Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 15, 2019 | Jun. 29, 2018 | |
Document Information | |||
Entity Registrant Name | CRAWFORD & CO | ||
Entity Central Index Key | 25,475 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 246,488,173 | ||
Class A Non-Voting | |||
Document Information | |||
Entity Common Stock, Shares Outstanding | 30,586,037 | ||
Class B Voting | |||
Document Information | |||
Entity Common Stock, Shares Outstanding | 23,030,725 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Revenues from Services: | ||||
Revenues | $ 1,122,979,000 | $ 1,163,709,000 | $ 1,177,588,000 | |
Costs and Expenses: | ||||
Costs of services | 808,005,000 | 842,167,000 | 850,112,000 | |
Selling, general, and administrative expenses | 242,421,000 | 239,840,000 | 239,852,000 | |
Corporate interest expense, net of interest income of $1,290, $847, and $749, respectively | 10,109,000 | 9,062,000 | 9,185,000 | |
Goodwill and intangible asset impairment charges | 1,056,000 | 19,598,000 | 0 | |
Restructuring and special charges | 0 | 12,084,000 | 9,490,000 | |
Loss on disposition of business line | 20,270,000 | 0 | 0 | |
Total Costs and Expenses | 1,081,861,000 | 1,122,751,000 | 1,108,639,000 | |
Other Income (Expense) | 3,013,000 | 1,304,000 | (5,708,000) | |
Income Before Income Taxes | 44,131,000 | 42,262,000 | 63,241,000 | |
Provision for Income Taxes | 18,542,000 | 15,039,000 | 25,565,000 | |
Net Income | 25,589,000 | 27,223,000 | 37,676,000 | [1] |
Net Loss (Income) Attributable to Noncontrolling Interests and Redeemable Noncontrolling Interests | 389,000 | 442,000 | (1,710,000) | |
Net Income Attributable to Shareholders of Crawford & Company | $ 25,978,000 | $ 27,665,000 | $ 35,966,000 | |
Class A Non-Voting | ||||
Earnings Per Share - Basic: | ||||
Earnings (Loss) Per Share - Basic (usd per share) | $ 0.51 | $ 0.53 | $ 0.68 | |
Earnings Per Share - Diluted: | ||||
Earnings (Loss) Per Share - Diluted (usd per share) | $ 0.50 | $ 0.52 | $ 0.67 | |
Weighted-Average Shares Used to Compute Basic Earnings Per Share: | ||||
Weighted Average Shares Used to Compute Basic Earnings (Loss) Per Share (shares) | 30,805 | 31,322 | 30,793 | |
Weighted-Average Shares Used to Compute Diluted Earnings Per Share: | ||||
Weighted Average Shares Used to Compute Diluted Earnings (Loss) Per Share (shares) | 31,434 | 32,158 | 31,530 | |
Cash Dividends Per Share: | ||||
Cash Dividends Per Share (usd per share) | $ 0.28 | $ 0.28 | $ 0.28 | |
Class B Voting | ||||
Earnings Per Share - Basic: | ||||
Earnings (Loss) Per Share - Basic (usd per share) | 0.43 | 0.45 | 0.60 | |
Earnings Per Share - Diluted: | ||||
Earnings (Loss) Per Share - Diluted (usd per share) | $ 0.42 | $ 0.45 | $ 0.60 | |
Weighted-Average Shares Used to Compute Basic Earnings Per Share: | ||||
Weighted Average Shares Used to Compute Basic Earnings (Loss) Per Share (shares) | 24,449 | 24,606 | 24,690 | |
Weighted-Average Shares Used to Compute Diluted Earnings Per Share: | ||||
Weighted Average Shares Used to Compute Diluted Earnings (Loss) Per Share (shares) | 24,449 | 24,606 | 24,690 | |
Cash Dividends Per Share: | ||||
Cash Dividends Per Share (usd per share) | $ 0.20 | $ 0.2 | $ 0.2 | |
Service | ||||
Revenues from Services: | ||||
Revenues | $ 1,070,971,000 | $ 1,105,832,000 | $ 1,109,286,000 | |
Costs and Expenses: | ||||
Costs of services | 755,997,000 | 784,290,000 | 781,810,000 | |
Reimbursements | ||||
Revenues from Services: | ||||
Revenues | 52,008,000 | 57,877,000 | 68,302,000 | |
Costs and Expenses: | ||||
Costs of services | $ 52,008,000 | $ 57,877,000 | $ 68,302,000 | |
[1] | The total net income presented in the consolidated statement of shareholders' investment for the years ended December 31, 2017 and December 31, 2018 excludes $968 and $1,275 respectively, in net loss attributable to the redeemable noncontrolling interests. |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Interest income | $ 1,290 | $ 847 | $ 749 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 25,589 | $ 27,223 | $ 37,676 | [1] |
Other Comprehensive (Loss) Income: | ||||
Net foreign currency translation (loss) income, net of tax benefit of $0, $0 and $0, respectively | (10,830) | 6,323 | (10,620) | |
Amounts reclassified into net income for defined benefit pension plans, net of tax provision of $2,686, $3,432 and $4,563, respectively | 8,076 | 7,501 | 8,623 | |
Net unrealized (loss) gain on defined benefit plans arising during the year, net of tax benefit (provision) of $5,333, $236, and ($5,175), respectively | (18,014) | 666 | 11,337 | |
Other Comprehensive (Loss) Income | (20,768) | 14,490 | 9,340 | |
Comprehensive Income | 4,821 | 41,713 | 47,016 | |
Comprehensive loss (income) attributable to noncontrolling interests and redeemable noncontrolling interests | 1,187 | 1,248 | (192) | |
Comprehensive Income Attributable to Shareholders of Crawford & Company | $ 6,008 | $ 42,961 | $ 46,824 | |
[1] | The total net income presented in the consolidated statement of shareholders' investment for the years ended December 31, 2017 and December 31, 2018 excludes $968 and $1,275 respectively, in net loss attributable to the redeemable noncontrolling interests. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
OCI, Tax (provision) benefit on foreign currency translation loss | $ 0 | $ 0 | $ 0 |
OCI, Tax provision on reclassification adjustments to net income for pension plans | 2,686 | 3,432 | 4,563 |
OCI, Tax (provision) benefit on unrealized gains (losses) arising during the year for pension plans | $ 5,333 | $ 236 | $ (5,175) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 53,119 | $ 54,011 |
Accounts receivable, less allowance for doubtful accounts of $9,625 and $12,588, respectively | 131,117 | 174,172 |
Unbilled revenues, at estimated billable amounts | 108,291 | 108,745 |
Income taxes receivable | 4,084 | 7,987 |
Prepaid expenses and other current assets | 24,237 | 25,452 |
Total Current Assets | 320,848 | 370,367 |
Net Property and Equipment | 34,303 | 41,664 |
Other Assets: | ||
Goodwill | 96,890 | 96,916 |
Intangible assets arising from business acquisitions, net | 85,023 | 97,147 |
Capitalized software costs, net | 72,210 | 89,824 |
Deferred income tax assets | 22,146 | 24,359 |
Other noncurrent assets | 70,022 | 67,659 |
Total Other Assets | 346,291 | 375,905 |
TOTAL ASSETS | 701,442 | 787,936 |
Current Liabilities: | ||
Short-term borrowings | 23,195 | 24,641 |
Accounts payable | 37,834 | 49,303 |
Accrued compensation and related costs | 66,530 | 75,892 |
Self-insured risks | 15,246 | 13,407 |
Income taxes payable | 3,145 | 2,703 |
Deferred rent | 15,919 | 15,717 |
Other accrued liabilities | 32,391 | 36,563 |
Deferred revenues | 30,961 | 37,794 |
Current installments of capital leases | 89 | 571 |
Total Current Liabilities | 225,310 | 256,591 |
Noncurrent Liabilities: | ||
Long-term debt and capital leases, less current installments | 167,126 | 200,460 |
Deferred revenues | 21,713 | 22,515 |
Accrued pension liabilities | 74,323 | 87,035 |
Other noncurrent liabilities | 32,024 | 27,596 |
Total Noncurrent Liabilities | 295,186 | 337,606 |
Redeemable Noncontrolling Interests | 5,500 | 6,775 |
Shareholders' Investment: | ||
Additional paid-in capital | 58,793 | 53,170 |
Retained earnings | 273,607 | 269,686 |
Accumulated other comprehensive loss | (216,447) | (196,477) |
Shareholders' Investment Attributable to Shareholders of Crawford & Company | 171,288 | 182,320 |
Noncontrolling interests | 4,158 | 4,644 |
Total Shareholders' Investment | 175,446 | 186,964 |
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | 701,442 | 787,936 |
Class A Non-Voting | ||
Shareholders' Investment: | ||
Common stock, $1.00 par value; 50,000 shares authorized | 30,927 | 31,439 |
Class B Voting | ||
Shareholders' Investment: | ||
Common stock, $1.00 par value; 50,000 shares authorized | $ 24,408 | $ 24,502 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets: | ||
Allowance for doubtful accounts | $ 9,625 | $ 12,588 |
Class A Non-Voting | ||
Shareholders' Investment: | ||
Common stock, par value (usd per share) | $ 1 | $ 1 |
Common shares authorized (shares) | 50,000,000 | 50,000,000 |
Common shares issued (shares) | 31,439,000 | 31,439,000 |
Common shares outstanding (shares) | 31,439,000 | 31,439,000 |
Class B Voting | ||
Shareholders' Investment: | ||
Common stock, par value (usd per share) | $ 1 | $ 1 |
Common shares authorized (shares) | 50,000,000 | 50,000,000 |
Common shares issued (shares) | 24,502,000 | 24,502,000 |
Common shares outstanding (shares) | 24,502,000 | 24,502,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Cash Flows from Operating Activities: | ||||
Net Income | $ 25,589 | $ 27,223 | $ 37,676 | [1] |
Reconciliation of net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 44,079 | 41,658 | 40,743 | |
Goodwill and intangible asset impairment charges | 1,056 | 19,598 | 0 | |
Deferred income taxes | 7,947 | (2,358) | 10,531 | |
Loss on disposition of business line | 20,270 | 0 | 0 | |
Stock-based compensation costs | 6,196 | 6,661 | 5,252 | |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||||
Accounts receivable, net | 7,844 | (14,844) | 2,781 | |
Unbilled revenues, net | (18,588) | (2,644) | (7,782) | |
Accrued or prepaid income taxes | 2,270 | (508) | 1,755 | |
Accounts payable and accrued liabilities | (8,952) | (14,678) | 17,120 | |
Deferred revenues | (4,969) | (3,482) | (8,846) | |
Accrued retirement costs | (25,896) | (15,364) | (9,046) | |
Prepaid expenses and other operating activities | (4,427) | (505) | 8,680 | |
Net cash provided by operating activities | 52,419 | 40,757 | 98,864 | |
Cash Flows from Investing Activities: | ||||
Acquisitions of property and equipment | (14,052) | (19,044) | (10,354) | |
Capitalization of computer software costs | (15,968) | (25,867) | (18,845) | |
Cash proceeds from disposition of business line | 39,187 | 0 | 0 | |
Payments for business acquisitions, net of cash acquired | (2,500) | (36,029) | (3,672) | |
Other investing activities | (218) | (926) | (95) | |
Net cash provided by (used in) investing activities | 6,449 | (81,866) | (32,966) | |
Cash Flows from Financing Activities: | ||||
Cash dividends paid | (13,528) | (13,700) | (13,565) | |
Payments related to shares received for withholding taxes under stock-based compensation plans | (1,110) | (1,933) | (1,342) | |
Proceeds from shares purchased under employee stock-based compensation plans | 1,387 | 1,154 | 1,743 | |
Decrease in note payable for share repurchase | 0 | 0 | (2,206) | |
Repurchases of common stock | (10,409) | (7,422) | 0 | |
Increases in short-term and revolving credit facility borrowings | 101,428 | 94,407 | 80,164 | |
Payments on short-term and revolving credit facility borrowings | (135,433) | (58,490) | (118,044) | |
Payments on capital lease obligations | (477) | (1,233) | (1,508) | |
Capitalized loan costs | (23) | (1,926) | (12) | |
Dividends paid to noncontrolling interests | (574) | (514) | (381) | |
Net cash (used in) provided by financing activities | (58,739) | 10,343 | (55,151) | |
Effects of exchange rate changes on cash and cash equivalents | (1,021) | 3,208 | (5,244) | |
(Decrease) Increase in Cash and Cash Equivalents | (892) | (27,558) | 5,503 | |
Cash and Cash Equivalents at Beginning of Year | 54,011 | 81,569 | 76,066 | |
Cash and Cash Equivalents at End of Year | $ 53,119 | $ 54,011 | $ 81,569 | |
[1] | The total net income presented in the consolidated statement of shareholders' investment for the years ended December 31, 2017 and December 31, 2018 excludes $968 and $1,275 respectively, in net loss attributable to the redeemable noncontrolling interests. |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Investment - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Net loss attributable to redeemable noncontrolling interest | $ 1,275 | $ 968 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 186,964 | 159,264 | $ 124,351 | ||
Net Income | 25,589 | 27,223 | 37,676 | [1] | |
Net income, excluding portion attributable to redeemable noncontrolling interest | [1] | 26,864 | 28,191 | ||
Other comprehensive income (loss) | (20,768) | 14,490 | 9,340 | ||
Cash dividends paid | (13,528) | (13,700) | (13,565) | ||
Stock-based compensation | 6,196 | 6,661 | 5,252 | ||
Repurchases of common stock | (10,409) | (7,422) | |||
Shares issued in connection with stock-based compensation plans, net | 919 | (87) | 391 | ||
Decrease in value of noncontrolling interest due to sale of controlling interest | (3,800) | ||||
Increase in value of noncontrolling interest due to acquisition of controlling interest | 81 | ||||
Decrease in value of noncontrolling interest due to acquisition of controlling interest | (218) | ||||
Dividends paid to noncontrolling interests | (574) | (514) | (381) | ||
Ending Balance | 175,446 | 186,964 | 159,264 | ||
Additional Paid-In Capital | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 53,170 | 48,108 | 41,936 | ||
Stock-based compensation | 6,196 | 6,661 | 5,252 | ||
Shares issued in connection with stock-based compensation plans, net | (355) | (1,623) | (368) | ||
Decrease in value of noncontrolling interest due to sale of controlling interest | 1,288 | ||||
Increase in value of noncontrolling interest due to acquisition of controlling interest | 24 | ||||
Decrease in value of noncontrolling interest due to acquisition of controlling interest | (218) | ||||
Ending Balance | 58,793 | 53,170 | 48,108 | ||
Retained Earnings | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 269,686 | 261,562 | 239,161 | ||
Net Income | [1] | 35,966 | |||
Net income, excluding portion attributable to redeemable noncontrolling interest | [1] | 25,978 | 27,665 | ||
Cash dividends paid | (13,528) | (13,700) | (13,565) | ||
Repurchases of common stock | (9,171) | (6,533) | |||
Shares issued in connection with stock-based compensation plans, net | 642 | 692 | |||
Ending Balance | 273,607 | 269,686 | 261,562 | ||
Accumulated Other Comprehensive (Loss) Income | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | (196,477) | (211,773) | (222,631) | ||
Other comprehensive income (loss) | (19,970) | 15,296 | 10,858 | ||
Ending Balance | (216,447) | (196,477) | (211,773) | ||
Shareholders' Investment Attributable to Shareholders of Crawford & Company | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 182,320 | 153,883 | 113,693 | ||
Net Income | [1] | 35,966 | |||
Net income, excluding portion attributable to redeemable noncontrolling interest | [1] | 25,978 | 27,665 | ||
Other comprehensive income (loss) | (19,970) | 15,296 | 10,858 | ||
Cash dividends paid | (13,528) | (13,700) | (13,565) | ||
Stock-based compensation | 6,196 | 6,661 | 5,252 | ||
Repurchases of common stock | (10,409) | (7,422) | |||
Shares issued in connection with stock-based compensation plans, net | 919 | (87) | 391 | ||
Decrease in value of noncontrolling interest due to sale of controlling interest | 1,288 | ||||
Increase in value of noncontrolling interest due to acquisition of controlling interest | 24 | ||||
Decrease in value of noncontrolling interest due to acquisition of controlling interest | (218) | ||||
Ending Balance | 171,288 | 182,320 | 153,883 | ||
Noncontrolling Interests | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 4,644 | 5,381 | 10,658 | ||
Net Income | [1] | 1,710 | |||
Net income, excluding portion attributable to redeemable noncontrolling interest | [1] | 886 | 526 | ||
Other comprehensive income (loss) | (798) | (806) | (1,518) | ||
Cash dividends paid | 0 | ||||
Decrease in value of noncontrolling interest due to sale of controlling interest | (5,088) | ||||
Increase in value of noncontrolling interest due to acquisition of controlling interest | 57 | ||||
Dividends paid to noncontrolling interests | (574) | (514) | (381) | ||
Ending Balance | 4,158 | 4,644 | 5,381 | ||
Class A Non-Voting | Common Stock | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 31,439 | 31,296 | 30,537 | ||
Repurchases of common stock | (1,144) | (701) | |||
Shares issued in connection with stock-based compensation plans, net | 632 | 844 | 759 | ||
Ending Balance | 30,927 | 31,439 | 31,296 | ||
Class B Voting | Common Stock | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Beginning Balance | 24,502 | 24,690 | 24,690 | ||
Repurchases of common stock | (94) | (188) | |||
Ending Balance | $ 24,408 | $ 24,502 | $ 24,690 | ||
[1] | The total net income presented in the consolidated statement of shareholders' investment for the years ended December 31, 2017 and December 31, 2018 excludes $968 and $1,275 respectively, in net loss attributable to the redeemable noncontrolling interests. |
Significant Accounting and Repo
Significant Accounting and Reporting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Accounting and Reporting Policies | Significant Accounting and Reporting Policies Nature of Operations Based in Atlanta, Georgia, Crawford & Company ("Crawford" or "the Company") is the world's largest publicly listed independent provider of claims management and outsourcing solutions to the risk management and insurance industry, as well as to self-insured entities, with an expansive global network serving clients in more than 70 countries. Shares of the Company's two classes of common stock are traded on the New York Stock Exchange ("NYSE") under the symbols CRD-A and CRD-B, respectively. The Company's two classes of stock are substantially identical, except with respect to voting rights and the Company's ability to pay greater cash dividends on the non-voting Class A Common Stock than on the voting Class B Common Stock, subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of Class A Common Stock must receive the same type and amount of consideration as holders of Class B Common Stock, unless different consideration is approved by the holders of 75% of the Class A Common Stock, voting as a class. The Company's website is www.crawco.com. The information contained on, or hyperlinked from, the Company's website is not a part of, and is not incorporated by reference into, this report. Principles of Consolidation The accompanying consolidated financial statements were prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") and include the accounts of the Company, its majority-owned subsidiaries, and variable interest entities in which the Company is deemed to be the primary beneficiary. Significant intercompany transactions are eliminated in consolidation. Financial results from the Company's operations outside of the U.S., Canada, the Caribbean, and certain subsidiaries in the Philippines, are reported and consolidated on a two-month delayed basis in accordance with the provisions of Accounting Standards Codification ("ASC") 810, "Consolidation," in order to provide sufficient time for accumulation of their results. Accordingly, the Company's December 31, 2018 , 2017 , and 2016 consolidated financial statements include the financial position of such operations as of October 31, 2018 and 2017 , respectively, and the results of their operations and cash flows for the fiscal periods ended October 31, 2018 , 2017 , and 2016 , respectively. The Company has controlling ownership interests in several entities that are not wholly-owned by the Company. The financial results and financial positions of these controlled entities are included in the Company's consolidated financial statements, including the controlling interests, noncontrolling interests, and redeemable noncontrolling interests. The noncontrolling interests and redeemable noncontrolling interests represent the equity interests in these entities that are not attributable, either directly or indirectly, to the Company. On the Company's Consolidated Statements of Operations, net income or loss is separately attributed to the controlling interests and noncontrolling interests and redeemable noncontrolling interests. Noncontrolling interests represent the minority shareholders' share of the net income or loss and shareholders' investment in consolidated subsidiaries. Noncontrolling interests are presented as a component of shareholders' investment in the Consolidated Balance Sheets and reflect the initial fair value of these investments by noncontrolling shareholders, along with their proportionate share of the income or loss of the subsidiaries, less any dividends or distributions. Noncontrolling interests that are redeemable at the option of the holder are presented outside of shareholders' investment as "Redeemable Noncontrolling Interests" and are carried at either their initial fair value plus any profits or losses or estimated redemption value if an adjustment is required. The Company consolidates the results of a variable interest entity ("VIE") when it is determined to be the primary beneficiary. In accordance with GAAP, in determining whether the Company is the primary beneficiary of a VIE for financial reporting purposes, it considers whether it has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether it has the obligation to absorb losses or the right to receive returns that would be significant to the VIE. The Company consolidates the results of Lloyd Warwick International Limited ("LWI"), of which it owns 51% of the capital stock. LWI is a VIE primarily because it does not meet the business scope exception, as Crawford provides more than half of the financial support, and because LWI lacks sufficient equity at risk to permit LWI to carry on its activities without additional financial support. Crawford has agreed to provide financial support to LWI of approximately $10,000,000 . Crawford is considered to be the primary beneficiary of LWI because of its controlling ownership interest and because Crawford has the obligation to absorb LWI's losses through the additional financial support that Crawford may be obligated to provide. Creditors of LWI have no recourse to Crawford's general credit. Total assets and liabilities of LWI as of December 31, 2018 were $ 12,232,000 and $ 10,423,000 , respectively. Total assets and liabilities of LWI as of December 31, 2017 were $ 10,083,000 and $ 10,685,000 , respectively. Included in LWI's total liabilities at December 31, 2018 and 2017 were loans from Crawford of $ 6,934,000 and $ 8,580,000 , respectively. The Company consolidates the liabilities of its deferred compensation plan and the related assets, which are held in a rabbi trust and also considered a VIE of the Company. The rabbi trust was created to fund the liabilities of the Company's deferred compensation plan. The Company is considered the primary beneficiary of the rabbi trust because the Company directs the activities of the trust and can use the assets of the trust to satisfy the liabilities of the Company's deferred compensation plan . At December 31, 2018 and 2017 , the liabilities of this deferred compensation plan were $8,914,000 and $9,337,000 , respectively, which represented obligations of the Company rather than of the rabbi trust, and the values of the assets held in the related rabbi trust were $16,402,000 and $16,538,000 , respectively. These liabilities and assets are included in "Other noncurrent liabilities" and "Other noncurrent assets" on the Company's Consolidated Balance Sheets, respectively. Prior Year Reclassifications The prior year presentation of certain segment information has been reclassified to conform to the current year presentation. Management's Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Revenue Recognition Revenues are recognized when control of the promised services are transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues are recognized net of any sales, use or value added taxes collected from customers, which are subsequently remitted to governmental authorities. As the Company completes its performance obligations, it has an unconditional right to consideration as outlined in the Company's contracts. The Company's Crawford Claims Solutions segment generates revenue for claims management services provided to insurance companies and self-insured entities related to property, casualty and catastrophe losses caused by physical damage to commercial and residential real property and personal property. The Company's Crawford TPA Solutions: Broadspire segment is a third party administrator that generates revenue through its Claims Management and Medical Management service lines. The Company's Crawford Specialty Solutions segment principally generates revenues through its Global Technical Services and Contractor Connection service lines as well as its former Garden City Group service line prior to the date of its disposition. The Global Technical Services service line generates revenues for claims management services provided to insurance companies and self-insured entities related to large, complex losses with technical adjusting and industry experts. The Contractor Connection service line generates revenue through its independently managed contractor network, with approximately 6,000 credentialed residential and commercial contractors. Prior to its disposition, the Garden City Group service line generated revenues by performing legal settlement administration services on behalf of law firms, corporations, government agencies, and courts. See Note 2, “Revenue Recognition” for further discussion on the Company’s revenue recognition policies. Intersegment sales are recorded at cost and are not material. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. The fair value of cash and cash equivalents approximates book value due to their short-term nature. At December 31, 2018 , cash and cash equivalents included time deposits of approximately $1,554,000 that were in financial institutions outside the U.S. Accounts Receivable and Allowance for Doubtful Accounts The Company extends credit based on an evaluation of a client's financial condition and, generally, collateral is not required. Accounts receivable are typically due upon receipt of the invoice and are stated on the Company's Consolidated Balance Sheets at amounts due from clients net of an estimated allowance for doubtful accounts. Accounts outstanding longer than the contractual payment terms are considered past due. The fair value of accounts receivable approximates book value due to their short-term contractual stipulations. The Company maintains an allowance for doubtful accounts for estimated losses resulting primarily from the inability of clients to make required payments. Such losses are accounted for as bad debt expense, while adjustments to invoices are accounted for as reductions to revenue. These allowances are established using historical write-off or adjustment information to project future experience and by considering the current creditworthiness of clients, any known specific collection problems, and an assessment of current industry and economic conditions. Actual experience may differ significantly from historical or expected loss results. The Company writes off accounts receivable when they become uncollectible, and any payments subsequently received are accounted for as recoveries. A summary of the activities in the allowance for doubtful accounts for the years ended December 31, 2018 , 2017 , and 2016 is as follows: 2018 2017 2016 (In thousands) Allowance for doubtful accounts, January 1 $ 12,588 $ 14,499 $ 13,133 Add/ (Deduct): Provision for bad debt expense 2,709 1,554 2,654 Write-offs, net of recoveries (3,695 ) (4,045 ) 50 Currency translation and other changes (365 ) 580 (937 ) Adjustments for business dispositions (1,612 ) — (401 ) Allowance for doubtful accounts, December 31 $ 9,625 $ 12,588 $ 14,499 Goodwill, Indefinite-Lived Intangible Assets, and Other Long-Lived Assets Goodwill is an asset that represents the excess of the purchase price over the fair value of the separately identifiable net assets (tangible and intangible) acquired in certain business combinations. Indefinite-lived intangible assets consist of trade names associated with acquired businesses. Goodwill and indefinite-lived intangible assets are not amortized, but are subject to impairment testing at least annually. Other long-lived assets consist primarily of property and equipment, deferred income tax assets, capitalized software, and amortizable intangible assets related to customer relationships, technology, and trade names with finite lives. Other long-lived assets are evaluated for impairment when impairment indicators are identified. Subsequent to a business acquisition in which goodwill and indefinite-lived intangibles are recorded as assets, post-acquisition accounting requires that both be tested to determine whether there has been an impairment. The Company performs an impairment test of goodwill and indefinite-lived intangible assets at least annually on October 1 of each year. The Company regularly evaluates whether events and circumstances have occurred which indicate potential impairment of goodwill or indefinite-lived intangible assets. When factors indicate that such assets should be evaluated for possible impairment between the scheduled annual impairment tests, the Company performs an interim impairment test. Goodwill impairment testing is performed on a reporting unit basis. If the fair value of the reporting unit exceeds its carrying value, including goodwill, goodwill is considered not impaired. If the carrying value of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The loss recognized cannot subsequently be reversed. The Company currently has four reporting units for goodwill impairment purposes. These reporting units are the Crawford Claims Solutions and Crawford TPA Solutions: Broadspire operating segments and the Global Technical Services and Contractor Connection service lines. The Garden City Group was also a reporting unit before its disposal in the second quarter of 2018. The carrying value of the reporting unit, including goodwill, is compared with the estimated fair value of the reporting unit as determined utilizing a combination of the income and market approaches. The income approach, which is a level 3 fair value measurement, is based on projected debt-free cash flow which is discounted to the present value using discount factors that consider the timing and risk of the cash flows. The market approach is based on the Guideline Public Company Method , which uses market pricing metrics to select multiples to value the Company's reporting units. The resulting estimated fair values of the combined reporting units are reconciled to the Company's market capitalization including an estimated implied control premium. The Company believes that the combination of these approaches is appropriate because it provides a fair value estimate based upon the combination of the reporting unit's expected long-term operating cash flow performance and multiples with which similar publicly traded companies are valued. The Company weights the income and market approaches equally. During 2018, the Company performed the goodwill impairment testing on all reporting units. The estimated fair value of the Company's Crawford TPA Solutions: Broadspire, Global Technical Services and Contractor Connection reporting units exceed their carrying value by a significant margin. The estimated fair value of its Crawford Claims Solutions reporting unit exceeds its carrying value but by a lesser margin. The Crawford Claims Solutions reporting unit has $35.1 million of goodwill allocated to the reporting unit. An increase in the discount rate of over 175 basis points could potentially trigger an impairment in our Crawford Claims Solutions reporting unit goodwill. The Company intends to continue to monitor the performance of its reporting units for potential indicators of impairment. If impairment indicators exist, the Company will perform an interim goodwill impairment analysis. The key assumptions used in estimating the fair value of our reporting units utilizing the income approach include the discount rate and the terminal growth rate. The discount rates utilized in estimating the fair value of our reporting units in 2018 range between 13.0% and 16.0% , reflecting the Company's assessment of a market participant's view of the risks associated with the projected cash flows. The terminal growth rate used in the analysis was 2.0% . The assumptions used in estimating the fair values are based on currently available data and management's best estimates of revenues and cash flows and, accordingly, a change in market conditions or other factors could have a material effect on the estimated values. There are inherent uncertainties related to the assumptions used and to management's application of these assumptions. If changes to the Company's reporting structure impact the composition of its reporting units, existing goodwill is reallocated to the revised reporting units based on their relative estimated fair values as determined by a combination of the income and market approaches. If all of the assets and liabilities of an acquired business are assigned to a specific reporting unit, the goodwill associated with that acquisition is assigned to that reporting unit at acquisition unless another reporting unit is also expected to benefit from the acquisition. For impairment testing of indefinite-lived intangible assets, the book value is compared with the estimated fair value, which is estimated based on the present value of the after-tax cash flows attributable solely to the asset. If book value exceeds the estimated fair value, an impairment is recognized based on the excess. The fair values of the Company's trade names are established using the relief-from-royalty method, a form of the income approach. This method recognizes that, by virtue of owning the trade name as opposed to licensing it, a company or reporting unit is relieved from paying a royalty, usually expressed as a percentage of net sales, for the asset's use. The present value of the after-tax costs savings (i.e., royalty relief) at an appropriate discount rate including a tax amortization benefit indicates the value of the trade name. The Company determined the discount rate based on its performance compared to similar market participants, factored by risk in forecasting using a modified capital asset pricing model. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. The Company depreciates the cost of property and equipment, including assets recorded under capital leases, over the shorter of the remaining lease term or the estimated useful lives of the related assets, primarily using the straight-line method. The estimated useful lives for property and equipment classifications are as follows: Classification Estimated Useful Lives Furniture and fixtures 3-10 years Data processing equipment 3-5 years Automobiles and other 3-4 years Buildings and improvements 7-40 years Property and equipment, including assets under capital leases, consisted of the following at December 31, 2018 and 2017 : December 31, 2018 2017 (In thousands) Land $ 316 $ 343 Buildings and improvements 28,957 32,802 Furniture and fixtures 33,401 38,016 Data processing equipment 53,790 67,748 Automobiles 227 594 Total property and equipment 116,691 139,503 Less accumulated depreciation (82,388 ) (97,839 ) Net property and equipment $ 34,303 $ 41,664 Additions to property and equipment under capital leases, which are excluded from acquisitions of property and equipment in the Company's Statements of Cash Flows, totaled $760,000 and $242,000 for 2017 and 2016 , respectively. There were no such additions during 2018 . Depreciation on property and equipment, including property under capital leases and amortization of leasehold improvements, was $12,862,000 , $12,557,000 , and $14,729,000 for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Capitalized Software Capitalized software costs reflects costs related to internally developed or purchased software used by the Company that has expected future economic benefits. Certain internal and external costs incurred during the application development stage are capitalized. Costs incurred during the preliminary project and post implementation stages, including training and maintenance costs, are expensed as incurred. The majority of these capitalized software costs consist of internal payroll costs and external payments for software development, purchases and related services. These capitalized software costs are typically amortized over periods ranging from three to ten years, depending on the estimated life of each software application. Amortization expense for capitalized software was $20,066,000 , $18,118,000 , and $16,045,000 for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Self-Insured Risks The Company self-insures certain risks consisting primarily of professional liability, auto liability, and employee medical, disability, and workers' compensation liability. Insurance coverage is obtained for catastrophic property and casualty exposures, including professional liability on a claims-made basis, and those risks required to be insured by law or contract. Most of these self-insured risks are in the U.S. Provisions for claims under the self-insured programs are made based on the Company's estimates of the aggregate liabilities for claims incurred, including estimated legal fees, losses that have occurred but have not been reported to the Company, and for adverse developments on reported losses. The estimated liabilities are calculated based on historical claims experience, the expected lives of the claims, and other factors considered relevant by management. Changes in these estimates may occur as additional information becomes available. The estimated liabilities for claims incurred under the Company's self-insured workers' compensation and employee disability programs are discounted at the prevailing risk-free interest rate for U.S. government securities of an appropriate duration. All other self-insured liabilities are undiscounted. At December 31, 2018 and 2017 , accrued liabilities for self-insured risks totaled $29,078,000 and $22,854,000 , respectively, including current liabilities of $15,246,000 and $13,407,000 , respectively. The noncurrent liabilities are included in "Other noncurrent liabilities" on the Company's Consolidated Balance Sheets. Income Taxes The Company accounts for certain income and expense items differently for financial reporting and income tax purposes. Provisions for deferred taxes are made in recognition of these temporary differences. The most significant differences relate to accrued compensation, pension plans, self-insurance, and depreciation and amortization. For financial reporting purposes, the provision for income taxes is the sum of income taxes both currently payable and payable on a deferred basis. Currently payable income taxes represent the liability related to the income tax returns for the current year, while the net deferred tax expense or benefit represents the change in the balance of deferred income tax assets or liabilities as reported on the Company's Consolidated Balance Sheets that are not related to balances in "Accumulated other comprehensive loss." The changes in deferred income tax assets and liabilities are determined based upon changes in the differences between the basis of assets and liabilities for financial reporting purposes and the basis of assets and liabilities for income tax purposes, measured by the enacted statutory tax rates in effect for the year in which the Company estimates these differences will reverse. The Company must estimate the timing of the reversal of temporary differences, as well as whether taxable income in future periods will be sufficient to fully recognize any gross deferred tax assets. A valuation allowance is provided when it is deemed more-likely-than-not that some portion or all of a deferred tax asset will not be realized. In 2017, the Company estimated the impact of the Tax Cuts and Jobs Act (the "Tax Act") incorporating assumptions made based upon its current interpretation of the Tax Act and included them in its consolidated financial statements for the year ended December 31, 2017. The SEC Staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. The Company recognized provisional tax impacts related to Transition Tax and revaluation of domestic deferred tax balances, and included those amounts in its consolidated financial statements for the year ended December 31, 2017. In the period ended December 31, 2018, the Company completed its accounting for the Tax Act in accordance with SAB 118. As a result, the Company recorded additional income tax expense of $3.6 million . This expense consisted of substantially all of the $7.0 million valuation allowance established against foreign tax credits and $0.1 million for the revaluation of deferred taxes, net of $3.5 million of Transition Tax release of uncertain tax positions and adjustments. The Company has completed the accounting for the Tax Act within the one year measurement period, as allowed under SAB 118. Other factors which influence the effective tax rate used for financial reporting purposes include changes in enacted statutory tax rates, changes in tax law or policy, changes in the composition of taxable income from the countries in which it operates, the Company's ability to utilize net operating loss and tax credit carryforwards, and changes in unrecognized tax benefits. See Note 8, "Income Taxes" for further discussion. Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income , states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. At December 31, 2018, the Company has elected to account for GILTI in the year the tax is incurred. Sales and Other Taxes In certain jurisdictions, both in the U.S. and internationally, various governments and taxing authorities require the Company to assess and collect sales and other taxes, such as value added taxes, on certain services that the Company renders and bills to its customers. The majority of the Company's revenues are not currently subject to these types of taxes. These taxes are not recorded as additional revenues or expenses in the Company's Consolidated Statements of Operations, but are recorded on the Consolidated Balance Sheets as pass-through amounts until remitted. Foreign Currency Foreign currency transactions for the years ended December 31, 2018 , 2017 , and 2016 resulted in a net gain of $73,000 , and net losses of $685,000 and $339,000 respectively. For operations outside the U.S. that prepare financial statements in currencies other than the U.S. dollar, results of operations and cash flows are translated into U.S. dollars at average exchange rates during the period, and assets and liabilities are translated at end-of-period exchange rates. The resulting translation adjustments, on a net basis, are included in "Other Comprehensive Income" in the Company's Consolidated Statements of Comprehensive Income, and the accumulated translation adjustment is reported as a component of "Accumulated other comprehensive loss" in the Company's Consolidated Balance Sheets. Advertising Costs Advertising costs are expensed in the period in which the costs are incurred. Advertising expenses were $3,572,000 , $7,091,000 , and $3,382,000 , respectively, for the years ended December 31, 2018 , 2017 , and 2016 . The increase in 2017 was due to costs associated with a branding campaign for the Contractor Connection service line within the Company's Crawford Specialty Solutions segment. Adoption of New Accounting Standards Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09 "Revenue from Contracts with Customers" together with its subsequent related amendments in 2015 and 2016, collectively referred to as ASC 606. ASC 606 also includes Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers, which requires the deferral of incremental costs of obtaining a contract with a customer. This new standard is effective for annual periods beginning after December 15, 2017, including interim periods within those reporting periods. ASC 606 supersedes the revenue recognition requirements in ASC 605 “Revenue Recognition,” and requires entities to recognize revenues when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company adopted ASC 606 as of January 1, 2018 (“transition date”) using the modified retrospective transition method, and applied the new guidance to contracts not substantially completed at the transition date. As a result of adopting ASC 606, the Company recognized a cumulative-effect adjustment to the opening balance of retained earnings as of January 1, 2018. The cumulative effect of the changes made to the Company's Consolidated Balance Sheets as of January 1, 2018 are as follows: Transition Adjustments Adjusted Balances (in thousands) December 31, 2017* Crawford Claims Solutions Crawford Specialty Solutions January 1, 2018 Assets: Unbilled revenues, at estimated billable amounts $ 108,745 $ 1,150 $ — $ 109,895 Deferred income tax assets 24,359 (285 ) 77 24,151 Liabilities: Deferred revenues (current) 37,794 — 300 38,094 Shareholders' Investment: Retained earnings 269,686 865 (223 ) 270,328 * Derived from the audited Consolidated Balance Sheets The Crawford Claims Solutions transition adjustment relates to a change in the method utilized to measure the satisfaction of the performance obligation for short term claims loss adjusting service contracts that were in process as of the transition date. The performance obligation for these contracts is satisfied over a short period of time, on average within 30 days. Under ASC 606, revenue is recognized based on historical claim closure rates and claim type applied utilizing a portfolio approach based on time elapsed for these claims. The Crawford Specialty Solutions transition adjustment relates to a change in the method utilized to measure the satisfaction of the performance obligation for fixed fee contracts within the Garden City Group business, which was disposed of in the second quarter of 2018. Compensation-Stock Compensation: Scope of Stock Compensation Modification Accounting In May 2017, the FASB issued ASU 2017-9, "Compensation-Stock Compensation: Scope of Stock Compensation Modification Accounting." This ASU was issued to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation-Stock Compensation, to a change to the terms or conditions of a share-based payment award. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This update is effective for annual periods beginning after December 15, 2017, and interim periods thereafter. The Company adopted this ASU for the period ended March 31, 2018, with no material impact on its results of operations, financial condition and cash flows. Compensation-Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued ASU 2017-7, "Compensation-Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." This ASU requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit co |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Revenue Recognition The Company adopted ASC 606 using the modified retrospective method for those contracts which were not substantially completed as of the transition date. The reported results for the year ended December 31, 2018 , reflect the application of ASC 606 while the reported results for the year ended December 31, 2017 , reflect the application of ASC 605. There was no significant impact to the Company's Consolidated Statements of Operations or Consolidated Balance Sheets as a result of applying ASC 606 for the year ended December 31, 2018 . Revenue from Contracts with Customers Revenues are recognized when control of the promised services are transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues are recognized net of any sales, use or value added taxes collected from customers, which are subsequently remitted to governmental authorities. As the Company completes its performance obligations which are identified below, it has an unconditional right to consideration as outlined in the Company's contracts. Generally the Company's accounts receivable are expected to be collected in less than two months, in accordance with the underlying payment terms. The Company's Crawford Claims Solutions segment generates revenue for claims management services provided to insurance companies and self-insured entities related to property, casualty and catastrophe losses caused by physical damage to commercial and residential real property and certain types of personal property. The Company charges on a fee-per-claim basis for each optional purchase of the claims management services exercised by its customer. Revenue is recognized over time as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document and report the claim and control of these services are transferred to the customer. Revenue is recognized based on historical claim closure rates and claim type for fixed fee claims applied utilizing a portfolio approach based on time elapsed for these claims. For claims billed on a time and expense incurred basis, which are considered variable consideration, the Company recognizes revenue at the amount in which it has the right to invoice for services performed. These methods of revenue recognition are the most accurate depiction of the transfer of the claims management services to the customer. The Company also generates revenue by providing on-demand inspection, verification and other task specific field services for businesses and consumers. Task assignment services are single optional purchase performance obligations which are generally satisfied at a point in time when the control of the service is transferred to the customer. Therefore, revenue is recognized when the customer receives the service requested. The following table presents Crawford Claims Solutions revenues before reimbursements disaggregated by geography for the year ended December 31, 2018 . The Company considers all Crawford Claims Solutions revenues to be derived from one service line. Year Ended December 31, 2018 (in thousands) U.S. U.K. Canada Australia Europe Rest of World Total Total Crawford Claims Solutions Revenues before Reimbursements $ 150,777 $ 64,940 $ 50,278 $ 44,666 $ 30,971 $ 19,475 $ 361,107 The Company's Crawford TPA Solutions: Broadspire segment is a third party administrator that generates revenue through its Claims Management and Medical Management service lines. The Claims Management service line includes Workers' Compensation, Liability, Property and Disability Claims Management. This service line also performs additional services such as Accident & Health claims programs, including affinity type claims, and disability and leave management services. Each claim referred by the customer is considered an additional optional purchase of claims management services under the agreement with the customer. The transaction price is readily available from the contract and is fixed for each service. Revenue is recognized over time as services are provided as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document, and report the claim and control of these services are transferred to the customer. Revenue is recognized based on historical claim closure rates and claim type applied utilizing a portfolio approach based on time elapsed for these claims as the Company believes this is the most accurate depiction of the transfer of the claims management services to its customer. This service line also provides Risk Management Information Services. For non-claim services, revenue is recognized over time as services are provided and control of these services are transferred to the customer. Revenue is recognized as time elapses as this is the most accurate depiction of the transfer of the service to the customer. The Company's obligation to manage claims under the Claims Management service line can range from less than one year, on a one - or two -year basis or for the lifetime of the claim. Under certain claims management agreements, the Company receives consideration from a customer at contract inception prior to transferring services to the customer, however, it would begin performing services immediately. The period between a customer’s payment of consideration and the completion of the promised services could be greater than one year. There is no difference between the amount of promised consideration and the cash selling price of the promised services. The fee is billed upfront by the Company in order to provide customers with simplified and predictable ways of purchasing its services and it is customary to invoice service fees when the claim is assigned. The Company considered whether a significant financing component exists and determined that there is not a significant financing component at the contract level. The Medical Management service line offers case managers who provide administration services by proactively managing medical treatment for claimants while facilitating an understanding of and participation in their rehabilitation process. Revenue for Medical Management services is recognized over time as the performance obligations are satisfied through the effort expended to manage the medical treatment for claimants and control of these services are transferred to the customer. Medical Management services are generally billed based on time incurred, are considered variable consideration, and revenue is recognized at the amount in which the Company has the right to invoice for services performed. This method of revenue recognition is the most accurate depiction of the transfer of the Medical Management service to the customer. Medical bill review services provide an analysis of medical charges for clients’ claims to identify opportunities for savings. Medical bill review services revenues are recognized over time as control of the service is transferred to the customer. Revenue is recognized based upon the transfer of the results of the medical bill review service to the customer as this is the most accurate depiction of the transfer of the service to the customer. The following table presents TPA Solutions: Broadspire revenues before reimbursements disaggregated by service line and geography for the year ended December 31, 2018 . Year Ended December 31, 2018 (in thousands) U.S. U.K. Canada Europe Rest of World Total Claims Management Services $ 150,379 $ 12,651 $ 36,648 $ 32,789 $ 1,503 $ 233,970 Medical Management Services 171,365 — — — — 171,365 Total Crawford TPA Solutions: Broadspire Revenues before Reimbursements $ 321,744 $ 12,651 $ 36,648 $ 32,789 $ 1,503 $ 405,335 The Company's Crawford Specialty Solutions segment principally generates revenues through its Global Technical Services, Contractor Connection and Garden City Group service lines. The Garden City Group business was disposed of as of June 15, 2018 . See Note 3, "Acquisitions and Disposition of Business Line" for further discussion about this transaction. The Global Technical Services service line generates revenues for claims management services provided to insurance companies and self-insured entities related to large, complex losses with technical adjusting and industry experts. Revenue is recognized over time as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document and report the claim and control of these services are transferred to the customer. Revenue is recognized based on historical claim closure rates and claim type for fixed fee claims, applied utilizing a portfolio approach based on time elapsed for these claims. For claims billed on a time and expense incurred basis, which are considered variable consideration, the Company recognizes revenue at the amount in which it has the right to invoice for services performed. These methods of revenue recognition are the most accurate depiction of the transfer of the claims management services to the customer. The Contractor Connection service line generates revenue through its independently managed contractor network. Contractor Connection primarily generates revenue by receiving a fee for each project that is sold by its network of contractors. Revenue is recognized at a point in time once the consumer accepts the contractor's proposal as Contractor Connection’s performance obligation of referring projects to its contractors has been completed and the Company is entitled to consideration at that time. The contractor takes control of the service upon the consumer’s acceptance of the contractor’s proposal. Prior to its disposition, the Garden City Group service line generated revenues by performing legal settlement administration services on behalf of law firms, corporations, government agencies, and courts. The Garden City Group 's services included identifying and qualifying class members, handling written, electronic, and telephonic communications with claimants, and determining and dispensing settlement payments. Garden City Group further provided back-office business process outsourcing services encompassing fulfillment, mail intake, call center and multimedia outreach solutions, payment distribution, and product recall needs. Revenues for professional services, such as project management and oversight, legal counsel, administrative and information technology systems support, were recognized over time as the performance obligations were satisfied through the effort expended to administer projects and control of these services were transferred to the customer. Professional services were generally billed on a time and expense incurred basis, were considered variable consideration, and revenue was recognized at the amount in which the Company has the right to invoice for services performed. Transaction support services, such as mail intake and payment distribution, were considered stand ready performance obligations and were accounted for as a series of distinct services and recognized over time as control of these services were transferred to the customer. The nature of the performance obligations for these services was a promise that consists of standing ready to provide services, or making services available for a customer to use, as and when the customer decided to do so. Revenues for transaction support services were recognized over time as the performance obligations were satisfied through the effort expended to perform the support services and control of these services were transferred to the customer. Transaction support services were generally billed based on per unit rates, were considered variable consideration, and revenue was recognized at the amount in which we had the right to invoice for services performed. These methods of revenue recognition for professional and transaction support services were the most accurate depiction of the transfer of the legal settlement administration services to the customer. The following table presents Crawford Specialty Solutions revenues before reimbursements disaggregated by service line and geography for the year ended December 31, 2018 . Year Ended December 31, 2018 (in thousands) U.S. U.K. Canada Australia Europe Rest of World Total Global Technical Services $ 40,453 $ 45,927 $ 25,065 $ 23,491 $ 21,717 $ 26,770 $ 183,423 Contractor Connection 73,886 8,133 8,037 1,170 5 — 91,231 Garden City Group 28,827 — 1,048 — — — 29,875 Total Crawford Specialty Solutions Revenues before Reimbursements $ 143,166 $ 54,060 $ 34,150 $ 24,661 $ 21,722 $ 26,770 $ 304,529 In the normal course of business, the Company's operating segments incur certain out-of-pocket expenses that are thereafter reimbursed by its customers. The Company controls the promised good or service before it is transferred to its customer, therefore it is a principal in the transaction. These out-of-pocket expenses and associated reimbursements are reported on a gross basis within expenses and revenues, respectively, in the Company's Consolidated Statements of Operations. Arrangements with Multiple Performance Obligations For claims management services, the Company typically has one performance obligation; however, it also provides the customer with an option to acquire additional services. The Company sells multiple lines of claims processing and different levels of processing depending on the complexity of the claims. The Company typically provides a menu of offerings from which the customer chooses to purchase at their option. The price of each service is separate and distinct and provides a separate and distinct value to the customer. Pricing is consistent for each service irrespective of the other services or quantities requested by the customer. For example, if the Company provides claims processing for both auto and general liability, those services are priced and delivered independently. Contract Balances The timing of revenue recognition, billings and cash collections result in billed accounts receivables, contract assets (reported as unbilled revenues at estimated billable amounts) and contract liabilities (reported as deferred revenues) on the Company’s Consolidated Balance Sheets. Unbilled revenues is a contract asset for revenue that has been recognized in advance of billing the customer, resulting from professional services delivered that we expect and are entitled to receive as consideration under certain contracts. Billing requirements vary by contract but substantially all unbilled revenues are billed within one year. When the Company receives consideration from a customer prior to transferring services to the customer under the terms of certain claims management agreements, it records deferred revenues on the Company’s Consolidated Balance Sheets, which represents a contract liability. These fixed-fee service agreements typically result from the Crawford TPA Solutions: Broadspire segment and require the Company to handle claims on either a one - or two -year basis, or for the lifetime of the claim. In cases where it handles a claim on a non-lifetime basis, the Company typically receives an additional fee on each anniversary date that the claim remains open. For service agreements where it provides services for the life of the claim, the Company is paid one upfront fee regardless of the duration of the claim. The Company recognizes deferred revenues as revenues as it performs services and transfers control of the services to the customer and satisfies the performance obligation which it determines utilizing a portfolio approach. The Company's deferred revenues for claims handled for one or two years are not as sensitive to changes in claim closing rates since the performance obligations are satisfied within a fixed length of time. Deferred revenues for lifetime claim handling are more sensitive to changes in claim closing rates since the Company is obligated to handle these claims to conclusion with no additional fees received for long-lived claims. For all fixed fee service agreements, revenues are recognized over the expected service periods, by type of claim. Based upon its historical averages, the Company closes approximately 99% of all cases referred to it under lifetime claim service agreements within five years from the date of referral. Also, within that five-year period, the percentage of cases remaining open in any one particular year has remained relatively consistent from period to period. Each quarter the Company evaluates its historical case closing rates by type of claim utilizing a portfolio approach and makes adjustments to deferred revenues as necessary. As a portfolio approach is utilized to recognize deferred revenues, any changes in estimates will impact timing of revenue recognition and any changes in estimates are recognized in the period in which they are determined. The table below presents the deferred revenues balance as of the transition date and the significant activity affecting deferred revenues during the year ended December 31, 2018 : (In Thousands) Customer Contract Liabilities: Deferred Revenue Balance at January 1, 2018 (transition date) $ 60,609 Annual additions 77,778 Revenue recognized from prior periods (29,888 ) Revenue recognized from current year additions (53,075 ) Disposal of business line (2,751 ) Balance as of December 31, 2018 (current and noncurrent) $ 52,673 Remaining Performance Obligations As of December 31, 2018 , the Company had $93.4 million of remaining performance obligations related to claims and non-claims services in which the price is fixed. Remaining performance obligations consist of deferred revenues as well as certain unbilled receivables that are considered contract assets. The Company expects to recognize approximately 70% of our remaining performance obligations as revenues within one year and the remaining balance thereafter. See the discussion below regarding the practical expedients elected for the disclosure of remaining performance obligations. Costs to Obtain a Contract The Company has a sales incentive compensation program where remuneration is based on the revenues recognized in the period and does not represent an incremental cost to the Company which provides a future benefit expected to be longer than one year and would meet the criteria to be capitalized and presented as a contract asset on the Company's Consolidated Balance Sheets. Practical Expedients Elected As a practical expedient, the Company does not adjust the consideration in a contract for the effects of a significant financing component it expects, at contract inception, when the period between a customer’s payment of consideration and the transfer of promised services to the customer will be one year or less. For claims management and legal settlement administration services (prior to the disposition of the Garden City Group Business) that are billed on a time and expense incurred or per unit basis and revenue is recognized over time, the Company recognizes revenue at the amount to which it has the right to invoice for services performed. The Company does not disclose the value of remaining performance obligations for (i) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed, and (ii) contracts with variable consideration allocated entirely to a single performance obligation. |
Acquisitions and Dispositions o
Acquisitions and Dispositions of Businesses | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions of Businesses | Acquisitions and Disposition of Business Line Acquisitions During the year ended December 31, 2018, the Company acquired two separate Global Technical Services businesses for total consideration of approximately $3,400,000 which is comprised of $2,500,000 paid at closing, net of cash acquired of $134,000 , $348,000 to be paid in one year and contingent earnout consideration of $377,000 . The acquisitions were accounted for under the guidance of ASC 805-10, as business combinations under the acquisition method. As a result of the acquisitions, the Company recognized net tangible assets of $462,000 , net of both the deferred payment and contingent earnout, definite lived intangible assets of $1,094,000 , goodwill of $1,296,000 and deferred taxes of $202,000 . The results of the acquisitions are reported within the Company's Crawford Specialty Solutions operating segment. Disposition of Business Line On June 15, 2018 , the Company completed the sale of its Garden City Group business (the “GCG Business”) to EPIQ Class Action & Claims Solutions, Inc. ("EPIQ") for cash proceeds of $42,022,000 , subject to post-closing working capital adjustments. Adjusted proceeds totaled $42,636,000 including the working capital adjustment of $614,000 which was received in December of 2018 . At the time of the disposal, the GCG Business included total assets of $70,630,000 and total liabilities of $10,147,000 . The total asset balance was primarily comprised of accounts receivable, unbilled revenues and capitalized software costs. After including transaction and other costs related to the sale, the Company recognized a pretax loss on the disposal of $20,270,000 , of which $1,274,000 was recognized during the three months ended December 31, 2018 . The loss on disposal is presented in the Consolidated Statements of Operations as a separate charge "Loss on disposition of business line". The disposal of this business does not represent a strategic shift in the Company's operations. The table below presents a computation of the loss on the disposition: (in thousands) Negotiated sales price $ 42,022 Working capital adjustment 614 Adjusted consideration received 42,636 Recognized amounts of identifiable assets and liabilities disposed of: (60,483 ) Transaction costs of the sale (991 ) Other costs arising from the sale (1,432 ) Pretax loss on disposition of business line $ (20,270 ) Beginning on January 1, 2018 through the time of the sale, the GCG Business was a component of the Crawford Specialty Services segment. Included in the Consolidated Statements of Operations for the twelve months ended December 31, 2018 and 2017 are pretax losses, inclusive of retained corporate overhead, of $3,932,000 and $4,582,000 , respectively, related to the GCG Business. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table shows the changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017 : Crawford Claims Solutions Crawford TPA Solutions: Broadspire Crawford Specialty Solutions Total (In thousands) Balance at December 31, 2016: Goodwill $ 36,256 $ 167,971 $ 88,537 $ 292,764 Accumulated impairment losses (20,407 ) (159,424 ) (21,183 ) (201,014 ) Net goodwill 15,849 8,547 67,354 91,750 2017 Activity: Goodwill of acquired business 19,466 850 3,662 23,978 Impairment of goodwill — — (19,598 ) (19,598 ) Other activity (1) (209 ) (113 ) (282 ) (604 ) Foreign currency effects 481 260 649 1,390 Balance at December 31, 2017: Goodwill 55,994 168,968 92,566 317,528 Accumulated impairment losses (20,407 ) (159,424 ) (40,781 ) (220,612 ) Net goodwill 35,587 9,544 51,785 96,916 2018 Activity: Goodwill of acquired businesses — — 1,296 1,296 Goodwill of disposed business — — (19,598 ) (19,598 ) Accumulated Impairment Losses of Disposed Business — — 19,598 19,598 Foreign currency effects (441 ) (238 ) (643 ) (1,322 ) Balance at December 31, 2018: Goodwill 55,553 168,730 73,621 297,904 Accumulated impairment losses (20,407 ) (159,424 ) (21,183 ) (201,014 ) Net goodwill $ 35,146 $ 9,306 $ 52,438 $ 96,890 (1) "Other activity" relates to adjustments for deferred taxes and other liabilities acquired in connection with prior period business combinations. The Company recognized a goodwill impairment in the Garden City Group reporting unit of $19,598,000 during the year ended December 31, 2017. The $19,598,000 noncash goodwill impairment charge was not reflected in Crawford Specialty Solutions segment Garden City Group service line operating earnings. This impairment charge did not affect the Company's liquidity and had no effect on the Company's compliance with the financial covenants under its Credit Facility. Intangible Assets The following is a summary of finite-lived intangible assets acquired through business acquisitions as of December 31, 2018 and 2017 : Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted-Average Amortization Period (In thousands, except years) December 31, 2018: Customer relationships $ 126,061 $ (83,275 ) $ 42,786 4.8 years Technology-based 16,562 (8,104 ) 8,458 7.9 years Trade name 1,580 (1,580 ) — 0.0 years Other 5,475 (2,517 ) 2,958 2.2 years Total $ 149,678 $ (95,476 ) $ 54,202 7.6 years December 31, 2017: Customer relationships $ 127,076 $ (75,419 ) $ 51,657 6.0 years Technology-based 16,562 (7,039 ) 9,523 8.3 years Trade name 1,825 (1,825 ) — 0.0 years Other 5,265 (1,240 ) 4,025 3.2 years Total $ 150,728 $ (85,523 ) $ 65,205 8.8 years Amortization of finite-lived intangible assets was $11,152,000 , $10,982,000 , and $9,969,000 for the years ended December 31, 2018 , 2017 , and 2016 , respectively. For the years ended December 31, 2018 , 2017 , and 2016 , amortization expense for finite-lived customer relationships and trade name intangible assets in the amounts of $ 11,152,000 , $10,982,000 , and $9,592,000 , respectively, were excluded from segment operating earnings (see Note 14, "Segment and Geographic Information"). The amortization expense for the technology-based intangible assets is included in segment operating earnings. Intangible assets subject to amortization are amortized on a straight-line basis over lives ranging from 2 to 15 years. At December 31, 2018 , annual estimated aggregate amortization expense for intangible assets subject to amortization for the next five years is as follows: Annual Amortization Expense Year Ending December 31, (In thousands) 2019 $ 11,190 2020 10,631 2021 9,556 2022 3,884 2023 3,790 The following is a summary of indefinite-lived intangible assets at December 31, 2018 and 2017 : Gross Carrying Amount Accumulated Impairments Net Carrying Value (In thousands) December 31, 2018: Trade names $ 32,477 $ (1,656 ) $ 30,821 December 31, 2017: Trade names $ 32,542 $ (600 ) $ 31,942 During the year ended December 31, 2018 , the Company recognized an impairment of $1,056,000 related to an indefinite-lived trade name due to a combination of achieving less than forecasted revenue compared to previous modeled results and further reduced forecasted revenue associated with the trade name. The noncash trade name impairment charge did not impact the Company’s segment operating earnings. |
Short-Term and Long-Term Debt,
Short-Term and Long-Term Debt, Including Capital Leases | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Short-Term and Long-Term Debt, Including Capital Leases | Short-Term and Long-Term Debt, Including Capital Leases Long-term debt consisted of the following at December 31, 2018 and 2017 : December 31, 2018 2017 (In thousands) Credit Facility $ 190,316 $ 224,283 Capital lease obligations 94 1,389 Total long-term debt and capital leases 190,410 225,672 Less: portion of Credit Facility classified as short-term (23,195 ) (24,641 ) Less: current installments of capital leases (89 ) (571 ) Total long-term debt and capital leases, less current installments $ 167,126 $ 200,460 On October 11, 2017, the Company, its subsidiaries Crawford & Company Risk Services Investments Limited (the "UK Borrower"), Crawford & Company (Canada) Inc. (the "Canadian Borrower") and Crawford & Company (Australia) Pty. Ltd. (the "Australian Borrower") (the Company, together with such subsidiaries, as borrowers (the "Borrowers")), Wells Fargo Bank, National Association, as administrative agent and a lender ("Wells Fargo"), Bank of America, N.A., as syndication agent and a lender, Citizens Bank, N.A., as documentation agent and a lender, and the other lenders party thereto, entered into an Amended and Restated Credit Agreement (the "Amended and Restated Credit Agreement"), which amended and restated that certain Credit Agreement, dated as of December 8, 2011, by and among, inter alia, the Borrowers, Wells Fargo and the other lenders from time to time party thereto (as previously amended, the "Original Credit Agreement"). In connection with the Amended and Restated Credit Agreement, the Company, the Company’s guarantor subsidiaries party thereto and Wells Fargo entered into an Amended and Restated Pledge and Security Agreement (the "Amended and Restated Pledge and Security Agreement") and an Amended and Restated Guaranty Agreement (the "Amended and Restated Guaranty Agreement"), each dated as of the date of the Amended and Restated Credit Agreement. On June 15, 2018 , the Company, the Company’s guarantor subsidiaries party thereto, Wells Fargo and the other lenders party thereto entered into a Limited Consent and First Amendment to the Amended and Restated Credit Agreement (“the Amendment”) that consented to the Company’s disposition of the GCG Business. No other terms discussed below were changed due to the Amendment. The credit facility under the Amended and Restated Credit Agreement (as amended, the "Credit Facility") consists of a $450.0 million revolving credit facility, with a letter of credit subcommitment of $100.0 million . The Credit Facility contains sublimits of $185.0 million for borrowings by the UK Borrower, $75.0 million for borrowings by the Canadian Borrower, and $32.5 million for borrowings by the Australian Borrower. The Credit Facility matures, and all amounts outstanding thereunder, will be due and payable on November 23, 2022. Borrowings under the Credit Facility may be made in U.S. dollars, Euros, the currencies of Canada, Japan, Australia or United Kingdom and, subject to the terms of the Credit Facility, other currencies. Borrowings under the Credit Facility bear interest, at the option of the applicable Borrower, based on the Base Rate (as defined below) or the London Interbank Offered Rate ("LIBOR"), in each case plus an applicable interest margin based on the Company's leverage ratio (as defined below), provided that borrowings in foreign currencies may bear interest based on LIBOR only. The interest margin for LIBOR loans ranges from 1.30% to 2.10% and for Base Rate loans ranges from 0.30% to 1.10% . Base Rate is defined as the highest of (i) the Federal Funds Rate, as published by the Federal Reserve Bank of New York, plus 1/2 of 1% , (ii) the prime commercial lending rate of Wells Fargo and (iii) LIBOR for a one month interest period plus 1.0% . At December 31, 2018 , a total of $190,316,000 was outstanding and there was an undrawn amount of $11,729,000 under the letters of credit subcommitment of the Credit Facility. These letter of credit commitments were for the Company's own obligations. Including the amounts committed under the letters of credit subcommitment, the available borrowing capacity under the Credit Facility totaled $248,029,000 at December 31, 2018 . The obligations of the Borrowers under the Amended and Restated Credit Agreement are guaranteed by each existing material domestic subsidiary of the Company, certain other domestic subsidiaries of the Company and certain existing material foreign subsidiaries of the Company that are disregarded entities for U.S. income tax purposes (each such foreign subsidiary, a "Disregarded Foreign Subsidiary"), and such obligations are required to be guaranteed by each subsequently acquired or formed material domestic subsidiary and Disregarded Foreign Subsidiary (each, a "Guarantor"), and the obligations of the Borrowers other than the Company ("Foreign Borrowers") for which the Company is not the primary obligor are also guaranteed by the Company. In addition, (i) the Borrowers’ obligations under the Amended and Restated Credit Agreement are secured by a first priority lien (subject to liens permitted by the Amended and Restated Credit Agreement) on substantially all of the personal property of the Company and the Guarantors as set forth in the Amended and Restated Pledge and Security Agreement and (ii) the obligations of the Foreign Borrowers are secured by a first priority lien on 100% of the capital stock of the Foreign Borrowers. The representations, covenants and events of default in the Credit Facility are customary for financing transactions of this nature, including required compliance with a minimum fixed charge coverage ratio and a maximum leverage ratio (each as defined below). Under the Credit Facility as amended, the fixed charge coverage ratio, defined as the ratio of (i)(A) consolidated earnings before interest expense, income taxes, depreciation, amortization, stock-based compensation expense, and certain other charges and expenses ("EBITDA") minus (B) aggregate income taxes to the extent paid in cash minus (C) unfinanced capital expenditures to (ii) the sum of: (A) consolidated interest expense to the extent paid (or required to be paid) in cash, plus (B) the aggregate of all scheduled payments of principal on funded debt (including the principal component of payments made in respect of capital lease obligations) required to have been made (whether or not such payments are actually made), plus (C) the aggregate of all restricted payments (as defined) paid, plus (D) the aggregate of all earnouts paid or required to be paid, must not be less than 1.10 to 1.00 for the four -quarter period ending at the end of each fiscal quarter. Also under the Credit Facility as amended, the senior secured leverage ratio, defined as the ratio of (i) consolidated total funded debt (excluding unsecured or subordinated debt) minus unrestricted cash to (ii) consolidated EBITDA, must not be greater 3.25 to 1.00 at the end of each fiscal quarter. In addition, the maximum permitted total leverage ratio allowable, which includes any unsecured or subordinated debt, must not be greater than 4.25 to 1.00 . At December 31, 2018 , the Company was in compliance with the financial covenants under the Credit Facility. If the Company does not meet the covenant requirements in the future, it would be in default under the Credit Facility. Upon the occurrence of an event of default, the lenders may terminate the loan commitments, accelerate all loans and exercise any of their rights under the Credit Facility and ancillary loan documents. Short-term borrowings under the Credit Facility totaled $23,195,000 and $24,641,000 at December 31, 2018 and 2017 , respectively. The Company expects, but is not required, to repay all of such short-term borrowings at December 31, 2018 in 2019. The Company's capital leases are primarily comprised of equipment leases with terms ranging from 24 to 60 months. Interest expense, including amortization of capitalized loan costs, on the Company's short-term and long-term borrowings was $11,399,000 , $9,909,000 , and $9,934,000 for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Interest paid on the Company's short-term and long-term borrowings was $10,381,000 , $8,394,000 , and $8,451,000 for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Principal repayments of long-term debt, including current portions and capital leases, as of December 31, 2018 are expected to be as follows, assuming no prepayments or extensions beyond the stated maturity: Long-term Debt Capital Lease Obligations Total Year Ending December 31, (In thousands) 2019 $ 23,195 $ 89 $ 23,284 2020 — 3 3 2021 — 2 2 2022 167,121 — 167,121 Total $ 190,316 $ 94 $ 190,410 |
Commitments Under Operating Lea
Commitments Under Operating Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases, Operating [Abstract] | |
Commitments Under Operating Leases | Commitments Under Operating Leases The Company and its subsidiaries lease certain office space, computer equipment, and automobiles under operating leases. For office leases that contain scheduled rent increases or rent concessions, the Company recognizes monthly rent expense based on a calculated average monthly rent amount that considers the rent increases and rent concessions over the life of the lease term. Leasehold improvements of a capital nature that are made to leased office space under operating leases are amortized over the shorter of the term of the lease or the estimated useful life of the improvement. License and maintenance costs related to leased vehicles are paid by the Company and are expensed as incurred. Rental expenses, net of amortization of any incentives provided by lessors, for operating leases consisted of the following: Year Ended December 31, 2018 2017 2016 (In thousands) Office space $ 36,904 $ 40,927 $ 43,245 Automobiles 6,094 5,794 6,043 Computers and equipment 275 288 111 Total operating leases $ 43,273 $ 47,009 $ 49,399 At December 31, 2018 , future minimum payments under non-cancelable operating leases with terms of more than 12 months were as follows: Year Ending December 31, (In thousands) 2019 $ 31,286 2020 27,973 2021 23,193 2022 14,282 2023 9,860 2024 and Thereafter 30,735 Where applicable, the amounts above include sales taxes. Significant Operating Leases and Subleases Effective October 8, 2018 , the Company entered into an amendment and extension of an existing lease, resulting in a 8 years, 9 months operating lease for approximately 64,000 square feet of office space in Sunrise Florida, primarily for its Crawford TPA Solutions: Broadspire segment as a replacement for the subleased space in Plantation, Florida described below. Total lease payments over the remaining lease term are approximately $11,900,000 . Additionally, the Company is responsible for certain related real estate taxes and other expenses, which are excluded from the table above. Effective October 10, 2016 , the Company entered into a 13 -year operating lease for approximately 109,000 square feet of office space in Atlanta, Georgia, as a replacement and consolidation for its Atlanta Support Center beginning late 2017. The Company has future total lease payments associated with this lease of approximately $31,273,000 . Additionally, the Company is responsible for certain related property operating expenses above 2018 base year costs, which are excluded from the table above. Effective June 24, 2015 , the Company entered into 10 -year operating leases for approximately 16,000 square feet of office space in London, England , as a replacement and consolidation of certain of its United Kingdom operations and regional management facilities. The Company has total lease payments associated with the leases of approximately $9,851,000 subject to market rate adjustments on the fifth anniversary of the lease commitment date. Additionally, the Company is responsible for certain value-added taxes and operating expenses, which are excluded from the table above. In November 2014 , the Company entered into an amendment and extension of an existing lease, resulting in a 7 years, 5 months operating lease agreement for approximately 50,000 square feet of office space in Jacksonville, FL , for its U.S. Contractor Connection service line in its Crawford Claims Solutions segment. The amended lease on the expanded premises began January 1, 2015. Total lease payments over the remaining lease term are approximately $2,640,000 . Additionally, the Company is responsible for certain related real estate taxes and operating expenses, which are excluded from the table above. In January 2013 , the Company entered into a 10 -year operating lease for approximately 24,000 square feet of office space in Berkeley Heights, NJ , primarily for its Crawford TPA Solutions: Broadspire segment. The lease began July 1, 2013. Total lease payments over the remaining lease term are approximately $3,320,000 . Additionally, the Company is responsible for certain related real estate taxes and operating expenses, which are excluded from the table above. Included in the acquired commitments of Broadspire Management Services, Inc. was a long-term operating lease for a two -building office complex in Plantation, Florida. The term of this lease ends in December 2021. Total lease payments over the remaining lease term are approximately $13,581,000 . All of the office space was subleased at December 31, 2018 . Under executed sublease arrangements at December 31, 2018 , the sublessors are obligated to pay the Company minimum sublease payments as follows: Year Ending December 31, (In thousands) 2019 $ 4,578 2020 4,507 2021 4,516 Total minimum sublease payments to be received $ 13,601 One of the sublease agreements is for three of the four floors of one of the leased buildings in Plantation, Florida; this lease expires in December 2021. The remaining floor was subleased through the remaining lease term during 2016. The other sublease is for an entire building and expires in December 2021. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments In February 2011, the Company entered into a U.S. dollar and Canadian dollar ("CAD") cross currency basis swap with an initial notional amount of CAD 34,749,000 as an economic hedge to an intercompany note payable to the U.S. parent by a Canadian subsidiary. The cross currency basis swap required the Canadian subsidiary to deliver quarterly payments of CAD 589,000 to the counterparty and entitled the U.S. parent to receive quarterly payments of U.S.$ 593,000 . The Canadian subsidiary also made interest payments to the counterparty based on 3-month Canada Bankers Acceptances plus a spread, and the U.S. parent received payments based on U.S. 3-month LIBOR. The cross currency basis swap had a scheduled expiration date of September 30, 2025. The Company elected not to designate this swap as a hedge of the intercompany note from the Canadian subsidiary. Accordingly, changes in the fair value of this swap, as well as changes in the value of the intercompany note, were recorded as gains or losses in "Selling, general, and administrative expenses" in the Company's audited Consolidated Statements of Operations over the term of the swap and substantially offset one another prior to the settlement defined below. The changes in the fair value of the cross currency basis swap did not exactly offset changes in the value of the intercompany note, as the fair value of this swap was determined based on forward rates while the value of the intercompany note was determined based on end of period spot rates. The net gains and losses for the swap historically were not significant. During September 2016, the Company entered into a transaction ("settlement") in which the Canadian subsidiary repaid the intercompany note payable to the U.S. parent and the Company terminated the cross currency basis swap. In connection with the settlement, the Company received proceeds of $ 4,100,000 in exchange for terminating the cross currency basis swap. For the year ended December 31, 2016, the Company recognized a net loss of $ 585,000 due to changes in the fair value of the cross currency basis swap, the value of the intercompany note, and on the settlement. A net loss was recognized on the settlement due to a change in the forward rates used to value the cross currency basis swap which was not substantially offset by the change in the value of the intercompany note based on the spot rate on the day of the settlement. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income before income taxes consisted of the following: Year Ended December 31, 2018 2017 2016 (In thousands) U.S. $ 4,634 $ 12,303 $ 33,051 Foreign 39,497 29,959 30,190 Income before income taxes $ 44,131 $ 42,262 $ 63,241 The provision for income taxes consisted of the following: Year Ended December 31, 2018 2017 2016 (In thousands) Current: U.S. federal and state $ 1,065 $ 9,077 $ 5,196 Foreign 9,530 8,320 9,838 Deferred: U.S. federal and state 4,051 389 9,788 Foreign 3,896 (2,747 ) 743 Provision for income taxes $ 18,542 $ 15,039 $ 25,565 Net cash payments for income taxes were $8,168,000 , $15,574,000 , and $16,170,000 in 2018 , 2017 , and 2016 , respectively. The provision for income taxes is reconciled to the federal statutory income tax rate of 21% in 2018, and 35% in 2017 and 2016, as follows: Year Ended December 31, 2018 2017 2016 (In thousands) Federal income taxes at statutory rate $ 9,267 $ 14,792 $ 22,134 State income taxes, net of federal benefit 2,685 1,349 2,280 Goodwill impairment — 428 — Foreign taxes 2,150 (3,226 ) 2,273 Change in valuation allowance 9,540 2,913 (2,196 ) Research and development credits (273 ) (448 ) (429 ) Foreign tax credits (429 ) (2,002 ) (865 ) Nondeductible meals and entertainment 782 1,222 1,111 US tax reform - revaluation of deferred taxes 102 (3,756 ) — US tax reform - transition tax, net of credits (3,496 ) 7,550 — Income tax planning (1,792 ) — — Benefit of international restructuring — (2,989 ) — Global intangible low-tax income, net of credits 454 — — Tax rate changes (392 ) (212 ) (71 ) Other (56 ) (582 ) 1,328 Provision for income taxes $ 18,542 $ 15,039 $ 25,565 The Company's consolidated effective income tax rate may change periodically due to changes in enacted statutory tax rates, changes in tax law or policy, changes in the composition of taxable income from the countries in which it operates, the Company's ability to utilize net operating loss and tax credit carryforwards, and changes in unrecognized tax benefits. The Company's 2017 effective income tax rate was impacted by the Tax Cuts and Jobs Act (the "Tax Act") in the U.S. and international restructuring activities. On December 22, 2017, the Tax Act was enacted. The changes include, but are not limited to: a federal corporate rate reduction from 35% to 21% , limitations on the deductibility of interest expense and executive compensation, creation of a new minimum tax on global intangible low taxed income (“GILTI”), and a one-time U.S. tax liability on those earnings which have not previously been repatriated to the U.S. (the “Transition Tax”) as a result of the transition of U.S. international taxation from a worldwide tax system to a modified territorial tax system. In connection with our initial analysis of the impact of the Tax Act, we recorded a provisional estimate in accordance with Staff Accounting Bulletin No. 118 (“SAB 118”) of net tax expense of $3.8 million , in the period ended December 31, 2017. This expense consisted of provisional estimates of $7.6 million net expense for the Transition Tax, which we estimated would be fully offset by foreign tax credit carryforwards, and $3.8 million net benefit for remeasurement of our domestic deferred tax balances for the corporate rate reduction. At December 31, 2017, the Company had not fully completed its accounting for the tax effects of enactment of the Tax Act in accordance with SAB 118. During 2018, the Company completed its accounting for the Tax Act in accordance with SAB 118. As a result, the Company recorded additional income tax expense of $ 3.6 million . This expense consisted of substantially all of the $ 7.0 million valuation allowance established against foreign tax credits and $ 0.1 million for the revaluation of deferred taxes, net of $ 3.5 million of Transition Tax release of uncertain tax positions and adjustments. No additional income or withholding taxes have been provided for any undistributed foreign earnings, other than those subject to the Transition Tax nor have any taxes been provided for outside basis difference inherent in these entities as these amounts continue to be indefinitely reinvested in foreign operations. We have estimated that we have book over tax basis differences of approximately $35.0 million . Due to withholding tax, basis computations, and other related tax considerations, it is not practicable to estimate any taxes to be provided on outside basis differences at this time. Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income , states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. At December 31, 2018, the Company has elected to account for GILTI in the year the tax is incurred. Deferred income taxes consisted of the following at December 31, 2018 and 2017 : 2018 2017 (In thousands) Accounts receivable allowance $ 1,534 $ 55 Accrued compensation 10,184 8,741 Accrued pension liabilities 13,496 12,482 Self-insured risks 4,933 5,831 Deferred revenues 5,868 6,793 Accrued rent 3,115 3,380 Interest 5,665 6,146 Tax credit carryforwards 14,404 18,490 Loss carryforwards 25,745 29,655 Other 1,230 1,913 Gross deferred income tax assets 86,174 93,486 Unbilled revenues 7,725 12,689 Depreciation and amortization 32,510 38,339 Other post-retirement benefits 78 116 Gross deferred income tax liabilities 40,313 51,144 Net deferred income tax assets before valuation allowance 45,861 42,342 Valuation allowance (25,864 ) (18,829 ) Net deferred income tax assets $ 19,997 $ 23,513 Amounts recognized in the Consolidated Balance Sheets consist of: Long-term deferred income tax assets included in "Deferred income tax assets" 22,146 24,359 Long-term deferred income tax liabilities included in "Other noncurrent liabilities" (2,149 ) (846 ) Net deferred income tax assets $ 19,997 $ 23,513 At December 31, 2018 , the Company had deferred tax assets related to loss carryforwards of $26,164,000 , before netting of unrecognized tax benefits of $419,000 . An estimated $16,239,000 of the deferred tax assets will not expire, and $9,925,000 will expire over the next 20 years if not utilized by the Company. Changes in the Company's deferred tax valuation allowance are recorded as adjustments to the provision for income taxes. An analysis of the Company's deferred tax asset valuation allowances is as follows for the years ended December 31, 2018 , 2017 , and 2016 . 2018 2017 2016 (In thousands) Balance, beginning of year $ 18,829 $ 14,498 $ 17,204 Other changes 7,035 4,331 (2,706 ) Balance, end of year $ 25,864 $ 18,829 $ 14,498 Changes to the valuation allowance for the year ended December 31, 2018 were primarily due to anticipated expiration of foreign tax credits after consideration of the Tax Act and the four sources of taxable income and losses in certain of the Company’s international and domestic operations. For the year ended December 31, 2017 the change was primarily due to losses in certain of the Company’s international operations and domestic operations impacting state NOLs. A reconciliation of the beginning and ending balance of unrecognized income tax benefits follows: (In thousands) Balance at December 31, 2015 $ 6,187 Additions for tax provisions related to the current year 159 Reductions for tax positions related to the current year (989 ) Additions for tax positions related to prior years 278 Lapses of applicable statutes of limitation (166 ) Balance at December 31, 2016 $ 5,469 Additions for tax provisions related to the current year 6,318 Reductions for tax positions related to prior years (41 ) Additions for tax positions related to prior years 823 Lapses of applicable statutes of limitation (1,232 ) Currency translation adjustment (40 ) Balance at December 31, 2017 $ 11,297 Additions for tax provisions related to the current year 54 Reductions for tax positions related to prior years (3,941 ) Currency translation adjustment (9 ) Balance at December 31, 2018 $ 7,401 The Company accrues interest and, if applicable, penalties related to unrecognized tax benefits in income taxes. Total accrued interest expense at December 31, 2018 , 2017 , and 2016 , was $256,000 , $275,000 , and $155,000 , respectively. Included in the total unrecognized tax benefits at December 31, 2018 , 2017 , and 2016 were $5,493,000 , $9,389,000 , and $3,332,000 , respectively, of tax benefits that, if recognized, would affect the effective income tax rate. The Company conducts business in a number of countries and, as a result, files U.S. federal and various state and foreign jurisdiction income tax returns. In the normal course of business, the Company is subject to examination by various taxing jurisdictions throughout the world, including Canada, the U.K., and the U.S. With few exceptions, the Company is no longer subject to income tax examinations for years before 2008. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, including interest and penalties, have been provided for any adjustments that are expected to result from those years. The Company expects $3,400,000 in reductions to unrecognized income tax benefits within the next 12 months as a result of projected resolutions of income tax uncertainties. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans The Company and its subsidiaries sponsor various retirement plans. Substantially all employees in the U.S. and certain employees outside the U.S. are covered under the Company's defined contribution plans. Certain employees, retirees, and eligible dependents are also covered under the Company's defined benefit pension plans. Employer contributions under the Company's defined contribution plans are determined annually based on employee contributions, a percentage of each covered employee's compensation, and years of service. The Company's cost for defined contribution plans totaled $23,417,000 , $24,036,000 , and $23,985,000 in 2018 , 2017 , and 2016 , respectively. The Company sponsors a qualified defined benefit pension plan in the U.S. (the "U.S. Qualified Plan") and three defined benefit pension plans in the U.K. (the "U.K. Plans"). Effective December 31, 2002, the Company elected to freeze its U.S. Qualified Plan. Benefits payable under the Company's U.S. Qualified Plan are generally based on career compensation; however, no additional benefits have accrued on this plan since December 31, 2002. The Company's U.K. Plans were closed to new participants as of October 31, 1997, but existing participants may still accrue additional limited benefits based on salary amounts in effect at the time the relevant plan was closed. Benefits payable under the U.K. Plans are generally based on an employee's final salary at the time the plan was closed. Benefits paid under the U.K. Plans are also subject to adjustments for the effects of inflation. The actuarial present value of the projected benefit payments under the U.K. Plans are based on the employees' expected dates of separation by retirement. The Bipartisan Budget Act of 2015 ("BBA2015") included pension funding reform which greatly reduced the contributions required to the U.S. Qualified Plan. Required contributions are anticipated in future years as the impact of the BBA2015 pension funding reform is phased out. Currently, the Company plans to make no contribution in 2019 and contribute $9,000,000 per annum to the U.S. Qualified Plan for the following four fiscal years to improve the funded status of the plan and minimize future required contributions. The Company is not making a discretionary contribution in 2019 because it made an additional voluntary contribution of $ 10,000,000 in 2018 which generated a one time U.S. tax benefit. The Company expects to make no discretionary contributions to its U.K. Plans during the next five years. Certain other employees located in the Netherlands, Norway, Germany, and the Philippines (referred to herein as the "other international plans") have retirement benefits that are accounted for as defined benefit pension plans under GAAP. External trusts are maintained to hold assets of the Company's U.S. Qualified Plan, U.K. Plans, and other international plans. The Company's funding policy is to make cash contributions in amounts at least sufficient to meet regulatory funding requirements and, in certain instances, to make contributions in excess thereof if such contributions would otherwise be in accordance with the Company's capital allocation plans. Assets of the plans are measured at fair value at the end of each reporting period, but the plan assets are not separately recorded on the Company's Consolidated Balance Sheets. Instead, the funded or unfunded status of the Company's U.S. Qualified Plan, U.K. Plans, and other international plans are recorded in "Accrued pension liabilities" or "Other noncurrent assets" on the Company's Consolidated Balance Sheets based on the projected benefit obligations less the fair values of the plans' assets. The majority of the Company's defined benefit pension plans have projected benefit obligations in excess of the fair value of plan assets. For these plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2018 and 2017 : December 31, 2018 2017 (In thousands) Projected benefit obligations $ 459,706 $ 515,343 Fair value of plans' assets 382,181 424,804 Certain of the Company's U.K. Plans have fair values of plan assets that exceed the projected benefit obligations. For these plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2018 and 2017 : December 31, 2018 2017 (In thousands) Projected benefit obligations $ 234,776 $ 249,397 Fair value of plans' assets 267,508 284,091 In addition, the Company sponsors two frozen nonqualified, unfunded defined benefit pension plans for certain employees and retirees, which are based on career compensation. These plans were frozen effective December 31, 2002. The liabilities of these plans, which equal their projected benefit obligations, are included in "Other accrued liabilities" and "Other noncurrent liabilities" on the Company's Consolidated Balance Sheets based on the expected timing of funding these obligations, since they are funded as needed from Company assets. A reconciliation of the beginning and ending balances of the projected benefit obligations and the fair value of plans' assets for the Company's defined benefit pension plans as of the plans' most recent measurement dates is as follows: Year Ended December 31, 2018 2017 (In thousands) Projected Benefit Obligations: Beginning of measurement period $ 764,740 $ 764,567 Service cost 1,395 1,288 Interest cost 20,933 22,723 Employee contributions 59 82 Actuarial (gain) loss (24,277 ) 19,100 Plan settlements (1,014 ) (7,552 ) Plan amendments 1,542 — Benefits paid (58,592 ) (58,092 ) Foreign currency effects (10,304 ) 22,624 End of measurement period 694,482 764,740 Fair Value of Plans' Assets: Beginning of measurement period 708,895 677,458 Actual return on plans' assets (13,017 ) 57,245 Employer contributions 24,862 15,331 Employee contributions 59 82 Plan settlements (1,014 ) (7,552 ) Benefits paid (58,592 ) (58,092 ) Foreign currency effects (11,505 ) 24,423 End of measurement period 649,688 708,895 Unfunded Status $ (44,794 ) $ (55,845 ) Due to the frozen status of the U.S. Qualified Plan and the closed status of the U.K. Plans, the accumulated benefit obligations and the projected benefit obligations are not materially different. The underfunded status of the Company's defined benefit pension plans recognized in the Consolidated Balance Sheets at December 31 consisted of: December 31, 2018 2017 (In thousands) U.S. Qualified Plan $ 72,484 $ 85,834 Other international plans 1,839 1,201 Subtotal, included in "Accrued pension liabilities" 74,323 87,035 U.K. prepaid pension asset included in "Other noncurrent assets" (32,732 ) (34,698 ) Unfunded status of nonqualified defined benefit deferred pension plans included in "Other accrued liabilities" 312 319 Unfunded status of nonqualified defined benefit pension plans included in "Other noncurrent liabilities" 2,891 3,189 Total unfunded status $ 44,794 $ 55,845 Accumulated other comprehensive loss, before income taxes $ (280,644 ) $ (268,059 ) A fixed number of U.S. employees, retirees, and eligible dependents were previously covered under a frozen post-retirement medical benefits plan and are now provided Company-subsidized premiums for participation in health care exchanges. The liabilities for this plan are included in the Company's self-insured risks liabilities and are not material. This plan was frozen effective December 31, 2002. The following tables set forth the 2018 and 2017 changes in accumulated other comprehensive loss for the Company's defined benefit retirement plans and post-retirement medical benefits plan on a combined basis: Defined Benefit Pension Plans Post-Retirement Medical Benefits Plan (In thousands) Net unrecognized actuarial (loss) gain, December 31, 2016 $ (280,030 ) $ 608 Amortization of net loss (gain) 11,727 (152 ) Net gain arising during the year 3,537 — Currency translation (3,749 ) — Net unrecognized actuarial (loss) gain, December 31, 2017 (268,515 ) 456 Amortization of net loss (gain) 10,914 (152 ) Net loss arising during the year (24,709 ) — Currency translation 1,362 — Net unrecognized actuarial (loss) gain, December 31, 2018 $ (280,948 ) $ 304 Unrecognized losses reflect changes in the discount rates and differences between expected and actual asset returns, which are being amortized over future periods. These unrecognized losses may be recovered in future periods through actuarial gains. However, unless the minimum amount required to be amortized is below a corridor amount equal to 10.0% of the greater of the projected benefit obligation or the market-related value of plan assets, these unrecognized actuarial losses are required to be amortized and recognized in future periods. Net unrecognized actuarial losses included in accumulated other comprehensive loss and expected to be recognized in net periodic benefit costs during the year ending December 31, 2019 for the U.S. and U.K. defined benefit pension plans are $10,880,000 ( $8,122,000 net of tax). Pension expense is affected by the accounting policy used to determine the value of plan assets at the measurement date. The Company applies the expected return on plan assets using fair market value as of the annual measurement date. The fair market value method results in greater volatility to pension expense than the calculated value method. The amounts recognized in the Consolidated Balance Sheets reflect the fair value of the Company's long-term pension liabilities at the plan measurement date and the fair value of plan assets as of the balance sheet date. Net periodic benefit cost related to all of the Company's defined benefit pension plans recognized in the Company's Consolidated Statements of Operations for the years ended December 31, 2018 , 2017 , and 2016 included the following components: Year Ended December 31, 2018 2017 2016 (In thousands) Service cost $ 1,395 $ 1,288 $ 1,218 Interest cost 20,933 22,723 30,129 Expected return on assets (34,267 ) (34,056 ) (36,406 ) Amortization of actuarial loss 10,744 11,154 12,840 Net periodic benefit (credit) cost $ (1,195 ) $ 1,109 $ 7,781 Benefit cost for the U.S. Qualified Plan does not include service cost since the plan is frozen. Over the next ten years, the following benefit payments are expected to be required to be made from the Company's U.S. and U.K. defined benefit pension plans: Year Ending December 31, Expected Benefit Payments (In thousands) 2019 $ 43,607 2020 44,102 2021 44,373 2022 44,595 2023 44,663 2024-2028 220,848 The Company reviews its employee demographic assumptions annually and updates the assumptions as necessary. The Company updates the mortality assumptions for the U.S. plans to incorporate the current mortality tables issued by the Society of Actuaries, adjusted to reflect the Company's specific experience and future expectations. This resulted in a $ 1,300,000 decrease in the projected benefit obligation for the U.S. plans for the year ended December 31, 2018 . Certain assumptions used in computing the benefit obligations and net periodic benefit cost for the U.S. and U.K. defined benefit pension plans were as follows: U.S. Qualified Plan: 2018 2017 Discount rate used to compute benefit obligations 4.30 % 3.63 % Discount rate used to compute periodic benefit cost 3.63 % 4.15 % Expected long-term rates of return on plans' assets 6.20 % 6.30 % U.K. Defined Benefit Plans: 2018 2017 Discount rate used to compute benefit obligations 2.77 % 2.61 % Discount rate used to compute periodic benefit cost 2.61 % 2.65 % Expected long-term rates of return on plans' assets 3.98 % 4.23 % The discount rate assumptions reflect the rates at which the Company believes the benefit obligations could be effectively settled. The discount rates were determined based on the yield for a portfolio of investment grade corporate bonds with maturity dates matched to the estimated future payments of the plans' benefit obligations. The Company estimates the service and interest components of net periodic benefit cost for its U.S. and international pension and other postretirement benefits. This estimation approach discounts the individual expected cash flows underlying the service cost and interest cost using the applicable spot rates derived from the yield curve used to discount the cash flows used to measure the benefit obligation. For the pension plans, the weighted average spot rates used to determine interest costs were 3.92% for the U.S. Qualified plan and 2.44% for the U.K. plans. The expected long-term rates of return on plan assets were based on the plans' asset mix, historical returns on equity securities and fixed income investments, and an assessment of expected future returns. The expected long-term rates of return on plan assets assumption used to determine 2019 net periodic pension cost are estimated to be 6.10% and 3.28% for the U.S.Qualified Plan and U.K. plans, respectively. If actual long-term rates of return differ from those assumed or if the Company used materially different assumptions, actual funding obligations could differ materially from these estimates. Due to the frozen status of the U.S. plan and closed status of the U.K. plans, increases in compensation rates are not material to the computations of benefit obligations or net periodic benefit cost. Plans' Assets Asset allocations at the respective measurement dates, by asset category, for the Company's U.S. and U.K. qualified defined benefit pension plans were as follows: U.S. Qualified Plan U.K. Plans December 31, 2018 2017 2018 2017 Equity securities 21.8 % 27.8 % 18.0 % 24.8 % Fixed income securities 68.8 % 62.0 % 71.8 % 62.8 % Alternative strategies 7.3 % 3.9 % 9.0 % 10.9 % Cash, cash equivalents and short-term investment funds 2.1 % 6.3 % 1.2 % 1.5 % Total asset allocation 100.0 % 100.0 % 100.0 % 100.0 % Investment objectives for the Company's U.S. and U.K. pension plan assets are to ensure availability of funds for payment of plan benefits as they become due; provide for a reasonable amount of long-term growth of capital, without undue exposure to volatility; protect the assets from erosion of purchasing power; and provide investment results that meet or exceed the plans' actuarially assumed long-term rate of return. Alternative strategies include funds that invest in derivative instruments such as futures, forward contracts, options and swaps, and funds that invest in real estate. These investments are used to help manage risks. The long-term goal for the U.S. and U.K. plans is to reach fully-funded status and to maintain that status. The investment policies recognize that the plans' asset return requirements and risk tolerances will change over time. Accordingly, reallocation of the portfolios' mix of return-seeking assets and liability-hedging assets will be performed as the plans' funded status improves. See Note 13, "Fair Value Measurements" for the fair value disclosures of the U.S. and U.K. qualified defined benefit pension plan assets. The assets of the Company's other international plans are primarily insurance contracts, which are measured at contract value and are not measured at fair value. Obligations of the U.S. nonqualified plans are paid from Company assets. |
Common Stock and Earnings (Loss
Common Stock and Earnings (Loss) per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Common Stock and Earnings (Loss) per Share | Common Stock and Earnings per Share Shares of the Company's two classes of common stock are traded on the NYSE under the symbols CRD-A and CRD-B, respectively. The Company's two classes of stock are substantially identical, except with respect to voting rights and the Company's ability to pay greater cash dividends on the non-voting Class A Common Stock than on the voting Class B Common Stock, subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of Class A Common Stock must receive the same type and amount of consideration as holders of Class B Common Stock, unless different consideration is approved by the holders of 75% of the Class A Common Stock, voting as a class. As described in Note 12, "Stock-Based Compensation," certain shares of CRD-A are issued with restrictions under incentive compensation plans. The Company's share repurchase authorization, approved in August 2014, (the "2014 Repurchase Authorization") provided the Company with the ability to repurchase up to 2,000,000 shares of CRD-A or CRD-B (or both). The 2014 Repurchase Authorization was terminated on July 28, 2017. Effective July 29, 2017, the Company's Board of Directors authorized the repurchase of up to 2,000,000 shares of CRD-A or CRD-B (or both) through July 2020 (the "2017 Repurchase Authorization"). Under the 2017 Repurchase Authorization, repurchases may be made for cash, in the open market or privately negotiated transactions at such times and for such prices as management deems appropriate, subject to applicable contractual and regulatory restrictions. Through December 31, 2018 , the Company had repurchased 1,144,410 shares of CRD-A and 94,378 shares of CRD-B under the 2014 and 2017 Repurchase Authorizations at an average cost of $8.36 and $8.96 , respectively. At December 31, 2018 , the Company had remaining authorization to repurchase 427,883 shares under the 2017 Repurchase Authorization. Through December 31, 2017 , the Company had repurchased 699,847 shares of CRD-A and 188,180 shares of CRD-B under the 2014 and 2017 Repurchase Authorizations at an average cost of $8.21 and $8.88 , respectively. At December 31, 2017 , the Company had remaining authorization to repurchase 1,666,671 shares under the 2017 Repurchase Authorization. Net Income Attributable to Shareholders of Crawford & Company per Common Share The Company computes earnings per share of CRD-A and CRD-B using the two-class method, which allocates the undistributed earnings for each period to each class on a proportionate basis. The Company's Board of Directors has the right, but not the obligation, to declare higher dividends on CRD-A than on CRD-B, subject to certain limitations. In periods when the dividend is the same for CRD-A and CRD-B or when no dividends are declared or paid to either class, the two-class method generally will yield the same earnings per share for CRD-A and CRD-B. During 2018 , 2017 and 2016 , the Board of Directors declared a higher dividend on CRD-A than on CRD-B. The computations of basic net income attributable to shareholders of Crawford & Company per common share were as follows: Year Ended December 31, 2018 2017 2016 CRD-A CRD-B CRD-A CRD-B CRD-A CRD-B (In thousands, except earnings (loss) per share) Earnings per share - basic: Numerator: Allocation of undistributed earnings $ 6,941 $ 5,509 $ 7,821 $ 6,144 $ 12,432 $ 9,969 Dividends paid 8,639 4,889 8,780 4,920 8,627 4,938 Net income available to common shareholders, basic 15,580 10,398 16,601 11,064 21,059 14,907 Denominator: Weighted-average common shares outstanding, basic 30,805 24,449 31,322 24,606 30,793 24,690 Earnings per share - basic $ 0.51 $ 0.43 $ 0.53 $ 0.45 $ 0.68 $ 0.60 The computations of diluted net income attributable to shareholders of Crawford & Company per common share were as follows: Year Ended December 31, 2018 2017 2016 CRD-A CRD-B CRD-A CRD-B CRD-A CRD-B (In thousands, except earnings (loss) per share) Earnings per share - diluted: Numerator: Allocation of undistributed earnings $ 7,003 $ 5,447 $ 7,911 $ 6,053 $ 12,563 $ 9,838 Dividends paid 8,639 4,889 8,780 4,920 8,627 4,938 Net income available to common shareholders, diluted 15,642 10,336 16,691 10,973 21,190 14,776 Denominator: Weighted-average common shares outstanding, basic 30,805 24,449 31,322 24,606 30,793 24,690 Weighted-average effect of dilutive securities (1) 629 — 836 — 737 — Weighted-average number of shares outstanding, diluted 31,434 24,449 32,158 24,606 31,530 24,690 Earnings per share - diluted $ 0.50 $ 0.42 $ 0.52 $ 0.45 $ 0.67 $ 0.60 Listed below are the shares excluded from the denominator in the above computation of diluted earnings per share for CRD-A because their inclusion would have been anti-dilutive: Year Ended December 31, 2018 2017 2016 (In thousands) Shares underlying stock options excluded due to the options' respective exercise prices being greater than the average stock price during the period 1,175 711 115 Performance stock grants excluded because performance conditions had not been met (1) 752 402 — (1) Compensation cost is recognized for these performance stock grants based on expected achievement rates; however no consideration is given for these performance stock grants when calculating earnings per share until the performance measurements are actually achieved. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Comprehensive income (loss) for the Company consists of the total of net income, foreign currency translation adjustments, and accrued pension and retiree medical liability adjustments. Foreign currency translation adjustments include net unrealized gains (losses) from intra-entity loans that are long-term in nature of $(1,838,000) , $(836,000) , and $2,547,000 for the years ended December 31, 2018 , 2017 , and 2016 , respectively. The changes in components of "Accumulated other comprehensive loss" ("AOCL"), net of taxes and noncontrolling interests, included in the Company's audited Consolidated Balance Sheets were as follows: Foreign currency translation adjustments Retirement liabilities AOCL attributable to shareholders of Crawford & Company (In thousands) Balance at December 31, 2016 $ (33,449 ) $ (178,324 ) $ (211,773 ) Other comprehensive income before reclassifications 7,129 — 7,129 Unrealized net gains arising during the year — 666 666 Amounts reclassified from accumulated other comprehensive income to net income (1) — 7,501 7,501 Net current period other comprehensive income 7,129 8,167 15,296 Balance at December 31, 2017 (26,320 ) (170,157 ) (196,477 ) Other comprehensive loss before reclassifications (10,032 ) — (10,032 ) Unrealized net losses arising during the year — (18,014 ) (18,014 ) Amounts reclassified from accumulated other comprehensive income to net income (1) — 8,076 8,076 Net current period other comprehensive loss (10,032 ) (9,938 ) (19,970 ) Balance at December 31, 2018 $ (36,352 ) $ (180,095 ) $ (216,447 ) (1) Retirement liabilities reclassified to net income are related to the amortization of actuarial losses and are included in "Selling, general, and administrative expenses" in the Company's Consolidated Statements of Operations. See Note 9, "Retirement Plans" for additional details. Other comprehensive loss amounts attributable to noncontrolling interests shown in the Company's audited Consolidated Statements of Shareholders' Investment are foreign currency translation adjustments. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company has various stock-based incentive compensation plans for its employees and members of its Board of Directors. Only shares of CRD-A can be issued under these plans. The fair value of an equity award is estimated on the grant date without regard to service or performance conditions. The fair value is recognized as compensation expense over the requisite service period for all awards that vest. When recognizing compensation expense, estimates are made for the number of awards that are expected to vest, and subsequent adjustments are made to reflect both changes in the number of shares expected to vest and actual vesting. Compensation expense recognized at the end of any year equals at least the portion of the grant-date value of an award that has vested at that date. The pretax compensation expense recognized for all stock-based compensation plans was $6,196,000 , $6,661,000 , and $5,252,000 for the years ended December 31, 2018 , 2017 , and 2016 , respectively. The decrease in 2018 as compared to 2017 was primarily driven by increased performance share forfeiture activity. The increase in 2017 as compared to 2016 was due to a higher proportion of options having been granted as a component of the Company's Long Term Incentive Plans. The total income tax benefit recognized in the Consolidated Statements of Operations for stock-based compensation arrangements was approximately $1,475,000 , $2,219,000 , and $1,983,000 for the years ended December 31, 2018 , 2017 , and 2016 , respectively. Some of the Company's stock-based compensation awards are granted under plans which are designed not to be taxable as compensation to the recipient based on tax laws of the U.S. or other applicable country. Accordingly, the Company does not recognize tax benefits on all of its stock-based compensation expense. Adjustments to additional paid-in capital for differences between deductions taken on its income tax returns related to stock-based compensation plans and the related income tax benefits previously recognized for financial reporting purposes were not significant in any year. Stock Options The Company has granted nonqualified and incentive stock options to key employees and directors. All stock options are for shares of CRD-A. Option awards are granted with an exercise price equal to the fair market value of the Company's stock on the date of grant. The Company's stock option plans have been approved by shareholders, and the Company's Board of Directors is authorized to make specific grants of stock options under active plans. Employee stock options typically are subject to graded vesting over three years ( 33% each year) and have a typical life of ten years . Compensation cost for stock options is recognized on an accelerated basis over the requisite service period for the entire award. For the years ended December 31, 2018 , 2017 , and 2016 , compensation expense of $1,253,000 , $1,233,000 , and $280,000 , respectively, was recognized for employee stock option awards. A summary of option activity as of December 31, 2018 , 2017 , and 2016 , and changes during each year, is presented below: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In thousands) Outstanding at December 31, 2015 518 $5.26 5.0 years $8 Granted 250 8.90 Exercised (164 ) 5.08 Forfeited or expired (115 ) 5.20 Outstanding at December 31, 2016 489 7.19 7.0 years 1,168 Granted 654 9.44 Exercised (70 ) 5.77 Forfeited or expired (186 ) 9.24 Outstanding at December 31, 2017 887 8.53 8.4 years 527 Granted 582 8.60 Exercised (21 ) 4.88 Forfeited or expired (154 ) 8.74 Outstanding at December 31, 2018 1,294 $8.60 8.1 years $667 Vested and Exercisable at December 31, 2018 425 $8.18 7.0 years $453 The weighted average grant date fair value of stock options granted during the year ended December 31, 2018 , 2017 , and 2016 was $2.78 , $2.73 and $4.11 , respectively. Options exercised in 2018 , 2017 , and 2016 had an intrinsic value of $80,000 , $234,000 , and $752,000 , respectively. The fair value of options that vested in 2018 , 2017 , and 2016 was $36,000 , $33,000 , and $467,000 , respectively. At December 31, 2018 , the unrecognized compensation cost related to unvested employee stock options was $872,000 . Directors' stock options had no unrecognized compensation cost since directors' options vest upon grant, and the grant-date fair values were fully expensed on the grant date. The fair value of each option was estimated on the date of grant using the Black-Scholes-Merton option-pricing formula, with the following weighted average assumptions: 2018 2017 Expected dividend yield 3.50 % 4.00 % Expected volatility 42.67 % 43.62 % Risk-free interest rate 2.75 % 2.14 % Expected term of options 7 years 7 years The expected dividend yield used for 2018 was based on the Company's historical dividend yield. The expected volatility of the price of CRD-A was based on historical realized volatility. The risk-free interest rate was based on the U.S. Treasury Daily Yield Curve Rate on the grant date, with a term equal to the expected term used in the pricing formula. The expected term of the option took into account both the contractual term of the option and the effects of expected exercise behavior. Performance-Based Stock Grants Performance share grants are from time to time made to certain key employees of the Company. Such grants entitle employees to earn shares of CRD-A upon the achievement of certain individual and/or corporate objectives. Grants of performance shares are made at the discretion of the Company's Board of Directors, or the Board's Compensation Committee, and are subject to graded or cliff vesting over three -year periods. Shares are not issued until the vesting requirements have been met. Dividends are not paid or accrued on unvested/unissued shares. The grant-date fair value of a performance share grant is based on the market value of CRD-A on the date of grant, reduced for the present value of any dividends expected to be paid on CRD-A prior to the vesting of the award. Compensation expense for each award is recognized ratably from the grant date to the vesting date for each tranche. A summary of the status of the Company's nonvested performance shares as of December 31, 2018 , 2017 , and 2016 , and changes during each year, is presented below: Shares Weighted-Average Grant-Date Fair Value Nonvested at December 31, 2015 1,316,186 $6.65 Granted 1,179,384 4.47 Vested (499,370 ) 5.28 Forfeited or unearned (1,189,319 ) 6.28 Nonvested at December 31, 2016 806,881 6.17 Granted 930,295 7.54 Vested (668,649 ) 5.38 Forfeited or unearned (184,185 ) 5.85 Nonvested at December 31, 2017 884,342 7.05 Granted 751,128 7.43 Vested (445,311 ) 5.98 Forfeited or unearned (201,322 ) 7.54 Nonvested at December 31, 2018 988,837 $8.07 The total fair value of the performance shares that vested in 2018 , 2017 , and 2016 was $2,662,000 , $3,597,000 , and $2,638,000 , respectively. Compensation expense recognized for all performance shares totaled $3,307,000 , $3,796,000 , and $3,060,000 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Compensation cost for these awards is net of estimated or actual award forfeitures. Certain performance awards vest ratably over three years , without cumulative earnings per share targets. As of December 31, 2018 , there was an estimated $2,564,000 of unearned compensation cost for nonvested performance shares. This unearned compensation cost is expected to be fully recognized by the end of 2020. Restricted Shares The Company's Board of Directors may elect to issue restricted shares of CRD-A in lieu of, or in addition to, cash payments to certain key employees. Employees receiving these shares are subject to restrictions on their ability to transfer the shares. Such restrictions generally lapse ratably over vesting periods ranging from several months to five years . The grant-date fair value of a restricted share of CRD-A is based on the market value of the stock on the date of grant. Compensation cost is recognized on an accelerated basis over the requisite service period. A summary of the status of the Company's restricted shares of CRD-A as of December 31, 2018 , 2017 , and 2016 and changes during each year, is presented below: Shares Weighted-Average Grant-Date Fair Value Nonvested at December 31, 2015 101,002 $5.01 Granted 133,871 6.54 Vested (160,536 ) 6.57 Forfeited or unearned (6,668 ) 8.90 Nonvested at December 31, 2016 67,669 7.56 Granted 210,875 9.26 Vested (166,325 ) 9.50 Forfeited or unearned — — Nonvested at December 31, 2017 112,219 7.89 Granted 112,502 7.81 Vested (131,260 ) 8.27 Forfeited or unearned (21,352 ) 8.43 Nonvested at December 31, 2018 72,109 $7.76 Compensation expense recognized for all restricted shares for the years ended December 31, 2018 , 2017 , and 2016 was $1,176,000 , $1,205,000 , and $1,567,000 , respectively. As of December 31, 2018 , there was $219,000 of total unearned compensation cost related to nonvested restricted shares which is expected to be recognized by June 30, 2020. Employee Stock Purchase Plans The Company has three employee stock purchase plans: the U.S. Plan, the U.K. Plan, and the International Plan. Eligible employees in Canada, Puerto Rico, and the U.S. Virgin Islands may also participate in the U.S. Plan. The International Plan is for eligible employees located in certain other countries who are not covered by the U.S. Plan or the U.K. Plan. All plans are compensatory. For all plans, the requisite service period is the period of time over which the employees contribute to the plans through payroll withholdings. For purposes of recognizing compensation expense, estimates are made for the total withholdings expected over the entire withholding period. The market price of a share of stock at the beginning of the withholding period is then used to estimate the total number of shares that will be purchased using the total estimated withholdings. Compensation cost is recognized ratably over the withholding period. Under the U.S. Plan, the Company is authorized to issue up to 1,200,000 shares of CRD-A to eligible employees. Participating employees can elect to have up to $25,000 of their eligible annual earnings withheld to purchase shares at the end of the one-year withholding period which starts each July 1 and ends the following June 30. The purchase price of the stock is 85% of the lesser of the closing price of a share of such stock on the first day or the last day of the withholding period. Participating employees may cease payroll withholdings during the withholding period and/or request a refund of all amounts withheld before any shares are purchased. During the years ended December 31, 2018 , 2017 and 2016 , a total of 143,769 , 101,708 , and 99,750 shares, respectively, of CRD-A were issued under the prior U.S. employee stock purchase plan to the Company's employees at purchase prices of $7.32 , $6.61 , and $6.49 in 2018 , 2017 , and 2016 , respectively. At December 31, 2018 , an estimated 142,000 shares will be issued and purchased under the U.S. Plan in 2019 . During the years ended December 31, 2018 , 2017 , and 2016 , compensation expense of $321,000 , $278,000 , and $261,000 , respectively, was recognized for the prior U.S. employee stock purchase plan. Under the U.K. Plan, the Company is authorized to issue up to 1,200,000 shares of CRD-A. Under the U.K. Plan, eligible employees can elect to have up to £ 250 withheld from payroll each month to purchase shares after the end of a three-year savings period. The purchase price of a share of stock is 85% of the market price of the stock at a date prior to the grant date as determined under the U.K. Plan. Participating employees may cease payroll withholdings and/or request a refund of all amounts withheld before any shares are purchased. At December 31, 2018 , an estimated 151,000 shares will be eligible for purchase under the U.K. Plan at the end of the current withholding periods. This estimate is subject to change based on future fluctuations in the value of the British pound against the U.S. dollar, future changes in the market price of CRD-A, and future employee participation rates. The purchase price per share of CRD-A under the U.K. Plan ranges from $3.69 to $6.66 . For the years ended December 31, 2018 , 2017 , and 2016 , compensation expense of $140,000 , $151,000 , and $80,000 , respectively, was recognized for the U.K. Plan. During 2018 , 2017 , and 2016 , a total of 63,033 shares, 73,986 shares, and 159,256 shares, respectively, of CRD-A were issued under the U.K. Plan. Under the International Plan, up to 1,000,000 shares of CRD-A may be issued. Participating employees can elect to have up to $21,250 of their eligible annual earnings withheld to purchase up to 5,000 shares of CRD-A at the end of the one-year withholding period which starts each July 1 and ends the following June 30. The purchase price of the stock is 85% of the lesser of the closing price for a share of such stock on the first day or the last day of the withholding period. Participating employees may cease payroll withholdings during the withholding period and/or request a refund of all amounts withheld before any shares are purchased. During 2018 , 2017 , and 2016 , 8,740 , 8,342 , and 6,660 shares, respectively, were issued under the International Plan. Compensation expense was immaterial for this plan in all three years. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements GAAP defines fair value as the price that would be received to sell an asset or to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. 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— Observable inputs that reflect quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1. The Company values assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, 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 and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Recurring Fair Value Measurements The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: December 31, 2018 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In thousands) Assets: Money market funds (1) $ 10,354 $ — $ — $ 10,354 Liabilities: Contingent earnout liability (2) — — 360 360 December 31, 2017 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market funds (1) $ 10,156 $ — $ — $ 10,156 ____________________ (1) The fair values of the money market funds were based on recently quoted market prices and reported transactions in an active marketplace. Money market funds are included on the Company's Consolidated Balance Sheets in "Cash and cash equivalents." (2) The contingent earnout liability relates to a business acquired during 2018 by the Crawford Specialty Solutions operating segment. See Note 3, "Acquisitions and Disposition of Business Line" for further details. The fair value of the contingent earnout liability was estimated using internally-prepared revenue projections which is Level 3 data, with the maximum possible earnout of $665,000 . As such, the fair value is not expected to vary materially from the balance recorded. The fair value of the contingent earnout liabililty is included in "Other accrued liabilities" on the Company's Consolidated Balance Sheets, based upon the term of the contingent earnout agreement. Fair Value Disclosures There were no transfers of assets between fair value levels during the years ended December 31, 2018 or 2017 . The categorization of assets and liabilities within the fair value hierarchy and the measurement techniques are reviewed quarterly. Any transfers between levels are deemed to have occurred at the end of the quarter. The fair values of accounts receivable, unbilled revenues, accounts payable and short-term borrowings approximate their respective carrying values due to the short-term maturities of the instruments. The interest rate on the Company's variable rate long-term debt resets at least every 90 days ; therefore, the recorded value approximates fair value. These assets and liabilities are measured within Level 2 of the fair value hierarchy. Nonrecurring Fair Value Disclosures During 2018 the Company impaired and expensed an indefinite-lived trade name of $1,056,000 . During 2017 the Company impaired and expensed goodwill of $19,598,000 . See Note 1, "Significant Accounting and Reporting Policies" and Note 4, "Goodwill and Intangible Assets," where discussed in more detail. Fair Value Measurements for Defined Benefit Pension Plan Assets The fair value hierarchy is also applied to certain other assets that indirectly impact the Company's consolidated financial statements. Assets contributed by the Company to its defined benefit pension plans become the property of the individual plans. Even though the Company no longer has control over these assets, it is indirectly impacted by subsequent fair value adjustments to these assets. The actual return on these assets impacts the Company's future net periodic benefit cost, as well as amounts recognized in its Consolidated Balance Sheets. The Company uses the fair value hierarchy to measure the fair value of assets held by its U.S. and U.K. defined benefit pension plans. The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.S Qualified Plan at December 31, 2018 and 2017 : December 31, 2018 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Asset Category: Cash and cash equivalents $ 2,274 $ — $ — $ 2,274 $ 17,349 $ — $ — $ 17,349 Short-term investment funds — 5,005 — 5,005 — 7,175 — 7,175 Common Collective Equity funds: U.S. — 52,882 — 52,882 — 74,591 — 74,591 International — 22,747 — 22,747 — 33,343 — 33,343 Common Collective Fixed Income Funds and Fixed Income Securities: U.S. 38,719 183,152 — 221,871 19,663 206,008 — 225,671 International — 17,523 — 17,523 — 15,502 — 15,502 Alternative strategy funds — 8,915 16,488 25,403 — — 15,134 15,134 TOTAL $ 40,993 $ 290,224 $ 16,488 $ 347,705 $ 37,012 $ 336,619 $ 15,134 $ 388,765 The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.K. plans at December 31, 2018 and 2017 : December 31, 2018 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Asset Category: Cash and cash equivalents $ 3,156 $ — $ — $ 3,156 $ 4,303 $ — $ — $ 4,303 Common Collective Equity funds: U.S. — 38,307 — 38,307 — 55,607 — 55,607 International — 9,916 — 9,916 — 14,932 — 14,932 Common Collective Fixed Income Funds and Fixed Income Securities: Short-term Investment funds: — 160,609 — 160,609 — 141,663 — 141,663 Government securities — 31,531 — 31,531 — 36,797 — 36,797 Corporate bonds and debt securities — — — — — 88 — 88 Alternative strategy funds — 14,044 — 14,044 — 21,016 — 21,016 Real estate funds — — 9,945 9,945 — — 9,689 9,689 TOTAL $ 3,156 $ 254,407 $ 9,945 $ 267,508 $ 4,303 $ 270,103 $ 9,689 $ 284,095 Short-term investment funds consist primarily of funds with a maturity of 60 days or less and are valued at amortized cost which approximates fair value. Equity securities consist primarily of common collective funds (Level 2). Common collective funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. Fixed income securities consist of money market funds, government securities, corporate bonds and debt securities, mortgage-backed securities and other common collective funds. Government securities are valued by third-party pricing sources and are valued daily in an active market (Level 1). Corporate bonds are valued using either the yields currently available on comparable securities of issuers with similar credit ratings or using a discounted cash flows approach that utilizes observable inputs, such as current yields of similar instruments, and includes adjustments for valuation adjustments from internal pricing models which use observable inputs such as issuer details, interest rates, yield curves, default rates and quoted prices for similar assets (Level 2). Mortgage-backed securities are valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models (Level 2). Other common collective funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date (Level 2). Alternative strategy funds valued at the net asset value per share multiplied by the number of shares held as of the measurement date (Level 2). Alternative strategy funds may include derivative instruments such as futures, forward contracts, options and swaps and are used to help manage risks. Derivative instruments are generally valued by the investment managers or in certain instances by third party pricing sources (Level 2) or may, due to the inherent uncertainty of valuation for those investments, differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material (Level 3). Real estate funds are primarily property unit trusts whose values are primarily reported by the fund manager and are based on valuation of the underlying investments which include inputs such as cost, discounted cash flows, independent appraisals and market-based comparable data (Level 3). The fair values may, due to the inherent uncertainty of valuation for those investments, differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The following table provides a reconciliation of the beginning and ending balance of Level 3 assets within the Company's U.K. pension plan during the years ended December 31, 2018 and 2017 : Real Estate Funds U.S U.K. (in thousands) Balance at December 31, 2016 $ — $ 9,315 Actual return on plan assets: Related to assets still held at the reporting date — 374 Purchases, sales and settlements—net 15,134 Balance at December 31, 2017 15,134 9,689 Actual return on plan assets: Related to assets still held at the reporting date 1,354 256 Purchases, sales and settlements—net — — Balance at December 31, 2018 $ 16,488 $ 9,945 |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information The Company's three reportable segments represent components of the business for which separate financial information is available, and which is evaluated regularly by the CODM. The segments, organized based upon the nature of services, are: Crawford Claims Solutions , which primarily serves the global property and casualty insurance company markets ; Crawford TPA Solutions: Broadspire , which serves the global casualty, disability and self-insurance marketplace ; and Crawford Specialty Solutions which serves the global property and casualty insurance company markets, and prior to the Garden City Group disposal on June 15, 2018 , the class action, regulatory, mass tort, bankruptcy, and other legal settlement markets, primarily in the U.S. and Canada. Intersegment sales are recorded at cost and are not material. Operating earnings is the primary financial performance measure used by the Company's senior management and the CODM to evaluate the financial performance of the Company's three operating segments and make resource allocation decisions. The Company believes this measure is useful to investors in that it allows them to evaluate segment operating performance using the same criteria used by the Company's senior management and CODM. Operating earnings will differ from net income computed in accordance with GAAP since operating earnings represent segment earnings before certain unallocated corporate and shared costs and credits, net corporate interest expense, stock option expense, amortization of customer-relationship intangible assets, goodwill and intangible asset impairment charges, restructuring and special charges, loss on disposition of business line, income taxes, and net income or loss attributable to noncontrolling interests and redeemable noncontrolling interests. Segment operating earnings includes allocations of certain corporate and shared costs. If the Company changes its allocation methods or changes the types of costs that are allocated to its three operating segments, prior period amounts presented in the current period financial statements are adjusted to conform to the current allocation process. In the normal course of its business, the Company sometimes pays for certain out-of-pocket expenses that are thereafter reimbursed by its clients. Under GAAP, these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in the Company's consolidated results of operations. However, in evaluating segment results, Company management excludes these reimbursements and related expenses from segment results, as they offset each other. Financial information as of and for the years ended December 31, 2018 , 2017 , and 2016 related to the Company's reportable segments is presented below. Crawford Claims Solutions Crawford TPA Solutions: Broadspire Crawford Specialty Solutions Total 2018 Revenues before reimbursements $ 361,107 $ 405,335 $ 304,529 $ 1,070,971 Segment operating earnings 9,836 36,909 51,036 97,781 Depreciation and amortization (1) 3,625 9,844 3,377 16,846 Assets (2) 163,899 92,007 165,415 421,321 2017 Revenues before reimbursements $ 365,074 $ 390,583 $ 350,175 $ 1,105,832 Segment operating earnings 17,527 38,224 53,418 109,169 Depreciation and amortization (1) 4,039 9,924 5,629 19,592 Assets (2) 174,559 91,101 211,320 476,980 2016 Revenues before reimbursements $ 341,555 $ 382,657 $ 385,074 $ 1,109,286 Segment operating earnings 14,371 36,520 65,641 116,532 Depreciation and amortization (1) 4,531 10,061 5,342 19,934 Assets (2) 128,752 89,862 215,441 434,055 ______________________ (1) Excludes amortization expense of finite-lived customer relationships and trade name intangible assets. (2) Consists of accounts receivable, less allowance for doubtful accounts, unbilled revenues, at estimated billable amounts, goodwill and intangible assets arising from business acquisitions, net. Revenues by geographic region and major service line for the Crawford Claims Solutions, Crawford TPA Solutions: Broadspire and Crawford Specialty Solutions segments are shown in Note 2, "Revenue Recognition." Capital expenditures for the years ended December 31, 2018 , 2017 , and 2016 are shown in the following table: Year Ended December 31, 2018 2017 2016 (In thousands) Crawford Claims Solutions $ 3,811 $ 1,155 $ 719 Crawford TPA Solutions: Broadspire 5,947 4,136 4,678 Crawford Specialty Solutions 2,148 11,689 2,823 Corporate 18,114 27,931 20,979 Total capital expenditures $ 30,020 $ 44,911 $ 29,199 The total of the Company's reportable segments' revenues before reimbursements reconciled to total consolidated revenues for the years ended December 31, 2018 , 2017 , and 2016 was as follows: Year Ended December 31, 2018 2017 2016 (In thousands) Segments' revenues before reimbursements $ 1,070,971 $ 1,105,832 $ 1,109,286 Reimbursements 52,008 57,877 68,302 Total consolidated revenues $ 1,122,979 $ 1,163,709 $ 1,177,588 The Company's reportable segments' total operating earnings reconciled to consolidated income before income taxes for the years ended December 31, 2018 , 2017 , and 2016 were as follows: Year Ended December 31, 2018 2017 2016 (In thousands) Operating earnings of all reportable segments $ 97,781 $ 109,169 $ 116,532 Unallocated corporate and shared costs and credits (9,321 ) (13,463 ) (24,403 ) Net corporate interest expense (10,109 ) (9,062 ) (9,185 ) Stock option expense (1,742 ) (1,718 ) (621 ) Amortization of customer-relationship intangible assets (11,152 ) (10,982 ) (9,592 ) Goodwill and intangible asset impairment charges (1,056 ) (19,598 ) — Restructuring and special charges — (12,084 ) (9,490 ) Loss on disposition of business line (20,270 ) — — Income before income taxes $ 44,131 $ 42,262 $ 63,241 The Company's reportable segments' total assets reconciled to consolidated total assets of the Company at December 31, 2018 and 2017 are presented in the following table: December 31, 2018 2017 (In thousands) Assets of reportable segments $ 421,321 $ 476,980 Corporate assets: Cash and cash equivalents 53,119 54,011 Income taxes receivable 4,084 7,987 Prepaid expenses and other current assets 24,237 25,452 Net property and equipment 34,303 41,664 Capitalized software costs, net 72,210 89,824 Deferred income tax assets 22,146 24,359 Other noncurrent assets 70,022 67,659 Total corporate assets 280,121 310,956 Total assets $ 701,442 $ 787,936 Revenues and long-lived assets for the U.S., U.K. and Canada are set out below as these countries are material for geographical area disclosure. For the purposes of these geographic area disclosures, long-lived assets consists of the net property and equipment and capitalized software costs, net line items on the Company's Consolidated Balance Sheets and excludes intangible assets, including goodwill. U.S. U.K. Canada All Other International Total Company (In thousands) 2018 Revenues before reimbursements $ 615,687 $ 131,651 $ 121,076 $ 202,557 $ 1,070,971 Long-lived assets 88,157 7,631 7,553 3,172 106,513 2017 Revenues before reimbursements 653,693 139,338 110,962 201,839 1,105,832 Long-lived assets 111,688 7,747 8,771 3,282 131,488 2016 Revenues before reimbursements 629,385 172,673 106,696 200,532 1,109,286 Long-lived assets 92,565 8,480 5,652 3,868 110,565 |
Client Funds
Client Funds | 12 Months Ended |
Dec. 31, 2018 | |
Client Funds [Abstract] | |
Client Funds | Client Funds The Company maintains funds in custodial accounts at financial institutions to administer claims for certain clients. These funds are not available for the Company's general operating activities and, as such, have not been recorded in the accompanying Consolidated Balance Sheets. The amount of these funds totaled $464,524,000 and $480,026,000 at December 31, 2018 and 2017 , respectively. In addition, the Garden City Group service line which was disposed on June 15, 2018 , in the Crawford Specialty Solutions segment administered funds in noncustodial accounts at financial institutions that totaled $542,635,000 at December 31 , 2017 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As part of the Company's Credit Facility, the Company maintains a letter of credit facility to satisfy certain of its own contractual requirements. At December 31, 2018 , the aggregate committed amount of letters of credit outstanding under the facility was $11,729,000 . From time to time, the Company enters into certain agreements for the purchase or sale of assets or businesses that contain provisions that may require the Company to make additional payments in the future depending upon the achievement of specified operating results of the acquired company, or provide the Company with an option or similar right to purchase additional assets. As a result of the acquisition of WeGoLook, the Company has an option, beginning on January 1, 2022 and expiring on December 31, 2023, to acquire the remaining 15% outstanding membership interest of WeGoLook. In the event the Company does not exercise the option, beginning on January 1, 2024, the minority members shall have the right to require the Company to acquire the minority members’ interest on or before December 31, 2024. In addition, at the time of the exercise of the option or the put, the minority members may be entitled to additional consideration depending on whether certain financial targets of WeGoLook are achieved between closing and December 31, 2021. In the normal course of its business, the Company is sometimes named as a defendant or responsible party in suits or other actions by insureds or claimants contesting decisions made by the Company or its clients with respect to the settlement of claims. Additionally, certain clients of the Company have in the past brought, and may, in the future bring, claims for indemnification on the basis of alleged actions by the Company, its agents, or its employees in rendering services to clients. The majority of these claims are of the type covered by insurance maintained by the Company. However, the Company is responsible for the deductibles and self-insured retentions under various insurance coverages. In the opinion of Company management, adequate provisions have been made for such known and foreseeable risks. The Company is subject to numerous federal, state, and foreign labor, employment, worker health and safety, antitrust and competition, environmental and consumer protection, import/export, anti-corruption, and other laws. From time to time the Company faces claims and investigations by employees, former employees, and governmental entities under such laws or employment contracts with such employees or former employees. Such claims, investigations, and any litigation involving the Company could divert management's time and attention from the Company's business operations and could potentially result in substantial costs of defense, settlement or other disposition, which could have a material adverse effect on the Company's results of operations, financial position, and cash flows. In the opinion of Company management, adequate provisions have been made for any items that are probable and reasonably estimable. The Company is engaged in arbitration with three former executives of the Garden City Group in which the former executives claim that they are entitled to additional payments associated with their departure from the Garden City Group on December 31, 2015. The Company does not believe that any additional amounts are due to the former executives and strongly refutes the allegations. The Company has not made any provision for the claims of the former executives, which were filed in New York, New York in September 2018. |
Restructuring and Special Charg
Restructuring and Special Charges | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Special Charges | Restructuring and Special Charges There were no restructuring and special charges in 2018 . Total restructuring and special charges were $12,084,000 and $9,490,000 during the years ended December 31 , 2017 , and 2016 , respectively. Restructuring charges for the years ended December 31, 2017 and 2016 of $12,084,000 and $8,565,000 were recorded related to the establishment and phase in of the Company's Global Business Services Center in the Philippines and Global Technology Services Center in India (the "Centers"), restructuring and integration costs related to reductions of administrative costs and consolidation of management layers in certain operations, and other restructuring charges for asset impairments and lease termination costs. The following table shows the costs incurred by type of restructuring activity: Year Ended December 31, 2018 2017 2016 (In thousands) Implementation and phase-in of the Centers $ — $ 445 $ 3,741 Restructuring and integration costs — 10,119 2,975 Asset impairments and lease termination costs — 1,520 1,849 Total restructuring charges $ — $ 12,084 $ 8,565 Costs associated with the Centers were primarily for severance costs and professional fees. Restructuring and integration costs were predominantly comprised of severance costs, lease costs, and to a lesser extent professional fees and other costs. Asset impairments, including costs incurred for obsolete software, relate to decisions to close certain operations, and lease termination costs related to the exiting of certain leased facilities. As of December 31, 2018 , the following liabilities remained on the Company's Consolidated Balance Sheets related to restructuring charges recorded in 2016 and 2017 . The rollforwards of these costs to December 31, 2018 were as follows: Restructuring Charges Deferred rent Accrued compensation and related costs Accounts payable Other accrued liabilities Total Balance at December 31, 2015 $ 3,571 $ 7,006 $ 1,066 $ 3,257 $ 14,900 Additions 1,526 2,995 3,611 433 8,565 Adjustments to accruals (1,112 ) — (136 ) — (1,248 ) Cash payments (919 ) (8,476 ) (3,924 ) (1,741 ) (15,060 ) Balance at December 31, 2016 3,066 1,525 617 1,949 7,157 Additions 1,277 10,299 195 313 12,084 Adjustments to accruals (1,497 ) — — 977 (520 ) Cash payments — (7,042 ) (812 ) (1,454 ) (9,308 ) Balance at December 31, 2017 2,846 4,782 — 1,785 9,413 Additions — — — — — Adjustments to accruals (1,544 ) — — (643 ) (2,187 ) Cash payments — (4,305 ) — (656 ) (4,961 ) Balance at December 31, 2018 $ 1,302 $ 477 $ — $ 486 $ 2,265 The Company recorded no special charges for the years ended December 31, 2018 and 2017 . For the year ended December 31, 2016 , the Company recorded special charges of $925,000 which consisted of legal and professional fees. As of December 31, 2018 , all special charges had been paid. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 22, 2019 , the Company entered into Stock Purchase Agreements to repurchase an aggregate of 421,427 shares of CRD-A and 1,376,889 shares of CRD-B. Pursuant to the Purchase Agreements, the Company paid a purchase price of $9.10 per share, for an aggregate purchase price of $ 16,364,676 plus commission. As the Company's Board of Directors separately authorized this repurchase, the authorized shares remaining under the 2017 Repurchase Authorization, as referenced in Note 10, "Common Stock and Earnings per Share", will not be impacted. |
Significant Accounting and Re_2
Significant Accounting and Reporting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements were prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") and include the accounts of the Company, its majority-owned subsidiaries, and variable interest entities in which the Company is deemed to be the primary beneficiary. Significant intercompany transactions are eliminated in consolidation. Financial results from the Company's operations outside of the U.S., Canada, the Caribbean, and certain subsidiaries in the Philippines, are reported and consolidated on a two-month delayed basis in accordance with the provisions of Accounting Standards Codification ("ASC") 810, "Consolidation," in order to provide sufficient time for accumulation of their results. Accordingly, the Company's December 31, 2018 , 2017 , and 2016 consolidated financial statements include the financial position of such operations as of October 31, 2018 and 2017 , respectively, and the results of their operations and cash flows for the fiscal periods ended October 31, 2018 , 2017 , and 2016 , respectively. The Company has controlling ownership interests in several entities that are not wholly-owned by the Company. The financial results and financial positions of these controlled entities are included in the Company's consolidated financial statements, including the controlling interests, noncontrolling interests, and redeemable noncontrolling interests. The noncontrolling interests and redeemable noncontrolling interests represent the equity interests in these entities that are not attributable, either directly or indirectly, to the Company. On the Company's Consolidated Statements of Operations, net income or loss is separately attributed to the controlling interests and noncontrolling interests and redeemable noncontrolling interests. Noncontrolling interests represent the minority shareholders' share of the net income or loss and shareholders' investment in consolidated subsidiaries. Noncontrolling interests are presented as a component of shareholders' investment in the Consolidated Balance Sheets and reflect the initial fair value of these investments by noncontrolling shareholders, along with their proportionate share of the income or loss of the subsidiaries, less any dividends or distributions. Noncontrolling interests that are redeemable at the option of the holder are presented outside of shareholders' investment as "Redeemable Noncontrolling Interests" and are carried at either their initial fair value plus any profits or losses or estimated redemption value if an adjustment is required. The Company consolidates the results of a variable interest entity ("VIE") when it is determined to be the primary beneficiary. In accordance with GAAP, in determining whether the Company is the primary beneficiary of a VIE for financial reporting purposes, it considers whether it has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether it has the obligation to absorb losses or the right to receive returns that would be significant to the VIE. |
Prior Year Reclassifications | Prior Year Reclassifications The prior year presentation of certain segment information has been reclassified to conform to the current year presentation. |
Management's Use of Estimates | Management's Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. |
Revenue Recognition | Revenue Recognition Revenues are recognized when control of the promised services are transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues are recognized net of any sales, use or value added taxes collected from customers, which are subsequently remitted to governmental authorities. As the Company completes its performance obligations, it has an unconditional right to consideration as outlined in the Company's contracts. The Company's Crawford Claims Solutions segment generates revenue for claims management services provided to insurance companies and self-insured entities related to property, casualty and catastrophe losses caused by physical damage to commercial and residential real property and personal property. The Company's Crawford TPA Solutions: Broadspire segment is a third party administrator that generates revenue through its Claims Management and Medical Management service lines. The Company's Crawford Specialty Solutions segment principally generates revenues through its Global Technical Services and Contractor Connection service lines as well as its former Garden City Group service line prior to the date of its disposition. The Global Technical Services service line generates revenues for claims management services provided to insurance companies and self-insured entities related to large, complex losses with technical adjusting and industry experts. The Contractor Connection service line generates revenue through its independently managed contractor network, with approximately 6,000 credentialed residential and commercial contractors. Prior to its disposition, the Garden City Group service line generated revenues by performing legal settlement administration services on behalf of law firms, corporations, government agencies, and courts. See Note 2, “Revenue Recognition” for further discussion on the Company’s revenue recognition policies. Intersegment sales are recorded at cost and are not material. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. The fair value of cash and cash equivalents approximates book value due to their short-term nature. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts The Company extends credit based on an evaluation of a client's financial condition and, generally, collateral is not required. Accounts receivable are typically due upon receipt of the invoice and are stated on the Company's Consolidated Balance Sheets at amounts due from clients net of an estimated allowance for doubtful accounts. Accounts outstanding longer than the contractual payment terms are considered past due. The fair value of accounts receivable approximates book value due to their short-term contractual stipulations. The Company maintains an allowance for doubtful accounts for estimated losses resulting primarily from the inability of clients to make required payments. Such losses are accounted for as bad debt expense, while adjustments to invoices are accounted for as reductions to revenue. These allowances are established using historical write-off or adjustment information to project future experience and by considering the current creditworthiness of clients, any known specific collection problems, and an assessment of current industry and economic conditions. Actual experience may differ significantly from historical or expected loss results. The Company writes off accounts receivable when they become uncollectible, and any payments subsequently received are accounted for as recoveries. |
Goodwill, Indefinite-Lived Intangible Assets, and Other Long-Lived Assets | Goodwill, Indefinite-Lived Intangible Assets, and Other Long-Lived Assets Goodwill is an asset that represents the excess of the purchase price over the fair value of the separately identifiable net assets (tangible and intangible) acquired in certain business combinations. Indefinite-lived intangible assets consist of trade names associated with acquired businesses. Goodwill and indefinite-lived intangible assets are not amortized, but are subject to impairment testing at least annually. Other long-lived assets consist primarily of property and equipment, deferred income tax assets, capitalized software, and amortizable intangible assets related to customer relationships, technology, and trade names with finite lives. Other long-lived assets are evaluated for impairment when impairment indicators are identified. Subsequent to a business acquisition in which goodwill and indefinite-lived intangibles are recorded as assets, post-acquisition accounting requires that both be tested to determine whether there has been an impairment. The Company performs an impairment test of goodwill and indefinite-lived intangible assets at least annually on October 1 of each year. The Company regularly evaluates whether events and circumstances have occurred which indicate potential impairment of goodwill or indefinite-lived intangible assets. When factors indicate that such assets should be evaluated for possible impairment between the scheduled annual impairment tests, the Company performs an interim impairment test. Goodwill impairment testing is performed on a reporting unit basis. If the fair value of the reporting unit exceeds its carrying value, including goodwill, goodwill is considered not impaired. If the carrying value of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The loss recognized cannot subsequently be reversed. The Company currently has four reporting units for goodwill impairment purposes. These reporting units are the Crawford Claims Solutions and Crawford TPA Solutions: Broadspire operating segments and the Global Technical Services and Contractor Connection service lines. The Garden City Group was also a reporting unit before its disposal in the second quarter of 2018. The carrying value of the reporting unit, including goodwill, is compared with the estimated fair value of the reporting unit as determined utilizing a combination of the income and market approaches. The income approach, which is a level 3 fair value measurement, is based on projected debt-free cash flow which is discounted to the present value using discount factors that consider the timing and risk of the cash flows. The market approach is based on the Guideline Public Company Method , which uses market pricing metrics to select multiples to value the Company's reporting units. The resulting estimated fair values of the combined reporting units are reconciled to the Company's market capitalization including an estimated implied control premium. The Company believes that the combination of these approaches is appropriate because it provides a fair value estimate based upon the combination of the reporting unit's expected long-term operating cash flow performance and multiples with which similar publicly traded companies are valued. The Company weights the income and market approaches equally. During 2018, the Company performed the goodwill impairment testing on all reporting units. The estimated fair value of the Company's Crawford TPA Solutions: Broadspire, Global Technical Services and Contractor Connection reporting units exceed their carrying value by a significant margin. The estimated fair value of its Crawford Claims Solutions reporting unit exceeds its carrying value but by a lesser margin. The Crawford Claims Solutions reporting unit has $35.1 million of goodwill allocated to the reporting unit. An increase in the discount rate of over 175 basis points could potentially trigger an impairment in our Crawford Claims Solutions reporting unit goodwill. The Company intends to continue to monitor the performance of its reporting units for potential indicators of impairment. If impairment indicators exist, the Company will perform an interim goodwill impairment analysis. The key assumptions used in estimating the fair value of our reporting units utilizing the income approach include the discount rate and the terminal growth rate. The discount rates utilized in estimating the fair value of our reporting units in 2018 range between 13.0% and 16.0% , reflecting the Company's assessment of a market participant's view of the risks associated with the projected cash flows. The terminal growth rate used in the analysis was 2.0% . The assumptions used in estimating the fair values are based on currently available data and management's best estimates of revenues and cash flows and, accordingly, a change in market conditions or other factors could have a material effect on the estimated values. There are inherent uncertainties related to the assumptions used and to management's application of these assumptions. If changes to the Company's reporting structure impact the composition of its reporting units, existing goodwill is reallocated to the revised reporting units based on their relative estimated fair values as determined by a combination of the income and market approaches. If all of the assets and liabilities of an acquired business are assigned to a specific reporting unit, the goodwill associated with that acquisition is assigned to that reporting unit at acquisition unless another reporting unit is also expected to benefit from the acquisition. For impairment testing of indefinite-lived intangible assets, the book value is compared with the estimated fair value, which is estimated based on the present value of the after-tax cash flows attributable solely to the asset. If book value exceeds the estimated fair value, an impairment is recognized based on the excess. The fair values of the Company's trade names are established using the relief-from-royalty method, a form of the income approach. This method recognizes that, by virtue of owning the trade name as opposed to licensing it, a company or reporting unit is relieved from paying a royalty, usually expressed as a percentage of net sales, for the asset's use. The present value of the after-tax costs savings (i.e., royalty relief) at an appropriate discount rate including a tax amortization benefit indicates the value of the trade name. The Company determined the discount rate based on its performance compared to similar market participants, factored by risk in forecasting using a modified capital asset pricing model. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. The Company depreciates the cost of property and equipment, including assets recorded under capital leases, over the shorter of the remaining lease term or the estimated useful lives of the related assets, primarily using the straight-line method. The estimated useful lives for property and equipment classifications are as follows: Classification Estimated Useful Lives Furniture and fixtures 3-10 years Data processing equipment 3-5 years Automobiles and other 3-4 years Buildings and improvements 7-40 years |
Capitalized Software | Capitalized Software Capitalized software costs reflects costs related to internally developed or purchased software used by the Company that has expected future economic benefits. Certain internal and external costs incurred during the application development stage are capitalized. Costs incurred during the preliminary project and post implementation stages, including training and maintenance costs, are expensed as incurred. The majority of these capitalized software costs consist of internal payroll costs and external payments for software development, purchases and related services. These capitalized software costs are typically amortized over periods ranging from three to ten years, depending on the estimated life of each software application. |
Self-Insured Risks | Self-Insured Risks The Company self-insures certain risks consisting primarily of professional liability, auto liability, and employee medical, disability, and workers' compensation liability. Insurance coverage is obtained for catastrophic property and casualty exposures, including professional liability on a claims-made basis, and those risks required to be insured by law or contract. Most of these self-insured risks are in the U.S. Provisions for claims under the self-insured programs are made based on the Company's estimates of the aggregate liabilities for claims incurred, including estimated legal fees, losses that have occurred but have not been reported to the Company, and for adverse developments on reported losses. The estimated liabilities are calculated based on historical claims experience, the expected lives of the claims, and other factors considered relevant by management. Changes in these estimates may occur as additional information becomes available. The estimated liabilities for claims incurred under the Company's self-insured workers' compensation and employee disability programs are discounted at the prevailing risk-free interest rate for U.S. government securities of an appropriate duration. All other self-insured liabilities are undiscounted. |
Income Taxes | Income Taxes The Company accounts for certain income and expense items differently for financial reporting and income tax purposes. Provisions for deferred taxes are made in recognition of these temporary differences. The most significant differences relate to accrued compensation, pension plans, self-insurance, and depreciation and amortization. For financial reporting purposes, the provision for income taxes is the sum of income taxes both currently payable and payable on a deferred basis. Currently payable income taxes represent the liability related to the income tax returns for the current year, while the net deferred tax expense or benefit represents the change in the balance of deferred income tax assets or liabilities as reported on the Company's Consolidated Balance Sheets that are not related to balances in "Accumulated other comprehensive loss." The changes in deferred income tax assets and liabilities are determined based upon changes in the differences between the basis of assets and liabilities for financial reporting purposes and the basis of assets and liabilities for income tax purposes, measured by the enacted statutory tax rates in effect for the year in which the Company estimates these differences will reverse. The Company must estimate the timing of the reversal of temporary differences, as well as whether taxable income in future periods will be sufficient to fully recognize any gross deferred tax assets. A valuation allowance is provided when it is deemed more-likely-than-not that some portion or all of a deferred tax asset will not be realized. In 2017, the Company estimated the impact of the Tax Cuts and Jobs Act (the "Tax Act") incorporating assumptions made based upon its current interpretation of the Tax Act and included them in its consolidated financial statements for the year ended December 31, 2017. The SEC Staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. The Company recognized provisional tax impacts related to Transition Tax and revaluation of domestic deferred tax balances, and included those amounts in its consolidated financial statements for the year ended December 31, 2017. In the period ended December 31, 2018, the Company completed its accounting for the Tax Act in accordance with SAB 118. As a result, the Company recorded additional income tax expense of $3.6 million . This expense consisted of substantially all of the $7.0 million valuation allowance established against foreign tax credits and $0.1 million for the revaluation of deferred taxes, net of $3.5 million of Transition Tax release of uncertain tax positions and adjustments. The Company has completed the accounting for the Tax Act within the one year measurement period, as allowed under SAB 118. Other factors which influence the effective tax rate used for financial reporting purposes include changes in enacted statutory tax rates, changes in tax law or policy, changes in the composition of taxable income from the countries in which it operates, the Company's ability to utilize net operating loss and tax credit carryforwards, and changes in unrecognized tax benefits. |
Sales and Other Taxes | Sales and Other Taxes In certain jurisdictions, both in the U.S. and internationally, various governments and taxing authorities require the Company to assess and collect sales and other taxes, such as value added taxes, on certain services that the Company renders and bills to its customers. The majority of the Company's revenues are not currently subject to these types of taxes. These taxes are not recorded as additional revenues or expenses in the Company's Consolidated Statements of Operations, but are recorded on the Consolidated Balance Sheets as pass-through amounts until remitted. |
Foreign Currency | Foreign Currency Foreign currency transactions for the years ended December 31, 2018 , 2017 , and 2016 resulted in a net gain of $73,000 , and net losses of $685,000 and $339,000 respectively. For operations outside the U.S. that prepare financial statements in currencies other than the U.S. dollar, results of operations and cash flows are translated into U.S. dollars at average exchange rates during the period, and assets and liabilities are translated at end-of-period exchange rates. The resulting translation adjustments, on a net basis, are included in "Other Comprehensive Income" in the Company's Consolidated Statements of Comprehensive Income, and the accumulated translation adjustment is reported as a component of "Accumulated other comprehensive loss" in the Company's Consolidated Balance Sheets. |
Advertising Costs | Advertising Costs Advertising costs are expensed in the period in which the costs are incurred. |
Adoption and Pending Adoption of New Accounting Standards | Compensation-Stock Compensation: Scope of Stock Compensation Modification Accounting In May 2017, the FASB issued ASU 2017-9, "Compensation-Stock Compensation: Scope of Stock Compensation Modification Accounting." This ASU was issued to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation-Stock Compensation, to a change to the terms or conditions of a share-based payment award. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This update is effective for annual periods beginning after December 15, 2017, and interim periods thereafter. The Company adopted this ASU for the period ended March 31, 2018, with no material impact on its results of operations, financial condition and cash flows. Compensation-Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued ASU 2017-7, "Compensation-Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." This ASU requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. The amendments in this update also allow only the service cost component to be eligible for capitalization when applicable. The Company adopted this guidance retrospectively for the period ended March 31, 2018 with a resulting reclassification with the service cost component of net periodic pension cost and net periodic postretirement benefit cost continuing to be reported within cost of services provided, before reimbursements and selling, general, and administrative expenses on the Consolidated Statements of Operations based on where the compensation costs of the pertinent employees are presented and the other components being reclassified within Other Income. This entry resulted in a reclassification of the non-service components of net periodic pension costs of $ 2,590,000 and $ 179,000 of income for years ended December 31, 2018 and 2017, and expense of $ 6,563,000 for the year ended December 31, 2016 to "Other Income". Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued ASU 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory." This ASU was issued to improve the accounting for income tax consequences of intra-entity transfers of assets other than inventory. The initiative is designed to reduce the complexity in accounting standards. Under the amendment an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments in this update eliminate the exception for an intra-entity transfer of an asset other than inventory. The Company adopted this ASU for the period ended March 31, 2018, with no impact to its results of operations, financial condition and cash flows. Classification of Certain Cash Receipts and Cash Payments in the Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments." This ASU addresses diversity in cash flow reporting issues. The guidance specifically addresses issues concerning debt repayment costs, settlement of zero coupon debt instruments, contingent consideration payments made after a business combination, proceeds from insurance claims and corporate owned life insurance beneficial interests in securitization transactions, and distributions from equity method investees. The guidance also clarifies how the predominant principle should be applied when cash receipts and cash payments have more than one class of cash flows. The Company adopted this guidance for the period ended March 31, 2018, with no impact to the statement of cash flows. Earning Per Share-Distinguishing Liabilities from Equity-Derivatives and Hedging In July 2017, the FASB issued ASU 2017-11, "Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception." The ASU Part I changes the classification analysis of certain equity-linked financial instruments with down round features and the related disclosures. Part II of the amendments recharacterizes the indefinite deferral of certain provisions of Topic 480 and do not have an accounting effect. The Company elected to early adopt this ASU for the period ended December 31, 2018, with no impact on its results of operations, financial condition and cash flows. Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, "Targeted Improvements to Accounting for Hedging Activities." This ASU was issued to improve the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. Additionally, the amendments in this update simplify the application of the hedge accounting guidance. The Company elected to early adopt this ASU for the period ended March 31, 2018, with no impact on its results of operations, financial condition and cash flows. The Company is not currently a party to any derivative contracts. In October 2018, the FASB issued ASU 2018-16, "Derivatives and Hedging (Topic 815).” This update permits the Overnight Index Swap rate based on the Secured Overnight Financing rate as a U.S. benchmark interest rate. The update is effective for annual periods beginning after December 15, 2018 for public business entities that have already adopted the amendments in ASU 2017-12. Early adoption is permitted in any interim period upon issuance of this Update if an entity already has adopted ASU 2017-12. The Company elected to early adopt this ASU for the period ended December 31, 2018, with no impact on its results of operations, financial condition and cash flows. Pending Adoption of Recently Issued Accounting Standards Financial Accounting for Leases In February 2016, the FASB issued ASU 2016-02, "Financial Accounting for Leases." Under this update, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, this ASU will require both types of leases to be recognized on the balance sheet. This ASU will also require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. In July 2018, the FASB issued ASU 2018-11, "Targeted Improvements," which allows a transition option for entities to not apply the new lease standard in comparative periods presented in the financial statements in the year of adoption. The update also provides a practical expedient to allow lessors the option to combine lease and non-lease components. In December 2018, the FASB issued ASU 2018-20, “Leases (Topic 842),” which provides narrow-scope improvements for lessors. These updates are effective for annual periods beginning after December 15, 2018, and interim periods thereafter. Early adoption is permitted. The Company plans to elect the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification, lease term and initial direct costs as well as the practical expedient to choose not to separate nonlease components from lease components and instead account for each as a single lease component for all classes of its assets. The Company also plans to elect ASU 2018-11 and as a result will not adjust the comparative period financial information or make the new required lease disclosures for periods before the effective date. The Company has updated its inventory of real estate, equipment, and automobile leases for attributes required by these standards. While the Company is still assessing certain aspects of the adoption of these standards, including the determination of discount rates and tax accounting, the Company anticipates the adoption of these standards will result in operating lease-related assets and liabilities between $110 million and $130 million recorded on the Consolidated Balance Sheets as of January 1, 2019 and no material impact to the results of operations and cash flows. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." This update replaces the incurred loss methodology to record credit losses with a methodology that reflects the expected credit losses for financial assets not accounted for at fair value with gains and losses recognized through income. In November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses.” This update amends ASU 2016-13 to clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842. These amendments are effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the effect these amendments may have on its results of operations, financial condition and cash flows. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU 2018-02, " Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This update allows companies to reclassify stranded tax effects resulting from the 2017 Tax Cuts and Jobs Act (the Tax Act), from accumulated other comprehensive income to retained earnings. This update is effective for annual periods beginning after December 15, 2018, and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the effect this ASU will have on its Consolidated Balance Sheets and related disclosures. Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820).” This update amends the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, by removing and modifying certain disclosure requirements and adding others. This update removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements. This update requires the disclosure of the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. Further, this update clarifies that transfers into and out of Level 3 of the fair value hierarchy and purchases and issues of Level 3 assets and liabilities are required to be disclosed. These updates are effective for annual periods beginning after December 15, 2019, and interim periods thereafter. Early adoption is permitted and early adoption of any removed or modified disclosures upon issuance of this update is permitted while delaying adoption of the additional disclosures until the effective date. The Company is currently evaluating the effect this ASU will have on its Fair Value Measurements disclosure. Compensation-Retirement Benefits: Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, "Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20)." This update modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This update removes certain disclosure requirements including, but not limited to, the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and the amount and timing of plan assets expected to be returned to the employer. This update requires the disclosure of the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. This update also clarifies requirements for entities that provide aggregate disclosures for two or more plans. This update is effective for annual periods beginning after December 15, 2020, and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the effect this ASU will have on its Retirement Plans disclosure. Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract In August 2018, the FASB issued ASU 2018-15, "Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40).” This update aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. This update also requires the entity (customer) to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. Further, this update requires the presentation of the expense in the statement of income, the presentation of the costs on the statement of financial position and the classification of payments in the statement of cash flows related to capitalized implementation costs to be treated the same as the fees of the associated hosting arrangement. The update is effective for annual periods beginning after December 15, 2019, and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the effect this ASU will have on its results of operations, financial condition and cash flows. |
Operating Leases | The Company and its subsidiaries lease certain office space, computer equipment, and automobiles under operating leases. For office leases that contain scheduled rent increases or rent concessions, the Company recognizes monthly rent expense based on a calculated average monthly rent amount that considers the rent increases and rent concessions over the life of the lease term. Leasehold improvements of a capital nature that are made to leased office space under operating leases are amortized over the shorter of the term of the lease or the estimated useful life of the improvement. License and maintenance costs related to leased vehicles are paid by the Company and are expensed as incurred. |
Pension Plans | Pension expense is affected by the accounting policy used to determine the value of plan assets at the measurement date. The Company applies the expected return on plan assets using fair market value as of the annual measurement date. The fair market value method results in greater volatility to pension expense than the calculated value method. The amounts recognized in the Consolidated Balance Sheets reflect the fair value of the Company's long-term pension liabilities at the plan measurement date and the fair value of plan assets as of the balance sheet date. |
Comprehensive Income | Comprehensive income (loss) for the Company consists of the total of net income, foreign currency translation adjustments, and accrued pension and retiree medical liability adjustments. |
Fair Value Measurement, Policy | GAAP defines fair value as the price that would be received to sell an asset or to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. 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— Observable inputs that reflect quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1. The Company values assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, 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 and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. |
Significant Accounting and Re_3
Significant Accounting and Reporting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Allowance for doubtful accounts | A summary of the activities in the allowance for doubtful accounts for the years ended December 31, 2018 , 2017 , and 2016 is as follows: 2018 2017 2016 (In thousands) Allowance for doubtful accounts, January 1 $ 12,588 $ 14,499 $ 13,133 Add/ (Deduct): Provision for bad debt expense 2,709 1,554 2,654 Write-offs, net of recoveries (3,695 ) (4,045 ) 50 Currency translation and other changes (365 ) 580 (937 ) Adjustments for business dispositions (1,612 ) — (401 ) Allowance for doubtful accounts, December 31 $ 9,625 $ 12,588 $ 14,499 |
Property and equipment | The estimated useful lives for property and equipment classifications are as follows: Classification Estimated Useful Lives Furniture and fixtures 3-10 years Data processing equipment 3-5 years Automobiles and other 3-4 years Buildings and improvements 7-40 years Property and equipment, including assets under capital leases, consisted of the following at December 31, 2018 and 2017 : December 31, 2018 2017 (In thousands) Land $ 316 $ 343 Buildings and improvements 28,957 32,802 Furniture and fixtures 33,401 38,016 Data processing equipment 53,790 67,748 Automobiles 227 594 Total property and equipment 116,691 139,503 Less accumulated depreciation (82,388 ) (97,839 ) Net property and equipment $ 34,303 $ 41,664 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The cumulative effect of the changes made to the Company's Consolidated Balance Sheets as of January 1, 2018 are as follows: Transition Adjustments Adjusted Balances (in thousands) December 31, 2017* Crawford Claims Solutions Crawford Specialty Solutions January 1, 2018 Assets: Unbilled revenues, at estimated billable amounts $ 108,745 $ 1,150 $ — $ 109,895 Deferred income tax assets 24,359 (285 ) 77 24,151 Liabilities: Deferred revenues (current) 37,794 — 300 38,094 Shareholders' Investment: Retained earnings 269,686 865 (223 ) 270,328 * Derived from the audited Consolidated Balance Sheets |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Geographic Areas | The following table presents Crawford Specialty Solutions revenues before reimbursements disaggregated by service line and geography for the year ended December 31, 2018 . Year Ended December 31, 2018 (in thousands) U.S. U.K. Canada Australia Europe Rest of World Total Global Technical Services $ 40,453 $ 45,927 $ 25,065 $ 23,491 $ 21,717 $ 26,770 $ 183,423 Contractor Connection 73,886 8,133 8,037 1,170 5 — 91,231 Garden City Group 28,827 — 1,048 — — — 29,875 Total Crawford Specialty Solutions Revenues before Reimbursements $ 143,166 $ 54,060 $ 34,150 $ 24,661 $ 21,722 $ 26,770 $ 304,529 The following table presents TPA Solutions: Broadspire revenues before reimbursements disaggregated by service line and geography for the year ended December 31, 2018 . Year Ended December 31, 2018 (in thousands) U.S. U.K. Canada Europe Rest of World Total Claims Management Services $ 150,379 $ 12,651 $ 36,648 $ 32,789 $ 1,503 $ 233,970 Medical Management Services 171,365 — — — — 171,365 Total Crawford TPA Solutions: Broadspire Revenues before Reimbursements $ 321,744 $ 12,651 $ 36,648 $ 32,789 $ 1,503 $ 405,335 The following table presents Crawford Claims Solutions revenues before reimbursements disaggregated by geography for the year ended December 31, 2018 . The Company considers all Crawford Claims Solutions revenues to be derived from one service line. Year Ended December 31, 2018 (in thousands) U.S. U.K. Canada Australia Europe Rest of World Total Total Crawford Claims Solutions Revenues before Reimbursements $ 150,777 $ 64,940 $ 50,278 $ 44,666 $ 30,971 $ 19,475 $ 361,107 |
Customer Contract Liabilities | The table below presents the deferred revenues balance as of the transition date and the significant activity affecting deferred revenues during the year ended December 31, 2018 : (In Thousands) Customer Contract Liabilities: Deferred Revenue Balance at January 1, 2018 (transition date) $ 60,609 Annual additions 77,778 Revenue recognized from prior periods (29,888 ) Revenue recognized from current year additions (53,075 ) Disposal of business line (2,751 ) Balance as of December 31, 2018 (current and noncurrent) $ 52,673 |
Acquisitions and dispositions_2
Acquisitions and dispositions of Businesses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Loss on Disposition | The table below presents a computation of the loss on the disposition: (in thousands) Negotiated sales price $ 42,022 Working capital adjustment 614 Adjusted consideration received 42,636 Recognized amounts of identifiable assets and liabilities disposed of: (60,483 ) Transaction costs of the sale (991 ) Other costs arising from the sale (1,432 ) Pretax loss on disposition of business line $ (20,270 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The following table shows the changes in the carrying amount of goodwill for the years ended December 31, 2018 and 2017 : Crawford Claims Solutions Crawford TPA Solutions: Broadspire Crawford Specialty Solutions Total (In thousands) Balance at December 31, 2016: Goodwill $ 36,256 $ 167,971 $ 88,537 $ 292,764 Accumulated impairment losses (20,407 ) (159,424 ) (21,183 ) (201,014 ) Net goodwill 15,849 8,547 67,354 91,750 2017 Activity: Goodwill of acquired business 19,466 850 3,662 23,978 Impairment of goodwill — — (19,598 ) (19,598 ) Other activity (1) (209 ) (113 ) (282 ) (604 ) Foreign currency effects 481 260 649 1,390 Balance at December 31, 2017: Goodwill 55,994 168,968 92,566 317,528 Accumulated impairment losses (20,407 ) (159,424 ) (40,781 ) (220,612 ) Net goodwill 35,587 9,544 51,785 96,916 2018 Activity: Goodwill of acquired businesses — — 1,296 1,296 Goodwill of disposed business — — (19,598 ) (19,598 ) Accumulated Impairment Losses of Disposed Business — — 19,598 19,598 Foreign currency effects (441 ) (238 ) (643 ) (1,322 ) Balance at December 31, 2018: Goodwill 55,553 168,730 73,621 297,904 Accumulated impairment losses (20,407 ) (159,424 ) (21,183 ) (201,014 ) Net goodwill $ 35,146 $ 9,306 $ 52,438 $ 96,890 (1) "Other activity" relates to adjustments for deferred taxes and other liabilities acquired in connection with prior period business combinations. |
Schedule of finite-lived intangible assets | The following is a summary of finite-lived intangible assets acquired through business acquisitions as of December 31, 2018 and 2017 : Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted-Average Amortization Period (In thousands, except years) December 31, 2018: Customer relationships $ 126,061 $ (83,275 ) $ 42,786 4.8 years Technology-based 16,562 (8,104 ) 8,458 7.9 years Trade name 1,580 (1,580 ) — 0.0 years Other 5,475 (2,517 ) 2,958 2.2 years Total $ 149,678 $ (95,476 ) $ 54,202 7.6 years December 31, 2017: Customer relationships $ 127,076 $ (75,419 ) $ 51,657 6.0 years Technology-based 16,562 (7,039 ) 9,523 8.3 years Trade name 1,825 (1,825 ) — 0.0 years Other 5,265 (1,240 ) 4,025 3.2 years Total $ 150,728 $ (85,523 ) $ 65,205 8.8 years |
Schedule of finite-lived intangible assets, future amortization Expense | At December 31, 2018 , annual estimated aggregate amortization expense for intangible assets subject to amortization for the next five years is as follows: Annual Amortization Expense Year Ending December 31, (In thousands) 2019 $ 11,190 2020 10,631 2021 9,556 2022 3,884 2023 3,790 |
Schedule of indefinite-lived intangible assets | The following is a summary of indefinite-lived intangible assets at December 31, 2018 and 2017 : Gross Carrying Amount Accumulated Impairments Net Carrying Value (In thousands) December 31, 2018: Trade names $ 32,477 $ (1,656 ) $ 30,821 December 31, 2017: Trade names $ 32,542 $ (600 ) $ 31,942 |
Short-Term and Long-Term Debt_2
Short-Term and Long-Term Debt, Including Capital Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-term debt instruments | Long-term debt consisted of the following at December 31, 2018 and 2017 : December 31, 2018 2017 (In thousands) Credit Facility $ 190,316 $ 224,283 Capital lease obligations 94 1,389 Total long-term debt and capital leases 190,410 225,672 Less: portion of Credit Facility classified as short-term (23,195 ) (24,641 ) Less: current installments of capital leases (89 ) (571 ) Total long-term debt and capital leases, less current installments $ 167,126 $ 200,460 |
Schedule of maturities of long-term debt | Principal repayments of long-term debt, including current portions and capital leases, as of December 31, 2018 are expected to be as follows, assuming no prepayments or extensions beyond the stated maturity: Long-term Debt Capital Lease Obligations Total Year Ending December 31, (In thousands) 2019 $ 23,195 $ 89 $ 23,284 2020 — 3 3 2021 — 2 2 2022 167,121 — 167,121 Total $ 190,316 $ 94 $ 190,410 |
Commitments Under Operating L_2
Commitments Under Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases, Operating [Abstract] | |
Schedule of rent expense | Rental expenses, net of amortization of any incentives provided by lessors, for operating leases consisted of the following: Year Ended December 31, 2018 2017 2016 (In thousands) Office space $ 36,904 $ 40,927 $ 43,245 Automobiles 6,094 5,794 6,043 Computers and equipment 275 288 111 Total operating leases $ 43,273 $ 47,009 $ 49,399 |
Schedule of future minimum rental payments for operating leases | At December 31, 2018 , future minimum payments under non-cancelable operating leases with terms of more than 12 months were as follows: Year Ending December 31, (In thousands) 2019 $ 31,286 2020 27,973 2021 23,193 2022 14,282 2023 9,860 2024 and Thereafter 30,735 |
Future minimum sublease rentals | Under executed sublease arrangements at December 31, 2018 , the sublessors are obligated to pay the Company minimum sublease payments as follows: Year Ending December 31, (In thousands) 2019 $ 4,578 2020 4,507 2021 4,516 Total minimum sublease payments to be received $ 13,601 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of income (loss) before income taxes | Income before income taxes consisted of the following: Year Ended December 31, 2018 2017 2016 (In thousands) U.S. $ 4,634 $ 12,303 $ 33,051 Foreign 39,497 29,959 30,190 Income before income taxes $ 44,131 $ 42,262 $ 63,241 |
Schedule of provision for income taxes | The provision for income taxes consisted of the following: Year Ended December 31, 2018 2017 2016 (In thousands) Current: U.S. federal and state $ 1,065 $ 9,077 $ 5,196 Foreign 9,530 8,320 9,838 Deferred: U.S. federal and state 4,051 389 9,788 Foreign 3,896 (2,747 ) 743 Provision for income taxes $ 18,542 $ 15,039 $ 25,565 |
Schedule of effective income tax rate reconciliation | The provision for income taxes is reconciled to the federal statutory income tax rate of 21% in 2018, and 35% in 2017 and 2016, as follows: Year Ended December 31, 2018 2017 2016 (In thousands) Federal income taxes at statutory rate $ 9,267 $ 14,792 $ 22,134 State income taxes, net of federal benefit 2,685 1,349 2,280 Goodwill impairment — 428 — Foreign taxes 2,150 (3,226 ) 2,273 Change in valuation allowance 9,540 2,913 (2,196 ) Research and development credits (273 ) (448 ) (429 ) Foreign tax credits (429 ) (2,002 ) (865 ) Nondeductible meals and entertainment 782 1,222 1,111 US tax reform - revaluation of deferred taxes 102 (3,756 ) — US tax reform - transition tax, net of credits (3,496 ) 7,550 — Income tax planning (1,792 ) — — Benefit of international restructuring — (2,989 ) — Global intangible low-tax income, net of credits 454 — — Tax rate changes (392 ) (212 ) (71 ) Other (56 ) (582 ) 1,328 Provision for income taxes $ 18,542 $ 15,039 $ 25,565 |
Schedule of deferred tax assets | Deferred income taxes consisted of the following at December 31, 2018 and 2017 : 2018 2017 (In thousands) Accounts receivable allowance $ 1,534 $ 55 Accrued compensation 10,184 8,741 Accrued pension liabilities 13,496 12,482 Self-insured risks 4,933 5,831 Deferred revenues 5,868 6,793 Accrued rent 3,115 3,380 Interest 5,665 6,146 Tax credit carryforwards 14,404 18,490 Loss carryforwards 25,745 29,655 Other 1,230 1,913 Gross deferred income tax assets 86,174 93,486 Unbilled revenues 7,725 12,689 Depreciation and amortization 32,510 38,339 Other post-retirement benefits 78 116 Gross deferred income tax liabilities 40,313 51,144 Net deferred income tax assets before valuation allowance 45,861 42,342 Valuation allowance (25,864 ) (18,829 ) Net deferred income tax assets $ 19,997 $ 23,513 Amounts recognized in the Consolidated Balance Sheets consist of: Long-term deferred income tax assets included in "Deferred income tax assets" 22,146 24,359 Long-term deferred income tax liabilities included in "Other noncurrent liabilities" (2,149 ) (846 ) Net deferred income tax assets $ 19,997 $ 23,513 |
Summary of valuation allowance | Changes in the Company's deferred tax valuation allowance are recorded as adjustments to the provision for income taxes. An analysis of the Company's deferred tax asset valuation allowances is as follows for the years ended December 31, 2018 , 2017 , and 2016 . 2018 2017 2016 (In thousands) Balance, beginning of year $ 18,829 $ 14,498 $ 17,204 Other changes 7,035 4,331 (2,706 ) Balance, end of year $ 25,864 $ 18,829 $ 14,498 |
Summary of unrecognized income tax benefits | A reconciliation of the beginning and ending balance of unrecognized income tax benefits follows: (In thousands) Balance at December 31, 2015 $ 6,187 Additions for tax provisions related to the current year 159 Reductions for tax positions related to the current year (989 ) Additions for tax positions related to prior years 278 Lapses of applicable statutes of limitation (166 ) Balance at December 31, 2016 $ 5,469 Additions for tax provisions related to the current year 6,318 Reductions for tax positions related to prior years (41 ) Additions for tax positions related to prior years 823 Lapses of applicable statutes of limitation (1,232 ) Currency translation adjustment (40 ) Balance at December 31, 2017 $ 11,297 Additions for tax provisions related to the current year 54 Reductions for tax positions related to prior years (3,941 ) Currency translation adjustment (9 ) Balance at December 31, 2018 $ 7,401 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of benefit obligations in excess of fair value of plan assets | The majority of the Company's defined benefit pension plans have projected benefit obligations in excess of the fair value of plan assets. For these plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2018 and 2017 : December 31, 2018 2017 (In thousands) Projected benefit obligations $ 459,706 $ 515,343 Fair value of plans' assets 382,181 424,804 |
Schedule of fair value of plan assets in excess of benefit obligations | Certain of the Company's U.K. Plans have fair values of plan assets that exceed the projected benefit obligations. For these plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2018 and 2017 : December 31, 2018 2017 (In thousands) Projected benefit obligations $ 234,776 $ 249,397 Fair value of plans' assets 267,508 284,091 |
Schedule of accumulated benefit obligations in excess of fair value of plan assets | A reconciliation of the beginning and ending balances of the projected benefit obligations and the fair value of plans' assets for the Company's defined benefit pension plans as of the plans' most recent measurement dates is as follows: Year Ended December 31, 2018 2017 (In thousands) Projected Benefit Obligations: Beginning of measurement period $ 764,740 $ 764,567 Service cost 1,395 1,288 Interest cost 20,933 22,723 Employee contributions 59 82 Actuarial (gain) loss (24,277 ) 19,100 Plan settlements (1,014 ) (7,552 ) Plan amendments 1,542 — Benefits paid (58,592 ) (58,092 ) Foreign currency effects (10,304 ) 22,624 End of measurement period 694,482 764,740 Fair Value of Plans' Assets: Beginning of measurement period 708,895 677,458 Actual return on plans' assets (13,017 ) 57,245 Employer contributions 24,862 15,331 Employee contributions 59 82 Plan settlements (1,014 ) (7,552 ) Benefits paid (58,592 ) (58,092 ) Foreign currency effects (11,505 ) 24,423 End of measurement period 649,688 708,895 Unfunded Status $ (44,794 ) $ (55,845 ) |
Schedule of net funded status | The underfunded status of the Company's defined benefit pension plans recognized in the Consolidated Balance Sheets at December 31 consisted of: December 31, 2018 2017 (In thousands) U.S. Qualified Plan $ 72,484 $ 85,834 Other international plans 1,839 1,201 Subtotal, included in "Accrued pension liabilities" 74,323 87,035 U.K. prepaid pension asset included in "Other noncurrent assets" (32,732 ) (34,698 ) Unfunded status of nonqualified defined benefit deferred pension plans included in "Other accrued liabilities" 312 319 Unfunded status of nonqualified defined benefit pension plans included in "Other noncurrent liabilities" 2,891 3,189 Total unfunded status $ 44,794 $ 55,845 Accumulated other comprehensive loss, before income taxes $ (280,644 ) $ (268,059 ) |
Schedule of net unrecognized actuarial gain (loss) | The following tables set forth the 2018 and 2017 changes in accumulated other comprehensive loss for the Company's defined benefit retirement plans and post-retirement medical benefits plan on a combined basis: Defined Benefit Pension Plans Post-Retirement Medical Benefits Plan (In thousands) Net unrecognized actuarial (loss) gain, December 31, 2016 $ (280,030 ) $ 608 Amortization of net loss (gain) 11,727 (152 ) Net gain arising during the year 3,537 — Currency translation (3,749 ) — Net unrecognized actuarial (loss) gain, December 31, 2017 (268,515 ) 456 Amortization of net loss (gain) 10,914 (152 ) Net loss arising during the year (24,709 ) — Currency translation 1,362 — Net unrecognized actuarial (loss) gain, December 31, 2018 $ (280,948 ) $ 304 |
Schedule of net periodic benefit costs | Net periodic benefit cost related to all of the Company's defined benefit pension plans recognized in the Company's Consolidated Statements of Operations for the years ended December 31, 2018 , 2017 , and 2016 included the following components: Year Ended December 31, 2018 2017 2016 (In thousands) Service cost $ 1,395 $ 1,288 $ 1,218 Interest cost 20,933 22,723 30,129 Expected return on assets (34,267 ) (34,056 ) (36,406 ) Amortization of actuarial loss 10,744 11,154 12,840 Net periodic benefit (credit) cost $ (1,195 ) $ 1,109 $ 7,781 |
Schedule of expected benefit payments | Over the next ten years, the following benefit payments are expected to be required to be made from the Company's U.S. and U.K. defined benefit pension plans: Year Ending December 31, Expected Benefit Payments (In thousands) 2019 $ 43,607 2020 44,102 2021 44,373 2022 44,595 2023 44,663 2024-2028 220,848 |
Schedule of assumptions used | Certain assumptions used in computing the benefit obligations and net periodic benefit cost for the U.S. and U.K. defined benefit pension plans were as follows: U.S. Qualified Plan: 2018 2017 Discount rate used to compute benefit obligations 4.30 % 3.63 % Discount rate used to compute periodic benefit cost 3.63 % 4.15 % Expected long-term rates of return on plans' assets 6.20 % 6.30 % U.K. Defined Benefit Plans: 2018 2017 Discount rate used to compute benefit obligations 2.77 % 2.61 % Discount rate used to compute periodic benefit cost 2.61 % 2.65 % Expected long-term rates of return on plans' assets 3.98 % 4.23 % |
Schedule of allocation of plan assets | Asset allocations at the respective measurement dates, by asset category, for the Company's U.S. and U.K. qualified defined benefit pension plans were as follows: U.S. Qualified Plan U.K. Plans December 31, 2018 2017 2018 2017 Equity securities 21.8 % 27.8 % 18.0 % 24.8 % Fixed income securities 68.8 % 62.0 % 71.8 % 62.8 % Alternative strategies 7.3 % 3.9 % 9.0 % 10.9 % Cash, cash equivalents and short-term investment funds 2.1 % 6.3 % 1.2 % 1.5 % Total asset allocation 100.0 % 100.0 % 100.0 % 100.0 % |
Common Stock and Earnings (Lo_2
Common Stock and Earnings (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of earnings (loss) per share, basic | The computations of basic net income attributable to shareholders of Crawford & Company per common share were as follows: Year Ended December 31, 2018 2017 2016 CRD-A CRD-B CRD-A CRD-B CRD-A CRD-B (In thousands, except earnings (loss) per share) Earnings per share - basic: Numerator: Allocation of undistributed earnings $ 6,941 $ 5,509 $ 7,821 $ 6,144 $ 12,432 $ 9,969 Dividends paid 8,639 4,889 8,780 4,920 8,627 4,938 Net income available to common shareholders, basic 15,580 10,398 16,601 11,064 21,059 14,907 Denominator: Weighted-average common shares outstanding, basic 30,805 24,449 31,322 24,606 30,793 24,690 Earnings per share - basic $ 0.51 $ 0.43 $ 0.53 $ 0.45 $ 0.68 $ 0.60 |
Schedule of earnings (loss) per share, diluted | The computations of diluted net income attributable to shareholders of Crawford & Company per common share were as follows: Year Ended December 31, 2018 2017 2016 CRD-A CRD-B CRD-A CRD-B CRD-A CRD-B (In thousands, except earnings (loss) per share) Earnings per share - diluted: Numerator: Allocation of undistributed earnings $ 7,003 $ 5,447 $ 7,911 $ 6,053 $ 12,563 $ 9,838 Dividends paid 8,639 4,889 8,780 4,920 8,627 4,938 Net income available to common shareholders, diluted 15,642 10,336 16,691 10,973 21,190 14,776 Denominator: Weighted-average common shares outstanding, basic 30,805 24,449 31,322 24,606 30,793 24,690 Weighted-average effect of dilutive securities (1) 629 — 836 — 737 — Weighted-average number of shares outstanding, diluted 31,434 24,449 32,158 24,606 31,530 24,690 Earnings per share - diluted $ 0.50 $ 0.42 $ 0.52 $ 0.45 $ 0.67 $ 0.60 |
Schedule of antidilutive securities excluded from computation of earnings per share | Listed below are the shares excluded from the denominator in the above computation of diluted earnings per share for CRD-A because their inclusion would have been anti-dilutive: Year Ended December 31, 2018 2017 2016 (In thousands) Shares underlying stock options excluded due to the options' respective exercise prices being greater than the average stock price during the period 1,175 711 115 Performance stock grants excluded because performance conditions had not been met (1) 752 402 — (1) Compensation cost is recognized for these performance stock grants based on expected achievement rates; however no consideration is given for these performance stock grants when calculating earnings per share until the performance measurements are actually achieved. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | The changes in components of "Accumulated other comprehensive loss" ("AOCL"), net of taxes and noncontrolling interests, included in the Company's audited Consolidated Balance Sheets were as follows: Foreign currency translation adjustments Retirement liabilities AOCL attributable to shareholders of Crawford & Company (In thousands) Balance at December 31, 2016 $ (33,449 ) $ (178,324 ) $ (211,773 ) Other comprehensive income before reclassifications 7,129 — 7,129 Unrealized net gains arising during the year — 666 666 Amounts reclassified from accumulated other comprehensive income to net income (1) — 7,501 7,501 Net current period other comprehensive income 7,129 8,167 15,296 Balance at December 31, 2017 (26,320 ) (170,157 ) (196,477 ) Other comprehensive loss before reclassifications (10,032 ) — (10,032 ) Unrealized net losses arising during the year — (18,014 ) (18,014 ) Amounts reclassified from accumulated other comprehensive income to net income (1) — 8,076 8,076 Net current period other comprehensive loss (10,032 ) (9,938 ) (19,970 ) Balance at December 31, 2018 $ (36,352 ) $ (180,095 ) $ (216,447 ) (1) Retirement liabilities reclassified to net income are related to the amortization of actuarial losses and are included in "Selling, general, and administrative expenses" in the Company's Consolidated Statements of Operations. See Note 9, "Retirement Plans" for additional details. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
Summary of option activity | A summary of option activity as of December 31, 2018 , 2017 , and 2016 , and changes during each year, is presented below: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In thousands) Outstanding at December 31, 2015 518 $5.26 5.0 years $8 Granted 250 8.90 Exercised (164 ) 5.08 Forfeited or expired (115 ) 5.20 Outstanding at December 31, 2016 489 7.19 7.0 years 1,168 Granted 654 9.44 Exercised (70 ) 5.77 Forfeited or expired (186 ) 9.24 Outstanding at December 31, 2017 887 8.53 8.4 years 527 Granted 582 8.60 Exercised (21 ) 4.88 Forfeited or expired (154 ) 8.74 Outstanding at December 31, 2018 1,294 $8.60 8.1 years $667 Vested and Exercisable at December 31, 2018 425 $8.18 7.0 years $453 |
Schedule of weighted-average assumptions to estimate fair value of each option | The fair value of each option was estimated on the date of grant using the Black-Scholes-Merton option-pricing formula, with the following weighted average assumptions: 2018 2017 Expected dividend yield 3.50 % 4.00 % Expected volatility 42.67 % 43.62 % Risk-free interest rate 2.75 % 2.14 % Expected term of options 7 years 7 years |
Nonvested performance shares | A summary of the status of the Company's nonvested performance shares as of December 31, 2018 , 2017 , and 2016 , and changes during each year, is presented below: Shares Weighted-Average Grant-Date Fair Value Nonvested at December 31, 2015 1,316,186 $6.65 Granted 1,179,384 4.47 Vested (499,370 ) 5.28 Forfeited or unearned (1,189,319 ) 6.28 Nonvested at December 31, 2016 806,881 6.17 Granted 930,295 7.54 Vested (668,649 ) 5.38 Forfeited or unearned (184,185 ) 5.85 Nonvested at December 31, 2017 884,342 7.05 Granted 751,128 7.43 Vested (445,311 ) 5.98 Forfeited or unearned (201,322 ) 7.54 Nonvested at December 31, 2018 988,837 $8.07 |
Restricted shares | A summary of the status of the Company's restricted shares of CRD-A as of December 31, 2018 , 2017 , and 2016 and changes during each year, is presented below: Shares Weighted-Average Grant-Date Fair Value Nonvested at December 31, 2015 101,002 $5.01 Granted 133,871 6.54 Vested (160,536 ) 6.57 Forfeited or unearned (6,668 ) 8.90 Nonvested at December 31, 2016 67,669 7.56 Granted 210,875 9.26 Vested (166,325 ) 9.50 Forfeited or unearned — — Nonvested at December 31, 2017 112,219 7.89 Granted 112,502 7.81 Vested (131,260 ) 8.27 Forfeited or unearned (21,352 ) 8.43 Nonvested at December 31, 2018 72,109 $7.76 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value, assets and liabilities measured on recurring basis | The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy: December 31, 2018 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (In thousands) Assets: Money market funds (1) $ 10,354 $ — $ — $ 10,354 Liabilities: Contingent earnout liability (2) — — 360 360 December 31, 2017 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market funds (1) $ 10,156 $ — $ — $ 10,156 ____________________ (1) The fair values of the money market funds were based on recently quoted market prices and reported transactions in an active marketplace. Money market funds are included on the Company's Consolidated Balance Sheets in "Cash and cash equivalents." (2) The contingent earnout liability relates to a business acquired during 2018 by the Crawford Specialty Solutions operating segment. See Note 3, "Acquisitions and Disposition of Business Line" for further details. The fair value of the contingent earnout liability was estimated using internally-prepared revenue projections which is Level 3 data, with the maximum possible earnout of $665,000 . As such, the fair value is not expected to vary materially from the balance recorded. The fair value of the contingent earnout liabililty is included in "Other accrued liabilities" on the Company's Consolidated Balance Sheets, based upon the term of the contingent earnout agreement. |
Pension plan assets within fair value hierarchy | The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.S Qualified Plan at December 31, 2018 and 2017 : December 31, 2018 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Asset Category: Cash and cash equivalents $ 2,274 $ — $ — $ 2,274 $ 17,349 $ — $ — $ 17,349 Short-term investment funds — 5,005 — 5,005 — 7,175 — 7,175 Common Collective Equity funds: U.S. — 52,882 — 52,882 — 74,591 — 74,591 International — 22,747 — 22,747 — 33,343 — 33,343 Common Collective Fixed Income Funds and Fixed Income Securities: U.S. 38,719 183,152 — 221,871 19,663 206,008 — 225,671 International — 17,523 — 17,523 — 15,502 — 15,502 Alternative strategy funds — 8,915 16,488 25,403 — — 15,134 15,134 TOTAL $ 40,993 $ 290,224 $ 16,488 $ 347,705 $ 37,012 $ 336,619 $ 15,134 $ 388,765 The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.K. plans at December 31, 2018 and 2017 : December 31, 2018 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Asset Category: Cash and cash equivalents $ 3,156 $ — $ — $ 3,156 $ 4,303 $ — $ — $ 4,303 Common Collective Equity funds: U.S. — 38,307 — 38,307 — 55,607 — 55,607 International — 9,916 — 9,916 — 14,932 — 14,932 Common Collective Fixed Income Funds and Fixed Income Securities: Short-term Investment funds: — 160,609 — 160,609 — 141,663 — 141,663 Government securities — 31,531 — 31,531 — 36,797 — 36,797 Corporate bonds and debt securities — — — — — 88 — 88 Alternative strategy funds — 14,044 — 14,044 — 21,016 — 21,016 Real estate funds — — 9,945 9,945 — — 9,689 9,689 TOTAL $ 3,156 $ 254,407 $ 9,945 $ 267,508 $ 4,303 $ 270,103 $ 9,689 $ 284,095 |
Reconciliation of level 3 assets | The following table provides a reconciliation of the beginning and ending balance of Level 3 assets within the Company's U.K. pension plan during the years ended December 31, 2018 and 2017 : Real Estate Funds U.S U.K. (in thousands) Balance at December 31, 2016 $ — $ 9,315 Actual return on plan assets: Related to assets still held at the reporting date — 374 Purchases, sales and settlements—net 15,134 Balance at December 31, 2017 15,134 9,689 Actual return on plan assets: Related to assets still held at the reporting date 1,354 256 Purchases, sales and settlements—net — — Balance at December 31, 2018 $ 16,488 $ 9,945 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | Financial information as of and for the years ended December 31, 2018 , 2017 , and 2016 related to the Company's reportable segments is presented below. Crawford Claims Solutions Crawford TPA Solutions: Broadspire Crawford Specialty Solutions Total 2018 Revenues before reimbursements $ 361,107 $ 405,335 $ 304,529 $ 1,070,971 Segment operating earnings 9,836 36,909 51,036 97,781 Depreciation and amortization (1) 3,625 9,844 3,377 16,846 Assets (2) 163,899 92,007 165,415 421,321 2017 Revenues before reimbursements $ 365,074 $ 390,583 $ 350,175 $ 1,105,832 Segment operating earnings 17,527 38,224 53,418 109,169 Depreciation and amortization (1) 4,039 9,924 5,629 19,592 Assets (2) 174,559 91,101 211,320 476,980 2016 Revenues before reimbursements $ 341,555 $ 382,657 $ 385,074 $ 1,109,286 Segment operating earnings 14,371 36,520 65,641 116,532 Depreciation and amortization (1) 4,531 10,061 5,342 19,934 Assets (2) 128,752 89,862 215,441 434,055 ______________________ (1) Excludes amortization expense of finite-lived customer relationships and trade name intangible assets. (2) Consists of accounts receivable, less allowance for doubtful accounts, unbilled revenues, at estimated billable amounts, goodwill and intangible assets arising from business acquisitions, net. |
Reconciliation of capital expenditures from segments to consolidated | Capital expenditures for the years ended December 31, 2018 , 2017 , and 2016 are shown in the following table: Year Ended December 31, 2018 2017 2016 (In thousands) Crawford Claims Solutions $ 3,811 $ 1,155 $ 719 Crawford TPA Solutions: Broadspire 5,947 4,136 4,678 Crawford Specialty Solutions 2,148 11,689 2,823 Corporate 18,114 27,931 20,979 Total capital expenditures $ 30,020 $ 44,911 $ 29,199 |
Reconciliation of revenues from segments to consolidated | The total of the Company's reportable segments' revenues before reimbursements reconciled to total consolidated revenues for the years ended December 31, 2018 , 2017 , and 2016 was as follows: Year Ended December 31, 2018 2017 2016 (In thousands) Segments' revenues before reimbursements $ 1,070,971 $ 1,105,832 $ 1,109,286 Reimbursements 52,008 57,877 68,302 Total consolidated revenues $ 1,122,979 $ 1,163,709 $ 1,177,588 |
Reconciliation of segment operating earnings from segments to consolidated | The Company's reportable segments' total operating earnings reconciled to consolidated income before income taxes for the years ended December 31, 2018 , 2017 , and 2016 were as follows: Year Ended December 31, 2018 2017 2016 (In thousands) Operating earnings of all reportable segments $ 97,781 $ 109,169 $ 116,532 Unallocated corporate and shared costs and credits (9,321 ) (13,463 ) (24,403 ) Net corporate interest expense (10,109 ) (9,062 ) (9,185 ) Stock option expense (1,742 ) (1,718 ) (621 ) Amortization of customer-relationship intangible assets (11,152 ) (10,982 ) (9,592 ) Goodwill and intangible asset impairment charges (1,056 ) (19,598 ) — Restructuring and special charges — (12,084 ) (9,490 ) Loss on disposition of business line (20,270 ) — — Income before income taxes $ 44,131 $ 42,262 $ 63,241 |
Reconciliation of assets from segment to consolidated | The Company's reportable segments' total assets reconciled to consolidated total assets of the Company at December 31, 2018 and 2017 are presented in the following table: December 31, 2018 2017 (In thousands) Assets of reportable segments $ 421,321 $ 476,980 Corporate assets: Cash and cash equivalents 53,119 54,011 Income taxes receivable 4,084 7,987 Prepaid expenses and other current assets 24,237 25,452 Net property and equipment 34,303 41,664 Capitalized software costs, net 72,210 89,824 Deferred income tax assets 22,146 24,359 Other noncurrent assets 70,022 67,659 Total corporate assets 280,121 310,956 Total assets $ 701,442 $ 787,936 |
Schedule of disclosure on geographic areas, revenue and long-lived assets in individual foreign countries by country | Revenues and long-lived assets for the U.S., U.K. and Canada are set out below as these countries are material for geographical area disclosure. For the purposes of these geographic area disclosures, long-lived assets consists of the net property and equipment and capitalized software costs, net line items on the Company's Consolidated Balance Sheets and excludes intangible assets, including goodwill. U.S. U.K. Canada All Other International Total Company (In thousands) 2018 Revenues before reimbursements $ 615,687 $ 131,651 $ 121,076 $ 202,557 $ 1,070,971 Long-lived assets 88,157 7,631 7,553 3,172 106,513 2017 Revenues before reimbursements 653,693 139,338 110,962 201,839 1,105,832 Long-lived assets 111,688 7,747 8,771 3,282 131,488 2016 Revenues before reimbursements 629,385 172,673 106,696 200,532 1,109,286 Long-lived assets 92,565 8,480 5,652 3,868 110,565 |
Restructuring and Special Cha_2
Restructuring and Special Charges (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring and related costs | The following table shows the costs incurred by type of restructuring activity: Year Ended December 31, 2018 2017 2016 (In thousands) Implementation and phase-in of the Centers $ — $ 445 $ 3,741 Restructuring and integration costs — 10,119 2,975 Asset impairments and lease termination costs — 1,520 1,849 Total restructuring charges $ — $ 12,084 $ 8,565 As of December 31, 2018 , the following liabilities remained on the Company's Consolidated Balance Sheets related to restructuring charges recorded in 2016 and 2017 . The rollforwards of these costs to December 31, 2018 were as follows: Restructuring Charges Deferred rent Accrued compensation and related costs Accounts payable Other accrued liabilities Total Balance at December 31, 2015 $ 3,571 $ 7,006 $ 1,066 $ 3,257 $ 14,900 Additions 1,526 2,995 3,611 433 8,565 Adjustments to accruals (1,112 ) — (136 ) — (1,248 ) Cash payments (919 ) (8,476 ) (3,924 ) (1,741 ) (15,060 ) Balance at December 31, 2016 3,066 1,525 617 1,949 7,157 Additions 1,277 10,299 195 313 12,084 Adjustments to accruals (1,497 ) — — 977 (520 ) Cash payments — (7,042 ) (812 ) (1,454 ) (9,308 ) Balance at December 31, 2017 2,846 4,782 — 1,785 9,413 Additions — — — — — Adjustments to accruals (1,544 ) — — (643 ) (2,187 ) Cash payments — (4,305 ) — (656 ) (4,961 ) Balance at December 31, 2018 $ 1,302 $ 477 $ — $ 486 $ 2,265 |
Significant Accounting and Re_4
Significant Accounting and Reporting Policies - Narrative (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)countryclass_of_stocksegmentRate | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2018 | Jan. 01, 2018USD ($) | |
Variable Interest Entity [Line Items] | |||||
Number of countries in which entity operates (more than) | country | 70 | ||||
Number of classes of common stock | class_of_stock | 2 | ||||
Number of operating segments | segment | 3 | ||||
Goodwill | $ 96,890 | $ 96,916 | $ 91,750 | ||
Goodwill and intangible asset impairment charges | 19,598 | ||||
Property, plant and equipment, additions from capital leases | 0 | 760 | 242 | ||
Depreciation | 12,862 | 12,557 | 14,729 | ||
Amortization of intangible assets | 11,152 | 10,982 | 9,969 | ||
Self insurance reserve | 29,078 | 22,854 | |||
Self insurance reserve, current | 15,246 | 13,407 | |||
Change in tax rate, income tax expense | 3,600 | ||||
Valuation allowance, foreign | 7,000 | ||||
US tax reform - revaluation of deferred taxes | 102 | (3,756) | 0 | ||
US tax reform - transition tax, net of credits | (3,496) | 7,550 | 0 | ||
Foreign currency transaction gain (loss) | 73 | (685) | (339) | ||
Advertising expense | 3,572 | 7,091 | 3,382 | ||
Long-term deferred income tax assets included in Deferred income tax assets | 22,146 | 24,359 | $ 24,151 | ||
Revenue, remaining performance obligation, expected period of satisfaction | 30 days | ||||
Accounting Standard Update 2017-07 | |||||
Variable Interest Entity [Line Items] | |||||
Net periodic pension costs (income) expense | (2,590) | (179) | 6,563 | ||
Accounting Standards Update 2016-09 | |||||
Variable Interest Entity [Line Items] | |||||
Long-term deferred income tax assets included in Deferred income tax assets | 692 | ||||
Capitalized software | |||||
Variable Interest Entity [Line Items] | |||||
Amortization of intangible assets | 20,066 | 18,118 | 16,045 | ||
Outside the US | |||||
Variable Interest Entity [Line Items] | |||||
Time deposits, at carrying value | 1,554 | ||||
Primary beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Deferred compensation plan liabilities | 8,914 | 9,337 | |||
Deferred compensation plan assets | $ 16,402 | 16,538 | |||
Lloyd Warwick International | |||||
Variable Interest Entity [Line Items] | |||||
Variable interest entity, ownership percentage | 51.00% | ||||
Variable interest entity, maximum loss exposure | $ 10,000 | ||||
Class A Non-Voting | |||||
Variable Interest Entity [Line Items] | |||||
Approval rate to waive equal consideration rights | 75.00% | ||||
Minimum | |||||
Variable Interest Entity [Line Items] | |||||
Operating lease-related assets and liabilities | $ 110,000 | ||||
Minimum | Capitalized software | |||||
Variable Interest Entity [Line Items] | |||||
Finite-lived intangible assets, remaining amortization period | 3 years | ||||
Maximum | |||||
Variable Interest Entity [Line Items] | |||||
Operating lease-related assets and liabilities | $ 130,000 | ||||
Maximum | Capitalized software | |||||
Variable Interest Entity [Line Items] | |||||
Finite-lived intangible assets, remaining amortization period | 10 years | ||||
Crawford Claims Solutions | |||||
Variable Interest Entity [Line Items] | |||||
Goodwill | $ 35,146 | 35,587 | $ 15,849 | ||
Goodwill and intangible asset impairment charges | 0 | ||||
Fair value inputs, increase in discount rate causing impairment loss | Rate | 1.75% | ||||
Garden City Group | |||||
Variable Interest Entity [Line Items] | |||||
Goodwill and intangible asset impairment charges | $ 19,600 | ||||
U.S. Contractor Connection | |||||
Variable Interest Entity [Line Items] | |||||
Fair value inputs, increase in discount rate causing impairment loss | Rate | 1.25% | ||||
Discount rate | Minimum | |||||
Variable Interest Entity [Line Items] | |||||
Measurement input | 0.130 | ||||
Discount rate | Maximum | |||||
Variable Interest Entity [Line Items] | |||||
Measurement input | 0.160 | ||||
Terminal growth rate | |||||
Variable Interest Entity [Line Items] | |||||
Measurement input | 0.020 | ||||
Lloyd Warwick International | |||||
Variable Interest Entity [Line Items] | |||||
Asset carrying amount | $ 12,232 | 10,083 | |||
Liability carrying amount | 10,423 | 10,685 | |||
Lloyd Warwick International | Principal Owner [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Liability carrying amount | $ 6,934 | $ 8,580 |
Significant Accounting and Re_5
Significant Accounting and Reporting Policies - Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Allowance for doubtful accounts, January 1 | $ 12,588 | $ 14,499 | $ 13,133 |
Add/ (Deduct): | |||
Provision for bad debt expense | 2,709 | 1,554 | 2,654 |
Write-offs, net of recoveries | (3,695) | (4,045) | 50 |
Currency translation and other changes | (365) | 580 | (937) |
Adjustments for business dispositions | (1,612) | 0 | (401) |
Adjustments for business dispositions | $ 9,625 | $ 12,588 | $ 14,499 |
Significant Accounting and Re_6
Significant Accounting and Reporting Policies - Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 116,691 | $ 139,503 |
Less accumulated depreciation | (82,388) | (97,839) |
Net Property and Equipment | 34,303 | 41,664 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 316 | 343 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 28,957 | 32,802 |
Buildings and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, useful life | 7 years | |
Buildings and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, useful life | 40 years | |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 33,401 | 38,016 |
Furniture and fixtures | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, useful life | 3 years | |
Furniture and fixtures | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, useful life | 10 years | |
Data processing equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 53,790 | 67,748 |
Data processing equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, useful life | 3 years | |
Data processing equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, useful life | 5 years | |
Automobiles | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 227 | $ 594 |
Automobiles | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, useful life | 3 years | |
Automobiles | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, useful life | 4 years |
Significant Accounting and Re_7
Significant Accounting and Reporting Policies - New Accounting Standards (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Unbilled revenues, at estimated billable amounts | $ 108,291 | $ 109,895 | $ 108,745 |
Deferred income tax assets | 22,146 | 24,151 | 24,359 |
Deferred revenues (current) | 30,961 | 38,094 | 37,794 |
Retained earnings | $ 273,607 | 270,328 | 269,686 |
Calculated under Revenue Guidance in Effect before Topic 606 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Unbilled revenues, at estimated billable amounts | 108,745 | ||
Deferred income tax assets | 24,359 | ||
Deferred revenues (current) | 37,794 | ||
Retained earnings | $ 269,686 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 | Crawford Claims Solutions | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Unbilled revenues, at estimated billable amounts | 1,150 | ||
Deferred income tax assets | (285) | ||
Deferred revenues (current) | 0 | ||
Retained earnings | 865 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 | Crawford Specialty Solutions | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Unbilled revenues, at estimated billable amounts | 0 | ||
Deferred income tax assets | 77 | ||
Deferred revenues (current) | 300 | ||
Retained earnings | $ (223) |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Accounts receivable, days sales outstanding | 2 months |
Billing after contract completion, years | 1 year |
Revenue, remaining performance obligation | $ 93.4 |
Performance obligations to be recognized as revenues within one year, percent | 70.00% |
Revenue from contracts with customers, practical expedient, consideration adjustment period | 1 year |
Minimum | Crawford TPA Solutions: Broadspire | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Revenue from contracts with customers, performance obligation term | 1 year |
Maximum | Crawford TPA Solutions: Broadspire | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Revenue from contracts with customers, performance obligation term | 2 years |
Claims Management Services | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Percentage of closed cases | 99.00% |
Revenue from contracts with customers, duration, average time to close case from time of referral | 5 years |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation Of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,122,979 | $ 1,163,709 | $ 1,177,588 |
Subtotal U.S. Claims Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 361,107 | ||
Subtotal U.S. Claims Services | U.S. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 150,777 | ||
Subtotal U.S. Claims Services | U.K. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 64,940 | ||
Subtotal U.S. Claims Services | Canada | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 50,278 | ||
Subtotal U.S. Claims Services | Australia | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 44,666 | ||
Subtotal U.S. Claims Services | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 30,971 | ||
Subtotal U.S. Claims Services | Rest of World | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 19,475 | ||
Crawford TPA Solutions: Broadspire | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 405,335 | ||
Crawford TPA Solutions: Broadspire | U.S. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 321,744 | ||
Crawford TPA Solutions: Broadspire | U.K. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 12,651 | ||
Crawford TPA Solutions: Broadspire | Canada | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 36,648 | ||
Crawford TPA Solutions: Broadspire | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 32,789 | ||
Crawford TPA Solutions: Broadspire | Rest of World | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,503 | ||
Crawford TPA Solutions: Broadspire | Claims Management Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 233,970 | ||
Crawford TPA Solutions: Broadspire | Claims Management Services | U.S. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 150,379 | ||
Crawford TPA Solutions: Broadspire | Claims Management Services | U.K. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 12,651 | ||
Crawford TPA Solutions: Broadspire | Claims Management Services | Canada | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 36,648 | ||
Crawford TPA Solutions: Broadspire | Claims Management Services | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 32,789 | ||
Crawford TPA Solutions: Broadspire | Claims Management Services | Rest of World | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,503 | ||
Crawford TPA Solutions: Broadspire | Medical Management Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 171,365 | ||
Crawford TPA Solutions: Broadspire | Medical Management Services | U.S. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 171,365 | ||
Crawford TPA Solutions: Broadspire | Medical Management Services | U.K. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Crawford TPA Solutions: Broadspire | Medical Management Services | Canada | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Crawford TPA Solutions: Broadspire | Medical Management Services | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Crawford TPA Solutions: Broadspire | Medical Management Services | Rest of World | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Crawford Specialty Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 304,529 | ||
Crawford Specialty Solutions | U.S. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 143,166 | ||
Crawford Specialty Solutions | U.K. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 54,060 | ||
Crawford Specialty Solutions | Canada | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 34,150 | ||
Crawford Specialty Solutions | Australia | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 24,661 | ||
Crawford Specialty Solutions | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 21,722 | ||
Crawford Specialty Solutions | Rest of World | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 26,770 | ||
Crawford Specialty Solutions | U.S. Technical Services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 183,423 | ||
Crawford Specialty Solutions | U.S. Technical Services | U.S. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 40,453 | ||
Crawford Specialty Solutions | U.S. Technical Services | U.K. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 45,927 | ||
Crawford Specialty Solutions | U.S. Technical Services | Canada | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 25,065 | ||
Crawford Specialty Solutions | U.S. Technical Services | Australia | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 23,491 | ||
Crawford Specialty Solutions | U.S. Technical Services | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 21,717 | ||
Crawford Specialty Solutions | U.S. Technical Services | Rest of World | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 26,770 | ||
Crawford Specialty Solutions | Contractor Connection | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 91,231 | ||
Crawford Specialty Solutions | Contractor Connection | U.S. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 73,886 | ||
Crawford Specialty Solutions | Contractor Connection | U.K. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 8,133 | ||
Crawford Specialty Solutions | Contractor Connection | Canada | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 8,037 | ||
Crawford Specialty Solutions | Contractor Connection | Australia | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,170 | ||
Crawford Specialty Solutions | Contractor Connection | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 5 | ||
Crawford Specialty Solutions | Contractor Connection | Rest of World | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Crawford Specialty Solutions | Garden City Group | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 29,875 | ||
Crawford Specialty Solutions | Garden City Group | U.S. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 28,827 | ||
Crawford Specialty Solutions | Garden City Group | U.K. | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Crawford Specialty Solutions | Garden City Group | Canada | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,048 | ||
Crawford Specialty Solutions | Garden City Group | Australia | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Crawford Specialty Solutions | Garden City Group | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 0 | ||
Crawford Specialty Solutions | Garden City Group | Rest of World | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 0 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule Of Customer Contract Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Customer Contract Liabilities | |
Beginning balance (current and noncurrent) | $ 60,609 |
Quarterly additions | 77,778 |
Revenue recognized from the prior periods | (29,888) |
Revenue recognized from current quarter additions | (53,075) |
Disposal of business line | (2,751) |
Ending balance (current and noncurrent) | $ 52,673 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions of Businesses (Details) $ in Thousands | Dec. 31, 2018USD ($) | Jun. 15, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($)business | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 96,890 | $ 96,890 | $ 96,890 | $ 96,890 | $ 96,916 | $ 91,750 | |
Proceeds from sale of business | $ 39,187 | 0 | $ 0 | ||||
Global Technical Services businesses | |||||||
Business Acquisition [Line Items] | |||||||
Number of businesses acquired | business | 2 | ||||||
Business combinations, total consideration | $ 3,400 | ||||||
Payments to acquire businesses, gross | 2,500 | ||||||
Cash and cash equivalents acquired | 134 | 134 | 134 | 134 | |||
Cash to be paid in one year | 348 | 348 | 348 | 348 | |||
Contingent consideration | 377 | 377 | 377 | 377 | |||
Business combination, net tangible assets | 462 | 462 | 462 | 462 | |||
Business combination, definite-lived intangible assets | 1,094 | 1,094 | 1,094 | 1,094 | |||
Goodwill | 1,296 | 1,296 | 1,296 | 1,296 | |||
Business combination, deferred taxes | 202 | 202 | 202 | 202 | |||
Garden City Group | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from sale of business | $ 614 | $ 42,022 | 42,636 | ||||
Disposal group, assets at time of sale | 70,630 | ||||||
Disposal group, liabilities at time of sale | $ 10,147 | ||||||
Gain (loss) on sale of business | $ 1,274 | $ 20,270 | |||||
Disposal group, pre-tax losses prior to sale | $ 3,932 | $ 4,582 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Goodwill | $ 317,528 | $ 292,764 |
Accumulated impairment losses | (220,612) | (201,014) |
Net goodwill | 96,916 | 91,750 |
Goodwill of acquired businesses | 1,296 | 23,978 |
Impairment of goodwill | (19,598) | |
Goodwill of disposed business | (19,598) | |
Accumulated Impairment Losses of Disposed Business | 19,598 | |
Other activity | (604) | |
Foreign currency effects | (1,322) | 1,390 |
Goodwill | 297,904 | 317,528 |
Accumulated impairment losses | (201,014) | (220,612) |
Net goodwill | 96,890 | 96,916 |
Crawford Claims Solutions | ||
Goodwill [Roll Forward] | ||
Goodwill | 55,994 | 36,256 |
Accumulated impairment losses | (20,407) | (20,407) |
Net goodwill | 35,587 | 15,849 |
Goodwill of acquired businesses | 0 | 19,466 |
Impairment of goodwill | 0 | |
Goodwill of disposed business | 0 | |
Accumulated Impairment Losses of Disposed Business | 0 | |
Other activity | (209) | |
Foreign currency effects | (441) | 481 |
Goodwill | 55,553 | 55,994 |
Accumulated impairment losses | (20,407) | (20,407) |
Net goodwill | 35,146 | 35,587 |
Crawford TPA Solutions: Broadspire | ||
Goodwill [Roll Forward] | ||
Goodwill | 168,968 | 167,971 |
Accumulated impairment losses | (159,424) | (159,424) |
Net goodwill | 9,544 | 8,547 |
Goodwill of acquired businesses | 0 | 850 |
Impairment of goodwill | 0 | |
Goodwill of disposed business | 0 | |
Accumulated Impairment Losses of Disposed Business | 0 | |
Other activity | (113) | |
Foreign currency effects | (238) | 260 |
Goodwill | 168,730 | 168,968 |
Accumulated impairment losses | (159,424) | (159,424) |
Net goodwill | 9,306 | 9,544 |
Crawford Specialty Solutions | ||
Goodwill [Roll Forward] | ||
Goodwill | 92,566 | 88,537 |
Accumulated impairment losses | (40,781) | (21,183) |
Net goodwill | 51,785 | 67,354 |
Goodwill of acquired businesses | 1,296 | 3,662 |
Impairment of goodwill | (19,598) | |
Goodwill of disposed business | (19,598) | |
Accumulated Impairment Losses of Disposed Business | 19,598 | |
Other activity | (282) | |
Foreign currency effects | (643) | 649 |
Goodwill | 73,621 | 92,566 |
Accumulated impairment losses | (21,183) | (40,781) |
Net goodwill | 52,438 | $ 51,785 |
Garden City Group | ||
Goodwill [Roll Forward] | ||
Impairment of goodwill | $ (19,600) |
Acquisitions and Dispositions_4
Acquisitions and Dispositions of Businesses - Disposal of Line of Business (Details) - Garden City Group $ in Thousands | 3 Months Ended | 7 Months Ended | 12 Months Ended |
Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pretax loss on disposition of business line | $ 1,274 | $ 20,270 | |
Disposed of by Sale, Not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Negotiated sales price | 42,022 | 42,022 | $ 42,022 |
Working capital adjustment | 614 | 614 | 614 |
Adjusted consideration received | 42,636 | 42,636 | 42,636 |
Recognized amounts of identifiable assets and liabilities disposed of: | $ (60,483) | $ (60,483) | (60,483) |
Transaction costs of the sale | (991) | ||
Other costs arising from the sale | (1,432) | ||
Pretax loss on disposition of business line | $ (20,270) |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | |||
Goodwill and intangible asset impairment charges | $ 19,598 | ||
Amortization of intangible assets | $ 11,152 | 10,982 | $ 9,969 |
Trade name | |||
Goodwill [Line Items] | |||
Impairment loss, indefinite-lived intangible asset | 1,056 | ||
Garden City Group | |||
Goodwill [Line Items] | |||
Goodwill and intangible asset impairment charges | 19,600 | ||
Crawford Claims Solutions | |||
Goodwill [Line Items] | |||
Goodwill and intangible asset impairment charges | 0 | ||
Crawford TPA Solutions: Broadspire | |||
Goodwill [Line Items] | |||
Goodwill and intangible asset impairment charges | 0 | ||
Segment Reconciling Items | |||
Goodwill [Line Items] | |||
Amortization of intangible assets | 11,152 | 10,982 | 9,592 |
Customer relationships and trade names | Segment Reconciling Items | |||
Goodwill [Line Items] | |||
Amortization of intangible assets | $ 11,152 | $ 10,982 | $ 9,592 |
Minimum | |||
Goodwill [Line Items] | |||
Finite-lived intangible asset, useful life | 2 years | ||
Maximum | |||
Goodwill [Line Items] | |||
Finite-lived intangible asset, useful life | 15 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Acquired Finite-Lived Intangible Asset by Major Class (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 149,678 | $ 150,728 |
Accumulated Amortization | (95,476) | (85,523) |
Net Carrying Value | $ 54,202 | $ 65,205 |
Weighted-average amortization period | 7 years 7 months | 8 years 9 months 24 days |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,019 | $ 11,190 | |
2,020 | 10,631 | |
2,021 | 9,556 | |
2,022 | 3,884 | |
2,023 | 3,790 | |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 126,061 | $ 127,076 |
Accumulated Amortization | (83,275) | (75,419) |
Net Carrying Value | $ 42,786 | $ 51,657 |
Weighted-average amortization period | 4 years 9 months | 6 years |
Technology-based | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 16,562 | $ 16,562 |
Accumulated Amortization | (8,104) | (7,039) |
Net Carrying Value | $ 8,458 | $ 9,523 |
Weighted-average amortization period | 7 years 11 months | 8 years 4 months |
Trade name | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,580 | $ 1,825 |
Accumulated Amortization | (1,580) | (1,825) |
Net Carrying Value | $ 0 | $ 0 |
Weighted-average amortization period | 0 months | 0 months |
Other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 5,475 | $ 5,265 |
Accumulated Amortization | (2,517) | (1,240) |
Net Carrying Value | $ 2,958 | $ 4,025 |
Weighted-average amortization period | 2 years 2 months | 3 years 2 months 13 days |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Acquired Indefinite-Lived Intangible Assets (Details) - Trade name - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 32,477 | $ 32,542 |
Accumulated Impairments | (1,656) | (600) |
Net Carrying Value | $ 30,821 | $ 31,942 |
Short-Term and Long-Term Debt_3
Short-Term and Long-Term Debt, Including Capital Leases - Long-term debt instruments (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Capital lease obligations | $ 94,000 | $ 1,389,000 |
Total long-term debt and capital leases | 190,410,000 | 225,672,000 |
Less: portion of Credit Facility classified as short-term | (23,195,000) | (24,641,000) |
Less: current installments of capital leases | (89,000) | (571,000) |
Long-term debt and capital leases, less current installments | 167,126,000 | 200,460,000 |
Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit Facility | 190,316,000 | 224,283,000 |
Less: portion of Credit Facility classified as short-term | $ (23,195,000) | $ (24,641,000) |
Short-Term and Long-Term Debt_4
Short-Term and Long-Term Debt, Including Capital Leases - Credit Facility (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)quarter | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||
Debt instrument, interest period | 1 month | ||
Line of credit facility, collateral, capital stock, percent | 100.00% | ||
Number of quarters | quarter | 4 | ||
Short-term borrowings | $ 23,195,000 | $ 24,641,000 | |
Interest expense, debt | 11,399,000 | 9,909,000 | $ 9,934,000 |
Interest paid | $ 10,381,000 | 8,394,000 | $ 8,451,000 |
Minimum | |||
Debt Instrument [Line Items] | |||
Lessee leasing arrangements, capital leases, term of contract | 24 months | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Lessee leasing arrangements, capital leases, term of contract | 60 months | ||
Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of credit facility, current borrowing capacity | $ 450,000,000 | ||
Credit facility | 190,316,000 | 224,283,000 | |
Line of credit facility, remaining borrowing capacity | 248,029,000 | ||
Short-term borrowings | $ 23,195,000 | $ 24,641,000 | |
Credit Facility | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate (percent) | 1.00% | ||
Credit Facility | Minimum | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate (percent) | 1.30% | ||
Credit Facility | Minimum | Base Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate (percent) | 0.30% | ||
Credit Facility | Maximum | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate (percent) | 2.10% | ||
Credit Facility | Maximum | Base Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate (percent) | 1.10% | ||
Credit Facility | UK Borrower | |||
Debt Instrument [Line Items] | |||
Line of credit facility, current borrowing capacity | $ 185,000,000 | ||
Credit Facility | Canadian Borrower | |||
Debt Instrument [Line Items] | |||
Line of credit facility, current borrowing capacity | 75,000,000 | ||
Credit Facility | Australian Borrower | |||
Debt Instrument [Line Items] | |||
Line of credit facility, current borrowing capacity | $ 32,500,000 | ||
Credit Facility | Wells Fargo Bank, National Association | 2015 Amendment to Credit Agreement | |||
Debt Instrument [Line Items] | |||
Debt instrument, covenant, coverage ratio | 1.10 | ||
Debt instrument, maximum senior secured leverage ratio | 3.25 | ||
Debt instrument, maximum total leverage ratio | 4.25 | ||
Letter of credit subcommitment | |||
Debt Instrument [Line Items] | |||
Line of credit facility, current borrowing capacity | $ 100,000,000 | ||
Line of credit facility, remaining borrowing capacity | $ 11,729,000 | ||
Base Rate Loans | Credit Facility | Federal Funds Rate | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate (percent) | 0.50% |
Short-Term and Long-Term Debt_5
Short-Term and Long-Term Debt, Including Capital Leases - Schedule of maturities of long-term debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Long-term Debt, 2019 | $ 23,195 | |
Long-term Debt, 2020 | 0 | |
Long-term Debt, 2021 | 0 | |
Long-term Debt, 2022 | 167,121 | |
Long-term Debt | 190,316 | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Capital Lease Obligations, 2019 | 89 | |
Capital Lease Obligations, 2020 | 3 | |
Capital Lease Obligations, 2021 | 2 | |
Capital Lease Obligations, 2022 | 0 | |
Capital Leases, Future Minimum Payments Due | 94 | |
Long-term Debt and Capital Lease Obligations, Fiscal Year Maturity [Abstract] | ||
Total, 2019 | 23,284 | |
Total, 2020 | 3 | |
Total, 2021 | 2 | |
Total, 2022 | 167,121 | |
Total long-term debt and capital leases | $ 190,410 | $ 225,672 |
Commitments Under Operating L_3
Commitments Under Operating Leases - Summary of Rent Expense, Net of Amortization of Any Incentives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
Total operating leases | $ 43,273 | $ 47,009 | $ 49,399 |
Office space | |||
Operating Leased Assets [Line Items] | |||
Total operating leases | 36,904 | 40,927 | 43,245 |
Automobiles | |||
Operating Leased Assets [Line Items] | |||
Total operating leases | 6,094 | 5,794 | 6,043 |
Computers and equipment | |||
Operating Leased Assets [Line Items] | |||
Total operating leases | $ 275 | $ 288 | $ 111 |
Commitments Under Operating L_4
Commitments Under Operating Leases - Future Minimum Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases, Operating [Abstract] | |
2,019 | $ 31,286 |
2,020 | 27,973 |
2,021 | 23,193 |
2,022 | 14,282 |
2,023 | 9,860 |
2024 and Thereafter | $ 30,735 |
Commitments Under Operating L_5
Commitments Under Operating Leases - Narrative (Details) - Office space ft² in Thousands, $ in Thousands | Dec. 31, 2018USD ($)floorsublease_agreementsbuilding | Oct. 08, 2018ft² | Oct. 10, 2016ft² | Jun. 24, 2015ft² | Nov. 30, 2014ft² | Jan. 31, 2013ft² |
Atlanta, Georgia | ||||||
Operating Leased Assets [Line Items] | ||||||
Term of lease | 13 years | |||||
Area of real estate property (square feet) | ft² | 109 | |||||
Future minimum payments due | $ 31,273 | |||||
London, England | ||||||
Operating Leased Assets [Line Items] | ||||||
Term of lease | 10 years | |||||
Area of real estate property (square feet) | ft² | 16 | |||||
Future minimum payments due | 9,851 | |||||
Jacksonville, FL | ||||||
Operating Leased Assets [Line Items] | ||||||
Term of lease | 7 years 5 months | |||||
Area of real estate property (square feet) | ft² | 50 | |||||
Future minimum payments due | 2,640 | |||||
Berkeley Heights, New Jersey | ||||||
Operating Leased Assets [Line Items] | ||||||
Term of lease | 10 years | |||||
Area of real estate property (square feet) | ft² | 24 | |||||
Future minimum payments due | 3,320 | |||||
Sunrise, Florida | ||||||
Operating Leased Assets [Line Items] | ||||||
Area of real estate property (square feet) | ft² | 64 | |||||
Future minimum payments due | 11,900 | |||||
Plantation, Florida | ||||||
Operating Leased Assets [Line Items] | ||||||
Future minimum payments due | $ 13,581 | |||||
Number of leased buildings in Plantation, FL | building | 2 | |||||
Sublease agreements (number of agreements) | sublease_agreements | 1 | |||||
Floors in sublease agreement (number of floors) | floor | 3 | |||||
Floors in building (number of floors) | floor | 4 | |||||
Buildings with sublease on three of four floors (number of buildings) | building | 1 |
Commitments Under Operating L_6
Commitments Under Operating Leases - Future Minimum Receivable Under Sub-Lease Agreements (Details) - Plantation, Florida - Office space $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2,019 | $ 4,578 |
2,020 | 4,507 |
2,021 | 4,516 |
Total minimum sublease payments to be received | $ 13,601 |
Derivative Instruments (Details
Derivative Instruments (Details) $ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Feb. 28, 2011USD ($) | Feb. 28, 2011CAD ($) | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | ||||
Proceeds from derivative instrument | $ 4,100 | |||
Loss on derivative instruments, net | $ 585 | |||
Currency swap | Not Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | $ 34,749 | |||
Derivative instrument, periodic payment, basis amount | $ 589 | |||
Derivative instruments, periodic receivable, basis amount | $ 593 |
Income Taxes - Income (loss) be
Income Taxes - Income (loss) before income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 4,634 | $ 12,303 | $ 33,051 |
Foreign | 39,497 | 29,959 | 30,190 |
Income before income taxes | $ 44,131 | $ 42,262 | $ 63,241 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
U.S. federal and state | $ 1,065 | $ 9,077 | $ 5,196 |
Foreign | 9,530 | 8,320 | 9,838 |
Deferred: | |||
U.S. federal and state | 4,051 | 389 | 9,788 |
Foreign | 3,896 | (2,747) | 743 |
Provision for income taxes | $ 18,542 | $ 15,039 | $ 25,565 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Net cash payments for income taxes | $ 8,168 | $ 15,574 | $ 16,170 |
Change in tax rate, provisional income tax expense | 3,800 | ||
Transition tax for accumulated foreign earnings, provisional income tax expense | 7,600 | ||
Change in tax rate, income tax expense | 3,600 | ||
Valuation allowance, foreign | 7,000 | ||
US tax reform - revaluation of deferred taxes | 102 | (3,756) | 0 |
Loss carryforwards | 26,164 | ||
Unrecognized tax benefits, loss carryforwards | 419 | ||
Operating loss carryforwards, not subject to expiration | 16,239 | ||
Operating loss carryforwards, subject to expiration | $ 9,925 | ||
Operating loss carryforwards, expiration period | 20 years | ||
Unrecognized tax benefits, interest on income taxes accrued | $ 256 | 275 | 155 |
Unrecognized tax benefits that would impact effective tax rate | 5,493 | 9,389 | 3,332 |
Reductions to unrecognized income tax benefits | 3,400 | ||
US tax reform - transition tax, net of credits | 3,496 | $ (7,550) | $ 0 |
Estimated tax over book differences | $ 35,000 |
Income Taxes - Reconciliation t
Income Taxes - Reconciliation to federal statutory rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income tax provision reconciliation to federal statutory rate | |||
Federal income taxes at statutory rate | $ 9,267 | $ 14,792 | $ 22,134 |
State income taxes, net of federal benefit | 2,685 | 1,349 | 2,280 |
Goodwill impairment | 0 | 428 | 0 |
Foreign taxes | 2,150 | (3,226) | 2,273 |
Change in valuation allowance | 9,540 | 2,913 | (2,196) |
Research and development credits | (273) | (448) | (429) |
Foreign tax credits | (429) | (2,002) | (865) |
Nondeductible meals and entertainment | 782 | 1,222 | 1,111 |
US tax reform - revaluation of deferred taxes | 102 | (3,756) | 0 |
US tax reform - transition tax, net of credits | (3,496) | 7,550 | 0 |
Income tax planning | (1,792) | 0 | 0 |
Benefit of international restructuring | 0 | (2,989) | 0 |
Global intangible low-tax income | 454 | 0 | 0 |
Tax rate changes | (392) | (212) | (71) |
Other | (56) | (582) | 1,328 |
Provision for income taxes | $ 18,542 | $ 15,039 | $ 25,565 |
Income Taxes - Deferred income
Income Taxes - Deferred income taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | |||||
Accounts receivable allowance | $ 1,534 | $ 55 | |||
Accrued compensation | 10,184 | 8,741 | |||
Accrued pension liabilities | 13,496 | 12,482 | |||
Self-insured risks | 4,933 | 5,831 | |||
Deferred revenues | 5,868 | 6,793 | |||
Accrued rent | 3,115 | 3,380 | |||
Interest | 5,665 | 6,146 | |||
Tax credit carryforwards | 14,404 | 18,490 | |||
Loss carryforwards | 25,745 | 29,655 | |||
Other | 1,230 | 1,913 | |||
Gross deferred income tax assets | 86,174 | 93,486 | |||
Unbilled revenues | 7,725 | 12,689 | |||
Depreciation and amortization | 32,510 | 38,339 | |||
Other post-retirement benefits | 78 | 116 | |||
Gross deferred income tax liabilities | 40,313 | 51,144 | |||
Net deferred income tax assets before valuation allowance | 45,861 | 42,342 | |||
Valuation allowance | (25,864) | (18,829) | $ (14,498) | $ (17,204) | |
Net deferred income tax assets | 19,997 | 23,513 | |||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||
Long-term deferred income tax assets included in Deferred income tax assets | 22,146 | $ 24,151 | 24,359 | ||
Long-term deferred income tax liabilities included in Other noncurrent liabilities | (2,149) | (846) | |||
Net deferred income tax assets | $ 19,997 | $ 23,513 |
Income Taxes - Deferred tax val
Income Taxes - Deferred tax valuation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation Allowance, Deferred Tax Asset [Roll Forward] | |||
Balance, beginning of year | $ 18,829 | $ 14,498 | $ 17,204 |
Other changes | 7,035 | 4,331 | (2,706) |
Balance, end of year | $ 25,864 | $ 18,829 | $ 14,498 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unrecognized income tax benefits [Rollforward] | |||
Beginning of year | $ 11,297 | $ 5,469 | $ 6,187 |
Additions for tax provisions related to the current year | 54 | 6,318 | 159 |
Reductions for tax positions related to the current year | (989) | ||
Reductions for tax positions related to prior years | (3,941) | (41) | |
Additions for tax positions related to prior years | 823 | 278 | |
Lapses of applicable statutes of limitation | (1,232) | (166) | |
Currency translation adjustment | (9) | (40) | |
Ending of year | $ 7,401 | $ 11,297 | $ 5,469 |
Retirement Plans - Narrative (D
Retirement Plans - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)plan | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan, cost recognized | $ 23,417 | $ 24,036 | $ 23,985 | |
Defined benefit plan, voluntary contribution | $ 24,862 | $ 15,331 | ||
Corridor amount | 10.00% | |||
Net unrecognized actuarial losses expected to be recognized in 2018 | $ 10,880 | |||
Net unrecognized actuarial losses expected to be recognized in 2018, net of tax | $ 8,122 | |||
Unfunded Plan | Nonqualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of frozen, nonqualified unfunded defined benefit pension plans | plan | 2 | |||
U.S. Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, planned contributions for each of next 4 years | $ 9,000 | |||
Defined benefit plan, voluntary contribution | $ 10,000 | |||
Increase (decrease) in projected benefit obligation | $ 1,300 | |||
Discount rate used to compute periodic benefit cost | 3.92% | |||
Expected long-term rates of return on plans' assets in next fiscal year | 6.10% | |||
U.K Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of defined benefit plans | plan | 3 | |||
Discount rate used to compute periodic benefit cost | 2.44% | |||
Expected long-term rates of return on plans' assets in next fiscal year | 3.28% |
Retirement Plans - Projected Be
Retirement Plans - Projected Benefit Obligations and Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligations, plan with benefit obligations in excess of plan assets | $ 459,706 | $ 515,343 |
Fair value of plans' assetsplan with benefit obligations in excess of plan assets | 382,181 | 424,804 |
U.K. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligations, plan with benefit obligations in excess of plan assets | 234,776 | 249,397 |
Fair value of plans' assetsplan with benefit obligations in excess of plan assets | $ 267,508 | $ 284,091 |
Retirement Plans - Reconciliati
Retirement Plans - Reconciliation of Projected Benefit Obligation and Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Projected Benefit Obligations: | ||
Beginning of measurement period | $ 764,740 | $ 764,567 |
Service cost | 1,395 | 1,288 |
Interest cost | 20,933 | 22,723 |
Employee contributions | 59 | 82 |
Actuarial (gain) loss | (24,277) | 19,100 |
Plan settlements | (1,014) | (7,552) |
Plan amendments | 1,542 | 0 |
Benefits paid | (58,592) | (58,092) |
Foreign currency effects | (10,304) | 22,624 |
End of measurement period | 694,482 | 764,740 |
Fair Value of Plans' Assets: | ||
Beginning of measurement period | 708,895 | 677,458 |
Actual return on plans' assets | (13,017) | 57,245 |
Employer contributions | 24,862 | 15,331 |
Employee contributions | 59 | 82 |
Plan settlements | (1,014) | (7,552) |
Benefits paid | (58,592) | (58,092) |
Foreign currency effects | (11,505) | 24,423 |
End of measurement period | 649,688 | 708,895 |
Total unfunded status | $ (44,794) | $ (55,845) |
Retirement Plans - Fund Status
Retirement Plans - Fund Status (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Unfunded status of nonqualified defined benefit deferred pension plans included in Other accrued liabilities | $ 74,323 | $ 87,035 |
Prepaid pension asset included in Other noncurrent assets | (32,732) | (34,698) |
Total unfunded status | 44,794 | 55,845 |
Accumulated other comprehensive loss, before income taxes | (280,644) | (268,059) |
U.S. Plan | Qualified Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unfunded status of nonqualified defined benefit deferred pension plans included in Other accrued liabilities | 72,484 | 85,834 |
Other international plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unfunded status of nonqualified defined benefit deferred pension plans included in Other accrued liabilities | 1,839 | 1,201 |
Unfunded Plan | Nonqualified Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unfunded status of nonqualified defined benefit deferred pension plans included in Other accrued liabilities | 312 | 319 |
Unfunded status of nonqualified defined benefit pension plans included in Other noncurrent liabilities | $ 2,891 | $ 3,189 |
Retirement Plans - AOCI (Detail
Retirement Plans - AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Pension Plans | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax [Roll Forward] | ||
Net unrecognized actuarial (loss) gain at beginning of period | $ (268,515) | $ (280,030) |
Amortization of net loss (gain) | 10,914 | 11,727 |
Net gain arising during the year | (24,709) | 3,537 |
Currency translation | 1,362 | (3,749) |
Net unrecognized actuarial (loss) gain at end of period | (280,948) | (268,515) |
Post-Retirement Medical Benefits Plan | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax [Roll Forward] | ||
Net unrecognized actuarial (loss) gain at beginning of period | 456 | 608 |
Amortization of net loss (gain) | (152) | (152) |
Net gain arising during the year | 0 | 0 |
Currency translation | 0 | 0 |
Net unrecognized actuarial (loss) gain at end of period | $ 304 | $ 456 |
Retirement Plans - Net Periodic
Retirement Plans - Net Periodic Benefit Costs and Benefit Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 1,395 | $ 1,288 | |
Interest cost | 20,933 | 22,723 | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |||
2,019 | 43,607 | ||
2,020 | 44,102 | ||
2,021 | 44,373 | ||
2,022 | 44,595 | ||
2,023 | 44,663 | ||
2024-2028 | 220,848 | ||
Defined Benefit Pension Plans | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 1,395 | 1,288 | $ 1,218 |
Interest cost | 20,933 | 22,723 | 30,129 |
Expected return on assets | (34,267) | (34,056) | (36,406) |
Amortization of actuarial loss | 10,744 | 11,154 | 12,840 |
Net periodic benefit (credit) cost | $ (1,195) | $ 1,109 | $ 7,781 |
Retirement Plans - Assumptions
Retirement Plans - Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate used to compute benefit obligations | 4.30% | 3.63% |
Discount rate used to compute periodic benefit cost | 3.63% | 4.15% |
Expected long-term rates of return on plans' assets | 6.20% | 6.30% |
U.K Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate used to compute benefit obligations | 2.77% | 2.61% |
Discount rate used to compute periodic benefit cost | 2.61% | 2.65% |
Expected long-term rates of return on plans' assets | 3.98% | 4.23% |
Retirement Plans - Plan Asset A
Retirement Plans - Plan Asset Allocation (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
U.S. Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total asset allocation | 100.00% | 100.00% |
U.S. Plan | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total asset allocation | 21.80% | 27.80% |
U.S. Plan | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total asset allocation | 68.80% | 62.00% |
U.S. Plan | Alternative strategy funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total asset allocation | 7.30% | 3.90% |
U.S. Plan | Cash, cash equivalents and short-term investment funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total asset allocation | 2.10% | 6.30% |
U.K Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total asset allocation | 100.00% | 100.00% |
U.K Plan | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total asset allocation | 18.00% | 24.80% |
U.K Plan | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total asset allocation | 71.80% | 62.80% |
U.K Plan | Alternative strategy funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total asset allocation | 9.00% | 10.90% |
U.K Plan | Cash, cash equivalents and short-term investment funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total asset allocation | 1.20% | 1.50% |
Common Stock and Earnings (Lo_3
Common Stock and Earnings (Loss) per Share - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2018class_of_stock$ / sharesshares | Dec. 31, 2017$ / sharesshares | Aug. 31, 2014shares | |
Class of Stock [Line Items] | |||
Number of classes of common stock | class_of_stock | 2 | ||
Class A Non-Voting | |||
Class of Stock [Line Items] | |||
Approval rate to waive equal consideration rights | 75.00% | ||
Shares repurchased (in shares) | 1,144,410 | 699,847 | |
Average cost (usd per share) | $ / shares | $ 8.36 | $ 8.21 | |
Class B Voting | |||
Class of Stock [Line Items] | |||
Shares repurchased (in shares) | 94,378 | 188,180 | |
Average cost (usd per share) | $ / shares | $ 8.96 | $ 8.88 | |
2017 Repurchase Authorization | |||
Class of Stock [Line Items] | |||
Remaining number of shares authorized to be repurchased | 427,883 | 1,666,671 | |
2017 Repurchase Authorization | Common Stock | |||
Class of Stock [Line Items] | |||
Number of shares authorized to be repurchased | 2,000,000 |
Common Stock and Earnings (Lo_4
Common Stock and Earnings (Loss) per Share - Schedule of Earnings per Share, Basic (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class A Non-Voting | |||
Numerator: | |||
Allocation of undistributed earnings | $ 6,941 | $ 7,821 | $ 12,432 |
Dividends paid | 8,639 | 8,780 | 8,627 |
Net income (loss) available to common shareholders, basic | $ 15,580 | $ 16,601 | $ 21,059 |
Denominator: | |||
Weighted-average common shares outstanding, basic (in shares) | 30,805 | 31,322 | 30,793 |
Earnings (loss) per share - basic (in usd per share) | $ 0.51 | $ 0.53 | $ 0.68 |
Class B Voting | |||
Numerator: | |||
Allocation of undistributed earnings | $ 5,509 | $ 6,144 | $ 9,969 |
Dividends paid | 4,889 | 4,920 | 4,938 |
Net income (loss) available to common shareholders, basic | $ 10,398 | $ 11,064 | $ 14,907 |
Denominator: | |||
Weighted-average common shares outstanding, basic (in shares) | 24,449 | 24,606 | 24,690 |
Earnings (loss) per share - basic (in usd per share) | $ 0.43 | $ 0.45 | $ 0.60 |
Common Stock and Earnings (Lo_5
Common Stock and Earnings (Loss) per Share - Schedule of Earnings (Loss) Per Share, Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class A Non-Voting | |||
Numerator: | |||
Allocation of undistributed earnings (loss) | $ 7,003 | $ 7,911 | $ 12,563 |
Dividends paid | 8,639 | 8,780 | 8,627 |
Net income (loss) available to common shareholders, diluted | $ 15,642 | $ 16,691 | $ 21,190 |
Denominator: | |||
Weighted-average common shares outstanding, basic (in shares) | 30,805 | 31,322 | 30,793 |
Weighted-average effect of dilutive securities | 629 | 836 | 737 |
Weighted-average number of shares outstanding, diluted | 31,434 | 32,158 | 31,530 |
Earnings (loss) per share - diluted (in usd per share) | $ 0.50 | $ 0.52 | $ 0.67 |
Class B Voting | |||
Numerator: | |||
Allocation of undistributed earnings (loss) | $ 5,447 | $ 6,053 | $ 9,838 |
Dividends paid | 4,889 | 4,920 | 4,938 |
Net income (loss) available to common shareholders, diluted | $ 10,336 | $ 10,973 | $ 14,776 |
Denominator: | |||
Weighted-average common shares outstanding, basic (in shares) | 24,449 | 24,606 | 24,690 |
Weighted-average effect of dilutive securities | 0 | 0 | 0 |
Weighted-average number of shares outstanding, diluted | 24,449 | 24,606 | 24,690 |
Earnings (loss) per share - diluted (in usd per share) | $ 0.42 | $ 0.45 | $ 0.60 |
Common Stock and Earnings (Lo_6
Common Stock and Earnings (Loss) per Share - Antidilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 1,175 | 711 | 115 |
Stock compensation plan | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 752 | 402 | 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 182,320 | ||
Unrealized net gains (losses) arising during the year | (18,014) | $ 666 | $ 11,337 |
Net current period other comprehensive income (loss) | (20,768) | 14,490 | 9,340 |
Ending balance | 171,288 | 182,320 | |
AOCL attributable to shareholders of Crawford & Company | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (196,477) | (211,773) | |
Other comprehensive income (loss) before reclassifications | (10,032) | 7,129 | |
Unrealized net gains (losses) arising during the year | (18,014) | 666 | |
Amounts reclassified from accumulated other comprehensive income, total | 8,076 | 7,501 | |
Net current period other comprehensive income (loss) | (19,970) | 15,296 | 10,858 |
Ending balance | (216,447) | (196,477) | (211,773) |
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Adjustment for long-term intercompany transactions, net of tax | (1,838) | (836) | 2,547 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (26,320) | (33,449) | |
Other comprehensive income (loss) before reclassifications | (10,032) | 7,129 | |
Unrealized net gains (losses) arising during the year | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income, total | 0 | 0 | |
Net current period other comprehensive income (loss) | (10,032) | 7,129 | |
Ending balance | (36,352) | (26,320) | (33,449) |
Retirement liabilities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (170,157) | (178,324) | |
Other comprehensive income (loss) before reclassifications | 0 | 0 | |
Unrealized net gains (losses) arising during the year | (18,014) | 666 | |
Amounts reclassified from accumulated other comprehensive income, total | 8,076 | 7,501 | |
Net current period other comprehensive income (loss) | (9,938) | 8,167 | |
Ending balance | $ (180,095) | $ (170,157) | $ (178,324) |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation costs | $ 6,196 | $ 6,661 | $ 5,252 | |
Tax benefit from compensation expense | $ 1,475 | $ 2,219 | $ 1,983 | |
Class A Non-Voting | ||||
Summary of Option Activity, Shares | ||||
Outstanding beginning balance (in shares) | 887 | 489 | 518 | |
Granted (in shares) | 582 | 654 | 250 | |
Exercised (in shares) | (21) | (70) | (164) | |
Forfeited or expired (in shares) | (154) | (186) | (115) | |
Outstanding ending balance (in shares) | 1,294 | 887 | 489 | 518 |
Exercisable at end of period (in shares) | 425 | |||
Summary of Option Activity, Weighted-Average Exercise Price | ||||
Outstanding beginning balance, Weighted-Average Exercise Price (usd per share) | $ 8.53 | $ 7.19 | $ 5.26 | |
Granted, weighted-average exercise price (usd per share) | 8.60 | 9.44 | 8.90 | |
Exercised, weighted-average exercise price (usd per share) | 4.88 | 5.77 | 5.08 | |
Forfeited or expired, weighted-average exercise price (usd per share) | 8.74 | 9.24 | 5.20 | |
Outstanding ending balance, Weighted-Average Exercise Price (usd per share) | 8.60 | $ 8.53 | $ 7.19 | $ 5.26 |
Exercisable at end of period, Weighted-Average Exercise Price (usd per share) | $ 8.18 | |||
Summary of Option Activity, Weighted-Average Remaining Contractual Term | ||||
Outstanding, weighted-average remaining contractual term | 8 years 1 month 5 days | 8 years 5 months 2 days | 7 years 2 days | 5 years 12 days |
Exercisable at end of period, weighted-average remaining contractual term | 7 years | |||
Outstanding, aggregate intrinsic value | $ 667 | $ 527 | $ 1,168 | $ 8 |
Exercisable at end of period, Aggregate Intrinsic Value | $ 453 | |||
Weighted average grant date fair value, options granted during period (usd per share) | $ 2.78 | $ 2.73 | $ 4.11 | |
Options, exercised in period, intrinsic value | $ 80 | $ 234 | $ 752 | |
Options, vested in period, fair value | $ 36 | $ 33 | 467 | |
Stock options | ||||
Summary of Option Activity, Weighted-Average Remaining Contractual Term | ||||
Expected dividend yield | 3.50% | 4.00% | ||
Expected volatility | 42.67% | 43.62% | ||
Risk-free interest rate | 2.75% | 2.14% | ||
Expected term of options | 7 years | 7 years | ||
Stock options | Class A Non-Voting | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based award vesting period | 3 years | |||
Stock option vesting per year (percent) | 33.00% | |||
Stock options expiration period | 10 years | |||
Share-based compensation expense | $ 1,253 | $ 1,233 | $ 280 | |
Summary of Option Activity, Weighted-Average Remaining Contractual Term | ||||
Unearned compensation cost | $ 872 |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance-Based Stock Grants (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock options | Class A Non-Voting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based award vesting period | 3 years | ||
Weighted-Average Grant-Date Fair Value | |||
Share-based compensation expense | $ 1,253 | $ 1,233 | $ 280 |
Unearned compensation cost | $ 872 | ||
Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based award vesting period | 3 years | ||
Performance shares | Class A Non-Voting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based award vesting period | 3 years | ||
Shares | |||
Nonvested at the beginning of the period (in shares) | 884,342 | 806,881 | 1,316,186 |
Granted (in shares) | 751,128 | 930,295 | 1,179,384 |
Vested (in shares) | (445,311) | (668,649) | (499,370) |
Forfeited or unearned (in shares) | (201,322) | (184,185) | (1,189,319) |
Nonvested at the end of the period (in shares) | 988,837 | 884,342 | 806,881 |
Weighted-Average Grant-Date Fair Value | |||
Nonvested at the beginning of the period, weighted-average grant-date fair value (usd per share) | $ 7.05 | $ 6.17 | $ 6.65 |
Granted, weighted-average grant-date fair value (usd per share) | 7.43 | 7.54 | 4.47 |
Vested, weighted-average grant-date fair value (usd per share) | 5.98 | 5.38 | 5.28 |
Forfeited or unearned, weighted-average grant-date fair value (usd per share) | 7.54 | 5.85 | 6.28 |
Nonvested at the end of the period, weighted-average grant-date fair value (usd per share) | $ 8.07 | $ 7.05 | $ 6.17 |
Fair value of performance shares vested | $ 2,662 | $ 3,597 | $ 2,638 |
Share-based compensation expense | 3,307 | $ 3,796 | $ 3,060 |
Unearned compensation cost | $ 2,564 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Shares (Details) - Restricted stock - Class A Non-Voting - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based award vesting period | 5 years | ||
Shares | |||
Nonvested at the beginning of the period (in shares) | 112,219 | 67,669 | 101,002 |
Granted (in shares) | 112,502 | 210,875 | 133,871 |
Vested (in shares) | (131,260) | (166,325) | (160,536) |
Forfeited or unearned (in shares) | (21,352) | 0 | (6,668) |
Nonvested at the end of the period (in shares) | 72,109 | 112,219 | 67,669 |
Weighted-Average Grant-Date Fair Value | |||
Nonvested at the beginning of the period, weighted-average grant-date fair value (usd per share) | $ 7.89 | $ 7.56 | $ 5.01 |
Granted, weighted-average grant-date fair value (usd per share) | 7.81 | 9.26 | 6.54 |
Vested, weighted-average grant-date fair value (usd per share) | 8.27 | 9.50 | 6.57 |
Forfeited or unearned, weighted-average grant-date fair value (usd per share) | 8.43 | 0 | 8.90 |
Nonvested at the end of the period, weighted-average grant-date fair value (usd per share) | $ 7.76 | $ 7.89 | $ 7.56 |
Share-based compensation expense | $ 1,176 | $ 1,205 | $ 1,567 |
Unearned compensation cost | $ 219 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plans (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($)stock_purchase_plan$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2018GBP (£)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of employee stock purchase plans | stock_purchase_plan | 3 | |||
United States Stock Repurchase Program | Class A Non-Voting | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (in shares) | 1,200,000 | 1,200,000 | ||
Maximum annual earnings withheld to purchase shares | $ | $ 25,000 | |||
Purchase price of stock, percent of market price (percent) | 85.00% | |||
Shares issued (in shares) | 143,769 | 101,708 | 99,750 | |
Purchase price of shares during period (usd per share) | $ / shares | $ 7.32 | $ 6.61 | $ 6.49 | |
Projected exercises in period (in shares) | 142,000 | 142,000 | ||
Share-based compensation expense | $ | $ 321,000 | $ 278,000 | $ 261,000 | |
U.K. Stock Repurchase Plan | Class A Non-Voting | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (in shares) | 1,200,000 | 1,200,000 | ||
Purchase price of stock, percent of market price (percent) | 85.00% | |||
Shares issued (in shares) | 63,033 | 73,986 | 159,256 | |
Share-based compensation expense | $ | $ 140,000 | $ 151,000 | $ 80,000 | |
Maximum monthly earnings withheld to purchase shares (in gbp) | £ | £ 250 | |||
Estimated shares eligible for purchase (in shares) | 151,000 | 151,000 | ||
U.K. Stock Repurchase Plan | Class A Non-Voting | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Purchase price of shares during period (usd per share) | $ / shares | $ 3.69 | |||
U.K. Stock Repurchase Plan | Class A Non-Voting | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Purchase price of shares during period (usd per share) | $ / shares | $ 6.66 | |||
International stock based compensation plan | Class A Non-Voting | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (in shares) | 1,000,000 | 1,000,000 | ||
Maximum annual earnings withheld to purchase shares | $ | $ 21,250 | |||
Purchase price of stock, percent of market price (percent) | 85.00% | |||
Shares issued (in shares) | 8,740 | 8,342 | 6,660 | |
Maximum number of shares per employee | 5,000 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring and Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt instrument, variable interest rate duration between resets | 90 days | |
Goodwill impairment charges | $ 19,598 | |
Trade name | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment loss, indefinite-lived intangible asset | $ 1,056 | |
Crawford Specialty Solutions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent earnout liability, maximum | 665 | |
Cash, cash equivalents and short-term investment funds | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 10,354 | |
Cash, cash equivalents and short-term investment funds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | |
Cash, cash equivalents and short-term investment funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | |
Other noncurrent liabilities | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent earnout liability | 0 | |
Other noncurrent liabilities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent earnout liability | 0 | |
Other noncurrent liabilities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent earnout liability | 360 | |
Measured on a recurring basis | Cash, cash equivalents and short-term investment funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 10,354 | 10,156 |
Measured on a recurring basis | Cash, cash equivalents and short-term investment funds | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 10,156 | |
Measured on a recurring basis | Cash, cash equivalents and short-term investment funds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | |
Measured on a recurring basis | Cash, cash equivalents and short-term investment funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | $ 0 | |
Measured on a recurring basis | Other noncurrent liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent earnout liability | $ 360 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets of Defined Benefit Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | $ 708,895 | $ 677,458 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 708,895 | 677,458 |
Actual return on plan assets: | ||
End of measurement period | 649,688 | 708,895 |
U.S. Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 388,765 | 388,765 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 388,765 | |
Actual return on plan assets: | ||
End of measurement period | 347,705 | 388,765 |
U.S. Plan | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 37,012 | 37,012 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 37,012 | |
Actual return on plan assets: | ||
End of measurement period | 40,993 | 37,012 |
U.S. Plan | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 336,619 | 336,619 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 336,619 | |
Actual return on plan assets: | ||
End of measurement period | 290,224 | 336,619 |
U.S. Plan | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 15,134 | 15,134 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 15,134 | |
Actual return on plan assets: | ||
End of measurement period | 16,488 | 15,134 |
U.S. Plan | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 17,349 | 17,349 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 17,349 | |
Actual return on plan assets: | ||
End of measurement period | 2,274 | 17,349 |
U.S. Plan | Cash and cash equivalents | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 17,349 | 17,349 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 17,349 | |
Actual return on plan assets: | ||
End of measurement period | 2,274 | 17,349 |
U.S. Plan | Cash and cash equivalents | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.S. Plan | Cash and cash equivalents | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.S. Plan | Short-term investment funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 7,175 | 7,175 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 7,175 | |
Actual return on plan assets: | ||
End of measurement period | 5,005 | 7,175 |
U.S. Plan | Short-term investment funds | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.S. Plan | Short-term investment funds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 7,175 | 7,175 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 7,175 | |
Actual return on plan assets: | ||
End of measurement period | 5,005 | 7,175 |
U.S. Plan | Short-term investment funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.S. Plan | U.S. equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 74,591 | 74,591 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 74,591 | |
Actual return on plan assets: | ||
End of measurement period | 52,882 | 74,591 |
U.S. Plan | U.S. equity securities | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.S. Plan | U.S. equity securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 74,591 | 74,591 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 74,591 | |
Actual return on plan assets: | ||
End of measurement period | 52,882 | 74,591 |
U.S. Plan | U.S. equity securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.S. Plan | International equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 33,343 | 33,343 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 33,343 | |
Actual return on plan assets: | ||
End of measurement period | 22,747 | 33,343 |
U.S. Plan | International equity securities | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.S. Plan | International equity securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 33,343 | 33,343 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 33,343 | |
Actual return on plan assets: | ||
End of measurement period | 22,747 | 33,343 |
U.S. Plan | International equity securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.S. Plan | U.S. fixed income funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 225,671 | 225,671 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 225,671 | |
Actual return on plan assets: | ||
End of measurement period | 221,871 | 225,671 |
U.S. Plan | U.S. fixed income funds | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 19,663 | 19,663 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 19,663 | |
Actual return on plan assets: | ||
End of measurement period | 38,719 | 19,663 |
U.S. Plan | U.S. fixed income funds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 206,008 | 206,008 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 206,008 | |
Actual return on plan assets: | ||
End of measurement period | 183,152 | 206,008 |
U.S. Plan | U.S. fixed income funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.S. Plan | International fixed income funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 15,502 | 15,502 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 15,502 | |
Actual return on plan assets: | ||
End of measurement period | 17,523 | 15,502 |
U.S. Plan | International fixed income funds | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.S. Plan | International fixed income funds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 15,502 | 15,502 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 15,502 | |
Actual return on plan assets: | ||
End of measurement period | 17,523 | 15,502 |
U.S. Plan | International fixed income funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.S. Plan | Alternative strategy funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 15,134 | 15,134 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 15,134 | |
Actual return on plan assets: | ||
End of measurement period | 25,403 | 15,134 |
U.S. Plan | Alternative strategy funds | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.S. Plan | Alternative strategy funds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 8,915 | 0 |
U.S. Plan | Alternative strategy funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 15,134 | 15,134 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 15,134 | |
Actual return on plan assets: | ||
End of measurement period | 16,488 | 15,134 |
U.S. Plan | Real estate funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 15,134 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 15,134 | 0 |
Actual return on plan assets: | ||
Related to assets still held at the reporting date | 1,354 | 0 |
Purchases, sales and settlements—net | 0 | 15,134 |
End of measurement period | 16,488 | 15,134 |
U.K Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 284,095 | 284,095 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 284,095 | |
Actual return on plan assets: | ||
End of measurement period | 267,508 | 284,095 |
U.K Plan | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 4,303 | 4,303 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 4,303 | |
Actual return on plan assets: | ||
End of measurement period | 3,156 | 4,303 |
U.K Plan | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 270,103 | 270,103 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 270,103 | |
Actual return on plan assets: | ||
End of measurement period | 254,407 | 270,103 |
U.K Plan | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 9,689 | 9,689 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 9,689 | |
Actual return on plan assets: | ||
End of measurement period | 9,945 | 9,689 |
U.K Plan | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 4,303 | 4,303 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 4,303 | |
Actual return on plan assets: | ||
End of measurement period | 3,156 | 4,303 |
U.K Plan | Cash and cash equivalents | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 4,303 | 4,303 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 4,303 | |
Actual return on plan assets: | ||
End of measurement period | 3,156 | 4,303 |
U.K Plan | Cash and cash equivalents | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.K Plan | Cash and cash equivalents | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.K Plan | U.S. equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 55,607 | 55,607 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 55,607 | |
Actual return on plan assets: | ||
End of measurement period | 38,307 | 55,607 |
U.K Plan | U.S. equity securities | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.K Plan | U.S. equity securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 55,607 | 55,607 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 55,607 | |
Actual return on plan assets: | ||
End of measurement period | 38,307 | 55,607 |
U.K Plan | U.S. equity securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.K Plan | International equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 14,932 | 14,932 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 14,932 | |
Actual return on plan assets: | ||
End of measurement period | 9,916 | 14,932 |
U.K Plan | International equity securities | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.K Plan | International equity securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 14,932 | 14,932 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 14,932 | |
Actual return on plan assets: | ||
End of measurement period | 9,916 | 14,932 |
U.K Plan | International equity securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.K Plan | Short-term Investment funds: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 141,663 | 141,663 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 141,663 | |
Actual return on plan assets: | ||
End of measurement period | 160,609 | 141,663 |
U.K Plan | Short-term Investment funds: | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.K Plan | Short-term Investment funds: | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 141,663 | 141,663 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 141,663 | |
Actual return on plan assets: | ||
End of measurement period | 160,609 | 141,663 |
U.K Plan | Short-term Investment funds: | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.K Plan | Government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 36,797 | 36,797 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 36,797 | |
Actual return on plan assets: | ||
End of measurement period | 31,531 | 36,797 |
U.K Plan | Government securities | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.K Plan | Government securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 36,797 | 36,797 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 36,797 | |
Actual return on plan assets: | ||
End of measurement period | 31,531 | 36,797 |
U.K Plan | Government securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.K Plan | Corporate bonds and debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 88 | 88 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 88 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 88 |
U.K Plan | Corporate bonds and debt securities | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.K Plan | Corporate bonds and debt securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 88 | 88 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 88 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 88 |
U.K Plan | Corporate bonds and debt securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.K Plan | Alternative strategy funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 21,016 | 21,016 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 21,016 | |
Actual return on plan assets: | ||
End of measurement period | 14,044 | 21,016 |
U.K Plan | Alternative strategy funds | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.K Plan | Alternative strategy funds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 21,016 | 21,016 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 21,016 | |
Actual return on plan assets: | ||
End of measurement period | 14,044 | 21,016 |
U.K Plan | Alternative strategy funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.K Plan | Real estate funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 9,689 | 9,689 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 9,689 | |
Actual return on plan assets: | ||
End of measurement period | 9,945 | 9,689 |
U.K Plan | Real estate funds | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.K Plan | Real estate funds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 0 | |
Actual return on plan assets: | ||
End of measurement period | 0 | 0 |
U.K Plan | Real estate funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of plan assets | 9,689 | 9,315 |
Change in fair value of plan assets [Roll Forward] | ||
Beginning of measurement period | 9,689 | 9,315 |
Actual return on plan assets: | ||
Related to assets still held at the reporting date | 256 | 374 |
Purchases, sales and settlements—net | 0 | |
End of measurement period | $ 9,945 | $ 9,689 |
Segment and Geographic Inform_3
Segment and Geographic Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | segment | 3 | ||
Revenues before reimbursements | $ 1,122,979 | $ 1,163,709 | $ 1,177,588 |
Assets | 701,442 | 787,936 | |
Crawford TPA Solutions: Broadspire | |||
Segment Reporting Information [Line Items] | |||
Revenues before reimbursements | 405,335 | ||
Crawford Specialty Solutions | |||
Segment Reporting Information [Line Items] | |||
Revenues before reimbursements | 304,529 | ||
Operating segments | |||
Segment Reporting Information [Line Items] | |||
Segment operating earnings | 97,781 | 109,169 | 116,532 |
Depreciation and amortization | 16,846 | 19,592 | 19,934 |
Assets | 421,321 | 476,980 | 434,055 |
Operating segments | Crawford Claims Solutions | |||
Segment Reporting Information [Line Items] | |||
Segment operating earnings | 9,836 | 17,527 | 14,371 |
Depreciation and amortization | 3,625 | 4,039 | 4,531 |
Assets | 163,899 | 174,559 | 128,752 |
Operating segments | Crawford TPA Solutions: Broadspire | |||
Segment Reporting Information [Line Items] | |||
Segment operating earnings | 36,909 | 38,224 | 36,520 |
Depreciation and amortization | 9,844 | 9,924 | 10,061 |
Assets | 92,007 | 91,101 | 89,862 |
Operating segments | Crawford Specialty Solutions | |||
Segment Reporting Information [Line Items] | |||
Segment operating earnings | 51,036 | 53,418 | 65,641 |
Depreciation and amortization | 3,377 | 5,629 | 5,342 |
Assets | 165,415 | 211,320 | 215,441 |
Service | |||
Segment Reporting Information [Line Items] | |||
Revenues before reimbursements | 1,070,971 | 1,105,832 | 1,109,286 |
Service | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Revenues before reimbursements | 1,070,971 | 1,105,832 | 1,109,286 |
Service | Operating segments | Crawford Claims Solutions | |||
Segment Reporting Information [Line Items] | |||
Revenues before reimbursements | 361,107 | 365,074 | 341,555 |
Service | Operating segments | Crawford TPA Solutions: Broadspire | |||
Segment Reporting Information [Line Items] | |||
Revenues before reimbursements | 405,335 | 390,583 | 382,657 |
Service | Operating segments | Crawford Specialty Solutions | |||
Segment Reporting Information [Line Items] | |||
Revenues before reimbursements | $ 304,529 | $ 350,175 | $ 385,074 |
Segment and Geographic Inform_4
Segment and Geographic Information - Capital Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Expenditures for additions to long-lived assets | $ 30,020 | $ 44,911 | $ 29,199 |
Operating segments | Crawford Claims Solutions | |||
Segment Reporting Information [Line Items] | |||
Expenditures for additions to long-lived assets | 3,811 | 1,155 | 719 |
Operating segments | Crawford TPA Solutions: Broadspire | |||
Segment Reporting Information [Line Items] | |||
Expenditures for additions to long-lived assets | 2,148 | 11,689 | 2,823 |
Operating segments | Crawford TPA Solutions: Broadspire | |||
Segment Reporting Information [Line Items] | |||
Expenditures for additions to long-lived assets | 5,947 | 4,136 | 4,678 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Expenditures for additions to long-lived assets | $ 18,114 | $ 27,931 | $ 20,979 |
Segment and Geographic Inform_5
Segment and Geographic Information - Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,122,979 | $ 1,163,709 | $ 1,177,588 |
Total Revenues | 1,122,979 | 1,163,709 | 1,177,588 |
Service | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,070,971 | 1,105,832 | 1,109,286 |
Reimbursements | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 52,008 | $ 57,877 | $ 68,302 |
Segment and Geographic Inform_6
Segment and Geographic Information - Income Before Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting, Reconciling Item for Operating Earnings from Segment to Consolidated [Line Items] | |||
Net corporate interest expense | $ (10,109,000) | $ (9,062,000) | $ (9,185,000) |
Amortization of customer-relationship intangible assets | (11,152,000) | (10,982,000) | (9,969,000) |
Goodwill and intangible asset impairment charges | (1,056,000) | (19,598,000) | 0 |
Restructuring and special charges | 0 | (12,084,000) | (9,490,000) |
Loss on disposition of business line | (20,270,000) | 0 | 0 |
Income before income taxes | 44,131,000 | 42,262,000 | 63,241,000 |
Operating segments | |||
Segment Reporting, Reconciling Item for Operating Earnings from Segment to Consolidated [Line Items] | |||
Operating earnings of all reportable segments | 97,781,000 | 109,169,000 | 116,532,000 |
Segment Reconciling Items | |||
Segment Reporting, Reconciling Item for Operating Earnings from Segment to Consolidated [Line Items] | |||
Unallocated corporate and shared costs and credits | (9,321,000) | (13,463,000) | (24,403,000) |
Net corporate interest expense | (10,109,000) | (9,062,000) | (9,185,000) |
Stock option expense | (1,742,000) | (1,718,000) | (621,000) |
Amortization of customer-relationship intangible assets | (11,152,000) | (10,982,000) | (9,592,000) |
Goodwill and intangible asset impairment charges | (1,056,000) | (19,598,000) | 0 |
Restructuring and special charges | 0 | (12,084,000) | (9,490,000) |
Loss on disposition of business line | $ (20,270,000) | $ 0 | $ 0 |
Segment and Geographic Inform_7
Segment and Geographic Information - Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
TOTAL ASSETS | $ 701,442 | $ 787,936 | |||
Corporate assets: | |||||
Cash and cash equivalents | 53,119 | 54,011 | $ 81,569 | $ 76,066 | |
Income taxes receivable | (9,625) | (12,588) | |||
Prepaid expenses and other current assets | 24,237 | 25,452 | |||
Net property and equipment | 34,303 | 41,664 | |||
Capitalized software costs, net | 72,210 | 89,824 | |||
Deferred income tax assets | 22,146 | $ 24,151 | 24,359 | ||
Other noncurrent assets | 70,022 | 67,659 | |||
Operating segments | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
TOTAL ASSETS | 421,321 | 476,980 | $ 434,055 | ||
Corporate | |||||
Segment Reporting, Asset Reconciling Item [Line Items] | |||||
TOTAL ASSETS | 280,121 | 310,956 | |||
Corporate assets: | |||||
Cash and cash equivalents | 53,119 | 54,011 | |||
Income taxes receivable | 4,084 | 7,987 | |||
Prepaid expenses and other current assets | 24,237 | 25,452 | |||
Net property and equipment | 34,303 | 41,664 | |||
Capitalized software costs, net | 72,210 | 89,824 | |||
Deferred income tax assets | 22,146 | 24,359 | |||
Other noncurrent assets | $ 70,022 | $ 67,659 |
Segment and Geographic Inform_8
Segment and Geographic Information - Revenues and Long-lived Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues before reimbursements | $ 1,122,979 | $ 1,163,709 | $ 1,177,588 |
Crawford TPA Solutions: Broadspire | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues before reimbursements | 1,070,971 | 1,105,832 | 1,109,286 |
Long-lived assets | 106,513 | 131,488 | 110,565 |
Crawford TPA Solutions: Broadspire | U.K. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues before reimbursements | 131,651 | 139,338 | 172,673 |
Long-lived assets | 7,631 | 7,747 | 8,480 |
Crawford TPA Solutions: Broadspire | Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues before reimbursements | 121,076 | 110,962 | 106,696 |
Long-lived assets | 7,553 | 8,771 | 5,652 |
Crawford TPA Solutions: Broadspire | All Other International | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues before reimbursements | 202,557 | 201,839 | 200,532 |
Long-lived assets | 3,172 | 3,282 | 3,868 |
Crawford TPA Solutions: Broadspire | U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues before reimbursements | 615,687 | 653,693 | 629,385 |
Long-lived assets | $ 88,157 | $ 111,688 | $ 92,565 |
Client Funds (Details)
Client Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Custodial | ||
Funds Held for Clients [Line Items] | ||
Funds held for clients | $ 464,524 | $ 480,026 |
Noncustodial | ||
Funds Held for Clients [Line Items] | ||
Funds held for clients | $ 542,635 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2018USD ($) |
We Go Look, LLC | |
Loss Contingencies [Line Items] | |
Ownership percentage by noncontrolling owners | 15.00% |
Letter of credit | |
Loss Contingencies [Line Items] | |
Letters of credit outstanding amount | $ 11,729 |
Restructuring and Special Cha_3
Restructuring and Special Charges (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unusual or Infrequent Item [Line Items] | |||
Restructuring and special charges | $ 0 | $ 12,084,000 | $ 9,490,000 |
Additions | 0 | 12,084,000 | 8,565,000 |
Special charges | |||
Unusual or Infrequent Item [Line Items] | |||
Special charges | 0 | 0 | 925,000 |
Implementation and phase-in of the Centers | |||
Unusual or Infrequent Item [Line Items] | |||
Additions | 0 | 445,000 | 3,741,000 |
Restructuring and integration costs | |||
Unusual or Infrequent Item [Line Items] | |||
Additions | 0 | 10,119,000 | 2,975,000 |
Asset impairments and lease termination costs | |||
Unusual or Infrequent Item [Line Items] | |||
Additions | $ 0 | $ 1,520,000 | $ 1,849,000 |
Restructuring and Special Cha_4
Restructuring and Special Charges - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Reserve [Roll Forward] | |||
Balance at December 31, | $ 9,413 | $ 7,157 | $ 14,900 |
Additions | 0 | 12,084 | 8,565 |
Adjustments to accruals | (2,187) | (520) | (1,248) |
Cash payments | (4,961) | (9,308) | (15,060) |
Balance at December 31, | 2,265 | 9,413 | 7,157 |
Deferred rent | |||
Restructuring Reserve [Roll Forward] | |||
Balance at December 31, | 2,846 | 3,066 | 3,571 |
Additions | 0 | 1,277 | 1,526 |
Adjustments to accruals | (1,544) | (1,497) | (1,112) |
Cash payments | 0 | 0 | (919) |
Balance at December 31, | 1,302 | 2,846 | 3,066 |
Accrued compensation and related costs | |||
Restructuring Reserve [Roll Forward] | |||
Balance at December 31, | 4,782 | 1,525 | 7,006 |
Additions | 0 | 10,299 | 2,995 |
Adjustments to accruals | 0 | 0 | 0 |
Cash payments | (4,305) | (7,042) | (8,476) |
Balance at December 31, | 477 | 4,782 | 1,525 |
Accounts payable | |||
Restructuring Reserve [Roll Forward] | |||
Balance at December 31, | 0 | 617 | 1,066 |
Additions | 0 | 195 | 3,611 |
Adjustments to accruals | 0 | 0 | (136) |
Cash payments | 0 | (812) | (3,924) |
Balance at December 31, | 0 | 0 | 617 |
Other accrued liabilities | |||
Restructuring Reserve [Roll Forward] | |||
Balance at December 31, | 1,785 | 1,949 | 3,257 |
Additions | 0 | 313 | 433 |
Adjustments to accruals | (643) | 977 | 0 |
Cash payments | (656) | (1,454) | (1,741) |
Balance at December 31, | $ 486 | $ 1,785 | $ 1,949 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 22, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | |||
Stock repurchased, value | $ 10,409,000 | $ 7,422,000 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Stock repurchased (in dollars per share) | $ 9.10 | ||
Stock repurchased, value | $ 16,364,676 | ||
Class A Non-Voting | |||
Subsequent Event [Line Items] | |||
Stock repurchased (in dollars per share) | $ 8.36 | $ 8.21 | |
Class A Non-Voting | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Stock repurchased (in shares) | 421,427 | ||
Class B Voting | |||
Subsequent Event [Line Items] | |||
Stock repurchased (in dollars per share) | $ 8.96 | $ 8.88 | |
Class B Voting | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Stock repurchased (in shares) | 1,376,889 |