Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Mar. 15, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | VTIV | |
Entity Registrant Name | INVENTIV HEALTH INC | |
Entity Central Index Key | 1,089,473 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,000 | |
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 121,317 | $ 57,059 |
Restricted cash | 1,607 | 1,717 |
Accounts receivable, net of allowances for doubtful accounts of $5,395 and $4,143 at December 31, 2015 and 2014, respectively | 359,081 | 302,847 |
Unbilled services | 207,465 | 179,036 |
Prepaid expenses and other current assets | 42,930 | 38,225 |
Income tax receivable | 1,076 | 1,363 |
Current deferred tax assets | 7,512 | |
Total current assets | 733,476 | 587,759 |
Property and equipment, net | 142,032 | 121,859 |
Goodwill | 895,369 | 931,787 |
Intangible assets, net | 334,646 | 417,824 |
Non-current deferred tax assets | 10,032 | 3,944 |
Other assets | 37,134 | 41,882 |
Total assets | 2,152,689 | 2,105,055 |
Current liabilities: | ||
Current portion of capital lease obligations and other financing arrangements | 23,333 | 16,265 |
Accrued payroll, accounts payable and accrued expenses | 333,726 | 286,613 |
Income taxes payable | 5,484 | 1,209 |
Deferred revenue and client advances | 246,656 | 199,130 |
Total current liabilities | 609,199 | 503,217 |
Capital lease obligations, net of current portion | 45,258 | 29,324 |
Long-term debt, net of current portion | 2,101,885 | 2,021,852 |
Non-current income tax liability | 5,942 | 6,461 |
Deferred tax liability | 73,360 | 77,232 |
Other non-current liabilities | 88,153 | 80,756 |
Total liabilities | $ 2,923,797 | $ 2,718,842 |
Commitments and contingencies (Note 11 and 12) | ||
inVentiv Health, Inc. stockholder’s deficit: | ||
Common stock, $.01 par value, 1,000 shares authorized, issued and outstanding at December 31, 2015 and 2014, respectively | $ 1 | $ 1 |
Additional paid-in-capital | 573,739 | 569,863 |
Accumulated deficit | (1,309,136) | (1,157,668) |
Accumulated other comprehensive loss | (37,340) | (27,377) |
Total inVentiv Health, Inc. stockholder’s deficit | (772,736) | (615,181) |
Noncontrolling interest | 1,628 | 1,394 |
Total stockholder’s deficit | (771,108) | (613,787) |
Total liabilities and stockholder’s deficit | $ 2,152,689 | $ 2,105,055 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Allowances for doubtful accounts | $ 5,395 | $ 4,143 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000 | 1,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net revenues | $ 1,994,318 | $ 1,806,405 | $ 1,644,555 |
Reimbursed out-of-pocket expenses | 326,955 | 266,786 | 259,925 |
Total revenues | 2,321,273 | 2,073,191 | 1,904,480 |
Operating expenses: | |||
Cost of revenues | 1,326,782 | 1,203,636 | 1,084,767 |
Reimbursable out-of-pocket expenses | 326,955 | 266,786 | 259,925 |
Selling, general and administrative expenses | 525,229 | 529,366 | 538,328 |
Proceeds from purchase price finalization | (14,221) | ||
Impairment of goodwill | 33,964 | 15,795 | 36,864 |
Impairment of long-lived assets | 35,193 | 8,228 | 2,017 |
Total operating expenses | 2,248,123 | 2,023,811 | 1,907,680 |
Operating income (loss) | 73,150 | 49,380 | (3,200) |
Loss on extinguishment of debt and refinancing costs | (10,062) | (818) | |
Interest expense | (228,287) | (217,473) | (209,350) |
Interest income | 88 | 424 | 119 |
Other income | 11,318 | ||
Income (loss) before income tax (provision) benefit and income (loss) from equity investments | (143,731) | (177,731) | (213,249) |
Income tax (provision) benefit | (5,567) | (2,507) | (2,955) |
Income (loss) before income (loss) from equity investments | (149,298) | (180,238) | (216,204) |
Income (loss) from equity investments | (1,279) | (404) | 15 |
Income (loss) from continuing operations | (150,577) | (180,642) | (216,189) |
Net income (loss) from discontinued operations, net of tax | (8,163) | (20,228) | |
Net Income (loss) | (150,577) | (188,805) | (236,417) |
Less: Net (income) loss attributable to the noncontrolling interest | (891) | (830) | (1,156) |
Net income (loss) attributable to inVentiv Health, Inc. | $ (151,468) | $ (189,635) | $ (237,573) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Income (loss) | $ (150,577) | $ (188,805) | $ (236,417) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (9,963) | (16,848) | (7,246) |
Total other comprehensive income (loss) | (9,963) | (16,848) | (7,246) |
Total comprehensive income (loss) | (160,540) | (205,653) | (243,663) |
Less: Comprehensive (income) loss attributable to the noncontrolling interest | (891) | (830) | (1,156) |
Comprehensive income (loss) attributable to inVentiv Health, Inc. | $ (161,431) | $ (206,483) | $ (244,819) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholder's Deficit - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Non- controlling Interest [Member] |
Beginning Balance, Amount at Dec. 31, 2012 | $ (161,347) | $ 1 | $ 571,061 | $ (730,460) | $ (3,283) | $ 1,334 |
Beginning Balance, Shares at Dec. 31, 2012 | 1,000 | |||||
Equity contribution from Investors | 44 | 44 | ||||
Exercise of stock options | 41 | 41 | ||||
Withheld shares for taxes | (41) | (41) | ||||
Repurchase of common stock | (27) | (27) | ||||
Net loss | (236,417) | (237,573) | 1,156 | |||
Foreign currency translation adjustment | (7,246) | (7,246) | ||||
Stock-based compensation (credit) expense | (1,771) | (1,771) | ||||
Distributions to noncontrolling interest | (1,273) | (1,273) | ||||
Ending Balance, Amount at Dec. 31, 2013 | (408,037) | $ 1 | 569,307 | (968,033) | (10,529) | 1,217 |
Ending Balance, Shares at Dec. 31, 2013 | 1,000 | |||||
Net loss | (188,805) | (189,635) | 830 | |||
Foreign currency translation adjustment | (16,848) | (16,848) | ||||
Stock-based compensation (credit) expense | 556 | 556 | ||||
Distributions to noncontrolling interest | (653) | (653) | ||||
Ending Balance, Amount at Dec. 31, 2014 | $ (613,787) | $ 1 | 569,863 | (1,157,668) | (27,377) | 1,394 |
Ending Balance, Shares at Dec. 31, 2014 | 1,000 | 1,000 | ||||
Net loss | $ (150,577) | (151,468) | 891 | |||
Foreign currency translation adjustment | (9,963) | (9,963) | ||||
Stock-based compensation (credit) expense | 3,876 | 3,876 | ||||
Distributions to noncontrolling interest | (657) | (657) | ||||
Ending Balance, Amount at Dec. 31, 2015 | $ (771,108) | $ 1 | $ 573,739 | $ (1,309,136) | $ (37,340) | $ 1,628 |
Ending Balance, Shares at Dec. 31, 2015 | 1,000 | 1,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net Income (loss) | $ (150,577) | $ (188,805) | $ (236,417) |
Adjustments to reconcile net income (loss) to net cash provided by (used) in operating activities: | |||
(Income) loss from discontinued operations, net of tax | 8,163 | 20,228 | |
Depreciation | 47,536 | 40,583 | 33,781 |
Amortization of intangible assets | 47,552 | 66,732 | 72,218 |
Amortization of deferred financing costs and original issue discount/premium | 19,033 | 18,635 | 18,620 |
Impairment of goodwill | 33,964 | 15,795 | 36,864 |
Impairment of long-lived assets | 35,193 | 8,228 | 2,017 |
Payment-in-kind interest | 65,508 | 22,984 | |
Gain on sale of business | (11,318) | ||
(Gain) loss on disposal of assets | 810 | 244 | 1,246 |
Stock-based compensation expense | 3,876 | 556 | (1,771) |
Loss on extinguishment of debt | 3,537 | 818 | |
Deferred taxes | (2,744) | 4,638 | 1,428 |
Other non-cash adjustments | 1,596 | (4,618) | 813 |
Changes in assets and liabilities, net | |||
Accounts receivable, net | (67,726) | (37,141) | 51,032 |
Unbilled services | (31,567) | (10,249) | 3,916 |
Prepaid expenses and other current assets | (7,286) | (547) | (3,912) |
Accrued payroll, accounts payable and accrued expenses | 58,836 | (4,406) | 33,734 |
Net change in income tax receivable and non-current income tax liability | 4,135 | (1,734) | (3,141) |
Deferred revenue and client advances | 59,969 | 12,762 | (7,980) |
Other, net | (55) | (1,404) | (866) |
Net cash provided by (used in) continuing operations | 106,735 | (46,047) | 22,628 |
Net cash provided by (used in) discontinued operations | (7,988) | (6,188) | |
Net cash provided by (used in) operating activities | 106,735 | (54,035) | 16,440 |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (400) | ||
Purchases of property and equipment | (39,279) | (33,089) | (35,677) |
Proceeds from sale of business | 14,251 | ||
Proceeds from vehicle sales and rebates on vehicle leases | 17,731 | 12,190 | 15,134 |
Proceeds from sale of investments | 2,024 | ||
Purchase of investments | 0 | (2,625) | (3,590) |
Other, net | 39 | 163 | 271 |
Net cash provided by (used in) continuing operations | (5,234) | (23,361) | (24,262) |
Net cash provided by (used in) discontinued operations | (1,941) | ||
Net cash provided by (used in) investing activities | (5,234) | (23,361) | (26,203) |
Cash flows from financing activities: | |||
Repayments on capital leases | (29,417) | (17,866) | (22,186) |
Borrowings under line of credit | 153,000 | 369,000 | 54,500 |
Repayment on line of credit | (153,000) | (369,000) | (54,500) |
Payment on installment note and contingent consideration related to acquisition | (2,500) | (1,500) | |
Proceeds from issuances of debt | 2,444 | 2,776 | 2,418 |
Payment of debt issuance costs | (1,771) | (2,428) | (3,059) |
Repayment of debt and other financing arrangements | (2,800) | (4,859) | (2,797) |
Issuance of notes payable | 50,000 | 25,625 | |
Other, net | (657) | (653) | (1,257) |
Net cash provided by (used in) financing activities | (34,701) | 25,470 | (1,256) |
Effects of foreign currency exchange rate changes on cash | (2,542) | (7,242) | (2,167) |
Net increase (decrease) in cash and cash equivalents | 64,258 | (59,168) | (13,186) |
Cash and cash equivalents, beginning of year | 57,059 | 116,227 | 129,413 |
Cash and cash equivalents, end of year | 121,317 | 57,059 | 116,227 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 145,153 | 194,050 | 174,096 |
Cash paid (refund) for income taxes | 2,903 | (1,273) | 5,090 |
Supplemental disclosure of non-cash activities: | |||
Issuance of Junior Lien Secured Notes for backstop fees | 7,000 | ||
Vehicles acquired through capital lease agreements | 52,806 | 35,532 | 14,963 |
Accrued capital expenditures | $ 2,666 | $ 5,338 | $ 5,482 |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Business | 1. Organization and Business inVentiv Health, Inc. (“inVentiv”, or the “Company”) is a leading provider of outsourced services to the pharmaceutical, biotechnology, medical device and diagnostics, and healthcare industries. The Company provides services through two reportable business segments: Clinical and Commercial. The Company provides a broad range of clinical development and commercialization services that are critical to its clients’ ability to develop and successfully commercialize their products and services. The Company’s portfolio of services meets the varied needs of its clients, who are increasingly outsourcing both their clinical research and development activities, as well as their commercial activities. The Company’s service offerings reflect the changing needs of its clients as their products move from early clinical development through the late-stage development and regulatory approval processes and into product launch, and then throughout the post-launch product lifecycle. The Company has established expertise and leadership in providing the services its clients require at each of these stages and seeks to address their outsourced service needs on a comprehensive basis throughout the product life cycle through both standalone and integrated solutions. On August 4, 2010, inVentiv Acquisition, Inc., an indirect, wholly owned subsidiary of inVentiv Group Holdings, Inc. (“Group Holdings” or “Parent”) merged with and into the Company (the “August 2010 Merger”). Group Holdings is controlled by affiliates of Thomas H. Lee Partners (“THL”), a global private investment and advisory firm, as well as certain co-investors, certain members of management and Liberty Lane IH LLC, a private equity investment firm (“Liberty Lane” and together with the private equity funds sponsored by THL, the management investors and the co-investors, the “Investors”). On August 31, 2015, the Company sold inVentiv Patient Access Solutions (“IPAS”), an entity within the Company’s Commercial segment, resulting in a gain on sale of $11.3 million, which was recorded within other income in the consolidated statements of operations. We derived net revenues of $11.9 million, $16.1 and $11.3 million from IPAS for the years ended December 31, 2015, 2014 and 2013, respectively. The disposal of IPAS did not result in a strategic shift that has or will have a material impact on the Company’s consolidated financial position or results of operations. Accordingly, the disposition was not presented as a discontinued operation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements, prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), include the accounts of inVentiv Health, Inc. and its wholly owned subsidiaries. In addition, the Company consolidates the accounts of its 60% owned subsidiary and reflects the minority interest as a noncontrolling interest classified in equity. The Company has both equity and cost method investments in securities of certain privately held entities. Investments accounted for under the equity method are recorded at the amount of the Company’s investment and adjusted each period for the Company’s share of the investee’s income or loss. During the year ended December 31, 2015, the Company recognized a $1.3 million loss on dissolution of a joint venture accounted for under the equity method, which is included in income (loss) from equity investments in the consolidated statements of operations. Investments accounted for under the cost method are recorded at the historical carrying value. The carrying value of both types of investments is recorded in other assets in the consolidated balance sheets and is immaterial. All intercompany transactions have been eliminated in consolidation. Discontinued Operations In 2012, the Company adopted plans to sell its medical management and sample management businesses, which were small non-core businesses within the Commercial segment. The results have been classified and presented as discontinued operations in the accompanying consolidated financial statements for 2014 and 2013. The cash flows of these businesses are also presented separately in the consolidated statements of cash flows. See Note 4 for additional information. Revenue Recognition The Company’s revenue arrangements are typically service-based contracts which may be on a fixed price or fee-for-service basis and may include variable components such as incentive fees and performance penalties. The duration of the Company’s contracts ranges from a few months to several years, depending on the arrangement. The Company recognizes revenue when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) services have been rendered, (iii) fees are fixed or determinable, and (iv) collectability is reasonably assured. The Company’s contracts do not generally contain a refund provision. The Company does not recognize revenue with respect to start-up activities including contract and scope negotiation, and feasibility analysis. The costs for these activities are expensed as incurred. Revenue related to changes in contract scope, which are subject to customer approval, is recognized when amounts are determinable and realization is reasonably assured. The Company recognizes revenue from its service contracts either using a fee-for-service method, proportional performance method, or completed contract method. For fee-for-service contracts, the Company records revenue as contractual items (i.e., “units”) are delivered to the customer, or, in the event the contract is time and materials based, when labor hours are incurred. The Company uses the completed contract method when fees are not determinable until all services are delivered to the customer, or, when there is uncertainty with respect to the Company’s ability to deliver the services to the customer. The Company uses the proportional performance method when its fees for a service obligation are fixed pursuant to the contractual terms. Revenue is recognized as services are performed and measured on a proportional performance basis, generally using output measures that are specific to the services provided. To measure performance on a given date, the Company compares effort expended through that date to estimated total effort to complete the contract. The Company believes the best indicator of effort expended to complete its performance requirement related to its contractual obligation are the actual units delivered to the customer, or the incurrence of labor hours when no other pattern of performance exists. In the event the Company uses labor hours as the basis for determining proportional performance, the Company estimates the number of hours remaining to complete its service obligation. Actual hours incurred to complete the service requirement may differ from the Company’s estimate, and such differences are accounted for prospectively. The Company enters into multiple element arrangements in which the Company is engaged to provide multiple services under one agreement. In such arrangements, the Company records revenue as each separate service, or element, is delivered to the customer. Such arrangements are predominantly within the Company’s Commercial segment where the Company is engaged to provide recruiting, deployment, and detailing services. These services may be sold individually or in combination with contractual fees that may be based on fixed fees for each element; variable fees for each element; or a combination of both fixed and variable fees. For the arrangements that include multiple elements, arrangement consideration is allocated to units of accounting based on the relative selling price. The best evidence of selling price of a unit of accounting is vendor-specific objective evidence (“VSOE”), which is the price the Company charges when the deliverable is sold separately. When VSOE is not available to determine selling price, the Company uses relevant third-party evidence (“TPE”) of selling price, if available. When neither VSOE nor TPE of selling price exists, the Company uses its best estimate of selling price (“BESP”), which generally consists of an expected margin on the cost of services. The Company does not defer costs associated with services to a customer in return for a royalty on the customer’s net sales. Costs are recognized as incurred and royalties will be earned from revenues related to sales of the customer’s product. The Company’s contracts frequently undergo modifications as the work progresses due to changes in the scope of work being performed. The Company does not recognize revenue related to contract modifications until client acceptance and payment is deemed reasonably assured. The Company may offer volume discounts to its large customers based on annual volume thresholds. The Company records an estimate of the annual volume rebate as a reduction of revenue based on the estimated rebate earned during the period. Most contracts may be often terminated with advance notice from a customer. In the event of termination, the Company’s contracts generally require payment for services rendered through the date of termination. Deferred Revenue In some cases, a portion of the contract fee is billed or paid at the time the contract is initiated or prior to the service being performed. In the event the Company bills or receives cash in advance of the services being performed, the Company records a liability denoted as deferred revenue in the accompanying consolidated balance sheets and recognizes revenue as the services are performed. For the Commercial segment, the Company is entitled to additional compensation if certain performance-based criteria are achieved over the contract duration. As there is substantive uncertainty regarding the ability to realize such amounts at the onset of the arrangements, such revenues are deferred until the Company determines it has met the performance-based criteria and the other revenue recognition criteria described above. Reimbursable Out-Of-Pocket Expenses The Company records reimbursable out-of-pocket expenses as a separate revenue and expense line in the consolidated statements of operations when the Company is the primary obligor in such transactions. This amount consists of such items as payments to investigators, pass through travel expenses and other out-of-pocket costs that are reimbursed by customers. Receivables, Billed and Unbilled In general, prerequisites for billings and payments are established by contractual provisions including predetermined payment schedules, submission of appropriate billing detail or the achievement of contract milestones, depending on contract terms. Unbilled services represent services that have been rendered for which revenue has been recognized but amounts have not been billed. Billed receivables represent amounts the Company invoiced its customer according to contractual terms. The Company evaluates its receivables for collectability based on specific customer circumstances, credit conditions, history of write-offs and collections. The Company records a provision for bad debts to record the receivable based on the amount the Company deems probable of collection. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents are comprised principally of amounts in operating cash accounts that are stated at cost, which approximates fair value, and have original maturities of three months or less. In addition to cash equivalents, the Company held $1.6 million and $1.7 million at December 31, 2015 and 2014, respectively, of restricted cash that collateralizes certain security deposits and obligations. Cash Pooling The Company and certain of its international subsidiaries entered into a notional cash pooling arrangement (“Cash Pool”) to help manage global liquidity requirements. The parties to the arrangement combine their cash balances in pooling accounts with the ability to set-off overdrafts to the bank against positive cash balances. Each subsidiary receives interest on the cash balances or pays interest on amounts owed. At December 31, 2015, the Company’s net cash position in the pool of $51.0 million, defined as the gross cash position in the pool of $124.3 million less borrowings of $73.3 million, is reflected as cash and cash equivalents in the consolidated balance sheet. Property and Equipment Property and equipment is stated at cost. The Company depreciates furniture, fixtures and office equipment on a straight-line basis over three to seven years; computer equipment and software over two to five years; and leasehold improvements over the shorter of the term of the lease or the estimated useful lives of the improvements. The Company amortizes the cost of vehicles under capital leases on a straight-line basis over their estimated useful lives, which is generally equal to or less than the applicable lease term. Business Combinations The Company accounts for business combinations in accordance with the acquisition method of accounting. The acquisition method of accounting requires that assets acquired and liabilities assumed be recorded at their fair values on the date of a business acquisition. The consolidated financial statements reflect the results of operations of the acquired business from the date of the acquisition. The judgments that the Company makes in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact earnings in periods following a business combination. The Company generally uses either the income, cost or market approach to determine the appropriate fair values. The income approach presumes that the value of an asset can be estimated by the net economic benefit to be received over the life of the asset, discounted to a present value. The cost approach presumes that an investor would pay no more for an asset than its replacement or reproduction cost. The market approach estimates value based on what other participants in the market have paid for reasonably similar assets. Although each valuation approach is considered in valuing the assets acquired, the approach ultimately selected for each asset or class of assets or liabilities assumed is based on the relevant characteristics and the availability of information. The Company records contingent consideration resulting from a business combination at its fair value on the acquisition date. Each reporting period thereafter, the Company revalues these obligations and records increases or decreases in their fair value as an adjustment to selling, general and administrative expenses (“SG&A expenses”) within the consolidated statements of operations. The changes in the fair value of the contingent consideration obligation are primarily the result of updates to the achievement of expected financial targets and the weighted probability of achieving future financial targets. Significant judgment is employed in determining the appropriateness of these assumptions as of the acquisition date and for each subsequent period. Accordingly, any change in these assumptions could have an impact on the Company’s financial statements. See Note 3 for additional information. Goodwill and Indefinite-lived Intangible Assets Goodwill represents the amount of the purchase price in excess of the fair values assigned to the underlying identifiable net assets of acquired businesses. Goodwill and indefinite-lived intangible assets, such as tradenames, are assessed annually for potential impairment on October 1 or when management determines that the carrying value of goodwill or an indefinite-lived intangible asset may not be recoverable based upon the existence of certain indicators of impairment, such as a loss of a significant customer, a significant change to the Company’s regulatory environment that hinders the ability to conduct business, or a significant downturn in the economy. Goodwill is tested for impairment at the reporting unit level, which is one level below the operating segment level. The Company identified 14 reporting units with goodwill assigned during 2015. As part of the Company’s annual goodwill impairment testing, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors assessed at the reporting unit level include, but are not limited to, macroeconomic, industry and market conditions, competitive environments, results of past impairment tests, new service offerings, cost factors and financial performance of the reporting unit. If the Company chooses not to complete a quantitative assessment for a given reporting unit or it the initial assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, performance of the two-step quantitative impairment test is required. The first step compares the fair value of the reporting unit to its carrying value. If the carrying value exceeds the fair value, the second step of the test is performed to measure the amount of impairment loss, if any. The second step compares the implied fair value of reporting unit goodwill with the carrying value of that goodwill. To calculate the implied fair value of goodwill in this second step, the Company allocates the fair value of the reporting unit to all of the assets and liabilities of that reporting unit (including any previously unrecognized intangible assets) as if the reporting unit had been acquired in a current business combination and the fair value was the price paid to acquire the reporting unit. The excess of the fair value of the reporting unit over the amount assigned to the assets and liabilities of the reporting unit represents the implied fair value of goodwill. If the carrying value of goodwill exceeds the implied fair value of goodwill, an impairment loss is recognized for that difference. See Note 5 for additional information. Testing indefinite-lived intangible assets, other than goodwill, for impairment requires a one-step approach. As part of the Company’s annual indefinite-lived intangible impairment testing, the Company may first assess qualitative factors to determine whether it is more likely than not that the fair value of the intangible is less than its carrying value. Qualitative factors include, but are not limited to, macroeconomic, industry and market conditions, competitive environments, results of past impairment tests, new service offerings, cost factors and financial performance of the reporting unit. If the carrying amount of indefinite-lived intangible assets exceeds the fair value, an impairment loss is recognized equal to the excess. The process of estimating the fair value of indefinite-lived intangible assets is subjective and requires the use of estimates. Such estimates include, but are not limited to, future operating performance and cash flows, royalty rate, terminal growth rate, and discount rate. See Note 6 for additional information. Long-lived Assets The Company reviews its long-lived assets, including property and equipment, for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. Events or circumstances that would result in an impairment review primarily include sustained operating losses or a significant change in the use of an asset. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Should we determine that the carrying values of held-for-use long-lived assets may not be recoverable, we will measure any impairment based on a projected discounted cash flow method. We may also estimate fair value based on market prices for similar assets, as appropriate. Significant judgments are required to estimate future cash flows, including the selection of appropriate discount rates, projected cash flows from the use of an asset and other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for these assets. An impairment loss would be recognized based on the amount by which the carrying value of the asset exceeds its fair value. See Note 6 for additional information. Customer Relationships An important element in most of the Company’s acquisition agreements are customer relationships, which primarily arise from the allocation of the purchase price of the respective businesses acquired. Customer relationships are finite-lived intangible assets. The valuation of the Company’s customer relationships and the determination of their appropriate useful lives require substantial judgment. In the Company’s evaluation of the appropriate useful lives of these assets, the Company considers the nature and terms of the underlying agreements; the historical breadth of the respective customer relationships; and the projected growth of the customer relationships. The Company determines the useful lives of the customer relationships by analyzing historical customer attrition rates. The Company amortizes its customer relationships over their estimated useful lives using a straight-line method, which generally ranges from three to fifteen years. For these customer relationships, evaluations for impairment are performed only if facts and circumstances indicate that the carrying value may not be recoverable. Claims and Insurance Accruals The Company maintains self-insured retention limits for certain insurance policies including employee medical, automobile insurance and workers’ compensation. The liabilities associated with the risk retained by the Company are estimated, in part, based on historical experience, third-party actuarial analysis, demographics, nature and severity, past experience and other assumptions, which have been consistently applied. The liabilities for self-funded retention are included in claims and insurance reserves based on claims incurred and recorded in accrued payroll, accounts payable and accrued expenses in the consolidated balance sheets. Liabilities for unsettled claims and claims incurred but not yet reported are actuarially determined using current workers’ compensation and auto liability claims activity. Reserves are estimated based on management’s evaluation of the nature and severity of individual claims and historical experience. However, these estimated accruals could be significantly affected if the Company’s actual costs differ from these assumptions. A significant number of these claims typically take several years to develop and even longer to ultimately settle. The Company believes its estimation methodology is reasonable; however, assumptions regarding severity of claims, medical cost inflation, as well as specific case facts can create short-term volatility in estimates. The amounts are immaterial as of December 31, 2015 and 2014. Asset Retirement Obligations The Company reviews legal obligations associated with the retirement of long-lived assets that result from contractual obligations or the acquisition, construction, development and normal use of those assets. If it is determined that a legal obligation exists, regardless of whether the obligation is conditional on a future event, the fair value of the liability for an asset retirement obligation is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset, and this additional carrying amount is depreciated over the life of the asset. The difference between the gross expected future cash flows and its present value is accreted over the life of the related lease as SG&A expense. At December 31, 2015 and 2014, the Company recorded asset retirement obligations of $4.3 million and $2.9 million, respectively. The amounts recognized are based on certain estimates and assumptions, including future retirement costs, future inflation rates and the credit-adjusted risk-free interest rate. Income Taxes Deferred tax assets and liabilities are determined based on the difference between the financial reporting and the tax bases of assets and liabilities and are measured using the tax rates and laws that apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established, when necessary, to reduce deferred income tax assets to the amount that is more likely than not to be realized. Realization is dependent on generating sufficient taxable income to recover the deferred tax assets, including income generation prior to the expiration of any loss carryforwards or capital losses. The deferred tax asset may be reduced in the future if estimates of future taxable income during the carryforward period decrease. Income tax benefits are recognized when the Company believes that if a dispute arose with the taxing authority and were taken to a court of last resort, it is more likely than not (i.e., a probability greater than 50 percent) that the tax position would be sustained as filed based on the technical merits of a tax position. If a position is determined to be more likely than not of being sustained, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with the taxing authority. In addition, the Company maintains reserves for uncertain tax benefits, which are included in non-current income tax liability in its consolidated balance sheets. The Company periodically reviews these reserves to determine if adjustments to these balances are necessary. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. Foreign Currency Translation The financial statements of the Company’s subsidiaries expressed in foreign currencies are translated from the respective functional currencies to U.S. Dollars, with results of operations and cash flows translated at average exchange rates during the period, and assets and liabilities translated at end of the period exchange rates. At December 31, 2015 and 2014, the accumulated other comprehensive loss related to foreign currency translation adjustments were approximately $37.6 million and $27.3 million, respectively. Foreign currency transaction gains (losses) were $(0.6) million, $(0.3) million and less than $(0.1) million for the years ended December 31, 2015, 2014 and 2013, respectively, and are included in SG&A expenses within the consolidated statements of operations. Fair Value of Financial Instruments The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, unbilled services, accounts payable, short-term borrowings, capital leases and other financing arrangements approximate fair value because of the relatively short maturity of these instruments or consistency of the terms of such instruments and current market rates. For disclosure purposes, the Company estimates the fair value of its long-term debt based upon quoted market prices for the same or similar issues, or on the current rates offered for debt with the same remaining maturities. Concentration of Credit Risk The Company’s receivables are concentrated with major pharmaceutical companies. Credit risk is managed through the continuous monitoring of exposures with the Company’s customers. The Company does not require collateral or other security to support customer receivables. For the years ended December 31, 2015, 2014 and 2013, one customer accounted for approximately 10%, 10% and 12% of the Company’s net revenues, respectively. For the years ended December 31, 2015, 2014 and 2013, our top 10 clients accounted for approximately 54%, 48% and 46% of our revenues, respectively. As of December 31, 2015 one customer represented approximately 12% of the accounts receivable balance. As of December 31, 2014, no customer represented more than 10% of the accounts receivable balance. Share-Based Payment Awards The Company measures the grant date fair value of its equity awards given to employees and recognizes the cost over the requisite service period for those awards that are expected to vest. In the absence of an observable market price for a share-based award, the Company estimates the fair value of its awards on the date of grant using the Black-Scholes option valuation model. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. See Note 13 for additional information. Use of Forecasted Financial Information in Accounting Estimates The use of forecasted financial information is inherent in many of the Company’s accounting estimates, including but not limited to, determining the estimated fair value of goodwill and intangible assets that is used in the Company’s impairment analysis, matching intangible asset amortization to underlying benefits (e.g., sales and cash inflows) and evaluating the realizability of deferred tax assets. Such forecasted financial information is comprised of numerous assumptions regarding the Company’s future revenues, operational results and cash flows. Management believes that its financial forecasts used for such purposes are reasonable and appropriate based upon current facts and circumstances. Because of the inherent nature of forecasts, however, actual results may differ from these forecasts. Reclassifications The Company reclassified certain costs from selling, general and administrative expenses (“SG&A”) to cost of revenues for 2014 and 2013 to conform to the presentation adopted for 2015. The revised classification aligns all personnel and related costs associated with service delivery within cost of revenues, along with the associated information technology costs supporting these processes. These changes better harmonize the accounting policies of the group, and are consistent with how management is assessing performance and managing costs. As a result of the revision in the classification of the costs, SG&A was reduced by $35.2 million and $28.7 million in 2014, and 2013, respectively, and Cost of revenues has increased by a corresponding amount. The reclassification had no impact on our consolidated financial position, net operating results included in our statements of operations or cash flows. The Company also aggregated the presentation of certain line items in the consolidated statements of cash flows in 2015, and 2014 and 2013 years have been adjusted to conform to the current year presentation. Use of Estimates The consolidated financial statements include certain amounts that are based on management’s best estimates and judgments. Estimates are used in determining items such as revenue recognition, reserves for accounts receivable, certain assumptions related to goodwill and intangible assets, deferred tax asset valuation, claims and insurance accruals, stock-based compensation and amounts recorded for contingencies and other reserves. Because of the uncertainty inherent in such estimates, actual results may differ from these estimates. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-02 (“ASU 2016-02”), Leases In November 2015, the FASB issued ASU 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issue Costs In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions The Company has accounted for its business combinations using the acquisition method. Purchase prices have been allocated to the tangible assets and identifiable intangible assets acquired and liabilities assumed based upon their relative fair values. The excess of the purchase price over the tangible and intangible assets acquired and liabilities assumed has been recorded as goodwill. Catalina Health Acquisition On October 25, 2013, the Company completed the acquisition of Catalina Health Resource, LLC (“Catalina Health”), a provider of tailored, direct-to-patient medication adherence programs, for no cash consideration at closing. This acquisition expands the Company’s physician and pharmacy partner network and further streamlines the delivery of effective adherence communications. The purchase price is a 5 year contingent earnout obligation based on the combined performance, as defined by the agreement, of Catalina Health and the Company’s existing patient adherence business, which is included in the Company’s Commercial segment. As of December 31, 2015, there is no remaining goodwill for this acquisition. i3 Global Acquisition On June 10, 2011, the Company completed the acquisition of i3 Global from UHG for approximately $375.9 million in cash. The purchase price of i3 Global was subject to post-closing adjustment based on the final determination of certain net income before interest expense, income tax provision, depreciation and amortization (“EBITDA”) and working capital calculations. On May 6, 2013, the Company and UHG finalized the purchase price resulting in a $14.2 million payment to the Company, which is recorded in the consolidated statement of operations separately as proceeds from purchase price finalization. Campbell Acquisition On February 11, 2011, the Company completed the acquisition of Campbell Alliance Group, Inc. (“Campbell”) for approximately $122.2 million, consisting of cash consideration of $113.3 million and rollover equity of $8.9 million. The acquisition of Campbell enhanced the Company’s ability to offer consulting services to pharmaceutical clients with products in various stages of product development. In connection with the acquisition of Campbell, Group Holdings issued unsecured contingent installment notes (the “Campbell Notes”) to certain members of Campbell management (the “Holders”) in which approximately $13.0 million of pre-acquisition equity in Campbell was “rolled over” into the Campbell Notes. In March 2014, Group Holdings and the Holders agreed to an early termination of the Campbell Notes. In consideration of the termination of the Campbell Notes, Group Holdings agreed to pay the Holders a total of $5.25 million. Of this amount, $1.5 million, $1.75 million and $2.0 million were paid in March 2014, February 2015 and January 2016, respectively. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 4. Discontinued Operations In 2012, the Company adopted plans to sell its sample management and medical management businesses, which were small non-core businesses within the Commercial segment. On April 2, 2013, the Company completed the sale of its sample management business. The Company abandoned its medical management business in 2014. The following table sets forth the results of the discontinued operations (in thousands): For the Year Ended December 31, 2014 2013 Net revenues $ 3,254 $ 19,908 Pre-tax income (loss) from discontinued operations (8,163 ) (20,228 ) Income tax (provision) benefit from discontinued operations — — Net income (loss) from discontinued operations (8,163 ) (20,228 ) The pre-tax loss from discontinued operations include non-cash long-lived asset impairment charges of $12.8 million for the year ended December 31, 2013. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 5. Goodwill The following table sets forth the carrying amount of goodwill as of December 31, 2015 and 2014 (in thousands): Clinical Commercial Total Net goodwill at January 1, 2014 $ 382,363 $ 567,845 $ 950,208 Adjustments to purchase price allocation (1) — 1,367 1,367 Impairment charges — (15,795 ) (15,795 ) Foreign currency translation (47 ) (3,946 ) (3,993 ) Net goodwill at December 31, 2014 382,316 549,471 931,787 Accumulated impairments at December 31, 2014 (267,141 ) (177,162 ) (444,303 ) Impairment charges — (33,964 ) (33,964 ) Foreign currency translation (101 ) (2,353 ) (2,454 ) Net goodwill at December 31, 2015 382,215 513,154 895,369 Accumulated impairments at December 31, 2015 (267,141 ) (211,126 ) (478,267 ) Gross goodwill at December 31, 2015 $ 649,356 $ 724,280 $ 1,373,636 (1) Adjustment relates to the October 25, 2013 acquisition of Catalina Health, which was not reflected as of December 31, 2013 as the impact of the retrospective application was immaterial. The Company performs annual impairment tests on goodwill assets in the fourth quarter, or when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit below its carrying value. During the fourth quarter of 2015, the Company utilized a qualitative assessment (step zero) for 5 of its 14 reporting units with goodwill. After weighing all relevant events and circumstances, the Company concluded that it is not more-likely-than-not that the fair value of these reporting units was less than their carrying value. Consequently, the Company did not perform a step one quantitative assessment for these reporting units in 2015. These reporting units represented $589.2 million or 66% of the goodwill reported on the consolidated balance sheet at December 31, 2015. For 2014 and 2013, the Company elected to proceed directly to the step one quantitative analysis rather than perform the step zero qualitative assessment for all of its reporting units. The Company utilized an income approach to measure the fair value of its reporting units for which a step zero qualitative assessment was not performed. The income approach utilized a discounted cash flow analysis, which requires the use of significant estimates and assumptions, including long-term projections of future cash flows, market conditions, discount rates reflecting the risk inherent in future cash flows, revenue growth and profitability. The revenue and earnings growth assumptions reflect current backlog, near term trends, potential opportunities and planned investment in the reporting units. The projections reflect expected cash flows for the next five years and a 2-3% revenue growth rate applied thereafter. The discounted cash flow analyses assumed weighted average cost of capital discount rates ranging from 11% - 13% in 2015, 10% - 13% in 2014 and 11% - 12% in 2013. The result of the first step of the goodwill impairment analysis indicated the fair value of certain of the Company’s reporting units were less than the carrying value in each of the three years ended December 31, 2015. Step two of the goodwill impairment test was performed, utilizing significant unobservable inputs that cause the determination of the implied fair value of goodwill to fall within level three of the GAAP fair value hierarchy. The step two assessment performed by the Company resulted in the recognition of pre-tax non-cash goodwill impairment charges in 2015, 2014 and 2013. Impairment charges were recognized for reporting units that have not met forecasted revenue and earnings growth due to slower than anticipated market demand, discontinuation of service lines and project delays. As a result of these factors, the forecasted operating results were reduced and impairment charges were recognized. The Company recorded impairment charges in 2015, 2014 and 2013 of $34.0 million, $15.8 million and $34.4 million, respectively, within the Commercial segment and $2.5 million within the Clinical segment in 2013. The pretax non-cash goodwill impairment charge of $34.0 million for the year ended December 31, 2015 related to the patient outcomes service offering for which impairment charges were taken in the prior year and for which forecasted revenue and earnings growth have not been met due to slower than anticipated market demand. There is no remaining goodwill for this reporting unit as of December 31, 2015. These non-cash impairment charges do not impact the Company’s liquidity, compliance with any covenants under its debt agreements or potential future results of operations. As of December 31, 2015, there was $135.3 million of goodwill associated with five reporting units for which the fair value of those reporting units does not significantly exceed the respective carrying values as of the most recent annual impairment assessment. If future cash flows are less than those forecasted and included in our fair value estimates, additional impairment charges may be required for these or other reporting units. The impairment analysis requires significant judgments, estimates and assumptions. There is no assurance that the actual future earnings or cash flows of the reporting units will not decline significantly from the projections used in the impairment analysis. Goodwill impairment charges may be recognized in future periods in one or more of the reporting units to the extent changes in factors or circumstances occur, including deterioration in the macroeconomic environment, industry, deterioration in the Company’s performance or its future projections, or changes in plans for one or more reporting units. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. Intangible Assets The following table sets forth the carrying amount of the Company’s intangible assets as of December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Weighted Average Accumulated Amortization Accumulated Gross Amortization Net Period Gross Amortization Net Customer relationships $ 365,777 $ (148,679 ) $ 217,098 11.9 years $ 405,021 $ (128,510 ) $ 276,511 Technology 27,003 (26,206 ) 797 5.0 years 27,832 (23,442 ) 4,390 Tradenames subject to amortization 18,293 (16,657 ) 1,636 3.3 years 24,505 (18,513 ) 5,992 Backlog 95,014 (89,427 ) 5,587 4.1 years 95,015 (80,447 ) 14,568 Other 1,020 (585 ) 435 8.5 years 1,020 (465 ) 555 Total finite-lived intangible assets 507,107 (281,554 ) 225,553 553,393 (251,377 ) 302,016 Tradenames not subject to amortization 109,093 — 109,093 115,808 — 115,808 Total intangible assets $ 616,200 $ (281,554 ) $ 334,646 $ 669,201 $ (251,377 ) $ 417,824 The Company recorded a pre-tax non-cash intangible asset impairment charge of $28.5 million and $3.3 million within the Commercial segment related to the carrying value of finite-lived intangible assets for the years ended December 31, 2015 and 2014, respectively. The Company recorded a pre-tax non-cash intangible asset impairment charge of $1.9 million related to the carrying value of finite-lived intangible assets, $1.1 million within the Commercial segment and $0.8 million within the Clinical segment, for the years ended December 31, 2013. The Company also recorded a pre-tax non-cash intangible asset impairment charge of $6.7 million and $4.1 million within the Commercial segment related to the carrying value of indefinite-lived intangible assets for the years ended December 31, 2015 and 2014, respectively. There were no impairment charges related to indefinite-lived intangible assets for the year ended December 31, 2013. The intangible asset impairment charges were a result of not meeting or expected to meet in the future the previously forecasted revenue and earnings growth. All impairment charges were included in the impairment of long-lived assets line in the consolidated statements of operations. The fair value of the intangibles that were subject to impairment were determined using the income approach. The pretax intangible impairment charges for the year ended December 31, 2015 included $33.0 million related to intangibles used in the patient outcomes service offering for which impairment charges were taken in the prior year and for which forecasted revenue and earnings growth have not been met due to slower than anticipated market demand. The remaining impairment charges in 2015 reflected a change in the planned use of a tradename, which is expected to be subject to a shorter useful life. These non-cash impairment charges do not impact the Company’s liquidity, compliance with any covenants under its debt agreements or potential future results of operations. The impairment analysis requires significant judgments, estimates and assumptions. If future cash flows are less than those forecasted and included in our fair value estimates, additional impairment charges may be required. The following is a schedule of future amortization expense for finite-lived intangible assets held as of December 31, 2015 (in thousands): Years Ending December 31, Amount 2016 $ 36,450 2017 31,123 2018 30,652 2019 30,312 2020 26,550 Thereafter 70,466 Total future amortization expense $ 225,553 These amounts may vary as acquisitions and disposals occur in the future. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 7. Property and Equipment, Net Property and equipment consist of the following (in thousands): December 31, 2015 2014 Buildings and leaseholds improvements $ 51,530 $ 46,929 Computer equipment and software 130,992 116,891 Vehicles 71,408 47,326 Furniture and fixtures 16,164 16,379 270,094 227,525 Accumulated depreciation (128,062 ) (105,666 ) Property and Equipment, net $ 142,032 $ 121,859 Depreciation expense for property and equipment (including vehicles under capital lease) totaled $47.5 million, $40.6 million and $33.8 million for the years ended December 31, 2015, 2014 and 2013, respectively. The Company leases vehicles for certain sales representatives in the Commercial segment and those leases are accounted for as capital leases. At December 31, 2015 and 2014, the gross book value of leased vehicles is $71.4 million and $47.2 million, respectively, and accumulated depreciation was $18.4 million and $13.7 million, respectively. Depreciation expense related to such vehicle leases was $20.6 million, $13.2 million and $9.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Accrued Payroll, Accounts Payab
Accrued Payroll, Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Accrued Payroll, Accounts Payable and Accrued Expenses | 8. Accrued Payroll, Accounts Payable and Accrued Expenses Accrued payroll, accounts payable and accrued expenses consist of the following (in thousands): December 31, 2015 2014 Accrued payroll and related employee benefits $ 142,138 $ 101,363 Accounts payable 51,725 44,581 Accrued interest 34,836 36,316 Accrued rebates 12,602 16,126 Other accrued expenses 92,425 88,227 Total $ 333,726 $ 286,613 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt The Company’s indebtedness is summarized as follows (in thousands): December 31, 2015 2014 Senior Secured Credit Facilities: Term Loan Facility B3 loans, due 2018 $ 129,645 $ 129,645 Term Loan Facility B4 loans, due 2018 445,694 445,694 Senior Secured Notes, due 2018 625,000 625,000 ABL Facility — — Junior Lien Secured Notes, due 2018 569,691 507,000 Senior Unsecured Notes, due 2018 376,316 376,316 International Facility — — Capital leases and other financing arrangements 68,591 45,589 Total borrowings 2,214,937 2,129,244 Less: unamortized premium (discount) (9,030 ) (12,423 ) Less: unamortized deferred financing costs (35,431 ) (49,380 ) Less: current portion of capital leases and other financing arrangements (23,333 ) (16,265 ) Total long-term borrowings, net of current portion $ 2,147,143 $ 2,051,176 Repayment of long term debt The following table displays the required minimum future repayment of the Company’s debt, excluding capital leases and other financing arrangements as well as any mandatory prepayments that may be required if the Company incurs additional indebtedness, exceeds an annual excess cash flow target, or if the Company completes certain asset sales: Year Ending December 31, (in thousands) 2018 $ 2,146,346 Total $ 2,146,346 Senior Secured Credit Facilities At December 31, 2015, the Company had $575.3 million outstanding under the Senior Secured Credit Facilities, which consisted of $129.6 million under the B3 term loans and $445.7 million under the B4 term loans. On December 20, 2012, the Company amended the Senior Secured Credit Facility (“December 2012 Amendment”) to allow for the offering of $600 million in aggregate principal amount of the 9% Senior Secured Notes due 2018. The proceeds of the offering were used to repay $488.9 million on the Senior Secured Credit Facilities B1-2 and B-3 term loans, which includes the settlement of the 1% per annum principal payment on the B1-2 and B-3 term loans due prior to the final maturity date, and $97.5 million on the Revolving Facility. The Company also amended the terms of the Senior Secured Credit Facilities including (a) permitting the Company to enter into an asset-based credit facility of up to $150.0 million as an alternative to the Revolving Facility and (b) eliminating the financial maintenance covenants, except in certain circumstances when the balance on the Revolving Facility exceeded a threshold. In connection with the December 2012 Amendment, the Company wrote off $18.6 million related to debt that was repaid and is comprised of $11.5 million of existing deferred financing costs and $7.1 million of lender fees paid in connection with the refinancing. The Company capitalized $17.0 million of third party costs. In connection with the Junior Lien Notes Exchange Offer (discussed below) , Borrowings under the Senior Secured Credit Facilities are secured by a senior lien on all of the Company’s and its domestic subsidiaries’ assets on par with the lien granted to the holders of the Company’s Senior Secured Notes and subject to a first priority lien on the current assets pledged pursuant to the ABL Facility. Amounts borrowed under the Senior Secured Credit Facilities are subject to interest at a rate per annum equal to an applicable margin plus, at the Company’s option, either (a) a base rate determined by reference to the highest of (i) the prime rate of Citibank, N.A., (ii) 2.5%, or (iii) the one month US Dollar LIBOR rate plus 1.0% or (b) a rate determined by reference to the highest of (i) the US Dollar LIBOR rate based on the term of the borrowing or (ii) 1.50%. As noted above, on July 28, 2014, the Company amended the Senior Secured Credit Facilities to extend the maturity date of the B1-2 loans to May 2018 from August 2016 by replacing the B1-2 loans with new B4 loans. All of the Company’s outstanding term loans issued pursuant to the Senior Secured Credit Facilities now mature in May 2018. As of December 31, 2015 and 2014, margins on the Senior Secured term B3 loans were 6.25% for Eurodollar Rate loans and 5.25% for Base Rate loans. As of December 31, 2015 and 2014, margins on Senior Secured term B4 loans were 6.25% for Eurodollar Rate loans and 5.25% for Base Rate loans. The weighted average interest rate at December 31, 2015 was 7.75%. The terms contained in the Senior Secured Credit Facilities provide for customary events of default and contains covenants limiting, among other things, our 9% Senior Secured Notes due 2018 On December 13, 2013, the Company issued an additional $25 million of aggregate principal amount of 9.0% Senior Secured Notes due 2018. The additional notes were issued at a 2.5% premium, have the same terms and are treated as single series with the previously issued $600 million Senior Secured Notes. At December 31, 2015, the Company has $625.0 million aggregate principal amount of 9.0% Senior Secured Notes due 2018 outstanding. The Senior Secured Notes bear interest at a rate of 9.0% per annum and mature on January 15, 2018. Interest on the Senior Secured Notes is payable semi-annually on April 15 and October 15 of each year. The Senior Secured Notes are secured, by a senior lien on all assets of the Company and its domestic subsidiaries on par with the lien granted pursuant to the Senior Secured Credit Facilities and subject to a first priority lien on the current assets pledged pursuant to the ABL Facility. The Senior Secured Notes are the guarantors’ secured senior obligations and rank equally in right of payment with all of the Company’s and the guarantors’ existing and future unsubordinated secured indebtedness and senior to any of the Company’s and the guarantors’ future subordinated indebtedness, if any. The indenture governing the Senior Secured Notes provides for customary events of default and contains covenants limiting, among other things, our ability to (subject to certain exceptions) incur indebtedness, make certain restricted payments and investments, create liens on certain assets to secure debt, consolidate, merge, sell or otherwise dispose of all or substantially all of our assets and enter into certain transactions with affiliates. On and after January 15, 2016, the Company may redeem the Senior Secured Notes, in whole or in part, at the redemption prices set forth below, plus accrued and unpaid interest during the twelve-month period beginning on January 15 of each of the years indicated below: Pay Notes Year Percentage 2016 104.50 % 2017 and thereafter 100.00 % In the event of a Change in Control, as defined, the Company must provide holders of the Senior Secured Notes the opportunity to sell to the Company their notes at a price equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest. Other Indenture covenants approximate those of the Credit Facility as noted above. Asset Based Revolving Credit Facilities On August 16, 2013, the Company, Citibank, N.A. and certain financial institutions entered into a credit agreement for an asset-based revolving credit facility of up to $150.0 million (the “ABL Facility”), subject to borrowing base availability, which matures on August 16, 2018. Up to $35.0 million of the ABL Facility is available for the issuance of letters of credit. Amounts borrowed under the ABL Facility are subject to interest at a rate per annum equal to an applicable margin plus, at the Company’s option, either (a) a base rate determined by reference to the highest of (i) the Federal Funds Rate plus .5%, (ii) the prime rate of Citibank, N.A., or (iii) the one month US Dollar LIBOR rate plus 1.0% or (b) the US Dollar LIBOR rate based on the term of the borrowing. The applicable margin percentage for revolving loans is a percentage per annum and ranges from 1.0% to 1.5% for Base Rate loans or 2.0% to 2.5% for the Eurodollar rate loans. The applicable margin percentages with respect to borrowings under the ABL Facility is subject to adjustments based on historical excess availability as defined in the credit agreement for the ABL Facility. As of December 31, 2015, the Company had no outstanding borrowings under its ABL facility, the interest rate applicable to such borrowings was 4.25%. The Company is required to pay an unused line fee on the committed but unutilized balance of the ABL Facility at a rate per annum of 0.25% to 0.375%, depending on utilization. The ABL Facility contains customary covenants and restrictions on the Company and its subsidiaries’ activities, including but not limited to, limitations on the incurrence of additional indebtedness, use of cash in certain circumstances, dividends, repurchase of capital stock, investments, loans, asset sales, distributions, acquisitions, divestitures and ability to enter into certain transactions with affiliates. The ABL Facility requires the Company to maintain a fixed-charge coverage ratio of at least 1.0 to 1.0 and requires certain cash management restrictions, in each case, if available borrowing capacity is less than the greater of 10% of the maximum amount that can be borrowed under the ABL Facility, based on the borrowing base at such time, and $12.0 million. The requirement to maintain a minimum fixed-charge coverage ratio was not in effect given the Company’s available borrowing capacity as of December 31, 2015. All obligations under the ABL Facility are secured by the Company’s domestic subsidiaries and secured by a first priority lien on current assets of the Company and its domestic subsidiaries and a second priority lien on all other assets of the Company and its domestic subsidiaries. The credit agreement also contains events of default for breach of principal or interest payments, breach of certain representations and warranties, breach of covenants and other customary events of default. The available borrowing capacity varies monthly according to the levels of the Company’s eligible accounts receivable and unbilled receivables. As of December 31, 2015, the Company had no outstanding borrowings under the ABL Facility, approximately $18.8 million in letters of credit outstanding against the ABL Facility and would have been able to borrow up to an additional $131.2 million. On July 1, 2015 one of the Company’s indirect subsidiaries in the United Kingdom entered into an asset-based lending facility (“International Facility”) for up to $20.0 million. The new facility includes a guaranty from inVentiv Health, Inc.’s indirect subsidiary in Switzerland. The borrower and guarantor for the new facility are not directly held by inVentiv Health, Inc. or any guarantor to its lending facilities in the U.S. This new facility will be used to enhance international cash management. At December 31, 2015, the Company had no outstanding borrowings under the International Facility and would have been able to borrow up to $14.3 million. 10%/12% Junior Lien Secured Notes due 2018 On August 15, 2014, the Company consummated an exchange offer (the “Junior Lien Notes Exchange Offer”) with holders of its 10% Senior Unsecured Notes due 2018 in which the Company issued $475.0 million aggregate principal amount of new 10%/12% Junior Lien Secured Notes due 2018 (the “Junior Lien Secured Notes”) in exchange for a like amount of the Company’s 10% Senior Unsecured Notes due 2018. The Junior Lien Secured Notes permit up to six semi-annual interest payments to be settled through the issuance of additional Junior Lien Secured Notes. The interest rate with respect to the Junior Lien Secured Notes is a cash rate of 10% per annum or a payment-in-kind (“PIK”) rate of 12% per annum (“PIK Interest”). The Company paid interest on the Junior Lien Secured Notes for the periods commencing August 15, 2014 and February 15, 2015 in PIK Interest and elected to pay interest for the period commencing August 15, 2015 in PIK Interest. As of December 31, 2015, the Company accrued 12% interest on the Junior Lien Secured Notes related to the August 15, 2015 PIK Interest election, which is included in other non-current liabilities, as such interest is required to be settled through the issuance of additional Junior Lien Secured Notes on the interest payment date in February 2016. In February 2016, the Company elected to settle the interest due under the upcoming interest period ended August 2016 in cash. On August 12, 2014, in connection with the Junior Lien Notes Exchange Offer, affiliates of Thomas H. Lee Partners, L.P. and certain co-investors purchased $25.0 million of Junior Lien Secured Notes and $26.3 million of the Company’s 10% Senior Unsecured Notes due 2018 for a total consideration of $50.0 million (the “New Money Investment”). The $26.3 million of 10% Senior Unsecured Notes due 2018 were issued at a 5% discount to par value resulting in a $1.3 million discount that is accreted over the related term using the effective interest method. Additionally, on August 15, 2014 the Company issued an additional $7.0 million of Junior Lien Secured Notes (the “Backstop Consideration”) to a group of holders of the Company’s 10% Senior Unsecured Notes due 2018 as consideration for such holders’ agreement to tender the 10% Senior Unsecured Notes due 2018 held by them into the Junior Lien Notes Exchange Offer. Accordingly, the total amount of June Lien Secured Notes outstanding as of December 31, 2015 was $569.7 million. With the settlement of PIK Interest in February 2016, an additional $33.9 million of Junior Lien Secured Notes were issued. The Junior Lien Secured Notes are guaranteed, on a junior lien basis, by each of the Company’s domestic wholly-owned subsidiaries that guarantee the Senior Secured Credit Facilities. All obligations under the Junior Lien Secured Notes, and the guarantees of those obligations, are secured on a junior lien basis by the Company’s assets and the assets of the Company’s subsidiary guarantors that secure the obligations under the Company’s Senior Secured Credit Facilities and ABL Facility. The Junior Lien Secured Notes are the Company’s and the guarantors’ secured senior obligations and rank equally in right of payments with all of the Company’s and the guarantors’ existing and future unsubordinated indebtedness and senior to any of the Company’s and the guarantors’ future subordinated indebtedness, if any. The indenture governing the Junior Lien Secured Notes provides for customary events of default and contains covenants limiting, among other things, our ability to (subject to certain exceptions) incur indebtedness, make certain restricted payments and investments, create liens on certain assets to secure debt, consolidate, merge, sell or otherwise dispose of all or substantially all of our assets and enter into certain transactions with affiliates. 10% Senior Unsecured Notes due 2018 As a result of the Junior Lien Notes Exchange Offer and the New Money Investment, the Company had $376.3 million in Senior Unsecured Notes outstanding as of December 31, 2015. The Senior Unsecured Notes bear interest at a rate of 10.0% per annum and mature on August 15, 2018. Interest on the Senior Unsecured Notes is payable semi-annually on February 15 and August 15 of each year. The Senior Unsecured Notes are guaranteed, on an unsecured senior basis, by each of the Company’s domestic wholly-owned subsidiaries that guarantee the Senior Secured Credit Facilities. The Senior Unsecured Notes are the Company’s and the guarantors’ unsecured senior obligations and rank equally in right of payment with all of the Company’s and the guarantors’ existing and future unsubordinated unsecured indebtedness and senior to any of the Company’s and the guarantors’ future subordinated indebtedness, if any. The indenture governing the Senior Unsecured Notes provides for customary events of default and contains covenants limiting, among other things, our ability to (subject to certain exceptions) incur indebtedness, make certain restricted payments and investments, create liens on certain assets to secure debt, consolidate, merge, sell or otherwise dispose of all or substantially all of our assets and enter into certain transactions with affiliates. The Company entered into registration rights agreements in connection with the issuances of the Senior Unsecured Notes. Under the registration rights agreement with respect to the notes issued on August 4, 2010 in connection with the August 2010 Merger, the Company agreed to use reasonable best efforts to file a registration statement related to the exchange of such notes for exchange notes with the SEC on or prior to the 270th day after August 4, 2010, to cause such registration statement to become effective under the Securities Act on or prior to the earlier of the 90th day following such filing or the 360th day after August 4, 2010, and to consummate the exchange offer on or prior to the 30th day after effectiveness. The registration rights agreement provides that additional interest will accrue on the principal amount of the notes at a rate of 0.25% per annum during the 90-day period immediately following the first to occur of these events and will increase by 0.25% per annum at the end of each subsequent 90-day period until all such defaults are cured, but in no event will the penalty rate exceed 1.00% per annum. The registration rights agreements with respect to the additional notes issued on June 10, 2011 and July 13, 2011 contain similar requirements. The Company registered the Senior Unsecured Notes on August 5, 2015 with the Securities and Exchange Commission. As a result of such registration and completion of the subsequent exchange offer for the notes, the obligation to pay additional interest on $185.5 million of the notes issued in 2010 ceased on August 5, 2015 and the obligation to pay additional interest on $164.5 million of notes issued in 2011 ceased on September 3, 2015. The Company has incurred penalty interest of $2.2 million, $6.5 million and $8.0 million on the Senior Unsecured Notes for the years ended December 31, 2015, 2014 and 2013, respectively. The Company’s Senior Secured Credit Facility, ABL Facility, Senior Secured Notes, Junior Lien Secured Notes and Senior Unsecured Notes are not guaranteed by certain of the Company’s subsidiaries, including all of its non-U.S. subsidiaries or non-wholly owned subsidiaries. Accordingly, claims of holders of the notes and lenders under the Company’s senior secured credit facilities will be structurally subordinated to the claims of creditors of these non-guarantor subsidiaries, including trade creditors. All obligations of the Company’s non-guarantor subsidiaries will have to be satisfied before any of the assets of such subsidiaries would be available for distribution, upon a liquidation or otherwise, to the Company or a guarantor of our indebtedness. Other Financing Arrangements The Company has other financing obligations that total $1.9 million and $2.3 million at December 31, 2015 and 2014, respectively. Substantially all amounts outstanding as of December 31, 2015 are expected to be repaid in 2016. Unamortized Premium (Discount) and Debt Issuance costs At December 31, 2015, the Company had unamortized premium (discount) on the outstanding debts of $(9.0) million that is to be amortized or accreted over the remaining term, including $0.4 million of unamortized premium and $9.4 million of unamortized discount. At December 31, 2014, the Company had unamortized premium (discount) on the outstanding debts of $(12.4) million that is to be amortized or accreted over the remaining term, including $0.5 million of unamortized premium and $12.9 million of unamortized discount. At December 31, 2015 and 2014, the Company had deferred borrowing costs of $35.4 million and $49.4 million, respectively, which relate to the Company’s financing arrangements and are recorded as a reduction in the Company’s debt obligations. Deferred financing costs are amortized to interest expense using an effective interest rate method over the life of the related borrowings. Amortization expense related to debt issuance costs (including those that are related to outstanding line-of-credit) was $15.6 million, $16.0 million and $16.4 million for the years ended December 31, 2015, 2014 and 2013, respectively. Fair Value of Long-Term Debt The carrying amounts and the estimated fair values of long-term debt as of December 31, 2015 and 2014 are as follows (in thousands): December 31, 2015 December 31, 2014 Carrying value Estimated fair value Carrying value Estimated fair value Term Loan Facility $ 567,673 $ 570,051 $ 564,380 $ 571,024 Senior Secured Notes 618,616 633,594 615,440 636,719 Junior Lien Secured Notes 551,552 537,646 482,112 469,609 Senior Unsecured Notes 364,043 371,142 359,919 327,952 The fair value of long-term debt instruments is measured based on market values for debt issues with similar characteristics, such as maturities, credit ratings, collateral and interest rates available on the measurement dates for debt with similar terms (level 2 within the fair value hierarchy). The Company believes the carrying values for capital leases and other financing arrangements approximate their fair values. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. Fair Value Measurements The Company’s financial instruments include cash and cash equivalents, accounts receivables, unbilled services, accounts payable, short-term borrowings, capital leases and other financing arrangements as well as deferred revenues and client advances. Due to the short-term nature of such instruments, the Company believes their carrying values approximate fair value. Please refer to Note 9 for discussion of the Company’s debt instruments. The Company’s contingent consideration obligations are carried at fair value considering the Company’s best estimate as to the probable timing and amount of settlement. In March 2014, Group Holdings and the holders of the Campbell Notes agreed to an early termination of the Campbell Notes. In consideration of the termination of the Campbell Notes, Group Holdings agreed to pay the holders $5.3 million, resulting in a $0.3 million credit to earnings, which is included in SG&A expenses. As of December 31, 2015 and 2014, the other contingent consideration obligations had an aggregate fair value of $0.5 million and $1.5 million, which is included in accrued expenses and other non-current liabilities. The Company’s deferred compensation plan provides eligible management and other highly compensated employees with the opportunity to defer their compensation and to receive the deferred amounts in the future or upon termination of employment with the Company. The Company invests in the underlying mutual fund investments available to plan participants through investments held in a rabbi trust, which generally offset the liability associated with the deferred compensation plan. These securities are classified as trading securities and carried at fair value of $10.8 million as of December 31, 2015 and included in other assets in the consolidated balance sheets. Gains and losses are included in SG&A expenses. The Company did not have traded securities in 2014 or 2013 as investments were instead primarily held in company owned life insurance policies. Fair value guidance includes a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels: Level 1 Inputs are quoted prices in active markets for identical assets or liabilities. Level 2 Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. Level 3 Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. Recurring Fair Value Measurements The following table represents the Company’s liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014 (in thousands): December 31, 2015 Level 1 Level 2 Level 3 Assets Trading Securities $ 10,751 $ 10,751 $ — $ — Total Assets $ 10,751 $ 10,751 $ — $ — Liabilities Acquisition-related contingent consideration $ 538 $ — $ — $ 538 Total liabilities $ 538 $ — $ — $ 538 December 31, 2014 Level 1 Level 2 Level 3 Liabilities Acquisition-related contingent consideration $ 1,481 $ — $ — $ 1,481 Total liabilities $ 1,481 $ — $ — $ 1,481 The following is a rollforward of the Level 3 liabilities from January 1, 2014 through December 31, 2015 (in thousands): Balance at January 1, 2014 $ 11,883 Adjustments recorded through earnings (1) (5,152 ) Payments and other adjustments (2) (5,250 ) Balance at December 31, 2014 1,481 Adjustments recorded through earnings (1) (193 ) Payments (3) (750 ) Balance at December 31, 2015 $ 538 (1) Represents changes in fair value recorded through earnings related to the Company’s contingent consideration obligations. The changes in fair value are included in SG&A expenses. (2) The Campbell Notes are no longer required to be measured at fair value on a recurring basis due to the termination of the notes in March 2014. As such, the obligation has been removed from the table above. (3 ) Represents cash payments related to the Company’s contingent consideration obligations. Non-recurring Fair Value Measurements Certain assets are carried on the accompanying consolidated balance sheets at cost and are not measured to fair value on a recurring basis. These assets include goodwill and indefinite-lived intangible assets that are tested for impairment annually and when a triggering event occurs. Finite-lived intangible assets are tested when a triggering event occurs. See Note 5 and 6 for more information regarding the methodology and the level 3 assumptions used. As of December 31, 2015, assets carried on the balance sheet and not remeasured to fair value on a recurring basis include $895.4 million of goodwill and $334.6 million of identifiable intangible assets. |
Leases Commitments
Leases Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases Commitments | 11. Leases Commitments The Company leases certain facilities, office equipment and other assets under non-cancelable operating leases. The operating leases are expensed on a straight-line basis and may include certain renewal options and escalation clauses. The following is a schedule of future minimum lease payments for these operating leases as of December 31, 2015 (in thousands): Years Ending December 31, 2016 $ 41,133 2017 36,761 2018 30,146 2019 23,546 2020 19,818 Thereafter 76,016 Total future minimum lease payments (1) $ 227,420 (1) Future minimum lease payments have not been reduced by the minimum sublease payments of $6.3 million due from January 2016 to February 2019 under non-cancellable subleases. Rental expense charged to operations was approximately $44.5 million, $47.3 million and $44.0 million for the years ended December 31, 2015, 2014 and 2013, respectively. Included in rent expense was sublease income of $4.3 million, $4.7 million and $3.6 million, respectively, for the years ended December 31, 2015, 2014 and 2013, respectively. The Company also had commitments under capital leases. Certain vendors have the right to declare us in default of our agreements if any such vendor, including the lessors under our vehicle fleet leases, determines that a change in our financial condition poses a substantially increased credit risk. The following is a schedule of future minimum lease payments for these capital leases at December 31, 2015 (in thousands): Years Ending December 31, 2016 $ 22,586 2017 21,596 2018 17,301 2019 7,951 2020 5 Thereafter — Total future minimum lease payments (1) 69,439 Amount representing interest and management fees (2,784 ) 66,655 Current portion (21,397 ) Non-current lease obligations $ 45,258 (1) These future commitments include interest and management fees, which are not recorded on the consolidated balance sheets as of December 31, 2015 and will be expensed as incurred. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 12. Contingencies On October 31, 2013, Cel-Sci Corporation (Cel-Sci) (“Claimant”) made a demand for arbitration under a Master Services Agreement (the “MSA”), dated as of April 6, 2010 between Claimant and two of our subsidiaries, inVentiv Health Clinical, LLC (formerly known as PharmaNet, LLC) and PharmaNet GmbH (currently known as inVentiv Health Switzerland GmbH and formerly known as PharmaNet AG) (collectively, “PharmaNet”). Under the MSA and related project agreement, which were terminated by Claimant in April 2013, Claimant engaged PharmaNet in connection with a Phase III Clinical Trial of its investigational drug. The arbitration claim alleges (i) breach of contract, (ii) fraud in the inducement, and (iii) common law fraud on the part of PharmaNet, and seeks damages of at least $50 million. In December 2013, inVentiv Health Clinical, LLC filed a counterclaim against Claimant that alleges breach of contract and seeks at least $2 million in damages. The matter proceeded to the discovery phase. In January 2015, inVentiv Health Clinical, LLC filed additional counterclaims against Claimant that allege (i) breach of contract, (ii) opportunistic breach, restitution and unjust enrichment, and (iii) defamation, and seeks at least $2 million in damages and $20 million in other equitable remedies. A hearing is currently scheduled to begin in June of 2016. No assessment can be made at this time as to the likely outcome of this matter. Accordingly, no provision has been recorded as no loss is considered probable. Other Matters The Company is subject to lawsuits, investigations and claims arising out of the conduct of its business, including those related to commercial transactions, contracts, government regulation and employment matters. Certain claims, suits and complaints have been filed or are pending against the Company. The Company does not believe that the outcome of any legal proceedings, if decided adversely to our interests, would have a material adverse effect on our business, financial condition or results of operations. |
Common Stock and Stock Incentiv
Common Stock and Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Common Stock and Stock Incentive Plans | 13. Common Stock and Stock Incentive Plans Description of Capital Stock The Company is authorized to issue 1,000 shares of capital stock, all of which are Common Stock, with a par value of $0.01 per share. In accordance with the Amended and Restated Certificate of Incorporation of the Company, each share of Common Stock shall have one vote, and the Common Stock shall vote together as a single class. As of December 31, 2015, 100% of the outstanding shares of the capital stock of the Company have been issued to, and are held by, inVentiv Holdings, Inc. (see Note 1). Subject to the terms of the Company’s debt instruments, the Board of Directors may declare dividends upon the stock of the Company as and when the Board deems appropriate and in accordance with the General Corporation Law of the State of Delaware, as applicable. Stock-based Compensation Stock-based compensation expense (credit) for the years ended December 31, 2015, 2014 and 2013 was $4.3 million, $0.6 million, and ($1.8) million, respectively, of which $0.5 million, $(0.1) million and $(0.2) million, respectively, was recorded in cost of revenue and $3.8 million, $0.7 million and $(1.6) million was recorded in SG&A expenses, respectively. Stock Incentive Plan The Company established the 2010 Equity Incentive Plan (“Equity Incentive Plan”) in August 2010, and subsequently amended in April 2012 and March 2014, that authorizes stock options and other stock awards for the purchase of an aggregate of 781,588 shares of Common Stock in the Company’s Parent (inVentiv Group Holdings, Inc.). There remained 265,270 shares available for grant under the Equity Incentive Plan as of December 31, 2015. The awards offered under this plan include options that vest based upon the passage of time and the employees’ successful completion of a service requirement (“Time-Based Option Award”), option awards that vest upon certain performance targets being met in addition to the completion of a service requirement (“EBITDA Performance-Based Option Award”), option awards and restricted stock awards that vest if a liquidity event occurs such that Thomas H. Lee Partners, L.P. and its related investment funds that hold shares of Common Stock in the Company’s Parent (“Investors”) achieve a defined return on their investment (Multiple of Money, or “MoM Option Award” and “MoM RSU Award”), option awards that vest following a change in control (“CIC”), as well as restricted stock awards that vest upon a qualifying liquidity event (“RSU Award”). In March 2014, the Compensation Committee of the board of directors of Group Holdings approved a performance contingent award program (“EIP”) under the Equity Incentive Plan that provides for awards that vest if inVentiv achieves certain financial targets over a three-year period. Under this program, participants may elect to receive cash-based awards at a fixed value or restricted stock units. Vested cash-based awards issued with respect to the 2014-2016 performance period settle upon the earlier of a qualifying liquidity event or in cash in December 2018. Vested restricted stock units with respect to the 2014-2016 performance period settle upon a qualifying liquidity event, however, participants may elect in December 2018 to require Group Holdings to purchase from the participant a number of shares having a value equal to the lesser of: (i) the aggregate fair value of the shares as of the date of repurchase and (ii) the aggregate value of the shares on the date of grant. All awards have a ten year contractual term. On July 2, 2015 the Company’s Board of Directors approved the grant of new option awards to eligible employees in exchange for certain outstanding restricted stock units granted under the Group Holdings’ Equity Incentive Plan, on a one-for-one basis. Thirty-five percent of the options in the new award vest upon the passage of time and completion of a service requirement and sixty-five percent vests based upon achievement of certain specified performance targets and completion of a service requirement. Approximately 148,748 of the outstanding restricted stock units were exchanged in the program. The exchange was treated as a modification of the awards and no incremental stock compensation was recognized as the exchange securities were not considered probable of vesting on the date of the exchange. The Company recognizes the fair value of the new option awards in compensation expense over the service period to the extent that vesting of the awards is considered probable. Compensation for Time-Based Option Awards is recognized on a straight-line basis over the performance period (generally five years). Compensation for EBITDA Performance-Based Awards is recognized on a graded vesting basis, based on the probability of achieving the performance targets over the service period for the entire award. Performance targets are generally established over a four-to-five year period. Since the occurrence of a qualifying liquidity event that will trigger the eligibility of vesting for the MoM Option, CIC Option, MoM RSU and RSU Awards is outside of the control of the Company or the option holders, compensation related to these awards will be recognized when the qualifying event occurs and will be based on the number of shares that become eligible for vesting. The fair value of each option award was estimated on the date of grant using a Black-Scholes valuation model with the following assumptions: Years Ended December 31, 2015 2014 2013 Expected volatility 56.1 % 63.0 % 62.0 % Expected dividends — — — Expected life (in years) 6.5 6.0 6.0 Risk free interest rate 2.0 % 1.7 % 1.6 % Weighted average grant date fair value $ 53.19 $ 48.75 $ 47.91 Expected volatilities are based on the historic volatility of a selected peer group. Expected dividends represent the dividends expected to be issued at the date of grant. The expected term of options represents the period of time that options granted are expected to be outstanding. The risk-free interest rate reflects the U.S. Treasury rate at the date of the grant which most closely resembles the expected life of the options. The fair value of the underlying common stock was determined by the income method. Determining the fair value of stock-based awards at the grant date requires the exercise of judgment, including the amount of stock-based awards that are expected to vest. If the actual number of vested awards differs from our estimates, stock-based compensation expense and our results of operations would be impacted. A summary of the 2015 Equity Incentive Plan activity is as follows: Weighted Weighted (in thousands) EBITDA Average Average Aggregate Time Based Performance MoM CIC Total Exercise Remaining Intrinsic Options Options Options Options Options Price Term Value Outstanding January 1, 2015 45,468 27,355 13,815 30,000 116,638 $ 102.47 7.98 $ — Granted 35,907 41,714 38,054 — 115,675 101.92 Exercised — — — — — — Options awarded in connection with the exchange program 52,062 96,686 — — 148,748 96.17 Cancelled (9,604 ) (26,095 ) (1,650 ) — (37,349 ) 97.98 Outstanding December 31, 2015 123,833 139,660 50,219 30,000 343,712 100.04 8.79 $ 30,753 Exercisable December 31, 2015 42,321 30,816 — — 73,137 99.63 8.01 $ 6,574 Vested and expected to vest at December 31, 2015 (1) 101,849 105,576 — — 207,425 99.83 8.40 $ 18,601 (1) Multiple of Money and Change in Control awards have been excluded as the vesting criteria are based on a qualifying liquidity event. The aggregate intrinsic value of options exercised in 2013 was less than $0.1 million. There were no options exercised in 2014 and 2015. Under the terms of the Equity Incentive Plan, the Company has the right to repurchase shares acquired upon exercise if certain conditions are met. The following table summarizes the Company’s RSU Award activity: MoM RSU RSU EIP Total RSU Nonvested at January 1, 2015 102,359 80,224 109,912 292,495 Granted 21,882 — — 21,882 Vested — — — — Awards exchanged in connection with the exchange program (61,859 ) — (86,889 ) (148,748 ) Forfeited (10,623 ) (13,758 ) (21,221 ) (45,602 ) Nonvested at December 31, 2015 51,759 66,466 1,802 120,027 The weighted average grant date value was $95.51, $89.48 and $104.00, for the years ended December 31, 2015, 2014 and 2013, respectively. Liberty Lane Plan In December 2010, the Company established the 2010 Equity Incentive Plan for Liberty Lane (“Liberty Lane Plan”) that authorizes stock awards for the purchase of an aggregate of 190,268 shares of Common Stock in the Company’s Parent. At December 31, 2014 there were 190,268 MoM Option Awards outstanding under the Liberty Lane Plan with a weighted average exercise price of $114. These awards were cancelled in the second quarter of 2015 to reflect Mr. Meister’s resignation as Chief Executive Officer, and the Company issued 38,054 MoM Option Awards to Mr. Meister during 2015. Phantom Equity Incentive Plan The 2011 Phantom Equity Incentive Plan (the “Campbell Plan”) authorizes the issuance of approximately 4,278,000 units to eligible Campbell employees. Approximately 662,000 units were outstanding at December 31, 2015 under the Campbell Plan. These units become eligible for vesting if a liquidity event occurs such that the Investors achieve a defined return on their investment. Compensation expense related to these units will be recognized when the qualifying event occurs and will be based on the number of units that become eligible for vesting. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 14. Employee Benefit Plans Defined Contribution Plan The Company maintains defined contribution benefit plans and makes discretionary contributions to these plans. Costs incurred by the Company related to these plans amounted to approximately $18.2 million, $16.6 million and $13.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. Deferred Compensation Plan The Company’s deferred compensation plan provides eligible management and other highly compensated employees with the opportunity to defer, on a pre-tax basis, their salary, bonus, and other specified cash compensation and to receive the deferred amounts, together with a deemed investment return (positive or negative), either at a pre-determined time in the future or upon termination of employment with the Company. The deferred compensation liability of approximately $12.1 million and $11.8 million was included in accrued expenses and other non-current liabilities in the Company’s consolidated balance sheets as of December 31, 2015 and 2014, respectively. Participants in the plan may elect notional investments in several mutual fund choices per the terms of the plan. Postretirement Plan The Company maintains a postretirement plan for employees at a Swiss subsidiary that has characteristics of both a defined benefit plan and a defined contribution plan. The measurement of the related benefit obligations and the net periodic benefit costs recorded each year are based upon actuarial computations, which require management’s judgment as to certain assumptions. Liabilities related to the Company’s postretirement plan are measured at year end. Benefit amounts are based upon years of service and compensation. The Swiss plan was partially funded as of December 31, 2015 and 2014. The Company’s funding policy has been to contribute annually a fixed percentage of the eligible employee’s salary at least equal to the local statutory funding requirements. The pension liability was $1.0 million and $1.5 million at December 31, 2015 and 2014, respectively, and is included in other non-current liabilities in the accompanying consolidated balance sheets. |
Termination Benefits and Other
Termination Benefits and Other Cost Reduction Actions | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Termination Benefits and Other Cost Reduction Actions | 15. Termination Benefits and Other Cost Reduction Actions The Company undertook certain actions to continue to integrate its acquisitions and implement cost containment measures in an effort to better align operating costs with market and business conditions. Expenses related to these actions that include real estate consolidations, elimination of redundant functions and employees were $16.4 million for the year ended December 31, 2015, and $17.9 million for each of the years ended December 31, 2014 and 2013. The $16.4 million of costs incurred in 2015 includes $13.2 million of severance costs for approximately 435 employees and facility-related costs of $3.2 million and includes $6.7 million of costs related to Clinical, $8.8 million related to Commercial and $0.9 million related to Corporate. The $17.9 million of costs incurred in 2014 includes $13.7 million of severance costs for approximately 410 employees and facility-related costs of $4.2 million and includes $8.6 million of costs related to Clinical, $8.5 million related to Commercial and $0.8 million related to Corporate. The $17.9 million of costs incurred in 2013 includes $12.9 million of severance costs for approximately 390 employees and facility-related costs of $5.0 million and includes $4.5 million of costs related to Clinical, $11.5 million related to Commercial and $1.9 million related to Corporate. In addition, the Company incurred non-cash facility consolidation costs of $0.5 million in both 2015 and 2013, respectively, and there were no such non-cash charges in 2014. The following table summarizes the Company’s restructuring costs for the years ended December 31, 2015, 2014 and 2013 (in thousands): For the Year Ended December 31, 2015 2014 2013 Employee severance and related costs $ 13,134 $ 13,752 $ 12,882 Facilities-related costs 3,231 4,168 5,015 Total $ 16,365 $ 17,920 $ 17,897 For the years ended December 31, 2015, 2014 and 2013, restructuring costs of $5.1 million, $4.7 million and $4.9 million have been included in Cost of revenues, and $11.3 million, $13.2 million and $13.0 million have been included in Selling, general and administrative expenses, respectively. Restructuring costs are not allocated to the Company’s reportable segments as they are not part of the segment performance measures regularly reviewed by the management. The following table summarizes the Company’s restructuring reserve as of December 31, 2015 and 2014 (in thousands): Balance at Balance at Balance at December 2014 2014 December 31, December 31, 2013 Net Costs Cash Payments 2014 Net Costs Cash Payments 2015 Employee severance and related costs $ 5,479 $ 13,752 $ (14,086 ) $ 5,145 $ 13,134 $ (14,034 ) $ 4,245 Facilities-related costs 6,187 4,168 (3,257 ) 7,098 3,231 (6,387 ) 3,942 Total $ 11,666 $ 17,920 $ (17,343 ) $ 12,243 $ 16,365 $ (20,421 ) $ 8,187 The Company expects severance payments accrued at December 31, 2015 will be paid within the next twelve months. Certain facility costs will be paid over the remaining lease term of exited facilities through 2027. The net costs on the table above exclude non-cash charges of $0.5 million in both 2015 and 2013 related to abandoned assets at certain facilities. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes For financial reporting purposes, income (loss) from continuing operations before income (loss) from equity investments and income taxes includes the following components (in thousands): For the Year Ended December 31, 2015 2014 2013 United States $ (165,929 ) $ (184,994 ) $ (232,362 ) Foreign 22,198 7,263 19,113 $ (143,731 ) $ (177,731 ) $ (213,249 ) The income tax provision is as follows (in thousands): For the Year Ended December 31, 2015 2014 2013 Current: U.S. - Federal $ — $ (4,648 ) $ 169 U.S. - State and local 151 (632 ) (210 ) Foreign 8,160 3,149 1,568 8,311 (2,131 ) 1,527 Deferred: U.S. - Federal 4,496 4,423 4,061 U.S. - State and local (111 ) 171 476 Foreign (7,129 ) 44 (3,109 ) (2,744 ) 4,638 1,428 Income tax provision $ 5,567 $ 2,507 $ 2,955 The provision for taxes on net loss differs from the amount computed by applying the U.S. federal income tax rate as a result of the following: For the Year Ended December 31, 2015 2014 2013 (stated as percentages) Taxes at statutory U.S. federal income tax rate 35.0 % 35.0 % 35.0 % Foreign tax differences 4.5 2.1 2.0 State and local income taxes, net of federal tax benefit — (0.2 ) (0.5 ) Valuation allowance (27.9 ) (43.3 ) (36.2 ) Federal examination settlement — 2.3 — Impairment of intangible assets (7.6 ) (2.8 ) (3.8 ) Proceeds from purchase price finalization — — 2.3 Net operating loss adjustment — 7.7 — Federal tax on foreign earnings (6.4 ) (3.9 ) (3.3 ) Other permanent differences (1.5 ) 1.7 3.1 Effective tax rate (3.9 ) % (1.4 ) % (1.4 ) % Deferred income taxes are recorded based upon differences between the financial statement and tax bases of assets and liabilities. As of December 31, 2015 and 2014, the deferred tax assets and liabilities consisted of the following (in thousands): For 2015 2014 Deferred Tax Assets: Accrued expenses $ 29,384 $ 24,907 Deferred revenue 11,150 7,847 Allowance for doubtful accounts and other 9,462 10,744 Deferred compensation 6,902 5,434 Intangible assets 9,416 11,639 Net operating loss 351,348 341,704 Property and equipment 5,190 2,664 Research and development credits 44,506 48,894 Debt basis adjustment 8,854 8,845 Other 4,387 5,359 Deferred Tax Assets 480,599 468,037 Valuation Allowance (406,477 ) (375,638 ) Deferred Tax Liabilities: Prepaid expenses (2,746 ) (2,964 ) Property and equipment (518 ) (727 ) Deferred financing (5,052 ) (7,368 ) Intangible assets (121,602 ) (140,067 ) U.S. tax on foreign earnings (7,000 ) (7,000 ) Other (532 ) (49 ) Deferred Tax Liabilities (137,450 ) (158,175 ) Net Deferred Tax Liabilities $ (63,328 ) $ (65,776 ) At December 31, 2015 and 2014, the Company had U.S. Federal net operating loss carry forwards (“NOLs”) of $889.7 million and $817.2 million, respectively, which will expire beginning in 2026 and ending in 2035. Included in this amount were $82.3 million of NOLs attributable to acquisitions completed during 2011, the utilization of which will be subject to limitations due to the application of Internal Revenue Code (“IRC”) Section 382, a provision that may limit a taxpayer’s ability to utilize its NOLs in the event of an ownership change. The Company does not believe any Section 382 limitations will preclude utilization before these NOLs expire. At December 31, 2015 and 2014, the Company had foreign NOLs of $73.4 million and $85.8 million, respectively, which will expire in varying amounts beginning in 2020 and certain amounts, have an indefinite life. At December 31, 2015 and 2014, the Company had Canadian research and development credit carry forwards of $60.2 million and $66.7 million, respectively, which expire between 2022 and 2035. At December 31, 2014, the net deferred tax assets were offset by a full valuation allowance. During 2015, a $5.9 million reduction in the valuation allowance was recognized as a benefit to the foreign deferred tax provision, related to the Company’s Canadian Clinical subsidiary. As of December 31, 2015 and 2014, the Company had a total valuation allowance of $406.5 million and $375.6 million, respectively. The Company maintains a full valuation allowance against its domestic and certain foreign net deferred tax assets because management has concluded that it is more likely than not that it will not realize the benefits of these deferred tax assets based on recent operating results and current projections of future losses. In 2015 and 2014, the valuation allowance increased by $30.9 million (net of the $5.9 million Canadian reduction) and $76.7 million, respectively, primarily due to the domestic NOL each year. The Company continues to evaluate all jurisdictions for potential valuation allowance changes due to improved sustainable profitability or decline of business profits which would either warrant the release of an already established valuation allowance or to record a valuation allowance against the deferred tax assets of the given jurisdiction. Due to the valuation allowance, for the years ended December 31, 2015 and 2014, the taxable temporary difference from the amortization of indefinite-lived intangible assets and goodwill, resulted in incremental tax expense of $7.6 million and $6.4 million, respectively (before the impact of impairments). The Company will record tax expense related to amortization of its tax deductible indefinite-lived intangible assets and goodwill during those future periods for which it maintains a valuation allowance or until its unamortized balance of $133.0 million as of December 31, 2015, is fully amortized for tax purposes. The Company provides for U.S. income taxes or non U.S. withholding taxes of undistributed earnings of non U.S. subsidiaries, unless such earnings are considered indefinitely reinvested. As of December 31, 2015, undistributed earnings, for which no provision for U.S. income taxes has been established, was $71.8 million. As of December 31, 2015, the amount of unrecognized deferred tax liability related to this temporary difference is estimated to be approximately $27.6 million, although if distributed during future periods for which the Company maintains a domestic valuation allowance, there would not be a material impact on future tax provisions. As of December 31, 2015, 2014 and 2013, the Company had unrecognized tax benefits of $25.5 million, $16.7 million and $13.6 million, respectively. Positions totaling $2.7 million, $3.1 million and $8.0 million at December 31, 2015, 2014 and 2013, respectively, if recognized, would affect the effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits, which excludes interest and penalties, is as follows (in millions): For the Year Ended December 31, 2015 2014 2013 Unrecognized tax benefits balance $ 16.7 $ 13.6 $ 12.3 Increase (decrease) in tax positions for prior years 0.1 (0.2 ) (0.4 ) Increase in tax positions for current year 9.4 6.9 4.3 Settlements — (2.8 ) (1.4 ) Lapse of statute of limitations (0.7 ) (0.8 ) (1.2 ) Unrecognized tax benefits balance $ 25.5 $ 16.7 $ 13.6 The total amount of accrued interest and penalties recorded as of December 31, 2015 and 2014 was $3.0 million and $2.9 million, respectively. The gross interest and penalties recognized in the statements of operations for the years ended December 31, 2015, 2014 and 2013 was income (expense) of $(0.1) million, $0.4 million and $0.1 million, respectively. The interest and penalties recognized as income is a result of the expiration of the statute of limitations and audit settlement related to several uncertain tax positions. The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations for years before 2012 and generally, is no longer subject to state and local income tax examinations by tax authorities for years before 2011. The Company does not expect that the unrecognized tax benefits balance will decrease within the next 12 months. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Parties | 17. Related Parties Management Arrangements Upon completion of the August 2010 Merger, the Company entered into a management agreement (“THL Management Agreement”) with THL Managers VI, LLC (“THL Managers”), in which THL Managers agreed to provide management services to the Company until the tenth anniversary of the consummation of the August 2010 Merger with evergreen one-year extensions thereafter. Pursuant to the THL Management Agreement, THL Managers will receive an aggregate annual management fee in an amount per year equal to the greater of (a) $2.5 million or (b) 1.5% of EBITDA, as defined. In addition, the Company will reimburse out-of-pocket expenses, including travel related costs, incurred by THL Managers. The Company recognized $3.3 million, $2.9 million and $3.0 million in management fees and related costs for the years ended December 31, 2015, 2014 and 2013, respectively. The management agreement with the THL Managers includes customary exculpation and indemnification provisions in favor of the THL Managers and their affiliates. The THL Managers may terminate their management agreement at any time. The THL Managers’ management agreement will terminate automatically upon an initial public offering or a change of control. Upon termination due to an initial public offering or a change of control, the THL Managers will be entitled to a termination fee based on the net present value of their annual fee due during the remaining period from the date of termination to the then applicable scheduled date of termination of their management agreement. Upon completion of the August 2010 Merger, the Company entered into a management agreement with Liberty Lane, in which Liberty Lane agreed to provide management services to the Company. Mr. Meister, the Company’s former Chief Executive Officer, is affiliated with Liberty Lane. Pursuant to the agreement, Liberty Lane or its affiliates received an aggregate annual management fee in an amount per year equal to $1.0 million. On December 5, 2012, the agreement was amended to lower the per year management fee to $0.8 million beginning January 1, 2013. The agreement was terminated in the second quarter of 2015 with an effective date of September 24, 2014 to reflect Mr. Meister’s resignation as Chief Executive Officer. The Company incurred management fees of $0.7 million and $0.8 million for the years ended December 31, 2014 and 2013, respectively. On November 12, 2012, the Compensation Committee of Group Holdings granted to Liberty Lane options to purchase shares of Common Stock equal to approximately 1.4% of the fully diluted equity of Group Holdings. The options vest if a liquidity event occurs such that the Investors achieve a certain return on their investment. These awards were cancelled in the second quarter of 2015 to reflect Mr. Meister’s resignation as Chief Executive Officer, and the Company issued 38,054 MoM Option Awards to Mr. Meister during 2015. See Note 13 for additional information. Commercial Transactions There were four entities for the years ended December 31, 2015, 2014 and 2013 in which THL or its affiliates held a 10% or greater interest that provided services exceeding $120,000 in value to the Company. The services included facilities management, audio conferencing and information technology services. The fees for these services were $4.3 million, $5.3 million and $4.0 million for the years ended December 31, 2015, 2014 and 2013, respectively. One of the Company’s directors, Blane Walter, acquired a 10% or greater interest in and became a director of an entity in 2013 which provided relationship enterprise technology solutions to the Company exceeding $120,000 in value over the previous twelve month period. The services were provided for fees of $1.8 million, $1.8 million and $0.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. Debt Instruments In 2014, affiliates of Thomas H. Lee Partners, L.P., Liberty Lane and Blane Walter purchased $25.0 million of Junior Lien Secured Notes and $26.3 million of the Company’s 10% Senior Unsecured Notes due 2018 for a total consideration of $50.0 million as described in Note 9. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | 18. Segment Information The Company provides services through two reportable segments, Clinical and Commercial. Each reportable business segment is comprised of multiple divisions and business units that, through their combination, create a fully integrated biopharmaceutical outsourced services provider. Clinical, which primarily serves pharmaceutical, biotechnology, diagnostic and medical device clients engaged in research and development, provides a continuum of services spanning phases I-IV of clinical development. Commercial, provides commercialization, patient outcomes and consulting services to the pharmaceutical, biotechnology and healthcare industries. The Clinical and Commercial segments provide services to the other segments primarily in connection with the delivery of services to the end customer. The Company accounts for intersegment sales on prices that management considers to be consistent with market pricing. Total intersegments sales from Clinical to Commercial was $0.3 million , $1.5 million, and $0.7 million for the years ended December 31, 2015, 2014, and 2013, respectively. Total intersegment sales from Commercial to Clinical or Corporate was $13.2 million, $6.1 million, and $3.9 million for the years ended December 31, 2015, 2014, and 2013, respectively. Management measures and evaluates the Company’s operating segments based on segment net revenue and adjusted operating income. The results of these reportable business segments are regularly reviewed by the Company’s chief operating decision maker, the Chief Executive Officer. Certain costs are excluded from segment operating income because management evaluates the operating results of the segments excluding such charges. These items include depreciation and amortization; certain foreign currency impacts; net charges associated with acquisitions; certain legal charges, net of insurance recoveries; certain asset impairment charges; stock-based compensation; as well as corporate and other unallocated expenses. The corporate and other unallocated expenses primarily consist of expenses for corporate overhead functions such as finance, human resources, information technology, facilities and legal; restructuring and related charges; and certain expenses incurred in connection with the management agreements with affiliates of certain shareholders of the Parent. Although these amounts are excluded from segment operating income, as applicable, they are included in reported consolidated operating loss and in the reconciliations presented below. The Company has not presented segment assets since management does not evaluate the Company’s operating segments using this information. The Company has an agreement to provide commercialization services to a pharmaceutical customer for launch of certain products in return for a royalty on the customer’s net sales. The results of this arrangement are included in Corporate as the contract is managed and evaluated on a corporate level. As these activities were previously included in the Commercial segment information has been restated to include these results in Corporate and Commercial recognized intersegment sales related to performing services under this arrangement. Selected information for each reportable segment is as follows (in thousands): For the Year Ended December 31, 2015 2014 2013 Net Revenues Clinical $ 947,917 $ 870,255 $ 865,043 Commercial 1,059,876 943,716 784,130 Intersegment revenues (13,475 ) (7,566 ) (4,618 ) Consolidated net revenues $ 1,994,318 $ 1,806,405 $ 1,644,555 Adjusted Segment Operating Income (Loss) Clinical $ 137,093 $ 96,736 $ 94,945 Commercial 171,940 129,684 108,782 Corporate and other (39,765 ) (28,790 ) (43,725 ) Reportable segments adjusted operating income (loss) 269,268 197,630 160,002 Depreciation and amortization (95,088 ) (107,315 ) (105,999 ) Impairment of goodwill and long-lived assets (69,157 ) (24,023 ) (38,881 ) Proceeds from purchase price finalization — — 14,221 Stock-based compensation (4,286 ) (556 ) 1,771 Other unallocated charges (27,587 ) (16,356 ) (34,314 ) Operating income (loss) 73,150 49,380 (3,200 ) Loss on extinguishment of debt and refinancing costs — (10,062 ) (818 ) Interest income (expense), net (228,199 ) (217,049 ) (209,231 ) Other income 11,318 — — Income (loss) before income tax (provision) benefit and income (loss) from equity investments $ (143,731 ) $ (177,731 ) $ (213,249 ) For the Year Ended December 31, 2015 2014 2013 Capital Expenditures (in thousands) Clinical $ 14,816 $ 11,237 $ 16,478 Commercial 14,938 10,847 9,988 Corporate and other 9,525 11,005 9,211 Capital expenditures $ 39,279 $ 33,089 $ 35,677 The following tables contain certain financial information by geographic area based on the location of the primary customer relationship. For the Year Ended December 31, 2015 2014 2013 Net Revenues by Geography (in thousands) United States $ 1,554,376 $ 1,336,674 $ 1,201,428 Europe 309,858 310,571 288,702 All Other Americas 62,804 75,040 81,843 Asia 60,347 73,930 61,340 All Other 6,933 10,190 11,242 Net revenues $ 1,994,318 $ 1,806,405 $ 1,644,555 December 31, 2015 2014 Long-Lived Assets by Geography (in thousands) United States $ 124,901 $ 104,637 Europe 9,790 8,988 All Other Americas 4,974 6,400 Asia 2,334 1,779 All Other 33 55 Long-lived assets $ 142,032 $ 121,859 |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
Allowance for Doubtful Accounts | 19. Allowance for Doubtful Accounts The activity in the allowance for doubtful accounts consisted of the following (in thousands): Balance Additions Balance Beginning Charged to End of of Year Income Deductions Other (a) Year Year ended December 31, 2015 $ 4,143 $ 2,689 $ (1,469 ) $ 32 $ 5,395 Year ended December 31, 2014 4,839 1,203 (1,496 ) (403 ) 4,143 Year ended December 31, 2013 4,002 2,459 (1,883 ) 261 4,839 (a) Primarily reflects the impact of currency translation. |
Guarantor Financial Information
Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Guarantor Financial Information | 20. Guarantor Financial Information Borrowings under each of our Senior Secured Credit Facilities, ABL Facility, Senior Secured Notes, Junior Lien Secured Notes and Senior Unsecured Notes are guaranteed by certain of the Company’s domestic wholly-owned subsidiaries. The guarantees are full and unconditional and joint and several. The Company’s Senior Secured Credit Facility, ABL Facility, Senior Secured Notes, Junior Lien Secured Notes and Senior Unsecured Notes are not guaranteed by certain of the Company’s subsidiaries, including all of its non-U.S. subsidiaries or non-wholly owned subsidiaries. The following supplemental financial information sets forth, on a condensed consolidating basis, balance sheet information, results of operations, comprehensive loss and cash flow information for inVentiv Health, Inc., the Guarantor Subsidiaries and other subsidiaries (the "Non-Guarantor Subsidiaries"). The supplemental financial information reflects the investments of inVentiv Health, Inc.’s investment in the Guarantor Subsidiaries and Non-Guarantor Subsidiaries using the equity method of accounting. Subsequent to the issuance of the 2014 consolidated financial statements, management determined that within the condensed consolidating statement of cash flows, certain intercompany transfers historically presented on a gross basis within operating, investing and financing activities represent centralized treasury activities that are more appropriately presented on a net basis within investing and financing activities between the respective parent, guarantor, and non guarantor entities. Additionally, the Company has recorded in Guarantor Subsidiaries approximately $575.3 million of long term debt as well as adjustments for debt-related accounts previously shown in the parent column, representing the co-obligator subsidiaries share of the Company’s outstanding term loan debt. The aforementioned items have been corrected in the condensed consolidating statements as of December 31, 2014 and for years ended December 31, 2014 and 2013. The corrections had no impact on the Company’s consolidated financial position, results of operations or cash flows. 20. Guarantor Financial Information (Continued) CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION At December 31, 2015 (in thousands, except share and per share amounts) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 55,226 — $ 148,970 $ (82,879 ) $ 121,317 Restricted cash 226 — 1,381 — 1,607 Accounts receivable, net of allowances for doubtful accounts — 292,548 66,533 — 359,081 Unbilled services — 174,070 33,395 — 207,465 Intercompany receivables 529,457 840,499 18,211 (1,388,167 ) — Prepaid expenses and other current assets 8,839 11,401 22,690 — 42,930 Income tax receivable 104 — 1,076 (104 ) 1,076 Total current assets 593,852 1,318,518 292,256 (1,471,150 ) 733,476 Property and equipment, net 23,227 101,507 17,298 — 142,032 Goodwill — 855,317 40,052 — 895,369 Intangible assets, net — 328,239 6,407 — 334,646 Non-current deferred tax assets — — 10,032 — 10,032 Other assets 19,084 4,491 13,559 — 37,134 Non-current intercompany receivables 416,161 29,235 35,021 (480,417 ) — Investment in consolidated subsidiaries 676,479 93,191 — (769,670 ) — Total assets $ 1,728,803 $ 2,730,498 $ 414,625 $ (2,721,237 ) $ 2,152,689 LIABILITIES AND STOCKHOLDER’S (DEFICIT) EQUITY Current liabilities: Current portion of capital lease obligations and other financing arrangements $ 1,936 $ 21,324 $ 73,355 $ (73,282 ) $ 23,333 Accrued payroll, accounts payable and accrued expenses 71,953 200,063 71,307 (9,597 ) 333,726 Intercompany payables 820,965 542,500 24,702 (1,388,167 ) — Income taxes payable — 165 5,423 (104 ) 5,484 Deferred revenue and client advances — 190,828 55,828 — 246,656 Total current liabilities 894,854 954,880 230,615 (1,471,150 ) 609,199 Capital lease obligations, net of current portion — 45,247 11 — 45,258 Long-term debt, net of current portion 1,533,197 568,688 — — 2,101,885 Non-current income tax liability — 4,806 1,136 — 5,942 Deferred tax liability 74 73,047 239 — 73,360 Other non-current liabilities 38,494 30,896 18,763 — 88,153 Non-current intercompany liabilities 34,920 416,260 29,237 (480,417 ) — Total liabilities 2,501,539 2,093,824 280,001 (1,951,567 ) 2,923,797 Total inVentiv Health, Inc. stockholder’s deficit (772,736 ) 636,674 132,996 (769,670 ) (772,736 ) Noncontrolling interest — — 1,628 — 1,628 Total stockholder’s deficit (772,736 ) 636,674 134,624 (769,670 ) (771,108 ) Total liabilities and stockholder’s deficit $ 1,728,803 $ 2,730,498 $ 414,625 $ (2,721,237 ) $ 2,152,689 20. Guarantor Financial Information (Continued) CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION At December 31, 2014 (in thousands, except share and per share amounts) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 19,643 $ 3,439 $ 86,014 $ (52,037 ) $ 57,059 Restricted cash 569 — 1,148 — 1,717 Accounts receivable, net of allowances for doubtful accounts — 236,884 65,963 — 302,847 Unbilled services — 138,100 40,936 — 179,036 Intercompany receivables 375,025 557,758 64,778 (997,561 ) — Prepaid expenses and other current assets 5,301 12,181 20,743 — 38,225 Income tax receivable — 310 1,053 — 1,363 Current deferred tax assets 259 12,198 1,316 (6,261 ) 7,512 Total current assets 400,797 960,870 281,951 (1,055,859 ) 587,759 Property and equipment, net 21,665 82,857 17,337 — 121,859 Goodwill — 889,281 42,506 — 931,787 Intangible assets, net — 410,059 7,765 — 417,824 Non-current deferred tax assets — — 3,944 — 3,944 Other assets 25,916 3,519 12,447 — 41,882 Non-current intercompany receivables 368,325 38,847 132 (407,304 ) — Investment in consolidated subsidiaries 700,383 86,242 — (786,625 ) — Total assets $ 1,517,086 $ 2,471,675 $ 366,082 $ (2,249,788 ) $ 2,105,055 LIABILITIES AND STOCKHOLDER’S (DEFICIT) EQUITY Current liabilities: Current portion of capital lease obligations and other financing arrangements $ 4,006 $ 14,025 $ 50,271 $ (52,037 ) $ 16,265 Accrued payroll, accounts payable and accrued expenses 62,179 162,937 61,497 — 286,613 Intercompany payables 562,297 404,413 30,851 (997,561 ) — Income taxes payable 222 — 987 — 1,209 Deferred revenue and client advances — 150,709 48,421 — 199,130 Total current liabilities 628,704 732,084 192,027 (1,049,598 ) 503,217 Capital lease obligations, net of current portion — 29,126 198 — 29,324 Long-term debt, net of current portion 1,456,325 565,527 — — 2,021,852 Non-current income tax liability — 5,360 1,101 — 6,461 Deferred tax liability 333 80,860 2,300 (6,261 ) 77,232 Other non-current liabilities 37,441 25,175 18,140 — 80,756 Non-current intercompany liabilities 9,464 368,457 29,383 (407,304 ) — Total liabilities 2,132,267 1,806,589 243,149 (1,463,163 ) 2,718,842 Total inVentiv Health, Inc. stockholder’s deficit (615,181 ) 665,086 121,539 (786,625 ) (615,181 ) Noncontrolling interest — — 1,394 — 1,394 Total stockholder’s deficit (615,181 ) 665,086 122,933 (786,625 ) (613,787 ) Total liabilities and stockholder’s deficit $ 1,517,086 $ 2,471,675 $ 366,082 $ (2,249,788 ) $ 2,105,055 20. Guarantor Financial Information (Continued) CONSOLIDATING STATEMENT OF OPERATIONS Fiscal Year Ended December 31, 2015 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net revenues $ — $ 1,553,568 $ 471,699 $ (30,949 ) $ 1,994,318 Reimbursed out-of-pocket expenses — 283,529 43,774 (348 ) 326,955 Total revenues — 1,837,097 515,473 (31,297 ) 2,321,273 Operating expenses: Cost of revenues — 1,056,886 298,668 (28,772 ) 1,326,782 Reimbursable out-of-pocket expenses — 283,529 43,774 (348 ) 326,955 Selling, general and administrative expenses 75,181 314,190 138,035 (2,177 ) 525,229 Impairment of goodwill — 33,964 — — 33,964 Impairment of long-lived assets — 35,193 — — 35,193 Allocation of intercompany costs (55,594 ) 43,659 11,935 — — Total operating expenses 19,587 1,767,421 492,412 (31,297 ) 2,248,123 Operating income (loss) (19,587 ) 69,676 23,061 — 73,150 Interest income (expense), net (179,379 ) (49,389 ) 569 — (228,199 ) Other income 11,318 — — — 11,318 Intercompany interest income (expense) 47,946 (46,957 ) (989 ) — — Income (loss) before income tax (provision) benefit and income (loss) from equity investments (139,702 ) (26,670 ) 22,641 — (143,731 ) Income tax (provision) benefit 503 (5,009 ) (1,061 ) — (5,567 ) Income (loss) before income (loss) from equity investments (139,199 ) (31,679 ) 21,580 — (149,298 ) Income (loss) from equity investments (12,269 ) 15,772 — (4,782 ) (1,279 ) Net income (loss) (151,468 ) (15,907 ) 21,580 (4,782 ) (150,577 ) Less: Net (income) loss attributable to the noncontrolling interest — — (891 ) — (891 ) Net income (loss) attributable to inVentiv Health, Inc. $ (151,468 ) $ (15,907 ) $ 20,689 $ (4,782 ) $ (151,468 ) 20. Guarantor Financial Information (Continued) CONSOLIDATING STATEMENT OF OPERATIONS Fiscal Year Ended December 31, 2014 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net revenues $ — $ 1,348,217 $ 489,511 $ (31,323 ) $ 1,806,405 Reimbursed out-of-pocket expenses — 213,940 53,167 (321 ) 266,786 Total revenues — 1,562,157 542,678 (31,644 ) 2,073,191 Operating expenses: Cost of revenues — 904,529 328,325 (29,218 ) 1,203,636 Reimbursable out-of-pocket expenses — 213,940 53,167 (321 ) 266,786 Selling, general and administrative expenses 46,047 343,170 142,254 (2,105 ) 529,366 Impairment of goodwill — 15,795 — — 15,795 Impairment of long-lived assets — 8,228 — — 8,228 Allocation of intercompany costs (40,968 ) 33,155 7,813 — — Total operating expenses 5,079 1,518,817 531,559 (31,644 ) 2,023,811 Operating income (loss) (5,079 ) 43,340 11,119 — 49,380 Loss on extinguishment of debt and refinancing costs (3,570 ) (6,492 ) — — (10,062 ) Interest income (expense), net (166,998 ) (50,401 ) 350 — (217,049 ) Intercompany interest income (expense) 42,373 (39,959 ) (2,414 ) — — Income (loss) before income tax (provision) benefit and income (loss) from equity investments (133,274 ) (53,512 ) 9,055 — (177,731 ) Income tax (provision) benefit 5,743 (5,055 ) (3,195 ) — (2,507 ) Income (loss) before income (loss) from equity investments (127,531 ) (58,567 ) 5,860 — (180,238 ) Income (loss) from equity investments (62,104 ) (586 ) — 62,286 (404 ) Income (loss) from continuing operations (189,635 ) (59,153 ) 5,860 62,286 (180,642 ) Net income (loss) from discontinued operations, net of tax — (8,163 ) — — (8,163 ) Net income (loss) (189,635 ) (67,316 ) 5,860 62,286 (188,805 ) Less: Net (income) loss attributable to the noncontrolling interest — — (830 ) — (830 ) Net income (loss) attributable to inVentiv Health, Inc. $ (189,635 ) $ (67,316 ) $ 5,030 $ 62,286 $ (189,635 ) 20. Guarantor Financial Information (Continued) CONSOLIDATED STATEMENTS OF OPERATIONS Fiscal Year Ended December 31, 2013 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net revenues $ — $ 1,242,117 $ 486,171 $ (83,733 ) $ 1,644,555 Reimbursed out-of-pocket expenses — 208,706 57,178 (5,959 ) 259,925 Total revenues — 1,450,823 543,349 (89,692 ) 1,904,480 Operating expenses: Cost of revenues — 860,762 306,219 (82,214 ) 1,084,767 Reimbursable out-of-pocket expenses — 208,706 57,178 (5,959 ) 259,925 Selling, general and administrative expenses 53,682 340,301 145,864 (1,519 ) 538,328 Proceeds from purchase price finalization — (14,221 ) — — (14,221 ) Impairment of goodwill — 36,864 — — 36,864 Impairment of long-lived assets — 2,017 — — 2,017 Allocation of intercompany costs (46,972 ) 35,985 10,987 — — Total operating expenses 6,710 1,470,414 520,248 (89,692 ) 1,907,680 Operating income (loss) (6,710 ) (19,591 ) 23,101 — (3,200 ) Loss on extinguishment of debt and refinancing costs (818 ) — — — (818 ) Interest income (expense), net (158,623 ) (50,756 ) 148 — (209,231 ) Intercompany interest income (expense) 38,293 (33,089 ) (5,204 ) — — Income (loss) before income tax (provision) benefit and income (loss) from equity investments (127,858 ) (103,436 ) 18,045 — (213,249 ) Income tax (provision) benefit (498 ) (4,070 ) 1,613 — (2,955 ) Income (loss) before income (loss) from equity investments (128,356 ) (107,506 ) 19,658 — (216,204 ) Income (loss) from equity investments (109,217 ) 12,138 — 97,094 15 Income (loss) from continuing operations (237,573 ) (95,368 ) 19,658 97,094 (216,189 ) Net income (loss) from discontinued operations, net of tax — (20,228 ) — — (20,228 ) Net income (loss) (237,573 ) (115,596 ) 19,658 97,094 (236,417 ) Less: Net (income) loss attributable to the noncontrolling interest — — (1,156 ) — (1,156 ) Net income (loss) attributable to inVentiv Health, Inc. $ (237,573 ) $ (115,596 ) $ 18,502 $ 97,094 $ (237,573 ) 20. Guarantor Financial Information (Continued) CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS Fiscal Year Ended December 31, 2015 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net Income (loss) $ (151,468 ) $ (15,907 ) $ 21,580 $ (4,782 ) $ (150,577 ) Other comprehensive income (loss): Foreign currency translation adjustment (9,963 ) (8,732 ) (8,317 ) 17,049 (9,963 ) Total other comprehensive income (loss) (9,963 ) (8,732 ) (8,317 ) 17,049 (9,963 ) Total comprehensive income (loss) (161,431 ) (24,639 ) 13,263 12,267 (160,540 ) Less: Comprehensive (income) loss attributable to the noncontrolling interest — — (891 ) — (891 ) Total comprehensive income (loss) attributable to inVentiv Health, Inc. $ (161,431 ) $ (24,639 ) $ 12,372 $ 12,267 $ (161,431 ) 20. Guarantor Financial Information (Continued) CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS Fiscal Year Ended December 31, 2014 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net Income (loss) $ (189,635 ) $ (67,316 ) $ 5,860 $ 62,286 $ (188,805 ) Other comprehensive income (loss): Foreign currency translation adjustment (16,848 ) (12,377 ) (13,965 ) 26,342 (16,848 ) Total other comprehensive income (loss) (16,848 ) (12,377 ) (13,965 ) 26,342 (16,848 ) Total comprehensive income (loss) (206,483 ) (79,693 ) (8,105 ) 88,628 (205,653 ) Less: Comprehensive (income) loss attributable to the noncontrolling interest — — (830 ) — (830 ) Total comprehensive income (loss) attributable to inVentiv Health, Inc. $ (206,483 ) $ (79,693 ) $ (8,935 ) $ 88,628 $ (206,483 ) 20. Guarantor Financial Information (Continued) CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS Fiscal Year Ended December 31, 2013 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net Income (loss) $ (237,573 ) $ (115,596 ) $ 19,658 $ 97,094 $ (236,417 ) Other comprehensive income (loss): Foreign currency translation adjustment (7,246 ) 380 (8,215 ) 7,835 (7,246 ) Total other comprehensive income (loss) (7,246 ) 380 (8,215 ) 7,835 (7,246 ) Total comprehensive income (loss) (244,819 ) (115,216 ) 11,443 104,929 (243,663 ) Less: Comprehensive (income) loss attributable to the noncontrolling interest — — (1,156 ) — (1,156 ) Total comprehensive income (loss) attributable to inVentiv Health, Inc. $ (244,819 ) $ (115,216 ) $ 10,287 $ 104,929 $ (244,819 ) 20. Guarantor Financial Information (Continued) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Fiscal Year Ended December 31, 2015 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Cash flows from operating activities: Net cash provided by (used in) operating activities $ (157,479 ) $ 227,016 $ 46,795 $ (9,597 ) $ 106,735 Cash flows from investing activities: Purchases of property and equipment (9,526 ) (21,170 ) (8,583 ) — (39,279 ) Proceeds from sale of business 14,251 — — — 14,251 Proceeds from vehicle sales and rebates on vehicle leases — 17,731 — — 17,731 Proceeds from sale of investments 2,024 — — — 2,024 Intercompany transfers 190,244 (6,949 ) — (183,295 ) — Other, net 344 — (305 ) — 39 Net cash provided by (used in) investing activities 197,337 (10,388 ) (8,888 ) (183,295 ) (5,234 ) Cash flows from financing activities: Repayments on capital leases — (29,034 ) (383 ) — (29,417 ) Borrowings under line of credit 153,000 — — — 153,000 Repayments on line of credit (153,000 ) — — — (153,000 ) Payment on installment note and contingent consideration related to acquisition (2,500 ) — — — (2,500 ) Proceeds from issuance of debt 2,444 — — — 2,444 Payment of debt issuance costs (1,771 ) — — — (1,771 ) Repayment of other financing arrangements (2,448 ) (352 ) — — (2,800 ) Intercompany transfers — (190,681 ) 28,631 162,050 — Other, net — — (657 ) — (657 ) Net cash provided by (used in) financing activities (4,275 ) (220,067 ) 27,591 162,050 (34,701 ) Effects of foreign currency exchange rate changes on cash — — (2,542 ) — (2,542 ) Net increase (decrease) in cash and cash equivalents 35,583 (3,439 ) 62,956 (30,842 ) 64,258 Cash and cash equivalents, beginning of year 19,643 3,439 86,014 (52,037 ) 57,059 Cash and cash equivalents, end of year $ 55,226 $ — $ 148,970 $ (82,879 ) $ 121,317 20. Guarantor Financial Information (Continued) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Fiscal Year Ended December 31, 2014 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Cash flows from operating activities: Net cash provided by (used in) continuing operations $ (185,910 ) $ 118,563 $ 21,300 $ — $ (46,047 ) Net cash provided by (used in) discontinued operations — (7,988 ) — — (7,988 ) Net cash provided by (used in) operating activities (185,910 ) 110,575 21,300 — (54,035 ) Cash flows from investing activities: Purchases of property and equipment (11,005 ) (16,380 ) (5,704 ) — (33,089 ) Proceeds from vehicle sales and rebates on vehicle leases — 12,190 — — 12,190 Purchase of investments (2,625 ) — — — (2,625 ) Intercompany transfers 140,799 19,368 — (160,167 ) — Other, net 163 — — — 163 Net cash provided by (used in) investing activities 127,332 15,178 (5,704 ) (160,167 ) (23,361 ) Cash flows from financing activities: Repayments on capital leases — (17,307 ) (559 ) — (17,866 ) Borrowings under line of credit 369,000 — — — 369,000 Repayments on line of credit (369,000 ) — — — (369,000 ) Payment on installment note and contingent consideration related to acquisition (1,500 ) — — — (1,500 ) Proceeds from issuances of debt 2,776 — — — 2,776 Payment of debt issuance costs (2,428 ) — — — (2,428 ) Repayment of other financing arrangements (3,803 ) (1,056 ) — — (4,859 ) Issuance of notes payable 50,000 — — — 50,000 Intercompany transfers — (123,789 ) (19,585 ) 143,374 — Other, net — — (653 ) — (653 ) Net cash provided by (used in) financing activities 45,045 (142,152 ) (20,797 ) 143,374 25,470 Effects of foreign currency exchange rate changes on cash — — (7,242 ) — (7,242 ) Net increase (decrease) in cash and cash equivalents (13,533 ) (16,399 ) (12,443 ) (16,793 ) (59,168 ) Cash and cash equivalents, beginning of year 33,176 19,838 98,457 (35,244 ) 116,227 Cash and cash equivalents, end of year $ 19,643 $ 3,439 $ 86,014 $ (52,037 ) $ 57,059 20. Guarantor Financial Information (Continued) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Fiscal Year Ended December 31, 2013 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Cash flows from operating activities: Net cash provided by (used in) continuing operations $ (129,734 ) $ 120,186 $ 32,176 $ — $ 22,628 Net cash provided by (used in) discontinued operations — (6,188 ) — — (6,188 ) Net cash provided by (used in) operating activities (129,734 ) 113,998 32,176 — 16,440 Cash flows from investing activities: Cash paid for acquisitions, net of cash acquired (400 ) — — — (400 ) Purchases of property and equipment (178 ) (26,589 ) (8,910 ) — (35,677 ) Proceeds from vehicle sales and rebates on vehicle leases — 15,134 — — 15,134 Purchase of investments (3,590 ) — — — (3,590 ) Intercompany transfers 80,963 2,053 — (83,016 ) — Other, net 219 52 — — 271 Net cash provided by (used in) continuing operations 77,014 (9,350 ) (8,910 ) (83,016 ) (24,262 ) Net cash provided by (used in) discontinued operations — (1,941 ) — — (1,941 ) Net cash provided by (used in) investing activities 77,014 (11,291 ) (8,910 ) (83,016 ) (26,203 ) Cash flows from financing activities: Repayments on capital leases — (21,487 ) (699 ) — (22,186 ) Borrowings under line of credit 54,500 — — — 54,500 Repayments on line of credit (54,500 ) — — — (54,500 ) Proceeds from issuances of debt 2,418 — — — 2,418 Payment of debt issuance costs (3,059 ) — — — (3,059 ) Repayment of other financing arrangements (2,797 ) — — — (2,797 ) Issuance of notes payable 25,625 — — — 25,625 Intercompany transfers — (76,853 ) 10,765 66,088 — Other, net 17 — (1,274 ) — (1,257 ) Net cash provided by (used in) financing activities 22,204 (98,340 ) 8,792 66,088 (1,256 ) Effects of foreign currency exchange rate changes on cash — — (2,167 ) — (2,167 ) Net increase (decrease) in cash and cash equivalents (30,516 ) 4,367 29,891 (16,928 ) (13,186 ) Cash and cash equivalents, beginning of year 63,692 15,471 68,566 (18,316 ) 129,413 Cash and cash equivalents, end of year $ 33,176 $ 19,838 $ 98,457 $ (35,244 ) $ 116,227 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. Subsequent Events On January 8, 2016, the Company’s Board of Directors approved the repurchase by the Company of its Junior Lien Secured Notes and the subsequent cancellation of such repurchased notes (the “PIK Note Repurchase”). The Company has repurchased and cancelled an aggregate principal amount of $23.7 million of its Junior Lien Secured Notes through open market purchases for $23.1 million. As a result of the PIK Note Repurchase, the Company will reduce its debt and a pro rata portion of deferred financing costs on the transactions. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements, prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), include the accounts of inVentiv Health, Inc. and its wholly owned subsidiaries. In addition, the Company consolidates the accounts of its 60% owned subsidiary and reflects the minority interest as a noncontrolling interest classified in equity. The Company has both equity and cost method investments in securities of certain privately held entities. Investments accounted for under the equity method are recorded at the amount of the Company’s investment and adjusted each period for the Company’s share of the investee’s income or loss. During the year ended December 31, 2015, the Company recognized a $1.3 million loss on dissolution of a joint venture accounted for under the equity method, which is included in income (loss) from equity investments in the consolidated statements of operations. Investments accounted for under the cost method are recorded at the historical carrying value. The carrying value of both types of investments is recorded in other assets in the consolidated balance sheets and is immaterial. All intercompany transactions have been eliminated in consolidation. |
Discontinued Operations | Discontinued Operations In 2012, the Company adopted plans to sell its medical management and sample management businesses, which were small non-core businesses within the Commercial segment. The results have been classified and presented as discontinued operations in the accompanying consolidated financial statements for 2014 and 2013. The cash flows of these businesses are also presented separately in the consolidated statements of cash flows. See Note 4 for additional information. |
Revenue Recognition | Revenue Recognition The Company’s revenue arrangements are typically service-based contracts which may be on a fixed price or fee-for-service basis and may include variable components such as incentive fees and performance penalties. The duration of the Company’s contracts ranges from a few months to several years, depending on the arrangement. The Company recognizes revenue when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) services have been rendered, (iii) fees are fixed or determinable, and (iv) collectability is reasonably assured. The Company’s contracts do not generally contain a refund provision. The Company does not recognize revenue with respect to start-up activities including contract and scope negotiation, and feasibility analysis. The costs for these activities are expensed as incurred. Revenue related to changes in contract scope, which are subject to customer approval, is recognized when amounts are determinable and realization is reasonably assured. The Company recognizes revenue from its service contracts either using a fee-for-service method, proportional performance method, or completed contract method. For fee-for-service contracts, the Company records revenue as contractual items (i.e., “units”) are delivered to the customer, or, in the event the contract is time and materials based, when labor hours are incurred. The Company uses the completed contract method when fees are not determinable until all services are delivered to the customer, or, when there is uncertainty with respect to the Company’s ability to deliver the services to the customer. The Company uses the proportional performance method when its fees for a service obligation are fixed pursuant to the contractual terms. Revenue is recognized as services are performed and measured on a proportional performance basis, generally using output measures that are specific to the services provided. To measure performance on a given date, the Company compares effort expended through that date to estimated total effort to complete the contract. The Company believes the best indicator of effort expended to complete its performance requirement related to its contractual obligation are the actual units delivered to the customer, or the incurrence of labor hours when no other pattern of performance exists. In the event the Company uses labor hours as the basis for determining proportional performance, the Company estimates the number of hours remaining to complete its service obligation. Actual hours incurred to complete the service requirement may differ from the Company’s estimate, and such differences are accounted for prospectively. The Company enters into multiple element arrangements in which the Company is engaged to provide multiple services under one agreement. In such arrangements, the Company records revenue as each separate service, or element, is delivered to the customer. Such arrangements are predominantly within the Company’s Commercial segment where the Company is engaged to provide recruiting, deployment, and detailing services. These services may be sold individually or in combination with contractual fees that may be based on fixed fees for each element; variable fees for each element; or a combination of both fixed and variable fees. For the arrangements that include multiple elements, arrangement consideration is allocated to units of accounting based on the relative selling price. The best evidence of selling price of a unit of accounting is vendor-specific objective evidence (“VSOE”), which is the price the Company charges when the deliverable is sold separately. When VSOE is not available to determine selling price, the Company uses relevant third-party evidence (“TPE”) of selling price, if available. When neither VSOE nor TPE of selling price exists, the Company uses its best estimate of selling price (“BESP”), which generally consists of an expected margin on the cost of services. The Company does not defer costs associated with services to a customer in return for a royalty on the customer’s net sales. Costs are recognized as incurred and royalties will be earned from revenues related to sales of the customer’s product. The Company’s contracts frequently undergo modifications as the work progresses due to changes in the scope of work being performed. The Company does not recognize revenue related to contract modifications until client acceptance and payment is deemed reasonably assured. The Company may offer volume discounts to its large customers based on annual volume thresholds. The Company records an estimate of the annual volume rebate as a reduction of revenue based on the estimated rebate earned during the period. Most contracts may be often terminated with advance notice from a customer. In the event of termination, the Company’s contracts generally require payment for services rendered through the date of termination. |
Deferred Revenue | Deferred Revenue In some cases, a portion of the contract fee is billed or paid at the time the contract is initiated or prior to the service being performed. In the event the Company bills or receives cash in advance of the services being performed, the Company records a liability denoted as deferred revenue in the accompanying consolidated balance sheets and recognizes revenue as the services are performed. For the Commercial segment, the Company is entitled to additional compensation if certain performance-based criteria are achieved over the contract duration. As there is substantive uncertainty regarding the ability to realize such amounts at the onset of the arrangements, such revenues are deferred until the Company determines it has met the performance-based criteria and the other revenue recognition criteria described above. |
Reimbursable Out-Of-Pocket Expenses | Reimbursable Out-Of-Pocket Expenses The Company records reimbursable out-of-pocket expenses as a separate revenue and expense line in the consolidated statements of operations when the Company is the primary obligor in such transactions. This amount consists of such items as payments to investigators, pass through travel expenses and other out-of-pocket costs that are reimbursed by customers. |
Receivables, Billed and Unbilled | Receivables, Billed and Unbilled In general, prerequisites for billings and payments are established by contractual provisions including predetermined payment schedules, submission of appropriate billing detail or the achievement of contract milestones, depending on contract terms. Unbilled services represent services that have been rendered for which revenue has been recognized but amounts have not been billed. Billed receivables represent amounts the Company invoiced its customer according to contractual terms. The Company evaluates its receivables for collectability based on specific customer circumstances, credit conditions, history of write-offs and collections. The Company records a provision for bad debts to record the receivable based on the amount the Company deems probable of collection. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents are comprised principally of amounts in operating cash accounts that are stated at cost, which approximates fair value, and have original maturities of three months or less. In addition to cash equivalents, the Company held $1.6 million and $1.7 million at December 31, 2015 and 2014, respectively, of restricted cash that collateralizes certain security deposits and obligations. |
Cash Pooling | Cash Pooling The Company and certain of its international subsidiaries entered into a notional cash pooling arrangement (“Cash Pool”) to help manage global liquidity requirements. The parties to the arrangement combine their cash balances in pooling accounts with the ability to set-off overdrafts to the bank against positive cash balances. Each subsidiary receives interest on the cash balances or pays interest on amounts owed. At December 31, 2015, the Company’s net cash position in the pool of $51.0 million, defined as the gross cash position in the pool of $124.3 million less borrowings of $73.3 million, is reflected as cash and cash equivalents in the consolidated balance sheet. |
Property and Equipment | Property and Equipment Property and equipment is stated at cost. The Company depreciates furniture, fixtures and office equipment on a straight-line basis over three to seven years; computer equipment and software over two to five years; and leasehold improvements over the shorter of the term of the lease or the estimated useful lives of the improvements. The Company amortizes the cost of vehicles under capital leases on a straight-line basis over their estimated useful lives, which is generally equal to or less than the applicable lease term. |
Business Combinations | Business Combinations The Company accounts for business combinations in accordance with the acquisition method of accounting. The acquisition method of accounting requires that assets acquired and liabilities assumed be recorded at their fair values on the date of a business acquisition. The consolidated financial statements reflect the results of operations of the acquired business from the date of the acquisition. The judgments that the Company makes in determining the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact earnings in periods following a business combination. The Company generally uses either the income, cost or market approach to determine the appropriate fair values. The income approach presumes that the value of an asset can be estimated by the net economic benefit to be received over the life of the asset, discounted to a present value. The cost approach presumes that an investor would pay no more for an asset than its replacement or reproduction cost. The market approach estimates value based on what other participants in the market have paid for reasonably similar assets. Although each valuation approach is considered in valuing the assets acquired, the approach ultimately selected for each asset or class of assets or liabilities assumed is based on the relevant characteristics and the availability of information. The Company records contingent consideration resulting from a business combination at its fair value on the acquisition date. Each reporting period thereafter, the Company revalues these obligations and records increases or decreases in their fair value as an adjustment to selling, general and administrative expenses (“SG&A expenses”) within the consolidated statements of operations. The changes in the fair value of the contingent consideration obligation are primarily the result of updates to the achievement of expected financial targets and the weighted probability of achieving future financial targets. Significant judgment is employed in determining the appropriateness of these assumptions as of the acquisition date and for each subsequent period. Accordingly, any change in these assumptions could have an impact on the Company’s financial statements. See Note 3 for additional information. |
Goodwill and Indefinite-lived Intangible Assets | Goodwill and Indefinite-lived Intangible Assets Goodwill represents the amount of the purchase price in excess of the fair values assigned to the underlying identifiable net assets of acquired businesses. Goodwill and indefinite-lived intangible assets, such as tradenames, are assessed annually for potential impairment on October 1 or when management determines that the carrying value of goodwill or an indefinite-lived intangible asset may not be recoverable based upon the existence of certain indicators of impairment, such as a loss of a significant customer, a significant change to the Company’s regulatory environment that hinders the ability to conduct business, or a significant downturn in the economy. Goodwill is tested for impairment at the reporting unit level, which is one level below the operating segment level. The Company identified 14 reporting units with goodwill assigned during 2015. As part of the Company’s annual goodwill impairment testing, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Qualitative factors assessed at the reporting unit level include, but are not limited to, macroeconomic, industry and market conditions, competitive environments, results of past impairment tests, new service offerings, cost factors and financial performance of the reporting unit. If the Company chooses not to complete a quantitative assessment for a given reporting unit or it the initial assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, performance of the two-step quantitative impairment test is required. The first step compares the fair value of the reporting unit to its carrying value. If the carrying value exceeds the fair value, the second step of the test is performed to measure the amount of impairment loss, if any. The second step compares the implied fair value of reporting unit goodwill with the carrying value of that goodwill. To calculate the implied fair value of goodwill in this second step, the Company allocates the fair value of the reporting unit to all of the assets and liabilities of that reporting unit (including any previously unrecognized intangible assets) as if the reporting unit had been acquired in a current business combination and the fair value was the price paid to acquire the reporting unit. The excess of the fair value of the reporting unit over the amount assigned to the assets and liabilities of the reporting unit represents the implied fair value of goodwill. If the carrying value of goodwill exceeds the implied fair value of goodwill, an impairment loss is recognized for that difference. See Note 5 for additional information. Testing indefinite-lived intangible assets, other than goodwill, for impairment requires a one-step approach. As part of the Company’s annual indefinite-lived intangible impairment testing, the Company may first assess qualitative factors to determine whether it is more likely than not that the fair value of the intangible is less than its carrying value. Qualitative factors include, but are not limited to, macroeconomic, industry and market conditions, competitive environments, results of past impairment tests, new service offerings, cost factors and financial performance of the reporting unit. If the carrying amount of indefinite-lived intangible assets exceeds the fair value, an impairment loss is recognized equal to the excess. The process of estimating the fair value of indefinite-lived intangible assets is subjective and requires the use of estimates. Such estimates include, but are not limited to, future operating performance and cash flows, royalty rate, terminal growth rate, and discount rate. See Note 6 for additional information. |
Long-lived Assets | Long-lived Assets The Company reviews its long-lived assets, including property and equipment, for impairment whenever events or circumstances indicate that the carrying value of an asset may not be recoverable. Events or circumstances that would result in an impairment review primarily include sustained operating losses or a significant change in the use of an asset. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Should we determine that the carrying values of held-for-use long-lived assets may not be recoverable, we will measure any impairment based on a projected discounted cash flow method. We may also estimate fair value based on market prices for similar assets, as appropriate. Significant judgments are required to estimate future cash flows, including the selection of appropriate discount rates, projected cash flows from the use of an asset and other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for these assets. An impairment loss would be recognized based on the amount by which the carrying value of the asset exceeds its fair value. See Note 6 for additional information. |
Customer Relationships | Customer Relationships An important element in most of the Company’s acquisition agreements are customer relationships, which primarily arise from the allocation of the purchase price of the respective businesses acquired. Customer relationships are finite-lived intangible assets. The valuation of the Company’s customer relationships and the determination of their appropriate useful lives require substantial judgment. In the Company’s evaluation of the appropriate useful lives of these assets, the Company considers the nature and terms of the underlying agreements; the historical breadth of the respective customer relationships; and the projected growth of the customer relationships. The Company determines the useful lives of the customer relationships by analyzing historical customer attrition rates. The Company amortizes its customer relationships over their estimated useful lives using a straight-line method, which generally ranges from three to fifteen years. For these customer relationships, evaluations for impairment are performed only if facts and circumstances indicate that the carrying value may not be recoverable. |
Claims and Insurance Accruals | Claims and Insurance Accruals The Company maintains self-insured retention limits for certain insurance policies including employee medical, automobile insurance and workers’ compensation. The liabilities associated with the risk retained by the Company are estimated, in part, based on historical experience, third-party actuarial analysis, demographics, nature and severity, past experience and other assumptions, which have been consistently applied. The liabilities for self-funded retention are included in claims and insurance reserves based on claims incurred and recorded in accrued payroll, accounts payable and accrued expenses in the consolidated balance sheets. Liabilities for unsettled claims and claims incurred but not yet reported are actuarially determined using current workers’ compensation and auto liability claims activity. Reserves are estimated based on management’s evaluation of the nature and severity of individual claims and historical experience. However, these estimated accruals could be significantly affected if the Company’s actual costs differ from these assumptions. A significant number of these claims typically take several years to develop and even longer to ultimately settle. The Company believes its estimation methodology is reasonable; however, assumptions regarding severity of claims, medical cost inflation, as well as specific case facts can create short-term volatility in estimates. The amounts are immaterial as of December 31, 2015 and 2014. |
Asset Retirement Obligations | Asset Retirement Obligations The Company reviews legal obligations associated with the retirement of long-lived assets that result from contractual obligations or the acquisition, construction, development and normal use of those assets. If it is determined that a legal obligation exists, regardless of whether the obligation is conditional on a future event, the fair value of the liability for an asset retirement obligation is recognized in the period in which it is incurred, if a reasonable estimate of fair value can be made. The fair value of the liability is added to the carrying amount of the associated asset, and this additional carrying amount is depreciated over the life of the asset. The difference between the gross expected future cash flows and its present value is accreted over the life of the related lease as SG&A expense. At December 31, 2015 and 2014, the Company recorded asset retirement obligations of $4.3 million and $2.9 million, respectively. The amounts recognized are based on certain estimates and assumptions, including future retirement costs, future inflation rates and the credit-adjusted risk-free interest rate. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are determined based on the difference between the financial reporting and the tax bases of assets and liabilities and are measured using the tax rates and laws that apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is established, when necessary, to reduce deferred income tax assets to the amount that is more likely than not to be realized. Realization is dependent on generating sufficient taxable income to recover the deferred tax assets, including income generation prior to the expiration of any loss carryforwards or capital losses. The deferred tax asset may be reduced in the future if estimates of future taxable income during the carryforward period decrease. Income tax benefits are recognized when the Company believes that if a dispute arose with the taxing authority and were taken to a court of last resort, it is more likely than not (i.e., a probability greater than 50 percent) that the tax position would be sustained as filed based on the technical merits of a tax position. If a position is determined to be more likely than not of being sustained, the Company recognizes the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with the taxing authority. In addition, the Company maintains reserves for uncertain tax benefits, which are included in non-current income tax liability in its consolidated balance sheets. The Company periodically reviews these reserves to determine if adjustments to these balances are necessary. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. |
Foreign Currency Translation | Foreign Currency Translation The financial statements of the Company’s subsidiaries expressed in foreign currencies are translated from the respective functional currencies to U.S. Dollars, with results of operations and cash flows translated at average exchange rates during the period, and assets and liabilities translated at end of the period exchange rates. At December 31, 2015 and 2014, the accumulated other comprehensive loss related to foreign currency translation adjustments were approximately $37.6 million and $27.3 million, respectively. Foreign currency transaction gains (losses) were $(0.6) million, $(0.3) million and less than $(0.1) million for the years ended December 31, 2015, 2014 and 2013, respectively, and are included in SG&A expenses within the consolidated statements of operations. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, unbilled services, accounts payable, short-term borrowings, capital leases and other financing arrangements approximate fair value because of the relatively short maturity of these instruments or consistency of the terms of such instruments and current market rates. For disclosure purposes, the Company estimates the fair value of its long-term debt based upon quoted market prices for the same or similar issues, or on the current rates offered for debt with the same remaining maturities. |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s receivables are concentrated with major pharmaceutical companies. Credit risk is managed through the continuous monitoring of exposures with the Company’s customers. The Company does not require collateral or other security to support customer receivables. For the years ended December 31, 2015, 2014 and 2013, one customer accounted for approximately 10%, 10% and 12% of the Company’s net revenues, respectively. For the years ended December 31, 2015, 2014 and 2013, our top 10 clients accounted for approximately 54%, 48% and 46% of our revenues, respectively. As of December 31, 2015 one customer represented approximately 12% of the accounts receivable balance. As of December 31, 2014, no customer represented more than 10% of the accounts receivable balance. |
Share-Based Payment Awards | Share-Based Payment Awards The Company measures the grant date fair value of its equity awards given to employees and recognizes the cost over the requisite service period for those awards that are expected to vest. In the absence of an observable market price for a share-based award, the Company estimates the fair value of its awards on the date of grant using the Black-Scholes option valuation model. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. See Note 13 for additional information. |
Use of Forecasted Financial Information in Accounting Estimates | Use of Forecasted Financial Information in Accounting Estimates The use of forecasted financial information is inherent in many of the Company’s accounting estimates, including but not limited to, determining the estimated fair value of goodwill and intangible assets that is used in the Company’s impairment analysis, matching intangible asset amortization to underlying benefits (e.g., sales and cash inflows) and evaluating the realizability of deferred tax assets. Such forecasted financial information is comprised of numerous assumptions regarding the Company’s future revenues, operational results and cash flows. Management believes that its financial forecasts used for such purposes are reasonable and appropriate based upon current facts and circumstances. Because of the inherent nature of forecasts, however, actual results may differ from these forecasts. |
Reclassifications | Reclassifications The Company reclassified certain costs from selling, general and administrative expenses (“SG&A”) to cost of revenues for 2014 and 2013 to conform to the presentation adopted for 2015. The revised classification aligns all personnel and related costs associated with service delivery within cost of revenues, along with the associated information technology costs supporting these processes. These changes better harmonize the accounting policies of the group, and are consistent with how management is assessing performance and managing costs. As a result of the revision in the classification of the costs, SG&A was reduced by $35.2 million and $28.7 million in 2014, and 2013, respectively, and Cost of revenues has increased by a corresponding amount. The reclassification had no impact on our consolidated financial position, net operating results included in our statements of operations or cash flows. The Company also aggregated the presentation of certain line items in the consolidated statements of cash flows in 2015, and 2014 and 2013 years have been adjusted to conform to the current year presentation. |
Use of Estimates | Use of Estimates The consolidated financial statements include certain amounts that are based on management’s best estimates and judgments. Estimates are used in determining items such as revenue recognition, reserves for accounts receivable, certain assumptions related to goodwill and intangible assets, deferred tax asset valuation, claims and insurance accruals, stock-based compensation and amounts recorded for contingencies and other reserves. Because of the uncertainty inherent in such estimates, actual results may differ from these estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-02 (“ASU 2016-02”), Leases In November 2015, the FASB issued ASU 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issue Costs In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Results of Discontinued Operations | The following table sets forth the results of the discontinued operations (in thousands): For the Year Ended December 31, 2014 2013 Net revenues $ 3,254 $ 19,908 Pre-tax income (loss) from discontinued operations (8,163 ) (20,228 ) Income tax (provision) benefit from discontinued operations — — Net income (loss) from discontinued operations (8,163 ) (20,228 ) |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amount of Goodwill | The following table sets forth the carrying amount of goodwill as of December 31, 2015 and 2014 (in thousands): Clinical Commercial Total Net goodwill at January 1, 2014 $ 382,363 $ 567,845 $ 950,208 Adjustments to purchase price allocation (1) — 1,367 1,367 Impairment charges — (15,795 ) (15,795 ) Foreign currency translation (47 ) (3,946 ) (3,993 ) Net goodwill at December 31, 2014 382,316 549,471 931,787 Accumulated impairments at December 31, 2014 (267,141 ) (177,162 ) (444,303 ) Impairment charges — (33,964 ) (33,964 ) Foreign currency translation (101 ) (2,353 ) (2,454 ) Net goodwill at December 31, 2015 382,215 513,154 895,369 Accumulated impairments at December 31, 2015 (267,141 ) (211,126 ) (478,267 ) Gross goodwill at December 31, 2015 $ 649,356 $ 724,280 $ 1,373,636 (1) Adjustment relates to the October 25, 2013 acquisition of Catalina Health, which was not reflected as of December 31, 2013 as the impact of the retrospective application was immaterial. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Amount of Intangible Assets | The following table sets forth the carrying amount of the Company’s intangible assets as of December 31, 2015 and 2014 (in thousands): December 31, 2015 December 31, 2014 Weighted Average Accumulated Amortization Accumulated Gross Amortization Net Period Gross Amortization Net Customer relationships $ 365,777 $ (148,679 ) $ 217,098 11.9 years $ 405,021 $ (128,510 ) $ 276,511 Technology 27,003 (26,206 ) 797 5.0 years 27,832 (23,442 ) 4,390 Tradenames subject to amortization 18,293 (16,657 ) 1,636 3.3 years 24,505 (18,513 ) 5,992 Backlog 95,014 (89,427 ) 5,587 4.1 years 95,015 (80,447 ) 14,568 Other 1,020 (585 ) 435 8.5 years 1,020 (465 ) 555 Total finite-lived intangible assets 507,107 (281,554 ) 225,553 553,393 (251,377 ) 302,016 Tradenames not subject to amortization 109,093 — 109,093 115,808 — 115,808 Total intangible assets $ 616,200 $ (281,554 ) $ 334,646 $ 669,201 $ (251,377 ) $ 417,824 |
Schedule of Future Amortization Expense for Finite-Lived Intangible Assets | The following is a schedule of future amortization expense for finite-lived intangible assets held as of December 31, 2015 (in thousands): Years Ending December 31, Amount 2016 $ 36,450 2017 31,123 2018 30,652 2019 30,312 2020 26,550 Thereafter 70,466 Total future amortization expense $ 225,553 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment consist of the following (in thousands): December 31, 2015 2014 Buildings and leaseholds improvements $ 51,530 $ 46,929 Computer equipment and software 130,992 116,891 Vehicles 71,408 47,326 Furniture and fixtures 16,164 16,379 270,094 227,525 Accumulated depreciation (128,062 ) (105,666 ) Property and Equipment, net $ 142,032 $ 121,859 |
Accrued Payroll, Accounts Pay34
Accrued Payroll, Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Payroll, Accounts Payable and Accrued Expenses | Accrued payroll, accounts payable and accrued expenses consist of the following (in thousands): December 31, 2015 2014 Accrued payroll and related employee benefits $ 142,138 $ 101,363 Accounts payable 51,725 44,581 Accrued interest 34,836 36,316 Accrued rebates 12,602 16,126 Other accrued expenses 92,425 88,227 Total $ 333,726 $ 286,613 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Debt | The Company’s indebtedness is summarized as follows (in thousands): December 31, 2015 2014 Senior Secured Credit Facilities: Term Loan Facility B3 loans, due 2018 $ 129,645 $ 129,645 Term Loan Facility B4 loans, due 2018 445,694 445,694 Senior Secured Notes, due 2018 625,000 625,000 ABL Facility — — Junior Lien Secured Notes, due 2018 569,691 507,000 Senior Unsecured Notes, due 2018 376,316 376,316 International Facility — — Capital leases and other financing arrangements 68,591 45,589 Total borrowings 2,214,937 2,129,244 Less: unamortized premium (discount) (9,030 ) (12,423 ) Less: unamortized deferred financing costs (35,431 ) (49,380 ) Less: current portion of capital leases and other financing arrangements (23,333 ) (16,265 ) Total long-term borrowings, net of current portion $ 2,147,143 $ 2,051,176 |
Schedule of Minimum Future Repayment of Debt | The following table displays the required minimum future repayment of the Company’s debt, excluding capital leases and other financing arrangements as well as any mandatory prepayments that may be required if the Company incurs additional indebtedness, exceeds an annual excess cash flow target, or if the Company completes certain asset sales: Year Ending December 31, (in thousands) 2018 $ 2,146,346 Total $ 2,146,346 |
Summary of Redemption on Senior Secured Notes | On and after January 15, 2016, the Company may redeem the Senior Secured Notes, in whole or in part, at the redemption prices set forth below, plus accrued and unpaid interest during the twelve-month period beginning on January 15 of each of the years indicated below: Pay Notes Year Percentage 2016 104.50 % 2017 and thereafter 100.00 % |
Summary of Carrying Amounts and Estimated Fair Values of Long-Term Debt | The carrying amounts and the estimated fair values of long-term debt as of December 31, 2015 and 2014 are as follows (in thousands): December 31, 2015 December 31, 2014 Carrying value Estimated fair value Carrying value Estimated fair value Term Loan Facility $ 567,673 $ 570,051 $ 564,380 $ 571,024 Senior Secured Notes 618,616 633,594 615,440 636,719 Junior Lien Secured Notes 551,552 537,646 482,112 469,609 Senior Unsecured Notes 364,043 371,142 359,919 327,952 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Company's Liabilities Measured at Fair value on Recurring Basis | The following table represents the Company’s liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014 (in thousands): December 31, 2015 Level 1 Level 2 Level 3 Assets Trading Securities $ 10,751 $ 10,751 $ — $ — Total Assets $ 10,751 $ 10,751 $ — $ — Liabilities Acquisition-related contingent consideration $ 538 $ — $ — $ 538 Total liabilities $ 538 $ — $ — $ 538 December 31, 2014 Level 1 Level 2 Level 3 Liabilities Acquisition-related contingent consideration $ 1,481 $ — $ — $ 1,481 Total liabilities $ 1,481 $ — $ — $ 1,481 |
Changes of Level 3 Liabilities Measured at Fair Value on Recurring Basis | The following is a rollforward of the Level 3 liabilities from January 1, 2014 through December 31, 2015 (in thousands): Balance at January 1, 2014 $ 11,883 Adjustments recorded through earnings (1) (5,152 ) Payments and other adjustments (2) (5,250 ) Balance at December 31, 2014 1,481 Adjustments recorded through earnings (1) (193 ) Payments (3) (750 ) Balance at December 31, 2015 $ 538 (1) Represents changes in fair value recorded through earnings related to the Company’s contingent consideration obligations. The changes in fair value are included in SG&A expenses. (2) The Campbell Notes are no longer required to be measured at fair value on a recurring basis due to the termination of the notes in March 2014. As such, the obligation has been removed from the table above. (3 ) Represents cash payments related to the Company’s contingent consideration obligations. |
Leases Commitments (Tables)
Leases Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments for Operating Leases | The following is a schedule of future minimum lease payments for these operating leases as of December 31, 2015 (in thousands): Years Ending December 31, 2016 $ 41,133 2017 36,761 2018 30,146 2019 23,546 2020 19,818 Thereafter 76,016 Total future minimum lease payments (1) $ 227,420 (1) Future minimum lease payments have not been reduced by the minimum sublease payments of $6.3 million due from January 2016 to February 2019 under non-cancellable subleases. |
Schedule of Future Minimum Lease Payments for Capital Leases | The following is a schedule of future minimum lease payments for these capital leases at December 31, 2015 (in thousands): Years Ending December 31, 2016 $ 22,586 2017 21,596 2018 17,301 2019 7,951 2020 5 Thereafter — Total future minimum lease payments (1) 69,439 Amount representing interest and management fees (2,784 ) 66,655 Current portion (21,397 ) Non-current lease obligations $ 45,258 (1) These future commitments include interest and management fees, which are not recorded on the consolidated balance sheets as of December 31, 2015 and will be expensed as incurred. |
Common Stock and Stock Incent38
Common Stock and Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Assumptions Used to Calculate Fair Value of Each Option Granted | The fair value of each option award was estimated on the date of grant using a Black-Scholes valuation model with the following assumptions: Years Ended December 31, 2015 2014 2013 Expected volatility 56.1 % 63.0 % 62.0 % Expected dividends — — — Expected life (in years) 6.5 6.0 6.0 Risk free interest rate 2.0 % 1.7 % 1.6 % Weighted average grant date fair value $ 53.19 $ 48.75 $ 47.91 |
Summary of Equity Incentive Plan Activity | A summary of the 2015 Equity Incentive Plan activity is as follows: Weighted Weighted (in thousands) EBITDA Average Average Aggregate Time Based Performance MoM CIC Total Exercise Remaining Intrinsic Options Options Options Options Options Price Term Value Outstanding January 1, 2015 45,468 27,355 13,815 30,000 116,638 $ 102.47 7.98 $ — Granted 35,907 41,714 38,054 — 115,675 101.92 Exercised — — — — — — Options awarded in connection with the exchange program 52,062 96,686 — — 148,748 96.17 Cancelled (9,604 ) (26,095 ) (1,650 ) — (37,349 ) 97.98 Outstanding December 31, 2015 123,833 139,660 50,219 30,000 343,712 100.04 8.79 $ 30,753 Exercisable December 31, 2015 42,321 30,816 — — 73,137 99.63 8.01 $ 6,574 Vested and expected to vest at December 31, 2015 (1) 101,849 105,576 — — 207,425 99.83 8.40 $ 18,601 (1) Multiple of Money and Change in Control awards have been excluded as the vesting criteria are based on a qualifying liquidity event. |
Summary of RSU Award Activity | The following table summarizes the Company’s RSU Award activity: MoM RSU RSU EIP Total RSU Nonvested at January 1, 2015 102,359 80,224 109,912 292,495 Granted 21,882 — — 21,882 Vested — — — — Awards exchanged in connection with the exchange program (61,859 ) — (86,889 ) (148,748 ) Forfeited (10,623 ) (13,758 ) (21,221 ) (45,602 ) Nonvested at December 31, 2015 51,759 66,466 1,802 120,027 |
Termination Benefits and Othe39
Termination Benefits and Other Cost Reduction Actions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Summary of Company's Restructuring Costs | The following table summarizes the Company’s restructuring costs for the years ended December 31, 2015, 2014 and 2013 (in thousands): For the Year Ended December 31, 2015 2014 2013 Employee severance and related costs $ 13,134 $ 13,752 $ 12,882 Facilities-related costs 3,231 4,168 5,015 Total $ 16,365 $ 17,920 $ 17,897 |
Summary of Company's Restructuring Reserve | The following table summarizes the Company’s restructuring reserve as of December 31, 2015 and 2014 (in thousands): Balance at Balance at Balance at December 2014 2014 December 31, December 31, 2013 Net Costs Cash Payments 2014 Net Costs Cash Payments 2015 Employee severance and related costs $ 5,479 $ 13,752 $ (14,086 ) $ 5,145 $ 13,134 $ (14,034 ) $ 4,245 Facilities-related costs 6,187 4,168 (3,257 ) 7,098 3,231 (6,387 ) 3,942 Total $ 11,666 $ 17,920 $ (17,343 ) $ 12,243 $ 16,365 $ (20,421 ) $ 8,187 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) from Continuing Operations before Income (Loss) from Equity Investments and Income Taxes | For financial reporting purposes, income (loss) from continuing operations before income (loss) from equity investments and income taxes includes the following components (in thousands): For the Year Ended December 31, 2015 2014 2013 United States $ (165,929 ) $ (184,994 ) $ (232,362 ) Foreign 22,198 7,263 19,113 $ (143,731 ) $ (177,731 ) $ (213,249 ) |
Schedule of Income Tax Provision (Benefit) | The income tax provision is as follows (in thousands): For the Year Ended December 31, 2015 2014 2013 Current: U.S. - Federal $ — $ (4,648 ) $ 169 U.S. - State and local 151 (632 ) (210 ) Foreign 8,160 3,149 1,568 8,311 (2,131 ) 1,527 Deferred: U.S. - Federal 4,496 4,423 4,061 U.S. - State and local (111 ) 171 476 Foreign (7,129 ) 44 (3,109 ) (2,744 ) 4,638 1,428 Income tax provision $ 5,567 $ 2,507 $ 2,955 |
Schedule of Reconciliation of Statutory U.S. Federal Income Tax Rate and Effective Tax Rate | The provision for taxes on net loss differs from the amount computed by applying the U.S. federal income tax rate as a result of the following: For the Year Ended December 31, 2015 2014 2013 (stated as percentages) Taxes at statutory U.S. federal income tax rate 35.0 % 35.0 % 35.0 % Foreign tax differences 4.5 2.1 2.0 State and local income taxes, net of federal tax benefit — (0.2 ) (0.5 ) Valuation allowance (27.9 ) (43.3 ) (36.2 ) Federal examination settlement — 2.3 — Impairment of intangible assets (7.6 ) (2.8 ) (3.8 ) Proceeds from purchase price finalization — — 2.3 Net operating loss adjustment — 7.7 — Federal tax on foreign earnings (6.4 ) (3.9 ) (3.3 ) Other permanent differences (1.5 ) 1.7 3.1 Effective tax rate (3.9 ) % (1.4 ) % (1.4 ) % |
Schedule of Deferred Tax Assets and Liabilities | For 2015 2014 Deferred Tax Assets: Accrued expenses $ 29,384 $ 24,907 Deferred revenue 11,150 7,847 Allowance for doubtful accounts and other 9,462 10,744 Deferred compensation 6,902 5,434 Intangible assets 9,416 11,639 Net operating loss 351,348 341,704 Property and equipment 5,190 2,664 Research and development credits 44,506 48,894 Debt basis adjustment 8,854 8,845 Other 4,387 5,359 Deferred Tax Assets 480,599 468,037 Valuation Allowance (406,477 ) (375,638 ) Deferred Tax Liabilities: Prepaid expenses (2,746 ) (2,964 ) Property and equipment (518 ) (727 ) Deferred financing (5,052 ) (7,368 ) Intangible assets (121,602 ) (140,067 ) U.S. tax on foreign earnings (7,000 ) (7,000 ) Other (532 ) (49 ) Deferred Tax Liabilities (137,450 ) (158,175 ) Net Deferred Tax Liabilities $ (63,328 ) $ (65,776 ) |
Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits, which excludes interest and penalties, is as follows (in millions): For the Year Ended December 31, 2015 2014 2013 Unrecognized tax benefits balance $ 16.7 $ 13.6 $ 12.3 Increase (decrease) in tax positions for prior years 0.1 (0.2 ) (0.4 ) Increase in tax positions for current year 9.4 6.9 4.3 Settlements — (2.8 ) (1.4 ) Lapse of statute of limitations (0.7 ) (0.8 ) (1.2 ) Unrecognized tax benefits balance $ 25.5 $ 16.7 $ 13.6 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Selected Information for Each Reportable Segment | Selected information for each reportable segment is as follows (in thousands): For the Year Ended December 31, 2015 2014 2013 Net Revenues Clinical $ 947,917 $ 870,255 $ 865,043 Commercial 1,059,876 943,716 784,130 Intersegment revenues (13,475 ) (7,566 ) (4,618 ) Consolidated net revenues $ 1,994,318 $ 1,806,405 $ 1,644,555 Adjusted Segment Operating Income (Loss) Clinical $ 137,093 $ 96,736 $ 94,945 Commercial 171,940 129,684 108,782 Corporate and other (39,765 ) (28,790 ) (43,725 ) Reportable segments adjusted operating income (loss) 269,268 197,630 160,002 Depreciation and amortization (95,088 ) (107,315 ) (105,999 ) Impairment of goodwill and long-lived assets (69,157 ) (24,023 ) (38,881 ) Proceeds from purchase price finalization — — 14,221 Stock-based compensation (4,286 ) (556 ) 1,771 Other unallocated charges (27,587 ) (16,356 ) (34,314 ) Operating income (loss) 73,150 49,380 (3,200 ) Loss on extinguishment of debt and refinancing costs — (10,062 ) (818 ) Interest income (expense), net (228,199 ) (217,049 ) (209,231 ) Other income 11,318 — — Income (loss) before income tax (provision) benefit and income (loss) from equity investments $ (143,731 ) $ (177,731 ) $ (213,249 ) For the Year Ended December 31, 2015 2014 2013 Capital Expenditures (in thousands) Clinical $ 14,816 $ 11,237 $ 16,478 Commercial 14,938 10,847 9,988 Corporate and other 9,525 11,005 9,211 Capital expenditures $ 39,279 $ 33,089 $ 35,677 |
Schedule of Certain Financial Information by Geographic Area Based on the Location of the Primary Customer Relationship (Detail) | The following tables contain certain financial information by geographic area based on the location of the primary customer relationship. For the Year Ended December 31, 2015 2014 2013 Net Revenues by Geography (in thousands) United States $ 1,554,376 $ 1,336,674 $ 1,201,428 Europe 309,858 310,571 288,702 All Other Americas 62,804 75,040 81,843 Asia 60,347 73,930 61,340 All Other 6,933 10,190 11,242 Net revenues $ 1,994,318 $ 1,806,405 $ 1,644,555 December 31, 2015 2014 Long-Lived Assets by Geography (in thousands) United States $ 124,901 $ 104,637 Europe 9,790 8,988 All Other Americas 4,974 6,400 Asia 2,334 1,779 All Other 33 55 Long-lived assets $ 142,032 $ 121,859 |
Allowance for Doubtful Accoun42
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule of Activity in Allowance for Doubtful Accounts | The activity in the allowance for doubtful accounts consisted of the following (in thousands): Balance Additions Balance Beginning Charged to End of of Year Income Deductions Other (a) Year Year ended December 31, 2015 $ 4,143 $ 2,689 $ (1,469 ) $ 32 $ 5,395 Year ended December 31, 2014 4,839 1,203 (1,496 ) (403 ) 4,143 Year ended December 31, 2013 4,002 2,459 (1,883 ) 261 4,839 (a) Primarily reflects the impact of currency translation. |
Guarantor Financial Informati43
Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Condensed Consolidating Balance Sheet Information | CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION At December 31, 2015 (in thousands, except share and per share amounts) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 55,226 — $ 148,970 $ (82,879 ) $ 121,317 Restricted cash 226 — 1,381 — 1,607 Accounts receivable, net of allowances for doubtful accounts — 292,548 66,533 — 359,081 Unbilled services — 174,070 33,395 — 207,465 Intercompany receivables 529,457 840,499 18,211 (1,388,167 ) — Prepaid expenses and other current assets 8,839 11,401 22,690 — 42,930 Income tax receivable 104 — 1,076 (104 ) 1,076 Total current assets 593,852 1,318,518 292,256 (1,471,150 ) 733,476 Property and equipment, net 23,227 101,507 17,298 — 142,032 Goodwill — 855,317 40,052 — 895,369 Intangible assets, net — 328,239 6,407 — 334,646 Non-current deferred tax assets — — 10,032 — 10,032 Other assets 19,084 4,491 13,559 — 37,134 Non-current intercompany receivables 416,161 29,235 35,021 (480,417 ) — Investment in consolidated subsidiaries 676,479 93,191 — (769,670 ) — Total assets $ 1,728,803 $ 2,730,498 $ 414,625 $ (2,721,237 ) $ 2,152,689 LIABILITIES AND STOCKHOLDER’S (DEFICIT) EQUITY Current liabilities: Current portion of capital lease obligations and other financing arrangements $ 1,936 $ 21,324 $ 73,355 $ (73,282 ) $ 23,333 Accrued payroll, accounts payable and accrued expenses 71,953 200,063 71,307 (9,597 ) 333,726 Intercompany payables 820,965 542,500 24,702 (1,388,167 ) — Income taxes payable — 165 5,423 (104 ) 5,484 Deferred revenue and client advances — 190,828 55,828 — 246,656 Total current liabilities 894,854 954,880 230,615 (1,471,150 ) 609,199 Capital lease obligations, net of current portion — 45,247 11 — 45,258 Long-term debt, net of current portion 1,533,197 568,688 — — 2,101,885 Non-current income tax liability — 4,806 1,136 — 5,942 Deferred tax liability 74 73,047 239 — 73,360 Other non-current liabilities 38,494 30,896 18,763 — 88,153 Non-current intercompany liabilities 34,920 416,260 29,237 (480,417 ) — Total liabilities 2,501,539 2,093,824 280,001 (1,951,567 ) 2,923,797 Total inVentiv Health, Inc. stockholder’s deficit (772,736 ) 636,674 132,996 (769,670 ) (772,736 ) Noncontrolling interest — — 1,628 — 1,628 Total stockholder’s deficit (772,736 ) 636,674 134,624 (769,670 ) (771,108 ) Total liabilities and stockholder’s deficit $ 1,728,803 $ 2,730,498 $ 414,625 $ (2,721,237 ) $ 2,152,689 CONDENSED CONSOLIDATING BALANCE SHEET INFORMATION At December 31, 2014 (in thousands, except share and per share amounts) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total ASSETS Current assets: Cash and cash equivalents $ 19,643 $ 3,439 $ 86,014 $ (52,037 ) $ 57,059 Restricted cash 569 — 1,148 — 1,717 Accounts receivable, net of allowances for doubtful accounts — 236,884 65,963 — 302,847 Unbilled services — 138,100 40,936 — 179,036 Intercompany receivables 375,025 557,758 64,778 (997,561 ) — Prepaid expenses and other current assets 5,301 12,181 20,743 — 38,225 Income tax receivable — 310 1,053 — 1,363 Current deferred tax assets 259 12,198 1,316 (6,261 ) 7,512 Total current assets 400,797 960,870 281,951 (1,055,859 ) 587,759 Property and equipment, net 21,665 82,857 17,337 — 121,859 Goodwill — 889,281 42,506 — 931,787 Intangible assets, net — 410,059 7,765 — 417,824 Non-current deferred tax assets — — 3,944 — 3,944 Other assets 25,916 3,519 12,447 — 41,882 Non-current intercompany receivables 368,325 38,847 132 (407,304 ) — Investment in consolidated subsidiaries 700,383 86,242 — (786,625 ) — Total assets $ 1,517,086 $ 2,471,675 $ 366,082 $ (2,249,788 ) $ 2,105,055 LIABILITIES AND STOCKHOLDER’S (DEFICIT) EQUITY Current liabilities: Current portion of capital lease obligations and other financing arrangements $ 4,006 $ 14,025 $ 50,271 $ (52,037 ) $ 16,265 Accrued payroll, accounts payable and accrued expenses 62,179 162,937 61,497 — 286,613 Intercompany payables 562,297 404,413 30,851 (997,561 ) — Income taxes payable 222 — 987 — 1,209 Deferred revenue and client advances — 150,709 48,421 — 199,130 Total current liabilities 628,704 732,084 192,027 (1,049,598 ) 503,217 Capital lease obligations, net of current portion — 29,126 198 — 29,324 Long-term debt, net of current portion 1,456,325 565,527 — — 2,021,852 Non-current income tax liability — 5,360 1,101 — 6,461 Deferred tax liability 333 80,860 2,300 (6,261 ) 77,232 Other non-current liabilities 37,441 25,175 18,140 — 80,756 Non-current intercompany liabilities 9,464 368,457 29,383 (407,304 ) — Total liabilities 2,132,267 1,806,589 243,149 (1,463,163 ) 2,718,842 Total inVentiv Health, Inc. stockholder’s deficit (615,181 ) 665,086 121,539 (786,625 ) (615,181 ) Noncontrolling interest — — 1,394 — 1,394 Total stockholder’s deficit (615,181 ) 665,086 122,933 (786,625 ) (613,787 ) Total liabilities and stockholder’s deficit $ 1,517,086 $ 2,471,675 $ 366,082 $ (2,249,788 ) $ 2,105,055 |
Schedule of Consolidating Statement of Operations | CONSOLIDATING STATEMENT OF OPERATIONS Fiscal Year Ended December 31, 2015 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net revenues $ — $ 1,553,568 $ 471,699 $ (30,949 ) $ 1,994,318 Reimbursed out-of-pocket expenses — 283,529 43,774 (348 ) 326,955 Total revenues — 1,837,097 515,473 (31,297 ) 2,321,273 Operating expenses: Cost of revenues — 1,056,886 298,668 (28,772 ) 1,326,782 Reimbursable out-of-pocket expenses — 283,529 43,774 (348 ) 326,955 Selling, general and administrative expenses 75,181 314,190 138,035 (2,177 ) 525,229 Impairment of goodwill — 33,964 — — 33,964 Impairment of long-lived assets — 35,193 — — 35,193 Allocation of intercompany costs (55,594 ) 43,659 11,935 — — Total operating expenses 19,587 1,767,421 492,412 (31,297 ) 2,248,123 Operating income (loss) (19,587 ) 69,676 23,061 — 73,150 Interest income (expense), net (179,379 ) (49,389 ) 569 — (228,199 ) Other income 11,318 — — — 11,318 Intercompany interest income (expense) 47,946 (46,957 ) (989 ) — — Income (loss) before income tax (provision) benefit and income (loss) from equity investments (139,702 ) (26,670 ) 22,641 — (143,731 ) Income tax (provision) benefit 503 (5,009 ) (1,061 ) — (5,567 ) Income (loss) before income (loss) from equity investments (139,199 ) (31,679 ) 21,580 — (149,298 ) Income (loss) from equity investments (12,269 ) 15,772 — (4,782 ) (1,279 ) Net income (loss) (151,468 ) (15,907 ) 21,580 (4,782 ) (150,577 ) Less: Net (income) loss attributable to the noncontrolling interest — — (891 ) — (891 ) Net income (loss) attributable to inVentiv Health, Inc. $ (151,468 ) $ (15,907 ) $ 20,689 $ (4,782 ) $ (151,468 ) CONSOLIDATING STATEMENT OF OPERATIONS Fiscal Year Ended December 31, 2014 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net revenues $ — $ 1,348,217 $ 489,511 $ (31,323 ) $ 1,806,405 Reimbursed out-of-pocket expenses — 213,940 53,167 (321 ) 266,786 Total revenues — 1,562,157 542,678 (31,644 ) 2,073,191 Operating expenses: Cost of revenues — 904,529 328,325 (29,218 ) 1,203,636 Reimbursable out-of-pocket expenses — 213,940 53,167 (321 ) 266,786 Selling, general and administrative expenses 46,047 343,170 142,254 (2,105 ) 529,366 Impairment of goodwill — 15,795 — — 15,795 Impairment of long-lived assets — 8,228 — — 8,228 Allocation of intercompany costs (40,968 ) 33,155 7,813 — — Total operating expenses 5,079 1,518,817 531,559 (31,644 ) 2,023,811 Operating income (loss) (5,079 ) 43,340 11,119 — 49,380 Loss on extinguishment of debt and refinancing costs (3,570 ) (6,492 ) — — (10,062 ) Interest income (expense), net (166,998 ) (50,401 ) 350 — (217,049 ) Intercompany interest income (expense) 42,373 (39,959 ) (2,414 ) — — Income (loss) before income tax (provision) benefit and income (loss) from equity investments (133,274 ) (53,512 ) 9,055 — (177,731 ) Income tax (provision) benefit 5,743 (5,055 ) (3,195 ) — (2,507 ) Income (loss) before income (loss) from equity investments (127,531 ) (58,567 ) 5,860 — (180,238 ) Income (loss) from equity investments (62,104 ) (586 ) — 62,286 (404 ) Income (loss) from continuing operations (189,635 ) (59,153 ) 5,860 62,286 (180,642 ) Net income (loss) from discontinued operations, net of tax — (8,163 ) — — (8,163 ) Net income (loss) (189,635 ) (67,316 ) 5,860 62,286 (188,805 ) Less: Net (income) loss attributable to the noncontrolling interest — — (830 ) — (830 ) Net income (loss) attributable to inVentiv Health, Inc. $ (189,635 ) $ (67,316 ) $ 5,030 $ 62,286 $ (189,635 ) CONSOLIDATED STATEMENTS OF OPERATIONS Fiscal Year Ended December 31, 2013 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net revenues $ — $ 1,242,117 $ 486,171 $ (83,733 ) $ 1,644,555 Reimbursed out-of-pocket expenses — 208,706 57,178 (5,959 ) 259,925 Total revenues — 1,450,823 543,349 (89,692 ) 1,904,480 Operating expenses: Cost of revenues — 860,762 306,219 (82,214 ) 1,084,767 Reimbursable out-of-pocket expenses — 208,706 57,178 (5,959 ) 259,925 Selling, general and administrative expenses 53,682 340,301 145,864 (1,519 ) 538,328 Proceeds from purchase price finalization — (14,221 ) — — (14,221 ) Impairment of goodwill — 36,864 — — 36,864 Impairment of long-lived assets — 2,017 — — 2,017 Allocation of intercompany costs (46,972 ) 35,985 10,987 — — Total operating expenses 6,710 1,470,414 520,248 (89,692 ) 1,907,680 Operating income (loss) (6,710 ) (19,591 ) 23,101 — (3,200 ) Loss on extinguishment of debt and refinancing costs (818 ) — — — (818 ) Interest income (expense), net (158,623 ) (50,756 ) 148 — (209,231 ) Intercompany interest income (expense) 38,293 (33,089 ) (5,204 ) — — Income (loss) before income tax (provision) benefit and income (loss) from equity investments (127,858 ) (103,436 ) 18,045 — (213,249 ) Income tax (provision) benefit (498 ) (4,070 ) 1,613 — (2,955 ) Income (loss) before income (loss) from equity investments (128,356 ) (107,506 ) 19,658 — (216,204 ) Income (loss) from equity investments (109,217 ) 12,138 — 97,094 15 Income (loss) from continuing operations (237,573 ) (95,368 ) 19,658 97,094 (216,189 ) Net income (loss) from discontinued operations, net of tax — (20,228 ) — — (20,228 ) Net income (loss) (237,573 ) (115,596 ) 19,658 97,094 (236,417 ) Less: Net (income) loss attributable to the noncontrolling interest — — (1,156 ) — (1,156 ) Net income (loss) attributable to inVentiv Health, Inc. $ (237,573 ) $ (115,596 ) $ 18,502 $ 97,094 $ (237,573 ) |
Schedule of Consolidating Statement of Comprehensive Loss | CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS Fiscal Year Ended December 31, 2015 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net Income (loss) $ (151,468 ) $ (15,907 ) $ 21,580 $ (4,782 ) $ (150,577 ) Other comprehensive income (loss): Foreign currency translation adjustment (9,963 ) (8,732 ) (8,317 ) 17,049 (9,963 ) Total other comprehensive income (loss) (9,963 ) (8,732 ) (8,317 ) 17,049 (9,963 ) Total comprehensive income (loss) (161,431 ) (24,639 ) 13,263 12,267 (160,540 ) Less: Comprehensive (income) loss attributable to the noncontrolling interest — — (891 ) — (891 ) Total comprehensive income (loss) attributable to inVentiv Health, Inc. $ (161,431 ) $ (24,639 ) $ 12,372 $ 12,267 $ (161,431 ) CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS Fiscal Year Ended December 31, 2014 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net Income (loss) $ (189,635 ) $ (67,316 ) $ 5,860 $ 62,286 $ (188,805 ) Other comprehensive income (loss): Foreign currency translation adjustment (16,848 ) (12,377 ) (13,965 ) 26,342 (16,848 ) Total other comprehensive income (loss) (16,848 ) (12,377 ) (13,965 ) 26,342 (16,848 ) Total comprehensive income (loss) (206,483 ) (79,693 ) (8,105 ) 88,628 (205,653 ) Less: Comprehensive (income) loss attributable to the noncontrolling interest — — (830 ) — (830 ) Total comprehensive income (loss) attributable to inVentiv Health, Inc. $ (206,483 ) $ (79,693 ) $ (8,935 ) $ 88,628 $ (206,483 ) CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS Fiscal Year Ended December 31, 2013 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Net Income (loss) $ (237,573 ) $ (115,596 ) $ 19,658 $ 97,094 $ (236,417 ) Other comprehensive income (loss): Foreign currency translation adjustment (7,246 ) 380 (8,215 ) 7,835 (7,246 ) Total other comprehensive income (loss) (7,246 ) 380 (8,215 ) 7,835 (7,246 ) Total comprehensive income (loss) (244,819 ) (115,216 ) 11,443 104,929 (243,663 ) Less: Comprehensive (income) loss attributable to the noncontrolling interest — — (1,156 ) — (1,156 ) Total comprehensive income (loss) attributable to inVentiv Health, Inc. $ (244,819 ) $ (115,216 ) $ 10,287 $ 104,929 $ (244,819 ) |
Schedule of Condensed Consolidating Statement of Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Fiscal Year Ended December 31, 2015 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Cash flows from operating activities: Net cash provided by (used in) operating activities $ (157,479 ) $ 227,016 $ 46,795 $ (9,597 ) $ 106,735 Cash flows from investing activities: Purchases of property and equipment (9,526 ) (21,170 ) (8,583 ) — (39,279 ) Proceeds from sale of business 14,251 — — — 14,251 Proceeds from vehicle sales and rebates on vehicle leases — 17,731 — — 17,731 Proceeds from sale of investments 2,024 — — — 2,024 Intercompany transfers 190,244 (6,949 ) — (183,295 ) — Other, net 344 — (305 ) — 39 Net cash provided by (used in) investing activities 197,337 (10,388 ) (8,888 ) (183,295 ) (5,234 ) Cash flows from financing activities: Repayments on capital leases — (29,034 ) (383 ) — (29,417 ) Borrowings under line of credit 153,000 — — — 153,000 Repayments on line of credit (153,000 ) — — — (153,000 ) Payment on installment note and contingent consideration related to acquisition (2,500 ) — — — (2,500 ) Proceeds from issuance of debt 2,444 — — — 2,444 Payment of debt issuance costs (1,771 ) — — — (1,771 ) Repayment of other financing arrangements (2,448 ) (352 ) — — (2,800 ) Intercompany transfers — (190,681 ) 28,631 162,050 — Other, net — — (657 ) — (657 ) Net cash provided by (used in) financing activities (4,275 ) (220,067 ) 27,591 162,050 (34,701 ) Effects of foreign currency exchange rate changes on cash — — (2,542 ) — (2,542 ) Net increase (decrease) in cash and cash equivalents 35,583 (3,439 ) 62,956 (30,842 ) 64,258 Cash and cash equivalents, beginning of year 19,643 3,439 86,014 (52,037 ) 57,059 Cash and cash equivalents, end of year $ 55,226 $ — $ 148,970 $ (82,879 ) $ 121,317 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Fiscal Year Ended December 31, 2014 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Cash flows from operating activities: Net cash provided by (used in) continuing operations $ (185,910 ) $ 118,563 $ 21,300 $ — $ (46,047 ) Net cash provided by (used in) discontinued operations — (7,988 ) — — (7,988 ) Net cash provided by (used in) operating activities (185,910 ) 110,575 21,300 — (54,035 ) Cash flows from investing activities: Purchases of property and equipment (11,005 ) (16,380 ) (5,704 ) — (33,089 ) Proceeds from vehicle sales and rebates on vehicle leases — 12,190 — — 12,190 Purchase of investments (2,625 ) — — — (2,625 ) Intercompany transfers 140,799 19,368 — (160,167 ) — Other, net 163 — — — 163 Net cash provided by (used in) investing activities 127,332 15,178 (5,704 ) (160,167 ) (23,361 ) Cash flows from financing activities: Repayments on capital leases — (17,307 ) (559 ) — (17,866 ) Borrowings under line of credit 369,000 — — — 369,000 Repayments on line of credit (369,000 ) — — — (369,000 ) Payment on installment note and contingent consideration related to acquisition (1,500 ) — — — (1,500 ) Proceeds from issuances of debt 2,776 — — — 2,776 Payment of debt issuance costs (2,428 ) — — — (2,428 ) Repayment of other financing arrangements (3,803 ) (1,056 ) — — (4,859 ) Issuance of notes payable 50,000 — — — 50,000 Intercompany transfers — (123,789 ) (19,585 ) 143,374 — Other, net — — (653 ) — (653 ) Net cash provided by (used in) financing activities 45,045 (142,152 ) (20,797 ) 143,374 25,470 Effects of foreign currency exchange rate changes on cash — — (7,242 ) — (7,242 ) Net increase (decrease) in cash and cash equivalents (13,533 ) (16,399 ) (12,443 ) (16,793 ) (59,168 ) Cash and cash equivalents, beginning of year 33,176 19,838 98,457 (35,244 ) 116,227 Cash and cash equivalents, end of year $ 19,643 $ 3,439 $ 86,014 $ (52,037 ) $ 57,059 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Fiscal Year Ended December 31, 2013 (in thousands) inVentiv Guarantor Non-Guarantor Health, Inc. Subsidiaries Subsidiaries Eliminations Total Cash flows from operating activities: Net cash provided by (used in) continuing operations $ (129,734 ) $ 120,186 $ 32,176 $ — $ 22,628 Net cash provided by (used in) discontinued operations — (6,188 ) — — (6,188 ) Net cash provided by (used in) operating activities (129,734 ) 113,998 32,176 — 16,440 Cash flows from investing activities: Cash paid for acquisitions, net of cash acquired (400 ) — — — (400 ) Purchases of property and equipment (178 ) (26,589 ) (8,910 ) — (35,677 ) Proceeds from vehicle sales and rebates on vehicle leases — 15,134 — — 15,134 Purchase of investments (3,590 ) — — — (3,590 ) Intercompany transfers 80,963 2,053 — (83,016 ) — Other, net 219 52 — — 271 Net cash provided by (used in) continuing operations 77,014 (9,350 ) (8,910 ) (83,016 ) (24,262 ) Net cash provided by (used in) discontinued operations — (1,941 ) — — (1,941 ) Net cash provided by (used in) investing activities 77,014 (11,291 ) (8,910 ) (83,016 ) (26,203 ) Cash flows from financing activities: Repayments on capital leases — (21,487 ) (699 ) — (22,186 ) Borrowings under line of credit 54,500 — — — 54,500 Repayments on line of credit (54,500 ) — — — (54,500 ) Proceeds from issuances of debt 2,418 — — — 2,418 Payment of debt issuance costs (3,059 ) — — — (3,059 ) Repayment of other financing arrangements (2,797 ) — — — (2,797 ) Issuance of notes payable 25,625 — — — 25,625 Intercompany transfers — (76,853 ) 10,765 66,088 — Other, net 17 — (1,274 ) — (1,257 ) Net cash provided by (used in) financing activities 22,204 (98,340 ) 8,792 66,088 (1,256 ) Effects of foreign currency exchange rate changes on cash — — (2,167 ) — (2,167 ) Net increase (decrease) in cash and cash equivalents (30,516 ) 4,367 29,891 (16,928 ) (13,186 ) Cash and cash equivalents, beginning of year 63,692 15,471 68,566 (18,316 ) 129,413 Cash and cash equivalents, end of year $ 33,176 $ 19,838 $ 98,457 $ (35,244 ) $ 116,227 |
Organization and Business - Add
Organization and Business - Additional Information (Detail) $ in Thousands | Aug. 31, 2015USD ($) | Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Number of reportable segments | Segment | 2 | |||
Gain on sale of business | $ 11,318 | |||
Net revenues | 1,994,318 | $ 1,806,405 | $ 1,644,555 | |
Other Income [Member] | inVentiv Patient Access Solutions ("IPAS") [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Gain on sale of business | $ 11,318 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | inVentiv Patient Access Solutions ("IPAS") [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Net revenues | $ 11,900 | $ 16,100 | $ 11,300 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)ReportingUnitCustomer | Dec. 31, 2014USD ($)Customer | Dec. 31, 2013USD ($)Customer | |
Schedule Of Significant Accounting Policies [Line Items] | |||
Recognized loss on dissolution of a joint venture | $ 1,300 | ||
Restricted cash | 1,607 | $ 1,717 | |
Net cash position in cash pool | 51,000 | ||
Gross cash position in cash pool | 124,300 | ||
Cash pool borrowings | $ 73,300 | ||
Number of reporting units | ReportingUnit | 14 | ||
Asset retirement obligations | $ 4,300 | 2,900 | |
Accumulated other comprehensive loss related to foreign currency translation adjustments | 37,600 | 27,300 | |
Foreign currency transaction gains (losses) | (600) | (300) | |
Less: unamortized deferred financing costs | 35,431 | 49,380 | |
Deferred Finance Costs, Net | $ 3,600 | 4,300 | |
SG&A Expenses [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Prior period reclassification adjustment | (35,200) | $ (28,700) | |
Cost of Revenues [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Prior period reclassification adjustment | $ 35,200 | $ 28,700 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Percentage of credit risk | 10.00% | 10.00% | 12.00% |
Number of customers accounted | Customer | 1 | 1 | 1 |
Customer Concentration Risk [Member] | Accounts Receivable | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Percentage of credit risk | 12.00% | ||
Number of customers accounted | Customer | 1 | 0 | |
Customer Concentration Risk [Member] | Top Ten Clients [Member] | Sales Revenue, Net [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Percentage of credit risk | 54.00% | 48.00% | 46.00% |
Number of customers accounted | Customer | 10 | 10 | 10 |
Customer Relationships [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible asset useful life | 11 years 10 months 24 days | ||
Minimum [Member] | Customer Concentration Risk [Member] | Accounts Receivable | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Percentage of credit risk | 10.00% | ||
Minimum [Member] | Customer Relationships [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible asset useful life | 3 years | ||
Maximum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Foreign currency transaction gains (losses) | $ (100) | ||
Maximum [Member] | Customer Relationships [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Finite-lived intangible asset useful life | 15 years | ||
Furniture, Fixtures and Office Equipment [Member] | Minimum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property plant and equipment useful life | 3 years | ||
Furniture, Fixtures and Office Equipment [Member] | Maximum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property plant and equipment useful life | 7 years | ||
Computer Equipment and Software [Member] | Minimum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property plant and equipment useful life | 2 years | ||
Computer Equipment and Software [Member] | Maximum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Property plant and equipment useful life | 5 years | ||
InVentiv Health, Inc. [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Minority interest owned percentage | 60.00% |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | May. 06, 2013 | Jun. 10, 2011 | Feb. 11, 2011 | Jan. 31, 2016 | Feb. 28, 2015 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 895,369,000 | $ 950,208,000 | $ 931,787,000 | ||||||
Proceeds from purchase price finalization | $ (14,221,000) | ||||||||
Catalina Health Resource, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition effective date | Oct. 25, 2013 | ||||||||
Goodwill | $ 0 | ||||||||
i3 Global [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition effective date | Jun. 10, 2011 | ||||||||
Cash consideration, net of working capital adjustment | $ 375,900,000 | ||||||||
Proceeds from purchase price finalization | $ 14,200,000 | ||||||||
Campbell Alliance Group, Inc [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition effective date | Feb. 11, 2011 | ||||||||
Cash consideration, net of working capital adjustment | $ 113,300,000 | ||||||||
Total consideration | 122,200,000 | ||||||||
Rollover equity | 8,900,000 | ||||||||
Issuance of unsecured contingent installment notes | $ 13,000,000 | ||||||||
Consideration payable for termination of unsecured contingent notes | $ 5,250,000 | ||||||||
Consideration paid | $ 1,750,000 | $ 1,500,000 | |||||||
Campbell Alliance Group, Inc [Member] | Subsequent Event [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Consideration paid | $ 2,000,000 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Results of Discontinued Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations And Disposal Groups [Abstract] | ||
Net revenues | $ 3,254 | $ 19,908 |
Pre-tax income (loss) from discontinued operations | (8,163) | (20,228) |
Income tax (provision) benefit from discontinued operations | 0 | 0 |
Net income (loss) from discontinued operations | $ (8,163) | $ (20,228) |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Discontinued Operations And Disposal Groups [Abstract] | |
Non-cash long-lived asset impairment charges | $ 12.8 |
Goodwill - Schedule of Carrying
Goodwill - Schedule of Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Goodwill [Line Items] | ||||
Net goodwill, Beginning balance | $ 931,787 | $ 950,208 | ||
Adjustments to purchase price allocation | [1] | 1,367 | ||
Impairment charges | (33,964) | (15,795) | $ (36,864) | |
Foreign currency translation | (2,454) | (3,993) | ||
Net goodwill, Ending balance | 895,369 | 931,787 | 950,208 | |
Accumulated impairments | (478,267) | (444,303) | ||
Gross goodwill | 1,373,636 | |||
Clinical [Member] | ||||
Goodwill [Line Items] | ||||
Net goodwill, Beginning balance | 382,316 | 382,363 | ||
Impairment charges | (2,500) | |||
Foreign currency translation | (101) | (47) | ||
Net goodwill, Ending balance | 382,215 | 382,316 | 382,363 | |
Accumulated impairments | (267,141) | (267,141) | ||
Gross goodwill | 649,356 | |||
Commercial [Member] | ||||
Goodwill [Line Items] | ||||
Net goodwill, Beginning balance | 549,471 | 567,845 | ||
Adjustments to purchase price allocation | [1] | 1,367 | ||
Impairment charges | (33,964) | (15,795) | (34,400) | |
Foreign currency translation | (2,353) | (3,946) | ||
Net goodwill, Ending balance | 513,154 | 549,471 | $ 567,845 | |
Accumulated impairments | (211,126) | $ (177,162) | ||
Gross goodwill | $ 724,280 | |||
[1] | Adjustment relates to the October 25, 2013 acquisition of Catalina Health, which was not reflected as of December 31, 2013 as the impact of the retrospective application was immaterial. |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)ReportingUnit | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Goodwill [Line Items] | |||
Goodwill | $ 895,369,000 | $ 931,787,000 | $ 950,208,000 |
Number of reporting units | ReportingUnit | 14 | ||
Expected life of cash flows | 5 years | ||
Impairment charges | $ 33,964,000 | $ 15,795,000 | $ 36,864,000 |
Patient Outcome Service [Member] | |||
Goodwill [Line Items] | |||
Impairment charges | 33,964,000 | ||
Remaining goodwill | $ 0 | ||
Minimum [Member] | |||
Goodwill [Line Items] | |||
Revenue growth rate | 2.00% | ||
Weighted average cost of capital discount rate | 11.00% | 10.00% | 11.00% |
Maximum [Member] | |||
Goodwill [Line Items] | |||
Revenue growth rate | 3.00% | ||
Weighted average cost of capital discount rate | 13.00% | 13.00% | 12.00% |
Commercial [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 513,154,000 | $ 549,471,000 | $ 567,845,000 |
Impairment charges | 33,964,000 | 15,795,000 | 34,400,000 |
Clinical [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 382,215,000 | $ 382,316,000 | 382,363,000 |
Impairment charges | $ 2,500,000 | ||
Step Zero Qualitative Assessment [Member] | Reporting Units [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 589,200,000 | ||
Number of reporting units | ReportingUnit | 5 | ||
Percentage of goodwill reporting units represent | 66.00% | ||
Step Zero Qualitative Assessment [Member] | Reporting Units-FV not significantly over Carrying value [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 135,300,000 | ||
Number of reporting units | ReportingUnit | 5 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Carrying Amount of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross | $ 507,107 | $ 553,393 |
Finite-lived intangible assets, Accumulated Amortization | (281,554) | (251,377) |
Finite-lived intangible assets, Net | 225,553 | 302,016 |
Intangible assets, Gross | 616,200 | 669,201 |
Intangible assets, net | 334,646 | 417,824 |
Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross | 365,777 | 405,021 |
Finite-lived intangible assets, Accumulated Amortization | (148,679) | (128,510) |
Finite-lived intangible assets, Net | $ 217,098 | 276,511 |
Finite-lived intangible asset useful life | 11 years 10 months 24 days | |
Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross | $ 27,003 | 27,832 |
Finite-lived intangible assets, Accumulated Amortization | (26,206) | (23,442) |
Finite-lived intangible assets, Net | $ 797 | 4,390 |
Finite-lived intangible asset useful life | 5 years | |
Tradenames [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross | $ 18,293 | 24,505 |
Finite-lived intangible assets, Accumulated Amortization | (16,657) | (18,513) |
Finite-lived intangible assets, Net | 1,636 | 5,992 |
Indefinite-lived intangible assets, Gross | 109,093 | 115,808 |
Indefinite-lived intangible assets, Net | $ 109,093 | 115,808 |
Finite-lived intangible asset useful life | 3 years 3 months 18 days | |
Backlog [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross | $ 95,014 | 95,015 |
Finite-lived intangible assets, Accumulated Amortization | (89,427) | (80,447) |
Finite-lived intangible assets, Net | $ 5,587 | 14,568 |
Finite-lived intangible asset useful life | 4 years 1 month 6 days | |
Other [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross | $ 1,020 | 1,020 |
Finite-lived intangible assets, Accumulated Amortization | (585) | (465) |
Finite-lived intangible assets, Net | $ 435 | $ 555 |
Finite-lived intangible asset useful life | 8 years 6 months |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset impairment charge | $ 1,900,000 | ||
Indefinite-lived intangible asset impairment charge | 0 | ||
Commercial [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset impairment charge | $ 28,500,000 | $ 3,300,000 | 1,100,000 |
Indefinite-lived intangible asset impairment charge | 6,700,000 | $ 4,100,000 | |
Clinical [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset impairment charge | $ 800,000 | ||
Patient Outcomes Service Offering [Member] | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Pretax intangible impairment charges | $ 33,000,000 |
Intangible Assets - Schedule 53
Intangible Assets - Schedule of Future Amortization Expense for Finite-Lived Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
2,016 | $ 36,450 | |
2,017 | 31,123 | |
2,018 | 30,652 | |
2,019 | 30,312 | |
2,020 | 26,550 | |
Thereafter | 70,466 | |
Finite-lived intangible assets, Net | $ 225,553 | $ 302,016 |
Property Plant and Equipment, N
Property Plant and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 270,094 | $ 227,525 |
Accumulated depreciation | (128,062) | (105,666) |
Property and Equipment, net | 142,032 | 121,859 |
Buildings and Leaseholds Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 51,530 | 46,929 |
Computer Equipment and Software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 130,992 | 116,891 |
Vehicles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 71,408 | 47,326 |
Furniture and Fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 16,164 | $ 16,379 |
Property Plant and Equipment,55
Property Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property Plant And Equipment [Line Items] | |||
Depreciation | $ 47,536 | $ 40,583 | $ 33,781 |
Vehicles Leases [Member] | |||
Property Plant And Equipment [Line Items] | |||
Depreciation | 20,600 | 13,200 | $ 9,600 |
Gross book value of leased vehicle | 71,400 | 47,200 | |
Accumulated depreciation | $ 18,400 | $ 13,700 |
Accrued Payroll, Accounts Pay56
Accrued Payroll, Accounts Payable and Accrued Expenses - Schedule of Accrued Payroll, Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payables And Accruals [Abstract] | ||
Accrued payroll and related employee benefits | $ 142,138 | $ 101,363 |
Accounts payable | 51,725 | 44,581 |
Accrued interest | 34,836 | 36,316 |
Accrued rebates | 12,602 | 16,126 |
Other accrued expenses | 92,425 | 88,227 |
Total | $ 333,726 | $ 286,613 |
Debt - Summary of Debt (Detail)
Debt - Summary of Debt (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total borrowings | $ 2,214,937,000 | $ 2,129,244,000 |
Less: unamortized premium (discount) | (9,030,000) | (12,423,000) |
Less: unamortized deferred financing costs | (35,431,000) | (49,380,000) |
Less: current portion of capital leases and other financing arrangements | (23,333,000) | (16,265,000) |
Total long-term borrowings, net of current portion | 2,147,143,000 | 2,051,176,000 |
Senior Secured Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | 575,300,000 | |
Senior Secured Credit Facilities [Member] | Term Loan Facility B3 Loans, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | 129,645,000 | 129,645,000 |
Senior Secured Credit Facilities [Member] | Term Loan Facility B4 Loans, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | 445,694,000 | 445,694,000 |
Senior Secured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | 625,000,000 | 625,000,000 |
ABL Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | 0 | |
Junior Lien Secured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | 569,691,000 | 507,000,000 |
Senior Unsecured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | 376,316,000 | 376,316,000 |
International Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | 0 | 0 |
Capital Leases and Other Financing Arrangements [Member] | ||
Debt Instrument [Line Items] | ||
Total borrowings | $ 68,591,000 | $ 45,589,000 |
Debt - Summary of Debt (Parenth
Debt - Summary of Debt (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Senior Secured Credit Facilities [Member] | Term Loan Facility B3 Loans, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity year | 2,018 | 2,018 |
Senior Secured Credit Facilities [Member] | Term Loan Facility B4 Loans, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity year | 2,018 | 2,018 |
Senior Secured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity year | 2,018 | 2,018 |
Junior Lien Secured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity year | 2,018 | 2,018 |
Senior Unsecured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity year | 2,018 | 2,018 |
Debt - Schedule of Minimum Futu
Debt - Schedule of Minimum Future Repayment (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 2,146,346 |
Total | $ 2,146,346 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Feb. 29, 2016 | Aug. 15, 2014 | Dec. 13, 2013 | Dec. 20, 2012 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 03, 2015 | Aug. 05, 2015 | Jul. 01, 2015 | Aug. 12, 2014 | Aug. 16, 2013 |
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, outstanding amount | $ 2,214,937,000 | $ 2,129,244,000 | ||||||||||||
Loss on extinguishment of debt | 3,537,000 | $ 818,000 | ||||||||||||
Proceeds from issuances of debt | 2,444,000 | 2,776,000 | 2,418,000 | |||||||||||
Unamortized discount | 9,400,000 | 12,900,000 | ||||||||||||
Issuance of Junior Lien Secured Notes for backstop fees | 7,000,000 | |||||||||||||
PIK interest settled by issuance of additional PIK Notes | 65,508,000 | 22,984,000 | ||||||||||||
Other financing obligations | 1,900,000 | 2,300,000 | ||||||||||||
Less: unamortized premium (discount) | (9,030,000) | (12,423,000) | ||||||||||||
Unamortized premium | 400,000 | 500,000 | ||||||||||||
Less: unamortized deferred financing costs | (35,431,000) | (49,380,000) | ||||||||||||
Amortization expense related to debt issuance costs | $ 15,600,000 | 16,000,000 | 16,400,000 | |||||||||||
Redemption Period for 9% Senior Secured Notes Prior To January 15,2016 [Member] | Change in Control [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument redemption price, percentage | 101.00% | |||||||||||||
Junior Lien Notes Exchange Offer [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Increase in margin of the term loan | 0.25% | |||||||||||||
Loss on extinguishment of debt | $ 10,100,000 | |||||||||||||
Debt instrument, total consideration | $ 50,000,000 | |||||||||||||
Debt instrument, discount percentage | 5.00% | |||||||||||||
Senior Secured Credit Facilities [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, outstanding amount | $ 575,300,000 | |||||||||||||
Debt instrument, outstanding amount excluding unamortized premium | $ 600,000,000 | |||||||||||||
Debt instrument, interest rate | 9.00% | |||||||||||||
Credit facility, amendment description | The Company also amended the terms of the Senior Secured Credit Facilities including (a) permitting the Company to enter into an asset-based credit facility of up to $150.0 million as an alternative to the Revolving Facility and (b) eliminating the financial maintenance covenants, except in certain circumstances when the balance on the Revolving Facility exceeded a threshold. | |||||||||||||
Write off of deferred debt issuance cost and lender fees | $ 18,600,000 | |||||||||||||
Deferred financing cost | 11,500,000 | |||||||||||||
Lender fees for refinancing | 7,100,000 | |||||||||||||
Capitalized third party cost | $ 17,000,000 | |||||||||||||
Interest rate description | Amounts borrowed under the Senior Secured Credit Facilities are subject to interest at a rate per annum equal to an applicable margin plus, at the Company’s option, either (a) a base rate determined by reference to the highest of (i) the prime rate of Citibank, N.A., (ii) 2.5%, or (iii) the one month US Dollar LIBOR rate plus 1.0% or (b) a rate determined by reference to the highest of (i) the US Dollar LIBOR rate based on the term of the borrowing or (ii) 1.50%. | |||||||||||||
Weighted average interest rate | 7.75% | |||||||||||||
Senior Secured Credit Facilities [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate margin | 1.50% | |||||||||||||
Senior Secured Credit Facilities [Member] | Base Rate | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate margin | 2.50% | |||||||||||||
Senior Secured Credit Facilities [Member] | US Dollar LIBOR Rate [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate margin | 1.00% | |||||||||||||
Senior Secured Credit Facilities [Member] | Term Loan Facility B3 Loans, Due 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, outstanding amount | $ 129,645,000 | $ 129,645,000 | ||||||||||||
Maturity year | 2,018 | 2,018 | ||||||||||||
Senior Secured Credit Facilities [Member] | Term Loan Facility B3 Loans, Due 2018 [Member] | Base Rate | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate margin | 5.25% | |||||||||||||
Senior Secured Credit Facilities [Member] | Term Loan Facility B3 Loans, Due 2018 [Member] | Eurodollar [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate margin | 6.25% | |||||||||||||
Senior Secured Credit Facilities [Member] | Term Loan Facility B4 Loans, Due 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, outstanding amount | $ 445,694,000 | $ 445,694,000 | ||||||||||||
Maturity year | 2,018 | 2,018 | ||||||||||||
Senior Secured Credit Facilities [Member] | Term Loan Facility B4 Loans, Due 2018 [Member] | Base Rate | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate margin | 5.25% | |||||||||||||
Senior Secured Credit Facilities [Member] | Term Loan Facility B4 Loans, Due 2018 [Member] | Eurodollar [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate margin | 6.25% | |||||||||||||
Senior Secured Credit Facilities [Member] | Term Loans B1-2 And B-3 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Amount used for repayment of debt | $ 488,900,000 | |||||||||||||
Senior Secured Credit Facilities [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Amount used for repayment of debt | 97,500,000 | |||||||||||||
Senior Secured Credit Facilities [Member] | Asset Based Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | |||||||||||||
9% Senior Secured Notes due 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, outstanding amount excluding unamortized premium | $ 625,000,000 | |||||||||||||
Debt instrument, interest rate | 9.00% | |||||||||||||
Proceeds from issuances of debt | $ 25,000,000 | |||||||||||||
Debt Instrument, premium interest rate | 2.50% | |||||||||||||
Debt Instrument, maturity date | Jan. 15, 2018 | |||||||||||||
Description of interest payment | semi-annually on April 15 and October 15 | |||||||||||||
ABL Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, outstanding amount | $ 0 | |||||||||||||
Credit facility, amendment description | Amounts borrowed under the ABL Facility are subject to interest at a rate per annum equal to an applicable margin plus, at the Company’s option, either (a) a base rate determined by reference to the highest of (i) the Federal Funds Rate plus .5%, (ii) the prime rate of Citibank, N.A., or (iii) the one month US Dollar LIBOR rate plus 1.0% or (b) the US Dollar LIBOR rate based on the term of the borrowing. | |||||||||||||
Fixed-charge coverage ratio, description | The ABL Facility requires the Company to maintain a fixed-charge coverage ratio of at least 1.0 to 1.0 and requires certain cash management restrictions, in each case, if available borrowing capacity is less than the greater of 10% of the maximum amount that can be borrowed under the ABL Facility, based on the borrowing base at such time, and $12.0 million. | |||||||||||||
Line of Credit Facility, Covenant Terms, Minimum Excess Credit Availability | $ 12,000,000 | |||||||||||||
Line of Credit Facility, Covenant Terms, Minimum Percentage of Loan Cap Amount | 10.00% | |||||||||||||
Line of Credit Facility, Covenant Terms, Minimum Fixed Charge Coverage Ratio | 100.00% | |||||||||||||
ABL Facility [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Margin percentage for revolving loans, Base Rate | 1.50% | |||||||||||||
Margin percentage for revolving loans, Eurodollar rate | 2.50% | |||||||||||||
Unutilized balance rate per annum | 0.375% | |||||||||||||
ABL Facility [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Margin percentage for revolving loans, Base Rate | 1.00% | |||||||||||||
Margin percentage for revolving loans, Eurodollar rate | 2.00% | |||||||||||||
Unutilized balance rate per annum | 0.25% | |||||||||||||
ABL Facility [Member] | US Dollar LIBOR Rate [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate margin | 1.00% | |||||||||||||
ABL Facility [Member] | Federal Funds Rate [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate margin | 0.50% | |||||||||||||
ABL Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, outstanding amount | $ 0 | |||||||||||||
Debt instrument, interest rate | 4.25% | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | |||||||||||||
Debt Instrument, maturity date | Aug. 16, 2018 | |||||||||||||
Additional borrowing capacity | $ 131,200,000 | |||||||||||||
ABL Facility [Member] | Letter of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | 35,000,000 | |||||||||||||
Amount outstanding | 18,800,000 | |||||||||||||
International ABL Facility [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, outstanding amount | 0 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | |||||||||||||
Additional borrowing capacity | 14,300,000 | |||||||||||||
Senior Unsecured Notes, Due 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, outstanding amount | $ 376,316,000 | $ 376,316,000 | ||||||||||||
Maturity year | 2,018 | 2,018 | ||||||||||||
Senior Unsecured Notes, Due 2018 [Member] | Junior Lien Notes Exchange Offer [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, interest rate | 10.00% | |||||||||||||
Exchange Offer Amount | $ 475,000,000 | |||||||||||||
Debt instrument, interest rate of Junior Lien Secured Notes | 10%/12% | |||||||||||||
Maturity year | 2,018 | |||||||||||||
Debt instrument, total consideration | $ 26,300,000 | |||||||||||||
Unamortized discount | 1,300,000 | |||||||||||||
Junior Lien Secured Notes, Due 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, outstanding amount | $ 569,691,000 | $ 507,000,000 | ||||||||||||
Maturity year | 2,018 | 2,018 | ||||||||||||
Junior Lien Secured Notes, Due 2018 [Member] | Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
PIK interest settled by issuance of additional PIK Notes | $ 33,900,000 | |||||||||||||
Junior Lien Secured Notes, Due 2018 [Member] | Junior Lien Notes Exchange Offer [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Description of interest payment | six semi-annual interest payments | |||||||||||||
Debt instrument, cash interest rate | 10.00% | |||||||||||||
Debt instrument, PIK interest rate | 12.00% | |||||||||||||
Junior lien secured notes issued | $ 25,000,000 | |||||||||||||
Issuance of Junior Lien Secured Notes for backstop fees | $ 7,000,000 | |||||||||||||
10% Senior Unsecured Notes due 2018 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, outstanding amount | $ 376,300,000 | |||||||||||||
Debt instrument, interest rate | 10.00% | |||||||||||||
Debt Instrument, maturity date | Aug. 15, 2018 | |||||||||||||
Description of interest payment | Payable semi-annually on February 15 and August 15 of each year. | |||||||||||||
Description of penalty interest | The registration rights agreement provides that additional interest will accrue on the principal amount of the notes at a rate of 0.25% per annum during the 90-day period immediately following the first to occur of these events and will increase by 0.25% per annum at the end of each subsequent 90-day period until all such defaults are cured, but in no event will the penalty rate exceed 1.00% per annum. The registration rights agreements with respect to the additional notes issued on June 10, 2011 and July 13, 2011 contain similar requirements. The Company registered the Senior Unsecured Notes on August 5, 2015 with the Securities and Exchange Commission. As a result of such registration and completion of the subsequent exchange offer for the notes, the obligation to pay additional interest on $185.5 million of the notes issued in 2010 ceased on August 5, 2015 and the obligation to pay additional interest on $164.5 million of notes issued in 2011 ceased on September 3, 2015. | |||||||||||||
Additional interest on principal amount of notes | 0.25% | |||||||||||||
Increase in additional interest on principal amount of notes | 0.25% | |||||||||||||
Debt instrument penalty rate | 1.00% | |||||||||||||
Notes issued | $ 164,500,000 | $ 185,500,000 | ||||||||||||
Penalty interest incurred | $ 2,200,000 | $ 6,500,000 | $ 8,000,000 | |||||||||||
Other Financing Obligations [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity year | 2,016 |
Debt - Summary of Redemption on
Debt - Summary of Redemption on Senior Secured Notes (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instruments [Abstract] | |
2,016 | 104.50% |
2017 and thereafter | 100.00% |
Debt - Summary of Carrying Amou
Debt - Summary of Carrying Amounts and Estimated Fair Values of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Senior Secured Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value | $ 567,673 | $ 564,380 |
Estimated fair value | 570,051 | 571,024 |
Senior Secured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value | 618,616 | 615,440 |
Estimated fair value | 633,594 | 636,719 |
Junior Lien Secured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value | 551,552 | 482,112 |
Estimated fair value | 537,646 | 469,609 |
Senior Unsecured Notes, Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value | 364,043 | 359,919 |
Estimated fair value | $ 371,142 | $ 327,952 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Credit to earnings due to earlier payment | $ (3,537) | $ (818) | ||
Intangible assets, net | $ 334,646 | 417,824 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Amount of contingent consideration obligation | 538 | 1,481 | $ 5,300 | |
Credit to earnings due to earlier payment | 300 | |||
Trading securities at fair value | 10,751 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Amount of contingent consideration obligation | 538 | $ 1,481 | ||
Fair Value, Inputs, Level 3 [Member] | Non-recurring Fair Value Measurements [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Goodwill | 895,400 | |||
Intangible assets, net | $ 334,600 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Company's Liabilities Measured at Fair value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Assets | |||
Trading Securities | $ 10,751 | ||
Total Assets | 10,751 | ||
Liabilities | |||
Acquisition-related contingent consideration | 538 | $ 1,481 | $ 5,300 |
Total liabilities | 538 | 1,481 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets | |||
Trading Securities | 10,751 | ||
Total Assets | 10,751 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Liabilities | |||
Acquisition-related contingent consideration | 538 | 1,481 | |
Total liabilities | $ 538 | $ 1,481 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes of Level 3 Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 1,481 | $ 11,883 |
Adjustments recorded through earnings | (193) | (5,152) |
Payments and other adjustments | (5,250) | |
Payments | (750) | |
Ending Balance | $ 538 | $ 1,481 |
Leases Commitments - Schedule o
Leases Commitments - Schedule of Future Minimum Lease Payments for Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) | |
Leases [Abstract] | ||
2,016 | $ 41,133 | |
2,017 | 36,761 | |
2,018 | 30,146 | |
2,019 | 23,546 | |
2,020 | 19,818 | |
Thereafter | 76,016 | |
Total future minimum lease payments | $ 227,420 | [1] |
[1] | Future minimum lease payments have not been reduced by the minimum sublease payments of $6.3 million due from January 2016 to February 2019 under non-cancellable subleases. |
Leases Commitments - Schedule67
Leases Commitments - Schedule of Future Minimum Lease Payments for Operating Leases (Parenthetical) (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
Sublease payments due from January 2016 to February 2019 | $ 6.3 |
Leases Commitments - Additional
Leases Commitments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Operating leases, rental expense | $ 44.5 | $ 47.3 | $ 44 |
Operating leases, sublease rental income | $ 4.3 | $ 4.7 | $ 3.6 |
Leases Commitments - Schedule69
Leases Commitments - Schedule of Future Minimum Lease Payments for Capital Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases [Abstract] | |||
2,016 | $ 22,586 | ||
2,017 | 21,596 | ||
2,018 | 17,301 | ||
2,019 | 7,951 | ||
2,020 | 5 | ||
Thereafter | 0 | ||
Total future minimum lease payments | [1] | 69,439 | |
Amount representing interest and management fees | (2,784) | ||
Capital lease obligations | 66,655 | ||
Current portion | (21,397) | ||
Non-current lease obligations | $ 45,258 | $ 29,324 | |
[1] | These future commitments include interest and management fees, which are not recorded on the consolidated balance sheets as of December 31, 2015 and will be expensed as incurred. |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - Master Services Agreement (MSA) [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2015 | Dec. 31, 2013 | |
Cel-Sci Corporation Against PharmaNet [Member] | |||
Loss Contingencies [Line Items] | |||
Damages claim on arbitration description | October 31, 2013 | ||
Damages claim on arbitration | $ 50,000,000 | ||
inVentiv Health Clinical, LLC Against Cel-Sci Corporation [Member] | |||
Loss Contingencies [Line Items] | |||
Counterclaim damages on arbitration | $ 2,000,000 | $ 2,000,000 | |
Counterclaim on other equitable remedies | $ 20,000,000 |
Common Stock and Stock Incent71
Common Stock and Stock Incentive Plans - Additional Information (Detail) - USD ($) | Jul. 02, 2015 | Mar. 31, 2014 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | Aug. 31, 2010 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock, shares issued | 1,000 | 1,000 | ||||||
Common stock, par value | $ 0.01 | $ 0.01 | ||||||
Percentage of outstanding stock | 100.00% | |||||||
Common stock, voting rights | In accordance with the Amended and Restated Certificate of Incorporation of the Company, each share of Common Stock shall have one vote, and the Common Stock shall vote together as a single class. | |||||||
Stock based compensation expense (credit) | $ 4,286,000 | $ 556,000 | $ (1,771,000) | |||||
Contractual terms of awards | 10 years | |||||||
Options Outstanding, Exercised | 0 | 0 | ||||||
Weighted average grant date value | $ 95.51 | $ 89.48 | $ 104 | |||||
Options outstanding | 343,712 | 116,638 | ||||||
Weighted average exercise price | $ 100.04 | $ 102.47 | ||||||
Maximum [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Aggregate intrinsic value of options exercised | $ 100,000 | |||||||
EIP [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of common stock shares authorized for stock options and other stock awards | 781,588 | |||||||
Shares available for grant | 265,270 | |||||||
EIP [Member] | Liberty Lane Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of common stock shares authorized for stock options and other stock awards | 190,268 | |||||||
EIP [Member] | Campbell Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of common stock shares authorized for stock options and other stock awards | 4,278,000 | |||||||
Options outstanding | 662,000 | |||||||
EIP RSU [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period for awards | 3 years | |||||||
Restricted Stock Units [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
New option award terms | one-for-one | |||||||
Number of shares exchanged under the equity incentive plan | 148,748 | |||||||
Incremental stock compensation cost for awards | $ 0 | |||||||
Restricted Stock Units [Member] | Passage of Time [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of vesting under the plan | 35.00% | |||||||
Restricted Stock Units [Member] | Performance Target [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of vesting under the plan | 65.00% | |||||||
Time Based Options [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Performance award performance period | 5 years | |||||||
Options outstanding | 123,833 | 45,468 | ||||||
EBITDA Performance Options [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Options outstanding | 139,660 | 27,355 | ||||||
EBITDA Performance Options [Member] | Minimum [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Performance award performance period | 4 years | |||||||
EBITDA Performance Options [Member] | Maximum [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Performance award performance period | 5 years | |||||||
MOM Options [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Options outstanding | 50,219 | 13,815 | ||||||
MOM Options [Member] | Mr. Meister [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of common stock shares issued for stock options and other stock awards | 38,054 | 38,054 | ||||||
MOM Options [Member] | Liberty Lane Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Options outstanding | 190,268 | |||||||
Weighted average exercise price | $ 114 | |||||||
Cost of Revenues [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock based compensation expense (credit) | $ 500,000 | $ (100,000) | (200,000) | |||||
SG&A Expenses [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock based compensation expense (credit) | $ 3,800,000 | $ 700,000 | $ (1,600,000) |
Common Stock and Stock Incent72
Common Stock and Stock Incentive Plans - Assumptions Used to Calculate Fair Value of Each Option Granted (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Expected volatility | 56.10% | 63.00% | 62.00% |
Expected dividends | 0.00% | 0.00% | 0.00% |
Expected life (in years) | 6 years 6 months | 6 years | 6 years |
Risk free interest rate | 2.00% | 1.70% | 1.60% |
Weighted average grant date fair value | $ 53.19 | $ 48.75 | $ 47.91 |
Common Stock and Stock Incent73
Common Stock and Stock Incentive Plans - Summary of Equity Incentive Plan Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options Outstanding, Beginning Balance | 116,638 | ||
Options Outstanding, Granted | 115,675 | ||
Options Outstanding, Exercised | 0 | 0 | |
Options Outstanding, Options awarded in connection with the exchange program | 148,748 | ||
Options Outstanding, Cancelled | (37,349) | ||
Options Outstanding, Ending Balance | 343,712 | 116,638 | |
Options Exercisable, Ending Balance | 73,137 | ||
Options Vested and Expected to Vest, Ending Balance | [1] | 207,425 | |
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 102.47 | ||
Weighted Average Exercise Price, Granted | 101.92 | ||
Weighted Average Exercise Price, Options awarded in connection with the exchange program | 96.17 | ||
Weighted Average Exercise Price, Cancelled | 97.98 | ||
Weighted Average Exercise Price, Outstanding Ending Balance | 100.04 | $ 102.47 | |
Weighted Average Exercise Price, Exercisable Ending Balance | 99.63 | ||
Weighted Average Exercise Price, Vested and Expected to Vest Ending Balance | [1] | $ 99.83 | |
Weighted Average Remaining Term, Outstanding, Balance | 8 years 9 months 15 days | 7 years 11 months 23 days | |
Weighted Average Remaining Term, Exercisable Ending Balance | 8 years 4 days | ||
Weighted Average Remaining Term, Vested and Expected to Vest Ending Balance | [1] | 8 years 4 months 24 days | |
Aggregate Intrinsic Value, Outstanding Balance | $ 30,753 | ||
Aggregate Intrinsic Value, Exercisable | 6,574 | ||
Aggregate Intrinsic Value, Vested and Expected to Vest | [1] | $ 18,601 | |
Time Based Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options Outstanding, Beginning Balance | 45,468 | ||
Options Outstanding, Granted | 35,907 | ||
Options Outstanding, Options awarded in connection with the exchange program | 52,062 | ||
Options Outstanding, Cancelled | (9,604) | ||
Options Outstanding, Ending Balance | 123,833 | 45,468 | |
Options Exercisable, Ending Balance | 42,321 | ||
Options Vested and Expected to Vest, Ending Balance | [1] | 101,849 | |
EBITDA Performance Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options Outstanding, Beginning Balance | 27,355 | ||
Options Outstanding, Granted | 41,714 | ||
Options Outstanding, Options awarded in connection with the exchange program | 96,686 | ||
Options Outstanding, Cancelled | (26,095) | ||
Options Outstanding, Ending Balance | 139,660 | 27,355 | |
Options Exercisable, Ending Balance | 30,816 | ||
Options Vested and Expected to Vest, Ending Balance | [1] | 105,576 | |
MOM Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options Outstanding, Beginning Balance | 13,815 | ||
Options Outstanding, Granted | 38,054 | ||
Options Outstanding, Cancelled | (1,650) | ||
Options Outstanding, Ending Balance | 50,219 | 13,815 | |
CIC Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options Outstanding, Beginning Balance | 30,000 | ||
Options Outstanding, Ending Balance | 30,000 | 30,000 | |
[1] | Multiple of Money and Change in Control awards have been excluded as the vesting criteria are based on a qualifying liquidity event. |
Common Stock and Stock Incent74
Common Stock and Stock Incentive Plans - Summary of RSU Award Activity (Detail) | 12 Months Ended |
Dec. 31, 2015shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested, Outstanding, Beginning Balance | 292,495 |
Granted | 21,882 |
Awards exchanged in connection with the exchange program | (148,748) |
Forfeited | (45,602) |
Nonvested, Outstanding, Ending Balance | 120,027 |
MOM RSU [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested, Outstanding, Beginning Balance | 102,359 |
Granted | 21,882 |
Awards exchanged in connection with the exchange program | (61,859) |
Forfeited | (10,623) |
Nonvested, Outstanding, Ending Balance | 51,759 |
Restricted Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested, Outstanding, Beginning Balance | 80,224 |
Forfeited | (13,758) |
Nonvested, Outstanding, Ending Balance | 66,466 |
EIP RSU [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested, Outstanding, Beginning Balance | 109,912 |
Awards exchanged in connection with the exchange program | (86,889) |
Forfeited | (21,221) |
Nonvested, Outstanding, Ending Balance | 1,802 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information(Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | |||
Defined contribution plan, costs incurred | $ 18.2 | $ 16.6 | $ 13.3 |
Deferred compensation plan, liability included in accrued expenses and other non-current liabilities | 12.1 | 11.8 | |
Postretirement plan, pension liability included in other non-current liabilities | $ 1 | $ 1.5 |
Termination Benefits and Othe76
Termination Benefits and Other Cost Reduction Actions - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Employee | Dec. 31, 2014USD ($)Employee | Dec. 31, 2013USD ($)Employee | |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring costs | $ 16,365,000 | $ 17,920,000 | $ 17,897,000 |
Severance costs | $ 13,134,000 | $ 13,752,000 | $ 12,882,000 |
Number of employees | Employee | 435 | 410 | 390 |
Facility-related costs | $ 3,231,000 | $ 4,168,000 | $ 5,015,000 |
Non cash portion of net costs related to abandoned assets | 500,000 | 0 | 500,000 |
Cost of Revenues [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring costs | 5,100,000 | 4,700,000 | 4,900,000 |
Selling, General and Administrative Expenses [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring costs | 11,300,000 | 13,200,000 | 13,000,000 |
Clinical [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring costs | 6,700,000 | 8,600,000 | 4,500,000 |
Commercial [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring costs | 8,800,000 | 8,500,000 | 11,500,000 |
Corporate [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring costs | $ 900,000 | $ 800,000 | $ 1,900,000 |
Termination Benefits and Othe77
Termination Benefits and Other Cost Reduction Actions - Summary of Company's Restructuring Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring And Related Activities [Abstract] | |||
Employee severance and related costs | $ 13,134 | $ 13,752 | $ 12,882 |
Facilities-related costs | 3,231 | 4,168 | 5,015 |
Total | $ 16,365 | $ 17,920 | $ 17,897 |
Termination Benefits and Othe78
Termination Benefits and Other Cost Reduction Actions - Summary of Company's Restructuring Reserve (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | $ 12,243 | $ 11,666 | |
Net Costs | 16,365 | 17,920 | $ 17,897 |
Cash Payments | (20,421) | (17,343) | |
Restructuring Reserve, Ending Balance | 8,187 | 12,243 | 11,666 |
Employee Severance and Related Costs [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 5,145 | 5,479 | |
Net Costs | 13,134 | 13,752 | |
Cash Payments | (14,034) | (14,086) | |
Restructuring Reserve, Ending Balance | 4,245 | 5,145 | 5,479 |
Facilities-Related Charges [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring Reserve, Beginning Balance | 7,098 | 6,187 | |
Net Costs | 3,231 | 4,168 | |
Cash Payments | (6,387) | (3,257) | |
Restructuring Reserve, Ending Balance | $ 3,942 | $ 7,098 | $ 6,187 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income (Loss) from Continuing Operations before Income (Loss) from Equity Investments and Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (165,929) | $ (184,994) | $ (232,362) |
Foreign | 22,198 | 7,263 | 19,113 |
Income (loss) before income tax (provision) benefit and income (loss) from equity investments | $ (143,731) | $ (177,731) | $ (213,249) |
Income Taxes - Schedule of In80
Income Taxes - Schedule of Income Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
U.S. - Federal | $ (4,648) | $ 169 | |
U.S. - State and local | $ 151 | (632) | (210) |
Foreign | 8,160 | 3,149 | 1,568 |
Income tax provision (benefit), current | 8,311 | (2,131) | 1,527 |
Deferred: | |||
U.S. - Federal | 4,496 | 4,423 | 4,061 |
U.S. - State and local | (111) | 171 | 476 |
Foreign | (7,129) | 44 | (3,109) |
Income tax provision (benefit), deferred | (2,744) | 4,638 | 1,428 |
Income tax provision | $ 5,567 | $ 2,507 | $ 2,955 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Taxes on Net Loss Computed Using US Federal Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | |||
Taxes at statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
Foreign tax differences | 4.50% | 2.10% | 2.00% |
State and local income taxes, net of federal tax benefit | (0.20%) | (0.50%) | |
Valuation allowance | (27.90%) | (43.30%) | (36.20%) |
Federal examination settlement | 2.30% | ||
Impairment of intangible assets | (7.60%) | (2.80%) | (3.80%) |
Proceeds from purchase price finalization | 2.30% | ||
Net operating loss adjustment | 7.70% | ||
Federal tax on foreign earnings | (6.40%) | (3.90%) | (3.30%) |
Other permanent differences | (1.50%) | 1.70% | 3.10% |
Effective tax rate | (3.90%) | (1.40%) | (1.40%) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Statutory U.S. Federal Income Tax Rate and Effective Tax Rate (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets: | ||
Accrued expenses | $ 29,384 | $ 24,907 |
Deferred revenue | 11,150 | 7,847 |
Allowance for doubtful accounts and other | 9,462 | 10,744 |
Deferred compensation | 6,902 | 5,434 |
Intangible assets | 9,416 | 11,639 |
Net operating loss | 351,348 | 341,704 |
Property and equipment | 5,190 | 2,664 |
Research and development credits | 44,506 | 48,894 |
Debt basis adjustment | 8,854 | 8,845 |
Other | 4,387 | 5,359 |
Deferred Tax Assets | 480,599 | 468,037 |
Valuation Allowance | (406,477) | (375,638) |
Deferred Tax Liabilities: | ||
Prepaid expenses | (2,746) | (2,964) |
Property and equipment | (518) | (727) |
Deferred financing | (5,052) | (7,368) |
Intangible assets | (121,602) | (140,067) |
U.S. tax on foreign earnings | (7,000) | (7,000) |
Other | (532) | (49) |
Deferred Tax Liabilities | (137,450) | (158,175) |
Net Deferred Tax Liabilities | $ (63,328) | $ (65,776) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | ||||
Valuation Allowance decreases/increases | $ 30,900 | $ 76,700 | ||
Valuation allowance | 406,477 | 375,638 | ||
Income tax expense related to amortization | 7,600 | 6,400 | ||
Estimated unamortized balance of tax deductible goodwill and indefinite-lived intangible assets | 133,000 | |||
Undistributed earnings of foreign subsidiary | 71,800 | |||
Deferred income tax liability for the undistributed earnings | 27,600 | |||
Unrecognized tax benefits | 25,500 | 16,700 | $ 13,600 | $ 12,300 |
Unrecognized tax positions | 2,700 | 3,100 | 8,000 | |
Accrued interest and penalties | 3,000 | 2,900 | ||
Gross interest and penalties income (expense) recognized | (100) | 400 | $ 100 | |
Canadian [Member] | ||||
Income Taxes [Line Items] | ||||
Research and development credit carry forwards | $ 60,200 | 66,700 | ||
Research and development credit carry forwards expiration date beginning | 2,022 | |||
Research and development credit carry forwards expiration date ending | 2,035 | |||
Canadian Clinical Subsidiary [Member] | ||||
Income Taxes [Line Items] | ||||
Valuation Allowance decreases/increases | $ (5,900) | |||
U.S. Federal [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carry forwards | $ 889,700 | 817,200 | ||
Net operating loss carry forwards expiration date beginning | 2,026 | |||
Net operating loss carry forwards expiration date ending | 2,035 | |||
Operating loss carry forwards attributable to acquisitions, limitations on Use | $ 82,300 | |||
Foreign [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carry forwards | $ 73,400 | $ 85,800 | ||
Net operating loss carry forwards expiration date beginning | 2,020 |
Income Taxes - Schedule of Re84
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Uncertainties [Abstract] | |||
Unrecognized tax benefits, Beginning balance | $ 16.7 | $ 13.6 | $ 12.3 |
Increase (decrease) in tax positions for prior years | 0.1 | (0.2) | (0.4) |
Increase in tax positions for current year | 9.4 | 6.9 | 4.3 |
Settlements | (2.8) | (1.4) | |
Lapse of statute of limitations | (0.7) | (0.8) | (1.2) |
Unrecognized tax benefits, Ending balance | $ 25.5 | $ 16.7 | $ 13.6 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) | Dec. 05, 2012USD ($) | Nov. 12, 2012 | Aug. 31, 2010USD ($) | Jun. 30, 2015shares | Dec. 31, 2015USD ($)Entityshares | Dec. 31, 2014USD ($)Entity | Dec. 31, 2013USD ($)Entity | Aug. 12, 2014USD ($) |
Junior Lien Notes Exchange Offer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt instrument, total consideration | $ 50,000,000 | |||||||
Junior Lien Secured Notes, Due 2018 [Member] | Junior Lien Notes Exchange Offer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Junior lien secured notes issued | 25,000,000 | |||||||
Senior Unsecured Notes, Due 2018 [Member] | Junior Lien Notes Exchange Offer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt instrument, total consideration | $ 26,300,000 | |||||||
Senior unsecured notes interest percentage | 10.00% | |||||||
Mr. Meister [Member] | MOM Options [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of common stock shares issued for stock options and other stock awards | shares | 38,054 | 38,054 | ||||||
Blane Walter [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction service amount threshold | $ 120,000 | |||||||
Services fees | $ 1,800,000 | $ 1,800,000 | $ 300,000 | |||||
Blane Walter [Member] | InVentiv Health, Inc. [Member] | Minimum [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of interest hold | 10.00% | |||||||
THL [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management fee description | THL Management Agreement, THL Managers will receive an aggregate annual management fee in an amount per year equal to the greater of (a) $2.5 million or (b) 1.5% of EBITDA | |||||||
Percentage of management fee in EBITDA | 1.50% | |||||||
Annual management fee | $ 2,500,000 | $ 3,300,000 | $ 2,900,000 | $ 3,000,000 | ||||
Number of entities | Entity | 4 | 4 | 4 | |||||
Related parties, description of transaction | THL or its affiliates held a 10% or greater interest that provided services exceeding $120,000 in value to the Company | |||||||
Related party transaction service amount threshold | $ 120,000 | |||||||
Services fees | $ 4,300,000 | $ 5,300,000 | $ 4,000,000 | |||||
THL [Member] | InVentiv Health, Inc. [Member] | Minimum [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of interest hold | 10.00% | |||||||
Liberty Lane [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Annual management fee | $ 800,000 | $ 1,000,000 | $ 700,000 | $ 800,000 | ||||
Percentage of common stock options granted as compensation | 1.40% | |||||||
Affiliates of Thomas H. Lee Partners L.P., Liberty Lane and Blane Walter [Member] | Junior Lien Notes Exchange Offer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt instrument, total consideration | $ 50,000,000 | |||||||
Affiliates of Thomas H. Lee Partners L.P., Liberty Lane and Blane Walter [Member] | Junior Lien Secured Notes, Due 2018 [Member] | Junior Lien Notes Exchange Offer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Junior lien secured notes issued | 25,000,000 | |||||||
Affiliates of Thomas H. Lee Partners L.P., Liberty Lane and Blane Walter [Member] | Senior Unsecured Notes, Due 2018 [Member] | Junior Lien Notes Exchange Offer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt instrument, total consideration | $ 26,300,000 | |||||||
Senior unsecured notes interest percentage | 10.00% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | Segment | 2 | ||
Clinical to Commercial [Member] | |||
Segment Reporting Information [Line Items] | |||
Intersegments sales | $ 0.3 | $ 1.5 | $ 0.7 |
Commercial to Clinical or Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Intersegments sales | $ 13.2 | $ 6.1 | $ 3.9 |
Segment Information - Schedule
Segment Information - Schedule of Selected Information for Each Reportable Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Consolidated net revenues | $ 1,994,318 | $ 1,806,405 | $ 1,644,555 |
Operating income (loss) | 73,150 | 49,380 | (3,200) |
Depreciation and amortization | (95,088) | (107,315) | (105,999) |
Impairment of goodwill and long-lived assets | (69,157) | (24,023) | (38,881) |
Proceeds from purchase price finalization | 14,221 | ||
Stock-based compensation | (4,286) | (556) | 1,771 |
Operating expenses | (2,248,123) | (2,023,811) | (1,907,680) |
Loss on extinguishment of debt and refinancing costs | (10,062) | (818) | |
Interest income (expense), net | (228,199) | (217,049) | (209,231) |
Other income | 11,318 | ||
Income (loss) before income tax (provision) benefit and income (loss) from equity investments | (143,731) | (177,731) | (213,249) |
Capital expenditures | 39,279 | 33,089 | 35,677 |
Clinical [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 14,816 | 11,237 | 16,478 |
Commercial [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 14,938 | 10,847 | 9,988 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 9,525 | 11,005 | 9,211 |
Other Unallocated Charges [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating expenses | (27,587) | (16,356) | (34,314) |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | 269,268 | 197,630 | 160,002 |
Operating Segments [Member] | Clinical [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated net revenues | 947,917 | 870,255 | 865,043 |
Operating income (loss) | 137,093 | 96,736 | 94,945 |
Operating Segments [Member] | Commercial [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated net revenues | 1,059,876 | 943,716 | 784,130 |
Operating income (loss) | 171,940 | 129,684 | 108,782 |
Operating Segments [Member] | Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | (39,765) | (28,790) | (43,725) |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated net revenues | $ (13,475) | $ (7,566) | $ (4,618) |
Segment Information - Schedul88
Segment Information - Schedule of Certain Financial Information by Geographic Area Based on the Location of the Primary Customer Relationship (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenues | $ 1,994,318 | $ 1,806,405 | $ 1,644,555 |
Long-lived assets | 142,032 | 121,859 | |
United States [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenues | 1,554,376 | 1,336,674 | 1,201,428 |
Long-lived assets | 124,901 | 104,637 | |
Europe [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenues | 309,858 | 310,571 | 288,702 |
Long-lived assets | 9,790 | 8,988 | |
All Other Americas [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenues | 62,804 | 75,040 | 81,843 |
Long-lived assets | 4,974 | 6,400 | |
Asia [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenues | 60,347 | 73,930 | 61,340 |
Long-lived assets | 2,334 | 1,779 | |
All Other [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenues | 6,933 | 10,190 | $ 11,242 |
Long-lived assets | $ 33 | $ 55 |
Allowance for Doubtful Accoun89
Allowance for Doubtful Accounts - Schedule of Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Receivables [Abstract] | ||||
Balance Beginning of Year | $ 4,143 | $ 4,839 | $ 4,002 | |
Additions Charged to Income | 2,689 | 1,203 | 2,459 | |
Deductions | (1,469) | (1,496) | (1,883) | |
Other | [1] | 32 | (403) | 261 |
Balance End of Year | $ 5,395 | $ 4,143 | $ 4,839 | |
[1] | Primarily reflects the impact of currency translation. |
Guarantor Financial Informati90
Guarantor Financial Information - Additional Information (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Guarantor Subsidiaries [Member] | |
Condensed Financial Statements Captions [Line Items] | |
Long-term debt, excluding capital lease obligations | $ 575.3 |
Guarantor Financial Informati91
Guarantor Financial Information - Schedule of Condensed Consolidating Balance Sheet Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ||||
Cash and cash equivalents | $ 121,317 | $ 57,059 | $ 116,227 | $ 129,413 |
Restricted cash | 1,607 | 1,717 | ||
Accounts receivable, net of allowances for doubtful accounts | 359,081 | 302,847 | ||
Unbilled services | 207,465 | 179,036 | ||
Prepaid expenses and other current assets | 42,930 | 38,225 | ||
Income tax receivable | 1,076 | 1,363 | ||
Current deferred tax assets | 7,512 | |||
Total current assets | 733,476 | 587,759 | ||
Property and equipment, net | 142,032 | 121,859 | ||
Goodwill | 895,369 | 931,787 | 950,208 | |
Intangible assets, net | 334,646 | 417,824 | ||
Non-current deferred tax assets | 10,032 | 3,944 | ||
Other assets | 37,134 | 41,882 | ||
Total assets | 2,152,689 | 2,105,055 | ||
Current liabilities: | ||||
Current portion of capital lease obligations and other financing arrangements | 23,333 | 16,265 | ||
Accrued payroll, accounts payable and accrued expenses | 333,726 | 286,613 | ||
Income taxes payable | 5,484 | 1,209 | ||
Deferred revenue and client advances | 246,656 | 199,130 | ||
Total current liabilities | 609,199 | 503,217 | ||
Capital lease obligations, net of current portion | 45,258 | 29,324 | ||
Long-term debt, net of current portion | 2,101,885 | 2,021,852 | ||
Non-current income tax liability | 5,942 | 6,461 | ||
Deferred tax liability | 73,360 | 77,232 | ||
Other non-current liabilities | 88,153 | 80,756 | ||
Total liabilities | 2,923,797 | 2,718,842 | ||
Total inVentiv Health, Inc. stockholder’s deficit | (772,736) | (615,181) | ||
Noncontrolling interest | 1,628 | 1,394 | ||
Total stockholder’s deficit | (771,108) | (613,787) | (408,037) | (161,347) |
Total liabilities and stockholder’s deficit | 2,152,689 | 2,105,055 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | (82,879) | (52,037) | (35,244) | (18,316) |
Intercompany receivables | (1,388,167) | (997,561) | ||
Income tax receivable | (104) | |||
Current deferred tax assets | (6,261) | |||
Total current assets | (1,471,150) | (1,055,859) | ||
Non-current intercompany receivables | (480,417) | (407,304) | ||
Investment in consolidated subsidiaries | (769,670) | (786,625) | ||
Total assets | (2,721,237) | (2,249,788) | ||
Current liabilities: | ||||
Current portion of capital lease obligations and other financing arrangements | (73,282) | (52,037) | ||
Accrued payroll, accounts payable and accrued expenses | (9,597) | |||
Intercompany payables | (1,388,167) | (997,561) | ||
Income taxes payable | (104) | |||
Total current liabilities | (1,471,150) | (1,049,598) | ||
Deferred tax liability | (6,261) | |||
Non-current intercompany liabilities | (480,417) | (407,304) | ||
Total liabilities | (1,951,567) | (1,463,163) | ||
Total inVentiv Health, Inc. stockholder’s deficit | (769,670) | (786,625) | ||
Total stockholder’s deficit | (769,670) | (786,625) | ||
Total liabilities and stockholder’s deficit | (2,721,237) | (2,249,788) | ||
Inventiv Health Inc [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 55,226 | 19,643 | 33,176 | 63,692 |
Restricted cash | 226 | 569 | ||
Intercompany receivables | 529,457 | 375,025 | ||
Prepaid expenses and other current assets | 8,839 | 5,301 | ||
Income tax receivable | 104 | |||
Current deferred tax assets | 259 | |||
Total current assets | 593,852 | 400,797 | ||
Property and equipment, net | 23,227 | 21,665 | ||
Other assets | 19,084 | 25,916 | ||
Non-current intercompany receivables | 416,161 | 368,325 | ||
Investment in consolidated subsidiaries | 676,479 | 700,383 | ||
Total assets | 1,728,803 | 1,517,086 | ||
Current liabilities: | ||||
Current portion of capital lease obligations and other financing arrangements | 1,936 | 4,006 | ||
Accrued payroll, accounts payable and accrued expenses | 71,953 | 62,179 | ||
Intercompany payables | 820,965 | 562,297 | ||
Income taxes payable | 222 | |||
Total current liabilities | 894,854 | 628,704 | ||
Long-term debt, net of current portion | 1,533,197 | 1,456,325 | ||
Deferred tax liability | 74 | 333 | ||
Other non-current liabilities | 38,494 | 37,441 | ||
Non-current intercompany liabilities | 34,920 | 9,464 | ||
Total liabilities | 2,501,539 | 2,132,267 | ||
Total inVentiv Health, Inc. stockholder’s deficit | (772,736) | (615,181) | ||
Total stockholder’s deficit | (772,736) | (615,181) | ||
Total liabilities and stockholder’s deficit | 1,728,803 | 1,517,086 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 3,439 | 19,838 | 15,471 | |
Accounts receivable, net of allowances for doubtful accounts | 292,548 | 236,884 | ||
Unbilled services | 174,070 | 138,100 | ||
Intercompany receivables | 840,499 | 557,758 | ||
Prepaid expenses and other current assets | 11,401 | 12,181 | ||
Income tax receivable | 310 | |||
Current deferred tax assets | 12,198 | |||
Total current assets | 1,318,518 | 960,870 | ||
Property and equipment, net | 101,507 | 82,857 | ||
Goodwill | 855,317 | 889,281 | ||
Intangible assets, net | 328,239 | 410,059 | ||
Other assets | 4,491 | 3,519 | ||
Non-current intercompany receivables | 29,235 | 38,847 | ||
Investment in consolidated subsidiaries | 93,191 | 86,242 | ||
Total assets | 2,730,498 | 2,471,675 | ||
Current liabilities: | ||||
Current portion of capital lease obligations and other financing arrangements | 21,324 | 14,025 | ||
Accrued payroll, accounts payable and accrued expenses | 200,063 | 162,937 | ||
Intercompany payables | 542,500 | 404,413 | ||
Income taxes payable | 165 | |||
Deferred revenue and client advances | 190,828 | 150,709 | ||
Total current liabilities | 954,880 | 732,084 | ||
Capital lease obligations, net of current portion | 45,247 | 29,126 | ||
Long-term debt, net of current portion | 568,688 | 565,527 | ||
Non-current income tax liability | 4,806 | 5,360 | ||
Deferred tax liability | 73,047 | 80,860 | ||
Other non-current liabilities | 30,896 | 25,175 | ||
Non-current intercompany liabilities | 416,260 | 368,457 | ||
Total liabilities | 2,093,824 | 1,806,589 | ||
Total inVentiv Health, Inc. stockholder’s deficit | 636,674 | 665,086 | ||
Total stockholder’s deficit | 636,674 | 665,086 | ||
Total liabilities and stockholder’s deficit | 2,730,498 | 2,471,675 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 148,970 | 86,014 | $ 98,457 | $ 68,566 |
Restricted cash | 1,381 | 1,148 | ||
Accounts receivable, net of allowances for doubtful accounts | 66,533 | 65,963 | ||
Unbilled services | 33,395 | 40,936 | ||
Intercompany receivables | 18,211 | 64,778 | ||
Prepaid expenses and other current assets | 22,690 | 20,743 | ||
Income tax receivable | 1,076 | 1,053 | ||
Current deferred tax assets | 1,316 | |||
Total current assets | 292,256 | 281,951 | ||
Property and equipment, net | 17,298 | 17,337 | ||
Goodwill | 40,052 | 42,506 | ||
Intangible assets, net | 6,407 | 7,765 | ||
Non-current deferred tax assets | 10,032 | 3,944 | ||
Other assets | 13,559 | 12,447 | ||
Non-current intercompany receivables | 35,021 | 132 | ||
Total assets | 414,625 | 366,082 | ||
Current liabilities: | ||||
Current portion of capital lease obligations and other financing arrangements | 73,355 | 50,271 | ||
Accrued payroll, accounts payable and accrued expenses | 71,307 | 61,497 | ||
Intercompany payables | 24,702 | 30,851 | ||
Income taxes payable | 5,423 | 987 | ||
Deferred revenue and client advances | 55,828 | 48,421 | ||
Total current liabilities | 230,615 | 192,027 | ||
Capital lease obligations, net of current portion | 11 | 198 | ||
Non-current income tax liability | 1,136 | 1,101 | ||
Deferred tax liability | 239 | 2,300 | ||
Other non-current liabilities | 18,763 | 18,140 | ||
Non-current intercompany liabilities | 29,237 | 29,383 | ||
Total liabilities | 280,001 | 243,149 | ||
Total inVentiv Health, Inc. stockholder’s deficit | 132,996 | 121,539 | ||
Noncontrolling interest | 1,628 | 1,394 | ||
Total stockholder’s deficit | 134,624 | 122,933 | ||
Total liabilities and stockholder’s deficit | $ 414,625 | $ 366,082 |
Guarantor Financial Informati92
Guarantor Financial Information - Schedule of Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Income Statements Captions [Line Items] | |||
Net revenues | $ 1,994,318 | $ 1,806,405 | $ 1,644,555 |
Reimbursed out-of-pocket expenses | 326,955 | 266,786 | 259,925 |
Total revenues | 2,321,273 | 2,073,191 | 1,904,480 |
Operating expenses: | |||
Cost of revenues | 1,326,782 | 1,203,636 | 1,084,767 |
Reimbursable out-of-pocket expenses | 326,955 | 266,786 | 259,925 |
Selling, general and administrative expenses | 525,229 | 529,366 | 538,328 |
Proceeds from purchase price finalization | (14,221) | ||
Impairment of goodwill | 33,964 | 15,795 | 36,864 |
Impairment of long-lived assets | 35,193 | 8,228 | 2,017 |
Total operating expenses | 2,248,123 | 2,023,811 | 1,907,680 |
Operating income (loss) | 73,150 | 49,380 | (3,200) |
Loss on extinguishment of debt and refinancing costs | (10,062) | (818) | |
Interest income (expense), net | (228,199) | (217,049) | (209,231) |
Other income | 11,318 | ||
Income (loss) before income tax (provision) benefit and income (loss) from equity investments | (143,731) | (177,731) | (213,249) |
Income tax (provision) benefit | (5,567) | (2,507) | (2,955) |
Income (loss) before income (loss) from equity investments | (149,298) | (180,238) | (216,204) |
Income (loss) from equity investments | (1,279) | (404) | 15 |
Income (loss) from continuing operations | (150,577) | (180,642) | (216,189) |
Net income (loss) from discontinued operations, net of tax | (8,163) | (20,228) | |
Net Income (loss) | (150,577) | (188,805) | (236,417) |
Less: Net (income) loss attributable to the noncontrolling interest | (891) | (830) | (1,156) |
Net income (loss) attributable to inVentiv Health, Inc. | (151,468) | (189,635) | (237,573) |
Eliminations [Member] | |||
Condensed Income Statements Captions [Line Items] | |||
Net revenues | (30,949) | (31,323) | (83,733) |
Reimbursed out-of-pocket expenses | (348) | (321) | (5,959) |
Total revenues | (31,297) | (31,644) | (89,692) |
Operating expenses: | |||
Cost of revenues | (28,772) | (29,218) | (82,214) |
Reimbursable out-of-pocket expenses | (348) | (321) | (5,959) |
Selling, general and administrative expenses | (2,177) | (2,105) | (1,519) |
Total operating expenses | (31,297) | (31,644) | (89,692) |
Income (loss) from equity investments | (4,782) | 62,286 | 97,094 |
Income (loss) from continuing operations | 62,286 | 97,094 | |
Net Income (loss) | (4,782) | 62,286 | 97,094 |
Net income (loss) attributable to inVentiv Health, Inc. | (4,782) | 62,286 | 97,094 |
Inventiv Health Inc [Member] | |||
Operating expenses: | |||
Selling, general and administrative expenses | 75,181 | 46,047 | 53,682 |
Allocation of intercompany costs | (55,594) | (40,968) | (46,972) |
Total operating expenses | 19,587 | 5,079 | 6,710 |
Operating income (loss) | (19,587) | (5,079) | (6,710) |
Loss on extinguishment of debt and refinancing costs | (3,570) | (818) | |
Interest income (expense), net | (179,379) | (166,998) | (158,623) |
Other income | 11,318 | ||
Intercompany interest income (expense) | 47,946 | 42,373 | 38,293 |
Income (loss) before income tax (provision) benefit and income (loss) from equity investments | (139,702) | (133,274) | (127,858) |
Income tax (provision) benefit | 503 | 5,743 | (498) |
Income (loss) before income (loss) from equity investments | (139,199) | (127,531) | (128,356) |
Income (loss) from equity investments | (12,269) | (62,104) | (109,217) |
Income (loss) from continuing operations | (189,635) | (237,573) | |
Net Income (loss) | (151,468) | (189,635) | (237,573) |
Net income (loss) attributable to inVentiv Health, Inc. | (151,468) | (189,635) | (237,573) |
Guarantor Subsidiaries [Member] | |||
Condensed Income Statements Captions [Line Items] | |||
Net revenues | 1,553,568 | 1,348,217 | 1,242,117 |
Reimbursed out-of-pocket expenses | 283,529 | 213,940 | 208,706 |
Total revenues | 1,837,097 | 1,562,157 | 1,450,823 |
Operating expenses: | |||
Cost of revenues | 1,056,886 | 904,529 | 860,762 |
Reimbursable out-of-pocket expenses | 283,529 | 213,940 | 208,706 |
Selling, general and administrative expenses | 314,190 | 343,170 | 340,301 |
Proceeds from purchase price finalization | (14,221) | ||
Impairment of goodwill | 33,964 | 15,795 | 36,864 |
Impairment of long-lived assets | 35,193 | 8,228 | 2,017 |
Allocation of intercompany costs | 43,659 | 33,155 | 35,985 |
Total operating expenses | 1,767,421 | 1,518,817 | 1,470,414 |
Operating income (loss) | 69,676 | 43,340 | (19,591) |
Loss on extinguishment of debt and refinancing costs | (6,492) | ||
Interest income (expense), net | (49,389) | (50,401) | (50,756) |
Intercompany interest income (expense) | (46,957) | (39,959) | (33,089) |
Income (loss) before income tax (provision) benefit and income (loss) from equity investments | (26,670) | (53,512) | (103,436) |
Income tax (provision) benefit | (5,009) | (5,055) | (4,070) |
Income (loss) before income (loss) from equity investments | (31,679) | (58,567) | (107,506) |
Income (loss) from equity investments | 15,772 | (586) | 12,138 |
Income (loss) from continuing operations | (59,153) | (95,368) | |
Net income (loss) from discontinued operations, net of tax | (8,163) | (20,228) | |
Net Income (loss) | (15,907) | (67,316) | (115,596) |
Net income (loss) attributable to inVentiv Health, Inc. | (15,907) | (67,316) | (115,596) |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Income Statements Captions [Line Items] | |||
Net revenues | 471,699 | 489,511 | 486,171 |
Reimbursed out-of-pocket expenses | 43,774 | 53,167 | 57,178 |
Total revenues | 515,473 | 542,678 | 543,349 |
Operating expenses: | |||
Cost of revenues | 298,668 | 328,325 | 306,219 |
Reimbursable out-of-pocket expenses | 43,774 | 53,167 | 57,178 |
Selling, general and administrative expenses | 138,035 | 142,254 | 145,864 |
Allocation of intercompany costs | 11,935 | 7,813 | 10,987 |
Total operating expenses | 492,412 | 531,559 | 520,248 |
Operating income (loss) | 23,061 | 11,119 | 23,101 |
Interest income (expense), net | 569 | 350 | 148 |
Intercompany interest income (expense) | (989) | (2,414) | (5,204) |
Income (loss) before income tax (provision) benefit and income (loss) from equity investments | 22,641 | 9,055 | 18,045 |
Income tax (provision) benefit | (1,061) | (3,195) | 1,613 |
Income (loss) before income (loss) from equity investments | 21,580 | 5,860 | 19,658 |
Income (loss) from continuing operations | 5,860 | 19,658 | |
Net Income (loss) | 21,580 | 5,860 | 19,658 |
Less: Net (income) loss attributable to the noncontrolling interest | (891) | (830) | (1,156) |
Net income (loss) attributable to inVentiv Health, Inc. | $ 20,689 | $ 5,030 | $ 18,502 |
Guarantor Financial Informati93
Guarantor Financial Information - Schedule of Consolidating Statement of Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Statement Of Income Captions [Line Items] | |||
Net Income (loss) | $ (150,577) | $ (188,805) | $ (236,417) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (9,963) | (16,848) | (7,246) |
Total other comprehensive income (loss) | (9,963) | (16,848) | (7,246) |
Total comprehensive income (loss) | (160,540) | (205,653) | (243,663) |
Less: Comprehensive (income) loss attributable to the noncontrolling interest | (891) | (830) | (1,156) |
Comprehensive income (loss) attributable to inVentiv Health, Inc. | (161,431) | (206,483) | (244,819) |
Eliminations [Member] | |||
Condensed Statement Of Income Captions [Line Items] | |||
Net Income (loss) | (4,782) | 62,286 | 97,094 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | 17,049 | 26,342 | 7,835 |
Total other comprehensive income (loss) | 17,049 | 26,342 | 7,835 |
Total comprehensive income (loss) | 12,267 | 88,628 | 104,929 |
Comprehensive income (loss) attributable to inVentiv Health, Inc. | 12,267 | 88,628 | 104,929 |
Inventiv Health Inc [Member] | |||
Condensed Statement Of Income Captions [Line Items] | |||
Net Income (loss) | (151,468) | (189,635) | (237,573) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (9,963) | (16,848) | (7,246) |
Total other comprehensive income (loss) | (9,963) | (16,848) | (7,246) |
Total comprehensive income (loss) | (161,431) | (206,483) | (244,819) |
Comprehensive income (loss) attributable to inVentiv Health, Inc. | (161,431) | (206,483) | (244,819) |
Guarantor Subsidiaries [Member] | |||
Condensed Statement Of Income Captions [Line Items] | |||
Net Income (loss) | (15,907) | (67,316) | (115,596) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (8,732) | (12,377) | 380 |
Total other comprehensive income (loss) | (8,732) | (12,377) | 380 |
Total comprehensive income (loss) | (24,639) | (79,693) | (115,216) |
Comprehensive income (loss) attributable to inVentiv Health, Inc. | (24,639) | (79,693) | (115,216) |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Statement Of Income Captions [Line Items] | |||
Net Income (loss) | 21,580 | 5,860 | 19,658 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | (8,317) | (13,965) | (8,215) |
Total other comprehensive income (loss) | (8,317) | (13,965) | (8,215) |
Total comprehensive income (loss) | 13,263 | (8,105) | 11,443 |
Less: Comprehensive (income) loss attributable to the noncontrolling interest | (891) | (830) | (1,156) |
Comprehensive income (loss) attributable to inVentiv Health, Inc. | $ 12,372 | $ (8,935) | $ 10,287 |
Guarantor Financial Informati94
Guarantor Financial Information - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net Cash Provided By Used In Operating Activities Continuing Operations | $ 106,735 | $ (46,047) | $ 22,628 |
Net cash provided by (used in) discontinued operations | (7,988) | (6,188) | |
Net cash provided by (used in) operating activities | 106,735 | (54,035) | 16,440 |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (400) | ||
Purchases of property and equipment | (39,279) | (33,089) | (35,677) |
Proceeds from sale of business | 14,251 | ||
Proceeds from vehicle sales and rebates on vehicle leases | 17,731 | 12,190 | 15,134 |
Proceeds from sale of investments | 2,024 | ||
Purchase of investments | 0 | (2,625) | (3,590) |
Other, net | 39 | 163 | 271 |
Net cash provided by (used in) continuing operations | (5,234) | (23,361) | (24,262) |
Net cash provided by (used in) discontinued operations | (1,941) | ||
Net cash provided by (used in) investing activities | (5,234) | (23,361) | (26,203) |
Cash flows from financing activities: | |||
Repayments on capital leases | (29,417) | (17,866) | (22,186) |
Borrowings under line of credit | 153,000 | 369,000 | 54,500 |
Repayment on line of credit | (153,000) | (369,000) | (54,500) |
Payment on installment note and contingent consideration related to acquisition | (2,500) | (1,500) | |
Proceeds from issuances of debt | 2,444 | 2,776 | 2,418 |
Payment of debt issuance costs | (1,771) | (2,428) | (3,059) |
Repayment of debt and other financing arrangements | (2,800) | (4,859) | (2,797) |
Issuance of notes payable | 50,000 | 25,625 | |
Other, net | (657) | (653) | (1,257) |
Net cash provided by (used in) financing activities | (34,701) | 25,470 | (1,256) |
Effects of foreign currency exchange rate changes on cash | (2,542) | (7,242) | (2,167) |
Net increase (decrease) in cash and cash equivalents | 64,258 | (59,168) | (13,186) |
Cash and cash equivalents, beginning of year | 57,059 | 116,227 | 129,413 |
Cash and cash equivalents, end of year | 121,317 | 57,059 | 116,227 |
Eliminations [Member] | |||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | (9,597) | ||
Cash flows from investing activities: | |||
Intercompany transfers | (183,295) | (160,167) | (83,016) |
Net cash provided by (used in) continuing operations | (83,016) | ||
Net cash provided by (used in) investing activities | (183,295) | (160,167) | (83,016) |
Cash flows from financing activities: | |||
Intercompany transfers | 162,050 | 143,374 | 66,088 |
Net cash provided by (used in) financing activities | 162,050 | 143,374 | 66,088 |
Net increase (decrease) in cash and cash equivalents | (30,842) | (16,793) | (16,928) |
Cash and cash equivalents, beginning of year | (52,037) | (35,244) | (18,316) |
Cash and cash equivalents, end of year | (82,879) | (52,037) | (35,244) |
Inventiv Health Inc [Member] | |||
Cash flows from operating activities: | |||
Net Cash Provided By Used In Operating Activities Continuing Operations | (185,910) | (129,734) | |
Net cash provided by (used in) operating activities | (157,479) | (185,910) | (129,734) |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (400) | ||
Purchases of property and equipment | (9,526) | (11,005) | (178) |
Proceeds from sale of business | 14,251 | ||
Proceeds from sale of investments | 2,024 | ||
Purchase of investments | (2,625) | (3,590) | |
Intercompany transfers | 190,244 | 140,799 | 80,963 |
Other, net | 344 | 163 | 219 |
Net cash provided by (used in) continuing operations | 77,014 | ||
Net cash provided by (used in) investing activities | 197,337 | 127,332 | 77,014 |
Cash flows from financing activities: | |||
Borrowings under line of credit | 153,000 | 369,000 | 54,500 |
Repayment on line of credit | (153,000) | (369,000) | (54,500) |
Payment on installment note and contingent consideration related to acquisition | (2,500) | (1,500) | |
Proceeds from issuances of debt | 2,444 | 2,776 | 2,418 |
Payment of debt issuance costs | (1,771) | (2,428) | (3,059) |
Repayment of debt and other financing arrangements | (2,448) | (3,803) | (2,797) |
Issuance of notes payable | 50,000 | 25,625 | |
Other, net | 17 | ||
Net cash provided by (used in) financing activities | (4,275) | 45,045 | 22,204 |
Net increase (decrease) in cash and cash equivalents | 35,583 | (13,533) | (30,516) |
Cash and cash equivalents, beginning of year | 19,643 | 33,176 | 63,692 |
Cash and cash equivalents, end of year | 55,226 | 19,643 | 33,176 |
Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net Cash Provided By Used In Operating Activities Continuing Operations | 118,563 | 120,186 | |
Net cash provided by (used in) discontinued operations | (7,988) | (6,188) | |
Net cash provided by (used in) operating activities | 227,016 | 110,575 | 113,998 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (21,170) | (16,380) | (26,589) |
Proceeds from vehicle sales and rebates on vehicle leases | 17,731 | 12,190 | 15,134 |
Intercompany transfers | (6,949) | 19,368 | 2,053 |
Other, net | 52 | ||
Net cash provided by (used in) continuing operations | (9,350) | ||
Net cash provided by (used in) discontinued operations | (1,941) | ||
Net cash provided by (used in) investing activities | (10,388) | 15,178 | (11,291) |
Cash flows from financing activities: | |||
Repayments on capital leases | (29,034) | (17,307) | (21,487) |
Repayment of debt and other financing arrangements | (352) | (1,056) | |
Intercompany transfers | (190,681) | (123,789) | (76,853) |
Net cash provided by (used in) financing activities | (220,067) | (142,152) | (98,340) |
Net increase (decrease) in cash and cash equivalents | (3,439) | (16,399) | 4,367 |
Cash and cash equivalents, beginning of year | 3,439 | 19,838 | 15,471 |
Cash and cash equivalents, end of year | 3,439 | 19,838 | |
Non-Guarantor Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net Cash Provided By Used In Operating Activities Continuing Operations | 21,300 | 32,176 | |
Net cash provided by (used in) operating activities | 46,795 | 21,300 | 32,176 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (8,583) | (5,704) | (8,910) |
Other, net | (305) | ||
Net cash provided by (used in) continuing operations | (8,910) | ||
Net cash provided by (used in) investing activities | (8,888) | (5,704) | (8,910) |
Cash flows from financing activities: | |||
Repayments on capital leases | (383) | (559) | (699) |
Intercompany transfers | 28,631 | (19,585) | 10,765 |
Other, net | (657) | (653) | (1,274) |
Net cash provided by (used in) financing activities | 27,591 | (20,797) | 8,792 |
Effects of foreign currency exchange rate changes on cash | (2,542) | (7,242) | (2,167) |
Net increase (decrease) in cash and cash equivalents | 62,956 | (12,443) | 29,891 |
Cash and cash equivalents, beginning of year | 86,014 | 98,457 | 68,566 |
Cash and cash equivalents, end of year | $ 148,970 | $ 86,014 | $ 98,457 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Junior Lien Secured Notes, Due 2018 [Member] $ in Millions | Jan. 08, 2016USD ($) |
Subsequent Event [Line Items] | |
Repurchased and cancelled aggregate principal amount | $ 23.7 |
Open Market Purchases [Member] | |
Subsequent Event [Line Items] | |
Repurchased and cancelled aggregate principal amount | $ 23.1 |