net | $ 834.8 | 834.8 | $ 850.7 | $ 276.5 | ||||
Intangible assets, net | 330.9 | 330.9 | $ 361.7 | |||||
Amortization | 6.6 | $ 7.3 | 20.6 | 17.6 | $ 27.3 | |||
Asset Impairment Charges | 0 | $ 0 | 0 | $ (1.6) | ||||
Software [Member] | ||||||||
Intangible assets, net | 3.8 | $ 3.8 | ||||||
Weighted average depreciation period | 1 year | |||||||
Trademarks [Member] | ||||||||
Intangible assets, net | 9.8 | $ 9.8 | ||||||
Intangible assets, useful life | 4 years | |||||||
Customer Relationships And Other Intangibles [Member] | ||||||||
Intangible assets, net | $ 317.3 | $ 317.3 | ||||||
Other Intangible Assets [Member] | ||||||||
Weighted average amortization period | 15 years | |||||||
Minimum [Member] | Software [Member] | ||||||||
Intangible assets, useful life | 8 years | |||||||
Minimum [Member] | Customer Relationships And Other Intangibles [Member] | ||||||||
Intangible assets, useful life | 1 year | |||||||
Maximum [Member] | Software [Member] | ||||||||
Intangible assets, useful life | 10 years | |||||||
Maximum [Member] | Trademarks [Member] | ||||||||
Intangible assets, useful life | 4 years | |||||||
Maximum [Member] | Customer Relationships And Other Intangibles [Member] | ||||||||
Intangible assets, useful life | 17 years |
Goodwill And Other Intangible66
Goodwill And Other Intangible Assets (Schedule Of Total Intangible Assets Primarily Acquired Through Business Combinations) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Gross Carrying Value | $ 528.2 | |
Accumulated Amortization | (197.3) | |
Intangible assets, net | 330.9 | $ 361.7 |
Software [Member] | ||
Gross Carrying Value | 41.3 | |
Accumulated Amortization | (37.5) | |
Intangible assets, net | 3.8 | |
Trademarks [Member] | ||
Gross Carrying Value | 26.1 | |
Accumulated Amortization | (16.3) | |
Intangible assets, net | 9.8 | |
Customer Relationships And Other Intangibles [Member] | ||
Gross Carrying Value | 460.8 | |
Accumulated Amortization | (143.5) | |
Intangible assets, net | $ 317.3 |
Goodwill And Other Intangible67
Goodwill And Other Intangible Assets (Schedule Of Estimated Amortization Expense) (Details) $ in Millions | Sep. 30, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 27 |
2,017 | 27 |
2,018 | 23 |
2,019 | 22 |
2,020 | 21 |
Thereafter | $ 200 |
Payables And Other Current Li68
Payables And Other Current Liabilities (Schedule Of Payables And Other Current Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accounts payable | $ 73.6 | $ 40.1 |
Deferred Tax Liabilities, Net, Current | 0.3 | 0.6 |
Accrued income and other taxes | 36.5 | 34.6 |
Accrued payroll-related expenses | 166.5 | 156.4 |
Derivative liabilities | 33.8 | 21.4 |
Accrued expenses, other | 77.5 | 84.5 |
Deferred revenue and government grants | 17.7 | 19.5 |
Restructuring and exit costs | 1.3 | 3.9 |
Payables and other current liabilities | $ 407.2 | $ 361 |
Accumulated Other Comprehensi69
Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (19.9) | $ (30) | $ (1.1) | $ 41.5 | $ 35.6 | $ 35.1 | $ (1.1) | $ 35.1 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (8.9) | 10.1 | (28.9) | (28) | 5.9 | 0.5 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | 0 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (8.9) | 10.1 | (28.9) | (28) | 5.9 | 0.5 | (27.7) | (21.6) |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (28.8) | (19.9) | (30) | 13.5 | 41.5 | 35.6 | (28.8) | 13.5 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (15.4) | (13.6) | (18.3) | (2.5) | (22.7) | (22.5) | (18.3) | (22.5) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (22.4) | (4.4) | 2.4 | (22.2) | 18.3 | (3.8) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 4.9 | 2.6 | 2.3 | 0.9 | 1.9 | 3.6 | 9.8 | 6.4 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (17.5) | (1.8) | 4.7 | (21.3) | 20.2 | (0.2) | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (32.9) | (15.4) | (13.6) | (23.8) | (2.5) | (22.7) | (32.9) | (23.8) |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (44.1) | (45.7) | (47.3) | (29.7) | (31) | (32.1) | (47.3) | (32.1) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 0 | 0 | 0 | (8.9) | 0 | 0 | ||
Other Comprehensive Income (Loss), Settlement of Pension Obligation Arising During the Period, Net of Tax | 1.8 | 1.8 | ||||||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 1.6 | (1.6) | (1.6) | 1 | (1.3) | (1.1) | 4.8 | 3.4 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 1.6 | (1.6) | (1.6) | (6.1) | (1.3) | (1.1) | 4.8 | (3.7) |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (42.5) | (44.1) | (45.7) | (35.8) | (29.7) | (31) | (42.5) | (35.8) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (79.4) | (89.3) | (66.7) | 9.3 | (18.1) | (19.5) | (66.7) | (19.5) |
Other comprehensive income (loss) before relclassification | (31.3) | 5.7 | (26.5) | (59.1) | 24.2 | (3.3) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income due to Pension Settlement Obligation | 1.8 | |||||||
Amounts reclassified from accumulated other comprehensive income | 6.5 | 4.2 | 3.9 | 1.9 | 3.2 | 4.7 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (24.8) | 9.9 | (22.6) | (55.4) | 27.4 | 1.4 | (37.5) | (26.6) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (104.2) | $ (79.4) | $ (89.3) | (46.1) | $ 9.3 | $ (18.1) | $ (104.2) | (46.1) |
Other Comprehensive Income (Loss), Reclassification Adjustment on Pension Obligation included in Net Income, before Tax | $ (2.9) | $ (2.9) |
Accumulated Other Comprehensi70
Accumulated Other Comprehensive Income (Loss) Reclassifications out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | $ (7.9) | $ (1.3) | $ (15.8) | $ (9.9) | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 3 | 0.4 | 6 | 3.5 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | (4.9) | $ (2.6) | $ (2.3) | (0.9) | $ (1.9) | $ (3.6) | (9.8) | (6.4) |
Other Comprehensive Income (Loss), Reclassification Adjustment on Pension Obligation included in Net Income, before Tax | (2.9) | (2.9) | ||||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Pension Obligation included in Net Income, Tax | 1.1 | 1.1 | ||||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Pension Obligation Included in Net Income, Net of Tax | (1.8) | (1.8) | ||||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Pension and Other Post Retirement Obligations included in Net Income, before Tax | (2.5) | (1.6) | (7.5) | (5.5) | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Pension and Other Post Retirement Obligations included in Net Income, Tax | 0.9 | 0.6 | 2.7 | 2.1 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | (1.6) | $ 1.6 | $ 1.6 | (1) | $ 1.3 | $ 1.1 | (4.8) | (3.4) |
Amounts Reclassified from Accumulated Other Comprehensive Income for Pension Settlement and Other Post Retirement Obligations, Net Income | (2.8) | (5.2) | ||||||
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | $ (6.5) | $ (3.7) | $ (14.6) | $ (11.6) |