Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | ICF International, Inc. | |
Entity Central Index Key | 0001362004 | |
Trading Symbol | ICFI | |
Security Exchange Name | NASDAQ | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 18,848,522 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-33045 | |
Entity Tax Identification Number | 22-3661438 | |
Entity Incorporation State Country Code | DE | |
Entity Address, Address Line One | 9300 Lee Highway | |
Entity Address, City or Town | Fairfax | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22031 | |
City Area Code | 703 | |
Local Phone Number | 934-3000 | |
Security12bTitle | Common Stock | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 9,064 | $ 6,482 |
Contract receivables, net | 224,379 | 261,176 |
Contract assets | 150,577 | 142,337 |
Prepaid expenses and other assets | 19,566 | 17,402 |
Income tax receivable | 15,455 | 7,320 |
Total Current Assets | 419,041 | 434,717 |
Property and Equipment, net | 61,039 | 58,237 |
Other Assets: | ||
Goodwill | 905,101 | 719,934 |
Other intangible assets, net | 66,558 | 25,829 |
Operating lease - right-of-use assets | 139,189 | 133,965 |
Other assets | 24,596 | 23,352 |
Total Assets | 1,615,524 | 1,396,034 |
Current Liabilities: | ||
Current portion of long-term debt | 10,000 | |
Accounts payable | 76,785 | 134,578 |
Contract liabilities | 30,135 | 37,413 |
Operating lease liabilities - current | 33,028 | 32,500 |
Accrued salaries and benefits | 57,872 | 52,130 |
Accrued subcontractors and other direct costs | 36,112 | 45,619 |
Accrued expenses and other current liabilities | 25,365 | 35,742 |
Total Current Liabilities | 269,297 | 337,982 |
Long-term Liabilities: | ||
Long-term debt | 440,928 | 164,261 |
Operating lease liabilities - non-current | 121,921 | 119,250 |
Deferred income taxes | 38,118 | 37,621 |
Other long-term liabilities | 40,157 | 22,369 |
Total Liabilities | 910,421 | 681,483 |
Contingencies (Note 18) | ||
Stockholders’ Equity: | ||
Preferred stock, par value $.001; 5,000,000 shares authorized; none issued | ||
Common stock, par value $.001; 70,000,000 shares authorized; 23,138,271 and 22,846,374 shares issued at June 30, 2020 and December 31, 2019, respectively; 18,848,522 and 18,867,555 shares outstanding at June 30, 2020 and December 31, 2019, respectively | 23 | 23 |
Additional paid-in capital | 354,200 | 346,795 |
Retained earnings | 563,322 | 544,840 |
Treasury stock, 4,289,749 and 3,978,819 shares at June 30, 2020 and December 31, 2019, respectively | (189,011) | (164,963) |
Accumulated other comprehensive loss | (23,431) | (12,144) |
Total Stockholders’ Equity | 705,103 | 714,551 |
Total Liabilities and Stockholders’ Equity | $ 1,615,524 | $ 1,396,034 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
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) | 23,138,271 | 22,846,374 |
Common stock, outstanding (in shares) | 18,848,522 | 18,867,555 |
Treasury stock, shares (in shares) | 4,289,749 | 3,978,819 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 353,987 | $ 366,717 | $ 712,225 | $ 707,971 |
Direct costs | 223,407 | 235,053 | 454,023 | 451,002 |
Operating costs and expenses: | ||||
Indirect and selling expenses | 99,255 | 101,450 | 202,526 | 197,969 |
Depreciation and amortization | 5,064 | 5,595 | 10,243 | 10,357 |
Amortization of intangible assets | 3,479 | 2,077 | 6,332 | 4,212 |
Total operating costs and expenses | 107,798 | 109,122 | 219,101 | 212,538 |
Operating income | 22,782 | 22,542 | 39,101 | 44,431 |
Interest expense | (3,908) | (2,934) | (7,433) | (5,387) |
Other income (loss) | 349 | 186 | 539 | (226) |
Income before income taxes | 19,223 | 19,794 | 32,207 | 38,818 |
Provision for income taxes | 5,567 | 5,183 | 7,939 | 8,889 |
Net income | $ 13,656 | $ 14,611 | $ 24,268 | $ 29,929 |
Earnings per Share: | ||||
Basic | $ 0.73 | $ 0.78 | $ 1.29 | $ 1.59 |
Diluted | $ 0.72 | $ 0.76 | $ 1.27 | $ 1.56 |
Weighted-average Shares: | ||||
Basic | 18,829 | 18,805 | 18,835 | 18,815 |
Diluted | 19,020 | 19,133 | 19,120 | 19,213 |
Cash dividends declared per common share | $ 0.14 | $ 0.14 | $ 0.28 | $ 0.28 |
Other comprehensive loss, net of tax | $ (164) | $ (2,853) | $ (11,287) | $ (2,570) |
Comprehensive income, net of tax | $ 13,492 | $ 11,758 | $ 12,981 | $ 27,359 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows from Operating Activities | ||
Net income | $ 24,268 | $ 29,929 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Bad debt expense | 1,153 | 304 |
Deferred income taxes | 6,070 | 2,872 |
Non-cash equity compensation | 6,344 | 7,865 |
Depreciation and amortization | 16,575 | 14,569 |
Facilities consolidation reserve | (141) | (134) |
Amortization of debt issuance costs | 403 | 254 |
Impairment of long-lived assets | 1,728 | |
Other adjustments, net | (1,646) | (450) |
Changes in operating assets and liabilities, net of the effects of acquisitions: | ||
Net contract assets and liabilities | (15,050) | (15,508) |
Contract receivables | 54,729 | (46,212) |
Prepaid expenses and other assets | (1,866) | (1,609) |
Accounts payable | (65,293) | (7,569) |
Accrued salaries and benefits | 4,658 | 3,535 |
Accrued subcontractors and other direct costs | (9,227) | (17,479) |
Accrued expenses and other current liabilities | (8,685) | (11,460) |
Income tax receivable and payable | (8,158) | (8,733) |
Other liabilities | 6,667 | 152 |
Net Cash Provided by (Used in) Operating Activities | 10,801 | (47,946) |
Cash Flows from Investing Activities | ||
Capital expenditures for property and equipment and capitalized software | (9,015) | (14,516) |
Payments for business acquisitions, net of cash acquired | (253,090) | (1,819) |
Net Cash Used in Investing Activities | (262,105) | (16,335) |
Cash Flows from Financing Activities | ||
Advances from working capital facilities | 914,507 | 378,474 |
Payments on working capital facilities | (626,159) | (290,354) |
Payments on capital expenditure obligations | (1,712) | (1,621) |
Debt issue costs | (2,084) | |
Proceeds from exercise of options | 37 | 429 |
Dividends paid | (5,275) | (5,278) |
Net payments for stock issuances and buybacks | (23,024) | (24,158) |
Payments on business acquisition liabilities | (1,924) | |
Net Cash Provided by Financing Activities | 254,366 | 57,492 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash | (480) | 107 |
Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 2,582 | (6,682) |
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 6,482 | 12,986 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 9,064 | 6,304 |
Supplemental Disclosure of Cash Flow Information | ||
Interest | 7,875 | 4,697 |
Income taxes | $ 10,123 | $ 15,426 |
Basis of Presentation and Natur
Basis of Presentation and Nature of Operations | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Nature of Operations | NOTE 1 - BASIS OF PRESENTATION AND NATURE OF OPERATIONS Basis of Presentation The accompanying consolidated financial statements include the accounts of ICF International, Inc. and its subsidiaries (collectively, the “Company”), and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”). 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, marketing, technology, and policy consulting and implementation services, in our four key client markets: energy, environment, and infrastructure; health, education, and social programs; safety and security; and consumer and financial services. The Company offers a full range of services to these clients throughout the entire life cycle of a policy, program, project, or initiative. Our primary services include: advisory services, program implementation services, analytics services, digital services, and engagement services. 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, hospitals, health insurers and other health-related 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 more than 75 offices in the U.S. and U.S. territories and 15 offices in key markets outside the U.S., including offices in the United Kingdom, Belgium, China, India, and Canada. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the consolidated financial statements where estimates may have the most significant effect include contractual and regulatory reserves, valuation and lives of tangible and intangible assets, contingent consideration related to business acquisitions, impairment of goodwill and long-lived assets, accrued liabilities, revenue recognition and costs to complete fixed-price contracts, bonus and other incentive compensation, stock-based compensation, reserves for tax benefits and valuation allowances on deferred tax assets, provisions for income taxes, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ from management's estimates. Interim Results The unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These rules and regulations permit some of the information and footnote disclosures normally included in financial statements, prepared in accordance with U.S. GAAP, to be condensed or omitted. In management’s opinion, the unaudited consolidated financial statements contain all adjustments that are of a normal recurring nature, necessary for a fair presentation of the results of operations and financial position of the Company for the interim periods presented. The Company reports operating results and financial data in one operating segment and reporting unit. Operating results for the three and six month periods ended June 30, 2020 and 2019 are not necessarily indicative of the results that may be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 31, 2019 and the notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 28, 2020 (the “Annual Report”). Reclassifications As part of an amendment to the Credit Facility, as defined in Note 4 “Long-term Debt” below, the Company currently has both a term loan and a revolving debt facility within its Credit Facility. Previously, the unamortized debt issuance costs were included within Other assets in accordance with U.S. GAAP. The Company has reclassified unamortized debt issuance costs as of December 31, 2019 as Long-term debt for consistency of presentation. Significant Accounting Policies Goodwill The Company tests for impairment, at a minimum, on an annual basis or earlier where certain events or changes in circumstances indicate that goodwill may more likely than not be impaired. If there are significant decreases in its stock price for a sustained period or other unfavorable factors, the Company may be required to perform a goodwill impairment assessment, which may result in a recognition of goodwill impairment that could be material to the consolidated financial statements. Long-Lived Assets The Company reviews its long-lived assets, including property and equipment and amortizable intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for any excess of the carrying amount over the fair value of the asset. The Company recognized impairment expense, included in indirect and selling expenses, of $1.7 million in the second quarter of 2019 related to intangible assets associated with a historical business acquisition. There was no impairment recognized during the year ended June 30, 2020. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities (current and non-current) on the consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments as of the commencement date. Since most lease agreements do not provide an implicit rate, the Company uses its incremental borrowing rate as of the commencement date in estimating the present value of future payments. The operating lease ROU asset is based on the present value of future lease payments and includes impacts from lease incentives and initial costs incurred to obtain the lease. Lease terms, for the purposes of determining each lease’s present value, include options to extend or terminate the lease if it is reasonably certain and economically reasonable that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company uses leases to obtain use of a variety of different resources, including those for the use of facilities or equipment. These agreements may contain both lease and non-lease components, which are generally accounted for separately. For equipment leases (including copier leases), the Company accounts for the lease component, as well as insignificant non-lease components, as a single lease component and does not recognize ROU assets and liabilities for leases with a term not greater than twelve months. Recent Accounting Pronouncements Recent Accounting Pronouncements Adopted Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Company adopted the standard in the first quarter of 2020 and the standard was implemented using the prospective method. The Company’s adoption of ASU 2018-15 did not have a material impact on the consolidated financial statements. Measurement of Credit Losses on 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, as amended, requires companies to measure credit losses by using a methodology that reflects the expected credit losses based on historical information, current economic conditions, and reasonable and supportable information. The Company adopted the standard in the first quarter of 2020 utilizing a modified-retrospective transition approach that required a cumulative-effect adjustment of $0.5 million to the opening retained earnings in the consolidated statement of stockholders’ equity as of the date of the adoption. Recent Accounting Pronouncements Not Yet Adopted Reference Rate Reform In March 2020, FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The standard is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance is effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements. |
Contract Receivables, Net
Contract Receivables, Net | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Contract Receivables, Net | NOTE 2 – CONTRACT RECEIVABLES, NET Contract receivables, net consisted of the following: June 30, 2020 December 31, 2019 Billed and billable $ 229,327 $ 264,682 Allowance for doubtful accounts (4,948 ) (3,506 ) Contract receivables, net $ 224,379 $ 261,176 |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | NOTE 3 – GOODWILL The changes in the carrying amount of goodwill during the six-months period ended June 30, 2020 were as follows: Balance as of December 31, 2019 $ 719,934 Goodwill resulting from business combination - ITG 188,369 Effect of foreign currency translation (3,202 ) Balance as of June 30, 2020 $ 905,101 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 4 – LONG-TERM DEBT At June 30, 2020 and December 31, 2019, debt consisted of: June 30, 2020 December 31, 2019 Average Interest Rate Outstanding Balance Average Interest Rate Outstanding Balance Term Loan $ 197,500 $ — Revolving Credit 256,292 165,444 Total before debt issuance costs 2.74 % 453,792 3.59 % 165,444 Unamortized debt issuance costs (2,864 ) (1,183 ) $ 450,928 $ 164,261 Current portion of long-term debt $ 10,000 $ — Long-term debt - non-current 440,928 164,261 $ 450,928 $ 164,261 On March 3, 2020, the Company entered into the First Amendment (the “First Amendment”) to the Fifth Amended and Restated Business Loan and Security Agreement with a group of ten (i) As a result, the Credit Facility now consists of (i) 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 (as defined herein), 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 (as defined under the Credit Facility) and (iii) the daily LIBOR rate, plus a LIBOR Margin between 1.00% and 2.00% based on its Leverage Ratio (as defined under the Credit Facility). 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 Rate is to be paid in quarterly installments. The Credit Facility also provides for letters of credit aggregating up to $60.0 million, which reduce the funds available under the Credit Facility when issued. The unused portion of the Credit Facility is subject to a commitment fee between 0.13% and 0.25% per annum based on the Leverage Ratio. The Credit Facility is collateralized by substantially all 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 4.00 to 1.00 (subject to a step-up to 4.25 to 1.0 for a four quarter period following permitted acquisitions as defined under the Credit Facility) As of June 30, 2020, the Company had $453.8 million long-term debt outstanding from the Credit Facility (including the term loan, exclusive of unamortized debt issuance costs), outstanding letters of credit totaling $2.9 million, net derivative obligations of $11.2 million and unused borrowing capacity of $340.9 million Future repayments of debt principal are as follows: Payments due by June 30, 2021 2022 2023 2024 2025 Thereafter Total Term Loan $ 10,000 $ 10,000 $ 11,250 $ 15,000 $ 151,250 $ — $ 197,500 Revolving Credit — — — — 256,292 — 256,292 Total $ 10,000 $ 10,000 $ 11,250 $ 15,000 $ 407,542 $ — $ 453,792 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | NOTE 5 – LEASES The Company has operating leases for facilities and equipment which have remaining terms ranging from 1 to 14 years. The leases may include options to extend the lease periods for up to 5 years at rates approximating market rates and/or options to terminate the leases within 1 year. The leases may include a residual value guarantee or a responsibility to return the property to its original state of use. A limited number of leases contain provisions that provide for rental increases based on consumer price indices. The change in rent expense resulting from changes in these indices are included within variable rent. Operating leases consisted of the following at June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Real estate facilities $ 182,437 $ 162,150 Office equipment 2,458 1,595 Other 935 935 185,830 164,680 Amortization of right-of-use assets (46,641 ) (30,715 ) Total operating lease right-of-use assets $ 139,189 $ 133,965 Rent expense is recognized on a straight-line basis over the lease term. Rent expense consists of the following: Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Operating lease costs $ 9,444 $ 8,610 $ 18,770 $ 17,505 Short-term lease costs 442 322 873 1,003 Variable lease costs 1 172 1 184 Total rent expense $ 9,887 $ 9,104 $ 19,644 $ 18,692 Future minimum lease payments under non-cancellable leases as of June 30, 2020 were as follows: June 30, 2021 $ 37,255 June 30, 2022 38,545 June 30, 2023 28,364 June 29, 2024 18,955 June 29, 2025 12,619 Thereafter 36,327 Total future minimum lease payments 172,065 Less: Interest (17,116 ) Total operating lease liabilities $ 154,949 Operating lease liabilities - current $ 33,028 Operating lease liabilities - non-current 121,921 Total operating lease liabilities $ 154,949 Other information related to operating leases is as follows: June 30, 2020 June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 19,086 $ 18,594 Right-of-use assets obtained in exchange for new operating lease liabilities $ 22,721 $ 14,896 Weighted-average remaining lease term - operating leases 5.9 5.1 Weighted-average discount rate - operating leases 2.9 % 3.7 % At June 30, 2020, the Company had additional operating leases that have not yet commenced with a potential lease liability of $129.1 million. Such operating leases are anticipated to commence, where we take possession of the property and commence any required buildout, over the next three years, with lease terms of 10 years to 17 years. |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss | NOTE 6 – OTHER COMPREHENSIVE (LOSS) INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS Other comprehensive (loss) income includes foreign currency translation adjustments arising from the conversion of financial statements of foreign subsidiaries into U.S. dollars, the amortization of the gain on the sale of an interest rate hedge agreement, and the change in the fair value of current interest rate hedge agreements. Components of accumulated other comprehensive loss as of June 30, 2020 and 2019 are as follows: Three Months Ended June 30, 2020 Foreign Currency Translation Adjustments Gain on Sale of Interest Rate Hedge Agreement (1) Change in Fair Value of Interest Rate Hedge Agreements (2) Total Accumulated other comprehensive (loss) income at March 31, 2020 $ (15,813 ) $ 1,501 $ (8,955 ) $ (23,267 ) Current period other comprehensive (loss) income: Other comprehensive loss before reclassifications 609 — (1,582 ) (973 ) Amounts reclassified from accumulated other comprehensive income (3) — (180 ) 721 541 Effect of taxes ( 4 ) (5 ) 47 226 268 Total current period other comprehensive (loss) income 604 (133 ) (635 ) (164 ) Accumulated other comprehensive (loss) income at June 30, 2020 $ (15,209 ) $ 1,368 $ (9,590 ) $ (23,431 ) Three Months Ended June 30, 2019 Foreign Currency Translation Adjustments Gain on Sale of Interest Rate Hedge Agreement (1) Change in Fair Value of Interest Rate Hedge Agreement (2) Total Accumulated other comprehensive (loss) income at March 31, 2019 $ (12,914 ) $ 2,031 $ (1,385 ) $ (12,268 ) Current period other comprehensive (loss) income: Other comprehensive (loss) income before reclassifications (1,304 ) — (2,173 ) (3,477 ) Amounts reclassified from accumulated other comprehensive (loss) income (3) — (180 ) 31 (149 ) Effect of taxes ( 4 ) 163 47 563 773 Total current period other comprehensive (loss) income (1,141 ) (133 ) (1,579 ) (2,853 ) Accumulated other comprehensive (loss) income at June 30, 2019 $ (14,055 ) $ 1,898 $ (2,964 ) $ (15,121 ) Six Months Ended June 30, 2020 Foreign Currency Translation Adjustments Gain on Sale of Interest Rate Hedge Agreement (1) Change in Fair Value of Interest Rate Hedge Agreements (2) Total Accumulated other comprehensive (loss) income at December 31, 2019 $ (10,995 ) $ 1,634 $ (2,783 ) $ (12,144 ) Current period other comprehensive (loss) income: Other comprehensive income (loss) before reclassifications (4,821 ) — (10,155 ) (14,976 ) Amounts reclassified from accumulated other comprehensive (loss) income (3) — (360 ) 923 563 Effect of taxes ( 4 ) 607 94 2,425 3,126 Total current period other comprehensive (loss) income (4,214 ) (266 ) (6,807 ) (11,287 ) Accumulated other comprehensive (loss) income at June 30, 2020 $ (15,209 ) $ 1,368 $ (9,590 ) $ (23,431 ) Six Months Ended June 30, 2019 Foreign Currency Translation Adjustments Gain on Sale of Interest Rate Hedge Agreement (1) Change in Fair Value of Interest Rate Hedge Agreement (2) Total Accumulated other comprehensive (loss) income at December 31, 2018 $ (14,168 ) $ 2,164 $ (547 ) $ (12,551 ) Current period other comprehensive (loss) income: Other comprehensive (loss) income before reclassifications (50 ) — (3,337 ) (3,387 ) Amounts reclassified from accumulated other comprehensive income (3) — (360 ) 54 (306 ) Effect of taxes ( 4 ) 163 94 866 1,123 Total current period other comprehensive (loss) income 113 (266 ) (2,417 ) (2,570 ) Accumulated other comprehensive (loss) income at June 30, 2019 $ (14,055 ) $ 1,898 $ (2,964 ) $ (15,121 ) (1) Represents the unamortized 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, at the date of the sale, was recorded in other comprehensive income, net of tax, and is being reclassified to interest expense when earnings are impacted by the hedged items and as interest payments are made on the Credit Facility from January 31, 2018 to January 31, 2023 (see Note 10—Derivative Instruments and Hedging Activities). (2) Represents the change in fair value of interest rate hedge agreements designated as a cash flow hedge. The fair value of the interest rate hedge agreements was recorded in other comprehensive income and will be reclassified to interest expense when earnings are impacted by the hedged items and as interest payments are made on the Credit Facility from August 31, 2018 to February 28 , 202 5 (see Note 10—Derivative Instruments and Hedging Activities) . (3) The Company expects to reclassify $0.7 million net gains related to the Gain on Sale of Interest Rate Hedge Agreement and $3.7 million net losses related to the Change in Fair Value of Interest Rate Hedge Agreement from accumulated other comprehensive loss into earnings during the next 12 months. ( 4 ) The Company’s effective tax rate for the three months ended June 30, 2020 and 2019 was 29.0% and 26.2%, respectively, and 24.6% and 22.9% for the six months ended June 30, 2020 and 2019, respectively. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | NOTE 7 – STOCKHOLDERS’ EQUITY Changes in stockholders’ equity for the three and six months ended June 30, 2020 and 2019 are as follows: Three Months Ended June 30, 2020 Common Stock Additional Paid-in Retained Treasury Stock Accumulated Other Comprehensive Shares Amount Capital Earnings Shares Amount Loss Total Balance at March 31, 2020 18,827 $ 23 $ 350,658 $ 552,303 4,289 $ (188,961 ) $ (23,267 ) $ 690,756 Net income — — — 13,656 — — — 13,656 Other comprehensive income — — — — — — (164 ) (164 ) Equity compensation — — 2,518 — — — — 2,518 Exercise of stock options — — — — — — — — Issuance of shares pursuant to vesting of restricted stock units 22 — — — — — — — Net payments for stock issuances and buybacks — — 1,024 — — (50 ) — 974 Cumulative-effect adjustment for adoption of accounting principle — — — — — — — — Dividends declared — — — (2,637 ) — — — (2,637 ) Balance at June 30, 2020 18,849 $ 23 $ 354,200 $ 563,322 4,289 $ (189,011 ) $ (23,431 ) $ 705,103 Three Months Ended June 30, 2019 Common Stock Additional Paid-in Retained Treasury Stock Accumulated Other Comprehensive Shares Amount Capital Earnings Shares Amount Loss Total Balance at March 31, 2019 18,866 $ 23 $ 330,763 $ 499,126 3,846 $ (155,073 ) $ (12,268 ) $ 662,571 Net income — — — 14,611 — — — 14,611 Other comprehensive loss — — — — — — (2,853 ) (2,853 ) Equity compensation — — 3,714 — — — — 3,714 Exercise of stock options 1 — 25 — — — — 25 Issuance of shares pursuant to vesting of restricted stock units 8 — — — — — — — Net payments for stock issuances and buybacks (117 ) — 843 — 129 (9,632 ) — (8,789 ) Dividends declared — — — (2,642 ) — — — (2,642 ) Balance at June 30, 2019 18,758 $ 23 $ 335,345 $ 511,095 3,975 $ (164,705 ) $ (15,121 ) $ 666,637 Six Months Ended June 30, 2020 Common Stock Additional Paid-in Retained Treasury Stock Accumulated Other Comprehensive Shares Amount Capital Earnings Shares Amount Loss Total Balance at December 31, 2019 18,868 $ 23 $ 346,795 $ 544,840 3,978 $ (164,963 ) $ (12,144 ) $ 714,551 Net income — — — 24,268 — — — 24,268 Other comprehensive income — — — — — — (11,287 ) (11,287 ) Equity compensation — — 6,344 — — — — 6,344 Exercise of stock options 1 — 37 — — — — 37 Issuance of shares pursuant to vesting of restricted stock units 291 — — — — — — — Net payments for stock issuances and buybacks (311 ) — 1,024 — 311 (24,048 ) — (23,024 ) Cumulative-effect adjustment for adoption of accounting principle — — — (513 ) — — — (513 ) Dividends declared — — — (5,273 ) — — — (5,273 ) Balance at June 30, 2020 18,849 $ 23 $ 354,200 $ 563,322 4,289 $ (189,011 ) $ (23,431 ) $ 705,103 Six Months Ended June 30, 2019 Common Stock Additional Paid-in Retained Treasury Stock Accumulated Other Comprehensive Shares Amount Capital Earnings Shares Amount Loss Total Balance at December 31, 2018 18,817 $ 22 $ 326,208 $ 486,442 3,629 $ (139,704 ) $ (12,551 ) $ 660,417 Net income — — — 29,929 — — — 29,929 Other comprehensive loss — — — — — — (2,570 ) (2,570 ) Equity compensation — — 7,865 — — — — 7,865 Exercise of stock options 12 — 429 — — — — 429 Issuance of shares pursuant to vesting of restricted stock units 263 1 — — — — — 1 Net payments for stock issuances and buybacks (334 ) — 843 — 346 (25,001 ) — (24,158 ) Dividends declared — — — (5,276 ) — — — (5,276 ) Balance at June 30, 2019 18,758 $ 23 $ 335,345 $ 511,095 3,975 $ (164,705 ) $ (15,121 ) $ 666,637 |
Restricted Cash
Restricted Cash | 6 Months Ended |
Jun. 30, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Restricted Cash | NOTE 8 – RESTRICTED CASH The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets for the periods presented to the total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows for the six months ended June 30, 2020 and 2019: 2020 2019 Beginning Ending Beginning Ending Cash and cash equivalents $ 6,482 $ 9,064 $ 11,694 $ 6,304 Restricted cash - non-current — — 1,292 — Total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 6,482 $ 9,064 $ 12,986 $ 6,304 |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [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 markets provide 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 from being 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. Changes in the three and six months ended June 30, 2020 compared to the prior year period were primarily from the increase of revenue in the health, education, and social programs client market as a result of additional work performed for U.S. government clients, including the ITG acquisition, offset by decreases in revenue from the commercial clients primarily in the consumer and financial services and health, education and social programs markets and decreases in the U.S. state and local clients in the energy, environment, and infrastructure markets. Similarly, for the three and six months ended June 30, 2020 revenue from time-and-materials and cost-based contracts increased while revenue from fixed price contracts decreased compared to the prior year period. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Dollars Percent Dollars Percent Dollars Percent Dollars Percent Client Markets: Energy, environment, and infrastructure $ 151,481 43 % $ 166,520 45 % $ 303,839 43 % $ 320,035 45 % Health, education, and social programs 148,528 42 % 134,346 37 % 291,114 41 % 256,255 36 % Safety and security 31,440 9 % 30,030 8 % 63,025 9 % 59,581 9 % Consumer and financial services 22,538 6 % 35,821 10 % 54,247 7 % 72,100 10 % Total $ 353,987 100 % $ 366,717 100 % $ 712,225 100 % $ 707,971 100 % Three Months Ended Six Months Ended June 30, June 30, 2020 June 30, 2019 2020 2019 Dollars Percent Dollars Percent Dollars Percent Dollars Percent Client Type: U.S. federal government $ 170,748 48 % $ 141,253 38 % $ 326,318 46 % $ 273,465 39 % U.S. state and local government 57,982 17 % 73,101 20 % 119,288 17 % 138,928 20 % International government 18,098 5 % 31,617 9 % 41,190 6 % 58,751 8 % Total Government 246,828 70 % 245,971 67 % 486,796 69 % 471,144 67 % Commercial 107,159 30 % 120,746 33 % 225,429 31 % 236,827 33 % Total $ 353,987 100 % $ 366,717 100 % $ 712,225 100 % $ 707,971 100 % Three Months Ended Six Months Ended June 30, June 30, 2020 June 30, 2019 2020 2019 Dollars Percent Dollars Percent Dollars Percent Dollars Percent Contract Mix: Time-and-materials $ 168,489 48 % $ 167,009 46 % $ 336,639 47 % $ 322,191 45 % Fixed price 123,970 35 % 146,967 40 % 257,122 36 % 281,416 40 % Cost-based 61,528 17 % 52,741 14 % 118,464 17 % 104,364 15 % Total $ 353,987 100 % $ 366,717 100 % $ 712,225 100 % $ 707,971 100 % Contract Balances: Contract assets consist primarily of unbilled amounts resulting from long-term contracts when revenue recognized exceeds the amount billed often 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 net contract assets (liabilities) as of June 30, 2020 increased by $15.5 million as compared to December 31, 2019. The increase in net contract assets (liabilities) is primarily due to work in the health, education and social programs, including the ITG acquisition, and energy, environmental, and infrastructure client markets, offset by consumer and financial services markets. There were no material changes to contract balances due to impairments during the period. June 30, 2020 December 31, 2019 $ Change % Change Contract assets $ 150,577 $ 142,337 $ 8,240 5.8 % Contract liabilities (30,135 ) (37,413 ) 7,278 (19.5 %) Net contract assets (liabilities) $ 120,442 $ 104,924 $ 15,518 14.8 % Performance Obligations: The Company had $1.5 billion in unfulfilled performance obligations as of June 30, 2020, 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 to two years. |
Derivative instruments and Hedg
Derivative instruments and Hedges Activities | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative instruments and Hedges Activities | NOTE 10 – The Company manages its risk to changes in interest rates through the use of derivative instruments. The Company does not hold derivative instruments for trading or speculative purposes. For variable rate borrowings, the Company uses fixed interest rate swaps, effectively converting a portion of the variable interest rate payments to fixed interest rate payments. These swaps are designated as cash flow hedges. On February 20, 2020, the Company entered into a floating-to-fixed interest rate swap for an aggregate notional amount of $100.0 million to hedge a portion of the Company’s variable rate indebtedness. The Company designated the swap as a cash flow hedge. The swap requires the Company to pay a fixed rate of 1.294% per annum on the notional amount starting on February 28, 2020 to February 28, 2025. The floating-to-fixed interest rate settles monthly during the period of the cash flows and the realized gains and losses from the swap are recognized as a component of interest expense. On a quarterly basis, management evaluates the swap to determine its effectiveness and record the change in fair value as an adjustment to other comprehensive income or loss. Management intends that the swap remain effective. A summary of interest rate swap derivatives designated as cash flow hedges as of June 30, 2020 are as follows: Dates of Effected Cash Flows Date of Interest Rate Swap Agreement Notional Amount ($million) Paid Fixed Interest Rate% Beginning Ending September 30, 2016 (1) $ 100.0 - January 31, 2018 January 31, 2023 August 31, 2017 $ 25.0 1.8475% August 31, 2018 August 31, 2023 August 8, 2018 $ 50.0 2.8540% August 31, 2018 August 31, 2023 August 8, 2018 $ 25.0 2.8510% August 31, 2018 August 31, 2023 February 20, 2020 $ 100.0 1.2940% February 28, 2020 February 28, 2025 (1) 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 variable interest rate. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11 – The Company’s effective tax rate for the three months ended June 30, 2020 and 2019 was 29.0% and 26.2%, respectively, and 24.6% and 22.9% for the six months ended June 30, 2020 and 2019, respectively. The Company is subject to federal income taxes as well as taxes in various state, local and foreign jurisdictions. Tax statutes and regulations within each jurisdiction are subject to interpretation and require the application of significant judgment. The Company’s 2016 through 2018 tax years remain subject to examination by the Internal Revenue Service for federal tax purposes. Certain significant state, local and foreign tax returns also remain open under the applicable statute of limitations and are subject to examination for the tax years from 2015 to 2018. The total amount of unrecognized tax benefits as of June 30, 2020 and 2019, was $2.7 million and $0.2 million, respectively, resulting from tax positions taken in a prior period. Included in the balance as of June 30, 2020 and 2019, were $0.3 million and $0.2 million, respectively, of tax positions that, if recognized, would impact the effective tax rate. 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 $0.1 million and $0.1 million of accrued penalty and interest at June 30, 2020 and 2019, respectively. The Company has made no provision for deferred U.S. income taxes or additional foreign taxes on future unremitted earnings of its controlled foreign subsidiaries because the Company considers these earnings to be permanently invested. In response to the COVID-19 pandemic, the U.S. federal, state and local governments as well as numerous foreign governments have enacted tax-related relief programs to provide both direct and indirect tax assistance in the form of tax subsidies, exemptions, deferrals and credits. The Company is continuously analyzing these programs as they are introduced in order to determine our eligibility and the risks and benefits of participation. During the quarter ended June 30, 2020, the Company elected to participate in several COVID-19 tax-relief programs for which it was eligible. For example, p ursuant to the Coronavirus Aid, Relief and Economic Security (“CARES”) Act, the Company exercised the option to defer payment of the employer portion of the Social Security tax, with 50% to be repaid by December 31, 2021 and the remainder by December 31, 2022 . The Company deferred payment of approximately $6.4 million of employer Social Security taxes during the quarter ended June 30, 2020. |
Accounting for Stock Compensati
Accounting for Stock Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Accounting for Stock Compensation | NOTE 12 – ACCOUNTING FOR STOCK COMPENSATION 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 (as amended in May 2020) allows the Company to grant 1,185,000 shares using stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance units and performance share awards (“PSAs”), and other stock-based awards to all officers, key employees, and non-employee directors of the Company. Outstanding shares granted under the Prior Plan, totaling 107,141 as of June 30, 2020, remain subject to its terms and conditions, and no additional awards from the Prior Plan are to be made after the Effective Date. As of June 30, 2020, the Company had approximately 1,095,772 shares available for grant under the 2018 Omnibus Plan. The 2018 Omnibus Plan also gives the Company the ability to issue cash-settled RSUs (“CSRSUs”). The CSRSUs have no impact on the shares available for grant under the Omnibus Plan, nor on the calculated shares used in earnings per share calculations. During the six months ended June 30, 2020, the Company granted to its employees 166,051 shares in the form of RSUs with an average grant date fair value of $57.82, and the equivalent value of 112,479 shares in the form of CSRSUs with an average grant date fair value of $57.85. During the six months ended June 30, 2020, the Company also granted 55,264 shares in the form of PSAs to its employees with a grant date fair value of $58.76 per share. The RSUs, CSRSUs and PSAs granted are generally subject to service-based vesting conditions, with the PSAs also having performance-based vesting conditions. The performance conditions for the PSAs granted in 2020 have a performance period from January 1, 2020 through December 31, 2022 and the performance conditions are consistent with the PSAs granted in prior years. The Company recognized stock-based compensation expense of $4.0 million and $5.9 million for the three months ended June 30, 2020 and 2019, respectively. Unrecognized compensation expense of approximately $17.9 million as of June 30, 2020 related to unsettled RSUs is expected to be recognized over a weighted-average period of 2.2 1.9 1.6 |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 13 – FAIR VALUE Financial instruments measured at fair value on a recurring basis and their location within the accompanying consolidated balance sheets are as follows: June 30, 2020 (in thousands) Level 1 Level 2 Level 3 Total Location on Balance Sheet Assets: Deferred compensation investments in cash surrender life insurance $ — $ 14,435 $ — $ 14,435 Other assets Total $ — $ 14,435 $ — $ 14,435 Liabilities: Deferred compensation plan liabilities $ — $ 14,353 $ — $ 14,353 Other long-term liabilities Interest rate swaps — 13,044 — 13,044 Other long-term liabilities Total $ — $ 27,397 $ — $ 27,397 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Location on Balance Sheet Assets: Forward contract agreements $ — $ 733 $ — $ 733 Prepaid expenses and other assets Deferred compensation investments in cash surrender life insurance 15,020 15,020 Other assets Total $ — $ 15,753 $ — $ 15,753 Liabilities: Deferred compensation plan liabilities $ — $ 14,855 $ — $ 14,855 Other long-term liabilities Interest rate swaps — 3,811 — 3,811 Other long-term liabilities Total $ — $ 18,666 $ — $ 18,666 |
Business Combination
Business Combination | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Business Combination | NOTE 14 – BUSINESS COMBINATION On January 31, 2020, the Company acquired all of the membership interests in Incentive Technology Group, LLC (“ITG”), a Virginia limited liability company, for the purchase price of $255.0 million (subject to post-closing and working capital adjustments). Headquartered in Arlington, Virginia, ITG is an information technology consulting firm that provides cloud-based platform services to the federal government. The acquisition is expected to augment the Company’s federal government business. The acquisition was not significant to the Company’s financial statements taken as a whole. The acquisition of ITG includes provisions that adjust the consideration transferred for excesses or shortfalls in the stipulated amount of working capital as of the acquisition date, as defined. The acquisition was accounted for under the purchase method. The preliminary allocation of the total purchase price to the tangible and intangible assets and liabilities of ITG is based on management’s preliminary estimate of fair value as of the acquisition date and is subject to revision until the purchase price adjustments and valuations of intangible assets and goodwill are finalized, which will occur prior to September 30, 2020. The Company engaged an independent valuation firm to assist management in the allocation of the purchase price to goodwill and to other acquired intangible assets. The excess of the purchase price over the estimated fair value of the net tangible assets acquired was approximately $235.7 million. The Company has allocated approximately $188.4 million to goodwill and $47.3 million to other intangible assets. The goodwill recorded as part of the acquisition primarily reflects the value of providing an established platform to leverage the Company’s existing digital interactive technologies and domain expertise, synergies expected to arise from providing end-to-end customer solutions to a combined client-base across all channels, as well as any intangible assets that do not qualify for separate recognition. The weighted average amortization period for the amount allocated to other intangible assets in total is 5.7 years from the acquisition date. The intangible assets consist of approximately $46.4 million of customer-related intangibles that are being amortized over 6.9 years from the acquisition date and $0.9 million of marketing-related intangibles that are being amortized over 0.9 years from the acquisition date. The ITG acquisition is treated as a deemed asset purchase for income tax purposes; therefore, goodwill and amortization of other intangibles created via this acquisition will be amortized for income tax purposes over 15 years. A prior acquisition’s purchase agreement included additional consideration in the form of two warranty and indemnity hold back payments, one for approximately $1.9 million which was released in the second quarter of 2020 and the other for approximately $1.2 million scheduled to be released in the fourth quarter of 2022. The two warranty and indemnity liabilities were recorded at their fair value at the date of the acquisition discounting the liabilities at 3.0% and 3.25%, respectively. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 15 – EARNINGS PER SHARE 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 were exercised or converted into stock. The difference between the basic and diluted weighted-average equivalent shares with respect to the Company’s EPS calculation was due entirely to the assumed exercise of stock options and the vesting and settlement of RSUs and PSAs. 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 also the end of the applicable performance period and the result would be dilutive under the treasury stock method. As of June 30, 2020, the PSAs granted during the year ended December 31, 2018 met the related performance conditions for the initial performance period and were included in the calculation of diluted EPS. However, the PSAs granted during the year ended December 31, 2019 and during the six months ended June 30, 2020 have not yet completed their initial two-year The dilutive effect of stock options, RSUs, and PSAs for each period reported is summarized below: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Net Income $ 13,656 $ 14,611 $ 24,268 $ 29,929 Weighted-average number of basic shares outstanding during the period 18,829 18,805 18,835 18,815 Dilutive effect of stock options, RSUs, and performance shares 191 328 285 398 Weighted-average number of diluted shares outstanding during the period 19,020 19,133 19,120 19,213 Basic earnings per share $ 0.73 $ 0.78 $ 1.29 $ 1.59 Diluted earnings per share $ 0.72 $ 0.76 $ 1.27 $ 1.56 |
Share Repurchase Program
Share Repurchase Program | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Share Repurchase Program | NOTE 16 – SHARE REPURCHASE PROGRAM The Company’s share repurchase program previously allowed for share repurchases in the aggregate up to $100.0 million under share repurchase plans approved by the board of directors pursuant to Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended. On March 13, 2020, the Company terminated the Rule 10b5-1 plan element of the share repurchase program. The Credit Facility permits unlimited share repurchases, provided the Company’s Leverage Ratio, prior to and after giving effect to such repurchases, is not greater than 3.50 to 1.00. As of June 30, 2020, $51.4 million remained available for share repurchases under the program. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 17 – Dividend On August 4, 2020, the Company’s board of directors approved a $0.14 per share cash dividend. The dividend will be paid on October 13, 2020 to shareholders of record as of the close of business on September 11, 2020. COVID-19 The Company is closely monitoring the impact of the coronavirus (“COVID-19”), which has caused a global pandemic. The assessment is on-going and encompasses all aspects of the Company’s business, including how COVID-19 will impact its customers, employees, subcontractors and other suppliers and business partners and the capital markets. While the Company continues to assess the financial impacts to its business based on currently known events, the Company is unable to fully predict the impact COVID-19 will have on its future financial position, results of operations, or cash flows. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | NOTE 18 – 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 its 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 (“Program”). The Program contract was a three-year 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 the Program’s grant recipients, and separately supplemented the amount of recovery it sought in total to approximately $220.2 million. The State of Louisiana, through the Division of Administration, also filed suit in Louisiana state court on June 10, 2016. The State of Louisiana broadly alleges and sought 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 June 30, 2020. |
Basis of Presentation and Nat_2
Basis of Presentation and Nature of Operations (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of ICF International, Inc. and its subsidiaries (collectively, the “Company”), and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”). All significant intercompany transactions and balances have been eliminated. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the consolidated financial statements where estimates may have the most significant effect include contractual and regulatory reserves, valuation and lives of tangible and intangible assets, contingent consideration related to business acquisitions, impairment of goodwill and long-lived assets, accrued liabilities, revenue recognition and costs to complete fixed-price contracts, bonus and other incentive compensation, stock-based compensation, reserves for tax benefits and valuation allowances on deferred tax assets, provisions for income taxes, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ from management's estimates. |
Reclassifications | Reclassifications As part of an amendment to the Credit Facility, as defined in Note 4 “Long-term Debt” below, the Company currently has both a term loan and a revolving debt facility within its Credit Facility. Previously, the unamortized debt issuance costs were included within Other assets in accordance with U.S. GAAP. The Company has reclassified unamortized debt issuance costs as of December 31, 2019 as Long-term debt for consistency of presentation. |
Goodwill | Goodwill The Company tests for impairment, at a minimum, on an annual basis or earlier where certain events or changes in circumstances indicate that goodwill may more likely than not be impaired. If there are significant decreases in its stock price for a sustained period or other unfavorable factors, the Company may be required to perform a goodwill impairment assessment, which may result in a recognition of goodwill impairment that could be material to the consolidated financial statements. |
Long-Lived Assets | Long-Lived Assets The Company reviews its long-lived assets, including property and equipment and amortizable intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for any excess of the carrying amount over the fair value of the asset. The Company recognized impairment expense, included in indirect and selling expenses, of $1.7 million in the second quarter of 2019 related to intangible assets associated with a historical business acquisition. There was no impairment recognized during the year ended June 30, 2020. |
Leases | Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities (current and non-current) on the consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments as of the commencement date. Since most lease agreements do not provide an implicit rate, the Company uses its incremental borrowing rate as of the commencement date in estimating the present value of future payments. The operating lease ROU asset is based on the present value of future lease payments and includes impacts from lease incentives and initial costs incurred to obtain the lease. Lease terms, for the purposes of determining each lease’s present value, include options to extend or terminate the lease if it is reasonably certain and economically reasonable that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company uses leases to obtain use of a variety of different resources, including those for the use of facilities or equipment. These agreements may contain both lease and non-lease components, which are generally accounted for separately. For equipment leases (including copier leases), the Company accounts for the lease component, as well as insignificant non-lease components, as a single lease component and does not recognize ROU assets and liabilities for leases with a term not greater than twelve months. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent Accounting Pronouncements Adopted Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Company adopted the standard in the first quarter of 2020 and the standard was implemented using the prospective method. The Company’s adoption of ASU 2018-15 did not have a material impact on the consolidated financial statements. Measurement of Credit Losses on 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, as amended, requires companies to measure credit losses by using a methodology that reflects the expected credit losses based on historical information, current economic conditions, and reasonable and supportable information. The Company adopted the standard in the first quarter of 2020 utilizing a modified-retrospective transition approach that required a cumulative-effect adjustment of $0.5 million to the opening retained earnings in the consolidated statement of stockholders’ equity as of the date of the adoption. Recent Accounting Pronouncements Not Yet Adopted Reference Rate Reform In March 2020, FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The standard is intended to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance is effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements. |
Contract Receivables, Net (Tabl
Contract Receivables, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Summary of Contract Receivables, Net | Contract receivables, net consisted of the following: June 30, 2020 December 31, 2019 Billed and billable $ 229,327 $ 264,682 Allowance for doubtful accounts (4,948 ) (3,506 ) Contract receivables, net $ 224,379 $ 261,176 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill during the six-months period ended June 30, 2020 were as follows: Balance as of December 31, 2019 $ 719,934 Goodwill resulting from business combination - ITG 188,369 Effect of foreign currency translation (3,202 ) Balance as of June 30, 2020 $ 905,101 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | At June 30, 2020 and December 31, 2019, debt consisted of: June 30, 2020 December 31, 2019 Average Interest Rate Outstanding Balance Average Interest Rate Outstanding Balance Term Loan $ 197,500 $ — Revolving Credit 256,292 165,444 Total before debt issuance costs 2.74 % 453,792 3.59 % 165,444 Unamortized debt issuance costs (2,864 ) (1,183 ) $ 450,928 $ 164,261 Current portion of long-term debt $ 10,000 $ — Long-term debt - non-current 440,928 164,261 $ 450,928 $ 164,261 |
Schedule of Future Repayments of Debt Principal | Future repayments of debt principal are as follows: Payments due by June 30, 2021 2022 2023 2024 2025 Thereafter Total Term Loan $ 10,000 $ 10,000 $ 11,250 $ 15,000 $ 151,250 $ — $ 197,500 Revolving Credit — — — — 256,292 — 256,292 Total $ 10,000 $ 10,000 $ 11,250 $ 15,000 $ 407,542 $ — $ 453,792 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Summary of Operating Leases | Operating leases consisted of the following at June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Real estate facilities $ 182,437 $ 162,150 Office equipment 2,458 1,595 Other 935 935 185,830 164,680 Amortization of right-of-use assets (46,641 ) (30,715 ) Total operating lease right-of-use assets $ 139,189 $ 133,965 |
Summary of Rent Expense | Rent expense is recognized on a straight-line basis over the lease term. Rent expense consists of the following: Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Operating lease costs $ 9,444 $ 8,610 $ 18,770 $ 17,505 Short-term lease costs 442 322 873 1,003 Variable lease costs 1 172 1 184 Total rent expense $ 9,887 $ 9,104 $ 19,644 $ 18,692 |
Summary of Future Minimum Lease Payments Under Non-Cancellable Leases | Future minimum lease payments under non-cancellable leases as of June 30, 2020 were as follows: June 30, 2021 $ 37,255 June 30, 2022 38,545 June 30, 2023 28,364 June 29, 2024 18,955 June 29, 2025 12,619 Thereafter 36,327 Total future minimum lease payments 172,065 Less: Interest (17,116 ) Total operating lease liabilities $ 154,949 Operating lease liabilities - current $ 33,028 Operating lease liabilities - non-current 121,921 Total operating lease liabilities $ 154,949 |
Summary of Other Information Related to Operating Leases | Other information related to operating leases is as follows: June 30, 2020 June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 19,086 $ 18,594 Right-of-use assets obtained in exchange for new operating lease liabilities $ 22,721 $ 14,896 Weighted-average remaining lease term - operating leases 5.9 5.1 Weighted-average discount rate - operating leases 2.9 % 3.7 % |
Other Comprehensive (Loss) In_2
Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Components of Other Comprehensive Income and Components of Accumulated Other Comprehensive Loss | Other comprehensive (loss) income includes foreign currency translation adjustments arising from the conversion of financial statements of foreign subsidiaries into U.S. dollars, the amortization of the gain on the sale of an interest rate hedge agreement, and the change in the fair value of current interest rate hedge agreements. Components of accumulated other comprehensive loss as of June 30, 2020 and 2019 are as follows: Three Months Ended June 30, 2020 Foreign Currency Translation Adjustments Gain on Sale of Interest Rate Hedge Agreement (1) Change in Fair Value of Interest Rate Hedge Agreements (2) Total Accumulated other comprehensive (loss) income at March 31, 2020 $ (15,813 ) $ 1,501 $ (8,955 ) $ (23,267 ) Current period other comprehensive (loss) income: Other comprehensive loss before reclassifications 609 — (1,582 ) (973 ) Amounts reclassified from accumulated other comprehensive income (3) — (180 ) 721 541 Effect of taxes ( 4 ) (5 ) 47 226 268 Total current period other comprehensive (loss) income 604 (133 ) (635 ) (164 ) Accumulated other comprehensive (loss) income at June 30, 2020 $ (15,209 ) $ 1,368 $ (9,590 ) $ (23,431 ) Three Months Ended June 30, 2019 Foreign Currency Translation Adjustments Gain on Sale of Interest Rate Hedge Agreement (1) Change in Fair Value of Interest Rate Hedge Agreement (2) Total Accumulated other comprehensive (loss) income at March 31, 2019 $ (12,914 ) $ 2,031 $ (1,385 ) $ (12,268 ) Current period other comprehensive (loss) income: Other comprehensive (loss) income before reclassifications (1,304 ) — (2,173 ) (3,477 ) Amounts reclassified from accumulated other comprehensive (loss) income (3) — (180 ) 31 (149 ) Effect of taxes ( 4 ) 163 47 563 773 Total current period other comprehensive (loss) income (1,141 ) (133 ) (1,579 ) (2,853 ) Accumulated other comprehensive (loss) income at June 30, 2019 $ (14,055 ) $ 1,898 $ (2,964 ) $ (15,121 ) Six Months Ended June 30, 2020 Foreign Currency Translation Adjustments Gain on Sale of Interest Rate Hedge Agreement (1) Change in Fair Value of Interest Rate Hedge Agreements (2) Total Accumulated other comprehensive (loss) income at December 31, 2019 $ (10,995 ) $ 1,634 $ (2,783 ) $ (12,144 ) Current period other comprehensive (loss) income: Other comprehensive income (loss) before reclassifications (4,821 ) — (10,155 ) (14,976 ) Amounts reclassified from accumulated other comprehensive (loss) income (3) — (360 ) 923 563 Effect of taxes ( 4 ) 607 94 2,425 3,126 Total current period other comprehensive (loss) income (4,214 ) (266 ) (6,807 ) (11,287 ) Accumulated other comprehensive (loss) income at June 30, 2020 $ (15,209 ) $ 1,368 $ (9,590 ) $ (23,431 ) Six Months Ended June 30, 2019 Foreign Currency Translation Adjustments Gain on Sale of Interest Rate Hedge Agreement (1) Change in Fair Value of Interest Rate Hedge Agreement (2) Total Accumulated other comprehensive (loss) income at December 31, 2018 $ (14,168 ) $ 2,164 $ (547 ) $ (12,551 ) Current period other comprehensive (loss) income: Other comprehensive (loss) income before reclassifications (50 ) — (3,337 ) (3,387 ) Amounts reclassified from accumulated other comprehensive income (3) — (360 ) 54 (306 ) Effect of taxes ( 4 ) 163 94 866 1,123 Total current period other comprehensive (loss) income 113 (266 ) (2,417 ) (2,570 ) Accumulated other comprehensive (loss) income at June 30, 2019 $ (14,055 ) $ 1,898 $ (2,964 ) $ (15,121 ) (1) Represents the unamortized 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, at the date of the sale, was recorded in other comprehensive income, net of tax, and is being reclassified to interest expense when earnings are impacted by the hedged items and as interest payments are made on the Credit Facility from January 31, 2018 to January 31, 2023 (see Note 10—Derivative Instruments and Hedging Activities). (2) Represents the change in fair value of interest rate hedge agreements designated as a cash flow hedge. The fair value of the interest rate hedge agreements was recorded in other comprehensive income and will be reclassified to interest expense when earnings are impacted by the hedged items and as interest payments are made on the Credit Facility from August 31, 2018 to February 28 , 202 5 (see Note 10—Derivative Instruments and Hedging Activities) . (3) The Company expects to reclassify $0.7 million net gains related to the Gain on Sale of Interest Rate Hedge Agreement and $3.7 million net losses related to the Change in Fair Value of Interest Rate Hedge Agreement from accumulated other comprehensive loss into earnings during the next 12 months. ( 4 ) The Company’s effective tax rate for the three months ended June 30, 2020 and 2019 was 29.0% and 26.2%, respectively, and 24.6% and 22.9% for the six months ended June 30, 2020 and 2019, respectively. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders Equity Note [Abstract] | |
Schedule of Changes in Stockholders' Equity | Changes in stockholders’ equity for the three and six months ended June 30, 2020 and 2019 are as follows: Three Months Ended June 30, 2020 Common Stock Additional Paid-in Retained Treasury Stock Accumulated Other Comprehensive Shares Amount Capital Earnings Shares Amount Loss Total Balance at March 31, 2020 18,827 $ 23 $ 350,658 $ 552,303 4,289 $ (188,961 ) $ (23,267 ) $ 690,756 Net income — — — 13,656 — — — 13,656 Other comprehensive income — — — — — — (164 ) (164 ) Equity compensation — — 2,518 — — — — 2,518 Exercise of stock options — — — — — — — — Issuance of shares pursuant to vesting of restricted stock units 22 — — — — — — — Net payments for stock issuances and buybacks — — 1,024 — — (50 ) — 974 Cumulative-effect adjustment for adoption of accounting principle — — — — — — — — Dividends declared — — — (2,637 ) — — — (2,637 ) Balance at June 30, 2020 18,849 $ 23 $ 354,200 $ 563,322 4,289 $ (189,011 ) $ (23,431 ) $ 705,103 Three Months Ended June 30, 2019 Common Stock Additional Paid-in Retained Treasury Stock Accumulated Other Comprehensive Shares Amount Capital Earnings Shares Amount Loss Total Balance at March 31, 2019 18,866 $ 23 $ 330,763 $ 499,126 3,846 $ (155,073 ) $ (12,268 ) $ 662,571 Net income — — — 14,611 — — — 14,611 Other comprehensive loss — — — — — — (2,853 ) (2,853 ) Equity compensation — — 3,714 — — — — 3,714 Exercise of stock options 1 — 25 — — — — 25 Issuance of shares pursuant to vesting of restricted stock units 8 — — — — — — — Net payments for stock issuances and buybacks (117 ) — 843 — 129 (9,632 ) — (8,789 ) Dividends declared — — — (2,642 ) — — — (2,642 ) Balance at June 30, 2019 18,758 $ 23 $ 335,345 $ 511,095 3,975 $ (164,705 ) $ (15,121 ) $ 666,637 Six Months Ended June 30, 2020 Common Stock Additional Paid-in Retained Treasury Stock Accumulated Other Comprehensive Shares Amount Capital Earnings Shares Amount Loss Total Balance at December 31, 2019 18,868 $ 23 $ 346,795 $ 544,840 3,978 $ (164,963 ) $ (12,144 ) $ 714,551 Net income — — — 24,268 — — — 24,268 Other comprehensive income — — — — — — (11,287 ) (11,287 ) Equity compensation — — 6,344 — — — — 6,344 Exercise of stock options 1 — 37 — — — — 37 Issuance of shares pursuant to vesting of restricted stock units 291 — — — — — — — Net payments for stock issuances and buybacks (311 ) — 1,024 — 311 (24,048 ) — (23,024 ) Cumulative-effect adjustment for adoption of accounting principle — — — (513 ) — — — (513 ) Dividends declared — — — (5,273 ) — — — (5,273 ) Balance at June 30, 2020 18,849 $ 23 $ 354,200 $ 563,322 4,289 $ (189,011 ) $ (23,431 ) $ 705,103 Six Months Ended June 30, 2019 Common Stock Additional Paid-in Retained Treasury Stock Accumulated Other Comprehensive Shares Amount Capital Earnings Shares Amount Loss Total Balance at December 31, 2018 18,817 $ 22 $ 326,208 $ 486,442 3,629 $ (139,704 ) $ (12,551 ) $ 660,417 Net income — — — 29,929 — — — 29,929 Other comprehensive loss — — — — — — (2,570 ) (2,570 ) Equity compensation — — 7,865 — — — — 7,865 Exercise of stock options 12 — 429 — — — — 429 Issuance of shares pursuant to vesting of restricted stock units 263 1 — — — — — 1 Net payments for stock issuances and buybacks (334 ) — 843 — 346 (25,001 ) — (24,158 ) Dividends declared — — — (5,276 ) — — — (5,276 ) Balance at June 30, 2019 18,758 $ 23 $ 335,345 $ 511,095 3,975 $ (164,705 ) $ (15,121 ) $ 666,637 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 for the periods presented to the total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows for the six months ended June 30, 2020 and 2019: 2020 2019 Beginning Ending Beginning Ending Cash and cash equivalents $ 6,482 $ 9,064 $ 11,694 $ 6,304 Restricted cash - non-current — — 1,292 — Total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 6,482 $ 9,064 $ 12,986 $ 6,304 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Revenue | Disaggregation of Revenue Changes in the three and six months ended June 30, 2020 compared to the prior year period were primarily from the increase of revenue in the health, education, and social programs client market as a result of additional work performed for U.S. government clients, including the ITG acquisition, offset by decreases in revenue from the commercial clients primarily in the consumer and financial services and health, education and social programs markets and decreases in the U.S. state and local clients in the energy, environment, and infrastructure markets. Similarly, for the three and six months ended June 30, 2020 revenue from time-and-materials and cost-based contracts increased while revenue from fixed price contracts decreased compared to the prior year period. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Dollars Percent Dollars Percent Dollars Percent Dollars Percent Client Markets: Energy, environment, and infrastructure $ 151,481 43 % $ 166,520 45 % $ 303,839 43 % $ 320,035 45 % Health, education, and social programs 148,528 42 % 134,346 37 % 291,114 41 % 256,255 36 % Safety and security 31,440 9 % 30,030 8 % 63,025 9 % 59,581 9 % Consumer and financial services 22,538 6 % 35,821 10 % 54,247 7 % 72,100 10 % Total $ 353,987 100 % $ 366,717 100 % $ 712,225 100 % $ 707,971 100 % Three Months Ended Six Months Ended June 30, June 30, 2020 June 30, 2019 2020 2019 Dollars Percent Dollars Percent Dollars Percent Dollars Percent Client Type: U.S. federal government $ 170,748 48 % $ 141,253 38 % $ 326,318 46 % $ 273,465 39 % U.S. state and local government 57,982 17 % 73,101 20 % 119,288 17 % 138,928 20 % International government 18,098 5 % 31,617 9 % 41,190 6 % 58,751 8 % Total Government 246,828 70 % 245,971 67 % 486,796 69 % 471,144 67 % Commercial 107,159 30 % 120,746 33 % 225,429 31 % 236,827 33 % Total $ 353,987 100 % $ 366,717 100 % $ 712,225 100 % $ 707,971 100 % Three Months Ended Six Months Ended June 30, June 30, 2020 June 30, 2019 2020 2019 Dollars Percent Dollars Percent Dollars Percent Dollars Percent Contract Mix: Time-and-materials $ 168,489 48 % $ 167,009 46 % $ 336,639 47 % $ 322,191 45 % Fixed price 123,970 35 % 146,967 40 % 257,122 36 % 281,416 40 % Cost-based 61,528 17 % 52,741 14 % 118,464 17 % 104,364 15 % Total $ 353,987 100 % $ 366,717 100 % $ 712,225 100 % $ 707,971 100 % |
Schedule of Contract Balances and Changes in Contract Balances | Contract Balances: June 30, 2020 December 31, 2019 $ Change % Change Contract assets $ 150,577 $ 142,337 $ 8,240 5.8 % Contract liabilities (30,135 ) (37,413 ) 7,278 (19.5 %) Net contract assets (liabilities) $ 120,442 $ 104,924 $ 15,518 14.8 % |
Derivative instruments and He_2
Derivative instruments and Hedges Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swaps Derivatives Designated as Cash Flow Hedges | A summary of interest rate swap derivatives designated as cash flow hedges as of June 30, 2020 are as follows: Dates of Effected Cash Flows Date of Interest Rate Swap Agreement Notional Amount ($million) Paid Fixed Interest Rate% Beginning Ending September 30, 2016 (1) $ 100.0 - January 31, 2018 January 31, 2023 August 31, 2017 $ 25.0 1.8475% August 31, 2018 August 31, 2023 August 8, 2018 $ 50.0 2.8540% August 31, 2018 August 31, 2023 August 8, 2018 $ 25.0 2.8510% August 31, 2018 August 31, 2023 February 20, 2020 $ 100.0 1.2940% February 28, 2020 February 28, 2025 (1) 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 variable interest rate. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments Measured at Fair Value on Recurring Basis | Financial instruments measured at fair value on a recurring basis and their location within the accompanying consolidated balance sheets are as follows: June 30, 2020 (in thousands) Level 1 Level 2 Level 3 Total Location on Balance Sheet Assets: Deferred compensation investments in cash surrender life insurance $ — $ 14,435 $ — $ 14,435 Other assets Total $ — $ 14,435 $ — $ 14,435 Liabilities: Deferred compensation plan liabilities $ — $ 14,353 $ — $ 14,353 Other long-term liabilities Interest rate swaps — 13,044 — 13,044 Other long-term liabilities Total $ — $ 27,397 $ — $ 27,397 December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Location on Balance Sheet Assets: Forward contract agreements $ — $ 733 $ — $ 733 Prepaid expenses and other assets Deferred compensation investments in cash surrender life insurance 15,020 15,020 Other assets Total $ — $ 15,753 $ — $ 15,753 Liabilities: Deferred compensation plan liabilities $ — $ 14,855 $ — $ 14,855 Other long-term liabilities Interest rate swaps — 3,811 — 3,811 Other long-term liabilities Total $ — $ 18,666 $ — $ 18,666 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Dilutive Effect of Stock Options RSUs and PSAs | The dilutive effect of stock options, RSUs, and PSAs for each period reported is summarized below: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Net Income $ 13,656 $ 14,611 $ 24,268 $ 29,929 Weighted-average number of basic shares outstanding during the period 18,829 18,805 18,835 18,815 Dilutive effect of stock options, RSUs, and performance shares 191 328 285 398 Weighted-average number of diluted shares outstanding during the period 19,020 19,133 19,120 19,213 Basic earnings per share $ 0.73 $ 0.78 $ 1.29 $ 1.59 Diluted earnings per share $ 0.72 $ 0.76 $ 1.27 $ 1.56 |
Basis of Presentation and Nat_3
Basis of Presentation and Nature of Operations - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)MarketOfficeSegment | |
Basis of Presentation and Nature of Operations [Line Items] | |||
Number of key client markets | Market | 4 | ||
Number of operating segments | Segment | 1 | ||
Number of reporting segments | Segment | 1 | ||
Cumulative-effect adjustment to the opening retained earnings | $ (513,000) | ||
ASU 2016-13 | |||
Basis of Presentation and Nature of Operations [Line Items] | |||
Cumulative-effect adjustment to the opening retained earnings | $ 500,000 | ||
Indirect and Selling Expenses | |||
Basis of Presentation and Nature of Operations [Line Items] | |||
Impairment expense related to intangible assets | $ 1,700,000 | $ 0 | |
Domestic | Minimum | |||
Basis of Presentation and Nature of Operations [Line Items] | |||
Number of offices | Office | 75 | ||
International | |||
Basis of Presentation and Nature of Operations [Line Items] | |||
Number of offices | Office | 15 |
Contract Receivables, Net - Sum
Contract Receivables, Net - Summary of Contract Receivables, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Billed and billable | $ 229,327 | $ 264,682 |
Allowance for doubtful accounts | (4,948) | (3,506) |
Contract receivables, net | $ 224,379 | $ 261,176 |
Goodwill - Schedule of Changes
Goodwill - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | Jan. 31, 2020 | Jun. 30, 2020 |
Goodwill [Line Items] | ||
Balance as of December 31, 2019 | $ 719,934 | |
Effect of foreign currency translation | (3,202) | |
Balance as of June 30, 2020 | 905,101 | |
ITG | ||
Goodwill [Line Items] | ||
Goodwill resulting from business combinations | $ 188,400 | $ 188,369 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Average Interest Rate | 2.74% | 3.59% |
Outstanding Balance before debt issuance costs | $ 453,792 | $ 165,444 |
Unamortized debt issuance costs | (2,864) | (1,183) |
Long-term Debt | 450,928 | 164,261 |
Current portion of long-term debt | 10,000 | |
Long-term debt | 440,928 | 164,261 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Outstanding Balance before debt issuance costs | 197,500 | |
Revolving Credit | ||
Debt Instrument [Line Items] | ||
Outstanding Balance before debt issuance costs | $ 256,292 | $ 165,444 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) | Mar. 03, 2020USD ($)Bank | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |||
Credit facility syndication, number of commercial banks | Bank | 10 | ||
Line of credit facility, expiration date | Mar. 3, 2025 | ||
Line of credit facility, swing line commitment amount | $ 25,000,000 | ||
Line of credit facility, maximum borrowing capacity | 60,000,000 | ||
Line of credit facility, additional revolving credit commitments under existing loan facility | $ 300,000,000 | ||
Line of credit facility, interest coverage ratio covenant | 300.00% | ||
Line of credit facility, leverage ratio covenant | 400.00% | ||
Line of credit facility, leverage ratio covenant step-up pursuant to permitted acquisitions | 425.00% | ||
Long-term debt outstanding exclusive of unamortized debt issuance costs | $ 453,792,000 | $ 165,444,000 | |
Letters of credit outstanding, amount | 2,900,000 | ||
Derivative obligation, net | 11,200,000 | ||
Line of credit facility, remaining borrowing capacity | 340,900,000 | ||
Line of credit facility, current borrowing capacity | $ 180,200,000 | ||
Federal Funds Open Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 0.50% | ||
Revolving Credit | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 600,000,000 | ||
Term Loan | |||
Debt Instrument [Line Items] | |||
Debt instrument, principal amount | 200,000,000 | ||
Line of credit facility | 200,000,000 | ||
Swing Line Loans | |||
Debt Instrument [Line Items] | |||
Line of credit facility | 75,000,000 | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Line of credit facility, swing line commitment amount | $ 75,000,000 | ||
Line of credit facility, commitment fee unused capacity | 0.25% | ||
Maximum | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.00% | ||
Minimum | |||
Debt Instrument [Line Items] | |||
Line of credit facility, commitment fee unused capacity | 0.13% | ||
Minimum | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.00% |
Long Term Debt - Schedule of Fu
Long Term Debt - Schedule of Future Repayment of Principal Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
2021 | $ 10,000 | |
2022 | 10,000 | |
2023 | 11,250 | |
2024 | 15,000 | |
2025 | 407,542 | |
Total | 453,792 | $ 165,444 |
Term Loan | ||
Debt Instrument [Line Items] | ||
2021 | 10,000 | |
2022 | 10,000 | |
2023 | 11,250 | |
2024 | 15,000 | |
2025 | 151,250 | |
Total | 197,500 | |
Revolving Credit | ||
Debt Instrument [Line Items] | ||
2025 | 256,292 | |
Total | $ 256,292 | $ 165,444 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Lessee Lease Description [Line Items] | |
Operating leases, option to extend lease | The leases may include options to extend the lease periods for up to 5 years |
Operating leases, existence of option to extend | true |
Operating leases, option to terminate lease | options to terminate the leases within 1 year |
Operating leases, existence of option to terminate | true |
Operating leases, residual value guarantee description | The leases may include a residual value guarantee or a responsibility to return the property to its original state of use. |
Operating leases, existence of residual value guarantee | true |
Additional operating leases not yet commenced, value | $ 129.1 |
Operating leases not yet possessed and commenced, lease term | 3 years |
Minimum | |
Lessee Lease Description [Line Items] | |
Operating leases, remaining lease term | 1 year |
Additional operating leases not yet commenced, lease terms | 10 years |
Maximum | |
Lessee Lease Description [Line Items] | |
Operating leases, remaining lease term | 14 years |
Operating leases, extendable lease term | 5 years |
Operating leases, termination lease term | 1 year |
Additional operating leases not yet commenced, lease terms | 17 years |
Leases - Summary of Operating L
Leases - Summary of Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Lessee Lease Description [Line Items] | ||
Operating lease right of use assets, gross | $ 185,830 | $ 164,680 |
Amortization of right-of-use assets | (46,641) | (30,715) |
Total operating lease right-of-use assets | 139,189 | 133,965 |
Real Estate Facilities | ||
Lessee Lease Description [Line Items] | ||
Operating lease right of use assets, gross | 182,437 | 162,150 |
Office Equipment | ||
Lessee Lease Description [Line Items] | ||
Operating lease right of use assets, gross | 2,458 | 1,595 |
Other | ||
Lessee Lease Description [Line Items] | ||
Operating lease right of use assets, gross | $ 935 | $ 935 |
Leases - Summary of Rent Expens
Leases - Summary of Rent Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Operating lease costs | $ 9,444 | $ 8,610 | $ 18,770 | $ 17,505 |
Short-term lease costs | 442 | 322 | 873 | 1,003 |
Variable lease costs | 1 | 172 | 1 | 184 |
Total rent expense | $ 9,887 | $ 9,104 | $ 19,644 | $ 18,692 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments Under Non-Cancellable Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Leases [Abstract] | |||
June 30, 2021 | $ 37,255 | ||
June 30, 2022 | 38,545 | ||
June 30, 2023 | 28,364 | ||
June 29, 2024 | 18,955 | ||
June 29, 2025 | 12,619 | ||
Thereafter | 36,327 | ||
Total future minimum lease payments | 172,065 | ||
Less: Interest | (17,116) | ||
Total operating lease liabilities | 154,949 | ||
Operating lease liabilities - current | $ 33,028 | $ 32,500 | 33,028 |
Operating lease liabilities - non-current | $ 121,921 | $ 119,250 | 121,921 |
Total operating lease liabilities | $ 154,949 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 19,086 | $ 18,594 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 22,721 | $ 14,896 |
Weighted-average remaining lease term - operating leases | 5 years 10 months 24 days | 5 years 1 month 6 days |
Weighted-average discount rate - operating leases | 2.90% | 3.70% |
Other Comprehensive (Loss) In_3
Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Balance | $ 690,756 | $ 662,571 | $ 714,551 | $ 660,417 | |
Current period other comprehensive (loss) income: | |||||
Total current period other comprehensive (loss) income | (164) | (2,853) | (11,287) | (2,570) | |
Balance | 705,103 | 666,637 | 705,103 | 666,637 | |
Foreign Currency Translation Adjustments | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Balance | (15,813) | (12,914) | (10,995) | (14,168) | |
Current period other comprehensive (loss) income: | |||||
Other comprehensive income (loss) before reclassifications | 609 | (1,304) | (4,821) | (50) | |
Amounts reclassified from accumulated other comprehensive (loss) income | [1] | 0 | |||
Effect of taxes | [2] | (5) | 163 | 607 | 163 |
Total current period other comprehensive (loss) income | 604 | (1,141) | (4,214) | 113 | |
Balance | (15,209) | (14,055) | (15,209) | (14,055) | |
Gain on Sale of Interest Rate Hedge Agreement | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Balance | [3] | 1,501 | 2,031 | 1,634 | 2,164 |
Current period other comprehensive (loss) income: | |||||
Other comprehensive income (loss) before reclassifications | [3] | 0 | |||
Amounts reclassified from accumulated other comprehensive (loss) income | [1],[3] | (180) | (180) | (360) | (360) |
Effect of taxes | [2],[3] | 47 | 47 | 94 | 94 |
Total current period other comprehensive (loss) income | [3] | (133) | (133) | (266) | (266) |
Balance | [3] | 1,368 | 1,898 | 1,368 | 1,898 |
Change in Fair Value of Interest Rate Hedge Agreements | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Balance | [4] | (8,955) | (1,385) | (2,783) | (547) |
Current period other comprehensive (loss) income: | |||||
Other comprehensive income (loss) before reclassifications | [4] | (1,582) | (2,173) | (10,155) | (3,337) |
Amounts reclassified from accumulated other comprehensive (loss) income | [1],[4] | 721 | 31 | 923 | 54 |
Effect of taxes | [2],[4] | 226 | 563 | 2,425 | 866 |
Total current period other comprehensive (loss) income | [4] | (635) | (1,579) | (6,807) | (2,417) |
Balance | [4] | (9,590) | (2,964) | (9,590) | (2,964) |
Accumulated Other Comprehensive Loss | |||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Balance | (23,267) | (12,268) | (12,144) | (12,551) | |
Current period other comprehensive (loss) income: | |||||
Other comprehensive income (loss) before reclassifications | (973) | (3,477) | (14,976) | (3,387) | |
Amounts reclassified from accumulated other comprehensive (loss) income | [1] | 541 | (149) | 563 | (306) |
Effect of taxes | [2] | 268 | 773 | 3,126 | 1,123 |
Total current period other comprehensive (loss) income | (164) | (2,853) | (11,287) | (2,570) | |
Balance | $ (23,431) | $ (15,121) | $ (23,431) | $ (15,121) | |
[1] | The Company expects to reclassify $0.7 million net gains related to the Gain on Sale of Interest Rate Hedge Agreement and $3.7 million net losses related to the Change in Fair Value of Interest Rate Hedge Agreement from accumulated other comprehensive loss into earnings during the next 12 months | ||||
[2] | The Company’s effective tax rate for the three months ended June 30, 2020 and 2019 was 29.0% and 26.2%, respectively, and 24.6% and 22.9% for the six months ended June 30, 2020 and 2019, respectively. | ||||
[3] | Represents the unamortized value of an interest rate hedge agreement, designated as a cash flow hedge, which was sold on December 1, 2016. The fair value of the interest rate hedge agreement, at the date of the sale, was recorded in other comprehensive income, net of tax, and is being reclassified to interest expense when earnings are impacted by the hedged items and as interest payments are made on the Credit Facility from January 31, 2018 to January 31, 2023 (see Note 10—Derivative Instruments and Hedging Activities). | ||||
[4] | Represents the change in fair value of interest rate hedge agreements designated as a cash flow hedge. The fair value of the interest rate hedge agreements was recorded in other comprehensive income and will be reclassified to interest expense when earnings are impacted by the hedged items and as interest payments are made on the Credit Facility from August 31, 2018 to February 28 , 202 5 (see Note 10—Derivative Instruments and Hedging Activities) . |
Other Comprehensive (Loss) In_4
Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||||
Expects to reclassify net gains from accumulated other comprehensive loss into earnings | $ 0.7 | |||
Expects to reclassify net losses related to change in fair value of interest rate hedge agreement from accumulated other comprehensive loss into earnings | $ 3.7 | $ 3.7 | ||
Effective tax rate | 29.00% | 26.20% | 24.60% | 22.90% |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Stockholders' Equity (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Balance | $ 690,756 | $ 714,551 | $ 662,571 | $ 714,551 | $ 660,417 |
Net income | 13,656 | 14,611 | 24,268 | 29,929 | |
Other comprehensive income (loss) | (164) | (2,853) | (11,287) | (2,570) | |
Equity compensation | 2,518 | 3,714 | 6,344 | 7,865 | |
Exercise of stock options | 25 | 37 | 429 | ||
Issuance of shares pursuant to vesting of restricted stock units | 1 | ||||
Net payments for stock issuances and buybacks | 974 | (8,789) | (23,024) | (24,158) | |
Cumulative-effect adjustment for adoption of accounting principle | (513) | ||||
Dividends declared | (2,637) | (2,642) | (5,273) | (5,276) | |
Balance | 705,103 | 690,756 | 666,637 | 705,103 | 666,637 |
Common Stock | |||||
Balance | $ 23 | $ 23 | $ 23 | $ 23 | $ 22 |
Balance (in shares) | 18,827 | 18,868 | 18,866 | 18,868 | 18,817 |
Exercise of stock options (in shares) | 1 | 1 | 12 | ||
Issuance of shares pursuant to vesting of restricted stock units | $ 1 | ||||
Issuance of shares pursuant to vesting of restricted stock units (in shares) | 22 | 8 | 291 | 263 | |
Net payments for stock issuances and buybacks (in shares) | (117) | (311) | (334) | ||
Balance | $ 23 | $ 23 | $ 23 | $ 23 | $ 23 |
Balance (in shares) | 18,849 | 18,827 | 18,758 | 18,849 | 18,758 |
Additional Paid-in Capital | |||||
Balance | $ 350,658 | $ 346,795 | $ 330,763 | $ 346,795 | $ 326,208 |
Equity compensation | 2,518 | 3,714 | 6,344 | 7,865 | |
Exercise of stock options | 25 | 37 | 429 | ||
Net payments for stock issuances and buybacks | 1,024 | 843 | 1,024 | 843 | |
Balance | 354,200 | 350,658 | 335,345 | 354,200 | 335,345 |
Retained Earnings | |||||
Balance | 552,303 | 544,840 | 499,126 | 544,840 | 486,442 |
Net income | 13,656 | 14,611 | 24,268 | 29,929 | |
Cumulative-effect adjustment for adoption of accounting principle | (513) | ||||
Dividends declared | (2,637) | (2,642) | (5,273) | (5,276) | |
Balance | 563,322 | 552,303 | 511,095 | 563,322 | 511,095 |
Treasury Stock | |||||
Balance | $ (188,961) | $ (164,963) | $ (155,073) | $ (164,963) | $ (139,704) |
Balance (in shares) | 4,289 | 3,978 | 3,846 | 3,978 | 3,629 |
Net payments for stock issuances and buybacks | $ (50) | $ (9,632) | $ (24,048) | $ (25,001) | |
Net payments for stock issuances and buybacks (in shares) | 129 | 311 | 346 | ||
Balance | $ (189,011) | $ (188,961) | $ (164,705) | $ (189,011) | $ (164,705) |
Balance (in shares) | 4,289 | 4,289 | 3,975 | 4,289 | 3,975 |
Accumulated Other Comprehensive Loss | |||||
Balance | $ (23,267) | $ (12,144) | $ (12,268) | $ (12,144) | $ (12,551) |
Other comprehensive income (loss) | (164) | (2,853) | (11,287) | (2,570) | |
Balance | $ (23,431) | $ (23,267) | $ (15,121) | $ (23,431) | $ (15,121) |
Restricted Cash - Reconciliatio
Restricted Cash - Reconciliation of Cash and Cash Equivalents, and Restricted Cash to the Total of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 9,064 | $ 6,482 | $ 6,304 | $ 11,694 |
Restricted cash - non-current | 1,292 | |||
Total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows | $ 9,064 | $ 6,482 | $ 6,304 | $ 12,986 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients | $ 353,987 | $ 366,717 | $ 712,225 | $ 707,971 |
Fixed-Price | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients | 123,970 | 146,967 | 257,122 | 281,416 |
Time-and-Materials | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients | 168,489 | 167,009 | 336,639 | 322,191 |
Cost-Based | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients | 61,528 | 52,741 | 118,464 | 104,364 |
U.S. Federal Government | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients | 170,748 | 141,253 | 326,318 | 273,465 |
U.S. State and Local Government | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients | 57,982 | 73,101 | 119,288 | 138,928 |
International Government | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients | 18,098 | 31,617 | 41,190 | 58,751 |
Total Government | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients | 246,828 | 245,971 | 486,796 | 471,144 |
Commercial | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients | $ 107,159 | $ 120,746 | $ 225,429 | $ 236,827 |
Customer Concentration Risk | Revenue from Contract with Customer | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients, Percent | 100.00% | 100.00% | 100.00% | 100.00% |
Customer Concentration Risk | Revenue from Contract with Customer | Fixed-Price | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients, Percent | 35.00% | 40.00% | 36.00% | 40.00% |
Customer Concentration Risk | Revenue from Contract with Customer | Time-and-Materials | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients, Percent | 48.00% | 46.00% | 47.00% | 45.00% |
Customer Concentration Risk | Revenue from Contract with Customer | Cost-Based | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients, Percent | 17.00% | 14.00% | 17.00% | 15.00% |
Customer Concentration Risk | Revenue from Contract with Customer | U.S. Federal Government | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients, Percent | 48.00% | 38.00% | 46.00% | 39.00% |
Customer Concentration Risk | Revenue from Contract with Customer | U.S. State and Local Government | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients, Percent | 17.00% | 20.00% | 17.00% | 20.00% |
Customer Concentration Risk | Revenue from Contract with Customer | International Government | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients, Percent | 5.00% | 9.00% | 6.00% | 8.00% |
Customer Concentration Risk | Revenue from Contract with Customer | Total Government | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients, Percent | 70.00% | 67.00% | 69.00% | 67.00% |
Customer Concentration Risk | Revenue from Contract with Customer | Commercial | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients, Percent | 30.00% | 33.00% | 31.00% | 33.00% |
Energy Environmental And Infrastructure | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients | $ 151,481 | $ 166,520 | $ 303,839 | $ 320,035 |
Energy Environmental And Infrastructure | Customer Concentration Risk | Revenue from Contract with Customer | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients, Percent | 43.00% | 45.00% | 43.00% | 45.00% |
Health Education And Social Programs | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients | $ 148,528 | $ 134,346 | $ 291,114 | $ 256,255 |
Health Education And Social Programs | Customer Concentration Risk | Revenue from Contract with Customer | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients, Percent | 42.00% | 37.00% | 41.00% | 36.00% |
Safety And Security | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients | $ 31,440 | $ 30,030 | $ 63,025 | $ 59,581 |
Safety And Security | Customer Concentration Risk | Revenue from Contract with Customer | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients, Percent | 9.00% | 8.00% | 9.00% | 9.00% |
Consumer And Financial Services | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients | $ 22,538 | $ 35,821 | $ 54,247 | $ 72,100 |
Consumer And Financial Services | Customer Concentration Risk | Revenue from Contract with Customer | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenue from clients, Percent | 6.00% | 10.00% | 7.00% | 10.00% |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Net contract assets (liabilities) | $ 15,518 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Changes in Contract Balances Due to Adoption of New Accounting Standards (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Contract assets | $ 150,577 | $ 142,337 |
Contract liabilities | (30,135) | (37,413) |
Net contract assets (liabilities) | 120,442 | $ 104,924 |
Change in contract assets | 8,240 | |
Change in contract liabilities | 7,278 | |
Change in net contract assets (liabilities) | $ 15,518 | |
Percentage of change in contract assets | 5.80% | |
Percentage of change in contract liabilities | (19.50%) | |
Percentage of change in net contract assets (liabilities) | 14.80% |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-07-01 $ in Billions | Jun. 30, 2020USD ($) |
Revenue From Contract With Customer [Line Items] | |
Unfulfilled performance obligation | $ 1.5 |
Minimum | |
Revenue From Contract With Customer [Line Items] | |
Expected period to satisfy performance obligations | 1 year |
Maximum | |
Revenue From Contract With Customer [Line Items] | |
Expected period to satisfy performance obligations | 2 years |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) - Interest Rate Swap - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) | Feb. 20, 2020 | Aug. 08, 2018 | Aug. 31, 2017 | Sep. 30, 2016 | [1] |
Derivative [Line Items] | |||||
Aggregate notional amount | $ 100,000,000 | $ 50,000,000 | $ 25,000,000 | $ 100,000,000 | |
Derivative, fixed interest rate | 1.294% | 2.854% | 1.8475% | ||
Beginning dates of effected cash flows | Feb. 28, 2020 | Aug. 31, 2018 | Aug. 31, 2018 | Jan. 31, 2018 | |
Ending dates of effected cash flows | Feb. 28, 2025 | Aug. 31, 2023 | Aug. 31, 2023 | Jan. 31, 2023 | |
[1] | 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 variable interest rate. |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Summary of Interest Rate Swaps Derivatives Designated as Cash Flow Hedges (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) | Feb. 20, 2020 | Aug. 08, 2018 | Aug. 31, 2017 | Sep. 30, 2016 | [1] |
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Notional Amount | $ 100,000,000 | $ 50,000,000 | $ 25,000,000 | $ 100,000,000 | |
Paid Fixed Interest Rate% | 1.294% | 2.854% | 1.8475% | ||
Beginning Dates of Effected Cash Flows | Feb. 28, 2020 | Aug. 31, 2018 | Aug. 31, 2018 | Jan. 31, 2018 | |
Ending Dates of Effected Cash Flows | Feb. 28, 2025 | Aug. 31, 2023 | Aug. 31, 2023 | Jan. 31, 2023 | |
Interest Rate Swap 2.8510% Paid Rate | |||||
Derivative [Line Items] | |||||
Notional Amount | $ 25,000,000 | ||||
Paid Fixed Interest Rate% | 2.851% | ||||
Beginning Dates of Effected Cash Flows | Aug. 31, 2018 | ||||
Ending Dates of Effected Cash Flows | Aug. 31, 2023 | ||||
[1] | 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 variable interest rate. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Taxes [Line Items] | ||||
Effective income tax rate reconciliation, percent | 29.00% | 26.20% | 24.60% | 22.90% |
Unrecognized tax benefits | $ 2.7 | $ 0.2 | $ 2.7 | $ 0.2 |
Unrecognized tax benefits that would impact effective tax rate | 0.3 | 0.2 | 0.3 | 0.2 |
Unrecognized tax benefits, income tax penalties and interest accrued | 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
COVID-19 Pandemic | CARES Act | U.S. Federal Government | ||||
Income Taxes [Line Items] | ||||
Exercised option to defer employer portion of social security tax payment description | For example, pursuant to the Coronavirus Aid, Relief and Economic Security (“CARES”) Act, the Company exercised the option to defer payment of the employer portion of the Social Security tax, with 50% to be repaid by December 31, 2021 and the remainder by December 31, 2022. | |||
Percentage of deferred employer portion of social security tax repayable | 50.00% | |||
Employer portion of social security tax repayable date | Dec. 31, 2021 | |||
Employer portion of social security tax repayable remainder date | Dec. 31, 2022 | |||
Employer portion of social security tax deferred | $ 6.4 | |||
Internal Revenue Service (IRS) | Earliest Tax Year | ||||
Income Taxes [Line Items] | ||||
Open tax year | 2016 | |||
Internal Revenue Service (IRS) | Latest Tax Year | ||||
Income Taxes [Line Items] | ||||
Open tax year | 2018 | |||
State Local and Foreign Jurisdictions | Earliest Tax Year | ||||
Income Taxes [Line Items] | ||||
Open tax year | 2015 | |||
State Local and Foreign Jurisdictions | Latest Tax Year | ||||
Income Taxes [Line Items] | ||||
Open tax year | 2018 |
Accounting for Stock Compensa_2
Accounting for Stock Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 04, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 4 | $ 5.9 | ||
Restricted Stock Units (RSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 166,051 | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | $ 57.82 | |||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized | 17.9 | $ 17.9 | ||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 2 years 2 months 12 days | |||
Cash Settled RSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 112,479 | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | $ 57.85 | |||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized | 9.4 | $ 9.4 | ||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 10 months 24 days | |||
Performance Shares | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 55,264 | |||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | $ 58.76 | |||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized | $ 3.8 | $ 3.8 | ||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 7 months 6 days | |||
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 | 107,141 | ||
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 | 1,095,772 | 1,095,772 |
Fair Value - Schedule of Financ
Fair Value - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Assets, Total | $ 14,435 | $ 15,753 |
Liabilities: | ||
Liabilities, Total | 27,397 | 18,666 |
Level 2 | ||
Assets: | ||
Assets, Total | 14,435 | 15,753 |
Liabilities: | ||
Liabilities, Total | 27,397 | 18,666 |
Forward Contract Agreements | Prepaid Expenses and Other Assets | ||
Assets: | ||
Assets, Total | 733 | |
Forward Contract Agreements | Level 2 | Prepaid Expenses and Other Assets | ||
Assets: | ||
Assets, Total | 733 | |
Deferred Compensation Investments in Cash Surrender Life Insurance | Other Assets | ||
Assets: | ||
Assets, Total | 14,435 | 15,020 |
Deferred Compensation Investments in Cash Surrender Life Insurance | Level 2 | Other Assets | ||
Assets: | ||
Assets, Total | 14,435 | 15,020 |
Deferred Compensation Plan Liabilities | Other Long-Term Liabilities | ||
Liabilities: | ||
Liabilities, Total | 14,353 | 14,855 |
Deferred Compensation Plan Liabilities | Level 2 | Other Long-Term Liabilities | ||
Liabilities: | ||
Liabilities, Total | 14,353 | 14,855 |
Interest Rate Swap | Other Long-Term Liabilities | ||
Liabilities: | ||
Liabilities, Total | 13,044 | 3,811 |
Interest Rate Swap | Level 2 | Other Long-Term Liabilities | ||
Liabilities: | ||
Liabilities, Total | $ 13,044 | $ 3,811 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - ITG - USD ($) $ in Thousands | Jan. 31, 2020 | Dec. 31, 2022 | Jun. 30, 2020 | Jun. 30, 2020 |
Business Acquisition [Line Items] | ||||
Business acquisition date | Jan. 31, 2020 | |||
Purchase price acquisition | $ 255,000 | |||
Purchase price allocated to intangibles | 235,700 | |||
Goodwill resulting from business combinations | $ 188,400 | $ 188,369 | ||
Amortization of goodwill and other intangibles amortized for income tax purpose period | 15 years | |||
Warrant | ||||
Business Acquisition [Line Items] | ||||
Purchase price acquisition | $ 1,900 | |||
Percentage of fair value acquisition discounting liabilities | 3.00% | |||
Indemnity | ||||
Business Acquisition [Line Items] | ||||
Percentage of fair value acquisition discounting liabilities | 3.25% | |||
Indemnity | Forecast | ||||
Business Acquisition [Line Items] | ||||
Purchase price acquisition | $ 1,200 | |||
Other Intangible Assets | ||||
Business Acquisition [Line Items] | ||||
Purchase price allocated to intangibles | $ 47,300 | |||
Weighted average amortization period | 5 years 8 months 12 days | |||
Customer-related Intangibles | ||||
Business Acquisition [Line Items] | ||||
Purchase price allocated to intangibles | $ 46,400 | |||
Weighted average amortization period | 6 years 10 months 24 days | |||
Marketing-related Intangibles | ||||
Business Acquisition [Line Items] | ||||
Purchase price allocated to intangibles | $ 900 | |||
Weighted average amortization period | 10 months 24 days |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Antidilutive securities excluded from computation of earnings per share, amount | 19,755 | 1,743 | 19,881 | 0 |
Performance Shares | Initial Performance Vesting Period | ||||
Share-based compensation arrangement by share-based payment award, award vesting period | 2 years |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Dilutive Effect of Stock Options RSUs and PSAs (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net Income | $ 13,656 | $ 14,611 | $ 24,268 | $ 29,929 |
Weighted-average number of basic shares outstanding during the period | 18,829 | 18,805 | 18,835 | 18,815 |
Dilutive effect of stock options, RSUs, and performance shares | 191 | 328 | 285 | 398 |
Weighted-average number of diluted shares outstanding during the period | 19,020 | 19,133 | 19,120 | 19,213 |
Basic earnings per share | $ 0.73 | $ 0.78 | $ 1.29 | $ 1.59 |
Diluted earnings per share | $ 0.72 | $ 0.76 | $ 1.27 | $ 1.56 |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Details) | Jun. 30, 2020USD ($) |
Equity Class Of Treasury Stock [Line Items] | |
Stock repurchase program, authorized amount | $ 100,000,000 |
Line of credit facility, condition permitted for unlimited share repurchases, leverage ratio | 3.50 |
Credit Facility | |
Equity Class Of Treasury Stock [Line Items] | |
Stock repurchase program, remaining authorized repurchase amount | $ 51,400,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event | Aug. 04, 2020$ / shares |
Subsequent Event [Line Items] | |
Dividend declaration date | Aug. 4, 2020 |
Cash dividend per share | $ 0.14 |
Dividend payment date | Oct. 13, 2020 |
Dividend record date | Sep. 11, 2020 |
Contingencies - Additional Info
Contingencies - Additional Information (Details) - USD ($) $ in Millions | Jun. 10, 2016 | Jun. 30, 2020 |
Loss Contingencies [Line Items] | ||
Community development related to claim | $ 220.2 | |
OCD vs ICF Emergency | ||
Loss Contingencies [Line Items] | ||
Loss contingency damages sought value | $ 200.8 | |
Road Home Contract | ||
Loss Contingencies [Line Items] | ||
Contract term, period | 3 years | |
Contract award, value | $ 912 |