Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | ICF International, Inc. | ||
Entity Central Index Key | 1,362,004 | ||
Trading Symbol | ICFI | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 18,814,206 | ||
Entity Public Float | $ 1,293 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Current Assets: | |||
Cash and cash equivalents | $ 11,694 | $ 11,809 | |
Restricted cash - current | [1] | 11,191 | |
Contract receivables, net | 230,966 | 168,318 | |
Contract assets | 126,688 | 123,197 | |
Prepaid expenses and other | 16,253 | 11,327 | |
Income tax receivable | 6,505 | 5,596 | |
Total Current Assets | 392,106 | 331,438 | |
Total Property and Equipment, net | 48,105 | 38,052 | |
Other Assets: | |||
Restricted cash - non-current | 1,292 | 1,266 | |
Goodwill | 715,644 | 686,108 | |
Other intangible assets, net | 35,494 | 35,304 | |
Other assets | 21,221 | 18,087 | |
Total Assets | 1,213,862 | 1,110,255 | |
Current Liabilities: | |||
Accounts payable | 102,599 | 75,074 | |
Contract liabilities | 33,494 | 38,571 | |
Accrued salaries and benefits | 44,103 | 45,645 | |
Accrued subcontractors and other direct costs | 58,791 | 47,508 | |
Accrued expenses and other current liabilities | 39,072 | 17,572 | |
Total Current Liabilities | 278,059 | 224,370 | |
Long-term Liabilities: | |||
Long-term debt | 200,424 | 206,250 | |
Deferred rent | 13,938 | 15,119 | |
Deferred income taxes | 40,165 | 33,351 | |
Other | 20,859 | 15,135 | |
Total Liabilities | 553,445 | 494,225 | |
Commitments and Contingencies (Note 19) | |||
Stockholders’ Equity: | |||
Preferred stock, par value $.001 per share; 5,000,000 shares authorized; none issued | |||
Common stock, $.001 par value; 70,000,000 shares authorized; 22,445,576 and 22,019,315 shares issued; and 18,817,495 and 18,661,801 shares outstanding as of December 31, 2018 and December 31, 2017, respectively | 22 | 22 | |
Additional paid-in capital | 326,208 | 307,821 | |
Retained earnings | 486,442 | 434,766 | |
Treasury stock | (139,704) | (121,540) | |
Accumulated other comprehensive loss | (12,551) | (5,039) | |
Total Stockholders’ Equity | 660,417 | 616,030 | |
Total Liabilities and Stockholders’ Equity | $ 1,213,862 | $ 1,110,255 | |
[1] | Restricted cash – current for the year ended December 31, 2017 represents amounts held in an escrow account for the acquisition of The Future Customer (“TFC”). |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 70,000,000 | 70,000,000 |
Common stock, issued (in shares) | 22,445,576 | 22,019,315 |
Common stock, outstanding (in shares) | 18,817,495 | 18,661,801 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Revenue | $ 1,337,973 | $ 1,229,162 | $ 1,185,097 |
Direct costs | 857,508 | 771,725 | 745,137 |
Operating costs and expenses | |||
Indirect and selling expenses | 360,987 | 346,440 | 328,048 |
Depreciation and amortization | 17,163 | 17,691 | 16,638 |
Amortization of intangible assets | 10,043 | 10,888 | 12,481 |
Total operating costs and expenses | 388,193 | 375,019 | 357,167 |
Operating income | 92,272 | 82,418 | 82,793 |
Interest expense | (8,710) | (8,553) | (9,470) |
Other (expense) income | (735) | 121 | 1,184 |
Income before income taxes | 82,827 | 73,986 | 74,507 |
Provision for income taxes | 21,427 | 11,110 | 27,923 |
Net income | $ 61,400 | $ 62,876 | $ 46,584 |
Earnings per share: | |||
Basic | $ 3.27 | $ 3.35 | $ 2.45 |
Diluted | $ 3.18 | $ 3.27 | $ 2.40 |
Weighted-average common shares outstanding: | |||
Basic | 18,797 | 18,766 | 18,989 |
Diluted | 19,335 | 19,244 | 19,416 |
Cash dividends declared per common share | $ 0.56 | ||
Other comprehensive (loss) income, net of tax | $ (6,683) | $ 4,601 | $ (2,149) |
Comprehensive income, net of tax | $ 54,717 | $ 67,477 | $ 44,435 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Loss |
Balance at Dec. 31, 2015 | $ 523,276 | $ 21 | $ 280,113 | $ 325,306 | $ (74,673) | $ (7,491) |
Balance (in shares) at Dec. 31, 2015 | 19,032 | 2,282 | ||||
Net income | 46,584 | 46,584 | ||||
Other comprehensive income (loss) | (2,149) | (2,149) | ||||
Equity compensation | 9,082 | 8,734 | $ 348 | |||
Exercise of stock options | 3,034 | $ 1 | 3,033 | |||
Exercise of stock options (in shares) | 128 | |||||
Issuance of shares pursuant to vesting of restricted stock units | 221 | |||||
Net payments for stock issuances and buybacks | (13,823) | 547 | $ (14,370) | |||
Net payments for stock issuances and buybacks (in shares) | (360) | 360 | ||||
Balance at Dec. 31, 2016 | 566,004 | $ 22 | 292,427 | 371,890 | $ (88,695) | (9,640) |
Balance (in shares) at Dec. 31, 2016 | 19,021 | 2,642 | ||||
Net income | 62,876 | 62,876 | ||||
Other comprehensive income (loss) | 4,601 | 4,601 | ||||
Equity compensation | 10,291 | 9,985 | $ 306 | |||
Exercise of stock options | 4,722 | 4,722 | ||||
Exercise of stock options (in shares) | 176 | |||||
Issuance of shares pursuant to vesting of restricted stock units | 180 | |||||
Net payments for stock issuances and buybacks | (32,464) | 687 | $ (33,151) | |||
Net payments for stock issuances and buybacks (in shares) | (715) | 715 | ||||
Balance at Dec. 31, 2017 | 616,030 | $ 22 | 307,821 | 434,766 | $ (121,540) | (5,039) |
Balance (in shares) at Dec. 31, 2017 | 18,662 | 3,357 | ||||
Net income | 61,400 | 61,400 | ||||
Other comprehensive income (loss) | (6,683) | (6,683) | ||||
Equity compensation | 11,506 | 11,328 | $ 178 | |||
Exercise of stock options | 5,842 | 5,842 | ||||
Exercise of stock options (in shares) | 209 | |||||
Issuance of shares pursuant to vesting of restricted stock units | 226 | (8) | ||||
Net payments for stock issuances and buybacks | (17,125) | 1,217 | $ (18,342) | |||
Net payments for stock issuances and buybacks (in shares) | (280) | 280 | ||||
Reclassification of stranded tax effects due to adoption of accounting principle | 829 | (829) | ||||
Dividends declared | (10,553) | (10,553) | ||||
Balance at Dec. 31, 2018 | $ 660,417 | $ 22 | $ 326,208 | $ 486,442 | $ (139,704) | $ (12,551) |
Balance (in shares) at Dec. 31, 2018 | 18,817 | 3,629 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities | |||
Net income | $ 61,400 | $ 62,876 | $ 46,584 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Bad debt expense | 2,480 | 1,480 | 1,089 |
Deferred income taxes | 5,100 | (7,390) | 6,535 |
Non-cash equity compensation | 11,506 | 10,291 | 9,082 |
Depreciation and amortization | 27,206 | 28,579 | 29,119 |
Deferred rent | 523 | (177) | (43) |
Proceeds from hedge sale | 3,600 | ||
Facilities consolidation reserve | (260) | 1,479 | |
Remeasurement of contingent acquisition liability | 505 | ||
Amortization of debt issuance costs | 510 | 673 | 532 |
Other adjustments, net | 449 | 275 | (1,169) |
Changes in operating assets and liabilities, net of the effect of acquisitions: | |||
Net contract assets and liabilities | (14,148) | 405 | (20,025) |
Contract receivables | (60,096) | 702 | (9,702) |
Prepaid expenses and other assets | (6,650) | (1,844) | (2,792) |
Accounts payable | 28,309 | 3,631 | 8,941 |
Accrued salaries and benefits | (2,159) | 5,597 | 1,140 |
Accrued subcontractors and other direct costs | 10,762 | 15,507 | 4,522 |
Accrued expenses and other current liabilities | 11,120 | (2,250) | 5,730 |
Income tax receivable and payable | (2,063) | (5,697) | (2,447) |
Other liabilities | 176 | 3,054 | (639) |
Net Cash Provided by Operating Activities | 74,670 | 117,191 | 80,057 |
Cash Flows from Investing Activities | |||
Capital expenditures for property and equipment and capitalized software | (21,812) | (14,513) | (13,791) |
Payments for business acquisitions, net of cash received | (34,575) | (91) | (100) |
Net Cash Used in Investing Activities | (56,387) | (14,604) | (13,891) |
Cash Flows from Financing Activities | |||
Advances from working capital facilities | 573,991 | 590,225 | 478,584 |
Payments on working capital facilities | (579,817) | (643,363) | (530,728) |
Payments on capital expenditure obligations | (3,726) | (4,808) | (4,041) |
Debt issue costs | (21) | (1,612) | |
Proceeds from exercise of options | 5,842 | 4,722 | 3,034 |
Dividends paid | (7,915) | ||
Net payments for stockholder issuances and buybacks | (17,125) | (32,464) | (13,823) |
Net Cash Used in Financing Activities | (28,771) | (87,300) | (66,974) |
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash | (792) | 1,094 | (416) |
(Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash | (11,280) | 16,381 | (1,224) |
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 24,266 | 7,885 | 9,109 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 12,986 | 24,266 | 7,885 |
Supplemental disclosure of cash flow information: | |||
Interest | 9,893 | 7,922 | 8,937 |
Income taxes | 14,870 | $ 21,659 | $ 21,094 |
Non-cash investing and financing transactions: | |||
Deferred and contingent consideration arising from businesses acquired | 8,391 | ||
Capital expenditure obligations | $ 6,121 |
Basis of Presentation and Natur
Basis of Presentation and Nature of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation and Nature of Operations | NOTE 1 - BASIS OF PRESENTATION AND NATURE OF OPERATIONS Basis of Presentation and Nature of Operations The accompanying consolidated financial statements include the accounts of ICF International, Inc. (“ICFI”) and its principal subsidiary, ICF Consulting Group, Inc. (“Consulting,” and together with ICFI, “the Company”), and have been prepared in accordance with United States (“U.S.) generally accepted accounting principles (“U.S. GAAP”). Consulting is a wholly owned subsidiary of ICFI. ICFI is a holding company with no operations or assets other than its investment in the common stock of Consulting. All other subsidiaries of the Company are wholly owned by Consulting. All significant intercompany transactions and balances have been eliminated. Nature of Operations The Company provides professional services and technology-based solutions to government and commercial clients, including management, technology, and policy consulting and implementation services, in the areas of energy, environment, and infrastructure; health, education, and social programs; safety and security; and consumer and financial. The Company offers a full range of services to these clients throughout the entire life cycle of a policy, program, project, or initiative, from research and analysis and assessment and advice to design and implementation of programs and technology-based solutions, and the provision of engagement services and programs. The Company’s major clients are U.S. federal government departments and agencies, most significantly the Department of Health and Human Services, Department of State and Department of Defense. The Company also serves U.S. state (including territories) and local government departments and agencies, international governments, and commercial clients worldwide. Commercial clients include airlines, airports, electric and gas utilities, oil companies, banks and other financial services companies, transportation, travel and hospitality firms, non-profits/associations, law firms, manufacturing firms, retail chains, and distribution companies. The term “federal” or “federal government” refers to the U.S. federal government, and “state and local” or “state and local government” refers to U.S. state (including territories) and local governments, unless otherwise indicated. The Company, incorporated in Delaware, is headquartered in Fairfax, Virginia. It maintains offices throughout the world, including over 65 offices in the U.S. and U.S. territories and more than 15 offices in key markets outside the U.S., including offices in the United Kingdom, Belgium, China, India and Canada. Reclassifications Certain amounts in the 2017 and 2016 consolidated financial statements have been reclassified to conform to the current year presentation. As a result of the adoption of Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), the Company presented balances, titled contract assets and contract liabilities, within the consolidated balance sheet as well as the net impact of changes in these balances within the consolidated statement of cash flows. The Company reclassified comparable balances within the December 31, 2017 consolidated balance sheet as well as the impact of changes in these balances within the 2017 and 2016 consolidated statement of cash flows in order to enhance comparability. Any other reclassifications were immaterial to the financial statements taken as a whole. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Revenue Recognition The Company primarily provides services and technology-based solutions for clients that operate in a variety of markets and the solutions may span the entire program life cycle, from initial research and analysis to the design and implementation of solutions. The Company enters into agreements with clients that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as services and solutions are transferred to the client. Except in certain narrowly defined situations, the Company’s agreements with its clients are written and revenue is generally not recognized on oral or implied arrangements. The Company recognizes revenue based on the consideration specified in the applicable agreement and excludes from revenue amounts collected on behalf of third parties. Accordingly, sales and similar taxes which are collected on behalf of third parties are excluded from the transaction price. The Company evaluates whether two or more agreements should be accounted for as one single contract and whether combined or single agreements should be accounted for as more than one performance obligation. For most contracts, the client requires the Company to perform a number of tasks in providing an integrated output for which the client has contracted, and, hence, contracts of this type are tracked as having only one performance obligation since a substantial part of the Company’s promise is to ensure the individual tasks are incorporated into a combined output in accordance with contract requirements. When contracts are separated into multiple performance obligations, the Company allocates the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised services underlying each performance obligation. The Company generally provides customized solutions in which the pricing is based on specific negotiations with each client, and, in these cases, the Company uses a cost-plus margin approach to estimate the standalone selling price of each performance obligation. It is common for the Company’s long-term contracts to contain award fees, incentive fees or other provisions that can either increase or decrease the transaction price. These variable amounts are generally awarded at the completion of a contractually-stipulated performance assessment period based on the achievement of performance metrics, program milestones or cost targets, and the amount awarded may be subject to client discretion. The Company estimates variable consideration as the most likely amount to which the Company expects to be entitled. The Company evaluates contractual arrangements to determine whether revenue should be recognized on a gross versus net basis. The Company’s assessment is based on the nature of the promise to the client. In most cases, the Company itself agrees to provide specified services to the client as a principal and revenue is recognized on a gross basis. In rare cases, the Company acts as an agent and merely arranges for another party to provide services to the client and revenue is recognized on a net basis in reflection of the fact that the Company does not control the goods or services provided to the client by the other party. Long-term contracts typically contain billing terms that provide for invoicing once a month and payment on a net 30-day basis. Exceptions to monthly billing terms are to ensure that the Company performs satisfactorily rather than representing a significant financing component. For cost-based contracts, for example, the Company’s performance is evaluated during a contractually stipulated performance period and, while contract costs may be billed on a monthly basis, the Company is generally permitted to bill for incentive or award fees only after the completion of the performance assessment period, which may occur quarterly, semi-annually or annually, and after the client completes the performance assessment. Similarly, fixed-price contracts, in order to ensure that the Company meets contract requirements, may provide for milestone billings based on the attainment of specific project objectives rather than for billing on a monthly basis. Moreover, contracts may require retentions or hold backs that are paid at the end of the contract to ensure that the Company performs in accordance with requirements. The Company does not assess whether a contract contains a significant financing component if the Company expects, at contract inception, that the period between payment by the client and the transfer of promised services to the client will be one year or less. As a service provider, the Company generally recognizes revenue over time as control is transferred to a client, based on the extent of progress towards satisfaction of the performance obligation. The selection of the method used to measure progress requires judgment and is dependent, among other factors, on the contract type selected by the client during contract negotiation and the nature of the services and solutions to be provided. When a performance obligation is billed using a time-and-materials contract type, the Company uses output progress measures to estimate revenue earned based on hours worked in contract performance at negotiated billing rates. Fixed-price level-of-effort contracts are substantially similar to time-and-materials contracts except that the Company is required to deliver a specified level of effort over a stated period of time. For these contracts, the Company estimates revenue earned using contract hours worked at negotiated bill rates as the Company delivers the contractually required workforce. For cost-based contracts, the Company recognizes revenue based on contract costs incurred, as the Company becomes contractually entitled to reimbursement of the contract costs, plus a most likely estimate of award or incentive fees earned on those costs even though final determination of fees earned occurs after the contractually-stipulated performance assessment period ends. For performance obligations requiring the delivery of a service for a fixed price, the Company uses the ratio of actual costs incurred to total estimated costs, provided that costs incurred (an input method) represents a reasonable measure of progress towards the satisfaction of a performance obligation, in order to estimate the portion of total revenue earned. This method provides a faithful depiction of the transfer of value to the client when the Company is satisfying a performance obligation that entails integration of tasks for a combined output which requires the Company to coordinate the work of employees, subcontractors and delivery of other contract costs. Contract costs that are not reflective of the Company’s progress to satisfying a performance obligation are not included in the calculation of the measure of progress. When this method is used, changes in estimated costs to complete these obligations result in adjustments to revenue on a cumulative catch-up basis, which causes the effect of revised estimates for prior periods to be recognized in the current period. Changes in these estimates can routinely occur over contract performance for a variety of reasons, which include: changes in contract scope; changes in contract cost estimates due to unanticipated cost growth or reassessments of risks impacting costs; changes in estimated incentive or award fees; or performing better or worse than previously estimated. In some fixed price service contracts, the Company performs services of a recurring nature, such as maintenance and other services of a “stand ready” nature. For these contracts, the Company has the right to consideration in an amount that corresponds directly with the value that the client has received. Therefore, the Company records revenue on a time elapsed basis to reflect the transfer of control to the client throughout the contract. Contracts are often modified to reflect changes in contract specifications and requirements, and these changes may create new enforceable rights and obligations. Most modifications are for services that are not distinct from the existing agreement due to the significant integration service that the Company provides. Therefore, most modifications are accounted for as part of an existing performance obligation. The effect of these modifications on transaction price, and the Company’s measure of progress in fulfilling the performance obligation to which they relate, may be recognized as an adjustment to revenue on a cumulative catch-up basis. Revenue from modifications that create new, distinct performance obligations is recognized based on the Company’s progress in fulfilling the requirements of the new obligation. For contracts in which the estimated cost to perform exceeds the consideration to be received, the Company accrues for the entire estimated loss during the period in which the loss is determined by recording additional direct costs. For performance obligations that are satisfied over time, the Company recognizes the cost to fulfill contracts as incurred, unless the costs are within the scope of another topic in which case the guidance of that topic is applied. The Company evaluates incremental costs of obtaining a contract and, if they are recoverable from the client and relate to a specific future contract, they are deferred and recognized over contract performance or the estimated life of the customer relationship if renewals are expected. The Company expenses these costs when incurred if the amortization period is one year or less. Unfulfilled performance obligations represent amounts expected to be earned on contracts and do not include the value of negotiated, unexercised contract options, which are classified as marketing offers. Indefinite delivery/indefinite quantity and similar arrangements provide a framework for the client to issue specific tasks, delivery or purchase orders in the future and these arrangements are considered marketing offers until a specific order is executed. Revenue recognition entails the use of significant judgment, including, but not limited to, the following: evaluating agreements in terms of the number and nature of performance obligations; determining the appropriate method for measuring progress to satisfaction of obligations; determining if the Company is acting as a principal or an agent, and preparing estimates in terms of the amount of progress that the Company has made. Most of the Company’s revenue is recognized over time. For many fixed-price contracts, in particular, the Company estimates the proportion of total revenue earned using the ratio of contract costs incurred to total estimated contract costs, which requires the Company to prepare and, as necessary, revise estimates, as work progresses, of the total contract costs required to satisfy each respective performance obligation. Moreover, some of the Company’s contracts include variable consideration, which requires the Company to estimate and, as necessary, revise the most likely amounts that will be earned over the respective performance assessment periods. For these obligations, changes in estimates result in cumulative catch-up adjustments and may have a significant impact on earnings during a given period. The Company’s operating cycle for long-term contracts may be greater than one year and is measured by the average time intervening between the inception and the completion of those contracts . Contract-related assets and liabilities are classified as current assets and current liabilities. Significant balance sheet accounts related to the revenue recognition cycle are as follows: Contract receivables, net – This account includes amounts billed or billable under contract terms. The amounts due are stated at their net realizable value. The Company maintains an allowance for doubtful accounts to provide for the estimated amount of receivables that will not be collected. The Company considers a number of factors in its estimate of the allowance, including knowledge of a client’s financial condition, its historical collection experience, and other factors relevant to assessing the collectability of the receivables. Contract assets – This account includes unbilled amounts typically resulting from revenue recognized on long-term contracts when the amount of revenue recognized exceeds the amounts billed. It also includes contract retainages until the Company has met the contract-stipulated requirements for payment. Contract assets are reported in a net position on a contract by contract basis each period even though individual contracts may contain multiple performance obligations. On a contract by contract basis, amounts do not exceed their net realizable value. Contract liabilities – This account consists of advance payments received and billings in excess of revenue recognized on long-term contracts. Contact liabilities are reported in a net position on a contract by contract basis each period even though individual contracts may contain multiple performance obligations. Cash and Cash Equivalents The Company considers cash on deposit and all highly liquid investments with original maturities of three months or less when purchased to be cash and cash equivalents. Restricted Cash The Company has restricted cash representing amounts held in escrow accounts and/or not readily available due to contractual restrictions. Allowance for Doubtful Accounts The Company considers a number of factors in its estimate of allowance for doubtful accounts, including the client’s financial condition, historical collection experience, and other factors that may bear on collectability of the receivables. The Company writes off specific contract receivables when such amounts are determined to be uncollectible. Property and Equipment Property and equipment are carried at cost and are depreciated using the straight-line method over their estimated useful lives, which range from two to seven years. Leasehold improvements are amortized on a straight-line basis over the shorter of the economic life of the improvement or the related lease term. Goodwill and Other Intangible Assets The purchase price of an acquired business is allocated to the tangible assets and separately identifiable intangible assets acquired, less liabilities assumed, based on their respective fair values, with the excess recorded as goodwill. Goodwill represents the excess of costs over the fair value of net assets of businesses acquired. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead are reviewed for impairment annually, or more frequently if impairment indicators arise. Intangible assets with estimable useful lives are amortized over such lives and reviewed for impairment if impairment indicators arise. Impairment The Company performs its annual goodwill impairment test as of October 1 of each year. The Company’s qualitative analysis as of October 1, 2018 included macroeconomic, industry and market specific considerations, financial performance indicators and measurements, and other factors. Based on this qualitative assessment, the Company determined that it is more likely than not that the fair value of its reporting unit exceeded its carrying amount, and thus the impairment test was not required to be performed. Therefore, based on management’s review, a goodwill impairment loss was not required for 2018. Historically, the Company has not recorded any goodwill impairment losses. The Company is required to review long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less cost to sell. Capitalized Software The Company capitalizes certain costs to develop enhancements and upgrades to internal-use software that are incurred subsequent to the preliminary project stage. Amortization expense is recorded on a straight-line basis over the expected economic life of the software, typically lasting three to five years. Deferred Rent The Company recognizes rent expense on a straight-line basis over the non-cancellable term of each lease, including renewal option periods when renewal is reasonably assured or executed. Lease incentives or abatements received at or near the inception of leases are accrued and amortized ratably over the life of the lease. Stock-based Compensation The Company recognizes stock-based compensation expense related to share-based payments to employees, including grants of employee stock options, restricted stock awards, restricted stock units (“RSUs”), and cash-settled restricted stock units (“CSRSUs”) on a straight-line basis over the requisite service period, which is generally the vesting period. The Company recognizes expense for performance-based share awards (“PSAs”), which have both performance requirements and vesting conditions, on a straight-line basis over the three-year performance period. Non-employee director awards, which do not include vesting conditions, are for board-related services and therefore expensed when earned. Stock-based compensation expense is based on the estimated fair value of the instruments on award and the estimated number of shares the Company ultimately expects will vest. The Company estimates the rate of future forfeitures based on factors which include the historical forfeiture experience for each applicable employee class under the assumption that the rate of future forfeitures will be similar to that experienced in the past. In addition, the estimation of PSAs that will ultimately vest requires judgment based on the performance and market conditions that will be achieved over the performance period. Changes to these estimates are recorded as a cumulative adjustment in the period estimates are revised. The fair value of stock options, restricted stock awards, RSUs, PSAs, and non-employee director awards is estimated based on the fair value of a share of common stock at the grant date. The Company has elected to use the Black-Scholes-Merton option pricing model to determine the fair value of stock options. The fair value of PSAs is estimated using a Monte Carlo simulation model. CSRSUs are settled only in cash payments. The cash payment is based on the fair value of the Company’s stock price at the vesting date, calculated by multiplying the number of CSRSUs vested by the Company’s closing stock price on the vesting date, subject to a maximum payment cap and a minimum payment floor. The Company treats these awards as liability-classified awards, and, therefore, accounts for them at fair value estimated based on the closing price of the Company’s stock at the reporting date. Other Comprehensive Income (Loss) Other comprehensive income (loss) represents foreign currency translation adjustments arising from the use of differing exchange rates from period to period, the gain on the sale of an interest rate hedge agreement designated as a cash flow hedge, and the changes in fair value of interest rate agreements designated as cash flow hedges, net of taxes. The financial positions and results of operations of the Company’s foreign subsidiaries are based on the local currency as the functional currency and are translated to U.S. dollars for financial reporting purposes. Assets and liabilities of the subsidiaries are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments are reported in accumulated other comprehensive loss included in stockholders’ equity in the Company’s consolidated balance sheets. Derivative Instruments Derivative instruments designated as cash flow hedges are recorded on the consolidated balance sheet at fair value as of the reporting date, and the effective portion of the hedge is recorded in other comprehensive income (loss) on the consolidated statement of comprehensive income and reclassified to earnings in the period that the hedged instruments affect earnings. Management reviews the effectiveness of the hedges on a quarterly basis. Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary 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 in effect for the year in which those temporary differences are expected to be recovered or settled. The Company evaluates its ability to benefit from all deferred tax assets and establishes valuation allowances for amounts it believes will more likely than not be unrealizable. For uncertain tax positions, the Company uses a more-likely-than-not recognition threshold based on the technical merits of the income tax position taken. Income tax positions that meet the more-likely-than-not recognition threshold are measured in order to determine the tax benefit recognized in the financial statements. Treasury Shares Treasury shares are accounted for under the cost method. Segment, Customer and Geographic Information The Company operates in one segment based on the consolidated information used by its chief operating decision maker in evaluating the financial performance of its business and allocating resources. This single segment represents the Company’s core business which is providing professional services for government and commercial clients. Although, the Company disaggregates its revenue by client market areas and type, the Company does not manage its business or allocate resources based on client market or type. Approximately $543.9 million, $550.3 million, and $563.0 million of the Company’s revenue for the years 2018, 2017, and 2016, respectively, was derived under prime contracts and subcontracts with agencies and departments of the federal government representing 41%, 45%, and 48% of total revenue, respectively. No other customer accounted for 10% or more of the Company’s revenue during the years ended 2018, 2017, and 2016, respectively. The Company’s international operations provide services to both commercial and international government clients. Revenue is attributed to a particular geographic area based on the administrative location of the client that awarded the contract. The Company’s revenue generated from international clients as a percentage of total revenue was approximately 15%, 9%, and 10% for the years 2018, 2017, and 2016, respectively. At December 31, 2018 and 2017, long-lived assets held internationally were 12.2% and 7.9% of total long-lived assets, respectively. Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and contract receivables. The majority of the Company’s cash transactions are processed through one U.S. commercial bank. Cash held domestically in excess of daily requirements is used to reduce any amounts outstanding under the Company’s Credit Facility. As of December 31, 2018 and 2017, the Company held approximately $11.9 million and $10.4 million, respectively, of cash in foreign bank accounts (not including outstanding deposits and checks). To date, the Company has not incurred losses related to cash and cash equivalents. The Company’s receivables consist principally of amounts due from agencies and departments of the federal government, state and local governments, and international governments, as well as from commercial organizations. T he respect to federal and other government clients, is limited due to the credit-worthiness of the respective governmental entity. Amounts due for work performed as a subcontractor to a commercial organization also represent limited credit risk when the commercial client is performing as the prime contractor on a government contract due to the ultimate credit-worthiness of the end client. The Company has historically been, and continues to be, heavily dependent on contracts with the federal government which are subject to audit by agencies and departments of the federal government. Such audits determine, among other things, whether an adjustment to invoices previously rendered are required under regulations as well as the underlying terms of each respective contract. Management does not expect significant adjustments as a result of government audits that will adversely affect the Company’s financial position and results of operations. Recent Accounting Pronouncements Recent Accounting Pronouncements Adopted Accumulated Other Comprehensive Loss In February 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-02: Income Statement – Reporting Comprehensive Income (Topic 220). In the past, certain transactions were recorded in accumulated other comprehensive income net of applicable taxes. The tax had been calculated based on the tax rates enacted at the time the transaction occurred with no provision, under previous accounting, for adjusting the balance for changes in the enacted tax rate. Due to the passage of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”), those historical tax rates used for recording the transactions were higher than the Company’s current enacted rate. The new guidance allows the Company to reclassify these stranded tax effects directly to retained earnings. This update is effective for fiscal years beginning after December 15, 2018, including interim periods therein, and early adoption is permitted. During the first quarter of 2018, the Company elected to early adopt the update, which resulted in a one-time cumulative effect adjustment of $0.8 million from accumulated other comprehensive loss to retained earnings. Revenue Recognition The Company implemented ASU 2014-09, Revenue from Contracts with Customers (Topic 606), on January 1, 2018 using the modified retrospective method. This method requires that the Company apply the requirements of the new standard in the year of adoption to new contracts and those that were not completed as of the adoption date. Management evaluated those contracts not completed as of the adoption date and concluded that the required cumulative adjustment to those contracts did not have a material impact on the Company. Contract assets and contract liabilities were formerly reported as unbilled accounts receivable and deferred revenue, respectively. The titles have been changed in the table below to be consistent with accounts currently used under the new standard. December 31, 2017 As Reported As Adopted Contract receivables, net $ 291,515 $ 168,318 Contract assets — 123,197 Deferred revenue 38,571 — Contract liabilities — 38,571 Retained earnings 434,766 434,766 Unfulfilled performance obligations for contracts in process as of the adoption date were $1.1 billion. Under the modified retrospective method, the Company is required to maintain dual reporting during the year of adoption in order to present revenue under both the previous and new accounting for contracts initiated on or after the date of adoption and for those contracts having remaining obligations as of the adoption date. Revenue timing differences between the two methods resulted primarily from contracts with performance incentives. Under the new accounting, the Company has included in revenue the most likely amount of priced incentives earned as contract work was performed rather than, as under the old accounting, waiting to recognize revenue from incentives until specific quantitative goals were achieved, generally at the end of the performance assessment period. This timing difference did not result in a material change to the Company’s annual revenue since most incentives have one-year performance assessment periods which are aligned with the Company’s fiscal year. Revenue calculated under the old and new methods is as follows: Year ended December 31, 2018 Previous Accounting New Accounting Revenue $ 1,337,973 $ 1,337,973 Contract assets 126,688 126,688 Contract liabilities 33,494 33,494 Recent Accounting Pronouncements Not Yet Adopted Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This standard revises the accounting for leases and requires lessees to recognize, for all leases with terms of greater than one year, a right-of-use asset and lease liability which depicts the rights and obligations arising from a lease. The standard also requires qualitative and quantitative disclosures designed to provide information regarding the nature, amount and timing of lease expense. The new guidance is not expected to significantly change the recognition and measurement of lease expense. It is effective for the first interim and annual periods beginning after December 15, 2018, with early adoption permitted. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), Targeted Improvements permitting the recognition of a cumulative-effect adjustment to retained earnings on the date of adoption. The Company adopted the standard beginning January 1, 2019 using the alternative transition method. The Company is finalizing the value as of the adoption date of the right-of-use asset and lease liabilities and estimates that the right-of-use asset will be between $140 million and $165 million and the lease liability will be between $155 million and $180 million. The Company does not expect a material impact from adopting the new standard on the results of operations or cash flows. Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard requires that the Company present financial assets measured at amortized costs at the net amount expected to be collected based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the assets. The standard is effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period. The Company is currently in the process of evaluating the impact of adoption, but does not anticipate a material impact on the consolidated financial statements as a result of adopting the standard. Stock Compensation In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718). The standard simplifies the accounting for share-based compensation to non-employees by aligning the guidance with share-based payments to employees. It is effective for interim and annual reporting periods beginning after December 15, 2018 with early adoption permitted. The Company is currently in the process of evaluating the impact of adoption, but does not anticipate a material impact on the consolidated financial statements as a result of adopting the standard. Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40). The standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is considered a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard also requires the entity to expense the capitalized implementation costs of a hosting arrangement over the term of the hosting arrangement and present the expense related to the capitalized implementation costs in the same line |
Contract Receivables
Contract Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Contract Receivables | NOTE 3 - CONTRACT RECEIVABLES Contract receivables consisted of the following: December 31, 2018 December 31, 2017 Billed receivables $ 236,250 $ 172,171 Allowance for doubtful accounts (5,284 ) (3,853 ) Contract receivables, net $ 230,966 $ 168,318 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | NOTE 4 - PROPERTY AND EQUIPMENT Property and equipment consisted of the following at December 31: 2018 2017 Leasehold improvements $ 19,444 $ 18,873 Software 50,967 42,835 Furniture and equipment 27,435 26,076 Computers 31,568 28,826 129,414 116,610 Accumulated depreciation and amortization (81,309 ) (78,558 ) Total property and equipment, net $ 48,105 $ 38,052 Depreciation and amortization expense for the years ended December 31, 2018, 2017, and 2016, was approximately $17.2 million, $17.7 million, and $16.6 million, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 5 - GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill for the fiscal years ended December 31 were as follows: 2018 2017 Balance as of January 1 $ 686,108 $ 683,683 Goodwill resulting from The Future Customer business combination 7,597 — Goodwill resulting from DMS Disaster Consultants business combination 10,121 — Goodwill resulting from We Are Vista business combination 14,392 — Effect of foreign currency translation (2,574 ) 2,425 Total goodwill $ 715,644 $ 686,108 Other Intangible Assets Intangible assets with definite lives are primarily amortized over periods ranging from approximately 1 to 10 years. The weighted-average period of amortization for all intangible assets as of December 31, 2018 is 8.4 years. The customer-related intangible assets, which consist of customer contracts, backlog, and non-contractual customer relationships, are being amortized based on estimated cash flows and respective estimated economic benefit of the assets. The weighted-average period of amortization of the customer-related intangibles is 8.4 years. Intangible assets related to developed technology are being amortized on an accelerated basis over a weighted-average period of 4.8 years. Intangible assets with an indefinite life consist of a domain name. Other intangibles consisted of the following at December 31: 2018 Gross Carrying Value Accumulated Amortization Net Carrying Value Customer-related $ 94,500 $ (59,289 ) $ 35,211 Developed technology 733 (545 ) 188 Total amortizable intangible assets 95,233 (59,834 ) 35,399 Intangible with indefinite life 95 — 95 Total other intangible assets $ 95,328 $ (59,834 ) $ 35,494 2017 Gross Carrying Value Accumulated Amortization Net Carrying Value Customer-related $ 84,878 $ (49,782 ) $ 35,096 Developed technology 1,463 (1,350 ) 113 Total amortizable intangible assets 86,341 (51,132 ) 35,209 Intangible with indefinite life 95 — 95 Total other intangible assets $ 86,436 $ (51,132 ) $ 35,304 Aggregate amortization expense for the years ended December 31, 2018, 2017, and 2016, was approximately $10.0 million, $10.9 million, and $12.5 million, respectively. Year ending December 31, 2019 $ 8,345 2020 6,653 2021 5,574 2022 5,193 2023 4,768 Thereafter 4,866 Total $ 35,399 |
Accrued Salaries and Benefits
Accrued Salaries and Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Employee Related Liabilities Current [Abstract] | |
Accrued Salaries and Benefits | NOTE 6 - ACCRUED SALARIES AND BENEFITS Accrued salaries and benefits consisted of the following at December 31: 2018 2017 Accrued paid time off and leave $ 11,708 $ 11,904 Accrued salaries 13,335 9,343 Accrued bonuses, liability-classified awards and commissions 13,214 16,909 Accrued payroll taxes and withholdings 765 2,557 Accrued medical 3,136 3,720 Other 1,945 1,212 Total accrued salaries and benefits $ 44,103 $ 45,645 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | NOTE 7 - ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following at December 31: 2018 2017 Deposits $ 17,485 $ 6,641 Accrued IT and software licensing costs 3,359 2,261 Accrued taxes and insurance premiums 4,160 2,697 Accrued facilities rental and lease exit costs 2,271 1,673 Accrued interest 308 705 Accrued professional services 1,828 1,318 Accrued dividends 2,639 — Contingent liabilities from acquisitions 2,323 — Other accrued expenses and current liabilities 4,699 2,277 Total accrued expenses and other current liabilities $ 39,072 $ 17,572 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 8 - LONG-TERM DEBT On May 17, 2017, the Company entered into a Fifth Amended and Restated Business Loan and Security Agreement with a syndication of 11 commercial banks (the “Credit Facility”). The Credit Facility: (i) includes modifications to the Company’s Fourth Amended and Restated Business Loan and Security Agreement, (ii) matures on May 17, 2022, (iii) increases the borrowing ceiling up to $600.0 million without a borrowing base requirement, taking into account financial, performance-based limitations, and (iv) provides for an “accordion,” which permits additional revolving credit commitments of up to $300.0 million, subject to lenders’ approval. While the modification of the Credit Facility did not increase the amount of outstanding, $106.0 million of funds from new syndicated borrowings was used to pay off or pay down borrowings from syndicate members prior to the loan modification and align the allocation of debt within the syndicate. These amounts were included within the “Advances from working capital facilities” and “Payments on working capital facilities” line items in the statement of cash flows for the year ended December 31, 2017. The Company has the option to borrow funds under the Credit Facility at interest rates based on both LIBOR (1, 3, or 6 month rates) and the Base Rate, at its discretion, plus their applicable margins. Base Rates are fluctuating per annum rates of interest equal to the highest of (i) the Federal Funds Open Rate, plus 0.5%, (ii) the Prime Rate, and (iii) the daily LIBOR rate, plus a LIBOR Margin of between 1.00% and 2.00% based on our Leverage Ratio (as defined under the Credit Facility), 1.25% as of December 31, 2018. The interest accrued based on LIBOR rates is to be paid on the last business day of the interest period (1, 3, or 6 months), while interest accrued based on the Base Rates is to be paid in quarterly installments. The Credit Facility provides for letters of credit aggregating up to $60.0 million which reduce the funds available under the Credit Facility when issued. The Credit Facility is collateralized by substantially all of the assets of the Company and requires that the Company remain in compliance with certain financial and non-financial covenants. The financial covenants require, among other things, that the Company maintain at all times an Interest Coverage Ratio (as defined under the Credit Facility) of not less than 3.00 to 1.00 and a Leverage Ratio of not more than 3.75 to 1.00 (subject to adjustment, in certain circumstances) for each fiscal quarter. As of December 31, 2018, the Company was in compliance with its covenants under the Credit Facility. The Credit Facility was subject to a commitment fee on the unused portion of the Credit Facility of between 0.13% and 0.25% per annum, based on our Leverage Ratio, 0.15% per annum at December 31, 2018 and 0.15% per annum at December 31, 2017. As of December 31, 2018, the available borrowing capacity under the Credit Facility (excluding the accordion) was $396.3 million. Taking into account the financial and performance-based limitations, the available borrowing capacity (excluding the accordion) was $284.3 million as of December 31, 2018. Long-term debt outstanding and the weighted average interest rate is summarized as follows: December 31, 2018 December 31, 2017 Debt Outstanding Weighted Average Interest Rate Debt Outstanding Weighted Average Interest Rate Revolving Line of Credit/Swing Line $ 200,424 3.29 % $ 206,250 2.65 % Debt Issuance Cost The Company’s debt issuance costs, which are included within other assets, are amortized over the term of indebtedness. Amortizable debt issuance costs were $6.9 million and $6.9 million as of December 31, 2018 and 2017, respectively. Accumulated amortization related to debt issuance costs were $5.2 million and $4.7 million, as of December 31, 2018 and 2017, respectively. Amortization expense of $0.5 million, $0.7 million, and $0.5 million was recorded for each of the years ended December 31, 2018, 2017, and 2016, respectively. Letters of Credit At December 31, 2018 and 2017, the Company had eleven and twelve outstanding letters of credit totaling approximately $3.3 million and $3.7 million, respectively. These letters of credit are renewed annually. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Disaggregation Of Revenue [Abstract] | |
Revenue Recognition | NOTE 9 – REVENUE RECOGNITION Disaggregation of Revenue The Company disaggregates revenue from clients, most of which is earned over time, into categories that depict how the nature, amount and uncertainty of revenue and cash flows are affected by economic factors. Those categories are client market, client type and contract mix. Client market provides insight into the breadth of the Company’s expertise. In classifying revenue by client market, the Company attributes revenue from a client to the market that the Company believes is the client’s primary market. The Company also classifies revenue by the type of entity for which it does business, which is an indicator of the diversity of its client base. The Company attributes revenue generated as a subcontractor to a commercial company as government revenue when the ultimate client is a government agency or department. Disaggregation by contract mix provides insight in terms of the degree of performance risk that the Company has assumed. Fixed-price contracts are considered to provide the highest amount of performance risk as the Company is required to deliver a scope of work or level of effort for a negotiated fixed price. Time-and-materials contracts require the Company to provide skilled employees on contracts for negotiated fixed hourly rates. Since the Company is not required to deliver a scope of work, but merely skilled employees, it considers these contracts to be less risky than a fixed-price agreement. Cost-based contracts are considered to provide the lowest amount of performance risk since the Company is generally reimbursed for all contract costs incurred in performance of contract deliverables with only the amount of incentive or award fees (if applicable) dependent on the achievement of negotiated performance requirements. Year ended December 31, 2018 2017 2016 Client Markets: Energy, environment, and infrastructure $ 565,125 $ 487,001 $ 457,992 Health, education, and social programs 535,314 518,675 508,903 Safety and security 111,072 102,645 98,358 Consumer and financial 126,462 120,841 119,844 Total $ 1,337,973 $ 1,229,162 $ 1,185,097 Year ended December 31, 2018 2017 2016 Client Type: U.S. federal government $ 543,918 $ 550,794 $ 563,498 U.S. state and local government 185,130 127,797 132,287 International government 122,293 91,318 75,636 Total Government 851,341 769,909 771,421 Commercial 486,632 459,253 413,676 Total $ 1,337,973 $ 1,229,162 $ 1,185,097 Year ended December 31, 2018 2017 2016 Contract Mix: Time-and-materials $ 581,965 $ 529,606 $ 511,747 Fixed-price 526,728 480,584 456,065 Cost-based 229,280 218,972 217,285 Total $ 1,337,973 $ 1,229,162 $ 1,185,097 Contract Balances: Contract assets consist primarily of unbilled amounts resulting from long-term contracts when revenue recognized exceeds the amount billed due to billing schedule timing. Contract liabilities result from advance payments received on a contract or from billings in excess of revenue recognized on long-term contracts due to billing schedule timing. The $8.6 million increase in the Company’s net contract assets (liabilities) is due to the timing of work performed in relation to billing schedule timing for fixed price programs which resulted in a reduction in contract liabilities, particularly in our international operations. The increase in contract assets is primarily due to hurricane relief and rebuild work for U.S. state and local governments which is considered part of the energy, environment and infrastructure client market, and most of which has been performed on time-and-materials agreements. The decrease in contract liabilities is primarily due to advanced billing for costs in 2017 that has been recognized as revenue in 2018. There were no material changes to contract balances due to impairments or business combinations during the period. December 31, 2018 At date of adoption Change Contract assets $ 126,688 $ 123,197 $ 3,491 Contract liabilities (33,494 ) (38,571 ) 5,077 Net contract assets (liabilities) $ 93,194 $ 84,626 $ 8,568 Performance Obligations: The Company had $1.4 billion in unfulfilled performance obligations as of December 31, 2018, which primarily entail the future delivery of services for which revenue will be recognized over time. The obligations relate to continued or additional services required on contracts and were generally valued using an estimated cost-plus margin approach, with variable consideration being estimated at the most likely amount. The Company expects to satisfy these performance obligations, on average, in one year. |
Derivative instruments and Hedg
Derivative instruments and Hedges Activities | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative instruments and Hedges Activities | NOTE 10 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company uses interest rate swap arrangements (the “Swaps”) to manage or hedge its interest rate risk. Notwithstanding the terms of the Swaps, the Company is ultimately obligated for all amounts due and payable under the Credit Facility. The Company does not use such instruments for speculative or trading purposes. On August 8, 2018, the Company entered into two floating-to-fixed interest rate Swaps for an aggregate notional amount of $75.0 million in order to hedge a portion of the Company’s floating rate indebtedness under the Credit Facility. The Company designated these Swaps as cash flow hedges. These Swaps requires us to pay a fixed rate of 2.8530% per annum on the notional amount. The cash flows from these Swaps began August 31, 2018 and end on August 31, 2023. On August 31, 2017, the Company entered into a floating-to-fixed interest rate Swap for an aggregate notional amount of $25.0 million to hedge a portion of the Company’s floating rate indebtedness. This Swap requires us to pay a fixed rate of 1.8475% per annum on the notional amount. The cash flows from the transaction began August 31, 2018 and end on August 31, 2023. The Company has designated this hedge as a cash flow hedge. On September 30, 2016, the Company entered into a floating-to-fixed interest rate hedge agreement for an aggregate notional amount of $100.0 million to hedge a portion of the Company’s floating rate indebtedness. The cash flows from the interest rate swap agreement began on January 31, 2018 and end on January 31, 2023. The Company designated this hedge as a cash flow hedge. On December 1, 2016, the Company sold the interest rate hedge agreement. The fair value of the interest rate hedge, as of the date of the sale, was recorded in other comprehensive income, net of tax. The gain from the sale will be recognized into earnings when earnings are impacted by the cash flows of the previously hedged items, as interest payments are made on the Credit Facility from January 31, 2018 to January 31, 2023. Realized gains and losses in connection with each required interest payment will be reclassified from accumulated other comprehensive income (loss) (“AOCI”) to interest expense during the period of the cash flows. On a quarterly basis, management evaluates all Swaps to determine each agreement’s effectiveness or ineffectiveness and records the change in fair value as an adjustment to other comprehensive income or loss. Management intends that the Swaps remain effective. Realized gains and losses in connection with each required interest payment As of December 31, 2018, the net amount of realized gains and losses from the hedge agreements expected to be reclassified from AOCI into earnings within the next 12 months is $0.6 million. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11 - INCOME TAXES The domestic and foreign components of income before provision for income taxes are as follows for the years ended December 31: 2018 2017 2016 Domestic $ 74,479 $ 69,347 $ 69,159 Foreign 8,348 4,639 5,348 Income before income taxes $ 82,827 $ 73,986 $ 74,507 Income tax expense consisted of the following for the years ended December 31: 2018 2017 2016 Current: Federal $ 9,700 $ 12,995 $ 12,979 State 4,035 3,243 3,514 Foreign 2,418 1,476 1,932 Total current 16,153 17,714 18,425 Deferred: Federal 4,072 (9,425 ) 8,872 State 1,452 2,749 1,222 Foreign (250 ) 72 (596 ) Total deferred 5,274 (6,604 ) 9,498 Income tax expense $ 21,427 $ 11,110 $ 27,923 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income tax purposes. Deferred tax assets (liabilities) consisted of the following at December 31: 2018 2017 Deferred Tax Assets Allowance for bad debt $ 1,321 $ 1,003 Accrued paid time off 1,437 1,624 Foreign net operating loss (NOL) carry forward 1,144 1,301 State net operating loss (NOL) carry forward 507 507 Stock option compensation 2,332 2,726 Deferred rent 3,127 3,355 Deferred compensation 3,348 3,238 Foreign tax credits 3,968 505 State tax credits 2,041 1,785 Foreign exchange 2,430 2,051 Foreign deferred 342 — Accrued liabilities and other 4,079 3,272 26,076 21,367 Less: Valuation Allowance (5,112 ) (1,636 ) Total Deferred Tax Assets 20,964 19,731 Deferred Tax Liabilities Retention (1,239 ) (1,375 ) Prepaid expenses (1,301 ) (1,045 ) Payroll taxes (495 ) (489 ) Unbilled revenue (4,135 ) (5,407 ) Depreciation (7,306 ) (4,773 ) Amortization (46,051 ) (39,993 ) Deferred gain and other (602 ) — Total Deferred Tax Liabilities (61,129 ) (53,082 ) Total Net Deferred Tax Liability $ (40,165 ) $ (33,351 ) On December 20, 2017, the U.S. Congress passed the Tax Act, which was signed into law on December 22, 2017 and is generally effective beginning January 1, 2018. The Company was impacted in several ways as a result of the Tax Act, including, but not limited to, provisions which include a permanent reduction in the U.S. federal corporate income tax rate from 35% to 21%, the revaluation of deferred tax assets and liabilities required as a result of the tax rate change and the application of a mandatory one-time “transition tax” on unremitted earnings of certain foreign subsidiaries that were previously tax deferred. The Company has completed its accounting for the tax effects of enactment of the Tax Act. The Company recorded adjustments to the provisional estimate of the effects on existing deferred tax balances and the one-time transition tax in the period of enactment. The Company recognized these adjustments to the provisional estimate as a decrease in the provision for income taxes. The Company re-measured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is now generally 26.4%. The Company has completed its analysis of the Tax Act and refining its provisional estimates, which affected the measurement of these balances. Pursuant to U.S. Securities and Exchange Commission Staff Accounting Bulletin 118 (“SAB 118”), the provisional amount recorded related to the re-measurement of the deferred tax balances has been adjusted during the measurement period ended December 22, 2018 as an increase in the provision for income taxes, including adjustments to valuation allowances, of approximately $1.0 million. The one-time “transition tax” is based on the Company’s total post-1986 earnings and profits (“E&P”) which the Company has previously deferred from U.S. income taxation. The Company has completed the calculation of the total post-1986 foreign E&P and related foreign tax pools for these foreign subsidiaries. Further, the transition tax is based in part on the amount of those earnings held in cash and other specified assets. This amount, as well as the related foreign tax credit utilization, changed as the Company finalized its calculation of post-1986 foreign E&P and related foreign tax pools that were previously deferred from U.S. federal taxation and the amounts held in cash or other specified assets. Similarly, the cumulative foreign tax credit carry forward balance as of December 31, 2017 increased by approximately $2.2 million and the valuation allowance required increased by approximately $2.2 million. No additional income taxes have been provided for on any remaining undistributed foreign earnings not subject to the transition tax. No additional deferred income taxes have been provided for the $8.2 million of additional favorable outside basis differences inherent in these foreign entities because these amounts continue to be permanently reinvested in foreign operations. Pursuant to SAB 118, the provisional amount recorded related to the transition tax has been adjusted during the measurement period ended December 22, 2018. The Company recognized this adjustment to the provisional estimate as a decrease in the provision for income taxes of approximately $1.1 million during the third quarter of 2018. At both December 31, 2018 and 2017 At December 31, 2018 Section At December 31, 2018, the Company had gross state income tax credit carry-forwards of approximately $2.6 million, which expire between 2021 and 2027. A deferred tax asset of approximately $2.0 million (net of federal benefit) has been established related to these state income tax credit carry-forwards as of December 31, 2018. The need to establish valuation allowances for deferred assets is based on a more-likely-than-not threshold that the benefit of such assets will be realized in future periods. Appropriate consideration has been given to all available evidence, including historical operating results, projections of taxable income, and tax planning alternatives. The Company concluded that a valuation allowance of approximately $1.1 million and $1.1 million was required for tax attributes related to specified foreign jurisdictions as of December 31, 2018 and 2017, respectively, and an additional $3.5 million valuation allowance was recorded against our US foreign tax credit carry forwards as a result of enactment of the Tax Act as of December 31, 2017. The total amount of unrecognized tax benefits as of December 31, 2018 and 2017, was $0.2 million and $0.8 million, respectively. Included in the balance as of December 31, 2018 and 2017, were $0.2 million and $0.7 million, respectively, of tax positions that, if recognized, would impact the effective tax rate. The unrecognized tax benefit reconciliation, excluding penalty and interest, is as follows: Unrecognized tax benefits at January 1, 2016 $ 400 Increase attributable to tax positions taken during a prior period 925 Decrease attributable to lapse of statute of limitations (140 ) Unrecognized tax benefits at December 31, 2016 1,185 Decrease attributable to lapse of statute of limitations (365 ) Unrecognized tax benefits at December 31, 2017 820 Increase attributable to tax positions taken during the current period 216 Decrease attributable to settlements with taxing authorities (37 ) Decrease attributable to lapse of statute of limitations (783 ) Unrecognized tax benefits at December 31, 2018 $ 216 The Company’s policy is not to recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. The Company had approximately zero and $0.2 million of accrued penalty and interest at December 31, 2018 and 2017, respectively. The Company’s 2014 to 2017 tax years remain subject to examination by the Internal Revenue Service for federal tax purposes. Certain significant state and foreign tax jurisdictions are also either currently under examination or remain open under the statutes of limitation and subject to examination for the tax years from 2014 to 2017. Although the Company believes it has adequately provided for all uncertain tax positions, amounts asserted by taxing authorities could be greater than the Company’s accrued position. Accordingly, additional provisions on federal, state and foreign income tax related matters could be recorded in the future as revised estimates are made or the underlying matters are effectively settled or otherwise resolved. Conversely, the Company could settle positions with the tax authorities for amounts lower than have been accrued. The Company believes it is reasonably possible that, during the next 12 months, the Company’s liability for uncertain tax positions may not change. The Company’s provision for income taxes differs from the federal statutory rate. The differences between the statutory rate and the Company’s provision are as follows: 2018 2017 2016 Taxes at statutory rate 21.0 % 35.0 % 35.0 % State taxes, net of federal benefit 5.2 % 4.4 % 3.9 % Foreign tax rate differential 0.5 % (0.3 )% (0.1 )% Tax legislation — (22.6 )% — Other permanent differences 1.8 % 0.7 % 0.8 % Prior year tax adjustments 0.2 % (0.3 )% (1.0 )% Unrecognized tax benefits (0.6 )% 0.1 % 1.0 % Valuation allowance 1.3 % 0.7 % (0.3 )% Equity-based compensation (3.0 )% (2.1 )% (1.0 )% Tax credits (0.5 )% (0.6 )% (0.8 )% Taxes at effective rate 25.9 % 15.0 % 37.5 % |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 12 - ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss included the following: Foreign Currency Translation Adjustments Gain on Sale of Interest Rate Hedge Agreement (1) Changes in Fair Value of Interest Rate Hedge Agreements (2)(5) Total Accumulated other comprehensive (loss) income at January 1, 2016 $ (7,491 ) $ — $ — $ (7,491 ) Current period other comprehensive income (loss): Other comprehensive (loss) income before reclassifications (7,924 ) 3,600 — (4,324 ) Effect of taxes (3) 3,600 (1,425 ) — 2,175 Total current period other comprehensive (loss) income (4,324 ) 2,175 — (2,149 ) Accumulated other comprehensive (loss) income at December 31, 2016 (11,815 ) 2,175 — (9,640 ) Current period other comprehensive income (loss): Other comprehensive income before reclassifications 6,476 — 441 6,917 Effect of taxes (3) (2,299 ) (17 ) — (2,316 ) Total current period other comprehensive income (loss) 4,177 (17 ) 441 4,601 Accumulated other comprehensive (loss) income at December 31, 2017 (7,638 ) 2,158 441 (5,039 ) Reclassification of stranded tax effects due to adoption of accounting principle (4) (1,307 ) 478 — (829 ) Adjusted beginning balance (8,945 ) 2,636 441 (5,868 ) Current period other comprehensive income (loss): Other comprehensive loss before reclassifications (4,711 ) — (1,184 ) (5,895 ) Amounts reclassified from accumulated other comprehensive income — (660 ) (12 ) (672 ) Effect of taxes (3) (512 ) 188 208 (116 ) Total current period other comprehensive (loss) income (5,223 ) (472 ) (988 ) (6,683 ) Accumulated other comprehensive (loss) income at December 31, 2018 $ (14,168 ) $ 2,164 $ (547 ) $ (12,551 ) (1) Represents the fair value of an interest rate hedge agreement, designated as a cash flow hedge, which was sold on December 1, 2016. The fair value of the interest rate hedge agreement was recorded in other comprehensive income, net of tax, and will be reclassified to earnings when earnings are impacted by the hedged items, as interest payments are made on the Credit Facility from January 31, 2018 to January 31, 2023. (2) Represents the change in fair value of an interest rate hedge agreement designated as a cash flow hedge and entered into on August 31, 2017. The fair value of the interest rate hedge agreement was recorded in other comprehensive income and will be reclassified to earnings when earnings are impacted by the hedged items, as interest payments are made on the Credit Facility from August 31, 2018 to August 31, 2023. See additional details of the hedge agreement in Note 10 - Derivative Instruments and Hedging Activities. (3) The Company’s effective tax rate for the years ended December 31, 2018, 2017, and 2016 was 25.9%, 15.0%, and 37.5%, respectively. (4) The Company has adjusted the balance of accumulated other comprehensive (loss) income at December 31, 2017 after the adoption of ASU 2018-02. See additional details of the adoption of ASU 2018-02 in Note 2 – Summary of Significant Accounting Policies. (5) The fair value of the interest rate hedge agreements is included in other liabilities on the consolidated balance sheet. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2018 | |
Cash And Cash Equivalents [Abstract] | |
Restricted Cash | NOTE 13 - The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the consolidated balance sheets at December 31, 2018 and 2017 to the total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows for the years ended December 31, 2018, 2017, and 2016: 2018 2017 2016 Beginning Ending Beginning Ending Beginning Ending Cash and cash equivalents $ 11,809 $ 11,694 $ 6,042 $ 11,809 $ 7,747 $ 6,042 Restricted cash - current (1) 11,191 — — 11,191 — — Restricted cash - non-current 1,266 1,292 1,843 1,266 1,362 1,843 Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 24,266 $ 12,986 $ 7,885 $ 24,266 $ 9,109 $ 7,885 (1) Restricted cash – current for the year ended December 31, 2017 represents amounts held in an escrow account for the acquisition of The Future Customer (“TFC”). |
Accounting for Stock-based Comp
Accounting for Stock-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Accounting for Stock-based Compensation | NOTE 14 - ACCOUNTING FOR STOCK-BASED COMPENSATION Stock Incentive Plans On April 4, 2018, the Company’s board of directors approved the 2018 Omnibus Incentive Plan (the “2018 Omnibus Plan”), which was subsequently approved by the stockholders and became effective on May 31, 2018 (the “Effective Date”). The 2018 Omnibus Plan replaced the previous 2010 Omnibus Incentive Plan (the “Prior Plan”). On or after the Effective Date, the 2018 Omnibus Plan allows the Company to grant The total stock-based compensation expense for the years ended December 31, 2018, 2017, and 2016, the unrecognized compensation expense at December 31, 2018, and the weighted-average period to recognize the remaining unrecognized shares are as follows: Stock-Based Compensation Expense Recognized as of December 31, Unrecognized 2018 2017 2016 December 31, 2018 Weighted-Average Period to Recognize (years) Stock Options $ — $ 164 $ 909 $ — — Restricted Stock Units 7,410 7,080 6,325 13,484 1.8 Cash-Settled Restricted Stock Units 8,214 7,253 7,091 10,550 1.6 Non-Employee Director Awards 764 671 741 327 0.4 Performance Shares 3,193 2,376 877 3,000 1.5 Total $ 19,581 $ 17,544 $ 15,943 $ 27,361 The assumptions of employment termination forfeiture rates used in the determination of fair value of stock awards during the 2018 calendar year were based on the Company’s historical average of actual forfeitures from the previous 5 years preceding the reporting period. The expected annualized forfeiture rates used during the 2018 calendar year varied from 0% to 18.17%, and the Company does not expect these termination rates to vary significantly in the future. Stock Options Option awards are granted with an exercise price equal to the market value of the Company’s common stock on the date of grant. All options outstanding as of December 31, 2018 have a 10-year contractual term. Options generally have a vesting term of three or four years. There were no option awards granted during 2018, 2017, and 2016. The following table summarizes the changes in outstanding stock options: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding at January 1, 2016 723,005 $ 28.62 Exercised (128,301 ) $ 23.65 Granted — $ — Forfeited/Expired (7,297 ) $ 40.68 Outstanding at December 31, 2016 587,407 $ 29.56 Exercised (175,909 ) $ 26.84 Granted — $ — Forfeited/Expired — $ — Outstanding at December 31, 2017 411,498 $ 30.71 Exercised (209,688 ) $ 27.86 Granted — $ — Forfeited/Expired — $ — Outstanding at December 31, 2018 201,810 $ 33.68 $ 6,276,432 Vested plus expected to vest at December 31, 2018 201,810 $ 33.68 $ 6,276,432 Exercisable at December 31, 2018 201,810 $ 33.68 $ 6,276,432 The aggregate intrinsic value in the preceding table is based on the Company’s closing stock price of $64.78 as of December 31, 2018. The total intrinsic value of options exercised was $8.3 million, $4.5 million, and $2.5 million for the years ended December 31, 2018, 2017, and 2016, respectively. The fair value of shares vested was $0, $1.9 million, and $1.3 million for the years ended December 31, 2018, 2017, and 2016, respectively. As of December 31, 2018, the weighted-average remaining contractual term for options vested was 4.7 years and for exercisable options was 4.7 years. Information regarding stock options outstanding as of December 31, 2018 is summarized below: OPTIONS OUTSTANDING OPTIONS EXERCISABLE Range of Exercise Prices Number Outstanding As of December 31, 2018 Weighted Average Remaining Contractual Term Weighted Average Exercise Price Number Exercisable As of December 31, 2018 Weighted Average Exercise Price $21.77 to $25.00 1,915 2.3 $ 21.77 1,915 $ 21.77 $25.01 to $28.00 100,114 4.1 $ 26.93 100,114 $ 26.93 $28.01 to $40.68 99,781 5.2 $ 40.68 99,781 $ 40.68 $21.77 to $41.00 201,810 4.7 $ 33.68 201,810 $ 33.68 Restricted Stock Units RSUs generally have a vesting term of three to four years. On vesting the employee is issued one share of stock for each RSU awarded. The fair value of shares vested was $6.5 million , $6.3 million A summary of the Company’s RSUs is presented below. Number of Shares Weighted- Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested RSUs at January 1, 2016 555,904 $ 35.40 Granted 240,868 $ 34.68 Vested (221,659 ) $ 32.45 Cancelled (67,115 ) $ 37.60 Non-vested RSUs at December 31, 2016 507,998 $ 36.12 Granted 194,227 $ 41.41 Vested (179,974 ) $ 35.19 Cancelled (58,664 ) $ 36.04 Non-vested RSUs at December 31, 2017 463,587 $ 38.71 Granted 235,480 $ 65.37 Vested (169,279 ) $ 38.66 Cancelled (54,742 ) $ 47.50 Non-vested RSUs at December 31, 2018 475,046 $ 50.93 $ 30,773,480 RSUs expected to vest in the future 425,272 $ 49.77 $ 27,549,127 The aggregate intrinsic value in the preceding table is based on the Company’s closing stock price of $64.78 per share as of December 31, 2018. Cash-Settled Restricted Stock Units CSRSUs generally have a vesting term of three to four years. A summary of the Company’s CSRSUs is presented below. Number of Shares Weighted- Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested CSRSUs at January 1, 2016 446,663 $ 37.18 Granted 233,790 $ 34.29 Vested (146,619 ) $ 34.70 Cancelled (70,812 ) $ 37.55 Non-vested CSRSUs at December 31, 2016 463,022 $ 35.96 Granted 174,419 $ 42.06 Vested (161,576 ) $ 40.78 Cancelled (83,949 ) $ 36.43 Non-vested CSRSUs at December 31, 2017 391,916 $ 38.80 Granted 147,103 $ 60.84 Vested (147,759 ) $ 38.71 Cancelled (51,695 ) $ 43.07 Non-vested CSRSUs at December 31, 2018 339,565 $ 47.73 $ 21,997,021 CSRSUs expected to vest in the future 301,532 $ 47.00 $ 19,533,238 The aggregate intrinsic value in the preceding table is based on the Company’s closing stock price of $64.78 per share as of December 31, 2018. The fair value of CSRSUs vested and settled in cash for the years ended December 31, 2018, 2017, and 2016 was $7.7 million, $6.9 million and $5.9 million, respectively. Non-Employee Director Awards In the first six months of 2018, t he Company granted awards of unregistered shares to its non-employee directors on a quarterly basis under its Annual Equity Election. The awards were issued from the Company’s treasury stock and had no impact on the shares available for grant under the 2018 Omnibus Plan or the Prior Plan. The awards do not include vesting conditions; thus, there was no unrecognized expense related to these awards at December 31, 2018. A summary of the Company’s non-employee director awards of unregistered shares granted by fiscal year is presented below. For the Year ended December 31, Number of shares Granted Weighted- Average Grant Date Fair Value 2016 15,299 $ 39.32 2017 13,861 $ 48.41 2018 7,985 $ 60.36 On July 2, 2018, t he Company granted awards of registered shares to its non-employee directors on an annual basis under the Omnibus Plan. A summary of the non-employee director awards is presented below: Number of Shares Weighted-Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested RSAs at January 1, 2018 — $ — Granted 11,606 $ 72.35 Vested (5,395 ) $ 72.35 Cancelled (1,243 ) $ 72.35 Non-vested RSAs at December 31, 2018 4,968 $ 72.35 $ 321,827 RSAs expected to vest in the future 4,968 $ 72.35 $ 321,827 The aggregate intrinsic value in the preceding table is based on the Company’s closing stock price of $64.78 per share as of December 31, 2018. Performance Share Awards In the first quarter of 2015, the Company’s Board of Directors approved a performance-based share program (the “Program”) that provides for the issuance of PSAs to its senior management. Under the Program, the number of PSAs that the participant will receive depends on the Company’s achievement of two performance goals during two performance periods. The performance goals under the Program are based on (i) the Company’s compounded annual growth rate in earnings per share (“EPS”) during a two-year performance period and (ii) the Company’s cumulative total shareholder return (“rTSR”) relative to its peer group during a performance period from the first day of the performance period (typically January 1 of the year awarded) to the last day of the third year of the performance period (typically December 31). The PSAs will only be eligible to vest following the expiration of the three-year performance period. Actual shares vested will be subject to both continued employment by the Company (barring certain exceptions allowing for partial performance periods) and actual financial measures achieved. The actual number of shares of common stock that will be issued to each participant at the end of the applicable performance period will be determined by multiplying the award by the product of two percentages, one based on the Company’s EPS performance and a second one based on the Company’s rTSR performance, subject to a minimum and maximum performance level. As of December 31, 2018, shares granted during 2016, 2017, and 2018 are within year three, two, and one of the performance period, respectively, and therefore have not vested. A total of 30,576 shares granted in 2015 vested during 2018 after meeting the performance goals. A summary of the Company’s PSAs is presented below. Number of Shares Weighted-Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested PSAs at January 1, 2016 58,822 $ 44.21 Granted 74,574 $ 37.75 Vested — $ — Cancelled (3,422 ) $ 41.61 Non-vested PSAs at December 31, 2016 129,974 $ 40.57 Granted 60,929 $ 38.81 Vested — $ — Cancelled (3,881 ) $ 42.83 Non-vested PSAs at December 31, 2017 187,022 $ 39.95 Granted 45,136 $ 65.05 Vested (30,576 ) $ 44.21 Cancelled (32,096 ) $ 43.72 Non-vested PSAs at December 31, 2018 169,486 $ 45.15 $ 10,979,303 PSAs expected to vest in the future 97,309 $ 50.35 $ 6,303,674 The aggregate intrinsic value in the preceding table is based on the Company’s closing stock price of $64.78 per share as of December 31, 2018. The fair value of the awards is estimated on the grant date using a Monte Carlo simulation model due to the market condition for the rTSR component. The fair value assumptions using the Monte Carlo simulation model for awards granted in 2018, 2017, and 2016 were 0.9%, 0.0% and 0.0% for dividend yields, respectively; 31.9%, 31.3% and 30.9% for historical volatility, respectively; and 2.4%, 1.5%, and 1.0% both risk-free rate of returns, respectively. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 15 – BUSINESS COMBINATIONS In January 2018, the Company acquired TFC, a leading boutique loyalty strategy and marketing company based in London, United Kingdom. The acquisition of TFC enhanced and extended the Company’s customer loyalty business to Europe. In August 2018, the Company acquired DMS Disaster Consultants (“DMS”), a disaster management and recovery firm based in Florida. DMS assists public sector clients with man-made and natural disaster planning and preparedness, and post-disaster response and recovery efforts by assisting clients in obtaining funding from Federal Emergency Management Agency, insurance companies, and other sources. In October 2018, the Company acquired We Are Vista (“Vista”), a communication company headquartered in Leeds, U.K., with an additional presence in London. Vista provides advisory services and solutions to clients in the financial, retail, automobile, and energy industries. The combined purchase consideration for these acquisitions totaled $51.2 million, which included $34.6 million of initial cash payments, net of cash acquired. The Company recognized the fair value of the assets acquired and liabilities assumed and allocated $32.1 million to goodwill, $10.6 million to intangible assets consisting primarily of customer relationships that will be amortize on an accelerated basis based on projected customer payments and $1.2 million in contingent consideration to be paid to a former owner if certain objectives are achieved (Level 3 fair value.). As of December 31, 2018, the Company has recorded $6.5 million of extended purchase commitments under the acquisition agreements. The Company determined the fair value of the contingent liability as of the acquisition date using a valuation model which included the most likely outcome and the application of an appropriate discount rate. At December 31, 2018, the Company remeasured the contingent liability and, as a result of the remeasurement, recorded $0.5 million charge. As part of one of the acquisitions, the purchase agreement includes additional consideration in the form of two warranty and indemnity hold back payments, one for approximately $2.0 million scheduled to be released in 18 months following the close date and the other for $1.2 million scheduled to be released four years from the close date. The two warranty and indemnity liabilities were recorded at their fair value discounting the liabilities at 3.0% and 3.25%, respectively. Separately or in the aggregate, the acquisitions were not significant to the Company’s financial statements taken as a whole. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 16 - EARNINGS PER SHARE EPS is computed by dividing reported net income by the weighted-average number of shares outstanding. Diluted EPS considers the potential dilution that could occur if common stock equivalents of stock options, RSUs, and PSAs were exercised or converted into stock. PSAs are included in the computation of diluted shares only to the extent that the underlying performance conditions (i) are satisfied as of the end of the reporting period or (ii) would be considered satisfied if the end of the reporting period were the end of the related performance period and the result would be dilutive under the treasury stock method. For the years ended December 31, 2018, 2017, and 2016, there were 20,291 weighted-average shares, 142 weighted-average shares, and 163,564 weighted-average shares excluded from the calculation of EPS because they were anti-dilutive, respectively. The dilutive effect of stock options, RSUs, and performance shares for each period reported is summarized below: (in thousands) 2018 2017 2016 Basic weighted-average shares outstanding 18,797 18,766 18,989 Effect of potential exercise of stock options, RSUs, and performance shares 538 478 427 Diluted weighted-average shares outstanding 19,335 19,244 19,416 |
Share Repurchase Program
Share Repurchase Program | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Share Repurchase Program | NOTE 17 - SHARE REPURCHASE PROGRAM In the third quarter of 2015, the Company’s board of directors approved a share repurchase plan that allowed for share repurchases through November 2017 and authorized share repurchases in the aggregate up to $75.0 million, not to exceed limits under the Credit Facility. As part of the Company’s modification of the Credit Facility, the prior Credit Facility limits on share repurchases were eliminated to permit unlimited share repurchases, provided the Company’s Leverage Ratio, prior to and after giving effect to such repurchases, is not greater than 3.25 to 1.00. During September 2017, the board of directors approved a new repurchase program and repurchase plan effective November 4, 2017 through November 4, 2019 with a limit of $100.0 million. The limitation under the Credit Facility remains unchanged. Purchases under this program may be made from time to time at prevailing market prices in open market purchases or in privately negotiated transactions pursuant to Rules 10b5-1 and 10b-18 under the Exchange Act and in accordance with applicable insider trading and other securities laws and regulations. The purchases are funded from existing cash balances and/or borrowings, and the repurchased shares are held in treasury and used for general corporate purposes. The timing and extent to which the Company repurchases its shares will depend on market conditions and other corporate considerations at the Company’s sole discretion. During the year ended December 31, 2018, the Company repurchased 214,137 shares at a total cost of $13.9 million under this program. As of December 31, 2018, approximately $86.1 million remained available under the share repurchase plan. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 18 - FAIR VALUE The Company measures and reports certain financial assets and liabilities at fair value in accordance with ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Generally, fair value is based on observable quoted market prices or derived from observable market data when such market prices or data are available. ASC 820 establishes a three-level hierarchy used to estimate fair value by which each level is categorized based on the priority of the inputs used to measure fair value: • Level 1: Quoted prices that are available in active markets for identical assets or liabilities; • Level 2: Quoted prices for similar assets or liabilities in active markets, 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 (e.g. interest rates and yield curves that are observable at commonly quoted intervals, and implied volatilities); and inputs derived principally from or corroborated by observable market data by correlation or other means; and • Level 3: Uses inputs that are unobservable and require the Company to make certain assumptions and require significant estimation and judgment from management to use in pricing the fair value of the assets and liabilities. As of December 31, 2018, the Company had a $1.7 million contingent liability related to an acquisition which was measured at Level 3 (See Note 15 – Business Combinations). As of December 31, 2017, there were no assets or liabilities measured at Level 3 on a recurring basis. Certain financial instruments, including cash and cash equivalents, contract receivables, and accounts payable are carried at cost, which, due to their short maturities, approximates their fair values at December 31, 2018 and 2017. The carrying value of other long-term liabilities related to capital expenditure obligations approximates their fair value at December 31, 2018 and 2017 based on the current rates offered to the Company for similar instruments with comparable maturities (Level 2). The Company believes the carrying value of its Credit Facility at December 31, 2018 and 2017 approximates the estimated fair value for debt with similar terms, interest rates, and remaining maturities currently available to companies with similar credit ratings (Level 2). The Company applies the provisions of ASC 820 to its assets and liabilities that are required to be measured at fair value pursuant to other accounting standards, including assets and liabilities resulting from the Company’s nonqualified deferred compensation plan, interest rate swap agreement (see Note 10 – Derivative Instruments and Hedging Activities), and foreign currency forward contract agreements not eligible for hedge accounting. The impact of the amounts recorded for the nonqualified deferred compensation plan, interest rate swap agreement, and the forward contract agreements was immaterial to the consolidated financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 19 - COMMITMENTS AND CONTINGENCIES Litigation and Claims The Company is involved in various legal matters and proceedings arising in the ordinary course of business. While these matters and proceedings cause it to incur costs, including, but not limited to, attorneys’ fees, the Company currently believes that any ultimate liability arising out of these matters and proceedings will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Road Home Contract On June 10, 2016, the Office of Community Development (the “OCD”) of the State of Louisiana filed a written administrative demand with the Louisiana Commissioner of Administration against ICF Emergency Management Services, L.L.C. (“ICF Emergency”), a subsidiary of the Company, in connection with ICF Emergency’s administration of the Road Home Program (the “Program”). The Program contract was a three-year, $912 million contract awarded to the Company in 2006 and that ended, as scheduled, in 2009. The Program was primarily intended to help homeowners and landlords of small rental properties affected by Hurricanes Rita and Katrina. In its administrative demand, the OCD sought approximately $200.8 million in alleged overpayments to Program grant recipients. The State separately supplemented the amount of recovery it is seeking to total approximately $220.2 million. The State of Louisiana, through the Division of Administration, also filed suit in Louisiana state court on June 10, 2016 broadly alleging, and seeking recoupment for, the same claim made in the administrative proceeding submission before the Louisiana Commissioner of Administration. On September 21, 2016, the Commissioner of the Division of Administration notified OCD and the Company of his decision to defer jurisdiction of the administrative demand filed by the OCD. In so doing, the Commissioner declined to reach a decision on the merits, stated that his deferral would not be deemed to grant or deny any portion of the OCD’s claim, and authorized the parties to proceed on the matter in the previously filed judicial proceeding. The Company continues to believe that this claim has no merit, intends to vigorously defend its position, and has therefore not recorded a liability as of December 31, 2018. Operating Leases On March 8, 2010, the Company entered into a new lease that replaced its prior headquarters lease, which was due to expire in October 2012. The new lease was initially for approximately 258,000 square feet, with approximately 72,000 square feet of additional space subsequently added. The lease commenced on April 1, 2010 and will expire on December 31, 2022. Base rent under the agreement is approximately $0.9 million per month with annual escalations fixed at 2.5% per year, yielding a total lease commitment of approximately $150.6 million over the twelve-year term of the lease. The Company has entered into various other operating leases for office space and equipment. Certain facility leases may contain fixed escalation clauses, certain facility leases require the Company to pay operating expenses in addition to base rental amounts, and nine leases require the Company to maintain letters of credit. Future minimum rental payments under all non-cancelable operating leases are as follows: Year ending December 31, (in thousands) 2019 $ 39,031 2020 36,210 2021 35,311 2022 33,624 2023 16,336 Thereafter 28,916 $ 189,428 Minimum lease payments have been reduced by minimum sublease rentals of $1.2 million due in the future under non-cancelable subleases. Rent expense is recognized on a straight-line basis over the lease term, net of sublease payments. Rent expense consists of the following for the years ended December 31: (in thousands) 2018 2017 2016 Rent $ 34,924 $ 36,269 $ 39,537 Sublease income (45 ) (142 ) (147 ) Total rent expense $ 34,879 $ 36,127 $ 39,390 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employee Benefit Plans | NOTE 20 - EMPLOYEE BENEFIT PLANS Retirement Savings Plan Effective June 30, 1999, the Company established the ICF Consulting Group Retirement Savings Plan (the “Retirement Savings Plan”). The Retirement Savings Plan is a defined contribution profit sharing plan with a cash or deferred arrangement under Section 401(k) of the Internal Revenue Code. Participants in the Retirement Savings Plan are able to elect to defer up to 70% of their compensation, subject to statutory limitations, and are entitled to receive 100% employer matching contributions for the first 3% and 50% for the next 2% of their compensation. Contribution expense related to the Retirement Savings Plan for the years ended December 31, 2018, 2017, and 2016, was approximately $16.2 million, $15.1 million, and $14.9 million, respectively. Deferred Compensation Plan Certain key employees of the Company are eligible to defer a specified percentage of their cash compensation by having it contributed to a nonqualified deferred compensation plan. Eligible employees may elect to defer up to 80% of their base salary and up to 100% of performance bonuses, reduced by any amounts withheld for the payment of taxes or other deductions required by law. Participants are at all times 100% vested in their account balances. The Company funds its deferred compensation liabilities by making cash contributions to a Rabbi Trust at the time the salary or bonus being deferred would otherwise be payable to the employee. The liability to plan participants is materially funded at all times and the plan does not have a material net impact on the Company’s results of operations. Employee Stock Purchase Plan The Company has a 2006 Employee Stock Purchase Plan (“ESPP”) under which one million shares have been authorized for issuance. The ESPP allows eligible employees to purchase shares of our common stock through payroll deductions up to $25,000 per calendar year over six-month offering periods at a discount not to exceed 5% of the market value on the date of each purchase period. For the year ended December 31, 2018, 22,320 shares were purchased by employees, at an average purchase price of $63.92, and 702,506 shares remain available for future issuance. The Company does not recognize compensation expense related to the ESPP. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 21 - SUBSEQUENT EVENTS On February 26, 2019, the Company’s board of directors approved a $0.14 per share cash dividend. The dividend will be paid on April 16, 2019 to shareholders of record as of the close of business on March 29, 2019. |
Supplemental Information
Supplemental Information | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Information | NOTE 22 - SUPPLEMENTAL INFORMATION Valuation and Qualifying Accounts Allowance for Doubtful Accounts 2018 2017 2016 Balance at beginning of period $ 3,853 $ 2,591 $ 2,138 Bad debt expense 2,480 1,480 1,089 Write-offs, net of recoveries (1,027 ) (219 ) (635 ) Effect of foreign currency translation (22 ) 1 (1 ) Balance at end of period $ 5,284 $ 3,853 $ 2,591 Income Tax Valuation Allowance 2018 2017 2016 Balance at beginning of period $ 1,636 $ 1,131 $ 933 Provision for income taxes - valuation allowance 3,476 505 198 Balance at end of period $ 5,112 $ 1,636 $ 1,131 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 2018 2017 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Revenue $ 302,780 $ 324,315 $ 332,968 $ 377,910 $ 296,295 $ 306,392 $ 305,301 $ 321,174 Operating income $ 17,582 $ 21,025 $ 24,222 $ 29,443 $ 16,633 $ 22,208 $ 23,396 $ 20,181 Net income $ 12,417 $ 13,617 $ 16,671 $ 18,695 $ 10,177 $ 11,937 $ 13,692 $ 27,070 Earnings per share: Basic $ 0.67 $ 0.72 $ 0.88 $ 0.99 $ 0.54 $ 0.64 $ 0.73 $ 1.45 Diluted $ 0.65 $ 0.71 $ 0.86 $ 0.97 $ 0.52 $ 0.63 $ 0.72 $ 1.41 Weighted-average common shares outstanding (in thousands) Basic 18,670 18,806 18,873 18,838 18,972 18,775 18,666 18,646 Diluted 19,158 19,209 19,306 19,333 19,423 19,086 19,024 19,136 Cash dividends declared per common share $ 0.14 $ 0.14 $ 0.14 $ 0.14 $ - $ - $ - $ - |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Nature of Operations | Basis of Presentation and Nature of Operations The accompanying consolidated financial statements include the accounts of ICF International, Inc. (“ICFI”) and its principal subsidiary, ICF Consulting Group, Inc. (“Consulting,” and together with ICFI, “the Company”), and have been prepared in accordance with United States (“U.S.) generally accepted accounting principles (“U.S. GAAP”). Consulting is a wholly owned subsidiary of ICFI. ICFI is a holding company with no operations or assets other than its investment in the common stock of Consulting. All other subsidiaries of the Company are wholly owned by Consulting. All significant intercompany transactions and balances have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition The Company primarily provides services and technology-based solutions for clients that operate in a variety of markets and the solutions may span the entire program life cycle, from initial research and analysis to the design and implementation of solutions. The Company enters into agreements with clients that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as services and solutions are transferred to the client. Except in certain narrowly defined situations, the Company’s agreements with its clients are written and revenue is generally not recognized on oral or implied arrangements. The Company recognizes revenue based on the consideration specified in the applicable agreement and excludes from revenue amounts collected on behalf of third parties. Accordingly, sales and similar taxes which are collected on behalf of third parties are excluded from the transaction price. The Company evaluates whether two or more agreements should be accounted for as one single contract and whether combined or single agreements should be accounted for as more than one performance obligation. For most contracts, the client requires the Company to perform a number of tasks in providing an integrated output for which the client has contracted, and, hence, contracts of this type are tracked as having only one performance obligation since a substantial part of the Company’s promise is to ensure the individual tasks are incorporated into a combined output in accordance with contract requirements. When contracts are separated into multiple performance obligations, the Company allocates the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised services underlying each performance obligation. The Company generally provides customized solutions in which the pricing is based on specific negotiations with each client, and, in these cases, the Company uses a cost-plus margin approach to estimate the standalone selling price of each performance obligation. It is common for the Company’s long-term contracts to contain award fees, incentive fees or other provisions that can either increase or decrease the transaction price. These variable amounts are generally awarded at the completion of a contractually-stipulated performance assessment period based on the achievement of performance metrics, program milestones or cost targets, and the amount awarded may be subject to client discretion. The Company estimates variable consideration as the most likely amount to which the Company expects to be entitled. The Company evaluates contractual arrangements to determine whether revenue should be recognized on a gross versus net basis. The Company’s assessment is based on the nature of the promise to the client. In most cases, the Company itself agrees to provide specified services to the client as a principal and revenue is recognized on a gross basis. In rare cases, the Company acts as an agent and merely arranges for another party to provide services to the client and revenue is recognized on a net basis in reflection of the fact that the Company does not control the goods or services provided to the client by the other party. Long-term contracts typically contain billing terms that provide for invoicing once a month and payment on a net 30-day basis. Exceptions to monthly billing terms are to ensure that the Company performs satisfactorily rather than representing a significant financing component. For cost-based contracts, for example, the Company’s performance is evaluated during a contractually stipulated performance period and, while contract costs may be billed on a monthly basis, the Company is generally permitted to bill for incentive or award fees only after the completion of the performance assessment period, which may occur quarterly, semi-annually or annually, and after the client completes the performance assessment. Similarly, fixed-price contracts, in order to ensure that the Company meets contract requirements, may provide for milestone billings based on the attainment of specific project objectives rather than for billing on a monthly basis. Moreover, contracts may require retentions or hold backs that are paid at the end of the contract to ensure that the Company performs in accordance with requirements. The Company does not assess whether a contract contains a significant financing component if the Company expects, at contract inception, that the period between payment by the client and the transfer of promised services to the client will be one year or less. As a service provider, the Company generally recognizes revenue over time as control is transferred to a client, based on the extent of progress towards satisfaction of the performance obligation. The selection of the method used to measure progress requires judgment and is dependent, among other factors, on the contract type selected by the client during contract negotiation and the nature of the services and solutions to be provided. When a performance obligation is billed using a time-and-materials contract type, the Company uses output progress measures to estimate revenue earned based on hours worked in contract performance at negotiated billing rates. Fixed-price level-of-effort contracts are substantially similar to time-and-materials contracts except that the Company is required to deliver a specified level of effort over a stated period of time. For these contracts, the Company estimates revenue earned using contract hours worked at negotiated bill rates as the Company delivers the contractually required workforce. For cost-based contracts, the Company recognizes revenue based on contract costs incurred, as the Company becomes contractually entitled to reimbursement of the contract costs, plus a most likely estimate of award or incentive fees earned on those costs even though final determination of fees earned occurs after the contractually-stipulated performance assessment period ends. For performance obligations requiring the delivery of a service for a fixed price, the Company uses the ratio of actual costs incurred to total estimated costs, provided that costs incurred (an input method) represents a reasonable measure of progress towards the satisfaction of a performance obligation, in order to estimate the portion of total revenue earned. This method provides a faithful depiction of the transfer of value to the client when the Company is satisfying a performance obligation that entails integration of tasks for a combined output which requires the Company to coordinate the work of employees, subcontractors and delivery of other contract costs. Contract costs that are not reflective of the Company’s progress to satisfying a performance obligation are not included in the calculation of the measure of progress. When this method is used, changes in estimated costs to complete these obligations result in adjustments to revenue on a cumulative catch-up basis, which causes the effect of revised estimates for prior periods to be recognized in the current period. Changes in these estimates can routinely occur over contract performance for a variety of reasons, which include: changes in contract scope; changes in contract cost estimates due to unanticipated cost growth or reassessments of risks impacting costs; changes in estimated incentive or award fees; or performing better or worse than previously estimated. In some fixed price service contracts, the Company performs services of a recurring nature, such as maintenance and other services of a “stand ready” nature. For these contracts, the Company has the right to consideration in an amount that corresponds directly with the value that the client has received. Therefore, the Company records revenue on a time elapsed basis to reflect the transfer of control to the client throughout the contract. Contracts are often modified to reflect changes in contract specifications and requirements, and these changes may create new enforceable rights and obligations. Most modifications are for services that are not distinct from the existing agreement due to the significant integration service that the Company provides. Therefore, most modifications are accounted for as part of an existing performance obligation. The effect of these modifications on transaction price, and the Company’s measure of progress in fulfilling the performance obligation to which they relate, may be recognized as an adjustment to revenue on a cumulative catch-up basis. Revenue from modifications that create new, distinct performance obligations is recognized based on the Company’s progress in fulfilling the requirements of the new obligation. For contracts in which the estimated cost to perform exceeds the consideration to be received, the Company accrues for the entire estimated loss during the period in which the loss is determined by recording additional direct costs. For performance obligations that are satisfied over time, the Company recognizes the cost to fulfill contracts as incurred, unless the costs are within the scope of another topic in which case the guidance of that topic is applied. The Company evaluates incremental costs of obtaining a contract and, if they are recoverable from the client and relate to a specific future contract, they are deferred and recognized over contract performance or the estimated life of the customer relationship if renewals are expected. The Company expenses these costs when incurred if the amortization period is one year or less. Unfulfilled performance obligations represent amounts expected to be earned on contracts and do not include the value of negotiated, unexercised contract options, which are classified as marketing offers. Indefinite delivery/indefinite quantity and similar arrangements provide a framework for the client to issue specific tasks, delivery or purchase orders in the future and these arrangements are considered marketing offers until a specific order is executed. Revenue recognition entails the use of significant judgment, including, but not limited to, the following: evaluating agreements in terms of the number and nature of performance obligations; determining the appropriate method for measuring progress to satisfaction of obligations; determining if the Company is acting as a principal or an agent, and preparing estimates in terms of the amount of progress that the Company has made. Most of the Company’s revenue is recognized over time. For many fixed-price contracts, in particular, the Company estimates the proportion of total revenue earned using the ratio of contract costs incurred to total estimated contract costs, which requires the Company to prepare and, as necessary, revise estimates, as work progresses, of the total contract costs required to satisfy each respective performance obligation. Moreover, some of the Company’s contracts include variable consideration, which requires the Company to estimate and, as necessary, revise the most likely amounts that will be earned over the respective performance assessment periods. For these obligations, changes in estimates result in cumulative catch-up adjustments and may have a significant impact on earnings during a given period. The Company’s operating cycle for long-term contracts may be greater than one year and is measured by the average time intervening between the inception and the completion of those contracts . Contract-related assets and liabilities are classified as current assets and current liabilities. Significant balance sheet accounts related to the revenue recognition cycle are as follows: Contract receivables, net – This account includes amounts billed or billable under contract terms. The amounts due are stated at their net realizable value. The Company maintains an allowance for doubtful accounts to provide for the estimated amount of receivables that will not be collected. The Company considers a number of factors in its estimate of the allowance, including knowledge of a client’s financial condition, its historical collection experience, and other factors relevant to assessing the collectability of the receivables. Contract assets – This account includes unbilled amounts typically resulting from revenue recognized on long-term contracts when the amount of revenue recognized exceeds the amounts billed. It also includes contract retainages until the Company has met the contract-stipulated requirements for payment. Contract assets are reported in a net position on a contract by contract basis each period even though individual contracts may contain multiple performance obligations. On a contract by contract basis, amounts do not exceed their net realizable value. Contract liabilities – This account consists of advance payments received and billings in excess of revenue recognized on long-term contracts. Contact liabilities are reported in a net position on a contract by contract basis each period even though individual contracts may contain multiple performance obligations. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers cash on deposit and all highly liquid investments with original maturities of three months or less when purchased to be cash and cash equivalents. |
Restricted Cash | Restricted Cash The Company has restricted cash representing amounts held in escrow accounts and/or not readily available due to contractual restrictions. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company considers a number of factors in its estimate of allowance for doubtful accounts, including the client’s financial condition, historical collection experience, and other factors that may bear on collectability of the receivables. The Company writes off specific contract receivables when such amounts are determined to be uncollectible. |
Property and Equipment | Property and Equipment Property and equipment are carried at cost and are depreciated using the straight-line method over their estimated useful lives, which range from two to seven years. Leasehold improvements are amortized on a straight-line basis over the shorter of the economic life of the improvement or the related lease term. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The purchase price of an acquired business is allocated to the tangible assets and separately identifiable intangible assets acquired, less liabilities assumed, based on their respective fair values, with the excess recorded as goodwill. Goodwill represents the excess of costs over the fair value of net assets of businesses acquired. Goodwill and intangible assets acquired in a business combination and determined to have an indefinite useful life are not amortized, but instead are reviewed for impairment annually, or more frequently if impairment indicators arise. Intangible assets with estimable useful lives are amortized over such lives and reviewed for impairment if impairment indicators arise. |
Impairment | Impairment The Company performs its annual goodwill impairment test as of October 1 of each year. The Company’s qualitative analysis as of October 1, 2018 included macroeconomic, industry and market specific considerations, financial performance indicators and measurements, and other factors. Based on this qualitative assessment, the Company determined that it is more likely than not that the fair value of its reporting unit exceeded its carrying amount, and thus the impairment test was not required to be performed. Therefore, based on management’s review, a goodwill impairment loss was not required for 2018. Historically, the Company has not recorded any goodwill impairment losses. The Company is required to review long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less cost to sell. |
Capitalized Software | Capitalized Software The Company capitalizes certain costs to develop enhancements and upgrades to internal-use software that are incurred subsequent to the preliminary project stage. Amortization expense is recorded on a straight-line basis over the expected economic life of the software, typically lasting three to five years. |
Deferred Rent | Deferred Rent The Company recognizes rent expense on a straight-line basis over the non-cancellable term of each lease, including renewal option periods when renewal is reasonably assured or executed. Lease incentives or abatements received at or near the inception of leases are accrued and amortized ratably over the life of the lease. |
Stock-based Compensation | Stock-based Compensation The Company recognizes stock-based compensation expense related to share-based payments to employees, including grants of employee stock options, restricted stock awards, restricted stock units (“RSUs”), and cash-settled restricted stock units (“CSRSUs”) on a straight-line basis over the requisite service period, which is generally the vesting period. The Company recognizes expense for performance-based share awards (“PSAs”), which have both performance requirements and vesting conditions, on a straight-line basis over the three-year performance period. Non-employee director awards, which do not include vesting conditions, are for board-related services and therefore expensed when earned. Stock-based compensation expense is based on the estimated fair value of the instruments on award and the estimated number of shares the Company ultimately expects will vest. The Company estimates the rate of future forfeitures based on factors which include the historical forfeiture experience for each applicable employee class under the assumption that the rate of future forfeitures will be similar to that experienced in the past. In addition, the estimation of PSAs that will ultimately vest requires judgment based on the performance and market conditions that will be achieved over the performance period. Changes to these estimates are recorded as a cumulative adjustment in the period estimates are revised. The fair value of stock options, restricted stock awards, RSUs, PSAs, and non-employee director awards is estimated based on the fair value of a share of common stock at the grant date. The Company has elected to use the Black-Scholes-Merton option pricing model to determine the fair value of stock options. The fair value of PSAs is estimated using a Monte Carlo simulation model. CSRSUs are settled only in cash payments. The cash payment is based on the fair value of the Company’s stock price at the vesting date, calculated by multiplying the number of CSRSUs vested by the Company’s closing stock price on the vesting date, subject to a maximum payment cap and a minimum payment floor. The Company treats these awards as liability-classified awards, and, therefore, accounts for them at fair value estimated based on the closing price of the Company’s stock at the reporting date. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Other comprehensive income (loss) represents foreign currency translation adjustments arising from the use of differing exchange rates from period to period, the gain on the sale of an interest rate hedge agreement designated as a cash flow hedge, and the changes in fair value of interest rate agreements designated as cash flow hedges, net of taxes. The financial positions and results of operations of the Company’s foreign subsidiaries are based on the local currency as the functional currency and are translated to U.S. dollars for financial reporting purposes. Assets and liabilities of the subsidiaries are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. Translation adjustments are reported in accumulated other comprehensive loss included in stockholders’ equity in the Company’s consolidated balance sheets. |
Derivative Instruments | Derivative Instruments Derivative instruments designated as cash flow hedges are recorded on the consolidated balance sheet at fair value as of the reporting date, and the effective portion of the hedge is recorded in other comprehensive income (loss) on the consolidated statement of comprehensive income and reclassified to earnings in the period that the hedged instruments affect earnings. Management reviews the effectiveness of the hedges on a quarterly basis. |
Income Taxes | Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary 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 in effect for the year in which those temporary differences are expected to be recovered or settled. The Company evaluates its ability to benefit from all deferred tax assets and establishes valuation allowances for amounts it believes will more likely than not be unrealizable. For uncertain tax positions, the Company uses a more-likely-than-not recognition threshold based on the technical merits of the income tax position taken. Income tax positions that meet the more-likely-than-not recognition threshold are measured in order to determine the tax benefit recognized in the financial statements. |
Treasury Shares | Treasury Shares Treasury shares are accounted for under the cost method. |
Segment Customer and Geographic Information | Segment, Customer and Geographic Information The Company operates in one segment based on the consolidated information used by its chief operating decision maker in evaluating the financial performance of its business and allocating resources. This single segment represents the Company’s core business which is providing professional services for government and commercial clients. Although, the Company disaggregates its revenue by client market areas and type, the Company does not manage its business or allocate resources based on client market or type. Approximately $543.9 million, $550.3 million, and $563.0 million of the Company’s revenue for the years 2018, 2017, and 2016, respectively, was derived under prime contracts and subcontracts with agencies and departments of the federal government representing 41%, 45%, and 48% of total revenue, respectively. No other customer accounted for 10% or more of the Company’s revenue during the years ended 2018, 2017, and 2016, respectively. The Company’s international operations provide services to both commercial and international government clients. Revenue is attributed to a particular geographic area based on the administrative location of the client that awarded the contract. The Company’s revenue generated from international clients as a percentage of total revenue was approximately 15%, 9%, and 10% for the years 2018, 2017, and 2016, respectively. At December 31, 2018 and 2017, long-lived assets held internationally were 12.2% and 7.9% of total long-lived assets, respectively. |
Risk and Uncertainties | Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and contract receivables. The majority of the Company’s cash transactions are processed through one U.S. commercial bank. Cash held domestically in excess of daily requirements is used to reduce any amounts outstanding under the Company’s Credit Facility. As of December 31, 2018 and 2017, the Company held approximately $11.9 million and $10.4 million, respectively, of cash in foreign bank accounts (not including outstanding deposits and checks). To date, the Company has not incurred losses related to cash and cash equivalents. The Company’s receivables consist principally of amounts due from agencies and departments of the federal government, state and local governments, and international governments, as well as from commercial organizations. T he respect to federal and other government clients, is limited due to the credit-worthiness of the respective governmental entity. Amounts due for work performed as a subcontractor to a commercial organization also represent limited credit risk when the commercial client is performing as the prime contractor on a government contract due to the ultimate credit-worthiness of the end client. The Company has historically been, and continues to be, heavily dependent on contracts with the federal government which are subject to audit by agencies and departments of the federal government. Such audits determine, among other things, whether an adjustment to invoices previously rendered are required under regulations as well as the underlying terms of each respective contract. Management does not expect significant adjustments as a result of government audits that will adversely affect the Company’s financial position and results of operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent Accounting Pronouncements Adopted Accumulated Other Comprehensive Loss In February 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-02: Income Statement – Reporting Comprehensive Income (Topic 220). In the past, certain transactions were recorded in accumulated other comprehensive income net of applicable taxes. The tax had been calculated based on the tax rates enacted at the time the transaction occurred with no provision, under previous accounting, for adjusting the balance for changes in the enacted tax rate. Due to the passage of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”), those historical tax rates used for recording the transactions were higher than the Company’s current enacted rate. The new guidance allows the Company to reclassify these stranded tax effects directly to retained earnings. This update is effective for fiscal years beginning after December 15, 2018, including interim periods therein, and early adoption is permitted. During the first quarter of 2018, the Company elected to early adopt the update, which resulted in a one-time cumulative effect adjustment of $0.8 million from accumulated other comprehensive loss to retained earnings. Revenue Recognition The Company implemented ASU 2014-09, Revenue from Contracts with Customers (Topic 606), on January 1, 2018 using the modified retrospective method. This method requires that the Company apply the requirements of the new standard in the year of adoption to new contracts and those that were not completed as of the adoption date. Management evaluated those contracts not completed as of the adoption date and concluded that the required cumulative adjustment to those contracts did not have a material impact on the Company. Contract assets and contract liabilities were formerly reported as unbilled accounts receivable and deferred revenue, respectively. The titles have been changed in the table below to be consistent with accounts currently used under the new standard. December 31, 2017 As Reported As Adopted Contract receivables, net $ 291,515 $ 168,318 Contract assets — 123,197 Deferred revenue 38,571 — Contract liabilities — 38,571 Retained earnings 434,766 434,766 Unfulfilled performance obligations for contracts in process as of the adoption date were $1.1 billion. Under the modified retrospective method, the Company is required to maintain dual reporting during the year of adoption in order to present revenue under both the previous and new accounting for contracts initiated on or after the date of adoption and for those contracts having remaining obligations as of the adoption date. Revenue timing differences between the two methods resulted primarily from contracts with performance incentives. Under the new accounting, the Company has included in revenue the most likely amount of priced incentives earned as contract work was performed rather than, as under the old accounting, waiting to recognize revenue from incentives until specific quantitative goals were achieved, generally at the end of the performance assessment period. This timing difference did not result in a material change to the Company’s annual revenue since most incentives have one-year performance assessment periods which are aligned with the Company’s fiscal year. Revenue calculated under the old and new methods is as follows: Year ended December 31, 2018 Previous Accounting New Accounting Revenue $ 1,337,973 $ 1,337,973 Contract assets 126,688 126,688 Contract liabilities 33,494 33,494 Recent Accounting Pronouncements Not Yet Adopted Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This standard revises the accounting for leases and requires lessees to recognize, for all leases with terms of greater than one year, a right-of-use asset and lease liability which depicts the rights and obligations arising from a lease. The standard also requires qualitative and quantitative disclosures designed to provide information regarding the nature, amount and timing of lease expense. The new guidance is not expected to significantly change the recognition and measurement of lease expense. It is effective for the first interim and annual periods beginning after December 15, 2018, with early adoption permitted. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), Targeted Improvements permitting the recognition of a cumulative-effect adjustment to retained earnings on the date of adoption. The Company adopted the standard beginning January 1, 2019 using the alternative transition method. The Company is finalizing the value as of the adoption date of the right-of-use asset and lease liabilities and estimates that the right-of-use asset will be between $140 million and $165 million and the lease liability will be between $155 million and $180 million. The Company does not expect a material impact from adopting the new standard on the results of operations or cash flows. Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard requires that the Company present financial assets measured at amortized costs at the net amount expected to be collected based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the assets. The standard is effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period. The Company is currently in the process of evaluating the impact of adoption, but does not anticipate a material impact on the consolidated financial statements as a result of adopting the standard. Stock Compensation In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718). The standard simplifies the accounting for share-based compensation to non-employees by aligning the guidance with share-based payments to employees. It is effective for interim and annual reporting periods beginning after December 15, 2018 with early adoption permitted. The Company is currently in the process of evaluating the impact of adoption, but does not anticipate a material impact on the consolidated financial statements as a result of adopting the standard. Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40). The standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is considered a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard also requires the entity to expense the capitalized implementation costs of a hosting arrangement over the term of the hosting arrangement and present the expense related to the capitalized implementation costs in the same line item in the statement of income as the fees associated with the hosting arrangement. The standard is effective for interim periods and fiscal years beginning after December 15, 2019 with early adoption permitted. The standard may be implemented using either the retrospective or prospective method. The Company is currently in the process of evaluating the impact of adoption and mode of adoption but does not anticipate that there will be a material impact on the consolidated financial statements as a result of adopting the standard. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Contract Assets, Contract Liabilities and Calculation of Revenue under Old and New Accounting Pronouncements | The Company implemented ASU 2014-09, Revenue from Contracts with Customers (Topic 606), on January 1, 2018 using the modified retrospective method. This method requires that the Company apply the requirements of the new standard in the year of adoption to new contracts and those that were not completed as of the adoption date. Management evaluated those contracts not completed as of the adoption date and concluded that the required cumulative adjustment to those contracts did not have a material impact on the Company. Contract assets and contract liabilities were formerly reported as unbilled accounts receivable and deferred revenue, respectively. The titles have been changed in the table below to be consistent with accounts currently used under the new standard. December 31, 2017 As Reported As Adopted Contract receivables, net $ 291,515 $ 168,318 Contract assets — 123,197 Deferred revenue 38,571 — Contract liabilities — 38,571 Retained earnings 434,766 434,766 Unfulfilled performance obligations for contracts in process as of the adoption date were $1.1 billion. Under the modified retrospective method, the Company is required to maintain dual reporting during the year of adoption in order to present revenue under both the previous and new accounting for contracts initiated on or after the date of adoption and for those contracts having remaining obligations as of the adoption date. Revenue timing differences between the two methods resulted primarily from contracts with performance incentives. Under the new accounting, the Company has included in revenue the most likely amount of priced incentives earned as contract work was performed rather than, as under the old accounting, waiting to recognize revenue from incentives until specific quantitative goals were achieved, generally at the end of the performance assessment period. This timing difference did not result in a material change to the Company’s annual revenue since most incentives have one-year performance assessment periods which are aligned with the Company’s fiscal year. Revenue calculated under the old and new methods is as follows: Year ended December 31, 2018 Previous Accounting New Accounting Revenue $ 1,337,973 $ 1,337,973 Contract assets 126,688 126,688 Contract liabilities 33,494 33,494 |
Contract Receivables (Tables)
Contract Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Summary of Contract Receivables | Contract receivables consisted of the following: December 31, 2018 December 31, 2017 Billed receivables $ 236,250 $ 172,171 Allowance for doubtful accounts (5,284 ) (3,853 ) Contract receivables, net $ 230,966 $ 168,318 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following at December 31: 2018 2017 Leasehold improvements $ 19,444 $ 18,873 Software 50,967 42,835 Furniture and equipment 27,435 26,076 Computers 31,568 28,826 129,414 116,610 Accumulated depreciation and amortization (81,309 ) (78,558 ) Total property and equipment, net $ 48,105 $ 38,052 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the fiscal years ended December 31 were as follows: 2018 2017 Balance as of January 1 $ 686,108 $ 683,683 Goodwill resulting from The Future Customer business combination 7,597 — Goodwill resulting from DMS Disaster Consultants business combination 10,121 — Goodwill resulting from We Are Vista business combination 14,392 — Effect of foreign currency translation (2,574 ) 2,425 Total goodwill $ 715,644 $ 686,108 |
Schedule of Other Intangibles | Other intangibles consisted of the following at December 31: 2018 Gross Carrying Value Accumulated Amortization Net Carrying Value Customer-related $ 94,500 $ (59,289 ) $ 35,211 Developed technology 733 (545 ) 188 Total amortizable intangible assets 95,233 (59,834 ) 35,399 Intangible with indefinite life 95 — 95 Total other intangible assets $ 95,328 $ (59,834 ) $ 35,494 2017 Gross Carrying Value Accumulated Amortization Net Carrying Value Customer-related $ 84,878 $ (49,782 ) $ 35,096 Developed technology 1,463 (1,350 ) 113 Total amortizable intangible assets 86,341 (51,132 ) 35,209 Intangible with indefinite life 95 — 95 Total other intangible assets $ 86,436 $ (51,132 ) $ 35,304 |
Schedule of Estimated Future Amortization Expense Relating to Intangible Assets | The estimated future amortization expense relating to intangible assets is as follows: Year ending December 31, 2019 $ 8,345 2020 6,653 2021 5,574 2022 5,193 2023 4,768 Thereafter 4,866 Total $ 35,399 |
Accrued Salaries and Benefits (
Accrued Salaries and Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Employee Related Liabilities Current [Abstract] | |
Schedule of Accrued Salaries and Benefits | Accrued salaries and benefits consisted of the following at December 31: 2018 2017 Accrued paid time off and leave $ 11,708 $ 11,904 Accrued salaries 13,335 9,343 Accrued bonuses, liability-classified awards and commissions 13,214 16,909 Accrued payroll taxes and withholdings 765 2,557 Accrued medical 3,136 3,720 Other 1,945 1,212 Total accrued salaries and benefits $ 44,103 $ 45,645 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following at December 31: 2018 2017 Deposits $ 17,485 $ 6,641 Accrued IT and software licensing costs 3,359 2,261 Accrued taxes and insurance premiums 4,160 2,697 Accrued facilities rental and lease exit costs 2,271 1,673 Accrued interest 308 705 Accrued professional services 1,828 1,318 Accrued dividends 2,639 — Contingent liabilities from acquisitions 2,323 — Other accrued expenses and current liabilities 4,699 2,277 Total accrued expenses and other current liabilities $ 39,072 $ 17,572 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt outstanding and the weighted average interest rate is summarized as follows: December 31, 2018 December 31, 2017 Debt Outstanding Weighted Average Interest Rate Debt Outstanding Weighted Average Interest Rate Revolving Line of Credit/Swing Line $ 200,424 3.29 % $ 206,250 2.65 % |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disaggregation Of Revenue [Abstract] | |
Disaggregation of Revenue | Disaggregation of Revenue Year ended December 31, 2018 2017 2016 Client Markets: Energy, environment, and infrastructure $ 565,125 $ 487,001 $ 457,992 Health, education, and social programs 535,314 518,675 508,903 Safety and security 111,072 102,645 98,358 Consumer and financial 126,462 120,841 119,844 Total $ 1,337,973 $ 1,229,162 $ 1,185,097 Year ended December 31, 2018 2017 2016 Client Type: U.S. federal government $ 543,918 $ 550,794 $ 563,498 U.S. state and local government 185,130 127,797 132,287 International government 122,293 91,318 75,636 Total Government 851,341 769,909 771,421 Commercial 486,632 459,253 413,676 Total $ 1,337,973 $ 1,229,162 $ 1,185,097 Year ended December 31, 2018 2017 2016 Contract Mix: Time-and-materials $ 581,965 $ 529,606 $ 511,747 Fixed-price 526,728 480,584 456,065 Cost-based 229,280 218,972 217,285 Total $ 1,337,973 $ 1,229,162 $ 1,185,097 |
Schedule of Contract Balances and Changes in Contract Balances | Contract Balances: December 31, 2018 At date of adoption Change Contract assets $ 126,688 $ 123,197 $ 3,491 Contract liabilities (33,494 ) (38,571 ) 5,077 Net contract assets (liabilities) $ 93,194 $ 84,626 $ 8,568 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes | The domestic and foreign components of income before provision for income taxes are as follows for the years ended December 31: 2018 2017 2016 Domestic $ 74,479 $ 69,347 $ 69,159 Foreign 8,348 4,639 5,348 Income before income taxes $ 82,827 $ 73,986 $ 74,507 |
Income Tax Expense Components | Income tax expense consisted of the following for the years ended December 31: 2018 2017 2016 Current: Federal $ 9,700 $ 12,995 $ 12,979 State 4,035 3,243 3,514 Foreign 2,418 1,476 1,932 Total current 16,153 17,714 18,425 Deferred: Federal 4,072 (9,425 ) 8,872 State 1,452 2,749 1,222 Foreign (250 ) 72 (596 ) Total deferred 5,274 (6,604 ) 9,498 Income tax expense $ 21,427 $ 11,110 $ 27,923 |
Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) consisted of the following at December 31: 2018 2017 Deferred Tax Assets Allowance for bad debt $ 1,321 $ 1,003 Accrued paid time off 1,437 1,624 Foreign net operating loss (NOL) carry forward 1,144 1,301 State net operating loss (NOL) carry forward 507 507 Stock option compensation 2,332 2,726 Deferred rent 3,127 3,355 Deferred compensation 3,348 3,238 Foreign tax credits 3,968 505 State tax credits 2,041 1,785 Foreign exchange 2,430 2,051 Foreign deferred 342 — Accrued liabilities and other 4,079 3,272 26,076 21,367 Less: Valuation Allowance (5,112 ) (1,636 ) Total Deferred Tax Assets 20,964 19,731 Deferred Tax Liabilities Retention (1,239 ) (1,375 ) Prepaid expenses (1,301 ) (1,045 ) Payroll taxes (495 ) (489 ) Unbilled revenue (4,135 ) (5,407 ) Depreciation (7,306 ) (4,773 ) Amortization (46,051 ) (39,993 ) Deferred gain and other (602 ) — Total Deferred Tax Liabilities (61,129 ) (53,082 ) Total Net Deferred Tax Liability $ (40,165 ) $ (33,351 ) |
Unrecognized Tax Benefit Reconciliation | The unrecognized tax benefit reconciliation, excluding penalty and interest, is as follows: Unrecognized tax benefits at January 1, 2016 $ 400 Increase attributable to tax positions taken during a prior period 925 Decrease attributable to lapse of statute of limitations (140 ) Unrecognized tax benefits at December 31, 2016 1,185 Decrease attributable to lapse of statute of limitations (365 ) Unrecognized tax benefits at December 31, 2017 820 Increase attributable to tax positions taken during the current period 216 Decrease attributable to settlements with taxing authorities (37 ) Decrease attributable to lapse of statute of limitations (783 ) Unrecognized tax benefits at December 31, 2018 $ 216 |
Effective Income Tax Rate Reconciliation | The Company’s provision for income taxes differs from the federal statutory rate. The differences between the statutory rate and the Company’s provision are as follows: 2018 2017 2016 Taxes at statutory rate 21.0 % 35.0 % 35.0 % State taxes, net of federal benefit 5.2 % 4.4 % 3.9 % Foreign tax rate differential 0.5 % (0.3 )% (0.1 )% Tax legislation — (22.6 )% — Other permanent differences 1.8 % 0.7 % 0.8 % Prior year tax adjustments 0.2 % (0.3 )% (1.0 )% Unrecognized tax benefits (0.6 )% 0.1 % 1.0 % Valuation allowance 1.3 % 0.7 % (0.3 )% Equity-based compensation (3.0 )% (2.1 )% (1.0 )% Tax credits (0.5 )% (0.6 )% (0.8 )% Taxes at effective rate 25.9 % 15.0 % 37.5 % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Components of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss included the following: Foreign Currency Translation Adjustments Gain on Sale of Interest Rate Hedge Agreement (1) Changes in Fair Value of Interest Rate Hedge Agreements (2)(5) Total Accumulated other comprehensive (loss) income at January 1, 2016 $ (7,491 ) $ — $ — $ (7,491 ) Current period other comprehensive income (loss): Other comprehensive (loss) income before reclassifications (7,924 ) 3,600 — (4,324 ) Effect of taxes (3) 3,600 (1,425 ) — 2,175 Total current period other comprehensive (loss) income (4,324 ) 2,175 — (2,149 ) Accumulated other comprehensive (loss) income at December 31, 2016 (11,815 ) 2,175 — (9,640 ) Current period other comprehensive income (loss): Other comprehensive income before reclassifications 6,476 — 441 6,917 Effect of taxes (3) (2,299 ) (17 ) — (2,316 ) Total current period other comprehensive income (loss) 4,177 (17 ) 441 4,601 Accumulated other comprehensive (loss) income at December 31, 2017 (7,638 ) 2,158 441 (5,039 ) Reclassification of stranded tax effects due to adoption of accounting principle (4) (1,307 ) 478 — (829 ) Adjusted beginning balance (8,945 ) 2,636 441 (5,868 ) Current period other comprehensive income (loss): Other comprehensive loss before reclassifications (4,711 ) — (1,184 ) (5,895 ) Amounts reclassified from accumulated other comprehensive income — (660 ) (12 ) (672 ) Effect of taxes (3) (512 ) 188 208 (116 ) Total current period other comprehensive (loss) income (5,223 ) (472 ) (988 ) (6,683 ) Accumulated other comprehensive (loss) income at December 31, 2018 $ (14,168 ) $ 2,164 $ (547 ) $ (12,551 ) (1) Represents the fair value of an interest rate hedge agreement, designated as a cash flow hedge, which was sold on December 1, 2016. The fair value of the interest rate hedge agreement was recorded in other comprehensive income, net of tax, and will be reclassified to earnings when earnings are impacted by the hedged items, as interest payments are made on the Credit Facility from January 31, 2018 to January 31, 2023. (2) Represents the change in fair value of an interest rate hedge agreement designated as a cash flow hedge and entered into on August 31, 2017. The fair value of the interest rate hedge agreement was recorded in other comprehensive income and will be reclassified to earnings when earnings are impacted by the hedged items, as interest payments are made on the Credit Facility from August 31, 2018 to August 31, 2023. See additional details of the hedge agreement in Note 10 - Derivative Instruments and Hedging Activities. (3) The Company’s effective tax rate for the years ended December 31, 2018, 2017, and 2016 was 25.9%, 15.0%, and 37.5%, respectively. (4) The Company has adjusted the balance of accumulated other comprehensive (loss) income at December 31, 2017 after the adoption of ASU 2018-02. See additional details of the adoption of ASU 2018-02 in Note 2 – Summary of Significant Accounting Policies. (5) The fair value of the interest rate hedge agreements is included in other liabilities on the consolidated balance sheet. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restricted Cash And Cash Equivalents Current [Abstract] | |
Reconciliation of Cash and Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the consolidated balance sheets at December 31, 2018 and 2017 to the total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows for the years ended December 31, 2018, 2017, and 2016: 2018 2017 2016 Beginning Ending Beginning Ending Beginning Ending Cash and cash equivalents $ 11,809 $ 11,694 $ 6,042 $ 11,809 $ 7,747 $ 6,042 Restricted cash - current (1) 11,191 — — 11,191 — — Restricted cash - non-current 1,266 1,292 1,843 1,266 1,362 1,843 Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows $ 24,266 $ 12,986 $ 7,885 $ 24,266 $ 9,109 $ 7,885 (1) Restricted cash – current for the year ended December 31, 2017 represents amounts held in an escrow account for the acquisition of The Future Customer (“TFC”). |
Accounting for Stock-based Co_2
Accounting for Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Stock-based Compensation Expense | The total stock-based compensation expense for the years ended December 31, 2018, 2017, and 2016, the unrecognized compensation expense at December 31, 2018, and the weighted-average period to recognize the remaining unrecognized shares are as follows: Stock-Based Compensation Expense Recognized as of December 31, Unrecognized 2018 2017 2016 December 31, 2018 Weighted-Average Period to Recognize (years) Stock Options $ — $ 164 $ 909 $ — — Restricted Stock Units 7,410 7,080 6,325 13,484 1.8 Cash-Settled Restricted Stock Units 8,214 7,253 7,091 10,550 1.6 Non-Employee Director Awards 764 671 741 327 0.4 Performance Shares 3,193 2,376 877 3,000 1.5 Total $ 19,581 $ 17,544 $ 15,943 $ 27,361 |
Outstanding Stock Option Activity | The following table summarizes the changes in outstanding stock options: Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding at January 1, 2016 723,005 $ 28.62 Exercised (128,301 ) $ 23.65 Granted — $ — Forfeited/Expired (7,297 ) $ 40.68 Outstanding at December 31, 2016 587,407 $ 29.56 Exercised (175,909 ) $ 26.84 Granted — $ — Forfeited/Expired — $ — Outstanding at December 31, 2017 411,498 $ 30.71 Exercised (209,688 ) $ 27.86 Granted — $ — Forfeited/Expired — $ — Outstanding at December 31, 2018 201,810 $ 33.68 $ 6,276,432 Vested plus expected to vest at December 31, 2018 201,810 $ 33.68 $ 6,276,432 Exercisable at December 31, 2018 201,810 $ 33.68 $ 6,276,432 |
Schedule of Stock Options Outstanding by Exercise Price Range | Information regarding stock options outstanding as of December 31, 2018 is summarized below: OPTIONS OUTSTANDING OPTIONS EXERCISABLE Range of Exercise Prices Number Outstanding As of December 31, 2018 Weighted Average Remaining Contractual Term Weighted Average Exercise Price Number Exercisable As of December 31, 2018 Weighted Average Exercise Price $21.77 to $25.00 1,915 2.3 $ 21.77 1,915 $ 21.77 $25.01 to $28.00 100,114 4.1 $ 26.93 100,114 $ 26.93 $28.01 to $40.68 99,781 5.2 $ 40.68 99,781 $ 40.68 $21.77 to $41.00 201,810 4.7 $ 33.68 201,810 $ 33.68 |
Summary of Non-employee Director Awards | A summary of the Company’s non-employee director awards of unregistered shares granted by fiscal year is presented below. For the Year ended December 31, Number of shares Granted Weighted- Average Grant Date Fair Value 2016 15,299 $ 39.32 2017 13,861 $ 48.41 2018 7,985 $ 60.36 On July 2, 2018, t he Company granted awards of registered shares to its non-employee directors on an annual basis under the Omnibus Plan. A summary of the non-employee director awards is presented below: Number of Shares Weighted-Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested RSAs at January 1, 2018 — $ — Granted 11,606 $ 72.35 Vested (5,395 ) $ 72.35 Cancelled (1,243 ) $ 72.35 Non-vested RSAs at December 31, 2018 4,968 $ 72.35 $ 321,827 RSAs expected to vest in the future 4,968 $ 72.35 $ 321,827 |
Summary of Performance Shares Activity | A summary of the Company’s PSAs is presented below. Number of Shares Weighted-Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested PSAs at January 1, 2016 58,822 $ 44.21 Granted 74,574 $ 37.75 Vested — $ — Cancelled (3,422 ) $ 41.61 Non-vested PSAs at December 31, 2016 129,974 $ 40.57 Granted 60,929 $ 38.81 Vested — $ — Cancelled (3,881 ) $ 42.83 Non-vested PSAs at December 31, 2017 187,022 $ 39.95 Granted 45,136 $ 65.05 Vested (30,576 ) $ 44.21 Cancelled (32,096 ) $ 43.72 Non-vested PSAs at December 31, 2018 169,486 $ 45.15 $ 10,979,303 PSAs expected to vest in the future 97,309 $ 50.35 $ 6,303,674 |
Restricted Stock Units (RSUs) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Restricted Stock Unit Activity | A summary of the Company’s RSUs is presented below. Number of Shares Weighted- Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested RSUs at January 1, 2016 555,904 $ 35.40 Granted 240,868 $ 34.68 Vested (221,659 ) $ 32.45 Cancelled (67,115 ) $ 37.60 Non-vested RSUs at December 31, 2016 507,998 $ 36.12 Granted 194,227 $ 41.41 Vested (179,974 ) $ 35.19 Cancelled (58,664 ) $ 36.04 Non-vested RSUs at December 31, 2017 463,587 $ 38.71 Granted 235,480 $ 65.37 Vested (169,279 ) $ 38.66 Cancelled (54,742 ) $ 47.50 Non-vested RSUs at December 31, 2018 475,046 $ 50.93 $ 30,773,480 RSUs expected to vest in the future 425,272 $ 49.77 $ 27,549,127 |
Cash Settled RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Restricted Stock Unit Activity | CSRSUs generally have a vesting term of three to four years. A summary of the Company’s CSRSUs is presented below. Number of Shares Weighted- Average Grant Date Fair Value Aggregate Intrinsic Value Non-vested CSRSUs at January 1, 2016 446,663 $ 37.18 Granted 233,790 $ 34.29 Vested (146,619 ) $ 34.70 Cancelled (70,812 ) $ 37.55 Non-vested CSRSUs at December 31, 2016 463,022 $ 35.96 Granted 174,419 $ 42.06 Vested (161,576 ) $ 40.78 Cancelled (83,949 ) $ 36.43 Non-vested CSRSUs at December 31, 2017 391,916 $ 38.80 Granted 147,103 $ 60.84 Vested (147,759 ) $ 38.71 Cancelled (51,695 ) $ 43.07 Non-vested CSRSUs at December 31, 2018 339,565 $ 47.73 $ 21,997,021 CSRSUs expected to vest in the future 301,532 $ 47.00 $ 19,533,238 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Dilutive Effect of Stock Options RSUs and PSAs | The dilutive effect of stock options, RSUs, and performance shares for each period reported is summarized below: (in thousands) 2018 2017 2016 Basic weighted-average shares outstanding 18,797 18,766 18,989 Effect of potential exercise of stock options, RSUs, and performance shares 538 478 427 Diluted weighted-average shares outstanding 19,335 19,244 19,416 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Year ending December 31, (in thousands) 2019 $ 39,031 2020 36,210 2021 35,311 2022 33,624 2023 16,336 Thereafter 28,916 $ 189,428 |
Operating Leases of Lessee Disclosure | (in thousands) 2018 2017 2016 Rent $ 34,924 $ 36,269 $ 39,537 Sublease income (45 ) (142 ) (147 ) Total rent expense $ 34,879 $ 36,127 $ 39,390 |
Supplemental Information (Table
Supplemental Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Allowance for Doubtful Accounts | Allowance for Doubtful Accounts 2018 2017 2016 Balance at beginning of period $ 3,853 $ 2,591 $ 2,138 Bad debt expense 2,480 1,480 1,089 Write-offs, net of recoveries (1,027 ) (219 ) (635 ) Effect of foreign currency translation (22 ) 1 (1 ) Balance at end of period $ 5,284 $ 3,853 $ 2,591 |
Schedule of Income Tax Valuation Allowance | Income Tax Valuation Allowance 2018 2017 2016 Balance at beginning of period $ 1,636 $ 1,131 $ 933 Provision for income taxes - valuation allowance 3,476 505 198 Balance at end of period $ 5,112 $ 1,636 $ 1,131 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 2018 2017 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Revenue $ 302,780 $ 324,315 $ 332,968 $ 377,910 $ 296,295 $ 306,392 $ 305,301 $ 321,174 Operating income $ 17,582 $ 21,025 $ 24,222 $ 29,443 $ 16,633 $ 22,208 $ 23,396 $ 20,181 Net income $ 12,417 $ 13,617 $ 16,671 $ 18,695 $ 10,177 $ 11,937 $ 13,692 $ 27,070 Earnings per share: Basic $ 0.67 $ 0.72 $ 0.88 $ 0.99 $ 0.54 $ 0.64 $ 0.73 $ 1.45 Diluted $ 0.65 $ 0.71 $ 0.86 $ 0.97 $ 0.52 $ 0.63 $ 0.72 $ 1.41 Weighted-average common shares outstanding (in thousands) Basic 18,670 18,806 18,873 18,838 18,972 18,775 18,666 18,646 Diluted 19,158 19,209 19,306 19,333 19,423 19,086 19,024 19,136 Cash dividends declared per common share $ 0.14 $ 0.14 $ 0.14 $ 0.14 $ - $ - $ - $ - |
Basis of Presentation and Nat_2
Basis of Presentation and Nature of Operations - Additional Information (Details) - Minimum | Dec. 31, 2018Office |
Domestic | |
Basis of Presentation and Nature of Operations [Line Items] | |
Number of offices | 65 |
International | |
Basis of Presentation and Nature of Operations [Line Items] | |
Number of offices | 15 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2018USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Contract payment term description | Contracts typically contain billing terms that provide for invoicing once a month and payment on a net 30-day basis. | |||||||||||
Contracts receivable, term | 1 month | |||||||||||
Contracts payment, term | 30 days | |||||||||||
Number of reportable segments | Segment | 1 | |||||||||||
Goodwill, impaired, accumulated impairment loss | $ 0 | $ 0 | ||||||||||
Goodwill, impairment loss | $ 0 | |||||||||||
Performance based share awards, performance period | 3 years | |||||||||||
Number of operating segments | Segment | 1 | |||||||||||
Revenue | 377,910,000 | $ 332,968,000 | $ 324,315,000 | $ 302,780,000 | $ 321,174,000 | $ 305,301,000 | $ 306,392,000 | $ 296,295,000 | $ 1,337,973,000 | $ 1,229,162,000 | $ 1,185,097,000 | |
Foreign financial institutions, actual deposits | 11,900,000 | $ 10,400,000 | 11,900,000 | 10,400,000 | ||||||||
Unfulfilled performance obligation | $ 1,100,000,000 | |||||||||||
New Accounting Pronouncement Early Adoption Effect | ASU 2018-02 | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Reclassification of tax effects from accumulated other comprehensive loss to retained earnings | $ 800,000 | |||||||||||
Federal Government Agencies And Departments | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Revenue | $ 543,900,000 | $ 550,300,000 | $ 563,000,000 | |||||||||
Federal Government Agencies And Departments | Customer Concentration Risk | Sales Revenue, Net | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Concentration risk, percentage | 41.00% | 45.00% | 48.00% | |||||||||
International Clients | Geographic Concentration Risk | Sales Revenue, Net | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Concentration risk, percentage | 15.00% | 9.00% | 10.00% | |||||||||
International | Long-Lived Assets | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Concentration risk, percentage | 12.20% | 7.90% | ||||||||||
Minimum | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property and equipment, estimated useful life | 2 years | |||||||||||
Finite-lived intangible asset, useful life | 1 year | |||||||||||
Minimum | ASU 2016-02 | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Right-of-use asset | 140,000,000 | $ 140,000,000 | ||||||||||
Lease liability | 155,000,000 | $ 155,000,000 | ||||||||||
Minimum | Other Assets | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived intangible asset, useful life | 3 years | |||||||||||
Maximum | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property and equipment, estimated useful life | 7 years | |||||||||||
Finite-lived intangible asset, useful life | 10 years | |||||||||||
Maximum | ASU 2016-02 | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Right-of-use asset | 165,000,000 | $ 165,000,000 | ||||||||||
Lease liability | $ 180,000,000 | $ 180,000,000 | ||||||||||
Maximum | Other Assets | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived intangible asset, useful life | 5 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Contract Assets and Contract Liabilities Reported under New Accounting Standard (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Contract receivables, net | $ 230,966 | $ 168,318 |
Contract assets | 126,688 | 123,197 |
Contract liabilities | 33,494 | 38,571 |
Retained earnings | 486,442 | 434,766 |
ASU 2014-09 | As Reported | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Contract receivables, net | 291,515 | |
Contract assets | 126,688 | 123,197 |
Deferred revenue | 38,571 | |
Contract liabilities | $ 33,494 | 38,571 |
Retained earnings | $ 434,766 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Revenue Calculated under Old and New Accounting Methods (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Revenue | $ 1,337,973 | |
Contract assets | 126,688 | $ 123,197 |
Contract liabilities | 33,494 | 38,571 |
ASU 2014-09 | As Reported | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Revenue | 1,337,973 | |
Contract assets | 126,688 | 123,197 |
Contract liabilities | $ 33,494 | $ 38,571 |
Contract Receivables - Summary
Contract Receivables - Summary of Contract Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Billed receivables | $ 236,250 | $ 172,171 |
Allowance for doubtful accounts | (5,284) | (3,853) |
Contract receivables, net | $ 230,966 | $ 168,318 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 129,414 | $ 116,610 |
Accumulated depreciation and amortization | (81,309) | (78,558) |
Total property and equipment, net | 48,105 | 38,052 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 19,444 | 18,873 |
Software and Software Development Costs | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 50,967 | 42,835 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 27,435 | 26,076 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 31,568 | $ 28,826 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization expense | $ 17,163 | $ 17,691 | $ 16,638 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Balance as of January 1 | $ 686,108 | $ 683,683 |
Effect of foreign currency translation | (2,574) | 2,425 |
Balance as of December 31 | 715,644 | $ 686,108 |
The Future Customer | ||
Goodwill [Line Items] | ||
Goodwill resulting from business combinations | 7,597 | |
DMS Disaster Consultants | ||
Goodwill [Line Items] | ||
Goodwill resulting from business combinations | 10,121 | |
Vista Limited | ||
Goodwill [Line Items] | ||
Goodwill resulting from business combinations | $ 14,392 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Amortization of intangible assets | $ 10,043 | $ 10,888 | $ 12,481 |
Minimum | |||
Finite-lived intangible asset, useful life | 1 year | ||
Maximum | |||
Finite-lived intangible asset, useful life | 10 years | ||
Weighted Average | |||
Finite-lived intangible asset, useful life | 8 years 4 months 24 days | ||
Weighted Average | Customer Relationships | |||
Finite-lived intangible asset, useful life | 8 years 4 months 24 days | ||
Weighted Average | Technology-Based Intangible Assets | |||
Finite-lived intangible asset, useful life | 4 years 9 months 18 days |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Other Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite lived intangible assets, gross carrying value | $ 95,233 | $ 86,341 |
Accumulated amortization | (59,834) | (51,132) |
Finite lived intangible assets, net carrying value | 35,399 | 35,209 |
Indefinite lived intangible assets, gross carrying value | 95 | 95 |
Total intangible assets, gross carrying value | 95,328 | 86,436 |
Other intangible assets, net | 35,494 | 35,304 |
Customer-Related Intangible Assets | ||
Finite lived intangible assets, gross carrying value | 94,500 | 84,878 |
Accumulated amortization | (59,289) | (49,782) |
Finite lived intangible assets, net carrying value | 35,211 | 35,096 |
Developed Technology Rights | ||
Finite lived intangible assets, gross carrying value | 733 | 1,463 |
Accumulated amortization | (545) | (1,350) |
Finite lived intangible assets, net carrying value | $ 188 | $ 113 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Estimated Future Amortization Expense Relating to Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2,019 | $ 8,345 | |
2,020 | 6,653 | |
2,021 | 5,574 | |
2,022 | 5,193 | |
2,023 | 4,768 | |
Thereafter | 4,866 | |
Finite lived intangible assets, net carrying value | $ 35,399 | $ 35,209 |
Accrued Salaries and Benefits -
Accrued Salaries and Benefits - Schedule of Accrued Salaries and Benefits (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Employee Related Liabilities Current [Abstract] | ||
Accrued paid time off and leave | $ 11,708 | $ 11,904 |
Accrued salaries | 13,335 | 9,343 |
Accrued bonuses, liability-classified awards and commissions | 13,214 | 16,909 |
Accrued payroll taxes and withholdings | 765 | 2,557 |
Accrued medical | 3,136 | 3,720 |
Other | 1,945 | 1,212 |
Total accrued salaries and benefits | $ 44,103 | $ 45,645 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Deposits | $ 17,485 | $ 6,641 |
Accrued IT and software licensing costs | 3,359 | 2,261 |
Accrued taxes and insurance premiums | 4,160 | 2,697 |
Accrued facilities rental and lease exit costs | 2,271 | 1,673 |
Accrued interest | 308 | 705 |
Accrued professional services | 1,828 | 1,318 |
Accrued dividends | 2,639 | |
Contingent liabilities from acquisitions | 2,323 | |
Other accrued expenses and current liabilities | 4,699 | 2,277 |
Total accrued expenses and other current liabilities | $ 39,072 | $ 17,572 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) | May 17, 2017USD ($)Bank | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||||
Credit facility syndication, number of commercial banks | Bank | 11 | |||
Line of credit facility, expiration date | May 17, 2022 | |||
Line of credit facility, maximum borrowing capacity without borrowing base requirement | $ 600,000,000 | |||
Line of credit facility, accordion feature, additional revolving credit commitments under existing loan facility | 300,000,000 | |||
New syndicated borrowings used to pay off or pay down borrowings from syndicate members | 106,000,000 | |||
Line of credit facility, maximum borrowing capacity | $ 60,000,000 | |||
Line of credit facility, interest coverage ratio covenant | 300.00% | |||
Line of credit facility, leverage ratio covenant | 375.00% | |||
Line of credit facility, interest rate during period | 0.15% | 0.15% | ||
Line of credit facility, remaining borrowing capacity | $ 396,300,000 | |||
Line of credit facility, current borrowing capacity | 284,300,000 | |||
Debt issuance costs, net | 6,900,000 | $ 6,900,000 | ||
Accumulated amortization, debt issuance costs | 5,200,000 | 4,700,000 | ||
Amortization of debt issuance costs | $ 510,000 | $ 673,000 | $ 532,000 | |
Number of letters of credit, outstanding | 11 | 12 | ||
Letters of credit outstanding, amount | $ 3,300,000 | $ 3,700,000 | ||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Committement Fee Unused Capacity | 0.13% | |||
Maximum | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Committement Fee Unused Capacity | 0.25% | |||
Federal Funds Open Rate | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.50% | |||
London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.25% | |||
London Interbank Offered Rate (LIBOR) | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 1.00% | |||
London Interbank Offered Rate (LIBOR) | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2.00% |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Debt Outstanding | $ 200,424 | $ 206,250 |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Debt Outstanding | $ 200,424 | $ 206,250 |
Weighted Average Interest Rate | 3.29% | 2.65% |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from clients | $ 377,910 | $ 332,968 | $ 324,315 | $ 302,780 | $ 321,174 | $ 305,301 | $ 306,392 | $ 296,295 | $ 1,337,973 | $ 1,229,162 | $ 1,185,097 |
Time-and-Materials | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from clients | 581,965 | 529,606 | 511,747 | ||||||||
Fixed-Price | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from clients | 526,728 | 480,584 | 456,065 | ||||||||
Cost-Based | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from clients | 229,280 | 218,972 | 217,285 | ||||||||
U S Federal Government | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from clients | 543,918 | 550,794 | 563,498 | ||||||||
U.S. State and Local Government | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from clients | 185,130 | 127,797 | 132,287 | ||||||||
International Government | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from clients | 122,293 | 91,318 | 75,636 | ||||||||
Total Government | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from clients | 851,341 | 769,909 | 771,421 | ||||||||
Commercial | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from clients | 486,632 | 459,253 | 413,676 | ||||||||
Energy, Environmental and Infrastructure | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from clients | 565,125 | 487,001 | 457,992 | ||||||||
Health, Education and Social Programs | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from clients | 535,314 | 518,675 | 508,903 | ||||||||
Safety and Security | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from clients | 111,072 | 102,645 | 98,358 | ||||||||
Consumer and Financial | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenue from clients | $ 126,462 | $ 120,841 | $ 119,844 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Revenue From Contract With Customer [Line Items] | |
Net contract assets (liabilities) | $ 93,194 |
ASU 2014-09 | Increase in Net Contract Assets (Liabilities) | |
Revenue From Contract With Customer [Line Items] | |
Net contract assets (liabilities) | $ 8,568 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Changes in Contract Balances Due to Adoption of New Accounting Standards (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Revenue From Contract With Customer Balances Of Net Contract Assets Liabilities [Line Items] | ||
Contract assets | $ 126,688 | $ 123,197 |
Contract liabilities | (33,494) | (38,571) |
Net contract assets (liabilities) | 93,194 | |
ASU 2014-09 | As Reported | ||
Revenue From Contract With Customer Balances Of Net Contract Assets Liabilities [Line Items] | ||
Contract assets | 126,688 | 123,197 |
Contract liabilities | (33,494) | (38,571) |
Net contract assets (liabilities) | $ 84,626 | |
ASU 2014-09 | Change | ||
Revenue From Contract With Customer Balances Of Net Contract Assets Liabilities [Line Items] | ||
Contract assets | 3,491 | |
Contract liabilities | 5,077 | |
Net contract assets (liabilities) | $ 8,568 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail1) - USD ($) $ in Billions | Dec. 31, 2018 | Jan. 01, 2018 |
Revenue From Contract With Customer [Line Items] | ||
Unfulfilled performance obligation | $ 1.1 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | ||
Revenue From Contract With Customer [Line Items] | ||
Unfulfilled performance obligation | $ 1.4 | |
Expected period to satisfy performance obligations | 1 year |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) | Aug. 08, 2018 | Aug. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2018 |
Derivative [Line Items] | ||||
Net amount of realized gains and losses from hedge agreements | $ 600,000 | |||
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Aggregate notional amount | $ 75,000,000 | $ 25,000,000 | $ 100,000,000 | |
Derivative, fixed interest rate | 2.853% | 1.8475% | ||
Beginning date of transaction | Aug. 31, 2018 | Aug. 31, 2018 | Jan. 31, 2018 | |
Derivative, maturity date | Aug. 31, 2023 | Aug. 31, 2023 | Jan. 31, 2023 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 74,479 | $ 69,347 | $ 69,159 |
Foreign | 8,348 | 4,639 | 5,348 |
Income before income taxes | $ 82,827 | $ 73,986 | $ 74,507 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Federal | $ 9,700 | $ 12,995 | $ 12,979 |
State | 4,035 | 3,243 | 3,514 |
Foreign | 2,418 | 1,476 | 1,932 |
Total current | 16,153 | 17,714 | 18,425 |
Deferred: | |||
Federal | 4,072 | (9,425) | 8,872 |
State | 1,452 | 2,749 | 1,222 |
Foreign | (250) | 72 | (596) |
Total deferred | 5,274 | (6,604) | 9,498 |
Income tax expense | $ 21,427 | $ 11,110 | $ 27,923 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Assets | ||||
Allowance for bad debt | $ 1,321 | $ 1,003 | ||
Accrued paid time off | 1,437 | 1,624 | ||
Foreign net operating loss (NOL) carry forward | 1,144 | 1,301 | ||
State net operating loss (NOL) carry forward | 507 | 507 | ||
Stock option compensation | 2,332 | 2,726 | ||
Deferred rent | 3,127 | 3,355 | ||
Deferred compensation | 3,348 | 3,238 | ||
Foreign tax credits | 3,968 | 505 | ||
Foreign exchange | 2,430 | 2,051 | ||
Foreign deferred | 342 | |||
Accrued liabilities and other | 4,079 | 3,272 | ||
Deferred Tax Assets, gross, before valuation allowance | 26,076 | 21,367 | ||
Less: Valuation Allowance | (5,112) | (1,636) | $ (1,131) | $ (933) |
Total Deferred Tax Assets | 20,964 | 19,731 | ||
Deferred Tax Liabilities | ||||
Retention | (1,239) | (1,375) | ||
Prepaid expenses | (1,301) | (1,045) | ||
Payroll taxes | (495) | (489) | ||
Unbilled revenue | (4,135) | (5,407) | ||
Depreciation | (7,306) | (4,773) | ||
Amortization | (46,051) | (39,993) | ||
Deferred gain and other | (602) | |||
Total Deferred Tax Liabilities | (61,129) | (53,082) | ||
Total Net Deferred Tax Liability | (40,165) | (33,351) | ||
State and Local Jurisdiction | ||||
Deferred Tax Assets | ||||
Tax credits | $ 2,041 | $ 1,785 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Line Items] | ||||||
Federal corporate income tax rate | 21.00% | 35.00% | 35.00% | |||
Deferred tax assets and liabilities income tax rate expected to reverse in future | 26.40% | |||||
Increase in deferred tax provision for income taxes, including adjustments to valuation allowances | $ 1,000 | |||||
Increase in valuation allowance | $ 2,200 | |||||
Increase in cumulative foreign tax credit carry forward | 2,200 | |||||
Increase (decrease) in provision for income tax | $ 1,100 | |||||
Income taxes provided for additional outside basis difference inherent in entities as result of reinvestment | $ 8,200 | |||||
Operating loss carryforwards expiration term | 20 years | |||||
Deferred tax assets, valuation allowance | 1,636 | $ 5,112 | $ 1,636 | $ 1,131 | $ 933 | |
Valuation allowance, deferred tax asset, increase (decrease), amount | 3,476 | 505 | 198 | |||
Unrecognized tax benefits | 820 | 216 | 820 | $ 1,185 | $ 400 | |
Unrecognized tax benefits that would impact effective tax rate | 700 | 200 | 700 | |||
Unrecognized tax benefits, income tax penalties and interest accrued | 200 | $ 0 | 200 | |||
Earliest Tax Year | Internal Revenue Service (IRS) | ||||||
Income Taxes [Line Items] | ||||||
Open tax year | 2,014 | |||||
Earliest Tax Year | State and Foreign Jurisdictions | ||||||
Income Taxes [Line Items] | ||||||
Open tax year | 2,014 | |||||
Latest Tax Year | Internal Revenue Service (IRS) | ||||||
Income Taxes [Line Items] | ||||||
Open tax year | 2,017 | |||||
Latest Tax Year | State and Foreign Jurisdictions | ||||||
Income Taxes [Line Items] | ||||||
Open tax year | 2,017 | |||||
Foreign Tax Authority | ||||||
Income Taxes [Line Items] | ||||||
Operating loss carryforwards | 4,100 | $ 3,500 | 4,100 | |||
Deferred tax assets, valuation allowance | 1,100 | 1,100 | 1,100 | |||
Valuation allowance, deferred tax asset, increase (decrease), amount | 3,500 | |||||
Domestic Tax Authority | ||||||
Income Taxes [Line Items] | ||||||
Operating loss carryforwards | $ 8,900 | |||||
Net operating loss carry-forwards, expiration year | 2,034 | |||||
State and Local Jurisdiction | ||||||
Income Taxes [Line Items] | ||||||
Tax credit carry-forward, amount | $ 2,600 | |||||
Deferred tax assets, tax credit carry-forwards | $ 1,785 | $ 2,041 | $ 1,785 | |||
State and Local Jurisdiction | Earliest Tax Year | ||||||
Income Taxes [Line Items] | ||||||
Tax credit carry-forwards, expiration year | 2,021 | |||||
State and Local Jurisdiction | Latest Tax Year | ||||||
Income Taxes [Line Items] | ||||||
Tax credit carry-forwards, expiration year | 2,027 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefit Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits, beginning balance | $ 820 | $ 1,185 | $ 400 |
Increase attributable to tax positions taken during a prior period | 216 | 925 | |
Decrease attributable to settlements with taxing authorities | (37) | ||
Decrease attributable to lapse of statute of limitations | (783) | (365) | (140) |
Unrecognized tax benefits, ending balance | $ 216 | $ 820 | $ 1,185 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Taxes at statutory rate | 21.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 5.20% | 4.40% | 3.90% |
Foreign tax rate differential | 0.50% | (0.30%) | (0.10%) |
Tax legislation | (22.60%) | ||
Other permanent differences | 1.80% | 0.70% | 0.80% |
Prior year tax adjustments | 0.20% | (0.30%) | (1.00%) |
Unrecognized tax benefits | (0.60%) | 0.10% | 1.00% |
Valuation allowance | 1.30% | 0.70% | (0.30%) |
Equity-based compensation | (3.00%) | (2.10%) | (1.00%) |
Tax credits | (0.50%) | (0.60%) | (0.80%) |
Taxes at effective rate | 25.90% | 15.00% | 37.50% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | $ 616,030 | $ 566,004 | $ 523,276 | |
Current period other comprehensive income (loss): | ||||
Total current period other comprehensive (loss) income | (6,683) | 4,601 | (2,149) | |
Balance | 660,417 | 616,030 | 566,004 | |
Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | (7,638) | (11,815) | (7,491) | |
Reclassification of stranded tax effects due to adoption of accounting principle | [1] | (1,307) | ||
Adjusted beginning balance | (8,945) | |||
Current period other comprehensive income (loss): | ||||
Other comprehensive (loss) income before reclassifications | (4,711) | 6,476 | (7,924) | |
Effect of taxes | [2] | (512) | (2,299) | 3,600 |
Total current period other comprehensive (loss) income | (5,223) | 4,177 | (4,324) | |
Balance | (14,168) | (7,638) | (11,815) | |
Adjusted beginning balance | (8,945) | |||
Gain on Sale of Interest Rate Hedge Agreement | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | [3] | 2,158 | 2,175 | |
Reclassification of stranded tax effects due to adoption of accounting principle | [1],[3] | 478 | ||
Adjusted beginning balance | [3] | 2,636 | ||
Current period other comprehensive income (loss): | ||||
Other comprehensive (loss) income before reclassifications | [3] | 3,600 | ||
Amounts reclassified from accumulated other comprehensive income | [3] | (660) | ||
Effect of taxes | [2],[3] | 188 | (17) | (1,425) |
Total current period other comprehensive (loss) income | [3] | (472) | (17) | 2,175 |
Balance | [3] | 2,164 | 2,158 | 2,175 |
Adjusted beginning balance | [3] | 2,636 | ||
Change in Fair Value of Interest Rate Hedge Agreements | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | [4],[5] | 441 | ||
Adjusted beginning balance | [4],[5] | 441 | ||
Current period other comprehensive income (loss): | ||||
Other comprehensive (loss) income before reclassifications | [4],[5] | (1,184) | 441 | |
Amounts reclassified from accumulated other comprehensive income | [4],[5] | (12) | ||
Effect of taxes | [2],[4],[5] | 208 | ||
Total current period other comprehensive (loss) income | [4],[5] | (988) | 441 | |
Balance | [4],[5] | (547) | 441 | |
Adjusted beginning balance | [4],[5] | 441 | ||
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balance | (5,039) | (9,640) | (7,491) | |
Reclassification of stranded tax effects due to adoption of accounting principle | [1] | (829) | ||
Adjusted beginning balance | (5,868) | |||
Current period other comprehensive income (loss): | ||||
Other comprehensive (loss) income before reclassifications | (5,895) | 6,917 | (4,324) | |
Amounts reclassified from accumulated other comprehensive income | (672) | |||
Effect of taxes | [2] | (116) | (2,316) | 2,175 |
Total current period other comprehensive (loss) income | (6,683) | 4,601 | (2,149) | |
Balance | (12,551) | $ (5,039) | $ (9,640) | |
Adjusted beginning balance | $ (5,868) | |||
[1] | The Company has adjusted the balance of accumulated other comprehensive (loss) income at December 31, 2017 after the adoption of ASU 2018-02. See additional details of the adoption of ASU 2018-02 in Note 2 – Summary of Significant Accounting Policies. | |||
[2] | The Company’s effective tax rate for the years ended December 31, 2018, 2017, and 2016 was 25.9%, 15.0%, and 37.5%, respectively. | |||
[3] | Represents the fair value of an interest rate hedge agreement, designated as a cash flow hedge, which was sold on December 1, 2016. The fair value of the interest rate hedge agreement was recorded in other comprehensive income, net of tax, and will be reclassified to earnings when earnings are impacted by the hedged items, as interest payments are made on the Credit Facility from January 31, 2018 to January 31, 2023. | |||
[4] | Represents the change in fair value of an interest rate hedge agreement designated as a cash flow hedge and entered into on August 31, 2017. The fair value of the interest rate hedge agreement was recorded in other comprehensive income and will be reclassified to earnings when earnings are impacted by the hedged items, as interest payments are made on the Credit Facility from August 31, 2018 to August 31, 2023. See additional details of the hedge agreement in Note 10 - Derivative Instruments and Hedging Activities. | |||
[5] | The fair value of the interest rate hedge agreements is included in other liabilities on the consolidated balance sheet. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |||
Effective tax rate | 25.90% | 15.00% | 37.50% |
Restricted Cash - Reconciliatio
Restricted Cash - Reconciliation of Cash and Cash Equivalents, and Restricted Cash to the Total Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash And Cash Equivalents [Abstract] | |||||
Cash and cash equivalents | $ 11,694 | $ 11,809 | $ 6,042 | $ 7,747 | |
Restricted cash - current | [1] | 11,191 | |||
Restricted cash - non-current | 1,292 | 1,266 | 1,843 | 1,362 | |
Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows | $ 12,986 | $ 24,266 | $ 7,885 | $ 9,109 | |
[1] | Restricted cash – current for the year ended December 31, 2017 represents amounts held in an escrow account for the acquisition of The Future Customer (“TFC”). |
Accounting for Stock-based Co_3
Accounting for Stock-based Compensation - Additional Information (Details) | Apr. 04, 2018shares | Mar. 31, 2015PerformancePeriod | Dec. 31, 2018USD ($)PerformancePeriod$ / sharesshares | Dec. 31, 2017USD ($)PerformancePeriodshares | Dec. 31, 2016USD ($)PerformancePeriodshares | Dec. 31, 2015shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term | 4 years 8 months 12 days | |||||
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | |||||
Share-based compensation arrangement by share-based payment award, options, vested in period, fair value | $ | $ 0 | $ 1,900,000 | $ 1,300,000 | |||
Share-based compensation arrangement by share-based payment award, options, vested and expected to vest, exercisable, weighted average remaining contractual term | 4 years 8 months 12 days | |||||
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average remaining contractual term | 4 years 8 months 12 days | |||||
Employee Stock Option | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, number of shares grants | 0 | 0 | 0 | |||
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term | 10 years | |||||
Share price | $ / shares | $ 64.78 | |||||
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value | $ | $ 8,300,000 | $ 4,500,000 | $ 2,500,000 | |||
Restricted Stock Units (RSUs) | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share price | $ / shares | $ 64.78 | |||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value | $ | $ 6,500,000 | $ 6,300,000 | $ 7,200,000 | |||
Number of shares, granted | 235,480 | 194,227 | 240,868 | |||
Number of shares, vested | 169,279 | 179,974 | 221,659 | |||
Cash Settled RSUs | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share price | $ / shares | $ 64.78 | |||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value | $ | $ 7,700,000 | $ 6,900,000 | $ 5,900,000 | |||
Number of shares, granted | 147,103 | 174,419 | 233,790 | |||
Number of shares, vested | 147,759 | 161,576 | 146,619 | |||
Non-Employee Director Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options | $ | $ 0 | |||||
Number of shares, granted | 7,985 | 13,861 | 15,299 | |||
Performance Shares | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share price | $ / shares | $ 64.78 | |||||
Number of performance period in performance based share program | PerformancePeriod | 2 | 1 | 2 | 3 | ||
Percentage of multiplication award by product | 2.00% | |||||
Number of shares, granted | 45,136 | 60,929 | 74,574 | 30,576 | ||
Number of shares, vested | 30,576 | |||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend rate | 0.90% | 0.00% | 0.00% | |||
Share-based compensation arrangement by share-based payment award, fair Value assumptions, expected volatility rate | 31.90% | 31.30% | 30.90% | |||
Share-based compensation arrangement by share-based payment award, fair value assumptions, risk free interest rate | 2.40% | 1.50% | 1.00% | |||
Minimum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected forfeiture rate | 0.00% | |||||
Minimum | Employee Stock Option | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | |||||
Minimum | Restricted Stock Units (RSUs) | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | |||||
Minimum | Cash Settled RSUs | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | |||||
Maximum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected forfeiture rate | 18.17% | |||||
Maximum | Employee Stock Option | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years | |||||
Maximum | Restricted Stock Units (RSUs) | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years | |||||
Maximum | Cash Settled RSUs | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years | |||||
Omnibus Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, number of shares grants | 1,185,000 | 568,801 | ||||
Share-based compensation arrangement by share-based payment award, number of additional awards | 0 | |||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant | 1,098,906 | |||||
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term | 5 years | |||||
Omnibus Plan | Non-Employee Director Awards | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share price | $ / shares | $ 64.78 | |||||
Number of shares, granted | 11,606 | |||||
Number of shares, vested | 5,395 |
Accounting for Stock-based Co_4
Accounting for Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-Based Compensation Recognized | $ 19,581 | $ 17,544 | $ 15,943 |
Stock-Based Compensation Unrecognized | $ 27,361 | ||
Employee Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-Based Compensation Recognized | 164 | 909 | |
Stock-Based Compensation Unrecognized Weighted- Average Period to Recognize (Year) | 0 years | ||
Restricted Stock Units (RSUs) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-Based Compensation Recognized | $ 7,410 | 7,080 | 6,325 |
Stock-Based Compensation Unrecognized | $ 13,484 | ||
Stock-Based Compensation Unrecognized Weighted- Average Period to Recognize (Year) | 1 year 9 months 18 days | ||
Cash Settled RSUs | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-Based Compensation Recognized | $ 8,214 | 7,253 | 7,091 |
Stock-Based Compensation Unrecognized | $ 10,550 | ||
Stock-Based Compensation Unrecognized Weighted- Average Period to Recognize (Year) | 1 year 7 months 6 days | ||
Non-Employee Director Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-Based Compensation Recognized | $ 764 | 671 | 741 |
Stock-Based Compensation Unrecognized | $ 327 | ||
Stock-Based Compensation Unrecognized Weighted- Average Period to Recognize (Year) | 4 months 24 days | ||
Performance Shares | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock-Based Compensation Recognized | $ 3,193 | $ 2,376 | $ 877 |
Stock-Based Compensation Unrecognized | $ 3,000 | ||
Stock-Based Compensation Unrecognized Weighted- Average Period to Recognize (Year) | 1 year 6 months |
Accounting for Stock-based Co_5
Accounting for Stock-based Compensation - Outstanding Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Outstanding Ending Balance | 201,810 | ||
Number of Shares, Exercisable at December 31, 2018 | 201,810 | ||
Weighted Average Exercise Price, Outstanding Ending Balance | $ 33.68 | ||
Weighted Average Exercise Price, Exercisable at December 31, 2018 | $ 33.68 | ||
Employee Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Outstanding Beginning Balance | 411,498 | 587,407 | 723,005 |
Number of Shares, Exercised | (209,688) | (175,909) | (128,301) |
Number of Shares, Granted | 0 | 0 | 0 |
Number of Shares, Forfeited/Expired | (7,297) | ||
Number of Shares, Outstanding Ending Balance | 201,810 | 411,498 | 587,407 |
Number of Shares, Vested plus expected to vest at December 31, 2018 | 201,810 | ||
Number of Shares, Exercisable at December 31, 2018 | 201,810 | ||
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 30.71 | $ 29.56 | $ 28.62 |
Weighted Average Exercise Price, Exercised | 27.86 | 26.84 | 23.65 |
Weighted Average Exercise Price, Forfeited/Expired | 40.68 | ||
Weighted Average Exercise Price, Outstanding Ending Balance | 33.68 | $ 30.71 | $ 29.56 |
Weighted Average Exercise Price, Vested plus expected to vest at December 31, 2018 | 33.68 | ||
Weighted Average Exercise Price, Exercisable at December 31, 2018 | $ 33.68 | ||
Aggregate Intrinsic Value, Outstanding at December 31,2018 | $ 6,276,432 | ||
Aggregate Intrinsic Value, Vested plus expected to vest at December 31, 2018 | 6,276,432 | ||
Aggregate Intrinsic Value, Exercisable at December 31, 2018 | $ 6,276,432 |
Accounting for Stock-based Co_6
Accounting for Stock-based Compensation - Stock Options Outstanding by Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower range | $ 21.77 |
Range of Exercise Prices, Upper range | $ 41 |
Number Outstanding | shares | 201,810 |
Weighted Average Remaining Contractual Term | 4 years 8 months 12 days |
Weighted Average Exercise Price | $ 33.68 |
Number Exercisable | shares | 201,810 |
Weighted Average Exercise Price | $ 33.68 |
Price Range 1 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower range | 21.77 |
Range of Exercise Prices, Upper range | $ 25 |
Number Outstanding | shares | 1,915 |
Weighted Average Remaining Contractual Term | 2 years 3 months 18 days |
Weighted Average Exercise Price | $ 21.77 |
Number Exercisable | shares | 1,915 |
Weighted Average Exercise Price | $ 21.77 |
Price Range 2 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower range | 25.01 |
Range of Exercise Prices, Upper range | $ 28 |
Number Outstanding | shares | 100,114 |
Weighted Average Remaining Contractual Term | 4 years 1 month 6 days |
Weighted Average Exercise Price | $ 26.93 |
Number Exercisable | shares | 100,114 |
Weighted Average Exercise Price | $ 26.93 |
Price Range 3 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower range | 28.01 |
Range of Exercise Prices, Upper range | $ 40.68 |
Number Outstanding | shares | 99,781 |
Weighted Average Remaining Contractual Term | 5 years 2 months 12 days |
Weighted Average Exercise Price | $ 40.68 |
Number Exercisable | shares | 99,781 |
Weighted Average Exercise Price | $ 40.68 |
Accounting for Stock-based Co_7
Accounting for Stock-based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Non-vested Beginning Balance | 463,587 | 507,998 | 555,904 |
Number of Shares, Granted | 235,480 | 194,227 | 240,868 |
Number of Shares, Vested | (169,279) | (179,974) | (221,659) |
Number of Shares, Cancelled | (54,742) | (58,664) | (67,115) |
Number of Shares, Non-vested Ending Balance | 475,046 | 463,587 | 507,998 |
Number of Shares, expected to vest in the future | 425,272 | ||
Weighted-Average Grant Date Fair Value, Non-vested Beginning Balance | $ 38.71 | $ 36.12 | $ 35.40 |
Weighted-Average Grant Date Fair Value, Granted | 65.37 | 41.41 | 34.68 |
Weighted-Average Grant Date Fair Value, Vested | 38.66 | 35.19 | 32.45 |
Weighted-Average Grant Date Fair Value, Cancelled | 47.50 | 36.04 | 37.60 |
Weighted-Average Grant Date Fair Value, Non-vested Ending Balance | 50.93 | $ 38.71 | $ 36.12 |
Weighted-Average Grant Date Fair Value, expected to vest in the future | $ 49.77 | ||
Aggregate Intrinsic Value, Non-vested | $ 30,773,480 | ||
Aggregate Intrinsic Value, expected to vest in the future | $ 27,549,127 |
Accounting for Stock-based Co_8
Accounting for Stock-based Compensation - Cash-settled Restricted Stock Unit Activity (Details) - Cash Settled RSUs - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Non-vested Beginning Balance | 391,916 | 463,022 | 446,663 |
Number of Shares, Granted | 147,103 | 174,419 | 233,790 |
Number of Shares, Vested | (147,759) | (161,576) | (146,619) |
Number of Shares, Cancelled | (51,695) | (83,949) | (70,812) |
Number of Shares, Non-vested Ending Balance | 339,565 | 391,916 | 463,022 |
Number of Shares, expected to vest in the future | 301,532 | ||
Weighted-Average Grant Date Fair Value, Non-vested Beginning Balance | $ 38.80 | $ 35.96 | $ 37.18 |
Weighted-Average Grant Date Fair Value, Granted | 60.84 | 42.06 | 34.29 |
Weighted-Average Grant Date Fair Value, Vested | 38.71 | 40.78 | 34.70 |
Weighted-Average Grant Date Fair Value, Cancelled | 43.07 | 36.43 | 37.55 |
Weighted-Average Grant Date Fair Value, Non-vested Ending Balance | 47.73 | $ 38.80 | $ 35.96 |
Weighted-Average Grant Date Fair Value, expected to vest in the future | $ 47 | ||
Aggregate Intrinsic Value, Non-vested | $ 21,997,021,000 | ||
Aggregate Intrinsic Value, expected to vest in the future | $ 19,533,238,000 |
Accounting for Stock-based Co_9
Accounting for Stock-based Compensation - Summary of Non-employee Director Awards of Unregistered Shares Granted (Details) - Non-Employee Director Awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Granted | 7,985 | 13,861 | 15,299 |
Weighted- Average Grant Date Fair Value | $ 60.36 | $ 48.41 | $ 39.32 |
Accounting for Stock-based C_10
Accounting for Stock-based Compensation - Summary of Non-employee Director Awards Activity (Details) - Non-Employee Director Awards - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Granted | 7,985 | 13,861 | 15,299 |
Weighted-Average Grant Date Fair Value, Granted | $ 60.36 | $ 48.41 | $ 39.32 |
Omnibus Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Granted | 11,606 | ||
Number of Shares, Vested | (5,395) | ||
Number of Shares, Cancelled | (1,243) | ||
Number of Shares, Non-vested Ending Balance | 4,968 | ||
Number of Shares, expected to vest in the future | 4,968 | ||
Weighted-Average Grant Date Fair Value, Non-vested Beginning Balance | $ 72.35 | ||
Weighted-Average Grant Date Fair Value, Granted | 72.35 | ||
Weighted-Average Grant Date Fair Value, Vested | 72.35 | ||
Weighted-Average Grant Date Fair Value, Cancelled | 72.35 | ||
Weighted-Average Grant Date Fair Value, expected to vest in the future | $ 72.35 | ||
Aggregate Intrinsic Value, Non-vested | $ 321,827 | ||
Aggregate Intrinsic Value, expected to vest in the future | $ 321,827 |
Accounting for Stock-based C_11
Accounting for Stock-based Compensation - Summary of Performance Shares Activity (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Shares | ||||
Number of Shares, Non-vested Beginning Balance | 187,022 | 129,974 | 58,822 | |
Number of Shares, Granted | 45,136 | 60,929 | 74,574 | 30,576 |
Number of Shares, Vested | (30,576) | |||
Number of Shares, Cancelled | (32,096) | (3,881) | (3,422) | |
Number of Shares, Non-vested Ending Balance | 169,486 | 187,022 | 129,974 | 58,822 |
Number of Shares, expected to vest in the future | 97,309 | |||
Weighted-Average Grant Date Fair Value | ||||
Weighted-Average Grant Date Fair Value, Non-vested Beginning Balance | $ 39.95 | $ 40.57 | $ 44.21 | |
Weighted-Average Grant Date Fair Value, Granted | 65.05 | 38.81 | 37.75 | |
Weighted-Average Grant Date Fair Value, Vested | 44.21 | |||
Weighted-Average Grant Date Fair Value, Cancelled | 43.72 | 42.83 | 41.61 | |
Weighted-Average Grant Date Fair Value, Non-vested Ending Balance | 45.15 | $ 39.95 | $ 40.57 | $ 44.21 |
Weighted-Average Grant Date Fair Value, expected to vest in the future | $ 50.35 | |||
Aggregate Intrinsic Value | ||||
Aggregate Intrinsic Value, Non-vested | $ 10,979,303 | |||
Aggregate Intrinsic Value, expected to vest in the future | $ 6,303,674 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||
Initial cash consideration, net of cash acquired | $ 34,575 | $ 91 | $ 100 |
Goodwill | 715,644 | $ 686,108 | $ 683,683 |
Charge on contingent liability remeasured | 505 | ||
Payments Type One | |||
Business Acquisition [Line Items] | |||
Warranty and indemnity hold back payments | $ 2,000 | ||
Warranty and indemnity hold back payments release period | 18 months | ||
Liabilities fair value assumption discount rate percentage | 3.00% | ||
Payments Type Two | |||
Business Acquisition [Line Items] | |||
Warranty and indemnity hold back payments | $ 1,200 | ||
Warranty and indemnity hold back payments release period | four years | ||
Liabilities fair value assumption discount rate percentage | 3.25% | ||
TFC, DMS and Vista | |||
Business Acquisition [Line Items] | |||
Combined purchase consideration | $ 51,200 | ||
Initial cash consideration, net of cash acquired | 34,600 | ||
Goodwill | 32,100 | ||
Aggregate intangible assets arising from acquisitions | 10,600 | ||
Extended purchase commitments under the acquisition agreements | 6,500 | ||
Charge on contingent liability remeasured | 500 | ||
TFC, DMS and Vista | Level 3 | |||
Business Acquisition [Line Items] | |||
Fair value of contingent consideration | $ 1,200 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 20,291 | 142 | 163,564 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Dilutive Effect of Stock Options RSUs and PSAs (Details) - shares shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Basic weighted-average shares outstanding | 18,838 | 18,873 | 18,806 | 18,670 | 18,646 | 18,666 | 18,775 | 18,972 | 18,797 | 18,766 | 18,989 |
Effect of potential exercise of stock options, RSUs, and performance shares | 538 | 478 | 427 | ||||||||
Diluted weighted-average shares outstanding | 19,333 | 19,306 | 19,209 | 19,158 | 19,136 | 19,024 | 19,086 | 19,423 | 19,335 | 19,244 | 19,416 |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)shares | Nov. 04, 2017USD ($) | |
Equity [Abstract] | ||
Stock repurchase program, authorized amount | $ 75,000,000 | $ 100,000,000 |
Line of credit facility, conditions for the elimination of limits on shares repurchases, leverage ratio | 3.25 | |
Stock Repurchased During Period, Shares | shares | 214,137 | |
Stock Repurchased During Period, Value | $ 13,900,000 | |
Stock repurchase program, remaining authorized repurchase amount | $ 86,100,000 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - Fair Value, Measurements, Recurring - Level 3 - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Acquisition related to contingent liability | $ 1,700,000 | |
Assets, measured at fair value on recurring basis | $ 0 | |
Liabilities, measured at fair value on recurring basis | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | Aug. 31, 2017 | Jun. 10, 2016USD ($) | Dec. 31, 2018USD ($)a | Mar. 08, 2010ft² |
Loss Contingencies [Line Items] | ||||
Community development related to claim | $ 220,200 | |||
Operating Leases, Future Minimum Payments Due | 189,428 | |||
Minimum future sublease rentals | $ 1,200 | |||
Corporate Office Lease | ||||
Loss Contingencies [Line Items] | ||||
Operating Lease, Area of Leased Space | ft² | 258,000 | |||
Operating Lease, Additional Area of Leased Space | a | 72,000 | |||
Monthly Rent | $ 900 | |||
Percentage of Annual Escalations of Lease Rent | 2.50% | |||
Operating Leases, Future Minimum Payments Due | $ 150,600 | |||
Term of Lease | 12 years | |||
OCD vs ICF Emergency | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency damages sought value | $ 200,800 | |||
Road Home Contract | ||||
Loss Contingencies [Line Items] | ||||
Contract term, period | 3 years | |||
Contract award, value | $ 912,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Rental Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2,019 | $ 39,031 |
2,020 | 36,210 |
2,021 | 35,311 |
2,022 | 33,624 |
2,023 | 16,336 |
Thereafter | 28,916 |
Total | $ 189,428 |
Commitments and Contingencies_3
Commitments and Contingencies - Operating Lease Rent Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases Rent Expense [Abstract] | |||
Rent | $ 34,924 | $ 36,269 | $ 39,537 |
Sublease income | (45) | (142) | (147) |
Total rent expense | $ 34,879 | $ 36,127 | $ 39,390 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Maximum defer of compensation subject to statutory limitations, percentage | 70.00% | ||
Percentage of employer matching contributions condition, one | 100.00% | ||
Percentage of employee entitled to employer matching contribution condition, one | 3.00% | ||
Percentage of employer matching contributions condition, two | 50.00% | ||
Percentage of employee entitled to employer matching contribution condition, two | 2.00% | ||
Defined contribution plan, employer discretionary contribution amount | $ 16,200,000 | $ 15,100,000 | $ 14,900,000 |
Deferred compensation arrangement with individual, cash awards granted, percentage | 80.00% | ||
Deferred compensation on performance bonuses that eligible employee, percentage | 100.00% | ||
Defined contribution plan, employers matching contribution, annual vesting percentage | 100.00% | ||
Employee stock purchase plan shares authorized | 1,000,000 | ||
Employee stock purchase plan annual maximum payroll deduction | $ 25,000 | ||
Share-based compensation arrangement by share-based payment award, discount from market price, purchase date | 5.00% | ||
Stock issued during period, shares, employee stock purchase plans | 22,320 | ||
Stock issued during period, value, employee stock purchase plans, per share | $ 63.92 | ||
Employee stock purchase plan, number of shares available for grant | 702,506 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event | Feb. 26, 2019$ / shares |
Subsequent Event [Line Items] | |
Dividend declaration date | Feb. 26, 2019 |
Cash dividend per share | $ 0.14 |
Dividend payment date | Apr. 16, 2019 |
Dividend close of record date | Mar. 29, 2019 |
Supplemental Information - Sche
Supplemental Information - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance For Doubtful Accounts Receivable Rollforward | |||
Balance at beginning of period | $ 3,853 | $ 2,591 | $ 2,138 |
Bad debt expense | 2,480 | 1,480 | 1,089 |
Write-offs, net of recoveries | (1,027) | (219) | (635) |
Effect of foreign currency translation | (22) | 1 | (1) |
Balance at end of period | $ 5,284 | $ 3,853 | $ 2,591 |
Supplemental Information - Sc_2
Supplemental Information - Schedule of Income Tax Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation Allowance [Abstract] | |||
Balance at beginning of period | $ 1,636 | $ 1,131 | $ 933 |
Provision for income taxes - valuation allowance | 3,476 | 505 | 198 |
Balance at end of period | $ 5,112 | $ 1,636 | $ 1,131 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited)- Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 377,910 | $ 332,968 | $ 324,315 | $ 302,780 | $ 321,174 | $ 305,301 | $ 306,392 | $ 296,295 | $ 1,337,973 | $ 1,229,162 | $ 1,185,097 |
Operating income | 29,443 | 24,222 | 21,025 | 17,582 | 20,181 | 23,396 | 22,208 | 16,633 | 92,272 | 82,418 | 82,793 |
Net income | $ 18,695 | $ 16,671 | $ 13,617 | $ 12,417 | $ 27,070 | $ 13,692 | $ 11,937 | $ 10,177 | $ 61,400 | $ 62,876 | $ 46,584 |
Earnings per share: | |||||||||||
Basic | $ 0.99 | $ 0.88 | $ 0.72 | $ 0.67 | $ 1.45 | $ 0.73 | $ 0.64 | $ 0.54 | $ 3.27 | $ 3.35 | $ 2.45 |
Diluted | $ 0.97 | $ 0.86 | $ 0.71 | $ 0.65 | $ 1.41 | $ 0.72 | $ 0.63 | $ 0.52 | $ 3.18 | $ 3.27 | $ 2.40 |
Weighted-average common shares outstanding | |||||||||||
Basic | 18,838 | 18,873 | 18,806 | 18,670 | 18,646 | 18,666 | 18,775 | 18,972 | 18,797 | 18,766 | 18,989 |
Diluted | 19,333 | 19,306 | 19,209 | 19,158 | 19,136 | 19,024 | 19,086 | 19,423 | 19,335 | 19,244 | 19,416 |
Cash dividends declared per common share | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.56 |