Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 04, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'SS&C Technologies Holdings Inc | ' |
Entity Central Index Key | '0001402436 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 83,503,812 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $73,520 | $84,470 |
Accounts receivable, net of allowance for doubtful accounts of $2,512 and $2,500, respectively | 89,428 | 91,221 |
Prepaid expenses and other current assets | 17,454 | 16,567 |
Prepaid income taxes | 12,780 | 19,932 |
Deferred income taxes | 5,367 | 6,526 |
Restricted cash | 1,477 | 2,460 |
Total current assets | 200,026 | 221,176 |
Property, plant and equipment: | ' | ' |
Land | 2,655 | 2,655 |
Building and improvements | 27,337 | 30,053 |
Equipment, furniture, and fixtures | 73,257 | 65,977 |
Total property and equipment | 103,249 | 98,685 |
Less: accumulated depreciation | -50,037 | -46,988 |
Net property, plant and equipment | 53,212 | 51,697 |
Deferred income taxes | 1,037 | 1,077 |
Goodwill | 1,547,504 | 1,541,386 |
Intangible and other assets, net of accumulated amortization of $382,466 and $338,888, respectively | 420,652 | 459,988 |
Total assets | 2,222,431 | 2,275,324 |
Current liabilities: | ' | ' |
Current portion of long-term debt (Note 5) | 23,814 | 23,212 |
Accounts payable | 8,503 | 8,368 |
Income taxes payable | ' | 2,169 |
Accrued employee compensation and benefits | 25,418 | 44,664 |
Other accrued expenses | 27,369 | 26,028 |
Deferred maintenance and other revenue | 57,265 | 62,561 |
Total current liabilities | 142,369 | 167,002 |
Long-term debt, net of current portion (Note 5) | 644,384 | 751,295 |
Other long-term liabilities | 17,469 | 14,913 |
Deferred income taxes | 104,267 | 110,406 |
Total liabilities | 908,489 | 1,043,616 |
Commitments and contingencies (Note 7) | ' | ' |
Common stock: | ' | ' |
Common stock | 815 | 804 |
Additional paid-in capital | 940,120 | 913,816 |
Accumulated other comprehensive income | 39,990 | 30,374 |
Retained earnings | 347,139 | 293,449 |
Total common stock | 1,328,091 | 1,238,470 |
Less: cost of common stock in treasury, 698 and 511 shares, respectively | -14,149 | -6,762 |
Total stockholders' equity | 1,313,942 | 1,231,708 |
Total liabilities and stockholders' equity | 2,222,431 | 2,275,324 |
Class A Non-Voting Common Stock [Member] | ' | ' |
Common stock: | ' | ' |
Common stock | $27 | $27 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | $2,512 | $2,500 |
Accumulated amortization of finite-lived intangible assets | $382,466 | $338,888 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 81,452,000 | 80,478,000 |
Common stock, shares outstanding | 80,754,000 | 79,967,000 |
Common stock, shares unvested | 25,000 | 25,000 |
Treasury stock, shares | 698,000 | 511,000 |
Class A Non-Voting Common Stock [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 2,704,000 | 2,704,000 |
Common stock, shares outstanding | 2,704,000 | 2,704,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Software-enabled services | $145,547 | $138,047 | $290,930 | $273,786 |
Software licenses | 9,866 | 6,626 | 17,365 | 12,696 |
Maintenance | 25,691 | 25,410 | 51,217 | 51,425 |
Professional services | 7,618 | 7,374 | 15,020 | 12,768 |
Total revenues | 188,722 | 177,457 | 374,532 | 350,675 |
Cost of revenues: | ' | ' | ' | ' |
Software-enabled services | 86,040 | 80,245 | 171,731 | 160,972 |
Software licenses | 806 | 1,348 | 1,657 | 2,622 |
Maintenance | 10,077 | 10,283 | 20,008 | 20,803 |
Professional services | 5,310 | 4,885 | 10,336 | 9,805 |
Total cost of revenues | 102,233 | 96,761 | 203,732 | 194,202 |
Gross profit | 86,489 | 80,696 | 170,800 | 156,473 |
Operating expenses: | ' | ' | ' | ' |
Selling and marketing | 12,203 | 10,563 | 24,101 | 20,027 |
Research and development | 13,939 | 13,639 | 27,526 | 27,441 |
General and administrative | 14,958 | 11,202 | 26,759 | 21,717 |
Total operating expenses | 41,100 | 35,404 | 78,386 | 69,185 |
Operating income | 45,389 | 45,292 | 92,414 | 87,288 |
Interest expense, net | -6,569 | -11,784 | -13,667 | -24,289 |
Other (expense) income, net | -59 | 2,370 | -745 | 2,516 |
Income before income taxes | 38,761 | 35,878 | 78,002 | 65,515 |
Provision for income taxes | 11,516 | 9,759 | 24,309 | 17,967 |
Net income | 27,245 | 26,119 | 53,693 | 47,548 |
Basic earnings per share | $0.33 | $0.32 | $0.65 | $0.59 |
Basic weighted average number of common shares outstanding | 83,118 | 81,186 | 82,921 | 80,268 |
Diluted earnings per share | $0.31 | $0.31 | $0.62 | $0.56 |
Diluted weighted average number of common and common equivalent shares outstanding | 87,091 | 85,280 | 86,999 | 84,550 |
Net income | 27,245 | 26,119 | 53,693 | 47,548 |
Other comprehensive income: | ' | ' | ' | ' |
Foreign currency exchange translation adjustment | 15,922 | -13,830 | 9,616 | -41,210 |
Total comprehensive income | 15,922 | -13,830 | 9,616 | -41,210 |
Comprehensive income | $43,167 | $12,289 | $63,309 | $6,338 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flow from operating activities: | ' | ' |
Net income | $53,693 | $47,548 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 49,832 | 49,742 |
Amortization and write-offs of loan origination costs | 2,956 | 2,988 |
Income tax benefit related to exercise of stock options | -8,235 | -4,941 |
Deferred income taxes | -5,550 | -4,474 |
Stock-based compensation expense | 5,770 | 4,035 |
Provision for doubtful accounts | 473 | 314 |
Loss on sale or disposition of property and equipment | 698 | 322 |
Changes in operating assets and liabilities, excluding effects from acquisitions: | ' | ' |
Accounts receivable | 1,532 | -6,418 |
Prepaid expenses and other assets | -1,403 | -4,712 |
Income taxes prepaid and payable | 13,250 | 5,600 |
Accounts payable | 789 | -2,248 |
Accrued expenses | -15,507 | -14,245 |
Deferred maintenance and other revenue | -5,478 | -3,506 |
Net cash provided by operating activities | 92,820 | 70,005 |
Cash flow from investing activities: | ' | ' |
Additions to property and equipment | -9,460 | -7,724 |
Proceeds from sale of property and equipment | 1 | 55 |
Additions to capitalized software | -1,704 | -428 |
Net changes in restricted cash | 983 | ' |
Net cash used in investing activities | -10,180 | -8,097 |
Cash flow from financing activities: | ' | ' |
Repayments of debt | -107,000 | -102,000 |
Income tax benefit related to exercise of stock options | 8,235 | 4,941 |
Proceeds from exercise of stock options | 12,337 | 14,086 |
Purchase of common stock for treasury | -7,386 | ' |
Payment of fees related to refinancing activities | -512 | -1,917 |
Net cash used in financing activities | -94,326 | -84,890 |
Effect of exchange rate changes on cash | 736 | -2,592 |
Net decrease in cash | -10,950 | -25,574 |
Cash, beginning of period | 84,470 | 86,160 |
Cash, end of period | 73,520 | 60,586 |
Supplemental disclosure of non-cash activities: | ' | ' |
Excess tax benefit related to stock option exercises | ' | $12,956 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These accounting principles were applied on a basis consistent with those of the audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2014 (the “2013 Form 10-K”). In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments, except as noted elsewhere in the notes to the condensed consolidated financial statements) necessary for a fair statement of its financial position as of June 30, 2014, the results of its operations for the three and six months ended June 30, 2014 and 2013 and its cash flows for the six months ended June 30, 2014 and 2013. These statements do not include all of the information and footnotes required by GAAP for annual financial statements. The financial statements contained herein should be read in conjunction with the audited consolidated financial statements and footnotes as of and for the year ended December 31, 2013, which were included in the 2013 Form 10-K. The December 31, 2013 consolidated balance sheet data were derived from audited financial statements but do not include all disclosures required by GAAP for annual financial statements. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the expected results for any subsequent quarters or the full year. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The objective of ASU 2014-09 is to clarify the principles for recognizing revenue by removing inconsistencies and weaknesses in revenue requirements; providing a more robust framework for addressing revenue issues; improving comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and providing more useful information to users of financial statements through improved revenue disclosure requirements. The provisions of ASU 2014-09 are effective for interim and annual periods beginning after December 15, 2016. The Company is currently evaluating the impact of this standard on its financial position, results of operations or cash flows. | |
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740) – Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). The objective of ASU 2013-11 is to end some inconsistent practices with regard to the presentation on the balance sheet of unrecognized tax benefits. ASU 2013-11 is effective for financial statement periods beginning after December 15, 2013, with early adoption permitted. The adoption of this standard in the first quarter of 2014 did not have a material impact on the Company’s financial position, results of operations or cash flows. |
Stockbased_Compensation
Stock-based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-based Compensation | ' | ||||||||||||||||
2. Stock-based Compensation | |||||||||||||||||
For stock options with time-based vesting and restricted stock, the total amount of stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Comprehensive Income was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Statements of Comprehensive Income Classification | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of software-enabled services | $ | 924 | $ | 719 | $ | 2,008 | $ | 1,470 | |||||||||
Cost of maintenance | 66 | 67 | 157 | 138 | |||||||||||||
Cost of professional services | 99 | 84 | 216 | 171 | |||||||||||||
Total cost of revenues | 1,089 | 870 | 2,381 | 1,779 | |||||||||||||
Selling and marketing | 498 | 302 | 1,135 | 606 | |||||||||||||
Research and development | 273 | 236 | 583 | 466 | |||||||||||||
General and administrative | 935 | 521 | 1,671 | 1,184 | |||||||||||||
Total operating expenses | 1,706 | 1,059 | 3,389 | 2,256 | |||||||||||||
Total stock-based compensation expense | $ | 2,795 | $ | 1,929 | $ | 5,770 | $ | 4,035 | |||||||||
A summary of stock option activity as of and for the six months ended June 30, 2014 is as follows: | |||||||||||||||||
Shares of Common | |||||||||||||||||
Stock Underlying | |||||||||||||||||
Options | |||||||||||||||||
Outstanding at January 1, 2014 | 11,515,642 | ||||||||||||||||
Granted | 72,750 | ||||||||||||||||
Cancelled/forfeited | (138,782 | ) | |||||||||||||||
Exercised | (973,781 | ) | |||||||||||||||
Outstanding at June 30, 2014 | 10,475,829 | ||||||||||||||||
During the six months ended June 30, 2014, the Company recorded $8.2 million of income tax benefits related to the exercise of stock options. These amounts were recorded entirely to additional paid-in capital on the Company’s Condensed Consolidated Balance Sheets. During the six months ended June 30, 2013, the Company recorded $19.2 million of income tax benefits related to the exercise of stock options. Of this amount, $3.6 million was recorded to goodwill and $15.6 million was recorded to additional paid-in capital on the Company’s Condensed Consolidated Balance Sheets. The Company realized $6.2 million of cash savings through June 30, 2013 related to these benefits, of which a proportional amount relating to the additional paid in capital was recognized as cash inflows from financing activities while the remainder was recognized as cash inflows from operations on its Condensed Consolidated Statements of Cash Flows. |
Stock_Repurchase_Program
Stock Repurchase Program | 6 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
Stock Repurchase Program | ' |
3. Stock Repurchase Program | |
In October 2013, the Company’s Board of Directors authorized the repurchase of up to $100 million of the Company’s common stock on the open market or in privately negotiated transactions. During the six months ended June 30, 2014, the Company repurchased 186,026 shares of common stock for approximately $7.4 million. As of June 30, 2014, the Company had repurchased a total of 209,926 shares of common stock for approximately $8.3 million. The Company uses the cost method to account for treasury stock purchases. Under the cost method, the price paid for the stock is charged to the treasury stock account. |
Basic_and_Diluted_Earnings_per
Basic and Diluted Earnings per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Basic and Diluted Earnings per Share | ' | ||||||||||||||||
4. Basic and Diluted Earnings per Share | |||||||||||||||||
Earnings per share (“EPS”) is calculated in accordance with the relevant accounting standards. Basic EPS includes no dilution and is computed by dividing income available to the Company’s common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of stock options and restricted stock using the treasury stock method. Common equivalent shares are excluded from the computation of diluted earnings per share if the effect of including such common equivalent shares is anti-dilutive because their exercise prices together with other assumed proceeds exceed the average fair value of common stock for the period. The Company has two classes of common stock, each with identical participation rights to earnings and liquidation preferences, and therefore the calculation of EPS as described above is identical to the calculation under the two-class method. | |||||||||||||||||
The following table sets forth the weighted average common shares used in the computation of basic and diluted earnings per share (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average common shares outstanding | 83,118 | 81,186 | 82,921 | 80,268 | |||||||||||||
Weighted average common stock equivalents – options and restricted shares | 3,973 | 4,094 | 4,078 | 4,282 | |||||||||||||
Weighted average common and common equivalent shares outstanding | 87,091 | 85,280 | 86,999 | 84,550 | |||||||||||||
Options to purchase 1,881,474 and 6,813 shares were outstanding for the three months ended June 30, 2014 and 2013, respectively, and options to purchase 1,883,870 and 57,584 shares were outstanding for the six months ended June 30, 2014 and 2013, respectively, but were not included in the computation of diluted earnings per share because the effect of including the options would be anti-dilutive. |
Debt
Debt | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
5. Debt | |||||||||
At June 30, 2014 and December 31, 2013, debt consisted of the following (in thousands): | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Credit facility, weighted-average interest rate of 2.95% and 3.09%, respectively | $ | 675,000 | $ | 782,000 | |||||
Unamortized original issue discount | (6,802 | ) | (7,493 | ) | |||||
668,198 | 774,507 | ||||||||
Short-term borrowings and current portion of long-term debt | (23,814 | ) | (23,212 | ) | |||||
Long-term debt | $ | 644,384 | $ | 751,295 | |||||
Capitalized financing costs of $1.1 million and $1.3 million were amortized to interest expense in the three months ended June 30, 2014 and 2013, respectively. Capitalized financing costs of $2.3 million were amortized to interest expense in each of the six months ended June 30, 2014 and 2013. Additionally, the Company amortized to interest expense $0.3 million of the original issue discount in each of the three months ended June 30, 2014 and 2013 and $0.7 million of the original issue discount in each of the six months ended June 30, 2014 and 2013. The unamortized balance of capitalized financing costs is included in intangible and other assets in the Company’s Condensed Consolidated Balance Sheet. | |||||||||
The estimated fair value of the Company’s credit facility, which is a Level 2 liability, was $674.5 million and $783.6 million at June 30, 2014 and December 31, 2013, respectively. These fair values were computed based on comparable quoted market prices. | |||||||||
In February 2014, the Company completed a repricing of its $213.2 million term A-2 loans, which replaced these loans with new term A-2 loans at the same outstanding principal balance of $213.2 million but at a different interest rate. The applicable interest rates were reduced to either LIBOR plus 2.0% or the base rate plus 1.0%. The maturity date of the new loans remains December 8, 2017, and no changes were made to the financial covenants or scheduled amortization. | |||||||||
The repricing of the debt was evaluated in accordance with FASB Accounting Standards Codification 470-50, Debt – Modifications and Extinguishments, for modification and extinguishment accounting. The Company accounted for the repricing as a debt modification with respect to amounts that remained in the syndicate and a debt extinguishment with respect to the amounts that exited the syndicate. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
6. Fair Value Measurements | |||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. | |||||||||||||||||
The authoritative guidance relating to fair value measurements and disclosure establishes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. | |||||||||||||||||
• | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. | ||||||||||||||||
• | Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from or corroborated by observable market data through correlation. | ||||||||||||||||
• | Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. | ||||||||||||||||
A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | |||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||
The table below segregates all financial assets and liabilities that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine their fair value at the measurement date (in thousands): | |||||||||||||||||
Total Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value at | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
Assets | $ | — | $ | — | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration | $ | 900 | $ | — | $ | — | $ | 900 | |||||||||
Total liabilities | $ | 900 | $ | — | $ | — | $ | 900 | |||||||||
Total Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value at | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Assets | $ | — | $ | — | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration | $ | 500 | $ | — | $ | — | $ | 500 | |||||||||
Total liabilities | $ | 500 | $ | — | $ | — | $ | 500 | |||||||||
The Company determines the fair value of the contingent consideration liabilities associated with its acquisitions based on the potential payments of the liability associated with the unobservable input of the estimated post-acquisition financial results (the achievement of certain revenue and EBITDA targets) of the related acquisition through a certain date. As such, contingent consideration liabilities are a Level 3 liability. As of December 31, 2013, the Company’s contingent consideration liability was measured at fair value using estimated future cash flows based on the potential payments of the liability based on the unobservable input of the estimated post-acquisition financial results of Prime Management Limited (“Prime”) through September 30, 2014. The Company increased this contingent consideration liability to its current fair value of $0.9 million and recorded the adjustment of $0.4 million to other expense in the second quarter of 2014. | |||||||||||||||||
The fair values of cash, accounts receivable, net, short-term borrowings, and accounts payable approximate the carrying amounts due to the short-term maturities of these instruments. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
7. Commitments and Contingencies | |
Millennium Actions | |
Several actions (the “Millennium Actions”) have been filed in various jurisdictions against GlobeOp alleging claims and damages with respect to a valuation agent services agreement performed by the Company’s subsidiary, GlobeOp Financial Services S.A. (“GlobeOp”), for the Millennium Global Emerging Credit Fund, L.P. and Millennium Global Emerging Credit Fund Ltd. (the “Millennium Funds”). These actions include (i) a putative class action in the U.S. District Court for the Southern District of New York (the “U.S. Class Action”) on behalf of a putative class of investors in the Millennium Funds filed in May 2012 asserting claims of $844 million (the alleged aggregate value of assets under management by the Millennium Funds at the funds’ peak valuation); (ii) an arbitration proceeding in the United Kingdom (the “UK Arbitration”) on behalf of Millennium Global Investments Ltd. and Millennium Asset Management Ltd., the Millennium Funds’ investment manager and administrative manager, respectively (together, the “Millennium Managers”), which commenced with a request for arbitration in July 2011, seeking an indemnity of $26.5 million for sums paid by way of settlement to the Millennium Funds in a separate arbitration to which GlobeOp was not a party, as well as an indemnity for any losses that may be incurred by the Millennium Managers in the U.S. Class Action; and (iii) a claim in the same arbitration proceeding by the liquidators on behalf of the Millennium Global Emerging Credit Master Fund Ltd. (the “Master Fund”) against GlobeOp for damages alleged to be in excess of $160 million. These actions allege that GlobeOp breached its contractual obligations and/or negligently breached a duty of care in the performance of services for the Millennium Fund and that, inter alia, GlobeOp should have discovered and reported a fraudulent scheme perpetrated by the portfolio manager employed by the investment manager. The U.S. Class Action also asserts claims against SS&C identical to the claims against GlobeOp in that action. In the arbitration, GlobeOp has asserted counterclaims against both the Millennium Managers and the Master Fund for indemnity, including in respect of the U.S. Class Action. | |
A hearing on the merits of the claims asserted in the UK Arbitration was conducted in London in July and August 2013 and is scheduled to be reconvened in September 2014. | |
GlobeOp has secured insurance coverage that provides reimbursement of various litigation costs up to pre-determined limits. Since 2012, GlobeOp has been reimbursed for litigation costs under the applicable insurance policy. | |
In January 2014, GlobeOp, SS&C, the Millennium Managers and the plaintiff in the U.S. Class Action entered into a settlement agreement resolving all disputes and claims between and among the parties (including a separate mutual release between and among GlobeOp and SS&C, on the one hand, and the Millennium Managers on the other that covers claims asserted in the UK Arbitration). The settlement agreement was approved by the United States District Court for the Southern District of New York on July 7, 2014. Assuming no appeals are filed, the District Court order approving the settlement will become final on or about August 6, 2014 and the settlement would be consummated within ten business days thereafter. The settlement does not affect the claims, counterclaims and/or defenses as between GlobeOp and the Master Fund. | |
GlobeOp’s insurers have agreed to fund the entirety of the settlement amount contemplated to be contributed by GlobeOp. | |
The Company cannot predict the outcome of these matters. The Company believes that it has strong defenses and is vigorously contesting the UK Arbitration (as described above, the U.S. Class Action is the subject of a settlement agreement). The amount of any potential loss, if any at all, cannot be reasonably estimated at this time. | |
In addition to the foregoing legal proceedings, from time to time, the Company is subject to other legal proceedings and claims. In the opinion of the Company’s management, the Company is not involved in any other such litigation or proceedings with third parties that management believes would have a material adverse effect on the Company or its business. |
Goodwill
Goodwill | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||
Goodwill | ' | ||||
8. Goodwill | |||||
The change in carrying value of goodwill as of and for the six months ended June 30, 2014 is as follows (in thousands): | |||||
Balance at December 31, 2013 | $ | 1,541,386 | |||
Effect of foreign currency translation | 6,118 | ||||
Balance at June 30, 2014 | $ | 1,547,504 | |||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
9. Income Taxes | |
The effective tax rate was 30% and 27% for the three months ended June 30, 2014 and 2013, respectively, and the effective tax rate was 31% and 27% for the six months ended June 30, 2014 and 2013, respectively. The change for the three months ended June 30, 2014 was primarily due to a greater percentage of earnings being generated in domestic jurisdictions. The change for the six months ended June 30, 2014 was primarily due to the unfavorable impact of tax law changes enacted in New York during the first quarter of 2014. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Recent Accounting Pronouncements | ' | |||
Recent Accounting Pronouncements | ||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The objective of ASU 2014-09 is to clarify the principles for recognizing revenue by removing inconsistencies and weaknesses in revenue requirements; providing a more robust framework for addressing revenue issues; improving comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and providing more useful information to users of financial statements through improved revenue disclosure requirements. The provisions of ASU 2014-09 are effective for interim and annual periods beginning after December 15, 2016. The Company is currently evaluating the impact of this standard on its financial position, results of operations or cash flows. | ||||
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740) – Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). The objective of ASU 2013-11 is to end some inconsistent practices with regard to the presentation on the balance sheet of unrecognized tax benefits. ASU 2013-11 is effective for financial statement periods beginning after December 15, 2013, with early adoption permitted. The adoption of this standard in the first quarter of 2014 did not have a material impact on the Company’s financial position, results of operations or cash flows. | ||||
Stock Repurchase Program | ' | |||
The Company uses the cost method to account for treasury stock purchases. Under the cost method, the price paid for the stock is charged to the treasury stock account. | ||||
Basic and Diluted Earnings per Share | ' | |||
Earnings per share (“EPS”) is calculated in accordance with the relevant accounting standards. Basic EPS includes no dilution and is computed by dividing income available to the Company’s common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of stock options and restricted stock using the treasury stock method. Common equivalent shares are excluded from the computation of diluted earnings per share if the effect of including such common equivalent shares is anti-dilutive because their exercise prices together with other assumed proceeds exceed the average fair value of common stock for the period. The Company has two classes of common stock, each with identical participation rights to earnings and liquidation preferences, and therefore the calculation of EPS as described above is identical to the calculation under the two-class method. | ||||
Debt | ' | |||
The repricing of the debt was evaluated in accordance with FASB Accounting Standards Codification 470-50, Debt – Modifications and Extinguishments, for modification and extinguishment accounting. The Company accounted for the repricing as a debt modification with respect to amounts that remained in the syndicate and a debt extinguishment with respect to the amounts that exited the syndicate. | ||||
Fair Value Measurements | ' | |||
The authoritative guidance relating to fair value measurements and disclosure establishes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. | ||||
• | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. | |||
• | Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from or corroborated by observable market data through correlation. | |||
• | Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. | |||
A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Schedule of Stock-Based Compensation Expense Recognized | ' | ||||||||||||||||
For stock options with time-based vesting and restricted stock, the total amount of stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Comprehensive Income was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Statements of Comprehensive Income Classification | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Cost of software-enabled services | $ | 924 | $ | 719 | $ | 2,008 | $ | 1,470 | |||||||||
Cost of maintenance | 66 | 67 | 157 | 138 | |||||||||||||
Cost of professional services | 99 | 84 | 216 | 171 | |||||||||||||
Total cost of revenues | 1,089 | 870 | 2,381 | 1,779 | |||||||||||||
Selling and marketing | 498 | 302 | 1,135 | 606 | |||||||||||||
Research and development | 273 | 236 | 583 | 466 | |||||||||||||
General and administrative | 935 | 521 | 1,671 | 1,184 | |||||||||||||
Total operating expenses | 1,706 | 1,059 | 3,389 | 2,256 | |||||||||||||
Total stock-based compensation expense | $ | 2,795 | $ | 1,929 | $ | 5,770 | $ | 4,035 | |||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
A summary of stock option activity as of and for the six months ended June 30, 2014 is as follows: | |||||||||||||||||
Shares of Common | |||||||||||||||||
Stock Underlying | |||||||||||||||||
Options | |||||||||||||||||
Outstanding at January 1, 2014 | 11,515,642 | ||||||||||||||||
Granted | 72,750 | ||||||||||||||||
Cancelled/forfeited | (138,782 | ) | |||||||||||||||
Exercised | (973,781 | ) | |||||||||||||||
Outstanding at June 30, 2014 | 10,475,829 | ||||||||||||||||
Basic_and_Diluted_Earnings_per1
Basic and Diluted Earnings per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
The following table sets forth the weighted average common shares used in the computation of basic and diluted earnings per share (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average common shares outstanding | 83,118 | 81,186 | 82,921 | 80,268 | |||||||||||||
Weighted average common stock equivalents – options and restricted shares | 3,973 | 4,094 | 4,078 | 4,282 | |||||||||||||
Weighted average common and common equivalent shares outstanding | 87,091 | 85,280 | 86,999 | 84,550 | |||||||||||||
Debt_Tables
Debt (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Component of Debt | ' | ||||||||
At June 30, 2014 and December 31, 2013, debt consisted of the following (in thousands): | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Credit facility, weighted-average interest rate of 2.95% and 3.09%, respectively | $ | 675,000 | $ | 782,000 | |||||
Unamortized original issue discount | (6,802 | ) | (7,493 | ) | |||||
668,198 | 774,507 | ||||||||
Short-term borrowings and current portion of long-term debt | (23,814 | ) | (23,212 | ) | |||||
Long-term debt | $ | 644,384 | $ | 751,295 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis | ' | ||||||||||||||||
The table below segregates all financial assets and liabilities that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine their fair value at the measurement date (in thousands): | |||||||||||||||||
Total Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value at | |||||||||||||||||
30-Jun-14 | |||||||||||||||||
Assets | $ | — | $ | — | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration | $ | 900 | $ | — | $ | — | $ | 900 | |||||||||
Total liabilities | $ | 900 | $ | — | $ | — | $ | 900 | |||||||||
Total Carrying | Level 1 | Level 2 | Level 3 | ||||||||||||||
Value at | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Assets | $ | — | $ | — | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration | $ | 500 | $ | — | $ | — | $ | 500 | |||||||||
Total liabilities | $ | 500 | $ | — | $ | — | $ | 500 | |||||||||
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||
Summary of Changes in Carrying Value of Goodwill | ' | ||||
The change in carrying value of goodwill as of and for the six months ended June 30, 2014 is as follows (in thousands): | |||||
Balance at December 31, 2013 | $ | 1,541,386 | |||
Effect of foreign currency translation | 6,118 | ||||
Balance at June 30, 2014 | $ | 1,547,504 | |||
Stockbased_Compensation_Schedu
Stock-based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $2,795 | $1,929 | $5,770 | $4,035 |
Cost of Software-Enabled Services [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 924 | 719 | 2,008 | 1,470 |
Cost of Maintenance [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 66 | 67 | 157 | 138 |
Cost of Professional Services [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 99 | 84 | 216 | 171 |
Total Cost of Revenues [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 1,089 | 870 | 2,381 | 1,779 |
Selling and Marketing [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 498 | 302 | 1,135 | 606 |
Research and Development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 273 | 236 | 583 | 466 |
General and Administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 935 | 521 | 1,671 | 1,184 |
Total Operating Expenses [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $1,706 | $1,059 | $3,389 | $2,256 |
Stockbased_Compensation_Summar
Stock-based Compensation - Summary of Stock Option Activity (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Outstanding at January 1, 2014 | 11,515,642 |
Granted | 72,750 |
Cancelled/forfeited | -138,782 |
Exercised | -973,781 |
Outstanding at June 30, 2014 | 10,475,829 |
Stockbased_Compensation_Additi
Stock-based Compensation - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Income tax benefits related to the exercise of stock options | $8.20 | $19.20 |
Income tax benefit on rollover options exercised | ' | 3.6 |
Additional paid-in capital | ' | 15.6 |
Realized cash savings through income tax benefits | ' | $6.20 |
Stock_Repurchase_Program_Addit
Stock Repurchase Program - Additional Information (Detail) (USD $) | 6 Months Ended | 1 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Oct. 31, 2013 |
Maximum [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ' | ' |
Amount authorized for share repurchase program | ' | $100 |
Number of common stock shares repurchased | 186,026 | ' |
Repurchase of common stock | 7.4 | ' |
Total number of common stock shares repurchased | 209,926 | ' |
Total repurchase of common stock | $8.30 | ' |
Recovered_Sheet1
Basic and Diluted Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average common shares outstanding | 83,118 | 81,186 | 82,921 | 80,268 |
Weighted average common stock equivalents - options and restricted shares | 3,973 | 4,094 | 4,078 | 4,282 |
Weighted average common and common equivalent shares outstanding | 87,091 | 85,280 | 86,999 | 84,550 |
Recovered_Sheet2
Basic and Diluted Earnings Per Share - Additional Information (Detail) (Stock Options [Member]) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Options to purchase shares outstanding | 1,881,474 | 6,813 | 1,883,870 | 57,584 |
Debt_Component_of_Debt_Detail
Debt - Component of Debt (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Debt from credit facility | $675,000 | $782,000 |
Unamortized original issue discount | -6,802 | -7,493 |
Debt and capital lease obligations | 668,198 | 774,507 |
Debt and capital lease obligations | 668,198 | 774,507 |
Short-term borrowings and current portion of long-term debt | -23,814 | -23,212 |
Long-term debt | $644,384 | $751,295 |
Debt_Component_of_Debt_Parenth
Debt - Component of Debt (Parenthetical) (Detail) | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ' | ' |
Weighted-average interest rate of credit facility | 2.95% | 3.09% |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 28, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | Feb. 28, 2014 |
Term Loan A Two [Member] | Term Loan A Two [Member] | Term Loan A Two [Member] | Term Loan A Two [Member] | |||||||
LIBOR Plus [Member] | Base Rate Plus [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized financing costs amortized to interest expense | $1.10 | $1.30 | $2.30 | $2.30 | ' | ' | ' | ' | ' | ' |
Company amortized to interest expense | 0.3 | 0.3 | 0.7 | 0.7 | ' | ' | ' | ' | ' | ' |
Estimated fair value of credit facility | 674.5 | ' | 674.5 | ' | ' | 783.6 | ' | ' | ' | ' |
Debt instrument outstanding principal amount | ' | ' | ' | ' | $213.20 | ' | ' | $213.20 | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 1.00% |
Debt instrument, interest rate terms | ' | ' | 'The applicable interest rates were reduced to either LIBOR plus 2.0% or the base rate plus 1.0%. | ' | ' | ' | ' | ' | ' | ' |
Term loan maturity date | ' | ' | ' | ' | ' | ' | 8-Dec-17 | ' | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Liabilities: | ' | ' |
Contingent consideration | $900 | ' |
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Assets | ' | ' |
Liabilities: | ' | ' |
Contingent consideration | 900 | 500 |
Total liabilities | 900 | 500 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Assets | ' | ' |
Liabilities: | ' | ' |
Contingent consideration | ' | ' |
Total liabilities | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Assets | ' | ' |
Liabilities: | ' | ' |
Contingent consideration | ' | ' |
Total liabilities | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' |
Assets | ' | ' |
Liabilities: | ' | ' |
Contingent consideration | 900 | 500 |
Total liabilities | $900 | $500 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Fair Value Disclosures [Abstract] | ' |
Contingent consideration liability | $0.90 |
Potential payments liability | 30-Sep-14 |
Contingent consideration adjustment | $0.40 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Commitments And Contingencies Disclosure [Abstract] | ' |
Funds asserting claims | $844 |
Millennium actions indemnity amount claimed by investment managers | 26.5 |
Millennium actions arbitration proceeding claim amount | $160 |
Goodwill_Summary_of_Changes_in
Goodwill - Summary of Changes in Carrying Value of Goodwill (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Balance at December 31, 2013 | $1,541,386 |
Effect of foreign currency translation | 6,118 |
Balance at June 30, 2014 | $1,547,504 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate | 30.00% | 27.00% | 31.00% | 27.00% |