Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | ||
Jun. 30, 2014 | Jul. 30, 2014 | Jul. 30, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Trading Symbol | 'MANT | ' | ' |
Entity Registrant Name | 'MANTECH INTERNATIONAL CORP | ' | ' |
Entity Central Index Key | '0000892537 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 24,076,255 | 13,192,845 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Cash and cash equivalents | $30,675,000 | $269,001,000 |
Receivables-net | 408,063,000 | 457,898,000 |
Prepaid expenses and other | 19,486,000 | 19,384,000 |
Contractual inventory | 295,000 | 3,962,000 |
Total Current Assets | 458,519,000 | 750,245,000 |
Goodwill | 850,915,000 | 752,867,000 |
Other intangible assets-net | 162,844,000 | 152,523,000 |
Employee supplemental savings plan assets | 31,540,000 | 31,765,000 |
Property and equipment-net | 28,372,000 | 30,156,000 |
Other assets | 4,837,000 | 5,846,000 |
TOTAL ASSETS | 1,537,027,000 | 1,723,402,000 |
LIABILITIES | ' | ' |
Accounts payable and accrued expenses | 180,413,000 | 226,287,000 |
Current portion of debt | 55,000,000 | 0 |
Accrued salaries and related expenses | 54,585,000 | 56,617,000 |
Billings in excess of revenue earned | 13,050,000 | 13,781,000 |
Total Current Liabilities | 303,048,000 | 296,685,000 |
Long-term debt | 0 | 200,000,000 |
Deferred income taxes-non-current | 53,789,000 | 48,093,000 |
Accrued retirement | 31,822,000 | 33,565,000 |
Other long-term liabilities | 11,312,000 | 11,288,000 |
TOTAL LIABILITIES | 399,971,000 | 589,631,000 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Additional paid-in capital | 425,378,000 | 423,787,000 |
Treasury stock | -9,158,000 | -9,158,000 |
Retained earnings | 720,597,000 | 718,892,000 |
Accumulated other comprehensive loss | -136,000 | -124,000 |
TOTAL STOCKHOLDERSb EQUITY | 1,137,056,000 | 1,133,771,000 |
TOTAL LIABILITIES AND STOCKHOLDERSb EQUITY | 1,537,027,000 | 1,723,402,000 |
Class A Common Stock [Member] | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock | 243,000 | 242,000 |
Class B Common Stock [Member] | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock | $132,000 | $132,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parentheticals (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Treasury Stock, Shares | 244,113 | 244,113 |
Class A Common Stock [Member] | ' | ' |
Common stock, Par Value Per Share | 0.01 | 0.01 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 24,315,752 | 24,245,893 |
Common Stock, Shares, Outstanding | 24,071,639 | 24,001,780 |
Class B Common Stock [Member] | ' | ' |
Common stock, Par Value Per Share | 0.01 | 0.01 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 13,192,845 | 13,192,845 |
Common Stock, Shares, Outstanding | 13,192,845 | 13,192,845 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
REVENUES | $463,381,000 | $605,129,000 | $915,414,000 | $1,251,137,000 |
Cost of services | 399,789,000 | 523,039,000 | 792,798,000 | 1,085,336,000 |
General and administrative expenses | 39,522,000 | 43,419,000 | 78,504,000 | 90,759,000 |
OPERATING INCOME | 24,070,000 | 38,671,000 | 44,112,000 | 75,042,000 |
Loss on extinguishment of debt | -10,074,000 | 0 | -10,074,000 | 0 |
Interest expense | -1,106,000 | -4,062,000 | -5,225,000 | -8,113,000 |
Interest income | 31,000 | 113,000 | 208,000 | 226,000 |
Other income (expense), net | 8,000 | -90,000 | -33,000 | -44,000 |
INCOME FROM OPERATIONS BEFORE INCOME TAXES AND EQUITY METHOD INVESTMENTS | 12,929,000 | 34,632,000 | 28,988,000 | 67,111,000 |
Provision for income taxes | -5,156,000 | -13,081,000 | -11,524,000 | -25,380,000 |
Equity in losses of unconsolidated subsidiaries | -65,000 | 0 | -122,000 | 0 |
NET INCOME | $7,708,000 | $21,551,000 | $17,342,000 | $41,731,000 |
Class A Common Stock [Member] | ' | ' | ' | ' |
BASIC EARNINGS PER SHARE: | ' | ' | ' | ' |
Basic earnings per share | $0.21 | $0.58 | $0.47 | $1.13 |
DILUTED EARNINGS PER SHARE: | ' | ' | ' | ' |
Diluted earnings per share | $0.21 | $0.58 | $0.47 | $1.12 |
Class B Common Stock [Member] | ' | ' | ' | ' |
BASIC EARNINGS PER SHARE: | ' | ' | ' | ' |
Basic earnings per share | $0.21 | $0.58 | $0.47 | $1.13 |
DILUTED EARNINGS PER SHARE: | ' | ' | ' | ' |
Diluted earnings per share | $0.21 | $0.58 | $0.47 | $1.12 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
NET INCOME | $7,708 | $21,551 | $17,342 | $41,731 |
OTHER COMPREHENSIVE INCOME (LOSS): | ' | ' | ' | ' |
Translation adjustments, net of tax | 1 | -3 | -12 | -4 |
Total other comprehensive income (loss) | 1 | -3 | -12 | -4 |
COMPREHENSIVE INCOME | $7,709 | $21,548 | $17,330 | $41,727 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $17,342,000 | $41,731,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 15,251,000 | 15,332,000 |
Loss on extinguishment of debt | 10,074,000 | 0 |
Deferred income taxes | 5,288,000 | 11,647,000 |
Stock-based compensation | 2,249,000 | 2,778,000 |
Loss on retirement of property and equipment | 221,000 | 0 |
Equity in losses of unconsolidated subsidiaries | 122,000 | 0 |
Excess tax benefits from the exercise of stock options | -41,000 | -46,000 |
Gain on sale of property and equipment | 0 | -400,000 |
Change in assets and liabilitiesbnet of effects from acquired businesses: | ' | ' |
Receivables-net | 70,579,000 | 37,705,000 |
Contractual inventory | 3,668,000 | 34,762,000 |
Prepaid expenses and other | 223,000 | 11,625,000 |
Accounts payable and accrued expenses | -56,588,000 | -77,730,000 |
Accrued salaries and related expenses | -6,024,000 | 12,493,000 |
Billings in excess of revenue earned | -879,000 | -2,007,000 |
Accrued retirement | -1,743,000 | 94,000 |
Other | 252,000 | 1,154,000 |
Net cash flow from operating activities | 59,994,000 | 89,138,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Acquisition of businesses-net of cash acquired | -123,079,000 | -11,382,000 |
Investment in capitalized software for internal use | -5,134,000 | -1,249,000 |
Purchases of property and equipment | -1,749,000 | -3,762,000 |
Investment in unconsolidated subsidiaries | -54,000 | 0 |
Proceeds from sale of property and equipment | 0 | 400,000 |
Proceeds from sale of investment | 0 | 239,000 |
Net cash flow from investing activities | -130,016,000 | -15,754,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayment of senior unsecured notes | -207,250,000 | 0 |
Borrowings under revolving credit facility | 80,000,000 | 0 |
Repayments under revolving credit facility | -25,000,000 | 0 |
Dividends paid | -15,646,000 | -15,577,000 |
Debt issuance costs | -1,687,000 | 0 |
Proceeds from exercise of stock options | 1,238,000 | 829,000 |
Excess tax benefits from the exercise of stock options | 41,000 | 46,000 |
Net cash flow from financing activities | -168,304,000 | -14,702,000 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -238,326,000 | 58,682,000 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 269,001,000 | 134,896,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 30,675,000 | 193,578,000 |
SUPPLEMENTAL CASH FLOW INFORMATION | ' | ' |
Cash paid for income taxes | 7,452,000 | 3,322,000 |
Cash paid for interest | 7,990,000 | 8,012,000 |
Noncash investing and financing activities: | ' | ' |
Employee stock ownership plan contributions | $0 | $1,287,000 |
Description_of_the_Business_No
Description of the Business (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of the Business [Text Block] | ' |
Description of the Business | |
ManTech International Corporation (depending on the circumstances, “ManTech,” “Company,” “we,” “our,” “ours” or “us”) is a leading provider of innovative technologies and solutions for mission-critical national security programs for the intelligence community; the departments of Defense, State, Homeland Security, Energy and Justice, including the Federal Bureau of Investigation (FBI); the healthcare and space communities; and other U.S. federal government customers. We provide support to critical national security programs for approximately 50 federal agencies through approximately 1,000 current contracts. Our expertise includes: cyber security; command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) solutions and services; information technology (IT) modernization and sustainment; intelligence/counterintelligence solutions and support; systems engineering; healthcare analytics and IT; global logistics support; test and evaluation; and environmental, range and sustainability services. We support major national missions, such as military readiness and wellness, terrorist threat detection, information security and border protection. Our employees operate primarily in the United States, as well as in numerous locations internationally. |
Basis_of_Presentation_Notes
Basis of Presentation (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation [Text Block] | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and note disclosures normally included in the annual financial statements, prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted pursuant to those rules and regulations. We recommend that you read these unaudited consolidated financial statements in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013, previously filed with the SEC. We believe that the unaudited consolidated financial statements in this Form 10-Q reflect all adjustments that are necessary to fairly present the financial position, results of operations and cash flows for the interim periods presented. The results of operations for such interim periods are not necessarily indicative of the results that can be expected for the full year. | |
We classify indirect cost incurred as cost of services and general and administrative expenses in the same manner as such costs are defined in our disclosure statements under U.S. Government Cost Accounting Standards. Effective January 1, 2014, we updated our disclosure statements with the Defense Contract Management Agency, resulting in certain costs being classified differently either as cost of services or as general and administrative expenses on a prospective basis. This change has caused a net increase in the reported cost of services and a net decrease in reported general and administrative expenses in 2014 as compared to 2013; however, total operating costs were not affected by this change. |
Acquisitions_Notes
Acquisitions (Notes) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Acquisitions Disclosure [Text Block] | ' | |||||||
Acquisitions | ||||||||
7Delta Inc.—On May 23, 2014, we completed the acquisition of all equity interests in 7Delta Inc. (7Delta). The results of 7Delta's operations have been included in our consolidated financial statements since that date. The acquisition was completed through an amended and restated stock purchase agreement dated May 23, 2014, by and among ManTech International Corporation, 7Delta, SLS Holdings, Inc. and the stockholders of SLS Holdings, Inc. 7Delta performs critical services such as applications and software development, program management, systems integration, information assurance and security architecture primarily within the healthcare community at the Department of Veteran Affairs (VA). We funded the acquisition through a combination of cash on hand and borrowings under our revolving credit facility. The stock purchase agreement did not contain provisions for contingent consideration. | ||||||||
During the six months ended June 30, 2014, ManTech incurred approximately $0.6 million of acquisition costs related to the 7Delta transaction, which are included in the general and administrative expenses in our consolidated statement of income. | ||||||||
The preliminary purchase price of $80.0 million was allocated to the underlying assets and liabilities based on their estimated fair value at the date of acquisition. The preliminary purchase price may increase or decrease depending on the completion of the working capital adjustment. We are still in the process of reviewing the working capital accounts at the date of acquisition for potential adjustments to the purchase price and the determination of the fair value of the assets acquired and liabilities assumed. We preliminarily recorded goodwill of $69.6 million, which will be deductible for tax purposes over 15 years, assuming adequate levels of taxable income. Recognition of goodwill is largely attributed to the value paid for 7Delta's capabilities in providing software development, program management, system integration, information assurance and security architecture to the VA. | ||||||||
In preliminarily allocating the purchase price, we considered among other factors, analysis of historical financial performance and estimates of future performance of 7Delta's contracts. The components of other intangible assets associated with the acquisition were customer relationships and backlog valued at $4.8 million and $2.9 million, respectively. Customer contracts and related relationships represent the underlying relationships and agreements with 7Delta's existing customers. Customer relationships are amortized using the pattern of benefits method over their estimated useful life of approximately 10 years. Backlog is amortized straight-line over its estimated useful life of 2 years. The weighted-average amortization period for the intangible assets is 7.0 years. | ||||||||
We have not disclosed current period, nor pro forma, revenues and earnings attributable to 7Delta as our integration of these operations post acquisition and the entity's accounting methods preacquisition make it impracticable. | ||||||||
Allied Technology Group, Inc.—On February 18, 2014, we completed the acquisition of all equity interests in Allied Technology Group, Inc. (ATG). The results of ATG's operations have been included in our consolidated financial statements since that date. The acquisition was completed through a stock purchase agreement dated February 18, 2014, by and among ManTech Advanced Systems International, Inc., Allied Technology Group, Inc. and the stockholders of ATG. ATG is an innovative engineering and information management solution company with strong customer relationships and strategic contracts with the Department of Homeland Security (DHS). ATG provides IT, engineering services, program management and training solutions to a variety of federal customers. The acquisition will enable us to deliver services through their unrestricted prime position on DHS's primary acquisition vehicles: Technical, Acquisition and Business Support Services and Enterprise Acquisition Gateway for Leading Edge Solutions II. We funded the acquisition with cash on hand. The stock purchase agreement did not contain provisions for contingent consideration. | ||||||||
During the six months ended June 30, 2014, ManTech incurred approximately $0.4 million of acquisition costs related to the ATG transaction, which are included in the general and administrative expenses in our consolidated statement of income. | ||||||||
The purchase price of $45.0 million was preliminarily allocated to the underlying assets and liabilities based on their estimated fair value at the date of acquisition. We are still evaluating the fair value of assets acquired and liabilities assumed. We preliminarily recorded goodwill of $28.4 million, which will be deductible for tax purposes over 15 years, assuming adequate levels of taxable income. Recognition of goodwill is largely attributed to the value paid for ATG's capabilities in providing technology service program management, systems engineering and information technology services to DHS. | ||||||||
In preliminarily allocating the purchase price, we considered among other factors, analysis of historical financial performance and estimates of future performance of ATG's contracts. The components of other intangible assets associated with the acquisition were customer relationships and backlog valued at $6.4 million and $0.6 million, respectively. Customer contracts and related relationships represent the underlying relationships and agreements with ATG's existing customers. Customer relationships are amortized using the pattern of benefits method over their estimated useful life of approximately 20 years. Backlog is amortized straight-line over its estimated useful life of 1 year. The weighted-average amortization period for the intangible assets is 18.4 years. | ||||||||
We have not disclosed current period, nor pro forma, revenues and earnings attributable to ATG as our integration of these operations post acquisition and the entity's accounting methods preacquisition make it impracticable. | ||||||||
The following table represents the preliminary purchase price allocation for 7Delta and ATG (in thousands): | ||||||||
7Delta Inc. | Allied Technology Group, Inc. | |||||||
Cash and cash equivalents | $ | 1,209 | $ | 712 | ||||
Receivables | 9,100 | 11,644 | ||||||
Prepaid expenses and other | 1,442 | 1,178 | ||||||
Contractual inventory | — | 1 | ||||||
Goodwill | 69,605 | 28,443 | ||||||
Other intangible assets | 7,761 | 7,071 | ||||||
Property and equipment | 594 | 899 | ||||||
Other assets | 39 | 146 | ||||||
Accounts payable and accrued expenses | (7,913 | ) | (2,791 | ) | ||||
Accrued salaries and related expenses | (1,837 | ) | (2,155 | ) | ||||
Billings in excess of revenue earned | — | (148 | ) | |||||
Preliminary purchase price | $ | 80,000 | $ | 45,000 | ||||
ALTA Systems, Inc.—On January 8, 2013, we completed the acquisition of all equity interests in ALTA Systems, Inc. (ALTA). The results of ALTA's operations have been included in our consolidated financial statements since that date. The acquisition was completed through a stock purchase agreement dated January 8, 2013, by and among ManTech International Corporation, ALTA Holdings LLC and the sole member of ALTA Holdings LLC. ALTA is an information technology (IT) and professional services company with valuable applications in healthcare systems and capital planning. ALTA provides a broad range of IT and professional services to government and private industry in three major areas: capital planning and investment control; system design, development and operations; and fraud detection and statistical analysis. The acquisition allows ManTech to deliver technology services through ALTA's prime position on the Centers for Medicare and Medicaid Services (CMS) Enterprise Systems Development (ESD) contract. ManTech funded the acquisition with cash on hand. The stock purchase agreement did not contain provisions for contingent consideration. | ||||||||
During the six months ended June 30, 2013, ManTech incurred approximately $0.1 million of acquisition costs related to the ALTA transaction, which are included in the general and administrative expenses in our consolidated statement of income. | ||||||||
The purchase price of $10.2 million was allocated to the underlying assets and liabilities based on their estimated fair value at the date of acquisition. We have recorded total assets of $11.1 million, including goodwill and intangible assets recognized in connection with the acquisition, and total liabilities of $0.9 million. Included in total assets were $0.7 million in acquisition related intangible assets. We recorded goodwill of $9.1 million, which will be deductible for tax purposes over 15 years, assuming adequate levels of taxable income. Recognition of goodwill is largely attributed to the value paid for ALTA's capabilities in providing technology services to the federal government in the health care sector. | ||||||||
In allocating the purchase price, we considered among other factors, analysis of historical financial performance and estimates of future performance of ALTA's contracts. The components of other intangible assets associated with the acquisition were customer relationships and backlog valued at $0.6 million and $0.1 million, respectively. Customer contracts and related relationships represent the underlying relationships and agreements with ALTA's existing customers. Customer relationships and backlog are amortized straight-line over their estimated useful lives of approximately 20 years and 1 year, respectively. The weighted-average amortization period for the intangible assets is 17.1 years. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
Under ASC 260, Earnings per Share, the two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared (or accumulated) and participation rights in undistributed earnings. Under that method, basic and diluted earnings per share data are presented for each class of common stock. | ||||||||||||||||
In applying the two-class method, we determined that undistributed earnings should be allocated equally on a per share basis between Class A and Class B common stock. Under the Company’s Certificate of Incorporation, the holders of the common stock are entitled to participate ratably, on a share-for-share basis as if all shares of common stock were of a single class, in such dividends, as may be declared by the Board of Directors. During each of the six months ended June 30, 2014 and 2013, we declared and paid two quarterly dividends in the amount of $0.21 per share on both classes of common stock. | ||||||||||||||||
Basic earnings per share has been computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during each period. Shares issued during the period and shares reacquired during the period are weighted for the portion of the period in which the shares were outstanding. Diluted earnings per share has been computed in a manner consistent with that of basic earnings per share while giving effect to all potentially dilutive common shares that were outstanding during each period. | ||||||||||||||||
The net income available to common stockholders and weighted average number of common shares outstanding used to compute basic and diluted earnings per share for each class of common stock are as follows (in thousands, except per share amounts): | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Distributed earnings | $ | 7,824 | $ | 7,802 | $ | 15,638 | $ | 15,585 | ||||||||
Undistributed earnings (loss) | (116 | ) | 13,749 | 1,704 | 26,146 | |||||||||||
Net income | $ | 7,708 | $ | 21,551 | $ | 17,342 | $ | 41,731 | ||||||||
Class A common stock: | ||||||||||||||||
Basic net income available to common stockholders | $ | 4,976 | $ | 13,888 | $ | 11,192 | $ | 26,877 | ||||||||
Basic weighted average common shares outstanding | 24,023 | 23,910 | 24,005 | 23,871 | ||||||||||||
Basic earnings per share | $ | 0.21 | $ | 0.58 | $ | 0.47 | $ | 1.13 | ||||||||
Diluted net income available to common stockholders | $ | 4,981 | $ | 13,894 | $ | 11,203 | $ | 26,892 | ||||||||
Effect of potential exercise of stock options | 69 | 30 | 69 | 37 | ||||||||||||
Diluted weighted average common shares outstanding | 24,092 | 23,940 | 24,074 | 23,908 | ||||||||||||
Diluted earnings per share | $ | 0.21 | $ | 0.58 | $ | 0.47 | $ | 1.12 | ||||||||
Class B common stock: | ||||||||||||||||
Basic net income available to common stockholders | $ | 2,732 | $ | 7,663 | $ | 6,150 | $ | 14,854 | ||||||||
Basic weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | 13,193 | ||||||||||||
Basic earnings per share | $ | 0.21 | $ | 0.58 | $ | 0.47 | $ | 1.13 | ||||||||
Diluted net income available to common stockholders | $ | 2,727 | $ | 7,657 | $ | 6,139 | $ | 14,839 | ||||||||
Effect of potential exercise of stock options | — | — | — | — | ||||||||||||
Diluted weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | 13,193 | ||||||||||||
Diluted earnings per share | $ | 0.21 | $ | 0.58 | $ | 0.47 | $ | 1.12 | ||||||||
For the three months ended June 30, 2014 and 2013, options to purchase 2.8 million and 3.3 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because the options’ effect would have been anti-dilutive. For the six months ended June 30, 2014 and 2013, options to purchase 2.8 million and 3.5 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because the options’ effect would have been anti-dilutive. For the six months ended June 30, 2014 and 2013, shares issued from the exercise of stock options were 53 thousand and 39 thousand, respectively. |
Receivables_Notes
Receivables (Notes) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Receivables [Text Block] | ' | |||||||
Receivables | ||||||||
We deliver a broad array of information technology and technical services solutions under contracts with the U.S. government, state and local governments and commercial customers. The components of contract receivables are as follows (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Billed receivables | $ | 309,746 | $ | 370,975 | ||||
Unbilled receivables: | ||||||||
Amounts billable | 90,837 | 84,582 | ||||||
Revenues recorded in excess of funding | 14,086 | 9,743 | ||||||
Retainage | 3,891 | 2,634 | ||||||
Allowance for doubtful accounts | (10,497 | ) | (10,036 | ) | ||||
Receivables-net | $ | 408,063 | $ | 457,898 | ||||
Amounts billable consist principally of amounts to be billed within the next month. Revenues recorded in excess of funding are billable upon receipt of contractual amendments or other modifications. The retainage is billable upon completion of contract performance and approval of final indirect expense rates by the government. There is a contract with the U.S. Army that represents 10.9% and 15.3% of receivables-net at June 30, 2014 and December 31, 2013, respectively. Accounts receivable at June 30, 2014, are expected to be substantially collected within one year except for approximately $1.4 million, of which amount 91.1% is related to receivables from direct sales to the U.S. government. The remainder is related to receivables from contracts in which we acted as a subcontractor to other contractors. | ||||||||
The Company does not believe it has significant exposure to credit risk as accounts receivable and the related unbilled amounts are primarily due from the U.S. government. The allowance for doubtful accounts represents the Company’s exposure to compliance issues, contractual issues and bad debt related to prime contractors. |
Property_and_Equipment_Notes
Property and Equipment (Notes) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment [Text Block] | ' | |||||||
Property and Equipment | ||||||||
Major classes of property and equipment are summarized as follows (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Furniture and equipment | $ | 43,117 | $ | 50,989 | ||||
Leasehold improvements | 34,966 | 33,535 | ||||||
Property and equipment-gross | 78,083 | 84,524 | ||||||
Accumulated depreciation and amortization | (49,711 | ) | (54,368 | ) | ||||
Property and equipment-net | $ | 28,372 | $ | 30,156 | ||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets (Notes) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets [Text Block] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
Under ASC 350, Intangibles—Goodwill and Other, goodwill is to be reviewed at least annually for impairment and whenever events or circumstances indicate that the carrying value of goodwill may not be fully recoverable. We have elected to perform this review during the second quarter of each calendar year. An entity may assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. An entity has an unconditional option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the first step of the goodwill impairment test. An entity may resume performing the qualitative assessment in any subsequent period. The first step of the goodwill impairment test compares the fair value of a reporting unit with its carrying amount (including goodwill). If the reporting unit's fair value exceeds its carrying value, no further procedures are required. However, if the reporting unit's fair value is less than its carrying value, an impairment of goodwill may exist, requiring a second step to be performed. Step two of this test measures the amount of the impairment loss, if any. Step two of this test requires the allocation of the reporting unit's value to its assets and liabilities, including any unrecognized intangible assets, in a hypothetical analysis that calculates the implied fair value of the goodwill as if the reporting unit were being acquired in a business combination. If the implied fair value of goodwill is less than the carrying value, the difference is recorded as a goodwill impairment charge in operations. | ||||||||||||||||||||||||
The fair values of the reporting units are determined based on a weighting of the income approach, market approach and market transaction approach. The income approach is a valuation technique in which fair value is calculated based on forecasted future cash flow discounted at the appropriate rate of return commensurate with the risk as well as current rates of return for equity and debt capital as of the valuation date. The forecast used in our estimation of fair value was developed by management based on a contract basis, incorporating adjustments to reflect known contract and market considerations (such as reductions and uncertainty in government spending, pricing pressure and opportunities). The discount rate utilizes a risk adjusted weighted average cost of capital. The market approach is a valuation technique in which the fair value is calculated based on market prices realized in actual arm's length transactions. The technique consists of undertaking a detailed market analysis of publicly traded companies that provides a reasonable basis for comparison to the company. Valuation ratios, which relate market prices to selected financial statistics derived from comparable companies, are selected and applied to the company after consideration of adjustments for financial position, growth, market, profitability and other factors. The market transaction approach is a valuation technique in which the fair value is calculated based on market prices realized in actual arm's length transactions. The technique consists of undertaking a detailed market analysis of merged and acquired companies that provided a reasonable basis for comparison to the company. Valuation ratios, which relate market prices to selected financial statistics derived from comparable companies, are selected and applied to the company after consideration of adjustments for financial position, growth, market, profitability and other factors. To assess the reasonableness of the calculated reporting unit fair values, we compare the sum of the reporting units' fair values to the Company's market capitalization (per share stock price times the number of shares outstanding) and calculate an implied control premium, which we then compare to the control premiums in comparable transactions to assess the reasonableness of our calculations. | ||||||||||||||||||||||||
During the second quarter of 2014, we completed our annual goodwill impairment test. The results of this test indicated that the fair values of all reporting units were substantially in excess of their carrying values, therefore, no impairment losses were identified and performance of step two was not required. We continue to monitor events that could impact our financial outlook and our assets including potential significant reductions in government spending that could adversely impact our financial results and changes in market conditions that could result in a reduction in the fair value of our assets. | ||||||||||||||||||||||||
The changes in the carrying amounts of goodwill during the year ended December 31, 2013 and the period ended June 30, 2014 are as follows (in thousands): | ||||||||||||||||||||||||
Goodwill at December 31, 2012 | $ | 861,912 | ||||||||||||||||||||||
Impairment | (118,427 | ) | ||||||||||||||||||||||
Acquisitions | 9,382 | |||||||||||||||||||||||
Goodwill at December 31, 2013 | 752,867 | |||||||||||||||||||||||
Acquisitions | 98,048 | |||||||||||||||||||||||
Goodwill at June 30, 2014 | $ | 850,915 | ||||||||||||||||||||||
Other intangible assets consisted of the following (in thousands): | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Other intangible assets: | ||||||||||||||||||||||||
Contract and program intangible assets | $ | 266,272 | $ | 117,833 | $ | 148,439 | $ | 251,572 | $ | 109,586 | $ | 141,986 | ||||||||||||
Capitalized software cost for internal use | 32,229 | 17,890 | 14,339 | 34,083 | 23,617 | 10,466 | ||||||||||||||||||
Other | 115 | 49 | 66 | 115 | 44 | 71 | ||||||||||||||||||
Total other intangible assets, net | $ | 298,616 | $ | 135,772 | $ | 162,844 | $ | 285,770 | $ | 133,247 | $ | 152,523 | ||||||||||||
Amortization expense relating to intangible assets for the three months ended June 30, 2014 and 2013 was $5.1 million and $5.1 million, respectively. Amortization expense relating to intangible assets for the six months ended June 30, 2014 and 2013 was $10.0 million and $10.2 million, respectively. We estimate that we will have the following amortization expense for the future periods indicated below (in thousands): | ||||||||||||||||||||||||
For the remaining six months ending December 31, 2014 | $ | 10,362 | ||||||||||||||||||||||
For the year ending: | ||||||||||||||||||||||||
December 31, 2015 | $ | 18,728 | ||||||||||||||||||||||
December 31, 2016 | $ | 16,585 | ||||||||||||||||||||||
December 31, 2017 | $ | 14,583 | ||||||||||||||||||||||
December 31, 2018 | $ | 13,095 | ||||||||||||||||||||||
December 31, 2019 | $ | 11,275 | ||||||||||||||||||||||
Debt_Notes
Debt (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Debt | |
Revolving Credit Facility—We maintain a credit facility with a syndicate of lenders led by Bank of America, N.A, as sole administrative agent. The credit agreement provides for a $500 million revolving credit facility, with a $25 million letter of credit sublimit and a $30 million swing line loan sublimit. The credit agreement also includes an accordion feature that permits the Company to arrange with the lenders for the provision of additional commitments. On June 13, 2014, we amended and restated the credit agreement, and extended the maturity date to June 13, 2019. We deferred $3.4 million in debt issuance costs, which are amortized over the term of the amended and restated credit agreement. | |
Borrowings under our revolving credit facility are collateralized by substantially all the assets of ManTech and its Material Subsidiaries (as defined in the credit agreement) and bear interest at one of the following variable rates as selected by the Company at the time of borrowing: a London Interbank Offer Rate (LIBOR) base rate plus market-rate spreads (1.25% to 2.25% based on the Company's consolidated total leverage ratio) or Bank of America's base rate plus market spreads (0.25% to 1.25% based on the Company's consolidated total leverage ratio). | |
The terms of the credit agreement permit prepayment and termination of the loan commitments at any time, subject to certain conditions. The credit agreement requires the Company to comply with specified financial covenants, including the maintenance of certain leverage ratios and a certain consolidated coverage ratio. The credit agreement also contains various covenants, including affirmative covenants with respect to certain reporting requirements and maintenance of certain business activities, and negative covenants that, among other things, may limit or impose restrictions on our ability to incur liens, incur additional indebtedness, make investments, make acquisitions, and undertake certain other actions. As of June 30, 2014, we were in compliance with the financial covenants under the credit agreement. | |
The outstanding balance on our revolving credit facility at June 30, 2014 and December 31, 2013 was $55.0 million and $0, respectively. The outstanding debt balance at June 30, 2014 is estimated to be repaid by June 30, 2015. The maximum available borrowing under our revolving credit facility at June 30, 2014 was $444.2 million. As of June 30, 2014, we were contingently liable under letters of credit totaling $0.8 million, which reduced our availability to borrow under our revolving credit facility. | |
7.25% Senior Unsecured Notes—On April 15, 2014, we paid the redemption price plus accrued and unpaid interest on our 7.25% senior unsecured notes issued on April 13, 2010 for $200.0 million, which were registered under the Securities Act of 1933. The 7.25% senior unsecured notes were redeemed, at a redemption price of 103.625% of the principal amount of the outstanding 7.25% senior unsecured notes, or $207.3 million. As a result of the redemption of our 7.25% senior unsecured notes, we recorded a loss on the extinguishment of debt for $10.1 million as non-operating income on our consolidated statement of income. |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Commitments and Contingencies | |
Contracts with the U.S. government, including subcontracts, are subject to extensive legal and regulatory requirements and, from time to time, agencies of the U.S. government, in the ordinary course of business, investigate whether the Company’s operations are conducted in accordance with these requirements and the terms of the relevant contracts. U.S. government investigations of the Company, whether related to the Company’s U.S. government contracts or conducted for other reasons, could result in administrative, civil, or criminal liabilities, including repayment, fines or penalties being imposed upon the Company, or could lead to suspension or debarment from future U.S. government contracting activities. Management believes it has adequately reserved for any losses that may be experienced from any investigation of which it is aware. We have settled all incurred cost submissions through 2005 with the Defense Contract Management Agency (DCMA) Corporate Administrative Contracting Officer (CACO). Settlements of the 2006 through 2013 incurred cost submission are not expected to have a material effect on our financial position, results of operations or cash flow, and management believes it has adequately reserved for any losses. | |
In the normal course of business, we are involved in certain governmental and legal proceedings, claims and disputes and have litigation pending under several suits. We believe that the ultimate resolution of these matters will not have a material effect on our financial position, results of operations or cash flows. |
StockBased_Compensation_Notes
Stock-Based Compensation (Notes) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||
Stock-Based Compensation [Text Block] | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
Our 2011 Management Incentive Plan (the Plan) was designed to attract, retain and motivate key employees. Awards granted under the Plan are settled in shares of Class A common stock. At the beginning of each year, the Plan provides that the number of shares available for issuance automatically increases by an amount equal to 1.5% of the total number of shares of Class A and Class B common stock outstanding on December 31st of the previous year. On January 2, 2014, 557,894 additional shares were made available for issuance under the Plan. Through June 30, 2014, the remaining aggregate number of shares of our common stock authorized for issuance under the Plan was 4,068,523. Through June 30, 2014, there were 4,707,168 shares of our Class A common stock that were issued and remain outstanding as a result of equity awards granted under the Plan. The Plan expires in May 2021. | |||||||||||||
The Plan is administered by the compensation committee of our Board of Directors, along with its delegates. Subject to the express provisions of the Plan, the committee has the Board of Directors’ authority to administer and interpret the Plan, including the discretion to determine the exercise price, vesting schedule, contractual life and the number of shares to be issued. | |||||||||||||
Stock Compensation Expense—For the three months ended June 30, 2014 and 2013, we recorded $1.0 million and $1.4 million of stock-based compensation expense, respectively. For the six months ended June 30, 2014 and 2013, we recorded $2.2 million and $2.8 million of stock-based compensation expense, respectively. No compensation expense of employees with stock awards, including stock-based compensation expense, was capitalized during the periods. For the six months ended June 30, 2014 and 2013, the total recognized tax deficiency from the exercise of stock options, vested cancellations and the vesting of restricted stock was $1.9 million and $1.3 million, respectively. | |||||||||||||
Stock Options—We typically issue options that vest over three years in equal annual installments beginning on the first anniversary of the date of grant. Under the terms of the Plan, the contractual life of the option grants may not exceed eight years. During the six months ended June 30, 2014 and 2013, we issued options that expire five years from the date of grant. | |||||||||||||
Fair Value Determination—We have used the Black-Scholes-Merton option pricing model to determine fair value of our awards on the date of grant. We will reconsider the use of the Black-Scholes-Merton model if additional information becomes available in the future that indicates another model would be more appropriate or if grants issued in future periods have characteristics that cannot be reasonably estimated under this model. | |||||||||||||
The following weighted-average assumptions were used for option grants during the six months ended June 30, 2014 and 2013: | |||||||||||||
Volatility—The expected volatility of the options granted was estimated based upon historical volatility of the Company’s share price through weekly observations of the Company’s trading history. | |||||||||||||
Expected Term—The expected term of options granted to employees during the six months ended June 30, 2014 and 2013 was determined from historical exercises of the grantee population. For all grants valued during the six months ended June 30, 2014 and 2013, the options had graded vesting over three years in equal annual installments beginning on the first anniversary of the date of grant and a contractual term of five years. | |||||||||||||
Risk-free Interest Rate—The yield on zero-coupon U.S. Treasury strips was used to extrapolate a forward-yield curve. This “term structure” of future interest rates was then input into a numeric model to provide the equivalent risk-free rate to be used in the Black-Scholes-Merton model based on the expected term of the underlying grants. | |||||||||||||
Dividend Yield—The Black-Scholes-Merton valuation model requires an expected dividend yield as an input. We have calculated our expected dividend yield based on an expected annual cash dividend of $0.84 per share. | |||||||||||||
The following table summarizes weighted-average assumptions used in our calculations of fair value for the six months ended June 30, 2014 and 2013: | |||||||||||||
Six months ended | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Volatility | 29.88 | % | 32.45 | % | |||||||||
Expected life of options | 3 years | 3 years | |||||||||||
Risk-free interest rate | 0.85 | % | 0.44 | % | |||||||||
Dividend yield | 3 | % | 3 | % | |||||||||
Stock Option Activity—During the six months ended June 30, 2014, we granted stock options to purchase 492,004 shares of Class A common stock at a weighted-average exercise price of $29.17 per share, which reflects the fair market value of the shares on the date of grant. The weighted-average fair value of options granted during the six months ended June 30, 2014 and 2013, as determined under the Black-Scholes-Merton valuation model, was $4.90 and $4.81, respectively. These options vest over three years in equal annual installments beginning on the first anniversary of the date of the grant and have a contractual term of five years. Option grants that vested during the six months ended June 30, 2014 and 2013 had a combined fair value of $2.6 million and $3.9 million, respectively. | |||||||||||||
The following table summarizes stock option activity for the year ended December 31, 2013 and the six months ended June 30, 2014: | |||||||||||||
Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | |||||||||||
(in thousands) | |||||||||||||
Stock options at December 31, 2012 | 3,421,196 | $ | 38.61 | $ | 626 | ||||||||
Granted | 957,525 | $ | 27.42 | ||||||||||
Exercised | (79,567 | ) | $ | 22.75 | $ | 400 | |||||||
Cancelled and expired | (899,034 | ) | $ | 39.84 | |||||||||
Stock options at December 31, 2013 | 3,400,120 | $ | 35.51 | $ | 4,488 | ||||||||
Granted | 492,004 | $ | 29.17 | ||||||||||
Exercised | (53,025 | ) | $ | 24.61 | $ | 261 | |||||||
Cancelled and expired | (502,277 | ) | $ | 40.61 | |||||||||
Stock options at June 30, 2014 | 3,336,822 | $ | 33.98 | $ | 3,661 | ||||||||
The following table summarizes non-vested stock options for the six months ended June 30, 2014: | |||||||||||||
Number of Shares | Weighted Average Fair Value | ||||||||||||
Non-vested stock options at December 31, 2013 | 1,567,945 | $ | 5.51 | ||||||||||
Granted | 492,004 | $ | 4.9 | ||||||||||
Vested | (354,501 | ) | $ | 7.22 | |||||||||
Cancelled | (82,987 | ) | $ | 5.16 | |||||||||
Non-vested stock options at June 30, 2014 | 1,622,461 | $ | 4.97 | ||||||||||
The following table includes information concerning stock options exercisable and stock options expected to vest at June 30, 2014: | |||||||||||||
Number of Shares | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Aggregate Intrinsic Value | ||||||||||
(years) | (in thousands) | ||||||||||||
Stock options exercisable | 1,714,361 | 2 | $ | 39.26 | $ | 1,151 | |||||||
Stock options expected to vest | 1,428,837 | 4 | $ | 28.4 | $ | 33,359 | |||||||
Stock options exercisable and expected to vest | 3,143,198 | ||||||||||||
Unrecognized compensation expense related to outstanding stock options expected to vest as of June 30, 2014 was $5.5 million, which is expected to be recognized over a weighted-average period of 1.9 years and will be adjusted for any future changes in estimated forfeitures. | |||||||||||||
Restricted Stock—Under the Plan, we have issued restricted stock. A restricted stock award is an issuance of shares that cannot be sold or transferred by the recipient until the vesting period lapses. Restricted shares issued to employees vest over three years in equal annual installments beginning on the first anniversary of the grant date, contingent upon employment with the Company on the vesting dates. Restricted shares issued to members of our Board of Directors vest in one year. The related compensation expense is recognized over the service period and is based on the grant date fair value of the stock and the number of shares expected to vest. | |||||||||||||
Restricted Stock Activity—The following table summarizes the restricted stock activity during the year ended December 31, 2013 and the six months ended June 30, 2014: | |||||||||||||
Number of Shares | Grant Date Fair Value | ||||||||||||
(in thousands) | |||||||||||||
Non-vested restricted stock at December 31, 2012 | 27,333 | ||||||||||||
Granted | 24,000 | $ | 664 | ||||||||||
Vested | (30,333 | ) | $ | 825 | |||||||||
Forfeited | — | ||||||||||||
Non-vested restricted stock at December 31, 2013 | 21,000 | ||||||||||||
Granted | 21,000 | $ | 643 | ||||||||||
Vested | (21,000 | ) | $ | 581 | |||||||||
Forfeited | — | ||||||||||||
Non-vested restricted stock at June 30, 2014 | 21,000 | ||||||||||||
Business_Segment_and_Geographi
Business Segment and Geographic Area Information (Notes) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
Business Segment and Geographic Area Information [Text Block] | ' | |||||||||||||||||||||||||||
Business Segment and Geographic Area Information | ||||||||||||||||||||||||||||
We have one reportable segment. We deliver a broad array of information technology and technical services solutions under contracts with the U.S. government. Our federal government customers typically exercise independent contracting authority, and even offices or divisions within an agency or department may directly, or through a prime contractor, use our services as a separate customer so long as that customer has independent decision-making and contracting authority within its organization. The U.S. Army Tank-Automotive Armament Command (TACOM) contract accounted for 8.5% and 22.0% of our revenues and 7.0% and 15.7% of our operating income for the six months ended June 30, 2014 and 2013, respectively. Revenues from the U.S. government under prime contracts and subcontracts were approximately 98.9% and 99.0% of our revenues for the six months ended June 30, 2014 and 2013, respectively. We treat sales to U.S. government customers as sales within the United States regardless of where the services are performed. Furthermore, substantially all of our assets from continuing operations were held in the United States for the three and six months ended June 30, 2014 and year ended December 31, 2013. | ||||||||||||||||||||||||||||
Revenues by geographic customer and the related percentages for the three and six months ended June 30, 2014 and 2013 were as follows (dollars in thousands): | ||||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
United States | $ | 462,088 | 99.7 | % | $ | 603,997 | 99.8 | % | $ | 912,784 | 99.7 | % | $ | 1,248,817 | 99.8 | % | ||||||||||||
International | 1,293 | 0.3 | % | 1,132 | 0.2 | % | 2,630 | 0.3 | % | 2,320 | 0.2 | % | ||||||||||||||||
$ | 463,381 | $ | 605,129 | $ | 915,414 | $ | 1,251,137 | |||||||||||||||||||||
Equity_Method_Investments_Note
Equity Method Investments (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Equity Method Investments [Text Block] | ' |
Equity Method Investments | |
On May 24, 2012, Fluor-ManTech Logistics Solutions, LLC (FMLS), a limited liability company, was created with Fluor International, Inc. and ManTech as the investees. Each investee has a 50% ownership interest in FMLS. Because we have the ability to exercise significant influence over, but do not control, FMLS we determined that the equity method of accounting will be used for our investment. Under the operating agreement, we are required to provide additional financial support for losses incurred by FMLS. We recorded $65 thousand and $0 in equity method losses for the three months ended June 30, 2014 and 2013, respectively. We recorded $122 thousand and $0 in equity method losses for the six months ended June 30, 2014 and 2013, respectively. |
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Schedule of Purchase Price Allocations [Table Text Block] | ' | |||||||
The following table represents the preliminary purchase price allocation for 7Delta and ATG (in thousands): | ||||||||
7Delta Inc. | Allied Technology Group, Inc. | |||||||
Cash and cash equivalents | $ | 1,209 | $ | 712 | ||||
Receivables | 9,100 | 11,644 | ||||||
Prepaid expenses and other | 1,442 | 1,178 | ||||||
Contractual inventory | — | 1 | ||||||
Goodwill | 69,605 | 28,443 | ||||||
Other intangible assets | 7,761 | 7,071 | ||||||
Property and equipment | 594 | 899 | ||||||
Other assets | 39 | 146 | ||||||
Accounts payable and accrued expenses | (7,913 | ) | (2,791 | ) | ||||
Accrued salaries and related expenses | (1,837 | ) | (2,155 | ) | ||||
Billings in excess of revenue earned | — | (148 | ) | |||||
Preliminary purchase price | $ | 80,000 | $ | 45,000 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||
The net income available to common stockholders and weighted average number of common shares outstanding used to compute basic and diluted earnings per share for each class of common stock are as follows (in thousands, except per share amounts): | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Distributed earnings | $ | 7,824 | $ | 7,802 | $ | 15,638 | $ | 15,585 | ||||||||
Undistributed earnings (loss) | (116 | ) | 13,749 | 1,704 | 26,146 | |||||||||||
Net income | $ | 7,708 | $ | 21,551 | $ | 17,342 | $ | 41,731 | ||||||||
Class A common stock: | ||||||||||||||||
Basic net income available to common stockholders | $ | 4,976 | $ | 13,888 | $ | 11,192 | $ | 26,877 | ||||||||
Basic weighted average common shares outstanding | 24,023 | 23,910 | 24,005 | 23,871 | ||||||||||||
Basic earnings per share | $ | 0.21 | $ | 0.58 | $ | 0.47 | $ | 1.13 | ||||||||
Diluted net income available to common stockholders | $ | 4,981 | $ | 13,894 | $ | 11,203 | $ | 26,892 | ||||||||
Effect of potential exercise of stock options | 69 | 30 | 69 | 37 | ||||||||||||
Diluted weighted average common shares outstanding | 24,092 | 23,940 | 24,074 | 23,908 | ||||||||||||
Diluted earnings per share | $ | 0.21 | $ | 0.58 | $ | 0.47 | $ | 1.12 | ||||||||
Class B common stock: | ||||||||||||||||
Basic net income available to common stockholders | $ | 2,732 | $ | 7,663 | $ | 6,150 | $ | 14,854 | ||||||||
Basic weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | 13,193 | ||||||||||||
Basic earnings per share | $ | 0.21 | $ | 0.58 | $ | 0.47 | $ | 1.13 | ||||||||
Diluted net income available to common stockholders | $ | 2,727 | $ | 7,657 | $ | 6,139 | $ | 14,839 | ||||||||
Effect of potential exercise of stock options | — | — | — | — | ||||||||||||
Diluted weighted average common shares outstanding | 13,193 | 13,193 | 13,193 | 13,193 | ||||||||||||
Diluted earnings per share | $ | 0.21 | $ | 0.58 | $ | 0.47 | $ | 1.12 | ||||||||
Receivables_Tables
Receivables (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Contract Receivables [Table Text Block] | ' | |||||||
The components of contract receivables are as follows (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Billed receivables | $ | 309,746 | $ | 370,975 | ||||
Unbilled receivables: | ||||||||
Amounts billable | 90,837 | 84,582 | ||||||
Revenues recorded in excess of funding | 14,086 | 9,743 | ||||||
Retainage | 3,891 | 2,634 | ||||||
Allowance for doubtful accounts | (10,497 | ) | (10,036 | ) | ||||
Receivables-net | $ | 408,063 | $ | 457,898 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment [Table Text Block] | ' | |||||||
Major classes of property and equipment are summarized as follows (in thousands): | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Furniture and equipment | $ | 43,117 | $ | 50,989 | ||||
Leasehold improvements | 34,966 | 33,535 | ||||||
Property and equipment-gross | 78,083 | 84,524 | ||||||
Accumulated depreciation and amortization | (49,711 | ) | (54,368 | ) | ||||
Property and equipment-net | $ | 28,372 | $ | 30,156 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||||||||||||
The changes in the carrying amounts of goodwill during the year ended December 31, 2013 and the period ended June 30, 2014 are as follows (in thousands): | ||||||||||||||||||||||||
Goodwill at December 31, 2012 | $ | 861,912 | ||||||||||||||||||||||
Impairment | (118,427 | ) | ||||||||||||||||||||||
Acquisitions | 9,382 | |||||||||||||||||||||||
Goodwill at December 31, 2013 | 752,867 | |||||||||||||||||||||||
Acquisitions | 98,048 | |||||||||||||||||||||||
Goodwill at June 30, 2014 | $ | 850,915 | ||||||||||||||||||||||
Schedule of Other Intangible Assets [Table Text Block] | ' | |||||||||||||||||||||||
Other intangible assets consisted of the following (in thousands): | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Other intangible assets: | ||||||||||||||||||||||||
Contract and program intangible assets | $ | 266,272 | $ | 117,833 | $ | 148,439 | $ | 251,572 | $ | 109,586 | $ | 141,986 | ||||||||||||
Capitalized software cost for internal use | 32,229 | 17,890 | 14,339 | 34,083 | 23,617 | 10,466 | ||||||||||||||||||
Other | 115 | 49 | 66 | 115 | 44 | 71 | ||||||||||||||||||
Total other intangible assets, net | $ | 298,616 | $ | 135,772 | $ | 162,844 | $ | 285,770 | $ | 133,247 | $ | 152,523 | ||||||||||||
Schedule of Other Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||||||||||||
We estimate that we will have the following amortization expense for the future periods indicated below (in thousands): | ||||||||||||||||||||||||
For the remaining six months ending December 31, 2014 | $ | 10,362 | ||||||||||||||||||||||
For the year ending: | ||||||||||||||||||||||||
December 31, 2015 | $ | 18,728 | ||||||||||||||||||||||
December 31, 2016 | $ | 16,585 | ||||||||||||||||||||||
December 31, 2017 | $ | 14,583 | ||||||||||||||||||||||
December 31, 2018 | $ | 13,095 | ||||||||||||||||||||||
December 31, 2019 | $ | 11,275 | ||||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Share-based Compensation [Abstract] | ' | ||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||
The following table summarizes weighted-average assumptions used in our calculations of fair value for the six months ended June 30, 2014 and 2013: | |||||||||||||
Six months ended | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Volatility | 29.88 | % | 32.45 | % | |||||||||
Expected life of options | 3 years | 3 years | |||||||||||
Risk-free interest rate | 0.85 | % | 0.44 | % | |||||||||
Dividend yield | 3 | % | 3 | % | |||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||
The following table summarizes stock option activity for the year ended December 31, 2013 and the six months ended June 30, 2014: | |||||||||||||
Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | |||||||||||
(in thousands) | |||||||||||||
Stock options at December 31, 2012 | 3,421,196 | $ | 38.61 | $ | 626 | ||||||||
Granted | 957,525 | $ | 27.42 | ||||||||||
Exercised | (79,567 | ) | $ | 22.75 | $ | 400 | |||||||
Cancelled and expired | (899,034 | ) | $ | 39.84 | |||||||||
Stock options at December 31, 2013 | 3,400,120 | $ | 35.51 | $ | 4,488 | ||||||||
Granted | 492,004 | $ | 29.17 | ||||||||||
Exercised | (53,025 | ) | $ | 24.61 | $ | 261 | |||||||
Cancelled and expired | (502,277 | ) | $ | 40.61 | |||||||||
Stock options at June 30, 2014 | 3,336,822 | $ | 33.98 | $ | 3,661 | ||||||||
Schedule of Non-vested Share Activity [Table Text Block] | ' | ||||||||||||
The following table summarizes non-vested stock options for the six months ended June 30, 2014: | |||||||||||||
Number of Shares | Weighted Average Fair Value | ||||||||||||
Non-vested stock options at December 31, 2013 | 1,567,945 | $ | 5.51 | ||||||||||
Granted | 492,004 | $ | 4.9 | ||||||||||
Vested | (354,501 | ) | $ | 7.22 | |||||||||
Cancelled | (82,987 | ) | $ | 5.16 | |||||||||
Non-vested stock options at June 30, 2014 | 1,622,461 | $ | 4.97 | ||||||||||
Stock Options Exercisable And Expected To Vest [Table Text Block] | ' | ||||||||||||
The following table includes information concerning stock options exercisable and stock options expected to vest at June 30, 2014: | |||||||||||||
Number of Shares | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Aggregate Intrinsic Value | ||||||||||
(years) | (in thousands) | ||||||||||||
Stock options exercisable | 1,714,361 | 2 | $ | 39.26 | $ | 1,151 | |||||||
Stock options expected to vest | 1,428,837 | 4 | $ | 28.4 | $ | 33,359 | |||||||
Stock options exercisable and expected to vest | 3,143,198 | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock Activity [Table Text Block] | ' | ||||||||||||
The following table summarizes the restricted stock activity during the year ended December 31, 2013 and the six months ended June 30, 2014: | |||||||||||||
Number of Shares | Grant Date Fair Value | ||||||||||||
(in thousands) | |||||||||||||
Non-vested restricted stock at December 31, 2012 | 27,333 | ||||||||||||
Granted | 24,000 | $ | 664 | ||||||||||
Vested | (30,333 | ) | $ | 825 | |||||||||
Forfeited | — | ||||||||||||
Non-vested restricted stock at December 31, 2013 | 21,000 | ||||||||||||
Granted | 21,000 | $ | 643 | ||||||||||
Vested | (21,000 | ) | $ | 581 | |||||||||
Forfeited | — | ||||||||||||
Non-vested restricted stock at June 30, 2014 | 21,000 | ||||||||||||
Business_Segment_and_Geographi1
Business Segment and Geographic Area Information (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Revenues by Geographic Customer and Related Percentage of Total Revenues [Table Text Block] | ' | |||||||||||||||||||||||||||
Revenues by geographic customer and the related percentages for the three and six months ended June 30, 2014 and 2013 were as follows (dollars in thousands): | ||||||||||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
United States | $ | 462,088 | 99.7 | % | $ | 603,997 | 99.8 | % | $ | 912,784 | 99.7 | % | $ | 1,248,817 | 99.8 | % | ||||||||||||
International | 1,293 | 0.3 | % | 1,132 | 0.2 | % | 2,630 | 0.3 | % | 2,320 | 0.2 | % | ||||||||||||||||
$ | 463,381 | $ | 605,129 | $ | 915,414 | $ | 1,251,137 | |||||||||||||||||||||
Description_of_the_Business_Na
Description of the Business (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2014 | |
contracts | |
federalagenices | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number Of Federal Agencies | 50 |
Number Of Contracts | 1,000 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
7Delta Inc. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | $0.60 | ' |
Business Combination, Consideration Transferred | 80 | ' |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 69.6 | ' |
Expected Goodwill Tax Amortization Period | '15 years | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '7 years | ' |
7Delta Inc. [Member] | Customer Relationships [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Finite-lived Intangible Assets Acquired | 4.8 | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | ' |
7Delta Inc. [Member] | Backlog [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Finite-lived Intangible Assets Acquired | 2.9 | ' |
Finite-Lived Intangible Asset, Useful Life | '2 years | ' |
Allied Technology Group, Inc [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 0.4 | ' |
Business Combination, Consideration Transferred | 45 | ' |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 28.4 | ' |
Expected Goodwill Tax Amortization Period | '15 years | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '18 years 5 months | ' |
Allied Technology Group, Inc [Member] | Customer Relationships [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Finite-lived Intangible Assets Acquired | 6.4 | ' |
Finite-Lived Intangible Asset, Useful Life | '20 years | ' |
Allied Technology Group, Inc [Member] | Backlog [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Finite-lived Intangible Assets Acquired | 0.6 | ' |
Finite-Lived Intangible Asset, Useful Life | '1 year | ' |
ALTA Systems, Inc [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | ' | 0.1 |
Business Combination, Consideration Transferred | ' | 10.2 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 11.1 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 0.9 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 0.7 | ' |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 9.1 | ' |
Expected Goodwill Tax Amortization Period | '15 years | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '17 years 1 month | ' |
ALTA Systems, Inc [Member] | Customer Relationships [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Finite-lived Intangible Assets Acquired | 0.6 | ' |
Finite-Lived Intangible Asset, Useful Life | '20 years | ' |
ALTA Systems, Inc [Member] | Backlog [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Finite-lived Intangible Assets Acquired | $0.10 | ' |
Finite-Lived Intangible Asset, Useful Life | '1 year | ' |
Acquisitions_Schedule_of_Purch
Acquisitions (Schedule of Purchase Price Allocation) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ' | ' | ' |
Goodwill | $850,915,000 | $752,867,000 | $861,912,000 |
7Delta Inc. [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Cash and cash equivalents | 1,209,000 | ' | ' |
Receivables | 9,100,000 | ' | ' |
Prepaid expenses and other | 1,442,000 | ' | ' |
Contractual inventory | 0 | ' | ' |
Goodwill | 69,605,000 | ' | ' |
Other intangible assets | 7,761,000 | ' | ' |
Property and equipment | 594,000 | ' | ' |
Other assets | 39,000 | ' | ' |
Accounts payable and accrued expenses | -7,913,000 | ' | ' |
Accrued salaries and related expenses | -1,837,000 | ' | ' |
Billings in excess of revenue earned | 0 | ' | ' |
Preliminary purchase price | 80,000,000 | ' | ' |
Allied Technology Group, Inc [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Cash and cash equivalents | 712,000 | ' | ' |
Receivables | 11,644,000 | ' | ' |
Prepaid expenses and other | 1,178,000 | ' | ' |
Contractual inventory | 1,000 | ' | ' |
Goodwill | 28,443,000 | ' | ' |
Other intangible assets | 7,071,000 | ' | ' |
Property and equipment | 899,000 | ' | ' |
Other assets | 146,000 | ' | ' |
Accounts payable and accrued expenses | -2,791,000 | ' | ' |
Accrued salaries and related expenses | -2,155,000 | ' | ' |
Billings in excess of revenue earned | -148,000 | ' | ' |
Preliminary purchase price | $45,000,000 | ' | ' |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Number of Dividends Declared and Paid | ' | ' | ' | ' | 2 | 2 | ' |
Dividend Declared And Paid | $0.21 | $0.21 | $0.21 | $0.21 | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,800,000 | ' | 3,300,000 | ' | 2,800,000 | 3,500,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | ' | ' | 53,025 | 39,000 | 79,567 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Components of Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' |
Distributed earnings | $7,824 | $7,802 | $15,638 | $15,585 |
Undistributed earnings (loss) | -116 | 13,749 | 1,704 | 26,146 |
Net income | 7,708 | 21,551 | 17,342 | 41,731 |
Class A Common Stock [Member] | ' | ' | ' | ' |
Components of Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' |
Basic net income available to common stockholders | 4,976 | 13,888 | 11,192 | 26,877 |
Basic weighted average common shares outstanding | 24,023,000 | 23,910,000 | 24,005,000 | 23,871,000 |
Basic earnings per share | $0.21 | $0.58 | $0.47 | $1.13 |
Diluted net income available to common stockholders | 4,981 | 13,894 | 11,203 | 26,892 |
Effect of potential exercise of stock options | 69,000 | 30,000 | 69,000 | 37,000 |
Diluted weighted average common shares outstanding | 24,092,000 | 23,940,000 | 24,074,000 | 23,908,000 |
Diluted earnings per share | $0.21 | $0.58 | $0.47 | $1.12 |
Class B Common Stock [Member] | ' | ' | ' | ' |
Components of Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' |
Basic net income available to common stockholders | 2,732 | 7,663 | 6,150 | 14,854 |
Basic weighted average common shares outstanding | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 |
Basic earnings per share | $0.21 | $0.58 | $0.47 | $1.13 |
Diluted net income available to common stockholders | $2,727 | $7,657 | $6,139 | $14,839 |
Effect of potential exercise of stock options | 0 | 0 | 0 | 0 |
Diluted weighted average common shares outstanding | 13,193,000 | 13,193,000 | 13,193,000 | 13,193,000 |
Diluted earnings per share | $0.21 | $0.58 | $0.47 | $1.12 |
Receivables_Schedule_of_Contra
Receivables (Schedule of Contract Receivables) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Billed receivables | $309,746 | $370,975 |
Unbilled receivables: | ' | ' |
Amounts billable | 90,837 | 84,582 |
Revenues recorded in excess of funding | 14,086 | 9,743 |
Retainage | 3,891 | 2,634 |
Allowance for doubtful accounts | -10,497 | -10,036 |
Receivables-net | $408,063 | $457,898 |
Receivables_Narrative_Details
Receivables (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Receivables [Line Items] | ' | ' |
Accounts Receivable Not Expected to be Substantially Collected within One Year | 1.4 | ' |
Percentage of Receivable Not Expected to be Collected within One Year related to Receivables from Direct Sales To U.S. Government | 91.10% | ' |
Customer Contracts [Member] | Accounts Receivable [Member] | ' | ' |
Receivables [Line Items] | ' | ' |
Concentration Risk, Percentage | 10.90% | 15.30% |
Property_and_Equipment_Propert
Property and Equipment (Property and Equipment) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment-gross | $78,083 | $84,524 |
Accumulated depreciation and amortization | -49,711 | -54,368 |
Property and equipment-net | 28,372 | 30,156 |
Furniture and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment-gross | 43,117 | 50,989 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment-gross | $34,966 | $33,535 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' | ' |
Goodwill Impairment Loss | ' | ' | $0 | ' | $118,427,000 |
Amortization of Intangible Assets | $5,100,000 | $5,100,000 | $10,000,000 | $10,200,000 | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, period start | $752,867 | $861,912 |
Impairment | 0 | -118,427 |
Acquisitions | 98,048 | 9,382 |
Goodwill, period end | $850,915 | $752,867 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $298,616 | $285,770 |
Accumulated Amortization | 135,772 | 133,247 |
Net Carrying Amount | 162,844 | 152,523 |
Contract and program intangible assets | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 266,272 | 251,572 |
Accumulated Amortization | 117,833 | 109,586 |
Net Carrying Amount | 148,439 | 141,986 |
Capitalized software cost for internal use | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 32,229 | 34,083 |
Accumulated Amortization | 17,890 | 23,617 |
Net Carrying Amount | 14,339 | 10,466 |
Other | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 115 | 115 |
Accumulated Amortization | 49 | 44 |
Net Carrying Amount | $66 | $71 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets, Future Amortization Expense) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
For the remaining six months ending December 31, 2014 | $10,362 |
For the year ending: | ' |
31-Dec-15 | 18,728 |
31-Dec-16 | 16,585 |
31-Dec-17 | 14,583 |
31-Dec-18 | 13,095 |
31-Dec-19 | $11,275 |
Debt_Revolving_Credit_Facility
Debt (Revolving Credit Facility) (Narrative) (Details) (USD $) | 0 Months Ended | 6 Months Ended | |||||||
Jun. 13, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Bank of America Syndicate [Member] | Bank of America Syndicate [Member] | Bank of America Syndicate [Member] | Bank of America Syndicate [Member] | Bank of America Syndicate [Member] | Variable Spread [Member] | Variable Spread [Member] | Variable Spread [Member] | Variable Spread [Member] | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | Revolving Credit Facility, Swing Line Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | London Interbank Offered Rate (LIBOR) [Member] | Bank of America's Base Rate [Member] | Bank of America's Base Rate [Member] | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | $500,000,000 | ' | $25,000,000 | $30,000,000 | ' | ' | ' | ' |
Debt Issuance Cost | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | 1.25% | 2.25% | 0.25% | 1.25% |
Line of Credit Facility, Amount Outstanding | ' | 55,000,000 | 0 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | 444,200,000 | ' | ' | ' | ' | ' | ' | ' |
Contingent Liability under Letters of Credit | ' | ' | ' | $800,000 | ' | ' | ' | ' | ' |
Debt_Senior_Unsecured_Notes_Na
Debt (Senior Unsecured Notes) (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 15, 2014 | Apr. 13, 2010 | |
7.25% Senior Unsecured Notes [Member] | 7.25% Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 7.25% |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | $200,000,000 |
Debt Instrument, Redemption Price, Percentage | ' | ' | ' | ' | 103.63% | ' |
Debt Instrument, Redemption Price, Amount | ' | ' | ' | ' | 207,300,000 | ' |
Loss on extinguishment of debt | ($10,074,000) | $0 | ($10,074,000) | $0 | ' | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jan. 02, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Annual Percentage Increase In Number Of Shares Available For Issuance | ' | ' | 1.50% | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Additional Shares Made Available | ' | ' | ' | ' | ' | 557,894 |
Remaining Aggregate Number of Shares Authorized For Issuance | 4,068,523 | ' | 4,068,523 | ' | ' | ' |
Stock Compensation Expense | $1,000,000 | $1,400,000 | $2,200,000 | $2,800,000 | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | 0 | 0 | 0 | 0 | ' | ' |
Share-based Compensation, Tax Deficiency from Exercise of Stock Options, Vested Cancellations and Vesting of Restricted Stock | ' | ' | 1,900,000 | 1,300,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '3 years | '3 years | ' | ' |
Contractual Life Of Option Grants | ' | ' | '5 years | '5 years | ' | ' |
Expected Annual Cash Dividend | $0.84 | ' | $0.84 | ' | ' | ' |
Granted, Number of Shares | ' | ' | 492,004 | ' | 957,525 | ' |
Granted, Weighted Average Exercise Price | ' | ' | $29.17 | ' | $27.42 | ' |
Granted, Weighted Average Fair Value | ' | ' | $4.90 | $4.81 | ' | ' |
Share-based Payment Award, Options, Vested, Fair Value | ' | ' | 2,600,000 | 3,900,000 | ' | ' |
Share-based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized | $5,500,000 | ' | $5,500,000 | ' | ' | ' |
Share-based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized, Period for Recognition | ' | ' | '1 year 11 months | ' | ' | ' |
Restricted Stock Granted to Employees [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '3 years | '3 years | ' | ' |
Restricted Stock Granted to Board of Directors [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '1 year | '1 year | ' | ' |
Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Issued and Outstanding Under The Plan | 4,707,168 | ' | 4,707,168 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Contractual Life Of Option Grants | ' | ' | '8 years | '8 years | ' | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions) (Details) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation [Abstract] | ' | ' |
Volatility | 29.88% | 32.45% |
Expected life of options | '3 years | '3 years |
Risk-free interest rate | 0.85% | 0.44% |
Dividend yield | 3.00% | 3.00% |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule of Share-based Compensation, Stock Options, Activity) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' |
Stock options, Number of Shares, Period Start | 3,400,120 | 3,421,196 | 3,421,196 | ' |
Granted, Number of Shares | 492,004 | ' | 957,525 | ' |
Exercised, Number of Shares | -53,025 | -39,000 | -79,567 | ' |
Cancelled and expired, Number of Shares | -502,277 | ' | -899,034 | ' |
Stock options, Number of Shares, Period End | 3,336,822 | ' | 3,400,120 | ' |
Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' |
Stock options, Weighted Average Exercise Price, Period Start | $35.51 | $38.61 | $38.61 | ' |
Granted, Weighted Average Exercise Price | $29.17 | ' | $27.42 | ' |
Exercised, Weighted Average Exercise Price | $24.61 | ' | $22.75 | ' |
Cancelled and expired, Weighted Average Exercise Price | $40.61 | ' | $39.84 | ' |
Stock options, Weighted Average Exercise Price, Period End | $33.98 | ' | $35.51 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' |
Stock options, Aggregate Intrinsic Value | $3,661 | ' | $4,488 | $626 |
Exercised, Aggregate Intrinsic Value | $261 | ' | $400 | ' |
StockBased_Compensation_Schedu2
Stock-Based Compensation (Schedule of Non-vested Share Activity) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Non-vested [Roll Forward] | ' | ' | ' |
Non-vested stock options, Number of Shares, Period Start | 1,567,945 | ' | ' |
Granted, Number of Shares | 492,004 | ' | 957,525 |
Vested, Number of Shares | -354,501 | ' | ' |
Cancelled, Number of Shares | -82,987 | ' | ' |
Non-vested stock options, Number of Shares, Period End | 1,622,461 | ' | 1,567,945 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Non-vested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Non-vested stock options, Weighted Average Fair Value, Period Start | $5.51 | ' | ' |
Granted, Weighted Average Fair Value | $4.90 | $4.81 | ' |
Vested, Weighted Average Fair Value | $7.22 | ' | ' |
Cancelled, Weighted Average Fair Value | $5.16 | ' | ' |
Non-vested stock options, Weighted Average Fair Value, Period End | $4.97 | ' | $5.51 |
StockBased_Compensation_Stock_
Stock-Based Compensation (Stock Options Exercisable And Expected To Vest) (Details) (USD $) | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 |
Share-based Compensation [Abstract] | ' |
Stock options exercisable, Number of Shares | 1,714,361 |
Stock options expected to vest, Number of Shares | 1,428,837 |
Stock options exercisable and expected to vest, Number of Shares | 3,143,198 |
Stock options exercisable, Weighted Average Remaining Contractual Life | '2 years |
Stock options exercisable, Weighted Average Exercise Price | $39.26 |
Stock options exercisable, Aggregate Intrinsic Value | $1,151 |
Stock options expected to vest, Weighted Average Remaining Contractual Life | '4 years |
Stock options expected to vest, Weighted Average Exercise Price | $28.40 |
Stock options expected to vest, Aggregate Intrinsic Value | $33,359 |
StockBased_Compensation_Schedu3
Stock-Based Compensation (Schedule Of Share-based Compensation, Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Non-vested [Roll Forward] | ' | ' |
Non-vested restricted stock, Number of Shares, Period Start | 21,000 | 27,333 |
Granted, Number of Shares | 21,000 | 24,000 |
Vested, Number of Shares | -21,000 | -30,333 |
Forfeited, Number of Shares | 0 | 0 |
Non-vested restricted stock, Number of Shares, Period End | 21,000 | 21,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' |
Granted, Grant Date Fair Value | $643 | $664 |
Vested, Grant Date Fair Value | $581 | $825 |
Business_Segment_and_Geographi2
Business Segment and Geographic Area Information (Narrative) (Details) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | ' | ' |
Number of Reportable Segments | 1 | ' |
U.S. Army Tank-Automotive Armament Command (TACOM) [Member] | Revenues [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Percentage | 8.50% | 22.00% |
U.S. Army Tank-Automotive Armament Command (TACOM) [Member] | Operating Income Member | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Percentage | 7.00% | 15.70% |
U.S. government under prime contracts and subcontracts [Member] | Revenues [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Percentage | 98.90% | 99.00% |
Business_Segment_and_Geographi3
Business Segment and Geographic Area Information (Schedule of Revenues by Geographic Customer and Related Percentage of Total Revenues) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Revenues | $463,381 | $605,129 | $915,414 | $1,251,137 |
Revenues [Member] | United States | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Revenues | 462,088 | 603,997 | 912,784 | 1,248,817 |
Percentage | 99.70% | 99.80% | 99.70% | 99.80% |
Revenues [Member] | International [Member] | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' |
Revenues | $1,293 | $1,132 | $2,630 | $2,320 |
Percentage | 0.30% | 0.20% | 0.30% | 0.20% |
Equity_Method_Investments_Narr
Equity Method Investments (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity in losses of unconsolidated subsidiaries | $65,000 | $0 | $122,000 | $0 |
Fluor-ManTech Logistics Solutions, LLC [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | 50.00% |
Equity in losses of unconsolidated subsidiaries | $65,000 | $0 | $122,000 | $0 |