Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 26, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | HEIDRICK & STRUGGLES INTERNATIONAL INC | |
Entity Central Index Key | 0001066605 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 19,131,799 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 105,314,000 | $ 279,906,000 |
Marketable Securities, Current | 38,698,000 | 0 |
Accounts receivable, net | 146,982,000 | 114,977,000 |
Prepaid expenses | 23,193,000 | 22,766,000 |
Other current assets | 30,082,000 | 29,598,000 |
Income taxes recoverable | 6,171,000 | 3,620,000 |
Total current assets | 350,440,000 | 450,867,000 |
Non-current assets | ||
Property and equipment, net | 30,788,000 | 33,871,000 |
Operating Lease, Right-of-Use Asset | 104,449,000 | 0 |
Assets designated for retirement and pension plans | 14,909,000 | 15,035,000 |
Investments | 23,647,000 | 19,442,000 |
Other non-current assets | 21,725,000 | 22,276,000 |
Goodwill | 122,070,000 | 122,092,000 |
Other intangible assets, net | (1,730,000) | (2,216,000) |
Deferred income taxes | 34,252,000 | 34,830,000 |
Total non-current assets | 353,570,000 | 249,762,000 |
Total assets | 704,010,000 | 700,629,000 |
Current liabilities | ||
Accounts payable | 8,107,000 | 9,166,000 |
Accrued salaries and employee benefits | 124,923,000 | 227,653,000 |
Deferred revenue | 37,424,000 | 40,673,000 |
Operating Lease, Liability, Current | 31,895,000 | 0 |
Other current liabilities | 26,186,000 | 33,219,000 |
Income taxes payable | 6,779,000 | 8,240,000 |
Total current liabilities | 235,314,000 | 318,951,000 |
Long-term Line of Credit | 0 | 0 |
Employee-related Liabilities, Non-current | 47,852,000 | 57,234,000 |
Non-current liabilities | ||
Retirement and pension plans | 43,922,000 | 39,865,000 |
Operating Lease, Liability, Noncurrent | 84,156,000 | 0 |
Other non-current liabilities | 4,317,000 | 17,423,000 |
Total non-current liabilities | 180,247,000 | 114,522,000 |
Total liabilities | 415,561,000 | 433,473,000 |
Commitments and contingencies (Note 18) | ||
Stockholders’ equity | ||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued at March 31, 2019 and December 31, 2018 | 0 | 0 |
Common stock, $0.01 par value, 100,000,000 shares authorized, 19,585,777 shares issued, 19,113,630 and 18,954,275 shares outstanding at March 31, 2019 and December 31, 2018, respectively | 196,000 | 196,000 |
Treasury stock at cost, 472,147 and 631,502 shares at March 31, 2019 and December 31, 2018, respectively | (14,795,000) | (20,298,000) |
Additional paid in capital | 222,148,000 | 227,147,000 |
Retained earnings | 76,513,000 | 56,049,000 |
Accumulated other comprehensive income | 4,387,000 | 4,062,000 |
Total stockholders’ equity | 288,449,000 | 267,156,000 |
Total liabilities and stockholders’ equity | $ 704,010,000 | $ 700,629,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) | Jun. 30, 2019$ / sharesshares |
Statement of Financial Position [Abstract] | |
Preferred stock, par value (in USD per share) | $ / shares | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 |
Preferred stock, shares issued | 0 |
Common stock, par value (in USD per share) | $ / shares | $ 0.01 |
Common stock, shares authorized | 100,000,000 |
Common stock, shares issued | 19,585,777 |
Common stock, shares outstanding | 19,127,401 |
Treasury stock, shares | 458,376 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue, Net of Reimbursements | $ 173,122 | $ 183,059 | $ 344,716 | $ 343,130 |
Revenue | ||||
Reimbursements Revenue | 5,051 | 4,630 | 9,731 | 9,217 |
Total revenue | 178,173 | 187,689 | 354,447 | 352,347 |
Operating expenses | ||||
Salaries and employee benefits | 120,601 | 127,679 | 241,419 | 239,088 |
General and administrative expenses | 34,168 | 36,919 | 68,553 | 72,460 |
Reimbursable Expenses | 5,051 | 4,630 | 9,731 | 9,217 |
Total operating expenses | 159,820 | 169,228 | 319,703 | 320,765 |
Operating income | 18,353 | 18,461 | 34,744 | 31,582 |
Non-operating income (expense) | ||||
Interest, net | 412 | (2) | 1,220 | 237 |
Other, net | 708 | (48) | 2,351 | (496) |
Net non-operating income (expense) | 1,120 | (50) | 3,571 | (259) |
Income before income taxes | 19,473 | 18,411 | 38,315 | 31,323 |
Provision for income taxes | (5,193) | (6,948) | (11,948) | (9,692) |
Net income | 14,280 | 11,463 | 26,367 | 21,631 |
Other comprehensive income, net of tax | ||||
Foreign currency translation adjustment | (7) | (3,816) | 313 | (2,226) |
Net unrealized gain on available-for-sale investments | 12 | 0 | 12 | 0 |
Other comprehensive income, net of tax | 5 | (3,816) | 325 | (2,226) |
Comprehensive income | $ 14,285 | $ 7,647 | $ 26,692 | $ 19,405 |
Basic weighted average common shares outstanding (in shares) | 19,120 | 18,934 | 19,062 | 18,880 |
Dilutive common shares (in shares) | 311 | 394 | 469 | 509 |
Diluted weighted average common shares outstanding (in shares) | 19,431 | 19,328 | 19,531 | 19,389 |
Basic net income per common share (in USD per share) | $ 0.75 | $ 0.61 | $ 1.38 | $ 1.15 |
Diluted net income per common share (in USD per share) | 0.73 | 0.59 | 1.35 | 1.12 |
Cash dividends paid per share (in USD per share) | $ 0.15 | $ 0.13 | $ 0.30 | $ 0.26 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning balance at Dec. 31, 2017 | $ 212,705 | $ 196 | $ (26,096) | $ 226,006 | $ (716) | $ 13,315 |
Beginning balance, shares at Dec. 31, 2017 | 19,586,000 | 805,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 10,168 | 10,168 | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 8,954 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2014-09 [Member] | 15,043 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2016-01 [Member] | (6,089) | |||||
Other comprehensive income, net of tax | 1,590 | 1,590 | ||||
Common and treasury stock transactions: | ||||||
Stock-based compensation | 1,776 | 1,776 | ||||
Vesting of equity, net of tax withholdings | (2,233) | $ (4,614) | (6,847) | |||
Vesting of equity, net of tax withholdings, shares | 138,000 | |||||
Cash dividends declared ($0.13 per share) | (2,460) | (2,460) | ||||
Dividend equivalents on restricted stock units | 11 | 11 | ||||
Ending balance at Mar. 31, 2018 | 230,489 | $ 196 | $ (21,482) | 220,935 | 22,024 | 8,816 |
Ending balance, shares at Mar. 31, 2018 | 19,586,000 | 667,000 | ||||
Beginning balance at Dec. 31, 2017 | 212,705 | $ 196 | $ (26,096) | 226,006 | (716) | 13,315 |
Beginning balance, shares at Dec. 31, 2017 | 19,586,000 | 805,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 21,631 | |||||
Other comprehensive income, net of tax | (2,226) | |||||
Ending balance at Jun. 30, 2018 | 237,866 | $ 196 | $ (20,299) | 222,053 | 30,916 | 5,000 |
Ending balance, shares at Jun. 30, 2018 | 19,586,000 | 632,000 | ||||
Beginning balance at Mar. 31, 2018 | 230,489 | $ 196 | $ (21,482) | 220,935 | 22,024 | 8,816 |
Beginning balance, shares at Mar. 31, 2018 | 19,586,000 | 667,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 11,463 | 11,463 | ||||
Other comprehensive income, net of tax | (3,816) | (3,816) | ||||
Common and treasury stock transactions: | ||||||
Stock-based compensation | 2,076 | 2,076 | ||||
Vesting of equity, net of tax withholdings | 0 | $ (989) | (989) | |||
Vesting of equity, net of tax withholdings, shares | 29,000 | |||||
Re-issuance of treasury stock | (225) | $ (194) | (31) | |||
Re-issuance of treasury stock, shares | (6,000) | |||||
Cash dividends declared ($0.13 per share) | (2,465) | (2,465) | ||||
Dividend equivalents on restricted stock units | 106 | 106 | ||||
Ending balance at Jun. 30, 2018 | 237,866 | $ 196 | $ (20,299) | 222,053 | 30,916 | 5,000 |
Ending balance, shares at Jun. 30, 2018 | 19,586,000 | 632,000 | ||||
Beginning balance at Dec. 31, 2018 | 267,156 | $ 196 | $ (20,298) | 227,147 | 56,049 | 4,062 |
Beginning balance, shares at Dec. 31, 2018 | 19,586,000 | 632,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 12,087 | 12,087 | ||||
Other comprehensive income, net of tax | 320 | 320 | ||||
Common and treasury stock transactions: | ||||||
Stock-based compensation | 1,343 | 1,343 | ||||
Vesting of equity, net of tax withholdings | (4,552) | $ (5,155) | (9,707) | |||
Vesting of equity, net of tax withholdings, shares | 160,000 | |||||
Cash dividends declared ($0.13 per share) | (2,848) | (2,848) | ||||
Dividend equivalents on restricted stock units | 87 | 87 | ||||
Ending balance at Mar. 31, 2019 | 273,419 | $ 196 | $ (15,143) | 218,783 | 65,201 | 4,382 |
Ending balance, shares at Mar. 31, 2019 | 19,586,000 | 472,000 | ||||
Beginning balance at Dec. 31, 2018 | 267,156 | $ 196 | $ (20,298) | 227,147 | 56,049 | 4,062 |
Beginning balance, shares at Dec. 31, 2018 | 19,586,000 | 632,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 26,367 | |||||
Other comprehensive income, net of tax | 325 | 325 | ||||
Ending balance at Jun. 30, 2019 | $ 288,449 | $ 196 | $ (14,795) | 222,148 | 76,513 | 4,387 |
Ending balance, shares at Jun. 30, 2019 | 19,127,401 | 19,586,000 | 458,000 | |||
Beginning balance at Mar. 31, 2019 | $ 273,419 | $ 196 | $ (15,143) | 218,783 | 65,201 | 4,382 |
Beginning balance, shares at Mar. 31, 2019 | 19,586,000 | 472,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 14,280 | 14,280 | ||||
Other comprehensive income, net of tax | 5 | 5 | ||||
Common and treasury stock transactions: | ||||||
Stock-based compensation | 3,368 | 3,368 | ||||
Vesting of equity, net of tax withholdings | 0 | $ 0 | 0 | |||
Vesting of equity, net of tax withholdings, shares | 3,000 | |||||
Re-issuance of treasury stock | (345) | $ (348) | (3) | |||
Re-issuance of treasury stock, shares | (11,000) | |||||
Cash dividends declared ($0.13 per share) | (2,867) | (2,867) | ||||
Dividend equivalents on restricted stock units | 101 | 101 | ||||
Ending balance at Jun. 30, 2019 | $ 288,449 | $ 196 | $ (14,795) | $ 222,148 | $ 76,513 | $ 4,387 |
Ending balance, shares at Jun. 30, 2019 | 19,127,401 | 19,586,000 | 458,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash dividends per share | $ 0.15 | $ 0.13 | $ 0.30 | $ 0.26 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 105,314,000 | $ 86,432,000 |
Cash flows - operating activities | ||
Net income | 26,367,000 | 21,631,000 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 5,348,000 | 6,493,000 |
Deferred income taxes | 512,000 | (347,000) |
Stock-based compensation expense | 4,711,000 | 3,852,000 |
Accretion expense related to earnout payments | (327,000) | (647,000) |
Marketable Securities, Gain (Loss) | (116,000) | 0 |
Changes in assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable | 32,093,000 | 55,397,000 |
Accounts payable | (978,000) | (1,797,000) |
Accrued expenses | (115,500,000) | (60,116,000) |
Restructuring Reserve, Accrual Adjustment | (1,189,000) | (8,885,000) |
Deferred revenue | (3,240,000) | (2,626,000) |
Income taxes payable, net | (4,035,000) | (3,066,000) |
Retirement and pension plan assets and liabilities | 1,686,000 | 121,000 |
Prepaid expenses | 3,507,000 | 5,879,000 |
Other assets and liabilities, net | 176,000 | 1,691,000 |
Net cash used in operating activities | (121,883,000) | (107,060,000) |
Cash flows - investing activities | ||
Payments to Acquire Businesses, Gross | 0 | (3,161,000) |
Capital expenditures | (1,793,000) | (2,548,000) |
Purchases of available-for-sale investments | (40,477,000) | (1,891,000) |
Proceeds from sales of available-for-sale investments | 232,000 | 1,564,000 |
Net cash used in investing activities | (42,038,000) | (6,036,000) |
Proceeds from Lines of Credit | 0 | 20,000,000 |
Repayments of Lines of Credit | 0 | (20,000,000) |
Cash flows - financing activities | ||
Cash dividends paid | (5,903,000) | (5,042,000) |
Payment of employee tax withholdings on equity transactions | (4,552,000) | (2,233,000) |
Payment for Contingent Consideration Liability, Financing Activities | (407,000) | 0 |
Net cash (used in) provided by financing activities | (10,862,000) | (7,275,000) |
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash | (165,000) | (1,359,000) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (174,948,000) | (121,730,000) |
Cash, cash equivalents and restricted cash at end of period | $ 105,314,000 | $ 85,825,000 |
Basis of Presentation of Interi
Basis of Presentation of Interim Financial Information | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation of Interim Financial Information | The accompanying unaudited Condensed Consolidated Financial Statements of Heidrick & Struggles International, Inc. and subsidiaries (the “Company”) have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Significant items subject to estimates and assumptions include revenue recognition, income taxes, interim effective tax rate and assessment of goodwill and other intangible assets for impairment. Estimates are subject to a degree of uncertainty and actual results could differ from these estimates. These financial statements and notes are to be read in conjunction with the Company’s Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 , as filed with the SEC on February 26, 2019 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | A complete listing of the Company’s significant accounting policies is discussed in Note 2 , Summary of Significant Accounting Policies , in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . Revenue Recognition See Note 3 , Revenue . Marketable Securities The Company’s marketable securities consist of available-for-sale debt securities with original maturities exceeding three months. Available-for-sale debt securities are reported at fair value with realized gains (losses) recorded as non-operating income (expense) in Interest, net in the Condensed Consolidated Statements of Comprehensive Income. Unrealized gains (losses) are recorded as a separate component of Accumulated other comprehensive income in the Consolidated Balance Sheets until realized. Restricted Cash The Company has lease agreements and business licenses with terms that require the Company to restrict cash through the termination dates of the agreements. Current and non-current restricted cash is included in Other current assets and Other non-current assets , respectively, in the Condensed Consolidated Balance Sheets. The following table provides a reconciliation of the cash and cash equivalents between the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statement of Cash Flows as of June 30, 2019 and 2018 , and December 31, 2018 and 2017 : June 30, December 31, 2019 2018 2018 2017 Cash and cash equivalents $ 105,314 $ 85,825 $ 279,906 $ 207,534 Restricted cash included within other current assets — 508 108 526 Restricted cash included within other non-current assets — 99 248 102 Total cash, cash equivalents and restricted cash $ 105,314 $ 86,432 $ 280,262 $ 208,162 Earnings per Common Share Basic earnings per common share is computed by dividing net income by weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Common equivalent shares are excluded from the determination of diluted earnings per share in periods in which they have an anti-dilutive effect. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended 2019 2018 2019 2018 Net income $ 14,280 $ 11,463 $ 26,367 $ 21,631 Weighted average shares outstanding: Basic 19,120 18,934 19,062 18,880 Effect of dilutive securities: Restricted stock units 202 250 300 355 Performance stock units 109 144 169 153 Diluted 19,431 19,328 19,531 19,389 Basic earnings per share $ 0.75 $ 0.61 $ 1.38 $ 1.15 Diluted earnings per share $ 0.73 $ 0.59 $ 1.35 $ 1.12 Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating Lease Right-of-Use Assets , Operating Lease Liabilities - Current and Operating Lease Liabilities - Non-Current in our Condensed Consolidated Balance Sheets. The Company does not have any leases that meet the finance lease criteria. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The operating lease right-of-use asset also includes any lease payments made in advance and any accrued rent expense balances. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components. For office leases, we account for the lease and non-lease components as a single lease component. For equipment leases, such as vehicles and office equipment, we account for the lease and non-lease components separately. Recently Adopted Financial Accounting Standards On January 1, 2019, the Company adopted Accounting Standards Update ("ASU") No. 2016-02, Leases, ASU No. 2018-10, Codification Improvements to Topic 842 (Leases) and ASU No. 2018-11, Targeted Improvements to Topic 842 (Leases). The guidance is intended to increase transparency and comparability among companies for leasing transactions, including a requirement for companies that lease assets to recognize on their balance sheets the assets and liabilities for the rights and obligations created by those leases. The guidance also provides for disclosures that allow the users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the guidance on January 1, 2019 using the modified retrospective method without restatement of comparative periods. As such, periods prior to the date of adoption are presented in accordance with ASC 840 - Leases. The Company utilized the available practical expedient that allowed for the Company to not reassess whether existing contracts contain a lease under the new definition of a lease, lease classification for existing leases and whether previously capitalized initial direct costs would qualify for capitalization under the new guidance. The adoption of this guidance had a material impact on the Condensed Consolidated Balance Sheet as of June 30, 2019 due to the recognition of equal right-of-use assets and lease liabilities for the Company's portfolio of operating leases. The right-of-use asset balance was then adjusted by the reclassification of pre-existing prepaid and accrued rent balances from other line items within the Condensed Consolidated Balance Sheet. The adoption had an immaterial impact on the Condensed Consolidated Statement of Comprehensive Income and Condensed Consolidated Statement of Cash Flows for the three and six months ended June 30, 2019. The adoption had no impact on the Condensed Consolidated Statement of Changes in Stockholders' Equity for the three and six months ended June 30, 2019. Additional information and disclosures required by the new standard are contained in Note 6 , Leases . On January 1, 2019, the Company adopted ASU No. 2018-02, Income Statement - Reporting Comprehensive Income, which is intended to improve the usefulness of information reported as a result of the Tax Cuts and Jobs Act. The new guidance allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The adoption of this guidance did not have an impact on the Company's consolidated financial statements. |
Revenue (Notes)
Revenue (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Unbilled Receivables, Contract Assets and Liabilities [Line Items] | |
Revenue Recognition, Multiple-deliverable Arrangements, Description [Policy Text Block] | Executive Search Revenue is recognized as we satisfy our performance obligations by transferring a good or service to a client. Generally, each of our executive search contracts contains one performance obligation which is the process of identifying potentially qualified candidates for a specific client position. In most contracts, the transaction price includes both fixed and variable consideration. Fixed compensation is comprised of a retainer, equal to approximately one-third of the estimated first year compensation for the position to be filled, and indirect expenses, equal to a specified percentage of the retainer, as defined in the contract. The Company generally bills its clients for its retainer and indirect expenses in one-third increments over a three-month period commencing in the month of a client’s acceptance of the contract. If actual compensation of a placed candidate exceeds the original compensation estimate, the Company is often authorized to bill the client for one-third of the excess compensation. The Company refers to this additional billing as uptick revenue. In most contracts, variable consideration is comprised of uptick revenue and direct expenses. The Company bills its clients for uptick revenue upon completion of the executive search, and direct expenses are billed as incurred. The Company estimates uptick revenue at contract inception, based on a portfolio approach, utilizing the expected value method based on a historical analysis of uptick revenue realized in the Company’s geographic regions and industry practices, and initially records a contract’s uptick revenue in an amount that is probable not to result in a significant reversal of cumulative revenue recognized when the actual amount of uptick revenue for that contract is known. Differences between the estimated and actual amounts of variable consideration are recorded when known. The Company does not estimate revenue for direct expenses as it is not materially different than recognizing revenue as direct expenses are incurred. Revenue from our executive search engagement performance obligation is recognized over time as our clients simultaneously receive and consume the benefits provided by the Company's performance. Revenue from executive search engagements is recognized over the expected average period of performance, in proportion to the estimated personnel time incurred to fulfill our obligations under the executive search contract. Revenue is generally recognized over a period of approximately six months. Our executive search contracts contain a replacement guarantee which provides for an additional search to be completed, free of charge except for expense reimbursements, should the candidate presented by the Company be hired by the client and subsequently terminated by the client for performance reasons within a specified period of time. The replacement guarantee is an assurance warranty, which is not a performance obligation under the terms of the executive search contract, as the Company does not provide any services under the terms of the guarantee that transfer benefits to the client in excess of assuring that the identified candidate complies with the agreed-upon specifications. The Company accounts for the replacement guarantee under the relevant warranty guidance in ASC 460 - Guarantees. Heidrick Consulting Revenue is recognized as we satisfy our performance obligations by transferring a good or service to a client. Heidrick Consulting enters into contracts with clients that outline the general terms and conditions of the assignment to provide succession planning, executive assessment, top team and board effectiveness and culture shaping programs. The consideration the Company expects to receive under each contract is generally fixed. Most of our consulting contracts contain one performance obligation, which is the overall process of providing the consulting service requested by the client. The majority of our consulting revenue is recognized over time utilizing both input and output methods. Contracts that contain coaching sessions, training sessions or the completion of assessments are recognized using the output method as each session or assessment is delivered to the client. Contracts that contain general consulting work are recognized using the input method utilizing a measure of progress that is based on time incurred on the project. The Company enters into enterprise agreements with clients to provide a license for online access, via the Company's SD Connect platform, to training and other proprietary material related to the Company's culture shaping programs. The consideration the Company expects to receive under the terms of an enterprise agreement is comprised of a single fixed fee. Our enterprise agreements contain multiple performance obligations, the delivery of materials via SD Connect and material rights related to options to renew enterprise agreements at a significant discount. The Company allocates the transaction price to the performance obligations in the contract on a stand-alone selling price basis. The stand-alone selling price for the initial term of the enterprise agreement is outlined in the contract and is equal to the price paid by the client for the agreement over the initial term of the contract. The stand-alone selling price for the options to renew, or material right, are not directly observable and must be estimated. This estimate is required to reflect the discount the client would obtain when exercising the option to renew, adjusted for the likelihood that the option will be exercised. The Company estimates the likelihood of renewal using a historical analysis of client renewals. Access to SD Connect represents a right to access the Company’s intellectual property that the client simultaneously receives and consumes as the Company performs under the agreement, and therefore the Company recognizes revenue over time. Given the continuous nature of this commitment, the Company utilizes straight-line ratable revenue recognition over the estimated subscription period as the Company's clients will receive and consume the benefits from SD Connect equally throughout the contract period. Revenue related to client renewals of enterprise agreements is recognized over the term of the renewal, which is generally twelve months. Enterprise agreements do not comprise a significant portion of the Company's revenue. Contract Balances Contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Contract assets and liabilities are classified as current due to the nature of the Company's contracts, which are completed within one year. Contract assets are included within Other Current Assets on the Condensed Consolidated Balance Sheets. Unbilled receivables: Unbilled revenue represents contract assets from revenue recognized over time in excess of the amount billed to the client and the amount billed to the client is solely dependent upon the passage of time. This amount includes revenue recognized in excess of billed executive search retainers and Heidrick Consulting fees. Contract assets: Contract assets represent revenue recognized over time in excess of the amount billed to the client and the amount billed to the client is not solely subject to the passage of time. This amount primarily includes revenue recognized for upticks and contingent placement fees in executive search contracts. Deferred revenue: Contract liabilities consist of deferred revenue, which is equal to billings in excess of revenue recognized. The following table outlines the changes in our contract asset and liability balances during the period: December 31, June 30, Change Contract assets Unbilled receivables $ 8,684 $ 10,237 $ 1,553 Contract assets 15,291 14,506 (785 ) Total contract assets 23,975 24,743 768 Contract liabilities Deferred revenue $ 40,673 $ 37,424 $ (3,249 ) During the six months ended June 30, 2019, we recognized revenue of $30.3 million that was included in the contract liabilities balance at the beginning of the period. The amount of revenue recognized during the six months ended June 30, 2019, from performance obligations partially satisfied in previous periods as a result of changes in the estimates of variable consideration was $14.4 million . Each of the Company's contracts has an expected duration of one year or less. Accordingly, the Company has elected to utilize the available practical expedient related to the disclosure of the transaction price allocated to the remaining performance obligations under its contracts. The Company has also elected the available practical expedients related to adjusting for the effects of a significant financing component and the capitalization of contract acquisition costs. The Company charges and collects from its clients, sales tax and value added taxes as required by certain jurisdictions. The Company has made an accounting policy election to exclude these items from the transaction price in its contracts. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Allowance for Doubtful Accounts | The activity of the allowance for doubtful accounts is as follows: Balance at December 31, 2018 $ 3,502 Provision charged to income 1,821 Write-offs, net of recoveries (1,099 ) Balance at June 30, 2019 $ 4,224 |
Property and Equipment, net
Property and Equipment, net | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | The components of the Company’s property and equipment are as follows: June 30, December 31, Leasehold improvements $ 46,741 $ 48,455 Office furniture, fixtures and equipment 17,586 17,919 Computer equipment and software 26,830 27,063 Property and equipment, gross 91,157 93,437 Accumulated depreciation (60,369 ) (59,566 ) Property and equipment, net $ 30,788 $ 33,871 Depreciation expense for the three months ended June 30, 2019 and 2018 was $2.4 million and $2.8 million , respectively. Depreciation expense for the six months ended June 30, 2019 and 2018 was $4.9 million and $5.6 million , respectively. |
Leases (Notes)
Leases (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | The Company's lease portfolio is comprised of operating leases for office space and equipment. The majority of the Company's leases include both lease and non-lease components, which the Company accounts for differently depending on the underlying class of asset. Certain of the Company's leases include one or more options to renew or terminate the lease at the Company's discretion. Generally, the renewal and termination options are not included in the right-of-use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates the renewal and termination options and when they are reasonably certain of exercise, includes the renewal or termination option in our lease term. As most of the Company's leases do not provide an implicit interest rate, the Company utilizes its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company has a centrally managed treasury function; therefore, a portfolio approach is applied in determining the incremental borrowing rate. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a fully collateralized basis over a similar term in an amount equal to the total lease payments in a similar economic environment. Office leases have remaining lease terms that range from less than one year to 7.3 years , some of which also include options to extend or terminate the lease. Most office leases contain both fixed and variable lease payments. Variable lease costs consist primarily of rent escalations based on an established index or rate and taxes, insurance, and common area or other maintenance costs, which are paid based on actual costs incurred by the lessor. The Company has elected to utilize the available practical expedient to not separate lease and non-lease components for office leases. Equipment leases, which are comprised of vehicle and office equipment leases, have remaining terms that range from less than one year to 4.8 years , some of which also include options to extend or terminate the lease. The Company's equipment leases do not contain variable lease payments. The Company separates the lease and non-lease components for its equipment leases. Equipment leases do not comprise a significant portion of the Company's lease portfolio. Lease cost components included within General and Administrative Expenses in our Condensed Consolidated Statements of Comprehensive Income were as follows: Three Months Ended Six Months Ended Operating lease cost $ 5,907 $ 12,480 Variable lease cost 2,057 3,914 Total lease cost $ 7,964 $ 16,394 Supplemental cash flow information related to the Company's operating leases is as follows: Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,886 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 11,441 The weighted average remaining lease term and weighted average discount rate for our operating leases as of June 30, 2019 is as follows: June 30, 2019 Weighted Average Remaining Lease Term Operating leases 4.7 years Weighted Average Discount Rate Operating leases 3.97 % The future maturities of the Company's operating lease liabilities as of June 30, 2019 , for the years ended December 31 is as follows: Operating Lease Maturity 2019 $ 15,392 2020 30,774 2021 25,991 2022 22,388 2023 19,429 Thereafter 13,455 Total lease payments 127,429 Less: Interest (11,378 ) Present value of lease liabilities $ 116,051 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2019 | |
Investments Schedule [Abstract] | |
Investments | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 – Quoted prices in active markets for identical assets and liabilities. • Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Cash, Cash Equivalents, Accounts Receivable and Accounts Payable The Company considers the recorded value of its cash and cash equivalents, accounts receivable, and accounts payable, to approximate the fair value of the respective assets and liabilities at June 30, 2019, and December 31, 2018, based upon the short-term nature of the assets and liabilities. Marketable Securities The Company's investments in marketable debt securities, which consist of U.S. Treasury bills and commercial paper, are classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument's underlying contractual maturity date. Unrealized gains and losses on marketable debt securities classified as available-for-sale are recognized in Accumulated other comprehensive income in the Condensed Consolidated Balance Sheets until realized. The Company's cash, cash equivalents, and marketable securities by significant investment category are as follows: Fair Value Balance Sheet Classification Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities Balance at June 30, 2019 Cash $ 78,982 $ — Level 1 (1) : Money market funds 5,518 — — 5,518 5,518 — U.S. Treasury securities 57,501 12 — 57,513 18,815 38,698 Total Level 1 63,019 12 — 63,031 24,333 38,698 Level 2 (2) : Commercial paper 1,999 — — 1,999 1,999 — Total $ 65,018 $ 12 $ — $ 65,030 $ 105,314 $ 38,698 Fair Value Balance Sheet Classification Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities Balance at December 31, 2018 Cash $ 279,829 $ — Level 1 (1) : Money market funds 77 — — 77 77 — Total $ 77 $ — $ — $ 77 $ 279,906 $ — (1) Level 1 – Quoted prices in active markets for identical assets and liabilities. (2) Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Investments, Assets Designated for Retirement and Pension Plans and Associated Liabilities The Company has a U.S. non-qualified deferred compensation plan that consists primarily of U.S. marketable securities and mutual funds. The aggregate cost basis for these investments was $16.4 million and $14.6 million as of June 30, 2019 and December 31, 2018 , respectively. The Company also maintains a pension plan for certain current and former employees in Germany. The pensions are individually fixed Euro amounts that vary depending on the function and the eligible years of service of the employee. The Company’s investment strategy is to support its pension obligations through reinsurance contracts. The BaFin—German Federal Financial Supervisory Authority—supervises the insurance companies and the reinsurance contracts. The BaFin requires each reinsurance contract to guarantee a fixed minimum return. The Company’s pension benefits are fully reinsured by group insurance contracts with ERGO Lebensversicherung AG, and the group insurance contracts are measured in accordance with BaFin guidelines (including mortality tables and discount rates) which are considered Level 2 inputs. The following tables provide a summary of the fair value measurements for each major category of investments, assets designated for retirement and pension plans and associated liabilities measured at fair value on a recurring basis: Balance Sheet Classification Fair Value Other Current Assets Assets Designated for Retirement and Pension Plans Investments Other Current Liabilities Retirement and Pension Plans Balance at June 30, 2019 Level 1 (1) : U.S. non-qualified deferred compensation plan $ 23,647 $ — $ — $ 23,647 $ — $ — Level 2 (2) : Retirement and pension plan assets 16,246 1,337 14,909 — — — Pension benefit obligation (20,275 ) — — — (1,338 ) (18,937 ) Total Level 2 (4,029 ) 1,337 14,909 — (1,338 ) (18,937 ) Total $ 19,618 $ 1,337 $ 14,909 $ 23,647 $ (1,338 ) $ (18,937 ) Balance Sheet Classification Fair Value Other Current Assets Assets Designated for Retirement and Pension Plans Investments Other Current Liabilities Retirement and Pension Plans Balance at December 31, 2018 Level 1 (1) : U.S. non-qualified deferred compensation plan $ 19,442 $ — $ — $ 19,442 $ — $ — Level 2 (2) : Retirement and pension plan assets 16,384 1,349 15,035 — — — Pension benefit obligation (20,908 ) — — — (1,349 ) (19,559 ) Total Level 2 (4,524 ) 1,349 15,035 — (1,349 ) (19,559 ) Total $ 14,918 $ 1,349 $ 15,035 $ 19,442 $ (1,349 ) $ (19,559 ) (1) Level 1 – Quoted prices in active markets for identical assets and liabilities. (2) Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Contingent Consideration The former owners of the Company's prior year acquisitions are eligible to receive additional cash consideration based on the attainment of certain operating metrics in the periods subsequent to acquisition. Contingent consideration is valued using significant inputs that are not observable in the market which are defined as Level 3 inputs pursuant to fair value measurement accounting. The Company determines the fair value of contingent consideration using discounted cash flow models. The following table provides a reconciliation of the beginning and ending balance of Level 3 liabilities for the six months ended June 30, 2019 : Acquisition Balance at December 31, 2018 $ (6,627 ) Earnout accretion (327 ) Earnout payments 553 DSI earnout adjustment (56 ) Foreign currency translation 20 Balance at June 30, 2019 $ (6,437 ) |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill The Company's goodwill by segment is as follows: June 30, December 31, Executive Search Americas $ 88,547 $ 88,410 Europe 24,782 24,924 Asia Pacific 8,741 8,758 Total Executive Search 122,070 122,092 Heidrick Consulting 36,257 36,257 Goodwill, gross 158,327 158,349 Accumulated impairment (36,257 ) (36,257 ) Goodwill, net $ 122,070 $ 122,092 Changes in the carrying amount of goodwill by segment for the six months ended June 30, 2019 , are as follows: Executive Search Americas Europe Asia Pacific Heidrick Consulting Total Gross goodwill at December 31, 2018 $ 88,410 $ 24,924 $ 8,758 $ 36,257 $ 158,349 Accumulated impairment — — — (36,257 ) (36,257 ) Net goodwill at December 31, 2018 88,410 24,924 8,758 — 122,092 Foreign currency translation 137 (142 ) (17 ) — (22 ) Net goodwill at June 30, 2019 $ 88,547 $ 24,782 $ 8,741 $ — $ 122,070 Other Intangible Assets, net The Company’s other intangible assets, net by segment, are as follows: June 30, December 31, Executive Search Americas $ 13 $ 52 Europe 1,645 2,086 Asia Pacific 72 78 Total Executive Search 1,730 2,216 Heidrick Consulting — — Total other intangible assets, net $ 1,730 $ 2,216 The carrying amount of amortizable intangible assets and the related accumulated amortization are as follows: Weighted June 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships 6.7 $ 15,905 $ (14,175 ) $ 1,730 $ 15,910 $ (13,694 ) $ 2,216 Total intangible assets 6.7 $ 15,905 $ (14,175 ) $ 1,730 $ 15,910 $ (13,694 ) $ 2,216 Intangible asset amortization expense for the three months ended June 30, 2019 and 2018 was $0.2 million and $0.5 million , respectively. Intangible asset amortization expense for the six months ended June 30, 2019 and 2018 was $0.5 million and $0.9 million , respectively. The Company's estimated future amortization expense related to intangible assets as of June 30, 2019 , for the years ended December 31 is as follows: Estimated Future Amortization 2019 $ 369 2020 525 2021 354 2022 239 2023 146 Thereafter 97 Total $ 1,730 |
Other Current Assets and Liabil
Other Current Assets and Liabilities and Non-current Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Non-Current Liabilities | The components of other current assets are as follows: June 30, December 31, Contract assets $ 24,743 $ 23,975 Other 5,339 5,623 Total other current assets $ 30,082 $ 29,598 The components of other current liabilities are as follows: June 30, December 31, Restructuring charges $ 89 $ 1,286 Other 26,097 31,933 Total other current liabilities $ 26,186 $ 33,219 The components of other non-current liabilities are as follows: June 30, December 31, Premise related costs $ 2,421 $ 15,473 Other 1,896 1,950 Total other non-current liabilities $ 4,317 $ 17,423 |
Line of Credit
Line of Credit | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Line of Credit | On October 26, 2018, the Company entered into a new Credit Agreement (the "2018 Credit Agreement") to replace the Second Amended and Restated Credit Agreement (the "Restated Credit Agreement") executed on June 30, 2015. The 2018 Credit Agreement provides the Company with a senior unsecured revolving line of credit with an aggregate commitment of $175 million , which includes a sublimit of $25 million for letters of credit, and a $10 million swingline loan sublimit. The agreement also includes a $75 million expansion feature. The 2018 Credit Agreement will mature in October 2023. Borrowings under the 2018 Credit Agreement bear interest at the Company's election of the Alternate Base Rate (as defined in the 2018 Credit Agreement) or Adjusted LIBOR (as defined in the 2018 Credit Agreement) plus a spread as determined by the Company's leverage ratio. Borrowings under the 2018 Credit Agreement may be used for working capital, capital expenditures, Permitted Acquisitions (as defined in the 2018 Credit Agreement) and for other general purposes of the Company and its subsidiaries. The obligations under the 2018 Credit Agreement are guaranteed by certain of the Company's subsidiaries. The Company capitalized approximately $1.0 million of loan acquisition costs related to the 2018 Credit Agreement, which will be amortized over the term of the agreement. Before October 26, 2018, the Company was party to the Restated Credit Agreement, which was executed on June 30, 2015. The Restated Credit Agreement provided a single senior unsecured revolving line of credit with an aggregate commitment of up to $100 million , which included a sublimit of $25 million for letters of credit, and a $50 million expansion feature (the “Replacement Facility”). Borrowings under the Restated Credit Agreement bore interest at the Company's election of the existing Alternate Base Rate (as defined in the Restated Credit Agreement) or Adjusted LIBOR Rate (as defined in the Restated Credit Agreement) plus a spread as determined by the Company's leverage ratio. During the three months ended March 31, 2018, the Company borrowed $20 million under the Restated Credit Agreement and elected the Adjusted LIBOR Rate. The Company subsequently repaid $8 million during the three months ended March 31, 2018 and $12 million during the three months ended June 30, 2018. As of June 30, 2019 , and December 31, 2018 , the Company had no outstanding borrowings. The Company was in compliance with the financial and other covenants under both facilities and no event of default existed. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | The Company’s Second Amended and Restated 2012 Heidrick & Struggles GlobalShare Program (the “2012 Program”) provides for grants of stock options, stock appreciation rights, and other stock-based awards that are valued based upon the grant date fair value of shares. These awards may be granted to directors, selected employees and independent contractors. The 2012 Program originally authorized 1,300,000 shares of Common Stock for issuance pursuant to awards under the plan. On May 22, 2014 , the stockholders of the Company approved an amendment to the 2012 Program to increase the number of shares of Common Stock reserved for issuance under the 2012 Program by 700,000 shares. On May 24, 2018 , the stockholders of the Company approved an amendment to the 2012 Program to increase the number of shares of Common Stock reserved for issuance under the 2012 Program by 850,000 shares. As of June 30, 2019 , 2,334,738 awards have been issued under the 2012 Program and 1,190,231 shares remain available for future awards, including 674,969 forfeited awards. The 2012 Program provides that no awards can be granted after May 24, 2028 . The Company measures its stock-based compensation costs based on the grant date fair value of the awards and recognizes these costs in the financial statements over the requisite service period. A summary of information with respect to stock-based compensation is as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Salaries and benefits (1) $ 2,976 $ 1,513 $ 4,647 $ 3,289 General and administrative expenses 460 563 460 563 Income tax benefit related to stock-based compensation included in net income 908 550 1,349 1,021 (1) Includes $0.1 million and $0.4 million of expense related to cash settled restricted stock units for the three and six months ended June 30, 2019 , respectively. Restricted Stock Units Restricted stock units are generally subject to ratable vesting over a three-year period. Beginning in 2018, a portion of the Company's restricted stock units are subject to ratable vesting over a four-year period. Compensation expense related to service-based restricted stock units is recognized on a straight-line basis over the vesting period. Restricted stock unit activity for the six months ended June 30, 2019 is as follows: Number of Weighted- Outstanding on December 31, 2018 512,446 $ 28.83 Granted 109,298 39.57 Vested and converted to common stock (175,792 ) 24.19 Forfeited — — Outstanding on June 30, 2019 445,952 $ 33.10 As of June 30, 2019 , there was $7.2 million of pre-tax unrecognized compensation expense related to unvested restricted stock units, which is expected to be recognized over a weighted average of 2.4 years . Performance Stock Units The Company grants performance stock units to certain of its senior executives. The performance stock units are generally subject to a cliff vesting at the end of a three -year period. The vesting will vary between 0% and 200% based on the attainment of operating income goals over the three -year vesting period. The performance stock units are expensed on a straight-line basis over the three -year vesting period. During the six months ended June 30, 2019 , performance stock units were granted to certain employees of the Company and are subject to a cliff vesting period of three years and certain other performance conditions. Half of award is based on the achievement of certain operating margin thresholds and half of the award is based on the Company's total shareholder return, relative to a peer group. The fair value of the awards based on total shareholder return was determined using the Monte-Carlo simulation model. A Monte Carlo simulation model uses stock price volatility and other variables to estimate the probability of satisfying the performance conditions and the resulting fair value of the award. Performance stock unit activity for the six months ended June 30, 2019 is as follows: Number of Stock Units Weighted- Outstanding on December 31, 2018 197,117 $ 27.58 Granted 64,701 37.62 Vested and converted to common stock (99,219 ) 25.04 Forfeited — — Outstanding on June 30, 2019 162,599 $ 33.13 As of June 30, 2019 , there was $3.9 million of pre-tax unrecognized compensation expense related to unvested performance stock units, which is expected to be recognized over a weighted average of 2.3 years . Phantom Stock Units Phantom stock units are grants of phantom stock with respect to shares of the Company's common stock that are settled in cash and are subject to various restrictions, including restrictions on transferability, vesting and forfeiture provisions. Shares of phantom stock that do not vest for any reason will be forfeited by the recipient and will revert to the Company. Phantom stock units were granted to certain employees of the Company and are subject to vesting over a period of four years and certain other conditions, including continued service to the Company. As a result of the cash-settlement feature of the awards, the Company considers the awards to be liability awards, which are measured at fair value at each reporting date and the vested portion of the award is recognized as a liability to the extent that the service condition is deemed probable. The fair value of the phantom stock awards on the balance sheet date, was determined using the closing share price of the Company's common stock on that date. The Company recorded phantom stock-based compensation expense of $0.1 million and $0.4 million during the three and six months ended June 30, 2019 , respectively. Phantom stock unit activity for the six months ended June 30, 2019 is as follows: Number of Stock Units Outstanding on December 31, 2018 111,673 Granted — Vested and converted to common stock — Forfeited — Outstanding on June 30, 2019 111,673 As of June 30, 2019 , there was $1.5 million of pre-tax unrecognized compensation expense related to unvested phantom stock units, which is expected to be recognized over a weighted average of 3.1 years . |
Restructuring (Notes)
Restructuring (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Activities Disclosure [Text Block] | In 2017, the Company recorded restructuring charges of $15.7 million in connection with initiatives to reduce overall costs and improve operational efficiencies. The primary components of the restructuring included: the elimination of two executive officer roles for a flatter leadership structure, a workforce reduction as the firm aligned its support resources to better meet operational needs and recognize synergies with the combination of Leadership Consulting and Culture Shaping, a reduction of the firm’s real estate expenses and support costs by consolidating or closing three of its locations across its global footprint, and the acceleration of future expenses under certain contractual obligations. Changes to the accrual for restructuring charges for the six months ended June 30, 2019 , are as follows: Employee Related Other Total Outstanding on December 31, 2018 $ 1,269 $ 17 $ 1,286 Cash payments (1,127 ) — (1,127 ) Other (67 ) — (67 ) Exchange rate fluctuations (3 ) — (3 ) Outstanding on June 30, 2019 $ 72 $ 17 $ 89 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The Company reported income before taxes of $19.5 million and an income tax provision of $5.2 million for the three months ended June 30, 2019 . The Company reported income before taxes of $18.4 million and an income tax provision of $6.9 million for the three months ended June 30, 2018 . The effective tax rates for the three months ended June 30, 2019 and 2018 , were 26.7% and 37.7% , respectively. The effective tax rate for the three months ended June 30, 2019 was impacted by one-time items and the mix of income. The effective tax rate for the three months ended June 30, 2018 was impacted by one-time items and the Tax Cuts and Jobs Act enacted on December 22, 2017 in the United States. The Company reported income before taxes of $38.3 million and an income tax provision of $11.9 million for the six months ended June 30, 2019 . The Company reported income before taxes of $31.3 million and an income tax provision of $9.7 million for the six months ended June 30, 2018 . The effective tax rates for the six months ended June 30, 2019 and 2018 , were 31.2% and 30.9% , respectively. The effective tax rate for the six months ended June 30, 2019 was impacted by one-time items and the mix of income. The effective tax rate for the six months ended June 30, 2018 was impacted by one-time items and the Tax Cuts and Jobs Act enacted on December 22, 2017 in the United States. The Company estimates that its effective tax rate for the year ended December 31, 2019, will be between 31% and 34% . The full year effective rate for 2019 is primarily the result of one-time items and the mix of income. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income | The changes in Accumulated other comprehensive income (“AOCI”) by component for the six months ended June 30, 2019 is summarized below: Available- Foreign Pension AOCI Balance at December 31, 2018 $ — $ 5,258 $ (1,196 ) $ 4,062 Other comprehensive income before classification, net of tax 12 313 — 325 Amount reclassified from AOCI — — — — Net current period other comprehensive income 12 313 — 325 Balance at June 30, 2019 $ 12 $ 5,571 $ (1,196 ) $ 4,387 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | In 2018, the Company completed the integration of its Leadership Consulting and Culture Shaping businesses into one combined service offering, Heidrick Consulting. In conjunction with the integration, the Company reorganized its Management Committee, which the Company considers to be its chief operating decision maker, so as to regularly assess performance and make resource allocations decisions for the Heidrick Consulting business. Therefore, the Company now reports its former Leadership Consulting and Culture Shaping operating segments as one operating segment, Heidrick Consulting. The Company has four operating segments. The executive search business operates in the Americas, Europe (which includes Africa) and Asia Pacific (which includes the Middle East), and the Heidrick Consulting business operates globally. For segment purposes, reimbursements of out-of-pocket expenses classified as revenue and other operating income are reported separately and, therefore, are not included in the results of each segment. The Company believes that analyzing trends in revenue before reimbursements (net revenue), analyzing operating expenses as a percentage of net revenue, and analyzing operating income, more appropriately reflect its core operations. The revenue and operating income (loss) by segment are as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenue Executive Search Americas $ 100,517 $ 102,692 $ 199,822 $ 188,995 Europe 34,864 37,286 68,417 72,967 Asia Pacific 23,163 26,517 48,610 50,365 Total Executive Search 158,544 166,495 316,849 312,327 Heidrick Consulting 14,578 16,564 27,867 30,803 Revenue before reimbursements (net revenue) 173,122 183,059 344,716 343,130 Reimbursements 5,051 4,630 9,731 9,217 Total revenue $ 178,173 $ 187,689 $ 354,447 $ 352,347 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Operating income (loss) Executive Search Americas $ 28,551 $ 26,012 $ 51,000 $ 46,647 Europe 1,157 2,295 3,322 5,549 Asia Pacific 3,315 2,891 8,221 7,194 Total Executive Search 33,023 31,198 62,543 59,390 Heidrick Consulting (4,793 ) (3,997 ) (9,620 ) (9,227 ) Total segment operating income 28,230 27,201 52,923 50,163 Global Operations Support (9,877 ) (8,740 ) (18,179 ) (18,581 ) Total operating income $ 18,353 $ 18,461 $ 34,744 $ 31,582 |
Guarantees
Guarantees | 6 Months Ended |
Jun. 30, 2019 | |
Guarantees [Abstract] | |
Guarantees | The Company has utilized letters of credit to support certain obligations, primarily for its office lease agreements in Europe and Asia Pacific. The letters of credit were made to secure the respective agreements and are for the terms of the agreements, which extend through 2024 . For each letter of credit issued, the Company would have to use cash to fulfill the obligation if there is a default on a payment. The maximum amount of undiscounted payments the Company would be required to make in the event of default on all outstanding letter of credits is approximately $2.4 million as of June 30, 2019 . The Company has not accrued for these arrangements as no event of default exists or is expected to exist. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Loss Contingencies [Line Items] | |
Contingencies Disclosure [Text Block] | Litigation The Company has contingent liabilities from various pending claims and litigation matters arising in the ordinary course of the Company’s business, some of which involve claims for damages that are substantial in amount. Some of these matters are covered by insurance. Based upon information currently available, the Company believes the ultimate resolution of such claims and litigation will not have a material adverse effect on its financial condition, results of operations or liquidity. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Lessee, Leases [Policy Text Block] | Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating Lease Right-of-Use Assets , Operating Lease Liabilities - Current and Operating Lease Liabilities - Non-Current in our Condensed Consolidated Balance Sheets. The Company does not have any leases that meet the finance lease criteria. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The operating lease right-of-use asset also includes any lease payments made in advance and any accrued rent expense balances. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition See Note 3 , Revenue . |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash The Company has lease agreements and business licenses with terms that require the Company to restrict cash through the termination dates of the agreements. Current and non-current restricted cash is included in Other current assets and Other non-current assets , respectively, in the Condensed Consolidated Balance Sheets. The following table provides a reconciliation of the cash and cash equivalents between the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statement of Cash Flows as of June 30, 2019 and 2018 , and December 31, 2018 and 2017 : June 30, December 31, 2019 2018 2018 2017 Cash and cash equivalents $ 105,314 $ 85,825 $ 279,906 $ 207,534 Restricted cash included within other current assets — 508 108 526 Restricted cash included within other non-current assets — 99 248 102 Total cash, cash equivalents and restricted cash $ 105,314 $ 86,432 $ 280,262 $ 208,162 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share Basic earnings per common share is computed by dividing net income by weighted average common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Common equivalent shares are excluded from the determination of diluted earnings per share in periods in which they have an anti-dilutive effect. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended 2019 2018 2019 2018 Net income $ 14,280 $ 11,463 $ 26,367 $ 21,631 Weighted average shares outstanding: Basic 19,120 18,934 19,062 18,880 Effect of dilutive securities: Restricted stock units 202 250 300 355 Performance stock units 109 144 169 153 Diluted 19,431 19,328 19,531 19,389 Basic earnings per share $ 0.75 $ 0.61 $ 1.38 $ 1.15 Diluted earnings per share $ 0.73 $ 0.59 $ 1.35 $ 1.12 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Financial Accounting Standards On January 1, 2019, the Company adopted Accounting Standards Update ("ASU") No. 2016-02, Leases, ASU No. 2018-10, Codification Improvements to Topic 842 (Leases) and ASU No. 2018-11, Targeted Improvements to Topic 842 (Leases). The guidance is intended to increase transparency and comparability among companies for leasing transactions, including a requirement for companies that lease assets to recognize on their balance sheets the assets and liabilities for the rights and obligations created by those leases. The guidance also provides for disclosures that allow the users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the guidance on January 1, 2019 using the modified retrospective method without restatement of comparative periods. As such, periods prior to the date of adoption are presented in accordance with ASC 840 - Leases. The Company utilized the available practical expedient that allowed for the Company to not reassess whether existing contracts contain a lease under the new definition of a lease, lease classification for existing leases and whether previously capitalized initial direct costs would qualify for capitalization under the new guidance. The adoption of this guidance had a material impact on the Condensed Consolidated Balance Sheet as of June 30, 2019 due to the recognition of equal right-of-use assets and lease liabilities for the Company's portfolio of operating leases. The right-of-use asset balance was then adjusted by the reclassification of pre-existing prepaid and accrued rent balances from other line items within the Condensed Consolidated Balance Sheet. The adoption had an immaterial impact on the Condensed Consolidated Statement of Comprehensive Income and Condensed Consolidated Statement of Cash Flows for the three and six months ended June 30, 2019. The adoption had no impact on the Condensed Consolidated Statement of Changes in Stockholders' Equity for the three and six months ended June 30, 2019. Additional information and disclosures required by the new standard are contained in Note 6 , Leases . On January 1, 2019, the Company adopted ASU No. 2018-02, Income Statement - Reporting Comprehensive Income, which is intended to improve the usefulness of information reported as a result of the Tax Cuts and Jobs Act. The new guidance allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The adoption of this guidance did not have an impact on the Company's consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended 2019 2018 2019 2018 Net income $ 14,280 $ 11,463 $ 26,367 $ 21,631 Weighted average shares outstanding: Basic 19,120 18,934 19,062 18,880 Effect of dilutive securities: Restricted stock units 202 250 300 355 Performance stock units 109 144 169 153 Diluted 19,431 19,328 19,531 19,389 Basic earnings per share $ 0.75 $ 0.61 $ 1.38 $ 1.15 Diluted earnings per share $ 0.73 $ 0.59 $ 1.35 $ 1.12 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash, Cash Equivalents, and Restricted Cash [Table Text Block] | The following table provides a reconciliation of the cash and cash equivalents between the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statement of Cash Flows as of June 30, 2019 and 2018 , and December 31, 2018 and 2017 : June 30, December 31, 2019 2018 2018 2017 Cash and cash equivalents $ 105,314 $ 85,825 $ 279,906 $ 207,534 Restricted cash included within other current assets — 508 108 526 Restricted cash included within other non-current assets — 99 248 102 Total cash, cash equivalents and restricted cash $ 105,314 $ 86,432 $ 280,262 $ 208,162 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Unbilled Receivables, Contract Assets and Liabilities [Line Items] | |
Unbilled Receivables, Contract Assets and Liabilities [Table Text Block] | The following table outlines the changes in our contract asset and liability balances during the period: December 31, June 30, Change Contract assets Unbilled receivables $ 8,684 $ 10,237 $ 1,553 Contract assets 15,291 14,506 (785 ) Total contract assets 23,975 24,743 768 Contract liabilities Deferred revenue $ 40,673 $ 37,424 $ (3,249 ) |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Schedule of Allowance for Doubtful Accounts Receivable [Line Items] | |
Schedule of Allowance for Doubtful Accounts Receivable [Table Text Block] | The activity of the allowance for doubtful accounts is as follows: Balance at December 31, 2018 $ 3,502 Provision charged to income 1,821 Write-offs, net of recoveries (1,099 ) Balance at June 30, 2019 $ 4,224 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Components of Company's Property and Equipment | The components of the Company’s property and equipment are as follows: June 30, December 31, Leasehold improvements $ 46,741 $ 48,455 Office furniture, fixtures and equipment 17,586 17,919 Computer equipment and software 26,830 27,063 Property and equipment, gross 91,157 93,437 Accumulated depreciation (60,369 ) (59,566 ) Property and equipment, net $ 30,788 $ 33,871 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Lease cost components included within General and Administrative Expenses in our Condensed Consolidated Statements of Comprehensive Income were as follows: Three Months Ended Six Months Ended Operating lease cost $ 5,907 $ 12,480 Variable lease cost 2,057 3,914 Total lease cost $ 7,964 $ 16,394 |
Lessee Operating Leases Supplemental Cash Flow Information and Noncash Activity[Table Text Block] | Supplemental cash flow information related to the Company's operating leases is as follows: Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,886 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 11,441 |
Lessee Operating Lease Weighted Averages [Table Text Block] | The weighted average remaining lease term and weighted average discount rate for our operating leases as of June 30, 2019 is as follows: June 30, 2019 Weighted Average Remaining Lease Term Operating leases 4.7 years Weighted Average Discount Rate Operating leases 3.97 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The future maturities of the Company's operating lease liabilities as of June 30, 2019 , for the years ended December 31 is as follows: Operating Lease Maturity 2019 $ 15,392 2020 30,774 2021 25,991 2022 22,388 2023 19,429 Thereafter 13,455 Total lease payments 127,429 Less: Interest (11,378 ) Present value of lease liabilities $ 116,051 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Cash and Available-for-sale Securities by Significant Investment Category [Line Items] | |
Cash and Available-for-sale Securities by Significant Investment Category [Table Text Block] | The Company's cash, cash equivalents, and marketable securities by significant investment category are as follows: Fair Value Balance Sheet Classification Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities Balance at June 30, 2019 Cash $ 78,982 $ — Level 1 (1) : Money market funds 5,518 — — 5,518 5,518 — U.S. Treasury securities 57,501 12 — 57,513 18,815 38,698 Total Level 1 63,019 12 — 63,031 24,333 38,698 Level 2 (2) : Commercial paper 1,999 — — 1,999 1,999 — Total $ 65,018 $ 12 $ — $ 65,030 $ 105,314 $ 38,698 Fair Value Balance Sheet Classification Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Marketable Securities Balance at December 31, 2018 Cash $ 279,829 $ — Level 1 (1) : Money market funds 77 — — 77 77 — Total $ 77 $ — $ — $ 77 $ 279,906 $ — (1) Level 1 – Quoted prices in active markets for identical assets and liabilities. (2) Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
Marketable Securities and Inves
Marketable Securities and Investments Assets Designated for Retirement and Pension Plans and Associated Liabilities by Major Category of Investment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block] | The following tables provide a summary of the fair value measurements for each major category of investments, assets designated for retirement and pension plans and associated liabilities measured at fair value on a recurring basis: Balance Sheet Classification Fair Value Other Current Assets Assets Designated for Retirement and Pension Plans Investments Other Current Liabilities Retirement and Pension Plans Balance at June 30, 2019 Level 1 (1) : U.S. non-qualified deferred compensation plan $ 23,647 $ — $ — $ 23,647 $ — $ — Level 2 (2) : Retirement and pension plan assets 16,246 1,337 14,909 — — — Pension benefit obligation (20,275 ) — — — (1,338 ) (18,937 ) Total Level 2 (4,029 ) 1,337 14,909 — (1,338 ) (18,937 ) Total $ 19,618 $ 1,337 $ 14,909 $ 23,647 $ (1,338 ) $ (18,937 ) Balance Sheet Classification Fair Value Other Current Assets Assets Designated for Retirement and Pension Plans Investments Other Current Liabilities Retirement and Pension Plans Balance at December 31, 2018 Level 1 (1) : U.S. non-qualified deferred compensation plan $ 19,442 $ — $ — $ 19,442 $ — $ — Level 2 (2) : Retirement and pension plan assets 16,384 1,349 15,035 — — — Pension benefit obligation (20,908 ) — — — (1,349 ) (19,559 ) Total Level 2 (4,524 ) 1,349 15,035 — (1,349 ) (19,559 ) Total $ 14,918 $ 1,349 $ 15,035 $ 19,442 $ (1,349 ) $ (19,559 ) (1) Level 1 – Quoted prices in active markets for identical assets and liabilities. (2) Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
Marketable Securities and Inv_2
Marketable Securities and Investments Level 3 Rollforward (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table provides a reconciliation of the beginning and ending balance of Level 3 liabilities for the six months ended June 30, 2019 : Acquisition Balance at December 31, 2018 $ (6,627 ) Earnout accretion (327 ) Earnout payments 553 DSI earnout adjustment (56 ) Foreign currency translation 20 Balance at June 30, 2019 $ (6,437 ) |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill by Segment [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The Company's estimated future amortization expense related to intangible assets as of June 30, 2019 , for the years ended December 31 is as follows: Estimated Future Amortization 2019 $ 369 2020 525 2021 354 2022 239 2023 146 Thereafter 97 Total $ 1,730 |
Changes in Carrying Amount of Goodwill by Segment | Changes in the carrying amount of goodwill by segment for the six months ended June 30, 2019 , are as follows: Executive Search Americas Europe Asia Pacific Heidrick Consulting Total Gross goodwill at December 31, 2018 $ 88,410 $ 24,924 $ 8,758 $ 36,257 $ 158,349 Accumulated impairment — — — (36,257 ) (36,257 ) Net goodwill at December 31, 2018 88,410 24,924 8,758 — 122,092 Foreign currency translation 137 (142 ) (17 ) — (22 ) Net goodwill at June 30, 2019 $ 88,547 $ 24,782 $ 8,741 $ — $ 122,070 |
Summary of Other Intangible Assets Net by Segment | The Company’s other intangible assets, net by segment, are as follows: June 30, December 31, Executive Search Americas $ 13 $ 52 Europe 1,645 2,086 Asia Pacific 72 78 Total Executive Search 1,730 2,216 Heidrick Consulting — — Total other intangible assets, net $ 1,730 $ 2,216 |
Carrying Amount of Amortizable Intangible Assets and Related Accumulated Amortization | The carrying amount of amortizable intangible assets and the related accumulated amortization are as follows: Weighted June 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships 6.7 $ 15,905 $ (14,175 ) $ 1,730 $ 15,910 $ (13,694 ) $ 2,216 Total intangible assets 6.7 $ 15,905 $ (14,175 ) $ 1,730 $ 15,910 $ (13,694 ) $ 2,216 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets Goodwill by Segment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill by Segment [Line Items] | |
Goodwill by Segment [Table Text Block] | The Company's goodwill by segment is as follows: June 30, December 31, Executive Search Americas $ 88,547 $ 88,410 Europe 24,782 24,924 Asia Pacific 8,741 8,758 Total Executive Search 122,070 122,092 Heidrick Consulting 36,257 36,257 Goodwill, gross 158,327 158,349 Accumulated impairment (36,257 ) (36,257 ) Goodwill, net $ 122,070 $ 122,092 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets Goodwill, Carrying Amount (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill [Line Items] | |
Goodwill, Impaired, Accumulated Impairment Loss | Changes in the carrying amount of goodwill by segment for the six months ended June 30, 2019 , are as follows: Executive Search Americas Europe Asia Pacific Heidrick Consulting Total Gross goodwill at December 31, 2018 $ 88,410 $ 24,924 $ 8,758 $ 36,257 $ 158,349 Accumulated impairment — — — (36,257 ) (36,257 ) Net goodwill at December 31, 2018 88,410 24,924 8,758 — 122,092 Foreign currency translation 137 (142 ) (17 ) — (22 ) Net goodwill at June 30, 2019 $ 88,547 $ 24,782 $ 8,741 $ — $ 122,070 |
Other Non-Current Liabilities (
Other Non-Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Components of Other Non-Current Liabilities | The components of other non-current liabilities are as follows: June 30, December 31, Premise related costs $ 2,421 $ 15,473 Other 1,896 1,950 Total other non-current liabilities $ 4,317 $ 17,423 |
Other Current Assets and Liab_2
Other Current Assets and Liabilities and Non-current Liabilities Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other current assets [Line Items] | |
Schedule of Other Current Assets [Table Text Block] | The components of other current assets are as follows: June 30, December 31, Contract assets $ 24,743 $ 23,975 Other 5,339 5,623 Total other current assets $ 30,082 $ 29,598 |
Other Current Assets and Liab_3
Other Current Assets and Liabilities and Non-current Liabilities Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Current Liabilities [Line Items] | |
Other Current Liabilities [Table Text Block] | The components of other current liabilities are as follows: June 30, December 31, Restructuring charges $ 89 $ 1,286 Other 26,097 31,933 Total other current liabilities $ 26,186 $ 33,219 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-Based Compensation, Phantom Shares Award Outstanding Activity [Table Text Block] | Phantom stock unit activity for the six months ended June 30, 2019 is as follows: Number of Stock Units Outstanding on December 31, 2018 111,673 Granted — Vested and converted to common stock — Forfeited — Outstanding on June 30, 2019 111,673 |
Summary of Information with Respect to Stock-based Compensation | A summary of information with respect to stock-based compensation is as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Salaries and benefits (1) $ 2,976 $ 1,513 $ 4,647 $ 3,289 General and administrative expenses 460 563 460 563 Income tax benefit related to stock-based compensation included in net income 908 550 1,349 1,021 |
Restricted Stock Unit Activity | Restricted stock unit activity for the six months ended June 30, 2019 is as follows: Number of Weighted- Outstanding on December 31, 2018 512,446 $ 28.83 Granted 109,298 39.57 Vested and converted to common stock (175,792 ) 24.19 Forfeited — — Outstanding on June 30, 2019 445,952 $ 33.10 |
Performance Stock Unit Activity | Performance stock unit activity for the six months ended June 30, 2019 is as follows: Number of Stock Units Weighted- Outstanding on December 31, 2018 197,117 $ 27.58 Granted 64,701 37.62 Vested and converted to common stock (99,219 ) 25.04 Forfeited — — Outstanding on June 30, 2019 162,599 $ 33.13 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Activities Disclosure [Text Block] | Changes to the accrual for restructuring charges for the six months ended June 30, 2019 , are as follows: Employee Related Other Total Outstanding on December 31, 2018 $ 1,269 $ 17 $ 1,286 Cash payments (1,127 ) — (1,127 ) Other (67 ) — (67 ) Exchange rate fluctuations (3 ) — (3 ) Outstanding on June 30, 2019 $ 72 $ 17 $ 89 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income ("AOCI") by Component | The changes in Accumulated other comprehensive income (“AOCI”) by component for the six months ended June 30, 2019 is summarized below: Available- Foreign Pension AOCI Balance at December 31, 2018 $ — $ 5,258 $ (1,196 ) $ 4,062 Other comprehensive income before classification, net of tax 12 313 — 325 Amount reclassified from AOCI — — — — Net current period other comprehensive income 12 313 — 325 Balance at June 30, 2019 $ 12 $ 5,571 $ (1,196 ) $ 4,387 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | |
Revenue and Operating Income (Loss), by Segment | The revenue and operating income (loss) by segment are as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenue Executive Search Americas $ 100,517 $ 102,692 $ 199,822 $ 188,995 Europe 34,864 37,286 68,417 72,967 Asia Pacific 23,163 26,517 48,610 50,365 Total Executive Search 158,544 166,495 316,849 312,327 Heidrick Consulting 14,578 16,564 27,867 30,803 Revenue before reimbursements (net revenue) 173,122 183,059 344,716 343,130 Reimbursements 5,051 4,630 9,731 9,217 Total revenue $ 178,173 $ 187,689 $ 354,447 $ 352,347 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Operating income (loss) Executive Search Americas $ 28,551 $ 26,012 $ 51,000 $ 46,647 Europe 1,157 2,295 3,322 5,549 Asia Pacific 3,315 2,891 8,221 7,194 Total Executive Search 33,023 31,198 62,543 59,390 Heidrick Consulting (4,793 ) (3,997 ) (9,620 ) (9,227 ) Total segment operating income 28,230 27,201 52,923 50,163 Global Operations Support (9,877 ) (8,740 ) (18,179 ) (18,581 ) Total operating income $ 18,353 $ 18,461 $ 34,744 $ 31,582 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Cash and Cash Equivalents, at Carrying Value | $ 105,314,000 | $ 279,906,000 | $ 85,825,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 105,314,000 | 86,432,000 | |
Other Current Assets [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted Cash | 0 | 508,000 | |
Other Noncurrent Assets [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted Cash | $ 0 | $ 99,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Weighted Average Number of Shares Outstanding, Diluted | 19,431 | 19,328 | 19,531 | 19,389 | |||
Earnings Per Share, Basic | $ 0.75 | $ 0.61 | $ 1.38 | $ 1.15 | |||
Earnings Per Share, Diluted | $ 0.73 | $ 0.59 | $ 1.35 | $ 1.12 | |||
Cash and Cash Equivalents, at Carrying Value | $ 105,314,000 | $ 85,825,000 | $ 105,314,000 | $ 85,825,000 | $ 279,906,000 | ||
Net Income (Loss) Attributable to Parent | $ 14,280,000 | $ 12,087,000 | $ 11,463,000 | $ 10,168,000 | $ 26,367,000 | $ 21,631,000 | |
Weighted Average Number of Shares Outstanding, Basic | 19,120 | 18,934 | 19,062 | 18,880 | |||
Weighted Average Number Diluted Shares Outstanding Adjustment | 311 | 394 | 469 | 509 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 105,314,000 | $ 86,432,000 | $ 105,314,000 | $ 86,432,000 | |||
Other Current Assets [Member] | |||||||
Restricted Cash | 0 | 508,000 | 0 | 508,000 | |||
Other Noncurrent Assets [Member] | |||||||
Restricted Cash | $ 0 | $ 99,000 | $ 0 | $ 99,000 | |||
Restricted Stock Units (RSUs) [Member] | |||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 202 | 250 | 300 | 355 | |||
Performance Shares [Member] | |||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 109 | 144 | 169 | 153 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Contract Assets and Liabilities [Line Items] | |||
Deferred Revenue, Revenue Recognized | $ 30,300 | ||
Unbilled Contracts Receivable | 10,237 | $ 8,684 | |
Increase (Decrease) in Unbilled Contracts Receivable | 1,553 | ||
Contract with Customer, Asset, Net | 14,506 | 15,291 | |
Increase (Decrease) in Contract Assets | (785) | ||
Contract Assets | 24,743 | 23,975 | |
Total Contract Asset Increase Decrease | 768 | ||
Deferred Revenue, Current | 37,424 | $ 40,673 | $ 40,673 |
Increase (Decrease) in Contract Liabilities | (3,249) | ||
Revenue Recognition, Multiple-deliverable Arrangements, Allocation to Specific Unit of Accounting, Effect of Changes, Selling Price | $ 14,400 |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts - Summary of Allowance for Doubtful Accounts (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Schedule of Allowance for Doubtful Accounts Receivable [Line Items] | ||
Allowance for Doubtful Accounts Receivable | $ 4,224 | $ 3,502 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Provision charged to income | 1,821 | |
Write-offs | $ (1,099) |
Property and Equipment, Net - C
Property and Equipment, Net - Components of Company's Property and Equipment (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation | $ 2,400,000 | $ 2,800,000 | $ 4,900,000 | $ 5,600,000 | |
Property and equipment, gross | 91,157,000 | 91,157,000 | $ 93,437,000 | ||
Accumulated depreciation | (60,369,000) | (60,369,000) | (59,566,000) | ||
Property and equipment, net | 30,788,000 | 30,788,000 | 33,871,000 | ||
Leasehold Improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 46,741,000 | 46,741,000 | 48,455,000 | ||
Office Furniture, Fixtures and Equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 17,586,000 | 17,586,000 | 17,919,000 | ||
Computer Equipment and Software [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | $ 26,830,000 | $ 26,830,000 | $ 27,063,000 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 2.4 | $ 2.8 | $ 4.9 | $ 5.6 |
Leases (Details)
Leases (Details) | Jun. 30, 2019 |
Minimum [Member] | Office Leases [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Minimum [Member] | Equipment Leases [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Maximum [Member] | Office Leases [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 7 years 3 months |
Maximum [Member] | Equipment Leases [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 4 years 10 months |
Leases Lease, Cost (Details)
Leases Lease, Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Lease, Cost [Abstract] | ||
Operating Lease, Expense | $ 5,907 | $ 12,480 |
Variable Lease, Cost | 2,057 | 3,914 |
Lease, Cost | $ 7,964 | $ 16,394 |
Leases Operating Lease, Supplem
Leases Operating Lease, Supplemental Cash Flow Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Operating Leases, Supplemental Cash Flow Information [Abstract] | |
Operating Lease, Payments | $ 16,886 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 11,441 |
Leases Lessee, Operating Lease,
Leases Lessee, Operating Lease, Liability, Maturity (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Lessee, Operating Lease, Liability, Maturity [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 15,392 |
Operating Leases, Future Minimum Payments, Due in Four Years | 22,388 |
Operating Leases, Future Minimum Payments, Due in Two Years | 30,774 |
Operating Leases, Future Minimum Payments, Due in Three Years | 25,991 |
Operating Leases, Future Minimum Payments, Due in Five Years | 19,429 |
Operating Leases, Future Minimum Payments, Due Thereafter | 13,455 |
Operating Leases, Future Minimum Payments Due | 127,429 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (11,378) |
Operating Lease, Liability | $ 116,051 |
Leases Operating Lease, Weighte
Leases Operating Lease, Weighted Averages (Details) | Jun. 30, 2019 |
Operating Lease Weighted Averages [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 8 months |
Operating Lease, Weighted Average Discount Rate, Percent | 3.97% |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Cash and Available-for-sale Securities by Significant Investment Category [Line Items] | |||
Aggregate Cost Basis For Non Qualified Deferred Compensation Plan | $ 16,400,000 | $ 14,600,000 | |
Debt Securities, Available-for-sale, Amortized Cost | 65,018,000 | 77,000 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 12,000 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale | 65,030,000 | 77,000 | |
Cash and Cash Equivalents, at Carrying Value | 105,314,000 | 279,906,000 | $ 85,825,000 |
Marketable Securities | 38,698,000 | 0 | |
Cash [Member] | |||
Cash and Available-for-sale Securities by Significant Investment Category [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | |||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | |||
Debt Securities, Available-for-sale | |||
Cash and Cash Equivalents, at Carrying Value | 78,982,000 | 279,829,000 | |
Marketable Securities | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | |||
Cash and Available-for-sale Securities by Significant Investment Category [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 63,019,000 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 12,000 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | ||
Debt Securities, Available-for-sale | 63,031,000 | ||
Cash and Cash Equivalents, at Carrying Value | 24,333,000 | ||
Marketable Securities | 38,698,000 | ||
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | |||
Cash and Available-for-sale Securities by Significant Investment Category [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 57,501,000 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 12,000 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | ||
Debt Securities, Available-for-sale | 57,513,000 | ||
Cash and Cash Equivalents, at Carrying Value | 18,815,000 | ||
Marketable Securities | 38,698,000 | ||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |||
Cash and Available-for-sale Securities by Significant Investment Category [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 5,518,000 | 77,000 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale | 5,518,000 | 77,000 | |
Cash and Cash Equivalents, at Carrying Value | 5,518,000 | 77,000 | |
Marketable Securities | 0 | $ 0 | |
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | |||
Cash and Available-for-sale Securities by Significant Investment Category [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 1,999,000 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | ||
Debt Securities, Available-for-sale | 1,999,000 | ||
Cash and Cash Equivalents, at Carrying Value | 1,999,000 | ||
Marketable Securities | $ 0 |
Marketable Securities and Inv_3
Marketable Securities and Investments Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Acquisition Earnout Accruals [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Acquisition Earnout Accruals | $ 6,437 | $ 6,627 |
Earnout Accretion Fair Value Disclosure | (327) | |
Earnout Payments Fair Value Disclosure | 553 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Business Combination, Acquisition Earnout Adjustment, Fair Value | (56) | |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Foreign Currency Translation | $ 20 |
Marketable Securities and Inv_4
Marketable Securities and Investments Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 19,618 | $ 14,918 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
U.S. non-qualified deferred compensation plan assets | 23,647 | 19,442 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 16,246 | 16,384 |
Defined Benefit Plan, Benefit Obligation | 20,275 | 20,908 |
Fair Value, Net Asset (Liability) | (4,029) | (4,524) |
Other Current Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value, Net Asset (Liability) | 1,337 | 1,349 |
Other Current Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
U.S. non-qualified deferred compensation plan assets | 0 | 0 |
Other Current Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 1,337 | 1,349 |
Defined Benefit Plan, Benefit Obligation | 0 | 0 |
Fair Value, Net Asset (Liability) | 1,337 | 1,349 |
Assets Designated for Retirement and Pension Plans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value, Net Asset (Liability) | 14,909 | 15,035 |
Assets Designated for Retirement and Pension Plans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
U.S. non-qualified deferred compensation plan assets | 0 | 0 |
Assets Designated for Retirement and Pension Plans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 14,909 | 15,035 |
Defined Benefit Plan, Benefit Obligation | 0 | 0 |
Fair Value, Net Asset (Liability) | 14,909 | 15,035 |
Investments [Domain] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value, Net Asset (Liability) | 23,647 | 19,442 |
Investments [Domain] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
U.S. non-qualified deferred compensation plan assets | 23,647 | 19,442 |
Investments [Domain] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 |
Defined Benefit Plan, Benefit Obligation | 0 | 0 |
Fair Value, Net Asset (Liability) | 0 | 0 |
Other Current Liabilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value, Net Asset (Liability) | (1,338) | (1,349) |
Other Current Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Other Current Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 |
Defined Benefit Plan, Benefit Obligation | 1,338 | 1,349 |
Fair Value, Net Asset (Liability) | (1,338) | (1,349) |
Other Pension Plan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value, Net Asset (Liability) | (18,937) | (19,559) |
Other Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 0 | 0 |
Other Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 |
Defined Benefit Plan, Benefit Obligation | 18,937 | 19,559 |
Fair Value, Net Asset (Liability) | $ (18,937) | $ (19,559) |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Goodwill [Line Items] | |
Goodwill, Gross | $ 158,327,000 |
Goodwill, Impaired, Accumulated Impairment Loss | (36,257,000) |
Goodwill [Roll Forward] | |
Foreign currency translation | (22,000) |
Executive Search [Member] | |
Goodwill [Line Items] | |
Goodwill, Gross | 122,070,000 |
Executive Search [Member] | Americas [Member] | |
Goodwill [Line Items] | |
Goodwill, Gross | 88,547,000 |
Goodwill [Roll Forward] | |
Foreign currency translation | 137,000 |
Executive Search [Member] | Europe [Member] | |
Goodwill [Line Items] | |
Goodwill, Gross | 24,782,000 |
Goodwill [Roll Forward] | |
Foreign currency translation | (142,000) |
Executive Search [Member] | Asia Pacific [Member] | |
Goodwill [Line Items] | |
Goodwill, Gross | 8,741,000 |
Goodwill [Roll Forward] | |
Foreign currency translation | (17,000) |
Heidrick Consulting [Domain] | |
Goodwill [Line Items] | |
Goodwill, Gross | 36,257,000 |
Goodwill [Roll Forward] | |
Foreign currency translation | $ 0 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets Net by Segment (Detail) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | $ 1,730,000 | $ 2,216,000 |
Goodwill | 122,070,000 | $ 122,092,000 |
Executive Search [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 1,730,000 | |
Executive Search [Member] | Americas [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 13,000 | |
Goodwill | 88,547,000 | |
Executive Search [Member] | Europe [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 1,645,000 | |
Goodwill | 24,782,000 | |
Executive Search [Member] | Asia Pacific [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 72,000 | |
Goodwill | 8,741,000 | |
Heidrick Consulting [Domain] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | 0 | |
Goodwill | $ 0 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Carrying Amount of Amortizable Intangible Assets and Related Accumulated Amortization (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | $ 200,000 | $ 500,000 | $ 500,000 | $ 900,000 | |
Weighted Average Life (Years) | 6 years 8 months | ||||
Gross Carrying Amount | 15,905,000 | $ 15,905,000 | $ 15,910,000 | ||
Accumulated Amortization | (14,175,000) | (14,175,000) | (13,694,000) | ||
Net Carrying Amount | 1,730,000 | $ 1,730,000 | 2,216,000 | ||
Client Relationships [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted Average Life (Years) | 6 years 8 months | ||||
Gross Carrying Amount | 15,905,000 | $ 15,905,000 | 15,910,000 | ||
Accumulated Amortization | (14,175,000) | (14,175,000) | (13,694,000) | ||
Net Carrying Amount | $ 1,730,000 | $ 1,730,000 | $ 2,216,000 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets - Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 369,000 | $ 369,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 525,000 | 525,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 354,000 | 354,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 239,000 | 239,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 146,000 | 146,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 97,000 | 97,000 | |||
Intangible asset amortization expense, excluding impairment charge | 200,000 | $ 500,000 | 500,000 | $ 900,000 | |
Finite-Lived Intangible Assets, Net | $ 1,730,000 | $ 1,730,000 | $ 2,216,000 |
Goodwill and Other Intangible_9
Goodwill and Other Intangible Assets Goodwill by Segment (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | ||
Goodwill, Gross | $ 158,327,000 | |
Goodwill, Impaired, Accumulated Impairment Loss | (36,257,000) | |
Goodwill | 122,070,000 | $ 122,092,000 |
Executive Search [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 122,070,000 | |
Heidrick Consulting [Domain] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 36,257,000 | |
Goodwill | 0 | |
Americas [Member] | Executive Search [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 88,547,000 | |
Goodwill | 88,547,000 | |
Europe [Member] | Executive Search [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 24,782,000 | |
Goodwill | 24,782,000 | |
Asia Pacific [Member] | Executive Search [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 8,741,000 | |
Goodwill | $ 8,741,000 |
Other Non-Current Liabilities -
Other Non-Current Liabilities - Components of Other Non-Current Liabilities (Detail) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Other Non-Current Liabilities - Components of Other Non-current Liabilities [Line Items] | ||
Premise related costs | $ 2,421,000 | $ 15,473,000 |
Other | 1,896,000 | 1,950,000 |
Total other non-current liabilities | $ 4,317,000 | $ 17,423,000 |
Other Current Assets and Liab_4
Other Current Assets and Liabilities and Non-current Liabilities Other Current Assets - Components of Other Current Assets (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Other Current Assets - Components of Other Current Assets [Line Items] | ||
Unbilled Receivables, Current | $ 24,743,000 | $ 23,975,000 |
Other Assets, Miscellaneous, Current | 5,339,000 | 5,623,000 |
Other Assets, Current | $ 30,082,000 | $ 29,598,000 |
Other Current Assets and Liab_5
Other Current Assets and Liabilities and Non-current Liabilities Other Current Liabilities - Components of Other Current Liabilities (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Other Current Liabilities [Line Items] | ||
Restructuring Reserve, Current | $ 89,000 | $ 1,286,000 |
Other Accrued Liabilities, Current | 26,097,000 | 31,933,000 |
Other Liabilities, Current | $ 26,186,000 | $ 33,219,000 |
Line of Credit - Additional Inf
Line of Credit - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Jun. 30, 2015 | |
Line of Credit Facility [Line Items] | |||||
Proceeds from Lines of Credit | $ 0 | $ 20,000 | |||
Long-term debt, gross | 0 | $ 0 | |||
Repayments of Lines of Credit | 0 | (20,000) | |||
2018 Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Senior unsecured revolving line of credit aggregate commitment | 175,000 | ||||
Sublimit for letters of credit | 25,000 | ||||
Line of credit facility expansion feature | 75,000 | ||||
Swingline Loan Sublimit | 10,000 | ||||
Payments of Debt Issuance Costs | $ 1,000 | ||||
Senior Unsecured Revolving Line Of Credit Member [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Senior unsecured revolving line of credit aggregate commitment | $ 100,000 | ||||
Sublimit for letters of credit | 25,000 | ||||
Line of credit facility expansion feature | $ 50,000 | ||||
Proceeds from Lines of Credit | $ 20,000 | ||||
Repayments of Long-term Debt | $ 8,000 | $ 12,000 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) - USD ($) | May 24, 2018 | May 22, 2014 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 908,000 | $ 550 | $ 1,349,000 | $ 1,021 | ||||
Phantom Share Units (PSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 111,673 | 111,673 | 111,673 | |||||
Pre-tax unrecognized compensation expense | $ 1,500,000 | $ 1,500,000 | ||||||
Expected time to be recognized | 3 years 1 month | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | |||||||
Restricted Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 445,952 | 445,952 | 512,446 | |||||
Pre-tax unrecognized compensation expense | $ 7,200,000 | $ 7,200,000 | ||||||
Expected time to be recognized | 2 years 5 months | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 109,298 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 175,792 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | |||||||
Performance Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 162,599 | 162,599 | 197,117 | |||||
Pre-tax unrecognized compensation expense | $ 3,900,000 | $ 3,900,000 | ||||||
Expected time to be recognized | 2 years 4 months | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 64,701 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 99,219 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | |||||||
Performance Stock Units [Member] | Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance stock units vesting period | 3 years | |||||||
Performance Stock Units [Member] | Minimum [Member] | Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance stock units, variation percentage | 0.00% | |||||||
Performance Stock Units [Member] | Maximum [Member] | Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance stock units, variation percentage | 200.00% | |||||||
2012 Program [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares authorized or reserved for issuance with respect to awards granted | 1,300,000 | |||||||
Increase in number of shares of common stock reserved for issuance | 850,000 | 700,000 | ||||||
Number of stock awards issued under 2012 Program | 2,334,738 | |||||||
Shares available for future awards | 1,190,231 | 1,190,231 | ||||||
Number of forfeited awards under 2012 Program | 674,969 | |||||||
Labor and Related Expenses [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 2,976,000 | 1,513 | $ 4,647,000 | 3,289 | ||||
General and Administrative Expense [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 460,000 | $ 563 | $ 460,000 | $ 563 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Information with Respect to Stock-Based Compensation (Detail) - USD ($) | May 24, 2018 | May 22, 2014 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
General and administrative expenses | $ 100,000 | $ 400,000 | |||||
Income tax benefit related to stock-based compensation included in net income | 908,000 | $ 550 | 1,349,000 | $ 1,021 | |||
General and Administrative Expense [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Salaries and employee benefits (1) | $ 460,000 | $ 563 | $ 460,000 | $ 563 | |||
Two Thousand Twelve Program [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,300,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 850,000 | 700,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 2,334,738 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,190,231 | 1,190,231 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 674,969 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] $ / shares in Units, $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 7.2 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of stock units, beginning balance | shares | 512,446 |
Number of stock units, granted | shares | 109,298 |
Number of stock units, vested and converted to common stock | shares | (175,792) |
Number of stock units, forfeited | shares | 0 |
Number of stock units, ending balance | shares | 445,952 |
Weighted-average grant-date fair value, beginning balance | $ / shares | $ 28.83 |
Weighted-average grant-date fair value, granted | $ / shares | 39.57 |
Weighted-average grant-date fair value, vested and converted to common stock | $ / shares | 24.19 |
Weighted-average grant-date fair value, forfeited | $ / shares | 0 |
Weighted-average grant-date fair value, ending balance | $ / shares | $ 33.10 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 5 months |
Stock-based Compensation - Perf
Stock-based Compensation - Performance Stock Unit Activity (Detail) - Performance Stock Units [Member] $ / shares in Units, $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 3.9 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of stock units, beginning balance | shares | 197,117 |
Number of stock units, granted | shares | 64,701 |
Number of stock units, vested and converted to common stock | shares | (99,219) |
Number of stock units, forfeited | shares | 0 |
Number of stock units, ending balance | shares | 162,599 |
Weighted-average grant-date fair value, beginning balance | $ / shares | $ 27.58 |
Weighted-average grant-date fair value, granted | $ / shares | 37.62 |
Weighted-average grant-date fair value, vested and converted to common stock | $ / shares | 25.04 |
Weighted-average grant-date fair value, forfeited | $ / shares | 0 |
Weighted-average grant-date fair value, ending balance | $ / shares | $ 33.13 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 4 months |
Executive Officer [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Minimum [Member] | Executive Officer [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% |
Maximum [Member] | Executive Officer [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% |
Stock-based Compensation Stock-
Stock-based Compensation Stock-based Compensation - Phantom Unit Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 0.1 | $ 0.4 | |
Phantom Share Units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1.5 | $ 1.5 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 111,673 | 111,673 | 111,673 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 1 month |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2017 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 89 | $ 1,286 | |
Restructuring Charges | $ 15,700 | ||
Payments for Restructuring | (1,127) | ||
Other Restructuring Costs | (67) | ||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (3) | ||
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 72 | 1,269 | |
Payments for Restructuring | (1,127) | ||
Other Restructuring Costs | (67) | ||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (3) | ||
Other Professional and Consulting Fees [Domain] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 17 | $ 17 | |
Payments for Restructuring | 0 | ||
Other Restructuring Costs | 0 | ||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Results of Operations, Income before Income Taxes [Abstract] | ||||
Income before income taxes | $ 19,473 | $ 18,411 | $ 38,315 | $ 31,323 |
Provision for income taxes | $ 5,193 | $ 6,948 | $ 11,948 | $ 9,692 |
Effective Income Tax Rate Reconciliation, Percent | 26.70% | 37.70% | 31.20% | 30.90% |
Minimum [Member] | ||||
Results of Operations, Income before Income Taxes [Abstract] | ||||
Forecasted Annual Effective Tax Rate | 31.00% | |||
Maximum [Member] | ||||
Results of Operations, Income before Income Taxes [Abstract] | ||||
Forecasted Annual Effective Tax Rate | 34.00% |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income ("AOCI") by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 4,387 | $ 4,387 | $ 4,062 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 8,954 | |||||||
Net current period other comprehensive income | 5 | $ 320 | $ (3,816) | 1,590 | 325 | $ (2,226) | ||
Stockholders' equity attributable to parent | 288,449 | 273,419 | 237,866 | 230,489 | 288,449 | 237,866 | 267,156 | $ 212,705 |
Available-for-Sale Securities Adjustment [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 12 | 12 | 0 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other comprehensive income before classification, net of tax | 12 | |||||||
Amount reclassified from AOCI | 0 | |||||||
Net current period other comprehensive income | 12 | |||||||
Foreign Currency Translation Adjustment [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 5,571 | 5,571 | 5,258 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other comprehensive income before classification, net of tax | 313 | |||||||
Amount reclassified from AOCI | 0 | |||||||
Net current period other comprehensive income | 313 | |||||||
Pension Adjustment [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,196) | (1,196) | (1,196) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other comprehensive income before classification, net of tax | 0 | |||||||
Amount reclassified from AOCI | 0 | |||||||
Net current period other comprehensive income | 0 | |||||||
Accumulated Other Comprehensive Income [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other comprehensive income before classification, net of tax | 325 | |||||||
Amount reclassified from AOCI | 0 | |||||||
Net current period other comprehensive income | 5 | 320 | (3,816) | 1,590 | 325 | |||
Stockholders' equity attributable to parent | $ 4,387 | $ 4,382 | $ 5,000 | 8,816 | $ 4,387 | $ 5,000 | $ 4,062 | $ 13,315 |
Accounting Standards Update 2016-01 [Member] | Accumulated Other Comprehensive Income [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ (6,089) |
Segment Information - Revenue a
Segment Information - Revenue and Operating Income (Loss), by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenue, Net of Reimbursements | $ 173,122 | $ 183,059 | $ 344,716 | $ 343,130 |
Revenue | ||||
Reimbursements Revenue | 5,051 | 4,630 | 9,731 | 9,217 |
Total revenue | 178,173 | 187,689 | 354,447 | 352,347 |
Operating income (loss) | ||||
Operating (loss) income | 18,353 | 18,461 | 34,744 | 31,582 |
Operating Segments [Member] | ||||
Operating income (loss) | ||||
Operating (loss) income | 28,230 | 27,201 | 52,923 | 50,163 |
Global Operations Support [Member] | ||||
Operating income (loss) | ||||
Operating (loss) income | (9,877) | (8,740) | (18,179) | (18,581) |
Executive Search [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, Net of Reimbursements | 158,544 | 166,495 | 316,849 | 312,327 |
Operating income (loss) | ||||
Operating (loss) income | 33,023 | 31,198 | 62,543 | 59,390 |
Heidrick Consulting [Domain] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, Net of Reimbursements | 14,578 | 16,564 | 27,867 | 30,803 |
Operating income (loss) | ||||
Operating (loss) income | (4,793) | (3,997) | (9,620) | (9,227) |
Executive Search and Leadership Consulting Americas Segment [Member] | Executive Search [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, Net of Reimbursements | 100,517 | 102,692 | 199,822 | 188,995 |
Operating income (loss) | ||||
Operating (loss) income | 28,551 | 26,012 | 51,000 | 46,647 |
Executive Search and Leadership Consulting Europe Segment [Member] | Executive Search [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, Net of Reimbursements | 34,864 | 37,286 | 68,417 | 72,967 |
Operating income (loss) | ||||
Operating (loss) income | 1,157 | 2,295 | 3,322 | 5,549 |
Executive Search and Leadership Consulting Asia Pacific Segment [Member] | Executive Search [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, Net of Reimbursements | 23,163 | 26,517 | 48,610 | 50,365 |
Operating income (loss) | ||||
Operating (loss) income | $ 3,315 | $ 2,891 | $ 8,221 | $ 7,194 |
Guarantees - Additional Informa
Guarantees - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Guarantees [Abstract] | |
Maximum undiscounted payments under outstanding guarantees | $ 2.4 |
Extend termination dates of the leases | extend through 2024 |