Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 24, 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 | ' |
Trading Symbol | 'Q | ' |
Entity Registrant Name | 'Quintiles Transnational Holdings Inc. | ' |
Entity Central Index Key | '0001478242 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 127,276,903 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (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 |
Income Statement [Abstract] | ' | ' | ' | ' |
Service revenues | $1,035,476 | $944,238 | $2,040,764 | $1,871,673 |
Reimbursed expenses | 305,554 | 351,442 | 608,112 | 652,848 |
Total revenues | 1,341,030 | 1,295,680 | 2,648,876 | 2,524,521 |
Costs, expenses and other: | ' | ' | ' | ' |
Costs of revenue, service costs | 674,514 | 617,666 | 1,318,236 | 1,228,775 |
Costs of revenue, reimbursed expenses | 305,554 | 351,442 | 608,112 | 652,848 |
Selling, general and administrative | 219,014 | 228,838 | 438,256 | 428,140 |
Restructuring costs | 948 | 2,837 | 1,956 | 4,696 |
Income from operations | 141,000 | 94,897 | 282,316 | 210,062 |
Interest income | -994 | -785 | -2,249 | -1,237 |
Interest expense | 24,799 | 31,884 | 49,502 | 67,926 |
Loss on extinguishment of debt | ' | 16,543 | ' | 16,543 |
Other expense (income), net | 3,056 | 536 | -1,788 | -1,846 |
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates | 114,139 | 46,719 | 236,851 | 128,676 |
Income tax expense | 32,400 | 8,830 | 69,789 | 40,948 |
Income before equity in earnings (losses) of unconsolidated affiliates | 81,739 | 37,889 | 167,062 | 87,728 |
Equity in earnings (losses) of unconsolidated affiliates | 3,371 | 464 | 8,262 | -1,219 |
Net income | 85,110 | 38,353 | 175,324 | 86,509 |
Net loss (income) attributable to noncontrolling interests | 10 | 164 | -21 | 317 |
Net income attributable to Quintiles Transnational Holdings Inc. | $85,120 | $38,517 | $175,303 | $86,826 |
Earnings per share attributable to common shareholders: | ' | ' | ' | ' |
Basic | $0.66 | $0.31 | $1.35 | $0.73 |
Diluted | $0.64 | $0.30 | $1.32 | $0.71 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic | 128,979 | 122,709 | 129,439 | 119,239 |
Diluted | 132,042 | 126,578 | 132,541 | 122,659 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $85,110 | $38,353 | $175,324 | $86,509 |
Unrealized (losses) gains on marketable securities, net of income taxes of ($1,498), $0, ($290) and $26 | -2,393 | ' | -463 | 42 |
Unrealized gains (losses) on derivative instruments, net of income taxes of $17, $223, ($108) and ($974) | 928 | 496 | 1,250 | -2,700 |
Foreign currency translation, net of income taxes of $0, $4,305, $0 and ($330) | 3,861 | -12,716 | 4,164 | -28,354 |
Reclassification adjustments: | ' | ' | ' | ' |
Gains on marketable securities included in net income, net of income taxes of ($1,927) | ' | ' | -3,077 | ' |
Losses on derivative instruments included in net income, net of income taxes of $736, $1,320, $1,530 and $2,688 | 121 | 2,272 | 496 | 4,818 |
Amortization of prior service costs and losses included in net income, net of income taxes of $72, $94, $144 and $195 | 121 | 155 | 241 | 321 |
Comprehensive income | 87,748 | 28,560 | 177,935 | 60,636 |
Comprehensive loss (income) attributable to noncontrolling interests | 9 | 158 | -12 | 309 |
Comprehensive income attributable to Quintiles Transnational Holdings Inc. | $87,757 | $28,718 | $177,923 | $60,945 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Unrealized (losses) gains on marketable securities, income taxes | ($1,498) | $0 | ($290) | $26 |
Unrealized gains (losses) on derivative instruments, income taxes | 17 | 223 | -108 | -974 |
Foreign currency translation, income taxes | 0 | 4,305 | 0 | -330 |
Gains on marketable securities included in net income, income taxes | ' | ' | -1,927 | ' |
Losses on derivative instruments included in net income, income taxes | 736 | 1,320 | 1,530 | 2,688 |
Amortization of prior service costs and losses included in net income, income taxes | $72 | $94 | $144 | $195 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $636,468 | $778,143 |
Restricted cash | 3,296 | 2,712 |
Trade accounts receivable and unbilled services, net | 964,346 | 924,205 |
Prepaid expenses | 56,837 | 42,801 |
Deferred income taxes | 92,842 | 92,115 |
Income taxes receivable | 16,885 | 16,171 |
Other current assets and receivables | 94,033 | 89,541 |
Total current assets | 1,864,707 | 1,945,688 |
Property and equipment, net | 196,382 | 199,578 |
Investments in debt, equity and other securities | 33,741 | 40,349 |
Investments in and advances to unconsolidated affiliates | 33,682 | 22,927 |
Goodwill | 410,333 | 409,626 |
Other identifiable intangibles, net | 282,499 | 298,054 |
Deferred income taxes | 33,687 | 32,864 |
Deposits and other assets | 123,606 | 117,711 |
Total assets | 2,978,637 | 3,066,797 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 751,649 | 861,805 |
Unearned income | 516,076 | 538,585 |
Income taxes payable | 32,812 | 35,778 |
Current portion of long-term debt and obligations held under capital leases | 20,715 | 10,433 |
Other current liabilities | 31,808 | 35,646 |
Total current liabilities | 1,353,060 | 1,482,247 |
Long-term debt and obligations held under capital leases, less current portion | 2,026,909 | 2,035,586 |
Deferred income taxes | 33,899 | 37,541 |
Other liabilities | 186,379 | 178,908 |
Total liabilities | 3,600,247 | 3,734,282 |
Commitments and contingencies | ' | ' |
Shareholders' deficit: | ' | ' |
Common stock and additional paid-in capital, 300,000 shares authorized, $0.01 par value, 127,117 and 129,652 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 346,085 | 478,144 |
Accumulated deficit | -969,878 | -1,145,181 |
Accumulated other comprehensive income (loss) | 2,244 | -376 |
Deficit attributable to Quintiles Transnational Holdings Inc.'s shareholders | -621,549 | -667,413 |
Deficit attributable to noncontrolling interests | -61 | -72 |
Total shareholders' deficit | -621,610 | -667,485 |
Total liabilities and shareholders' deficit | $2,978,637 | $3,066,797 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 127,117,000 | 129,652,000 |
Common stock, shares outstanding | 127,117,000 | 129,652,000 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities: | ' | ' |
Net income | $175,324 | $86,509 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization | 58,933 | 49,626 |
Amortization of debt issuance costs and discount | 3,191 | 15,258 |
Share-based compensation | 15,601 | 11,091 |
Gain on disposals of property and equipment, net | -258 | -558 |
(Earnings) loss from unconsolidated affiliates | -8,239 | 1,326 |
Gain on investments, net | -5,114 | -5 |
Benefit from deferred income taxes | -1,173 | -12,041 |
Excess income tax benefits on stock option exercises | -8,613 | -409 |
Changes in operating assets and liabilities: | ' | ' |
Change in accounts receivable, unbilled services and unearned income | -61,568 | -127,238 |
Change in other operating assets and liabilities | -129,387 | -22,174 |
Net cash provided by operating activities | 38,697 | 1,385 |
Investing activities: | ' | ' |
Acquisition of property, equipment and software | -35,832 | -60,277 |
Acquisition of business, net of cash acquired | -667 | ' |
Proceeds from disposition of property and equipment | 537 | 1,032 |
Proceeds from sale of equity securities | 5,861 | 60 |
Investments in and advances to unconsolidated affiliates, net of payments received | -2,336 | -4,668 |
Other | -571 | 453 |
Net cash used in investing activities | -33,008 | -63,400 |
Financing activities: | ' | ' |
Repayment of debt and principal payments on capital lease obligations | -466 | -384,825 |
Issuance of common stock, net of costs | ' | 489,941 |
Exercise of stock options | 11,313 | 253 |
Repurchase of common stock | -165,131 | ' |
Payroll taxes remitted on repurchase of stock options | -8,415 | ' |
Excess income tax benefits on stock option exercises | 8,613 | 409 |
Net cash (used in) provided by financing activities | -154,086 | 105,778 |
Effect of foreign currency exchange rate changes on cash | 6,722 | -25,769 |
(Decrease) increase in cash and cash equivalents | -141,675 | 17,994 |
Cash and cash equivalents at beginning of period | 778,143 | 567,728 |
Cash and cash equivalents at end of period | $636,468 | $585,722 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
Unaudited Interim Financial Information | |
The accompanying unaudited condensed consolidated financial statements of Quintiles Transnational Holdings Inc. and its subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The balance sheet at December 31, 2013 has been derived from the audited consolidated financial statements of the Company but does not include all the disclosures required by GAAP. | |
Reclassifications | |
Certain prior period amounts have been reclassified to conform to current period presentation. These changes had no effect on previously reported total revenues, net income, comprehensive income or shareholders’ deficit. | |
Recently Issued Accounting Standards | |
In May 2014, the United States Financial Accounting Standards Board and the International Accounting Standards Board issued a converged standard on the recognition of revenue from contracts with customers. The objective of the new standard is to establish a single comprehensive revenue recognition model that is designed to create greater comparability of financial statements across industries and jurisdictions. Under the new standard, companies will recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also will require expanded disclosures on revenue recognition and changes in assets and liabilities that result from contracts with customers. The Company will adopt the new standard on January 1, 2017, as required. Early adoption is not permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements. |
Employee_Stock_Compensation
Employee Stock Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Employee Stock Compensation | ' | ||||||||||||||||
2. Employee Stock Compensation | |||||||||||||||||
The Company granted the following share-based awards: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | 335,100 | 2,025,500 | 1,359,600 | 2,100,500 | |||||||||||||
Stock appreciation rights | — | 152,600 | 176,800 | 152,600 | |||||||||||||
Restricted stock units | 36,500 | — | 36,500 | — | |||||||||||||
The Company had the following share-based awards outstanding: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Stock options | 10,416,975 | 10,100,160 | |||||||||||||||
Stock appreciation rights | 421,563 | 258,025 | |||||||||||||||
Restricted stock units | 93,667 | 57,167 | |||||||||||||||
The Company used the following assumptions when estimating the value of the share-based compensation for stock options and stock appreciation rights issued as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Expected volatility | 31 – 43% | 18 – 44% | 31 – 43% | 18 – 47% | |||||||||||||
Weighted average expected volatility | 37% | 40% | 37% | 40% | |||||||||||||
Expected dividends | 0.00% | 0.00% | 0.00% | 0.0 – 5.45% | |||||||||||||
Expected term (in years) | 3.7 – 6.7 | 0.25 – 6.4 | 3.7 – 6.7 | 0.25 – 6.4 | |||||||||||||
Risk-free interest rate | 1.15 – 2.13% | 0.04 – 1.8% | 0.99 – 2.21% | 0.04 – 1.8% | |||||||||||||
In November 2013, the Company’s Board of Directors (the “Board”) approved an Employee Stock Purchase Plan (“ESPP”) which was approved by the Company’s shareholders in May 2014. The ESPP allows eligible employees to authorize payroll deductions of up to 10% of their base salary to be applied toward the purchase of full shares of the Company’s common stock on the last day of the offering period. Offering periods under the ESPP are six months in duration and begin on each March 1 and September 1. The first offering period for the ESPP began March 1, 2014. Under the ESPP, shares will be purchased on the last day of each offering period at a discount of 15% of the closing price of the common stock on such date as reported on the New York Stock Exchange. As of June 30, 2014, there have been aggregate payroll contributions of approximately $1.6 million related to the ESPP. | |||||||||||||||||
The Company recognized share-based compensation expense of $8.4 million and $6.6 million during the three months ended June 30, 2014 and 2013, respectively, and $15.6 million and $11.1 million during the six months ended June 30, 2014 and 2013, respectively. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 6 Months Ended |
Jun. 30, 2014 | |
Risks And Uncertainties [Abstract] | ' |
Concentration of Credit Risk | ' |
3. Concentration of Credit Risk | |
No customer accounted for 10% or more of consolidated service revenues for the three and six months ended June 30, 2014 or 2013. |
Accounts_Receivable_and_Unbill
Accounts Receivable and Unbilled Services | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts Receivable and Unbilled Services | ' | ||||||||
4. Accounts Receivable and Unbilled Services | |||||||||
Accounts receivable and unbilled services consist of the following (in thousands): | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Trade: | |||||||||
Billed | $ | 440,711 | $ | 408,959 | |||||
Unbilled services | 525,682 | 516,942 | |||||||
966,393 | 925,901 | ||||||||
Allowance for doubtful accounts | (2,047) | (1,696) | |||||||
$ | 964,346 | $ | 924,205 | ||||||
Goodwill
Goodwill | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill | ' | ||||||||||||
5. Goodwill | |||||||||||||
The following is a summary of goodwill by segment for the six months ended June 30, 2014 (in thousands): | |||||||||||||
Product | Integrated | Consolidated | |||||||||||
Development | Healthcare | ||||||||||||
Services | |||||||||||||
Balance as of December 31, 2013 | $ | 351,144 | $ | 58,482 | $ | 409,626 | |||||||
Impact of foreign currency fluctuations and other | (314) | 1,021 | 707 | ||||||||||
Balance as of June 30, 2014 | $ | 350,830 | $ | 59,503 | $ | 410,333 | |||||||
Derivatives
Derivatives | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivatives | ' | ||||||||||||||||
6. Derivatives | |||||||||||||||||
As of June 30, 2014, the Company held the following derivative positions: (i) freestanding warrants to purchase shares of common stock of third parties, (ii) forward exchange contracts to protect against foreign exchange movements for certain forecasted foreign currency cash flows related to service contracts and (iii) interest rate swaps to hedge the exposure to variability in interest payments on variable interest rate debt. The Company does not use derivative financial instruments for speculative or trading purposes. | |||||||||||||||||
As of June 30, 2014, the Company had freestanding warrants to purchase shares of third parties’ common stock. No quoted price is available for the warrants. Accordingly, the Company uses various valuation techniques to value the warrants, including the present value of estimated expected future cash flows, option-pricing models and fundamental analysis. Factors affecting the valuation include the current price of the underlying common stock, the exercise price of the warrants, the expected time to exercise the warrants, the estimated price volatility of the underlying common stock over the life of the warrants and the restrictions on the transferability of or ability to exercise the warrants. The Company did not sell any warrants during the three and six months ended June 30, 2014 or 2013. | |||||||||||||||||
As of June 30, 2014, the Company had 18 open foreign exchange forward contracts to hedge certain forecasted foreign currency cash flow transactions occurring in 2014 and the first three months of 2015 with notional amounts totaling $83.1 million. As these contracts were executed to hedge the risk of the potential volatility in the cash flows resulting from fluctuations in currency exchange rates during the remainder of 2014 and the first three months of 2015, these transactions are accounted for as cash flow hedges. As such, the effective portion of the gain or loss on the contracts is recorded as unrealized gains (losses) on derivatives included in the accumulated other comprehensive income (loss) (“AOCI”) component of shareholders’ deficit. These hedges are highly effective. Upon expiration of the hedge instruments in 2014 and the first three months of 2015, the Company will reclassify the unrealized holding gains and losses on the derivative instruments included in AOCI into earnings. | |||||||||||||||||
On June 9, 2011, the Company entered into six interest rate swaps effective September 28, 2012 and expiring between September 30, 2013 and March 31, 2016 in an effort to limit its exposure to changes in the variable interest rate on its senior secured credit facilities. The critical terms of the interest rate swaps were substantially the same as those of the Company’s senior secured credit facilities, including quarterly interest settlements. These interest rate swaps are being accounted for as cash flow hedges as these transactions were executed to hedge the Company’s interest payments, and these hedges are highly effective. As such, changes in the fair value of these derivative instruments are recorded as unrealized gains (losses) on derivatives included in the AOCI component of shareholders’ deficit. The fair value of these interest rate swaps represents the present value of the anticipated net payments the Company will make to the counterparty, which, when they occur, are reflected as interest expense on the condensed consolidated statements of income. These payments, together with the variable rate of interest incurred on the underlying debt, result in a fixed rate of interest of 2.55% plus the applicable margin on the affected borrowings ($945.0 million or 45.9% of the Company’s variable rate debt at June 30, 2014). The Company expects that $12.3 million of unrealized losses will be reclassified out of AOCI and will form the interest rate swap component of the 2.55% fixed rate of interest to be incurred over the next 12 months as the underlying net payments are settled. | |||||||||||||||||
The fair values of the Company’s derivative instruments designated as hedging instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table (in thousands): | |||||||||||||||||
Balance Sheet Classification | June 30, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 2,806 | $ | 3,950 | ||||||||||||
Interest rate swaps | Other current liabilities | $ | 20,493 | $ | 24,805 | ||||||||||||
The fair values of the Company’s derivative instruments not designated as hedging instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table (in thousands): | |||||||||||||||||
Balance Sheet Classification | June 30, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Warrants | Deposits and other assets | $ 395 | $ 211 | ||||||||||||||
The effect of the Company’s cash flow hedging instruments on other comprehensive income (loss) is summarized in the following table (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Foreign exchange forward contracts | $ | (335 | ) | $ | 766 | $ | (1,144 | ) | $ | (1,625 | ) | ||||||
Interest rate swaps | 2,137 | 3,545 | 4,312 | 5,457 | |||||||||||||
Total | $ | 1,802 | $ | 4,311 | $ | 3,168 | $ | 3,832 | |||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
7. Fair Value Measurements | |||||||||||||||||
The Company records certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy that prioritizes the inputs used to measure fair value is described below. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | |||||||||||||||||
• | Level 1 — Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
• | Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
• | Level 3 — Unobservable inputs that are supported by little or no market activity. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | ||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||
The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured on a recurring basis as of June 30, 2014 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Marketable equity securities | $ | 1,055 | $ | — | $ | — | $ | 1,055 | |||||||||
Foreign exchange forward contracts | — | 2,806 | — | 2,806 | |||||||||||||
Warrants | — | — | 395 | 395 | |||||||||||||
Total | $ | 1,055 | $ | 2,806 | $ | 395 | $ | 4,256 | |||||||||
Liabilities: | |||||||||||||||||
Interest rate swaps | $ | — | $ | 20,493 | $ | — | $ | 20,493 | |||||||||
Contingent consideration | — | — | 13,200 | 13,200 | |||||||||||||
Total | $ | — | $ | 20,493 | $ | 13,200 | $ | 33,693 | |||||||||
Below is a summary of the valuation techniques used in determining fair value: | |||||||||||||||||
Marketable equity securities — The Company values marketable equity securities utilizing quoted market prices. | |||||||||||||||||
Foreign exchange forward contracts — The Company values foreign exchange forward contracts using quoted market prices for identical instruments in less active markets or using other observable inputs. | |||||||||||||||||
Warrants — The Company values warrants utilizing the Black-Scholes-Merton model. | |||||||||||||||||
Interest rate swaps — The Company values interest rate swaps using market inputs with mid-market pricing as a practical expedient for bid-ask spread. | |||||||||||||||||
Contingent consideration — The Company values contingent consideration related to business combinations using a weighted probability calculation of potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows. Key assumptions used to estimate the fair value of contingent consideration include revenue, net new business and operating forecasts and the probability of achieving the specific targets. | |||||||||||||||||
The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the six months ended June 30 (in thousands): | |||||||||||||||||
Warrants – Deposits | Contingent Consideration – | ||||||||||||||||
and Other Assets | Accounts Payable and Accrued | ||||||||||||||||
Expenses and Other Liabilities | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance as of January 1 | $ | 211 | $ | 29 | $ | 13,014 | $ | 3,521 | |||||||||
Revaluations included in earnings | 184 | 5 | 186 | -113 | |||||||||||||
Balance as of June 30 | $ | 395 | $ | 34 | $ | 13,200 | $ | 3,408 | |||||||||
The revaluations for the warrants and the contingent consideration are recognized in other expense (income), net on the accompanying condensed consolidated statements of income. | |||||||||||||||||
Non-recurring Fair Value Measurements | |||||||||||||||||
Certain assets are carried on the accompanying condensed consolidated balance sheets at cost and are not remeasured to fair value on a recurring basis. These assets include cost and equity method investments and loans that are written down to fair value for declines which are deemed to be other-than-temporary, and goodwill and identifiable intangible assets which are tested for impairment annually and when a triggering event occurs. | |||||||||||||||||
As of June 30, 2014, assets carried on the balance sheet and not remeasured to fair value on a recurring basis totaling approximately $759.2 million were identified as Level 3. These assets are comprised of cost and equity method investments of $66.4 million, goodwill of $410.3 million and other identifiable intangibles, net of $282.5 million. | |||||||||||||||||
The Company has unfunded cash commitments totaling approximately $31.9 million related to its cost and equity method investments as of June 30, 2014. | |||||||||||||||||
Other | |||||||||||||||||
The estimated fair value of the Company’s long-term debt, which is primarily based on rates in which the debt is traded among banks, was approximately $2.1 billion at both June 30, 2014 and December 31, 2013. |
Shareholders_Deficit
Shareholders' Deficit | 6 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
Shareholders' Deficit | ' |
8. Shareholders’ Deficit | |
Equity Repurchase Program | |
On October 30, 2013, the Board approved an equity repurchase program (the “Repurchase Program”) authorizing the repurchase of up to $125.0 million of either the Company’s common stock or vested in-the-money employee stock options, or a combination thereof. The Company repurchased 300 shares of its common stock for $47.51 per share for an aggregate purchase price of approximately $14,000 during the six months ended June 30, 2014 under the Repurchase Program. As of June 30, 2014, the Company has remaining authorization under the Repurchase Program to repurchase up to $59.5 million of its common shares. The Repurchase Program for vested in-the-money employee stock options expired in November 2013. The Repurchase Program for common stock does not have an end date. | |
Private Share Repurchase | |
On May 28, 2014, the Company completed the repurchase of 3,287,209 shares of its common stock for $50.23 per share from TPG Quintiles Holdco, L.P., one of its existing shareholders, in a private transaction for an aggregate purchase price of approximately $165.1 million. The repurchase price per share of common stock was equal to 98% of the closing market price of the Company’s common stock on the New York Stock Exchange on May 27, 2014 (which was $51.26). The repurchase of shares from its existing shareholder was approved in compliance with the Company’s related party transactions approval policy. The Company funded this private repurchase transaction with cash on hand. This private repurchase transaction was separate from and in addition to the Repurchase Program. |
Restructuring
Restructuring | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||
Restructuring | ' | ||||||||||||
9. Restructuring | |||||||||||||
In February 2014, the Board approved a restructuring plan of up to $13.0 million to better align resources with the Company’s strategic direction. These actions are expected to occur throughout 2014 and are expected to result in severance for approximately 400 positions, primarily in the Product Development segment. Since February 2014, the Company has recognized approximately $2.8 million of restructuring costs related to this plan, all of which were for activities in the Product Development segment. All of the restructuring costs are related to severance costs. Restructuring costs are not allocated to the Company’s reportable segments as they are not part of the segment performance measures regularly reviewed by management. | |||||||||||||
The following amounts were recorded for the February 2014 restructuring plan and the restructuring plans initiated in prior years (in thousands): | |||||||||||||
Severance and | Exit Costs | Total | |||||||||||
Related Costs | |||||||||||||
Balance at December 31, 2013 | $ | 5,276 | $ | 198 | $ | 5,474 | |||||||
Expense, net of reversals | 1,956 | — | 1,956 | ||||||||||
Payments | -4,327 | (77) | -4,404 | ||||||||||
Foreign currency translation | -31 | — | -31 | ||||||||||
Balance at June 30, 2014 | $ | 2,874 | $ | 121 | $ | 2,995 | |||||||
The Company expects the majority of the restructuring accruals at June 30, 2014 will be paid in 2014. |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
10. Employee Benefit Plans | |||||||||||||||||
Defined Benefit Plans | |||||||||||||||||
The following table summarizes the components of pension expense related to the Company’s defined benefit plans (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 3,391 | $ | 2,981 | $ | 6,678 | $ | 6,134 | |||||||||
Interest cost | 1,003 | 920 | 1,990 | 1,858 | |||||||||||||
Expected return on plan assets | -942 | -686 | -1,870 | -1,378 | |||||||||||||
Amortization of prior service costs | 20 | 83 | 40 | 172 | |||||||||||||
Amortization of actuarial losses | 173 | 166 | 345 | 344 | |||||||||||||
$ | 3,645 | $ | 3,464 | $ | 7,183 | $ | 7,130 | ||||||||||
Other | |||||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company has a severance accrual included in accounts payable and accrued expenses on the accompanying condensed consolidated balance sheets of $9.0 million and $14.1 million, respectively. The Company recognizes obligations associated with severance related to contractual termination benefits at fair value on the date that it is probable that the affected employees will be entitled to the benefit and the amount can reasonably be estimated. The severance accrual is related to cost reduction programs that will result in severance for approximately 270 positions, which are expected to lower operating costs and improve profitability by reducing excess capacity. These actions are expected to occur and be paid during 2014 and 2015. During the first six months of 2014, the Company has recognized approximately $2.5 million of net reversals related to these cost reduction programs, primarily as a result of affected individuals transferring into other positions within the Company. Of the $2.5 million decrease from net reversals recognized for these cost reduction programs, approximately ($2.6) million, $149,000 and ($80,000) were related to activities in the Product Development segment, Integrated Healthcare Services segment and corporate activities, respectively. | |||||||||||||||||
The following amounts were recorded for the severance associated with cost reduction programs (in thousands): | |||||||||||||||||
Balance at December 31, 2013 | $ | 14,056 | |||||||||||||||
Expense, net of reversals | -2,536 | ||||||||||||||||
Payments | -2,560 | ||||||||||||||||
Foreign currency translation | 6 | ||||||||||||||||
Balance at June 30, 2014 | $ | 8,966 | |||||||||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
11. Income Taxes | |
The Company’s effective income tax rate was 28.4% and 18.9% for the three months ended June 30, 2014 and 2013, respectively, and 29.5% and 31.8% for the six months ended June 30, 2014 and 2013, respectively. The effective income tax rate for the three and six months ended June 30, 2013 was positively impacted by a $16.2 million discrete income tax benefit recognized as a result of the management agreement termination fee and costs associated with debt repayments. The effective income tax rate for the three and six months ended June 30, 2013 was negatively impacted by the settlement of certain intercompany notes that had previously been considered long-term investments, which resulted in $11.2 million of income tax expense. | |
In addition, the effective income tax rate for the three and six months ended June 30, 2013, and for subsequent periods, was positively impacted by the Company’s change in the assertion regarding the undistributed earnings of most of its foreign subsidiaries that are considered to be indefinitely reinvested outside of the United States. Prior to June 2013, the Company had not considered the majority of the undistributed earnings of its foreign subsidiaries to be indefinitely reinvested. Accordingly, periods prior to June 2013 were negatively impacted by income taxes imposed on most of the earnings of the foreign subsidiaries, as a deferred income tax liability was recorded each quarter for the anticipated income tax costs of repatriating those earnings in the future. Management reevaluated this assertion following the Company’s initial public offering (“IPO”) in May 2013, as a portion of the IPO proceeds were used to pay down debt held in the United States. With this reduction of debt and related interest expense, the Company expects to be able to support the cash needs of the domestic subsidiaries without repatriating cash from the affected foreign subsidiaries. The Company expects to utilize the cash generated outside of the United States to fund growth outside of the United States. As a result of the assertion change, the Company recorded an $8.1 million income tax benefit in the second quarter of 2013 to reverse the deferred income tax liability previously recorded on undistributed foreign earnings prior to 2013 that are now considered indefinitely reinvested outside of the United States. In addition, the estimated annual effective income tax rate for 2013 decreased due to the indefinitely reinvested assertion, which resulted in a $7.3 million one-time income tax benefit for the three months ended June 30, 2013 to adjust income taxes recorded on the first quarter of 2013 earnings to the new estimated annual effective income tax rate. |
Comprehensive_Income
Comprehensive Income | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||||||||||
12. Comprehensive Income | |||||||||||||||||||||||||
Below is a summary of the components of AOCI (in thousands): | |||||||||||||||||||||||||
Foreign | Marketable | Derivative | Defined | Income | AOCI | ||||||||||||||||||||
Currency | Securities | Instruments | Benefit | Taxes | |||||||||||||||||||||
Translation | Plans | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | (5,829) | $ | 5,708 | $ | (20,855) | $ | (5,044) | $ | 25,644 | $ | (376) | |||||||||||||
Other comprehensive income (loss) before reclassifications | 4,173 | (753) | 1,142 | — | 398 | 4,960 | |||||||||||||||||||
Reclassification adjustments | — | (5,004) | 2,026 | 385 | 253 | (2,340) | |||||||||||||||||||
Balance at June 30, 2014 | $ | (1,656) | $ | (49) | $ | (17,687) | $ | (4,659) | $ | 26,295 | $ | 2,244 | |||||||||||||
Below is a summary of the (gains) losses reclassified from AOCI into the condensed consolidated statements of income and the affected financial statement line item (in thousands): | |||||||||||||||||||||||||
Reclassification Adjustments | Affected Financial Statement | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
Line Item | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
Marketable securities | Other expense (income), net | $ | — | $ | — | $ | (5,004) | $ | — | ||||||||||||||||
Total before income taxes | — | — | (5,004) | — | |||||||||||||||||||||
Income tax expense | — | — | (1,927) | — | |||||||||||||||||||||
Total net of income taxes | $ | — | $ | — | $ | (3,077) | $ | — | |||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | 3,115 | $ | 3,179 | $ | 6,195 | $ | 6,185 | ||||||||||||||||
Foreign exchange forward contracts | Service revenues | (2,258) | 413 | (4,169) | 1,321 | ||||||||||||||||||||
Total before income taxes | 857 | 3,592 | 2,026 | 7,506 | |||||||||||||||||||||
Income tax benefit | 736 | 1,320 | 1,530 | 2,688 | |||||||||||||||||||||
Total net of income taxes | $ | 121 | $ | 2,272 | $ | 496 | $ | 4,818 | |||||||||||||||||
Defined benefit plans: | |||||||||||||||||||||||||
Amortization of prior service costs | See Note 10 | $ | 20 | $ | 83 | $ | 40 | $ | 172 | ||||||||||||||||
Amortization of actuarial losses | See Note 10 | 173 | 166 | 345 | 344 | ||||||||||||||||||||
Total before income taxes | 193 | 249 | 385 | 516 | |||||||||||||||||||||
Income tax benefit | 72 | 94 | 144 | 195 | |||||||||||||||||||||
Total net of income taxes | $ | 121 | $ | 155 | $ | 241 | $ | 321 | |||||||||||||||||
Segments
Segments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segments | ' | ||||||||||||||||
13. Segments | |||||||||||||||||
The following table presents the Company’s operations by reportable segment. The Company is managed through two reportable segments, Product Development and Integrated Healthcare Services. Product Development, which primarily serves biopharmaceutical customers engaged in research and development, provides clinical research and clinical trial services. Integrated Healthcare Services provides commercialization services to biopharmaceutical customers and research, analytics, real-world and late phase research, and other services to both biopharmaceutical customers and the broader healthcare market. | |||||||||||||||||
Certain costs are not allocated to the Company’s segments and are reported as general corporate and unallocated expenses. These costs primarily consist of share-based compensation and expenses for corporate overhead functions such as finance, human resources, information technology, facilities and legal, as well as certain expenses incurred during the second quarter of 2013, including the $25.0 million fee incurred in connection with the termination of the management agreement with affiliates of certain shareholders and the $1.5 million fee paid in connection with the modification of an agreement for the business usage of an airplane owned by GF Management Company, LLC, a company owned by the Company’s Executive Chairman. The Company does not allocate restructuring or impairment charges to its segments. Information presented below is in thousands: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service revenues | |||||||||||||||||
Product Development | $ | 781,187 | $ | 724,170 | $ | 1,552,015 | $ | 1,430,477 | |||||||||
Integrated Healthcare Services | 254,289 | 220,068 | 488,749 | 441,196 | |||||||||||||
Total service revenues | 1,035,476 | 944,238 | 2,040,764 | 1,871,673 | |||||||||||||
Costs of revenue, service costs | |||||||||||||||||
Product Development | 465,278 | 441,895 | 915,761 | 870,902 | |||||||||||||
Integrated Healthcare Services | 209,236 | 175,771 | 402,475 | 357,873 | |||||||||||||
Total costs of revenue, service costs | 674,514 | 617,666 | 1,318,236 | 1,228,775 | |||||||||||||
Selling, general and administrative | |||||||||||||||||
Product Development | 157,552 | 146,182 | 317,237 | 290,807 | |||||||||||||
Integrated Healthcare Services | 33,346 | 31,790 | 65,622 | 64,571 | |||||||||||||
General corporate and unallocated | 28,116 | 50,866 | 55,397 | 72,762 | |||||||||||||
Total selling, general and administrative | 219,014 | 228,838 | 438,256 | 428,140 | |||||||||||||
Income from operations | |||||||||||||||||
Product Development | 158,357 | 136,093 | 319,017 | 268,768 | |||||||||||||
Integrated Healthcare Services | 11,707 | 12,507 | 20,652 | 18,752 | |||||||||||||
General corporate and unallocated | (28,116) | (50,866) | (55,397) | (72,762) | |||||||||||||
Restructuring costs | (948) | (2,837) | (1,956) | (4,696) | |||||||||||||
Total income from operations | $ | 141,000 | $ | 94,897 | $ | 282,316 | $ | 210,062 | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Depreciation and amortization expense | |||||||||||||||||
Product Development | $ | 23,791 | $ | 18,601 | $ | 46,761 | $ | 37,048 | |||||||||
Integrated Healthcare Services | 4,854 | 5,267 | 9,745 | 10,620 | |||||||||||||
General corporate and unallocated | 1,200 | 1,118 | 2,427 | 1,958 | |||||||||||||
Total depreciation and amortization expense | $ | 29,845 | $ | 24,986 | $ | 58,933 | $ | 49,626 | |||||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
14. Earnings Per Share | |||||||||||||||||
The following table shows the weighted average number of outstanding share-based awards not included in the computation of diluted earnings per share as the effect of including such share-based awards in the computation would be anti-dilutive (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average shares subject to anti-dilutive share-based awards | 1,598 | 1,217 | 1,182 | 1,424 | |||||||||||||
Share-based awards will have a dilutive effect under the treasury method only when the respective period’s average market value of the Company’s common stock exceeds the exercise proceeds. |
Subsequent_Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
15. Subsequent Event | |
On July 1, 2014, the Company completed the acquisition of Encore Health Resources, LLC (“Encore”) effected through a merger for approximately $93.6 million in cash. The preliminary fair value of Encore’s net assets acquired is not available as of the filing date of this Form 10-Q. Encore has operations in the United States and its business is primarily focused on providing electronic health records (“EHR”) implementation and advisory services to healthcare providers. As part of its Integrated Healthcare Services segment, the Company expects that Encore will enhance its EHR expertise. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Unaudited Interim Financial Information | ' |
Unaudited Interim Financial Information | |
The accompanying unaudited condensed consolidated financial statements of Quintiles Transnational Holdings Inc. and its subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. The balance sheet at December 31, 2013 has been derived from the audited consolidated financial statements of the Company but does not include all the disclosures required by GAAP. | |
Reclassifications | ' |
Reclassifications | |
Certain prior period amounts have been reclassified to conform to current period presentation. These changes had no effect on previously reported total revenues, net income, comprehensive income or shareholders’ deficit. | |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
In May 2014, the United States Financial Accounting Standards Board and the International Accounting Standards Board issued a converged standard on the recognition of revenue from contracts with customers. The objective of the new standard is to establish a single comprehensive revenue recognition model that is designed to create greater comparability of financial statements across industries and jurisdictions. Under the new standard, companies will recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also will require expanded disclosures on revenue recognition and changes in assets and liabilities that result from contracts with customers. The Company will adopt the new standard on January 1, 2017, as required. Early adoption is not permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements. |
Employee_Stock_Compensation_Ta
Employee Stock Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share Based Awards Granted and Outstanding | ' | ||||||||||||||||
The Company granted the following share-based awards: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | 335,100 | 2,025,500 | 1,359,600 | 2,100,500 | |||||||||||||
Stock appreciation rights | — | 152,600 | 176,800 | 152,600 | |||||||||||||
Restricted stock units | 36,500 | — | 36,500 | — | |||||||||||||
The Company had the following share-based awards outstanding: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Stock options | 10,416,975 | 10,100,160 | |||||||||||||||
Stock appreciation rights | 421,563 | 258,025 | |||||||||||||||
Restricted stock units | 93,667 | 57,167 | |||||||||||||||
Assumptions Used to Estimate Value of Share-Based Compensation for Stock Options and Stock Appreciation Rights Issued | ' | ||||||||||||||||
The Company used the following assumptions when estimating the value of the share-based compensation for stock options and stock appreciation rights issued as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Expected volatility | 31 – 43% | 18 – 44% | 31 – 43% | 18 – 47% | |||||||||||||
Weighted average expected volatility | 37% | 40% | 37% | 40% | |||||||||||||
Expected dividends | 0.00% | 0.00% | 0.00% | 0.0 – 5.45% | |||||||||||||
Expected term (in years) | 3.7 – 6.7 | 0.25 – 6.4 | 3.7 – 6.7 | 0.25 – 6.4 | |||||||||||||
Risk-free interest rate | 1.15 – 2.13% | 0.04 – 1.8% | 0.99 – 2.21% | 0.04 – 1.8% |
Accounts_Receivable_and_Unbill1
Accounts Receivable and Unbilled Services (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts Receivable and Unbilled Services | ' | ||||||||
Accounts receivable and unbilled services consist of the following (in thousands): | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Trade: | |||||||||
Billed | $ | 440,711 | $ | 408,959 | |||||
Unbilled services | 525,682 | 516,942 | |||||||
966,393 | 925,901 | ||||||||
Allowance for doubtful accounts | (2,047) | (1,696) | |||||||
$ | 964,346 | $ | 924,205 | ||||||
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Summary of Goodwill by Segment | ' | ||||||||||||
The following is a summary of goodwill by segment for the six months ended June 30, 2014 (in thousands): | |||||||||||||
Product | Integrated | Consolidated | |||||||||||
Development | Healthcare | ||||||||||||
Services | |||||||||||||
Balance as of December 31, 2013 | $ | 351,144 | $ | 58,482 | $ | 409,626 | |||||||
Impact of foreign currency fluctuations and other | (314) | 1,021 | 707 | ||||||||||
Balance as of June 30, 2014 | $ | 350,830 | $ | 59,503 | $ | 410,333 | |||||||
Derivatives_Tables
Derivatives (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Summary of Fair Values of Derivative Instruments Designated as Hedges | ' | ||||||||||||||||
The fair values of the Company’s derivative instruments designated as hedging instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table (in thousands): | |||||||||||||||||
Balance Sheet Classification | June 30, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Foreign exchange forward contracts | Other current assets | $ | 2,806 | $ | 3,950 | ||||||||||||
Interest rate swaps | Other current liabilities | $ | 20,493 | $ | 24,805 | ||||||||||||
Effect of Cash Flow Hedging Instruments on Other Comprehensive Income (Loss) | ' | ||||||||||||||||
The effect of the Company’s cash flow hedging instruments on other comprehensive income (loss) is summarized in the following table (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Foreign exchange forward contracts | $ | (335 | ) | $ | 766 | $ | (1,144 | ) | $ | (1,625 | ) | ||||||
Interest rate swaps | 2,137 | 3,545 | 4,312 | 5,457 | |||||||||||||
Total | $ | 1,802 | $ | 4,311 | $ | 3,168 | $ | 3,832 | |||||||||
Deposits and other assets [Member] | ' | ||||||||||||||||
Summary of Details Relating to Fair Value / Losses (Gains) of Derivative Instruments not Designated as Hedges | ' | ||||||||||||||||
The fair values of the Company’s derivative instruments not designated as hedging instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table (in thousands): | |||||||||||||||||
Balance Sheet Classification | June 30, | December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||||
Warrants | Deposits and other assets | $ 395 | $ 211 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured on a recurring basis as of June 30, 2014 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Marketable equity securities | $ | 1,055 | $ | — | $ | — | $ | 1,055 | |||||||||
Foreign exchange forward contracts | — | 2,806 | — | 2,806 | |||||||||||||
Warrants | — | — | 395 | 395 | |||||||||||||
Total | $ | 1,055 | $ | 2,806 | $ | 395 | $ | 4,256 | |||||||||
Liabilities: | |||||||||||||||||
Interest rate swaps | $ | — | $ | 20,493 | $ | — | $ | 20,493 | |||||||||
Contingent consideration | — | — | 13,200 | 13,200 | |||||||||||||
Total | $ | — | $ | 20,493 | $ | 13,200 | $ | 33,693 | |||||||||
Changes in Level 3 Financial Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the six months ended June 30 (in thousands): | |||||||||||||||||
Warrants – Deposits | Contingent Consideration – | ||||||||||||||||
and Other Assets | Accounts Payable and Accrued | ||||||||||||||||
Expenses and Other Liabilities | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance as of January 1 | $ | 211 | $ | 29 | $ | 13,014 | $ | 3,521 | |||||||||
Revaluations included in earnings | 184 | 5 | 186 | (113) | |||||||||||||
Balance as of June 30 | $ | 395 | $ | 34 | $ | 13,200 | $ | 3,408 | |||||||||
Restructuring_Tables
Restructuring (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||
Summary of Amounts Recorded for Restructuring Plans | ' | ||||||||||||
The following amounts were recorded for the February 2014 restructuring plan and the restructuring plans initiated in prior years (in thousands): | |||||||||||||
Severance and | Exit Costs | Total | |||||||||||
Related Costs | |||||||||||||
Balance at December 31, 2013 | $ | 5,276 | $ | 198 | $ | 5,474 | |||||||
Expense, net of reversals | 1,956 | — | 1,956 | ||||||||||
Payments | -4,327 | (77) | -4,404 | ||||||||||
Foreign currency translation | -31 | — | -31 | ||||||||||
Balance at June 30, 2014 | $ | 2,874 | $ | 121 | $ | 2,995 | |||||||
The Company expects the majority of the restructuring accruals at June 30, 2014 will be paid in 2014. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||||||
Summary of Components of Pension Expenses Related to Defined Benefit Plans | ' | ||||||||||||||||
The following table summarizes the components of pension expense related to the Company’s defined benefit plans (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 3,391 | $ | 2,981 | $ | 6,678 | $ | 6,134 | |||||||||
Interest cost | 1,003 | 920 | 1,990 | 1,858 | |||||||||||||
Expected return on plan assets | (942) | (686) | (1,870) | (1,378) | |||||||||||||
Amortization of prior service costs | 20 | 83 | 40 | 172 | |||||||||||||
Amortization of actuarial losses | 173 | 166 | 345 | 344 | |||||||||||||
$ | 3,645 | $ | 3,464 | $ | 7,183 | $ | 7,130 | ||||||||||
Summary of Severance Associated with Cost Reduction Programs | ' | ||||||||||||||||
The following amounts were recorded for the severance associated with cost reduction programs (in thousands): | |||||||||||||||||
Balance at December 31, 2013 | $ | 14,056 | |||||||||||||||
Expense, net of reversals | -2,536 | ||||||||||||||||
Payments | -2,560 | ||||||||||||||||
Foreign currency translation | 6 | ||||||||||||||||
Balance at June 30, 2014 | $ | 8,966 | |||||||||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Summary of Components of AOCI | ' | ||||||||||||||||||||||||
Below is a summary of the components of AOCI (in thousands): | |||||||||||||||||||||||||
Foreign | Marketable | Derivative | Defined | Income | AOCI | ||||||||||||||||||||
Currency | Securities | Instruments | Benefit | Taxes | |||||||||||||||||||||
Translation | Plans | ||||||||||||||||||||||||
Balance at December 31, 2013 | $ | (5,829) | $ | 5,708 | $ | (20,855) | $ | (5,044) | $ | 25,644 | $ | (376) | |||||||||||||
Other comprehensive income (loss) before reclassifications | 4,173 | (753) | 1,142 | — | 398 | 4,960 | |||||||||||||||||||
Reclassification adjustments | — | (5,004) | 2,026 | 385 | 253 | (2,340) | |||||||||||||||||||
Balance at June 30, 2014 | $ | (1,656) | $ | (49) | $ | (17,687) | $ | (4,659) | $ | 26,295 | $ | 2,244 | |||||||||||||
Summary of (Gains) Losses Reclassified from AOCI into Condensed Consolidated Statements of Income and Affected Financial Statement Line Item | ' | ||||||||||||||||||||||||
Below is a summary of the (gains) losses reclassified from AOCI into the condensed consolidated statements of income and the affected financial statement line item (in thousands): | |||||||||||||||||||||||||
Reclassification Adjustments | Affected Financial Statement | Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Line Item | June 30, | June 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Marketable securities: | |||||||||||||||||||||||||
Marketable securities | Other expense (income), net | $ | — | $ | — | $ | (5,004) | $ | — | ||||||||||||||||
Total before income taxes | — | — | (5,004) | — | |||||||||||||||||||||
Income tax expense | — | — | (1,927) | — | |||||||||||||||||||||
Total net of income taxes | $ | — | $ | — | $ | (3,077) | $ | — | |||||||||||||||||
Derivative instruments: | |||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | 3,115 | $ | 3,179 | $ | 6,195 | $ | 6,185 | ||||||||||||||||
Foreign exchange forward contracts | Service revenues | (2,258) | 413 | (4,169) | 1,321 | ||||||||||||||||||||
Total before income taxes | 857 | 3,592 | 2,026 | 7,506 | |||||||||||||||||||||
Income tax benefit | 736 | 1,320 | 1,530 | 2,688 | |||||||||||||||||||||
Total net of income taxes | $ | 121 | $ | 2,272 | $ | 496 | $ | 4,818 | |||||||||||||||||
Defined benefit plans: | |||||||||||||||||||||||||
Amortization of prior service costs | See Note 10 | $ | 20 | $ | 83 | $ | 40 | $ | 172 | ||||||||||||||||
Amortization of actuarial losses | See Note 10 | 173 | 166 | 345 | 344 | ||||||||||||||||||||
Total before income taxes | 193 | 249 | 385 | 516 | |||||||||||||||||||||
Income tax benefit | 72 | 94 | 144 | 195 | |||||||||||||||||||||
Total net of income taxes | $ | 121 | $ | 155 | $ | 241 | $ | 321 | |||||||||||||||||
Segments_Tables
Segments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Operations by Reportable Segments | ' | ||||||||||||||||
The Company does not allocate restructuring or impairment charges to its segments. Information presented below is in thousands: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service revenues | |||||||||||||||||
Product Development | $ | 781,187 | $ | 724,170 | $ | 1,552,015 | $ | 1,430,477 | |||||||||
Integrated Healthcare Services | 254,289 | 220,068 | 488,749 | 441,196 | |||||||||||||
Total service revenues | 1,035,476 | 944,238 | 2,040,764 | 1,871,673 | |||||||||||||
Costs of revenue, service costs | |||||||||||||||||
Product Development | 465,278 | 441,895 | 915,761 | 870,902 | |||||||||||||
Integrated Healthcare Services | 209,236 | 175,771 | 402,475 | 357,873 | |||||||||||||
Total costs of revenue, service costs | 674,514 | 617,666 | 1,318,236 | 1,228,775 | |||||||||||||
Selling, general and administrative | |||||||||||||||||
Product Development | 157,552 | 146,182 | 317,237 | 290,807 | |||||||||||||
Integrated Healthcare Services | 33,346 | 31,790 | 65,622 | 64,571 | |||||||||||||
General corporate and unallocated | 28,116 | 50,866 | 55,397 | 72,762 | |||||||||||||
Total selling, general and administrative | 219,014 | 228,838 | 438,256 | 428,140 | |||||||||||||
Income from operations | |||||||||||||||||
Product Development | 158,357 | 136,093 | 319,017 | 268,768 | |||||||||||||
Integrated Healthcare Services | 11,707 | 12,507 | 20,652 | 18,752 | |||||||||||||
General corporate and unallocated | (28,116) | (50,866) | (55,397) | (72,762) | |||||||||||||
Restructuring costs | (948) | (2,837) | (1,956) | (4,696) | |||||||||||||
Total income from operations | $ | 141,000 | $ | 94,897 | $ | 282,316 | $ | 210,062 | |||||||||
Depreciation and Amortization Expense | ' | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Depreciation and amortization expense | |||||||||||||||||
Product Development | $ | 23,791 | $ | 18,601 | $ | 46,761 | $ | 37,048 | |||||||||
Integrated Healthcare Services | 4,854 | 5,267 | 9,745 | 10,620 | |||||||||||||
General corporate and unallocated | 1,200 | 1,118 | 2,427 | 1,958 | |||||||||||||
Total depreciation and amortization expense | $ | 29,845 | $ | 24,986 | $ | 58,933 | $ | 49,626 | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Summary of Weighted-Average Outstanding Share-Based Awards Excluded from Computation of Diluted Earnings Per Share | ' | ||||||||||||||||
The following table shows the weighted average number of outstanding share-based awards not included in the computation of diluted earnings per share as the effect of including such share-based awards in the computation would be anti-dilutive (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average shares subject to anti-dilutive share-based awards | 1,598 | 1,217 | 1,182 | 1,424 |
Employee_Stock_Compensation_Sc
Employee Stock Compensation - Schedule of Share Based Awards Granted and Outstanding (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' | ' |
Stock options granted | 335,100 | 2,025,500 | 1,359,600 | 2,100,500 | ' |
Stock appreciation rights granted | ' | 152,600 | 176,800 | 152,600 | ' |
Restricted stock units granted | 36,500 | ' | 36,500 | ' | ' |
Stock options outstanding | 10,416,975 | ' | 10,416,975 | ' | 10,100,160 |
Stock appreciation rights outstanding | 421,563 | ' | 421,563 | ' | 258,025 |
Restricted stock units outstanding | 93,667 | ' | 93,667 | ' | 57,167 |
Employee_Stock_Compensation_As
Employee Stock Compensation - Assumptions Used to Estimate Value of Share-Based Compensation for Stock Options and Stock Appreciation Rights Issued (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' | ' | ' |
Expected volatility, Minimum | 31.00% | 18.00% | 31.00% | 18.00% |
Expected volatility, Maximum | 43.00% | 44.00% | 43.00% | 47.00% |
Weighted average expected volatility | 37.00% | 40.00% | 37.00% | 40.00% |
Expected dividends | 0.00% | 0.00% | 0.00% | ' |
Risk-free interest rate, Minimum | 1.15% | 0.04% | 0.99% | 0.04% |
Risk-free interest rate, Maximum | 2.13% | 1.80% | 2.21% | 1.80% |
Minimum [Member] | ' | ' | ' | ' |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' | ' | ' |
Expected dividends | ' | ' | ' | 0.00% |
Expected term (in years) | '3 years 8 months 12 days | '3 months | '3 years 8 months 12 days | '3 months |
Maximum [Member] | ' | ' | ' | ' |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' | ' | ' |
Expected dividends | ' | ' | ' | 5.45% |
Expected term (in years) | '6 years 8 months 12 days | '6 years 4 months 24 days | '6 years 8 months 12 days | '6 years 4 months 24 days |
Employee_Stock_Compensation_Ad
Employee Stock Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share based compensation expense | $8,400,000 | $6,600,000 | $15,601,000 | $11,091,000 |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Employee stock purchase plan payroll deductions percent | 10.00% | ' | 10.00% | ' |
Discount on closing price of share | ' | ' | 15.00% | ' |
Aggregate payroll contributions | $1,600,000 | ' | $1,600,000 | ' |
Concentration_of_Credit_Risk_A
Concentration of Credit Risk - Additional Information (Detail) (Sales [Member]) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Customer | Customer | Customer | Customer | |
Sales [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Number of customers served | 0 | 0 | 0 | 0 |
Percentage of service revenue from major customers | 10.00% | 10.00% | 10.00% | 10.00% |
Accounts_Receivable_and_Unbill2
Accounts Receivable and Unbilled Services - Accounts Receivable and Unbilled Services (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Trade: | ' | ' |
Billed | $440,711 | $408,959 |
Unbilled services | 525,682 | 516,942 |
Trade accounts receivable and unbilled services, gross | 966,393 | 925,901 |
Allowance for doubtful accounts | -2,047 | -1,696 |
Trade accounts receivable and unbilled services, net | $964,346 | $924,205 |
Goodwill_Summary_of_Goodwill_b
Goodwill - Summary of Goodwill by Segment (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Goodwill [Line Items] | ' |
Beginning balance | $409,626 |
Impact of foreign currency fluctuations and other | 707 |
Ending balance | 410,333 |
Product Development [Member] | ' |
Goodwill [Line Items] | ' |
Beginning balance | 351,144 |
Impact of foreign currency fluctuations and other | -314 |
Ending balance | 350,830 |
Integrated Healthcare Services [Member] | ' |
Goodwill [Line Items] | ' |
Beginning balance | 58,482 |
Impact of foreign currency fluctuations and other | 1,021 |
Ending balance | $59,503 |
Derivatives_Additional_Informa
Derivatives - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 09, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, unless otherwise specified | Minimum [Member] | Maximum [Member] | Foreign Exchange Forward Contracts [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | Warrants [Member] | |
Derivative | Agreement | Warrants | Warrants | Warrants | Warrants | |||||
Derivatives And Hedging Activities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant Sold | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 |
Number of foreign exchange forward contracts | ' | ' | ' | 18 | ' | 6 | ' | ' | ' | ' |
Notional amount | ' | ' | ' | $83.10 | ' | ' | ' | ' | ' | ' |
Expiration year of hedge instruments | ' | ' | ' | '2014 | ' | ' | ' | ' | ' | ' |
Interest rate swaps expiry date | ' | 30-Sep-13 | 31-Mar-16 | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Cash Flow Hedge Loss to be Reclassified During Next 12 Months, Net | 12.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative fixed interest rate | 2.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swaps hedged amount due to future change in interest rate swaps | ' | ' | ' | ' | $945 | ' | ' | ' | ' | ' |
Interest rate swaps effectively converted percent | 45.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_Summary_of_Fair_Va
Derivatives - Summary of Fair Values of Derivative Instruments Designated as Hedges (Detail) (Designated as Hedging Instrument [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Foreign Exchange Forward Contracts [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset fair value | $2,806 | $3,950 |
Interest Rate Swaps [Member] | Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative liability fair value | $20,493 | $24,805 |
Derivatives_Summary_of_Details
Derivatives - Summary of Details Relating to Fair Value / Losses (Gains) of Derivative Instruments not Designated as Hedges (Detail) (Warrants [Member], Derivatives Not Designated as Hedging Instruments [Member], Deposits and other assets [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Warrants [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Deposits and other assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative asset fair value | $395 | $211 |
Derivatives_Effect_of_Cash_Flo
Derivatives - Effect of Cash Flow Hedging Instruments on Other Comprehensive Income (Loss) (Detail) (Derivatives Designated As Cash Flow Hedges [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Effect of cash flow hedging instruments on other comprehensive income (loss) | $1,802 | $4,311 | $3,168 | $3,832 |
Foreign Exchange Forward Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Effect of cash flow hedging instruments on other comprehensive income (loss) | -335 | 766 | -1,144 | -1,625 |
Interest Rate Swaps [Member] | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Effect of cash flow hedging instruments on other comprehensive income (loss) | $2,137 | $3,545 | $4,312 | $5,457 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) (Recurring Fair Value Measurements [Member], USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of assets | $4,256 |
Fair value of liabilities | 33,693 |
Warrants [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of assets | 395 |
Foreign Exchange Forward Contracts [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of assets | 2,806 |
Interest Rate Swaps [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of liabilities | 20,493 |
Contingent Consideration [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of liabilities | 13,200 |
Marketable Equity Securities [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of assets | 1,055 |
Level 1 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of assets | 1,055 |
Fair value of liabilities | ' |
Level 1 [Member] | Warrants [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of assets | ' |
Level 1 [Member] | Foreign Exchange Forward Contracts [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of assets | ' |
Level 1 [Member] | Interest Rate Swaps [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of liabilities | ' |
Level 1 [Member] | Contingent Consideration [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of liabilities | ' |
Level 1 [Member] | Marketable Equity Securities [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of assets | 1,055 |
Level 2 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of assets | 2,806 |
Fair value of liabilities | 20,493 |
Level 2 [Member] | Warrants [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of assets | ' |
Level 2 [Member] | Foreign Exchange Forward Contracts [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of assets | 2,806 |
Level 2 [Member] | Interest Rate Swaps [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of liabilities | 20,493 |
Level 2 [Member] | Contingent Consideration [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of liabilities | ' |
Level 2 [Member] | Marketable Equity Securities [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of assets | ' |
Level 3 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of assets | 395 |
Fair value of liabilities | 13,200 |
Level 3 [Member] | Warrants [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of assets | 395 |
Level 3 [Member] | Foreign Exchange Forward Contracts [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of assets | ' |
Level 3 [Member] | Interest Rate Swaps [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of liabilities | ' |
Level 3 [Member] | Contingent Consideration [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of liabilities | 13,200 |
Level 3 [Member] | Marketable Equity Securities [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' |
Fair value of assets | ' |
Fair_Value_Measurements_Change
Fair Value Measurements - Changes in Level 3 Financial Assets and Liabilities Measured on Recurring Basis (Detail) (Level 3 [Member], USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Accounts Payable and Accrued Expenses and Other Liabilities [Member] | Contingent Consideration [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance, contingent Consideration | $13,014 | $3,521 |
Revaluations included in earnings | 186 | -113 |
Ending Balance, contingent Consideration | 13,200 | 3,408 |
Deposits and Other Assets [Member] | Warrants [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance, Warrants | 211 | 29 |
Revaluations included in earnings | 184 | 5 |
Ending Balance, Warrants | $395 | $34 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Other identifiable intangibles, net | $282,499,000 | $298,054,000 |
Long term debt | 2,100,000,000 | 2,100,000,000 |
Non-recurring Fair Value Measurements [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cost and equity method investments | 66,400,000 | ' |
Goodwill | 410,300,000 | ' |
Other identifiable intangibles, net | 282,499,000 | ' |
Fair value of assets | 759,200,000 | ' |
Non-recurring Fair Value Measurements [Member] | Level 3 [Member] | Equity Method Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Unfunded cash commitments | $31,900,000 | ' |
Shareholders_Deficit_Additiona
Shareholders' Deficit - Additional Information (Detail) (USD $) | 0 Months Ended | 6 Months Ended | ||
28-May-14 | 27-May-14 | Oct. 30, 2013 | Jun. 30, 2014 | |
Private Share Repurchase [Member] | Private Share Repurchase [Member] | Equity Repurchase Program [Member] | Equity Repurchase Program [Member] | |
Class of Stock [Line Items] | ' | ' | ' | ' |
Repurchase of common stock, shares | 3,287,209 | ' | 300 | ' |
Repurchase of common stock, value | $165,100,000 | ' | $14,000 | ' |
Repurchase of common stock, share price | $50.23 | $51.26 | $47.51 | ' |
Equity available for repurchase under the repurchase program | ' | ' | ' | 59,500,000 |
Equity repurchase program authorized amount | ' | ' | $125,000,000 | ' |
Repurchase price per share percentage | ' | 98.00% | ' | ' |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 5 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Feb. 28, 2014 | Jun. 30, 2014 | |
2014 Restructuring Plan [Member] | 2014 Restructuring Plan [Member] | |||||
Position | Product Development [Member] | |||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' |
Restructuring plan approved | ' | ' | ' | ' | $13,000,000 | ' |
Number of positions expected to reduce | ' | ' | ' | ' | 400 | ' |
Restructuring costs | $948,000 | $2,837,000 | $1,956,000 | $4,696,000 | ' | $2,800,000 |
Restructuring_Summary_of_Amoun
Restructuring - Summary of Amounts Recorded for Restructuring Plans (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring reserves, beginning balance | $5,474 |
Expense, net of reversals | 1,956 |
Payments | -4,404 |
Foreign currency translation | -31 |
Restructuring reserves, ending balance | 2,995 |
Severance and Related Costs [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring reserves, beginning balance | 5,276 |
Expense, net of reversals | 1,956 |
Payments | -4,327 |
Foreign currency translation | -31 |
Restructuring reserves, ending balance | 2,874 |
Exit Costs [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring reserves, beginning balance | 198 |
Expense, net of reversals | 0 |
Payments | -77 |
Foreign currency translation | 0 |
Restructuring reserves, ending balance | $121 |
Employee_Benefit_Plans_Summary
Employee Benefit Plans - Summary of Components of Pension Expenses Related to Defined Benefit Plans (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 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Service cost | $3,391 | $2,981 | $6,678 | $6,134 |
Interest cost | 1,003 | 920 | 1,990 | 1,858 |
Expected return on plan assets | -942 | -686 | -1,870 | -1,378 |
Amortization of prior service costs | 20 | 83 | 40 | 172 |
Amortization of actuarial losses | 173 | 166 | 345 | 344 |
Total pension expense related to defined benefit plans | $3,645 | $3,464 | $7,183 | $7,130 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Cost Reduction Initiative Disclosure [Line Items] | ' | ' |
Severance expenses payable | $8,966,000 | $14,056,000 |
Severance expense, net of reversals | 2,536,000 | ' |
Corporate, Non-Segment [Member] | ' | ' |
Cost Reduction Initiative Disclosure [Line Items] | ' | ' |
Severance expense, net of reversals | 80,000 | ' |
Product Development [Member] | ' | ' |
Cost Reduction Initiative Disclosure [Line Items] | ' | ' |
Severance expense, net of reversals | 2,536,000 | ' |
Integrated Healthcare Services [Member] | ' | ' |
Cost Reduction Initiative Disclosure [Line Items] | ' | ' |
Severance expense, net of reversals | 149,000 | ' |
Cost Reduction Initiative [Member] | ' | ' |
Cost Reduction Initiative Disclosure [Line Items] | ' | ' |
Severance expenses payable | $8,966,000 | $14,056,000 |
Number of positions expected to be eliminated | 270 | ' |
Employee_Benefit_Plans_Summary1
Employee Benefit Plans - Summary of Severance Associated with Cost Reduction Programs (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Compensation And Retirement Disclosure [Abstract] | ' |
Severance expenses payable, opening balance | $14,056 |
Severance expense, net of reversals | -2,536 |
Severance payments | -2,560 |
Severance foreign currency translation | 6 |
Severance expenses payable, ending balance | $8,966 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate | 28.40% | 18.90% | 29.50% | 31.80% |
Discrete income tax benefit | ' | $16.20 | ' | $16.20 |
Discrete income tax expense | ' | 11.2 | ' | 11.2 |
Income tax benefit to reverse the deferred income tax liability on undistributed foreign earnings | 8.1 | ' | ' | ' |
One time income tax benefit | $7.30 | ' | ' | ' |
Comprehensive_Income_Summary_o
Comprehensive Income - Summary of Components of AOCI (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning Balance | ($376) |
Other comprehensive income (loss) before reclassifications | 4,960 |
Reclassification adjustments | -2,340 |
Ending Balance | 2,244 |
Foreign Currency Translation [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning Balance | -5,829 |
Other comprehensive income (loss) before reclassifications | 4,173 |
Ending Balance | -1,656 |
Marketable Securities [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning Balance | 5,708 |
Other comprehensive income (loss) before reclassifications | -753 |
Reclassification adjustments | -5,004 |
Ending Balance | -49 |
Derivative Instruments [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning Balance | -20,855 |
Other comprehensive income (loss) before reclassifications | 1,142 |
Reclassification adjustments | 2,026 |
Ending Balance | -17,687 |
Defined Benefit Plans [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning Balance | -5,044 |
Reclassification adjustments | 385 |
Ending Balance | -4,659 |
Income Taxes [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning Balance | 25,644 |
Other comprehensive income (loss) before reclassifications | 398 |
Reclassification adjustments | 253 |
Ending Balance | $26,295 |
Comprehensive_Income_Summary_o1
Comprehensive Income - Summary of (Gains) Losses Reclassified from AOCI into Condensed Consolidated Statements of Income and Affected Financial Statement Line Item (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 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Amortization of prior service costs | $20 | $83 | $40 | $172 |
Marketable securities, Other expense (income), net | 3,056 | 536 | -1,788 | -1,846 |
Amortization of actuarial losses | 173 | 166 | 345 | 344 |
Income tax expense/benefit | -32,400 | -8,830 | -69,789 | -40,948 |
Foreign exchange forward contracts, Service revenues | -1,341,030 | -1,295,680 | -2,648,876 | -2,524,521 |
Marketable Securities [Member] | Reclassification Adjustments from Accumulated Other Comprehensive (Loss) Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Marketable securities, Other expense (income), net | ' | ' | -5,004 | ' |
Total before income taxes | ' | ' | -5,004 | ' |
Income tax expense/benefit | ' | ' | -1,927 | ' |
Total net of income taxes | ' | ' | -3,077 | ' |
Defined Benefit Plans [Member] | Reclassification Adjustments from Accumulated Other Comprehensive (Loss) Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Amortization of prior service costs | 20 | 83 | 40 | 172 |
Amortization of actuarial losses | 173 | 166 | 345 | 344 |
Total before income taxes | 193 | 249 | 385 | 516 |
Income tax expense/benefit | 72 | 94 | 144 | 195 |
Total net of income taxes | 121 | 155 | 241 | 321 |
Derivative [Member] | Derivative Instruments [Member] | Reclassification Adjustments from Accumulated Other Comprehensive (Loss) Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Total before income taxes | 857 | 3,592 | 2,026 | 7,506 |
Income tax expense/benefit | 736 | 1,320 | 1,530 | 2,688 |
Total net of income taxes | 121 | 2,272 | 496 | 4,818 |
Interest Rate Swaps [Member] | Derivative Instruments [Member] | Reclassification Adjustments from Accumulated Other Comprehensive (Loss) Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest rate swaps, Interest expense | 3,115 | 3,179 | 6,195 | 6,185 |
Foreign Exchange Forward Contracts [Member] | Derivative Instruments [Member] | Reclassification Adjustments from Accumulated Other Comprehensive (Loss) Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Foreign exchange forward contracts, Service revenues | ($2,258) | $413 | ($4,169) | $1,321 |
Segments_Additional_Informatio
Segments - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2014 |
Segment | ||
Segment Reporting [Abstract] | ' | ' |
Number of reportable segments | ' | 2 |
Management agreement termination fee | $25 | ' |
Agreement modification fee | $1.50 | ' |
Segments_Operations_by_Reporta
Segments - Operations by Reportable Segments (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 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Service revenues | $1,035,476 | $944,238 | $2,040,764 | $1,871,673 |
Costs of revenue, service costs | 674,514 | 617,666 | 1,318,236 | 1,228,775 |
Selling, general and administrative | 219,014 | 228,838 | 438,256 | 428,140 |
Income from operations | 141,000 | 94,897 | 282,316 | 210,062 |
Restructuring costs | -948 | -2,837 | -1,956 | -4,696 |
Operating Segments [Member] | Product Development [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Service revenues | 781,187 | 724,170 | 1,552,015 | 1,430,477 |
Costs of revenue, service costs | 465,278 | 441,895 | 915,761 | 870,902 |
Selling, general and administrative | 157,552 | 146,182 | 317,237 | 290,807 |
Income from operations | 158,357 | 136,093 | 319,017 | 268,768 |
Operating Segments [Member] | Integrated Healthcare Services [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Service revenues | 254,289 | 220,068 | 488,749 | 441,196 |
Costs of revenue, service costs | 209,236 | 175,771 | 402,475 | 357,873 |
Selling, general and administrative | 33,346 | 31,790 | 65,622 | 64,571 |
Income from operations | 11,707 | 12,507 | 20,652 | 18,752 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Selling, general and administrative | 28,116 | 50,866 | 55,397 | 72,762 |
Income from operations | -28,116 | -50,866 | -55,397 | -72,762 |
Segment Reconciling Items [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Restructuring costs | ($948) | ($2,837) | ($1,956) | ($4,696) |
Segments_Depreciation_and_Amor
Segments - Depreciation and Amortization Expense (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 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and amortization expense | $29,845 | $24,986 | $58,933 | $49,626 |
Operating Segments [Member] | Product Development [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and amortization expense | 23,791 | 18,601 | 46,761 | 37,048 |
Operating Segments [Member] | Integrated Healthcare Services [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and amortization expense | 4,854 | 5,267 | 9,745 | 10,620 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and amortization expense | $1,200 | $1,118 | $2,427 | $1,958 |
Earnings_Per_Share_Summary_of_
Earnings Per Share - Summary of Weighted-Average Outstanding Share-Based Awards Excluded from Computation of 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 shares subject to anti-dilutive share-based awards | 1,598 | 1,217 | 1,182 | 1,424 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Subsequent Event [Member], Encore Health Resources [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jul. 01, 2014 |
Subsequent Event [Member] | Encore Health Resources [Member] | ' |
Subsequent Event [Line Items] | ' |
Business acquisition through merger | $93.60 |