Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 16, 2021 | Jun. 30, 2020 | |
Document And Entity Information [Abstract] | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Entity Incorporation, State or Country Code | DE | ||
Document Transition Report | false | ||
Document Quarterly Report | true | ||
Entity Registrant Name | HURON CONSULTING GROUP INC. | ||
Trading Symbol | HURN | ||
Entity Central Index Key | 0001289848 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Entity File Number | 000-50976 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 22,768,479 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 992,600,000 | ||
Entity Tax Identification Number | 01-0666114 | ||
Security Exchange Name | NASDAQ | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Address, Address Line One | 550 West Van Buren Street | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60607 | ||
City Area Code | (312) | ||
Local Phone Number | 583-8700 | ||
Entity Interactive Data Current | Yes | ||
lcfrAuditorAttestationFlag | true | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 67,177 | $ 11,604 |
Receivables from clients, net of allowances of $7,680 and $8,907, respectively | 86,966 | 116,571 |
Costs in Excess of Billings, Current | 61,181 | 79,937 |
Income tax receivable | 5,121 | 2,376 |
Prepaid Expense and Other Assets, Current | 16,569 | 14,248 |
Total current assets | 237,014 | 224,736 |
Property and equipment, net | 29,093 | 38,413 |
Deferred Income Tax Assets, Net | 4,191 | 1,145 |
Long-term investments | 71,030 | 54,541 |
Operating Lease, Right-of-Use Asset | 39,360 | 54,954 |
Other non-current assets | 62,068 | 52,177 |
Intangible assets, net | 20,483 | 31,625 |
Goodwill | 594,237 | 646,680 |
Total assets | 1,057,476 | 1,104,271 |
Current liabilities: | ||
Accounts payable | 648 | 7,944 |
Accrued expenses and other current liabilities | 14,874 | 18,554 |
Accrued payroll and related benefits | 133,830 | 141,605 |
Long-term Debt, Current Maturities | 499 | 529 |
Operating Lease, Liability, Current | 8,771 | 7,469 |
Deferred revenues | 34,748 | 28,443 |
Total current liabilities | 193,370 | 204,544 |
Non-current liabilities: | ||
Deferred compensation and other liabilities | 45,361 | 28,635 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 1,770 | 0 |
Long-term debt, net of current portion | 202,780 | 208,324 |
Operating Lease, Liability, Noncurrent | 61,825 | 69,233 |
Deferred income taxes, net | 428 | 8,070 |
Total non-current liabilities | 312,164 | 314,262 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Common Stock, Value, Issued | 246 | 247 |
Treasury Stock, Value | 129,886 | 128,348 |
Additional paid-in capital | 454,512 | 460,781 |
Retained earnings | 214,009 | 237,849 |
Accumulated other comprehensive income | 13,061 | 14,936 |
Total stockholders’ equity | 551,942 | 585,465 |
Total liabilities and stockholders’ equity | $ 1,057,476 | $ 1,104,271 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 25,346,916 | 25,144,764 |
Treasury stock, shares | 2,584,119 | 2,425,430 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 7,680 | $ 8,907 |
Unbilled Services, Allowance for Credit Losses | $ 2,603 | $ 2,994 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Other Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues and reimbursable expenses: | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 844,127 | $ 876,757 | $ 795,125 |
Reimbursable Revenues | 26,887 | 88,717 | 82,874 |
Total revenues and reimbursable expenses | 871,014 | 965,474 | 877,999 |
Direct costs and reimbursable expenses (exclusive of depreciation and amortization shown in operating expenses): | |||
Direct costs | 592,428 | 575,602 | 521,537 |
Amortization of intangible assets and software development costs | 5,366 | 5,375 | 4,247 |
Reimbursable expenses | 26,918 | 88,696 | 82,923 |
Total direct costs and reimbursable expenses | 624,712 | 669,673 | 608,707 |
Operating expenses and other operating gains: | |||
Selling, general and administrative expenses | 170,686 | 203,071 | 180,983 |
Restructuring charges (1) | 20,525 | 1,855 | 3,657 |
Litigation and other gains, net | (150) | (1,196) | (2,019) |
Depreciation and amortization | 24,277 | 28,365 | 34,575 |
Goodwill, Impairment Loss | 59,816 | 0 | 0 |
Total operating expenses and other losses (gains), net | 275,154 | 232,095 | 217,196 |
Operating income (loss) | (28,852) | 63,706 | 52,096 |
Other income (expense), net | |||
Interest Expense Net Of Interest Income | (9,292) | (15,648) | (19,013) |
Other Nonoperating Income (Expense) | 4,271 | 4,433 | (7,862) |
Nonoperating Income (Expense) | (5,021) | (11,215) | (26,875) |
Income (loss) from continuing operations before taxes | (33,873) | 52,491 | 25,221 |
Income tax expense (benefit) | (10,155) | 10,512 | 11,277 |
Net income (loss) from continuing operations | (23,718) | 41,979 | 13,944 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (122) | (236) | (298) |
Net income (loss) | $ (23,840) | $ 41,743 | $ 13,646 |
Net earnings per basic share: | |||
Net income from continuing operations, per basic share (in USD per share) | $ (1.08) | $ 1.91 | $ 0.64 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | (0.01) | (0.01) | (0.01) |
Net income, per basic share (in USD per share) | (1.09) | 1.90 | 0.63 |
Net earnings per diluted share: | |||
Net income from continuing operations, per diluted share (in USD per share) | (1.08) | 1.87 | 0.63 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | (0.01) | (0.02) | (0.01) |
Net income, per diluted share (in USD per share) | $ (1.09) | $ 1.85 | $ 0.62 |
Weighted average shares used in calculating earnings per share: | |||
Basic (shares) | 21,882 | 21,993 | 21,706 |
Diluted (shares) | 21,882 | 22,507 | 22,058 |
Comprehensive income (loss): | |||
Net income (loss) | $ (23,840) | $ 41,743 | $ 13,646 |
Foreign currency translation adjustments, net of tax | 348 | 99 | (1,814) |
Unrealized gain (loss) on investment, net of tax | 1,323 | (702) | 7,772 |
Unrealized gain (loss) on cash flow hedging instruments, net of tax | (3,546) | (956) | 167 |
Other comprehensive income (loss) | (1,875) | (1,559) | 6,125 |
Comprehensive income (loss) | $ (25,715) | $ 40,184 | $ 19,771 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2017 | $ 503,316 | $ 241 | $ (121,994) | $ 434,256 | $ 180,443 | $ 10,370 |
Beginning balance, shares at Dec. 31, 2017 | (24,098,822) | (2,591,135) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | 19,771 | 13,646 | 6,125 | |||
Share-based compensation | 17,770 | 17,770 | ||||
Issuance of common stock in connection with: | ||||||
Restricted stock awards, net of cancellations | 0 | $ 3 | $ 387 | (390) | ||
Restricted stock awards, net of cancellations, shares | (279,430) | 5,986 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 937 | $ 0 | 937 | |||
Exercise of stock options, shares | 40,000 | |||||
Shares redeemed for employee tax withholdings | (3,187) | $ (3,187) | ||||
Shares redeemed for employee tax withholdings, shares | (86,813) | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Accounting Standards Update 2014-09 [Member] | 2,017 | 2,017 | ||||
Ending balance at Dec. 31, 2018 | 540,624 | $ 244 | $ (124,794) | 452,573 | 196,106 | 16,495 |
Ending balance, shares at Dec. 31, 2018 | (24,418,252) | (2,671,962) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | 40,184 | 41,743 | (1,559) | |||
Share-based compensation | 22,854 | 22,854 | ||||
Issuance of common stock in connection with: | ||||||
Restricted stock awards, net of cancellations | 0 | $ 4 | $ 1,828 | (1,832) | ||
Restricted stock awards, net of cancellations, shares | (347,589) | 20,171 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 1,244 | $ 1 | 1,243 | |||
Exercise of stock options, shares | 47,904 | |||||
Shares redeemed for employee tax withholdings | (5,382) | $ (5,382) | ||||
Shares redeemed for employee tax withholdings, shares | (111,511) | |||||
Adjustments to Additional Paid in Capital, Other | (160) | 160 | ||||
Share repurchases | (14,219) | $ (2) | (14,217) | |||
Share repurchases, shares | (210,437) | |||||
Ending balance at Dec. 31, 2019 | 585,465 | $ 247 | $ (128,348) | 460,781 | 237,849 | 14,936 |
Ending balance, shares at Dec. 31, 2019 | (24,603,308) | (2,763,302) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) | (25,715) | (23,840) | (1,875) | |||
Share-based compensation | 24,998 | 24,998 | ||||
Issuance of common stock in connection with: | ||||||
Restricted stock awards, net of cancellations | 0 | $ 3 | $ 6,365 | (6,368) | ||
Restricted stock awards, net of cancellations, shares | (342,311) | 87,155 | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 1,003 | $ 0 | 1,003 | |||
Exercise of stock options, shares | 40,000 | 40,400 | ||||
Shares redeemed for employee tax withholdings | $ (7,903) | $ (7,903) | ||||
Shares redeemed for employee tax withholdings, shares | (136,749) | |||||
Share repurchases | (25,906) | $ (4) | (25,902) | |||
Share repurchases, shares | (425,164) | |||||
Ending balance at Dec. 31, 2020 | $ 551,942 | $ 246 | $ (129,886) | $ 454,512 | $ 214,009 | $ 13,061 |
Ending balance, shares at Dec. 31, 2020 | (24,560,855) | (2,812,896) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Cash flows from operating activities: | |||
Net income (loss) | $ (23,840) | $ 41,743 | $ 13,646 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 30,222 | 34,405 | 39,311 |
Noncash Operating Lease Expense | 7,763 | 8,397 | 0 |
Impairment of Long-Lived Assets Held-for-use | 13,217 | 805 | 0 |
Share-based compensation | 24,081 | 24,213 | 18,818 |
Amortization of debt discount and issuance costs | 793 | 8,264 | 10,313 |
Goodwill, Impairment Loss | 59,816 | 0 | 0 |
Accounts Receivable, Credit Loss Expense (Reversal) | 1,050 | 250 | 657 |
Deferred income taxes | (9,859) | 8,795 | 10,717 |
Losses on sales of businesses | 1,603 | 0 | 5,807 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | 1,506 | (381) |
Debt and Equity Securities, Unrealized Gain (Loss) | (1,667) | 0 | 0 |
Other Noncash Income | (25) | (789) | |
Other Noncash Expense | 0 | ||
Changes in operating assets and liabilities, net of acquisitions and divestitures: | |||
(Increase) decrease in receivables from clients | 33,051 | (10,123) | (10,509) |
(Increase) decrease in unbilled services | 18,876 | (10,269) | (11,094) |
(Increase) decrease in current income tax receivable / payable, net | (3,662) | 4,442 | (2,607) |
(Increase) decrease in other assets | (11,972) | (144) | (1,361) |
Increase (decrease) in accounts payable and accrued liabilities | (7,786) | (6,884) | (8,212) |
Increase (decrease) in accrued payroll and related benefits | (1,169) | 30,339 | 35,481 |
Increase (decrease) in deferred revenues | 6,246 | 282 | 310 |
Net cash provided by operating activities | 136,738 | 132,220 | 101,658 |
Cash flows from investing activities: | |||
Purchases of property and equipment, net | (8,125) | (13,240) | (8,936) |
Investment in life insurance policies | (2,462) | (4,703) | (2,037) |
Purchases of businesses, net of cash acquired | (8,701) | (2,500) | (215) |
Payments to Acquire Investments | (13,000) | (5,000) | 0 |
Capitalization of internally developed software | (8,272) | (10,312) | (6,069) |
Proceeds from note receivable | 0 | 0 | 1,040 |
Proceeds from Sale of Property, Plant, and Equipment | 25 | 753 | 0 |
Proceeds from Divestiture of Businesses, Net of Cash Divested | (1,499) | 0 | (2,345) |
Net cash used in investing activities | (42,034) | (35,002) | (18,562) |
Cash flows from financing activities: | |||
Proceeds from exercises of stock options | 1,003 | 1,244 | 937 |
Shares redeemed for employee tax withholdings | (7,903) | (5,382) | (3,187) |
Share repurchases | (27,141) | (12,985) | 0 |
Proceeds from bank borrowings | 283,000 | 347,000 | 204,300 |
Repayments of bank borrowings | (288,574) | (192,515) | (259,801) |
Repayments of Convertible Debt | 0 | (250,000) | 0 |
Payments for debt issuance costs | 0 | (1,524) | (1,385) |
Payment for Contingent Consideration Liability, Financing Activities | 0 | 4,674 | 7,554 |
Net cash used in financing activities | (39,615) | (118,836) | (66,690) |
Effect of exchange rate changes on cash | 484 | 115 | (208) |
Net increase (decrease) in cash and cash equivalents | 55,573 | (21,503) | 16,198 |
Cash and cash equivalents at beginning of the period | 11,604 | 33,107 | 16,909 |
Cash and cash equivalents at end of the period | 67,177 | 11,604 | 33,107 |
Non-cash investing and financing activities: | |||
Property and equipment expenditures and capitalized software included in accounts payable, accrued expenses and accrued payroll and related benefits | 1,178 | 2,600 | 2,358 |
Contingent consideration related to business acquisitions | 1,770 | 0 | 212 |
Share Repurchases Initiated but not yet Settled | 0 | 1,234 | 0 |
Cash paid during the year for: | |||
Interest | 8,309 | 7,971 | 8,887 |
Income taxes | $ 4,721 | $ 1,429 | $ 3,349 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements reflect the financial position at December 31, 2020 and 2019, and the results of operations and cash flows for the years ended December 31, 2020, 2019, and 2018. The consolidated financial statements include the accounts of Huron Consulting Group Inc. and its subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated in consolidation. On January 1, 2019, we adopted Accounting Standard Update (“ASU”) 2016-02, Leases , as a new Topic, ASC 842, which superseded ASC Topic 840, Leases , and sets forth the principles for the recognition, measurement, presentation, and disclosure of leases for lessees and lessors. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record on the balance sheet a right-of-use asset and a lease liability, equal to the present value of the remaining lease payments, for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized using an effective interest rate method or on a straight-line basis over the term of the lease. In July 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , which provided an optional transition method that allowed entities to initially apply ASC 842 at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings on the adoption date. We adopted ASC 842 effective January 1, 2019 on a modified retrospective basis for existing leases using the transition method allowed by ASU 2018-11, which had no impact on our consolidated financial statements in the prior periods presented. Upon adoption, we recorded $56.5 million of operating lease right-of-use assets on our consolidated balance sheet, with an off-setting $56.5 million net increase in total liabilities on our consolidated balance sheet. The adoption of ASU 2016-02 had no impact on our consolidated statement of operations. Refer to our leases policy below for additional information. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Actual results may differ from these estimates and assumptions. Revenue Recognition We generate substantially all of our revenues from providing professional services to our clients. We also generate revenues from software licenses; software support and maintenance and subscriptions to our cloud-based analytic tools and solutions; speaking engagements; conferences; and publications. A single contract could include one or multiple performance obligations. For those contracts that have multiple performance obligations, we allocate the total transaction price to each performance obligation based on its relative standalone selling price, which is determined based on our overall pricing objectives, taking into consideration market conditions and other factors. Revenue is recognized when control of the goods and services provided are transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods and services using the following steps: 1) identify the contract, 2) identify the performance obligations, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue as or when we satisfy the performance obligations. We typically satisfy our performance obligations for professional services over time as the related services are provided. The performance obligations related to software support and maintenance and subscriptions to our cloud-based analytic tools and solutions are typically satisfied evenly over the course of the service period. Other performance obligations, such as certain software licenses, speaking engagements, conferences, and publications, are satisfied at a point in time. We generate our revenues under four types of billing arrangements: fixed-fee (including software license revenue); time-and-expense; performance-based; and software support, maintenance and subscriptions. In fixed-fee billing arrangements, we agree to a pre-established fee in exchange for a predetermined set of professional services. We set the fees based on our estimates of the costs and timing for completing the engagements. We generally recognize revenues under fixed-fee billing arrangements using a proportionate performance approach, which is based on work completed to-date versus our estimates of the total services to be provided under the engagement. Contracts within our Culture and Organizational Excellence solution include fixed-fee partner contracts with multiple performance obligations, which primarily consist of coaching services, as well as speaking engagements, conferences, publications and software products (“Partner Contracts”). Revenues for coaching services and software products are generally recognized on a straight-line basis over the length of the contract. All other revenues under Partner Contracts, including speaking engagements, conferences and publications, are recognized at the time the goods or services are provided. Estimates of total engagement revenues and cost of services are monitored regularly during the term of the engagement. If our estimates indicate a potential loss, such loss is recognized in the period in which the loss first becomes probable and reasonably estimable. We also generate revenues from software licenses for our revenue cycle management software and research administration and compliance software. Licenses for our revenue cycle management software are sold only as a component of our consulting projects, and the services we provide are essential to the functionality of the software. Therefore, revenues from these software licenses are recognized over the term of the related consulting services contract. License revenue from our research administration and compliance software is generally recognized in the month in which the software is delivered. Time-and-expense billing arrangements require the client to pay based on the number of hours worked by our revenue-generating professionals at agreed upon rates. Time-and-expense arrangements also include certain speaking engagements, conferences, and publications purchased by our clients outside of Partner Contracts within our Culture and Organizational Excellence solution. We recognize revenues under time-and-expense arrangements as the related services or publications are provided, using the right to invoice practical expedient which allows us to recognize revenue in the amount that we have a right to invoice based on the number of hours worked and the agreed upon hourly rates or the value of the speaking engagements, conferences or publications purchased by our clients. In performance-based billing arrangements, fees are tied to the attainment of contractually defined objectives. We enter into performance-based engagements in essentially two forms. First, we generally earn fees that are directly related to the savings formally acknowledged by the client as a result of adopting our recommendations for improving operational and cost effectiveness in the areas we review. Second, we have performance-based engagements in which we earn a success fee when and if certain predefined outcomes occur. We recognize revenue under performance-based billing arrangements using the following steps: 1) estimate variable consideration using a probability-weighted assessment of the fees to be earned, 2) apply a constraint to the estimated variable consideration to limit the amount that could be reversed when the uncertainty is resolved (the “constraint”), and 3) recognize revenue of estimated variable consideration, net of the constraint, based on work completed to-date versus our estimates of the total services to be provided under the engagement. Clients that have purchased one of our software licenses can pay an annual fee for software support and maintenance. We also generate subscription revenue from our cloud-based analytic tools and solutions. Software support, maintenance and subscription revenues are recognized ratably over the support or subscription period. These fees are generally billed in advance and included in deferred revenues until recognized. Provisions are recorded for the estimated realization adjustments on all engagements, including engagements for which fees are subject to review by the bankruptcy courts. Expense reimbursements that are billable to clients are included in total revenues and reimbursable expenses. Under fixed-fee billing arrangements, we estimate the total amount of reimbursable expenses to be incurred over the course of the engagement and recognize the estimated amount as revenue using a proportionate performance approach, which is based on work completed to-date versus our estimates of the total services to be provided under the engagement. Under time-and-expense billing arrangements we recognize reimbursable expenses as revenue as the related services are provided, using the right to invoice practical expedient. Reimbursable expenses are recognized as expenses in the period in which the expense is incurred. Subcontractors that are billed to clients at cost are also included in reimbursable expenses. When billings do not specifically identify reimbursable expenses, we allocate the portion of the billings equivalent to these expenses to reimbursable expenses. The payment terms and conditions in our customer contracts vary. Differences between the timing of billings and the recognition of revenue are recognized as either unbilled services or deferred revenues in the consolidated balance sheets. Revenues recognized for services performed but not yet billed to clients are recorded as unbilled services. Revenues recognized, but for which we are not yet entitled to bill because certain events, such as the completion of the measurement period or client approval, must occur, are recorded as contract assets and included within unbilled services. Client prepayments and retainers are classified as deferred revenues and recognized over future periods as earned in accordance with the applicable engagement agreement. Capitalized Sales Commissions Sales commissions earned by our sales professionals are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions with an expected amortization period greater than one year are deferred and amortized on a straight-line basis over the period of the associated contract. We elected to apply the practical expedient to expense sales commissions as incurred when the expected amortization period is one year or less. Amortization expense is recorded to direct costs. During the years ended December 31, 2020, 2019, and 2018, we amortized $0.4 million, $0.3 million, and $0.2 million, respectively, of capitalized sales commissions. Unamortized sales commissions were $0.7 million and $0.8 million as of December 31, 2020 and 2019, respectively. Allowances for Doubtful Accounts and Unbilled Services We maintain allowances for doubtful accounts and for services performed but not yet billed based on several factors, including the estimated cash realization from amounts due from clients, an assessment of a client’s ability to make required payments, and the historical percentages of fee adjustments and write-offs by age of receivables and unbilled services. The allowances are assessed by management on a regular basis. These estimates may differ from actual results. If the financial condition of a client deteriorates in the future, impacting the client’s ability to make payments, an increase to our allowance might be required or our allowance may not be sufficient to cover actual write-offs. We record the provision for doubtful accounts and unbilled services as a reduction in revenue to the extent the provision relates to fee adjustments and other discretionary pricing adjustments. To the extent the provision relates to a client’s inability to make required payments on accounts receivables, we record the provision to selling, general and administrative expenses. Direct Costs and Reimbursable Expenses Direct costs and reimbursable expenses consist primarily of revenue-generating employee compensation and their related benefits and share-based compensation costs; as well as technology costs, commissions, the cost of outside consultants or subcontractors assigned to revenue-generating activities, other third-party costs directly attributable to our revenue-generating activities, and direct expenses to be reimbursed by clients. Direct costs and reimbursable expenses incurred on engagements are expensed in the period incurred. Cash and Cash Equivalents We consider all highly liquid investments, including overnight investments and commercial paper, with original maturities of three months or less to be cash equivalents. Concentrations of Credit Risk To the extent receivables from clients become delinquent, collection activities commence. No single client balance is considered large enough to pose a material credit risk. The allowances for doubtful accounts and unbilled services are based upon the expected ability to collect accounts receivable and bill and collect unbilled services. Management does not anticipate incurring losses on accounts receivable in excess of established allowances. See Note 19 “Segment Information” for concentration of accounts receivable and unbilled services. We hold our cash in accounts at multiple third-party financial institutions. These deposits, at times, may exceed federally insured limits. We review the credit ratings of these financial institutions, regularly monitor the cash balances in these accounts, and adjust the balances as appropriate. However, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. Long-term Investments Our long-term investments consist of our convertible debt investment in Shorelight Holdings, LLC (“Shorelight”) and preferred stock investment in Medically Home Group, Inc. (“Medically Home”). We classified the convertible debt investment in Shorelight as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. The investment is carried at fair value with unrealized holding gains and losses reported in other comprehensive income. If the investment is in an unrealized loss position due to significant credit deterioration of the investee, we recognize an allowance to decrease the carrying value of the investment to the fair value, which may be reversed in the event that the credit of an issuer improves. In the event there are realized gains and losses or credit allowances recognized, we will record the amount in earnings. We have not recognized any credit allowance on our convertible debt investment or realized gains or losses as of December 31, 2020. See Note 13 “Fair Value of Financial Instruments” for additional information on our convertible debt investment. We classified the preferred stock investment in Medically Home as an equity security without a readily determinable value at the time of purchase and reevaluate such classification as of each balance sheet date. We elected to apply the measurement alternative at the time of purchase and will continue to do so until the investment does not qualify to be so measured. Under the measurement alternative, the investment is carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment in Medically Home. Any unrealized holding gains and losses resulting from observable price changes are recorded in our consolidated statement of operations. Following our purchase, we have not identified any impairment of our investment. See Note 13 “Fair Value of Financial Instruments” for additional information on our preferred stock investment and the unrealized gain recognized in 2020. Fair Value of Financial Instruments See Note 13 “Fair Value of Financial Instruments” for the accounting policies used to measure the fair value of our financial assets and liabilities that are measured at fair value on a recurring basis. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Depreciation of property and equipment is computed on a straight-line basis over the estimated useful lives of the assets. Software, computers, and related equipment are depreciated over an estimated useful life of two to four years. Furniture and fixtures are depreciated over five years. Aircraft are depreciated over ten years. Leasehold improvements are amortized over the lesser of the estimated useful life of the asset or the initial term of the lease. Leases We determine if an arrangement contains a lease and the classification of such lease at inception. As of December 31, 2020 and 2019, all of our material leases are classified as operating leases; we have not entered into any material finance leases. For all operating leases with an initial term greater than 12 months, we recognize an operating lease right-of-use (“ROU”) asset and operating lease liability. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Operating lease ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date and provided by the administrative agent for our senior secured credit facility in determining the present value of lease payments. Operating lease ROU assets exclude lease incentives. We elected the practical expedient to combine lease and nonlease components. Certain lease agreements contain variable lease payments that do not depend on an index or rate. These variable lease payments are not included in the calculation of the operating lease ROU asset and operating lease liability; instead, they are expensed as incurred. Our leases may contain options to extend or terminate the lease, and we include these terms in our calculation of the operating lease ROU asset and operating lease liability when it is reasonably certain that we will exercise the option. Operating lease expense is recognized on a straight-line basis over the lease term and recorded within selling, general and administrative expenses on our consolidated statement of operations. In accordance with our accounting policy for impairment of long-lived assets, operating lease ROU assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group to which the operating lease ROU asset is assigned may not be recoverable. We evaluate the recoverability of the asset group based on forecasted undiscounted cash flows. See Note 5 “Leases” for additional information on our leases, including the lease impairment charges recorded in 2020 and 2019. Software Development Costs We incur internal and external software development costs related to our cloud computing applications and software for internal use. We capitalize these software development costs incurred during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Once the project is substantially complete and ready for its intended use, these costs are amortized on a straight-line basis over the technology's estimated useful life. Acquired technology assets are initially recorded at fair value and amortized on a straight-line basis over the estimated useful life. Development costs related to software products that will be sold, leased, or otherwise marketed are expensed until technological feasibility has been established. Thereafter, and until the software is available for general release to customers, these software development costs are capitalized and subsequently reported at the lower of unamortized cost or net realizable value. These capitalized development costs are amortized in proportion to current and future revenue for each product with an annual minimum equal to the straight-line amortization over the remaining estimated economic life of the product. We did not capitalize any development costs for this type of software during 2020 or 2019. We classify capitalized software development costs, which primarily relate to cloud computing applications and software for internal use, as other non-current assets on our consolidated balance sheet. As of December 31, 2020, gross capitalized software development costs and related accumulated amortization was $28.5 million and $10.6 million, respectively. As of December 31, 2019, gross capitalized software development costs and related accumulated amortization was $21.5 million and $5.9 million, respectively. During the years ended December 31, 2020, 2019, and 2018, we amortized $4.7 million, $3.0 million, and $1.4 million, respectively, of capitalized software development costs. Implementation Costs Incurred in a Cloud Computing Arrangement We incur costs to implement cloud computing arrangements that are service contracts. We capitalize certain costs associated with the implementation of the cloud computing arrangements, including employee payroll and related benefits and third party consulting costs, incurred during the application development stage of a project. These costs are amortized on a straight-line basis over the term of the hosting service contracts, including renewal periods we are reasonably certain to exercise. As of December 31, 2020, capitalized implementation costs incurred in a cloud computing arrangement were $5.4 million and related to the ongoing implementation of a new enterprise resource planning (“ERP”) system during 2020. These costs are included as a component of prepaid expenses and other current assets and other non-current assets, and are expected to begin amortizing on January 1, 2021 when the ERP system is placed in service. In 2019, we capitalized an immaterial amount of costs to implement cloud computing arrangements that are service contracts. Intangible Assets Other Than Goodwill Identifiable intangible assets are amortized over their expected useful lives using a method that reflects the economic benefit expected to be derived from the assets or on a straight-line basis. We evaluate the recoverability of intangible assets periodically by considering events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired. Impairment of Long-Lived Assets Long-lived assets, including property and equipment, right-of-use assets, and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a significant decline in forecasted operating results over an extended period of time. We evaluate the recoverability of long-lived assets based on forecasted undiscounted cash flows. See Note 5 “Leases” and Note 11 “Restructuring Charges” for information on our operating lease right-of-use asset and fixed asset impairment charges recorded in 2020 and 2019. No material impairment charges for other long-lived assets were recorded in 2020, 2019, or 2018. Goodwill For acquisitions accounted for as a business combination, goodwill represents the excess of the cost over the fair value of the net assets acquired. We are required to test goodwill for impairment, at the reporting unit level, annually and when events or circumstances indicate the fair value of a reporting unit may be below its carrying value. We perform our annual goodwill impairment test as of November 30 and monitor for interim triggering events on an ongoing basis. A reporting unit is an operating segment or one level below an operating segment (referred to as a component) to which goodwill is assigned when initially recorded. We assign goodwill to reporting units based on our integration plans and the expected synergies resulting from the acquisition. We have six reporting units: Healthcare, Education, Business Advisory, Enterprise Solutions and Analytics, Strategy and Innovation, and Life Sciences. The Business Advisory, Enterprise Solutions and Analytics, Strategy and Innovation, and Life Sciences reporting units make up our Business Advisory operating segment. We test goodwill for impairment annually and whenever events or circumstances make it more likely than not that an impairment may have occurred. We perform our annual goodwill impairment test as of November 30 and monitor for interim triggering events on an ongoing basis. In 2020, we performed two goodwill impairment tests: an interim impairment test on our Strategy and Innovation and Life Sciences reporting units in the first quarter of 2020 and the annual impairment test on all reporting units with a goodwill balance in the fourth quarter of 2020. As a result of the interim impairment test performed in the first quarter of 2020, we recorded total non-cash pretax goodwill impairment charges of $59.8 million. We did not identify any additional impairments during our annual impairment test performed in the fourth quarter of 2020. No goodwill impairment charges were recorded in 2019 or 2018. See Note 4 “Goodwill and Intangible Assets” for additional information on our interim and annual goodwill impairment tests, and the non-cash goodwill impairment charges recorded in 2020. Business Combinations We use the acquisition method of accounting for business combinations . Each acquired company’s operating results are included in our consolidated financial statements starting on the date of acquisition. The purchase price is equivalent to the fair value of consideration transferred. Tangible and identifiable intangible assets acquired and liabilities assumed are recorded at fair value as of the acquisition date. Goodwill is recognized for the excess of purchase price over the net fair value of tangible and intangible assets acquired and liabilities assumed. Contingent consideration, which is primarily based on the business achieving certain performance targets, is recognized at its fair value on the acquisition date, and changes in fair value are recognized in earnings until settled. Refer to Note 3 “Acquisitions” for additional information on our business acquisitions and refer to Note 13 “Fair Value of Financial Instruments” for additional information regarding our contingent acquisition liability balances. Income Taxes Current tax liabilities and assets are recognized for the estimated taxes payable or refundable, respectively, on the tax returns for the current year. We have elected to recognize the tax expense related to Global Intangible Low-Taxed Income ("GILTI") as a current period expense when incurred. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. To the extent that deferred tax assets will not likely be recovered from future taxable income, a valuation allowance is established against such deferred tax assets. Refer to Note 17 "Income Taxes" for further information regarding incomes taxes. Share-Based Compensation Share-based compensation cost is measured based on the grant date fair value of the respective awards. We generally recognize share-based compensation ratably using the straight-line attribution method; however, for those awards with performance criteria and graded vesting features, we use the graded vesting attribution method. It is our policy to account for forfeitures as they occur. Sponsorship and Advertising Costs Sponsorship and advertising costs are expensed as incurred. Such expenses for the years ended December 31, 2020, 2019, and 2018 totaled $4.1 million, $8.4 million, and $7.9 million, respectively, and are a component of selling, general and administrative expenses on our consolidated statement of operations. Convertible Senior Notes In September 2014, we issued $250 million principal amount of 1.25% convertible senior notes due 2019 (the “Convertible Notes”) in a private offering. The Convertible Notes matured on October 1, 2019, and the outstanding principal and accrued interest were paid in full at that time. At issuance, we separated the Convertible Notes into liability and equity components. The carrying amount of the liability component was determined by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying value of the equity component representing the conversion option, which was recognized as a debt discount, was determined by deducting the fair value of the liability component from the proceeds of the Convertible Notes. The debt discount was amortized to interest expense using the effective interest method over the term of the Convertible Notes. The equity component was not remeasured as it continued to meet the conditions for equity classification. Refer to Note 7 “Financing Arrangements” for further information regarding the Convertible Notes. Debt Issuance Costs We amortize the costs we incur to obtain debt financing over the contractual life of the related debt using the effective interest method for non-revolving debt and the straight-line method for revolving debt. The amortization expense is included in interest expense, net of interest income in our statement of operations. Unamortized debt issuance costs attributable to our revolving credit facility are included as a component of other non-current assets. Unamortized debt issuance costs attributable to our Convertible Notes were recorded as a deduction from the carrying amount of the debt liability. Foreign Currency Assets and liabilities of foreign subsidiaries whose functional currency is not the United States Dollar (USD) are translated into USD using the exchange rates in effect at period end. Revenue and expense items are translated using the average exchange rates for the period. Foreign currency translation adjustments are included in accumulated other comprehensive income, which is a component of stockholders’ equity. Foreign currency transaction gains and losses are included in other income, net on the consolidated statement of operations. We recognized less than $0.1 million of foreign currency transaction gains in 2020, $0.2 million of foreign currency transaction losses in 2019, and $0.5 million of foreign currency transaction losses in 2018. Segment Reporting Segments are defined as components of a company that engage in business activities from which they may earn revenues and incur expenses, and for which separate financial information is available and is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision maker manages the business under three operating segments, which are our reportable segments: Healthcare, Business Advisory, and Education. New Accounting Pronouncements Recently Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which provides a new current expected credit loss model to account for credit losses on certain financial assets, including trade receivables. That model requires an entity to estimate life |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | The consolidated financial statements include the accounts of Huron Consulting Group Inc. and its subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Actual results may differ from these estimates and assumptions. |
Revenue Recognition | Revenue Recognition We generate substantially all of our revenues from providing professional services to our clients. We also generate revenues from software licenses; software support and maintenance and subscriptions to our cloud-based analytic tools and solutions; speaking engagements; conferences; and publications. A single contract could include one or multiple performance obligations. For those contracts that have multiple performance obligations, we allocate the total transaction price to each performance obligation based on its relative standalone selling price, which is determined based on our overall pricing objectives, taking into consideration market conditions and other factors. Revenue is recognized when control of the goods and services provided are transferred to our customers and in an amount that reflects the consideration we expect to be entitled to in exchange for those goods and services using the following steps: 1) identify the contract, 2) identify the performance obligations, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue as or when we satisfy the performance obligations. We typically satisfy our performance obligations for professional services over time as the related services are provided. The performance obligations related to software support and maintenance and subscriptions to our cloud-based analytic tools and solutions are typically satisfied evenly over the course of the service period. Other performance obligations, such as certain software licenses, speaking engagements, conferences, and publications, are satisfied at a point in time. We generate our revenues under four types of billing arrangements: fixed-fee (including software license revenue); time-and-expense; performance-based; and software support, maintenance and subscriptions. In fixed-fee billing arrangements, we agree to a pre-established fee in exchange for a predetermined set of professional services. We set the fees based on our estimates of the costs and timing for completing the engagements. We generally recognize revenues under fixed-fee billing arrangements using a proportionate performance approach, which is based on work completed to-date versus our estimates of the total services to be provided under the engagement. Contracts within our Culture and Organizational Excellence solution include fixed-fee partner contracts with multiple performance obligations, which primarily consist of coaching services, as well as speaking engagements, conferences, publications and software products (“Partner Contracts”). Revenues for coaching services and software products are generally recognized on a straight-line basis over the length of the contract. All other revenues under Partner Contracts, including speaking engagements, conferences and publications, are recognized at the time the goods or services are provided. Estimates of total engagement revenues and cost of services are monitored regularly during the term of the engagement. If our estimates indicate a potential loss, such loss is recognized in the period in which the loss first becomes probable and reasonably estimable. We also generate revenues from software licenses for our revenue cycle management software and research administration and compliance software. Licenses for our revenue cycle management software are sold only as a component of our consulting projects, and the services we provide are essential to the functionality of the software. Therefore, revenues from these software licenses are recognized over the term of the related consulting services contract. License revenue from our research administration and compliance software is generally recognized in the month in which the software is delivered. Time-and-expense billing arrangements require the client to pay based on the number of hours worked by our revenue-generating professionals at agreed upon rates. Time-and-expense arrangements also include certain speaking engagements, conferences, and publications purchased by our clients outside of Partner Contracts within our Culture and Organizational Excellence solution. We recognize revenues under time-and-expense arrangements as the related services or publications are provided, using the right to invoice practical expedient which allows us to recognize revenue in the amount that we have a right to invoice based on the number of hours worked and the agreed upon hourly rates or the value of the speaking engagements, conferences or publications purchased by our clients. In performance-based billing arrangements, fees are tied to the attainment of contractually defined objectives. We enter into performance-based engagements in essentially two forms. First, we generally earn fees that are directly related to the savings formally acknowledged by the client as a result of adopting our recommendations for improving operational and cost effectiveness in the areas we review. Second, we have performance-based engagements in which we earn a success fee when and if certain predefined outcomes occur. We recognize revenue under performance-based billing arrangements using the following steps: 1) estimate variable consideration using a probability-weighted assessment of the fees to be earned, 2) apply a constraint to the estimated variable consideration to limit the amount that could be reversed when the uncertainty is resolved (the “constraint”), and 3) recognize revenue of estimated variable consideration, net of the constraint, based on work completed to-date versus our estimates of the total services to be provided under the engagement. Clients that have purchased one of our software licenses can pay an annual fee for software support and maintenance. We also generate subscription revenue from our cloud-based analytic tools and solutions. Software support, maintenance and subscription revenues are recognized ratably over the support or subscription period. These fees are generally billed in advance and included in deferred revenues until recognized. Provisions are recorded for the estimated realization adjustments on all engagements, including engagements for which fees are subject to review by the bankruptcy courts. Expense reimbursements that are billable to clients are included in total revenues and reimbursable expenses. Under fixed-fee billing arrangements, we estimate the total amount of reimbursable expenses to be incurred over the course of the engagement and recognize the estimated amount as revenue using a proportionate performance approach, which is based on work completed to-date versus our estimates of the total services to be provided under the engagement. Under time-and-expense billing arrangements we recognize reimbursable expenses as revenue as the related services are provided, using the right to invoice practical expedient. Reimbursable expenses are recognized as expenses in the period in which the expense is incurred. Subcontractors that are billed to clients at cost are also included in reimbursable expenses. When billings do not specifically identify reimbursable expenses, we allocate the portion of the billings equivalent to these expenses to reimbursable expenses. |
Commissions Expense, Policy [Policy Text Block] | Capitalized Sales CommissionsSales commissions earned by our sales professionals are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions with an expected amortization period greater than one year are deferred and amortized on a straight-line basis over the period of the associated contract. We elected to apply the practical expedient to expense sales commissions as incurred when the expected amortization period is one year or less. Amortization expense is recorded to direct costs. |
Allowances for Doubtful Accounts and Unbilled Services | Allowances for Doubtful Accounts and Unbilled Services We maintain allowances for doubtful accounts and for services performed but not yet billed based on several factors, including the estimated cash realization from amounts due from clients, an assessment of a client’s ability to make required payments, and the historical percentages of fee adjustments and write-offs by age of receivables and unbilled services. The allowances are assessed by management on a regular basis. These estimates may differ from actual results. If the financial condition of a client deteriorates in the future, impacting the client’s ability to make payments, an increase to our allowance might be required or our allowance may not be sufficient to cover actual write-offs. We record the provision for doubtful accounts and unbilled services as a reduction in revenue to the extent the provision relates to fee adjustments and other discretionary pricing adjustments. To the extent the provision relates to a client’s inability to make required payments on accounts receivables, we record the provision to selling, general and administrative expenses. |
Direct Costs and Reimbursable Expenses | Direct Costs and Reimbursable Expenses Direct costs and reimbursable expenses consist primarily of revenue-generating employee compensation and their related benefits and share-based compensation costs; as well as technology costs, commissions, the cost of outside consultants or subcontractors assigned to revenue-generating activities, other third-party costs directly attributable to our revenue-generating activities, and direct expenses to be reimbursed by clients. Direct costs and reimbursable expenses incurred on engagements are expensed in the period incurred. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments, including overnight investments and commercial paper, with original maturities of three months or less to be cash equivalents. |
Concentrations of Credit Risk | Concentrations of Credit Risk To the extent receivables from clients become delinquent, collection activities commence. No single client balance is considered large enough to pose a material credit risk. The allowances for doubtful accounts and unbilled services are based upon the expected ability to collect accounts receivable and bill and collect unbilled services. Management does not anticipate incurring losses on accounts receivable in excess of established allowances. See Note 19 “Segment Information” for concentration of accounts receivable and unbilled services. We hold our cash in accounts at multiple third-party financial institutions. These deposits, at times, may exceed federally insured limits. We review the credit ratings of these financial institutions, regularly monitor the cash balances in these accounts, and adjust the balances as appropriate. However, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. |
Investments | Long-term Investments Our long-term investments consist of our convertible debt investment in Shorelight Holdings, LLC (“Shorelight”) and preferred stock investment in Medically Home Group, Inc. (“Medically Home”). We classified the convertible debt investment in Shorelight as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. The investment is carried at fair value with unrealized holding gains and losses reported in other comprehensive income. If the investment is in an unrealized loss position due to significant credit deterioration of the investee, we recognize an allowance to decrease the carrying value of the investment to the fair value, which may be reversed in the event that the credit of an issuer improves. In the event there are realized gains and losses or credit allowances recognized, we will record the amount in earnings. We have not recognized any credit allowance on our convertible debt investment or realized gains or losses as of December 31, 2020. See Note 13 “Fair Value of Financial Instruments” for additional information on our convertible debt investment. We classified the preferred stock investment in Medically Home as an equity security without a readily determinable value at the time of purchase and reevaluate such classification as of each balance sheet date. We elected to apply the measurement alternative at the time of |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Depreciation of property and equipment is computed on a straight-line basis over the estimated useful lives of the assets. Software, computers, and related equipment are depreciated over an estimated useful life of two to four years. Furniture and fixtures are depreciated over five years. Aircraft are depreciated over ten years. Leasehold improvements are amortized over the lesser of the estimated useful life of the asset or the initial term of the lease. |
Deferred Lease Incentives | Leases We determine if an arrangement contains a lease and the classification of such lease at inception. As of December 31, 2020 and 2019, all of our material leases are classified as operating leases; we have not entered into any material finance leases. For all operating leases with an initial term greater than 12 months, we recognize an operating lease right-of-use (“ROU”) asset and operating lease liability. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Operating lease ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date and provided by the administrative agent for our senior secured credit facility in determining the present value of lease payments. Operating lease ROU assets exclude lease incentives. We elected the practical expedient to combine lease and nonlease components. Certain lease agreements contain variable lease payments that do not depend on an index or rate. These variable lease payments are not included in the calculation of the operating lease ROU asset and operating lease liability; instead, they are expensed as incurred. Our leases may contain options to extend or terminate the lease, and we include these terms in our calculation of the operating lease ROU asset and operating lease liability when it is reasonably certain that we will exercise the option. Operating lease expense is recognized on a straight-line basis over the lease term and recorded within selling, general and administrative expenses on our consolidated statement of operations. In accordance with our accounting policy for impairment of long-lived assets, operating lease ROU assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group to which the operating lease ROU asset is assigned may not be recoverable. We evaluate the recoverability of the asset group based on forecasted undiscounted cash flows. See Note 5 “Leases” for additional information on our leases, including the lease impairment charges recorded in 2020 and 2019. |
Software Development Costs | Software Development Costs We incur internal and external software development costs related to our cloud computing applications and software for internal use. We capitalize these software development costs incurred during the application development stage. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Once the project is substantially complete and ready for its intended use, these costs are amortized on a straight-line basis over the technology's estimated useful life. Acquired technology assets are initially recorded at fair value and amortized on a straight-line basis over the estimated useful life. Development costs related to software products that will be sold, leased, or otherwise marketed are expensed until technological feasibility has been established. Thereafter, and until the software is available for general release to customers, these software development costs are capitalized and subsequently reported at the lower of unamortized cost or net realizable value. These capitalized development costs are amortized in proportion to current and future revenue for each product with an annual minimum equal to the straight-line amortization over the remaining estimated economic life of the product. We did not capitalize any development costs for this type of software during 2020 or 2019. We classify capitalized software development costs, which primarily relate to cloud computing applications and software for internal use, as other non-current assets on our consolidated balance sheet. As of December 31, 2020, gross capitalized software development costs and related accumulated amortization was $28.5 million and $10.6 million, respectively. As of December 31, 2019, gross capitalized software development costs and related accumulated amortization was $21.5 million and $5.9 million, respectively. During the years ended December 31, 2020, 2019, and 2018, we amortized $4.7 million, $3.0 million, and $1.4 million, respectively, of capitalized software development costs. Implementation Costs Incurred in a Cloud Computing Arrangement We incur costs to implement cloud computing arrangements that are service contracts. We capitalize certain costs associated with the implementation of the cloud computing arrangements, including employee payroll and related benefits and third party consulting costs, incurred during the application development stage of a project. These costs are amortized on a straight-line basis over the term of the hosting service contracts, including renewal periods we are reasonably certain to exercise. As of December 31, 2020, capitalized implementation costs incurred in a cloud computing arrangement were $5.4 million and related to the ongoing implementation of a new enterprise resource planning (“ERP”) system during 2020. These costs are included as a component of prepaid expenses and other current assets and other non-current assets, and are expected to begin amortizing on January 1, 2021 when the ERP system is placed in service. In 2019, we capitalized an immaterial amount of costs to implement cloud computing arrangements that are service contracts. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Other Than Goodwill Identifiable intangible assets are amortized over their expected useful lives using a method that reflects the economic benefit expected to be derived from the assets or on a straight-line basis. We evaluate the recoverability of intangible assets periodically by considering events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired. |
Impairment of Long-Lived Assets | Impairment of Long-Lived AssetsLong-lived assets, including property and equipment, right-of-use assets, and intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a significant decline in forecasted operating results over an extended period of time. We evaluate the recoverability of long-lived assets based on forecasted undiscounted cash flows. |
Goodwill | Goodwill For acquisitions accounted for as a business combination, goodwill represents the excess of the cost over the fair value of the net assets acquired. We are required to test goodwill for impairment, at the reporting unit level, annually and when events or circumstances indicate the fair value of a reporting unit may be below its carrying value. We perform our annual goodwill impairment test as of November 30 and monitor for interim triggering events on an ongoing basis. A reporting unit is an operating segment or one level below an operating segment (referred to as a component) to which goodwill is assigned when initially recorded. We assign goodwill to reporting units based on our integration plans and the expected synergies resulting from the acquisition. We have six reporting units: Healthcare, Education, Business Advisory, Enterprise Solutions and Analytics, Strategy and Innovation, and Life Sciences. The Business Advisory, Enterprise Solutions and Analytics, Strategy and Innovation, and Life Sciences reporting units make up our Business Advisory operating segment. We test goodwill for impairment annually and whenever events or circumstances make it more likely than not that an impairment may have occurred. We perform our annual goodwill impairment test as of November 30 and monitor for interim triggering events on an ongoing basis. |
Business Combinations | Business Combinations We use the acquisition method of accounting for business combinations . Each acquired company’s operating results are included in our consolidated financial statements starting on the date of acquisition. The purchase price is equivalent to the fair value of consideration transferred. Tangible and identifiable intangible assets acquired and liabilities assumed are recorded at fair value as of the acquisition date. |
Income Taxes | Income TaxesCurrent tax liabilities and assets are recognized for the estimated taxes payable or refundable, respectively, on the tax returns for the current year. We have elected to recognize the tax expense related to Global Intangible Low-Taxed Income ("GILTI") as a current period expense when incurred. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. To the extent that deferred tax assets will not likely be recovered from future taxable income, a valuation allowance is established against such deferred tax assets. |
Share-Based Compensation | Share-Based Compensation Share-based compensation cost is measured based on the grant date fair value of the respective awards. We generally recognize share-based compensation ratably using the straight-line attribution method; however, for those awards with performance criteria and graded vesting features, we use the graded vesting attribution method. It is our policy to account for forfeitures as they occur. |
Sponsorship and Advertising Costs | Sponsorship and Advertising CostsSponsorship and advertising costs are expensed as incurred. |
Debt Issuance Costs | At issuance, we separated the Convertible Notes into liability and equity components. The carrying amount of the liability component was determined by measuring the fair value of a similar liability that does not have an associated convertible feature. The carrying value of the equity component representing the conversion option, which was recognized as a debt discount, was determined by deducting the fair value of the liability component from the proceeds of the Convertible Notes. The debt discount was amortized to interest expense using the effective interest method over the term of the Convertible Notes. The equity component was not remeasured as it continued to meet the conditions for equity classification. Refer to Note 7 “Financing Arrangements” for further information regarding the Convertible Notes.Debt Issuance CostsWe amortize the costs we incur to obtain debt financing over the contractual life of the related debt using the effective interest method for non-revolving debt and the straight-line method for revolving debt. The amortization expense is included in interest expense, net of interest income in our statement of operations. Unamortized debt issuance costs attributable to our revolving credit facility are included as a component of other non-current assets. Unamortized debt issuance costs attributable to our Convertible Notes were recorded as a deduction from the carrying amount of the debt liability. |
Foreign Currency | Foreign Currency Assets and liabilities of foreign subsidiaries whose functional currency is not the United States Dollar (USD) are translated into USD using the exchange rates in effect at period end. Revenue and expense items are translated using the average exchange rates for the period. Foreign currency translation adjustments are included in accumulated other comprehensive income, which is a component of stockholders’ equity. |
Segment Reporting | Segment ReportingSegments are defined as components of a company that engage in business activities from which they may earn revenues and incur expenses, and for which separate financial information is available and is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision maker manages the business under three operating segments, which are our reportable segments: Healthcare, Business Advisory, and Education. |
New Accounting Pronouncements | New Accounting Pronouncements Recently Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which provides a new current expected credit loss model to account for credit losses on certain financial assets, including trade receivables. That model requires an entity to estimate lifetime credit losses based on relevant historical information, adjusted for current conditions and reasonable and supportable forecasts that could affect the collectability of the reported amount. The ASU also makes targeted amendments to the current impairment model for available-for-sale debt securities, which includes requiring the recognition of an allowance rather than a direct write-down of the investment, which may be reversed in the event that the credit of an issuer improves. We adopted ASU 2016-13 effective January 1, 2020, which did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies certain disclosure requirements related to fair value measurements. We adopted ASU 2018-13 effective January 1, 2020, which had no impact on the amounts reported on our consolidated financial statements. We updated our disclosures within the notes to our consolidated financial statements as required by ASU 2018-13. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740, Income Taxes , related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies other aspects of the accounting for franchise taxes and enacted changes in tax laws or tax rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. On January 1, 2020, we elected to early adopt ASU 2019-12 on a modified retrospective basis for those amendments that are not applied on a prospective basis. The adoption of ASU 2019-12 did not have a material impact on our consolidated financial statements. |
Derivatives, Policy [Policy Text Block] | We recognize all derivative instruments as either assets or liabilities at fair value on the balance sheet. We have designated these derivative instruments as cash flow hedges. Therefore, changes in the fair value of the derivative instruments are recorded to other comprehensive income (“OCI”) to the extent effective and reclassified into interest expense upon settlement. As of December 31, 2020, it was anticipated that $1.8 million of the losses, net of tax, currently recorded in accumulated other comprehensive income will be reclassified into earnings within the next 12 months. The table below sets forth additional information relating to our interest rate swaps designated as cash flow hedging instruments as of December 31, 2020 and 2019. Fair Value (Derivative Asset and Liability) Balance Sheet Location 2020 2019 Accrued expenses $ 2,100 $ 159 Deferred compensation and other liabilities $ 3,297 $ 387 All of our derivative instruments are transacted under the International Swaps and Derivatives Association (ISDA) master agreements. These agreements permit the net settlement of amounts owed in the event of default and certain other termination events. Although netting is permitted, it is our policy to record all derivative assets and liabilities on a gross basis on our consolidated balance sheet. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Tax | $ 0 | $ 0 | $ 0 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | (499) | 185 | (2,753) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 1,693 | 295 | (63) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | $ (388) | $ 48 | $ (10) |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Description of Business | Description of BusinessHuron is a global consultancy that collaborates with clients to drive strategic growth, ignite innovation and navigate constant change. Through a combination of strategy, expertise and creativity, we help clients accelerate operational, digital and cultural transformation, enabling the change they need to own their future. By embracing diverse perspectives, encouraging new ideas and challenging the status quo, Huron creates sustainable results for the organizations it serves. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions During 2019 and 2018, we completed no acquisitions that were significant to our consolidated financial statements individually or in the aggregate. Below is a summary of the acquisitions completed in 2020. 2020 B3i Analytics, LLC On August 1, 2020, we completed the acquisition of B3i Analytics, LLC (“B3i Analytics”), a software firm that provides a software as a solution (“SaaS”) application to leverage internal and external data to help higher education institutions forecast research revenue. The results of operations of B3i Analytics are included in our consolidated financial statements and results of operations of our Education segment from the date of acquisition. ForceIQ, Inc. On November 1, 2020, we completed the acquisition of ForceIQ, Inc. (“ForceIQ”), a Salesforce Industries partner focused on helping clients drive digital transformation and innovation at scale powered by the cloud. The acquisition expands our cloud-based technology offerings within the Business Advisory segment. The results of operations of ForceIQ are included in our consolidated financial statements and results of operations of our Business Advisory segment from the date of acquisition. The acquisitions of B3i Analytics and ForceIQ are not significant to our consolidated financial statements individually or in the aggregate as of and for the year ended December 31, 2020. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The table below sets forth the changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2020 and 2019. Healthcare Business Education Total Balance as of December 31, 2018: Goodwill $ 636,810 $ 301,700 $ 102,829 $ 1,041,339 Accumulated impairment losses (208,081) (187,995) — (396,076) Goodwill, net as of December 31, 2018 $ 428,729 $ 113,705 $ 102,829 $ 645,263 Goodwill recorded in connection with a business combination (1) — — 1,060 1,060 Foreign currency translation — 357 — 357 Balance as of December 31, 2019: Goodwill 636,810 302,057 103,889 1,042,756 Accumulated impairment losses (208,081) (187,995) — (396,076) Goodwill, net as of December 31, 2019 $ 428,729 $ 114,062 $ 103,889 $ 646,680 Goodwill recorded in connection with business combinations (2) — 7,507 495 8,002 Goodwill impairment charges — (59,816) — (59,816) Foreign currency translation — (629) — (629) Balance as of December 31, 2020: Goodwill 636,810 308,935 104,384 1,050,129 Accumulated impairment losses (208,081) (247,811) — (455,892) Goodwill, net as of December 31, 2020: $ 428,729 $ 61,124 $ 104,384 $ 594,237 (1) On September 30, 2019, we completed the acquisition of a business in our Education segment. The results of operations of the acquired business is included in our consolidated financial statements and results of operations of our Education segment from the date of acquisition. This acquisition is not significant to our consolidated financial statements. (2) Refer to Note 3 “Acquisitions” for additional information on business combinations completed in 2020. First Quarter 2020 Goodwill Impairment Charges The worldwide spread of the COVID-19 pandemic in the first quarter of 2020 has created significant volatility, uncertainty and disruption to the global economy. From the onset of the COVID-19 pandemic, we closely monitored the impact it could have on all aspects of our business, including how we expect it to negatively impact our clients, employees and business partners. While the COVID-19 pandemic did not have a significant impact on our consolidated revenues in the first quarter of 2020, we expected it to have an unfavorable impact on sales, increase uncertainty in the backlog and negatively impact full year 2020 results. The services provided by our Strategy and Innovation and Life Sciences reporting units within our Business Advisory segment focus on strategic solutions for healthy, well-capitalized companies to identify new growth opportunities, which may be considered by our clients to be more discretionary in nature, and the duration of the projects within these practices are typically short-term. Therefore, at the onset of the COVID-19 pandemic in the U.S. and due to the uncertainty caused by the pandemic, we were cautious about near-term results for these two reporting units. Based on our internal projections and the preparation of our financial statements for the quarter ended March 31, 2020, and considering the expected decrease in demand due to the COVID-19 pandemic, during the first quarter of 2020 we believed it was more likely than not that the fair value of these two reporting units no longer exceeded their carrying values and performed an interim impairment test on both reporting units as of March 31, 2020. Based on the estimated fair values of the Strategy and Innovation and Life Sciences reporting units, we recorded non-cash pretax goodwill impairment charges of $49.9 million and $9.9 million, respectively, in the first quarter of 2020. The $49.9 million non-cash pretax charge related to the Strategy and Innovation reporting unit reduced the goodwill balance of the reporting unit to $37.5 million. The $9.9 million non-cash pretax charge related to the Life Sciences reporting unit reduced the goodwill balance of the reporting unit to zero. Our goodwill impairment test was performed by comparing the fair value of each of the Strategy and Innovation and Life Sciences reporting units with its respective carrying value and recognizing an impairment charge for the amount by which the carrying value exceeded the fair value. To estimate the fair value of each reporting unit, we relied on a combination of the income approach and the market approach with a fifty-fifty weighting. In the income approach, we utilized a discounted cash flow analysis, which involved estimating the expected after-tax cash flows that will be generated by each reporting unit and then discounting those cash flows to present value, reflecting the relevant risks associated with each reporting unit and the time value of money. This approach requires the use of significant estimates and assumptions, including forecasted revenue growth rates, forecasted EBITDA margins, and discount rates that reflect the risk inherent in the future cash flows. In estimating future cash flows, we relied on internally generated seven-year forecasts. Our forecasts are based on historical experience, current backlog, expected market demand, and other industry information. In the market approach, we utilized the guideline company method, which involved calculating revenue multiples based on operating data from guideline publicly traded companies. Multiples derived from guideline companies provide an indication of how much a knowledgeable investor in the marketplace would be willing to pay for a company. These multiples were evaluated and adjusted based on specific characteristics of the Strategy and Innovation and Life Sciences reporting units relative to the selected guideline companies and applied to the reporting units' operating data to arrive at an indication of value. Concurrently with the goodwill impairment tests performed over the Strategy and Innovation and Life Sciences reporting units, we evaluated whether any indicators existed that would lead us to believe that the fair values of our Healthcare, Education, and Business Advisory reporting units would not exceed their carrying values. Based on our internal projections, consideration of the impact of the COVID-19 pandemic on these reporting units, and review of the amounts by which the fair values of these reporting units exceeded their carrying values in the most recent quantitative goodwill impairment analysis performed, we did not identify any indicators that would lead us to believe that it was more likely than not that the fair values of these reporting units would not exceed their carrying values as of March 31, 2020. In connection with the goodwill impairment tests performed on the Strategy and Innovation and Life Sciences reporting units as of March 31, 2020, we performed impairment tests on the long-lived assets allocated to the asset groups of the Strategy and Innovation and Life Sciences reporting units. Based on the impairment tests performed, we concluded that the long-lived assets allocated to the asset groups were not impaired as of March 31, 2020. We did not identify any indicators that would lead us to believe that the carrying values of the long-lived assets allocated to our other asset groups may not be recoverable as of March 31, 2020. 2020 Annual Goodwill Impairment Test Pursuant to our policy, we performed our annual goodwill impairment test as of November 30, 2020 on our five reporting units with goodwill balances: Healthcare, Education, Business Advisory, Strategy and Innovation, and Enterprise Solutions and Analytics. We elected to bypass the qualitative assessment and proceeded directly to the quantitative goodwill impairment test. For each reporting unit, we reviewed goodwill for impairment by comparing the fair value of the reporting unit to its carrying value, including goodwill. In estimating the fair value of the reporting unit, we relied on a combination of the income approach and the market approach utilizing the guideline company method, with a fifty-fifty weighting. Based on the results of the goodwill impairment test, we determined the fair value of the Healthcare, Education, Business Advisory, Strategy and Innovation, and Enterprise Solutions and Analytics reporting units exceeded their carrying value by 42%, 132%, 584%, 29%, and 146%, respectively. As such, we concluded that there is no indication of goodwill impairment for these five reporting units. In the income approach, we utilized a discounted cash flow analysis, which involved estimating the expected after-tax cash flows that will be generated by each reporting unit and then discounting those cash flows to present value, reflecting the relevant risks associated with each reporting unit and the time value of money. This approach requires the use of significant estimates and assumptions, including forecasted revenue growth rates, forecasted EBITDA margins, and discount rates that reflect the risk inherent in the future cash flows. In estimating future cash flows, we relied on internally generated ten-year forecasts. Our forecasts are based on historical experience, current backlog, expected market demand, and other industry information. In the market approach, we utilized the guideline company method, which involved calculating revenue and EBITDA multiples based on operating data from guideline publicly traded companies. Multiples derived from guideline companies provide an indication of how much a knowledgeable investor in the marketplace would be willing to pay for a company. These multiples were evaluated and adjusted based on specific characteristics of each of the reporting units relative to the selected guideline companies and applied to the reporting units' operating data to arrive at an indication of value. Further, we evaluated whether any events occurred or any circumstances changed since November 30, 2020 that would indicate goodwill may have become impaired since our annual impairment test. Based on our evaluation as of December 31, 2020, we determined that no indications of impairment arose since our annual goodwill impairment test. The results of an impairment analysis are as of a point in time. There is no assurance that the actual future earnings or cash flows of our reporting units will be consistent with our projections. We will monitor any changes to our assumptions and will evaluate goodwill as deemed warranted during future periods. Any significant decline in our operations could result in non-cash goodwill impairment charges. Intangible Assets Intangible assets as of December 31, 2020 and 2019 consisted of the following: As of December 31, 2020 2019 Useful Life Gross Accumulated Gross Accumulated Customer relationships 3 to 13 $ 73,629 $ 56,232 $ 87,577 $ 61,882 Trade names 5 to 6 6,130 4,287 28,930 25,894 Technology and software 5 5,800 5,380 5,694 4,321 Non-competition agreements 5 2,090 1,541 2,220 1,447 Customer contracts 2 800 526 800 52 Total $ 88,449 $ 67,966 $ 125,221 $ 93,596 Identifiable intangible assets with finite lives are amortized over their estimated useful lives. Customer relationships and customer contracts, as well as certain trade names and technology and software, are amortized on an accelerated basis to correspond to the cash flows expected to be derived from the assets. All other intangible assets with finite lives are amortized on a straight-line basis. Intangible assets amortization expense was $12.7 million, $17.8 million, and $24.0 million for the years ended December 31, 2020, 2019, and 2018, respectively. The table below sets forth the estimated annual amortization expense for each of the five succeeding years for the intangible assets recorded as of December 31, 2020. Year Ending December 31, Estimated 2021 $ 8,624 2022 $ 6,401 2023 $ 3,768 2024 $ 956 2025 $ 175 |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Leases We lease office space, data centers and certain equipment under operating leases expiring on various dates through 2029, with various renewal options that can extend the lease terms by one to ten years. Our operating leases include fixed payments plus, in some cases, scheduled base rent increases over the term of the lease. Certain leases require variable payments of real estate taxes, insurance and operating expenses. We exclude these variable payments from the measurements of our lease liabilities and expense them as incurred. We elected the practical expedient to combine lease and nonlease components. No lease agreements contain any residual value guarantees or material restrictive covenants. As of December 31, 2020, we have not entered into any material finance leases. We sublease certain office spaces to third parties resulting from restructuring activities in certain locations. Operating lease right-of-use (“ROU”) assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset group to which the operating lease ROU asset is assigned may not be recoverable. First, we test the asset group for recoverability by comparing the undiscounted cash flows of the asset group, which include expected future lease and nonlease payments under the lease agreement offset by expected sublease income, to the carrying amount of the asset group. If the first step of the long-lived asset impairment test concludes that the carrying amount of the asset group is not recoverable, we perform the second step of the long-lived asset impairment test by comparing the fair value of the asset group to its carrying amount and recognizing a lease impairment charge for the amount by which the carrying amount exceeds the fair value. To estimate the fair value of the asset group, we rely on a discounted cash flow approach using market participant assumptions of the expected cash flows and discount rate. Fourth Quarter 2020 Lease Impairment Charges In the fourth quarter of 2020, we announced a restructuring plan to reduce operating costs to address the impact of the COVID-19 pandemic on our business. The restructuring plan provided for a reduction in certain leased office spaces which included a portion of our principal executive office in Chicago, Illinois; the remaining portion of our Lake Oswego, Oregon office; our Boston, Massachusetts and Detroit, Michigan offices; and portions of our Denver, Colorado, New York City, New York, and Pensacola, Florida offices. As a result, we recognized $13.2 million of non-cash lease impairment charges, of which $9.1 million was allocated to the operating lease ROU assets and $4.1 million was allocated to the related fixed assets based on their relative carrying amounts. The $13.2 million of non-cash lease impairment charges was recognized in restructuring charges on our consolidated statement of operations. See Note 11 “Restructuring Charges” for additional information on our restructuring activities. Fourth Quarter 2019 Lease Impairment Charge During 2019, we exited a portion of our Lake Oswego, Oregon office, the remaining portion of our Middleton, Wisconsin office, and an office in Houston Texas, which resulted in $0.8 million of non-cash lease impairment charges, of which $0.6 million was allocated to the operating lease ROU assets and $0.2 million was allocated to the leasehold improvements based on their relative carrying amounts. The $0.8 million of non-cash lease impairment charges were recognized in restructuring charges on our consolidated statement of operations. See Note 11 “Restructuring Charges” for additional information on our restructuring activities. Fourth Quarter 2019 Lease Modification In the fourth quarter of 2019, we entered into an amendment to the office lease agreement for our principal executive offices in Chicago, Illinois, which resulted in a non-cash gain on lease modification of $0.8 million. Among other items, this amendment i) extended the term of the lease from September 30, 2024 to September 30, 2029; ii) provided a renewal option to extend the lease for an additional five year period to September 30, 2034; iii) terminated the lease with respect to certain leased spaces previously vacated; iv) provided abatement of certain future base rent payments and our pro rata share of operating expenses and taxes; and v) provided a one-time cash payment from the lessor as an incentive. Additional information on our operating leases as of December 31, 2020 and 2019 follows. As of December 31, Balance Sheet 2020 2019 Operating lease right-of-use assets $ 39,360 $ 54,954 Current maturities of operating lease liabilities $ 8,771 $ 7,469 Operating lease liabilities, net of current portion 61,825 69,233 Total lease liabilities $ 70,596 $ 76,702 Year Ended December 31, Lease Cost 2020 2019 Operating lease cost $ 11,045 $ 11,883 Short-term leases (1) 229 322 Variable lease costs 1,693 3,656 Sublease income (1,973) (2,638) Net lease cost (2)(3)(4) $ 10,994 $ 13,223 (1) Includes variable lease costs related to short-term leases. (2) Net lease cost includes $0.3 million and $0.4 million for the years ended December 31, 2020 and 2019, respectively, recorded as restructuring charges as they relate to vacated office spaces. See Note 11 “Restructuring Charges” for additional information on our vacated office spaces. (3) Net lease cost includes $0.2 million and $0.3 million for the years ended December 31, 2020 and 2019, respectively, related to vacated office spaces directly related to discontinued operations. (4) Rent expense, including operating expenses, real estate taxes and insurance, recorded under ASC 840 for the year ended December 31, 2018 was $15.1 million. The table below summarizes the remaining expected lease payments under our operating leases as of December 31, 2020. Future Lease Payments December 31, 2021 $ 11,572 2022 11,764 2023 11,742 2024 11,182 2025 10,870 Thereafter 24,613 Total operating lease payments $ 81,743 Less: imputed interest (11,147) Present value of operating lease liabilities $ 70,596 Year Ended December 31, Other Information 2020 2019 Cash paid for operating lease liabilities $ 11,307 $ 13,902 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 1,456 $ 12,842 Weighted average remaining lease term - operating leases 7.0 years 7.7 years Weighted average discount rate - operating leases 4.3 % 4.3 % |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Depreciation expense for property and equipment was $12.2 million, $13.0 million, and $13.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. During the years ended December 31, 2020, 2019 and 2018, we recognized an additional $0.6 million, $0.5 million, and $0.5 million, respectively, of accelerated depreciation expense for fixed assets related to vacated office spaces. This accelerated depreciation expense is included as a component of restructuring charges. See Note 11 “Restructuring Charges” for additional information on our restructuring charges incurred in 2020, 2019 and 2018. Property and equipment, net at December 31, 2020 and 2019 consisted of the following: As of December 31, 2020 2019 Computers, related equipment, and software $ 27,943 $ 50,251 Leasehold improvements 39,952 44,323 Furniture and fixtures 14,126 16,273 Aircraft 7,667 7,667 Assets under construction 502 250 Property and equipment 90,190 118,764 Accumulated depreciation and amortization (61,097) (80,351) Property and equipment, net $ 29,093 $ 38,413 |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Financing Arrangements A summary of the carrying amounts of our debt follows: As of December 31, 2020 2019 Senior secured credit facility $ 200,000 $ 205,000 Promissory note due 2024 3,279 3,853 Total long-term debt $ 203,279 $ 208,853 Current maturities of long-term debt (499) (529) Long-term debt, net of current portion $ 202,780 $ 208,324 Below is a summary of the scheduled remaining principal payments of our debt as of December 31, 2020. Principal Payments of Long-Term Debt 2021 $ 499 2022 $ 559 2023 $ 575 2024 $ 201,646 Convertible Notes In September 2014, the Company issued $250 million principal amount of 1.25% convertible senior notes due 2019 (the “Convertible Notes”) in a private offering. The Convertible Notes were governed by the terms of an indenture between the Company and U.S. Bank National Association, as Trustee (the “Indenture”). The Convertible Notes were senior unsecured obligations of the Company and paid interest semi-annually on April 1 and October 1 of each year at an annual rate of 1.25%. The Convertible Notes matured on October 1, 2019. Upon maturity, we refinanced $217.0 million of the principal amount of the outstanding Convertible Notes with the borrowing capacity available under our revolving credit facility and funded the remaining $33.0 million principal payment with cash on hand. Prior to maturity, upon conversion, the Convertible Notes would have been settled, at our election, in cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. Our intent and policy was to settle conversions with a combination of shares of common stock with the principal amount of the Convertible Notes paid in cash, in accordance with the settlement provisions of the indenture. Upon issuance, we separated the Convertible Notes into liability and equity components. The carrying value of the equity component representing the conversion option, which was recognized as a debt discount, was determined by deducting the fair value of the liability component from the proceeds of the Convertible Notes. The debt discount was amortized to interest expense using an effective interest rate of 4.751% over the term of the Convertible Notes. The equity component was not remeasured as it continued to meet the conditions for equity classification. The transaction costs related to the issuance of the Convertible Notes were separated into liability and equity components based on their relative values. Transaction costs attributable to the liability component were recorded as a deduction to the carrying amount of the liability and amortized to interest expense over the term of the Convertible Notes; and transaction costs attributable to the equity component were netted with the equity component of the Convertible Notes in stockholders’ equity. Total debt issuance costs were approximately $7.3 million, of which $6.2 million was allocated to liability issuance costs and $1.1 million was allocated to equity issuance costs. The following table presents the amount of interest expense recognized related to the Convertible Notes for the periods presented. Year Ended December 31, 2019 2018 Contractual interest coupon $ 2,344 $ 3,125 Amortization of debt discount 6,436 8,232 Amortization of debt issuance costs 947 1,245 Total interest expense $ 9,727 $ 12,602 In connection with the issuance of the Convertible Notes, we entered into convertible note hedge transactions and warrant transactions. The convertible note hedge transactions were intended to reduce the potential future economic dilution associated with the conversion of the Convertible Notes and, combined with the warrants, effectively raised the price at which economic dilution would occur from the initial conversion price of approximately $79.89 to approximately $97.12 per share. The convertible note hedge transactions expired in the third quarter of 2019. The holders of the warrants had the option to purchase an initial total of approximately 3.1 million shares of the Company’s common stock at a strike price of approximately $97.12. The warrants expired in the second quarter of 2020. If the average market value per share of our common stock for the reporting period exceeded the strike price of the warrants, the warrants would have had a dilutive effect on our earnings per share. The warrants were separate transactions and were not part of the terms of the Convertible Notes or the convertible note hedge transactions. Senior Secured Credit Facility The Company has a $600 million senior secured revolving credit facility, subject to the terms of a Second Amended and Restated Credit Agreement dated as of March 31, 2015, as amended to date (as amended and modified the “Amended Credit Agreement”), that becomes due and payable in full upon maturity on September 27, 2024. The Amended Credit Agreement provides the option to increase the revolving credit facility or establish term loan facilities in an aggregate amount of up to $150 million, subject to customary conditions and the approval of any lender whose commitment would be increased, resulting in a maximum available principal amount under the Amended Credit Agreement of $750 million. The initial borrowings under the Amended Credit Agreement were used to refinance borrowings outstanding under a prior credit agreement, and future borrowings under the Amended Credit Agreement may be used for working capital, capital expenditures, acquisitions of businesses, share repurchases, and general corporate purposes. Fees and interest on borrowings vary based on our Consolidated Leverage Ratio (as defined in the Amended Credit Agreement). At our option, borrowings under the Amended Credit Agreement will bear interest at one, two, three or six-month LIBOR or an alternate base rate, in each case plus the applicable margin. The applicable margin will fluctuate between 1.125% per annum and 1.875% per annum, in the case of LIBOR borrowings, or between 0.125% per annum and 0.875% per annum, in the case of base rate loans, based upon our Consolidated Leverage Ratio at such time. Amounts borrowed under the Amended Credit Agreement may be prepaid at any time without premium or penalty. We are required to prepay the amounts outstanding under the Amended Credit Agreement in certain circumstances, including upon an Event of Default (as defined in the Amended Credit Agreement). In addition, we have the right to permanently reduce or terminate the unused portion of the commitments provided under the Amended Credit Agreement at any time. The loans and obligations under the Amended Credit Agreement are secured pursuant to a Second Amended and Restated Security Agreement and a Second Amended and Restated Pledge Agreement (the “Pledge Agreement”) with Bank of America, N.A. as collateral agent, pursuant to which the Company and the subsidiary guarantors grant Bank of America, N.A., for the ratable benefit of the lenders under the Amended Credit Agreement, a first-priority lien, subject to permitted liens, on substantially all of the personal property assets of the Company and the subsidiary guarantors, and a pledge of 100% of the stock or other equity interests in all domestic subsidiaries and 65% of the stock or other equity interests in each “material first-tier foreign subsidiary” (as defined in the Pledge Agreement). The Amended Credit Agreement contains usual and customary representations and warranties; affirmative and negative covenants, which include limitations on liens, investments, additional indebtedness, and restricted payments; and two quarterly financial covenants as follows: (i) a maximum Consolidated Leverage Ratio (defined as the ratio of debt to consolidated EBITDA) of 3.75 to 1.00; however the maximum permitted Consolidated Leverage Ratio will increase to 4.00 to 1.00 upon the occurrence of certain transactions, and (ii) a minimum Consolidated Interest Coverage Ratio (defined as the ratio of consolidated EBITDA to interest) of 3.50 to 1.00. Consolidated EBITDA for purposes of the financial covenants is calculated on a continuing operations basis and includes adjustments to add back non-cash goodwill impairment charges, share-based compensation costs, certain non-cash restructuring charges, pro forma historical EBITDA for businesses acquired, and other specified items in accordance with the Amended Credit Agreement. For purposes of the Consolidated Leverage Ratio total debt is on a gross basis and is not netted against our cash balances. At December 31, 2020, we were in compliance with these financial covenants with a Consolidated Leverage Ratio of 1.94 to 1.00 and a Consolidated Interest Coverage Ratio of 12.51 to 1.00. Borrowings outstanding under the Amended Credit Agreement at December 31, 2020 totaled $200.0 million. These borrowings carried a weighted average interest rate of 2.5%, including the effect of the interest rate swaps described in Note 12 “Derivative Instruments and Hedging Activity.” Borrowings outstanding under the Amended Credit Agreement at December 31, 2019 were $205.0 million and carried a weighted average interest rate of 3.0%, including the effect of the interest rate swap outstanding at the time and described in Note 12 “Derivative Instruments and Hedging Activity.” The borrowing capacity under the revolving credit facility is reduced by any outstanding borrowings under the revolving credit facility and outstanding letters of credit. At December 31, 2020, we had outstanding letters of credit totaling $1.6 million, which are primarily used as security deposits for our office facilities. As of December 31, 2020, the unused borrowing capacity under the revolving credit facility was $398.4 million. Promissory Note due 2024 |
Capital Structure
Capital Structure | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Capital Structure | Capital Structure Preferred Stock We are authorized to issue up to 50,000,000 shares of preferred stock. Our certificate of incorporation authorizes our board of directors, without any further stockholder action or approval, to issue these shares in one or more classes or series, to establish from time to time the number of shares to be included in each class or series, and to fix the rights, preferences and privileges of the shares of each wholly unissued class or series and any of its qualifications, limitations or restrictions. As of December 31, 2020 and 2019, no such preferred stock has been approved or issued. Common Stock We are authorized to issue up to 500,000,000 shares of common stock, par value $.01 per share. The holders of common stock are entitled to one vote for each share held of record on each matter submitted to a vote of stockholders. Subject to the rights and preferences of the holders of any series of preferred stock that may at the time be outstanding, holders of common stock are entitled to such dividends as our board of directors may declare. In the event of any liquidation, dissolution or winding-up of our affairs, after payment of all of our debts and liabilities and subject to the rights and preferences of the holders of any series of preferred stock that may at the time be outstanding, holders of common stock will be entitled to receive the distribution of any of our remaining assets. |
Revenues Revenue
Revenues Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenues For the years ended December 31, 2020, 2019 and 2018 we recognized revenues of $844.1 million, $876.8 million, and $795.1 million, respectively. Of the $844.1 million recognized in 2020, we recognized revenues of $12.2 million from obligations satisfied, or partially satisfied, in prior periods, of which $7.5 million was primarily due to changes in the estimates of our variable consideration under performance-based billing arrangements and $4.7 million was primarily due to the release of allowances on unbilled services as a result of securing contract amendments. Of the $876.8 million recognized in 2019, we recognized revenues of $2.8 million from obligations satisfied, or partially satisfied, in prior periods due to the release of allowances on unbilled services as a result of securing contract amendments. During 2019, we recognized a $1.0 million decrease to revenues due to changes in the estimates of our variable consideration under performance-based billing arrangements. Of the $795.1 million recognized in 2018, we recognized revenues of $10.8 million from obligations satisfied, or partially satisfied, in prior periods, of which $7.2 million was due to changes in the estimates of our variable consideration under performance-based billing arrangements and $3.6 million was primarily due to the release of allowances on unbilled services due to securing contract amendments. As of December 31, 2020, we had $60.2 million of remaining performance obligations under engagements with original expected durations greater than one year. These remaining performance obligations exclude obligations under contracts with an original expected duration of one year or less, variable consideration which has been excluded from the total transaction price due to the constraint, and performance obligations under time-and-expense engagements which are recognized in the amount invoiced. Of the $60.2 million of performance obligations, we expect to recognize approximately $39.2 million as revenue in 2021, $10.4 million as revenue in 2022, and the remaining $10.6 million thereafter. Actual revenue recognition could differ from these amounts as a result of changes in the estimated timing of work to be performed, adjustments to estimated variable consideration in performance-based arrangements, or other factors. Contract Assets and Liabilities The payment terms and conditions in our customer contracts vary. Differences between the timing of billings and the recognition of revenue are recognized as either unbilled services or deferred revenues in the consolidated balance sheets. Unbilled services include revenues recognized for services performed but not yet billed to clients. Services performed that we are not yet entitled to bill because certain events must occur, such as the completion of the measurement period or client approval in performance-based engagements, are recorded as contract assets and included within unbilled services, net. The contract asset balance as of December 31, 2020 and 2019 was $17.3 million and $12.6 million, respectively. The $4.7 million increase primarily reflects timing differences between the completion of our performance obligations and the amounts billed or billable to clients in accordance with their contractual billing terms. Client prepayments and retainers are classified as deferred revenues and recognized over future periods in accordance with the applicable engagement agreement and our revenue recognition policy. Our deferred revenues balance as of December 31, 2020 and December 31, 2019 was $34.7 million and $28.4 million respectively. The $6.3 million increase primarily reflects timing differences between client payments in accordance with their contract terms and the completion of our performance obligations. For the year ended December 31, 2020, $25.1 million of revenues recognized were included in the deferred revenue balance as of December 31, 2019. For the year ended December 31, 2019, $22.8 million of revenues recognized were included in the deferred revenue balance as of December 31, 2018. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period, excluding unvested restricted common stock. Diluted earnings per share reflects the potential reduction in earnings per share that could occur if securities or other contracts to issue common stock were exercised or converted into common stock under the treasury stock method. Such securities or other contracts include unvested restricted stock awards, outstanding common stock options, convertible senior notes, and outstanding warrants, to the extent dilutive. In periods for which we report a net loss from continuing operations, diluted weighted average common shares outstanding excludes all potential common stock equivalents as their impact on diluted net loss from continuing operations per share would be anti-dilutive. Earnings (loss) per share under the basic and diluted computations are as follows: Year Ended December 31, 2020 2019 2018 Net income (loss) from continuing operations $ (23,718) $ 41,979 $ 13,944 Income (loss) from discontinued operations, net of tax (122) (236) (298) Net income (loss) $ (23,840) $ 41,743 $ 13,646 Weighted average common shares outstanding—basic 21,882 21,993 21,706 Weighted average common stock equivalents — 514 352 Weighted average common shares outstanding—diluted 21,882 22,507 22,058 Net earnings (loss) per basic share: Net income (loss) from continuing operations $ (1.08) $ 1.91 $ 0.64 Income (loss) from discontinued operations, net of tax (0.01) (0.01) (0.01) Net income (loss) $ (1.09) $ 1.90 $ 0.63 Net earnings (loss) per diluted share: Net income (loss) from continuing operations $ (1.08) $ 1.87 $ 0.63 Income (loss) from discontinued operations, net of tax (0.01) (0.02) (0.01) Net income (loss) $ (1.09) $ 1.85 $ 0.62 The number of anti-dilutive securities excluded from the computation of the weighted average common stock equivalents presented above were as follows: As of December 31, 2020 2019 2018 Unvested restricted stock awards 1,016 — — Outstanding common stock options 66 — — Convertible senior notes — — 3,129 Warrants related to the issuance of convertible senior notes — 3,129 3,129 Total anti-dilutive securities 1,082 3,129 6,258 See Note 7 “Financing Arrangements” for further information on the convertible senior notes and warrants related to the issuance of convertible notes. In November 2020, our board of directors authorized a share repurchase program (the “2020 Share Repurchase Program”) permitting us to repurchase up to $50 million of our common stock through December 31, 2021. The 2020 Share Repurchase Program was authorized subsequent to the expiration of our prior share repurchase program (the “2015 Share Repurchase Program”) on October 31, 2020. The 2015 Share Repurchase Program permitted us to repurchase up to $125 million of our common stock through October 31, 2020. The amount and timing of repurchases under both share repurchase programs were determined by management and depend on a variety of factors, including the trading price of our common stock, capacity under our credit facility, general market and business conditions, and applicable legal requirements. Under the 2020 Share Repurchase Program, we repurchased and retired 111,166 shares for $5.0 million in the fourth quarter of 2020, which are reflected as a reduction to our basic weighted average shares outstanding for the year ended December 31, 2020 based on the trade date of the share repurchase. As of December 31, 2020, $45.0 million remains available under the plan for share repurchases. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges 2020 In 2020, we incurred $20.5 million of total pretax restructuring expense. Of the $20.5 million pretax restructuring expense, $18.7 million related to the restructuring plan executed in the fourth quarter of 2020 to reduce operating costs to address the impact of the COVID-19 pandemic on our business. The total pretax restructuring expense of $20.5 million recognized in 2020 consisted of the following charges: Severance - We incurred $5.3 million of severance-related restructuring expense, of which, $4.8 million related to the fourth quarter 2020 restructuring plan and $0.4 million related to workforce reductions completed prior to the fourth quarter of 2020 to better align resources with market demand. Of the total $5.3 million of severance-related restructuring expense, $2.0 million related to our Education segment, $1.5 million related to our Healthcare segment, $1.0 million related to our Business Advisory segment, and $0.8 million related to our corporate operations. Office space reductions - We incurred $14.0 million of restructuring expense related to office space reductions, which primarily related to the fourth quarter 2020 restructuring plan. The fourth quarter 2020 restructuring plan provided for a reduction in certain leased office spaces which included a portion of our principal executive office in Chicago, Illinois; the remaining portion of our Lake Oswego, Oregon office; our Boston, Massachusetts and Detroit, Michigan offices; and portions of our Denver, Colorado, New York City, New York, and Pensacola, Florida offices. As a result, we recognized $13.2 million of non-cash lease impairment charges on the related operating lease right-of-use (“ROU”) assets and fixed assets for those we intend to sublease, as well as $0.7 million of accelerated amortization and depreciation on the related operating lease ROU assets and fixed assets we intend to abandon. See Note 5 “Leases” for additional information on the long-lived asset impairment test. We also incurred $0.1 million related to rent and related expenses, net of sublease income, for previously vacated office spaces. Other - We incurred $1.2 million of other restructuring charges primarily related to an accrual for the termination of a third-party advisor agreement in our Business Advisory segment. Of the total $20.5 million pretax restructuring charge, $14.8 million related to our corporate operations, $2.2 million related to our Business Advisory segment, $2.0 million related to our Education segment, and $1.5 million related to our Healthcare segment. 2019 In 2019, we incurred $1.9 million of pretax restructuring expense. This expense primarily consisted of the following charges: Severance - We incurred $0.6 million of severance expense as a result of workforce reductions to better align resources with market demand and workforce reductions in our corporate operations. Office space reductions - We incurred $1.2 million of restructuring expense related to office space reductions. During 2019, we exited a portion of our Lake Oswego, Oregon office resulting in a $0.7 million lease impairment charge on the related operating lease ROU asset and leasehold improvements and $0.2 million of accelerated depreciation on furniture and fixtures in that office. See Note 5 “Leases” for additional information on the long-lived asset impairment test. Additionally, during 2019, we exited the remaining portion of our Middleton, Wisconsin office and an office in Houston, Texas, resulting in restructuring charges of $0.4 million and $0.1 million, respectively, which primarily consisted of accelerated depreciation on furniture and fixtures in those offices. During the fourth quarter of 2019, we entered into an amendment to the lease of our principal executive office in Chicago, Illinois. Among other items, the amendment terminated the lease with respect to certain leased space which we previously vacated and currently sublease to a third-party. As a result of the amendment, we recognized a restructuring gain of $0.4 million. See Note 5 “Leases” for additional information on the amendment. Of the $1.9 million pretax restructuring charge, $1.5 million related to our corporate operations, $0.3 million related to our Healthcare segment, and $0.1 million related to our Business Advisory segment. 2018 In 2018, we incurred $3.7 million of pretax restructuring expense. This expense primarily consisted of the following charges: Severance - We incurred $2.1 million of severance expense as a result of workforce reductions to better align resources with market demand. Office space reductions - We incurred $1.3 million of restructuring expense related to office space reductions. Of the $1.3 million, $0.8 million related to the accrual of remaining lease payments, net of estimated sublease income, accelerated depreciation on leasehold improvements, and moving expenses due to exiting a portion of our Middleton, Wisconsin office; $0.4 million related to updated lease assumptions, commission costs, and moving expenses for our San Francisco office vacated in 2017; and $0.1 million related to updated lease assumptions for our Chicago office consolidation. The restructuring expense related to office space reductions incurred in 2018 were accounted for in accordance with ASC 840, Leases. See Note 2 “Summary of Significant Accounting Policies” for additional information on our adoption of ASC 842 on a modified retrospective basis on January 1, 2019. Other - We incurred $0.3 million related to the divestiture of our Middle East practice within the Business Advisory segment in the second quarter of 2018. During the second quarter of 2018, we sold our Middle East practice to a former employee who was the practice leader of that business at the time, and we recorded a $5.8 million loss which is included in other income (expense), net in our consolidated statements of operations. Of the $3.7 million pretax restructuring charge, $1.1 million was related to our Healthcare segment, $1.0 million was related to our Business Advisory segment, and $1.6 million was related to our corporate operations. The table below sets forth the changes in the carrying amount of our restructuring charge liability by restructuring type for the years ended December 31, 2020 and 2019. Employee Costs Office Space Reductions Other Total Balance as of December 31, 2018 $ 443 $ 2,468 $ — $ 2,911 Adoption of ASC 842 (1) — (1,119) — (1,119) Balance as of January 1, 2019 443 1,349 — 1,792 Additions (2) (3) 636 9 — 645 Payments (995) (383) — (1,378) Adjustments (2) (3) (16) (884) — (900) Balance as of December 31, 2019 68 91 — 159 Additions (2)(3) 5,290 — 1,256 6,546 Payments (2,907) — (363) (3,270) Adjustments (2)(3) (4) (7) — (11) Balance as of December 31, 2020 $ 2,447 $ 84 $ 893 $ 3,424 (1) Upon adoption of ASC 842 on January 1, 2019, we reclassified the restructuring charge liabilities, which represented the present value of remaining lease payments, net of estimated sublease income, for vacated office spaces from restructuring charge liabilities to operating lease right-of-use assets. See Note 2 “Summary of Significant Accounting Polices” for additional information on the impact of adoption. (2) Additions and adjustments for the years ended December 31, 2020 and 2019 include restructuring charges of $0.2 million and $0.1 million, respectively, related to office space reductions directly related to discontinued operations . (3) Additions and adjustments exclude non-cash items related to vacated office spaces, such as lease impairment charges and accelerated depreciation on abandoned operating lease ROU assets and fixed assets, which are recorded as restructuring charges on our consolidated statements of operations. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activity | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activity | Derivative Instruments and Hedging Activity On June 22, 2017, we entered into a forward interest rate swap agreement effective August 31, 2017 and ending August 31, 2022, with a notional amount of $50.0 million. We entered into this derivative instrument to hedge against the interest rate risks of our variable-rate borrowings. Under the terms of the interest rate swap agreement, we receive from the counterparty interest on the notional amount based on one month LIBOR and we pay to the counterparty a fixed rate of 1.900%. On January 30, 2020, we entered into a forward interest rate swap agreement effective December 31, 2019 and ending December 31, 2024, with a notional amount of $50.0 million. We entered into this derivative instrument to further hedge against the interest rate risks of our variable-rate borrowings. Under the terms of the interest rate swap agreement, we receive from the counterparty interest on the notional amount based on one month LIBOR and we pay to the counterparty a fixed rate of 1.500%. On March 16, 2020, we entered into a forward interest rate swap agreement effective February 28, 2020 and ending February 28, 2025, with a notional amount of $100.0 million. We entered into this derivative instrument to further hedge against the interest rate risks of our variable-rate borrowings. Under the terms of the interest rate swap agreement, we receive from the counterparty interest on the notional amount based on one month LIBOR and we pay to the counterparty a fixed rate of 0.885%. We recognize all derivative instruments as either assets or liabilities at fair value on the balance sheet. We have designated these derivative instruments as cash flow hedges. Therefore, changes in the fair value of the derivative instruments are recorded to other comprehensive income (“OCI”) to the extent effective and reclassified into interest expense upon settlement. As of December 31, 2020, it was anticipated that $1.8 million of the losses, net of tax, currently recorded in accumulated other comprehensive income will be reclassified into earnings within the next 12 months. The table below sets forth additional information relating to our interest rate swaps designated as cash flow hedging instruments as of December 31, 2020 and 2019. Fair Value (Derivative Asset and Liability) Balance Sheet Location 2020 2019 Accrued expenses $ 2,100 $ 159 Deferred compensation and other liabilities $ 3,297 $ 387 All of our derivative instruments are transacted under the International Swaps and Derivatives Association (ISDA) master agreements. These agreements permit the net settlement of amounts owed in the event of default and certain other termination events. Although netting is permitted, it is our policy to record all derivative assets and liabilities on a gross basis on our consolidated balance sheet. We do not use derivative instruments for trading or other speculative purposes. Refer to Note 14 “Other Comprehensive Income (Loss)” for additional information on our derivative instrument. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Certain of our assets and liabilities are measured at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a fair value hierarchy for inputs used in measuring fair value and requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy consists of three levels based on the objectivity of the inputs as follows: Level 1 Inputs Quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs Unobservable inputs for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. The tables below sets forth our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019. Level 1 Level 2 Level 3 Total December 31, 2020 Assets: Convertible debt investment $ — $ — $ 64,364 $ 64,364 Deferred compensation assets — 34,056 — 34,056 Total assets $ — $ 34,056 $ 64,364 $ 98,420 Liabilities: Interest rate swap $ — $ 5,397 $ — $ 5,397 Contingent consideration for business acquisition — — 1,770 1,770 Total liabilities $ — $ 5,397 $ 1,770 $ 7,167 Level 1 Level 2 Level 3 Total December 31, 2019 Assets: Convertible debt investment $ — $ — $ 49,542 $ 49,542 Deferred compensation assets — 27,445 — 27,445 Total assets $ — $ 27,445 $ 49,542 $ 76,987 Liabilities: Interest rate swaps $ — $ 546 $ — 546 Total liabilities $ — $ 546 $ — $ 546 Interest rate swaps: The fair values of our interest rate swaps were derived using estimates to settle the interest rate swap agreements, which are based on the net present value of expected future cash flows on each leg of the swap utilizing market-based inputs and discount rates reflecting the risks involved. Convertible debt investment: In 2014 and 2015, we invested $27.9 million, in the form of zero coupon convertible debt (the “initial convertible notes”), in Shorelight Holdings, LLC (“Shorelight”), the parent company of Shorelight, a U.S.-based company that partners with leading nonprofit universities to increase access to and retention of international students, boost institutional growth, and enhance an institution’s global footprint. In the first quarter of 2020, we invested an additional $13.0 million, in the form of 1.69% convertible debt with a senior liquidation preference to the initial convertible notes (the “additional convertible note”); and amended our initial convertible notes to include a coupon rate of 1.69% and extend the maturity date to January 17, 2024, which coincides with the maturity date of the additional convertible note. To determine the appropriate accounting treatment for our investment, we performed a variable interest entity (“VIE”) analysis and concluded that Shorelight does not meet the definition of a VIE. We also reviewed the characteristics of our investment to confirm that the convertible notes are not in-substance common stock that would warrant equity method accounting. After we reviewed all of the terms of the investment, we concluded the appropriate accounting treatment to be that of an available-for-sale debt security. The investment is carried at fair value with unrealized holding gains and losses excluded from earnings and reported in other comprehensive income. We estimate the fair value of our investment using a scenario-based approach in the form of a hybrid analysis that consists of a Monte Carlo simulation model and an expected return analysis. The conclusion of value for our investment is based on the probability-weighted assessment of both scenarios. The hybrid analysis utilizes certain assumptions including the assumed holding period through the maturity date of January 17, 2024, the applicable waterfall distribution at the end of the expected holding period based on the rights and privileges of the various instruments, cash flow projections discounted at the risk-adjusted rate of 24.0%, and the concluded equity volatility of 45.0%, all of which are Level 3 inputs. The valuation of our investment as of December 31, 2019 takes into consideration the equity value indication as well as the dilutive impact of the convertible debt issued by Shorelight in the first quarter of 2020, the terms of which were known or knowable as of December 31, 2019. The use of alternative estimates and assumptions could increase or decrease the estimated fair value of the investment, which would result in different impacts to our consolidated balance sheet and comprehensive income. Actual results may differ from our estimates. The fair value of the convertible debt investment is recorded in long-term investments on our consolidated balance sheets. The table below sets forth the changes in the balance of the convertible debt investment for the years ended December 31, 2020 and 2019. Convertible Debt Investment Balance as of December 31, 2018 $ 50,429 Change in fair value of convertible debt investment (887) Balance as of December 31, 2019 49,542 Purchases 13,000 Change in fair value of convertible debt investment 1,822 Balance as of December 31, 2020 $ 64,364 Deferred compensation assets: We have a non-qualified deferred compensation plan (the “Plan”) for the members of our board of directors and a select group of our employees. The deferred compensation liability is funded by the Plan assets, which consist of life insurance policies maintained within a trust. The cash surrender value of the life insurance policies approximates fair value and is based on third-party broker statements which provide the fair value of the life insurance policies' underlying investments, which are Level 2 inputs. The cash surrender value of the life insurance policies is invested primarily in mutual funds. The Plan assets are included in other non-current assets on our consolidated balance sheets. Realized and unrealized gains (losses) from the deferred compensation assets are recorded to other income (expense), net in our consolidated statements of operations. Contingent consideration for business acquisition: We estimate the fair value of acquisition-related contingent consideration using either a probability-weighted assessment of the specific financial performance targets being measured or a Monte Carlo simulation model, as appropriate. These fair value measurements are based on significant inputs not observable in the market and thus represent Level 3 inputs. The significant unobservable inputs used in the fair value measurements of our contingent consideration are our measures of the estimated payouts based on internally generated financial projections on a probability-weighted basis and a discount rate which typically reflects a risk-free rate, and was 2.41% as of December 31, 2020. The fair value of the contingent consideration is reassessed quarterly based on assumptions used in our latest projections and input provided by practice leaders and management. Any change in the fair value estimate is recorded in our consolidated statement of operations for that period. The use of alternative estimates and assumptions could increase or decrease the estimated fair value of our contingent consideration liability, which would result in different impacts to our consolidated balance sheets and consolidated statements of operations. Actual results may differ from our estimates. The table below sets forth the changes in the balance of the contingent consideration for business acquisitions for the years ended December 31, 2020 and 2019. Contingent Consideration for Business Acquisitions Balance as of December 31, 2018 $ 11,441 Payments (10,041) Remeasurement of contingent consideration for business acquisitions (1,506) Unrealized loss due to foreign currency translation 106 Balance as of December 31, 2019 — Acquisition 1,770 Balance as of December 31, 2020 $ 1,770 Financial assets and liabilities not recorded at fair value on a recurring basis are as follows: Preferred Stock Investment In the fourth quarter of 2019, we invested $5.0 million, in the form of preferred stock, in Medically Home Group, Inc. (“Medically Home”), a healthcare technology-enabled services company. To determine the appropriate accounting treatment for our investment, we performed a VIE analysis and concluded that Medically Home does not meet the definition of a VIE. We also reviewed the characteristics of our investment to confirm that the preferred stock is not in-substance common stock that would warrant equity method accounting. After we reviewed all of the terms of the investment, we concluded the appropriate accounting treatment for our investment in Medically Home to be that of an equity security with no readily determinable fair value. We elected to apply the measurement alternative at the time of the purchase and will continue to do so until the investment does not qualify to be so measured. Under the measurement alternative, the investment is carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment in Medically Home. On a quarterly basis, we review the information available to determine whether an orderly and observable transaction for the same or similar equity instrument occurred, and remeasure the fair value of the preferred stock using such identified transactions, with changes in the fair value recorded to other income (expense), net in our consolidated statement of operations. In October 2020, we recognized an unrealized gain of $1.7 million to increase the carrying amount of our preferred stock investment to $6.7 million, based on an observable price change of preferred stock with similar rights and preferences to our preferred stock investment issued by Medically Home, a Level 2 input. The unrealized gain of $1.7 million is recorded to other income (expense), net on our consolidated statement of operations. We have not identified any impairments or additional observable price changes in 2020. Senior Secured Credit Facility The carrying value of our borrowings outstanding under our senior secured credit facility is stated at cost. Our carrying value approximates fair value, using Level 2 inputs, as the senior secured credit facility bears interest at variable rates based on current market rates as set forth in the Amended Credit Agreement. Refer to Note 7 “Financing Arrangements” for additional information on our senior secured credit facility. Promissory Note due 2024 The carrying value of our promissory note due 2024 is stated at cost. Our carrying value approximates fair value, using Level 2 inputs, as the promissory note bears interest at rates based on current market rates as set forth in the terms of the promissory note. Refer to Note 7 “Financing Arrangements” for additional information on our promissory note due 2024. Cash and Cash Equivalents and Other Financial Instruments |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The table below sets forth the components of accumulated other comprehensive income (loss), net of tax for the years ended December 31, 2020, 2019, and 2018. Foreign Available-for- Cash Flow Hedges (1) Total Balance as of December 31, 2017 $ 1,149 $ 8,812 $ 409 $ 10,370 Foreign currency translation adjustment, net of tax of $0 (1,814) — — (1,814) Unrealized gain on investments: Change in fair value, net of tax of $(2,753) — 7,772 — 7,772 Unrealized gain (loss) on cash flow hedges: Change in fair value, net of tax of $(63) — — 197 197 Reclassification adjustment into earnings, net of tax of $(10) — — (30) (30) Balance as of December 31, 2018 (665) 16,584 576 16,495 Foreign currency translation adjustment, net of tax of $0 99 — — 99 Unrealized gain (loss) on investments: Change in fair value, net of tax of $185 — (702) — (702) Unrealized gain (loss) on cash flow hedges: Change in fair value, net of tax of $295 — — (819) (819) Reclassification adjustment into earnings, net of tax of $48 — — (137) (137) Balance as of December 31, 2019 (566) 15,882 (380) 14,936 Foreign currency translation adjustment, net of tax of $0 348 — — 348 Unrealized gain (loss) on investments: Change in fair value, net of tax of $(499) — 1,323 — 1,323 Unrealized gain (loss) on cash flow hedges: Change in fair value, net of tax of $1,693 — — (4,652) (4,652) Reclassification adjustment into earnings, net of tax of $(388) — — 1,106 1,106 Balance as of December 31, 2020 $ (218) $ 17,205 $ (3,926) $ 13,061 (1) The before tax amounts reclassified from accumulated other comprehensive income (loss) related to our cash flow hedges are recorded to interest expense, net of interest income. |
Employee Benefit and Deferred C
Employee Benefit and Deferred Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Postemployment Benefits [Abstract] | |
Employee Benefit and Deferred Compensation Plans | Employee Benefit and Deferred Compensation PlansWe sponsor a qualified defined contribution 401(k) plan covering substantially all of our employees. Under the plan, employees are entitled to make pretax, post-tax, and/or Roth post-tax contributions up to the annual maximums established by the Internal Revenue Service. We match an amount equal to the employees’ contributions up to 6% of the employees’ eligible earnings. Our matching contributions for the years ended December 31, 2020, 2019, and 2018 were $25.1 million, $22.8 million, and $20.8 million, respectively.We have a non-qualified deferred compensation plan (the “Plan”) that is administered by our board of directors or a committee designated by the board of directors. Under the Plan, members of the board of directors and a select group of our employees may elect to defer the receipt of their director retainers and meeting fees or base salary and bonus, as applicable. Additionally, we may credit amounts to a participant’s deferred compensation account in accordance with employment or other agreements entered into between us and the participant. At our sole discretion, we may, but are not required to, credit any additional amount we desire to any participant’s deferred compensation account. Amounts credited are subject to vesting schedules set forth in the Plan, employment agreement, or any other agreement entered into between us and the participant. The deferred compensation liability at December 31, 2020 and 2019 was $34.3 million and $27.5 million, respectively. This deferred compensation liability is funded by the Plan assets. |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans In 2012, Huron adopted the 2012 Omnibus Incentive Plan (the “2012 Plan”) which replaced, on a prospective basis, our 2004 Omnibus Stock Plan (the "2004 Plan") such that future grants will be granted under the 2012 Plan and any outstanding awards granted under the 2004 Plan that are cancelled, expired, forfeited, settled in cash, or otherwise terminated without a delivery of shares to the participant will not become available for grant under the 2012 Plan. The 2012 Plan permits the grant of stock options, stock appreciation rights, restricted stock, performance shares and other share-based or cash-based awards valued in whole or in part by reference to, or otherwise based on, our common stock. Subsequent to the initial approval of the 2012 Plan and through December 31, 2020, our shareholders approved amendments to the 2012 Plan to increase the number of shares authorized for issuance to 3.9 million, in the aggregate. As of December 31, 2020, 0.9 million shares remain available for issuance under the 2012 Plan. On May 1, 2015, we adopted the Stock Ownership Participation Program (the “SOPP”), which is available to Huron employees below the managing director level who do not receive equity-based awards as part of their normal compensation plan. Under the SOPP, eligible employees may elect to use after-tax payroll deductions, or cash contributions, to purchase shares of the Company’s common stock on certain designated purchase dates. Employees who purchase stock under the SOPP are granted restricted stock equal to 25% of their purchased shares. Vesting of the restricted stock is subject to both a time-based vesting schedule and a requirement that the purchased shares be held for a specified period. Subsequent to the initial approval of the SOPP and through December 31, 2020, our shareholders approved amendments to the SOPP to increase the total number of shares authorized for issuance to 0.7 million, in the aggregate. Prior to the adoption of the SOPP, the matching share grants and the employee purchased shares under the stock ownership participation program were governed by the 2012 Plan. As of December 31, 2020, 0.3 million shares remain available for issuance under the SOPP. It has been our practice to issue shares of common stock upon exercise of stock options and granting of restricted stock from authorized but unissued shares, with the exception of the SOPP under which shares are issued from treasury stock. Certain grants of restricted stock under the 2012 Plan may be issued from treasury stock at the direction of the Compensation Committee. Share-based awards outstanding under our 2012 Plan and our 2004 Plan provide for a retirement eligibility provision, under which eligible employees who have reached 62 years of age and have completed seven years of employment with Huron will continue vesting in their share-based awards after retirement, subject to certain conditions. This retirement eligibility provision also applies to future awards granted to eligible employees under the 2012 Plan. The Compensation Committee of the board of directors has the responsibility of interpreting the 2012 Plan and SOPP and determining all of the terms and conditions of awards made under the plans, including when the awards will become exercisable or otherwise vest. Total share-based compensation cost recognized for the years ended December 31, 2020, 2019, and 2018 was $23.9 million, $24.2 million, and $18.8 million, respectively, with related income tax benefits of $5.4 million, $5.3 million, and $4.6 million, respectively. As of December 31, 2020, there was $30.4 million of total unrecognized compensation cost related to nonvested share-based awards. This cost is expected to be recognized over a weighted average period of 2.3 years. Restricted Stock Awards The grant date fair values of our restricted stock awards are measured based on the fair value of our common stock at grant date and amortized into expense over the service period. Subject to acceleration under certain conditions, the majority of our restricted stock vests annually over four years. The table below summarizes the restricted stock activity for the year ended December 31, 2020. Number of Shares Weighted 2012 Omnibus Incentive Plan Stock Ownership Participation Program Total Nonvested restricted stock at December 31, 2019 774 12 786 $ 44.27 Granted 460 19 479 $ 58.13 Vested (319) (10) (329) $ 45.16 Forfeited (34) (3) (37) $ 51.95 Nonvested restricted stock at December 31, 2020 881 18 899 $ 51.12 The aggregate fair value of restricted stock that vested during the years ended December 31, 2020, 2019, and 2018 was $18.6 million, $14.5 million, and $9.1 million, respectively. The weighted average grant date fair value per share of restricted stock granted during 2019 and 2018 was $48.57 and $38.45, respectively. Performance-based Share Awards During 2020, 2019, and 2018, the Company granted performance-based stock awards to our named executive officers and certain managing directors. The total number of shares earned by recipients of these awards is contingent upon meeting practice specific and company-wide performance goals. Following the performance period, certain awards are subject to the completion of a service period, which is generally an additional two years. These earned awards vest on a graded vesting schedule over the service period. For certain performance awards, the recipients may earn additional shares of stock for performance achieved above the stated target. The grant date fair values of our performance-based share awards are measured based on the fair value of our common stock at grant date. Compensation cost is amortized into expense over the service period, including the performance period. The table below summarizes the performance-based stock activity for the year ended December 31, 2020. All nonvested performance-based stock outstanding at December 31, 2020 and 2019 was granted under the 2012 Omnibus Incentive Plan. Number of Weighted Nonvested performance-based stock at December 31, 2019 500 $ 42.72 Granted (1) 236 $ 58.84 Vested (100) $ 42.05 Forfeited (2) (117) $ 46.12 Nonvested performance-based stock at December 31, 2020 (3) 519 $ 49.42 (1) Shares granted in 2020 are presented at the stated target, which represents the base number of shares that could be earned. Actual shares earned may be below or, for certain grants, above the target based on the achievement of specific financial goals. (2) Forfeited shares include shares forfeited as a result of not meeting the performance criteria of the award as well as shares forfeited upon termination. (3) Of the 519,000 nonvested performance-based shares outstanding as of December 31, 2020, 398,506 shares were unearned and subject to achievement of specific financial goals. Once earned, the awards will be subject to time-based vesting according to the terms of the award. Based on 2020 financial results, approximately 139,673 of the 398,506 unearned shares will be forfeited in the first quarter of 2021. The aggregate fair value of performance-based stock that vested during the years ended December 31, 2020, 2019, and 2018 was $5.9 million , $3.4 million, and $1.5 million, respectively. The weighted average grant date fair value per share of performance-based stock granted during 2019 and 2018 was $47.93 and $35.25, respectively. Stock Options Prior to 2014, the Company granted stock option awards to certain named executive officers. No stock option awards were granted in 2020, 2019, or 2018. The exercise prices of stock options are equal to the fair value of a share of common stock on the date of grant. Subject to acceleration under certain conditions, our stock options vest annually over four years. All stock options have a 10-year contractual term. Stock option activity for the year ended December 31, 2020 was as follows: Number Weighted Weighted Aggregate Outstanding at December 31, 2019 106 $ 32.57 1.9 $ 3.8 Granted — Exercised (40) $ 24.82 $ 1.1 Forfeited or expired — Outstanding at December 31, 2020 (1) 66 $ 37.31 1.5 $ 1.4 Exercisable at December 31, 2020 66 $ 37.31 1.5 $ 1.4 (1) Of the 66,000 outstanding options, approximately 34,000 were granted under the 2004 Omnibus Stock Plan, and the remaining 32,000 options were granted under the 2012 Omnibus Incentive Plan. The aggregate intrinsic value of options exercised during 2019 and 2018 was $1.6 million and $0.8 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act is an approximately $2 trillion emergency economic stimulus package in response to the COVID-19 outbreak, which among other items, includes income tax provisions relating to a five-year net operating loss carryback period, options to defer payroll tax payments for a limited period and technical corrections to tax depreciation methods for qualified improvement property. During 2020, as a result of the CARES Act, we recognized a $1.5 million tax benefit related to the remeasurement of a portion of our income tax receivable for the federal net operating loss incurred in 2018 and the expected federal net operating loss in 2020 that will be carried back to prior year income, both for a refund at the higher, prior year tax rate. Through December 31, 2020, we deferred $12.2 million of payroll tax payments, of which $6.1 million is expected to be paid in the fourth quarter of 2021 and $6.1 million is expected to be paid in the fourth quarter of 2022. The deferred payroll tax payments are included as components of accrued payroll and related benefits and deferred compensation and other liabilities on our consolidated balance sheet. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (“2017 Tax Reform”), a tax reform bill which, among other items, reduced the corporate federal income tax rate from 35% to 21% and moved from a worldwide tax system to a territorial system. During 2018, we completed our accounting for all of the enactment-date income tax effects of 2017 Tax Reform. For the year ended December 31, 2018, we recorded tax expense of $2.2 million related to establishing a valuation allowance for foreign tax credits, a tax benefit of $0.6 million related to the U.S. federal return to provision adjustments for the remeasurement of our net deferred taxes based on the new lower rate and tax expense of $0.2 million related to withholding tax on outside basis differences due to our change in assertion for permanent reinvestment. These amounts were recorded as a component of income tax expense from continuing operations. The income tax expense for continuing operations for the years ended December 31, 2020, 2019, and 2018 consists of the following: Year Ended December 31, 2020 2019 2018 Current: Federal $ (2,480) $ 125 $ (1,611) State 168 2,014 286 Foreign 2,016 (422) 1,885 Total current (296) 1,717 560 Deferred: Federal (7,414) 7,467 9,742 State (2,025) 1,610 2,008 Foreign (420) (282) (1,033) Total deferred (9,859) 8,795 10,717 Income tax expense for continuing operations $ (10,155) $ 10,512 $ 11,277 The components of income from continuing operations before taxes were as follows: Year Ended December 31, 2020 2019 2018 U.S. $ (35,054) $ 53,898 $ 17,025 Foreign 1,181 (1,407) 8,196 Total $ (33,873) $ 52,491 $ 25,221 A reconciliation of the U.S. statutory income tax rate to our effective tax rate for continuing operations is as follows: Year Ended December 31, 2020 2019 2018 Percent of pretax income from continuing operations: At U.S. statutory tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 4.4 6.1 7.2 CARES Act net operating loss carryback 4.4 — — Stock-based compensation 4.3 (1.1) 4.9 Tax credits 3.0 (3.1) (1.4) Realized investment gains/losses 2.6 (1.8) 1.3 Deferred tax adjustments 1.7 0.6 (1.7) Foreign source income 0.5 (0.5) (1.7) Valuation allowance (3.1) (2.9) 6.9 Disallowed executive compensation (2.8) 2.0 2.5 Goodwill impairment charges (2.6) — — Unrecognized tax benefits (2.0) (0.4) 0.4 Meals and entertainment (0.6) 1.6 2.0 Net tax benefit related to “check-the-box” election — (1.4) — Change in fair value of contingent consideration liabilities — — 2.4 Global intangible low-taxed income — — 2.1 Transition tax on accumulated foreign earnings, net of credits — — 0.8 US federal rate change — — (2.3) Other (0.8) (0.1) 0.3 Effective income tax rate for continuing operations 30.0 % 20.0 % 44.7 % The net deferred tax asset (liability) for continuing operations at December 31, 2020 and 2019 consisted of the following: As of December 31, 2020 2019 Deferred tax assets: Operating lease liabilities $ 19,617 $ 20,541 Deferred compensation liability 9,002 7,084 Share-based compensation 7,579 6,970 Accrued payroll and payroll related liabilities 3,745 5,205 Deferred payroll tax payments 3,235 — Tax credits 1,773 465 Net operating loss carryforwards 944 280 Other 3,278 1,451 Total deferred tax assets 49,173 41,996 Valuation allowance (2,112) (1,016) Net deferred tax assets 47,061 40,980 Deferred tax liabilities: Intangibles and goodwill (12,956) (16,421) Operating lease right-of-use assets (11,079) (14,675) Convertible debt investment (6,219) (5,608) Software development costs (6,054) (4,496) Property and equipment (3,007) (4,039) Prepaid expenses (2,708) (2,183) Other (1,275) (483) Total deferred tax liabilities (43,298) (47,905) Net deferred tax asset (liability) for continuing operations $ 3,763 $ (6,925) As of December 31, 2020 and 2019, we had valuation allowances of $2.1 million and $1.0 million, respectively, primarily due to uncertainties relating to the ability to realize deferred tax assets recorded for foreign losses and tax credits. The increase in valuation allowances in 2020 primarily related to an increase in the valuation allowance for foreign losses and tax credits. The Company has foreign net operating losses of $3.8 million which begin to expire in 2027 and state net operating loss carryforwards of $5.1 million which will begin to expire in 2023, if not utilized. We have federal and state tax credit carryforwards of $1.8 million which will begin to expire in 2021, if not utilized. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. A reconciliation of our beginning and ending amount of unrecognized tax benefits is as follows: Unrecognized Tax Benefits Balance at December 1, 2017 $ 813 Additions based on tax positions related to prior years 115 Decrease due to lapse of statute of limitations (28) Balance at December 31, 2018 900 Decrease due to settlements of prior year tax positions (115) Decrease due to lapse of statute of limitations (735) Balance at December 31, 2019 50 Additions based on tax positions related to prior years 694 Balance at December 31, 2020 $ 744 As of December 31, 2020, we had $0.7 million of unrecognized tax benefits which would affect the effective tax rate of continuing operations if recognized. As of both December 31, 2020 and 2019, we had less than $0.1 million accrued for the potential payment of interest and penalties. Accrued interest and penalties are recorded as a component of provision for income taxes on our consolidated statement of operations. We file income tax returns with federal, state, local and foreign jurisdictions. Tax years 2017 through 2019 are subject to future examinations by federal tax authorities. Tax years 2014 through 2019 are subject to future examinations by state and local tax authorities. Our foreign income tax filings are subject to future examinations by the local foreign tax authorities for tax years 2015 through 2019. Currently, we are not under audit by any tax authority. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees Lease Commitments We lease office space, data centers and certain equipment under non-cancelable operating lease arrangements expiring on various dates through 2029, with various renewal options. Office facilities under operating leases include fixed payments plus, in some cases, scheduled base rent increases over the term of the lease. Certain leases require variable payments of real estate taxes, insurance and operating expenses. See Note 5 “Leases” for additional information on our leases, including the remaining expected lease payments under our operating leases as of December 31, 2020. Litigation During the year ended December 31, 2020, we recognized a $0.2 million litigation settlement gain for the resolution of a claim that was settled in the first quarter of 2020. During the year ended December 31, 2019, we recorded a $0.4 million litigation loss accrual related to the legal claim that was subsequently settled during the first quarter of 2020. During the year ended December 31, 2018, we reached a settlement agreement related to Huron's claim in a class action lawsuit, resulting in a gain of $2.5 million. These items are recorded in litigation and other gains, net on our consolidated statement of operations. From time to time, we are involved in legal proceedings and litigation arising in the ordinary course of business. As of the date of this Annual Report on Form 10-K, we are not a party to any litigation or legal proceeding that, in the current opinion of management, could have a material adverse effect on our financial position or results of operations. However, due to the risks and uncertainties inherent in legal proceedings, actual results could differ from current expected results. Guarantees Guarantees in the form of letters of credit totaling $1.6 million and $1.7 million were outstanding at December 31, 2020 and 2019, respectively, primarily to support certain office lease obligations. In connection with certain business acquisitions, we may be required to pay post-closing consideration to the sellers if specific financial performance targets are met over a number of years as specified in the related purchase agreements. As of December 31, 2020, the estimated fair value of our outstanding contingent consideration liability was $1.8 million. As of December 31, 2019, the total estimated fair value of our contingent consideration liabilities was zero. To the extent permitted by law, our bylaws and articles of incorporation require that we indemnify our officers and directors against judgments, fines and amounts paid in settlement, including attorneys’ fees, incurred in connection with civil or criminal action or proceedings, as it relates to their services to us if such person acted in good faith. Although there is no limit on the amount of indemnification, we may have recourse against our insurance carrier for certain payments made. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment InformationSegments are defined as components of a company that engage in business activities from which they may earn revenues and incur expenses, and for which separate financial information is available and is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision maker, who is our chief executive officer, manages the business under three operating segments, which are our reportable segments: Healthcare, Business Advisory, and Education. • Healthcare Our Healthcare segment serves national and regional hospitals, integrated health systems, academic medical centers, community hospitals, and medical groups. Our Healthcare professionals have a depth of expertise in business operations, including financial and operational improvement, care transformation, and revenue cycle managed services; organizational transformation; and digital, technology and analytic solutions. Most healthcare organizations are focused on changing the way care is delivered; establishing a sustainable business model centered around optimal cost structures, reimbursement models and financial strategies; and evolving their digital, technology and analytic capabilities. Our solutions help clients adapt to this rapidly changing healthcare environment to become a more agile, efficient and consumer-centric organization. We use our deep industry expertise to help clients solve a diverse set of business issues, including, but not limited to, optimizing financial and operational performance, improving care delivery and clinical outcomes, increasing physician, patient and employee satisfaction, evolving organizational culture, and maximizing return on technology investments. • Business Advisory Our Business Advisory segment works with C-suite executives, boards, and business unit and functional leadership across a diverse set of organizations, including healthy, well-capitalized companies to organizations in transition, and across a broad range of industries, including life sciences, financial services, healthcare, education, energy and utilities, industrials and manufacturing, and the public sector. Our Business Advisory professionals have deep industry, functional and technical expertise that they put forward when delivering our digital, technology and analytics, strategy and innovation and corporate finance and restructuring services. In today’s disruptive environment, organizations must reimagine their historical strategies and financial and operating models to sustain and advance their competitive advantage. Organizations also recognize the need to adopt technologies, automation and analytics to improve their operations and compete in a rapidly changing environment. Our experts help organizations across industries with a variety of business challenges, including, but not limited to, embedding technology and analytics throughout their internal and customer-facing operations, developing insights into the needs of tomorrow’s customers in order to evolve their enterprise and business unit strategies, bringing new products to market, and managing through stressed and distressed situations to create a viable path forward for stakeholders. • Education Our Education segment serves public and private colleges and universities, academic medical centers, research institutes and other not-for-profit organizations. Our Education professionals have a depth of expertise in strategy and innovation; business operations, including the research enterprise and student lifecycle; digital, technology and analytic solutions; and organizational transformation. Our Education segment clients are increasingly faced with financial and/or demographic challenges as well as increased competition. To remain competitive, organizations must challenge traditional operating and financial models and reimagine strategic, operational and research-centered opportunities that advance their mission while strengthening their business models. We collaborate with clients to address these challenges and ensure they have a sustainable future. We combine our deep industry, functional and technical expertise to help clients solve their most pressing challenges, including, but not limited to, transforming business operations with technology; strengthening research strategies and support services; evolving their organizational strategy; optimizing financial and operational performance; and enhancing the student lifecycle. Segment operating income consists of the revenues generated by a segment, less the direct costs of revenue and selling, general and administrative expenses that are incurred directly by the segment. Unallocated corporate costs include costs related to administrative functions that are performed in a centralized manner that are not attributable to a particular segment. These administrative function costs include costs for corporate office support, office facility costs, costs relating to accounting and finance, human resources, legal, marketing, information technology, and company-wide business development functions, as well as costs related to overall corporate management. The tables below set forth information about our operating segments for the years ended December 31, 2020, 2019, and 2018, along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. We do not present financial information by geographic area because the financial results of our international operations are not significant to our consolidated financial statements. Year Ended December 31, 2020 2019 2018 Healthcare: Revenues $ 353,437 $ 399,221 $ 364,763 Operating income $ 94,925 $ 125,724 $ 108,060 Segment operating income as a percentage of segment revenues 26.9 % 31.5 % 29.6 % Business Advisory: Revenues $ 267,361 $ 252,508 $ 236,185 Operating income $ 48,046 $ 49,695 $ 50,625 Segment operating income as a percentage of segment revenues 18.0 % 19.7 % 21.4 % Education: Revenues $ 223,329 $ 225,028 $ 194,177 Operating income $ 47,503 $ 55,741 $ 48,243 Segment operating income as a percentage of segment revenues 21.3 % 24.8 % 24.8 % Total Company: Revenues $ 844,127 $ 876,757 $ 795,125 Reimbursable expenses 26,887 88,717 82,874 Total revenues and reimbursable expenses $ 871,014 $ 965,474 $ 877,999 Segment operating income $ 190,474 $ 231,160 $ 206,928 Items not allocated at the segment level: Other operating expenses 135,255 140,285 122,276 Litigation and other gains, net (150) (1,196) (2,019) Depreciation and amortization 24,405 28,365 34,575 Goodwill impairment charges (1) 59,816 — — Other expense, net 5,021 11,215 26,875 Income (loss) from continuing operations before taxes $ (33,873) $ 52,491 $ 25,221 (1) The goodwill impairment charges are not allocated at the segment level because the underlying goodwill asset is reflective of our corporate investment in the segments. We do not include the impact of goodwill impairment charges in our evaluation of segment performance. As of December 31, Segment Assets: 2020 2019 2018 Healthcare $ 40,217 $ 73,019 $ 65,133 Business Advisory 38,402 59,315 59,017 Education 34,534 38,881 26,990 Unallocated assets (1) 944,323 933,056 898,392 Total assets $ 1,057,476 $ 1,104,271 $ 1,049,532 (1) Unallocated assets include goodwill and intangible assets and our long-term investments, as management does not evaluate these items at the segment level when assessing segment performance or allocating resources. Refer to Note 4 “Goodwill and Intangible Assets” and Note 13 “Fair Value of Financial Instruments” for further information on these assets. The following table illustrates the disaggregation of revenues by billing arrangements, employee types, and timing of revenue recognition, including a reconciliation of the disaggregated revenues to revenues from our three operating segments for the year ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2020 Healthcare Business Advisory Education Total Billing Arrangements Fixed-fee $ 202,513 $ 101,561 $ 44,839 $ 348,913 Time and expense 58,322 152,716 155,510 366,548 Performance-based 69,316 8,059 695 78,070 Software support, maintenance and subscriptions 23,286 5,025 22,285 50,596 Total $ 353,437 $ 267,361 $ 223,329 $ 844,127 Employee Type (1) Revenue generated by full-time billable consultants $ 254,595 $ 253,747 $ 191,467 $ 699,809 Revenue generated by full-time equivalents 98,842 13,614 31,862 144,318 Total $ 353,437 $ 267,361 $ 223,329 $ 844,127 Timing of Revenue Recognition Revenue recognized over time $ 349,676 $ 267,361 $ 223,007 $ 840,044 Revenue recognized at a point in time 3,761 — 322 4,083 Total $ 353,437 $ 267,361 $ 223,329 $ 844,127 Year Ended December 31, 2019 Healthcare Business Advisory Education Total Billing Arrangements Fixed-fee $ 249,479 $ 100,635 $ 51,826 $ 401,940 Time and expense 55,204 139,610 154,893 349,707 Performance-based 71,051 6,856 — 77,907 Software support, maintenance and subscriptions 23,487 5,407 18,309 47,203 Total $ 399,221 $ 252,508 $ 225,028 $ 876,757 Employee Type (1) Revenue generated by full-time billable consultants $ 280,915 $ 243,350 $ 195,844 $ 720,109 Revenue generated by full-time equivalents 118,306 9,158 29,184 156,648 Total $ 399,221 $ 252,508 $ 225,028 $ 876,757 Timing of Revenue Recognition Revenue recognized over time $ 390,884 $ 252,508 $ 223,673 $ 867,065 Revenue recognized at a point in time 8,337 — 1,355 9,692 Total $ 399,221 $ 252,508 $ 225,028 $ 876,757 Year Ended December 31, 2018 Healthcare Business Advisory Education Total Billing Arrangements Fixed-fee $ 239,263 $ 98,119 $ 39,586 $ 376,968 Time and expense 58,377 128,583 140,824 327,784 Performance-based 42,684 5,405 — 48,089 Software support, maintenance and subscriptions 24,439 4,078 13,767 42,284 Total $ 364,763 $ 236,185 $ 194,177 $ 795,125 Employee Type (1) Revenue generated by full-time billable consultants $ 247,416 $ 225,335 $ 170,496 $ 643,247 Revenue generated by full-time equivalents 117,347 10,850 23,681 151,878 Total $ 364,763 $ 236,185 $ 194,177 $ 795,125 Timing of Revenue Recognition Revenue recognized over time $ 356,826 $ 236,185 $ 190,526 $ 783,537 Revenue recognized at a point in time 7,937 — 3,651 11,588 Total $ 364,763 $ 236,185 $ 194,177 $ 795,125 (1) Full-time billable consultants consist of our full-time professionals who provide consulting services to our clients and are billable to our clients based on the number of hours worked. Full-time equivalent professionals consist of our coaches and their support staff within our Culture and Organizational Excellence solution, consultants who work variable schedules as needed by our clients, employees who provide managed services in our Healthcare segment, and full-time employees who provide software support and maintenance services to our clients. For the years ended December 31, 2020, 2019, and 2018, substantially all of our revenues and long-lived assets were attributed to or located in the United States. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Valuation and Qualifying Accounts The table below sets forth the changes in the carrying amount of our allowances for doubtful accounts and unbilled services and valuation allowance for deferred tax assets for the years ended December 31, 2020, 2019, and 2018. Allowances for doubtful accounts and unbilled services includes allowances for fee adjustments and other discretionary pricing adjustments as well as allowances related to clients' inability to make required payments on accounts receivable. Beginning Additions (1) Deductions Ending Year ended December 31, 2018: Allowances for doubtful accounts and unbilled services $ 24,499 49,390 51,648 $ 22,241 Valuation allowance for deferred tax assets $ 1,247 2,314 418 $ 3,143 Year ended December 31, 2019: Allowances for doubtful accounts and unbilled services $ 22,241 69,979 73,552 $ 18,668 Valuation allowance for deferred tax assets $ 3,143 1 2,128 $ 1,016 Year ended December 31, 2020: Allowances for doubtful accounts and unbilled services $ 18,668 63,268 60,630 $ 21,306 Valuation allowance for deferred tax assets $ 1,016 1,160 64 $ 2,112 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (unaudited) | Selected Quarterly Financial Data (Unaudited) Quarter Ended 2020 Mar. 31 Jun. 30 Sep. 30 Dec. 31 Revenues $ 222,619 $ 217,857 $ 205,304 $ 198,347 Reimbursable expenses 19,303 2,970 2,860 1,754 Total revenues and reimbursable expenses 241,922 220,827 208,164 200,101 Gross profit 64,984 67,113 58,495 55,710 Operating income (loss) (45,851) 15,954 13,699 (12,654) Net income (loss) from continuing operations (42,273) 13,572 11,087 (6,104) Loss from discontinued operations, net of tax (35) (25) (29) (33) Net income (loss) (42,308) 13,547 11,058 (6,137) Net earnings per basic share: Net income (loss) from continuing operations $ (1.94) $ 0.62 $ 0.50 $ (0.28) Loss from discontinued operations, net of tax — — — — Net income (loss) $ (1.94) $ 0.62 $ 0.50 $ (0.28) Net earnings per diluted share: Net income (loss) from continuing operations $ (1.94) $ 0.61 $ 0.50 $ (0.28) Loss from discontinued operations, net of tax — — — — Net income (loss) $ (1.94) $ 0.61 $ 0.50 $ (0.28) Weighted average shares used in calculating earnings per share: Basic 21,827 21,869 21,905 21,903 Diluted 21,827 22,116 22,175 21,903 Quarter Ended 2019 Mar. 31 Jun. 30 Sep. 30 Dec. 31 Revenues $ 204,445 $ 220,754 $ 219,289 $ 232,269 Reimbursable expenses 18,617 23,534 23,636 22,930 Total revenues and reimbursable expenses 223,062 244,288 242,925 255,199 Gross profit 65,496 77,832 75,158 77,315 Operating income 6,756 17,875 20,576 18,499 Net income from continuing operations 3,350 10,569 13,706 14,354 Loss from discontinued operations, net of tax (46) (97) (52) (41) Net income 3,304 10,472 13,654 14,313 Net earnings per basic share: Net income from continuing operations $ 0.15 $ 0.48 $ 0.62 $ 0.65 Loss from discontinued operations, net of tax — — — — Net income $ 0.15 $ 0.48 $ 0.62 $ 0.65 Net earnings per diluted share: Net income from continuing operations $ 0.15 $ 0.47 $ 0.61 $ 0.63 Loss from discontinued operations, net of tax — — — — Net income $ 0.15 $ 0.47 $ 0.61 $ 0.63 Weighted average shares used in calculating earnings per share: Basic 21,868 21,997 22,052 22,051 Diluted 22,311 22,400 22,561 22,676 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventOn January 7, 2021, we entered into an agreement to acquire Unico Solution, Inc. (“Unico Solutions”), a data strategy and technology consulting firm focused on helping clients enhance the use of their data to speed business transformation and accelerate cloud adoption. The acquisition expands our cloud-based technology offerings within the Business Advisory segment. The results of operations of Unico Solutions will be included within the Business Advisory segment from the close date, February 1, 2021. The acquisition of Unico Solutions is not significant to our consolidated financial statements. |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy | Basic earnings per share excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period, excluding unvested restricted common stock. Diluted earnings per share reflects the potential reduction in earnings per share that could occur if securities or other contracts to issue common stock were exercised or converted into common stock under the treasury stock method. Such securities or other contracts include unvested restricted stock awards, outstanding common stock options, convertible senior notes, and outstanding warrants, to the extent dilutive. In periods for which we report a net loss from continuing operations, diluted weighted average common shares outstanding excludes all potential common stock equivalents as their impact on diluted net loss from continuing operations per share would be anti-dilutive. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement policy | Certain of our assets and liabilities are measured at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a fair value hierarchy for inputs used in measuring fair value and requires companies to maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy consists of three levels based on the objectivity of the inputs as follows: Level 1 Inputs Quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs Unobservable inputs for the asset or liability, and include situations in which there is little, if any, market activity for the asset or liability. |
Income Taxes - (Policies)
Income Taxes - (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The table below sets forth the changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2020 and 2019. Healthcare Business Education Total Balance as of December 31, 2018: Goodwill $ 636,810 $ 301,700 $ 102,829 $ 1,041,339 Accumulated impairment losses (208,081) (187,995) — (396,076) Goodwill, net as of December 31, 2018 $ 428,729 $ 113,705 $ 102,829 $ 645,263 Goodwill recorded in connection with a business combination (1) — — 1,060 1,060 Foreign currency translation — 357 — 357 Balance as of December 31, 2019: Goodwill 636,810 302,057 103,889 1,042,756 Accumulated impairment losses (208,081) (187,995) — (396,076) Goodwill, net as of December 31, 2019 $ 428,729 $ 114,062 $ 103,889 $ 646,680 Goodwill recorded in connection with business combinations (2) — 7,507 495 8,002 Goodwill impairment charges — (59,816) — (59,816) Foreign currency translation — (629) — (629) Balance as of December 31, 2020: Goodwill 636,810 308,935 104,384 1,050,129 Accumulated impairment losses (208,081) (247,811) — (455,892) Goodwill, net as of December 31, 2020: $ 428,729 $ 61,124 $ 104,384 $ 594,237 (1) On September 30, 2019, we completed the acquisition of a business in our Education segment. The results of operations of the acquired business is included in our consolidated financial statements and results of operations of our Education segment from the date of acquisition. This acquisition is not significant to our consolidated financial statements. (2) Refer to Note 3 “Acquisitions” for additional information on business combinations completed in 2020. |
Intangible Assets | Intangible assets as of December 31, 2020 and 2019 consisted of the following: As of December 31, 2020 2019 Useful Life Gross Accumulated Gross Accumulated Customer relationships 3 to 13 $ 73,629 $ 56,232 $ 87,577 $ 61,882 Trade names 5 to 6 6,130 4,287 28,930 25,894 Technology and software 5 5,800 5,380 5,694 4,321 Non-competition agreements 5 2,090 1,541 2,220 1,447 Customer contracts 2 800 526 800 52 Total $ 88,449 $ 67,966 $ 125,221 $ 93,596 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The table below sets forth the estimated annual amortization expense for each of the five succeeding years for the intangible assets recorded as of December 31, 2020. Year Ending December 31, Estimated 2021 $ 8,624 2022 $ 6,401 2023 $ 3,768 2024 $ 956 2025 $ 175 |
Leases Leases (Tables)
Leases Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Information for Operating Leases [Table Text Block] | As of December 31, Balance Sheet 2020 2019 Operating lease right-of-use assets $ 39,360 $ 54,954 Current maturities of operating lease liabilities $ 8,771 $ 7,469 Operating lease liabilities, net of current portion 61,825 69,233 Total lease liabilities $ 70,596 $ 76,702 |
Schedule of Supplemental Operating Lease Information [Table Text Block] | Year Ended December 31, Other Information 2020 2019 Cash paid for operating lease liabilities $ 11,307 $ 13,902 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 1,456 $ 12,842 Weighted average remaining lease term - operating leases 7.0 years 7.7 years Weighted average discount rate - operating leases 4.3 % 4.3 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The table below summarizes the remaining expected lease payments under our operating leases as of December 31, 2020. Future Lease Payments December 31, 2021 $ 11,572 2022 11,764 2023 11,742 2024 11,182 2025 10,870 Thereafter 24,613 Total operating lease payments $ 81,743 Less: imputed interest (11,147) Present value of operating lease liabilities $ 70,596 |
Lease, Cost [Table Text Block] | Year Ended December 31, Lease Cost 2020 2019 Operating lease cost $ 11,045 $ 11,883 Short-term leases (1) 229 322 Variable lease costs 1,693 3,656 Sublease income (1,973) (2,638) Net lease cost (2)(3)(4) $ 10,994 $ 13,223 (1) Includes variable lease costs related to short-term leases. (2) Net lease cost includes $0.3 million and $0.4 million for the years ended December 31, 2020 and 2019, respectively, recorded as restructuring charges as they relate to vacated office spaces. See Note 11 “Restructuring Charges” for additional information on our vacated office spaces. (3) Net lease cost includes $0.2 million and $0.3 million for the years ended December 31, 2020 and 2019, respectively, related to vacated office spaces directly related to discontinued operations. (4) Rent expense, including operating expenses, real estate taxes and insurance, recorded under ASC 840 for the year ended December 31, 2018 was $15.1 million. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment, net at December 31, 2020 and 2019 consisted of the following: As of December 31, 2020 2019 Computers, related equipment, and software $ 27,943 $ 50,251 Leasehold improvements 39,952 44,323 Furniture and fixtures 14,126 16,273 Aircraft 7,667 7,667 Assets under construction 502 250 Property and equipment 90,190 118,764 Accumulated depreciation and amortization (61,097) (80,351) Property and equipment, net $ 29,093 $ 38,413 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Carrying Amounts of Debt | A summary of the carrying amounts of our debt follows: As of December 31, 2020 2019 Senior secured credit facility $ 200,000 $ 205,000 Promissory note due 2024 3,279 3,853 Total long-term debt $ 203,279 $ 208,853 Current maturities of long-term debt (499) (529) Long-term debt, net of current portion $ 202,780 $ 208,324 |
Schedule of Maturities of Long-term Debt | Below is a summary of the scheduled remaining principal payments of our debt as of December 31, 2020. Principal Payments of Long-Term Debt 2021 $ 499 2022 $ 559 2023 $ 575 2024 $ 201,646 |
Summary of Interest Expense Recognized | The following table presents the amount of interest expense recognized related to the Convertible Notes for the periods presented. Year Ended December 31, 2019 2018 Contractual interest coupon $ 2,344 $ 3,125 Amortization of debt discount 6,436 8,232 Amortization of debt issuance costs 947 1,245 Total interest expense $ 9,727 $ 12,602 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Earnings Per Share | Basic earnings per share excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding for the period, excluding unvested restricted common stock. Diluted earnings per share reflects the potential reduction in earnings per share that could occur if securities or other contracts to issue common stock were exercised or converted into common stock under the treasury stock method. Such securities or other contracts include unvested restricted stock awards, outstanding common stock options, convertible senior notes, and outstanding warrants, to the extent dilutive. In periods for which we report a net loss from continuing operations, diluted weighted average common shares outstanding excludes all potential common stock equivalents as their impact on diluted net loss from continuing operations per share would be anti-dilutive. Earnings (loss) per share under the basic and diluted computations are as follows: Year Ended December 31, 2020 2019 2018 Net income (loss) from continuing operations $ (23,718) $ 41,979 $ 13,944 Income (loss) from discontinued operations, net of tax (122) (236) (298) Net income (loss) $ (23,840) $ 41,743 $ 13,646 Weighted average common shares outstanding—basic 21,882 21,993 21,706 Weighted average common stock equivalents — 514 352 Weighted average common shares outstanding—diluted 21,882 22,507 22,058 Net earnings (loss) per basic share: Net income (loss) from continuing operations $ (1.08) $ 1.91 $ 0.64 Income (loss) from discontinued operations, net of tax (0.01) (0.01) (0.01) Net income (loss) $ (1.09) $ 1.90 $ 0.63 Net earnings (loss) per diluted share: Net income (loss) from continuing operations $ (1.08) $ 1.87 $ 0.63 Income (loss) from discontinued operations, net of tax (0.01) (0.02) (0.01) Net income (loss) $ (1.09) $ 1.85 $ 0.62 |
Summary of Anti-dilutive Securities Excluded from Computation of Weighted Average Common Stock Equivalents | The number of anti-dilutive securities excluded from the computation of the weighted average common stock equivalents presented above were as follows: As of December 31, 2020 2019 2018 Unvested restricted stock awards 1,016 — — Outstanding common stock options 66 — — Convertible senior notes — — 3,129 Warrants related to the issuance of convertible senior notes — 3,129 3,129 Total anti-dilutive securities 1,082 3,129 6,258 |
Restructuring Charges - (Tables
Restructuring Charges - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The table below sets forth the changes in the carrying amount of our restructuring charge liability by restructuring type for the years ended December 31, 2020 and 2019. Employee Costs Office Space Reductions Other Total Balance as of December 31, 2018 $ 443 $ 2,468 $ — $ 2,911 Adoption of ASC 842 (1) — (1,119) — (1,119) Balance as of January 1, 2019 443 1,349 — 1,792 Additions (2) (3) 636 9 — 645 Payments (995) (383) — (1,378) Adjustments (2) (3) (16) (884) — (900) Balance as of December 31, 2019 68 91 — 159 Additions (2)(3) 5,290 — 1,256 6,546 Payments (2,907) — (363) (3,270) Adjustments (2)(3) (4) (7) — (11) Balance as of December 31, 2020 $ 2,447 $ 84 $ 893 $ 3,424 (1) Upon adoption of ASC 842 on January 1, 2019, we reclassified the restructuring charge liabilities, which represented the present value of remaining lease payments, net of estimated sublease income, for vacated office spaces from restructuring charge liabilities to operating lease right-of-use assets. See Note 2 “Summary of Significant Accounting Polices” for additional information on the impact of adoption. (2) Additions and adjustments for the years ended December 31, 2020 and 2019 include restructuring charges of $0.2 million and $0.1 million, respectively, related to office space reductions directly related to discontinued operations . (3) Additions and adjustments exclude non-cash items related to vacated office spaces, such as lease impairment charges and accelerated depreciation on abandoned operating lease ROU assets and fixed assets, which are recorded as restructuring charges on our consolidated statements of operations. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Interest Rate Swaps Designated as Cash Flow Hedging Instruments | The table below sets forth additional information relating to our interest rate swaps designated as cash flow hedging instruments as of December 31, 2020 and 2019. Fair Value (Derivative Asset and Liability) Balance Sheet Location 2020 2019 Accrued expenses $ 2,100 $ 159 Deferred compensation and other liabilities $ 3,297 $ 387 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The tables below sets forth our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019. Level 1 Level 2 Level 3 Total December 31, 2020 Assets: Convertible debt investment $ — $ — $ 64,364 $ 64,364 Deferred compensation assets — 34,056 — 34,056 Total assets $ — $ 34,056 $ 64,364 $ 98,420 Liabilities: Interest rate swap $ — $ 5,397 $ — $ 5,397 Contingent consideration for business acquisition — — 1,770 1,770 Total liabilities $ — $ 5,397 $ 1,770 $ 7,167 Level 1 Level 2 Level 3 Total December 31, 2019 Assets: Convertible debt investment $ — $ — $ 49,542 $ 49,542 Deferred compensation assets — 27,445 — 27,445 Total assets $ — $ 27,445 $ 49,542 $ 76,987 Liabilities: Interest rate swaps $ — $ 546 $ — 546 Total liabilities $ — $ 546 $ — $ 546 |
Convertible Debt Securities [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The table below sets forth the changes in the balance of the convertible debt investment for the years ended December 31, 2020 and 2019. Convertible Debt Investment Balance as of December 31, 2018 $ 50,429 Change in fair value of convertible debt investment (887) Balance as of December 31, 2019 49,542 Purchases 13,000 Change in fair value of convertible debt investment 1,822 Balance as of December 31, 2020 $ 64,364 |
Contingent Consideration Liability [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The table below sets forth the changes in the balance of the contingent consideration for business acquisitions for the years ended December 31, 2020 and 2019. Contingent Consideration for Business Acquisitions Balance as of December 31, 2018 $ 11,441 Payments (10,041) Remeasurement of contingent consideration for business acquisitions (1,506) Unrealized loss due to foreign currency translation 106 Balance as of December 31, 2019 — Acquisition 1,770 Balance as of December 31, 2020 $ 1,770 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss, Net of Tax | The table below sets forth the components of accumulated other comprehensive income (loss), net of tax for the years ended December 31, 2020, 2019, and 2018. Foreign Available-for- Cash Flow Hedges (1) Total Balance as of December 31, 2017 $ 1,149 $ 8,812 $ 409 $ 10,370 Foreign currency translation adjustment, net of tax of $0 (1,814) — — (1,814) Unrealized gain on investments: Change in fair value, net of tax of $(2,753) — 7,772 — 7,772 Unrealized gain (loss) on cash flow hedges: Change in fair value, net of tax of $(63) — — 197 197 Reclassification adjustment into earnings, net of tax of $(10) — — (30) (30) Balance as of December 31, 2018 (665) 16,584 576 16,495 Foreign currency translation adjustment, net of tax of $0 99 — — 99 Unrealized gain (loss) on investments: Change in fair value, net of tax of $185 — (702) — (702) Unrealized gain (loss) on cash flow hedges: Change in fair value, net of tax of $295 — — (819) (819) Reclassification adjustment into earnings, net of tax of $48 — — (137) (137) Balance as of December 31, 2019 (566) 15,882 (380) 14,936 Foreign currency translation adjustment, net of tax of $0 348 — — 348 Unrealized gain (loss) on investments: Change in fair value, net of tax of $(499) — 1,323 — 1,323 Unrealized gain (loss) on cash flow hedges: Change in fair value, net of tax of $1,693 — — (4,652) (4,652) Reclassification adjustment into earnings, net of tax of $(388) — — 1,106 1,106 Balance as of December 31, 2020 $ (218) $ 17,205 $ (3,926) $ 13,061 (1) The before tax amounts reclassified from accumulated other comprehensive income (loss) related to our cash flow hedges are recorded to interest expense, net of interest income. |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Activity | The table below summarizes the restricted stock activity for the year ended December 31, 2020. Number of Shares Weighted 2012 Omnibus Incentive Plan Stock Ownership Participation Program Total Nonvested restricted stock at December 31, 2019 774 12 786 $ 44.27 Granted 460 19 479 $ 58.13 Vested (319) (10) (329) $ 45.16 Forfeited (34) (3) (37) $ 51.95 Nonvested restricted stock at December 31, 2020 881 18 899 $ 51.12 |
Schedule of Performance-Based Stock Activity | The table below summarizes the performance-based stock activity for the year ended December 31, 2020. All nonvested performance-based stock outstanding at December 31, 2020 and 2019 was granted under the 2012 Omnibus Incentive Plan. Number of Weighted Nonvested performance-based stock at December 31, 2019 500 $ 42.72 Granted (1) 236 $ 58.84 Vested (100) $ 42.05 Forfeited (2) (117) $ 46.12 Nonvested performance-based stock at December 31, 2020 (3) 519 $ 49.42 (1) Shares granted in 2020 are presented at the stated target, which represents the base number of shares that could be earned. Actual shares earned may be below or, for certain grants, above the target based on the achievement of specific financial goals. (2) Forfeited shares include shares forfeited as a result of not meeting the performance criteria of the award as well as shares forfeited upon termination. (3) Of the 519,000 nonvested performance-based shares outstanding as of December 31, 2020, 398,506 shares were unearned and subject to achievement of specific financial goals. Once earned, the awards will be subject to time-based vesting according to the terms of the award. Based on 2020 financial results, approximately 139,673 of the 398,506 unearned shares will be forfeited in the first quarter of 2021. |
Schedule of Stock Option Activity | Stock option activity for the year ended December 31, 2020 was as follows: Number Weighted Weighted Aggregate Outstanding at December 31, 2019 106 $ 32.57 1.9 $ 3.8 Granted — Exercised (40) $ 24.82 $ 1.1 Forfeited or expired — Outstanding at December 31, 2020 (1) 66 $ 37.31 1.5 $ 1.4 Exercisable at December 31, 2020 66 $ 37.31 1.5 $ 1.4 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense for Continuing Operations | The income tax expense for continuing operations for the years ended December 31, 2020, 2019, and 2018 consists of the following: Year Ended December 31, 2020 2019 2018 Current: Federal $ (2,480) $ 125 $ (1,611) State 168 2,014 286 Foreign 2,016 (422) 1,885 Total current (296) 1,717 560 Deferred: Federal (7,414) 7,467 9,742 State (2,025) 1,610 2,008 Foreign (420) (282) (1,033) Total deferred (9,859) 8,795 10,717 Income tax expense for continuing operations $ (10,155) $ 10,512 $ 11,277 |
Components of Income from Continuing Operations Before Income Tax Expense | The components of income from continuing operations before taxes were as follows: Year Ended December 31, 2020 2019 2018 U.S. $ (35,054) $ 53,898 $ 17,025 Foreign 1,181 (1,407) 8,196 Total $ (33,873) $ 52,491 $ 25,221 |
Reconciliation of Statutory Income Tax Rate to Our Effective Tax Rate for Continuing Operations | A reconciliation of the U.S. statutory income tax rate to our effective tax rate for continuing operations is as follows: Year Ended December 31, 2020 2019 2018 Percent of pretax income from continuing operations: At U.S. statutory tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 4.4 6.1 7.2 CARES Act net operating loss carryback 4.4 — — Stock-based compensation 4.3 (1.1) 4.9 Tax credits 3.0 (3.1) (1.4) Realized investment gains/losses 2.6 (1.8) 1.3 Deferred tax adjustments 1.7 0.6 (1.7) Foreign source income 0.5 (0.5) (1.7) Valuation allowance (3.1) (2.9) 6.9 Disallowed executive compensation (2.8) 2.0 2.5 Goodwill impairment charges (2.6) — — Unrecognized tax benefits (2.0) (0.4) 0.4 Meals and entertainment (0.6) 1.6 2.0 Net tax benefit related to “check-the-box” election — (1.4) — Change in fair value of contingent consideration liabilities — — 2.4 Global intangible low-taxed income — — 2.1 Transition tax on accumulated foreign earnings, net of credits — — 0.8 US federal rate change — — (2.3) Other (0.8) (0.1) 0.3 Effective income tax rate for continuing operations 30.0 % 20.0 % 44.7 % |
Net Deferred Tax Liabilities for Continuing Operations | The net deferred tax asset (liability) for continuing operations at December 31, 2020 and 2019 consisted of the following: As of December 31, 2020 2019 Deferred tax assets: Operating lease liabilities $ 19,617 $ 20,541 Deferred compensation liability 9,002 7,084 Share-based compensation 7,579 6,970 Accrued payroll and payroll related liabilities 3,745 5,205 Deferred payroll tax payments 3,235 — Tax credits 1,773 465 Net operating loss carryforwards 944 280 Other 3,278 1,451 Total deferred tax assets 49,173 41,996 Valuation allowance (2,112) (1,016) Net deferred tax assets 47,061 40,980 Deferred tax liabilities: Intangibles and goodwill (12,956) (16,421) Operating lease right-of-use assets (11,079) (14,675) Convertible debt investment (6,219) (5,608) Software development costs (6,054) (4,496) Property and equipment (3,007) (4,039) Prepaid expenses (2,708) (2,183) Other (1,275) (483) Total deferred tax liabilities (43,298) (47,905) Net deferred tax asset (liability) for continuing operations $ 3,763 $ (6,925) |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of our beginning and ending amount of unrecognized tax benefits is as follows: Unrecognized Tax Benefits Balance at December 1, 2017 $ 813 Additions based on tax positions related to prior years 115 Decrease due to lapse of statute of limitations (28) Balance at December 31, 2018 900 Decrease due to settlements of prior year tax positions (115) Decrease due to lapse of statute of limitations (735) Balance at December 31, 2019 50 Additions based on tax positions related to prior years 694 Balance at December 31, 2020 $ 744 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table illustrates the disaggregation of revenues by billing arrangements, employee types, and timing of revenue recognition, including a reconciliation of the disaggregated revenues to revenues from our three operating segments for the year ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2020 Healthcare Business Advisory Education Total Billing Arrangements Fixed-fee $ 202,513 $ 101,561 $ 44,839 $ 348,913 Time and expense 58,322 152,716 155,510 366,548 Performance-based 69,316 8,059 695 78,070 Software support, maintenance and subscriptions 23,286 5,025 22,285 50,596 Total $ 353,437 $ 267,361 $ 223,329 $ 844,127 Employee Type (1) Revenue generated by full-time billable consultants $ 254,595 $ 253,747 $ 191,467 $ 699,809 Revenue generated by full-time equivalents 98,842 13,614 31,862 144,318 Total $ 353,437 $ 267,361 $ 223,329 $ 844,127 Timing of Revenue Recognition Revenue recognized over time $ 349,676 $ 267,361 $ 223,007 $ 840,044 Revenue recognized at a point in time 3,761 — 322 4,083 Total $ 353,437 $ 267,361 $ 223,329 $ 844,127 Year Ended December 31, 2019 Healthcare Business Advisory Education Total Billing Arrangements Fixed-fee $ 249,479 $ 100,635 $ 51,826 $ 401,940 Time and expense 55,204 139,610 154,893 349,707 Performance-based 71,051 6,856 — 77,907 Software support, maintenance and subscriptions 23,487 5,407 18,309 47,203 Total $ 399,221 $ 252,508 $ 225,028 $ 876,757 Employee Type (1) Revenue generated by full-time billable consultants $ 280,915 $ 243,350 $ 195,844 $ 720,109 Revenue generated by full-time equivalents 118,306 9,158 29,184 156,648 Total $ 399,221 $ 252,508 $ 225,028 $ 876,757 Timing of Revenue Recognition Revenue recognized over time $ 390,884 $ 252,508 $ 223,673 $ 867,065 Revenue recognized at a point in time 8,337 — 1,355 9,692 Total $ 399,221 $ 252,508 $ 225,028 $ 876,757 Year Ended December 31, 2018 Healthcare Business Advisory Education Total Billing Arrangements Fixed-fee $ 239,263 $ 98,119 $ 39,586 $ 376,968 Time and expense 58,377 128,583 140,824 327,784 Performance-based 42,684 5,405 — 48,089 Software support, maintenance and subscriptions 24,439 4,078 13,767 42,284 Total $ 364,763 $ 236,185 $ 194,177 $ 795,125 Employee Type (1) Revenue generated by full-time billable consultants $ 247,416 $ 225,335 $ 170,496 $ 643,247 Revenue generated by full-time equivalents 117,347 10,850 23,681 151,878 Total $ 364,763 $ 236,185 $ 194,177 $ 795,125 Timing of Revenue Recognition Revenue recognized over time $ 356,826 $ 236,185 $ 190,526 $ 783,537 Revenue recognized at a point in time 7,937 — 3,651 11,588 Total $ 364,763 $ 236,185 $ 194,177 $ 795,125 (1) Full-time billable consultants consist of our full-time professionals who provide consulting services to our clients and are billable to our clients based on the number of hours worked. Full-time equivalent professionals consist of our coaches and their support staff within our Culture and Organizational Excellence solution, consultants who work variable schedules as needed by our clients, employees who provide managed services in our Healthcare segment, and full-time employees who provide software support and maintenance services to our clients. |
Components of Segment Information | The tables below set forth information about our operating segments for the years ended December 31, 2020, 2019, and 2018, along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. We do not present financial information by geographic area because the financial results of our international operations are not significant to our consolidated financial statements. Year Ended December 31, 2020 2019 2018 Healthcare: Revenues $ 353,437 $ 399,221 $ 364,763 Operating income $ 94,925 $ 125,724 $ 108,060 Segment operating income as a percentage of segment revenues 26.9 % 31.5 % 29.6 % Business Advisory: Revenues $ 267,361 $ 252,508 $ 236,185 Operating income $ 48,046 $ 49,695 $ 50,625 Segment operating income as a percentage of segment revenues 18.0 % 19.7 % 21.4 % Education: Revenues $ 223,329 $ 225,028 $ 194,177 Operating income $ 47,503 $ 55,741 $ 48,243 Segment operating income as a percentage of segment revenues 21.3 % 24.8 % 24.8 % Total Company: Revenues $ 844,127 $ 876,757 $ 795,125 Reimbursable expenses 26,887 88,717 82,874 Total revenues and reimbursable expenses $ 871,014 $ 965,474 $ 877,999 Segment operating income $ 190,474 $ 231,160 $ 206,928 Items not allocated at the segment level: Other operating expenses 135,255 140,285 122,276 Litigation and other gains, net (150) (1,196) (2,019) Depreciation and amortization 24,405 28,365 34,575 Goodwill impairment charges (1) 59,816 — — Other expense, net 5,021 11,215 26,875 Income (loss) from continuing operations before taxes $ (33,873) $ 52,491 $ 25,221 (1) The goodwill impairment charges are not allocated at the segment level because the underlying goodwill asset is reflective of our corporate investment in the segments. We do not include the impact of goodwill impairment charges in our evaluation of segment performance. |
Segment Assets | As of December 31, Segment Assets: 2020 2019 2018 Healthcare $ 40,217 $ 73,019 $ 65,133 Business Advisory 38,402 59,315 59,017 Education 34,534 38,881 26,990 Unallocated assets (1) 944,323 933,056 898,392 Total assets $ 1,057,476 $ 1,104,271 $ 1,049,532 (1) Unallocated assets include goodwill and intangible assets and our long-term investments, as management does not evaluate these items at the segment level when assessing segment performance or allocating resources. Refer to Note 4 “Goodwill and Intangible Assets” and Note 13 “Fair Value of Financial Instruments” for further information on these assets. |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Summary of Allowances for Doubtful Accounts and Unbilled Services and Valuation Allowance for Deferred Tax Assets | The table below sets forth the changes in the carrying amount of our allowances for doubtful accounts and unbilled services and valuation allowance for deferred tax assets for the years ended December 31, 2020, 2019, and 2018. Allowances for doubtful accounts and unbilled services includes allowances for fee adjustments and other discretionary pricing adjustments as well as allowances related to clients' inability to make required payments on accounts receivable. Beginning Additions (1) Deductions Ending Year ended December 31, 2018: Allowances for doubtful accounts and unbilled services $ 24,499 49,390 51,648 $ 22,241 Valuation allowance for deferred tax assets $ 1,247 2,314 418 $ 3,143 Year ended December 31, 2019: Allowances for doubtful accounts and unbilled services $ 22,241 69,979 73,552 $ 18,668 Valuation allowance for deferred tax assets $ 3,143 1 2,128 $ 1,016 Year ended December 31, 2020: Allowances for doubtful accounts and unbilled services $ 18,668 63,268 60,630 $ 21,306 Valuation allowance for deferred tax assets $ 1,016 1,160 64 $ 2,112 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | ||
Quarterly Financial Information [Table Text Block] | Quarter Ended 2020 Mar. 31 Jun. 30 Sep. 30 Dec. 31 Revenues $ 222,619 $ 217,857 $ 205,304 $ 198,347 Reimbursable expenses 19,303 2,970 2,860 1,754 Total revenues and reimbursable expenses 241,922 220,827 208,164 200,101 Gross profit 64,984 67,113 58,495 55,710 Operating income (loss) (45,851) 15,954 13,699 (12,654) Net income (loss) from continuing operations (42,273) 13,572 11,087 (6,104) Loss from discontinued operations, net of tax (35) (25) (29) (33) Net income (loss) (42,308) 13,547 11,058 (6,137) Net earnings per basic share: Net income (loss) from continuing operations $ (1.94) $ 0.62 $ 0.50 $ (0.28) Loss from discontinued operations, net of tax — — — — Net income (loss) $ (1.94) $ 0.62 $ 0.50 $ (0.28) Net earnings per diluted share: Net income (loss) from continuing operations $ (1.94) $ 0.61 $ 0.50 $ (0.28) Loss from discontinued operations, net of tax — — — — Net income (loss) $ (1.94) $ 0.61 $ 0.50 $ (0.28) Weighted average shares used in calculating earnings per share: Basic 21,827 21,869 21,905 21,903 Diluted 21,827 22,116 22,175 21,903 | Quarter Ended 2019 Mar. 31 Jun. 30 Sep. 30 Dec. 31 Revenues $ 204,445 $ 220,754 $ 219,289 $ 232,269 Reimbursable expenses 18,617 23,534 23,636 22,930 Total revenues and reimbursable expenses 223,062 244,288 242,925 255,199 Gross profit 65,496 77,832 75,158 77,315 Operating income 6,756 17,875 20,576 18,499 Net income from continuing operations 3,350 10,569 13,706 14,354 Loss from discontinued operations, net of tax (46) (97) (52) (41) Net income 3,304 10,472 13,654 14,313 Net earnings per basic share: Net income from continuing operations $ 0.15 $ 0.48 $ 0.62 $ 0.65 Loss from discontinued operations, net of tax — — — — Net income $ 0.15 $ 0.48 $ 0.62 $ 0.65 Net earnings per diluted share: Net income from continuing operations $ 0.15 $ 0.47 $ 0.61 $ 0.63 Loss from discontinued operations, net of tax — — — — Net income $ 0.15 $ 0.47 $ 0.61 $ 0.63 Weighted average shares used in calculating earnings per share: Basic 21,868 21,997 22,052 22,051 Diluted 22,311 22,400 22,561 22,676 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | Jan. 01, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2020USD ($)BillingSegmentReporting_Unit | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2014USD ($) |
Cash and Cash Equivalents [Line Items] | ||||||
Foreign Currency Transaction Gain (Loss), Realized | $ (100,000) | $ (200,000) | $ (500,000) | |||
Number of billing arrangements for revenue recognition | Billing | 4 | |||||
Capitalized Contract Cost, Amortization | $ 400,000 | 300,000 | 200,000 | |||
Capitalized Contract Cost, Net | 700,000 | 800,000 | ||||
Capitalized Computer Software, Accumulated Amortization | 10,600,000 | 5,900,000 | ||||
Capitalized Computer Software, Gross | 28,500,000 | 21,500,000 | ||||
Amortized capitalized software development costs | $ 1,400,000 | $ 4,700,000 | 3,000,000 | |||
Number of Reporting Units | Reporting_Unit | 6 | |||||
Sponsorship and advertising costs | $ 4,100,000 | 8,400,000 | 7,900,000 | |||
Aggregate principal amount | $ 250,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | |||||
Number of Operating Segments | Segment | 3 | |||||
Goodwill, Impairment Loss | $ 59,816,000 | $ 0 | $ 0 | |||
Hosting Arrangement, Service Contract, Implementation Cost, Capitalized, before Accumulated Amortization | $ 5,400,000 | |||||
Maximum [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and Cash Equivalent maturity period | 3 months | |||||
Computers, related equipment and software [Member] | Maximum [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Depreciated over and estimated useful life | four years | |||||
Computers, related equipment and software [Member] | Minimum [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Depreciated over and estimated useful life | two years | |||||
Furniture and fixtures [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Depreciated over and estimated useful life | five years | |||||
Aircraft [Domain] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Depreciated over and estimated useful life | ten years | |||||
Operating lease right-of-use asset [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 56,500,000 | |||||
Other Liabilities [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 56,500,000 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Goodwill | $ 1,050,129 | $ 1,042,756 | $ 1,041,339 |
Accumulated impairment losses | (455,892) | (396,076) | (396,076) |
Goodwill, net beginning balance | 646,680 | 645,263 | |
Goodwill recorded in connection with business combinations | 8,002 | 1,060 | |
Goodwill, Impairment Loss | (59,816) | 0 | 0 |
Foreign currency translation | (629) | 357 | |
Goodwill, net ending balance | 594,237 | 646,680 | 645,263 |
Education [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 104,384 | 103,889 | 102,829 |
Accumulated impairment losses | 0 | 0 | 0 |
Goodwill, net beginning balance | 103,889 | 102,829 | |
Goodwill recorded in connection with business combinations | 495 | 1,060 | |
Goodwill, Impairment Loss | 0 | ||
Foreign currency translation | 0 | 0 | |
Goodwill, net ending balance | 104,384 | 103,889 | 102,829 |
Business Advisory [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 308,935 | 302,057 | 301,700 |
Accumulated impairment losses | (247,811) | (187,995) | (187,995) |
Goodwill, net beginning balance | 114,062 | 113,705 | |
Goodwill recorded in connection with business combinations | 7,507 | 0 | |
Goodwill, Impairment Loss | 59,816 | ||
Foreign currency translation | (629) | 357 | |
Goodwill, net ending balance | 61,124 | 114,062 | 113,705 |
Healthcare | |||
Goodwill [Line Items] | |||
Goodwill | 636,810 | 636,810 | 636,810 |
Accumulated impairment losses | (208,081) | (208,081) | (208,081) |
Goodwill, net beginning balance | 428,729 | 428,729 | |
Goodwill recorded in connection with business combinations | 0 | 0 | |
Goodwill, Impairment Loss | 0 | ||
Foreign currency translation | 0 | 0 | |
Goodwill, net ending balance | $ 428,729 | $ 428,729 | $ 428,729 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible assets | ||
Gross carrying amount | $ 88,449 | $ 125,221 |
Accumulated Amortization | $ 67,966 | 93,596 |
Customer contracts [Member] | ||
Intangible assets | ||
Finite-Lived Intangible Asset, Useful Life | 2 years | |
Gross carrying amount | $ 800 | 800 |
Accumulated Amortization | 526 | 52 |
Customer relationships [Member] | ||
Intangible assets | ||
Gross carrying amount | 73,629 | 87,577 |
Accumulated Amortization | $ 56,232 | 61,882 |
Customer relationships [Member] | Minimum [Member] | ||
Intangible assets | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | |
Customer relationships [Member] | Maximum [Member] | ||
Intangible assets | ||
Finite-Lived Intangible Asset, Useful Life | 13 years | |
Non-competition Agreements [Member] | ||
Intangible assets | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Gross carrying amount | $ 2,090 | 2,220 |
Accumulated Amortization | 1,541 | 1,447 |
Trade names [Member] | ||
Intangible assets | ||
Gross carrying amount | 6,130 | 28,930 |
Accumulated Amortization | $ 4,287 | 25,894 |
Trade names [Member] | Minimum [Member] | ||
Intangible assets | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Trade names [Member] | Maximum [Member] | ||
Intangible assets | ||
Finite-Lived Intangible Asset, Useful Life | 6 years | |
Technology-Based Intangible Assets [Member] | ||
Intangible assets | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Gross carrying amount | $ 5,800 | 5,694 |
Accumulated Amortization | $ 5,380 | $ 4,321 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Amortization (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | $ 8,624 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 6,401 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3,768 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 956 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 175 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2020 | |
Goodwill [Line Items] | |||||
Goodwill, Impairment Loss | $ (59,816) | $ 0 | $ 0 | ||
Goodwill | 594,237 | 646,680 | 645,263 | ||
Amortization of Intangible Assets | $ 12,700 | $ 17,800 | $ 24,000 | ||
Enterprise Solutions and Analytics [Member] | |||||
Goodwill [Line Items] | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 146.00% | ||||
Strategy and Innovation [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, Impairment Loss | $ (49,900) | ||||
Goodwill | 37,500 | ||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 29.00% | ||||
Education [Member] | |||||
Goodwill [Line Items] | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 132.00% | ||||
Business Advisory [Member] | |||||
Goodwill [Line Items] | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 584.00% | ||||
Life Sciences | |||||
Goodwill [Line Items] | |||||
Goodwill, Impairment Loss | $ (9,900) | ||||
Healthcare | |||||
Goodwill [Line Items] | |||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 42.00% |
Leases Schedule of Operating Le
Leases Schedule of Operating Lease Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 39,360 | $ 54,954 |
Operating Lease, Liability, Current | 8,771 | 7,469 |
Operating Lease, Liability, Noncurrent | 61,825 | 69,233 |
Operating Lease, Liability | $ 70,596 | $ 76,702 |
Leases Schedule of Lease Costs
Leases Schedule of Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 11,045 | $ 11,883 |
Short-term Lease, Cost | 229 | 322 |
Variable Lease, Cost | 1,693 | 3,656 |
Sublease Income | (1,973) | (2,638) |
Lease, Cost | $ 10,994 | $ 13,223 |
Leases Schedule of Maturities o
Leases Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 11,572 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 11,764 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 11,742 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 11,182 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 10,870 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 24,613 | |
Lessee, Operating Lease, Liability, Payments, Due | 81,743 | |
Lessee Operating Lease Liability Undiscounted Excess | (11,147) | |
Operating Lease, Liability | $ 70,596 | $ 76,702 |
Leases Schedule of Operating _2
Leases Schedule of Operating Lease Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating Lease, Payments | $ 11,307 | $ 13,902 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 1,456 | $ 12,842 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 7 years 8 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.30% | 4.30% |
Leases Leases Additional Inform
Leases Leases Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||||
Lease, Cost | $ 10,994 | $ 13,223 | |||
Operating Leases, Rent Expense, Net | $ 15,100 | ||||
Gain (Loss) on Termination of Lease | $ 800 | ||||
Lessee, Operating Lease, Description | Among other items, this amendment i) extended the term of the lease from September 30, 2024 to September 30, 2029; ii) provided a renewal option to extend the lease for an additional five year period to September 30, 2034; iii) terminated the lease with respect to certain leased spaces previously vacated; iv) provided abatement of certain future base rent payments and our pro rata share of operating expenses and taxes; and v) provided a one-time cash payment from the lessor as an incentive. | ||||
Impairment of Long-Lived Assets Held-for-use | $ 13,200 | $ 13,217 | 805 | $ 0 | |
Property, Plant and Equipment, Other Types [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Impairment of Long-Lived Assets Held-for-use | $ 4,100 | ||||
Leasehold Improvements [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Impairment of Long-Lived Assets Held-for-use | 200 | ||||
Minimum [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Renewal Term | 1 year | 1 year | |||
Maximum [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Renewal Term | 10 years | 10 years | |||
Operating lease right-of-use asset [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Impairment of Long-Lived Assets Held-for-use | $ 9,100 | 600 | |||
Restructuring Charges [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease, Cost | $ 300 | 400 | |||
Gain (Loss) on Termination of Lease | $ 400 | ||||
Discontinued operations [Member] | Huron Legal [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease, Cost | $ 200 | $ 300 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense for property and equipment | $ 12.2 | $ 13 | $ 13.4 |
Restructuring and Related Cost, Accelerated Depreciation | $ 0.6 | $ 0.5 | $ 0.5 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 90,190 | $ 118,764 |
Accumulated depreciation and amortization | (61,097) | (80,351) |
Property and equipment, net | 29,093 | 38,413 |
Computers, related equipment and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 27,943 | 50,251 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 39,952 | 44,323 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 14,126 | 16,273 |
Aircraft [Domain] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 7,667 | 7,667 |
Property and equipment, net | 4,400 | 5,100 |
Assets under Construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 502 | $ 250 |
Financing Arrangements - Summar
Financing Arrangements - Summary of Carrying Amounts of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2017 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 203,279 | $ 208,853 | |
Long-term Debt, Current Maturities | 499 | 529 | |
Long-term debt, net of current portion | 202,780 | 208,324 | |
Senior Secured Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 200,000 | 205,000 | |
Promissory Note due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 3,279 | $ 3,853 | $ 5,100 |
Financing Arrangements Financin
Financing Arrangements Financing Arrangements - Summary of Debt Maturities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 499 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 559 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 575 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | $ 201,646 |
Financing Arrangements - Summ_2
Financing Arrangements - Summary of Interest Expense Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Expense Recognized [Line Items] | ||
Contractual interest coupon | $ 2,344 | $ 3,125 |
Amortization of debt discount | 6,436 | 8,232 |
Amortization of debt issuance costs | 947 | 1,245 |
Convertible Debt [Member] | ||
Interest Expense Recognized [Line Items] | ||
Total interest expense recognized | $ 9,727 | $ 12,602 |
Financing Arrangements - Additi
Financing Arrangements - Additional Information (Detail) $ / shares in Units, shares in Millions | Mar. 16, 2020 | Jan. 30, 2020 | Jun. 30, 2017USD ($) | Jun. 22, 2017 | Sep. 30, 2014USD ($)$ / sharesshares | Oct. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 250,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | ||||||||
Payments of Debt Issuance Costs | $ 0 | $ 1,524,000 | $ 1,385,000 | ||||||
Long-term debt | 203,279,000 | 208,853,000 | |||||||
Duration of LIBOR | 1 month | 1 month | 1 month | ||||||
Property and equipment, net | 29,093,000 | 38,413,000 | |||||||
Warrant [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Common stock purchased (in shares) | shares | 3.1 | ||||||||
Common stock price (in USD per share) | $ / shares | $ 97.12 | ||||||||
Convertible Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 250,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | ||||||||
Debt Conversion, Original Debt, Due Date of Debt | Oct. 1, 2019 | ||||||||
Effective interest rate of debt | 4.751% | ||||||||
Payments of Debt Issuance Costs | $ 7,300,000 | ||||||||
Liability issuance costs | 6,200,000 | ||||||||
Equity issuance costs | $ 1,100,000 | ||||||||
Conversion price of convertible notes (in USD per share) | $ / shares | $ 79.89 | ||||||||
Proceeds from Lines of Credit | $ 217,000,000 | ||||||||
Repayments of Debt | $ 33,000,000 | ||||||||
Convertible Debt [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Conversion price of convertible notes (in USD per share) | $ / shares | $ 97.12 | ||||||||
Senior Secured Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit current borrowing capacity | $ 600,000,000 | ||||||||
Maturity date | Sep. 27, 2024 | ||||||||
Optional increase In revolver | $ 150,000,000 | ||||||||
Aggregate principal amount - Senior secured credit facility | $ 750,000,000 | ||||||||
Percentage of pledged voting stock in domestic subsidiaries | 100.00% | ||||||||
Percentage of pledged voting stock in foreign subsidiaries | 65.00% | ||||||||
Maximum consolidated leverage ratio | 3.75 | ||||||||
Debt Instrument, Covenant, Consolidated Leverage Ratio, Additional Increase | 4 | ||||||||
Minimum interest coverage ratio | 3.50 | ||||||||
Actual consolidated leverage ratio | 1.94 | ||||||||
Actual interest coverage ratio | 12.51 | ||||||||
Long-term debt | $ 200,000,000 | $ 205,000,000 | |||||||
Percentage of weighted average interest rate of borrowings | 2.50% | 3.00% | |||||||
Outstanding letters of credit | $ 1,600,000 | $ 1,700,000 | |||||||
Unused borrowing capacity under Credit Agreement | $ 398,400,000 | ||||||||
Senior Secured Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.125% | ||||||||
Senior Secured Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | ||||||||
Senior Secured Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | ||||||||
Senior Secured Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | ||||||||
Promissory Note due 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.97% | ||||||||
Long-term debt | $ 5,100,000 | $ 3,279,000 | 3,853,000 | ||||||
Debt Instrument, Maturity Date | Mar. 1, 2024 | ||||||||
Repayment of Principal at Maturity Date | $ 1,500,000 | ||||||||
Duration of LIBOR | 1 month | ||||||||
Aircraft [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Property and equipment, net | $ 4,400,000 | $ 5,100,000 |
Capital Structure - Additional
Capital Structure - Additional Information (Detail) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 50,000,000 | |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Issued | 0 | 0 |
Revenues Revenue - Additional I
Revenues Revenue - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 12,200 | $ 10,800 | |
Revenue, Remaining Performance Obligation, Amount | 60,200 | ||
Change in Contract with Customer, Asset and Liability [Abstract] | |||
Contract with Customer, Asset, after Allowance for Credit Loss | 17,300 | $ 12,600 | |
Contract Asset, Period Increase (Decrease) | 4,700 | ||
Deferred revenues | 34,748 | 28,443 | |
Deferred Revenue, Period Increase (Decrease) | 6,300 | ||
Deferred Revenue, Revenue Recognized | 25,100 | 22,800 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | 39,200 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | 10,400 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | 10,600 | ||
Change in Estimated Variable Consideration [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Contract with Customer, Performance Obligation Satisfied in Previous Period | 7,500 | 1,000 | 7,200 |
Release of Allowance [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ 4,700 | $ 2,800 | $ 3,600 |
Revenues Performance Obligation
Revenues Performance Obligations Information (Details) $ in Millions | Dec. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 60.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 39.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 10.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 5 years |
Revenue, Remaining Performance Obligation, Amount | $ 10.6 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share Reconciliation [Abstract] | |||||||||||
Net income (loss) from continuing operations | $ (6,104) | $ 11,087 | $ 13,572 | $ (42,273) | $ 14,354 | $ 13,706 | $ 10,569 | $ 3,350 | $ (23,718) | $ 41,979 | $ 13,944 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (33) | (29) | (25) | (35) | (41) | (52) | (97) | (46) | (122) | (236) | (298) |
Net income (loss) | $ (6,137) | $ 11,058 | $ 13,547 | $ (42,308) | $ 14,313 | $ 13,654 | $ 10,472 | $ 3,304 | $ (23,840) | $ 41,743 | $ 13,646 |
Weighted average common shares outstanding-basic | 21,903 | 21,905 | 21,869 | 21,827 | 22,051 | 22,052 | 21,997 | 21,868 | 21,882 | 21,993 | 21,706 |
Weighted average common stock equivalents | 0 | 514 | 352 | ||||||||
Weighted average common shares outstanding- diluted | 21,903 | 22,175 | 22,116 | 21,827 | 22,676 | 22,561 | 22,400 | 22,311 | 21,882 | 22,507 | 22,058 |
Net earnings per basic share: | |||||||||||
Net income from continuing operations, per basic share (in USD per share) | $ (0.28) | $ 0.50 | $ 0.62 | $ (1.94) | $ 0.65 | $ 0.62 | $ 0.48 | $ 0.15 | $ (1.08) | $ 1.91 | $ 0.64 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) | (0.01) | (0.01) |
Net income, per basic share (in USD per share) | (0.28) | 0.50 | 0.62 | (1.94) | 0.65 | 0.62 | 0.48 | 0.15 | (1.09) | 1.90 | 0.63 |
Net earnings per diluted share: | |||||||||||
Net income from continuing operations, per diluted share (in USD per share) | (0.28) | 0.50 | 0.61 | (1.94) | 0.63 | 0.61 | 0.47 | 0.15 | (1.08) | 1.87 | 0.63 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) | (0.02) | (0.01) |
Net income, per diluted share (in USD per share) | $ (0.28) | $ 0.50 | $ 0.61 | $ (1.94) | $ 0.63 | $ 0.61 | $ 0.47 | $ 0.15 | $ (1.09) | $ 1.85 | $ 0.62 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Anti-dilutive Securities Excluded from Computation of Weighted Average Common Stock Equivalents (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities | 1,082 | 3,129 | 6,258 |
Restricted Stock Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities | 1,016 | 0 | 0 |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities | 66 | 0 | 0 |
Convertible Debt Securities [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities | 0 | 0 | 3,129 |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities | 0 | 3,129 | 3,129 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2020 | Dec. 31, 2018 | |
Accelerated Share Repurchases [Line Items] | ||||||
Stock Repurchased and Retired During Period, Value | $ 25,906,000 | $ 14,219,000 | ||||
Share Repurchases Initiated but not yet Settled | $ 0 | 0 | $ 1,234,000 | $ 0 | ||
Share Repurchase Program [Member] | ||||||
Accelerated Share Repurchases [Line Items] | ||||||
Share repurchase authorized amount | $ 50,000,000 | 50,000,000 | ||||
Shares repurchased | 111,166 | |||||
Stock Repurchased and Retired During Period, Value | $ 5,000,000 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 45,000,000 | $ 45,000,000 | ||||
2015 Share Repurchase Program | ||||||
Accelerated Share Repurchases [Line Items] | ||||||
Share repurchase authorized amount | $ 125,000,000 | |||||
Shares repurchased | 313,998 | 210,437 | ||||
Stock Repurchased and Retired During Period, Value | $ 20,900,000 | $ 14,200,000 | ||||
Share Repurchases Initiated but not yet Settled | $ 1,200,000 | |||||
Share Repurchases Initiated but not yet Settled, Shares | 18,000 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2018 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | $ 20,525 | $ 1,855 | $ 3,657 | |||||
Gain (Loss) on Termination of Lease | $ 800 | |||||||
Loss on disposal | $ 5,800 | (1,603) | 0 | (5,807) | ||||
Restructuring charge liability | $ 3,424 | 159 | 3,424 | 159 | 2,911 | $ 1,792 | ||
Restructuring and Related Cost, Accelerated Depreciation | 600 | 500 | 500 | |||||
Impairment of Long-Lived Assets Held-for-use | 13,200 | 13,217 | 805 | 0 | ||||
Q4 2020 Restructuring Plan | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 18,700 | |||||||
Impairment of Long-Lived Assets Held-for-use | 13,200 | |||||||
Employee Severance [Member] | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | $ 400 | 5,300 | 600 | 2,100 | ||||
Restructuring charge liability | 2,447 | 68 | 2,447 | 68 | 443 | 443 | ||
Employee Severance [Member] | Q4 2020 Restructuring Plan | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 4,800 | |||||||
Office Space Reductions [Member] | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 14,000 | 1,200 | 1,300 | |||||
Restructuring charge liability | 84 | 91 | 84 | 91 | 2,468 | 1,349 | ||
Office Space Reductions [Member] | San Francisco Office [Member] | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 400 | |||||||
Office Space Reductions [Member] | Chicago, Illinois [Member] | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 100 | |||||||
Office Space Reductions [Member] | LakeOswegoOregon [Member] | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring and Related Cost, Accelerated Depreciation | 200 | |||||||
Impairment of Long-Lived Assets Held-for-use | 700 | |||||||
Office Space Reductions [Member] | Middleton, Wisconsin [Member] | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 400 | 800 | ||||||
Office Space Reductions [Member] | Houston, Texas [Member] | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 100 | |||||||
Office Space Reductions [Member] | Q4 2020 Restructuring Plan | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring and Related Cost, Accelerated Depreciation | 700 | |||||||
Office Space Reductions [Member] | Office Space Reductions that were Initiated in Prior Periods | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 100 | |||||||
Other Restructuring [Member] | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 1,200 | 300 | ||||||
Restructuring charge liability | $ 893 | 0 | 893 | 0 | 0 | $ 0 | ||
Business Advisory [Member] | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 2,200 | 100 | 1,000 | |||||
Business Advisory [Member] | Employee Severance [Member] | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 1,000 | |||||||
Huron Legal [Member] | Discontinued operations [Member] | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 200 | 100 | ||||||
Education [Member] | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 2,000 | |||||||
Education [Member] | Employee Severance [Member] | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 2,000 | |||||||
Healthcare | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 1,500 | 300 | 1,100 | |||||
Healthcare | Employee Severance [Member] | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 1,500 | |||||||
Corporate Segment | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | 14,800 | $ 1,500 | $ 1,600 | |||||
Corporate Segment | Employee Severance [Member] | ||||||||
Restructuring Charges [Line Items] | ||||||||
Restructuring additions | $ 800 | |||||||
Restructuring Charges [Member] | ||||||||
Restructuring Charges [Line Items] | ||||||||
Gain (Loss) on Termination of Lease | $ 400 |
Restructuring Charges Restructu
Restructuring Charges Restructuring Charges - Rollforward (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, period start | $ 2,911 | $ 159 | $ 2,911 |
Restructuring additions | 6,546 | 645 | |
Payments for restructuring | (3,270) | (1,378) | |
Restructuring reserve adjustments | (11) | (900) | |
Restructuring reserve, period end | 1,792 | 3,424 | 159 |
Office Space Reductions [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, period start | 2,468 | 91 | 2,468 |
Restructuring additions | 0 | 9 | |
Payments for restructuring | 0 | (383) | |
Restructuring reserve adjustments | (7) | (884) | |
Restructuring reserve, period end | 1,349 | 84 | 91 |
Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, period start | 0 | 0 | 0 |
Restructuring additions | 1,256 | 0 | |
Payments for restructuring | (363) | 0 | |
Restructuring reserve adjustments | 0 | 0 | |
Restructuring reserve, period end | 0 | 893 | 0 |
Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, period start | 443 | 68 | 443 |
Restructuring additions | 5,290 | 636 | |
Payments for restructuring | (2,907) | (995) | |
Restructuring reserve adjustments | (4) | (16) | |
Restructuring reserve, period end | 443 | $ 2,447 | $ 68 |
Accounting Standards Update 2016-02 [Member] | |||
Restructuring Charges [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (1,119) | ||
Accounting Standards Update 2016-02 [Member] | Office Space Reductions [Member] | |||
Restructuring Charges [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (1,119) | ||
Accounting Standards Update 2016-02 [Member] | Other Restructuring [Member] | |||
Restructuring Charges [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | ||
Accounting Standards Update 2016-02 [Member] | Employee Severance [Member] | |||
Restructuring Charges [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activity - Additional Information (Detail) - USD ($) $ in Millions | Mar. 16, 2020 | Jan. 30, 2020 | Jun. 22, 2017 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Interest rate swap agreement, effective date | Feb. 28, 2020 | Dec. 31, 2019 | Aug. 31, 2017 | |
Interest rate swap agreement, end date | Feb. 28, 2025 | Dec. 31, 2024 | Aug. 31, 2022 | |
Interest rate swap agreement for a notional amount | $ 100 | $ 50 | $ 50 | |
Duration of LIBOR | 1 month | 1 month | 1 month | |
Percentage of fixed rate | 0.885% | 1.50% | 1.90% | |
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 1.8 | |||
Loss reclassification from accumulated OCI to income, estimate of time to transfer | 12 months |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activity - Fair Value Interest Rate Swaps Designated as Cash Flow Hedging Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities [Member] | ||
Fair Value interest rate swaps designated as cash flow hedging instruments | ||
Fair value (derivative asset and liability) | $ 2,100 | $ 159 |
Other Noncurrent Liabilities [Member] | ||
Fair Value interest rate swaps designated as cash flow hedging instruments | ||
Fair value (derivative asset and liability) | $ 3,297 | $ 387 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | $ 98,420 | $ 76,987 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 7,167 | 546 | |
Deferred Compensation Plan Assets [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 34,056 | 27,445 | |
Contingent Consideration Liability [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,770 | 0 | $ 11,441 |
Interest Rate Swap [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5,397 | 546 | |
Convertible Debt Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 64,364 | 49,542 | $ 50,429 |
Fair Value, Inputs, Level 2 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 34,056 | 27,445 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5,397 | 546 | |
Fair Value, Inputs, Level 2 [Member] | Deferred Compensation Plan Assets [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 34,056 | 27,445 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5,397 | 546 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | 64,364 | 49,542 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,770 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration Liability [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,770 | ||
Fair Value, Inputs, Level 3 [Member] | Convertible Debt Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Assets, Fair Value Disclosure | $ 64,364 | $ 49,542 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Sep. 30, 2014 | Jul. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Long-term Investments | $ 71,030 | $ 71,030 | $ 54,541 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | ||||||
Debt and Equity Securities, Unrealized Gain (Loss) | $ (1,667) | 0 | $ 0 | ||||
Contingent Consideration Liability [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Debt Instrument, Measurement Input | 0.0241 | 0.0241 | |||||
Convertible Debt Securities [Member] | Shorelight Holdings Llc [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Long-term Investments | $ 13,000 | $ 27,900 | |||||
Debt Instrument, Maturity Date | Jan. 17, 2024 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.69% | 1.69% | |||||
Convertible Debt Securities [Member] | Shorelight Holdings Llc [Member] | Measurement Input, Price Volatility | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Debt Instrument, Measurement Input | 0.450 | 0.450 | |||||
Convertible Debt Securities [Member] | Shorelight Holdings Llc [Member] | Measurement Input, Discount Rate | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Debt Instrument, Measurement Input | 0.240 | 0.240 | |||||
Preferred Stock [Member] | Medically Home Group Inc. [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Long-term Investments | $ 6,700 | $ 6,700 | $ 5,000 | ||||
Debt and Equity Securities, Unrealized Gain (Loss) | $ 1,700 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments Fair Value of Financial Instruments - Convertible Debt Investment Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Payments to Acquire Investments | $ 13,000 | $ 5,000 | $ 0 |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 98,420 | 76,987 | |
Convertible Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Payments to Acquire Investments | 13,000 | ||
Convertible Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 64,364 | 49,542 | $ 50,429 |
Shorelight Holdings Llc [Member] | Convertible Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ 1,822 | $ (887) |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments Fair Value of Financial Instruments - Contingent Consideration Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 7,167 | $ 546 | |
Contingent Consideration Liability [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1,770 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | (10,041) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) | (1,506) | ||
Contingent Consideration Liability [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 1,770 | 0 | $ 11,441 |
Foreign Currency Gain (Loss) [Member] | Contingent Consideration Liability [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) | $ 106 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Foreign currency translation adjustments, beginning balance | $ (566) | $ (665) | $ 1,149 | |
Foreign currency translation adjustment, net of tax | 348 | 99 | (1,814) | |
Foreign currency translation adjustments, ending balance | (218) | (566) | (665) | |
Unrealized loss on investment, beginning balance | 15,882 | 16,584 | 8,812 | |
Unrealized gain (loss) on investment, net of tax | 1,323 | (702) | 7,772 | |
Unrealized loss on investment, ending balance | 17,205 | 15,882 | 16,584 | |
Unrealized gain (loss) on cash flow hedges, beginning balance | (380) | 576 | 409 | |
Change in fair value | (4,652) | (819) | 197 | |
Reclassification adjustment into earnings | 1,106 | (137) | (30) | |
Accumulated other comprehensive income | 13,061 | 14,936 | 16,495 | $ 10,370 |
Unrealized gain (loss) on cash flow hedges, ending balance | $ (3,926) | $ (380) | $ 576 |
Employee Benefit and Deferred_2
Employee Benefit and Deferred Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | |||
Employer contributions up to percent of employee's salaries | 6.00% | ||
Employer matching contributions | $ 25.1 | $ 22.8 | $ 20.8 |
Deferred compensation liability | $ 34.3 | $ 27.5 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Retirement eligible provision, minimum age | 62 years | |||
Retirement eligible provision, minimum years of service | 7 years | |||
Share-based compensation expense | $ | $ 23.9 | $ 24.2 | $ 18.8 | |
Income tax benefits | $ | 5.4 | $ 5.3 | 4.6 | |
Unrecognized compensation cost | $ | $ 30.4 | |||
Unrecognized compensation cost, Period | 2 years 3 months 18 days | |||
Stock option awards granted | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 66,000 | 106,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 1.1 | |||
Exercise of stock options, shares | 40,000 | |||
Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Aggregate fair value of stock vested | $ | $ 18.6 | $ 14.5 | $ 9.1 | |
Weighted average grant date fair value (in USD per share) | $ / shares | $ 58.13 | $ 48.57 | $ 38.45 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 899,000 | 786,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 37,000 | |||
Performance-based stock activity [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate fair value of stock vested | $ | $ 5.9 | $ 3.4 | $ 1.5 | |
Weighted average grant date fair value (in USD per share) | $ / shares | $ 58.84 | $ 47.93 | $ 35.25 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 519,000 | 500,000 | ||
Nonvested And Unearned Performance Shares | 398,506 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 117,000 | |||
Performance-based stock activity [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 2 years | |||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 1.6 | $ 0.8 | ||
Executive Officer [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Stock options contractual term | 10 years | |||
Two Thousand And Twelve Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 3,900,000 | |||
Shares available for issuance | 900,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 32,000 | |||
Two Thousand And Twelve Plan [Member] | Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 881,000 | 774,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 34,000 | |||
Stock Ownership Participation Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 700,000 | |||
Shares available for issuance | 300,000 | |||
Restricted stock granted as a percentage of purchased shares | 0.25 | |||
Stock Ownership Participation Program [Member] | Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 18,000 | 12,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 3,000 | |||
Two Thousand and Four Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 34,000 | |||
Forecast [Member] | Performance-based stock activity [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 139,673 |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of Restricted Stock Activity (Detail) - Restricted Stock Awards [Member] - $ / shares shares in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total | ||||
Nonvested stock, number of shares, beginning balance | 899 | 786 | ||
Granted, number of shares | 479 | |||
Vested, number of shares | (329) | |||
Forfeited, number of shares | (37) | |||
Nonvested stock, number of shares, ending balance | 899 | 786 | ||
Nonvested stock, weighted average grant date fair value, beginning balance (in USD per share) | $ 51.12 | $ 44.27 | ||
Weighted average grant date fair value (in USD per share) | 58.13 | $ 48.57 | $ 38.45 | |
Vested, weighted average grant date fair value (in USD per share) | 45.16 | |||
Forfeited, weighted average grant date fair value (in USD per share) | $ 51.95 | |||
Two Thousand And Twelve Plan [Member] | ||||
Total | ||||
Nonvested stock, number of shares, beginning balance | 881 | 774 | ||
Granted, number of shares | 460 | |||
Vested, number of shares | (319) | |||
Forfeited, number of shares | (34) | |||
Nonvested stock, number of shares, ending balance | 881 | 774 | ||
Stock Ownership Participation Program [Member] | ||||
Total | ||||
Nonvested stock, number of shares, beginning balance | 18 | 12 | ||
Granted, number of shares | 19 | |||
Vested, number of shares | (10) | |||
Forfeited, number of shares | (3) | |||
Nonvested stock, number of shares, ending balance | 18 | 12 |
Equity Incentive Plans - Sche_2
Equity Incentive Plans - Schedule of Performance-Based Stock Activity (Detail) - Performance-based stock activity [Member] - $ / shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Shares | ||||
Nonvested stock, number of shares, beginning balance | 519,000 | 500,000 | ||
Granted, number of shares | 236,000 | |||
Vested, number of shares | (100,000) | |||
Forfeited, number of shares | (117,000) | |||
Nonvested stock, number of shares, ending balance | 519,000 | 500,000 | ||
Weighted Average Grant Date Fair Value (in dollars) | ||||
Nonvested stock, weighted average grant date fair value, beginning balance (in USD per share) | $ 49.42 | $ 42.72 | ||
Weighted average grant date fair value (in USD per share) | 58.84 | $ 47.93 | $ 35.25 | |
Vested, weighted average grant date fair value (in USD per share) | 42.05 | |||
Forfeited, weighted average grant date fair value (in USD per share) | 46.12 | |||
Nonvested stock, weighted average grant date fair value, ending balance (in USD per share) | $ 49.42 | $ 42.72 | ||
Forecast [Member] | ||||
Number of Shares | ||||
Forfeited, number of shares | (139,673) |
Equity Incentive Plans - Sche_3
Equity Incentive Plans - Schedule of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Options (in thousands) | ||
Outstanding, shares, beginning balance | 106,000 | |
Stock option awards granted | 0 | |
Exercise of stock options, shares | (40,000) | |
Forfeited or expired, shares | 0 | |
Outstanding, shares, ending balance | 66,000 | 106,000 |
Exercisable, shares, ending balance | 66,000 | |
Beginning balance, weighted average exercise price (in USD per share) | $ 32.57 | |
Ending balance, weighted average exercise price (in USD per share) | 37.31 | $ 32.57 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 24.82 | |
Exercisable, weighted average exercise price (in USD per share) | $ 37.31 | |
Weighted-average remaining contractual term (years), option outstanding | 1 year 6 months | 1 year 10 months 24 days |
Weighted-average remaining contractual term (years), options exercisable | 1 year 6 months | |
Aggregate intrinsic value, option outstanding, beginning balance | $ 3.8 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 1.1 | |
Aggregate intrinsic value, options exercisable, ending balance | 1.4 | |
Aggregate intrinsic value, option outstanding, ending balance | $ 1.4 | $ 3.8 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense for Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ (2,480) | $ 125 | $ (1,611) |
State | 168 | 2,014 | 286 |
Foreign | 2,016 | (422) | 1,885 |
Total current | (296) | 1,717 | 560 |
Deferred: | |||
Federal | (7,414) | 7,467 | 9,742 |
State | (2,025) | 1,610 | 2,008 |
Foreign | (420) | (282) | (1,033) |
Total deferred | (9,859) | 8,795 | 10,717 |
Income tax expense for continuing operations | $ (10,155) | $ 10,512 | $ 11,277 |
Income Taxes - Components of In
Income Taxes - Components of Income from Continuing Operations Before Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (35,054) | $ 53,898 | $ 17,025 |
Foreign | 1,181 | (1,407) | 8,196 |
Income (loss) from continuing operations before taxes | $ (33,873) | $ 52,491 | $ 25,221 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Income Tax Rate to Our Effective Tax Rate for Continuing Operations (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
At U.S. statutory tax rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of federal benefit | 4.40% | 6.10% | 7.20% |
Effective Income Tax Rate Reconciliation, Disallowed Executive Compensation, Percent | (2.80%) | 2.00% | 2.50% |
Meals and entertainment | (0.60%) | 1.60% | 2.00% |
Tax credits / Section 199 Deduction | 3.00% | (3.10%) | (1.40%) |
Effective Income Tax Rate Reconciliation, CARES Act | 0.044 | 0 | 0 |
Valuation allowance | (3.10%) | (2.90%) | 6.90% |
Effective Income Tax Rate Reconciliation, Realized Investment (Gains) Losses, Percent | 2.60% | (1.80%) | 1.30% |
Effective Tax Rate Reconciling Item, Deferred Tax Adjustments | 0.017 | 0.006 | (0.017) |
Net tax (benefit) expense related to “check-the-box” election (1) | 0.00% | (1.40%) | 0.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Percent | 4.30% | (1.10%) | 4.90% |
Foreign source income | 0.50% | (0.50%) | (1.70%) |
Effective Income Tax Rate Reconciliation, Contingent Consideration Liabilities, Change In Fair Value, Percent | 2.40% | ||
Effective Income Tax Rate Reconciliation, Global Intangible Low-Taxed Income, Percent | 2.10% | ||
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | (0.80%) | (0.10%) | 0.30% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | (2.30%) | ||
Effective Tax Rate Reconciling Item, Unrecognized Tax Benefits | (0.020) | (0.004) | 0.004 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | (2.60%) | 0.00% | 0.00% |
Effective Income Tax Rate Reconciling Item, Transition Tax on Accumulated Foreign Earnings | 0.008 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (3.00%) | 3.10% | 1.40% |
Effective income tax expense rate for continuing operations | 30.00% | 20.00% | 44.70% |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Liabilities for Continuing Operations (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Deferred tax asset, operating lease liabilities | $ 19,617 | $ 20,541 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 9,002 | 7,084 |
Share-based compensation | 7,579 | 6,970 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 3,745 | 5,205 |
Deferred Tax Assets Tax Deferred SS Payments due to CARES Act | 3,235 | 0 |
Tax credits | 1,773 | 465 |
Net operating loss carry-forwards | 944 | 280 |
Deferred Tax Assets, Other | 3,278 | 1,451 |
Total deferred tax assets | 49,173 | 41,996 |
Valuation allowance | (2,112) | (1,016) |
Net deferred tax assets | 47,061 | 40,980 |
Deferred tax liabilities: | ||
Intangibles and goodwill | (12,956) | (16,421) |
Deferred Tax Liabilities, Leasing Arrangements | (11,079) | (14,675) |
Deferred Tax Liabilities, Investments | (6,219) | (5,608) |
Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs | (6,054) | (4,496) |
Property and equipment | (3,007) | (4,039) |
Prepaid expenses | (2,708) | (2,183) |
Other | (1,275) | (483) |
Total deferred tax liabilities | (43,298) | (47,905) |
Deferred Tax Assets, Net | $ 3,763 | |
Deferred Tax Liabilities, Net | $ 6,925 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $ 50 | $ 900 | $ 813 |
Decrease based on tax positions related to the prior year | (115) | ||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (735) | (28) | |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 694 | 115 | |
Unrecognized tax benefits, ending balance | $ 744 | $ 50 | $ 900 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | ||||
Additional Income Tax Expense or Benefit due to Tax Reform | $ 600 | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 200 | |||
Deferred Tax Assets, Valuation Allowance | $ 2,112 | $ 1,016 | ||
Tax Credit Carryforward, Amount | 1,800 | |||
Unrecognized Income Tax Benefits | 744 | 900 | 50 | $ 813 |
Income Tax Examination, Penalties and Interest Accrued | 100 | $ 100 | ||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | ||||
Deferred Payroll Tax Payments under CARES Act | 12,200 | |||
Deferred Payroll Tax Payments under CARES Act, due in 1 year | 6,100 | |||
Deferred Payroll Tax Payments under CARES Act, due in 2022 | 6,100 | |||
Deferred Tax Benefit resulting from CARES Act | $ 1,500 | |||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2021 | |||
Foreign[Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Operating Loss Carryforwards | $ 3,800 | |||
Income Tax Examination Period | 2015 through 2019 | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2027 | |||
State and Local Jurisdiction [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Operating Loss Carryforwards | $ 5,100 | |||
Income Tax Examination Period | 2014 through 2019 | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2023 | |||
Federal [Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Income Tax Examination Period | 2017 through 2019 | |||
Foreign[Member] | ||||
Income Tax Disclosure [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 2,200 |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments And Contingencies [Line Items] | |||
Gain (Loss) Related to Litigation Settlement | $ 0.2 | $ 0.4 | $ 2.5 |
Senior Secured Credit Facility [Member] | |||
Commitments And Contingencies [Line Items] | |||
Guarantees in the form of letters of credit | $ 1.6 | $ 1.7 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020Segment | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 3 |
Segment Information - Component
Segment Information - Components of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Components of Segment Information | |||||||||||
Operating income (loss) | $ (12,654) | $ 13,699 | $ 15,954 | $ (45,851) | $ 18,499 | $ 20,576 | $ 17,875 | $ 6,756 | $ (28,852) | $ 63,706 | $ 52,096 |
Revenue from Contract with Customer, Including Assessed Tax | 198,347 | 205,304 | 217,857 | 222,619 | 232,269 | 219,289 | 220,754 | 204,445 | 844,127 | 876,757 | 795,125 |
Total revenues and reimbursable expenses | 200,101 | 208,164 | 220,827 | 241,922 | 255,199 | 242,925 | 244,288 | 223,062 | 871,014 | 965,474 | 877,999 |
Reimbursable expenses | $ (1,754) | $ (2,860) | $ (2,970) | $ (19,303) | $ (22,930) | $ (23,636) | $ (23,534) | $ (18,617) | (26,887) | (88,717) | (82,874) |
Gain (Loss) Related To Litigation Settlement And Other Operating Gains | 150 | 1,196 | 2,019 | ||||||||
Depreciation and amortization expense | 24,277 | 28,365 | 34,575 | ||||||||
Goodwill, Impairment Loss | 59,816 | 0 | 0 | ||||||||
Other expense, net | 5,021 | 11,215 | 26,875 | ||||||||
Income (loss) from continuing operations before taxes | (33,873) | 52,491 | 25,221 | ||||||||
Business Advisory [Member] | |||||||||||
Components of Segment Information | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 267,361 | 252,508 | 236,185 | ||||||||
Goodwill, Impairment Loss | (59,816) | ||||||||||
Education [Member] | |||||||||||
Components of Segment Information | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 223,329 | 225,028 | 194,177 | ||||||||
Goodwill, Impairment Loss | 0 | ||||||||||
Healthcare | |||||||||||
Components of Segment Information | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 353,437 | 399,221 | 364,763 | ||||||||
Goodwill, Impairment Loss | 0 | ||||||||||
Operating Segments [Member] | |||||||||||
Components of Segment Information | |||||||||||
Operating income (loss) | 190,474 | 231,160 | 206,928 | ||||||||
Operating Segments [Member] | Business Advisory [Member] | |||||||||||
Components of Segment Information | |||||||||||
Operating income (loss) | $ 48,046 | $ 49,695 | $ 50,625 | ||||||||
Segment operating income as a percentage of segment revenues | 18.00% | 19.70% | 21.40% | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 267,361 | $ 252,508 | $ 236,185 | ||||||||
Operating Segments [Member] | Education [Member] | |||||||||||
Components of Segment Information | |||||||||||
Operating income (loss) | $ 47,503 | $ 55,741 | $ 48,243 | ||||||||
Segment operating income as a percentage of segment revenues | 21.30% | 24.80% | 24.80% | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 223,329 | $ 225,028 | $ 194,177 | ||||||||
Operating Segments [Member] | Healthcare | |||||||||||
Components of Segment Information | |||||||||||
Operating income (loss) | $ 94,925 | $ 125,724 | $ 108,060 | ||||||||
Segment operating income as a percentage of segment revenues | 26.90% | 31.50% | 29.60% | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 353,437 | $ 399,221 | $ 364,763 | ||||||||
Segment Reconciling Items [Member] | |||||||||||
Components of Segment Information | |||||||||||
Other operating expenses and gains | 135,255 | 140,285 | 122,276 | ||||||||
Gain (Loss) Related To Litigation Settlement And Other Operating Gains | (150) | (1,196) | (2,019) | ||||||||
Depreciation and amortization expense | 24,405 | 28,365 | 34,575 | ||||||||
Goodwill, Impairment Loss | 59,816 | 0 | 0 | ||||||||
Other expense, net | $ (5,021) | $ (11,215) | $ (26,875) |
Segment Information - Segment A
Segment Information - Segment Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Assets: | |||
Total assets | $ 1,057,476 | $ 1,104,271 | $ 1,049,532 |
Segment Reconciling Items [Member] | |||
Segment Assets: | |||
Total assets | 944,323 | 933,056 | 898,392 |
Business Advisory [Member] | Operating Segments [Member] | |||
Segment Assets: | |||
Total assets | 38,402 | 59,315 | 59,017 |
Education [Member] | Operating Segments [Member] | |||
Segment Assets: | |||
Total assets | 34,534 | 38,881 | 26,990 |
Healthcare | Operating Segments [Member] | |||
Segment Assets: | |||
Total assets | $ 40,217 | $ 73,019 | $ 65,133 |
Segment Information Segment Inf
Segment Information Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 198,347 | $ 205,304 | $ 217,857 | $ 222,619 | $ 232,269 | $ 219,289 | $ 220,754 | $ 204,445 | $ 844,127 | $ 876,757 | $ 795,125 |
Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 267,361 | 252,508 | 236,185 | ||||||||
Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 223,329 | 225,028 | 194,177 | ||||||||
Healthcare | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 353,437 | 399,221 | 364,763 | ||||||||
Fixed-price Contract [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 348,913 | 401,940 | 376,968 | ||||||||
Fixed-price Contract [Member] | Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 101,561 | 100,635 | 98,119 | ||||||||
Fixed-price Contract [Member] | Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 44,839 | 51,826 | 39,586 | ||||||||
Fixed-price Contract [Member] | Healthcare | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 202,513 | 249,479 | 239,263 | ||||||||
Time-and-materials Contract [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 366,548 | 349,707 | 327,784 | ||||||||
Time-and-materials Contract [Member] | Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 152,716 | 139,610 | 128,583 | ||||||||
Time-and-materials Contract [Member] | Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 155,510 | 154,893 | 140,824 | ||||||||
Time-and-materials Contract [Member] | Healthcare | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 58,322 | 55,204 | 58,377 | ||||||||
Performance-based [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 78,070 | 77,907 | 48,089 | ||||||||
Performance-based [Member] | Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 8,059 | 6,856 | 5,405 | ||||||||
Performance-based [Member] | Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 695 | 0 | 0 | ||||||||
Performance-based [Member] | Healthcare | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 69,316 | 71,051 | 42,684 | ||||||||
Software Service, Support and Maintenance Arrangement [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 50,596 | 47,203 | 42,284 | ||||||||
Software Service, Support and Maintenance Arrangement [Member] | Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 5,025 | 5,407 | 4,078 | ||||||||
Software Service, Support and Maintenance Arrangement [Member] | Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 22,285 | 18,309 | 13,767 | ||||||||
Software Service, Support and Maintenance Arrangement [Member] | Healthcare | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 23,286 | 23,487 | 24,439 | ||||||||
Full-time Billable Consultants [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 699,809 | 720,109 | 643,247 | ||||||||
Full-time Billable Consultants [Member] | Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 253,747 | 243,350 | 225,335 | ||||||||
Full-time Billable Consultants [Member] | Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 191,467 | 195,844 | 170,496 | ||||||||
Full-time Billable Consultants [Member] | Healthcare | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 254,595 | 280,915 | 247,416 | ||||||||
Full-time Equivalents [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 144,318 | 156,648 | 151,878 | ||||||||
Full-time Equivalents [Member] | Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 13,614 | 9,158 | 10,850 | ||||||||
Full-time Equivalents [Member] | Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 31,862 | 29,184 | 23,681 | ||||||||
Full-time Equivalents [Member] | Healthcare | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 98,842 | 118,306 | 117,347 | ||||||||
Transferred over Time [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 840,044 | 867,065 | 783,537 | ||||||||
Transferred over Time [Member] | Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 267,361 | 252,508 | 236,185 | ||||||||
Transferred over Time [Member] | Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 223,007 | 223,673 | 190,526 | ||||||||
Transferred over Time [Member] | Healthcare | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 349,676 | 390,884 | 356,826 | ||||||||
Transferred at Point in Time [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 4,083 | 9,692 | 11,588 | ||||||||
Transferred at Point in Time [Member] | Business Advisory [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | ||||||||
Transferred at Point in Time [Member] | Education [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 322 | 1,355 | 3,651 | ||||||||
Transferred at Point in Time [Member] | Healthcare | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 3,761 | $ 8,337 | $ 7,937 |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts - Summary of Allowances for Doubtful Accounts and Unbilled Services and Valuation Allowance for Deferred Tax Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowances for doubtful accounts and unbilled services [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | $ 18,668 | $ 22,241 | $ 24,499 |
Additions | 63,268 | 69,979 | 49,390 |
Deductions | 60,630 | 73,552 | 51,648 |
Ending balance | 21,306 | 18,668 | 22,241 |
Valuation allowance for deferred tax assets [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | 1,016 | 3,143 | 1,247 |
Additions | 1,160 | 1 | 2,314 |
Deductions | 64 | 2,128 | 418 |
Ending balance | $ 2,112 | $ 1,016 | $ 3,143 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (unaudited) - Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 198,347 | $ 205,304 | $ 217,857 | $ 222,619 | $ 232,269 | $ 219,289 | $ 220,754 | $ 204,445 | $ 844,127 | $ 876,757 | $ 795,125 |
Total revenues and reimbursable expenses | 200,101 | 208,164 | 220,827 | 241,922 | 255,199 | 242,925 | 244,288 | 223,062 | 871,014 | 965,474 | 877,999 |
Reimbursable expenses | (1,754) | (2,860) | (2,970) | (19,303) | (22,930) | (23,636) | (23,534) | (18,617) | (26,887) | (88,717) | (82,874) |
Gross profit | 55,710 | 58,495 | 67,113 | 64,984 | 77,315 | 75,158 | 77,832 | 65,496 | |||
Operating income (loss) | (12,654) | 13,699 | 15,954 | (45,851) | 18,499 | 20,576 | 17,875 | 6,756 | (28,852) | 63,706 | 52,096 |
Net income (loss) from continuing operations | (6,104) | 11,087 | 13,572 | (42,273) | 14,354 | 13,706 | 10,569 | 3,350 | (23,718) | 41,979 | 13,944 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (33) | (29) | (25) | (35) | (41) | (52) | (97) | (46) | (122) | (236) | (298) |
Net income (loss) | $ (6,137) | $ 11,058 | $ 13,547 | $ (42,308) | $ 14,313 | $ 13,654 | $ 10,472 | $ 3,304 | $ (23,840) | $ 41,743 | $ 13,646 |
Net earnings per basic share: | |||||||||||
Net income from continuing operations, per basic share (in USD per share) | $ (0.28) | $ 0.50 | $ 0.62 | $ (1.94) | $ 0.65 | $ 0.62 | $ 0.48 | $ 0.15 | $ (1.08) | $ 1.91 | $ 0.64 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) | (0.01) | (0.01) |
Net income, per basic share (in USD per share) | (0.28) | 0.50 | 0.62 | (1.94) | 0.65 | 0.62 | 0.48 | 0.15 | (1.09) | 1.90 | 0.63 |
Net earnings per diluted share: | |||||||||||
Net income from continuing operations, per diluted share (in USD per share) | (0.28) | 0.50 | 0.61 | (1.94) | 0.63 | 0.61 | 0.47 | 0.15 | (1.08) | 1.87 | 0.63 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) | (0.02) | (0.01) |
Net income, per diluted share (in USD per share) | $ (0.28) | $ 0.50 | $ 0.61 | $ (1.94) | $ 0.63 | $ 0.61 | $ 0.47 | $ 0.15 | $ (1.09) | $ 1.85 | $ 0.62 |
Weighted average shares used in calculating earnings per share: | |||||||||||
Basic (shares) | 21,903 | 21,905 | 21,869 | 21,827 | 22,051 | 22,052 | 21,997 | 21,868 | 21,882 | 21,993 | 21,706 |
Diluted (shares) | 21,903 | 22,175 | 22,116 | 21,827 | 22,676 | 22,561 | 22,400 | 22,311 | 21,882 | 22,507 | 22,058 |