Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jul. 26, 2014 | Sep. 05, 2014 | Jan. 25, 2014 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'DYCOM INDUSTRIES INC | ' | ' |
Entity Central Index Key | '0000067215 | ' | ' |
Current Fiscal Year End Date | '--07-26 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $921,422,736 |
Entity Common Stock, Shares Outstanding | ' | 34,000,148 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 26-Jul-14 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jul. 26, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and equivalents | $20,672 | $18,607 |
Accounts receivable, net | 272,741 | 252,202 |
Costs and estimated earnings in excess of billings | 230,569 | 204,349 |
Inventories | 49,095 | 35,999 |
Deferred tax assets, net | 19,932 | 16,853 |
Other current assets | 12,727 | 13,124 |
Total current assets | 605,736 | 541,134 |
PROPERTY AND EQUIPMENT, NET | 205,413 | 202,703 |
GOODWILL | 269,088 | 267,810 |
INTANGIBLE ASSETS, NET | 116,116 | 125,275 |
OTHER | 16,001 | 17,286 |
TOTAL NON-CURRENT ASSETS | 606,618 | 613,074 |
TOTAL ASSETS | 1,212,354 | 1,154,208 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 63,318 | 77,954 |
Current portion of debt | 10,938 | 7,813 |
Billings in excess of costs and estimated earnings | 13,882 | 13,788 |
Accrued insurance claims | 32,260 | 29,069 |
Other accrued liabilities | 76,134 | 71,191 |
Total current liabilities | 196,532 | 199,815 |
LONG-TERM DEBT (including debt premium of $3.8 million at January 26, 2013) | 446,863 | 444,169 |
ACCRUED INSURANCE CLAIMS | 33,782 | 27,250 |
DEFERRED TAX LIABILITIES, NET NON-CURRENT | 45,361 | 48,612 |
OTHER LIABILITIES | 4,882 | 6,001 |
Total liabilities | 727,420 | 725,847 |
COMMITMENTS AND CONTINGENCIES, Notes 10, 11 and 18 | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, par value $1.00 per share: 1,000,000 shares authorized: no shares issued and outstanding | 0 | 0 |
Common stock, par value $0.33 1/3 per share: 150,000,000 shares authorized: 32,993,267 and 33,587,744 issued and outstanding, respectively | 11,330 | 11,088 |
Additional paid-in capital | 131,819 | 115,205 |
Accumulated other comprehensive income | -158 | 103 |
Retained earnings | 341,943 | 301,965 |
Total stockholders' equity | 484,934 | 428,361 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,212,354 | $1,154,208 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 |
In Millions, except Share data, unless otherwise specified | ||
LIABILITIES: | ' | ' |
Debt premium | $3.20 | $0 |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, par value (in dollars per share) | $1 | $1 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.33 | $0.33 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 33,990,589 | 33,264,117 |
Common stock, outstanding (in shares) | 33,990,589 | 33,264,117 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jul. 26, 2014 | Apr. 26, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 27, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Oct. 27, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
REVENUES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenues | $482,071 | $426,284 | $390,518 | $512,720 | $478,632 | $437,367 | $369,326 | $323,286 | $1,811,593 | $1,608,612 | $1,201,119 |
EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of earned revenues, excluding depreciation and amortization | 387,221 | 350,352 | 327,353 | 410,119 | 384,169 | 357,664 | 301,516 | 257,066 | 1,475,045 | 1,300,416 | 968,949 |
General and administrative (including stock-based compensation expense of $12.6 million, $9.9 million and $7.0 million, respectively) | ' | ' | ' | ' | ' | ' | ' | ' | 161,858 | 145,771 | 104,024 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 92,772 | 85,481 | 62,693 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 1,729,675 | 1,531,668 | 1,135,666 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -26,827 | -23,334 | -16,717 |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 11,228 | 4,589 | 15,825 |
INCOME BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 66,319 | 58,199 | 64,561 |
PROVISION (BENEFIT) FOR INCOME TAXES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current | ' | ' | ' | ' | ' | ' | ' | ' | 32,664 | 25,281 | 15,309 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | -6,323 | -2,270 | 9,874 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 26,341 | 23,011 | 25,183 |
NET INCOME | $16,489 | $7,895 | ($3,067) | $18,660 | $14,666 | $7,199 | $1,463 | $11,861 | $39,978 | $35,188 | $39,378 |
EARNINGS PER COMMON SHARE: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per common share (usd per share) | $0.49 | $0.23 | ($0.09) | $0.56 | $0.44 | $0.22 | $0.04 | $0.36 | $1.18 | $1.07 | $1.17 |
Diluted earnings per common share (usd per share) | $0.47 | $0.23 | ($0.09) | $0.54 | $0.43 | $0.21 | $0.04 | $0.35 | $1.15 | $1.04 | $1.14 |
SHARES USED IN COMPUTING EARNINGS PER COMMON SHARE: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 33,773,158 | 33,012,595 | 33,653,055 |
Diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 34,816,381 | 33,782,187 | 34,481,895 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
EXPENSES: | ' | ' | ' |
General and administrative, stock based compensation expense | $12.60 | $9.90 | $7 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Apr. 26, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 27, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Oct. 27, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME | $16,489 | $7,895 | ($3,067) | $18,660 | $14,666 | $7,199 | $1,463 | $11,861 | $39,978 | $35,188 | $39,378 |
Foreign currency translation losses, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -261 | -35 | -161 |
COMPREHENSIVE INCOME | ' | ' | ' | ' | ' | ' | ' | ' | $39,717 | $35,153 | $39,217 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
In Thousands, except Share data, unless otherwise specified | |||||
Balances at Jul. 30, 2011 | $351,851 | $11,162 | $112,991 | $299 | $227,399 |
Balances (in shares) at Jul. 30, 2011 | ' | 33,487,640 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Stock options exercised (in shares) | ' | 617,103 | ' | ' | ' |
Stock options exercised | 6,490 | 206 | 6,284 | ' | ' |
Non-cash stock-based compensation expense (in shares) | ' | 5,168 | ' | ' | ' |
Non-cash stock-based compensation expense | 6,782 | 2 | 6,780 | ' | ' |
Issuance of restricted stock, net of tax withholdings (in shares) | ' | 75,533 | ' | ' | ' |
Issuance of restricted stock, net of tax withholdings | -329 | 25 | -354 | ' | ' |
Repurchase of common stock (in shares) | -597,700 | -597,700 | ' | ' | ' |
Repurchase of common stock | -12,960 | -199 | -12,761 | ' | ' |
Other comprehensive loss | -161 | ' | ' | -161 | ' |
Tax benefits from stock-based compensation | 1,880 | ' | 1,880 | ' | ' |
Net income | 39,378 | ' | ' | ' | 39,378 |
Balances at Jul. 28, 2012 | 392,931 | 11,196 | 114,820 | 138 | 266,777 |
Balances (in shares) at Jul. 28, 2012 | ' | 33,587,744 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Stock options exercised (in shares) | ' | 544,162 | ' | ' | ' |
Stock options exercised | 5,253 | 181 | 5,072 | ' | ' |
Non-cash stock-based compensation expense (in shares) | ' | 5,674 | ' | ' | ' |
Non-cash stock-based compensation expense | 9,902 | 2 | 9,900 | ' | ' |
Issuance of restricted stock, net of tax withholdings (in shares) | ' | 173,537 | ' | ' | ' |
Issuance of restricted stock, net of tax withholdings | -884 | 58 | -942 | ' | ' |
Repurchase of common stock (in shares) | -1,047,000 | -1,047,000 | ' | ' | ' |
Repurchase of common stock | -15,203 | -349 | -14,854 | ' | ' |
Other comprehensive loss | -35 | ' | ' | -35 | ' |
Tax benefits from stock-based compensation | 1,209 | ' | 1,209 | ' | ' |
Net income | 35,188 | ' | ' | ' | 35,188 |
Balances at Jul. 27, 2013 | 428,361 | 11,088 | 115,205 | 103 | 301,965 |
Balances (in shares) at Jul. 27, 2013 | 33,264,117 | 33,264,117 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Stock options exercised (in shares) | ' | 803,796 | ' | ' | ' |
Stock options exercised | 14,568 | 268 | 14,300 | ' | ' |
Non-cash stock-based compensation expense (in shares) | ' | 3,999 | ' | ' | ' |
Non-cash stock-based compensation expense | 12,596 | 1 | 12,595 | ' | ' |
Issuance of restricted stock, net of tax withholdings (in shares) | ' | 279,577 | ' | ' | ' |
Issuance of restricted stock, net of tax withholdings | -3,781 | 93 | -3,874 | ' | ' |
Repurchase of common stock (in shares) | -360,900 | -360,900 | ' | ' | ' |
Repurchase of common stock | -9,999 | -120 | -9,879 | ' | ' |
Other comprehensive loss | -261 | ' | ' | -261 | ' |
Tax benefits from stock-based compensation | 3,472 | ' | 3,472 | ' | ' |
Net income | 39,978 | ' | ' | ' | 39,978 |
Balances at Jul. 26, 2014 | $484,934 | $11,330 | $131,819 | ($158) | $341,943 |
Balances (in shares) at Jul. 26, 2014 | 33,990,589 | 33,990,589 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $39,978 | $35,188 | $39,378 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 92,772 | 85,481 | 62,693 |
Bad debt expense, net | 615 | 139 | 186 |
Gain on sale of fixed assets | -10,706 | -4,683 | -15,430 |
Deferred income tax provision (benefit) | -6,323 | -2,270 | 9,874 |
Stock-based compensation | 12,596 | 9,902 | 6,782 |
Write-off of deferred financing costs | 0 | 321 | 0 |
Amortization of premium on long-term debt | -369 | -218 | 0 |
Amortization of debt issuance costs and other | 1,916 | 1,652 | 1,297 |
Excess tax benefit from share-based awards | -3,025 | -1,283 | -1,625 |
Other | 0 | 57 | -105 |
Change in operating assets and liabilities: | ' | ' | ' |
Accounts receivable, net | -16,949 | 3,625 | -3,421 |
Costs and estimated earnings in excess of billings, net | -25,356 | -12,338 | -35,693 |
Other current assets and inventory | -12,843 | -1,083 | -6,403 |
Other assets | -555 | -31 | 62 |
Income taxes receivable/payable | 6,685 | 5,994 | 5,747 |
Accounts payable | -4,244 | -11,163 | 2,978 |
Accrued liabilities, insurance claims, and other liabilities | 9,993 | -2,546 | -1,195 |
Net cash provided by operating activities | 84,185 | 106,744 | 65,125 |
INVESTING ACTIVITIES: | ' | ' | ' |
Cash paid for acquisition, net of cash acquired | -17,088 | -330,291 | 0 |
Capital expenditures | -89,136 | -64,650 | -77,612 |
Proceeds from sale of assets | 15,407 | 5,827 | 24,783 |
Changes in restricted cash | -303 | 60 | 926 |
Net cash used in investing activities | -91,120 | -389,054 | -51,903 |
FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from issuance of 7.125% senior subordinated notes due 2021 (including $3.8 million premium) | 0 | 93,825 | 0 |
Proceeds from Term Loan on Senior Credit Agreement | 0 | 125,000 | 0 |
Proceeds from borrowings on Senior Credit Agreement | 502,000 | 404,500 | 0 |
Principal payments on Senior Credit Agreement | -495,813 | -358,625 | 0 |
Debt issuance costs | 0 | -6,739 | 0 |
Repurchases of common stock | -9,999 | -15,203 | -12,960 |
Exercise of stock options and other | 14,568 | 5,253 | 6,490 |
Restricted stock tax withholdings | -3,781 | -884 | -329 |
Excess tax benefit from share-based awards | 3,025 | 1,283 | 1,625 |
Principal payments on capital lease obligations | -1,000 | -74 | -233 |
Net cash provided by financing activities | 9,000 | 248,336 | -5,407 |
Net (decrease) increase in cash and equivalents | 2,065 | -33,974 | 7,815 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 18,607 | 52,581 | 44,766 |
CASH AND EQUIVALENTS AT END OF PERIOD | 20,672 | 18,607 | 52,581 |
Cash paid during the period for: | ' | ' | ' |
Interest | 25,291 | 21,414 | 15,443 |
Income taxes | 26,738 | 19,128 | 10,722 |
Purchases of capital assets included in accounts payable or other accrued liabilities at period end | $2,651 | $13,639 | $4,593 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (Parenthetical) (7.125% Senior Subordinated Notes Due 2021, Senior Subordinated Notes, USD $) | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | Dec. 12, 2012 |
In Millions, unless otherwise specified | Quanta Services, Inc. | |||
Debt, interest rate (in percent) | 7.13% | 7.13% | 7.13% | ' |
Amount paid for other specified items | ' | ' | ' | $3.80 |
Basis_of_Presentation_and_Acco
Basis of Presentation and Accounting Policies | 12 Months Ended |
Jul. 26, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Accounting Policies | ' |
Basis of Presentation and Accounting Policies | |
Basis of Presentation | |
Dycom Industries, Inc. ("Dycom" or the "Company") is a leading provider of specialty contracting services throughout the United States and in Canada. The Company's services include engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities, including telecommunications providers, and other construction and maintenance services to electric and gas utilities and others. | |
The consolidated financial statements include the results of Dycom and its subsidiaries, all of which are wholly-owned. All intercompany accounts and transactions have been eliminated and the financial statements reflect all adjustments, consisting of only normal recurring accruals that are, in the opinion of management, necessary for a fair presentation of such statements. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). | |
Segment Information – The Company operates in one reportable segment as a specialty contractor, providing engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities, including telecommunications providers, and other construction and maintenance services to electric and gas utilities and others. The Company operates on a decentralized basis through its operating segments, each of which consists of a legal subsidiary (or in limited cases, the combination of two or more subsidiaries). Management of the operating segments report to the Company's Chief Operating Officer who reports to the Chief Executive Officer, the chief operating decision maker. All of the Company's operating segments have been aggregated into one reportable segment due to their similar economic characteristics, nature of services and production processes, type of customers, and service distribution methods. The Company's services are provided by its operating segments throughout the United States and in Canada. Revenues from services provided in Canada were approximately $12.2 million, $13.0 million and $11.9 million during fiscal 2014, 2013 and 2012, respectively. The Company had no material long-lived assets in Canada at July 26, 2014 or July 27, 2013. | |
Significant Acquisitions – On December 3, 2012, the Company acquired substantially all of the telecommunications infrastructure services subsidiaries of Quanta Services, Inc. The results of operations of these subsidiaries are included in the accompanying consolidated financial statements from the date of acquisition. See Note 3, Acquisitions, for further information regarding the Company's acquisitions. | |
Accounting Period – The Company uses a fiscal year ending on the last Saturday in July. | |
Significant Accounting Policies & Estimates | |
Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. For the Company, key estimates include: recognition of revenue for costs and estimated earnings under the percentage of completion method of accounting, allowance for doubtful accounts, the fair value of reporting units for goodwill impairment analysis, the assessment of impairment of intangibles and other long-lived assets, the purchase price allocations of businesses acquired, accrued insurance claims, income taxes, asset lives used in computing depreciation and amortization, stock-based compensation expense for performance-based stock awards, and accruals for contingencies, including legal matters. At the time they are made, the Company believes that such estimates are fair when considered in conjunction with the consolidated financial position and results of operations taken as a whole. However, actual results could differ materially from those estimates. | |
Revenue Recognition – The Company recognizes revenues under the percentage of completion method of accounting using the units-of-delivery or cost-to-cost measures. A majority of the Company’s services are performed under master service agreements with customers which contain customer-specified service requirements, such as discrete pricing for individual tasks. Revenue is recognized under these arrangements based on units-of-delivery and revenue is recognized as each unit is completed. Revenues from contracts using the cost-to-cost measures of completion are recognized based on the ratio of contract costs incurred to date to total estimated contract costs and represented less than 10% of the Company’s contract revenues during each of fiscal 2014, 2013 and 2012. In addition, the Company has an immaterial amount of revenue for services provided under time and material contracts that are recognized as the work is performed. There were no material amounts of unapproved change orders or claims recognized during fiscal 2014, 2013 or 2012. The current asset “Costs and estimated earnings in excess of billings” represents revenues recognized in excess of amounts billed. The current liability “Billings in excess of costs and estimated earnings” represents billings in excess of revenues recognized. | |
Application of the percentage of completion method of accounting requires the use of estimates of costs to be incurred for the performance of the contract. The cost estimation process is based on the knowledge and experience of the Company’s project managers and financial professionals. Factors that the Company considers in estimating the work to be completed and ultimate contract recovery include the availability and productivity of labor, the nature and complexity of the work to be performed, the effect of change orders, the availability of materials, the effect of any delays in performance and the recoverability of any claims. Changes in job performance, job conditions, estimated profitability and final contract settlements may result in changes to costs and income and their effects are recognized in the period in which the revisions are determined. At the time a loss on a contract becomes known, the entire amount of the estimated ultimate loss is accrued. For fiscal 2014, 2013 and 2012, there have been no material changes in estimates for amounts in the consolidated financial statements. | |
Cash and Equivalents – Cash and equivalents primarily include balances on deposit in banks. The Company maintains substantially all of its cash and equivalents at financial institutions it believes to be of high credit quality. To date, the Company has not experienced any loss or lack of access to cash in its operating accounts. | |
Restricted Cash – As of July 26, 2014 and July 27, 2013, the Company had approximately $4.0 million and $3.7 million, respectively, in restricted cash which is held as collateral in support of the Company's insurance obligations. Restricted cash is included in other current assets and other assets in the consolidated balance sheets and changes in restricted cash are reported in cash flows used in investing activities in the consolidated statements of cash flows. | |
Allowance for Doubtful Accounts – The Company grants credit under normal payment terms, generally without collateral, to its customers. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the failure of its customers to make required payments. With respect to certain customers, the Company has statutory lien rights which may assist in its collection efforts. Management analyzes the collectability of accounts receivable balances each period. This analysis considers the aging of account balances, historical bad debt experience, changes in customer creditworthiness, current economic trends, customer payment activity and other relevant factors. Should any of these factors change, the estimates made by management may also change, which could affect the level of the Company’s future provision for doubtful accounts. The Company recognizes an increase in the allowance for doubtful accounts when it is probable that a receivable is not collectible and the loss can be reasonably estimated. Any increase in the allowance account has a corresponding negative effect on the Company's results of operations. See Note 4, Accounts Receivable, for further information regarding the Company's accounts receivable. | |
Inventories – Inventories consist of materials and supplies used in the ordinary course of business and are carried at the lower of cost (using the first-in, first-out method) or market. Inventories also include certain job specific materials which are valued using the specific identification method. For contracts where the Company is required to supply part or all of the materials on behalf of the customer, the loss of the customer or declines in contract volumes could result in an impairment of the value of materials purchased. | |
Property and Equipment – Property and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful lives (see Note 6, Property and Equipment, for the range of useful lives). Maintenance and repairs are expensed as incurred and major improvements are capitalized. When assets are sold or retired, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in other income. Capitalized software is accounted for in accordance with Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 350-40, Internal Use Software. Capitalized software consists primarily of costs to purchase and develop internal-use software and is amortized over its useful life as a component of depreciation expense. Property and equipment includes internally developed capitalized computer software gross cost and net book value of $26.5 million and $16.5 million, respectively, as of July 26, 2014, and gross cost and net book value of $18.3 million and $11.6 million, respectively, as of July 27, 2013. | |
Goodwill and Intangible Assets – The Company accounts for goodwill and other intangibles in accordance with ASC Topic 350, Intangibles-Goodwill and Other ("ASC Topic 350"). The Company's goodwill and other indefinite-lived intangible assets are assessed annually for impairment as of the first day of the fourth fiscal quarter of each year, or more frequently if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. The Company performs its annual impairment review of goodwill at the reporting unit level. Each of the Company's operating segments with goodwill represents a reporting unit for the purpose of assessing impairment. If the Company determines the fair value of goodwill or other indefinite-lived intangible assets is less than their carrying value as a result of the tests, an impairment loss is recognized. Impairment losses, if any, are reflected in operating income or loss in the consolidated statements of operations during the period incurred. | |
In accordance with ASC Topic 360, Impairment or Disposal of Long-Lived Assets, the Company reviews finite-lived intangible assets for impairment whenever an event occurs or circumstances change which indicates that the carrying amount of such assets may not be fully recoverable. Recoverability is determined based on an estimate of undiscounted future cash flows resulting from the use of an asset and its eventual disposition. Should an asset not be recoverable, an impairment loss is measured by comparing the fair value of the asset to its carrying value. If the Company determines the fair value of an asset is less than the carrying value, an impairment loss is incurred. Impairment losses, if any, are reflected in operating income or loss in the consolidated statements of operations during the period incurred. | |
The Company uses judgment in assessing if goodwill and intangible assets are impaired. Estimates of fair value are based on the Company's projection of revenues, operating costs, and cash flows taking into consideration historical and anticipated future results, general economic and market conditions, as well as the impact of planned business or operational strategies. To measure fair value, the Company employs a combination of present value techniques which reflect market factors. Changes in the Company's judgments and projections could result in significantly different estimates of fair value potentially resulting in additional impairments of goodwill and other intangible assets. The inputs used for fair value measurements of the reporting units and other related indefinite-lived intangible assets are the lowest level (Level 3) inputs. | |
Business Combinations – The Company accounts for business combinations under the acquisition method of accounting. The purchase price of each acquired business is allocated to the tangible and intangible assets acquired and the liabilities assumed on the basis of their respective fair values on the date of acquisition. Any excess of the purchase price over the fair value of the separately identifiable assets acquired and the liabilities assumed is allocated to goodwill. Purchase price allocations are based on information regarding the fair value of assets acquired and liabilities assumed as of the dates of acquisition. Management determines the fair values used in purchase price allocations for intangible assets based on historical data, estimated discounted future cash flows, contract backlog amounts, if applicable, and expected royalty rates for trademarks and trade names, as well as certain other assumptions. The valuation of assets acquired and liabilities assumed requires a number of judgments and is subject to revision as additional information about the fair value of assets and liabilities becomes available. Additional information, which existed as of the acquisition date but at that time was unknown to the Company, may become known during the remainder of the measurement period, a period not to exceed twelve months from the acquisition date. Adjustments in the purchase price allocation during the measurement period may require a recasting of the amounts allocated to goodwill and intangible assets. Acquisition costs are expensed as incurred. The results of operations of businesses acquired are included in the accompanying consolidated financial statements from their dates of acquisition. | |
Long-Lived Tangible Assets – The Company reviews long-lived tangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of an asset group and its eventual disposition. Measurement of an impairment loss is based on the fair value of the asset compared to its carrying value. Long-lived tangible assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. | |
Accrued Insurance Claims – Within the Company's insurance program, it retains the risk of loss, up to certain limits, for claims related to automobile liability, general liability, workers' compensation, employee group health, and damages relating to underground facility locating services. The Company has established reserves that it believes to be adequate based on current evaluations and its experience with these types of claims. A liability for unpaid claims and the associated claim expenses, including incurred but not reported losses, is determined with the assistance of an actuary and reflected in the consolidated financial statements as accrued insurance claims. The effect on the Company's financial statements is generally limited to the amount needed to satisfy its insurance deductibles or retentions. The liability for accrued claims and related accrued processing costs was $66.0 million and $56.3 million at July 26, 2014 and July 27, 2013, respectively, and included incurred but not reported losses of approximately $32.1 million and $26.0 million, respectively. Based on prior payment patterns for similar claims, $32.3 million and $29.1 million of the amounts accrued at July 26, 2014 and July 27, 2013, respectively, were expected to be paid within the next twelve months. | |
The Company estimates the liability for claims based on facts, circumstances and historical evidence. When loss reserves are recorded they are not discounted, even though they will not be paid until sometime in the future. Factors affecting the determination of the expected cost for existing and incurred but not reported claims include, but are not limited to, the estimated number of future claims, the payment pattern of claims which have been incurred, changes in the medical condition of claimants, and other factors such as inflation, tort reform or other legislative changes, unfavorable jury decisions and court interpretations. | |
Per Share Data – Basic earnings per common share is computed based on the weighted average number of shares outstanding during the period, excluding unvested restricted share units. Diluted earnings per common share includes the weighted average number of common shares outstanding during the period and dilutive potential common shares, including unvested restricted share units. Performance share awards are included in diluted weighted average number of common shares outstanding based upon the quantity that would be issued if the end of the reporting period were the end of the term of the award. Stock options, time-based restricted share units ("RSUs") and performance-based restricted share units ("Performance RSUs") are included in diluted weighted average number of common shares outstanding by applying the treasury stock method. Common stock equivalents related to stock options are excluded from diluted earnings per common share calculations if their effect would be anti-dilutive. | |
Stock-Based Compensation – The Company's stock-based award programs are intended to attract, retain and reward talented employees, officers and directors, and to align stockholder and employee interests. The Company has granted stock-based awards under its 2012 Long-Term Incentive Plan ("2012 Plan"), 2003 Long-Term Incentive Plan ("2003 Plan") and the 2007 Non-Employee Directors Equity Plan ("2007 Directors Plan" and, together with the 2012 Plan and 2003 Plan, the "Plans"). In addition, awards are outstanding under other plans under which no further awards will be granted. The Company's policy is to issue new shares to satisfy equity awards under the Plans. The Plans provide for several types of stock-based awards, including stock options, restricted shares, performance shares, restricted share units, performance share units, and stock appreciation rights. The total number of shares available for grant under the Plans as of July 26, 2014 was 1,433,653. | |
Compensation expense for stock-based awards is based on the fair value at the measurement date and is included in general and administrative expenses in the consolidated statements of operations. The fair value of RSUs and Performance RSUs is estimated on the date of grant and is generally equal to the closing stock price on that date. RSUs and Performance RSUs are settled in one share of the Company’s common stock upon vesting. RSUs vest ratably over a period of four years and generally, upon each annual vesting, 50% of the newly vested shares (net of any shares used to satisfy tax withholding obligations) are restricted from sale or transferability ("restricted holdings"). The restrictions on sale or transferability of the restricted holdings will end 90 days after termination of employment of the holder. When the holder has accumulated restricted holdings having a value equal to or greater than the holder’s annual base salary then in effect, future grants will no longer be subject to the restriction on transferability. Performance RSUs vest over a period of three years from the date of grant if certain performance goals are achieved. The performance targets are based on the Company's fiscal year operating earnings (adjusted for certain amounts) as a percentage of contract revenues and the Company's fiscal year operating cash flow level. For the fiscal 2014 performance period, the performance targets exclude amounts recorded for the amortization of intangible assets of businesses acquired in fiscal 2013. Additionally, certain awards include three-year performance goals which, if met, result in supplemental shares awarded. The three-year performance criteria required to earn supplemental awards is more difficult than that required to earn annual target awards and is based on the Company's three-year cumulative operating earnings (adjusted for certain amounts) as a percentage of contract revenues and the Company's three-year cumulative operating cash flow level. | |
The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model based on certain assumptions including: expected volatility based on the historical price of the Company's stock over the expected life of the option; the risk free rate of return based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option; the expected life based on the period of time the options are expected to be outstanding using historical data to estimate option exercise and employee termination; and dividend yield based on the Company's history and expectation of dividend payments. Stock options generally vest ratably over a four-year period and are exercisable over a period of up to ten years. | |
The total amount of stock-based compensation expense ultimately recognized is based on the number of awards that actually vest and fluctuates as a result of performance criteria for performance-based awards, as well as the vesting period of all stock-based awards. For Performance RSUs, the Company evaluates compensation expense quarterly and recognizes expense for performance-based awards only if management determines it is probable that the performance criteria for the awards will be met. Accordingly, the amount of compensation expense recognized during any fiscal year may not be representative of future stock-based compensation expense. | |
Income Taxes – The Company accounts for income taxes under the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. The Company’s effective income tax rate differs from the statutory rate for the tax jurisdictions where it operates primarily as the result of the impact of state income taxes, non-deductible and non-taxable items and tax credits recognized in relation to pre-tax results. Measurement of certain aspects of the Company’s tax positions are based on interpretations of tax regulations, federal and state case law and the applicable statutes. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company determines that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, it would make an adjustment to the valuation allowance, which would reduce the provision for income taxes. | |
In the normal course of business, tax positions exist for which the ultimate outcome is uncertain. ASC Topic 740, Income Taxes ("ASC Topic 740") prescribes a two-step process for the financial statement recognition and measurement of income tax positions taken or expected to be taken in an income tax return. The first step involves an evaluation of the underlying tax position based solely on technical merits (such as tax law) and the second step involves measuring the tax position based on the probability of it being sustained in the event of a tax examination. The Company recognizes tax benefits at the largest amount that it deems more likely than not will be realized upon ultimate settlement of any tax uncertainty. Tax positions that fail to qualify for recognition are recognized in the period in which the more-likely-than-not standard has been reached, when the tax positions are resolved with the respective taxing authority or when the statute of limitations for tax examination has expired. The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses. | |
In September 2013, the U.S. Internal Revenue Service (the "IRS") issued new regulations for capitalizing and deducting costs incurred to acquire, produce, or improve tangible property. These new regulations are effective beginning with the Company's fiscal 2015 year. As a result of the new regulations, the Company is required to determine which, if any, income tax accounting method changes are needed and the potential financial statement impact. Because additional guidance from the IRS is anticipated, the Company is in the process of reviewing its existing income tax accounting methods related to tangible property. Based on the Company’s initial assessment, the new regulations will not have a material effect on the Company’s consolidated financial statements. | |
Fair Value of Financial Instruments – The Company's financial instruments consist primarily of cash and equivalents, restricted cash, accounts receivables, income taxes receivable and payable, accounts payable and certain accrued expenses, and long-term debt. The carrying amounts of these items approximate fair value due to their short maturity, except for the Company's outstanding 7.125% senior subordinated notes due 2021 (the "2021 Notes") which are based on observable market-based inputs (Level 2) as of July 26, 2014 and July 27, 2013. See Note 10, Debt, for further information regarding the fair value of the 2021 Notes. The Company's cash and equivalents are based on quoted market prices in active markets for identical assets (Level 1) as of July 26, 2014 and July 27, 2013. During fiscal 2014 and fiscal 2013, the Company had no significant non-recurring fair value measurements of assets or liabilities subsequent to their initial recognition. | |
Taxes Collected from Customers – ASC Topic 605, Taxes Collected from Customers and Remitted to Governmental Authorities, addresses the income statement presentation of any taxes collected from customers and remitted to a government authority and provides that the presentation of taxes on either a gross basis or a net basis in an accounting policy decision that should be disclosed. The Company's policy is to present contract revenues net of sales taxes. | |
Recently Issued Accounting Pronouncements | |
Adoption of New Accounting Pronouncements | |
In July 2012, the FASB issued Accounting Standards Update No. 2012-02, Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment ("ASU 2012-02"). ASU 2012-02 permits entities first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test pursuant to ASC Subtopic 350-30. If the entity determines that it is more likely than not that such asset is not impaired based on its qualitative assessment, no further testing is required. The Company adopted ASU 2012-02 in fiscal 2014 and it did not have a material effect on the Company's consolidated financial statements. | |
Accounting Standards Not Yet Adopted | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force) ("ASU 2013-04"). ASU 2013-04 provides guidance related to the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. ASU 2013-04 will be effective for the Company's fiscal years beginning fiscal 2015 and interim reporting periods within that year. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11"). ASU 2013-11 is intended to end inconsistent practices regarding the presentation of unrecognized tax benefits when a net operating loss, a similar tax loss or a tax credit carryforward is available to reduce the taxable income or tax payable that would result from the disallowance of a tax position. ASU 2013-11 will be effective for the Company's fiscal years beginning fiscal 2015 and interim periods within that year. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. | |
In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). ASU 2014-08 changes the criteria for reporting discontinued operations. In accordance with ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also requires expanded disclosures about the assets, liabilities, income, and expenses of discontinued operations as well as disclosure of the pre-tax income rising from a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. ASU 2014-08 will be effective for the Company's fiscal years beginning fiscal 2016 and interim reporting periods within that year. Early adoption is permitted only for disposals that have not been reported in financial statement previously issued or available for issuance. The Company is currently evaluating the effect of the adoption of this guidance on the consolidated financial statements. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), ("ASU 2014-09"). ASU 2014-09 requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 requires entities to disclose both qualitative and quantitative information that enables users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including disclosure of significant judgments affecting the recognition of revenue. ASU 2014-09 will be effective for the Company's fiscal years beginning fiscal 2018 and interim reporting periods within that year, using either the retrospective or cumulative effect transition method. Early adoption is not permitted. The Company is currently evaluating the effect of the adoption of this guidance on the consolidated financial statements. |
Computation_of_Earnings_Per_Co
Computation of Earnings Per Common Share | 12 Months Ended | |||||||||||
Jul. 26, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Computation of Earnings Per Common Share | ' | |||||||||||
Computation of Earnings Per Common Share | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per common share: | ||||||||||||
Fiscal Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||
Net income available to common stockholders (numerator) | $ | 39,978 | $ | 35,188 | $ | 39,378 | ||||||
Weighted-average number of common shares (denominator) | 33,773,158 | 33,012,595 | 33,653,055 | |||||||||
Basic earnings per common share | $ | 1.18 | $ | 1.07 | $ | 1.17 | ||||||
Weighted-average number of common shares | 33,773,158 | 33,012,595 | 33,653,055 | |||||||||
Potential common stock arising from stock options, and unvested restricted share units | 1,043,223 | 769,592 | 828,840 | |||||||||
Total shares-diluted (denominator) | 34,816,381 | 33,782,187 | 34,481,895 | |||||||||
Diluted earnings per common share | $ | 1.15 | $ | 1.04 | $ | 1.14 | ||||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share | 586,389 | 1,204,116 | 1,262,964 | |||||||||
Acquisitions
Acquisitions | 12 Months Ended | |||
Jul. 26, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Acquisitions | ' | |||
Acquisitions | ||||
Fiscal 2013 - On December 3, 2012, Dycom acquired substantially all of the telecommunications infrastructure services subsidiaries (the "Acquired Subsidiaries") of Quanta Services, Inc. for the sum of $275.0 million in cash, an adjustment of approximately $40.4 million for working capital received in excess of a target amount, and approximately $3.7 million for other specified items. The acquisition was funded through a combination of borrowings under a new $400 million credit facility and cash on hand. On December 12, 2012, Dycom Investments, Inc., a wholly-owned subsidiary of the Company, issued $90.0 million of 7.125% senior subordinated notes due 2021 and used the net proceeds to repay approximately $90.0 million of the credit facility borrowings. See Note 10, Debt, for further information regarding the Company's debt financing. | ||||
The Acquired Subsidiaries provide specialty contracting services, including engineering, construction, maintenance and installation services to telecommunications providers, and other construction and maintenance services to electric and gas utilities and others. Principal business facilities are located in Arizona, California, Florida, Georgia, Minnesota, New York, Pennsylvania and Washington. | ||||
For the Acquired Subsidiaries, the fair values used in the purchase price allocation for intangible assets were determined by management with the assistance of an independent valuation specialist and completed during the fourth quarter of fiscal 2013. The purchase price of the Acquired Subsidiaries is allocated as follows and reflects the elimination of intercompany balances (dollars in millions): | ||||
Assets | ||||
Cash and equivalents | $ | 0.2 | ||
Accounts receivable, net | 112.2 | |||
Costs and estimated earnings in excess of billings | 61.5 | |||
Inventories | 9 | |||
Other current assets | 1.6 | |||
Property and equipment | 33.3 | |||
Goodwill | 87.9 | |||
Intangibles - customer relationships | 70.3 | |||
Intangibles - backlog | 15.3 | |||
Intangibles - trade names | 5 | |||
Other assets | 2.3 | |||
Total assets | 398.6 | |||
Liabilities | ||||
Accounts payable | 42.1 | |||
Billings in excess of costs and estimated earnings | 10.3 | |||
Accrued and other liabilities | 27.1 | |||
Total liabilities | 79.5 | |||
Net Assets Acquired | $ | 319.1 | ||
Goodwill of $87.9 million and amortizing intangible assets of $90.6 million related to the Acquired Subsidiaries is expected to be deductible for tax purposes. See Note 7, Goodwill and Intangible Assets, for further information on amortization and estimated useful lives of intangible assets acquired. | ||||
For fiscal 2014, the Acquired Subsidiaries earned revenues of $472.2 million and recognized intangible amortization expense of $11.5 million. Inclusive of charges allocated for management costs, the Acquired Subsidiaries had net income of $6.9 million for fiscal 2014. For fiscal 2013, the Acquired Subsidiaries earned revenues of $335.4 million and recognized intangible amortization expense of $14.3 million. The fiscal 2013 net income from the date of acquisition through fiscal 2013, inclusive of charges allocated for management costs, was immaterial. | ||||
Pro forma contract revenues, income before taxes, and net income were $1.837 billion, $90.0 million and $54.4 million, respectively, for fiscal 2013, resulting in basic and diluted pro forma earnings per share of $1.65 and $1.61, respectively. This unaudited pro forma information presents the Company's consolidated results of operations as if the acquisition of the Acquired Subsidiaries had occurred on July 31, 2011, the first day of the Company's 2012 fiscal year and includes certain adjustments, including depreciation and amortization expense based on the estimated fair value of the assets acquired, interest expense related to the Company's debt financing of the transaction, and the income tax impact of these adjustments. Pro forma earnings during fiscal 2013 have been adjusted to reflect amortization and depreciation as if the acquisition had occurred on July 31, 2011. This includes the impact of amortization expense, including customer relationships and contract backlog which is being recognized on an accelerated basis related to the expected economic benefit. Pro forma results also reflect depreciation expense which is recognized over the estimated useful lives of the related property and equipment. The unaudited pro forma information is not necessarily indicative of the results of operations of the combined companies had the acquisition occurred at the beginning of the periods presented nor is it indicative of future results. | ||||
During the fourth quarter of fiscal 2013, the Company acquired Sage Telecommunications Corp. of Colorado, LLC ("Sage") and certain assets of a tower construction and maintenance company for a combined total of $11.3 million, net of cash acquired. Sage provides telecommunications construction and project management services primarily for cable operators in the Western United States. Purchase price allocations of businesses acquired during the fourth quarter of fiscal 2013 were completed during the fourth quarter of fiscal 2014. | ||||
Fiscal 2014 - During the third quarter of fiscal 2014, the Company acquired a telecommunications specialty construction contractor in Canada for $0.7 million. During the fourth quarter of fiscal 2014, the Company acquired Watts Brothers Cable Construction, Inc. ("Watts Brothers") for $16.4 million plus $0.5 million to be paid in fiscal 2015. Watts Brothers provides specialty contracting services primarily for telecommunication and cable operators in the Midwest and Southeastern United States. Purchase price allocations of businesses acquired during fiscal 2014 are preliminary and will be completed during fiscal 2015 when the valuations for intangible assets and other amounts are finalized. | ||||
The results of operations of businesses acquired are included in the accompanying consolidated financial statements from their dates of acquisition. The results from businesses acquired during the fourth quarter of fiscal 2013 and fiscal 2014 were not material to the Company. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||
Jul. 26, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts Receivable | ' | |||||||
Accounts Receivable | ||||||||
Accounts receivable consists of the following: | ||||||||
July 26, | July 27, | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Contract billings | $ | 258,254 | $ | 239,498 | ||||
Retainage and other receivables | 15,323 | 12,833 | ||||||
Total | 273,577 | 252,331 | ||||||
Less: allowance for doubtful accounts | (836 | ) | (129 | ) | ||||
Accounts receivable, net | $ | 272,741 | $ | 252,202 | ||||
The Company grants credit under normal payment terms, generally without collateral, to its customers. The Company expects to collect the outstanding balance of accounts receivable, net, including retainage and amounts supplemented with liens, within the next twelve months. Except as described herein, there were no material accounts receivable amounts representing claims or other similar items subject to uncertainty as of July 26, 2014 or July 27, 2013. | ||||||||
With respect to certain customers, the Company has statutory lien rights which may assist in its collection efforts. As of July 26, 2014, the Company's accounts receivable include approximately $20.1 million for past due balances from a customer on a rural project funded primarily by the Rural Utilities Service agency of the United States Department of Agriculture (the “RUS”) under the American Recovery and Reinvestment Act of 2009. The loan made by the RUS is secured by certain assets of the customer. The Company has stopped work on the project. The Company has filed construction liens with respect to work on the project representing approximately $17.7 million of the accounts receivable balance. In addition, other creditors have also filed construction liens against the customer. In July 2014, the Company was included in an action taken by another creditor that has filed a construction lien on one parcel of property owned by the customer to foreclose the lien on that parcel. In the event the customer does not pay the balances owed, the amount the Company collects through the enforcement of its liens or other actions will depend on the value realized on the assets underlying the liens as well as the amount owed to, and priority of, other creditors. | ||||||||
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the failure of its customers to make required payments. The allowance for doubtful accounts changed as follows: | ||||||||
Fiscal Year Ended | ||||||||
July 26, 2014 | July 27, 2013 | |||||||
(Dollars in thousands) | ||||||||
Allowance for doubtful accounts at beginning of period | $ | 129 | $ | 270 | ||||
Bad debt expense, net | 615 | 139 | ||||||
Amounts recovered (charged) against the allowance | 92 | (280 | ) | |||||
Allowance for doubtful accounts at end of period | $ | 836 | $ | 129 | ||||
Costs_and_Estimated_Earnings_i
Costs and Estimated Earnings in Excess of Billings | 12 Months Ended | |||||||
Jul. 26, 2014 | ||||||||
Contractors [Abstract] | ' | |||||||
Costs and Estimated Earnings in Excess of Billings | ' | |||||||
Costs and Estimated Earnings in Excess of Billings | ||||||||
Costs and estimated earnings in excess of billings ("CIEB") includes revenue for services from contracts based both on the units-of-delivery and the cost-to-cost measures of the percentage of completion method. Contracts in progress are as follows: | ||||||||
July 26, | July 27, | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Costs incurred on contracts in progress | $ | 234,766 | $ | 208,250 | ||||
Estimated to date earnings | 57,335 | 49,150 | ||||||
Total costs and estimated earnings | 292,101 | 257,400 | ||||||
Less: billings to date | (75,414 | ) | (66,839 | ) | ||||
$ | 216,687 | $ | 190,561 | |||||
Included in the accompanying consolidated balance sheets under the captions: | ||||||||
Costs and estimated earnings in excess of billings | $ | 230,569 | $ | 204,349 | ||||
Billings in excess of costs and estimated earnings | (13,882 | ) | (13,788 | ) | ||||
$ | 216,687 | $ | 190,561 | |||||
As of July 26, 2014, the Company expects that substantially all of its CIEB will be billed to customers and collected in the normal course of business within the next twelve months. Additionally, there were no material CIEB amounts representing claims or other similar items subject to uncertainty as of July 26, 2014 or July 27, 2013. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||||||
Jul. 26, 2014 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Property and Equipment | ' | |||||||||||
Property and Equipment | ||||||||||||
Property and equipment consists of the following: | ||||||||||||
Estimated Useful Lives | July 26, | July 27, | ||||||||||
2014 | 2013 | |||||||||||
(Years) | (Dollars in thousands) | |||||||||||
Land | — | $ | 3,408 | $ | 3,479 | |||||||
Buildings | Oct-35 | 11,589 | 11,449 | |||||||||
Leasehold improvements | 10-Jan | 5,335 | 5,154 | |||||||||
Vehicles | 5-Jan | 279,631 | 258,211 | |||||||||
Computer hardware and software | 10-Mar | 73,349 | 64,191 | |||||||||
Office furniture and equipment | 7-Feb | 7,790 | 7,915 | |||||||||
Equipment and machinery | 10-Jan | 177,608 | 171,742 | |||||||||
Total | 558,710 | 522,141 | ||||||||||
Less: accumulated depreciation | (353,297 | ) | (319,438 | ) | ||||||||
Property and equipment, net | $ | 205,413 | $ | 202,703 | ||||||||
Depreciation expense and repairs and maintenance are as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Depreciation expense | $ | 74,517 | $ | 64,756 | $ | 56,187 | ||||||
Repairs and maintenance expense | $ | 21,829 | $ | 19,408 | $ | 15,623 | ||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||
Jul. 26, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Goodwill and Intangible Assets | ' | |||||||||||
Goodwill and Intangible Assets | ||||||||||||
Goodwill | ||||||||||||
The Company's goodwill balance was $269.1 million as of July 26, 2014 and $267.8 million as of July 27, 2013. Changes in the carrying amount of goodwill for fiscal 2014 and fiscal 2013 are as follows: | ||||||||||||
Goodwill | Accumulated Impairment Losses | Total | ||||||||||
(Dollars in thousands) | ||||||||||||
Balance as of July 28, 2012 | $ | 370,616 | $ | (195,767 | ) | $ | 174,849 | |||||
Goodwill from fiscal 2013 acquisitions | 92,961 | — | 92,961 | |||||||||
Balance as of July 27, 2013 | 463,577 | (195,767 | ) | 267,810 | ||||||||
Goodwill from fiscal 2014 acquisitions | 1,278 | — | 1,278 | |||||||||
Balance as of July 26, 2014 | $ | 464,855 | $ | (195,767 | ) | $ | 269,088 | |||||
The full amount of goodwill related to businesses acquired during fiscal 2014 and fiscal 2013 is expected to be deductible for tax purposes. The Company's goodwill resides in multiple reporting units. The profitability of individual reporting units may suffer periodically from downturns in customer demand and other factors resulting from the cyclical nature of the Company's business, the high level of competition existing within the Company's industry, the concentration of the Company's revenues from a limited number of customers, and the level of overall economic activity, including in particular construction and housing activity. During times of slowing economic conditions, the Company's customers may reduce capital expenditures and defer or cancel pending projects. Individual reporting units may be more impacted by these factors than the Company as a whole. As a result, demand for the services of one or more of the Company's reporting units could decline, resulting in an impairment of goodwill or intangible assets. | ||||||||||||
The Company performed its annual impairment assessment as of the first day of the fourth quarter of each of fiscal 2014, 2013 and 2012 and concluded that no impairment of goodwill or the indefinite-lived intangible asset was indicated at any reporting unit for any of the years. During fiscal 2014, the Company performed qualitative assessments on reporting units that comprise less than 20% of its consolidated goodwill balance. The qualitative assessments indicated that it was more likely than not that the fair value exceeded carrying value for those reporting units. For the remaining reporting units, the Company performed the first step of the quantitative analysis described in ASC Topic 350. The key valuation assumptions contributing to the fair value estimates of the Company's reporting units were (a) a discount rate based on the Company's best estimate of the weighted average cost of capital adjusted for risks associated with the reporting units; (b) terminal value based on terminal growth rates; and (c) seven expected years of cash flow before the terminal value for each annual test. The table below outlines certain assumptions in each of the Company's fiscal 2014, 2013 and 2012 annual quantitative impairment analyses: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Terminal Growth Rate Range | 1.5% - 3.0% | 1.5% - 2.5% | 1.5% - 3.0% | |||||||||
Discount Rate | 11.50% | 11.50% | 13.00% | |||||||||
The discount rate reflects risks inherent within each reporting unit operating individually, which are greater than the risks inherent in the Company as a whole. For fiscal 2014, the discount rate was consistent with the fiscal 2013 analysis based on risk relative to industry conditions and the interest rate environment (cost of debt). The decrease in discount rates for fiscal 2013 from fiscal 2012 was a result of reduced risk relative to industry conditions and a lower interest rate environment at the time of the analysis. The Company believes the assumptions used in the impairment analysis each year are reflective of the risks inherent in the business models of its reporting units and within its industry. | ||||||||||||
In the fiscal 2014 impairment analysis, the fair value for three of the reporting units acquired in fiscal 2013 exceeded their carrying value by less than 25% each. The goodwill balances for these reporting units were $10.6 million, $4.8 million and $3.6 million. Recent operating performance, along with assumptions for specific customer and industry opportunities, were considered in the key assumptions used during the fiscal 2014 impairment analysis. Management has determined the goodwill balance of these reporting units may have an increased likelihood of impairment if a prolonged downturn in customer demand were to occur, or if the reporting units were not able to execute against customer opportunities, and the long-term outlook for their cash flows were adversely impacted. Furthermore, changes in the long-term outlook may result in changes to other valuation assumptions. Factors monitored by management which could result in a change to the reporting units' estimates include the outcome of customer requests for proposals and subsequent awards, strategies of competitors, labor market conditions and levels of overall economic activity, including construction and housing activity. As of July 26, 2014, the Company believes the goodwill is recoverable for all of the reporting units; however, there can be no assurances that the goodwill will not be impaired in future periods. | ||||||||||||
Current operating results, including any losses, are evaluated by the Company in the assessment of goodwill and other intangible assets. The estimates and assumptions used in assessing the fair value of the reporting units and the valuation of the underlying assets and liabilities are inherently subject to significant uncertainties. Changes in judgments and estimates could result in a significantly different estimate of the fair value of the reporting units and could result in impairments of goodwill or intangible assets at additional reporting units. Additionally, adverse conditions in the economy and future volatility in the equity and credit markets could impact the valuation of the Company's reporting units. | ||||||||||||
Intangible Assets | ||||||||||||
The Company's intangible assets consist of the following: | ||||||||||||
Weighted Average Remaining Useful Lives | July 26, | July 27, | ||||||||||
2014 | 2013 | |||||||||||
(Years) | (Dollars in thousands) | |||||||||||
Carrying amount: | ||||||||||||
Customer relationships | 11.7 | $ | 173,594 | $ | 164,497 | |||||||
Contract backlog | 1.8 | 15,285 | 15,285 | |||||||||
Trade names | 4.2 | 8,200 | 8,200 | |||||||||
UtiliQuest trade name | — | 4,700 | 4,700 | |||||||||
Non-compete agreements | 3.5 | 400 | 400 | |||||||||
202,179 | 193,082 | |||||||||||
Accumulated amortization: | ||||||||||||
Customer relationships | 69,048 | 56,219 | ||||||||||
Contract backlog | 13,490 | 9,433 | ||||||||||
Trade names | 3,361 | 2,071 | ||||||||||
Non-compete agreements | 164 | 84 | ||||||||||
86,063 | 67,807 | |||||||||||
Net Intangible Assets | $ | 116,116 | $ | 125,275 | ||||||||
Amortization of the Company's customer relationships and contract backlog intangible assets is recognized on an accelerated basis as a function of the expected economic benefit. Amortization for the Company's other finite-lived intangibles is recognized on a straight-line basis over the estimated useful life of the intangible asset. Amortization expense for finite-lived intangible assets was $18.3 million, $20.7 million and $6.5 million for fiscal 2014, 2013 and 2012, respectively. | ||||||||||||
Estimated total amortization expense for each of the five succeeding fiscal years and thereafter is as follows: | ||||||||||||
Period | Amount | |||||||||||
(Dollars in thousands) | ||||||||||||
2015 | $15,946 | |||||||||||
2016 | $15,240 | |||||||||||
2017 | $13,777 | |||||||||||
2018 | $11,616 | |||||||||||
2019 | $9,226 | |||||||||||
Thereafter | $45,611 | |||||||||||
As of July 26, 2014, the Company believes that the carrying amounts of its intangible assets are recoverable. However, if adverse events were to occur or circumstances were to change indicating that the carrying amount of such assets may not be fully recoverable, the assets would be reviewed for impairment and the assets could be impaired. |
Accrued_Insurance_Claims
Accrued Insurance Claims | 12 Months Ended |
Jul. 26, 2014 | |
Accrued Insurance Claims [Abstract] | ' |
Accrued Insurance Claims | ' |
Accrued Insurance Claims | |
Within its insurance program the Company retains the risk of loss, up to certain limits, for claims relating to automobile liability, general liability, workers’ compensation, employee group health, and damages relating to underground facility locating services. With respect to losses occurring in fiscal 2012 through fiscal 2014, the Company retains the risk of loss up to $1.0 million on a per occurrence basis for automobile liability, general liability and workers’ compensation. The Company has maintained this same level of retention for fiscal 2015. These retention amounts are applicable to all of the states in which the Company operates, except with respect to workers’ compensation insurance in two states in which the Company participates in a state-sponsored insurance fund. Aggregate stop loss coverage for automobile liability, general liability and workers’ compensation claims is $56.3 million for fiscal 2014 and $59.5 million for fiscal 2015. The risk of loss for insured claims of the Acquired Subsidiaries, including those incurred but not reported, as of the date of acquisition has been retained by Quanta Services, Inc. | |
The Company is party to a stop-loss agreement for losses under its employee group health plan. The Company retains the risk of loss, on an annual basis, of the first $250,000 of claims per participant. In addition, the Company retains the risk of loss for the first $550,000 of claim amounts that aggregate across all participants having claims that exceed $250,000. | |
The liability for total accrued insurance claims and related processing costs was $66.0 million and $56.3 million at July 26, 2014 and July 27, 2013, respectively, of which, $33.8 million and $27.3 million, respectively, is reflected within non-current liabilities in the consolidated financial statements. |
Other_Accrued_Liabilities
Other Accrued Liabilities | 12 Months Ended | |||||||
Jul. 26, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Other Accrued Liabilities | ' | |||||||
Other Accrued Liabilities | ||||||||
Other accrued liabilities consist of the following: | ||||||||
July 26, | July 27, | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Accrued payroll and related taxes | $ | 18,429 | $ | 19,940 | ||||
Accrued employee benefit and incentive plan costs | 17,677 | 15,325 | ||||||
Accrued construction costs | 20,689 | 20,883 | ||||||
Accrued interest and related bank fees | 872 | 937 | ||||||
Income taxes payable | 5,223 | 2,337 | ||||||
Other current liabilities | 13,244 | 11,769 | ||||||
Total other accrued liabilities | $ | 76,134 | $ | 71,191 | ||||
Debt
Debt | 12 Months Ended | |||||||
Jul. 26, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
The Company’s outstanding indebtedness consists of the following: | ||||||||
July 26, | July 27, | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Borrowings on senior Credit Agreement (matures December 2017) | $ | 63,000 | $ | 49,000 | ||||
Senior Credit Agreement Term Loan (matures December 2017) | 114,063 | 121,875 | ||||||
7.125% senior subordinated notes due 2021 | 277,500 | 277,500 | ||||||
Long-term debt premium on 7.125% senior subordinated notes (amortizes to interest expense through January 2021) | 3,238 | 3,607 | ||||||
457,801 | 451,982 | |||||||
Less: current portion | (10,938 | ) | (7,813 | ) | ||||
Long-term debt | $ | 446,863 | $ | 444,169 | ||||
Senior Subordinated Notes Due 2021 | ||||||||
On July 28, 2012, Dycom Investments, Inc., (the "Issuer"), a wholly-owned subsidiary of the Company, had outstanding an aggregate principal amount of $187.5 million of 7.125% senior subordinated notes due 2021 that were issued under an indenture dated January 21, 2011 (the "Indenture"). On December 12, 2012, an additional $90.0 million in aggregate principal amount of 7.125% senior subordinated notes due 2021 were issued under the Indenture at 104.25% of the principal amount. The resulting debt premium of $3.8 million is being amortized to interest expense over the remaining term of the notes and was $3.2 million and $3.6 million as of July 26, 2014 and July 27, 2013, respectively. The net proceeds of this issuance were used to repay a portion of the borrowings under the Company's new credit facility. Holders of all $277.5 million aggregate principal amount of the senior subordinated notes (the "2021 Notes") vote as one series under the Indenture. | ||||||||
The 2021 Notes are guaranteed by the Issuer's parent company and substantially all of the Company's subsidiaries. For additional information regarding these guarantees see Note 20, Supplemental Consolidating Financial Statements. The Indenture contains covenants that limit, among other things, the Company's ability to incur additional debt and issue preferred stock, make certain restricted payments, consummate specified asset sales, enter into transactions with affiliates, incur liens, impose restrictions on the ability of its subsidiaries to pay dividends or make payments to the Company and its restricted subsidiaries, merge or consolidate with another person, and dispose of all or substantially all of its assets. | ||||||||
The Company determined that the fair value of the 2021 Notes as of July 26, 2014 was approximately $297.6 million based on quoted market prices, compared to a $280.7 million carrying value (including the debt premium of $3.2 million). As of July 27, 2013, the fair value of the 2021 Notes was $292.4 million compared to a carrying value of $281.1 million (including the debt premium of $3.6 million). | ||||||||
Senior Credit Agreement | ||||||||
On December 3, 2012, the Company entered into a new, five-year credit agreement (the "Credit Agreement") with various lenders. The Credit Agreement matures in December 2017 and provides for a $275 million revolving facility and a $125 million term loan (the "Term Loan"). Subject to certain conditions, the Credit Agreement provides for the ability to enter into one or more incremental facilities, either by increasing the revolving commitments under the Credit Agreement and/or in the form of term loans, in an aggregate amount not to exceed $100 million. Borrowings under the Credit Agreement can be used to refinance certain indebtedness, to provide general working capital, and for other general corporate purposes. | ||||||||
The Credit Agreement replaced the Company's prior credit agreement, dated as of June 4, 2010, which was due to expire in June 2015. At the time of termination, there were no outstanding borrowings and all outstanding letters of credit were transferred to the Credit Agreement. The Company did not incur any material early termination penalties in connection with the termination of the prior credit agreement. The Company recognized $0.3 million in write-off of deferred financing costs during the second quarter of fiscal 2013 in connection with the replacement of the prior credit agreement. | ||||||||
Borrowings under the Credit Agreement (other than Swingline Loans (as defined in the Credit Agreement)) bear interest at a rate equal to either (a) the administrative agent's base rate, described in the Credit Agreement as the highest of (i) the administrative agent's prime rate, (ii) the Federal Funds Rate plus 0.50%, and (iii) a floating rate of interest equal to one month LIBOR plus 1.00%, or (b) the Eurodollar Rate, plus, in each case, an applicable margin based upon the Company's consolidated leverage ratio. Swingline Loans bear interest at a rate equal to the administrative agent's base rate plus a margin based upon the Company's consolidated leverage ratio. As of July 26, 2014 and July 27, 2013, borrowings are eligible for a margin of 1.0% for borrowings based on the administrative agent's base rate and 2.0% for borrowings based on the Eurodollar Rate. Borrowings under the Credit Agreement are guaranteed by substantially all of the Company's subsidiaries and secured by the stock of each of the wholly-owned, domestic subsidiaries (subject to specified exceptions). The Company incurs fees under the Credit Agreement for the unutilized commitments at rates that range from 0.25% to 0.40% per annum, fees for outstanding standby letters of credit at rates that range from 1.50% to 2.25% per annum and fees for outstanding commercial letters of credit at rates that range from 0.75% to 1.125% per annum, in each case based on the Company's consolidated leverage ratio. | ||||||||
The Company had outstanding revolver borrowings under the Credit Agreement of $63.0 million and $49.0 million as of July 26, 2014 and July 27, 2013, respectively. Borrowings under the Credit Agreement accrued interest at a weighted average rate of approximately 2.55% per annum and 2.19% per annum as of July 26, 2014 and July 27, 2013, respectively. As of July 26, 2014 and July 27, 2013, the Company had $114.1 million and $121.9 million, respectively, of outstanding principal amount under the Term Loan, which accrued interest at 2.15% and 2.19% per annum, respectively. | ||||||||
The Term Loan is subject to annual amortization payable in equal quarterly installments of principal. Contractual maturities on the Company's outstanding indebtedness, including the Term Loan and excluding the issue premium, as of July 26, 2014 is as follows: $10.9 million during fiscal 2015, $14.1 million during fiscal 2016, $17.2 million during fiscal 2017, $134.9 million during fiscal 2018 and $277.5 million during fiscal 2021. | ||||||||
The Credit Agreement contains a sublimit of $150 million for the issuance of letters of credit. Standby letters of credit of approximately $49.4 million and $46.7 million, issued as part of the Company's insurance program, were outstanding under the Credit Agreement as of July 26, 2014 and July 27, 2013, respectively. Interest on outstanding standby letters of credit accrued at 2.0% per annum at both July 26, 2014 and July 27, 2013, respectively. Unutilized commitments were at rates per annum of 0.35% at both July 26, 2014 and July 27, 2013. | ||||||||
The Credit Agreement contains affirmative and negative covenants which are customary for similar credit agreements, including, without limitation, limitations on the Company and its subsidiaries with respect to indebtedness, liens, investments, distributions, mergers and acquisitions, disposition of assets, sale-leaseback transactions, transactions with affiliates and capital expenditures. The Credit Agreement contains financial covenants which require the Company to (i) maintain a consolidated leverage ratio of not greater than (a) 3.50 to 1.00 for fiscal quarters ending July 27, 2013 through April 26, 2014, (b) 3.25 to 1.00 for fiscal quarters ending July 26, 2014 through April 25, 2015 and (c) 3.00 to 1.00 for fiscal quarters ending July 25, 2015 and each fiscal quarter thereafter, as measured on a trailing four quarter basis at the end of each fiscal quarter, and (ii) maintain a consolidated interest coverage ratio of not less than 3.00 to 1.00, as measured at the end of each fiscal quarter. At July 26, 2014 and July 27, 2013, the Company was in compliance with the financial covenants of the Credit Agreement and had additional borrowing availability of $162.6 million and $179.3 million, respectively, as determined by the most restrictive covenants of the Credit Agreement. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Jul. 26, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The components of the provision (benefit) for income taxes are as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Current: | ||||||||||||
Federal | $ | 27,161 | $ | 22,173 | $ | 11,263 | ||||||
Foreign | 416 | 406 | 568 | |||||||||
State | 5,087 | 2,702 | 3,478 | |||||||||
32,664 | 25,281 | 15,309 | ||||||||||
Deferred: | ||||||||||||
Federal | (5,706 | ) | (2,866 | ) | 9,392 | |||||||
Foreign | — | 6 | 49 | |||||||||
State | (617 | ) | 590 | 433 | ||||||||
(6,323 | ) | (2,270 | ) | 9,874 | ||||||||
Total Tax Provision | $ | 26,341 | $ | 23,011 | $ | 25,183 | ||||||
The Company is subject to federal income taxes in the United States, as well as income taxes of multiple state jurisdictions and in Canada. There were immaterial amounts of pre-tax income related to Canadian operations for fiscal 2014, 2013 and 2012. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or Canadian income tax examinations for fiscal years ended 2010 and prior. The Company believes its provision for income taxes is adequate; however, any assessment would affect the Company’s results of operations and cash flows. Income tax receivable of $2.2 million and $2.5 million is included in other current assets as of July 26, 2014 and July 27, 2013, respectively. Income taxes payable of $5.2 million and $2.3 million is included within other accrued liabilities as of July 26, 2014 and July 27, 2013, respectively. | ||||||||||||
The deferred tax provision represents the change in the deferred tax assets and the liabilities representing the tax consequences of changes in the amount of temporary differences and changes in tax rates during the year. The significant components of deferred tax assets and liabilities are comprised of the following: | ||||||||||||
26-Jul-14 | 27-Jul-13 | |||||||||||
(Dollars in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Insurance and other reserves | $ | 26,964 | $ | 23,089 | ||||||||
Allowance for doubtful accounts and reserves | 742 | 427 | ||||||||||
Net operating loss carryforwards | 994 | 1,183 | ||||||||||
Stock-based compensation | 5,402 | 4,231 | ||||||||||
Other | 1,062 | 1,800 | ||||||||||
Total deferred tax assets | 35,164 | 30,730 | ||||||||||
Valuation allowance | (878 | ) | (1,788 | ) | ||||||||
Deferred tax assets, net of valuation allowance | $ | 34,286 | $ | 28,942 | ||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment | $ | 32,164 | $ | 36,491 | ||||||||
Goodwill and intangibles | 26,998 | 23,498 | ||||||||||
Other | 553 | 712 | ||||||||||
Deferred tax liabilities | $ | 59,715 | $ | 60,701 | ||||||||
Net deferred tax liabilities | $ | 25,429 | $ | 31,759 | ||||||||
The above valuation allowance reduces the deferred tax asset balances to the amount that the Company has determined is more likely than not to be realized. The fiscal 2014 reduction in valuation allowance is the result of a $0.8 million tax benefit which expired associated with an impaired investment. As a result, the net operating loss carryforwards, and associated valuation allowance, were removed with no impact on the Company's effective tax rate. As of July 26, 2014, the Company had immaterial state net operating loss carryforwards, which generally begin to expire in fiscal 2022. The valuation allowance primarily relates to these net operating loss carryforwards. | ||||||||||||
The difference between the total tax provision and the amount computed by applying the statutory federal income tax rates to pre-tax income is as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Statutory rate applied to pre-tax income | $ | 23,212 | $ | 20,370 | $ | 22,600 | ||||||
State taxes, net of federal tax benefit | 2,863 | 2,271 | 2,766 | |||||||||
Non-deductible and non-taxable items | 491 | 366 | 208 | |||||||||
Change in accruals for uncertain tax positions | 53 | 153 | 93 | |||||||||
Valuation allowance of deferred tax asset | — | — | (313 | ) | ||||||||
Other items, net | (278 | ) | (149 | ) | (171 | ) | ||||||
Total tax provision | $ | 26,341 | $ | 23,011 | $ | 25,183 | ||||||
As of July 26, 2014 and July 27, 2013, the Company had total unrecognized tax benefits of $2.4 million and $2.3 million, respectively, which would reduce the Company’s effective tax rate during future periods if it is subsequently determined that those liabilities were not required. The Company had approximately $0.8 million for the payment of interest and penalties accrued at both July 26, 2014 and July 27, 2013. Interest expense related to unrecognized tax benefits was immaterial for each of fiscal 2014, 2013 and 2012. | ||||||||||||
A summary of unrecognized tax benefits is as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Balance at beginning of year | $ | 2,348 | $ | 2,194 | $ | 2,054 | ||||||
Additions based on tax positions related to the fiscal year | 137 | 155 | 154 | |||||||||
Additions based on tax positions related to prior years | 10 | 19 | 6 | |||||||||
Reductions related to the expiration of statutes of limitation | (94 | ) | (20 | ) | (20 | ) | ||||||
Balance at end of year | $ | 2,401 | $ | 2,348 | $ | 2,194 | ||||||
Other_Income_Net
Other Income, Net | 12 Months Ended | |||||||||||
Jul. 26, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
Other Income, Net | ' | |||||||||||
Other Income, Net | ||||||||||||
The components of other income, net, are as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Gain on sale of fixed assets | $ | 10,706 | $ | 4,683 | $ | 15,430 | ||||||
Miscellaneous income, net | 522 | 227 | 395 | |||||||||
Write-off of deferred financing costs | — | (321 | ) | — | ||||||||
Total other income, net | $ | 11,228 | $ | 4,589 | $ | 15,825 | ||||||
The Company recognized $0.3 million in write-off of deferred financing costs during fiscal 2013 in connection with the replacement of its prior credit agreement. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Jul. 26, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
Employee Benefit Plans | |||||||||||||||||||||||||
The Company sponsors a defined contribution plan that provides retirement benefits to eligible employees who elect to participate. Under the plan, participating employees may defer up to 15% of their base pre-tax eligible compensation up to the IRS limits. Beginning July 1, 2014, this deferral percentage was increased to 75%. The Company contributes 30% of the first 5% of base eligible compensation that a participant contributes to the plan. The Company's contributions were $1.9 million, $1.6 million and $1.2 million in fiscal 2014, 2013 and 2012 respectively. In addition, in connection with the businesses acquired in fiscal 2013, the Company assumed the obligation to make future contributions under an employee benefit plan in effect for certain hourly employees. Contributions for fiscal 2014 and 2013 under this plan were $1.2 million and $0.8 million, respectively. | |||||||||||||||||||||||||
The Company contributes to several multiemployer defined benefit pension plans under the terms of collective bargaining agreements ("CBA") that cover certain employees represented by unions. The risks of participating in a multiemployer plan are different from single-employer plans in the following aspects: | |||||||||||||||||||||||||
• | assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; | ||||||||||||||||||||||||
• | if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be inherited by the remaining participating employers; and | ||||||||||||||||||||||||
• | if the Company stops participating in the multiemployer plan the Company may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | ||||||||||||||||||||||||
The information available to the Company about the multiemployer plans in which it participates, whether via request to the plan or publicly available, is generally dated due to the nature of the reporting cycle of multiemployer plans and legal requirements under the Employee Retirement Income Security Act ("ERISA") as amended by the Multiemployer Pension Plan Amendments Act ("MPPAA"). Based upon these plans' most recently available annual reports, the Company's contribution to each of the plans was less than 5% of each such plans total contributions. The Pension, Hospitalization and Benefit Plan of the Electrical Industry – Pension Trust Fund ("the Plan") was considered individually significant and is presented separately below. All other plans are presented in the aggregate. | |||||||||||||||||||||||||
PPA Zone Status (a) | Company Contributions (Dollars in thousands) | Expiration Date of CBA | |||||||||||||||||||||||
Fund | EIN | 2013 | 2012 | FIP/RP Status (b) | 2014 | 2013 | 2012 | Surcharge Imposed | |||||||||||||||||
The Plan | 13-6123601 | Green | Green | No | $ | 3,044 | $ | 2,962 | $ | 2,882 | No | 5/5/16 | |||||||||||||
Other Plans (c) | 635 | 243 | — | Various | |||||||||||||||||||||
Total Contributions | $ | 3,679 | $ | 3,205 | $ | 2,882 | |||||||||||||||||||
(a) | The most recent Pension Protection Act (the "PPA") zone status was provided by the Plan for Plan years ending 2013 and 2012, respectively. The zone status is based on information that the Company received from the Plan and is certified by the Plan's actuary. Generally, plans in the red zone are less that 65% funded, plans in the yellow zone are between 65% and 80% funded, and plans in the green zone are at least 80% funded. | ||||||||||||||||||||||||
(b) | The "FIR/RP Status" column indicates plans for which a financial improvement plan (FIP) or rehabilitation plan (RP), as required by the Internal Revenue Code, is either pending or has been implemented. | ||||||||||||||||||||||||
(c) | As a result of the acquisition of the Acquired Subsidiaries, the Company began contributions to a number of additional multiemployer plans for employees of certain of the Acquired Subsidiaries. Contribution requirements to these multiemployer plans are specified in the applicable collective bargaining agreements, and are typically assessed based on union employee payrolls, which vary depending on location and union resources needed in connection with certain projects. The amounts listed include contributions to multiemployer defined contribution plans. Defined contribution plans are retirement plans in which the Company contributes a fixed amount each pay period to the extent that the Company has employees covered under the plan. Future benefits to employees from defined contribution plans are not guaranteed and fluctuate on the basis of investment earnings; the Company is not obligated to make payments to the plan other than current contributions for current employees. | ||||||||||||||||||||||||
The Company has not incurred withdrawal liabilities related to the plans as of July 26, 2014. |
Capital_Stock
Capital Stock | 12 Months Ended | |||||||||||
Jul. 26, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Capital Stock | ' | |||||||||||
Capital Stock | ||||||||||||
During fiscal 2014, 2013 and 2012, the Company made the following repurchases under its share repurchase programs: | ||||||||||||
Fiscal Year Ended | Number of Shares Repurchased | Total Consideration | Average Price Per Share | |||||||||
(Dollars in thousands) | ||||||||||||
July 28, 2012 | 597,700 | $ | 12,960 | $ | 21.68 | |||||||
July 27, 2013 | 1,047,000 | $ | 15,203 | $ | 14.52 | |||||||
July 26, 2014 | 360,900 | $ | 9,999 | $ | 27.71 | |||||||
All shares repurchased have been subsequently canceled. As of July 26, 2014, approximately $30.0 million of the $40.0 million authorized on August 27, 2013 remained authorized for repurchases through February 2015. | ||||||||||||
Shares for Tax Withholding | ||||||||||||
During fiscal 2014, 2013 and 2012, the Company withheld 136,604 shares, 47,277 shares and 16,987 shares, respectively, of restricted units that vested during the periods, totaling $3.8 million, $0.9 million and $0.3 million, respectively, in order to meet payroll tax withholdings obligations that arose on the vesting of restricted units. All shares withheld have been canceled. The shares withheld for tax withholdings do not reduce the Company’s total share repurchase authority. |
StockBased_Awards
Stock-Based Awards | 12 Months Ended | |||||||||||||||||||||
Jul. 26, 2014 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Stock-Based Awards | ' | |||||||||||||||||||||
Stock-Based Awards | ||||||||||||||||||||||
Stock-based compensation expense and the related tax benefit recognized related to stock options and restricted share units during fiscal 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Stock-based compensation | $ | 12,596 | $ | 9,902 | $ | 6,952 | ||||||||||||||||
Tax benefit recognized in the statement of operations | $ | 4,819 | $ | 3,782 | $ | 2,412 | ||||||||||||||||
The actual tax benefit realized for the tax deductions from option exercises and stock vestings totaled $7.1 million, $3.4 million and $2.8 million during fiscal 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||
As of July 26, 2014, unrecognized compensation expense related to stock options, RSUs and target Performance RSUs was $3.5 million, $6.5 million and $11.3 million, respectively, based on the Company's estimate of performance goal achievement. This expense will be recognized over a weighted-average period of 2.2 years, 2.6 years and 1.5 years, respectively, which is based on the average remaining service periods of the awards. As of July 26, 2014, the Company may recognize an additional $3.5 million in compensation expense related to Performance RSUs if the maximum amount of restricted share units are earned based on certain performance goals being met. | ||||||||||||||||||||||
The following table summarizes the valuation of stock options and restricted share units granted during fiscal 2014, 2013 and 2012 and the significant valuation assumptions: | ||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted average fair value of RSUs granted | $ | 27.54 | $ | 18.52 | $ | 19.49 | ||||||||||||||||
Weighted average fair value of Performance RSUs granted | $ | 27.66 | $ | 18.08 | $ | 19.47 | ||||||||||||||||
Weighted average fair value of stock options granted | $ | 17.43 | $ | 11.66 | $ | 12.51 | ||||||||||||||||
Stock option assumptions: | ||||||||||||||||||||||
Risk-free interest rate | 2.7 | % | 1.6 | % | 1.8 | % | ||||||||||||||||
Expected life (years) | 8.8 | 9.3 | 9.4 | |||||||||||||||||||
Expected volatility | 55.1 | % | 55.4 | % | 56.1 | % | ||||||||||||||||
Expected dividends | — | — | — | |||||||||||||||||||
Stock Options | ||||||||||||||||||||||
The following table summarizes stock option award activity during fiscal 2014: | ||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Aggregate Intrinsic Value | |||||||||||||||||||
(In years) | (In thousands) | |||||||||||||||||||||
Outstanding as of July 27, 2013 | 2,769,132 | $ | 18.27 | |||||||||||||||||||
Granted | 89,956 | $ | 27.5 | |||||||||||||||||||
Options exercised | (803,796 | ) | $ | 18.12 | ||||||||||||||||||
Forfeited or canceled | (10,399 | ) | $ | 27 | ||||||||||||||||||
Outstanding as of July 26, 2014 | 2,044,893 | $ | 18.68 | 4.8 | $ | 23,545 | ||||||||||||||||
Exercisable options as of July 26, 2014 | 1,575,300 | $ | 18.81 | 3.9 | $ | 18,566 | ||||||||||||||||
The exercisable options as of July 26, 2014 presented in the above table reflects the approximate amount of options expected to vest after giving effect to estimated forfeitures at an insignificant rate. The aggregate intrinsic values for stock options in the above table are based on the Company’s closing stock price of $28.85 on July 25, 2014. These amounts represent the total intrinsic value that would have been received by the holders of the stock-based awards had the awards been exercised and sold as of that date, before any applicable taxes. The total intrinsic value of stock options exercised was $8.4 million, $6.0 million and $6.4 million for fiscal 2014, 2013 and 2012, respectively. The Company received cash from the exercise of stock options of $14.6 million, $5.3 million and $6.5 million during fiscal 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||
RSUs and Performance RSUs | ||||||||||||||||||||||
The following table summarizes RSU and Performance RSU activity during fiscal 2014: | ||||||||||||||||||||||
Restricted Stock | ||||||||||||||||||||||
RSUs | Performance RSUs | |||||||||||||||||||||
Share Units | Weighted Average Grant Price | Aggregate Intrinsic Value | Share Units | Weighted Average Grant Price | Aggregate Intrinsic Value | |||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Outstanding as of July 27, 2013 | 463,318 | $ | 17.78 | 1,315,138 | $ | 18.44 | ||||||||||||||||
Granted | 101,615 | $ | 27.54 | 429,485 | $ | 27.66 | ||||||||||||||||
Share units vested | (158,441 | ) | $ | 16.53 | (265,025 | ) | $ | 18.35 | ||||||||||||||
Forfeited or canceled | (7,561 | ) | $ | 19.27 | (289,414 | ) | $ | 18.64 | ||||||||||||||
Outstanding as of July 26, 2014 | 398,931 | $ | 20.61 | $ | 11,509 | 1,190,184 | $ | 21.73 | $ | 34,337 | ||||||||||||
The granted Performance RSUs in the above table is comprised of 373,465 target shares granted to officers and employees and 56,020 supplemental shares granted to officers. Approximately 265,000 Performance RSUs outstanding as of July 27, 2013 were canceled during the first quarter of fiscal 2014 as a result of the fiscal 2013 performance criteria for attaining supplemental shares not being met. Approximately 48,275 target shares and 248,909 supplemental shares outstanding as of July 26, 2014 will be canceled in fiscal 2015 as a result of the fiscal 2014 performance criteria not being fully met. The total amount of Performance RSUs outstanding as of July 26, 2014 is comprised of 749,751 target shares and 440,433 supplemental shares. | ||||||||||||||||||||||
The unvested RSUs reflect the approximate amount of units expected to vest after giving effect to estimated forfeitures. The total fair value of restricted share units vested during fiscal 2014, 2013 and 2012 was $11.7 million, $4.2 million and $1.9 million, respectively. | ||||||||||||||||||||||
The aggregate intrinsic values for restricted share units are based on the Company’s closing stock price of $28.85 on July 25, 2014. These amounts represent the total intrinsic value that would have been received by the holders of the stock-based awards had the awards been exercised and sold as of that date, before any applicable taxes. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jul. 26, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
The Company leases administrative offices from entities related to officers of certain of the Company’s subsidiaries. The total expense under these arrangements was $1.7 million, $1.9 million and $1.5 million for fiscal 2014, 2013 and 2012, respectively. The remaining future minimum lease commitments under these arrangements is approximately $1.0 million, $0.9 million, $0.5 million, $0.5 million, $0.4 million and $0.4 million during fiscal 2015, 2016, 2017, 2018, 2019 and thereafter, respectively. Additionally, amounts paid for subcontracting services and materials to entities related to officers of certain of the Company’s subsidiaries were $2.1 million, $0.7 million and $0.5 million in fiscal 2014, 2013 and 2012, respectively. The Company believes that all related party transactions have been conducted on an arms-length basis and the terms are similar to those that would be available to other third parties. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Jul. 26, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
In October 2012, a former employee of UtiliQuest, LLC ("UtiliQuest"), a wholly-owned subsidiary of the Company, commenced a lawsuit against UtiliQuest in the Superior Court of California. The lawsuit alleges that UtiliQuest violated the California Labor Code, the California Business & Professions Code and the Labor Code Private Attorneys General Act of 2004 by failing to pay for all hours worked (including overtime) and failing to provide meal breaks and accurate wage statements. The plaintiff seeks unspecified damages and other relief on behalf of himself and a putative class of current and former employees of UtiliQuest who worked as locators in the State of California in the four years preceding the filing date of the lawsuit. In January 2013, UtiliQuest removed the case to the United States District Court for the Northern District of California and the plaintiff subsequently filed a Motion to Remand the case back to the California Superior Court. In April 2013, the parties exchanged initial disclosures and in July 2013, the District Court granted plaintiff's Motion to Remand. UtiliQuest filed its second removal of the case to the District Court in October 2013. On January 8, 2014, the District Court remanded the matter back to the California Superior Court. In July 2014, the plaintiff’s attorney and UtiliQuest entered into a memorandum of understanding pursuant to which the parties agreed to the terms of a proposed settlement of the lawsuit. Approval of the proposed settlement by the Court is currently pending. As of July 26, 2014, $0.6 million was included in other accrued liabilities with respect to the settlement. | ||||
The Company has filed construction liens with respect to approximately $17.7 million for past due balances from a customer on a rural project funded primarily by the Rural Utilities Service agency of the United States Department of Agriculture (the “RUS”) under the American Recovery and Reinvestment Act of 2009. In April 2014, R&R Taylor Construction, Inc. ("R&R"), a construction company, filed suit against this customer alleging that the customer failed to pay for construction services and materials. In its lawsuit, the construction company seeks to foreclose on its construction lien and, ultimately, to foreclose on the parcel of land itself. Pauley Construction, Inc. (“Pauley”), a wholly-owned subsidiary of the Company, had performed work on this parcel as part of its work on the rural project described above. Pauley has filed a construction lien on the parcel with respect to past due accounts receivable relating to this project. In July 2014, R&R amended its lawsuit to include Pauley, alleging that its lien has priority over Pauley’s construction lien. Pauley has filed an answer to this amended complaint in the Montana Eighteenth Judicial District Court, a counterclaim against the construction company and a cross-claim against the customer, alleging that Pauley’s lien is superior to all other liens on such parcel of land. It is too early to evaluate the likelihood of an outcome to this matter. The Company intends to vigorously defend itself against this lawsuit as part of ongoing efforts to collect the past due amount from this customer. | ||||
From time to time, the Company is party to various other claims and legal proceedings. It is the opinion of management, based on information available at this time, that such other pending claims or proceedings will not have a material effect on its financial statements. | ||||
Within the Company's insurance program, it retains the risk of loss, up to certain limits, for claims related to automobile liability, general liability, workers' compensation, employee group health, and damages relating to underground facility locating services, and the Company has established reserves that it believes to be adequate based on current evaluations and experience with these types of claims. For these claims, the effect on the Company's financial statements is generally limited to the amount needed to satisfy insurance deductibles or retentions. | ||||
Commitments | ||||
The Company and its subsidiaries have operating leases covering office facilities, vehicles, and equipment that have original noncancelable terms in excess of one year. Certain of these leases contain renewal provisions and generally require the Company to pay insurance, maintenance, and other operating expenses. Total expenses incurred under these operating lease agreements, including the transactions with related parties presented in Note 16, Related Party Transactions, was $17.7 million, $15.3 million and $10.6 million for fiscal 2014, 2013 and 2012, respectively. The Company also incurred rental expense of approximately $20.4 million, $19.0 million and $9.9 million for fiscal 2014, 2013 and 2012, respectively, related to facilities, vehicles, and equipment which are being leased under original terms that are one year or less. The future minimum obligation under the leases with noncancelable terms in excess of one year, including transactions with related parties, is as follows: | ||||
Future Minimum Lease Payments | ||||
(Dollars in thousands) | ||||
2015 | $ | 14,902 | ||
2016 | 12,209 | |||
2017 | 7,784 | |||
2018 | 4,459 | |||
2019 | 3,017 | |||
Thereafter | 8,249 | |||
Total | $ | 50,620 | ||
Performance Bonds and Guarantees - The Company has obligations under performance and other surety contract bonds related to certain of its customer contracts. Performance bonds generally provide the Company’s customer with the right to obtain payment and/or performance from the issuer of the bond if the Company fails to perform its contractual obligations. As of July 26, 2014 and July 27, 2013, the Company had $446.8 million and $446.5 million of outstanding performance and other surety contract bonds, respectively. There has been no material impact on the Company's financial statements as a result of customers exercising their rights under the bonds. | ||||
The Company has periodically guaranteed certain obligations of its subsidiaries, including obligations in connection with obtaining state contractor licenses and leasing real property and equipment. | ||||
Letters of Credit - The Company has standby letters of credit issued under its Credit Agreement as part of its insurance program. These standby letters of credit collateralize the Company’s obligations to its insurance carriers in connection with the settlement of potential claims. As of July 26, 2014 and July 27, 2013, the Company had $49.4 million and $46.7 million, respectively, of outstanding standby letters of credit issued under the Credit Agreement. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 12 Months Ended | |||||||||||||
Jul. 26, 2014 | ||||||||||||||
Risks and Uncertainties [Abstract] | ' | |||||||||||||
Concentration of Credit Risk | ' | |||||||||||||
Concentration of Credit Risk | ||||||||||||||
The Company is subject to concentrations of credit risk relating primarily to its cash and equivalents, trade accounts receivable and costs and estimated earnings in excess of billings. The Company grants credit under normal payment terms, generally without collateral, to its customers. These customers primarily consist of telephone companies, cable television multiple system operators, telecommunication equipment and infrastructure providers, and electric and gas utilities and other. With respect to a portion of the services provided to these customers, the Company has statutory lien rights which may in certain circumstances assist in the Company’s collection efforts. Adverse changes in overall business and economic factors may impact the Company’s customers and increase credit risks. These risks may be heightened as a result of economic weakness and market volatility. In the past, some of the Company’s customers have experienced significant financial difficulties and likewise, some may experience financial difficulties in the future. These difficulties expose the Company to increased risks related to the collectability of amounts due for services performed. | ||||||||||||||
The Company’s customer base is highly concentrated, with its top five customers accounting for approximately 58.3%, 58.5% and 59.6% of its total revenues in fiscal 2014, 2013 and 2012, respectively. Customers whose revenues exceeded 10% of total revenue during fiscal 2014, 2013 or 2012 are as follows: | ||||||||||||||
Fiscal Year Ended | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
AT&T Inc. | 19.20% | 15.50% | 13.70% | |||||||||||
CenturyLink, Inc. | 13.80% | 14.60% | 13.60% | |||||||||||
Comcast Corporation | 11.70% | 10.90% | 12.60% | |||||||||||
Verizon Communications Inc. | 8.20% | 9.60% | 11.30% | |||||||||||
Customers representing 10% or more of combined amounts of trade accounts receivable and costs and estimated earnings in excess of billings, net as of July 26, 2014 or July 27, 2013 had the following outstanding balances and the related percentage of the Company’s total outstanding balances: | ||||||||||||||
July 26, 2014 | July 27, 2013 | |||||||||||||
Amount | % of Total | Amount | % of Total | |||||||||||
(Dollars in millions) | ||||||||||||||
AT&T Inc. | $ | 87.6 | 17.9 | % | $ | 57.4 | 12.6 | % | ||||||
CenturyLink, Inc. | $ | 48.2 | 9.8 | % | $ | 62.6 | 13.7 | % | ||||||
Windstream Corporation | $ | 43.6 | 8.9 | % | $ | 59.4 | 13 | % | ||||||
The Company believes that none of its significant customers was experiencing financial difficulties that would materially impact the collectability of the Company's trade accounts receivable and costs in excess of billings as of July 26, 2014 and July 27, 2013. See Note 4, Accounts Receivable, and Note 5, Costs and Estimated Earnings in Excess of Billings, for additional information regarding the Company's trade accounts receivable and costs and estimated earnings in excess of billings. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Jul. 26, 2014 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Quarterly Financial Data | ' | |||||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||||||
In the opinion of management, the following unaudited quarterly data from fiscal 2014 and 2013 reflect all adjustments (consisting of normal recurring accruals), which are necessary to present a fair presentation of amounts shown for such periods (the sum of the quarterly results may not equal the reported annual amounts due to rounding). The earnings per common share calculation for each quarter is based on the weighted average shares of common stock outstanding plus the dilutive effect of stock options and restricted share units, if any. | ||||||||||||||||
Fiscal 2014: | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Revenues | $ | 512,720 | $ | 390,518 | $ | 426,284 | $ | 482,071 | ||||||||
Costs of earned revenues, excluding depreciation and amortization | $ | 410,119 | $ | 327,353 | $ | 350,352 | $ | 387,221 | ||||||||
Gross profit | $ | 102,601 | $ | 63,165 | $ | 75,932 | $ | 94,850 | ||||||||
Net income (loss) | $ | 18,660 | $ | (3,067 | ) | $ | 7,895 | $ | 16,489 | |||||||
Earnings (loss) per common share - Basic | $ | 0.56 | $ | (0.09 | ) | $ | 0.23 | $ | 0.49 | |||||||
Earnings (loss) per common share - Diluted | $ | 0.54 | $ | (0.09 | ) | $ | 0.23 | $ | 0.47 | |||||||
Fiscal 2013: | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Revenues | $ | 323,286 | $ | 369,326 | $ | 437,367 | $ | 478,632 | ||||||||
Costs of earned revenues, excluding depreciation and amortization | $ | 257,066 | $ | 301,516 | $ | 357,664 | $ | 384,169 | ||||||||
Gross profit | $ | 66,220 | $ | 67,810 | $ | 79,703 | $ | 94,463 | ||||||||
Net income | $ | 11,861 | $ | 1,463 | $ | 7,199 | $ | 14,666 | ||||||||
Earnings per common share - Basic | $ | 0.36 | $ | 0.04 | $ | 0.22 | $ | 0.44 | ||||||||
Earnings per common share - Diluted | $ | 0.35 | $ | 0.04 | $ | 0.21 | $ | 0.43 | ||||||||
Amounts set forth in the quarterly financial data include the results and balances of acquired companies from their respective date of acquisition. |
Supplemental_Consolidating_Fin
Supplemental Consolidating Financial Statements | 12 Months Ended | |||||||||||||||||||||||
Jul. 26, 2014 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure | ' | |||||||||||||||||||||||
Supplemental Consolidating Financial Statements | ||||||||||||||||||||||||
On July 26, 2014 and July 27, 2013, Dycom Investments, Inc. (the "Issuer") had outstanding an aggregate principal amount of $277.5 million of 2021 Notes. The 2021 Notes are guaranteed by Dycom Industries, Inc. (the "Parent") and substantially all of the Company's subsidiaries. Each guarantor and non-guarantor subsidiary is 100% owned, directly or indirectly, by the Issuer and the Parent. The 2021 Notes are fully and unconditionally guaranteed on a joint and several basis by each guarantor subsidiary and Parent. The Indenture contains certain release provisions for the guarantor subsidiaries and the Parent. With respect to the guarantor subsidiaries, these provisions include release upon (i) the sale or other disposition of all or substantially all of the assets of a guarantor or a sale or other disposition of all of the capital stock of a guarantor, in each case, to a person that is not the Issuer, the Parent or a restricted subsidiary of the Parent, (ii) the designation of a restricted subsidiary that is a guarantor as an unrestricted subsidiary, (iii) the legal defeasance, covenant defeasance or satisfaction and discharge of the Indenture, and (iv) the release of a guarantor of its guarantee of any credit facility. The Parent may not be released from its guarantee under any circumstances, except in the event of legal or covenant defeasance of the Notes or of satisfaction and discharge of the Indenture or pursuant to a provision of the Indenture which limits the Parent’s liability under its guarantee in order to prevent a fraudulent conveyance. There are no contractual restrictions limiting transfers of cash from guarantor and non-guarantor subsidiaries to Issuer or Parent, within the meaning of Rule 3-10 of Regulation S-X. | ||||||||||||||||||||||||
The following consolidating financial statements present, in separate columns, financial information for (i) the Parent on a parent only basis, (ii) the Issuer, (iii) the guarantor subsidiaries on a combined basis, (iv) other non-guarantor subsidiaries on a combined basis, (v) the eliminations and reclassifications necessary to arrive at the information for the Company on a consolidated basis, and (vi) the Company on a consolidated basis. The consolidating financial statements are presented in accordance with the equity method. Under this method, the investments in subsidiaries are recorded at cost and adjusted for the Company’s share of subsidiaries’ cumulative results of operations, capital contributions, distributions and other equity changes. Intercompany charges (income) between the Parent and subsidiaries are recognized in the consolidating financial statements during the period incurred and the settlement of intercompany balances is reflected in the consolidating statement of cash flows based on the nature of the underlying transactions. | ||||||||||||||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEET | ||||||||||||||||||||||||
JULY 26, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and equivalents | $ | — | $ | — | $ | 19,739 | $ | 933 | $ | — | $ | 20,672 | ||||||||||||
Accounts receivable, net | — | — | 269,760 | 2,981 | — | 272,741 | ||||||||||||||||||
Costs and estimated earnings in excess of billings | — | — | 228,541 | 2,028 | — | 230,569 | ||||||||||||||||||
Inventories | — | — | 49,095 | — | — | 49,095 | ||||||||||||||||||
Deferred tax assets, net | 3,822 | — | 16,193 | 87 | (170 | ) | 19,932 | |||||||||||||||||
Other current assets | 4,956 | 16 | 7,237 | 518 | — | 12,727 | ||||||||||||||||||
Total current assets | 8,778 | 16 | 590,565 | 6,547 | (170 | ) | 605,736 | |||||||||||||||||
PROPERTY AND EQUIPMENT, NET | 18,108 | — | 171,158 | 16,147 | — | 205,413 | ||||||||||||||||||
GOODWILL | — | — | 269,088 | — | — | 269,088 | ||||||||||||||||||
INTANGIBLE ASSETS, NET | — | — | 115,483 | 633 | — | 116,116 | ||||||||||||||||||
DEFERRED TAX ASSETS, NET NON-CURRENT | 182 | — | 3,884 | 15 | (4,081 | ) | — | |||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 809,617 | 1,540,338 | 1,621 | — | (2,351,576 | ) | — | |||||||||||||||||
INTERCOMPANY RECEIVABLES | — | — | 628,443 | — | (628,443 | ) | — | |||||||||||||||||
OTHER | 7,748 | 5,636 | 2,466 | 151 | — | 16,001 | ||||||||||||||||||
TOTAL NON-CURRENT ASSETS | 835,655 | 1,545,974 | 1,192,143 | 16,946 | (2,984,100 | ) | 606,618 | |||||||||||||||||
TOTAL ASSETS | $ | 844,433 | $ | 1,545,990 | $ | 1,782,708 | $ | 23,493 | $ | (2,984,270 | ) | $ | 1,212,354 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 3,083 | $ | — | $ | 58,970 | $ | 1,265 | $ | — | $ | 63,318 | ||||||||||||
Current portion of debt | 10,938 | — | — | — | — | 10,938 | ||||||||||||||||||
Billings in excess of costs and estimated earnings | — | — | 13,882 | — | — | 13,882 | ||||||||||||||||||
Accrued insurance claims | 612 | — | 31,599 | 49 | — | 32,260 | ||||||||||||||||||
Deferred tax liabilities | — | 80 | 66 | 24 | (170 | ) | — | |||||||||||||||||
Other accrued liabilities | 12,668 | 566 | 61,284 | 1,616 | — | 76,134 | ||||||||||||||||||
Total current liabilities | 27,301 | 646 | 165,801 | 2,954 | (170 | ) | 196,532 | |||||||||||||||||
LONG-TERM DEBT | 166,125 | 280,738 | — | — | — | 446,863 | ||||||||||||||||||
ACCRUED INSURANCE CLAIMS | 778 | — | 32,959 | 45 | — | 33,782 | ||||||||||||||||||
DEFERRED TAX LIABILITIES, NET NON-CURRENT | — | 432 | 48,593 | 417 | (4,081 | ) | 45,361 | |||||||||||||||||
INTERCOMPANY PAYABLES | 162,127 | 454,557 | — | 11,759 | (628,443 | ) | — | |||||||||||||||||
OTHER LIABILITIES | 3,168 | — | 1,711 | 3 | — | 4,882 | ||||||||||||||||||
Total liabilities | 359,499 | 736,373 | 249,064 | 15,178 | (632,694 | ) | 727,420 | |||||||||||||||||
Total stockholders' equity | 484,934 | 809,617 | 1,533,644 | 8,315 | (2,351,576 | ) | 484,934 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 844,433 | $ | 1,545,990 | $ | 1,782,708 | $ | 23,493 | $ | (2,984,270 | ) | $ | 1,212,354 | |||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEET | ||||||||||||||||||||||||
27-Jul-13 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and equivalents | $ | — | $ | — | $ | 18,166 | $ | 441 | $ | — | $ | 18,607 | ||||||||||||
Accounts receivable, net | — | — | 249,533 | 2,669 | — | 252,202 | ||||||||||||||||||
Costs and estimated earnings in excess of billings | — | — | 202,651 | 1,698 | — | 204,349 | ||||||||||||||||||
Inventories | — | — | 35,999 | — | — | 35,999 | ||||||||||||||||||
Deferred tax assets, net | 2,285 | — | 15,873 | 121 | (1,426 | ) | 16,853 | |||||||||||||||||
Other current assets | 5,079 | 10 | 7,583 | 452 | — | 13,124 | ||||||||||||||||||
Total current assets | 7,364 | 10 | 529,805 | 5,381 | (1,426 | ) | 541,134 | |||||||||||||||||
PROPERTY AND EQUIPMENT, NET | 13,779 | — | 173,254 | 15,670 | — | 202,703 | ||||||||||||||||||
GOODWILL | — | — | 267,810 | — | — | 267,810 | ||||||||||||||||||
INTANGIBLE ASSETS, NET | — | — | 125,275 | — | — | 125,275 | ||||||||||||||||||
DEFERRED TAX ASSETS, NET NON-CURRENT | 691 | — | 4,104 | 66 | (4,861 | ) | — | |||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 769,639 | 1,472,559 | — | — | (2,242,198 | ) | — | |||||||||||||||||
INTERCOMPANY RECEIVABLES | — | — | 618,524 | — | (618,524 | ) | — | |||||||||||||||||
OTHER | 8,739 | 6,331 | 2,133 | 83 | — | 17,286 | ||||||||||||||||||
TOTAL NON-CURRENT ASSETS | 792,848 | 1,478,890 | 1,191,100 | 15,819 | (2,865,583 | ) | 613,074 | |||||||||||||||||
TOTAL ASSETS | $ | 800,212 | $ | 1,478,900 | $ | 1,720,905 | $ | 21,200 | $ | (2,867,009 | ) | $ | 1,154,208 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 2,042 | $ | — | $ | 75,012 | $ | 900 | $ | — | $ | 77,954 | ||||||||||||
Current portion of debt | 7,813 | — | — | — | — | 7,813 | ||||||||||||||||||
Billings in excess of costs and estimated earnings | — | — | 13,788 | — | — | 13,788 | ||||||||||||||||||
Accrued insurance claims | 619 | — | 28,342 | 108 | — | 29,069 | ||||||||||||||||||
Deferred tax liabilities | — | 155 | 140 | 1,131 | (1,426 | ) | — | |||||||||||||||||
Other accrued liabilities | 9,151 | 1,321 | 59,374 | 1,345 | — | 71,191 | ||||||||||||||||||
Total current liabilities | 19,625 | 1,476 | 176,656 | 3,484 | (1,426 | ) | 199,815 | |||||||||||||||||
LONG-TERM DEBT | 163,062 | 281,107 | — | — | — | 444,169 | ||||||||||||||||||
ACCRUED INSURANCE CLAIMS | 726 | — | 26,426 | 98 | — | 27,250 | ||||||||||||||||||
DEFERRED TAX LIABILITIES, NET NON-CURRENT | — | 427 | 52,436 | 610 | (4,861 | ) | 48,612 | |||||||||||||||||
INTERCOMPANY PAYABLES | 185,296 | 426,251 | — | 6,977 | (618,524 | ) | — | |||||||||||||||||
OTHER LIABILITIES | 3,142 | — | 2,855 | 4 | — | 6,001 | ||||||||||||||||||
Total liabilities | 371,851 | 709,261 | 258,373 | 11,173 | (624,811 | ) | 725,847 | |||||||||||||||||
Total stockholders' equity | 428,361 | 769,639 | 1,462,532 | 10,027 | (2,242,198 | ) | 428,361 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 800,212 | $ | 1,478,900 | $ | 1,720,905 | $ | 21,200 | $ | (2,867,009 | ) | $ | 1,154,208 | |||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||||||||||
YEAR ENDED JULY 26, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 1,799,538 | $ | 12,055 | $ | — | $ | 1,811,593 | ||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | — | — | 1,466,221 | 8,824 | — | 1,475,045 | ||||||||||||||||||
General and administrative | 42,958 | 616 | 107,326 | 10,958 | — | 161,858 | ||||||||||||||||||
Depreciation and amortization | 4,256 | — | 84,178 | 4,338 | — | 92,772 | ||||||||||||||||||
Intercompany charges (income), net | (53,922 | ) | — | 54,688 | (766 | ) | — | — | ||||||||||||||||
Total | (6,708 | ) | 616 | 1,712,413 | 23,354 | — | 1,729,675 | |||||||||||||||||
Interest expense, net | (6,827 | ) | (19,993 | ) | (7 | ) | — | — | (26,827 | ) | ||||||||||||||
Other income, net | 119 | — | 10,895 | 214 | — | 11,228 | ||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | — | (20,609 | ) | 98,013 | (11,085 | ) | — | 66,319 | ||||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | — | (8,186 | ) | 38,930 | (4,403 | ) | — | 26,341 | ||||||||||||||||
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | — | (12,423 | ) | 59,083 | (6,682 | ) | — | 39,978 | ||||||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES | 39,978 | 52,401 | 135 | — | (92,514 | ) | — | |||||||||||||||||
NET INCOME (LOSS) | $ | 39,978 | $ | 39,978 | $ | 59,218 | $ | (6,682 | ) | $ | (92,514 | ) | $ | 39,978 | ||||||||||
Foreign currency translation loss, net of tax | (261 | ) | (261 | ) | — | (261 | ) | 522 | (261 | ) | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 39,717 | $ | 39,717 | $ | 59,218 | $ | (6,943 | ) | $ | (91,992 | ) | $ | 39,717 | ||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||||||||||
YEAR ENDED JULY 27, 2013 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 1,594,363 | $ | 14,249 | $ | — | $ | 1,608,612 | ||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | — | — | 1,288,369 | 12,047 | — | 1,300,416 | ||||||||||||||||||
General and administrative | 44,462 | 818 | 89,336 | 11,155 | — | 145,771 | ||||||||||||||||||
Depreciation and amortization | 2,920 | — | 77,595 | 4,966 | — | 85,481 | ||||||||||||||||||
Intercompany charges (income), net | (53,377 | ) | — | 54,720 | (1,343 | ) | — | — | ||||||||||||||||
Total | (5,995 | ) | 818 | 1,510,020 | 26,825 | — | 1,531,668 | |||||||||||||||||
Interest expense, net | (5,675 | ) | (17,599 | ) | (60 | ) | — | — | (23,334 | ) | ||||||||||||||
Other income, net | (320 | ) | — | 4,794 | 115 | — | 4,589 | |||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | — | (18,417 | ) | 89,077 | (12,461 | ) | — | 58,199 | ||||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | — | (7,281 | ) | 35,214 | (4,922 | ) | — | 23,011 | ||||||||||||||||
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | — | (11,136 | ) | 53,863 | (7,539 | ) | — | 35,188 | ||||||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES | 35,188 | 46,324 | — | — | (81,512 | ) | — | |||||||||||||||||
NET INCOME (LOSS) | $ | 35,188 | $ | 35,188 | $ | 53,863 | $ | (7,539 | ) | $ | (81,512 | ) | $ | 35,188 | ||||||||||
Foreign currency translation loss, net of tax | (35 | ) | (35 | ) | — | (35 | ) | 70 | (35 | ) | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 35,153 | $ | 35,153 | $ | 53,863 | $ | (7,574 | ) | $ | (81,442 | ) | $ | 35,153 | ||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||||||||||
YEAR ENDED JULY 28, 2012 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 1,186,380 | $ | 14,739 | $ | — | $ | 1,201,119 | ||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | — | — | 957,449 | 11,500 | — | 968,949 | ||||||||||||||||||
General and administrative | 28,048 | 574 | 65,185 | 10,217 | — | 104,024 | ||||||||||||||||||
Depreciation and amortization | 3,137 | — | 54,735 | 4,833 | (12 | ) | 62,693 | |||||||||||||||||
Intercompany charges (income), net | (34,212 | ) | — | 33,749 | 463 | — | — | |||||||||||||||||
Total | (3,027 | ) | 574 | 1,111,118 | 27,013 | (12 | ) | 1,135,666 | ||||||||||||||||
Interest income (expense), net | (3,049 | ) | (13,660 | ) | (8 | ) | — | — | (16,717 | ) | ||||||||||||||
Other income, net | 22 | — | 15,281 | 522 | — | 15,825 | ||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | — | (14,234 | ) | 90,535 | (11,752 | ) | 12 | 64,561 | ||||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | — | (5,550 | ) | 35,299 | (4,566 | ) | — | 25,183 | ||||||||||||||||
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | — | (8,684 | ) | 55,236 | (7,186 | ) | 12 | 39,378 | ||||||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES | 39,378 | 48,062 | — | — | (87,440 | ) | — | |||||||||||||||||
NET INCOME (LOSS) | $ | 39,378 | $ | 39,378 | $ | 55,236 | $ | (7,186 | ) | $ | (87,428 | ) | $ | 39,378 | ||||||||||
Foreign currency translation loss, net of tax | (161 | ) | (161 | ) | — | (161 | ) | 322 | (161 | ) | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 39,217 | $ | 39,217 | $ | 55,236 | $ | (7,347 | ) | $ | (87,106 | ) | $ | 39,217 | ||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
YEAR ENDED JULY 26, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 7,199 | $ | (12,242 | ) | $ | 93,898 | $ | (4,670 | ) | $ | — | $ | 84,185 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | — | (16,388 | ) | (700 | ) | — | (17,088 | ) | |||||||||||||||
Capital expenditures | (8,541 | ) | — | (72,962 | ) | (7,633 | ) | — | (89,136 | ) | ||||||||||||||
Proceeds from sale of assets | — | — | 12,146 | 3,261 | — | 15,407 | ||||||||||||||||||
Return of capital from subsidiaries | — | 683 | — | — | (683 | ) | — | |||||||||||||||||
Investment in subsidiaries | — | (9,235 | ) | (785 | ) | — | 10,020 | — | ||||||||||||||||
Changes in restricted cash | (303 | ) | — | — | — | — | (303 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (8,844 | ) | (8,552 | ) | (77,989 | ) | (5,072 | ) | 9,337 | (91,120 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Proceeds from issuance of 7.125% senior subordinated notes due 2021 | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from Term Loan on Senior Credit Agreement | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from borrowings on Senior Credit Agreement | 502,000 | — | — | — | — | 502,000 | ||||||||||||||||||
Principal payments on Senior Credit Agreement | (495,813 | ) | — | — | — | — | (495,813 | ) | ||||||||||||||||
Debt issuance costs | — | — | — | — | — | — | ||||||||||||||||||
Repurchases of common stock | (9,999 | ) | — | — | — | — | (9,999 | ) | ||||||||||||||||
Exercise of stock options and other | 14,568 | — | — | — | — | 14,568 | ||||||||||||||||||
Restricted stock tax withholdings | (3,781 | ) | — | — | — | — | (3,781 | ) | ||||||||||||||||
Excess tax benefit from share-based awards | 3,025 | — | — | — | — | 3,025 | ||||||||||||||||||
Principal payments on capital lease obligations and other financing | — | — | (1,000 | ) | — | — | (1,000 | ) | ||||||||||||||||
Intercompany funding | (8,355 | ) | 20,794 | (13,336 | ) | 10,234 | (9,337 | ) | — | |||||||||||||||
Net cash provided by (used in) financing activities | 1,645 | 20,794 | (14,336 | ) | 10,234 | (9,337 | ) | 9,000 | ||||||||||||||||
Net decrease in cash and equivalents | — | — | 1,573 | 492 | — | 2,065 | ||||||||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | — | — | 18,166 | 441 | — | 18,607 | ||||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 19,739 | $ | 933 | $ | — | $ | 20,672 | ||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
YEAR ENDED JULY 27, 2013 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 6,952 | $ | (9,612 | ) | $ | 112,176 | $ | (2,772 | ) | $ | — | $ | 106,744 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | — | (330,291 | ) | — | — | (330,291 | ) | ||||||||||||||||
Capital expenditures | (8,151 | ) | — | (51,647 | ) | (4,852 | ) | — | (64,650 | ) | ||||||||||||||
Proceeds from sale of assets | — | — | 5,770 | 57 | — | 5,827 | ||||||||||||||||||
Return of capital from subsidiaries | — | 1,816 | — | — | (1,816 | ) | — | |||||||||||||||||
Investment in subsidiaries | — | (2,600 | ) | — | — | 2,600 | — | |||||||||||||||||
Changes in restricted cash | 60 | — | — | — | — | 60 | ||||||||||||||||||
Net cash (used in) provided by investing activities | (8,091 | ) | (784 | ) | (376,168 | ) | (4,795 | ) | 784 | (389,054 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Proceeds from issuance of 7.125% senior subordinates notes due 2021, (including $3.8 million premium on issuance) | — | 93,825 | — | — | — | 93,825 | ||||||||||||||||||
Proceeds from Term Loan on Senior Credit Agreement | 125,000 | — | — | — | — | 125,000 | ||||||||||||||||||
Proceeds from borrowings on Senior Credit Agreement | 404,500 | — | — | — | — | 404,500 | ||||||||||||||||||
Principal payments on Senior Credit Agreement | (358,625 | ) | — | — | — | — | (358,625 | ) | ||||||||||||||||
Debt issuance costs | (4,158 | ) | (2,581 | ) | — | — | — | (6,739 | ) | |||||||||||||||
Repurchases of common stock | (15,203 | ) | — | — | — | — | (15,203 | ) | ||||||||||||||||
Exercise of stock options and other | 5,253 | — | — | — | — | 5,253 | ||||||||||||||||||
Restricted stock tax withholdings | (884 | ) | — | — | — | — | (884 | ) | ||||||||||||||||
Excess tax benefit from share-based awards | 1,283 | — | — | — | — | 1,283 | ||||||||||||||||||
Principal payments on capital lease obligations | — | — | (74 | ) | — | — | (74 | ) | ||||||||||||||||
Intercompany funding | (156,027 | ) | (80,848 | ) | 230,669 | 6,990 | (784 | ) | — | |||||||||||||||
Net cash provided by (used in) financing activities | 1,139 | 10,396 | 230,595 | 6,990 | (784 | ) | 248,336 | |||||||||||||||||
Net increase in cash and equivalents | — | — | (33,397 | ) | (577 | ) | — | (33,974 | ) | |||||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | — | — | 51,563 | 1,018 | — | 52,581 | ||||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 18,166 | $ | 441 | $ | — | $ | 18,607 | ||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
YEAR ENDED JULY 28, 2012 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 6,755 | $ | (8,774 | ) | $ | 69,823 | $ | (2,679 | ) | $ | — | $ | 65,125 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | (3,685 | ) | — | (69,362 | ) | (4,565 | ) | — | (77,612 | ) | ||||||||||||||
Proceeds from sale of assets | — | — | 19,211 | 5,572 | — | 24,783 | ||||||||||||||||||
Changes in restricted cash | 926 | — | — | — | — | 926 | ||||||||||||||||||
Capital contributions to subsidiaries, net | — | (4,943 | ) | — | — | 4,943 | — | |||||||||||||||||
Net cash (used in) provided by investing activities | (2,759 | ) | (4,943 | ) | (50,151 | ) | 1,007 | 4,943 | (51,903 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Repurchases of common stock | (12,960 | ) | — | — | — | — | (12,960 | ) | ||||||||||||||||
Exercise of stock options and other | 6,490 | — | — | — | — | 6,490 | ||||||||||||||||||
Restricted stock tax withholdings | (329 | ) | — | — | — | — | (329 | ) | ||||||||||||||||
Excess tax benefit from share-based awards | 1,625 | — | — | — | — | 1,625 | ||||||||||||||||||
Principal payments on capital lease obligations | — | — | (233 | ) | — | — | (233 | ) | ||||||||||||||||
Intercompany funding | 1,178 | 13,717 | (12,484 | ) | 2,532 | (4,943 | ) | — | ||||||||||||||||
Net cash provided by (used in) financing activities | (3,996 | ) | 13,717 | (12,717 | ) | 2,532 | (4,943 | ) | (5,407 | ) | ||||||||||||||
Net increase in cash and equivalents | — | — | 6,955 | 860 | — | 7,815 | ||||||||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | — | — | 44,608 | 158 | — | 44,766 | ||||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 51,563 | $ | 1,018 | $ | — | $ | 52,581 | ||||||||||||
Basis_of_Presentation_and_Acco1
Basis of Presentation and Accounting Policies (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Dycom Industries, Inc. ("Dycom" or the "Company") is a leading provider of specialty contracting services throughout the United States and in Canada. The Company's services include engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities, including telecommunications providers, and other construction and maintenance services to electric and gas utilities and others. | |
The consolidated financial statements include the results of Dycom and its subsidiaries, all of which are wholly-owned. All intercompany accounts and transactions have been eliminated and the financial statements reflect all adjustments, consisting of only normal recurring accruals that are, in the opinion of management, necessary for a fair presentation of such statements. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). | |
Segment Information | ' |
Segment Information – The Company operates in one reportable segment as a specialty contractor, providing engineering, construction, maintenance and installation services to telecommunications providers, underground facility locating services to various utilities, including telecommunications providers, and other construction and maintenance services to electric and gas utilities and others. The Company operates on a decentralized basis through its operating segments, each of which consists of a legal subsidiary (or in limited cases, the combination of two or more subsidiaries). Management of the operating segments report to the Company's Chief Operating Officer who reports to the Chief Executive Officer, the chief operating decision maker. All of the Company's operating segments have been aggregated into one reportable segment due to their similar economic characteristics, nature of services and production processes, type of customers, and service distribution methods. The Company's services are provided by its operating segments throughout the United States and in Canada. | |
Accounting Period | ' |
Accounting Period – The Company uses a fiscal year ending on the last Saturday in July. | |
Use of Estimates | ' |
Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. For the Company, key estimates include: recognition of revenue for costs and estimated earnings under the percentage of completion method of accounting, allowance for doubtful accounts, the fair value of reporting units for goodwill impairment analysis, the assessment of impairment of intangibles and other long-lived assets, the purchase price allocations of businesses acquired, accrued insurance claims, income taxes, asset lives used in computing depreciation and amortization, stock-based compensation expense for performance-based stock awards, and accruals for contingencies, including legal matters. At the time they are made, the Company believes that such estimates are fair when considered in conjunction with the consolidated financial position and results of operations taken as a whole. However, actual results could differ materially from those estimates. | |
Revenue Recognition | ' |
Revenue Recognition – The Company recognizes revenues under the percentage of completion method of accounting using the units-of-delivery or cost-to-cost measures. A majority of the Company’s services are performed under master service agreements with customers which contain customer-specified service requirements, such as discrete pricing for individual tasks. Revenue is recognized under these arrangements based on units-of-delivery and revenue is recognized as each unit is completed. Revenues from contracts using the cost-to-cost measures of completion are recognized based on the ratio of contract costs incurred to date to total estimated contract costs and represented less than 10% of the Company’s contract revenues during each of fiscal 2014, 2013 and 2012. In addition, the Company has an immaterial amount of revenue for services provided under time and material contracts that are recognized as the work is performed. There were no material amounts of unapproved change orders or claims recognized during fiscal 2014, 2013 or 2012. The current asset “Costs and estimated earnings in excess of billings” represents revenues recognized in excess of amounts billed. The current liability “Billings in excess of costs and estimated earnings” represents billings in excess of revenues recognized. | |
Application of the percentage of completion method of accounting requires the use of estimates of costs to be incurred for the performance of the contract. The cost estimation process is based on the knowledge and experience of the Company’s project managers and financial professionals. Factors that the Company considers in estimating the work to be completed and ultimate contract recovery include the availability and productivity of labor, the nature and complexity of the work to be performed, the effect of change orders, the availability of materials, the effect of any delays in performance and the recoverability of any claims. Changes in job performance, job conditions, estimated profitability and final contract settlements may result in changes to costs and income and their effects are recognized in the period in which the revisions are determined. At the time a loss on a contract becomes known, the entire amount of the estimated ultimate loss is accrued. | |
Cash and Equivalents | ' |
Cash and Equivalents – Cash and equivalents primarily include balances on deposit in banks. The Company maintains substantially all of its cash and equivalents at financial institutions it believes to be of high credit quality. To date, the Company has not experienced any loss or lack of access to cash in its operating accounts. | |
Restricted Cash | ' |
Restricted Cash – As of July 26, 2014 and July 27, 2013, the Company had approximately $4.0 million and $3.7 million, respectively, in restricted cash which is held as collateral in support of the Company's insurance obligations. Restricted cash is included in other current assets and other assets in the consolidated balance sheets and changes in restricted cash are reported in cash flows used in investing activities in the consolidated statements of cash flows. | |
Allowance for Doubtful Accounts | ' |
Allowance for Doubtful Accounts – The Company grants credit under normal payment terms, generally without collateral, to its customers. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the failure of its customers to make required payments. With respect to certain customers, the Company has statutory lien rights which may assist in its collection efforts. Management analyzes the collectability of accounts receivable balances each period. This analysis considers the aging of account balances, historical bad debt experience, changes in customer creditworthiness, current economic trends, customer payment activity and other relevant factors. Should any of these factors change, the estimates made by management may also change, which could affect the level of the Company’s future provision for doubtful accounts. The Company recognizes an increase in the allowance for doubtful accounts when it is probable that a receivable is not collectible and the loss can be reasonably estimated. Any increase in the allowance account has a corresponding negative effect on the Company's results of operations. | |
Inventories | ' |
Inventories – Inventories consist of materials and supplies used in the ordinary course of business and are carried at the lower of cost (using the first-in, first-out method) or market. Inventories also include certain job specific materials which are valued using the specific identification method. For contracts where the Company is required to supply part or all of the materials on behalf of the customer, the loss of the customer or declines in contract volumes could result in an impairment of the value of materials purchased. | |
Property and Equipment | ' |
Property and Equipment – Property and equipment are stated at cost and depreciated on a straight-line basis over their estimated useful lives (see Note 6, Property and Equipment, for the range of useful lives). Maintenance and repairs are expensed as incurred and major improvements are capitalized. When assets are sold or retired, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in other income. Capitalized software is accounted for in accordance with Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 350-40, Internal Use Software. Capitalized software consists primarily of costs to purchase and develop internal-use software and is amortized over its useful life as a component of depreciation expense. | |
Goodwill and Intangible Assets | ' |
Goodwill and Intangible Assets – The Company accounts for goodwill and other intangibles in accordance with ASC Topic 350, Intangibles-Goodwill and Other ("ASC Topic 350"). The Company's goodwill and other indefinite-lived intangible assets are assessed annually for impairment as of the first day of the fourth fiscal quarter of each year, or more frequently if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. The Company performs its annual impairment review of goodwill at the reporting unit level. Each of the Company's operating segments with goodwill represents a reporting unit for the purpose of assessing impairment. If the Company determines the fair value of goodwill or other indefinite-lived intangible assets is less than their carrying value as a result of the tests, an impairment loss is recognized. Impairment losses, if any, are reflected in operating income or loss in the consolidated statements of operations during the period incurred. | |
In accordance with ASC Topic 360, Impairment or Disposal of Long-Lived Assets, the Company reviews finite-lived intangible assets for impairment whenever an event occurs or circumstances change which indicates that the carrying amount of such assets may not be fully recoverable. Recoverability is determined based on an estimate of undiscounted future cash flows resulting from the use of an asset and its eventual disposition. Should an asset not be recoverable, an impairment loss is measured by comparing the fair value of the asset to its carrying value. If the Company determines the fair value of an asset is less than the carrying value, an impairment loss is incurred. Impairment losses, if any, are reflected in operating income or loss in the consolidated statements of operations during the period incurred. | |
The Company uses judgment in assessing if goodwill and intangible assets are impaired. Estimates of fair value are based on the Company's projection of revenues, operating costs, and cash flows taking into consideration historical and anticipated future results, general economic and market conditions, as well as the impact of planned business or operational strategies. To measure fair value, the Company employs a combination of present value techniques which reflect market factors. Changes in the Company's judgments and projections could result in significantly different estimates of fair value potentially resulting in additional impairments of goodwill and other intangible assets. The inputs used for fair value measurements of the reporting units and other related indefinite-lived intangible assets are the lowest level (Level 3) inputs. | |
Business Combinations | ' |
Business Combinations – The Company accounts for business combinations under the acquisition method of accounting. The purchase price of each acquired business is allocated to the tangible and intangible assets acquired and the liabilities assumed on the basis of their respective fair values on the date of acquisition. Any excess of the purchase price over the fair value of the separately identifiable assets acquired and the liabilities assumed is allocated to goodwill. Purchase price allocations are based on information regarding the fair value of assets acquired and liabilities assumed as of the dates of acquisition. Management determines the fair values used in purchase price allocations for intangible assets based on historical data, estimated discounted future cash flows, contract backlog amounts, if applicable, and expected royalty rates for trademarks and trade names, as well as certain other assumptions. The valuation of assets acquired and liabilities assumed requires a number of judgments and is subject to revision as additional information about the fair value of assets and liabilities becomes available. Additional information, which existed as of the acquisition date but at that time was unknown to the Company, may become known during the remainder of the measurement period, a period not to exceed twelve months from the acquisition date. Adjustments in the purchase price allocation during the measurement period may require a recasting of the amounts allocated to goodwill and intangible assets. Acquisition costs are expensed as incurred. | |
Long Lived Tangible Assets | ' |
Long-Lived Tangible Assets – The Company reviews long-lived tangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of an asset group and its eventual disposition. Measurement of an impairment loss is based on the fair value of the asset compared to its carrying value. Long-lived tangible assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell. | |
Accrued Insurance Claims | ' |
Accrued Insurance Claims – Within the Company's insurance program, it retains the risk of loss, up to certain limits, for claims related to automobile liability, general liability, workers' compensation, employee group health, and damages relating to underground facility locating services. The Company has established reserves that it believes to be adequate based on current evaluations and its experience with these types of claims. A liability for unpaid claims and the associated claim expenses, including incurred but not reported losses, is determined with the assistance of an actuary and reflected in the consolidated financial statements as accrued insurance claims. The effect on the Company's financial statements is generally limited to the amount needed to satisfy its insurance deductibles or retentions. The liability for accrued claims and related accrued processing costs was $66.0 million and $56.3 million at July 26, 2014 and July 27, 2013, respectively, and included incurred but not reported losses of approximately $32.1 million and $26.0 million, respectively. Based on prior payment patterns for similar claims, $32.3 million and $29.1 million of the amounts accrued at July 26, 2014 and July 27, 2013, respectively, were expected to be paid within the next twelve months. | |
The Company estimates the liability for claims based on facts, circumstances and historical evidence. When loss reserves are recorded they are not discounted, even though they will not be paid until sometime in the future. Factors affecting the determination of the expected cost for existing and incurred but not reported claims include, but are not limited to, the estimated number of future claims, the payment pattern of claims which have been incurred, changes in the medical condition of claimants, and other factors such as inflation, tort reform or other legislative changes, unfavorable jury decisions and court interpretations. | |
Per Share Data | ' |
Per Share Data – Basic earnings per common share is computed based on the weighted average number of shares outstanding during the period, excluding unvested restricted share units. Diluted earnings per common share includes the weighted average number of common shares outstanding during the period and dilutive potential common shares, including unvested restricted share units. Performance share awards are included in diluted weighted average number of common shares outstanding based upon the quantity that would be issued if the end of the reporting period were the end of the term of the award. Stock options, time-based restricted share units ("RSUs") and performance-based restricted share units ("Performance RSUs") are included in diluted weighted average number of common shares outstanding by applying the treasury stock method. Common stock equivalents related to stock options are excluded from diluted earnings per common share calculations if their effect would be anti-dilutive. | |
Stock-based Compensation | ' |
Stock-Based Compensation – The Company's stock-based award programs are intended to attract, retain and reward talented employees, officers and directors, and to align stockholder and employee interests. The Company has granted stock-based awards under its 2012 Long-Term Incentive Plan ("2012 Plan"), 2003 Long-Term Incentive Plan ("2003 Plan") and the 2007 Non-Employee Directors Equity Plan ("2007 Directors Plan" and, together with the 2012 Plan and 2003 Plan, the "Plans"). In addition, awards are outstanding under other plans under which no further awards will be granted. The Company's policy is to issue new shares to satisfy equity awards under the Plans. The Plans provide for several types of stock-based awards, including stock options, restricted shares, performance shares, restricted share units, performance share units, and stock appreciation rights. The total number of shares available for grant under the Plans as of July 26, 2014 was 1,433,653. | |
Compensation expense for stock-based awards is based on the fair value at the measurement date and is included in general and administrative expenses in the consolidated statements of operations. The fair value of RSUs and Performance RSUs is estimated on the date of grant and is generally equal to the closing stock price on that date. RSUs and Performance RSUs are settled in one share of the Company’s common stock upon vesting. RSUs vest ratably over a period of four years and generally, upon each annual vesting, 50% of the newly vested shares (net of any shares used to satisfy tax withholding obligations) are restricted from sale or transferability ("restricted holdings"). The restrictions on sale or transferability of the restricted holdings will end 90 days after termination of employment of the holder. When the holder has accumulated restricted holdings having a value equal to or greater than the holder’s annual base salary then in effect, future grants will no longer be subject to the restriction on transferability. Performance RSUs vest over a period of three years from the date of grant if certain performance goals are achieved. The performance targets are based on the Company's fiscal year operating earnings (adjusted for certain amounts) as a percentage of contract revenues and the Company's fiscal year operating cash flow level. For the fiscal 2014 performance period, the performance targets exclude amounts recorded for the amortization of intangible assets of businesses acquired in fiscal 2013. Additionally, certain awards include three-year performance goals which, if met, result in supplemental shares awarded. The three-year performance criteria required to earn supplemental awards is more difficult than that required to earn annual target awards and is based on the Company's three-year cumulative operating earnings (adjusted for certain amounts) as a percentage of contract revenues and the Company's three-year cumulative operating cash flow level. | |
The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model based on certain assumptions including: expected volatility based on the historical price of the Company's stock over the expected life of the option; the risk free rate of return based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option; the expected life based on the period of time the options are expected to be outstanding using historical data to estimate option exercise and employee termination; and dividend yield based on the Company's history and expectation of dividend payments. Stock options generally vest ratably over a four-year period and are exercisable over a period of up to ten years. | |
The total amount of stock-based compensation expense ultimately recognized is based on the number of awards that actually vest and fluctuates as a result of performance criteria for performance-based awards, as well as the vesting period of all stock-based awards. For Performance RSUs, the Company evaluates compensation expense quarterly and recognizes expense for performance-based awards only if management determines it is probable that the performance criteria for the awards will be met. Accordingly, the amount of compensation expense recognized during any fiscal year may not be representative of future stock-based compensation expense. | |
Income Taxes | ' |
Income Taxes – The Company accounts for income taxes under the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. The Company’s effective income tax rate differs from the statutory rate for the tax jurisdictions where it operates primarily as the result of the impact of state income taxes, non-deductible and non-taxable items and tax credits recognized in relation to pre-tax results. Measurement of certain aspects of the Company’s tax positions are based on interpretations of tax regulations, federal and state case law and the applicable statutes. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. In the event the Company determines that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, it would make an adjustment to the valuation allowance, which would reduce the provision for income taxes. | |
In the normal course of business, tax positions exist for which the ultimate outcome is uncertain. ASC Topic 740, Income Taxes ("ASC Topic 740") prescribes a two-step process for the financial statement recognition and measurement of income tax positions taken or expected to be taken in an income tax return. The first step involves an evaluation of the underlying tax position based solely on technical merits (such as tax law) and the second step involves measuring the tax position based on the probability of it being sustained in the event of a tax examination. The Company recognizes tax benefits at the largest amount that it deems more likely than not will be realized upon ultimate settlement of any tax uncertainty. Tax positions that fail to qualify for recognition are recognized in the period in which the more-likely-than-not standard has been reached, when the tax positions are resolved with the respective taxing authority or when the statute of limitations for tax examination has expired. The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments – The Company's financial instruments consist primarily of cash and equivalents, restricted cash, accounts receivables, income taxes receivable and payable, accounts payable and certain accrued expenses, and long-term debt. The carrying amounts of these items approximate fair value due to their short maturity, except for the Company's outstanding 7.125% senior subordinated notes due 2021 (the "2021 Notes") which are based on observable market-based inputs (Level 2) as of July 26, 2014 and July 27, 2013. See Note 10, Debt, for further information regarding the fair value of the 2021 Notes. The Company's cash and equivalents are based on quoted market prices in active markets for identical assets (Level 1) as of July 26, 2014 and July 27, 2013. During fiscal 2014 and fiscal 2013, the Company had no significant non-recurring fair value measurements of assets or liabilities subsequent to their initial recognition. | |
Taxes Collected from Customers | ' |
Taxes Collected from Customers – ASC Topic 605, Taxes Collected from Customers and Remitted to Governmental Authorities, addresses the income statement presentation of any taxes collected from customers and remitted to a government authority and provides that the presentation of taxes on either a gross basis or a net basis in an accounting policy decision that should be disclosed. The Company's policy is to present contract revenues net of sales taxes. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
Adoption of New Accounting Pronouncements | |
In July 2012, the FASB issued Accounting Standards Update No. 2012-02, Intangibles-Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment ("ASU 2012-02"). ASU 2012-02 permits entities first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test pursuant to ASC Subtopic 350-30. If the entity determines that it is more likely than not that such asset is not impaired based on its qualitative assessment, no further testing is required. The Company adopted ASU 2012-02 in fiscal 2014 and it did not have a material effect on the Company's consolidated financial statements. | |
Accounting Standards Not Yet Adopted | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force) ("ASU 2013-04"). ASU 2013-04 provides guidance related to the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. ASU 2013-04 will be effective for the Company's fiscal years beginning fiscal 2015 and interim reporting periods within that year. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11"). ASU 2013-11 is intended to end inconsistent practices regarding the presentation of unrecognized tax benefits when a net operating loss, a similar tax loss or a tax credit carryforward is available to reduce the taxable income or tax payable that would result from the disallowance of a tax position. ASU 2013-11 will be effective for the Company's fiscal years beginning fiscal 2015 and interim periods within that year. The adoption of this guidance is not expected to have a material effect on the Company's consolidated financial statements. | |
In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"). ASU 2014-08 changes the criteria for reporting discontinued operations. In accordance with ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. ASU 2014-08 also requires expanded disclosures about the assets, liabilities, income, and expenses of discontinued operations as well as disclosure of the pre-tax income rising from a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. ASU 2014-08 will be effective for the Company's fiscal years beginning fiscal 2016 and interim reporting periods within that year. Early adoption is permitted only for disposals that have not been reported in financial statement previously issued or available for issuance. The Company is currently evaluating the effect of the adoption of this guidance on the consolidated financial statements. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), ("ASU 2014-09"). ASU 2014-09 requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 requires entities to disclose both qualitative and quantitative information that enables users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including disclosure of significant judgments affecting the recognition of revenue. ASU 2014-09 will be effective for the Company's fiscal years beginning fiscal 2018 and interim reporting periods within that year, using either the retrospective or cumulative effect transition method. Early adoption is not permitted. The Company is currently evaluating the effect of the adoption of this guidance on the consolidated financial statements. |
Computation_of_Earnings_Per_Co1
Computation of Earnings Per Common Share (Tables) | 12 Months Ended | |||||||||||
Jul. 26, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share Reconciliation | ' | |||||||||||
The following table sets forth the computation of basic and diluted earnings per common share: | ||||||||||||
Fiscal Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||
Net income available to common stockholders (numerator) | $ | 39,978 | $ | 35,188 | $ | 39,378 | ||||||
Weighted-average number of common shares (denominator) | 33,773,158 | 33,012,595 | 33,653,055 | |||||||||
Basic earnings per common share | $ | 1.18 | $ | 1.07 | $ | 1.17 | ||||||
Weighted-average number of common shares | 33,773,158 | 33,012,595 | 33,653,055 | |||||||||
Potential common stock arising from stock options, and unvested restricted share units | 1,043,223 | 769,592 | 828,840 | |||||||||
Total shares-diluted (denominator) | 34,816,381 | 33,782,187 | 34,481,895 | |||||||||
Diluted earnings per common share | $ | 1.15 | $ | 1.04 | $ | 1.14 | ||||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share | 586,389 | 1,204,116 | 1,262,964 | |||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||
Jul. 26, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||
The purchase price of the Acquired Subsidiaries is allocated as follows and reflects the elimination of intercompany balances (dollars in millions): | ||||
Assets | ||||
Cash and equivalents | $ | 0.2 | ||
Accounts receivable, net | 112.2 | |||
Costs and estimated earnings in excess of billings | 61.5 | |||
Inventories | 9 | |||
Other current assets | 1.6 | |||
Property and equipment | 33.3 | |||
Goodwill | 87.9 | |||
Intangibles - customer relationships | 70.3 | |||
Intangibles - backlog | 15.3 | |||
Intangibles - trade names | 5 | |||
Other assets | 2.3 | |||
Total assets | 398.6 | |||
Liabilities | ||||
Accounts payable | 42.1 | |||
Billings in excess of costs and estimated earnings | 10.3 | |||
Accrued and other liabilities | 27.1 | |||
Total liabilities | 79.5 | |||
Net Assets Acquired | $ | 319.1 | ||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||
Jul. 26, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Accounts Receivable | ' | |||||||
Accounts receivable consists of the following: | ||||||||
July 26, | July 27, | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Contract billings | $ | 258,254 | $ | 239,498 | ||||
Retainage and other receivables | 15,323 | 12,833 | ||||||
Total | 273,577 | 252,331 | ||||||
Less: allowance for doubtful accounts | (836 | ) | (129 | ) | ||||
Accounts receivable, net | $ | 272,741 | $ | 252,202 | ||||
Schedule of Allowance for Doubtful Accounts | ' | |||||||
The Company maintains an allowance for doubtful accounts for estimated losses resulting from the failure of its customers to make required payments. The allowance for doubtful accounts changed as follows: | ||||||||
Fiscal Year Ended | ||||||||
July 26, 2014 | July 27, 2013 | |||||||
(Dollars in thousands) | ||||||||
Allowance for doubtful accounts at beginning of period | $ | 129 | $ | 270 | ||||
Bad debt expense, net | 615 | 139 | ||||||
Amounts recovered (charged) against the allowance | 92 | (280 | ) | |||||
Allowance for doubtful accounts at end of period | $ | 836 | $ | 129 | ||||
Costs_and_Estimated_Earnings_i1
Costs and Estimated Earnings in Excess of Billings (Tables) | 12 Months Ended | |||||||
Jul. 26, 2014 | ||||||||
Contractors [Abstract] | ' | |||||||
Costs and Estimated Earnings in Excess of Billings, Net | ' | |||||||
Costs and estimated earnings in excess of billings ("CIEB") includes revenue for services from contracts based both on the units-of-delivery and the cost-to-cost measures of the percentage of completion method. Contracts in progress are as follows: | ||||||||
July 26, | July 27, | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Costs incurred on contracts in progress | $ | 234,766 | $ | 208,250 | ||||
Estimated to date earnings | 57,335 | 49,150 | ||||||
Total costs and estimated earnings | 292,101 | 257,400 | ||||||
Less: billings to date | (75,414 | ) | (66,839 | ) | ||||
$ | 216,687 | $ | 190,561 | |||||
Included in the accompanying consolidated balance sheets under the captions: | ||||||||
Costs and estimated earnings in excess of billings | $ | 230,569 | $ | 204,349 | ||||
Billings in excess of costs and estimated earnings | (13,882 | ) | (13,788 | ) | ||||
$ | 216,687 | $ | 190,561 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||||||
Jul. 26, 2014 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Schedule of Property and Equipment | ' | |||||||||||
Property and equipment consists of the following: | ||||||||||||
Estimated Useful Lives | July 26, | July 27, | ||||||||||
2014 | 2013 | |||||||||||
(Years) | (Dollars in thousands) | |||||||||||
Land | — | $ | 3,408 | $ | 3,479 | |||||||
Buildings | Oct-35 | 11,589 | 11,449 | |||||||||
Leasehold improvements | 10-Jan | 5,335 | 5,154 | |||||||||
Vehicles | 5-Jan | 279,631 | 258,211 | |||||||||
Computer hardware and software | 10-Mar | 73,349 | 64,191 | |||||||||
Office furniture and equipment | 7-Feb | 7,790 | 7,915 | |||||||||
Equipment and machinery | 10-Jan | 177,608 | 171,742 | |||||||||
Total | 558,710 | 522,141 | ||||||||||
Less: accumulated depreciation | (353,297 | ) | (319,438 | ) | ||||||||
Property and equipment, net | $ | 205,413 | $ | 202,703 | ||||||||
Schedule of Depreciation, Repairs, and Maintenance Expense | ' | |||||||||||
Depreciation expense and repairs and maintenance are as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Depreciation expense | $ | 74,517 | $ | 64,756 | $ | 56,187 | ||||||
Repairs and maintenance expense | $ | 21,829 | $ | 19,408 | $ | 15,623 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Jul. 26, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Schedule of Goodwill | ' | |||||||||||
Changes in the carrying amount of goodwill for fiscal 2014 and fiscal 2013 are as follows: | ||||||||||||
Goodwill | Accumulated Impairment Losses | Total | ||||||||||
(Dollars in thousands) | ||||||||||||
Balance as of July 28, 2012 | $ | 370,616 | $ | (195,767 | ) | $ | 174,849 | |||||
Goodwill from fiscal 2013 acquisitions | 92,961 | — | 92,961 | |||||||||
Balance as of July 27, 2013 | 463,577 | (195,767 | ) | 267,810 | ||||||||
Goodwill from fiscal 2014 acquisitions | 1,278 | — | 1,278 | |||||||||
Balance as of July 26, 2014 | $ | 464,855 | $ | (195,767 | ) | $ | 269,088 | |||||
Annual Impairment Analyses | ' | |||||||||||
The table below outlines certain assumptions in each of the Company's fiscal 2014, 2013 and 2012 annual quantitative impairment analyses: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Terminal Growth Rate Range | 1.5% - 3.0% | 1.5% - 2.5% | 1.5% - 3.0% | |||||||||
Discount Rate | 11.50% | 11.50% | 13.00% | |||||||||
Schedule of Intangible Assets | ' | |||||||||||
The Company's intangible assets consist of the following: | ||||||||||||
Weighted Average Remaining Useful Lives | July 26, | July 27, | ||||||||||
2014 | 2013 | |||||||||||
(Years) | (Dollars in thousands) | |||||||||||
Carrying amount: | ||||||||||||
Customer relationships | 11.7 | $ | 173,594 | $ | 164,497 | |||||||
Contract backlog | 1.8 | 15,285 | 15,285 | |||||||||
Trade names | 4.2 | 8,200 | 8,200 | |||||||||
UtiliQuest trade name | — | 4,700 | 4,700 | |||||||||
Non-compete agreements | 3.5 | 400 | 400 | |||||||||
202,179 | 193,082 | |||||||||||
Accumulated amortization: | ||||||||||||
Customer relationships | 69,048 | 56,219 | ||||||||||
Contract backlog | 13,490 | 9,433 | ||||||||||
Trade names | 3,361 | 2,071 | ||||||||||
Non-compete agreements | 164 | 84 | ||||||||||
86,063 | 67,807 | |||||||||||
Net Intangible Assets | $ | 116,116 | $ | 125,275 | ||||||||
Future Amortization Expense | ' | |||||||||||
Estimated total amortization expense for each of the five succeeding fiscal years and thereafter is as follows: | ||||||||||||
Period | Amount | |||||||||||
(Dollars in thousands) | ||||||||||||
2015 | $15,946 | |||||||||||
2016 | $15,240 | |||||||||||
2017 | $13,777 | |||||||||||
2018 | $11,616 | |||||||||||
2019 | $9,226 | |||||||||||
Thereafter | $45,611 |
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Jul. 26, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Other Accrued Liabilities | ' | |||||||
Other accrued liabilities consist of the following: | ||||||||
July 26, | July 27, | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Accrued payroll and related taxes | $ | 18,429 | $ | 19,940 | ||||
Accrued employee benefit and incentive plan costs | 17,677 | 15,325 | ||||||
Accrued construction costs | 20,689 | 20,883 | ||||||
Accrued interest and related bank fees | 872 | 937 | ||||||
Income taxes payable | 5,223 | 2,337 | ||||||
Other current liabilities | 13,244 | 11,769 | ||||||
Total other accrued liabilities | $ | 76,134 | $ | 71,191 | ||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Jul. 26, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Outstanding Indebtedness | ' | |||||||
The Company’s outstanding indebtedness consists of the following: | ||||||||
July 26, | July 27, | |||||||
2014 | 2013 | |||||||
(Dollars in thousands) | ||||||||
Borrowings on senior Credit Agreement (matures December 2017) | $ | 63,000 | $ | 49,000 | ||||
Senior Credit Agreement Term Loan (matures December 2017) | 114,063 | 121,875 | ||||||
7.125% senior subordinated notes due 2021 | 277,500 | 277,500 | ||||||
Long-term debt premium on 7.125% senior subordinated notes (amortizes to interest expense through January 2021) | 3,238 | 3,607 | ||||||
457,801 | 451,982 | |||||||
Less: current portion | (10,938 | ) | (7,813 | ) | ||||
Long-term debt | $ | 446,863 | $ | 444,169 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Jul. 26, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Taxes | ' | |||||||||||
The components of the provision (benefit) for income taxes are as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Current: | ||||||||||||
Federal | $ | 27,161 | $ | 22,173 | $ | 11,263 | ||||||
Foreign | 416 | 406 | 568 | |||||||||
State | 5,087 | 2,702 | 3,478 | |||||||||
32,664 | 25,281 | 15,309 | ||||||||||
Deferred: | ||||||||||||
Federal | (5,706 | ) | (2,866 | ) | 9,392 | |||||||
Foreign | — | 6 | 49 | |||||||||
State | (617 | ) | 590 | 433 | ||||||||
(6,323 | ) | (2,270 | ) | 9,874 | ||||||||
Total Tax Provision | $ | 26,341 | $ | 23,011 | $ | 25,183 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
The significant components of deferred tax assets and liabilities are comprised of the following: | ||||||||||||
26-Jul-14 | 27-Jul-13 | |||||||||||
(Dollars in thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Insurance and other reserves | $ | 26,964 | $ | 23,089 | ||||||||
Allowance for doubtful accounts and reserves | 742 | 427 | ||||||||||
Net operating loss carryforwards | 994 | 1,183 | ||||||||||
Stock-based compensation | 5,402 | 4,231 | ||||||||||
Other | 1,062 | 1,800 | ||||||||||
Total deferred tax assets | 35,164 | 30,730 | ||||||||||
Valuation allowance | (878 | ) | (1,788 | ) | ||||||||
Deferred tax assets, net of valuation allowance | $ | 34,286 | $ | 28,942 | ||||||||
Deferred tax liabilities: | ||||||||||||
Property and equipment | $ | 32,164 | $ | 36,491 | ||||||||
Goodwill and intangibles | 26,998 | 23,498 | ||||||||||
Other | 553 | 712 | ||||||||||
Deferred tax liabilities | $ | 59,715 | $ | 60,701 | ||||||||
Net deferred tax liabilities | $ | 25,429 | $ | 31,759 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The difference between the total tax provision and the amount computed by applying the statutory federal income tax rates to pre-tax income is as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Statutory rate applied to pre-tax income | $ | 23,212 | $ | 20,370 | $ | 22,600 | ||||||
State taxes, net of federal tax benefit | 2,863 | 2,271 | 2,766 | |||||||||
Non-deductible and non-taxable items | 491 | 366 | 208 | |||||||||
Change in accruals for uncertain tax positions | 53 | 153 | 93 | |||||||||
Valuation allowance of deferred tax asset | — | — | (313 | ) | ||||||||
Other items, net | (278 | ) | (149 | ) | (171 | ) | ||||||
Total tax provision | $ | 26,341 | $ | 23,011 | $ | 25,183 | ||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | |||||||||||
A summary of unrecognized tax benefits is as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Balance at beginning of year | $ | 2,348 | $ | 2,194 | $ | 2,054 | ||||||
Additions based on tax positions related to the fiscal year | 137 | 155 | 154 | |||||||||
Additions based on tax positions related to prior years | 10 | 19 | 6 | |||||||||
Reductions related to the expiration of statutes of limitation | (94 | ) | (20 | ) | (20 | ) | ||||||
Balance at end of year | $ | 2,401 | $ | 2,348 | $ | 2,194 | ||||||
Other_Income_Net_Tables
Other Income, Net (Tables) | 12 Months Ended | |||||||||||
Jul. 26, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
Schedule of Other Income, Net | ' | |||||||||||
The components of other income, net, are as follows: | ||||||||||||
Fiscal Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(Dollars in thousands) | ||||||||||||
Gain on sale of fixed assets | $ | 10,706 | $ | 4,683 | $ | 15,430 | ||||||
Miscellaneous income, net | 522 | 227 | 395 | |||||||||
Write-off of deferred financing costs | — | (321 | ) | — | ||||||||
Total other income, net | $ | 11,228 | $ | 4,589 | $ | 15,825 | ||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jul. 26, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Multiemployer Plans | ' | ||||||||||||||||||||||||
The Pension, Hospitalization and Benefit Plan of the Electrical Industry – Pension Trust Fund ("the Plan") was considered individually significant and is presented separately below. All other plans are presented in the aggregate. | |||||||||||||||||||||||||
PPA Zone Status (a) | Company Contributions (Dollars in thousands) | Expiration Date of CBA | |||||||||||||||||||||||
Fund | EIN | 2013 | 2012 | FIP/RP Status (b) | 2014 | 2013 | 2012 | Surcharge Imposed | |||||||||||||||||
The Plan | 13-6123601 | Green | Green | No | $ | 3,044 | $ | 2,962 | $ | 2,882 | No | 5/5/16 | |||||||||||||
Other Plans (c) | 635 | 243 | — | Various | |||||||||||||||||||||
Total Contributions | $ | 3,679 | $ | 3,205 | $ | 2,882 | |||||||||||||||||||
(a) | The most recent Pension Protection Act (the "PPA") zone status was provided by the Plan for Plan years ending 2013 and 2012, respectively. The zone status is based on information that the Company received from the Plan and is certified by the Plan's actuary. Generally, plans in the red zone are less that 65% funded, plans in the yellow zone are between 65% and 80% funded, and plans in the green zone are at least 80% funded. | ||||||||||||||||||||||||
(b) | The "FIR/RP Status" column indicates plans for which a financial improvement plan (FIP) or rehabilitation plan (RP), as required by the Internal Revenue Code, is either pending or has been implemented. | ||||||||||||||||||||||||
(c) | As a result of the acquisition of the Acquired Subsidiaries, the Company began contributions to a number of additional multiemployer plans for employees of certain of the Acquired Subsidiaries. Contribution requirements to these multiemployer plans are specified in the applicable collective bargaining agreements, and are typically assessed based on union employee payrolls, which vary depending on location and union resources needed in connection with certain projects. The amounts listed include contributions to multiemployer defined contribution plans. Defined contribution plans are retirement plans in which the Company contributes a fixed amount each pay period to the extent that the Company has employees covered under the plan. Future benefits to employees from defined contribution plans are not guaranteed and fluctuate on the basis of investment earnings; the Company is not obligated to make payments to the plan other than current contributions for current employees. |
Capital_Stock_Tables
Capital Stock (Tables) | 12 Months Ended | |||||||||||
Jul. 26, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Schedule of Share Repurchases Under Current and Previously Authorized Share Repurchase Programs | ' | |||||||||||
During fiscal 2014, 2013 and 2012, the Company made the following repurchases under its share repurchase programs: | ||||||||||||
Fiscal Year Ended | Number of Shares Repurchased | Total Consideration | Average Price Per Share | |||||||||
(Dollars in thousands) | ||||||||||||
July 28, 2012 | 597,700 | $ | 12,960 | $ | 21.68 | |||||||
July 27, 2013 | 1,047,000 | $ | 15,203 | $ | 14.52 | |||||||
July 26, 2014 | 360,900 | $ | 9,999 | $ | 27.71 | |||||||
StockBased_Awards_Tables
Stock-Based Awards (Tables) | 12 Months Ended | |||||||||||||||||||||
Jul. 26, 2014 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Schedule of Stock-based Compensation Expense and Related Tax Benefit Recognized | ' | |||||||||||||||||||||
Stock-based compensation expense and the related tax benefit recognized related to stock options and restricted share units during fiscal 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Stock-based compensation | $ | 12,596 | $ | 9,902 | $ | 6,952 | ||||||||||||||||
Tax benefit recognized in the statement of operations | $ | 4,819 | $ | 3,782 | $ | 2,412 | ||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||||||||||
The following table summarizes the valuation of stock options and restricted share units granted during fiscal 2014, 2013 and 2012 and the significant valuation assumptions: | ||||||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||
Weighted average fair value of RSUs granted | $ | 27.54 | $ | 18.52 | $ | 19.49 | ||||||||||||||||
Weighted average fair value of Performance RSUs granted | $ | 27.66 | $ | 18.08 | $ | 19.47 | ||||||||||||||||
Weighted average fair value of stock options granted | $ | 17.43 | $ | 11.66 | $ | 12.51 | ||||||||||||||||
Stock option assumptions: | ||||||||||||||||||||||
Risk-free interest rate | 2.7 | % | 1.6 | % | 1.8 | % | ||||||||||||||||
Expected life (years) | 8.8 | 9.3 | 9.4 | |||||||||||||||||||
Expected volatility | 55.1 | % | 55.4 | % | 56.1 | % | ||||||||||||||||
Expected dividends | — | — | — | |||||||||||||||||||
Schedule of Share-based Compensation, Stock Options Award Activity | ' | |||||||||||||||||||||
The following table summarizes stock option award activity during fiscal 2014: | ||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Aggregate Intrinsic Value | |||||||||||||||||||
(In years) | (In thousands) | |||||||||||||||||||||
Outstanding as of July 27, 2013 | 2,769,132 | $ | 18.27 | |||||||||||||||||||
Granted | 89,956 | $ | 27.5 | |||||||||||||||||||
Options exercised | (803,796 | ) | $ | 18.12 | ||||||||||||||||||
Forfeited or canceled | (10,399 | ) | $ | 27 | ||||||||||||||||||
Outstanding as of July 26, 2014 | 2,044,893 | $ | 18.68 | 4.8 | $ | 23,545 | ||||||||||||||||
Exercisable options as of July 26, 2014 | 1,575,300 | $ | 18.81 | 3.9 | $ | 18,566 | ||||||||||||||||
Schedule of Share-based Compensation, RSU and Performance RSU Activity | ' | |||||||||||||||||||||
The following table summarizes RSU and Performance RSU activity during fiscal 2014: | ||||||||||||||||||||||
Restricted Stock | ||||||||||||||||||||||
RSUs | Performance RSUs | |||||||||||||||||||||
Share Units | Weighted Average Grant Price | Aggregate Intrinsic Value | Share Units | Weighted Average Grant Price | Aggregate Intrinsic Value | |||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Outstanding as of July 27, 2013 | 463,318 | $ | 17.78 | 1,315,138 | $ | 18.44 | ||||||||||||||||
Granted | 101,615 | $ | 27.54 | 429,485 | $ | 27.66 | ||||||||||||||||
Share units vested | (158,441 | ) | $ | 16.53 | (265,025 | ) | $ | 18.35 | ||||||||||||||
Forfeited or canceled | (7,561 | ) | $ | 19.27 | (289,414 | ) | $ | 18.64 | ||||||||||||||
Outstanding as of July 26, 2014 | 398,931 | $ | 20.61 | $ | 11,509 | 1,190,184 | $ | 21.73 | $ | 34,337 | ||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Jul. 26, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
The future minimum obligation under the leases with noncancelable terms in excess of one year, including transactions with related parties, is as follows: | ||||
Future Minimum Lease Payments | ||||
(Dollars in thousands) | ||||
2015 | $ | 14,902 | ||
2016 | 12,209 | |||
2017 | 7,784 | |||
2018 | 4,459 | |||
2019 | 3,017 | |||
Thereafter | 8,249 | |||
Total | $ | 50,620 | ||
Concentration_of_Credit_Risk_T
Concentration of Credit Risk (Tables) | 12 Months Ended | |||||||||||||
Jul. 26, 2014 | ||||||||||||||
Risks and Uncertainties [Abstract] | ' | |||||||||||||
Schedule that Represents A Significant Portion of the Companybs Customer Base and Each Over 10% of Total Revenue | ' | |||||||||||||
Customers whose revenues exceeded 10% of total revenue during fiscal 2014, 2013 or 2012 are as follows: | ||||||||||||||
Fiscal Year Ended | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
AT&T Inc. | 19.20% | 15.50% | 13.70% | |||||||||||
CenturyLink, Inc. | 13.80% | 14.60% | 13.60% | |||||||||||
Comcast Corporation | 11.70% | 10.90% | 12.60% | |||||||||||
Verizon Communications Inc. | 8.20% | 9.60% | 11.30% | |||||||||||
Schedule of Customers Representing 10% or More of Combined Amounts of Trade Accounts Receivable and Costs and Estimated Earnings in Excess of Billings with the Following Outstanding Balances and Related Percentages of the Companybs Total Outstanding Balances | ' | |||||||||||||
Customers representing 10% or more of combined amounts of trade accounts receivable and costs and estimated earnings in excess of billings, net as of July 26, 2014 or July 27, 2013 had the following outstanding balances and the related percentage of the Company’s total outstanding balances: | ||||||||||||||
July 26, 2014 | July 27, 2013 | |||||||||||||
Amount | % of Total | Amount | % of Total | |||||||||||
(Dollars in millions) | ||||||||||||||
AT&T Inc. | $ | 87.6 | 17.9 | % | $ | 57.4 | 12.6 | % | ||||||
CenturyLink, Inc. | $ | 48.2 | 9.8 | % | $ | 62.6 | 13.7 | % | ||||||
Windstream Corporation | $ | 43.6 | 8.9 | % | $ | 59.4 | 13 | % | ||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Jul. 26, 2014 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
Fiscal 2014: | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Revenues | $ | 512,720 | $ | 390,518 | $ | 426,284 | $ | 482,071 | ||||||||
Costs of earned revenues, excluding depreciation and amortization | $ | 410,119 | $ | 327,353 | $ | 350,352 | $ | 387,221 | ||||||||
Gross profit | $ | 102,601 | $ | 63,165 | $ | 75,932 | $ | 94,850 | ||||||||
Net income (loss) | $ | 18,660 | $ | (3,067 | ) | $ | 7,895 | $ | 16,489 | |||||||
Earnings (loss) per common share - Basic | $ | 0.56 | $ | (0.09 | ) | $ | 0.23 | $ | 0.49 | |||||||
Earnings (loss) per common share - Diluted | $ | 0.54 | $ | (0.09 | ) | $ | 0.23 | $ | 0.47 | |||||||
Fiscal 2013: | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Revenues | $ | 323,286 | $ | 369,326 | $ | 437,367 | $ | 478,632 | ||||||||
Costs of earned revenues, excluding depreciation and amortization | $ | 257,066 | $ | 301,516 | $ | 357,664 | $ | 384,169 | ||||||||
Gross profit | $ | 66,220 | $ | 67,810 | $ | 79,703 | $ | 94,463 | ||||||||
Net income | $ | 11,861 | $ | 1,463 | $ | 7,199 | $ | 14,666 | ||||||||
Earnings per common share - Basic | $ | 0.36 | $ | 0.04 | $ | 0.22 | $ | 0.44 | ||||||||
Earnings per common share - Diluted | $ | 0.35 | $ | 0.04 | $ | 0.21 | $ | 0.43 | ||||||||
Supplemental_Consolidating_Fin1
Supplemental Consolidating Financial Statements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jul. 26, 2014 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Condensed Balance Sheet | ' | |||||||||||||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEET | ||||||||||||||||||||||||
JULY 26, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and equivalents | $ | — | $ | — | $ | 19,739 | $ | 933 | $ | — | $ | 20,672 | ||||||||||||
Accounts receivable, net | — | — | 269,760 | 2,981 | — | 272,741 | ||||||||||||||||||
Costs and estimated earnings in excess of billings | — | — | 228,541 | 2,028 | — | 230,569 | ||||||||||||||||||
Inventories | — | — | 49,095 | — | — | 49,095 | ||||||||||||||||||
Deferred tax assets, net | 3,822 | — | 16,193 | 87 | (170 | ) | 19,932 | |||||||||||||||||
Other current assets | 4,956 | 16 | 7,237 | 518 | — | 12,727 | ||||||||||||||||||
Total current assets | 8,778 | 16 | 590,565 | 6,547 | (170 | ) | 605,736 | |||||||||||||||||
PROPERTY AND EQUIPMENT, NET | 18,108 | — | 171,158 | 16,147 | — | 205,413 | ||||||||||||||||||
GOODWILL | — | — | 269,088 | — | — | 269,088 | ||||||||||||||||||
INTANGIBLE ASSETS, NET | — | — | 115,483 | 633 | — | 116,116 | ||||||||||||||||||
DEFERRED TAX ASSETS, NET NON-CURRENT | 182 | — | 3,884 | 15 | (4,081 | ) | — | |||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 809,617 | 1,540,338 | 1,621 | — | (2,351,576 | ) | — | |||||||||||||||||
INTERCOMPANY RECEIVABLES | — | — | 628,443 | — | (628,443 | ) | — | |||||||||||||||||
OTHER | 7,748 | 5,636 | 2,466 | 151 | — | 16,001 | ||||||||||||||||||
TOTAL NON-CURRENT ASSETS | 835,655 | 1,545,974 | 1,192,143 | 16,946 | (2,984,100 | ) | 606,618 | |||||||||||||||||
TOTAL ASSETS | $ | 844,433 | $ | 1,545,990 | $ | 1,782,708 | $ | 23,493 | $ | (2,984,270 | ) | $ | 1,212,354 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 3,083 | $ | — | $ | 58,970 | $ | 1,265 | $ | — | $ | 63,318 | ||||||||||||
Current portion of debt | 10,938 | — | — | — | — | 10,938 | ||||||||||||||||||
Billings in excess of costs and estimated earnings | — | — | 13,882 | — | — | 13,882 | ||||||||||||||||||
Accrued insurance claims | 612 | — | 31,599 | 49 | — | 32,260 | ||||||||||||||||||
Deferred tax liabilities | — | 80 | 66 | 24 | (170 | ) | — | |||||||||||||||||
Other accrued liabilities | 12,668 | 566 | 61,284 | 1,616 | — | 76,134 | ||||||||||||||||||
Total current liabilities | 27,301 | 646 | 165,801 | 2,954 | (170 | ) | 196,532 | |||||||||||||||||
LONG-TERM DEBT | 166,125 | 280,738 | — | — | — | 446,863 | ||||||||||||||||||
ACCRUED INSURANCE CLAIMS | 778 | — | 32,959 | 45 | — | 33,782 | ||||||||||||||||||
DEFERRED TAX LIABILITIES, NET NON-CURRENT | — | 432 | 48,593 | 417 | (4,081 | ) | 45,361 | |||||||||||||||||
INTERCOMPANY PAYABLES | 162,127 | 454,557 | — | 11,759 | (628,443 | ) | — | |||||||||||||||||
OTHER LIABILITIES | 3,168 | — | 1,711 | 3 | — | 4,882 | ||||||||||||||||||
Total liabilities | 359,499 | 736,373 | 249,064 | 15,178 | (632,694 | ) | 727,420 | |||||||||||||||||
Total stockholders' equity | 484,934 | 809,617 | 1,533,644 | 8,315 | (2,351,576 | ) | 484,934 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 844,433 | $ | 1,545,990 | $ | 1,782,708 | $ | 23,493 | $ | (2,984,270 | ) | $ | 1,212,354 | |||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEET | ||||||||||||||||||||||||
27-Jul-13 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||||||
Cash and equivalents | $ | — | $ | — | $ | 18,166 | $ | 441 | $ | — | $ | 18,607 | ||||||||||||
Accounts receivable, net | — | — | 249,533 | 2,669 | — | 252,202 | ||||||||||||||||||
Costs and estimated earnings in excess of billings | — | — | 202,651 | 1,698 | — | 204,349 | ||||||||||||||||||
Inventories | — | — | 35,999 | — | — | 35,999 | ||||||||||||||||||
Deferred tax assets, net | 2,285 | — | 15,873 | 121 | (1,426 | ) | 16,853 | |||||||||||||||||
Other current assets | 5,079 | 10 | 7,583 | 452 | — | 13,124 | ||||||||||||||||||
Total current assets | 7,364 | 10 | 529,805 | 5,381 | (1,426 | ) | 541,134 | |||||||||||||||||
PROPERTY AND EQUIPMENT, NET | 13,779 | — | 173,254 | 15,670 | — | 202,703 | ||||||||||||||||||
GOODWILL | — | — | 267,810 | — | — | 267,810 | ||||||||||||||||||
INTANGIBLE ASSETS, NET | — | — | 125,275 | — | — | 125,275 | ||||||||||||||||||
DEFERRED TAX ASSETS, NET NON-CURRENT | 691 | — | 4,104 | 66 | (4,861 | ) | — | |||||||||||||||||
INVESTMENT IN SUBSIDIARIES | 769,639 | 1,472,559 | — | — | (2,242,198 | ) | — | |||||||||||||||||
INTERCOMPANY RECEIVABLES | — | — | 618,524 | — | (618,524 | ) | — | |||||||||||||||||
OTHER | 8,739 | 6,331 | 2,133 | 83 | — | 17,286 | ||||||||||||||||||
TOTAL NON-CURRENT ASSETS | 792,848 | 1,478,890 | 1,191,100 | 15,819 | (2,865,583 | ) | 613,074 | |||||||||||||||||
TOTAL ASSETS | $ | 800,212 | $ | 1,478,900 | $ | 1,720,905 | $ | 21,200 | $ | (2,867,009 | ) | $ | 1,154,208 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||||||
Accounts payable | $ | 2,042 | $ | — | $ | 75,012 | $ | 900 | $ | — | $ | 77,954 | ||||||||||||
Current portion of debt | 7,813 | — | — | — | — | 7,813 | ||||||||||||||||||
Billings in excess of costs and estimated earnings | — | — | 13,788 | — | — | 13,788 | ||||||||||||||||||
Accrued insurance claims | 619 | — | 28,342 | 108 | — | 29,069 | ||||||||||||||||||
Deferred tax liabilities | — | 155 | 140 | 1,131 | (1,426 | ) | — | |||||||||||||||||
Other accrued liabilities | 9,151 | 1,321 | 59,374 | 1,345 | — | 71,191 | ||||||||||||||||||
Total current liabilities | 19,625 | 1,476 | 176,656 | 3,484 | (1,426 | ) | 199,815 | |||||||||||||||||
LONG-TERM DEBT | 163,062 | 281,107 | — | — | — | 444,169 | ||||||||||||||||||
ACCRUED INSURANCE CLAIMS | 726 | — | 26,426 | 98 | — | 27,250 | ||||||||||||||||||
DEFERRED TAX LIABILITIES, NET NON-CURRENT | — | 427 | 52,436 | 610 | (4,861 | ) | 48,612 | |||||||||||||||||
INTERCOMPANY PAYABLES | 185,296 | 426,251 | — | 6,977 | (618,524 | ) | — | |||||||||||||||||
OTHER LIABILITIES | 3,142 | — | 2,855 | 4 | — | 6,001 | ||||||||||||||||||
Total liabilities | 371,851 | 709,261 | 258,373 | 11,173 | (624,811 | ) | 725,847 | |||||||||||||||||
Total stockholders' equity | 428,361 | 769,639 | 1,462,532 | 10,027 | (2,242,198 | ) | 428,361 | |||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 800,212 | $ | 1,478,900 | $ | 1,720,905 | $ | 21,200 | $ | (2,867,009 | ) | $ | 1,154,208 | |||||||||||
Schedule of Condensed Income Statement | ' | |||||||||||||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||||||||||
YEAR ENDED JULY 26, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 1,799,538 | $ | 12,055 | $ | — | $ | 1,811,593 | ||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | — | — | 1,466,221 | 8,824 | — | 1,475,045 | ||||||||||||||||||
General and administrative | 42,958 | 616 | 107,326 | 10,958 | — | 161,858 | ||||||||||||||||||
Depreciation and amortization | 4,256 | — | 84,178 | 4,338 | — | 92,772 | ||||||||||||||||||
Intercompany charges (income), net | (53,922 | ) | — | 54,688 | (766 | ) | — | — | ||||||||||||||||
Total | (6,708 | ) | 616 | 1,712,413 | 23,354 | — | 1,729,675 | |||||||||||||||||
Interest expense, net | (6,827 | ) | (19,993 | ) | (7 | ) | — | — | (26,827 | ) | ||||||||||||||
Other income, net | 119 | — | 10,895 | 214 | — | 11,228 | ||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | — | (20,609 | ) | 98,013 | (11,085 | ) | — | 66,319 | ||||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | — | (8,186 | ) | 38,930 | (4,403 | ) | — | 26,341 | ||||||||||||||||
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | — | (12,423 | ) | 59,083 | (6,682 | ) | — | 39,978 | ||||||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES | 39,978 | 52,401 | 135 | — | (92,514 | ) | — | |||||||||||||||||
NET INCOME (LOSS) | $ | 39,978 | $ | 39,978 | $ | 59,218 | $ | (6,682 | ) | $ | (92,514 | ) | $ | 39,978 | ||||||||||
Foreign currency translation loss, net of tax | (261 | ) | (261 | ) | — | (261 | ) | 522 | (261 | ) | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 39,717 | $ | 39,717 | $ | 59,218 | $ | (6,943 | ) | $ | (91,992 | ) | $ | 39,717 | ||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||||||||||
YEAR ENDED JULY 27, 2013 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 1,594,363 | $ | 14,249 | $ | — | $ | 1,608,612 | ||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | — | — | 1,288,369 | 12,047 | — | 1,300,416 | ||||||||||||||||||
General and administrative | 44,462 | 818 | 89,336 | 11,155 | — | 145,771 | ||||||||||||||||||
Depreciation and amortization | 2,920 | — | 77,595 | 4,966 | — | 85,481 | ||||||||||||||||||
Intercompany charges (income), net | (53,377 | ) | — | 54,720 | (1,343 | ) | — | — | ||||||||||||||||
Total | (5,995 | ) | 818 | 1,510,020 | 26,825 | — | 1,531,668 | |||||||||||||||||
Interest expense, net | (5,675 | ) | (17,599 | ) | (60 | ) | — | — | (23,334 | ) | ||||||||||||||
Other income, net | (320 | ) | — | 4,794 | 115 | — | 4,589 | |||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | — | (18,417 | ) | 89,077 | (12,461 | ) | — | 58,199 | ||||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | — | (7,281 | ) | 35,214 | (4,922 | ) | — | 23,011 | ||||||||||||||||
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | — | (11,136 | ) | 53,863 | (7,539 | ) | — | 35,188 | ||||||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES | 35,188 | 46,324 | — | — | (81,512 | ) | — | |||||||||||||||||
NET INCOME (LOSS) | $ | 35,188 | $ | 35,188 | $ | 53,863 | $ | (7,539 | ) | $ | (81,512 | ) | $ | 35,188 | ||||||||||
Foreign currency translation loss, net of tax | (35 | ) | (35 | ) | — | (35 | ) | 70 | (35 | ) | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 35,153 | $ | 35,153 | $ | 53,863 | $ | (7,574 | ) | $ | (81,442 | ) | $ | 35,153 | ||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||||||||||
YEAR ENDED JULY 28, 2012 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Contract revenues | $ | — | $ | — | $ | 1,186,380 | $ | 14,739 | $ | — | $ | 1,201,119 | ||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Costs of earned revenues, excluding depreciation and amortization | — | — | 957,449 | 11,500 | — | 968,949 | ||||||||||||||||||
General and administrative | 28,048 | 574 | 65,185 | 10,217 | — | 104,024 | ||||||||||||||||||
Depreciation and amortization | 3,137 | — | 54,735 | 4,833 | (12 | ) | 62,693 | |||||||||||||||||
Intercompany charges (income), net | (34,212 | ) | — | 33,749 | 463 | — | — | |||||||||||||||||
Total | (3,027 | ) | 574 | 1,111,118 | 27,013 | (12 | ) | 1,135,666 | ||||||||||||||||
Interest income (expense), net | (3,049 | ) | (13,660 | ) | (8 | ) | — | — | (16,717 | ) | ||||||||||||||
Other income, net | 22 | — | 15,281 | 522 | — | 15,825 | ||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES | — | (14,234 | ) | 90,535 | (11,752 | ) | 12 | 64,561 | ||||||||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | — | (5,550 | ) | 35,299 | (4,566 | ) | — | 25,183 | ||||||||||||||||
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | — | (8,684 | ) | 55,236 | (7,186 | ) | 12 | 39,378 | ||||||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES | 39,378 | 48,062 | — | — | (87,440 | ) | — | |||||||||||||||||
NET INCOME (LOSS) | $ | 39,378 | $ | 39,378 | $ | 55,236 | $ | (7,186 | ) | $ | (87,428 | ) | $ | 39,378 | ||||||||||
Foreign currency translation loss, net of tax | (161 | ) | (161 | ) | — | (161 | ) | 322 | (161 | ) | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 39,217 | $ | 39,217 | $ | 55,236 | $ | (7,347 | ) | $ | (87,106 | ) | $ | 39,217 | ||||||||||
Schedule of Condensed Cash Flow Statement | ' | |||||||||||||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
YEAR ENDED JULY 26, 2014 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 7,199 | $ | (12,242 | ) | $ | 93,898 | $ | (4,670 | ) | $ | — | $ | 84,185 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | — | (16,388 | ) | (700 | ) | — | (17,088 | ) | |||||||||||||||
Capital expenditures | (8,541 | ) | — | (72,962 | ) | (7,633 | ) | — | (89,136 | ) | ||||||||||||||
Proceeds from sale of assets | — | — | 12,146 | 3,261 | — | 15,407 | ||||||||||||||||||
Return of capital from subsidiaries | — | 683 | — | — | (683 | ) | — | |||||||||||||||||
Investment in subsidiaries | — | (9,235 | ) | (785 | ) | — | 10,020 | — | ||||||||||||||||
Changes in restricted cash | (303 | ) | — | — | — | — | (303 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (8,844 | ) | (8,552 | ) | (77,989 | ) | (5,072 | ) | 9,337 | (91,120 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Proceeds from issuance of 7.125% senior subordinated notes due 2021 | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from Term Loan on Senior Credit Agreement | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from borrowings on Senior Credit Agreement | 502,000 | — | — | — | — | 502,000 | ||||||||||||||||||
Principal payments on Senior Credit Agreement | (495,813 | ) | — | — | — | — | (495,813 | ) | ||||||||||||||||
Debt issuance costs | — | — | — | — | — | — | ||||||||||||||||||
Repurchases of common stock | (9,999 | ) | — | — | — | — | (9,999 | ) | ||||||||||||||||
Exercise of stock options and other | 14,568 | — | — | — | — | 14,568 | ||||||||||||||||||
Restricted stock tax withholdings | (3,781 | ) | — | — | — | — | (3,781 | ) | ||||||||||||||||
Excess tax benefit from share-based awards | 3,025 | — | — | — | — | 3,025 | ||||||||||||||||||
Principal payments on capital lease obligations and other financing | — | — | (1,000 | ) | — | — | (1,000 | ) | ||||||||||||||||
Intercompany funding | (8,355 | ) | 20,794 | (13,336 | ) | 10,234 | (9,337 | ) | — | |||||||||||||||
Net cash provided by (used in) financing activities | 1,645 | 20,794 | (14,336 | ) | 10,234 | (9,337 | ) | 9,000 | ||||||||||||||||
Net decrease in cash and equivalents | — | — | 1,573 | 492 | — | 2,065 | ||||||||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | — | — | 18,166 | 441 | — | 18,607 | ||||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 19,739 | $ | 933 | $ | — | $ | 20,672 | ||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
YEAR ENDED JULY 27, 2013 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 6,952 | $ | (9,612 | ) | $ | 112,176 | $ | (2,772 | ) | $ | — | $ | 106,744 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | — | — | (330,291 | ) | — | — | (330,291 | ) | ||||||||||||||||
Capital expenditures | (8,151 | ) | — | (51,647 | ) | (4,852 | ) | — | (64,650 | ) | ||||||||||||||
Proceeds from sale of assets | — | — | 5,770 | 57 | — | 5,827 | ||||||||||||||||||
Return of capital from subsidiaries | — | 1,816 | — | — | (1,816 | ) | — | |||||||||||||||||
Investment in subsidiaries | — | (2,600 | ) | — | — | 2,600 | — | |||||||||||||||||
Changes in restricted cash | 60 | — | — | — | — | 60 | ||||||||||||||||||
Net cash (used in) provided by investing activities | (8,091 | ) | (784 | ) | (376,168 | ) | (4,795 | ) | 784 | (389,054 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Proceeds from issuance of 7.125% senior subordinates notes due 2021, (including $3.8 million premium on issuance) | — | 93,825 | — | — | — | 93,825 | ||||||||||||||||||
Proceeds from Term Loan on Senior Credit Agreement | 125,000 | — | — | — | — | 125,000 | ||||||||||||||||||
Proceeds from borrowings on Senior Credit Agreement | 404,500 | — | — | — | — | 404,500 | ||||||||||||||||||
Principal payments on Senior Credit Agreement | (358,625 | ) | — | — | — | — | (358,625 | ) | ||||||||||||||||
Debt issuance costs | (4,158 | ) | (2,581 | ) | — | — | — | (6,739 | ) | |||||||||||||||
Repurchases of common stock | (15,203 | ) | — | — | — | — | (15,203 | ) | ||||||||||||||||
Exercise of stock options and other | 5,253 | — | — | — | — | 5,253 | ||||||||||||||||||
Restricted stock tax withholdings | (884 | ) | — | — | — | — | (884 | ) | ||||||||||||||||
Excess tax benefit from share-based awards | 1,283 | — | — | — | — | 1,283 | ||||||||||||||||||
Principal payments on capital lease obligations | — | — | (74 | ) | — | — | (74 | ) | ||||||||||||||||
Intercompany funding | (156,027 | ) | (80,848 | ) | 230,669 | 6,990 | (784 | ) | — | |||||||||||||||
Net cash provided by (used in) financing activities | 1,139 | 10,396 | 230,595 | 6,990 | (784 | ) | 248,336 | |||||||||||||||||
Net increase in cash and equivalents | — | — | (33,397 | ) | (577 | ) | — | (33,974 | ) | |||||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | — | — | 51,563 | 1,018 | — | 52,581 | ||||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 18,166 | $ | 441 | $ | — | $ | 18,607 | ||||||||||||
DYCOM INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
YEAR ENDED JULY 28, 2012 | ||||||||||||||||||||||||
Parent | Issuer | Subsidiary Guarantors | Non- Guarantor Subsidiaries | Eliminations and Reclassifications | Dycom Consolidated | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 6,755 | $ | (8,774 | ) | $ | 69,823 | $ | (2,679 | ) | $ | — | $ | 65,125 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures | (3,685 | ) | — | (69,362 | ) | (4,565 | ) | — | (77,612 | ) | ||||||||||||||
Proceeds from sale of assets | — | — | 19,211 | 5,572 | — | 24,783 | ||||||||||||||||||
Changes in restricted cash | 926 | — | — | — | — | 926 | ||||||||||||||||||
Capital contributions to subsidiaries, net | — | (4,943 | ) | — | — | 4,943 | — | |||||||||||||||||
Net cash (used in) provided by investing activities | (2,759 | ) | (4,943 | ) | (50,151 | ) | 1,007 | 4,943 | (51,903 | ) | ||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Repurchases of common stock | (12,960 | ) | — | — | — | — | (12,960 | ) | ||||||||||||||||
Exercise of stock options and other | 6,490 | — | — | — | — | 6,490 | ||||||||||||||||||
Restricted stock tax withholdings | (329 | ) | — | — | — | — | (329 | ) | ||||||||||||||||
Excess tax benefit from share-based awards | 1,625 | — | — | — | — | 1,625 | ||||||||||||||||||
Principal payments on capital lease obligations | — | — | (233 | ) | — | — | (233 | ) | ||||||||||||||||
Intercompany funding | 1,178 | 13,717 | (12,484 | ) | 2,532 | (4,943 | ) | — | ||||||||||||||||
Net cash provided by (used in) financing activities | (3,996 | ) | 13,717 | (12,717 | ) | 2,532 | (4,943 | ) | (5,407 | ) | ||||||||||||||
Net increase in cash and equivalents | — | — | 6,955 | 860 | — | 7,815 | ||||||||||||||||||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | — | — | 44,608 | 158 | — | 44,766 | ||||||||||||||||||
CASH AND EQUIVALENTS AT END OF PERIOD | $ | — | $ | — | $ | 51,563 | $ | 1,018 | $ | — | $ | 52,581 | ||||||||||||
Basis_of_Presentation_and_Acco2
Basis of Presentation and Accounting Policies - Segment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Apr. 26, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 27, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Oct. 27, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
subsidiary | |||||||||||
segment | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Number of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Contract revenues | $482,071 | $426,284 | $390,518 | $512,720 | $478,632 | $437,367 | $369,326 | $323,286 | $1,811,593 | $1,608,612 | $1,201,119 |
Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenues | ' | ' | ' | ' | ' | ' | ' | ' | $12,200 | $13,000 | $11,900 |
Basis_of_Presentation_and_Acco3
Basis of Presentation and Accounting Policies (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 26, 2014 | Jul. 26, 2014 | Jul. 26, 2014 | Jul. 26, 2014 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Long Term Incentive Plan, 2012 | Stock Options | Restricted Share Units (RSUs) | Performance Restricted Share Units | Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Notes | |||
7.125% Senior Subordinated Notes Due 2021 | 7.125% Senior Subordinated Notes Due 2021 | 7.125% Senior Subordinated Notes Due 2021 | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash | $4,000,000 | $3,700,000 | ' | ' | ' | ' | ' | ' | ' |
Capitalized computer software gross cost | 26,500,000 | 18,300,000 | ' | ' | ' | ' | ' | ' | ' |
Capitalized computer software net book value | 16,500,000 | 11,600,000 | ' | ' | ' | ' | ' | ' | ' |
Accrued Insurance | 66,000,000 | 56,300,000 | ' | ' | ' | ' | ' | ' | ' |
Accrued insurance incurred | 32,100,000 | 26,000,000 | ' | ' | ' | ' | ' | ' | ' |
Accrued insurance claims | $32,260,000 | $29,069,000 | ' | ' | ' | ' | ' | ' | ' |
Total number of shares available for grant | ' | ' | 1,433,653 | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | '4 years | '4 years | '3 years | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Annual Restricted Vested Shares, Percentage | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Restriction Period | ' | ' | ' | ' | ' | '90 days | ' | ' | ' |
Expiration period | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Debt, interest rate (in percent) | ' | ' | ' | ' | ' | ' | 7.13% | 7.13% | 7.13% |
Computation_of_Earnings_Per_Co2
Computation of Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jul. 26, 2014 | Apr. 26, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 27, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Oct. 27, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Basic earnings per unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $16,489 | $7,895 | ($3,067) | $18,660 | $14,666 | $7,199 | $1,463 | $11,861 | $39,978 | $35,188 | $39,378 |
Weighted-average number of common shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 33,773,158 | 33,012,595 | 33,653,055 |
Basic earnings per common share (usd per share) | $0.49 | $0.23 | ($0.09) | $0.56 | $0.44 | $0.22 | $0.04 | $0.36 | $1.18 | $1.07 | $1.17 |
Diluted earnings per unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average number of common shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 33,773,158 | 33,012,595 | 33,653,055 |
Potential common stock arising from stock options, and unvested restricted share units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,043,223 | 769,592 | 828,840 |
Total shares-diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 34,816,381 | 33,782,187 | 34,481,895 |
Diluted earnings per common share (usd per share) | $0.47 | $0.23 | ($0.09) | $0.54 | $0.43 | $0.21 | $0.04 | $0.35 | $1.15 | $1.04 | $1.14 |
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 586,389 | 1,204,116 | 1,262,964 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||
Jul. 27, 2013 | Jul. 28, 2012 | Jul. 30, 2011 | Jul. 26, 2014 | Jul. 26, 2014 | Jul. 27, 2013 | Dec. 03, 2012 | Jul. 27, 2013 | Apr. 26, 2014 | Jul. 26, 2014 | Jul. 26, 2014 | Dec. 03, 2012 | Dec. 12, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | Dec. 12, 2012 | |
Acquired Subsidiaries | Acquired Subsidiaries | Acquired Subsidiaries | Sage | Telecommunications Specialty Construction Contractor, Canada | Watts Brothers | Senior Loan and Revolving Credit | Senior Loan and Revolving Credit | Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Notes | |||||
Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | 7.125% Senior Subordinated Notes Due 2021 | 7.125% Senior Subordinated Notes Due 2021 | 7.125% Senior Subordinated Notes Due 2021 | 7.125% Senior Subordinated Notes Due 2021 | 7.125% Senior Subordinated Notes Due 2021 | |||||||||||
Dycom Investments, Inc. | |||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid | ' | ' | ' | ' | ' | ' | $275,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated adjustment for working capital received in excess of target amount | ' | ' | ' | ' | ' | ' | 40,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid for other specified items | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | ' | ' | ' | 90,000,000 |
Debt, interest rate (in percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.13% | 7.13% | 7.13% | ' |
Repayments of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | ' | ' | ' | ' | ' | ' |
Goodwill | 267,810,000 | 174,849,000 | ' | 269,088,000 | ' | ' | 87,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount | ' | ' | ' | ' | ' | ' | 90,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | 472,200,000 | 335,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense for finite-lived intangible assets | 18,300,000 | 20,700,000 | 6,500,000 | ' | 11,500,000 | 14,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income (Loss) | ' | ' | ' | ' | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition payments | ' | ' | ' | ' | ' | ' | ' | 11,300,000 | 700,000 | 16,400,000 | ' | ' | ' | ' | ' | ' | ' |
Additional future acquisition payment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Net_Assets_Acquir
Acquisitions - Net Assets Acquired (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | Dec. 03, 2012 | Dec. 03, 2012 | Dec. 03, 2012 | Dec. 03, 2012 |
Acquired Subsidiaries | Acquired Subsidiaries | Acquired Subsidiaries | Acquired Subsidiaries | ||||
Customer Relationships | Backlog | Trade Names | |||||
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsAbstract [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Cash and equivalents | ' | ' | ' | $200,000 | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | 112,200,000 | ' | ' | ' |
Costs and estimated earnings in excess of billings | ' | ' | ' | 61,500,000 | ' | ' | ' |
Inventories | ' | ' | ' | 9,000,000 | ' | ' | ' |
Other current assets | ' | ' | ' | 1,600,000 | ' | ' | ' |
Property and equipment | ' | ' | ' | 33,300,000 | ' | ' | ' |
Goodwill | 269,088,000 | 267,810,000 | 174,849,000 | 87,900,000 | ' | ' | ' |
Intangibles | ' | ' | ' | ' | 70,300,000 | 15,300,000 | 5,000,000 |
Other assets | ' | ' | ' | 2,300,000 | ' | ' | ' |
Total assets | ' | ' | ' | 398,600,000 | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | 42,100,000 | ' | ' | ' |
Billings in excess of costs and estimated earnings | ' | ' | ' | 10,300,000 | ' | ' | ' |
Accrued and other liabilities | ' | ' | ' | 27,100,000 | ' | ' | ' |
Total liabilities | ' | ' | ' | 79,500,000 | ' | ' | ' |
Net Assets Acquired | ' | ' | ' | $319,100,000 | ' | ' | ' |
Acquisitions_Pro_Forma_Results
Acquisitions - Pro Forma Results (Details) (USD $) | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Jul. 27, 2013 |
Business Acquisition, Pro Forma Information [Abstract] | ' |
Pro forma contract revenues | $1,837 |
Pro forma income before income taxes | 90 |
Pro forma net income | $54.40 |
Business Acquisition, Pro Forma Information, Earnings (Loss) Per Share [Abstract] | ' |
Basic | $1.65 |
Diluted | $1.61 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Contract billings | $258,254,000 | $239,498,000 | ' |
Retainage and other receivables | 15,323,000 | 12,833,000 | ' |
Total | 273,577,000 | 252,331,000 | ' |
Less: allowance for doubtful accounts | -836,000 | -129,000 | -270,000 |
Accounts receivable, net | 272,741,000 | 252,202,000 | ' |
Construction liens | 17,700,000 | ' | ' |
Corporation | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total | $20,100,000 | ' | ' |
Accounts_Receivable_Allowance_
Accounts Receivable - Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Allowance for doubtful accounts at beginning of period | $129 | $270 | ' |
Bad debt expense, net | 615 | 139 | 186 |
Amounts recovered (charged) against the allowance | 92 | -280 | ' |
Allowance for doubtful accounts at end of period | $836 | $129 | $270 |
Costs_and_Estimated_Earnings_i2
Costs and Estimated Earnings in Excess of Billings (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Contractors [Abstract] | ' | ' |
Costs incurred on contracts in progress | $234,766 | $208,250 |
Estimated to date earnings | 57,335 | 49,150 |
Total costs and estimated earnings | 292,101 | 257,400 |
Less: billings to date | -75,414 | -66,839 |
Total costs in excess of billings | 216,687 | 190,561 |
Costs and estimated earnings in excess of billings | 230,569 | 204,349 |
Billings in excess of costs and estimated earnings | ($13,882) | ($13,788) |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $558,710 | $522,141 | ' |
Less: accumulated depreciation | -353,297 | -319,438 | ' |
Property and equipment, net | 205,413 | 202,703 | ' |
Depreciation and repairs and maintenance expenses [Abstract] | ' | ' | ' |
Depreciation expense | 74,517 | 64,756 | 56,187 |
Repairs and maintenance expense | 21,829 | 19,408 | 15,623 |
Land | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
General useful life | '0 years | ' | ' |
Property, plant and equipment, gross | 3,408 | 3,479 | ' |
Buildings | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 11,589 | 11,449 | ' |
Leasehold Improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 5,335 | 5,154 | ' |
Vehicles | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 279,631 | 258,211 | ' |
Computer hardware and software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 73,349 | 64,191 | ' |
Office furniture and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 7,790 | 7,915 | ' |
Equipment and machinery | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $177,608 | $171,742 | ' |
Maximum | Buildings | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
General useful life | '35 years | ' | ' |
Maximum | Leasehold Improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
General useful life | '10 years | ' | ' |
Maximum | Vehicles | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
General useful life | '5 years | ' | ' |
Maximum | Computer hardware and software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
General useful life | '10 years | ' | ' |
Maximum | Office furniture and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
General useful life | '7 years | ' | ' |
Maximum | Equipment and machinery | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
General useful life | '10 years | ' | ' |
Minimum | Buildings | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
General useful life | '10 years | ' | ' |
Minimum | Leasehold Improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
General useful life | '1 year | ' | ' |
Minimum | Vehicles | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
General useful life | '1 year | ' | ' |
Minimum | Computer hardware and software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
General useful life | '3 years | ' | ' |
Minimum | Office furniture and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
General useful life | '2 years | ' | ' |
Minimum | Equipment and machinery | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
General useful life | '1 year | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | |||
Jul. 27, 2013 | Jul. 28, 2012 | Jul. 30, 2011 | Jul. 26, 2014 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Goodwill | $267,810,000 | $174,849,000 | ' | $269,088,000 |
Amortization expense for finite-lived intangible assets | $18,300,000 | $20,700,000 | $6,500,000 | ' |
Goodwill | ' | ' | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Reporting units as a percent of consolidated goodwill balance | 20.00% | ' | ' | ' |
Fair value assumptions, expected term | '7 years | ' | ' | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, gross, beginning balance | $463,577 | $370,616 | ' |
Goodwill acquisitions | 1,278 | 92,961 | ' |
Goodwill, gross, ending balance | 464,855 | 463,577 | ' |
Accumulated impairment losses | -195,767 | -195,767 | -195,767 |
Goodwill | $269,088 | $267,810 | $174,849 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Annual Impairment Analyses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill | 269,088 | 267,810 | 174,849 |
Goodwill | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Discount rate | 11.50% | 11.50% | 13.00% |
Goodwill | Maximum | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Terminal growth rate range | 1.50% | 1.50% | 1.50% |
Goodwill | Minimum | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Terminal growth rate range | 3.00% | 2.50% | 3.00% |
Businesses Acquired in Fiscal 2013 | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Number of Reporting Units that Exceeded Carrying Value | 3 | ' | ' |
Excess carrying value, percent | 25.00% | ' | ' |
First Reporting Unit Acquired in Fiscal 2013 | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill | 10,600 | ' | ' |
Second Reporting Unit Acquired in Fiscal 2013 | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill | 4,800 | ' | ' |
Third Reporting Unit Acquired in Fiscal 2013 | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill | 3,600 | ' | ' |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible Assets Gross Excluding Goodwill | $202,179 | $193,082 |
Accumulated amortization | 86,063 | 67,807 |
Net Intangible Assets | 116,116 | 125,275 |
Customer Relationships | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, weighted average remaining useful lives | '11 years 8 months | ' |
Carrying amount | 173,594 | 164,497 |
Accumulated amortization | 69,048 | 56,219 |
Backlog | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, weighted average remaining useful lives | '1 year 9 months | ' |
Carrying amount | 15,285 | 15,285 |
Accumulated amortization | 13,490 | 9,433 |
Trade Names | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, weighted average remaining useful lives | '4 years 2 months | ' |
Carrying amount | 8,200 | 8,200 |
Accumulated amortization | 3,361 | 2,071 |
Noncompete Agreements | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, weighted average remaining useful lives | '3 years 6 months | ' |
Carrying amount | 400 | 400 |
Accumulated amortization | 164 | 84 |
UtiliQuest | ' | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-lived intangible assets | $4,700 | $4,700 |
Goodwill_and_Intangible_Assets6
Goodwill and Intangible Assets - Future Amortization Expense (Details) (USD $) | Jul. 27, 2013 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2015 | $15,946 |
2016 | 15,240 |
2017 | 13,777 |
2018 | 11,616 |
2019 | 9,226 |
Thereafter | $45,611 |
Accrued_Insurance_Claims_Detai
Accrued Insurance Claims (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 26, 2014 | Jul. 25, 2015 |
Maximum | Scenario, Forecast | |||
Accrued Insurance Claims [Line Items] | ' | ' | ' | ' |
Retained risk of loss, general liability and workers' compensation, maximum automobile liability | ' | ' | $1,000,000 | ' |
Aggregate stop loss coverage for automobile liability, general liability, and workers' compensation claims before adjustment | 56,300,000 | ' | ' | 59,500,000 |
Insurance liability, annual retained risk loss | 250,000 | ' | ' | ' |
Retained risk of loss per participant for employee health plan for claim amounts that aggregate across all participants in excess of $250,000 | 550,000 | ' | ' | ' |
Health plan participant threshold | 250,000 | ' | ' | ' |
Amounts expected to be paid beyond one year: | ' | ' | ' | ' |
Accrued Insurance | 66,000,000 | 56,300,000 | ' | ' |
Accrued insurance claims, Noncurrent | $33,782,000 | $27,250,000 | ' | ' |
Other_Accrued_Liabilities_Deta
Other Accrued Liabilities (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued payroll and related taxes | $18,429 | $19,940 |
Accrued employee benefit and incentive plan costs | 17,677 | 15,325 |
Accrued construction costs | 20,689 | 20,883 |
Accrued interest and related bank fees | 872 | 937 |
Income taxes payable | 5,223 | 2,337 |
Other current liabilities | 13,244 | 11,769 |
Total other accrued liabilities | $76,134 | $71,191 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||
Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | Dec. 03, 2012 | Dec. 12, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Dec. 03, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Dec. 03, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Dec. 03, 2012 | Jan. 26, 2013 | Jul. 27, 2013 | Dec. 03, 2012 | Jul. 27, 2013 | Jul. 26, 2014 | Jul. 26, 2014 | Jul. 26, 2014 | Jul. 26, 2014 | Jul. 26, 2014 | Jul. 27, 2013 | Dec. 03, 2012 | Dec. 03, 2012 | Dec. 03, 2012 | Dec. 03, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Dec. 03, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Dec. 03, 2012 | Dec. 03, 2012 | Dec. 03, 2012 | Dec. 03, 2012 | Dec. 03, 2012 | Dec. 03, 2012 | |
Credit Agreement, December 3, 2012, Maturing December 2017 | Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Notes | Senior Loans | Senior Loans | Senior Loans | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Fiscal Quarters Ending January 27, 2013 Through April 26, 2014 | Fiscal Quarters Ending July 26, 2014 Through April 25, 2015 | Fiscal Quarters Ending July 25, 2015 And Thereafter On A Trailing Four Quarter Basis | Fiscal Quarters After July 25, 2015 | Debt Premium | Debt Premium | Prime Rate | Federal Funds Rate | LIBOR | Eurodollar | Eurodollar | Eurodollar | Base Rate | Administrative Agent Base Rate | Administrative Agent Base Rate | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | ||||
7.125% Senior Subordinated Notes Due 2021 | 7.125% Senior Subordinated Notes Due 2021 | 7.125% Senior Subordinated Notes Due 2021 | 7.125% Senior Subordinated Notes Due 2021 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Prior Credit Agreement Which Has Been Terminated or Replaced | Prior Credit Agreement Which Has Been Terminated or Replaced | Prior Credit Agreement Which Has Been Terminated or Replaced | Prior Credit Agreement Which Has Been Terminated or Replaced | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | 7.125% Senior Subordinated Notes Due 2021 | 7.125% Senior Subordinated Notes Due 2021 | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | |||||
Standby Letters of Credit | Standby Letters of Credit | Standby Letters of Credit | Standby Letters of Credit | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | Credit Agreement, December 3, 2012, Maturing December 2017 | ||||||||||||||||||||||||
Swingline Loans | Swingline Loans | Swingline Loans | Swingline Loans | Commercial Letters of Credit | Standby Letters of Credit | Commercial Letters of Credit | Standby Letters of Credit | |||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt covenant compliance, consolidated leverage maximum (ratio) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | 3.25 | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt and capital lease obligations | $457,801,000 | $451,982,000 | ' | ' | ' | $277,500,000 | $277,500,000 | $187,500,000 | $114,063,000 | $121,875,000 | ' | $63,000,000 | $49,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $280,700,000 | $281,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, interest rate (in percent) | ' | ' | ' | ' | ' | 7.13% | 7.13% | 7.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | 90,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior subordinated notes issued under the indenture (in percent) | ' | ' | ' | ' | 104.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt premium | 3,200,000 | 0 | ' | ' | 3,800,000 | 3,238,000 | 3,607,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument term | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, fair value | ' | ' | ' | ' | ' | 297,600,000 | 292,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 275,000,000 | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit incremental additional facilities option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of deferred financing costs | 0 | 321,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'prime rate | 'Federal Funds Rate | 'one month LIBOR | 'Eurodollar Rate | ' | ' | 'base rate | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate (in percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | 2.00% | 2.00% | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | 2.15% | 2.19% | ' | 2.55% | 2.19% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unutilized commitment fee (in percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | 0.35% | ' | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.75% | 1.50% | 0.40% | 1.13% | 2.25% |
Letters of credit outstanding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,400,000 | 46,700,000 | ' | ' | ' | ' | 46,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional borrowing availability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $162,600,000 | ' | ' | ' | ' | ' | ' | $179,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Outstanding_Details
Debt - Outstanding (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 | Dec. 12, 2012 | Jul. 28, 2012 |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt and capital lease obligations | $457,801,000 | $451,982,000 | ' | ' |
Debt premium | 3,200,000 | 0 | ' | ' |
Less: current portion | -10,938,000 | -7,813,000 | ' | ' |
Long-term debt | 446,863,000 | 444,169,000 | ' | ' |
Senior Subordinated Notes | 7.125% Senior Subordinated Notes Due 2021 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt and capital lease obligations | 277,500,000 | 277,500,000 | ' | 187,500,000 |
Debt premium | 3,238,000 | 3,607,000 | 3,800,000 | ' |
Debt, interest rate (in percent) | 7.13% | 7.13% | ' | 7.13% |
Revolving Credit Facility | Credit Agreement, December 3, 2012, Maturing December 2017 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt and capital lease obligations | 63,000,000 | 49,000,000 | ' | ' |
Senior Loans | Credit Agreement, December 3, 2012, Maturing December 2017 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt and capital lease obligations | $114,063,000 | $121,875,000 | ' | ' |
Debt_Future_Maturities_on_Long
Debt - Future Maturities on Long Term Debt (Details) (USD $) | Jul. 26, 2014 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
Fiscal 2015 | $10.90 |
Fiscal 2016 | 14.1 |
Fiscal 2017 | 17.2 |
Fiscal 2018 | 134.9 |
Fiscal 2021 | $277.50 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | |
Current: [Abstract] | ' | ' | ' |
Federal current | $27,161,000 | $22,173,000 | $11,263,000 |
Foreign current | 416,000 | 406,000 | 568,000 |
State current | 5,087,000 | 2,702,000 | 3,478,000 |
Total current | 32,664,000 | 25,281,000 | 15,309,000 |
Deferred: [Abstract] | ' | ' | ' |
Federal deferred | -5,706,000 | -2,866,000 | 9,392,000 |
Foreign deferred | 0 | 6,000 | 49,000 |
State deferred | -617,000 | 590,000 | 433,000 |
Total deferred | -6,323,000 | -2,270,000 | 9,874,000 |
Total | 26,341,000 | 23,011,000 | 25,183,000 |
Deferred Tax Assets [Abstract] | ' | ' | ' |
Insurance and other reserves | 26,964,000 | 23,089,000 | ' |
Allowance for doubtful accounts and reserves | 742,000 | 427,000 | ' |
Net operating loss carryforwards | 994,000 | 1,183,000 | ' |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 5,402,000 | 4,231,000 | ' |
Other | 1,062,000 | 1,800,000 | ' |
Total deferred tax assets | 35,164,000 | 30,730,000 | ' |
Valuation allowance | -878,000 | -1,788,000 | ' |
Deferred tax assets, net of valuation allowance | 34,286,000 | 28,942,000 | ' |
Deferred Tax Liabilities [Abstract] | ' | ' | ' |
Property and equipment | 32,164,000 | 36,491,000 | ' |
Goodwill and intangibles | 26,998,000 | 23,498,000 | ' |
Other | 553,000 | 712,000 | ' |
Deferred tax liabilities | 59,715,000 | 60,701,000 | ' |
Net deferred tax liabilities | 25,429,000 | 31,759,000 | ' |
Income taxes receivable | 2,200,000 | 2,500,000 | ' |
Income taxes payable | 5,223,000 | 2,337,000 | ' |
Valuation allowance deferred tax asset change in amount | 800,000 | ' | ' |
Valuation allowance, amount | 878,000 | 1,788,000 | ' |
Changes In Unrecognized Tax Benefits, Income Tax Penalties And Interest Accrued | ' | ' | ' |
Balance at beginning of year | 2,348,000 | 2,194,000 | 2,054,000 |
Additions based on tax positions related to the fiscal year | 137,000 | 155,000 | 154,000 |
Additions based on tax positions related to prior years | 10,000 | 19,000 | 6,000 |
Reductions related to the expiration of statues of limitation | -94,000 | -20,000 | -20,000 |
Balance at end of year | 2,401,000 | 2,348,000 | 2,194,000 |
Payment of interest and penalties accrued | ' | $800,000 | ' |
Income_Taxes_Income_Tax_Recon_
Income Taxes - Income Tax Recon (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Income Tax Reconciliation [Abstract] | ' | ' | ' |
Statutory rate applied to pre-tax income | $23,212 | $20,370 | $22,600 |
State taxes, net of federal tax benefit | 2,863 | 2,271 | 2,766 |
Non-deductible and Non-taxable items | 491 | 366 | 208 |
Change in accruals for uncertain tax positions | 53 | 153 | 93 |
Valuation allowance of deferred tax asset | 0 | 0 | -313 |
Other items, net | -278 | -149 | -171 |
Total | $26,341 | $23,011 | $25,183 |
Other_Income_Net_Details
Other Income, Net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Gain on sale of fixed assets | $10,706 | $4,683 | $15,430 |
Miscellaneous income, net | 522 | 227 | 395 |
Write-off of deferred financing costs | 0 | -321 | 0 |
Total other income, net | $11,228 | $4,589 | $15,825 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||||
Jul. 26, 2014 | Jun. 30, 2014 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | ||||
Multiemployer Plans [Line Items] | ' | ' | ' | ' | ' | |||
Multiemployer plan contributions | ' | ' | $3,679,000 | $3,205,000 | $2,882,000 | |||
Maximum annual contribution per employee | 75.00% | 15.00% | ' | ' | ' | |||
Employer matching contribution | ' | ' | 30.00% | ' | ' | |||
Employer matching contribution percent | ' | ' | 5.00% | ' | ' | |||
Company contributions | ' | ' | 1,900,000 | 1,600,000 | 1,200,000 | |||
Contributions by employer | ' | ' | 1,200,000 | 800,000 | ' | |||
Maximum percent Company contributed to each plan total contributions | ' | ' | 5.00% | ' | ' | |||
The Plan | ' | ' | ' | ' | ' | |||
Multiemployer Plans [Line Items] | ' | ' | ' | ' | ' | |||
Multiemployer plan contributions | ' | ' | 3,044,000 | 2,962,000 | 2,882,000 | |||
Other Plans | ' | ' | ' | ' | ' | |||
Multiemployer Plans [Line Items] | ' | ' | ' | ' | ' | |||
Multiemployer plan contributions | ' | ' | $635,000 | [1] | $243,000 | [1] | $0 | [1] |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmJjMDUzNjMzNzk0NzQyNTg4Zjg4OWQ1ODc1MmQyNzZifFRleHRTZWxlY3Rpb246N0M1QzE4NUEyN0MzMDQ3NDc1ODkzQTkxMDdBQzM3MjMM} |
Capital_Stock_Details
Capital Stock (Details) (USD $) | 12 Months Ended | ||||
Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | Jul. 26, 2014 | Aug. 27, 2013 | |
Common Stock | Common Stock | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Remaining authorized repurchase amount | ' | ' | ' | $30,000,000 | ' |
Common stock authorized repurchase amount | ' | ' | ' | ' | 40,000,000 |
Shares Paid for Tax Withholding for Share Based Compensation | 136,604 | 47,277 | 16,987 | ' | ' |
Value of Shares Paid for Tax Withholding for Share Based Compensation | 3,800,000 | 900,000 | 300,000 | ' | ' |
Number of Shares Repurchased | 360,900 | 1,047,000 | 597,700 | ' | ' |
Total Consideration (Dollars in thousands) | $9,999,000 | $15,203,000 | $12,960,000 | ' | ' |
Average Price Per Share (in dollars per share) | $27.71 | $14.52 | $21.68 | ' | ' |
StockBased_Awards_Details
Stock-Based Awards (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | Jul. 25, 2014 | Jul. 26, 2014 | Jul. 26, 2014 | Jul. 26, 2014 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | Jul. 25, 2014 | Jul. 26, 2014 | Oct. 26, 2013 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | Jul. 26, 2014 | Jul. 26, 2014 | |
Stock Options | Stock Options | Restricted Share Units (RSUs) | Restricted Share Units (RSUs) | Restricted Share Units (RSUs) | Restricted Share Units (RSUs) | Restricted Share Units (RSUs) | Performance Restricted Share Units | Performance Restricted Share Units | Performance Restricted Share Units | Performance Restricted Share Units | Performance Restricted Share Units | Supplemental Shares | Target Shares | |||||
Performance Restricted Share Units | Performance Restricted Share Units | |||||||||||||||||
Stock Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding beginning period | ' | ' | ' | ' | ' | 2,769,132 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted | ' | ' | ' | ' | ' | 89,956 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Exercised | ' | ' | ' | ' | ' | -803,796 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited or canceled | ' | ' | ' | ' | ' | -10,399 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding ending period | ' | ' | ' | ' | 2,044,893 | 2,044,893 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable options beginning period | ' | ' | ' | ' | 1,575,300 | 1,575,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding beginning period | ' | ' | ' | ' | ' | $18.27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted | ' | ' | ' | ' | ' | $27.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Exercised | ' | ' | ' | ' | ' | $18.12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited or canceled | ' | ' | ' | ' | ' | $27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding ending period | ' | ' | ' | ' | $18.68 | $18.68 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable options beginning period | ' | ' | ' | ' | $18.81 | $18.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding weighted average remaining contractual life | '4 years 9 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable weighted average remaining contractual life | '3 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding aggregate intrinsic value | $23,545,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable aggregate intrinsic value | 18,566,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding beginning period | ' | ' | ' | ' | ' | ' | ' | 463,318 | ' | ' | ' | ' | 1,315,138 | 1,315,138 | ' | ' | ' | 749,751 |
Granted | ' | ' | ' | ' | ' | ' | ' | 101,615 | ' | ' | ' | ' | ' | 429,485 | ' | ' | 56,020 | ' |
Share Units Vested | ' | ' | ' | ' | ' | ' | ' | -158,441 | ' | ' | ' | ' | ' | -265,025 | ' | ' | ' | ' |
Forfeited or cancelled | ' | ' | ' | ' | ' | ' | ' | -7,561 | ' | ' | ' | ' | ' | -289,414 | ' | ' | ' | ' |
Outstanding ending period | ' | ' | ' | ' | ' | ' | 398,931 | 398,931 | 463,318 | ' | ' | 1,190,184 | ' | 1,190,184 | 1,315,138 | ' | 440,433 | 749,751 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding beginning period | ' | ' | ' | ' | ' | ' | ' | $17.78 | ' | ' | ' | ' | $18.44 | $18.44 | ' | ' | ' | ' |
Granted | ' | ' | ' | ' | ' | ' | ' | $27.54 | $18.52 | $19.49 | ' | ' | ' | $27.66 | $18.08 | $19.47 | ' | ' |
Share Units Vested | ' | ' | ' | ' | ' | ' | ' | $16.53 | ' | ' | ' | ' | ' | $18.35 | ' | ' | ' | ' |
Forfeited or cancelled | ' | ' | ' | ' | ' | ' | ' | $19.27 | ' | ' | ' | ' | ' | $18.64 | ' | ' | ' | ' |
Outstanding ending period | ' | ' | ' | ' | ' | ' | $20.61 | $20.61 | $17.78 | ' | ' | $21.73 | ' | $21.73 | $18.44 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value | ' | ' | ' | ' | ' | ' | 11,509,000 | 11,509,000 | ' | ' | ' | 34,337,000 | ' | 34,337,000 | ' | ' | ' | ' |
Options exercises and stock vesting | 7,100,000 | 3,400,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense related to stock options | ' | ' | ' | ' | 3,500,000 | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expense related to RSUs | ' | ' | ' | ' | ' | ' | 6,500,000 | 6,500,000 | ' | ' | ' | 11,300,000 | ' | 11,300,000 | ' | ' | ' | ' |
Total compensation cost not yet recognized, period for recognition | ' | ' | ' | ' | '2 years 2 months 13 days | ' | '2 years 7 months 7 days | ' | ' | ' | ' | '1 year 6 months | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | 3,500,000 | ' | ' | ' | ' |
Share price | ' | ' | ' | $28.85 | ' | ' | ' | ' | ' | ' | $28.85 | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of stock options exercised | 8,400,000 | 6,000,000 | 6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash from exercise of stock options | 14,600,000 | 5,300,000 | 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSUs outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 373,465 | ' | ' | ' | ' | ' | ' |
Forfeited or cancelled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 265,000 | ' | ' | ' | ' | ' |
Total fair value of restricted share units vested | ' | ' | ' | ' | ' | ' | ' | $11,700,000 | $4,200,000 | $1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation by Share-based Payment Award, Equity Awards Other than Options, Target Shares Expected to be Canceled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,275 | ' | ' | ' | ' |
Share-based Compensation by Share-based Payment Award, Equity Awards Other than Options, Supplemental Shares Expected to be Canceled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 248,909 | ' | ' | ' | ' |
StockBased_Awards_Tax_Benefit_
Stock-Based Awards - Tax Benefit Recognized (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Stock-based compensation | $12,596 | $9,902 | $6,952 |
Tax benefit recognized in the statement of operations | $4,819 | $3,782 | $2,412 |
StockBased_Awards_Significant_
Stock-Based Awards - Significant Assumptions and the Valuation of Stock Options and Restricted Share Units (Details) (USD $) | 12 Months Ended | ||
Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average fair value of stock options granted | $17.43 | $11.66 | $12.51 |
Risk-free interest rate | 2.73% | 1.60% | 1.80% |
Expected life (years) | '8 years 9 months 11 days | '9 years 3 months 18 days | '9 years 4 months 24 days |
Expected volatility | 55.10% | 55.40% | 56.10% |
Expected dividends | 0.00% | 0.00% | 0.00% |
Restricted Share Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average fair value granted | $27.54 | $18.52 | $19.49 |
Performance Restricted Share Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted average fair value granted | $27.66 | $18.08 | $19.47 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Total expense under lease agreements | $1,700,000 | $1,900,000 | $1,500,000 |
Future minimum payments due 2015 | 14,902,000 | ' | ' |
Future minimum payments due 2016 | 12,209,000 | ' | ' |
Future minimum payments due 2017 | 7,784,000 | ' | ' |
Future minimum payments due 2018 | 4,459,000 | ' | ' |
Future minimum payments due 2019 | 3,017,000 | ' | ' |
Future minimum payments due thereafter | 8,249,000 | ' | ' |
Related party subcontractor expense | 2,100,000 | 700,000 | 500,000 |
Affiliated Entity | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Future minimum payments due 2015 | 1,000,000 | ' | ' |
Future minimum payments due 2016 | 900,000 | ' | ' |
Future minimum payments due 2017 | 500,000 | ' | ' |
Future minimum payments due 2018 | 500,000 | ' | ' |
Future minimum payments due 2019 | 400,000 | ' | ' |
Future minimum payments due thereafter | $400,000 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | |
Loss Contingencies [Line Items] | ' | ' | ' |
Construction liens | $17,700,000 | ' | ' |
Operating lease expense excluding related party transactions | 17,700,000 | 15,300,000 | 10,600,000 |
Rental expense | 20,400,000 | 19,000,000 | 9,900,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Future minimum payments due 2015 | 14,902,000 | ' | ' |
Future minimum payments due 2016 | 12,209,000 | ' | ' |
Future minimum payments due 2017 | 7,784,000 | ' | ' |
Future minimum payments due 2018 | 4,459,000 | ' | ' |
Future minimum payments due 2019 | 3,017,000 | ' | ' |
Future minimum payments due thereafter | 8,249,000 | ' | ' |
Operating Leases, Future Minimum Payments Due | 50,620,000 | ' | ' |
Credit Agreement, December 3, 2012, Maturing December 2017 | Revolving Credit Facility | Standby Letters of Credit | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Letters of credit outstanding amount | 49,400,000 | 46,700,000 | ' |
Prior Credit Agreement Which Has Been Terminated or Replaced | Revolving Credit Facility | Standby Letters of Credit | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Letters of credit outstanding amount | ' | 46,700,000 | ' |
Performance Guarantee and Surety Bond | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Outstanding performance and other surety contract bonds | 446,800,000 | 446,500,000 | ' |
Other Accrued Liabilities | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Settlement liability | $600,000 | ' | ' |
Concentration_of_Credit_Risk_D
Concentration of Credit Risk (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Concentration Risk [Line Items] | ' | ' | ' |
Number of customers classified as highly concentrated | 5 | ' | ' |
Customer Concentration Risk | Five Unnamed Customers | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 58.30% | 58.50% | 59.60% |
Sales Revenue, Services, Net | Customer Concentration Risk | AT&T | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 19.20% | 15.50% | 13.70% |
Sales Revenue, Services, Net | Customer Concentration Risk | CenturyLink | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 13.80% | 14.60% | 13.60% |
Sales Revenue, Services, Net | Customer Concentration Risk | Comcast | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 11.70% | 10.90% | 12.60% |
Sales Revenue, Services, Net | Customer Concentration Risk | Verizon | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 8.20% | 9.60% | 11.30% |
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | AT&T | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 17.90% | 12.60% | ' |
Accounts receivable, costs, and estimated earnings in excess of billings | 87.6 | 57.4 | ' |
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | CenturyLink | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 9.80% | 13.70% | ' |
Accounts receivable, costs, and estimated earnings in excess of billings | 48.2 | 62.6 | ' |
Trade Accounts Receivable and Costs and Estimated Earnings | Customer Concentration Risk | Windstream Corporation | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 8.90% | 13.00% | ' |
Accounts receivable, costs, and estimated earnings in excess of billings | 43.6 | 59.4 | ' |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jul. 26, 2014 | Apr. 26, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 27, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Oct. 27, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $482,071 | $426,284 | $390,518 | $512,720 | $478,632 | $437,367 | $369,326 | $323,286 | $1,811,593 | $1,608,612 | $1,201,119 |
Costs of earned revenues, excluding depreciation and amortization | 387,221 | 350,352 | 327,353 | 410,119 | 384,169 | 357,664 | 301,516 | 257,066 | 1,475,045 | 1,300,416 | 968,949 |
Gross profit | 94,850 | 75,932 | 63,165 | 102,601 | 94,463 | 79,703 | 67,810 | 66,220 | ' | ' | ' |
Net income | $16,489 | $7,895 | ($3,067) | $18,660 | $14,666 | $7,199 | $1,463 | $11,861 | $39,978 | $35,188 | $39,378 |
Earnings per common share - Basic | $0.49 | $0.23 | ($0.09) | $0.56 | $0.44 | $0.22 | $0.04 | $0.36 | $1.18 | $1.07 | $1.17 |
Earnings per common share - Diluted | $0.47 | $0.23 | ($0.09) | $0.54 | $0.43 | $0.21 | $0.04 | $0.35 | $1.15 | $1.04 | $1.14 |
Supplemental_Consolidating_Fin2
Supplemental Consolidating Financial Statements (Details) (USD $) | 0 Months Ended | |||
Dec. 12, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt and capital lease obligations | ' | $457,801,000 | $451,982,000 | ' |
7.125% Senior Subordinated Notes Due 2021 | Senior Subordinated Notes | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt and capital lease obligations | ' | 277,500,000 | 277,500,000 | 187,500,000 |
Proceeds from issuance of long-term debt | $90,000,000 | ' | ' | ' |
Supplemental_Consolidating_Fin3
Supplemental Consolidating Financial Statements - Balance Sheet (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | Jul. 30, 2011 |
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and equivalents | $20,672 | $18,607 | $52,581 | $44,766 |
Accounts receivable, net | 272,741 | 252,202 | ' | ' |
Costs and estimated earnings in excess of billings | 230,569 | 204,349 | ' | ' |
Inventories | 49,095 | 35,999 | ' | ' |
Deferred tax assets, net | 19,932 | 16,853 | ' | ' |
Other current assets | 12,727 | 13,124 | ' | ' |
Total current assets | 605,736 | 541,134 | ' | ' |
PROPERTY AND EQUIPMENT, NET | 205,413 | 202,703 | ' | ' |
GOODWILL | 269,088 | 267,810 | 174,849 | ' |
INTANGIBLE ASSETS, NET | 116,116 | 125,275 | ' | ' |
DEFERRED TAX ASSETS, NET NON-CURRENT | 0 | 0 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ' | ' |
INTERCOMPANY RECEIVABLES | 0 | 0 | ' | ' |
OTHER | 16,001 | 17,286 | ' | ' |
TOTAL NON-CURRENT ASSETS | 606,618 | 613,074 | ' | ' |
TOTAL ASSETS | 1,212,354 | 1,154,208 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 63,318 | 77,954 | ' | ' |
Current portion of debt | 10,938 | 7,813 | ' | ' |
Billings in excess of costs and estimated earnings | 13,882 | 13,788 | ' | ' |
Accrued insurance claims | 32,260 | 29,069 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other accrued liabilities | 76,134 | 71,191 | ' | ' |
Total current liabilities | 196,532 | 199,815 | ' | ' |
Long-term debt | 446,863 | 444,169 | ' | ' |
ACCRUED INSURANCE CLAIMS | 33,782 | 27,250 | ' | ' |
DEFERRED TAX LIABILITIES, NET NON-CURRENT | 45,361 | 48,612 | ' | ' |
INTERCOMPANY PAYABLES | 0 | 0 | ' | ' |
OTHER LIABILITIES | 4,882 | 6,001 | ' | ' |
Total liabilities | 727,420 | 725,847 | ' | ' |
Total stockholders' equity | 484,934 | 428,361 | 392,931 | 351,851 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,212,354 | 1,154,208 | ' | ' |
Parent | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Costs and estimated earnings in excess of billings | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred tax assets, net | 3,822 | 2,285 | ' | ' |
Other current assets | 4,956 | 5,079 | ' | ' |
Total current assets | 8,778 | 7,364 | ' | ' |
PROPERTY AND EQUIPMENT, NET | 18,108 | 13,779 | ' | ' |
GOODWILL | 0 | 0 | ' | ' |
INTANGIBLE ASSETS, NET | 0 | 0 | ' | ' |
DEFERRED TAX ASSETS, NET NON-CURRENT | 182 | 691 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 809,617 | 769,639 | ' | ' |
INTERCOMPANY RECEIVABLES | 0 | 0 | ' | ' |
OTHER | 7,748 | 8,739 | ' | ' |
TOTAL NON-CURRENT ASSETS | 835,655 | 792,848 | ' | ' |
TOTAL ASSETS | 844,433 | 800,212 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 3,083 | 2,042 | ' | ' |
Current portion of debt | 10,938 | 7,813 | ' | ' |
Billings in excess of costs and estimated earnings | 0 | 0 | ' | ' |
Accrued insurance claims | 612 | 619 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Other accrued liabilities | 12,668 | 9,151 | ' | ' |
Total current liabilities | 27,301 | 19,625 | ' | ' |
Long-term debt | 166,125 | 163,062 | ' | ' |
ACCRUED INSURANCE CLAIMS | 778 | 726 | ' | ' |
DEFERRED TAX LIABILITIES, NET NON-CURRENT | 0 | 0 | ' | ' |
INTERCOMPANY PAYABLES | 162,127 | 185,296 | ' | ' |
OTHER LIABILITIES | 3,168 | 3,142 | ' | ' |
Total liabilities | 359,499 | 371,851 | ' | ' |
Total stockholders' equity | 484,934 | 428,361 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 844,433 | 800,212 | ' | ' |
Issuer | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Costs and estimated earnings in excess of billings | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred tax assets, net | 0 | 0 | ' | ' |
Other current assets | 16 | 10 | ' | ' |
Total current assets | 16 | 10 | ' | ' |
PROPERTY AND EQUIPMENT, NET | 0 | 0 | ' | ' |
GOODWILL | 0 | 0 | ' | ' |
INTANGIBLE ASSETS, NET | 0 | 0 | ' | ' |
DEFERRED TAX ASSETS, NET NON-CURRENT | 0 | 0 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 1,540,338 | 1,472,559 | ' | ' |
INTERCOMPANY RECEIVABLES | 0 | 0 | ' | ' |
OTHER | 5,636 | 6,331 | ' | ' |
TOTAL NON-CURRENT ASSETS | 1,545,974 | 1,478,890 | ' | ' |
TOTAL ASSETS | 1,545,990 | 1,478,900 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Current portion of debt | 0 | 0 | ' | ' |
Billings in excess of costs and estimated earnings | 0 | 0 | ' | ' |
Accrued insurance claims | 0 | 0 | ' | ' |
Deferred tax liabilities | 80 | 155 | ' | ' |
Other accrued liabilities | 566 | 1,321 | ' | ' |
Total current liabilities | 646 | 1,476 | ' | ' |
Long-term debt | 280,738 | 281,107 | ' | ' |
ACCRUED INSURANCE CLAIMS | 0 | 0 | ' | ' |
DEFERRED TAX LIABILITIES, NET NON-CURRENT | 432 | 427 | ' | ' |
INTERCOMPANY PAYABLES | 454,557 | 426,251 | ' | ' |
OTHER LIABILITIES | 0 | 0 | ' | ' |
Total liabilities | 736,373 | 709,261 | ' | ' |
Total stockholders' equity | 809,617 | 769,639 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,545,990 | 1,478,900 | ' | ' |
Subsidiary Guarantors | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and equivalents | 19,739 | 18,166 | 51,563 | 44,608 |
Accounts receivable, net | 269,760 | 249,533 | ' | ' |
Costs and estimated earnings in excess of billings | 228,541 | 202,651 | ' | ' |
Inventories | 49,095 | 35,999 | ' | ' |
Deferred tax assets, net | 16,193 | 15,873 | ' | ' |
Other current assets | 7,237 | 7,583 | ' | ' |
Total current assets | 590,565 | 529,805 | ' | ' |
PROPERTY AND EQUIPMENT, NET | 171,158 | 173,254 | ' | ' |
GOODWILL | 269,088 | 267,810 | ' | ' |
INTANGIBLE ASSETS, NET | 115,483 | 125,275 | ' | ' |
DEFERRED TAX ASSETS, NET NON-CURRENT | 3,884 | 4,104 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 1,621 | 0 | ' | ' |
INTERCOMPANY RECEIVABLES | 628,443 | 618,524 | ' | ' |
OTHER | 2,466 | 2,133 | ' | ' |
TOTAL NON-CURRENT ASSETS | 1,192,143 | 1,191,100 | ' | ' |
TOTAL ASSETS | 1,782,708 | 1,720,905 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 58,970 | 75,012 | ' | ' |
Current portion of debt | 0 | 0 | ' | ' |
Billings in excess of costs and estimated earnings | 13,882 | 13,788 | ' | ' |
Accrued insurance claims | 31,599 | 28,342 | ' | ' |
Deferred tax liabilities | 66 | 140 | ' | ' |
Other accrued liabilities | 61,284 | 59,374 | ' | ' |
Total current liabilities | 165,801 | 176,656 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
ACCRUED INSURANCE CLAIMS | 32,959 | 26,426 | ' | ' |
DEFERRED TAX LIABILITIES, NET NON-CURRENT | 48,593 | 52,436 | ' | ' |
INTERCOMPANY PAYABLES | 0 | 0 | ' | ' |
OTHER LIABILITIES | 1,711 | 2,855 | ' | ' |
Total liabilities | 249,064 | 258,373 | ' | ' |
Total stockholders' equity | 1,533,644 | 1,462,532 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,782,708 | 1,720,905 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and equivalents | 933 | 441 | 1,018 | 158 |
Accounts receivable, net | 2,981 | 2,669 | ' | ' |
Costs and estimated earnings in excess of billings | 2,028 | 1,698 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred tax assets, net | 87 | 121 | ' | ' |
Other current assets | 518 | 452 | ' | ' |
Total current assets | 6,547 | 5,381 | ' | ' |
PROPERTY AND EQUIPMENT, NET | 16,147 | 15,670 | ' | ' |
GOODWILL | 0 | 0 | ' | ' |
INTANGIBLE ASSETS, NET | 633 | 0 | ' | ' |
DEFERRED TAX ASSETS, NET NON-CURRENT | 15 | 66 | ' | ' |
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ' | ' |
INTERCOMPANY RECEIVABLES | 0 | 0 | ' | ' |
OTHER | 151 | 83 | ' | ' |
TOTAL NON-CURRENT ASSETS | 16,946 | 15,819 | ' | ' |
TOTAL ASSETS | 23,493 | 21,200 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 1,265 | 900 | ' | ' |
Current portion of debt | 0 | 0 | ' | ' |
Billings in excess of costs and estimated earnings | 0 | 0 | ' | ' |
Accrued insurance claims | 49 | 108 | ' | ' |
Deferred tax liabilities | 24 | 1,131 | ' | ' |
Other accrued liabilities | 1,616 | 1,345 | ' | ' |
Total current liabilities | 2,954 | 3,484 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
ACCRUED INSURANCE CLAIMS | 45 | 98 | ' | ' |
DEFERRED TAX LIABILITIES, NET NON-CURRENT | 417 | 610 | ' | ' |
INTERCOMPANY PAYABLES | 11,759 | 6,977 | ' | ' |
OTHER LIABILITIES | 3 | 4 | ' | ' |
Total liabilities | 15,178 | 11,173 | ' | ' |
Total stockholders' equity | 8,315 | 10,027 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 23,493 | 21,200 | ' | ' |
Eliminations and Reclassifications | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' |
Cash and equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Costs and estimated earnings in excess of billings | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred tax assets, net | -170 | -1,426 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total current assets | -170 | -1,426 | ' | ' |
PROPERTY AND EQUIPMENT, NET | 0 | 0 | ' | ' |
GOODWILL | 0 | 0 | ' | ' |
INTANGIBLE ASSETS, NET | 0 | 0 | ' | ' |
DEFERRED TAX ASSETS, NET NON-CURRENT | -4,081 | -4,861 | ' | ' |
INVESTMENT IN SUBSIDIARIES | -2,351,576 | -2,242,198 | ' | ' |
INTERCOMPANY RECEIVABLES | -628,443 | -618,524 | ' | ' |
OTHER | 0 | 0 | ' | ' |
TOTAL NON-CURRENT ASSETS | -2,984,100 | -2,865,583 | ' | ' |
TOTAL ASSETS | -2,984,270 | -2,867,009 | ' | ' |
CURRENT LIABILITIES: | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Current portion of debt | 0 | 0 | ' | ' |
Billings in excess of costs and estimated earnings | 0 | 0 | ' | ' |
Accrued insurance claims | 0 | 0 | ' | ' |
Deferred tax liabilities | -170 | -1,426 | ' | ' |
Other accrued liabilities | 0 | 0 | ' | ' |
Total current liabilities | -170 | -1,426 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
ACCRUED INSURANCE CLAIMS | 0 | 0 | ' | ' |
DEFERRED TAX LIABILITIES, NET NON-CURRENT | -4,081 | -4,861 | ' | ' |
INTERCOMPANY PAYABLES | -628,443 | -618,524 | ' | ' |
OTHER LIABILITIES | 0 | 0 | ' | ' |
Total liabilities | -632,694 | -624,811 | ' | ' |
Total stockholders' equity | -2,351,576 | -2,242,198 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | ($2,984,270) | ($2,867,009) | ' | ' |
Supplemental_Consolidating_Fin4
Supplemental Consolidating Financial Statements - Income Statement (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Apr. 26, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 27, 2013 | Apr. 27, 2013 | Jan. 26, 2013 | Oct. 27, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Revenues [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenues | $482,071 | $426,284 | $390,518 | $512,720 | $478,632 | $437,367 | $369,326 | $323,286 | $1,811,593 | $1,608,612 | $1,201,119 |
EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of earned revenues, excluding depreciation and amortization | 387,221 | 350,352 | 327,353 | 410,119 | 384,169 | 357,664 | 301,516 | 257,066 | 1,475,045 | 1,300,416 | 968,949 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 161,858 | 145,771 | 104,024 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 92,772 | 85,481 | 62,693 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 1,729,675 | 1,531,668 | 1,135,666 |
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -26,827 | -23,334 | -16,717 |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 11,228 | 4,589 | 15,825 |
INCOME BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 66,319 | 58,199 | 64,561 |
PROVISION (BENEFIT) FOR INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 26,341 | 23,011 | 25,183 |
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 39,978 | 35,188 | 39,378 |
EQUITY IN EARNINGS OF SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME | 16,489 | 7,895 | -3,067 | 18,660 | 14,666 | 7,199 | 1,463 | 11,861 | 39,978 | 35,188 | 39,378 |
Foreign currency translation loss, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -261 | -35 | -161 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 39,717 | 35,153 | 39,217 |
Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of earned revenues, excluding depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 42,958 | 44,462 | 28,048 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,256 | 2,920 | 3,137 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | -53,922 | -53,377 | -34,212 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | -6,708 | -5,995 | -3,027 |
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -6,827 | -5,675 | -3,049 |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 119 | -320 | 22 |
INCOME BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
PROVISION (BENEFIT) FOR INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EQUITY IN EARNINGS OF SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 39,978 | 35,188 | 39,378 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 39,978 | 35,188 | 39,378 |
Foreign currency translation loss, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -261 | -35 | -161 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 39,717 | 35,153 | 39,217 |
Issuer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of earned revenues, excluding depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 616 | 818 | 574 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 616 | 818 | 574 |
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -19,993 | -17,599 | -13,660 |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
INCOME BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | -20,609 | -18,417 | -14,234 |
PROVISION (BENEFIT) FOR INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | -8,186 | -7,281 | -5,550 |
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | -12,423 | -11,136 | -8,684 |
EQUITY IN EARNINGS OF SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 52,401 | 46,324 | 48,062 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 39,978 | 35,188 | 39,378 |
Foreign currency translation loss, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -261 | -35 | -161 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 39,717 | 35,153 | 39,217 |
Subsidiary Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,799,538 | 1,594,363 | 1,186,380 |
EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of earned revenues, excluding depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,466,221 | 1,288,369 | 957,449 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 107,326 | 89,336 | 65,185 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 84,178 | 77,595 | 54,735 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 54,688 | 54,720 | 33,749 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 1,712,413 | 1,510,020 | 1,111,118 |
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -7 | -60 | -8 |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 10,895 | 4,794 | 15,281 |
INCOME BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 98,013 | 89,077 | 90,535 |
PROVISION (BENEFIT) FOR INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 38,930 | 35,214 | 35,299 |
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 59,083 | 53,863 | 55,236 |
EQUITY IN EARNINGS OF SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 135 | 0 | 0 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 59,218 | 53,863 | 55,236 |
Foreign currency translation loss, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 59,218 | 53,863 | 55,236 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenues | ' | ' | ' | ' | ' | ' | ' | ' | 12,055 | 14,249 | 14,739 |
EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of earned revenues, excluding depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 8,824 | 12,047 | 11,500 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 10,958 | 11,155 | 10,217 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,338 | 4,966 | 4,833 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | -766 | -1,343 | 463 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 23,354 | 26,825 | 27,013 |
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 214 | 115 | 522 |
INCOME BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | -11,085 | -12,461 | -11,752 |
PROVISION (BENEFIT) FOR INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | -4,403 | -4,922 | -4,566 |
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | -6,682 | -7,539 | -7,186 |
EQUITY IN EARNINGS OF SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -6,682 | -7,539 | -7,186 |
Foreign currency translation loss, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -261 | -35 | -161 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | -6,943 | -7,574 | -7,347 |
Eliminations and Reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs of earned revenues, excluding depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -12 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -12 |
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
INCOME BEFORE INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 12 |
PROVISION (BENEFIT) FOR INCOME TAXES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 12 |
EQUITY IN EARNINGS OF SUBSIDIARIES | ' | ' | ' | ' | ' | ' | ' | ' | -92,514 | -81,512 | -87,440 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -92,514 | -81,512 | -87,428 |
Foreign currency translation loss, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 522 | 70 | 322 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | ($91,992) | ($81,442) | ($87,106) |
Supplemental_Consolidating_Fin5
Supplemental Consolidating Financial Statements - Cash Flows (Details) (USD $) | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Parent | Parent | Parent | Issuer | Issuer | Issuer | Subsidiary Guarantors | Subsidiary Guarantors | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations and Reclassifications | Eliminations and Reclassifications | Eliminations and Reclassifications | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt premium | $3,200 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | 84,185 | 106,744 | 65,125 | 7,199 | 6,952 | 6,755 | -12,242 | -9,612 | -8,774 | 93,898 | 112,176 | 69,823 | -4,670 | -2,772 | -2,679 | 0 | 0 | 0 |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for acquisition, net of cash acquired | -17,088 | -330,291 | 0 | 0 | 0 | ' | 0 | 0 | ' | -16,388 | -330,291 | ' | -700 | 0 | ' | 0 | 0 | ' |
Capital expenditures | -89,136 | -64,650 | -77,612 | -8,541 | -8,151 | -3,685 | 0 | 0 | 0 | -72,962 | -51,647 | -69,362 | -7,633 | -4,852 | -4,565 | 0 | 0 | 0 |
Proceeds from sale of assets | 15,407 | 5,827 | 24,783 | 0 | 0 | 0 | 0 | 0 | 0 | 12,146 | 5,770 | 19,211 | 3,261 | 57 | 5,572 | 0 | 0 | 0 |
Return of capital from subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | 683 | 1,816 | -4,943 | 0 | 0 | 0 | 0 | 0 | 0 | -683 | -1,816 | 4,943 |
Investment in subsidiaries | 0 | 0 | ' | 0 | 0 | ' | -9,235 | -2,600 | ' | -785 | 0 | ' | 0 | 0 | ' | 10,020 | 2,600 | ' |
Changes in restricted cash | -303 | 60 | 926 | -303 | 60 | 926 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net cash used in investing activities | -91,120 | -389,054 | -51,903 | -8,844 | -8,091 | -2,759 | -8,552 | -784 | -4,943 | -77,989 | -376,168 | -50,151 | -5,072 | -4,795 | 1,007 | 9,337 | 784 | 4,943 |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of 7.125% senior subordinated notes due 2021 | 0 | 93,825 | 0 | 0 | 0 | ' | 0 | 93,825 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' |
Proceeds from Term Loan on Senior Credit Agreement | 0 | 125,000 | 0 | 0 | 125,000 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' |
Proceeds from borrowings on Senior Credit Agreement | 502,000 | 404,500 | 0 | 502,000 | 404,500 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' |
Principal payments on Senior Credit Agreement | -495,813 | -358,625 | 0 | -495,813 | -358,625 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' |
Debt issuance costs | 0 | -6,739 | ' | 0 | -4,158 | ' | 0 | -2,581 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' |
Repurchases of common stock | -9,999 | -15,203 | -12,960 | -9,999 | -15,203 | -12,960 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Exercise of stock options and other | 14,568 | 5,253 | 6,490 | 14,568 | 5,253 | 6,490 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Restricted stock tax withholdings | -3,781 | -884 | -329 | -3,781 | -884 | -329 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Excess tax benefit from share-based awards | 3,025 | 1,283 | 1,625 | 3,025 | 1,283 | 1,625 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Principal payments on capital lease obligations and other financing | -1,000 | -74 | -233 | 0 | 0 | 0 | 0 | 0 | 0 | -1,000 | -74 | -233 | 0 | 0 | 0 | 0 | 0 | 0 |
Intercompany funding | 0 | 0 | 0 | -8,355 | -156,027 | 1,178 | 20,794 | -80,848 | 13,717 | -13,336 | 230,669 | -12,484 | 10,234 | 6,990 | 2,532 | -9,337 | -784 | -4,943 |
Net cash provided by financing activities | 9,000 | 248,336 | -5,407 | 1,645 | 1,139 | -3,996 | 20,794 | 10,396 | 13,717 | -14,336 | 230,595 | -12,717 | 10,234 | 6,990 | 2,532 | -9,337 | -784 | -4,943 |
Net (decrease) increase in cash and equivalents | 2,065 | -33,974 | 7,815 | 0 | 0 | 0 | 0 | 0 | 0 | 1,573 | -33,397 | 6,955 | 492 | -577 | 860 | 0 | 0 | 0 |
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD | 18,607 | 52,581 | 44,766 | 0 | 0 | 0 | 0 | 0 | 0 | 18,166 | 51,563 | 44,608 | 441 | 1,018 | 158 | 0 | 0 | 0 |
CASH AND EQUIVALENTS AT END OF PERIOD | $20,672 | $18,607 | $52,581 | $0 | $0 | $0 | $0 | $0 | $0 | $19,739 | $18,166 | $51,563 | $933 | $441 | $1,018 | $0 | $0 | $0 |